Prudential Investment Portfolios 3 NCSRS Certified semi-annual shareholder report (management investment company)

Prudential Investment Portfolios 3 N-CSRSCertified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number:		811-09805

Exact name of registrant as specified in charter:		Prudential Investment Portfolios 3

(This Form N-CSR relates solely to the Registrant’s PGIM Real Assets Fund, PGIM Global Dynamic Bond Fund and PGIM Wadhwani Systematic Absolute Return Fund (each a “Fund” and collectively the “Funds”)

Address of principal executive offices:		655 Broad Street, 6^thFloor Newark, New Jersey 07102

Name and address of agent for service:		Andrew R. French 655 Broad Street, 6^thFloor Newark, New Jersey 07102

Registrant’s telephone number, including area code:		800-225-1852

Date of fiscal year end:		10/31/2023

Date of reporting period:		4/30/2023

Item 1 – Reports to Stockholders –

LOGO

PGIM REAL ASSETS FUND

SEMIANNUAL REPORT

APRIL 30, 2023

LOGO

To enroll in e-delivery, go to pgim.com/investments/resource/edelivery

Table of Contents



Letter from the President			3

Your Fund’s Performance			4

Fees and Expenses			7

Holdings and Financial Statements			9

This report presents the consolidated results of the PGIM Real Assets Fund and the PGIM Real Assets Subsidiary, Ltd.

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

The information about the Fund’s portfolio holdings is for the period covered by this report and is subject to change thereafter.

The accompanying financial statements as of April 30, 2023 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company, member SIPC. PGIM Quantitative Solutions LLC, a wholly owned subsidiary of PGIM, Inc. (PGIM), is a registered investment adviser and Prudential Financial company. © 2023 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.


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Letter from the President

Dear Shareholder:

We hope you find the semiannual report for the PGIM Real Assets Fund informative and useful. The report covers performance for the six-month period ended April 30, 2023.

Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

Your financial advisor can help you create a diversified investment plan that may include funds covering all the basic asset classes and that reflects your personal investor profile and risk tolerance. However, diversification and asset allocation strategies do not assure a profit or protect against loss in declining markets.

At PGIM Investments, we provide access to active investment strategies across the global markets in the pursuit of consistent outperformance for investors. PGIM is the world’s 11th-largest investment manager with more than $1.5 trillion in assets under management. Our scale and investment expertise allow us to deliver a diversified suite of actively managed solutions across a broad spectrum of asset classes and investment styles.

Thank you for choosing our family of funds.

Sincerely,

LOGO

Stuart S. Parker, President

PGIM Real Assets Fund

June 15, 2023


PGIM Real Assets Fund			3

Your Fund’s Performance

Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website at pgim.com/investments or by calling (800) 225-1852.



	Total Returns as of 4/30/23 (without sales charges)	Average Annual Total Returns as of 4/30/23 (with sales charges)
	*Six Months (%)**	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)

Class A	1.91	-13.47	3.88	1.85	—

Class C	1.55	-9.94	4.31	1.68	—

Class Z	2.15	-8.07	5.43	2.75	—

Class R6	2.14	-7.93	5.53	N/A	3.25 (01/23/2015)

Customized Blend Index

	1.79	-11.77	3.70	1.23	—

Bloomberg US TIPS Index

	4.27	-4.00	2.98	1.42	—



Average Annual Total Returns as of 4/30/23 Since Inception (%)
		Class R6 (01/23/2015)

Customized Blend Index		2.40

Bloomberg US TIPS Index		2.06

*Not annualized

Since Inception returns are provided for any share class with 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.


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The returns in the tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. The average annual total returns take into account applicable sales charges, which are described for each share class in the table below.



	Class A	Class C	Class Z	Class R6
Maximum initial sales charge	5.50% of the public offering price	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption)	1.00% on sales of $1 million or more made within 12 months of purchase	1.00% on sales made within 12 months of purchase	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.30% (0.25% currently)	1.00%	None	None

Benchmark Definitions

Customized Blend Index—The Customized Blend Index (Customized Blend) is a model portfolio consisting of the Bloomberg Commodity Index (33.3%), Morgan Stanley Capital International (MSCI) World Real Estate Net Dividend Index (33.3%), and Bloomberg US TIPS Index (33.3%). Each component of the Customized Blend is an unmanaged index generally considered as representing the performance of the Fund’s asset classes. The Customized Blend is intended to provide a theoretical comparison of the Fund’s performance, based on the amounts allocated to each asset class rather than on amounts allocated to various Fund segments. The Bloomberg Commodity Index is made up of 23 exchange traded futures on physical commodities, representing 21 commodities which are weighted to account for economic significance and market liquidity. The MSCI World Real Estate Net Dividend Index is a sub-index of the MSCI World Index and represents only securities in the GICS Real Estate Industry Group. The Net Dividend version of the MSCI World Real Estate Index reflects the impact of the maximum withholding taxes on reinvested dividends.

Bloomberg US TIPS Index—The Bloomberg US Treasury Inflation-Protected Securities Index (TIPS Index) is an unmanaged index that consists of inflation-protected securities issued by the US Treasury.

Investors cannot invest directly in an index. The returns for the Indexes would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes that may be paid by an investor.


PGIM Real Assets Fund			5

Your Fund’s Performance (continued)

Presentation of Fund Holdings as of 4/30/23



Top Largest Holdings	Asset Class	% of Net Assets

PGIM TIPS Fund	TIPS	25.5%

PGIM Quant Solutions Commodity Strategies Fund	Commodity	18.0%

PGIM Select Real Estate Fund	Real Estate	14.7%

PGIM Jennison Global Infrastructure Fund	Utilities/Infrastructure	10.5%

PGIM Jennison MLP Fund	Master Limited Partnerships (MLPs)	10.3%

PGIM Jennison Natural Resources Fund	Natural Resources	7.2%

PGIM Global Real Estate Fund	Real Estate	6.3%

iShares Gold Trust	Exchange-Traded Funds	6.0%

Holdings reflect only long-term investments and are subject to change.


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Fees and Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemptions, as applicable, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses, as applicable. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 held through the six-month period ended April 30, 2023. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

The first line for each share class in the table on the following page provides information about actual account values and actual expenses. You may use the information on this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value ÷ $1,000 = 8.6), then multiply the result by the number on the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class in the table on the following page provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The Fund’s transfer agent may charge additional fees to holders of certain accounts that are not included in the expenses shown in the table on the following page. These fees apply to individual retirement accounts (IRAs) and Section 403(b) accounts. As of the close of the six-month period covered by the table, IRA fees included an annual maintenance fee of $15 per account (subject to a maximum annual maintenance fee of $25 for all accounts held by the same shareholder). Section 403(b) accounts are charged an annual $25 fiduciary maintenance fee. Some of the fees may vary in amount, or may be waived, based on your total account balance or the number of PGIM funds, including the Fund, that you own. You should consider the additional fees that were charged to your Fund account over the six-month period when you estimate the total ongoing expenses paid over the period and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information


PGIM Real Assets Fund			7

Fees and Expenses (continued)

provided in the expense table. Additional fees have the effect of reducing investment returns.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.



PGIM Real Assets Fund		Beginning Account Value November 1, 2022	Ending Account Value April 30, 2023	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Class A	Actual	$1,000.00	$1,019.10	1.89%	$ 9.46

	Hypothetical	$1,000.00	$1,015.42	1.89%	$ 9.44

Class C	Actual	$1,000.00	$1,015.50	2.62%	$13.09

	Hypothetical	$1,000.00	$1,011.80	2.62%	$13.07

Class Z	Actual	$1,000.00	$1,021.50	1.62%	$ 8.12

	Hypothetical	$1,000.00	$1,016.76	1.62%	$ 8.10

Class R6	Actual	$1,000.00	$1,021.40	1.46%	$ 7.32

	Hypothetical	$1,000.00	$1,017.55	1.46%	$ 7.30

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended April 30, 2023, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2023 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.


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Consolidated Schedule of Investments (unaudited)

as of April 30, 2023



Description	Shares		Value

LONG-TERM INVESTMENTS 98.5%

AFFILIATED MUTUAL FUNDS 92.5%
PGIM Global Real Estate Fund (Class R6)		450,947	$	8,319,973
PGIM Jennison Global Infrastructure Fund (Class R6)		913,479		13,930,562
PGIM Jennison MLP Fund (Class R6)		1,999,692		13,637,902
PGIM Jennison Natural Resources Fund (Class R6)		174,479		9,446,275
PGIM Quant Solutions Commodity Strategies Fund (Class R6)		3,431,027		23,777,014
PGIM Select Real Estate Fund (Class R6)		1,651,007		19,448,864
PGIM TIPS Fund (Class R6)		3,854,730		33,728,889


TOTAL AFFILIATED MUTUAL FUNDS (cost $119,241,461)(wd)				122,289,479


UNAFFILIATED EXCHANGE-TRADED FUND 6.0%
iShares Gold Trust* (cost $7,299,636)(bb)		211,170		7,963,221


TOTAL LONG-TERM INVESTMENTS (cost $126,541,097)				130,252,700


SHORT-TERM INVESTMENT 2.6%

AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $3,459,311)(bb)(wd)		3,459,311		3,459,311


TOTAL INVESTMENTS 101.1% (cost $130,000,408)				133,712,011
Liabilities in excess of other assets (1.1)%				(1,518,089	)


NET ASSETS 100.0%			$	132,193,922

Below is a list of the abbreviation(s) used in the semiannual report:

ETF—Exchange-Traded Fund

MLP—Master Limited Partnership

OTC—Over-the-counter

SOFR—Secured Overnight Financing Rate

TIPS—Treasury Inflation-Protected Securities

*	Non-income producing security.

(bb)	Represents security, or a portion thereof, held in the Cayman Subsidiary.

(wd)	PGIM Investments LLC, the manager of the Fund, also serves as the manager of the underlying funds in which the Fund invests.

See Notes to Consolidated Financial Statements.


PGIM Real Assets Fund			9

Consolidated Schedule of Investments (unaudited) (continued)

as of April 30, 2023

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 April 30, 2023 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Affiliated Mutual Funds	$	122,289,479	$	—		$—
Unaffiliated Exchange-Traded Fund		7,963,221		—		—
Short-Term Investment
Affiliated Mutual Fund		3,459,311		—		—

Total	$	133,712,011	$	—		$—

Fund Composition:

The fund composition of investments (excluding derivatives) and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2023 were as follows:


TIPS	25.5	%
Real Estate	21.0
Commodity	18.0
Utilities/Infrastructure	10.5
Master Limited Partnerships (MLPs)	10.3
Natural Resources	7.2
Unaffiliated Exchange-Traded Fund	6.0
Short Term	2.6

	101.1
Liabilities in excess of other assets	(1.1	)

	100.0	%

See Notes to Consolidated Financial Statements.


10

Consolidated Statement of Assets and Liabilities (unaudited)

as of April 30, 2023


Assets
Investments at value:
Unaffiliated investments (cost $7,299,636)	$	7,963,221
Affiliated investments (cost $122,700,772)		125,748,790
Receivable for Fund shares sold		1,265,969
Receivable for investments sold		1,156,155
Due from Manager		2,216
Prepaid expenses		513

Total Assets		136,136,864


Liabilities
Payable for Fund shares purchased		3,848,469
Accrued expenses and other liabilities		88,017
Distribution fee payable		3,870
Affiliated transfer agent fee payable		1,308
Trustees’ fees payable		1,132
Dividends payable		146

Total Liabilities		3,942,942


Net Assets	$	132,193,922


Net assets were comprised of:
Shares of beneficial interest, at par	$	14,561
Paid-in capital in excess of par		155,690,459
Total distributable earnings (loss)		(23,511,098	)

Net assets, April 30, 2023	$	132,193,922

See Notes to Consolidated Financial Statements.


PGIM Real Assets Fund			11

Consolidated Statement of Assets and Liabilities (unaudited)

as of April 30, 2023


Class A
Net asset value and redemption price per share, ($8,899,168 ÷ 981,895 shares of beneficial interest issued and outstanding)	$	9.06
Maximum sales charge (5.50% of offering price)		0.53


Maximum offering price to public	$	9.59


Class C
Net asset value, offering price and redemption price per share, ($2,385,419 ÷ 265,908 shares of beneficial interest issued and outstanding)	$	8.97


Class Z
Net asset value, offering price and redemption price per share, ($63,911,597 ÷ 7,034,626 shares of beneficial interest issued and outstanding)	$	9.09


Class R6
Net asset value, offering price and redemption price per share, ($56,997,738 ÷ 6,278,583 shares of beneficial interest issued and outstanding)	$	9.08

See Notes to Consolidated Financial Statements.


12

Consolidated Statement of Operations (unaudited)

Six Months Ended April 30, 2023


Net Investment Income (Loss)
Affiliated dividend income	$	10,992,003


Expenses
Management fee		457,042
Distribution fee(a)		27,585
Transfer agent’s fees and expenses (including affiliated expense of $5,190)(a)		73,684
Custodian and accounting fees		44,987
Registration fees(a)		36,200
Audit fee		25,786
Shareholders’ reports		16,882
Professional fees		16,066
Trustees’ fees		6,186
Miscellaneous		13,437

Total expenses		717,855
Less: Fee waiver and/or expense reimbursement(a)		(499,761	)
Distribution fee waiver(a)		(2,422	)

Net expenses		215,672

Net investment income (loss)		10,776,331


Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on investment transactions (including affiliated of $(9,185,015))		(9,243,733	)
Affiliated net capital gain distributions received		308,036

		(8,935,697	)

Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $256,474)		1,442,453
Foreign currencies		226

		1,442,679

Net gain (loss) on investment and foreign currency transactions		(7,493,018	)

Net Increase (Decrease) In Net Assets Resulting From Operations	$	3,283,313

(a)	Class specific expenses and waivers were as follows:


	Class A			Class C			Class Z			Class R6
Distribution fee		14,531			13,054			—			—
Transfer agent’s fees and expenses		8,807			2,113			62,403			361
Registration fees		7,934			6,447			14,877			6,942
Fee waiver and/or expense reimbursement		(38,817	)		(14,768	)		(258,382	)		(187,794	)
Distribution fee waiver		(2,422	)		—			—			—

See Notes to Consolidated Financial Statements.


PGIM Real Assets Fund			13

Consolidated Statements of Changes in Net Assets (unaudited)



	Six Months Ended April 30, 2023			Year Ended October 31, 2022

Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	10,776,331		$	12,361,730
Net realized gain (loss) on investment transactions		(9,243,733	)		(5,146,563	)
Affiliated net capital gain distributions received		308,036			3,355,708
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		1,442,679			(22,561,345	)


Net increase (decrease) in net assets resulting from operations		3,283,313			(11,990,470	)


Dividends and Distributions
Distributions from distributable earnings
Class A		(679,945	)		(901,285	)
Class C		(184,771	)		(85,421	)
Class Z		(5,690,544	)		(7,494,153	)
Class R6		(3,892,020	)		(6,178,597	)

		(10,447,280	)		(14,659,456	)

Tax return of capital distributions
Class A		—			(19,829	)
Class C		—			(1,879	)
Class Z		—			(164,878	)
Class R6		—			(135,935	)

		—			(322,521	)

Fund share transactions (Net of share conversions)
Net proceeds from shares sold		27,719,783			153,193,402
Net asset value of shares issued in reinvestment of dividends and distributions		10,444,853			14,980,895
Cost of shares purchased		(53,859,478	)		(102,433,411	)

Net increase (decrease) in net assets from Fund share transactions		(15,694,842	)		65,740,886

Total increase (decrease)		(22,858,809	)		38,768,439

Net Assets:
Beginning of period		155,052,731			116,284,292

End of period	$	132,193,922		$	155,052,731

See Notes to Consolidated Financial Statements.


14

Consolidated Financial Highlights (unaudited)


Class A Shares
	Six Months Ended April 30, 2023			Year Ended October 31,
	Six Months Ended April 30, 2023			2022			2021			2020			2019			2018
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Period		$9.53			$11.31			$9.37			$9.74			$8.98			$9.44
Income (loss) from investment operations:
Net investment income (loss)		0.67			0.84			0.10			0.11			0.13			0.14
Net realized and unrealized gain (loss) on investment transactions		(0.49	)		(1.29	)		2.37			(0.26	)		0.81			(0.44	)
Total from investment operations		0.18			(0.45	)		2.47			(0.15	)		0.94			(0.30	)
Less Dividends and Distributions:
Dividends from net investment income		(0.65	)		(1.27	)		(0.28	)		(0.16	)		(0.18	)		(0.16	)
Tax return of capital distributions		-			(0.02	)		-			-			-			(-	)^(b)
Distributions from net realized gains		-			(0.04	)		(0.25	)		(0.06	)		-			-
Total dividends and distributions		(0.65	)		(1.33	)		(0.53	)		(0.22	)		(0.18	)		(0.16	)
Net asset value, end of period		$9.06			$9.53			$11.31			$9.37			$9.74			$8.98
Total Return^(c):		1.91	%		(4.47	)%		27.18	%		(1.61	)%		10.55	%		(3.25	)%

Ratios/Supplemental Data:
Net assets, end of period (000)		$8,899			$10,171			$7,448			$4,694			$4,719			$5,487
Average net assets (000)		$9,768			$9,249			$6,059			$4,479			$5,438			$6,032
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.59	%^(e)		0.54	%		0.53	%		0.86	%		0.85	%		0.77	%
Expenses before waivers and/or expense reimbursement		1.44	%^(e)		1.44	%		1.44	%		2.12	%		1.57	%		1.77	%
Net investment income (loss)		14.64	%^(e)		8.17	%		0.92	%		1.14	%		1.43	%		1.50	%
Portfolio turnover rate^(f)		23	%		43	%		30	%		96	%		60	%		77	%

(a)	Calculated based on average shares outstanding during the period.

(b)	Amount rounds to zero.

(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)	Annualized.

(f)	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 Real Assets Fund			15

Consolidated Financial Highlights (unaudited) (continued)


Class C Shares
	Six Months Ended April 30, 2023			Year Ended October 31,
	Six Months Ended April 30, 2023			2022			2021			2020			2019			2018
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Period		$9.44			$11.22			$9.30			$9.68			$8.93			$9.39
Income (loss) from investment operations:
Net investment income (loss)		0.62			0.35			0.01			0.04			0.07			0.07
Net realized and unrealized gain (loss) on investment transactions		(0.48	)		(0.88	)		2.37			(0.25	)		0.79			(0.43	)
Total from investment operations		0.14			(0.53	)		2.38			(0.21	)		0.86			(0.36	)
Less Dividends and Distributions:
Dividends from net investment income		(0.61	)		(1.19	)		(0.21	)		(0.11	)		(0.11	)		(0.10	)
Tax return of capital distributions		-			(0.02	)		-			-			-			(-	)^(b)
Distributions from net realized gains		-			(0.04	)		(0.25	)		(0.06	)		-			-
Total dividends and distributions		(0.61	)		(1.25	)		(0.46	)		(0.17	)		(0.11	)		(0.10	)
Net asset value, end of period		$8.97			$9.44			$11.22			$9.30			$9.68			$8.93
Total Return^(c):		1.55	%		(5.22	)%		26.32	%		(2.26	)%		9.75	%		(3.93	)%

Ratios/Supplemental Data:
Net assets, end of period (000)		$2,385			$2,874			$613			$1,163			$1,486			$1,783
Average net assets (000)		$2,632			$1,893			$789			$1,340			$1,620			$2,178
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		1.32	%^(e)		1.29	%		1.29	%		1.58	%		1.56	%		1.49	%
Expenses before waivers and/or expense reimbursement		2.45	%^(e)		2.68	%		2.64	%		3.40	%		2.45	%		2.70	%
Net investment income (loss)		13.56	%^(e)		3.44	%		0.11	%		0.41	%		0.72	%		0.78	%
Portfolio turnover rate^(f)		23	%		43	%		30	%		96	%		60	%		77	%

(a)	Calculated based on average shares outstanding during the period.

(b)	Amount rounds to zero.

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests.

(e)	Annualized.

(f)	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


Class Z Shares
	Six Months Ended April 30, 2023			Year Ended October 31,
	Six Months Ended April 30, 2023			2022			2021			2020			2019			2018
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Period		$9.55			$11.34			$9.39			$9.75			$8.99			$9.45
Income (loss) from investment operations:
Net investment income (loss)		0.70			0.84			0.13			0.15			0.16			0.17
Net realized and unrealized gain (loss) on investment transactions		(0.50	)		(1.27	)		2.38			(0.26	)		0.81			(0.44	)
Total from investment operations		0.20			(0.43	)		2.51			(0.11	)		0.97			(0.27	)
Less Dividends and Distributions:
Dividends from net investment income		(0.66	)		(1.30	)		(0.31	)		(0.19	)		(0.21	)		(0.19	)
Tax return of capital distributions		-			(0.02	)		-			-			-			(-	)^(b)
Distributions from net realized gains		-			(0.04	)		(0.25	)		(0.06	)		-			-
Total dividends and distributions		(0.66	)		(1.36	)		(0.56	)		(0.25	)		(0.21	)		(0.19	)
Net asset value, end of period		$9.09			$9.55			$11.34			$9.39			$9.75			$8.99
Total Return^(c):		2.15	%		(4.27	)%		27.70	%		(1.18	)%		10.94	%		(2.91	)%

Ratios/Supplemental Data:
Net assets, end of period (000)		$63,912			$85,298			$58,290			$56,307			$64,495			$79,349
Average net assets (000)		$77,110			$77,910			$57,988			$58,559			$67,444			$85,493
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.32	%^(e)		0.25	%		0.19	%		0.50	%		0.49	%		0.42	%
Expenses before waivers and/or expense reimbursement		1.00	%^(e)		0.96	%		0.95	%		1.11	%		1.07	%		0.99	%
Net investment income (loss)		15.26	%^(e)		8.14	%		1.23	%		1.58	%		1.76	%		1.83	%
Portfolio turnover rate^(f)		23	%		43	%		30	%		96	%		60	%		77	%

(a)	Calculated based on average shares outstanding during the period.

(b)	Amount rounds to zero.

(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)	Annualized.

(f)	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 Real Assets Fund			17

Consolidated Financial Highlights (unaudited) (continued)


Class R6 Shares
	Six Months Ended April 30, 2023			Year Ended October 31,
	Six Months Ended April 30, 2023			2022			2021			2020			2019			2018
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Period		$9.55			$11.33			$9.38			$9.75			$8.98			$9.44
Income (loss) from investment operations:
Net investment income (loss)		0.66			0.96			0.14			0.13			0.17			0.18
Net realized and unrealized gain (loss) on investment transactions		(0.46	)		(1.37	)		2.38			(0.24	)		0.82			(0.44	)
Total from investment operations		0.20			(0.41	)		2.52			(0.11	)		0.99			(0.26	)
Less Dividends and Distributions:
Dividends from net investment income		(0.67	)		(1.31	)		(0.32	)		(0.20	)		(0.22	)		(0.20	)
Tax return of capital distributions		-			(0.02	)		-			-			-			(-	)^(b)
Distributions from net realized gains		-			(0.04	)		(0.25	)		(0.06	)		-			-
Total dividends and distributions		(0.67	)		(1.37	)		(0.57	)		(0.26	)		(0.22	)		(0.20	)
Net asset value, end of period		$9.08			$9.55			$11.33			$9.38			$9.75			$8.98
Total Return^(c):		2.14	%		(4.06	)%		27.78	%		(1.18	)%		11.15	%		(2.85	)%

Ratios/Supplemental Data:
Net assets, end of period (000)		$56,998			$56,708			$49,933			$30,370			$27,530			$44,822
Average net assets (000)		$57,122			$56,304			$40,677			$28,578			$42,776			$64,112
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.16	%^(e)		0.12	%		0.11	%		0.41	%		0.40	%		0.36	%
Expenses before waivers and/or expense reimbursement		0.82	%^(e)		0.82	%		0.87	%		1.04	%		0.98	%		0.92	%
Net investment income (loss)		14.31	%^(e)		9.23	%		1.31	%		1.42	%		1.88	%		1.93	%
Portfolio turnover rate^(f)		23	%		43	%		30	%		96	%		60	%		77	%

(a)	Calculated based on average shares outstanding during the period.

(b)	Amount rounds to zero.

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests.

(e)	Annualized.

(f)	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

Notes to Consolidated Financial Statements (unaudited)

1. Organization

Prudential Investment Portfolios 3 (the “Registered Investment Company” or “RIC”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The RIC is organized as a Delaware Statutory Trust. These consolidated financial statements relate only to the PGIM Real Assets Fund (the “Fund”), a series of the RIC. The Fund is classified as a diversified fund for purposes of the 1940 Act.

The investment objective of the Fund is to seek long-term real return.

The Fund wholly owns and controls the PGIM Real Assets Subsidiary, Ltd. (the “Cayman Subsidiary”), a company organized under the laws of the Cayman Islands. The Cayman Subsidiary is not registered as an investment company under the 1940 Act. The consolidated financial statements of the Fund include the financial results of the Cayman Subsidiary. The Fund gains exposure to the real asset classes by investing in varying combinations of other PGIM mutual funds (the “Underlying Funds”); the Cayman Subsidiary; and direct investments in various other securities.

In accordance with the accounting rules relating to reporting of a wholly-owned subsidiary, the Consolidated Schedule of Investments includes positions of the Fund and the Cayman Subsidiary. These consolidated financial statements include the accounts of the Fund and the Cayman Subsidiary. All significant inter-company balances and transactions between the Fund and the Cayman Subsidiary have been eliminated in consolidation. The Fund will seek to gain exposure to commodities, commodities-related instruments, derivatives and other investments by directly investing in those instruments or through investments in the Cayman Subsidiary. The Cayman Subsidiary participates in the same investment objective as the Fund. The Cayman Subsidiary pursues its investment objective by investing in commodities, commodities-related instruments, derivatives and other investments. The Cayman Subsidiary (unlike the Fund) may invest without limitation in these instruments. However, the Cayman Subsidiary is otherwise subject to the same investment restrictions and limitations, and follows the same compliance policies and procedures as the Fund.

As of April 30, 2023, the Cayman Subsidiary had net assets of $8,111,709 representing 6.14% of the Fund’s net assets.

The Fund’s disclosures and operations are subject to compliance with applicable regulations governing commodity pools including Commodity Futures Trading Commission “CFTC” rules.


PGIM Real Assets Fund			19

Notes to Consolidated Financial Statements (unaudited) (continued)

2. Accounting Policies

The Fund and the Cayman Subsidiary (collectively hereafter, the “Fund”) follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services — Investment Companies. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform to U.S. generally accepted accounting principles (“GAAP”). The Fund consistently follows such policies in the preparation of its consolidated financial statements.

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Fund’s investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The Board of Trustees (the “Board”) has approved the Fund’s valuation policies and procedures for security valuation and designated to PGIM Investments LLC (“PGIM Investments” or the “Manager”) as the Valuation Designee pursuant to SEC Rule 2a-5(b) to perform the fair value determination relating to all Fund investments. Pursuant to the Board’s oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities as valuation designee under SEC Rule 2a-5. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Fund’s foreign investments may change on days when investors cannot purchase or redeem Fund shares.

Various inputs determine how the Fund’s investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Consolidated Schedule of Investments and referred to herein as the “fair value hierarchy” in accordance with FASB ASC Topic 820 - Fair Value Measurement.


20

Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Investments in open-end funds (other than exchange-traded funds) are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

Fixed income securities traded in the OTC market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Fund utilizes the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors’ valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Securities and other assets that cannot be priced according to the methods described above are valued based on policies and procedures approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the Valuation Designee regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

Foreign Currency Translation: The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:


PGIM Real Assets Fund			21

Notes to Consolidated Financial Statements (unaudited) (continued)

(i) market value of investment securities, other assets and liabilities — at the exchange rate as of the valuation date;

(ii) purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period unrealized and realized foreign currency gains (losses) are included in the reported net change in unrealized appreciation (depreciation) on investments and net realized gains (losses) on investment transactions on the Statements of Operations.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on investment transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

Commodities: The Fund may gain exposure to commodity markets through direct investment of the Fund’s assets or through the Cayman Subsidiary. The Fund may gain exposure to the commodity markets primarily through exchange-traded futures on commodities held by the Cayman Subsidiary. The Fund may invest up to 25% of its total assets in the Cayman Subsidiary. The Cayman Subsidiary may invest in commodity investments without limit. The Fund invests in the Cayman Subsidiary in order to gain exposure to commodities within the limitations of the federal tax law requirements applicable to regulated investment companies such as the Fund. The Fund may invest directly in commodity-linked structured notes (CLNs). The Fund may also gain direct exposure to commodities through direct investment in certain exchange-traded funds (ETFs) whose returns are linked to commodities or commodity indices within the limit of applicable tax law. Commodities are assets that have tangible properties, such as oil, agriculture products and precious metals. The value of commodities may be affected by, among other things, changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargos, tariffs and international economic, political and regulatory


22

developments. These factors may have a larger impact on commodity prices and commodity linked instruments than on traditional securities. Certain commodities are also subject to limited pricing flexibility because of supply and demand factors. Others are subject to broad price fluctuations as a result of the volatility of the prices for certain raw materials and the instability of supplies of other materials. These additional variables may create additional risks which subject the Fund’s investments to greater volatility than investments in traditional securities.

Financial/Commodity Futures Contracts: A futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the “initial margin.” Subsequent payments, known as “variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in the value of the underlying security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Consolidated Statement of Operations as net realized gain (loss) on futures transactions.

The Fund may invest in futures contracts in order to hedge its existing portfolio securities, or securities the Fund intends to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The Fund may invest in commodity futures contracts in order to hedge or gain exposure to commodity markets. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Since futures contracts are exchange-traded, there is minimal counterparty credit risk to the Fund since the exchanges’ clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Fund becomes aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Such class specific expenses and waivers include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.


PGIM Real Assets Fund			23

Notes to Consolidated Financial Statements (unaudited) (continued)

Taxes: It is the Fund’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.

Dividends and Distributions: Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate. The chart below sets forth the expected frequency of dividend and capital gains distributions to shareholders. Various factors may impact the frequency of dividend distributions to shareholders, including but not limited to adverse market conditions or portfolio holding-specific events.



Expected Distribution Schedule to Shareholders*	Frequency
Net Investment Income		Quarterly
Short-Term Capital Gains		Annually
Long-Term Capital Gains		Annually

*	Under certain circumstances, the Fund may make more than one distribution of short-term and/or long-term capital gains during a fiscal year.

Estimates: The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results could differ from those estimates.

3. Agreements

The RIC, on behalf of the Fund, has a management agreement with the Manager pursuant to which it has responsibility for all investment advisory services and supervises the subadviser’s performance of such services, and pursuant to which it renders administrative services.

The Manager has entered into a subadvisory agreement with PGIM Quantitative Solutions LLC (“PGIM Quantitative Solutions” or the “subadviser”). The Manager pays for the services of the subadviser.


24

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended April 30, 2023, the contractual and effective management fee rates were as follows:



Contractual Management Rate*	Effective Management Fee, before any waivers and/or expense reimbursements
0.60% of average daily net assets up to $3 billion;		0.63%
0.58% of average daily net assets from $3 billion to $5 billion;
0.57% of average daily net assets from $5 billion to $10 billion;
0.56% of average daily net assets over $10 billion

Including the Cayman Subsidiary’s assets. Additionally, the Cayman Subsidiary has entered into a separate management agreement with the Manager whereby the Manager provides advisory and other services to the Cayman Subsidiary substantially similar to the services provided by the Manager to the Fund as discussed above. In consideration for these services, the Cayman Subsidiary pays the Manager a monthly fee at the same annual rates as disclosed in the table above. The Manager has contractually agreed to waive any management fee it receives from the Fund in an amount equal to the management fees paid by the Cayman Subsidiary. This waiver may not be terminated without prior approval of the Fund’s Board as long as the Fund remains invested or intends to invest in the Cayman Subsidiary. The Manager also has entered into a Subadvisory Agreement with PGIM Quantitative Solutions, relating to the Cayman Subsidiary.

The Manager has contractually agreed, through February 29, 2024, to limit total annual operating expenses and acquired fund fees and expenses after fee waivers and/or expense reimbursements. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses (including acquired fund taxes)), extraordinary expenses, and certain other expenses of the Fund such as dividend and interest expense and broker charges on short sales.

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for the fiscal year. The expense limitations attributable to each class are as follows:



Class		Expense Limitations*
A		0.85%
C		0.85
Z		0.85
R6		0.85

*Expense limitation excludes distribution and service (12b-1) fees, shareholder service fee, and transfer agency expenses (including sub-transfer agency and networking fees).

The RIC, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class C,


PGIM Real Assets Fund			25

Notes to Consolidated Financial Statements (unaudited) (continued)

Class Z and Class R6 shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A and Class C shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS.

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate based on average daily net assets per class. PIMS has contractually agreed through February 29, 2024 to limit such fees on certain classes based on the average daily net assets. The distribution fees are accrued daily and payable monthly.

The Fund’s annual gross and net distribution rates, where applicable, are as follows:



Class	Gross Distribution Fee	Net Distribution Fee
A	0.30%	0.25%
C	1.00	1.00
Z	N/A	N/A
R6	N/A	N/A

For the reporting period ended April 30, 2023, PIMS received front-end sales charges (“FESL”) resulting from sales of certain class shares and contingent deferred sales charges (“CDSC”) imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:



Class	FESL		CDSC
A	$	7,853	$	—
C		—		1,345

PGIM Investments, PIMS and PGIM Quantitative Solutions are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (“Prudential”).

4. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the Fund’s transfer agent and shareholder servicing agent. Transfer agent’s fees and expenses in the Consolidated Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

The Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), a fund of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund. In addition to the realized and unrealized gains on investments in the Core Fund and other affiliated mutual funds,


26

earnings from such investments are disclosed on the Consolidated Statement of Operations as “Affiliated dividend income”.

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended April 30, 2023, no 17a-7 transactions were entered into by the Fund.

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2023, were as follows:



Cost of Purchases		Proceeds from Sales

$32,598,999		$47,811,000

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended April 30, 2023, is presented as follows:



Value, Beginning of Period	Cost of Purchases		Proceeds from Sales			Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income			Capital Gain Distributions

Long-Term Investments - Affiliated Mutual Funds^(wd):

PGIM Global Real Estate Fund (Class R6)⁽¹⁾
$ 13,128,323	$	1,389,039	$	7,644,000	**	$	3,251,793		$	(1,805,182	)	$	8,319,973		450,947	$	(42,460	)**	$	—

PGIM Jennison Global Infrastructure Fund (Class R6)
19,977,923		621,839		7,593,000			1,671,714			(747,914	)		13,930,562		913,479		91,902			308,036

PGIM Jennison MLP Fund (Class R6)⁽¹⁾
16,826,493		755,177		2,664,824	**		(1,287,955	)		9,011			13,637,902		1,999,692		890,553	**		—

PGIM Jennison Natural Resources Fund (Class R6)⁽¹⁾
13,812,978		1,865,848		5,200,000			(1,287,579	)		255,028			9,446,275		174,479		375,749			—

PGIM Quant Solutions Commodity Strategies Fund (Class R6)⁽¹⁾
36,747,685		11,829,517		13,820,000			(6,404,068	)		(4,576,120	)		23,777,014		3,431,027		8,751,118			—

PGIM Select Real Estate Fund (Class R6)⁽¹⁾
12,977,492		8,919,082		3,689,000			2,061,416			(820,126	)		19,448,864		1,651,007		145,582			—

PGIM TIPS Fund (Class R6)⁽¹⁾
34,545,343		5,212,105		6,780,000			2,251,153			(1,499,712	)		33,728,889		3,854,730		679,605			—
$ 148,016,237	$	30,592,607	$	47,390,824		$	256,474		$	(9,185,015	)	$	122,289,479			$	10,892,049		$	308,036


PGIM Real Assets Fund			27

Notes to Consolidated Financial Statements (unaudited) (continued)



Value, Beginning of Period	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions

Short-Term Investments - Affiliated Mutual Fund^(wd):
PGIM Core Ultra Short Bond Fund^(1)(bb)
$ 2,471,356	$	37,270,948	$	36,282,993	$	—	$	— $			3,459,311		3,459,311	$	99,954	$	—
$150,487,593	$	67,863,555	$	83,673,817	$	256,474	$	(9,185,015	)	$	125,748,790			$	10,992,003	$	308,036

**	Amount includes return of capital distribution.

(1)	The Fund did not have any capital gain distributions during the reporting period.

(bb)	Represents security, or a portion thereof, held in the Cayman Subsidiary.

(wd)	PGIM Investments LLC, the manager of the Fund, also serves as the manager of the underlying funds in which the Fund invests.

6. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of April 30, 2023 were as follows:

The GAAP basis may differ from tax basis due to certain tax-related adjustments.

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s consolidated financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2022 are subject to such review.

7. Capital and Ownership

The Fund offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a CDSC of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately eight years (ten


28

years prior to January 22, 2021) after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

Under certain circumstances, an exchange may be made from specified share classes of the Fund to one or more other share classes of the Fund as presented in the table of transactions in shares of beneficial interest, below.

The RIC has authorized an unlimited number of shares of beneficial interest of the Fund at $0.001 par value per share, currently divided into four classes, designated Class A, Class C, Class Z and Class R6.

As of April 30, 2023, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:



Class	Number of Shares	Percentage of Outstanding Shares
Z	28,474	0.4%

At the reporting period end, the number of shareholders holding greater than 5% of the Fund are as follows:



	Number of Shareholders	Percentage of Outstanding Shares
Affiliated	—	—%
Unaffiliated	4	67.4

Transactions in shares of beneficial interest were as follows:



Share Class	Shares			Amount

Class A
Six months ended April 30, 2023:
Shares sold		73,580		$	680,885
Shares issued in reinvestment of dividends and distributions		75,272			679,801
Shares purchased		(241,681	)		(2,230,035	)
Net increase (decrease) in shares outstanding before conversion		(92,829	)		(869,349	)
Shares issued upon conversion from other share class(es)		7,781			73,653
Net increase (decrease) in shares outstanding		(85,048	)	$	(795,696	)

Year ended October 31, 2022:
Shares sold		705,940		$	7,484,519
Shares issued in reinvestment of dividends and distributions		91,261			920,924
Shares purchased		(410,905	)		(4,159,270	)
Net increase (decrease) in shares outstanding before conversion		386,296			4,246,173
Shares issued upon conversion from other share class(es)		23,647			241,280
Shares purchased upon conversion into other share class(es)		(1,260	)		(13,850	)
Net increase (decrease) in shares outstanding		408,683		$	4,473,603


PGIM Real Assets Fund			29

Notes to Consolidated Financial Statements (unaudited) (continued)



Share Class	Shares			Amount

Class C
Six months ended April 30, 2023:
Shares sold		28,309		$	267,240
Shares issued in reinvestment of dividends and distributions		20,580			183,991
Shares purchased		(79,574	)		(734,423	)
Net increase (decrease) in shares outstanding before conversion		(30,685	)		(283,192	)
Shares purchased upon conversion into other share class(es)		(7,864	)		(73,653	)
Net increase (decrease) in shares outstanding		(38,549	)	$	(356,845	)

Year ended October 31, 2022:
Shares sold		359,313		$	3,815,902
Shares issued in reinvestment of dividends and distributions		8,653			86,408
Shares purchased		(94,241	)		(962,936	)
Net increase (decrease) in shares outstanding before conversion		273,725			2,939,374
Shares purchased upon conversion into other share class(es)		(23,884	)		(241,280	)
Net increase (decrease) in shares outstanding		249,841		$	2,698,094

Class Z
Six months ended April 30, 2023:
Shares sold		1,655,460		$	15,428,742
Shares issued in reinvestment of dividends and distributions		628,500			5,689,041
Shares purchased		(4,176,788	)		(38,595,363	)
Net increase (decrease) in shares outstanding		(1,892,828	)	$	(17,477,580	)

Year ended October 31, 2022:
Shares sold		10,777,320		$	115,259,257
Shares issued in reinvestment of dividends and distributions		757,076			7,659,031
Shares purchased		(7,749,932	)		(80,437,770	)
Net increase (decrease) in shares outstanding before conversion		3,784,464			42,480,518
Shares issued upon conversion from other share class(es)		1,257			13,850
Net increase (decrease) in shares outstanding		3,785,721		$	42,494,368

Class R6
Six months ended April 30, 2023:
Shares sold		1,241,842		$	11,342,916
Shares issued in reinvestment of dividends and distributions		430,405			3,892,020
Shares purchased		(1,332,187	)		(12,299,657	)
Net increase (decrease) in shares outstanding		340,060		$	2,935,279


30



Share Class	Shares			Amount

Year ended October 31, 2022:
Shares sold		2,548,631		$	26,633,724
Shares issued in reinvestment of dividends and distributions		624,942			6,314,532
Shares purchased		(1,641,614	)		(16,873,435	)
Net increase (decrease) in shares outstanding		1,531,959		$	16,074,821

8. Borrowings

The RIC, on behalf of the Fund, along with other affiliated registered investment companies (the “Participating Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the SCA.



		SCA
Term of Commitment		9/30/2022 - 9/28/2023
Total Commitment		$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA		0.15%
Annualized Interest Rate on Borrowings		1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent

Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Manager to allocate available funding per a Board-approved methodology designed to treat the Participating Funds in the SCA equitably.

The Fund utilized the SCA during the reporting period ended April 30, 2023. The average daily balance for the 1 day that the Fund had loans outstanding during the period was approximately $1,512,000, borrowed at a weighted average interest rate of 5.65%. The maximum loan outstanding amount during the period was $1,512,000. At April 30, 2023, the Fund did not have an outstanding loan amount.

9. Risks of Investing in the Fund

The Fund’s risks include, but are not limited to, some or all of the risks discussed below. For further information on the Fund’s risks, please refer to the Fund’s Prospectus and Statement of Additional Information.


PGIM Real Assets Fund			31

Notes to Consolidated Financial Statements (unaudited) (continued)

Affiliated Funds Risk: The Fund’s manager serves as the manager of the Underlying Funds. It is possible that a conflict of interest among the Fund and the Underlying Funds could impact the manager and the subadviser. Because the amount of the investment management fees to be retained by the manager and the subadviser may differ depending upon the Underlying Funds in which the Fund invests, there is a conflict of interest for the manager and the subadviser in selecting the Underlying Funds. In addition, the manager and the subadviser may have an incentive to take into account the effect on an Underlying Fund in which the Fund may invest in determining whether, and under what circumstances, to purchase or sell shares in that Underlying Fund. Although the manager and the subadviser take steps to address the conflicts of interest, it is possible that the conflicts could impact the Fund. In addition, the subadviser may invest in Underlying Funds that have a limited or no performance history.

Asset Allocation Risk: Asset allocation risk is the risk that the Fund’s assets may be allocated to an asset class that underperforms other asset classes. For example, the Fund may be overweight in equities when the stock market is falling and the fixed income market is rising. Likewise, the Fund may be overweight in fixed income securities when fixed income markets are falling and the equity markets are rising. Allocations to underperforming or volatile asset classes or other changes in asset allocations could lead to increased volatility in the Fund’s portfolio.

Asset Class Variation Risk: The Underlying Funds invest principally in the securities constituting their asset class (i.e., domestic or international real estate, utilities, infrastructure, natural resources, MLPs and various types of fixed income investments). However, under normal market conditions, an Underlying Fund may vary the percentage of its assets in these securities (subject to any applicable regulatory requirements). Depending upon the percentage of securities in a particular asset class held by the Underlying Funds at any given time and the percentage of the Fund’s assets invested in the Underlying Funds, the Fund’s actual exposure to the securities in a particular asset class may vary substantially from its allocation to that asset class.

Cayman Subsidiary Risk: By investing in the Cayman Subsidiary, the Fund is indirectly exposed to the risks associated with the Cayman Subsidiary’s investments. The Cayman Subsidiary is not registered as an investment company under the 1940 Act, and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of the 1940 Act. The Fund has received a private letter ruling from the Internal Revenue Service (the IRS) stating that income derived from the Fund’s investment in the Cayman Subsidiary will be considered qualifying regulated investment company (RIC) income for tax purposes. Final tax regulations, on which taxpayers may rely for taxable years beginning after September 28, 2016, also support this result. Changes in the laws of the Cayman Islands,


32

under which the Cayman Subsidiary is incorporated, could result in the inability of the Fund to effect its desired gold/defensive investment strategy.

Commodity Risk: The values of commodities and commodity-linked investments are affected by events that might have less impact on the value of stocks and bonds. Such investments may be speculative. Prices of commodities and related contracts may fluctuate significantly over short periods for a variety of reasons, including weather, crop or livestock disease, investment speculation, resource availability, fluctuations in industrial and commercial supply and demand, U.S. agricultural, fiscal, monetary and exchange control programs, embargoes, tariffs, and international political, economic, military and regulatory developments. These risks may subject the Fund to greater volatility than investments in traditional instruments or securities. In addition, the commodities markets are subject to temporary distortions or other disruptions due to a variety of factors, including participation of speculators, government intervention and regulation, and certain lack of liquidity in the markets.

Commodity-Linked Notes Risk: The Fund may invest in leveraged or unleveraged commodity-linked notes (“CLNs”) to gain exposure to the commodities markets. CLNs are subject to counterparty risk. The value of the CLNs may fluctuate significantly because the values of the investments to which they are linked are volatile. In addition, the terms of a CLN may create economic leverage by requiring payment by the issuer of an amount that is a multiple of the price increase or decrease of the underlying commodity, commodity index or other economic variable. Economic leverage increases the volatility of CLNs and their value may increase or decrease more quickly than the value of the underlying commodity, commodity index or other economic variable.

Commodity Regulatory Risk: The Fund is deemed a “commodity pool” and the manager is considered a “commodity pool operator” with respect to the Fund under the Commodity Exchange Act. The manager, directly or through its affiliates, is therefore subject to dual regulation by the Securities and Exchange Commission (the “SEC”) and the Commodity Futures Trading Commission (the “CFTC”). The regulatory requirements governing the use of commodity futures (which include futures on broad-based securities indexes, interest rate futures and currency futures), options on commodity futures, certain swaps or certain other investments could change at any time.

Credit Risk/Counterparty Risk: The ability, or perceived ability, of the issuer or guarantor of a debt security, or the counterparty (the party on the other side of the transaction) to a derivatives contract or other financial contract to meet its financial obligations will affect the value of the security or derivative. Counterparty and credit risk are especially important in the context of privately negotiated instruments. The Fund expects to enter into certain privately negotiated agreements where the counterparty assumes the physical settlement obligations of the Fund under such transactions. Under this type of arrangement, there is a risk that the relevant counterparty or intermediary would, due to insolvency or other reasons, be unable to or fail to assume the physical settlement obligations of the Fund, in which case


PGIM Real Assets Fund			33

Notes to Consolidated Financial Statements (unaudited) (continued)

the Fund could be required to sell portfolio instruments at unfavorable times or prices or could have insufficient assets to satisfy its physical settlement obligations.

Credit ratings are intended to provide a measure of credit risk. However, credit ratings are only the opinions of the credit rating agency issuing the ratings and are not guarantees as to quality. The lower the rating of a debt security held by the Fund, the greater the degree of credit risk that is perceived to exist by the credit rating agency with respect to that security. Increasing the amount of Fund assets allocated to lower-rated securities generally will increase the credit risk to which the Fund is subject. Not all securities in which the Fund invests are rated. The lower the credit quality of a bond, the more sensitive it is to credit risk.

Currency Risk: The Fund’s and the Underlying Funds’ net asset values (“NAVs”) could decline as a result of changes in exchange rates, which could adversely affect the Fund’s investments in currencies, or in securities that trade in, and receive revenues related to currencies, or in derivatives that provide exposure to currencies. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.

Debt Obligations Risk: Debt obligations are subject to credit risk, market risk and interest rate risk. The Fund’s holdings, share price, yield and total return may also fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer’s goods and services. Certain types of fixed income obligations also may be subject to “call and redemption risk,” which is the risk that the issuer may call a bond held by the Fund for redemption before it matures and the Fund may not be able to reinvest at the same rate of interest and therefore would earn less income.

Deflation Risk: During periods of deflation, prices throughout the economy may decline over time, which may have an adverse effect on the creditworthiness of issuers in whose securities the Fund invests. Additionally, since the Fund makes investments that may perform well in periods of rising inflation, during periods of no inflation or deflation an investment in the Fund may underperform broad market measures and may lose value.

Derivatives Risk: Derivatives involve special risks and costs and may result in losses to the Fund. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, the Fund will depend on the subadviser’s ability to analyze and manage derivatives transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” or may create economic leverage for the Fund and therefore may magnify or otherwise increase


34

investment losses to the Fund. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders.

Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the Fund’s derivatives positions. In fact, many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Fund. The use of derivatives also exposes the Fund to operational issues, such as documentation and settlement issues, systems failures, inadequate control and human error.

Derivatives may also involve legal risks, such as insufficient documentation, the lack of capacity or authority of a counterparty to execute or settle a transaction, and the legality and enforceability of derivatives contracts. The U.S. Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements and risk exposure limitations. Regulation of derivatives may make derivatives more costly, limit their availability or utility to the Fund, or otherwise adversely affect their performance or disrupt markets

Distribution Risk: The Fund’s distributions may consist of net investment income, if any, and net realized gains, if any, from the sale of investments and/or return of capital. The Fund will provide to shareholders early in each calendar year the final tax character of the Fund’s distributions for the previous year. Also, at such time that the Fund distribution is expected to be from sources other than current or accumulated net income, a notice to shareholders may be required.

Economic and Market Events Risk: Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, or otherwise reduce inflation may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.

Emerging Markets Risk: The risks of foreign investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic and political systems that are less fully developed, and can be expected to be less stable, than those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Low trading volumes may result in a lack of liquidity and price volatility. Emerging market countries may have policies that restrict investment by non-U.S. investors, or that prevent non-U.S. investors from withdrawing their money at will.


PGIM Real Assets Fund			35

Notes to Consolidated Financial Statements (unaudited) (continued)

The Fund may invest in some emerging markets that subject it to risks such as those associated with illiquidity, custody of assets, different settlement and clearance procedures and asserting legal title under a developing legal and regulatory regime to a greater degree than in developed markets or even in other emerging markets.

Energy Sector Risk: The Fund’s investments in certain Underlying Funds will expose the Fund to the risks of adverse economic, environmental, business, regulatory or other occurrences affecting the energy sector. The energy sector has historically experienced substantial price volatility. MLPs and other companies operating in the energy sector are subject to specific risks, including, among others, fluctuations in commodity prices; reduced consumer demand for commodities such as oil, natural gas or petroleum products; reduced availability of natural gas or other commodities for transporting, processing, storing or delivering; slowdowns in new construction; extreme weather or other natural disasters; and threats of attack by terrorists on energy assets. Additionally, changes in the regulatory environment for energy companies may adversely impact their profitability. Over time, depletion of natural gas reserves and other energy reserves may also affect the profitability of energy companies.

Foreign Securities Risk: Investments in securities of non-U.S. issuers (including those denominated in U.S. dollars) may involve more risk than investing in securities of U.S. issuers. Foreign political, economic and legal systems, especially those in developing and emerging market countries, may be less stable and more volatile than in the United States. Foreign legal systems generally have fewer regulatory requirements than the U.S. legal system, particularly those of emerging markets. In general, less information is publicly available with respect to non-U.S. companies than U.S. companies. Non-U.S. companies generally are not subject to the same accounting, auditing, and financial reporting standards as are U.S. companies. Additionally, the changing value of foreign currencies and changes in exchange rates could also affect the value of the assets the Fund holds and the Fund’s performance. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. Investments in emerging markets are subject to greater volatility and price declines.

In addition, the Fund’s investments in non-U.S. securities may be subject to the risks of nationalization or expropriation of assets, imposition of currency exchange controls or restrictions on the repatriation of non-U.S. currency, confiscatory taxation and adverse diplomatic developments. Special U.S. tax considerations may apply.

Fund of Funds Risk: The value of an investment in the Fund will be related, to a degree, to the investment performance of the Underlying Funds in which it invests. Therefore, the principal risks of investing in the Fund are closely related to the principal risks associated


36

with these Underlying Funds and their investments. Because the Fund’s allocation among different Underlying Funds and direct investments in securities and derivatives will vary, an investment in the Fund may be subject to any and all of these risks at different times and to different degrees. Investing in an Underlying Fund will also expose the Fund to a pro rata portion of the Underlying Fund’s fees and expenses. In addition, one Underlying Fund may buy the same securities that another Underlying Fund sells. Therefore, the Fund would indirectly bear the costs of these trades without accomplishing the investment purpose.

Hedging Risk: The decision as to whether and to what extent the Fund or an Underlying Fund will engage in hedging transactions to hedge against certain risks, such as market risk and issuer risk, will depend on a number of factors, including prevailing market conditions, the composition of the portfolio of the Fund or the Underlying Fund, and the availability of suitable transactions. Hedging transactions involve costs and may result in losses. There is no guarantee that any of these hedging instruments would work as anticipated, and in certain cases the Fund or an Underlying Fund might be better off had it not used a hedging instrument. There can be no assurance that the Fund or the Underlying Fund will engage in hedging transactions at any given time or from time to time, even under volatile market environments, or that any such strategies, if used, will be successful.

Increase in Expenses Risk: Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table in the Fund’s prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Fund securities can increase expenses.

Interest Rate Risk: The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as “duration risk.” When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund’s holdings may fall sharply. This is referred to as “extension risk.” The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

Inflation-indexed bonds, such as TIPS, generally decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, TIPS may experience greater losses than other fixed income securities with similar durations. In addition, any increase in principal value of an inflation-indexed bond caused by an increase in the price index is taxable in the year the increase occurs, even though the Fund generally will not receive cash representing the increase at that time. As a result, the Fund could be required at times to liquidate other


PGIM Real Assets Fund			37

Notes to Consolidated Financial Statements (unaudited) (continued)

investments, including when it is not advantageous to do so, in order to satisfy its distribution requirements as a regulated investment company under the Code. Also, to the extent that the Fund invests in inflation-indexed bonds, income distributions are more likely to fluctuate.

Junk Bonds Risk: High-yield, high-risk bonds have predominantly speculative characteristics, including particularly high credit risk. Junk bonds tend to have lower market liquidity than higher-rated securities. The liquidity of particular issuers or industries within a particular investment category may shrink or disappear suddenly and without warning. The non-investment grade bond market can experience sudden and sharp price swings and become illiquid due to a variety of factors, including changes in economic forecasts, stock market activity, large sustained sales by major investors, a high profile default or a change in the market’s psychology.

Large Shareholder and Large Scale Redemption Risk: Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund’s shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund’s shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy. The Fund’s ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.

Leverage Risk: Certain transactions in which the Fund or an Underlying Fund may engage may give rise to leverage. The use of leverage exaggerates the effect of any increase or decrease in the value of the Fund’s holdings, and makes any change in the Fund’s net asset value greater than it would be without the use of leverage. This could result in increased volatility of investment returns.

Liquidity Risk: Liquidity risk is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors’ interests in the Fund. The Fund may invest in instruments that trade in lower volumes and are more illiquid than other investments. If the Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments cannot be readily sold at the desired time or price, the Fund may have to accept a lower price or may not be able to sell the instrument at all. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities.


38

Management Risk: Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser’s judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund’s benchmark and other funds with similar investment objectives.

Market Disruption and Geopolitical Risks: Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia’s military invasion of Ukraine), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as Asia, Eastern Europe and the Middle East, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).

The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund’s investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.

COVID-19 and the related governmental and public responses have had, and future public health epidemics may have, an impact on the Fund’s investments and net asset value and have led and may lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Future public health epidemics may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. The occurrence, reoccurrence and pendency of public health epidemics could adversely affect the economies and financial markets either in specific countries or worldwide.

Market Risk: Securities markets may be volatile and the market prices of the Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

Master Limited Partnerships Risk: The Fund’s investments in certain Underlying Funds will expose the Fund to the risks of MLPs. An MLP is an investment that combines the tax


PGIM Real Assets Fund			39

Notes to Consolidated Financial Statements (unaudited) (continued)

benefits of a limited partnership with the liquidity of publicly-traded securities. The risks of investing in an MLP are generally those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded investors in an MLP than investors in a corporation. Investments held by MLPs may be relatively illiquid, limiting the MLPs’ ability to vary their portfolios promptly in response to changes in economic or other conditions. MLPs may have limited financial resources, their securities may trade infrequently and in limited volume, and they may be subject to more abrupt or erratic price movements than securities of larger or more broadly-based companies. Investments by the Fund in certain Underlying Funds that invest in MLPs may also subject the Fund to the risks associated with the specific industry or industries in which the MLPs invest, risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, cash flow risks, dilution risks and risks related to the general partner’s right to require unit-holders to sell their common units at an undesirable time or price. MLPs are generally considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns. Since MLPs generally conduct business in multiple states, through its investment in certain Underlying Funds, the Fund may be subject to income or franchise tax in each of the states in which the partnership does business. The additional cost of preparing and filing the tax returns and paying the related taxes may adversely impact the Fund’s return on its investment in certain Underlying Funds.

Mortgage-Backed and Asset-Backed Securities Risk: Mortgage-backed and asset-backed securities tend to increase in value less than other debt securities when interest rates decline, but are subject to similar risk of decline in market value during periods of rising interest rates. The values of mortgage-backed and asset-backed securities become more volatile as interest rates rise. In a period of declining interest rates, the Fund may be required to reinvest more frequent prepayments on mortgage-backed and asset-backed securities in lower-yielding investments.

Multi-Manager Risk: While the manager monitors the investments of each subadviser and monitors the overall management of the Fund, each subadviser makes investment decisions for the asset classes it manages independently from one another. It is possible that the investment styles used by a subadviser in an asset class will not always be complementary to those used by others, which could adversely affect the performance of the Fund.

Natural Resources Investment Risk: The Fund’s investments in certain Underlying Funds will expose the Fund to the risk of investment in natural resource companies. The market value of securities of natural resource companies may be affected by numerous factors, including events occurring in nature, inflationary pressures and international politics. For


40

example, events occurring in nature (such as earthquakes or fires in prime natural resource areas) and political events (such as coups, military confrontations or acts of terrorism) can affect the overall supply of a natural resource and the value of companies involved in such natural resource. Political risks and the other risks to which non-US securities are subject may affect domestic companies if they have significant operations or investments in non-US countries. In addition, rising interest rates and general economic conditions may affect the demand for natural resources.

Real Estate Investment Trust (“REIT”) Risk: Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of any credit extended. REITs are dependent upon management skills, may not be diversified geographically or by property/mortgage asset type, and are subject to heavy cash flow dependency, default by borrowers and self-liquidation. REITs may be more volatile and/or more illiquid than other types of equity securities. REITs (especially mortgage REITs) are subject to interest rate risks. REITs may incur significant amounts of leverage. The Fund will indirectly bear a portion of the expenses, including management fees, paid by each REIT in which it invests, in addition to the expenses of the Fund.

REITs must also meet certain requirements under the Internal Revenue Code of 1986, as amended (the Code) to avoid entity level tax and be eligible to pass-through certain tax attributes of their income to shareholders. REITs are consequently subject to the risk of failing to meet these requirements for favorable tax treatment and of failing to maintain their exemptions from registration under the Investment Company Act of 1940. REITs are subject to the risks of changes in the Code affecting their tax status.

Real Estate Related Securities Risk: Because the Fund invests in real estate securities, including REITs, the Fund is subject to the risks of investing in the real estate industry, such as changes in general and local economic conditions, the supply and demand for real estate and changes in zoning and tax laws. Because the Fund invests in stocks, there is the risk that the price of a particular stock owned by the Fund could go down or pay lower-than-expected or no dividends. In addition to an individual stock losing value, the value of the equity markets or of companies comprising the real estate industry could go down.

Real estate securities are subject to the same risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying properties or the underlying loans or interests. The underlying loans may be subject to the risks of default or of prepayments that occur earlier or later than expected, and such loans may also include so-called “subprime” mortgages. The value of these securities will rise and fall in response to many factors, including economic conditions, the demand for rental property and interest rates. In particular, the value of these securities may decline when interest rates rise and will also be affected by the real estate market and by the management of the underlying properties.


PGIM Real Assets Fund			41

Notes to Consolidated Financial Statements (unaudited) (continued)

Small and Medium Sized Companies Risk: Small and medium sized companies usually offer a smaller range of products and services than larger companies. Smaller companies may also have limited financial resources and may lack management depth. As a result, their prices may fluctuate more than the stocks of larger, more established companies. Historically, small and medium sized companies have sometimes gone through extended periods when they did not perform as well as larger companies. Small and medium sized companies generally are more illiquid than larger companies, which may make such investments more difficult to sell at the time and price that the Fund would like.

Tax Risk: In order to qualify as a RIC under the Code, the Fund must meet certain requirements regarding the source of its income, the diversification of its assets and the distribution of its income. If the Fund were to fail to qualify as a RIC, the Fund could be subject to federal income tax on its net income at regular corporate rates (without reduction for distributions to shareholders). When distributed, that income would also be taxable to shareholders as an ordinary dividend to the extent attributable to the Fund’s earnings and profits. If the Fund were to fail to qualify as a RIC and become subject to federal income tax, shareholders of the Fund would be subject to diminished returns.

The Fund has received a private letter ruling from the Internal Revenue Service (the IRS) stating that income derived from the Fund’s investment in the Cayman Subsidiary will constitute qualifying income to the Fund. Final tax regulations, on which taxpayers may rely for taxable years beginning after September 28, 2016, also support this result. However, in the future, if the IRS issues regulations or other guidance, or Congress enacts legislation, limiting the circumstances in which the Fund may treat such income as “qualifying income,” the Fund may need to change its investment strategies, which could adversely affect the Fund. The Cayman Subsidiary will not be subject to U.S. federal income tax. The Cayman Subsidiary will, however, be considered a controlled foreign corporation, and the Fund will be required to include as income annually amounts earned by the Cayman Subsidiary during that year. Furthermore, the Fund will be subject to the distribution requirement applicable to open-end investment companies on such Cayman Subsidiary income, whether or not the Cayman Subsidiary makes a distribution to the Fund during the taxable year.

One of the Underlying Funds, the PGIM Jennison MLP Fund, is taxed as a regular corporation, or “C” corporation, for federal income tax purposes. This means that the PGIM Jennison MLP Fund is generally subject to U.S. federal income tax on its taxable income at the rates applicable to corporations and also subject to state and local income taxes. This may have unexpected and potentially significant consequences for shareholders, including the Fund.


42

Treasury Inflation Protected Securities (TIPS) Risk: The value of TIPS generally fluctuates in response to inflationary concerns. As inflationary expectations increase, TIPS will become more attractive, because they protect future interest payments against inflation. Conversely, as inflationary concerns decrease, TIPS will become less attractive and less valuable. Although the principal value of TIPS declines in periods of deflation, holders at maturity receive no less than the par value of the bond. However, if an Underlying Fund purchases TIPS in the secondary market, where principal values have been adjusted upward due to inflation since issuance, it may experience a loss if there is a subsequent period of deflation. If inflation is lower than expected during the period an Underlying Fund holds TIPS, the Underlying Fund may earn less on the security than on a conventional bond.

U.S. Government and Agency Securities Risk: U.S. Government and agency securities are subject to market risk, interest rate risk and credit risk. Not all U.S. Government securities are insured or guaranteed by the full faith and credit of the U.S. Government; some are only insured or guaranteed by the issuing agency, which must rely on its own resources to repay the debt. Some agency securities carry no guarantee whatsoever and the risk of default associated with these securities would be borne by the Fund or an Underlying Fund. The maximum potential liability of the issuers of some U.S. Government securities held by the Fund may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. No assurance can be given that the U.S. government would provide financial support for any such issuers if it is not obligated to do so by law. It is possible that these issuers will not have the funds to meet their payment obligations in the future. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.

Utilities/Infrastructure Investment Risk: The Fund’s investments in certain Underlying Funds will expose the Fund to potential adverse economic, regulatory, political and other changes affecting infrastructure investments, particularly investments in the utilities sector. In most countries and localities, the utilities industry is regulated by governmental entities, which can increase costs and delays for new projects and make it difficult to pass increased costs on to consumers. In certain areas, deregulation of utilities has resulted in increased competition and reduced profitability for certain companies, and increased the risk that a particular company will become bankrupt or fail completely. Reduced profitability, as well as new uses for or additional need of funds (such as for expansion, operations or stock buybacks), could result in reduced dividend payout rates for utilities companies. In addition, utilities companies face the risk of increases in the cost and reduced availability of fuel (such as oil, coal, natural gas or nuclear energy) and potentially high interest costs for borrowing to finance new projects. Issuers in other types of infrastructure-related businesses also are subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, costs associated with environmental and other regulations, the effects of economic slowdown and surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies, and other factors.


PGIM Real Assets Fund			43

Notes to Consolidated Financial Statements (unaudited) (continued)

10. Recent Regulatory Developments

Effective January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information deemed important for retail investors to assess and monitor their fund investments (the “Rule”). Other information, including financial statements, will no longer appear in the funds’ streamlined shareholder reports but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The Rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the Rule and its impact to the Fund.


44

Liquidity Risk Management Program

Consistent with Rule 22e-4 under the 1940 Act (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program (the “LRMP”). The Fund’s LRMP seeks to assess and manage the Fund’s liquidity risk, which is defined as the risk that the Fund is unable to meet investor redemption requests without significantly diluting the remaining investors’ interests in the Fund. The Board has approved PGIM Investments LLC (“PGIM Investments”), the Fund’s investment manager, to serve as the administrator of the Fund’s LRMP. As part of its responsibilities as administrator, PGIM Investments has retained a third party to perform certain functions, including providing market data and liquidity classification model information.

The Fund’s LRMP includes a number of processes designed to support the assessment and management of its liquidity risk. In particular, the Fund’s LRMP includes no less than annual assessments of factors that influence the Fund’s liquidity risk; no less than monthly classifications of the Fund’s investments into one of four liquidity classifications provided for in the Liquidity Rule; a 15% of net assets limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); establishment of a minimum percentage of the Fund’s assets to be invested in investments classified as “highly liquid” (as defined under the Liquidity Rule) if the Fund does not invest primarily in highly liquid investments; and regular reporting to the Board.

At a meeting of the Board on March 7-9, 2023, PGIM Investments provided a written report (“LRMP Report”) to the Board addressing the operation, adequacy, and effectiveness of the Fund’s LRMP, including any material changes to the LRMP for the period from January 1, 2022 through December 31, 2022 (“Reporting Period”). The LRMP Report concluded that the Fund’s LRMP was reasonably designed to assess and manage the Fund’s liquidity risk and was adequately and effectively implemented during the Reporting Period. There were no material changes to the LRMP during the Reporting Period. The LRMP Report further concluded that the Fund’s investment strategies continue to be appropriate given the Fund’s status as an open-end fund.

There can be no assurance that the LRMP will achieve its objectives in the future. Additional information regarding risks of investing in the Fund, including liquidity risks presented by the Fund’s investment portfolio, is found in the Fund’s Prospectus and Statement of Additional Information.


PGIM Real Assets Fund



^∎ MAIL	^∎ TELEPHONE	^∎ WEBSITE
655 Broad Street Newark, NJ 07102	(800) 225-1852	pgim.com/investments

PROXY VOTING

The Board of Trustees of the Fund has delegated to the Fund’s subadviser the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the Fund. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (800) 225-1852 or by visiting the Securities and Exchange Commission’s website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website and on the Securities and Exchange Commission’s website.

TRUSTEES

Ellen S. Alberding • Kevin J. Bannon • Scott E. Benjamin • Linda W. Bynoe • Barry H. Evans • Keith F. Hartstein • Laurie Simon Hodrick • Stuart S. Parker • Brian K. Reid • Grace C. Torres

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • Christian J. Kelly, Chief Financial Officer • Claudia DiGiacomo, Chief Legal Officer • Drew Donohue, Chief Compliance Officer • Russ Shupak, Treasurer and Principal Accounting Officer • Kelly Florio, Anti-Money Laundering Compliance Officer • Andrew R. French, Secretary • Melissa Gonzalez, Assistant Secretary • Kelly A. Coyne, Assistant Secretary • Patrick E. McGuinness, Assistant Secretary • Debra Rubano, Assistant Secretary • Lana Lomuti, Assistant Treasurer • Elyse M. McLaughlin, Assistant Treasurer • Deborah Conway, Assistant Treasurer • Robert W. McCormack, Assistant Treasurer


MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102

SUBADVISER	PGIM Quantitative Solutions LLC	Gateway Center Two 100 Mulberry Street Newark, NJ 07102

DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102

CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286

TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 534432 Pittsburgh, PA 15253

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017

FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

An investor should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. The prospectus and summary prospectus contain this and other information about the Fund. An investor may obtain the prospectus and summary prospectus by visiting our website at pgim.com/investments or by calling (800) 225-1852. The prospectus and summary prospectus should be read carefully before investing.

E-DELIVERY

To receive your mutual fund documents online, go to pgim.com/investments/resource/edelivery and enroll. Instead of receiving printed documents by mail, you will receive notification via email when new materials are available. You can cancel your enrollment or change your email address at any time by visiting the website address above.

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, PGIM Real Assets Fund, PGIM Investments, Attn: Board of Trustees, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to that Trustee at the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO HOLDINGS

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov.

Mutual Funds:


ARE NOT INSURED BY THE FDIC OR ANY	MAY LOSE VALUE	ARE NOT A DEPOSIT OF OR GUARANTEED
FEDERAL GOVERNMENT AGENCY	MAY LOSE VALUE	BY ANY BANK OR ANY BANK AFFILIATE

PGIM REAL ASSETS FUND


SHARE CLASS	A	C	Z	R6
NASDAQ	PUDAX	PUDCX	PUDZX	PUDQX
CUSIP	74440K819	74440K785	74440K777	74440K744

MF207E2

LOGO

PGIM GLOBAL DYNAMIC BOND FUND

SEMIANNUAL REPORT

APRIL 30, 2023

LOGO

To enroll in e-delivery, go to pgim.com/investments/resource/edelivery

Table of Contents



Letter from the President			3

Your Fund’s Performance			4

Fees and Expenses			7

Holdings and Financial Statements			9

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

The information about the Fund’s portfolio holdings is for the period covered by this report and is subject to change thereafter.

The accompanying financial statements as of April 30, 2023 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. © 2023 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.


2		Visit our website at pgim.com/investments

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for the PGIM Global Dynamic Bond Fund informative and useful. The report covers performance for the six-month period ended April 30, 2023.

Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

Thank you for choosing our family of funds.

Sincerely,

LOGO

Stuart S. Parker, President

PGIM Global Dynamic Bond Fund

June 15, 2023


PGIM Global Dynamic Bond Fund			3

Your Fund’s Performance



	Total Returns as of 4/30/23	Average Annual Total Returns as of 4/30/23

	(without sales charges)	(with sales charges)

	*Six Months (%)**	One Year (%)	Five Years (%)	Since Inception (%)

Class A	4.49	-2.42	-0.44	2.05 (11/03/2015)

Class C	4.25	-0.72	-0.50	1.73 (11/03/2015)

Class Z	4.81	1.22	0.59	2.83 (11/03/2015)

Class R6	4.84	1.39	0.66	2.87 (11/03/2015)

ICE BofA US 3-Month Treasury Bill Index**

	2.09	2.81	1.44	1.19

ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index

	2.04	2.75	1.62	1.38

Bloomberg Global Aggregate Index

	8.92	-2.31	-0.93	0.42

*Not annualized

**ICE BofA US 3-Month Treasury Bill Index has replaced ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index as the Fund’s primary benchmark due to the pending discontinuation of LIBOR.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the Fund’s inception date.


4		Visit our website at pgim.com/investments



	Class A	Class C	Class Z	Class R6
Maximum initial sales charge	3.25% of the public offering price	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption)	1.00% on sales of $500,000 or more made within 12 months of purchase	1.00% on sales made within 12 months of purchase	None	None
Annual distribution and service (12b-1)fees (shown as a percentage of average daily net assets)	0.25%	1.00%	None	None

Benchmark Definitions

ICE BofA US 3-Month Treasury Bill Index*—The ICE BofA US 3-Month Treasury Bill Index is an unmanaged index which is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding Treasury bill that matures closest to, but not beyond, three months from the rebalancing date. To qualify for selection, an issue must have settled on or before the month-end rebalancing date.

*ICE BofA US 3-Month Treasury Bill Index has replaced ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index as the Fund’s primary benchmark due to the pending discontinuation of LIBOR.

ICE BofA USD 3-Month Deposit Offered Rate Constant Maturity Index—The ICE BofA USD 3-Month Deposit Offered Rate Constant Maturity Index is an unmanaged index that tracks the performance of a synthetic asset paying LIBOR to a stated maturity. The Index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following business day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument.

Bloomberg Global Aggregate Index—The Bloomberg Global Aggregate Index is an unmanaged index of global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The Index also


PGIM Global Dynamic Bond Fund			5

Your Fund’s Performance (continued)

includes Eurodollar and Euro-Yen corporate bonds, and Canadian government, agency, and corporate securities.



Credit Quality expressed as a percentage of total investments as of 4/30/23 (%)
AAA			4.5
A			6.9
BBB			19.2
BB			34.8
B			15.9
CCC			4.4
CC			0.4
C			0.1
Not Rated			9.8
Cash/Cash Equivalents			4.0
Total			100.0

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global Ratings (S&P), or Fitch Ratings Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable S&P/Fitch rating tier nomenclature. These rating agencies are independent and are widely used. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.



Distributions and Yields as of 4/30/23
	Total Distributions Paid for Six Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.24	6.70	5.41
Class C	0.21	6.16	4.79
Class Z	0.25	7.28	6.64
Class R6	0.26	7.32	6.92

*SEC 30-Day Subsidized Yield (%)—A standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the Fund’s net expenses (net of any expense waivers or reimbursements). The investor experience is represented by the SEC 30-Day Subsidized Yield.

**SEC 30-Day Unsubsidized Yield (%)—A standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the Fund’s gross expenses. The investor experience is represented by the SEC 30-Day Subsidized Yield.


6		Visit our website at pgim.com/investments

Fees and Expenses

Actual Expenses

Hypothetical Example for Comparison Purposes


PGIM Global Dynamic Bond Fund			7

Fees and Expenses (continued)

provided in the expense table. Additional fees have the effect of reducing investment returns.



PGIM Global Dynamic Bond Fund		Beginning Account Value November 1, 2022	Ending Account Value April 30, 2023	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Class A	Actual	$1,000.00	$1,044.90	1.21%	$6.13

	Hypothetical	$1,000.00	$1,018.79	1.21%	$6.06

Class C	Actual	$1,000.00	$1,042.50	1.96%	$9.93

	Hypothetical	$1,000.00	$1,015.08	1.96%	$9.79

Class Z	Actual	$1,000.00	$1,048.10	0.86%	$4.37

	Hypothetical	$1,000.00	$1,020.53	0.86%	$4.31

Class R6	Actual	$1,000.00	$1,048.40	0.81%	$4.11

	Hypothetical	$1,000.00	$1,020.78	0.81%	$4.06


8		Visit our website at pgim.com/investments

Schedule of Investments (unaudited)

as of April 30, 2023

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

LONG-TERM INVESTMENTS 90.9%

ASSET-BACKED SECURITIES 1.9%

Cayman Islands 0.6%

Trinitas CLO Ltd.,

Series 2020-14A, Class C, 144A, 3 Month LIBOR + 3.000% (Cap N/A, Floor 3.000%)

8.255%(c)

01/25/34

250

243,403

Spain 0.6%

TFS,

Series 2018-03, Class A1, 1 Month EURIBOR + 3.000%^

0.000(s)

04/16/40

EUR

—

(r)

Series 2018-03, Class A1, 1 Month EURIBOR + 3.000%^

5.934(c)

03/15/26

EUR

239

249,166

249,167

United States 0.7%

Laurel Road Prime Student Loan Trust,

Series 2019-A, Class R, 144A

0.000

10/25/48

637

108,873

TH MSR Issuer Trust,

Series 2019-FT01, Class A, 144A, 1 Month LIBOR + 2.800% (Cap N/A, Floor 2.800%)

7.645(c)

06/25/24

200

188,499

297,372

TOTAL ASSET-BACKED SECURITIES
(cost $766,165)

789,942

COMMERCIAL MORTGAGE-BACKED SECURITIES 10.6%

Canada 0.1%

Real Estate Asset Liquidity Trust,

Series 2020-01A, Class A1, 144A

2.381(cc)

02/12/55

CAD

37,286

United Kingdom 2.4%

Deco DAC,

Series 2019-RAM, Class ASONIA + 2.007% (Cap N/A, Floor 2.007%)

6.055(c)

08/07/30

GBP

861

1,012,953

United States 8.1%

Barclays Commercial Mortgage Securities Trust,

Series 2018-CHRS, Class D, 144A

4.409(cc)

08/05/38

300

209,092

See Notes to Financial Statements.


PGIM Global Dynamic Bond Fund			9

Schedule of Investments (unaudited) (continued)

as of April 30, 2023

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)

United States (cont’d.)

Credit Suisse Mortgage Capital Certificates,

Series 2019-ICE04, Class F, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 2.650%)

7.598%(c)

05/15/36

1,247

1,215,744

DBWF Mortgage Trust,

Series 2016-85T, Class E, 144A

3.935(cc)

12/10/36

250

158,403

GS Mortgage Securities Corp. Trust,

Series 2021-IP, Class F, 144A, 1 Month LIBOR + 4.550% (Cap N/A, Floor 4.550%)

9.498(c)

10/15/36

140

129,114

JPMorgan Chase Commercial Mortgage Securities Trust,

Series 2018-AON, Class E, 144A

4.767(cc)

07/05/31

400

160,000

MKT Mortgage Trust,

Series 2020-525M, Class F, 144A

3.039(cc)

02/12/40

550

294,319

Morgan Stanley Capital I Trust,

Series 2019-MEAD, Class E, 144A

3.283(cc)

11/10/36

650

544,142

One New York Plaza Trust,

Series 2020-01NYP, Class D, 144A, 1 Month LIBOR + 2.750% (Cap N/A, Floor 2.750%)

7.698(c)

01/15/36

125

95,208

Wells Fargo Commercial Mortgage Trust,

Series 2021-FCMT, Class E, 144A, 1 Month LIBOR + 4.500% (Cap N/A, Floor 4.500%)

9.448(c)

05/15/31

700

586,861

3,392,883

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(cost $5,473,005)

4,443,122

CONVERTIBLE BOND 0.0%

Jamaica

Digicel Group Holdings Ltd.,

Sub. Notes, 144A, Cash coupon 7.000% or PIK N/A (original cost $763; purchased 03/21/23 - 04/03/23)(f)
(cost $762)

7.000

05/15/23(oo)

569

CORPORATE BONDS 50.8%

Brazil 1.6%

Petrobras Global Finance BV,

Gtd. Notes

5.375

10/01/29

GBP

300

332,088

See Notes to Financial Statements.


10



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Brazil (cont’d.)
Petrobras Global Finance BV, (cont’d.)
Gtd. Notes	6.625%	01/16/34	GBP	100	$	108,772
Gtd. Notes, EMTN	6.250	12/14/26	GBP	200		245,113


						685,973

Bulgaria 0.4%
Bulgarian Energy Holding EAD,
Sr. Unsec’d. Notes	2.450	07/22/28	EUR	200		179,100

Canada 1.6%
Bombardier, Inc.,
Sr. Unsec’d. Notes, 144A	7.125	06/15/26		25		24,813
Sr. Unsec’d. Notes, 144A	7.500	02/01/29		25		24,531
Sr. Unsec’d. Notes, 144A	7.875	04/15/27		395		394,091
Brookfield Residential Properties, Inc./Brookfield Residential US LLC,
Gtd. Notes, 144A	4.875	02/15/30		85		66,938
Cenovus Energy, Inc.,
Sr. Unsec’d. Notes	3.750	02/15/52		10		7,252
Sr. Unsec’d. Notes	5.250	06/15/37		110		105,297
MEG Energy Corp.,
Gtd. Notes, 144A	7.125	02/01/27		45		46,125


						669,047

France 2.3%
Altice France SA,
Sr. Sec’d. Notes	3.375	01/15/28	EUR	400		335,877
Faurecia SE,
Sr. Unsec’d. Notes	3.750	06/15/28	EUR	250		243,496
Iliad Holding SASU,
Sr. Sec’d. Notes, 144A	5.625	10/15/28	EUR	200		200,755
Loxam SAS,
Sr. Sub. Notes	4.500	04/15/27	EUR	100		94,429
SPCM SA,
Sr. Unsec’d. Notes, 144A	2.625	02/01/29	EUR	100		95,204


						969,761

Germany 1.2%
TK Elevator Holdco GmbH,
Sr. Unsec’d. Notes	6.625	07/15/28	EUR	90		82,400

See Notes to Financial Statements.


PGIM Global Dynamic Bond Fund			11

Schedule of Investments (unaudited) (continued)

as of April 30, 2023



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Germany (cont’d.)
TK Elevator Midco GmbH,
Sr. Sec’d. Notes	4.375%	07/15/27	EUR	100	$	98,183
Sr. Sec’d. Notes, 144A	4.375	07/15/27	EUR	100		98,236
Volkswagen International Finance NV,
Gtd. Notes	4.625(ff)	03/24/26(oo)	EUR	200		209,667


						488,486

Hungary 0.2%
MFB Magyar Fejlesztesi Bank Zrt,
Gov’t. Gtd. Notes	1.375	06/24/25	EUR	100		101,946

India 0.9%
NTPC Ltd.,
Sr. Unsec’d. Notes, EMTN	2.750	02/01/27	EUR	300		303,877
Power Finance Corp. Ltd.,
Sr. Unsec’d. Notes, GMTN	1.841	09/21/28	EUR	100		90,204


						394,081

Indonesia 0.7%
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara,
Sr. Unsec’d. Notes	2.875	10/25/25	EUR	200		211,537
Sr. Unsec’d. Notes, 144A	1.875	11/05/31	EUR	100		82,526


						294,063

Israel 0.5%
Energean Israel Finance Ltd.,
Sr. Sec’d. Notes, 144A	4.500	03/30/24		200		194,620

Italy 0.9%
Nexi SpA,
Sr. Unsec’d. Notes	2.125	04/30/29	EUR	400		363,031

Jamaica 1.0%
Digicel Group Holdings Ltd.,
Sr. Unsec’d. Notes, 144A, Cash coupon 5.000%and PIK 3.000% (original cost $3,925;purchased 03/21/23 - 03/22/23)(f)	8.000	04/01/25		10		3,827

See Notes to Financial Statements.


12



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Jamaica (cont’d.)
Digicel International Finance Ltd./Digicel International Holdings Ltd.,
Gtd. Notes, 144A (original cost $26,350; purchased 03/09/23 - 03/15/23)(f)	8.000%	12/31/26		115	$	24,603
Gtd. Notes, 144A, Cash coupon 6.000% and PIK
7.000% (original cost $284,783; purchased 03/24/21 - 12/15/22)(f)	13.000	12/31/25		287		179,802
Sr. Sec’d. Notes, 144A (original cost $198,500; purchased 06/16/20)(f)	8.750	05/25/24		200		180,412
Digicel Ltd.,
Gtd. Notes, 144A (original cost $132,000; purchased 06/07/19)(f)	6.750	06/01/23		200		39,000


						427,644

Kazakhstan 0.4%
Kazakhstan Temir Zholy National Co. JSC,
Gtd. Notes	3.250	12/05/23	CHF	150		159,664

Luxembourg 1.8%
Blackstone Property Partners Europe Holdings Sarl,
Sr. Unsec’d. Notes, EMTN	1.000	05/04/28	EUR	300		247,333
Codere New Holdco SA,
Sr. Sec’d. Notes, 144A, Cash coupon N/A or PIK 7.500%	7.500	11/30/27(d)	EUR	55		3,836
Intelsat Jackson Holdings SA,
Gtd. Notes^	5.500	08/01/23(d)		440		—
Gtd. Notes, 144A^	8.500	10/15/24(d)		25		—
Gtd. Notes, 144A^	9.750	07/15/25(d)		25		—
Sr. Sec’d. Notes, 144A	6.500	03/15/30		90		83,363
Matterhorn Telecom SA,
Sr. Sec’d. Notes	3.125	09/15/26	EUR	400		404,219


						738,751

Mexico 2.1%
Comision Federal de Electricidad,
Sr. Unsec’d. Notes	5.000	09/29/36		150		125,103
Petroleos Mexicanos,
Gtd. Notes	3.625	11/24/25	EUR	200		200,725
Gtd. Notes, EMTN	4.875	02/21/28	EUR	600		551,556


						877,384

See Notes to Financial Statements.


PGIM Global Dynamic Bond Fund			13

Schedule of Investments (unaudited) (continued)

as of April 30, 2023

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

CORPORATE BONDS (Continued)

Netherlands 1.1%

WP/AP Telecom Holdings III BV,

Sr. Unsec’d. Notes, 144A

5.500%

01/15/30

EUR

225

201,713

Ziggo Bond Co. BV,

Gtd. Notes, 144A

3.375

02/28/30

EUR

300

251,593

453,306

Slovenia 0.9%

United Group BV,

Sr. Sec’d. Notes, 144A

3.125

02/15/26

EUR

400

382,004

South Africa 0.9%

Eskom Holdings SOC Ltd.,

Gov’t. Gtd. Notes, MTN

6.350

08/10/28

400

376,594

Spain 1.7%

Cellnex Telecom SA,

Sr. Unsec’d. Notes, EMTN

1.750

10/23/30

EUR

400

360,843

Codere Finance 2 Luxembourg SA,

Sr. Sec’d. Notes, Cash coupon 2.000% and PIK 10.750%

12.750

11/30/27(d)

EUR

14,541

Sr. Sec’d. Notes, 144A, Cash coupon 8.000% and PIK 3.000%

11.000

09/30/26(d)

EUR

167

156,649

Kaixo Bondco Telecom SA,

Sr. Sec’d. Notes, 144A

5.125

09/30/29

EUR

175

165,949

697,982

Sweden 0.2%

Preem Holdings AB,

Sr. Unsec’d. Notes, 144A

12.000

06/30/27

EUR

105,406

Ukraine 0.1%

NAK Naftogaz Ukraine via Kondor Finance PLC,

Sr. Unsec’d. Notes

7.125

07/19/26(d)

EUR

100

22,369

United Arab Emirates 0.2%

DP World Ltd.,

Sr. Unsec’d. Notes

2.375

09/25/26

EUR

100

103,599

See Notes to Financial Statements.


14



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

United Kingdom 5.8%
Bellis Acquisition Co. PLC,
Sr. Sec’d. Notes, 144A	3.250%	02/16/26	GBP	100	$	102,827
Bellis Finco PLC,
Sr. Unsec’d. Notes, 144A	4.000	02/16/27	GBP	200		170,291
BP Capital Markets PLC,
Gtd. Notes	4.375(ff)	06/22/25(oo)		250		239,375
eG Global Finance PLC,
Sr. Sec’d. Notes (original cost $789,726; purchased 11/26/19 - 04/04/23)(f)	4.375	02/07/25	EUR	753		772,023
Sr. Sec’d. Notes (original cost $124,557; purchased 06/11/21)(f)	6.250	10/30/25	EUR	100		103,472
Sr. Sec’d. Notes, 144A (original cost $111,836; purchased 05/02/19)(f)	4.375	02/07/25	EUR	100		102,493
Saga PLC,
Gtd. Notes	5.500	07/15/26	GBP	200		193,843
Sherwood Financing PLC,
Sr. Sec’d. Notes, 144A	6.000	11/15/26	GBP	175		181,006
Very Group Funding PLC (The),
Sr. Sec’d. Notes, 144A	6.500	08/01/26	GBP	225		214,669
Virgin Media Vendor Financing Notes III DAC,
Sr. Sec’d. Notes	4.875	07/15/28	GBP	100		102,905
Vmed O2 UK Financing I PLC,
Sr. Sec’d. Notes	4.500	07/15/31	GBP	275		268,895


						2,451,799

United States 24.3%
Adtalem Global Education, Inc.,
Sr. Sec’d. Notes, 144A	5.500	03/01/28		64		60,946
Aethon United BR LP/Aethon United Finance Corp.,
Sr. Unsec’d. Notes, 144A	8.250	02/15/26		75		73,136
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp.,
Gtd. Notes^	7.875	12/15/24(d)		400		2,719
AMC Entertainment Holdings, Inc.,
Sec’d. Notes, 144A, Cash coupon 10.000% or PIK 12.000% or Cash coupon 5.000% and PIK 6.000%	10.000	06/15/26		106		71,913
American Axle & Manufacturing, Inc.,
Gtd. Notes	6.250	03/15/26		38		36,494
AmeriGas Partners LP/AmeriGas Finance Corp.,
Sr. Unsec’d. Notes	5.875	08/20/26		500		482,625

See Notes to Financial Statements.


PGIM Global Dynamic Bond Fund			15

Schedule of Investments (unaudited) (continued)

as of April 30, 2023



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

United States (cont’d.)
Amgen, Inc.,
Sr. Unsec’d. Notes	5.250%	03/02/30		70	$	71,918
Antero Midstream Partners LP/Antero Midstream Finance Corp.,
Gtd. Notes, 144A	5.750	01/15/28		75		72,699
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Gtd. Notes, 144A	7.000	11/01/26		50		48,446
Sr. Unsec’d. Notes, 144A	8.250	12/31/28		50		48,356
Ashton Woods USA LLC/Ashton Woods Finance Co.,
Sr. Unsec’d. Notes, 144A	4.625	04/01/30		25		20,679
Avantor Funding, Inc.,
Gtd. Notes	3.875	07/15/28	EUR	300		303,164
Bausch Health Americas, Inc.,
Gtd. Notes, 144A	8.500	01/31/27		315		161,891
Bausch Health Cos., Inc.,
Gtd. Notes, 144A	5.250	01/30/30		50		23,375
Gtd. Notes, 144A	5.250	02/15/31		25		11,813
Beazer Homes USA, Inc.,
Gtd. Notes	5.875	10/15/27		100		92,931
Gtd. Notes	6.750	03/15/25		125		124,490
Gtd. Notes	7.250	10/15/29		75		71,694
C&S Group Enterprises LLC,
Gtd. Notes, 144A	5.000	12/15/28		100		78,926
Caesars Entertainment, Inc.,
Sr. Sec’d. Notes, 144A	6.250	07/01/25		50		50,069
Sr. Unsec’d. Notes, 144A	4.625	10/15/29		25		21,904
Calpine Corp.,
Sr. Unsec’d. Notes, 144A	4.625	02/01/29		50		43,350
Sr. Unsec’d. Notes, 144A	5.000	02/01/31		185		155,769
Sr. Unsec’d. Notes, 144A	5.125	03/15/28		75		69,486
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A	4.250	02/01/31		300		246,866
Sr. Unsec’d. Notes, 144A	4.750	03/01/30		119		102,437
Sr. Unsec’d. Notes, 144A	5.375	06/01/29		50		45,898
Chemours Co. (The),
Gtd. Notes	5.375	05/15/27		125		116,194
Chesapeake Energy Corp.,
Gtd. Notes, 144A	5.500	02/01/26		50		49,357
Gtd. Notes, 144A	5.875	02/01/29		25		23,850
Citigroup, Inc.,
Jr. Sub. Notes	3.875(ff)	02/18/26(oo)		380		323,937

See Notes to Financial Statements.


16



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

United States (cont’d.)
Dana, Inc.,
Sr. Unsec’d. Notes	4.500%	02/15/32		125	$	100,207
Diamond Sports Group LLC/Diamond Sports Finance Co.,
Gtd. Notes, 144A	6.625	08/15/27(d)		510		15,403
DISH DBS Corp.,
Gtd. Notes	7.750	07/01/26		425		245,384
Diversified Healthcare Trust,
Gtd. Notes	4.375	03/01/31		5		3,152
Gtd. Notes	9.750	06/15/25		5		4,783
Sr. Unsec’d. Notes	4.750	05/01/24		5		4,564
Sr. Unsec’d. Notes	4.750	02/15/28		225		138,769
Dominion Energy, Inc.,
Jr. Sub. Notes, Series B	4.650(ff)	12/15/24(oo)		200		174,387
Endeavor Energy Resources LP/EER Finance, Inc.,
Sr. Unsec’d. Notes, 144A	5.750	01/30/28		25		24,884
Energy Transfer LP,
Jr. Sub. Notes, Series G	7.125(ff)	05/15/30(oo)		200		168,541
Ford Motor Co.,
Sr. Unsec’d. Notes	4.750	01/15/43		550		413,627
Golden Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A	7.625	04/15/26		200		202,256
Goldman Sachs Group, Inc. (The),
Jr. Sub. Notes, Series U	3.650(ff)	08/10/26(oo)		115		94,281
Griffon Corp.,
Gtd. Notes	5.750	03/01/28		75		68,889
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A	5.750	02/01/29		25		23,348
Sr. Unsec’d. Notes, 144A	6.000	02/01/31		25		23,136
Sr. Unsec’d. Notes, 144A	6.250	11/01/28		150		143,625
Hilton Domestic Operating Co., Inc.,
Gtd. Notes, 144A	3.625	02/15/32		300		255,995
Howard Hughes Corp. (The),
Gtd. Notes, 144A	4.125	02/01/29		275		231,443
Hunt Cos., Inc.,
Sr. Sec’d. Notes, 144A	5.250	04/15/29		200		154,231
International Game Technology PLC,
Sr. Sec’d. Notes, 144A	4.125	04/15/26		200		192,000
IQVIA, Inc.,
Gtd. Notes	2.250	03/15/29	EUR	250		228,902
JPMorgan Chase & Co.,
Jr. Sub. Notes, Series HH	4.600(ff)	02/01/25(oo)		420		389,738

See Notes to Financial Statements.


PGIM Global Dynamic Bond Fund			17

Schedule of Investments (unaudited) (continued)

as of April 30, 2023



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

United States (cont’d.)
KB Home,
Gtd. Notes	4.800%	11/15/29		75	$	70,259
Lamb Weston Holdings, Inc.,
Gtd. Notes, 144A	4.375	01/31/32		25		22,851
Level 3 Financing, Inc.,
Sr. Sec’d. Notes, 144A	10.500	05/15/30		67		64,149
Medline Borrower LP,
Sr. Sec’d. Notes, 144A	3.875	04/01/29		25		21,870
Sr. Unsec’d. Notes, 144A	5.250	10/01/29		25		21,622
MGM Resorts International,
Gtd. Notes	4.750	10/15/28		150		139,407
Gtd. Notes	5.500	04/15/27		150		146,628
Morgan Stanley,
Sr. Unsec’d. Notes	4.656(ff)	03/02/29	EUR	250		279,816
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes	2.500	03/24/26	GBP	100		98,592
Nabors Industries, Inc.,
Gtd. Notes	5.750	02/01/25		75		72,988
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A	5.500	08/15/28		120		107,084
NRG Energy, Inc.,
Gtd. Notes, 144A	3.625	02/15/31		150		121,375
Gtd. Notes, 144A	5.250	06/15/29		150		138,504
Jr. Sub. Notes, 144A	10.250(ff)	03/15/28(oo)		25		24,655
OneMain Finance Corp.,
Gtd. Notes	6.875	03/15/25		25		24,437
Gtd. Notes	7.125	03/15/26		125		121,749
PennyMac Financial Services, Inc.,
Gtd. Notes, 144A	4.250	02/15/29		100		82,250
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.,
Gtd. Notes, 144A	5.875	09/01/31		50		35,390
Rockies Express Pipeline LLC,
Sr. Unsec’d. Notes, 144A	6.875	04/15/40		75		65,333
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes	5.625	12/01/25		100		98,715
Scientific Games International, Inc.,
Gtd. Notes, 144A	8.625	07/01/25		250		255,711
Service Properties Trust,
Sr. Unsec’d. Notes	4.350	10/01/24		150		143,103
Standard Industries, Inc.,
Sr. Unsec’d. Notes, 144A	4.375	07/15/30		25		21,542

See Notes to Financial Statements.


18



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

United States (cont’d.)
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
Sr. Unsec’d. Notes	5.875%	03/01/27		175	$	170,729
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
Gtd. Notes, 144A	6.000	12/31/30		75		66,742
Gtd. Notes, 144A	7.500	10/01/25		150		151,466
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A	5.750	01/15/28		150		148,842
Tenet Healthcare Corp.,
Gtd. Notes	6.125	10/01/28		50		48,504
Thermo Fisher Scientific, Inc.,
Sr. Unsec’d. Notes	3.650	11/21/34	EUR	100		108,532
TPC Group, Inc.,
Sr. Sec’d. Notes, 144A	13.000	12/16/27		22		21,616
Transocean, Inc.,
Gtd. Notes, 144A	7.250	11/01/25		75		71,438
U.S. Bancorp,
Jr. Sub. Notes	3.700(ff)	01/15/27(oo)		200		153,978
UGI International LLC,
Gtd. Notes, 144A	2.500	12/01/29	EUR	100		86,499
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A	4.375	04/15/26		65		62,071
Sr. Sec’d. Notes, 144A	4.625	04/15/29		15		13,575
United Rentals North America, Inc.,
Gtd. Notes	3.750	01/15/32		25		21,447
Gtd. Notes	4.875	01/15/28		120		115,555
Vector Group Ltd.,
Sr. Sec’d. Notes, 144A	5.750	02/01/29		125		111,902
Venture Global Calcasieu Pass LLC,
Sr. Sec’d. Notes, 144A	3.875	08/15/29		5		4,501
Sr. Sec’d. Notes, 144A	4.125	08/15/31		5		4,431
Vistra Corp.,
Jr. Sub. Notes, 144A	7.000(ff)	12/15/26(oo)		25		22,461
Jr. Sub. Notes, 144A	8.000(ff)	10/15/26(oo)		100		94,339
Vistra Operations Co. LLC,
Gtd. Notes, 144A	5.000	07/31/27		180		171,090


						10,236,625


TOTAL CORPORATE BONDS (cost $26,317,525)						21,373,235

See Notes to Financial Statements.


PGIM Global Dynamic Bond Fund			19

Schedule of Investments (unaudited) (continued)

as of April 30, 2023

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS 0.5%

Jamaica 0.0%

Digicel International Finance Ltd.,

First Lien Initial Term B Loan, 1 Month LIBOR + 3.250%

8.275%(c)

05/27/24

22,472

United States 0.5%

Ascent Resources Utica Holdings LLC,

Second Lien Term Loan, 3 Month LIBOR + 9.000%

14.211(c)

11/01/25

178

188,458

Diamond Sports Group LLC,

First Lien Term Loan, 6 Month SOFR + 8.250%

13.064(c)

05/25/26

3,844

Second Lien Term loan

8.025

08/24/26

6,322

198,624

TOTAL FLOATING RATE AND OTHER LOANS
(cost $244,049)

221,096

MUNICIPAL BOND 0.3%

��

Puerto Rico

Commonwealth of Puerto Rico,

General Obligation, Sub-Series C
(cost $161,083)

0.000(cc)

11/01/43

284

133,704

RESIDENTIAL MORTGAGE-BACKED SECURITIES 6.1%

Spain 0.1%

Retiro Mortgage Securities DAC,

Series 01A, Class A1, 144A, 3 Month EURIBOR + 2.000% (Cap 5.000%, Floor 0.000%)

5.000(c)

07/30/75

EUR

47,823

United States 6.0%

BVRT Financing Trust,

Series 2021-04, Class F, 144A, 1 Month SOFR + 2.000%^

6.690(c)

09/12/26

25,005

Connecticut Avenue Securities Trust,

Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%)

10.065(c)

03/25/42

30,309

FHLMC Structured Agency Credit Risk REMIC Trust,

Series 2021-DNA05, Class B1, 144A, 30 Day

Average SOFR + 3.050% (Cap N/A, Floor 0.000%)

7.865(c)

01/25/34

110

104,622

See Notes to Financial Statements.


20

Description

Interest
Rate

Maturity

Date

Principal
Amount
(000)#

Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)

United States (cont’d.)

FHLMC Structured Agency Credit Risk REMIC Trust, (cont’d.)

Series 2021-DNA05, Class M2, 144A, 30 Day
Average SOFR + 1.650% (Cap N/A, Floor 0.000%)

6.465%(c)

01/25/34

30,376

Series 2021-HQA01, Class B1, 144A, 30 Day
Average SOFR + 3.000% (Cap N/A, Floor 0.000%)

7.815(c)

08/25/33

260

235,964

Series 2021-HQA01, Class M2, 144A, 30 Day
Average SOFR + 2.250% (Cap N/A, Floor 0.000%)

7.065(c)

08/25/33

396

385,232

Series 2021-HQA02, Class B1, 144A, 30 Day

Average SOFR + 3.150% (Cap N/A, Floor 0.000%)

7.965(c)

12/25/33

100

90,630

Series 2021-HQA03, Class M2, 144A, 30 Day
Average SOFR + 2.100% (Cap N/A, Floor 0.000%)

6.915(c)

09/25/41

130

121,265

Home Re Ltd.,

Series 2021-01, Class M1C, 144A, 1 Month LIBOR + 2.300% (Cap N/A, Floor 0.000%)

7.320(c)

07/25/33

185

184,206

Series 2021-02, Class M1B, 144A, 30 Day
Average SOFR + 1.600% (Cap N/A, Floor 0.000%)

6.415(c)

01/25/34

146

144,710

Series 2021-02, Class M1C, 144A, 30 Day
Average SOFR + 2.800% (Cap N/A, Floor 0.000%)

7.615(c)

01/25/34

175

171,504

Oaktown Re VII Ltd.,

Series 2021-02, Class M1A, 144A, 30 Day
Average SOFR + 1.600% (Cap N/A, Floor 1.600%)

6.415(c)

04/25/34

700

693,248

Series 2021-02, Class M1B, 144A, 30 Day
Average SOFR + 2.900% (Cap N/A, Floor 2.900%)

7.715(c)

04/25/34

200

198,667

PNMAC GMSR Issuer Trust,

Series 2018-GT01, Class A, 144A, 1 Month LIBOR + 3.850% (Cap N/A, Floor 2.850%)

8.870(c)

02/25/25

100

99,551

2,515,289

TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(cost $2,632,235)

2,563,112

See Notes to Financial Statements.


PGIM Global Dynamic Bond Fund			21

Schedule of Investments (unaudited) (continued)

as of April 30, 2023



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

SOVEREIGN BONDS 11.6%

Brazil 0.6%
Brazil Minas SPE via State of Minas Gerais, Gov’t. Gtd. Notes	5.333%	02/15/28		275	$	270,841

Bulgaria 0.7%
Bulgaria Government International Bond,
Sr. Unsec’d. Notes	4.125	09/23/29	EUR	200		216,358
Sr. Unsec’d. Notes, 144A	4.500	01/27/33	EUR	85		91,572


						307,930

Greece 0.9%
Hellenic Republic Government International Bond,
Sr. Unsec’d. Notes	5.200	07/17/34	EUR	120		136,554
Sr. Unsec’d. Notes	6.140	04/14/28	EUR	200		240,326


						376,880

Indonesia 0.4%
Indonesia Government International Bond, Sr. Unsec’d. Notes	1.100	03/12/33	EUR	200		163,081

Italy 0.9%
Italy Buoni Poliennali Del Tesoro, Sr. Unsec’d. Notes, Series 10YR	0.950	06/01/32	EUR	450		380,985

Mexico 0.7%
Mexico Government International Bond, Sr. Unsec’d. Notes, MTN	4.125	01/21/26		300		295,837

Romania 0.8%
Romanian Government International Bond,
Sr. Unsec’d. Notes, EMTN	3.500	04/03/34	EUR	100		84,282
Sr. Unsec’d. Notes, EMTN	4.125	03/11/39	EUR	300		245,820


						330,102

Serbia 1.5%
Serbia International Bond,
Sr. Unsec’d. Notes	1.500	06/26/29	EUR	300		253,671
Sr. Unsec’d. Notes	1.650	03/03/33	EUR	500		361,320


						614,991

See Notes to Financial Statements.


22



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

Spain 2.6%
Autonomous Community of Catalonia,
Sr. Unsec’d. Notes, EMTN	6.350%	11/30/41	EUR	50	$	65,639
Spain Government Bond,
Sr. Unsec’d. Notes, 144A(k)	1.450	10/31/27	EUR	600		619,466
Sr. Unsec’d. Notes, 144A	1.450	04/30/29	EUR	405		408,428


						1,093,533

Turkey 1.3%
Turkey Government International Bond,
Sr. Unsec’d. Notes	4.625	03/31/25	EUR	500		539,346

Ukraine 1.2%
Ukraine Government International Bond,
Sr. Unsec’d. Notes	4.375	01/27/32(d)	EUR	881		156,719
Sr. Unsec’d. Notes	6.750	06/20/28(d)	EUR	1,300		223,197
Sr. Unsec’d. Notes, 144A	4.375	01/27/32(d)	EUR	600		106,733


						486,649


TOTAL SOVEREIGN BONDS (cost $7,538,916)						4,860,175


U.S. TREASURY OBLIGATIONS 1.3%
U.S. Treasury Notes(h)(k)	1.375	01/31/25		275		262,023
U.S. Treasury Notes(k)	4.250	09/30/24		280		279,224


TOTAL U.S. TREASURY OBLIGATIONS (cost $555,352)						541,247


			Shares

COMMON STOCKS 0.7%

Luxembourg 0.3%
Intelsat Emergence SA*				4,592		120,829


Spain 0.0%
Codere New Topco SA^				1,910		—


United States 0.4%
Chesapeake Energy Corp.				666		55,065

See Notes to Financial Statements.


PGIM Global Dynamic Bond Fund			23

Schedule of Investments (unaudited) (continued)

as of April 30, 2023



Description	Shares		Value

COMMON STOCKS (Continued)

United States (cont’d.)

Ferrellgas Partners LP (Class B Stock)^(f)		253	$	37,495
GenOn Energy Holdings, Inc. (Class A Stock)^(a)		610		61,000
TPC Group, Inc.*^		1,653		33,060


				186,620


TOTAL COMMON STOCKS (cost $212,027)				307,449


UNAFFILIATED EXCHANGE-TRADED FUNDS 6.7%
iShares 0-5 Year High Yield Corporate Bond ETF		17,000		706,350
iShares Floating Rate Bond ETF		34,411		1,741,885
iShares Preferred & Income Securities ETF		12,000		376,440


TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS (cost $2,826,934)				2,824,675


PREFERRED STOCK 0.4%

United States

Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31^ (cost $145,500)(f)		150		150,000


*RIGHTS 0.0%**

Luxembourg

Intelsat Jackson Holdings SA, Series A (Luxembourg) CVR, expiring 12/05/25^		479		4,566
Intelsat Jackson Holdings SA, Series B (Luxembourg) CVR, expiring 12/05/25^		479		948


TOTAL RIGHTS (cost $0)				5,514


TOTAL LONG-TERM INVESTMENTS (cost $46,873,553)				38,213,840


SHORT-TERM INVESTMENTS 5.3%

AFFILIATED MUTUAL FUNDS 1.1%
PGIM Core Government Money Market Fund(wi)		457,850		457,850

See Notes to Financial Statements.


24



Description				Shares		Value

AFFILIATED MUTUAL FUNDS (Continued)
PGIM Institutional Money Market Fund (cost $2,550; includes $2,537 of cash collateral for securities on loan)(b)(wi)					2,552	$	2,550


TOTAL AFFILIATED MUTUAL FUNDS (cost $460,400)							460,400


				Principal Amount (000)#

U.S. GOVERNMENT AGENCY OBLIGATIONS 3.1%
Fannie Mae Discount Notes	4.657	%(s)	05/01/23		25		24,989
Federal Home Loan Bank	4.607	(s)	05/01/23		1,300		1,299,430


TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $1,325,000)							1,324,419


*OPTIONS PURCHASED~ 1.1%**
(cost $251,906)							457,388


TOTAL SHORT-TERM INVESTMENTS
(cost $2,037,306)							2,242,207


TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 96.2%
(cost $48,910,859)							40,456,047


*OPTIONS WRITTEN~ (0.4)%**
(premiums received $212,734)							(168,238	)


TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 95.8%
(cost $48,698,125)							40,287,809
Other assets in excess of liabilities(z) 4.2%							1,753,685


NET ASSETS 100.0%						$	42,041,494

Below is a list of the abbreviation(s) used in the semiannual report:

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CLP—Chilean Peso

DKK—Danish Krone

EUR—Euro

GBP—British Pound

HUF—Hungarian Forint

JPY—Japanese Yen

MXN—Mexican Peso

See Notes to Financial Statements.


PGIM Global Dynamic Bond Fund			25

Schedule of Investments (unaudited) (continued)

as of April 30, 2023

NOK—Norwegian Krone

NZD—New Zealand Dollar

PLN—Polish Zloty

SAR—Saudi Arabian Riyal

SEK—Swedish Krona

SGD—Singapore Dollar

TWD—New Taiwanese Dollar

USD—US Dollar

ZAR—South African Rand

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.

A—Annual payment frequency for swaps

BARC—Barclays Bank PLC

BNP—BNP Paribas S.A.

BNYM—Bank of New York Mellon

BOA—Bank of America, N.A.

BUBOR—Budapest Interbank Offered Rate

CDX—Credit Derivative Index

CGM—Citigroup Global Markets, Inc.

CITI—Citibank, N.A.

CLO—Collateralized Loan Obligation

CLOIS—Sinacofi Chile Interbank Rate Average

CME—Chicago Mercantile Exchange

CVR—Contingent Value Rights

DAC—Designated Activity Company

DB—Deutsche Bank AG

EMTN—Euro Medium Term Note

ETF—Exchange-Traded Fund

EURIBOR—Euro Interbank Offered Rate

FHLMC—Federal Home Loan Mortgage Corporation

GMTN—Global Medium Term Note

GSI—Goldman Sachs International

HSBC—HSBC Bank PLC

iTraxx—International Credit Derivative Index

JIBAR—Johannesburg Interbank Agreed Rate

JPM—JPMorgan Chase Bank N.A.

JPS—J.P. Morgan Securities LLC

LIBOR—London Interbank Offered Rate

LP—Limited Partnership

MSI—Morgan Stanley & Co International PLC

MTN—Medium Term Note

OTC—Over-the-counter

PIK—Payment-in-Kind

Q—Quarterly payment frequency for swaps

REMIC—Real Estate Mortgage Investment Conduit

S—Semiannual payment frequency for swaps

SOFR—Secured Overnight Financing Rate

SONIA—Sterling Overnight Index Average

T—Swap payment upon termination

TAIBOR—Taiwan Interbank Offered Rate

TD—The Toronto-Dominion Bank

See Notes to Financial Statements.


26

UAG—UBS AG

*	Non-income producing security.

#	Principal or notional amount is shown in U.S. dollars unless otherwise stated.

~	See tables subsequent to the Schedule of Investments for options detail.

^	Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $563,960 and 1.3% of net assets.

(a)

All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $22; cash collateral of $2,537 (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.

(c)	Variable rate instrument. The interest rate shown reflects the rate in effect at April 30, 2023.

(cc)

Variable rate instrument. The rate shown is based on the latest available information as of April 30, 2023. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

(d)	Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.

(f)

Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the aggregate original cost of such securities is $1,672,440. The aggregate value of $1,593,696 is 3.8% of net assets.

(ff)	Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

(h)	Represents security, or a portion thereof, segregated as collateral for OTC derivatives.

(k)	Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

(oo)	Perpetual security. Maturity date represents next call date.

(r)	Principal or notional amount is less than $500 par.

(s)	Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

(wi)	PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Government Money Market Fund and PGIM Institutional Money Market Fund, if applicable.

(z)	Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

Options Purchased:

Exchange Traded

Description

Call/
Put

Expiration
Date

Strike

Contracts

Notional
Amount
(000)#

Value

1 Year SOFR Mid-Curve Futures

Put

06/16/23

96.19

7,225

(cost $18,725)

OTC Traded

Description

Call/
Put

Counterparty

Expiration
Date

Strike

Contracts

Notional
Amount
(000)#

Value

Currency Option USD vs MXN

Call

MSI

05/05/23

23.50

—

5,200

—

Currency Option USD vs BRL

Put

MSI

01/10/24

5.40

—

1,300

93,690

See Notes to Financial Statements.


PGIM Global Dynamic Bond Fund			27

Schedule of Investments (unaudited) (continued)

as of April 30, 2023

OTC Traded

Description

Call/ Put

Counterparty

Expiration
Date

Strike

Contracts

Notional

Amount

(000)#

Value

Currency Option USD vs MXN

Put

MSI

01/10/24

19.50

—

2,600

152,310

Currency Option USD vs MXN

Put

MSI

01/10/24

19.50

—

2,600

152,310

Total OTC Traded (cost $220,581)

398,310

OTC Swaptions

Description

Call/
Put

Counterparty

Expiration
Date

Strike

Receive

Pay

Notional
Amount
(000)#

Value

2- Year Interest Rate Swap, 05/21/25

Call

05/17/23

2.05%

2.05%(A)

3 Month
SAIBOR(Q)/
5.665%

SAR 3,750

—

2- Year Interest Rate Swap, 05/21/25

Put

05/17/23

2.05%

3 Month
SAIBOR(Q)/
5.665%

2.05%(A)

SAR 3,750

51,853

Total OTC Swaptions (cost $12,600)

51,853

Total Options Purchased (cost $251,906)

457,388

Options Written:

Exchange Traded


Description	Call/ Put	Expiration Date	Strike		Contracts	Notional Amount (000)#		Value
1 Year SOFR Mid-Curve Futures	Call	06/16/23	$	96.63	17		43	$	(10,731	)
1 Year SOFR Mid-Curve Futures	Put	06/16/23	$	95.69	17		43		(2,019	)


Total Exchange Traded (premiums received $21,837)								$	(12,750	)

OTC Traded


Description	Call/ Put	Counterparty	Expiration Date	Strike		Contracts	Notional Amount (000)#		Value
Currency Option USD vs BRL	Call	MSI	01/10/24		6.70	—		1,300	$	(7,545	)
Currency Option USD vs MXN	Call	MSI	01/10/24		22.50	—		2,600		(18,100	)
Currency Option USD vs MXN	Call	MSI	01/10/24		22.50	—		2,600		(18,101	)
Currency Option USD vs BRL	Put	MSI	01/10/24		5.10	—		1,300		(51,355	)


Total OTC Traded (premiums received $175,897)									$	(95,101	)

See Notes to Financial Statements.


28

Options Written (continued):

OTC Swaptions

Description

Call/
Put

Counterparty

Expiration
Date

Strike

Receive

Pay

Notional
Amount
(000)#

Value

2- Year Interest
Rate Swap, 05/19/25

Call

05/17/23

1.13%

3 Month
LIBOR(Q)/
5.302%

1.13%(S)

1,000

—

2- Year Interest
Rate Swap, 05/19/25

Put

05/17/23

1.13%

1.13%(S)

3 Month

LIBOR(Q)/

5.302%

1,000

(60,387

)

Total OTC Swaptions (premiums received $15,000)

(60,387

)

Total Options Written (premiums received $212,734)

(168,238

)

Futures contracts outstanding at April 30, 2023:


Number of Contracts	Type	Expiration Date		Current Notional Amount			Value / Unrealized Appreciation (Depreciation)
Long Positions:
12	20 Year U.S. Treasury Bonds		Jun. 2023		$	1,579,875		$	15,317
3	30 Year U.S. Ultra Treasury Bonds		Jun. 2023			424,219			18,029

									33,346

Short Positions:
20	3 Month CME SOFR		Jun. 2023			4,753,625			725
89	2 Year U.S. Treasury Notes		Jun. 2023			18,348,602			(15,819	)
44	5 Year Euro-Bobl		Jun. 2023			5,719,610			(140,901	)
116	5 Year U.S. Treasury Notes		Jun. 2023			12,730,094			(238,974	)
22	10 Year Euro-Bund		Jun. 2023			3,286,218			(104,875	)
2	10 Year U.K. Gilt		Jun. 2023			255,020			(1,694	)
48	10 Year U.S. Treasury Notes		Jun. 2023			5,529,750			(165,543	)
25	10 Year U.S. Ultra Treasury Notes		Jun. 2023			3,036,328			(88,986	)
30	British Pound Currency		Jun. 2023			2,358,563			(95,034	)
67	Euro Schatz Index		Jun. 2023			7,801,700			(69,649	)


									(920,750	)

								$	(887,404	)

See Notes to Financial Statements.


PGIM Global Dynamic Bond Fund			29

Schedule of Investments (unaudited) (continued)

as of April 30, 2023

Forward foreign currency exchange contracts outstanding at April 30, 2023:


Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date			Current Value			Unrealized Appreciation			Unrealized Depreciation

OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 10/31/23	JPM		AUD	197		$	136,791		$	131,332		$	—		$	(5,459	)
British Pound,
Expiring 07/19/23	MSI		GBP	78			97,298			97,887			589			—
Canadian Dollar,
Expiring 07/19/23	HSBC		CAD	110			81,472			81,432			—			(40	)
Chilean Peso,
Expiring 06/22/23	CITI		CLP	12,741			15,708			15,668			—			(40	)
Euro,
Expiring 07/19/23	UAG		EUR	18			19,535			19,528			—			(7	)
Expiring 10/31/23	BOA		EUR	18			20,000			20,393			393			—
Expiring 10/31/23	DB		EUR	12			13,000			13,574			574			—
Expiring 10/31/23	HSBC		EUR	62			75,000			69,135			—			(5,865	)
Hungarian Forint,
Expiring 06/21/23	BOA		HUF	36,297			105,176			105,443			267			—
Expiring 07/19/23	JPM		HUF	21,697			61,311			62,548			1,237			—
Expiring 07/19/23	JPM		HUF	21,259			60,722			61,286			564			—
Expiring 07/19/23	TD		HUF	33,774			97,066			97,365			299			—
Japanese Yen,
Expiring 10/31/23	BARC		JPY	21,923			230,000			165,510			—			(64,490	)
Expiring 10/31/23	BARC		JPY	13,554			140,000			102,327			—			(37,673	)
Expiring 10/31/23	BOA		JPY	105,610			1,058,000			797,305			—			(260,695	)
Expiring 10/31/23	DB		JPY	22,335			234,000			168,621			—			(65,379	)
Expiring 10/31/23	GSI		JPY	50,469			518,000			381,016			—			(136,984	)
Expiring 10/31/23	MSI		JPY	78,211			755,589			590,456			—			(165,133	)
Mexican Peso,
Expiring 06/21/23	JPM		MXN	3,127			170,261			171,980			1,719			—
New Zealand Dollar,
Expiring 07/19/23	MSI		NZD	82			51,303			50,927			—			(376	)
Norwegian Krone,
Expiring 07/19/23	BNP		NOK	1,610			154,728			151,659			—			(3,069	)
Polish Zloty,
Expiring 07/19/23	HSBC		PLN	691			163,367			165,291			1,924			—
Swedish Krona,
Expiring 07/19/23	HSBC		SEK	325			31,620			31,832			212			—
Swiss Franc,
Expiring 07/19/23	MSI		CHF	500			561,268			564,220			2,952			—


						$	4,851,215		$	4,116,735			10,730			(745,210	)

See Notes to Financial Statements.


30

Forward foreign currency exchange contracts outstanding at April 30, 2023 (continued):


Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date			Current Value			Unrealized Appreciation			Unrealized Depreciation

OTC Forward Foreign Currency Exchange Contracts:
British Pound,
Expiring 07/19/23	CITI		GBP	27		$	34,489		$	34,487		$	2		$	—
Expiring 07/19/23	HSBC		GBP	1,013			1,270,469			1,275,628			—			(5,159	)
Danish Krone,
Expiring 07/19/23	CITI		DKK	235			34,816			34,954			—			(138	)
Euro,
Expiring 07/19/23	BNP		EUR	3,826			4,250,615			4,235,510			15,105			—
Expiring 07/19/23	BNYM		EUR	3,814			4,199,163			4,221,917			—			(22,754	)
Expiring 07/19/23	MSI		EUR	3,757			4,121,110			4,159,099			—			(37,989	)
Japanese Yen,
Expiring 07/19/23	JPM		JPY	62,991			477,914			468,199			9,715			—
Expiring 10/31/23	BOA		JPY	165,745			1,624,000			1,251,304			372,696			—
Expiring 10/31/23	BOA		JPY	107,140			1,062,000			808,858			253,142			—
Expiring 10/31/23	CITI		JPY	27,641			286,831			208,673			78,158			—
Expiring 10/31/23	CITI		JPY	5,701			54,601			43,039			11,562			—
Mexican Peso,
Expiring 06/21/23	HSBC		MXN	46,058			2,485,000			2,533,166			—			(48,166	)
Singapore Dollar,
Expiring 06/21/23	HSBC		SGD	22			16,278			16,485			—			(207	)
South African Rand,
Expiring 06/21/23	BNP		ZAR	688			36,713			37,430			—			(717	)
Swiss Franc,
Expiring 07/19/23	BNP		CHF	723			813,816			816,266			—			(2,450	)

						$	20,767,815		$	20,145,015			740,380			(117,580	)

												$	751,110		$	(862,790	)

Cross currency exchange contracts outstanding at April 30, 2023:


Settlement	Type		Notional Amount (000)			In Exchange For (000)			Unrealized Appreciation			Unrealized Depreciation				Counterparty


OTC Cross Currency Exchange Contracts:
10/31/23		Buy		AUD	367		JPY	24,589		$	59,028		$	—			DB
10/31/23		Buy		JPY	9,277		AUD	133			—			(18,631	)		GSI
10/31/23		Buy		JPY	29,437		AUD	431			—			(65,092	)		MSI

										$	59,028		$	(83,723	)

Credit default swap agreements outstanding at April 30, 2023:

See Notes to Financial Statements.


PGIM Global Dynamic Bond Fund			31

Schedule of Investments (unaudited) (continued)

as of April 30, 2023

Credit default swap agreements outstanding at April 30, 2023: (continued)


Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)				Counterparty

OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):
Kingdom of Morocco		12/20/27		1.000%(Q)		115		$	2,274		$	2,872		$	(598	)		BNP
U.S. Treasury Notes		12/20/29		0.250%(Q)		EUR 105			2,652			726			1,926			BARC
U.S. Treasury Notes		12/20/32		0.250%(Q)		EUR 200			5,850			1,460			4,390			BARC

								$	10,776		$	5,058		$	5,718


Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2023(4)			Fair Value				Upfront Premiums Paid (Received)				Unrealized Appreciation (Depreciation)				Counterparty


OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):
Hellenic Republic		12/20/24		1.000%(Q)		1,650		0.561	%		$	13,439			$	(28,618	)		$	42,057			CITI
Hellenic Republic		06/20/29		1.000%(Q)		250		1.416	%			(5,225	)			(21,675	)			16,450			CITI
Hellenic Republic		12/20/31		1.000%(Q)		1,255		1.669	%			(56,751	)			(33,101	)			(23,650	)		BARC
Republic of Estonia		12/20/26		1.000%(Q)		60		0.664	%			753				414				339			JPM
Republic of Italy		12/20/25		1.000%(Q)		750		0.679	%			6,899				(7,543	)			14,442			JPM
Republic of Italy		12/20/29		1.000%(Q)		1,000		1.330	%			(17,582	)			(26,218	)			8,636			JPM
Republic of Kazakhstan		06/20/23		1.000%(Q)		230		0.266	%			514				—				514			CITI
Republic of Panama		12/20/26		1.000%(Q)		350		0.919	%			1,368				734				634			CITI
Republic of Portugal		12/20/30		1.000%(Q)		1,000		0.698	%			21,096				26,287				(5,191	)		JPM
Republic of South Africa		12/20/23		1.000%(Q)		250		0.907	%			439				(1,719	)			2,158			BOA
State of Illinois		12/20/24		1.000%(Q)		200		*				(478	)			(3,259	)			2,781			GSI
U.S. Treasury Notes		12/20/23		0.250%(Q)		EUR 200		1.737	%			(2,028	)			(634	)			(1,394	)		BARC
United Mexican States		06/20/31		1.000%(Q)		320		1.694	%			(14,651	)			(12,811	)			(1,840	)		CITI
Verizon Communications, Inc.		06/20/26		1.000%(Q)		170		0.809	%			1,149				2,239				(1,090	)		GSI

											$	(51,058	)		$	(105,904	)		$	54,846

See Notes to Financial Statements.


32

Credit default swap agreements outstanding at April 30, 2023: (continued)


Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2023(4)		Value at Trade Date				Value at April 30, 2023			Unrealized Appreciation (Depreciation)


Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):
CDX.NA.HY.40.V1		06/20/28		5.000%(Q)		1,143		4.648%		$	1,123			$	22,858		$	21,735
CDX.NA.IG.40.V1		06/20/28		1.000%(Q)		17,425		0.755%			168,632				216,228			47,596
iTraxx.XO.39.V1		06/20/28		5.000%(Q)		EUR 2,235		4.340%			(52,083	)			79,959			132,042

										$	117,672			$	319,045		$	201,373

The Fund entered into credit default swaps (“CDS”) to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1)

If the Fund is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2)

If the Fund is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3)	Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4)

Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

*	When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Fund is the seller of protection, it serves as an indicator of the current

See Notes to Financial Statements.


PGIM Global Dynamic Bond Fund			33

Schedule of Investments (unaudited) (continued)

as of April 30, 2023

status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

Interest rate swap agreements outstanding at April 30, 2023:


	Notional Amount (000)#		Termination Date	Fixed Rate	Floating Rate		Value at Trade Date			Value at April 30, 2023			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
	CLP	190,000	02/06/33	5.200%(S)	1 Day CLOIS(1)(S)/11.250%	$	—		$	(35	)	$	(35	)
	CLP	82,000	02/23/33	5.570%(S)	1 Day CLOIS(1)(S)/11.250%		—			(2,952	)		(2,952	)
	CLP	167,000	02/27/33	5.550%(S)	1 Day CLOIS(1)(S)/11.250%		—			(5,702	)		(5,702	)
	EUR	9,645	11/23/24	(0.046)%(A)	6 Month EURIBOR(2)(S)/3.645%		—			(363,957	)		(363,957	)
	EUR	300	03/20/33	2.996%(A)	6 Month EURIBOR(2)(S)/3.645%		—			963			963
	EUR	215	03/20/38	2.982%(A)	6 Month EURIBOR(1)(S)/3.645%		—			139			139
	EUR	270	11/24/41	0.565%(A)	6 Month EURIBOR(1)(S)/3.645%		—			46,044			46,044
	EUR	270	11/24/41	0.600%(A)	3 Month EURIBOR(2)(Q)/3.265%		—			(48,040	)		(48,040	)
	EUR	655	11/25/41	0.629%(A)	6 Month EURIBOR(1)(S)/3.645%		—			108,535			108,535
	EUR	655	11/25/41	0.663%(A)	3 Month EURIBOR(2)(Q)/3.265%		—			(113,451	)		(113,451	)
	EUR	410	02/24/43	2.910%(A)	6 Month EURIBOR(1)(S)/3.645%		340			(1,931	)		(2,271	)
	EUR	410	02/24/43	2.960%(A)	3 Month EURIBOR(2)(Q)/3.265%		(213	)		2,202			2,415
	GBP	1,100	05/08/27	1.050%(A)	1 Day SONIA(1)(A)/4.179%		55,014			174,229			119,215
	HUF	50,000	03/02/33	8.250%(A)	6 Month BUBOR(1)(S)/15.820%		—			(1,951	)		(1,951	)

See Notes to Financial Statements.


34

Interest rate swap agreements outstanding at April 30, 2023 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date				Value at April 30, 2023				Unrealized Appreciation (Depreciation)

Centrally Cleared Interest Rate Swap Agreements (cont’d.):
	HUF 61,500		04/03/33		8.225%(A)	6 Month BUBOR(1)(S)/15.820%		$	—			$	(3,387	)		$	(3,387	)
	TWD 14,900		02/17/28		1.390%(Q)	3 Month TAIBOR(1)(Q)/1.492%			—				(1,187	)			(1,187	)
	8,750		12/23/23		4.758%(T)	1 Day SOFR(2)(T)/4.810%			—				(13,818	)			(13,818	)
	8,800		01/06/24		4.892%(T)	1 Day SOFR(2)(T)/4.810%			—				(3,339	)			(3,339	)
	8,290		02/21/24		5.170%(T)	1 Day SOFR(2)(T)/4.810%			—				18,383				18,383
	2,756		03/08/25		4.919%(A)	1 Day SOFR(2)(A)/4.810%			—				37,464				37,464
	11,896		04/22/25		3.595%(T)	1 Day SOFR(1)(T)/4.810%			(22,397	)			(33,358	)			(10,961	)

								$	32,744			$	(205,149	)		$	(237,893	)


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Fair Value				Upfront Premiums Paid(Received)				Unrealized Appreciation (Depreciation)				Counterparty

OTC Interest Rate Swap Agreements:
	ZAR 1,060		03/22/42		7.800%(Q)	3 Month JIBAR(2)(Q)/7.958%		$	(9,680	)		$	(25	)		$	(9,655	)	CITI
	ZAR 7,000		09/22/42		8.020%(Q)	3 Month JIBAR(2)(Q)/7.958%			(56,620	)			(42	)			(56,578	)	CITI
	ZAR 1,000		03/22/47		7.650%(Q)	3 Month JIBAR(1)(Q)/7.958%			10,186				24				10,162		CITI
	ZAR 6,575		09/22/47		7.890%(Q)	3 Month JIBAR(1)(Q)/7.958%			58,575				42				58,533		CITI

								$	2,461			$	(1	)		$	2,462

(1)	The Fund pays the fixed rate and receives the floating rate.

(2)	The Fund pays the floating rate and receives the fixed rate.

Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:

Premiums Paid

Premiums Received

Unrealized

Appreciation

Unrealized

Depreciation

OTC Swap Agreements

34,798

(135,645

)

163,022

(99,996

)

See Notes to Financial Statements.


PGIM Global Dynamic Bond Fund			35

Schedule of Investments (unaudited) (continued)

as of April 30, 2023

Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:

Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:


Broker	Cash and/or Foreign Currency			Securities Market Value
CGM		$	620,000		$	611,206
JPS			860,000			358,096

Total		$	1,480,000		$	969,302

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 April 30, 2023 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Asset-Backed Securities
Cayman Islands	$	—	$	243,403	$	—
Spain		—		—		249,167
United States		—		297,372		—
Commercial Mortgage-Backed Securities
Canada		—		37,286		—
United Kingdom		—		1,012,953		—
United States		—		3,392,883		—
Convertible Bond
Jamaica		—		569		—
Corporate Bonds
Brazil		—		685,973		—
Bulgaria		—		179,100		—
Canada		—		669,047		—
France		—		969,761		—
Germany		—		488,486		—
Hungary		—		101,946		—
India		—		394,081		—
Indonesia		—		294,063		—
Israel		—		194,620		—
Italy		—		363,031		—
Jamaica		—		427,644		—

See Notes to Financial Statements.


36


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Corporate Bonds (continued)
Kazakhstan	$	—	$	159,664	$	—
Luxembourg		—		738,751		—**
Mexico		—		877,384		—
Netherlands		—		453,306		—
Slovenia		—		382,004		—
South Africa		—		376,594		—
Spain		—		697,982		—
Sweden		—		105,406		—
Ukraine		—		22,369		—
United Arab Emirates		—		103,599		—
United Kingdom		—		2,451,799		—
United States		—		10,233,906		2,719
Floating Rate and Other Loans
Jamaica		—		22,472		—
United States		—		198,624		—
Municipal Bond
Puerto Rico		—		133,704		—
Residential Mortgage-Backed Securities
Spain		—		47,823		—
United States		—		2,490,284		25,005
Sovereign Bonds
Brazil		—		270,841		—
Bulgaria		—		307,930		—
Greece		—		376,880		—
Indonesia		—		163,081		—
Italy		—		380,985		—
Mexico		—		295,837		—
Romania		—		330,102		—
Serbia		—		614,991		—
Spain		—		1,093,533		—
Turkey		—		539,346		—
Ukraine		—		486,649		—
U.S. Treasury Obligations		—		541,247		—
Common Stocks
Luxembourg		—		120,829		—
Spain		—		—		—**
United States		55,065		—		131,555
Unaffiliated Exchange-Traded Funds		2,824,675		—		—
Preferred Stock
United States		—		—		150,000
Rights
Luxembourg		—		—		5,514
Short-Term Investments
Affiliated Mutual Funds		460,400		—		—

See Notes to Financial Statements.


PGIM Global Dynamic Bond Fund			37

Schedule of Investments (unaudited) (continued)

as of April 30, 2023


	Level 1			Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Short-Term Investments (continued)
U.S. Government Agency Obligations	$	—		$	1,324,419		$	—
Options Purchased		7,225			450,163			—

Total	$	3,347,365		$	36,544,722		$	563,960


Liabilities
Options Written	$	(12,750	)	$	(155,488	)	$	—


Other Financial Instruments*
Assets
Futures Contracts	$	34,071		$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—			751,110			—
OTC Cross Currency Exchange Contracts		—			59,028			—
Centrally Cleared Credit Default Swap Agreements		—			201,373			—
OTC Credit Default Swap Agreements		—			56,433			—
Centrally Cleared Interest Rate Swap Agreements		—			333,158			—
OTC Interest Rate Swap Agreements		—			68,761			—

Total	$	34,071		$	1,469,863		$	—


Liabilities
Futures Contracts	$	(921,475	)	$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—			(862,790	)		—
OTC Cross Currency Exchange Contracts		—			(83,723	)		—
OTC Credit Default Swap Agreements		—			(96,715	)		—
Centrally Cleared Interest Rate Swap Agreements		—			(571,051	)		—
OTC Interest Rate Swap Agreements		—			(66,300	)		—

Total	$	(921,475	)	$	(1,680,579	)	$	—

Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at the unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value.

**	Includes Level 3 investments with an aggregate value of $0.

The following is a reconciliation of assets in which unobservable inputs (Level 3) were used in determining fair value:


	Asset-Backed Securities- Spain		Corporate Bonds			Floating Rate and other Loans		Residential Mortgage-Backed Securities
Balance as of 10/31/22		$245,479		$2,720			$4,859		$33,275
Realized gain (loss)		—		—			—		—
Change in unrealized appreciation (depreciation)		29,201		(27,773	)		—		167

See Notes to Financial Statements.


38


	Asset-Backed Securities- Spain				Corporate Bonds				Floating Rate and other Loans				Residential Mortgage-Backed Securities
Purchases/Exchanges/Issuances		$	(1	)		$	—			$	—			$	—
Sales/Paydowns			(25,512	)			—				(4,859	)			(8,437	)
Accrued discount/premium			—				27,772				—				—
Transfers into Level 3*			—				—				—				—
Transfers out of Level 3*			—				—				—				—

Balance as of 04/30/23		$	249,167			$	2,719				—			$	25,005

Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end		$	29,201			$	(27,773	)		$	—			$	167


	Common Stocks				Preferred Stocks			Rights			Warrants
Balance as of 10/31/22		$	113,761			$	150,000		$	5,513		$	3
Realized gain (loss)			—				—			—			—
Change in unrealized appreciation (depreciation)			9,616				—			—			(3	)
Purchases/Exchanges/Issuances			17,908				—			1			—
Sales/Paydowns			(9,730	)			—			—			—
Accrued discount/premium			—				—			—			—
Transfers into Level 3*			—				—			—			—
Transfers out of Level 3*			—				—			—			—

Balance as of 04/30/23		$	131,555			$	150,000		$	5,514			—

Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end		$	9,616			$	—		$	—		$	—

It is the Fund’s policy to recognize transfers in and transfers out at the securities’ fair values as of the beginning of period. Securities transferred between Level 2 and Level 3 are due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are typically a result of a change from the use of methods used by independent pricing services (Level 2) to the use of a single broker quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market quotations (Level 3). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market data provided by independent pricing services or other valuation techniques which utilize observable inputs. In accordance with the requirements of ASC 820, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to the Schedule of Investments of the Fund.

Level 3 securities as presented in the table above are being fair valued using pricing methodologies approved by the Board, which contain unobservable inputs as follows:


Level 3 Securities**	Fair Value as of April 30, 2023			Valuation Approach	Valuation Methodology	Unobservable Inputs
Asset-Backed Securities-Spain		$	1	Market	Contingent Value	Contingent Value
Asset-Backed Securities-Spain			249,166	Market	Comparable Bond	Estimated Spread

See Notes to Financial Statements.


PGIM Global Dynamic Bond Fund			39

Schedule of Investments (unaudited) (continued)

as of April 30, 2023


Level 3 Securities**	Fair Value as of April 30, 2023			Valuation Approach	Valuation Methodology	Unobservable Inputs
Corporate Bonds		$	—	Market	Contingent Value	Contingent Value Unadjusted Last
Corporate Bonds			2,719	Market	Transaction Based Transaction	Traded Price
Common Stocks			37,495	Market	Based/Broker Quote	Allocation Rate
Common Stocks			33,060	Market	Enterprise Value	Implied Equity Value
						Unadjusted Purchase
Preferred Stocks			150,000	Market	Transaction Based	Price
Rights			5,514	Market	Contingent Value	Contingent Value

		$	477,955

** The table does not include Level 3 securities and/or derivatives that are valued by independent pricing vendors or brokers.

As of April 30, 2023, the aggregate value of these securities was $86,005. The unobservable inputs for these investments were not developed by the Fund and are not readily available (e.g. single broker quotes).

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of April 30, 2023 were as follows:


Sovereign Bonds	11.6	%
Commercial Mortgage-Backed Securities	10.6
Oil & Gas	7.0
Unaffiliated Exchange-Traded Funds	6.7
Residential Mortgage-Backed Securities	6.7
Electric	5.4
Telecommunications	5.2
Retail	3.5
Banks	3.2
U.S. Government Agency Obligations	3.1
Media	2.4
Entertainment	2.4
Commercial Services	1.8
Real Estate	1.5
Auto Manufacturers	1.5
Diversified Financial Services	1.4
Home Builders	1.4
Gas	1.3
Lodging	1.3
U.S. Treasury Obligations	1.3
Pipelines	1.3
Affiliated Mutual Funds (0.0% represents investments purchased with collateral from securities on loan)	1.1


Options Purchased	1.1	%
Healthcare-Products	1.1
Aerospace & Defense	1.0
Real Estate Investment Trusts (REITs)	0.9
Internet	0.9
Auto Parts & Equipment	0.9
Foods	0.9
Engineering & Construction	0.9
Machinery-Diversified	0.7
Healthcare-Services	0.7
Chemicals	0.6
Collateralized Loan Obligation	0.6
Pharmaceuticals	0.5
Insurance	0.5
Other	0.4
Gas Utilities	0.4
Transportation	0.4
Municipal Bond	0.3
Wireless Telecommunication Services	0.3
Agriculture	0.3
Student Loan	0.3
Building Materials	0.2
Airlines	0.2
Biotechnology	0.2

See Notes to Financial Statements.


40

Industry Classification (continued):


Electric Utilities	0.1	%
Oil, Gas & Consumable Fuels	0.1
Hotels, Restaurants & Leisure	0.0	*

	96.2
Options Written	(0.4	)
Other assets in excess of liabilities	4.2

	100.0	%

*	Less than 0.05%

Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:

The Fund invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit contracts risk, equity contracts risk, foreign exchange contracts risk and interest rate contracts risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of April 30, 2023 as presented in the Statement of Assets and Liabilities:

Asset Derivatives

Liability Derivatives

Derivatives not accounted for

as hedging instruments,

carried at fair value

Statement of

Assets and

Liabilities Location

Fair
Value

Statement of

Assets and

Liabilities Location

Fair
Value

Credit contracts

Due from/to broker-variation margin swaps

201,373

—

Credit contracts

Premiums paid for OTC swap agreements

34,732

Premiums received for OTC swap agreements

135,578

Credit contracts

Unrealized appreciation on OTC swap agreements

94,327

Unrealized depreciation on OTC swap agreements

33,763

Foreign exchange contracts

—

Due from/to broker-variation margin futures

95,034

Foreign exchange contracts

Unaffiliated investments

398,310

Options written outstanding, at value

95,101

Foreign exchange contracts

Unrealized appreciation on OTC cross currency exchange contracts

59,028

Unrealized depreciation on OTC cross currency exchange contracts

83,723

Foreign exchange contracts

Unrealized appreciation on OTC forward foreign currency exchange contracts

751,110

Unrealized depreciation on OTC forward foreign currency exchange contracts

862,790

See Notes to Financial Statements.


PGIM Global Dynamic Bond Fund			41

Schedule of Investments (unaudited) (continued)

as of April 30, 2023

Asset Derivatives

Liability Derivatives

Derivatives not accounted for

as hedging instruments,

carried at fair value

Statement of

Assets and

Liabilities Location

Fair
Value

Statement of

Assets and

Liabilities Location

Fair
Value

Interest rate contracts

Due from/to broker-variation margin futures

34,071

Due from/to broker-variation margin futures

826,441

Interest rate contracts

Due from/to broker-variation margin swaps

333,158

Due from/to broker-variation margin swaps

571,051

Interest rate contracts

Premiums paid for OTC swap agreements

Premiums received for OTC swap agreements

Interest rate contracts

Unaffiliated investments

59,078

Options written outstanding, at value

73,137

Interest rate contracts

Unrealized appreciation on OTC swap agreements

68,695

Unrealized depreciation on OTC swap agreements

66,233

2,033,948

2,842,918

*	Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2023 are as follows:


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(1)				Options Written				Futures				Forward & Cross Currency Exchange Contracts				Swaps
Credit contracts		$	—			$	—			$	—			$	—			$	256,887
Equity contracts			(19,366	)			55,492				(60,593	)			—				—
Foreign exchange contracts			—				—				(174,852	)			(1,339,017	)			—
Interest rate contracts			4,838				(1,162	)			1,124,810				—				6,040

Total		$	(14,528	)		$	54,330			$	889,365			$	(1,339,017	)		$	262,927

(1)	Included in net realized gain (loss) on investment transactions in the Statement of Operations.


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(2)			Options Written				Futures				Forward & Cross Currency Exchange Contracts			Swaps

Credit contracts		$	—		$	—			$	—			$	—		$	212,742
Equity contracts			39,957			(48,369	)			(5,300	)			—			—

See Notes to Financial Statements.


42


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(2)				Options Written			Futures				Forward & Cross Currency Exchange Contracts			Swaps
Foreign exchange contracts		$	177,729			$	80,796		$	(19,994	)		$	52,770		$	—
Interest rate contracts			(16,665	)			13,458			(1,605,980	)			—			(66,444	)


Total		$	201,021			$	45,885		$	(1,631,274	)		$	52,770		$	146,298

(2)	Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

For the six months ended April 30, 2023, the Fund’s average volume of derivative activities is as follows:


Derivative Contract Type	Average Volume of Derivative Activities*
Options Purchased (1)		$	173,624
Options Written (2)			6,361,967
Futures Contracts - Long Positions (2)			6,389,758
Futures Contracts - Short Positions (2)			40,567,987
Forward Foreign Currency Exchange Contracts - Purchased (3)			5,454,579
Forward Foreign Currency Exchange Contracts - Sold (3)			19,849,816
Cross Currency Exchange Contracts (4)			1,292,174
Interest Rate Swap Agreements (2)			34,666,145
Credit Default Swap Agreements - Buy Protection (2)			2,252,836
Credit Default Swap Agreements - Sell Protection (2)			22,260,986

*	Average volume is based on average quarter end balances as noted for the six months ended April 30, 2023.

(1)

Cost.

(2)	Notional Amount in USD.

(3)	Value at Settlement Date.

(4)	Value at Trade Date.

Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:

The Fund invested in OTC derivatives and 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 OTC derivatives and 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)(2)

Net

Amount

Securities on Loan

$22

$(22)

$—

See Notes to Financial Statements.


PGIM Global Dynamic Bond Fund			43

Schedule of Investments (unaudited) (continued)

as of April 30, 2023

Offsetting of OTC derivative assets and liabilities:


Counterparty	Gross Amounts of Recognized Assets(1)			Gross Amounts of Recognized Liabilities(1)				Net Amounts of Recognized Assets/(Liabilities)				Collateral Pledged/(Received)(2)				Net Amount

BARC		$	8,502		$	(160,942	)		$	(152,440	)		$	—			$	(152,440	)
BNP			17,977			(6,834	)			11,143				—				11,143
BNYM			—			(22,754	)			(22,754	)			—				(22,754	)
BOA			628,656			(262,414	)			366,242				(267,275	)			98,967
CITI			218,872			(131,422	)			87,450				—				87,450
DB			111,455			(125,766	)			(14,311	)			—				(14,311	)
GSI			5,020			(159,964	)			(154,944	)			154,944				—
HSBC			2,136			(59,437	)			(57,301	)			—				(57,301	)
JPM			63,353			(44,411	)			18,942				—				18,942
MSI			401,851			(363,691	)			38,160				(38,160	)			—
TD			299			—				299				—				299
UAG			—			(7	)			(7	)			—				(7	)

		$	1,458,121		$	(1,337,642	)		$	120,479			$	(150,491	)		$	(30,012	)

(1)	Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2)	Collateral amount disclosed by the Fund is limited to the market value of financial instruments/transactions and the Fund’s OTC derivative exposure by counterparty.

See Notes to Financial Statements.


44

Statement of Assets and Liabilities (unaudited)

as of April 30, 2023


Assets
Investments at value, including securities on loan of $22:
Unaffiliated investments (cost $48,450,459)	$	39,995,647
Affiliated investments (cost $460,400)		460,400
Foreign currency, at value (cost $12,413)		12,322
Cash segregated for counterparty - OTC		258,000
Deposit with broker for centrally cleared/exchange-traded derivatives		1,480,000
Unrealized appreciation on OTC forward foreign currency exchange contracts		751,110
Dividends and interest receivable		433,102
Unrealized appreciation on OTC swap agreements		163,022
Unrealized appreciation on OTC cross currency exchange contracts		59,028
Premiums paid for OTC swap agreements		34,798
Due from broker—variation margin swaps		15,201
Receivable for Fund shares sold		669
Prepaid expenses and other assets		15,108

Total Assets		43,678,407


Liabilities
Unrealized depreciation on OTC forward foreign currency exchange contracts		862,790
Options written outstanding, at value (premiums received $212,734)		168,238
Due to broker—variation margin futures		156,794
Premiums received for OTC swap agreements		135,645
Unrealized depreciation on OTC swap agreements		99,996
Unrealized depreciation on OTC cross currency exchange contracts		83,723
Accrued expenses and other liabilities		78,955
Payable for investments purchased		22,812
Payable for Fund shares purchased		16,089
Management fee payable		7,487
Payable to broker for collateral for securities on loan		2,537
Trustees’ fees payable		745
Distribution fee payable		688
Affiliated transfer agent fee payable		252
Dividends payable		162

Total Liabilities		1,636,913


Net Assets	$	42,041,494



Net assets were comprised of:
Shares of beneficial interest, at par	$	5,460
Paid-in capital in excess of par		60,242,875
Total distributable earnings (loss)		(18,206,841	)


Net assets, April 30, 2023	$	42,041,494

See Notes to Financial Statements.


PGIM Global Dynamic Bond Fund			45

Statement of Assets and Liabilities (unaudited)

as of April 30, 2023


Class A

Net asset value and redemption price per share, ($990,233 ÷ 128,520 shares of beneficial interest issued and outstanding)	$	7.70
Maximum sales charge (3.25% of offering price)		0.26


Maximum offering price to public	$	7.96


Class C

Net asset value, offering price and redemption price per share, ($586,093 ÷ 76,194 shares of beneficial interest issued and outstanding)	$	7.69


Class Z

Net asset value, offering price and redemption price per share, ($9,609,049 ÷ 1,247,253 shares of beneficial interest issued and outstanding)	$	7.70


Class R6

Net asset value, offering price and redemption price per share, ($30,856,119 ÷ 4,007,651 shares of beneficial interest issued and outstanding)	$	7.70

See Notes to Financial Statements.


46

Statement of Operations (unaudited)

Six Months Ended April 30, 2023


Net Investment Income (Loss)
Income
Interest income	$	1,194,279
Unaffiliated dividend income		52,659
Affiliated dividend income		6,095
Affiliated income from securities lending, net		871

Total income		1,253,904


Expenses
Management fee		149,620
Distribution fee(a)		4,402
Audit fee		30,944
Custodian and accounting fees		24,372
Registration fees(a)		16,283
Transfer agent’s fees and expenses (including affiliated expense of $1,038)(a)		11,079
Shareholders’ reports		10,881
Professional fees		10,564
Trustees’ fees		4,918
Commitment fees		1,323
Miscellaneous		12,564

Total expenses		276,950
Less: Fee waiver and/or expense reimbursement(a)		(97,555	)

Net expenses		179,395

Net investment income (loss)		1,074,509


Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $341)		(777,676	)
Futures transactions		889,365
Forward and cross currency contract transactions		(1,339,017	)
Options written transactions		54,330
Swap agreement transactions		262,927
Foreign currency transactions		(427,332	)

		(1,337,403	)

Net change in unrealized appreciation (depreciation) on:
Investments		3,843,112
Futures		(1,631,274	)
Forward and cross currency contracts		52,770
Options written		45,885
Swap agreements		146,298
Foreign currencies		(110,002	)

		2,346,789

Net gain (loss) on investment and foreign currency transactions		1,009,386

Net Increase (Decrease) In Net Assets Resulting From Operations	$	2,083,895

See Notes to Financial Statements.


PGIM Global Dynamic Bond Fund			47

Statement of Operations (unaudited)

Six Months Ended April 30, 2023

(a)	Class specific expenses and waivers were as follows:


	Class A			Class C			Class Z			Class R6
Distribution fee		1,275			3,127			—			—
Registration fees		4,520			2,684			6,514			2,565
Transfer agent’s fees and expenses		961			647			9,226			245
Fee waiver and/or expense reimbursement		(6,484	)		(3,946	)		(31,937	)		(55,188	)

See Notes to Financial Statements.


48

Statements of Changes in Net Assets (unaudited)



	Six Months Ended			Year Ended

	April 30, 2023			October 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,074,509		$	2,032,546
Net realized gain (loss) on investment and foreign currency transactions		(1,337,403	)		517,665
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		2,346,789			(11,412,668	)

Net increase (decrease) in net assets resulting from operations		2,083,895			(8,862,457	)


Dividends and Distributions
Distributions from distributable earnings
Class A		(31,935	)		(59,917	)
Class C		(17,291	)		(26,221	)
Class Z		(363,097	)		(720,726	)
Class R6		(1,006,023	)		(1,290,242	)

		(1,418,346	)		(2,097,106	)

Tax return of capital distributions
Class A		—			(29,072	)
Class C		—			(12,723	)
Class Z		—			(349,697	)
Class R6		—			(626,028	)

		—			(1,017,520	)


Fund share transactions (Net of share conversions)
Net proceeds from shares sold		3,067,395			7,814,302
Net asset value of shares issued in reinvestment of dividends and distributions		1,417,190			3,112,219
Cost of shares purchased		(6,480,471	)		(20,856,503	)

Net increase (decrease) in net assets from Fund share transactions		(1,995,886	)		(9,929,982	)

Total increase (decrease)		(1,330,337	)		(21,907,065	)

Net Assets:
Beginning of period		43,371,831			65,278,896

End of period	$	42,041,494		$	43,371,831

See Notes to Financial Statements.


PGIM Global Dynamic Bond Fund			49

Financial Highlights (unaudited)


Class A Shares
	Six Months
	Ended
	April 30,		Year Ended October 31,
	2023		2022		2021		2020		2019		2018
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Period	$7.60		$9.53		$9.43		$10.49		$10.03		$10.56
Income (loss) from investment operations:
Net investment income (loss)	0.18		0.30		0.24		0.27		0.24		0.25
Net realized and unrealized gain (loss) on investment and foreign currency transactions	0.16		(1.75	)	0.25		(0.51	)	1.03		(0.14	)
Total from investment operations	0.34		(1.45	)	0.49		(0.24	)	1.27		0.11
Less Dividends and Distributions:
Dividends from net investment income	(0.24	)	(0.31	)	(0.39	)	(0.31	)	(0.81	)	(0.57	)
Tax return of capital distributions	-		(0.17	)	-		(0.20	)	-		-
Distributions from net realized gains	-		-		-		(0.31	)	-		(0.07	)
Total dividends and distributions	(0.24	)	(0.48	)	(0.39	)	(0.82	)	(0.81	)	(0.64	)
Net asset value, end of period	$7.70		$7.60		$9.53		$9.43		$10.49		$10.03
Total Return^(b):	4.49	%	(15.54	)%	5.25	%	(2.43	)%	13.32	%	1.00	%

Ratios/Supplemental Data:
Net assets, end of period (000)	$990		$1,168		$2,018		$2,249		$8,693		$585
Average net assets (000)	$1,029		$1,536		$2,122		$3,690		$2,311		$1,984
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement	1.20	%^(d)	1.20	%	1.21	%	1.21	%	1.20	%	1.20	%
Expenses before waivers and/or expense reimbursement	2.47	%^(d)	2.09	%	1.91	%	2.09	%	2.52	%	2.77	%
Net investment income (loss)	4.65	%^(d)	3.60	%	2.48	%	2.80	%	2.26	%	2.43	%
Portfolio turnover rate^(e)	17	%	11	%	105	%	68	%	33	%	106	%

(a)	Calculated based on average shares outstanding during the period.

(b)

(c)	Does not include expenses of the underlying funds in which the Fund invests.

(d)	Annualized.

(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.


50


Class C Shares
	Six Months
	Ended
	April 30,		Year Ended October 31,
	2023		2022		2021		2020		2019		2018
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Period	$7.58		$9.51		$9.41		$10.47		$10.01		$10.54
Income (loss) from investment operations:
Net investment income (loss)	0.15	^(b)	0.24		0.17		0.20		0.17		0.19
Net realized and unrealized gain (loss) on investment and foreign currency transactions	0.17	^(c)	(1.75	)	0.24		(0.51	)	1.02		(0.16	)
Total from investment operations	0.32		(1.51	)	0.41		(0.31	)	1.19		0.03
Less Dividends and Distributions:
Dividends from net investment income	(0.21	)	(0.25	)	(0.31	)	(0.24	)	(0.73	)	(0.49	)
Tax return of capital distributions	-		(0.17	)	-		(0.20	)	-		-
Distributions from net realized gains	-		-		-		(0.31	)	-		(0.07	)
Total dividends and distributions	(0.21	)	(0.42	)	(0.31	)	(0.75	)	(0.73	)	(0.56	)
Net asset value, end of period	$7.69		$7.58		$9.51		$9.41		$10.47		$10.01
Total Return^(d):	4.25	%	(16.22	)%	4.36	%	(3.08	)%	12.48	%	0.26	%

Ratios/Supplemental Data:
Net assets, end of period (000)	$586		$662		$932		$1,510		$1,335		$227
Average net assets (000)	$631		$780		$1,151		$1,563		$465		$162
Ratios to average net assets^(e):
Expenses after waivers and/or expense reimbursement	1.95	%^(f)	1.95	%	1.96	%	1.96	%	1.95	%	1.95	%
Expenses before waivers and/or expense reimbursement	3.21	%^(f)	2.97	%	2.93	%	3.34	%	5.71	%	12.20	%
Net investment income (loss)	3.92	%^(f)	2.87	%	1.75	%	2.09	%	1.67	%	1.81	%
Portfolio turnover rate^(g)	17	%	11	%	105	%	68	%	33	%	106	%

(a)	Calculated based on average shares outstanding during the period.

(b)	The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.

(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)

(e)	Does not include expenses of the underlying funds in which the Fund invests.

(f)	Annualized.

(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 Global Dynamic Bond Fund			51

Financial Highlights (unaudited) (continued)


Class Z Shares
	Six Months
	Ended
	April 30,		Year Ended October 31,
	2023		2022		2021		2020		2019		2018
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Period	$7.59		$9.53		$9.43		$10.49		$10.03		$10.56
Income (loss) from investment operations:
Net investment income (loss)	0.19		0.33		0.27		0.30		0.22		0.29
Net realized and unrealized gain (loss) on investment and foreign currency transactions	0.17		(1.76	)	0.25		(0.51	)	1.09		(0.15	)
Total from investment operations	0.36		(1.43	)	0.52		(0.21	)	1.31		0.14
Less Dividends and Distributions:
Dividends from net investment income	(0.25	)	(0.34	)	(0.42	)	(0.34	)	(0.85	)	(0.60	)
Tax return of capital distributions	-		(0.17	)	-		(0.20	)	-		-
Distributions from net realized gains	-		-		-		(0.31	)	-		(0.07	)
Total dividends and distributions	(0.25	)	(0.51	)	(0.42	)	(0.85	)	(0.85	)	(0.67	)
Net asset value, end of period	$7.70		$7.59		$9.53		$9.43		$10.49		$10.03
Total Return^(b):	4.81	%	(15.36	)%	5.62	%	(2.09	)%	13.73	%	1.33	%

Ratios/Supplemental Data:
Net assets, end of period (000)	$9,609		$12,104		$27,633		$27,403		$31,323		$3,186
Average net assets (000)	$11,009		$17,655		$33,100		$31,816		$11,946		$4,160
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement	0.85	%^(d)	0.85	%	0.86	%	0.86	%	0.85	%	0.87	%
Expenses before waivers and/or expense reimbursement	1.43	%^(d)	1.32	%	1.28	%	1.41	%	1.79	%	2.14	%
Net investment income (loss)	5.06	%^(d)	3.88	%	2.76	%	3.14	%	2.16	%	2.84	%
Portfolio turnover rate^(e)	17	%	11	%	105	%	68	%	33	%	106	%

(a)	Calculated based on average shares outstanding during the period.

(b)

(c)	Does not include expenses of the underlying funds in which the Fund invests.

(d)	Annualized.

(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.


52


Class R6 Shares
	Six Months
	Ended
	April 30,		Year Ended October 31,
	2023		2022		2021		2020		2019		2018
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Period	$7.59		$9.52		$9.42		$10.49		$10.02		$10.55
Income (loss) from investment operations:
Net investment income (loss)	0.19		0.34		0.28		0.31		0.34		0.30
Net realized and unrealized gain (loss) on investment and foreign currency transactions	0.18		(1.76	)	0.24		(0.52	)	0.98		(0.16	)
Total from investment operations	0.37		(1.42	)	0.52		(0.21	)	1.32		0.14
Less Dividends and Distributions:
Dividends from net investment income	(0.26	)	(0.34	)	(0.42	)	(0.35	)	(0.85	)	(0.60	)
Tax return of capital distributions	-		(0.17	)	-		(0.20	)	-		-
Distributions from net realized gains	-		-		-		(0.31	)	-		(0.07	)
Total dividends and distributions	(0.26	)	(0.51	)	(0.42	)	(0.86	)	(0.85	)	(0.67	)
Net asset value, end of period	$7.70		$7.59		$9.52		$9.42		$10.49		$10.02
Total Return^(b):	4.84	%	(15.22	)%	5.56	%	(1.94	)%	13.79	%	1.37	%

Ratios/Supplemental Data:
Net assets, end of period (000)	$30,856		$29,438		$34,696		$32,930		$33,833		$29,530
Average net assets (000)	$30,434		$31,259		$34,756		$32,443		$31,497		$29,353
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement	0.80	%^(d)	0.80	%	0.81	%	0.81	%	0.80	%	0.83	%
Expenses before waivers and/or expense reimbursement	1.17	%^(d)	1.10	%	1.14	%	1.24	%	1.66	%	1.76	%
Net investment income (loss)	5.05	%^(d)	4.06	%	2.89	%	3.22	%	3.39	%	2.89	%
Portfolio turnover rate^(e)	17	%	11	%	105	%	68	%	33	%	106	%

(a)	Calculated based on average shares outstanding during the period.

(b)

(c)	Does not include expenses of the underlying funds in which the Fund invests.

(d)	Annualized.

(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 Dynamic Bond Fund			53

Notes to Financial Statements (unaudited)

1. Organization

Prudential Investment Portfolios 3 (the “Registered Investment Company” or “RIC”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The RIC is organized as a Delaware Statutory Trust. These financial statements relate only to the PGIM Global Dynamic Bond Fund (the “Fund”), a series of the RIC. The Fund is classified as a diversified fund for purposes of the 1940 Act.

The investment objective of the Fund is to seek positive returns over the long term, regardless of market conditions.

The Fund is subject to compliance with applicable regulations governing commodity pools including Commodity Futures Trading Commission (“CFTC”) rules.

2. Accounting Policies

The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services — Investment Companies. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform to U.S. generally accepted accounting principles (“GAAP”). The Fund consistently follows such policies in the preparation of its financial statements.

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Fund’s investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC’s Board of Trustees (the “Board”) has approved the Fund’s valuation policies and procedures for security valuation and designated to PGIM Investments LLC (“PGIM Investments” or the “Manager”) as the Valuation Designee pursuant to SEC Rule 2a-5(b) to perform the fair value determination relating to all Fund investments. Pursuant to the Board’s oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities as valuation designee under SEC Rule 2a-5. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.


54

Various inputs determine how the Fund’s investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the “fair value hierarchy” in accordance with FASB ASC Topic 820 - Fair Value Measurement.

Common or preferred stocks, exchange-traded funds and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Floating rate and other loans are generally valued at prices provided by approved independent pricing vendors. The pricing vendors utilize broker/dealer quotations and provide prices based on the average of such quotations. Floating rate and other loans valued using such vendor prices are generally classified as Level 2 in the fair value hierarchy.


PGIM Global Dynamic Bond Fund			55

Notes to Financial Statements (unaudited) (continued)

Floating rate and other loans valued based on a single broker quote or at the original transaction price in excess of five business days are classified as Level 3 in the fair value hierarchy.

OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Fund utilizes the market approach when quoted prices in broker-dealer markets are available but also includes consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors’ valuation techniques used to derive the evaluated derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.


56

Foreign Currency Translation: The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:

(i) market value of investment securities, other assets and liabilities — at the exchange rate as of the valuation date;

(ii) purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on investment transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.


PGIM Global Dynamic Bond Fund			57

Notes to Financial Statements (unaudited) (continued)

terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Fund’s maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract’s life. A cross currency contract is a forward contract where a specified amount of one foreign currency will be exchanged for a specified amount of another foreign currency.

Options: The Fund purchased and/or wrote options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of equities or foreign currency exchange rates with respect to securities or financial instruments which the Fund currently owns or intends to purchase. The Fund may also use options to gain additional market exposure. The Fund’s principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Fund realizes a gain (loss) to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in determining whether the Fund has realized a gain (loss). The difference between the premium and the amount received or paid at the closing of a purchase or sale transaction is also treated as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions.

The Fund, as writer of an option, may have no control over whether the underlying securities or financial instruments may be sold (called) or purchased (put). As a result, the Fund bears the market risk of an unfavorable change in the price of the security or financial instrument underlying the written option. The Fund, as purchaser of an OTC option, bears the risk of the potential inability of the counterparties to meet the terms of their contracts. With exchange-traded options contracts, there is minimal counterparty credit risk to the Fund since the exchanges’ clearinghouse acts as counterparty to all exchange-traded options and guarantees the options contracts against default.

When the Fund writes an option on a swap, an amount equal to any premium received by the Fund is recorded as a liability and is subsequently adjusted to the current market value of the written option on the swap. If a call option on a swap is exercised, the Fund becomes obligated to pay a fixed interest rate (noted as the strike price) and receive a variable interest rate on a notional amount. If a put option on a swap is exercised, the Fund becomes obligated to pay a variable interest rate and receive a fixed interest rate (noted as the strike


58

price) on a notional amount. Premiums received from writing options on swaps that expire or are exercised are treated as realized gains upon the expiration or exercise of such options on swaps. The risk associated with writing put and call options on swaps is that the Fund will be obligated to be party to a swap agreement if an option on a swap is exercised.

Financial Futures Contracts: A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the “initial margin.” Subsequent payments, known as “variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in the value of the underlying security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

The Fund invested in financial futures contracts in order to hedge its existing portfolio securities, or securities the Fund intends to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Since futures contracts are exchange-traded, there is minimal counterparty credit risk to the Fund since the exchanges’ clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

Swap Agreements: The Fund entered into certain types of swap agreements detailed in the disclosures below. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty (“OTC-traded”) or through a central clearing facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on swap agreements. Centrally cleared swaps pay or receive an amount known as “variation margin”, based on daily changes in the valuation of the swap contract. For OTC-traded, upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.

Interest Rate Swaps: Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. The Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objective. The Fund used interest rate swaps to maintain its ability to generate steady cash flow by receiving a stream of fixed


PGIM Global Dynamic Bond Fund			59

Notes to Financial Statements (unaudited) (continued)

rate payments or to increase exposure to prevailing market rates by receiving floating rate payments. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net present value of the cash flows to be received from the counterparty over the contract’s remaining life.

Credit Default Swaps (“CDS”): CDS involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified payment in the event of a default or as a result of a default (collectively a “credit event”) for the referenced entity (typically corporate issues or sovereign issues of an emerging country) on its obligation; or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index.

The Fund is subject to credit risk in the normal course of pursuing its investment objectives, and as such, has entered into CDS contracts to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases. The Fund’s maximum risk of loss from counterparty credit risk for purchased CDS is the inability of the counterparty to honor the contract up to the notional value due to a credit event.

As a seller of protection on credit default swap agreements, the Fund generally receives an agreed upon payment from the buyer of protection throughout the term of the swap, provided no credit event occurs. As the seller, the Fund effectively increases its investment risk because, in addition to its total net assets, the Fund may be subject to investment exposure on the notional amount of the swap.

The maximum amount of the payment that the Fund, as a seller of protection, could be required to make under a credit default swap agreement would be equal to the notional amount of the underlying security or index contract as a result of a credit event. This potential amount will be partially offset by any recovery values of the respective referenced obligations, or net amounts received from the settlement of buy protection credit default swap agreements which the Fund entered into for the same referenced entity or index. As a buyer of protection, the Fund generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where the Fund is the seller of protection as of period end are disclosed in the footnotes to the Schedule of Investments, if applicable.


60

These spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

Floating Rate and Other Loans: The Fund invested in floating rate and other loans. Floating rate and other loans include loans that are privately negotiated between a corporate borrower and one or more financial institutions, including, but not limited to, term loans, revolvers, and other instruments issued in the floating rate and other loans market. The Fund acquire interests in loans directly (by way of assignment from the selling institution) and/or indirectly (by way of the purchase of a participation interest from the selling institution). Under a floating rate and other loans assignment, the Fund generally will succeed to all the rights and obligations of an assigning lending institution and become a lender under the loan agreement with the relevant borrower in connection with that loan. Under a floating rate and other loans participation, the Fund generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the Fund generally will have the right to receive payments of principal, interest, and any fees to which they are entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Fund may not directly benefit from the collateral supporting the debt obligation in which they have purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the institution selling the participation to the Fund.

Mortgage-Backed and Asset-Backed Securities: Mortgage-backed securities are pass-through securities, meaning that principal and interest payments made by the borrower on the underlying mortgages are passed through to the Fund. Asset-backed securities directly or indirectly represent a participation interest in, or are secured by and payable from, a stream of payments generated by particular assets such as motor vehicle or credit card receivables. Asset-backed securities may be classified as pass-through certificates or collateralized obligations, such as collateralized bond obligations, collateralized loan obligations and other similarly structured securities. The value of mortgage-backed and asset-backed securities varies with changes in interest rates and may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities.

Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest (“IO”) and principal (“PO”) distributions on a pool of mortgage assets. Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These


PGIM Global Dynamic Bond Fund			61

Notes to Financial Statements (unaudited) (continued)

adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Master Netting Arrangements: The RIC, on behalf of the Fund, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of the Fund. A master netting arrangement between the Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

The Trust, on behalf of the Fund, is a party to International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the Fund is held in a segregated account by the Fund’s custodian and with respect to those amounts which can be sold or re-pledged, is presented in the Schedule of Investments. Collateral pledged by the Fund is segregated by the Fund’s custodian and identified in the Schedule of Investments. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the Fund and the applicable counterparty. Collateral requirements are determined based on the Fund’s net position with each counterparty. Termination events applicable to the Fund may occur upon a decline in the Fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Fund’s counterparties to elect early termination could impact the Fund’s future derivative activity.


62

market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in the portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/insolvency of either party. Such OTC derivative agreements include conditions which, when materialized, give the counterparty the right to cause an early termination of the transactions under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.

Short sales and OTC contracts, including forward foreign currency exchange contracts, swaps, forward rate agreements and written options involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities, if applicable. Such risks may be mitigated by engaging in master netting arrangements.

Rights: The Fund held rights acquired either through a direct purchase or pursuant to corporate actions. Rights entitle the holder to buy a proportionate amount of common stock, or such other security that the issuer may specify, at a specific price and time through the expiration dates. Such rights are held as long positions by the Fund until exercised, sold or expired. Rights are valued at fair value in accordance with the Board approved fair valuation procedures.

Payment-In-Kind: The Fund invested in the open market or received pursuant to debt restructuring, securities that pay-in-kind (PIK) the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income.

Securities Lending: The Fund lends its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. The remaining open loans of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral.


PGIM Global Dynamic Bond Fund			63

Notes to Financial Statements (unaudited) (continued)

The Fund recognizes income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto, which are reflected in interest income or unaffiliated dividend income based on the nature of the payment on the Statement of Operations. The Fund also continues to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed in the Statement of Operations.


64

dividend distributions to shareholders, including but not limited to adverse market conditions or portfolio holding-specific events.



Expected Distribution Schedule to Shareholders*	Frequency
Net Investment Income		Monthly
Short-Term Capital Gains		Annually
Long-Term Capital Gains		Annually

*	Under certain circumstances, the Fund may make more than one distribution of short-term and/or long-term capital gains during a fiscal year.

Estimates: The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

3. Agreements

The Manager has entered into a subadvisory agreement with PGIM, Inc., which provides subadvisory services to the Fund through its PGIM Fixed Income unit, and PGIM, Inc. has entered into a sub-subadvisory agreement with PGIM Limited (collectively the “subadviser”). The Manager pays for the services of the subadviser.

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended April 30, 2023, the contractual and effective management fee rates were as follows:



Contractual Management Rate		Effective Management Fee, before any waivers and/or expense reimbursements
0.70% of the Fund’s average daily net assets up to and including $2.5 billion;		0.70%
0.675% on the next $2.5 billion of the Fund’s average daily net assets;
0.65% of the Fund’s average daily net assets exceeding $5 billion.

The Manager has contractually agreed, through February 29, 2024, to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.


PGIM Global Dynamic Bond Fund			65

Notes to Financial Statements (unaudited) (continued)

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives similar expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year. The expense limitations attributable to each class are as follows:



Class	Expense Limitations
A		1.20	%
C		1.95
Z		0.85
R6		0.80

The Trust, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class C, Class Z and Class R6 shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A and Class C shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS.

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate based on average daily net assets per class. The distribution fees are accrued daily and payable monthly.

The Fund’s annual gross and net distribution rates, where applicable, are as follows:



Class	Gross Distribution Fee			Net Distribution Fee
A		0.25	%		0.25	%
C		1.00			1.00
Z		N/A			N/A
R6		N/A			N/A


66

PGIM Investments, PGIM, Inc., PGIM Limited and PIMS are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (“Prudential”).

4. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the Fund’s transfer agent and shareholder servicing agent. Transfer agent’s and shareholder servicing agent’s fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

The Fund may invest its overnight sweep cash in the PGIM Core Government Money Market Fund (the “Core Government Fund”), a fund of the Prudential Government Money Market Fund, Inc., and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), a fund of Prudential Investment Portfolios 2, each registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Government Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Government Fund and the Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Affiliated income from securities lending, net”, respectively.

5. Portfolio Securities



Cost of Purchases		Proceeds from Sales
$6,487,624		$8,250,754

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended April 30, 2023, is presented as follows:


PGIM Global Dynamic Bond Fund			67

Notes to Financial Statements (unaudited) (continued)


Value, Beginning of Period	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Income

Short-Term Investments - Affiliated Mutual Funds:

PGIM Core Government Money Market Fund^(1)(wi)
$ —		$5,482,419		$5,024,569		$—		$ —		$457,850		457,850		$	6,095

PGIM Institutional Money Market Fund^(1)(b)(wi)
963,844		3,984,657		4,946,292		—		341		2,550		2,552			871	⁽²⁾
$963,844		$9,467,076		$9,970,861		$—		$ 341		$460,400				$	6,966

(1)	The Fund did not have any capital gain distributions during the reporting period.

(2)	The amount, or a portion thereof, represents the affiliated securities lending income shown on the Statement of Operations.

(b)	Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

(wi)	PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Government Money Market Fund and PGIM Institutional Money Market Fund, if applicable.

6. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of April 30, 2023 were as follows:

Tax Basis

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Depreciation

$48,588,685

$2,332,870

$(11,731,866)

$(9,398,996)

The GAAP basis may differ from tax basis due to certain tax-related adjustments.

For federal income tax purposes, the Fund had an approximated capital loss carryforward as of October 31, 2022 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.



Capital Loss Carryforward		Capital Loss Carryforward Utilized
$6,163,000		$590,000

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31,


68

2022 are subject to such review.

7. Capital and Ownership

The Fund offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 3.25%. Investors who purchase $500,000 or more of Class A shares and sell those shares within 12 months of purchase are subject to a CDSC of 1% on sales although these purchases are not subject to a front-end sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately eight years (ten years prior to January 22, 2021) after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

The Trust has authorized an unlimited number of shares of beneficial interest of the Fund at $0.001 par value per share, currently divided into four classes, designated Class A, Class C, Class Z and Class R6.

As of April 30, 2023, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:


Class	Number of Shares		Percentage of Outstanding Shares
Z		55,166		4.4	%
R6		3,999,256		99.8

At the reporting period end, the number of shareholders holding greater than 5% of the Fund are as follows:


	Number of Shareholders		Percentage of Outstanding Shares
Affiliated		1		73.3	%
Unaffiliated		2		20.3


PGIM Global Dynamic Bond Fund			69

Notes to Financial Statements (unaudited) (continued)

Transactions in shares of beneficial interest were as follows:



Share Class	Shares			Amount

Class A
Six months ended April 30, 2023:
Shares sold		10,377		$	81,420
Shares issued in reinvestment of dividends and distributions		4,111			31,935
Shares purchased		(40,078	)		(307,948	)
Net increase (decrease) in shares outstanding before conversion		(25,590	)		(194,593	)
Shares issued upon conversion from other share class(es)		378			2,955
Net increase (decrease) in shares outstanding		(25,212	)	$	(191,638	)

Year ended October 31, 2022:
Shares sold		9,753		$	83,271
Shares issued in reinvestment of dividends and distributions		10,606			88,980
Shares purchased		(77,373	)		(654,239	)
Net increase (decrease) in shares outstanding before conversion		(57,014	)		(481,988	)
Shares issued upon conversion from other share class(es)		549			4,928
Shares purchased upon conversion into other share class(es)		(1,522	)		(11,701	)
Net increase (decrease) in shares outstanding		(57,987	)	$	(488,761	)

Class C
Six months ended April 30, 2023:
Shares sold		1,143		$	8,983
Shares issued in reinvestment of dividends and distributions		2,223			17,247
Shares purchased		(14,050	)		(109,258	)
Net increase (decrease) in shares outstanding before conversion		(10,684	)		(83,028	)
Shares purchased upon conversion into other share class(es)		(379	)		(2,955	)
Net increase (decrease) in shares outstanding		(11,063	)	$	(85,983	)

Year ended October 31, 2022:
Shares sold		1,102		$	9,574
Shares issued in reinvestment of dividends and distributions		4,657			38,884
Shares purchased		(15,928	)		(129,435	)
Net increase (decrease) in shares outstanding before conversion		(10,169	)		(80,977	)
Shares purchased upon conversion into other share class(es)		(550	)		(4,928	)
Net increase (decrease) in shares outstanding		(10,719	)	$	(85,905	)


70



Share Class	Shares			Amount

Class Z
Six months ended April 30, 2023:
Shares sold		385,827		$	2,971,907
Shares issued in reinvestment of dividends and distributions		46,603			361,985
Shares purchased		(778,948	)		(6,057,967	)
Net increase (decrease) in shares outstanding		(346,518	)	$	(2,724,075	)

Year ended October 31, 2022:
Shares sold		905,782		$	7,476,072
Shares issued in reinvestment of dividends and distributions		126,705			1,068,194
Shares purchased		(2,340,614	)		(19,863,549	)
Net increase (decrease) in shares outstanding before conversion		(1,308,127	)		(11,319,283	)
Shares issued upon conversion from other share class(es)		1,522			11,701
Net increase (decrease) in shares outstanding		(1,306,605	)	$	(11,307,582	)

Class R6
Six months ended April 30, 2023:
Shares sold		659		$	5,085
Shares issued in reinvestment of dividends and distributions		129,583			1,006,023
Shares purchased		(684	)		(5,298	)
Net increase (decrease) in shares outstanding		129,558		$	1,005,810

Year ended October 31, 2022:
Shares sold		27,947		$	245,385
Shares issued in reinvestment of dividends and distributions		230,906			1,916,161
Shares purchased		(24,077	)		(209,280	)
Net increase (decrease) in shares outstanding		234,776		$	1,952,266

8. Borrowings

The Trust, on behalf of the Fund, along with other affiliated registered investment companies (the “Participating Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the SCA.



		SCA
Term of Commitment		9/30/2022 - 9/28/2023

Total Commitment		$ 1,200,000,000

Annualized Commitment Fee on the Unused Portion of the SCA		0.15%

Annualized Interest Rate on Borrowings		1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent


PGIM Global Dynamic Bond Fund			71

Notes to Financial Statements (unaudited) (continued)

The Fund utilized the SCA during the reporting period ended April 30, 2023. The average daily balance for the 2 days that the Fund had loans outstanding during the period was approximately $108,000, borrowed at a weighted average interest rate of 5.54%. The maximum loan outstanding amount during the period was $108,000. At April 30, 2023, the Fund did not have an outstanding loan amount.

9. Risks of Investing in the Fund

“Covenant-Lite” Risk: Some of the loans or debt obligations in which the Fund may invest or get exposure to may be “covenant-lite”, which means the loans or obligations contain fewer financial maintenance covenants than other loans or obligations (in some cases, none) and do not include terms which allow the lender to monitor the borrower’s performance and declare a default if certain criteria are breached. An investment by the Fund in a covenant-lite loan may potentially hinder the ability to reprice credit risk associated with the issuer and reduce the ability to restructure a problematic loan and mitigate potential loss. The Fund may also experience difficulty, expenses or delays in enforcing its rights on its holdings of covenant-lite loans or obligations. As a result of these risks, the Fund’s exposure to losses may be increased, which could result in an adverse impact on the Fund’s net income and NAV.


72

Currency Risk: The Fund’s net asset value could decline as a result of changes in exchange rates, which could adversely affect the Fund’s investments in currencies, or in securities that trade in, and receive revenues related to, currencies, or in derivatives that provide exposure to currencies. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.


PGIM Global Dynamic Bond Fund			73

Notes to Financial Statements (unaudited) (continued)

Floating Rate and Other Loans Risk: The Fund’s ability to receive payments of principal and interest and other amounts in connection with loans (whether through participations,


74

assignments or otherwise) will depend primarily on the financial condition of the borrower. The failure by the Fund to receive scheduled interest or principal payments on a loan because of a default, bankruptcy or any other reason would adversely affect the income of the Fund and would likely reduce the value of its assets. Even with loans secured by collateral, there is the risk that the value of the collateral may decline, may be insufficient to meet the obligations of the borrower, or be difficult to liquidate. In the event of a default, the Fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. Further, the Fund’s access to collateral, if any, may be limited by bankruptcy laws. Due to the nature of the private syndication of senior loans, including, for example, lack of publicly-available information, some senior loans are not as easily purchased or sold as publicly-traded securities. In addition, loan participations generally are subject to restrictions on transfer, and only limited opportunities may exist to sell loan participations in secondary markets. As a result, it may be difficult for the Fund to value loans or sell loans at an acceptable price when it wants to sell them. Loans trade in an over-the-counter market, and confirmation and settlement, which are effected through standardized procedures and documentation, may take significantly longer than seven days to complete. Extended trade settlement periods may, in unusual market conditions with a high volume of shareholder redemptions, present a risk to shareholders regarding the Fund’s ability to pay redemption proceeds in a timely manner. In some instances, loans and loan participations are not rated by independent credit rating agencies; in such instances, a decision by the Fund to invest in a particular loan or loan participation could depend exclusively on the subadviser’s credit analysis of the borrower, or in the case of a loan participation, of the intermediary holding the portion of the loan that the Fund has purchased. To the extent the Fund invests in loans of non-U.S. issuers, the risks of investing in non-U.S. issuers are applicable. Loans may not be considered to be “securities” and as a result may not benefit from the protections of the federal securities laws, including anti-fraud protections and those with respect to the use of material non-public information, so that purchasers, such as the Fund, may not have the benefit of these protections. If the Fund is in possession of material non-public information about a borrower as a result of its investment in such borrower’s loan, the Fund may not be able to enter into a transaction with respect to a publicly-traded security of the borrower when it would otherwise be advantageous to do so.


PGIM Global Dynamic Bond Fund			75

Notes to Financial Statements (unaudited) (continued)

outside the country, due to blockage of foreign currency exchanges or otherwise. Investments in emerging markets are subject to greater volatility and price declines.

Interest Rate Risk: The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. Similarly, a rise in interest rates may also have a greater negative impact on the value of equity securities whose issuers expect earnings further out in the future. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as “duration risk.” When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund’s holdings may fall sharply. This is referred to as “extension risk.” The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.


76

There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund’s shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy. The Fund’s ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.


PGIM Global Dynamic Bond Fund			77

Notes to Financial Statements (unaudited) (continued)

government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund’s investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.

Portfolio Turnover Risk: The length of time the Fund has held a particular security is not generally a consideration in investment decisions. Under certain market conditions, the Fund’s turnover rate may be higher than that of other mutual funds. Portfolio turnover generally involves some expense to the Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities. These transactions may result in realization of taxable capital gains. The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund’s investment performance.


78

Reference Rate Risk:The Fund may be exposed to financial instruments that are tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value.

The United Kingdom’s Financial Conduct Authority announced a phase out of LIBOR such that after June 30, 2023, the overnight, 1-month, 3-month, 6-month and 12-month U.S. dollar LIBOR settings will cease to be published or will no longer be representative. All other LIBOR settings and certain other interbank offered rates, such as the Euro Overnight Index Average (“EONIA”), ceased to be published after December 31, 2021. On December 16, 2022, the Federal Reserve Board adopted regulations implementing the Adjustable Interest Rate Act by identifying benchmark rates based on the Secured Overnight Financing Rate that will replace LIBOR in different categories of financial contracts after June 30, 2023. These regulations apply only to contracts governed by U.S. law, among other limitations.

Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing instruments. Parties to contracts, securities or other instruments using LIBOR may disagree on transition rates or the application of applicable transition regulation, potentially resulting in uncertainty of performance and the possibility of litigation. The Fund may have instruments linked to other interbank offered rates that may also cease to be published in the future.

Short Position Risk: The Fund may take short positions in derivative instruments that present various risks, including credit/counterparty risk and leverage risk. A short position on a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying security or instrument and, thus, the risk of a theoretically unlimited loss for the Fund. Short positions/sales also involve transaction and other costs that will reduce potential Fund gains and increase potential Fund losses.

Sovereign Debt Risk: The Fund may invest in sovereign debt issued by governments, their agencies or instrumentalities, or other government-related entities. Holders of sovereign debt may be requested to participate in the rescheduling of such debt and to extend further loans to governmental entities. In addition, there is no bankruptcy proceeding by which defaulted sovereign debt may be collected.


PGIM Global Dynamic Bond Fund			79

Notes to Financial Statements (unaudited) (continued)

No assurance can be given that the U.S. government would provide financial support to any such issuers if it is not obligated to do so by law. It is possible that these issuers will not have the funds to meet their payment obligations in the future. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.

10. Recent Regulatory Developments

11. Subsequent Event

On June 7, 2023 the Board of Trustees approved a proposal to liquidate all of the outstanding shares of the PGIM Global Dynamic Bond Fund. The liquidation is expected to be completed on or about September 14, 2023.


80

Liquidity Risk Management Program


PGIM Global Dynamic Bond Fund

PRUDENTIAL INVESTMENT PORTFOLIOS 3

PGIM Global Dynamic Bond Fund

Supplement dated June 12, 2023 to the

Currently Effective Summary Prospectus, Prospectus

and Statement of Additional Information (SAI)

At a recent meeting of the Board of Trustees of Prudential Investment Portfolios 3, of which PGIM Global Dynamic Bond Fund (the “Fund”) is a series, the Board determined after consideration of various factors, including the Fund’s performance and asset level considerations, that it was in the best interests of the Fund’s shareholders for the Fund to cease operations. Accordingly, the Board approved a proposal to liquidate all of the assets of the Fund and redeem any outstanding shares of the Fund on the liquidation date.

The Fund liquidation is expected to occur at the close of business on or about September 14, 2023, and the Fund’s transfer agent will make remittances to shareholders as soon as practicable thereafter. Fund shareholders will receive payment equivalent to the net asset value of their shares as of the liquidation date (i.e., the redemption date). The Fund reserves the right to implement and effect the liquidation of the Fund earlier than the expected liquidation date if, due to asset outflows or other factors, it is determined that it would be in the best interests of the Fund and its shareholders to liquidate the Fund on an accelerated basis.

Fund shareholders may exchange their shares for shares of certain other PGIM Investments mutual funds in accordance with the terms of the Fund’s prospectus at any time prior to the Fund’s liquidation. Fund shares held on the liquidation date in Prudential Mutual Fund Services Individual Retirement Accounts (“IRAs”) will be exchanged for shares of PGIM Government Money Market Fund to avoid penalties that may be imposed on holders of IRAs under the Internal Revenue Code if such Fund shares were redeemed in cash.

Any contingent deferred sales charge (“CDSC”) that would otherwise be applicable to a shareholder of the Fund will be waived at the time of the liquidation. You may be subject to federal, state, local or foreign taxes on redemptions of Fund shares. You should consult your tax adviser for information regarding all tax consequences applicable to your investments in the Fund.

If you are subject to federal income tax, the liquidation of the Fund will result in one or more taxable events for you. A sale or exchange of Fund shares prior to the liquidation will generally give rise to a capital gain or loss to you for federal income tax purposes. In connection with the liquidation, the Fund may declare taxable distributions of its investment income and/or taxable distributions of its net capital gain. Any liquidation proceeds paid to you should generally be treated as received by you in exchange for your shares and will therefore generally give rise to a capital gain or loss depending on your tax basis. Please consult your personal tax advisor about the potential tax consequences of the liquidations.

In preparation for the liquidation of the Fund, the Fund will be closed to most purchases (including automatic investment purchases) and exchanges at the close of business on or about June 30, 2023 and the Fund will depart from its stated investment objective and policies as it intends to convert all of its portfolio securities to cash or cash equivalents until it is liquidated on the liquidation date (or for a period prior to the liquidation date). Dividends paid by the Fund may continue to be reinvested until the liquidation date. All costs associated with the liquidation will be borne by the Fund.

LR1435



_∎ MAIL	_∎ TELEPHONE	_∎ WEBSITE
655 Broad Street	(800)225-1852	pgim.com/investments
Newark, NJ 07102

PROXY VOTING

The Board of Trustees of the Fund has delegated to the Fund’s subadviser the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the Fund. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (800) 225-1852 or by visiting the Securities and Exchange Commission’s website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website and on the Securities and Exchange Commission’s website.

TRUSTEES

Ellen S. Alberding ● Kevin J. Bannon ● Scott E. Benjamin ● Linda W. Bynoe ● Barry H. Evans ● Keith F. Hartstein ● Laurie Simon Hodrick ● Stuart S. Parker ● Brian K. Reid ● Grace C. Torres

OFFICERS

Stuart S. Parker, President ● Scott E. Benjamin, Vice President ● Christian J. Kelly, Chief Financial Officer ● Claudia DiGiacomo, Chief Legal Officer ● Drew Donohue, Chief Compliance Officer ● Russ Shupak, Treasurer and Principal Accounting Officer ● Kelly Florio, Anti-Money Laundering Compliance Officer ● Andrew R. French, Secretary ● Melissa Gonzalez, Assistant Secretary ● Kelly A. Coyne, Assistant Secretary ● Patrick E. McGuinness, Assistant Secretary ● Debra Rubano, Assistant Secretary ● Lana Lomuti, Assistant Treasurer ● Elyse M. McLaughlin, Assistant Treasurer ● Deborah Conway, Assistant Treasurer ● Robert W. McCormack, Assistant Treasurer


MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102

SUBADVISER	PGIM Fixed Income	655 Broad Street Newark, NJ 07102

SUB-SUBADVISER	PGIM Limited	Grand Buildings, 1-3 Strand Trafalgar Square London, WC2N 5HR United Kingdom

DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102

CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286

TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 534432 Pittsburgh, PA 15253

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017

FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

E-DELIVERY

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, PGIM Global Dynamic Bond Fund, PGIM Investments, Attn: Board of Trustees, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to that Trustee at the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO HOLDINGS

Mutual Funds:

ARE NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY

MAY LOSE VALUE

ARE NOT A DEPOSIT OF OR GUARANTEED

BY ANY BANK OR ANY BANK AFFILIATE

PGIM GLOBAL DYNAMIC BOND FUND



SHARE CLASS	A	C	Z	R6

NASDAQ	PAJAX	PAJCX	PAJZX	PAJQX

CUSIP	74440K645	74440K637	74440K611	74440K629

MF233E2

LOGO

PGIM WADHWANI SYSTEMATIC ABSOLUTE RETURN FUND

SEMIANNUAL REPORT

APRIL 30, 2023

LOGO

To enroll in e-delivery, go to pgim.com/investments/resource/edelivery

Table of Contents


Letter from the President			3

Your Fund’s Performance			4

Fees and Expenses			6

Holdings and Financial Statements			9

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

The information about the Fund’s portfolio holdings is for the period covered by this report and is subject to change thereafter.

The accompanying financial statements as of April 30, 2023 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company, member SIPC. PGIM Wadhwani is the primary business name of PGIM Wadhwani LLP, a wholly owned subsidiary of PGIM, Inc. (PGIM), a Prudential Financial company. © 2023 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.


2		Visit our website at pgim.com/investments

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for the PGIM Wadhwani Systematic Absolute Return Fund informative and useful. The report covers performance for the six-month period ended April 30, 2023.

Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

Thank you for choosing our family of funds.

Sincerely,

LOGO

Stuart S. Parker, President

PGIM Wadhwani Systematic Absolute Return Fund

June 15, 2023


PGIM Wadhwani Systematic Absolute Return Fund			3

Your Fund’s Performance



	Total Returns as of 4/30/23 (without sales charges) *Six Months (%)**	Average Annual Total Returns as of 4/30/23 (with sales charges)
		One Year (%)	Since Inception (%)

Class A	-4.15	-3.11	0.94 (09/28/2021)

Class C	-4.58	0.76	3.78 (09/28/2021)

Class Z	-4.10	2.86	4.83 (09/28/2021)

Class R6	-4.06	2.80	4.87 (09/28/2021)

ICE BofA US 3-Month Treasury Bill Index
	2.09	2.81	1.81

*Not annualized

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to the Fund’s inception date.


4		Visit our website at pgim.com/investments



	Class A	Class C	Class Z	Class R6

Maximum initial sales charge	5.50% of the public offering price	None	None	None

Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption)	1.00% on sales of $1 million or more made within 12 months of purchase	1.00% on sales made within 12 months of purchase	None	None

Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.25%	1.00%	None	None

Benchmark Definition

ICE BofA US 3-Month Treasury Bill Index—The ICE BofA US 3-Month Treasury Bill Index is an unmanaged index which is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding Treasury bill that matures closest to, but not beyond, three months from the rebalancing date. To qualify for selection, an issue must have settled on or before the month-end rebalancing date.

Investors cannot invest directly in an index. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes that may be paid by an investor.


PGIM Wadhwani Systematic Absolute Return Fund			5

Fees and Expenses

Actual Expenses

Hypothetical Example for Comparison Purposes


6		Visit our website at pgim.com/investments

provided in the expense table. Additional fees have the effect of reducing investment returns.



PGIM Wadhwani Systematic Absolute Return Fund		Beginning Account Value November 1, 2022	Ending Account Value April 30, 2023	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Class A	Actual	$1,000.00	$ 958.50	1.49%	$ 7.24
	Hypothetical	$1,000.00	$1,017.41	1.49%	$ 7.45

Class C	Actual	$1,000.00	$ 954.20	2.24%	$10.85
	Hypothetical	$1,000.00	$1,013.69	2.24%	$11.18

Class Z	Actual	$1,000.00	$ 959.00	1.24%	$ 6.02
	Hypothetical	$1,000.00	$1,018.65	1.24%	$ 6.21

Class R6	Actual	$1,000.00	$ 959.40	1.19%	$ 5.78
	Hypothetical	$1,000.00	$1,018.89	1.19%	$ 5.96


PGIM Wadhwani Systematic Absolute Return Fund			7

Schedule of Investments (unaudited)

as of April 30, 2023



Description	Shares		Value

SHORT-TERM INVESTMENT 80.9%

AFFILIATED MUTUAL FUND
PGIM Core Government Money Market Fund (cost $36,012,169)(wj)		36,012,169	$	36,012,169


TOTAL INVESTMENTS 80.9%
(cost $36,012,169)				36,012,169
Other assets in excess of liabilities(z) 19.1%				8,494,304


NET ASSETS 100.0%			$	44,506,473

Below is a list of the abbreviation(s) used in the semiannual report:

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

EUR—Euro

GBP—British Pound

HUF—Hungarian Forint

IDR—Indonesian Rupiah

ILS—Israeli Shekel

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

NOK—Norwegian Krone

NZD—New Zealand Dollar

PHP—Philippine Peso

PLN—Polish Zloty

SEK—Swedish Krona

SGD—Singapore Dollar

THB—Thai Baht

TRY—Turkish Lira

TWD—New Taiwanese Dollar

USD—US Dollar

ZAR—South African Rand

ASX—Australian Securities Exchange

CAC40—French Stock Market Index

CME—Chicago Mercantile Exchange

DAX—German Stock Index

EURIBOR—Euro Interbank Offered Rate

FTSE—Financial Times Stock Exchange

GS—Goldman Sachs & Co. LLC

MSC—Morgan Stanley & Co. LLC

See Notes to Financial Statements.


PGIM Wadhwani Systematic Absolute Return Fund			9

Schedule of Investments (unaudited) (continued)

as of April 30, 2023

NASDAQ—National Association of Securities Dealers Automated Quotations

OAT—Obligations Assimilables du Tresor

OMXS—Nordic Exchange Stockholm Index

OTC—Over-the-counter

S&P—Standard & Poor’s

SGX—Singapore Exchange

SOFR—Secured Overnight Financing Rate

SONIA—Sterling Overnight Index Average

SPI—Share Price Index

STOXX—Stock Index of the Eurozone

TOPIX—Tokyo Stock Price Index

TSX—Toronto Stock Exchange

(wj)	PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Government Money Market Fund.

(z)	Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

Futures contracts outstanding at April 30, 2023:


Number of Contracts	Type		Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)

Long Positions:
1	90 Day ASX Bank Bill			Sep. 2023	$	655,686	$	(49	)
3	90 Day ASX Bank Bill			Dec. 2023		1,967,201		653
3	90 Day ASX Bank Bill			Mar. 2024		1,967,682		156
26	90 Day ASX Bank Bill			Jun. 2024		17,057,413		(6,673	)
2	3 Month SONIA Index			Mar. 2024		598,119		(473	)
2	3 Month SONIA Index			Jun. 2024		599,658		(2,720	)
36	3 Month SONIA Index			Sep. 2024		10,825,519		(20,697	)
60	2 Year U.S. Treasury Notes			Jun. 2023		12,369,844		(28,455	)
66	5 Year Euro-Bobl			Jun. 2023		8,579,415		56,697
67	5 Year U.S. Treasury Notes			Jun. 2023		7,352,727		9,651
10	10 Year Australian Treasury Bonds			Jun. 2023		810,292		2,343
29	10 Year Canadian Government Bonds	��		Jun. 2023		2,698,690		14,322
29	10 Year Euro-Bund			Jun. 2023		4,331,833		38,626
7	10 Year U.S. Treasury Notes			Jun. 2023		806,422		(87	)
7	20 Year U.S. Treasury Bonds			Jun. 2023		921,594		(290	)
5	30 Year Euro Buxl			Jun. 2023		768,575		10,729
3	30 Year U.S. Ultra Treasury Bonds			Jun. 2023		424,219		808
3	ASX SPI 200 Index			Jun. 2023		363,174		443
2	CAC40 10 Euro			May 2023		164,492		379
1	DAX Index			Jun. 2023		441,366		466
14	Euro STOXX 50 Index			Jun. 2023		666,429		2,171
9	Euro-OAT			Jun. 2023		1,289,124		7,510
1	FTSE 100 Index			Jun. 2023		98,812		722
10	NASDAQ 100 E-Mini Index			Jun. 2023		2,664,050		29,722

See Notes to Financial Statements.

Futures contracts outstanding at April 30, 2023 (continued):


Number of Contracts	Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)

Long Positions (cont’d):
19	Nikkei 225 (SGX)		Jun. 2023	$	2,013,377	$	18,535
8	TOPIX Index		Jun. 2023		1,208,411		6,805

							141,294

Short Positions:
1	3 Month Euro EURIBOR		Sep. 2023		265,172		82
3	3 Month Euro EURIBOR		Dec. 2023		796,343		(386	)
3	3 Month Euro EURIBOR		Mar. 2024		797,996		(593	)
1	3 Month CME SOFR		Mar. 2024		238,875		461
1	3 Year Australian Treasury Bonds		Jun. 2023		71,864		(140	)
1	10 Year Japanese Bonds		Jun. 2023		1,090,682		(6,976	)
8	10 Year U.K. Gilt		Jun. 2023		1,020,079		(106	)
189	Euro Schatz Index		Jun. 2023		22,007,780		(62,923	)
1	Hang Seng Index		May 2023		126,120		(1,506	)
2	OMXS 30 Index		May 2023		44,173		(835	)
26	Russell 2000 E-Mini Index		Jun. 2023		2,307,240		(5,046	)
4	S&P 500 E-Mini Index		Jun. 2023		837,700		(20,307	)
4	S&P/TSX 60 Index		Jun. 2023		737,203		(6,531	)

							(104,806	)

						$	36,488

Forward foreign currency exchange contracts outstanding at April 30, 2023:


Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 05/17/23	MSC		AUD	1,260	$	848,600	$	834,429	$	—	$	(14,171	)
Expiring 05/17/23	MSC		AUD	870		587,818		576,153		—		(11,665	)
Expiring 05/17/23	MSC		AUD	570		381,696		377,480		—		(4,216	)
Expiring 05/17/23	MSC		AUD	470		311,025		311,255		230		—
Expiring 05/17/23	MSC		AUD	420		281,502		278,142		—		(3,360	)
Expiring 05/17/23	MSC		AUD	340		231,270		225,163		—		(6,107	)
Expiring 05/17/23	MSC		AUD	330		221,125		218,540		—		(2,585	)
Expiring 05/17/23	MSC		AUD	190		125,860		125,826		—		(34	)
Expiring 05/17/23	MSC		AUD	180		120,614		119,204		—		(1,410	)
Expiring 05/17/23	MSC		AUD	110		73,661		72,847		—		(814	)
Expiring 05/17/23	MSC		AUD	50		33,627		33,113		—		(514	)
Expiring 05/17/23	MSC		AUD	40		26,529		26,490		—		(39	)
Expiring 05/17/23	MSC		AUD	30		20,107		19,867		—		(240	)
Expiring 05/17/23	MSC		AUD	10		6,757		6,623		—		(134	)

See Notes to Financial Statements.


PGIM Wadhwani Systematic Absolute Return Fund			11

Schedule of Investments (unaudited) (continued)

as of April 30, 2023

Forward foreign currency exchange contracts outstanding at April 30, 2023 (continued):


Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Australian Dollar (cont’d.),
Expiring 05/17/23	MSC		AUD	10	$	6,696	$	6,622	$	—	$	(74	)
Brazilian Real,
Expiring 05/03/23	MSC		BRL	3,341		630,000		669,053		39,053		—
Expiring 05/03/23	MSC		BRL	359		70,000		71,826		1,826		—
Expiring 05/03/23	MSC		BRL	265		50,000		53,099		3,099		—
Expiring 05/03/23	MSC		BRL	246		50,000		49,316		—		(684	)
Expiring 05/03/23	MSC		BRL	199		40,000		39,769		—		(231	)
Expiring 05/03/23	MSC		BRL	153		30,000		30,594		594		—
Expiring 05/03/23	MSC		BRL	152		30,000		30,498		498		—
Expiring 05/03/23	MSC		BRL	102		20,000		20,417		417		—
Expiring 05/03/23	MSC		BRL	102		20,000		20,418		418		—
Expiring 05/03/23	MSC		BRL	102		20,000		20,433		433		—
Expiring 05/03/23	MSC		BRL	101		20,000		20,282		282		—
Expiring 05/03/23	MSC		BRL	101		20,000		20,139		139		—
Expiring 05/03/23	MSC		BRL	53		10,000		10,575		575		—
Expiring 05/03/23	MSC		BRL	51		10,000		10,220		220		—
Expiring 05/03/23	MSC		BRL	51		10,000		10,219		219		—
Expiring 05/03/23	MSC		BRL	51		10,000		10,118		118		—
Expiring 05/03/23	MSC		BRL	51		10,000		10,144		144		—
Expiring 05/03/23	MSC		BRL	51		10,000		10,141		141		—
Expiring 05/03/23	MSC		BRL	51		10,000		10,152		152		—
Expiring 05/03/23	MSC		BRL	51		10,000		10,208		208		—
Expiring 05/03/23	MSC		BRL	51		10,000		10,177		177		—
Expiring 05/03/23	MSC		BRL	50		10,000		9,929		—		(71	)
Expiring 05/03/23	MSC		BRL	49		10,000		9,852		—		(148	)
Expiring 06/02/23	MSC		BRL	2,194		430,000		436,639		6,639		—
Expiring 06/02/23	MSC		BRL	1,123		220,000		223,397		3,397		—
Expiring 06/02/23	MSC		BRL	153		30,000		30,463		463		—
Expiring 06/02/23	MSC		BRL	50		10,000		10,039		39		—
British Pound,
Expiring 05/17/23	MSC		GBP	2,060		2,559,791		2,590,095		30,304		—
Expiring 05/17/23	MSC		GBP	450		565,808		565,798		—		(10	)
Expiring 05/17/23	MSC		GBP	270		335,517		339,478		3,961		—
Expiring 05/17/23	MSC		GBP	260		324,997		326,905		1,908		—
Expiring 05/17/23	MSC		GBP	210		261,449		264,039		2,590		—
Expiring 05/17/23	MSC		GBP	180		225,651		226,319		668		—
Expiring 05/17/23	MSC		GBP	140		174,813		176,026		1,213		—
Expiring 05/17/23	MSC		GBP	140		173,973		176,026		2,053		—
Expiring 05/17/23	MSC		GBP	90		112,826		113,160		334		—
Expiring 05/17/23	MSC		GBP	60		74,813		75,440		627		—
Expiring 05/17/23	MSC		GBP	30		37,304		37,720		416		—
Expiring 05/17/23	MSC		GBP	20		24,856		25,146		290		—

See Notes to Financial Statements.

Forward foreign currency exchange contracts outstanding at April 30, 2023 (continued):


Purchase Contracts	Counterparty		Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
British Pound (cont’d.),
Expiring 05/17/23		MSC		GBP	10	$	12,450	$	12,573	$	123	$	—
Expiring 05/17/23		MSC		GBP	10		12,487		12,574		87		—
Expiring 05/17/23		MSC		GBP	10		12,574		12,574		—		—
Expiring 05/17/23		MSC		GBP	10		12,574		12,574		—		—
Canadian Dollar,
Expiring 05/17/23		MSC		CAD	1,123		840,032		829,248		—		(10,784	)
Expiring 05/17/23		MSC		CAD	491		359,922		362,255		2,333		—
Expiring 05/17/23		MSC		CAD	314		232,018		231,976		—		(42	)
Expiring 05/17/23		MSC		CAD	255		190,053		188,062		—		(1,991	)
Expiring 05/17/23		MSC		CAD	94		70,031		69,297		—		(734	)
Expiring 05/17/23		MSC		CAD	41		30,238		30,232		—		(6	)
Expiring 05/17/23		MSC		CAD	14		10,039		10,037		—		(2	)
Chilean Peso,
Expiring 05/17/23		MSC		CLP	80,607		100,000		99,573		—		(427	)
Expiring 05/17/23		MSC		CLP	40,015		50,000		49,430		—		(570	)
Chinese Renminbi,
Expiring 05/17/23		MSC		CNH	135		19,722		19,548		—		(174	)
Expiring 05/17/23		MSC		CNH	69		10,000		9,928		—		(72	)
Expiring 05/17/23		MSC		CNH	69		10,018		9,948		—		(70	)
Expiring 05/17/23		MSC		CNH	69		10,008		10,018		10		—
Colombian Peso,
Expiring 05/17/23		MSC		COP	179,265		40,000		37,970		—		(2,030	)
Expiring 05/17/23		MSC		COP	44,464		10,000		9,418		—		(582	)
Czech Koruna,
Expiring 05/17/23		MSC		CZK	2,098		99,581		98,169		—		(1,412	)
Expiring 05/17/23		MSC		CZK	469		22,039		21,955		—		(84	)
Expiring 05/17/23		MSC		CZK	465		22,090		21,777		—		(313	)
Expiring 05/17/23		MSC		CZK	235		11,020		10,978		—		(42	)
Expiring 05/17/23		MSC		CZK	235		11,020		10,978		—		(42	)
Expiring 05/17/23		MSC		CZK	235		10,954		10,990		36		—
Expiring 05/17/23		MSC		CZK	235		10,956		10,998		42		—
Expiring 05/17/23		MSC		CZK	234		10,995		10,942		—		(53	)
Expiring 05/17/23		MSC		CZK	233		11,045		10,888		—		(157	)
Euro,
Expiring 05/02/23		MSC		EUR	240		264,547		264,522		—		(25	)
Expiring 05/02/23		MSC		EUR	130		143,296		143,283		—		(13	)
Expiring 05/02/23		MSC		EUR	20		22,046		22,044		—		(2	)
Expiring 05/03/23		MSC		EUR	360		396,803		396,809		6		—
Expiring 05/03/23		MSC		EUR	10		11,022		11,022		—		—
Expiring 05/17/23		MSC		EUR	790		869,704		871,546		1,842		—
Expiring 05/17/23		MSC		EUR	480		528,751		529,546		795		—
Expiring 05/17/23		MSC		EUR	190		208,842		209,612		770		—

See Notes to Financial Statements.


PGIM Wadhwani Systematic Absolute Return Fund			13

Schedule of Investments (unaudited) (continued)

as of April 30, 2023

Forward foreign currency exchange contracts outstanding at April 30, 2023 (continued):


Purchase Contracts	Counterparty		Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Euro (cont’d.),
Expiring 05/17/23		MSC		EUR	180	$	199,022	$	198,580	$	—	$	(442	)
Expiring 05/17/23		MSC		EUR	90		98,460		99,290		830		—
Expiring 05/17/23		MSC		EUR	40		43,932		44,129		197		—
Expiring 05/17/23		MSC		EUR	30		32,820		33,097		277		—
Expiring 05/17/23		MSC		EUR	30		33,027		33,097		70		—
Expiring 05/17/23		MSC		EUR	20		22,031		22,064		33		—
Expiring 05/17/23		MSC		EUR	10		10,972		11,032		60		—
Expiring 05/17/23		MSC		EUR	10		11,057		11,032		—		(25	)
Expiring 05/17/23		MSC		EUR	10		10,940		11,032		92		—
Expiring 05/17/23		MSC		EUR	10		11,009		11,032		23		—
Expiring 05/19/23		MSC		EUR	240		265,202		264,807		—		(395	)
Expiring 05/19/23		MSC		EUR	160		176,266		176,537		271		—
Expiring 05/19/23		MSC		EUR	150		166,072		165,504		—		(568	)
Expiring 05/19/23		MSC		EUR	100		110,501		110,337		—		(164	)
Expiring 05/19/23		MSC		EUR	60		65,909		66,202		293		—
Expiring 05/19/23		MSC		EUR	30		32,954		33,100		146		—
Hungarian Forint,
Expiring 05/17/23		MSC		HUF	18,654		54,650		54,735		85		—
Expiring 05/17/23		MSC		HUF	14,980		43,888		43,956		68		—
Expiring 05/17/23		MSC		HUF	7,468		21,740		21,913		173		—
Expiring 05/17/23		MSC		HUF	3,781		10,884		11,095		211		—
Expiring 05/17/23		MSC		HUF	3,758		10,878		11,026		148		—
Expiring 05/17/23		MSC		HUF	3,758		10,878		11,026		148		—
Expiring 05/17/23		MSC		HUF	3,752		10,930		11,010		80		—
Expiring 05/17/23		MSC		HUF	3,747		10,734		10,997		263		—
Expiring 05/17/23		MSC		HUF	3,731		10,930		10,947		17		—
Indian Rupee,
Expiring 05/17/23		MSC		INR	9,806		120,000		119,852		—		(148	)
Expiring 05/17/23		MSC		INR	9,806		120,000		119,848		—		(152	)
Expiring 05/17/23		MSC		INR	9,806		120,000		119,848		—		(152	)
Expiring 05/17/23		MSC		INR	8,989		110,000		109,861		—		(139	)
Expiring 05/17/23		MSC		INR	4,109		50,000		50,221		221		—
Expiring 05/17/23		MSC		INR	3,290		40,000		40,212		212		—
Expiring 05/17/23		MSC		INR	2,466		30,000		30,143		143		—
Expiring 05/17/23		MSC		INR	1,641		20,000		20,054		54		—
Expiring 05/17/23		MSC		INR	1,641		20,000		20,051		51		—
Expiring 05/17/23		MSC		INR	1,640		20,000		20,046		46		—
Expiring 05/17/23		MSC		INR	1,636		20,000		20,000		—		—
Expiring 05/17/23		MSC		INR	1,634		20,000		19,973		—		(27	)
Expiring 05/17/23		MSC		INR	822		10,000		10,050		50		—
Expiring 05/17/23		MSC		INR	821		10,000		10,032		32		—
Expiring 05/17/23		MSC		INR	820		10,000		10,023		23		—

See Notes to Financial Statements.

Forward foreign currency exchange contracts outstanding at April 30, 2023 (continued):


Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Indian Rupee (cont’d.),
Expiring 05/17/23	MSC		INR	818	$	10,000	$	10,001	$	1	$	—
Expiring 05/17/23	MSC		INR	818		10,000		9,995		—		(5	)
Expiring 05/17/23	MSC		INR	817		10,000		9,987		—		(13	)
Indonesian Rupiah,
Expiring 05/17/23	MSC		IDR	1,183,373		80,000		80,646		646		—
Expiring 05/17/23	MSC		IDR	1,035,475		70,000		70,567		567		—
Expiring 05/17/23	MSC		IDR	146,868		10,000		10,009		9		—
Expiring 05/17/23	MSC		IDR	146,867		10,000		10,009		9		—
Expiring 05/17/23	MSC		IDR	146,490		10,000		9,983		—		(17	)
Israeli Shekel,
Expiring 05/17/23	MSC		ILS	73		19,986		20,111		125		—
Japanese Yen,
Expiring 05/17/23	MSC		JPY	151,128		1,135,982		1,112,493		—		(23,489	)
Expiring 05/17/23	MSC		JPY	119,677		893,196		880,972		—		(12,224	)
Expiring 05/17/23	MSC		JPY	93,918		702,287		691,352		—		(10,935	)
Expiring 05/17/23	MSC		JPY	49,374		370,140		363,458		—		(6,682	)
Expiring 05/17/23	MSC		JPY	1,343		10,043		9,887		—		(156	)
Expiring 05/17/23	MSC		JPY	1,341		10,081		9,873		—		(208	)
Expiring 05/17/23	MSC		JPY	1,335		10,031		9,824		—		(207	)
Mexican Peso,
Expiring 05/02/23	MSC		MXN	362		20,055		20,110		55		—
Expiring 05/17/23	MSC		MXN	16,742		920,000		927,192		7,192		—
Expiring 05/17/23	MSC		MXN	2,162		119,174		119,712		538		—
Expiring 05/17/23	MSC		MXN	1,456		80,000		80,627		627		—
Expiring 05/17/23	MSC		MXN	1,081		59,586		59,855		269		—
Expiring 05/17/23	MSC		MXN	363		19,894		20,079		185		—
Expiring 05/17/23	MSC		MXN	361		19,871		19,968		97		—
Expiring 05/17/23	MSC		MXN	360		19,895		19,920		25		—
Expiring 05/17/23	MSC		MXN	360		19,944		19,954		10		—
Expiring 05/17/23	MSC		MXN	181		9,956		10,028		72		—
Expiring 05/17/23	MSC		MXN	181		9,956		10,028		72		—
Expiring 05/17/23	MSC		MXN	180		9,939		9,993		54		—
Expiring 05/17/23	MSC		MXN	180		9,960		9,968		8		—
Expiring 05/17/23	MSC		MXN	180		9,948		9,953		5		—
Expiring 05/17/23	MSC		MXN	180		9,962		9,975		13		—
New Taiwanese Dollar,
Expiring 05/17/23	MSC		TWD	4,564		150,000		148,578		—		(1,422	)
Expiring 05/17/23	MSC		TWD	2,134		70,000		69,460		—		(540	)
Expiring 05/17/23	MSC		TWD	1,531		50,000		49,849		—		(151	)
Expiring 05/17/23	MSC		TWD	913		30,000		29,728		—		(272	)
Expiring 05/17/23	MSC		TWD	304		10,000		9,910		—		(90	)
Expiring 05/17/23	MSC		TWD	304		10,000		9,909		—		(91	)

See Notes to Financial Statements.


PGIM Wadhwani Systematic Absolute Return Fund			15

Schedule of Investments (unaudited) (continued)

as of April 30, 2023

Forward foreign currency exchange contracts outstanding at April 30, 2023 (continued):


Purchase Contracts	Counterparty		Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
New Taiwanese Dollar (cont’d.),
Expiring 05/17/23		MSC		TWD	303	$	10,000	$	9,870	$	—	$	(130	)
New Zealand Dollar,
Expiring 05/17/23		MSC		NZD	550		341,231		340,102		—		(1,129	)
Expiring 05/17/23		MSC		NZD	380		232,459		234,980		2,521		—
Expiring 05/17/23		MSC		NZD	310		191,658		191,693		35		—
Expiring 05/17/23		MSC		NZD	110		68,277		68,021		—		(256	)
Expiring 05/17/23		MSC		NZD	70		43,207		43,286		79		—
Expiring 05/17/23		MSC		NZD	40		24,575		24,735		160		—
Expiring 05/17/23		MSC		NZD	40		24,672		24,735		63		—
Expiring 05/17/23		MSC		NZD	30		18,548		18,551		3		—
Expiring 05/17/23		MSC		NZD	20		12,336		12,368		32		—
Expiring 05/17/23		MSC		NZD	20		12,408		12,367		—		(41	)
Expiring 05/17/23		MSC		NZD	10		6,158		6,184		26		—
Expiring 05/17/23		MSC		NZD	10		6,204		6,183		—		(21	)
Expiring 05/17/23		MSC		NZD	10		6,187		6,184		—		(3	)
Expiring 05/17/23		MSC		NZD	10		6,204		6,183		—		(21	)
Norwegian Krone,
Expiring 05/19/23		MSC		NOK	5,021		478,477		471,715		—		(6,762	)
Expiring 05/19/23		MSC		NOK	922		87,291		86,589		—		(702	)
Expiring 05/19/23		MSC		NOK	798		76,887		74,993		—		(1,894	)
Expiring 05/19/23		MSC		NOK	584		55,187		54,891		—		(296	)
Expiring 05/19/23		MSC		NOK	581		54,854		54,562		—		(292	)
Expiring 05/19/23		MSC		NOK	465		44,130		43,717		—		(413	)
Expiring 05/19/23		MSC		NOK	229		21,854		21,530		—		(324	)
Expiring 05/19/23		MSC		NOK	115		11,029		10,757		—		(272	)
Expiring 05/19/23		MSC		NOK	115		10,975		10,789		—		(186	)
Expiring 05/19/23		MSC		NOK	115		10,913		10,759		—		(154	)
Expiring 05/19/23		MSC		NOK	114		10,877		10,692		—		(185	)
Philippine Peso,
Expiring 05/17/23		MSC		PHP	1,127		20,000		20,357		357		—
Expiring 05/17/23		MSC		PHP	1,107		20,000		19,986		—		(14	)
Expiring 05/17/23		MSC		PHP	561		10,000		10,130		130		—
Expiring 05/17/23		MSC		PHP	559		10,000		10,103		103		—
Expiring 05/17/23		MSC		PHP	558		10,000		10,071		71		—
Polish Zloty,
Expiring 05/17/23		MSC		PLN	325		77,293		78,060		767		—
Expiring 05/17/23		MSC		PLN	232		55,077		55,623		546		—
Expiring 05/17/23		MSC		PLN	186		43,822		44,573		751		—
Expiring 05/17/23		MSC		PLN	93		21,905		22,328		423		—
Expiring 05/17/23		MSC		PLN	92		22,048		22,096		48		—
Expiring 05/17/23		MSC		PLN	92		21,877		22,080		203		—
Expiring 05/17/23		MSC		PLN	46		10,997		10,993		—		(4	)

See Notes to Financial Statements.

Forward foreign currency exchange contracts outstanding at April 30, 2023 (continued):


Purchase Contracts	Counterparty	Notional Amount (000)				Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Polish Zloty (cont’d.),
Expiring 05/17/23	MSC		PLN	46		$	11,020	$	11,129	$	109	$	—
Expiring 05/17/23	MSC		PLN	46			10,933		11,054		121		—
Expiring 05/17/23	MSC		PLN	46			10,943		11,036		93		—
Expiring 05/17/23	MSC		PLN	46			10,945		11,066		121		—
Expiring 05/17/23	MSC		PLN	46			10,946		11,133		187		—
Expiring 05/17/23	MSC		PLN	—	*		21		21		—		—
Singapore Dollar,
Expiring 05/02/23	MSC		SGD	—	*		18		18		—		—
Expiring 05/17/23	MSC		SGD	133			100,000		99,638		—		(362	)
Expiring 05/17/23	MSC		SGD	120			90,000		89,668		—		(332	)
Expiring 05/17/23	MSC		SGD	27			19,997		20,010		13		—
Expiring 05/17/23	MSC		SGD	13			10,019		10,021		2		—
Expiring 05/17/23	MSC		SGD	13			10,007		10,021		14		—
Expiring 05/17/23	MSC		SGD	—	*		4		4		—		—
South African Rand,
Expiring 05/17/23	MSC		ZAR	549			29,972		29,967		—		(5	)
Expiring 05/17/23	MSC		ZAR	549			29,885		29,960		75		—
Expiring 05/17/23	MSC		ZAR	366			19,961		19,958		—		(3	)
Expiring 05/17/23	MSC		ZAR	365			19,899		19,896		—		(3	)
Expiring 05/17/23	MSC		ZAR	364			19,930		19,837		—		(93	)
Expiring 05/17/23	MSC		ZAR	184			9,988		10,034		46		—
South Korean Won,
Expiring 05/17/23	MSC		KRW	26,162			20,000		19,577		—		(423	)
Expiring 05/17/23	MSC		KRW	13,404			10,000		10,030		30		—
Expiring 05/17/23	MSC		KRW	13,174			10,000		9,858		—		(142	)
Expiring 05/17/23	MSC		KRW	13,165			10,000		9,852		—		(148	)
Expiring 05/17/23	MSC		KRW	13,157			10,000		9,846		—		(154	)
Expiring 05/17/23	MSC		KRW	12,969			10,000		9,705		—		(295	)
Expiring 05/17/23	MSC		KRW	12,965			10,000		9,702		—		(298	)
Expiring 05/17/23	MSC		KRW	12,964			10,000		9,701		—		(299	)
Expiring 05/17/23	MSC		KRW	12,964			10,000		9,701		—		(299	)
Swedish Krona,
Expiring 05/17/23	MSC		SEK	1,591			154,101		155,291		1,190		—
Expiring 05/17/23	MSC		SEK	1,472			142,099		143,651		1,552		—
Expiring 05/17/23	MSC		SEK	1,472			142,108		143,660		1,552		—
Expiring 05/17/23	MSC		SEK	905			87,882		88,374		492		—
Expiring 05/17/23	MSC		SEK	339			32,906		33,109		203		—
Expiring 05/17/23	MSC		SEK	113			10,960		11,027		67		—
Swiss Franc,
Expiring 05/03/23	MSC		CHF	214			239,890		239,807		—		(83	)
Expiring 05/03/23	MSC		CHF	18			19,966		19,959		—		(7	)
Expiring 05/17/23	MSC		CHF	880			989,220		987,164		—		(2,056	)

See Notes to Financial Statements.


PGIM Wadhwani Systematic Absolute Return Fund			17

Schedule of Investments (unaudited) (continued)

as of April 30, 2023

Forward foreign currency exchange contracts outstanding at April 30, 2023 (continued):


Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Swiss Franc (cont’d.),
Expiring 05/17/23	MSC		CHF	391	$	440,837	$	438,244	$	—	$	(2,593	)
Expiring 05/17/23	MSC		CHF	329		369,655		368,881		—		(774	)
Expiring 05/17/23	MSC		CHF	205		230,045		230,304		259		—
Expiring 05/17/23	MSC		CHF	144		160,377		161,269		892		—
Expiring 05/17/23	MSC		CHF	116		130,334		130,339		5		—
Expiring 05/17/23	MSC		CHF	99		110,317		110,742		425		—
Expiring 05/17/23	MSC		CHF	9		10,038		10,049		11		—
Thai Baht,
Expiring 05/02/23	MSC		THB	341		9,996		9,986		—		(10	)
Expiring 05/17/23	MSC		THB	10,247		300,000		300,694		694		—
Expiring 05/17/23	MSC		THB	2,065		60,124		60,599		475		—
Expiring 05/17/23	MSC		THB	1,377		40,054		40,409		355		—
Expiring 05/17/23	MSC		THB	688		20,039		20,187		148		—
Expiring 05/17/23	MSC		THB	688		20,039		20,187		148		—
Expiring 05/17/23	MSC		THB	683		20,000		20,048		48		—
Expiring 05/17/23	MSC		THB	682		20,002		20,002		—		—
Expiring 05/17/23	MSC		THB	681		20,000		19,989		—		(11	)
Expiring 05/17/23	MSC		THB	343		10,009		10,060		51		—
Expiring 05/17/23	MSC		THB	342		10,023		10,022		—		(1	)
Turkish Lira,
Expiring 05/17/23	MSC		TRY	21,977		1,090,000		1,074,659		—		(15,341	)
Expiring 05/17/23	MSC		TRY	2,420		120,000		118,311		—		(1,689	)
Expiring 05/17/23	MSC		TRY	2,220		110,000		108,541		—		(1,459	)
Expiring 05/17/23	MSC		TRY	1,008		50,000		49,296		—		(704	)
Expiring 05/17/23	MSC		TRY	1,000		50,000		48,902		—		(1,098	)
Expiring 05/17/23	MSC		TRY	405		20,000		19,780		—		(220	)
Expiring 05/17/23	MSC		TRY	395		20,000		19,313		—		(687	)
Expiring 05/17/23	MSC		TRY	204		10,000		9,998		—		(2	)
Expiring 05/17/23	MSC		TRY	202		10,000		9,856		—		(144	)
Expiring 05/17/23	MSC		TRY	201		10,000		9,837		—		(163	)
Expiring 05/17/23	MSC		TRY	199		10,000		9,711		—		(289	)

					$	29,856,260	$	29,828,607		140,481		(168,134	)


Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 05/17/23	MSC		AUD	2,670	$	1,784,661	$	1,768,193	$	16,468	$	—
Expiring 05/17/23	MSC		AUD	1,340		895,810		887,408		8,402		—

See Notes to Financial Statements.

Forward foreign currency exchange contracts outstanding at April 30, 2023 (continued):


Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Australian Dollar (cont’d.),
Expiring 05/17/23	MSC		AUD	1,340	$	885,035	$	887,408	$	—	$	(2,373	)
Expiring 05/17/23	MSC		AUD	1,260		845,296		834,429		10,867		—
Expiring 05/17/23	MSC		AUD	280		187,156		185,429		1,727		—
Expiring 05/17/23	MSC		AUD	210		140,795		139,071		1,724		—
Expiring 05/17/23	MSC		AUD	150		100,262		99,337		925		—
Expiring 05/17/23	MSC		AUD	10		6,709		6,623		86		—
Expiring 05/17/23	MSC		AUD	10		6,709		6,623		86		—
Brazilian Real,
Expiring 05/03/23	MSC		BRL	2,180		430,000		436,702		—		(6,702	)
Expiring 05/03/23	MSC		BRL	1,065		210,000		213,273		—		(3,273	)
Expiring 05/03/23	MSC		BRL	893		170,000		178,786		—		(8,786	)
Expiring 05/03/23	MSC		BRL	248		50,000		49,626		374		—
Expiring 05/03/23	MSC		BRL	156		30,000		31,221		—		(1,221	)
Expiring 05/03/23	MSC		BRL	155		30,000		31,076		—		(1,076	)
Expiring 05/03/23	MSC		BRL	152		30,000		30,468		—		(468	)
Expiring 05/03/23	MSC		BRL	149		30,000		29,899		101		—
Expiring 05/03/23	MSC		BRL	113		22,270		22,552		—		(282	)
Expiring 05/03/23	MSC		BRL	107		20,000		21,350		—		(1,350	)
Expiring 05/03/23	MSC		BRL	106		20,000		21,265		—		(1,265	)
Expiring 05/03/23	MSC		BRL	102		20,000		20,404		—		(404	)
Expiring 05/03/23	MSC		BRL	99		20,000		19,797		203		—
Expiring 05/03/23	MSC		BRL	53		10,000		10,546		—		(546	)
Expiring 05/03/23	MSC		BRL	52		10,000		10,351		—		(351	)
Expiring 05/03/23	MSC		BRL	52		10,000		10,390		—		(390	)
Expiring 05/03/23	MSC		BRL	50		10,000		9,988		12		—
Expiring 05/03/23	MSC		BRL	49		10,000		9,885		115		—
Expiring 06/02/23	MSC		BRL	50		10,000		10,043		—		(43	)
British Pound,
Expiring 05/03/23	MSC		GBP	450		565,614		565,609		5		—
Expiring 05/03/23	MSC		GBP	10		12,569		12,569		—		—
Expiring 05/03/23	MSC		GBP	10		12,569		12,569		—		—
Expiring 05/17/23	MSC		GBP	330		409,767		414,918		—		(5,151	)
Expiring 05/17/23	MSC		GBP	310		385,493		389,772		—		(4,279	)
Expiring 05/17/23	MSC		GBP	260		322,713		326,905		—		(4,192	)
Expiring 05/17/23	MSC		GBP	160		198,007		201,173		—		(3,166	)
Expiring 05/17/23	MSC		GBP	50		62,264		62,866		—		(602	)
Expiring 05/17/23	MSC		GBP	40		49,502		50,293		—		(791	)
Expiring 05/17/23	MSC		GBP	30		37,306		37,720		—		(414	)
Expiring 05/17/23	MSC		GBP	10		12,412		12,573		—		(161	)
Expiring 05/17/23	MSC		GBP	10		12,435		12,573		—		(138	)
Canadian Dollar,
Expiring 05/17/23	MSC		CAD	1,571		1,160,988		1,160,028		960		—

See Notes to Financial Statements.


PGIM Wadhwani Systematic Absolute Return Fund			19

Schedule of Investments (unaudited) (continued)

as of April 30, 2023

Forward foreign currency exchange contracts outstanding at April 30, 2023 (continued):


Sale Contracts	Counterparty	Notional Amount (000)				Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Canadian Dollar (cont’d.),
Expiring 05/17/23	MSC		CAD	969		$	720,000	$	715,303	$	4,697	$	—
Expiring 05/17/23	MSC		CAD	656			490,297		484,407		5,890		—
Expiring 05/17/23	MSC		CAD	528			390,445		390,151		294		—
Expiring 05/17/23	MSC		CAD	525			390,436		387,931		2,505		—
Expiring 05/17/23	MSC		CAD	286			210,077		211,511		—		(1,434	)
Expiring 05/17/23	MSC		CAD	255			190,079		188,626		1,453		—
Expiring 05/17/23	MSC		CAD	123			89,925		90,539		—		(614	)
Expiring 05/17/23	MSC		CAD	94			70,000		69,548		452		—
Expiring 05/17/23	MSC		CAD	81			60,451		59,493		958		—
Expiring 05/17/23	MSC		CAD	41			30,244		29,973		271		—
Expiring 05/17/23	MSC		CAD	40			30,335		29,854		481		—
Expiring 05/17/23	MSC		CAD	27			19,992		19,752		240		—
Expiring 05/17/23	MSC		CAD	27			20,138		19,819		319		—
Expiring 05/17/23	MSC		CAD	27			20,012		19,995		17		—
Expiring 05/17/23	MSC		CAD	14			10,153		10,191		—		(38	)
Expiring 05/17/23	MSC		CAD	13			10,017		9,927		90		—
Chilean Peso,
Expiring 05/17/23	MSC		CLP	16,365			20,000		20,215		—		(215	)
Expiring 05/17/23	MSC		CLP	8,047			10,000		9,940		60		—
Expiring 05/17/23	MSC		CLP	8,035			10,000		9,926		74		—
Chinese Renminbi,
Expiring 05/04/23	MSC		CNH	69			9,996		10,006		—		(10	)
Expiring 05/17/23	MSC		CNH	346			49,841		49,961		—		(120	)
Expiring 05/17/23	MSC		CNH	138			20,054		19,908		146		—
Expiring 05/17/23	MSC		CNH	138			20,072		19,932		140		—
Expiring 05/17/23	MSC		CNH	69			10,027		9,932		95		—
Expiring 05/17/23	MSC		CNH	69			10,025		9,971		54		—
Expiring 05/17/23	MSC		CNH	—	*		50		50		—		—
Expiring 05/17/23	MSC		CNH	—	*		6		6		—		—
Colombian Peso,
Expiring 05/17/23	MSC		COP	46,526			10,000		9,854		146		—
Czech Koruna,
Expiring 05/17/23	MSC		CZK	1,641			76,517		76,780		—		(263	)
Expiring 05/17/23	MSC		CZK	938			43,862		43,861		1		—
Expiring 05/17/23	MSC		CZK	467			21,994		21,850		144		—
Expiring 05/17/23	MSC		CZK	234			10,919		10,957		—		(38	)
Expiring 05/17/23	MSC		CZK	234			10,951		10,963		—		(12	)
Expiring 05/17/23	MSC		CZK	234			10,951		10,963		—		(12	)
Expiring 05/17/23	MSC		CZK	234			10,919		10,957		—		(38	)
Expiring 05/17/23	MSC		CZK	2			71		71		—		—
Euro,
Expiring 05/17/23	MSC		EUR	560			618,760		617,805		955		—

See Notes to Financial Statements.

Forward foreign currency exchange contracts outstanding at April 30, 2023 (continued):


Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Euro (cont’d.),
Expiring 05/17/23	MSC		EUR	520	$	569,409	$	573,676	$	—	$	(4,267	)
Expiring 05/17/23	MSC		EUR	360		397,128		397,160		—		(32	)
Expiring 05/17/23	MSC		EUR	350		384,430		386,128		—		(1,698	)
Expiring 05/17/23	MSC		EUR	270		298,331		297,870		461		—
Expiring 05/17/23	MSC		EUR	240		264,772		264,774		—		(2	)
Expiring 05/17/23	MSC		EUR	130		143,418		143,419		—		(1	)
Expiring 05/17/23	MSC		EUR	110		121,765		121,354		411		—
Expiring 05/17/23	MSC		EUR	110		121,765		121,354		411		—
Expiring 05/17/23	MSC		EUR	60		65,902		66,193		—		(291	)
Expiring 05/17/23	MSC		EUR	40		43,942		44,128		—		(186	)
Expiring 05/17/23	MSC		EUR	30		33,209		33,097		112		—
Expiring 05/17/23	MSC		EUR	30		32,957		33,097		—		(140	)
Expiring 05/17/23	MSC		EUR	30		33,148		33,097		51		—
Expiring 05/17/23	MSC		EUR	20		22,099		22,065		34		—
Expiring 05/17/23	MSC		EUR	20		22,064		22,064		—		—
Expiring 05/17/23	MSC		EUR	20		21,971		22,064		—		(93	)
Expiring 05/17/23	MSC		EUR	20		21,971		22,064		—		(93	)
Expiring 05/17/23	MSC		EUR	10		11,049		11,032		17		—
Expiring 05/17/23	MSC		EUR	10		10,986		11,033		—		(47	)
Expiring 05/17/23	MSC		EUR	10		10,984		11,033		—		(49	)
Expiring 05/17/23	MSC		EUR	10		10,984		11,033		—		(49	)
Expiring 05/17/23	MSC		EUR	10		11,031		11,032		—		(1	)
Expiring 05/19/23	MSC		EUR	440		480,992		485,479		—		(4,487	)
Expiring 05/19/23	MSC		EUR	80		87,785		88,269		—		(484	)
Expiring 05/19/23	MSC		EUR	70		77,050		77,235		—		(185	)
Expiring 05/19/23	MSC		EUR	50		54,912		55,168		—		(256	)
Expiring 05/19/23	MSC		EUR	50		54,957		55,168		—		(211	)
Expiring 05/19/23	MSC		EUR	40		44,231		44,134		97		—
Expiring 05/19/23	MSC		EUR	20		21,880		22,067		—		(187	)
Expiring 05/19/23	MSC		EUR	10		11,007		11,033		—		(26	)
Expiring 05/19/23	MSC		EUR	10		10,987		11,034		—		(47	)
Expiring 05/19/23	MSC		EUR	10		10,987		11,034		—		(47	)
Expiring 05/19/23	MSC		EUR	10		10,932		11,034		—		(102	)
Hungarian Forint,
Expiring 05/17/23	MSC		HUF	14,897		43,347		43,712		—		(365	)
Expiring 05/17/23	MSC		HUF	7,419		21,778		21,769		9		—
Expiring 05/17/23	MSC		HUF	3,724		10,837		10,928		—		(91	)
Expiring 05/17/23	MSC		HUF	3,724		10,837		10,928		—		(91	)
Expiring 05/17/23	MSC		HUF	3,713		10,899		10,895		4		—
Indian Rupee,
Expiring 05/17/23	MSC		INR	36,978		450,000		451,946		—		(1,946	)
Expiring 05/17/23	MSC		INR	13,148		160,000		160,692		—		(692	)

See Notes to Financial Statements.


PGIM Wadhwani Systematic Absolute Return Fund			21

Schedule of Investments (unaudited) (continued)

as of April 30, 2023

Forward foreign currency exchange contracts outstanding at April 30, 2023 (continued):


Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Indian Rupee (cont’d.),
Expiring 05/17/23	MSC		INR	4,925	$	60,000	$	60,199	$	—	$	(199	)
Expiring 05/17/23	MSC		INR	1,646		20,000		20,114		—		(114	)
Expiring 05/17/23	MSC		INR	1,643		20,000		20,083		—		(83	)
Expiring 05/17/23	MSC		INR	1,642		20,000		20,065		—		(65	)
Expiring 05/17/23	MSC		INR	1,636		20,000		19,993		7		—
Expiring 05/17/23	MSC		INR	823		10,000		10,057		—		(57	)
Expiring 05/17/23	MSC		INR	823		10,000		10,056		—		(56	)
Expiring 05/17/23	MSC		INR	821		10,000		10,030		—		(30	)
Expiring 05/17/23	MSC		INR	821		10,000		10,031		—		(31	)
Expiring 05/17/23	MSC		INR	821		10,000		10,033		—		(33	)
Expiring 05/17/23	MSC		INR	817		10,000		9,988		12		—
Indonesian Rupiah,
Expiring 05/17/23	MSC		IDR	297,846		20,000		20,298		—		(298	)
Expiring 05/17/23	MSC		IDR	148,685		10,000		10,133		—		(133	)
Israeli Shekel,
Expiring 05/17/23	MSC		ILS	330		90,000		91,064		—		(1,064	)
Expiring 05/17/23	MSC		ILS	74		20,092		20,284		—		(192	)
Expiring 05/17/23	MSC		ILS	37		10,022		10,064		—		(42	)
Expiring 05/17/23	MSC		ILS	36		10,023		10,025		—		(2	)
Expiring 05/17/23	MSC		ILS	36		10,009		10,060		—		(51	)
Japanese Yen,
Expiring 05/17/23	MSC		JPY	244,281		1,834,576		1,798,216		36,360		—
Expiring 05/17/23	MSC		JPY	134,662		1,002,999		991,279		11,720		—
Expiring 05/17/23	MSC		JPY	98,106		732,886		722,186		10,700		—
Expiring 05/17/23	MSC		JPY	76,489		572,862		563,052		9,810		—
Expiring 05/17/23	MSC		JPY	55,798		410,805		410,743		62		—
Expiring 05/17/23	MSC		JPY	10,693		80,595		78,712		1,883		—
Expiring 05/17/23	MSC		JPY	9,520		70,092		70,081		11		—
Expiring 05/17/23	MSC		JPY	5,387		40,265		39,657		608		—
Expiring 05/17/23	MSC		JPY	5,366		40,087		39,502		585		—
Expiring 05/17/23	MSC		JPY	4,020		30,088		29,592		496		—
Expiring 05/17/23	MSC		JPY	3,990		30,000		29,370		630		—
Expiring 05/17/23	MSC		JPY	1,361		10,020		10,018		2		—
Expiring 05/17/23	MSC		JPY	1,348		10,074		9,922		152		—
Expiring 05/17/23	MSC		JPY	1,347		10,035		9,918		117		—
Expiring 05/17/23	MSC		JPY	1,345		10,046		9,900		146		—
Expiring 05/17/23	MSC		JPY	1,318		9,901		9,705		196		—
Expiring 05/17/23	MSC		JPY	1,306		9,885		9,611		274		—
Expiring 05/17/23	MSC		JPY	3		22		22		—		—
Mexican Peso,
Expiring 05/03/23	MSC		MXN	180		9,989		9,999		—		(10	)
Expiring 05/17/23	MSC		MXN	1,627		89,502		90,086		—		(584	)

See Notes to Financial Statements.

Forward foreign currency exchange contracts outstanding at April 30, 2023 (continued):


Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Mexican Peso (cont’d.),
Expiring 05/17/23	MSC		MXN	1,084	$	59,691	$	60,016	$	—	$	(325	)
Expiring 05/17/23	MSC		MXN	362		19,985		20,041		—		(56	)
Expiring 05/17/23	MSC		MXN	181		9,944		9,998		—		(54	)
New Taiwanese Dollar,
Expiring 05/17/23	MSC		TWD	44,098		1,450,000		1,435,507		14,493		—
Expiring 05/17/23	MSC		TWD	6,386		210,000		207,883		2,117		—
Expiring 05/17/23	MSC		TWD	4,871		160,000		158,564		1,436		—
Expiring 05/17/23	MSC		TWD	3,656		120,000		119,002		998		—
Expiring 05/17/23	MSC		TWD	2,129		70,000		69,300		700		—
Expiring 05/17/23	MSC		TWD	1,825		60,000		59,412		588		—
Expiring 05/17/23	MSC		TWD	922		30,000		30,022		—		(22	)
Expiring 05/17/23	MSC		TWD	916		30,000		29,823		177		—
Expiring 05/17/23	MSC		TWD	614		20,000		20,003		—		(3	)
Expiring 05/17/23	MSC		TWD	612		20,000		19,915		85		—
Expiring 05/17/23	MSC		TWD	612		20,000		19,913		87		—
Expiring 05/17/23	MSC		TWD	612		20,000		19,921		79		—
Expiring 05/17/23	MSC		TWD	611		20,000		19,889		111		—
Expiring 05/17/23	MSC		TWD	608		20,000		19,803		197		—
Expiring 05/17/23	MSC		TWD	606		20,000		19,721		279		—
Expiring 05/17/23	MSC		TWD	606		20,000		19,727		273		—
Expiring 05/17/23	MSC		TWD	307		10,000		10,004		—		(4	)
Expiring 05/17/23	MSC		TWD	306		10,000		9,957		43		—
Expiring 05/17/23	MSC		TWD	306		10,000		9,961		39		—
Expiring 05/17/23	MSC		TWD	306		10,000		9,956		44		—
Expiring 05/17/23	MSC		TWD	306		10,000		9,950		50		—
Expiring 05/17/23	MSC		TWD	305		10,000		9,943		57		—
Expiring 05/17/23	MSC		TWD	304		10,000		9,902		98		—
New Zealand Dollar,
Expiring 05/17/23	MSC		NZD	1,070		663,073		661,652		1,421		—
Expiring 05/17/23	MSC		NZD	430		266,583		265,898		685		—
Expiring 05/17/23	MSC		NZD	210		130,341		129,857		484		—
Expiring 05/17/23	MSC		NZD	190		117,754		117,489		265		—
Expiring 05/17/23	MSC		NZD	170		105,358		105,123		235		—
Expiring 05/17/23	MSC		NZD	100		61,404		61,837		—		(433	)
Expiring 05/17/23	MSC		NZD	80		49,579		49,469		110		—
Expiring 05/17/23	MSC		NZD	60		37,844		37,102		742		—
Expiring 05/17/23	MSC		NZD	30		18,591		18,551		40		—
Expiring 05/17/23	MSC		NZD	10		6,307		6,183		124		—
Expiring 05/17/23	MSC		NZD	10		6,197		6,184		13		—
Expiring 05/17/23	MSC		NZD	10		6,307		6,183		124		—
Norwegian Krone,
Expiring 05/19/23	MSC		NOK	2,819		265,390		264,800		590		—

See Notes to Financial Statements.


PGIM Wadhwani Systematic Absolute Return Fund			23

Schedule of Investments (unaudited) (continued)

as of April 30, 2023

Forward foreign currency exchange contracts outstanding at April 30, 2023 (continued):


Sale Contracts	Counterparty	Notional Amount (000)				Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Norwegian Krone (cont’d.),
Expiring 05/19/23	MSC		NOK	1,833		$	176,177	$	172,232	$	3,945	$	—
Expiring 05/19/23	MSC		NOK	1,714			167,000		161,022		5,978		—
Expiring 05/19/23	MSC		NOK	1,176			110,701		110,455		246		—
Expiring 05/19/23	MSC		NOK	699			65,527		65,666		—		(139	)
Expiring 05/19/23	MSC		NOK	353			33,134		33,204		—		(70	)
Philippine Peso,
Expiring 05/17/23	MSC		PHP	2,225			40,000		40,186		—		(186	)
Expiring 05/17/23	MSC		PHP	1,687			30,000		30,471		—		(471	)
Expiring 05/17/23	MSC		PHP	557			10,000		10,054		—		(54	)
Expiring 05/17/23	MSC		PHP	556			10,000		10,045		—		(45	)
Polish Zloty,
Expiring 05/17/23	MSC		PLN	232			54,622		55,573		—		(951	)
Expiring 05/17/23	MSC		PLN	139			32,776		33,347		—		(571	)
Expiring 05/17/23	MSC		PLN	46			10,925		11,115		—		(190	)
Expiring 05/17/23	MSC		PLN	46			10,966		11,099		—		(133	)
Expiring 05/17/23	MSC		PLN	46			10,927		11,078		—		(151	)
Singapore Dollar,
Expiring 05/03/23	MSC		SGD	27			19,987		19,998		—		(11	)
Expiring 05/17/23	MSC		SGD	107			80,122		80,100		22		—
Expiring 05/17/23	MSC		SGD	80			60,106		60,061		45		—
Expiring 05/17/23	MSC		SGD	80			60,089		60,072		17		—
Expiring 05/17/23	MSC		SGD	53			40,067		39,943		124		—
Expiring 05/17/23	MSC		SGD	40			30,034		30,119		—		(85	)
Expiring 05/17/23	MSC		SGD	27			20,022		20,079		—		(57	)
Expiring 05/17/23	MSC		SGD	27			20,066		20,051		15		—
Expiring 05/17/23	MSC		SGD	27			20,024		19,984		40		—
Expiring 05/17/23	MSC		SGD	27			20,022		20,013		9		—
Expiring 05/17/23	MSC		SGD	13			10,024		9,965		59		—
Expiring 05/17/23	MSC		SGD	13			9,998		9,967		31		—
Expiring 05/17/23	MSC		SGD	13			10,015		10,012		3		—
Expiring 05/17/23	MSC		SGD	13			10,011		10,039		—		(28	)
Expiring 05/17/23	MSC		SGD	13			10,134		10,111		23		—
Expiring 05/17/23	MSC		SGD	13			10,001		9,997		4		—
Expiring 05/17/23	MSC		SGD	—	*		18		18		—		—
Expiring 05/17/23	MSC		SGD	—	*		62		61		1		—
South African Rand,
Expiring 05/02/23	MSC		ZAR	184			9,997		10,049		—		(52	)
Expiring 05/03/23	MSC		ZAR	549			29,995		30,009		—		(14	)
Expiring 05/03/23	MSC		ZAR	366			19,977		19,986		—		(9	)
Expiring 05/03/23	MSC		ZAR	365			19,915		19,924		—		(9	)
Expiring 05/17/23	MSC		ZAR	5,727			310,000		312,519		—		(2,519	)
Expiring 05/17/23	MSC		ZAR	924			50,000		50,406		—		(406	)

See Notes to Financial Statements.

Forward foreign currency exchange contracts outstanding at April 30, 2023 (continued):


Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South African Rand (cont’d.),
Expiring 05/17/23	MSC		ZAR	551	$	29,979	$	30,084	$	—	$	(105	)
Expiring 05/17/23	MSC		ZAR	369		20,000		20,162		—		(162	)
Expiring 05/17/23	MSC		ZAR	367		20,293		20,030		263		—
Expiring 05/17/23	MSC		ZAR	182		9,913		9,948		—		(35	)
Expiring 05/17/23	MSC		ZAR	182		9,980		9,905		75		—
Expiring 05/17/23	MSC		ZAR	181		9,981		9,864		117		—
Expiring 05/17/23	MSC		ZAR	181		9,974		9,887		87		—
South Korean Won,
Expiring 05/17/23	MSC		KRW	93,481		70,000		69,954		46		—
Expiring 05/17/23	MSC		KRW	92,750		70,000		69,407		593		—
Expiring 05/17/23	MSC		KRW	79,505		60,000		59,495		505		—
Expiring 05/17/23	MSC		KRW	39,829		30,000		29,805		195		—
Expiring 05/17/23	MSC		KRW	26,801		20,000		20,055		—		(55	)
Expiring 05/17/23	MSC		KRW	13,333		10,000		9,977		23		—
Expiring 05/17/23	MSC		KRW	13,171		10,000		9,856		144		—
Expiring 05/17/23	MSC		KRW	13,114		10,000		9,813		187		—
Expiring 05/17/23	MSC		KRW	13,112		10,000		9,812		188		—
Expiring 05/17/23	MSC		KRW	13,100		10,000		9,803		197		—
Swedish Krona,
Expiring 05/17/23	MSC		SEK	2,163		209,681		211,168		—		(1,487	)
Expiring 05/17/23	MSC		SEK	1,361		132,924		132,873		51		—
Expiring 05/17/23	MSC		SEK	1,249		121,155		121,942		—		(787	)
Expiring 05/17/23	MSC		SEK	913		88,497		89,125		—		(628	)
Expiring 05/17/23	MSC		SEK	906		87,776		88,471		—		(695	)
Expiring 05/17/23	MSC		SEK	796		77,770		77,739		31		—
Expiring 05/17/23	MSC		SEK	228		22,118		22,275		—		(157	)
Expiring 05/17/23	MSC		SEK	227		22,136		22,112		24		—
Expiring 05/17/23	MSC		SEK	227		22,006		22,129		—		(123	)
Expiring 05/17/23	MSC		SEK	226		21,919		22,093		—		(174	)
Expiring 05/17/23	MSC		SEK	114		11,099		11,095		4		—
Expiring 05/17/23	MSC		SEK	113		10,988		11,041		—		(53	)
Expiring 05/17/23	MSC		SEK	113		11,065		11,053		12		—
Swiss Franc,
Expiring 05/02/23	MSC		CHF	205		229,657		229,870		—		(213	)
Expiring 05/02/23	MSC		CHF	9		10,021		10,030		—		(9	)
Expiring 05/17/23	MSC		CHF	2,068		2,300,000		2,318,468		—		(18,468	)
Expiring 05/17/23	MSC		CHF	311		351,869		349,030		2,839		—
Expiring 05/17/23	MSC		CHF	303		340,207		340,115		92		—
Expiring 05/17/23	MSC		CHF	214		240,267		240,232		35		—
Expiring 05/17/23	MSC		CHF	143		160,501		160,543		—		(42	)
Expiring 05/17/23	MSC		CHF	90		100,443		100,715		—		(272	)
Expiring 05/17/23	MSC		CHF	63		70,265		70,162		103		—

See Notes to Financial Statements.


PGIM Wadhwani Systematic Absolute Return Fund			25

Schedule of Investments (unaudited) (continued)

as of April 30, 2023

Forward foreign currency exchange contracts outstanding at April 30, 2023 (continued):


Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Swiss Franc (cont’d.),
Expiring 05/17/23	MSC		CHF	27	$	30,095	$	30,176	$	—	$	(81	)
Expiring 05/17/23	MSC		CHF	18		19,997		19,994		3		—
Thai Baht,
Expiring 05/03/23	MSC		THB	342		10,000		10,007		—		(7	)
Expiring 05/17/23	MSC		THB	2,758		80,497		80,927		—		(430	)
Expiring 05/17/23	MSC		THB	1,718		50,191		50,417		—		(226	)
Expiring 05/17/23	MSC		THB	1,031		30,114		30,250		—		(136	)
Expiring 05/17/23	MSC		THB	686		20,000		20,118		—		(118	)
Expiring 05/17/23	MSC		THB	343		10,000		10,051		—		(51	)
Expiring 05/17/23	MSC		THB	341		10,000		10,010		—		(10	)
Expiring 05/17/23	MSC		THB	341		10,012		10,002		10		—
Turkish Lira,
Expiring 05/17/23	MSC		TRY	19,392		960,000		948,259		11,741		—
Expiring 05/17/23	MSC		TRY	2,698		130,000		131,951		—		(1,951	)
Expiring 05/17/23	MSC		TRY	2,427		120,000		118,654		1,346		—
Expiring 05/17/23	MSC		TRY	1,818		90,000		88,897		1,103		—
Expiring 05/17/23	MSC		TRY	1,645		80,000		80,454		—		(454	)
Expiring 05/17/23	MSC		TRY	416		20,000		20,329		—		(329	)
Expiring 05/17/23	MSC		TRY	410		20,000		20,055		—		(55	)
Expiring 05/17/23	MSC		TRY	410		20,000		20,033		—		(33	)
Expiring 05/17/23	MSC		TRY	208		10,000		10,150		—		(150	)
Expiring 05/17/23	MSC		TRY	205		10,000		10,017		—		(17	)
Expiring 05/17/23	MSC		TRY	204		10,000		9,993		7		—
Expiring 05/17/23	MSC		TRY	201		10,000		9,836		164		—
Expiring 05/17/23	MSC		TRY	199		10,000		9,753		247		—
Expiring 05/17/23	MSC		TRY	199		10,000		9,753		247		—

					$	35,206,745	$	35,115,794		194,940		(103,989	)

									$	335,421	$	(272,123	)

*	Less than 500.

Cross currency exchange contracts outstanding at April 30, 2023:


Settlement	Type	Notional Amount (000)			In Exchange For (000)			Unrealized Appreciation		Unrealized Depreciation			Counterparty
OTC Cross Currency Exchange Contracts:
05/17/23	Buy		CZK	470		EUR	20	$	—	$	(61	)	MSC
05/17/23	Buy		CZK	2,353		EUR	100		—		(250	)	MSC
05/17/23	Buy		CZK	19,998		EUR	850		—		(2,128	)	MSC
05/17/23	Buy		EUR	10		PLN	46		10		—		MSC

See Notes to Financial Statements.

Cross currency exchange contracts outstanding at April 30, 2023 (continued):


Settlement	Type	Notional Amount (000)			In Exchange For (000)			Unrealized Appreciation		Unrealized Depreciation			Counterparty
OTC Cross Currency Exchange Contracts (cont’d.):
05/17/23	Buy		EUR	10		PLN	46	$	7	$	—		MSC
05/17/23	Buy		EUR	10		CZK	236		8		—		MSC
05/17/23	Buy		EUR	10		HUF	3,763		—		(10	)	MSC
05/17/23	Buy		EUR	20		PLN	92		21		—		MSC
05/17/23	Buy		EUR	20		HUF	7,488		91		—		MSC
05/17/23	Buy		EUR	40		SEK	454		—		(210	)	MSC
05/17/23	Buy		EUR	40		SEK	454		—		(192	)	MSC
05/17/23	Buy		EUR	40		SEK	456		—		(365	)	MSC
05/17/23	Buy		EUR	70		SEK	795		—		(413	)	MSC
05/17/23	Buy		EUR	140		SEK	1,589		—		(663	)	MSC
05/17/23	Buy		EUR	580		SEK	6,583		—		(2,693	)	MSC
05/17/23	Buy		EUR	1,460		SEK	16,573		—		(7,067	)	MSC
05/17/23	Buy		HUF	3,752		EUR	10		—		(23	)	MSC
05/17/23	Buy		HUF	3,817		EUR	10		168		—		MSC
05/17/23	Buy		HUF	7,507		EUR	20		—		(36	)	MSC
05/17/23	Buy		HUF	38,169		EUR	100		1,677		—		MSC
05/17/23	Buy		HUF	137,409		EUR	360		6,037		—		MSC
05/17/23	Buy		PLN	46		EUR	10		—		(6	)	MSC
05/17/23	Buy		PLN	92		EUR	20		—		(5	)	MSC
05/17/23	Buy		PLN	234		EUR	50		1,021		—		MSC
05/17/23	Buy		PLN	983		EUR	210		4,311		—		MSC
05/17/23	Buy		PLN	2,342		EUR	500		10,336		—		MSC
05/17/23	Buy		SEK	113		EUR	10		24		—		MSC
05/17/23	Buy		SEK	114		EUR	10		93		—		MSC
05/17/23	Buy		SEK	114		EUR	10		72		—		MSC
05/17/23	Buy		SEK	114		EUR	10		93		—		MSC
05/17/23	Buy		SEK	226		EUR	20		35		—		MSC
05/17/23	Buy		SEK	227		EUR	20		49		—		MSC
05/17/23	Buy		SEK	340		EUR	30		114		—		MSC
05/17/23	Buy		SEK	568		EUR	50		248		—		MSC
05/17/23	Buy		SEK	1,357		EUR	120		61		—		MSC
05/19/23	Buy		EUR	10		NOK	117		5		—		MSC
05/19/23	Buy		EUR	10		NOK	117		19		—		MSC
05/19/23	Buy		EUR	10		NOK	117		19		—		MSC
05/19/23	Buy		EUR	10		NOK	117		37		—		MSC
05/19/23	Buy		EUR	20		NOK	234		66		—		MSC
05/19/23	Buy		EUR	20		NOK	234		58		—		MSC
05/19/23	Buy		EUR	30		NOK	352		—		(8	)	MSC
05/19/23	Buy		EUR	30		NOK	354		—		(170	)	MSC
05/19/23	Buy		EUR	40		NOK	460		922		—		MSC
05/19/23	Buy		EUR	100		NOK	1,150		2,311		—		MSC
05/19/23	Buy		EUR	1,300		NOK	14,949		30,010		—		MSC
05/19/23	Buy		NOK	117		EUR	10		—		(31	)	MSC

See Notes to Financial Statements.


PGIM Wadhwani Systematic Absolute Return Fund			27

Schedule of Investments (unaudited) (continued)

as of April 30, 2023

Cross currency exchange contracts outstanding at April 30, 2023 (continued):


Settlement	Type	Notional Amount (000)			In Exchange For (000)			Unrealized Appreciation		Unrealized Depreciation			Counterparty
OTC Cross Currency Exchange Contracts (cont’d.):
05/19/23	Buy		NOK	118		EUR	10	$	6	$	—			MSC
05/19/23	Buy		NOK	118		EUR	10		9		—			MSC
05/19/23	Buy		NOK	826		EUR	70		365		—			MSC

								$	58,303	$	(14,331	)

Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:


Broker		Cash and/or Foreign Currency		Securities Market Value


GS	$ 529,434	$	—
MSC	758,176		—

Total	$1,287,610	$	—

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 April 30, 2023 in valuing such portfolio securities:


	Level 1			Level 2		Level 3
Short-Term Investment
Affiliated Mutual Fund	$	36,012,169		$	—	$	—

Other Financial Instruments*
Assets
Futures Contracts	$	201,281		$	—	$	—
OTC Forward Foreign Currency Exchange Contracts		—			335,421		—
OTC Cross Currency Exchange Contracts		—			58,303		—

Total	$	201,281		$	393,724	$	—


Liabilities
Futures Contracts	$	(164,793	)	$	—	$	—

See Notes to Financial Statements.


	Level 1			Level 2			Level 3
*Other Financial Instruments (continued)**
Liabilities (continued)
OTC Forward Foreign Currency Exchange Contracts	$	—		$	(272,123	)	$	—
OTC Cross Currency Exchange Contracts		—			(14,331	)		—

Total	$	(164,793	)	$	(286,454	)	$	—

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of April 30, 2023 were as follows:


Affiliated Mutual Fund	80.9	%
Other assets in excess of liabilities	19.1

	100.0	%

Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:

The Fund invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are equity contracts risk, foreign exchange contracts risk and interest rate contracts risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of April 30, 2023 as presented in the Statement of Assets and Liabilities:

Derivatives not accounted for as
hedging instruments, carried at
fair value

Asset Derivatives

Liability Derivatives

Statement of
Assets and
Liabilities Location

Fair
Value

Statement of
Assets and
Liabilities Location

Fair
Value

Equity contracts

Due from/to broker-variation margin futures

59,243

Due from/to broker-variation margin futures

34,225

Foreign exchange contracts

Unrealized appreciation

on OTC cross currency

exchange contracts

58,303

Unrealized depreciation on OTC cross currency exchange contracts

14,331

Foreign exchange contracts

Unrealized appreciation on OTC forward foreign currency exchange contracts

335,421

Unrealized depreciation on OTC forward foreign currency exchange contracts

272,123

See Notes to Financial Statements.


PGIM Wadhwani Systematic Absolute Return Fund			29

Schedule of Investments (unaudited) (continued)

as of April 30, 2023


Derivatives not accounted for as hedging instruments, carried at fair value	Asset Derivatives					Liability Derivatives
	Statement of Assets and Liabilities Location		Fair Value			Statement of Assets and Liabilities Location		Fair Value
Interest rate contracts		Due from/to broker-variation margin futures	$	142,038	*		Due from/to broker-variation margin futures	$	130,568	*

			$	595,005				$	451,247

*	Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2023 are as follows:


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures			Forward & Cross Currency Exchange Contracts			Swaps
Equity contracts	$	(1,007,513	)	$	—		$	2,217
Foreign exchange contracts		—			(271,766	)		—
Interest rate contracts		(1,445,801	)		—			—

Total	$	(2,453,314	)	$	(271,766	)	$	2,217


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value				Futures			Forward & Cross Currency Exchange Contracts
Equity contracts				$	57,689		$	—
Foreign exchange contracts					—			247,999
Interest rate contracts					29,582			—

Total				$	87,271		$	247,999

For the six months ended April 30, 2023, the Fund’s average volume of derivative activities is as follows:


Derivative Contract Type		Average Volume of Derivative Activities*
Futures Contracts - Long Positions (1)		$56,890,739
Futures Contracts - Short Positions (1)		42,518,397
Forward Foreign Currency Exchange Contracts - Purchased (2)		29,118,216
Forward Foreign Currency Exchange Contracts - Sold (2)		34,298,851
Cross Currency Exchange Contracts (3)		5,086,425

See Notes to Financial Statements.


Derivative Contract Type		Average Volume of Derivative Activities*
Total Return Swap Agreements (1)		$ 35,788

*	Average volume is based on average quarter end balances as noted for the six months ended April 30, 2023.

(1)	Notional Amount in USD.

(2)	Value at Settlement Date.

(3)	Value at Trade Date.

Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:

The Fund invested in OTC derivatives 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 OTC derivatives where the legal right to set-off exists is presented in the summary below.

Offsetting of OTC derivative assets and liabilities:


Counterparty	Gross Amounts of Recognized Assets(1)	Gross Amounts of Recognized Liabilities(1)	Net Amounts of Recognized Assets/(Liabilities)	Collateral Pledged/(Received)(2)	Net Amount
MSC	$393,724	$(286,454)	$107,270	$—	$107,270

(1)	Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2)	Collateral amount disclosed by the Fund is limited to the market value of financial instruments/transactions and the Fund’s OTC derivative exposure by counterparty.

See Notes to Financial Statements.


PGIM Wadhwani Systematic Absolute Return Fund			31

Statement of Assets and Liabilities (unaudited)

as of April 30, 2023


Assets

Affiliated investments (cost $36,012,169)	$36,012,169
Deposit with prime broker for futures and OTC forward foreign currency exchange contracts	7,021,298
Deposit with broker for centrally cleared/exchange-traded derivatives	1,287,610
Unrealized appreciation on OTC forward foreign currency exchange contracts	335,421
Due from broker—variation margin futures	113,249
Unrealized appreciation on OTC cross currency exchange contracts	58,303
Receivable for investments sold	13,213
Receivable for Fund shares sold	11,696
Prepaid expenses and other assets	20,284

Total Assets	44,873,243


Liabilities

Unrealized depreciation on OTC forward foreign currency exchange contracts	272,123
Audit fee payable	26,282
Management fee payable	21,511
Accrued expenses and other liabilities	16,686
Unrealized depreciation on OTC cross currency exchange contracts	14,331
Payable for Fund shares purchased	10,706
Payable to custodian	3,952
Trustees’ fees payable	687
Affiliated transfer agent fee payable	307
Distribution fee payable	185

Total Liabilities	366,770


Net Assets	$44,506,473




Net assets were comprised of:
Shares of beneficial interest, at par	$ 4,554
Paid-in capital in excess of par	46,702,295
Total distributable earnings (loss)	(2,200,376	)

Net assets, April 30, 2023	$44,506,473

See Notes to Financial Statements.


Class A

Net asset value and redemption price per share, ($574,930 ÷ 58,830 shares of beneficial interest issued and outstanding)	$	9.77
Maximum sales charge (5.50% of offering price)		0.57

Maximum offering price to public	$	10.34


Class C

Net asset value, offering price and redemption price per share, ($73,032 ÷ 7,491 shares of beneficial interest issued and outstanding)	$	9.75


Class Z

Net asset value, offering price and redemption price per share, ($11,533,658 ÷ 1,179,084 shares of beneficial interest issued and outstanding)	$	9.78


Class R6

Net asset value, offering price and redemption price per share, ($32,324,853 ÷ 3,308,974 shares of beneficial interest issued and outstanding)	$	9.77

See Notes to Financial Statements.


PGIM Wadhwani Systematic Absolute Return Fund			33

Statement of Operations (unaudited)

Six Months Ended April 30, 2023


Net Investment Income (Loss)

Income
Unaffiliated dividend income	$	576,289
Affiliated dividend income		239,851
Interest income		6,344

Total income		822,484


Expenses
Management fee		245,109
Distribution fee(a)		1,456
Audit fee		26,282
Custodian and accounting fees		18,330
Registration fees(a)		17,550
Professional fees		11,150
Transfer agent’s fees and expenses (including affiliated expense of $1,230)(a)		7,834
Shareholders’ reports		7,438
Trustees’ fees		4,927
SEC registration fees		731
Miscellaneous		12,567

Total expenses		353,374
Less: Fee waiver and/or expense reimbursement(a)		(91,696	)

Net expenses		261,678

Net investment income (loss)		560,806


Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions

Net realized gain (loss) on:
Futures transactions		(2,453,314	)
Forward and cross currency contract transactions		(271,766	)
Swap agreement transactions		2,217
Foreign currency transactions		(145,490	)

		(2,868,353	)


Net change in unrealized appreciation (depreciation) on:
Futures		87,271
Forward and cross currency contracts		247,999
Foreign currencies		2,234

		337,504

Net gain (loss) on investment and foreign currency transactions		(2,530,849	)

Net Increase (Decrease) In Net Assets Resulting From Operations	$	(1,970,043	)

See Notes to Financial Statements.

(a)	Class specific expenses and waivers were as follows:


	Class A			Class C			Class Z			Class R6
Distribution fee		1,090			366			—			—
Registration fees		4,559			3,126			7,547			2,318
Transfer agent’s fees and expenses		687			97			6,995			55
Fee waiver and/or expense reimbursement		(6,325	)		(3,315	)		(30,333	)		(51,723	)

See Notes to Financial Statements.


PGIM Wadhwani Systematic Absolute Return Fund			35

Statements of Changes in Net Assets (unaudited)



	Six Months Ended April 30, 2023				Year Ended October 31, 2022

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)		$	560,806			$	(111,355	)
Net realized gain (loss) on investment and foreign currency transactions			(2,868,353	)			3,764,402
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			337,504				(405,801	)

Net increase (decrease) in net assets resulting from operations			(1,970,043	)			3,247,246


Dividends and Distributions
Distributions from distributable earnings
Class A			(56,624	)			(318	)
Class C			(3,429	)			(268	)
Class Z			(997,317	)			(684	)
Class R6			(2,267,142	)			(835,628	)

			(3,324,512	)			(836,898	)


Fund share transactions (Net of share conversions)
Net proceeds from shares sold			8,630,615				17,749,558
Net asset value of shares issued in reinvestment of dividends and distributions			3,324,469				836,898
Cost of shares purchased			(11,631,718	)			(2,226,114	)

Net increase (decrease) in net assets from Fund share transactions			323,366				16,360,342

Total increase (decrease)			(4,971,189	)			18,770,690

Net Assets:
Beginning of period			49,477,662				30,706,972

End of period		$	44,506,473			$	49,477,662

See Notes to Financial Statements.

Financial Highlights (unaudited)



Class A Shares
	Six Months Ended April 30, 2023			Year Ended October 31, 2022			September 28, 2021^(a) through October 31, 2021
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$10.90			$10.22			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.11			0.01	^(c)		(0.01	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.55	)		0.94			0.23
Total from investment operations		(0.44	)		0.95			0.22
Less Dividends and Distributions:
Dividends from net investment income		(0.27	)		(0.05	)		-
Distributions from net realized gains		(0.42	)		(0.22	)		-
Total dividends and distributions		(0.69	)		(0.27	)		-
Net asset value, end of period		$9.77			$10.90			$10.22
Total Return^(d):		(4.15	)%		9.64	%		2.20	%


Ratios/Supplemental Data:
Net assets, end of period (000)		$575			$788			$11
Average net assets (000)		$879			$231			$10
Ratios to average net assets^(e):
Expenses after waivers and/or expense reimbursement		1.40	%^(f)		1.45	%^(g)		1.40	%^(h)
Expenses before waivers and/or expense reimbursement		2.85	%^(f)		13.76	%		200.29	%^(h)
Net investment income (loss)		2.12	%^(f)		0.10	%		(1.32	)%^(h)
Portfolio turnover rate⁽ⁱ⁾		0	%		0	%		0	%

(a)	Commencement of operations.

(b)	Calculated based on average shares outstanding during the period.

(c)	The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.

(d)

(e)	Does not include expenses of the underlying funds in which the Fund invests.

(f)	Annualized.

(g)	Includes derivatives broker fees of 0.05% for the year ended October 31, 2022.

(h)	Annualized, with the exception of certain non-recurring expenses.

(i)	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 Wadhwani Systematic Absolute Return Fund			37

Financial Highlights (unaudited) (continued)



Class C Shares
	Six Months Ended April 30, 2023			Year Ended October 31, 2022			September 28, 2021^(a) through October 31, 2021
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$10.82			$10.21			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.07			(0.10	)		(0.02	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.55	)		0.98			0.23
Total from investment operations		(0.48	)		0.88			0.21
Less Dividends and Distributions:
Dividends from net investment income		(0.17	)		(0.05	)		-
Distributions from net realized gains		(0.42	)		(0.22	)		-
Total dividends and distributions		(0.59	)		(0.27	)		-
Net asset value, end of period		$9.75			$10.82			$10.21
Total Return^(c):		(4.58	)%		8.88	%		2.10	%


Ratios/Supplemental Data:
Net assets, end of period (000)		$73			$63			$10
Average net assets (000)		$74			$18			$10
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		2.15	%^(e)		2.20	%^(f)		2.15	%^(g)
Expenses before waivers and/or expense reimbursement		11.21	%^(e)		133.01	%		197.54	%^(g)
Net investment income (loss)		1.40	%^(e)		(0.92	)%		(2.07	)%^(g)
Portfolio turnover rate^(h)		0	%		0	%		0	%

(a)	Commencement of operations.

(b)	Calculated based on average shares outstanding during the period.

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests.

(e)	Annualized.

(f)	Includes derivatives broker fees of 0.05% for the year ended October 31, 2022.

(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.



Class Z Shares
	Six Months Ended April 30, 2023			Year Ended October 31, 2022				September 28, 2021^(a) through October 31, 2021
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$10.93			$10.22				$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.12			0.05	^(c)			(0.01	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.56	)		0.94				0.23
Total from investment operations		(0.44	)		0.99				0.22
Less Dividends and Distributions:
Dividends from net investment income		(0.29	)		(0.06	)			-
Distributions from net realized gains		(0.42	)		(0.22	)			-
Total dividends and distributions		(0.71	)		(0.28	)			-
Net asset value, end of period		$9.78			$10.93				$10.22
Total Return^(d):		(4.10	)%		9.97	%	��		2.20	%


Ratios/Supplemental Data:
Net assets, end of period (000)		$11,534			$14,883				$10
Average net assets (000)		$12,925			$2,763				$10
Ratios to average net assets^(e):
Expenses after waivers and/or expense reimbursement		1.15	%^(f)		1.20	%^(g)			1.15	%^(h)
Expenses before waivers and/or expense reimbursement		1.62	%^(f)		3.00	%			212.41	%^(h)
Net investment income (loss)		2.36	%^(f)		0.49	%			(1.07	)%^(h)
Portfolio turnover rate⁽ⁱ⁾		0	%		0	%			0	%

(a)	Commencement of operations.

(b)	Calculated based on average shares outstanding during the period.

(c)	The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.

(d)

(e)	Does not include expenses of the underlying funds in which the Fund invests.

(f)	Annualized.

(g)	Includes derivatives broker fees of 0.05% for the year ended October 31, 2022.

(h)	Annualized, with the exception of certain non-recurring expenses.

(i)	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 Wadhwani Systematic Absolute Return Fund			39

Financial Highlights (unaudited) (continued)



Class R6 Shares
	Six Months Ended April 30, 2023			Year Ended October 31, 2022			September 28, 2021^(a)through October 31, 2021
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$10.93			$10.22			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.12			(0.04	)		(0.01	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.55	)		1.03			0.23
Total from investment operations		(0.43	)		0.99			0.22
Less Dividends and Distributions:
Dividends from net investment income		(0.31	)		(0.06	)		-
Distributions from net realized gains		(0.42	)		(0.22	)		-
Total dividends and distributions		(0.73	)		(0.28	)		-
Net asset value, end of period		$9.77			$10.93			$10.22
Total Return^(c):		(4.06	)%		9.99	%		2.20	%


Ratios/Supplemental Data:
Net assets, end of period (000)		$32,325			$33,743			$30,675
Average net assets (000)		$33,196			$31,689			$30,276
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		1.10	%^(e)		1.16	%^(f)		1.10	%^(g)
Expenses before waivers and/or expense reimbursement		1.41	%^(e)		1.81	%		1.84	%^(g)
Net investment income (loss)		2.43	%^(e)		(0.39	)%		(1.02	)%^(g)
Portfolio turnover rate^(h)		0	%		0	%		0	%

(a)	Commencement of operations.

(b)	Calculated based on average shares outstanding during the period.

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests.

(e)	Annualized.

(f)	Includes derivatives broker fees of 0.06% for the year ended October 31, 2022.

(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.

Notes to Financial Statements (unaudited)

1. Organization

Prudential Investment Portfolios 3 (the “Registered Investment Company” or “RIC”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The RIC is organized as a Delaware Statutory Trust. These financial statements relate only to the PGIM Wadhwani Systematic Absolute Return Fund (the “Fund”), a series of the RIC. The Fund is classified as a non-diversified fund for purposes of the 1940 Act.

The investment objective of the Fund is to seek long-term risk adjusted total return.

The Fund is subject to compliance with applicable regulations governing commodity pools including Commodity Futures Trading Commission (“CFTC”) rules.

2. Accounting Policies

The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services — Investment Companies. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform to U.S. generally accepted accounting principles (“GAAP”). The Fund consistently follows such policies in the preparation of its financial statements.

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Fund’s investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC’s Board of Trustees (the “Board”) has approved the Fund’s valuation policies and procedures for security valuation and designated to PGIM Investments LLC (“PGIM Investments” or the “Manager”) as the Valuation Designee pursuant to SEC Rule 2a-5(b) to perform the fair value determination relating to all Fund investments. Pursuant to the Board’s oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities as valuation designee under SEC Rule 2a-5. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.


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Notes to Financial Statements (unaudited) (continued)

Foreign Currency Translation: The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:

(i) market value of investment securities, other assets and liabilities — at the exchange rate as of the valuation date;

(ii) purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.


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Notes to Financial Statements (unaudited) (continued)

Forward and Cross Currency Contracts: A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The Fund enters into forward currency contracts, as defined in the prospectus, in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency and to gain exposure to certain currencies. The contracts are valued daily at current forward exchange rates and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on forward and cross currency contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on forward and cross currency contract transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Fund’s maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract’s life. A cross currency contract is a forward contract where a specified amount of one foreign currency will be exchanged for a specified amount of another foreign currency.

an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the “initial margin.” Subsequent payments, known as “variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in the value of the underlying security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

The Fund invested in financial futures contracts in order to gain exposure to equities and fixed income. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Since futures contracts are exchange-traded, there is minimal counterparty credit risk to the Fund since the exchanges’ clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

Total Return Swaps: In a total return swap, one party receives payments based on the market value of the security or the commodity involved, or total return of a specific referenced asset, such as an equity, index or bond, and in return pays a defined amount. The Fund is subject to risk exposures associated with the referenced asset in the normal course of pursuing its investment objectives. The Fund entered into total return swaps to manage its exposure to a security or an index. The Fund’s maximum risk of loss from counterparty credit risk is the change in the value of the security, in the Fund’s favor, from the point of entering into the contract.


PGIM Wadhwani Systematic Absolute Return Fund			45

Notes to Financial Statements (unaudited) (continued)

factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

The RIC, on behalf of the Fund, is a party to International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the Fund is held in a segregated account by the Fund’s custodian and with respect to those amounts which can be sold or re-pledged, is presented in the Schedule of Investments. Collateral pledged by the Fund is segregated by the Fund’s custodian and identified in the Schedule of Investments. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the Fund and the applicable counterparty. Collateral requirements are determined based on the Fund’s net position with each counterparty. Termination events applicable to the Fund may occur upon a decline in the Fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Fund’s counterparties to elect early termination could impact the Fund’s future derivative activity.

In addition to each instrument’s primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in the portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/insolvency of either party. Such OTC derivative agreements include conditions which, when materialized, give the counterparty the right to cause an early termination of the transactions under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Fund becomes aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Such class specific expenses and waivers include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

Offering and Organization Costs: Offering costs paid in connection with the initial offering of shares of the Fund are being amortized on a straight-line basis over twelve months from the date of commencement of operations. Organization costs paid in connection with the organization of the Fund were expensed as incurred.



Expected Distribution Schedule to Shareholders*	Frequency

Net Investment Income		Annually

Short-Term Capital Gains		Annually

Long-Term Capital Gains		Annually


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Notes to Financial Statements (unaudited) (continued)

*	Under certain circumstances, the Fund may make more than one distribution of short-term and/or long-term capital gains during a fiscal year.

3. Agreements

The Manager has entered into a subadvisory agreement with PGIM Wadhwani LLP (“PGIM Wadhwani” or the “subadviser”). The Manager pays for the services of the subadviser.

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended April 30, 2023, the contractual and effective management fee rates were as follows:



Contractual Management Rate	Effective Management Fee, before any waivers and/or expense reimbursements

1.05% of the average daily net assets of the Fund up to and including $1 billion;		1.05%

1.03% of the average daily net assets of the Fund from $1 billion up to and including $3 billion;

1.01% of the average daily net assets of the Fund from $3 billion up to and including $5 billion;

1.00% of the average daily net assets of the Fund from $5 billion up to and including $10 billion; and

0.99% of average daily net assets of the Fund over $10 billion.

total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year. The expense limitations attributable to each class are as follows:


Class		Expense Limitations
A		1.40%
C		2.15
Z		1.15
R6		1.10

The RIC, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class C, Class Z and Class R6 shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A and Class C shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS.

The Fund’s annual gross and net distribution rates, where applicable, are as follows:


Class	Gross Distribution Fee	Net Distribution Fee
A	0.25%	0.25%
C	1.00	1.00
Z	N/A	N/A
R6	N/A	N/A


Class	FESL	CDSC
A	$59	$—
C	—	—

PGIM Investments, PGIM Wadhwani and PIMS are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (“Prudential”).


PGIM Wadhwani Systematic Absolute Return Fund			49

Notes to Financial Statements (unaudited) (continued)

4. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the Fund’s transfer agent and shareholder servicing agent. Transfer agent’s fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

The Fund may invest its overnight sweep cash in the PGIM Core Government Money Market Fund (the “Core Government Fund”), a fund of the Prudential Government Money Market Fund, Inc., registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Government Fund. In addition to the realized and unrealized gains on investments in the Core Government Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income”.

5. Portfolio Securities

There were no purchases or sales of portfolio securities, other than short-term investments, for the reporting period ended April 30, 2023.

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended April 30, 2023, is presented as follows:


Value, Beginning of Period	Cost of Purchases	Proceeds from Sales	Change in Unrealized Gain (Loss)	Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Income

Short-Term Investments - Affiliated Mutual Fund:

PGIM Core Government Money Market Fund^(1)(wj)
$—	$40,501,596	$4,489,427	$—		$—		$36,012,169		36,012,169		$239,851

(1)	The Fund did not have any capital gain distributions during the reporting period.

(wj)	PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Government Money Market Fund.

6. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of April 30, 2023 were as follows:


Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$36,045,276	$592,477	$(481,826)	$110,651

The GAAP basis may differ from tax basis due to certain tax-related adjustments.

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the two fiscal years up to the most recent fiscal year ended October 31, 2022 are subject to such review.

7. Capital and Ownership

The RIC has authorized an unlimited number of shares of beneficial interest at $0.001 par value per share, currently divided into four classes, designated Class A, Class C, Class Z and Class R6.


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Notes to Financial Statements (unaudited) (continued)

As of April 30, 2023, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:


Class	Number of Shares	Percentage of Outstanding Shares
A	1,097		1.9	%
C	1,087		14.5
Z	7,538		0.6
R6	3,308,974		100.0

At the reporting period end, the number of shareholders holding greater than 5% of the Fund are as follows:


	Number of Shareholders		Percentage of Outstanding Shares
Affiliated		1		72.6	%
Unaffiliated		1		19.2

Transactions in shares of beneficial interest were as follows:



Share Class	Shares			Amount

Class A
Six months ended April 30, 2023:
Shares sold		82,359		$	852,184
Shares issued in reinvestment of dividends and distributions		5,557			56,624
Shares purchased		(101,369	)		(1,021,046	)
Net increase (decrease) in shares outstanding before conversion		(13,453	)		(112,238	)
Shares issued upon conversion from other share class(es)		24			235
Net increase (decrease) in shares outstanding		(13,429	)	$	(112,003	)

Year ended October 31, 2022:
Shares sold		152,753		$	1,636,453
Shares issued in reinvestment of dividends and distributions		32			318
Shares purchased		(81,625	)		(868,587	)
Net increase (decrease) in shares outstanding before conversion		71,160			768,184
Shares issued upon conversion from other share class(es)		1			14
Net increase (decrease) in shares outstanding		71,161		$	768,198



Share Class		Shares			Amount

Class C
Six months ended April 30, 2023:
Shares sold			3,350		$	34,000
Shares issued in reinvestment of dividends and distributions			336			3,429
Shares purchased			(1,991	)		(19,775	)
Net increase (decrease) in shares outstanding before conversion			1,695			17,654
Shares purchased upon conversion into other share class(es)			(24	)		(235	)
Net increase (decrease) in shares outstanding			1,671		$	17,419

Year ended October 31, 2022:
Shares sold			4,794		$	51,349
Shares issued in reinvestment of dividends and distributions			27			268
Net increase (decrease) in shares outstanding before conversion			4,821			51,617
Shares purchased upon conversion into other share class(es)			(1	)		(14	)
Net increase (decrease) in shares outstanding			4,820		$	51,603

Class Z
Six months ended April 30, 2023:
Shares sold			743,148		$	7,744,431
Shares issued in reinvestment of dividends and distributions			97,868			997,274
Shares purchased			(1,024,241	)		(10,590,897	)
Net increase (decrease) in shares outstanding			(183,225	)	$	(1,849,192	)

Year ended October 31, 2022:
Shares sold			1,485,697		$	16,061,756
Shares issued in reinvestment of dividends and distributions			70			684
Shares purchased			(124,458	)		(1,357,527	)
Net increase (decrease) in shares outstanding			1,361,309		$	14,704,913

Class R6
Six months ended April 30, 2023:
Shares issued in reinvestment of dividends and distributions	��		222,706		$	2,267,142
Net increase (decrease) in shares outstanding			222,706		$	2,267,142

Year ended October 31, 2022:
Shares issued in reinvestment of dividends and distributions			85,268		$	835,628
Net increase (decrease) in shares outstanding			85,268		$	835,628

8. Borrowings

The RIC, on behalf of the Fund, along with other affiliated registered investment companies (the “Participating Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a


PGIM Wadhwani Systematic Absolute Return Fund			53

Notes to Financial Statements (unaudited) (continued)

group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the SCA.



		SCA
Term of Commitment		9/30/2022 - 9/28/2023
Total Commitment		$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA		0.15%
Annualized Interest Rate on Borrowings		1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent

The Fund did not utilize the SCA during the reporting period ended April 30, 2023.

9. Risks of Investing in the Fund

Cash Management and Defensive Investing Risk: The value of the investments held by the Fund for cash management or defensive investing purposes can fluctuate. Like other fixed income securities, they are subject to risk, including market, interest rate and credit risk. If the Fund holds cash uninvested, it will be subject to the credit risk of the depository institution holding the cash. If the Fund holds cash uninvested, the Fund will not earn income on the cash. If a significant amount of the Fund’s assets are used for cash management or defensive investing purposes, it may not achieve its investment objective.

Futures Trading Commission (the “CFTC”). The regulatory requirements governing the use of commodity futures (which include futures on broad-based securities indexes, interest rate futures and currency futures), options on commodity futures, certain swaps or certain other investments could change at any time.

Currency Risk: A substantial portion of assets of the Fund may be invested in non-US currencies or in securities that trade in, and receive revenues in, non-US currencies or in derivatives that provide exposure to non-US currencies. Such investments are subject to the risk that the value of a particular currency will change in relation to the US dollar or other currencies in a manner that is not anticipated or does not correspond accurately to changes in the value of the Fund’s holdings and may result in Fund losses. Among the factors that may affect currency values are trade balances, levels of short term interest rates, differences in relative values of similar assets in different currencies, long term opportunities for investment and capital appreciation, central bank policy, and political developments. Currency conversion costs and currency fluctuations could erase investment gains or add to investment losses. Currency exchange rates may be volatile. Certain currency transactions are also subject to counterparty risk.


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Notes to Financial Statements (unaudited) (continued)

by the Fund for redemption before it matures and the Fund may not be able to reinvest at the same rate of interest and therefore would earn less income.

subject to rapid and unpredictable rates of inflation or deflation. Low trading volumes may result in a lack of liquidity and price volatility. Emerging market countries may have policies that restrict investment by non-U.S. investors, or that prevent non-U.S. investors from withdrawing their money at will.

Equity and Equity-Related Securities Risk: Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. In addition to an individual security losing value, the value of the equity markets or a sector in which the Fund invests could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

Exchange Traded Fund (“ETF”) Risk: The price movement of an ETF may not track the underlying index or basket of securities and may result in a loss. Investments in ETFs entail duplicate management fees, and the Fund will bear its proportionate share of the other expenses of the ETFs in which it invests. In addition, ETFs that invest in commodities may be, or may become subject to CFTC trading regulations that limit the amount of commodity contracts an ETF may hold. Such regulations could hurt the market value of an ETF’s shares. In addition, some commodity ETFs invest in commodity futures that can lose money even when commodity prices are rising.

Europe Recent Events Risk: A number of countries in Europe have experienced severe economic and financial difficulties. Many non-governmental issuers, and even certain governments, have defaulted on, or been forced to restructure, their debts; many other issuers have faced difficulties obtaining credit or refinancing existing obligations; financial institutions have in many cases required government or central bank support, have needed to raise capital, and/or have been impaired in their ability to extend credit; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within and beyond Europe. Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In addition, the United Kingdom (“UK”) has formally withdrawn from the European Union (“EU”) and one or more other countries may withdraw from the EU and/or abandon the Euro, the common currency of the EU. The UK and EU reached an agreement effective January 1, 2021 on the terms of their future trading relationship relating to the trading of goods, however, this does not cover financial services. The Fund may face risks associated with the potential uncertainty and consequences of the new relationship between the UK and EU, including volatility in exchange and interest rates and politically divergent


PGIM Wadhwani Systematic Absolute Return Fund			57

Notes to Financial Statements (unaudited) (continued)

national laws and regulations. Ukraine has experienced ongoing military conflict; this conflict may expand and military attacks could occur elsewhere in Europe. Europe has also been struggling with mass migration from the Middle East and Africa. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far-reaching.

Whether or not the Fund invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and relative liquidity of the Fund’s investments. The occurrence of terrorist incidents throughout Europe could also impact financial markets.

Futures and Forward Contracts Risk: The primary risks associated with the use of futures or forward contracts are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures or forward contract; (b) possible lack of a liquid secondary market for a futures or forward contract and the resulting inability to close a futures or forward contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the failure to predict correctly the direction of securities or commodities prices, interest rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty to the futures or forward contract will default in the performance of its obligations. Additionally, not all

forward contracts require a counterparty to post collateral, which may expose the Fund to greater losses in the event of a default by a counterparty.

Interest Rate Risk: The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. Similarly, a rise in interest rates may also have a greater negative impact on the value of equity securities whose issuers expect earnings further out in the future. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as “duration risk.” When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund’s holdings may fall sharply. This is referred to as “extension risk.” The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

Leverage Risk: Certain transactions in which the Fund may engage may give rise to leverage. The use of leverage exaggerates the effect of any increase or decrease in the value of the Fund’s holdings, and makes any change in the Fund’s net asset value (“NAV”) greater than it would be without the use of leverage. This could result in increased volatility of investment return. There is a possibility that segregation involving a large percentage of the assets of the Fund could impede portfolio management or the Fund’s ability to meet redemption requests or other current obligations or that the Fund may be required to dispose of some of its investments at unfavorable prices or times.


PGIM Wadhwani Systematic Absolute Return Fund			59

Notes to Financial Statements (unaudited) (continued)

Market Risk: Markets are volatile and the prices of the Fund’s investments may decline generally. Instruments held by the Fund may fluctuate in price based on changes in an

issuer’s financial condition and overall market and economic conditions. If the market prices of the instruments owned by the Fund fall, the value of your investment in the Fund will decline.

Model Design Risk: The subadviser uses certain quantitative models or algorithms to help guide its investment decisions. The design of the underlying models or algorithms may be flawed or incomplete. Additionally, the quantitative techniques that underlie the subadviser’s portfolio construction processes may fail to fully anticipate important risks. When a model or algorithms used in managing the Fund contains an error, or is incorrect or incomplete, any decision made in reliance on the model or algorithm may not produce the desired results and the Fund may realize losses. There is no guarantee that a quantitative model or algorithm used by the subadviser, and the investments selected based on the model or algorithm, will perform as expected or produce the desired results.

Model Implementation Risk: While the subadviser strives to mitigate the likelihood of material implementation errors, it is impossible to completely eliminate the risk of error in the implementation of the computer models that guide the subadviser’s quantitative investment processes. Additionally, it may be difficult to implement model recommendations in volatile and rapidly changing market conditions.

Money Market Instruments Risk: The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of those instruments. If a significant amount of the Fund’s assets are invested in money market instruments, it will be more difficult for the Fund to achieve its investment objective.

New Fund Risk: The Fund recently commenced operations. As a new and relatively small fund, the Fund’s performance may not represent how the Fund is expected to or may perform in the long term if it becomes larger and after it has fully implemented its investment strategies. Investment positions may have a disproportionate impact (negative or positive) on performance in new and smaller funds. New and smaller funds may also require a period of time before they are invested in securities that meet their investment objectives and policies and achieve a representative portfolio composition. Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, and may not employ a successful investment strategy, either of which could result in the Fund being liquidated at any time without shareholder approval and/or at a time that may not be favorable for all shareholders. Such a liquidation could result in transaction costs and have negative tax consequences for shareholders.

Non-Diversified Investment Company Risk: The Fund is non-diversified for purposes of the 1940 Act. This means that the Fund may invest a greater percentage of its assets in the securities of a single company or other issuer than a diversified fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a non-diversified fund.


PGIM Wadhwani Systematic Absolute Return Fund			61

Notes to Financial Statements (unaudited) (continued)

Reference Rate Risk: The Fund may be exposed to financial instruments that are tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value.

Short Position Risk: The Fund’s short sales of a security or short positions in derivative instruments are subject to special risks. If the price of the security or derivative increases, then the Fund will incur a loss equal to the increase in price from the time that the short sale was entered into plus any transaction costs (i.e., premiums and interest) paid to the broker-dealer to borrow securities. Therefore, short sales involve the risk that losses may be exaggerated, potentially losing more money than the actual cost of the investment. By contrast, a loss on a long position arises from decreases in the value of the security and is limited by the fact that a security’s value cannot decrease below zero. By investing the proceeds received from selling securities short, the Fund could be deemed to be employing a form of leverage, which creates special risks. In times of unusual or adverse market, economic, regulatory or political conditions, the Fund may not be able, fully or partially, to implement its short selling strategy. Also, there is the risk that the third party to the short sale will not fulfill its contractual obligations, causing a loss to the Fund.

loans to governmental entities. In addition, there is no bankruptcy proceeding by which defaulted sovereign debt may be collected.

Swaps Risk: Swap agreements involve the risk that the party with which the Fund has entered into the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the other party to the agreement.

U.S. Government and Agency Securities Risk: U.S. Government and agency securities are subject to market risk, interest rate risk and credit risk. Not all U.S. Government securities are insured or guaranteed by the full faith and credit of the U.S. Government; some are only insured or guaranteed by the issuing agency, which must rely on its own resources to repay the debt. Some agency securities carry no guarantee whatsoever and the risk of default associated with these securities would be borne by the Fund. The maximum potential liability of the issuers of some U.S. Government securities held by the Fund may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. No assurance can be given that the U.S. Government would provide financial support to any such issuers if it is not obligated to do so by law. It is possible that these issuers will not have the funds to meet their payment obligations in the future. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.

10. Recent Regulatory Developments


PGIM Wadhwani Systematic Absolute Return Fund			63

Liquidity Risk Management Program

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^∎ MAIL	^∎ TELEPHONE	^∎ WEBSITE
655 Broad Street Newark, NJ 07102	(800) 225-1852	pgim.com/investments

PROXY VOTING

TRUSTEES

OFFICERS



MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102

SUBADVISER	PGIM Wadhwani LLP	5 Upper St. Martin’s Lane Orion House, 9th Floor London WC2H 9EA

DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102

CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286

TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 534432 Pittsburgh, PA 15253

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017

FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

E-DELIVERY

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, PGIM Wadhwani Systematic Absolute Return Fund, PGIM Investments, Attn: Board of Trustees, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to that Trustee at the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO HOLDINGS

Mutual Funds:

ARE NOT INSURED BY THE FDIC OR ANY
FEDERAL GOVERNMENT AGENCY

MAY LOSE VALUE

ARE NOT A DEPOSIT OF OR GUARANTEED
BY ANY BANK OR ANY BANK AFFILIATE

LOGO

PGIM WADHWANI SYSTEMATIC ABSOLUTE RETURN FUND



SHARE CLASS	A	C	Z	R6

NASDAQ	PGAEX	PGAFX	PGAGX	PGAHX

CUSIP	74440K512	74440K496	74440K488	74440K470

MF245E2

Item 2 –

Code of Ethics – Not required, as this is not an annual filing.

Item 3 –

Audit Committee Financial Expert – Not required, as this is not an annual filing.

Item 4 –

Principal Accountant Fees and Services – Not required, as this is not an annual filing.

Item 5 –

Audit Committee of Listed Registrants – Not applicable.

Item 6 –

Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7 –

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.

Item 8 –

Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 9 –

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

Item 10 –

Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 –

Controls and Procedures

(a)

It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b)

There has been no significant change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 –

Controls and Procedures - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable.

Item 13 –

Exhibits

(a)(1) Code of Ethics – Not required, as this is not an annual filing.

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.CERT.

(a)(2)(1) Any written solicitation to purchase securities under Rule 23c-1 – Not applicable.

(a)(2)(2) Change in the registrant’s independent public accountant – Not applicable.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Registrant:		Prudential Investment Portfolios 3

By:		/s/ Andrew R. French
		Andrew R. French
		Secretary

Date:		June 20, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Stuart S. Parker
		Stuart S. Parker
		President and Principal Executive Officer

Date:		June 20, 2023

By:		/s/ Christian J. Kelly
		Christian J. Kelly
		Chief Financial Officer (Principal Financial Officer)

Date:		June 20, 2023

Tax Basis

Gross
Unrealized
Appreciation

Gross
Unrealized
Depreciation

Net
Unrealized
Depreciation

$148,616,409

$10,637,460

$(25,541,858)

$(14,904,398)