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PGIM Funds Plc
Annual Report and Audited Financial Statements for the financial year ended 30 June 2026
Registered Number: 530399
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Page
Directors and Other Information 1
Directors’ Report and Statement of Directors’ Responsibilities 2
Depositary’s Report to the Shareholders 13
Investment Manager’s Report 14
Auditor’s Report 21
Statement of Financial Position 28
Statement of Comprehensive Income 39
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 50
Statement of Cash Flows 61
Notes to the Financial Statements 72
Schedule of Investments PGIM US Corporate Bond Fund 302 PGIM Emerging Market Corporate Bond Fund 315 PGIM European High Yield Bond Fund 322 PGIM Emerging Market Local Currency Debt Fund 328 PGIM Global Total Return Bond Fund 338 PGIM Jennison Global Equity Opportunities Fund 354 PGIM Global Select Real Estate Securities Fund 356 PGIM Global Corporate Bond Fund 358 PGIM Broad Market U.S. High Yield Bond Fund 377 PGIM Global High Yield ESG Bond Fund 393 PGIM Multi-Sector Credit Fund 406 PGIM Jennison U.S. Growth Fund 428 PGIM Emerging Market Hard Currency Debt Fund 430 PGIM Intermediate Duration US Corporate Bond Fund 449 PGIM Jennison Emerging Markets Equity Fund 459 PGIM Quant Solutions Emerging Markets Equity Fund 461 PGIM Absolute Return Bond Fund 467 PGIM Emerging Market Blend Debt Fund 483 PGIM Quant Solutions Global Equity Fund 502 PGIM European Corporate Bond Fund 508 PGIM Emerging Market Total Return Bond Fund 516 PGIM Global High Yield Bond Fund 532 PGIM Intermediate Duration US Corporate ESG Bond Fund 548 PGIM Global Total Return ESG Bond Fund 559 PGIM Jennison Global Power Solutions Equity Fund 579 PGIM Jennison Better Future Fund 581
PGIM Funds Plc
Contents
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Page
Significant Changes in Portfolio Composition (unaudited) PGIM US Corporate Bond Fund 583 PGIM Emerging Market Corporate Bond Fund 584 PGIM European High Yield Bond Fund 586 PGIM Emerging Market Local Currency Debt Fund 587 PGIM Global Total Return Bond Fund 589 PGIM Jennison Global Equity Opportunities Fund 590 PGIM Global Select Real Estate Securities Fund 592 PGIM Global Corporate Bond Fund 594 PGIM Broad Market U.S. High Yield Bond Fund 595 PGIM Global High Yield ESG Bond Fund 596 PGIM Multi-Sector Credit Fund 597 PGIM Jennison U.S. Growth Fund 598 PGIM Emerging Market Hard Currency Debt Fund 600 PGIM Intermediate Duration US Corporate Bond Fund 601 PGIM Jennison Emerging Markets Equity Fund 602 PGIM Quant Solutions Emerging Markets Equity Fund 604 PGIM Absolute Return Bond Fund 605 PGIM Emerging Market Blend Debt Fund 606 PGIM Quant Solutions Global Equity Fund 607 PGIM European Corporate Bond Fund 608 PGIM Emerging Market Total Return Bond Fund 609 PGIM Global High Yield Bond Fund 610 PGIM Intermediate Duration US Corporate ESG Bond Fund 611 PGIM Global Total Return ESG Bond Fund 612 PGIM Jennison NextGeneration Opportunities Fund 613 PGIM Emerging Market Hard Currency ESG Debt Fund 615 PGIM Strategic Income Fund 617 PGIM Jennison Global Power Solutions Equity Fund 618 PGIM Jennison Better Future Fund 619
Appendix I – Remuneration Disclosures (unaudited) 621
Appendix II - SRD II Disclosure (unaudited) 622
Appendix III - Securities Financing Transactions (unaudited) 626
Appendix IV – Sustainable Finance Disclosure Regulation (unaudited) 627
PGIM Funds Plc
Contents (continued)
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Directors Denis Chatterton (British) (Chairman)* Vincent Dodd (Irish) (resigned 30 September 2026)* Éilish Finan (Irish)* Frank Connolly (Irish)** Stacie Mintz (American)** Kenneth Moore (American) (resigned 25 February 2026)** Paul Parseghian (American)** Elizabeth Samson (American)** Janice Vrdoljak (American) (appointed 21 May 2026)** Bryan Tiernan (Irish) (appointed 15 October 2026)*
Registered Office Second Floor 5 Earlsfort Terrace Dublin D02 CK83 Ireland
Management Company PGIM Investments (Ireland) Limited Second Floor 5 Earlsfort Terrace Dublin D02 CK83 Ireland
Investment Manager PGIM, Inc. 655 Broad Street Newark, New Jersey 07102 United States of America
Sub-Investment Managers PGIM Limited Grand Buildings 1-3 Strand Trafalgar Square London WC2N 5HR United Kingdom
PGIM Quantitative Solutions LLC 655 Broad Street, Newark, New Jersey 07102 United States of America
Jennison Associates LLC 55 East 52nd Street New York, NY 10055 United States of America
Depositary State Street Custodial Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin D02 HD32 Ireland
Administrator, Registrar and Transfer Agent State Street Fund Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin D02 HD32 Ireland
Secretary to the Company Dechert Secretarial Limited Second Floor 5 Earlsfort Terrace Dublin D02 CK83 Ireland
Independent Auditors PricewaterhouseCoopers Chartered Accountants and Statutory Audit Firm One Spencer Dock North Wall Quay Dublin D01 X9R7 Ireland
Listing Agents Matheson 70 Sir John Rogerson’s Quay Dublin D02 R296 Ireland
Legal Advisers to the Company Dechert Second Floor 5 Earlsfort Terrace Dublin D02 CK83 Ireland
Distributors PGIM Limited Grand Buildings 1-3 Strand Trafalgar Square London WC2N 5HR United Kingdom
PGIM (Singapore) PTE. Ltd 88 Market St, #43-06 CapitaSpring 048948 Singapore
Prudential Investment Management Services LLC 655 Broad Street Newark, New Jersey 07102 United States
Swiss Representative and Paying Agent State Street Bank International GmbH Munich, Zurich Branch Kalanderplatz 5 8027 Zurich Switzerland
*Independent Non-Executive Director **Non-Executive Director
PGIM Funds Plc
Directors and Other Information
PGIM Funds Plc 1
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The Directors present to the Shareholders their annual report together with the audited financial statements (the “Financial Statements”) of PGIM Funds Plc (the “Company”) for the financial year ended 30 June 2026. The Company is incorporated as an Irish open-ended umbrella investment company with segregated liability between sub-funds (the “Sub-Funds”). The Company is authorised by the Central Bank of Ireland (the “Central Bank”) as a UCITS (Undertaking for Collective Investment in Transferable Securities) pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) and Central Bank (Supervision and Enforcement) Act, 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2026 (the “Central Bank UCITS Regulations”). The registered office of the Company is Second Floor, 5 Earlsfort Terrace, Dublin D02 CK83, Ireland. The Articles of Association of the Company (the “Articles of Association”) provide that the Company, with the prior approval of the Central Bank, may offer separate Sub-Funds, the investment policies and objectives for which shall be outlined in the relevant Supplement, together with details of the initial offer period, the initial subscription price for each share and such other relevant information. Each Sub-Fund will have a distinct por tfolio of investments. The Company has obtained the approval of the Central Bank for the establishment of the following Sub-Funds:
Sub-Fund PGIM US Corporate Bond Fund Fixed Income Sub-Fund PGIM Emerging Market Corporate Bond Fund Fixed Income Sub-Fund PGIM European High Yield Bond Fund Fixed Income Sub-Fund PGIM Emerging Market Local Currency Debt Fund Fixed Income Sub-Fund PGIM Global Total Return Bond Fund Fixed Income Sub-Fund PGIM Jennison Global Equity Opportunities Fund Equity Sub-Fund PGIM Global Select Real Estate Securities Fund Equity Sub-Fund PGIM Global Corporate Bond Fund Fixed Income Sub-Fund PGIM Broad Market U.S. High Yield Bond Fund Fixed Income Sub-Fund PGIM Global High Yield ESG Bond Fund Fixed Income Sub-Fund PGIM Multi-Sector Credit Fund Fixed Income Sub-Fund PGIM Jennison U.S. Growth Fund Equity Sub-Fund PGIM Emerging Market Hard Currency Debt Fund Fixed Income Sub-Fund PGIM Intermediate Duration US Corporate Bond Fund Fixed Income Sub-Fund PGIM Jennison Emerging Markets Equity Fund Equity Sub-Fund PGIM Quant Solutions Emerging Markets Equity Fund Equity Sub-Fund PGIM Absolute Return Bond Fund Fixed Income Sub-Fund PGIM Emerging Market Blend Debt Fund Fixed Income Sub-Fund PGIM Quant Solutions Global Equity Fund Equity Sub-Fund PGIM European Corporate Bond Fund Fixed Income Sub-Fund PGIM Emerging Market Total Return Bond Fund Fixed Income Sub-Fund PGIM Global High Yield Bond Fund Fixed Income Sub-Fund PGIM Intermediate Duration US Corporate ESG Bond Fund Fixed Income Sub-Fund PGIM Global Total Return ESG Bond Fund Fixed Income Sub-Fund PGIM Jennison NextGeneration Opportunities Fund* Equity Sub-Fund PGIM Emerging Market Hard Currency ESG Debt Fund** Fixed Income Sub-Fund PGIM Strategic Income Fund*** Fixed Income Sub-Fund PGIM Jennison Global Power Solutions Equity Fund Equity Sub-Fund PGIM Jennison Better Future Fund Equity Sub-Fund
*PGIM Jennison NextGeneration Opportunities Fund terminated on 10 February 2026. **PGIM Emerging Market Hard Currency ESG Debt Fund terminated on 26 January 2026. ***PGIM Strategic Income Fund terminated on 30 March 2026.
For all new launches during the financial year, there are no comparative tables for these Sub-Funds throughout the Financial Statements.
The Company was established and incorporated on 18 July 2013 and authorised by the Central Bank on 27 November 2013. As at 30 June 2026, the Company had twenty six active Sub-Funds, each with shares issued and outstanding details of which are as follows:
Sub-Fund Share Class Launch Date PGIM US Corporate Bond Fund EUR-Hedged A Accumulation 27 March 2017 EUR-Hedged I Accumulation 25 February 2016 EUR-Hedged P Accumulation 30 January 2020 GBP-Hedged I Distribution (Q) 12 January 2018 NOK-Hedged A Accumulation 22 June 2017 NOK-Hedged I Accumulation 13 September 2019 SEK-Hedged A Accumulation 27 March 2017 USD A Accumulation 29 January 2018 USD A Distribution (Q) 08 May 2026 USD I Accumulation 09 March 2015 USD I Distribution (Q) 06 December 2019 USD P Accumulation 16 July 2018 USD T Accumulation 23 March 2018 USD T Distribution (M) 31 May 2019
PGIM Funds Plc
Directors’ Report and Statement of Directors’ Responsibilities for the financial year ended 30 June 2026
2 PGIM Funds Plc
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Sub-Fund Share Class Launch Date PGIM Emerging Market Corporate Bond Fund CHF-Hedged I Accumulation 04 October 2021 DKK-Hedged I Accumulation 04 October 2021 EUR-Hedged A Accumulation 20 February 2024 EUR-Hedged I Accumulation 12 January 2018 GBP-Hedged I Distribution (Q) 12 January 2018 NOK-Hedged I Accumulation 04 October 2021 SEK-Hedged I Accumulation 04 October 2021 USD A Accumulation 29 January 2018 USD I Accumulation 01 August 2014 PGIM European High Yield Bond Fund EUR A Accumulation 23 February 2023 EUR I Accumulation 15 April 2016 EUR P Accumulation 23 February 2023 EUR W Accumulation 27 March 2026 GBP-Hedged I Accumulation 21 June 2022 USD-Hedged I Accumulation 01 August 2014 USD-Hedged P Accumulation 13 December 2019 PGIM Emerging Market Local Currency Debt Fund EUR I Accumulation 29 January 2018 GBP I Accumulation 21 June 2022 GBP I Distribution (Q) 29 January 2018 USD A Accumulation 29 January 2018 USD I Accumulation 03 November 2014 PGIM Global Total Return Bond Fund CAD Currency Exposure I Accumulation 27 April 2015 CHF-Hedged I Accumulation 28 September 2018 EUR-Hedged A Accumulation 06 November 2020 EUR-Hedged I Accumulation 28 September 2018 GBP-Hedged I Distribution (Q) 28 September 2018 NOK-Hedged I Accumulation 22 May 2020 SGD-Hedged A Distribution (Q) 24 February 2021 USD A Accumulation 27 March 2024 USD I Accumulation 28 September 2018 USD P Accumulation 28 September 2018 USD Currency Exposure I Accumulation 31 January 2017 USD Currency Exposure I Distribution (Q) 01 October 2018 YEN-Hedged I Accumulation 25 February 2020 PGIM Jennison Global Equity Opportunities Fund AUD II Distribution (Q) 30 August 2024 EUR A Accumulation 09 February 2024 EUR I Accumulation 04 June 2019 EUR I Distribution (Q) 23 February 2024 EUR M Accumulation 05 November 2020 EUR-Hedged A Accumulation 09 February 2024 EUR-Hedged I Accumulation 05 November 2020 GBP I Accumulation 24 June 2022 GBP I Distribution (Q) 21 November 2017 GBP II Accumulation 30 November 2023 GBP W Accumulation 18 October 2024 GBP W Distribution (Q) 18 October 2024 GBP Y Accumulation 19 July 2024 GBP-Hedged I Distribution (Q) 08 May 2017 GBP-Hedged W Accumulation 18 October 2024 NOK I Accumulation 06 May 2022 USD A Accumulation 22 December 2017 USD I Accumulation 20 March 2017 USD II Accumulation 05 August 2015 USD M Accumulation 05 November 2020 USD P Accumulation 16 July 2018 USD T Accumulation 28 May 2019
PGIM Funds Plc
Directors’ Report and Statement of Directors’ Responsibilities for the financial year ended 30 June 2026 (continued)
PGIM Funds Plc 3
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Sub-Fund Share Class Launch Date PGIM Global Select Real Estate Securities Fund EUR A Accumulation 08 April 2016 EUR I Accumulation 15 May 2020 EUR-Hedged A Accumulation 09 February 2024 EUR-Hedged A Distribution (Q) 07 August 2020 EUR-Hedged I Accumulation 15 May 2020 EUR-Hedged I Distribution (Q) 22 October 2021 GBP A Distribution (Q) 08 April 2016 GBP I Distribution (Q) 08 April 2016 USD A Accumulation 08 April 2016 USD A Distribution (Q) 07 August 2020 USD I Accumulation 10 December 2015 USD I Distribution (Q) 07 July 2020 USD P Accumulation 13 February 2019 USD R Accumulation 15 September 2023 PGIM Global Corporate Bond Fund AUD-Hedged P Accumulation 12 August 2025 CHF-Hedged I Accumulation 28 April 2016 CHF-Hedged L Accumulation 10 April 2024 DKK-Hedged I Accumulation 23 June 2017 EUR Currency Exposure I Accumulation 31 August 2023 EUR-Hedged A Accumulation 27 March 2017 EUR-Hedged I Accumulation 25 April 2019 EUR-Hedged I Distribution 20 April 2026 EUR-Hedged L Accumulation 10 April 2024 EUR-Hedged L Distribution (Q) 04 November 2024 EUR-Hedged P Accumulation 11 February 2019 GBP-Hedged I Accumulation 28 October 2016 GBP-Hedged I Distribution (Q) 15 October 2018 GBP-Hedged L Accumulation 10 April 2024 GBP-Hedged L Distribution (Q) 10 April 2024 NOK-Hedged A Accumulation 11 June 2018 NOK-Hedged I Accumulation 11 February 2016 SEK-Hedged A Accumulation 27 March 2017 SEK-Hedged I Accumulation 19 May 2021 SGD-Hedged I Accumulation 01 October 2020 USD A Accumulation 29 January 2018 USD I Accumulation 19 May 2017 USD I Distribution (Q) 21 January 2020 USD L Accumulation 10 April 2024 USD L Distribution (Q) 17 September 2024 USD P Accumulation 16 July 2018 YEN-Hedged I Accumulation 03 April 2017
PGIM Funds Plc
Directors’ Report and Statement of Directors’ Responsibilities for the financial year ended 30 June 2026 (continued)
4 PGIM Funds Plc
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Sub-Fund Share Class Launch Date PGIM Broad Market U.S. High Yield Bond Fund AUD-Hedged P Accumulation 13 January 2026 CAD-Hedged I Accumulation 01 March 2023 CHF-Hedged A Accumulation 22 December 2022 CHF-Hedged S Accumulation 22 December 2022 CHF-Hedged S Distribution (Q) 22 December 2022 EUR-Hedged A Accumulation 22 December 2022 EUR-Hedged I Accumulation 29 November 2017 EUR-Hedged I Distribution (Q) 17 September 2021 EUR-Hedged P Accumulation 30 January 2020 EUR-Hedged S Accumulation 22 December 2022 EUR-Hedged W Accumulation 18 May 2018 EUR-Hedged W Distribution (Q) 29 April 2021 GBP-Hedged I Accumulation 21 June 2022 GBP-Hedged I Distribution (Q) 12 January 2018 GBP-Hedged S Accumulation 22 December 2022 GBP-Hedged S Distribution (Q) 30 January 2023 GBP-Hedged W Accumulation 02 October 2023 GBP-Hedged W Distribution (Q) 18 May 2018 NOK-Hedged I Accumulation 10 October 2023 SEK-Hedged A Accumulation 21 April 2021 SEK-Hedged W Accumulation 19 May 2021 USD A Accumulation 29 January 2018 USD A Distribution (Q) 17 September 2021 USD I Accumulation 11 August 2016 USD I Distribution (Q) 22 April 2020 USD P Accumulation 16 July 2018 USD S Accumulation 22 December 2022 USD S Distribution (Q) 22 December 2022 USD T Accumulation 04 February 2021 USD T Distribution (M) 04 February 2021 USD W Accumulation 18 May 2018 USD W Distribution (Q) 23 August 2019 USD Y Accumulation 29 August 2019 YEN-Hedged I Accumulation 25 June 2021 PGIM Global High Yield ESG Bond Fund CHF-Hedged I Accumulation 04 October 2021 EUR I Accumulation 05 June 2026 EUR-Hedged A Accumulation 23 February 2023 EUR-Hedged I Accumulation 18 August 2016 EUR-Hedged P Accumulation 23 February 2023 EUR-Hedged W Accumulation 22 September 2022 GBP-Hedged I Distribution (Q) 12 January 2018 USD I Accumulation 12 January 2018 PGIM Multi-Sector Credit Fund CAD-Hedged I Accumulation 18 October 2024 CHF-Hedged I Accumulation 02 August 2024 EUR-Hedged A Accumulation 09 February 2024 EUR-Hedged I Accumulation 12 January 2018 EUR-Hedged P Accumulation 30 January 2020 EUR-Hedged P Distribution (Q) 15 March 2023 GBP-Hedged I Accumulation 30 August 2024 GBP-Hedged I Distribution (Q) 29 January 2018 HKD A Accumulation 15 August 2025 HKD A Distribution (M) 15 August 2025 NOK-Hedged W Accumulation 06 May 2025 SGD-Hedged A Distribution (M) 24 January 2025 USD A Accumulation 23 February 2023 USD A Distribution (M) 30 September 2024 USD I Accumulation 26 September 2016 USD I Distribution (Q) 21 June 2022 USD P Distribution (Q) 21 June 2022 USD R Accumulation 04 November 2024
PGIM Funds Plc
Directors’ Report and Statement of Directors’ Responsibilities for the financial year ended 30 June 2026 (continued)
PGIM Funds Plc 5
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Sub-Fund Share Class Launch Date PGIM Jennison U.S. Growth Fund EUR A Accumulation 22 December 2017 EUR I Accumulation 22 December 2017 EUR L Accumulation 05 July 2024 EUR L Distribution (M) 05 July 2024 EUR V Accumulation 22 December 2025 EUR-Hedged A Accumulation 14 February 2024 GBP I Distribution (Q) 22 December 2017 GBP L Accumulation 05 July 2024 GBP L Distribution (M) 05 July 2024 GBP V Accumulation 03 December 2024 GBP-Hedged L Accumulation 05 July 2024 GBP-Hedged L Distribution (M) 05 July 2024 USD A Accumulation 22 December 2017 USD I Accumulation 19 October 2016 USD L Accumulation 09 July 2024 USD L Distribution (M) 05 July 2024 USD P Accumulation 23 January 2018 USD V Accumulation 22 December 2025 PGIM Emerging Market Hard Currency Debt Fund AUD-Hedged I Accumulation 12 December 2019 CAD-Hedged I Accumulation 07 February 2019 DKK-Hedged I Accumulation 19 October 2022 EUR-Hedged A Accumulation 28 January 2022 EUR-Hedged I Accumulation 14 November 2025 EUR-Hedged I Distribution (Q) 18 February 2022 EUR-Hedged P Accumulation 28 January 2022 GBP-Hedged I Accumulation 14 February 2020 SGD-Hedged I Accumulation 01 October 2020 USD A Accumulation 29 January 2018 USD I Accumulation 01 November 2016 USD II Accumulation 17 July 2023 USD P Accumulation 16 July 2018 YEN-Hedged I Accumulation 28 March 2017 PGIM Intermediate Duration US Corporate Bond Fund NOK-Hedged I Accumulation 03 November 2016 USD I Accumulation 11 July 2019 PGIM Jennison Emerging Markets Equity Fund EUR A Accumulation 14 February 2024 EUR I Accumulation 10 November 2021 EUR W Accumulation 07 August 2020 EUR-Hedged A Accumulation 14 February 2024 GBP I Distribution (Q) 09 March 2022 GBP W Accumulation 07 August 2020 USD A Accumulation 22 December 2017 USD I Accumulation 30 November 2016 USD P Accumulation 16 July 2018 USD W Accumulation 07 August 2020 USD Z Accumulation 09 January 2026 PGIM Quant Solutions Emerging Markets Equity Fund CHF P Accumulation 24 September 2019 EUR A Accumulation 23 February 2024 EUR I Accumulation 27 May 2020 EUR II Accumulation 23 October 2024 EUR P Accumulation 24 September 2019 EUR-Hedged A Accumulation 23 February 2024 USD A Accumulation 15 December 2017 USD I Accumulation 26 September 2017 USD II Distribution (Q) 10 April 2025 USD P Accumulation 24 September 2019 USD W Accumulation 21 January 2026 PGIM Absolute Return Bond Fund CAD-Hedged I Accumulation 02 April 2020 EUR-Hedged A Accumulation 09 February 2024 EUR-Hedged I Accumulation 16 February 2018 GBP-Hedged I Accumulation 13 September 2019 GBP-Hedged I Distribution (Q) 16 February 2018 USD A Accumulation 10 June 2025 USD A Distribution (M) 11 July 2025 USD I Accumulation 18 December 2019 USD P Accumulation 16 July 2018 YEN-Hedged I Accumulation 09 October 2020 YEN-Hedged II Accumulation 01 August 2018
PGIM Funds Plc
Directors’ Report and Statement of Directors’ Responsibilities for the financial year ended 30 June 2026 (continued)
6 PGIM Funds Plc
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Sub-Fund Share Class Launch Date PGIM Emerging Market Blend Debt Fund CAD-Hedged I Accumulation 17 February 2021 EUR-Hedged I Distribution 03 March 2026 GBP I Accumulation 30 September 2024 USD I Accumulation 30 August 2018 USD I Distribution (Q) 01 March 2024 PGIM Quant Solutions Global Equity Fund CHF I Accumulation 25 October 2018 CHF P Accumulation 24 September 2019 EUR A Accumulation 23 February 2024 EUR I Accumulation 25 October 2018 EUR P Accumulation 24 September 2019 GBP I Distribution (Q) 25 October 2018 USD I Accumulation 23 October 2018 USD P Accumulation 24 September 2019 PGIM European Corporate Bond Fund CHF-Hedged I Accumulation 04 December 2018 DKK-Hedged I Accumulation 04 October 2021 EUR A Accumulation 20 February 2024 EUR D Accumulation 15 October 2025 EUR I Accumulation 30 November 2018 GBP-Hedged I Distribution (Q) 04 December 2018 NOK-Hedged I Accumulation 04 October 2021 SEK-Hedged I Accumulation 04 October 2021 USD-Hedged I Accumulation 04 December 2018 PGIM Emerging Market Total Return Bond Fund AUD-Hedged I Accumulation 28 March 2019 CHF-Hedged I Accumulation 28 March 2019 EUR-Hedged A Accumulation 20 February 2024 EUR-Hedged I Accumulation 28 March 2019 EUR-Hedged W Accumulation 18 June 2025 GBP-Hedged I Distribution (Q) 28 March 2019 USD I Accumulation 26 March 2019 PGIM Global High Yield Bond Fund CHF-Hedged I Accumulation 12 September 2019 EUR I Distribution (Q) 29 May 2025 EUR-Hedged A Accumulation 23 February 2023 EUR-Hedged I Accumulation 12 September 2019 EUR-Hedged I Distribution (Q) 30 August 2024 EUR-Hedged P Accumulation 23 February 2023 EUR-Hedged W Accumulation 18 October 2024 EUR-Hedged W Distribution (Q) 18 October 2024 GBP-Hedged I Accumulation 27 July 2022 GBP-Hedged I Distribution (Q) 12 September 2019 GBP-Hedged W Accumulation 27 July 2022 GBP-Hedged W Distribution (M) 02 December 2025 GBP-Hedged W Distribution (Q) 27 July 2022 USD A Accumulation 23 January 2025 USD I Accumulation 10 September 2019 USD I Distribution (M) 10 July 2025 USD W Accumulation 18 October 2024 USD W Distribution (Q) 18 October 2024 PGIM Intermediate Duration US Corporate ESG Bond Fund CHF-Hedged D Accumulation 04 February 2026 CHF-Hedged D Distribution (Q) 05 February 2026 CHF-Hedged I Accumulation 30 June 2020 EUR-Hedged D Accumulation 05 February 2026 EUR-Hedged D Distribution (Q) 05 February 2026 EUR-Hedged I Accumulation 30 June 2020 GBP-Hedged D Accumulation 05 February 2026 GBP-Hedged D Distribution (Q) 05 February 2026 GBP-Hedged I Distribution (Q) 30 June 2020 USD A Accumulation 05 February 2026 USD A Distribution (Q) 05 February 2026 USD D Accumulation 05 February 2026 USD D Distribution (Q) 05 February 2026 USD I Accumulation 29 June 2020
PGIM Funds Plc
Directors’ Report and Statement of Directors’ Responsibilities for the financial year ended 30 June 2026 (continued)
PGIM Funds Plc 7
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Sub-Fund Share Class Launch Date PGIM Global Total Return ESG Bond Fund CHF-Hedged I Accumulation 26 February 2021 EUR-Hedged A Accumulation 09 February 2024 EUR-Hedged I Accumulation 26 February 2021 GBP-Hedged I Distribution (Q) 26 February 2021 NOK-Hedged I Accumulation 26 February 2021 SEK-Hedged A Accumulation 25 March 2022 USD I Accumulation 25 February 2021 USD Currency Exposure I Accumulation 26 February 2021 PGIM Jennison Global Power Solutions Equity Fund CHF I Accumulation 11 August 2023 CHF W Accumulation 06 February 2025 EUR A Accumulation 14 February 2024 EUR I Accumulation 11 August 2023 EUR W Accumulation 06 February 2025 GBP I Accumulation 11 August 2023 GBP I Distribution (Q) 11 August 2023 GBP W Accumulation 11 August 2023 USD I Accumulation 10 August 2023 USD W Accumulation 06 February 2025 PGIM Jennison Better Future Fund EUR I Accumulation 04 February 2025 GBP I Accumulation 04 February 2025 SEK W Accumulation 04 February 2025 USD I Accumulation 30 January 2025 USD II Accumulation 11 June 2025
Active share classes of the active Sub-Funds are generally listed on the Global Exchange Market of the Irish Stock Exchange, which operates under the business name Euronext Dublin. However, since the commencement of the Russia/Ukraine conflict in early 2022, the Company has not been in a position to list new active share classes of those active Sub-Funds that have the ability to invest in Russia.
Prospectus The original Prospectus was issued on 27 November 2013. The Supplement for each of the Sub-Funds ( Fund Supplements ) forms part of and should be read in conjunction with the Prospectus. The current Prospectus is dated 30 April 2026.
Investment objectives The investment activity of the Sub-Funds is managed by PGIM, Inc. (“PGIM, Inc.” or the “Investment Manager”). The Investment Manager has delegated some of its functions and obligations with respect to certain Sub-Funds to PGIM Limited, PGIM Quantitative Solutions LLC and Jennison Associates LLC. PGIM Limited, PGIM Quantitative Solutions LLC and Jennison Associates LLC are referred to as the “Sub-Investment Manager”. The investment objectives of each Sub-Fund are laid out in the relevant Fund Supplement.
Administrator The administration of the Company is delegated to State Street Fund Services (Ireland) Limited (the “Administrator”).
Business review, results and future developments The business of the Company is reviewed in detail in the Investment Manager’s Report. The results for the financial year are stated in the Statement of Comprehensive Income. The net assets of the Company attributable to holders of redeemable shares as at 30 June 2026 were US$13,605,905,562 (30 June 2025: US$10,515,634,324).
The Company will continue to act as an investment vehicle as set out in its Prospectus. The Company’s key performance indicators are performance returns as contained in the Investment Manager’s Report and assets under management as contained in the Statement of Financial Position.
Principal activities of the Company The principal activity of the Company is the collective investment of its Sub-Funds in assets with the aim of spreading investment risk and affording the shareholders of the Company the benefit of the results of the management of its assets.
Accounting records The Directors ensure compliance with the Company’s obligation to maintain adequate accounting records by appointing competent persons to be responsible for them. The accounting records are kept by State Street Fund Services (Ireland) Limited, at 78 Sir John Rogerson’s Quay, Dublin 2, Ireland.
This is in compliance with the requirements of Sections 281 to 285 of the Irish Companies Act, 2014.
Directors The Directors who held office and served for the full financial year, unless otherwise stated, are detailed below:
Denis Chatterton (British) (Chairman) Vincent Dodd (Irish) (resigned 30 September 2026) Éilish Finan (Irish) Frank Connolly (Irish) Stacie Mintz (American) Kenneth Moore (American) (resigned 25 February 2026) Paul Parseghian (American)
PGIM Funds Plc
Directors’ Report and Statement of Directors’ Responsibilities for the financial year ended 30 June 2026 (continued)
8 PGIM Funds Plc
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Directors (continued) Elizabeth Samson (American) Janice Vrdoljak (American) (appointed 21 May 2026) Bryan Tiernan (Irish) (appointed 15 October 2026)
Please refer to Note 11 in these Financial Statements for Directors fees and out of pocket expenses.
Directors’ and Secretary’s interests Denis Chatterton is a Director of the Company and acts as Chairman of the Board of Directors. Denis Chatterton, Vincent Dodd, Bryan Tiernan and Éilish Finan are independent non-executive Directors. Denis Chatterton acts as a Director of PGIM Investments (Ireland) Limited, the Company’s Management Company.
Frank Connolly is a Non-Executive Director of the Company and an Executive Director and Head of PGIM Investments (Ireland) Limited, the Company’s Management Company.
Kenneth Moore is International Chief Executive Officer of Jennison Associates LLC, a Sub-Investment Manager of the Company. Kenneth Moore resigned as a Director of the Company on 25 February 2026.
Elizabeth Samson is International Chief Operating Officer of PGIM Global Wealth. She is a Director of PGIM Limited, which is a Sub-Investment Manager and Distributor of the Company. She is also a Non-Executive Director of PGIM Investments (Ireland) Limited, the Company’s Management Company.
Paul Parseghian is Head of Operations for PGIM.
Stacie Mintz is Managing Director and Head of Quantitative Equity at PGIM Quantitative Solutions LLC, a Sub-Investment Manager of the Company.
Janice Vrdoljak is Managing Director and Chief Business Officer of Jennison Associates LLC. Janice Vrdoljak was appointed as a Director of the Company on 21 May 2026.
At any time during the financial year ended 30 June 2026 or 30 June 2025, the Directors or Secretary had no interest in the shares of the Company.
Employees There were no employees of the Company during the financial year under review or during the prior financial year.
Transactions with connected parties Regulation 46 of the CBI UCITS Regulations Restrictions on transactions with connected parties states that A responsible person shall ensure that any transaction between a UCITS and a connected party is conducted a) at arm’s length, and b) in the best interests of the Shareholders of the UCITS . As required under UCITS Regulation 84.4, the Board of Directors are satisfied that there are in place arrangements, evidenced by written procedures, to ensure that the obligations that are prescribed by Regulation 46(1) are applied to all transactions with a connected party; and all transactions with a connected party that were entered into during the period to which the report relates, complied with the obligations that are prescribed by Regulation 46(1).
Corporate governance statement The Company is subject to compliance with the requirements of the Irish Companies Act, 2014 (the “Irish Companies Act”), the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (the “UCITS Regulations”) and the Central Bank UCITS notices and guidance notes, as applicable to the Company.
Although there is no specific statutory corporate governance code applicable to Irish investment funds whose shares are admitted to trading on the Global Exchange Market, the Company is subject to corporate governance practices imposed by:
(i) the Irish Companies Act which is available for inspection at the registered office of the Company; and may also be obtained at http://www.irishstatutebook.ie; (ii) the Articles of Association of the Company which are available for inspection at the registered office of the Company at Second Floor, 5 Earlsfort Terrace, Dublin D02 CK83, Ireland and at the Companies Registration Office in Ireland; (iii) the Central Bank in its UCITS notices and guidance notes which can be obtained from the Central Bank website at https://www.centralbank.ie/regulation/industry-market-sectors/funds and are available for inspection at the registered office of the Company; and (iv) the Global Exchange Market through the GEM Rules for Investment Funds which can be obtained from the Irish Stock Exchange website at https://www.euronext.com/sites/default/files/2019-07/Euronext%20GEM%20Rules%20for%20Investment%20Funds%20-%20Release% 206.pdf. The Company has adopted the voluntary Corporate Governance Code for Investment Schemes and Management Companies as published by Irish Funds in December 2011 (the Code ). The Board has reviewed and assessed the measures included in the Code and considers its corporate governance practices and procedures for the financial year ended 30 June 2026 as consistent therewith.
Internal control and risk management systems in relation to financial reporting The Board is responsible for establishing and maintaining adequate internal control and risk management systems of the Company in relation to the financial reporting process. Such systems are designed to manage rather than eliminate the risk of error or fraud in achieving the Company’s financial reporting objectives and can only provide reasonable and not absolute assurance against material misstatement or loss.
PGIM Funds Plc
Directors’ Report and Statement of Directors’ Responsibilities for the financial year ended 30 June 2026 (continued)
PGIM Funds Plc 9
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Internal control and risk management systems in relation to financial reporting (continued) The Board has procedures in place to ensure that all relevant accounting records are properly maintained and are readily available, including production of annual Financial Statements of the Company. The Board has appointed State Street Fund Services (Ireland) Limited, as Administrator to maintain the accounting records of the Company. The Administrator is authorised and regulated by the Central Bank and must comply with the rules imposed by the Central Bank.
From time to time, the Board examines and evaluates the Administrator’s financial accounting and reporting routines. The annual Financial Statements of the Company are produced by the Administrator. They are required to be approved by the Board and filed with the Central Bank and the GEM. The Financial Statements are prepared by the Administrator in compliance with International Financial Reporting Standards as adopted by the European Union (“IFRS”) and by the Company and the Administrator uses various internal controls and checklists to ensure that the Financial Statements include complete and appropriate disclosures required under IFRS and relevant legislation.
The Board is responsible for the review and approval of the annual Financial Statements as set out in the Directors’ Responsibilities Statement. The statutory Financial Statements are required to be audited by independent auditors who report annually to the Board on their findings. The Board monitors and evaluates the independent auditors’ performance, qualifications and independence. As part of its review procedures, the Board receives presentations from relevant parties including consideration of IFRS and their impact on the annual Financial Statements, and presentations and reports on the audit process. The Board evaluates and discusses significant accounting and reporting issues as the need arises.
Dealings with Shareholders The convening and conduct of Shareholders’ meetings are governed by the Articles of Association of the Company and the Irish Companies Act. Although the Directors may convene an extraordinary general meeting of the Company at any time, the Company is required to hold an annual general meeting (“AGM”) within fifteen months of the date of the previous annual general meeting, provided that an annual general meeting is held once in each financial year. All general meetings of the Company shall be held in Ireland. At least 21 days clear notice (excluding the day of posting and the day of the meeting) shall be given to Shareholders in respect of each general meeting and any meeting convened for the passing of a special resolution of the Company. The notice shall specify the venue and time of the meeting and the business to be transacted at the meeting. A proxy may attend on behalf of any Shareholder.
The requirements for quorum and majorities at all general meetings are set out in the Articles of Association of the Company. Two members present in person or by proxy shall constitute a quorum, save in the case of a meeting of any one Fund or Class of shares where the quorum shall be at least two Shareholders who hold at least one third of the shares of the relevant Fund or Class of shares. Under Irish law an Ordinary Resolution is a resolution passed by a simple majority of votes cast and a special resolution is a resolution passed by a majority of 75% or more of the votes cast. Under Irish law, the Articles of Association can be amended only with the agreement of the Shareholders by special resolution.
Board composition and activities In accordance with the Irish Companies Act and the Articles of Association, unless otherwise determined by an ordinary resolution of the Company in general meeting, the number of Directors may not be less than two. Currently the Board is comprised of eight non-executive Directors, three of whom are independent. Details of the current Directors are under the heading “Directors”.
On 16 December 2022 the Company appointed PGIM Investments (Ireland) Limited (the “Management Company”) as its UCITS Management Company. The Company and the Management Company have delegated the day to day administration of the Company to the Administrator, an Irish tax resident company, and the acquisition, management and disposal of its assets to the Investment Manager. The Board has one sub committee: Transfer in Kind / Redemption Gates Committee.
The Company has delegated day to day management of the Company and the Sub-Funds to the Management Company but the Directors retain responsibility for making general policy decisions and reviewing the actions of the Management Company, the Investment Manager, Depositary, Administrator and any other service providers appointed by the Company and the Management Company from time to time. The Directors are responsible for managing the business affairs of the Company in accordance with the Articles of Association. The Directors may delegate certain functions to the Administrator, the Investment Manager and other parties, subject to the supervision and direction by the Director s, and subject to the approval of the Central Bank. The Directors delegated these functions to the Management Company. The Company is managed by the Management Company and governed in Ireland.
Statement of Directors’ Responsibilities The Directors are responsible for preparing the Directors’ Report and the Financial Statements in accordance with applicable law and regulations.
Irish company law requires the Directors to prepare the Financial Statements for the Company for each financial year which give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and of the total comprehensive income for that financial year.
In preparing the Financial Statements, the Directors are required to: • select suitable accounting policies and then apply them consistently; • make judgements and estimates that are reasonable and prudent; • prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business; and • state whether the Financial Statements have been prepared in accordance with IFRS as adopted by the European Union and ensure that they contain the additional information required by the Irish Companies Act.
PGIM Funds Plc
Directors’ Report and Statement of Directors’ Responsibilities for the financial year ended 30 June 2026 (continued)
10 PGIM Funds Plc
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Statement of Directors’ Responsibilities (continued) The Directors are responsible for keeping adequate accounting records that are sufficient to: • correctly record and explain the transactions of the Company; • enable, at any time, the assets, liabilities, financial position and profit or loss of the Company to be determined with reasonable accuracy; and • enable the Directors to ensure that the Financial Statements comply with the Irish Companies Act, UCITS Regulations and GEM Regulations and enable those Financial Statements to be audited.
The Directors believe that they have complied with the requirement to maintain adequate accounting records by employing an experienced administrator, State Street Fund Services (Ireland) Limited. The Directors are responsible for safeguarding the assets of the Company. In this regard they have entrusted the assets of the Company to the Depositary, who has been appointed as Depositary to the Company pursuant to the terms of a Depositary Agreement. The Directors have a general responsibility for taking such steps as are reasonably open to them to prevent and detect fraud and other irregularities. The accounting records are kept at 78 Sir John Rogerson’s Quay, Dublin 2, Ireland by the Administrator. The Directors are also responsible for preparing a Directors’ Report that complies with the requirements of the Irish Companies Act.
The Investment Manager and its affiliates are responsible for the maintenance and integrity of the corporate and financial information included on the PGIM website. Legislation in the Republic of Ireland governing the preparation and dissemination of Financial Statements may differ from legislation in other jurisdictions.
As at the date this Directors’ Report was approved and signed, each Director is satisfied that:
(a) in so far as they are aware there is no relevant audit information of which the Company’s statutory auditors are unaware; and (b) s/he has taken all the steps that he or she ought to have taken as a Director in order to make herself or himself aware of any relevant audit information and to establish that the Company’s statutory auditors are aware of that information.
“Relevant audit information” means information needed by the Company’s statutory auditors in connection with preparing its report.
Statement of compliance In accordance with Section 225 of the Irish Companies Act, the Directors:
(a) acknowledge that they are responsible for securing the Company’s compliance with its relevant obligations; and (b) confirm that:
i) a compliance policy statement has been prepared setting out the Company’s policies (that, in the Directors opinion, are appropriate to the Company) for ensuring compliance by the Company with its relevant obligations; ii) an adequate structure is in place, that in the Directors opinion, is designed to secure material compliance with the Company’s relevant obligations; and iii) an annual review procedure has been put in place to review the Company’s relevant obligation and ensure a structure is in place to comply with these obligations.
Distributions Certain Sub-Funds declared distributions during the financial year ended 30 June 2026 totalling US$82,139,103 (30 June 2025: US$55,656,368). For further details please refer to the Statement of Comprehensive Income.
Political Donations There were no political donations made by the Company during the financial year ended 30 June 2026 (30 June 2025: Nil).
Risk management objectives and policies, principal risks and uncertainties The main risks arising from the Company’s financial instruments are interest rate risk, market risk, currency risk, liquidity risk (including cash f low risk) and credit risk. Details of the Company’s principal risks and uncertainties, risk management objectives and policies and how these are managed are set out in Note 13 to the Financial Statements. Potential implications of geopolitical risks are identified in Note 21.
Significant events during the financial year Please refer to Note 21 of these Financial Statements for the significant events during the financial year.
Significant events since the financial year end Please refer to Note 22 of these Financial Statements for the significant events since the financial year end.
Audit committee The Board has considered the formation of an audit committee and decided not to form one on the basis that there are three Independent Directors on the Board and the Board does not consider the size and complexity of the Company to warrant the need for an Audit Committee. As noted above, the Company has appointed a Management Company and together they have delegated the primary activities of the Company to a number of service providers in respect of each there is a due diligence procedure in place.
PGIM Funds Plc
Directors’ Report and Statement of Directors’ Responsibilities for the financial year ended 30 June 2026 (continued)
PGIM Funds Plc 11
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Independent Auditors The Independent Auditor has signified its willingness to continue in office in accordance with Section 383(2) of the Companies Act, 2014.
On behalf of the Board of Directors:
Denis Chatterton Frank Connolly Director Director
PGIM Funds Plc
Directors’ Report and Statement of Directors’ Responsibilities for the financial year ended 30 June 2026 (continued)
12 PGIM Funds Plc
Date: 1 5 O ctober 2026
Docusign Envelope ID: DD00CEA1-647F-80B9-83E8-0D65CC51D2E5
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Report of the Depositary to the Shareholders We have enquired into the conduct of PGIM Funds Plc for the financial year ended 30 June 2026, in our capacity as Depositary to the Company. This report including the opinion has been prepared for and solely for the shareholders in the Company in accordance with Regulation 34(1), (3) and (4) in Part 5 of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended, (“the UCITS Regulations”), and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown.
Responsibilities of the Depositary Our duties and responsibilities are outlined in Regulation 34, (1), (3) and (4) in Part 5 of the UCITS Regulations. One of those duties is to enquire into the conduct of the Company in each annual accounting period and report thereon to the shareholders. Our report shall state whether, in our opinion, the Company has been managed in that financial year in accordance with the provisions of the Company’s constitution (the Constitution ) and the UCITS Regulations. It is the overall responsibility of the Company to comply with these provisions. If the Company has not so complied, we as Depositary must state why this is the case and outline the steps which we have taken to rectify the situation.
Basis of Depositary opinion The Depositary conducts such reviews as it, in its reasonable opinion, considers necessary in order to comply with its duties as outlined in Regulation 34, (1), (3) and (4) in Part 5 of the UCITS Regulations and to ensure that, in all material respects, the Company has been managed:
(i) in accordance with the limitations imposed on its investment and borrowing powers by the provisions of the Constitution and the UCITS Regulations; and (ii) otherwise in accordance with the Company’s constitutional documentation and the appropriate regulations.
Opinion In our opinion, the Company has been managed during the financial year, in all material respects:
(i) in accordance with the limitations imposed on the investment and borrowing powers of the Company by the Constitution, the UCITS Regulations and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2026 (‘the Central Bank UCITS Regulations’); and (ii) otherwise in accordance with the provisions of the Constitution, the UCITS Regulations and the Central Bank UCITS Regulations.
State Street Custodial Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin 2 Ireland
Date: 15 October 2026
PGIM Funds Plc
Depositary’s Report to the Shareholders of PGIM Funds Plc for the financial year ended 30 June 2026
PGIM Funds Plc 13
Patricia Kinsella Authorised Signatory
Fiona Moorhead Authorised Signatory
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Economic Backdrop The 12 months ending June 30, 2026 were characterized by resilient economic growth, strong corporate earnings, and continued investment tied to artificial intelligence. Market sentiment became more volatile late in the period as escalating tensions in the Middle East pushed energy prices higher, reignited inflation concerns, and prompted a more cautious and, in some cases, increasingly hawkish tone from global central banks.
While ceasefire efforts helped ease fears of a broader regional conflict, investors continued to contend with an escalate-to-de-escalate dynamic in the region, leaving markets sensitive to geopolitical developments and the potential for renewed energy price volatility. Nevertheless, health y labor markets, continued consumer spending, and solid corporate profitability helped offset these headwinds. As fears of a broader conflict receded, recession concerns faded and investor confidence improved into the end of the reporting period. Global Equities Supported by resilient fundamentals and improving risk sentiment, global equities delivered another strong year, with the MSCI All Country World Index (ACWI) gaining 23.7%. In the US, the S&P 500 gained 22.3% and reached new record highs despite periods of heightened volatility. Technology and AI-related companies remained important drivers of performance, while robust earnings helped investors look through macroeconomic and geopolitical uncertainty.
Performance overseas was even stronger in some regions. Japanese equities were among the top performers in developed markets, with the MSCI Japan Index rising 29.1% as corporate governance reforms and shareholder-friendly initiatives continued to support investor confidence. The MSCI UK Index advanced 20.3%, while the MSCI Europe ex UK Index gained 18.1%, benefiting from attractive valuations and improving investor sentiment.
Emerging markets were the standout performer across the global equity landscape. The MSCI Emerging Markets Index gained 43.5%, significantly outperforming both developed international and US equities. Strong returns from technology-oriented markets linked to the global AI supply chain and improving investor sentiment toward the asset class were key drivers of performance. Global Fixed Income Global fixed income generated more modest returns than equities, with the Bloomberg Global Aggregate Bond Index gaining approximately 1.0%. Returns varied considerably across sectors as investors balanced resilient economic growth against renewed inflation pressures, evolving centra l bank expectations, and geopolitical uncertainty. Credit markets generally outperformed government bonds as solid economic conditions supported risk appetite. Government bond returns were challenged by rising inflation expectations and a more hawkish policy backdrop. The Bloomberg Global Treasury Index declined approximately 1.6% during the period, while US Treasuries gained roughly 2.7%, benefiting from periodic flights to quality during episodes of market volatility. Outlook Looking ahead, financial markets face a complex mix of opportunities and risks. Economic growth remains resilient, corporate fundamentals remain supportive, and continued investment in artificial intelligence may provide an additional tailwind.
At the same time, investors must contend with lingering geopolitical uncertainty, elevated inflation risks, fiscal concerns, and a less accommodat ive central bank backdrop. While the outlook remains constructive, the strong returns generated over the past year may become harder to replicate, increasing the importance of security selection and risk management. In this environment, active management should remain well positioned to identify opportunities and navigate periods of market volatility.
PGIM Funds Plc
Investment Manager’s Report for the financial year ended 30 June 2026
14 PGIM Funds Plc
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The performance returns presented in the below table are based on published Net Asset Value.
Sub-Fund Share Class
Share Class Currency
Inception Date 1-year (%)
Since Inception EQUITY PGIM Jennison Global Equity Opportunities Fund AUD II Dist (Q) AUD 30/08/2024 9.69 17.74 PGIM Jennison Global Equity Opportunities Fund EUR A Acc EUR 09/02/2024 17.31 19.35 PGIM Jennison Global Equity Opportunities Fund EUR I Acc EUR 04/06/2019 18.16 160.65 PGIM Jennison Global Equity Opportunities Fund EUR I Dist (Q) EUR 23/02/2024 18.19 21.57 PGIM Jennison Global Equity Opportunities Fund EUR M Acc EUR 05/11/2020 17.76 48.69 PGIM Jennison Global Equity Opportunities Fund EUR-Hedged A Acc EUR 09/02/2024 11.53 19.97 PGIM Jennison Global Equity Opportunities Fund EUR-Hedged I Acc EUR 05/11/2020 12.28 28.01 PGIM Jennison Global Equity Opportunities Fund GBP I Acc GBP 24/06/2022 18.83 77.72 PGIM Jennison Global Equity Opportunities Fund GBP I Dist (Q) GBP 21/11/2017 18.82 189.41 PGIM Jennison Global Equity Opportunities Fund GBP II Acc GBP 30/11/2023 19.72 45.16 PGIM Jennison Global Equity Opportunities Fund GBP W Acc GBP 18/10/2024 19.12 14.86 PGIM Jennison Global Equity Opportunities Fund GBP W Dist (Q) GBP 18/10/2024 19.13 14.88 PGIM Jennison Global Equity Opportunities Fund GBP Y Acc GBP 19/07/2024 18.97 20.45 PGIM Jennison Global Equity Opportunities Fund GBP-Hedged I Dist (Q) GBP 08/05/2017 14.45 203.11 PGIM Jennison Global Equity Opportunities Fund GBP-Hedged W Acc GBP 18/10/2024 14.77 15.56 PGIM Jennison Global Equity Opportunities Fund NOK I Acc NOK 06/05/2022 12.54 91.23 PGIM Jennison Global Equity Opportunities Fund USD A Acc USD 22/12/2017 14.23 174.89 PGIM Jennison Global Equity Opportunities Fund USD I Acc USD 20/03/2017 15.09 273.13 PGIM Jennison Global Equity Opportunities Fund USD II Acc USD 05/08/2015 15.97 322.62 PGIM Jennison Global Equity Opportunities Fund USD M Acc USD 05/11/2020 14.69 43.70 PGIM Jennison Global Equity Opportunities Fund USD P Acc USD 16/07/2018 14.92 154.22 PGIM Jennison Global Equity Opportunities Fund USD T Acc USD 28/05/2019 13.83 140.34 PGIM Global Select Real Estate Securities Fund EUR A Acc EUR 08/04/2016 16.27 58.13 PGIM Global Select Real Estate Securities Fund EUR I Acc EUR 15/05/2020 16.80 64.55 PGIM Global Select Real Estate Securities Fund EUR-Hedged A Acc EUR 09/02/2024 10.77 22.91 PGIM Global Select Real Estate Securities Fund EUR-Hedged A Dist (Q) EUR 07/08/2020 10.77 23.02 PGIM Global Select Real Estate Securities Fund EUR-Hedged I Acc EUR 15/05/2020 11.01 51.32 PGIM Global Select Real Estate Securities Fund EUR-Hedged I Dist (Q) EUR 22/10/2021 11.18 (0.71) PGIM Global Select Real Estate Securities Fund GBP A Dist (Q) GBP 08/04/2016 16.93 68.44 PGIM Global Select Real Estate Securities Fund GBP I Dist (Q) GBP 08/04/2016 17.45 77.56 PGIM Global Select Real Estate Securities Fund USD A Acc USD 08/04/2016 13.25 58.62 PGIM Global Select Real Estate Securities Fund USD A Dist (Q) USD 07/08/2020 13.25 39.92 PGIM Global Select Real Estate Securities Fund USD I Acc USD 10/12/2015 13.76 74.12 PGIM Global Select Real Estate Securities Fund USD I Dist (Q) USD 07/07/2020 13.76 54.35 PGIM Global Select Real Estate Securities Fund USD P Acc USD 13/02/2019 13.59 47.37 PGIM Global Select Real Estate Securities Fund USD R Acc USD 15/09/2023 12.52 34.02 PGIM Jennison U.S. Growth Fund EUR A Acc EUR 22/12/2017 14.54 234.33 PGIM Jennison U.S. Growth Fund EUR I Acc EUR 22/12/2017 15.57 260.94 PGIM Jennison U.S. Growth Fund EUR L Acc EUR 05/07/2024 15.96 19.34 PGIM Jennison U.S. Growth Fund EUR L Dist (M) EUR 05/07/2024 15.96 19.35 PGIM Jennison U.S. Growth Fund EUR V Acc EUR 22/12/2025 - 7.99 PGIM Jennison U.S. Growth Fund EUR-Hedged A Acc EUR 14/02/2024 9.19 31.37 PGIM Jennison U.S. Growth Fund GBP I Dist (Q) GBP 22/12/2017 16.22 251.17 PGIM Jennison U.S. Growth Fund GBP L Acc GBP 05/07/2024 16.61 21.55 PGIM Jennison U.S. Growth Fund GBP L Dist (M) GBP 05/07/2024 16.61 21.55 PGIM Jennison U.S. Growth Fund GBP V Acc GBP 03/12/2024 16.46 13.35 PGIM Jennison U.S. Growth Fund GBP-Hedged L Acc GBP 05/07/2024 12.43 24.52 PGIM Jennison U.S. Growth Fund GBP-Hedged L Dist (M) GBP 05/07/2024 12.67 24.90 PGIM Jennison U.S. Growth Fund USD A Acc USD 22/12/2017 11.56 222.99 PGIM Jennison U.S. Growth Fund USD I Acc USD 19/10/2016 12.57 372.47 PGIM Jennison U.S. Growth Fund USD L Acc USD 09/07/2024 12.94 26.00 PGIM Jennison U.S. Growth Fund USD L Dist (M) USD 05/07/2024 12.94 26.06 PGIM Jennison U.S. Growth Fund USD P Acc USD 23/01/2018 12.40 215.54 PGIM Jennison U.S. Growth Fund USD V Acc USD 22/12/2025 - 5.43 PGIM Jennison Emerging Markets Equity Fund EUR A Acc EUR 14/02/2024 36.63 53.59 PGIM Jennison Emerging Markets Equity Fund EUR I Acc EUR 10/11/2021 37.73 6.69 PGIM Jennison Emerging Markets Equity Fund EUR W Acc EUR 07/08/2020 37.99 59.69 PGIM Jennison Emerging Markets Equity Fund EUR-Hedged A Acc EUR 14/02/2024 30.11 55.54 PGIM Jennison Emerging Markets Equity Fund GBP I Dist (Q) GBP 09/03/2022 38.50 51.62 PGIM Jennison Emerging Markets Equity Fund GBP W Acc GBP 07/08/2020 38.78 52.30 PGIM Jennison Emerging Markets Equity Fund USD A Acc USD 22/12/2017 33.08 99.84 PGIM Jennison Emerging Markets Equity Fund USD I Acc USD 30/11/2016 34.14 191.08 PGIM Jennison Emerging Markets Equity Fund USD P Acc USD 16/07/2018 33.94 108.33 PGIM Jennison Emerging Markets Equity Fund USD W Acc USD 07/08/2020 34.41 54.89
PGIM Funds Plc
Investment Manager’s Report for the financial year ended 30 June 2026 (continued)
PGIM Funds Plc 15
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Sub-Fund Share Class
Share Class Currency
Inception Date 1-year (%)
Since Inception EQUITY (continued) PGIM Jennison Emerging Markets Equity Fund USD Z Acc USD 09/01/2026 - 19.38 PGIM Quant Solutions Emerging Markets Equity Fund CHF P Acc CHF 24/09/2019 50.56 101.59 PGIM Quant Solutions Emerging Markets Equity Fund EUR A Acc EUR 23/02/2024 51.81 73.82 PGIM Quant Solutions Emerging Markets Equity Fund EUR I Acc EUR 27/05/2020 52.86 157.38 PGIM Quant Solutions Emerging Markets Equity Fund EUR II Acc EUR 23/10/2024 53.91 56.66 PGIM Quant Solutions Emerging Markets Equity Fund EUR P Acc EUR 24/09/2019 52.54 137.51 PGIM Quant Solutions Emerging Markets Equity Fund EUR-Hedged A Acc EUR 23/02/2024 44.71 74.73 PGIM Quant Solutions Emerging Markets Equity Fund USD A Acc USD 15/12/2017 47.87 116.95 PGIM Quant Solutions Emerging Markets Equity Fund USD I Acc USD 26/09/2017 48.88 138.52 PGIM Quant Solutions Emerging Markets Equity Fund USD II Dist (Q) USD 10/04/2025 49.91 82.21 PGIM Quant Solutions Emerging Markets Equity Fund USD P Acc USD 24/09/2019 48.57 146.93 PGIM Quant Solutions Emerging Markets Equity Fund USD W Acc USD 21/01/2026 - 21.33 PGIM Quant Solutions Global Equity Fund CHF I Acc CHF 25/10/2018 22.73 112.81 PGIM Quant Solutions Global Equity Fund CHF P Acc CHF 24/09/2019 22.54 101.24 PGIM Quant Solutions Global Equity Fund EUR A Acc EUR 23/02/2024 23.79 40.49 PGIM Quant Solutions Global Equity Fund EUR I Acc EUR 25/10/2018 24.35 162.97 PGIM Quant Solutions Global Equity Fund EUR P Acc EUR 24/09/2019 24.16 137.11 PGIM Quant Solutions Global Equity Fund GBP I Dist (Q) GBP 25/10/2018 25.04 155.07 PGIM Quant Solutions Global Equity Fund USD I Acc USD 23/10/2018 21.11 160.88 PGIM Quant Solutions Global Equity Fund USD P Acc USD 24/09/2019 20.93 146.52 PGIM Jennison Global Power Solutions Equity Fund CHF I Acc CHF 11/08/2023 36.89 53.15 PGIM Jennison Global Power Solutions Equity Fund CHF W Acc CHF 06/02/2025 37.44 33.90 PGIM Jennison Global Power Solutions Equity Fund EUR A Acc EUR 14/02/2024 37.66 63.24 PGIM Jennison Global Power Solutions Equity Fund EUR I Acc EUR 11/08/2023 38.69 59.53 PGIM Jennison Global Power Solutions Equity Fund EUR W Acc EUR 06/02/2025 39.25 36.29 PGIM Jennison Global Power Solutions Equity Fund GBP I Acc GBP 11/08/2023 39.47 59.23 PGIM Jennison Global Power Solutions Equity Fund GBP I Dist (Q) GBP 11/08/2023 39.47 59.23 PGIM Jennison Global Power Solutions Equity Fund GBP W Acc GBP 11/08/2023 40.03 61.07 PGIM Jennison Global Power Solutions Equity Fund USD I Acc USD 10/08/2023 35.08 64.30 PGIM Jennison Global Power Solutions Equity Fund USD W Acc USD 06/02/2025 35.62 50.27 PGIM Jennison Better Future Fund EUR I Acc EUR 04/02/2025 22.29 6.38 PGIM Jennison Better Future Fund GBP I Acc GBP 04/02/2025 22.97 10.15 PGIM Jennison Better Future Fund SEK W Acc SEK 04/02/2025 21.37 3.89 PGIM Jennison Better Future Fund USD I Acc USD 30/01/2025 19.10 17.68 PGIM Jennison Better Future Fund USD II Acc USD 11/06/2025 19.94 22.82
Sub-Fund Share Class
Share Class Currency
Inception Date 1-year (%)
Since Inception FIXED INCOME PGIM US Corporate Bond Fund EUR-Hedged A Acc EUR 27/03/2017 1.69 2.70 PGIM US Corporate Bond Fund EUR-Hedged I Acc EUR 25/02/2016 2.20 13.41 PGIM US Corporate Bond Fund EUR-Hedged P Acc EUR 30/01/2020 2.05 (4.80) PGIM US Corporate Bond Fund GBP-Hedged I Dist (Q) GBP 12/01/2018 4.15 15.68 PGIM US Corporate Bond Fund NOK-Hedged A Acc NOK 22/06/2017 3.70 10.48 PGIM US Corporate Bond Fund NOK-Hedged I Acc NOK 13/09/2019 4.22 8.27 PGIM US Corporate Bond Fund SEK-Hedged A Acc SEK 27/03/2017 1.47 3.16 PGIM US Corporate Bond Fund USD A Acc USD 29/01/2018 3.85 19.63 PGIM US Corporate Bond Fund USD A Dist (Q) USD 08/05/2026 - 0.36 PGIM US Corporate Bond Fund USD I Acc USD 09/03/2015 4.37 40.42 PGIM US Corporate Bond Fund USD I Dist (Q) USD 06/12/2019 4.37 11.09 PGIM US Corporate Bond Fund USD P Acc USD 16/07/2018 4.21 26.01 PGIM US Corporate Bond Fund USD T Acc USD 23/03/2018 3.38 17.55 PGIM US Corporate Bond Fund USD T Dist (M) USD 31/05/2019 3.39 11.22 PGIM Emerging Market Corporate Bond Fund CHF-Hedged I Acc CHF 04/10/2021 1.96 (7.07) PGIM Emerging Market Corporate Bond Fund DKK-Hedged I Acc DKK 04/10/2021 3.95 (0.07) PGIM Emerging Market Corporate Bond Fund EUR-Hedged A Acc EUR 20/02/2024 3.76 12.17 PGIM Emerging Market Corporate Bond Fund EUR-Hedged I Acc EUR 12/01/2018 4.34 13.30 PGIM Emerging Market Corporate Bond Fund GBP-Hedged I Dist (Q) GBP 12/01/2018 6.33 26.51 PGIM Emerging Market Corporate Bond Fund NOK-Hedged I Acc NOK 04/10/2021 6.39 7.38 PGIM Emerging Market Corporate Bond Fund SEK-Hedged I Acc SEK 04/10/2021 4.12 1.61 PGIM Emerging Market Corporate Bond Fund USD A Acc USD 29/01/2018 5.88 26.22 PGIM Emerging Market Corporate Bond Fund USD I Acc USD 01/08/2014 6.48 57.86 PGIM European High Yield Bond Fund EUR A Acc EUR 23/02/2023 3.24 22.81 PGIM European High Yield Bond Fund EUR I Acc EUR 15/04/2016 3.96 52.11 PGIM European High Yield Bond Fund EUR P Acc EUR 23/02/2023 3.75 24.92
PGIM Funds Plc
Investment Manager’s Report for the financial year ended 30 June 2026 (continued)
16 PGIM Funds Plc
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Sub-Fund Share Class
Share Class Currency
Inception Date 1-year (%)
Since Inception FIXED INCOME (continued) PGIM European High Yield Bond Fund EUR W Acc EUR 27/03/2026 - 3.63 PGIM European High Yield Bond Fund GBP-Hedged I Acc GBP 21/06/2022 5.92 38.06 PGIM European High Yield Bond Fund USD-Hedged I Acc USD 01/08/2014 6.09 99.72 PGIM European High Yield Bond Fund USD-Hedged P Acc USD 13/12/2019 5.88 38.88 PGIM Emerging Market Local Currency Debt Fund EUR I Acc EUR 29/01/2018 11.64 23.64 PGIM Emerging Market Local Currency Debt Fund GBP I Acc GBP 21/06/2022 12.25 25.58 PGIM Emerging Market Local Currency Debt Fund GBP I Dist (Q) GBP 29/01/2018 12.27 21.22 PGIM Emerging Market Local Currency Debt Fund USD A Acc USD 29/01/2018 7.96 6.99 PGIM Emerging Market Local Currency Debt Fund USD I Acc USD 03/11/2014 8.75 20.17 PGIM Global Total Return Bond Fund CAD Curr Exp I Acc CAD 27/04/2015 6.23 44.96 PGIM Global Total Return Bond Fund CHF-Hedged I Acc CHF 28/09/2018 0.25 (0.86) PGIM Global Total Return Bond Fund EUR-Hedged A Acc EUR 06/11/2020 2.06 (10.57) PGIM Global Total Return Bond Fund EUR-Hedged I Acc EUR 28/09/2018 2.61 9.25 PGIM Global Total Return Bond Fund GBP-Hedged I Dist (Q) GBP 28/09/2018 4.56 20.69 PGIM Global Total Return Bond Fund NOK-Hedged I Acc NOK 22/05/2020 4.63 2.93 PGIM Global Total Return Bond Fund SGD-Hedged A Dist (Q) SGD 24/02/2021 1.31 (6.03) PGIM Global Total Return Bond Fund USD A Acc USD 27/03/2024 4.19 11.61 PGIM Global Total Return Bond Fund USD I Acc USD 28/09/2018 4.76 27.43 PGIM Global Total Return Bond Fund USD P Acc USD 28/09/2018 4.61 26.00 PGIM Global Total Return Bond Fund USD Curr Exp I Acc USD 31/01/2017 2.18 21.34 PGIM Global Total Return Bond Fund USD Curr Exp I Dist (Q) USD 01/10/2018 2.18 13.17 PGIM Global Total Return Bond Fund Yen-Hedged I Acc JPY 25/02/2020 1.00 (16.09) PGIM Global Corporate Bond Fund AUD-Hedged P Acc AUD 12/08/2025 - 3.45 PGIM Global Corporate Bond Fund CHF-Hedged I Acc CHF 28/04/2016 0.30 (0.09) PGIM Global Corporate Bond Fund CHF-Hedged L Acc CHF 10/04/2024 0.35 3.71 PGIM Global Corporate Bond Fund DKK-Hedged I Acc DKK 23/06/2017 2.27 5.87 PGIM Global Corporate Bond Fund EUR Curr Exp I Acc EUR 31/08/2023 5.97 13.31 PGIM Global Corporate Bond Fund EUR-Hedged A Acc EUR 27/03/2017 2.13 5.14 PGIM Global Corporate Bond Fund EUR-Hedged I Acc EUR 25/04/2019 2.65 6.90 PGIM Global Corporate Bond Fund EUR-Hedged I Dist EUR 20/04/2026 - 0.31 PGIM Global Corporate Bond Fund EUR-Hedged L Acc EUR 10/04/2024 2.70 9.53 PGIM Global Corporate Bond Fund EUR-Hedged L Dist (Q) EUR 04/11/2024 2.70 5.32 PGIM Global Corporate Bond Fund EUR-Hedged P Acc EUR 11/02/2019 2.49 8.18 PGIM Global Corporate Bond Fund GBP-Hedged I Acc GBP 28/10/2016 4.60 22.46 PGIM Global Corporate Bond Fund GBP-Hedged I Dist (Q) GBP 15/10/2018 4.60 22.90 PGIM Global Corporate Bond Fund GBP-Hedged L Acc GBP 10/04/2024 4.66 13.84 PGIM Global Corporate Bond Fund GBP-Hedged L Dist (Q) GBP 10/04/2024 4.66 13.83 PGIM Global Corporate Bond Fund NOK-Hedged A Acc NOK 11/06/2018 4.19 16.68 PGIM Global Corporate Bond Fund NOK-Hedged I Acc NOK 11/02/2016 4.68 31.98 PGIM Global Corporate Bond Fund SEK-Hedged A Acc SEK 27/03/2017 1.92 5.56 PGIM Global Corporate Bond Fund SEK-Hedged I Acc SEK 19/05/2021 2.43 (2.68) PGIM Global Corporate Bond Fund SGD-Hedged I Acc SGD 01/10/2020 1.91 (0.43) PGIM Global Corporate Bond Fund USD A Acc USD 29/01/2018 4.28 22.69 PGIM Global Corporate Bond Fund USD I Acc USD 19/05/2017 4.80 30.61 PGIM Global Corporate Bond Fund USD I Dist (Q) USD 21/01/2020 4.80 12.92 PGIM Global Corporate Bond Fund USD L Acc USD 10/04/2024 4.86 14.26 PGIM Global Corporate Bond Fund USD L Dist (Q) USD 17/09/2024 4.86 6.96 PGIM Global Corporate Bond Fund USD P Acc USD 16/07/2018 4.65 27.70 PGIM Global Corporate Bond Fund Yen-Hedged I Acc JPY 03/04/2017 1.05 (0.97) PGIM Broad Market U.S. High Yield Bond Fund AUD-Hedged P Acc AUD 13/01/2026 - 1.07 PGIM Broad Market U.S. High Yield Bond Fund CAD-Hedged I Acc CAD 01/03/2023 3.56 26.69 PGIM Broad Market U.S. High Yield Bond Fund CHF-Hedged A Acc CHF 22/12/2022 0.50 11.58 PGIM Broad Market U.S. High Yield Bond Fund CHF-Hedged S Acc CHF 22/12/2022 1.15 14.73 PGIM Broad Market U.S. High Yield Bond Fund CHF-Hedged S Dist (Q) CHF 22/12/2022 1.16 14.73 PGIM Broad Market U.S. High Yield Bond Fund EUR-Hedged A Acc EUR 22/12/2022 2.87 21.23 PGIM Broad Market U.S. High Yield Bond Fund EUR-Hedged I Acc EUR 29/11/2017 3.32 29.67 PGIM Broad Market U.S. High Yield Bond Fund EUR-Hedged I Dist (Q) EUR 17/09/2021 3.32 7.72 PGIM Broad Market U.S. High Yield Bond Fund EUR-Hedged P Acc EUR 30/01/2020 3.17 18.63 PGIM Broad Market U.S. High Yield Bond Fund EUR-Hedged S Acc EUR 22/12/2022 3.53 24.64 PGIM Broad Market U.S. High Yield Bond Fund EUR-Hedged W Acc EUR 18/05/2018 3.64 33.01 PGIM Broad Market U.S. High Yield Bond Fund EUR-Hedged W Dist (Q) EUR 29/04/2021 3.63 12.29 PGIM Broad Market U.S. High Yield Bond Fund GBP-Hedged I Acc GBP 21/06/2022 5.24 32.82 PGIM Broad Market U.S. High Yield Bond Fund GBP-Hedged I Dist (Q) GBP 12/01/2018 5.25 42.17 PGIM Broad Market U.S. High Yield Bond Fund GBP-Hedged S Acc GBP 22/12/2022 5.46 31.78 PGIM Broad Market U.S. High Yield Bond Fund GBP-Hedged S Dist (Q) GBP 30/01/2023 5.45 29.42
PGIM Funds Plc
Investment Manager’s Report for the financial year ended 30 June 2026 (continued)
PGIM Funds Plc 17
Page 21
Sub-Fund Share Class
Share Class Currency
Inception Date 1-year (%)
Since Inception FIXED INCOME (continued) PGIM Broad Market U.S. High Yield Bond Fund GBP-Hedged W Acc GBP 02/10/2023 5.56 28.56 PGIM Broad Market U.S. High Yield Bond Fund GBP-Hedged W Dist (Q) GBP 18/05/2018 5.56 46.71 PGIM Broad Market U.S. High Yield Bond Fund NOK-Hedged I Acc NOK 10/10/2023 5.33 26.38 PGIM Broad Market U.S. High Yield Bond Fund SEK-Hedged A Acc SEK 21/04/2021 2.62 7.32 PGIM Broad Market U.S. High Yield Bond Fund USD A Acc USD 29/01/2018 5.01 44.28 PGIM Broad Market U.S. High Yield Bond Fund USD A Dist (Q) USD 17/09/2021 5.02 14.73 PGIM Broad Market U.S. High Yield Bond Fund USD I Acc USD 11/08/2016 5.49 69.75 PGIM Broad Market U.S. High Yield Bond Fund USD I Dist (Q) USD 22/04/2020 5.49 47.92 PGIM Broad Market U.S. High Yield Bond Fund USD P Acc USD 16/07/2018 5.33 49.78 PGIM Broad Market U.S. High Yield Bond Fund USD S Acc USD 22/12/2022 5.70 33.54 PGIM Broad Market U.S. High Yield Bond Fund USD S Dist (Q) USD 22/12/2022 5.70 33.54 PGIM Broad Market U.S. High Yield Bond Fund USD T Acc USD 04/02/2021 4.13 14.76 PGIM Broad Market U.S. High Yield Bond Fund USD T Dist (M) USD 04/02/2021 4.13 14.75 PGIM Broad Market U.S. High Yield Bond Fund USD W Acc USD 18/05/2018 5.80 57.00 PGIM Broad Market U.S. High Yield Bond Fund USD W Dist (Q) USD 23/08/2019 5.80 42.26 PGIM Broad Market U.S. High Yield Bond Fund USD Y Acc USD 29/08/2019 5.49 38.69 PGIM Broad Market U.S. High Yield Bond Fund YEN-Hedged I Acc JPY 25/06/2021 1.71 (1.51) PGIM Global High Yield ESG Bond Fund CHF-Hedged I Acc CHF 04/10/2021 1.00 0.62 PGIM Global High Yield ESG Bond Fund EUR I Acc EUR 05/06/2026 - 1.91 PGIM Global High Yield ESG Bond Fund EUR-Hedged A Acc EUR 23/02/2023 2.74 21.40 PGIM Global High Yield ESG Bond Fund EUR-Hedged I Acc EUR 18/08/2016 3.36 31.59 PGIM Global High Yield ESG Bond Fund EUR-Hedged P Acc EUR 23/02/2023 3.15 23.34 PGIM Global High Yield ESG Bond Fund EUR-Hedged W Acc EUR 22/09/2022 3.62 28.60 PGIM Global High Yield ESG Bond Fund GBP-Hedged I Dist (Q) GBP 12/01/2018 5.30 38.70 PGIM Global High Yield ESG Bond Fund USD I Acc USD 12/01/2018 5.51 48.95 PGIM Multi-Sector Credit Fund CAD-Hedged I Acc CAD 18/10/2024 3.74 7.44 PGIM Multi-Sector Credit Fund CHF-Hedged I Acc CHF 02/08/2024 1.12 3.88 PGIM Multi-Sector Credit Fund EUR-Hedged A Acc EUR 09/02/2024 2.81 10.44 PGIM Multi-Sector Credit Fund EUR-Hedged I Acc EUR 12/01/2018 3.43 22.97 PGIM Multi-Sector Credit Fund EUR-Hedged P Acc EUR 30/01/2020 3.27 17.05 PGIM Multi-Sector Credit Fund EUR-Hedged P Dist (Q) EUR 15/03/2023 3.27 21.24 PGIM Multi-Sector Credit Fund GBP-Hedged I Acc GBP 30/08/2024 5.41 11.53 PGIM Multi-Sector Credit Fund GBP-Hedged I Dist (Q) GBP 29/01/2018 5.41 35.43 PGIM Multi-Sector Credit Fund HKD A Acc HKD 15/08/2025 - 4.00 PGIM Multi-Sector Credit Fund HKD A Dist (M) HKD 15/08/2025 - 3.98 PGIM Multi-Sector Credit Fund NOK-Hedged W Acc NOK 06/05/2025 5.58 7.66 PGIM Multi-Sector Credit Fund SGD-Hedged A Dist (M) SGD 24/01/2025 2.08 4.61 PGIM Multi-Sector Credit Fund USD A Acc USD 23/02/2023 4.93 24.68 PGIM Multi-Sector Credit Fund USD A Dist (M) USD 30/09/2024 4.93 9.37 PGIM Multi-Sector Credit Fund USD I Acc USD 26/09/2016 5.56 57.35 PGIM Multi-Sector Credit Fund USD I Dist (Q) USD 21/06/2022 5.56 31.88 PGIM Multi-Sector Credit Fund USD P Dist (Q) USD 21/06/2022 5.45 31.18 PGIM Multi-Sector Credit Fund USD R Acc USD 04/11/2024 4.81 9.57 PGIM Emerging Market Hard Currency Debt Fund AUD-Hedged I Acc AUD 12/12/2019 12.15 15.16 PGIM Emerging Market Hard Currency Debt Fund CAD-Hedged I Acc CAD 07/02/2019 10.65 25.42 PGIM Emerging Market Hard Currency Debt Fund DKK-Hedged I Acc DKK 19/10/2022 9.99 45.63 PGIM Emerging Market Hard Currency Debt Fund EUR-Hedged A Acc EUR 28/01/2022 9.49 6.96 PGIM Emerging Market Hard Currency Debt Fund EUR-Hedged I Acc EUR 14/11/2025 - 3.75 PGIM Emerging Market Hard Currency Debt Fund EUR-Hedged I Dist (Q) EUR 18/02/2022 10.38 13.22 PGIM Emerging Market Hard Currency Debt Fund EUR-Hedged P Acc EUR 28/01/2022 10.21 10.08 PGIM Emerging Market Hard Currency Debt Fund GBP-Hedged I Acc GBP 14/02/2020 12.46 14.04 PGIM Emerging Market Hard Currency Debt Fund SGD-Hedged I Acc SGD 01/10/2020 9.60 16.14 PGIM Emerging Market Hard Currency Debt Fund USD A Acc USD 29/01/2018 11.81 23.16 PGIM Emerging Market Hard Currency Debt Fund USD I Acc USD 01/11/2016 12.71 47.36 PGIM Emerging Market Hard Currency Debt Fund USD II Acc USD 17/07/2023 13.33 38.50 PGIM Emerging Market Hard Currency Debt Fund USD P Acc USD 16/07/2018 12.53 36.82 PGIM Emerging Market Hard Currency Debt Fund Yen-Hedged I Acc JPY 28/03/2017 8.72 6.95 PGIM Intermediate Duration US Corporate Bond Fund NOK-Hedged I Acc NOK 03/11/2016 3.99 20.21 PGIM Intermediate Duration US Corporate Bond Fund USD I Acc USD 11/07/2019 4.09 19.14 PGIM Absolute Return Bond Fund CAD-Hedged I Acc CAD 02/04/2020 3.93 34.68 PGIM Absolute Return Bond Fund EUR-Hedged A Acc EUR 09/02/2024 3.03 8.96 PGIM Absolute Return Bond Fund EUR-Hedged I Acc EUR 16/02/2018 3.65 15.77 PGIM Absolute Return Bond Fund GBP-Hedged I Acc GBP 13/09/2019 5.62 23.71 PGIM Absolute Return Bond Fund GBP-Hedged I Dist (Q) GBP 16/02/2018 5.63 28.16 PGIM Absolute Return Bond Fund USD A Acc USD 10/06/2025 5.14 5.30
PGIM Funds Plc
Investment Manager’s Report for the financial year ended 30 June 2026 (continued)
18 PGIM Funds Plc
Page 22
Sub-Fund Share Class
Share Class Currency
Inception Date 1-year (%)
Since Inception FIXED INCOME (continued) PGIM Absolute Return Bond Fund USD A Dist (M) USD 11/07/2025 - 4.88 PGIM Absolute Return Bond Fund USD I Acc USD 18/12/2019 5.75 25.23 PGIM Absolute Return Bond Fund USD P Acc USD 16/07/2018 5.59 33.07 PGIM Absolute Return Bond Fund Yen-Hedged I Acc JPY 09/10/2020 2.05 5.24 PGIM Absolute Return Bond Fund Yen-Hedged II Acc JPY 01/08/2018 2.46 8.98 PGIM Emerging Market Blend Debt Fund CAD-Hedged I Acc CAD 17/02/2021 12.13 20.64 PGIM Emerging Market Blend Debt Fund EUR-Hedged I Dist EUR 03/03/2026 - 2.66 PGIM Emerging Market Blend Debt Fund GBP I Acc GBP 30/09/2024 14.60 17.65 PGIM Emerging Market Blend Debt Fund USD I Acc USD 30/08/2018 11.00 41.70 PGIM Emerging Market Blend Debt Fund USD I Dist (Q) USD 01/03/2024 10.99 24.70 PGIM European Corporate Bond Fund CHF-Hedged I Acc CHF 04/12/2018 0.44 3.34 PGIM European Corporate Bond Fund DKK-Hedged I Acc DKK 04/10/2021 2.41 1.15 PGIM European Corporate Bond Fund EUR A Acc EUR 20/02/2024 2.28 9.12 PGIM European Corporate Bond Fund EUR D Acc EUR 15/10/2025 - 1.02 PGIM European Corporate Bond Fund EUR I Acc EUR 30/11/2018 2.79 14.16 PGIM European Corporate Bond Fund GBP-Hedged I Dist (Q) GBP 04/12/2018 4.73 25.31 PGIM European Corporate Bond Fund NOK-Hedged I Acc NOK 04/10/2021 4.85 8.20 PGIM European Corporate Bond Fund SEK-Hedged I Acc SEK 04/10/2021 2.55 2.37 PGIM European Corporate Bond Fund USD-Hedged I Acc USD 04/12/2018 4.89 31.27 PGIM Emerging Market Total Return Bond Fund AUD-Hedged I Acc AUD 28/03/2019 6.92 45.56 PGIM Emerging Market Total Return Bond Fund CHF-Hedged I Acc CHF 28/03/2019 2.69 23.40 PGIM Emerging Market Total Return Bond Fund EUR-Hedged A Acc EUR 20/02/2024 4.16 13.42 PGIM Emerging Market Total Return Bond Fund EUR-Hedged I Acc EUR 28/03/2019 5.05 34.95 PGIM Emerging Market Total Return Bond Fund EUR-Hedged W Acc EUR 18/06/2025 5.48 6.36 PGIM Emerging Market Total Return Bond Fund GBP-Hedged I Dist (Q) GBP 28/03/2019 7.10 47.17 PGIM Emerging Market Total Return Bond Fund USD I Acc USD 26/03/2019 7.21 52.59 PGIM Global High Yield Bond Fund CHF-Hedged I Acc CHF 12/09/2019 0.99 12.16 PGIM Global High Yield Bond Fund EUR I Dist (Q) EUR 29/05/2025 8.33 6.41 PGIM Global High Yield Bond Fund EUR-Hedged A Acc EUR 23/02/2023 2.69 21.28 PGIM Global High Yield Bond Fund EUR-Hedged I Acc EUR 12/09/2019 3.36 22.69 PGIM Global High Yield Bond Fund EUR-Hedged I Dist (Q) EUR 30/08/2024 3.35 8.11 PGIM Global High Yield Bond Fund EUR-Hedged P Acc EUR 23/02/2023 3.21 23.35 PGIM Global High Yield Bond Fund EUR-Hedged W Acc EUR 18/10/2024 3.67 7.44 PGIM Global High Yield Bond Fund EUR-Hedged W Dist (Q) EUR 18/10/2024 3.67 7.43 PGIM Global High Yield Bond Fund GBP-Hedged I Acc GBP 27/07/2022 5.27 30.90 PGIM Global High Yield Bond Fund GBP-Hedged I Dist (Q) GBP 12/09/2019 5.27 33.46 PGIM Global High Yield Bond Fund GBP-Hedged W Acc GBP 27/07/2022 5.57 32.40 PGIM Global High Yield Bond Fund GBP-Hedged W Dist (M) GBP 02/12/2025 - 2.60 PGIM Global High Yield Bond Fund GBP-Hedged W Dist (Q) GBP 27/07/2022 5.58 32.37 PGIM Global High Yield Bond Fund USD I Acc USD 10/09/2019 5.51 40.05 PGIM Global High Yield Bond Fund USD I Dist (M) USD 10/07/2025 - 4.97 PGIM Global High Yield Bond Fund USD W Acc USD 18/10/2024 5.83 11.00 PGIM Global High Yield Bond Fund USD W Dist (Q) USD 18/10/2024 5.82 10.99 PGIM Intermediate Duration US Corporate ESG Bond Fund CHF-Hedged D Acc CHF 04/02/2026 - (1.17) PGIM Intermediate Duration US Corporate ESG Bond Fund CHF-Hedged D Dist (Q) CHF 05/02/2026 - (1.45) PGIM Intermediate Duration US Corporate ESG Bond Fund CHF-Hedged I Acc CHF 30/06/2020 (0.36) (10.95) PGIM Intermediate Duration US Corporate ESG Bond Fund EUR-Hedged D Acc EUR 05/02/2026 - (0.54) PGIM Intermediate Duration US Corporate ESG Bond Fund EUR-Hedged D Dist (Q) EUR 05/02/2026 - (0.54) PGIM Intermediate Duration US Corporate ESG Bond Fund EUR-Hedged I Acc EUR 30/06/2020 1.95 (2.37) PGIM Intermediate Duration US Corporate ESG Bond Fund GBP-Hedged D Acc GBP 05/02/2026 - 0.14 PGIM Intermediate Duration US Corporate ESG Bond Fund GBP-Hedged D Dist (Q) GBP 05/02/2026 - 0.14 PGIM Intermediate Duration US Corporate ESG Bond Fund GBP-Hedged I Dist (Q) GBP 30/06/2020 3.91 5.53 PGIM Intermediate Duration US Corporate ESG Bond Fund USD A Acc USD 05/02/2026 - (0.09) PGIM Intermediate Duration US Corporate ESG Bond Fund USD A Dist (Q) USD 05/02/2026 - (0.09) PGIM Intermediate Duration US Corporate ESG Bond Fund USD D Acc USD 05/02/2026 - 0.19 PGIM Intermediate Duration US Corporate ESG Bond Fund USD D Dist (Q) USD 05/02/2026 - 0.19 PGIM Intermediate Duration US Corporate ESG Bond Fund USD I Acc USD 29/06/2020 4.08 8.71 PGIM Global Total Return ESG Bond Fund CHF-Hedged I Acc CHF 26/02/2021 (0.75) (12.36) PGIM Global Total Return ESG Bond Fund EUR-Hedged A Acc EUR 09/02/2024 1.01 7.09 PGIM Global Total Return ESG Bond Fund EUR-Hedged I Acc EUR 26/02/2021 1.57 (4.09) PGIM Global Total Return ESG Bond Fund GBP-Hedged I Dist (Q) GBP 26/02/2021 3.52 3.33 PGIM Global Total Return ESG Bond Fund NOK-Hedged I Acc NOK 26/02/2021 3.59 1.77 PGIM Global Total Return ESG Bond Fund SEK-Hedged A Acc SEK 25/03/2022 0.78 1.43 PGIM Global Total Return ESG Bond Fund USD I Acc USD 25/02/2021 3.72 6.33 PGIM Global Total Return ESG Bond Fund USD Curr Exp I Acc USD 26/02/2021 1.13 (6.74)
PGIM Funds Plc
Investment Manager’s Report for the financial year ended 30 June 2026 (continued)
PGIM Funds Plc 19
Page 23
Past performance is no guarantee of future results. An investor could lose some or all of its investment in the relevant sub-fund. Returns may increase or decrease as a result of currency fluctuations. Net returns reflect the deduction of investment advisory fees and other expenses. 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. Important information The information contained herein is provided by PGIM, Inc, the Company’s delegated investment manager. PGIM is the principal asset management business of Prudential Financial, Inc., a company incorporated and with its principal place of business in the United States. Prudential Financial, Inc. is not affiliated in any manner with Prudential plc, a company incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. The information herein is provided for informational purposes and does not constitute an offer to sell, or solicitation of an offer to purchase, any securities, nor does it constitute investment advice or an endorsement with respect to any investment strategy or vehicle. This document may not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such an offer or solicitation is unlawful or not authorised. Distribution of this information to any person other than the person to whom it was originally delivered is unauthorised, and any reproduction of these materials, in whole or in part, or the divulgence of any of its contents, without the prior written consent of PGIM, Inc., is prohibited. No liability whatsoever is accepted for any loss (whether direct, indirect, or consequential) that may arise from any use by the recipien t or any third party of the information contained in or derived from this document.
Certain information in this investment manager’s report has been obtained from outside sources that PGIM, Inc. believes to be reliable, as of the date presented; however, PGIM, Inc. cannot guarantee the accuracy of such information, assure its completeness, or warrant such information will not be changed. Unless otherwise indicated, the information, including holdings, rating data and opinions, contained herein is current as of the dat e of issuance (or such earlier date as referenced herein) and is subject to change without notice. Management’s discussion herein represent the views, opinions and recommendations of the applicable investment management team regarding the economic conditions, asset classes, securities, issuers or financial instruments referenced herein. PGIM, Inc., the Sub-Investment Managers and their affiliates may make investment decisions, including for their proprietary accounts, and/or provide oral and written commentary that are inconsistent with the recommendations or views expressed herein. PGIM, Inc
Date: August 2026
PGIM Funds Plc
Investment Manager’s Report for the financial year ended 30 June 2026 (continued)
20 PGIM Funds Plc
Page 24
Independent auditors’ report to the members of
PGIM Funds Plc
Report on the audit of the financial statements
Opinion
In our opinion, PGIM Funds Plc’s financial statements:
• give a true and fair view of the company’s and sub - funds' assets, liabilities and financial position as at 30 June 2026 and of their results and cash flows for the year then ended; • have been properly prepared in accordance with International Financial Reporting Standards (“IFRSs”) as adopted by the European Union; and • have been properly prepared in accordance with the requirements of the Companies Act 2014 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended).
We have audited the financial statements, included within the Annual Report and Audited Financial Statements (the “Annual Report”), which comprise:
• the Statement of Financial Position as at 30 June 2026; • the Statement of Comprehensive Income for the year then ended; • the Statement of Cash Flows for the year then ended; • the Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the year then ended; • the Schedule of Investments as at 30 June 2026; and • the notes to the financial statements, which include a description of the accounting policies.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (Ireland) (“ISAs (Ireland)”) and applicable law. Our responsibilities under ISAs (Ireland) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We remained independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in Ireland, which includes IAASA’s Ethical Standard as applicable to listed entities, and we have fulfilled our ot her ethical responsibilities in accordance with these requirements.
Emphasis of matter - financial statements prepared on a basis other than
going concern
In forming our opinion on the financial statements, which is not modified, we draw attention to note 2 to the financial statements which describes the directors’ reasons why the financial statements of PGIM European High Yield ESG Bond Fund, PGIM Jennison NextGeneration Opportunities Fund and PGIM Strategic Income Fund have been prepared on a basis other than going concern.
Our audit approach
Overview
Audit scope
Page 25
• The C ompany is an open -e nded i nvestment C ompany with v ariable capital and e ngage s PGIM I nvestments (Ireland) Limited ( the “ Management Company”) t o manag e certain d uties a nd r esponsibilities wi with r egards to th e day ay -t o -d ay management o f t h e C ompany. W e tai lored the scope o f o ur a udit taking i nto a ccount the types of i nvestments wi within th e Sub -F unds, t he i nvolvement o f t he t hird parties r eferred t o b elow, t he accounting p rocesses and c ontrols, a nd t he industry in which t he C ompany o perates. We l ook at e ach o f th the Sub -F unds at an individual l evel.
Ke y audit matters
• Valuation of financial assets and financial liabilities at fair value through profit or loss • Existence of financial assets and financial liabilities at fair value through profit or loss
Materiality
• Overall materiality: 50 basis points for each equity Sub - Fund (as defined on pages 2) and 100 basis points for each fixed income Sub - Fund (as defined on page 2) (2025: 50 basis points for each equity Sub - Fund and 100 basis points for each fixed income Sub - Fund) of Net Asset Value at 30 June 2026 for each of the company’s sub - funds. • Performance materiality: 75% (2025: 75%) of overall materiality.
The scope of our audit
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements. In particular, we looked at where the directors made subjective judgements, for example in respect of significant account ing estimates that involved making assumptions and considering future events that are inherently uncertain. As in all of our audits we also addressed the risk of management override of internal controls, including evaluating whether there was evidence of b ias by the directors that represented a risk of material misstatement due to fraud.
Key audit matters
Key audit matters are those matters that, in the auditors’ professional judgement, were of most significance in the audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) identified by the auditors, including those which had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the efforts of the engagement team. These matters, and any comments we make on the results of our procedures thereon, were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
This is not a complete list of all risks identified by our audit.
Key audit matter How our audit addressed the key audit matter
Valuation of financial assets and financial liabilities at fair value through profit or loss
Refer to the Schedule of Investments for each of the Sub- Funds, the accounting policies set out in note 2, note 12 'Fair value hierarchy' and note 13 ‘ Financial instruments and associated risks ’ . The financial assets and financial liabilities at fair value through profit or loss included in the Statement of Financial Position of each Sub- Fund as at 30 June 2026 are valued at fair value in line with IFRS as adopted by the EU. The financial assets and liabilities comprise of equities, fixed income positions, loans, futures contracts, forward foreign exchange contracts, interest rate swaps, credit default swaps, options, swaptions, and total return swaps. This is considered a key audit matter as it represents the principal element of the financial statements.
We tested the valuation of equities, fixed income positions, loans, forward foreign exchange contracts, and futures contracts by independently repricing the positions using third party vendor sources. We tested the valuation of interest rate swaps, credit default swaps, options, swaptions, and total return swaps by repricing the positions using independently obtained counterparty confirmations. No material matters were identified from the performance of these procedures.
Page 26
Existence of financial assets and financial liabilities at fair value through profit or loss
Refer to the Schedule of Investments for each of the Sub - Funds, the accounting policies set out in note 2, note 12 'Fair value hierarchy' and note 13 ‘ Financial instruments and associated risks ’ . The financial assets and financial liabilities at fair value through profit or loss included in the Statement of Financial Position of each Sub - Fund are held in each Sub - Fund’s name at 30 June 2026.This is considered a key audit matter as it represents t he principal element of the financial statements.
We obtained independent confirmation from the Depositary, counterparties, or agent banks for the investment portfolios (except for forward foreign exchange contracts) held at 30 June 2026, and reconciled the amounts confirmed to the accounting records. For positions where we were unable to obtain confirmations from the Depositary, counterparties, or agent banks, where material, we performed alternative audit procedures which included obtaining supporting documentation, such as statements, agent notices, ver ifying loan interest earned and reviewing State Street derivative reconciliations in order to validate the existence of the positions at 30 June 2026. No material matters were identified from the performance of these procedures
How we tailored the audit scope
We tailored the scope of our audit to ensure that we performed enough work to be able to give an opinion on the financial statements as a whole, taking into account the structure of the company, the accounting processes and controls, and the industry in wh ich it operates.
As at 30 June 2026 there are 26 active Sub - Funds operating. 3 of the Sub - Funds closed during the year. The Company's Statement of Financial Position, Statement of Comprehensive Income, Statement of Cash Flows and Statement of Changes In Net Assets Attribut able to Holders of Redeemable Participating Shares are an aggregation of the positions and results of the Sub - Funds.
The directors control the affairs of the Company and are responsible for the overall investment policy which is determined by them. The Company engages PGIM Investments (Ireland) Limited (the ‘Management Company’) to manage certain duties and responsibilit ies with regards to the day to day management of the Company. The Management Company has delegated certain responsibilities to State Street Fund Services (Ireland) Limited (the “Administrator”). The financial statements, which remain the responsibility of the directors, are prepared on their behalf by the Administrator. The Company has appointed State Street Custodial Services (Ireland) Limited (the “Depositary”) to act as Depositary of the Company’s assets. In establishing the overall approach to our audit we assessed the risk of material misstatement at a Sub - Fund level, taking into account the nature, likelihood and potential magnitude of any misstatement. As part of our risk assessment, we considered the Company’s interaction with the Administrator, and we assessed the control environment in place at the Administrator.
Materiality
The scope of our audit was influenced by our application of materiality. We set certain quantitative thresholds for materiality. These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and exten t of our audit procedures on the individual financial statement line items and disclosures and in evaluating the effect of misstatements, both individually and in aggregate on the financial statements as a whole.
Based on our professional judgement, we determined materiality for the financial statements of each of the sub - funds as follows:
Overall materiality and how we determined it
50 basis points for each equity Sub - Fund (as defined on page 2) and 100 basis points for each fixed income Sub - Fund (as defined on page 2) (2025: 50 basis points for each equity Sub - Fund and 100 basis points for each fixed income Sub - Fund) of Net Asset Val ue at 30 June 2026 for each of the company’s sub - funds.
Rationale for benchmark applied
We have applied this benchmark because the main objective of the Company is to provide investors with a total return at a Sub - Fund level, taking account of the capital and income returns.
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We use performance materiality to reduce to an appropriately low level the probability that the aggregate of uncorrected and undetected misstatements exceeds overall materiality. Specifically, we use performance materiality in determining the scope of our audit and the nature and extent of our testing of account balances, classes of transactions and disclosures, for example in determining sample sizes. Our performance materiality was 75% (2025: 75%) of overall materiality.
In determining the performance materiality, we considered a number of factors - the history of misstatements, risk assessment and aggregation risk and the effectiveness of controls - and concluded that an amount at the upper end of our normal range was app ropriate.
We agreed with those charged with governance to report audit misstatements identified during our audit exceeding 5 basis points of each Sub - Fund’s NAV for NAV - per - share - impacting misstatements and 50 basis points for non - NAV - per - share - impacting misstatements for each equity Sub - Fund (as defined on page 2 ), and 10 basis points for NAV - per - share - impacting misstatements and 100 basis points for non - NAV - per - share impacting misstatements , for each fixed income Sub - Fund (as defined on page 2 ), as well as misstatements below that amount that, in our view, warranted reporting for qualitative reasons.
(2025: 5 basis points of each Sub - Fund’s NAV for NAV - per - share - impacting misstatements and 50 basis points for non - NAV - per - share - impacting misstatements for each equity Sub - Fund (as defined on page 2 ), and 10 basis points for NAV - per - share - impacting misstatements and 100 basis points for non - NAV - per - share impacting misstatements , for each fixed income Sub - Fund (as defined on page 2 ), as well as misstatements below that amount that, in our view, warranted reporting for qualitative reasons ).
Conclusions relating to going concern
With the exception of PGIM European High Yield ESG Bond Fund, PGIM Jennison NextGeneration Opportunities Fund and PGIM Strategic Income Fund where a basis of accounting other than going concern has been adopted as set out in the Emphasis of matter - financ ial statements prepared on a basis other than going concern above, our evaluation of the directors’ assessment of the ability of the company and the sub funds to continue to adopt the going concern basis of accounting included:
• Obtaining an understanding of the key indicators that are monitored with respect to the going concern assumption and management’s future plans for the Sub - Funds over the going concern period (being 12 months from the date of approval of the financial state ments); • Reviewing available board minutes during the period under audit and those available up to the date of this report; • Considering post year end subscriptions and redemptions as recorded in the underlying accounting records; • Making enquiries of management with respect to any planned significant redemptions of which they have been informed of; and • Considering the adequacy of the disclosures in the financial statements in respect of liquidity risk management techniques which are available to the Company.
With the exception of PGIM European High Yield ESG Bond Fund, PGIM Jennison NextGeneration Opportunities Fund and PGIM Strategic Income Fund where a basis of accounting other than going concern has been adopted as set out in the Emphasis of matter - financ ial statements prepared on a basis other than going concern above, based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the ability of the company and the sub - funds to continue as a going concern for a period of at least twelve months from the date on which the financial statements are authorised for issue.
With the exception of PGIM European High Yield ESG Bond Fund, PGIM Jennison NextGeneration Opportunities Fund and PGIM Strategic Income Fund where a basis of accounting other than going concern has been adopted as set out in the Emphasis of matter - financ ial statements prepared on a basis other than going concern above, in auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the ability of the company and the sub - funds to continue as a going concern.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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Reporting on other information
The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cove r the other information and, accordingly, we do not express an audit opinion or any form of assurance thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities.
With respect to the Directors’ Report and Statement of Directors’ Responsibilities, we also considered whether the disclosures required by the Companies Act 2014 have been included.
Based on the responsibilities described above and our work undertaken in the course of the audit, ISAs (Ireland) and the Companies Act 2014 require us to also report certain opinions and matters as described below:
• In our opinion, based on the work undertaken in the course of the audit, the information given in the Directors’ Report and Statement of Directors’ Responsibilities for the year ended 30 June 2026 is consistent with the financial statements and has been pr epared in accordance with applicable legal requirements. • Based on our knowledge and understanding of the company and its environment obtained in the course o f th e audit, we did not identify any material misstatements in the Directors’ Report and Statement of Directors’ Responsibilities.
Responsibilities for the financial statements and the audit
Responsibilities of the directors for the financial statements
As explained more fully in the Statement of Directors’ Responsibilities set out on pages 10 and 11, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view.
The directors are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the ability of the company and the sub - funds to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a hi gh level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or i n the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non- compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent t o which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the company and industry, we identified that the principal risks of non compliance with laws and regulations related to breaches of Irish Company Law applicable to the Company, and we considered the extent to which non - complia nce might have a material effect on the financial
Page 29
statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2014 and the European Communities (Undertakings for Collective Investment in Transferable Securitie s) Regulations 2011 (as amended). We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to related t o the risk of management override of controls. Audit procedures performed by the engagement team included:
• Enquiry of management to identify any instances of non - compliance with laws and regulations • Identifying and testing journal entries, where any such journal entries, that met our specific risk based criteria, were identified • Testing accounting estimates and judgements and considered potential for management bias • Designing audit procedures to incorporate unpredictability • Reviewing minutes of the meetings of the board of directors
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non - compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statement s. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through co llusion.
Our audit testing might include testing complete populations of certain transactions and balances, possibly using data auditing techniques. However, it typically involves selecting a limited number of items for testing, rather than testing complete populat ions. We will often seek to target particular items for testing based on their size or risk characteristics. In other cases, we will use audit sampling to enable us to draw a conclusion about the population from which the sample is selected.
A further description of our responsibilities for the audit of the financial statements is located on the IAASA website at: https://iaasa.ie/wp - content/uploads/docs/media/IAASA/Documents/audit standards/Description_of_auditors_responsibilities_for_audit.pdf . This description forms part of our auditors’ report.
Use of this report
This report, including the opinions, has been prepared for and only for the company’s members as a body in accordance with section 391 of the Companies Act 2014 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
Other required reporting
Companies Act 2014 opinions on other matters
• We have obtained all the information and explanations which we consider necessary for the purposes of our audit. • In our opinion the accounting records of the company were sufficient to permit the financial statements to be readily and properly audited. • The financial statements are in agreement with the accounting records.
Report on income tax information
In accordance with S.I. No. 322/2023 - European Union (Disclosure of Income Tax Information by Certain Undertakings and Branches) Regulations 2023 (the “Regulations”), we are required to state if, for the year ending 30 June 202 5 , the company was required, in accordance with the Regulations, implementing Directive (EU) 2021/2101 related to Public Country - by - Country Reporting, to publish a report on income tax information and, if so, whether such a report was published within twelv e months of that year end.
For the year ended 30 June 202 5 , the company was not required, in accordance with the Regulations, to publish a report on income tax information.
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Other exception reporting
Directors' remuneration and transactions
Under the Companies Act 2014 we are required to report to you if, in our opinion, the disclosures of directors’ remuneration a nd transactions s pecified by s ections 3 05 to 3 12 o f th at Act have n ot been m ade. W e have n o exceptions to report arising from this responsibility.
Declan M urphy for and on behalf of PricewaterhouseCoopers Chartered Accountants a nd Statutory Au dit Firm Dublin 16 O ctober 2026
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PGIM US Corporate Bond Fund
PGIM Emerging Market Corporate Bond Fund
PGIM European High Yield Bond Fund
PGIM Emerging Market Local Currency Debt Fund
PGIM Global Total Return Bond Fund
PGIM Jennison Global Equity Opportunities Fund US$ US$ € US$ US$ US$ Note Current Assets: Financial assets at fair value through profit or loss: Equity 2, 12 - - 13,173 - 239,019 1,671,736,446 Fixed income 2, 12 953,311,746 29,223,995 52,220,946 143,259,812 52,799,789 Money market instruments 2, 12 - - - - - Future contracts 2, 12 895,828 30,382 54,453 22,483 289,626 Forward foreign exchange contracts 2, 12 65,582 9,322 922,234 1,295,888 559,134 34,117 Interest rate swaps 2, 12 18,862 - 34,771 1,043,687 2,330,239 Credit default swaps 2, 12 - 10,268 - 126,485 21,661 Tot a l r et u r n swa p s 2, 1 2 - - - - - Options 2, 12 - - - 44,602 - Swaptions 2, 12 - - - 1,320 36,378 -
Cash and cash equivalents 2 - 1,734,986 4,596,782 4,091,168 310,090 17,872,414 Cash held with brokers and counterparties for open financial derivative instruments 2 - - 437,504 4,243,094 306,753 Cash collateral held with brokers 2, 4 - - 172,000 3,060,000 - Other receivables 5 31,761,275 600,917 1,578,593 4,751,408 1,920,616 5,156,401 Total assets 986,053,293 31,609,870 60,030,456 161,939,947 58,813,305 1,694,799,378
Current Liabilities: Financial liabilities at fair value through profit or loss: To be announced securities 2, 12 - - ---Future contracts 2, 12 (339,077) (11,013) (6,100) (94,374) (78,465) Forward foreign exchange contracts 2, 12 (5,021,349) (8,254) (65,133) (1,175,261) (701,498) (910) Interest rate swaps 2, 12 (22,610) - (24,562) (4,663,661) (2,815,944) Credit default swaps 2, 12 - - - - (47,640) Tot a l r et u r n swa p s 2, 1 2 - - - - - Options 2, 12 - - - (135,510) - Swaptions 2, 12 - - - (699,093) (91,672) -
Bank Overdraft 2 (5,297,321) - ---Cash due to brokers and counterparties for open financial derivative instruments 2 (681,809) (39,185) (15,624) - - Cash collateral due to brokers 2, 4 - - - - (38,000) Other payables and accrued expenses 6 (6,188,901) (497,854) (3,608,521) (1,864,141) (894,332) (16,301,286) Total liabilities (excluding net assets attributable to holders of redeemable participating shares) (17,551,067) (556,306) (3,719,940) (8,632,040) (4,667,551) (16,302,196)
Net assets attributable to holders of redeemable participating shares 968,502,226 31,053,564 56,310,516 153,307,907 54,145,754 1,678,497,182
The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Financial Position as at 30 June 2026
28 PGIM Funds Plc
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PGIM Global Select Real Estate Securities Fund
PGIM Global Corporate Bond Fund
PGIM Broad Market U.S. High Yield Bond Fund
PGIM Global High Yield ESG Bond Fund
PGIM Multi-Sector Credit Fund
PGIM Jennison U.S. Growth Fund US$ US$ US$ US$ US$ US$ Note Current Assets: Financial assets at fair value through profit or loss: Equity 2, 12 390,806,180 - 12,648,238 689,432 682,866 660,084,471 Fixed income 2, 12 - 1,553,867,285 1,626,340,872 168,489,234 667,956,534 Money market instruments 2, 12 - - - - - Future contracts 2, 12 - 936,793 443,502 118,364 213,290 Forward foreign exchange contracts 2, 12 13,428 11,507,617 351,946 1,187,788 5,181,024 230,158 Interest rate swaps 2, 12 - 6,073,008 - - 5,611,430 Credit default swaps 2, 12 - - 19,063,529 1,044,629 4,677,848 Total return swaps 2, 12 - - - - 81,950 Options 2, 12 - - - - - Swaptions 2, 12 - - - - 235,900 -
Cash and cash equivalents 2 1,456,735 7,368,054 92,674,394 11,118,091 6,316,804 13,164,533 Cash held with brokers and counterparties for open financial derivative instruments 2 - - - - 357,496 Cash collateral held with brokers 2, 4 - - - - - Other receivables 5 13,261,221 142,898,290 48,235,200 3,080,091 20,690,893 470,578 Total assets 405,537,564 1,722,651,047 1,799,757,681 185,727,629 712,006,035 673,949,740
Current Liabilities: Financial liabilities at fair value through profit or loss: To be announced securities 2, 12 - - ---Future contracts 2, 12 - (512,168) (122,701) (23,947) (444,165) Forward foreign exchange contracts 2, 12 (297) (25,296,731) (12,376,270) (3,817,088) (7,119,349) (4,352) Interest rate swaps 2, 12 - (5,566,149) - - (1,682,170) Credit default swaps 2, 12 - - - (671,981) (8,352) Total return swaps 2, 12 - - - - (211,006) Options 2, 12 - - - - - Swaptions 2, 12 - - - - (266,309) -
Bank Overdraft 2 - - - - - -
Cash due to brokers and counterparties for open financial derivative instruments 2 - (1,313,528) (20,146,256) (500,473) (8,415,708) Cash collateral due to brokers 2, 4 - (7,094,000) - (610,000) (2,484,000) Other payables and accrued expenses 6 (9,158,717) (70,351,215) (19,259,092) (6,052,676) (13,585,593) (9,384,214) Total liabilities (excluding net assets attributable to holders of redeemable participating shares) (9,159,014) (110,133,791) (51,904,319) (11,676,165) (34,216,652) (9,388,566)
Net assets attributable to holders of redeemable participating shares 396,378,550 1,612,517,256 1,747,853,362 174,051,464 677,789,383 664,561,174
The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Financial Position as at 30 June 2026 (continued)
PGIM Funds Plc 29
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PGIM Emerging Market Hard Currency Debt Fund
PGIM Intermediate Duration US Corporate Bond Fund
PGIM Jennison Emerging Markets Equity Fund
PGIM Quant Solutions Emerging Markets Equity Fund
PGIM Absolute Return Bond Fund
PGIM Emerging Market Blend Debt Fund US$ US$ US$ US$ US$ US$ Note Current Assets: Financial assets at fair value through profit or loss: Equity 2, 12 - - 318,845,613 269,872,978 957,370 Fixed income 2, 12 841,455,490 279,664,308 - 970,242 531,569,238 849,133,763 Money market instruments 2, 12 - - - - - Future contracts 2, 12 416,004 166,234 - - 74,572 402,017 Forward foreign exchange contracts 2, 12 4,939,293 57,426 217 235 5,923,569 6,054,243 Interest rate swaps 2, 12 2,135,185 16,190 - - 11,852,294 5,396,425 Credit default swaps 2, 12 372,447 - - - 174,818 844,910 Tot a l r et u r n swa p s 2, 1 2 - - - - - Options 2, 12 125,773 - - - - 204,663 Swaptions 2, 12 - - - - 201,907 -
Cash and cash equivalents 2 21,068,163 - 4,711,629 5,836,178 5,441,306 31,886,778 Cash held with brokers and counterparties for open financial derivative instruments 2 2,422,259 130,643 - 178,080 1,337,750 10,427,189 Cash collateral held with brokers 2, 4 - - - - - Other receivables 5 18,465,227 11,076,135 391,458 1,235,553 6,718,806 21,766,902 Total assets 891,399,841 291,110,936 323,948,917 278,093,266 564,251,630 926,116,890
Current Liabilities: Financial liabilities at fair value through profit or loss: To be announced securities 2, 12 - - ---Future contracts 2, 12 (344,501) (258,052) - (78,935) (1,024,381) (345,646) Forward foreign exchange contracts 2, 12 (4,685,926) (10,660,673) (11) (5) (13,146,836) (10,618,690) Interest rate swaps 2, 12 (4,654,500) - - - (1,534,099) (16,651,624) Credit default swaps 2, 12 (25,795) (6,831) - - (3,938) (15,833) Tot a l r et u r n swa p s 2, 1 2 - - - - - Options 2, 12 (380,332) - - - - (763,577) Swaptions 2, 12 - - - - (229,674) -
Bank Overdraft 2 - (783,063) ---Cash due to brokers and counterparties for open financial derivative instruments 2 (335,726) (20,757) - - (10,539,853) Cash collateral due to brokers 2, 4 (2,060,000) - - - (2,711,000) (1,120,000) Other payables and accrued expenses 6 (5,566,339) (990,353) (595,435) (407,562) (6,534,865) (7,409,762) Total liabilities (excluding net assets attributable to holders of redeemable participating shares) (18,053,119) (12,719,729) (595,446) (486,502) (35,724,646) (36,925,132)
Net assets attributable to holders of redeemable participating shares 873,346,722 278,391,207 323,353,471 277,606,764 528,526,984 889,191,758
The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Financial Position as at 30 June 2026 (continued)
30 PGIM Funds Plc
Page 34
PGIM Quant Solutions Global Equity Fund
PGIM European Corporate Bond Fund
PGIM Emerging Market Total Return Bond Fund
PGIM Global High Yield Bond Fund
PGIM Intermediate Duration US Corporate ESG Bond Fund
PGIM Global Total Return ESG Bond Fund US$ € US$ US$ US$ US$ Note Current Assets: Financial assets at fair value through profit or loss: Equity 2, 12 59,090,082 - - 1,175,826 - Fixed income 2, 12 39,602 165,741,543 190,635,471 749,851,766 534,245,297 342,020,427 Money market instruments 2, 12 - - - - - Future contracts 2, 12 - 17,523 6,542 517,578 223,098 107,011 Forward foreign exchange contracts 2, 12 - 480,116 2,749,681 8,432,319 37,941 4,050,547 Interest rate swaps 2, 12 - 199 1,469,714 - 145,506 3,897,003 Credit default swaps 2, 12 - - 1,475,944 5,624,059 - 2,653,341 Tot a l r et u r n swa p s 2, 1 2 - - - - - Options 2, 12 - - 1,832,270 - - Swaptions 2, 12 - - 1,366 - - 189,658
Cash and cash equivalents 2 595,282 4,629,688 6,988,732 51,278,375 - Cash held with brokers and counterparties for open financial derivative instruments 2 8,540 220,074 3,593,821 403,691 303,445 1,881,650 Cash collateral held with brokers 2, 4 - 177,000 1,798,000 613,000 - Other receivables 5 100,464 3,236,745 6,256,670 14,154,098 16,321,271 18,743,338 Total assets 59,833,970 174,502,888 216,808,211 832,050,712 551,276,558 373,542,975
Current Liabilities: Financial liabilities at fair value through profit or loss: To be announced securities 2, 12 - - ---Future contracts 2, 12 (5,600) (38,083) (352,428) (311,204) (495,346) (71,915) Forward foreign exchange contracts 2, 12 - (19,279) (4,138,711) (13,475,967) (7,607,598) (18,669,040) Interest rate swaps 2, 12 - (12,311) (4,488,395) - (111,011) (8,159,873) Credit default swaps 2, 12 - - (44,223) (4,287,644) (26,783) (151,380) Tot a l r et u r n swa p s 2, 1 2 - - - - - Options 2, 12 - - (2,156,164) - - Swaptions 2, 12 - - (807,119) - - (461,993)
Bank Overdraft 2 - - - - (44,670) (198,662)
Cash due to brokers and counterparties for open financial derivative instruments 2 - - - (320,228) (10,776) Cash collateral due to brokers 2, 4 - - (260,000) (5,330,000) - (300,000) Other payables and accrued expenses 6 (131,877) (6,063,625) (5,844,679) (30,878,204) (3,686,830) (2,756,739) Total liabilities (excluding net assets attributable to holders of redeemable participating shares) (137,477) (6,133,298) (18,091,719) (54,603,247) (11,983,014) (30,769,602)
Net assets attributable to holders of redeemable participating shares 59,696,493 168,369,590 198,716,492 777,447,465 539,293,544 342,773,373
The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Financial Position as at 30 June 2026 (continued)
PGIM Funds Plc 31
Page 35
PGIM Jennison NextGeneration Opportunities Fund*
PGIM Emerging Market Hard Currency ESG Debt Fund**
PGIM Strategic Income Fund***
PGIM Jennison Global Power Solutions Equity Fund
PGIM Jennison Better Future Fund Total US$ US$ US$ US$ US$ US$ Note Current Assets: Financial assets at fair value through profit or loss: Equity 2, 12 - - - 32,351,454 65,098,962 3,484,293,998 Fixed income 2, 12 - - - - - 9,764,031,385 Money market instruments 2, 12 - - - - - Future contracts 2, 12 - - - - - 4,945,614 Forward foreign exchange contracts 2, 12 - - - - - 54,284,782 Interest rate swaps 2, 12 - - - - - 40,029,524 Credit default swaps 2, 12 - - - - - 36,089,939 Total return swaps 2, 12 - - - - - 81,950 Options 2, 12 - - - - - 2,207,308 Swaptions 2, 12 - - - - - 666,529
Cash and cash equivalents 2 23,273 6,455 9,032 651,034 3,845,191 298,997,321 Cash held with brokers and counterparties for open financial derivative instruments 2 - 125 - - - 26,346,345 Cash collateral held with brokers 2, 4 - - - - - 5,870,012 Other receivables 5 119,707 148,437 131,900 142,792 112,919 394,217,943 Total assets 142,980 155,017 140,932 33,145,280 69,057,072 14,112,062,650
Current Liabilities: Financial liabilities at fair value through profit or loss: To be announced securities 2, 12 - - ---Future contracts 2, 12 - - - - - (4,964,432) Forward foreign exchange contracts 2, 12 - - - - - (138,621,324) Interest rate swaps 2, 12 - - - - - (50,392,193) Credit default swaps 2, 12 - - - - - (5,290,400) Total return swaps 2, 12 - - - - - (211,006) Options 2, 12 - - - - - (3,435,583) Swaptions 2, 12 - - - - - (2,555,860)
Bank Overdraft 2 - - - - - (6,323,716)
Cash due to brokers and counterparties for open financial derivative instruments 2 - - - - - (42,342,162) Cash collateral due to brokers 2, 4 - - - - - (22,007,000) Other payables and accrued expenses 6 (142,980) (155,017) (140,932) (103,274) (72,378) (230,013,412) Total liabilities (excluding net assets attributable to holders of redeemable participating shares) (142,980) (155,017) (140,932) (103,274) (72,378) (506,157,088)
Net assets attributable to holders of redeemable participating shares - - - 33,042,006 68,984,694 13,605,905,562
*PGIM Jennison NextGeneration Opportunities Fund terminated on 10 February 2026. **PGIM Emerging Market Hard Currency ESG Debt Fund terminated on 26 January 2026. ***PGIM Strategic Income Fund terminated on 30 March 2026.
On behalf of the Board of Directors:
Denis Chatterton Frank Connolly Director Director
Date: 15 October 2026
The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Financial Position as at 30 June 2026 (continued)
32 PGIM Funds Plc
Docusign Envelope ID: DD00CEA1-647F-80B9-83E8-0D65CC51D2E5
Page 36
PGIM US Corporate Bond Fund
PGIM Emerging Market Corporate Bond Fund
PGIM European High Yield Bond Fund
PGIM Emerging Market Local Currency Debt Fund
PGIM Global Total Return Bond Fund
PGIM Jennison Global Equity Opportunities Fund US$ US$ € US$ US$ US$ Note Current Assets: Financial assets at fair value through profit or loss: Equity 2, 12 - 31,227 175,291 26,712 192,259 1,230,316,594 Fixed income 2, 12 824,115,417 28,287,583 50,641,307 134,603,574 59,182,907 Money market instruments 2, 12 - - - - - Future contracts 2, 12 1,971,463 45,593 7,140 131,600 104,724 Forward foreign exchange contracts 2, 12 5,980,016 9,020 368,528 1,921,871 297,210 89,081 Interest rate swaps 2, 12 79,744 - - 1,060,109 2,221,012 Credit default swaps 2, 12 - 2,214 - 20,263 139,981 Total return swaps 2, 12 - - - - 128,001 Options 2, 12 - - - 60,772 3,500 Swaptions 2, 12 - - - 55,908 4,463 -
Cash and cash equivalents 2 8,448,410 103,038 1,590,144 8,168,102 1,727,968 6,713,351 Cash held with brokers and counterparties for open financial derivative instruments 2 - - 551,785 1,630,777 85,327 Cash collateral held with brokers 2, 4 - - 820,000 3,015,000 308,000 Other receivables 5 120,341,012 550,345 2,060,388 3,617,530 5,797,229 5,146,930 Total assets 960,936,062 29,029,020 56,214,583 154,312,218 70,192,581 1,242,265,956
Current Liabilities: Financial liabilities at fair value through profit or loss: To be announced securities 2, 12 - - ---Future contracts 2, 12 (1,055,187) (32,422) (72,929) (170,899) (497,916) Forward foreign exchange contracts 2, 12 (112,430) (11,649) (1,453,131) (1,384,647) (1,095,284) (4) Interest rate swaps 2, 12 (88,099) - - (2,279,443) (2,170,271) Credit default swaps 2, 12 - (212) - (4,117) (43,469) Tot a l r et u r n swa p s 2, 1 2 - - - - - Options 2, 12 - - - (377,793) (9,588) Swaptions 2, 12 - - - (7,282) (3,949) -
Bank Overdraft 2 - - - - - -
Cash due to brokers and counterparties for open financial derivative instruments 2 (505,748) (16,106) ---Cash collateral due to brokers 2, 4 (5,420,000) - (221,493) (280,000) (38,000) Other payables and accrued expenses 6 (60,847,781) (112,440) (2,710,383) (773,113) (6,574,384) (1,627,386) Total liabilities (excluding net assets attributable to holders of redeemable participating shares) (68,029,245) (172,829) (4,457,936) (5,277,294) (10,432,861) (1,627,390)
Net assets attributable to holders of redeemable participating shares 892,906,817 28,856,191 51,756,647 149,034,924 59,759,720 1,240,638,566
The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Financial Position as at 30 June 2025
PGIM Funds Plc 33
Page 37
PGIM Global Select Real Estate Securities Fund
PGIM Global Corporate Bond Fund
PGIM Broad Market U.S. High Yield Bond Fund
PGIM Global High Yield ESG Bond Fund
PGIM European High Yield ESG Bond Fund*
PGIM Multi-Sector Credit Fund US$ US$ US$ US$ € US$ Note Current Assets: Financial assets at fair value through profit or loss: Equity 2, 12 244,625,837 - 13,394,180 484,447 - 1,222,149 Fixed income 2, 12 - 1,363,095,256 1,402,541,612 166,287,206 - 358,934,529 Money market instruments 2, 12 - - - - - Future contracts 2, 12 - 2,094,883 792,197 12,489 - 1,004,185 Forward foreign exchange contracts 2, 12 64,712 25,663,869 15,616,755 5,987,731 - 7,743,507 Interest rate swaps 2, 12 - 5,957,765 - - - 9,919,940 Credit default swaps 2, 12 - - 3,476,733 517,157 - 1,730,387 Tot a l r et u r n swa p s 2, 1 2 - - - - - Options 2, 12 - - - - - 34,895 Swaptions 2, 12 - - - - - 5,723
Cash and cash equivalents 2 1,469,773 27,012,828 31,526,153 9,106,061 29,994 1,079,027 Cash held with brokers and counterparties for open financial derivative instruments 2 - - - 187,331 - 279,077 Cash collateral held with brokers 2, 4 - 11,531,851 - - - Other receivables 5 1,398,535 21,560,330 25,711,114 2,730,359 113,121 9,885,312 Total assets 247,558,857 1,456,916,782 1,493,058,744 185,312,781 143,115 391,838,731
Current Liabilities: Financial liabilities at fair value through profit or loss: To be announced securities 2, 12 - - ---Future contracts 2, 12 - (1,161,219) - (207,900) - (1,354,507) Forward foreign exchange contracts 2, 12 (378) (18,119,127) (245,548) (1,399,985) - (4,169,595) Interest rate swaps 2, 12 - (4,561,824) - - - (5,258,237) Credit default swaps 2, 12 - - - - - (942,619) Total return swaps 2, 12 - - (369,775) - - Options 2, 12 - - - - - (205,881) Swaptions 2, 12 - - - - - (4,417)
Bank Overdraft 2 - - - - - -
Cash due to brokers and counterparties for open financial derivative instruments 2 - (2,140,443) (4,040,440) (510,941) - (7,070,904) Cash collateral due to brokers 2, 4 - (19,815,000) (14,340,000) (5,059,568) - (6,590,000) Other payables and accrued expenses 6 (1,384,442) (16,430,982) (21,314,630) (7,196,315) (143,115) (12,219,655) Total liabilities (excluding net assets attributable to holders of redeemable participating shares) (1,384,820) (62,228,595) (40,310,393) (14,374,709) (143,115) (37,815,815)
Net assets attributable to holders of redeemable participating shares 246,174,037 1,394,688,187 1,452,748,351 170,938,072 - 354,022,916
*PGIM European High Yield ESG Bond Fund terminated on 11 September 2024.
The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Financial Position as at 30 June 2025 (continued)
34 PGIM Funds Plc
Page 38
PGIM Jennison U.S. Growth Fund
PGIM Emerging Market Hard Currency Debt Fund
PGIM Intermediate Duration US Corporate Bond Fund
PGIM Jennison Emerging Markets Equity Fund
PGIM Quant Solutions Emerging Markets Equity Fund
PGIM Absolute Return Bond Fund US$ US$ US$ US$ US$ US$ Note Current Assets: Financial assets at fair value through profit or loss: Equity 2, 12 464,148,191 4,326 - 90,209,643 155,994,810 1,446,538 Fixed income 2, 12 - 711,043,086 247,130,932 - 1,936,895 482,632,311 Money market instruments 2, 12 - - - - - Future contracts 2, 12 - 1,771,527 260,069 - 105,132 494,834 Forward foreign exchange contracts 2, 12 678 7,575,969 662,184 315 312 4,449,860 Interest rate swaps 2, 12 - 1,886,175 63,084 - - 13,290,144 Credit default swaps 2, 12 - 246,929 - - - 201,806 Tot a l r et u r n swa p s 2, 1 2 - - - - - Options 2, 12 - 152,027 - - - 45,582 Swaptions 2, 12 - - 11,694 - - 7,186
Cash and cash equivalents 2 6,927,006 22,684,515 5,170,076 1,814,721 4,298,201 2,295,703 Cash held with brokers and counterparties for open financial derivative instruments 2 - 448,296 19,844 - - 589,680 Cash collateral held with brokers 2, 4 - 1,400,000 - - - Other receivables 5 4,731,518 14,235,745 2,871,715 305,292 4,429,858 10,160,817 Total assets 475,807,393 761,448,595 256,189,598 92,329,971 166,765,208 515,614,461
Current Liabilities: Financial liabilities at fair value through profit or loss: To be announced securities 2, 12 - - - - - (7,112,601) Future contracts 2, 12 - (20,598) (212,421) - - (1,188,127) Forward foreign exchange contracts 2, 12 - (4,153,803) (153,728) - - (8,224,713) Interest rate swaps 2, 12 - (1,607,196) (79,585) - - (4,478,644) Credit default swaps 2, 12 - (158,299) - - - (1,270,384) Total return swaps 2, 12 - - - - - (1,145,938) Options 2, 12 - (922,831) - - - (286,354) Swaptions 2, 12 - - (123,738) - - (266,055)
Bank Overdraft 2 - - - - - -
Cash due to brokers and counterparties for open financial derivative instruments 2 - (283,427) (64,821) - (29,987) (9,506,558) Cash collateral due to brokers 2, 4 - (4,601,000) (693,748) - - (720,000) Other payables and accrued expenses 6 (788,209) (4,755,797) (600,417) (1,664,000) (587,423) (25,742,282) Total liabilities (excluding net assets attributable to holders of redeemable participating shares) (788,209) (16,502,951) (1,928,458) (1,664,000) (617,410) (59,941,656)
Net assets attributable to holders of redeemable participating shares 475,019,184 744,945,644 254,261,140 90,665,971 166,147,798 455,672,805
The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Financial Position as at 30 June 2025 (continued)
PGIM Funds Plc 35
Page 39
PGIM Emerging Market Blend Debt Fund
PGIM Quant Solutions Global Equity Fund
PGIM European Corporate Bond Fund
PGIM Emerging Market Total Return Bond Fund
PGIM Global High Yield Bond Fund
PGIM Wadhwani Keynes Systematic Absolute Return Fund* US$ US$ € US$ US$ US$ Note Current Assets: Financial assets at fair value through profit or loss: Equity 2, 12 - 83,271,678 - - 1,038,336 Fixed income 2, 12 710,636,646 9,907 38,466,953 48,345,127 837,592,898 Money market instruments 2, 12 - - - - - Future contracts 2, 12 841,260 1,010 - 106,329 180,955 Forward foreign exchange contracts 2, 12 7,951,301 - 195 991,277 19,191,010 Interest rate swaps 2, 12 3,938,425 - 999 553,734 - Credit default swaps 2, 12 192,703 - - 522,516 - Tot a l r et u r n swa p s 2, 1 2 - - - - - Options 2, 12 234,114 - - 1,048,588 - Swaptions 2, 12 - - - 57,004 - -
Cash and cash equivalents 2 6,782,833 287,705 33,470 385,867 15,831,308 Cash held with brokers and counterparties for open financial derivative instruments 2 1,838,348 - 154,970 - 376,151 Cash collateral held with brokers 2, 4 680,600 - 330,000 - - Other receivables 5 15,603,765 5,456,817 664,206 1,268,295 25,490,289 88,648 Total assets 748,699,995 89,027,117 39,650,793 53,278,737 899,700,947 88,648
Current Liabilities: Financial liabilities at fair value through profit or loss: To be announced securities 2, 12 - - ---Future contracts 2, 12 (121,355) - (3,320) (119,425) (544,293) Forward foreign exchange contracts 2, 12 (4,946,608) - (741,842) (804,571) (8,442,531) Interest rate swaps 2, 12 (6,077,542) - (1,679) (919,660) - Credit default swaps 2, 12 (165,058) - - (70,569) - Total return swaps 2, 12 - - - - (240,428) Options 2, 12 (1,428,698) - - (1,096,097) - Swaptions 2, 12 - - - (7,425) - -
Bank Overdraft 2 - - - - - (23,094)
Cash due to brokers and counterparties for open financial derivative instruments 2 - (940) - (103,675) (5,629) Cash collateral due to brokers 2, 4 (3,930,000) - - - (5,341,000) Other payables and accrued expenses 6 (3,170,095) (5,414,009) (1,181,113) (824,056) (20,988,475) (65,554) Total liabilities (excluding net assets attributable to holders of redeemable participating shares) (19,839,356) (5,414,949) (1,927,954) (3,945,478) (35,562,356) (88,648)
Net assets attributable to holders of redeemable participating shares 728,860,639 83,612,168 37,722,839 49,333,259 864,138,591 -
*PGIM Wadhwani Keynes Systematic Absolute Return Fund terminated on 10 September 2024.
The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Financial Position as at 30 June 2025 (continued)
36 PGIM Funds Plc
Page 40
PGIM Intermediate Duration US Corporate ESG Bond Fund
PGIM Global Total Return ESG Bond Fund
PGIM Jennison NextGeneration Opportunities Fund
PGIM Emerging Market Hard Currency ESG Debt Fund
PGIM Strategic Income Fund
PGIM Jennison Global Power Solutions Equity Fund US$ US$ US$ US$ US$ US$ Note Current Assets: Financial assets at fair value through profit or loss: Equity 2, 12 - - 32,377,637 - - 23,454,926 Fixed income 2, 12 25,899,508 286,268,293 - 73,207,319 25,774,492 Money market instruments 2, 12 - - - - - Future contracts 2, 12 32,442 187,787 - 179,770 76,465 Forward foreign exchange contracts 2, 12 64,754 5,227,351 - 1,290,082 41,033 Interest rate swaps 2, 12 318,141 2,203,665 - 90,196 111,799 Credit default swaps 2, 12 - 3,398,100 - 5,461 125,837 Tot a l r et u r n swa p s 2, 1 2 - 4 6 0, 0 7 7 - - - Options 2, 12 - 15,400 - 15,729 - Swaptions 2, 12 - 11,166 - - 26 -
Cash and cash equivalents 2 367,263 2,767,326 284,367 3,230,912 267,114 947,742 Cash held with brokers and counterparties for open financial derivative instruments 2 - 1 - 20,254 - Cash collateral held with brokers 2, 4 - - - - - Other receivables 5 435,014 5,308,061 313,267 1,479,852 704,989 136,284 Total assets 27,117,122 305,847,227 32,975,271 79,519,575 27,101,755 24,538,952
Current Liabilities: Financial liabilities at fair value through profit or loss: To be announced securities 2, 12 - - - - (245,045) Future contracts 2, 12 (28,027) (502,374) - (7,451) (35,029) Forward foreign exchange contracts 2, 12 (311,593) (5,548,984) - (431,893) (136,387) Interest rate swaps 2, 12 (272,789) (5,279,226) - (76,915) (58,049) Credit default swaps 2, 12 - (191,897) - (730) (144) Tot a l r et u r n swa p s 2, 1 2 - - - - - Options 2, 12 - (41,975) - (94,713) (1,050) Swaptions 2, 12 - (11,321) - - (65) -
Bank Overdraft 2 - - - - - -
Cash due to brokers and counterparties for open financial derivative instruments 2 (53,988) (223,682) - (141,674) (222,274) Cash collateral due to brokers 2, 4 - (849,804) - (910,000) - Other payables and accrued expenses 6 (398,048) (2,685,872) (297,889) (891,600) (501,905) (91,711) Total liabilities (excluding net assets attributable to holders of redeemable participating shares) (1,064,445) (15,335,135) (297,889) (2,554,976) (1,199,948) (91,711)
Net assets attributable to holders of redeemable participating shares 26,052,677 290,512,092 32,677,382 76,964,599 25,901,807 24,447,241
The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Financial Position as at 30 June 2025 (continued)
PGIM Funds Plc 37
Page 41
PGIM Jennison Better Future Fund Total US$ US$ Note Current Assets: Financial assets at fair value through profit or loss: Equity 2, 12 30,625,149 2,373,070,404 Fixed income 2, 12 - 7,892,125,140 Money market instruments 2, 12 -Future contracts 2, 12 - 10,403,095 Forward foreign exchange contracts 2, 12 - 111,252,723 Interest rate swaps 2, 12 - 41,695,106 Credit default swaps 2, 12 - 10,580,087 Total return swaps 2, 12 - 588,078 Options 2, 12 - 1,610,607 Swaptions 2, 12 - 153,170
Cash and cash equivalents 2 1,178,314 172,816,770 Cash held with brokers and counterparties for open financial derivative instruments 2 - 6,304,710 Cash collateral held with brokers 2, 4 - 18,285,377 Other receivables 5 127,201 293,217,172 Total assets 31,930,664 10,932,102,439
Current Liabilities: Financial liabilities at fair value through profit or loss: To be announced securities 2, 12 - (7,357,646) Future contracts 2, 12 - (7,348,655) Forward foreign exchange contracts 2, 12 - (62,270,025) Interest rate swaps 2, 12 - (33,209,451) Credit default swaps 2, 12 - (2,847,498) Total return swaps 2, 12 - (1,756,141) Options 2, 12 - (4,464,980) Swaptions 2, 12 - (424,252)
Bank Overdraft 2 - (23,094)
Cash due to brokers and counterparties for open financial derivative instruments 2 - (24,921,237) Cash collateral due to brokers 2, 4 - (68,848,119) Other payables and accrued expenses 6 (312,523) (202,997,017) Total liabilities (excluding net assets attributable to holders of redeemable participating shares) (312,523) (416,468,115)
Net assets attributable to holders of redeemable participating shares 31,618,141 10,515,634,324
The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Financial Position as at 30 June 2025 (continued)
38 PGIM Funds Plc
Page 42
PGIM US Corporate Bond Fund
PGIM Emerging Market Corporate Bond Fund
PGIM European High Yield Bond Fund
PGIM Emerging Market Local Currency Debt Fund
PGIM Global Total Return Bond Fund
PGIM Jennison Global Equity Opportunities Fund US$ US$ € US$ US$ US$ Note Dividend income 2 - - - - - 6,115,961 Interest income 8 699,846 42,551 267,583 466,511 69,135 977,200 Net gain/(loss) from financial assets and liabilities at fair value through profit or loss 9 35,686,742 1,996,554 4,206,969 13,210,139 (576,045) 230,059,043 Total net income/(loss) 36,386,588 2,039,105 4,474,552 13,676,650 (506,910) 237,152,204
Operating expenses 10 (3,332,540) (174,260) (279,016) (885,182) (314,998) (9,752,338) Operating expenses (3,332,540) (174,260) (279,016) (885,182) (314,998) (9,752,338)
Operating profit/(loss) before tax 33,054,048 1,864,845 4,195,536 12,791,468 (821,908) 227,399,866
Finance costs Distributions 2 (5,571,407) (3,318) - (793,631) (193,434) (211,562) Interest expense 2 (2,928) (5,757) (5,954) (125,898) (53,058) Total Finance costs (5,574,335) (9,075) (5,954) (919,529) (246,492) (211,562)
Profit/(loss) before tax 27,479,713 1,855,770 4,189,582 11,871,939 (1,068,400) 227,188,304
Withholding tax 3 - (3,101) 517 (322,021) 134 (917,379) Capital gains tax - - - (21,305) - Net increase/(decrease) for the financial year in net assets attributable to holders of redeemable participating shares 27,479,713 1,852,669 4,190,099 11,528,613 (1,068,266) 226,270,925 There are no recognised gains or losses in the financial year other than those dealt with in the Statement of Comprehensive Income. All results are from continuing activities apart from PGIM Jennison NextGeneration Opportunities Fund which terminated on 10 February 2026, PGIM Emerging Market Hard Currency ESG Debt Fund which termin ated on 26 January 2026 and PGIM Strategic Income Fund which terminated on 30 March 2026. The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Comprehensive Income for the financial year ended 30 June 2026
PGIM Funds Plc 39
Page 43
PGIM Global Select Real Estate Securities Fund
PGIM Global Corporate Bond Fund
PGIM Broad Market U.S. High Yield Bond Fund
PGIM Global High Yield ESG Bond Fund
PGIM Multi-Sector Credit Fund
PGIM Jennison U.S. Growth Fund US$ US$ US$ US$ US$ US$ Note Dividend income 2 12,136,021 - 55,162 - 128,165 2,384,921 Interest income 8 90,482 387,044 6,958,106 355,316 555,832 327,223 Net gain from financial assets and liabilities at fair value through profit or loss 9 39,790,187 24,250,585 58,509,964 1,656,617 13,079,197 70,155,259 Total net income 52,016,690 24,637,629 65,523,232 2,011,933 13,763,194 72,867,403
Operating expenses 10 (2,462,773) (4,841,340) (6,222,948) (778,076) (2,616,014) (3,194,039) Operating expenses (2,462,773) (4,841,340) (6,222,948) (778,076) (2,616,014) (3,194,039)
Operating profit before tax 49,553,917 19,796,289 59,300,284 1,233,857 11,147,180 69,673,364
Finance costs Distributions 2 (2,275,827) (1,743,097) (34,841,993) (4,754) (4,628,762) Interest expense 2 - (95,378) (443,297) (33,022) (552,145) Total Finance costs (2,275,827) (1,838,475) (35,285,290) (37,776) (5,180,907) -
Profit before tax 47,278,090 17,957,814 24,014,994 1,196,081 5,966,273 69,673,364
Withholding tax 3 (2,738,365) (29,199) (9,568) - (27,858) (678,059) Capital gains tax - - - - - Net increase for the financial year in net assets attributable to holders of redeemable participating shares 44,539,725 17,928,615 24,005,426 1,196,081 5,938,415 68,995,305 There are no recognised gains or losses in the financial year other than those dealt with in the Statement of Comprehensive Income. All results are from continuing activities apart from PGIM Jennison NextGeneration Opportunities Fund which terminated on 10 February 2026, PGIM Emerging Market Hard Currency ESG Debt Fund which termin ated on 26 January 2026 and PGIM Strategic Income Fund which terminated on 30 March 2026. The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Comprehensive Income for the financial year ended 30 June 2026 (continued)
40 PGIM Funds Plc
Page 44
PGIM Emerging Market Hard Currency Debt Fund
PGIM Intermediate Duration US Corporate Bond Fund
PGIM Jennison Emerging Markets Equity Fund
PGIM Quant Solutions Emerging Markets Equity Fund
PGIM Absolute Return Bond Fund
PGIM Emerging Market Blend Debt Fund US$ US$ US$ US$ US$ US$ Note Dividend income 2 - - 2,475,641 5,684,889 147,523 Interest income 8 804,917 79,352 102,253 290,055 714,269 1,054,973 Net gain/(loss) from financial assets and liabilities at fair value through profit or loss 9 90,931,387 14,393,983 77,772,576 88,764,233 (1,105,627) 77,166,384 Total net income/(loss) 91,736,304 14,473,335 80,350,470 94,739,177 (243,835) 78,221,357
Operating expenses 10 (4,197,934) (953,961) (1,455,917) (1,509,821) (2,177,692) (4,936,194) Operating expenses (4,197,934) (953,961) (1,455,917) (1,509,821) (2,177,692) (4,936,194)
Operating profit/(loss) before tax 87,538,370 13,519,374 78,894,553 93,229,356 (2,421,527) 73,285,163
Finance costs Distributions 2 (5,121,805) - (39) (218,694) (44,848) (1,676,349) Interest expense 2 (204,799) (2,801) - (397) (823,503) (319,104) Total Finance costs (5,326,604) (2,801) (39) (219,091) (868,351) (1,995,453)
Profit/(loss) before tax 82,211,766 13,516,573 78,894,514 93,010,265 (3,289,878) 71,289,710
Withholding tax 3 (118,202) - (238,393) (721,722) (42,735) (858,817) Capital gains tax 23 - (219,521) 144,774 - (86,370) Net increase/(decrease) for the financial year in net assets attributable to holders of redeemable participating shares 82,093,587 13,516,573 78,436,600 92,433,317 (3,332,613) 70,344,523 There are no recognised gains or losses in the financial year other than those dealt with in the Statement of Comprehensive Income. All results are from continuing activities apart from PGIM Jennison NextGeneration Opportunities Fund which terminated on 10 February 2026, PGIM Emerging Market Hard Currency ESG Debt Fund which termin ated on 26 January 2026 and PGIM Strategic Income Fund which terminated on 30 March 2026. The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Comprehensive Income for the financial year ended 30 June 2026 (continued)
PGIM Funds Plc 41
Page 45
PGIM Quant Solutions Global Equity Fund
PGIM European Corporate Bond Fund
PGIM Emerging Market Total Return Bond Fund
PGIM Global High Yield Bond Fund
PGIM Intermediate Duration US Corporate ESG Bond Fund
PGIM Global Total Return ESG Bond Fund US$ € US$ US$ US$ US$ Note Dividend income 2 1,202,376 - - 14,100 - Interest income 8 50,746 28,601 220,585 3,246,219 36,725 199,119 Net gain/(loss) from financial assets and liabilities at fair value through profit or loss 9 12,986,323 3,815,741 4,119,387 20,289,376 (304,115) 11,996,218 Total net income/(loss) 14,239,445 3,844,342 4,339,972 23,549,695 (267,390) 12,195,337
Operating expenses 10 (416,030) (427,447) (411,827) (3,514,932) (369,364) (1,302,077) Operating expenses (416,030) (427,447) (411,827) (3,514,932) (369,364) (1,302,077)
Operating profit/(loss) before tax 13,823,415 3,416,895 3,928,145 20,034,763 (636,754) 10,893,260
Finance costs Distributions 2 (1,418) (65,258) (1,479,566) (22,388,684) (861,242) (976) Interest expense 2 (68) (31) (91,523) (164,740) (20,397) (231,020) Total Finance costs (1,486) (65,289) (1,571,089) (22,553,424) (881,639) (231,996)
Profit/(loss) before tax 13,821,929 3,351,606 2,357,056 (2,518,661) (1,518,393) 10,661,264
Withholding tax 3 (244,148) (4,769) (79,441) (2,785) 238 6,875 Capital gains tax - - (17,626) - - Net increase/(decrease) for the financial year in net assets attributable to holders of redeemable participating shares 13,577,781 3,346,837 2,259,989 (2,521,446) (1,518,155) 10,668,139 There are no recognised gains or losses in the financial year other than those dealt with in the Statement of Comprehensive Income. All results are from continuing activities apart from PGIM Jennison NextGeneration Opportunities Fund which terminated on 10 February 2026, PGIM Emerging Market Hard Currency ESG Debt Fund which termin ated on 26 January 2026 and PGIM Strategic Income Fund which terminated on 30 March 2026. The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Comprehensive Income for the financial year ended 30 June 2026 (continued)
42 PGIM Funds Plc
Page 46
PGIM Jennison NextGeneration Opportunities Fund*
PGIM Emerging Market Hard Currency ESG Debt Fund**
PGIM Strategic Income Fund***
PGIM Jennison Global Power Solutions Equity Fund
PGIM Jennison Better Future Fund Total US$ US$ US$ US$ US$ US$ Note Dividend income 2 46,315 - - 278,882 272,059 30,942,015 Interest income 8 95,054 69,161 11,910 27,960 53,248 18,331,302 Net gain from financial assets and liabilities at fair value through profit or loss 9 1,837,174 3,549,341 1,034,404 8,552,205 11,146,258 920,306,537 Total net income 1,978,543 3,618,502 1,046,314 8,859,047 11,471,565 969,579,854
Operating expenses 10 (150,738) (195,992) (115,281) (242,517) (316,537) (57,665,438) Operating expenses (150,738) (195,992) (115,281) (242,517) (316,537) (57,665,438)
Operating profit before tax 1,827,805 3,422,510 931,033 8,616,530 11,155,028 911,914,416
Finance costs Distributions 2 - (407) (1,139) (26) - (82,139,103) Interest expense 2 - - - - - (3,176,817) Total Finance costs - (407) (1,139) (26) - (85,315,920)
Profit before tax 1,827,805 3,422,103 929,894 8,616,504 11,155,028 826,598,496
Withholding tax 3 (9,576) 3,500 5,492 (44,752) (44,475) (7,119,317) Capital gains tax 1,348 - - - - (198,677) Net increase for the financial year in net assets attributable to holders of redeemable participating shares 1,819,577 3,425,603 935,386 8,571,752 11,110,553 819,280,502
*PGIM Jennison NextGeneration Opportunities Fund terminated on 10 February 2026. **PGIM Emerging Market Hard Currency ESG Debt Fund terminated on 26 January 2026. ***PGIM Strategic Income Fund terminated on 30 March 2026.
There are no recognised gains or losses in the financial year other than those dealt with in the Statement of Comprehensive Income. All results are from continuing activities apart from PGIM Jennison NextGeneration Opportunities Fund which terminated on 10 February 2026, PGIM Emerging Market Hard Currency ESG Debt Fund which termin ated on 26 January 2026 and PGIM Strategic Income Fund which terminated on 30 March 2026. The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Comprehensive Income for the financial year ended 30 June 2026 (continued)
PGIM Funds Plc 43
Page 47
PGIM US Corporate Bond Fund
PGIM Emerging Market Corporate Bond Fund
PGIM European High Yield Bond Fund
PGIM Emerging Market Local Currency Debt Fund
PGIM Global Total Return Bond Fund
PGIM Jennison Global Equity Opportunities Fund US$ US$ € US$ US$ US$ Note Dividend income 2 - - - - - 5,615,873 Interest income 8 529,782 58,051 311,391 384,083 87,336 1,347,342 Net gain from financial assets and liabilities at fair value through profit or loss 9 57,734,589 2,327,946 636,646 19,449,074 5,301,660 60,772,425 Total net income 58,264,371 2,385,997 948,037 19,833,157 5,388,996 67,735,640
Operating expenses 10 (2,496,144) (161,902) (300,662) (894,333) (308,719) (8,280,692) Operating expenses (2,496,144) (161,902) (300,662) (894,333) (308,719) (8,280,692)
Operating profit before tax 55,768,227 2,224,095 647,375 18,938,824 5,080,277 59,454,948
Finance costs Distributions 2 (3,998,847) (2,933) - (548,339) (217,114) (61,293) Interest expense 2 (950) (2,562) (2,830) (153,172) (28,947) Total Finance costs (3,999,797) (5,495) (2,830) (701,511) (246,061) (61,293)
Profit before tax 51,768,430 2,218,600 644,545 18,237,313 4,834,216 59,393,655
Withholding tax 3 - 879 (517) (222,849) 520 (638,995) Capital gains tax - - - (91,073) - 291,691 Net increase for the financial year in net assets attributable to holders of redeemable participating shares 51,768,430 2,219,479 644,028 17,923,391 4,834,736 59,046,351 There are no recognised gains or losses in the financial year other than those dealt with in the Statement of Comprehensive Income. All results are from continuing activities apart from PGIM Wadhwani Keynes Systematic Absolute Return Fund which terminated on 10 September 2024 and PGIM European High Yield ESG Bond Fund which terminate d on 11 September 2024. The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Comprehensive Income for the financial year ended 30 June 2025
44 PGIM Funds Plc
Page 48
PGIM Global Select Real Estate Securities Fund
PGIM Global Corporate Bond Fund
PGIM Broad Market U.S. High Yield Bond Fund
PGIM Global High Yield ESG Bond Fund
PGIM European High Yield ESG Bond Fund*
PGIM Multi-Sector Credit Fund US$ US$ US$ US$ € US$ Note Dividend income 2 9,074,477 - 616,559 3,133 - 6,667 Interest income 8 147,621 275,352 4,045,625 346,302 20,376 446,516 Net gain from financial assets and liabilities at fair value through profit or loss 9 21,809,790 164,264,834 168,338,234 28,995,844 758,909 36,723,174 Total net income 31,031,888 164,540,186 173,000,418 29,345,279 779,285 37,176,357
Operating expenses 10 (1,855,281) (4,283,074) (5,263,187) (551,605) (14,779) (1,302,491) Operating expenses (1,855,281) (4,283,074) (5,263,187) (551,605) (14,779) (1,302,491)
Operating profit before tax 29,176,607 160,257,112 167,737,231 28,793,674 764,506 35,873,866
Finance costs Distributions 2 (2,081,291) (1,071,938) (22,567,903) (23,779) - (818,749) Interest expense 2 - (141,071) (254,293) (23,528) (184) (554,121) Total Finance costs (2,081,291) (1,213,009) (22,822,196) (47,307) (184) (1,372,870)
Profit before tax 27,095,316 159,044,103 144,915,035 28,746,367 764,322 34,500,996
Withholding tax 3 (1,873,208) (5,602) (188,647) (940) - (13,827) Capital gains tax - - - - - Net increase for the financial year in net assets attributable to holders of redeemable participating shares 25,222,108 159,038,501 144,726,388 28,745,427 764,322 34,487,169
*PGIM European High Yield ESG Bond Fund terminated on 11 September 2024. There are no recognised gains or losses in the financial year other than those dealt with in the Statement of Comprehensive Income. All results are from continuing activities apart from PGIM Wadhwani Keynes Systematic Absolute Return Fund which terminated on 10 September 2024 and PGIM European High Yield ESG Bond Fund which terminate d on 11 September 2024.
The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Comprehensive Income for the financial year ended 30 June 2025 (continued)
PGIM Funds Plc 45
Page 49
PGIM Jennison U.S. Growth Fund
PGIM Emerging Market Hard Currency Debt Fund
PGIM Intermediate Duration US Corporate Bond Fund
PGIM Jennison Emerging Markets Equity Fund
PGIM Quant Solutions Emerging Markets Equity Fund
PGIM Absolute Return Bond Fund US$ US$ US$ US$ US$ US$ Note Dividend income 2 1,372,161 - - 658,594 3,584,796 43,328 Interest income 8 255,387 794,702 221,895 98,014 146,935 728,231 Net gain from financial assets and liabilities at fair value through profit or loss 9 58,625,412 91,177,867 25,085,185 9,671,166 16,648,167 28,168,587 Total net income 60,252,960 91,972,569 25,307,080 10,427,774 20,379,898 28,940,146
Operating expenses 10 (1,932,032) (3,716,117) (860,927) (621,141) (845,004) (1,772,577) Operating expenses (1,932,032) (3,716,117) (860,927) (621,141) (845,004) (1,772,577)
Operating profit before tax 58,320,928 88,256,452 24,446,153 9,806,633 19,534,894 27,167,569
Finance costs Distributions 2 (67,932) (4,331,538) - (2) (73,671) (1,309) Interest expense 2 - (145,376) (3,442) - (101) (885,929) Total Finance costs (67,932) (4,476,914) (3,442) (2) (73,772) (887,238)
Profit before tax 58,252,996 83,779,538 24,442,711 9,806,631 19,461,122 26,280,331
Withholding tax 3 (352,153) (23,509) - (83,160) (454,216) 2,414 Capital gains tax - (190,126) - (191,565) 137,888 Net increase for the financial year in net assets attributable to holders of redeemable participating shares 57,900,843 83,565,903 24,442,711 9,531,906 19,144,794 26,282,745 There are no recognised gains or losses in the financial year other than those dealt with in the Statement of Comprehensive Income. All results are from continuing activities apart from PGIM Wadhwani Keynes Systematic Absolute Return Fund which terminated on 10 September 2024 and PGIM European High Yield ESG Bond Fund which terminate d on 11 September 2024. The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Comprehensive Income for the financial year ended 30 June 2025 (continued)
46 PGIM Funds Plc
Page 50
PGIM Emerging Market Blend Debt Fund
PGIM Quant Solutions Global Equity Fund
PGIM European Corporate Bond Fund
PGIM Emerging Market Total Return Bond Fund
PGIM Global High Yield Bond Fund
PGIM Wadhwani Keynes Systematic Absolute Return Fund* US$ US$ € US$ US$ US$ Note Dividend income 2 - 1,506,957 - - 48,534 Interest income 8 1,321,809 46,264 37,883 138,336 2,605,585 315,730 Net gain from financial assets and liabilities at fair value through profit or loss 9 77,901,797 10,077,494 732,966 6,139,282 118,914,087 2,829,948 Total net income 79,223,606 11,630,715 770,849 6,277,618 121,568,206 3,145,678
Operating expenses 10 (3,729,416) (441,655) (160,678) (294,746) (2,693,997) (190,402) Operating expenses (3,729,416) (441,655) (160,678) (294,746) (2,693,997) (190,402)
Operating profit before tax 75,494,190 11,189,060 610,171 5,982,872 118,874,209 2,955,276
Finance costs Distributions 2 (1,414,975) (2,211) (58,738) (1,307,359) (15,119,348) Interest expense 2 (303,225) (2) (18) (49,104) (141,717) (6,815) Total Finance costs (1,718,200) (2,213) (58,756) (1,356,463) (15,261,065) (6,815)
Profit before tax 73,775,990 11,186,847 551,415 4,626,409 103,613,144 2,948,461
Withholding tax 3 (531,384) (294,001) (3,618) (7,953) (16,005) Capital gains tax (248,334) - - (14,102) - Net increase for the financial year in net assets attributable to holders of redeemable participating shares 72,996,272 10,892,846 547,797 4,604,354 103,597,139 2,948,461
*PGIM Wadhwani Keynes Systematic Absolute Return Fund terminated on 10 September 2024. There are no recognised gains or losses in the financial year other than those dealt with in the Statement of Comprehensive Income. All results are from continuing activities apart from PGIM Wadhwani Keynes Systematic Absolute Return Fund which terminated on 10 September 2024 and PGIM European High Yield ESG Bond Fund which terminate d on 11 September 2024.
The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Comprehensive Income for the financial year ended 30 June 2025 (continued)
PGIM Funds Plc 47
Page 51
PGIM Intermediate Duration US Corporate ESG Bond Fund
PGIM Global Total Return ESG Bond Fund
PGIM Jennison NextGeneration Opportunities Fund
PGIM Emerging Market Hard Currency ESG Debt Fund
PGIM Strategic Income Fund
PGIM Jennison Global Power Solutions Equity Fund US$ US$ US$ US$ US$ US$ Note Dividend income 2 - - 88,600 - - 228,482 Interest income 8 40,607 162,056 65,611 126,796 29,248 46,942 Net gain from financial assets and liabilities at fair value through profit or loss 9 1,837,711 36,949,895 1,020,584 9,542,621 1,970,329 3,836,389 Total net income 1,878,318 37,111,951 1,174,795 9,669,417 1,999,577 4,111,813
Operating expenses 10 (107,195) (1,099,185) (185,960) (408,566) (124,765) (184,230) Operating expenses (107,195) (1,099,185) (185,960) (408,566) (124,765) (184,230)
Operating profit before tax 1,771,123 36,012,766 988,835 9,260,851 1,874,812 3,927,583
Finance costs Distributions 2 (1,027) (906) - (1,877,810) (2,059) (109) Interest expense 2 (16,849) (166,347) - (11,984) (8,264) Total Finance costs (17,876) (167,253) - (1,889,794) (10,323) (109)
Profit before tax 1,753,247 35,845,513 988,835 7,371,057 1,864,489 3,927,474
Withholding tax 3 (204) (5,142) (13,182) (1,073) (2,910) (30,741) Capital gains tax - - (55,747) (17,531) - Net increase for the financial year in net assets attributable to holders of redeemable participating shares 1,753,043 35,840,371 919,906 7,352,453 1,861,579 3,896,733 There are no recognised gains or losses in the financial year other than those dealt with in the Statement of Comprehensive Income. All results are from continuing activities apart from PGIM Wadhwani Keynes Systematic Absolute Return Fund which terminated on 10 September 2024 and PGIM European High Yield ESG Bond Fund which terminate d on 11 September 2024. The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Comprehensive Income for the financial year ended 30 June 2025 (continued)
48 PGIM Funds Plc
Page 52
PGIM Jennison Better Future Fund Total US$ US$ Note Dividend income 2 116,420 22,964,581 Interest income 8 51,727 15,266,181 Net (loss)/gain from financial assets and liabilities at fair value through profit or loss 9 (435,960) 1,067,994,634 Total net (loss)/income (267,813) 1,106,225,396
Operating expenses 10 (104,356) (45,227,867) Operating expenses (104,356) (45,227,867)
Operating (loss)/profit before tax (372,169) 1,060,997,529
Finance costs Distributions 2 - (55,656,368) Interest expense 2 - (2,901,099) Total Finance costs - (58,557,467)
(Loss)/profit before tax (372,169) 1,002,440,062
Withholding tax 3 (9,690) (4,770,078) Capital gains tax - (378,899) Net (decrease)/increase for the financial year in net assets attributable to holders of redeemable participating shares (381,859) 997,291,085 There are no recognised gains or losses in the financial year other than those dealt with in the Statement of Comprehensive Income. All results are from continuing activities apart from PGIM Wadhwani Keynes Systematic Absolute Return Fund which terminated on 10 September 2024 and PGIM European High Yield ESG Bond Fund which terminate d on 11 September 2024. The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Comprehensive Income for the financial year ended 30 June 2025 (continued)
PGIM Funds Plc 49
Page 53
PGIM US Corporate Bond Fund
PGIM Emerging Market Corporate Bond Fund
PGIM European High Yield Bond Fund
PGIM Emerging Market Local Currency Debt Fund
PGIM Global Total Return Bond Fund
PGIM Jennison Global Equity Opportunities Fund US$ US$ € US$ US$ US$ Note Net assets attributable to holders of redeemable participating shares at the beginning of the financial year 892,906,817 28,856,191 51,756,647 149,034,924 59,759,720 1,240,638,566
Issuance of shares during the financial year 7 162,315,673 443,459 11,245,521 5,319,314 8,690,891 541,530,652 Redemption of shares during the financial year 7 (114,199,977) (98,755) (10,881,751) (12,574,944) (13,236,591) (329,942,961) Net increase/(decrease) from share transactions 48,115,696 344,704 363,770 (7,255,630) (4,545,700) 211,587,691
Increase/(decrease) in net assets attributable to holders of redeemable participating shares from Operations 27,479,713 1,852,669 4,190,099 11,528,613 (1,068,266) 226,270,925 Currency translation 2 - - ---Net assets attributable to holders of redeemable participating shares at the end of the financial year 968,502,226 31,053,564 56,310,516 153,307,907 54,145,754 1,678,497,182
The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial year ended 30 June 2026
50 PGIM Funds Plc
Page 54
PGIM Global Select Real Estate Securities Fund
PGIM Global Corporate Bond Fund
PGIM Broad Market U.S. High Yield Bond Fund
PGIM Global High Yield ESG Bond Fund
PGIM Multi-Sector Credit Fund
PGIM Jennison U.S. Growth Fund US$ US$ US$ US$ US$ US$ Note Net assets attributable to holders of redeemable participating shares at the beginning of the financial year 246,174,037 1,394,688,187 1,452,748,351 170,938,072 354,022,916 475,019,184
Issuance of shares during the financial year 7 230,081,868 669,418,659 686,646,244 18,284,777 379,825,668 356,613,768 Redemption of shares during the financial year 7 (124,417,080) (469,518,205) (415,546,659) (16,367,466) (61,997,616) (236,067,083) Net increase from share transactions 105,664,788 199,900,454 271,099,585 1,917,311 317,828,052 120,546,685
Increase in net assets attributable to holders of redeemable participating shares from Operations 44,539,725 17,928,615 24,005,426 1,196,081 5,938,415 68,995,305 Currency translation 2 - - ---Net assets attributable to holders of redeemable participating shares at the end of the financial year 396,378,550 1,612,517,256 1,747,853,362 174,051,464 677,789,383 664,561,174
The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial year ended 30 June 2026 (continued)
PGIM Funds Plc 51
Page 55
PGIM Emerging Market Hard Currency Debt Fund
PGIM Intermediate Duration US Corporate Bond Fund
PGIM Jennison Emerging Markets Equity Fund
PGIM Quant Solutions Emerging Markets Equity Fund
PGIM Absolute Return Bond Fund
PGIM Emerging Market Blend Debt Fund US$ US$ US$ US$ US$ US$ Note Net assets attributable to holders of redeemable participating shares at the beginning of the financial year 744,945,644 254,261,140 90,665,971 166,147,798 455,672,805 728,860,639
Issuance of shares during the financial year 7 167,705,410 20,011,062 233,655,273 111,072,289 77,106,890 111,956,223 Redemption of shares during the financial year 7 (121,397,919) (9,397,568) (79,404,373) (92,046,640) (920,098) (21,969,627) Net increase from share transactions 46,307,491 10,613,494 154,250,900 19,025,649 76,186,792 89,986,596
Increase/(decrease) in net assets attributable to holders of redeemable participating shares from Operations 82,093,587 13,516,573 78,436,600 92,433,317 (3,332,613) 70,344,523 Currency translation 2 - - ---Net assets attributable to holders of redeemable participating shares at the end of the financial year 873,346,722 278,391,207 323,353,471 277,606,764 528,526,984 889,191,758
The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial year ended 30 June 2026 (continued)
52 PGIM Funds Plc
Page 56
PGIM Quant Solutions Global Equity Fund
PGIM European Corporate Bond Fund
PGIM Emerging Market Total Return Bond Fund
PGIM Global High Yield Bond Fund
PGIM Intermediate Duration US Corporate ESG Bond Fund
PGIM Global Total Return ESG Bond Fund US$ € US$ US$ US$ US$ Note Net assets attributable to holders of redeemable participating shares at the beginning of the financial year 83,612,168 37,722,839 49,333,259 864,138,591 26,052,677 290,512,092
Issuance of shares during the financial year 7 165,657 128,336,588 152,998,051 446,400,471 568,409,312 76,667,567 Redemption of shares during the financial year 7 (37,659,113) (1,036,674) (5,874,807) (530,570,151) (53,650,290) (35,074,425) Net (decrease)/increase from share transactions (37,493,456) 127,299,914 147,123,244 (84,169,680) 514,759,022 41,593,142
Increase/(decrease) in net assets attributable to holders of redeemable participating shares from Operations 13,577,781 3,346,837 2,259,989 (2,521,446) (1,518,155) 10,668,139 Currency translation 2 - - ---Net assets attributable to holders of redeemable participating shares at the end of the financial year 59,696,493 168,369,590 198,716,492 777,447,465 539,293,544 342,773,373
The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial year ended 30 June 2026 (continued)
PGIM Funds Plc 53
Page 57
PGIM Jennison NextGeneration Opportunities Fund*
PGIM Emerging Market Hard Currency ESG Debt Fund**
PGIM Strategic Income Fund***
PGIM Jennison Global Power Solutions Equity Fund
PGIM Jennison Better Future Fund Total US$ US$ US$ US$ US$ US$ Note Net assets attributable to holders of redeemable participating shares at the beginning of the financial year 32,677,382 76,964,599 25,901,807 24,447,241 31,618,141 10,515,634,324
Issuance of shares during the financial year 7 1,047,895 1,122,176 1,672 697,125 26,256,000 5,217,271,741 Redemption of shares during the financial year 7 (35,544,854) (81,512,378) (26,838,865) (674,112) - (2,940,405,841) Net (decrease)/increase from share transactions (34,496,959) (80,390,202) (26,837,193) 23,013 26,256,000 2,276,865,900
Increase in net assets attributable to holders of redeemable participating shares from Operations 1,819,577 3,425,603 935,386 8,571,752 11,110,553 819,280,502 Currency translation 2 - - - - - (5,875,164) Net assets attributable to holders of redeemable participating shares at the end of the financial year - - - 33,042,006 68,984,694 13,605,905,562
*PGIM Jennison NextGeneration Opportunities Fund terminated on 10 February 2026. **PGIM Emerging Market Hard Currency ESG Debt Fund terminated on 26 January 2026. ***PGIM Strategic Income Fund terminated on 30 March 2026.
The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial year ended 30 June 2026 (continued)
54 PGIM Funds Plc
Page 58
PGIM US Corporate Bond Fund
PGIM Emerging Market Corporate Bond Fund
PGIM European High Yield Bond Fund
PGIM Emerging Market Local Currency Debt Fund
PGIM Global Total Return Bond Fund
PGIM Jennison Global Equity Opportunities Fund US$ US$ € US$ US$ US$ Note Net assets attributable to holders of redeemable participating shares at the beginning of the financial year 596,382,296 26,890,781 56,887,718 146,124,499 41,437,133 934,345,904
Issuance of shares during the financial year 7 356,678,676 2,831 901,644 9,335,549 34,546,326 683,573,333 Redemption of shares during the financial year 7 (111,922,585) (256,900) (6,676,743) (24,348,515) (21,058,475) (436,327,022) Net increase/(decrease) from share transactions 244,756,091 (254,069) (5,775,099) (15,012,966) 13,487,851 247,246,311
Increase in net assets attributable to holders of redeemable participating shares from Operations 51,768,430 2,219,479 644,028 17,923,391 4,834,736 59,046,351 Currency translation 2 - - ---Net assets attributable to holders of redeemable participating shares at the end of the financial year 892,906,817 28,856,191 51,756,647 149,034,924 59,759,720 1,240,638,566
The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial year ended 30 June 2025
PGIM Funds Plc 55
Page 59
PGIM Global Select Real Estate Securities Fund
PGIM Global Corporate Bond Fund
PGIM Broad Market U.S. High Yield Bond Fund
PGIM Global High Yield ESG Bond Fund
PGIM European High Yield ESG Bond Fund*
PGIM Multi-Sector Credit Fund US$ US$ US$ US$ € US$ Note Net assets attributable to holders of redeemable participating shares at the beginning of the financial year 294,793,049 1,005,486,452 1,008,759,147 134,815,960 32,953,452 297,129,752
Issuance of shares during the financial year 7 128,591,030 531,443,856 678,326,509 76,510,014 163,893 166,324,478 Redemption of shares during the financial year 7 (202,432,150) (301,280,622) (379,063,693) (69,133,329) (33,881,667) (143,918,483) Net (decrease)/increase from share transactions (73,841,120) 230,163,234 299,262,816 7,376,685 (33,717,774) 22,405,995
Increase in net assets attributable to holders of redeemable participating shares from Operations 25,222,108 159,038,501 144,726,388 28,745,427 764,322 34,487,169 Currency translation 2 - - ---Net assets attributable to holders of redeemable participating shares at the end of the financial year 246,174,037 1,394,688,187 1,452,748,351 170,938,072 - 354,022,916
*PGIM European High Yield ESG Bond Fund terminated on 11 September 2024.
The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial year ended 30 June 2025 (continued)
56 PGIM Funds Plc
Page 60
PGIM Jennison U.S. Growth Fund
PGIM Emerging Market Hard Currency Debt Fund
PGIM Intermediate Duration US Corporate Bond Fund
PGIM Jennison Emerging Markets Equity Fund
PGIM Quant Solutions Emerging Markets Equity Fund
PGIM Absolute Return Bond Fund US$ US$ US$ US$ US$ US$ Note Net assets attributable to holders of redeemable participating shares at the beginning of the financial year 168,729,326 723,887,161 223,831,876 66,387,054 70,758,738 375,606,229
Issuance of shares during the financial year 7 399,677,216 23,299,847 11,486,403 23,493,107 112,327,568 55,568,711 Redemption of shares during the financial year 7 (151,288,201) (85,807,267) (5,499,850) (8,746,096) (36,083,302) (1,784,880) Net increase/(decrease) from share transactions 248,389,015 (62,507,420) 5,986,553 14,747,011 76,244,266 53,783,831
Increase in net assets attributable to holders of redeemable participating shares from Operations 57,900,843 83,565,903 24,442,711 9,531,906 19,144,794 26,282,745 Currency translation 2 - - ---Net assets attributable to holders of redeemable participating shares at the end of the financial year 475,019,184 744,945,644 254,261,140 90,665,971 166,147,798 455,672,805
The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial year ended 30 June 2025 (continued)
PGIM Funds Plc 57
Page 61
PGIM Emerging Market Blend Debt Fund
PGIM Quant Solutions Global Equity Fund
PGIM European Corporate Bond Fund
PGIM Emerging Market Total Return Bond Fund
PGIM Global High Yield Bond Fund
PGIM Wadhwani Keynes Systematic Absolute Return Fund* US$ US$ € US$ US$ US$ Note Net assets attributable to holders of redeemable participating shares at the beginning of the financial year 449,879,294 69,043,124 37,502,804 49,156,181 567,205,860 155,727,000
Issuance of shares during the financial year 7 286,794,571 8,131,097 270,101 2,191,423 323,275,152 2,071,414 Redemption of shares during the financial year 7 (80,809,498) (4,454,899) (597,863) (6,618,699) (129,939,560) (160,746,875) Net increase/(decrease) from share transactions 205,985,073 3,676,198 (327,762) (4,427,276) 193,335,592 (158,675,461)
Increase in net assets attributable to holders of redeemable participating shares from Operations 72,996,272 10,892,846 547,797 4,604,354 103,597,139 2,948,461 Currency translation 2 - - ---Net assets attributable to holders of redeemable participating shares at the end of the financial year 728,860,639 83,612,168 37,722,839 49,333,259 864,138,591 -
*PGIM Wadhwani Keynes Systematic Absolute Return Fund terminated on 10 September 2024.
The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial year ended 30 June 2025 (continued)
58 PGIM Funds Plc
Page 62
PGIM Intermediate Duration US Corporate ESG Bond Fund
PGIM Global Total Return ESG Bond Fund
PGIM Jennison NextGeneration Opportunities Fund
PGIM Emerging Market Hard Currency ESG Debt Fund
PGIM Strategic Income Fund
PGIM Jennison Global Power Solutions Equity Fund US$ US$ US$ US$ US$ US$ Note Net assets attributable to holders of redeemable participating shares at the beginning of the financial year 24,608,531 216,243,230 19,315,084 65,757,040 24,038,170 20,471,837
Issuance of shares during the financial year 7 3,446 77,394,126 12,483,060 3,855,106 2,058 141,693 Redemption of shares during the financial year 7 (312,343) (38,965,635) (40,668) - - (63,022) Net (decrease)/increase from share transactions (308,897) 38,428,491 12,442,392 3,855,106 2,058 78,671
Increase in net assets attributable to holders of redeemable participating shares from Operations 1,753,043 35,840,371 919,906 7,352,453 1,861,579 3,896,733 Currency translation 2 - - ---Net assets attributable to holders of redeemable participating shares at the end of the financial year 26,052,677 290,512,092 32,677,382 76,964,599 25,901,807 24,447,241
The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial year ended 30 June 2025 (continued)
PGIM Funds Plc 59
Page 63
PGIM Jennison Better Future Fund Total US$ US$ Note Net assets attributable to holders of redeemable participating shares at the beginning of the financial year - 7,913,291,613
Issuance of shares during the financial year 7 32,095,754 4,041,077,950 Redemption of shares during the financial year 7 (95,754) (2,445,789,353) Net increase from share transactions 32,000,000 1,595,288,597
(Decrease)/increase in net assets attributable to holders of redeemable participating shares from Operations (381,859) 997,291,085 Currency translation 2 - 9,763,029 Net assets attributable to holders of redeemable participating shares at the end of the financial year 31,618,141 10,515,634,324
The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial year ended 30 June 2025 (continued)
60 PGIM Funds Plc
Page 64
PGIM US Corporate Bond Fund
PGIM Emerging Market Corporate Bond Fund
PGIM European High Yield Bond Fund
PGIM Emerging Market Local Currency Debt Fund
PGIM Global Total Return Bond Fund
PGIM Jennison Global Equity Opportunities Fund US$ US$ € US$ US$ US$ Cash flows from operating activities Net increase/(decrease) for the financial year in net assets attributable to holders of redeemable participating shares 27,479,713 1,852,669 4,190,099 11,528,613 (1,068,266) 226,270,925
Adjustments for: Movement in cash collateral (due to)/held with brokers (5,420,000) - 426,507 (325,000) 308,000 Movement in cash collateral held with/(due to) brokers and counterparties for open financial derivative instruments 176,061 23,079 129,905 (2,612,317) (221,426) Movement in financial assets (189,813,697) (519,768) (68,545) (8,002,431) 10,412,617 (424,129,993) Movement in derivatives 11,178,271 (18,161) (2,066,055) 3,259,776 (423,405) 55,870 (Increase)/decrease in receivables (2,281,849) (50,572) (47,735) (1,135,555) 190,416 129,024 Increase/(decrease) in payables 16,417 (3) 79,038 465,610 (116,031) 441,270 Net cash (used in)/provided by operating activities (158,665,084) 1,287,244 2,643,214 3,178,696 9,081,905 (197,232,904)
Cash flows from financing activities Proceeds from issue of redeemable participating shares 260,840,259 443,459 11,245,521 5,319,314 8,453,855 537,980,281 Payments on redemption of redeemable participating shares (115,920,906) (98,755) (10,882,097) (12,574,944) (18,953,638) (329,588,314) Net cash flows provided by/(used in) financing activities 144,919,353 344,704 363,424 (7,255,630) (10,499,783) 208,391,967
Net (decrease)/increase in cash and cash equivalents/(Bank Overdraft) (13,745,731) 1,631,948 3,006,638 (4,076,934) (1,417,878) 11,159,063 Cash and cash equivalents/(Bank Overdraft) at the beginning of the financial year 8,448,410 103,038 1,590,144 8,168,102 1,727,968 6,713,351 Effect of exchange rate fluctuations on cash and cash equivalents/(Bank Overdraft) - - - - - Cash and cash equivalents/(Bank Overdraft) at the end of the financial year (5,297,321) 1,734,986 4,596,782 4,091,168 310,090 17,872,414
Supplemental information: Dividend received - - - - - 6,244,985 Dividend paid - - - (1) (1) Interest received 43,620,815 1,758,021 3,193,382 9,313,387 2,806,656 856,077 Interest paid (2,928) (5,757) (5,954) (125,898) (53,058) -
The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Cash Flows for the financial year ended 30 June 2026
PGIM Funds Plc 61
Page 65
PGIM Global Select Real Estate Securities Fund
PGIM Global Corporate Bond Fund
PGIM Broad Market U.S. High Yield Bond Fund
PGIM Global High Yield ESG Bond Fund
PGIM Multi-Sector Credit Fund
PGIM Jennison U.S. Growth Fund US$ US$ US$ US$ US$ US$ Cash flows from operating activities Net increase for the financial year in net assets attributable to holders of redeemable participating shares 44,539,725 17,928,615 24,005,426 1,196,081 5,938,415 68,995,305
Adjustments for: Movement in cash collateral (due to) brokers - (1,189,149) (14,340,000) (4,449,568) (4,106,000) Movement in cash collateral held with/(due to) brokers and counterparties for open financial derivative instruments - (826,915) 16,105,816 176,863 1,266,385 Movement in financial assets (146,163,276) (152,086,334) (226,613,274) (2,595,690) (310,625,823) (190,652,363) Movement in derivatives 51,203 22,731,977 11,910,356 7,071,727 2,233,290 (225,128) (Increase) in receivables (239,438) (736,555) (4,206,125) (144,079) (3,929,926) (14,736) Increase/(decrease) in payables 162,367 1,122,231 1,754,171 (15,235) 1,818,352 (77,268) Net cash (used in)/provided by operating activities (101,649,419) (113,056,130) (191,383,630) 1,240,099 (307,405,307) (121,974,190)
Cash flows from financing activities Proceeds from issue of redeemable participating shares 226,429,199 564,042,819 670,957,379 18,284,753 374,597,346 360,889,444 Payments on redemption of redeemable participating shares (124,792,818) (470,631,463) (418,425,508) (17,512,822) (61,954,262) (232,677,727) Net cash flows provided by financing activities 101,636,381 93,411,356 252,531,871 771,931 312,643,084 128,211,717
Net (decrease)/increase in cash and cash equivalents/(Bank Overdraft) (13,038) (19,644,774) 61,148,241 2,012,030 5,237,777 6,237,527 Cash and cash equivalents/(Bank Overdraft) at the beginning of the financial year 1,469,773 27,012,828 31,526,153 9,106,061 1,079,027 6,927,006 Effect of exchange rate fluctuations on cash and cash equivalents/(Bank Overdraft) - - - - - Cash and cash equivalents/(Bank Overdraft) at the end of the financial year 1,456,735 7,368,054 92,674,394 11,118,091 6,316,804 13,164,533
Supplemental information: Dividend received 11,896,583 - 55,162 - 128,070 2,370,185 Dividend paid - (587) - - - Interest received 88,161 65,659,502 113,160,988 11,887,358 23,438,313 311,585 Interest paid - (95,378) (443,297) (33,022) (552,145) -
The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Cash Flows for the financial year ended 30 June 2026 (continued)
62 PGIM Funds Plc
Page 66
PGIM Emerging Market Hard Currency Debt Fund*
PGIM Intermediate Duration US Corporate Bond Fund
PGIM Jennison Emerging Markets Equity Fund
PGIM Quant Solutions Emerging Markets Equity Fund
PGIM Absolute Return Bond Fund
PGIM Emerging Market Blend Debt Fund US$ US$ US$ US$ US$ US$ Cash flows from operating activities Net increase/(decrease) for the financial year in net assets attributable to holders of redeemable participating shares 82,093,587 13,516,573 78,436,600 92,433,317 (3,332,613) 70,344,523
Adjustments for: Movement in cash collateral (due to)/held with brokers (1,141,000) (693,748) - - 1,991,000 (2,129,400) Movement in cash collateral (due to)/held with brokers and counterparties for open financial derivative instruments (1,921,664) (154,863) - (208,067) 285,225 (8,588,841) Movement in financial assets (83,438,757) (39,879,591) (229,992,028) (112,996,586) (70,379,391) (136,000,080) Movement in derivatives 6,872,252 11,113,265 109 184,149 (659,035) 15,911,654 (Increase) in receivables (4,239,718) (426,305) (80,431) (354,390) (282,119) (6,207,427) Increase/(decrease) in payables 1,046,985 (41,964) 237,525 (219,294) (467,892) 1,786,920 Net cash (used in) operating activities (728,315) (16,566,633) (151,398,225) (21,160,871) (72,844,825) (64,882,651)
Cash flows from financing activities Proceeds from issue of redeemable participating shares 120,452,730 20,011,062 233,649,538 114,702,221 76,909,897 111,956,223 Payments on redemption of redeemable participating shares (121,340,767) (9,397,568) (79,354,405) (92,003,373) (919,469) (21,969,627) Net cash flows (used in)/provided by financing activities (888,037) 10,613,494 154,295,133 22,698,848 75,990,428 89,986,596
Net (decrease)/increase in cash and cash equivalents/(Bank Overdraft) (1,616,352) (5,953,139) 2,896,908 1,537,977 3,145,603 25,103,945 Cash and cash equivalents/(Bank Overdraft) at the beginning of the financial year 22,684,515 5,170,076 1,814,721 4,298,201 2,295,703 6,782,833 Effect of exchange rate fluctuations on cash and cash equivalents/(Bank Overdraft) - - - - - Cash and cash equivalents/(Bank Overdraft) at the end of the financial year 21,068,163 (783,063) 4,711,629 5,836,178 5,441,306 31,886,778
Supplemental information: Dividend received - - 2,254,889 5,323,798 147,497 Dividend paid - - - - - Interest received 49,137,126 12,175,457 95,222 286,493 27,714,611 49,576,701 Interest paid (204,799) (2,801) - (397) (823,503) (319,104) *On 28 July 2025 and 20 January 2026 a transfer in kind into the Fund took place, the total value of the transfer subscription was US$47,234,227.
The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Cash Flows for the financial year ended 30 June 2026 (continued)
PGIM Funds Plc 63
Page 67
PGIM Quant Solutions Global Equity Fund
PGIM European Corporate Bond Fund
PGIM Emerging Market Total Return Bond Fund
PGIM Global High Yield Bond Fund
PGIM Intermediate Duration US Corporate ESG Bond Fund
PGIM Global Total Return ESG Bond Fund US$ € US$ US$ US$ US$ Cash flows from operating activities Net increase/(decrease) for the financial year in net assets attributable to holders of redeemable participating shares 13,577,781 3,346,837 2,259,989 (2,521,446) (1,518,155) 10,668,139
Adjustments for: Movement in cash collateral held with/(due to) brokers - 153,000 (1,538,000) (624,000) - (549,804) Movement in cash collateral (due to)/held with brokers and counterparties for open financial derivative instruments (9,480) (65,104) (3,697,496) 287,059 (346,657) (2,105,331) Movement in financial assets 24,219,947 (123,539,992) (138,626,352) 105,007,823 (517,465,534) (68,152,140) Movement in derivatives 6,610 (1,173,812) 4,713,224 13,645,572 7,637,121 16,544,410 Decrease/(increase) in receivables 22,084 (1,481,480) (4,624,541) 1,429,172 (5,719,194) (493,919) (Decrease)/Increase in payables (9,753) 57,471 1,217,037 (880,468) 530,556 (426,447) Net cash provided by/(used in) operating activities 37,807,189 (122,703,080) (140,296,139) 116,343,712 (516,881,863) (44,515,092)
Cash flows from financing activities Proceeds from issue of redeemable participating shares 167,826 128,336,859 152,723,104 456,492,673 568,227,832 76,684,008 Payments on redemption of redeemable participating shares (37,667,438) (1,037,561) (5,824,100) (537,389,318) (51,757,902) (35,134,904) Net cash flows (used in)/provided by financing activities (37,499,612) 127,299,298 146,899,004 (80,896,645) 516,469,930 41,549,104
Net increase/(decrease) in cash and cash equivalents/(Bank Overdraft) 307,577 4,596,218 6,602,865 35,447,067 (411,933) (2,965,988) Cash and cash equivalents/(Bank Overdraft) at the beginning of the financial year 287,705 33,470 385,867 15,831,308 367,263 2,767,326 Effect of exchange rate fluctuations on cash and cash equivalents/(Bank Overdraft) - - - - - Cash and cash equivalents/(Bank Overdraft) at the end of the financial year 595,282 4,629,688 6,988,732 51,278,375 (44,670) (198,662)
Supplemental information: Dividend received 1,213,231 - - 14,100 - 1,808 Dividend paid - - - - - Interest received 46,291 2,087,265 914,263 67,461,626 2,028,286 13,345,651 Interest paid (68) (31) (91,523) (164,740) (20,397) (231,020)
The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Cash Flows for the financial year ended 30 June 2026 (continued)
64 PGIM Funds Plc
Page 68
PGIM Jennison NextGeneration Opportunities Fund*
PGIM Emerging Market Hard Currency ESG Debt Fund**
PGIM Strategic Income Fund***
PGIM Jennison Global Power Solutions Equity Fund
PGIM Jennison Better Future Fund Total US$ US$ US$ US$ US$ US$ Cash flows from operating activities Net increase for the financial year in net assets attributable to holders of redeemable participating shares 1,819,577 3,425,603 935,386 8,571,752 11,110,553 819,280,502
Adjustments for: Movement in cash collateral (due to) brokers - (910,000) - - - (34,440,653) Movement in cash collateral (due to) brokers and counterparties for open financial derivative instruments - (121,545) (222,274) - - (2,640,795) Movement in financial assets 32,182,705 25,683,025 25,460,087 (8,896,757) (34,686,390) (3,012,943,983) Movement in derivatives - 969,536 124,436 - - 131,109,654 (Increase)/decrease in receivables (4,755) 1,328,437 331,270 (6,279) (37,801) (33,569,197) Increase/(decrease) in payables 14,161 (443,538) (49,794) 11,563 24,515 8,061,236 Net cash provided by/(used in) operating activities 34,011,688 29,931,518 26,579,111 (319,721) (23,589,123) (2,125,143,236)
Cash flows from financing activities Proceeds from issue of redeemable participating shares 1,246,210 1,122,176 1,672 697,125 26,256,000 5,152,366,416 Payments on redemption of redeemable participating shares (35,518,992) (34,278,151) (26,838,865) (674,112) - (2,907,104,870) Net cash flows (used in)/provided by financing activities (34,272,782) (33,155,975) (26,837,193) 23,013 26,256,000 2,245,261,546
Net (decrease)/increase in cash and cash equivalents/(Bank Overdraft) (261,094) (3,224,457) (258,082) (296,708) 2,666,877 120,118,310 Cash and cash equivalents/(Bank Overdraft) at the beginning of the financial year 284,367 3,230,912 267,114 947,742 1,178,314 172,793,676 Effect of exchange rate fluctuations on cash and cash equivalents/(Bank Overdraft) - - - - - (238,381) Cash and cash equivalents/(Bank Overdraft) at the end of the financial year 23,273 6,455 9,032 651,034 3,845,191 292,673,605
Supplemental information: Dividend received 50,312 - - 281,245 263,903 30,245,768 Dividend paid - - - - - (590) Interest received 38,192 3,304,666 1,278,372 25,218 50,932 506,540,040 Interest paid - - - - - (3,176,817) *PGIM Jennison NextGeneration Opportunities Fund terminated on 10 February 2026. **PGIM Emerging Market Hard Currency ESG Debt Fund terminated on 26 January 2026. On 28 July 2025 and 20 January 2026 a transfer in kind out of the Fund too k place, the total value of the transfer redemption was US$47,234,227. ***PGIM Strategic Income Fund terminated on 30 March 2026.
The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Cash Flows for the financial year ended 30 June 2026 (continued)
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Page 69
PGIM US Corporate Bond Fund
PGIM Emerging Market Corporate Bond Fund
PGIM European High Yield Bond Fund
PGIM Emerging Market Local Currency Debt Fund
PGIM Global Total Return Bond Fund
PGIM Jennison Global Equity Opportunities Fund US$ US$ € US$ US$ US$ Cash flows from operating activities Net increase for the financial year in net assets attributable to holders of redeemable participating shares 51,768,430 2,219,479 644,028 17,923,391 4,834,736 59,046,351
Adjustments for: Movement in cash collateral held with/(due to) brokers 5,590,000 - (1,238,507) (675,000) (270,000) Movement in cash collateral held with/(due to) brokers and counterparties for open financial derivative instruments 1,247,854 184,933 (117,192) 897,223 640,371 Movement in financial assets (183,231,601) (3,380,564) 3,948,649 7,443,839 (24,617,899) (323,808,925) Movement in derivatives (9,020,195) (13,860) 1,711,003 (2,724,218) 352,634 (91,875) (Increase)/decrease in receivables (2,486,321) (23,182) 90,731 (393,221) 597,986 (724,567) Increase/(decrease) in payables 867,473 13,774 7,242 (147,271) (789,654) 11,404 Net cash (used in)/provided by operating activities (135,264,360) (999,420) 5,045,954 22,324,743 (19,251,826) (265,567,612)
Cash flows from financing activities Proceeds from issue of redeemable participating shares 246,240,449 2,831 901,644 9,361,887 35,790,229 683,312,047 Payments on redemption of redeemable participating shares (110,200,798) (256,900) (6,676,377) (24,348,515) (15,358,054) (436,069,690) Net cash flows provided by/(used in) financing activities 136,039,651 (254,069) (5,774,733) (14,986,628) 20,432,175 247,242,357
Net increase/(decrease) in cash and cash equivalents/(Bank Overdraft) 775,291 (1,253,489) (728,779) 7,338,115 1,180,349 (18,325,255) Cash and cash equivalents/(Bank Overdraft) at the beginning of the financial year 7,673,119 1,356,527 2,318,923 829,987 547,619 25,038,606 Effect of exchange rate fluctuations on cash and cash equivalents/(Bank Overdraft) - - - - - Cash and cash equivalents/(Bank Overdraft) at the end of the financial year 8,448,410 103,038 1,590,144 8,168,102 1,727,968 6,713,351
Supplemental information: Dividend received - - - 3,284 8 4,891,306 Dividend paid - - - - - Interest received 28,835,737 1,616,787 3,487,384 8,794,561 2,943,539 1,329,721 Interest paid (950) (2,562) (2,830) (153,172) (28,947) -
The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Cash Flows for the financial year ended 30 June 2025
66 PGIM Funds Plc
Page 70
PGIM Global Select Real Estate Securities Fund
PGIM Global Corporate Bond Fund
PGIM Broad Market U.S. High Yield Bond Fund
PGIM Global High Yield ESG Bond Fund
PGIM European High Yield ESG Bond Fund*
PGIM Multi-Sector Credit Fund US$ US$ US$ US$ € US$ Cash flows from operating activities Net increase for the financial year in net assets attributable to holders of redeemable participating shares 25,222,108 159,038,501 144,726,388 28,745,427 764,322 34,487,169
Adjustments for: Movement in cash collateral held with brokers - 6,555,149 14,440,000 4,729,568 - 7,052,000 Movement in cash collateral held with brokers and counterparties for open financial derivative instruments - 2,624,897 1,796,737 113,037 303,273 5,102,534 Movement in financial assets 47,076,068 (384,466,098) (421,926,244) (30,319,486) 31,435,731 (59,903,980) Movement in derivatives (63,979) (11,206,513) (21,860,732) (5,935,761) (1,150) (7,547,483) (Increase)/decrease in receivables (137,887) (6,860,867) (6,181,204) (401,746) 513,198 1,082,416 (Decrease)/Increase in payables (159,888) 617,778 3,920,292 29,465 57,060 (1,477,935) Net cash provided by/(used in) operating activities 71,936,422 (233,697,153) (285,084,763) (3,039,496) 33,072,434 (21,205,279)
Cash flows from financing activities Proceeds from issue of redeemable participating shares 130,110,086 532,268,128 680,164,288 76,510,014 163,893 163,407,774 Payments on redemption of redeemable participating shares (203,958,227) (300,325,169) (376,601,392) (67,993,267) (33,881,470) (143,918,457) Net cash flows (used in)/provided by financing activities (73,848,141) 231,942,959 303,562,896 8,516,747 (33,717,577) 19,489,317
Net (decrease)/increase in cash and cash equivalents/(Bank Overdraft) (1,911,719) (1,754,194) 18,478,133 5,477,251 (645,143) (1,715,962) Cash and cash equivalents/(Bank Overdraft) at the beginning of the financial year 3,381,492 28,767,022 13,048,020 3,628,810 675,137 2,794,989 Effect of exchange rate fluctuations on cash and cash equivalents/(Bank Overdraft) - - - - - Cash and cash equivalents/(Bank Overdraft) at the end of the financial year 1,469,773 27,012,828 31,526,153 9,106,061 29,994 1,079,027
Supplemental information: Dividend received 8,936,590 - 616,559 3,133 - 6,702 Dividend paid - - - - - Interest received 96,271 51,101,304 86,738,836 8,098,801 855,495 16,330,523 Interest paid - (141,071) (254,293) (23,528) (184) (554,121) *PGIM European High Yield ESG Bond Fund terminated on 11 September 2024.
The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Cash Flows for the financial year ended 30 June 2025 (continued)
PGIM Funds Plc 67
Page 71
PGIM Jennison U.S. Growth Fund
PGIM Emerging Market Hard Currency Debt Fund
PGIM Intermediate Duration US Corporate Bond Fund
PGIM Jennison Emerging Markets Equity Fund
PGIM Quant Solutions Emerging Markets Equity Fund
PGIM Absolute Return Bond Fund US$ US$ US$ US$ US$ US$ Cash flows from operating activities Net increase for the financial year in net assets attributable to holders of redeemable participating shares 57,900,843 83,565,903 24,442,711 9,531,906 19,144,794 26,282,745
Adjustments for: Movement in cash collateral held with brokers - 9,448,223 943,748 - - 990,000 Movement in cash collateral held with/(due to) brokers and counterparties for open financial derivative instruments - 1,288,206 731,498 - 28,712 (2,993,048) Movement in financial assets (296,463,883) (11,962,884) (25,928,074) (23,155,891) (90,093,670) (88,111,802) Movement in derivatives (643) (7,627,356) (2,297,787) (279) (94,445) 7,277,877 Decrease/(increase) in receivables 38,657 (405,858) (372,652) 25,108 (133,354) 4,348,518 (Decrease)/Increase in payables (54,449) (798,694) 68,628 (18,139) 242,847 (4,561,409) Net cash (used in)/provided by operating activities (238,579,475) 73,507,540 (2,411,928) (13,617,295) (70,905,116) (56,767,119)
Cash flows from financing activities Proceeds from issue of redeemable participating shares 395,221,413 23,299,847 11,486,403 23,618,574 108,625,980 55,568,711 Payments on redemption of redeemable participating shares (150,681,347) (91,922,241) (5,499,850) (8,759,643) (36,065,509) (1,784,880) Net cash flows provided by/(used in) financing activities 244,540,066 (68,622,394) 5,986,553 14,858,931 72,560,471 53,783,831
Net increase/(decrease) in cash and cash equivalents/(Bank Overdraft) 5,960,591 4,885,146 3,574,625 1,241,636 1,655,355 (2,983,288) Cash and cash equivalents/(Bank Overdraft) at the beginning of the financial year 966,415 17,799,369 1,595,451 573,085 2,642,846 5,278,991 Effect of exchange rate fluctuations on cash and cash equivalents/(Bank Overdraft) - - - - - Cash and cash equivalents/(Bank Overdraft) at the end of the financial year 6,927,006 22,684,515 5,170,076 1,814,721 4,298,201 2,295,703
Supplemental information: Dividend received 1,268,746 - - 575,624 3,323,687 43,417 Dividend paid - - - - - Interest received 230,250 49,354,781 10,131,031 79,685 115,960 27,920,939 Interest paid - (145,376) (3,442) - (101) (885,929)
The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Cash Flows for the financial year ended 30 June 2025 (continued)
68 PGIM Funds Plc
Page 72
PGIM Emerging Market Blend Debt Fund
PGIM Quant Solutions Global Equity Fund
PGIM European Corporate Bond Fund
PGIM Emerging Market Total Return Bond Fund
PGIM Global High Yield Bond Fund
PGIM Wadhwani Keynes Systematic Absolute Return Fund* US$ US$ € US$ US$ US$ Cash flows from operating activities Net increase for the financial year in net assets attributable to holders of redeemable participating shares 72,996,272 10,892,846 547,797 4,604,354 103,597,139 2,948,461
Adjustments for: Movement in cash collateral held with/(due to) brokers 8,734,400 - (330,000) - 3,631,000 4,772,245 Movement in cash collateral held with/(due to) brokers and counterparties for open financial derivative instruments 4,017,842 940 167,297 950,624 (1,943,188) 21,088,963 Movement in financial assets (276,171,182) (14,692,102) (2,367,532) (1,137,283) (278,638,848) 134,171,454 Movement in derivatives (8,354,365) (1,010) 1,082,942 (1,073,891) (12,097,151) (1,439,648) (Increase)/decrease in receivables (6,570,804) 95,938 53,155 (217,482) (4,747,669) 207,357 (Decrease)/Increase in payables (135,328) 22,031 6,535 (147,126) 256,258 (102,537) Net cash (used in)/provided by operating activities (205,483,165) (3,681,357) (839,806) 2,979,196 (189,942,459) 161,646,295
Cash flows from financing activities Proceeds from issue of redeemable participating shares 286,794,571 8,128,961 269,912 2,190,189 314,620,801 2,127,773 Payments on redemption of redeemable participating shares (80,809,498) (4,446,574) (596,322) (6,618,699) (123,096,468) (161,139,415) Net cash flows provided by/(used in) financing activities 205,985,073 3,682,387 (326,410) (4,428,510) 191,524,333 (159,011,642)
Net increase/(decrease) in cash and cash equivalents/(Bank Overdraft) 501,908 1,030 (1,166,216) (1,449,314) 1,581,874 2,634,653 Cash and cash equivalents/(Bank Overdraft) at the beginning of the financial year 6,280,925 286,675 1,199,686 1,835,181 14,249,434 (2,657,747) Effect of exchange rate fluctuations on cash and cash equivalents/(Bank Overdraft) - - - - - Cash and cash equivalents/(Bank Overdraft) at the end of the financial year 6,782,833 287,705 33,470 385,867 15,831,308 (23,094)
Supplemental information: Dividend received 2,550 1,531,119 - - 48,534 Dividend paid - - - - - Interest received 34,049,734 28,337 1,358,012 3,361,127 48,309,713 1,038,643 Interest paid (303,225) (2) (18) (49,104) (141,717) (6,815) *PGIM Wadhwani Keynes Systematic Absolute Return Fund terminated on 10 September 2024.
The accompanying notes are an integral part of these Financial Statements.
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Statement of Cash Flows for the financial year ended 30 June 2025 (continued)
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PGIM Intermediate Duration US Corporate ESG Bond Fund
PGIM Global Total Return ESG Bond Fund
PGIM Jennison NextGeneration Opportunities Fund
PGIM Emerging Market Hard Currency ESG Debt Fund
PGIM Strategic Income Fund
PGIM Jennison Global Power Solutions Equity Fund US$ US$ US$ US$ US$ US$ Cash flows from operating activities Net increase for the financial year in net assets attributable to holders of redeemable participating shares 1,753,043 35,840,371 919,906 7,352,453 1,861,579 3,896,733
Adjustments for: Movement in cash collateral held with/(due to) brokers 140,000 (660,196) - 1,786,000 - Movement in cash collateral held with brokers and counterparties for open financial derivative instruments 228,918 2,341,824 - 697,626 121,019 Movement in financial assets (1,791,682) (86,058,004) (13,220,538) (10,281,284) (2,036,860) (3,130,047) Movement in derivatives 287,745 (3,490,588) - (1,522,005) 35,099 Decrease/(increase) in receivables 3,324 1,099,074 41,575 (204,996) 261,621 27,391 Increase/(decrease) in payables 13,081 (1,551,775) (658) (62,277) (203,788) 5,746 Net cash provided by/(used in) operating activities 634,429 (52,479,294) (12,259,715) (2,234,483) 38,670 799,823
Cash flows from financing activities Proceeds from issue of redeemable participating shares 3,508 92,362,221 12,284,745 3,855,106 2,058 141,693 Payments on redemption of redeemable participating shares (312,343) (39,070,524) (40,668) - - (114,129) Net cash flows (used in)/provided by financing activities (308,835) 53,291,697 12,244,077 3,855,106 2,058 27,564
Net increase/(decrease) in cash and cash equivalents/(Bank Overdraft) 325,594 812,403 (15,638) 1,620,623 40,728 827,387 Cash and cash equivalents/(Bank Overdraft) at the beginning of the financial year 41,669 1,954,923 300,005 1,610,289 226,386 120,355 Effect of exchange rate fluctuations on cash and cash equivalents/(Bank Overdraft) - - - - - Cash and cash equivalents/(Bank Overdraft) at the end of the financial year 367,263 2,767,326 284,367 3,230,912 267,114 947,742
Supplemental information: Dividend received - - 88,232 - - 225,754 Dividend paid - (1,814) - - - Interest received 1,080,623 12,712,774 48,181 4,720,978 1,397,813 29,318 Interest paid (16,849) (166,347) - (11,984) (8,264) -
The accompanying notes are an integral part of these Financial Statements.
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Statement of Cash Flows for the financial year ended 30 June 2025 (continued)
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PGIM Jennison Better Future Fund Total US$ US$ Cash flows from operating activities Net (decrease)/increase for the financial year in net assets attributable to holders of redeemable participating shares (381,859) 997,291,085
Adjustments for: Movement in cash collateral held with brokers - 65,500,106 Movement in cash collateral held with brokers and counterparties for open financial derivative instruments - 39,552,109 Movement in financial assets (30,412,572) (2,460,317,278) Movement in derivatives - (85,470,986) (Increase) in receivables (75,118) (21,392,848) Increase/(decrease) in payables 47,863 (4,017,195) Net cash (used in) operating activities (30,821,686) (1,468,855,007)
Cash flows from financing activities Proceeds from issue of redeemable participating shares 32,095,754 3,931,049,432 Payments on redemption of redeemable participating shares (95,754) (2,434,276,752) Net cash flows provided by financing activities 32,000,000 1,496,772,680
Net increase in cash and cash equivalents/(Bank Overdraft) 1,178,314 27,917,673 Cash and cash equivalents/(Bank Overdraft) at the beginning of the financial year - 144,665,090 Effect of exchange rate fluctuations on cash and cash equivalents/(Bank Overdraft) - 210,913 Cash and cash equivalents/(Bank Overdraft) at the end of the financial year 1,178,314 172,793,676
Supplemental information: Dividend received 97,996 21,663,241 Dividend paid - (1,814) Interest received 12,179 406,712,517 Interest paid - (2,901,099)
The accompanying notes are an integral part of these Financial Statements.
PGIM Funds Plc
Statement of Cash Flows for the financial year ended 30 June 2025 (continued)
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1. General information
The Company is incorporated as an Irish open-ended umbrella investment company with segregated liability between Sub-Funds (the “Sub Funds”). The Company is authorised by the Central Bank of Ireland (the “Central Bank”) as a UCITS (Undertaking for Collective Investment in Transferable Securities) pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities Regulations, 2011 (as amended) and Central Bank (Supervision and Enforcement) Act, 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations, 2026 (the “Central Bank UCITS Regulations”). The registered office of the Company is Second Floor, 5 Earlsfort Terrace, Dublin D02 CK83, Ireland.
The Company was established and incorporated on 18 July 2013 and authorised by the Central Bank on 27 November 2013.
PGIM Investments (Ireland) Limited (the Management Company ) was appointed on 16 December 2022 as the Company’s UCITS Management Company. The Management Company is authorised and regulated by the Central Bank.
The Articles of Association of the Company provide that the Company may offer separate Sub-Funds. Each Sub-Fund will have a distinct portfolio of investments.
The Company, with the prior approval of the Central Bank, may from time to time create additional Sub-Funds, the investment policies and objectives for which shall be outlined in the relevant Supplement, together with details of the initial offer period, the initial subscription price for each share and such other relevant information in relation to the additional funds as the Directors may deem appropriate, or the Central Bank requires, to be included. The Company has obtained the approval of the Central Bank for the establishment of the following Sub-Funds:
Sub-Fund PGIM US Corporate Bond Fund Fixed Income Sub-Fund PGIM Emerging Market Corporate Bond Fund Fixed Income Sub-Fund PGIM European High Yield Bond Fund Fixed Income Sub-Fund PGIM Emerging Market Local Currency Debt Fund Fixed Income Sub-Fund PGIM Global Total Return Bond Fund Fixed Income Sub-Fund PGIM Jennison Global Equity Opportunities Fund Equity Sub-Fund PGIM Global Select Real Estate Securities Fund Equity Sub-Fund PGIM Global Corporate Bond Fund Fixed Income Sub-Fund PGIM Broad Market U.S. High Yield Bond Fund Fixed Income Sub-Fund PGIM Global High Yield ESG Bond Fund Fixed Income Sub-Fund PGIM Multi-Sector Credit Fund Fixed Income Sub-Fund PGIM Jennison U.S. Growth Fund Equity Sub-Fund PGIM Emerging Market Hard Currency Debt Fund Fixed Income Sub-Fund PGIM Intermediate Duration US Corporate Bond Fund Fixed Income Sub-Fund PGIM Jennison Emerging Markets Equity Fund Equity Sub-Fund PGIM Quant Solutions Emerging Markets Equity Fund Equity Sub-Fund PGIM Absolute Return Bond Fund Fixed Income Sub-Fund PGIM Emerging Market Blend Debt Fund Fixed Income Sub-Fund PGIM Quant Solutions Global Equity Fund Equity Sub-Fund PGIM European Corporate Bond Fund Fixed Income Sub-Fund PGIM Emerging Market Total Return Bond Fund Fixed Income Sub-Fund PGIM Global High Yield Bond Fund Fixed Income Sub-Fund PGIM Intermediate Duration US Corporate ESG Bond Fund Fixed Income Sub-Fund PGIM Global Total Return ESG Bond Fund Fixed Income Sub-Fund PGIM Jennison NextGeneration Opportunities Fund* Equity Sub-Fund PGIM Emerging Market Hard Currency ESG Debt Fund** Fixed Income Sub-Fund PGIM Strategic Income Fund*** Fixed Income Sub-Fund PGIM Jennison Global Power Solutions Equity Fund Equity Sub-Fund PGIM Jennison Better Future Fund Equity Sub-Fund
*PGIM Jennison NextGeneration Opportunities Fund terminated on 10 February 2026. **PGIM Emerging Market Hard Currency ESG Debt Fund terminated on 26 January 2026. ***PGIM Strategic Income Fund terminated on 30 March 2026.
A number of the Sub-Funds have been categorised as Article 8 financial products (each an “Article 8 Fund”) for the purposes of the European Union’s Sustainable Finance Disclosure Regulation (Regulation EU/2019/2088 (“SFDR”)). Information relating to the environmental and/or social characteristics promoted by the Article 8 Funds is set out in Appendix IV – Sustainable Finance Disclosure Regulation (unaudited).
Active share classes of the active Sub-Funds are generally listed on the Global Exchange Market of the Irish Stock Exchange, which operates under the business name Euronext Dublin. However, since the commencement of the Russia/Ukraine conflict in early 2022, the Company has not been in a position to list new active share classes of those active Sub-Funds that have the ability to invest in Russia.
The Financial Statements are prepared in accordance with International Financial Reporting Standards as adopted by the European Union ( IFRS ). The Financial Statements have been audited in accordance with International Standards on Auditing (Ireland).
PGIM Funds Plc
Notes to the Financial Statements for the financial year ended 30 June 2026
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2. Material accounting policies
Statement of compliance and basis of preparation The Financial Statements for the financial year have been prepared in accordance with IFRS and interpretations adopted by the International Accounting Standards Board (“IASB”), the Irish Companies Act and the UCITS Regulations together with the listing rules of Euronext Dublin as applicable to companies reporting under IFRS.
The Financial Statements of each Sub-Fund are presented in its base currency, which is either U.S. Dollar or Euro depending on the Sub-Fund (the Presentation Currency ) rounded to the nearest U.S Dollar or Euro, as applicable. The combined totals shown in the Financial Statements are presented in U.S. Dollar.
The Company’s Directors have made an assessment of the Company’s ability to continue as a going concern and are satisfied that the Company has the resources to continue its business for the foreseeable future with the exception of PGIM Emerging Market Hard Currency ESG Debt Fund which closed on 26 January 2026, PGIM Jennison NextGeneration Opportunities Fund which closed on 10 February 2026 and PGIM Strategic Income Fund which closed on 30 March 2026. Furthermore, the Company’s Directors are not aware of any material uncertainties that may cast significant doubt upon the Company’s ability to continue as a going concern. Therefore, the Financial Statements continue to be prepared on the going concern basis with the exception of PGIM Jennison NextGeneration Opportunities Fund, PGIM Emerging Market Hard Currency ESG Debt Fund and PGIM Strategic Income Fund.
The accounting policies have been applied consistently by the Company throughout the financial year.
New standards, amendments and interpretations issued and effective for the financial year beginning on or after 1 July 2025
There are a number of standards, amendments to standards or interpretations that are effective for the annual periods beginning on 1 July 2025
The new and amended standards and interpretations have not had a significant impact on the Company’s financial statements:
- Lack of Exchangeability (Amendments to IAS 21). - Amendment to IFRS 9 and IFRS 7
There are no other new standards, amendments or interpretations issued and effective for the financial year beginning 1 July 2025 that have a significant impact on the Company’s financial position, performance or disclosures in its financial statements.
New standards, amendments and interpretations issued but not effective for the financial year beginning 1 July 2025 and not early adopted
A number of new standards, amendments to standards and interpretations have been issued but are not effective for the financial period beginning 1 July 2025, and have not been early adopted in preparing these financial statements. None of these are expected to have a material effect on the financial statements of the Company.
- Amendment to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments. - Annual Improvements to IFRS Accounting Standards (Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10, IAS 7). - Amendment to IAS 21 – The Effects of Changes in Foreign Exchange Rates. - IFRS 18 – Presentation and Disclosure in Financial Statements.
There are no other new standards, interpretations or amendments to existing standards that are not yet effective that would be expected to have a significant impact on the Company.
Foreign currency transactions Functional and Presentation Currency The functional currency and Presentation Currency of each Sub-Fund is the currency noted in its Supplement to the Prospectus and is relevant to the stated investment strategy and profit of each Sub-Fund. Items included in the individual Sub-Funds’ Financial Statements are measured using the currency of the primary economic environment in which it operates (the “Functional Currency”). Each Sub-Fund has adopted its Functional Currency as the Presentation Currency. The Functional Currency of all the Sub-Funds is U.S. Dollar, with the exception of PGIM European High Yield Bond Fund, PGIM European High Yield ESG Bond Fund and PGIM European Corporate Bond Fund whose Functional Currency is Euro.
Transactions and balances Transactions in currencies other than the Functional Currency are recorded at the rates of exchange prevailing on the dates of the transactions. Foreign exchange gain and loss resulting from the settlement of such transactions and from the translation of financial year end monetary items and non-monetary assets and liabilities that are denominated in foreign currencies are recognised in the Statement of Comprehensive Income in the financial year in which they arise. Foreign exchange gain and loss on financial assets and liabilities at fair value through profit or loss are recognised together with other changes in fair value. Net foreign exchange gain/(loss) on non-monetary and monetary financial assets and liabilities other than those classified as at fair value through profit or loss are included in the line item net gain/(loss) on financial assets and fi nancial liabilities at fair value through profit or loss.
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Notes to the Financial Statements for the financial year ended 30 June 2026 (continued)
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2. Material accounting policies (continued)
Combined totals shown in the Financial Statements of the Company The Financial Statements of the Company are measured in the currency of the primary economic operating environment in which the Company operates. The Company has adopted the U.S. Dollar as the Presentation Currency of the combined totals shown in the Financial Statements. For the purpose of producing the combined totals in the Company Statement of Financial Position, the Statement of Financial Position of each of the individual Sub-Funds are translated to U.S. Dollar using the exchange rates as at 30 June 2026. For the purpose of producing the combined totals in the Company Statement of Comprehensive Income and the combined totals in the Company Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares from the accounts of the individual Sub-Funds, average exchange rates are used. A translation adjustment arises in the combined totals due to this methodology. This adjustment does not have any impact on the Net Asset Value (“NAV”) of any individual Sub-Fund. For the financial year ended 30 June 2026 this adjustment amounted to US$(5,875,164) (30 June 2025: US$9,763,029). For the purpose of producing the combined totals in the Company Statement of Cash Flows, the prior financial year closing exchange rate is used to convert the Company Statement of Financial Position balances as at 30 June 2025, the average exchange rate is used to convert the Company Statement of Comprehensive Income amounts for the financial year ended 30 June 2026 and the closing exchange rate is used to convert the Company Statement of Financial Position balances as at 30 June 2026. A translation adjustment arises in the combined totals due to this methodology. This adjustment does not have any impact on the cash flows of any individual Sub-Fund. For the financial year ended 30 June 2026 the adjustment amounted to US$(238,381) (30 June 2025: US$210,913).
Financial instruments at fair value through profit or loss
(i) Investments Financial assets and liabilities are recognised in the Company’s Statement of Financial Position when the Company becomes a party to the contractual provisions of the instrument.
Classification The Company classifies its investments as financial assets or financial liabilities at fair value through profit or loss in accordance with IFRS 9. A financial asset would be measured at amortised cost if it is held within a business model whose objective is to hold assets in order to collect contractual cash flows, and the asset’s contractual terms give rise on specified dates to cash flows that are solely payments of principal and interes t on the principal outstanding. All other financial assets would be measured at fair value.
The Directors have determined that in order for the Financial Statements to give a true and fair view it is necessary to fair value all financial instruments through profit or loss as permitted by IFRS 9, since all financial instruments are managed on a fair value basis.
IFRS 9 contains three principal classification categories for financial assets: measured at amortised cost, fair value through other comprehensiv e income, and fair value through profit or loss.
Under IFRS 9, derivatives embedded in contracts where the host is a financial asset in the scope of the standard are never separated. Instead, the hybrid financial instrument as a whole is assessed for classification.
Financial assets and liabilities designated at fair value through profit or loss at inception Financial assets and financial liabilities designated at fair value through profit or loss at inception are those that are managed, and their performance is evaluated on a fair value basis in accordance with the Company’s documented investment strategy.
The Company’s policy requires the Investment Manager and the Directors to evaluate the information about these financial assets and liabilities on a fair value basis together with other related financial information.
Recognition Regular purchases and sales of investments are recognised on the trade date, the date on which the relevant Sub-Fund commits to purchase or sell the investment. Financial assets and financial liabilities at fair value through profit or loss are initially recognised at fair value. Transac tion costs are expensed as incurred in the Statement of Comprehensive Income.
Subsequent to initial recognition, all financial assets and financial liabilities at fair value through profit or loss are measured at fair value. Ga ins and losses arising from changes in the fair value of the financial assets or financial liabilities at fair value through profit or loss category are presen ted in the Statement of Comprehensive Income within “Net gain/(loss) on investments at fair value through profit or loss” in the financial period in which they arise.
Measurement Financial instruments are measured initially at fair value (transaction price) plus transaction costs that are directly attributable to the acquis ition or issue of the financial asset or financial liability.
Receivables are recognised initially at fair value plus transaction costs that are directly attributable to their acquisition/origination. They a re subsequently measured at amortised cost using the effective interest yield method, less provision for impairment. Financial liabilities, other th an those at fair value through profit or loss, are measured at amortised cost.
Financial assets and liabilities are priced at last traded prices with the exception of bonds which are priced at the 30 June evaluated bid price and loans which are priced at consensus bid price (alternative secondary and tertiary vendors may apply evaluated pricing). Where available, the fair value of financial instruments is based on their quoted market prices at the Statement of Financial Position date without any deduction for estimated future selling costs. If a quoted market price is not available on a recognised stock exchange or from a broker/dealer for non-exchange traded financial instruments, the fair value of the instrument is estimated using valuation techniques, including use of recent arm’s length market transactions, reference to the current fair value of another instrument that is substantially the same, discounted cash flow techniques, option pri cing models or any other valuation technique that provides a reliable estimate of prices obtained in actual market transactions.
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Notes to the Financial Statements for the financial year ended 30 June 2026 (continued)
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2. Material accounting policies (continued)
Financial instruments at fair value through profit or loss (continued)
(i) Investments (continued)
Measurement (continued) Where discounted cash flow techniques are used, estimated future cash flows are based on the Investment Manager’s best estimates and the discount rate used is a market rate at the Statement of Financial Position date applicable for an instrument with similar terms and conditions. Where other pricing models are used, inputs are based on market data at the Statement of Financial Position date.
The fair value of derivatives that are not exchange traded is estimated at the amount that would be received or paid to terminate the contract at the Statement of Financial Position date taking into account current market conditions (volatility, appropriate yield curve) and the current creditworthiness of the brokers.
Derecognition Financial assets are derecognised when the rights to receive cash flows from the investments have expired or the Company has transferred substantially all risks and rewards of ownership. A financial liability is derecognised when the obligation specified in the contract is discharged , cancelled or expired.
(ii) Forward foreign exchange contracts Forward foreign exchange contracts are recognised at fair value on the date on which a forward foreign exchange contract is entered into and are subsequently re-measured at their fair value. The fair value of open forward foreign exchange contracts is calculated as the difference between the contracted rate and the current forward rate that would close out the contract on the Statement of Financial Position date. All forward foreign exchange contracts are carried as assets when fair value is positive and as liabilities when fair value is negative.
The best evidence of fair value of a forward foreign exchange contract at initial recognition is the transaction price. Subsequent changes in the fair value of any forward foreign exchange contract are recognised immediately in the Statement of Comprehensive Income, if any.
(iii) Swap contracts The fair value of swaps is the estimated amount that would be received or paid to terminate the swap at the financial year end date, taking into account current interest rates and the current creditworthiness of the swap brokers. Gain and loss on swap contracts are recognised in the Statement of Comprehensive Income. Certain Sub-Funds may enter into interest rate, total return, credit default and currency swap contracts.
Interest rate swap contracts involve the exchange by a Sub-Fund with another party of their respective commitments to pay or receive interest, e.g. an exchange of floating rate payments for fixed rate payments with respect to a notional amount of principal.
Total return swap contracts involve a commitment by one party in the contracts to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent that the total return of the security or index underlying the transaction exceeds or falls short of the offsetting inte rest rate obligation, the relevant Sub-Fund will receive a payment from or make a payment to the broker, respectively.
In a credit default swap contract, one party makes payments to another party in exchange for the right to receive a specified return (or to put a security) if a credit event (e.g. default or a similar event) occurs with respect to a reference entity or entities. Certain Sub-Funds may use credit default swap contracts to provide a measure of protection against defaults of sovereign or corporate issuers (i.e. to reduce risk where the Sub-Fund owns or has exposure to the issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. The maximum exposure the Company has in selling credit protection is equal to the notional amount of such credit default swap contracts.
For credit default swap contracts on asset-backed securities, a credit event may be triggered by various occurrences, which may include an issuer’s failure to pay principal, maturity extension, rating downgrade or write-down. For credit default swap contracts on corporate or sovereign issuers, a credit event may be triggered by occurrences such as an issuer’s bankruptcy, failure to pay interest or principal, repudiation/moratorium and/or restructuring. The gains or losses are recognised in the Statement of Comprehensive Income, if any.
A currency swap is an interest rate swap in which the cash flows are in different currencies. Upon initiation of a currency swap, the brokers make an initial exchange of notional principals in the two currencies. During the life of the swap, each party pays interest (in the currency of the principa l received) to the other. At the maturity of the swap, the parties make a final exchange of the initial principal amounts, reversing the initial exchange at the same spot rate.
(iv) Options The premium on purchased put options exercised is subtracted from the proceeds of the sale of the underlying security or foreign currency in determining the realised gain or loss. The premium on purchased call options exercised is included in determining initial fair value of the securitie s or foreign currency purchased. Premiums paid from the purchase of options which expire unexercised are treated as realised loss.
The premium on written call options exercised is added to the proceeds from the sale of the underlying security or foreign currency in determining the realised gain or loss. The premium on written put options exercised is included in determining initial fair value of securities or foreign currenc ies purchased. Premiums received from written options which expire unexercised are treated as realised gain.
Options that are traded on a recognised market are valued at the last traded price on that market on the valuation date. For options that are not traded on a recognised market, the value is determined by reference to a price from a broker on a given valuation date.
(v) Swaptions A swaption is an option that grants the right, with no obligation, to enter into an underlying swap on pre-agreed terms. A payer swaption gives the owner of the swaption the right to enter into a swap where they pay the fixed leg and receive the floating leg. A receiver swaption gives the owner of the swaption the right to enter into a swap where they pay the floating leg and receive the fixed leg.
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Notes to the Financial Statements for the financial year ended 30 June 2026 (continued)
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2. Material accounting policies (continued)
Financial instruments at fair value through profit or loss (continued)
(v) Swaptions (continued) Premiums paid for the purchase of swaptions which expire unexercised are treated on the expiration date as realised losses. If a purchased payer swaption is exercised, the premium is subtracted from the proceeds of the underlying swap in determining whether the relevant Sub-Fund has realised a gain or a loss. If a purchased receiver swaption is exercised, the premium is added to the cost basis of the floating rate investment that has been ‘swapped’.
When a swaption is written, an amount equal to the premium received by the relevant Sub-Fund is recorded as a liability and is subsequently adjusted to the current market value of the swaption written. Premiums received from written swaptions that expire unexercised are treated by the relevant Sub-Fund on the expiration date as realised gains. If a written swaption is exercised, the premium is added to the proceeds of the underlying swap in determining whether the relevant Sub-Fund has realised a gain or a loss.
(vi) Futures contracts A futures contract is an agreement between two parties to buy and sell a security or currency at a specific price or rate at a future date. The daily change in contract value is recorded as an unrealised gain or loss and is recognised as a realised gain or loss when the contract is closed. Gain and loss on futures contracts are recognised in the Statement of Comprehensive Income.
Futures contracts are generally valued at the settlement price established at the close of business each day by the board of trade or exchange on which they are traded.
(vii) Exchange traded investments Equity securities, including common stocks, listed preferred stock, exchange-traded funds, and financial derivative instruments such as futures contracts and option contracts, that are traded on a regulated market are valued at the last reported sales price and official settlement price, as applicable. To the extent these securities and financial derivative instruments are actively traded they are categorised as Level 1 within the fair v alue hierarchy.
(viii) To be announced (“TBA”) securities The Funds may enter into TBA securities to purchase securities for a fixed unit price at a future date beyond customary settlement time. Although the unit price and par amount have been established, the actual securities have not been specified. However, it is anticipated that the amount of the securities will not significantly differ from the principal amount. The Funds hold, and maintain until settlement date, cash or high-grade debt obligations in an amount sufficient to meet the purchase price, or the Funds may enter into offsetting contracts for the forward sale of other securities it owns. Income on the securities will not be earned until settlement date.
Unsettled TBA securities are valued at their fair value. The contract is marked to market daily and the change in fair value is recorded by the Funds as an unrealised gain or loss. Based on market circumstances, the Manager will determine whether to take delivery of the underlying securities or to dispose of the TBA commitments prior to settlement.
Cash and cash equivalents/(Bank Overdraft) Cash comprises current deposits and bank overdrafts with banks. Cash equivalents are short-term highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk of change in value. These amounts are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes. Bank overdrafts are classified as liabilities in the Statement of Financial Position.
Cash and cash equivalents are carried at amortised cost. Bank overdrafts are presented separately in the Statement of Financial Position where applicable.
Cash held with/(due to) brokers and counterparties for open financial derivative instruments Amounts due to and from brokers represent margin cash on open futures contracts.
Cash collateral held with/(due to) brokers Certain Sub-Funds engage in activities which may require collateral to be paid to brokers (“Pledged Collateral”) or may hold collateral received (“Inbound Collateral”) from a broker. Inbound collateral is received from a broker to reduce the credit risk associated with any trading activity in w hich the Sub-Fund has engaged. Collateral held or pledged is in the form of cash. Collateral will be held or pledged subject to the terms of the bilateral agreement the Sub-Fund has with its broker. The holding or pledging of collateral depends on the Sub-Fund’s or the broker’s exposure.
Cash pledged by the Sub-Funds as collateral is disclosed in the Statement of Financial Position within due from broker section.
The International Swaps and Derivatives Association ( ISDA ) Agreements in place permit rehypothecation, with the exception of accounts that use triparty agreements. During the financial year ended 30 June 2026, there was no rehypothecation (30 June 2025: None).
Interest income and expense Interest income, which relates to interest income from cash and cash equivalents, is recognised on a time proportionate basis using the effective interest method.
Interest expense relates to a bank overdraft which is repayable on demand.
Interest income and expense is recognised in the Statement of Comprehensive Income as it accrues, using the original effective interest rate of the instrument calculated at the acquisition or origination date.
Interest income from financial assets and liabilities at fair value though profit or loss is included within net gain/(loss) from financial assets an d liabilities at fair value through profit or loss in the Statement of Comprehensive Income.
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Notes to the Financial Statements for the financial year ended 30 June 2026 (continued)
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2. Material accounting policies (continued)
Interest income and expense (continued) Interest income includes the amortisation of any discount or premium, transaction costs or other differences between the initial carrying amount of an interest-bearing instrument and its amount at maturity calculated on an effective interest rate basis. Interest income includes interest income from financial assets at fair value through profit and loss which is calculated using the effective interest method.
Redeemable participating shares All redeemable participating shares issued by the Sub-Funds provide the investors with the right to require redemption for cash at the value proportionate to the investor’s share in the Sub-Funds’ net assets at the redemption date. Such instruments give rise to a financial liability for the present value of the redemption amount.
Expenses All expenses, including management fees, administration fees and depositary fees, are recognised in the Statement of Comprehensive Income on an accrual basis.
Dividend income Dividend income is recognised on an ex-dividend basis and relates to dividend income earned on investments held during the financial year.
Distributions Distributions are recognised in the financial year that they are approved and paid.
There were twenty-four distributions totalling US$82,139,103 paid from Sub-Funds during the financial year ended 30 June 2026 (30 June 2025: twenty-five distributions totalling US$55,656,368 paid from Sub-Funds).
Taxes Uncertainties exist with respect to the interpretation of complex tax regulations and changes in tax laws on foreign withholding tax. Given the wide range of international investments, differences arising between the actual investment income and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to the tax expense already recorded. The Sub-Funds may establish provisions, based on reasonable estimates, for possible consequences of audits by the tax authorities of the respective countries in which they invest. The amounts of such provisions are based on various factors, such as experience of previous tax reviews and differing interpretations of tax regulations by the taxable entity and the responsible tax authority.
Such differences of interpretation may arise on a wide variety of issues depending on the conditions prevailing in the respective investment’s domicile. As the Sub-Funds assess the probability for litigation and subsequent cash outflow with respect to taxes as remote, no contingent liabilit y has been recognised.
Capital gains (if any) received on investments made by the Company may be subject to taxes imposed by the country from which the investments income/gains are received, and such taxes may not be recoverable by the Company and its Shareholders. Where capital gains taxes are certain to apply, the Funds will generally aim to accrue an estimated amount for the expected tax against the unrealised gains.
Transaction costs Transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of a financial asset or financial liabi lity. An incremental cost is one that would not have been incurred if the entity had not acquired, issued or disposed of the financial instrument. When a financial asset or financial liability is recognised initially, an entity shall measure it at its fair value through profit or loss plus transaction c osts that are directly attributable to the acquisition or issue of the financial asset or financial liability.
Transaction costs on the purchase and sale of bonds and forward foreign currency exchange contracts are included in the purchase and sale price of the investment.
Transaction costs on purchases and sales of equities and futures contracts are included in net gain/(loss) on investment activities in the Statement of Comprehensive Income. Depositary transaction costs are included in Depositary fees. These costs are separately indefinable transaction costs and the total costs incurred by the Sub-Funds during the financial year are disclosed in Note 10.
Depositary transaction costs include transaction costs paid to State Street Bank and Trust Company. Purchase and sales transaction costs include identifiable brokerage charges, commissions, transaction related taxes and other market charges.
Swing Pricing The actual costs of purchasing investments may be higher or lower than the value used in calculating the NAV. These costs may include dealing charges, commission and transaction charges and the dealing spread and may have a materially disadvantageous effect on a Shareholder’s interest in the Sub-Fund. To prevent this effect, known as “dilution”, the Directors may determine, at their discretion, to adjust (“swing”) the NAV p er share of the Sub-Fund, in the circumstances set out in the following paragraph.
On any dealing day, where the Directors so determine, the Administrator will calculate the NAV for the Sub-Fund, as described in the “Administration of the Company” section of the Prospectus, and then swing the NAV by a pre-determined amount. The direction of the swing will depend on whether there are net subscriptions or redemptions in the Sub-Fund which exceed a pre-determined threshold on the relevant dealing day, while the magnitude of the swing will be based on pre-determined estimates of the average trading costs in the relevant asset class(es) in which the Sub-Fund is invested. For example, if the Sub-Fund is experiencing net inflows, its NAV will swing upwards, so that the incoming Shareholders are effectively bearing the costs of the dealing that their subscriptions generate by paying a higher NAV per Share than they would otherwise be charged. Conversely, where there are net redemptions in the Sub-Fund, the NAV will swing downwards, so that the outgoing Shareholders are effectively bearing the costs of the dealing that their redemptions generate by receiving a lower NAV per Share than they would otherwise receive. These swings are intended to protect non-dealing Shareholders from the impact of trading costs triggered by dealing Shareholders.
PGIM Funds Plc
Notes to the Financial Statements for the financial year ended 30 June 2026 (continued)
PGIM Funds Plc 77
Page 81
2. Material accounting policies (continued)
The determination to swing the NAV in respect of the Sub-Fund will be made following a consideration of the dealing activity (i.e. level of subscriptions and redemptions) in the Sub-Fund on a dealing day, in accordance with criteria set by the Directors from time to time. These criteria will include whether the costs of investing or divesting the net inflows into or outflows from the Sub-Fund on a dealing day will create, in the Directors’ opinion, a material dilutive impact. Swing pricing will only be exercised for the purpose of reducing dilution in the interests of the Shareholders in the Sub-Fund as a whole and will be applied consistently in respect of the Sub-Fund and in respect of all assets of the Sub-Fund.
3. Taxation
Under current law and practice the Company and its Sub-Funds qualify as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997, as amended. On that basis, the Company and its Sub-Funds are not chargeable to Irish tax on their income and gains.
However, Irish tax may arise on the happening of a “chargeable event”. A chargeable event includes any distribution payments to Shareholders or any encashment, redemption, cancellation or transfer of shares, or the holding of shares at the end of each eight year period beginning with the acquisition of such shares. No Irish tax will arise on the Company and it’s Sub-Funds in respect of chargeable events in respect of:
1) A shareholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes, at the time of the chargeable event, provided appropriate valid declarations in accordance with the provisions of the Taxes Consolidation Act, 1997, as amended, are held by the Company/Sub-Fund, or the Company/Sub-Fund has been authorised by the Irish Revenue to make gross payments in the absence of appropriate declarations; and 2) Certain exempted Irish tax resident Shareholders who have provided the Company/Sub-Fund with the necessary signed statutory declarations.
Dividends, interest and capital gains (if any) received on investments made by the Company may be subject to taxes imposed by the country from which the investments income/gains are received, and such taxes may not be recoverable by the Company and its Shareholders.
The positive withholding tax amounts reflected in the statement of comprehensive income are reclaims that are due to the Sub-Funds.
The positive capital gains tax amounts reflected in the statement of comprehensive income are not amounts due to the Sub-Funds, these are amounts resulting from the difference in accruals between this financial year and the prior financial year.
4. Cash held with/(due to) brokers as collateral
The following table represents cash collateral held with brokers on relevant Sub-Funds as at 30 June 2026 :
PGIM European High Yield Bond Fund
PGIM Emerging Market Local Currency Debt Fund
PGIM European Corporate Bond Fund
PGIM Emerging Market Total Return Bond Fund
PGIM Global High Yield Bond Fund € US$ € US$ US$ Bank of America - - - - Barclays Bank - - - - BNP Paribas - 270,000 - - BNY Mellon - - - - Citibank - 280,000 - - Citigroup 172,000 2,240,000 - 1,787,000 Credit Agricole - - - - Deutsche Bank - - - - Goldman Sachs - - - - HSBC ----J.P. P. Morgan - 200,000 177,000 11,000 613,000 Morgan Stanley - 70,000 - - Royal Bank of Canada - - - - Standard Chartered Bank ----Toronto Dominion Bank - - - - UBS - - - - Total 172,000 3,060,000 177,000 1,798,000 613,000
PGIM Funds Plc
Notes to the Financial Statements for the financial year ended 30 June 2026 (continued)
78 PGIM Funds Plc
Page 82
4. Cash held with/(due to) brokers as collateral (continued)
The following table represents cash collateral held with brokers on relevant Sub-Funds as at 30 June 2025 :
PGIM European High Yield Bond Fund
PGIM Emerging Market Local Currency Debt Fund
PGIM Global Total Return Bond Fund
PGIM Global Corporate Bond Fund
PGIM Emerging Market Hard Currency Debt Fund
PGIM Emerging Market Blend Debt Fund € US$ US$ US$ US$ US$ Bank of America - - - 11,531,851 - Barclays Bank - - - - - BNP Paribas - - - - - BNY Mellon - - - - - Citibank 420,000 ----Citigroup - 2,755,000 - - 1,400,000 Credit Agricole - - - - - 54,000 Deutsche Bank - - - - - Goldman Sachs - - - - - HSBC - - 298,000 - - J.P. P. Morgan 400,000 - 10,000 - - 306,000 Morgan Stanley - 260,000 - - - 320,600 Royal Bank of Canada - - - - - Standard Chartered Bank -----Toronto Dominion Bank - - - - - UBS - - - - - Total 820,000 3,015,000 308,000 11,531,851 1,400,000 680,600
PGIM European Corporate Bond Fund € Bank of America Barclays Bank BNP Paribas BNY Mellon Citibank 330,000 Citigroup Credit Agricole Deutsche Bank Goldman Sachs HSBC J.P. P. Morgan Morgan Stanley Royal Bank of Canada Standard Chartered Bank Toronto Dominion Bank UBS Total 330,000
PGIM Funds Plc
Notes to the Financial Statements for the financial year ended 30 June 2026 (continued)
PGIM Funds Plc 79
Page 83
4. Cash held with/(due to) brokers as collateral (continued)
The following table represents cash collateral due to brokers on relevant Sub-Funds as at 30 June 2026 :
PGIM Global Total Return Bond Fund
PGIM Global Corporate Bond Fund
PGIM Global High Yield ESG Bond Fund
PGIM Multi-Sector Credit Fund
PGIM Emerging Market Hard Currency Debt Fund
PGIM Absolute Return Bond Fund US$ US$ US$ US$ US$ US$ Bank of America - - - - - Barclays Bank - (6,830,000) (610,000) - - BNP Paribas - - - - - BNY Mellon - - - - - Citibank -----Citigroup - - - - - Credit Agricole - - - - - Deutsche Bank - - - - - Goldman Sachs - - - (260,000) - (260,000) HSBC - (260,000) - - (280,000) J.P. P. Morgan - - - - - Morgan Stanley (38,000) (4,000) - - - Royal Bank of Canada - - - - - Standard Chartered Bank -----State Street Bank - - - - (580,000) Toronto Dominion Bank - - - - - UBS - - - (2,224,000) (1,200,000) (2,451,000) Total (38,000) (7,094,000) (610,000) (2,484,000) (2,060,000) (2,711,000)
PGIM Emerging Market Blend Debt Fund
PGIM Emerging Market Total Return Bond Fund
PGIM Global High Yield Bond Fund
PGIM Global Total Return ESG Bond Fund US$ US$ US$ US$ Bank of America - - - Barclays Bank (200,000) - (4,660,000) BNP Paribas ---BNY Mellon ---Citibank ---Citigroup ---Credit Agricole - - - Deutsche Bank - - - Goldman Sachs - - - HSBC - - - (300,000) J.P. P. Morgan ---Morgan Stanley (40,000) - - Royal Bank of Canada - - (670,000) Standard Chartered Bank ---State Street Bank - - - Toronto Dominion Bank - - - UBS (880,000) (260,000) - Total (1,120,000) (260,000) (5,330,000) (300,000)
PGIM Funds Plc
Notes to the Financial Statements for the financial year ended 30 June 2026 (continued)
80 PGIM Funds Plc
Page 84
4. Cash held with/(due to) brokers as collateral (continued)
The following table represents cash collateral due to brokers on relevant Sub-Funds as at 30 June 2025 :
PGIM US Corporate Bond Fund
PGIM European High Yield Bond Fund
PGIM Emerging Market Local Currency Debt Fund
PGIM Global Total Return Bond Fund
PGIM Global Corporate Bond Fund
PGIM Broad Market U.S. High Yield Bond Fund US$ € US$ US$ US$ US$ Bank of America - (221,493) - - - Barclays Bank - - - - - BNP Paribas - - - - (350,000) BNY Mellon - - - - - Citibank - - (10,000) - - (200,000) Citigroup - - - - - Credit Agricole - - - - - Deutsche Bank - - - - - Goldman Sachs - - (270,000) - (2,980,000) HSBC -----J.P. P. Morgan - - - - - Morgan Stanley (5,420,000) - - (38,000) (16,485,000) (14,140,000) Royal Bank of Canada - - - - - Standard Chartered Bank -----State Street Bank - - - - - Toronto Dominion Bank - - - - - UBS - - - - - Total (5,420,000) (221,493) (280,000) (38,000) (19,815,000) (14,340,000)
PGIM Global High Yield ESG Bond Fund
PGIM Multi-Sector Credit Fund
PGIM Emerging Market Hard Currency Debt Fund
PGIM Intermediate Duration US Corporate Bond Fund
PGIM Absolute Return Bond Fund
PGIM Emerging Market Blend Debt Fund US$ US$ US$ US$ US$ US$ Bank of America - - - - - Barclays Bank - - - - - BNP Paribas (2,550,000) (3,060,000) - - - BNY Mellon - - - - - Citibank (2,509,568) (3,530,000) (530,000) (693,748) - (2,680,000) Citigroup - - - - - Credit Agricole - - - - - Deutsche Bank - - - - (720,000) Goldman Sachs - - (2,320,000) - - (990,000) HSBC - - - - - (260,000) J.P. P. Morgan - - - - - Morgan Stanley - - (1,751,000) - - Royal Bank of Canada - - - - - Standard Chartered Bank -----State Street Bank - - - - - Toronto Dominion Bank - - - - - UBS - - - - - Total (5,059,568) (6,590,000) (4,601,000) (693,748) (720,000) (3,930,000)
PGIM Funds Plc
Notes to the Financial Statements for the financial year ended 30 June 2026 (continued)
PGIM Funds Plc 81
Page 85
4. Cash held with/(due to) brokers as collateral (continued)
The following table represents cash collateral due to brokers on relevant Sub-Funds as at 30 June 2025 (continued):
PGIM Global High Yield Bond Fund
PGIM Global Total Return ESG Bond Fund
PGIM Emerging Market Hard Currency ESG Debt Fund US$ US$ US$ Bank of America --Barclays Bank --BNP Paribas (5,341,000) - BNY Mellon --Citibank - (849,804) Citigroup --Credit Agricole --Deutsche Bank
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