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 and PGIM Wadhwani Systematic Absolute Return Fund)*

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

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

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

Date of fiscal year end:		10/31/2024

Date of reporting period:		4/30/2024

Item 1 – Reports to Stockholders

LOGO

PGIM REAL ASSETS FUND

SEMIANNUAL REPORT

APRIL 30, 2024

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 andExpenses			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, 2024 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 and member SIPC. PGIM Quantitative Solutions LLC, a wholly owned subsidiary of PGIM, Inc. (PGIM), is a registered investment adviser. © 2024 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, 2024.

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 14th-largest investment manager with more than $1.3 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 14, 2024


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 4/30/24 (without sales charges)	Average Annual Total Returns as of 4/30/24 (with sales charges)
	*Six Months (%)**	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)

Class A	7.48	-2.52	4.38	2.03	—

Class C	7.16	1.43	4.81	1.87	—

Class Z	7.63	3.36	5.90	2.92	—

Class R6	7.82	3.61	6.04	N/A	3.29 (1/23/2015)

Customized Blend Index

	5.43	0.67	3.49	1.56	—

Bloomberg US TIPS Index

	3.61	-1.35	2.07	1.90	—



Average Annual Total Returns as of 4/30/24 Since Inception (%)
		Class R6 (1/23/2015)

Customized Blend Index		2.21

Bloomberg US TIPS Index		1.69

*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 Treasury Inflation-Protected Securities (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 24 exchange traded futures on physical commodities, representing 22 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 4/30/24



Top Holding	Asset Class	% of Net Assets

PGIM TIPS Fund	TIPS	22.3%

PGIM Select Real Estate Fund	Real Estate	21.4%

PGIM Quant Solutions Commodity Strategies Fund	Commodity	17.7%

PGIM Jennison MLP Fund	Master Limited Partnerships (MLPs)	12.7%

PGIM Jennison Global Infrastructure Fund	Utilities/Infrastructure	8.5%

PGIM Global Real Estate Fund	Real Estate	7.8%

PGIM Jennison Natural Resources Fund	Natural Resources	5.6%

iShares Gold Trust	Exchange-Traded Funds	2.6%

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, 2024. 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, 2023	Ending Account Value April 30, 2024	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Class A	Actual	$1,000.00	$1,074.80	1.60%	$ 8.25
	Hypothetical	$1,000.00	$1,016.91	1.60%	$ 8.02

Class C	Actual	$1,000.00	$1,071.60	2.36%	$12.16
	Hypothetical	$1,000.00	$1,013.13	2.36%	$11.81

Class Z	Actual	$1,000.00	$1,076.30	1.32%	$ 6.81
	Hypothetical	$1,000.00	$1,018.30	1.32%	$ 6.62

Class R6	Actual	$1,000.00	$1,078.20	1.14%	$ 5.89
	Hypothetical	$1,000.00	$1,019.19	1.14%	$ 5.72

*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 182 days in the six-month period ended April 30, 2024, and divided by the 366 days in the Fund’s fiscal year ending October 31, 2024 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying funds in which the Fund may invest.


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Consolidated Schedule of Investments (unaudited)

as of April 30, 2024


Description	Shares		Value

LONG-TERM INVESTMENTS 98.6%

AFFILIATED MUTUAL FUNDS 96.0%
Domestic Equity — 39.7%


PGIM Jennison MLP Fund (Class R6)		1,355,493	$	10,762,614
PGIM Jennison Natural Resources Fund (Class R6)		81,170		4,797,174
PGIM Select Real Estate Fund (Class R6)		1,555,061		18,163,115


				33,722,903


Fixed Income — 40.0%


PGIM Quant Solutions Commodity Strategies Fund (Class R6)		2,177,864		15,027,260
PGIM TIPS Fund (Class R6)		2,301,222		18,893,036


				33,920,296


International Equity — 16.3%


PGIM Global Real Estate Fund (Class R6)		365,822		6,595,766
PGIM Jennison Global Infrastructure Fund (Class R6)		479,572		7,236,744


				13,832,510


TOTAL AFFILIATED MUTUAL FUNDS (cost $75,071,917)(wa)				81,475,709


UNAFFILIATED EXCHANGE-TRADED FUND 2.6%
iShares Gold Trust* (cost $1,820,127)(bb)		50,695		2,195,093


TOTAL LONG-TERM INVESTMENTS (cost $76,892,044)				83,670,802

SHORT-TERM INVESTMENT 1.6%

AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $1,315,011)(bb)(wa)		1,315,011		1,315,011


TOTAL INVESTMENTS 100.2% (cost $78,207,055)				84,985,813
Liabilities in excess of other assets (0.2)%				(164,580	)


NET ASSETS 100.0%			$	84,821,233

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.

See Notes to Consolidated Financial Statements.


PGIM Real Assets Fund			9

Consolidated Schedule of Investments (unaudited) (continued)

as of April 30, 2024

(wa)	Represents investments in Funds affiliated with the Manager.

Fair Value Measurements:

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of April 30, 2024 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Affiliated Mutual Funds
Domestic Equity	$	33,722,903		$—		$—
Fixed Income		33,920,296		—		—
International Equity		13,832,510		—		—
Unaffiliated Exchange-Traded Fund		2,195,093		—		—
Short-Term Investment
Affiliated Mutual Fund		1,315,011		—		—

Total	$	84,985,813		$—		$—

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, 2024 were as follows:


Real Estate	29.2	%
TIPS	22.3
Commodity	17.7
Master Limited Partnerships (MLPs)	12.7
Utilities/Infrastructure	8.5
Natural Resources	5.6
Unaffiliated Exchange-Traded Fund	2.6
Short Term	1.6

	100.2
Liabilities in excess of other assets	(0.2	)

	100.0	%

See Notes to Consolidated Financial Statements.


10

Consolidated Statement of Assets and Liabilities (unaudited)

as of April 30, 2024


Assets
Investments at value:
Unaffiliated investments (cost $1,820,127)	$	2,195,093
Affiliated investments (cost $76,386,928)		82,790,720
Receivable for Fund shares sold		80,632
Receivable for investments sold		15,465
Due from Manager		11,494
Interest receivable		447
Prepaid expenses		482

Total Assets		85,094,333


Liabilities
Payable for Fund shares purchased		189,206
Audit fee payable		28,328
Transfer agent’s fees and expenses payable		22,218
Custodian and accounting fees payable		20,733
Accrued expenses and other liabilities		7,998
Distribution fee payable		2,467
Affiliated transfer agent fee payable		1,094
Trustees’ fees payable		883
Dividends payable		173

Total Liabilities		273,100


Net Assets	$	84,821,233



Net assets were comprised of:
Shares of beneficial interest, at par	$	9,386
Paid-in capital in excess of par		109,490,295
Total distributable earnings (loss)		(24,678,448	)

Net assets, April 30, 2024	$	84,821,233

See Notes to Consolidated Financial Statements.


PGIM Real Assets Fund			11

Consolidated Statement of Assets and Liabilities (unaudited)

as of April 30, 2024


Class A
Net asset value and redemption price per share, ($6,384,951 ÷ 707,681 shares of beneficial interest issued and outstanding)	$	9.02
Maximum sales charge (5.50% of offering price)		0.52

Maximum offering price to public	$	9.54


Class C
Net asset value, offering price and redemption price per share, ($1,290,018 ÷ 144,498 shares of beneficial interest issued and outstanding)	$	8.93


Class Z
Net asset value, offering price and redemption price per share, ($28,979,269 ÷ 3,203,967 shares of beneficial interest issued and outstanding)	$	9.04


Class R6
Net asset value, offering price and redemption price per share, ($48,166,995 ÷ 5,329,932 shares of beneficial interest issued and outstanding)	$	9.04

See Notes to Consolidated Financial Statements.


12

Consolidated Statement of Operations (unaudited)

Six Months Ended April 30, 2024


Net Investment Income (Loss)
Affiliated dividend income	$	2,156,855


Expenses
Management fee		293,315
Distribution fee(a)		18,867
Custodian and accounting fees		42,819
Transfer agent’s fees and expenses (including affiliated expense of $3,653)(a)		40,818
Audit fee		28,328
Professional fees		27,316
Registration fees(a)		18,359
Shareholders’ reports		18,331
Trustees’ fees		5,490
Miscellaneous		17,602

Total expenses		511,245
Less: Fee waiver and/or expense reimbursement(a)		(397,099	)
Distribution fee waiver(a)		(1,861	)

Net expenses		112,285

Net investment income (loss)		2,044,570


Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on investment transactions (including affiliated of $(564,409))		(490,493	)
Net change in unrealized appreciation (depreciation) on investments (including affiliated of $5,827,613)		5,983,308

Net gain (loss) on investment transactions		5,492,815

Net Increase (Decrease) In Net Assets Resulting From Operations	$	7,537,385

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


	Class A			Class C			Class Z			Class R6
Distribution fee		11,167			7,700			—			—
Transfer agent’s fees and expenses		7,781			1,623			30,974			440
Registration fees		4,383			3,400			7,568			3,008
Fee waiver and/or expense reimbursement		(33,633	)		(9,593	)		(146,696	)		(207,177	)
Distribution fee waiver		(1,861	)		—			—			—

See Notes to Consolidated Financial Statements.


PGIM Real Assets Fund			13

Consolidated Statements of Changes in Net Assets (unaudited)



	Six Months Ended April 30, 2024				Year Ended October 31, 2023

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)		$	2,044,570		$	12,453,392
Net realized gain (loss) on investment transactions			(490,493	)		(12,636,087	)
Affiliated net capital gain distributions received			—			308,036
Net change in unrealized appreciation (depreciation) on investments			5,983,308			(1,473,700	)

Net increase (decrease) in net assets resulting from operations			7,537,385			(1,348,359	)


Dividends and Distributions
Distributions from distributable earnings
Class A			(156,043	)		(803,685	)
Class C			(29,297	)		(207,589	)
Class Z			(832,591	)		(6,477,820	)
Class R6			(1,202,780	)		(4,810,538	)

			(2,220,711	)		(12,299,632	)


Fund share transactions (Net of share conversions)
Net proceeds from shares sold			11,459,720			37,374,114
Net asset value of shares issued in reinvestment of dividends and distributions			2,219,242			12,296,323
Cost of shares purchased			(36,362,009	)		(88,887,571	)

Net increase (decrease) in net assets from Fund share transactions			(22,683,047	)		(39,217,134	)

Total increase (decrease)			(17,366,373	)		(52,865,125	)

Net Assets:
Beginning of period			102,187,606			155,052,731

End of period		$	84,821,233		$	102,187,606

See Notes to Consolidated Financial Statements.


14

Consolidated Financial Highlights (unaudited)


Class A Shares
	Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Period		$8.57			$9.53			$11.31			$9.37			$9.74			$8.98
Income (loss) from investment operations:
Net investment income (loss)		0.17			0.81			0.84			0.10			0.11			0.13
Net realized and unrealized gain (loss) on investment transactions		0.47			(0.99	)		(1.29	)		2.37			(0.26	)		0.81
Total from investment operations		0.64			(0.18	)		(0.45	)		2.47			(0.15	)		0.94
Less Dividends and Distributions:
Dividends from net investment income		(0.19	)		(0.78	)		(1.27	)		(0.28	)		(0.16	)		(0.18	)
Tax return of capital distributions		-			-			(0.02	)		-			-			-
Distributions from net realized gains		-			-			(0.04	)		(0.25	)		(0.06	)		-
Total dividends and distributions		(0.19	)		(0.78	)		(1.33	)		(0.53	)		(0.22	)		(0.18	)
Net asset value, end of period		$9.02			$8.57			$9.53			$11.31			$9.37			$9.74
Total Return^(b):		7.48	%		(2.20	)%		(4.47	)%		27.18	%		(1.61	)%		10.55	%

Ratios/Supplemental Data:
Net assets, end of period (000)		$6,385			$7,858			$10,171			$7,448			$4,694			$4,719
Average net assets (000)		$7,486			$9,140			$9,249			$6,059			$4,479			$5,438
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.57	%^(d)(e)		0.60	%		0.54	%		0.53	%		0.86	%		0.85	%
Expenses before waivers and/or expense reimbursement		1.52	%^(d)		1.40	%		1.44	%		1.44	%		2.12	%		1.57	%
Net investment income (loss)		3.89	%^(d)		8.95	%		8.17	%		0.92	%		1.14	%		1.43	%
Portfolio turnover rate^(f)		12	%		42	%		43	%		30	%		96	%		60	%

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

(b)

Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each 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.

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

(d)	Annualized.

(e)	Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver for the six months ended April 30, 2024.

(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,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Period		$8.48			$9.44			$11.22			$9.30			$9.68			$8.93
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.75			0.35			0.01			0.04			0.07
Net realized and unrealized gain (loss) on investment transactions		0.47			(1.00	)		(0.88	)		2.37			(0.25	)		0.79
Total from investment operations		0.61			(0.25	)		(0.53	)		2.38			(0.21	)		0.86
Less Dividends and Distributions:
Dividends from net investment income		(0.16	)		(0.71	)		(1.19	)		(0.21	)		(0.11	)		(0.11	)
Tax return of capital distributions		-			-			(0.02	)		-			-			-
Distributions from net realized gains		-			-			(0.04	)		(0.25	)		(0.06	)		-
Total dividends and distributions		(0.16	)		(0.71	)		(1.25	)		(0.46	)		(0.17	)		(0.11	)
Net asset value, end of period		$8.93			$8.48			$9.44			$11.22			$9.30			$9.68
Total Return^(b):		7.16	%		(2.93	)%		(5.22	)%		26.32	%		(2.26	)%		9.75	%

Ratios/Supplemental Data:
Net assets, end of period (000)		$1,290			$1,689			$2,874			$613			$1,163			$1,486
Average net assets (000)		$1,548			$2,362			$1,893			$789			$1,340			$1,620
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		1.33	%^(d)(e)		1.33	%		1.29	%		1.29	%		1.58	%		1.56	%
Expenses before waivers and/or expense reimbursement		2.58	%^(d)		2.23	%		2.68	%		2.64	%		3.40	%		2.45	%
Net investment income (loss)		3.26	%^(d)		8.29	%		3.44	%		0.11	%		0.41	%		0.72	%
Portfolio turnover rate^(f)		12	%		42	%		43	%		30	%		96	%		60	%

(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)	Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver for the six months ended April 30, 2024.

(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,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Period		$8.59			$9.55			$11.34			$9.39			$9.75			$8.99
Income (loss) from investment operations:
Net investment income (loss)		0.19			0.93			0.84			0.13			0.15			0.16
Net realized and unrealized gain (loss) on investment transactions		0.46			(1.08	)		(1.27	)		2.38			(0.26	)		0.81
Total from investment operations		0.65			(0.15	)		(0.43	)		2.51			(0.11	)		0.97
Less Dividends and Distributions:
Dividends from net investment income		(0.20	)		(0.81	)		(1.30	)		(0.31	)		(0.19	)		(0.21	)
Tax return of capital distributions		-			-			(0.02	)		-			-			-
Distributions from net realized gains		-			-			(0.04	)		(0.25	)		(0.06	)		-
Total dividends and distributions		(0.20	)		(0.81	)		(1.36	)		(0.56	)		(0.25	)		(0.21	)
Net asset value, end of period		$9.04			$8.59			$9.55			$11.34			$9.39			$9.75
Total Return^(b):		7.63	%		(1.90	)%		(4.27	)%		27.70	%		(1.18	)%		10.94	%

Ratios/Supplemental Data:
Net assets, end of period (000)		$28,979			$40,429			$85,298			$58,290			$56,307			$64,495
Average net assets (000)		$34,860			$64,667			$77,910			$57,988			$58,559			$67,444
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.29	%^(d)(e)		0.31	%		0.25	%		0.19	%		0.50	%		0.49	%
Expenses before waivers and/or expense reimbursement		1.14	%^(d)		1.01	%		0.96	%		0.95	%		1.11	%		1.07	%
Net investment income (loss)		4.38	%^(d)		10.15	%		8.14	%		1.23	%		1.58	%		1.76	%
Portfolio turnover rate^(f)		12	%		42	%		43	%		30	%		96	%		60	%

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

(b)

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.

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

(d)	Annualized.

(e)	Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver for the six months ended April 30, 2024.

(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,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Period		$8.58			$9.55			$11.33			$9.38			$9.75			$8.98
Income (loss) from investment operations:
Net investment income (loss)		0.19			0.79			0.96			0.14			0.13			0.17
Net realized and unrealized gain (loss) on investment transactions		0.48			(0.94	)		(1.37	)		2.38			(0.24	)		0.82
Total from investment operations		0.67			(0.15	)		(0.41	)		2.52			(0.11	)		0.99
Less Dividends and Distributions:
Dividends from net investment income		(0.21	)		(0.82	)		(1.31	)		(0.32	)		(0.20	)		(0.22	)
Tax return of capital distributions		-			-			(0.02	)		-			-			-
Distributions from net realized gains		-			-			(0.04	)		(0.25	)		(0.06	)		-
Total dividends and distributions		(0.21	)		(0.82	)		(1.37	)		(0.57	)		(0.26	)		(0.22	)
Net asset value, end of period		$9.04			$8.58			$9.55			$11.33			$9.38			$9.75
Total Return^(b):		7.82	%		(1.85	)%		(4.06	)%		27.78	%		(1.18	)%		11.15	%

Ratios/Supplemental Data:
Net assets, end of period (000)		$48,167			$52,211			$56,708			$49,933			$30,370			$27,530
Average net assets (000)		$52,634			$55,815			$56,304			$40,677			$28,578			$42,776
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.11	%^(d)(e)		0.17	%		0.12	%		0.11	%		0.41	%		0.40	%
Expenses before waivers and/or expense reimbursement		0.90	%^(d)		0.87	%		0.82	%		0.87	%		1.04	%		0.98	%
Net investment income (loss)		4.26	%^(d)		8.74	%		9.23	%		1.31	%		1.42	%		1.88	%
Portfolio turnover rate^(f)		12	%		42	%		43	%		30	%		96	%		60	%

(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)	Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver for the six months ended April 30, 2024.

(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, 2024, the Cayman Subsidiary had net assets of $2,227,526 representing 2.63% 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 PGIM Investments LLC (“PGIM Investments” or the “Manager”) as the “Valuation Designee,” as defined by Rule 2a-5(b) under the 1940 Act, 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 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 estimated 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 a 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 ETFs) 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; and 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 financial 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 expense amounts. 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 including supervision of the subadviser’s performance of such services, and for rendering 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, 2024, 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;		0.61%*
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 consolidated effective management fee includes Cayman Subsidiary. 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 28, 2025, 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

*Expenselimitation 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 28, 2025 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, 2024, 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		$1,322		$—
C		—		2

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 series 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, 2024, no Rule 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, 2024, were as follows:



Cost of Purchases		Proceeds from Sales
$11,722,358		$34,490,749

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended April 30, 2024, 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

Long-Term Investments - Affiliated Mutual Fund^(wa):

PGIM Global Real Estate Fund(Class R6)⁽¹⁾
$ 6,000,280	$ 2,048,597	$ 2,142,000	$ 974,560	$ (285,671)	$ 6,595,766	365,822	$ 103,596

PGIM Jennison Global Infrastructure Fund(Class R6)⁽¹⁾
9,442,489	1,156,923	4,435,000	1,086,874	(14,542)	7,236,744	479,572	36,924

PGIM Jennison MLP Fund(Class R6)⁽¹⁾
13,559,114	840,383	4,860,000	415,198	807,919	10,762,614	1,355,493	380,379

PGIM Jennison Natural Resources Fund(Class R6)⁽¹⁾
8,013,560	172,602	3,900,000	(703,177)	1,214,189	4,797,174	81,170	172,603

PGIM Quant Solutions Commodity Strategies Fund(Class R6)⁽¹⁾
19,879,817	1,195,830	5,225,000	156,515	(979,902)	15,027,260	2,177,864	660,831

PGIM Select Real Estate Fund(Class R6)⁽¹⁾
16,145,615	4,668,808	4,665,000	2,117,161	(103,469)	18,163,115	1,555,061	348,808

PGIM TIPS Fund(Class R6)⁽¹⁾
26,235,756	406,731	8,327,000	1,780,482	(1,202,933)	18,893,036	2,301,222	407,161


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	Income
$ 99,276,631	$10,489,874	$33,554,000	$5,827,613	$ (564,409)	$81,475,709		$2,110,302

Short-Term Investments - Affiliated Mutual Fund^(wa):

PGIM Core Ultra Short Bond Fund^(1)(bb)
$ 1,455,578	$18,087,924	$18,228,491	$ —	$ —	$ 1,315,011	1,315,011	$ 46,553
$100,732,209	$28,577,798	$51,782,491	$5,827,613	$(564,409)	$82,790,720		$2,156,855

(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.

(wa)	Represents investments in Funds affiliated with the Manager.

6. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of April 30, 2024 were as follows:

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, 2023 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
$7,689,000		$—

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 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, 2023 are subject to such review.


28

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 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, 2024, 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	20,954	0.7%

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	2	77.0

Transactions in shares of beneficial interest were as follows:



Share Class	Shares			Amount

Class A
Six months ended April 30, 2024:
Shares sold		29,731		$	267,239
Shares issued in reinvestment of dividends and distributions		17,317			155,520
Shares purchased		(257,953	)		(2,319,301	)
Net increase (decrease) in shares outstanding before conversion		(210,905	)		(1,896,542	)
Shares issued upon conversion from other share class(es)		1,537			13,807
Net increase (decrease) in shares outstanding		(209,368	)	$	(1,882,735	)


PGIM Real Assets Fund			29

Notes to Consolidated Financial Statements (unaudited) (continued)



Share Class	Shares		Amount

Year ended October 31, 2023:
Shares sold		115,505	$	1,055,933
Shares issued in reinvestment of dividends and distributions		89,083		803,587
Shares purchased		(365,294)		(3,323,397)
Net increase (decrease) in shares outstanding before conversion		(160,706)		(1,463,877)
Shares issued upon conversion from other share class(es)		10,812		100,884
Net increase (decrease) in shares outstanding		(149,894)	$	(1,362,993)

Class C

Six months ended April 30, 2024:
Shares sold		4,013	$	35,845
Shares issued in reinvestment of dividends and distributions		3,190		28,352
Shares purchased		(60,335)		(534,560)
Net increase (decrease) in shares outstanding before conversion		(53,132)		(470,363)
Shares purchased upon conversion into other share class(es)		(1,553)		(13,807)
Net increase (decrease) in shares outstanding		(54,685)	$	(484,170)

Year ended October 31, 2023:

Shares sold		28,886	$	272,438
Shares issued in reinvestment of dividends and distributions		23,070		206,211
Shares purchased		(146,302)		(1,315,151)
Net increase (decrease) in shares outstanding before conversion		(94,346)		(836,502)
Shares purchased upon conversion into other share class(es)		(10,928)		(100,884)
Net increase (decrease) in shares outstanding		(105,274)	$	(937,386)

Class Z

Six months ended April 30, 2024:
Shares sold		358,233	$	3,211,246
Shares issued in reinvestment of dividends and distributions		92,504		832,590
Shares purchased		(1,952,786)		(17,572,669)
Net increase (decrease) in shares outstanding		(1,502,049)	$	(13,528,833)

Year ended October 31, 2023:
Shares sold		2,216,495	$	20,444,305
Shares issued in reinvestment of dividends and distributions		716,004		6,475,987
Shares purchased		(7,153,937)		(65,066,068)
Net increase (decrease) in shares outstanding		(4,221,438)	$	(38,145,776)


30



Share Class	Shares			Amount

Class R6

Six months ended April 30, 2024:
Shares sold		887,458			$ 7,945,390
Shares issued in reinvestment of dividends and distributions		133,704			1,202,780
Shares purchased		(1,775,471	)		(15,935,479	)
Net increase (decrease) in shares outstanding		(754,309	)		$ (6,787,309)

Year ended October 31, 2023:
Shares sold		1,718,880			$ 15,601,438
Shares issued in reinvestment of dividends and distributions		532,936			4,810,538
Shares purchased		(2,106,098	)		(19,182,955	)
Net increase (decrease) in shares outstanding		145,718			$ 1,229,021

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 in effect at the reporting period-end.



		SCA
Term of Commitment		9/29/2023 - 9/26/2024
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, 2024. The average daily balance for the 5 days that the Fund had loans outstanding during the period was approximately $3,032,400, borrowed at a weighted average interest rate of 6.48%. The maximum loan outstanding amount during the period was $3,761,000. At April 30, 2024,


PGIM Real Assets Fund			31

Notes to Consolidated Financial Statements (unaudited) (continued)

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.

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


32

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, 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.


PGIM Real Assets Fund			33

Notes to Consolidated Financial Statements (unaudited) (continued)

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 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.


34

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 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.


PGIM Real Assets Fund			35

Notes to Consolidated Financial Statements (unaudited) (continued)

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.

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


36

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 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.” For premium bonds (bonds acquired at prices that exceed their par or principal value) purchased by the Fund, prepayment risk may be enhanced. 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.


PGIM Real Assets Fund			37

Notes to Consolidated Financial Statements (unaudited) (continued)

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 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


38

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.

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 and the Israel-Hamas war), 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.

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 benefits of a limited partnership with the liquidity of publicly-traded securities. The risks of


PGIM Real Assets Fund			39

Notes to Consolidated Financial Statements (unaudited) (continued)

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 example, events occurring in nature (such as earthquakes or fires in prime natural resource


40

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. Treasury obligations are backed by the “full faith and credit” of the U.S. Government. Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. For example, securities issued by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Banks are neither insured nor guaranteed by the U.S. Government. These securities may be supported by the ability to borrow from the U.S. Treasury or only by the credit of the issuing agency, authority, instrumentality or enterprise and, as a result, are subject to greater credit risk than securities issued or guaranteed by the U.S. Treasury. Further, the U.S. Government and its agencies, authorities, instrumentalities and enterprises do not guarantee the market value of their securities; consequently, the value of such securities will fluctuate. This may be the case especially when there is any controversy or ongoing uncertainty regarding the status of negotiations in the U.S. Congress to increase the statutory debt ceiling. Such controversy or uncertainty could, among other things, result in the credit quality rating of the U.S. Government being downgraded and reduced prices of U.S. Treasury securities. If the U.S. Congress is unable to negotiate an adjustment to the statutory debt ceiling, there is also the risk that the U.S. Government may default on payments on certain U.S. Government securities, including those held by the Fund, which could have a negative impact on the Fund. An increase in demand for U.S. Government securities resulting from an increase in demand for government money market funds may lead to lower yields on such securities.

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


PGIM Real Assets Fund			43

Notes to Consolidated Financial Statements (unaudited) (continued)

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.


44

Liquidity Risk Management Program (unaudited)

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, 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 5-7, 2024, 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, 2023 through December 31, 2023 (“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			45



^∎ 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 and Principal Executive Officer • Scott E. Benjamin, Vice President • Christian J. Kelly, Chief Financial Officer • Claudia DiGiacomo, Chief Legal Officer • Andrew 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 • George Hoyt, Assistant Secretary • Devan Goolsby, 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	655 Broad Street 16th Floor 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 FEDERAL GOVERNMENT AGENCY		MAY LOSE VALUE		ARE NOT A DEPOSIT OF OR GUARANTEED BY ANY BANK OR ANY BANK AFFILIATE

LOGO

PGIM REAL ASSETS FUND


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

MF207E2

LOGO

PGIM WADHWANI SYSTEMATIC ABSOLUTE RETURN FUND

SEMIANNUAL REPORT

APRIL 30, 2024

LOGO

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

Table of Contents


Letter from thePresident			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, 2024 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 and 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. © 2024 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, 2024.

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 14, 2024


PGIM Wadhwani Systematic Absolute Return Fund			3

Your Fund’s Performance



	Total Returns as of 4/30/24 (without sales charges) Six Months* (%)	Average Annual Total Returns as of 4/30/24 (with sales charges)
		One Year (%)	Since Inception (%)

Class A	1.70	-5.96	0.39 (9/28/2021)

Class C	1.36	-2.10	1.85 (9/28/2021)

Class Z	1.87	-0.20	2.86 (9/28/2021)

Class R6	1.94	-0.04	2.94 (9/28/2021)

ICE BofA US 3-Month Treasury Bill Index
	2.66	5.36	3.17

*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.

ICE BOFA IS LICENSING THE BOFA INDEX “AS IS,” MAKES NO WARRANTIES REGARDING THE SAME, DOES NOT GUARANTEE THE SUITABILITY, QUALITY, ACCURACY, TIMELINESS, AND/OR COMPLETENESS OF THE ICE BOFA INDEX OR ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM, ASSUMES NO LIABILITY IN CONNECTION WITH ITS USE, AND DOES NOT SPONSOR, ENDORSE, OR RECOMMEND THE FUND, OR ANY OF ITS PRODUCTS OR SERVICES.

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

Your Fund’s Performance (continued)

Presentation of Fund Holdings as of 4/30/24



Ten Largest Future Holdings	% of Net Assets
Euro Schatz Index		47.6	%
2 Year U.S. Treasury Notes		20.6	%
10 Year Japanese Bonds		11.6	%
S&P/TSX 60 Index		8.7	%
TOPIX Index		6.6	%
Nikkei 225 (SGX)		5.3	%
S&P 500 E-Mini Index		-4.5	%
10 Year U.S. Treasury Notes		-16.4	%
5 Year Euro-Bobl		-23.7	%
5 Year U.S. Treasury Notes		-60.1	%

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


6		Visit our website at pgim.com/investments

Fees and Expenses

Actual Expenses

Hypothetical Example for Comparison Purposes


PGIM Wadhwani Systematic Absolute Return Fund			7

Fees and Expenses (continued)

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, 2023	Ending Account Value April 30, 2024	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Class A	Actual	$1,000.00	$1,017.00	1.42%	$ 7.12
	Hypothetical	$1,000.00	$1,017.80	1.42%	$ 7.12

Class C	Actual	$1,000.00	$1,013.60	2.17%	$10.86
	Hypothetical	$1,000.00	$1,014.07	2.17%	$10.87

Class Z	Actual	$1,000.00	$1,018.70	1.17%	$ 5.87
	Hypothetical	$1,000.00	$1,019.05	1.17%	$ 5.87

Class R6	Actual	$1,000.00	$1,019.40	1.12%	$ 5.62
	Hypothetical	$1,000.00	$1,019.29	1.12%	$ 5.62


8		Visit our website at pgim.com/investments

Schedule of Investments (unaudited)

as of April 30, 2024



Description	Shares		Value

SHORT-TERM INVESTMENT 75.0%

AFFILIATED MUTUAL FUND
PGIM Core Government Money Market Fund (7-day effective yield 5.540%) (cost $29,548,397)(wb)		29,548,397	$	29,548,397

TOTAL INVESTMENTS 75.0%
(cost $29,548,397)				29,548,397
Other assets in excess of liabilities(z) 25.0%				9,847,789


NET ASSETS 100.0%			$	39,396,186

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

TWD—New Taiwanese Dollar

USD—US Dollar

ZAR—South African Rand

ASX—Australian Securities Exchange

BTP—Buoni del Tesoro Poliennali

CAC40—French Stock Market Index

DAX—German Stock Index

FTSE—Financial Times Stock Exchange

GS—Goldman Sachs & Co. LLC

JSE—Johannesburg Stock Exchange

NASDAQ—National Association of Securities Dealers Automated Quotations

See Notes to Financial Statements.


PGIM Wadhwani Systematic Absolute Return Fund			9

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

OAT—Obligations Assimilables du Tresor

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

(wb)	Represents an investment in a Fund affiliated with the Manager.

(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, 2024:


Number of Contracts	Type	Expiration Date		Current Notional Amount			Value / Unrealized Appreciation (Depreciation)
Long Positions:
1	90 Day ASX Bank Bill		Jun. 2025		$	641,051		$	15
40	2 Year U.S. Treasury Notes		Jun. 2024			8,106,250			(13,168)
6	10 Year Canadian Government Bonds		Jun. 2024			509,890			(1,766)
8	10 Year Euro-Bund		Jun. 2024			1,110,571			(4,338)
5	10 Year Japanese Bonds		Jun. 2024			4,581,048			7,406
2	10 Year U.K. Gilt		Jun. 2024			239,364			(1,188)
1	20 Year U.S. Treasury Bonds		Jun. 2024			113,812			(408)
5	30 Year Euro Buxl		Jun. 2024			687,917			(1,903)
1	30 Year U.S. Ultra Treasury Bonds		Jun. 2024			119,562			(345)
11	ASX SPI 200 Index		Jun. 2024			1,369,044			5,768
13	CAC40 10 Euro		May 2024			1,103,714			(4,684)
1	DAX Index		Jun. 2024			482,775			(6,538)
167	Euro Schatz Index		Jun. 2024			18,732,956			(27,365)
23	Euro STOXX 50 Index		Jun. 2024			1,201,998			(12,945)
5	Euro-BTP Italian Government Bond		Jun. 2024			624,259			(6,760)
8	Euro-OAT		Jun. 2024			1,071,213			230
16	FTSE 100 Index		Jun. 2024			1,631,113			30,501
17	Nikkei 225 (SGX)		Jun. 2024			2,073,867			(14,293)
18	S&P/TSX 60 Index		Jun. 2024			3,413,940			(25,062)
15	TOPIX Index		Jun. 2024			2,612,624			32,431

									(44,412	)

Short Positions:
1	3 Month SONIA Index		Sep. 2025			298,268			218
4	3 Year Australian Treasury Bonds		Jun. 2024			273,409			(303	)
75	5 Year Euro-Bobl		Jun. 2024			9,319,057			9,059
226	5 Year U.S. Treasury Notes		Jun. 2024			23,671,735			91,043
11	10 Year Australian Treasury Bonds		Jun. 2024			801,870			(4,726	)
60	10 Year U.S. Treasury Notes		Jun. 2024			6,446,250			17,640
1	FTSE/JSE Top 40 Index		Jun. 2024			37,716			102

See Notes to Financial Statements.

Futures contracts outstanding at April 30, 2024 (continued):


Number of Contracts	Type	Expiration Date		Current Notional Amount			Value / Unrealized Appreciation (Depreciation)
Short Positions (cont’d):
1	Hang Seng Index		May 2024		$	113,254		$	176
3	NASDAQ 100 E-Mini Index		Jun. 2024			1,054,275			15,355
5	Russell 2000 E-Mini Index		Jun. 2024			496,400			8,511
7	S&P 500 E-Mini Index		Jun. 2024			1,773,450			25,937

									163,012

								$	118,600

Forward foreign currency exchange contracts outstanding at April 30, 2024:


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 05/15/24	MSC		AUD	1,680		$	1,089,200		$	1,088,808		$	—		$	(392	)
Expiring 05/15/24	MSC		AUD	830			532,606			537,923			5,317			—
Expiring 05/15/24	MSC		AUD	640			415,515			414,784			—			(731	)
Expiring 05/15/24	MSC		AUD	480			308,522			311,088			2,566			—
Expiring 05/15/24	MSC		AUD	340			220,433			220,354			—			(79	)
Expiring 05/15/24	MSC		AUD	330			216,564			213,872			—			(2,692	)
Expiring 05/15/24	MSC		AUD	280			180,671			181,468			797			—
Expiring 05/15/24	MSC		AUD	250			163,061			162,025			—			(1,036	)
Expiring 05/15/24	MSC		AUD	240			154,261			155,544			1,283			—
Expiring 05/15/24	MSC		AUD	220			142,932			142,582			—			(350	)
Expiring 05/15/24	MSC		AUD	210			137,343			136,101			—			(1,242	)
Expiring 05/15/24	MSC		AUD	190			122,836			123,139			303			—
Expiring 05/15/24	MSC		AUD	180			117,038			116,658			—			(380	)
Expiring 05/15/24	MSC		AUD	150			96,399			97,215			816			—
Expiring 05/15/24	MSC		AUD	150			98,578			97,215			—			(1,363	)
Expiring 05/15/24	MSC		AUD	130			84,948			84,253			—			(695	)
Expiring 05/15/24	MSC		AUD	120			78,751			77,772			—			(979	)
Expiring 05/15/24	MSC		AUD	90			57,694			58,329			635			—
Expiring 05/15/24	MSC		AUD	80			51,493			51,848			355			—
Expiring 05/15/24	MSC		AUD	40			25,642			25,924			282			—
Expiring 05/15/24	MSC		AUD	40			26,161			25,924			—			(237	)
Expiring 05/15/24	MSC		AUD	40			25,710			25,924			214			—
Expiring 05/15/24	MSC		AUD	30			19,280			19,443			163			—
Expiring 05/15/24	MSC		AUD	20			13,069			12,962			—			(107	)
Expiring 05/15/24	MSC		AUD	10			6,524			6,481			—			(43	)
Expiring 05/15/24	MSC		AUD	10			6,437			6,481			44			—

See Notes to Financial Statements.


PGIM Wadhwani Systematic Absolute Return Fund			11

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Forward foreign currency exchange contracts outstanding at April 30, 2024 (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.):
Brazilian Real,
Expiring 05/03/24	MSC		BRL	5,348		$	1,070,000		$	1,029,625		$	—		$	(40,375	)
Expiring 05/03/24	MSC		BRL	700			140,000			134,717			—			(5,283	)
Expiring 05/03/24	MSC		BRL	302			60,000			58,101			—			(1,899	)
Expiring 05/03/24	MSC		BRL	302			60,000			58,163			—			(1,837	)
Expiring 05/03/24	MSC		BRL	252			50,000			48,456			—			(1,544	)
Expiring 05/03/24	MSC		BRL	226			43,925			43,551			—			(374	)
Expiring 05/03/24	MSC		BRL	208			40,000			40,093			93			—
Expiring 05/03/24	MSC		BRL	101			20,000			19,529			—			(471	)
Expiring 05/03/24	MSC		BRL	101			20,000			19,454			—			(546	)
Expiring 05/03/24	MSC		BRL	100			20,000			19,245			—			(755	)
Expiring 05/03/24	MSC		BRL	52			10,000			10,024			24			—
Expiring 05/03/24	MSC		BRL	51			10,000			9,733			—			(267	)
Expiring 05/03/24	MSC		BRL	51			10,000			9,742			—			(258	)
Expiring 05/03/24	MSC		BRL	51			10,000			9,818			—			(182	)
Expiring 05/03/24	MSC		BRL	50			10,000			9,622			—			(378	)
Expiring 05/03/24	MSC		BRL	50			10,000			9,631			—			(369	)
Expiring 05/03/24	MSC		BRL	50			10,000			9,640			—			(360	)
Expiring 06/04/24	MSC		BRL	3,069			590,000			589,187			—			(813	)
Expiring 06/04/24	MSC		BRL	103			20,000			19,855			—			(145	)
Expiring 06/04/24	MSC		BRL	103			20,000			19,722			—			(278	)
Expiring 06/04/24	MSC		BRL	52			10,000			9,975			—			(25	)
Expiring 06/04/24	MSC		BRL	51			10,000			9,844			—			(156	)
Expiring 06/04/24	MSC		BRL	51			10,000			9,869			—			(131	)
British Pound,
Expiring 05/15/24	MSC		GBP	1,430			1,815,577			1,786,991			—			(28,586	)
Expiring 05/15/24	MSC		GBP	510			647,513			637,318			—			(10,195	)
Expiring 05/15/24	MSC		GBP	300			373,345			374,893			1,548			—
Expiring 05/15/24	MSC		GBP	180			224,257			224,936			679			—
Expiring 05/15/24	MSC		GBP	180			224,179			224,936			757			—
Expiring 05/15/24	MSC		GBP	160			203,141			199,943			—			(3,198	)
Expiring 05/15/24	MSC		GBP	150			186,683			187,446			763			—
Expiring 05/15/24	MSC		GBP	150			186,542			187,447			905			—
Expiring 05/15/24	MSC		GBP	130			165,052			162,453			—			(2,599	)
Expiring 05/15/24	MSC		GBP	110			137,066			137,460			394			—
Expiring 05/15/24	MSC		GBP	100			126,963			124,964			—			(1,999	)
Expiring 05/15/24	MSC		GBP	90			112,806			112,468			—			(338	)
Expiring 05/15/24	MSC		GBP	80			99,625			99,971			346			—
Expiring 05/15/24	MSC		GBP	60			74,940			74,979			39			—
Expiring 05/15/24	MSC		GBP	50			62,581			62,482			—			(99	)
Expiring 05/15/24	MSC		GBP	50			62,815			62,482			—			(333	)
Expiring 05/15/24	MSC		GBP	40			49,424			49,986			562			—
Expiring 05/15/24	MSC		GBP	30			37,470			37,489			19			—

See Notes to Financial Statements.

Forward foreign currency exchange contracts outstanding at April 30, 2024 (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 05/15/24	MSC		GBP	30		$	37,320		$	37,489		$	169		$	—
Expiring 05/15/24	MSC		GBP	20			25,039			24,993			—			(46	)
Expiring 05/15/24	MSC		GBP	20			24,980			24,993			13			—
Expiring 05/15/24	MSC		GBP	20			25,039			24,993			—			(46	)
Expiring 05/15/24	MSC		GBP	20			24,980			24,992			12			—
Expiring 05/15/24	MSC		GBP	10			12,445			12,497			52			—
Expiring 05/15/24	MSC		GBP	10			12,459			12,497			38			—
Expiring 05/15/24	MSC		GBP	10			12,563			12,496			—			(67	)
Expiring 05/15/24	MSC		GBP	10			12,490			12,496			6			—
Expiring 05/15/24	MSC		GBP	10			12,459			12,497			38			—
Expiring 05/15/24	MSC		GBP	10			12,519			12,496			—			(23	)
Expiring 05/15/24	MSC		GBP	10			12,459			12,497			38			—
Expiring 05/15/24	MSC		GBP	10			12,551			12,496			—			(55	)
Expiring 05/15/24	MSC		GBP	10			12,551			12,496			—			(55	)
Canadian Dollar,
Expiring 05/15/24	MSC		CAD	926			670,207			672,448			2,241			—
Expiring 05/15/24	MSC		CAD	910			660,543			660,836			293			—
Expiring 05/15/24	MSC		CAD	901			658,045			654,490			—			(3,555	)
Expiring 05/15/24	MSC		CAD	575			420,256			417,841			—			(2,415	)
Expiring 05/15/24	MSC		CAD	328			239,850			238,115			—			(1,735	)
Expiring 05/15/24	MSC		CAD	288			209,656			209,383			—			(273	)
Expiring 05/15/24	MSC		CAD	263			190,284			190,920			636			—
Expiring 05/15/24	MSC		CAD	220			160,019			159,925			—			(94	)
Expiring 05/15/24	MSC		CAD	206			150,081			150,030			—			(51	)
Expiring 05/15/24	MSC		CAD	206			150,043			149,335			—			(708	)
Expiring 05/15/24	MSC		CAD	205			150,109			149,121			—			(988	)
Expiring 05/15/24	MSC		CAD	191			139,938			138,926			—			(1,012	)
Expiring 05/15/24	MSC		CAD	180			130,051			130,572			521			—
Expiring 05/15/24	MSC		CAD	164			119,675			119,519			—			(156	)
Expiring 05/15/24	MSC		CAD	152			110,031			110,110			79			—
Expiring 05/15/24	MSC		CAD	151			110,030			109,944			—			(86	)
Expiring 05/15/24	MSC		CAD	151			109,586			109,518			—			(68	)
Expiring 05/15/24	MSC		CAD	96			69,982			69,580			—			(402	)
Expiring 05/15/24	MSC		CAD	69			50,009			49,919			—			(90	)
Expiring 05/15/24	MSC		CAD	68			50,008			49,664			—			(344	)
Expiring 05/15/24	MSC		CAD	68			50,008			49,624			—			(384	)
Expiring 05/15/24	MSC		CAD	55			40,021			40,008			—			(13	)
Expiring 05/15/24	MSC		CAD	41			30,056			29,858			—			(198	)
Expiring 05/15/24	MSC		CAD	41			30,005			29,982			—			(23	)
Expiring 05/15/24	MSC		CAD	41			30,014			29,995			—			(19	)
Expiring 05/15/24	MSC		CAD	28			20,020			20,087			67			—
Expiring 05/15/24	MSC		CAD	28			20,024			20,007			—			(17	)

See Notes to Financial Statements.


PGIM Wadhwani Systematic Absolute Return Fund			13

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Forward foreign currency exchange contracts outstanding at April 30, 2024 (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.):
Canadian Dollar (cont’d.),
Expiring 05/15/24	MSC		CAD	27		$	20,000		$	19,834		$	—		$	(166	)
Expiring 05/15/24	MSC		CAD	27			19,967			19,859			—			(108	)
Expiring 05/15/24	MSC		CAD	14			9,959			9,946			—			(13	)
Expiring 05/15/24	MSC		CAD	14			10,003			9,956			—			(47	)
Expiring 05/15/24	MSC		CAD	14			10,005			10,002			—			(3	)
Expiring 05/15/24	MSC		CAD	14			9,990			9,918			—			(72	)
Expiring 05/15/24	MSC		CAD	14			10,003			9,955			—			(48	)
Expiring 05/15/24	MSC		CAD	14			10,001			9,932			—			(69	)
Expiring 05/15/24	MSC		CAD	14			9,995			9,923			—			(72	)
Chilean Peso,
Expiring 05/15/24	MSC		CLP	28,643			30,000			29,828			—			(172	)
Expiring 05/15/24	MSC		CLP	28,618			30,000			29,803			—			(197	)
Expiring 05/15/24	MSC		CLP	19,482			20,000			20,289			289			—
Expiring 05/15/24	MSC		CLP	9,775			10,000			10,179			179			—
Expiring 05/15/24	MSC		CLP	9,594			10,000			9,991			—			(9	)
Chinese Renminbi,
Expiring 05/16/24	MSC		CNH	435			60,005			59,984			—			(21	)
Expiring 05/16/24	MSC		CNH	363			50,004			50,107			103			—
Expiring 05/16/24	MSC		CNH	218			30,020			30,054			34			—
Expiring 05/16/24	MSC		CNH	218			30,026			30,055			29			—
Expiring 05/16/24	MSC		CNH	218			30,014			30,077			63			—
Expiring 05/16/24	MSC		CNH	218			30,012			30,010			—			(2	)
Expiring 05/16/24	MSC		CNH	145			20,011			20,035			24			—
Expiring 05/16/24	MSC		CNH	145			20,012			19,978			—			(34	)
Expiring 05/16/24	MSC		CNH	145			20,020			20,016			—			(4	)
Expiring 05/16/24	MSC		CNH	145			20,020			20,063			43			—
Expiring 05/16/24	MSC		CNH	73			10,007			10,009			2			—
Expiring 05/16/24	MSC		CNH	73			10,002			10,007			5			—
Expiring 05/16/24	MSC		CNH	73			10,011			10,024			13			—
Expiring 05/16/24	MSC		CNH	72			10,006			9,996			—			(10	)
Colombian Peso,
Expiring 05/16/24	MSC		COP	536,819			140,000			136,482			—			(3,518	)
Expiring 05/16/24	MSC		COP	78,098			20,000			19,856			—			(144	)
Expiring 05/16/24	MSC		COP	39,483			10,000			10,038			38			—
Expiring 05/16/24	MSC		COP	38,845			10,000			9,876			—			(124	)
Expiring 05/16/24	MSC		COP	38,768			10,000			9,856			—			(144	)
Czech Koruna,
Expiring 05/15/24	MSC		CZK	757			31,847			32,136			289			—
Expiring 05/15/24	MSC		CZK	506			21,329			21,451			122			—
Expiring 05/15/24	MSC		CZK	506			21,329			21,451			122			—
Expiring 05/15/24	MSC		CZK	506			21,258			21,477			219			—
Expiring 05/15/24	MSC		CZK	253			10,626			10,735			109			—

See Notes to Financial Statements.

Forward foreign currency exchange contracts outstanding at April 30, 2024 (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.):
Czech Koruna (cont’d.),
Expiring 05/15/24	MSC		CZK	253		$	10,655		$	10,716		$	61		$	—
Expiring 05/15/24	MSC		CZK	253			10,632			10,741			109			—
Expiring 05/15/24	MSC		CZK	252			10,616			10,712			96			—
Expiring 05/15/24	MSC		CZK	—*			1			1			—			—
Euro,
Expiring 05/15/24	MSC		EUR	230			245,359			245,601			242			—
Expiring 05/15/24	MSC		EUR	220			234,088			234,923			835			—
Expiring 05/15/24	MSC		EUR	200			213,471			213,567			96			—
Expiring 05/15/24	MSC		EUR	160			171,795			170,853			—			(942	)
Expiring 05/15/24	MSC		EUR	160			170,777			170,854			77			—
Expiring 05/15/24	MSC		EUR	160			171,419			170,853			—			(566	)
Expiring 05/15/24	MSC		EUR	140			149,570			149,497			—			(73	)
Expiring 05/15/24	MSC		EUR	130			138,325			138,818			493			—
Expiring 05/15/24	MSC		EUR	120			128,069			128,140			71			—
Expiring 05/15/24	MSC		EUR	110			117,409			117,462			53			—
Expiring 05/15/24	MSC		EUR	110			116,938			117,462			524			—
Expiring 05/15/24	MSC		EUR	100			106,467			106,783			316			—
Expiring 05/15/24	MSC		EUR	100			106,678			106,783			105			—
Expiring 05/15/24	MSC		EUR	100			106,604			106,783			179			—
Expiring 05/15/24	MSC		EUR	90			96,272			96,105			—			(167	)
Expiring 05/15/24	MSC		EUR	70			74,878			74,748			—			(130	)
Expiring 05/15/24	MSC		EUR	60			64,007			64,070			63			—
Expiring 05/15/24	MSC		EUR	50			53,641			53,392			—			(249	)
Expiring 05/15/24	MSC		EUR	40			42,561			42,713			152			—
Expiring 05/15/24	MSC		EUR	40			42,587			42,714			127			—
Expiring 05/15/24	MSC		EUR	20			21,394			21,357			—			(37	)
Expiring 05/15/24	MSC		EUR	20			21,427			21,356			—			(71	)
Expiring 05/15/24	MSC		EUR	20			21,299			21,357			58			—
Expiring 05/15/24	MSC		EUR	20			21,281			21,357			76			—
Expiring 05/15/24	MSC		EUR	10			10,665			10,678			13			—
Expiring 05/15/24	MSC		EUR	10			10,703			10,678			—			(25	)
Expiring 05/15/24	MSC		EUR	10			10,674			10,679			5			—
Hungarian Forint,
Expiring 05/15/24	MSC		HUF	11,837			31,886			32,245			359			—
Expiring 05/15/24	MSC		HUF	3,943			10,629			10,741			112			—
Expiring 05/15/24	MSC		HUF	3,938			10,673			10,727			54			—
Expiring 05/15/24	MSC		HUF	3,929			10,664			10,703			39			—
Expiring 05/15/24	MSC		HUF	3,906			10,711			10,640			—			(71	)
Expiring 05/15/24	MSC		HUF	2			5			5			—			—
Indian Rupee,
Expiring 05/15/24	MSC		INR	62,474			750,000			747,938			—			(2,062	)
Expiring 05/15/24	MSC		INR	13,328			160,000			159,560			—			(440	)

See Notes to Financial Statements.


PGIM Wadhwani Systematic Absolute Return Fund			15

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Forward foreign currency exchange contracts outstanding at April 30, 2024 (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 05/15/24	MSC		INR	12,495		$	150,000		$	149,588		$	—		$	(412	)
Expiring 05/15/24	MSC		INR	4,171			50,000			49,938			—			(62	)
Expiring 05/15/24	MSC		INR	3,342			40,000			40,007			7			—
Expiring 05/15/24	MSC		INR	2,505			30,000			29,991			—			(9	)
Expiring 05/15/24	MSC		INR	2,501			30,000			29,942			—			(58	)
Expiring 05/15/24	MSC		INR	1,671			20,000			20,009			9			—
Expiring 05/15/24	MSC		INR	1,668			20,000			19,963			—			(37	)
Expiring 05/15/24	MSC		INR	835			10,000			9,993			—			(7	)
Expiring 05/15/24	MSC		INR	835			10,000			9,993			—			(7	)
Expiring 05/15/24	MSC		INR	835			10,000			10,000			—			—
Expiring 05/15/24	MSC		INR	835			10,000			10,002			2			—
Expiring 05/15/24	MSC		INR	835			10,000			10,001			1			—
Expiring 05/15/24	MSC		INR	834			10,000			9,984			—			(16	)
Expiring 05/15/24	MSC		INR	834			10,000			9,980			—			(20	)
Indonesian Rupiah,
Expiring 05/15/24	MSC		IDR	488,526			30,000			30,032			32			—
Expiring 05/15/24	MSC		IDR	486,528			30,000			29,910			—			(90	)
Expiring 05/15/24	MSC		IDR	325,440			20,000			20,007			7			—
Expiring 05/15/24	MSC		IDR	162,142			10,000			9,968			—			(32	)
Israeli Shekel,
Expiring 05/15/24	MSC		ILS	75			19,970			20,128			158			—
Expiring 05/15/24	MSC		ILS	75			19,982			19,964			—			(18	)
Expiring 05/15/24	MSC		ILS	38			9,895			10,056			161			—
Japanese Yen,
Expiring 05/01/24	MSC		JPY	23,658			150,006			150,028			22			—
Expiring 05/01/24	MSC		JPY	23,506			149,771			149,060			—			(711	)
Expiring 05/01/24	MSC		JPY	14,106			89,880			89,453			—			(427	)
Expiring 05/01/24	MSC		JPY	12,523			79,793			79,414			—			(379	)
Expiring 05/01/24	MSC		JPY	1,577			10,000			10,001			1			—
Expiring 05/15/24	MSC		JPY	81,075			531,326			515,243			—			(16,083	)
Expiring 05/15/24	MSC		JPY	37,253			240,000			236,747			—			(3,253	)
Expiring 05/15/24	MSC		JPY	34,595			221,240			219,853			—			(1,387	)
Expiring 05/15/24	MSC		JPY	33,614			220,457			213,623			—			(6,834	)
Expiring 05/15/24	MSC		JPY	32,156			210,880			204,353			—			(6,527	)
Expiring 05/15/24	MSC		JPY	26,317			170,514			167,245			—			(3,269	)
Expiring 05/15/24	MSC		JPY	24,835			160,000			157,832			—			(2,168	)
Expiring 05/15/24	MSC		JPY	21,639			140,557			137,519			—			(3,038	)
Expiring 05/15/24	MSC		JPY	18,547			120,448			117,868			—			(2,580	)
Expiring 05/15/24	MSC		JPY	17,029			110,337			108,221			—			(2,116	)
Expiring 05/15/24	MSC		JPY	15,476			100,320			98,352			—			(1,968	)
Expiring 05/15/24	MSC		JPY	15,471			100,284			98,323			—			(1,961	)
Expiring 05/15/24	MSC		JPY	15,319			100,447			97,353			—			(3,094	)

See Notes to Financial Statements.

Forward foreign currency exchange contracts outstanding at April 30, 2024 (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.):
Japanese Yen (cont’d.),
Expiring 05/15/24	MSC		JPY	13,853		$	90,184		$	88,035		$	—		$	(2,149	)
Expiring 05/15/24	MSC		JPY	12,385			80,246			78,707			—			(1,539	)
Expiring 05/15/24	MSC		JPY	12,365			80,299			78,579			—			(1,720	)
Expiring 05/15/24	MSC		JPY	12,364			80,298			78,578			—			(1,720	)
Expiring 05/15/24	MSC		JPY	12,347			80,327			78,469			—			(1,858	)
Expiring 05/15/24	MSC		JPY	10,819			70,278			68,759			—			(1,519	)
Expiring 05/15/24	MSC		JPY	9,286			60,192			59,011			—			(1,181	)
Expiring 05/15/24	MSC		JPY	9,273			60,224			58,934			—			(1,290	)
Expiring 05/15/24	MSC		JPY	7,741			50,154			49,192			—			(962	)
Expiring 05/15/24	MSC		JPY	6,194			40,053			39,362			—			(691	)
Expiring 05/15/24	MSC		JPY	6,191			40,132			39,345			—			(787	)
Expiring 05/15/24	MSC		JPY	6,181			40,143			39,283			—			(860	)
Expiring 05/15/24	MSC		JPY	6,157			40,087			39,132			—			(955	)
Expiring 05/15/24	MSC		JPY	6,145			40,003			39,050			—			(953	)
Expiring 05/15/24	MSC		JPY	4,647			30,049			29,531			—			(518	)
Expiring 05/15/24	MSC		JPY	4,643			30,096			29,505			—			(591	)
Expiring 05/15/24	MSC		JPY	4,629			30,133			29,415			—			(718	)
Expiring 05/15/24	MSC		JPY	4,618			30,065			29,349			—			(716	)
Expiring 05/15/24	MSC		JPY	3,093			20,078			19,657			—			(421	)
Expiring 05/15/24	MSC		JPY	3,092			20,064			19,651			—			(413	)
Expiring 05/15/24	MSC		JPY	3,091			20,080			19,646			—			(434	)
Expiring 05/15/24	MSC		JPY	3,091			20,067			19,646			—			(421	)
Expiring 05/15/24	MSC		JPY	1,548			10,031			9,835			—			(196	)
Expiring 05/15/24	MSC		JPY	1,547			10,039			9,828			—			(211	)
Expiring 05/15/24	MSC		JPY	1,547			10,039			9,828			—			(211	)
Expiring 05/15/24	MSC		JPY	1,547			10,050			9,833			—			(217	)
Expiring 05/15/24	MSC		JPY	1,545			9,881			9,819			—			(62	)
Expiring 05/15/24	MSC		JPY	1,543			10,041			9,809			—			(232	)
Expiring 05/15/24	MSC		JPY	1,529			10,029			9,718			—			(311	)
Mexican Peso,
Expiring 05/15/24	MSC		MXN	11,252			680,000			655,265			—			(24,735	)
Expiring 05/15/24	MSC		MXN	10,590			640,000			616,720			—			(23,280	)
Expiring 05/15/24	MSC		MXN	5,130			310,000			298,724			—			(11,276	)
Expiring 05/15/24	MSC		MXN	857			49,757			49,906			149			—
Expiring 05/15/24	MSC		MXN	686			39,911			39,950			39			—
Expiring 05/15/24	MSC		MXN	659			39,809			38,392			—			(1,417	)
Expiring 05/15/24	MSC		MXN	514			29,933			29,962			29			—
Expiring 05/15/24	MSC		MXN	340			19,914			19,791			—			(123	)
Expiring 05/15/24	MSC		MXN	172			9,969			9,992			23			—
Expiring 05/15/24	MSC		MXN	171			9,974			9,956			—			(18	)
Expiring 05/15/24	MSC		MXN	171			9,951			9,981			30			—
Expiring 05/15/24	MSC		MXN	171			9,967			9,970			3			—

See Notes to Financial Statements.


PGIM Wadhwani Systematic Absolute Return Fund			17

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Forward foreign currency exchange contracts outstanding at April 30, 2024 (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.):
Mexican Peso (cont’d.),
Expiring 05/15/24	MSC		MXN	171		$	9,967		$	9,970		$	3		$	—
Expiring 05/15/24	MSC		MXN	170			9,970			9,908			—			(62	)
Expiring 05/15/24	MSC		MXN	170			9,969			9,928			—			(41	)
Expiring 05/15/24	MSC		MXN	170			9,975			9,917			—			(58	)
Expiring 05/15/24	MSC		MXN	169			9,916			9,841			—			(75	)
Expiring 05/15/24	MSC		MXN	169			9,940			9,865			—			(75	)
Expiring 05/15/24	MSC		MXN	165			9,952			9,599			—			(353	)
New Taiwanese Dollar,
Expiring 05/15/24	MSC		TWD	2,284			70,000			69,949			—			(51	)
Expiring 05/15/24	MSC		TWD	1,630			50,000			49,934			—			(66	)
Expiring 05/15/24	MSC		TWD	1,627			50,000			49,824			—			(176	)
Expiring 05/15/24	MSC		TWD	1,622			50,000			49,675			—			(325	)
Expiring 05/15/24	MSC		TWD	1,613			50,000			49,410			—			(590	)
Expiring 05/15/24	MSC		TWD	1,299			40,000			39,802			—			(198	)
Expiring 05/15/24	MSC		TWD	1,292			40,000			39,586			—			(414	)
Expiring 05/15/24	MSC		TWD	1,289			40,000			39,477			—			(523	)
Expiring 05/15/24	MSC		TWD	976			30,000			29,895			—			(105	)
Expiring 05/15/24	MSC		TWD	652			20,000			19,961			—			(39	)
Expiring 05/15/24	MSC		TWD	652			20,000			19,985			—			(15	)
Expiring 05/15/24	MSC		TWD	652			20,000			19,963			—			(37	)
Expiring 05/15/24	MSC		TWD	651			20,000			19,929			—			(71	)
Expiring 05/15/24	MSC		TWD	644			20,000			19,740			—			(260	)
Expiring 05/15/24	MSC		TWD	326			10,000			9,977			—			(23	)
Expiring 05/15/24	MSC		TWD	323			10,000			9,893			—			(107	)
Expiring 05/15/24	MSC		TWD	323			10,000			9,882			—			(118	)
New Zealand Dollar,
Expiring 05/15/24	MSC		NZD	460			273,713			271,054			—			(2,659	)
Expiring 05/15/24	MSC		NZD	140			82,830			82,495			—			(335	)
Expiring 05/15/24	MSC		NZD	120			70,843			70,710			—			(133	)
Expiring 05/15/24	MSC		NZD	120			71,287			70,710			—			(577	)
Expiring 05/15/24	MSC		NZD	110			65,026			64,817			—			(209	)
Expiring 05/15/24	MSC		NZD	100			59,058			58,925			—			(133	)
Expiring 05/15/24	MSC		NZD	90			53,553			53,032			—			(521	)
Expiring 05/15/24	MSC		NZD	70			41,221			41,248			27			—
Expiring 05/15/24	MSC		NZD	60			35,510			35,355			—			(155	)
Expiring 05/15/24	MSC		NZD	60			35,886			35,355			—			(531	)
Expiring 05/15/24	MSC		NZD	60			36,442			35,354			—			(1,088	)
Expiring 05/15/24	MSC		NZD	30			17,749			17,677			—			(72	)
Expiring 05/15/24	MSC		NZD	30			17,826			17,678			—			(148	)
Expiring 05/15/24	MSC		NZD	20			11,807			11,785			—			(22	)
Expiring 05/15/24	MSC		NZD	20			11,851			11,785			—			(66	)
Expiring 05/15/24	MSC		NZD	20			11,882			11,785			—			(97	)

See Notes to Financial Statements.

Forward foreign currency exchange contracts outstanding at April 30, 2024 (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 Zealand Dollar (cont’d.),
Expiring 05/15/24	MSC		NZD	20		$	11,901		$	11,785		$	—		$	(116	)
Expiring 05/15/24	MSC		NZD	20			11,901			11,785			—			(116	)
Expiring 05/15/24	MSC		NZD	20			11,768			11,785			17			—
Expiring 05/15/24	MSC		NZD	10			5,916			5,892			—			(24	)
Expiring 05/15/24	MSC		NZD	10			5,904			5,893			—			(11	)
Expiring 05/15/24	MSC		NZD	10			5,906			5,893			—			(13	)
Expiring 05/15/24	MSC		NZD	10			5,889			5,893			4			—
Norwegian Krone,
Expiring 05/15/24	MSC		NOK	1,869			170,344			168,304			—			(2,040	)
Expiring 05/15/24	MSC		NOK	1,623			149,034			146,176			—			(2,858	)
Expiring 05/15/24	MSC		NOK	1,515			138,420			136,429			—			(1,991	)
Expiring 05/15/24	MSC		NOK	1,293			117,328			116,484			—			(844	)
Expiring 05/15/24	MSC		NOK	1,161			107,102			104,549			—			(2,553	)
Expiring 05/15/24	MSC		NOK	823			74,779			74,115			—			(664	)
Expiring 05/15/24	MSC		NOK	696			63,896			62,701			—			(1,195	)
Expiring 05/15/24	MSC		NOK	585			53,091			52,708			—			(383	)
Expiring 05/15/24	MSC		NOK	585			53,204			52,678			—			(526	)
Expiring 05/15/24	MSC		NOK	584			53,108			52,560			—			(548	)
Expiring 05/15/24	MSC		NOK	582			53,145			52,420			—			(725	)
Expiring 05/15/24	MSC		NOK	581			53,126			52,362			—			(764	)
Expiring 05/15/24	MSC		NOK	470			42,673			42,294			—			(379	)
Expiring 05/15/24	MSC		NOK	352			31,996			31,706			—			(290	)
Expiring 05/15/24	MSC		NOK	352			31,966			31,717			—			(249	)
Expiring 05/15/24	MSC		NOK	352			31,973			31,688			—			(285	)
Expiring 05/15/24	MSC		NOK	350			31,905			31,523			—			(382	)
Expiring 05/15/24	MSC		NOK	350			31,906			31,524			—			(382	)
Expiring 05/15/24	MSC		NOK	349			32,166			31,399			—			(767	)
Expiring 05/15/24	MSC		NOK	347			31,893			31,280			—			(613	)
Expiring 05/15/24	MSC		NOK	235			21,317			21,164			—			(153	)
Expiring 05/15/24	MSC		NOK	234			21,214			21,061			—			(153	)
Expiring 05/15/24	MSC		NOK	234			21,445			21,114			—			(331	)
Expiring 05/15/24	MSC		NOK	118			10,659			10,582			—			(77	)
Expiring 05/15/24	MSC		NOK	118			10,653			10,596			—			(57	)
Expiring 05/15/24	MSC		NOK	118			10,684			10,618			—			(66	)
Expiring 05/15/24	MSC		NOK	118			10,658			10,592			—			(66	)
Expiring 05/15/24	MSC		NOK	117			10,662			10,567			—			(95	)
Expiring 05/15/24	MSC		NOK	117			10,633			10,528			—			(105	)
Expiring 05/15/24	MSC		NOK	117			10,709			10,518			—			(191	)
Philippine Peso,
Expiring 05/15/24	MSC		PHP	1,151			20,000			19,921			—			(79	)
Expiring 05/15/24	MSC		PHP	1,149			20,000			19,888			—			(112	)

See Notes to Financial Statements.


PGIM Wadhwani Systematic Absolute Return Fund			19

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Forward foreign currency exchange contracts outstanding at April 30, 2024 (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,
Expiring 05/15/24	MSC		PLN	302		$	74,463		$	74,490		$	27		$	—
Expiring 05/15/24	MSC		PLN	43			10,638			10,642			4			—
Expiring 05/15/24	MSC		PLN	43			10,629			10,716			87			—
Expiring 05/15/24	MSC		PLN	43			10,610			10,697			87			—
Expiring 05/15/24	MSC		PLN	43			10,692			10,504			—			(188	)
Expiring 05/15/24	MSC		PLN	43			10,638			10,641			3			—
Singapore Dollar,
Expiring 05/15/24	MSC		SGD	164			120,168			120,075			—			(93	)
Expiring 05/15/24	MSC		SGD	163			120,087			119,699			—			(388	)
Expiring 05/15/24	MSC		SGD	109			80,008			79,810			—			(198	)
Expiring 05/15/24	MSC		SGD	82			60,060			59,866			—			(194	)
Expiring 05/15/24	MSC		SGD	82			60,085			59,897			—			(188	)
Expiring 05/15/24	MSC		SGD	82			60,083			59,934			—			(149	)
Expiring 05/15/24	MSC		SGD	41			30,021			29,749			—			(272	)
Expiring 05/15/24	MSC		SGD	27			20,025			20,018			—			(7	)
Expiring 05/15/24	MSC		SGD	27			20,028			19,965			—			(63	)
Expiring 05/15/24	MSC		SGD	27			20,028			20,012			—			(16	)
Expiring 05/15/24	MSC		SGD	27			20,028			20,012			—			(16	)
Expiring 05/15/24	MSC		SGD	27			20,016			19,957			—			(59	)
Expiring 05/15/24	MSC		SGD	27			20,028			19,965			—			(63	)
Expiring 05/15/24	MSC		SGD	14			10,003			9,995			—			(8	)
Expiring 05/15/24	MSC		SGD	14			10,012			9,991			—			(21	)
Expiring 05/15/24	MSC		SGD	14			10,006			9,979			—			(27	)
Expiring 05/15/24	MSC		SGD	14			10,007			9,916			—			(91	)
Expiring 05/15/24	MSC		SGD	—*			3			3			—			—
South African Rand,
Expiring 05/15/24	MSC		ZAR	9,301			500,000			493,567			—			(6,433	)
Expiring 05/15/24	MSC		ZAR	930			50,000			49,357			—			(643	)
Expiring 05/15/24	MSC		ZAR	766			39,934			40,669			735			—
Expiring 05/15/24	MSC		ZAR	373			19,981			19,794			—			(187	)
Expiring 05/15/24	MSC		ZAR	372			20,000			19,743			—			(257	)
Expiring 05/15/24	MSC		ZAR	192			9,984			10,168			184			—
Expiring 05/15/24	MSC		ZAR	191			9,929			10,150			221			—
Expiring 05/15/24	MSC		ZAR	190			10,095			10,084			—			(11	)
Expiring 05/15/24	MSC		ZAR	187			9,950			9,945			—			(5	)
Expiring 05/15/24	MSC		ZAR	187			9,921			9,917			—			(4	)
Expiring 05/15/24	MSC		ZAR	1			55			55			—			—
South Korean Won,
Expiring 05/16/24	MSC		KRW	110,492			80,000			79,778			—			(222	)
Expiring 05/16/24	MSC		KRW	82,915			60,000			59,866			—			(134	)
Expiring 05/16/24	MSC		KRW	82,797			60,000			59,781			—			(219	)
Expiring 05/16/24	MSC		KRW	55,372			40,000			39,979			—			(21	)

See Notes to Financial Statements.

Forward foreign currency exchange contracts outstanding at April 30, 2024 (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.):
South Korean Won (cont’d.),
Expiring 05/16/24	MSC		KRW	55,371		$	40,000		$	39,979		$	—		$	(21	)
Expiring 05/16/24	MSC		KRW	55,241			40,000			39,885			—			(115	)
Expiring 05/16/24	MSC		KRW	41,453			30,000			29,930			—			(70	)
Expiring 05/16/24	MSC		KRW	41,370			30,000			29,870			—			(130	)
Expiring 05/16/24	MSC		KRW	27,687			20,000			19,991			—			(9	)
Expiring 05/16/24	MSC		KRW	27,616			20,000			19,939			—			(61	)
Expiring 05/16/24	MSC		KRW	27,557			20,000			19,897			—			(103	)
Expiring 05/16/24	MSC		KRW	27,514			20,000			19,866			—			(134	)
Expiring 05/16/24	MSC		KRW	27,236			20,000			19,665			—			(335	)
Expiring 05/16/24	MSC		KRW	13,971			10,000			10,087			87			—
Expiring 05/16/24	MSC		KRW	13,807			10,000			9,969			—			(31	)
Expiring 05/16/24	MSC		KRW	13,794			10,000			9,960			—			(40	)
Expiring 05/16/24	MSC		KRW	13,716			10,000			9,903			—			(97	)
Expiring 05/16/24	MSC		KRW	13,695			10,000			9,888			—			(112	)
Swedish Krona,
Expiring 05/15/24	MSC		SEK	1,279			117,537			116,098			—			(1,439	)
Expiring 05/15/24	MSC		SEK	1,170			106,971			106,276			—			(695	)
Expiring 05/15/24	MSC		SEK	1,163			106,417			105,621			—			(796	)
Expiring 05/15/24	MSC		SEK	1,035			96,572			93,938			—			(2,634	)
Expiring 05/15/24	MSC		SEK	931			85,298			84,578			—			(720	)
Expiring 05/15/24	MSC		SEK	931			85,612			84,544			—			(1,068	)
Expiring 05/15/24	MSC		SEK	699			63,759			63,425			—			(334	)
Expiring 05/15/24	MSC		SEK	235			21,508			21,302			—			(206	)
Expiring 05/15/24	MSC		SEK	234			21,467			21,227			—			(240	)
Expiring 05/15/24	MSC		SEK	232			21,236			21,077			—			(159	)
Expiring 05/15/24	MSC		SEK	119			10,858			10,774			—			(84	)
Expiring 05/15/24	MSC		SEK	117			10,667			10,584			—			(83	)
Expiring 05/15/24	MSC		SEK	116			10,655			10,575			—			(80	)
Swiss Franc,
Expiring 05/15/24	MSC		CHF	574			632,471			625,751			—			(6,720	)
Expiring 05/15/24	MSC		CHF	300			330,571			326,659			—			(3,912	)
Expiring 05/15/24	MSC		CHF	300			331,064			327,055			—			(4,009	)
Expiring 05/15/24	MSC		CHF	265			290,917			288,545			—			(2,372	)
Expiring 05/15/24	MSC		CHF	255			280,543			278,125			—			(2,418	)
Expiring 05/15/24	MSC		CHF	146			160,347			158,624			—			(1,723	)
Expiring 05/15/24	MSC		CHF	119			130,276			129,157			—			(1,119	)
Expiring 05/15/24	MSC		CHF	100			110,236			109,233			—			(1,003	)
Expiring 05/15/24	MSC		CHF	82			90,209			89,141			—			(1,068	)
Expiring 05/15/24	MSC		CHF	82			90,468			89,507			—			(961	)
Expiring 05/15/24	MSC		CHF	64			70,056			69,632			—			(424	)
Expiring 05/15/24	MSC		CHF	64			70,285			69,582			—			(703	)
Expiring 05/15/24	MSC		CHF	64			70,164			69,334			—			(830	)

See Notes to Financial Statements.


PGIM Wadhwani Systematic Absolute Return Fund			21

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Forward foreign currency exchange contracts outstanding at April 30, 2024 (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 05/15/24	MSC		CHF	55		$	60,187		$	59,676		$	—		$	(511	)
Expiring 05/15/24	MSC		CHF	37			40,103			39,778			—			(325	)
Expiring 05/15/24	MSC		CHF	27			30,053			29,795			—			(258	)
Expiring 05/15/24	MSC		CHF	27			29,984			29,756			—			(228	)
Expiring 05/15/24	MSC		CHF	27			30,103			29,802			—			(301	)
Expiring 05/15/24	MSC		CHF	18			20,057			19,837			—			(220	)
Expiring 05/15/24	MSC		CHF	18			20,061			19,900			—			(161	)
Expiring 05/15/24	MSC		CHF	9			10,015			9,954			—			(61	)
Expiring 05/15/24	MSC		CHF	9			10,030			9,944			—			(86	)
Expiring 05/15/24	MSC		CHF	9			10,028			9,947			—			(81	)
Thai Baht,
Expiring 05/02/24	MSC		THB	741			20,012			19,991			—			(21	)
Expiring 05/02/24	MSC		THB	370			10,006			9,995			—			(11	)
Expiring 05/15/24	MSC		THB	1,841			50,054			49,738			—			(316	)
Expiring 05/15/24	MSC		THB	1,105			30,032			29,843			—			(189	)
Expiring 05/15/24	MSC		THB	1,105			30,032			29,843			—			(189	)
Expiring 05/15/24	MSC		THB	1,103			29,990			29,811			—			(179	)
Expiring 05/15/24	MSC		THB	742			20,004			20,036			32			—
Expiring 05/15/24	MSC		THB	739			19,937			19,969			32			—
Expiring 05/15/24	MSC		THB	737			20,006			19,921			—			(85	)
Expiring 05/15/24	MSC		THB	370			10,005			9,984			—			(21	)
Expiring 05/15/24	MSC		THB	370			9,970			10,007			37			—
Expiring 05/15/24	MSC		THB	369			10,003			9,960			—			(43	)
Expiring 05/15/24	MSC		THB	368			9,997			9,937			—			(60	)
Expiring 05/15/24	MSC		THB	1			36			36			—			—

						$	36,506,074		$	36,178,007			31,365			(359,432	)


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 05/15/24	MSC		AUD	6,550		$	4,345,249		$	4,245,054		$	100,195		$	—
Expiring 05/15/24	MSC		AUD	960			636,861			622,176			14,685			—
Expiring 05/15/24	MSC		AUD	700			455,285			453,670			1,615			—
Expiring 05/15/24	MSC		AUD	560			364,475			362,936			1,539			—
Expiring 05/15/24	MSC		AUD	520			339,219			337,012			2,207			—
Expiring 05/15/24	MSC		AUD	390			251,141			252,759			—			(1,618	)
Expiring 05/15/24	MSC		AUD	330			215,882			213,873			2,009			—
Expiring 05/15/24	MSC		AUD	290			188,005			187,949			56			—

See Notes to Financial Statements.

Forward foreign currency exchange contracts outstanding at April 30, 2024 (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 05/15/24	MSC		AUD	280		$	179,966		$	181,468		$	—		$	(1,502	)
Expiring 05/15/24	MSC		AUD	260			167,459			168,506			—			(1,047	)
Expiring 05/15/24	MSC		AUD	260			172,483			168,506			3,977			—
Expiring 05/15/24	MSC		AUD	250			162,074			162,025			49			—
Expiring 05/15/24	MSC		AUD	190			122,591			123,139			—			(548	)
Expiring 05/15/24	MSC		AUD	170			110,871			110,177			694			—
Expiring 05/15/24	MSC		AUD	140			90,887			90,734			153			—
Expiring 05/15/24	MSC		AUD	100			65,234			64,810			424			—
Expiring 05/15/24	MSC		AUD	100			64,522			64,810			—			(288	)
Expiring 05/15/24	MSC		AUD	70			45,444			45,367			77			—
Expiring 05/15/24	MSC		AUD	70			45,559			45,367			192			—
Expiring 05/15/24	MSC		AUD	70			45,529			45,367			162			—
Expiring 05/15/24	MSC		AUD	60			38,563			38,886			—			(323	)
Expiring 05/15/24	MSC		AUD	50			32,415			32,405			10			—
Expiring 05/15/24	MSC		AUD	50			33,170			32,405			765			—
Expiring 05/15/24	MSC		AUD	10			6,483			6,481			2			—
Brazilian Real,
Expiring 05/03/24	MSC		BRL	3,061			590,000			589,209			791			—
Expiring 05/03/24	MSC		BRL	421			80,000			81,046			—			(1,046	)
Expiring 05/03/24	MSC		BRL	367			70,000			70,637			—			(637	)
Expiring 05/03/24	MSC		BRL	357			70,000			68,667			1,333			—
Expiring 05/03/24	MSC		BRL	355			70,000			68,249			1,751			—
Expiring 05/03/24	MSC		BRL	311			60,000			59,917			83			—
Expiring 05/03/24	MSC		BRL	306			60,000			58,886			1,114			—
Expiring 05/03/24	MSC		BRL	262			50,000			50,483			—			(483	)
Expiring 05/03/24	MSC		BRL	257			50,000			49,534			466			—
Expiring 05/03/24	MSC		BRL	255			50,000			49,043			957			—
Expiring 05/03/24	MSC		BRL	211			40,000			40,535			—			(535	)
Expiring 05/03/24	MSC		BRL	205			40,000			39,553			447			—
Expiring 05/03/24	MSC		BRL	205			40,000			39,544			456			—
Expiring 05/03/24	MSC		BRL	204			40,000			39,269			731			—
Expiring 05/03/24	MSC		BRL	200			40,000			38,525			1,475			—
Expiring 05/03/24	MSC		BRL	105			20,000			20,196			—			(196	)
Expiring 05/03/24	MSC		BRL	102			20,000			19,624			376			—
Expiring 05/03/24	MSC		BRL	101			20,000			19,494			506			—
Expiring 05/03/24	MSC		BRL	101			20,000			19,369			631			—
Expiring 05/03/24	MSC		BRL	101			20,000			19,486			514			—
Expiring 05/03/24	MSC		BRL	100			20,000			19,258			742			—
Expiring 05/03/24	MSC		BRL	52			10,000			9,989			11			—
Expiring 05/03/24	MSC		BRL	52			10,000			9,914			86			—
Expiring 05/03/24	MSC		BRL	52			10,000			10,093			—			(93	)
Expiring 05/03/24	MSC		BRL	51			10,000			9,728			272			—

See Notes to Financial Statements.


PGIM Wadhwani Systematic Absolute Return Fund			23

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Forward foreign currency exchange contracts outstanding at April 30, 2024 (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.):
Brazilian Real (cont’d.),
Expiring 05/03/24	MSC		BRL	51		$	10,000		$	9,734		$	266		$	—
Expiring 05/03/24	MSC		BRL	51			10,000			9,766			234			—
Expiring 05/03/24	MSC		BRL	51			10,000			9,742			258			—
Expiring 05/03/24	MSC		BRL	50			10,000			9,653			347			—
Expiring 06/04/24	MSC		BRL	103			20,000			19,870			130			—
Expiring 06/04/24	MSC		BRL	52			10,000			9,973			27			—
Expiring 06/04/24	MSC		BRL	51			10,000			9,863			137			—
British Pound,
Expiring 05/15/24	MSC		GBP	470			588,679			587,333			1,346			—
Expiring 05/15/24	MSC		GBP	300			371,295			374,893			—			(3,598	)
Expiring 05/15/24	MSC		GBP	140			173,713			174,950			—			(1,237	)
Expiring 05/15/24	MSC		GBP	110			136,989			137,461			—			(472	)
Expiring 05/15/24	MSC		GBP	110			138,088			137,460			628			—
Expiring 05/15/24	MSC		GBP	90			111,389			112,468			—			(1,079	)
Expiring 05/15/24	MSC		GBP	90			112,429			112,468			—			(39	)
Expiring 05/15/24	MSC		GBP	80			99,644			99,972			—			(328	)
Expiring 05/15/24	MSC		GBP	50			62,435			62,482			—			(47	)
Expiring 05/15/24	MSC		GBP	40			50,100			49,985			115			—
Expiring 05/15/24	MSC		GBP	40			49,760			49,986			—			(226	)
Expiring 05/15/24	MSC		GBP	40			49,726			49,986			—			(260	)
Expiring 05/15/24	MSC		GBP	30			37,224			37,489			—			(265	)
Expiring 05/15/24	MSC		GBP	30			37,224			37,489			—			(265	)
Expiring 05/15/24	MSC		GBP	20			24,753			24,993			—			(240	)
Expiring 05/15/24	MSC		GBP	20			24,907			24,993			—			(86	)
Expiring 05/15/24	MSC		GBP	20			24,905			24,993			—			(88	)
Expiring 05/15/24	MSC		GBP	20			24,905			24,993			—			(88	)
Expiring 05/15/24	MSC		GBP	20			24,880			24,993			—			(113	)
Expiring 05/15/24	MSC		GBP	10			12,438			12,497			—			(59	)
Expiring 05/15/24	MSC		GBP	10			12,408			12,496			—			(88	)
Expiring 05/15/24	MSC		GBP	10			12,520			12,497			23			—
Expiring 05/15/24	MSC		GBP	10			12,553			12,496			57			—
Expiring 05/15/24	MSC		GBP	10			12,487			12,496			—			(9	)
Expiring 05/15/24	MSC		GBP	10			12,440			12,497			—			(57	)
Expiring 05/15/24	MSC		GBP	10			12,408			12,496			—			(88	)
Canadian Dollar,
Expiring 05/15/24	MSC		CAD	2,481			1,830,000			1,802,499			27,501			—
Expiring 05/15/24	MSC		CAD	807			588,653			586,241			2,412			—
Expiring 05/15/24	MSC		CAD	786			580,000			571,284			8,716			—
Expiring 05/15/24	MSC		CAD	482			350,340			350,290			50			—
Expiring 05/15/24	MSC		CAD	301			219,606			218,871			735			—
Expiring 05/15/24	MSC		CAD	207			150,142			150,443			—			(301	)
Expiring 05/15/24	MSC		CAD	193			140,035			140,316			—			(281	)

See Notes to Financial Statements.

Forward foreign currency exchange contracts outstanding at April 30, 2024 (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 05/15/24	MSC		CAD	179	$	130,040	$	129,751	$	289	$	—
Expiring 05/15/24	MSC		CAD	178		130,071		129,244		827		—
Expiring 05/15/24	MSC		CAD	151		109,926		109,476		450		—
Expiring 05/15/24	MSC		CAD	123		90,034		89,356		678		—
Expiring 05/15/24	MSC		CAD	123		90,009		89,273		736		—
Expiring 05/15/24	MSC		CAD	110		80,017		80,111		—		(94	)
Expiring 05/15/24	MSC		CAD	69		50,015		49,876		139		—
Expiring 05/15/24	MSC		CAD	55		39,981		39,798		183		—
Expiring 05/15/24	MSC		CAD	41		29,920		29,820		100		—
Expiring 05/15/24	MSC		CAD	41		29,940		29,688		252		—
Expiring 05/15/24	MSC		CAD	41		29,974		29,851		123		—
Expiring 05/15/24	MSC		CAD	41		30,031		29,964		67		—
Expiring 05/15/24	MSC		CAD	14		10,012		10,032		—		(20	)
Chilean Peso,
Expiring 05/15/24	MSC		CLP	57,266		60,000		59,635		365		—
Expiring 05/15/24	MSC		CLP	57,165		60,000		59,531		469		—
Expiring 05/15/24	MSC		CLP	29,676		30,000		30,904		—		(904	)
Expiring 05/15/24	MSC		CLP	9,728		10,000		10,131		—		(131	)
Expiring 05/15/24	MSC		CLP	9,609		10,000		10,007		—		(7	)
Chinese Renminbi,
Expiring 05/16/24	MSC		CNH	4,846		670,000		668,507		1,493		—
Expiring 05/16/24	MSC		CNH	218		30,015		30,014		1		—
Expiring 05/16/24	MSC		CNH	145		20,010		20,052		—		(42	)
Expiring 05/16/24	MSC		CNH	145		20,016		20,047		—		(31	)
Expiring 05/16/24	MSC		CNH	145		20,021		20,033		—		(12	)
Expiring 05/16/24	MSC		CNH	145		20,014		20,025		—		(11	)
Expiring 05/16/24	MSC		CNH	145		20,022		20,049		—		(27	)
Expiring 05/16/24	MSC		CNH	73		10,011		10,026		—		(15	)
Colombian Peso,
Expiring 05/16/24	MSC		COP	357,709		90,000		90,945		—		(945	)
Expiring 05/16/24	MSC		COP	155,990		40,000		39,659		341		—
Expiring 05/16/24	MSC		COP	79,248		20,000		20,148		—		(148	)
Expiring 05/16/24	MSC		COP	39,847		10,000		10,131		—		(131	)
Expiring 05/16/24	MSC		COP	38,292		10,000		9,735		265		—
Czech Koruna,
Expiring 05/15/24	MSC		CZK	1,011		42,859		42,899		—		(40	)
Expiring 05/15/24	MSC		CZK	758		31,929		32,170		—		(241	)
Expiring 05/15/24	MSC		CZK	508		21,456		21,549		—		(93	)
Expiring 05/15/24	MSC		CZK	508		21,487		21,572		—		(85	)
Expiring 05/15/24	MSC		CZK	507		21,300		21,503		—		(203	)
Expiring 05/15/24	MSC		CZK	507		21,300		21,503		—		(203	)
Expiring 05/15/24	MSC		CZK	504		21,256		21,404		—		(148	)

See Notes to Financial Statements.


PGIM Wadhwani Systematic Absolute Return Fund			25

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Forward foreign currency exchange contracts outstanding at April 30, 2024 (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.):
Czech Koruna (cont’d.),
Expiring 05/15/24	MSC		CZK	503	$	21,432	$	21,359	$	73	$	—
Expiring 05/15/24	MSC		CZK	253		10,715		10,725		—		(10	)
Euro,
Expiring 05/15/24	MSC		EUR	3,390		3,686,286		3,619,953		66,333		—
Expiring 05/15/24	MSC		EUR	290		309,021		309,671		—		(650	)
Expiring 05/15/24	MSC		EUR	260		277,143		277,637		—		(494	)
Expiring 05/15/24	MSC		EUR	200		214,446		213,566		880		—
Expiring 05/15/24	MSC		EUR	170		181,304		181,531		—		(227	)
Expiring 05/15/24	MSC		EUR	110		117,191		117,462		—		(271	)
Expiring 05/15/24	MSC		EUR	110		117,964		117,462		502		—
Expiring 05/15/24	MSC		EUR	80		85,588		85,426		162		—
Expiring 05/15/24	MSC		EUR	80		86,083		85,427		656		—
Expiring 05/15/24	MSC		EUR	60		64,344		64,070		274		—
Expiring 05/15/24	MSC		EUR	60		64,441		64,070		371		—
Expiring 05/15/24	MSC		EUR	60		65,244		64,070		1,174		—
Expiring 05/15/24	MSC		EUR	50		53,763		53,391		372		—
Expiring 05/15/24	MSC		EUR	50		53,280		53,392		—		(112	)
Expiring 05/15/24	MSC		EUR	50		53,502		53,391		111		—
Expiring 05/15/24	MSC		EUR	40		42,889		42,713		176		—
Expiring 05/15/24	MSC		EUR	30		32,096		32,035		61		—
Expiring 05/15/24	MSC		EUR	30		32,096		32,035		61		—
Expiring 05/15/24	MSC		EUR	30		32,167		32,035		132		—
Expiring 05/15/24	MSC		EUR	30		32,096		32,035		61		—
Expiring 05/15/24	MSC		EUR	30		32,096		32,035		61		—
Expiring 05/15/24	MSC		EUR	20		21,448		21,357		91		—
Expiring 05/15/24	MSC		EUR	20		21,277		21,356		—		(79	)
Expiring 05/15/24	MSC		EUR	20		21,748		21,357		391		—
Expiring 05/15/24	MSC		EUR	20		21,397		21,357		40		—
Expiring 05/15/24	MSC		EUR	20		21,748		21,357		391		—
Expiring 05/15/24	MSC		EUR	20		21,397		21,357		40		—
Expiring 05/15/24	MSC		EUR	20		21,447		21,356		91		—
Expiring 05/15/24	MSC		EUR	10		10,699		10,679		20		—
Expiring 05/15/24	MSC		EUR	10		10,740		10,679		61		—
Expiring 05/15/24	MSC		EUR	10		10,654		10,679		—		(25	)
Expiring 05/15/24	MSC		EUR	10		10,654		10,679		—		(25	)
Expiring 05/15/24	MSC		EUR	10		10,659		10,678		—		(19	)
Expiring 05/15/24	MSC		EUR	10		10,665		10,678		—		(13	)
Expiring 05/15/24	MSC		EUR	10		10,699		10,679		20		—
Expiring 05/15/24	MSC		EUR	10		10,665		10,678		—		(13	)
Hungarian Forint,
Expiring 05/15/24	MSC		HUF	27,685		74,386		75,416		—		(1,030	)
Expiring 05/15/24	MSC		HUF	19,721		53,287		53,723		—		(436	)

See Notes to Financial Statements.

Forward foreign currency exchange contracts outstanding at April 30, 2024 (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.):
Hungarian Forint (cont’d.),
Expiring 05/15/24	MSC		HUF	15,725	$	42,616	$	42,837	$	—	$	(221	)
Expiring 05/15/24	MSC		HUF	11,828		31,897		32,221		—		(324	)
Expiring 05/15/24	MSC		HUF	11,804		31,903		32,157		—		(254	)
Expiring 05/15/24	MSC		HUF	7,862		21,307		21,418		—		(111	)
Expiring 05/15/24	MSC		HUF	7,793		21,404		21,230		174		—
Expiring 05/15/24	MSC		HUF	3,938		10,735		10,728		7		—
Expiring 05/15/24	MSC		HUF	3,933		10,640		10,713		—		(73	)
Expiring 05/15/24	MSC		HUF	3,931		10,654		10,709		—		(55	)
Expiring 05/15/24	MSC		HUF	3,930		10,607		10,706		—		(99	)
Expiring 05/15/24	MSC		HUF	3,897		10,702		10,615		87		—
Expiring 05/15/24	MSC		HUF	9		26		26		—		—
Indian Rupee,
Expiring 05/15/24	MSC		INR	5,851		70,000		70,045		—		(45	)
Expiring 05/15/24	MSC		INR	5,851		70,000		70,050		—		(50	)
Expiring 05/15/24	MSC		INR	4,175		50,000		49,978		22		—
Expiring 05/15/24	MSC		INR	4,175		50,000		49,984		16		—
Expiring 05/15/24	MSC		INR	3,339		40,000		39,969		31		—
Expiring 05/15/24	MSC		INR	3,338		40,000		39,965		35		—
Expiring 05/15/24	MSC		INR	3,338		40,000		39,965		35		—
Expiring 05/15/24	MSC		INR	2,507		30,000		30,014		—		(14	)
Expiring 05/15/24	MSC		INR	2,507		30,000		30,009		—		(9	)
Expiring 05/15/24	MSC		INR	2,505		30,000		29,991		9		—
Expiring 05/15/24	MSC		INR	2,505		30,000		29,987		13		—
Expiring 05/15/24	MSC		INR	2,504		30,000		29,977		23		—
Expiring 05/15/24	MSC		INR	1,672		20,000		20,016		—		(16	)
Expiring 05/15/24	MSC		INR	1,669		20,000		19,986		14		—
Expiring 05/15/24	MSC		INR	836		10,000		10,005		—		(5	)
Expiring 05/15/24	MSC		INR	836		10,000		10,007		—		(7	)
Expiring 05/15/24	MSC		INR	835		10,000		9,996		4		—
Expiring 05/15/24	MSC		INR	835		10,000		10,001		—		(1	)
Expiring 05/15/24	MSC		INR	834		10,000		9,982		18		—
Expiring 05/15/24	MSC		INR	833		10,000		9,975		25		—
Indonesian Rupiah,
Expiring 05/15/24	MSC		IDR	5,070,090		320,000		311,687		8,313		—
Expiring 05/15/24	MSC		IDR	324,929		20,000		19,975		25		—
Expiring 05/15/24	MSC		IDR	162,048		10,000		9,962		38		—
Israeli Shekel,
Expiring 05/15/24	MSC		ILS	407		110,000		108,766		1,234		—
Expiring 05/15/24	MSC		ILS	76		20,028		20,293		—		(265	)
Expiring 05/15/24	MSC		ILS	38		9,998		10,082		—		(84	)
Expiring 05/15/24	MSC		ILS	38		10,042		10,062		—		(20	)

See Notes to Financial Statements.


PGIM Wadhwani Systematic Absolute Return Fund			27

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Forward foreign currency exchange contracts outstanding at April 30, 2024 (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.):
Japanese Yen,
Expiring 05/15/24	MSC		JPY	211,518	$	1,400,000	$	1,344,222	$	55,778	$	—
Expiring 05/15/24	MSC		JPY	157,128		1,040,000		998,565		41,435		—
Expiring 05/15/24	MSC		JPY	111,802		740,000		710,518		29,482		—
Expiring 05/15/24	MSC		JPY	78,882		511,881		501,303		10,578		—
Expiring 05/15/24	MSC		JPY	61,945		410,000		393,665		16,335		—
Expiring 05/15/24	MSC		JPY	51,369		340,000		326,454		13,546		—
Expiring 05/15/24	MSC		JPY	40,177		260,767		255,331		5,436		—
Expiring 05/15/24	MSC		JPY	23,658		150,325		150,350		—		(25	)
Expiring 05/15/24	MSC		JPY	23,506		150,090		149,380		710		—
Expiring 05/15/24	MSC		JPY	21,376		140,529		135,848		4,681		—
Expiring 05/15/24	MSC		JPY	14,106		90,072		89,646		426		—
Expiring 05/15/24	MSC		JPY	13,742		90,339		87,330		3,009		—
Expiring 05/15/24	MSC		JPY	12,523		79,963		79,585		378		—
Expiring 05/15/24	MSC		JPY	10,891		70,167		69,213		954		—
Expiring 05/15/24	MSC		JPY	9,456		60,126		60,093		33		—
Expiring 05/15/24	MSC		JPY	9,065		60,000		57,610		2,390		—
Expiring 05/15/24	MSC		JPY	7,735		50,216		49,155		1,061		—
Expiring 05/15/24	MSC		JPY	6,169		40,172		39,205		967		—
Expiring 05/15/24	MSC		JPY	4,724		30,078		30,019		59		—
Expiring 05/15/24	MSC		JPY	3,122		20,040		19,841		199		—
Expiring 05/15/24	MSC		JPY	3,112		20,055		19,780		275		—
Expiring 05/15/24	MSC		JPY	3,110		20,039		19,764		275		—
Expiring 05/15/24	MSC		JPY	3,107		20,065		19,744		321		—
Expiring 05/15/24	MSC		JPY	1,577		10,022		10,024		—		(2	)
Expiring 05/15/24	MSC		JPY	1,556		10,024		9,888		136		—
Expiring 05/15/24	MSC		JPY	1,556		10,025		9,887		138		—
Expiring 05/15/24	MSC		JPY	1,547		10,044		9,832		212		—
Expiring 05/15/24	MSC		JPY	1,547		10,037		9,830		207		—
Mexican Peso,
Expiring 05/15/24	MSC		MXN	6,811		399,300		396,643		2,657		—
Expiring 05/15/24	MSC		MXN	1,702		99,801		99,137		664		—
Expiring 05/15/24	MSC		MXN	1,533		89,629		89,251		378		—
Expiring 05/15/24	MSC		MXN	1,205		69,701		70,173		—		(472	)
Expiring 05/15/24	MSC		MXN	1,198		69,762		69,774		—		(12	)
Expiring 05/15/24	MSC		MXN	1,033		59,744		60,149		—		(405	)
Expiring 05/15/24	MSC		MXN	1,033		59,744		60,149		—		(405	)
Expiring 05/15/24	MSC		MXN	851		49,900		49,568		332		—
Expiring 05/15/24	MSC		MXN	835		49,861		48,654		1,207		—
Expiring 05/15/24	MSC		MXN	691		39,937		40,225		—		(288	)
Expiring 05/15/24	MSC		MXN	691		39,937		40,225		—		(288	)
Expiring 05/15/24	MSC		MXN	513		29,897		29,902		—		(5	)
Expiring 05/15/24	MSC		MXN	500		29,866		29,138		728		—

See Notes to Financial Statements.

Forward foreign currency exchange contracts outstanding at April 30, 2024 (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 05/15/24	MSC		MXN	342	$	19,957	$	19,904	$	53	$	—
Expiring 05/15/24	MSC		MXN	334		19,925		19,439		486		—
Expiring 05/15/24	MSC		MXN	334		19,911		19,471		440		—
Expiring 05/15/24	MSC		MXN	334		19,911		19,426		485		—
Expiring 05/15/24	MSC		MXN	170		9,979		9,914		65		—
Expiring 05/15/24	MSC		MXN	167		9,955		9,735		220		—
Expiring 05/15/24	MSC		MXN	166		9,964		9,691		273		—
New Taiwanese Dollar,
Expiring 05/15/24	MSC		TWD	4,146		130,000		127,003		2,997		—
Expiring 05/15/24	MSC		TWD	1,952		60,000		59,796		204		—
Expiring 05/15/24	MSC		TWD	1,914		60,000		58,617		1,383		—
Expiring 05/15/24	MSC		TWD	1,300		40,000		39,811		189		—
Expiring 05/15/24	MSC		TWD	979		30,000		29,976		24		—
Expiring 05/15/24	MSC		TWD	978		30,000		29,965		35		—
Expiring 05/15/24	MSC		TWD	973		30,000		29,809		191		—
Expiring 05/15/24	MSC		TWD	969		30,000		29,686		314		—
Expiring 05/15/24	MSC		TWD	652		20,000		19,956		44		—
Expiring 05/15/24	MSC		TWD	652		20,000		19,967		33		—
Expiring 05/15/24	MSC		TWD	651		20,000		19,932		68		—
Expiring 05/15/24	MSC		TWD	326		10,000		9,981		19		—
Expiring 05/15/24	MSC		TWD	326		10,000		9,977		23		—
New Zealand Dollar,
Expiring 05/15/24	MSC		NZD	290		172,092		170,882		1,210		—
Expiring 05/15/24	MSC		NZD	280		167,819		164,989		2,830		—
Expiring 05/15/24	MSC		NZD	150		89,633		88,387		1,246		—
Expiring 05/15/24	MSC		NZD	140		82,539		82,495		44		—
Expiring 05/15/24	MSC		NZD	140		83,620		82,494		1,126		—
Expiring 05/15/24	MSC		NZD	120		71,638		70,709		929		—
Expiring 05/15/24	MSC		NZD	120		71,233		70,709		524		—
Expiring 05/15/24	MSC		NZD	120		71,042		70,710		332		—
Expiring 05/15/24	MSC		NZD	120		71,042		70,710		332		—
Expiring 05/15/24	MSC		NZD	100		59,518		58,925		593		—
Expiring 05/15/24	MSC		NZD	100		59,755		58,924		831		—
Expiring 05/15/24	MSC		NZD	90		53,139		53,032		107		—
Expiring 05/15/24	MSC		NZD	90		53,814		53,032		782		—
Expiring 05/15/24	MSC		NZD	70		41,856		41,248		608		—
Expiring 05/15/24	MSC		NZD	60		35,455		35,355		100		—
Expiring 05/15/24	MSC		NZD	40		23,563		23,570		—		(7	)
Expiring 05/15/24	MSC		NZD	40		23,582		23,569		13		—
Expiring 05/15/24	MSC		NZD	40		23,807		23,570		237		—
Expiring 05/15/24	MSC		NZD	40		23,613		23,570		43		—
Expiring 05/15/24	MSC		NZD	40		23,660		23,570		90		—

See Notes to Financial Statements.


PGIM Wadhwani Systematic Absolute Return Fund			29

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Forward foreign currency exchange contracts outstanding at April 30, 2024 (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.):
New Zealand Dollar (cont’d.),
Expiring 05/15/24	MSC		NZD	30	$	17,713	$	17,677	$	36	$	—
Expiring 05/15/24	MSC		NZD	20		11,869		11,785		84		—
Expiring 05/15/24	MSC		NZD	10		5,934		5,892		42		—
Expiring 05/15/24	MSC		NZD	10		5,896		5,893		3		—
Expiring 05/15/24	MSC		NZD	10		5,976		5,893		83		—
Expiring 05/15/24	MSC		NZD	10		5,979		5,892		87		—
Expiring 05/15/24	MSC		NZD	10		5,915		5,893		22		—
Expiring 05/15/24	MSC		NZD	10		5,979		5,892		87		—
Expiring 05/15/24	MSC		NZD	10		5,934		5,892		42		—
Expiring 05/15/24	MSC		NZD	10		5,896		5,893		3		—
Expiring 05/15/24	MSC		NZD	10		5,952		5,893		59		—
Expiring 05/15/24	MSC		NZD	10		5,936		5,892		44		—
Norwegian Krone,
Expiring 05/15/24	MSC		NOK	1,512		139,259		136,142		3,117		—
Expiring 05/15/24	MSC		NOK	582		53,624		52,424		1,200		—
Expiring 05/15/24	MSC		NOK	581		53,700		52,316		1,384		—
Expiring 05/15/24	MSC		NOK	471		42,960		42,391		569		—
Expiring 05/15/24	MSC		NOK	235		21,413		21,144		269		—
Expiring 05/15/24	MSC		NOK	118		10,657		10,582		75		—
Expiring 05/15/24	MSC		NOK	117		10,639		10,564		75		—
Expiring 05/15/24	MSC		NOK	117		10,654		10,580		74		—
Expiring 05/15/24	MSC		NOK	116		10,747		10,481		266		—
Expiring 05/15/24	MSC		NOK	116		10,725		10,485		240		—
Expiring 05/15/24	MSC		NOK	—*		24		24		—		—
Philippine Peso,
Expiring 05/15/24	MSC		PHP	4,546		80,000		78,683		1,317		—
Expiring 05/15/24	MSC		PHP	4,501		80,000		77,907		2,093		—
Expiring 05/15/24	MSC		PHP	1,142		20,000		19,760		240		—
Expiring 05/15/24	MSC		PHP	575		10,000		9,947		53		—
Polish Zloty,
Expiring 05/15/24	MSC		PLN	771		191,733		189,942		1,791		—
Expiring 05/15/24	MSC		PLN	262		63,891		64,505		—		(614	)
Expiring 05/15/24	MSC		PLN	217		53,725		53,589		136		—
Expiring 05/15/24	MSC		PLN	214		53,274		52,776		498		—
Expiring 05/15/24	MSC		PLN	174		42,596		43,005		—		(409	)
Expiring 05/15/24	MSC		PLN	130		31,974		31,983		—		(9	)
Expiring 05/15/24	MSC		PLN	129		31,916		31,833		83		—
Expiring 05/15/24	MSC		PLN	87		21,298		21,503		—		(205	)
Expiring 05/15/24	MSC		PLN	87		21,243		21,517		—		(274	)
Expiring 05/15/24	MSC		PLN	86		21,265		21,224		41		—
Expiring 05/15/24	MSC		PLN	86		21,316		21,286		30		—
Expiring 05/15/24	MSC		PLN	86		21,399		21,248		151		—

See Notes to Financial Statements.

Forward foreign currency exchange contracts outstanding at April 30, 2024 (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.):
Polish Zloty (cont’d.),
Expiring 05/15/24	MSC		PLN	43	$	10,639	$	10,611	$	28	$	—
Expiring 05/15/24	MSC		PLN	43		10,761		10,520		241		—
Expiring 05/15/24	MSC		PLN	43		10,633		10,613		20		—
Expiring 05/15/24	MSC		PLN	43		10,713		10,662		51		—
Expiring 05/15/24	MSC		PLN	43		10,655		10,555		100		—
Singapore Dollar,
Expiring 05/15/24	MSC		SGD	1,584		1,180,000		1,161,079		18,921		—
Expiring 05/15/24	MSC		SGD	832		620,000		610,059		9,941		—
Expiring 05/15/24	MSC		SGD	255		190,000		186,953		3,047		—
Expiring 05/15/24	MSC		SGD	135		100,096		99,211		885		—
Expiring 05/15/24	MSC		SGD	95		70,087		69,950		137		—
Expiring 05/15/24	MSC		SGD	68		50,082		49,639		443		—
Expiring 05/15/24	MSC		SGD	54		39,978		39,817		161		—
Expiring 05/15/24	MSC		SGD	41		30,075		29,993		82		—
Expiring 05/15/24	MSC		SGD	27		20,050		19,995		55		—
Expiring 05/15/24	MSC		SGD	27		20,024		19,953		71		—
Expiring 05/15/24	MSC		SGD	27		20,033		19,856		177		—
Expiring 05/15/24	MSC		SGD	14		10,006		9,963		43		—
Expiring 05/15/24	MSC		SGD	14		10,011		9,984		27		—
Expiring 05/15/24	MSC		SGD	14		10,001		9,976		25		—
Expiring 05/15/24	MSC		SGD	14		10,001		9,976		25		—
Expiring 05/15/24	MSC		SGD	14		10,011		9,976		35		—
Expiring 05/15/24	MSC		SGD	14		10,011		9,976		35		—
Expiring 05/15/24	MSC		SGD	14		10,035		9,946		89		—
Expiring 05/15/24	MSC		SGD	14		10,025		9,998		27		—
Expiring 05/15/24	MSC		SGD	—*		3		3		—		—
South African Rand,
Expiring 05/15/24	MSC		ZAR	1,142		59,956		60,581		—		(625	)
Expiring 05/15/24	MSC		ZAR	951		49,962		50,493		—		(531	)
Expiring 05/15/24	MSC		ZAR	769		40,193		40,800		—		(607	)
Expiring 05/15/24	MSC		ZAR	383		19,987		20,323		—		(336	)
Expiring 05/15/24	MSC		ZAR	383		19,987		20,323		—		(336	)
Expiring 05/15/24	MSC		ZAR	380		19,968		20,176		—		(208	)
Expiring 05/15/24	MSC		ZAR	374		19,783		19,869		—		(86	)
Expiring 05/15/24	MSC		ZAR	192		9,988		10,189		—		(201	)
Expiring 05/15/24	MSC		ZAR	189		10,008		10,052		—		(44	)
South Korean Won,
Expiring 05/16/24	MSC		KRW	672,374		500,000		485,468		14,532		—
Expiring 05/16/24	MSC		KRW	403,424		300,000		291,281		8,719		—
Expiring 05/16/24	MSC		KRW	309,292		230,000		223,315		6,685		—
Expiring 05/16/24	MSC		KRW	55,032		40,000		39,734		266		—
Expiring 05/16/24	MSC		KRW	27,935		20,000		20,170		—		(170	)

See Notes to Financial Statements.


PGIM Wadhwani Systematic Absolute Return Fund			31

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Forward foreign currency exchange contracts outstanding at April 30, 2024 (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 Korean Won (cont’d.),
Expiring 05/16/24	MSC		KRW	27,513	$	20,000	$	19,865	$	135	$	—
Expiring 05/16/24	MSC		KRW	27,440		20,000		19,812		188		—
Expiring 05/16/24	MSC		KRW	27,438		20,000		19,811		189		—
Expiring 05/16/24	MSC		KRW	27,240		20,000		19,668		332		—
Expiring 05/16/24	MSC		KRW	13,968		10,000		10,085		—		(85	)
Expiring 05/16/24	MSC		KRW	13,765		10,000		9,938		62		—
Expiring 05/16/24	MSC		KRW	13,757		10,000		9,933		67		—
Expiring 05/16/24	MSC		KRW	13,744		10,000		9,924		76		—
Expiring 05/16/24	MSC		KRW	13,618		10,000		9,833		167		—
Swedish Krona,
Expiring 05/15/24	MSC		SEK	3,248		298,620		294,895		3,725		—
Expiring 05/15/24	MSC		SEK	2,647		246,085		240,364		5,721		—
Expiring 05/15/24	MSC		SEK	2,437		223,475		221,315		2,160		—
Expiring 05/15/24	MSC		SEK	2,204		203,727		200,093		3,634		—
Expiring 05/15/24	MSC		SEK	1,742		160,281		158,199		2,082		—
Expiring 05/15/24	MSC		SEK	1,498		139,214		135,978		3,236		—
Expiring 05/15/24	MSC		SEK	1,266		118,199		114,970		3,229		—
Expiring 05/15/24	MSC		SEK	1,158		106,575		105,185		1,390		—
Expiring 05/15/24	MSC		SEK	930		85,236		84,412		824		—
Expiring 05/15/24	MSC		SEK	817		74,761		74,220		541		—
Expiring 05/15/24	MSC		SEK	806		75,251		73,169		2,082		—
Expiring 05/15/24	MSC		SEK	582		53,379		52,853		526		—
Expiring 05/15/24	MSC		SEK	579		53,213		52,557		656		—
Expiring 05/15/24	MSC		SEK	464		42,885		42,120		765		—
Expiring 05/15/24	MSC		SEK	463		42,597		42,041		556		—
Expiring 05/15/24	MSC		SEK	349		31,777		31,673		104		—
Expiring 05/15/24	MSC		SEK	347		32,156		31,523		633		—
Expiring 05/15/24	MSC		SEK	232		21,338		21,077		261		—
Expiring 05/15/24	MSC		SEK	117		10,677		10,616		61		—
Expiring 05/15/24	MSC		SEK	117		10,715		10,609		106		—
Expiring 05/15/24	MSC		SEK	117		10,664		10,593		71		—
Expiring 05/15/24	MSC		SEK	116		10,648		10,509		139		—
Expiring 05/15/24	MSC		SEK	115		10,727		10,478		249		—
Swiss Franc,
Expiring 05/15/24	MSC		CHF	3,367		3,740,000		3,668,954		71,046		—
Expiring 05/15/24	MSC		CHF	549		610,000		598,412		11,588		—
Expiring 05/15/24	MSC		CHF	369		410,000		402,212		7,788		—
Expiring 05/15/24	MSC		CHF	365		401,218		397,389		3,829		—
Expiring 05/15/24	MSC		CHF	360		400,000		392,401		7,599		—
Expiring 05/15/24	MSC		CHF	246		270,384		267,892		2,492		—
Expiring 05/15/24	MSC		CHF	165		180,449		179,310		1,139		—
Expiring 05/15/24	MSC		CHF	164		180,496		178,697		1,799		—

See Notes to Financial Statements.

Forward foreign currency exchange contracts outstanding at April 30, 2024 (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 05/15/24	MSC		CHF	128	$	140,126	$	139,217	$	909	$	—
Expiring 05/15/24	MSC		CHF	119		130,395		129,237		1,158		—
Expiring 05/15/24	MSC		CHF	109		120,228		119,318		910		—
Expiring 05/15/24	MSC		CHF	46		50,090		49,774		316		—
Expiring 05/15/24	MSC		CHF	37		40,093		39,833		260		—
Expiring 05/15/24	MSC		CHF	36		40,124		39,768		356		—
Expiring 05/15/24	MSC		CHF	36		40,076		39,720		356		—
Expiring 05/15/24	MSC		CHF	28		30,045		30,026		19		—
Expiring 05/15/24	MSC		CHF	27		30,045		29,761		284		—
Expiring 05/15/24	MSC		CHF	27		30,101		29,845		256		—
Expiring 05/15/24	MSC		CHF	18		19,973		19,931		42		—
Expiring 05/15/24	MSC		CHF	18		20,055		19,855		200		—
Expiring 05/15/24	MSC		CHF	18		20,061		19,883		178		—
Expiring 05/15/24	MSC		CHF	9		10,018		9,958		60		—
Expiring 05/15/24	MSC		CHF	9		10,004		9,939		65		—
Expiring 05/15/24	MSC		CHF	9		10,018		9,955		63		—
Expiring 05/15/24	MSC		CHF	9		10,025		9,932		93		—
Expiring 05/15/24	MSC		CHF	9		10,028		9,939		89		—
Expiring 05/15/24	MSC		CHF	9		9,984		9,963		21		—
Expiring 05/15/24	MSC		CHF	9		10,000		9,920		80		—
Thai Baht,
Expiring 05/03/24	MSC		THB	370		9,964		9,996		—		(32	)
Expiring 05/15/24	MSC		THB	16,325		450,000		441,034		8,966		—
Expiring 05/15/24	MSC		THB	5,079		140,000		137,211		2,789		—
Expiring 05/15/24	MSC		THB	741		20,020		20,012		8		—
Expiring 05/15/24	MSC		THB	370		10,033		10,003		30		—
Expiring 05/15/24	MSC		THB	370		10,010		10,006		4		—

					$	49,054,637	$	48,361,064		726,472		(32,899	)

									$	757,837	$	(392,331	)

*	Less than 500.

Cross currency exchange contracts outstanding at April 30, 2024:

Settlement

Type

Notional
Amount
(000)

In Exchange
For (000)

Unrealized
Appreciation

Unrealized
Depreciation

Counterparty

OTC Cross Currency Exchange Contracts:

05/15/24

Buy

CZK

503

EUR

—

MSC

05/15/24

Buy

EUR

SEK

117

—

MSC

05/15/24

Buy

EUR

SEK

117

—

MSC

See Notes to Financial Statements.


PGIM Wadhwani Systematic Absolute Return Fund			33

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Cross currency exchange contracts outstanding at April 30, 2024 (continued):


Settlement	Type	Notional Amount (000)			In Exchange For (000)			Unrealized Appreciation		Unrealized Depreciation			Counterparty
OTC Cross Currency Exchange Contracts (cont’d.):
05/15/24	Buy		EUR	10		SEK	117	$	51	$	—			MSC
05/15/24	Buy		EUR	10		SEK	117		73		—			MSC
05/15/24	Buy		EUR	10		SEK	117		54		—			MSC
05/15/24	Buy		EUR	10		NOK	118		64		—			MSC
05/15/24	Buy		EUR	10		NOK	118		51		—			MSC
05/15/24	Buy		EUR	10		NOK	118		51		—			MSC
05/15/24	Buy		EUR	10		NOK	118		17		—			MSC
05/15/24	Buy		EUR	20		CZK	503		—		—			MSC
05/15/24	Buy		EUR	30		NOK	354		186		—			MSC
05/15/24	Buy		EUR	30		CZK	755		—		(17)			MSC
05/15/24	Buy		EUR	30		HUF	11,748		33		—			MSC
05/15/24	Buy		EUR	40		HUF	15,662		47		—			MSC
05/15/24	Buy		EUR	130		CZK	3,300		—		(1,183)			MSC
05/15/24	Buy		EUR	190		NOK	2,201		4,696		—			MSC
05/15/24	Buy		EUR	320		NOK	3,707		7,909		—			MSC
05/15/24	Buy		EUR	320		CZK	8,123		—		(2,914)			MSC
05/15/24	Buy		EUR	780		SEK	8,928		22,284		—			MSC
05/15/24	Buy		EUR	1,060		NOK	12,278		26,198		—			MSC
05/15/24	Buy		HUF	15,643		EUR	40		—		(99)			MSC
05/15/24	Buy		HUF	15,667		EUR	40		—		(36)			MSC
05/15/24	Buy		HUF	219,400		EUR	560		—		(314)			MSC
05/15/24	Buy		NOK	118		EUR	10		—		(21)			MSC
05/15/24	Buy		NOK	118		EUR	10		—		(61)			MSC
05/15/24	Buy		NOK	118		EUR	10		—		(58)			MSC
05/15/24	Buy		NOK	119		EUR	10		2		—			MSC
05/15/24	Buy		NOK	119		EUR	10		1		—			MSC
05/15/24	Buy		NOK	236		EUR	20		—		(119)			MSC
05/15/24	Buy		PLN	43		EUR	10		—		(26)			MSC
05/15/24	Buy		PLN	87		EUR	20		—		(24)			MSC
05/15/24	Buy		PLN	1,111		EUR	260		—		(3,916)			MSC
05/15/24	Buy		PLN	2,904		EUR	680		—		(10,242)			MSC
05/15/24	Buy		SEK	117		EUR	10		—		(14)			MSC
05/15/24	Buy		SEK	234		EUR	20		—		(98)			MSC
05/15/24	Buy		SEK	351		EUR	30		—		(139)			MSC
05/15/24	Buy		SEK	469		EUR	40		—		(93)			MSC
05/15/24	Buy		SEK	704		EUR	60		—		(125)			MSC

								$	61,842	$	(19,499	)

See Notes to Financial Statements.

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
GS		$	491,927		$	—
MSC			1,136,752			—

Total		$	1,628,679		$	—

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, 2024 in valuing such portfolio securities:


	Level 1			Level 2			Level 3
Short-Term Investment
Affiliated Mutual Fund	$	29,548,397		$	—			$—


Other Financial Instruments*
Assets
Futures Contracts	$	244,392		$	—			$—
OTC Forward Foreign Currency Exchange Contracts		—			757,837			—
OTC Cross Currency Exchange Contracts		—			61,842			—

Total	$	244,392		$	819,679			$—


Liabilities
Futures Contracts	$	(125,792	)	$	—			$—
OTC Forward Foreign Currency Exchange Contracts		—			(392,331	)		—
OTC Cross Currency Exchange Contracts		—			(19,499	)		—

Total	$	(125,792	)	$	(411,830	)		$—

*	Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures and forwards, which are recorded at unrealized appreciation (depreciation) on the instrument.

See Notes to Financial Statements.


PGIM Wadhwani Systematic Absolute Return Fund			35

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

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, 2024 were as follows:


Affiliated Mutual Fund	75.0	%
Other assets in excess of liabilities	25.0


	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 risk, foreign exchange risk and interest rate 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, 2024 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

118,781

Due from/to broker-variation margin futures

63,522

Foreign exchange contracts

Unrealized appreciation on OTC cross currency exchange contracts

61,842

Unrealized depreciation on OTC cross currency exchange contracts

19,499

Foreign exchange contracts

Unrealized appreciation on OTC forward foreign currency exchange contracts

757,837

Unrealized depreciation on OTC forward foreign currency exchange contracts

392,331

Interest rate contracts

Due from/to broker-variation margin futures

125,611

Due from/to broker-variation margin futures

62,270

1,064,071

537,622

*	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.

See Notes to Financial Statements.

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2024 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
Equity contracts		$	636,022			$	—
Foreign exchange contracts			—				(158,538	)
Interest rate contracts			(672,496	)			—

Total		$	(36,474	)		$	(158,538	)


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		$	38,739		$	—
Foreign exchange contracts			—			191,789
Interest rate contracts			85,504			—

Total		$	124,243		$	191,789

For the six months ended April 30, 2024, the Fund’s average volume of derivative activities is as follows:


Derivative Contract Type		Average Volume of Derivative Activities*
Futures Contracts - Long Positions (1)		$59,648,775
Futures Contracts - Short Positions (1)		28,380,529
Forward Foreign Currency Exchange Contracts - Purchased (2)		32,222,795
Forward Foreign Currency Exchange Contracts - Sold (2)		43,191,247
Cross Currency Exchange Contracts (3)		4,245,384

*	Average volume is based on average quarter end balances for the six months ended April 30, 2024.

(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.

See Notes to Financial Statements.


PGIM Wadhwani Systematic Absolute Return Fund			37

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

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	$819,679	$(411,830)	$407,849	$—	$407,849

(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.

Statement of Assets and Liabilities (unaudited)

as of April 30, 2024


Assets
Affiliated investments (cost $29,548,397)	$29,548,397
Cash	369,168
Foreign currency, at value (cost $3,302)	3,288
Deposit with prime broker for futures and OTC forward foreign currency exchange contracts	7,155,373
Deposit with broker for centrally cleared/exchange-traded derivatives	1,628,679
Unrealized appreciation on OTC forward foreign currency exchange contracts	757,837
Due from broker—variation margin futures	334,216
Unrealized appreciation on OTC cross currency exchange contracts	61,842
Receivable for Fund shares sold	1,926
Prepaid expenses and other assets	43,040

Total Assets	39,903,766


Liabilities
Unrealized depreciation on OTC forward foreign currency exchange contracts	392,331
Audit fee payable	28,880
Accrued expenses and other liabilities	22,686
Unrealized depreciation on OTC cross currency exchange contracts	19,499
Management fee payable	15,311
Professional fees payable	10,093
Custodian and accounting fee payable	8,052
Registration fees payable	5,331
Shareholders’ reports fee payable	2,422
Payable for Fund shares purchased	1,926
Trustees’ fees payable	774
Affiliated transfer agent fee payable	233
Distribution fee payable	42

Total Liabilities	507,580


Net Assets	$39,396,186




Net assets were comprised of:
Shares of beneficial interest, at par	$4,130
Paid-in capital in excess of par	42,622,500
Total distributable earnings (loss)	(3,230,444	)

Net assets, April 30, 2024	$39,396,186

See Notes to Financial Statements.


PGIM Wadhwani Systematic Absolute Return Fund			39

Statement of Assets and Liabilities (unaudited)

as of April 30, 2024


Class A

Net asset value and redemption price per share, ($152,178 ÷ 15,949 shares of beneficial interest issued and outstanding)	$	9.54
Maximum sales charge (5.50% of offering price)		0.56

Maximum offering price to public	$	10.10


Class C

Net asset value, offering price and redemption price per share, ($14,591 ÷ 1,533 shares of beneficial interest issued and outstanding)	$	9.52


Class Z

Net asset value, offering price and redemption price per share, ($6,896,605 ÷ 722,253 shares of beneficial interest issued and outstanding)	$	9.55


Class R6

Net asset value, offering price and redemption price per share, ($32,332,812 ÷ 3,390,748 shares of beneficial interest issued and outstanding)	$	9.54

See Notes to Financial Statements.

Statement of Operations (unaudited)

Six Months Ended April 30, 2024


Net Investment Income (Loss)

Income
Affiliated dividend income	$	818,579
Interest income		24,071

Total income		842,650


Expenses
Management fee		205,608
Distribution fee(a)		369
Audit fee		28,880
Professional fees		20,594
Registration fees(a)		18,997
Custodian and accounting fees		15,825
Shareholders’ reports		11,325
Transfer agent’s fees and expenses (including affiliated expense of $770)(a)		8,399
Trustees’ fees		5,036
Miscellaneous		14,124

Total expenses		329,157
Less: Fee waiver and/or expense reimbursement(a)		(109,579	)

Net expenses		219,578

Net investment income (loss)		623,072


Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions

Net realized gain (loss) on:
Futures transactions		(36,474	)
Forward currency contract transactions		(158,538	)
Foreign currency transactions		(2,035	)

		(197,047	)


Net change in unrealized appreciation (depreciation) on:
Futures		124,243
Forward and cross currency contracts		191,789
Foreign currencies		(7,132	)

		308,900

Net gain (loss) on investment and foreign currency transactions		111,853

Net Increase (Decrease) In Net Assets Resulting From Operations	$	734,925

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


	Class A			Class C			Class Z			Class R6
Distribution fee		233			136			—			—
Registration fees		5,010			3,706			7,566			2,715
Transfer agent’s fees and expenses		786			162			7,393			58
Fee waiver and/or expense reimbursement		(6,144	)		(3,919	)		(28,648	)		(70,868	)

See Notes to Financial Statements.


PGIM Wadhwani Systematic Absolute Return Fund			41

Statements of Changes in Net Assets (unaudited)



	Six Months Ended April 30, 2024			Year Ended October 31, 2023

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)		$ 623,072			$ 1,231,564
Net realized gain (loss) on investment and foreign currency transactions		(197,047	)		(4,434,588	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		308,900			420,019

Net increase (decrease) in net assets resulting from operations		734,925			(2,783,005	)


Dividends and Distributions
Distributions from distributable earnings
Class A		(4,994	)		(56,624	)
Class C		(393	)		(3,429	)
Class Z		(186,143	)		(997,317	)
Class R6		(760,501	)		(2,267,142	)

		(952,031	)		(3,324,512	)


Fund share transactions (Net of share conversions)
Net proceeds from shares sold		421,093			9,184,564
Net asset value of shares issued in reinvestment of dividends and distributions		952,016			3,324,469
Cost of shares purchased		(2,283,747	)		(15,355,248	)

Net increase (decrease) in net assets from Fund share transactions		(910,638	)		(2,846,215	)

Total increase (decrease)		(1,127,744	)		(8,953,732	)

Net Assets:
Beginning of period		40,523,930			49,477,662

End of period		$39,396,186			$ 40,523,930

See Notes to Financial Statements.

Financial Highlights (unaudited)



Class A Shares
	Six Months Ended April 30, 2024			Year Ended October 31,						September 28, 2021^(a) through October 31, 2021
	Six Months Ended April 30, 2024			2023			2022			September 28, 2021^(a) through October 31, 2021
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$9.58			$10.90			$10.22			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.24			0.01	^(c)		(0.01	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.02			(0.87	)		0.94			0.23
Total from investment operations		0.16			(0.63	)		0.95			0.22
Less Dividends and Distributions:
Dividends from net investment income		(0.20	)		(0.27	)		(0.05	)		-
Distributions from net realized gains		-			(0.42	)		(0.22	)		-
Total dividends and distributions		(0.20	)		(0.69	)		(0.27	)		-
Net asset value, end of period		$9.54			$9.58			$10.90			$10.22
Total Return^(d):		1.70	%		(6.20	)%		9.64	%		2.20	%


Ratios/Supplemental Data:
Net assets, end of period (000)		$152			$361			$788			$11
Average net assets (000)		$187			$638			$231			$10
Ratios to average net assets^(e):
Expenses after waivers and/or expense reimbursement		1.41	%^(f)(g)		1.41	%^(g)		1.45	%^(h)		1.40	%⁽ⁱ⁾
Expenses before waivers and/or expense reimbursement		8.01	%^(f)		3.61	%		13.76	%		200.29	%⁽ⁱ⁾
Net investment income (loss)		2.92	%^(f)		2.35	%		0.10	%		(1.32	)%⁽ⁱ⁾
Portfolio turnover rate^(j)		0	%		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 certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver for the six months ended April 30, 2024 and year ended October 31, 2023, respectively.

(h)	Includes derivatives broker fees of 0.05% for the year ended October 31, 2022.

(i)	Annualized, with the exception of certain non-recurring expenses.

(j)	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			43

Financial Highlights (unaudited) (continued)



Class C Shares
	Six Months Ended April 30, 2024			Year Ended October 31,						September 28, 2021^(a) through October 31, 2021
	Six Months Ended April 30, 2024			2023			2022			September 28, 2021^(a) through October 31, 2021
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$9.52			$10.82			$10.21			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.10			0.17			(0.10	)		(0.02	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.03			(0.88	)		0.98			0.23
Total from investment operations		0.13			(0.71	)		0.88			0.21
Less Dividends and Distributions:
Dividends from net investment income		(0.13	)		(0.17	)		(0.05	)		-
Distributions from net realized gains		-			(0.42	)		(0.22	)		-
Total dividends and distributions		(0.13	)		(0.59	)		(0.27	)		-
Net asset value, end of period		$9.52			$9.52			$10.82			$10.21
Total Return^(c):		1.36	%		(6.93	)%		8.88	%		2.10	%


Ratios/Supplemental Data:
Net assets, end of period (000)		$15			$54			$63			$10
Average net assets (000)		$27			$70			$18			$10
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		2.16	%^(e)(f)		2.16	%^(f)		2.20	%^(g)		2.15	%^(h)
Expenses before waivers and/or expense reimbursement		30.85	%^(e)		13.76	%		133.01	%		197.54	%^(h)
Net investment income (loss)		2.17	%^(e)		1.72	%		(0.92	)%		(2.07	)%^(h)
Portfolio turnover rate⁽ⁱ⁾		0	%		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 certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver for the six months ended April 30, 2024 and year ended October 31, 2023, respectively.

(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.



Class Z Shares
	Six Months Ended April 30, 2024			Year Ended October 31,						September 28, 2021^(a) through October 31, 2021
	Six Months Ended April 30, 2024			2023			2022			September 28, 2021^(a) through October 31, 2021
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$9.60			$10.93			$10.22			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.15			0.27			0.05	^(c)		(0.01	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.02			(0.89	)		0.94			0.23
Total from investment operations		0.17			(0.62	)		0.99			0.22
Less Dividends and Distributions:
Dividends from net investment income		(0.22	)		(0.29	)		(0.06	)		-
Distributions from net realized gains		-			(0.42	)		(0.22	)		-
Total dividends and distributions		(0.22	)		(0.71	)		(0.28	)		-
Net asset value, end of period		$9.55			$9.60			$10.93			$10.22
Total Return^(d):		1.87	%		(6.06	)%		9.97	%		2.20	%


Ratios/Supplemental Data:
Net assets, end of period (000)		$6,897			$8,380			$14,883			$10
Average net assets (000)		$7,281			$11,585			$2,763			$10
Ratios to average net assets^(e):
Expenses after waivers and/or expense reimbursement		1.16	%^(f)(g)		1.16	%^(g)		1.20	%^(h)		1.15	%⁽ⁱ⁾
Expenses before waivers and/or expense reimbursement		1.95	%^(f)		1.78	%		3.00	%		212.41	%⁽ⁱ⁾
Net investment income (loss)		3.15	%^(f)		2.69	%		0.49	%		(1.07	)%⁽ⁱ⁾
Portfolio turnover rate^(j)		0	%		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 certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver for the six months ended April 30, 2024 and year ended October 31, 2023, respectively.

(h)	Includes derivatives broker fees of 0.05% for the year ended October 31, 2022.

(i)	Annualized, with the exception of certain non-recurring expenses.

(j)	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			45

Financial Highlights (unaudited) (continued)



Class R6 Shares
	Six Months Ended April 30, 2024			Year Ended October 31,						September 28, 2021^(a) through October 31, 2021
	Six Months Ended April 30, 2024			2023			2022			September 28, 2021^(a) through October 31, 2021
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$9.59			$10.93			$10.22			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.15			0.28			(0.04	)		(0.01	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.03			(0.89	)		1.03			0.23
Total from investment operations		0.18			(0.61	)		0.99			0.22
Less Dividends and Distributions:
Dividends from net investment income		(0.23	)		(0.31	)		(0.06	)		-
Distributions from net realized gains		-			(0.42	)		(0.22	)		-
Total dividends and distributions		(0.23	)		(0.73	)		(0.28	)		-
Net asset value, end of period		$9.54			$9.59			$10.93			$10.22
Total Return^(c):		1.94	%		(5.93	)%		9.99	%		2.20	%


Ratios/Supplemental Data:
Net assets, end of period (000)		$32,333			$31,728			$33,743			$30,675
Average net assets (000)		$31,883			$32,529			$31,689			$30,276
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		1.11	%^(e)(f)		1.11	%^(f)		1.16	%^(g)		1.10	%^(h)
Expenses before waivers and/or expense reimbursement		1.56	%^(e)		1.51	%		1.81	%		1.84	%^(h)
Net investment income (loss)		3.19	%^(e)		2.78	%		(0.39	)%		(1.02	)%^(h)
Portfolio turnover rate⁽ⁱ⁾		0	%		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 certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver for the six months ended April 30, 2024 and year ended October 31, 2023, respectively.

(g)	Includes derivatives broker fees of 0.06% 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.

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 PGIM Investments LLC (“PGIM Investments” or the “Manager”) as the “Valuation Designee,” as defined by Rule 2a-5(b) under the 1940 Act, 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 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 estimated 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.


PGIM Wadhwani Systematic Absolute Return Fund			47

Notes to Financial Statements (unaudited) (continued)

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 (“ETFs”) 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 a 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.

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.

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.


PGIM Wadhwani Systematic Absolute Return Fund			49

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.

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 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.

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 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


PGIM Wadhwani Systematic Absolute Return Fund			51

Notes to Financial Statements (unaudited) (continued)

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.

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.

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 expense amounts. 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.

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.



Expected Distribution Schedule to Shareholders*	Frequency

Net Investment Income		Annually

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

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, 2024, 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


PGIM Wadhwani Systematic Absolute Return Fund			53

Notes to Financial Statements (unaudited) (continued)



Contractual Management Rate		Effective Management Fee, before any waivers and/or expense reimbursements

0.99% of average daily net assets of the Fund over $10 billion.

The Manager has contractually agreed, through February 28, 2025, 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.

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 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.

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%


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


Class	FESL	CDSC
A	$ 5	$—
C	—	—

PGIM Investments, PGIM Wadhwani 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 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 series 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”.

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, 2024, no Rule 17a-7 transactions were entered into by the Fund.

5. Portfolio Securities

There were no purchases or sales of portfolio securities, other than short-term investments, for the reporting period ended April 30, 2024.


PGIM Wadhwani Systematic Absolute Return Fund			55

Notes to Financial Statements (unaudited) (continued)

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended April 30, 2024, 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 (7-day effective yield 5.540%)^(1)(wb)
$32,039,611	$9,927,971	$12,419,185	$—		$—		$29,548,397		29,548,397		$818,579

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

(wb)	Represents an investment in a Fund affiliated with the Manager.

6. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of April 30, 2024 were as follows:


Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$29,571,046	$1,062,194	$(558,394)	$503,800

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

Capital Loss

Carryforward

Capital Loss

Carryforward Utilized

$3,795,000

$—

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 three fiscal years up to the most recent fiscal year ended October 31, 2023 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 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 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.

As of April 30, 2024, 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	1,120		7.0	%
C	1,102		71.9
Z	1,126		0.2
R6	3,390,748		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		82.1%
Unaffiliated		1		14.2


PGIM Wadhwani Systematic Absolute Return Fund			57

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, 2024:
Shares sold		1,892		$	17,942
Shares issued in reinvestment of dividends and distributions		536			4,994
Shares purchased		(24,196	)		(228,057	)
Net increase (decrease) in shares outstanding before conversion		(21,768	)		(205,121	)
Shares issued upon conversion from other share class(es)		1			8
Net increase (decrease) in shares outstanding		(21,767	)	$	(205,113	)

Year ended October 31, 2023:
Shares sold		83,221		$	860,549
Shares issued in reinvestment of dividends and distributions		5,557			56,624
Shares purchased		(123,365	)		(1,234,531	)
Net increase (decrease) in shares outstanding before conversion		(34,587	)		(317,358	)
Shares issued upon conversion from other share class(es)		44			432
Net increase (decrease) in shares outstanding		(34,543	)	$	(316,926	)

Class C
Six months ended April 30, 2024:
Shares issued in reinvestment of dividends and distributions		42		$	393
Shares purchased		(4,205	)		(39,815	)
Net increase (decrease) in shares outstanding before conversion		(4,163	)		(39,422	)
Shares purchased upon conversion into other share class(es)		(1	)		(8	)
Net increase (decrease) in shares outstanding		(4,164	)	$	(39,430	)

Year ended October 31, 2023:
Shares sold		3,350		$	34,000
Shares issued in reinvestment of dividends and distributions		336			3,429
Shares purchased		(3,765	)		(36,445	)
Net increase (decrease) in shares outstanding before conversion		(79	)		984
Shares purchased upon conversion into other share class(es)		(44	)		(432	)
Net increase (decrease) in shares outstanding		(123	)	$	552

Class Z
Six months ended April 30, 2024:
Shares sold		42,404		$	403,151
Shares issued in reinvestment of dividends and distributions		19,971			186,128
Shares purchased		(213,191	)		(2,015,875	)
Net increase (decrease) in shares outstanding		(150,816	)	$	(1,426,596	)



Share Class	Shares			Amount

Year ended October 31, 2023:
Shares sold		799,697		$	8,290,015
Shares issued in reinvestment of dividends and distributions		97,868			997,274
Shares purchased		(1,386,805	)		(14,084,272	)
Net increase (decrease) in shares outstanding		(489,240	)	$	(4,796,983	)

Class R6
Six months ended April 30, 2024:
Shares issued in reinvestment of dividends and distributions		81,774		$	760,501
Net increase (decrease) in shares outstanding		81,774		$	760,501

Year ended October 31, 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

8. Borrowings



		SCA
Term of Commitment		9/29/2023 - 9/26/2024
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, 2024.


PGIM Wadhwani Systematic Absolute Return Fund			59

Notes to Financial Statements (unaudited) (continued)

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.

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 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.

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.


PGIM Wadhwani Systematic Absolute Return Fund			61

Notes to Financial Statements (unaudited) (continued)

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.

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.

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 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.


PGIM Wadhwani Systematic Absolute Return Fund			63

Notes to Financial Statements (unaudited) (continued)

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.

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.” For premium bonds (bonds acquired at prices that exceed their par or principal value) purchased by the Fund, prepayment risk may be enhanced. 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.

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 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			65

Notes to Financial Statements (unaudited) (continued)

securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.

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.

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.

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.

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


PGIM Wadhwani Systematic Absolute Return Fund			67

Notes to Financial Statements (unaudited) (continued)

U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.

Liquidity Risk Management Program (unaudited)


PGIM Wadhwani Systematic Absolute Return Fund			69



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

PROXY VOTING

TRUSTEES

OFFICERS

Stuart S. Parker, President and Principal Executive Officer • Scott E. Benjamin, Vice President • Christian J. Kelly, Chief Financial Officer • Claudia DiGiacomo, Chief Legal Officer • Andrew 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 • George Hoyt, Assistant Secretary • Devan Goolsby, 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 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 –

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable.

Item 13 –

Recovery of Erroneously Awarded Compensation – Not applicable.

Item 14 –

Exhibits


		(a)(1)		Code of Ethics – Not required, as this is not an annual filing.
		(a)(2)		Policy required by the listing standards adopted pursuant to Rule 10D-1 under the Securities Exchange Act of 1934 – Not applicable.
		(a)(3)		Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002– Attached hereto as Exhibit EX-99.CERT.

(a)(3)(1) Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 – Not applicable.

(a)(3)(2) Change in the registrant’s independent public accountant – Not applicable.


		(b)		Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – 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 17, 2024

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 17, 2024

By:		/s/ Christian J. Kelly
		Christian J. Kelly
		Chief Financial Officer (Principal Financial Officer)

Date:		June 17, 2024

Tax Basis

Gross
Unrealized
Appreciation

Gross
Unrealized
Depreciation

Net
Unrealized
Depreciation

$101,511,820

$10,191,511

$(26,717,518)

$(16,526,007)