DisclosureDisclosure

An investment in the Funds involves a high degree of risk, including the risk that the entire amount invested may be lost. The Funds are primarily designed to purchase certain investments, which will introduce significant risk to the Funds, including asset performance, price volatility, administrative risk and counterparty risk. No guarantee or representation is made that any Fund’s investment program will be successful, or that such Fund’s returns will exhibit low correlation with an investor’s traditional securities portfolio.

Any investment in the Funds will be deemed to be a speculative investment and is not intended as a complete investment program. Investment in the Funds are suitable only for persons who can bear the economic risk of the loss of their investment and who meet the conditions set forth in the Funds' Prospectus (the "Prospectus") and the relevant Supplement (the "Supplement") and Key Investor Information Document (the "KIID") or Key Information Document (the "KID"), depending on the jurisdiction (collectively the "Fund Documents"). There can be no assurances that the Funds will achieve their investment objectives. Prospective and existing Investors should carefully consider the risks involved in an investment in the Funds, including, but not limited to, those discussed in the Fund Documents. Prospective and existing Investors should consult their own legal, tax and financial advisors about the risks of an investment in the Funds. Any such risk could have a material adverse effect on the Funds and their shareholders.

The return of a Fund may increase or decrease as a result of currency fluctuations.

Where an investor's own currency is different from the currency of a Fund, the return on investment may be affected by fluctuations in the currency exchange rate. Also, the use of financial derivative instruments may result in increased gains or losses within the Funds. The Net Asset Values ("NAV") of the Funds are calculated on a daily basis and published on the Funds' website at the following address: www.pgim.com/ucits.

It is possible that some Funds may have a highly volatile NAV.

The Funds are sub-funds of PGIM Funds plc, an investment company with variable capital incorporated with limited liability in Ireland and established as an umbrella fund with segregated liability between sub-funds pursuant to the European Communities (Undertaking for Collective Investment in Transferable Securities) Regulations, 2011, as amended.

In connection with an investment in a Fund, in addition to reading the information, you should read the Fund Documents (Prospectus, the relevant Supplement and the relevant KIID/KID). You should review and carefully consider these documents, especially the risk factors explained within them, and should seek advice from your legal, tax, and other relevant advisers before making any decision to subscribe for the Fund’s Shares. If there is any conflict between this information and the Fund Documents, the Fund Documents shall prevail. You must rely solely on the information contained in the Fund Documents in making any decision to invest in the Fund. The Fund Documents as well as the latest annual and semi-annual report and accounts are available in English (and German, where applicable) and can be obtained free of charge at PGIM Limited (at its registered office at Grand Buildings, 1-3 Strand Trafalgar Square, London, WC2N 5HR, United Kingdom), PGIM Investments (Ireland) Limited (at its registered office at 2nd Floor, 5 Earlsfort Terrace, Dublin 2, Ireland), PGIM Netherlands B.V. (at its registered office at Eduard van Beinumstraat 6, 1077CZ, Amsterdam, The Netherlands), PGIM Luxembourg S.A. (at its registered office at 2, boulevard de la Foire, L-1528 Luxembourg), PGIM (Singapore) Pte. Ltd. (at its registered office at 88 Market Street, #43-06 CapitaSpring, Singapore 048948), PGIM (Hong Kong) Limited (at its registered office at Units 4202-4203, 42nd Floor Gloucester Tower, The Landmark 15 Queen’s Road Central Hong Kong), or at www.pgimfunds.com. The KIIDs/KIDs can be obtained from www.pgimfunds.com and are available in one of the official languages of each of the EU Member States into which each sub-fund has been notified for marketing under the Directive 2009/65/EC (the UCITS Directive). In addition, a summary of investor rights is available from www.pgimfunds.com. The Funds are currently notified for marketing into a number of EU Member States under the UCITS Directive. PGIM Funds plc can terminate such notifications for any share class and/or fund of the Company at any time using the process contained in Article 93a of the UCITS Directive.

This material is not suitable for distribution in the United States or to US Persons. The Fund may not be registered for public distribution in numerous jurisdictions. This material does not constitute an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not lawful or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation. The Fund is not registered under the U.S. Securities Act of 1933, as amended, nor the U.S. Investment Company Act of 1940, as amended, and the shares of the Fund may not be offered or sold in the United States or its territories or possessions or to a US Person, as defined in the Prospectus.

 
Copies of the above documents are also available from the fund’s paying agent and/or information agents as listed below:

Austria: https://www.eifs.lu/PGIMFundsplc

Belgium: https://www.eifs.lu/PGIMFundsplc

Denmark: https://www.eifs.lu/PGIMFundsplc

Finland: https://www.eifs.lu/PGIMFundsplc

France: https://www.eifs.lu/PGIMFundsplc

Germany: https://www.eifs.lu/PGIMFundsplc

Greece: https://www.eifs.lu/PGIMFundsplc

Italy: Allfunds, Via Bocchetto, 6, 20123 Milano, Italy and https://www.eifs.lu/PGIMFundsplc

Luxembourg: https://www.eifs.lu/PGIMFundsplc

Netherlands: https://www.eifs.lu/PGIMFundsplc

Norway: https://www.eifs.lu/PGIMFundsplc

Spain: Allfunds Bank S.A, c/ Estafeta no 6 (La Moraleja), Complejo Plaza de la Fuente -Edificio 3-28109, Alcobendas -Madrid- Espana and https://www.eifs.lu/PGIMFundsplc

Sweden: https://www.eifs.lu/PGIMFundsplc

Switzerland: State Street Bank International GmbH, Munich, Zurich Branch, based in Kalanderplatz 5, Postfach, 8027 Zurich, acts as the representative and paying agent in Switzerland. The consolidated extract prospectus for Switzerland, the key information documents, the articles of association as well as the annual and semi-annual reports may be obtained free of charge from the representative and paying agent in Switzerland.
 

These materials contained on this website do not constitute investment advice and should not be used as the basis for any investment decision. Past performance is no guarantee of future results.

These materials do not take into account individual client circumstances, objectives, or needs. No determination has been made regarding the suitability of any securities, financial instruments or strategies for particular clients or prospects. These materials do not purport to provide any legal, tax or accounting advice.

There can be no assurance that the Funds' investment objectives will be met. An investor could lose some or all of its investment in the Funds. Investments are not guaranteed by PGIM, its affiliates, or any governmental agency.

Key Information Documents (KIDs) for Sub-Funds
The methodology used in the KIDs to determine the total costs figures for a hypothetical investment should an investor exit after 5 years was revised in October 2024. The revision generally resulted in increases to the 5-year total cost figures disclosed in the KIDs, the amount of which varied depending on Fund and Share Class. The KIDs were re-published in October 2024 to reflect the revised methodology.

THE PRECEDING SUMMARY IS NOT A COMPLETE LIST OF THE IMPORTANT DISCLOSURES INVOLVED IN INVESTING IN THE FUNDS AND IS SUBJECT TO THE MORE COMPLETE DISCLOSURES CONTAINED IN THE COMPANY’S PROSPECTUS AND SUPPLEMENT THERETO RELATED TO THE FUNDS, WHICH MUST BE REVIEWED CAREFULLY.

Information for persons in Australia: This document is not a prospectus or product disclosure statement under the Corporations Act 2001 (Cth) (Corporations Act) and does not constitute a recommendation to acquire, an invitation to apply for, an offer to apply for or buy, an offer to arrange the issue or sale of, or an offer for issue or sale of, any securities in Australia, except as set out below. The Fund has not authorised nor taken any action to prepare or lodge with the Australian Securities & Investments Commission an Australian law compliant prospectus or product disclosure statement. Accordingly, this document may not be issued or distributed in Australia and the shares in the Fund may not be offered, issued, sold or distributed in Australia by any person other than by way of or pursuant to an offer or invitation that does not need disclosure to investors under Part 6D.2 or Part 7.9 of the Corporations Act, whether by reason of the investor being a ‘wholesale client’ (as defined in section 761G of the Corporations Act and applicable regulations) or otherwise. This document does not constitute or involve a recommendation to acquire, an offer or invitation for issue or sale, an offer or invitation to arrange the issue or sale, or an issue or sale, of shares to a ‘retail client’ (as defined in section 761G of the Corporations Act and applicable regulations) in Australia.

Information for persons in Chile: The securities offered in this document are foreign, so the rights and obligations of investors are subject to the legal framework of the issuer’s country of origin, Ireland, and, therefore, investors must inform themselves of the way and means through which they can exercise their rights. Likewise, given the securities are foreign, the supervision by the Comisión para el Mercado Financiero of Chile (“CMF”) will focus exclusively on the adequate performance of the information duties set forth by Norma de Carácter General 352 (“NCG 352”) of the CMF and, therefore, the supervision of both the securities and their issuer will be mainly exercised by the foreign regulator, the Central Bank of Ireland. The public information that will be provided for the securities will be exclusively that which is required by the Central Bank of Ireland. The accounting principles and auditing standards differ from the principles and rules applicable to issuers in Chile. According to section 196 of Law No. 18.045, foreign issuers, securities intermediaries, foreign securities depositories, and any other person involved in the registration, placement, deposit, trading and any other agreements relating to foreign securities or Securities Depositary Certificates (“CDVs”), which are subject to the rules set forth under Title XXIV of said law and the regulations enacted by the CMF, that violate such regulations, will be held liable pursuant to Law- Decree No. 3,538 of 1980 and Law No. 18.045. Investors will be able to obtain more information on the website of the CMF.   

Information for persons in Hong Kong: The contents of this document have not been reviewed nor endorsed by any regulatory authority in Hong Kong. Investors are advised to exercise caution in relation to the offer. If there is doubt about any of the contents of this document, investors should obtain independent professional advice.

The Fund is not authorised by the SFC in Hong Kong pursuant to section 104 of the SFO. This document has not been approved by the SFC in Hong Kong, nor has a copy been registered with the Registrar of Companies in Hong Kong. Accordingly:

   a. Shares in the Fund may not be offered or sold in Hong Kong by means of this document or any other document other than to “professional investors” within the meaning of Section 1 of Part 1 of Schedule 1 to the SFO and any rules made under the SFO, or in other circumstances which do not result in this document being a “prospectus” as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (CWUMPO) or which do not constitute an offer or invitation to the public for the purposes of the CWUMPO or the SFO; and

   b. no person may issue or possess for the purpose of issue, whether in Hong Kong or elsewhere, any advertisement, invitation or document relating to the Shares which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so in (a) above or under the laws of Hong Kong) other than with respect to Shares which are or are intended to be disposed of only to persons outside Hong Kong or only to “professional investors.”    

Information for persons in Italy: This document does not constitute in any way an offer or recommendation to make investments in the Fund or to execute other transactions in relation to the latter. The investors shall consult with their investment consultants in order to analyse the legal, fiscal and accounting aspects of the investment or other transactions concerning the investment in the Fund and evaluate whether such investment or transaction is suitable to their own risk profile, financial status and investment objectives. The Fund has been registered with the Commissione Nazionale per le Società e la Borsa (CONSOB) for the offer in Italy towards Professional Investors and Retail Investors. Before taking any investment decisions, the prospective investors should read carefully the Prospectus and the KID. The Prospectus and the KIDs have been published with CONSOB and are available at the address of PGIM Limited (at its registered office at Grand Buildings, 1-3 Strand Trafalgar Square, London, WC2N 5HR, United Kingdom), as well as a list of the placing agents appointed for the distribution of the Fund in Italy. The Funds’ Prospectus and the KIDs can also be found on www.pgimfunds.com.

Information for persons in Singapore: The disclosures in this document are for informational purposes only, and do not constitute or form financial advice to buy shares in the Fund. This information was prepared without regard to the specific investment objectives, financial situation or particular needs of any particular person. The Fund and the offer of shares, which are the subject of this document, do not relate to a collective investment scheme which is authorised by the MAS under section 286 of the Securities and Futures Act 2001 of Singapore (the “SFA”) or recognised by the MAS under section 287 of the SFA, and shares of the Fund are not allowed to be offered to the retail public.

This information (as well as any other document issued in connection with the offer or sale of such shares) is not a prospectus as defined in the SFA, nor will it be lodged or registered as a "prospectus" with the MAS. Accordingly, statutory liability under the SFA in relation to the content of prospectuses does not apply, and potential investors should carefully consider whether an investment in the shares is suitable for them. The MAS assumes no responsibility for the contents of this document (nor any other document issued in connection with the offer or sale of the shares).

No offer of the shares for subscription or purchase, or invitation to subscribe for or purchase the shares, may be made, nor any document or other material relating to the shares may be circulated or distributed, either directly or indirectly, to any person in Singapore other than: (i) to an institutional investor (as defined in section 4A of the SFA) pursuant to section 304 of the SFA; (ii) to a relevant person (as defined in section 305(5) of the SFA) pursuant to section 305(1) of the SFA; (iii) on terms that the minimum consideration is the equivalent of Singapore dollars 200,000 in accordance with section 305(2) of the SFA; or (iv) otherwise pursuant to, and in accordance with the conditions of, any other exemption under the SFA. Pursuant to section 305 of the SFA, read in conjunction with regulation 32 of and the Sixth Schedule to the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005, the shares have been duly entered into the list of restricted schemes maintained by the MAS for the purposes of offering the shares to relevant persons (as defined in section 305(5) of the SFA), or, for the purposes of offering the shares in accordance with the conditions in section 305(2) of the SFA.

Information for persons in Spain: Investments in the Fund should be made on the basis of the current Fund Documents (Prospectus, the Supplement and the KID), which are available along with the current annual and semi-annual reports free of charge. For the purposes of distribution in Spain, the Fund is registered with the official register of foreign collective investment schemes of the Spanish Securities Market Commission - Comision Nacional del Mercado de Valores ("CNMV") under registration number 1581, where complete information is available from the Fund’s authorised distributors. The purchase of shares in the Funds shall be made on the basis of the Fund Documents. Prior to any purchase, investors shall receive in advance a copy of the KID in Spanish, latest published financial report and accounts and a copy of the report of the planned types of marketing in Spain ("Marketing Memorandum"). The Fund Documents, together with the Marketing Memorandum, is available free of charge at the registered office of PGIM Funds plc and the locally authorised distributors as well as at the CNMV.

For Compliance Use Only:4170049 Ed. 01/2025