Prudential World Fund N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT

COMPANIES

Investment Company Act file number:	811-03981
Exact name of registrant as specified in charter:	Prudential World Fund, Inc.
Address of principal executive offices:	655 Broad Street, 17th Floor
	Newark, New Jersey 07102
Name and address of agent for service:	Andrew R. French
	655 Broad Street, 17th Floor
	Newark, New Jersey 07102
Registrant’s telephone number, including area code:	800-225-1852
Date of fiscal year end:	10/31/2019
Date of reporting period:	10/31/2019

Item 1 – Reports to Stockholders

PGIM QMA INTERNATIONAL EQUITY FUND

ANNUAL REPORT

OCTOBER 31, 2019

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (pgiminvestments.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-225-1852 or by sending an email request to PGIM Investments at shareholderreports@pgim.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary or follow instructions included with this notice to elect to continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-225-1852 or send an email request to shareholderreports@pgim.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

To enroll in e-delivery, go to pgiminvestments.com/edelivery

Objective:Long-term growth of capital

Highlights(unaudited)

• Quality financial factors were mixed but positive overall during the reporting period and helped soften the challenging environment for value and growth.

• By market, the Fund’s gains during the period were led by the United Kingdom, driven by stock selection in the consumer discretionary (retailing) and materials (metals & mining) sectors.

• Valuation-factor performance was challenged and volatile during the reporting period. Although late efficacy helped soften the overall value weakness, generally the most relatively expensive stocks (which the Fund seeks to avoid) were, on average, the best performers. Mixed-but-negative growth returns were also detrimental.

• Weakness in the financial sector was an overarching theme in the worst-performing markets. Japan led the losses, driven by stock selection in consumer discretionary and the Fund’s favoring of energy and financials.

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

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

Mutual funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company, member SIPC. QMA is the primary business name of QMA LLC, a wholly owned subsidiary of PGIM, Inc. (PGIM), a Prudential Financial company.^© 2019 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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Table of Contents

Letter from the President	5
Your Fund’s Performance	6
Growth of a $10,000 Investment	7
Strategy and Performance Overview	10
Fees and Expenses	13
Holdings and Financial Statements	15
Approval of Advisory Agreements

PGIM QMA International Equity Fund 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

We hope you find the annual report for the PGIM QMA International Equity Fund informative and useful. The report covers performance for the 12-month period that ended October 31, 2019.

While the US economy remained healthy, with rising corporate profits and strong job growth, the Federal Reserve cut interest rates three times in the latter half of the period. The cuts were a proactive attempt by the Fed to extend the longest domestic economic expansion on record as growth in many regions weakened. China in particular showed signs of slowing amid trade tensions with the US, and turmoil in the United Kingdom continued as it negotiates an exit from the European Union.

The interest-rate cuts helped boost the performance of stocks globally. For the period overall, large-cap US equities along with stocks in developed and emerging foreign markets all rose by double digits. Small-cap US stocks posted a single-digit gain. This positive performance came despite significant volatility early in the period. Equities plunged at the end of 2018 on concerns about China’s economy, a potential global trade war, higher interest rates, and worries that profit growth might slow. Stocks reversed course early in 2019, rising sharply after the Fed moderated its position on additional rate hikes for the remainder of the year.

The overall US bond market posted strong returns during the period on a significant rally in interest rates that saw the 10-year US Treasury yield decline from over 3% to under 2%. Investment-grade corporate bonds led the way with a double-digit gain, while corporate high yield and municipal bonds each had a return in the high single digits. Globally, bonds in developed markets delivered strong returns, and emerging markets debt rose by double digits.

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 consider it a great privilege and responsibility to help investors participate in opportunities across global markets while meeting their toughest investment challenges. PGIM is a top-10 global investment manager with more than $1 trillion in assets under management. This scale and investment expertise allow us to deliver actively managed funds and strategies to meet the needs of investors around the globe.

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM QMA International Equity Fund

December 16, 2019

PGIM QMA International Equity Fund 5

Your Fund’s Performance(unaudited)

Performance data quoted represents 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 atpgiminvestments.com or by calling (800) 225-1852.

	Average Annual Total Returns as of 10/31/19 (with sales charges)
	One Year (%)	Five Years (%)		Ten Years (%)		Since Inception (%)
Class A	0.67		0.62		3.77		—
Class B	0.55		0.71		3.55		—
Class C	4.77		1.03		3.62		—
Class Z	7.05		2.11		4.68		—
Class R6	7.33		N/A		N/A		7.34 (12/28/16)
MSCI All Country WorldEx-US Index
	11.27		3.82		4.94		—
	Average Annual Total Returns as of 10/31/19 (without sales charges)
	One Year (%)	Five Years (%)		Ten Years (%)		Since Inception (%)
Class A	6.53		1.76		4.36		—
Class B	5.55		0.90		3.55		—
Class C	5.77		1.03		3.62		—
Class Z	7.05		2.11		4.68		—
Class R6	7.33		N/A		N/A		7.34 (12/28/16)
MSCI All Country WorldEx-US Index
	11.27		3.82		4.94		—

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Growth of a $10,000 Investment(unaudited)

The graph compares a $10,000 investment in the Fund’s Class Z shares with a similar investment in the MSCI All Country World Ex-US Index by portraying the initial account values at the beginning of the 10-year period for Class Z shares (October 31, 2009) and the account values at the end of the current fiscal year (October 31, 2019) as measured on a quarterly basis. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted; and (b) all dividends and distributions were reinvested. The line graph provides information for Class Z shares only. As indicated in the tables provided earlier, performance for other share classes will vary due to the differing charges and expenses applicable to each share class (as indicated in the following paragraphs). Without waiver of fees and/or expense reimbursements, if any, the Fund’s returns would have been lower.

Past performance does not predict future performance. Total returns and the ending account values in the graph include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. The Fund’s total returns do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares.

Source: PGIM Investments LLC and Lipper Inc.

Since Inception returns are provided for any share class with less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to the class’ inception date.

PGIM QMA International Equity Fund 7

Your Fund’s Performance(continued)

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 B*	Class C	Class Z	Class R6
Maximum initial sales charge	5.50% of the public offering price	None	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	5.00% (Yr.1) 4.00% (Yr.2) 3.00% (Yr.3) 2.00% (Yr.4) 1.00% (Yr.5) 1.00% (Yr.6) 0.00% (Yr.7)	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%	1.00%	1.00%	None	None

*Class B shares are closed to all purchase activity and no additional Class B shares may be purchased or acquired except by exchange from Class B shares of another Fund or through dividend or capital gains reinvestment.

Benchmark Definitions

MSCI All Country World Ex-US Index—The Morgan Stanley Capital International All Country World ex-US Index (MSCI ACWI ex-US Index) is an unmanaged free float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the US. The average annual total return for the Index measured from the month-end closest to the inception date of the Fund’s Class R6 shares is 8.50%.

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

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Presentation of Fund Holdingsas of 10/31/19

Ten Largest Holdings	Line of Business	Country	% of Net Assets
Roche Holding AG	Pharmaceuticals	Switzerland	1.7%
Nestle SA	Packaged Foods & Meats	Switzerland	1.6%
Novartis AG	Pharmaceuticals	Switzerland	1.5%
LVMH Moet Hennessy Louis Vuitton SE	Apparel, Accessories & Luxury Goods	France	1.2%
Allianz SE	Multi-line Insurance	Germany	1.2%
Alibaba Group Holding Ltd.	Internet & Direct Marketing Retail	China	1.1%
Airbus SE	Aerospace & Defense	France	1.1%
Sony Corp.	Consumer Electronics	Japan	1.0%
British American Tobacco PLC	Tobacco	United Kingdom	1.0%
Enel SpA	Electric Utilities	Italy	1.0%

For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-term Investments.

PGIM QMA International Equity Fund 9

Strategy and Performance Overview(unaudited)

How did the Fund perform?

ThePGIM QMA International Equity Fund’s Class Z shares returned 7.05% in the 12-month reporting period that ended October 31, 2019, underperforming the 11.27% return of the MSCI All Country World Ex-US (MSCI ACWI Ex-US) Index (the Index).

What were the market conditions?

• Global economic growth continued to be weak during the period, buffeted by the powerful crosscurrents of the US-China trade war and global monetary easing.

• The trade standoff took a toll on business confidence, industrial production, and trade flows. It weighed heavily on global manufacturing, hitting export-oriented economies—including China, Europe, and Japan—the hardest.

• Fortunately, weakness in manufacturing did not drag down the services sector, which remained resilient. The trade war also has had less of an impact on more domestic-oriented economies like the US. As a result, there has been a pronounced divergence in growth among sectors and regions within the global economy.

• Given the weak growth backdrop and elevated geopolitical risks, global central banks embarked on a fresh round of monetary easing during the period, aiming to stimulate growth and counter the negative effects of the trade war.

• However, with interest rates already at, near, or below zero in many countries, the power of monetary policy may have been muted. Thus, the focus shifted to using fiscal policy as a means of stimulating growth, especially in Europe.

• Powered by a healthy consumer, US economic growth remained resilient while eurozone growth was anemic, with Germany and Italy teetering on the edge of recession. Uncertainty over Brexit—the United Kingdom’s ongoing effort to exit the European Union—finally caught up with the UK economy, which contracted in the second quarter of 2019. Japanese growth was decent, but risks were tilted to the downside given weak global growth, yen appreciation, and a pending consumer tax hike.

• Emerging market growth remained hostage to trade tensions, especially for such export-dependent economies as China, Taiwan, and Korea. Although the economies of emerging market countries such as India and Brazil are less levered to the global export cycle, they also succumbed to a slowdown in growth amid weaker consumer spending and slow progress on much-needed reforms.

• Uncertainty surrounding a shifting global paradigm and its implications for global growth made for a challenging and volatile environment.

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What worked?

• Quality financial factors were mixed but positive overall during the reporting period and helped soften the challenging environment for value and growth. We rank stocks based on relative value, growth and financial health.

• By market, the Fund’s gains during the period were led by the United Kingdom, driven by stock selection in the consumer discretionary (retailing) and materials (metals & mining) sectors. An overweight in Italian utilities stocks, which rose 59%, and broadly effective securities selection in Germany furthered gains.

• From a sector perspective, top contributors included utilities (driven by overweights to Italy and Brazil) and health care (driven by stock selection in Japan and an overweight to Switzerland).

What didn’t work?

• Valuation-factor performance was challenged and volatile during the reporting period. Although late efficacy helped soften the overall value weakness, generally the most expensive stocks (which the Fund seeks to avoid) were, on average, the best performers. Mixed-but-negative growth returns were also detrimental.

• Weakness in the financial sector was an overarching theme in the worst-performing markets. Japan led the losses, driven by stock selection in consumer discretionary and the Fund’s favoring of energy and financials, which declined 26% and 5%, respectively, during the period. In the Netherlands, value loss from the Fund’s stock selection/overweight in financials, which was down 6%, was worsened by stock selection/underweight in information technology, which rose 51%. South Korea’s underperformance was led by overweights in financials and materials, which fell 11% and 13%, respectively.

• From a sector standpoint, broadly distributed losses were led by difficult stock selection in financials (South Korea, the Netherlands, and Hong Kong), information technology (the Netherlands, China, and South Korea), and materials (metals & mining—particularly an overweight in stocks of steel companies, which dropped 17%, and an underweight in gold companies, which rose 59%).

Did the Fund use derivatives?

• The Fund did not hold futures for the period. However, futures holdings are allowed. Futures positions are fully collateralized and used for the ease of cash management.

Current outlook

• Escalating geopolitical risks and increased monetary easing have elevated both the upside and downside risks for the global economy. As such, it is currently very difficult to determine which force will gain the upper hand.

PGIM QMA International Equity Fund 11

Strategy and Performance Overview(continued)

• The greatest threat to the global economy is an escalation of the US-China trade war, which likely would lead to an even deeper downturn in global manufacturing. In turn, this could progressively weaken the healthier components of the global economy, namely the services sector and US consumer spending.

• A more constructive scenario for risky assets would involve a tamping down of these geopolitical risks and any sign that monetary stimulus has reaccelerated global growth.

• Given this backdrop, there is potential for significant market swings between now and year-end.

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Fees and Expenses(unaudited)

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 October 31, 2019. 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

PGIM QMA International Equity Fund 13

Fees and Expenses(continued)

period and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information 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 QMA International Equity Fund		Beginning Account Value May 1, 2019		Ending Account Value October 31, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	994.50		1.55	%	$	7.79
	Hypothetical	$	1,000.00	$	1,017.39		1.55	%	$	7.88
Class B	Actual	$	1,000.00	$	989.90		2.54	%	$	12.74
	Hypothetical	$	1,000.00	$	1,012.40		2.54	%	$	12.88
Class C	Actual	$	1,000.00	$	992.80		2.23	%	$	11.20
	Hypothetical	$	1,000.00	$	1,013.96		2.23	%	$	11.32
Class Z	Actual	$	1,000.00	$	997.30		0.99	%	$	4.98
	Hypothetical	$	1,000.00	$	1,020.21		0.99	%	$	5.04
Class R6	Actual	$	1,000.00	$	998.60		0.78	%	$	3.93
	Hypothetical	$	1,000.00	$	1,021.27		0.78	%	$	3.97

*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 184 days in the six-month period ended October 31, 2019, and divided by the 365 days in the Fund’s fiscal year ended October 31, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

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Schedule of Investments

as of October 31, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    99.5%
COMMON STOCKS    96.8%
Argentina    0.1%
YPF SA, ADR(a)		31,700	$	296,712
Australia    4.9%
AGL Energy Ltd.		47,980		653,003
Aristocrat Leisure Ltd.		5,432		117,696
ASX Ltd.		1,758		99,356
BHP Group Ltd.		27,830		684,974
BHP Group PLC		13,894		294,493
Coronado Global Resources, Inc., CDI, 144A		209,694		345,709
CSL Ltd.		1,883		331,429
Fortescue Metals Group Ltd.		12,855		78,450
Goodman Group, REIT		141,091		1,399,817
Magellan Financial Group Ltd.		28,585		942,702
Rio Tinto Ltd.		3,508		217,929
Rio Tinto PLC		32,995		1,717,824
Santos Ltd.		258,095		1,438,792
Woolworths Group Ltd.		49,299		1,266,641
				9,588,815
Austria    0.8%
BAWAG Group AG, 144A*		16,295		674,136
Telekom Austria AG*		28,429		219,951
Wienerberger AG		23,821		644,182
				1,538,269
Brazil    1.9%
B3 SA - Brasil Bolsa Balcao		22,400		270,386
Banco Bradesco SA		14,760		121,083
Banco do Brasil SA		97,400		1,165,983
Banco Santander Brasil SA, UTS		115,500		1,365,668
Cia de Saneamento do Parana, UTS		5,600		127,346
Petroleo Brasileiro SA		33,100		269,719
Transmissora Alianca de Energia Eletrica SA, UTS		65,500		468,895
				3,789,080
Canada    5.6%
BCE, Inc.		1,600		75,900
Canadian Pacific Railway Ltd.		6,000		1,364,407
CGI, Inc.*		2,200		171,009
Cogeco Communications, Inc.		8,000		691,519

See Notes to Financial Statements.

PGIM QMA International Equity Fund 15

Schedule of Investments(continued)

as of October 31, 2019

Description		Shares		Value
COMMON STOCKS (Continued)
Canada (cont’d.)
Cogeco, Inc.			4,900	$	379,210
Corus Entertainment, Inc. (Class B Stock)			133,400		512,493
Genworth MI Canada, Inc.			3,000		121,175
Magna International, Inc.			2,800		150,555
Manulife Financial Corp.			91,400		1,702,256
Onex Corp.			12,400		728,974
Restaurant Brands International, Inc.			2,200		143,933
Royal Bank of Canada			1,200		96,794
Shopify, Inc. (Class A Stock)*			900		282,211
Sun Life Financial, Inc.			34,200		1,534,339
Suncor Energy, Inc.			6,300		187,312
TC Energy Corp.			26,800		1,350,886
Teck Resources Ltd. (Class B Stock)			47,000		742,950
TFI International, Inc.			21,700		691,481
Thomson Reuters Corp.			1,800		120,961
					11,048,365
Chile    0.7%
AES Gener SA			873,417		187,262
Enel Americas SA			6,150,754		1,148,704
					1,335,966
China    9.0%	��
Alibaba Group Holding Ltd., ADR*			12,500		2,208,375
Anhui Conch Cement Co. Ltd. (Class H Stock)			143,000		849,398
Asia Cement China Holdings Corp.			217,500		263,720
Bank of China Ltd. (Class H Stock)			723,000		294,834
Bank of Communications Co. Ltd. (Class H Stock)			112,000		76,265
Bank of Jiangsu Co. Ltd. (Class A Stock)			83,400		83,485
Bank of Nanjing Co. Ltd. (Class A Stock)			82,300		100,517
BOC Hong Kong Holdings Ltd.			52,500		179,679
China BlueChemical Ltd. (Class H Stock)			1,214,000		295,309
China Coal Energy Co. Ltd. (Class H Stock)			1,167,000		465,410
China International Travel Service Corp. Ltd. (Class A Stock)			7,700		98,552
China Minsheng Banking Corp. Ltd. (Class H Stock)			1,414,500		987,284
China National Building Material Co. Ltd. (Class H Stock)			230,000		193,208
China Telecom Corp. Ltd. (Class H Stock)			174,000		73,981
CITIC Ltd.			796,000		1,041,570
CNOOC Ltd.			883,000		1,311,321
Industrial & Commercial Bank of China Ltd. (Class H Stock)			1,638,000		1,169,454
JD.com, Inc., ADR*			6,700		208,705
JinkoSolar Holding Co. Ltd., ADR*(a)			43,400		626,696
Kweichow Moutai Co. Ltd. (Class A Stock)			600		100,114

See Notes to Financial Statements.

16

Description	Shares		Value
COMMON STOCKS (Continued)
China (cont’d.)
Luzhou Laojiao Co. Ltd. (Class A Stock)		8,300	$	102,402
Ping An Insurance Group Co. of China Ltd. (Class H Stock)		132,500		1,526,365
Poly Property Group Co. Ltd.		1,557,000		562,062
Sany Heavy Industry Co. Ltd. (Class A Stock)		65,500		124,576
Shaanxi Coal Industry Co. Ltd. (Class A Stock)		90,500		107,282
Shanghai International Airport Co. Ltd. (Class A Stock)		8,700		93,874
Shanghai Pudong Development Bank Co. Ltd. (Class A Stock)		67,200		118,969
Shougang Fushan Resources Group Ltd.		878,000		180,497
Shui On Land Ltd.		616,000		123,944
Sunac China Holdings Ltd.		28,000		126,556
Tencent Holdings Ltd.		29,500		1,199,543
Weichai Power Co. Ltd. (Class H Stock)		861,000		1,346,303
Wens Foodstuffs Group Co. Ltd. (Class A Stock)		19,700		112,261
Wuliangye Yibin Co. Ltd. (Class A Stock)		6,600		123,264
XCMG Construction Machinery Co. Ltd. (Class A Stock)		151,300		96,830
Xiamen C & D Inc. (Class A Stock)		77,300		93,050
Yum China Holdings, Inc.		20,000		850,000
Yunda Holding Co. Ltd. (Class A Stock)		19,000		88,528
Zoomlion Heavy Industry Science & Technology Co. Ltd. (Class A Stock)		119,000		98,627
				17,702,810
Denmark    1.0%
Novo Nordisk A/S (Class B Stock)		29,399		1,608,152
Scandinavian Tobacco Group A/S, 144A		32,739		387,390
				1,995,542
Finland    0.2%
Neste OYJ		10,593		382,882
France    6.5%
Airbus SE		14,717		2,107,260
Alstom SA		1,599		69,037
Arkema SA		851		86,941
BNP Paribas SA		31,157		1,628,569
Capgemini SE		1,455		163,815
Credit Agricole SA		12,749		166,303
Dassault Aviation SA		290		403,682
Dassault Systemes SE		1,544		234,462
Hermes International		1,639		1,179,070
Klepierre SA, REIT		2,413		89,835
Legrand SA		2,408		187,903
LVMH Moet Hennessy Louis Vuitton SE		5,745		2,450,087

See Notes to Financial Statements.

PGIM QMA International Equity Fund 17

Schedule of Investments(continued)

as of October 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
France (cont’d.)
Peugeot SA		55,066	$	1,389,225
Safran SA		4,506		712,318
Sanofi		18,502		1,703,630
TOTAL SA		3,502		184,233
				12,756,370
Germany    4.4%
adidas AG		4,865		1,502,427
Allianz SE		9,393		2,294,046
Amadeus Fire AG		1,263		160,008
Bayer AG		3,609		280,401
CANCOM SE		1,383		73,912
Deutsche Pfandbriefbank AG, 144A		53,242		728,249
Deutsche Telekom AG		30,613		538,233
Fresenius Medical Care AG & Co. KGaA		2,093		151,400
Fresenius SE & Co. KGaA		9,478		498,266
HeidelbergCement AG		993		73,830
Henkel AG & Co. KGaA		1,391		133,887
MTU Aero Engines AG		5,172		1,381,613
Puma SE		3,092		232,842
SAP SE		891		117,903
Varta AG*		5,025		569,123
				8,736,140
Greece    0.7%
Hellenic Telecommunications Organization SA		69,834		1,056,884
Piraeus Bank SA*		106,303		370,838
				1,427,722
Hong Kong    1.3%
AIA Group Ltd.		33,600		333,483
Henderson Land Development Co. Ltd.		210,000		1,047,588
Hongkong Land Holdings Ltd.		17,100		93,962
K Wah International Holdings Ltd.		389,000		212,371
Shun Tak Holdings Ltd.		1,564,000		641,017
Swire Pacific Ltd. (Class A Stock)		17,000		161,416
				2,489,837
India    1.3%
Bajaj Finance Ltd.		1,625		92,366
Balrampur Chini Mills Ltd.		262,161		603,045

See Notes to Financial Statements.

18

Description	Shares		Value
COMMON STOCKS (Continued)
India (cont’d.)
Bata India Ltd.		4,405	$	112,261
NTPC Ltd.		39,307		67,900
Oil & Natural Gas Corp. Ltd.		530,005		1,059,482
Power Grid Corp. of India Ltd.		200,968		562,720
				2,497,774
Ireland    0.1%
CRH PLC		7,350		267,993
Israel    0.4%
Bank LeumiLe-Israel BM		13,665		99,471
Israel Discount Bank Ltd. (Class A Stock)		117,153		535,047
Nice Ltd.		597		94,396
				728,914
Italy    1.7%
Buzzi Unicem SpA		3,470		83,840
Enel SpA		251,466		1,948,933
Ferrari NV		825		132,232
Poste Italiane SpA, 144A		93,396		1,133,428
Snam SpA		19,642		100,791
				3,399,224
Japan    17.4%
77 Bank Ltd. (The)		39,400		621,239
Advantest Corp.		1,800		80,762
Asahi Group Holdings Ltd.		6,600		329,936
Astellas Pharma, Inc.		101,100		1,728,634
Bandai Namco Holdings, Inc.		2,300		141,007
Central Japan Railway Co.		1,300		266,916
Chubu Electric Power Co., Inc.		5,900		88,518
Chugai Pharmaceutical Co. Ltd.		2,800		236,206
Daiwa House Industry Co. Ltd.		6,400		220,490
EDION Corp.		66,700		661,970
Eisai Co. Ltd.		2,800		202,969
Hikari Tsushin, Inc.		500		109,413
Hitachi Ltd.		31,100		1,158,671
Hoya Corp.		18,900		1,667,951
ITOCHU Corp.		74,900		1,565,064
Japan Petroleum Exploration Co. Ltd.		14,600		371,969
Japan Post Holdings Co. Ltd.		14,300		130,972
Japan Tobacco, Inc.		44,200		1,001,883

See Notes to Financial Statements.

PGIM QMA International Equity Fund 19

Schedule of Investments(continued)

as of October 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
Kansai Electric Power Co., Inc. (The)		8,300	$	96,649
KDDI Corp.		56,800		1,568,333
Medipal Holdings Corp.		24,400		556,836
Mitsubishi Estate Co. Ltd.		60,300		1,169,492
Mitsubishi UFJ Financial Group, Inc.		359,800		1,876,863
NEC Corp.		2,200		87,115
Nippon Building Fund, Inc., REIT		12		90,960
Nippon Telegraph & Telephone Corp.		32,684		1,619,902
Nishi-Nippon Financial Holdings, Inc.		98,500		730,416
Nomura Research Institute Ltd.		51,800		1,101,511
NTT DOCOMO, Inc.		44,400		1,217,338
Obayashi Corp.		41,400		425,650
Obic Co. Ltd.		10,700		1,340,011
Oriental Land Co. Ltd.		8,300		1,215,817
Otsuka Corp.		26,200		1,053,853
Rakuten, Inc.		8,000		76,067
Recruit Holdings Co. Ltd.		42,800		1,418,558
Resona Holdings, Inc.		18,400		80,121
Seibu Holdings, Inc.		4,900		86,230
Shimizu Corp.		9,500		88,453
Shionogi & Co. Ltd.		10,900		655,308
Softbank Corp.		15,300		209,658
Sony Corp.		34,000		2,065,587
Subaru Corp.		5,600		160,590
Sumitomo Mitsui Financial Group, Inc.		39,800		1,412,070
Sumitomo Realty & Development Co. Ltd.		3,100		112,612
Taisei Corp.		28,500		1,124,964
TIS, Inc.		8,500		511,916
Tokio Marine Holdings, Inc.		5,900		318,068
Tokuyama Corp.		13,300		355,921
Tokyo Electron Ltd.		1,500		301,448
Torii Pharmaceutical Co. Ltd.		5,200		138,682
Toyota Motor Corp.		5,733		397,717
West Japan Railway Co.		1,500		130,243
				34,379,529
Luxembourg    0.5%
ArcelorMittal		62,645		925,694
Macau    0.0%
Galaxy Entertainment Group Ltd.		402		2,753

See Notes to Financial Statements.

20

Description	Shares		Value
COMMON STOCKS (Continued)
Mexico    0.5%
America Movil SAB de CV (Class L Stock)		761,400	$	602,819
Grupo Aeroportuario del Sureste SAB de CV (Class B Stock)		4,755		77,864
Wal-Mart de Mexico SAB de CV		78,800		236,156
				916,839
Netherlands    2.7%
Adyen NV, 144A*		1,113		780,920
ASR Nederland NV		16,777		614,089
EXOR NV		1,087		83,311
Koninklijke Ahold Delhaize NV		62,612		1,559,237
NN Group NV		21,422		815,673
Royal Dutch Shell PLC (Class A Stock)		39,707		1,148,337
Royal Dutch Shell PLC (Class B Stock)		6,509		186,977
Wolters Kluwer NV		3,399		250,140
				5,438,684
Norway    0.4%
DNB ASA		9,212		167,520
Telenor ASA		37,895		708,140
				875,660
Pakistan    0.7%
Engro Corp. Ltd.		196,700		374,767
Engro Fertilizers Ltd.		484,500		222,075
Fauji Fertilizer Co. Ltd.		290,500		175,855
Oil & Gas Development Co. Ltd.		703,300		583,283
				1,355,980
Peru    0.1%
Credicorp Ltd.		600		128,424
Philippines    0.3%
SM Prime Holdings, Inc.		747,500		573,848
Poland    0.6%
Powszechna Kasa Oszczednosci Bank Polski SA		99,939		997,729
Powszechny Zaklad Ubezpieczen SA		28,505		275,682
				1,273,411

See Notes to Financial Statements.

PGIM QMA International Equity Fund 21

Schedule of Investments(continued)

as of October 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Portugal    0.3%
Sonae SGPS SA		657,492	$	663,171
Qatar    0.1%
Qatar Navigation QSC		93,325		166,169
Russia    1.4%
Gazprom PJSC, ADR		102,260		820,282
LUKOIL PJSC, ADR		7,998		737,216
MMC Norilsk Nickel PJSC, ADR		5,788		160,447
Novatek PJSC, GDR		3,128		663,136
Tatneft PJSC, ADR		4,631		324,684
				2,705,765
Singapore    1.5%
CapitaLand Mall Trust, REIT		220,300		410,728
DBS Group Holdings Ltd.		55,700		1,061,690
Singapore Exchange Ltd.		162,200		1,065,238
United Overseas Bank Ltd.		17,500		344,017
				2,881,673
South Africa    1.6%
Anglo American Platinum Ltd.		13,482		1,004,193
Anglo American PLC		60,058		1,546,660
Kumba Iron Ore Ltd.		20,568		500,576
Telkom SA SOC Ltd.		12,190		55,764
				3,107,193
South Korea    3.9%
Daishin Securities Co. Ltd.		35,515		378,746
Hana Financial Group, Inc.		39,805		1,150,783
Hyundai Mobis Co. Ltd.		5,326		1,081,253
Kia Motors Corp.		35,244		1,285,276
KT&G Corp.		940		80,701
POSCO		4,108		742,678
Samsung Electronics Co. Ltd.		32,201		1,385,965
Shinhan Financial Group Co. Ltd.		34,923		1,272,191
Taekwang Industrial Co. Ltd.		355		334,255
				7,711,848

See Notes to Financial Statements.

22

Description	Shares		Value
COMMON STOCKS (Continued)
Spain    0.9%
ACS Actividades de Construccion y Servicios SA		18,996	$	771,382
Aena SME SA, 144A		5,800		1,063,643
				1,835,025
Sweden    2.8%
Atlas Copco AB (Class B Stock)		5,159		159,646
Epiroc AB (Class A Stock)		6,817		76,582
Essity AB (Class B Stock)		6,953		216,797
Evolution Gaming Group AB, 144A		30,968		739,944
Hennes & Mauritz AB (Class B Stock)		31,675		661,803
Sandvik AB		44,989		792,275
Skandinaviska Enskilda Banken AB (Class A Stock)		138,344		1,325,386
Volvo AB (Class B Stock)		100,392		1,499,088
				5,471,521
Switzerland    5.1%
Landis+Gyr Group AG*		823		76,160
Logitech International SA		16,437		672,730
Nestle SA		28,620		3,054,454
Novartis AG		34,003		2,964,206
Roche Holding AG		10,860		3,269,043
				10,036,593
Taiwan    3.4%
Accton Technology Corp.		50,000		297,797
Chipbond Technology Corp.		331,000		653,583
International Games System Co. Ltd.		40,000		515,932
MediaTek, Inc.		92,000		1,228,887
Radiant Opto-Electronics Corp.		166,000		659,326
Realtek Semiconductor Corp.		11,000		81,486
Taiwan Semiconductor Manufacturing Co. Ltd.		99,000		962,854
Tripod Technology Corp.		177,000		685,937
Unimicron Technology Corp.		177,000		273,120
Yuanta Financial Holding Co. Ltd.		1,976,000		1,233,390
Zhen Ding Technology Holding Ltd.		37,000		174,788
				6,767,100
Thailand    1.2%
Advanced Info Service PCL		136,700		1,036,398

See Notes to Financial Statements.

PGIM QMA International Equity Fund 23

Schedule of Investments(continued)

as of October 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Thailand (cont’d.)
Com7 PCL (Class F Stock)		771,300	$	734,223
Thanachart Capital PCL		382,800		672,133
				2,442,754
Turkey    1.1%
Coca-Cola Icecek A/S		98,320		538,000
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret A/S		293,044		154,049
Enerjisa Enerji A/S, 144A		416,363		450,920
Eregli Demir ve Celik Fabrikalari TAS		610,246		699,258
Tekfen Holding A/S		146,785		436,041
				2,278,268
United Arab Emirates    0.2%
Aldar Properties PJSC		620,500		396,398
United Kingdom    9.0%
3i Group PLC		106,899		1,562,369
Ashtead Group PLC		22,501		684,815
AstraZeneca PLC		1,387		134,935
Barclays PLC		157,124		341,492
Berkeley Group Holdings PLC		1,683		96,021
BP PLC		37,856		239,873
British American Tobacco PLC		56,377		1,975,601
Burberry Group PLC		3,335		88,402
Coca-Cola European Partners PLC		13,300		711,683
Compass Group PLC		48,269		1,286,464
Diageo PLC		29,378		1,200,274
Dialog Semiconductor PLC*		14,019		628,455
Fiat Chrysler Automobiles NV		16,743		257,818
GlaxoSmithKline PLC		46,577		1,064,952
Halma PLC		3,545		86,093
HSBC Holdings PLC		62,434		471,648
Imperial Brands PLC		49,831		1,093,296
J Sainsbury PLC		113,562		299,371
JD Sports Fashion PLC		66,953		667,719
Legal & General Group PLC		438,760		1,500,207
Mitchells & Butlers PLC*		49,461		273,614
RELX PLC		18,325		440,455
Tesco PLC		91,806		279,736

See Notes to Financial Statements.

24

Description	Shares		Value
COMMON STOCKS (Continued)
United Kingdom (cont’d.)
Unilever NV		29,902	$	1,769,382
Unilever PLC		10,499		629,130
				17,783,805
United States    0.5%
CyberArk Software Ltd.*		9,400		954,852
TOTAL COMMON STOCKS (cost $169,373,946)				191,055,372
EXCHANGE-TRADED FUNDS    1.3%
United States
iShares MSCI EAFE ETF		22,900		1,543,918
iShares MSCI Emerging Markets ETF		12,000		510,960
iShares MSCI Saudi Arabia ETF(a)		19,300		556,226
TOTAL EXCHANGE-TRADED FUNDS (cost $2,505,794)				2,611,104
PREFERRED STOCKS    1.4%
Brazil    1.2%
Banco do Estado do Rio Grande do Sul SA (PRFC) (Class B Stock)		93,400		521,671
Cia de Saneamento do Parana (PRFC)		76,600		347,617
Itausa - Investimentos Itau SA (PRFC)		41,400		141,424
Petroleo Brasileiro SA (PRFC)		184,700		1,399,124
				2,409,836
Germany    0.1%
Sartorius AG (PRFC)		387		75,138
South Korea    0.1%
Samsung Electronics Co. Ltd. (PRFC)		7,630		267,480
TOTAL PREFERRED STOCKS (cost $1,996,613)				2,752,454
TOTAL LONG-TERM INVESTMENTS (cost $173,876,353)				196,418,930

See Notes to Financial Statements.

PGIM QMA International Equity Fund 25

Schedule of Investments(continued)

as of October 31, 2019

Description	Shares		Value
SHORT-TERM INVESTMENTS    0.7%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(w)		101,823	$	101,823
PGIM Institutional Money Market Fund (cost $1,221,820; includes $1,219,579 of cash collateral for securities on loan)(b)(w)		1,221,744		1,221,989
TOTAL SHORT-TERM INVESTMENTS (cost $1,323,643)				1,323,812
TOTAL INVESTMENTS    100.2% (cost $175,199,996)				197,742,742
Liabilities in excess of other assets    (0.2)%				(422,666	)
NET ASSETS    100.0%			$	197,320,076

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

144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.

ADR—American Depositary Receipt

CDI—Chess Depository Interest

EAFE—Europe, Australasia, Far East

ETF—Exchange-Traded Fund

GDR—Global Depositary Receipt

LIBOR—London Interbank Offered Rate

MSCI—Morgan Stanley Capital International

PJSC—Public Joint-Stock Company

PRFC—Preference Shares

REITs—Real Estate Investment Trust

UTS—Unit Trust Security

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $1,179,796; cash collateral of $1,219,579 (included in liabilities) was received with which the Series purchased highly liquid short-term investments.

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

(w) PGIM Investments LLC, the manager of the Series, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund.

Fair Value Measurements:

Various inputs are used in determining the value of the Series’ 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.

See Notes to Financial Statements.

26

The following is a summary of the inputs used as of October 31, 2019 in valuing such portfolio securities:    

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Common Stocks
Argentina	$	296,712	$	—	$	—
Australia		—		9,588,815		—
Austria		—		1,538,269		—
Brazil		3,789,080		—		—
Canada		11,048,365		—		—
Chile		1,335,966		—		—
China		3,893,776		13,809,034		—
Denmark		—		1,995,542		—
Finland		—		382,882		—
France		—		12,756,370		—
Germany		—		8,736,140		—
Greece		—		1,427,722		—
Hong Kong		—		2,489,837		—
India		—		2,497,774		—
Ireland		—		267,993		—
Israel		—		728,914		—
Italy		—		3,399,224		—
Japan		—		34,379,529		—
Luxembourg		—		925,694		—
Macau		—		2,753		—
Mexico		916,839		—		—
Netherlands		—		5,438,684		—
Norway		—		875,660		—
Pakistan		—		1,355,980		—
Peru		128,424		—		—
Philippines		—		573,848		—
Poland		—		1,273,411		—
Portugal		—		663,171		—
Qatar		—		166,169		—
Russia		663,136		2,042,629		—
Singapore		—		2,881,673		—
South Africa		—		3,107,193		—
South Korea		—		7,711,848		—
Spain		—		1,835,025		—
Sweden		—		5,471,521		—
Switzerland		—		10,036,593		—
Taiwan		—		6,767,100		—
Thailand		—		2,442,754		—
Turkey		—		2,278,268		—
United Arab Emirates		—		396,398		—
United Kingdom		711,683		17,072,122		—
United States		954,852		—		—
Exchange-Traded Funds
United States		2,611,104		—		—

See Notes to Financial Statements.

PGIM QMA International Equity Fund 27

Schedule of Investments(continued)

as of October 31, 2019

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Preferred Stocks
Brazil	$	2,409,836	$	—	$	—
Germany		—		75,138		—
South Korea		—		267,480		—
Affiliated Mutual Funds		1,323,812		—		—
Total	$	30,083,585	$	167,659,157	$	—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2019 were as follows (unaudited):

Banks	11.5	%
Pharmaceuticals	7.1
Oil, Gas & Consumable Fuels	6.8
Insurance	6.4
Metals & Mining	5.1
Capital Markets	2.9
Textiles, Apparel & Luxury Goods	2.8
IT Services	2.8
Real Estate Management & Development	2.6
Semiconductors & Semiconductor Equipment	2.5
Hotels, Restaurants & Leisure	2.5
Electric Utilities	2.4
Aerospace & Defense	2.4
Wireless Telecommunication Services	2.3
Tobacco	2.3
Machinery	2.2
Food & Staples Retailing	2.1
Diversified Telecommunication Services	2.0
Food Products	2.0
Automobiles	1.9
Beverages	1.8
Construction & Engineering	1.4
Specialty Retail	1.4
Exchange-Traded Funds	1.3
Personal Products	1.3
Road & Rail	1.2
Internet & Direct Marketing Retail	1.2
Electronic Equipment, Instruments & Components	1.2
Professional Services	1.2
Trading Companies & Distributors	1.2
Technology Hardware, Storage & Peripherals	1.1
Household Durables	1.1

Construction Materials	1.0	%
Equity Real Estate Investment Trusts (REITs)	1.0
Chemicals	0.9
Health Care Equipment & Supplies	0.9
Industrial Conglomerates	0.8
Media	0.7
Affiliated Mutual Funds (0.6% represents investments purchased with collateral from securities on loan)	0.7
Software	0.6
Transportation Infrastructure	0.6
Auto Components	0.6
Health Care Providers & Services	0.6
Interactive Media & Services	0.6
Thrifts & Mortgage Finance	0.5
Diversified Financial Services	0.4
Electrical Equipment	0.4
Multi-Utilities	0.3
Entertainment	0.3
Water Utilities	0.3
Household Products	0.2
Biotechnology	0.2
Communications Equipment	0.2
Independent Power & Renewable Electricity Producers	0.1
Marine	0.1
Leisure Products	0.1
Consumer Finance	0.1
Gas Utilities	0.0	*

See Notes to Financial Statements.

28

Industry Classification (continued):
Air Freight & Logistics	0.0	*%
	100.2
Liabilities in excess of other assets	(0.2	)
	100.0	%

* Less than +/- 0.05%

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

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

The Series did not hold any derivative instruments as of October 31, 2019, accordingly, no derivative positions were presented in the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 2019 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Rights(1)
Equity contracts	$	1,371

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

For the year ended October, 31, 2019, the Series did not have any net change in unrealized appreciation (depreciation) on derivatives in the Statement of Operations.

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

The Series entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions where the legal right toset-off exists is presented in the summary below.

Offsetting of financial instrument/transaction assets and liabilities:

See Notes to Financial Statements.

PGIM QMA International Equity Fund 29

Schedule of Investments(continued)

as of October 31, 2019

Description	Gross Market Value of Recognized Assets/(Liabilities)		Collateral Pledged/(Received)(1)			Net Amount
Securities on Loan	$	1,179,796	$	(1,179,796	)	$	—

(1) Collateral amount disclosed by the Series is limited to the market value of financial instruments/transactions.    

See Notes to Financial Statements.

30

Statement of Assets and Liabilities

as of October 31, 2019

Assets
Investments at value, including securities on loan of $1,179,796:
Unaffiliated investments (cost $173,876,353)	$	196,418,930
Affiliated investments (cost $1,323,643)		1,323,812
Foreign currency, at value (cost $81,454)		81,174
Tax reclaim receivable		897,801
Dividends receivable		429,137
Receivable for Series shares sold		169,639
Prepaid expenses and other assets		3,089
Total Assets		199,323,582
Liabilities
Payable to broker for collateral for securities on loan		1,219,579
Payable for Series shares reacquired		377,591
Transfer agent’s fees and expenses payable		118,381
Management fee payable		107,462
Affiliated transfer agent fee payable		74,343
Distribution fee payable		46,597
Accrued expenses and other liabilities		35,021
Foreign capital gains tax liability accrued		24,532
Total Liabilities		2,003,506
Net Assets	$	197,320,076
Net assets were comprised of:
Common stock, at par	$	274,405
Paid-in capital in excess of par		177,300,999
Total distributable earnings (loss)		19,744,672
Net assets, October 31, 2019	$	197,320,076

See Notes to Financial Statements.

PGIM QMA International Equity Fund 31

Statement of Assets and Liabilities

as of October 31, 2019

Class A
Net asset value and redemption price per share, ($173,102,594 ÷ 24,074,464 shares of common stock issued and outstanding)	$	7.19
Maximum sales charge (5.50% of offering price)		0.42
Maximum offering price to public	$	7.61
Class B
Net asset value, offering price and redemption price per share, ($1,049,130 ÷ 152,980 shares of common stock issued and outstanding)	$	6.86
Class C
Net asset value, offering price and redemption price per share, ($2,928,084 ÷ 427,007 shares of common stock issued and outstanding)	$	6.86
Class Z
Net asset value, offering price and redemption price per share, ($14,753,119 ÷ 2,031,470 shares of common stock issued and outstanding)	$	7.26
Class R6
Net asset value, offering price and redemption price per share, ($5,487,149 ÷ 754,583 shares of common stock issued and outstanding)	$	7.27

See Notes to Financial Statements.

32

Statement of Operations

Year Ended October 31, 2019

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $838,990 foreign withholding tax)	$	7,938,831
Income from securities lending, net (including affiliated income of $4,739)		41,664
Affiliated dividend income		4,526
Total income		7,985,021
Expenses
Management fee		1,631,949
Distribution fee(a)		601,414
Transfer agent’s fees and expenses (including affiliated expense of $420,416)(a)		715,052
Custodian and accounting fees		202,910
Shareholders’ reports		70,110
Audit fee		30,924
Registration fees(a)		30,013
Legal fees and expenses		18,037
Directors’ fees		14,751
Miscellaneous		87,715
Total expenses		3,402,875
Less: Fee waiver and/or expense reimbursement(a)		(337,742	)
Net expenses		3,065,133
Net investment income (loss)		4,919,888
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $1,203) (net of foreign capital gains taxes $(71,718))		(5,894,603	)
Foreign currency transactions		(37,628	)
		(5,932,231	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $62) (net of change in foreign capital gains taxes $4,110)		15,278,307
Foreign currencies		25,560
		15,303,867
Net gain (loss) on investment and foreign currency transactions		9,371,636
Net Increase (Decrease) In Net Assets Resulting From Operations	$	14,291,524

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

	Class A			Class B			Class C			Class Z			Class R6
Distribution fee		516,098			13,683			71,633			—			—
Transfer agent’s fees and expenses		641,207			21,839			26,696			24,942			368
Registration fees		6,326			5,965			6,043			6,031			5,648
Fee waiver and/or expense reimbursement		(248,230	)		(19,727	)		(10,336	)		(19,934	)		(39,515	)

See Notes to Financial Statements.

PGIM QMA International Equity Fund 33

Statements of Changes in Net Assets

	Year Ended October 31,
	2019			2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	4,919,888		$	5,818,341
Net realized gain (loss) on investment and foreign currency transactions		(5,932,231	)		12,752,884
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		15,303,867			(47,076,008	)
Net increase (decrease) in net assets resulting from operations		14,291,524			(28,504,783	)
Dividends and Distributions
Distributions from distributable earnings
Class A		(4,863,764	)		(3,767,555	)
Class B		(27,709	)		(34,288	)
Class C		(271,975	)		(206,355	)
Class Z		(443,611	)		(363,326	)
Class R6		(1,275,473	)		(939,275	)
		(6,882,532	)		(5,310,799	)
Series share transactions (Net of share conversions)
Net proceeds from shares sold		9,994,692			15,948,974
Net asset value of shares issued in reinvestment of dividends and distributions		6,792,808			5,229,466
Cost of shares reacquired		(62,908,505	)		(35,360,628	)
Net increase (decrease) in net assets from Series share transactions		(46,121,005	)		(14,182,188	)
Total increase (decrease)		(38,712,013	)		(47,997,770	)
Net Assets:
Beginning of year		236,032,089			284,029,859
End of year	$	197,320,076		$	236,032,089

See Notes to Financial Statements.

34

Notes to Financial Statements

Prudential World Fund, Inc. (the “Fund”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as anopen-end management investment company and currently consists of seven series: PGIM Jennison Emerging Markets Equity Opportunities Fund, PGIM Jennison Global Opportunities Fund, PGIM Jennison International Opportunities Fund and PGIM QMA International Equity Fund, each of which are diversified funds and PGIM Jennison Global Infrastructure Fund, PGIM Emerging Markets Debt Hard Currency Fund and PGIM Emerging Markets Debt Local Currency Fund, each of which arenon-diversified funds for purposes of the 1940 Act and may invest a greater percentage of their assets in the securities of a single company or other issuer than a diversified fund. Investing in anon-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 anon-diversified fund. These financial statements relate only to the PGIM QMA International Equity Fund (the “Series”).

The investment objective of the Series is to seek long-term growth of capital.

1. Accounting Policies

The Series 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 accounting policies conform to U.S. generally accepted accounting principles. The Series consistently follows such policies in the preparation of its financial statements.

Securities Valuation:The Series holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Fund’s Board of Directors (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Series 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. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

For the fiscal reportingyear-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

PGIM QMA International Equity Fund 35

Notes to Financial Statements(continued)

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 Series’ foreign investments may change on days when investors cannot purchase or redeem Series shares.

Various inputs determine how the Series’ 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 Measurements and Disclosures.

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

Foreign equities traded on foreign securities exchanges are generally valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements up to the time the Series is valued. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price for each security. If the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred stock valuation policies discussed above.

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

Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies 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.

36

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the Manager 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.

Illiquid Securities:Pursuant to Rule22e-4 under the 1940 Act, the Series has adopted a Board approved Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Series limit its illiquid investments that are assets to no more than 15% of net assets. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Series may find it difficult to sell illiquid securities at the time considered most advantageous by its subadviser and may incur transaction costs that would not be incurred in the sale of securities that were freely marketable.

Restricted Securities:Securities acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer are considered restricted as to disposition under federal securities law (“restricted securities”). Such restricted securities are valued pursuant to the valuation procedures noted above. Restricted securities that would otherwise be considered illiquid investments pursuant to the Series’ LRMP because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. Therefore, these Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act of 1933, may be classified higher than “illiquid” under the LRMP (i.e. “moderately liquid” or “less liquid” investments). However, the liquidity of the Series’ investments in restricted securities could be impaired if trading does not develop or declines.

Foreign Currency Translation:The books and records of the Series 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 current rates of exchange;

(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 Series are presented at the foreign exchange rates and market values at the close of the period, the Series does not generally isolate that portion of

PGIM QMA International Equity Fund 37

Notes to Financial Statements(continued)

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 Series 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 realized foreign currency gains (losses) are included in the reported net realized gains (losses) on investment transactions.

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 forward currency transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Series’ 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.

Master Netting Arrangements:The Fund, on behalf of the Series, 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 Series. A master netting arrangement between the Series and the counterparty permits the Series to offset amounts payable by the Series to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Series to cover the Series’ exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right toset-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 toset-off the amount owed with the amount owed by the other party, the reporting party intends toset-off and the right ofset-off is enforceable by law. During the reporting period, there was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

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

Securities Lending:The Series lends its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is

38

marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Series. Upon termination of the loan, the borrower will return to the Series securities identical to the loaned securities. Should the borrower of the securities fail financially, the Series has the right to repurchase the securities in the open market using the collateral.

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

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 theex-date, or for certain foreign securities, when the Series becomes aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Class specific expenses 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.

Taxes:It is the Series’ 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:The Series expects to pay dividends from net investment income and distributions from net realized capital and currency gains, if any, annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting

PGIM QMA International Equity Fund 39

Notes to Financial Statements(continued)

principles, are recorded on theex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) andpaid-in capital in excess of par, as appropriate.

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.

2. Agreements

The Fund, on behalf of the Series, has a management agreement with the Manager. Pursuant to this agreement, the Manager has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. In addition, under the management agreement, the Manager provides all of the administrative functions necessary for the organization, operation and management of the Series. The Manager administers the corporate affairs of the Series and, in connection therewith, furnishes the Series with office facilities, together with those ordinary clerical and bookkeeping services which are not being furnished by the Series’ custodian and the Series’ transfer agent. The Manager is also responsible for the staffing and management of dedicated groups of legal, marketing, compliance and related personnel necessary for the operation of the Series. The legal, marketing, compliance and related personnel are also responsible for the management and oversight of the various service providers to the Series, including, but not limited to, the custodian, transfer agent, and accounting agent.

The Manager has entered into a subadvisory agreement with QMA LLC (“QMA”) (formerly known as Quantitative Management Associates LLC). The subadvisory agreement provides that QMA will furnish investment advisory services in connection with the management of the Series. In connection therewith, QMA is obligated to keep certain books and records of the Series. The Manager pays for the services of QMA, the cost of compensation of officers of the Series, occupancy and certain clerical and bookkeeping costs of the Series. The Series bears all other costs and expenses.

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.75% of the Series’ average daily net assets up to $2 billion, 0.70% of the next $3 billion and 0.69% of the average daily net assets over $5 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.75% for the year ended October 31, 2019.

The Manager has contractually agreed, through February 28, 2021, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 2.53% of average daily net assets for Class B shares, and 0.78% of average daily net assets for Class R6

40

shares. 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 Series 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 similar expenses on any other share class and, 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 may be recouped by the Manager within the same fiscal year during which such waiver/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 Fund, on behalf of the Series, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class B, Class C, Class Z and Class R6 shares of the Series. The Series compensates PIMS for distributing and servicing the Series’ Class A, Class B and Class C shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z and Class R6 shares of the Series.

Pursuant to the Distribution Plans, the Series compensates PIMS for distribution related activities at an annual rate of up to 0.30%, 1% and 1% of the average daily net assets of the Class A, Class B and Class C shares, respectively.

For the year ended October 31, 2019, PIMS received $40,767 infront-end sales charges resulting from sales of Class A shares. Additionally, for the year ended October 31, 2019, PIMS received $562 and $142 in contingent deferred sales charges imposed upon redemptions by certain Class B and Class C shareholders, respectively. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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

3. 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. Transfer agent’s fees and expenses in the Statement of Operations include certainout-of-pocket expenses paid tonon-affiliates, where applicable.

The Series may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. Through the Fund’s

PGIM QMA International Equity Fund 41

Notes to Financial Statements(continued)

investments in the mentioned underlying funds, PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services. In addition to the realized and unrealized gains on investments in the Core Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

The Series may enter into certain securities purchase or sale transactions under Board approved Rule17a-7 procedures. Rule17a-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, and/or common officers. Pursuant to the Rule17a-7 procedures and consistent with guidance issued by the SEC, the Fund’s Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such17a-7 transactions were effected in accordance with the Series’ Rule17a-7 procedures. For the year ended October 31, 2019, no17a-7 transactions were entered into by the Series.

4. 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 year ended October 31, 2019, were $203,124,221 and $250,500,270, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the year ended October 31, 2019, is presented as follows:

Value, Beginning of Year		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Year		Shares, End of Year		Income
	PGIM Core Ultra Short Bond Fund*
$	101,342	$	24,918,426	$	24,917,945	$	—	$	—	$	101,823		101,823	$	4,526
	PGIM Institutional Money Market Fund*
	1,092,213		36,084,481		35,955,970		62		1,203		1,221,989		1,221,744		4,739	**
$	1,193,555	$	61,002,907	$	60,873,915	$	62	$	1,203	$	1,323,812			$	9,265

* The Fund did not have any capital gain distributions during the reporting period.

** This amount is included in “Income from securities lending, net” on the Statement of Operations.

42

5. Distributions and Tax Information

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on theex-date.

For the year ended October 31, 2019, the tax character of dividends paid by the Series were $6,008,360 of ordinary income and $874,172 of long-term capital gains. For the year ended October 31, 2018, the tax character of dividends paid by the Series was $5,310,799 of ordinary income.

As of October 31, 2019, the accumulated undistributed earnings on a tax basis was $4,665,837 of ordinary income.

The United States federal income tax basis of the Series’ investments and the net unrealized appreciation as of October 31, 2019 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$176,354,364	$28,705,921	$(7,317,543)	$21,388,378

The difference between book and tax basis was primarily due to deferred losses on wash sales and investments in passive foreign investment companies.

For federal income tax purposes, the Series had a capital loss carryforward as of October 31, 2019 of approximately $6,310,000 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.

The Manager has analyzed the Series’ 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 Series’ financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Series’ U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2019 are subject to such review.

6. Capital and Ownership

The Series offers Class A, Class B, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximumfront-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 contingent deferred sales charge (“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 B shares are sold with a CDSC which declines from 5% to zero depending on the period of time the shares are held. Class B shares will

PGIM QMA International Equity Fund 43

Notes to Financial Statements(continued)

automatically convert to Class A shares on a monthly basis approximately seven years after purchase. Class B shares are closed to new purchases. 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 10 years after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charge 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 Series to one or more other share classes of the Series as presented in the table of transactions in shares of common stock.

The Fund is authorized to issue 5.075 billion shares of common stock, with a par value of $0.01 per share, which is divided into seven series. There are 700 million shares authorized for the Series, divided into six classes, designated Class A, Class B, Class C, Class Z, Class R6 and Class T common stock, each of which consists of 100 million, 5 million, 100 million, 180 million, 180 million and 135 million authorized shares, respectively. The Series currently does not have any Class T shares outstanding.

As of October 31, 2019, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned 46,198 Class Z shares and 436,938 Class R6 shares of the Series. At reporting period end, two shareholders of record, each holding greater than 5% of the Series, held 33% of the Series’ outstanding shares.

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Year ended October 31, 2019:
Shares sold		405,337		$	2,805,726
Shares issued in reinvestment of dividends and distributions		745,110			4,783,606
Shares reacquired		(2,958,509	)		(20,532,579	)
Net increase (decrease) in shares outstanding before conversion		(1,808,062	)		(12,943,247	)
Shares issued upon conversion from other share class(es)		1,414,906			10,165,814
Shares reacquired upon conversion into other share class(es)		(163,486	)		(1,157,670	)
Net increase (decrease) in shares outstanding		(556,642	)	$	(3,935,103	)
Year ended October 31, 2018:
Shares sold		804,151		$	6,370,219
Shares issued in reinvestment of dividends and distributions		477,661			3,697,101
Shares reacquired		(2,740,309	)		(21,405,716	)
Net increase (decrease) in shares outstanding before conversion		(1,458,497	)		(11,338,396	)
Shares issued upon conversion from other share class(es)		98,091			763,413
Shares reacquired upon conversion into other share class(es)		(125,149	)		(987,877	)
Net increase (decrease) in shares outstanding		(1,485,555	)	$	(11,562,860	)

44

Class B	Shares			Amount
Year ended October 31, 2019:
Shares sold		456		$	3,200
Shares issued in reinvestment of dividends and distributions		4,465			27,594
Shares reacquired		(24,678	)		(162,098	)
Net increase (decrease) in shares outstanding before conversion		(19,757	)		(131,304	)
Shares reacquired upon conversion into other share class(es)		(87,433	)		(579,597	)
Net increase (decrease) in shares outstanding		(107,190	)	$	(710,901	)
Year ended October 31, 2018:
Shares sold		28,928		$	223,860
Shares issued in reinvestment of dividends and distributions		4,495			33,444
Shares reacquired		(86,909	)		(647,663	)
Net increase (decrease) in shares outstanding before conversion		(53,486	)		(390,359	)
Shares reacquired upon conversion into other share class(es)		(83,891	)		(627,742	)
Net increase (decrease) in shares outstanding		(137,377	)	$	(1,018,101	)
Class C
Year ended October 31, 2019:
Shares sold		45,851		$	295,704
Shares issued in reinvestment of dividends and distributions		43,387			267,695
Shares reacquired		(200,703	)		(1,325,590	)
Net increase (decrease) in shares outstanding before conversion		(111,465	)		(762,191	)
Shares reacquired upon conversion into other share class(es)		(1,349,552	)		(9,308,179	)
Net increase (decrease) in shares outstanding		(1,461,017	)	$	(10,070,370	)
Year ended October 31, 2018:
Shares sold		97,298		$	737,280
Shares issued in reinvestment of dividends and distributions		27,319			202,979
Shares reacquired		(422,142	)		(3,144,588	)
Net increase (decrease) in shares outstanding before conversion		(297,525	)		(2,204,329	)
Shares reacquired upon conversion into other share class(es)		(7,107	)		(54,450	)
Net increase (decrease) in shares outstanding		(304,632	)	$	(2,258,779	)
Class Z
Year ended October 31, 2019:
Shares sold		184,066		$	1,296,403
Shares issued in reinvestment of dividends and distributions		67,870			438,440
Shares reacquired		(320,357	)		(2,232,317	)
Net increase (decrease) in shares outstanding before conversion		(68,421	)		(497,474	)
Shares issued upon conversion from other share class(es)		166,439			1,187,596
Shares reacquired upon conversion into other share class(es)		(46,515	)		(328,493	)
Net increase (decrease) in shares outstanding		51,503		$	361,629
Year ended October 31, 2018:
Shares sold		201,211		$	1,579,542
Shares issued in reinvestment of dividends and distributions		45,785			356,667
Shares reacquired		(539,404	)		(4,190,995	)
Net increase (decrease) in shares outstanding before conversion		(292,408	)		(2,254,786	)
Shares issued upon conversion from other share class(es)		125,908			1,001,643
Shares reacquired upon conversion into other share class(es)		(16,340	)		(125,981	)
Net increase (decrease) in shares outstanding		(182,840	)	$	(1,379,124	)

PGIM QMA International Equity Fund 45

Notes to Financial Statements(continued)

Class R6	Shares			Amount
Year ended October 31, 2019:
Shares sold		797,936		$	5,593,659
Shares issued in reinvestment of dividends and distributions		197,442			1,275,473
Shares reacquired		(5,440,241	)		(38,655,921	)
Net increase (decrease) in shares outstanding before conversion		(4,444,863	)		(31,786,789	)
Shares issued upon conversion from other share class(es)		2,916			20,529
Net increase (decrease) in shares outstanding		(4,441,947	)	$	(31,766,260	)
Year ended October 31, 2018:
Shares sold		917,539		$	7,038,073
Shares issued in reinvestment of dividends and distributions		120,574			939,275
Shares reacquired		(744,222	)		(5,971,666	)
Net increase (decrease) in shares outstanding before conversion		293,891			2,005,682
Shares issued upon conversion from other share class(es)		3,823			30,994
Net increase (decrease) in shares outstanding		297,714		$	2,036,676

7. Borrowings

The Fund, on behalf of the Series, along with other affiliated registered investment companies (the “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 current SCA in effect at the reportingperiod-end as well as the prior SCA.

	Current SCA	Prior SCA
Term of Commitment	10/3/2019 – 10/1/2020	10/4/2018 – 10/2/2019
Total Commitment	$ 900 million	$ 900 million
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) theone-month LIBOR rate or (3) zero percent	1.25% plus the higher of (1) the effective federal funds rate, (2) theone-month LIBOR rate 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 Funds in the SCA equitably.

46

The Series utilized the SCA during the year ended October 31, 2019. The average daily balance for the 103 days that the Series had loans outstanding during the period was approximately $633,961, borrowed at a weighted average interest rate of 3.64%. The maximum loan outstanding amount during the period was $34,703,000. At October 31, 2019, the Series did not have an outstanding loan amount.

8. Risks of Investing in the Series

The Series’ risks include, but are not limited to, some or all of the risks discussed below:

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.

Equity and Equity-Related Securities Risks:The value of a particular security could go down and you could lose money. In addition to an individual security losing value, the value of the equity markets or a sector in which the Series invests could go down. The Series’ holdings can vary significantly from broad market indexes and the performance of the Series can deviate from the performance of these indexes. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

Foreign Securities Risk:The Series’ investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Series may invest may have markets that are less liquid, less regulated and more volatile than US markets. The value of the Series’ investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability.

Market and Credit Risk:Securities markets may be volatile and the market prices of the Series’ 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 Series fall, the value of an investment in the Series will decline. Additionally, the Series may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Series has unsettled or open transactions defaults.

9. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the FASB issued Accounting Standards Update (“ASU”)No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy,

PGIM QMA International Equity Fund 47

Notes to Financial Statements(continued)

and the Series’ policy for the timing of transfers between levels. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Manager has evaluated the implications of certain provisions of the ASU and has determined to early adopt aspects related to the removal and modification of certain fair value measurement disclosures under the ASU effective immediately. The Manager continues to evaluate certain other provisions of the ASU and does not expect a material impact to financial statement disclosures.

48

Financial Highlights

Class A Shares
	Year Ended October 31,
	2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$6.96			$7.95			$6.48			$6.65			$7.36
Income (loss) from investment operations:
Net investment income (loss)		0.15			0.16			0.11			0.11			0.11
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.28			(1.00	)		1.49			(0.17	)		(0.65	)
Total from investment operations		0.43			(0.84	)		1.60			(0.06	)		(0.54	)
Less Dividends and Distributions:
Dividends from net investment income		(0.17	)		(0.15	)		(0.13	)		(0.11	)		(0.17	)
Distributions from net realized gains		(0.03	)		-			-			-			-
Total dividends and distributions		(0.20	)		(0.15	)		(0.13	)		(0.11	)		(0.17	)
Net asset value, end of year		$7.19			$6.96			$7.95			$6.48			$6.65
Total Return(b):		6.53%			(10.81)%			25.17%			(0.93)%			(7.37)%
Ratios/Supplemental Data:
Net assets, end of year (000)		$173,103			$171,326			$207,626			$185,120			$211,314
Average net assets (000)		$172,031			$200,255			$192,517			$189,980			$229,598
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.48%			1.34%			1.58%			1.66%			1.62%
Expenses before waivers and/or expense reimbursement		1.62%			1.47%			1.59%			1.66%			1.62%
Net investment income (loss)		2.19%			2.08%			1.62%			1.69%			1.39%
Portfolio turnover rate(e)		94%			114%			105%			114%			111%

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

(b) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles.

(c) Effective August 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(d) Does not include expenses of the underlying portfolios in which the Series invests.

(e) The Series’ portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Series’ portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM QMA International Equity Fund 49

Financial Highlights(continued)

Class B Shares
	Year Ended October 31,
	2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$6.62			$7.60			$6.21			$6.37			$7.05
Income (loss) from investment operations:
Net investment income (loss)		0.05			0.07			0.05			0.06			0.05
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.30			(0.96	)		1.43			(0.16	)		(0.61	)
Total from investment operations		0.35			(0.89	)		1.48			(0.10	)		(0.56	)
Less Dividends and Distributions:
Dividends from net investment income		(0.08	)		(0.09	)		(0.09	)		(0.06	)		(0.12	)
Distributions from net realized gains		(0.03	)		-			-			-			-
Total dividends and distributions		(0.11	)		(0.09	)		(0.09	)		(0.06	)		(0.12	)
Net asset value, end of year		$6.86			$6.62			$7.60			$6.21			$6.37
Total Return(b):		5.55%			(11.90)%			24.12%			(1.55)%			(7.96)%
Ratios/Supplemental Data:
Net assets, end of year (000)		$1,049			$1,723			$3,020			$3,080			$4,774
Average net assets (000)		$1,368			$2,556			$2,833			$3,710			$5,313
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		2.53%			2.53%			2.39%			2.36%			2.32%
Expenses before waivers and/or expense reimbursement		3.97%			3.21%			2.72%			2.36%			2.32%
Net investment income (loss)		0.77%			0.88%			0.75%			0.96%			0.68%
Portfolio turnover rate(e)		94%			114%			105%			114%			111%

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

(b) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles.

(c) Effective August 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(d) Does not include expenses of the underlying portfolios in which the Series invests.

(e) The Series’ portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Series’ portfolio turnover rate may be higher.

See Notes to Financial Statements.

50

Class C Shares
	Year Ended October 31,
	2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$6.64			$7.60			$6.20			$6.37			$7.05
Income (loss) from investment operations:
Net investment income (loss)		0.07			0.10			0.06			0.06			0.06
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.30			(0.97	)		1.43			(0.17	)		(0.62	)
Total from investment operations		0.37			(0.87	)		1.49			(0.11	)		(0.56	)
Less Dividends and Distributions:
Dividends from net investment income		(0.12	)		(0.09	)		(0.09	)		(0.06	)		(0.12	)
Distributions from net realized gains		(0.03	)		-			-			-			-
Total dividends and distributions		(0.15	)		(0.09	)		(0.09	)		(0.06	)		(0.12	)
Net asset value, end of year		$6.86			$6.64			$7.60			$6.20			$6.37
Total Return(b):		5.77%			(11.52)%			24.33%			(1.71)%			(7.96)%
Ratios/Supplemental Data:
Net assets, end of year (000)		$2,928			$12,530			$16,661			$15,892			$18,209
Average net assets (000)		$7,163			$15,626			$15,736			$16,416			$20,086
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		2.25%			2.10%			2.32%			2.36%			2.32%
Expenses before waivers and/or expense reimbursement		2.39%			2.23%			2.33%			2.36%			2.32%
Net investment income (loss)		1.09%			1.32%			0.86%			0.98%			0.71%
Portfolio turnover rate(e)		94%			114%			105%			114%			111%

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

(b) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles.

(c) Effective August 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(d) Does not include expenses of the underlying portfolios in which the Series invests.

(e) The Series’ portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Series’ portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM QMA International Equity Fund 51

Financial Highlights(continued)

Class Z Shares
	Year Ended October 31,
	2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$7.02			$8.02			$6.54			$6.70			$7.42
Income (loss) from investment operations:
Net investment income (loss)		0.18			0.19			0.11			0.13			0.13
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.29			(1.02	)		1.52			(0.16	)		(0.66	)
Total from investment operations		0.47			(0.83	)		1.63			(0.03	)		(0.53	)
Less Dividends and Distributions:
Dividends from net investment income		(0.20	)		(0.17	)		(0.15	)		(0.13	)		(0.19	)
Distributions from net realized gains		(0.03	)		-			-			-			-
Total dividends and distributions		(0.23	)		(0.17	)		(0.15	)		(0.13	)		(0.19	)
Net asset value, end of year		$7.26			$7.02			$8.02			$6.54			$6.70
Total Return(b):		7.05%			(10.59)%			25.46%			(0.44)%			(7.15)%
Ratios/Supplemental Data:
Net assets, end of year (000)		$14,753			$13,901			$17,344			$49,675			$54,726
Average net assets (000)		$13,815			$17,055			$21,567			$50,923			$55,405
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.03%			1.00%			1.31%			1.36%			1.32%
Expenses before waivers and/or expense reimbursement		1.17%			1.13%			1.32%			1.36%			1.32%
Net investment income (loss)		2.58%			2.44%			1.57%			1.99%			1.69%
Portfolio turnover rate(e)		94%			114%			105%			114%			111%

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

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles.

(c) Effective August 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(d) Does not include expenses of the underlying portfolios in which the Series invests.

(e) The Series’ portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Series’ portfolio turnover rate may be higher.

See Notes to Financial Statements.

52

Class R6 Shares
	Year Ended October 31,						December 28, 2016(a) through October 31, 2017
	2019			2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$7.03			$8.04			$6.32
Income (loss) from investment operations:
Net investment income (loss)		0.21			0.21			0.15
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.27			(1.03	)		1.57
Total from investment operations		0.48			(0.82	)		1.72
Less Dividends and Distributions:
Dividends from net investment income		(0.21	)		(0.19	)		-
Distributions from net realized gains		(0.03	)		-			-
Total dividends and distributions		(0.24	)		(0.19	)		-
Net asset value, end of period		$7.27			$7.03			$8.04
Total Return(c):		7.33%			(10.43)%			27.22%
Ratios/Supplemental Data:
Net assets, end of period (000)		$5,487			$36,552			$39,379
Average net assets (000)		$23,216			$38,947			$37,891
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.78%			0.78%			0.95%	(f)
Expenses before waivers and/or expense reimbursement		0.95%			0.95%			0.99%	(f)
Net investment income (loss)		3.06%			2.61%			2.45%	(f)
Portfolio turnover rate(g)		94%			114%			105%

(a) Commencement of offering.

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

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

(d) Effective August 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(e) Does not include expenses of the underlying portfolios in which the Series invests.

(f) Annualized.

(g) The Series’ portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Series’ portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM QMA International Equity Fund 53

Report of Independent Registered Public Accounting Firm

To the Shareholders of PGIM QMA International Equity Fund and Board of Directors

Prudential World Fund, Inc.:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of PGIM QMA International Equity Fund, a series of Prudential World Fund, Inc., (the Fund), including the schedule of investments, as of October 31, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period ended October 31, 2019, and the related notes (collectively, the financial statements) and the financial highlights for the years or period indicated therein. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period ended October 31, 2019, and the financial highlights for the years or period indicated therein, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2019, by correspondence with the custodian, transfer agent, and brokers, or by other appropriate auditing procedures when replies were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more PGIM and/or Prudential Retail investment companies since 2003.

New York, New York

December 16, 2019

54

Federal Income Tax Information(unaudited)

We are advising you that during the fiscal year ended October 31, 2019, the Fund reports the maximum amount allowed per share, but not less than $0.03 for Class A, B, C, Z, and R6 shares as a capital gain distribution in accordance with Section 852(b)(3)(C) of the Internal Revenue Code.

For the year ended October 31, 2019, the Series reports, the maximum amount allowable under Section 854 of the Internal Revenue Code, but not less than, the following percentage of the ordinary income dividends paid as qualified dividend income (QDI):

	QDI
PGIM QMA International Equity Fund		78.95	%

For the year ended October 31, 2019, the Series made an election to pass through the maximum amount of the portion of the ordinary income dividends paid derived from foreign source income as well as any foreign taxes paid by the Series in accordance with Section 853 of the Internal Revenue Code of the following amounts: $778,867 foreign tax credit from recognized foreign source income of $8,567,514.

In January 2020, you will be advised on IRS Form 1099-DIV or substitute 1099-DIV as to the federal tax status of dividends received by you in calendar year 2019.

PGIM QMA International Equity Fund 55

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS (unaudited)

Information about Board Members and Officers of the Fund is set forth below. Board Members who are not deemed to be “interested persons” of the Fund, as defined in the 1940 Act, are referred to as “Independent Board Members.” Board Members who are deemed to be “interested persons” of the Fund are referred to as “Interested Board Members.” The Board Members are responsible for the overall supervision of the operations of the Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Board in turn elects the Officers, who are responsible for administering theday-to-day operations of the Fund.

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Ellen S. Alberding 3/11/58 Board Member Portfolios Overseen: 96	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); Vice Chair, City Colleges of Chicago (community college system) (2011-2015); Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); Trustee, Economic Club of Chicago (since 2009); Trustee, Loyola University (since 2018).	None.	Since September 2013
Kevin J. Bannon 7/13/52 Board Member Portfolios Overseen: 96	Retired; Managing Director (April2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; President (May2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008).	Since July 2008

PGIM QMA International Equity Fund

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Linda W. Bynoe 7/9/52 Board Member Portfolios Overseen: 96	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Ltd. (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co. (broker-dealer).	Director of Anixter International, Inc. (communication products distributor) (since January 2006); Director of Northern Trust Corporation (financial services) (since April 2006); Trustee of Equity Residential (residential real estate) (since December 2009).	Since March 2005
Barry H. Evans 11/2/60 Board Member Portfolios Overseen: 95	Retired; formerly President (2005 – 2016), Global Chief Operating Officer (2014– 2016), Chief Investment Officer – Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management U.S.	Formerly Director, Manulife Trust Company (2011-2018); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).	Since September 2017
Keith F. Hartstein 10/13/56 Board Member & Independent Chair Portfolios Overseen: 96	Retired; Member (since November 2014) of the Governing Council of the Independent Directors Council (organization of independent mutual fund directors); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.	Since September 2013

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Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Laurie Simon Hodrick 9/29/62 Board Member Portfolios Overseen: 95	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Professor of Law, Stanford Law School (since 2015); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008).	Independent Director, Synnex Corporation (since April 2019) (information technology); Independent Director, Kabbage, Inc. (since July 2018) (financial services); Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017
Michael S. Hyland, CFA 10/4/45 Board Member Portfolios Overseen: 96	Retired (since February 2005); formerly Senior Managing Director (July 2001-February 2005) of Bear Stearns & Co, Inc.; Global Partner, INVESCO (1999-2001); Managing Director and President of Salomon Brothers Asset Management (1989-1999).	None.	Since July 2008
Brian K. Reid 9/22/61 Board Member Portfolios Overseen: 95	Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); Director, ICI Mutual Insurance Company (2012-2017).	None.	Since March 2018

PGIM QMA International Equity Fund

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Grace C. Torres 6/28/59 Board Member Portfolios Overseen: 95	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National Bank; Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank.	Since November 2014

Interested Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Stuart S. Parker 10/5/62 Board Member & President Portfolios Overseen: 96	President of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); Executive Vice President of Prudential Investment Management Services LLC (since December 2012); formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011).	None.	Since January 2012

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Interested Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Scott E. Benjamin 5/21/73 Board Member & Vice President Portfolios Overseen:96	Executive Vice President (since June 2009) of PGIM Investments LLC; Executive Vice President (June 2009-June 2012) and Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).	None.	Since March 2010

Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Raymond A. O’Hara 9/11/55 Chief Legal Officer	Vice President and Corporate Counsel (since July 2010) of Prudential Insurance Company of America (Prudential); Vice President (March 2011-Present) of Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey; Vice President and Corporate Counsel (March 2011-Present) of Prudential Annuities Life Assurance Corporation; Chief Legal Officer of PGIM Investments LLC (since June 2012); Chief Legal Officer of Prudential Mutual Fund Services LLC (since June 2012) and Corporate Counsel of AST Investment Services, Inc. (since June 2012); formerly Assistant Vice President and Corporate Counsel (September 2008-July 2010) of The Hartford Financial Services Group, Inc.; formerly Associate (September 1980-December 1987) and Partner (January 1988–August 2008) of Blazzard & Hasenauer, P.C. (formerly, Blazzard, Grodd & Hasenauer, P.C.).	Since June 2012

PGIM QMA International Equity Fund

Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Dino Capasso 8/19/74 Chief Compliance Officer	Chief Compliance Officer (July 2019-Present) of PGIM Investments LLC; Chief Compliance Officer (July 2019-Present) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM High Yield Bond Fund, Inc.; Vice President and Deputy Chief Compliance Officer (June 2017-2019) of PGIM Investments LLC; formerly, Senior Vice President and Senior Counsel (January 2016-June 2017), and Vice President and Counsel (February 2012-December 2015) of Pacific Investment Management Company LLC.	Since March 2018
Andrew R. French 12/22/62 Secretary	Vice President of PGIM Investments LLC (December 2018-Present); formerly Vice President and Corporate Counsel (February 2010-December 2018) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since October 2006
Jonathan D. Shain 8/9/58 Assistant Secretary	Vice President and Corporate Counsel (since August 1998) of Prudential; Vice President and Assistant Secretary (since May 2001) of PGIM Investments LLC; Vice President and Assistant Secretary (since February 2001) of Prudential Mutual Fund Services LLC; formerly Vice President and Assistant Secretary (May 2003-June 2005) of AST Investment Services, Inc.	Since May 2005
Claudia DiGiacomo 10/14/74 Assistant Secretary	Vice President and Corporate Counsel (since January 2005) of Prudential; Vice President and Assistant Secretary of PGIM Investments LLC (since December 2005); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005
Diana N. Huffman 4/14/82 Assistant Secretary	Vice President and Corporate Counsel (since September 2015) of Prudential; formerly Associate at Willkie Farr & Gallagher LLP (2009-2015).	Since March 2019
Kelly A. Coyne 8/8/68 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since March 2015
Christian J. Kelly 5/5/75 Treasurer and Principal Financial and Accounting Officer	Vice President, Head of Fund Administration of PGIM Investments LLC (since November 2018); formerly, Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).	Since January 2019

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Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Lana Lomuti 6/7/67 Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since April 2014
Russ Shupak 10/08/73 Assistant Treasurer	Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration.	Since October 2019
Deborah Conway 3/26/69 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since October 2019
Elyse M. McLaughlin 1/20/74 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.	Since October 2019
Charles H. Smith 1/11/73 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Anti-Money Laundering Unit (since January 2015) of Prudential; committee member of the American Council of Life Insurers Anti-Money Laundering and Critical Infrastructure Committee (since January 2016); formerly Global Head of Economic Sanctions Compliance at AIG Property Casualty (February 2007-December 2014); Assistant Attorney General at the New York State Attorney General’s Office, Division of Public Advocacy. (August 1998-January 2007).	Since January 2017

^(a)Excludes Mr. Parker and Mr. Benjamin, interested Board Members who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

∎ Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC.

∎ Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102-4410.

∎ There is no set term of office for Board Members or Officers. The Board Members have adopted a retirement policy, which calls for the retirement of Board Members on December 31 of the year in which they reach the age of 75.

∎ “Other Directorships Held” includes only directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, “public companies”) or other investment companies registered under the 1940 Act.

∎ “Portfolios Overseen” includes all investment companies managed by PGIM Investments LLC. The investment companies for which PGIM Investments LLC serves as manager include the PGIM Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

PGIM QMA International Equity Fund

Approval of Advisory Agreements(unaudited)

The Fund’s Board of Directors

The Board of Directors (the “Board”) of PGIM QMA International Equity Fund (the “Fund”)¹ consists of eleven individuals, nine of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”).² The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Directors have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. The Board has established four standing committees: the Audit Committee, the Nominating and Governance Committee, and two Investment Committees. Each committee is chaired by, and composed of, Independent Directors.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and the Fund’s subadvisory agreement with QMA LLC (“QMA”). In considering the renewal of the agreements, the Board, including all of the Independent Directors, met on May 30, 2019 and on June11-13, 2019 and approved the renewal of the agreements through July 31, 2020, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments and QMA. Also, the Board considered comparisons with other mutual funds in relevant Peer Universes and Peer Groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Directors advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments and the subadviser, the performance of the Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund’s assets grow. In their deliberations, the Directors did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at regular Board

¹  PGIM QMA International Equity Fund is a series of Prudential World Fund, Inc.

²  Grace C. Torres was an Interested Director of the Fund at the time the Board considered and approved the renewal of the Fund’s advisory agreements, but has since become an Independent Director of the Fund.

PGIM QMA International Equity Fund

Approval of Advisory Agreements(continued)

meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the meetings on May 30, 2019 and on June11-13, 2019.

The Directors determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a management agreement, and between PGIM Investments and QMA, which serves as the Fund’s subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Directors considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Directors’ reaching their determinations to approve the continuance of the agreements are separately discussed below.

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments and QMA. The Board noted that QMA is affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for the Fund, as well as the provision of fund recordkeeping, compliance and other services to the Fund, and PGIM Investments’ role as administrator for the Fund’s liquidity risk management program. With respect to PGIM Investments’ oversight of the subadviser, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments’ senior management on the performance and operations of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Directors of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by QMA, including investment research and security selection, as well as adherence to the Fund’s investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments’ evaluation of the subadviser, as well as PGIM Investments’ recommendation, based on its review of the subadviser, to renew the subadvisory agreement.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of the Fund and QMA, and also considered the qualifications, backgrounds and responsibilities of QMA’s portfolio managers who are responsible for theday-to-day management of the Fund’s portfolio. The Board was provided with information pertaining to PGIM Investments’ and QMA’s organizational structure, senior management, investment operations, and other relevant information pertaining to both PGIM Investments and QMA. The Board also noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer (“CCO”) as to both PGIM Investments and QMA.

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The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments and the subadvisory services provided to the Fund by QMA, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments and QMA under the management and subadvisory agreements.

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund’s investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser’s capital structure and cost of capital. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

The Board received and discussed information concerning economies of scale that PGIM Investments may realize as the Fund’s assets grow beyond current levels. The Board noted that the management fee schedule for the Fund includes breakpoints. During the course of time, the Board has considered information regarding the launch date of the Fund, the management fees of the Fund compared to those of similarly managed funds and PGIM Investments’ investment in the Fund over time. The Board noted that economies of scale can be shared with the Fund in other ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment. The Board also considered PGIM Investments’ assertion that it continually evaluates the management fee schedule of the Fund and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase.

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of PGIM Investments’ costs are not specific to individual funds, but rather are incurred across a variety of products and services.

Other Benefits to PGIM Investments and QMA

The Board considered potential ancillary benefits that might be received by PGIM Investments, QMA and their affiliates as a result of their relationship with the Fund. The

PGIM QMA International Equity Fund

Approval of Advisory Agreements(continued)

Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund’s transfer agent (which is affiliated with PGIM Investments), and benefits to its reputation as well as other intangible benefits resulting from PGIM Investments’ association with the Fund. The Board concluded that the potential benefits to be derived by QMA included its ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments and QMA were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for theone-, three-, five- andten-year periods ended December 31, 2018.    

The Board also considered the Fund’s actual management fee, as well as the Fund’s net total expense ratio, for the fiscal year ended October 31, 2018. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

The mutual funds included in the Peer Universe, which was used to consider performance, and the Peer Group, which was used to consider expenses and fees, were objectively determined by Broadridge, an independent provider of mutual fund data. In certain circumstances, PGIM Investments also provided supplemental Peer Universe or Peer Group information for reasons addressed with the Board. The comparisons placed the Fund in various quartiles over various periods, with the first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

The section below summarizes key factors considered by the Board and the Board’s conclusions regarding the Fund’s performance, fees and overall expenses. The table sets forth net performance comparisons (which reflect the impact on performance of fund expenses, or any subsidies, expense caps or waivers that may be applicable) with the Peer Universe, actual management fees with the Peer Group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the Peer Group, each of which were key factors considered by the Board.

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Net Performance	1 Year	3 Years	5 Years	10 Years
	4th Quartile	2nd Quartile	3rd Quartile	3rd Quartile
Actual Management Fees:2nd Quartile
Net Total Expenses: 3rd Quartile

• The Board noted that the Fund underperformed its benchmark index over all periods.

• The Board considered PGIM Investments’ assertion that the Fund’s underperformance against its benchmark index and Peer Universe reflected that the Fund was overweight in smaller capitalization growth and quality stocks, which underperformed.

• In this regard, the Board considered information provided by PGIM Investments indicating that, for theone-year period ended December 31, 2017, when the stocks overweighted in the Fund were in favor, the Fund outperformed its benchmark index and ranked in the first quartile of its peer universe.

• The Board and PGIM Investments agreed to retain the Fund’s existing contractual expense cap which (exclusive of certain fees and expenses) caps total annual operating expenses at 2.53% for Class B shares, and 0.78% for Class R6 shares through February 29, 2020.

• In addition, PGIM Investments will 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, and has agreed that total annual fund operating expenses for Class R6 shares will not exceed total annual fund operating expenses for Class Z shares.

• The Board noted information provided by PGIM Investments indicating that the Fund’s net total expense ratio was four basis points from the median of the Peer Group.

• The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

• The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

*    *    *

After full consideration of these factors, the Board concluded that approval of the agreements was in the best interests of the Fund and its shareholders.

PGIM QMA International Equity Fund

Supplement dated December 18, 2019

to the Currently Effective Summary Prospectus, Prospectus

and Statement of Additional Information of the Funds Listed Below

This supplement should be read in conjunction with your Summary Prospectus, Statutory Prospectus and Statement of Additional Information, be retained for future reference and is in addition to any existing Fund supplements.

The Board of Directors/Trustees for each Fund listed below has approved the conversion of all issued and outstanding Class B shares of the Funds to Class A shares of the same Fund, effective on or about June 26, 2020.

As a result, effective on or about the close of business on June 26, 2020, all of the issued and outstanding Class B shares of a Fund will be converted into Class A shares of that Fund with the same relative aggregate net asset value as the Class B shares held immediately prior to the conversion. Class A shares currently have lower total expense ratios, and equal or lower distribution fees and shareholder servicing fees payable under the Fund’s 12b-1 plan than Class B shares. No sales load, fee, or other charge will be imposed on the conversion of these shares. Class A shares are not subject to the contingent deferred sales charge (if any) currently charged on the redemption of Class B shares. Please refer to your Fund’s Prospectus for more information regarding Class A shares. The conversion is not expected to be a taxable event for federal income tax purposes and should not result in recognition of gain or loss by converting shareholders.

LR1263

The Prudential Investment Portfolios, Inc.

PGIM Balanced Fund

PGIM Jennison Focused Value Fund

PGIM Jennison Growth Fund

Prudential Investment Portfolios 3

PGIM Jennison Focused Growth Fund

PGIM QMA Large-Cap Value Fund

PGIM Real Assets Fund

Prudential Investment Portfolios 4

PGIM Muni High Income Fund

Prudential Investment Portfolios 5

PGIM Jennison Diversified Growth Fund

Prudential Investment Portfolios 6

PGIM California Muni Income Fund

Prudential Investment Portfolios 7

PGIM Jennison Value Fund

Prudential Investment Portfolios 9

PGIM QMA Large-Cap Core Equity Fund

Prudential Investment Portfolios, Inc. 10

PGIM Jennison Global Equity Income Fund

PGIM QMA Mid-Cap Value Fund

Prudential Investment Portfolios 12

PGIM Global Real Estate Fund

PGIM US Real Estate Fund

Prudential Investment Portfolios, Inc. 14

PGIM Government Income Fund

Prudential Investment Portfolios, Inc. 15

PGIM High Yield Fund

Prudential Investment Portfolios 16

PGIM Income Builder Fund

Prudential Investment Portfolios, Inc. 17

PGIM Total Return Bond Fund

Prudential Investment Portfolios 18

PGIM Jennison 20/20 Focus Fund

Prudential Global Total Return Fund, Inc.

PGIM Global Total Return Fund

Prudential Jennison Blend Fund, Inc.

PGIM Jennison Blend Fund

Prudential Jennison Mid-Cap Growth Fund, Inc.

PGIM Jennison Mid-Cap Growth Fund

Prudential Jennison Natural Resources Fund, Inc.

PGIM Jennison Natural Resources Fund

Prudential Jennison Small Company Fund, Inc.

PGIM Jennison Small Company Fund

Prudential Government Money Market Fund, Inc.

PGIM Government Money Market Fund

Prudential National Muni Fund, Inc.

PGIM National Muni Fund

Prudential Sector Funds, Inc.

PGIM Jennison Financial Services Fund

PGIM Jennison Health Sciences Fund

PGIM Jennison Utility Fund

Prudential Short-Term Corporate Bond Fund, Inc.

PGIM Short-Term Corporate Bond Fund

Prudential World Fund, Inc.

PGIM QMA International Equity Fund

∎ MAIL	∎ TELEPHONE	∎ WEBSITE
655 Broad Street Newark, NJ 07102	(800) 225-1852	pgiminvestments.com

PROXY VOTING

The Board of Directors 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. 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.

DIRECTORS

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

OFFICERS

Stuart S. Parker,President• Scott E. Benjamin,Vice President• Christian J. Kelly,Treasurer and Principal Financial and Accounting Officer• Raymond A. O’Hara,Chief Legal Officer• Dino Capasso,Chief Compliance Officer• Charles H. Smith,Anti-Money Laundering Compliance Officer• Andrew R. French,Secretary• Jonathan D. Shain,Assistant Secretary• Claudia DiGiacomo,Assistant Secretary• Diana N. Huffman,Assistant Secretary• Kelly A. Coyne,Assistant Secretary• Lana Lomuti,Assistant Treasurer• Russ Shupak,Assistant Treasurer• Elyse McLaughlin,Assistant Treasurer• Deborah Conway,Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	QMA LLC	Gateway Center Two 100 Mulberry Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
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 atpgiminvestments.com 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 topgiminvestments.com/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 byvisiting the website address above.

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

Shareholders can communicate directly with the Board of Directors by writing to the Chair of the Board, PGIM QMA International Equity Fund, PGIM Investments, Attn: Board of Directors, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Director by writing to 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 on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov. Form N-PORT is filed with the Commission quarterly, and each Fund’s full portfolio holdings as of the first and third fiscal quarter-ends (as of the third month of the Fund’s fiscal quarter for reporting periods on or after September 30, 2019) will be made publicly available 60 days after the end of each quarter at sec.gov.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Directors and is available without charge, upon request, by calling (800) 225-1852.

Mutual Funds:

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

PGIM QMA INTERNATIONAL EQUITY FUND

SHARE CLASS	A	B	C	Z	R6
NASDAQ	PJRAX	PJRBX	PJRCX	PJIZX	PJRQX
CUSIP	743969859	743969867	743969875	743969883	743969578

MF190E

PGIM EMERGING MARKETS DEBT

LOCAL CURRENCY FUND

ANNUAL REPORT

OCTOBER 31, 2019

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (pgiminvestments.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-225-1852 or by sending an email request to PGIM Investments at shareholderreports@pgim.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary or follow instructions included with this notice to elect to continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-225-1852 or send an email request to shareholderreports@pgim.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

To enroll in e-delivery, go to pgiminvestments.com/edelivery

Objective:Total return, through a combination of current income and
capital appreciation

Highlights(unaudited)

• Duration positioning, security selection, and currency selection all added to the Fund’s performance over the reporting period.

• Long duration positioning in Mexico, Brazil, Indonesia, and Russia added value.

• Short duration positioning in Colombia and positioning in Turkey detracted from the Fund’s returns over the period.

• Although yield curve positioning and security selection overall added value, positioning in Indonesia and Turkey specifically hurt performance.

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

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

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies.^© 2019 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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Table of Contents

Letter from the President	5
Your Fund’s Performance	6
Growth of a $10,000 Investment	7
Strategy and Performance Overview	10
Fees and Expenses	13
Holdings and Financial Statements	15
Approval of Advisory Agreements

PGIM Emerging Markets Debt Local Currency Fund 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

We hope you find the annual report for the PGIM Emerging Markets Debt Local Currency Fund informative and useful. The report covers performance for the12-month period that ended October 31, 2019.

While the US economy remained healthy, with rising corporate profits and strong job growth, the Federal Reserve cut interest rates three times in the latter half of the period. The cuts were a proactive attempt by the Fed to extend the longest domestic economic expansion on record as growth in many regions weakened. China in particular showed signs of slowing amid trade tensions with the US, and turmoil in the United Kingdom continued as it negotiates an exit from the European Union.

The interest-rate cuts helped boost the performance of stocks globally. For the period overall, large-cap US equities along with stocks in developed and emerging foreign markets all rose by double digits. Small-cap US stocks posted a single-digit gain. This positive performance came despite significant volatility early in the period. Equities plunged at the end of 2018 on concerns about China’s economy, a potential global trade war, higher interest rates, and worries that profit growth might slow. Stocks reversed course early in 2019, rising sharply after the Fed moderated its position on additional rate hikes for the remainder of the year.

The overall US bond market posted strong returns during the period on a significant rally in interest rates that saw the 10-year US Treasury yield decline from over 3% to under 2%. Investment-grade corporate bonds led the way with a double-digit gain, while corporate high yield and municipal bonds each had a return in the high single digits. Globally, bonds in developed markets delivered strong returns, and emerging markets debt rose by double digits.

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 consider it a great privilege and responsibility to help investors participate in opportunities across global markets while meeting their toughest investment challenges. PGIM is atop-10 global investment manager with more than $1 trillion in assets under management. This scale and investment expertise allow us to deliver actively managed funds and strategies to meet the needs of investors around the globe.

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Emerging Markets Debt Local Currency Fund

December 16, 2019

PGIM Emerging Markets Debt Local Currency Fund 5

Your Fund’s Performance (unaudited)

Performance data quoted represents 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 pgiminvestments.com or by calling (800) 225-1852.

	Average Annual Total Returns as of 10/31/19  (with sales charges)
	One Year (%)	Five Years (%)	Since Inception (%)
Class A	12.36	–0.25	–0.24 (3/30/11)
Class C	14.18	–0.36	–0.52 (3/30/11)
Class Z	16.50	0.66	0.44 (3/30/11)
Class R6	16.41	0.72	0.49 (3/30/11)
JP Morgan Government Bond Index-Emerging Markets Global Diversified Index
	15.59	0.82	0.83

	Average Annual Total Returns as of 10/31/19 (without sales charges)
	One Year (%)	Five Years (%)	Since Inception (%)
Class A	16.14	0.41	0.15 (3/30/11)
Class C	15.18	–0.36	–0.52 (3/30/11)
Class Z	16.50	0.66	0.44 (3/30/11)
Class R6	16.41	0.72	0.49 (3/30/11)
JP Morgan Government Bond Index-Emerging Markets Global Diversified Index
	15.59	0.82	0.83

6 Visit our website at pgiminvestments.com

Growth of a $10,000 Investment(unaudited)

The graph compares a $10,000 investment in the Fund’s Class Z shares with a similar investment in the JP Morgan Government Bond Index-Emerging Markets Global Diversified Index by portraying the initial account values at the commencement of operations for Class Z shares (March 30, 2011) and the account values at the end of the current fiscal year (October 31, 2019), as measured on a quarterly basis. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted; and (b) all dividends and distributions were reinvested. The line graph provides information for Class Z shares only. As indicated in the tables provided earlier, performance for other share classes will vary due to the differing charges and expenses applicable to each share class (as indicated in the following paragraphs). Without waiver of fees and/or expense reimbursements, if any, the Fund’s returns would have been lower.

Past performance does not predict future performance. Total returns and the ending account values in the graph include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. The Fund’s total returns do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares.

Source: PGIM Investments LLC, Lipper, Inc. and JP Morgan

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.

PGIM Emerging Markets Debt Local Currency Fund 7

Your Fund’s Performance(continued)

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	For purchases on or after July 15, 2019: 3.25% of the public offering price. For purchases prior to July 15, 2019: 4.50% 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)	For purchases on or after July 15, 2019: 1.00% on sales of $500,000 or more made within 12 months of purchase. For purchases prior to July 15, 2019: 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 Definitions

JP Morgan Government Bond Index-Emerging Markets Global Diversified Index—The JP Morgan Government Bond Index-Emerging Markets Global Diversified Index, an unmanaged index, is a comprehensive emerging markets debt benchmark that tracks local currency bonds issued by emerging market governments.

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

Distributions and Yields as of 10/31/19
	Total Distributions Paid for 12 Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.32	4.45	4.54
Class C	0.28	3.85	5.31
Class Z	0.34	4.85	4.24
Class R6	0.33	4.85	44.53

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

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

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Credit Quality expressed as a percentage of total investments as of 10/31/19 (%)
AAA	0.8
AA	4.4
A	28.7
BBB	41.1
BB	12.0
B	7.2
CCC	0.3
Not Rated	1.4
Cash/Cash Equivalents	4.1
Total Investments	100.0

Source: PGIM Fixed Income

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

PGIM Emerging Markets Debt Local Currency Fund 9

Strategy and Performance Overview (unaudited)

How did the Fund perform?

ThePGIM Emerging Markets Debt Local Currency Fund’s Class Z shares returned 16.50% in the12-month reporting period that ended October 31, 2019, outperforming the 15.59% return of the JP Morgan Government Bond Index-Emerging Markets Global Diversified Index (the Index).

What were the market conditions?

• In reviewing fourth-quarter 2018 emerging markets (EM) performance, EM hard currency assets underperformed EM local bond markets—particularly local hedged bonds and emerging markets foreign exchange (EMFX)—with much of the relative underperformance taking place in October and November. In local bonds, there was clearly dominant outperformance in select countries (e.g., Brazil and Turkey), while Mexico was the clear underperformer. Broader factors behind the performance in local EM consisted of a more benign global inflation outlook, lower oil prices (a result of President Trump’s flexibility regarding Iranian sanctions as well as supply dynamics), and a moderation in the US dollar’s foreign exchange (FX) dominance. The latter relates to a slowing of US growth, the outcome of the USmid-term elections, and a repricing of Federal Reserve (Fed) policy expectations.

• The turn of the year to 2019 roughly marked the bottom of the EM fixed income sell-off. Hedged local bonds and EM currencies lagged hard currency but had respectable positive returns. In hedged local bonds, the winners included previously unloved Mexico, the Philippines, and South Africa. The rally was driven by global macro and emerging market factors. The Fed’s and European Central Bank’s shift to a more accommodative stance was augmented by increased China stimulus, more positive news regarding Argentina’s external accounts and International Monetary Fund (IMF) program, and optimism that pension reform in Brazil may be passed in the third quarter of 2019.

• Each emerging market debtsub-sector posted positive returns in the second quarter of 2019. The sector continued to benefit from investors’ search for yield amid expectations for Fed rate cuts and ongoing, below-trend growth in most developed markets. The prospects for a global recession in the near to medium term also remained faint given the relatively healthy growth in the US and expectations for additional stimulus from China. The prospect for avoiding a full-blownUS-China trade war is key for EM as further slowing in global trade and EM growth would pose a headwind regardless of policy accommodation from central banks in developed markets. While the global backdrop for EM local rates remained constructive on the back of slowing inflation, below-trend global growth, and generally positive real rates, the recent rally in EM rates seemed over-extended as interest-rate cuts in many countries were priced in and the 5.7% yield on the Index was at a five-year low. Furthermore, almost every country experienced curve flattening as the global data surprised on the downside, central banks turned dovish,

10 Visit our website at pgiminvestments.com

and yield-hungry investors added duration. (Duration is a measure of the interest-rate sensitivity of a bond portfolio or debt securities that is expressed as a number of years.) That said, there are countries where rate cuts are not priced in, but may still materialize.

• Despite the various headwinds facing EM debt, the sector put forth a resilient performance in the third quarter of 2019. The lack of Argentina-related and Venezuela-related contagion in the quarter reflected the diversity in EM economies, particularly those with high yield ratings, as well as instances of prudent policy planning. For example, Ukraine should benefit from land reform that may be passed as early as the fourth quarter of 2019, while Turkey should continue to stabilize as the country’s external vulnerability diminishes. With PGIM Fixed Income’s expectation that global developed-market rates are likely to remain low, higher-quality credits will likely find support given their relatively strong balance sheets and investors’ demand for duration. EM debt flows generally appear balanced as investors have avoided growth-sensitive assets with modest positioning (excluding Argentina) across the sector. While the global rate backdrop appears constructive amid slowing inflation and below-trend growth, the recent rally in EM rates seems overextended — as most expected interest rate cuts are largely priced in. In a relatively rare occurrence, the correlation between EM local rates and EMFX turned negative and was primarily driven by a lack of FX pass-through to inflation, allowing many EM central banks to maintain their dovish stances.

• October 2019 was a positive month for EM assets with EM hard currency, hedged local rates, and EMFX all outperforming. In local currency hedged rates, the top performers were Argentina, Russia, and Turkey. After delivering steep rate cuts in July and September, the Turkish central bank followed suit with another sizable reduction of 250 basis points in October. (One basis point is 0.01%.) The bottom performers were Chile, South Africa, and Thailand. South Africa underperformed after its finance minister released a statement detailing the $9.4 billion in bailouts the country will extend to the state-owned utility, Eskom. The package is expected to increase South Africa’s government debt to 70% of gross domestic product over the next three years, which exceeds the previous projection of 60.2% in 2024.

What worked?

• Duration positioning, security selection, and currency selection all added to the Fund’s performance over the reporting period.

• Long duration positioning in Mexico, Brazil, Indonesia, and Russia added value.

• Positioning in Argentina and curve flatteners in Mexico and Czech Republic added to performance, along with the Fund’s allocation to off-benchmark hard currency bonds.

PGIM Emerging Markets Debt Local Currency Fund 11

Strategy and Performance Overview (continued)

• Within foreign currencies, an underweight to the Chilean peso and overweights to the Egyptian pound and Russian ruble were positive.

What didn’t work?

• Short duration positioning in Colombia and positioning in Turkey detracted from the Fund’s returns over the period.

• Although yield curve positioning and security selection overall added value, positioning in Indonesia and Turkey specifically hurt performance.

• An overweight to the Turkish lira, coupled with underweights to the Taiwan dollar and South African rand, were negative.

Did the Fund use derivatives?

• Currency positioning in the Fund was partially facilitated by the use of currency forward and option contracts. During the reporting period, the Fund’s currency positioning added to relative performance.

• The Fund also used interest-rate swaps to help manage duration and yield curve exposure, which had a negligible impact on performance.

Current outlook

• Amid a somewhat gloomy outlook conveyed at the recent IMF meetings, PGIM Fixed Income feels that EM assets will continue to benefit from an accommodating monetary stance from global central banks. Moreover, PGIM Fixed Income thinks the IMF is perhaps looking through a rearview mirror. There is consensus that hard currency bonds and local rates will continue to do well, while the outlook for EM currencies is not as clear. A trade truce between China and the US and some clarity on Brexit will further lift sentiment for EM countries. While these countries continue to face headwinds from geopolitics, trade, and populism, digging deep into country-specific issues will likely remain key to alpha generation.

• In local bond positioning, the Fund features duration overweights to China, Mexico, Korea, and Russia while holding duration underweights in Colombia, Poland, and South Africa. Looking at FX positioning, the Fund features long positions in the Chinese yuan, Singapore dollar and Russian ruble, and is short the euro, Brazilian real, and Hungarian forint.

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Fees and Expenses (unaudited)

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 October 31, 2019. 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

PGIM Emerging Markets Debt Local Currency Fund 13

Fees and Expenses (continued)

and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information 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  Emerging Markets Debt Local Currency Fund		Beginning Account Value May 1, 2019		Ending Account Value October 31, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,081.90		1.13	%	$	5.93
	Hypothetical	$	1,000.00	$	1,019.51		1.13	%	$	5.75
Class C	Actual	$	1,000.00	$	1,077.50		1.88	%	$	9.84
	Hypothetical	$	1,000.00	$	1,015.73		1.88	%	$	9.55
Class Z	Actual	$	1,000.00	$	1,082.70		0.88	%	$	4.62
	Hypothetical	$	1,000.00	$	1,020.77		0.88	%	$	4.48
Class R6	Actual	$	1,000.00	$	1,082.70		0.88	%	$	4.62
	Hypothetical	$	1,000.00	$	1,020.77		0.88	%	$	4.48

*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 184 days in the six-month period ended October 31, 2019, and divided by the 365 days in the Fund’s fiscal year ended October 31, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

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Schedule of Investments

as of October 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    93.4%
SOVEREIGN BONDS    84.9%
Angola    0.3%
Angolan Government International Bond, Sr. Unsec’d. Notes		9.500	%		11/12/25		200	$	224,988
Argentina    0.3%
Argentine Republic Government International Bond, Sr. Unsec’d. Notes		5.625			01/26/22		180		76,322
Provincia de Buenos Aires/Government Bonds,
Sr. Unsec’d. Notes		9.125			03/16/24		200		68,500
Sr. Unsec’d. Notes		9.950			06/09/21		140		53,201
									198,023
Bahrain    0.3%
Bahrain Government International Bond, Sr. Unsec’d. Notes		6.125			07/05/22		200		213,128
Brazil    4.9%
Brazil Minas SPE via State of Minas Gerais, Gov’t. Gtd. Notes		5.333			02/15/28		392		415,973
Brazil Notas do Tesouro Nacional,
Notes, Series NTNF		10.000			01/01/21	BRL	1,300		344,291
Notes, Series NTNF		10.000			01/01/23	BRL	3,011		849,875
Notes, Series NTNF		10.000			01/01/25	BRL	2,736		800,901
Notes, Series NTNF		10.000			01/01/27	BRL	3,820		1,150,191
Brazilian Government International Bond, Sr. Unsec’d. Notes		8.500			01/05/24	BRL	54		14,541
									3,575,772
Chile    2.9%
Bonos de la Tesoreria de la Republica en pesos,
Bonds		4.500			03/01/26	CLP	755,000		1,103,679
Bonds		5.000			03/01/35	CLP	120,000		190,167
Bonds, Series 30YR		6.000			01/01/43	CLP	255,000		465,520
Unsec’d. Notes, 144A		4.000			03/01/23	CLP	250,000		354,608
									2,113,974

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 15

Schedule of Investments(continued)

as of October 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
China    0.6%
China Government Bond, Unsec’d. Notes, Series 1906		3.290	%		05/23/29	CNH	3,000	$	425,920
Colombia    4.6%
Colombian TES,
Bonds, Series B		6.000			04/28/28	COP	6,511,000		1,950,430
Bonds, Series B		6.250			11/26/25	COP	500,000		153,735
Bonds, Series B		7.000			06/30/32	COP	800,000		253,877
Bonds, Series B		7.250			10/18/34	COP	829,000		269,847
Bonds, Series B		7.500			08/26/26	COP	500,000		163,778
Bonds, Series B		10.000			07/24/24	COP	1,500,000		532,191
									3,323,858
Czech Republic    1.4%
Czech Republic Government Bond,
Bonds, Series 053		4.850			11/26/57	CZK	3,740		277,521
Bonds, Series 100		0.250			02/10/27	CZK	4,300		173,038
Bonds, Series 15YR		2.000			10/13/33	CZK	11,920		559,009
									1,009,568
Dominican Republic    0.6%
Dominican Republic International Bond,
Sr. Unsec’d. Notes		5.875			04/18/24		250		266,565
Sr. Unsec’d. Notes		9.750			06/05/26	DOP	8,000		154,016
									420,581
Ecuador    0.4%
Ecuador Government International Bond, Sr. Unsec’d. Notes		10.750			03/28/22		260		275,928
Egypt    0.4%
Egypt Government International Bond,
Sr. Unsec’d. Notes, 144A, MTN		4.750			04/11/25	EUR	175		201,888
Sr. Unsec’d. Notes, EMTN		4.750			04/11/25	EUR	100		115,365
									317,253

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
El Salvador    0.2%
El Salvador Government International Bond, Sr. Unsec’d. Notes		7.750	%		01/24/23		125	$	136,564
Gabon    0.3%
Gabon Government International Bond, Bonds		6.375			12/12/24		200		198,940
Ghana    0.3%
Ghana Government International Bond, Sr. Unsec’d. Notes		7.875			08/07/23		200		217,651
Greece    0.3%
Hellenic Republic Government Bond, Bonds		3.500			01/30/23	EUR	165		202,988
Hungary    3.5%
Hungary Government Bond,
Bonds, Series 22/A		7.000			06/24/22	HUF	154,840		619,346
Bonds, Series 25/B		5.500			06/24/25	HUF	276,280		1,164,363
Bonds, Series 27/A		3.000			10/27/27	HUF	42,680		160,477
Bonds, Series 28/A		6.750			10/22/28	HUF	99,680		478,832
Bonds, Series 38/A		3.000			10/27/38	HUF	21,890		77,891
									2,500,909
Indonesia    8.7%
Indonesia Treasury Bond,
Sr. Unsec’d. Notes, Series 056		8.375			09/15/26	IDR	14,591,000		1,135,637
Sr. Unsec’d. Notes, Series 059		7.000			05/15/27	IDR	7,765,000		560,649
Sr. Unsec’d. Notes, Series 063		5.625			05/15/23	IDR	2,250,000		156,946
Sr. Unsec’d. Notes, Series 065		6.625			05/15/33	IDR	8,200,000		549,325
Sr. Unsec’d. Notes, Series 068		8.375			03/15/34	IDR	7,250,000		558,359
Sr. Unsec’d. Notes, Series 070		8.375			03/15/24	IDR	7,910,000		604,309
Sr. Unsec’d. Notes, Series 071		9.000			03/15/29	IDR	7,310,000		588,514
Sr. Unsec’d. Notes, Series 072		8.250			05/15/36	IDR	10,260,000		773,909
Sr. Unsec’d. Notes, Series 073		8.750			05/15/31	IDR	6,505,000		516,092
Sr. Unsec’d. Notes, Series 077		8.125			05/15/24	IDR	3,500,000		265,984
Sr. Unsec’d. Notes, Series 078		8.250			05/15/29	IDR	7,600,000		588,671
Sr. Unsec’d. Notes, Series 079		8.375			04/15/39	IDR	500,000		38,189
									6,336,584

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 17

Schedule of Investments(continued)

as of October 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Iraq    0.4%
Iraq International Bond, Sr. Unsec’d. Notes		6.752	%		03/09/23		280	$	282,078
Ivory Coast    0.4%
Ivory Coast Government International Bond, Sr. Unsec’d. Notes		5.125			06/15/25	EUR	265		319,639
Kenya    0.3%
Kenya Government International Bond, Sr. Unsec’d. Notes		6.875			06/24/24		200		212,203
Malaysia    4.7%
Malaysia Government Bond,
Sr. Unsec’d. Notes, Series 116		3.800			08/17/23	MYR	2,000		487,415
Sr. Unsec’d. Notes, Series 118		3.882			03/14/25	MYR	1,977		485,596
Sr. Unsec’d. Notes, Series 217		4.059			09/30/24	MYR	335		82,755
Sr. Unsec’d. Notes, Series 311		4.392			04/15/26	MYR	285		72,196
Sr. Unsec’d. Notes, Series 313		3.480			03/15/23	MYR	1,100		265,075
Sr. Unsec’d. Notes, Series 316		3.900			11/30/26	MYR	3,070		754,817
Sr. Unsec’d. Notes, Series 317		4.762			04/07/37	MYR	500		134,711
Sr. Unsec’d. Notes, Series 411		4.232			06/30/31	MYR	1,770		446,813
Sr. Unsec’d. Notes, Series 413		3.844			04/15/33	MYR	140		33,888
Sr. Unsec’d. Notes, Series 417		3.899			11/16/27	MYR	1,370		337,421
Malaysia Government Investment Issue,
Sr. Unsec’d. Notes, Series 416		3.226			04/15/20	MYR	477		114,248
Sr. Unsec’d. Notes, Series 617		4.724			06/15/33	MYR	600		157,106
									3,372,041
Mexico    5.7%
Mexican Bonos,
Bonds, Series M20		7.500			06/03/27	MXN	34,595		1,879,224
Bonds, Series M20		7.750			05/29/31	MXN	7,800		433,632
Bonds, Series M20		8.000			11/07/47	MXN	16,410		939,336
Bonds, Series M30		10.000			11/20/36	MXN	9,600		646,072
Sr. Unsec’d. Notes, Series M30		8.500			11/18/38	MXN	3,700		220,602
									4,118,866

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Mongolia    0.3%
Mongolia Government International Bond, Sr. Unsec’d. Notes, EMTN		5.125	%		12/05/22		230	$	233,211
Pakistan    0.6%
Third Pakistan International Sukuk Co. Ltd. (The), Sr. Unsec’d. Notes, 144A		5.625			12/05/22		400		401,000
Peru    4.0%
Peru Government Bond,
Bonds		6.950			08/12/31	PEN	190		69,469
Sr. Unsec’d. Notes, 144A		6.150			08/12/32	PEN	2,180		748,467
Peruvian Government International Bond,
Sr. Unsec’d. Notes		6.350			08/12/28	PEN	300		104,499
Sr. Unsec’d. Notes		6.900			08/12/37	PEN	871		321,707
Sr. Unsec’d. Notes		6.950			08/12/31	PEN	2,198		803,644
Sr. Unsec’d. Notes		8.200			08/12/26	PEN	1,797		680,462
Unsec’d. Notes		5.700			08/12/24	PEN	500		166,452
									2,894,700
Philippines    0.7%
Philippine Government Bond,
Sr. Unsec’d. Notes, Series 1060		3.625			09/09/25	PHP	5,600		105,035
Sr. Unsec’d. Notes, Series 2023		6.750			01/24/39	PHP	18,000		424,646
									529,681
Poland    4.4%
Republic of Poland Government Bond,
Bonds, Series 0725		3.250			07/25/25	PLN	4,640		1,307,646
Bonds, Series 0726		2.500			07/25/26	PLN	6,010		1,632,711
Bonds, Series 1024		2.250			10/25/24	PLN	1,000		267,791
									3,208,148
Romania    2.0%
Romania Government Bond,
Bonds, Series 05YR		4.250			06/28/23	RON	3,770		900,986
Bonds, Series 07YR		3.250			04/29/24	RON	750		171,935

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 19

Schedule of Investments(continued)

as of October 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Romania (cont’d.)
Romania Government Bond, (cont’d.)
Bonds, Series 10YR		5.850	%		04/26/23	RON	960	$	241,010
Bonds, Series 15YR		3.650			09/24/31	RON	590		127,926
									1,441,857
Russia    5.5%
Russian Federal Bond - OFZ,
Bonds, Series 6218		8.500			09/17/31	RUB	14,092		255,815
Bonds, Series 6219		7.750			09/16/26	RUB	22,600		382,233
Bonds, Series 6221		7.700			03/23/33	RUB	27,090		465,142
Bonds, Series 6223		6.500			02/28/24	RUB	11,200		177,511
Bonds, Series 6226		7.950			10/07/26	RUB	79,490		1,355,579
Bonds, Series 6228		7.650			04/10/30	RUB	28,800		491,494
Bonds, Series 6229		7.150			11/12/25	RUB	25,700		419,232
Bonds, Series 6230		7.700			03/16/39	RUB	27,200		473,195
									4,020,201
South Africa    11.9%
Republic of South Africa Government Bond,
Sr. Unsec’d. Notes, Series 2023		7.750			02/28/23	ZAR	1,500		99,914
Sr. Unsec’d. Notes, Series 2030		8.000			01/31/30	ZAR	2,300		139,952
Sr. Unsec’d. Notes, Series 2032		8.250			03/31/32	ZAR	30,600		1,833,543
Sr. Unsec’d. Notes, Series 2035		8.875			02/28/35	ZAR	2,490		152,983
Sr. Unsec’d. Notes, Series 2037		8.500			01/31/37	ZAR	12,850		748,778
Sr. Unsec’d. Notes, Series 2040		9.000			01/31/40	ZAR	10,450		629,306
Sr. Unsec’d. Notes, Series 2044		8.750			01/31/44	ZAR	10,485		608,424
Sr. Unsec’d. Notes, Series 2048		8.750			02/28/48	ZAR	12,075		696,107
Sr. Unsec’d. Notes, Series R186		10.500			12/21/26	ZAR	44,648		3,241,364
Sr. Unsec’d. Notes, Series R213		7.000			02/28/31	ZAR	7,830		431,957
									8,582,328
Sri Lanka    0.6%
Sri Lanka Government International Bond, Sr. Unsec’d. Notes		6.250			07/27/21		400		406,800
Thailand    7.4%
Thailand Government Bond,
Sr. Unsec’d. Notes		2.125			12/17/26	THB	19,520		672,185
Sr. Unsec’d. Notes		2.875			12/17/28	THB	22,100		813,101

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Thailand (cont’d.)
Thailand Government Bond, (cont’d.)
Sr. Unsec’d. Notes		2.875	%		06/17/46	THB	3,150	$	128,219
Sr. Unsec’d. Notes		3.300			06/17/38	THB	8,700		362,368
Sr. Unsec’d. Notes		3.400			06/17/36	THB	32,250		1,335,187
Sr. Unsec’d. Notes		3.625			06/16/23	THB	8,530		304,232
Sr. Unsec’d. Notes		3.650			06/20/31	THB	19,600		789,902
Sr. Unsec’d. Notes		3.775			06/25/32	THB	8,200		338,514
Sr. Unsec’d. Notes		4.875			06/22/29	THB	15,170		650,066
									5,393,774
Turkey    4.6%
Export Credit Bank of Turkey,
Sr. Unsec’d. Notes		4.250			09/18/22		250		240,000
Sr. Unsec’d. Notes		8.250			01/24/24		220		234,652
Turkey Government Bond,
Bonds		8.000			03/12/25	TRY	2,770		396,175
Bonds		8.800			09/27/23	TRY	500		77,791
Bonds		9.200			09/22/21	TRY	3,745		624,576
Bonds		10.500			08/11/27	TRY	1,800		283,353
Bonds		10.700			02/17/21	TRY	175		30,165
Bonds		11.000			03/02/22	TRY	1,500		255,752
Bonds		11.000			02/24/27	TRY	1,600		259,146
Bonds		12.200			01/18/23	TRY	4,515		788,136
Turkey Government International Bond, Sr. Unsec’d. Notes		7.375			02/05/25		155		166,237
									3,355,983
Ukraine    1.2%
Ukraine Government International Bond,
Bonds		15.879	(s)		04/01/20	UAH	5,330		200,999
Bonds		16.000			08/11/21	UAH	500		20,313
Bonds		17.000			05/11/22	UAH	500		20,712
Sr. Unsec’d. Notes		7.750			09/01/22		325		345,637
Unsec’d. Notes		15.700			01/08/20	UAH	4,095		165,111
Unsec’d. Notes, 144A		15.360			09/29/21	UAH	2,070		84,556
									837,328

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 21

Schedule of Investments(continued)

as of October 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Uruguay    0.2%
Uruguay Government International Bond,
Sr. Unsec’d. Notes		9.875	%		06/20/22	UYU	3,260	$	84,896
Sr. Unsec’d. Notes, 144A		8.500			03/15/28	UYU	1,870		41,460
									126,356
TOTAL SOVEREIGN BONDS (cost $60,175,652)									61,428,823
CORPORATE BONDS    8.5%
Bahrain    0.3%
Oil and Gas Holding Co. BSCC (The), Sr. Unsec’d. Notes		7.625			11/07/24		200		226,500
Belarus    0.3%
Development Bank of the Republic of Belarus JSC, Sr. Unsec’d. Notes, 144A		6.750			05/02/24		200		209,876
Brazil    0.3%
Petrobras Global Finance BV, Gtd. Notes		8.750			05/23/26		165		211,200
Indonesia    0.3%
Saka Energi Indonesia PT, Sr. Unsec’d. Notes		4.450			05/05/24		225		227,259
Jamaica    0.2%
Digicel Ltd., Gtd. Notes		6.750			03/01/23		235		123,377
Kazakhstan    0.4%
KazMunayGas National Co. JSC, Sr. Unsec’d. Notes		4.750			04/24/25		260		283,707
Mexico    1.8%
America Movil SAB de CV, Sr. Unsec’d. Notes		6.450			12/05/22	MXN	14,250		718,852
Petroleos Mexicanos, Gtd. Notes, 144A		6.490			01/23/27		55		58,713

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Mexico (cont’d.)
Petroleos Mexicanos, (cont’d.)
Gtd. Notes, 144A		7.650	%		11/24/21	MXN	4,120	$	208,641
Gtd. Notes, MTN		6.875			08/04/26		315		344,610
									1,330,816
Oman    0.3%
Lamar Funding Ltd., Gtd. Notes		3.958			05/07/25		200		186,737
Russia    3.2%
Gazprom Capital OOO,
Gtd. Notes, Series BO03		7.150	(cc)		02/15/28	RUB	90,000		1,403,844
Gtd. Notes, Series BO05		8.900	(cc)		02/03/27	RUB	42,000		708,706
Vnesheconombank Via VEB Finance PLC, Sr. Unsec’d. Notes		5.942			11/21/23		200		219,862
									2,332,412
South Africa    0.3%
Eskom Holdings SOC Ltd., Sr. Unsec’d. Notes, 144A, MTN		6.750			08/06/23		200		205,164
Supranational Bank    0.7%
European Bank for Reconstruction & Development, Sr. Unsec’d. Notes, GMTN		6.450			12/13/22	IDR	7,500,000		534,676
Tunisia    0.4%
Banque Centrale de Tunisie International Bond,
Sr. Unsec’d. Notes		5.625			02/17/24	EUR	180		196,173
Sr. Unsec’d. Notes		6.750			10/31/23	EUR	100		112,411
									308,584
TOTAL CORPORATE BONDS (cost $6,273,569)									6,180,308
TOTAL LONG-TERM INVESTMENTS (cost $66,449,221)									67,609,131

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 23

Schedule of Investments(continued)

as of October 31, 2019

Description	Shares		Value
SHORT-TERM INVESTMENT    3.4%
AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $2,483,525)(w)		2,483,525	$	2,483,525
TOTAL INVESTMENTS    96.8% (cost $68,932,746)				70,092,656
Other assets in excess of liabilities(z)    3.2%				2,308,399
NET ASSETS    100.0%			$	72,401,055

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

ARS—Argentine Peso

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

DOP—Dominican Peso

EGP—Egyptian Pound

EUR—Euro

HUF—Hungarian Forint

IDR—Indonesian Rupiah

ILS—Israeli Shekel

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

MYR—Malaysian Ringgit

NZD—New Zealand Dollar

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

PLN—Polish Zloty

RON—Romanian Leu

RUB—Russian Ruble

SGD—Singapore Dollar

THB—Thai Baht

TRY—Turkish Lira

TWD—New Taiwanese Dollar

UAH—Ukraine Hryvna

USD—US Dollar

UYU—Uruguayan Peso

ZAR—South African Rand

144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.

A—Annual payment frequency for swaps

BROIS—Brazil Overnight Index Swap

See Notes to Financial Statements.

24

CLOIS—Sinacofi Chile Interbank Rate Average

COOIS—Colombia Overnight Interbank Reference Rate

EMTN—Euro Medium Term Note

GMTN—Global Medium Term Note

JIBAR—Johannesburg Interbank Agreed Rate

KLIBOR—Kuala Lumpur Interbank Offered Rate

KWCDC—Korean Won Certificate of Deposit

LIBOR—London Interbank Offered Rate

M—Monthly payment frequency for swaps

MTN—Medium Term Note

OFZ—Obligatsyi Federal’novo Zaima (Federal Loan Obligations)

OTC—Over-the-counter

Q—Quarterly payment frequency for swaps

S—Semiannual payment frequency for swaps

T—Swap payment upon termination

WIBOR—Warsaw Interbank Offered Rate

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

(cc) Variable rate instrument. The rate shown is based on the latest available information as of October 31, 2019. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

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

(w) PGIM Investments LLC, the manager of the Series, also serves as manager of the PGIM Core Ultra Short Bond Fund.

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

Forward foreign currency exchange contracts outstanding at October 31, 2019:

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Argentine Peso,
Expiring 11/29/19	Citibank, N.A.	ARS	11,168	$	212,731	$	167,032	$	—	$	(45,699	)
Expiring 11/29/19	Citibank, N.A.	ARS	3,740		71,574		55,931		—		(15,643	)
Brazilian Real,
Expiring 11/04/19	Citibank, N.A.	BRL	916		220,526		228,302		7,776		—
Expiring 11/04/19	JPMorgan Chase Bank, N.A.	BRL	4,440		1,090,400		1,106,731		16,331		—
Expiring 11/04/19	The Toronto-Dominion Bank	BRL	11,529		2,765,989		2,873,823		107,834		—
Expiring 12/03/19	Barclays Bank PLC	BRL	254		63,000		63,082		82		—
Expiring 12/03/19	BNP Paribas S.A.	BRL	15,005		3,756,249		3,733,756		—		(22,493	)
Expiring 12/03/19	Morgan Stanley & Co. International PLC	BRL	826		205,363		205,528		165		—

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 25

Schedule of Investments (continued)

as of October 31, 2019

Forward foreign currency exchange contracts outstanding at October 31, 2019 (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.):
Chilean Peso,
Expiring 12/18/19	Barclays Bank PLC	CLP	87,779	$	123,000	$	118,507	$	—	$	(4,493	)
Expiring 12/18/19	BNP Paribas S.A.	CLP	203,807		280,980		275,153		—		(5,827	)
Expiring 12/18/19	BNP Paribas S.A.	CLP	129,646		179,362		175,030		—		(4,332	)
Expiring 12/18/19	BNP Paribas S.A.	CLP	103,780		144,050		140,110		—		(3,940	)
Expiring 12/18/19	BNP Paribas S.A.	CLP	96,406		133,600		130,154		—		(3,446	)
Expiring 12/18/19	Credit Suisse International	CLP	58,442		81,000		78,900		—		(2,100	)
Expiring 12/18/19	Goldman Sachs International	CLP	152,252		213,000		205,550		—		(7,450	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	CLP	217,262		304,267		293,317		—		(10,950	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	CLP	104,347		144,688		140,875		—		(3,813	)
Expiring 12/18/19	UBS AG	CLP	232,848		321,550		314,359		—		(7,191	)
Expiring 12/18/19	UBS AG	CLP	80,140		113,000		108,194		—		(4,806	)
Expiring 12/18/19	UBS AG	CLP	35,394		48,900		47,784		—		(1,116	)
Chinese Renminbi,
Expiring 02/14/20	Bank of America, N.A.	CNH	258		36,561		36,535		—		(26	)
Expiring 02/14/20	BNP Paribas S.A.	CNH	4,104		578,439		580,568		2,129		—
Expiring 02/14/20	Citibank, N.A.	CNH	1,175		166,000		166,217		217		—
Expiring 02/14/20	HSBC Bank USA, N.A.	CNH	466		65,904		65,949		45		—
Expiring 05/14/21	Citibank, N.A.	CNH	4,640		664,965		648,066		—		(16,899	)
Colombian Peso,
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	COP	2,467,400		719,673		728,682		9,009		—
Czech Koruna,
Expiring 01/17/20	Bank of America, N.A.	CZK	2,091		91,619		91,521		—		(98	)

See Notes to Financial Statements.

26

Forward foreign currency exchange contracts outstanding at October 31, 2019 (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 01/17/20	Barclays Bank PLC	CZK	25,495	$	1,091,224	$	1,115,800	$	24,576	$	—
Expiring 01/17/20	Barclays Bank PLC	CZK	2,930		126,000		128,239		2,239		—
Expiring 01/17/20	BNP Paribas S.A.	CZK	5,835		253,772		255,357		1,585		—
Expiring 01/17/20	Morgan Stanley & Co. International PLC	CZK	2,713		116,000		118,738		2,738		—
Expiring 01/17/20	Morgan Stanley & Co. International PLC	CZK	2,622		114,000		114,758		758		—
Expiring 01/17/20	Morgan Stanley & Co. International PLC	CZK	2,313		101,000		101,242		242		—
Expiring 01/17/20	UBS AG	CZK	3,544		154,000		155,091		1,091		—
Egyptian Pound,
Expiring 11/27/19	Citibank, N.A.	EGP	1,958		113,576		120,446		6,870		—
Expiring 11/27/19	Citibank, N.A.	EGP	1,274		73,936		78,386		4,450		—
Expiring 12/18/19	Citibank, N.A.	EGP	3,589		206,814		219,470		12,656		—
Expiring 12/23/19	Citibank, N.A.	EGP	843		50,000		51,501		1,501		—
Expiring 12/23/19	Morgan Stanley & Co. International PLC	EGP	1,454		86,007		88,773		2,766		—
Expiring 12/23/19	Morgan Stanley & Co. International PLC	EGP	609		36,007		37,165		1,158		—
Expiring 01/21/20	Citibank, N.A.	EGP	2,222		127,239		134,716		7,477		—
Expiring 01/28/20	Citibank, N.A.	EGP	2,160		127,159		130,773		3,614		—
Expiring 01/28/20	Citibank, N.A.	EGP	1,554		90,881		94,083		3,202		—
Expiring 01/30/20	Citibank, N.A.	EGP	1,486		85,274		89,942		4,668		—
Euro,
Expiring 01/17/20	HSBC Bank USA, N.A.	EUR	36		40,481		40,594		113		—
Hungarian Forint,
Expiring 01/17/20	Bank of America, N.A.	HUF	10,788		36,830		36,782		—		(48	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 27

Schedule of Investments(continued)

as of October 31, 2019

Forward foreign currency exchange contracts outstanding at October 31, 2019 (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.):
Hungarian Forint (cont’d.),
Expiring 01/17/20	Citibank, N.A.	HUF	26,947	$	90,000	$	91,874	$	1,874	$	—
Expiring 01/17/20	JPMorgan Chase Bank, N.A.	HUF	30,492		102,000		103,961		1,961		—
Indian Rupee,
Expiring 12/18/19	Citibank, N.A.	INR	45,964		630,703		643,044		12,341		—
Expiring 12/18/19	Citibank, N.A.	INR	16,389		227,000		229,280		2,280		—
Expiring 12/18/19	HSBC Bank USA, N.A.	INR	108,226		1,489,588		1,514,098		24,510		—
Expiring 12/18/19	HSBC Bank USA, N.A.	INR	13,182		185,000		184,423		—		(577	)
Expiring 12/18/19	HSBC Bank USA, N.A.	INR	11,256		155,000		157,470		2,470		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	INR	8,340		116,000		116,675		675		—
Expiring 12/18/19	Morgan Stanley & Co. International PLC	INR	2,476		34,713		34,645		—		(68	)
Indonesian Rupiah,
Expiring 12/18/19	BNP Paribas S.A.	IDR	1,706,100		121,000		120,511		—		(489	)
Expiring 12/18/19	Citibank, N.A.	IDR	1,716,960		120,000		121,278		1,278		—
Expiring 12/18/19	HSBC Bank USA, N.A.	IDR	4,656,161		330,000		328,890		—		(1,110	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	IDR	1,419,660		99,000		100,278		1,278		—
Expiring 12/18/19	Morgan Stanley & Co. International PLC	IDR	2,495,150		175,000		176,246		1,246		—
Expiring 12/18/19	Morgan Stanley & Co. International PLC	IDR	1,730,093		122,371		122,206		—		(165	)
Israeli Shekel,
Expiring 12/18/19	Bank of America, N.A.	ILS	652		187,000		185,390		—		(1,610	)
Expiring 12/18/19	Barclays Bank PLC	ILS	605		173,000		172,096		—		(904	)
Expiring 12/18/19	Barclays Bank PLC	ILS	524		151,000		148,914		—		(2,086	)
Expiring 12/18/19	Barclays Bank PLC	ILS	418		120,000		118,927		—		(1,073	)

See Notes to Financial Statements.

28

Forward foreign currency exchange contracts outstanding at October 31, 2019 (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.):
Israeli Shekel (cont’d.),
Expiring 12/18/19	Barclays Bank PLC	ILS	376	$	107,433	$	106,903	$	—	$	(530	)
Expiring 12/18/19	Barclays Bank PLC	ILS	225		64,267		63,869		—		(398	)
Expiring 12/18/19	Citibank, N.A.	ILS	651		185,000		185,234		234		—
Expiring 12/18/19	Citibank, N.A.	ILS	625		177,000		177,734		734		—
Expiring 12/18/19	Citibank, N.A.	ILS	599		172,000		170,446		—		(1,554	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	ILS	409		116,073		116,216		143		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	ILS	246		70,031		69,953		—		(78	)
Expiring 12/18/19	Morgan Stanley & Co. International PLC	ILS	500		143,000		142,235		—		(765	)
Japanese Yen,
Expiring 01/17/20	Morgan Stanley & Co. International PLC	JPY	36,262		336,857		337,599		742		—
Malaysian Ringgit,
Expiring 12/18/19	Goldman Sachs International	MYR	3,156		753,567		757,222		3,655		—
Expiring 12/18/19	Morgan Stanley & Co. International PLC	MYR	665		159,447		159,666		219		—
Expiring 12/18/19	Morgan Stanley & Co. International PLC	MYR	353		84,550		84,605		55		—
Mexican Peso,
Expiring 12/18/19	Bank of America, N.A.	MXN	4,948		256,372		255,317		—		(1,055	)
Expiring 12/18/19	Barclays Bank PLC	MXN	2,389		123,000		123,290		290		—
Expiring 12/18/19	Barclays Bank PLC	MXN	2,248		116,473		115,993		—		(480	)
Expiring 12/18/19	Barclays Bank PLC	MXN	2,118		110,000		109,306		—		(694	)
Expiring 12/18/19	Citibank, N.A.	MXN	7,564		382,123		390,299		8,176		—
Expiring 12/18/19	Citibank, N.A.	MXN	4,726		244,065		243,832		—		(233	)
Expiring 12/18/19	HSBC Bank USA, N.A.	MXN	1,869		96,000		96,450		450		—

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 29

Schedule of Investments(continued)

as of October 31, 2019

Forward foreign currency exchange contracts outstanding at October 31, 2019 (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 12/18/19	JPMorgan Chase Bank, N.A.	MXN	42,717	$	2,116,970	$	2,204,155	$	87,185	$	—
Expiring 12/18/19	Morgan Stanley & Co. International PLC	MXN	3,669		190,000		189,332		—		(668	)
Expiring 12/18/19	The Toronto-Dominion Bank	MXN	3,323		170,670		171,446		776		—
Expiring 12/18/19	UBS AG	MXN	5,165		259,358		266,511		7,153		—
Expiring 12/18/19	UBS AG	MXN	2,123		110,000		109,518		—		(482	)
New Taiwanese Dollar,
Expiring 12/18/19	Barclays Bank PLC	TWD	7,009		232,000		231,406		—		(594	)
Expiring 12/18/19	Barclays Bank PLC	TWD	6,606		218,000		218,104		104		—
Expiring 12/18/19	Credit Suisse International	TWD	12,139		396,000		400,779		4,779		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	TWD	29,197		953,560		963,996		10,436		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	TWD	1,692		55,171		55,873		702		—
Peruvian Nuevo Sol,
Expiring 12/18/19	Bank of America, N.A.	PEN	526		155,000		156,901		1,901		—
Expiring 12/18/19	BNP Paribas S.A.	PEN	2,673		790,771		797,918		7,147		—
Expiring 12/18/19	BNP Paribas S.A.	PEN	764		226,000		228,093		2,093		—
Expiring 12/18/19	BNP Paribas S.A.	PEN	688		202,000		205,321		3,321		—
Expiring 12/18/19	HSBC Bank USA, N.A.	PEN	871		261,131		260,139		—		(992	)
Expiring 12/18/19	Morgan Stanley & Co. International PLC	PEN	230		68,530		68,515		—		(15	)
Philippine Peso,
Expiring 12/18/19	Barclays Bank PLC	PHP	14,631		286,000		287,643		1,643		—
Expiring 12/18/19	Credit Suisse International	PHP	7,663		150,000		150,644		644		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	PHP	5,684		108,813		111,735		2,922		—

See Notes to Financial Statements.

30

Forward foreign currency exchange contracts outstanding at October 31, 2019 (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.):
Philippine Peso (cont’d.),
Expiring 12/18/19	Morgan Stanley & Co. International PLC	PHP	7,516	$	144,000	$	147,760	$	3,760	$	—
Polish Zloty,
Expiring 01/17/20	Bank of America, N.A.	PLN	822		215,663		215,334		—		(329	)
Expiring 01/17/20	Barclays Bank PLC	PLN	368		96,000		96,362		362		—
Expiring 01/17/20	BNP Paribas S.A.	PLN	645		167,711		168,961		1,250		—
Expiring 01/17/20	Citibank, N.A.	PLN	510		131,000		133,496		2,496		—
Expiring 01/17/20	Citibank, N.A.	PLN	416		107,000		108,816		1,816		—
Expiring 01/17/20	HSBC Bank USA, N.A.	PLN	480		125,000		125,783		783		—
Expiring 01/17/20	JPMorgan Chase Bank, N.A.	PLN	10,504		2,702,459		2,750,913		48,454		—
Expiring 01/17/20	JPMorgan Chase Bank, N.A.	PLN	505		131,000		132,220		1,220		—
Expiring 01/17/20	Morgan Stanley & Co. International PLC	PLN	162		42,365		42,472		107		—
Expiring 01/17/20	UBS AG	PLN	584		152,000		152,929		929		—
Romanian Leu,
Expiring 01/17/20	Bank of America, N.A.	RON	194		45,577		45,562		—		(15	)
Expiring 01/17/20	JPMorgan Chase Bank, N.A.	RON	570		133,592		133,575		—		(17	)
Expiring 01/17/20	JPMorgan Chase Bank, N.A.	RON	245		56,760		57,470		710		—
Russian Ruble,
Expiring 12/18/19	Barclays Bank PLC	RUB	8,848		135,000		137,012		2,012		—
Expiring 12/18/19	Barclays Bank PLC	RUB	6,161		93,000		95,409		2,409		—
Expiring 12/18/19	Barclays Bank PLC	RUB	5,919		91,000		91,651		651		—
Expiring 12/18/19	Barclays Bank PLC	RUB	5,067		78,000		78,463		463		—
Expiring 12/18/19	Barclays Bank PLC	RUB	3,441		53,391		53,288		—		(103	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 31

Schedule of Investments(continued)

as of October 31, 2019

Forward foreign currency exchange contracts outstanding at October 31, 2019 (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.):
Russian Ruble (cont’d.),
Expiring 12/18/19	Citibank, N.A.	RUB	8,547	$	132,000	$	132,349		$	349	$	—
Expiring 12/18/19	Citibank, N.A.	RUB	6,784		104,652		105,052			400		—
Expiring 12/18/19	Citibank, N.A.	RUB	5,886		88,000		91,149			3,149		—
Expiring 12/18/19	Citibank, N.A.	RUB	3,151		48,967		48,794			—		(173	)
Expiring 12/18/19	Citibank, N.A.	RUB	2,688		39,798		41,620			1,822		—
Expiring 12/18/19	Credit Suisse International	RUB	11,121		172,408		172,210			—		(198	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	RUB	13,546		209,300		209,756			456		—
Expiring 12/18/19	Morgan Stanley & Co. International PLC	RUB	101,743		1,497,321		1,575,476			78,155		—
Expiring 12/18/19	Morgan Stanley & Co. International PLC	RUB	41,276		610,000		639,148			29,148		—
Expiring 12/18/19	Morgan Stanley & Co. International PLC	RUB	16,112		249,887		249,488			—		(399	)
Singapore Dollar,
Expiring 12/18/19	Bank of America, N.A.	SGD	69		50,466		50,484	��		18		—
Expiring 12/18/19	Barclays Bank PLC	SGD	238		175,000		175,294			294		—
Expiring 12/18/19	Barclays Bank PLC	SGD	132		96,000		97,292			1,292		—
Expiring 12/18/19	Citibank, N.A.	SGD	396		288,428		291,542			3,114		—
Expiring 12/18/19	Citibank, N.A.	SGD	376		276,000		276,601			601		—
Expiring 12/18/19	Citibank, N.A.	SGD	200		145,000		146,856			1,856		—
Expiring 12/18/19	Goldman Sachs International	SGD	1,271		933,900		934,856			956		—
Expiring 12/18/19	Goldman Sachs International	SGD	314		231,000		231,226			226		—
Expiring 12/18/19	HSBC Bank USA, N.A.	SGD	240		176,000		176,325			325		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	SGD	287		211,000		211,280			280		—

See Notes to Financial Statements.

32

Forward foreign currency exchange contracts outstanding at October 31, 2019 (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.):
Singapore Dollar (cont’d.),
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	SGD	279	$	205,000	$	205,205	$	205	$	—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	SGD	165		119,000		121,079		2,079		—
Expiring 12/18/19	Morgan Stanley & Co. International PLC	SGD	341		248,000		250,907		2,907		—
Expiring 12/18/19	Morgan Stanley & Co. International PLC	SGD	226		165,000		166,444		1,444		—
South African Rand,
Expiring 12/18/19	Bank of America, N.A.	ZAR	2,589		170,860		170,205		—		(655	)
Expiring 12/18/19	Citibank, N.A.	ZAR	1,390		93,000		91,386		—		(1,614	)
Expiring 12/18/19	Citibank, N.A.	ZAR	1,262		81,611		82,989		1,378		—
Expiring 12/18/19	HSBC Bank USA, N.A.	ZAR	1,804		121,000		118,622		—		(2,378	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	ZAR	2,658		172,719		174,738		2,019		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	ZAR	2,650		174,449		174,196		—		(253	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	ZAR	1,090		74,000		71,684		—		(2,316	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	ZAR	924		63,000		60,776		—		(2,224	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	ZAR	852		55,641		56,017		376		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	ZAR	732		47,811		48,130		319		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	ZAR	465		29,928		30,597		669		—
Expiring 12/18/19	The Toronto-Dominion Bank	ZAR	929		63,000		61,107		—		(1,893	)
Expiring 12/18/19	UBS AG	ZAR	1,034		68,000		67,965		—		(35	)
South Korean Won,
Expiring 12/18/19	Barclays Bank PLC	KRW	222,151		189,000		190,009		1,009		—
Expiring 12/18/19	BNP Paribas S.A.	KRW	216,489		182,000		185,167		3,167		—
Expiring 12/18/19	HSBC Bank USA, N.A.	KRW	367,231		309,000		314,099		5,099		—

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 33

Schedule of Investments(continued)

as of October 31, 2019

Forward foreign currency exchange contracts outstanding at October 31, 2019 (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 12/18/19	HSBC Bank USA, N.A.	KRW	262,592	$	221,000	$	224,600	$	3,600	$	—
Expiring 12/18/19	HSBC Bank USA, N.A.	KRW	257,753		216,000		220,460		4,460		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	KRW	246,266		211,026		210,635		—		(391	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	KRW	234,174		197,000		200,293		3,293		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	KRW	153,101		130,000		130,950		950		—
Expiring 12/18/19	Morgan Stanley & Co. International PLC	KRW	64,238		54,977		54,944		—		(33	)
Swiss Franc,
Expiring 01/17/20	Morgan Stanley & Co. International PLC	CHF	139		140,900		141,558		658		—
Thai Baht,
Expiring 12/18/19	Bank of America, N.A.	THB	1,194		39,579		39,570		—		(9	)
Expiring 12/18/19	Barclays Bank PLC	THB	4,718		153,000		156,325		3,325		—
Expiring 12/18/19	BNP Paribas S.A.	THB	8,332		274,000		276,074		2,074		—
Expiring 12/18/19	Citibank, N.A.	THB	9,725		317,307		322,258		4,951		—
Expiring 12/18/19	Citibank, N.A.	THB	8,774		287,000		290,718		3,718		—
Expiring 12/18/19	Citibank, N.A.	THB	6,300		205,610		208,757		3,147		—
Expiring 12/18/19	Citibank, N.A.	THB	4,011		131,000		132,914		1,914		—
Expiring 12/18/19	Credit Suisse International	THB	12,521		407,000		414,900		7,900		—
Expiring 12/18/19	Goldman Sachs International	THB	7,294		239,000		241,690		2,690		—
Expiring 12/18/19	HSBC Bank USA, N.A.	THB	8,796		288,000		291,444		3,444		—
Expiring 12/18/19	HSBC Bank USA, N.A.	THB	3,420		112,000		113,339		1,339		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	THB	32,253		1,051,045		1,068,734		17,689		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	THB	5,107		167,000		169,219		2,219		—

See Notes to Financial Statements.

34

Forward foreign currency exchange contracts outstanding at October 31, 2019 (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.):
Thai Baht (cont’d.),
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	THB	4,952	$	163,000	$	164,085	$	1,085	$	—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	THB	3,789		123,947		125,565		1,618		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	THB	3,703		121,000		122,700		1,700		—
Expiring 12/18/19	Morgan Stanley & Co. International PLC	THB	5,296		173,000		175,499		2,499		—
Turkish Lira,
Expiring 12/18/19	Bank of America, N.A.	TRY	466		80,554		80,415		—		(139	)
Expiring 12/18/19	Barclays Bank PLC	TRY	1,172		200,125		202,376		2,251		—
Expiring 12/18/19	Barclays Bank PLC	TRY	1,028		175,675		177,450		1,775		—
Expiring 12/18/19	Barclays Bank PLC	TRY	827		141,471		142,874		1,403		—
Expiring 12/18/19	Barclays Bank PLC	TRY	817		140,700		141,002		302		—
Expiring 12/18/19	Barclays Bank PLC	TRY	289		49,000		49,846		846		—
Expiring 12/18/19	Citibank, N.A.	TRY	343		59,000		59,296		296		—
Expiring 12/18/19	Citibank, N.A.	TRY	172		29,646		29,747		101		—
Expiring 12/18/19	Goldman Sachs International	TRY	1,011		172,408		174,660		2,252		—
Expiring 12/18/19	Goldman Sachs International	TRY	902		154,800		155,697		897		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	TRY	2,823		472,647		487,406		14,759		—
Expiring 12/18/19	Morgan Stanley & Co. International PLC	TRY	2,502		422,276		432,013		9,737		—
Expiring 12/18/19	UBS AG	TRY	322		55,000		55,630		630		—
Ukraine Hryvna,
Expiring 01/16/20	Bank of America, N.A.	UAH	3,973		154,956		156,010		1,054		—
Expiring 01/24/20	Citibank, N.A.	UAH	961		37,164		37,627		463		—
				$	51,938,674	$	52,490,792		742,282		(190,164	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 35

Schedule of Investments(continued)

as of October 31, 2019

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Argentine Peso,
Expiring 11/29/19	Citibank, N.A.	ARS	4,927	$	70,531	$	73,681	$	—	$	(3,150	)
Brazilian Real,
Expiring 11/04/19	Barclays Bank PLC	BRL	516		123,000		128,637		—		(5,637	)
Expiring 11/04/19	BNP Paribas S.A.	BRL	15,005		3,762,277		3,740,465		21,812		—
Expiring 11/04/19	Citibank, N.A.	BRL	1,363		331,689		339,754		—		(8,065	)
Expiring 12/03/19	BNP Paribas S.A.	BRL	918		228,322		228,506		—		(184	)
Expiring 12/03/19	Citibank, N.A.	BRL	149		37,182		37,050		132		—
Canadian Dollar,
Expiring 01/22/20	Barclays Bank PLC	CAD	678		516,085		514,641		1,444		—
Chilean Peso,
Expiring 12/18/19	Bank of America, N.A.	CLP	151,000		209,170		203,859		5,311		—
Expiring 12/18/19	Barclays Bank PLC	CLP	673,748		947,940		909,603		38,337		—
Expiring 12/18/19	Barclays Bank PLC	CLP	87,296		118,000		117,856		144		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	CLP	1,347,496		1,868,927		1,819,206		49,721		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	CLP	57,316		78,796		77,381		1,415		—
Expiring 12/18/19	Morgan Stanley & Co. International PLC	CLP	673,748		934,463		909,603		24,860		—
Chinese Renminbi,
Expiring 05/14/21	JPMorgan Chase Bank, N.A.	CNH	4,640		666,044		648,067		17,977		—
Colombian Peso,
Expiring 12/18/19	Barclays Bank PLC	COP	371,914		110,000		109,835		165		—
Expiring 12/18/19	Barclays Bank PLC	COP	335,364		99,000		99,041		—		(41	)
Expiring 12/18/19	Barclays Bank PLC	COP	229,928		68,000		67,903		97		—
Expiring 12/18/19	Citibank, N.A.	COP	245,390		71,000		72,470		—		(1,470	)

See Notes to Financial Statements.

36

Forward foreign currency exchange contracts outstanding at October 31, 2019 (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.):
Colombian Peso (cont’d.),
Expiring 12/18/19	Goldman Sachs International	COP	718,007	$	211,365	$	212,045	$	—	$	(680	)
Expiring 12/18/19	Goldman Sachs International	COP	337,850		100,000		99,775		225		—
Expiring 12/18/19	Goldman Sachs International	COP	325,920		96,000		96,252		—		(252	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	COP	707,853		209,300		209,046		254		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	COP	203,857		60,000		60,204		—		(204	)
Expiring 12/18/19	UBS AG	COP	329,208		95,000		97,223		—		(2,223	)
Czech Koruna,
Expiring 01/17/20	HSBC Bank USA, N.A.	CZK	1,088		47,497		47,624		—		(127	)
Egyptian Pound,
Expiring 12/23/19	Citibank, N.A.	EGP	2,315		139,122		141,387		—		(2,265	)
Expiring 12/23/19	Citibank, N.A.	EGP	590		35,554		36,051		—		(497	)
Euro,
Expiring 01/17/20	Bank of America, N.A.	EUR	82		92,176		92,178		—		(2	)
Expiring 01/17/20	HSBC Bank USA, N.A.	EUR	1,159		1,287,138		1,300,346		—		(13,208	)
Expiring 01/17/20	JPMorgan Chase Bank, N.A.	EUR	1,244		1,381,550		1,394,816		—		(13,266	)
Expiring 01/17/20	UBS AG	EUR	1,351		1,496,569		1,514,969		—		(18,400	)
Hungarian Forint,
Expiring 01/17/20	Barclays Bank PLC	HUF	32,682		111,000		111,428		—		(428	)
Expiring 01/17/20	The Toronto-Dominion Bank	HUF	224,765		753,046		766,322		—		(13,276	)
Indian Rupee,
Expiring 12/18/19	Bank of America, N.A.	INR	17,468		243,000		244,381		—		(1,381	)
Expiring 12/18/19	Citibank, N.A.	INR	13,255		185,000		185,443		—		(443	)
Expiring 12/18/19	HSBC Bank USA, N.A.	INR	26,003		361,427		363,784		—		(2,357	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 37

Schedule of Investments(continued)

as of October 31, 2019

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Indian Rupee (cont’d.),
Expiring 12/18/19	HSBC Bank USA, N.A.	INR	18,046	$	252,000	$	252,465	$	—	$	(465	)
Expiring 12/18/19	HSBC Bank USA, N.A.	INR	12,380		172,408		173,199		—		(791	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	INR	3,978		55,171		55,654		—		(483	)
Indonesian Rupiah,
Expiring 12/18/19	Barclays Bank PLC	IDR	1,438,750		100,000		101,627		—		(1,627	)
Expiring 12/18/19	Citibank, N.A.	IDR	2,834,954		199,000		200,248		—		(1,248	)
Expiring 12/18/19	Citibank, N.A.	IDR	1,909,980		135,000		134,912		88		—
Expiring 12/18/19	HSBC Bank USA, N.A.	IDR	26,764,143		1,860,688		1,890,498		—		(29,810	)
Expiring 12/18/19	HSBC Bank USA, N.A.	IDR	2,193,560		155,000		154,943		57		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	IDR	2,523,135		177,000		178,223		—		(1,223	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	IDR	2,124,293		149,000		150,050		—		(1,050	)
Israeli Shekel,
Expiring 12/18/19	Barclays Bank PLC	ILS	2,472		705,044		703,156		1,888		—
Expiring 12/18/19	Citibank, N.A.	ILS	572		162,000		162,826		—		(826	)
Expiring 12/18/19	Citibank, N.A.	ILS	539		153,000		153,396		—		(396	)
Malaysian Ringgit,
Expiring 12/18/19	Morgan Stanley & Co. International PLC	MYR	672		159,740		161,262		—		(1,522	)
Expiring 12/18/19	UBS AG	MYR	1,527		363,630		366,310		—		(2,680	)
Mexican Peso,
Expiring 12/18/19	Citibank, N.A.	MXN	4,373		227,000		225,619		1,381		—
Expiring 12/18/19	HSBC Bank USA, N.A.	MXN	1,546		78,644		79,777		—		(1,133	)
Expiring 12/18/19	HSBC Bank USA, N.A.	MXN	1,066		55,190		54,982		208		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	MXN	3,658		185,830		188,745		—		(2,915	)

See Notes to Financial Statements.

38

Forward foreign currency exchange contracts outstanding at October 31, 2019 (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 12/18/19	JPMorgan Chase Bank, N.A.	MXN	3,161	$	158,111	$	163,089	$	—	$	(4,978	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	MXN	2,090	��	106,000		107,825		—		(1,825	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	MXN	1,930		99,985		99,594		391		—
Expiring 12/18/19	The Toronto-Dominion Bank	MXN	7,540		376,190		389,036		—		(12,846	)
New Taiwanese Dollar,
Expiring 12/18/19	BNP Paribas S.A.	TWD	9,993		324,000		329,932		—		(5,932	)
Expiring 12/18/19	BNP Paribas S.A.	TWD	4,504		147,000		148,720		—		(1,720	)
Expiring 12/18/19	Credit Suisse International	TWD	81,725		2,631,918		2,698,309		—		(66,391	)
Expiring 12/18/19	Credit Suisse International	TWD	4,642		150,000		153,256		—		(3,256	)
Expiring 12/18/19	Goldman Sachs International	TWD	8,505		280,000		280,818		—		(818	)
Expiring 12/18/19	Goldman Sachs International	TWD	7,007		226,000		231,361		—		(5,361	)
Expiring 12/18/19	HSBC Bank USA, N.A.	TWD	12,180		398,000		402,146		—		(4,146	)
Expiring 12/18/19	HSBC Bank USA, N.A.	TWD	9,009		291,000		297,446		—		(6,446	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	TWD	6,695		220,000		221,049		—		(1,049	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	TWD	5,251		170,000		173,382		—		(3,382	)
Expiring 12/18/19	Morgan Stanley & Co. International PLC	TWD	2,459		81,168		81,179		—		(11	)
New Zealand Dollar,
Expiring 01/22/20	Morgan Stanley & Co. International PLC	NZD	740		469,527		475,089		—		(5,562	)
Peruvian Nuevo Sol,
Expiring 12/18/19	Bank of America, N.A.	PEN	815		243,000		243,383		—		(383	)
Expiring 12/18/19	Bank of America, N.A.	PEN	765		227,000		228,238		—		(1,238	)
Expiring 12/18/19	Bank of America, N.A.	PEN	530		158,000		158,301		—		(301	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 39

Schedule of Investments(continued)

as of October 31, 2019

Forward foreign currency exchange contracts outstanding at October 31, 2019 (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.):
Peruvian Nuevo Sol (cont’d.),
Expiring 12/18/19	Deutsche Bank AG	PEN	335	$	98,887	$	99,934	$	—	$	(1,047	)
Expiring 12/18/19	Goldman Sachs International	PEN	415		122,028		123,823		—		(1,795	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	PEN	776		231,000		231,536		—		(536	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	PEN	720		213,000		214,830		—		(1,830	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	PEN	448		132,274		133,667		—		(1,393	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	PEN	414		123,000		123,532		—		(532	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	PEN	354		104,086		105,695		—		(1,609	)
Philippine Peso,
Expiring 12/18/19	Barclays Bank PLC	PHP	8,392		161,000		164,983		—		(3,983	)
Expiring 12/18/19	HSBC Bank USA, N.A.	PHP	11,964		228,000		235,201		—		(7,201	)
Expiring 12/18/19	HSBC Bank USA, N.A.	PHP	8,875		169,000		174,466		—		(5,466	)
Expiring 12/18/19	HSBC Bank USA, N.A.	PHP	8,374		160,000		164,634		—		(4,634	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	PHP	9,862		189,000		193,880		—		(4,880	)
Expiring 12/18/19	Morgan Stanley & Co. International PLC	PHP	8,714		166,000		171,314		—		(5,314	)
Polish Zloty,
Expiring 01/17/20	JPMorgan Chase Bank, N.A.	PLN	227		59,574		59,489		85		—
Romanian Leu,
Expiring 01/17/20	HSBC Bank USA, N.A.	RON	177		41,399		41,582		—		(183	)
Russian Ruble,
Expiring 12/18/19	Bank of America, N.A.	RUB	5,338		81,000		82,651		—		(1,651	)
Expiring 12/18/19	Barclays Bank PLC	RUB	5,442		83,000		84,267		—		(1,267	)
Expiring 12/18/19	Barclays Bank PLC	RUB	5,149		78,000		79,729		—		(1,729	)
Expiring 12/18/19	Citibank, N.A.	RUB	4,780		73,000		74,013		—		(1,013	)

See Notes to Financial Statements.

40

Forward foreign currency exchange contracts outstanding at October 31, 2019 (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.):
Russian Ruble (cont’d.),
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	RUB	27,434	$	423,364	$	424,812	$	—	$	(1,448	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	RUB	17,216		258,711		266,586		—		(7,875	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	RUB	11,427		173,602		176,951		—		(3,349	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	RUB	8,412		124,949		130,262		—		(5,313	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	RUB	5,096		79,000		78,909		91		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	RUB	4,734		72,927		73,309		—		(382	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	RUB	2,464		37,588		38,162		—		(574	)
Expiring 12/18/19	Morgan Stanley & Co. International PLC	RUB	3,051		47,345		47,239		106		—
Singapore Dollar,
Expiring 12/18/19	Goldman Sachs International	SGD	840		603,890		618,061		—		(14,171	)
Expiring 12/18/19	HSBC Bank USA, N.A.	SGD	201		147,000		147,877		—		(877	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	SGD	284		208,000		208,511		—		(511	)
South African Rand,
Expiring 12/18/19	Bank of America, N.A.	ZAR	15,703		1,030,114		1,032,406		—		(2,292	)
Expiring 12/18/19	Bank of America, N.A.	ZAR	4,397		289,863		289,101		762		—
Expiring 12/18/19	Barclays Bank PLC	ZAR	17,277		1,126,785		1,135,883		—		(9,098	)
Expiring 12/18/19	Barclays Bank PLC	ZAR	4,429		295,400		291,168		4,232		—
Expiring 12/18/19	Barclays Bank PLC	ZAR	2,605		172,401		171,297		1,104		—
Expiring 12/18/19	Barclays Bank PLC	ZAR	2,589		171,771		170,209		1,562		—
Expiring 12/18/19	Barclays Bank PLC	ZAR	2,573		172,408		169,189		3,219		—
Expiring 12/18/19	Barclays Bank PLC	ZAR	1,241		81,000		81,599		—		(599	)
Expiring 12/18/19	Citibank, N.A.	ZAR	2,611		170,794		171,652		—		(858	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 41

Schedule of Investments(continued)

as of October 31, 2019

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South African Rand (cont’d.),
Expiring 12/18/19	Goldman Sachs International	ZAR	2,191	$	146,869	$	144,052	$	2,817	$	—
Expiring 12/18/19	HSBC Bank USA, N.A.	ZAR	1,104		73,235		72,586		649		—
Expiring 12/18/19	HSBC Bank USA, N.A.	ZAR	919		62,067		60,389		1,678		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	ZAR	3,400		228,876		223,560		5,316		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	ZAR	3,103		208,692		204,023		4,669		—
South Korean Won,
Expiring 12/18/19	Citibank, N.A.	KRW	513,159		426,939		438,914		—		(11,975	)
Expiring 12/18/19	HSBC Bank USA, N.A.	KRW	161,143		135,000		137,828		—		(2,828	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	KRW	128,272		107,000		109,713		—		(2,713	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	KRW	125,790		105,000		107,590		—		(2,590	)
Swiss Franc,
Expiring 01/17/20	UBS AG	CHF	137		138,249		139,812		—		(1,563	)
Thai Baht,
Expiring 12/18/19	Bank of America, N.A.	THB	6,571		212,236		217,720		—		(5,484	)
Expiring 12/18/19	Barclays Bank PLC	THB	5,635		183,000		186,735		—		(3,735	)
Expiring 12/18/19	Citibank, N.A.	THB	4,370		142,000		144,804		—		(2,804	)
Expiring 12/18/19	Citibank, N.A.	THB	2,392		78,123		79,248		—		(1,125	)
Expiring 12/18/19	Citibank, N.A.	THB	1,493		48,527		49,459		—		(932	)
Expiring 12/18/19	Goldman Sachs International	THB	6,307		205,000		208,980		—		(3,980	)
Expiring 12/18/19	HSBC Bank USA, N.A.	THB	8,920		295,000		295,576		—		(576	)
Expiring 12/18/19	HSBC Bank USA, N.A.	THB	5,400		176,000		178,921		—		(2,921	)
Expiring 12/18/19	HSBC Bank USA, N.A.	THB	2,524		82,756		83,644		—		(888	)

See Notes to Financial Statements.

42

Forward foreign currency exchange contracts outstanding at October 31, 2019 (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.):
Thai Baht (cont’d.),
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	THB	5,322	$	176,000	$	176,355	$	—	$	(355	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	THB	3,634		118,000		120,428		—		(2,428	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	THB	2,941		96,056		97,450		—		(1,394	)
Turkish Lira,
Expiring 12/18/19	Barclays Bank PLC	TRY	1,194		201,832		206,165		—		(4,333	)
Expiring 12/18/19	Barclays Bank PLC	TRY	685		113,000		118,226		—		(5,226	)
Expiring 12/18/19	Barclays Bank PLC	TRY	459		77,000		79,214		—		(2,214	)
Expiring 12/18/19	Barclays Bank PLC	TRY	379		63,000		65,524		—		(2,524	)
Expiring 12/18/19	Barclays Bank PLC	TRY	304		51,000		52,508		—		(1,508	)
Expiring 12/18/19	Barclays Bank PLC	TRY	169		28,000		29,104		—		(1,104	)
Expiring 12/18/19	BNP Paribas S.A.	TRY	974		163,278		168,265		—		(4,987	)
Expiring 12/18/19	Citibank, N.A.	TRY	711		120,546		122,739		—		(2,193	)
Expiring 12/18/19	HSBC Bank USA, N.A.	TRY	242		41,378		41,733		—		(355	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	TRY	3,530		583,813		609,554		—		(25,741	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	TRY	841		138,660		145,217		—		(6,557	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	TRY	556		91,606		95,928		—		(4,322	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	TRY	555		93,000		95,886		—		(2,886	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	TRY	326		56,199		56,219		—		(20	)
Expiring 12/18/19	Morgan Stanley & Co. International PLC	TRY	829		139,022		143,190		—		(4,168	)
				$	42,853,533	$	43,130,545		192,197		(469,209	)
								$	934,479	$	(659,373	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 43

Schedule of Investments(continued)

as of October 31, 2019

Interest rate swap agreements outstanding at October 31, 2019:

Notional Amount (000)#		Termination Date		Fixed Rate			Floating Rate	Value at Trade Date			Value at October 31, 2019			Unrealized Appreciation (Depreciation)
	Centrally Cleared Interest Rate Swap Agreements:
BRL	12,215		01/04/21		4.580	%(T)	1 Day BROIS(1)(T)	$	—		$	(1,935	)	$	(1,935	)
BRL	8,389		01/04/21		5.600	%(T)	1 Day BROIS(1)(T)		(1,052	)		(25,218	)		(24,166	)
BRL	4,545		01/02/23		5.517	%(T)	1 Day BROIS(2)(T)		—			6,114			6,114
BRL	10,296		01/02/23		5.690	%(T)	1 Day BROIS(2)(T)		—			27,951			27,951
BRL	3,533		01/02/23		6.178	%(T)	1 Day BROIS(2)(T)		—			23,834			23,834
BRL	2,837		01/02/25		5.840	%(T)	1 Day BROIS(2)(T)		—			(1,283	)		(1,283	)
BRL	818		01/02/25		5.900	%(T)	1 Day BROIS(1)(T)		—			(267	)		(267	)
BRL	1,294		01/04/27		7.330	%(T)	1 Day BROIS(2)(T)		—			31,117			31,117
CLP	410,000		10/24/22		1.815	%(S)	1 Day CLOIS(2)(S)		—			1,044			1,044
CLP	320,000		10/29/24		1.980	%(S)	1 Day CLOIS(2)(S)		—			(4,550	)		(4,550	)
CNH	5,000		03/11/24		2.880	%(Q)	7 Day China Fixing Repo Rates(2)(Q)		32			(5,759	)		(5,791	)
CNH	4,510		03/13/24		2.945	%(Q)	7 Day China Fixing Repo Rates(2)(Q)		5			(3,550	)		(3,555	)
CNH	2,320		04/10/24		3.100	%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—			180			180
CNH	1,645		04/22/24		3.170	%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—			769			769
CNH	1,645		04/23/24		3.230	%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—			1,355			1,355
CNH	4,900		05/15/24		3.005	%(Q)	7 Day China Fixing Repo Rates(2)(Q)		4			(2,362	)		(2,366	)
CNH	6,130		06/05/24		2.925	%(Q)	7 Day China Fixing Repo Rates(2)(Q)		7			(6,259	)		(6,266	)
CNH	12,235		06/19/24		2.875	%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—			(16,718	)		(16,718	)
CNH	8,300		08/06/24		2.745	%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(10	)		(18,911	)		(18,901	)
COP	950,000		12/12/23		5.530	%(Q)	1 Day COOIS(2)(Q)		—			9,897			9,897
COP	3,145,000		07/09/24		4.510	%(Q)	1 Day COOIS(1)(Q)		—			8,319			8,319
COP	1,746,000		08/08/24		4.560	%(Q)	1 Day COOIS(1)(Q)		—			3,421			3,421
COP	833,120		05/28/29		5.840	%(Q)	1 Day COOIS(2)(Q)		9,908			9,921			13
KRW	1,800,000		06/26/24		1.385	%(Q)	3 Month KWCDC(2)(Q)		12,695			2,547			(10,148	)
KRW	864,155		07/26/24		1.246	%(Q)	3 Month KWCDC(2)(Q)		18			(3,166	)		(3,184	)
KRW	844,600		08/05/24		1.143	%(Q)	3 Month KWCDC(2)(Q)		7			(7,292	)		(7,299	)
KRW	870,000		08/05/24		1.153	%(Q)	3 Month KWCDC(2)(Q)		7			(7,148	)		(7,155	)
MXN	20,156		03/20/24		7.703	%(M)	28 Day Mexican Interbank Rate(2)(M)		4,663			56,604			51,941

See Notes to Financial Statements.

44

Interest rate swap agreements outstanding at October 31, 2019 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at October 31, 2019			Unrealized Appreciation (Depreciation)
	Centrally Cleared Interest Rate Swap Agreements (cont’d.):
MXN	14,600		05/16/29	7.980%(M)	28 Day Mexican Interbank Rate(2)(M)	$	—		$	76,408		$	76,408
MXN	16,810		05/22/29	8.075%(M)	28 Day Mexican Interbank Rate(2)(M)		4,049			94,178			90,129
PLN	3,430		09/21/22	2.312%(A)	6 Month WIBOR(2)(S)		—			15,253			15,253
PLN	2,700		07/24/24	1.798%(A)	6 Month WIBOR(2)(S)		—			1,714			1,714
PLN	4,898		11/22/24	2.125%(A)	6 Month WIBOR(1)(S)		(24,164	)		(23,381	)		783
ZAR	13,345		08/07/24	7.080%(Q)	3 Month JIBAR(1)(Q)		29			(353	)		(382	)
ZAR	19,070		08/07/24	7.090%(Q)	3 Month JIBAR(1)(Q)		277			(1,047	)		(1,324	)
ZAR	13,894		10/17/24	6.890%(Q)	3 Month JIBAR(1)(Q)		(404	)		8,560			8,964
ZAR	14,600		10/09/26	7.190%(Q)	3 Month JIBAR(1)(Q)		22			11,204			11,182
ZAR	10,560		10/30/29	7.759%(Q)	3 Month JIBAR(1)(Q)		37			1,964			1,927
						$	6,130		$	263,155		$	257,025

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Fair Value			Upfront Premiums Paid(Received)		Unrealized Appreciation (Depreciation)			Counterparty
	OTC Interest Rate Swap Agreements:
MYR	2,000		07/10/24		3.368%(Q)	3 Month KLIBOR(2)(Q)	$	1,751		$	2	$	1,749		JPMorgan Chase Bank, N.A.
MYR	1,800		10/29/24		3.273%(Q)	3 Month KLIBOR(2)(Q)		(1,350	)		3		(1,353	)	JPMorgan Chase Bank, N.A.
							$	401		$	5	$	396

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

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

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 45

Schedule of Investments(continued)

as of October 31, 2019

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

	Premiums Paid		Premiums Received		Unrealized Appreciation		Unrealized Depreciation
OTC Swap Agreements	$	5	$	—	$	1,749	$	(1,353	)

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
Citigroup Global Markets, Inc.	$	735,000	$	—

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of October 31, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Sovereign Bonds
Angola	$	—	$	224,988	$	—
Argentina		—		198,023		—
Bahrain		—		213,128		—
Brazil		—		3,575,772		—
Chile		—		2,113,974		—
China		—		425,920		—
Colombia		—		3,323,858		—
Czech Republic		—		1,009,568		—
Dominican Republic		—		420,581		—
Ecuador		—		275,928		—
Egypt		—		317,253		—
El Salvador		—		136,564		—
Gabon		—		198,940		—
Ghana		—		217,651		—
Greece		—		202,988		—
Hungary		—		2,500,909		—
Indonesia		—		6,336,584		—

See Notes to Financial Statements.

46

	Level 1		Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Sovereign Bonds (continued)
Iraq	$	—	$	282,078		$	—
Ivory Coast		—		319,639			—
Kenya		—		212,203			—
Malaysia		—		3,372,041			—
Mexico		—		4,118,866			—
Mongolia		—		233,211			—
Pakistan		—		401,000			—
Peru		—		2,894,700			—
Philippines		—		529,681			—
Poland		—		3,208,148			—
Romania		—		1,441,857			—
Russia		—		4,020,201			—
South Africa		—		8,582,328			—
Sri Lanka		—		406,800			—
Thailand		—		5,393,774			—
Turkey		—		3,355,983			—
Ukraine		—		837,328			—
Uruguay		—		126,356			—
Corporate Bonds
Bahrain		—		226,500			—
Belarus		—		209,876			—
Brazil		—		211,200			—
Indonesia		—		227,259			—
Jamaica		—		123,377			—
Kazakhstan		—		283,707			—
Mexico		—		1,330,816			—
Oman		—		186,737			—
Russia		—		2,332,412			—
South Africa		—		205,164			—
Supranational Bank		—		534,676			—
Tunisia		—		308,584			—
Affiliated Mutual Fund		2,483,525		—			—
Total	$	2,483,525	$	67,609,131		$	—
Other Financial Instruments*
Assets
OTC Forward Foreign Currency Exchange Contracts	$	—	$	934,479		$	—
Centrally Cleared Interest Rate Swap Agreements		—		372,315			—
OTC Interest Rate Swap Agreement		—		1,751			—
Total	$	—	$	1,308,545		$	—
Liabilities
OTC Forward Foreign Currency Exchange Contracts	$	—	$	(659,373	)	$	—

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 47

Schedule of Investments(continued)

as of October 31, 2019

	Level 1		Level 2			Level 3
Other Financial Instruments* (continued)
Liabilities (continued)
Centrally Cleared Interest Rate Swap Agreements	$	—	$	(115,290	)	$	—
OTC Interest Rate Swap Agreement		—		(1,350	)		—
Total	$	—	$	(776,013	)	$	—

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

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of October 31, 2019 were as follows (unaudited):

Sovereign Bonds	84.9	%
Affiliated Mutual Fund	3.4
Investment Companies	2.9
Oil & Gas	2.1
Telecommunications	1.2
Banks	1.0
Multi-National	0.7

Electric	0.6	%
	96.8
Other assets in excess of liabilities	3.2
	100.0	%

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

The Series invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are foreign exchange contracts risk and interest rate contracts risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Series’ 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 October 31, 2019 as presented in the Statement of Assets and Liabilities:

	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts	$	934,479		Unrealized depreciation on OTC forward foreign currency exchange contracts	$	659,373
Interest rate contracts	Due from/to broker-variation margin swaps		372,315	*	Due from/to broker-variation margin swaps		115,290	*

See Notes to Financial Statements.

48

	Asset Derivatives			Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Premiums paid for OTC swap agreements	$	5	—	$	—
Interest rate contracts	Unrealized appreciation on OTC swap agreements		1,749	Unrealized depreciation on OTC swap agreements		1,353
		$	1,308,548		$	776,016

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

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 2019 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Forward &  Cross Currency Exchange Contracts		Swaps
Foreign exchange contracts	$	245,339	$	—
Interest rate contracts		—		153,982
Total	$	245,339	$	153,982

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Forward & Cross Currency Exchange Contracts			Swaps
Foreign exchange contracts	$	(63,796	)	$	—
Interest rate contracts		—			349,290
Total	$	(63,796	)	$	349,290

For the year ended October 31, 2019, the Series’ average volume of derivative activities is as follows:

Forward Foreign Currency Exchange Contracts— Purchased(1)
$	45,316,043

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 49

Schedule of Investments(continued)

as of October 31, 2019

Forward Foreign Currency Exchange Contracts— Sold(1)		Cross Currency Exchange Contracts(2)		Interest Rate Swap Agreements(3)
$	35,637,313	$	253,839	$	14,049,664

(1) Value at Settlement Date.

(2) Value at Trade Date.

(3) Notional Amount in USD.

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

The Series 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 toset-off exists is presented in the summary below.

Offsetting of OTC derivative assets and liabilities:

Counterparty	Gross Amounts of Recognized Assets(1)		Gross Amounts of Recognized Liabilities(1)			Net Amounts of Recognized Assets/(Liabilities)			Collateral Pledged/ (Received)(2)		Net Amount
Bank of America, N.A.	$	9,046	$	(16,716	)	$	(7,670	)	$	—	$	(7,670	)
Barclays Bank PLC		99,520		(56,408	)		43,112			—		43,112
BNP Paribas S.A.		44,578		(53,350	)		(8,772	)		—		(8,772	)
Citibank, N.A.		112,520		(121,075	)		(8,555	)		—		(8,555	)
Credit Suisse International		13,323		(71,945	)		(58,622	)		—		(58,622	)
Deutsche Bank AG		—		(1,047	)		(1,047	)		—		(1,047	)
Goldman Sachs International		13,718		(34,507	)		(20,789	)		—		(20,789	)
HSBC Bank USA, N.A.		49,230		(89,469	)		(40,239	)		—		(40,239	)
JPMorgan Chase Bank, N.A.		312,415		(131,008	)		181,407			—		181,407
Morgan Stanley & Co. International PLC		163,470		(18,690	)		144,780			—		144,780
The Toronto-Dominion Bank		108,610		(28,015	)		80,595			—		80,595
UBS AG		9,803		(38,496	)		(28,693	)		—		(28,693	)
	$	936,233	$	(660,726	)	$	275,507		$	—	$	275,507

(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.

See Notes to Financial Statements.

50

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

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 51

Statement of Assets and Liabilities

as of October 31, 2019

Assets
Investments at value:
Unaffiliated investments (cost $66,449,221)	$	67,609,131
Affiliated investments (cost $2,483,525)		2,483,525
Cash		12,862
Foreign currency, at value (cost $111,951)		113,264
Receivable for Series shares sold		2,222,918
Dividends and interest receivable		1,242,542
Unrealized appreciation on OTC forward foreign currency exchange contracts		934,479
Deposit with broker for centrally cleared/exchange-traded derivatives		735,000
Tax reclaim receivable		81,826
Due from broker—variation margin swaps		35,226
Receivable for investments sold		7,844
Unrealized appreciation on OTC swap agreements		1,749
Premiums paid for OTC swap agreements		5
Prepaid expenses		923
Total Assets		75,481,294
Liabilities
Payable for Series shares reacquired		2,231,746
Unrealized depreciation on OTC forward foreign currency exchange contracts		659,373
Payable for investments purchased		92,946
Accrued expenses and other liabilities		76,936
Management fee payable		15,544
Unrealized depreciation on OTC swap agreements		1,353
Distribution fee payable		1,254
Affiliated transfer agent fee payable		685
Dividends payable		402
Total Liabilities		3,080,239
Net Assets	$	72,401,055
Net assets were comprised of:
Common stock, at par	$	118,237
Paid-in capital in excess of par		77,280,618
Total distributable earnings (loss)		(4,997,800	)
Net assets, October 31, 2019	$	72,401,055

See Notes to Financial Statements.

52

Class A
Net asset value and redemption price per share, ($3,692,478 ÷ 608,334 shares of common stock issued and outstanding)	$	6.07
Maximum sales charge (3.25% of offering price)		0.20
Maximum offering price to public	$	6.27
Class C
Net asset value, offering price and redemption price per share, ($578,953 ÷ 94,722 shares of common stock issued and outstanding)	$	6.11
Class Z
Net asset value, offering price and redemption price per share, ($68,100,590 ÷ 11,115,895 shares of common stock issued and outstanding)	$	6.13
Class R6
Net asset value, offering price and redemption price per share, ($29,034 ÷ 4,743 shares of common stock issued and outstanding)	$	6.12

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 53

Statement of Operations

Year Ended October 31, 2019

Net Investment Income (Loss)
Income
Interest income (net of $75,774 foreign withholding tax)	$	4,132,412
Affiliated dividend income		42,655
Affiliated income from securities lending, net		8
Total income		4,175,075
Expenses
Management fee		536,189
Distribution fee(a)		13,720
Custodian and accounting fees		114,864
Audit fee		64,839
Transfer agent’s fees and expenses (including affiliated expense of $4,546)(a)		64,048
Registration fees(a)		56,130
Shareholders’ reports		36,570
Legal fees and expenses		17,806
Directors’ fees		12,471
Miscellaneous		20,993
Total expenses		937,630
Less: Fee waiver and/or expense reimbursement(a)		(334,090	)
Net expenses		603,540
Net investment income (loss)		3,571,535
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(16))		(2,315,481	)
Forward and cross currency contract transactions		245,339
Swap agreement transactions		153,982
Foreign currency transactions		(26,246	)
		(1,942,406	)
Net change in unrealized appreciation (depreciation) on:
Investments (net of change in foreign capital gains taxes $(14,165))		8,078,497
Forward and cross currency contracts		(63,796	)
Swap agreements		349,290
Foreign currencies		47,663
		8,411,654
Net gain (loss) on investment and foreign currency transactions		6,469,248
Net Increase (Decrease) In Net Assets Resulting From Operations	$	10,040,783

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

	Class A			Class C			Class Z			Class R6
Distribution fee		8,059			5,661			—			—
Transfer agent’s fees and expenses		5,163			1,400			57,391			94
Registration fees		13,440			13,440			15,810			13,440
Fee waiver and/or expense reimbursement		(28,993	)		(16,662	)		(274,862	)		(13,573	)

See Notes to Financial Statements.

54

Statements of Changes in Net Assets

	Year Ended October 31,
	2019			2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	3,571,535		$	2,978,357
Net realized gain (loss) on investment and foreign currency transactions		(1,942,406	)		(5,671,246	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		8,411,654			(5,528,151	)
Net increase (decrease) in net assets resulting from operations		10,040,783			(8,221,040	)
Dividends and Distributions
Distributions from distributable earnings
Class A		(173,207	)		—
Class C		(26,238	)		—
Class Z		(3,540,771	)		—
Class R6		(804	)		—
		(3,741,020	)		—
Tax return of capital distributions
Class A		(3,312	)		(233,404	)
Class C		(502	)		(32,950	)
Class Z		(67,701	)		(2,899,199	)
Class R6		(15	)		(60	)
		(71,530	)		(3,165,613	)
Series share transactions (Net of share conversions)
Net proceeds from shares sold		18,954,796			50,204,752
Net asset value of shares issued in reinvestment of dividends and distributions		3,793,522			3,154,838
Cost of shares reacquired		(15,260,204	)		(14,112,150	)
Net increase (decrease) in net assets from Series share transactions		7,488,114			39,247,440
Total increase (decrease)		13,716,347			27,860,787
Net Assets:
Beginning of year		58,684,708			30,823,921
End of year	$	72,401,055		$	58,684,708

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 55

Notes to Financial Statements

Prudential World Fund, Inc. (the “Fund”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as anopen-end management investment company and currently consists of seven series: PGIM Jennison Emerging Markets Equity Opportunities Fund, PGIM Jennison Global Opportunities Fund, PGIM Jennison International Opportunities Fund and PGIM QMA International Equity Fund, each of which are diversified funds and PGIM Jennison Global Infrastructure Fund, PGIM Emerging Markets Debt Hard Currency Fund and PGIM Emerging Markets Debt Local Currency Fund, each of which arenon-diversified funds for purposes of the 1940 Act. These financial statements relate only to the PGIM Emerging Markets Debt Local Currency Fund (the “Series”).

The investment objective of the Series is total return, through a combination of current income and capital appreciation.

1. Accounting Policies

The Series 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 accounting policies conform to U.S. generally accepted accounting principles. The Series consistently follows such policies in the preparation of its financial statements.

Securities Valuation:The Series holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Fund’s Board of Directors (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Series 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. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

For the fiscal reportingyear-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

56

trade in markets that are open on weekends and U.S. holidays, the values of some of the Series’ foreign investments may change on days when investors cannot purchase or redeem Series shares.

Various inputs determine how the Series’ 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 Measurements and Disclosures.

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

Fixed income securities traded in the OTC market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Series 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.

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 Series 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

PGIM Emerging Markets Debt Local Currency Fund 57

Notes to Financial Statements(continued)

approach. 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 pricing methodologies 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.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the Manager 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.

Illiquid Securities: Pursuant to Rule22e-4 under the 1940 Act, the Series has adopted a Board approved Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Series limit its illiquid investments that are assets to no more than 15% of net assets. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Series may find it difficult to sell illiquid securities at the time considered most advantageous by its subadviser and may incur transaction costs that would not be incurred in the sale of securities that were freely marketable.

Restricted Securities: Securities acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer are considered restricted as to disposition under federal securities law (“restricted securities”). Such restricted securities are valued pursuant to the valuation procedures noted above. Restricted securities that would otherwise be considered illiquid investments pursuant to the Series’ LRMP because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. Therefore, these Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act of 1933, may be classified higher than “illiquid” under the LRMP (i.e. “moderately liquid” or “less liquid” investments). However, the liquidity of the Series’ investments in restricted securities could be impaired if trading does not develop or declines.

58

Foreign Currency Translation: The books and records of the Series 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 current rates of exchange;

(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 Series are presented at the foreign exchange rates and market values at the close of the period, the Series 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 Series 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 realized foreign currency gains (losses) are included in the reported net realized gains (losses) on investment transactions. Notwithstanding the above, the Series does isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations; such amounts are included in net realized gains (losses) on foreign currency transactions.

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on forward currency transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Series’ 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.

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 Series 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 (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 Series’

PGIM Emerging Markets Debt Local Currency Fund 59

Notes to Financial Statements(continued)

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.

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

Interest Rate Swaps: Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. The Series is subject to interest rate risk exposure in the normal course of pursuing its investment objective. The Series used interest rate swaps to maintain its ability to generate steady cash flow by receiving a stream of fixed rate payments or to increase exposure to prevailing market rates by receiving floating rate payments. The Series’ maximum risk of loss from counterparty credit risk is the discounted net present value of the cash flows to be received from the counterparty over the contract’s remaining life.

Master Netting Arrangements: The Fund, on behalf of the Series, 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 Series. A master netting arrangement between the Series and the counterparty permits the Series to offset amounts payable by the Series to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Series to cover the Series’ exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right toset-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 toset-off the amount owed with the amount owed by the other party, the reporting party intends toset-off and the right

60

ofset-off is enforceable by law. During the reporting period, there was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

The Fund, on behalf of the Series, 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 Series is held in a segregated account by the Series’ custodian and with respect to those amounts which can be sold orre-pledged, is presented in the Schedule of Investments. Collateral pledged by the Series is segregated by the Series’ 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 Series and the applicable counterparty. Collateral requirements are determined based on the Series’ net position with each counterparty. Termination events applicable to the Series may occur upon a decline in the Series’ net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Series’ counterparties to elect early termination could impact the Series’ 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.

As of October 31, 2019, the Series has not met conditions under such agreements which give the counterparty the right to call for an early termination.

PGIM Emerging Markets Debt Local Currency Fund 61

Notes to Financial Statements(continued)

Forward currency contracts, forward rate agreements, written options, short sales, swaps and financial futures contracts involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. Such risks may be mitigated by engaging in master netting arrangements.

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

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

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 theex-date, or for certain foreign securities, when the Series becomes aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Class specific expenses include

62

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.

Taxes: It is the Series’ 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: The Series expects to declare dividends of its net investment income daily and pay such dividends monthly. Distributions of net realized capital and currency gains, if any, are declared and paid at least annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on theex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) andpaid-in capital in excess of par, as appropriate.

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.

2. Agreements

The Fund, on behalf of the Series, has a management agreement with the Manager. Pursuant to this agreement, the Manager has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. In addition, under the management agreement, the Manager provides all of the administrative functions necessary for the organization, operation and management of the Series. The Manager administers the corporate affairs of the Series and, in connection therewith, furnishes the Series with office facilities, together with those ordinary clerical and bookkeeping services which are not being furnished by the Series’ custodian and the Series’ transfer agent. The Manager is also responsible for the staffing and management of dedicated groups of legal, marketing, compliance and related personnel necessary for the operation of the Series. The legal, marketing, compliance and related personnel are also responsible for the management and oversight of the various service providers to the Series, including, but not limited to, the custodian, transfer agent, and accounting agent.

The Manager has entered into a subadvisory agreement with PGIM, Inc., which provides subadvisory services to the Series through its PGIM Fixed Income unit. The subadvisory agreement provides that PGIM, Inc. will furnish investment advisory services in connection with the management of the Series. In connection therewith, PGIM, Inc. is obligated to keep certain books and records of the Series. The Manager pays for the services of PGIM, Inc.,

PGIM Emerging Markets Debt Local Currency Fund 63

Notes to Financial Statements(continued)

the cost of compensation of officers of the Series, occupancy and certain clerical and bookkeeping costs of the Series. The Series bears all other costs and expenses.

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.80% of the Series’ average daily net assets up to and including $1 billion; 0.78% on the next $2 billion of average daily net assets; 0.76% on the next $2 billion of average daily net assets; 0.75% on the next $5 billion of average daily net assets; and 0.74% on average daily net assets exceeding $10 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.80% for the year ended October 31, 2019.

The Manager has contractually agreed, through February 29, 2020, to limit total annual perating expenses after fee waivers and/or expense reimbursements to 1.13% of average daily net assets for Class A shares, 1.88% of average daily net assets for Class C shares, 0.88% of average daily net assets for Class Z shares and 0.88% of average daily net assets for Class R6 shares. 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 Series 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 similar expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager 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 Fund, on behalf of the Series, 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 Series. The Series compensates PIMS for distributing and servicing the Series’ Class A and Class C shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z or Class R6 shares of the Series.

Pursuant to the Distribution Plans, the Series compensates PIMS for distribution related activities at an annual rate of up to 0.25% and 1% of the average daily net assets of the Class A and Class C shares, respectively.

For the year ended October 31, 2019, PIMS received $13,156 infront-end sales charges resulting from sales of Class A shares. Additionally, for the year ended October 31, 2019,

64

PIMS did not receive any contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders, respectively. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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

3. 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 Series’ transfer agent. Transfer agent’s fees and expenses in the Statement of Operations include certainout-of-pocket expenses paid tonon-affiliates, where applicable.

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

The Series may enter into certain securities purchase or sale transactions under Board approved Rule17a-7 procedures. Rule17a-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, and/or common officers. Pursuant to the Rule17a-7 procedures and consistent with guidance issued by the SEC, the Series’ Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such17a-7 transactions were effected in accordance with the Series’ Rule17a-7 procedures. For the year ended October 31, 2019, no17a-7 transactions were entered into by the Series.

4. 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 year ended October 31, 2019, were $49,433,245 and $43,492,937, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the year ended October 31, 2019, is presented as follows:

PGIM Emerging Markets Debt Local Currency Fund 65

Notes to Financial Statements (continued)

Value, Beginning of Year		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)			Value, End of Year		Shares, End of Year		Income
	PGIM Core Ultra Short Bond Fund*
$	1,473,311	$	33,795,888	$	32,785,674	$	—	$	—		$	2,483,525		2,483,525	$	42,655
	PGIM Institutional Money Market Fund*
	—		158,472		158,456		—		(16	)		—		—		8	**
$	1,473,311	$	33,954,360	$	32,944,130	$	—	$	(16	)	$	2,483,525			$	42,663

* The Fund did not have any capital gain distributions during the reporting period.

** This amount is included in “Income from securities lending, net” on the Statement of Operations.

5. Distributions and Tax Information

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on theex-date.

For the year ended October 31, 2019, the tax character of dividends paid by the Series were $3,741,020 of ordinary income and $71,530 of tax return of capital. For the year ended October 31, 2018, the tax character of dividends paid by the Series was $3,165,613 of tax return of capital.

As of October 31, 2019, there were no undistributed earnings on a tax basis.

The United States federal income tax basis of the Series’ investments and the net unrealized depreciation as of October 31, 2019 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Depreciation
$71,788,127	$1,942,917	$(3,105,856)	$(1,162,939)

The difference between book basis and tax basis is primarily attributable to the difference in the treatment of amortization of premiums, wash sales, straddle loss deferrals and other cost basis differences between financial and tax accounting.

For federal income tax purposes, the Series had a capital loss carryforward as of October 31, 2019 of approximately $3,831,000 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.

66

The Manager has analyzed the Series’ 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 Series’ financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Series’ U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2019 are subject to such review.

6. Capital and Ownership

The Series offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximumfront-end sales charge of 3.25%. Investors who purchase $1 million or more (prior to July 15, 2019, $500,000 or more on or after July 15, 2019) of Class A shares and sell those shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1.00% on sales although these purchases are not subject to afront-end sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately 10 years after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charge 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 Series to one or more other share classes of the Series as presented in the table of transactions in shares of common stock.

The Series is authorized to issue 5.075 billion shares of common stock, with a par value of $0.01 per share, which is divided into five series. There are 550 million shares authorized for the Series, divided into five classes, designated Class A, Class C, Class Z, Class R6 and Class T common stock, each of which consists of 10 million, 50 million, 250 million, 50 million and 190 million authorized shares, respectively. The Series currently does not have any Class T shares outstanding.

As of October 31, 2019, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned 3,482,958 Class Z shares, and 170 Class R6 shares of the Series. At reporting period end, three shareholders of record, each holding greater than 5% of the Series, held 83% of the Series’ outstanding shares, of which 29% were held by an affiliate of Prudential.

PGIM Emerging Markets Debt Local Currency Fund 67

Notes to Financial Statements(continued)

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Year ended October 31, 2019:
Shares sold		139,070		$	811,691
Shares issued in reinvestment of dividends and distributions		29,166			171,313
Shares reacquired		(136,489	)		(783,730	)
Net increase (decrease) in shares outstanding before conversion		31,747			199,274
Shares issued upon conversion from other share class(es)		6,376			37,347
Net increase (decrease) in shares outstanding		38,123		$	236,621
Year ended October 31, 2018:
Shares sold		378,543		$	2,469,000
Shares issued in reinvestment of dividends and distributions		36,334			224,308
Shares reacquired		(313,047	)		(1,809,468	)
Net increase (decrease) in shares outstanding before conversion		101,830			883,840
Shares issued upon conversion from other share class(es)		711			4,557
Shares reacquired upon conversion into other share class(es)		(14,303	)		(89,959	)
Net increase (decrease) in shares outstanding		88,238		$	798,438
Class C
Year ended October 31, 2019:
Shares sold		24,117		$	142,221
Shares issued in reinvestment of dividends and distributions		4,486			26,541
Shares reacquired		(24,338	)		(144,141	)
Net increase (decrease) in shares outstanding before conversion		4,265			24,621
Shares reacquired upon conversion into other share class(es)		(6,333	)		(37,347	)
Net increase (decrease) in shares outstanding		(2,068	)	$	(12,726	)
Year ended October 31, 2018:
Shares sold		13,391		$	87,611
Shares issued in reinvestment of dividends and distributions		5,177			32,470
Shares reacquired		(32,864	)		(202,443	)
Net increase (decrease) in shares outstanding		(14,296	)	$	(82,362	)
Class Z
Year ended October 31, 2019:
Shares sold		3,011,000		$	17,974,545
Shares issued in reinvestment of dividends and distributions		606,181			3,594,849
Shares reacquired		(2,375,568	)		(14,332,305	)
Net increase (decrease) in shares outstanding		1,241,613		$	7,237,089
Year ended October 31, 2018:
Shares sold		7,175,606		$	47,648,141
Shares issued in reinvestment of dividends and distributions		470,660			2,898,000
Shares reacquired		(1,956,209	)		(12,100,239	)
Net increase (decrease) in shares outstanding before conversion		5,690,057			38,445,902
Shares issued upon conversion from other share class(es)		14,151			89,959
Shares reacquired upon conversion into other share class(es)		(704	)		(4,557	)
Net increase (decrease) in shares outstanding		5,703,504		$	38,531,304

68

Class R6	Shares			Amount
Year ended October 31, 2019:
Shares sold		4,450		$	26,339
Shares issued in reinvestment of dividends and distributions		137			819
Shares reacquired		(5	)		(28	)
Net increase (decrease) in shares outstanding		4,582		$	27,130
Year ended October 31, 2018:
Shares issued in reinvestment of dividends and distributions		10		$	60
Net increase (decrease) in shares outstanding		10		$	60

7. Borrowings

The Fund, on behalf of the Series, along with other affiliated registered investment companies (the “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 current SCA in effect at the reportingperiod-end as well as the prior SCA.

	Current SCA	Prior SCA
Term of Commitment	10/3/2019 – 10/1/2020	10/4/2018 – 10/2/2019
Total Commitment	$ 900 million	$ 900 million
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) theone-month LIBOR rate or (3) zero percent	1.25% plus the higher of (1) the effective federal funds rate, (2) theone-month LIBOR rate 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 Funds in the SCA equitably.

The Series utilized the SCA during the year ended October 31, 2019. The average daily balance for the 1 days that the Series had loans outstanding during the period was approximately $160,000, borrowed at a weighted average interest rate of 3.10%. The maximum loan outstanding amount during the period was $160,000. At October 31, 2019, the Series did not have an outstanding loan amount.

8. Risks of Investing in the Series

The Series’ risks include, but are not limited to, some or all of the risks discussed below:

PGIM Emerging Markets Debt Local Currency Fund 69

Notes to Financial Statements(continued)

Bond Obligations Risk:The Series’ holdings, share price, yield and total return may 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 Series for redemption before it matures and the Series may not be able to reinvest at the same level and therefore would earn less income.

Derivatives Risk:Derivatives involve special risks and costs and may result in losses to the Series. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, the Series will depend on the subadviser’s ability to analyze and manage derivative transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” and therefore may magnify or otherwise increase investment losses to the Series. Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the Series’ derivatives positions. In fact, many OTC derivative instruments will not have liquidity beyond the counterparty to the instrument. OTC derivative instruments also involve the risk that the other party will not meet its obligations to the Series.

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.

Interest Rate Risk:The value of an 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 securities. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Series may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Series’ holdings may fall sharply. This is referred to as “extension risk. The Series may face a heightened level of interest rate risk as a result of the U.S. Federal Reserve Board’s policies. The Series’ investments may lose value if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

Liquidity Risk:The Series may invest in instruments that trade in lower volumes and are less liquid than other investments. Liquidity risk exists when particular investments made by the Series are difficult to purchase or sell. Liquidity risk includes the risk that the Series may

70

make investments that may become less liquid in response to market developments or adverse investor perceptions. Investments that are illiquid or that trade in lower volumes may be more difficult to value. If the Series is forced to sell these investments to pay redemption proceeds or for other reasons, the Series may lose money. In addition, when there is no willing buyer and investments may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, the Series may incur higher transaction costs when executing trade orders of a given size. The reduction in dealer market-making capacity in the fixed-income markets that has occurred in recent years also has the potential to reduce liquidity. An inability to sell a portfolio position can adversely affect the Series’ value or prevent the Series from being able to take advantage of other investment opportunities.

Market and Credit Risk:Securities markets may be volatile and the market prices of the Series’ 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 Series fall, the value of an investment in the Series will decline. Additionally, the Series may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Series has unsettled or open transactions defaults.

Non-diversification Risk:Anon-diversified Series may invest a greater percentage of its assets in the securities of a single company or industry than a diversified fund. Investing in anon-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 anon-diversified fund.

9. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the FASB issued Accounting Standards Update (“ASU”)No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the Series’ policy for the timing of transfers between levels. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Manager has evaluated the implications of certain provisions of the ASU and has determined to early adopt aspects related to the removal and modification of certain fair value measurement disclosures under the ASU effective immediately. The Manager continues to evaluate certain other provisions of the ASU and does not expect a material impact to financial statement disclosures.

PGIM Emerging Markets Debt Local Currency Fund 71

Financial Highlights

Class A Shares
	Year Ended October 31,
	2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$5.52			$6.40			$6.44			$6.24			$7.92
Income (loss) from investment operations:
Net investment income (loss)		0.30			0.33			0.35			0.33			0.37
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.57			(0.86	)		(0.02	)		0.23			(1.64	)
Total from investment operations		0.87			(0.53	)		0.33			0.56			(1.27	)
Less Dividends and Distributions:
Dividends from net investment income*		(0.31	)		-			(0.15	)		-	(b)		(0.06	)
Tax return of capital distributions		(0.01	)		(0.35	)		(0.22	)		(0.36	)		(0.35	)
Total dividends and distributions		(0.32	)		(0.35	)		(0.37	)		(0.36	)		(0.41	)
Net asset value, end of year		$6.07			$5.52			$6.40			$6.44			$6.24
Total Return(c):		16.14%			(8.68)%			5.36%			9.29%			(16.41)%
Ratios/Supplemental Data:
Net assets, end of year (000)		$3,692			$3,146			$3,085			$3,990			$3,208
Average net assets (000)		$3,223			$4,105			$3,639			$3,343			$4,341
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.13%			1.13%			1.13%			1.28%			1.30%	(f)
Expenses before waivers and/or expense reimbursement		2.03%			2.16%			2.15%			2.33%			2.39%	(f)
Net investment income (loss)		5.13%			5.34%			5.42%			5.20%			5.32%	(f)
Portfolio turnover rate(g)		69%			113%			186%			196%			101%

* Dividends from net investment income may include other items that are ordinary income for tax purposes.

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

(b) Less than $0.005 per share.

(c) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles.

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

(e) Effective November 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(f) Effective March 9, 2015, the contractual distribution and service(12b-1) fees were reduced from 0.30% to 0.25% of the average daily net assets and the 0.05% contractual12b-1 fee waiver was terminated.

(g) The Series’ portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Series’ portfolio turnover rate may be higher.

See Notes to Financial Statements.

72

Class C Shares
	Year Ended October 31,
	2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$5.56			$6.46			$6.49			$6.28			$7.97
Income (loss) from investment operations:
Net investment income (loss)		0.26			0.29			0.30			0.28			0.32
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.57			(0.88	)		(0.01	)		0.25			(1.65	)
Total from investment operations		0.83			(0.59	)		0.29			0.53			(1.33	)
Less Dividends and Distributions:
Dividends from net investment income*		(0.27	)		-			(0.13	)		-	(b)		(0.01	)
Tax return of capital distributions		(0.01	)		(0.31	)		(0.19	)		(0.32	)		(0.35	)
Total dividends and distributions		(0.28	)		(0.31	)		(0.32	)		(0.32	)		(0.36	)
Net asset value, end of year		$6.11			$5.56			$6.46			$6.49			$6.28
Total Return(c):		15.18%			(9.61)%			4.66%			8.61%			(17.00)%
Ratios/Supplemental Data:
Net assets, end of year (000)		$579			$538			$718			$787			$701
Average net assets (000)		$566			$672			$649			$721			$789
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.88%			1.88%			1.88%			2.03%			2.05%
Expenses before waivers and/or expense reimbursement		4.82%			4.89%			2.88%			3.07%			3.11%
Net investment income (loss)		4.37%			4.56%			4.63%			4.40%			4.52%
Portfolio turnover rate(f)		69%			113%			186%			196%			101%

* Dividends from net investment income may include other items that are ordinary income for tax purposes.

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

(b) Less than $0.005 per share.

(c) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles.

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

(e) Effective November 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(f) The Series’ portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Series’ portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 73

Financial Highlights(continued)

Class Z Shares
	Year Ended October 31,
	2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$5.57			$6.48			$6.50			$6.31			$7.98
Income (loss) from investment operations:
Net investment income (loss)		0.32			0.34			0.36			0.34			0.38
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.58			(0.88	)		0.01			0.23			(1.62	)
Total from investment operations		0.90			(0.54	)		0.37			0.57			(1.24	)
Less Dividends and Distributions:
Dividends from net investment income*		(0.33	)		-			(0.16	)		-	(b)		(0.08	)
Tax return of capital distributions		(0.01	)		(0.37	)		(0.23	)		(0.38	)		(0.35	)
Total dividends and distributions		(0.34	)		(0.37	)		(0.39	)		(0.38	)		(0.43	)
Net asset value, end of year		$6.13			$5.57			$6.48			$6.50			$6.31
Total Return(c):		16.50%			(8.83)%			5.85%			9.31%			(15.90)%
Ratios/Supplemental Data:
Net assets, end of year (000)		$68,101			$55,000			$27,020			$27,462			$24,821
Average net assets (000)		$63,219			$49,644			$26,437			$25,994			$25,969
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.88%			0.88%			0.88%			1.03%			1.05%
Expenses before waivers and/or expense reimbursement		1.31%			1.41%			1.88%			2.06%			2.11%
Net investment income (loss)		5.35%			5.50%			5.58%			5.36%			5.50%
Portfolio turnover rate(f)		69%			113%			186%			196%			101%

* Dividends from net investment income may include other items that are ordinary income for tax purposes.

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

(b) Less than $0.005 per share.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles.

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

(e) Effective November 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(f) The Series’ portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Series’ portfolio turnover rate may be higher.

See Notes to Financial Statements.

74

Class R6 Shares
				Year Ended October 31,
	2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$5.56			$6.47			$6.50			$6.30			$7.98
Income (loss) from investment operations:
Net investment income (loss)		0.31			0.36			0.37			0.35			0.39
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.58			(0.89	)		-	(b)		0.23			(1.63	)
Total from investment operations		0.89			(0.53	)		0.37			0.58			(1.24	)
Less Dividends and Distributions:
Dividends from net investment income*		(0.32	)		-			(0.16	)		-	(b)		(0.09	)
Tax return of capital distributions		(0.01	)		(0.38	)		(0.24	)		(0.38	)		(0.35	)
Total dividends and distributions		(0.33	)		(0.38	)		(0.40	)		(0.38	)		(0.44	)
Net asset value, end of year		$6.12			$5.56			$6.47			$6.50			$6.30
Total Return(c):		16.41%			(8.63	)%		5.82%			9.55%			(15.94	)%
Ratios/Supplemental Data:
Net assets, end of year (000)		$29			$1			$1			$1			$1
Average net assets (000)		$15			$1			$1			$1			$1
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.88%			0.88%			0.88%			1.03%			1.05%
Expenses before waivers and/or expense reimbursement		92.22%			1,595.87%			1.83%			2.06%			2.01%
Net investment income (loss)		5.20%			5.73%			5.73%			5.47%			5.60%
Portfolio turnover rate(f)		69%			113%			186%			196%			101%

* Dividends from net investment income may include other items that are ordinary income for tax purposes.

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

(b) Less than $0.005 per share.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles.

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

(e) Effective November 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(f) The Series’ portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Series’ portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 75

Report of Independent Registered Public Accounting Firm

To the Shareholders of PGIM Emerging Markets Debt Local Currency Fund

and Board of Directors Prudential World Fund, Inc.:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of PGIM Emerging Markets Debt Local Currency Fund, a series of Prudential World Fund, Inc., (the Fund), including the schedule of investments, as of October 31, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in thetwo-year period ended October 31, 2019, and the related notes (collectively, the financial statements) and the financial highlights for the years indicated therein. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the years in thetwo-year period ended October 31, 2019, and the financial highlights for the years indicated therein, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2019, by correspondence with the custodian, transfer agent, and brokers, or by other appropriate auditing procedures when replies were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more PGIM and/or Prudential Retail investment companies since 2003.

New York, New York

December 19, 2019

76

Federal Income Tax Information(unaudited)

For the year ended October 31, 2019, the Fund reports the maximum amount allowable but not less than 2.46% as interest-related dividends in accordance with Section 871(k)(1) and 881(e)(1) of the Internal Revenue Code.

In January 2020, you will be advised on IRS Form 1099-DIV or substitute 1099-DIV, as to the federal tax status of the dividends received by you in calendar year 2019.

PGIM Emerging Markets Debt Local Currency Fund 77

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS(unaudited)

Information about Board Members and Officers of the Fund is set forth below. Board Members who are not deemed to be “interested persons” of the Fund, as defined in the 1940 Act, are referred to as “Independent Board Members.” Board Members who are deemed to be “interested persons” of the Fund are referred to as “Interested Board Members.” The Board Members are responsible for the overall supervision of the operations of the Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Board in turn elects the Officers, who are responsible for administering theday-to-day operations of the Fund.

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Ellen S. Alberding 3/11/58 Board Member Portfolios Overseen: 96	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); Vice Chair, City Colleges of Chicago (community college system) (2011-2015); Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); Trustee, Economic Club of Chicago (since 2009); Trustee, Loyola University (since 2018).	None.	Since September 2013
Kevin J. Bannon 7/13/52 Board Member Portfolios Overseen: 96	Retired; Managing Director (April2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; President (May2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008).	Since July 2008

PGIM Emerging Markets Debt Local Currency Fund

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Linda W. Bynoe 7/9/52 Board Member Portfolios Overseen: 96	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Ltd. (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co. (broker-dealer).	Director of Anixter International, Inc. (communication products distributor) (since January 2006); Director of Northern Trust Corporation (financial services) (since April 2006); Trustee of Equity Residential (residential real estate) (since December 2009).	Since March 2005
Barry H. Evans 11/2/60 Board Member Portfolios Overseen: 95	Retired; formerly President (2005 – 2016), Global Chief Operating Officer (2014– 2016), Chief Investment Officer – Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management U.S.	Formerly Director, Manulife Trust Company (2011-2018); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).	Since September 2017
Keith F. Hartstein 10/13/56 Board Member & Independent Chair Portfolios Overseen: 96	Retired; Member (since November 2014) of the Governing Council of the Independent Directors Council (organization of independent mutual fund directors); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.	Since September 2013

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Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Laurie Simon Hodrick 9/29/62 Board Member Portfolios Overseen: 95	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Professor of Law, Stanford Law School (since 2015); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008).	Independent Director, Synnex Corporation (since April 2019) (information technology); Independent Director, Kabbage, Inc. (since July 2018) (financial services); Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017
Michael S. Hyland, CFA 10/4/45 Board Member Portfolios Overseen: 96	Retired (since February 2005); formerly Senior Managing Director (July 2001-February 2005) of Bear Stearns & Co, Inc.; Global Partner, INVESCO (1999-2001); Managing Director and President of Salomon Brothers Asset Management (1989-1999).	None.	Since July 2008
Brian K. Reid 9/22/61 Board Member Portfolios Overseen: 95	Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); Director, ICI Mutual Insurance Company (2012-2017).	None.	Since March 2018

PGIM Emerging Markets Debt Local Currency Fund

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Grace C. Torres 6/28/59 Board Member Portfolios Overseen: 95	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National Bank; Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank.	Since November 2014

Interested Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Stuart S. Parker 10/5/62 Board Member & President Portfolios Overseen: 96	President of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); Executive Vice President of Prudential Investment Management Services LLC (since December 2012); formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011).	None.	Since January 2012

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Interested Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Scott E. Benjamin 5/21/73 Board Member & Vice President Portfolios Overseen:96	Executive Vice President (since June 2009) of PGIM Investments LLC; Executive Vice President (June 2009-June 2012) and Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).	None.	Since March 2010

Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Raymond A. O’Hara 9/11/55 Chief Legal Officer	Vice President and Corporate Counsel (since July 2010) of Prudential Insurance Company of America (Prudential); Vice President (March 2011-Present) of Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey; Vice President and Corporate Counsel (March 2011-Present) of Prudential Annuities Life Assurance Corporation; Chief Legal Officer of PGIM Investments LLC (since June 2012); Chief Legal Officer of Prudential Mutual Fund Services LLC (since June 2012) and Corporate Counsel of AST Investment Services, Inc. (since June 2012); formerly Assistant Vice President and Corporate Counsel (September 2008-July 2010) of The Hartford Financial Services Group, Inc.; formerly Associate (September 1980-December 1987) and Partner (January 1988–August 2008) of Blazzard & Hasenauer, P.C. (formerly, Blazzard, Grodd & Hasenauer, P.C.).	Since June 2012

PGIM Emerging Markets Debt Local Currency Fund

Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Dino Capasso 8/19/74 Chief Compliance Officer	Chief Compliance Officer (July 2019-Present) of PGIM Investments LLC; Chief Compliance Officer (July 2019-Present) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM High Yield Bond Fund, Inc.; Vice President and Deputy Chief Compliance Officer (June 2017-2019) of PGIM Investments LLC; formerly, Senior Vice President and Senior Counsel (January 2016-June 2017), and Vice President and Counsel (February 2012-December 2015) of Pacific Investment Management Company LLC.	Since March 2018
Andrew R. French 12/22/62 Secretary	Vice President of PGIM Investments LLC (December 2018-Present); formerly Vice President and Corporate Counsel (February 2010-December 2018) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since October 2006
Jonathan D. Shain 8/9/58 Assistant Secretary	Vice President and Corporate Counsel (since August 1998) of Prudential; Vice President and Assistant Secretary (since May 2001) of PGIM Investments LLC; Vice President and Assistant Secretary (since February 2001) of Prudential Mutual Fund Services LLC; formerly Vice President and Assistant Secretary (May 2003-June 2005) of AST Investment Services, Inc.	Since May 2005
Claudia DiGiacomo 10/14/74 Assistant Secretary	Vice President and Corporate Counsel (since January 2005) of Prudential; Vice President and Assistant Secretary of PGIM Investments LLC (since December 2005); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005
Diana N. Huffman 4/14/82 Assistant Secretary	Vice President and Corporate Counsel (since September 2015) of Prudential; formerly Associate at Willkie Farr & Gallagher LLP (2009-2015).	Since March 2019
Kelly A. Coyne 8/8/68 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since March 2015
Christian J. Kelly 5/5/75 Treasurer and Principal Financial and Accounting Officer	Vice President, Head of Fund Administration of PGIM Investments LLC (since November 2018); formerly, Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).	Since January 2019

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Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Lana Lomuti 6/7/67 Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since April 2014
Russ Shupak 10/08/73 Assistant Treasurer	Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration.	Since October 2019
Deborah Conway 3/26/69 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since October 2019
Elyse M. McLaughlin 1/20/74 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.	Since October 2019
Charles H. Smith 1/11/73 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Anti-Money Laundering Unit (since January 2015) of Prudential; committee member of the American Council of Life Insurers Anti-Money Laundering and Critical Infrastructure Committee (since January 2016); formerly Global Head of Economic Sanctions Compliance at AIG Property Casualty (February 2007-December 2014); Assistant Attorney General at the New York State Attorney General’s Office, Division of Public Advocacy. (August 1998-January 2007).	Since January 2017

^(a) Excludes Mr. Parker and Mr. Benjamin, interested Board Members who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

∎ Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC.

∎ Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102-4410.

∎ There is no set term of office for Board Members or Officers. The Board Members have adopted a retirement policy, which calls for the retirement of Board Members on December 31 of the year in which they reach the age of 75.

∎ “Other Directorships Held” includes only directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, “public companies”) or other investment companies registered under the 1940 Act.

∎ “Portfolios Overseen” includes all investment companies managed by PGIM Investments LLC. The investment companies for which PGIM Investments LLC serves as manager include the PGIM Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

PGIM Emerging Markets Debt Local Currency Fund

Approval of Advisory Agreements(unaudited)

The Fund’s Board of Directors

The Board of Directors (the “Board”) of PGIM Emerging Markets Debt Local Currency Fund (the “Fund”)¹ consists of eleven individuals, nine of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”).² The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Directors have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. The Board has established four standing committees: the Audit Committee, the Nominating and Governance Committee, and two Investment Committees. Each committee is chaired by, and composed of, Independent Directors.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”), the Fund’s subadvisory agreement with PGIM, Inc. (“PGIM”) on behalf of its PGIM Fixed Income unit, and the Fund’s sub-subadvisory agreement with PGIM Limited (“PGIML”). In considering the renewal of the agreements, the Board, including all of the Independent Directors, met on May 30, 2019 and on June11-13, 2019 and approved the renewal of the agreements through July 31, 2020, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments, PGIM, and, where appropriate, affiliates of PGIM. Also, the Board considered comparisons with other mutual funds in relevant Peer Universes and Peer Groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Directors advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments, the subadviser, and, as relevant, its affiliates, the performance of the Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund’s assets grow. In their deliberations, the Directors did not identify any single factor which alone was responsible for the Board’s

¹  PGIM Emerging Markets Debt Local Currency Fund is a series of Prudential World Fund, Inc.

²  Grace C. Torres was an Interested Director of the Fund at the time the Board considered and approved the renewal of the Fund’s advisory agreements, but has since become an Independent Director of the Fund.

PGIM Emerging Markets Debt Local Currency Fund

Approval of Advisory Agreements(continued)

decision to approve the agreements with respect to the Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at regular Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the meetings on May 30, 2019 and on June11-13, 2019.

The Directors determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a management agreement, between PGIM Investments and PGIM, which, through its PGIM Fixed Income unit, serves as the Fund’s subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, and between PGIM and PGIML, which serves as the Fund’s sub-subadviser pursuant to the terms of a sub-subadvisory agreement with PGIM, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Directors considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Directors’ reaching their determinations to approve the continuance of the agreements are separately discussed below.

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments, PGIM Fixed Income, and PGIML. The Board noted that PGIM Fixed Income and PGIML are affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser and sub-subadviser for the Fund, as well as the provision of fund recordkeeping, compliance and other services to the Fund, and PGIM Investments’ role as administrator for the Fund’s liquidity risk management program. With respect to PGIM Investments’ oversight of the subadviser and sub-subadviser, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments’ senior management on the performance and operations of the subadviser and sub-subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Directors of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM Fixed Income and PGIML, including investment research and security selection, as well as adherence to the Fund’s investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments’ evaluation of the subadviser and sub-subadviser, as well as PGIM Investments’ recommendation, based on its review of the subadviser and sub-subadviser, to renew the subadvisory and sub-subadvisory agreements.

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The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of the Fund, PGIM, and PGIML, and also considered the qualifications, backgrounds and responsibilities of PGIM Fixed Income’s portfolio managers who are responsible for theday-to-day management of the Fund’s portfolio. The Board was provided with information pertaining to PGIM Investments, PGIM Fixed Income’s, and PGIML’s organizational structure, senior management, investment operations, and other relevant information pertaining to PGIM Investments, PGIM Fixed Income, and PGIML. The Board also noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer (“CCO”) as to PGIM Investments, PGIM Fixed Income, and PGIML.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments, the subadvisory services provided to the Fund by PGIM Fixed Income, and the sub-subadvisory services provided by PGIML, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments, PGIM Fixed Income, and PGIML under the management, subadvisory and sub-subadvisory agreements.

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund’s investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser’s capital structure and cost of capital. However, the Board considered that the cost of services provided by PGIM Investments for the year ended December 31, 2018 exceeded the management fees received by PGIM Investments, resulting in an operating loss to PGIM Investments. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

The Board received and discussed information concerning economies of scale that PGIM Investments may realize as the Fund’s assets grow beyond current levels. The Board noted that the management fee schedule for the Fund includes breakpoints, which have the effect of decreasing the fee rate as assets increase. During the course of time, the Board has considered information regarding the launch date of the Fund, the management fees of the Fund compared to those of similarly managed funds and PGIM Investments investment

PGIM Emerging Markets Debt Local Currency Fund

Approval of Advisory Agreements(continued)

in the Fund over time. The Board noted that economies of scale may be shared with the Fund in several ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment. The Board considered PGIM Investments’ assertion that it continually evaluates the management fee schedule of the Fund and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase.

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of PGIM Investments’ costs are not specific to individual funds, but rather are incurred across a variety of products and services.

Other Benefits to PGIM Investments, PGIM Fixed Income, and PGIML

The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM Fixed Income, PGIML and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund’s transfer agent (which is affiliated with PGIM Investments), as well as benefits to its reputation or other intangible benefits resulting from PGIM Investments’ association with the Fund. The Board concluded that the potential benefits to be derived by PGIM Fixed Income and PGIML included the ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to their reputations. The Board concluded that the benefits derived by PGIM Investments, PGIM Fixed Income, and PGIML were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for theone-, three- and five-year periods ended December 31, 2018.

The Board also considered the Fund’s actual management fee, as well as the Fund’s net total expense ratio, for the fiscal year ended October 31, 2018. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

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The mutual funds included in the Peer Universe, which was used to consider performance, and the Peer Group, which was used to consider fees and expenses, were objectively determined by Broadridge, an independent provider of mutual fund data. In certain circumstances, PGIM Investments also provided supplemental Peer Universe or Peer Group information, for reasons addressed with the Board. The comparisons placed the Fund in various quartiles over various periods, with the first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

The section below summarizes key factors considered by the Board and the Board’s conclusions regarding the Fund’s performance, fees and overall expenses. The table sets forth net performance comparisons (which reflect the impact on performance of fund expenses, or any subsidies, expense caps or waivers that may be applicable) with the Peer Universe, actual management fees with the Peer Group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the Peer Group, each of which were key factors considered by the Board.

Net Performance	1 Year	3 Years	5 Years	10 Years
	3rd Quartile	3rd Quartile	2nd Quartile	N/A
Actual Management Fees:1st Quartile
Net Total Expenses: 1st Quartile

• The Board noted that the Fund underperformed its benchmark index over all periods.

• The Board considered information provided by PGIM Investments indicating that, although the Fund underperformed its benchmark index and Peer Universe over theone-and three-year periods ended December 31, 2018, the Fund had outperformed its benchmark index and Peer Universe over most of the rollingthree-and five-year periods since the Fund’s inception.

• In this regard, the Board noted that, when it evaluated the Fund’s performance in the prior year, as of December 31, 2017, the Fund outperformed its benchmark index and ranked in the first quartile for theone- and three-year periods.

• The Board also considered that, as of March 31, 2019, the Fund outperformed the benchmark index and Peer Universe over the trailing three- and five-year periods.

• The Board and PGIM Investments agreed to retain the existing contractual expense cap, which caps the Fund’s annual operating expenses at 1.13% for Class A shares, 1.88% for Class C shares, 0.88% for Class R6 shares, and 0.88% for Class Z shares through February 29, 2020.

• In addition, PGIM Investments will 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, and has agreed that total annual fund operating expenses for Class R6 shares will not exceed total annual fund operating expenses for Class Z shares.

PGIM Emerging Markets Debt Local Currency Fund

Approval of Advisory Agreements(continued)

• The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

• The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

*    *    *

After full consideration of these factors, the Board concluded that the approval of the agreements was in the best interests of the Fund and its shareholders.

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∎ MAIL	∎ TELEPHONE	∎ WEBSITE
655 Broad Street Newark, NJ 07102	(800) 225-1852	pgiminvestments.com

PROXY VOTING

The Board of Directors 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. 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.

DIRECTORS

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

OFFICERS

Stuart S. Parker,President• Scott E. Benjamin,Vice President• Christian J. Kelly,Treasurer and Principal Financial and Accounting Officer• Raymond A. O’Hara,Chief Legal Officer• Dino Capasso,Chief Compliance Officer• Charles H. Smith,Anti-Money Laundering Compliance Officer• Andrew R. French,Secretary• Jonathan D. Shain,Assistant Secretary• Claudia DiGiacomo,Assistant Secretary• Diana N. Huffman,Assistant Secretary• Kelly A. Coyne,Assistant Secretary• Lana Lomuti,Assistant Treasurer• Russ Shupak,Assistant Treasurer• Elyse McLaughlin,Assistant Treasurer• Deborah Conway,Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	PGIM Fixed Income	655 Broad Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
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 atpgiminvestments.com 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 topgiminvestments.com/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 byvisiting the website address above.

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

Shareholders can communicate directly with the Board of Directors by writing to the Chair of the Board, PGIM Emerging Markets Debt Local Currency Fund, PGIM Investments, Attn: Board of Directors, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Director by writing to 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 on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov. Form N-PORT is filed with the Commission quarterly, and each Fund’s full portfolio holdings as of the first and third fiscal quarter-ends (as of the third month of the Fund’s fiscal quarter for reporting periods on or after September 30, 2019) will be made publicly available 60 days after the end of each quarter at sec.gov.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Directors and is available without charge, upon request, by calling (800) 225-1852.

Mutual Funds:

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

PGIM EMERGING MARKETS DEBT LOCAL CURRENCY FUND

SHARE CLASS	A	C	Z	R6
NASDAQ	EMDAX	EMDCX	EMDZX	EMDQX
CUSIP	743969750	743969743	743969727	743969735

MF212E

PGIM JENNISON EMERGING MARKETS EQUITY OPPORTUNITIES FUND

ANNUAL REPORT

OCTOBER 31, 2019

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (pgiminvestments.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-225-1852 or by sending an email request to PGIM Investments at shareholderreports@pgim.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary or follow instructions included with this notice to elect to continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-225-1852 or send an email request to shareholderreports@pgim.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

To enroll in e-delivery, go to pgiminvestments.com/edelivery

Objective: Long-term growth of capital

Highlights(unaudited)

• The consumer discretionary sector contributed meaningfully to the Fund’s performance during the reporting period, led by holdings in internet retail companies, most notably MercdoLibre and Alibaba.

• Outperformance in the consumer staples sector was driven by Kweichow Moutai, a leading Chinese spirits maker, while two other Chinese holdings, Jiangsu Hengrui and WuXi Biologics, drove outperformance in health care.

• The industrials sector detracted from the Fund’s performance, in aggregate, during the reporting period due mostly to declines in Ashok Leyland.

• Other notable detractors were found in different sectors, including Sociedad Quimica y Minera de Chile, Biocon, YY, and Pinduoduo.

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

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

Mutual funds are distributed by Prudential Investment Management Services LLC, member SIPC. Jennison Associates LLC is a registered investment adviser. Both are Prudential Financial companies.^© 2019 Prudential Financial, Inc. and its related entities. Jennison Associates, Jennison, 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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Table of Contents

Letter from the President	5
Your Fund’s Performance	6
Growth of a $10,000 Investment	7
Strategy and Performance Overview	10
Fees and Expenses	14
Holdings and Financial Statements	17
Approval of Advisory Agreements

PGIM Jennison Emerging Markets Equity Opportunities Fund 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

We hope you find the annual report for the PGIM Jennison Emerging Markets Equity Opportunities Fund informative and useful. The report covers performance for the 12-month period that ended October 31, 2019.

While the US economy remained healthy, with rising corporate profits and strong job growth, the Federal Reserve cut interest rates three times in the latter half of the period. The cuts were a proactive attempt by the Fed to extend the longest domestic economic expansion on record as growth in many regions weakened. China in particular showed signs of slowing amid trade tensions with the US, and turmoil in the United Kingdom continued as it negotiates an exit from the European Union.

The interest-rate cuts helped boost the performance of stocks globally. For the period overall, large-cap US equities along with stocks in developed and emerging foreign markets all rose by double digits. Small-cap US stocks posted a single-digit gain. This positive performance came despite significant volatility early in the period. Equities plunged at the end of 2018 on concerns about China’s economy, a potential global trade war, higher interest rates, and worries that profit growth might slow. Stocks reversed course early in 2019, rising sharply after the Fed moderated its position on additional rate hikes for the remainder of the year.

The overall US bond market posted strong returns during the period on a significant rally in interest rates that saw the 10-year US Treasury yield decline from over 3% to under 2%. Investment-grade corporate bonds led the way with a double-digit gain, while corporate high yield and municipal bonds each had a return in the high single digits. Globally, bonds in developed markets delivered strong returns, and emerging markets debt rose by double digits.

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 consider it a great privilege and responsibility to help investors participate in opportunities across global markets while meeting their toughest investment challenges. PGIM is a top-10 global investment manager with more than $1 trillion in assets under management. This scale and investment expertise allow us to deliver actively managed funds and strategies to meet the needs of investors around the globe.

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Jennison Emerging Markets Equity Opportunities Fund

December 16, 2019

PGIM Jennison Emerging Markets Equity Opportunities Fund 5

Your Fund’s Performance(unaudited)

Performance data quoted represents 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 atpgiminvestments.com or by calling (800) 225-1852.

	Average Annual Total Returns as of 10/31/19 (with sales charges)
	One Year (%)	Five Years (%)		Since Inception (%)
Class A	19.95		2.63		2.75 (9/16/14)
Class C	25.05		3.04		3.13 (9/16/14)
Class Z	27.30		4.06		4.14 (9/16/14)
Class R6	27.30		4.07		4.15 (9/16/14)
MSCI Emerging Markets Index
	11.86		2.93		3.12
	Average Annual Total Returns as of 10/31/19 (without sales charges)
	One Year (%)	Five Years (%)		Since Inception (%)
Class A	26.93		3.80		3.89 (9/16/14)
Class C	26.05		3.04		3.13 (9/16/14)
Class Z	27.30		4.06		4.14 (9/16/14)
Class R6	27.30		4.07		4.15 (9/16/14)
MSCI Emerging Markets Index
	11.86		2.93		3.12

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Growth of a $10,000 Investment(unaudited)

The graph compares a $10,000 investment in the Fund’s Class Z shares with a similar investment in the MSCI Emerging Markets Index, by portraying the initial account values at the commencement of operations for Class Z shares (September 16, 2014) and the account values at the end of the current fiscal year (October 31, 2019) as measured on a quarterly basis. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted; and (b) all dividends and distributions were reinvested. The line graph provides information for Class Z shares only. As indicated in the tables provided earlier, performance for other share classes will vary due to the differing charges and expenses applicable to each share class (as indicated in the following paragraphs). Without waiver of fees and/or expense reimbursements, if any, the Fund’s returns would have been lower.

Past performance does not predict future performance. Total returns and the ending account values in the graph include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. The Fund’s total returns do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares.

Source: PGIM Investments LLC and Lipper Inc.

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.

PGIM Jennison Emerging Markets Equity Opportunities Fund 7

Your Fund’s Performance(continued)

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

MSCI Emerging Markets Index—The MSCI Emerging Markets Index is an unmanaged free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 24 emerging market country indexes: Brazil, Chile, China, Colombia, the Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates.

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

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Presentation of Fund Holdingsas of 10/31/19

Ten Largest Holdings	Line of Business	Country	% of Net Assets
Alibaba Group Holding Ltd.	Internet & Direct Marketing Retail	China	6.9%
Kweichow Moutai Co. Ltd. (Class A Stock)	Beverages	China	6.7%
Wuxi Biologics Cayman, Inc.	Life Sciences Tools & Services	China	5.3%
Jiangsu Hengrui Medicine Co. Ltd. (Class A Stock)	Pharmaceuticals	China	4.8%
MercadoLibre, Inc.	Internet & Direct Marketing Retail	Argentina	4.5%
Tencent Holdings Ltd.	Interactive Media & Services	China	4.1%
WuXi AppTec Co. Ltd. (Class H Stock)	Life Sciences Tools & Services	China	3.9%
Ace Hardware Indonesia Tbk PT	Specialty Retail	Indonesia	3.3%
Meituan Dianping (Class B Stock)	Internet & Direct Marketing Retail	China	3.2%
CP ALL PCL	Food & Staples Retailing	Thailand	3.2%

For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-term Investments.

PGIM Jennison Emerging Markets Equity Opportunities Fund 9

Strategy and Performance Overview(unaudited)

How did the Fund perform?

ThePGIM Jennison Emerging Markets Equity Opportunities Fund’s Class Z shares returned 27.30% in the12-month reporting period that ended October 31, 2019, outperforming the 11.86% return of the MSCI Emerging Markets Index (the Index).

What was the market environment?

• Global equity markets were highly volatile during the reporting period. An abrupt sell-off in late 2018 reflected mounting investor concerns about the rising risk of a major trade war with China, the pace of US economic growth, decelerating expansion in non-US economies, US interest rate increases and their effect on US growth, the state of US alliances with other major trading partners, and discord and uncertainty about domestic policy.

• Equity markets rebounded early in 2019 as corporate earnings reports generally indicated continued strength, and sentiment grew that trade friction would be resolved. Markets fell again as the period ended on a re-escalation of trade tension.

• Within the Index, the information technology, consumer discretionary, and real estate sectors posted the largest gains. The materials and health care sectors declined.

• With respect to the Index’s largest countries, Taiwan, India, China, and Brazil generated solid gains.

What worked?

• The consumer discretionary sector contributed meaningfully to the Fund’s performance during the reporting period, led by holdings in internet retail companies:

• MercadoLibre Inc. is a Buenos Aires-based online trading service that enables individuals and businesses to electronically sell and buy items. Jennison likes the company’s strong execution and enhanced marketplace initiatives, including integrated shipping and payment systems, as well as its exposure to Latin America’s expanding internet penetration rates and lowe-commerce share of the retail market. In addition, payment volume growth accelerated during the period.

• Alibaba Group, one of the world’s leadinge-commerce companies, operates China’s largest global online wholesale platform for small businesses, largest online retail website, and largest online third-party platform for brands and retailers. The company’s various segments provide significant revenue synergies that lay the groundwork for durable, high,top-line growth, in Jennison’s view. Shares were volatile during the period but nevertheless added value to the Fund throughout the period, with earnings topping consensus forecasts in the fourth quarter of 2018.

• Outperformance in the consumer staples sector was driven byKweichow Moutai, a leading Chinese spirits maker. The company’s strong brand equity and healthy

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distribution channels have helped the company expand its market share in the premium segment. Jennison believes Kweichow stands to benefit from rising demand for premium spirits and rapid growth in its “Series” products, which target themid-range tohigh-end market segment. Furthermore, Jennison likes the company’s strong profitability, return on capital, cash flow, and balance sheet. Financial results were solid during the period. Margin expansion was driven by product mix upgrades and operating leverage.

• In health care, two Chinese holdings drove strong sector performance:

• Jiangsu Hengrui Medicine Co. Ltd. is a biopharmaceutical company dedicated to developing and commercializing innovative drugs to address unmet medical needs. Its current therapeutic areas of focus are oncology and endocrinology, with multiple clinical-stage assets for oncology/immune-oncology and diabetes/weight loss in the development pipeline. Jennison likes the international recognition the company receives for its innovation and believes that it will continue to transform into a successful drug innovator. First-half 2019 financial results were in line with market expectations. Oncology and radio-contrast agents delivered strong growth, while research and development pipelines made good progress with continued expansion into chronic diseases.

• Based in Wuxi, China,WuXi Biologics is a provider of discovery, research, development, and manufacturing of biologics services. As a contract research organization, the company may benefit from several trends, in Jennison’s view, including drug companies’ increased research and development outsourcing activities, biologics being favored over chemical drugs, and a biotechnology boom in China. As more smaller biotechnology companies emerge, Jennison thinks WuXi Biologics’ expertise, open-access platform, technology, lower labor costs, clinical trials expertise, and its role as a gateway to China will increase investor demand for its stock.

What didn’t work?

• The industrials sector detracted from the Fund’s performance, in aggregate, during the reporting period.

• Based in Chennai,Ashok Leyland is one of India’s leading commercial vehicle manufacturers, with a strong position in heavy- and medium-weight trucks and buses. Quarterly results during the period were below consensus estimates on all parameters. Jennison believes the company could be entering a downturn after several years of an up cycle. The Fund’ sold the position by the end of the period.

• Other notable detractors were found in several different sectors:

• Based in Santiago, Chile,Sociedad Quimica y Minera de Chile makes and sells fertilizers and specialty chemicals. It has a more-than-50% global market share of nitrates, amore-than-25% global share of iodine and derivative production, and a

PGIM Jennison Emerging Markets Equity Opportunities Fund 11

Strategy and Performance Overview (continued)

25% share of the global lithium market. Second-quarter 2019 results were weak on lower data points for lithium pricing. Jennison sold the Fund’s position in August 2019 based on the belief that the situation could persist.

• Biocon Ltd. is India’s largest biopharmaceutical company. It has successfully developed and marketed a range of novel biologics, biosimilars, differentiated small molecules, and recombinant human insulin and analogs at prices that make them affordable and accessible for patients with diabetes, cancer, and autoimmune disease, as well as patients living in India and other emerging markets. Shares declined due to somewhat disappointing biologics revenue and margin guidance during the period. Jennison views Biocon as a beneficiary of a substantial and unfolding global biosimilar opportunity and has a favorable view of its monetization prospects and product pipeline.

• YY Inc. is a Chinese video-based social network. It originally targeted gamers, but then broadened its offerings to include video streaming and chat features. Jennison believes the acquisition of Bigo Technology Pte. Ltd., a Singapore-based provider of video broadcast and voice-over-internet protocol-related products and services, offers a significant opportunity for YY, given that Bigo has a large and under-monetized user base outside China. During the period, YY’s margins were under pressure as the company ramped up investments to fuel growth, an effort that Jennison supports.

• Pinduoduo is a Chinesee-commerce platform that allows users to participate in group buying deals. Although Jennison invested in Pinduoduo based on its thesis that the company had sizeable growth potential and a good social-media team purchase model, the position was sold in May 2019.

Current outlook

• Jennison believes that Federal Reserve monetary policy decisions during the period—along with relative stock valuations, economic/earnings growth differentials, and a rising consumer middle class—bode well for emerging market equities going forward. Jennison remains cautiously optimistic about the asset class.

• Moreover, Jennison sees favorable fundamentals and greater resilience in many emerging economies, but thinks it is paramount to focus on company-specific fundamentals that could help share prices during macroeconomic slowdowns.

• Jennison is focused on identifying businesses that generate organic growth and continue to offer secular growth opportunities, which Jennison considers to be the best way to navigate emerging markets equity investing. The Fund remains heavily invested in consumer, health care, and communication services stocks with these characteristics.

• China, the Fund’s largest weighting by country at the end of the period, continues on its path to drive economic growth through domestic consumer demand rather than exports

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and massive public works programs. Jennison considers this approach to be a work in progress that should allow China to make inroads on high value-added economic activity. While there are risks on this journey, Jennison has observed more balanced and better-quality growth in the Chinese economy. Fund positions are focused on the rapidly growinge-commerce and internet platform opportunities that are less exposed to the more volatile sectors of China’s economy andUS-China trade friction.

The percentage points shown in the tables below identify each security’s positive or negative contribution to the Fund’s return, which is the sum of all contributions by individual holdings during the Fund’s reporting period.

Top Contributors (%)		Top Detractors (%)
MercadoLibre	4.92	Sociedad Quimica Y Minera	–0.98
Kweichow Moutai	4.12	Ashok Leyland	–0.96
Wuxi Biologics	2.04	Biocon	–0.54
Alibaba	1.99	YY	–0.41
Jiangsu Hengrui Medicine	1.93	Pinduoduo	–0.33

PGIM Jennison Emerging Markets Equity Opportunities Fund 13

Fees and Expenses(unaudited)

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 October 31, 2019. 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

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and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information 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 Jennison Emerging Markets Equity Opportunities  Fund		Beginning Account Value May 1, 2019		Ending Account Value October 31, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,057.40		1.45	%	$	7.52
	Hypothetical	$	1,000.00	$	1,017.90		1.45	%	$	7.38
Class C	Actual	$	1,000.00	$	1,054.00		2.20	%	$	11.39
	Hypothetical	$	1,000.00	$	1,014.12		2.20	%	$	11.17
Class Z	Actual	$	1,000.00	$	1,058.50		1.20	%	$	6.23
	Hypothetical	$	1,000.00	$	1,019.16		1.20	%	$	6.11
Class R6	Actual	$	1,000.00	$	1,058.50		1.20	%	$	6.23
	Hypothetical	$	1,000.00	$	1,019.16		1.20	%	$	6.11

*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 184 days in the six-month period ended October 31, 2019, and divided by the 365 days in the Fund’s fiscal year ended October 31, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

PGIM Jennison Emerging Markets Equity Opportunities Fund 15

Schedule of Investments

as of October 31, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    95.7%
COMMON STOCKS
Argentina    4.5%
MercadoLibre, Inc.*		1,695	$	883,976
Brazil    7.4%
Lojas Renner SA		37,770		479,271
Notre Dame Intermedica Participacoes SA		22,578		336,939
Pagseguro Digital Ltd. (Class A Stock)*		8,188		303,611
Raia Drogasil SA		11,756		322,326
				1,442,147
China    45.8%
Alibaba Group Holding Ltd., ADR*		7,625		1,347,109
Budweiser Brewing Co. APAC Ltd., 144A*		67,771		246,512
Hangzhou Tigermed Consulting Co. Ltd. (Class A Stock)		21,940		212,390
HUYA, Inc., ADR*(a)		14,391		320,056
Innovent Biologics, Inc., 144A*		30,917		94,051
Jiangsu Hengrui Medicine Co. Ltd. (Class A Stock)		73,524		945,453
Jinxin Fertility Group Ltd., 144A*		161,279		295,065
Kweichow Moutai Co. Ltd. (Class A Stock)		7,831		1,306,658
Meituan Dianping (Class B Stock)*		52,820		628,834
Shenzhou International Group Holdings Ltd.		13,941		192,626
Tencent Holdings Ltd.		19,662		799,505
Tencent Music Entertainment Group, ADR*		13,597		188,182
WuXi AppTec Co. Ltd. (Class H Stock), 144A		63,848		767,331
Wuxi Biologics Cayman, Inc., 144A*		89,294		1,048,929
YY, Inc., ADR*(a)		3,612		205,306
Zai Lab Ltd., ADR*		11,031		372,737
				8,970,744
Hong Kong    1.6%
AIA Group Ltd.		31,963		317,235
India    16.9%
Asian Paints Ltd.		21,320		544,373
Biocon Ltd.		102,122		354,780
Godrej Consumer Products Ltd.		46,369		484,554
HDFC Bank Ltd., ADR		8,402		513,278
MakeMyTrip Ltd.*		25,070		577,111
Maruti Suzuki India Ltd.		4,243		452,334
Titan Co. Ltd.		20,012		376,202
				3,302,632

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund 17

Schedule of Investments(continued)

as of October 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Indonesia    8.0%
Ace Hardware Indonesia Tbk PT		5,467,747	$	658,044
Indofood CBP Sukses Makmur Tbk PT		447,418		370,147
Mitra Adiperkasa Tbk PT		7,634,990		543,825
				1,572,016
Macau    1.6%
Sands China Ltd.		64,283		315,166
Malaysia    1.4%
IHH Healthcare Bhd		205,448		279,018
Peru    1.5%
Credicorp Ltd.		1,310		280,392
Russia    1.4%
X5 Retail Group NV, GDR		8,207		275,249
South Korea    0.9%
Samsung SDI Co. Ltd.		938		182,119
Taiwan    1.5%
Sea Ltd., ADR*(a)		10,055		299,237
Thailand    3.2%
CP ALL PCL		240,542		621,413
TOTAL LONG-TERM INVESTMENTS (cost $13,280,634)				18,741,344
SHORT-TERM INVESTMENTS    9.3%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(w)		980,284		980,284

See Notes to Financial Statements.

18

Description	Shares		Value
AFFILIATED MUTUAL FUNDS (Continued)
PGIM Institutional Money Market Fund (cost $839,878; includes $837,862 of cash collateral for securities on loan)(b)(w)		839,929	$	840,097
TOTAL SHORT-TERM INVESTMENTS (cost $1,820,162)				1,820,381
TOTAL INVESTMENTS    105.0% (cost $15,100,796)				20,561,725
Liabilities in excess of other assets    (5.0)%				(973,070	)
NET ASSETS    100.0%			$	19,588,655

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

144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

LIBOR—London Interbank Offered Rate

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $820,256; cash collateral of $837,862 (included in liabilities) was received with which the Series purchased highly liquid short-term investments.

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

(w) PGIM Investments LLC, the manager of the Series, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund.

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of October 31, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Common Stocks
Argentina	$	883,976	$	—	$	—
Brazil		1,442,147		—		—
China		2,433,390		6,537,354		—

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund 19

Schedule of Investments(continued)

as of October 31, 2019

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Common Stocks (continued)
Hong Kong	$	—	$	317,235	$	—
India		1,090,389		2,212,243		—
Indonesia		—		1,572,016		—
Macau		—		315,166		—
Malaysia		—		279,018		—
Peru		280,392		—		—
Russia		—		275,249		—
South Korea		—		182,119		—
Taiwan		299,237		—		—
Thailand		—		621,413		—
Affiliated Mutual Funds		1,820,381		—		—
Total	$	8,249,912	$	12,311,813	$	—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2019 were as follows (unaudited):

Internet & Direct Marketing Retail	17.6	%
Life Sciences Tools & Services	10.3
Affiliated Mutual Funds (4.3% represents investments purchased with collateral from securities on loan)	9.3
Beverages	8.0
Food & Staples Retailing	6.2
Multiline Retail	5.3
Interactive Media & Services	5.1
Pharmaceuticals	4.8
Health Care Providers & Services	4.6
Biotechnology	4.2
Entertainment	4.1
Banks	4.1
Specialty Retail	3.3

Textiles, Apparel & Luxury Goods	2.9	%
Chemicals	2.8
Personal Products	2.5
Automobiles	2.3
Food Products	1.9
Insurance	1.6
Hotels, Restaurants & Leisure	1.6
IT Services	1.6
Electronic Equipment, Instruments & Components	0.9
	105.0
Liabilities in excess of other assets	(5.0	)
	100.0	%

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

The Series entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions where the legal right toset-off exists is presented in the summary below.

See Notes to Financial Statements.

20

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/(Liabilities)		Collateral Pledged/(Received)(1)			Net Amount
Securities on Loan	$	820,256	$	(820,256	)	$	—

(1) Collateral amount disclosed by the Series is limited to the market value of financial instruments/transactions.

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund 21

Statement of Assets and Liabilities

as of October 31, 2019

Assets
Investments at value, including securities on loan of $820,256:
Unaffiliated investments (cost $13,280,634)	$	18,741,344
Affiliated investments (cost $1,820,162)		1,820,381
Foreign currency, at value (cost $12)		13
Due from Manager		31,756
Dividends receivable		7,326
Receivable for Series shares sold		2,683
Prepaid expenses		1,622
Total Assets		20,605,125
Liabilities
Payable to broker for collateral for securities on loan		837,862
Payable for Series shares reacquired		94,096
Accrued expenses and other liabilities		51,967
Foreign capital gains tax liability accrued		29,630
Distribution fee payable		1,711
Affiliated transfer agent fee payable		1,204
Total Liabilities		1,016,470
Net Assets	$	19,588,655
Net assets were comprised of:
Common stock, at par	$	15,995
Paid-in capital in excess of par		16,076,895
Total distributable earnings (loss)		3,495,765
Net assets, October 31, 2019	$	19,588,655

See Notes to Financial Statements.

22

Class A
Net asset value and redemption price per share, ($3,806,473 ÷ 312,998 shares of common stock issued and outstanding)	$	12.16
Maximum sales charge (5.50% of offering price)		0.71
Maximum offering price to public	$	12.87
Class C
Net asset value, offering price and redemption price per share,
($1,106,923 ÷ 94,566 shares of common stock issued and outstanding)	$	11.71
Class Z
Net asset value, offering price and redemption price per share,
($2,356,716 ÷ 191,388 shares of common stock issued and outstanding)	$	12.31
Class R6
Net asset value, offering price and redemption price per share,
($12,318,543 ÷ 1,000,515 shares of common stock issued and outstanding)	$	12.31

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund 23

Statement of Operations

Year Ended October 31, 2019

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $12,358 foreign withholding tax)	$	141,154
Income from securities lending, net (including affiliated income of $3,045)		35,286
Affiliated dividend income		17,258
Total income		193,698
Expenses
Management fee		185,087
Distribution fee(a)		23,601
Custodian and accounting fees		69,867
Fund data services		55,587
Registration fees(a)		50,360
Audit fee		29,879
Shareholders’ reports		21,778
Legal fees and expenses		17,196
Transfer agent’s fees and expenses (including affiliated expense of $7,713)(a)		14,657
Directors’ fees		11,099
Pricing fees		980
Miscellaneous		13,859
Total expenses		493,950
Less: Fee waiver and/or expense reimbursement(a)		(258,821	)
Distribution fee waiver(a)		(1,537	)
Net expenses		233,592
Net investment income (loss)		(39,894	)
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $601)		433,502
Foreign currency transactions		2,030
		435,532
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $219) (net of change in foreign capital gains taxes $(28,482))		3,689,894
Foreign currencies		(134	)
		3,689,760
Net gain (loss) on investment and foreign currency transactions		4,125,292
Net Increase (Decrease) In Net Assets Resulting From Operations	$	4,085,398

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

	Class A			Class C			Class Z			Class R6
Distribution fee		9,221			14,380			—			—
Registration fees		12,590			12,590			12,590			12,590
Transfer agent’s fees and expenses		9,526			1,832			3,252			47
Fee waiver and/or expense reimbursement		(56,733	)		(29,186	)		(36,818	)		(136,084	)
Distribution fee waiver		(1,537	)		—			—			—

See Notes to Financial Statements.

24

Statements of Changes in Net Assets

	Year Ended October 31,
	2019			2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(39,894	)	$	(52,445	)
Net realized gain (loss) on investment and foreign currency transactions		435,532			(112,363	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		3,689,760			(2,460,454	)
Net increase (decrease) in net assets resulting from operations		4,085,398			(2,625,262	)
Series share transactions (Net of share conversions)
Net proceeds from shares sold		2,787,608			3,466,110
Cost of shares reacquired		(1,852,092	)		(2,244,237	)
Net increase (decrease) in net assets from Series share transactions		935,516			1,221,873
Total increase (decrease)		5,020,914			(1,403,389	)
Net Assets:
Beginning of year		14,567,741			15,971,130
End of year	$	19,588,655		$	14,567,741

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund 25

Notes to Financial Statements

Prudential World Fund, Inc. (the “Fund”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as anopen-end management investment company and currently consists of seven series: PGIM Jennison Emerging Markets Equity Opportunities Fund, PGIM Jennison Global Opportunities Fund, PGIM Jennison International Opportunities Fund and PGIM QMA International Equity Fund, each of which are diversified funds and PGIM Jennison Global Infrastructure Fund, PGIM Emerging Markets Debt Hard Currency Fund and PGIM Emerging Markets Debt Local Currency Fund, each of which arenon-diversified funds for purposes of the 1940 Act and may invest a greater percentage of their assets in the securities of a single company or other issuer than a diversified fund. Investing in anon-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 anon-diversified fund. These financial statements relate only to the PGIM Jennison Emerging Markets Equity Opportunities Fund (the “Series”).

The investment objective of the Series is to seek long-term growth of capital.

1. Accounting Policies

The Series 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 accounting policies conform to U.S. generally accepted accounting principles. The Series consistently follows such policies in the preparation of its financial statements.

Securities Valuation:The Series holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Fund’s Board of Directors (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Series 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. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

For the fiscal reportingyear-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

26

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 Series’ foreign investments may change on days when investors cannot purchase or redeem Series shares.

Various inputs determine how the Series’ 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 Measurements and Disclosures.

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

Foreign equities traded on foreign securities exchanges are generally valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements up to the time the Series is valued. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price for each security. If the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred stock valuation policies discussed above.

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

Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies 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.

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

PGIM Jennison Emerging Markets Equity Opportunities Fund 27

Notes to Financial Statements(continued)

the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the Manager 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.

Illiquid Securities:Pursuant to Rule22e-4 under the 1940 Act, the Series has adopted a Board approved Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Series limit its illiquid investments that are assets to no more than 15% of net assets. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Series may find it difficult to sell illiquid securities at the time considered most advantageous by its subadviser and may incur transaction costs that would not be incurred in the sale of securities that were freely marketable.

Restricted Securities:Securities acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer are considered restricted as to disposition under federal securities law (“restricted securities”). Such restricted securities are valued pursuant to the valuation procedures noted above. Restricted securities that would otherwise be considered illiquid investments pursuant to the Series’ LRMP because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. Therefore, these Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act of 1933, may be classified higher than “illiquid” under the LRMP (i.e. “moderately liquid” or “less liquid” investments). However, the liquidity of the Series’ investments in restricted securities could be impaired if trading does not develop or declines.

Foreign Currency Translation:The books and records of the Series 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 current rates of exchange;

(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 Series are presented at the foreign exchange rates and market values at the close of the period, the Series does not generally isolate that portion of

28

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 Series 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 realized foreign currency gains (losses) are included in the reported net realized gains (losses) on investment transactions.

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 forward currency transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Series’ 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.

Master Netting Arrangements:The Series 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 Series. A master netting arrangement between the Series and the counterparty permits the Series to offset amounts payable by the Series to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Series to cover the Series’ exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right toset-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 toset-off the amount owed with the amount owed by the other party, the reporting party intends toset-off and the right ofset-off is enforceable by law. During the reporting period, there was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

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

The Series recognizes income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as

PGIM Jennison Emerging Markets Equity Opportunities Fund 29

Notes to Financial Statements(continued)

collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto. The Series also continues to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed on the Statement of Operations as “Income from securities lending, net”.

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 theex-date, or for certain foreign securities, when the Series becomes aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Class specific expenses 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.

Taxes:It is the Series’ 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:The Series expects to pay dividends from net investment income and distributions from net realized capital and currency gains, if any, annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on theex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) andpaid-in capital in excess of par, as appropriate.

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.

30

2. Agreements

The Series has a management agreement with the Manager. Pursuant to this agreement, the Manager has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. In addition, under the management agreement, the Manager provides all of the administrative functions necessary for the organization, operation and management of the Series. The Manager administers the corporate affairs of the Series and, in connection therewith, furnishes the Series with office facilities, together with those ordinary clerical and bookkeeping services which are not being furnished by the Series’ custodian and the Series’ transfer agent. The Manager is also responsible for the staffing and management of dedicated groups of legal, marketing, compliance and related personnel necessary for the operation of the Series. The legal, marketing, compliance and related personnel are also responsible for the management and oversight of the various service providers to the Series, including, but not limited to, the custodian, transfer agent, and accounting agent.

The Manager has entered into a subadvisory agreement with Jennison Associates LLC (“Jennison”). The subadvisory agreement provides that Jennison will furnish investment advisory services in connection with the management of the Series. In connection therewith, Jennison is obligated to keep certain books and records of the Series. The Manager pays for the services of Jennison, the cost of compensation of officers of the Series, occupancy and certain clerical and bookkeeping costs of the Series. The Series bears all other costs and expenses.

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 1.05% of the Series’ average daily net assets up to $5 billion and 1.025% of the Series’ average daily net assets in excess of $5 billion. The effective management fee rate before any waivers and/or expense reimbursements was 1.05% for the year ended October 31, 2019.

The Manager has contractually agreed, through February 28, 2021, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 1.45% of average daily net assets for Class A shares, 2.20% of average daily net assets for Class C shares, 1.20% of average daily net assets for Class Z shares and 1.20% of average daily net assets for Class R6 shares. The contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extra ordinary expenses and certain other Series 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 similar expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager 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.

PGIM Jennison Emerging Markets Equity Opportunities Fund 31

Notes to Financial Statements(continued)

The Fund, on behalf of the Series, 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 Series. The Series compensates PIMS for distributing and servicing the Series’ Class A and Class C shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z and Class R6 shares of the Series.

Pursuant to the Distribution Plans, the Series compensates PIMS for distribution related activities at an annual rate of up to 0.30% and 1% of the average daily net assets of the Class A and Class C shares, respectively. PIMS has contractually agreed through February 28, 2021 to limit such fee to 0.25% of the average daily net assets of the Class A.

For the year ended October 31, 2019, PIMS received $8,162 infront-end sales charges resulting from sales of Class A shares. Additionally, for the year ended October 31, 2019, PIMS received and $38 in contingent deferred sales charges imposed upon redemptions by certain Class C shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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

3. 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. Transfer agent’s fees and expenses in the Statement of Operations include certainout-of-pocket expenses paid tonon-affiliates, where applicable.

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

32

The Series may enter into certain securities purchase or sale transactions under Board approved Rule17a-7 procedures. Rule17a-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, and/or common officers. Pursuant to the Rule17a-7 procedures and consistent with guidance issued by the SEC, the Fund’s Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such17a-7 transactions were effected in accordance with the Series’ Rule17a-7 procedures. For the year ended October 31, 2019, no17a-7 transactions were entered into by the Series.

4. 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 year ended October 31, 2019, were $5,907,408 and $5,592,894, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the year ended October 31, 2019, is presented as follows:

Value, Beginning of Year		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Year		Shares, End of Year		Income
	PGIM Core Ultra Short Bond Fund*
$	394,167	$	5,948,954	$	5,362,837	$	—	$	—	$	980,284		980,284	$	17,258
	PGIM Institutional Money Market Fund*
	807,439		28,254,059		28,222,221		219		601		840,097		839,929		3,045	**
$	1,201,606	$	34,203,013	$	33,585,058	$	219	$	601	$	1,820,381			$	20,303

* The Fund did not have any capital gain distributions during the reporting period.

** This amount is included in “Income from securities lending, net” on the Statement of Operations.

5. Distributions and Tax Information

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on theex-date. In order to present total distributable earnings (loss) andpaid-in capital in excess of par on the Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to total distributable earnings (loss) andpaid-in capital in excess of par. For the tax year ended October 31, 2019, the adjustments were to increase total distributable earnings and decreasepaid-in capital in excess of par by $51,587 due to a net operating loss. Net investment income, net realized gain (loss) on investments and foreign currency transactions and net assets were not affected by this change.

PGIM Jennison Emerging Markets Equity Opportunities Fund 33

Notes to Financial Statements(continued)

For the fiscal years ended October 31, 2019 and October 31, 2018, there were no distributions paid by the Series.

As of October 31, 2019, there were no undistributed earnings on a tax basis.

The United States federal income tax basis of the Series’ investments and the net unrealized appreciation as of October 31, 2019 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$15,130,470	$6,101,368	$(670,113)	$5,431,255

The book basis may differ from tax basis due to deferred losses on wash sales.

For federal income tax purposes, the Series had a capital loss carryforward as of October 31, 2019 of approximately $1,919,000 which can be carried forward for an unlimited period. The Fund utilized approximately $433,000 of its capital loss carryforward to offset net taxable gains realized in the fiscal year ended October 31, 2019. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

The Series elected to treat late year ordinary income losses of approximately $17,000 as having been incurred in the following fiscal year (October 31, 2020).

The Manager has analyzed the Series’ 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 Series’ financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Series’ U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2019 are subject to such review.

6. Capital and Ownership

The Series offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximumfront-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 contingent deferred sales charge (“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

34

a monthly basis approximately 10 years after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charge 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 Series to one or more other share classes of the Series as presented in the table of transactions in shares of common stock.

The Fund is authorized to issue 5.075 billion shares of common stock, with a par value of $0.01 per share, which is divided into seven series. There are 865 million shares authorized for the Series, divided into five classes, designated Class A, Class C, Class Z, Class R6 and Class T common stock, each of which consists of 25 million, 65 million, 300 million, 250 million and 225 million authorized shares, respectively. The Series currently does not have any Class T shares outstanding.

As of October 31, 2019, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned 1,000,515 Class R6 shares of the Series. At reporting period end, three shareholders of record, each holding greater than 5% of the Series, held 80% of the Series’ outstanding shares, of which 63% were held by an affiliate of Prudential.

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Year ended October 31, 2019:
Shares sold		68,342		$	742,030
Shares reacquired		(49,407	)		(551,008	)
Net increase (decrease) in shares outstanding before conversion		18,935			191,022
Shares issued upon conversion from other share class(es)		54,791			650,850
Shares reacquired upon conversion into other share class(es)		(2,537	)		(29,217	)
Net increase (decrease) in shares outstanding		71,189		$	812,655
Year ended October 31, 2018:
Shares sold		155,646		$	1,901,408
Shares reacquired		(108,937	)		(1,274,373	)
Net increase (decrease) in shares outstanding before conversion		46,709			627,035
Shares reacquired upon conversion into other share class(es)		(1,943	)		(22,936	)
Net increase (decrease) in shares outstanding		44,766		$	604,099

PGIM Jennison Emerging Markets Equity Opportunities Fund 35

Notes to Financial Statements(continued)

Class C	Shares			Amount
Year ended October 31, 2019:
Shares sold		21,925		$	221,071
Shares reacquired		(16,064	)		(176,097	)
Net increase (decrease) in shares outstanding before conversion		5,861			44,974
Shares reacquired upon conversion into other share class(es)		(58,037	)		(663,567	)
Net increase (decrease) in shares outstanding		(52,176	)	$	(618,593	)
Year ended October 31, 2018:
Shares sold		30,840		$	362,143
Shares reacquired		(20,870	)		(229,131	)
Net increase (decrease) in shares outstanding before conversion		9,970			133,012
Shares reacquired upon conversion into other share class(es)		(1,961	)		(22,185	)
Net increase (decrease) in shares outstanding		8,009		$	110,827
Class Z
Year ended October 31, 2019:
Shares sold		161,778		$	1,824,507
Shares reacquired		(99,711	)		(1,124,987	)
Net increase (decrease) in shares outstanding before conversion		62,067			699,520
Shares issued upon conversion from other share class(es)		3,723			41,934
Net increase (decrease) in shares outstanding		65,790		$	741,454
Year ended October 31, 2018:
Shares sold		99,645		$	1,202,559
Shares reacquired		(64,853	)		(740,733	)
Net increase (decrease) in shares outstanding before conversion		34,792			461,826
Shares issued upon conversion from other share class(es)		3,814			45,121
Net increase (decrease) in shares outstanding		38,606		$	506,947
Class R6
Year ended October 31, 2019:
Net increase (decrease) in shares outstanding		—		$	—
Year ended October 31, 2018:
Net increase (decrease) in shares outstanding		—		$	—

7. Borrowings

The Fund, on behalf of the Series, along with other affiliated registered investment companies (the “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 current SCA in effect at the reportingperiod-end as well as the prior SCA.

	Current SCA	Prior SCA
Term of Commitment	10/3/2019 – 10/1/2020	10/4/2018 – 10/2/2019
Total Commitment	$ 900 million	$ 900 million
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%

36

	Current SCA	Prior SCA
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) theone-month LIBOR rate or (3) zero percent	1.25% plus the higher of (1) the effective federal funds rate, (2) theone-month LIBOR rate 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 Funds in the SCA equitably.

The Series did not utilize the SCA during the year ended October 31, 2019.

8. Risks of Investing in the Series

The Series’ risks include, but are not limited to, some or all of the risks discussed below:

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.

Equity and Equity-Related Securities Risks:The value of a particular security could go down and you could lose money. In addition to an individual security losing value, the value of the equity markets or a sector in which the Series invests could go down. The Series’ holdings can vary significantly from broad market indexes and the performance of the Series can deviate from the performance of these indexes. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

Foreign Securities Risk:The Series’ investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Series may invest may have markets that are less liquid, less regulated and more volatile than US markets. The value of the Series’ investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability.

Geographic Concentration Risk:The Series’ performance may be closely tied to the market, economic, political, regulatory or other conditions in the countries or regions in which the

PGIM Jennison Emerging Markets Equity Opportunities Fund 37

Notes to Financial Statements(continued)

Series invests. This can result in more pronounced risks based upon conditions that impact one or more countries or regions more or less than other countries or regions.

Market and Credit Risk:Securities markets may be volatile and the market prices of the Series’ 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 Series fall, the value of an investment in the Series will decline. Additionally, the Series may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Series has unsettled or open transactions defaults.

9. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the FASB issued Accounting Standards Update (“ASU”)No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the Series’ policy for the timing of transfers between levels. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Manager has evaluated the implications of certain provisions of the ASU and has determined to early adopt aspects related to the removal and modification of certain fair value measurement disclosures under the ASU effective immediately. The Manager continues to evaluate certain other provisions of the ASU and does not expect a material impact to financial statement disclosures.

38

Financial Highlights

Class A Shares
	Year Ended October 31,
	2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$9.58			$11.19			$9.34			$8.81			$10.09
Income (loss) from investment operations:
Net investment income (loss)		(0.04	)		(0.04	)		(0.04	)		(0.04	)		(0.04	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.62			(1.57	)		1.89			0.57			(1.24	)
Total from investment operations		2.58			(1.61	)		1.85			0.53			(1.28	)
Net asset value, end of year		$12.16			$9.58			$11.19			$9.34			$8.81
Total Return(b):		26.93%			(14.39)%			19.81%			6.02%			(12.69)%
Ratios/Supplemental Data:
Net assets, end of year (000)		$3,806			$2,316			$2,204			$869			$311
Average net assets (000)		$3,074			$2,956			$1,363			$528			$208
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.45%			1.45%			1.45%			1.45%			1.54%
Expenses before waivers and/or expense reimbursement		3.35%			3.27%			3.28%			3.87%			3.40%
Net investment income (loss)		(0.37)%			(0.35)%			(0.35)%			(0.49)%			(0.48)%
Portfolio turnover rate(e)		33%			23%			45%			44%			67%

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

(b) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles.

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

(d) Effective November 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(e) The Series’ portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Series’ portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund 39

Financial Highlights (continued)

Class C Shares
	Year Ended October 31,
	2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$9.29			$10.93			$9.20			$8.74			$10.08
Income (loss) from investment operations:
Net investment income (loss)		(0.11	)		(0.13	)		(0.11	)		(0.11	)		(0.13	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.53			(1.51	)		1.84			0.57			(1.21	)
Total from investment operations		2.42			(1.64	)		1.73			0.46			(1.34	)
Net asset value, end of year		$11.71			$9.29			$10.93			$9.20			$8.74
Total Return(b):		26.05%			(15.00)%			18.80%			5.26%			(13.29)%
Ratios/Supplemental Data:
Net assets, end of year (000)		$1,107			$1,363			$1,516			$734			$662
Average net assets (000)		$1,438			$1,775			$973			$672			$699
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		2.20%			2.20%			2.20%			2.20%			2.29%
Expenses before waivers and/or expense reimbursement		4.23%			4.20%			4.00%			4.62%			4.12%
Net investment income (loss)		(1.05)%			(1.14)%			(1.17)%			(1.29)%			(1.36)%
Portfolio turnover rate(e)		33%			23%			45%			44%			67%

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

(b) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles.

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

(d) Effective November 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(e) The Series’ portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Series’ portfolio turnover rate may be higher.

See Notes to Financial Statements.

40

Class Z Shares
	Year Ended October 31,
	2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$9.67			$11.27			$9.39			$8.82			$10.09
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)		(0.01	)		(0.02	)		(0.03	)		(0.04	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.65			(1.59	)		1.90			0.60			(1.23	)
Total from investment operations		2.64			(1.60	)		1.88			0.57			(1.27	)
Net asset value, end of year		$12.31			$9.67			$11.27			$9.39			$8.82
Total Return(b):		27.30%			(14.20)%			20.02%			6.46%			(12.59)%
Ratios/Supplemental Data:
Net assets, end of year (000)		$2,357			$1,215			$980			$183			$60
Average net assets (000)		$1,866			$1,443			$490			$102			$17
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.20%			1.20%			1.20%			1.20%			1.29%
Expenses before waivers and/or expense reimbursement		3.17%			3.56%			2.94%			3.55%			3.48%
Net investment income (loss)		(0.08)%			(0.13)%			(0.19)%			(0.31)%			(0.44)%
Portfolio turnover rate(e)		33%			23%			45%			44%			67%

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

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles.

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

(d) Effective November 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(e) The Series’ portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Series’ portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund 41

Financial Highlights(continued)

Class R6 Shares
	Year Ended October 31,
	2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$9.67			$11.27			$9.39			$8.83			$10.09
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)		(0.02	)		(0.01	)		(0.03	)		(0.04	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.65			(1.58	)		1.89			0.59			(1.21	)
Total from investment operations		2.64			(1.60	)		1.88			0.56			(1.25	)
Less Dividends and Distributions:
Dividends from net investment income		-			-			-			-			(0.01	)
Net asset value, end of year		$12.31			$9.67			$11.27			$9.39			$8.83
Total Return(b):		27.30%			(14.20)%			20.02%			6.34%			(12.44)%
Ratios/Supplemental Data:
Net assets, end of year (000)		$12,319			$9,675			$11,271			$9,404			$8,840
Average net assets (000)		$11,249			$11,852			$9,893			$8,722			$9,518
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.20%			1.20%			1.20%			1.20%			1.29%
Expenses before waivers and/or expense reimbursement		2.41%			2.32%			2.78%			3.13%			2.91%
Net investment income (loss)		(0.11)%			(0.17)%			(0.13)%			(0.29)%			(0.40)%
Portfolio turnover rate(e)		33%			23%			45%			44%			67%

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

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles.

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

(d) Effective November 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(e) The Series’ portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Series’ portfolio turnover rate may be higher.

See Notes to Financial Statements.

42

Report of Independent Registered Public

Accounting Firm

To the Shareholders of PGIM Jennison Emerging Markets Equity Opportunities Fund and Board of Directors

Prudential World Fund, Inc.:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of PGIM Jennison Emerging Markets Equity Opportunities Fund, a series of Prudential World Fund, Inc., (the Fund), including the schedule of investments, as of October 31, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in thetwo-year period ended October 31, 2019, and the related notes (collectively, the financial statements) and the financial highlights for the years indicated therein. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the years in thetwo-year period ended October 31, 2019, and the financial highlights for the years indicated therein, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2019, by correspondence with the custodian, transfer agent, and brokers, or by other appropriate auditing procedures when replies were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more PGIM and/or Prudential Retail investment companies since 2003.

New York, New York

December 19, 2019

PGIM Jennison Emerging Markets Equity Opportunities Fund 43

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS(unaudited)

Information about Board Members and Officers of the Fund is set forth below. Board Members who are not deemed to be “interested persons” of the Fund, as defined in the 1940 Act, are referred to as “Independent Board Members.” Board Members who are deemed to be “interested persons” of the Fund are referred to as “Interested Board Members.” The Board Members are responsible for the overall supervision of the operations of the Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Board in turn elects the Officers, who are responsible for administering theday-to-day operations of the Fund.

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Ellen S. Alberding 3/11/58 Board Member Portfolios Overseen: 96	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); Vice Chair, City Colleges of Chicago (community college system) (2011-2015); Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); Trustee, Economic Club of Chicago (since 2009); Trustee, Loyola University (since 2018).	None.	Since September 2013
Kevin J. Bannon 7/13/52 Board Member Portfolios Overseen: 96	Retired; Managing Director (April2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; President (May2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008).	Since July 2008

PGIM Jennison Emerging Markets Equity Opportunities Fund

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Linda W. Bynoe 7/9/52 Board Member Portfolios Overseen: 96	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Ltd. (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co. (broker-dealer).	Director of Anixter International, Inc. (communication products distributor) (since January 2006); Director of Northern Trust Corporation (financial services) (since April 2006); Trustee of Equity Residential (residential real estate) (since December 2009).	Since March 2005
Barry H. Evans 11/2/60 Board Member Portfolios Overseen: 95	Retired; formerly President (2005 – 2016), Global Chief Operating Officer (2014– 2016), Chief Investment Officer – Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management U.S.	Formerly Director, Manulife Trust Company (2011-2018); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).	Since September 2017
Keith F. Hartstein 10/13/56 Board Member & Independent Chair Portfolios Overseen: 96	Retired; Member (since November 2014) of the Governing Council of the Independent Directors Council (organization of independent mutual fund directors); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.	Since September 2013

Visit our website at pgiminvestments.com

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Laurie Simon Hodrick 9/29/62 Board Member Portfolios Overseen: 95	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Professor of Law, Stanford Law School (since 2015); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008).	Independent Director, Synnex Corporation (since April 2019) (information technology); Independent Director, Kabbage, Inc. (since July 2018) (financial services); Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017
Michael S. Hyland, CFA 10/4/45 Board Member Portfolios Overseen: 96	Retired (since February 2005); formerly Senior Managing Director (July 2001-February 2005) of Bear Stearns & Co, Inc.; Global Partner, INVESCO (1999-2001); Managing Director and President of Salomon Brothers Asset Management (1989-1999).	None.	Since July 2008
Brian K. Reid 9/22/61 Board Member Portfolios Overseen: 95	Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); Director, ICI Mutual Insurance Company (2012-2017).	None.	Since March 2018

PGIM Jennison Emerging Markets Equity Opportunities Fund

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Grace C. Torres 6/28/59 Board Member Portfolios Overseen: 95	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National Bank; Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank.	Since November 2014

Interested Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Stuart S. Parker 10/5/62 Board Member & President Portfolios Overseen: 96	President of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); Executive Vice President of Prudential Investment Management Services LLC (since December 2012); formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011).	None.	Since January 2012

Visit our website at pgiminvestments.com

Interested Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Scott E. Benjamin 5/21/73 Board Member & Vice President Portfolios Overseen:96	Executive Vice President (since June 2009) of PGIM Investments LLC; Executive Vice President (June 2009-June 2012) and Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).	None.	Since March 2010

Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Raymond A. O’Hara 9/11/55 Chief Legal Officer	Vice President and Corporate Counsel (since July 2010) of Prudential Insurance Company of America (Prudential); Vice President (March 2011-Present) of Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey; Vice President and Corporate Counsel (March 2011-Present) of Prudential Annuities Life Assurance Corporation; Chief Legal Officer of PGIM Investments LLC (since June 2012); Chief Legal Officer of Prudential Mutual Fund Services LLC (since June 2012) and Corporate Counsel of AST Investment Services, Inc. (since June 2012); formerly Assistant Vice President and Corporate Counsel (September 2008-July 2010) of The Hartford Financial Services Group, Inc.; formerly Associate (September 1980-December 1987) and Partner (January 1988–August 2008) of Blazzard & Hasenauer, P.C. (formerly, Blazzard, Grodd & Hasenauer, P.C.).	Since June 2012

PGIM Jennison Emerging Markets Equity Opportunities Fund

Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Dino Capasso 8/19/74 Chief Compliance Officer	Chief Compliance Officer (July 2019-Present) of PGIM Investments LLC; Chief Compliance Officer (July 2019-Present) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM High Yield Bond Fund, Inc.; Vice President and Deputy Chief Compliance Officer (June 2017-2019) of PGIM Investments LLC; formerly, Senior Vice President and Senior Counsel (January 2016-June 2017), and Vice President and Counsel (February 2012-December 2015) of Pacific Investment Management Company LLC.	Since March 2018
Andrew R. French 12/22/62 Secretary	Vice President of PGIM Investments LLC (December 2018-Present); formerly Vice President and Corporate Counsel (February 2010-December 2018) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since October 2006
Jonathan D. Shain 8/9/58 Assistant Secretary	Vice President and Corporate Counsel (since August 1998) of Prudential; Vice President and Assistant Secretary (since May 2001) of PGIM Investments LLC; Vice President and Assistant Secretary (since February 2001) of Prudential Mutual Fund Services LLC; formerly Vice President and Assistant Secretary (May 2003-June 2005) of AST Investment Services, Inc.	Since May 2005
Claudia DiGiacomo 10/14/74 Assistant Secretary	Vice President and Corporate Counsel (since January 2005) of Prudential; Vice President and Assistant Secretary of PGIM Investments LLC (since December 2005); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005
Diana N. Huffman 4/14/82 Assistant Secretary	Vice President and Corporate Counsel (since September 2015) of Prudential; formerly Associate at Willkie Farr & Gallagher LLP (2009-2015).	Since March 2019
Kelly A. Coyne 8/8/68 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since March 2015
Christian J. Kelly 5/5/75 Treasurer and Principal Financial and Accounting Officer	Vice President, Head of Fund Administration of PGIM Investments LLC (since November 2018); formerly, Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).	Since January 2019

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Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Lana Lomuti 6/7/67 Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since April 2014
Russ Shupak 10/08/73 Assistant Treasurer	Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration.	Since October 2019
Deborah Conway 3/26/69 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since October 2019
Elyse M. McLaughlin 1/20/74 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.	Since October 2019
Charles H. Smith 1/11/73 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Anti-Money Laundering Unit (since January 2015) of Prudential; committee member of the American Council of Life Insurers Anti-Money Laundering and Critical Infrastructure Committee (since January 2016); formerly Global Head of Economic Sanctions Compliance at AIG Property Casualty (February 2007-December 2014); Assistant Attorney General at the New York State Attorney General’s Office, Division of Public Advocacy. (August 1998-January 2007).	Since January 2017

^(a) Excludes Mr. Parker and Mr. Benjamin, interested Board Members who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

∎ Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC.

∎ Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102-4410.

∎ There is no set term of office for Board Members or Officers. The Board Members have adopted a retirement policy, which calls for the retirement of Board Members on December 31 of the year in which they reach the age of 75.

∎ “Other Directorships Held” includes only directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, “public companies”) or other investment companies registered under the 1940 Act.

∎ “Portfolios Overseen” includes all investment companies managed by PGIM Investments LLC. The investment companies for which PGIM Investments LLC serves as manager include the PGIM Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

PGIM Jennison Emerging Markets Equity Opportunities Fund

Approval of Advisory Agreements(unaudited)

The Fund’s Board of Trustees

The Board of Directors (the “Board”) of PGIM Jennison Emerging Markets Equity Opportunities Fund (the “Fund”)¹ consists of eleven individuals, nine of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”).² The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Directors have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. The Board has established four standing committees: the Audit Committee, the Nominating and Governance Committee, and two Investment Committees. Each committee is chaired by, and composed of, Independent Directors.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and the Fund’s subadvisory agreement with Jennison Associates LLC (“Jennison”). In considering the renewal of the agreements, the Board, including all of the Independent Directors, met on May 30, 2019 and on June11-13, 2019 and approved the renewal of the agreements through July 31, 2020, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments and Jennison. Also, the Board considered comparisons with other mutual funds in relevant Peer Universes and Peer Groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Directors advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments and the subadviser, the performance of the Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund’s assets grow. In their deliberations, the Directors did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund. In connection with its deliberations, the Board

¹  PGIM Jennison Emerging Markets Equity Opportunities Fund is a series of Prudential World Fund, Inc.

²  Grace C. Torres was an Interested Director of the Fund at the time the Board considered and approved the renewal of the Fund’s advisory agreements, but has since become an Independent Director of the Fund.

PGIM Jennison Emerging Markets Equity Opportunities Fund

Approval of Advisory Agreements (continued)

considered information provided by PGIM Investments throughout the year at regular Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the meetings on May 30, 2019 and on June11-13, 2019.

The Directors determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a management agreement, and between PGIM Investments and Jennison, which serves as the Fund’s subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Directors considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Directors’ determinations to approve the renewal of the agreements are discussed separately below.

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments and Jennison. The Board noted that Jennison is affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for the Fund, as well as the provision of fund recordkeeping, compliance and other services to the Fund, and PGIM Investments’ role as administrator for the Fund’s liquidity risk management program. With respect to PGIM Investments’ oversight of the subadviser, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments’ senior management on the performance and operations of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Directors of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by Jennison, including investment research and security selection, as well as compliance with the Fund’s investment restrictions, policies and procedures. The Board considered PGIM Investments’ evaluation of Jennison as well as PGIM Investments’ recommendation, based on its review of Jennison, to renew the subadvisory agreement.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of the Fund and Jennison, and also considered the qualifications, backgrounds and responsibilities of Jennison’s portfolio managers who are responsible for theday-to-day management of the Fund’s portfolio. The Board was provided with information pertaining to PGIM Investments’ and Jennison’s organizational structure, senior management, investment operations, and other

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relevant information pertaining to both PGIM Investments and Jennison. The Board also noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer (“CCO”) as to both PGIM Investments and Jennison.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments and the subadvisory services provided to the Fund by Jennison, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments and Jennison under the management and subadvisory agreements.

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund’s investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser’s capital structure and cost of capital. However, the Board considered that the cost of services provided by PGIM Investments for the year ended December 31, 2018 exceeded the management fees received by PGIM Investments, resulting in an operating loss to PGIM Investments. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

The Board received and discussed information concerning economies of scale that PGIM Investments may realize as the Fund’s assets grow beyond current levels. The Board noted that the management fee schedule for the Fund includes breakpoints, which have the effect of decreasing the fee rate as assets increase. During the course of time, the Board has considered information regarding the launch date of the Fund, the management fees of the Fund compared to those of similarly managed funds and PGIM Investments’ investment in the Fund over time. The Board took note that the Fund’s fee structure currently results in benefits to Fund shareholders whether or not PGIM Investments realizes any economies of scale. The Board noted that economies of scale can be shared with the Fund in other ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment. The Board also considered PGIM Investments’ assertion that it continually evaluates the management fee schedule of the Fund and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase.

PGIM Jennison Emerging Markets Equity Opportunities Fund

Approval of Advisory Agreements (continued)

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of PGIM Investments’ costs are not specific to individual funds, but rather are incurred across a variety of products and services.

Other Benefits to PGIM Investments and Jennison

The Board considered potential ancillary benefits that might be received by PGIM Investments and Jennison and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund’s transfer agent (which is affiliated with PGIM Investments), as well as benefits to its reputation or other intangible benefits resulting from PGIM Investments’ association with the Fund. The Board concluded that the potential benefits to be derived by Jennison included its ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments and Jennison were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for theone-and three-year periods ended December 31, 2018. The Board considered that the Fund commenced operations on September 16, 2014 and that longer-term performance was not yet available.

The Board also considered the Fund’s actual management fee, as well as the Fund’s net total expense ratio, for the fiscal year ended October 31, 2018. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

The mutual funds included in the Peer Universe, which was used to consider performance, and the Peer Group, which was used to consider fees and expenses, were objectively determined by Broadridge, an independent provider of mutual fund data. In certain circumstances, PGIM Investments also provided supplemental Peer Universe or Peer Group information, for reasons addressed with the Board. The comparisons placed the Fund in various quartiles over various periods, with the first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

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The section below summarizes key factors considered by the Board and the Board’s conclusions regarding the Fund’s performance, fees and overall expenses. The table sets forth net performance comparisons (which reflect the impact on performance of fund expenses, or any subsidies, expense caps or waivers that may be applicable) with the Peer Universe, actual management fees with the Peer Group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the Peer Group, each of which were key factors considered by the Board.

Net Performance	1 Year	3 Years	5 Years	10 Years
	3rd Quartile	4th Quartile	N/A	N/A
Actual Management Fees:1st Quartile
Net Total Expenses: 2nd Quartile

• The Board noted that the Fund underperformed its benchmark index over all periods.

• The Board considered PGIM Investments’ assertion that the Fund’s emphasis on emerging market growth stocks relative to the benchmark index and peer universe was the cause of much of the Fund’s underperformance, as emerging market value stocks were preferred by investors during the second half of 2018.

• In this regard, the Board also considered information provided by PGIM Investments indicating that, for theone-year period ended December 31, 2017, when emerging markets growth stocks were favored in the market, the Fund outperformed its benchmark index and ranked in the second quartile of its Peer Universe.

• The Board also considered that the Fund outperformed its benchmark index and Peer Universe over the three-year period ended March 31, 2019.

• The Board and PGIM Investments agreed to retain the Fund’s existing contractual expense cap, which (exclusive of certain fees and expenses) caps the Fund’s annual operating expenses at 1.45% for Class A shares, 2.20% for Class C shares, 1.20% for Class R6 shares, and 1.20% for Class Z shares through February 29, 2020.

• In addition, PGIM Investments will 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, and has agreed that total annual fund operating expenses for Class R6 shares will not exceed total annual fund operating expenses for Class Z shares.

• The Board concluded that in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

• The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

*    *    *

After full consideration of these factors, the Board concluded that approval of the agreements was in the best interests of the Fund and its shareholders.

PGIM Jennison Emerging Markets Equity Opportunities Fund

∎ MAIL	∎ TELEPHONE	∎ WEBSITE
655 Broad Street Newark, NJ 07102	(800) 225-1852	pgiminvestments.com

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. 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.

DIRECTORS

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

OFFICERS

Stuart S. Parker,President• Scott E. Benjamin,Vice President• Christian J. Kelly,Treasurer and Principal Financial and Accounting Officer• Raymond A. O’Hara,Chief Legal Officer• Dino Capasso,Chief Compliance Officer• Charles H. Smith,Anti-Money Laundering Compliance Officer• Andrew R. French,Secretary• Jonathan D. Shain,Assistant Secretary• Claudia DiGiacomo,Assistant Secretary• Diana N. Huffman,Assistant Secretary• Kelly A. Coyne,Assistant Secretary• Lana Lomuti,Assistant Treasurer• Russ Shupak,Assistant Treasurer• Elyse McLaughlin,Assistant Treasurer• Deborah Conway,Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	Jennison Associates LLC	466 Lexington Avenue New York, NY 10017
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 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
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 atpgiminvestments.com 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 topgiminvestments.com/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 byvisiting the website address above.

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, PGIM Jennison Emerging Markets Equity Opportunities Fund, PGIM Investments, Attn: Board of Directors, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Director by writing to 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 on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov. Form N-PORT is filed with the Commission quarterly, and each Fund’s full portfolio holdings as of the first and third fiscal quarter-ends (as of the third month of the Fund’s fiscal quarter for reporting periods on or after September 30, 2019) will be made publicly available 60 days after the end of each quarter at sec.gov.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Directors and is available without charge, upon request, by calling (800) 225-1852.

Mutual Funds:

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

PGIM JENNISON EMERGING MARKETS EQUITY OPPORTUNITIES FUND

SHARE CLASS	A	C	Z	R6
NASDAQ	PDEAX	PDECX	PDEZX	PDEQX
CUSIP	743969644	743969636	743969610	743969628

MF225E    

PGIM JENNISON GLOBAL OPPORTUNITIES FUND

ANNUAL REPORT

OCTOBER 31, 2019

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (pgiminvestments.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-225-1852 or by sending an email request to PGIM Investments at shareholderreports@pgim.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary or follow instructions included with this notice to elect to continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-225-1852 or send an email request to shareholderreports@pgim.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

To enroll in e-delivery, go to pgiminvestments.com/edelivery

Objective:To seek long-term growth of capital

Highlights(unaudited)

• Equity markets were highly volatile during the reporting period. Within the Index, defensive sectors like utilities, real estate, and consumer staples posted the largest gains. Energy was the worst-performing sector, followed distantly by health care.

• Holdings in consumer discretionary were strong contributors to performance over the period, led by Paris-based LVMH Moët Hennessy Louis Vuitton. Other top performers included Canadian e-commerce platform Shopify, health care equipment maker Edward Lifesciences, Mastercard, and Chinese Internet platform Tencent.

• Not having any positions in the real estate and utilities sectors hurt the Fund’s returns modestly during the period.

• Notable detractors in the period included German payment processor Wirecard, semiconductor company NVIDIA, Tesla, cloud-based communications platform Twilio, and software company The Trade Desk.

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

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

Mutual funds are distributed by Prudential Investment Management Services LLC, member SIPC. Jennison Associates LLC is a registered investment adviser. Both are Prudential Financial companies.^© 2019 Prudential Financial, Inc. and its related entities. Jennison Associates, Jennison, 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 pgiminvestments.com

Table of Contents

Letter from the President	5
Your Fund’s Performance	6
Growth of a $10,000 Investment	7
Strategy and Performance Overview	10
Fees and Expenses	14
Holdings and Financial Statements	17
Approval of Advisory Agreements

PGIM Jennison Global Opportunities Fund 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

We hope you find the annual report for the PGIM Jennison Global Opportunities Fund informative and useful. The report covers performance for the 12-month period that ended October 31, 2019.

While the US economy remained healthy, with rising corporate profits and strong job growth, the Federal Reserve cut interest rates three times in the latter half of the period. The cuts were a proactive attempt by the Fed to extend the longest domestic economic expansion on record as growth in many regions weakened. China in particular showed signs of slowing amid trade tensions with the US, and turmoil in the United Kingdom continued as it negotiates an exit from the European Union.

The interest-rate cuts helped boost the performance of stocks globally. For the period overall, large-cap US equities along with stocks in developed and emerging foreign markets all rose by double digits. Small-cap US stocks posted a single-digit gain. This positive performance came despite significant volatility early in the period. Equities plunged at the end of 2018 on concerns about China’s economy, a potential global trade war, higher interest rates, and worries that profit growth might slow. Stocks reversed course early in 2019, rising sharply after the Fed moderated its position on additional rate hikes for the remainder of the year.

The overall US bond market posted strong returns during the period on a significant rally in interest rates that saw the 10-year US Treasury yield decline from over 3% to under 2%. Investment-grade corporate bonds led the way with a double-digit gain, while corporate high yield and municipal bonds each had a return in the high single digits. Globally, bonds in developed markets delivered strong returns, and emerging markets debt rose by double digits.

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 consider it a great privilege and responsibility to help investors participate in opportunities across global markets while meeting their toughest investment challenges. PGIM is atop-10 global investment manager with more than $1 trillion in assets under management. This scale and investment expertise allow us to deliver actively managed funds and strategies to meet the needs of investors around the globe.

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Jennison Global Opportunities Fund

December 16, 2019

PGIM Jennison Global Opportunities Fund 5

Your Fund’s Performance(unaudited)

Performance data quoted represents 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 atpgiminvestments.com or by calling (800) 225-1852.

	Average Annual Total Returns as of 10/31/19 (with sales charges)
	One Year (%)	Five Years (%)		Since Inception (%)
Class A	8.19		10.53		11.67 (3/14/12)
Class C	12.47		10.93		11.63 (3/14/12)
Class Z	14.62		12.03		12.76 (3/14/12)
Class R2	N/A		N/A		21.52* (12/27/18)
Class R4	N/A		N/A		21.81* (12/27/18)
Class R6	14.75		N/A		12.55 (12/22/14)
MSCI ACWI ND Index
	12.59		7.08		—
	Average Annual Total Returns as of 10/31/19 (without sales charges)
	One Year (%)	Five Years (%)		Since Inception (%)
Class A	14.49		11.79		12.50 (3/14/12)
Class C	13.47		10.93		11.63 (3/14/12)
Class Z	14.62		12.03		12.76 (3/14/12)
Class R2	N/A		N/A		21.52* (12/27/18)
Class R4	N/A		N/A		21.81* (12/27/18)
Class R6	14.75		N/A		12.55 (12/22/14)
MSCI ACWI ND Index
	12.59		7.08		—

*Not annualized.

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Growth of a $10,000 Investment(unaudited)

The graph compares a $10,000 investment in the Fund’s Class Z share with a similar investment in the MSCI ACWI ND Index by portraying the initial account values at the commencement of operations for Class Z shares (March 14, 2012) and the account values at the end of the current fiscal year (October 31, 2019), as measured on a quarterly basis. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted; and (b) all dividends and distributions were reinvested. The line graph provides information for Class Z shares only. As indicated in the tables provided earlier, performance for other share classes will vary due to the differing charges and expenses applicable to each share class (as indicated in the following paragraphs). Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

Past performance does not predict future performance. Total returns and the ending account values in the graph include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. The Fund’s total returns do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares.

Source: PGIM Investments LLC and Lipper Inc.

PGIM Jennison Global Opportunities Fund 7

Your Fund’s Performance(continued)

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 R2	Class R4	Class R6
Maximum initial sales charge	5.50% of the public offering price	None	None	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	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	0.25%	None	None
Shareholder services fees	None	None	None	0.10%	0.10%	None

Benchmark Definitions

MSCI ACWI ND Index—The Morgan Stanley Capital International All Country World Net Dividend Index (MSCI ACWI ND Index) is an unmanaged free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI ND Index consists of 47 country indexes comprising 23 developed and 24 emerging market country indexes. The ND version of the MSCI ACWI Index reflects the impact of the maximum withholding taxes on reinvested dividends. The average annual total returns for the Index measured from the month-end closest to the inception date of the Fund’s Class A, Class C, and Class Z shares are 8.64% and 7.40% for Class R6 shares. The cumulative total return for the Index measured from the month-end closest to the inception date of the Fund’s Class R2 and Class R4 shares is 19.38%.

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

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Presentation of Fund Holdingsas of 10/31/19

Ten Largest Holdings	Line of Business	Country	% of Net Assets
Amazon.com, Inc.	Internet & Direct Marketing Retail	United States	5.9%
Mastercard, Inc. (Class A Stock)	IT Services	United States	5.0%
Edwards Lifesciences Corp.	Health Care Equipment & Supplies	United States	4.2%
LVMH Moët Hennessy Louis Vuitton SE	Textiles, Apparel & Luxury Goods	France	4.0%
NIKE, Inc. (Class B Stock)	Textiles, Apparel & Luxury Goods	United States	3.9%
Alibaba Group Holding Ltd.	Internet & Direct Marketing Retail	China	3.8%
Safran SA	Aerospace & Defense	France	3.7%
Adyen NV	IT Services	Netherlands	3.6%
Ferrari NV	Automobiles	Italy	3.5%
Lululemon Athletica, Inc.	Textiles, Apparel & Luxury Goods	United States	3.4%

For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-term Investments.

PGIM Jennison Global Opportunities Fund 9

Strategy and Performance Overview(unaudited)

How did the Fund perform?

ThePGIM Jennison Global Opportunities Fund’s Class Z shares returned 14.62% in the 12-month reporting period that ended October 31, 2019, outperforming the 12.59% return of the MSCI All Country World Index ND (the Index).

What was the market environment?

• An abrupt sell-off in late 2018 reflected mounting investor concerns about the rising risk of a major trade war with China, the pace of US economic growth, decelerating expansion in non-US economies, US interest rate increases and their effect on US growth, the state of US alliances with other major trading partners, and discord and uncertainty about domestic policy.

• US equity markets rebounded early in 2019 as the Federal Reserve signaled a pause in federal funds rate hikes, corporate earnings reports generally indicated continued strength, and sentiment grew that trade friction would be resolved. Markets fell again as the period ended on a re-escalation of trade tension.

• Within the Index, defensive sectors like utilities, real estate, and consumer staples posted the largest gains. Energy was the worst-performing sector, followed distantly by health care.

What worked?

• Holdings in consumer discretionary were strong contributors to the Fund’s performance during the reporting period, led by Paris-basedLVMH Moët Hennessy Louis Vuitton SE. LVMH is the world’s largest luxury goods company with operations in wines, spirits, perfumes, cosmetics, fashion, leather goods, watches, jewelry, and selective retailing. The consistent performance of LVMH’s flagship Louis Vuitton brand, the company’s diversified portfolio, growth opportunities in emerging Asia, and what Jennison considers a strong management team are reasons the Fund owns the stock. The company enjoyed strong sales momentum throughout the period.

• No exposure to the energy sector was a source of relative gain given it was the only negative-performing sector within the Index during the period. An underweight position and stock selection in the financials sector added value, as did security choices in the communication services sector.

• Other notable contributors were found among multiple sectors:

• Shopify, Inc.’s cloud-based, easy-to-use infrastructure tools position it well for the secular shift to digital commerce and accelerating demand for omnichannel e-commerce in the retail industry, in Jennison’s view. Recurring revenue and gross merchandise volume growth showed strength throughout the period as the company added both small and large merchants at a robust pace.

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• Edwards Lifesciences Corp. is a leader in the global transcatheter valve market. Jennison liked the company’s innovation and growing portfolio of technologies to treat valve-related diseases. The company has a deep pipeline of mitral valve repair and replacement technologies that represent an additional multi-billion-dollar market opportunity. Transcatheter aortic valve replacement product sales accelerated significantly during the period, helping drive earnings growth.

• Mastercard, Inc. continued to benefit from the long-term shift from cash to electronic credit-debit transactions. The company holds a strong market position with high barriers to entry, pricing power, and solid operating leverage potential. Revenue, expenses, operating income, and earnings exceeded expectations during the period, while gross dollar and transaction volume increased.

• Tencent Holdings Ltd., China’s largest and most-visited internet service portal, performed fundamentally well during the period, driven by its dominant position in China’s online gaming and instant messaging markets and its growing advertising and payment-service efforts. Best known in China for its WeChat and QQ messaging along with its mobile-payment apps, the company is the world’s largest videogame publisher by revenue. Jennison expects advertising revenue gains and strong growth in its mobile-gaming and digital-content divisions to continue driving growth.

What didn’t work?

• Not having any positions in the real estate and utilities sectors hurt the Fund’s returns modestly during the period. Stock selections and an underweight position in the industrials sector also detracted.

• Other notable detractors included:

• Based in Munich,Wirecard AG offers electronic payment and processing services in more than 120 currencies with more than 15,000 corporate customers. Its largest customer segment is e-commerce retailers in Germany and Western Europe, but it continues to expand in Asia and elsewhere. Shares declined on allegations of breaches in the company’s accounting procedures. Jennison eliminated the position in February 2019.

• NVIDIA Corp. is focused on key high-growth markets where it can leverage its graphics semiconductor expertise to offer high-value-added solutions. Its stock price declined due to inventory issues that were exacerbated by a slowdown in the cryptocurrency mining boom. Jennison eliminated the position in December 2018.

• Tesla, Inc. has a unique product cycle as it leverages its electric-vehicle powertrain and autonomous-driving capabilities to expand into more segments within the automotive industry, potentially driving strong growth, in Jennison’s view. Signs of weakening demand and concerns about profitability weighed on share prices during the period.

PGIM Jennison Global Opportunities Fund 11

Strategy and Performance Overview(continued)

• Twilio, Inc.’s cloud communications platform enables software developers to build, scale, and operate communications functions—phone calls, text messages, videos, and emails—within their mobile applications through the company’s web-service application programming interfaces. Jennison believes Twilio’s application-to-person communications technology is in the early stages of wide-scale adoption. The company has grown rapidly, and its dominance of the comprehensive mobile communications platform market suggests strong growth for the foreseeable future. Twilio reported what Jennison considered robust second-quarter 2019 revenue and customer growth as well as solid expansion rates. Yet the stock lost ground as investor sentiment toward high-growth software-as-a-service (SaaS) companies turned cold, affected by a highly uncertain macroeconomic backdrop.

• Trade Desk (The), Inc. (TTD) provides a self-service omnichannel software platform that enables clients to purchase and manage data-driven digital advertising campaigns. Jennison likes TTD’s long-term outlook and growth potential. The company’s new trading platform, launched in 2018, has achieved widespread adoption and is helping TTD improve its marketing returns on investments. Jennison views TTD as a secular growth story at a time when advertising budgets are shifting from traditional to digital, and from digital to programmatic. Share prices were down during the period, even though company fundamentals were compelling and fiscal second-quarter financial results surpassed expectations.

Current outlook

• After months of trade friction between the US and China, both consumer and business sentiment show signs of fraying. The trade war has already claimed casualties in industries directly exposed to existing tariffs. Without clarity or a new agreement with China, the fallout from already-implemented trade restraints likely will increasingly weigh on business confidence and consumer spending, in Jennison’s view, as companies take steps to mitigate these restraints and pass on the higher costs of doing business. With this uncertainty, business planning and investing likely will be hampered, with delays and hesitancy in spending probable. The US political landscape is likewise unsettled and apt to weigh on confidence and activity, as impeachment proceedings against President Trump begin and the 2020 election cycle ramps up.

• The most powerful offset to these headwinds is the health of the US consumer, in Jennison’s view. Employment remains strong and incremental wage gains continue.

• Jennison expects the portfolio’s earnings growth to remain above market average for the balance of this year and next. Dramatic short-term moves in the market, driven by significant uncertainty in the macroeconomic environment, are leading to material near-term valuation swings.

12 Visit our website at pgiminvestments.com

• Jennison continues to remain focused on the growth outlook of companies held in the Fund. Driven by powerful secular trends, Jennison believes the growing revenue streams of Fund holdings in industries such as e-commerce, SaaS, and payments should be durable against an uncertain backdrop.

The percentage points shown in the tables below identify each security’s positive or negative contribution to the Fund’s return, which is the sum of all contributions by individual holdings during the reporting period.

Top Contributors (%)		Top Detractors (%)
Shopify	2.50	Wirecard	–1.34
Edwards Lifesciences	1.60	NVIDIA	–0.85
Mastercard	1.50	Tesla	–0.62
Tencent Holdings	1.27	Twilio	–0.49
LVMH Moet Hennessy Louis Vuitton	1.10	Trade Desk (The)	–0.38

PGIM Jennison Global Opportunities Fund 13

Fees and Expenses(unaudited)

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 October 31, 2019. 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

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and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information 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 Jennison Global Opportunities Fund		Beginning Account Value May 1, 2019		Ending Account Value October 31, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	987.90		1.08	%	$	5.41
	Hypothetical	$	1,000.00	$	1,019.76		1.08	%	$	5.50
Class C	Actual	$	1,000.00	$	983.40		1.95	%	$	9.75
	Hypothetical	$	1,000.00	$	1,015.38		1.95	%	$	9.91
Class Z	Actual	$	1,000.00	$	988.50		0.94	%	$	4.71
	Hypothetical	$	1,000.00	$	1,020.47		0.94	%	$	4.79
Class R2	Actual	$	1,000.00	$	986.60		1.34	%	$	6.71
	Hypothetical	$	1,000.00	$	1,018.45		1.34	%	$	6.82
Class R4	Actual	$	1,000.00	$	988.20		0.97	%	$	4.86
	Hypothetical	$	1,000.00	$	1,020.32		0.97	%	$	4.94
Class R6	Actual	$	1,000.00	$	989.00		0.84	%	$	4.21
	Hypothetical	$	1,000.00	$	1,020.97		0.84	%	$	4.28

*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 184 days in the six-month period ended October 31, 2019, and divided by the 365 days in the Fund’s fiscal year ended October 31, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

PGIM Jennison Global Opportunities Fund 15

Schedule of Investments

as of October 31, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    99.2%
COMMON STOCKS
Argentina    2.4%
MercadoLibre, Inc.*(a)		120,488	$	62,836,902
Canada    2.5%
Shopify, Inc. (Class A Stock)*		200,750		62,949,177
China    9.5%
Alibaba Group Holding Ltd., ADR*		546,614		96,570,295
Meituan Dianping (Class B Stock)*		6,598,016		78,550,826
Wuxi Biologics Cayman, Inc., 144A*		5,715,887		67,144,025
				242,265,146
France    13.0%
Kering SA		97,695		55,651,263
LVMH Moet Hennessy Louis Vuitton SE		240,687		102,646,478
Pernod Ricard SA		234,919		43,392,692
Remy Cointreau SA(a)		271,812		36,384,402
Safran SA		597,616		94,472,387
				332,547,222
Germany    2.5%
adidas AG		204,635		63,196,116
Italy    3.5%
Ferrari NV		553,911		88,781,203
Netherlands    6.8%
Adyen NV, 144A*		132,195		92,752,631
ASML Holding NV		306,726		80,235,677
				172,988,308
Switzerland    4.8%
Givaudan SA		20,028		58,797,358
Straumann Holding AG		73,099		65,270,456
				124,067,814
United Kingdom    1.8%
Experian PLC		1,471,623		46,284,609

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 17

Schedule of Investments(continued)

as of October 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
United States    52.4%
Alphabet, Inc. (Class A Stock)*		26,219	$	33,004,477
Amazon.com, Inc.*		85,082		151,161,786
Boeing Co. (The)		137,330		46,679,840
Coupa Software, Inc.*(a)		296,155		40,718,351
DexCom, Inc.*		243,879		37,615,897
Edwards Lifesciences Corp.*		450,334		107,350,619
Exact Sciences Corp.*(a)		411,313		35,784,231
Facebook, Inc. (Class A Stock)*		452,191		86,662,405
Guardant Health, Inc.*(a)		317,496		22,065,972
Intuitive Surgical, Inc.*		131,026		72,450,827
Lululemon Athletica, Inc.*		426,834		87,189,381
Mastercard, Inc. (Class A Stock)		458,893		127,026,171
Microsoft Corp.		296,363		42,489,563
Netflix, Inc.*		263,878		75,841,176
NIKE, Inc. (Class B Stock)		1,110,187		99,417,246
PayPal Holdings, Inc.*		428,559		44,612,992
QUALCOMM, Inc.		77,138		6,204,981
salesforce.com, Inc.*		208,026		32,553,989
Tesla, Inc.*(a)		81,243		25,585,046
Thermo Fisher Scientific, Inc.		179,551		54,220,811
Trade Desk, Inc. (The) (Class A Stock)*(a)		198,677		39,894,342
Twilio, Inc. (Class A Stock)*(a)		471,895		45,566,181
Vertex Pharmaceuticals, Inc.*		131,594		25,723,995
				1,339,820,279
TOTAL LONG-TERM INVESTMENTS (cost $2,147,592,501)				2,535,736,776
SHORT-TERM INVESTMENTS    10.0%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(w)		39,563,382		39,563,382
PGIM Institutional Money Market Fund (cost $216,461,633; includes $216,118,911 of cash collateral for securities on loan)(b)(w)		216,464,046		216,507,339
TOTAL SHORT-TERM INVESTMENTS (cost $256,025,015)				256,070,721
TOTAL INVESTMENTS    109.2% (cost $2,403,617,516)				2,791,807,497
Liabilities in excess of other assets    (9.2)%				(236,035,179	)
NET ASSETS    100.0%			$	2,555,772,318

See Notes to Financial Statements.

18

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

144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.

ADR—American Depositary Receipt

LIBOR—London Interbank Offered Rate

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $204,900,825; cash collateral of $216,118,911 (included in liabilities) was received with which the Series purchased highly liquid short-term investments.

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

(w) PGIM Investments LLC, the manager of the Series, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund.

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of October 31, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Common Stocks
Argentina	$	62,836,902	$	—	$	—
Canada		62,949,177		—		—
China		96,570,295		145,694,851		—
France		—		332,547,222		—
Germany		—		63,196,116		—
Italy		—		88,781,203		—
Netherlands		—		172,988,308		—
Switzerland		—		124,067,814		—
United Kingdom		—		46,284,609		—
United States		1,339,820,279		—		—
Affiliated Mutual Funds		256,070,721		—		—
Total	$	1,818,247,374	$	973,560,123	$	—

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 19

Schedule of Investments(continued)

as of October 31, 2019

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2019 were as follows (unaudited):

Textiles, Apparel & Luxury Goods	16.0	%
Internet & Direct Marketing Retail	15.2
IT Services	14.6
Health Care Equipment & Supplies	11.0
Affiliated Mutual Funds (8.5% represents investments purchased with collateral from securities on loan)	10.0
Software	6.1
Aerospace & Defense	5.5
Life Sciences Tools & Services	4.7
Interactive Media & Services	4.7
Automobiles	4.5
Semiconductors & Semiconductor Equipment	3.4

Beverages	3.1	%
Entertainment	3.0
Biotechnology	2.4
Chemicals	2.3
Professional Services	1.8
Health Care Providers & Services	0.9
	109.2
Liabilities in excess of other assets	(9.2	)
	100.0	%

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

The Series entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/ (Liabilities)		Collateral Pledged/ (Received)(1)			Net Amount
Securities on Loan	$	204,900,825	$	(204,900,825	)	$	—

(1) Collateral amount disclosed by the Series is limited to the market value of financial instruments/transactions.

See Notes to Financial Statements.

20

Statement of Assets and Liabilities

as of October 31, 2019

Assets
Investments at value, including securities on loan of $204,900,825:
Unaffiliated investments (cost $2,147,592,501)	$	2,535,736,776
Affiliated investments (cost $256,025,015)		256,070,721
Foreign currency, at value (cost $840,784)		842,987
Receivable for investments sold		21,394,815
Receivable for Series shares sold		10,244,622
Tax reclaim receivable		341,740
Dividends receivable		151,456
Prepaid expenses		17,372
Total Assets		2,824,800,489
Liabilities
Payable to broker for collateral for securities on loan		216,118,911
Payable for investments purchased		44,156,430
Payable for Series shares reacquired		6,058,758
Management fee payable		1,458,707
Accrued expenses and other liabilities		982,818
Distribution fee payable		224,809
Affiliated transfer agent fee payable		27,738
Total Liabilities		269,028,171
Net Assets	$	2,555,772,318
Net assets were comprised of:
Common stock, at par	$	1,029,116
Paid-in capital in excess of par		2,243,920,880
Total distributable earnings (loss)		310,822,322
Net assets, October 31, 2019	$	2,555,772,318

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 21

Statement of Assets and Liabilities

as of October 31, 2019

Class A
Net asset value and redemption price per share, ($ 236,117,580 ÷ 9,607,055 shares of common stock issued and outstanding)	$	24.58
Maximum sales charge (5.50% of offering price)		1.43
Maximum offering price to public	$	26.01
Class C
Net asset value, offering price and redemption price per share,
($ 211,290,326 ÷ 9,123,071 shares of common stock issued and outstanding)	$	23.16
Class Z
Net asset value, offering price and redemption price per share,
($ 1,466,570,996 ÷ 58,639,036 shares of common stock issued and outstanding)	$	25.01
Class R2
Net asset value, offering price and redemption price per share,
($ 12,150 ÷ 486 shares of common stock issued and outstanding)	$	25.02
Class R4
Net asset value, offering price and redemption price per share,
($ 362,000 ÷ 14,436 shares of common stock issued and outstanding)	$	25.08
Class R6
Net asset value, offering price and redemption price per share,
($ 641,419,266 ÷ 25,527,488 shares of common stock issued and outstanding)	$	25.13

See Notes to Financial Statements.

22

Statement of Operations

Year Ended October 31, 2019

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $980,360 foreign withholding tax)	$	10,810,292
Income from securities lending, net (including affiliated income of $388,176)		1,336,373
Affiliated dividend income		870,089
Total income		13,016,754
Expenses
Management fee		16,896,866
Distribution fee(a)		2,602,248
Shareholder servicing fees(a)		113
Transfer agent’s fees and expenses (including affiliated expense of $159,114)(a)		1,684,685
SEC registration fees		337,848
Custodian and accounting fees		305,589
Registration fees(a)		226,596
Shareholders’ reports		158,449
Directors’ fees		45,523
Audit fee		27,875
Legal fees and expenses		27,413
Miscellaneous		50,518
Total expenses		22,363,723
Less: Fee waiver and/or expense reimbursement(a)		(902,543	)
Distribution fee waiver(a)		(102,830	)
Net expenses		21,358,350
Net investment income (loss)		(8,341,596	)
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(10,511))		(15,011,659	)
Foreign currency transactions		(145,443	)
		(15,157,102	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $57,304)		265,885,680
Foreign currencies		2,520
		265,888,200
Net gain (loss) on investment and foreign currency transactions		250,731,098
Net Increase (Decrease) In Net Assets Resulting From Operations	$	242,389,502

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

	Class A			Class C			Class Z			Class R2			Class R4			Class R6
Distribution fee		616,977			1,985,244			—			27			—			—
Shareholder servicing fees		—			—			—			10			103			—
Transfer agent’s fees and expenses		235,169			209,047			1,236,305			68			137			3,959
Registration fees		24,130			23,612			69,093			23,303			23,303			63,155
Fee waiver and/or expense reimbursement		(315,047	)		(56,166	)		(332,983	)		(23,355	)		(23,440	)		(151,552	)
Distribution fee waiver		(102,830	)		—			—			—			—			—

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 23

Statements of Changes in Net Assets

	Year Ended October 31,
	2019			2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(8,341,596	)	$	(5,397,731	)
Net realized gain (loss) on investment and foreign currency transactions		(15,157,102	)		(31,754,951	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		265,888,200			(9,911,236	)
Net increase (decrease) in net assets resulting from operations		242,389,502			(47,063,918	)
Series share transactions (Net of share conversions)
Net proceeds from shares sold		1,382,201,174			1,284,233,392
Cost of shares reacquired		(582,671,951	)		(256,901,201	)
Net increase (decrease) in net assets from Series share transactions		799,529,223			1,027,332,191
Total increase (decrease)		1,041,918,725			980,268,273
Net Assets:
Beginning of year		1,513,853,593			533,585,320
End of year	$	2,555,772,318		$	1,513,853,593

See Notes to Financial Statements.

24

Notes to Financial Statements

Prudential World Fund, Inc. (the “Fund”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company and currently consists of seven series: PGIM Jennison Emerging Markets Equity Opportunities Fund, PGIM Jennison Global Opportunities Fund, PGIM Jennison International Opportunities Fund and PGIM QMA International Equity Fund, each of which are diversified funds and PGIM Jennison Global Infrastructure Fund, PGIM Emerging Markets Debt Hard Currency Fund and PGIM Emerging Markets Debt Local Currency Fund, each of which are non-diversified funds for purposes of the 1940 Act and may invest a greater percentage of their 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. These financial statements relate only to the PGIM Jennison Global Opportunities Fund (the “Series”).

The investment objective of the Series is to seek long-term growth of capital.

1. Accounting Policies

The Series 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 accounting policies conform to U.S. generally accepted accounting principles. The Series consistently follows such policies in the preparation of its financial statements.

Securities Valuation:The Series holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Fund’s Board of Directors (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Series 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. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

For the fiscal reporting year-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

PGIM Jennison Global Opportunities Fund 25

Notes to Financial Statements(continued)

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 Series’ foreign investments may change on days when investors cannot purchase or redeem Series shares.

Various inputs determine how the Series’ 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 Measurements and Disclosures.

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

Foreign equities traded on foreign securities exchanges are generally valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements up to the time the Series is valued. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price for each security. If the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred stock valuation policies discussed above.

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

Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies 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.

26

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the Manager 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.

Illiquid Securities:Pursuant to Rule 22e-4 under the 1940 Act, the Series has adopted a Board approved Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Series limit its illiquid investments that are assets to no more than 15% of net assets. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Series may find it difficult to sell illiquid securities at the time considered most advantageous by its subadviser and may incur transaction costs that would not be incurred in the sale of securities that were freely marketable.

Restricted Securities:Securities acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer are considered restricted as to disposition under federal securities law (“restricted securities”). Such restricted securities are valued pursuant to the valuation procedures noted above. Restricted securities that would otherwise be considered illiquid investments pursuant to the Series’ LRMP because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. Therefore, these Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act of 1933, may be classified higher than “illiquid” under the LRMP (i.e. “moderately liquid” or “less liquid” investments). However, the liquidity of the Series’ investments in restricted securities could be impaired if trading does not develop or declines.

Foreign Currency Translation:The books and records of the Series 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 current rates of exchange;

(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 Series are presented at the foreign exchange rates and market values at the close of the period, the Series does not generally isolate that portion of

PGIM Jennison Global Opportunities Fund 27

Notes to Financial Statements(continued)

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 Series 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 realized foreign currency gains (losses) are included in the reported net realized gains (losses) on investment transactions.

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 forward currency transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Series’ 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.

Master Netting Arrangements:The Fund, on behalf of the Series, 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 Series. A master netting arrangement between the Series and the counterparty permits the Series to offset amounts payable by the Series to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Series to cover the Series’ 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. During the reporting period, there was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

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

28

securities fail financially, the Series has the right to repurchase the securities in the open market using the collateral.

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

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 Series becomes aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Class specific expenses 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.

Taxes:It is the Series’ 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:The Series expects to pay dividends from net investment income and distributions from net realized capital and currency gains, if any, annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, 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.

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.

PGIM Jennison Global Opportunities Fund 29

Notes to Financial Statements(continued)

2. Agreements

The Fund, on behalf of the Series, has a management agreement with the Manager. Pursuant to this agreement, the Manager has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. In addition, under the management agreement, the Manager provides all of the administrative functions necessary for the organization, operation and management of the Series. The Manager administers the corporate affairs of the Series and, in connection therewith, furnishes the Series with office facilities, together with those ordinary clerical and bookkeeping services which are not being furnished by the Series’ custodian and the Series’ transfer agent. The Manager is also responsible for the staffing and management of dedicated groups of legal, marketing, compliance and related personnel necessary for the operation of the Series. The legal, marketing, compliance and related personnel are also responsible for the management and oversight of the various service providers to the Series, including, but not limited to, the custodian, transfer agent, and accounting agent.

The Manager has entered into a subadvisory agreement with Jennison Associates LLC (“Jennison”). The subadvisory agreement provides that Jennison will furnish investment advisory services in connection with the management of the Series. In connection therewith, Jennison is obligated to keep certain books and records of the Series. The Manager pays for the services of Jennison, the cost of compensation of officers of the Series, occupancy and certain clerical and bookkeeping costs of the Series. The Series bears all other costs and expenses.

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.825% of the Series’on average daily net assets up to $1 billion and 0.800% of such assets in excess of $1 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.812% for the year ended October 31, 2019.

The Manager has contractually agreed, through February 28, 2021, to limit net annual operating expenses (exclusive of distribution and service (12b-1) fees, and transfer agency expenses (including sub-transfer agency and networking fees), of each class of shares to 0.84% of the Series’ average daily net assets and to limit transfer agency, shareholder servicing, sub-transfer agency, and blue sky fees, as applicable, to the extent that such fees cause the net Series annual operating expenses to exceed 1.34% of average daily net assets for Class R2 shares and 1.09% of average daily net assets for Class R4 shares. Additionally, the Manager has contractually agreed, through February 28, 2021, to limit annual operating expenses after fee waivers and/or expense reimbursements to 1.08% of average daily net assets for Class A shares. These contractual waivers exclude 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 Series expenses such as dividend and interest expense and broker charges on short sales. Where

30

applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives similar expenses on any other share class and, 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 may be recouped by the Manager within the same fiscal year during which such waiver/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 Fund, on behalf of the Series, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class C, Class Z, Class R2, Class R4 and Class R6 shares of the Series. The Series compensates PIMS for distributing and servicing the Series’ Class A, Class C and Class R2 shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z, Class R4 and Class R6 shares of the Series.

Pursuant to the Distribution Plans, the Series compensates PIMS for distribution related activities at an annual rate of up to 0.30%, 1% and 0.25% of the average daily net assets of the Class A, Class C and Class R2 shares, respectively. PIMS has contractually agreed to limit such fees to 0.25% of the average daily net assets of the Class A shares through February 28, 2021.

The Series has adopted a Shareholder Services Plan with respect to Class R2 and Class R4 shares. Under the terms of the Shareholder Services Plan, Class R2 and Class R4 shares are authorized to pay to Prudential Mutual Fund Services LLC (“PMFS”), its affiliates or third-party service providers, as compensation for services rendered to the shareholders of such Class R2 or Class R4 shares, a shareholder service fee at an annual rate of 0.10% of the average daily net assets attributable to Class R2 and Class R4 shares. The shareholder service fee is accrued daily and paid monthly.

For the year ended October 31, 2019, PIMS received $1,609,872 in front-end sales charges resulting from sales of Class A shares. Additionally, for the year ended October 31, 2019, PIMS received $166 and $48,917 in contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders, respectively. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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

PGIM Jennison Global Opportunities Fund 31

Notes to Financial Statements(continued)

3. Other Transactions with Affiliates

PMFS serves as the Fund’s transfer 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 Series may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. Through the Series’ investments in the mentioned underlying funds, PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services. In addition to the realized and unrealized gains on investments in the Core Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

The Series 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, and/or common officers. Pursuant to the Rule 17a-7 procedures and consistent with guidance issued by the SEC, the Fund’s Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such 17a-7 transactions were effected in accordance with the Series’ Rule 17a-7 procedures. For the year ended October 31, 2019, no 17a-7 transactions were entered into by the Series.

4. 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 year ended October 31, 2019, were $1,862,563,647 and $1,073,326,498, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the year ended October 31, 2019, is presented as follows:

32

Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)			Value, End of Year		Shares, End of Year		Income
PGIM Core Ultra Short Bond Fund*
$          15,403,571	$	843,510,586	$	819,350,775	$	—	$	—		$	39,563,382		39,563,382	$	870,089
PGIM Institutional Money Market Fund*
210,761,557		1,702,829,425		1,697,130,436		57,304		(10,511	)		216,507,339		216,464,046		388,176	**
$        226,165,128	$	2,546,340,011	$	2,516,481,211	$	57,304	$	(10,511	)	$	256,070,721			$	1,258,265

* The Fund did not have any capital gain distributions during the reporting period.

** This amount is included in “Income from securities lending, net” on the Statement of Operations.

5. Distributions and Tax Information

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on the ex-date. In order to present total distributable earnings (loss) and paid-in capital in excess of par on the Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to total distributable earnings (loss) and paid-in capital in excess of par. For the year ended October 31, 2019, the adjustments were to increase total distributable earnings and decrease paid-in capital in excess of par by $1,602,137 due to a net operating loss. Net investment income (loss), net realized gain (loss) on investment and foreign currency transactions and net assets were not affected by this change.

For the years ended October 31, 2019, and October 31, 2018, there were no distributions paid by the Series.

As of October 31, 2019, there were no undistributed earnings on a tax basis.

The United States federal income tax basis of the Series’ investments and the net unrealized appreciation as of October 31, 2019 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$2,418,403,370	$431,735,604	$(58,331,477)	$373,404,127

The difference between book basis and tax basis was primarily due to deferred losses on wash sales, corporate spin-off adjustment and mark-to-market of receivables and payables.

For federal income tax purposes, the Series had a capital loss carryforward as of October 31, 2019 of approximately $55,063,000 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.

PGIM Jennison Global Opportunities Fund 33

Notes to Financial Statements(continued)

The Series elected to treat certain late-year ordinary income losses of approximately $7,514,000 as having been incurred in the following fiscal year (October 31, 2020).

The Manager has analyzed the Series’ 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 Series’ financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Series’ U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2019 are subject to such review.

6. Capital and Ownership

The Series offers Class A, Class C, Class Z, Class R2, Class R4 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 contingent deferred sales charge (“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 10 years after purchase. Class Z, Class R2, Class R4 and Class R6 shares are not subject to any sales or redemption charge 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 Series to one or more other share classes of the Series as presented in the table of transactions in shares of common stock.

The Fund is authorized to issue 5.075 billion shares of common stock, with a par value of $0.01 per share, which is divided into seven series. There are 950 million shares authorized for the Series, divided into seven classes, designated Class A, Class C, Class Z, Class R2, Class R4, and Class R6 and Class T common stock, each of which consists of 50 million, 70 million, 300 million, 75 million, 75 million, 255 million and 125 million authorized shares, respectively. The Series currently does not have any Class T shares outstanding.

As of October 31, 2019, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned 486 Class R2 shares and 486 Class R4 shares of the Series. At reporting period end, seven shareholders of record, each holding greater than 5% of the Series, held 76% of the Series’ outstanding shares.

34

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Year ended October 31, 2019:
Shares sold		3,574,488		$	84,046,392
Shares reacquired		(1,608,919	)		(37,497,401	)
Net increase (decrease) in shares outstanding before conversion		1,965,569			46,548,991
Shares issued upon conversion from other share class(es)		474,149			11,517,082
Shares reacquired upon conversion into other share class(es)		(505,773	)		(12,200,682	)
Net increase (decrease) in shares outstanding		1,933,945		$	45,865,391
Year ended October 31, 2018:
Shares sold		5,248,520		$	120,535,515
Shares reacquired		(1,281,008	)		(28,827,088	)
Net increase (decrease) in shares outstanding before conversion		3,967,512			91,708,427
Shares issued upon conversion from other share class(es)		145,935			3,322,018
Shares reacquired upon conversion into other share class(es)		(796,366	)		(18,356,167	)
Net increase (decrease) in shares outstanding		3,317,081		$	76,674,278
Class C
Year ended October 31, 2019:
Shares sold		2,968,766		$	65,835,812
Shares reacquired		(1,453,589	)		(31,834,459	)
Net increase (decrease) in shares outstanding before conversion		1,515,177			34,001,353
Shares reacquired upon conversion into other share class(es)		(651,781	)		(14,977,319	)
Net increase (decrease) in shares outstanding		863,396		$	19,024,034
Year ended October 31, 2018:
Shares sold		5,122,386		$	111,862,993
Shares reacquired		(586,124	)		(12,752,680	)
Net increase (decrease) in shares outstanding before conversion		4,536,262			99,110,313
Shares reacquired upon conversion into other share class(es)		(283,448	)		(6,256,038	)
Net increase (decrease) in shares outstanding		4,252,814		$	92,854,275
Class Z
Year ended October 31, 2019:
Shares sold		34,742,508		$	829,611,273
Shares reacquired		(19,222,576	)		(449,656,211	)
Net increase (decrease) in shares outstanding before conversion		15,519,932			379,955,062
Shares issued upon conversion from other share class(es)		823,877			20,194,422
Shares reacquired upon conversion into other share class(es)		(211,940	)		(5,148,266	)
Net increase (decrease) in shares outstanding		16,131,869		$	395,001,218
Year ended October 31, 2018:
Shares sold		34,289,075		$	799,365,247
Shares reacquired		(8,598,020	)		(197,942,065	)
Net increase (decrease) in shares outstanding before conversion		25,691,055			601,423,182
Shares issued upon conversion from other share class(es)		1,037,287			24,312,057
Shares reacquired upon conversion into other share class(es)		(160,174	)		(3,726,870	)
Net increase (decrease) in shares outstanding		26,568,168		$	622,008,369
Class R2
Period ended October 31, 2019*:
Shares sold		1,288		$	30,000
Net increase (decrease) in shares outstanding before conversion		1,288			30,000
Shares reacquired upon conversion into other share class(es)		(802	)		(19,896	)
Net increase (decrease) in shares outstanding		486		$	10,104

PGIM Jennison Global Opportunities Fund 35

Notes to Financial Statements(continued)

Class R4	Shares			Amount
Period ended October 31, 2019*:
Shares sold		15,428		$	381,279
Shares reacquired		—	**		(4	)
Net increase (decrease) in shares outstanding before conversion		15,428			381,275
Shares reacquired upon conversion into other share class(es)		(992	)		(24,682	)
Net increase (decrease) in shares outstanding		14,436		$	356,593
Class R6
Year ended October 31, 2019:
Shares sold		16,578,431		$	402,296,418
Shares reacquired		(2,630,526	)		(63,683,876	)
Net increase (decrease) in shares outstanding before conversion		13,947,905			338,612,542
Shares issued upon conversion from other share class(es)		26,917			659,341
Net increase (decrease) in shares outstanding		13,974,822		$	339,271,883
Year ended October 31, 2018:
Shares sold		10,875,042		$	252,469,637
Shares reacquired		(729,939	)		(17,379,368	)
Net increase (decrease) in shares outstanding before conversion		10,145,103			235,090,269
Shares issued upon conversion from other share class(es)		29,504			705,000
Net increase (decrease) in shares outstanding		10,174,607		$	235,795,269

* Commencement of offering was December 27, 2018.

** Less than one full share.

7. Borrowings

The Fund, on behalf of the Series, along with other affiliated registered investment companies (the “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 current SCA in effect at the reporting period-end as well as the prior SCA.

	Current SCA	Prior SCA
Term of Commitment	10/3/2019 – 10/1/2020	10/4/2018 – 10/2/2019
Total Commitment	$ 900 million	$ 900 million
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	1.25% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate 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

36

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 Funds in the SCA equitably.

The Series did not utilize the SCA during the year ended October 31, 2019.

8. Risks of Investing in the Series

The Series’ risks include, but are not limited to, some or all of the risks discussed below:

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.

Equity and Equity-Related Securities Risks:The value of a particular security could go down and you could lose money. In addition to an individual security losing value, the value of the equity markets or a sector in which the Series invests could go down. The Series’ holdings can vary significantly from broad market indexes and the performance of the Series can deviate from the performance of these indexes. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

Foreign Securities Risk:The Series’ investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Series may invest may have markets that are less liquid, less regulated and more volatile than US markets. The value of the Series’ investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability.

Market and Credit Risk:Securities markets may be volatile and the market prices of the Series’ 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 Series fall, the value of an investment in the Series will decline. Additionally, the Series may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Series has unsettled or open transactions defaults.

9. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in

PGIM Jennison Global Opportunities Fund 37

Notes to Financial Statements(continued)

addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the Series’ policy for the timing of transfers between levels. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Manager has evaluated the implications of certain provisions of the ASU and has determined to early adopt aspects related to the removal and modification of certain fair value measurement disclosures under the ASU effective immediately. The Manager continues to evaluate certain other provisions of the ASU and does not expect a material impact to financial statement disclosures.

38

Financial Highlights

Class A Shares
	Year Ended October 31,
	2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$21.47			$20.72			$15.14			$15.63			$14.08
Income (loss) from investment operations:
Net investment income (loss)		(0.11	)		(0.13	)		(0.09	)		(0.05	)		(0.09	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.22			0.88			5.67			(0.44	)		1.64
Total from investment operations		3.11			0.75			5.58			(0.49	)		1.55
Net asset value, end of year		$24.58			$21.47			$20.72			$15.14			$15.63
Total Return(b):		14.49%			3.62%			36.86%			(3.13	)%		11.01%
Ratios/Supplemental Data:
Net assets, end of year (000)		$236,118			$164,764			$90,247			$89,579			$74,049
Average net assets (000)		$205,653			$142,313			$70,810			$100,220			$36,635
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.08%			1.14%			1.19%			1.20%			1.38%
Expenses before waivers and/or expense reimbursement		1.28%			1.30%			1.33%			1.36%			1.56%
Net investment income (loss)		(0.45)%			(0.55)%			(0.55)%			(0.31)%			(0.63)%
Portfolio turnover rate(e)		52%			62%			79%			88%			58%

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

(b) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles.

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

(d) Effective November 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(e) The Series’ portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Series’ portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 39

Financial Highlights(continued)

Class C Shares
	Year Ended October 31,
	2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$20.41			$19.85			$14.61			$15.20			$13.79
Income (loss) from investment operations:
Net investment income (loss)		(0.29	)		(0.30	)		(0.22	)		(0.15	)		(0.20	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.04			0.86			5.46			(0.44	)		1.61
Total from investment operations		2.75			0.56			5.24			(0.59	)		1.41
Net asset value, end of year		$23.16			$20.41			$19.85			$14.61			$15.20
Total Return(b):		13.47%			2.82%			35.87%			(3.88	)%		10.22%
Ratios/Supplemental Data:
Net assets, end of year (000)		$211,290			$168,587			$79,531			$52,246			$28,982
Average net assets (000)		$198,518			$136,788			$55,922			$50,113			$11,330
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.94%			1.94%			1.94%			1.95%			2.12%
Expenses before waivers and/or expense reimbursement		1.97%			1.99%			2.03%			2.06%			2.27%
Net investment income (loss)		(1.31)%			(1.35)%			(1.28)%			(1.07)%			(1.37)%
Portfolio turnover rate(e)		52%			62%			79%			88%			58%

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

(b) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles.

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

(d) Effective November 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(e) The Series’ portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Series’ portfolio turnover rate may be higher.

See Notes to Financial Statements.

40

Class Z Shares
	Year Ended October 31,
	2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$21.82			$21.00			$15.31			$15.77			$14.17
Income (loss) from investment operations:
Net investment income (loss)		(0.07	)		(0.08	)		(0.05	)		(0.01	)		(0.06	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.26			0.90			5.74			(0.45	)		1.66
Total from investment operations		3.19			0.82			5.69			(0.46	)		1.60
Net asset value, end of year		$25.01			$21.82			$21.00			$15.31			$15.77
Total Return(b):		14.62%			3.90%			37.17%			(2.92	)%		11.29%
Ratios/Supplemental Data:
Net assets, end of year (000)		$1,466,571			$927,492			$334,783			$114,228			$102,800
Average net assets (000)		$1,228,375			$693,749			$193,977			$131,042			$48,494
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.94%			0.93%			0.94%			0.95%			1.15%
Expenses before waivers and/or expense reimbursement		0.96%			0.97%			1.02%			1.06%			1.28%
Net investment income (loss)		(0.31)%			(0.35)%			(0.28)%			(0.07)%			(0.41)%
Portfolio turnover rate(e)		52%			62%			79%			88%			58%

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

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles.

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

(d) Effective November 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(e) The Series’ portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Series’ portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 41

Financial Highlights(continued)

Class R2 Shares
	December 27, 2018(a) through October 31, 2019
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$20.59
Income (loss) from investment operations:
Net investment income (loss)		(0.12	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		4.55
Total from investment operations		4.43
Net asset value, end of period		$25.02
Total Return(c):		21.52%
Ratios/Supplemental Data:
Net assets, end of period (000)		$12
Average net assets (000)		$13
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.34%	(e)
Expenses before waivers and/or expense reimbursement		216.05%	(e)
Net investment income (loss)		(0.58)%	(e)
Portfolio turnover rate(f)		52%

(a) Commencement of offering.

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

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

(f) The Series’ portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Series’ portfolio turnover rate may be higher.

See Notes to Financial Statements.

42

Class R4 Shares
	December 27, 2018(a) through October 31, 2019
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$20.59
Income (loss) from investment operations:
Net investment income (loss)		(0.10	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		4.59
Total from investment operations		4.49
Net asset value, end of period		$25.08
Total Return(c):		21.81%
Ratios/Supplemental Data:
Net assets, end of period (000)		$362
Average net assets (000)		$122
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.97%	(e)
Expenses before waivers and/or expense reimbursement		23.67%	(e)
Net investment income (loss)		(0.46)%	(e)
Portfolio turnover rate(f)		52%

(a) Commencement of offering.

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

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

(f) The Series’ portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Series’ portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 43

Financial Highlights(continued)

Class R6 Shares
	Year Ended October 31,												December 22, 2014(a) through October 31,
	2019			2018			2017			2016			2015
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$21.90			$21.06			$15.33			$15.78			$14.15
Income (loss) from investment operations:
Net investment income (loss)		(0.06	)		(0.06	)		(0.04	)		0.01			(0.03	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.29			0.90			5.77			(0.46	)		1.66
Total from investment operations		3.23			0.84			5.73			(0.45	)		1.63
Net asset value, end of period		$25.13			$21.90			$21.06			$15.33			$15.78
Total Return(c):		14.75%			3.99%			37.38%			(2.85	)%		11.52%
Ratios/Supplemental Data:
Net assets, end of period (000)		$641,419			$253,010			$29,023			$8,647			$11
Average net assets (000)		$448,178			$133,984			$14,700			$7,736			$11
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.84%			0.84%			0.84%			0.84%			1.09%	(f)
Expenses before waivers and/or expense reimbursement		0.87%			0.90%			0.92%			0.95%			1.18%	(f)
Net investment income (loss)		(0.23	)%		(0.26	)%		(0.23	)%		0.05%			(0.27)%	(f)
Portfolio turnover rate(g)		52%			62%			79%			88%			58%

(a) Commencement of offering.

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

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(e) Effective November 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(f) Annualized.

(g) The Series’ portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Series’ portfolio turnover rate may be higher.

See Notes to Financial Statements.

44

Report of Independent Registered Public Accounting Firm

To the Shareholders of PGIM Jennison Global Opportunities Fund and Board of Directors Prudential World Fund, Inc.:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of PGIM Jennison Global Opportunities Fund, a series of Prudential World Fund, Inc., (the Fund), including the schedule of investments, as of October 31, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in thetwo-year period ended October 31, 2019, and the related notes (collectively, the financial statements) and the financial highlights for the years or periods indicated therein. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the years in thetwo-year period ended October 31, 2019, and the financial highlights for the years or periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2019, by correspondence with the custodian, transfer agent, and brokers, or by other appropriate auditing procedures when replies were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more PGIM and/or Prudential Retail investment companies since 2003.

New York, New York

December 16, 2019

PGIM Jennison Global Opportunities Fund 45

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS(unaudited)

Information about Board Members and Officers of the Fund is set forth below. Board Members who are not deemed to be “interested persons” of the Fund, as defined in the 1940 Act, are referred to as “Independent Board Members.” Board Members who are deemed to be “interested persons” of the Fund are referred to as “Interested Board Members.” The Board Members are responsible for the overall supervision of the operations of the Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Board in turn elects the Officers, who are responsible for administering theday-to-day operations of the Fund.

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Ellen S. Alberding   3/11/58 Board Member Portfolios Overseen: 96	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); Vice Chair, City Colleges of Chicago (community college system) (2011-2015); Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); Trustee, Economic Club of Chicago (since 2009); Trustee, Loyola University (since 2018).	None.	Since September 2013
Kevin J. Bannon   7/13/52 Board Member Portfolios Overseen: 96	Retired; Managing Director (April2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; President (May2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008).	Since July 2008

PGIM Jennison Global Opportunities Fund

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Linda W. Bynoe   7/9/52 Board Member Portfolios Overseen: 96	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Ltd. (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co. (broker-dealer).	Director of Anixter International, Inc. (communication products distributor) (since January 2006); Director of Northern Trust Corporation (financial services) (since April 2006); Trustee of Equity Residential (residential real estate) (since December 2009).	Since March 2005
Barry H. Evans   11/2/60 Board Member Portfolios Overseen: 95	Retired; formerly President (2005 – 2016), Global Chief Operating Officer (2014– 2016), Chief Investment Officer – Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management U.S.	Formerly Director, Manulife Trust Company (2011-2018); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).	Since September 2017
Keith F. Hartstein   10/13/56 Board Member & Independent Chair Portfolios Overseen: 96	Retired; Member (since November 2014) of the Governing Council of the Independent Directors Council (organization of independent mutual fund directors); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.	Since September 2013

Visit our website at pgiminvestments.com

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Laurie Simon Hodrick   9/29/62 Board Member Portfolios Overseen: 95	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Professor of Law, Stanford Law School (since 2015); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008).	Independent Director, Synnex Corporation (since April 2019) (information technology); Independent Director, Kabbage, Inc. (since July 2018) (financial services); Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017
Michael S. Hyland, CFA   10/4/45 Board Member Portfolios Overseen: 96	Retired (since February 2005); formerly Senior Managing Director (July 2001-February 2005) of Bear Stearns & Co, Inc.; Global Partner, INVESCO (1999-2001); Managing Director and President of Salomon Brothers Asset Management (1989-1999).	None.	Since July 2008
Brian K. Reid   9/22/61 Board Member Portfolios Overseen: 95	Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); Director, ICI Mutual Insurance Company (2012-2017).	None.	Since March 2018

PGIM Jennison Global Opportunities Fund

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Grace C. Torres   6/28/59 Board Member Portfolios Overseen: 95	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National Bank; Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank.	Since November 2014

Interested Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Stuart S. Parker   10/5/62 Board Member & President Portfolios Overseen: 96	President of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); Executive Vice President of Prudential Investment Management Services LLC (since December 2012); formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011).	None.	Since January 2012

Visit our website at pgiminvestments.com

Interested Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Scott E. Benjamin   5/21/73 Board Member & Vice President Portfolios Overseen:96	Executive Vice President (since June 2009) of PGIM Investments LLC; Executive Vice President (June 2009-June 2012) and Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).	None.	Since March 2010

Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Raymond A. O’Hara   9/11/55 Chief Legal Officer	Vice President and Corporate Counsel (since July 2010) of Prudential Insurance Company of America (Prudential); Vice President (March 2011-Present) of Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey; Vice President and Corporate Counsel (March 2011-Present) of Prudential Annuities Life Assurance Corporation; Chief Legal Officer of PGIM Investments LLC (since June 2012); Chief Legal Officer of Prudential Mutual Fund Services LLC (since June 2012) and Corporate Counsel of AST Investment Services, Inc. (since June 2012); formerly Assistant Vice President and Corporate Counsel (September 2008-July 2010) of The Hartford Financial Services Group, Inc.; formerly Associate (September 1980-December 1987) and Partner (January 1988–August 2008) of Blazzard & Hasenauer, P.C. (formerly, Blazzard, Grodd & Hasenauer, P.C.).	Since June 2012

PGIM Jennison Global Opportunities Fund

Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Dino Capasso 8/19/74 Chief Compliance Officer	Chief Compliance Officer (July 2019-Present) of PGIM Investments LLC; Chief Compliance Officer (July 2019-Present) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM High Yield Bond Fund, Inc.; Vice President and Deputy Chief Compliance Officer (June 2017-2019) of PGIM Investments LLC; formerly, Senior Vice President and Senior Counsel (January 2016-June 2017), and Vice President and Counsel (February 2012-December 2015) of Pacific Investment Management Company LLC.	Since March 2018
Andrew R. French 12/22/62 Secretary	Vice President of PGIM Investments LLC (December 2018-Present); formerly Vice President and Corporate Counsel (February 2010-December 2018) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since October 2006
Jonathan D. Shain 8/9/58 Assistant Secretary	Vice President and Corporate Counsel (since August 1998) of Prudential; Vice President and Assistant Secretary (since May 2001) of PGIM Investments LLC; Vice President and Assistant Secretary (since February 2001) of Prudential Mutual Fund Services LLC; formerly Vice President and Assistant Secretary (May 2003-June 2005) of AST Investment Services, Inc.	Since May 2005
Claudia DiGiacomo 10/14/74 Assistant Secretary	Vice President and Corporate Counsel (since January 2005) of Prudential; Vice President and Assistant Secretary of PGIM Investments LLC (since December 2005); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005
Diana N. Huffman 4/14/82 Assistant Secretary	Vice President and Corporate Counsel (since September 2015) of Prudential; formerly Associate at Willkie Farr & Gallagher LLP (2009-2015).	Since March 2019
Kelly A. Coyne 8/8/68 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since March 2015
Christian J. Kelly 5/5/75 Treasurer and Principal Financial and Accounting Officer	Vice President, Head of Fund Administration of PGIM Investments LLC (since November 2018); formerly, Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).	Since January 2019

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Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Lana Lomuti 6/7/67 Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since April 2014
Russ Shupak 10/08/73 Assistant Treasurer	Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration.	Since October 2019
Deborah Conway 3/26/69 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since October 2019
Elyse M. McLaughlin 1/20/74 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.	Since October 2019
Charles H. Smith 1/11/73 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Anti-Money Laundering Unit (since January 2015) of Prudential; committee member of the American Council of Life Insurers Anti-Money Laundering and Critical Infrastructure Committee (since January 2016); formerly Global Head of Economic Sanctions Compliance at AIG Property Casualty (February 2007-December 2014); Assistant Attorney General at the New York State Attorney General’s Office, Division of Public Advocacy. (August 1998-January 2007).	Since January 2017

^(a)  Excludes Mr. Parker and Mr. Benjamin, interested Board Members who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

∎ Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC.

∎ Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey07102-4410.

∎ There is no set term of office for Board Members or Officers. The Board Members have adopted a retirement policy, which calls for the retirement of Board Members on December 31 of the year in which they reach the age of 75.

∎ “Other Directorships Held” includes only directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, “public companies”) or other investment companies registered under the 1940 Act.

∎ “Portfolios Overseen” includes all investment companies managed by PGIM Investments LLC. The investment companies for which PGIM Investments LLC serves as manager include the PGIM Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

PGIM Jennison Global Opportunities Fund

Approval of Advisory Agreements(unaudited)

The Fund’s Board of Directors

The Board of Directors (the “Board”) of PGIM Jennison Global Opportunities Fund (the “Fund”)¹ consists of eleven individuals, nine of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”).² The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Directors have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. The Board has established four standing committees: the Audit Committee, the Nominating and Governance Committee, and two Investment Committees. Each committee is chaired by, and composed of, Independent Directors.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and the Fund’s subadvisory agreement with Jennison Associates LLC (“Jennison”). In considering the renewal of the agreements, the Board, including all of the Independent Directors, met on May 30, 2019 and on June 11-13, 2019 and approved the renewal of the agreements through July 31, 2020, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments and Jennison. Also, the Board considered comparisons with other mutual funds in relevant Peer Universes and Peer Groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Directors advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments and the subadviser, the performance of the Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund’s assets grow. In their deliberations, the Directors did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund. In connection with its deliberations, the Board

¹  PGIM Jennison Global Opportunities Fund is a series of Prudential World Fund, Inc.

²  Grace C. Torres was an Interested Director of the Fund at the time the Board considered and approved the renewal of the Fund’s advisory agreements, but has since become an Independent Director of the Fund.

PGIM Jennison Global Opportunities Fund

Approval of Advisory Agreements(continued)

considered information provided by PGIM Investments throughout the year at regular Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the meetings on May 30, 2019 and on June 11-13, 2019.

The Directors determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a management agreement, and between PGIM Investments and Jennison, which serves as the Fund’s subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Directors considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Directors’ reaching their determinations to approve the continuance of the agreements are separately discussed below.

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments and Jennison. The Board noted that Jennison is affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for the Fund, as well as the provision of fund recordkeeping, compliance and other services to the Fund, and PGIM Investments’ role as administrator for the Fund’s liquidity risk management program. With respect to PGIM Investments’ oversight of the subadviser, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments’ senior management on the performance and operations of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Directors of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by Jennison, including investment research and security selection, as well as adherence to the Fund’s investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments’ evaluation of the subadviser, as well as PGIM Investments’ recommendation, based on its review of the subadviser, to renew the subadvisory agreement.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of the Fund and Jennison, and also considered the qualifications, backgrounds and responsibilities of Jennison’s portfolio managers who are responsible for the day-to-day management of the Fund’s portfolio. The Board was provided with information pertaining to PGIM Investments’ and Jennison’s organizational structure, senior management, investment operations, and other

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relevant information pertaining to both PGIM Investments and Jennison. The Board also noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer (“CCO”) as to both PGIM Investments and Jennison.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments and the subadvisory services provided to the Fund by Jennison, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments and Jennison under the management and subadvisory agreements.

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund’s investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser’s capital structure and cost of capital. However, the Board considered that the cost of services provided by PGIM Investments to the Fund during the year ended December 31, 2018 exceeded the management fees paid by the Fund, resulting in an operating loss to PGIM Investments. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

The Board received and discussed information concerning economies of scale that PGIM Investments may realize as the Fund’s assets grow beyond current levels. The Board noted that the management fee schedule for the Fund includes breakpoints, which have the effect of decreasing the fee rate as assets increase. During the course of time, the Board has considered information regarding the launch date of the Fund, the management fees of the Fund compared to those of similarly managed funds and PGIM Investments’ investment in the Fund over time. The Board noted that economies of scale may be shared with the Fund in several ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment. The Board considered PGIM Investments’ assertion that it continually evaluates the management fee schedule of the Fund and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase.

PGIM Jennison Global Opportunities Fund

Approval of Advisory Agreements(continued)

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of PGIM Investments’ costs are not specific to individual funds, but rather are incurred across a variety of products and services.

Other Benefits to PGIM Investments and Jennison

The Board considered potential ancillary benefits that might be received by PGIM Investments, Jennison and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund’s transfer agent (which is affiliated with PGIM Investments), as well as benefits to its reputation or other intangible benefits resulting from PGIM Investments’ association with the Fund. The Board concluded that the potential benefits to be derived by Jennison included the ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments and Jennison were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-, three- and five-year periods ended December 31, 2018.

The Board also considered the Fund’s actual management fee, as well as the Fund’s net total expense ratio, for the fiscal year ended October 31, 2018. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

The mutual funds included in the Peer Universe, which was used to consider performance, and the Peer Group, which was used to consider fees and expenses, were objectively determined by Broadridge, an independent provider of mutual fund data. In certain circumstances, PGIM Investments also provided supplemental Peer Universe or Peer Group information for reasons addressed with the Board. The comparisons placed the Fund in various quartiles over various periods, with the first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

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The section below summarizes key factors considered by the Board and the Board’s conclusions regarding the Fund’s performance, fees and overall expenses. The table sets forth net performance comparisons (which reflect the impact on performance of fund expenses, or any subsidies, expense caps or waivers that may be applicable) with the Peer Universe, actual management fees with the Peer Group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the Peer Group, each of which were key factors considered by the Board.

Net Performance	1 Year	3 Years	5 Years	10 Years
	1st Quartile	1st Quartile	1st Quartile	N/A
Actual Management Fees: 3rd Quartile
Net Total Expenses: 3rd Quartile

• The Board noted that Fund outperformed its benchmark index over all periods.

• The Board noted information provided by PGIM Investments indicating that the Fund’s net total expense ratio was less than half a basis point from the median of the Peer Group.

• The Board and PGIM Investments agreed to retain the Fund’s existing contractual expense cap which (exclusive of certain fees and expenses) limits total annual operating expenses at 0.84% for Class C shares, Class R6 shares and Class Z shares, and limits transfer agency, shareholder servicing, sub-transfer agency and blue sky fees to the extent that such fees cause net annual Fund operating expenses to exceed 1.34% for Class R2 shares or 1.09% for Class R4 shares through February 29, 2020.

• The Board and PGIM Investments has also agreed to retain the Fund’s existing contractual expense cap with respect to Class A shares, which (exclusive of certain fees and expenses) limits total annual fund operating expenses to 1.08% for Class A shares.

• In addition, PGIM Investments will 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, and has agreed that total annual fund operating expenses for Class R6 shares will not exceed total annual fund operating expenses for Class Z shares.

• The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to continue to monitor performance and to renew the agreements.

• The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

*    *    *

After full consideration of these factors, the Board concluded that the approval of the agreements was in the best interests of the Fund and its shareholders.

PGIM Jennison Global Opportunities Fund

∎ MAIL	∎ TELEPHONE	∎ WEBSITE
655 Broad Street Newark, NJ 07102	(800) 225-1852	pgiminvestments.com

PROXY VOTING

The Board of Directors 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. 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.

DIRECTORS

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

OFFICERS

Stuart S. Parker,President• Scott E. Benjamin,Vice President• Christian J. Kelly,Treasurer and Principal Financial and Accounting Officer• Raymond A. O’Hara,Chief Legal Officer• Dino Capasso,Chief Compliance Officer• Charles H. Smith,Anti-Money Laundering Compliance Officer• Andrew R. French,Secretary• Jonathan D. Shain,Assistant Secretary• Claudia DiGiacomo,Assistant Secretary• Diana N. Huffman,Assistant Secretary• Kelly A. Coyne,Assistant Secretary• Lana Lomuti,Assistant Treasurer• Russ Shupak,Assistant Treasurer• Elyse McLaughlin,Assistant Treasurer• Deborah Conway,Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	Jennison Associates LLC	466 Lexington Avenue New York, NY 10017
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 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
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 atpgiminvestments.com 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 topgiminvestments.com/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 byvisiting the website address above.

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

Shareholders can communicate directly with the Board of Directors by writing to the Chair of the Board, PGIM Jennison Global Opportunities Fund, PGIM Investments, Attn: Board of Directors, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Director by writing to 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 on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov. Form N-PORT is filed with the Commission quarterly, and each Fund’s full portfolio holdings as of the first and third fiscal quarter-ends (as of the third month of the Fund’s fiscal quarter for reporting periods on or after September 30, 2019) will be made publicly available 60 days after the end of each quarter at sec.gov.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Directors and is available without charge, upon request, by calling (800) 225-1852.

Mutual Funds:

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

PGIM JENNISON GLOBAL OPPORTUNITIES FUND

SHARE CLASS	A	C	Z	R2	R4	R6
NASDAQ	PRJAX	PRJCX	PRJZX	PRJBX	PRJDX	PRJQX
CUSIP	743969719	743969693	743969685	743969438	743969420	743969594

MF214E

PGIM JENNISON INTERNATIONAL OPPORTUNITIES FUND

ANNUAL REPORT

OCTOBER 31, 2019

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (pgiminvestments.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-225-1852 or by sending an email request to PGIM Investments at shareholderreports@pgim.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary or follow instructions included with this notice to elect to continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-225-1852 or send an email request to shareholderreports@pgim.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

To enroll in e-delivery, go to pgiminvestments.com/edelivery

Objective:To seek long-term growth of capital

Highlights(unaudited)

• Markets were highly volatile in the reporting period. In the index, information technology, utilities, real estate, and consumer discretionary posted the largest gains. Energy was the worst-performing sector and only negative sector.

• Holdings in the consumer discretionary sector were strong contributors to the Fund’s performance during the reporting period, led by Lululemon Athletica.

• On a sector level, stock selection in consumer staples, health care, information technology, communication services, and financials also contributed to performance. Having no exposure to the poor-performing energy sector was also beneficial.

• Other key contributors to total return included Canadian e-commerce platform Shopify, Chinese spirits maker Kweichow Moutai, Chinese Internet platform Tencent, and Paris-based beauty products company L’Oreal.

• Not having any holdings in the utilities and real estate sectors detracted from the Fund’s relative performance during the period, while stock selection in the materials sector also detracted modestly.

• Other detractors included Danish biotech company Novozymes, lithium-producer Albemarle, German payment processor Wirecard, Swedish music-streaming service Spotify Technology, and online retailer ASOS.

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

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

Mutual funds are distributed by Prudential Investment Management Services LLC, member SIPC. Jennison Associates LLC is a registered investment adviser. Both are Prudential Financial companies.^© 2019 Prudential Financial, Inc. and its related entities. Jennison Associates, Jennison, 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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Table of Contents

Letter from the President	5
Your Fund’s Performance	6
Growth of a $10,000 Investment	7
Strategy and Performance Overview	10
Fees and Expenses	14
Holdings and Financial Statements	17
Approval of Advisory Agreements

PGIM Jennison International Opportunities Fund 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

We hope you find the annual report for the PGIM Jennison International Opportunities Fund informative and useful. The report covers performance for the12-month period that ended October 31, 2019.

While the US economy remained healthy, with rising corporate profits and strong job growth, the Federal Reserve cut interest rates three times in the

latter half of the period. The cuts were a proactive attempt by the Fed to extend the longest domestic economic expansion on record as growth in many regions weakened. China in particular showed signs of slowing amid trade tensions with the US, and turmoil in the United Kingdom continued as it negotiates an exit from the European Union.

The interest-rate cuts helped boost the performance of stocks globally. For the period overall, large-cap US equities along with stocks in developed and emerging foreign markets all rose by double digits. Small-cap US stocks posted a single-digit gain. This positive performance came despite significant volatility early in the period. Equities plunged at the end of 2018 on concerns about China’s economy, a potential global trade war, higher interest rates, and worries that profit growth might slow. Stocks reversed course early in 2019, rising sharply after the Fed moderated its position on additional rate hikes for the remainder of the year.

The overall US bond market posted strong returns during the period on a significant rally in interest rates that saw the 10-year US Treasury yield decline from over 3% to under 2%. Investment-grade corporate bonds led the way with a double-digit gain, while corporate high yield and municipal bonds each had a return in the high single digits. Globally, bonds in developed markets delivered strong returns, and emerging markets debt rose by double digits.

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 consider it a great privilege and responsibility to help investors participate in opportunities across global markets while meeting their toughest investment challenges. PGIM is a top-10 global investment manager with more than $1 trillion in assets under management. This scale and investment expertise allow us to deliver actively managed funds and strategies to meet the needs of investors around the globe.

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Jennison International Opportunities Fund

December 16, 2019

PGIM Jennison International Opportunities Fund 5

Your Fund’s Performance(unaudited)

Performance data quoted represents 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 atpgiminvestments.com or by calling (800) 225-1852.

	Average Annual Total Returns as of 10/31/19 (with sales charges)
	One Year (%)		Five Years (%)		Since Inception (%)
Class A		16.60		7.15		9.21 (6/5/12)
Class C		21.28		7.54		9.21 (6/5/12)
Class R		22.89		N/A		5.32 (11/20/17)
Class Z		23.56		8.63		10.31 (6/5/12)
Class R2		N/A		N/A		30.46* (12/27/18)
Class R4		N/A		N/A		30.79* (12/27/18)
Class R6		23.72		N/A		11.13 (12/23/15)
MSCI ACWI ex-US Index
		11.27		3.82		—
	Average Annual Total Returns as of 10/31/19 (without sales  charges)
	One Year (%)		Five Years (%)		Since Inception (%)
Class A		23.39		8.37		10.04 (6/5/12)
Class C		22.28		7.54		9.21 (6/5/12)
Class R		22.89		N/A		5.32 (11/20/17)
Class Z		23.56		8.63		10.31 (6/5/12)
Class R2		N/A		N/A		30.46* (12/27/18)
Class R4		N/A		N/A		30.79* (12/27/18)
Class R6		23.72		N/A		11.13 (12/23/15)
MSCI ACWI ex-US Index
		11.27		3.82		—

*Not annualized.

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Growth of a $10,000 Investment(unaudited)

The graph compares a $10,000 investment in the Fund’s Class Z shares with a similar investment in the MSCI ACWI ex-US Index by portraying the initial account values at the commencement of operations for Class Z shares (June 5, 2012) and the account values at the end of the current fiscal year (October 31, 2019), as measured on a quarterly basis. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted; and (b) all dividends and distributions were reinvested. The line graph provides information for Class Z shares only. As indicated in the tables provided earlier, performance for other share classes will vary due to the differing charges and expenses applicable to each share class (as indicated in the following paragraphs). Without waiver of fees and/or expense reimbursements, if any, the Fund’s returns would have been lower.

Past performance does not predict future performance. Total returns and the ending account values in the graph include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. The Fund’s total returns do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares.

Source: PGIM Investments LLC and Lipper Inc.

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 each class’ inception date.

PGIM Jennison International Opportunities Fund 7

Your Fund’s Performance(continued)

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 R	Class Z	Class R2	Class R4	Class R6
Maximum initial sales charge	5.50% of the public offering price	None	None	None	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	None	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%	0.75% (0.50% currently)	None	0.25%	None	None
Shareholder services fees	None	None	None	None	0.10%	0.10%	None

Benchmark Definitions

MSCI All Country World Index ex-US Index—The Morgan Stanley Capital International All Country Worldex-US Index (MSCI ACWI ex-US Index) is an unmanaged free float-adjusted market capitalization-weighted index that is designed to provide a broad measure of stock performance throughout the world, with the exception of US-based companies. The Index includes both developed and emerging markets. The average annual total returns for the Index measured from the month-end closest to the inception date of the Fund’s Class A, Class C, and Class Z shares are 7.05%, 0.66% for Class R shares, and 7.44% for Class R6 shares. The cumulative total return for the Index measured from the month-end closest to the inception date of the Fund’s Class R2 and Class R4 shares is 15.45%.

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

Presentation of Fund Holdingsas of 10/31/19

Ten Largest Holdings	Line of Business	Country	% of Net Assets
Lululemon Athletica, Inc.	Textiles, Apparel & Luxury Goods	United States	5.0%
L’Oreal SA	Personal Products	France	4.5%
Safran SA	Aerospace & Defense	France	3.9%
LVMH Moet Hennessy Louis Vuitton SE	Textiles, Apparel & Luxury Goods	France	3.9%
Dassault Systemes SE	Software	France	3.9%
Ferrari NV	Automobiles	Italy	3.7%
Straumann Holding AG	Health Care Equipment & Supplies	Switzerland	3.7%
Adyen NV	IT Services	Netherlands	3.7%
Kweichow Moutai Co. Ltd. (Class A Stock)	Beverages	China	3.6%
Alibaba Group Holding Ltd.	Internet & Direct Marketing Retail	China	3.6%

For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-term Investments.

PGIM Jennison International Opportunities Fund 9

Strategy and Performance Overview(unaudited)

How did the Fund perform?

ThePGIM Jennison International Opportunities Fund’s Class Z shares returned 23.56% in the12-month reporting period that ended October 31, 2019, outperforming the 11.27% return of the MSCI All Country Worldex-US Index (the Index).

What was the market environment?

• Global equity markets were highly volatile during the reporting period.

• An abruptsell-off in late 2018 reflected mounting investor concerns about the rising risk of a major trade war with China, the pace of US economic growth, decelerating expansion innon-US economies, US interest rate increases and their effect on US growth, the state of US alliances with other major trading partners, and discord and uncertainty about domestic policy.

• US equity markets subsequently rebounded as the Federal Reserve signaled a pause in federal funds rate hikes, corporate earnings reports generally indicated continued strength, and sentiment grew that trade friction would be resolved.

• Markets fell again as the period ended on a re-escalation of trade tension.

• In the Index, information technology, utilities, real estate, and consumer discretionary posted the largest gains. Energy was the worst-performing sector and only negative sector.

What worked?

• Holdings in the consumer discretionary sector were strong contributors to the Fund’s performance during the reporting period, led byLululemon Athletica Inc. The company’s new products, integrated marketing, and online sales momentum—combined with ahigh-end customer base and “athleisure fashion trends”—drove strong customer traffic, sales conversion, and comparable store sales. The company also has strong brand positioning, international prospects, margin-expansion opportunities, and attractive return on invested capital, in Jennison’s view.

• On a sector level, stock selection in consumer staples, health care, information technology, communication services, and financials also contributed to performance. Having no exposure to the poor-performing energy sector was also beneficial.

• Other notable contributors were found among multiple sectors:

• Shopify Inc.’s cloud-based,easy-to-use infrastructure tools position it well for the secular shift to digital commerce and accelerating demand for omnichannele-commerce in the retail industry, in Jennison’s view. Recurring revenue and gross merchandise volume growth showed strength throughout the period as the company added both small and large merchants at a robust pace.

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• Kweichow Moutai is a leading Chinese spirits maker. The company’s strong brand equity and healthy distribution channels have helped it expand its market share in the premium segment. Jennison believes Kweichow stands to benefit from rising demand for premium spirits and rapid growth in its “Series” products, which target themid-range tohigh-end market segment. Furthermore, Jennison likes the company’s strong profitability, return on capital, cash flow, and balance sheet. Financial results were solid during the period. Margin expansion was driven by product mix upgrades and operating leverage.

• Tencent Holdings Ltd., China’s largest and most-visited Internet service portal, performed fundamentally well during the period, driven by its dominant position in China’s online gaming and instant messaging markets and its growing advertising and payment-service efforts. Best known in China for its WeChat and QQ messaging along with its mobile-payment apps, the company is the world’s largest videogame publisher by revenue. Jennison expects advertising revenue gains and strong growth in its mobile-gaming and digital-content divisions to continue driving growth.

• Paris-basedL’Oréal SA is the world’s largest beauty products company. It makes cosmetics, perfume, and hair and skin care products for the mass consumer market (L’Oréal Paris and Maybelline brands), the luxury consumer market (Lancôme), and the retail and salon markets (Redken and SoftSheen/Carson). The company generates abouttwo-thirds of its sales outside Europe, with the US and China its two largest markets. L’Oréal enjoyedtop-line momentum, market share gains, and margin expansion during the period, which Jennison believes may continue to drive superior earnings growth.

What didn’t work?

• Not having any holdings in the utilities and real estate sectors detracted from the Fund’s relative performance during the reporting period, while stock selection in the materials sector also detracted modestly.

• In materials:

• Novozymes A/S is the world’s largest enzyme producer, operating across a wide range of industries to develop innovative solutions through biotechnology. Jennison’s investment thesis was that organic growth would accelerate driven by the BioAg Alliance and new product launches. Jennison sold the position by the end of the period when this thesis did not play out as expected.

• As with other commodity-based stocks,Albemarle Corp. is exposed to supply-demand dynamics that drive underlying commodity prices. As demand for lithium has increased, so too have production levels, leading to increased supply. The resulting

PGIM Jennison International Opportunities Fund 11

Strategy and Performance Overview(continued)

drop in lithium prices made Jennison less constructive on Albemarle’s long-duration earnings power. Jennison sold the position in January 2019.

• In other sectors:

• Based in Munich, Germany,Wirecard AG offers electronic payment and processing services in more than 120 currencies with more than 15,000 corporate customers. Its largest customer segment ise-commerce retailers in Germany and Western Europe, but it continues to expand in Asia and elsewhere. Shares declined on allegations of breaches in the company’s accounting procedures. Jennison eliminated the position in February 2019.

• Headquartered in Sweden,Spotify Technology SA operates a music streaming platform that connects artists and music listeners, who can access the platform on an advertisement-supported basis or by paying a subscription fee. Second-quarter 2019 earnings included a slight subscriber mix. However, due to uncertainty involving long-term growth opportunities, Jennison sold the position in September 2019.

• ASOS plc targets fashionable,Web-savvy16- to34-year-olds. Its websites offer hundreds of brands ofT-shirts, denim, dresses, footwear, lingerie, swimwear, beauty products, accessories, and jewelry. ASOS has local-language sites in France, Germany, Italy, Spain, Australia, Russia, the UK, and the US. However, after not seeing expected progress in ASOS fundamentals, Jennison sold the position in December 2018.

Current outlook

• After months of trade friction between the US and China, both consumer and business sentiment show signs of fraying. The trade war has already claimed casualties in industries directly exposed to existing tariffs. Without clarity or a new agreement with China, the fallout from already-implemented trade restraints likely will increasingly weigh on business confidence and consumer spending, in Jennison’s view, as companies take steps to mitigate these restraints and pass on the higher costs of doing business. With this uncertainty, business planning and investing likely will be hampered, with delays and hesitancy in spending probable. The US political landscape is likewise unsettled and apt to weigh on confidence and activity, as impeachment proceedings against President Trump begin and the 2020 election cycle ramps up.

• The most powerful offset to these headwinds is the health of the US consumer, in Jennison’s view. Employment remains strong, and incremental wage gains continue.

• Jennison expects the portfolio’s earnings growth to remain above market average for the balance of this year and next. Dramatic short-term moves in the market, driven by significant uncertainty in the macroeconomic environment, are leading to material near-term valuation swings.

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• Jennison continues to remain focused on the growth outlook of companies held in the Fund. Driven by powerful secular trends, Jennison believes the growing revenue streams of Fund holdings in industries such ase-commerce,software-as-a-service, and payments should be durable against an uncertain backdrop.

The percentage points shown in the tables below identify each security’s positive or negative contribution to the Fund’s return, which is the sum of all contributions by individual holdings during the Fund’s reporting period.

Top Contributors (%)		Top Detractors (%)
Shopify	2.99	Wirecard	–1.98
Kweichow Moutai	2.43	Novozymes	–0.50
Lululemon Athletica	2.06	Spotify Technology	–0.48
Tencent Holdings	1.61	ASOS	–0.36
L’Oreal	1.31	Albermarle	–0.31

PGIM Jennison International Opportunities Fund 13

Fees and Expenses(unaudited)

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 October 31, 2019. 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

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and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information 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  Jennison International Opportunities  Fund		Beginning Account Value May 1, 2019		Ending Account Value October 31, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,040.50		1.09	%	$	5.61
	Hypothetical	$	1,000.00	$	1,019.71		1.09	%	$	5.55
Class C	Actual	$	1,000.00	$	1,035.40		1.92	%	$	9.85
	Hypothetical	$	1,000.00	$	1,015.53		1.92	%	$	9.75
Class R	Actual	$	1,000.00	$	1,038.40		1.46	%	$	7.50
	Hypothetical	$	1,000.00	$	1,017.85		1.46	%	$	7.43
Class Z	Actual	$	1,000.00	$	1,041.10		0.90	%	$	4.63
	Hypothetical	$	1,000.00	$	1,020.67		0.90	%	$	4.58
Class R2	Actual	$	1,000.00	$	1,039.00		1.26	%	$	6.48
	Hypothetical	$	1,000.00	$	1,018.85		1.26	%	$	6.41
Class R4	Actual	$	1,000.00	$	1,040.60		0.94	%	$	4.83
	Hypothetical	$	1,000.00	$	1,020.47		0.94	%	$	4.79
Class R6	Actual	$	1,000.00	$	1,041.10		0.84	%	$	4.32
	Hypothetical	$	1,000.00	$	1,020.97		0.84	%	$	4.28

* 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 184 days in the six-month period ended October 31, 2019, and divided by the 365 days in the Fund’s fiscal year ended October 31, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

PGIM Jennison International Opportunities Fund 15

Schedule of Investments

as of October 31, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    98.4%
COMMON STOCKS    94.9%
Argentina    2.6%
MercadoLibre, Inc.*		30,740	$	16,031,525
Australia    2.1%
Cochlear Ltd.		90,543		13,174,188
Canada    2.4%
Shopify, Inc. (Class A Stock)*		47,542		14,907,745
China    14.5%
Alibaba Group Holding Ltd., ADR*		126,342		22,320,841
Jiangsu Hengrui Medicine Co. Ltd. (Class A Stock)		940,105		12,088,909
Kweichow Moutai Co. Ltd. (Class A Stock)		134,903		22,509,531
Meituan Dianping (Class B Stock)*		1,338,513		15,935,291
Wuxi Biologics Cayman, Inc., 144A*		1,495,636		17,569,105
				90,423,677
Denmark    1.5%
Novo Nordisk A/S (Class B Stock)		172,051		9,411,344
France    25.6%
Airbus SE		141,690		20,287,943
Dassault Systemes SE		157,936		23,983,108
Kering SA		19,083		10,870,495
L’Oreal SA		96,770		28,224,068
LVMH Moet Hennessy Louis Vuitton SE		57,232		24,407,896
Pernod Ricard SA		100,975		18,651,437
Remy Cointreau SA(a)		64,945		8,693,454
Safran SA		155,559		24,591,092
				159,709,493
Germany    4.7%
adidas AG		52,988		16,363,945
SAP SE		95,561		12,645,312
				29,009,257
Hong Kong    3.4%
AIA Group Ltd.		1,254,619		12,452,193
Techtronic Industries Co. Ltd.		1,085,597		8,501,051
				20,953,244

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 17

Schedule of Investments(continued)

as of October 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
India    2.1%
HDFC Bank Ltd., ADR		218,357	$	13,339,429
Italy    5.9%
Brunello Cucinelli SpA		432,968		13,571,810
Ferrari NV		146,309		23,450,498
				37,022,308
Netherlands    6.8%
Adyen NV, 144A*		32,792		23,008,013
ASML Holding NV		73,480		19,221,447
				42,229,460
Switzerland    10.2%
Alcon, Inc.*		120,544		7,120,420
Givaudan SA		6,227		18,280,964
Novartis AG		173,805		15,151,421
Straumann Holding AG		25,964		23,183,383
				63,736,188
Taiwan    1.4%
Sea Ltd., ADR*(a)		300,041		8,929,220
United Kingdom    6.7%
Ashtead Group PLC		286,491		8,719,312
AstraZeneca PLC		148,291		14,426,515
Experian PLC		591,604		18,606,776
				41,752,603
United States    5.0%
Lululemon Athletica, Inc.*		154,073		31,472,492
TOTAL COMMON STOCKS (cost $481,223,498)				592,102,173

See Notes to Financial Statements.

18

Description	Shares		Value
PREFERRED STOCK    3.5%
Germany
Sartorius AG (PRFC) (cost $13,598,252)		114,395	$	22,210,264
TOTAL LONG-TERM INVESTMENTS (cost $494,821,750)				614,312,437
SHORT-TERM INVESTMENTS    3.9%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(w)		11,654,389		11,654,389
PGIM Institutional Money Market Fund (cost $12,382,600; includes $12,364,612 of cash collateral for securities on loan)(b)(w)		12,381,254		12,383,731
TOTAL SHORT-TERM INVESTMENTS (cost $24,036,989)				24,038,120
TOTAL INVESTMENTS    102.3% (cost $518,858,739)				638,350,557
Liabilities in excess of other assets    (2.3)%				(14,276,660	)
NET ASSETS    100.0%			$	624,073,897

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

144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.

ADR—American Depositary Receipt

LIBOR—London Interbank Offered Rate

PRFC—Preference Shares

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $12,004,657; cash collateral of $12,364,612 (included in liabilities) was received with which the Series purchased highly liquid short-term investments.

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

(w) PGIM Investments LLC, the manager of the Series, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund.

Fair Value Measurements:

Various inputs are used in determining the value of the Series’ 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.

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 19

Schedule of Investments(continued)

as of October 31, 2019

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

The following is a summary of the inputs used as of October 31, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Common Stocks
Argentina	$	16,031,525	$	—	$	—
Australia		—		13,174,188		—
Canada		14,907,745		—		—
China		22,320,841		68,102,836		—
Denmark		—		9,411,344		—
France		—		159,709,493		—
Germany		—		29,009,257		—
Hong Kong		—		20,953,244		—
India		13,339,429		—		—
Italy		—		37,022,308		—
Netherlands		—		42,229,460		—
Switzerland		—		63,736,188		—
Taiwan		8,929,220		—		—
United Kingdom		—		41,752,603		—
United States		31,472,492		—		—
Preferred Stock
Germany		—		22,210,264		—
Affiliated Mutual Funds		24,038,120		—		—
Total	$	131,039,372	$	507,311,185	$	—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2019 were as follows (unaudited):

Textiles, Apparel & Luxury Goods	15.4	%
Health Care Equipment & Supplies	10.5
Internet & Direct Marketing Retail	8.8
Pharmaceuticals	8.1
Beverages	8.0
Aerospace & Defense	7.2
IT Services	6.1
Software	6.0
Personal Products	4.5
Affiliated Mutual Funds (2.0% represents investments purchased with collateral from securities on loan)	3.9
Automobiles	3.7
Semiconductors & Semiconductor Equipment	3.1

Professional Services	3.0	%
Chemicals	2.9
Life Sciences Tools & Services	2.8
Banks	2.1
Insurance	2.0
Entertainment	1.4
Trading Companies & Distributors	1.4
Machinery	1.4
	102.3
Liabilities in excess of other assets	(2.3	)
	100.0	%

See Notes to Financial Statements.

20

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

The Series entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions where the legal right toset-off exists is presented in the summary below.

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value  of Recognized Assets/(Liabilities)		Collateral Pledged/(Received)(1)			Net Amount
Securities on Loan	$	12,004,657	$	(12,004,657	)	$	—

(1) Collateral amount disclosed by the Series is limited to the market value of financial instruments/transactions.

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 21

Statement of Assets and Liabilities

as of October 31, 2019

Assets
Investments at value, including securities on loan of $12,004,657:
Unaffiliated investments (cost $494,821,750)	$	614,312,437
Affiliated investments (cost $24,036,989)		24,038,120
Foreign currency, at value (cost $79,464)		79,732
Receivable for Series shares sold		3,345,632
Tax reclaim receivable		1,713,527
Dividends receivable		137
Prepaid expenses and other assets		5,361
Total Assets		643,494,946
Liabilities
Payable to broker for collateral for securities on loan		12,364,612
Payable for investments purchased		4,130,801
Payable for Series shares reacquired		2,272,943
Management fee payable		275,578
Accrued expenses and other liabilities		191,258
Distribution fee payable		125,280
Affiliated transfer agent fee payable		60,542
Affiliated shareholder servicing fees payable		35
Total Liabilities		19,421,049
Net Assets	$	624,073,897
Net assets were comprised of:
Common stock, at par	$	318,071
Paid-in capital in excess of par		539,177,513
Total distributable earnings (loss)		84,578,313
Net assets, October 31, 2019	$	624,073,897

See Notes to Financial Statements.

22

Class A
Net asset value and redemption price per share, ($26,777,854 ÷ 1,372,183 shares of common stock issued and outstanding)	$	19.51
Maximum sales charge (5.50% of offering price)		1.14
Maximum offering price to public	$	20.65
Class C
Net asset value, offering price and redemption price per share, ($5,301,826 ÷ 287,468 shares of common stock issued and outstanding)	$	18.44
Class R
Net asset value, offering price and redemption price per share, ($280,311,192 ÷ 14,386,364 shares of common stock issued and outstanding)	$	19.48
Class Z
Net asset value, offering price and redemption price per share, ($208,628,508 ÷ 10,551,582 shares of common stock issued and outstanding)	$	19.77
Class R2
Net asset value, offering price and redemption price per share, ($233,112 ÷ 11,835 shares of common stock issued and outstanding)	$	19.70
Class R4
Net asset value, offering price and redemption price per share, ($846,031 ÷ 42,844 shares of common stock issued and outstanding)	$	19.75
Class R6
Net asset value, offering price and redemption price per share, ($101,975,374 ÷ 5,154,775 shares of common stock issued and outstanding)	$	19.78

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 23

Statement of Operations

Year Ended October 31, 2019

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $603,845 foreign withholding tax)	$	5,136,058
Affiliated dividend income		204,073
Income from securities lending, net (including affiliated income of $22,536)		48,438
Total income		5,388,569
Expenses
Management fee		4,113,335
Distribution fee(a)		2,194,423
Shareholder servicing fees (including affiliated expense of $110)(a)		247
Transfer agent’s fees and expenses (including affiliated expense of $376,081)(a)		535,365
Custodian and accounting fees		235,156
Registration fees(a)		142,515
Shareholders’ reports		69,469
SEC registration fees		54,619
Audit fee		27,875
Legal fees and expenses		19,505
Directors’ fees		19,441
Miscellaneous		73,254
Total expenses		7,485,204
Less: Fee waiver and/or expense reimbursement(a)		(663,727	)
Distribution fee waiver(a)		(705,532	)
Net expenses		6,115,945
Net investment income (loss)		(727,376	)
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $113)		(18,413,267	)
Foreign currency transactions		(114,663	)
		(18,527,930	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $3,553)		124,074,160
Foreign currencies		59,130
		124,133,290
Net gain (loss) on investment and foreign currency transactions		105,605,360
Net Increase (Decrease) In Net Assets Resulting From Operations	$	104,877,984

See Notes to Financial Statements.

24

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

	Class A			Class C			Class R			Class Z			Class R2			Class R4			Class R6
Distribution fee		61,797			46,836			2,085,698			—			92			—			—
Shareholder servicing fees		—			—			—			—			—			247			—
Transfer agent’s fees and expenses		32,967			6,173			358,422			136,938			64			280			521
Registration fees		14,266			12,975			16,526			25,041			23,445			23,445			26,817
Fee waiver and/or expense reimbursement		(65,139	)		(19,754	)		(253,123	)		(200,953	)		(23,491	)		(23,957	)		(77,310	)
Distribution fee waiver		(10,299	)		—			(695,233	)		—			—			—			—

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 25

Statements of Changes in Net Assets

	Year Ended October 31,
	2019			2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(727,376	)	$	(1,656,517	)
Net realized gain (loss) on investment and foreign currency transactions		(18,527,930	)		(6,397,062	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		124,133,290			(30,907,640	)
Net increase (decrease) in net assets resulting from operations		104,877,984			(38,961,219	)
Dividends and Distributions
Distributions from distributable earnings
Class Z		(60,708	)		(54,385	)
Class R6		(50,751	)		(54,898	)
		(111,459	)		(109,283	)
Series share transactions (Net of share conversions)
Net proceeds from shares sold		276,400,116			140,754,250
Net asset value of shares issued in reinvestment of dividends and distributions		111,341			109,173
Net asset value of shares issued in merger		—			372,771,258
Cost of shares reacquired		(181,047,151	)		(112,646,693	)
Net increase (decrease) in net assets from Series share transactions		95,464,306			400,987,988
Total increase (decrease)		200,230,831			361,917,486
Net Assets:
Beginning of year		423,843,066			61,925,580
End of year	$	624,073,897		$	423,843,066

See Notes to Financial Statements.

26

Notes to Financial Statements

Prudential World Fund, Inc. (the “Fund”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as anopen-end management investment company and currently consists of seven series: PGIM Jennison Emerging Markets Equity Opportunities Fund, PGIM Jennison Global Opportunities Fund, PGIM Jennison International Opportunities Fund and PGIM QMA International Equity Fund, each of which are diversified funds and PGIM Jennison Global Infrastructure Fund, PGIM Emerging Markets Debt Hard Currency Fund and PGIM Emerging Markets Debt Local Currency Fund, each of which arenon-diversified funds for purposes of the 1940 Act and may invest a greater percentage of their assets in the securities of a single company or other issuer than a diversified fund. Investing in anon-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 anon-diversified fund. These financial statements relate only to the PGIM Jennison International Opportunities Fund (the “Series”).

The investment objective of the Series is to seek long-term growth of capital.

1. Accounting Policies

The Series 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 accounting policies conform to U.S. generally accepted accounting principles. The Series consistently follows such policies in the preparation of its financial statements.

Securities Valuation:The Series holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Fund’s Board of Directors (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Series 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. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

For the fiscal reportingyear-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

PGIM Jennison International Opportunities Fund 27

Notes to Financial Statements(continued)

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 Series’ foreign investments may change on days when investors cannot purchase or redeem Series shares.

Various inputs determine how the Series’ 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 Measurements and Disclosures.

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

Foreign equities traded on foreign securities exchanges are generally valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements up to the time the Series is valued. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price for each security. If the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred stock valuation policies discussed above.

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

Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies 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.

28

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the Manager 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.

Illiquid Securities:Pursuant to Rule22e-4 under the 1940 Act, the Series has adopted a Board approved Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Series limit its illiquid investments that are assets to no more than 15% of net assets. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Series may find it difficult to sell illiquid securities at the time considered most advantageous by its subadviser and may incur transaction costs that would not be incurred in the sale of securities that were freely marketable.

Restricted Securities:Securities acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer are considered restricted as to disposition under federal securities law (“restricted securities”). Such restricted securities are valued pursuant to the valuation procedures noted above. Restricted securities that would otherwise be considered illiquid investments pursuant to the Series’ LRMP because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. Therefore, these Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act of 1933, may be classified higher than “illiquid” under the LRMP (i.e. “moderately liquid” or “less liquid” investments). However, the liquidity of the Series’ investments in restricted securities could be impaired if trading does not develop or declines.

Foreign Currency Translation:The books and records of the Series 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 current rates of exchange;

(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 Series are presented at the foreign exchange rates and market values at the close of the period, the Series does not generally isolate that portion of

PGIM Jennison International Opportunities Fund 29

Notes to Financial Statements(continued)

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 Series 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 realized foreign currency gains (losses) are included in the reported net realized gains (losses) on investment transactions.

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 forward currency transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Series’ 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.

Master Netting Arrangements:The Fund, on behalf of the Series, 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 Series. A master netting arrangement between the Series and the counterparty permits the Series to offset amounts payable by the Series to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Series to cover the Series’ exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right toset-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 toset-off the amount owed with the amount owed by the other party, the reporting party intends toset-off and the right ofset-off is enforceable by law. During the reporting period, there was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

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

30

securities fail financially, the Series has the right to repurchase the securities in the open market using the collateral.

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

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 theex-date, or for certain foreign securities, when the Series becomes aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Class specific expenses 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.

Taxes:It is the Series’ 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:The Series expects to pay dividends from net investment income and distributions from net realized capital and currency gains, if any, annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on theex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) andpaid-in capital in excess of par, as appropriate.

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.

PGIM Jennison International Opportunities Fund 31

Notes to Financial Statements(continued)

2. Agreements

The Fund, on behalf of the Series, has a management agreement with the Manager. Pursuant to this agreement, the Manager has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. In addition, under the management agreement, the Manager provides all of the administrative functions necessary for the organization, operation and management of the Series. The Manager administers the corporate affairs of the Series and, in connection therewith, furnishes the Series with office facilities, together with those ordinary clerical and bookkeeping services which are not being furnished by the Series’ custodian and the Series’ transfer agent. The Manager is also responsible for the staffing and management of dedicated groups of legal, marketing, compliance and related personnel necessary for the operation of the Series. The legal, marketing, compliance and related personnel are also responsible for the management and oversight of the various service providers to the Series, including, but not limited to, the custodian, transfer agent, and accounting agent.

The Manager has entered into a subadvisory agreement with Jennison Associates LLC (“Jennison”). The subadvisory agreement provides that Jennison will furnish investment advisory services in connection with the management of the Series. In connection therewith, Jennison is obligated to keep certain books and records of the Series. The Manager pays for the services of Jennison, the cost of compensation of officers of the Series, occupancy and certain clerical and bookkeeping costs of the Series. The Series bears all other costs and expenses.

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.825% of the Series’ on average daily net assets up to and including $1 billion and 0.800% of such assets in excess of $1 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.825% for the year ended October 31, 2019.

The Manager has contractually agreed, through February 28, 2021, to reimburse and/or waive fees so that the Series’ net annual operating expenses of each share class does not exceed 0.84% of the Series’ average daily net assets (exclusive of distribution and service(12b-1) fees, and transfer agency expenses (includingsub-transfer agency and networking fees)) and to limit transfer agency, shareholder servicing,sub-transfer agency, and blue sky fees, as applicable, to the extent that such fees cause the net annual operating expenses to exceed 1.34% of average daily net assets for Class R2 shares or 1.09% of average daily net assets for Class R4 shares. Additionally, the Manager has contractually agreed, through February 28, 2021, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 1.09% of average daily net assets for Class A shares. Separately, the Manager has contractually agreed to waive and/or reimburse up to 0.06% of certain other expenses on an annualized basis, through February 28, 2021, to the extent that the total net

32

annual operating expenses exceed 1.90% of average daily net assets for Class C shares, 1.48% of average daily net assets for Class R shares, 0.90% of average daily net assets for Class Z shares and 0.84% of average daily net assets for Class R6 shares. The contractual waivers and expense limitation above exclude 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 Series 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 similar expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager 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 Fund, on behalf of the Series, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class C, Class R, Class Z, Class R2, Class R4 and Class R6 shares of the Series. The Series compensates PIMS for distributing and servicing the Series’ Class A, Class C, Class R and Class R2 shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z, Class R4 and Class R6 shares of the Series.

Pursuant to the Distribution Plans, the Series compensates PIMS for distribution related activities at an annual rate of up to 0.30%, 1%, 0.75% and 0.25% of the average daily net assets of the Class A, Class C, Class R and Class R2 shares, respectively. PIMS has contractually agreed through February 28, 2021 to limit such expenses to 0.25% and 0.50% of the average daily net assets of the Class A and Class R shares, respectively.

The Series has adopted a Shareholder Services Plan with respect to Class R2 and Class R4 shares. Under the terms of the Shareholder Services Plan, Class R2 and Class R4 shares are authorized to pay to Prudential Mutual Fund Services LLC (“PMFS”), its affiliates or third-party service providers, as compensation for services rendered to the shareholders of such Class R2 or Class R4 shares, a shareholder service fee at an annual rate of 0.10% of the average daily net assets attributable to Class R2 and Class R4 shares. The shareholder service fee is accrued daily and paid monthly.

For the year ended October 31, 2019, PIMS received $129,506 infront-end sales charges resulting from sales of Class A shares. Additionally, for the year ended October 31, 2019, PIMS received $909 and $1,295 in contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

PGIM Jennison International Opportunities Fund 33

Notes to Financial Statements(continued)

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

3. 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. Transfer agent’s fees and expenses in the Statement of Operations include certainout-of-pocket expenses paid tonon-affiliates, where applicable.

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

The Series may enter into certain securities purchase or sale transactions under Board approved Rule17a-7 procedures. Rule17a-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, and/or common officers. Pursuant to the Rule17a-7 procedures and consistent with guidance issued by the SEC, the Fund’s Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such17a-7 transactions were effected in accordance with the Series’ Rule17a-7 procedures. For the year ended October 31, 2019, no17a-7 transactions were entered into by the Series.

4. 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 year ended October 31, 2019, were $353,014,956 and $260,482,790, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the year ended October 31, 2019, is presented as follows:

34

Value, Beginning of Year		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Year		Shares, End of Year		Income
	PGIM Core Ultra Short Bond Fund*
$	16,359,986	$	291,331,814	$	296,037,411	$	—	$	—	$	11,654,389		11,654,389	$	204,073
	PGIM Institutional Money Market Fund*
	25,773,727		178,831,336		192,224,998		3,553		113		12,383,731		12,381,254		22,536	**
$	42,133,713	$	470,163,150	$	488,262,409	$	3,553	$	113	$	24,038,120			$	226,609

* The Fund did not have any capital gain distributions during the reporting period.

** This amount is included in “Income from securities lending, net” on the Statement of Operations.

5. Distributions and Tax Information

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on theex-date. In order to present total distributable earnings (loss) andpaid-in-capital in excess of par on the Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to total distributable earnings (loss) andpaid-in capital in excess of par. For the year ended October 31, 2019, the adjustments were to increase total distributable earnings and decreasepaid-in capital in excess of par by $846,157 primarily due to a net operating loss. Net investment income, net realized gain (loss) on investments and foreign currency transactions and net assets were not affected by this change.

For the year ended October 31, 2019, the tax character of dividends paid by the Series was $111,459 of ordinary income. For the year ended October 31, 2018, the tax character of dividends paid by the Series was $109,283 of ordinary income.

As of October 31, 2019, there were no accumulated undistributed earnings on a tax basis.

The United States federal income tax basis of the Series’ investments and the net unrealized appreciation as of October 31, 2019 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$527,509,574	$114,392,436	$(3,551,453)	$110,840,983

The difference between book basis and tax basis is primarily attributable to deferred losses on wash sales and other cost basis adjustments between financial and tax accounting.

For federal income tax purposes, the Series had a capital loss carryforward as of October 31, 2019 of approximately $26,263,000 which can be carried forward for an unlimited period.

PGIM Jennison International Opportunities Fund 35

Notes to Financial Statements(continued)

No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

The Manager has analyzed the Series’ 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 Series’ financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Series’ U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2019 are subject to such review.

6. Capital and Ownership

The Series offers Class A, Class C, Class R, Class Z, Class R2, Class R4 and Class R6 shares. Class A shares are sold with a maximumfront-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 contingent deferred sales charge (“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 10 years after purchase. Class R, Class Z, Class R2, Class R4 and Class R6 shares are not subject to any sales or redemption charge 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 Series to one or more other share classes of the Series as presented in the table of transactions in shares of common stock.

The Fund is authorized to issue 5.075 billion shares of common stock, with a par value of $0.01 per share, which is divided into seven series. There are 900 million shares authorized for the Series, divided into eight classes, designated Class A, Class C, Class R, Class Z, Class R2, Class R4, and Class R6 and Class T common stock, each of which consists of 50 million, 50 million, 150 million, 175 million, 75 million, 75 million, 200 million and 125 million authorized shares, respectively. The Series currently does not have any Class T shares outstanding.

As of October 31, 2019, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned 14,153,009 Class R shares, 662 Class R2 shares, 11,825 Class R4 shares and 748 Class R6 shares of the Series. At reporting period end, five shareholders of

36

record, each holding greater than 5% of the Series, held 79% of the Series’ outstanding shares, of which 45% were held by an affiliate of Prudential.

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Year ended October 31, 2019:
Shares sold		886,104		$	15,632,195
Shares reacquired		(462,602	)		(8,013,084	)
Net increase (decrease) in shares outstanding before conversion		423,502			7,619,111
Shares issued upon conversion from other share class(es)		70,212			1,217,757
Shares reacquired upon conversion into other share class(es)		(37,544	)		(681,733	)
Net increase (decrease) in shares outstanding		456,170		$	8,155,135
Year ended October 31, 2018:
Shares sold		660,533		$	11,796,123
Shares reacquired		(104,212	)		(1,857,275	)
Net increase (decrease) in shares outstanding before conversion		556,321			9,938,848
Shares issued upon conversion from other share class(es)		55,205			1,034,432
Shares reacquired upon conversion into other share class(es)		(5,627	)		(102,838	)
Net increase (decrease) in shares outstanding		605,899		$	10,870,442
Class C
Year ended October 31, 2019:
Shares sold		161,032		$	2,618,485
Shares reacquired		(104,446	)		(1,712,809	)
Net increase (decrease) in shares outstanding before conversion		56,586			905,676
Shares reacquired upon conversion into other share class(es)		(21,102	)		(374,296	)
Net increase (decrease) in shares outstanding		35,484		$	531,380
Year ended October 31, 2018:
Shares sold		205,864		$	3,575,262
Shares reacquired		(56,955	)		(961,489	)
Net increase (decrease) in shares outstanding before conversion		148,909			2,613,773
Shares reacquired upon conversion into other share class(es)		(4,015	)		(65,643	)
Net increase (decrease) in shares outstanding		144,894		$	2,548,130
Class R
Year ended October 31, 2019:
Shares sold		1,569,074		$	25,316,140
Shares reacquired		(3,973,963	)		(71,057,632	)
Net increase (decrease) in shares outstanding		(2,404,889	)	$	(45,741,492	)
Period ended October 31, 2018*:
Shares sold		824,982		$	14,999,820
Shares reacquired		(3,064,934	)		(55,429,940	)
Shares issued in merger		19,031,205			329,810,775
Net increase (decrease) in shares outstanding		16,791,253		$	289,380,655

PGIM Jennison International Opportunities Fund 37

Notes to Financial Statements(continued)

Class Z	Shares			Amount
Year ended October 31, 2019:
Shares sold		7,751,651		$	141,168,748
Shares issued in reinvestment of dividends and distributions		3,966			60,590
Shares reacquired		(3,691,880	)		(64,859,207	)
Net increase (decrease) in shares outstanding before conversion		4,063,737			76,370,131
Shares issued upon conversion from other share class(es)		40,055			738,030
Shares reacquired upon conversion into other share class(es)		(54,165	)		(928,258	)
Net increase (decrease) in shares outstanding		4,049,627		$	76,179,903
Year ended October 31, 2018:
Shares sold		5,157,111		$	93,161,083
Shares issued in reinvestment of dividends and distributions		3,125			54,275
Shares reacquired		(2,729,560	)		(48,279,119	)
Shares issued in merger		2,461,464			42,854,094
Net increase (decrease) in shares outstanding before conversion		4,892,140			87,790,333
Shares issued upon conversion from other share class(es)		6,420			118,183
Shares reacquired upon conversion into other share class(es)		(51,659	)		(984,134	)
Net increase (decrease) in shares outstanding		4,846,901		$	86,924,382
Class R2
Period ended October 31, 2019**:
Shares sold		11,835		$	224,514
Shares reacquired		—			(1	)
Net increase (decrease) in shares outstanding		11,835		$	224,513
Class R4
Period ended October 31, 2019**:
Shares sold		44,181		$	838,319
Shares reacquired		(1,337	)		(25,439	)
Net increase (decrease) in shares outstanding		42,844		$	812,880
Class R6
Year ended October 31, 2019:
Shares sold		4,858,514		$	90,601,715
Shares issued in reinvestment of dividends and distributions		3,322			50,751
Shares reacquired		(1,901,872	)		(35,378,979	)
Net increase (decrease) in shares outstanding before conversion		2,959,964			55,273,487
Shares issued upon conversion from other share class(es)		1,565			28,500
Net increase (decrease) in shares outstanding		2,961,529		$	55,301,987
Year ended October 31, 2018:
Shares sold		994,673		$	17,221,962
Shares issued in reinvestment of dividends and distributions		3,160			54,898
Shares reacquired		(329,043	)		(6,118,870	)
Shares issued in merger		6,114			106,389
Net increase (decrease) in shares outstanding		674,904		$	11,264,379

* Commencement of offering was November 20, 2017.

** Commencement of offering was December 27, 2018.

38

7. Borrowings

The Fund, on behalf of the Series, along with other affiliated registered investment companies (the “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 current SCA in effect at the reportingperiod-end as well as the prior SCA.

	Current SCA	Prior SCA
Term of Commitment	10/3/2019 – 10/1/2020	10/4/2018 – 10/2/2019
Total Commitment	$ 900 million	$ 900 million
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) theone-month LIBOR rate or (3) zero percent	1.25% plus the higher of (1) the effective federal funds rate, (2) theone-month LIBOR rate 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 Funds in the SCA equitably.

The Series did not utilize the SCA during the year ended October 31, 2019.

8. Risks of Investing in the Series

The Series’ risks include, but are not limited to, some or all of the risks discussed below:

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.

Equity and Equity-Related Securities Risks:The value of a particular security could go down and you could lose money. In addition to an individual security losing value, the value of the equity markets or a sector in which the Series invests could go down. The Series’ holdings can vary significantly from broad market indexes and the performance of the Series can deviate from the performance of these indexes. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

PGIM Jennison International Opportunities Fund 39

Notes to Financial Statements(continued)

Foreign Securities Risk:The Series’ investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Series may invest may have markets that are less liquid, less regulated and more volatile than US markets. The value of the Series’ investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability.

Market and Credit Risk:Securities markets may be volatile and the market prices of the Series’ 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 Series fall, the value of an investment in the Series will decline. Additionally, the Series may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Series has unsettled or open transactions defaults.

9. Reorganization

On June 7, 2017, the Board approved an Agreement and Plan of Reorganization (the “Plans”) which provided for the transfer of all the assets of Target International Equity Portfolio (the “Merged Portfolio”) for shares of Jennison International Opportunities Fund (the “Acquiring Fund”) and the assumption of the liabilities of the Merged Portfolio respectively. Shareholders approved the Plan at a meeting on November 28, 2017 and the reorganization took place on December 15, 2017.

On the reorganization date, the Merged Portfolio had the following total investment cost and value, representing the principal assets acquired by the Acquiring Fund:

Merged Portfolio	Total Investment Value		Total Investment Cost
Target International Equity Portfolio	$	325,193,997	$	319,368,212

The purpose of the transaction was to combine two funds with substantially similar investment objectives and policies.

40

The acquisition was accomplished by atax-free exchange of the following shares on December 15, 2017:

Merged Portfolio			Acquiring Fund
Target International Equity Portfolio			Jennison International Opportunities Fund
Class	Shares		Class		Shares		Value
R		28,199,749		R		19,031,205	$	329,810,775
Z		3,655,174		Z		2,461,464		42,854,094
R6		9,077		R6		6,114		106,389

For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Merged Portfolio were carried forward to reflect thetax-free status of the acquisition.

The net assets and net unrealized appreciation on investments immediately before the acquisition were as follows:

Merged Portfolio					Acquiring Fund
Target International Equity Portfolio			Unrealized Appreciation on Investments		Jennison International Opportunities Fund
Class	Net assets				Class		Net assets
R	$	329,810,775	$	5,154,385		R	$	9,834
Z		42,854,094		669,737		Z		31,606,586
R6		106,389		1,663		R6		26,367,768

Assuming the acquisition had been completed on August 1, 2017, the Acquiring Fund’s unaudited pro forma results of operations for the year ended October 31, 2018 would have been as follows:

Acquiring Fund	Net Investment loss (a)			Net realized and unrealized loss on investments (b)			Net decrease in net assets resulting from operations
Jennison International Opportunities Fund		(375,158	)		(23,698,604	)		(24,073,762	)

(a) Net investment income (loss) as reported in the Statement of Operations (year ended October 31, 2018) of the Acquiring Fund, plus net investment income from the Merged Portfoliopre-merger as follows: Target International Equity Portfolio $1,281,359.

(b) Net realized and unrealized gain (loss) on investments as reported in the Statement of Operations (year ended October 31, 2018) of the Acquiring Fund, plus net realized and unrealized gain (loss) on investments from the Merged Portfoliopre-merger as follows: Target International Equity Portfolio $13,606,098.

Since both the Merged Portfolio and the Acquiring Fund sold and redeemed shares throughout the period, it is not practicable to providepro-forma information on aper-share basis.

PGIM Jennison International Opportunities Fund 41

Notes to Financial Statements(continued)

10. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the FASB issued Accounting Standards Update (“ASU”)No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the Series’ policy for the timing of transfers between levels. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Manager has evaluated the implications of certain provisions of the ASU and has determined to early adopt aspects related to the removal and modification of certain fair value measurement disclosures under the ASU effective immediately. The Manager continues to evaluate certain other provisions of the ASU and does not expect a material impact to financial statement disclosures.

42

Financial Highlights

Class A Shares
			Year Ended October 31,
	2019		2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$15.82		$17.10			$12.36			$13.09			$13.06
Income (loss) from investment operations:
Net investment income (loss)		0.01		(0.06	)		(0.01	)		0.02			(0.05	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.68		(1.22	)		4.75			(0.75	)		0.08
Total from investment operations		3.69		(1.28	)		4.74			(0.73	)		0.03
Net asset value, end of year		$19.51		$15.82			$17.10			$12.36			$13.09
Total Return(b):		23.39%		(7.49)%			38.35%			(5.58)%			0.23%
Ratios/Supplemental Data:
Net assets, end of year (000)		$26,778		$14,496			$5,303			$2,918			$4,167
Average net assets (000)		$20,599		$10,393			$3,121			$3,575			$3,179
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.09%		1.13%			1.15%			1.15%			1.55%
Expenses before waivers and/or expense reimbursement		1.46%		1.55%			1.63%			1.74%			1.67%
Net investment income (loss)		0.04%		(0.32)%			(0.07)%			0.15%			(0.39)%
Portfolio turnover rate(e)		53%		59%			69%			65%			75%

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

(b) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles.

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

(d) Effective November 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(e) The Series’ portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Series’ portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 43

Financial Highlights(continued)

Class C Shares
				Year Ended October 31,
	2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$15.08			$16.43			$11.96			$12.77			$12.82
Income (loss) from investment operations:
Net investment income (loss)		(0.13	)		(0.18	)		(0.11	)		(0.08	)		(0.15	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.49			(1.17	)		4.58			(0.73	)		0.10
Total from investment operations		3.36			(1.35	)		4.47			(0.81	)		(0.05	)
Net asset value, end of year		$18.44			$15.08			$16.43			$11.96			$12.77
Total Return(b):		22.28%			(8.22)%			37.37%			(6.34)%			(0.39)%
Ratios/Supplemental Data:
Net assets, end of year (000)		$5,302			$3,800			$1,759			$779			$1,215
Average net assets (000)		$4,683			$3,449			$1,080			$895			$903
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.91%			1.92%			1.89%			1.90%			2.30%
Expenses before waivers and/or expense reimbursement		2.33%			2.54%			2.32%			2.44%			2.37%
Net investment income (loss)		(0.80)%			(1.05)%			(0.80)%			(0.67)%			(1.15)%
Portfolio turnover rate(e)		53%			59%			69%			65%			75%

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

(b) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles.

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

(d) Effective November 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(e) The Series’ portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Series’ portfolio turnover rate may be higher.

See Notes to Financial Statements.

44

Class R Shares
	Year Ended October 31, 2019			November 20, 2017(a) through October 31, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$15.86			$17.62
Income (loss) from investment operations:
Net investment income (loss)		(0.06	)		(0.09	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.68			(1.67	)
Total from investment operations		3.62			(1.76	)
Net asset value, end of period		$19.48			$15.86
Total Return(c):		22.89%			(9.99)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$280,311			$266,294
Average net assets (000)		$278,086			$299,955
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.47%			1.46%	(e)
Expenses before waivers and/or expense reimbursement		1.81%			1.80%	(e)
Net investment income (loss)		(0.36)%			(0.53)%	(e)
Portfolio turnover rate(f)		53%			59%

(a) Commencement of offering.

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

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

(f) The Series’ portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Series’ portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 45

Financial Highlights(continued)

Class Z Shares
				Year Ended October 31,
	2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$16.01			$17.29			$12.50			$13.20			$13.13
Income (loss) from investment operations:
Net investment income (loss)		0.03			(0.01	)		0.03			0.03			(0.03	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.74			(1.24	)		4.79			(0.73	)		0.10
Total from investment operations		3.77			(1.25	)		4.82			(0.70	)		0.07
Less Dividends and Distributions:
Dividends from net investment income		(0.01	)		(0.03	)		(0.03	)		-			-
Net asset value, end of year		$19.77			$16.01			$17.29			$12.50			$13.20
Total Return(b):		23.56%			(7.24)%			38.65%			(5.30)%			0.53%
Ratios/Supplemental Data:
Net assets, end of year (000)		$208,629			$104,113			$28,612			$18,667			$46,105
Average net assets (000)		$139,982			$75,711			$21,756			$23,274			$47,187
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.90%			0.89%			0.89%			0.90%			1.31%
Expenses before waivers and/or expense reimbursement		1.04%			1.04%			1.34%			1.41%			1.40%
Net investment income (loss)		0.15%			(0.08)%			0.23%			0.25%			(0.19)%
Portfolio turnover rate(e)		53%			59%			69%			65%			75%

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

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles.

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

(d) Effective November 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(e) The Series’ portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Series’ portfolio turnover rate may be higher.

See Notes to Financial Statements.

46

Class R2 Shares
	December 27, 2018(a) through October 31, 2019
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$15.10
Income (loss) from investment operations:
Net investment income (loss)		(0.12	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		4.72
Total from investment operations		4.60
Net asset value, end of period		$19.70
Total Return(c):		30.46%
Ratios/Supplemental Data:
Net assets, end of period (000)		$233
Average net assets (000)		$44
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.26%	(e)
Expenses before waivers and/or expense reimbursement		64.97%	(e)
Net investment income (loss)		(0.76)%	(e)
Portfolio turnover rate(f)		53%

(a) Commencement of offering.

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

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

(f) The Series’ portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Series’ portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 47

Financial Highlights(continued)

Class R4 Shares
	December 27, 2018(a) through October 31, 2019
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$15.10
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		4.67
Total from investment operations		4.65
Net asset value, end of period		$19.75
Total Return(c):		30.79%
Ratios/Supplemental Data:
Net assets, end of period (000)		$846
Average net assets (000)		$293
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.95%	(e)
Expenses before waivers and/or expense reimbursement		10.65%	(e)
Net investment income (loss)		(0.11)%	(e)
Portfolio turnover rate(f)		53%

(a) Commencement of offering.

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

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

(f) The Series’ portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Series’ portfolio turnover rate may be higher.

See Notes to Financial Statements.

48

Class R6 Shares
	Year Ended October 31,									December 23, 2015(a) through October 31, 2016
	2019			2018			2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$16.02			$17.29			$12.50			$13.25
Income (loss) from investment operations:
Net investment income (loss)		0.04			(0.01	)		0.04			0.06
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.74			(1.22	)		4.79			(0.81	)
Total from investment operations		3.78			(1.23	)		4.83			(0.75	)
Less Dividends and Distributions:
Dividends from net investment income		(0.02	)		(0.04	)		(0.04	)		-
Net asset value, end of period		$19.78			$16.02			$17.29			$12.50
Total Return(c):		23.72%			(7.15)%			38.75%			(5.66)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$101,975			$35,141			$26,252			$23,073
Average net assets (000)		$54,900			$26,736			$24,927			$23,677
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.84%			0.84%			0.84%			0.84%	(f)
Expenses before waivers and/or expense reimbursement		0.98%			1.00%			1.30%			1.43%	(f)
Net investment income (loss)		0.20%			(0.05)%			0.28%			0.60%	(f)
Portfolio turnover rate(g)		53%			59%			69%			65%

(a) Commencement of offering.

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

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(e) Effective November 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(f) Annualized.

(g) The Series’ portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Series’ portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 49

Report of Independent Registered Public Accounting Firm

To the Shareholders of PGIM Jennison International Opportunities Fund and Board of Directors Prudential World Fund, Inc.:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of PGIM Jennison International Opportunities Fund, a series of Prudential World Fund, Inc., (the Fund), including the schedule of investments, as of October 31, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in thetwo-year period ended October 31, 2019, and the related notes (collectively, the financial statements) and the financial highlights for the years or periods indicated therein. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the years in thetwo-year period ended October 31, 2019, and the financial highlights for the years or periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2019, by correspondence with the custodian, transfer agent, and brokers, or by other appropriate auditing procedures when replies were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more PGIM and/or Prudential Retail investment companies since 2003.

New York, New York

December 16, 2019

50

Federal Income Tax Information(unaudited)

For the fiscal year ended October 31, 2019, the Series reports the maximum amount allowable under Section 854 of the Internal Revenue Code, but not less than, the following percentages of the ordinary income dividends paid as 1) qualified dividend income (QDI); 2) eligible for corporate dividend received deduction (DRD):

	QDI			DRD
PGIM Jennison International Opportunities Fund		96.32	%		20.47	%

In January 2020, you will be advised on IRS Form 1099-DIV or substitute 1099-DIV as to the federal tax status of dividends received by you in calendar year 2019.

PGIM Jennison International Opportunities Fund 51

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS  (unaudited)

Information about Board Members and Officers of the Fund is set forth below. Board Members who are not deemed to be “interested persons” of the Fund, as defined in the 1940 Act, are referred to as “Independent Board Members.” Board Members who are deemed to be “interested persons” of the Fund are referred to as “Interested Board Members.” The Board Members are responsible for the overall supervision of the operations of the Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Board in turn elects the Officers, who are responsible for administering theday-to-day operations of the Fund.

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Ellen S. Alberding 3/11/58 Board Member Portfolios Overseen: 96	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); Vice Chair, City Colleges of Chicago (community college system) (2011-2015); Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); Trustee, Economic Club of Chicago (since 2009); Trustee, Loyola University (since 2018).	None.	Since September 2013
Kevin J. Bannon 7/13/52 Board Member Portfolios Overseen: 96	Retired; Managing Director (April2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; President (May2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008).	Since July 2008

PGIM Jennison International Opportunities Fund

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Linda W. Bynoe 7/9/52 Board Member Portfolios Overseen: 96	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Ltd. (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co. (broker-dealer).	Director of Anixter International, Inc. (communication products distributor) (since January 2006); Director of Northern Trust Corporation (financial services) (since April 2006); Trustee of Equity Residential (residential real estate) (since December 2009).	Since March 2005
Barry H. Evans 11/2/60 Board Member Portfolios Overseen: 95	Retired; formerly President (2005 – 2016), Global Chief Operating Officer (2014– 2016), Chief Investment Officer – Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management U.S.	Formerly Director, Manulife Trust Company (2011-2018); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research(2008-2016).	Since September 2017
Keith F. Hartstein 10/13/56 Board Member & Independent Chair Portfolios Overseen: 96	Retired; Member (since November 2014) of the Governing Council of the Independent Directors Council (organization of independent mutual fund directors); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.	Since September 2013

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Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Laurie Simon Hodrick 9/29/62 Board Member Portfolios Overseen: 95	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Professor of Law, Stanford Law School (since 2015); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008).	Independent Director, Synnex Corporation (since April 2019) (information technology); Independent Director, Kabbage, Inc. (since July 2018) (financial services); Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017
Michael S. Hyland, CFA 10/4/45 Board Member Portfolios Overseen: 96	Retired (since February 2005); formerly Senior Managing Director (July 2001-February 2005) of Bear Stearns & Co, Inc.; Global Partner, INVESCO (1999-2001); Managing Director and President of Salomon Brothers Asset Management (1989-1999).	None.	Since July 2008
Brian K. Reid 9/22/61 Board Member Portfolios Overseen: 95	Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); Director, ICI Mutual Insurance Company (2012-2017).	None.	Since March 2018

PGIM Jennison International Opportunities Fund

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Grace C. Torres 6/28/59 Board Member Portfolios Overseen: 95	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National Bank; Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank.	Since November 2014

Interested Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Stuart S. Parker 10/5/62 Board Member & President Portfolios Overseen: 96	President of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); Executive Vice President of Prudential Investment Management Services LLC (since December 2012); formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011).	None.	Since January 2012

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Interested Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Scott E. Benjamin 5/21/73 Board Member & Vice President Portfolios Overseen: 96	Executive Vice President (since June 2009) of PGIM Investments LLC; Executive Vice President (June 2009-June 2012) and Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).	None.	Since March 2010

Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Raymond A. O’Hara 9/11/55 Chief Legal Officer	Vice President and Corporate Counsel (since July 2010) of Prudential Insurance Company of America (Prudential); Vice President (March 2011-Present) of Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey; Vice President and Corporate Counsel (March 2011-Present) of Prudential Annuities Life Assurance Corporation; Chief Legal Officer of PGIM Investments LLC (since June 2012); Chief Legal Officer of Prudential Mutual Fund Services LLC (since June 2012) and Corporate Counsel of AST Investment Services, Inc. (since June 2012); formerly Assistant Vice President and Corporate Counsel (September 2008-July 2010) of The Hartford Financial Services Group, Inc.; formerly Associate (September 1980-December 1987) and Partner (January 1988–August 2008) of Blazzard & Hasenauer, P.C. (formerly, Blazzard, Grodd & Hasenauer, P.C.).	Since June 2012

PGIM Jennison International Opportunities Fund

Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Dino Capasso 8/19/74 Chief Compliance Officer	Chief Compliance Officer (July 2019-Present) of PGIM Investments LLC; Chief Compliance Officer (July 2019-Present) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM High Yield Bond Fund, Inc.; Vice President and Deputy Chief Compliance Officer (June 2017-2019) of PGIM Investments LLC; formerly, Senior Vice President and Senior Counsel (January 2016-June 2017), and Vice President and Counsel (February 2012-December 2015) of Pacific Investment Management Company LLC.	Since March 2018
Andrew R. French 12/22/62 Secretary	Vice President of PGIM Investments LLC (December 2018-Present); formerly Vice President and Corporate Counsel (February 2010-December 2018) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since October 2006
Jonathan D. Shain 8/9/58 Assistant Secretary	Vice President and Corporate Counsel (since August 1998) of Prudential; Vice President and Assistant Secretary (since May 2001) of PGIM Investments LLC; Vice President and Assistant Secretary (since February 2001) of Prudential Mutual Fund Services LLC; formerly Vice President and Assistant Secretary (May 2003-June 2005) of AST Investment Services, Inc.	Since May 2005
Claudia DiGiacomo 10/14/74 Assistant Secretary	Vice President and Corporate Counsel (since January 2005) of Prudential; Vice President and Assistant Secretary of PGIM Investments LLC (since December 2005); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005
Diana N. Huffman 4/14/82 Assistant Secretary	Vice President and Corporate Counsel (since September 2015) of Prudential; formerly Associate at Willkie Farr & Gallagher LLP (2009-2015).	Since March 2019
Kelly A. Coyne 8/8/68 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since March 2015
Christian J. Kelly 5/5/75 Treasurer and Principal Financial and Accounting Officer	Vice President, Head of Fund Administration of PGIM Investments LLC (since November 2018); formerly, Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).	Since January 2019

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Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Lana Lomuti 6/7/67 Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since April 2014
Russ Shupak 10/08/73 Assistant Treasurer	Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration.	Since October 2019
Deborah Conway 3/26/69 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since October 2019
Elyse M. McLaughlin 1/20/74 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.	Since October 2019
Charles H. Smith 1/11/73 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Anti-Money Laundering Unit (since January 2015) of Prudential; committee member of the American Council of Life Insurers Anti-Money Laundering and Critical Infrastructure Committee (since January 2016); formerly Global Head of Economic Sanctions Compliance at AIG Property Casualty (February 2007-December 2014); Assistant Attorney General at the New York State Attorney General’s Office, Division of Public Advocacy. (August 1998-January 2007).	Since January 2017

^(a) Excludes Mr. Parker and Mr. Benjamin, interested Board Members who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

∎ Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC.

∎ Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102-4410.

∎ There is no set term of office for Board Members or Officers. The Board Members have adopted a retirement policy, which calls for the retirement of Board Members on December 31 of the year in which they reach the age of 75.

∎ “Other Directorships Held” includes only directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, “public companies”) or other investment companies registered under the 1940 Act.

∎ “Portfolios Overseen” includes all investment companies managed by PGIM Investments LLC. The investment companies for which PGIM Investments LLC serves as manager include the PGIM Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

PGIM Jennison International Opportunities Fund

Approval of Advisory Agreements(unaudited)

The Fund’s Board of Directors

The Board of Directors (the “Board”) of PGIM Jennison International Opportunities Fund (the “Fund”)¹ consists of eleven individuals, nine of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”).² The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Directors have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. The Board has established four standing committees: the Audit Committee, the Nominating and Governance Committee, and two Investment Committees. Each committee is chaired by, and composed of, Independent Directors.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and the Fund’s subadvisory agreement with Jennison Associates LLC (“Jennison”). In considering the renewal of the agreements, the Board, including all of the Independent Directors, met on May 30, 2019 and on June11-13, 2019 and approved the renewal of the agreements through July 31, 2020, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments and Jennison. Also, the Board considered comparisons with other mutual funds in relevant Peer Universes and Peer Groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Directors advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments and the subadviser, the performance of the Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund’s assets grow. In their deliberations, the Directors did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at regular Board

¹  PGIM Jennison International Opportunities Fund is a series of Prudential World Fund, Inc.

²  Grace C. Torres was an Interested Director of the Fund at the time the Board considered and approved the renewal of the Fund’s advisory agreements, but has since become an Independent Director of the Fund.

PGIM Jennison International Opportunities Fund

Approval of Advisory Agreements(continued)

meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the meetings on May 30, 2019 and onJune 11-13, 2019.

The Directors determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a management agreement, and between PGIM Investments and Jennison, which serves as the Fund’s subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Directors considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Directors’ reaching their determinations to approve the continuance of the agreements are separately discussed below.

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments and Jennison. The Board noted that Jennison is affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for the Fund, as well as the provision of fund recordkeeping, compliance and other services to the Fund, and PGIM Investments’ role as administrator for the Fund’s liquidity risk management program. With respect to PGIM Investments’ oversight of the subadviser, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments’ senior management on the performance and operations of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Directors of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by Jennison, including investment research and security selection, as well as adherence to the Fund’s investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments’ evaluation of the subadviser, as well as PGIM Investments’ recommendation, based on its review of the subadviser, to renew the subadvisory agreement.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of the Fund and Jennison, and also considered the qualifications, backgrounds and responsibilities of Jennison’s portfolio managers who are responsible for theday-to-day management of the Fund’s portfolio. The Board was provided with information pertaining to PGIM Investments’ and Jennison’s organizational structure, senior management, investment operations, and other relevant information pertaining to both PGIM Investments and Jennison. The Board also

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noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer (“CCO”) as to both PGIM Investments and Jennison.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments and the subadvisory services provided to the Fund by Jennison, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments and Jennison under the management and subadvisory agreements.

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund’s investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser’s capital structure and cost of capital. However, the Board considered that the cost of services provided by PGIM Investments to the Fund during the year ended December 31, 2018 exceeded the management fees paid by the Fund, resulting in an operating loss to PGIM Investments. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

The Board received and discussed information concerning economies of scale that PGIM Investments may realize as the Fund’s assets grow beyond current levels. The Board noted that the management fee schedule for the Fund includes breakpoints, which have the effect of reducing the fee rate as assets increase. During the course of time, the Board has considered information regarding the launch date of the Fund, the management fees of the Fund compared to those of similarly managed funds, and PGIM Investments’ investment in the Fund over time. The Board noted that economies of scale may be shared with the Fund in several ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment. The Board considered PGIM Investments’ assertion that it continually evaluates the management fee schedule of the Fund and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase.

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of PGIM Investments’ costs are not specific to individual funds, but rather are incurred across a variety of products and services.

PGIM Jennison International Opportunities Fund

Approval of Advisory Agreements(continued)

Other Benefits to PGIM Investments and Jennison

The Board considered potential ancillary benefits that might be received by PGIM Investments, Jennison and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund’s transfer agent (which is affiliated with PGIM Investments), as well as benefits to its reputation or other intangible benefits resulting from PGIM Investments’ association with the Fund. The Board concluded that the potential benefits to be derived by Jennison included the ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments and Jennison were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for theone-, three- and five-year periods ended December 31, 2018.    

The Board also considered the Fund’s actual management fee, as well as the Fund’s net total expense ratio, for the fiscal year ended October 31, 2018. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

The mutual funds included in the Peer Universe, which was used to consider performance, and the Peer Group, which was used to consider fees and expenses, were objectively determined by Broadridge, an independent provider of mutual fund data. In certain circumstances, PGIM Investments also provided supplemental Peer Universe or Peer Group information for reasons addressed with the Board. The comparisons placed the Fund in various quartiles over various periods, with the first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

The section below summarizes key factors considered by the Board and the Board’s conclusions regarding the Fund’s performance, fees and overall expenses. The table sets forth net performance comparisons (which reflect the impact on performance of fund expenses, or any subsidies, expense caps or waivers that may be applicable) with the Peer

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Universe, actual management fees with the Peer Group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the Peer Group, each of which were key factors considered by the Board.

Net Performance	1 Year	3 Years	5 Years	10 Years
	1st Quartile	1st Quartile	1st Quartile	N/A
Actual Management Fees:2nd Quartile
Net Total Expenses: 1st Quartile

• The Board noted that Fund outperformed its benchmark index over all periods.

• The Board and PGIM Investments agreed to retain the Fund’s existing contractual expense cap which (exclusive of certain fees and expenses) caps net annual operating expenses at 0.84% for each class of the Fund’s shares, and which limits transfer agency, shareholder servicing,sub-transfer agency and blue sky fees, as applicable, to the extent that such fees cause the net annual operating expenses to exceed 1.34% of average daily net assets for Class R2 shares or 1.09% of average daily net assets for Class R4 shares through February 29, 2020.

• The Board and PGIM Investments agreed to retain the Fund’s existing contractual expense cap with respect to Class A shares, pursuant to which PGIM Investments agrees to limit total annual operating expenses for Class A shares to 1.09% through February 29, 2020.

• The Board and PGIM Investments agreed to retain the Fund’s existing contractual expense waiver, pursuant to which (exclusive of certain fees and expenses) PGIM Investments waives and/or reimburses up to 0.06% of certain other expenses through February 29, 2020 to the extent that total annual operating expenses exceed 1.09% for Class A shares, 1.90% for Class C shares, 1.48% for Class R shares, 0.90% for Class Z shares, and 0.84% for Class R6 shares.

• In addition, PGIM Investments will 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,and has agreed that total annual fund operating expenses for Class R6 shares will not exceed total annual fund operating expenses for Class Z shares.

• The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

• The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

*    *    *

After full consideration of these factors, the Board concluded that the approval of the agreements was in the best interests of the Fund and its shareholders.

PGIM Jennison International Opportunities Fund

∎ MAIL	∎ TELEPHONE	∎ WEBSITE
655 Broad Street Newark, NJ 07102	(800) 225-1852	pgiminvestments.com

PROXY VOTING

The Board of Directors 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. 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.

DIRECTORS

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

OFFICERS

Stuart S. Parker,President• Scott E. Benjamin,Vice President• Christian J. Kelly,Treasurer and Principal Financial and Accounting Officer• Raymond A. O’Hara,Chief Legal Officer• Dino Capasso,Chief Compliance Officer• Charles H. Smith,Anti-Money Laundering Compliance Officer• Andrew R. French,Secretary• Jonathan D. Shain,Assistant Secretary• Claudia DiGiacomo,Assistant Secretary• Diana N. Huffman,Assistant Secretary• Kelly A. Coyne,Assistant Secretary• Lana Lomuti,Assistant Treasurer• Russ Shupak,Assistant Treasurer• Elyse McLaughlin,Assistant Treasurer• Deborah Conway,Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	Jennison Associates LLC	466 Lexington Avenue New York, NY 10017
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 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
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 atpgiminvestments.com 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 topgiminvestments.com/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 byvisiting the website address above.

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

Shareholders can communicate directly with the Board of Directors by writing to the Chair of the Board, PGIM Jennison International Opportunities Fund, PGIM Investments, Attn: Board of Directors, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Director by writing to 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 on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov. Form N-PORT is filed with the Commission quarterly, and each Fund’s full portfolio holdings as of the first and third fiscal quarter-ends (as of the third month of the Fund’s fiscal quarter for reporting periods on or after September 30, 2019) will be made publicly available 60 days after the end of each quarter at sec.gov.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Directors and is available without charge, upon request, by calling (800) 225-1852.

Mutual Funds:

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

PGIM JENNISON INTERNATIONAL OPPORTUNITIES FUND

SHARE CLASS	A	C	R	Z	R2	R4	R6
NASDAQ	PWJAX	PWJCX	PWJRX	PWJZX	PWJBX	PWJDX	PWJQX
CUSIP	743969677	743969669	743969487	743969651	743969412	743969396	743969586

MF215E

PGIM JENNISON GLOBAL INFRASTRUCTURE FUND

ANNUAL REPORT

OCTOBER 31, 2019

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (pgiminvestments.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-225-1852 or by sending an email request to PGIM Investments at shareholderreports@pgim.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary or follow instructions included with this notice to elect to continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-225-1852 or send an email request to shareholderreports@pgim.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

To enroll in e-delivery, go to pgiminvestments.com/edelivery

Objective:Total return

Highlights(unaudited)

• Holdings within electric utilities, led by NextEra Energy, were strong contributors to the Fund’s performance during the reporting period.

• Allocations to integrated telecommunication services companies, such as Cellnex Telecom SA, bolstered relative and absolute performance. Stock selection within multi-utilities also helped.

• Stock selection within midstream energy infrastructure was a primary detractor from performance, as falling natural gas and natural gas liquid (e.g., ethane and propane) prices and overall negative sentiment within the energy sector hampered the performance of Targa Resources.

• The Fund was also hurt by stock selection and an underweight position relative to the S&P Global Infrastructure Index in highways & rail tracks.

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

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

Mutual funds are distributed by Prudential Investment Management Services LLC, member SIPC. Jennison Associates LLC is a registered investment adviser. Both are Prudential Financial companies.^© 2019 Prudential Financial, Inc. and its related entities. Jennison Associates, Jennison, 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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Table of Contents

Letter from the President	5
Your Fund’s Performance	6
Growth of a $10,000 Investment	7
Strategy and Performance Overview	10
Fees and Expenses	14
Holdings and Financial Statements	17
Approval of Advisory Agreements

PGIM Jennison Global Infrastructure Fund 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

We hope you find the annual report for the PGIM Jennison Global Infrastructure Fund informative and useful. The report covers performance for the 12-month period that ended October 31, 2019.

While the US economy remained healthy, with rising corporate profits and strong job growth, the Federal Reserve cut interest rates three times in the latter half of the period. The cuts were a proactive attempt by the Fed to extend the longest domestic economic expansion on record as growth in many regions weakened. China in particular showed signs of slowing amid trade tensions with the US, and turmoil in the United Kingdom continued as it negotiates an exit from the European Union.

The interest-rate cuts helped boost the performance of stocks globally. For the period overall, large-cap US equities along with stocks in developed and emerging foreign markets all rose by double digits. Small-cap US stocks posted a single-digit gain. This positive performance came despite significant volatility early in the period. Equities plunged at the end of 2018 on concerns about China’s economy, a potential global trade war, higher interest rates, and worries that profit growth might slow. Stocks reversed course early in 2019, rising sharply after the Fed moderated its position on additional rate hikes for the remainder of the year.

The overall US bond market posted strong returns during the period on a significant rally in interest rates that saw the 10-year US Treasury yield decline from over 3% to under 2%. Investment-grade corporate bonds led the way with a double-digit gain, while corporate high yield and municipal bonds each had a return in the high single digits. Globally, bonds in developed markets delivered strong returns, and emerging markets debt rose by double digits.

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 consider it a great privilege and responsibility to help investors participate in opportunities across global markets while meeting their toughest investment challenges. PGIM is a top-10 global investment manager with more than $1 trillion in assets under management. This scale and investment expertise allow us to deliver actively managed funds and strategies to meet the needs of investors around the globe.

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Jennison Global Infrastructure Fund

December 16, 2019

PGIM Jennison Global Infrastructure Fund 5

Your Fund’s Performance(unaudited)

Performance data quoted represents 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 atpgiminvestments.com or by calling (800) 225-1852.

	Average Annual Total Returns as of 10/31/19 (with sales charges)
	One Year (%)	Five Years (%)		Since Inception (%)
Class A	15.30		3.25		6.87 (9/25/13)
Class C	20.01		3.63		7.05 (9/25/13)
Class Z	22.30		4.70		8.13 (9/25/13)
Class R6	22.40		N/A		11.13 (12/28/16)
S&P Global Infrastructure Index
	19.94		4.78		—
S&P 500 Index
	14.31		10.77		—
	Average Annual Total Returns as of 10/31/19 (without sales charges)
	One Year (%)	Five Years (%)		Since Inception (%)
Class A	22.01		4.42		7.87 (9/25/13)
Class C	21.01		3.63		7.05 (9/25/13)
Class Z	22.30		4.70		8.13 (9/25/13)
Class R6	22.40		N/A		11.13 (12/28/16)
S&P Global Infrastructure Index
	19.94		4.78		—
S&P 500 Index
	14.31		10.77		—

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Growth of a $10,000 Investment(unaudited)

The graph compares a $10,000 investment in the Fund’s Class Z shares with a similar investment in the S&P Global Infrastructure Index by portraying the initial account values at the commencement of operations of Class Z shares (September 25, 2013) and the account values at the end of the current fiscal year (October 31, 2019), as measured on a quarterly basis. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted; and (b) all dividends and distributions were reinvested. The line graph provides information for Class Z shares only. As indicated in the tables provided earlier, performance for other share classes will vary due to the differing charges and expenses applicable to each share class (as indicated in the following paragraphs). Without waiver of fees and/or expense reimbursements, if any, the Fund’s returns would have been lower.

Past performance does not predict future performance. Total returns and the ending account values in the graphs include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. The Fund’s total returns do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares.

Source: PGIM Investments LLC and Lipper Inc.

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

PGIM Jennison Global Infrastructure Fund 7

Your Fund’s Performance(continued)

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

S&P Global Infrastructure Index—The S&P Global Infrastructure Index is an unmanaged index that consists of 75 companies from around the world that represent the listed infrastructure universe. To create diversified exposure across the global listed infrastructure market, the Index has balanced weights across three distinct infrastructure clusters: Utilities, Transportation, and Energy. The average annual total returns for the Index measured from the month-end closest to the inception date of the Fund’s Class A, Class C, and Class Z shares are 6.73% and 9.66% for Class R6 shares.

S&P 500 Index—The S&P 500 Index is an unmanaged index of over 500 stocks of large US public companies. It gives a broad look at how stock prices in the United States have performed. The average annual total returns for the Index measured from the month-end closest to the inception date of the Fund’s Class A, Class C, and Class Z shares are 12.48% and 13.58% for Class R6 shares.

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

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Presentation of Fund Holdingsas of 10/31/19

Ten Largest Holdings	Line of Business	Country	% of Net Assets
NextEra Energy, Inc.	Electric Utilities	United States	5.3%
FirstEnergy Corp.	Electric Utilities	United States	4.0%
RWE AG	Multi-Utilities	Germany	4.0%
Ferrovial SA	Construction & Engineering	Spain	3.8%
Cellnex Telecom SA	Diversified Telecommunication Services	Spain	3.8%
Vinci SA	Construction & Engineering	France	3.3%
Aqua America, Inc.	Water Utilities	United States	3.2%
American Electric Power Co., Inc.	Electric Utilities	United States	3.1%
Sempra Energy	Multi-Utilities	United States	2.8%
Eiffage SA	Construction & Engineering	France	2.6%

For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-term Investments.

PGIM Jennison Global Infrastructure Fund 9

Strategy and Performance Overview(unaudited)

How did the Fund perform?

ThePGIM Jennison Global Infrastructure Fund’s Class Z shares returned 22.30% in the12-month reporting period that ended October 31, 2019, outperforming the 19.94% return of the S&P Global Infrastructure Index (the Index).

What was the market environment?

• Equity markets were highly volatile during the reporting period. Initially, global economic growth was accelerating; US employment was strengthening; and lower US corporate tax rates were helping to boost wages and capital spending. Given the constructive macroeconomic landscape, investors overlooked uncertainty created by White House trade and other policy initiatives.

• An abruptsell-off in late 2018 reflected mounting investor concerns about the rising risk of a major trade war with China, the pace of US economic growth, decelerating expansion innon-US economies, US interest rate increases and their effect on US growth, the state of US alliances with other major trading partners, and discord and uncertainty about domestic policy.

• US equity markets rebounded early in 2019 as the Federal Reserve (the Fed) signaled a pause in federal funds rate hikes, but they fell again as the period ended on are-escalation of trade tension. Numerous central banks around the world subsequently lowered interest rates; the Fed cut rates three times during the period.

• West Texas Intermediate crude oil and natural gas prices were volatile during the period, declining 20.04% and 21.21%, respectively. Prices for natural gas liquids, such as ethane and propane, dropped more than 40%.

• Within the Index, the highways & rail tracks segment led performance, along with the overall utilities sector, specifically gas, water, and electric utilities. Utilities overall benefited from investors’“risk-off” sentiment during the period. Airport services and midstream energy infrastructure posted double-digit gains. Independent power producers & energy traders posted negative returns.

What worked?

• Holdings within electric utilities, led byNextEra Energy Inc., were strong contributors to the Fund’s performance during the reporting period.

• Allocations to integrated telecommunication services companies, such asCellnex Telecom SA, bolstered relative and absolute performance. Stock selection within multi-utilities also helped.

• Other notable contributors includedFerrovial SA, RWE AG, andFirstEnergy Corp.

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What didn’t work?

• Stock selection within midstream energy infrastructure was a primary detractor from the Fund’s performance during the period, as falling natural gas and natural gas liquid (e.g., ethane and propane) prices and overall negative sentiment within the energy sector hampered the performance ofTarga Resources Corp.

• The Fund was also hurt by stock selection and an underweight position relative to the Index in highways & rail tracks.

• The most notable detractors includedWestshore Terminals,Aeroports de Paris SA, andVistra Energy Corp., all of which were sold by the end of the period. Another key detractor wasLight SA, which had been purchased during the period.

Current outlook

• Within transportation, Jennison prefers exposure to toll road names in Europe and Australia that benefit from inflation-linked pricing, low interest rates, and stable free cash-flow growth. In general, Jennison is less constructive on the airports segment and prefers airport assets with stronger pricing power and an ability to grow revenue from their retail operations. Jennison continues to like the potential for increased margins and pricing within US rails that are rolling out precision-scheduled railroading. At the same time, Jennison has scaled back certain exposures to reflect risks tied to a weaker US industrial economy. While Jennison remains cautious in many emerging markets regions given political, currency, and economic headwinds, it has identified possible opportunities in the Brazilian rail industry that are the result of planned rail network expansion, service improvements, and the volume growth potential of grain exports. Possible fiscal reforms in Brazil could also aid the economic and interest rate backdrop, in Jennison’s view. Overall, Jennison continues to find many opportunities within the transportation infrastructure sector, focusing on companies that may benefit long term throughout the economic cycle and that canre-deploy growth capital at attractive returns while growing dividends for shareholders.

• Regarding utilities, the majority of the Fund’s exposure at the end of the period was composed of US holdings. These were primarily regulated investment opportunities with higher rates of return than the returns that foreign peers were generating (on average), along with better relative earnings and cash-flow growth. Jennison believes that higher-quality, faster-growth utilities should outperform lower-growth and/or lower-quality peers over time. As the fourth quarter of 2019 began, fundamentals for US utilities remained healthy, with highly visible capital expenditure trajectories and improving regulatory compacts. US utilities are projected to generatemid-single-digit earnings growth with commensurate dividend growth. Nevertheless, Jennison remains mindful that lower interest rates could lead to lower allowed returns on equity in rate cases and, therefore, continues to be selective. Jennison continues to prefer regulated utilities with solid and

PGIM Jennison Global Infrastructure Fund 11

Strategy and Performance Overview(continued)

sustainable dividend yields and above-average projected earnings and/or dividend growth driven by regulatory rate-base investment opportunities that extend well beyond their five-year planning horizons. In addition, Jennison favors utilities operating in constructive regulatory environments that support timely and attractive returns on capital deployed. It also seeks companies that can mitigate customer bill impacts by focusing on operating efficiencies versus the common strategy of serial rate-increase requests.

• Looking beyond US utilities, renewable energy continues to be a dominant theme in the utilities sector—both domestically and abroad—and most of the Fund’snon-US utility exposure is leveraged to the trend toward greater investment in renewable electric generation. Jennison believes there is continued momentum behind the secular trends of rising global demand for renewable energy supply and the subsequent grid infrastructure investment that would be needed to modernize aging networks and absorb the intermittent nature of renewable generation. In Jennison’s opinion, the trend for increased global investment in renewable energy is supported by two broad and enduring themes: (1) pronounced reductions in the cost of renewable energy, driven by continued technological advancement, and (2) increasing public policy support—on a global scale and at local levels—for renewable investments driven by concerns over greenhouse gas emissions, energy security, and most recently job creation.

• Moving to the Fund’s energy infrastructure exposure, fundamentals within the midstream group have continued to improve across the board, as the vast majority of midstream companies saw their overall balance sheet leverage ratios decline due to management teams exhibiting more capital discipline that resulted in better cash flows relative to market expectations. These improvements in capital discipline, along with the continuing trends of higher dividend coverage and less need for external equity, will ultimately benefit shareholders over the long term, in Jennison’s view. During the reporting period, there was a bifurcation in both the tone of earnings calls and earnings results—as well as stock price performance—as the large and more highly integrated companies (those with multiple touch points along the energy value chain) separated themselves from companies with less-competitive advantages and narrower asset bases. Jennison believes this trend supports its highly selective approach to the midstream energy sector and its continued focus on midstream companies with broad, highly integrated asset networks that have higher competitive barriers to entry and that exhibit significantly improved or improving financial metrics and corporate governance.

• Lastly, regarding communications infrastructure, Jennison continues to favor wireless towers and data center operators, as both industries capitalize on exponential data demand growth around the world. In data centers, Jennison sees opportunities to invest in infrastructure operations that can profit from secular global trends such as the shift by large corporations toward cloud computing. Tower operators also present attractive investment opportunities, in Jennison’s view, given their critical infrastructure, multi-year

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contracts with their wireless operator customers, and strong free cash-flow generation. In addition, Jennison views the impending 5G wireless network upgrade cycle (financed by wireless carriers, not tower operators) as a positive inflection point for the revenue and free cash-flow of tower companies.

The percentage points shown in the tables below identify each security’s positive or negative contribution to the Fund’s return, which is the sum of all contributions by individual holdings during the Fund’s reporting period.

Top Contributors (%)		Top Detractors (%)
NextEra Energy Inc.	2.03	Targa Resources Corp.	–0.57
Cellnex Telecom SA	1.67	Westshore Terminals	–0.24
Ferrovial SA	1.47	Aeroports de Paris SA	–0.23
RWE AG	1.46	Vistra Energy Corp.	–0.13
FirstEnergy Corp.	1.23	Light SA	–0.11

PGIM Jennison Global Infrastructure Fund 13

Fees and Expenses(unaudited)

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 October 31, 2019. 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

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and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information 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 Jennison Global Infrastructure Fund		Beginning Account Value May 1, 2019		Ending Account Value October 31, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,061.90		1.50	%	$	7.80
	Hypothetical	$	1,000.00	$	1,017.64		1.50	%	$	7.63
Class C	Actual	$	1,000.00	$	1,057.30		2.25	%	$	11.67
	Hypothetical	$	1,000.00	$	1,013.86		2.25	%	$	11.42
Class Z	Actual	$	1,000.00	$	1,063.60		1.17	%	$	6.09
	Hypothetical	$	1,000.00	$	1,019.31		1.17	%	$	5.96
Class R6	Actual	$	1,000.00	$	1,063.60		1.17	%	$	6.09
	Hypothetical	$	1,000.00	$	1,019.31		1.17	%	$	5.96

*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 184 days in the six-month period ended October 31, 2019, and divided by the 365 days in the Fund’s fiscal year ended October 31, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

PGIM Jennison Global Infrastructure Fund 15

Schedule of Investments

as of October 31, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    99.4%
COMMON STOCKS
Australia    7.1%
APA Group		91,271	$	731,381
Atlas Arteria Ltd.		152,135		840,020
Cleanaway Waste Management Ltd.		481,255		612,256
Transurban Group		100,938		1,034,654
				3,218,311
Brazil    3.7%
Light SA		48,391		239,874
Neoenergia SA		142,185		744,517
Rumo SA*		121,816		694,963
				1,679,354
Canada    4.2%
Enbridge, Inc.		19,292		702,632
Pembina Pipeline Corp.		21,794		766,277
TC Energy Corp.		9,152		461,318
				1,930,227
China    0.9%
Guangdong Investment Ltd.		198,516		429,309
Denmark    1.5%
Orsted A/S, 144A		7,983		700,383
France    7.1%
Eiffage SA		11,184		1,200,580
Getlink SE		32,441		542,380
Vinci SA		13,278		1,488,621
				3,231,581
Germany    4.0%
RWE AG		60,223		1,835,217
India    0.5%
NTPC Ltd.		130,290		225,067
Italy    7.0%
Atlantia SpA		47,768		1,179,605

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 17

Schedule of Investments(continued)

as of October 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Italy (cont’d.)
Enav SpA, 144A		146,015	$	850,599
Enel SpA		148,337		1,149,654
				3,179,858
New Zealand    0.6%
Auckland International Airport Ltd.		44,658		265,613
Spain    10.2%
Cellnex Telecom SA, 144A*		39,701		1,711,290
Ferrovial SA		58,966		1,738,630
Iberdrola SA		115,621		1,186,924
				4,636,844
United Kingdom    2.3%
National Grid PLC		47,134		549,749
SSE PLC		29,861		496,493
				1,046,242
United States    50.3%
Alliant Energy Corp.		12,872		686,592
American Electric Power Co., Inc.		14,738		1,391,120
American Tower Corp., REIT		3,958		863,161
Aqua America, Inc.		32,431		1,470,097
Cheniere Energy, Inc.*		15,244		938,268
Crown Castle International Corp., REIT		3,226		447,737
Dominion Energy, Inc.		8,747		722,065
Edison International		18,305		1,151,385
Equinix, Inc., REIT		1,922		1,089,351
Eversource Energy		8,698		728,371
Exelon Corp.		15,235		693,040
FirstEnergy Corp.		37,994		1,835,870
Kinder Morgan, Inc.		35,307		705,434
NextEra Energy, Inc.		10,159		2,421,296
Norfolk Southern Corp.		5,285		961,870
ONEOK, Inc.		13,424		937,398
Sempra Energy		8,764		1,266,486
Targa Resources Corp.		10,666		414,694
Union Pacific Corp.		6,990		1,156,565
Waste Connections, Inc.		12,381		1,144,004

See Notes to Financial Statements.

18

Description	Shares		Value
COMMON STOCKS (Continued)
United States (cont’d.)
Waste Management, Inc.		7,102	$	796,915
Williams Cos., Inc. (The)		49,226		1,098,232
				22,919,951
TOTAL LONG-TERM INVESTMENTS (cost $35,067,412)				45,297,957
SHORT-TERM INVESTMENT    1.3%
AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $598,186)(w)		598,186		598,186
TOTAL INVESTMENTS    100.7% (cost $35,665,598)				45,896,143
Liabilities in excess of other assets    (0.7)%				(301,401	)
NET ASSETS    100.0%			$	45,594,742

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

144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.

LIBOR—London Interbank Offered Rate

REITs—Real Estate Investment Trust

* Non-income producing security.

(w) PGIM Investments LLC, the manager of the Series, also serves as manager of the PGIM Core Ultra Short Bond Fund.

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of October 31, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Common Stocks
Australia	$	—	$	3,218,311	$	—

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 19

Schedule of Investments(continued)

as of October 31, 2019

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Common Stocks (continued)
Brazil	$	1,679,354	$	—	$	—
Canada		1,930,227		—		—
China		—		429,309		—
Denmark		—		700,383		—
France		—		3,231,581		—
Germany		—		1,835,217		—
India		—		225,067		—
Italy		—		3,179,858		—
New Zealand		—		265,613		—
Spain		—		4,636,844		—
United Kingdom		—		1,046,242		—
United States		22,919,951		—		—
Affiliated Mutual Fund		598,186		—		—
			��
Total	$	27,127,718	$	18,768,425	$	—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2019 were as follows (unaudited):

Electric Utilities	29.4	%
Oil, Gas & Consumable Fuels	13.2
Transportation Infrastructure	10.4
Construction & Engineering	9.7
Multi-Utilities	9.6
Road & Rail	6.1
Commercial Services & Supplies	5.7
Equity Real Estate Investment Trusts (REITs)	5.3
Water Utilities	4.1
Diversified Telecommunication Services	3.8

Gas Utilities	1.6	%
Affiliated Mutual Fund	1.3
Independent Power & Renewable Electricity Producers	0.5
	100.7
Liabilities in excess of other assets	(0.7	)
	100.0	%

See Notes to Financial Statements.

20

Statement of Assets and Liabilities

as of October 31, 2019

Assets
Investments at value:
Unaffiliated investments (cost $35,067,412)	$	45,297,957
Affiliated investments (cost $598,186)		598,186
Foreign currency, at value (cost $4,695)		4,693
Tax reclaim receivable		42,512
Receivable for Series shares sold		42,362
Dividends receivable		36,236
Prepaid expenses		814
Total Assets		46,022,760
Liabilities
Payable for investments purchased		292,297
Payable for Series shares reacquired		41,480
Management fee payable		35,863
Accrued expenses and other liabilities		26,861
Custodian and accounting fees payable		24,502
Distribution fee payable		5,125
Affiliated transfer agent fee payable		1,890
Total Liabilities		428,018
Net Assets	$	45,594,742
Net assets were comprised of:
Common stock, at par	$	31,127
Paid-in capital in excess of par		36,725,450
Total distributable earnings (loss)		8,838,165
Net assets, October 31, 2019	$	45,594,742

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 21

Statement of Assets and Liabilities

as of October 31, 2019

Class A
Net asset value and redemption price per share, ($ 7,637,467 ÷ 521,029 shares of common stock issued and outstanding)	$	14.66
Maximum sales charge (5.50% of offering price)		0.85
Maximum offering price to public	$	15.51
Class C
Net asset value, offering price and redemption price per share,
($4,135,203 ÷ 284,920 shares of common stock issued and outstanding)	$	14.51
Class Z
Net asset value, offering price and redemption price per share,
($21,868,197 ÷ 1,491,353 shares of common stock issued and outstanding)	$	14.66
Class R6
Net asset value, offering price and redemption price per share,
($11,953,875 ÷ 815,350 shares of common stock issued and outstanding)	$	14.66

See Notes to Financial Statements.

22

Statement of Operations

Year Ended October 31, 2019

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $89,614 foreign withholding tax)	$	1,320,209
Affiliated dividend income		23,392
Income from securities lending, net (including affiliated income of $214)		1,869
Total income		1,345,470
Expenses
Management fee		472,450
Distribution fee(a)		64,469
Custodian and accounting fees		78,240
Registration fees(a)		46,346
Transfer agent’s fees and expenses (including affiliated expense of $12,675)(a)		40,104
Shareholders’ reports		40,056
Audit fee		28,315
Legal fees and expenses		17,443
Directors’ fees		11,427
Miscellaneous		27,684
Total expenses		826,534
Less: Fee waiver and/or expense reimbursement(a)		(198,898	)
Distribution fee waiver(a)		(3,859	)
Net expenses		623,777
Net investment income (loss)		721,693
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(55))		3,325,673
Foreign currency transactions		(5,266	)
		3,320,407
Net change in unrealized appreciation (depreciation) on:
Investments		5,354,079
Foreign currencies		(358	)
		5,353,721
Net gain (loss) on investment and foreign currency transactions		8,674,128
Net Increase (Decrease) In Net Assets Resulting From Operations	$	9,395,821

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

	Class A			Class C			Class Z			Class R6
Distribution fee		23,155			41,314			—			—
Registration fees		12,955			12,955			12,956			7,480
Transfer agent’s fees and expenses		15,540			6,695			17,808			61
Fee waiver and/or expense reimbursement		(42,255	)		(27,021	)		(86,522	)		(43,100	)
Distribution fee waiver		(3,859	)		—			—			—

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 23

Statements of Changes in Net Assets

	Year Ended October 31,
	2019			2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	721,693		$	795,099
Net realized gain (loss) on investment and foreign currency transactions		3,320,407			2,501,155
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		5,353,721			(5,963,009	)
Net increase (decrease) in net assets resulting from operations		9,395,821			(2,666,755	)
Dividends and Distributions
Distributions from distributable earnings
Class A		(117,355	)		(141,368	)
Class C		(40,973	)		(41,199	)
Class Z		(388,838	)		(447,302	)
Class R6		(263,857	)		(232,070	)
		(811,023	)		(861,939	)
Tax return of capital distributions
Class A		(6,757	)		—
Class C		(2,359	)		—
Class Z		(22,389	)		—
Class R6		(15,193	)		—
		(46,698	)		—
Series share transactions (Net of share conversions)
Net proceeds from shares sold		7,794,683			15,455,026
Net asset value of shares issued in reinvestment of dividends and distributions		852,911			839,400
Cost of shares reacquired		(20,811,750	)		(32,145,267	)
Net increase (decrease) in net assets from Series share transactions		(12,164,156	)		(15,850,841	)
Total increase (decrease)		(3,626,056	)		(19,379,535	)
Net Assets:
Beginning of year		49,220,798			68,600,333
End of year	$	45,594,742		$	49,220,798

See Notes to Financial Statements.

24

Notes to Financial Statements

Prudential World Fund, Inc. (the “Fund”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as anopen-end management investment company and currently consists of seven series: PGIM Jennison Emerging Markets Equity Opportunities Fund, PGIM Jennison Global Opportunities Fund, PGIM Jennison International Opportunities Fund and PGIM QMA International Equity Fund, each of which are diversified funds and PGIM Jennison Global Infrastructure Fund, PGIM Emerging Markets Debt Hard Currency Fund and PGIM Emerging Markets Debt Local Currency Fund, each of which arenon-diversified funds for purposes of the 1940 Act. These financial statements relate only to the PGIM Jennison Global Infrastructure Fund (the “Series”).

The investment objective of the Series is to achieve total return.

1. Accounting Policies

The Series 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 accounting policies conform to U.S. generally accepted accounting principles. The Series consistently follows such policies in the preparation of its financial statements.

Securities Valuation:The Series holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Fund’s Board of Directors (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Series 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. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

For the fiscal reportingyear-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 Series’ foreign investments may change on days when investors cannot purchase or redeem Series shares.

PGIM Jennison Global Infrastructure Fund 25

Notes to Financial Statements(continued)

Various inputs determine how the Series’ 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 Measurements and Disclosures.

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

Foreign equities traded on foreign securities exchanges are generally valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements up to the time the Series is valued. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price for each security. If the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred stock valuation policies discussed above.

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

Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies 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.

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

26

comparable securities; any available analyst media or other reports or information deemed reliable by the Manager 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.

Illiquid Securities:Pursuant to Rule22e-4 under the 1940 Act, the Series has adopted a Board approved Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Series limit its illiquid investments that are assets to no more than 15% of net assets. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Series may find it difficult to sell illiquid securities at the time considered most advantageous by its subadviser and may incur transaction costs that would not be incurred in the sale of securities that were freely marketable.

Restricted Securities:Securities acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer are considered restricted as to disposition under federal securities law (“restricted securities”). Such restricted securities are valued pursuant to the valuation procedures noted above. Restricted securities that would otherwise be considered illiquid investments pursuant to the Series’ LRMP because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. Therefore, these Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act of 1933, may be classified higher than “illiquid” under the LRMP (i.e. “moderately liquid” or “less liquid” investments). However, the liquidity of the Series’ investments in restricted securities could be impaired if trading does not develop or declines.

Foreign Currency Translation:The books and records of the Series 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 current rates of exchange;

(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 Series are presented at the foreign exchange rates and market values at the close of the period, the Series 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 Series 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 realized foreign

PGIM Jennison Global Infrastructure Fund 27

Notes to Financial Statements(continued)

currency gains (losses) are included in the reported net realized gains (losses) on investment transactions.

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 forward currency transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Series’ 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.

Master Netting Arrangements:The Fund, on behalf of the Series, 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 Series. A master netting arrangement between the Series and the counterparty permits the Series to offset amounts payable by the Series to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Series to cover the Series’ exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right toset-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 toset-off the amount owed with the amount owed by the other party, the reporting party intends toset-off and the right ofset-off is enforceable by law. During the reporting period, there was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

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

The Series recognizes income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as

28

collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto. The Series also continues to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed on the Statement of Operations as “Income from securities lending, net”.

Equity and Mortgage Real Estate Investment Trusts (collectively equity REITs):The Series invested in equity REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from equity REITs during the period is estimated to be dividend income, capital gain or return of capital and recorded accordingly. When material, these estimates are adjusted periodically when the actual source of distributions is disclosed by the equity REITs.

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 theex-date, or for certain foreign securities, when the Series becomes aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Class specific expenses 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.

Taxes:It is the Series’ 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.

Tax reform legislation commonly referred to as the Tax Cuts and Jobs Act permits a direct REIT shareholder to claim a 20% “qualified business income” deduction for ordinary REIT dividends. On January 18, 2019, the Internal Revenue Service issued final regulations that expressly permit RICs to pass through this “qualified business income” to their shareholders.

Dividends and Distributions:The Series expects to pay dividends from net investment income quarterly. Distributions from net realized capital and currency gains, if any, are declared and paid annually. Dividends and distributions to shareholders, which are

PGIM Jennison Global Infrastructure Fund 29

Notes to Financial Statements(continued)

determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on theex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) andpaid-in capital in excess of par, as appropriate.

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.

2. Agreements

The Fund, on behalf of the Series, has a management agreement with the Manager. Pursuant to this agreement, the Manager has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. In addition, under the management agreement, the Manager provides all of the administrative functions necessary for the organization, operation and management of the Series. The Manager administers the corporate affairs of the Series and, in connection therewith, furnishes the Series with office facilities, together with those ordinary clerical and bookkeeping services which are not being furnished by the Series’ custodian and the Series’ transfer agent. The Manager is also responsible for the staffing and management of dedicated groups of legal, marketing, compliance and related personnel necessary for the operation of the Series. The legal, marketing, compliance and related personnel are also responsible for the management and oversight of the various service providers to the Series, including, but not limited to, the custodian, transfer agent, and accounting agent.

The Manager has entered into a subadvisory agreement with Jennison Associates LLC (“Jennison”). The subadvisory agreement provides that Jennison will furnish investment advisory services in connection with the management of the Series. In connection therewith, Jennison is obligated to keep certain books and records of the Series. The Manager pays for the services of Jennison, the cost of compensation of officers of the Series, occupancy and certain clerical and bookkeeping costs of the Series. The Series bears all other costs and expenses.

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 1.00% of the Series’ average daily net assets up to $1 billion, 0.98% of the next $2 billion, 0.96% of the next $2 billion, 0.95% of the next $5 billion and 0.94% of the Series’ average daily net assets in excess of $10 billion. The effective management fee rate before any waivers and/or expense reimbursements was 1.00% for the year ended October 31, 2019.

30

The Manager has contractually agreed, through February 28, 2021, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 1.50% of average daily net assets for Class A shares, 2.25% of average daily net assets for Class C shares, 1.17% of average daily net assets for Class Z shares and 1.17% of average daily net assets for Class R6 shares. 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 Series 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 similar expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager 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 Fund, on behalf of the Series, 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 Series. The Series compensates PIMS for distributing and servicing the Series’ Class A and Class C shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z and Class R6 shares of the Series.

Pursuant to the Distribution Plans, the Series compensates PIMS for distribution related activities at an annual rate of up to 0.30% and 1% of the average daily net assets of the Class A and Class C shares, respectively. PIMS has contractually agreed through February 28, 2021 to limit such fees to 0.25% of the average daily net assets of the Class A shares.

For the year ended October 31, 2019, PIMS received $15,680 infront-end sales charges resulting from sales of Class A shares. Additionally, for the year ended October 31, 2019, PIMS received $14 and $607 in contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders, respectively. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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

3. 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. Transfer

PGIM Jennison Global Infrastructure Fund 31

Notes to Financial Statements(continued)

agent’s fees and expenses in the Statement of Operations include certainout-of-pocket expenses paid tonon-affiliates, where applicable.

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

The Series may enter into certain securities purchase or sale transactions under Board approved Rule17a-7 procedures. Rule17a-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, and/or common officers. Pursuant to the Rule17a-7 procedures and consistent with guidance issued by the SEC, the Fund’s Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such17a-7 transactions were effected in accordance with the Series’ Rule17a-7 procedures. For the year ended October 31, 2019, no17a-7 transactions were entered into by the Series.

4. 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 year ended October 31, 2019, were $28,661,015 and $39,035,522, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the year ended October 31, 2019, is presented as follows:

32

Value, Beginning of Year		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)			Value, End of Year		Shares, End of Year		Income
	PGIM Core Ultra Short Bond Fund*
$	1,729,474	$	28,526,834	$	29,658,122	$	—	$	—		$	598,186		598,186	$	23,392
	PGIM Institutional Money Market Fund*
	—		1,156,166		1,156,111		—		(55	)		—		—		214	**
$	1,729,474	$	29,683,000	$	30,814,233	$	—	$	(55	)	$	598,186			$	23,606

* The Fund did not have any capital gain distributions during the reporting period.

** This amount is included in “Income from securities lending, net” on the Statement of Operations.

5. Distributions and Tax Information

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on theex-date. In order to present total distributable earnings (loss) andpaid-in capital in excess of par on the Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to total distributable earnings (loss) andpaid-in capital in excess of par. For the year ended October 31, 2019, the adjustments were to increase total distributable earnings and decreasepaid-in capital in excess of par by $37 due to differences in the treatment for book and tax purposes of certain transactions involving partnership investments. Net investment income, net realized gain (loss) on investments and foreign currency transactions and net assets were not affected by this change.

For the year ended October 31, 2019, the tax character of dividends paid by the Series was $811,023 of ordinary income and $46,698 of tax return of capital. For the year ended October 31, 2018, the tax character of dividends paid by the Series was $861,939 of ordinary income.

As of October 31, 2019, there were no undistributed earnings on a tax basis.

The United States federal income tax basis of the Series’ investments and the net unrealized appreciation as of October 31, 2019 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$35,788,614	$10,911,187	$(803,658)	$10,107,529

The difference between book basis and tax basis was primarily due to deferred losses on wash sales.

PGIM Jennison Global Infrastructure Fund 33

Notes to Financial Statements(continued)

For federal income tax purposes, the Series had a capital loss carryforward as of October 31, 2019 of approximately $1,269,000 which can be carried forward for an unlimited period. The Series utilized approximately $3,251,000 of its capital loss carryforward during the fiscal year ended October 31, 2019 to offset capital gains. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

The Manager has analyzed the Series’ 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 Series’ financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Series’ U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2019 are subject to such review.

6. Capital and Ownership

The Series offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximumfront-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 contingent deferred sales charge (“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 10 years after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charge 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 Series to one or more other share classes of the Series as presented in the table of transactions in shares of common stock.

The Fund is authorized to issue 5.075 billion shares of common stock, with a par value of $0.01 per share, which is divided into seven series. There are 510 million shares authorized for the Series, divided into five classes, designated Class A, Class C, Class Z, Class R6 and Class T common stock, each of which consists of 20 million, 100 million, 150 million, 125 million and 115 million authorized shares, respectively. The Series currently does not have any Class T shares outstanding.

As of October 31, 2019, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned 549,574 Class Z shares and 812,764 Class R6 shares of the Series. At

34

reporting period end, six shareholders of record, each holding greater than 5% of the Series, held 80% of the Series’ outstanding shares, of which 44% were held by an affiliate of Prudential.

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Year ended October 31, 2019:
Shares sold		47,121		$	656,918
Shares issued in reinvestment of dividends and distributions		9,224			123,554
Shares reacquired		(168,355	)		(2,251,714	)
Net increase (decrease) in shares outstanding before conversion		(112,010	)		(1,471,242	)
Shares issued upon conversion from other share class(es)		8,917			124,418
Shares reacquired upon conversion into other share class(es)		(36,937	)		(502,336	)
Net increase (decrease) in shares outstanding		(140,030	)	$	(1,849,160	)
Year ended October 31, 2018:
Shares sold		150,283		$	2,002,747
Shares issued in reinvestment of dividends and distributions		10,691			139,976
Shares reacquired		(270,926	)		(3,544,143	)
Net increase (decrease) in shares outstanding before conversion		(109,952	)		(1,401,420	)
Shares issued upon conversion from other share class(es)		758			10,337
Shares reacquired upon conversion into other share class(es)		(125,190	)		(1,689,355	)
Net increase (decrease) in shares outstanding		(234,384	)	$	(3,080,438	)
Class C
Year ended October 31, 2019:
Shares sold		20,243		$	257,217
Shares issued in reinvestment of dividends and distributions		2,966			39,509
Shares reacquired		(60,723	)		(790,603	)
Net increase (decrease) in shares outstanding before conversion		(37,514	)		(493,877	)
Shares reacquired upon conversion into other share class(es)		(21,090	)		(289,346	)
Net increase (decrease) in shares outstanding		(58,604	)	$	(783,223	)
Year ended October 31, 2018:
Shares sold		29,037		$	377,809
Shares issued in reinvestment of dividends and distributions		2,793			36,467
Shares reacquired		(154,412	)		(2,008,194	)
Net increase (decrease) in shares outstanding before conversion		(122,582	)		(1,593,918	)
Shares reacquired upon conversion into other share class(es)		(4,383	)		(57,241	)
Net increase (decrease) in shares outstanding		(126,965	)	$	(1,651,159	)

PGIM Jennison Global Infrastructure Fund 35

Notes to Financial Statements(continued)

Class Z	Shares			Amount
Year ended October 31, 2019:
Shares sold		82,330		$	1,114,151
Shares issued in reinvestment of dividends and distributions		30,480			410,798
Shares reacquired		(559,502	)		(7,329,772	)
Net increase (decrease) in shares outstanding before conversion		(446,692	)		(5,804,823	)
Shares issued upon conversion from other share class(es)		49,142			670,622
Shares reacquired upon conversion into other share class(es)		(232	)		(3,358	)
Net increase (decrease) in shares outstanding		(397,782	)	$	(5,137,559	)
Year ended October 31, 2018:
Shares sold		301,204		$	3,928,359
Shares issued in reinvestment of dividends and distributions		32,956			430,887
Shares reacquired		(782,129	)		(10,173,430	)
Net increase (decrease) in shares outstanding before conversion		(447,969	)		(5,814,184	)
Shares issued upon conversion from other share class(es)		129,445			1,746,596
Shares reacquired upon conversion into other share class(es)		(758	)		(10,337	)
Net increase (decrease) in shares outstanding		(319,282	)	$	(4,077,925	)
Class R6
Year ended October 31, 2019:
Shares sold		436,752		$	5,766,397
Shares issued in reinvestment of dividends and distributions		20,791			279,050
Shares reacquired		(781,357	)		(10,439,661	)
Net increase (decrease) in shares outstanding		(323,814	)	$	(4,394,214	)
Year ended October 31, 2018:
Shares sold		693,401		$	9,146,111
Shares issued in reinvestment of dividends and distributions		17,751			232,070
Shares reacquired		(1,255,493	)		(16,419,500	)
Net increase (decrease) in shares outstanding		(544,341	)	$	(7,041,319	)

7. Borrowings

The Fund, on behalf of the Series, along with other affiliated registered investment companies (the “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 current SCA in effect at the reportingperiod-end as well as the prior SCA.

	Current SCA	Prior SCA
Term of Commitment	10/3/2019 – 10/1/2020	10/4/2018 – 10/2/2019
Total Commitment	$ 900 million	$ 900 million
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) theone-month LIBOR rate or (3) zero percent	1.25% plus the higher of (1) the effective federal funds rate, (2) theone-month LIBOR rate or (3) zero percent

36

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 Funds in the SCA equitably.

The Series utilized the SCA during the year ended October 31, 2019. The average daily balance for the 13 days that the Series had loans outstanding during the period was approximately $705,385, borrowed at a weighted average interest rate of 3.61%. The maximum loan outstanding amount during the period was $1,810,000. At October 31, 2019, the Series did not have an outstanding loan amount.

8. Risks of Investing in the Series

The Series’ risks include, but are not limited to, some or all of the risks discussed below:

Equity and Equity-Related Securities Risks:The value of a particular security could go down and you could lose money. In addition to an individual security losing value, the value of the equity markets or a sector in which the Series invests could go down. The Series’ holdings can vary significantly from broad market indexes and the performance of the Series can deviate from the performance of these indexes. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

Foreign Securities Risk:The Series’ investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Series may invest may have markets that are less liquid, less regulated and more volatile than US markets. The value of the Series’ investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability.

Market and Credit Risk:Securities markets may be volatile and the market prices of the Series’ 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 Series fall, the value of an investment in the Series will decline. Additionally, the Series may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Series has unsettled or open transactions defaults.

Non-diversification Risk:Anon-diversified Series may invest a greater percentage of its assets in the securities of a single company or industry than a diversified fund. Investing in anon-diversified fund involves greater risk than investing in a diversified fund because a loss

PGIM Jennison Global Infrastructure Fund 37

Notes to Financial Statements(continued)

resulting from the decline in value of any one security may represent a greater portion of the total assets of anon-diversified fund.

Risks of Investing in Infrastructure Companies:Securities of infrastructure companies are more susceptible to adverse economic, social, political and regulatory occurrences affecting their industries. Infrastructure companies may be subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, high leverage, costs associated with environmental and other regulations, the effects of economic slowdown, surplus capacity, insufficient supply of necessary resources, increased competition from other providers of similar services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Certain infrastructure companies may operate in limited areas or have few sources of revenue.

9. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the FASB issued Accounting Standards Update (“ASU”)No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the Series’ policy for the timing of transfers between levels. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Manager has evaluated the implications of certain provisions of the ASU and has determined to early adopt aspects related to the removal and modification of certain fair value measurement disclosures under the ASU effective immediately. The Manager continues to evaluate certain other provisions of the ASU and does not expect a material impact to financial statement disclosures.

38

Financial Highlights

Class A Shares
	Year Ended October 31,
	2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$12.21			$13.05			$11.61			$11.48			$12.62
Income (loss) from investment operations:
Net investment income (loss)		0.18			0.16			0.14			0.09			0.06
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.49			(0.81	)		1.49			0.21			(1.12	)
Total from investment operations		2.67			(0.65	)		1.63			0.30			(1.06	)
Less Dividends and Distributions:
Dividends from net investment income		(0.21	)		(0.19	)		(0.13	)		(0.08	)		(0.05	)
Tax return of capital distributions		(0.01	)		-			(0.06	)		(0.09	)		(0.03	)
Total dividends and distributions		(0.22	)		(0.19	)		(0.19	)		(0.17	)		(0.08	)
Net asset value, end of year		$14.66			$12.21			$13.05			$11.61			$11.48
Total Return(b):		22.01%			(5.10)%			14.15%			2.62%			(8.46)%
Ratios/Supplemental Data:
Net assets, end of year (000)		$7,637			$8,073			$11,689			$12,277			$22,353
Average net assets (000)		$7,718			$10,218			$11,433			$16,694			$22,695
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.50%			1.50%			1.50%			1.50%			1.50%
Expenses before waivers and/or expense reimbursement		2.10%			2.00%			1.81%			1.79%			1.78%
Net investment income (loss)		1.34%			1.21%			1.10%			0.76%			0.52%
Portfolio turnover rate(e)		62%			75%			80%			82%			94%

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

(b) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles.

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

(d) Effective November 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(e) The Series’ portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Series’ portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 39

Financial Highlights(continued)

Class C Shares
	Year Ended October 31,
	2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$12.12			$12.97			$11.55			$11.42			$12.58
Income (loss) from investment operations:
Net investment income (loss)		0.08			0.06			0.04			-	(b)		(0.03	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.45			(0.81	)		1.50			0.21			(1.13	)
Total from investment operations		2.53			(0.75	)		1.54			0.21			(1.16	)
Less Dividends and Distributions:
Dividends from net investment income		(0.13	)		(0.10	)		(0.08	)		(0.04	)		-	(b)
Tax return of capital distributions		(0.01	)		-			(0.04	)		(0.04	)		-	(b)
Total dividends and distributions		(0.14	)		(0.10	)		(0.12	)		(0.08	)		-
Net asset value, end of year		$14.51			$12.12			$12.97			$11.55			$11.42
Total Return(c):		21.01%			(5.82)%			13.39%			1.88%			(9.21)%
Ratios/Supplemental Data:
Net assets, end of year (000)		$4,135			$4,162			$6,101			$5,738			$6,775
Average net assets (000)		$4,131			$5,464			$6,111			$5,783			$6,353
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		2.25%			2.25%			2.25%			2.25%			2.25%
Expenses before waivers and/or expense reimbursement		2.90%			2.81%			2.51%			2.49%			2.48%
Net investment income (loss)		0.59%			0.48%			0.34%			(0.02)%			(0.22)%
Portfolio turnover rate(f)		62%			75%			80%			82%			94%

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

(b) Less than $0.005 per share.

(c) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles.

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

(e) Effective November 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(f) The Series’ portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Series’ portfolio turnover rate may be higher.

See Notes to Financial Statements.

40

Class Z Shares
	Year Ended October 31,
	2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$12.21			$13.06			$11.61			$11.47			$12.62
Income (loss) from investment operations:
Net investment income (loss)		0.23			0.19			0.18			0.11			0.09
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.48			(0.82	)		1.49			0.23			(1.13	)
Total from investment operations		2.71			(0.63	)		1.67			0.34			(1.04	)
Less Dividends and Distributions:
Dividends from net investment income		(0.25	)		(0.22	)		(0.14	)		(0.09	)		(0.08	)
Tax return of capital distributions		(0.01	)		-			(0.08	)		(0.11	)		(0.03	)
Total dividends and distributions		(0.26	)		(0.22	)		(0.22	)		(0.20	)		(0.11	)
Net asset value, end of year		$14.66			$12.21			$13.06			$11.61			$11.47
Total Return(b):		22.30%			(4.94)%			14.51%			2.96%			(8.28)%
Ratios/Supplemental Data:
Net assets, end of year (000)		$21,868			$23,074			$28,831			$40,811			$47,305
Average net assets (000)		$21,608			$27,549			$29,597			$40,236			$42,210
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.17%			1.25%			1.25%			1.25%			1.25%
Expenses before waivers and/or expense reimbursement		1.57%			1.52%			1.51%			1.49%			1.48%
Net investment income (loss)		1.66%			1.45%			1.49%			0.94%			0.75%
Portfolio turnover rate(e)		62%			75%			80%			82%			94%

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

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles.

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

(d) Effective November 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(e) The Series’ portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Series’ portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 41

Financial Highlights(continued)

Class R6 Shares
	Year Ended October 31,						December 28, 2016(a) through October 31, 2017
	2019			2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$12.21			$13.06			$11.39
Income (loss) from investment operations:
Net investment income (loss)		0.23			0.18			0.11
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.48			(0.81	)		1.71
Total from investment operations		2.71			(0.63	)		1.82
Less Dividends and Distributions:
Dividends from net investment income		(0.25	)		(0.22	)		(0.10	)
Tax return of capital distributions		(0.01	)		-			(0.05	)
Total dividends and distributions		(0.26	)		(0.22	)		(0.15	)
Net asset value, end of period		$14.66			$12.21			$13.06
Total Return(c):		22.40%			(4.94)%			16.02%
Ratios/Supplemental Data:
Net assets, end of period (000)		$11,954			$13,912			$21,979
Average net assets (000)		$13,787			$17,657			$19,274
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.17%			1.25%			1.25%	(f)
Expenses before waivers and/or expense reimbursement		1.48%			1.44%			1.40%	(f)
Net investment income (loss)		1.70%			1.39%			1.00%	(f)
Portfolio turnover rate(g)		62%			75%			80%

(a) Commencement of offering.

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

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(e) Effective November 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(f) Annualized.

(g) The Series’ portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Series’ portfolio turnover rate may be higher.

See Notes to Financial Statements.

42

Report of Independent Registered Public

Accounting Firm

To the Shareholders of PGIM Jennison Global Infrastructure Fund and Board of Directors

Prudential World Fund, Inc.:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of PGIM Jennison Global Infrastructure Fund, a series of Prudential World Fund, Inc., (the Fund), including the schedule of investments, as of October 31, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period ended October 31, 2019, and the related notes (collectively, the financial statements) and the financial highlights for the years or period indicated therein. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period ended October 31, 2019, and the financial highlights for the years or period indicated therein, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2019, by correspondence with the custodian, transfer agent, and brokers, or by other appropriate auditing procedures when replies were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more PGIM and/or Prudential Retail investment companies since 2003.

New York, New York

December 19, 2019

PGIM Jennison Global Infrastructure Fund 43

Federal Income Tax Information(unaudited)

For the year ended October 31, 2019, the Series reports under Section 854 of the Internal Revenue Code, the following percentages of the ordinary income dividends paid as 1) qualified dividend income (QDI); and 2) eligible for corporate dividends received deduction (DRD):

	QDI			DRD
PGIM Jennison Global Infrastructure Fund		100.00	%		83.71	%

In January 2020, you will be advised on IRS Form 1099-DIV or substitute 1099-DIV, as to the federal tax status of dividends and distributions received by you in calendar year 2019.

44

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS(unaudited)

Information about Board Members and Officers of the Fund is set forth below. Board Members who are not deemed to be “interested persons” of the Fund, as defined in the 1940 Act, are referred to as “Independent Board Members.” Board Members who are deemed to be “interested persons” of the Fund are referred to as “Interested Board Members.” The Board Members are responsible for the overall supervision of the operations of the Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Board in turn elects the Officers, who are responsible for administering theday-to-day operations of the Fund.

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Ellen S. Alberding 3/11/58 Board Member Portfolios Overseen: 96	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); Vice Chair, City Colleges of Chicago (community college system) (2011-2015); Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); Trustee, Economic Club of Chicago (since 2009); Trustee, Loyola University (since 2018).	None.	Since September 2013
Kevin J. Bannon 7/13/52 Board Member Portfolios Overseen: 96	Retired; Managing Director (April2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; President (May2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008).	Since July 2008

PGIM Jennison Global Infrastructure Fund

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Linda W. Bynoe 7/9/52 Board Member Portfolios Overseen: 96	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Ltd. (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co. (broker-dealer).	Director of Anixter International, Inc. (communication products distributor) (since January 2006); Director of Northern Trust Corporation (financial services) (since April 2006); Trustee of Equity Residential (residential real estate) (since December 2009).	Since March 2005
Barry H. Evans 11/2/60 Board Member Portfolios Overseen: 95	Retired; formerly President (2005 – 2016), Global Chief Operating Officer (2014– 2016), Chief Investment Officer – Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management U.S.	Formerly Director, Manulife Trust Company(2011-2018); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).	Since September 2017
Keith F. Hartstein 10/13/56 Board Member & Independent Chair Portfolios Overseen: 96	Retired; Member (since November 2014) of the Governing Council of the Independent Directors Council (organization of independent mutual fund directors); formerly President and Chief Executive Officer (2005-2012), Senior Vice President(2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.	Since September 2013

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Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Laurie Simon Hodrick 9/29/62 Board Member Portfolios Overseen: 95	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Professor of Law, Stanford Law School (since 2015); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008).	Independent Director, Synnex Corporation (since April 2019) (information technology); Independent Director, Kabbage, Inc. (since July 2018) (financial services); Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017
Michael S. Hyland, CFA 10/4/45 Board Member Portfolios Overseen: 96	Retired (since February 2005); formerly Senior Managing Director (July 2001-February 2005) of Bear Stearns & Co, Inc.; Global Partner, INVESCO (1999-2001); Managing Director and President of Salomon Brothers Asset Management (1989-1999).	None.	Since July 2008
Brian K. Reid 9/22/61 Board Member Portfolios Overseen: 95	Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); Director, ICI Mutual Insurance Company (2012-2017).	None.	Since March 2018

PGIM Jennison Global Infrastructure Fund

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Grace C. Torres 6/28/59 Board Member Portfolios Overseen: 95	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National Bank; Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank.	Since November 2014

Interested Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Stuart S. Parker 10/5/62 Board Member & President Portfolios Overseen: 96	President of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); Executive Vice President of Prudential Investment Management Services LLC (since December 2012); formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011).	None.	Since January 2012

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Interested Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Scott E. Benjamin 5/21/73 Board Member & Vice President Portfolios Overseen:96	Executive Vice President (since June 2009) of PGIM Investments LLC; Executive Vice President (June 2009-June 2012) and Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).	None.	Since March 2010

Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Raymond A. O’Hara 9/11/55 Chief Legal Officer	Vice President and Corporate Counsel (since July 2010) of Prudential Insurance Company of America (Prudential); Vice President (March 2011-Present) of Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey; Vice President and Corporate Counsel (March 2011-Present) of Prudential Annuities Life Assurance Corporation; Chief Legal Officer of PGIM Investments LLC (since June 2012); Chief Legal Officer of Prudential Mutual Fund Services LLC (since June 2012) and Corporate Counsel of AST Investment Services, Inc. (since June 2012); formerly Assistant Vice President and Corporate Counsel (September 2008-July 2010) of The Hartford Financial Services Group, Inc.; formerly Associate (September 1980-December 1987) and Partner (January 1988–August 2008) of Blazzard & Hasenauer, P.C. (formerly, Blazzard, Grodd & Hasenauer, P.C.).	Since June 2012

PGIM Jennison Global Infrastructure Fund

Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Dino Capasso 8/19/74 Chief Compliance Officer	Chief Compliance Officer (July 2019-Present) of PGIM Investments LLC; Chief Compliance Officer (July 2019-Present) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM High Yield Bond Fund, Inc.; Vice President and Deputy Chief Compliance Officer (June 2017-2019) of PGIM Investments LLC; formerly, Senior Vice President and Senior Counsel (January 2016-June 2017), and Vice President and Counsel (February 2012-December 2015) of Pacific Investment Management Company LLC.	Since March 2018
Andrew R. French 12/22/62 Secretary	Vice President of PGIM Investments LLC (December 2018-Present); formerly Vice President and Corporate Counsel (February 2010-December 2018) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since October 2006
Jonathan D. Shain 8/9/58 Assistant Secretary	Vice President and Corporate Counsel (since August 1998) of Prudential; Vice President and Assistant Secretary (since May 2001) of PGIM Investments LLC; Vice President and Assistant Secretary (since February 2001) of Prudential Mutual Fund Services LLC; formerly Vice President and Assistant Secretary (May 2003-June 2005) of AST Investment Services, Inc.	Since May 2005
Claudia DiGiacomo 10/14/74 Assistant Secretary	Vice President and Corporate Counsel (since January 2005) of Prudential; Vice President and Assistant Secretary of PGIM Investments LLC (since December 2005); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005
Diana N. Huffman 4/14/82 Assistant Secretary	Vice President and Corporate Counsel (since September 2015) of Prudential; formerly Associate at Willkie Farr & Gallagher LLP (2009-2015).	Since March 2019
Kelly A. Coyne 8/8/68 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since March 2015
Christian J. Kelly 5/5/75 Treasurer and Principal Financial and Accounting Officer	Vice President, Head of Fund Administration of PGIM Investments LLC (since November 2018); formerly, Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).	Since January 2019

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Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Lana Lomuti 6/7/67 Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since April 2014
Russ Shupak 10/08/73 Assistant Treasurer	Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration.	Since October 2019
Deborah Conway 3/26/69 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since October 2019
Elyse M. McLaughlin 1/20/74 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.	Since October 2019
Charles H. Smith 1/11/73 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Anti-Money Laundering Unit (since January 2015) of Prudential; committee member of the American Council of Life Insurers Anti-Money Laundering and Critical Infrastructure Committee (since January 2016); formerly Global Head of Economic Sanctions Compliance at AIG Property Casualty (February 2007-December 2014); Assistant Attorney General at the New York State Attorney General’s Office, Division of Public Advocacy. (August 1998-January 2007).	Since January 2017

^(a) Excludes Mr. Parker and Mr. Benjamin, interested Board Members who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

∎ Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC.

∎ Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102-4410.

∎ There is no set term of office for Board Members or Officers. The Board Members have adopted a retirement policy, which calls for the retirement of Board Members on December 31 of the year in which they reach the age of 75.

∎ “Other Directorships Held” includes only directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, “public companies”) or other investment companies registered under the 1940 Act.

∎ “Portfolios Overseen” includes all investment companies managed by PGIM Investments LLC. The investment companies for which PGIM Investments LLC serves as manager include the PGIM Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

PGIM Jennison Global Infrastructure Fund

Approval of Advisory Agreements(unaudited)

The Fund’s Board of Directors

The Board of Directors (the “Board”) of PGIM Jennison Global Infrastructure Fund (the “Fund”)¹ consists of eleven individuals, nine of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”).² The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Directors have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. The Board has established four standing committees: the Audit Committee, the Nominating and Governance Committee, and two Investment Committees. Each committee is chaired by, and composed of, Independent Directors.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and the Fund’s subadvisory agreement with Jennison Associates LLC (“Jennison”). In considering the renewal of the agreements, the Board, including all of the Independent Directors, met on May 30, 2019 and on June11-13, 2019 and approved the renewal of the agreements through July 31, 2020, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments and Jennison. Also, the Board considered comparisons with other mutual funds in relevant Peer Universes and Peer Groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Directors advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments and the subadviser, the performance of the Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund’s assets grow. In their deliberations, the Directors did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund. In connection with its deliberations, the Board

¹  PGIM Jennison Global Infrastructure Fund is a series of Prudential World Fund, Inc.

²  Grace C. Torres was an Interested Director of the Fund at the time the Board considered and approved the renewal of the Fund’s advisory agreements, but has since become an Independent Director of the Fund.

PGIM Jennison Global Infrastructure Fund

Approval of Advisory Agreements(continued)

considered information provided by PGIM Investments throughout the year at regular Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the meetings on May 30, 2019 and onJune 11-13, 2019.

The Directors determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a management agreement, and between PGIM Investments and Jennison, which serves as the Fund’s subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Directors considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Directors’ reaching their determinations to approve the continuance of the agreements are separately discussed below.

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments and Jennison. The Board noted that Jennison is affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for the Fund, as well as the provision of fund recordkeeping, compliance and other services to the Fund, and PGIM Investments’ role as administrator for the Fund’s liquidity risk management program. With respect to PGIM Investments’ oversight of the subadviser, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments’ senior management on the performance and operations of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Directors of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by Jennison, including investment research and security selection, as well as adherence to the Fund’s investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments’ evaluation of the subadviser, as well as PGIM Investments’ recommendation, based on its review of the subadviser, to renew the subadvisory agreement.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of the Fund and Jennison, and also considered the qualifications, backgrounds and responsibilities of Jennison’s portfolio managers who are responsible for theday-to-day management of the Fund’s portfolio. The Board was provided with information pertaining to PGIM Investments’ and Jennison’s organizational structure, senior management, investment operations, and other

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relevant information pertaining to both PGIM Investments and Jennison. The Board also noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer (“CCO”) as to both PGIM Investments and Jennison.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments and the subadvisory services provided to the Fund by Jennison, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments and Jennison under the management and subadvisory agreements.

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund’s investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser’s capital structure and cost of capital. However, the Board considered that the cost of services provided by PGIM Investments to the Fund during the year ended December 31, 2018 exceeded the management fees paid by the Fund, resulting in an operating loss to PGIM Investments. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

The Board received and discussed information concerning economies of scale that PGIM Investments may realize as the Fund’s assets grow beyond current levels. The Board noted that the management fee schedule for the Fund includes breakpoints, which have the effect of decreasing the fee rate as assets increase. During the course of time, the Board has considered information regarding the launch date of the Fund, the management fees of the Fund compared to those of similarly managed funds and PGIM Investments’ investment in the Fund over time. The Board noted that economies of scale may be shared with the Fund in several ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment. The Board considered PGIM Investments’ assertion that it continually evaluates the management fee schedule of the Fund and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase.

PGIM Jennison Global Infrastructure Fund

Approval of Advisory Agreements(continued)

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of PGIM Investments’ costs are not specific to individual funds, but rather are incurred across a variety of products and services.

Other Benefits to PGIM Investments and Jennison

The Board considered potential ancillary benefits that might be received by PGIM Investments and Jennison and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund’s transfer agent (which is affiliated with PGIM Investments), benefits to its reputation as well as other intangible benefits resulting from PGIM Investments’ association with the Fund. The Board concluded that the potential benefits to be derived by Jennison included its ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments and Jennison were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for theone-, three- and five-year periods ended December 31, 2018.

The Board also considered the Fund’s actual management fee, as well as the Fund’s net total expense ratio, for the fiscal year ended October 31, 2018. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

The mutual funds included in the Peer Universe, which was used to consider performance, and the Peer Group, which was used to consider fees and expenses, were objectively determined by Broadridge, an independent provider of mutual fund data. In certain circumstances, PGIM Investments also provided supplemental Peer Universe or Peer Group information for reasons addressed with the Board. The comparisons placed the Fund in various quartiles over various periods, with the first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

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The section below summarizes key factors considered by the Board and the Board’s conclusions regarding the Fund’s performance, fees and overall expenses. The table sets forth net performance comparisons (which reflect the impact on performance of fund expenses, or any subsidies, expense caps or waivers that may be applicable) with the Peer Universe, actual management fees with the Peer Group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the Peer Group, each of which were key factors considered by the Board.

Net Performance	1 Year	3 Years	5 Years	10 Years
	2nd Quartile	3rd Quartile	3rd Quartile	N/A
Actual Management Fees: 2nd Quartile
Net Total Expenses: 4th Quartile

• The Board noted that the Fund outperformed its benchmark index over theone- and five-year periods, though it underperformed over the three-year period.

• The Board noted information provided by PGIM Investments indicating that, although the Fund’s net total expense ratio would continue to rank in the fourth quartile, if the Fund’s expense cap had been in effect for the full fiscal year (the cap was implemented after the end of the fiscal year), the Fund’s net total expense ratio would have been nine basis points from the median of all funds in the Peer Group.

• The Board and PGIM Investments agreed to retain the Fund’s existing contractual expense cap which (exclusive of certain fees and expenses) caps total annual operating expenses at 1.50% for Class A shares, 2.25% for Class C shares, 1.25% for Class R6 shares, and 1.25% for Class Z shares through February 29, 2020.

• In addition, PGIM Investments will 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, and has agreed that total annual fund operating expenses for Class R6 shares will not exceed total annual fund operating expenses for Class Z shares.

• The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

• The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

*    *    *

After full consideration of these factors, the Board concluded that approval of the agreements was in the best interests of the Fund and its shareholders.

PGIM Jennison Global Infrastructure Fund

∎ MAIL	∎ TELEPHONE	∎ WEBSITE
655 Broad Street Newark, NJ 07102	(800) 225-1852	pgiminvestments.com

PROXY VOTING

The Board of Directors 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. 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.

DIRECTORS

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

OFFICERS

Stuart S. Parker,President• Scott E. Benjamin,Vice President• Christian J. Kelly,Treasurer and Principal Financial and Accounting Officer• Raymond A. O’Hara,Chief Legal Officer• Dino Capasso,Chief Compliance Officer• Charles H. Smith,Anti-Money Laundering Compliance Officer• Andrew R. French,Secretary• Jonathan D. Shain,Assistant Secretary• Claudia DiGiacomo,Assistant Secretary • Diana N. Huffman,Assistant Secretary• Kelly A. Coyne,Assistant Secretary• Lana Lomuti,Assistant Treasurer• Russ Shupak,Assistant Treasurer• Elyse McLaughlin,Assistant Treasurer• Deborah Conway,Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	Jennison Associates LLC	466 Lexington Avenue New York, NY 10017
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 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
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 atpgiminvestments.com 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 topgiminvestments.com/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 byvisiting the website address above.

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

Shareholders can communicate directly with the Board of Directors by writing to the Chair of the Board, PGIM Jennison Global Infrastructure Fund, PGIM Investments, Attn: Board of Directors, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Director by writing to 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 on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov. Form N-PORT is filed with the Commission quarterly, and each Fund’s full portfolio holdings as of the first and third fiscal quarter-ends (as of the third month of the Fund’s fiscal quarter for reporting periods on or after September 30, 2019) will be made publicly available 60 days after the end of each quarter at sec.gov.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Directors and is available without charge, upon request, by calling (800) 225-1852.

Mutual Funds:

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

PGIM JENNISON GLOBAL INFRASTRUCTURE FUND

SHARE CLASS	A	C	Z	R6
NASDAQ	PGJAX	PGJCX	PGJZX	PGJQX
CUSIP	743969792	743969784	743969776	743969560

MF217E

PGIM EMERGING MARKETS DEBT HARD

CURRENCY FUND

ANNUAL REPORT

OCTOBER 31, 2019

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (pgiminvestments.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-225-1852 or by sending an email request to PGIM Investments at shareholderreports@pgim.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary or follow instructions included with this notice to elect to continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-225-1852 or send an email request to shareholderreports@pgim.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

To enroll in e-delivery, go to pgiminvestments.com/edelivery

Objective: Total return, through a combination of current income and capital appreciation

Highlights(unaudited)

• Security selection and currency positioning added to the Fund’s performance over the reporting period.

• Although overall country selection was negative, overweight positions in Greece, Ukraine, Indonesia, and Poland added to performance.

• Overall country selection was the largest detractor from the Fund’s performance over the period, highlighted by an overweight to Argentina. An overweight to Venezuela was also negative.

• Security selection within El Salvador, Jamaica, and Venezuela detracted from returns over the period.

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

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

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies.^© 2019 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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Table of Contents

Letter from the President	5
Your Fund’s Performance	6
Growth of a $10,000 Investment	7
Strategy and Performance Overview	10
Fees and Expenses	13
Holdings and Financial Statements	15
Approval of Advisory Agreements

PGIM Emerging Markets Debt Hard Currency Fund 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

We hope you find the annual report for the PGIM Emerging Markets Debt Hard Currency Fund informative and useful. The report covers performance for the12-month period that ended October 31, 2019.

While the US economy remained healthy, with rising corporate profits and strong job growth, the Federal Reserve cut interest rates three times in the latter half of the period. The cuts were a proactive attempt by the Fed to extend the longest domestic economic expansion on record as growth in many regions weakened. China in particular showed signs of slowing amid trade tensions with the US, and turmoil in the United Kingdom continued as it negotiates an exit from the European Union.

The interest-rate cuts helped boost the performance of stocks globally. For the period overall,large-cap US equities along with stocks in developed and emerging foreign markets all rose by double digits.Small-cap US stocks posted a single-digit gain. This positive performance came despite significant volatility early in the period. Equities plunged at the end of 2018 on concerns about China’s economy, a potential global trade war, higher interest rates, and worries that profit growth might slow. Stocks reversed course early in 2019, rising sharply after the Fed moderated its position on additional rate hikes for the remainder of the year.

The overall US bond market posted strong returns during the period on a significant rally in interest rates that saw the10-year US Treasury yield decline from over 3% to under 2%. Investment-grade corporate bonds led the way with a double-digit gain, while corporate high yield and municipal bonds each had a return in the high single digits. Globally, bonds in developed markets delivered strong returns, and emerging markets debt rose by double digits.

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 consider it a great privilege and responsibility to help investors participate in opportunities across global markets while meeting their toughest investment challenges. PGIM is atop-10 global investment manager with more than $1 trillion in assets under management. This scale and investment expertise allow us to deliver actively managed funds and strategies to meet the needs of investors around the globe.

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Emerging Markets Debt Hard Currency Fund

December 16, 2019

PGIM Emerging Markets Debt Hard Currency Fund 5

Your Fund’s Performance(unaudited)

Performance data quoted represents 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 atpgiminvestments.com or by calling(800) 225-1852.

	Average Annual Total Returns as of 10/31/19 (with sales charges)
	One Year (%)	Since Inception (%)
Class A	9.55	1.01 (12/12/17)
Class C	11.40	2.04 (12/12/17)
Class Z	13.51	3.03 (12/12/17)
Class R6	13.58	3.11 (12/12/17)
JP Morgan Emerging Markets Bond Global Diversified Index
	14.35	4.74

	Average Annual Total Returns as of 10/31/19 (without sales charges)
	One Year (%)	Since Inception (%)
Class A	13.23	2.80 (12/12/17)
Class C	12.40	2.04 (12/12/17)
Class Z	13.51	3.03 (12/12/17)
Class R6	13.58	3.11 (12/12/17)
JP Morgan Emerging Markets Bond Global Diversified Index
	14.35	4.74

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Growth of a $10,000 Investment (unaudited)

The graph compares a $10,000 investment in the Fund’s Class Z shares with a similar investment in the JP Morgan EMBI Global Diversified Index by portraying the initial account values at the commencement of operations for Class Z shares (December 12, 2017) and the account values at the end of the current fiscal period (October 31, 2019) as measured on a quarterly basis. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted; and (b) all dividends and distributions were reinvested. The line graph provides information for Class Z shares only. As indicated in the tables provided earlier, performance for other share classes will vary due to the differing charges and expenses applicable to each share class (as indicated in the following paragraphs). Without waiver of fees and/or expense reimbursements, if any, the Fund’s returns would have been lower.

Past performance does not predict future performance. Total returns and the ending account values in the graph include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. The Fund’s total returns do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares.

Source: PGIM Investments LLC, Lipper Inc.

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 closest month-end to the Fund’s inception date.

PGIM Emerging Markets Debt Hard Currency Fund 7

Your Fund’s Performance(continued)

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	For purchases on or after July 15, 2019: 3.25% of the public offering price. For purchases prior to July 15, 2019: 4.50% 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)	For purchases on or after July 15, 2019: 1.00% on sales of $500,000 or more made within 12 months of purchase. For purchases prior to July 15, 2019: 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 Definitions

JP Morgan Emerging Markets Bond Global Diversified Index (EMBI)—The JP Morgan Emerging Markets Bond Global Diversified Index (EMBI) tracks total returns for USD-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans, and eurobonds. It limits the weights of those index countries with larger debt stocks by only including specified portions of these countries’ eligible current face amounts of debt outstanding.

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

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Credit Quality expressed as a percentage of total investments as of 10/31/19 (%)
AA	2.4
A	8.6
BBB	25.7
BB	23.5
B	32.7
CCC	3.5
C	0.1
D	0.2
Not Rated	0.8
Cash & Equivalents	2.5
Total	100.0

Source: PGIM Fixed Income

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

Distributions and Yields as of 10/31/19
	Total Distributions Paid for 12 Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.52	5.28	–6.76
Class C	0.45	4.73	–8.33
Class Z	0.54	5.75	4.75
Class R6	0.55	5.80	5.31

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

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

PGIM Emerging Markets Debt Hard Currency Fund 9

Strategy and Performance Overview(unaudited)

How did the Fund perform?

ThePGIM Emerging Markets Debt Hard Currency Fund’s Class Z shares returned 13.51% in the12-month reporting period that ended October 31, 2019, underperforming the 14.35% return of the JP Morgan Emerging Markets Bond Global Diversified Index (the Index).

What were the market conditions?

• In reviewing fourth-quarter 2018 emerging markets (EM) performance, EM hard currency assets underperformed EM local bond markets—particularly local hedged bonds and emerging markets foreign exchange (EMFX)—with much of the relative underperformance taking place in October and November. Not surprisingly,oil-sensitive and exporting countries underperformed (e.g., Mexico and Nigeria), while other underperformers included Argentina and Ukraine. Outperformers included Brazil, Turkey, and the country-specific stories of Mozambique and Zambia. EM hard currency assets have performed well since theG-20 meeting in early December 2018 and, specifically, since the initial signal that there was more scope for negotiations on tariffs between the US and China in 2019, which supported the broader tone across the sector. (The G20, or Group of 20, is comprised of finance ministers and central bank governors from 19 of the world’s largest economies, along with the European Union.) Hard currency spreads remained resilient, topping out at 400 basis points (bps) at the end of November 2018, subsequently tightening to 390 bps before ending the quarter slightly wider at 415 bps amid volatility in the US stock market and other risk assets. (One basis point is 0.01%.) One relevant positive development to end 2018 was the recovery in Mexico, with its government bonds rebounding about 2.3% in December.

• The turn of the year to 2019 roughly marked the bottom of the EM fixed income sell-off. In the first quarter of 2019, the Index outperformed, led by higher-risk countries such as Argentina, Ecuador, Venezuela, Iraq, and Angola. Hedged local bonds and EM currencies lagged hard currency but had respectable positive returns. The rally was driven by global macro and emerging market factors. The Federal Reserve’s (Fed’s) and European Central Bank’s shift to a more accommodative stance was augmented by increased China stimulus, more positive news regarding Argentina’s external accounts and International Monetary Fund (IMF) program, and optimism that pension reform in Brazil may be passed in the third quarter of 2019.

• Each emerging market debtsub-sector posted positive returns in the second quarter of 2019. The sector continued to benefit from investors’ search for yield amid expectations for Fed rate cuts and ongoing, below-trend growth in most developed markets. The prospects for a global recession in the near to medium term also remained faint given the relatively healthy growth in the US and expectations for additional stimulus from China. The prospect for avoiding a full-blownUS-China trade war is key for EM as further slowing in global trade and EM growth would pose a headwind regardless of policy

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accommodation from central banks in developed markets. In EM sovereigns, the performance by country reflected the US Treasury rally and country-specific developments. Some higher-rated, more US Treasury-sensitive government bonds outperformed, including Qatar, Russia, and Romania, all returning over 6% and tightening between20-30 bps. The other outperformers were those with positive developments, including Ukraine, Mozambique, and Tunisia.

• Despite the various headwinds facing EM debt, the sector put forth a resilient performance in the third quarter of 2019. The lack of Argentina-related and Venezuela-related contagion in the quarter reflected the diversity in EM economies, particularly those with high yield ratings, as well as instances of prudent policy planning. For example, Ukraine should benefit from land reform that may be passed as early as the fourth quarter of 2019, while Turkey should continue to stabilize as the country’s external vulnerability diminishes. With PGIM Fixed Income’s expectation that global developed-market rates are likely to remain low, higher-quality credits will likely find support given their relatively strong balance sheets and investors’ demand for duration. (Duration is a measure of the interest-rate sensitivity of a bond portfolio or debt securities that is expressed as a number of years.) EM debt flows generally appear balanced as investors have avoided growth-sensitive assets with modest positioning (excluding Argentina) across the sector. That said, the total return in hard currency sovereigns continues to draw attention, and recent spreads of 337 bps generally remain attractive relative to the 2018 spread tights of 260 bps and to most US high yield spreads. On the supply side, financing needs for EM sovereigns and corporates are very low in the fourth quarter of 2019, with net financing needs close to zero.

• October 2019 was a positive month for EM assets with EM hard currency, hedged local rates, and EMFX all outperforming. Hard currency outperformers were higher-beta assets, as investors felt more comfortable taking on risk based on signs of progress inUS-China trade talks. Specifically, the top performers included Tunisia, Ukraine, and Kenya. Tunisia outperformed following the election of outsider candidate Kais Saied, who ran on an anti-corruption platform. The bottom performers were Lebanon, Venezuela, and Ecuador. Lebanon underperformed after Prime Minister Saad Hariri stepped down following two weeks of anti-government protests that descended into violence. Venezuela’s underperformance can be attributed to sanctions and the uncertain timeframe of a potential transition in government leadership. Ecuador underperformed after the government had to reverse a reduction in fuel subsidies after protests.

What worked?

• Security selection and currency positioning added to the Fund’s performance over the reporting period.

• Although overall country selection was negative, overweight positions in Greece, Ukraine, Indonesia, and Poland added to performance.

PGIM Emerging Markets Debt Hard Currency Fund 11

Strategy and Performance Overview(continued)

• Strong security selection was highlighted by positioning in Romania, Saudi Arabia, China, and Hungary.

• Within foreign currencies, an underweight to the Chilean peso and overweights to the Indian rupee and Russian ruble were positive.

What didn’t work?

• Overall country selection was the largest detractor from the Fund’s performance over the period, highlighted by an overweight to Argentina. An overweight to Venezuela was also negative.

• Security selection within El Salvador, Jamaica, and Venezuela detracted from returns over the period.

• Within foreign currencies, underweights to the South African rand, Chinese yuan, and South Korean won all hurt performance.

Did the Fund use derivatives?

Currency positioning in the Fund was partially facilitated by the use of currency forward and option contracts. During the reporting period, the Fund’s currency positioning added to relative performance.

Current outlook

• Amid a somewhat gloomy outlook conveyed at the recent IMF meetings, PGIM Fixed Income feels that EM assets will continue to benefit from an accommodating monetary stance from global central banks. Moreover, PGIM Fixed Income thinks the IMF is perhaps looking through a rearview mirror. There’s consensus that hard currency bonds and local rates will continue to do well, while the outlook for EM currencies is not as clear. A trade truce between China and the US and some clarity on Brexit will further lift sentiment for EM countries. While these countries continue to face headwinds from geopolitics, trade, and populism, digging deep into country-specific issues will likely remain key to alpha generation.

• As of the end of the reporting period, the Fund featured overweights to Ukraine, Brazil, Argentina, and Indonesia, while holding underweight positions in United Arab Emirates, Chile, and Poland. Looking at foreign exchange (FX) positioning, the Fund holds long positions in the Singapore dollar, Russian ruble, and Thai baht, and is short in the euro, Taiwan dollar, and Indonesian rupiah.

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Fees and Expenses(unaudited)

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 October 31, 2019. 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

PGIM Emerging Markets Debt Hard Currency Fund 13

Fees and Expenses(continued)

and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information 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 Emerging Markets Debt Hard Currency Fund		Beginning Account Value May 1, 2019		Ending Account Value October 31, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,048.30		1.05	%	$	5.42
	Hypothetical	$	1,000.00	$	1,019.91		1.05	%	$	5.35
Class C	Actual	$	1,000.00	$	1,044.40		1.80	%	$	9.28
	Hypothetical	$	1,000.00	$	1,016.13		1.80	%	$	9.15
Class Z	Actual	$	1,000.00	$	1,049.50		0.80	%	$	4.13
	Hypothetical	$	1,000.00	$	1,021.17		0.80	%	$	4.08
Class R6	Actual	$	1,000.00	$	1,049.80		0.74	%	$	3.82
	Hypothetical	$	1,000.00	$	1,021.48		0.74	%	$	3.77

*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 184 days in the six-month period ended October 31, 2019, and divided by the 365 days in the Fund’s fiscal year ended October 31, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

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Schedule of Investments

as of October 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    95.5%
CORPORATE BONDS    23.2%
Argentina     0.4%
YPF SA, Sr. Unsec’d. Notes		8.500	%		07/28/25		155	$	122,760
Azerbaijan     0.7%
State Oil Co. of the Azerbaijan Republic, Sr. Unsec’d. Notes		6.950			03/18/30		200		240,000
Brazil    1.0%
Petrobras Global Finance BV,
Gtd. Notes		5.999			01/27/28		95		107,071
Gtd. Notes		6.900			03/19/49		20		23,246
Gtd. Notes		7.375			01/17/27		18		21,798
Gtd. Notes		8.750			05/23/26		87		111,360
Gtd. Notes, 144A		5.093			01/15/30		67		71,053
									334,528
Chile     0.7%
Corp Nacional del Cobre de Chile, Sr. Unsec’d. Notes, 144A		4.875			11/04/44		200		234,235
China     2.7%
CNAC HK Finbridge Co. Ltd., Gtd. Notes		4.875			03/14/25		240		260,459
Country Garden Holdings Co. Ltd., Sr. Sec’d. Notes		8.000			01/27/24		200		218,704
Sinochem Overseas Capital Co. Ltd., Gtd. Notes		6.300			11/12/40		130		179,565
Sinopec Group Overseas Development 2018 Ltd., Gtd. Notes, 144A		3.680			08/08/49		200		208,097
									866,825
India     0.6%
HPCL-Mittal Energy Ltd., Sr. Unsec’d. Notes		5.250			04/28/27		200		198,564
Indonesia     2.9%
Indonesia Asahan Aluminium Persero PT, Sr. Unsec’d. Notes		6.530			11/15/28		200		241,867

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 15

Schedule of Investments(continued)

as of October 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
Indonesia (cont’d.)
Pelabuhan Indonesia III Persero PT, Sr. Unsec’d. Notes		4.875	%		10/01/24		200		$	216,602
Pertamina Persero PT, Sr. Unsec’d. Notes		6.000			05/03/42		200			239,932
Saka Energi Indonesia PT, Sr. Unsec’d. Notes		4.450			05/05/24		250			252,510
										950,911
Kazakhstan     0.7%
KazMunayGas National Co. JSC, Sr. Unsec’d. Notes		5.375			04/24/30		200			230,004
Malaysia    1.0%
Petroliam Nasional Bhd, Sr. Unsec’d. Notes		7.625			10/15/26		250			328,291
Mexico     5.1%
Nemak SAB de CV, Sr. Unsec’d. Notes		4.750			01/23/25		200			206,500
Orbia Advance Corp. SAB de CV, Gtd. Notes		5.500			01/15/48		200			202,800
Petroleos Mexicanos,
Gtd. Notes		6.350			02/12/48		50			47,813
Gtd. Notes		6.500			03/13/27		275			291,500
Gtd. Notes		6.500			01/23/29		65			67,795
Gtd. Notes		6.500			06/02/41		435			432,716
Gtd. Notes, 144A		6.490			01/23/27		20			21,350
Gtd. Notes, 144A		6.840			01/23/30		143			152,710
Gtd. Notes, 144A		7.690			01/23/50		75			81,780
Gtd. Notes, MTN		6.875			08/04/26		140	��		153,160
										1,658,124
Russia     2.3%
Gazprom OAO Via Gaz Capital SA,
Sr. Unsec’d. Notes, EMTN		7.288			08/16/37		100			135,010
Sr. Unsec’d. Notes, MTN		8.625			04/28/34		255			365,185
Vnesheconombank Via VEB Finance PLC, Sr. Unsec’d. Notes		5.942			11/21/23		205			225,359
										725,554

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date			Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
Saudi Arabia     0.7%
Saudi Arabian Oil Co., Sr. Unsec’d. Notes, MTN		4.250	%		04/16/39				200	$	214,378
South Africa     2.0%
Eskom Holdings SOC Ltd.,
Sr. Unsec’d. Notes		7.125			02/11/25				200		205,572
Sr. Unsec’d. Notes, EMTN		6.750			08/06/23				200		205,164
Sr. Unsec’d. Notes, MTN		8.450			08/10/28				200		218,817
											629,553
Trinidad & Tobago     0.3%
Trinidad Petroleum Holdings Ltd., Sr. Sec’d. Notes, 144A		9.750			06/15/26				91		102,557
Tunisia     0.8%
Banque Centrale de Tunisie International Bond,
Sr. Unsec’d. Notes		5.625			02/17/24			EUR	140		152,579
Sr. Unsec’d. Notes		6.750			10/31/23			EUR	100		112,411
											264,990
Ukraine     0.4%
NAK Naftogaz Ukraine via Kondor Finance PLC, Sr. Unsec’d. Notes		7.125			07/19/24			EUR	100		116,585
United States     0.7%
JBS Investments II GmbH, Gtd. Notes, 144A		5.750			01/15/28				200		208,400
Venezuela     0.2%
Petroleos de Venezuela SA,
First Lien		8.500			10/27/20				205		57,400
Sr. Unsec’d. Notes		5.375			04/12/27	(d)			205		12,300
Sr. Unsec’d. Notes		6.000			05/16/24	(d)			45		2,700
Sr. Unsec’d. Notes		6.000			11/15/26	(d)			65		3,900
											76,300
TOTAL CORPORATE BONDS (cost $7,474,522)											7,502,559

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 17

Schedule of Investments(continued)

as of October 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
SOVEREIGN BONDS    72.3%
Angola    1.3%
Angolan Government International Bond,
Sr. Unsec’d. Notes		9.500	%		11/12/25			200	$	224,988
Sr. Unsec’d. Notes, 144A		9.375			05/08/48			200		211,290
										436,278
Argentina     2.5%
Argentine Republic Government International Bond,
Sr. Unsec’d. Notes		3.375			01/15/23		EUR	200		84,317
Sr. Unsec’d. Notes		3.380	(cc)		12/31/38		EUR	70		30,448
Sr. Unsec’d. Notes		3.750	(cc)		12/31/38			110		44,001
Sr. Unsec’d. Notes		4.625			01/11/23			40		16,040
Sr. Unsec’d. Notes		5.625			01/26/22			80		33,921
Sr. Unsec’d. Notes		6.875			04/22/21			150		67,502
Sr. Unsec’d. Notes		6.875			01/11/48			30		11,625
Sr. Unsec’d. Notes		7.500			04/22/26			240		101,402
Sr. Unsec’d. Notes		7.820			12/31/33		EUR	138		72,902
Sr. Unsec’d. Notes		7.820			12/31/33		EUR	179		93,595
Sr. Unsec’d. Notes		8.280			12/31/33			210		107,258
Sr. Unsec’d. Notes		8.280			12/31/33			42		21,031
Provincia de Buenos Aires,
Sr. Unsec’d. Notes		5.375			01/20/23		EUR	100		36,693
Sr. Unsec’d. Notes, 144A		9.125			03/16/24			245		83,912
										804,647
Bahrain    2.8%
Bahrain Government International Bond,
Sr. Unsec’d. Notes		6.750			09/20/29			200		228,000
Sr. Unsec’d. Notes		7.000			01/26/26			400		457,345
Sr. Unsec’d. Notes		7.500			09/20/47			200		234,000
										919,345
Belarus     0.7%
Republic of Belarus International Bond, Sr. Unsec’d. Notes		6.875			02/28/23			200		214,900
Brazil     3.2%					��
Brazil Minas SPE via State of Minas Gerais, Gov’t. Gtd. Notes		5.333			02/15/28			437		463,786
Brazilian Government International Bond,
Sr. Unsec’d. Notes		5.625			01/07/41			120		134,551

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
SOVEREIGN BONDS (Continued)
Brazil (cont’d.)
Brazilian Government International Bond, (cont’d.)
Sr. Unsec’d. Notes		7.125	%		01/20/37			120	$	154,051
Sr. Unsec’d. Notes		8.250			01/20/34			205		283,415
										1,035,803
Colombia    1.7%
Colombia Government International Bond,
Sr. Unsec’d. Notes		6.125			01/18/41			135		174,825
Sr. Unsec’d. Notes		7.375			09/18/37			275		389,815
										564,640
Congo (Republic)     0.2%
Congolese International Bond, Sr. Unsec’d. Notes		6.000			06/30/29			84		72,300
Costa Rica     1.2%
Costa Rica Government International Bond,
Sr. Unsec’d. Notes		4.375			04/30/25			200		191,502
Sr. Unsec’d. Notes		7.158			03/12/45			200		199,002
										390,504
Dominican Republic     2.6%
Dominican Republic International Bond,
Sr. Unsec’d. Notes		5.875			04/18/24			305		325,209
Sr. Unsec’d. Notes		7.450			04/30/44			440		526,905
										852,114
Ecuador     2.7%
Ecuador Government International Bond,
Sr. Unsec’d. Notes		8.750			06/02/23			400		404,504
Sr. Unsec’d. Notes		8.875			10/23/27			500		465,750
										870,254
Egypt     2.9%
Egypt Government International Bond,
Sr. Unsec’d. Notes, 144A, MTN		6.375			04/11/31		EUR	200		231,704
Sr. Unsec’d. Notes, EMTN		4.750			04/16/26		EUR	200		228,480

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 19

Schedule of Investments(continued)

as of October 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
SOVEREIGN BONDS (Continued)
Egypt (cont’d.)
Egypt Government International Bond, (cont’d.)
Sr. Unsec’d. Notes, MTN		7.500	%		01/31/27			200	$	216,758
Sr. Unsec’d. Notes, MTN		8.500			01/31/47			250		262,812
										939,754
El Salvador     1.6%										��
El Salvador Government International Bond,
Sr. Unsec’d. Notes		6.375			01/18/27			175		183,314
Sr. Unsec’d. Notes		7.750			01/24/23			250		273,128
Sr. Unsec’d. Notes		8.250			04/10/32			45		51,863
										508,305
Gabon     0.6%
Gabon Government International Bond, Bonds		6.375			12/12/24			200		198,940
Ghana     1.4%
Ghana Government International Bond,
Bank Gtd. Notes		10.750			10/14/30			200		252,133
Sr. Unsec’d. Notes, 144A		7.875			03/26/27			200		207,574
										459,707
Greece     0.9%
Hellenic Republic Government Bond, Bonds		3.000	(cc)		02/24/37		EUR	200		284,396
Honduras     0.7%
Honduras Government International Bond, Sr. Unsec’d. Notes		7.500			03/15/24			200		220,002
Hungary     0.6%
Hungary Government International Bond, Sr. Unsec’d. Notes		7.625			03/29/41			122		200,433
Indonesia     2.7%
Indonesia Government International Bond,
Sr. Unsec’d. Notes		1.450			09/18/26		EUR	100		115,294
Sr. Unsec’d. Notes		7.750			01/17/38			160		238,414
Sr. Unsec’d. Notes		8.500			10/12/35			150		234,387

See Notes to Financial Statements.

20

Description		Interest Rate			Maturity Date		Principal Amount (000)#			Value
SOVEREIGN BONDS (Continued)
Indonesia (cont’d.)
Indonesia Government International Bond, (cont’d.)
Sr. Unsec’d. Notes, EMTN			3.750	%		06/14/28		EUR	100	$	135,286
Sr. Unsec’d. Notes, EMTN			6.750			01/15/44			100		142,757
											866,138
Iraq    1.4%
Iraq International Bond,
Sr. Unsec’d. Notes			5.800			01/15/28			250		240,050
Sr. Unsec’d. Notes			6.752			03/09/23			200		201,484
											441,534
Ivory Coast    1.0%
Ivory Coast Government International Bond,
Sr. Unsec’d. Notes			6.375			03/03/28			200		206,564
Sr. Unsec’d. Notes			6.625			03/22/48		EUR	100		109,893
											316,457
Jamaica    0.8%
Jamaica Government International Bond, Sr. Unsec’d. Notes			7.625			07/09/25			225		265,783
Jordan    0.7%
Jordan Government International Bond, Sr. Unsec’d. Notes			7.375			10/10/47			200		210,570
Kazakhstan    0.9%
Kazakhstan Government International Bond, Sr. Unsec’d. Notes, EMTN			6.500			07/21/45			200		290,000
Kenya    1.3%	��
Kenya Government International Bond,
Sr. Unsec’d. Notes			6.875			06/24/24			200		212,203
Sr. Unsec’d. Notes			8.250			02/28/48			200		209,313
											421,516
Lebanon    1.2%
Lebanon Government International Bond,
Sr. Unsec’d. Notes			6.000			01/27/23			102		60,180
Sr. Unsec’d. Notes			6.650			04/22/24			52		29,536

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 21

Schedule of Investments(continued)

as of October 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Lebanon (cont’d.)
Lebanon Government International Bond, (cont’d.)
Sr. Unsec’d. Notes		6.750	%		11/29/27		20	$	11,050
Sr. Unsec’d. Notes, EMTN		6.100			10/04/22		65		38,538
Sr. Unsec’d. Notes, EMTN		6.250			05/27/22		75		44,625
Sr. Unsec’d. Notes, EMTN		6.400			05/26/23		150		88,155
Sr. Unsec’d. Notes, EMTN		6.850			05/25/29		40		22,000
Sr. Unsec’d. Notes, GMTN		6.650			02/26/30		150		82,275
									376,359
Mexico     0.8%
Mexico Government International Bond,
Sr. Unsec’d. Notes, GMTN		5.750			10/12/2110		126		146,319
Sr. Unsec’d. Notes, MTN		6.050			01/11/40		92		117,416
									263,735
Mongolia     0.6%
Mongolia Government International Bond, Sr. Unsec’d. Notes, EMTN		5.125			12/05/22		200		202,792
Namibia     0.6%
Namibia International Bonds, Sr. Unsec’d. Notes		5.250			10/29/25		200		202,924
Nigeria     2.0%
Nigeria Government International Bond,
Sr. Unsec’d. Notes		7.625			11/21/25		200		217,742
Sr. Unsec’d. Notes		8.747			01/21/31		200		220,040
Sr. Unsec’d. Notes, 144A		7.696			02/23/38		200		199,984
									637,766
Oman     1.2%
Oman Government International Bond,
Sr. Unsec’d. Notes		6.500			03/08/47		225		208,125
Sr. Unsec’d. Notes, 144A		6.750			01/17/48		200		187,500
									395,625
Pakistan    1.2%
Pakistan Government International Bond, Sr. Unsec’d. Notes		8.250			09/30/25		370		403,598

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
SOVEREIGN BONDS (Continued)
Panama    1.5%
Panama Government International Bond,
Sr. Unsec’d. Notes		6.700	%		01/26/36			220	$	309,652
Sr. Unsec’d. Notes		9.375			04/01/29			105		160,389
										470,041
Papua New Guinea    0.7%
Papua New Guinea Government International Bond, Sr. Unsec’d. Notes, 144A		8.375			10/04/28			200		214,500
Peru    1.7%
Peruvian Government International Bond,
Sr. Unsec’d. Notes		6.550			03/14/37			75		109,407
Sr. Unsec’d. Notes		8.750			11/21/33			265		436,921
										546,328
Philippines    1.4%
Philippine Government International Bond,
Sr. Unsec’d. Notes		6.375			10/23/34			100		140,971
Sr. Unsec’d. Notes		7.750			01/14/31			200		295,956
										436,927
Qatar    2.4%
Qatar Government International Bond,
Sr. Unsec’d. Notes		5.103			04/23/48			400		509,840
Sr. Unsec’d. Notes, 144A		4.817			03/14/49			205		252,113
										761,953
Romania    1.2%
Romanian Government International Bond,
Sr. Unsec’d. Notes		5.125			06/15/48			42		48,387
Sr. Unsec’d. Notes, 144A		5.125			06/15/48			44		50,692
Sr. Unsec’d. Notes, 144A, MTN		4.625			04/03/49		EUR	35		50,785
Sr. Unsec’d. Notes, EMTN		4.125			03/11/39		EUR	75		100,804
Sr. Unsec’d. Notes, EMTN		6.125			01/22/44			96		124,656
										375,324

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 23

Schedule of Investments(continued)

as of October 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Russia    1.7%
Russian Foreign Bond, Sr. Unsec’d. Notes		5.625	%		04/04/42		200	$	247,014
Russian Foreign Bond - Eurobond, Sr. Unsec’d. Notes		12.750			06/24/28		175		298,085
									545,099
Saudi Arabia    1.5%
Saudi Government International Bond,
Sr. Unsec’d. Notes, 144A		5.250			01/16/50		200		246,300
Sr. Unsec’d. Notes, EMTN		5.000			04/17/49		200		237,038
									483,338
Senegal    0.6%
Senegal Government International Bond, Sr. Unsec’d. Notes, 144A		6.750			03/13/48		205		200,941
South Africa    1.4%
Republic of South Africa Government International Bond,
Sr. Unsec’d. Notes		4.875			04/14/26		200		206,176
Sr. Unsec’d. Notes		6.250			03/08/41		230		247,250
									453,426
Sri Lanka    2.9%
Sri Lanka Government International Bond,
Sr. Unsec’d. Notes		5.750			01/18/22		200		202,015
Sr. Unsec’d. Notes		6.200			05/11/27		200		192,175
Sr. Unsec’d. Notes		6.850			11/03/25		550		557,656
									951,846
Turkey    4.5%
Export Credit Bank of Turkey, Sr. Unsec’d. Notes		5.375			10/24/23		200		194,000
Turkey Government International Bond,
Sr. Unsec’d. Notes		4.250			04/14/26		200		182,230
Sr. Unsec’d. Notes		5.750			05/11/47		200		171,250
Sr. Unsec’d. Notes		6.875			03/17/36		30		29,555
Sr. Unsec’d. Notes		7.250			12/23/23		200		213,000

See Notes to Financial Statements.

24

Description	Interest Rate			Maturity Date			Principal Amount (000)#			Value
SOVEREIGN BONDS (Continued)
Turkey (cont’d.)
Turkey Government International Bond, (cont’d.)
Sr. Unsec’d. Notes		7.375	%		02/05/25				205	$	219,862
Sr. Unsec’d. Notes		7.625			04/26/29				400		429,000
											1,438,897
Ukraine     4.2%
Ukraine Government International Bond,
Sr. Unsec’d. Notes		0.000	(cc)		05/31/40				51		47,877
Sr. Unsec’d. Notes		6.750			06/20/26			EUR	100		123,183
Sr. Unsec’d. Notes		7.750			09/01/21				205		214,225
Sr. Unsec’d. Notes		7.750			09/01/24				135		144,619
Sr. Unsec’d. Notes		7.750			09/01/25				215		230,587
Sr. Unsec’d. Notes		7.750			09/01/26				150		161,062
Sr. Unsec’d. Notes		9.750			11/01/28				200		237,756
Ukreximbank Via Biz Finance PLC, Sr. Unsec’d. Notes		9.750			01/22/25				200		212,000
											1,371,309
United Arab Emirates     0.7%
Emirate of Dubai Government International Bonds, Sr. Unsec’d. Notes, EMTN		5.250			01/30/43				200		229,000
Uruguay     1.4%
Uruguay Government International Bond,
Sr. Unsec’d. Notes		4.125			11/20/45				40		42,650
Sr. Unsec’d. Notes		4.975			04/20/55				25		29,250
Sr. Unsec’d. Notes		5.100			06/18/50				85		101,788
Sr. Unsec’d. Notes		7.625			03/21/36				185		273,571
											447,259
Venezuela     0.1%
Venezuela Government International Bond, Sr. Unsec’d. Notes		12.750			08/23/22	(d)			180		18,675

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 25

Schedule of Investments(continued)

as of October 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Zambia     0.4%
Zambia Government International Bond, Sr. Unsec’d. Notes		8.500	%		04/14/24		200	$	140,676
TOTAL SOVEREIGN BONDS (cost $23,909,487)									23,352,658
TOTAL LONG-TERM INVESTMENTS (cost $31,384,009)									30,855,217
						Shares
SHORT-TERM INVESTMENT     3.9%
AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $1,254,895)(w)							1,254,895		1,254,895
TOTAL INVESTMENTS     99.4% (cost $32,638,904)									32,110,112
Other assets in excess of liabilities(z)     0.6%									187,677
NET ASSETS     100.0%								$	32,297,789

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

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

EGP—Egyptian Pound

EUR—Euro

HUF—Hungarian Forint

IDR—Indonesian Rupiah

ILS—Israeli Shekel

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

NZD—New Zealand Dollar

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

PLN—Polish Zloty

See Notes to Financial Statements.

26

RUB—Russian Ruble

SGD—Singapore Dollar

THB—Thai Baht

TRY—Turkish Lira

TWD—New Taiwanese Dollar

ZAR—South African Rand

144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.

EMTN—Euro Medium Term Note

GMTN—Global Medium Term Note

LIBOR—London Interbank Offered Rate

MTN—Medium Term Note

OTC—Over-the-counter

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

(cc) Variable rate instrument. The rate shown is based on the latest available information as of October 31, 2019. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

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

(w) PGIM Investments LLC, the manager of the Series, also serves as manager of the PGIM Core Ultra Short Bond Fund.

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

Forward foreign currency exchange contracts outstanding at October 31, 2019:

OTC Forward Foreign Currency Exchange Contracts:

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
Brazilian Real,
Expiring 11/04/19	BNP Paribas S.A.		BRL	184	$	46,124	$	45,858	$	—	$	(266	)
Expiring 11/04/19	JPMorgan Chase Bank, N.A.		BRL	1,043		256,100		259,936		3,836		—
Chilean Peso,
Expiring 12/18/19	BNP Paribas S.A.		CLP	41,780		57,600		56,405		—		(1,195	)
Expiring 12/18/19	BNP Paribas S.A.		CLP	26,265		36,337		35,459		—		(878	)
Expiring 12/18/19	BNP Paribas S.A.		CLP	24,243		33,650		32,730		—		(920	)
Expiring 12/18/19	BNP Paribas S.A.		CLP	23,236		32,200		31,369		—		(831	)
Expiring 12/18/19	Goldman Sachs International		CLP	53,610		75,000		72,377		—		(2,623	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.		CLP	21,140		29,313		28,540		—		(773	)
Expiring 12/18/19	UBS AG		CLP	47,504		65,600		64,133		—		(1,467	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 27 27

Schedule of Investments(continued)

as of October 31, 2019

Forward foreign currency exchange contracts outstanding at October 31, 2019 (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.):
Chinese Renminbi,
Expiring 02/14/20	BNP Paribas S.A.		CNH	1,603	$	225,933	$	226,765	$	832	$	—
Expiring 05/14/21	Citibank, N.A.		CNH	994		142,393		138,774		—		(3,619	)
Czech Koruna,
Expiring 01/17/20	Morgan Stanley & Co. International PLC		CZK	1,909		83,000		83,552		552		—
Egyptian Pound,
Expiring 11/27/19	Citibank, N.A.		EGP	254		14,706		15,596		890		—
Expiring 11/27/19	Citibank, N.A.		EGP	165		9,574		10,150		576		—
Expiring 12/23/19	Citibank, N.A.		EGP	169		10,000		10,300		300		—
Expiring 12/23/19	Morgan Stanley & Co. International PLC		EGP	334		19,788		20,424		636		—
Expiring 12/23/19	Morgan Stanley & Co. International PLC		EGP	165		9,788		10,103		315		—
Expiring 01/21/20	Citibank, N.A.		EGP	177		10,140		10,736		596		—
Expiring 01/28/20	Citibank, N.A.		EGP	456		26,814		27,576		762		—
Expiring 01/28/20	Citibank, N.A.		EGP	308		17,996		18,630		634		—
Expiring 01/30/20	Citibank, N.A.		EGP	1,236		72,777		74,824		2,047		—
Expiring 01/30/20	Citibank, N.A.		EGP	300		17,214		18,157		943		—
Hungarian Forint,
Expiring 01/17/20	Citibank, N.A.		HUF	17,665		59,000		60,228		1,228		—
Indian Rupee,
Expiring 12/18/19	Citibank, N.A.		INR	9,492		130,251		132,800		2,549		—
Expiring 12/18/19	HSBC BANK USA, N.A.		INR	22,351		307,626		312,689		5,063		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.		INR	7,313		101,000		102,314		1,314		—
Indonesian Rupiah,
Expiring 12/18/19	HSBC BANK USA, N.A.		IDR	1,481,506		105,000		104,647		—		(353	)

See Notes to Financial Statements.

28

Forward foreign currency exchange contracts outstanding at October 31, 2019 (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.):
Israeli Shekel,
Expiring 12/18/19	Bank of America, N.A.		ILS	369	$	106,000	$	105,087	$	—	$	(913	)
Expiring 12/18/19	Barclays Bank PLC		ILS	294		85,000		83,761		—		(1,239	)
Expiring 12/18/19	Barclays Bank PLC		ILS	80		22,775		22,663		—		(112	)
Expiring 12/18/19	Barclays Bank PLC		ILS	48		13,625		13,541		—		(84	)
Expiring 12/18/19	Citibank, N.A.		ILS	121		34,800		34,486		—		(314	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.		ILS	176		49,975		50,037		62		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.		ILS	106		30,152		30,118		—		(34	)
Japanese Yen,
Expiring 01/17/20	Morgan Stanley & Co. International PLC		JPY	7,541		70,048		70,202		154		—
Mexican Peso,
Expiring 12/18/19	JPMorgan Chase Bank, N.A.		MXN	4,707		233,258		242,864		9,606		—
Expiring 12/18/19	Morgan Stanley & Co. International PLC		MXN	1,333		69,000		68,758		—		(242	)
New Taiwanese Dollar,
Expiring 12/18/19	Barclays Bank PLC		TWD	3,242		107,000		107,051		51		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.		TWD	4,843		158,160		159,891		1,731		—
Peruvian Nuevo Sol,
Expiring 12/18/19	BNP Paribas S.A.		PEN	782		231,297		233,388		2,091		—
Philippine Peso,
Expiring 12/18/19	Credit Suisse International		PHP	5,109		100,000		100,429		429		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.		PHP	4,344		83,160		85,393		2,233		—
Polish Zloty,
Expiring 01/17/20	Barclays Bank PLC		PLN	291		76,000		76,286		286		—
Expiring 01/17/20	Citibank, N.A.		PLN	261		67,000		68,276		1,276		—
Expiring 01/17/20	JPMorgan Chase Bank, N.A.		PLN	251		65,000		65,605		605		—

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 29

Schedule of Investments(continued)

as of October 31, 2019

Forward foreign currency exchange contracts outstanding at October 31, 2019 (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.):
Russian Ruble,
Expiring 12/18/19	Citibank, N.A.	RUB	4,662	$	72,000	$	72,190	$	190	$	—
Expiring 12/18/19	Credit Suisse International	RUB	2,528		39,186		39,141		—		(45	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	RUB	2,427		37,500		37,582		82		—
Expiring 12/18/19	Morgan Stanley & Co. International PLC	RUB	13,579		199,832		210,262		10,430		—
Expiring 12/18/19	Morgan Stanley & Co. International PLC	RUB	12,856		190,000		199,079		9,079		—
Singapore Dollar,
Expiring 12/18/19	Goldman Sachs International	SGD	314		230,800		231,036		236		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	SGD	165		121,000		121,121		121		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	SGD	162		119,000		119,078		78		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	SGD	120		87,000		88,520		1,520		—
Expiring 12/18/19	Morgan Stanley & Co. International PLC	SGD	205		149,000		150,746		1,746		—
South African Rand,
Expiring 12/18/19	Barclays Bank PLC	ZAR	633		43,000		41,611		—		(1,389	)
Expiring 12/18/19	Barclays Bank PLC	ZAR	317		20,699		20,866		167		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	ZAR	614		39,919		40,386		467		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	ZAR	602		41,000		39,553		—		(1,447	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	ZAR	585		38,496		38,440		—		(56	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	ZAR	109		6,987		7,143		156		—
South Korean Won,
Expiring 12/18/19	Barclays Bank PLC	KRW	83,453		71,000		71,379		379		—
Expiring 12/18/19	BNP Paribas S.A.	KRW	102,297		86,000		87,496		1,496		—
Expiring 12/18/19	HSBC BANK USA, N.A.	KRW	117,632		99,000		100,612		1,612		—

See Notes to Financial Statements.

30

Forward foreign currency exchange contracts outstanding at October 31, 2019 (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 12/18/19	HSBC BANK USA, N.A.		KRW	84,380	$	71,000	$	72,172	$	1,172	$	—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.		KRW	56,337		48,275		48,186		—		(89	)
Swiss Franc,
Expiring 01/17/20	Morgan Stanley & Co. International PLC		CHF	32		32,200		32,350		150		—
Thai Baht,
Expiring 12/18/19	Citibank, N.A.		THB	3,240		106,000		107,373		1,373		—
Expiring 12/18/19	Citibank, N.A.		THB	2,541		83,000		84,213		1,213		—
Expiring 12/18/19	Credit Suisse International		THB	2,123		69,000		70,339		1,339		—
Expiring 12/18/19	HSBC BANK USA, N.A.		THB	1,985		65,000		65,777		777		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.		THB	3,068		101,000		101,672		672		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.		THB	2,813		92,000		93,222		1,222		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.		THB	1,126		36,695		37,313		618		—
Turkish Lira,
Expiring 12/18/19	Barclays Bank PLC		TRY	239		40,875		41,335		460		—
Expiring 12/18/19	Barclays Bank PLC		TRY	234		40,077		40,482		405		—
Expiring 12/18/19	Barclays Bank PLC		TRY	168		28,950		29,012		62		—
Expiring 12/18/19	Barclays Bank PLC		TRY	161		27,555		27,828		273		—
Expiring 12/18/19	Goldman Sachs International		TRY	230		39,186		39,698		512		—
Expiring 12/18/19	Goldman Sachs International		TRY	169		29,000		29,168		168		—
					$	6,198,406	$	6,259,289		79,772		(18,889	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 31

Schedule of Investments(continued)

as of October 31, 2019

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Brazilian Real,
Expiring 11/04/19	Barclays Bank PLC		BRL	218	$	52,000	$	54,383	$	—	$	(2,383	)
Expiring 11/04/19	The Toronto-Dominion Bank		BRL	1,009		241,975		251,409		—		(9,434	)
Expiring 12/03/19	BNP Paribas S.A.		BRL	184		46,050		45,774		276		—
Canadian Dollar,
Expiring 01/22/20	Barclays Bank PLC		CAD	147		112,068		111,755		313		—
Chilean Peso,
Expiring 12/18/19	JPMorgan Chase Bank, N.A.		CLP	284,597		394,726		384,225		10,501		—
Expiring 12/18/19	Morgan Stanley & Co. International PLC		CLP	142,299		197,363		192,112		5,251		—
Expiring 12/18/19	Morgan Stanley & Co. International PLC		CLP	142,299		200,068		192,112		7,956		—
Chinese Renminbi,
Expiring 05/14/21	JPMorgan Chase Bank, N.A.		CNH	994		142,624		138,774		3,850		—
Colombian Peso,
Expiring 12/18/19	Bank of America, N.A.		COP	181,845		54,000		53,703		297		—
Expiring 12/18/19	Barclays Bank PLC		COP	287,388		85,000		84,873		127		—
Expiring 12/18/19	Goldman Sachs International		COP	164,109		48,310		48,465		—		(155	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.		COP	136,248		40,101		40,237		—		(136	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.		COP	126,825		37,500		37,454		46		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.		COP	70,120		20,452		20,708		—		(256	)
Expiring 12/18/19	UBS AG		COP	171,988		49,000		50,792		—		(1,792	)
Czech Koruna,
Expiring 01/17/20	Barclays Bank PLC		CZK	1,629		69,714		71,284		—		(1,570	)
Egyptian Pound,
Expiring 12/23/19	Citibank, N.A.		EGP	530		31,851		32,369		—		(518	)
Expiring 12/23/19	Citibank, N.A.		EGP	138		8,341		8,458		—		(117	)

See Notes to Financial Statements.

32

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Euro,
Expiring 01/17/20	Bank of America, N.A.		EUR	112	$	125,614	$	126,102	$	—	$	(488	)
Expiring 01/17/20	HSBC BANK USA, N.A.		EUR	790		877,343		886,346		—		(9,003	)
Expiring 01/17/20	JPMorgan Chase Bank, N.A.		EUR	848		941,697		950,739		—		(9,042	)
Expiring 01/17/20	UBS AG		EUR	921		1,020,095		1,032,637		—		(12,542	)
Hungarian Forint,
Expiring 01/17/20	The Toronto-Dominion Bank		HUF	80,129		268,462		273,195		—		(4,733	)
Indian Rupee,
Expiring 12/18/19	Bank of America, N.A.		INR	6,398		89,000		89,506		—		(506	)
Expiring 12/18/19	HSBC BANK USA, N.A.		INR	2,849		39,604		39,862		—		(258	)
Expiring 12/18/19	HSBC BANK USA, N.A.		INR	2,814		39,186		39,366		—		(180	)
Expiring 12/18/19	Morgan Stanley & Co. International PLC		INR	6,008		84,000		84,054		—		(54	)
Indonesian Rupiah,
Expiring 12/18/19	Citibank, N.A.		IDR	1,310,632		92,000		92,577		—		(577	)
Expiring 12/18/19	HSBC BANK USA, N.A.		IDR	4,603,305		320,029		325,156		—		(5,127	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.		IDR	1,254,440		88,000		88,608		—		(608	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.		IDR	1,025,280		72,000		72,421		—		(421	)
Israeli Shekel,
Expiring 12/18/19	Barclays Bank PLC		ILS	472		134,487		134,127		360		—
Mexican Peso,
Expiring 12/18/19	Citibank, N.A.		MXN	944		49,000		48,702		298		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.		MXN	833		42,335		42,999		—		(664	)
New Taiwanese Dollar,
Expiring 12/18/19	BNP Paribas S.A.		TWD	3,003		98,000		99,147		—		(1,147	)
Expiring 12/18/19	Credit Suisse International		TWD	17,838		574,477		588,968		—		(14,491	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 33

Schedule of Investments(continued)

as of October 31, 2019

Forward foreign currency exchange contracts outstanding at October 31, 2019 (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 Taiwanese Dollar (cont’d.),
Expiring 12/18/19	Goldman Sachs International		TWD	3,463	$	114,000	$	114,333	$	—	$	(333	)
Expiring 12/18/19	HSBC BANK USA, N.A.		TWD	3,065		99,000		101,193		—		(2,193	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.		TWD	3,550		116,000		117,220		—		(1,220	)
New Zealand Dollar,
Expiring 01/22/20	Morgan Stanley & Co. International PLC		NZD	164		103,830		105,060		—		(1,230	)
Peruvian Nuevo Sol,
Expiring 12/18/19	Bank of America, N.A.		PEN	192		57,000		57,311		—		(311	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.		PEN	356		106,000		106,246		—		(246	)
Philippine Peso,
Expiring 12/18/19	JPMorgan Chase Bank, N.A.		PHP	5,061		97,000		99,504		—		(2,504	)
Expiring 12/18/19	Morgan Stanley & Co. International PLC		PHP	5,512		105,000		108,361		—		(3,361	)
Polish Zloty,
Expiring 01/17/20	Barclays Bank PLC		PLN	124		31,971		32,556		—		(585	)
Russian Ruble,
Expiring 12/18/19	Barclays Bank PLC		RUB	3,324		51,000		51,471		—		(471	)
Singapore Dollar,
Expiring 12/18/19	Goldman Sachs International		SGD	205		147,466		150,926		—		(3,460	)
South African Rand,
Expiring 12/18/19	Barclays Bank PLC		ZAR	1,081		72,100		71,067		1,033		—
Expiring 12/18/19	Barclays Bank PLC		ZAR	597		39,470		39,217		253		—
Expiring 12/18/19	Barclays Bank PLC		ZAR	585		39,186		38,454		732		—
Expiring 12/18/19	Citibank, N.A.		ZAR	607		39,692		39,892		—		(200	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.		ZAR	706		47,467		46,405		1,062		—
South Korean Won,
Expiring 12/18/19	Citibank, N.A.		KRW	103,799		86,358		88,781		—		(2,423	)

See Notes to Financial Statements.

34

Forward foreign currency exchange contracts outstanding at October 31, 2019 (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 12/18/19	JPMorgan Chase Bank, N.A.		KRW	94,642	$	79,000	$	80,949	$	—	$	(1,949	)
Swiss Franc,
Expiring 01/17/20	UBS AG		CHF	31		31,083		31,434		—		(351	)
Thai Baht,
Expiring 12/18/19	Barclays Bank PLC		THB	2,926		95,000		96,939		—		(1,939	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.		THB	3,266		108,000		108,218		—		(218	)
Turkish Lira,
Expiring 12/18/19	Barclays Bank PLC		TRY	254		42,000		43,943		—		(1,943	)
Expiring 12/18/19	Barclays Bank PLC		TRY	36		6,000		6,237		—		(237	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.		TRY	588		97,309		101,600		—		(4,291	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.		TRY	188		31,046		32,514		—		(1,468	)
					$	8,628,450	$	8,703,230		32,355		(107,135	)
									$	112,127	$	(126,024	)

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of October 31, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Corporate Bonds
Argentina	$	—	$	122,760	$	—
Azerbaijan		—		240,000		—

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 35

Schedule of Investments(continued)

as of October 31, 2019

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Corporate Bonds (continued)
Brazil	$	—	$	334,528	$	—
Chile		—		234,235		—
China		—		866,825		—
India		—		198,564		—
Indonesia		—		950,911		—
Kazakhstan		—		230,004		—
Malaysia		—		328,291		—
Mexico		—		1,658,124		—
Russia		—		725,554		—
Saudi Arabia		—		214,378		—
South Africa		—		629,553		—
Trinidad & Tobago		—		102,557		—
Tunisia		—		264,990		—
Ukraine		—		116,585		—
United States		—		208,400		—
Venezuela		—		76,300		—
Sovereign Bonds
Angola		—		436,278		—
Argentina		—		804,647		—
Bahrain		—		919,345		—
Belarus		—		214,900		—
Brazil		—		1,035,803		—
Colombia		—		564,640		—
Congo (Republic)		—		72,300		—
Costa Rica		—		390,504		—
Dominican Republic		—		852,114		—
Ecuador		—		870,254		—
Egypt		—		939,754		—
El Salvador		—		508,305		—
Gabon		—		198,940		—
Ghana		—		459,707		—
Greece		—		284,396		—
Honduras		—		220,002		—
Hungary		—		200,433		—
Indonesia		—		866,138		—
Iraq		—		441,534		—
Ivory Coast		—		316,457		—
Jamaica		—		265,783		—
Jordan		—		210,570		—
Kazakhstan		—		290,000		—
Kenya		—		421,516		—
Lebanon		—		376,359		—
Mexico		—		263,735		—
Mongolia		—		202,792		—
Namibia		—		202,924		—
Nigeria		—		637,766		—

See Notes to Financial Statements.

36

	Level 1		Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Sovereign Bonds (continued)
Oman	$	—	$	395,625		$	—
Pakistan		—		403,598			—
Panama		—		470,041			—
Papua New Guinea		—		214,500			—
Peru		—		546,328			—
Philippines		—		436,927			—
Qatar		—		761,953			—
Romania		—		375,324			—
Russia		—		545,099			—
Saudi Arabia		—		483,338			—
Senegal		—		200,941			—
South Africa		—		453,426			—
Sri Lanka		—		951,846			—
Turkey		—		1,438,897			—
Ukraine		—		1,371,309			—
United Arab Emirates		—		229,000			—
Uruguay		—		447,259			—
Venezuela		—		18,675			—
Zambia		—		140,676			—
Affiliated Mutual Fund		1,254,895		—			—
Total	$	1,254,895	$	30,855,217		$	—
Other Financial Instruments*
Assets
OTC Forward Foreign Currency Exchange Contracts	$	—	$	112,127		$	—
Liabilities
OTC Forward Foreign Currency Exchange Contracts	$	—	$	(126,024	)	$	—

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

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of October 31, 2019 were as follows (unaudited):

Sovereign Bonds	72.3	%
Oil & Gas	13.6
Affiliated Mutual Fund	3.9
Electric	2.0
Banks	1.5
Mining	1.4
Chemicals	1.4

Real Estate	1.3	%
Transportation	0.7
Agriculture	0.7

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 37

Schedule of Investments(continued)

as of October 31, 2019

Industry Classification (continued):

Auto Parts & Equipment	0.6	%
	99.4
Other assets in excess of liabilities	0.6
	100.0	%

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

The Series invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is foreign exchange contracts risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Series’ 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 October 31, 2019 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
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts	$	112,127	Unrealized depreciation on OTC forward foreign currency exchange contracts	$	126,024
					��

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 2019 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Forward & Cross Currency Exchange Contracts
Foreign exchange contracts	$	107,626

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Forward & Cross Currency Exchange Contracts
Foreign exchange contracts	$	(58,533	)

See Notes to Financial Statements.

38

For the year ended October 31, 2019, the Series’ average volume of derivative activities is as follows:

		Forward Foreign Currency Exchange Contracts—Purchased(1)
		$	6,275,519
Forward Foreign Currency Exchange Contracts—Sold(1)				Cross Currency Exchange Contracts(2)
$	7,648,123			$	58,476

(1) Value at Settlement Date.

(2) Value at Trade Date.

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

The Series 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 toset-off exists is presented in the summary below.

Offsetting of OTC derivative assets and liabilities:

Counterparty	Gross Amounts of Recognized Assets(1)		Gross Amounts of Recognized Liabilities(1)			Net Amounts of Recognized Assets/(Liabilities)			Collateral Pledged/ (Received)(2)		Net Amount
Bank of America, N.A.	$	297	$	(2,218	)	$	(1,921	)	$	—	$	(1,921	)
Barclays Bank PLC		4,901		(11,952	)		(7,051	)		—		(7,051	)
BNP Paribas S.A.		4,695		(5,237	)		(542	)		—		(542	)
Citibank, N.A.		14,875		(7,768	)		7,107			—		7,107
Credit Suisse International		1,768		(14,536	)		(12,768	)		—		(12,768	)
Goldman Sachs International		916		(6,571	)		(5,655	)		—		(5,655	)
HSBC BANK USA, N.A.		8,624		(17,114	)		(8,490	)		—		(8,490	)
JPMorgan Chase Bank, N.A.		39,782		(25,422	)		14,360			—		14,360
Morgan Stanley & Co. International PLC		36,269		(4,887	)		31,382			—		31,382
The Toronto-Dominion Bank		—		(14,167	)		(14,167	)		—		(14,167	)
UBS AG		—		(16,152	)		(16,152	)		—		(16,152	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 39

Schedule of Investments(continued)

as of October 31, 2019

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
	$	112,127	$	(126,024	)	$	(13,897	)	$	—	$	(13,897	)

(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 Series is limited to the Series’ OTC derivative exposure by counterparty.

See Notes to Financial Statements.

40

Statement of Assets and Liabilities

as of October 31, 2019

Assets
Investments at value:
Unaffiliated investments (cost $31,384,009)	$	30,855,217
Affiliated investments (cost $1,254,895)		1,254,895
Foreign currency, at value (cost $75,690)		75,968
Dividends and interest receivable		479,539
Unrealized appreciation on OTC forward foreign currency exchange contracts		112,127
Receivable for Series shares sold		44,233
Prepaid expenses		808
Total Assets		32,822,787
Liabilities
Payable for investments purchased		286,540
Unrealized depreciation on OTC forward foreign currency exchange contracts		126,024
Registration fees payable		35,423
Custodian and accounting fees payable		29,463
Payable for Series shares reacquired		21,931
Accrued expenses and other liabilities		20,458
Management fee payable		3,422
Affiliated transfer agent fee payable		1,567
Dividends payable		159
Distribution fee payable		11
Total Liabilities		524,998
Net Assets	$	32,297,789
Net assets were comprised of:
Common stock, at par	$	33,966
Paid-in capital in excess of par		33,337,291
Total distributable earnings (loss)		(1,073,468	)
Net assets, October 31, 2019	$	32,297,789

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 41

Statement of Assets and Liabilities

as of October 31, 2019

Class A
Net asset value, offering price and redemption price per share, ($13,224 ÷ 1,391 shares of beneficial interest issued and outstanding)	$	9.51
Maximum sales charge (3.25% of offering price)		0.32
Maximum offering price to public	$	9.83
Class C
Net asset value, offering price and redemption price per share, ($10,384 ÷ 1,092 shares of beneficial interest issued and outstanding)	$	9.51
Class Z
Net asset value, offering price and redemption price per share, ($5,781,526 ÷ 607,805 shares of beneficial interest issued and outstanding)	$	9.51
Class R6
Net asset value, offering price and redemption price per share, ($26,492,655 ÷ 2,786,329 shares of beneficial interest issued and outstanding)	$	9.51

See Notes to Financial Statements.

42

Statement of Operations

Year Ended October 31, 2019

Net Investment Income (Loss)
Income
Interest income	$	1,707,731
Affiliated dividend income		11,808
Total income		1,719,539
Expenses
Management fee		206,381
Distribution fee(a)		128
Custodian and accounting fees		86,926
Registration fees(a)		53,858
Audit fee		35,000
Shareholders’ reports		31,554
Transfer agent’s fees and expenses (including affiliated expense of $10,172)(a)		21,517
Legal fees and expenses		17,548
Directors’ fees		11,220
Miscellaneous		21,322
Total expenses		485,454
Less: Fee waiver and/or expense reimbursement(a)		(271,100	)
Net expenses		214,354
Net investment income (loss)		1,505,185
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		(1,986	)
Forward and cross currency contract transactions		107,626
Foreign currency transactions		(22,756	)
		82,884
Net change in unrealized appreciation (depreciation) on:
Investments		2,002,135
Forward and cross currency contracts		(58,533	)
Foreign currencies		12,338
		1,955,940
Net gain (loss) on investment and foreign currency transactions		2,038,824
Net Increase (Decrease) In Net Assets Resulting From Operations	$	3,544,009

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

	Class A			Class C			Class Z			Class R6
Distribution fee		30			98			—			—
Registration fees		13,490			13,490			13,789			13,089
Transfer agent’s fees and expenses		94			47			21,284			92
Fee waiver and/or expense reimbursement		(13,657	)		(13,599	)		(56,467	)		(187,377	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 43

Statements of Changes in Net Assets

	Year Ended October 31, 2019			December 12, 2017* through October 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,505,185		$	1,060,283
Net realized gain (loss) on investment and foreign currency transactions		82,884			(292,634	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		1,955,940			(2,498,241	)
Net increase (decrease) in net assets resulting from operations		3,544,009			(1,730,592	)
Dividends and Distributions
Distributions from distributable earnings
Class A		(662	)		(440	)
Class C		(480	)		(377	)
Class Z		(200,243	)		(37,450	)
Class R6		(1,481,664	)		(1,168,133	)
		(1,683,049	)		(1,206,400	)
Tax return of capital distributions
Class A		—			(6	)
Class C		—			(5	)
Class Z		—			(497	)
Class R6		—			(15,516	)
		—			(16,024	)
Series share transactions
Net proceeds from shares sold		4,632,832			27,488,719
Net asset value of shares issued in reinvestment of dividends and distributions		1,681,976			1,220,322
Cost of shares reacquired		(1,464,362	)		(169,642	)
Net increase (decrease) in net assets from Series share transactions		4,850,446			28,539,399
Total increase (decrease)		6,711,406			25,586,383
Net Assets:
Beginning of period		25,586,383			—
End of period	$	32,297,789		$	25,586,383

* Commencement of operations.

See Notes to Financial Statements.

44

Notes to Financial Statements

Prudential World Fund, Inc. (the “Fund”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as anopen-end management investment company and currently consists of seven series: PGIM Jennison Emerging Markets Equity Opportunities Fund, PGIM Jennison Global Opportunities Fund, PGIM Jennison International Opportunities Fund and PGIM QMA International Equity Fund, each of which are diversified funds and PGIM Jennison Global Infrastructure Fund, PGIM Emerging Markets Debt Hard Currency Fund and PGIM Emerging Markets Debt Local Currency Fund, each of which arenon-diversified funds for purposes of the 1940 Act. These financial statements relate only to the PGIM Emerging Markets Debt Hard Currency Fund (the “Series”).

The investment objective of the Series is total return, through a combination of current income and capital appreciation.

1. Accounting Policies

The Series 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 accounting policies conform to U.S. generally accepted accounting principles. The Series consistently follows such policies in the preparation of its financial statements.

Securities Valuation:The Series holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Fund’s Board of Directors (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Series 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. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

For the fiscal reportingyear-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

PGIM Emerging Markets Debt Hard Currency Fund 45

Notes to Financial Statements(continued)

trade in markets that are open on weekends and U.S. holidays, the values of some of the Series’ foreign investments may change on days when investors cannot purchase or redeem Series shares.

Various inputs determine how the Series’ 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 Measurements and Disclosures.

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

Fixed income securities traded in the OTC market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Series 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.

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 Series 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

46

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.

Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies 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.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the Manager 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.

Illiquid Securities:Pursuant to Rule22e-4 under the 1940 Act, the Series has adopted a Board approved Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Series limit its illiquid investments that are assets to no more than 15% of net assets. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Series may find it difficult to sell illiquid securities at the time considered most advantageous by its subadviser and may incur transaction costs that would not be incurred in the sale of securities that were freely marketable.

Restricted Securities:Securities acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer are considered restricted as to disposition under federal securities law (“restricted securities”). Such restricted securities are valued pursuant to the valuation procedures noted above. Restricted securities that would otherwise be considered illiquid investments pursuant to the Series’ LRMP because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. Therefore, these Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act of 1933, may be classified higher than “illiquid” under the LRMP (i.e. “moderately liquid” or “less liquid” investments). However, the liquidity of the Series’ investments in restricted securities could be impaired if trading does not develop or declines.

PGIM Emerging Markets Debt Hard Currency Fund 47

Notes to Financial Statements(continued)

Foreign Currency Translation:The books and records of the Series 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 current rates of exchange;

(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 Series are presented at the foreign exchange rates and market values at the close of the period, the Series 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 Series 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 realized foreign currency gains (losses) are included in the reported net realized gains (losses) on investment transactions. Notwithstanding the above, the Series does isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations; such amounts are included in net

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on forward currency transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Series’ 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.

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 Series 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 (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

48

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 Series’ 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.

Master Netting Arrangements:The Fund, on behalf of the Series, 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 Series. A master netting arrangement between the Series and the counterparty permits the Series to offset amounts payable by the Series to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Series to cover the Series’ exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right toset-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 toset-off the amount owed with the amount owed by the other party, the reporting party intends toset-off and the right ofset-off is enforceable by law. During the reporting period, there was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

The Fund, on behalf of the Series, 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 Series is held in a segregated account by the Series’ custodian and with respect to those amounts which can be sold orre-pledged, is presented in the Schedule of Investments. Collateral pledged by the Series is segregated by the Series’ 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 Series and the applicable counterparty. Collateral requirements are determined based on the Series’ net position with each counterparty. Termination events applicable to the Series may occur upon a decline in the Series’ net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any

PGIM Emerging Markets Debt Hard Currency Fund 49

Notes to Financial Statements(continued)

decision by one or more of the Series’ counterparties to elect early termination could impact the Series’ future derivative activity.

As of October 31, 2019, the Series has not met conditions under such agreements which give the counterparty the right to call for an early termination.

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 theex-date, or for certain foreign securities, when the Series becomes aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Class specific expenses 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.

Taxes:It is the Series’ 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:The Series expects to declare dividends of its net investment income daily and pay such dividends monthly. Distributions of net realized capital and currency gains, if any, are declared and paid at least annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on theex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) andpaid-in capital in excess of par, as appropriate.

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.

50

2. Agreements

The Fund, on behalf of the Series, has a management agreement with the Manager. Pursuant to this agreement, the Manager has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. In addition, under the management agreement, the Manager provides all of the administrative functions necessary for the organization, operation and management of the Series. The Manager administers the corporate affairs of the Series and, in connection therewith, furnishes the Series with office facilities, together with those ordinary clerical and bookkeeping services which are not being furnished by the Series’ custodian and the Series’ transfer agent. The Manager is also responsible for the staffing and management of dedicated groups of legal, marketing, compliance and related personnel necessary for the operation of the Series. The legal, marketing, compliance and related personnel are also responsible for the management and oversight of the various service providers to the Series, including, but not limited to, the custodian, transfer agent, and accounting agent.

The Manager has entered into a subadvisory agreement with PGIM, Inc., which provides subadvisory services to the Series through its PGIM Fixed Income unit. The subadvisory agreement provides that PGIM, Inc. will furnish investment advisory services in connection with the management of the Series. In connection therewith, PGIM, Inc. is obligated to keep certain books and records of the Series. The Manager pays for the services of PGIM, Inc., the cost of compensation of officers of the Series, occupancy and certain clerical and bookkeeping costs of the Series. The Series bears all other costs and expenses.

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.72% of the Series’ average daily net assets up to and including $1 billion; 0.70% from $1 billion to $3 billion of average daily net assets; 0.68% from $3 billion to $5 billion of average daily net assets; 0.67% from $5 billion to $10 billion of average daily net assets; and 0.66% of the average daily net assets exceeding $10 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.72% for the year ended October 31, 2019.

The Manager has contractually agreed, through February 29, 2020, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 1.05% of average daily net assets for Class A shares, 1.80% of average daily net assets for Class C shares, 0.80% of average daily net assets for Class Z shares and 0.74% of average daily net assets for Class R6 shares. 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 Series 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 similar expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager may be recouped by the Manager within the same fiscal year during which such

PGIM Emerging Markets Debt Hard Currency Fund 51

Notes to Financial Statements(continued)

waiver/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 Fund, on behalf of the Series, 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 Series. The Series compensates PIMS for distributing and servicing the Series’ Class A and Class C shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z or Class R6 shares of the Series.

Pursuant to the Distribution Plans, the Series compensates PIMS for distribution related activities at an annual rate of up to 0.25% and 1% of the average daily net assets of the Class A and Class C shares, respectively.

For the year ended October 31, 2019, PIMS has not received anyfront-end sales charges resulting from sales of Class A shares. Additionally, for the year ended October 31, 2019, PIMS did not receive any contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders.

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

3. 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 Series’ transfer agent. Transfer agent’s fees and expenses in the Statement of Operations include certainout-of-pocket expenses paid tonon-affiliates, where applicable.

The Series 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. Through the Series’ investments in the mentioned underlying funds, PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services. In addition to the realized and unrealized gains on investments in the Core Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income”.

The Series may enter into certain securities purchase or sale transactions under Board approved Rule17a-7 procedures. Rule17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated

52

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, and/or common officers. Pursuant to the Rule17a-7 procedures and consistent with guidance issued by the SEC, the Series’ Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such17a-7 transactions were effected in accordance with the Series’ Rule17a-7 procedures. For the year ended October 31, 2019, no17a-7 transactions were entered into by the Series.

4. 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 year ended October 31, 2019, were $13,433,350 and $9,326,054, respectively.

A summary of the cost of purchases and proceeds from sales of shares of an affiliated investment for the year ended October 31, 2019, is presented as follows:

Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Year		Shares, End of Year		Income
PGIM Core Ultra Short Bond Fund*
$267,048	$	8,222,518	$	7,234,671	$	—	$	—	$	1,254,895		1,254,895	$	11,808

* The Fund did not have any capital gain distributions during the reporting period.

5. Distributions and Tax Information

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on theex-date.

For the year ended October 31, 2019, the tax character of dividends paid by the Series was $1,683,049 of ordinary income. For the period ended October 31, 2018, the tax character of dividends paid by the Series was $1,206,400 of ordinary income and $16,024 of tax return of capital.

As of October 31, 2019, the accumulated undistributed earnings on a tax basis was $95,844 of ordinary income.

PGIM Emerging Markets Debt Hard Currency Fund 53

Notes to Financial Statements(continued)

The United States federal income tax basis of the Series’ investments and the net unrealized depreciation as of October 31, 2019 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Depreciation
$32,996,199	$1,500,747	$(2,400,731)	$(899,984)

The difference between book basis and tax basis was primarily due to deferred losses on wash sales, amortization of bond premium, foreign currency forwards and other book to tax differences.

For federal income tax purposes, the Series had a capital loss carryforward as of October 31, 2019 of approximately $269,000 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.

The Manager has analyzed the Series’ 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 Series’ financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Series’ U.S. federal and state tax returns for each of the two fiscal years up to the most recent fiscal year ended October 31, 2019 are subject to such review.

6. Capital and Ownership

The Series offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximumfront-end sales charge of 3.25%. Investors who purchase $1 million or more (prior to July 15, 2019, $500,000 or more on or after July 15, 2019) of Class A shares and sell those shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1.00% on sales although these purchases are not subject to afront-end sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately 10 years after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charge 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 Series to one or more other share classes of the Series as presented in the table of transactions in shares of common stock.

54

The Fund is authorized to issue 5.075 billion shares of common stock, with a par value of $0.01 per share, which is divided into seven series. There are 600 million shares authorized for the Series, divided into four classes, designated Class A, Class C, Class Z and Class R6 common stock, each of which consists of 100 million, 100 million, 200 million and 200 million authorized shares, respectively.

As of October 31, 2019, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned 1,108 Class A shares, 1,092 Class C shares, 1,113 Class Z shares and 2,786,329 Class R6 shares of the Series. At reporting period end, two shareholders of record, each holding greater than 5% of the Series, held 91% of the Series’ outstanding shares, of which 82% were held by an affiliate of Prudential.

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Year ended October 31, 2019:
Shares sold		272		$	2,501
Shares issued in reinvestment of dividends and distributions		71			661
Net increase (decrease) in shares outstanding		343		$	3,162
Period ended October 31, 2018*:
Shares sold		1,000		$	10,000
Shares issued in reinvestment of dividends and distributions		48			446
Net increase (decrease) in shares outstanding		1,048		$	10,446
Class C
Year ended October 31, 2019:
Shares issued in reinvestment of dividends and distributions		51		$	480
Net increase (decrease) in shares outstanding		51		$	480
Period ended October 31, 2018*:
Shares sold		1,000		$	10,000
Shares issued in reinvestment of dividends and distributions		41			382
Net increase (decrease) in shares outstanding		1,041		$	10,382
Class Z
Year ended October 31, 2019:
Shares sold		491,936		$	4,630,331
Shares issued in reinvestment of dividends and distributions		21,227			199,171
Shares reacquired		(156,847	)		(1,464,362	)
Net increase (decrease) in shares outstanding		356,316		$	3,365,140
Period ended October 31, 2018*:
Shares sold		266,290		$	2,458,719
Shares issued in reinvestment of dividends and distributions		3,945			35,845
Shares reacquired		(18,746	)		(169,642	)
Net increase (decrease) in shares outstanding		251,489		$	2,324,922

PGIM Emerging Markets Debt Hard Currency Fund 55

Notes to Financial Statements(continued)

Class R6	Shares		Amount
Year ended October 31, 2019:
Shares issued in reinvestment of dividends and distributions		159,025	$	1,481,664
Net increase (decrease) in shares outstanding		159,025	$	1,481,664
Period ended October 31, 2018*:
Shares sold		2,501,000	$	25,010,000
Shares issued in reinvestment of dividends and distributions		126,304		1,183,649
Net increase (decrease) in shares outstanding		2,627,304	$	26,193,649

* Commencement of operations was December 12, 2017.

7. Borrowings

The Fund, on behalf of the Series, along with other affiliated registered investment companies (the “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 current SCA in effect at the reportingperiod-end as well as the prior SCA.

	Current SCA	Prior SCA
Term of Commitment	10/3/2019 – 10/1/2020	10/4/2018 – 10/2/2019
Total Commitment	$ 900 million	$ 900 million
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) theone-month LIBOR rate or (3) zero percent	1.25% plus the higher of (1) the effective federal funds rate, (2) theone-month LIBOR rate 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 Funds in the SCA equitably.

The Series did not utilize the SCA during the year ended October 31, 2019.

8. Risks of Investing in the Series

The Series’ risks include, but are not limited to, some or all of the risks discussed below:

56

Bond Obligations Risk:The Series’ holdings, share price, yield and total return may 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 Series for redemption before it matures and the Series may not be able to reinvest at the same level and therefore would earn less income.

Derivatives Risk:Derivatives involve special risks and costs and may result in losses to the Series. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, the Series will depend on the subadviser’s ability to analyze and manage derivative transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” and therefore may magnify or otherwise increase investment losses to the Series. Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the Series’ derivatives positions. In fact, many OTC derivative instruments will not have liquidity beyond the counterparty to the instrument. OTC derivative instruments also involve the risk that the other party will not meet its obligations to the Series.

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.

Foreign Securities Risk:The Series’ investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Series may invest may have markets that are less liquid, less regulated and more volatile than US markets. The value of the Series’ investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability.

Interest Rate Risk:The value of an 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 securities. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Series may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Series’ holdings may fall sharply. This is referred to as “extension risk. The Series may face a heightened level of interest rate risk as a result of the U.S. Federal Reserve Board’s policies. The Series’ investments may lose value if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

PGIM Emerging Markets Debt Hard Currency Fund 57

Notes to Financial Statements(continued)

Liquidity Risk:The Series may invest in instruments that trade in lower volumes and are less liquid than other investments. Liquidity risk exists when particular investments made by the Series are difficult to purchase or sell. Liquidity risk includes the risk that the Series may make investments that may become less liquid in response to market developments or adverse investor perceptions. Investments that are illiquid or that trade in lower volumes may be more difficult to value. If the Series is forced to sell these investments to pay redemption proceeds or for other reasons, the Series may lose money. In addition, when there is no willing buyer and investments may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, the Series may incur higher transaction costs when executing trade orders of a given size. The reduction in dealer market-making capacity in the fixed-income markets that has occurred in recent years also has the potential to reduce liquidity. An inability to sell a portfolio position can adversely affect the Series’ value or prevent the Series from being able to take advantage of other investment opportunities.

Market and Credit Risk:Securities markets may be volatile and the market prices of the Series’ 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 Series fall, the value of an investment in the Series will decline. Additionally, the Series may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Series has unsettled or open transactions defaults.

Non-diversification Risk:Anon-diversified Series may invest a greater percentage of its assets in the securities of a single company or industry than a diversified fund. Investing in anon-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 anon-diversified fund.

9. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the FASB issued Accounting Standards Update (“ASU”)No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the Series’ policy for the timing of transfers between levels. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Manager has evaluated the implications of certain provisions of the ASU and has determined to early adopt aspects related to the removal and modification of certain fair value measurement disclosures under the ASU

58

effective immediately. The Manager continues to evaluate certain other provisions of the ASU and does not expect a material impact to financial statement disclosures.

PGIM Emerging Markets Debt Hard Currency Fund 59

Financial Highlights

Class A Shares
	Year Ended October 31, 2019			December 12, 2017(a) through October 31, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$8.88			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.46			0.38
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.69			(1.06	)
Total from investment operations		1.15			(0.68	)
Less Dividends and Distributions:
Dividends from net investment income		(0.52	)		(0.43	)
Tax return of capital distributions		-			(0.01	)
Total dividends and distributions		(0.52	)		(0.44	)
Net asset value, end of period		$9.51			$8.88
Total Return(c):		13.23%			(6.97)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$13			$9
Average net assets (000)		$12			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.05%			1.05%	(e)
Expenses before waivers and/or expense reimbursement		115.95%			358.14%	(e)
Net investment income (loss)		4.95%			4.49%	(e)
Portfolio turnover rate(f)		33%			17%

(a) Commencement of operations.

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

(c) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

(f) The Series’ portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Series’ portfolio turnover rate may be higher.

See Notes to Financial Statements.

60

Class C Shares
	Year Ended October 31, 2019			December 12, 2017(a) through October 31, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$8.88			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.39			0.31
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.69			(1.05	)
Total from investment operations		1.08			(0.74	)
Less Dividends and Distributions:
Dividends from net investment income		(0.45	)		(0.37	)
Tax return of capital distributions		-			(0.01	)
Total dividends and distributions		(0.45	)		(0.38	)
Net asset value, end of period		$9.51			$8.88
Total Return(c):		12.40%			(7.58)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$10			$9
Average net assets (000)		$10			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.80%			1.80%	(e)
Expenses before waivers and/or expense reimbursement		139.02%			359.95%	(e)
Net investment income (loss)		4.22%			3.73%	(e)
Portfolio turnover rate(f)		33%			17%

(a) Commencement of operations.

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

(c) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

(f) The Series’ portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Series’ portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 61

Financial Highlights(continued)

Class Z Shares
	Year Ended October 31, 2019			December 12, 2017(a) through October 31, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$8.88			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.48			0.39
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.69			(1.05	)
Total from investment operations		1.17			(0.66	)
Less Dividends and Distributions:
Dividends from net investment income		(0.54	)		(0.45	)
Tax return of capital distributions		-			(0.01	)
Total dividends and distributions		(0.54	)		(0.46	)
Net asset value, end of period		$9.51			$8.88
Total Return(c):		13.51%			(6.79)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$5,782			$2,234
Average net assets (000)		$3,498			$766
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.80%			0.80%	(e)
Expenses before waivers and/or expense reimbursement		2.41%			6.65%	(e)
Net investment income (loss)		5.12%			4.83%	(e)
Portfolio turnover rate(f)		33%			17%

(a) Commencement of operations.

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

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

(f) The Series’ portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Series’ portfolio turnover rate may be higher.

See Notes to Financial Statements.

62

Class R6 Shares
	Year Ended October 31, 2019			December 12, 2017(a) through October 31, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$8.88			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.49			0.40
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.69			(1.06	)
Total from investment operations		1.18			(0.66	)
Less Dividends and Distributions:
Dividends from net investment income		(0.55	)		(0.45	)
Tax return of capital distributions		-			(0.01	)
Total dividends and distributions		(0.55	)		(0.46	)
Net asset value, end of period		$9.51			$8.88
Total Return(c):		13.58%			(6.72)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$26,493			$23,333
Average net assets (000)		$25,144			$24,014
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.74%			0.74%	(e)
Expenses before waivers and/or expense reimbursement		1.49%			1.76%	(e)
Net investment income (loss)		5.27%			4.82%	(e)
Portfolio turnover rate(f)		33%			17%

(a) Commencement of operations.

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

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

(f) The Series’ portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Series’ portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 63

Report of Independent Registered Public Accounting Firm

To the Shareholders of PGIM Emerging Markets Debt Hard Currency Fund and Board of Directors Prudential World Fund, Inc.:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of PGIM Emerging Markets Debt Hard Currency Fund, a series of Prudential World Fund, Inc., (the Fund), including the schedule of investments, as of October 31, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for the year ended October 31, 2019 and the period from December 12, 2017 (commencement of operations) to October 31, 2018, and the related notes (collectively, the financial statements) and the financial highlights for the year or period indicated therein. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2019, the results of its operations for the year then ended, the changes in its net assets for the year ended October 31, 2019 and the period from December 12, 2017 to October 31, 2018, and the financial highlights for the year or period indicated therein, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2019, by correspondence with the custodian, transfer agent, and brokers, or by other appropriate auditing procedures when replies were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more PGIM and/or Prudential Retail investment companies since 2003.

New York, New York

December 19, 2019

64

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS(unaudited)

Information about Board Members and Officers of the Fund is set forth below. Board Members who are not deemed to be “interested persons” of the Fund, as defined in the 1940 Act, are referred to as “Independent Board Members.” Board Members who are deemed to be “interested persons” of the Fund are referred to as “Interested Board Members.” The Board Members are responsible for the overall supervision of the operations of the Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Board in turn elects the Officers, who are responsible for administering theday-to-day operations of the Fund.

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Ellen S. Alberding 3/11/58 Board Member Portfolios Overseen: 96	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); Vice Chair, City Colleges of Chicago (community college system) (2011-2015); Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); Trustee, Economic Club of Chicago (since 2009); Trustee, Loyola University (since 2018).	None.	Since September 2013
Kevin J. Bannon 7/13/52 Board Member Portfolios Overseen: 96	Retired; Managing Director (April2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; President (May2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008).	Since July 2008

PGIM Emerging Markets Debt Hard Currency Fund

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Linda W. Bynoe 7/9/52 Board Member Portfolios Overseen: 96	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Ltd. (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co. (broker-dealer).	Director of Anixter International, Inc. (communication products distributor) (since January 2006); Director of Northern Trust Corporation (financial services) (since April 2006); Trustee of Equity Residential (residential real estate) (since December 2009).	Since March 2005
Barry H. Evans 11/2/60 Board Member Portfolios Overseen: 95	Retired; formerly President (2005 – 2016), Global Chief Operating Officer (2014– 2016), Chief Investment Officer – Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management U.S.	Formerly Director, Manulife Trust Company (2011-2018); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).	Since September 2017
Keith F. Hartstein 10/13/56 Board Member & Independent Chair Portfolios Overseen: 96	Retired; Member (since November 2014) of the Governing Council of the Independent Directors Council (organization of independent mutual fund directors); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.	Since September 2013

Visit our website at pgiminvestments.com

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Laurie Simon Hodrick 9/29/62 Board Member Portfolios Overseen: 95	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Professor of Law, Stanford Law School (since 2015); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008).	Independent Director, Synnex Corporation (since April 2019) (information technology); Independent Director, Kabbage, Inc. (since July 2018) (financial services); Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017
Michael S. Hyland, CFA 10/4/45 Board Member Portfolios Overseen: 96	Retired (since February 2005); formerly Senior Managing Director (July 2001-February 2005) of Bear Stearns & Co, Inc.; Global Partner, INVESCO (1999-2001); Managing Director and President of Salomon Brothers Asset Management (1989-1999).	None.	Since July 2008
Brian K. Reid 9/22/61 Board Member Portfolios Overseen: 95	Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); Director, ICI Mutual Insurance Company (2012-2017).	None.	Since March 2018

PGIM Emerging Markets Debt Hard Currency Fund

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Grace C. Torres 6/28/59 Board Member Portfolios Overseen: 95	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National Bank; Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank.	Since November 2014

Interested Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Stuart S. Parker 10/5/62 Board Member & President Portfolios Overseen: 96	President of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); Executive Vice President of Prudential Investment Management Services LLC (since December 2012); formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011).	None.	Since January 2012

Visit our website at pgiminvestments.com

Interested Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Scott E. Benjamin 5/21/73 Board Member & Vice President Portfolios Overseen:96	Executive Vice President (since June 2009) of PGIM Investments LLC; Executive Vice President (June 2009-June 2012) and Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).	None.	Since March 2010

Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Raymond A. O’Hara 9/11/55 Chief Legal Officer	Vice President and Corporate Counsel (since July 2010) of Prudential Insurance Company of America (Prudential); Vice President (March 2011-Present) of Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey; Vice President and Corporate Counsel (March 2011-Present) of Prudential Annuities Life Assurance Corporation; Chief Legal Officer of PGIM Investments LLC (since June 2012); Chief Legal Officer of Prudential Mutual Fund Services LLC (since June 2012) and Corporate Counsel of AST Investment Services, Inc. (since June 2012); formerly Assistant Vice President and Corporate Counsel (September 2008-July 2010) of The Hartford Financial Services Group, Inc.; formerly Associate (September 1980-December 1987) and Partner (January 1988–August 2008) of Blazzard & Hasenauer, P.C. (formerly, Blazzard, Grodd & Hasenauer, P.C.).	Since June 2012

PGIM Emerging Markets Debt Hard Currency Fund

Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Dino Capasso 8/19/74 Chief Compliance Officer	Chief Compliance Officer (July 2019-Present) of PGIM Investments LLC; Chief Compliance Officer (July 2019-Present) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM High Yield Bond Fund, Inc.; Vice President and Deputy Chief Compliance Officer (June 2017-2019) of PGIM Investments LLC; formerly, Senior Vice President and Senior Counsel (January 2016-June 2017), and Vice President and Counsel (February 2012-December 2015) of Pacific Investment Management Company LLC.	Since March 2018
Andrew R. French 12/22/62 Secretary	Vice President of PGIM Investments LLC (December 2018-Present); formerly Vice President and Corporate Counsel (February 2010-December 2018) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since October 2006
Jonathan D. Shain 8/9/58 Assistant Secretary	Vice President and Corporate Counsel (since August 1998) of Prudential; Vice President and Assistant Secretary (since May 2001) of PGIM Investments LLC; Vice President and Assistant Secretary (since February 2001) of Prudential Mutual Fund Services LLC; formerly Vice President and Assistant Secretary (May 2003-June 2005) of AST Investment Services, Inc.	Since May 2005
Claudia DiGiacomo 10/14/74 Assistant Secretary	Vice President and Corporate Counsel (since January 2005) of Prudential; Vice President and Assistant Secretary of PGIM Investments LLC (since December 2005); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005
Diana N. Huffman 4/14/82 Assistant Secretary	Vice President and Corporate Counsel (since September 2015) of Prudential; formerly Associate at Willkie Farr & Gallagher LLP (2009-2015).	Since March 2019
Kelly A. Coyne 8/8/68 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since March 2015
Christian J. Kelly 5/5/75 Treasurer and Principal Financial and Accounting Officer	Vice President, Head of Fund Administration of PGIM Investments LLC (since November 2018); formerly, Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).	Since January 2019

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Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Lana Lomuti 6/7/67 Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since April 2014
Russ Shupak 10/08/73 Assistant Treasurer	Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration.	Since October 2019
Deborah Conway 3/26/69 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since October 2019
Elyse M. McLaughlin 1/20/74 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.	Since October 2019
Charles H. Smith 1/11/73 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Anti-Money Laundering Unit (since January 2015) of Prudential; committee member of the American Council of Life Insurers Anti-Money Laundering and Critical Infrastructure Committee (since January 2016); formerly Global Head of Economic Sanctions Compliance at AIG Property Casualty (February 2007-December 2014); Assistant Attorney General at the New York State Attorney General’s Office, Division of Public Advocacy. (August 1998-January 2007).	Since January 2017

^(a) Excludes Mr. Parker and Mr. Benjamin, interested Board Members who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

∎ Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC.

∎ Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102-4410.

∎ There is no set term of office for Board Members or Officers. The Board Members have adopted a retirement policy, which calls for the retirement of Board Members on December 31 of the year in which they reach the age of 75.

∎ “Other Directorships Held” includes only directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, “public companies”) or other investment companies registered under the 1940 Act.

∎ “Portfolios Overseen” includes all investment companies managed by PGIM Investments LLC. The investment companies for which PGIM Investments LLC serves as manager include the PGIM Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

PGIM Emerging Markets Debt Hard Currency Fund

Approval of Advisory Agreements(unaudited)

The Fund’s Board of Directors

The Board of Directors (the “Board”) of PGIM Emerging Markets Debt Hard Currency Fund (the “Fund”)¹ consists of eleven individuals, nine of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”).² The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Directors have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. The Board has established four standing committees: the Audit Committee, the Nominating and Governance Committee, and two Investment Committees. Each committee is chaired by, and composed of, Independent Directors.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and the Fund’s subadvisory agreements with each of PGIM, Inc. (“PGIM”) on behalf of its PGIM Fixed Income unit and PGIM Limited (“PGIML”). In considering the renewal of the agreements, the Board, including all of the Independent Directors, met on May 30, 2019 and on June11-13, 2019 and approved the renewal of the agreements through July 31, 2020, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments, PGIM and PGIML. Also, the Board considered comparisons with other mutual funds in relevant Peer Universes and Peer Groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Directors advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments and the subadvisers, the performance of the Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund’s assets grow. In their deliberations, the Directors did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund. In connection with its deliberations, the Board

PGIM Emerging Markets Debt Hard Currency Fund

¹  PGIM Emerging Markets Debt Hard Currency Fund is a series of Prudential World Fund, Inc.

²  Grace C. Torres was an Interested Director of the Fund at the time the Board considered and approved the renewal of the Fund’s advisory agreements, but has since become an Independent Director of the Fund.

Approval of Advisory Agreements(continued)

considered information provided by PGIM Investments throughout the year at regular Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the meetings on May 30, 2019 and on June11-13, 2019.

The Directors determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a management agreement, and between each of PGIM Investments and PGIM, which, through its PGIM Fixed Income unit, and PGIML, which serve as the Fund’s subadvisers pursuant to the terms of subadvisory agreements with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Directors considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Director’s reaching their determinations to approve the continuance of the agreements are separately discussed below.

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments, PGIM Fixed Income, and PGIML. The Board noted that PGIM Fixed Income and PGIML are affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadvisers for the Fund, as well as the provision of fund recordkeeping, compliance and other services to the Fund, and PGIM Investments’ role as administrator for the Fund’s liquidity risk management program. With respect to PGIM Investments’ oversight of the subadvisers, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments senior management on the performance and operations of the subadvisers. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Directors of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM Fixed Income and PGIML, including investment research and security selection, as well as adherence to the Fund’s investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments’ evaluation of the subadvisers, as well as PGIM Investments’ recommendation, based on its review of the subadvisers, to renew the subadvisory agreements.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of the Fund, PGIM Fixed Income, and PGIML, and also considered the qualifications, backgrounds and responsibilities of PGIM Fixed Income’s portfolio managers who are responsible for theday-to-day management of the Fund’s portfolio. The Board was provided with information

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pertaining to PGIM Investments’, PGIM Fixed Income’s, and PGIML’s organizational structure, senior management, investment operations, and other relevant information pertaining to PGIM Investments, PGIM Fixed Income, and PGIML. The Board also noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer (“CCO”) as to PGIM Investments, PGIM Fixed Income, and PGIML.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments, the subadvisory services provided to the Fund by PGIM Fixed Income and PGIML, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments, PGIM Fixed Income, and PGIML under the management and subadvisory agreements.

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund’s investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser’s capital structure and cost of capital. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

The Board received and discussed information concerning economies of scale that PGIM Investments may realize as the Fund’s assets grow beyond current levels. The Board noted that the management fee schedule for the Fund includes breakpoints, which have the effect of decreasing the fee rate as assets increase. During the course of time, the Board has considered information regarding the launch date of the Fund, the management fees of the Fund compared to those of similarly managed funds and PGIM Investments’ investment in the Fund over time. The Board noted that economies of scale can be shared with the Fund in other ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment. The Board also considered PGIM Investments’ assertion that it continually evaluates the management fee schedule of the Fund and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase.

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of PGIM Investments’ costs are not specific to individual funds, but rather are incurred across a variety of products and services.

PGIM Emerging Markets Debt Hard Currency Fund

Approval of Advisory Agreements(continued)

Other Benefits to PGIM Investments, PGIM Fixed Income, and PGIML

The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM Fixed Income, PGIML and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund’s transfer agent (which is affiliated with PGIM Investments), as well as benefits to its reputation or other intangible benefits resulting from PGIM Investments’ association with the Fund. The Board concluded that the potential benefits to be derived by PGIM Fixed Income and PGIML included the ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to their reputations. The Board concluded that the benefits derived by PGIM Investments, PGIM Fixed Income, and PGIML were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for theone-year period ended December 31, 2018. The Board considered that the Fund commenced operations on December 12, 2017 and that longer-term performance was not yet available.

The Board also considered the Fund’s actual management fee, as well as the Fund’s net total expense ratio, for the fiscal period ended October 31, 2018. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

The mutual funds included in the Peer Universe, which was used to consider performance, and the Peer Group, which was used to consider expenses and fees, were objectively determined by Broadridge, an independent provider of mutual fund data. In certain circumstances, PGIM Investments also provided supplemental Peer Universe or Peer Group information, for reasons addressed with the Board. The comparisons placed the Fund in various quartiles over various periods, with the first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

The section below summarizes key factors considered by the Board and the Board’s conclusions regarding the Fund’s performance, fees and overall expenses. The table sets

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forth net performance comparisons (which reflect the impact on performance of fund expenses, or any subsidies, expense caps or waivers that may be applicable) with the Peer Universe, actual management fees with the Peer Group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the Peer Group, each of which were key factors considered by the Board.

Net Performance	1 Year	3 Years	5 Years	10 Years
	3rd Quartile	N/A	N/A	N/A
Actual Management Fees:1st Quartile
Net Total Expenses: 1st Quartile

• The Board noted that the Fund underperformed its benchmark index over theone-year period.

• The Board noted that the Fund does not yet have a three-year performance record and that, therefore, the subadviser should have more time to develop that record.

• The Board and PGIM Investments agreed to retain the existing contractual expense cap which (exclusive of certain fees and expenses) caps total annual operating expenses at 1.05% for Class A shares, 1.80% for Class C shares, 0.80% for Class Z shares, and 0.74% for Class R6 shares through February 29, 2020.

• In addition, PGIM Investments will 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, and has agreed that total annual fund operating expenses for Class R6 shares will not exceed total annual fund operating expenses for Class Z shares.

• The Board concluded that in light of the above, it would be in the best interests of the Fund and its shareholders to continue to allow the Fund to create a longer-term performance record, and to renew the agreements.

• The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

*    *    *

After full consideration of these factors, the Board concluded that the approval of the agreements was in the best interests of the Fund and its shareholders.

PGIM Emerging Markets Debt Hard Currency Fund

∎ MAIL	∎ TELEPHONE	∎ WEBSITE
655 Broad Street Newark, NJ 07102	(800) 225-1852	pgiminvestments.com

PROXY VOTING

The Board of Directors 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. 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.

DIRECTORS

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

OFFICERS

Stuart S. Parker,President• Scott E. Benjamin,Vice President• Christian J. Kelly,Treasurer and Principal Financial and Accounting Officer• Raymond A. O’Hara,Chief Legal Officer• Dino Capasso,Chief Compliance Officer• Charles H. Smith,Anti-Money Laundering Compliance Officer• Andrew R. French,Secretary• Jonathan D. Shain,Assistant Secretary• Claudia DiGiacomo,Assistant Secretary• Diana N. Huffman,Assistant Secretary• Kelly A. Coyne,Assistant Secretary• Lana Lomuti,Assistant Treasurer• Russ Shupak,Assistant Treasurer• Elyse McLaughlin,Assistant Treasurer• Deborah Conway,Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	PGIM Fixed Income	655 Broad Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
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 atpgiminvestments.com 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 topgiminvestments.com/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 byvisiting the website address above.

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

Shareholders can communicate directly with the Board of Directors by writing to the Chair of the Board, PGIM Emerging Markets Debt Hard Currency Fund, PGIM Investments, Attn: Board of Directors, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Director by writing to 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 on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov. Form N-PORT is filed with the Commission quarterly, and each Fund’s full portfolio holdings as of the first and third fiscal quarter-ends (as of the third month of the Fund’s fiscal quarter for reporting periods on or after September 30, 2019) will be made publicly available 60 days after the end of each quarter at sec.gov.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Directors and is available without charge, upon request, by calling (800) 225-1852.

Mutual Funds:

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

PGIM EMERGING MARKETS DEBT HARD CURRENCY FUND

SHARE CLASS	A	C	Z	R6
NASDAQ	PDHAX	PDHCX	PDHVX	PDHQX
CUSIP	743969479	743969461	743969446	743969453

MF239E

Item 2 – Code of Ethics — See Exhibit (a)

As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies – Ethical Standards for Principal Executive and Financial Officers”) that applies to the registrant’s Principal Executive Officer and Principal Financial Officer; the registrant’s Principal Financial Officer also serves as the Principal Accounting Officer.

The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant800-225-1852, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

Item 3 – Audit Committee Financial Expert

The registrant’s Board has determined that Mr. Kevin J. Bannon, member of the Board’s Audit Committee is an “audit committee financial expert,” and that he is “independent,” for purposes of this Item.

Item 4 – Principal Accountant Fees and Services

(a) Audit Fees

For the fiscal years ended October 31, 2019 and October 31, 2018, KPMG LLP (“KPMG”), the Registrant’s principal accountant, billed the Registrant $244,707 and $242,631 respectively, for professional services rendered for the audit of the Registrant’s annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

(b) Audit-Related Fees

For the fiscal year ended October 31, 2019, fees of $9,926 were billed to the Registrant for services rendered by KPMG in connection with an accounting system conversion and were paid by The Bank of New York Mellon. For the fiscal year ended October 31, 2018, there are no fees to report.

(c)Tax Fees

For the fiscal years ended October 31, 2019 and October 31, 2018: none.

(d)All Other Fees

For the fiscal years ended October 31, 2019 and October 31, 2018: none.

(e) (1)Audit CommitteePre-Approval Policies and Procedures

THE PGIM MUTUAL FUNDS

AUDIT COMMITTEE POLICY

on

Pre-Approval of Services Provided by the Independent

Accountants

The Audit Committee of each PGIM Mutual Fund is charged with the responsibility to monitor the independence of the Fund’s independent accountants. As part of this responsibility, the Audit Committee mustpre-approve the independent accounting firm’s engagement to render audit and/or permissiblenon-audit services, as required by law. In evaluating a proposed engagement of the independent accountants, the Audit Committee will assess the effect that the engagement might reasonably be expected to have on the accountant’s independence. The Committee’s evaluation will be based on:

• a review of the nature of the professional services expected to be provided,

• a review of the safeguards put into place by the accounting firm to safeguard independence, and

• periodic meetings with the accounting firm.

Policy for Audit andNon-Audit Services Provided to the Funds

On an annual basis, the scope of audits for each Fund, audit fees and expenses, and audit-related andnon-audit services (and fees proposed in respect thereof) proposed to be performed by the Fund’s independent accountants will be presented by the Treasurer and the independent accountants to the Audit Committee for review and, as appropriate, approval prior to the initiation of such services.

Such presentation shall be accompanied by confirmation by both the Treasurer and the independent accountants that the proposednon-audit services will not adversely affect the independence of the independent accountants. Such proposednon-audit services shall be described in sufficient detail to enable the Audit Committee to assess the appropriateness of such services and fees, and the compatibility of the provision of such services with the auditor’s independence. The Committee shall receive periodic reports on the progress of the audit and other services which are approved by the Committee or by the Committee Chair pursuant to authority delegated in this Policy.

The categories of services enumerated under “Audit Services”, “Audit-related Services”, and “Tax Services” are intended to provide guidance to the Treasurer and the independent accountants as to those categories of services which the Committee believes are generally consistent with the independence of the independent accountants and which the Committee (or the Committee Chair) would expect upon the presentation of specific proposals topre-approve. The enumerated categories are not intended as an exclusive list of audit, audit-related or tax services, which the Committee (or the Committee Chair) would consider forpre-approval.

Audit Services

The following categories of audit services are considered to be consistent with the role of the Fund’s independent accountants:

• Annual Fund financial statement audits

• Seed audits (related to new product filings, as required)

• SEC and regulatory filings and consents

Audit-related Services

The following categories of audit-related services are considered to be consistent with the role of the Fund’s independent accountants:

• Accounting consultations

• Fund merger support services

• Agreed Upon Procedure Reports

• Attestation Reports

• Other Internal Control Reports

Individual audit-related services that fall within one of these categories (except for fund merger support services) and are not presented to the Audit Committee as part of the annualpre-approval process are subject to an authorizedpre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under suchpre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject topre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated). Fees related to fund merger support services are subject to a separate authorizedpre-approval by the Audit Committee with fees determined on a per occurrence and merger complexity basis.

Tax Services

The following categories of tax services are considered to be consistent with the role of the Fund’s independent accountants:

• Tax compliance services related to the filing or amendment of the following:

• Federal, state and local income tax compliance; and,

• Sales and use tax compliance

• Timely RIC qualification reviews

• Tax distribution analysis and planning

• Tax authority examination services

• Tax appeals support services

• Accounting methods studies

• Fund merger support services

• Tax consulting services and related projects

Individual tax services that fall within one of these categories and are not presented to the Audit Committee as part of the annualpre-approval process are subject to an authorizedpre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under suchpre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject topre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated).

OtherNon-Audit Services

Certainnon-audit services that the independent accountants are legally permitted to render will be subject topre-approval by the Committee or by one or more Committee members to whom the Committee has delegated this authority and who will report to the full Committee anypre-approval decisions made pursuant to this Policy.Non-audit services presented forpre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Proscribed Services

The Fund’s independent accountants will not render services in the following categories ofnon-audit services:

• Bookkeeping or other services related to the accounting records or financial statements of the Fund

• Financial information systems design and implementation

• Appraisal or valuation services, fairness opinions, orcontribution-in-kind reports

• Actuarial services

• Internal audit outsourcing services

• Management functions or human resources

• Broker or dealer, investment adviser, or investment banking services

• Legal services and expert services unrelated to the audit

• Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

Pre-approval ofNon-Audit Services Provided to Other Entities Within the PGIM Fund Complex

Certainnon-audit services provided to PGIM Investments LLC or any of its affiliates that also provide ongoing services to the PGIM Mutual Funds will be subject topre-approval by the Audit Committee. The onlynon-audit services provided to these entities that will requirepre-approval are thoserelated directly to the operations and financial reporting of the Funds. Individual projects that are not presented to the Audit Committee as part of the annualpre-approval process will be subject

topre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $30,000. Services presented forpre-approval pursuant to this paragraph

will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Although the Audit Committee will notpre-approve all services provided to PGIM Investments LLC and its affiliates, the Committee will receive an annual report from the Fund’s independent accounting firm showing the aggregate fees for all services provided to PGIM Investments and its affiliates.

(e) (2)Percentageofservicesreferredtoin4(b)–4(d)thatwereapprovedbytheauditcommittee.

For the fiscal year ended October 31, 2019, 100% of the services referred to in Item 4(b) was approved by the audit committee. For the fiscal year ended October 31, 2018: none.

(f)Percentage of hours expended attributable to work performed by other than full time employees of principal accountant if greaterthan 50%.

The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was 0%.

(g)Non-Audit Fees

The aggregatenon-audit fees billed by KPMG for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended October 31, 2019 and October 31, 2018 was $0 and $0, respectively.

(h)Principal Accountant’s Independence

Not applicable as KPMG has not providednon-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were notpre-approved pursuant to Rule2-01(c)(7)(ii) of RegulationS-X.

Item 5 – Audit Committee of Listed Registrants –

The registrant has a separately designated standing audit committee (the “Audit Committee”) established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The members of the Audit Committee are Kevin J. Bannon (chair), Laurie Simon Hodrick, Michael S. Hyland, CFA, Brian K. Reid, and Keith F. Hartstein(ex-officio).

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 forClosed-End Management Investment Companies – Not applicable.

Item 8 – Portfolio Managers ofClosed-End Management Investment Companies – Not applicable.

Item 9 – Purchases of Equity Securities byClosed-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 that occurred during the registrant’s most recent fiscal quarter of the period covered by this report that has materially affected, or is likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Controls and Procedures - Disclosure of Securities Lending Activities forClosed-End Management Investment Companies – Not applicable.

Item 13 – Exhibits

(a) (1) Code of Ethics – Attached hereto as ExhibitEX-99.CODE-ETH

(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act – Attached hereto as ExhibitEX-99.CERT.

(3) Any written solicitation to purchase securities under Rule23c-1. – Not applicable.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act – Attached hereto as ExhibitEX-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 World Fund, Inc.
By:	/s/ Andrew R. French
	Andrew R. French
	Secretary
Date:	December 19, 2019

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:	December 19, 2019
By:	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and Accounting Officer
Date:	December 19, 2019