State of Michigan 401(k) and 457 Plans

Prudential High Yield Fund

Manager: Prudential Trust Company
Subadviser: PGIM, Inc.

Category: High Yield Bond

Objective: The objective of the Prudential High Yield Fund (the "Fund") is to outperform the Barclays High-Yield Ba/B 1% Issuer Capped Bond Index (the "Benchmark") over a full market cycle. There is no assurance that such objective will be achieved.

Strategy: The Fund will invest primarily in publicly traded fixed income securities rated below investment grade by a Nationally Recognized Statistical Rating Organization. The Fund aims to generate excess return with emphasis on the "higher quality" segment of the high yield market.

Fund fact sheet