PGIM European High Yield ESG Bond Fund DKK Hedged I Accumulation Class

Objectives and Investment Policy The objective of the Fund is to seek to achieve a return through a combination of current income and capital appreciation while applying environmental, social and governance (“ESG”) principles in the selection of securities. There is no assurance that such objective will be achieved. The Fund will use a relative value, fundamental credit approach to select opportunities in the European high yield bond market. The relative value approach involves looking at the fundamental credit ranking and the yield and yield expectation of issuers to assess which investment offers the best risk-adjusted return. The Fund seeks to achieve its objective by investing in a diversified portfolio consisting primarily of high yield bonds that are originated in the European corporate bond markets. These high yield bonds will largely be a mix of fixed and floating rate instruments that are rated below investment grade and which are listed or traded on regulated markets globally. The Fund is expected to invest principally in the European high yield markets, which includes bonds purchased in the European bond market that are issued by European and non-European issuers. Bonds may be payable as to principal and interest in Euros, Sterling, U.S. Dollars or other foreign denominations. The Fund’s investments may include all types of bond instruments, and loan participations (whichmaybesecuritised or unsecuritised) which qualify asmoney market instruments, senior secured and unsecured debt instruments, second lien, warrants, mezzanine and subordinated capital and preferred stock issued in the European high yield markets. The Fund may also use, for investment, risk management or hedging purposes (with the exception of forward foreign currency contracts, currency options and currency futures, which may be used for hedging purposes only), derivative transactions (credit default swaps, total return swaps, interest rate swaps, forward foreign currency contracts, currency options and options on bonds, interest rate futures and currency futures), the underlying reference assets for which will be bonds, interest rates, indices and currencies. The Fund may also engage in efficient portfolio management techniques as set out in the Supplement. The Fund may not be leveraged in excess of 100% of its net asset value, through the use of derivatives. The investment manager has determined that the Fund promotes sustainability characteristics due to its use of its internal evaluation process, which analyses securitiesbasedonESGcriteria establishedbyPGIMFixedIncome’sESGcommittee (“the ESG Committee”). The Fund seeks to avoid investing in issuers that engage in activities thatare not incompliance with certain socially-responsible investment criteria set forthbytheESGCommittee.AlthoughtheFundpromotessustainability characteristics, the Fund does not have sustainable investment as its investment objective. It is not currently anticipated that dividends will be declared in respect of the Class. Net investment income attributable to the Class is expected to be retained by the Fund, which will increase the net asset value per share of the Class. The Fund refers to the ICE BofA European Currency Non-Financial High Yield 2%Constrained Index (the “Benchmark”), which tracks the performance ofEURO and GBP denominated below investment grade corporate debt publicly issued in the Eurobond, Sterling domestic or Euro domestic markets. While the Fund is actively managed, the Benchmark will be used for risk management purposes (performing additional checks on holdings in the Fund with a weighting over orunderweighttheBenchmark’sholdings)andperformancecomparisonpurposes. The Benchmark is not a reference benchmark for the purpose of attaining the sustainability characteristics promoted by the Fund. Portfolio transaction costs, which are paid by the Fund in addition to the costs set out under “Charges” below,mayhave a material impact on the performance of the Fund. Investors can buy and sell their shares on each business day of the Fund. The Fund may not be appropriate for investors who plan to sell their shares within the short term. The shares are denominated in Euro. The base currency of the Fund is the Euro.