UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
| | |
| Investment Company Act file number: | | 811- 08565 |
| |
| Exact name of registrant as specified in charter: | | Prudential Investment Portfolios 12 |
|
(This Form N-CSR relates solely to the Registrant’s PGIM Global Real Estate Fund, PGIM Jennison Technology Fund, PGIM Jennison International Small-Mid Cap Opportunities Fund and PGIM Jennison NextGeneration Global Opportunities Fund) |
| |
| Address of principal executive offices: | | 655 Broad Street, 6 th Floor |
| | Newark, New Jersey 071 02 |
| |
| Name and address of agent for service: | | Andrew R. French |
| | | 655 Broad Street, 6 th Floor |
| | Newark, New Jersey 07102 |
| |
| Registrant’s telephone number, including area code: | | |
| |
| Date of fiscal year end: | | 10/31/2024 |
| |
| Date of reporting period: | | 10/31/2024 |
Item 1 – Reports to Stockholders
(a) Report transmitted to stockholders pursuant to Rule
30e-1
under the Act (17 CFR
270.30e-1).
PGIM Global Real Estate Fund
ANNUAL SHAREHOLDER REPORT – October 31, 2024
This annual shareholder report contains important information about the Class A shares of PGIM Global Real Estate Fund (the “Fund”) for the
period of November 1, 2023 to October 31, 2024.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
PGIM Global Real Estate Fund—Class A | | |
WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?
■
Coming off a volatile macroeconomic environment for real estate investment trusts (REITs) in 2023, global REITs saw a nearly flat first half of
2024, as investors remained cautious about the pace of interest rate cuts, election uncertainty, and economic growth. However, the sector
delivered strong performance in the third quarter of 2024. Gains were fairly uniform across Asia, the US, and Europe, as investors began to
factor in cooling global inflation and the early stages of a rate-cutting cycle in the US. Many of the headwinds for REITs began turning into
tailwinds, as private real estate pricing appeared to bottom globally, and capital markets and transaction activity increased significantly.
■
Positive stock selection in several sectors and regions contributed to the Fund’s performance relative to the FTSE EPRA/NAREIT Net
Developed Index. Within North America, favorable stock selection, particularly in the data center, residential, triple-net, and health care sectors
drove outperformance. Stock selection was also strong in the Asia Pacific region, most notably in Australia and Japan.
■
Underweight allocation to US storage stocks detracted from relative performance, as did stock selection in the US storage sector and an
underweight position in US office securities. In
Europe
, security selection in the UK undermined relative returns, while in Asia, security selection
HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?
The Fund’s past performance is not a good predictor of the Fund’s future performance.
The returns do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.
The line graph reflects a hypothetical $10,000 investment in Class A shares and assumes that all recurring fees (including management fees)
were deducted and dividend and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would
have been lower.
Cumulative Performance: October 31, 2014 to October 31, 2024 Initial Investment of $10,000 |
The line graph reflects the return on the Fund's Class A shares with sales charges.
Average Annual Total Returns as of 10/31/2024 |
| | | |
Class A with sales charges | | | |
Class A without sales charges | | | |
Broad-Based Securities Market Index: S&P 500 Index | | | |
FTSE EPRA/NAREIT Developed Net Index | | | |
WHAT ARE SOME KEY FUND STATISTICS AS
OF
10/31/2024?
| |
| |
Total advisory fees paid for the year | |
Portfolio turnover rate for the year | |
WHAT ARE SOME CHARACTERISTICS OF THE
FUND’S
HOLDINGS
AS
OF
10/31/2024
?
| |
| |
| |
| |
| |
| |
| |
Real Estate Operating Companies | |
| |
Diversified Real Estate Activities | |
| |
| |
| |
Internet Services & Infrastructure | |
Affiliated Mutual Fund - Short Term Investment (0.0% represents investments purchased with collateral from securities on loan) | |
| |
Other assets in excess of liabilities | |
| |
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Global Real Estate Fund
PGIM Global Real Estate Fund
ANNUAL SHAREHOLDER REPORT – October 31, 2024
This annual shareholder report contains important information about the Class C shares of PGIM Global Real Estate Fund (the “Fund”) for the
period of November 1, 2023 to October 31, 2024.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
PGIM Global Real Estate Fund—Class C | | |
WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?
■
Coming off a volatile macroeconomic environment for real estate investment trusts (REITs) in 2023, global REITs saw a nearly flat first half of
2024, as investors remained cautious about the pace of interest rate cuts, election uncertainty, and economic growth. However, the sector
delivered strong performance in the third quarter of 2024. Gains were fairly uniform across Asia, the US, and Europe, as investors began to
factor in cooling global inflation and the early stages of a rate-cutting cycle in the US. Many of the headwinds for REITs began turning into
tailwinds, as private real estate pricing appeared to bottom globally, and capital markets and transaction activity increased significantly.
■
Positive stock selection in several sectors and regions contributed to the Fund’s performance relative to the FTSE EPRA/NAREIT Net
Developed Index. Within North America, favorable stock selection, particularly in the data center, residential, triple-net, and health care sectors
drove outperformance. Stock selection was also strong in the Asia Pacific region, most notably in Australia and Japan.
■
Underweight allocation to US storage stocks detracted from relative performance, as did stock selection in the US storage sector and an
underweight position in US office securities. In Europe, security selection in the UK undermined relative returns, while in Asia, security selection
in Singapore detracted.
HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?
The Fund’s past performance is not a good predictor of the Fund’s future performance.
The returns do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.
The line graph reflects a hypothetical $10,000 investment in Class C shares and assumes that all recurring fees (including management fees)
were deducted and dividend and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would
have been lower.
Cumulative Performance: October 31, 2014 to October 31, 2024 Initial Investment of $10,000 |
Average Annual Total Returns as of 10/31/2024 |
| | | |
Class C with sales charges | | | |
Class C without sales charges | | | |
Broad-Based Securities Market Index: S&P 500 Index | | | |
FTSE EPRA/NAREIT Developed Net Index | | | |
WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2024?
| |
| |
Total advisory fees paid for the year | |
Portfolio turnover rate for the year | |
WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF
10
/31/2024?
| |
| |
| |
| |
| |
| |
| |
Real Estate Operating Companies | |
| |
Diversified Real Estate Activities | |
| |
| |
| |
Internet Services & Infrastructure | |
Affiliated Mutual Fund - Short Term Investment (0.0% represents investments purchased with collateral from securities on loan) | |
| |
Other assets in excess of liabilities | |
| |
You can find additional information at
pgim.com/investments/mutual-funds/
prospectuses
-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Global Real Estate Fund
PGIM Global Real Estate Fund
ANNUAL SHAREHOLDER REPORT – October 31, 2024
This annual shareholder report contains important information about the Class R shares of PGIM Global Real Estate Fund (the “Fund”) for the
period of November 1, 2023 to October 31, 2024.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
PGIM Global Real Estate Fund—Class R | | |
WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?
■
Coming off a volatile macroeconomic environment for real estate investment trusts (REITs) in 2023, global REITs saw a nearly flat first half of
2024, as investors remained cautious about the pace of interest rate cuts, election uncertainty, and economic growth. However, the sector
delivered strong performance in the third quarter of 2024. Gains were fairly uniform across Asia, the US, and Europe, as investors began to
factor in cooling global inflation and the early stages of a rate-cutting cycle in the US. Many of the headwinds for REITs began turning into
tailwinds, as private real estate pricing appeared to bottom globally, and capital markets and transaction activity increased significantly.
■
Positive stock selection in several sectors and regions contributed to the Fund’s performance relative to the FTSE EPRA/NAREIT Net
Developed Index. Within North America, favorable stock selection, particularly in the data center, residential, triple-net, and health care sectors
drove outperformance. Stock selection was also strong in the Asia Pacific region, most notably in Australia and Japan.
■
Underweight allocation to US storage stocks detracted from relative performance, as did stock selection in the US storage sector and an
underweight position in US office securities. In Europe, security selection in the UK undermined relative returns, while in Asia, security selection
in Singapore detracted.
HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?
The Fund’s past performance is not a good predictor of the Fund’s future performance.
The returns do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.
The line graph reflects a hypothetical $10,000 investment in Class R shares and assumes that all recurring fees (including management fees)
were deducted and dividend and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would
have been lower.
Cumulative Performance: October 31, 2014 to October 31, 2024 Initial Investment of $10,000 |
Average Annual Total Returns as of 10/31/2024 |
| | | |
| | | |
Broad-Based Securities Market Index: S&P 500 Index | | | |
FTSE EPRA/NAREIT Developed Net Index | | | |
WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2024?
| |
| |
Total advisory fees paid for the year | |
Portfolio turnover rate for the year | |
WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 1
0
/31/2024?
| |
| |
| |
| |
| |
| |
| |
Real Estate Operating Companies | |
| |
Diversified Real Estate Activities | |
| |
| |
| |
Internet Services & Infrastructure | |
Affiliated Mutual Fund - Short Term Investment (0.0% represents investments purchased with collateral from securities on loan) | |
| |
Other assets in excess of liabilities | |
| |
You can find additional information at
pgim.com/investments/mutual-funds/
prospectuses
-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Global Real Estate Fund
PGIM Global Real Estate Fund
ANNUAL SHAREHOLDER REPORT – October 31, 2024
This annual shareholder report contains important information about the Class Z shares of PGIM Global Real Estate Fund (the “Fund”) for the
period of November 1, 2023 to October 31, 2024.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
PGIM Global Real Estate Fund—Class Z | | |
WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?
■
Coming off a volatile macroeconomic environment for real estate investment trusts (REITs) in 2023, global REITs saw a nearly flat first half of
2024, as investors remained cautious about the pace of interest rate cuts, election uncertainty, and economic growth. However, the sector
delivered strong performance in the third quarter of 2024. Gains were fairly uniform across Asia, the US, and Europe, as investors began to
factor in cooling global inflation and the early stages of a rate-cutting cycle in the US. Many of the headwinds for REITs began turning into
tailwinds, as private real estate pricing appeared to bottom globally, and capital markets and transaction activity increased significantly.
■
Positive stock selection in several sectors and regions contributed to the Fund’s performance relative to the FTSE EPRA/NAREIT Net
Developed Index. Within North America, favorable stock selection, particularly in the data center, residential, triple-net, and health care sectors
drove outperformance. Stock selection was also strong in the Asia Pacific region, most notably in Australia and Japan.
■
Underweight allocation to US storage stocks detracted from relative performance, as did stock selection in the US storage sector and an
underweight position in US office securities. In Europe, security selection in the UK undermined relative returns, while in Asia, security selection
in Singapore detracted.
HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?
The Fund’s past performance is not a good predictor of the Fund’s future performance.
The returns do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.
The line graph reflects a hypothetical $10,000 investment in Class Z shares and assumes that all recurring fees (including management fees)
were deducted and dividend and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would
have been lower.
Cumulative Performance: October 31, 2014 to October 31, 2024 Initial Investment of $10,000 |
Average Annual Total Returns as of 10/31/2024 |
| | | |
| | | |
Broad-Based Securities Market Index: S&P 500 Index | | | |
FTSE EPRA/NAREIT Developed Net Index | | | |
WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2024?
| |
| |
Total advisory fees paid for the year | |
Portfolio turnover rate for the year | |
WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF
10
/31/202
4
?
| |
| |
| |
| |
| |
| |
| |
Real Estate Operating Companies | |
| |
Diversified Real Estate Activities | |
| |
| |
| |
Internet Services & Infrastructure | |
Affiliated Mutual Fund - Short Term Investment (0.0% represents investments purchased with collateral from securities on loan) | |
| |
Other assets in excess of liabilities | |
| |
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy
voting
information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Global Real Estate Fund
PGIM Global Real Estate Fund
ANNUAL SHAREHOLDER REPORT – October 31, 2024
This annual shareholder report contains important information about the Class R2 shares of PGIM Global Real Estate Fund (the “Fund”) for the
period of November 1, 2023 to October 31, 2024.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
PGIM Global Real Estate Fund—Class R2 | | |
WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?
■
Coming off a volatile macroeconomic environment for real estate investment trusts (REITs) in 2023, global REITs saw a nearly flat first half of
2024, as investors remained cautious about the pace of interest rate cuts, election uncertainty, and economic growth. However, the sector
delivered strong performance in the third quarter of 2024. Gains were fairly uniform across Asia, the US, and Europe, as investors began to
factor in cooling global inflation and the early stages of a rate-cutting cycle in the US. Many of the headwinds for REITs began turning into
tailwinds, as private real estate pricing appeared to bottom globally, and capital markets and transaction activity increased significantly.
■
Positive stock selection in several sectors and regions contributed to the Fund’s performance relative to the FTSE EPRA/NAREIT Net
Developed Index. Within North America, favorable stock selection, particularly in the data center, residential, triple-net, and health care sectors
drove outperformance. Stock selection was also strong in the Asia Pacific region, most notably in Australia and Japan.
■
Underweight allocation to US storage stocks detracted from relative performance, as did stock selection in the US storage sector and an
underweight position in US office securities. In Europe, security selection in the UK undermined relative returns, while in Asia, security selection
in Singapore detracted.
HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?
The Fund’s past performance is not a good predictor of the Fund’s future performance.
The returns do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.
The line graph reflects a hypothetical $10,000 investment in Class R2 shares and assumes that all recurring fees (including management fees)
were deducted and dividend and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would
have been lower.
Cumulative Performance: December 27, 2017 to October 31, 2024 Initial Investment of $10,000 |
Average Annual Total Returns as of 10/31/2024 |
| | | |
| | | |
Broad-Based Securities Market Index: S&P 500 Index | | | |
FTSE EPRA/NAREIT Developed Net Index | | | |
Since Inception returns are provided for the share class since it has less
than
10 fiscal years of returns. Since Inception returns for the Indexes are measured from the
closest month-end to the class’s inception date.
WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2024?
| |
| |
Total advisory fees paid for the year | |
Portfolio turnover rate for the year | |
WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 10/31/2024?
| |
| |
| |
| |
| |
| |
| |
Real Estate Operating Companies | |
| |
Diversified Real Estate Activities | |
| |
| |
| |
Internet Services & Infrastructure | |
Affiliated Mutual Fund - Short Term Investment (0.0% represents investments purchased with collateral from securities on loan) | |
| |
Other assets in excess of liabilities | |
| |
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from
outside
the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Global Real Estate Fund
PGIM Global Real Estate Fund
ANNUAL SHAREHOLDER REPORT – October 31, 2024
This annual shareholder report contains important information about the Class R4 shares of PGIM Global Real Estate Fund (the “Fund”) for the
period of November 1, 2023 to October 31, 2024.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
PGIM Global Real Estate Fund—Class R4 | | |
WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?
■
Coming off a volatile macroeconomic environment for real estate investment trusts (REITs) in 2023, global REITs saw a nearly flat first half of
2024, as investors remained cautious about the pace of interest rate cuts, election uncertainty, and economic growth. However, the sector
delivered strong performance in the third quarter of 2024. Gains were fairly uniform across Asia, the US, and Europe, as investors began to
factor in cooling global inflation and the early stages of a rate-cutting cycle in the US. Many of the headwinds for REITs began turning into
tailwinds, as private real estate pricing appeared to bottom globally, and capital markets and transaction activity increased significantly.
■
Positive stock selection in several sectors and regions contributed to the Fund’s performance relative to the FTSE EPRA/NAREIT Net
Developed Index. Within North America, favorable stock selection, particularly in the data center, residential, triple-net, and health care sectors
drove outperformance. Stock selection was also strong in the Asia Pacific region, most notably in Australia and Japan.
■
Underweight allocation to US storage stocks detracted from relative performance, as did stock selection in the US storage sector and an
underweight position in US office securities. In Europe, security selection in the UK undermined relative returns, while in Asia, security selection
in Singapore detracted.
HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?
The Fund’s past performance is not a good predictor of the Fund’s future performance.
The returns do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.
The line graph reflects a hypothetical $10,000 investment in Class R4 shares and assumes that all recurring fees (including management fees)
were deducted and dividend and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would
have been lower.
Cumulative Performance: December 27, 2017 to October 31, 2024 Initial Investment of $10,000 |
Average Annual Total Returns as of 10/31/2024 |
| | | |
| | | |
Broad-Based Securities Market Index: S&P 500 Index | | | |
FTSE EPRA/NAREIT Developed Net Index | | | |
Since Inception returns are provided for the share class since it has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the
closest month-end to the class’s inception date.
WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2024?
| |
| |
Total advisory fees paid for the year | |
Portfolio turnover rate for the year | |
WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 10/31/2024?
| |
| |
| |
| |
| |
| |
| |
Real Estate Operating Companies | |
| |
Diversified Real Estate Activities | |
| |
| |
| |
Internet Services & Infrastructure | |
Affiliated Mutual Fund - Short Term Investment (0.0% represents investments purchased with collateral from securities on loan) | |
| |
Other assets in excess of liabilities | |
| |
You can find additional information at
pgim.com/investments/mutual-funds/
prospectuses
-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Global Real Estate Fund
PGIM Global Real Estate Fund
ANNUAL SHAREHOLDER REPORT – October 31, 2024
This annual shareholder report contains important information about the Class R6 shares of PGIM Global Real Estate Fund (the “Fund”) for the
period of November 1, 2023 to October 31, 2024.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
PGIM Global Real Estate Fund—Class R6 | | |
WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?
■
Coming off a volatile macroeconomic environment for real estate investment trusts (REITs) in 2023, global REITs saw a nearly flat first half of
2024, as investors remained cautious about the pace of interest rate cuts, election uncertainty, and economic growth. However, the sector
delivered strong performance in the third quarter of 2024. Gains were fairly uniform across Asia, the US, and Europe, as investors began to
factor in cooling global inflation and the early stages of a rate-cutting cycle in the US. Many of the headwinds for REITs began turning into
tailwinds, as private real estate pricing appeared to bottom globally, and capital markets and transaction activity increased significantly.
■
Positive stock selection in several sectors and regions contributed to the Fund’s performance relative to the FTSE EPRA/NAREIT Net
Developed Index. Within North America, favorable stock selection, particularly in the data center, residential, triple-net, and health care sectors
drove outperformance. Stock selection was also strong in the Asia Pacific region, most notably in Australia and Japan.
■
Underweight allocation to US storage stocks detracted from relative performance, as did stock selection in the US storage sector and an
underweight position in US office securities. In Europe, security selection in the UK undermined relative returns, while in Asia, security selection
in Singapore detracted.
HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?
The Fund’s past performance is not a good predictor of the Fund’s future performance.
The returns do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.
The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)
were deducted and dividend and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would
have been lower.
Cumulative Performance: October 31, 2014 to October 31, 2024 Initial Investment of $10,000 |
Average Annual Total Returns as of 10/31/2024 |
| | | |
| | | |
Broad-Based Securities Market Index: S&P 500 Index | | | |
FTSE EPRA/NAREIT Developed Net Index | | | |
WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2024?
| |
| |
Total advisory fees paid for the year | |
Portfolio turnover rate for the year | |
WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 10/31/20
24
?
| |
| |
| |
| |
| |
| |
| |
Real Estate Operating Companies | |
| |
Diversified Real Estate Activities | |
| |
| |
| |
Internet Services & Infrastructure | |
Affiliated Mutual Fund - Short Term Investment (0.0% represents investments purchased with collateral from securities on loan) | |
| |
Other assets in excess of liabilities | |
| |
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/
investments
/resource/edelivery
and enroll.
PGIM Global Real Estate Fund
PGIM Jennison International Small-Mid Cap
Opportunities Fund
ANNUAL SHAREHOLDER REPORT – October 31, 2024
This annual shareholder report contains important information about the Class A shares of PGIM Jennison International Small-Mid Cap
Opportunities Fund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
PGIM Jennison International Small-Mid Cap Opportunities Fund—Class A | | |
WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?
■
Equity markets posted strong gains over the reporting period as investors reacted positively to the slowing pace of inflation and sustained
economic growth.
■
During the period, stock selection in the information technology sector (especially semiconductors and software) contributed the most to the
Fund’s performance relative to the MSCI All Country World ex USA Small Mid Cap Net Index. Security selection in real estate (primarily real
estate management), consumer discretionary (broadline retail and automobiles), health care (health care technology), and industrials
(aerospace & defense) also contributed meaningfully to results.
■
During the period, stock selection in materials (primarily construction materials and metals & mining), financials (capital markets), utilities
(electric utilities), and communication services (diversified telecommunications), along with an underweight in financials, detracted the most.
HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?
The Fund’s past performance is not a good predictor of the Fund’s future performance.
The returns do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.
The line graph reflects a hypothetical $10,000 investment in Class A shares and assumes that all recurring fees (including management fees)
were deducted and dividend and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would
have been lower.
Cumulative Performance: September 14, 2021 to October 31, 2024 Initial Investment of $10,000 |
The line graph reflects the return on the Fund's Class A shares with sales charges.
Average Annual Total Returns as of 10/31/2024 |
| | |
Class A with sales charges | | |
Class A without sales charges | | |
Broad-Based Securities Market Index: MSCI All Country World ex-US ND Index* | | |
MSCI All Country World ex USA Small Mid Cap Net Index | | |
*The Fund has added this broad-based index in response to new regulatory requirements.
Since Inception returns are provided for the share class since it has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the
closest month-end to the class’s inception date.
WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2024?
| |
| |
Total advisory fees paid for the year | |
Portfolio turnover rate for the year | |
WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 10/31/2024?
| |
| |
Real Estate Management & Development | |
| |
Affiliated Mutual Fund - Short-Term Investment | |
| |
| |
Hotels, Restaurants & Leisure | |
| |
| |
Interactive Media & Services | |
| |
| |
Health Care Providers & Services | |
| |
| |
Semiconductors & Semiconductor Equipment | |
| |
| |
| |
Textiles, Apparel & Luxury Goods | |
Construction & Engineering | |
| |
| |
| |
Liabilities in excess of other assets | |
| |
WERE THERE ANY CHANGES TO THE
FUND
THIS YEAR?
The following is a summary of certain changes to the Fund since November 1, 2023:
■
For the year ended October 31, 2024, total annual Fund operating expenses after waivers and/or expense reimbursement for Class A shares
decreased from 1.63% in the year ended October 31, 2023 to 1.45% primarily due to a decrease in non-recurring expenses.
For more complete information, you should review the Fund’s next prospectus, which we expect to be available by February 28, 2025 at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by request at (800) 225-1852.
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Jennison International Small-Mid Cap Opportunities Fund
PGIM Jennison International Small-Mid Cap
Opportunities Fund
ANNUAL SHAREHOLDER REPORT – October 31, 2024
This annual shareholder report contains important information about the Class C shares of PGIM Jennison International Small-Mid Cap
Opportunities Fund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
PGIM Jennison International Small-Mid Cap Opportunities Fund—Class C | | |
WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?
■
Equity markets posted strong gains over the reporting period as investors reacted positively to the slowing pace of inflation and sustained
economic growth.
■
During the period, stock selection in the information technology sector (especially semiconductors and software) contributed the most to the
Fund’s performance relative to the MSCI All Country World ex USA Small Mid Cap Net Index. Security selection in real estate (primarily real
estate management), consumer discretionary (broadline retail and automobiles), health care (health care technology), and industrials
(aerospace & defense) also contributed meaningfully to results.
■
During the period, stock selection in materials (primarily construction materials and metals & mining), financials (capital markets), utilities
(electric utilities), and communication services (diversified telecommunications), along with an underweight in financials, detracted the most.
HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?
The Fund’s past performance is not a good predictor of the Fund’s future performance.
The returns do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.
The line graph reflects a hypothetical $10,000 investment in Class C shares and assumes that all recurring fees (including management fees)
were deducted and dividend and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would
have been lower.
Cumulative Performance: September 14, 2021 to October 31, 2024 Initial Investment of $10,000 |
Average Annual Total Returns as of 10/31/2024 |
| | |
Class C with sales charges | | |
Class C without sales charges | | |
Broad-Based Securities Market Index: MSCI All Country World ex-US ND Index* | | |
MSCI All Country World ex USA Small Mid Cap Net Index | | |
*The Fund has added this broad-based index in response to new regulatory requirements.
Since Inception returns are provided for the share class since it has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the
closest month-end to the class’s inception date.
WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2024?
| |
| |
Total advisory fees paid for the year | |
Portfolio turnover rate for the year | |
WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 10/31/2024?
| |
| |
Real Estate Management & Development | |
| |
Affiliated Mutual Fund - Short-Term Investment | |
| |
| |
Hotels, Restaurants & Leisure | |
| |
| |
Interactive Media & Services | |
| |
| |
Health Care Providers & Services | |
| |
| |
Semiconductors & Semiconductor Equipment | |
| |
| |
| |
Textiles, Apparel & Luxury Goods | |
Construction & Engineering | |
| |
| |
| |
Liabilities in excess of other assets | |
| |
You can find additional information at
pgim.com/investments/mutual-funds/
prospectuses
-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Jennison International Small-Mid Cap Opportunities Fund
PGIM Jennison International Small-Mid Cap
Opportunities Fund
ANNUAL SHAREHOLDER REPORT – October 31, 2024
This annual shareholder report contains important information about the Class Z shares of PGIM Jennison International Small-Mid Cap
Opportunities Fund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
PGIM Jennison International Small-Mid Cap Opportunities Fund—Class Z | | |
WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?
■
Equity markets posted strong gains over the reporting period as investors reacted positively to the slowing pace of inflation and sustained
economic growth.
■
During the period, stock selection in the information technology sector (especially semiconductors and software) contributed the most to the
Fund’s performance relative to the MSCI All Country World ex USA Small Mid Cap Net Index. Security selection in real estate (primarily real
estate management), consumer discretionary (broadline retail and automobiles), health care (health care technology), and industrials
(aerospace & defense) also contributed meaningfully to results.
■
During the period, stock selection in materials (primarily construction materials and metals & mining), financials (capital markets), utilities
(electric utilities), and communication services (diversified telecommunications), along with an underweight in financials, detracted the most.
HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?
The Fund’s past performance is not a good predictor of the Fund’s future performance.
The returns do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.
The line graph reflects a hypothetical $10,000 investment in Class Z shares and assumes that all recurring fees (including management fees)
were deducted and dividend and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would
have been lower.
Cumulative Performance: September 14, 2021 to October 31, 2024 Initial Investment of $10,000 |
Average Annual Total Returns as of 10/31/2024 |
| | |
| | |
Broad-Based Securities Market Index: MSCI All Country World ex-US ND Index* | | |
MSCI All Country World ex USA Small Mid Cap Net Index | | |
*The Fund has added this broad-based index in response to new regulatory requirements.
Since Inception returns are provided for the share class since it has less than 10 f
iscal y
ears of returns. Since Inception returns for the Indexes are measured from the
closest month-end to the class’s inception date.
WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2024?
| |
| |
Total advisory fees paid for the year | |
Portfolio turnover rate for the year | |
WHAT ARE SOME
CHARACTERISTICS
OF THE FUND’S HOLDINGS AS OF 10/31/2024?
| |
| |
Real Estate Management & Development | |
| |
Affiliated Mutual Fund - Short-Term Investment | |
| |
| |
Hotels, Restaurants & Leisure | |
| |
| |
Interactive Media & Services | |
| |
| |
Health Care Providers & Services | |
| |
| |
Semiconductors & Semiconductor Equipment | |
| |
| |
| |
Textiles, Apparel & Luxury Goods | |
Construction & Engineering | |
| |
| |
| |
Liabilities in excess of other assets | |
| |
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Jennison International Small-Mid Cap Opportunities Fund
PGIM Jennison International Small-Mid Cap
Opportunities Fund
ANNUAL SHAREHOLDER REPORT – October 31, 2024
This annual shareholder report contains important information about the Class R6 shares of PGIM Jennison International Small-Mid Cap
Opportunities Fund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
PGIM Jennison International Small-Mid Cap Opportunities Fund—Class R6 | | |
WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?
■
Equity markets posted strong gains over the reporting period as investors reacted positively to the slowing pace of inflation and sustained
economic growth.
■
During the period, stock selection in the information technology sector (especially semiconductors and software) contributed the most to the
Fund’s performance relative to the MSCI All Country World ex USA Small Mid Cap Net Index. Security selection in real estate (primarily real
estate management), consumer discretionary (broadline retail and automobiles), health care (health care technology), and industrials
(aerospace & defense) also contributed meaningfully to results.
■
During the period, stock selection in materials (primarily construction materials and metals & mining), financials (capital markets), utilities
(electric utilities), and communication services (diversified telecommunications), along with an underweight in financials, detracted the most.
HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?
The Fund’s past performance is not a good predictor of the Fund’s future performance.
The returns do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.
The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)
were deducted and dividend and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would
have been lower.
Cumulative Performance: September 14, 2021 to October 31, 2024 Initial Investment of $10,000 |
Average Annual Total Returns as of 10/31/2024 |
| | |
| | |
Broad-Based Securities Market Index: MSCI All Country World ex-US ND Index* | | |
MSCI All Country World ex USA Small Mid Cap Net Index | | |
*The Fund has added this broad-based index in response to new regulatory requirements.
Since Inception returns are provided for the share class since it has less than 10 fiscal years of returns. Since Inception
returns
for the Indexes are measured from the
closest month-end to the class’s inception date.
WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2024?
| |
| |
Total advisory fees paid for the year | |
Portfolio turnover rate for the year | |
WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 10/31/2024?
| |
| |
Real Estate Management & Development | |
| |
Affiliated Mutual Fund - Short-Term Investment | |
| |
| |
Hotels, Restaurants & Leisure | |
| |
| |
Interactive Media & Services | |
| |
| |
Health Care Providers & Services | |
| |
| |
Semiconductors & Semiconductor Equipment | |
| |
| |
| |
Textiles, Apparel & Luxury Goods | |
Construction & Engineering | |
| |
| |
| |
Liabilities in excess of other assets | |
| |
You can find additional information at
pgim.com/investments/mutual-funds/
prospectuses
-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Jennison International Small-Mid Cap Opportunities Fund
PGIM Jennison NextGeneration Global
Opportunities Fund
ANNUAL SHAREHOLDER REPORT – October 31, 2024
This annual shareholder report contains important information about the Class A shares of PGIM Jennison NextGeneration Global Opportunities
Fund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
PGIM Jennison NextGeneration Global Opportunities Fund—Class A | | |
WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?
■
Equity markets posted strong gains over the reporting period as investors reacted positively to the slowing pace of inflation and sustained
economic growth.
■
During the period, security selection in consumer discretionary (especially hotels, restaurants & leisure) and industrials (led by aerospace &
defense and electrical equipment) made the strongest contributions to the Fund’s performance relative to the MSCI All Country World Small
Mid Cap ND Index. Stock selection in information technology (primarily semiconductors) and real estate (real estate management) also
contributed meaningfully to results.
■
During the period, security selection in financials (especially banks), materials (primarily construction materials), and communication services
(media and interactive media & services), along with an underweight in financials, detracted the most from relative performance.
HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?
The Fund’s past performance is not a good predictor of the Fund’s future performance.
The returns do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.
The line graph reflects a hypothetical $10,000 investment in Class A shares and assumes that all recurring fees (including management fees)
were deducted and dividend and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would
have been lower.
Cumulative Performance: September 14, 2021 to October 31, 2024 Initial Investment of $10,000 |
The line graph reflects the return on the Fund's Class A shares with sales charges.
Average Annual Total Returns as of 10/31/2024 |
| | |
Class A with sales charges | | |
Class A without sales charges | | |
Broad-Based Securities Market Index: MSCI All Country World ND Index* | | |
MSCI All Country World Small Mid Cap ND Index | | |
*The Fund has added this broad-based index in response to new regulatory requirements.
Since Inception returns are provided for the share class since it has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the
closest month-end to the class’s inception date.
WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2024?
| |
| |
Total advisory fees paid for the year | |
Portfolio turnover rate for the year | |
WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 10/31/2024?
| |
| |
Hotels, Restaurants & Leisure | |
| |
| |
Real Estate Management & Development | |
| |
Affiliated Mutual Fund - Short-Term Investment (1.7% represents investments purchased with collateral from securities on loan) | |
| |
Construction & Engineering | |
| |
Semiconductors & Semiconductor Equipment | |
Commercial Services & Supplies | |
Health Care Providers & Services | |
| |
| |
| |
| |
| |
| |
| |
Trading Companies & Distributors | |
Interactive Media & Services | |
| |
| |
Electronic Equipment, Instruments & Components | |
| |
Liabilities in excess of other assets | |
| |
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Jennison NextGeneration Global Opportunities Fund
PGIM Jennison NextGeneration Global
Opportunities Fund
ANNUAL SHAREHOLDER REPORT – October 31, 2024
This annual shareholder report contains important information about the Class C shares of PGIM Jennison NextGeneration Global Opportunities
Fund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
PGIM Jennison NextGeneration Global Opportunities Fund—Class C | | |
WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?
■
Equity markets posted strong gains over the reporting period as investors reacted positively to the slowing pace of inflation and sustained
economic growth.
■
During the period, security selection in consumer discretionary (especially hotels, restaurants & leisure) and industrials (led by aerospace &
defense and electrical equipment) made the strongest contributions to the Fund’s performance relative to the MSCI All Country World Small
Mid Cap ND Index. Stock selection in information technology (primarily semiconductors) and real estate (real estate management) also
contributed meaningfully to results.
■
During the period, security selection in financials (especially banks), materials (primarily construction materials), and communication services
(media and interactive media & services), along with an underweight in financials, detracted the most from relative performance.
HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?
The Fund’s past performance is not a good predictor of the Fund’s future performance.
The returns do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.
The line graph reflects a hypothetical $10,000 investment in Class C shares and assumes that all recurring fees (including management fees)
were deducted and dividend and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would
have been lower.
Cumulative Performance: September 14, 2021 to October 31, 2024 Initial Investment of $10,000 |
Average Annual Total Returns as of 10/31/2024 |
| | |
Class C with sales charges | | |
Class C without sales charges | | |
Broad-Based Securities Market Index: MSCI All Country World ND Index* | | |
MSCI All Country World Small Mid Cap ND Index | | |
*The Fund has added this broad-based index in response to new regulatory requirements.
Since Inception returns are provided for the share class since it has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from th
e
cl
osest month-end to the class’s inception date.
WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2024
?
| |
| |
Total advisory fees paid for the year | |
Portfolio turnover rate for the year | |
WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 10/31/2024?
| |
| |
Hotels, Restaurants & Leisure | |
| |
| |
Real Estate Management & Development | |
| |
Affiliated Mutual Fund - Short-Term Investment (1.7% represents investments purchased with collateral from securities on loan) | |
| |
Construction & Engineering | |
| |
Semiconductors & Semiconductor Equipment | |
Commercial Services & Supplies | |
Health Care Providers & Services | |
| |
| |
| |
| |
| |
| |
| |
Trading Companies & Distributors | |
Interactive Media & Services | |
| |
| |
Electronic Equipment, Instruments & Components | |
| |
Liabilities in excess of other assets | |
| |
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Jennison NextGeneration Global Opportunities Fund
PGIM Jennison NextGeneration Global
Opportunities Fund
ANNUAL SHAREHOLDER REPORT – October 31, 2024
This annual shareholder report contains important information about the Class Z shares of PGIM Jennison NextGeneration Global Opportunities
Fund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
PGIM Jennison NextGeneration Global Opportunities Fund—Class Z | | |
WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?
■
Equity markets posted strong gains over the reporting period as investors reacted positively to the slowing pace of inflation and sustained
economic growth.
■
During the period, security selection in consumer discretionary (especially hotels, restaurants & leisure) and industrials (led by aerospace &
defense and electrical equipment) made the strongest contributions to the Fund’s performance relative to the MSCI All Country World Small
Mid Cap ND Index. Stock selection in information technology (primarily semiconductors) and real estate (real estate management) also
contributed meaningfully to results.
■
During the period, security selection in financials (especially banks), materials (primarily construction materials), and communication services
(media and interactive media & services), along with an underweight in financials, detracted the most from relative performance.
HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?
The Fund’s past performance is not a good predictor of the Fund’s future performance.
The returns do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.
The line graph reflects a hypothetical $10,000 investment in Class Z shares and assumes that all recurring fees (including management fees)
were deducted and dividend and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would
have been lower.
Cumulative Performance: September 14, 2021 to October 31, 2024 Initial Investment of $10,000 |
Average Annual Total Returns as of 10/31/2024 |
| | |
| | |
Broad-Based Securities Market Index: MSCI All Country World ND Index* | | |
MSCI All Country World Small Mid Cap ND Index | | |
*The Fund has added this broad-based index in response to new regulatory requirements.
Since Inception returns are provided for the share class since it has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the
closest month-end to the class’s inception date.
WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2024?
| |
| |
Total advisory fees paid for the year | |
Portfolio turnover rate for the year | |
WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 10/31/2024?
| |
| |
Hotels, Restaurants & Leisure | |
| |
| |
Real Estate Management & Development | |
| |
Affiliated Mutual Fund - Short-Term Investment (1.7% represents investments purchased with collateral from securities on loan) | |
| |
Construction & Engineering | |
| |
Semiconductors & Semiconductor Equipment | |
Commercial Services & Supplies | |
Health Care Providers & Services | |
| |
| |
| |
| |
| |
| |
| |
Trading Companies & Distributors | |
Interactive Media & Services | |
| |
| |
Electronic Equipment, Instruments & Components | |
| |
Liabilities in excess of other assets | |
| |
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Jennison NextGeneration Global Opportunities Fund
PGIM Jennison NextGeneration Global
Opportunities Fund
ANNUAL SHAREHOLDER REPORT – October 31, 2024
This annual shareholder report contains important information about the Class R6 shares of PGIM Jennison NextGeneration Global Opportunities
Fund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
PGIM Jennison NextGeneration Global Opportunities Fund—Class R6 | | |
WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?
■
Equity markets posted strong gains over the reporting period as investors reacted positively to the slowing pace of inflation and sustained
economic growth.
■
During the period, security selection in consumer discretionary (especially hotels, restaurants & leisure) and industrials (led by aerospace &
defense and electrical equipment) made the strongest contributions to the Fund’s performance relative to the MSCI All Country World Small
Mid Cap ND Index. Stock selection in information technology (primarily semiconductors) and real estate (real estate management) also
contributed meaningfully to results.
■
During the period, security selection in financials (especially banks), materials (primarily construction materials), and communication services
(media and interactive media & services), along with an underweight in financials, detracted the most from relative performance.
HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?
The Fund’s past performance is not a good predictor of the Fund’s future performance.
The returns do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.
The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)
were deducted and dividend and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would
have been lower.
Cumulative Performance: September 14, 2021 to October 31, 2024 Initial Investment of $10,000 |
Average Annual Total Returns as of 10/31/2024 |
| | |
| | |
Broad-Based Securities Market Index: MSCI All Country World ND Index* | | |
MSCI All Country World Small Mid Cap ND Index | | |
*The Fund has added this broad-based index in response to new regulatory requirements.
Since Inception returns are provided for the share class since it has less than 10 fiscal years of returns. Since Inception returns for the Indexes are
measured
from the
closest month-end to the class’s inception date.
WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2024?
| |
| |
Total advisory fees paid for the year | |
Portfolio turnover rate for the year | |
WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HO
LDING
S AS OF 10/31/2024?
| |
| |
Hotels, Restaurants & Leisure | |
| |
| |
Real Estate Management & Development | |
| |
Affiliated Mutual Fund - Short-Term Investment (1.7% represents investments purchased with collateral from securities on loan) | |
| |
Construction & Engineering | |
| |
Semiconductors & Semiconductor Equipment | |
Commercial Services & Supplies | |
Health Care Providers & Services | |
| |
| |
| |
| |
| |
| |
| |
Trading Companies & Distributors | |
Interactive Media & Services | |
| |
| |
Electronic Equipment, Instruments & Components | |
| |
Liabilities in excess of other assets | |
| |
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Jennison NextGeneration Global Opportunities Fund
PGIM Jennison Technology Fund
ANNUAL SHAREHOLDER REPORT – October 31, 2024
This annual shareholder report contains important information about the Class A shares of PGIM Jennison Technology Fund (the “Fund”) for the
period of November 1, 2023 to October 31, 2024.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
PGIM Jennison Technology Fund—Class A | | |
WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?
■
Capital asset prices increased over the reporting period as investors reacted positively to the slowing pace of inflation and sustained economic
growth. The US Federal Reserve (Fed) moved to lower the federal funds rate by 0.50% at its September meeting. Markets responded favorably
to the move, as well as to the tone of the accompanying statement, which expressed confidence in the Fed’s ability to continue to ease policy in
the future.
■
Within information technology, semiconductor & semiconductor equipment holdings (especially overweights in Broadcom Inc. and Nvidia Corp.)
and software (CrowdStrike Holdings Inc. and ServiceNow Inc.) added the most to the Fund’s strong absolute performance and its significant
outperformance relative to the MSCI All Country World Information Technology Net Index.
■
On the downside, information technology services positions and non-Index positions in the consumer discretionary, real estate, and health care
sectors detracted the most from relative results.
HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?
The Fund’s past performance is not a good predictor of the Fund’s future performance.
The returns do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.
The line graph reflects a hypothetical $10,000 investment in Class A shares and assumes that all recurring fees (including management fees)
were deducted and dividend and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would
have been lower.
Cumulative Performance: June 19, 2018 to October 31, 2024 Initial Investment of $10,000 |
The line graph reflects the return on the Fund's Class A shares with sales charges.
Average Annual Total Returns as of 10/31/2024 |
| | | |
Class A with sales charges | | | |
Class A without sales charges | | | |
Broad-Based Securities Market Index: S&P 500 Index* | | | |
MSCI All Country World Information Technology Net Index | | | |
*The Fund has added this broad-based index in response to new regulatory requirements.
Since Inception returns are provided for the share class since it has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the
closest month-end to the class’s inception date.
WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2024?
| |
| |
Total advisory fees paid for the year | |
Portfolio turnover rate for the year | |
WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 10/31/2024?
| |
Semiconductors & Semiconductor Equipment | |
| |
Technology Hardware, Storage & Peripherals | |
Affiliated Mutual Fund - Short-Term Investment (0.7% represents investments purchased with collateral from securities on loan) | |
| |
| |
| |
| |
| |
| |
Interactive Media & Services | |
| |
Hotels, Restaurants & Leisure | |
Health Care Equipment & Supplies | |
Electronic Equipment, Instruments & Components | |
| |
Independent Power & Renewable Electricity | |
| |
| |
| |
Liabilities in excess of other assets | |
| |
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Jennison Technology Fund
PGIM Jennison Technology Fund
ANNUAL SHAREHOLDER REPORT – October 31, 2024
This annual shareholder report contains important information about the Class C shares of PGIM Jennison Technology Fund (the “Fund”) for the
period of November 1, 2023 to October 31, 2024.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
PGIM Jennison Technology Fund—Class C | | |
WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?
■
Capital asset prices increased over the reporting period as investors reacted positively to the slowing pace of inflation and sustained economic
growth. The US Federal Reserve (Fed) moved to lower the federal funds rate by 0.50% at its September meeting. Markets responded favorably
to the move, as well as to the tone of the accompanying statement, which expressed confidence in the Fed’s ability to continue to ease policy in
the future.
■
Within information technology, semiconductor & semiconductor equipment holdings (especially overweights in Broadcom Inc. and Nvidia Corp.)
and software (CrowdStrike Holdings Inc. and ServiceNow Inc.) added the most to the Fund’s strong absolute performance and its significant
outperformance relative to the MSCI All Country World Information Technology Net Index.
■
On the downside, information technology services positions and non-Index positions in the consumer discretionary, real estate, and health care
sectors detracted the most from relative results.
HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?
The Fund’s past performance is not a good predictor of the Fund’s future performance.
The returns do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or redemption of Fund shares
.
Visit
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.
The line graph reflects a hypothetical $10,000 investment in Class C shares and assumes that all recurring fees (including management fees)
were deducted and dividend and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would
have been lower.
Cumulative Performance: June 19, 2018 to October 31, 2024 Initial Investment of $10,000 |
Average Annual Total Returns as of 10/31/2024 |
| | | |
Class C with sales charges | | | |
Class C without sales charges | | | |
Broad-Based Securities Market Index: S&P 500 Index* | | | |
MSCI All Country World Information Technology Net Index | | | |
*The Fund has added this broad-based index in response to new regulatory requirements.
Since Inception returns are provided for the share class since it has less than 10
fiscal
years of returns. Since Inception returns for the Indexes are measured from the
closest month-end to the class’s inception date.
WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2024?
| |
| |
Total advisory fees paid for the year | |
Portfolio turnover rate for the year | |
WHAT
ARE SOME CHARACTE
RIS
TICS OF THE FUND’S HOLDINGS AS OF 10/31/2024?
| |
Semiconductors & Semiconductor Equipment | |
| |
Technology Hardware, Storage & Peripherals | |
Affiliated Mutual Fund - Short-Term Investment (0.7% represents investments purchased with collateral from securities on loan) | |
| |
| |
| |
| |
| |
| |
Interactive Media & Services | |
| |
Hotels, Restaurants & Leisure | |
Health Care Equipment & Supplies | |
Electronic Equipment, Instruments & Components | |
| |
Independent Power & Renewable Electricity | |
| |
| |
| |
Liabilities in excess of other assets | |
| |
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Jennison Technology Fund
PGIM Jennison Technology Fund
ANNUAL SHAREHOLDER REPORT – October 31, 2024
This annual shareholder report contains important information about the Class Z shares of PGIM Jennison Technology Fund (the “Fund”) for the
period of November 1, 2023 to October 31, 2024.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
PGIM Jennison Technology Fund—Class Z | | |
WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?
■
Capital asset prices increased over the reporting period as investors reacted positively to the slowing pace of inflation and sustained economic
growth. The US Federal Reserve (Fed) moved to lower the federal funds rate by 0.50% at its September meeting. Markets responded favorably
to the move, as well as to the tone of the accompanying statement, which expressed confidence in the Fed’s ability to continue to ease policy in
the future.
■
Within information technology, semiconductor & semiconductor equipment holdings (especially overweights in Broadcom Inc. and Nvidia Corp.)
and software (CrowdStrike Holdings Inc. and ServiceNow Inc.) added the most to the Fund’s strong absolute performance and its significant
outperformance relative to the MSCI All Country World Information Technology Net Index.
■
On the downside, information technology services positions and non-Index positions in the consumer discretionary, real estate, and health care
sectors detracted the most from relative results.
HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?
The Fund’s past performance is not a good predictor of the Fund’s future performance.
The returns do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.
The line graph reflects a hypothetical $10,000 investment in Class Z shares and assumes that all recurring fees (including management fees)
were deducted and dividend and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would
have been lower.
Cumulative Performance: June 19, 2018 to October 31, 2024 Initial Investment of $10,000 |
Average Annual Total Returns as of 10/31/2024 |
| | | |
| | | |
Broad-Based Securities Market Index: S&P 500 Index* | | | |
MSCI All Country World Information Technology Net Index | | | |
*The Fund has added this broad-based index in response to new regulatory requirements.
Since Inception returns are provided for the share class since it has less than 10 fiscal years of returns. Since Inception returns for the Indexes are
measured
from the
closest month-end to the class’s inception date.
WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2024?
| |
| |
Total advisory fees paid for the year | |
Portfolio turnover rate for the year | |
WHAT
ARE
SOME C
HARA
CTERISTICS OF THE FUND’S HOLDINGS AS OF 10/31/2024?
| |
Semiconductors & Semiconductor Equipment | |
| |
Technology Hardware, Storage & Peripherals | |
Affiliated Mutual Fund - Short-Term Investment (0.7% represents investments purchased with collateral from securities on loan) | |
| |
| |
| |
| |
| |
| |
Interactive Media & Services | |
| |
Hotels, Restaurants & Leisure | |
Health Care Equipment & Supplies | |
Electronic Equipment, Instruments & Components | |
| |
Independent Power & Renewable Electricity | |
| |
| |
| |
Liabilities in excess of other assets | |
| |
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Jennison Technology Fund
PGIM Jennison Technology Fund
ANNUAL SHAREHOLDER REPORT – October 31, 2024
This annual shareholder report contains important information about the Class R6 shares of PGIM Jennison Technology Fund (the “Fund”) for the
period of November 1, 2023 to October 31, 2024.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
PGIM Jennison Technology Fund—Class R6 | | |
WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?
■
Capital asset prices increased over the reporting period as investors reacted positively to the slowing pace of inflation and sustained economic
growth. The US Federal Reserve (Fed) moved to lower the federal funds rate by 0.50% at its September meeting. Markets responded favorably
to the move, as well as to the tone of the accompanying statement, which expressed confidence in the Fed’s ability to continue to ease policy in
the future.
■
Within information technology, semiconductor & semiconductor equipment holdings (especially overweights in Broadcom Inc. and Nvidia Corp.)
and software (CrowdStrike Holdings Inc. and ServiceNow Inc.) added the most to the Fund’s strong absolute performance and its significant
outperformance relative to the MSCI All Country World Information Technology Net Index.
■
On the downside, information technology services positions and non-Index positions in the consumer discretionary, real estate, and health care
sectors detracted the most from relative results.
HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?
The Fund’s past performance is not a good predictor of the Fund’s future performance.
The returns do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.
The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)
were deducted and dividend and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would
have been lower.
Cumulative Performance: June 19, 2018 to October 31, 2024 Initial Investment of $10,000 |
Average Annual Total Returns as of 10/31/2024 |
| | | |
| | | |
Broad-Based Securities Market Index: S&P 500 Index * | | | |
MSCI All Country World Information Technology Net Index | | | |
*The Fund has added this broad-based index in response to new regulatory requirements.
Since Inception returns are provided for the share class since it has less than 10 fiscal years of returns. Since Inception returns for the Indexes are
measured
from the
closest month-end to the class’s inception date.
WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2024?
| |
| |
Total advisory fees paid for the year | |
Portfolio turnover rate for the year | |
WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 10/31/2024?
| |
Semiconductors & Semiconductor Equipment | |
| |
Technology Hardware, Storage & Peripherals | |
Affiliated Mutual Fund - Short-Term Investment (0.7% represents investments purchased with collateral from securities on loan) | |
| |
| |
| |
| |
| |
| |
Interactive Media & Services | |
| |
Hotels, Restaurants & Leisure | |
Health Care Equipment & Supplies | |
Electronic Equipment, Instruments & Components | |
| |
Independent Power & Renewable Electricity | |
| |
| |
| |
Liabilities in excess of other assets | |
| |
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Jennison Technology Fund
| | (b) | Copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule – Not applicable. |
Item 2 – Code of Ethics – See Exhibit (a)
As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies – Ethical Standards for Principal Executive and Financial Officers”) that applies to the registrant’s Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer.
The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant 800-225-1852, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.
Item 3 – Audit Committee Financial Expert –
The registrant’s Board has determined that Ms. Grace C. Torres, member of the Board’s Audit Committee is an “audit committee financial expert,” and that she is “independent,” for purposes of this item.
Item 4 – Principal Accountant Fees and Services –
For the fiscal years ended October 31, 2024 and October 31, 2023, PricewaterhouseCoopers LLP (“PwC”), the Registrant’s principal accountant, billed the Registrant $120,674 and $112,784, respectively, for professional services rendered for the audit of the Registrant’s annual financial statements or services that are normally provided in connection with statutory and regulatory filings.
For the fiscal years ended October 31, 2024 and October 31, 2023: none.
For the fiscal years ended October 31, 2024 and October 31, 2023: none.
For the fiscal years ended October 31, 2024 and October 31, 2023: none.
| | (e) | (1) Audit Committee Pre-Approval Policies and Procedures |
THE PGIM MUTUAL FUNDS
AUDIT COMMITTEE POLICY
on
Pre-Approval of Services Provided by the Independent
Accountants
The Audit Committee of each PGIM Mutual Fund is charged with the responsibility to monitor the independence of the Fund’s independent accountants. As part of this responsibility, the Audit Committee must pre-approve the independent accounting firm’s engagement to render audit and/or permissible non-audit services, as required by law. In evaluating a proposed engagement of the independent accountants, the Audit Committee will assess the effect that the engagement might reasonably be expected to have on the accountant’s independence. The Committee’s evaluation will be based on:
| | • | | a review of the nature of the professional services expected to be provided, |
| | • | | a review of the safeguards put into place by the accounting firm to safeguard independence, and |
| | • | | periodic meetings with the accounting firm. |
Policy for Audit and Non-Audit Services Provided to the Funds
On an annual basis, the scope of audits for each Fund, audit fees and expenses, and audit-related and non-audit services (and fees proposed in respect thereof) proposed to be performed by the Fund’s independent accountants will be presented by the Treasurer and the independent accountants to the Audit Committee for review and, as appropriate, approval prior to the initiation of such services.
Such presentation shall be accompanied by confirmation by both the Treasurer and the independent accountants that the proposed non-audit services will not adversely affect the independence of the independent accountants. Such proposed non-audit services shall be described in sufficient detail to enable the Audit Committee to assess the appropriateness of such services and fees, and the compatibility of the provision of such services with the auditor’s independence. The Committee shall receive periodic reports on the progress of the audit and other services which are approved by the Committee or by the Committee Chair pursuant to authority delegated in this Policy.
The categories of services enumerated under “Audit Services”, “Audit-related Services”, and “Tax Services” are intended to provide guidance to the Treasurer and the independent accountants as to those categories of services which the Committee believes are generally consistent with the independence of the independent accountants and which the Committee (or the Committee Chair) would expect upon the presentation of specific proposals to pre-approve. The enumerated categories are not intended as an exclusive list of audit, audit-related or tax services, which the Committee (or the Committee Chair) would consider for pre-approval.
Audit Services
The following categories of audit services are considered to be consistent with the role of the Fund’s independent accountants:
| | • | | Annual Fund financial statement audits |
| | • | | Seed audits (related to new product filings, as required) |
| | • | | SEC and regulatory filings and consents |
Audit-related Services
The following categories of audit-related services are considered to be consistent with the role of the Fund’s independent accountants:
| | • | | Accounting consultations |
| | • | | Fund merger support services |
| | • | | Agreed Upon Procedure Reports |
| | • | | Other Internal Control Reports |
Individual audit-related services that fall within one of these categories (except for fund merger support services) and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated). Fees related to fund merger support services are subject to a separate authorized pre-approval by the Audit Committee with fees determined on a per occurrence and merger complexity basis.
Tax Services
The following categories of tax services are considered to be consistent with the role of the Fund’s independent accountants:
| | • | | Tax compliance services related to the filing or amendment of the following: |
| | • | | Federal, state and local income tax compliance; and, |
| | • | | Sales and use tax compliance |
| | • | | Timely RIC qualification reviews |
| | • | | Tax distribution analysis and planning |
| | • | | Tax authority examination services |
| | • | | Tax appeals support services |
| | • | | Accounting methods studies |
| | • | | Fund merger support services |
| | • | | Tax consulting services and related projects |
Individual tax services that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated).
Other Non-Audit Services
Certain non-audit services that the independent accountants are legally permitted to render will be subject to pre-approval by the Committee or by one or more Committee members to whom the Committee has delegated this authority and who will report to the full Committee any pre-approval decisions made pursuant to this Policy. Non-audit services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.
Proscribed Services
The Fund’s independent accountants will not render services in the following categories of non-audit services:
| | • | | Bookkeeping or other services related to the accounting records or financial statements of the Fund |
| | • | | Financial information systems design and implementation |
| | • | | Appraisal or valuation services, fairness opinions, or contribution-in-kind reports |
| | • | | Internal audit outsourcing services |
| | • | | Management functions or human resources |
| | • | | Broker or dealer, investment adviser, or investment banking services |
| | • | | Legal services and expert services unrelated to the audit |
| | • | | Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible. |
Pre-approval of Non-Audit Services Provided to Other Entities Within the PGIM Fund Complex
Certain non-audit services provided to PGIM Investments LLC or any of its affiliates that also provide ongoing services to the PGIM Mutual Funds will be subject to pre-approval by the Audit Committee. The only non-audit services provided to these entities that will require pre-approval are those related directly to the operations and financial reporting of the Funds. Individual projects that are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $30,000. Services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.
Although the Audit Committee will not pre-approve all services provided to PGIM Investments LLC and its affiliates, the Committee will receive an annual report from the Fund’s independent accounting firm showing the aggregate fees for all services provided to PGIM Investments and its affiliates.
(e) (2) Percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X –
| | | | | | | | |
| | | | | Fiscal Year Ended October 31, 2024 | | Fiscal Year Ended October 31, 2023 | | |
| | | 4(b) | | Not applicable. | | Not applicable. | | |
| | | | |
| | 4(c) | | Not applicable. | | Not applicable. | | |
| | | | |
| | 4(d) | | Not applicable. | | Not applicable. | | |
(f) Percentage of hours expended attributable to work performed by other than full time employees of principal accountant if greater than 50%.
The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was 0%.
(g) Non-Audit Fees
The aggregate non-audit fees billed by the Registrant’s principal accountant for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended October 31, 2024 and October 31, 2023 was $0 and $0, respectively.
(h) Principal Accountant’s Independence
Not applicable as the Registrant’s principal accountant has not provided non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.
(i) Not applicable.
(j) Not applicable.
Item 5 – Audit Committee of Listed Registrants – Not applicable.
| Item 6 – | Investments – The registrant’s Schedule of Investments is included in the financial statements filed under Item 7 of this Form. |
| Items 7 – | 11 (Refer to Report below) |
PRUDENTIAL INVESTMENT PORTFOLIOS 12
PGIM Global Real Estate Fund
PGIM Jennison International Small-Mid Cap Opportunities Fund
PGIM Jennison NextGeneration Global Opportunities Fund
PGIM Jennison Technology Fund
FINANCIAL STATEMENTS AND OTHER INFORMATION
OCTOBER 31, 2024
| | | | |
Table of Contents | | Financial Statements and Other Information | | October 31, 2024 |
Form N-CSR Item 7 - Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Other Information - Form N-CSR Items 8-11
Glossary
The following abbreviations are used in the Funds’ descriptions:
144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.
ADR—American Depositary Receipt
CDI—Chess Depository Interest
REITs—Real Estate Investment Trust
SOFR—Secured Overnight Financing Rate
UTS—Unit Trust Security
1
PGIM Global Real Estate Fund
Schedule of Investments
as of October 31, 2024
| | | | | | | | |
| | |
| Description | | Shares | | | Value | |
| | |
LONG-TERM INVESTMENTS 99.7% | | | | | | | | |
| | |
COMMON STOCKS | | | | | | | | |
| | |
Australia 6.5% | | | | | | | | |
| | |
Goodman Group, REIT | | | 913,985 | | | $ | 21,825,500 | |
NEXTDC Ltd.* | | | 493,500 | | | | 5,271,609 | |
Scentre Group, REIT | | | 7,667,695 | | | | 17,579,472 | |
Stockland, REIT | | | 3,494,664 | | | | 11,817,641 | |
| | | | | | | | |
| | |
| | | | | | | 56,494,222 | |
| | |
Belgium 0.9% | | | | | | | | |
| | |
Shurgard Self Storage Ltd., REIT | | | | | | | | |
| | |
| | | 190,045 | | | | 8,138,516 | |
| | |
Canada 2.1% | | | | | | | | |
| | |
Canadian Apartment Properties REIT, REIT | | | 84,994 | | | | 2,831,811 | |
Chartwell Retirement Residences, UTS | | | 539,129 | | | | 6,059,805 | |
First Capital Real Estate Investment Trust, REIT | | | 386,090 | | | | 4,930,283 | |
Killam Apartment Real Estate Investment Trust, REIT | | | 352,191 | | | | 4,730,112 | |
| | | | | | | | |
| | |
| | | | | | | 18,552,011 | |
| | |
France 1.8% | | | | | | | | |
| | |
Klepierre SA, REIT | | | 296,305 | | | | 9,473,346 | |
Unibail-Rodamco-Westfield, REIT | | | 80,077 | | | | 6,548,085 | |
| | | | | | | | |
| | |
| | | | | | | 16,021,431 | |
| | |
Germany 2.0% | | | | | | | | |
| | |
Vonovia SE | | | 543,050 | | | | 17,804,302 | |
| | |
Hong Kong 2.6% | | | | | | | | |
| | |
Link REIT, REIT | | | 2,024,638 | | | | 9,433,636 | |
Sun Hung Kai Properties Ltd. | | | 918,156 | | | | 9,941,762 | |
Swire Properties Ltd. | | | 1,499,013 | | | | 3,050,788 | |
| | | | | | | | |
| | |
| | | | | | | 22,426,186 | |
| | |
Japan 8.2% | | | | | | | | |
| | |
GLP J-REIT, REIT | | | 10,284 | | | | 9,042,937 | |
Invincible Investment Corp., REIT | | | 14,034 | | | | 5,716,311 | |
Japan Hotel REIT Investment Corp., REIT | | | 6,935 | | | | 3,197,726 | |
Japan Metropolitan Fund Investment Corp., REIT | | | 9,432 | | | | 5,789,004 | |
Mitsubishi Estate Co. Ltd. | | | 338,868 | | | | 5,011,189 | |
Mitsui Fudosan Co. Ltd. | | | 2,164,874 | | | | 18,471,476 | |
See Notes to Financial Statements.
2
PGIM Global Real Estate Fund
Schedule of Investments (continued)
as of October 31, 2024
| | | | | | | | |
| | |
| Description | | Shares | | | Value | |
| | |
COMMON STOCKS (Continued) | | | | | | | | |
| | |
Japan (cont’d.) | | | | | | | | |
| | |
Nippon Accommodations Fund, Inc., REIT | | | 1,346 | | | $ | 5,390,112 | |
Nippon Building Fund, Inc., REIT | | | 10,085 | | | | 8,650,423 | |
Nippon Prologis REIT, Inc., REIT | | | 1,908 | | | | 3,069,749 | |
Nomura Real Estate Master Fund, Inc., REIT | | | 3,454 | | | | 3,260,628 | |
Sumitomo Realty & Development Co. Ltd. | | | 115,362 | | | | 3,422,069 | |
| | | | | | | | |
| | |
| | | | | | | 71,021,624 | |
| | |
Singapore 2.8% | | | | | | | | |
| | |
CapitaLand Ascendas REIT, REIT | | | 3,230,670 | | | | 6,546,982 | |
CapitaLand Integrated Commercial Trust, REIT | | | 3,980,076 | | | | 6,046,849 | |
CapitaLand Investment Ltd. | | | 2,926,279 | | | | 6,182,025 | |
Frasers Logistics & Commercial Trust, REIT | | | 7,343,252 | | | | 5,917,782 | |
| | | | | | | | |
| | |
| | | | | | | 24,693,638 | |
| | |
Spain 1.1% | | | | | | | | |
| | |
Merlin Properties Socimi SA, REIT | | | 852,885 | | | | 9,516,749 | |
| | |
Sweden 1.8% | | | | | | | | |
| | |
Catena AB | | | 174,230 | | | | 7,986,421 | |
Sagax AB (Class B Stock) | | | 323,340 | | | | 7,792,127 | |
| | | | | | | | |
| | |
| | | | | | | 15,778,548 | |
| | |
Switzerland 0.5% | | | | | | | | |
| | |
PSP Swiss Property AG | | | 13,978 | | | | 1,985,015 | |
Swiss Prime Site AG | | | 20,882 | | | | 2,265,316 | |
| | | | | | | | |
| | |
| | | | | | | 4,250,331 | |
| | |
United Kingdom 4.0% | | | | | | | | |
| | |
British Land Co. PLC (The), REIT | | | 1,947,995 | | | | 10,024,290 | |
Grainger PLC | | | 2,564,703 | | | | 7,535,836 | |
Segro PLC, REIT | | | 193,027 | | | | 1,955,822 | |
Tritax Big Box REIT PLC, REIT | | | 3,789,778 | | | | 6,879,752 | |
UNITE Group PLC (The), REIT | | | 732,044 | | | | 8,280,921 | |
| | | | | | | | |
| | |
| | | | | | | 34,676,621 | |
| | |
United States 65.4% | | | | | | | | |
| | |
Agree Realty Corp., REIT | | | 175,332 | | | | 13,018,401 | |
See Notes to Financial Statements.
PGIM Global Real Estate Fund 3
PGIM Global Real Estate Fund
Schedule of Investments (continued)
as of October 31, 2024
| | | | | | | | |
| | |
| Description | | Shares | | | Value | |
| | |
COMMON STOCKS (Continued) | | | | | | | | |
| | |
United States (cont’d.) | | | | | | | | |
| | |
Alexandria Real Estate Equities, Inc., REIT | | | 41,884 | | | $ | 4,672,160 | |
American Healthcare REIT, Inc., REIT | | | 567,706 | | | | 15,100,980 | |
American Homes 4 Rent (Class A Stock), REIT | | | 218,656 | | | | 7,705,437 | |
Americold Realty Trust, Inc., REIT | | | 327,207 | | | | 8,402,676 | |
Brixmor Property Group, Inc., REIT | | | 543,648 | | | | 14,651,314 | |
Broadstone Net Lease, Inc., REIT | | | 466,395 | | | | 8,203,888 | |
CareTrust REIT, Inc., REIT | | | 523,647 | | | | 17,107,548 | |
CubeSmart, REIT | | | 115,490 | | | | 5,525,042 | |
Digital Realty Trust, Inc., REIT | | | 195,418 | | | | 34,829,350 | |
Equinix, Inc., REIT | | | 51,975 | | | | 47,197,458 | |
Equity LifeStyle Properties, Inc., REIT | | | 56,451 | | | | 3,958,344 | |
Essential Properties Realty Trust, Inc., REIT | | | 647,113 | | | | 20,507,011 | |
Essex Property Trust, Inc., REIT | | | 53,497 | | | | 15,185,658 | |
Extra Space Storage, Inc., REIT | | | 130,093 | | | | 21,244,187 | |
Healthpeak Properties, Inc., REIT | | | 135,054 | | | | 3,031,962 | |
Host Hotels & Resorts, Inc., REIT | | | 404,042 | | | | 6,965,684 | |
InvenTrust Properties Corp., REIT | | | 73,251 | | | | 2,157,242 | |
Iron Mountain, Inc., REIT | | | 187,779 | | | | 23,233,896 | |
Kilroy Realty Corp., REIT | | | 274,324 | | | | 11,033,311 | |
Lineage, Inc., REIT(a) | | | 70,727 | | | | 5,236,627 | |
LXP Industrial Trust, REIT | | | 811,075 | | | | 7,656,548 | |
Mid-America Apartment Communities, Inc., REIT | | | 72,644 | | | | 10,993,943 | |
National Health Investors, Inc., REIT | | | 73,117 | | | | 5,604,418 | |
NNN REIT, Inc., REIT | | | 487,339 | | | | 21,170,006 | |
Omega Healthcare Investors, Inc., REIT | | | 10,606 | | | | 450,437 | |
Piedmont Office Realty Trust, Inc. (Class A Stock), REIT | | | 596,847 | | | | 5,932,659 | |
Prologis, Inc., REIT | | | 393,085 | | | | 44,395,020 | |
Public Storage, REIT | | | 44,582 | | | | 14,670,153 | |
Realty Income Corp., REIT | | | 42,647 | | | | 2,531,952 | |
Regency Centers Corp., REIT | | | 177,127 | | | | 12,653,953 | |
Simon Property Group, Inc., REIT | | | 182,633 | | | | 30,886,893 | |
SL Green Realty Corp., REIT | | | 120,289 | | | | 9,095,051 | |
STAG Industrial, Inc., REIT | | | 216,562 | | | | 8,073,431 | |
Sun Communities, Inc., REIT | | | 104,208 | | | | 13,826,317 | |
UDR, Inc., REIT | | | 372,049 | | | | 15,696,747 | |
Ventas, Inc., REIT | | | 34,303 | | | | 2,246,504 | |
Veris Residential, Inc., REIT | | | 1,091,367 | | | | 17,974,815 | |
See Notes to Financial Statements.
4
PGIM Global Real Estate Fund
Schedule of Investments (continued)
as of October 31, 2024
| | | | | | | | |
| | |
| Description | | Shares | | | Value | |
| | |
COMMON STOCKS (Continued) | | | | | | | | |
| | |
United States (cont’d.) | | | | | | | | |
| | |
VICI Properties, Inc., REIT | | | 248,626 | | | $ | 7,896,362 | |
Welltower, Inc., REIT | | | 360,194 | | | | 48,582,967 | |
| | | | | | | | |
| | |
| | | | | | | 569,306,352 | |
| | | | | | | | |
| | |
TOTAL LONG-TERM INVESTMENTS | | | | | | | | |
(cost $697,078,238) | | | | | | | 868,680,531 | |
| | | | | | | | |
| | |
SHORT-TERM INVESTMENTS 0.1% | | | | | | | | |
| | |
AFFILIATED MUTUAL FUNDS | | | | | | | | |
PGIM Core Government Money Market Fund (7-day effective yield 5.011%)(wb) | | | 11,633 | | | | 11,633 | |
PGIM Institutional Money Market Fund (7-day effective yield 5.096%)
(cost $365,059; includes $328,286 of cash collateral for securities on loan)(b)(wb) | | | 365,242 | | | | 365,059 | |
| | | | | | | | |
| | |
TOTAL SHORT-TERM INVESTMENTS | | | | | | | | |
(cost $376,692) | | | | | | | 376,692 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS 99.8% | | | | | | | | |
(cost $697,454,930) | | | | | | | 869,057,223 | |
| | |
Other assets in excess of liabilities 0.2% | | | | | | | 1,942,502 | |
| | | | | | | | |
| | |
NET ASSETS 100.0% | | | | | | $ | 870,999,725 | |
| | | | | | | | |
See the Glossary for a list of the abbreviation(s) used in the annual report.
| * | Non-income producing security. |
| (a) | All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $318,372; cash collateral of $328,286 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day. |
| (b) | Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment. |
| (wb) | Represents an investment in a Fund affiliated with the Manager. |
Fair Value Measurements:
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1—unadjusted quoted prices generally in active markets for identical securities.
See Notes to Financial Statements.
PGIM Global Real Estate Fund 5
PGIM Global Real Estate Fund
Schedule of Investments (continued)
as of October 31, 2024
Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.
Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.
The following is a summary of the inputs used as of October 31, 2024 in valuing such portfolio securities:
| | | | | | | | | | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Investments in Securities | | | | | | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | | | | | |
Long-Term Investments | | | | | | | | | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | | | | | | | | |
Australia | | $ | — | | | $ | 56,494,222 | | | | | | | $ | — | | | | | |
Belgium | | | — | | | | 8,138,516 | | | | | | | | — | | | | | |
Canada | | | 18,552,011 | | | | — | | | | | | | | — | | | | | |
France | | | — | | | | 16,021,431 | | | | | | | | — | | | | | |
Germany | | | — | | | | 17,804,302 | | | | | | | | — | | | | | |
Hong Kong | | | — | | | | 22,426,186 | | | | | | | | — | | | | | |
Japan | | | — | | | | 71,021,624 | | | | | | | | — | | | | | |
Singapore | | | — | | | | 24,693,638 | | | | | | | | — | | | | | |
Spain | | | — | | | | 9,516,749 | | | | | | | | — | | | | | |
Sweden | | | — | | | | 15,778,548 | | | | | | | | — | | | | | |
Switzerland | | | — | | | | 4,250,331 | | | | | | | | — | | | | | |
United Kingdom | | | — | | | | 34,676,621 | | | | | | | | — | | | | | |
United States | | | 569,306,352 | | | | — | | | | | | | | — | | | | | |
Short-Term Investments | | | | | | | | | | | | | | | | | | | | |
Affiliated Mutual Funds | | | 376,692 | | | | — | | | | | | | | — | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total | | $ | 588,235,055 | | | $ | 280,822,168 | | | | | | | $ | — | | | | | |
| | | | | | | | | | | | |
Sector Classification:
The sector classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of October 31, 2024 were as follows:
| | | | |
Retail REITs | | | 18.0 | % |
Specialized REITs | | | 17.7 | |
Industrial REITs | | | 14.7 | |
Residential REITs | | | 12.2 | |
Health Care REITs | | | 10.6 | |
Diversified REITs | | | 7.4 | |
Real Estate Operating Companies | | | 7.2 | |
Office REITs | | | 4.5 | |
Diversified Real Estate Activities | | | 4.2 | |
Hotel & Resort REITs | | | 1.9 | |
| | | | |
Health Care Facilities | | | 0.7 | % |
Internet Services & Infrastructure | | | 0.6 | |
Affiliated Mutual Funds (0.0% represents investments purchased with collateral from securities on loan) | | | 0.1 | |
| | | | |
| |
| | | 99.8 | |
Other assets in excess of liabilities | | | 0.2 | |
| | | | |
| |
| | | 100.0 | % |
| | | | |
See Notes to Financial Statements.
6
PGIM Global Real Estate Fund
Schedule of Investments (continued)
as of October 31, 2024
Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Fund entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions where the legal right to set-off exists is presented in the summary below.
Offsetting of financial instrument/transaction assets and liabilities:
| | | | | | | | |
| | | | | |
| Description | | Gross Market Value of Recognized Assets/(Liabilities) | | | | Collateral
Pledged/(Received)(1) | | Net Amount |
| | | | | |
Securities on Loan | | $318,372 | | | | $(318,372) | | $— |
| (1) | Collateral amount disclosed by the Fund is limited to the market value of financial instruments/transactions. |
See Notes to Financial Statements.
PGIM Global Real Estate Fund 7
PGIM Global Real Estate Fund
Statement of Assets & Liabilities
as of October 31, 2024
| | | | |
Assets | | | | |
| |
Investments at value, including securities on loan of $318,372: | | | | |
Unaffiliated investments (cost $697,078,238) | | $ | 868,680,531 | |
Affiliated investments (cost $376,692) | | | 376,692 | |
Foreign currency, at value (cost $170) | | | 171 | |
Receivable for investments sold | | | 6,637,224 | |
Receivable for Fund shares sold | | | 3,302,136 | |
Tax reclaim receivable | | | 1,385,910 | |
Dividends receivable | | | 1,276,446 | |
Prepaid expenses | | | 18,016 | |
| | | | |
| |
Total Assets | | | 881,677,126 | |
| | | | |
| |
Liabilities | | | | |
| |
Payable for investments purchased | | | 5,168,405 | |
Payable for Fund shares purchased | | | 3,175,971 | |
Loan payable | | | 1,132,000 | |
Management fee payable | | | 571,089 | |
Payable to broker for collateral for securities on loan | | | 328,286 | |
Accrued expenses and other liabilities | | | 259,436 | |
Distribution fee payable | | | 30,024 | |
Affiliated transfer agent fee payable | | | 9,256 | |
Trustees’ fees payable | | | 2,934 | |
| | | | |
| |
Total Liabilities | | | 10,677,401 | |
| | | | |
| |
Net Assets | | $ | 870,999,725 | |
| | | | |
| | | | | |
| |
Net assets were comprised of: | | | | |
Shares of beneficial interest, at par | | $ | 42,459 | |
Paid-in capital in excess of par | | | 769,132,851 | |
Total distributable earnings (loss) | | | 101,824,415 | |
| | | | |
| |
Net assets, October 31, 2024 | | $ | 870,999,725 | |
| | | | |
See Notes to Financial Statements.
8
PGIM Global Real Estate Fund
Statement of Assets & Liabilities (continued)
as of October 31, 2024
| | | | |
Class A | | | | |
| |
Net asset value and redemption price per share, ($87,673,361 ÷ 4,298,659 shares of beneficial interest issued and outstanding) | | $ | 20.40 | |
Maximum sales charge (5.50% of offering price) | | | 1.19 | |
| | | | |
| |
Maximum offering price to public | | $ | 21.59 | |
| | | | |
| |
Class C | | | | |
| |
Net asset value, offering price and redemption price per share, ($3,050,287 ÷ 154,757 shares of beneficial interest issued and outstanding) | | $ | 19.71 | |
| | | | |
| |
Class R | | | | |
| |
Net asset value, offering price and redemption price per share, ($8,564,469 ÷ 421,799 shares of beneficial interest issued and outstanding) | | $ | 20.30 | |
| | | | |
| |
Class Z | | | | |
| |
Net asset value, offering price and redemption price per share, ($464,118,848 ÷ 22,599,583 shares of beneficial interest issued and outstanding) | | $ | 20.54 | |
| | | | |
| |
Class R2 | | | | |
| |
Net asset value, offering price and redemption price per share, ($2,526,337 ÷ 123,305 shares of beneficial interest issued and outstanding) | | $ | 20.49 | |
| | | | |
| |
Class R4 | | | | |
| |
Net asset value, offering price and redemption price per share, ($1,293,706 ÷ 63,102 shares of beneficial interest issued and outstanding) | | $ | 20.50 | |
| | | | |
| |
Class R6 | | | | |
| |
Net asset value, offering price and redemption price per share, ($303,772,717 ÷ 14,798,233 shares of beneficial interest issued and outstanding) | | $ | 20.53 | |
| | | | |
See Notes to Financial Statements.
PGIM Global Real Estate Fund 9
PGIM Global Real Estate Fund
Statement of Operations
Year Ended October 31, 2024
| | | | |
| |
Net Investment Income (Loss) | | | | |
| |
Income | | | | |
Unaffiliated dividend income (net of $682,891 foreign withholding tax) | | $ | 32,233,811 | |
Other income | | | 208,199 | |
Affiliated dividend income | | | 104,068 | |
Income from securities lending, net (including affiliated income of $30,140) | | | 35,511 | |
| | | | |
| |
Total income | | | 32,581,589 | |
| | | | |
| |
Expenses | | | | |
Management fee | | | 7,071,308 | |
Distribution fee(a) | | | 369,821 | |
Shareholder servicing fees(a) | | | 3,952 | |
Transfer agent’s fees and expenses (including affiliated expense of $58,897)(a) | | | 998,018 | |
Custodian and accounting fees | | | 130,867 | |
Shareholders’ reports | | | 90,835 | |
Registration fees(a) | | | 85,587 | |
Professional fees | | | 53,217 | |
Audit fee | | | 32,166 | |
Trustees’ fees | | | 23,214 | |
Miscellaneous | | | 216,134 | |
| | | | |
| |
Total expenses | | | 9,075,119 | |
| |
Less: Fee waiver and/or expense reimbursement(a) | | | (10,698 | ) |
| |
Distribution fee waiver(a) | | | (21,443 | ) |
| | | | |
| |
Net expenses | | | 9,042,978 | |
| | | | |
| |
Net investment income (loss) | | | 23,538,611 | |
| | | | |
| |
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions | | | | |
| |
Net realized gain (loss) on: | | | | |
Investment transactions (including affiliated of $(6,592)) | | | 17,237,907 | |
Foreign currency transactions | | | (90,502 | ) |
| | | | |
| |
| | | 17,147,405 | |
| | | | |
| |
Net change in unrealized appreciation (depreciation) on: | | | | |
Investments (including affiliated of $(734)) | | | 208,491,220 | |
Foreign currencies | | | 15,009 | |
| | | | |
| |
| | | 208,506,229 | |
| | | | |
| |
Net gain (loss) on investment and foreign currency transactions | | | 225,653,634 | |
| | | | |
| |
Net Increase (Decrease) In Net Assets Resulting From Operations | | $ | 249,192,245 | |
| | | | |
See Notes to Financial Statements.
10
PGIM Global Real Estate Fund
Statement of Operations (continued)
Year Ended October 31, 2024
| (a) | Class specific expenses and waivers were as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Class A | | | Class C | | | Class R | | Class Z | | | Class R2 | | Class R4 | | Class R6 | |
Distribution fee | | | 263,292 | | | | 35,306 | | | | 64,328 | | | | — | | | | 6,895 | | | | — | | | | — | |
Shareholder servicing fees | | | — | | | | — | | | | — | | | | — | | | | 2,758 | | | | 1,194 | | | | — | |
Transfer agent’s fees and expenses | | | 220,865 | | | | 7,367 | | | | 17,335 | | | | 726,214 | | | | 4,686 | | | | 1,985 | | | | 19,566 | |
Registration fees | | | 14,696 | | | | 5,512 | | | | 12,712 | | | | 22,441 | | | | 4,562 | | | | 5,312 | | | | 20,352 | |
Fee waiver and/or expense reimbursement | | | — | | | | — | | | | — | | | | — | | | | (5,166 | ) | | | (5,532 | ) | | | — | |
Distribution fee waiver | | | — | | | | — | | | | (21,443 | ) | | | — | | | | — | | | | — | | | | — | |
See Notes to Financial Statements.
PGIM Global Real Estate Fund 11
PGIM Global Real Estate Fund
Statements of Changes in Net Assets
| | | | | | | | | | | | |
| | |
| | | Year Ended
October 31, | | |
| | | |
| | | 2024 | | 2023 | | |
| | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | |
| | | |
Operations | | | | | | | | | | | | |
Net investment income (loss) | | | $ | 23,538,611 | | | | $ | 20,299,880 | | | |
Net realized gain (loss) on investment and foreign currency transactions | | | | 17,147,405 | | | | | (39,765,121 | ) | | |
Net change in unrealized appreciation (depreciation) on investments and foreign currencies | | | | 208,506,229 | | | | | (3,587,425 | ) | | |
| | | | | | | | | | | | |
| | | |
Net increase (decrease) in net assets resulting from operations | | | | 249,192,245 | | | | | (23,052,666 | ) | | |
| | | | | | | | | | | | |
| | | |
Dividends and Distributions | | | | | | | | | | | | |
Distributions from distributable earnings | | | | | | | | | | | | |
Class A | | | | (1,939,647 | ) | | | | (1,638,118 | ) | | |
Class C | | | | (53,788 | ) | | | | (47,589 | ) | | |
Class R | | | | (170,869 | ) | | | | (141,459 | ) | | |
Class Z | | | | (12,232,402 | ) | | | | (9,961,550 | ) | | |
Class R2 | | | | (63,179 | ) | | | | (42,506 | ) | | |
Class R4 | | | | (29,848 | ) | | | | (19,294 | ) | | |
Class R6 | | | | (9,539,805 | ) | | | | (8,385,481 | ) | | |
| | | | | | | | | | | | |
| | | |
| | | | (24,029,538 | ) | | | | (20,235,997 | ) | | |
| | | | | | | | | | | | |
| | | |
Fund share transactions (Net of share conversions) | | | | | | | | | | | | |
Net proceeds from shares sold | | | | 181,272,909 | | | | | 330,156,786 | | | |
Net asset value of shares issued in reinvestment of dividends and distributions | | | | 22,643,004 | | | | | 18,895,333 | | | |
Cost of shares purchased | | | | (457,481,030 | ) | | | | (312,029,558 | ) | | |
| | | | | | | | | | | | |
| | | |
Net increase (decrease) in net assets from Fund share transactions | | | | (253,565,117 | ) | | | | 37,022,561 | | | |
| | | | | | | | | | | | |
| | | |
Total increase (decrease) | | | | (28,402,410 | ) | | | | (6,266,102 | ) | | |
| | | |
Net Assets: | | | | | | | | | | | | |
| | | |
Beginning of year | | | | 899,402,135 | | | | | 905,668,237 | | | |
| | | | | | | | | | | | |
| | | |
End of year | | | $ | 870,999,725 | | | | $ | 899,402,135 | | | |
| | | | | | | | | | | | |
See Notes to Financial Statements.
12
PGIM Global Real Estate Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | Year Ended October 31, |
| | | | | | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| Per Share Operating Performance(a): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Year | | | | $16.11 | | | | | $16.77 | | | | | $27.44 | | | | | $20.05 | | | | | $27.31 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | | 0.39 | | | | | 0.30 | | | | | 0.34 | | | | | 0.25 | | | | | 0.31 | |
| Net realized and unrealized gain (loss) on investment and foreign currency transactions | | | | 4.32 | | | | | (0.66 | ) | | | | (6.86 | ) | | | | 7.41 | | | | | (4.45 | ) |
| Total from investment operations | | | | 4.71 | | | | | (0.36 | ) | | | | (6.52 | ) | | | | 7.66 | | | | | (4.14 | ) |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends from net investment income | | | | (0.42 | ) | | | | (0.30 | ) | | | | (0.55 | ) | | | | (0.27 | ) | | | | (0.88 | ) |
| Tax return of capital distributions | | | | - | | | | | - | | | | | (0.18 | ) | | | | - | | | | | (0.25 | ) |
| Distributions from net realized gains | | | | - | | | | | - | | | | | (3.42 | ) | | | | - | | | | | (1.99 | ) |
| Total dividends and distributions | | | | (0.42 | ) | | | | (0.30 | ) | | | | (4.15 | ) | | | | (0.27 | ) | | | | (3.12 | ) |
| Net asset value, end of year | | | | $20.40 | | | | | $16.11 | | | | | $16.77 | | | | | $27.44 | | | | | $20.05 | |
| Total Return(b): | | | | 29.39 | % | | | | (2.25 | )% | | | | (27.70 | )% | | | | 38.32 | % | | | | (16.64 | )% |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000) | | | | $87,673 | | | | | $81,492 | | | | | $101,666 | | | | | $153,763 | | | | | $122,346 | |
| Average net assets (000) | | | | $87,764 | | | | | $97,696 | | | | | $132,796 | | | | | $140,808 | | | | | $139,599 | |
| Ratios to average net assets(c): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Expenses after waivers and/or expense reimbursement | | | | 1.38 | %(d) | | | | 1.36 | % | | | | 1.31 | % | | | | 1.30 | % | | | | 1.42 | % |
| Expenses before waivers and/or expense reimbursement | | | | 1.38 | % | | | | 1.36 | % | | | | 1.31 | % | | | | 1.30 | % | | | | 1.42 | % |
| Net investment income (loss) | | | | 2.05 | % | | | | 1.69 | % | | | | 1.60 | % | | | | 1.00 | % | | | | 1.40 | % |
| Portfolio turnover rate(e) | | | | 95 | % | | | | 89 | % | | | | 108 | % | | | | 149 | % | | | | 158 | % |
| (a) | Calculated based on average shares outstanding during the year. |
| (b) | Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. |
| (c) | Does not include expenses of the underlying funds in which the Fund invests. |
| (d) | Includes interest expense on borrowings from the Syndicated Credit Agreement of 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended October 31, 2024. |
| (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
See Notes to Financial Statements.
PGIM Global Real Estate Fund 13
PGIM Global Real Estate Fund
Financial Highlights (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | Year Ended October 31, |
| | | | | | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | |
| Per Share Operating Performance(a): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Year | | | | $15.58 | | | | | $16.22 | | | | | $26.68 | | | | | $19.51 | | | | | $26.69 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | | 0.23 | | | | | 0.15 | | | | | 0.16 | | | | | 0.10 | | | | | 0.19 | |
| Net realized and unrealized gain (loss) on investment and foreign currency transactions | | | | 4.18 | | | | | (0.62 | ) | | | | (6.62 | ) | | | | 7.20 | | | | | (4.34 | ) |
| Total from investment operations | | | | 4.41 | | | | | (0.47 | ) | | | | (6.46 | ) | | | | 7.30 | | | | | (4.15 | ) |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends from net investment income | | | | (0.28 | ) | | | | (0.17 | ) | | | | (0.40 | ) | | | | (0.13 | ) | | | | (0.79 | ) |
| Tax return of capital distributions | | | | - | | | | | - | | | | | (0.18 | ) | | | | - | | | | | (0.25 | ) |
| Distributions from net realized gains | | | | - | | | | | - | | | | | (3.42 | ) | | | | - | | | | | (1.99 | ) |
| Total dividends and distributions | | | | (0.28 | ) | | | | (0.17 | ) | | | | (4.00 | ) | | | | (0.13 | ) | | | | (3.03 | ) |
| Net asset value, end of year | | | | $19.71 | | | | | $15.58 | | | | | $16.22 | | | | | $26.68 | | | | | $19.51 | |
| Total Return(b): | | | | 28.44 | % | | | | (3.00 | )% | | | | (28.25 | )% | | | | 37.48 | % | | | | (17.11 | )% |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000) | | | | $3,050 | | | | | $3,808 | | | | | $6,120 | | | | | $14,756 | | | | | $23,586 | |
| Average net assets (000) | | | | $3,531 | | | | | $5,163 | | | | | $10,899 | | | | | $18,469 | | | | | $38,807 | |
| Ratios to average net assets(c): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Expenses after waivers and/or expense reimbursement | | | | 2.17 | %(d) | | | | 2.18 | % | | | | 2.03 | % | | | | 1.95 | % | | | | 1.95 | % |
| Expenses before waivers and/or expense reimbursement | | | | 2.17 | % | | | | 2.18 | % | | | | 2.03 | % | | | | 1.95 | % | | | | 1.95 | % |
| Net investment income (loss) | | | | 1.28 | % | | | | 0.86 | % | | | | 0.75 | % | | | | 0.41 | % | | | | 0.90 | % |
| Portfolio turnover rate(e) | | | | 95 | % | | | | 89 | % | | | | 108 | % | | | | 149 | % | | | | 158 | % |
| (a) | Calculated based on average shares outstanding during the year. |
| (b) | Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. |
| (c) | Does not include expenses of the underlying funds in which the Fund invests. |
| (d) | Includes interest expense on borrowings from the Syndicated Credit Agreement of 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended October 31, 2024. |
| (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
See Notes to Financial Statements.
14
PGIM Global Real Estate Fund
Financial Highlights (continued)
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Class R Shares | | | | | | | | | | | | | | | | | | | | |
| | |
| | | Year Ended October 31, | |
| | | | | | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| Per Share Operating Performance(a): | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Year | | | $16.04 | | | | $16.70 | | | | $27.36 | | | | $19.97 | | | | $27.24 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | 0.33 | | | | 0.27 | | | | 0.27 | | | | 0.20 | | | | 0.27 | |
| Net realized and unrealized gain (loss) on investment and foreign currency transactions | | | 4.31 | | | | (0.66 | ) | | | (6.82 | ) | | | 7.38 | | | | (4.44 | ) |
| Total from investment operations | | | 4.64 | | | | (0.39 | ) | | | (6.55 | ) | | | 7.58 | | | | (4.17 | ) |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | | | |
| Dividends from net investment income | | | (0.38 | ) | | | (0.27 | ) | | | (0.51 | ) | | | (0.19 | ) | | | (0.86 | ) |
| Tax return of capital distributions | | | - | | | | - | | | | (0.18 | ) | | | - | | | | (0.25 | ) |
| Distributions from net realized gains | | | - | | | | - | | | | (3.42 | ) | | | - | | | | (1.99 | ) |
| Total dividends and distributions | | | (0.38 | ) | | | (0.27 | ) | | | (4.11 | ) | | | (0.19 | ) | | | (3.10 | ) |
| Net asset value, end of year | | | $20.30 | | | | $16.04 | | | | $16.70 | | | | $27.36 | | | | $19.97 | |
| Total Return(b): | | | 29.01 | % | | | (2.38 | )% | | | (27.90 | )% | | | 38.08 | % | | | (16.82 | )% |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000) | | | $8,564 | | | | $7,840 | | | | $9,441 | | | | $14,415 | | | | $12,562 | |
| Average net assets (000) | | | $8,577 | | | | $9,419 | | | | $11,927 | | | | $14,099 | | | | $15,354 | |
| Ratios to average net assets(c): | | | | | | | | | | | | | | | | | | | | |
| Expenses after waivers and/or expense reimbursement | | | 1.66 | %(d) | | | 1.55 | % | | | 1.53 | % | | | 1.52 | % | | | 1.58 | % |
| Expenses before waivers and/or expense reimbursement | | | 1.91 | % | | | 1.80 | % | | | 1.78 | % | | | 1.77 | % | | | 1.83 | % |
| Net investment income (loss) | | | 1.77 | % | | | 1.50 | % | | | 1.26 | % | | | 0.80 | % | | | 1.25 | % |
| Portfolio turnover rate(e) | | | 95 | % | | | 89 | % | | | 108 | % | | | 149 | % | | | 158 | % |
| (a) | Calculated based on average shares outstanding during the year. |
| (b) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. |
| (c) | Does not include expenses of the underlying funds in which the Fund invests. |
| (d) | Includes interest expense on borrowings from the Syndicated Credit Agreement of 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended October 31, 2024. |
| (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
See Notes to Financial Statements.
PGIM Global Real Estate Fund 15
PGIM Global Real Estate Fund
Financial Highlights (continued)
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Class Z Shares | | | | | | | | | | | | | | | | | | | | |
| | |
| | | Year Ended October 31, | |
| | | | | | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| Per Share Operating Performance(a): | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Year | | | $16.21 | | | | $16.88 | | | | $27.60 | | | | $20.15 | | | | $27.45 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | 0.47 | | | | 0.38 | | | | 0.41 | | | | 0.34 | | | | 0.42 | |
| Net realized and unrealized gain (loss) on investment and foreign currency transactions | | | 4.36 | | | | (0.67 | ) | | | (6.90 | ) | | | 7.46 | | | | (4.48 | ) |
| Total from investment operations | | | 4.83 | | | | (0.29 | ) | | | (6.49 | ) | | | 7.80 | | | | (4.06 | ) |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | | | |
| Dividends from net investment income | | | (0.50 | ) | | | (0.38 | ) | | | (0.63 | ) | | | (0.35 | ) | | | (1.00 | ) |
| Tax return of capital distributions | | | - | | | | - | | | | (0.18 | ) | | | - | | | | (0.25 | ) |
| Distributions from net realized gains | | | - | | | | - | | | | (3.42 | ) | | | - | | | | (1.99 | ) |
| Total dividends and distributions | | | (0.50 | ) | | | (0.38 | ) | | | (4.23 | ) | | | (0.35 | ) | | | (3.24 | ) |
| Net asset value, end of year | | | $20.54 | | | | $16.21 | | | | $16.88 | | | | $27.60 | | | | $20.15 | |
| Total Return(b): | | | 29.89 | % | | | (1.82 | )% | | | (27.44 | )% | | | 38.87 | % | | | (16.26 | )% |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000) | | | $464,119 | | | | $426,864 | | | | $475,896 | | | | $755,205 | | | | $609,899 | |
| Average net assets (000) | | | $470,820 | | | | $477,820 | | | | $656,463 | | | | $696,648 | | | | $794,641 | |
| Ratios to average net assets(c): | | | | | | | | | | | | | | | | | | | | |
| Expenses after waivers and/or expense reimbursement | | | 0.97 | %(d) | | | 0.95 | % | | | 0.93 | % | | | 0.92 | % | | | 0.94 | % |
| Expenses before waivers and/or expense reimbursement | | | 0.97 | % | | | 0.95 | % | | | 0.93 | % | | | 0.92 | % | | | 0.94 | % |
| Net investment income (loss) | | | 2.46 | % | | | 2.10 | % | | | 1.89 | % | | | 1.38 | % | | | 1.90 | % |
| Portfolio turnover rate(e) | | | 95 | % | | | 89 | % | | | 108 | % | | | 149 | % | | | 158 | % |
| (a) | Calculated based on average shares outstanding during the year. |
| (b) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. |
| (c) | Does not include expenses of the underlying funds in which the Fund invests. |
| (d) | Includes interest expense on borrowings from the Syndicated Credit Agreement of 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended October 31, 2024. |
| (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
See Notes to Financial Statements.
16
PGIM Global Real Estate Fund
Financial Highlights (continued)
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Class R2 Shares | | | | | | | | | | | | | | | | | | | | |
| | |
| | | Year Ended October 31, | |
| | | | | | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| Per Share Operating Performance(a): | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Year | | | $16.18 | | | | $16.84 | | | | $27.54 | | | | $20.11 | | | | $27.40 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | 0.41 | | | | 0.31 | | | | 0.38 | | | | 0.25 | | | | 0.32 | |
| Net realized and unrealized gain (loss) on investment and foreign currency transactions | | | 4.34 | | | | (0.65 | ) | | | (6.93 | ) | | | 7.43 | | | | (4.45 | ) |
| Total from investment operations | | | 4.75 | | | | (0.34 | ) | | | (6.55 | ) | | | 7.68 | | | | (4.13 | ) |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | | | |
| Dividends from net investment income | | | (0.44 | ) | | | (0.32 | ) | | | (0.55 | ) | | | (0.25 | ) | | | (0.92 | ) |
| Tax return of capital distributions | | | - | | | | - | | | | (0.18 | ) | | | - | | | | (0.25 | ) |
| Distributions from net realized gains | | | - | | | | - | | | | (3.42 | ) | | | - | | | | (1.99 | ) |
| Total dividends and distributions | | | (0.44 | ) | | | (0.32 | ) | | | (4.15 | ) | | | (0.25 | ) | | | (3.16 | ) |
| Net asset value, end of year | | | $20.49 | | | | $16.18 | | | | $16.84 | | | | $27.54 | | | | $20.11 | |
| Total Return(b): | | | 29.49 | % | | | (2.18 | )% | | | (27.71 | )% | | | 38.33 | % | | | (16.56 | )% |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000) | | | $2,526 | | | | $2,526 | | | | $2,245 | | | | $689 | | | | $237 | |
| Average net assets (000) | | | $2,758 | | | | $2,383 | | | | $1,921 | | | | $444 | | | | $223 | |
| Ratios to average net assets(c): | | | | | | | | | | | | | | | | | | | | |
| Expenses after waivers and/or expense reimbursement | | | 1.31 | %(d) | | | 1.30 | % | | | 1.30 | % | | | 1.30 | % | | | 1.30 | % |
| Expenses before waivers and/or expense reimbursement | | | 1.50 | % | | | 1.51 | % | | | 1.55 | % | | | 2.44 | % | | | 7.86 | % |
| Net investment income (loss) | | | 2.14 | % | | | 1.74 | % | | | 1.87 | % | | | 0.97 | % | | | 1.48 | % |
| Portfolio turnover rate(e) | | | 95 | % | | | 89 | % | | | 108 | % | | | 149 | % | | | 158 | % |
| (a) | Calculated based on average shares outstanding during the year. |
| (b) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. |
| (c) | Does not include expenses of the underlying funds in which the Fund invests. |
| (d) | Includes interest expense on borrowings from the Syndicated Credit Agreement of 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended October 31, 2024. |
| (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
See Notes to Financial Statements.
PGIM Global Real Estate Fund 17
PGIM Global Real Estate Fund
Financial Highlights (continued)
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Class R4 Shares | | | | | | | | | | | | | | | | | | | | |
| | |
| | | Year Ended October 31, | |
| | | | | | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| Per Share Operating Performance(a): | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Year | | | $16.19 | | | | $16.85 | | | | $27.56 | | | | $20.12 | | | | $27.41 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | 0.44 | | | | 0.36 | | | | 0.38 | | | | 0.31 | | | | 0.39 | |
| Net realized and unrealized gain (loss) on investment and foreign currency transactions | | | 4.35 | | | | (0.66 | ) | | | (6.89 | ) | | | 7.44 | | | | (4.47 | ) |
| Total from investment operations | | | 4.79 | | | | (0.30 | ) | | | (6.51 | ) | | | 7.75 | | | | (4.08 | ) |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | | | |
| Dividends from net investment income | | | (0.48 | ) | | | (0.36 | ) | | | (0.60 | ) | | | (0.31 | ) | | | (0.97 | ) |
| Tax return of capital distributions | | | - | | | | - | | | | (0.18 | ) | | | - | | | | (0.25 | ) |
| Distributions from net realized gains | | | - | | | | - | | | | (3.42 | ) | | | - | | | | (1.99 | ) |
| Total dividends and distributions | | | (0.48 | ) | | | (0.36 | ) | | | (4.20 | ) | | | (0.31 | ) | | | (3.21 | ) |
| Net asset value, end of year | | | $20.50 | | | | $16.19 | | | | $16.85 | | | | $27.56 | | | | $20.12 | |
| Total Return(b): | | | 29.84 | % | | | (1.93 | )% | | | (27.53 | )% | | | 38.68 | % | | | (16.35 | )% |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000) | | | $1,294 | | | | $857 | | | | $757 | | | | $937 | | | | $658 | |
| Average net assets (000) | | | $1,194 | | | | $939 | | | | $840 | | | | $839 | | | | $616 | |
| Ratios to average net assets(c): | | | | | | | | | | | | | | | | | | | | |
| Expenses after waivers and/or expense reimbursement | | | 1.06 | %(d) | | | 1.05 | % | | | 1.05 | % | | | 1.05 | % | | | 1.05 | % |
| Expenses before waivers and/or expense reimbursement | | | 1.52 | % | | | 1.62 | % | | | 1.87 | % | | | 1.78 | % | | | 3.39 | % |
| Net investment income (loss) | | | 2.32 | % | | | 2.02 | % | | | 1.78 | % | | | 1.26 | % | | | 1.78 | % |
| Portfolio turnover rate(e) | | | 95 | % | | | 89 | % | | | 108 | % | | | 149 | % | | | 158 | % |
| (a) | Calculated based on average shares outstanding during the year. |
| (b) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. |
| (c) | Does not include expenses of the underlying funds in which the Fund invests. |
| (d) | Includes interest expense on borrowings from the Syndicated Credit Agreement of 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended October 31, 2024. |
| (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
See Notes to Financial Statements.
18
PGIM Global Real Estate Fund
Financial Highlights (continued)
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Class R6 Shares | | | | | | | | | | | | | | | | | | | | |
| | |
| | | Year Ended October 31, | |
| | | | | | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| Per Share Operating Performance(a): | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Year | | | $16.21 | | | | $16.87 | | | | $27.59 | | | | $20.14 | | | | $27.44 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | 0.51 | | | | 0.41 | | | | 0.43 | | | | 0.37 | | | | 0.44 | |
| Net realized and unrealized gain (loss) on investment and foreign currency transactions | | | 4.34 | | | | (0.66 | ) | | | (6.89 | ) | | | 7.46 | | | | (4.47 | ) |
| Total from investment operations | | | 4.85 | | | | (0.25 | ) | | | (6.46 | ) | | | 7.83 | | | | (4.03 | ) |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | | | |
| Dividends from net investment income | | | (0.53 | ) | | | (0.41 | ) | | | (0.66 | ) | | | (0.38 | ) | | | (1.03 | ) |
| Tax return of capital distributions | | | - | | | | - | | | | (0.18 | ) | | | - | | | | (0.25 | ) |
| Distributions from net realized gains | | | - | | | | - | | | | (3.42 | ) | | | - | | | | (1.99 | ) |
| Total dividends and distributions | | | (0.53 | ) | | | (0.41 | ) | | | (4.26 | ) | | | (0.38 | ) | | | (3.27 | ) |
| Net asset value, end of year | | | $20.53 | | | | $16.21 | | | | $16.87 | | | | $27.59 | | | | $20.14 | |
| Total Return(b): | | | 30.09 | % | | | (1.67 | )% | | | (27.34 | )% | | | 39.05 | % | | | (16.14 | )% |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000) | | | $303,773 | | | | $376,015 | | | | $309,543 | | | | $582,961 | | | | $382,847 | |
| Average net assets (000) | | | $368,198 | | | | $367,640 | | | | $405,564 | | | | $483,697 | | | | $383,591 | |
| Ratios to average net assets(c): | | | | | | | | | | | | | | | | | | | | |
| Expenses after waivers and/or expense reimbursement | | | 0.82 | %(d) | | | 0.81 | % | | | 0.79 | % | | | 0.79 | % | | | 0.80 | % |
| Expenses before waivers and/or expense reimbursement | | | 0.82 | % | | | 0.81 | % | | | 0.79 | % | | | 0.79 | % | | | 0.80 | % |
| Net investment income (loss) | | | 2.68 | % | | | 2.28 | % | | | 1.97 | % | | | 1.50 | % | | | 2.01 | % |
| Portfolio turnover rate(e) | | | 95 | % | | | 89 | % | | | 108 | % | | | 149 | % | | | 158 | % |
| (a) | Calculated based on average shares outstanding during the year. |
| (b) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. |
| (c) | Does not include expenses of the underlying funds in which the Fund invests. |
| (d) | Includes interest expense on borrowings from the Syndicated Credit Agreement of 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended October 31, 2024. |
| (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
See Notes to Financial Statements.
PGIM Global Real Estate Fund 19
PGIM Jennison International Small-Mid Cap Opportunities Fund
Schedule of Investments
as of October 31, 2024
| | | | | | | | |
| | |
| Description | | Shares | | | Value | |
| | |
LONG-TERM INVESTMENTS 95.9% | | | | | | | | |
| | |
COMMON STOCKS | | | | | | | | |
| | |
Australia 13.2% | | | | | | | | |
| | |
Netwealth Group Ltd. | | | 14,722 | | | $ | 265,624 | |
NEXTDC Ltd.* | | | 42,374 | | | | 452,643 | |
Pro Medicus Ltd. | | | 3,015 | | | | 381,926 | |
Technology One Ltd. | | | 18,464 | | | | 294,279 | |
| | | | | | | | |
| | |
| | | | | | | 1,394,472 | |
| | |
Canada 20.5% | | | | | | | | |
| | |
Descartes Systems Group, Inc. (The)* | | | 3,732 | | | | 387,866 | |
Dollarama, Inc. | | | 3,594 | | | | 373,997 | |
Fairfax Financial Holdings Ltd. | | | 420 | | | | 521,927 | |
FirstService Corp. | | | 2,236 | | | | 414,006 | |
Stantec, Inc. | | | 2,483 | | | | 201,408 | |
TFI International, Inc. | | | 1,902 | | | | 254,525 | |
| | | | | | | | |
| | |
| | | | | | | 2,153,729 | |
| | |
Denmark 2.8% | | | | | | | | |
| | |
NKT A/S* | | | 3,182 | | | | 298,335 | |
| | |
India 25.5% | | | | | | | | |
| | |
360 ONE WAM Ltd. | | | 13,445 | | | | 173,979 | |
Anant Raj Ltd. | | | 41,668 | | | | 364,789 | |
BSE Ltd. | | | 3,624 | | | | 191,404 | |
Indian Hotels Co. Ltd. (The) | | | 36,660 | | | | 294,006 | |
KEI Industries Ltd. | | | 6,962 | | | | 334,522 | |
MakeMyTrip Ltd.* | | | 2,453 | | | | 248,955 | |
Max Healthcare Institute Ltd. | | | 30,321 | | | | 366,016 | |
Phoenix Mills Ltd. (The) | | | 9,642 | | | | 174,174 | |
TVS Motor Co. Ltd. | | | 6,271 | | | | 185,620 | |
Varun Beverages Ltd. | | | 49,847 | | | | 354,351 | |
| | | | | | | | |
| | |
| | | | | | | 2,687,816 | |
| | |
Italy 2.0% | | | | | | | | |
| | |
Brunello Cucinelli SpA | | | 2,083 | | | | 206,052 | |
| | |
Japan 1.4% | | | | | | | | |
| | |
Money Forward, Inc.* | | | 4,398 | | | | 143,487 | |
| | |
Netherlands 1.5% | | | | | | | | |
| | |
ASM International NV | | | 288 | | | | 160,850 | |
See Notes to Financial Statements.
20
PGIM Jennison International Small-Mid Cap Opportunities Fund
Schedule of Investments (continued)
as of October 31, 2024
| | | | | | | | |
| | |
| Description | | Shares | | | Value | |
| | |
COMMON STOCKS (Continued) | | | | | | | | |
| | |
Norway 5.7% | | | | | | | | |
| | |
Kongsberg Gruppen ASA | | | 5,717 | | | $ | 596,805 | |
| | |
Sweden 6.6% | | | | | | | | |
| | |
Fortnox AB | | | 33,740 | | | | 205,992 | |
Hemnet Group AB | | | 7,389 | | | | 232,892 | |
MIPS AB | | | 5,276 | | | | 258,778 | |
| | | | | | | | |
| | |
| | | | | | | 697,662 | |
| | |
Switzerland 2.5% | | | | | | | | |
| | |
Belimo Holding AG | | | 401 | | | | 265,635 | |
| | |
Taiwan 1.7% | | | | | | | | |
| | |
Jentech Precision Industrial Co. Ltd. | | | 3,977 | | | | 178,594 | |
| | |
United Kingdom 4.7% | | | | | | | | |
| | |
Baltic Classifieds Group PLC | | | 51,841 | | | | 211,487 | |
JTC PLC, 144A | | | 21,383 | | | | 283,444 | |
| | | | | | | | |
| | |
| | | | | | | 494,931 | |
| | |
United States 7.8% | | | | | | | | |
| | |
CyberArk Software Ltd.* | | | 1,352 | | | | 373,855 | |
James Hardie Industries PLC, CDI* | | | 5,003 | | | | 159,562 | |
Monday.com Ltd.* | | | 963 | | | | 282,997 | |
| | | | | | | | |
| | |
| | | | | | | 816,414 | |
| | | | | | | | |
| | |
TOTAL LONG-TERM INVESTMENTS | | | | | | | | |
(cost $8,508,021) | | | | | | | 10,094,782 | |
| | | | | | | | |
| | |
SHORT-TERM INVESTMENT 8.2% | | | | | | | | |
| | |
AFFILIATED MUTUAL FUND | | | | | | | | |
PGIM Core Government Money Market Fund (7-day effective yield 5.011%)
(cost $867,065)(wb) | | | 867,065 | | | | 867,065 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS 104.1% | | | | | | | | |
(cost $9,375,086) | | | | | | | 10,961,847 | |
| | |
Liabilities in excess of other assets (4.1)% | | | | | | | (432,121 | ) |
| | | | | | | | |
| | |
NET ASSETS 100.0% | | | | | | $ | 10,529,726 | |
| | | | | | | | |
See Notes to Financial Statements.
PGIM Jennison International Small-Mid Cap Opportunities Fund 21
PGIM Jennison International Small-Mid Cap Opportunities Fund
Schedule of Investments (continued)
as of October 31, 2024
See the Glossary for a list of the abbreviation(s) used in the annual report.
| * | Non-income producing security. |
| (wb) | Represents an investment in a Fund affiliated with the Manager. |
Fair Value Measurements:
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1—unadjusted quoted prices generally in active markets for identical securities.
Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.
Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.
The following is a summary of the inputs used as of October 31, 2024 in valuing such portfolio securities:
| | | | | | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 |
Investments in Securities | | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | |
Long-Term Investments | | | | | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | | | | |
Australia | | $ | — | | | $ | 1,394,472 | | | | | $ | — | | | |
Canada | | | 2,153,729 | | | | — | | | | | | — | | | |
Denmark | | | — | | | | 298,335 | | | | | | — | | | |
India | | | 603,306 | | | | 2,084,510 | | | | | | — | | | |
Italy | | | — | | | | 206,052 | | | | | | — | | | |
Japan | | | — | | | | 143,487 | | | | | | — | | | |
Netherlands | | | — | | | | 160,850 | | | | | | — | | | |
Norway | | | — | | | | 596,805 | | | | | | — | | | |
Sweden | | | — | | | | 697,662 | | | | | | — | | | |
Switzerland | | | — | | | | 265,635 | | | | | | — | | | |
Taiwan | | | — | | | | 178,594 | | | | | | — | | | |
United Kingdom | | | 283,444 | | | | 211,487 | | | | | | — | | | |
United States | | | 656,852 | | | | 159,562 | | | | | | — | | | |
Short-Term Investment | | | | | | | | | | | | | | | | |
Affiliated Mutual Fund | | | 867,065 | | | | — | | | | | | — | | | |
| | | | | | | | | | | | | | | | |
| | | | | |
Total | | $ | 4,564,396 | | | $ | 6,397,451 | | | | | $ | — | | | |
| | | | | | | | | | |
Industry Allocation:
The industry allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2024 were as follows:
| | | | |
Real Estate Management & Development | | | 9.0 | % |
See Notes to Financial Statements.
22
PGIM Jennison International Small-Mid Cap Opportunities Fund
Schedule of Investments (continued)
as of October 31, 2024
Industry Allocation (continued):
| | | | |
Capital Markets | | | 8.6 | % |
Affiliated Mutual Fund | | | 8.2 | |
Electrical Equipment | | | 6.0 | |
Aerospace & Defense | | | 5.7 | |
Hotels, Restaurants & Leisure | | | 5.2 | |
Insurance | | | 5.0 | |
IT Services | | | 4.3 | |
Interactive Media & Services | | | 4.2 | |
Health Care Technology | | | 3.6 | |
Broadline Retail | | | 3.6 | |
Health Care Providers & Services | | | 3.5 | |
Beverages | | | 3.4 | |
Semiconductors & Semiconductor Equipment | | | 3.2 | |
| | | | |
Building Products | | | 2.5 | % |
Leisure Products | | | 2.5 | |
Ground Transportation | | | 2.4 | |
Textiles, Apparel & Luxury Goods | | | 2.0 | |
Construction & Engineering | | | 1.9 | |
Automobiles | | | 1.7 | |
Construction Materials | | | 1.5 | |
| | | | |
| |
| | | 104.1 | |
Liabilities in excess of other assets | | | (4.1 | ) |
| | | | |
| |
| | | 100.0 | % |
| | | | |
See Notes to Financial Statements.
PGIM Jennison International Small-Mid Cap Opportunities Fund 23
PGIM Jennison International Small-Mid Cap Opportunities Fund
Statement of Assets & Liabilities
as of October 31, 2024
| | | | |
Assets | | | | |
| |
Investments at value: | | | | |
Unaffiliated investments (cost $8,508,021) | | $ | 10,094,782 | |
Affiliated investments (cost $867,065) | | | 867,065 | |
Foreign currency, at value (cost $10) | | | 10 | |
Receivable for Fund shares sold | | | 44,088 | |
Due from Manager | | | 26,055 | |
Tax reclaim receivable | | | 1,153 | |
Dividends receivable | | | 202 | |
Prepaid expenses and other assets | | | 1,388 | |
| | | | |
| |
Total Assets | | | 11,034,743 | |
| | | | |
Liabilities | | | | |
| |
Payable for investments purchased | | | 334,575 | |
Foreign capital gains tax liability accrued | | | 105,880 | |
Audit fee payable | | | 30,051 | |
Accrued expenses and other liabilities | | | 16,908 | |
Custodian and accounting fee payable | | | 10,481 | |
Payable for Fund shares purchased | | | 5,986 | |
Trustees’ fees payable | | | 800 | |
Affiliated transfer agent fee payable | | | 253 | |
Distribution fee payable | | | 83 | |
| | | | |
| |
Total Liabilities | | | 505,017 | |
| | | | |
| |
Net Assets | | $ | 10,529,726 | |
| | | | |
| | | | | |
| |
Net assets were comprised of: | | | | |
Shares of beneficial interest, at par | | $ | 1,312 | |
Paid-in capital in excess of par | | | 11,522,569 | |
Total distributable earnings (loss) | | | (994,155 | ) |
| | | | |
| |
Net assets, October 31, 2024 | | $ | 10,529,726 | |
| | | | |
See Notes to Financial Statements.
24
PGIM Jennison International Small-Mid Cap Opportunities Fund
Statement of Assets & Liabilities (continued)
as of October 31, 2024
| | | | | | | | |
Class A | | | | | | | | |
| | |
Net asset value and redemption price per share, | | | | | | | | |
($191,340 ÷ 24,016 shares of beneficial interest issued and outstanding) | | $ | 7.97 | | | | | |
Maximum sales charge (5.50% of offering price) | | | 0.46 | | | | | |
| | | | | | | | |
| | |
Maximum offering price to public | | $ | 8.43 | | | | | |
| | | | | | | | |
| | |
Class C | | | | | | | | |
| | |
Net asset value, offering price and redemption price per share, | | | | | | | | |
($23,172 ÷ 2,975 shares of beneficial interest issued and outstanding) | | $ | 7.79 | | | | | |
| | | | | | | | |
| | |
Class Z | | | | | | | | |
| | |
Net asset value, offering price and redemption price per share, | | | | | | | | |
($6,282,104 ÷ 782,886 shares of beneficial interest issued and outstanding) | | $ | 8.02 | | | | | |
| | | | | | | | |
| | |
Class R6 | | | | | | | | |
| | |
Net asset value, offering price and redemption price per share, | | | | | | | | |
($4,033,110 ÷ 502,221 shares of beneficial interest issued and outstanding) | | $ | 8.03 | | | | | |
| | | | | | | | |
See Notes to Financial Statements.
PGIM Jennison International Small-Mid Cap Opportunities Fund 25
PGIM Jennison International Small-Mid Cap Opportunities Fund
Statement of Operations
Year Ended October 31, 2024
| | | | |
Net Investment Income (Loss) | | | | |
| |
Income | | | | |
Unaffiliated dividend income (net of $5,585 foreign withholding tax) | | $ | 28,316 | |
Affiliated dividend income | | | 18,380 | |
| | | | |
| |
Total income | | | 46,696 | |
| | | | |
| |
Expenses | | | | |
Management fee | | | 67,207 | |
Distribution fee(a) | | | 1,182 | |
Professional fees | | | 57,963 | |
Custodian and accounting fees | | | 42,953 | |
Registration fees(a) | | | 39,417 | |
Audit fee | | | 30,051 | |
Fund data services | | | 14,013 | |
Shareholders’ reports | | | 12,717 | |
Trustees’ fees | | | 9,600 | |
Transfer agent’s fees and expenses (including affiliated expense of $1,381)(a) | | | 4,308 | |
Miscellaneous | | | 7,718 | |
| | | | |
Total expenses | | | 287,129 | |
Less: Fee waiver and/or expense reimbursement(a) | | | (213,095 | ) |
| | | | |
| |
Net expenses | | | 74,034 | |
| | | | |
| |
Net investment income (loss) | | | (27,338 | ) |
| | | | |
| |
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions | | | | |
| |
Net realized gain (loss) on: | | | | |
Investment transactions (net of foreign capital gains taxes $(21,766)) | | | 237,813 | |
Foreign currency transactions | | | (4,868 | ) |
| | | | |
| |
| | | 232,945 | |
| | | | |
| |
Net change in unrealized appreciation (depreciation) on: | | | | |
Investments (net of change in foreign capital gains taxes $(105,880)) | | | 1,321,081 | |
Foreign currencies | | | (1,388 | ) |
| | | | |
| |
| | | 1,319,693 | |
| | | | |
| |
Net gain (loss) on investment and foreign currency transactions | | | 1,552,638 | |
| | | | |
| |
Net Increase (Decrease) In Net Assets Resulting From Operations | | $ | 1,525,300 | |
| | | | |
| (a) | Class specific expenses and waivers were as follows: |
| | | | | | | | | | | | | | | | |
| | | Class A | | | Class C | | | Class Z | | | Class R6 | |
Distribution fee | | | 960 | | | | 222 | | | | — | | | | — | |
Registration fees | | | 11,104 | | | | 6,318 | | | | 16,379 | | | | 5,616 | |
Transfer agent’s fees and expenses | | | 1,172 | | | | 169 | | | | 2,908 | | | | 59 | |
Fee waiver and/or expense reimbursement | | | (23,204) | | | | (7,124) | | | | (64,948) | | | | (117,819) | |
See Notes to Financial Statements.
26
PGIM Jennison International Small-Mid Cap Opportunities Fund
Statements of Changes in Net Assets
| | | | | | | | |
| |
| | | Year Ended
October 31, | |
| | |
| | | 2024 | | | 2023 | |
Increase (Decrease) in Net Assets | | | | | | | | |
| | |
Operations | | | | | | | | |
Net investment income (loss) | | $ | (27,338 | ) | | $ | 11,314 | |
Net realized gain (loss) on investment and foreign currency transactions | | | 232,945 | | | | (446,700 | ) |
Net change in unrealized appreciation (depreciation) on investments and foreign currencies | | | 1,319,693 | | | | 517,134 | |
| | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 1,525,300 | | | | 81,748 | |
| | | | | | | | |
| | |
Dividends and Distributions | | | | | | | | |
Distributions from distributable earnings | | | | | | | | |
Class A | | | (332 | ) | | | — | |
Class C | | | — | | | | — | |
Class Z | | | (719 | ) | | | — | |
Class R6 | | | (8,572 | ) | | | — | |
| | | | | | | | |
| | | (9,623 | ) | | | — | |
| | | | | | | | |
| | |
Fund share transactions (Net of share conversions) | | | | | | | | |
Net proceeds from shares sold | | | 6,070,284 | | | | 257,517 | |
Net asset value of shares issued in reinvestment of dividends and distributions | | | 9,623 | | | | — | |
Cost of shares purchased | | | (661,001 | ) | | | (608,712 | ) |
| | | | | | | | |
Net increase (decrease) in net assets from Fund share transactions | | | 5,418,906 | | | | (351,195 | ) |
| | | | | | | | |
Total increase (decrease) | | | 6,934,583 | | | | (269,447 | ) |
| | |
Net Assets: | | | | | | | | |
| | |
Beginning of year | | | 3,595,143 | | | | 3,864,590 | |
| | | | | | | | |
| | |
End of year | | $ | 10,529,726 | | | $ | 3,595,143 | |
| | | | | | | | |
See Notes to Financial Statements.
PGIM Jennison International Small-Mid Cap Opportunities Fund 27
PGIM Jennison International Small-Mid Cap Opportunities Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | |
| | |
| Class A Shares | | | | | |
| | | | | | | | | | | | September 14, 2021(a) | | | |
| | | Year Ended October 31, | | | through October 31,
2021 | | | |
| | | 2024 | | | 2023 | | | 2022 | | | | |
| | | | | | |
Per Share Operating Performance(b): | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, Beginning of Period | | | $6.00 | | | | $5.87 | | | | $9.76 | | | | $10.00 | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | (0.05 | ) | | | (0.02 | ) | | | (0.04 | ) | | | (0.01 | ) | | | | |
Net realized and unrealized gain (loss) on investment and foreign currency transactions | | | 2.03 | | | | 0.15 | | | | (3.85 | ) | | | (0.23 | ) | | | | |
Total from investment operations | | | 1.98 | | | | 0.13 | | | | (3.89 | ) | | | (0.24 | ) | | | | |
Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.01 | ) | | | - | | | | - | | | | - | | | | | |
Net asset value, end of period | | | $7.97 | | | | $6.00 | | | | $5.87 | | | | $9.76 | | | | | |
Total Return(c): | | | 32.98 | % | | | 2.21 | % | | | (39.86 | )% | | | (2.40 | )% | | | | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | | $191 | | | | $263 | | | | $107 | | | | $15 | | | | | |
Average net assets (000) | | | $384 | | | | $134 | | | | $90 | | | | $12 | | | | | |
Ratios to average net assets(d): | | | | | | | | | | | | | | | | | | | | |
Expenses after waivers and/or expense reimbursement | | | 1.45 | %(e) | | | 1.63 | %(e) | | | 1.41 | % | | | 1.41 | %(f) | | | | |
Expenses before waivers and/or expense reimbursement | | | 7.49 | % | | | 11.92 | % | | | 32.83 | % | | | 167.90 | %(f) | | | | |
Net investment income (loss) | | | (0.71 | )% | | | (0.27 | )% | | | (0.55 | )% | | | (1.13 | )%(f) | | | | |
Portfolio turnover rate(g) | | | 83 | % | | | 145 | % | | | 188 | % | | | 15 | % | | | | |
| (a) | Commencement of operations. |
| (b) | Calculated based on average shares outstanding during the period. |
| (c) | Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized. |
| (d) | Does not include expenses of the underlying funds in which the Fund invests. |
| (e) | Includes certain non-recurring expenses of 0.04% and 0.22% which are being excluded from the Fund’s contractual waiver, if applicable, for the years ended October 31, 2024 and 2023, respectively. |
| (f) | Annualized, with the exception of certain non-recurring expenses. |
| (g) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
See Notes to Financial Statements.
28
PGIM Jennison International Small-Mid Cap Opportunities Fund
Financial Highlights (continued)
| | | | | | | | | | | | | | | | | | |
| | | | | | |
| Class C Shares | | | | | | | | | | | | | | | | | | |
| | | | | | September 14, 2021(a) | | |
| | | Year Ended October 31, | | | through October 31, | | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | |
| | | | | | |
| Per Share Operating Performance(b): | | | | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Period | | | $5.91 | | | | $5.82 | | | | $9.75 | | | | $10.00 | | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | (0.11 | ) | | | (0.04 | ) | | | (0.09 | ) | | | (0.02 | ) | | |
| Net realized and unrealized gain (loss) on investment and foreign currency transactions | | | 1.99 | | | | 0.13 | | | | (3.84 | ) | | | (0.23 | ) | | |
| Total from investment operations | | | 1.88 | | | | 0.09 | | | | (3.93 | ) | | | (0.25 | ) | | |
| Net asset value, end of period | | | $7.79 | | | | $5.91 | | | | $5.82 | | | | $9.75 | | | |
| Total Return(c): | | | 31.81 | % | | | 1.55 | % | | | (40.31 | )% | | | (2.50 | )% | | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000) | | | $23 | | | | $18 | | | | $17 | | | | $10 | | | |
| Average net assets (000) | | | $22 | | | | $19 | | | | $18 | | | | $10 | | | |
| Ratios to average net assets(d): | | | | | | | | | | | | | | | | | | |
| Expenses after waivers and/or expense reimbursement | | | 2.20 | %(e) | | | 2.27 | %(e) | | | 2.16 | % | | | 2.16 | %(f) | | |
| Expenses before waivers and/or expense reimbursement | | | 34.32 | % | | | 41.20 | % | | | 136.82 | % | | | 206.96 | %(f) | | |
| Net investment income (loss) | | | (1.48 | )% | | | (0.71 | )% | | | (1.32 | )% | | | (1.81 | )%(f) | | |
| Portfolio turnover rate(g) | | | 83 | % | | | 145 | % | | | 188 | % | | | 15 | % | | |
| (a) | Commencement of operations. |
| (b) | Calculated based on average shares outstanding during the period. |
| (c) | Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized. |
| (d) | Does not include expenses of the underlying funds in which the Fund invests. |
| (e) | Includes certain non-recurring expenses of 0.04% and 0.11% which are being excluded from the Fund’s contractual waiver, if applicable, for the years ended October 31, 2024 and 2023, respectively. |
| (f) | Annualized, with the exception of certain non-recurring expenses. |
| (g) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
See Notes to Financial Statements.
PGIM Jennison International Small-Mid Cap Opportunities Fund 29
PGIM Jennison International Small-Mid Cap Opportunities Fund
Financial Highlights (continued)
| | | | | | | | | | | | | | | | | | |
| | | | | | |
| Class Z Shares | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | September 14, 2021(a) | | |
| | | Year Ended October 31, | | | through October 31, | | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | |
| | | | | | |
| Per Share Operating Performance(b): | | | | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Period | | | $6.04 | | | | $5.89 | | | | $9.76 | | | | $10.00 | | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | (0.03 | ) | | | 0.01 | | | | (0.03 | ) | | | (0.02 | ) | | |
| Net realized and unrealized gain (loss) on investment and foreign currency transactions | | | 2.02 | | | | 0.14 | | | | (3.84 | ) | | | (0.22 | ) | | |
| Total from investment operations | | | 1.99 | | | | 0.15 | | | | (3.87 | ) | | | (0.24 | ) | | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| Dividends from net investment income | | | (0.01 | ) | | | - | | | | - | | | | - | | | |
| Net asset value, end of period | | | $8.02 | | | | $6.04 | | | | $5.89 | | | | $9.76 | | | |
| Total Return(c): | | | 33.21 | % | | | 2.55 | % | | | (39.65 | )% | | | (2.40 | )% | | |
| | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000) | | | $6,282 | | | | $288 | | | | $788 | | | | $690 | | | |
| Average net assets (000) | | | $2,093 | | | | $413 | | | | $953 | | | | $128 | | | |
| Ratios to average net assets(d): | | | | | | | | | | | | | | | | | | |
| Expenses after waivers and/or expense reimbursement | | | 1.14 | % | | | 1.24 | %(e) | | | 1.16 | % | | | 1.16 | %(f) | | |
| Expenses before waivers and/or expense reimbursement | | | 4.24 | % | | | 7.39 | % | | | 7.36 | % | | | 22.37 | %(f) | | |
| Net investment income (loss) | | | (0.36 | )% | | | 0.23 | % | | | (0.42 | )% | | | (1.09 | )%(f) | | |
| Portfolio turnover rate(g) | | | 83 | % | | | 145 | % | | | 188 | % | | | 15 | % | | |
| (a) | Commencement of operations. |
| (b) | Calculated based on average shares outstanding during the period. |
| (c) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized. |
| (d) | Does not include expenses of the underlying funds in which the Fund invests. |
| (e) | Includes certain non-recurring expenses of 0.08% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended October 31, 2023. |
| (f) | Annualized, with the exception of certain non-recurring expenses. |
| (g) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
See Notes to Financial Statements.
30
PGIM Jennison International Small-Mid Cap Opportunities Fund
Financial Highlights (continued)
| | | | | | | | | | | | | | | | | | |
| | | | | | |
| Class R6 Shares | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | September 14, 2021(a) | | |
| | | Year Ended October 31, | | | through October 31, | | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | |
| | | | | | |
| Per Share Operating Performance(b): | | | | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Period | | | $6.04 | | | | $5.89 | | | | $9.76 | | | | $10.00 | | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | (0.03 | ) | | | 0.02 | | | | (0.03 | ) | | | (0.01 | ) | | |
| Net realized and unrealized gain (loss) on investment and foreign currency transactions | | | 2.04 | | | | 0.13 | | | | (3.84 | ) | | | (0.23 | ) | | |
| Total from investment operations | | | 2.01 | | | | 0.15 | | | | (3.87 | ) | | | (0.24 | ) | | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| Dividends from net investment income | | | (0.02 | ) | | | - | | | | - | | | | - | | | |
| Net asset value, end of period | | | $8.03 | | | | $6.04 | | | | $5.89 | | | | $9.76 | | | |
| Total Return(c): | | | 33.27 | % | | | 2.55 | % | | | (39.65 | )% | | | (2.40 | )% | | |
| | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000) | | | $4,033 | | | | $3,026 | | | | $2,952 | | | | $4,892 | | | |
| Average net assets (000) | | | $3,841 | | | | $3,196 | | | | $3,635 | | | | $4,836 | | | |
| Ratios to average net assets(d): | | | | | | | | | | | | | | | | | | |
| Expenses after waivers and/or expense reimbursement | | | 1.15 | %(e) | | | 1.22 | %(e) | | | 1.11 | % | | | 1.11 | %(f) | | |
| Expenses before waivers and/or expense reimbursement | | | 4.22 | % | | | 5.88 | % | | | 4.82 | % | | | 5.20 | %(f) | | |
| Net investment income (loss) | | | (0.43 | )% | | | 0.34 | % | | | (0.41 | )% | | | (0.76 | )%(f) | | |
| Portfolio turnover rate(g) | | | 83 | % | | | 145 | % | | | 188 | % | | | 15 | % | | |
| (a) | Commencement of operations. |
| (b) | Calculated based on average shares outstanding during the period. |
| (c) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized. |
| (d) | Does not include expenses of the underlying funds in which the Fund invests. |
| (e) | Includes certain non-recurring expenses of 0.04% and 0.11% which are being excluded from the Fund’s contractual waiver, if applicable, for the years ended October 31, 2024 and 2023, respectively. |
| (f) | Annualized, with the exception of certain non-recurring expenses. |
| (g) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
See Notes to Financial Statements.
PGIM Jennison International Small-Mid Cap Opportunities Fund 31
PGIM Jennison NextGeneration Global Opportunities Fund
Schedule of Investments
as of October 31, 2024
| | | | | | | | |
| | |
| Description | | Shares | | | Value | |
| | |
LONG-TERM INVESTMENTS 97.0% | | | | | | | | |
| | |
COMMON STOCKS | | | | | | | | |
| | |
Australia 6.6% | | | | | | | | |
| | |
NEXTDC Ltd.* | | | 26,746 | | | $ | 285,703 | |
Pro Medicus Ltd. | | | 1,750 | | | | 221,682 | |
| | | | | | | | |
| | |
| | | | | | | 507,385 | |
| | |
Canada 10.8% | | | | | | | | |
| | |
Dollarama, Inc. | | | 2,338 | | | | 243,296 | |
Fairfax Financial Holdings Ltd. | | | 255 | | | | 316,884 | |
FirstService Corp. | | | 806 | | | | 149,235 | |
TFI International, Inc. | | | 877 | | | | 117,360 | |
| | | | | | | | |
| | |
| | | | | | | 826,775 | |
| | |
India 12.6% | | | | | | | | |
| | |
Anant Raj Ltd. | | | 29,925 | | | | 261,983 | |
CG Power & Industrial Solutions Ltd. | | | 17,549 | | | | 146,560 | |
Indian Hotels Co. Ltd. (The) | | | 14,068 | | | | 112,823 | |
KEI Industries Ltd. | | | 3,945 | | | | 189,556 | |
MakeMyTrip Ltd.* | | | 1,668 | | | | 169,285 | |
Phoenix Mills Ltd. (The) | | | 4,746 | | | | 85,732 | |
| | | | | | | | |
| | |
| | | | | | | 965,939 | |
| | |
Sweden 3.8% | | | | | | | | |
| | |
Hemnet Group AB | | | 4,669 | | | | 147,161 | |
MIPS AB | | | 3,015 | | | | 147,880 | |
| | | | | | | | |
| | |
| | | | | | | 295,041 | |
| | |
Taiwan 1.7% | | | | | | | | |
| | |
Jentech Precision Industrial Co. Ltd. | | | 2,827 | | | | 126,951 | |
| | |
United Kingdom 1.9% | | | | | | | | |
| | |
JTC PLC, 144A | | | 10,735 | | | | 142,298 | |
| | |
United States 59.6% | | | | | | | | |
| | |
Appfolio, Inc. (Class A Stock)* | | | 946 | | | | 196,645 | |
Axon Enterprise, Inc.* | | | 1,103 | | | | 467,121 | |
AZEK Co., Inc. (The)* | | | 3,803 | | | | 167,332 | |
Casella Waste Systems, Inc. (Class A Stock)* | | | 1,145 | | | | 112,073 | |
Cava Group, Inc.* | | | 1,858 | | | | 248,154 | |
See Notes to Financial Statements.
32
PGIM Jennison NextGeneration Global Opportunities Fund
Schedule of Investments (continued)
as of October 31, 2024
| | | | | | | | |
| | |
| Description | | Shares | | | Value | |
| | |
COMMON STOCKS (Continued) | | | | | | | | |
| | |
United States (cont’d.) | | | | | | | | |
| | |
CDW Corp. | | | 465 | | | $ | 87,527 | |
Comfort Systems USA, Inc. | | | 914 | | | | 357,411 | |
Fair Isaac Corp.* | | | 155 | | | | 308,932 | |
Freshpet, Inc.* | | | 1,823 | | | | 241,620 | |
FTAI Aviation Ltd. | | | 1,099 | | | | 147,750 | |
Gartner, Inc.* | | | 326 | | | | 163,815 | |
Hamilton Lane, Inc. (Class A Stock) | | | 1,488 | | | | 267,304 | |
HEICO Corp. | | | 594 | | | | 145,500 | |
James Hardie Industries PLC, CDI* | | | 3,534 | | | | 112,711 | |
Kura Sushi USA, Inc. (Class A Stock)*(a) | | | 1,472 | | | | 146,935 | |
Monday.com Ltd.* | | | 681 | | | | 200,125 | |
Monolithic Power Systems, Inc. | | | 205 | | | | 155,657 | |
RadNet, Inc.* | | | 4,030 | | | | 262,111 | |
Saia, Inc.* | | | 207 | | | | 101,142 | |
Samsara, Inc. (Class A Stock)* | | | 1,217 | | | | 58,160 | |
Tetra Tech, Inc. | | | 3,275 | | | | 160,082 | |
TopBuild Corp.* | | | 337 | | | | 119,089 | |
Vertiv Holdings Co. (Class A Stock) | | | 3,006 | | | | 328,526 | |
| | | | | | | | |
| | |
| | | | | | | 4,555,722 | |
| | | | | | | | |
| | |
TOTAL LONG-TERM INVESTMENTS | | | | | | | | |
(cost $5,726,502) | | | | | | | 7,420,111 | |
| | | | | | | | |
| | |
SHORT-TERM INVESTMENTS 5.7% | | | | | | | | |
| | |
AFFILIATED MUTUAL FUNDS | | | | | | | | |
PGIM Core Government Money Market Fund (7-day effective yield 5.011%)(wb) | | | 303,596 | | | | 303,596 | |
PGIM Institutional Money Market Fund (7-day effective yield 5.096%)
(cost $131,258; includes $130,975 of cash collateral for securities on loan)(b)(wb) | | | 131,324 | | | | 131,258 | |
| | | | | | | | |
| | |
TOTAL SHORT-TERM INVESTMENTS | | | | | | | | |
(cost $434,854) | | | | | | | 434,854 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS 102.7% | | | | | | | | |
(cost $6,161,356) | | | | | | | 7,854,965 | |
| | |
Liabilities in excess of other assets (2.7)% | | | | | | | (209,820 | ) |
| | | | | | | | |
| | |
NET ASSETS 100.0% | | | | | | $ | 7,645,145 | |
| | | | | | | | |
See Notes to Financial Statements.
PGIM Jennison NextGeneration Global Opportunities Fund 33
PGIM Jennison NextGeneration Global Opportunities Fund
Schedule of Investments (continued)
as of October 31, 2024
See the Glossary for a list of the abbreviation(s) used in the annual report.
| * | Non-income producing security. |
| (a) | All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $129,766; cash collateral of $130,975 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day. |
| (b) | Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment. |
| (wb) | Represents an investment in a Fund affiliated with the Manager. |
Fair Value Measurements:
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1—unadjusted quoted prices generally in active markets for identical securities.
Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.
Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.
The following is a summary of the inputs used as of October 31, 2024 in valuing such portfolio securities:
| | | | | | | | | | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Investments in Securities | | | | | | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | | | | | |
Long-Term Investments | | | | | | | | | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | | | | | | | | |
Australia | | $ | — | | | $ | 507,385 | | | | | | | $ | — | | | | | |
Canada | | | 826,775 | | | | — | | | | | | | | — | | | | | |
India | | | 169,285 | | | | 796,654 | | | | | | | | — | | | | | |
Sweden | | | — | | | | 295,041 | | | | | | | | — | | | | | |
Taiwan | | | — | | | | 126,951 | | | | | | | | — | | | | | |
United Kingdom | | | 142,298 | | | | — | | | | | | | | — | | | | | |
United States | | | 4,443,011 | | | | 112,711 | | | | | | | | — | | | | | |
Short-Term Investments | | | | | | | | | | | | | | | | | | | | |
Affiliated Mutual Funds | | | 434,854 | | | | — | | | | | | | | — | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total | | $ | 6,016,223 | | | $ | 1,838,742 | | | | | | | $ | — | | | | | |
| | | | | | | | | | | | |
Industry Allocation:
The industry allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2024 were as follows:
See Notes to Financial Statements.
34
PGIM Jennison NextGeneration Global Opportunities Fund
Schedule of Investments (continued)
as of October 31, 2024
Industry Allocation (continued):
| | | | |
Software | | | 10.0 | % |
Hotels, Restaurants & Leisure | | | 8.9 | |
Electrical Equipment | | | 8.7 | |
Aerospace & Defense | | | 8.0 | |
Real Estate Management & Development | | | 6.5 | |
IT Services | | | 5.8 | |
Affiliated Mutual Funds (1.7% represents investments purchased with collateral from securities on loan) | | | 5.7 | |
Capital Markets | | | 5.4 | |
Construction & Engineering | | | 4.7 | |
Insurance | | | 4.1 | |
Semiconductors & Semiconductor Equipment | | | 3.7 | |
Commercial Services & Supplies | | | 3.6 | |
Health Care Providers & Services | | | 3.4 | |
Broadline Retail | | | 3.2 | |
| | | | |
Food Products | | | 3.2 | % |
Health Care Technology | | | 2.9 | |
Ground Transportation | | | 2.8 | |
Building Products | | | 2.2 | |
Leisure Products | | | 1.9 | |
Trading Companies & Distributors | | | 1.9 | |
Interactive Media & Services | | | 1.9 | |
Household Durables | | | 1.6 | |
Construction Materials | | | 1.5 | |
Electronic Equipment, Instruments & Components | | | 1.1 | |
| | | | |
| |
| | | 102.7 | |
Liabilities in excess of other assets | | | (2.7 | ) |
| | | | |
| |
| | | 100.0 | % |
| | | | |
Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Fund entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions where the legal right to set-off exists is presented in the summary below.
Offsetting of financial instrument/transaction assets and liabilities:
| | | | | | | | |
| | | | | |
| Description | | Gross Market
Value of Recognized Assets/(Liabilities) | | | | Collateral
Pledged/(Received)(1) | | Net
Amount |
| | | | | |
Securities on Loan | | $129,766 | | | | $(129,766) | | $— |
| (1) | Collateral amount disclosed by the Fund is limited to the market value of financial instruments/transactions. |
See Notes to Financial Statements.
PGIM Jennison NextGeneration Global Opportunities Fund 35
PGIM Jennison NextGeneration Global Opportunities Fund
Statement of Assets & Liabilities
as of October 31, 2024
| | | | |
Assets | | | | |
| |
Investments at value, including securities on loan of $129,766: | | | | |
Unaffiliated investments (cost $5,726,502) | | $ | 7,420,111 | |
Affiliated investments (cost $434,854) | | | 434,854 | |
Foreign currency, at value (cost $8) | | | 8 | |
Due from Manager | | | 15,840 | |
Tax reclaim receivable | | | 1,430 | |
Dividends receivable | | | 237 | |
Receivable for Fund shares sold | | | 125 | |
Prepaid expenses | | | 1,295 | |
| | | | |
| |
Total Assets | | | 7,873,900 | |
| | | | |
| |
Liabilities | | | | |
| |
Payable to broker for collateral for securities on loan | | | 130,975 | |
Foreign capital gains tax liability accrued | | | 41,611 | |
Audit fee payable | | | 30,051 | |
Custodian and accounting fee payable | | | 9,272 | |
Accrued expenses and other liabilities | | | 6,612 | |
Professional fees payable | | | 6,042 | |
Payable for Fund shares purchased | | | 1,740 | |
Fund data services payable | | | 1,171 | |
Trustees’ fees payable | | | 804 | |
Affiliated transfer agent fee payable | | | 356 | |
Distribution fee payable | | | 121 | |
| | | | |
| |
Total Liabilities | | | 228,755 | |
| | | | |
| |
Net Assets | | $ | 7,645,145 | |
| | | | |
| |
| | | | | |
| |
Net assets were comprised of: | | | | |
Shares of beneficial interest, at par | | $ | 1,018 | |
Paid-in capital in excess of par | | | 24,828,288 | |
Total distributable earnings (loss) | | | (17,184,161 | ) |
| | | | |
| |
Net assets, October 31, 2024 | | $ | 7,645,145 | |
| | | | |
See Notes to Financial Statements.
36
PGIM Jennison NextGeneration Global Opportunities Fund
Statement of Assets & Liabilities (continued)
as of October 31, 2024
| | | | | | | | |
Class A | | | | | | | | |
| | |
Net asset value and redemption price per share, | | | | | | | | |
($400,970 ÷ 53,833 shares of beneficial interest issued and outstanding) | | $ | 7.45 | | | | | |
Maximum sales charge (5.50% of offering price) | | | 0.43 | | | | | |
| | | | | | | | |
| | |
Maximum offering price to public | | $ | 7.88 | | | | | |
| | | | | | | | |
| | |
Class C | | | | | | | | |
| | |
Net asset value, offering price and redemption price per share, | | | | | | | | |
($32,286 ÷ 4,441 shares of beneficial interest issued and outstanding) | | $ | 7.27 | | | | | |
| | | | | | | | |
| | |
Class Z | | | | | | | | |
| | |
Net asset value, offering price and redemption price per share, | | | | | | | | |
($3,445,812 ÷ 459,110 shares of beneficial interest issued and outstanding) | | $ | 7.51 | | | | | |
| | | | | | | | |
| | |
Class R6 | | | | | | | | |
| | |
Net asset value, offering price and redemption price per share, | | | | | | | | |
($3,766,077 ÷ 501,000 shares of beneficial interest issued and outstanding) | | $ | 7.52 | | | | | |
| | | | | | | | |
See Notes to Financial Statements.
PGIM Jennison NextGeneration Global Opportunities Fund 37
PGIM Jennison NextGeneration Global Opportunities Fund
Statement of Operations
Year Ended October 31, 2024
| | | | |
Net Investment Income (Loss) | | | | |
| |
Income | | | | |
Unaffiliated dividend income (net of $2,640 foreign withholding tax) | | $ | 20,444 | |
Affiliated dividend income | | | 14,776 | |
Income from securities lending, net (including affiliated income of $1,831) | | | 3,473 | |
| | | | |
| |
Total income | | | 38,693 | |
| | | | |
| |
Expenses | | | | |
Management fee | | | 68,255 | |
Distribution fee(a) | | | 1,162 | |
Professional fees | | | 50,624 | |
Custodian and accounting fees | | | 38,666 | |
Audit fee | | | 30,051 | |
Registration fees(a) | | | 26,228 | |
Shareholders’ reports | | | 17,903 | |
Fund data services | | | 12,217 | |
Trustees’ fees | | | 9,610 | |
Transfer agent’s fees and expenses (including affiliated expense of $2,128)(a) | | | 6,328 | |
Miscellaneous | | | 11,528 | |
| | | | |
| |
Total expenses | | | 272,572 | |
Less: Fee waiver and/or expense reimbursement(a) | | | (197,075 | ) |
| | | | |
| |
Net expenses | | | 75,497 | |
| | | | |
| |
Net investment income (loss) | | | (36,804 | ) |
| | | | |
| |
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions | | | | |
| |
Net realized gain (loss) on: | | | | |
Investment transactions (including affiliated of $(7)) (net of foreign capital gains taxes $(10,816)) | | | 545,506 | |
Foreign currency transactions | | | (1,575 | ) |
| | | | |
| |
| | | 543,931 | |
| | | | |
| |
Net change in unrealized appreciation (depreciation) on: | | | | |
Investments (net of change in foreign capital gains taxes $(41,611)) | | | 1,416,884 | |
Foreign currencies | | | 41 | |
| | | | |
| |
| | | 1,416,925 | |
| | | | |
| |
Net gain (loss) on investment and foreign currency transactions | | | 1,960,856 | |
| | | | |
| |
Net Increase (Decrease) In Net Assets Resulting From Operations | | $ | 1,924,052 | |
| | | | |
| (a) | Class specific expenses and waivers were as follows: |
| | | | | | | | | | | | | | | | |
| | | Class A | | | Class C | | | Class Z | | | Class R6 | |
Distribution fee | | | 894 | | | | 268 | | | | — | | | | — | |
Registration fees | | | 9,105 | | | | 6,104 | | | | 6,104 | | | | 4,915 | |
Transfer agent’s fees and expenses | | | 1,094 | | | | 184 | | | | 4,954 | | | | 96 | |
Fee waiver and/or expense reimbursement | | | (18,384) | | | | (6,904) | | | | (84,285) | | | | (87,502) | |
See Notes to Financial Statements.
38
PGIM Jennison NextGeneration Global Opportunities Fund
Statements of Changes in Net Assets
| | | | | | | | |
| |
| | | Year Ended
October 31, | |
| | |
| | | 2024 | | | 2023 | |
Increase (Decrease) in Net Assets | | | | | | | | |
| | |
Operations | | | | | | | | |
Net investment income (loss) | | $ | (36,804 | ) | | $ | (22,542 | ) |
Net realized gain (loss) on investment and foreign currency transactions | | | 543,931 | | | | (383,514 | ) |
Net change in unrealized appreciation (depreciation) on investments and foreign currencies | | | 1,416,925 | | | | 186,317 | |
| | | | | | | | |
| | |
Net increase (decrease) in net assets resulting from operations | | | 1,924,052 | | | | (219,739 | ) |
| | | | | | | | |
| | |
Fund share transactions (Net of share conversions) | | | | | | | | |
Net proceeds from shares sold | | | 1,406,007 | | | | 239,539 | |
Cost of shares purchased | | | (522,376 | ) | | | (1,527,958 | ) |
| | | | | | | | |
| | |
Net increase (decrease) in net assets from Fund share transactions | | | 883,631 | | | | (1,288,419 | ) |
| | | | | | | | |
| | |
Total increase (decrease) | | | 2,807,683 | | | | (1,508,158 | ) |
| | |
Net Assets: | | | | | | | | |
| | |
Beginning of year | | | 4,837,462 | | | | 6,345,620 | |
| | | | | | | | |
| | |
End of year | | $ | 7,645,145 | | | $ | 4,837,462 | |
| | | | | | | | |
See Notes to Financial Statements.
PGIM Jennison NextGeneration Global Opportunities Fund 39
PGIM Jennison NextGeneration Global Opportunities Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Class A Shares | | | | | | | | | | | | | | | | | | | | |
| | | Year Ended October 31, | | | September 14, 2021(a)
through October 31, 2021 | | | |
| | | 2024 | | | 2023 | | | 2022 | |
| | | | | | | | | | | | |
| | | | | | |
Per Share Operating Performance(b): | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, Beginning of Period | | | $5.46 | | | | $5.70 | | | | $9.98 | | | | $10.00 | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | (0.05 | ) | | | (0.04 | ) | | | (0.05 | ) | | | (0.02 | ) | | | | |
| Net realized and unrealized gain (loss) on investment and foreign currency transactions | | | 2.04 | | | | (0.20 | ) | | | (4.23 | ) | | | - | (c) | | | | |
Total from investment operations | | | 1.99 | | | | (0.24 | ) | | | (4.28 | ) | | | (0.02 | ) | | | | |
Net asset value, end of period | | | $7.45 | | | | $5.46 | | | | $5.70 | | | | $9.98 | | | | | |
Total Return(d): | | | 36.45 | % | | | (4.21 | )% | | | (42.89 | )% | | | (0.20 | )% | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (000) | | | $401 | | | | $240 | | | | $291 | | | | $32 | | | | | |
Average net assets (000) | | | $357 | | | | $265 | | | | $303 | | | | $14 | | | | | |
Ratios to average net assets(e): | | | | | | | | | | | | | | | | | | | | |
Expenses after waivers and/or expense reimbursement | | | 1.32 | %(f) | | | 1.40 | %(f) | | | 1.31 | % | | | 1.31 | %(g) | | | | |
Expenses before waivers and/or expense reimbursement | | | 6.46 | % | | | 6.84 | % | | | 11.63 | % | | | 144.66 | %(g) | | | | |
Net investment income (loss) | | | (0.77 | )% | | | (0.66 | )% | | | (0.69 | )% | | | (1.20 | )%(g) | | | | |
Portfolio turnover rate(h) | | | 96 | % | | | 162 | % | | | 464 | % | | | 14 | % | | | | |
| (a) | Commencement of operations. |
| (b) | Calculated based on average shares outstanding during the period. |
| (c) | Amount rounds to zero. |
| (d) | Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized. |
| (e) | Does not include expenses of the underlying funds in which the Fund invests. |
| (f) | Includes certain non-recurring expenses of 0.01% and 0.09% which are being excluded from the Fund’s contractual waiver, if applicable, for the years ended October 31, 2024 and 2023, respectively. |
| (g) | Annualized, with the exception of certain non-recurring expenses. |
| (h) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
See Notes to Financial Statements.
40
PGIM Jennison NextGeneration Global Opportunities Fund
Financial Highlights (continued)
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Class C Shares | | | | | | | | | | | | | | | | | | | | |
| | | Year Ended October 31, | | | September 14, 2021(a)
through October 31, 2021 | | | |
| | | 2024 | | | 2023 | | | 2022 | |
| | | | | | | | | | | | |
| | | | | | |
| Per Share Operating Performance(b): | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Period | | | $5.36 | | | | $5.65 | | | | $9.97 | | | | $10.00 | | | | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | (0.10 | ) | | | (0.08 | ) | | | (0.09 | ) | | | (0.02 | ) | | | | |
| Net realized and unrealized gain (loss) on investment and foreign currency transactions | | | 2.01 | | | | (0.21 | ) | | | (4.23 | ) | | | (0.01 | )(c) | | | | |
| Total from investment operations | | | 1.91 | | | | (0.29 | ) | | | (4.32 | ) | | | (0.03 | ) | | | | |
| Net asset value, end of period | | | $7.27 | | | | $5.36 | | | | $5.65 | | | | $9.97 | | | | | |
| Total Return(d): | | | 35.38 | % | | | (4.96 | )% | | | (43.33 | )% | | | (0.30 | )% | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000) | | | $32 | | | | $17 | | | | $34 | | | | $10 | | | | | |
| Average net assets (000) | | | $27 | | | | $27 | | | | $31 | | | | $10 | | | | | |
| Ratios to average net assets(e): | | | | | | | | | | | | | | | | | | | | |
| Expenses after waivers and/or expense reimbursement | | | 2.06 | % | | | 2.12 | %(f) | | | 2.06 | % | | | 2.06 | %(g) | | | | |
| Expenses before waivers and/or expense reimbursement | | | 27.77 | % | | | 28.92 | % | | | 79.47 | % | | | 203.59 | %(g) | | | | |
| Net investment income (loss) | | | (1.52 | )% | | | (1.42 | )% | | | (1.33 | )% | | | (1.90 | )%(g) | | | | |
| Portfolio turnover rate(h) | | | 96 | % | | | 162 | % | | | 464 | % | | | 14 | % | | | | |
| (a) | Commencement of operations. |
| (b) | Calculated based on average shares outstanding during the period. |
| (c) | The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values. |
| (d) | Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized. |
| (e) | Does not include expenses of the underlying funds in which the Fund invests. |
| (f) | Includes certain non-recurring expenses of 0.06% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended October 31, 2023. |
| (g) | Annualized, with the exception of certain non-recurring expenses. |
| (h) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
See Notes to Financial Statements.
PGIM Jennison NextGeneration Global Opportunities Fund 41
PGIM Jennison NextGeneration Global Opportunities Fund
Financial Highlights (continued)
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Class Z Shares | | | | | | | | | | | | | | | | | | | | |
| | | Year Ended October 31, | | | September 14, 2021(a)
through October 31, 2021 | | | |
| | | 2024 | | | 2023 | | | 2022 | |
| | | | | | | | | | | | |
| | | | | | |
| Per Share Operating Performance(b): | | | | | | | | | | | |
