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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:	811-03981
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:	10/31/2020
Date of reporting period:	10/31/2020

Item 1 – Reports to Stockholders

PGIM QMA INTERNATIONAL EQUITY FUND

ANNUAL REPORT

OCTOBER 31, 2020

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 (pgim.com/investments), 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 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 pgim.com/investments/resource/edelivery

Table of Contents

Letter from the President	3
Your Fund’s Performance	4
Growth of a $10,000 Investment	5
Strategy and Performance Overview	8
Fees and Expenses	10
Holdings and Financial Statements	13
Approval of Advisory Agreements

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. ^© 2020 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.

Effective June 26, 2020, all of the issued and outstanding Class B shares of the Fund converted into Class A shares.

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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, 2020.

During the first four months of the period, the global economy remained healthy—particularly in the US—fueled by rising corporate profits and strong job growth. The outlook changed dramatically in March as the coronavirus outbreak quickly and substantially shut down economic activity worldwide, leading to significant job losses and a steep decline in global growth and earnings. Responding to this disruption, the Federal Reserve (the Fed) cut the federal funds rate target to near zero and flooded capital markets with liquidity; and Congress passed stimulus bills worth approximately $3 trillion that offered an economic lifeline to consumers and businesses.

While stocks climbed throughout the first four months of the period, they fell significantly in March amid a spike in volatility, ending the 11-year-long equity bull market. With stores and factories closing and consumers staying at home to limit the spread of the virus, investors sold stocks on fears that corporate earnings would take a serious hit. Equities rallied around the globe throughout the spring and summer as states reopened their economies, but became more volatile during the last two months of the period as investors worried that a surge in coronavirus infections would stall the economic recovery. For the period overall, large-cap US and emerging market stocks rose, small-cap US stocks were virtually unchanged, and stocks in developed foreign markets declined.

The bond market overall—including US and global bonds as well as emerging market debt—rose during the period as investors sought safety in fixed income. A significant rally in interest rates pushed the 10-year US Treasury yield down to a record low. In March, the Fed took several aggressive actions to keep the bond markets running smoothly, restarting many of the relief programs that proved to be successful in helping end the global financial crisis in 2008-09.

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 15, 2020

PGIM QMA International Equity Fund 3

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 pgim.com/investments or by calling (800) 225-1852.

	Average Annual Total Returns as of 10/31/20
	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A
(with sales charges)	–9.35	1.33	2.48	—
(without sales charges)	–4.07	2.48	3.06	—
Class C
(with sales charges)	–6.35	1.61	2.25	—
(without sales charges)	–5.42	1.61	2.25	—
Class Z
(without sales charges)	–3.61	2.88	3.40	—
Class R6
(without sales charges)	–3.26	N/A	N/A	4.47 (12/28/16)
MSCI All Country World ex-US Index
	–2.61	4.26	3.43	—

Average Annual Total Returns as of 10/31/20 Since Inception (%)
	Class R6 (12/28/16)
MSCI All Country World ex-US Index	5.48

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.

4 Visit our website at pgim.com/investments

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, 2010) and the account values at the end of the current fiscal year (October 31, 2020) 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 fees 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.

PGIM QMA International Equity Fund 5

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%	1.00%	None		None

Benchmark Definitions

MSCI All Country World ex-US Index—The Morgan Stanley Capital International All Country World ex-US (MSCI ACWI Ex-US) Index is an unmanaged, market-capitalization weighted index designed to provide a broad measure of stock performance throughout the world, with the exception of US based companies. The MSCI ACWI Ex-US Index includes both developed and emerging markets.

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

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Presentation of Fund Holdings as of 10/31/20

Ten Largest Holdings	Line of Business	Country	% of Net Assets
Alibaba Group Holding Ltd., ADR	Internet & Direct Marketing Retail	China	3.4%
iShares MSCI EAFE ETF	Exchange Traded Funds	United States	2.2%
Novartis AG	Pharmaceuticals	Switzerland	1.4%
Roche Holding AG	Pharmaceuticals	Switzerland	1.4%
Tencent Holdings Ltd.	Interactive Media & Services	China	1.4%
Taiwan Semiconductor Manufacturing Co. Ltd.	Semiconductors & Semiconductor Equipment	Taiwan	1.2%
Sony Corp.	Household Durables	Japan	1.2%
Nestle SA	Food Products	Switzerland	1.1%
Sanofi	Pharmaceuticals	France	1.0%
Canadian Pacific Railway Ltd.	Road & Rail	Canada	0.9%

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

PGIM QMA International Equity Fund 7

Strategy and Performance Overview (unaudited)

How did the Fund perform?

The PGIM QMA International Equity Fund’s Class Z shares returned -3.61% in the 12-month reporting period that ended October 31, 2020, underperforming the -2.61% return of the MSCI All Country World ex-US Index (the Index).

What were the market conditions?

• The reporting period was dominated by the proliferation of COVID-19 infections that began in early 2020. While economists continue to debate the shape of the economic recovery, it clearly has been V-shaped in global equity markets, with many markets fully erasing losses from the severe decline in March 2020 by period-end. (A V-shaped recovery refers to a sharp rise back to previous measures of economic performance after a downturn.)

• However, performance among equity market segments was divergent during the period. For example, China’s economy bounced back sooner than the rest of the world, as the country’s draconian lockdown was highly effective at curbing the spread of the virus in February. As a result, China’s economy suffered less damage and is likely to post positive growth for 2020.

• In international developed markets, information technology was the best-performing sector during the period, gaining about 30%, while energy stocks fared the worst, declining almost 30%.

• Growth significantly outperformed value over the period. Geographically, US stocks outpaced non-US developed markets and emerging markets. Nonetheless, by period-end there were already signs that growth was slowing, as uncertainty remained over when the global economy would resume pre-COVID-19 levels of economic activity.

What worked?

• Growth and quality measures contributed to the Fund’s performance, particularly among the high-growth information technology holdings across Taiwan, China, and Japan.

• High-quality consumer discretionary positions in China and Sweden, along with Taiwanese communication services holdings, furthered gains.

What didn’t work?

• The Fund’s investments in relatively inexpensive stocks offset the gains, and the shortfall was particularly significant given that expensive stocks by far outperformed cheaper stocks over the period.

• Thus, favoring cheap Brazilian and United Kingdom financial stocks as well as UK-based healthcare companies was particularly detrimental to performance.

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Did the Fund use derivatives?

The Fund did not hold futures during the period. However, the Fund may invest in futures, including for the ease of cash management.

Current outlook

• QMA believes the current market is crowded and not sustainable, and that diversification and the Fund’s investment strategy should prevail as markets normalize and move past fear and uncertainty. Specifically, QMA sees a correction in the extremely high valuations of the momentum-driven stocks responsible for much of the market’s returns during the period, coupled with the recovery of fundamentals and valuations among cheaper stocks with very high relative and nominal earnings and book-value yields.

• While the pathway and timing of events leading to this reversion is hard to predict, QMA views the eventual neutralization of the COVID-19 pandemic as a key catalyst in bringing more balance to the equity markets, an environment where QMA’s strategies have historically performed well.

• In QMA’s view, the biggest risk appears to be political, as the results of the US presidential election, particularly if contested or prolonged, and new policies from the subsequent administration could prove disruptive to the US and global economy.

PGIM QMA International Equity Fund 9

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, 2020. The example is for illustrative purposes only; you should consult the Fund’s 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 QMA International Equity Fund		Beginning Account Value May 1, 2020		Ending Account Value October 31, 2020		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,119.60		1.49	%	$	7.94
	Hypothetical	$	1,000.00	$	1,017.65		1.49	%	$	7.56
Class C	Actual	$	1,000.00	$	1,111.50		2.93	%	$	15.55
	Hypothetical	$	1,000.00	$	1,010.41		2.93	%	$	14.81
Class Z	Actual	$	1,000.00	$	1,121.90		1.11	%	$	5.92
	Hypothetical	$	1,000.00	$	1,019.56		1.11	%	$	5.63
Class R6	Actual	$	1,000.00	$	1,125.20		0.79	%	$	4.22
	Hypothetical	$	1,000.00	$	1,021.17		0.79	%	$	4.01

*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, 2020, and divided by the 366 days in the Fund’s fiscal year ended October 31, 2020 (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 QMA International Equity Fund 11

Schedule of Investments

as of October 31, 2020

Description	Shares		Value
LONG-TERM INVESTMENTS    99.4%
COMMON STOCKS    96.0%
Australia    4.3%
Ansell Ltd.		4,556	$	128,580
BHP Group Ltd.		25,194		598,408
BHP Group PLC		28,452		550,746
Charter Hall Group, REIT		30,080		260,759
Data#3 Ltd.		22,178		97,240
Fortescue Metals Group Ltd.		112,076		1,365,026
Goodman Group, REIT		101,567		1,313,173
JB Hi-Fi Ltd.		7,668		255,671
Magellan Financial Group Ltd.		28,292		1,091,909
Newcrest Mining Ltd.		8,656		178,230
Platinum Asset Management Ltd.		114,496		244,488
Rio Tinto Ltd.		3,508		227,895
Rio Tinto PLC		25,628		1,446,555
Stockland, REIT		26,500		71,596
				7,830,276
Belgium    0.9%
Ageas SA/NV		7,432		300,109
Etablissements Franz Colruyt NV		2,145		126,858
Euronav NV		89,772		659,361
Groupe Bruxelles Lambert SA		2,624		215,053
Telenet Group Holding NV		3,535		135,982
Tessenderlo Group SA*		5,574		189,870
				1,627,233
Brazil    2.1%
B3 SA - Brasil Bolsa Balcao		15,000		132,826
Banco do Brasil SA		173,400		899,041
Banco Santander Brasil SA, UTS		130,900		727,735
Cia de Saneamento do Parana, UTS		54,900		226,663
Petroleo Brasileiro SA		33,100		109,661
Vale SA		32,100		337,618
WEG SA		99,300		1,313,513
Wiz Solucoes e Corretagem de Seguros SA		44,000		69,168
				3,816,225
Canada    6.4%
Alimentation Couche-Tard, Inc. (Class B Stock)		10,600		326,441
B2Gold Corp.		47,400		304,900
Bank of Montreal		5,400		321,536

See Notes to Financial Statements.

PGIM QMA International Equity Fund 13

Schedule of Investments (continued)

as of October 31, 2020

Description	Shares		Value
COMMON STOCKS (Continued)
Canada (cont’d.)
Canadian National Railway Co.		1,200	$	119,207
Canadian Natural Resources Ltd.		22,600		359,619
Canadian Pacific Railway Ltd.		5,300		1,583,834
CI Financial Corp.		5,400		62,945
DREAM Unlimited Corp. (Class A Stock)		7,500		99,415
Great-West Lifeco, Inc.		49,300		1,004,650
Home Capital Group, Inc.*		8,400		153,398
Loblaw Cos. Ltd.		1,600		79,646
Magna International, Inc.		23,600		1,205,065
Manulife Financial Corp.		86,100		1,167,129
Metro Inc.		2,300		107,292
National Bank of Canada		20,900		1,003,037
North West Co., Inc. (The)		12,500		308,208
Quebecor, Inc. (Class B Stock)		3,100		71,921
Restaurant Brands International, Inc.		1,200		62,355
Ritchie Bros. Auctioneers, Inc.		1,100		66,679
Royal Bank of Canada		5,700		398,568
Sun Life Financial, Inc.		34,200		1,360,761
TC Energy Corp.		24,100		948,588
TFI International, Inc.		8,300		369,553
Thomson Reuters Corp.		1,600		124,392
				11,609,139
Chile    0.4%
AES Gener SA		1,902,787		295,273
Engie Energia Chile SA		336,716		354,438
				649,711
China    13.6%
Alibaba Group Holding Ltd., ADR*		20,200		6,154,738
Anhui Conch Cement Co. Ltd. (Class H Stock)		143,000		895,707
Bank of Beijing Co. Ltd. (Class A Stock)		143,900		100,385
Bank of Communications Co. Ltd. (Class H Stock)		1,627,000		803,081
Bank of Jiangsu Co. Ltd. (Class A Stock)		86,000		77,270
Bank of Shanghai Co. Ltd. (Class A Stock)		64,900		76,126
BOC Hong Kong Holdings Ltd.		63,500		177,046
China Construction Bank Corp. (Class H Stock)		844,000		584,779
China Life Insurance Co. Ltd. (Class H Stock)		474,000		1,033,381
China Minsheng Banking Corp. Ltd. (Class H Stock)		1,521,000		833,919
China Mobile Ltd.		153,000		934,661
China National Building Material Co. Ltd. (Class H Stock)		72,000		82,844
China Overseas Land & Investment Ltd.		29,000		72,966
China Resources Cement Holdings Ltd.		216,000		283,595

See Notes to Financial Statements.

14

Description	Shares		Value
COMMON STOCKS (Continued)
China (cont’d.)
China Resources Power Holdings Co. Ltd.		330,000	$	343,794
China Unicom Hong Kong Ltd.		1,468,000		905,891
CNOOC Ltd.		495,000		452,775
COSCO SHIPPING Energy Transportation Co. Ltd. (Class H Stock)		544,000		214,353
Country Garden Services Holdings Co. Ltd.		175,000		1,102,622
Eve Energy Co. Ltd. (Class A Stock)		13,200		105,020
Greenland Holdings Corp. Ltd. (Class A Stock)		80,600		74,543
Hengan International Group Co. Ltd.		132,500		922,981
Hunan Valin Steel Co. Ltd. (Class A Stock)		94,000		71,378
Industrial & Commercial Bank of China Ltd. (Class H Stock)		372,000		209,863
JD.com, Inc., ADR*		7,300		595,096
Jiangsu Hengli Hydraulic Co. Ltd. (Class A Stock)		10,800		122,402
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. (Class A Stock)		14,700		67,927
Jinke Properties Group Co. Ltd. (Class A Stock)		65,000		75,285
Lens Technology Co. Ltd. (Class A Stock)		22,400		111,028
LONGi Green Energy Technology Co. Ltd. (Class A Stock)		10,700		121,852
Luxshare Precision Industry Co. Ltd. (Class A Stock)		14,139		115,682
Metallurgical Corp. of China Ltd. (Class A Stock)		197,400		76,435
Muyuan Foods Co. Ltd. (Class A Stock)		9,000		95,370
NetEase, Inc., ADR		7,300		633,567
NIO, Inc., ADR*		8,900		272,162
Offcn Education Technology Co. Ltd. (Class A Stock)		16,800		99,414
Poly Developments & Holdings Group Co. Ltd. (Class A Stock)		53,900		123,574
Sany Heavy Industry Co. Ltd. (Class A Stock)		35,500		138,039
SF Holding Co. Ltd. (Class A Stock)		8,600		106,494
Shaanxi Coal Industry Co. Ltd. (Class A Stock)		72,900		95,311
Shanghai Pudong Development Bank Co. Ltd. (Class A Stock)		67,200		92,973
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (Class A Stock)		1,700		98,456
Shenzhou International Group Holdings Ltd.		7,200		125,543
Shimao Group Holdings Ltd.		161,000		571,084
Sinotruk Hong Kong Ltd.		150,000		384,666
Tencent Holdings Ltd.		32,600		2,483,896
Wens Foodstuffs Group Co. Ltd. (Class A Stock)		23,640		67,004
Wilmar International Ltd.		353,600		1,048,169
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd. (Class A Stock)		17,100		75,508
Yum China Holdings, Inc.		3,200		170,336
Zhejiang Dingli Machinery Co. Ltd. (Class A Stock)		5,800		79,181
Zoomlion Heavy Industry Science & Technology Co. Ltd. (Class A Stock)		119,000		131,864
				24,692,036

See Notes to Financial Statements.

PGIM QMA International Equity Fund 15

Schedule of Investments (continued)

as of October 31, 2020

Description	Shares		Value
COMMON STOCKS (Continued)
Colombia    0.2%
Ecopetrol SA		926,048	$	427,571
Denmark    0.8%
AP Moller - Maersk A/S (Class B Stock)		52		83,518
D/S Norden A/S		23,771		337,285
Jyske Bank A/S*		5,203		155,115
Scandinavian Tobacco Group A/S, 144A		56,090		793,672
				1,369,590
Finland    1.5%
Fortum OYJ		39,865		750,530
Kone OYJ (Class B Stock)		13,886		1,103,366
Neste OYJ		18,559		966,146
				2,820,042
France    4.8%
Bouygues SA		2,040		66,903
Cie de Saint-Gobain*		28,092		1,097,901
Cie Generale des Etablissements Michelin SCA		680		73,414
Fnac Darty SA*		10,825		465,113
Klepierre SA, REIT(a)		47,528		603,228
La Francaise des Jeux SAEM, 144A		1,960		73,581
LVMH Moet Hennessy Louis Vuitton SE		316		148,127
Mercialys SA, REIT		36,506		175,238
Orange SA		87,270		978,621
Peugeot SA*		55,066		990,370
Sanofi		19,639		1,772,612
Sartorius Stedim Biotech		2,039		774,144
Schneider Electric SE		4,682		569,177
Solutions 30 SE*		4,242		75,577
Television Francaise 1*		18,420		108,278
TOTAL SE		3,502		105,761
Trigano SA		3,561		472,818
Virbac SA*		375		87,314
				8,638,177
Germany    4.7%
Brenntag AG		15,844		1,011,976
CropEnergies AG		22,129		300,962
Daimler AG		6,930		358,315
Deutsche Post AG		28,593		1,266,101
Deutsche Telekom AG		47,762		728,013

See Notes to Financial Statements.

16

Description	Shares		Value
COMMON STOCKS (Continued)
Germany (cont’d.)
Deutsche Wohnen SE		23,336	$	1,177,343
Fresenius Medical Care AG & Co. KGaA		13,059		997,743
Fresenius SE & Co. KGaA		23,856		886,293
HelloFresh SE*		17,424		932,373
Henkel AG & Co. KGaA		1,391		125,693
Hornbach Holding AG & Co. KGaA		6,458		621,991
Vonovia SE		1,870		119,269
Zalando SE, 144A*		1,056		98,672
				8,624,744
Greece    0.1%
Hellenic Telecommunications Organization SA		5,003		66,654
JUMBO SA		8,328		115,979
				182,633
Hong Kong    1.9%
CK Infrastructure Holdings Ltd.		165,500		779,769
Hong Kong Exchanges & Clearing Ltd.		4,800		230,584
K Wah International Holdings Ltd.		239,000		113,223
Man Wah Holdings Ltd.		509,600		710,354
Techtronic Industries Co. Ltd.		64,000		860,545
Vinda International Holdings Ltd.		126,000		333,960
VTech Holdings Ltd.		16,000		106,487
WH Group Ltd., 144A		402,500		317,754
				3,452,676
India    2.4%
Balrampur Chini Mills Ltd.		233,793		508,074
EID Parry India Ltd.*		37,771		140,967
GAIL India Ltd.		618,731		708,073
HCL Technologies Ltd.		58,320		663,031
Infosys Ltd.		65,873		943,069
Power Grid Corp. of India Ltd.		146,206		336,878
Wipro Ltd.		230,120		1,055,942
				4,356,034
Indonesia    0.1%
Bank Mandiri Persero Tbk PT		204,000		79,711
Gudang Garam Tbk PT*		30,000		83,997
				163,708

See Notes to Financial Statements.

PGIM QMA International Equity Fund 17

Schedule of Investments (continued)

as of October 31, 2020

Description	Shares		Value
COMMON STOCKS (Continued)
Ireland    0.1%
Kingspan Group PLC*		1,320	$	115,028
Israel    0.6%
Check Point Software Technologies Ltd.*		10,400		1,181,024
Italy    0.7%
Buzzi Unicem SpA		34,827		754,703
De’ Longhi SpA*		5,664		181,648
Intesa Sanpaolo SpA*		126,098		208,954
Sesa SpA*		1,330		125,201
				1,270,506
Japan    15.1%
77 Bank Ltd. (The)		39,400		549,086
Astellas Pharma, Inc.		23,100		317,569
Chubu Electric Power Co., Inc.		6,100		68,329
Chugai Pharmaceutical Co. Ltd.		10,800		416,011
EDION Corp.		16,400		161,359
Fujimi, Inc.		4,800		170,812
Fujitsu Ltd.		10,500		1,231,494
IR Japan Holdings Ltd.		1,400		155,743
Japan Post Holdings Co. Ltd.		10,500		71,881
Japan Post Insurance Co. Ltd.		60,400		955,970
Japan Tobacco, Inc.		60,700		1,144,862
Kansai Electric Power Co., Inc. (The)		8,300		75,606
KDDI Corp.		53,500		1,433,215
Kyudenko Corp.		24,500		668,820
MCJ Co. Ltd.		82,500		757,759
Medipal Holdings Corp.		45,600		813,517
Mitsui & Co. Ltd.		68,400		1,068,499
Mizuho Financial Group, Inc.		94,990		1,168,865
MonotaRO Co. Ltd.		4,200		233,433
Nexon Co. Ltd.		37,700		1,053,151
Nihon M&A Center, Inc.		1,800		105,447
Nintendo Co. Ltd.		2,600		1,413,882
Nippon Telegraph & Telephone Corp.		33,068		693,939
Nishi-Nippon Financial Holdings, Inc.		10,500		70,931
Nitori Holdings Co. Ltd.		5,900		1,217,637
Nitto Kogyo Corp.		8,400		155,322
Nomura Holdings, Inc.		242,600		1,083,542
Ono Pharmaceutical Co. Ltd.		34,000		965,419
Orix JREIT, Inc., REIT		50		70,149
Otsuka Holdings Co. Ltd.		27,800		1,027,840

See Notes to Financial Statements.

18

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
Relia, Inc.		11,400	$	129,677
SBS Holdings, Inc.		10,500		239,152
Secom Co. Ltd.		6,500		548,450
Sekisui House Ltd.		5,800		95,983
SG Holdings Co. Ltd.		24,200		582,645
Shimano, Inc.		3,200		728,443
Shionogi & Co. Ltd.		14,000		660,096
SoftBank Corp.		23,200		269,081
Sompo Holdings, Inc.		2,100		78,357
Sony Corp.		25,200		2,097,541
Sumitomo Mitsui Financial Group, Inc.		9,100		251,589
T&D Holdings, Inc.		7,500		74,825
TOKAI Holdings Corp.		18,000		178,259
Tokuyama Corp.		36,800		818,205
Tokyo Electron Ltd.		4,100		1,094,640
Toyota Motor Corp.		4,333		282,400
TPR Co. Ltd.		7,100		84,726
				27,534,158
Jordan    0.4%
Hikma Pharmaceuticals PLC		20,865		678,297
Malaysia    0.9%
Hartalega Holdings Bhd		108,000		469,777
MMC Corp. Bhd		640,200		111,516
Top Glove Corp. Bhd		473,300		978,375
				1,559,668
Malta    0.2%
Kindred Group PLC, SDR*		53,749		410,389
Mexico    0.7%
Concentradora Fibra Danhos SA de CV, REIT		129,649		117,110
Grupo Financiero Banorte SAB de CV (Class O Stock)*		20,700		92,319
Grupo Financiero Inbursa SAB de CV (Class O Stock)*		100,000		74,110
Grupo Mexico SAB de CV (Class B Stock)		80,400		229,243
Kimberly-Clark de Mexico SAB de CV (Class A Stock)		543,100		811,136
				1,323,918
Netherlands    1.7%
ASML Holding NV		329		119,101
Koninklijke Ahold Delhaize NV		54,020		1,483,390

See Notes to Financial Statements.

PGIM QMA International Equity Fund 19

Schedule of Investments (continued)

as of October 31, 2020

Description	Shares		Value
COMMON STOCKS (Continued)
Netherlands (cont’d.)
NN Group NV		28,449	$	992,616
Royal Dutch Shell PLC (Class A Stock)		34,824		436,639
				3,031,746
New Zealand    0.1%
Fisher & Paykel Healthcare Corp. Ltd.		5,866		135,563
Norway    0.4%
DNB ASA*		51,557		694,472
Frontline Ltd.		17,746		97,946
				792,418
Pakistan    0.3%
Engro Fertilizers Ltd.		397,359		159,731
Fauji Fertilizer Co. Ltd.		536,500		354,005
				513,736
Philippines    0.3%
PLDT, Inc.		19,475		534,590
Poland    0.2%
Asseco Poland SA		15,416		250,180
KGHM Polska Miedz SA*		6,040		180,486
				430,666
Russia    1.1%
Inter RAO UES PJSC		1,120,000		71,581
LUKOIL PJSC		1,387		70,765
LUKOIL PJSC, ADR		9,253		473,967
Polyus PJSC		459		89,976
Sberbank of Russia PJSC		308,530		780,612
Surgutneftegas PJSC		1,297,700		538,201
				2,025,102
Singapore    0.8%
BW LPG Ltd., 144A		64,915		283,530
DBS Group Holdings Ltd.		80,000		1,195,418
				1,478,948

See Notes to Financial Statements.

20

Description	Shares		Value
COMMON STOCKS (Continued)
South Africa    2.1%
African Rainbow Minerals Ltd.		23,913	$	335,161
Anglo American Platinum Ltd.		16,247		1,065,601
Anglo American PLC		60,058		1,410,216
Impala Platinum Holdings Ltd.		47,172		416,910
Kumba Iron Ore Ltd.		20,568		610,454
				3,838,342
South Korea    4.4%
BNK Financial Group, Inc.		76,093		370,712
DGB Financial Group, Inc.		36,784		201,533
Hana Financial Group, Inc.		42,845		1,153,326
Hyundai Mobis Co. Ltd.		5,781		1,152,012
KB Financial Group, Inc.		18,814		668,201
Kia Motors Corp.		29,447		1,320,385
Korea Petrochemical Ind Co. Ltd.		959		164,787
KT&G Corp.		3,728		266,359
LG Innotek Co. Ltd.		4,472		602,575
Samsung Electronics Co. Ltd.		21,982		1,105,231
Shinhan Financial Group Co. Ltd.		32,870		881,590
Taekwang Industrial Co. Ltd.		181		113,620
				8,000,331
Spain    0.4%
Iberdrola SA		7,994		94,047
Naturgy Energy Group SA		31,072		577,669
				671,716
Sweden    2.2%
Atlas Copco AB (Class A Stock)		6,596		291,305
Atlas Copco AB (Class B Stock)		3,502		134,339
Epiroc AB (Class A Stock)		5,346		79,913
Evolution Gaming Group AB, 144A		17,476		1,298,256
Husqvarna AB (Class B Stock)		94,240		975,315
Investor AB (Class B Stock)		1,200		72,196
Svenska Handelsbanken AB (Class A Stock)*		12,774		103,811
Swedbank AB (Class A Stock)*		66,058		1,035,344
				3,990,479
Switzerland    7.8%
ABB Ltd.		29,253		709,531
ALSO Holding AG*		1,126		263,771

See Notes to Financial Statements.

PGIM QMA International Equity Fund 21

Schedule of Investments (continued)

as of October 31, 2020

Description	Shares		Value
COMMON STOCKS (Continued)
Switzerland (cont’d.)
Chocoladefabriken Lindt & Spruengli AG		1	$	86,552
Credit Suisse Group AG		109,299		1,029,733
Geberit AG		1,494		849,088
LafargeHolcim Ltd.*		19,295		826,939
Logitech International SA		11,861		1,002,433
Nestle SA		17,425		1,960,291
Novartis AG		32,514		2,534,627
Roche Holding AG		7,835		2,521,163
STMicroelectronics NV		36,934		1,126,916
UBS Group AG		111,696		1,297,467
				14,208,511
Taiwan    4.7%
Asustek Computer, Inc.		9,000		76,427
Delta Electronics, Inc.		107,000		711,946
Hon Hai Precision Industry Co. Ltd.		478,000		1,291,488
Huaku Development Co. Ltd.		42,000		127,189
International Games System Co. Ltd.		40,000		1,057,554
Lite-On Technology Corp.		554,000		901,726
Lotes Co. Ltd.		9,000		138,013
MediaTek, Inc.		16,000		379,543
Quanta Computer, Inc.		75,000		189,131
Radiant Opto-Electronics Corp.		150,000		592,637
Taiwan Semiconductor Manufacturing Co. Ltd.		147,000		2,207,266
TCI Co. Ltd.		61,000		488,024
United Microelectronics Corp.		208,000		224,903
Wistron Corp.		72,000		71,679
				8,457,526
Thailand    0.0%
Charoen Pokphand Foods PCL		88,000		71,266
Turkey    0.6%
Anadolu Efes Biracilik Ve Malt Sanayii A/S		42,630		99,153
Coca-Cola Icecek A/S		107,736		579,374
Enerjisa Enerji A/S, 144A		416,363		448,008
				1,126,535
United Kingdom    5.2%
AstraZeneca PLC		1,387		139,287
Aviva PLC		295,180		986,192
Berkeley Group Holdings PLC		10,136		531,108

See Notes to Financial Statements.

22

Description	Shares		Value
COMMON STOCKS (Continued)
United Kingdom (cont’d.)
British American Tobacco PLC		48,942	$	1,548,681
Bunzl PLC		2,712		84,300
Computacenter PLC		7,686		226,832
Dialog Semiconductor PLC*		14,019		535,545
GlaxoSmithKline PLC		94,512		1,577,290
Imperial Brands PLC		56,101		888,107
JD Sports Fashion PLC		66,953		643,541
Kingfisher PLC*		19,000		70,683
M&G PLC		190,511		362,333
Persimmon PLC		4,520		137,009
Spirent Communications PLC		29,610		111,223
Tate & Lyle PLC		52,594		405,299
Unilever NV		12,154		685,749
Unilever PLC		10,499		597,841
				9,531,020
United States    0.8%
Ferguson PLC*		13,825		1,380,155
TOTAL COMMON STOCKS (cost $160,569,740)				174,551,433
EXCHANGE-TRADED FUNDS    3.0%
United States
iShares MSCI EAFE ETF		63,600		3,904,404
iShares MSCI Emerging Markets ETF(a)		33,300		1,488,843
TOTAL EXCHANGE-TRADED FUNDS (cost $5,413,551)				5,393,247
PREFERRED STOCKS    0.4%
Brazil    0.2%
Cia Paranaense de Energia (PRFC B)		32,800		351,554
South Korea    0.2%
Samsung Electronics Co. Ltd. (PRFC)		7,630		338,619
TOTAL PREFERRED STOCKS (cost $574,560)				690,173
TOTAL LONG-TERM INVESTMENTS (cost $166,557,851)				180,634,853

See Notes to Financial Statements.

PGIM QMA International Equity Fund 23

Schedule of Investments (continued)

as of October 31, 2020

Description	Shares		Value
SHORT-TERM INVESTMENT    1.2%
AFFILIATED MUTUAL FUND
PGIM Institutional Money Market Fund (cost $2,141,508; includes $2,140,944 of cash collateral for securities on loan)(b)(w)		2,143,034	$	2,142,391
TOTAL INVESTMENTS 100.6% (cost $168,699,359)				182,777,244
Liabilities in excess of other assets    (0.6)%				(1,052,208	)
NET ASSETS    100.0%			$	181,725,036

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

EAFE—Europe, Australasia, Far East

ETF—Exchange-Traded Fund

LIBOR—London Interbank Offered Rate

MSCI—Morgan Stanley Capital International

PJSC—Public Joint-Stock Company

PRFC—Preference Shares

REITs—Real Estate Investment Trust

SDR—Sweden Depositary Receipt

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 $2,077,490; cash collateral of $2,140,944 (included in liabilities) was received with which the Series purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Series may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

(w) PGIM Investments LLC, the manager of the Series, also serves as manager of the 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.

24

The following is a summary of the inputs used as of October 31, 2020 in valuing such portfolio securities:

	Level 1			Level 2			Level 3
Investments in Securities
Assets
Common Stocks
Australia		$	—		$	7,830,276		$	—
Belgium			—			1,627,233			—
Brazil			3,816,225			—			—
Canada			11,609,139			—			—
Chile			649,711			—			—
China			7,825,899			16,866,137			—
Colombia			427,571			—			—
Denmark			—			1,369,590			—
Finland			—			2,820,042			—
France			—			8,638,177			—
Germany			—			8,624,744			—
Greece			—			182,633			—
Hong Kong			—			3,452,676			—
India			—			4,356,034			—
Indonesia			—			163,708			—
Ireland			—			115,028			—
Israel			1,181,024			—			—
Italy			—			1,270,506			—
Japan			—			27,534,158			—
Jordan			—			678,297			—
Malaysia			—			1,559,668			—
Malta			—			410,389			—
Mexico			1,323,918			—			—
Netherlands			—			3,031,746			—
New Zealand			—			135,563			—
Norway			—			792,418			—
Pakistan			—			513,736			—
Philippines			—			534,590			—
Poland			—			430,666			—
Russia			—			2,025,102			—
Singapore			—			1,478,948			—
South Africa			—			3,838,342			—
South Korea			—			8,000,331			—
Spain			—			671,716			—
Sweden			—			3,990,479			—
Switzerland			—			14,208,511			—
Taiwan			—			8,457,526			—
Thailand			—			71,266			—
Turkey			—			1,126,535			—
United Kingdom			—			9,531,020			—
United States			—			1,380,155			—
Exchange-Traded Funds
United States			5,393,247			—			—
Preferred Stocks
Brazil			351,554			—			—

See Notes to Financial Statements.

PGIM QMA International Equity Fund 25

Schedule of Investments (continued)

as of October 31, 2020

	Level 1			Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Preferred Stocks (continued)
South Korea		$	—		$	338,619		$	—
Affiliated Mutual Fund			2,142,391			—			—
Total		$	34,720,679		$	148,056,565		$	—

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, 2020 were as follows (unaudited):

Banks	8.7	%
Pharmaceuticals	7.2
Metals & Mining	5.2
Insurance	4.3
Internet & Direct Marketing Retail	4.2
Semiconductors & Semiconductor Equipment	3.5
Oil, Gas & Consumable Fuels	3.4
Exchange-Traded Funds	3.0
Capital Markets	2.8
Household Durables	2.7
Tobacco	2.6
Food Products	2.5
Technology Hardware, Storage & Peripherals	2.4
IT Services	2.3
Entertainment	2.3
Trading Companies & Distributors	2.1
Automobiles	2.1
Specialty Retail	2.0
Electronic Equipment, Instruments & Components	1.9
Machinery	1.9
Diversified Telecommunication Services	1.8
Wireless Telecommunication Services	1.8
Electric Utilities	1.7
Electrical Equipment	1.6
Construction Materials	1.6
Personal Products	1.5
Health Care Providers & Services	1.4
Equity Real Estate Investment Trusts (REITs)	1.4
Real Estate Management & Development	1.4
Interactive Media & Services	1.4
Food & Staples Retailing	1.4
Auto Components	1.3
Chemicals	1.3

Air Freight & Logistics	1.2	%
Affiliated Mutual Fund (1.2% represents investments purchased with collateral from securities on loan)	1.2
Road & Rail	1.2
Building Products	1.2
Health Care Equipment & Supplies	1.1
Hotels, Restaurants & Leisure	1.0
Commercial Services & Supplies	1.0
Software	0.7
Gas Utilities	0.7
Household Products	0.7
Construction & Engineering	0.4
Life Sciences Tools & Services	0.4
Leisure Products	0.4
Beverages	0.4
Independent Power & Renewable Electricity Producers	0.4
Diversified Financial Services	0.3
Marine	0.3
Professional Services	0.3
Media	0.2
Textiles, Apparel & Luxury Goods	0.2
Water Utilities	0.1
Communications Equipment	0.1
Industrial Conglomerates	0.1
Thrifts & Mortgage Finance	0.1
Transportation Infrastructure	0.1
Diversified Consumer Services	0.1
	100.6
Liabilities in excess of other assets	(0.6	)
	100.0	%

See Notes to Financial Statements.

26

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, 2020, 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, 2020 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		$	(172,124	)

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

For the year ended October 31, 2020, 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 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		$	2,077,490		$	(2,077,490	)		$	—

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

See Notes to Financial Statements.

PGIM QMA International Equity Fund 27

Statement of Assets and Liabilities

as of October 31, 2020

Assets
Investments at value, including securities on loan of $2,077,490:
Unaffiliated investments (cost $166,557,851)	$	180,634,853
Affiliated investments (cost $2,141,508)		2,142,391
Foreign currency, at value (cost $388,462)		387,571
Receivable for investments sold		6,990,608
Tax reclaim receivable		720,045
Dividends receivable		404,203
Receivable for Series shares sold		28,987
Prepaid expenses		4,889
Total Assets		191,313,547
Liabilities
Payable for investments purchased		6,487,489
Payable to broker for collateral for securities on loan		2,140,944
Payable for Series shares reacquired		388,636
Loan payable		193,000
Accrued expenses and other liabilities		151,702
Management fee payable		80,378
Affiliated transfer agent fee payable		53,031
Payable to custodian		50,832
Distribution fee payable		41,396
Directors’ fees payable		1,103
Total Liabilities		9,588,511
Net Assets	$	181,725,036
Net assets were comprised of:
Common stock, at par	$	269,128
Paid-in capital in excess of par		176,739,767
Total distributable earnings (loss)		4,716,141
Net assets, October 31, 2020	$	181,725,036

See Notes to Financial Statements.

28

Class A
Net asset value and redemption price per share,
($147,444,794 ÷ 21,862,485 shares of common stock issued and outstanding)	$	6.74
Maximum sales charge (5.50% of offering price)		0.39
Maximum offering price to public	$	7.13
Class C
Net asset value, offering price and redemption price per share,
($2,381,353 ÷ 372,980 shares of common stock issued and outstanding)	$	6.38
Class Z
Net asset value, offering price and redemption price per share,
($13,062,061 ÷ 1,918,227 shares of common stock issued and outstanding)	$	6.81
Class R6
Net asset value, offering price and redemption price per share,
($18,836,828 ÷ 2,759,062 shares of common stock issued and outstanding)	$	6.83

See Notes to Financial Statements.

PGIM QMA International Equity Fund 29

Statement of Operations

Year Ended October 31, 2020

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $670,708 foreign withholding tax)	$	5,785,807
Income from securities lending, net (including affiliated income of $10,014)		62,362
Affiliated dividend income		7,130
Total income		5,855,299
Expenses
Management fee		1,435,058
Distribution fee(a)		502,471
Transfer agent’s fees and expenses (including affiliated expense of $344,518)(a)		643,079
Custodian and accounting fees		187,942
Registration fees(a)		83,546
Shareholders’ reports		57,629
Audit fee		30,762
Legal fees and expenses		20,519
Directors’ fees		14,032
Miscellaneous		65,068
Total expenses		3,040,106
Less: Fee waiver and/or expense reimbursement(a)		(358,954	)
Net expenses		2,681,152
Net investment income (loss)		3,174,147
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(5,089)) (net of foreign capital gains taxes $(5,262))		(4,578,646	)
Foreign currency transactions		(110,819	)
		(4,689,465	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $714) (net of change in foreign capital gains taxes $24,532)		(8,440,329	)
Foreign currencies		30,776
		(8,409,553	)
Net gain (loss) on investment and foreign currency transactions		(13,099,018	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(9,924,871	)

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

	Class A			Class B			Class C			Class Z			Class R6
Distribution fee		470,855			5,214			26,402			—			—
Transfer agent’s fees and expenses		596,167			12,510			10,411			23,071			920
Registration fees		16,962			14,918			16,783			16,784			18,099
Fee waiver and/or expense reimbursement		(259,556	)		(24,371	)		(4,366	)		(21,423	)		(49,238	)

See Notes to Financial Statements.

30

Statements of Changes in Net Assets

	Year Ended October 31,
	2020			2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	3,174,147		$	4,919,888
Net realized gain (loss) on investment and foreign currency transactions		(4,689,465	)		(5,932,231	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(8,409,553	)		15,303,867
Net increase (decrease) in net assets resulting from operations		(9,924,871	)		14,291,524
Dividends and Distributions
Distributions from distributable earnings
Class A		(4,101,945	)		(4,863,764	)
Class B		(14,282	)		(27,709	)
Class C		(50,447	)		(271,975	)
Class Z		(386,163	)		(443,611	)
Class R6		(550,823	)		(1,275,473	)
		(5,103,660	)		(6,882,532	)
Series share transactions (Net of share conversions)
Net proceeds from shares sold		37,395,853			9,994,692
Net asset value of shares issued in reinvestment of dividends and distributions		5,027,591			6,792,808
Cost of shares reacquired		(42,989,953	)		(62,908,505	)
Net increase (decrease) in net assets from Series share transactions		(566,509	)		(46,121,005	)
Total increase (decrease)		(15,595,040	)		(38,712,013	)
Net Assets:
Beginning of year		197,320,076			236,032,089
End of year	$	181,725,036		$	197,320,076

See Notes to Financial Statements.

PGIM QMA International Equity Fund 31

Notes to Financial Statements

1. Organization

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 Infrastructure Fund, PGIM Jennison Global Opportunities Fund, PGIM Jennison International Opportunities Fund and PGIM QMA International Equity Fund, each of which are diversified funds for purposes of the 1940 Act and 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 therefore, 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 QMA International Equity Fund (the “Series”).

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

2. 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 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.

32

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

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

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

PGIM QMA International Equity Fund 33

Notes to Financial Statements (continued)

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.

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.

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

34

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.

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 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, which are reflected in interest income or unaffiliated dividend income based upon the nature of the payment on the Statement of Operations. 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 in the Statement of Operations.

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

PGIM QMA International Equity Fund 35

Notes to Financial Statements (continued)

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.

The Series is subject to foreign income taxes imposed by certain countries in which it invests. Additionally, capital gains realized upon disposition of securities issued in or by certain foreign countries are subject to capital gains tax imposed by those countries. All taxes are computed in accordance with the applicable foreign tax law, and, to the extent permitted, capital losses are used to offset capital gains. Taxes attributable to income are accrued by the Series as a reduction of income. Current and deferred tax expense attributable to capital gains is reflected as a component of realized or change in unrealized gain/loss on securities in the accompanying financial statements. To the extent that the Series has country specific capital loss carryforwards, such carryforwards are applied against net unrealized gains when determining the deferred tax liability. Any deferred tax liability incurred by the Series is included in either Other liabilities or Deferred tax liability on the accompanying Statement of Assets and Liabilities.

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

36

statements. Actual results could differ from those estimates.

3. 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”). 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, 2020.

The Manager has contractually agreed, through February 28, 2022, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 0.78% 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 such 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

PGIM QMA International Equity Fund 37

Notes to Financial Statements (continued)

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 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.

For the year ended October 31, 2020, PIMS received $34,661 in front-end sales charges resulting from sales of Class A shares. Additionally, for the year ended October 31, 2020, PIMS received $60 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 QMA are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (“Prudential”).

4. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the Series’ 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

38

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 Securities and Exchange Commission (“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, 2020, no 17a-7 transactions were entered into by the Series.

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the year ended October 31, 2020, were $241,381,777 and $244,297,164, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the year ended October 31, 2020, 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*
	$	101,823		$	60,409,646		$	60,511,469		$	—		$	—			$	—		—		$	7,130
PGIM Institutional Money Market Fund*
		1,221,989			47,715,854			46,791,077			714			(5,089	)			2,142,391		2,143,034			10,014	**
	$	1,323,812		$	108,125,500		$	107,302,546		$	714		$	(5,089	)		$	2,142,391				$	17,144

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

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

6. 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.

For the year ended October 31, 2020, the tax character of dividends paid by the Series was $5,103,660 of ordinary income. For the year ended October 31, 2019, the tax character of

PGIM QMA International Equity Fund 39

Notes to Financial Statements (continued)

dividends paid by the Series were $6,008,360 of ordinary income and $874,172 of long-term capital gains.

As of October 31, 2020, the accumulated undistributed earnings on a tax basis was $2,465,164 of ordinary income.

The United States federal income tax basis of the Series’ investments and the net unrealized appreciation as of October 31, 2020 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$169,391,511	$26,759,143	$(13,373,410)	$13,385,733

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, 2020 of approximately $11,135,000 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, 2020 are subject to such review.

7. Capital and Ownership

The Series offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a 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. Effective June 26, 2020, all of the issued and outstanding Class B shares of the Series converted into Class A shares. 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

40

and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

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

The Fund is authorized to issue 5.075 billion shares of common stock, $0.01 par value per share, 700 million of which are designated as shares of the Series. The shares are further classified and designated as follows:

Class A	100,000,000
Class B	5,000,000
Class C	100,000,000
Class Z	180,000,000
Class T	135,000,000
Class R6	180,000,000

The Series currently does not have any Class B or Class T shares outstanding.

As of October 31, 2020, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Series as follows:

	Number of Shares	Percentage of   Outstanding Shares
Class A	37,701	0.2%
Class Z	54,654	2.8%
Class R6	1,257,592	45.6%

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

Affiliated		Unaffiliated
Number of Shareholders	Percentage of   Outstanding Shares	Number of     Shareholders	Percentage of     Outstanding Shares
—	—%	2	31.5%

PGIM QMA International Equity Fund 41

Notes to Financial Statements (continued)

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Year ended October 31, 2020:
Shares sold		363,428			$	2,502,991
Shares issued in reinvestment of dividends and distributions		543,821				4,029,714
Shares reacquired		(3,165,455	)			(21,483,425	)
Net increase (decrease) in shares outstanding before conversion		(2,258,206	)			(14,950,720	)
Shares issued upon conversion from other share class(es)		161,310				1,060,950
Shares reacquired upon conversion into other share class(es)		(115,083	)			(742,300	)
Net increase (decrease) in shares outstanding		(2,211,979	)		$	(14,632,070	)
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	)
Class B
Period ended June 26, 2020*:
Shares sold		1,146			$	8,082
Shares issued in reinvestment of dividends and distributions		2,005				14,254
Shares reacquired		(11,027	)			(74,364	)
Net increase (decrease) in shares outstanding before conversion		(7,876	)			(52,028	)
Shares reacquired upon conversion into other share class(es)		(145,104	)			(906,295	)
Net increase (decrease) in shares outstanding		(152,980	)		$	(958,323	)
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	)

42

Class C	Shares			Amount
Year ended October 31, 2020:
Shares sold		40,927			$	274,529
Shares issued in reinvestment of dividends and distributions		7,008				49,758
Shares reacquired		(78,307	)			(518,507	)
Net increase (decrease) in shares outstanding before conversion		(30,372	)			(194,220	)
Shares reacquired upon conversion into other share class(es)		(23,655	)			(154,655	)
Net increase (decrease) in shares outstanding		(54,027	)		$	(348,875	)
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	)
Class Z
Year ended October 31, 2020:
Shares sold		483,883			$	3,262,094
Shares issued in reinvestment of dividends and distributions		51,415				383,042
Shares reacquired		(712,115	)			(4,770,026	)
Net increase (decrease) in shares outstanding before conversion		(176,817	)			(1,124,890	)
Shares issued upon conversion from other share class(es)		67,705				447,052
Shares reacquired upon conversion into other share class(es)		(4,131	)			(24,558	)
Net increase (decrease) in shares outstanding		(113,243	)		$	(702,396	)
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
Class R6
Year ended October 31, 2020:
Shares sold		4,369,581			$	31,348,157
Shares issued in reinvestment of dividends and distributions		73,936				550,823
Shares reacquired		(2,489,567	)			(16,143,631	)
Net increase (decrease) in shares outstanding before conversion		1,953,950				15,755,349
Shares issued upon conversion from other share class(es)		50,529				319,806
Net increase (decrease) in shares outstanding		2,004,479			$	16,075,155
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	)

* Effective June 26, 2020, all of the issued and outstanding Class B shares of the Series converted into Class A shares.

PGIM QMA International Equity Fund 43

Notes to Financial Statements (continued)

8. Borrowings

The Fund, on behalf of the Series, along with other affiliated registered investment companies (the “Participating Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.

	Current SCA	Prior SCA
Term of Commitment	10/2/2020 – 9/30/2021	10/3/2019 – 10/1/2020
Total Commitment	$ 1,200,000,000	$ 1,222,500,000*
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.30% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent
* Effective March 31, 2020, the SCA’s total commitment was increased from $900,000,000 to $1,162,500,000 and subsequently, effective April 7, 2020 was increased to $1,222,500,000.

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

The Series utilized the SCA during the year ended October 31, 2020. The average daily balance for the 72 days that the Series had loans outstanding during the period was approximately $713,250, borrowed at a weighted average interest rate of 1.49%. The maximum loan outstanding amount during the period was $3,404,000. At October 31, 2020, the Series had an outstanding loan balance of $193,000.

9. Risks of Investing in the Series

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

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

44

those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Low trading volumes may result in a lack of liquidity and price volatility. Emerging market countries may have policies that restrict investment by non-US investors, or that prevent non-US investors from withdrawing their money at will. Countries with emerging markets can be found in regions such as Asia, Latin America, Eastern Europe and Africa.

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

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. 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. The securities of such issuers may trade in 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. Lack of information may also affect the value of these securities.

Investments in China Risk: Investments in China subject the Series to risks specific to China and may make it more volatile than other funds. Over the last few decades, the Chinese government has undertaken reform of economic and market practices and has expanded the sphere of private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries, including military conflicts in response to such events, may also disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation.

Large Shareholder and Large Scale Redemption Risk: Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Series’ shares. There is no requirement that these entities maintain their investment in the Series. There is a risk that such large shareholders or that the Series’ shareholders generally may redeem all or a substantial portion of their investments in the Series in a short period of time, which could have a significant negative impact on the Series’ NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the

PGIM QMA International Equity Fund 45

Notes to Financial Statements (continued)

Series’ ability to implement its investment strategy. The Series’ ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Series may invest a larger portion of its assets in cash or cash equivalents.

Market Disruption and Geopolitical Risks: International wars or conflicts and geopolitical developments in foreign countries, along with instability in regions such as Asia, Eastern Europe, and the Middle East, possible terrorist attacks in the United States or around the world, public health epidemics such as the outbreak of infectious diseases like the recent outbreak of coronavirus globally or the 2014–2016 outbreak in West Africa of the Ebola virus, and other similar events could adversely affect the U.S. and foreign financial markets, including increases in market volatility, reduced liquidity in the securities markets and government intervention, and may cause further long-term economic uncertainties in the United States and worldwide generally.

The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Series’ investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Series invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide.

10. Recent Regulatory Developments

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule will become effective 60 days after publication in the Federal Register, and will have a compliance date 18 months following the effective date. Management is currently evaluating the Rule and its impact to the Funds.

46

Financial Highlights

Class A Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$7.19			$6.96			$7.95			$6.48			$6.65
Income (loss) from investment operations:
Net investment income (loss)		0.11			0.15			0.16			0.11			0.11
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.39	)		0.28			(1.00	)		1.49			(0.17	)
Total from investment operations		(0.28	)		0.43			(0.84	)		1.60			(0.06	)
Less Dividends and Distributions:
Dividends from net investment income		(0.17	)		(0.17	)		(0.15	)		(0.13	)		(0.11	)
Distributions from net realized gains		-			(0.03	)		-			-			-
Total dividends and distributions		(0.17	)		(0.20	)		(0.15	)		(0.13	)		(0.11	)
Net asset value, end of year		$6.74			$7.19			$6.96			$7.95			$6.48
Total Return(b):		(4.07	)%		6.53	%		(10.81	)%		25.17	%		(0.93	)%
Ratios/Supplemental Data:
Net assets, end of year (000)		$147,445			$173,103			$171,326			$207,626			$185,120
Average net assets (000)		$156,952			$172,031			$200,255			$192,517			$189,980
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.47	%		1.48	%		1.34	%		1.58	%		1.66	%
Expenses before waivers and/or expense reimbursement		1.64	%		1.62	%		1.47	%		1.59	%		1.66	%
Net investment income (loss)		1.58	%		2.19	%		2.08	%		1.62	%		1.69	%
Portfolio turnover rate(e)		128	%		94	%		114	%		105	%		114	%

(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 47

Financial Highlights (continued)

Class C Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$6.86			$6.64			$7.60			$6.20			$6.37
Income (loss) from investment operations:
Net investment income (loss)		0.02			0.07			0.10			0.06			0.06
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.38	)		0.30			(0.97	)		1.43			(0.17	)
Total from investment operations		(0.36	)		0.37			(0.87	)		1.49			(0.11	)
Less Dividends and Distributions:
Dividends from net investment income		(0.12	)		(0.12	)		(0.09	)		(0.09	)		(0.06	)
Distributions from net realized gains		-			(0.03	)		-			-			-
Total dividends and distributions		(0.12	)		(0.15	)		(0.09	)		(0.09	)		(0.06	)
Net asset value, end of year		$6.38			$6.86			$6.64			$7.60			$6.20
Total Return(b):		(5.42	)%		5.77	%		(11.52	)%		24.33	%		(1.71	)%
Ratios/Supplemental Data:
Net assets, end of year (000)		$2,381			$2,928			$12,530			$16,661			$15,892
Average net assets (000)		$2,640			$7,163			$15,626			$15,736			$16,416
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		2.81	%		2.25	%		2.10	%		2.32	%		2.36	%
Expenses before waivers and/or expense reimbursement		2.98	%		2.39	%		2.23	%		2.33	%		2.36	%
Net investment income (loss)		0.24	%		1.09	%		1.32	%		0.86	%		0.98	%
Portfolio turnover rate(e)		128	%		94	%		114	%		105	%		114	%

(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.

48

Class Z Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$7.26			$7.02			$8.02			$6.54			$6.70
Income (loss) from investment operations:
Net investment income (loss)		0.13			0.18			0.19			0.11			0.13
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.37	)		0.29			(1.02	)		1.52			(0.16	)
Total from investment operations		(0.24	)		0.47			(0.83	)		1.63			(0.03	)
Less Dividends and Distributions:
Dividends from net investment income		(0.21	)		(0.20	)		(0.17	)		(0.15	)		(0.13	)
Distributions from net realized gains		-			(0.03	)		-			-			-
Total dividends and distributions		(0.21	)		(0.23	)		(0.17	)		(0.15	)		(0.13	)
Net asset value, end of year		$6.81			$7.26			$7.02			$8.02			$6.54
Total Return(b):		(3.61	)%		7.05	%		(10.59	)%		25.46	%		(0.44	)%
Ratios/Supplemental Data:
Net assets, end of year (000)		$13,062			$14,753			$13,901			$17,344			$49,675
Average net assets (000)		$12,955			$13,815			$17,055			$21,567			$50,923
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.09	%		1.03	%		1.00	%		1.31	%		1.36	%
Expenses before waivers and/or expense reimbursement		1.26	%		1.17	%		1.13	%		1.32	%		1.36	%
Net investment income (loss)		1.97	%		2.58	%		2.44	%		1.57	%		1.99	%
Portfolio turnover rate(e)		128	%		94	%		114	%		105	%		114	%

(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.

PGIM QMA International Equity Fund 49

Financial Highlights (continued)

Class R6 Shares
	Year Ended October 31,									December 28,  2016(a) through October 31, 2017
	2020			2019			2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$7.27			$7.03			$8.04			$6.32
Income (loss) from investment operations:
Net investment income (loss)		0.16			0.21			0.21			0.15
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.38	)		0.27			(1.03	)		1.57
Total from investment operations		(0.22	)		0.48			(0.82	)		1.72
Less Dividends and Distributions:
Dividends from net investment income		(0.22	)		(0.21	)		(0.19	)		-
Distributions from net realized gains		-			(0.03	)		-			-
Total dividends and distributions		(0.22	)		(0.24	)		(0.19	)		-
Net asset value, end of period		$6.83			$7.27			$7.03			$8.04
Total Return(c):		(3.26	)%		7.33	%		(10.43	)%		27.22	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$18,837			$5,487			$36,552			$39,379
Average net assets (000)		$18,273			$23,216			$38,947			$37,891
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.78	%		0.78	%		0.78	%		0.95	%(f)
Expenses before waivers and/or expense reimbursement		1.05	%		0.95	%		0.95	%		0.99	%(f)
Net investment income (loss)		2.33	%		3.06	%		2.61	%		2.45	%(f)
Portfolio turnover rate(g)		128	%		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.

50

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Prudential World Fund, Inc. and Shareholders of PGIM QMA International Equity Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PGIM QMA International Equity Fund (one of the funds constituting Prudential World Fund, Inc., referred to hereafter as the “Fund”) as of October 31, 2020, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the year ended October 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, and the results of its operations, changes in its net assets, and the financial highlights for the year ended October 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended October 31, 2019 and the financial highlights for each of the periods ended on or prior to October 31, 2019 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated December 16, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. 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 audit of these financial statements 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 are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, 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. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

December 16, 2020

We have served as the auditor of one or more investment companies in the PGIM Retail Funds complex since 2020.

PGIM QMA International Equity Fund 51

Federal Income Tax Information (unaudited)

For the year ended October 31, 2020, 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		100%

For the year ended October 31, 2020, 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: $632,238 foreign tax credit from recognized foreign source income of $6,377,338.

In January 2021, 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 2020.

52

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 the day-to-day operations of the Fund.

Independent Board Members
Name Year 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 1958 Board Member Portfolios Overseen: 95	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 (2009-2016); Trustee, Loyola University (since 2018).	None.	Since September 2013
Kevin J. Bannon 1952 Board Member Portfolios Overseen: 95	Retired; Managing Director (April 2008-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 (May 2003-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 Year 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 1952 Board Member Portfolios Overseen: 95	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Limited LLC (formerly, 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–June 2020); 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 1960 Board Member Portfolios Overseen: 94	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 1956 Board Member & Independent Chair Portfolios Overseen: 95	Executive Committee of the IDC Board of Governors (since October 2019); Retired; Member (since November 2014) of the Governing Council of the Independent Directors Council (IDC) (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 Year 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 1962 Board Member Portfolios Overseen: 94	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 2019) (information technology); Independent Director, Kabbage, Inc. (2018-2020) (financial services); Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017
Michael S. Hyland, CFA 1945 Board Member Portfolios Overseen: 95	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 1961 Board Member Portfolios Overseen: 94	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 Year 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 1959 Board Member Portfolios Overseen: 94	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 Year 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 1962 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 Year 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 1973 Board Member & Vice President Portfolios Overseen: 96	Executive Vice President (since June 2009) of PGIM Investments LLC; 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

⁽¹⁾ The year that each Board Member joined the Board is as follows:

Ellen S. Alberding, 2013; Kevin J. Bannon, 2008; Linda W. Bynoe, 2005; Barry H. Evans, 2017; Keith F. Hartstein, 2013; Laurie Simon Hodrick, 2017; Michael S. Hyland, 2008; James E. Quinn, 2013; Richard A. Redeker, 2000; Stephen G. Stoneburn, 2003; Stuart S. Parker, Board Member and President since 2012; Scott E. Benjamin, Board Member since 2010 and Vice President since 2009; Grace C. Torres, 2014.

Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Claudia DiGiacomo 1974 Chief Legal Officer	Chief Legal Officer of PGIM Investments LLC (since August 2020); Chief Legal Officer of Prudential Mutual Fund Services LLC (since August 2020); Chief Legal Officer of PIFM Holdco, LLC (since August 2020); Vice President and Corporate Counsel (since January 2005) of Prudential; and Corporate Counsel of AST Investment Services, Inc. (since August 2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005
Dino Capasso 1974 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

PGIM QMA International Equity Fund

Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Andrew R. French 1962 Secretary	Vice President (since December 2018 - present) of PGIM Investments LLC; Formerly, Vice President and Corporate Counsel (2010-2018) 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
Diana N. Huffman 1982 Assistant Secretary	Vice President and Corporate Counsel (since September 2015) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; formerly Associate at Willkie Farr & Gallagher LLP (2009-2015).	Since March 2019
Melissa Gonzalez 1980 Assistant Secretary	Vice President and Corporate Counsel (since September 2018) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; formerly Director and Corporate Counsel (March 2014-September 2018) of Prudential.	Since March 2020
Patrick E. McGuinness 1986 Assistant Secretary	Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Director and Corporate Counsel (since February 2017) of Prudential; and Corporate Counsel (2012 – 2017) of IIL, Inc.	Since June 2020
Kelly A. Coyne 1968 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since March 2015
Christian J. Kelly 1975 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
Lana Lomuti 1967 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 1973 Assistant Treasurer	Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration.	Since October 2019
Deborah Conway 1969 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since October 2019
Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.	Since October 2019

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Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Charles H. Smith 1973 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 all 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.

∎ As used in the Fund Officers table “Prudential” means The Prudential Insurance Company of America.

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”). 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 27, 2020 and on June 9-11, 2020 and approved the renewal of the agreements through July 31, 2021, 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

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

PGIM QMA International Equity 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 27, 2020 and on June 9-11, 2020.

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 the day-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

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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.    

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.

PGIM QMA International Equity Fund

Approval of Advisory Agreements (continued)

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 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 the one-, three-, five- and ten-year periods ended December 31, 2019.    

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, 2019. 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

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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
	3rd Quartile	3rd 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’ assertions that the Fund’s underperformance was primarily driven by the Fund’s exposure to stocks that traded at deep discounts to book value (value style factor), which continued to trail the broader markets, as well as its growth and quality counterparts in 2019. The Board also considered that the Fund’s three-year rolling annualized return was above benchmark and peers from 2012 through 2017.

• The Board noted that the Fund outperformed its benchmark index and Peer Group during the 4^th quarter of 2019.

• 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 0.78% for Class R6 shares through February 28, 2021.

• 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 three 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

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

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 or by visiting the Securities and Exchange Commission’s website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website and on the Securities and Exchange Commission’s website.

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 • Claudia DiGiacomo, Chief Legal Officer • Dino Capasso, Chief Compliance Officer • Charles H. Smith, Anti-Money Laundering Compliance Officer • Andrew R. French, Secretary • Melissa Gonzalez, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Kelly A. Coyne, Assistant Secretary • Patrick McGuinness, 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	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH 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 that Director at 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 for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov.

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	C	Z	R6
NASDAQ	PJRAX	PJRCX	PJIZX	PJRQX
CUSIP	743969859	743969875	743969883	743969578

MF190E

PGIM EMERGING MARKETS DEBT

LOCAL CURRENCY FUND

ANNUAL REPORT

OCTOBER 31, 2020

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 (pgim.com/investments), 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 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 pgim.com/investments/resource/edelivery

Table of Contents

Letter from the President	3
Your Fund’s Performance	4
Growth of a $10,000 Investment	5
Strategy and Performance Overview	8
Fees and Expenses	11
Holdings and Financial Statements	13
Approval of Advisory Agreements

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. ^© 2020 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2 Visit our website at pgim.com/investments

Letter from the President

Dear Shareholder:

We hope you find the annual report for the PGIM Emerging Markets Debt Local Currency Fund informative and useful. The report covers performance for the 12-month period that ended October 31, 2020.

During the first four months of the period, the global economy remained healthy—particularly in the US—fueled by rising corporate profits and strong job growth. The outlook changed dramatically in March as the coronavirus outbreak quickly and substantially shut down economic activity worldwide, leading to significant job losses and a steep decline in global growth and earnings. Responding to this disruption, the Federal Reserve (the Fed) cut the federal funds rate target to near zero and flooded capital markets with liquidity; and Congress passed stimulus bills worth approximately $3 trillion that offered an economic lifeline to consumers and businesses.

While stocks climbed throughout the first four months of the period, they fell significantly in March amid a spike in volatility, ending the 11-year-long equity bull market. With stores and factories closing and consumers staying at home to limit the spread of the virus, investors sold stocks on fears that corporate earnings would take a serious hit. Equities rallied around the globe throughout the spring and summer as states reopened their economies, but became more volatile during the last two months of the period as investors worried that a surge in coronavirus infections would stall the economic recovery. For the period overall, large-cap US and emerging market stocks rose, small-cap US stocks were virtually unchanged, and stocks in developed foreign markets declined.

The bond market overall—including US and global bonds as well as emerging market debt—rose during the period as investors sought safety in fixed income. A significant rally in interest rates pushed the 10-year US Treasury yield down to a record low. In March, the Fed took several aggressive actions to keep the bond markets running smoothly, restarting many of the relief programs that proved to be successful in helping end the global financial crisis in 2008-09.

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 Emerging Markets Debt Local Currency Fund

December 15, 2020

PGIM Emerging Markets Debt Local Currency Fund 3

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 pgim.com/investments or by calling (800) 225-1852.

	Average Annual Total Returns as of 10/31/20
	One Year (%)	Five Years (%)	Since Inception (%)
Class A
(with sales charges)	–6.87	2.61	–0.61 (3/30/11)
(without sales charges)	–3.75	3.29	–0.27 (3/30/11)
Class C
(with sales charges)	–5.33	2.50	–0.93 (3/30/11)
(without sales charges)	–4.41	2.50	–0.93 (3/30/11)
Class Z
(without sales charges)	–3.45	3.48	0.03 (3/30/11)
Class R6
(without sales charges)	–3.24	3.60	0.09 (3/30/11)
JP Morgan Government Bond Index-Emerging Markets Global Diversified Index
	–3.81	3.94	0.34

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.

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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 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, 2020), 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 fees 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.

PGIM Emerging Markets Debt Local Currency Fund 5

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

Benchmark Definitions

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. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes that may be paid by an investor.

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Distributions and Yields as of 10/31/20
	Total Distributions Paid for One Year ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.27	3.61	2.42
Class C	0.23	2.97	–2.79
Class Z	0.30	4.15	4.25
Class R6	0.30	4.22	–43.22

*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.

Credit Quality expressed as a percentage of total investments as of 10/31/20 (%)
AAA	1.5
AA	6.0
A	32.1
BBB	29.7
BB	19.0
B	3.4
CCC	2.1
CC	0.2
Not Rated	1.4
Cash/Cash Equivalents	4.6
Total Investments	100.0

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global Ratings (S&P), or Fitch, 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 7

Strategy and Performance Overview (unaudited)

How did the Fund perform?

The PGIM Emerging Markets Debt Local Currency Fund’s Class Z shares returned -3.45% in the 12-month reporting period that ended October 31, 2020, outperforming the -3.81% return of the JP Morgan Government Bond Index–Emerging Markets Global Diversified Index (the Index).

What were the market conditions?

• Following several stable months, the last part of the reporting period was dominated by the global outbreak of COVID-19, its economic impact, and the resulting decline in risk sentiment around the globe. After generating stable returns during the latter part of 2019, emerging market debt declined sharply during the first quarter of 2020 as the dramatic global liquidity and confidence shocks related to the spread of COVID-19 and a drop in oil prices led to acute declines across most fixed income spread sectors. In response to unprecedented monetary and fiscal stimulus programs aimed at stabilizing the economy and financial markets, emerging market assets subsequently rose sharply, but spreads remained wider than their pre-COVID-19 levels at the end of the period.

• While persistent trade war uncertainties and local episodes of social protest provided some headwinds, during the latter part of 2019 emerging market debt continued to benefit from accommodative central banks, low and range-bound developed markets rates, and an extended (albeit slow) global economic expansion. At the start of 2020, the global economy appeared poised to stabilize and perhaps even improve, with manufacturing bottoming out across a number of countries and a pipeline of monetary stimulus in place following a global round of central bank easing in the second half of 2019. The optimism generated by the US-China trade deal, a positive turn in the global technology cycle, and central banks’ bias to ease further, if needed, shifted perceived economic risks from being skewed to the downside to being more balanced. But then COVID-19 hit headlines, with person-to-person transmission reported in January 2020 marking a turning point. Financial markets then witnessed a dramatic turn of events, perhaps best exemplified by the sharp drop in US Treasury yields.

• After generating gains throughout the latter part of 2019, emerging market debt declined sharply during the first quarter of 2020, with the intensity of the sell-off characterized by severe dislocations from retail outflows, particularly out of passive emerging market exchange-traded funds. Although policy measures implemented by fiscal authorities, the Federal Reserve (the Fed), and other developed market central banks provided necessary liquidity and support during the latter part of the quarter, emerging market debt spreads and yields widened dramatically. Emerging market hard currency spreads widened 335 basis points (bps) during the quarter, while emerging market corporate bond spreads widened by 288 bps. (One basis point is 0.01%.) Emerging market local rates and emerging market currencies suffered similar sell-offs.

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• With the global economy decelerating rapidly and financial markets selling off sharply due to the pandemic and related lockdowns, the Fed and the European Central Bank reacted by cutting policy rates, initiating (or increasing) asset purchases, and expanding liquidity facilities. The unprecedented easing provided a tailwind for emerging market policymakers, allowing the main policy rates to be cut to all-time lows in most countries. While emerging market issuers did not benefit from the support offered to developed markets credit-related issuers, the sector benefited from the broad improvement in liquidity, a better growth outlook, a rise in oil prices, market access, and support from the International Monetary Fund’s Rapid Financing Instrument.

• Following a difficult first quarter, emerging market assets staged a strong recovery in the second and third quarters of 2020. Risk-on sentiment amid improving economic data, a gradual reopening of economies, and broad policy support saw spreads and yields decline sharply from oversold levels over the last seven months of the period. In October, flows into emerging market bond funds continued to reverse the outflows seen earlier in the year by posting one of the strongest months of retail inflows into emerging market fixed income bond funds in all of 2020. For the month, local currency funds posted inflows of $2.8 billion. At the beginning of April, year-to-date emerging market bond fund flows reached almost -$30 billion; but as of the end of the period, they had reversed nearly all those outflows.

• However, at period-end, most emerging market assets remained wider than where they began 2020. Emerging market hard currency and corporate spreads continued to tighten in the third quarter of 2020 and ended the period at 421 bps and 366 bps, respectively, but remained wider than where they began the year. Local rates staged a stronger recovery, with yields tightening below their beginning-of-the-year levels by the end of the period. Meanwhile, emerging market currency performance was positive in the second and third quarters but remained in negative territory for the year as of period-end.

What worked?

• Duration positioning added to the Fund’s performance over the reporting period. (Duration is a measure of the interest rate sensitivity of a bond portfolio or debt securities that is expressed as a number of years.) Long duration positioning in South Africa, Mexico, Russia, China, and South Korea, along with short duration positioning in Colombia, added value. The year saw unprecedented accommodative monetary policy from global central banks in response to COVID-19, and the Fund benefited from long duration in countries with high real yields and ample room to ease policy rates coming into the year.

• Although security selection overall detracted from performance, positioning in Brazil, Mexico, and Russia added value. The Fund’s allocation to off-Index hard currency bonds was also positive.

PGIM Emerging Markets Debt Local Currency Fund 9

Strategy and Performance Review (continued)

• While overall currency selection was negative, overweights to the Chinese yuan and South Korean won, along with underweights to the Turkish lira and Brazilian real, all contributed to performance.

What didn’t work?

• Positioning in Turkey, along with short duration positioning in Malaysia and long duration positioning in Brazil, detracted from the Fund’s returns over the period.

• Overall yield curve positioning and security selection hurt performance, with positioning in Indonesia, South Africa, and Colombia the largest detractors.

• Overweights to the Indonesia rupiah, Czech koruna, and Polish zloty were negative. The impact of COVID-19 weighed on riskier currencies. In this environment, developed market currencies such as the US dollar outperformed emerging market foreign currencies. Commodity currencies also lagged.

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 detracted from relative performance. The Fund also used futures and interest rate swaps, in part, to help manage duration and yield curve exposure, which collectively had a negative impact on performance.

Current outlook

• PGIM Fixed Income continues to believe current market dynamics present an attractive opportunity to actively add alpha-generating trades across hard currency bonds, local rates, and emerging market currencies. While remaining focused on the long term, PGIM Fixed Income believes there are certain high-conviction trades likely to perform in the near term.

• In local bonds, PGIM Fixed Income continues to focus on markets where real yields are higher, seeing the potential for further compression. Its main overweights include China, South Africa, and Peru. PGIM Fixed Income believes exposure to the Chinese bond market is the most attractive risk-reward trade in emerging market local markets, and the market remains the Fund’s top overweight. The People’s Bank of China injected sizable liquidity into its bond market in September and October of 2020, and the market should see favorable technicals in the coming months as China’s weight increases in several major fixed income indices.

• In emerging market currencies, PGIM Fixed Income is short the US dollar, taking the view that fiscal and monetary stimulus will be ample enough over the medium term to support global growth and, in turn, cause the US dollar to either remain stable or weaken further. PGIM Fixed Income favors higher-quality currencies in Asia and Europe.

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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, 2020. The example is for illustrative purposes only; you should consult the Fund’s 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 11

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, 2020		Ending Account Value October 31, 2020		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,091.50		1.13	%	$	5.94
	Hypothetical	$	1,000.00	$	1,019.46		1.13	%	$	5.74
Class C	Actual	$	1,000.00	$	1,086.80		1.88	%	$	9.86
	Hypothetical	$	1,000.00	$	1,015.69		1.88	%	$	9.53
Class Z	Actual	$	1,000.00	$	1,093.00		0.72	%	$	3.79
	Hypothetical	$	1,000.00	$	1,021.52		0.72	%	$	3.66
Class R6	Actual	$	1,000.00	$	1,093.40		0.65	%	$	3.42
	Hypothetical	$	1,000.00	$	1,021.87		0.65	%	$	3.30

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended October 31, 2020, and divided by the 366 days in the Fund’s fiscal year ended October 31, 2020 (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, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    93.2%
SOVEREIGN BONDS    84.9%
Angola    0.6%
Angolan Government International Bond, Sr. Unsec’d. Notes		9.500	%		11/12/25		400	$	343,049
Argentina    0.5%
Argentine Republic Government International Bond,
Sr. Unsec’d. Notes		0.125	(cc)		07/09/30		465		170,380
Sr. Unsec’d. Notes		1.000			07/09/29		24		9,766
Provincia de Buenos Aires,
Sr. Unsec’d. Notes		9.125			03/16/24		200		65,135
Sr. Unsec’d. Notes		9.950			06/09/21		140		45,905
									291,186
Brazil    5.0%
Brazil Minas SPE via State of Minas Gerais,
Gov’t. Gtd. Notes		5.333			02/15/28		188		198,292
Brazil Notas do Tesouro Nacional,
Notes, Series NTNF		10.000			01/01/23	BRL	5,500		1,050,456
Notes, Series NTNF		10.000			01/01/25	BRL	6,050		1,180,806
Notes, Series NTNF		10.000			01/01/27	BRL	1,600		314,491
Notes, Series NTNF		10.000			01/01/29	BRL	1,400		278,847
Notes, Series NTNF		10.000			01/01/31	BRL	200		39,851
Brazilian Government International Bond,
Sr. Unsec’d. Notes		8.500			01/05/24	BRL	54		10,329
									3,073,072
Chile    2.7%
Bonos de la Tesoreria de la Republica en pesos,
Bonds		4.500			03/01/26	CLP	280,000		418,101
Bonds		5.000			03/01/35	CLP	240,000		373,053
Bonds, Series 30YR		6.000			01/01/43	CLP	190,000		340,080
Unsec’d. Notes, 144A		4.700			09/01/30	CLP	360,000		549,542
									1,680,776
China    8.6%
China Government Bond,
Bonds, Series 1906		3.290			05/23/29	CNH	6,690		1,005,231
Bonds, Series INBK		2.850			06/04/27	CNH	12,500		1,822,701
Bonds, Series 1910		3.860			07/22/49	CNH	3,110		463,343

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 13

Schedule of Investments (continued)

as of October 31, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
China (cont’d.)
China Government Bond, (cont’d.)
Bonds, Series INBK		1.990	%		04/09/25	CNH	6,500	$	929,468
Bonds, Series INBK		2.680			05/21/30	CNH	7,700		1,102,661
									5,323,404
Colombia    4.6%
Colombian TES,
Bonds, Series B		6.000			04/28/28	COP	4,531,000		1,220,927
Bonds, Series B		7.500			08/26/26	COP	1,400,000		413,634
Bonds, Series B		6.250			11/26/25	COP	500,000		140,614
Bonds, Series B		7.000			06/30/32	COP	1,947,600		536,102
Bonds, Series B		7.250			10/18/34	COP	829,000		229,260
Bonds, Series B		7.250			10/26/50	COP	581,000		155,063
Bonds, Series B		7.750			09/18/30	COP	500,000		147,664
									2,843,264
Czech Republic    3.2%
Czech Republic Government Bond,
Bonds, Series 049		4.200			12/04/36	CZK	3,500		215,601
Bonds, Series 078		2.500			08/25/28	CZK	2,100		101,027
Bonds, Series 089		2.400			09/17/25	CZK	3,200		148,803
Bonds, Series 094		0.950			05/15/30	CZK	12,090		514,556
Bonds, Series 100		0.250			02/10/27	CZK	8,800		364,047
Bonds, Series 103		2.000			10/13/33	CZK	5,620		265,334
Bonds, Series 105		2.750			07/23/29	CZK	3,500		172,799
Bonds, Series 121		1.200			03/13/31	CZK	4,800		208,332
									1,990,499
Dominican Republic    0.2%
Dominican Republic International Bond,
Sr. Unsec’d. Notes		9.750			06/05/26	DOP	8,000		141,329
El Salvador    0.2%
El Salvador Government International Bond,
Sr. Unsec’d. Notes		7.750			01/24/23		125		113,820

See Notes to Financial Statements.

14

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Gabon    0.6%
Gabon Government International Bond,
Bonds		6.375	%		12/12/24		200	$	191,002
Sr. Unsec’d. Notes		6.950			06/16/25		200		189,491
									380,493
Ghana    0.5%
Ghana Government International Bond,
Sr. Unsec’d. Notes		8.125			01/18/26		285		287,380
Hungary    3.5%
Hungary Government Bond,
Bonds, Series 28/A		6.750			10/22/28	HUF	56,680		244,573
Bonds, Series 24/C		2.500			10/24/24	HUF	40,000		132,595
Bonds, Series 25/B		5.500			06/24/25	HUF	219,080		822,695
Bonds, Series 26/D		2.750			12/22/26	HUF	50,000		167,992
Bonds, Series 26/E		1.500			04/22/26	HUF	100,000		313,623
Bonds, Series 27/A		3.000			10/27/27	HUF	42,680		146,197
Bonds, Series 30/A		3.000			08/21/30	HUF	77,000		262,611
Bonds, Series 38/A		3.000			10/27/38	HUF	21,890		74,845
									2,165,131
Indonesia    8.8%
Indonesia Treasury Bond,
Bonds, Series 056		8.375			09/15/26	IDR	6,561,000		502,535
Bonds, Series 059		7.000			05/15/27	IDR	7,765,000		552,266
Bonds, Series 064		6.125			05/15/28	IDR	2,400,000		160,339
Bonds, Series 065		6.625			05/15/33	IDR	3,200,000		212,312
Bonds, Series 068		8.375			03/15/34	IDR	8,950,000		670,440
Bonds, Series 070		8.375			03/15/24	IDR	7,910,000		593,484
Bonds, Series 071		9.000			03/15/29	IDR	6,310,000		495,262
Bonds, Series 072		8.250			05/15/36	IDR	4,760,000		351,508
Bonds, Series 073		8.750			05/15/31	IDR	8,805,000		682,448
Bonds, Series 075		7.500			05/15/38	IDR	4,900,000		340,778
Bonds, Series 077		8.125			05/15/24	IDR	3,500,000		261,355
Bonds, Series 078		8.250			05/15/29	IDR	5,050,000		382,000
Bonds, Series 082		7.000			09/15/30	IDR	3,500,000		246,487
									5,451,214

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 15

Schedule of Investments (continued)

as of October 31, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Ivory Coast    0.5%
Ivory Coast Government International Bond,
Sr. Unsec’d. Notes		5.125	%		06/15/25	EUR	265	$	321,033
Malaysia    6.2%
Malaysia Government Bond,
Bonds, Series 115		3.955			09/15/25	MYR	1,150		301,409
Bonds, Series 116		3.800			08/17/23	MYR	750		190,334
Bonds, Series 118		3.882			03/14/25	MYR	1,977		512,171
Bonds, Series 217		4.059			09/30/24	MYR	335		87,016
Bonds, Series 219		3.885			08/15/29	MYR	1,800		474,910
Bonds, Series 310		4.498			04/15/30	MYR	400		110,380
Bonds, Series 311		4.392			04/15/26	MYR	285		76,316
Bonds, Series 316		3.900			11/30/26	MYR	2,970		780,063
Bonds, Series 317		4.762			04/07/37	MYR	700		197,298
Bonds, Series 411		4.232			06/30/31	MYR	280		76,189
Bonds, Series 413		3.844			04/15/33	MYR	140		36,209
Bonds, Series 417		3.899			11/16/27	MYR	1,370		360,989
Bonds, Series 419		3.828			07/05/34	MYR	500		129,910
Bonds, Series 513		3.733			06/15/28	MYR	730		190,320
Bonds, Series 518		4.921			07/06/48	MYR	445		123,780
Malaysia Government Investment Issue,
Bonds, Series 617		4.724			06/15/33	MYR	600		166,870
									3,814,164
Mexico    4.4%
Mexican Bonos,
Bonds, Series M		8.000			11/07/47	MXN	4,150		212,289
Bonds, Series M		7.750			05/29/31	MXN	17,100		899,231
Bonds, Series M20		7.500			06/03/27	MXN	10,000		518,934
Bonds, Series M30		10.000			11/20/36	MXN	4,600		283,064
Sr. Unsec’d. Notes, Series M		7.750			11/13/42	MXN	5,400		270,581
Sr. Unsec’d. Notes, Series M20		8.500			05/31/29	MXN	2,500		137,333
Sr. Unsec’d. Notes, Series M30		8.500			11/18/38	MXN	7,000		378,916
									2,700,348
Nigeria    0.3%
Nigeria Government International Bond,
Sr. Unsec’d. Notes		7.625			11/21/25		200		210,016

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Pakistan    0.6%
Third Pakistan International Sukuk Co. Ltd. (The),
Sr. Unsec’d. Notes, 144A		5.625	%		12/05/22		400	$	398,554
Peru    3.6%
Peru Government Bond,
Bonds		6.950			08/12/31	PEN	190		64,761
Sr. Unsec’d. Notes		5.350			08/12/40	PEN	1,000		269,229
Sr. Unsec’d. Notes		5.400			08/12/34	PEN	580		168,981
Sr. Unsec’d. Notes		5.940			02/12/29	PEN	200		65,918
Sr. Unsec’d. Notes		6.150			08/12/32	PEN	1,150		366,417
Peruvian Government International Bond,
Sr. Unsec’d. Notes		6.350			08/12/28	PEN	305		103,020
Sr. Unsec’d. Notes		6.900			08/12/37	PEN	871		284,646
Sr. Unsec’d. Notes		6.950			08/12/31	PEN	1,548		528,352
Sr. Unsec’d. Notes		8.200			08/12/26	PEN	1,032		383,888
									2,235,212
Philippines    0.2%
Philippine Government Bond,
Bonds, Series 1060		3.625			09/09/25	PHP	5,600		119,813
Poland    4.8%
Republic of Poland Government Bond,
Bonds, Series 428		2.750			04/25/28	PLN	1,250		357,067
Bonds, Series 727		2.500			07/25/27	PLN	1,300		364,755
Bonds, Series 0725		3.250			07/25/25	PLN	1,671		478,778
Bonds, Series 0726		2.500			07/25/26	PLN	3,740		1,044,648
Bonds, Series 1029		2.750			10/25/29	PLN	1,740		501,501
Bonds, Series 1030		1.250			10/25/30	PLN	750		190,587
									2,937,336
Romania    2.6%
Romania Government Bond,
Bonds, Series 15 Year		3.650			09/24/31	RON	590		143,193
Bonds, Series 05YR		3.650			07/28/25	RON	1,000		244,806
Bonds, Series 05YR		4.250			06/28/23	RON	2,670		661,536
Bonds, Series 07YR		3.250			04/29/24	RON	750		181,715
Bonds, Series 07YR		4.850			04/22/26	RON	500		129,642

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 17

Schedule of Investments (continued)

as of October 31, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Romania (cont’d.)
Romania Government Bond, (cont’d.)
Bonds, Series 10YR		5.000	%		02/12/29	RON	500	$	134,914
Bonds, Series 10YR		5.850			04/26/23	RON	460		117,941
									1,613,747
Russia    2.7%
Russian Federal Bond - OFZ,
Bonds, Series 6224		6.900			05/23/29	RUB	15,000		200,492
Bonds, Series 6212		7.050			01/19/28	RUB	19,800		267,727
Bonds, Series 6218		8.500			09/17/31	RUB	24,092		356,147
Bonds, Series 6221		7.700			03/23/33	RUB	27,090		380,570
Bonds, Series 6228		7.650			04/10/30	RUB	13,800		192,851
Bonds, Series 6230		7.700			03/16/39	RUB	9,200		131,638
Bonds, Series 6232		6.000			10/06/27	RUB	8,500		108,307
									1,637,732
South Africa    9.6%
Republic of South Africa Government Bond,
Sr. Unsec’d. Notes, Series 2035		8.875			02/28/35	ZAR	2,490		127,988
Sr. Unsec’d. Notes, Series R186		10.500			12/21/26	ZAR	24,648		1,768,938
Sr. Unsec’d. Notes, Series R213		7.000			02/28/31	ZAR	7,830		393,996
Sr. Unsec’d. Notes, Series 2023		7.750			02/28/23	ZAR	1,500		99,303
Sr. Unsec’d. Notes, Series 2030		8.000			01/31/30	ZAR	19,200		1,085,056
Sr. Unsec’d. Notes, Series 2032		8.250			03/31/32	ZAR	17,240		910,440
Sr. Unsec’d. Notes, Series 2037		8.500			01/31/37	ZAR	6,180		297,738
Sr. Unsec’d. Notes, Series 2040		9.000			01/31/40	ZAR	4,130		202,816
Sr. Unsec’d. Notes, Series 2044		8.750			01/31/44	ZAR	5,485		256,750
Sr. Unsec’d. Notes, Series 2048		8.750			02/28/48	ZAR	10,375		483,546
Sr. Unsec’d. Notes, Series R209		6.250			03/31/36	ZAR	3,850		155,193
Sr. Unsec’d. Notes, Series R214		6.500			02/28/41	ZAR	4,470		168,278
									5,950,042
Thailand    7.5%
Thailand Government Bond,
Bonds		1.600			12/17/29	THB	9,735		319,082
Bonds		2.875			12/17/28	THB	24,740		892,178
Bonds		2.875			06/17/46	THB	7,150		265,662
Bonds		3.300			06/17/38	THB	8,300		323,098
Bonds		3.400			06/17/36	THB	11,040		436,484
Sr. Unsec’d. Notes		1.600			06/17/35	THB	3,900		125,220

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Thailand (cont’d.)
Thailand Government Bond, (cont’d.)
Sr. Unsec’d. Notes		2.125	%		12/17/26	THB	20,320	$	695,160
Sr. Unsec’d. Notes		3.625			06/16/23	THB	8,530		295,211
Sr. Unsec’d. Notes		3.650			06/20/31	THB	17,100		666,774
Sr. Unsec’d. Notes		3.775			06/25/32	THB	15,300		609,232
									4,628,101
Turkey    1.6%
Turkey Government Bond,
Bonds		8.500			09/14/22	TRY	395		42,586
Bonds		8.800			09/27/23	TRY	500		51,660
Bonds		9.000			07/24/24	TRY	2,700		274,582
Bonds		10.600			02/11/26	TRY	2,210		231,889
Bonds		12.200			01/18/23	TRY	2,315		263,548
Bonds		12.400			03/08/28	TRY	1,000		109,910
									974,175
Ukraine    1.1%
Ukraine Government International Bond,
Bonds		16.000			08/11/21	UAH	500		18,215
Bonds		17.000			05/11/22	UAH	500		18,893
Bonds, 144A		11.670			11/22/23	UAH	2,414		84,657
Bonds, 144A		18.000			03/24/21	UAH	604		21,814
Sr. Unsec’d. Notes		7.750			09/01/24		402		416,816
Unsec’d. Notes, 144A		15.360			09/29/21	UAH	2,070		75,481
Unsec’d. Notes, 144A		17.250			01/05/22	UAH	1,328		49,753
									685,629
Uruguay    0.2%
Uruguay Government International Bond,
Sr. Unsec’d. Notes		9.875			06/20/22	UYU	3,260		78,358
Sr. Unsec’d. Notes, 144A		8.500			03/15/28	UYU	1,870		45,514
									123,872
TOTAL SOVEREIGN BONDS
(cost $54,302,963)									52,434,391

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 19

Schedule of Investments (continued)

as of October 31, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS    8.3%
Belarus    0.3%
Development Bank of the Republic of Belarus JSC,
Sr. Unsec’d. Notes, 144A		6.750	%		05/02/24		200	$	190,652
Brazil    0.7%
JSM Global Sarl,
Gtd. Notes, 144A		4.750			10/20/30		200		202,042
Petrobras Global Finance BV,
Gtd. Notes		8.750			05/23/26		165		210,222
									412,264
Indonesia    0.6%
Saka Energi Indonesia PT,
Sr. Unsec’d. Notes		4.450			05/05/24		225		206,822
Wijaya Karya Persero Tbk PT,
Sr. Unsec’d. Notes		7.700			01/31/21	IDR	2,000,000		128,237
									335,059
Jamaica    0.2%
Digicel Ltd.,
Gtd. Notes		6.750			03/01/23		235		145,704
Malaysia    0.3%
Gohl Capital Ltd.,
Gtd. Notes		4.250			01/24/27		200		196,969
Mexico    2.0%
America Movil SAB de CV,
Sr. Unsec’d. Notes		6.450			12/05/22	MXN	14,250		681,228
Petroleos Mexicanos,
Gtd. Notes		6.490			01/23/27		55		51,186
Gtd. Notes		6.500			03/13/27		80		74,349
Gtd. Notes, 144A		7.650			11/24/21	MXN	4,120		192,336
Gtd. Notes, MTN		6.875			08/04/26		235		225,967
									1,225,066

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Russia    1.9%
Gazprom Capital OOO,
Gtd. Notes, Series BO03		7.150	%(cc)		02/15/28	RUB	45,000	$	589,406
Gtd. Notes, Series BO05		8.900	(cc)		02/03/27	RUB	42,000		562,667
									1,152,073
South Africa    0.6%
Eskom Holdings SOC Ltd.,
Sr. Unsec’d. Notes, 144A, MTN		6.750			08/06/23		200		189,583
Sasol Financing USA LLC,
Gtd. Notes		5.875			03/27/24		200		192,168
									381,751
Supranational Bank    1.4%
European Bank for Reconstruction & Development,
Sr. Unsec’d. Notes, EMTN		7.500			05/15/22	IDR	900,000		63,714
Sr. Unsec’d. Notes, GMTN		6.450			12/13/22	IDR	7,500,000		528,119
European Investment Bank,
Sr. Unsec’d. Notes, EMTN		12.576	(s)		09/05/22	TRY	1,260		112,524
International Bank for Reconstruction & Development,
Sr. Unsec’d. Notes, EMTN		7.450			08/20/21	IDR	2,500,000		174,403
									878,760
Tunisia    0.3%
Banque Centrale de Tunisie International Bond,
Sr. Unsec’d. Notes		5.625			02/17/24	EUR	180		179,934
TOTAL CORPORATE BONDS
(cost $5,782,458)									5,098,232
TOTAL LONG-TERM INVESTMENTS
(cost $60,085,421)									57,532,623
						Shares
SHORT-TERM INVESTMENT    3.5%
AFFILIATED MUTUAL FUND    3.5%
PGIM Core Ultra Short Bond Fund
(cost $2,133,355)(w)							2,133,355		2,133,355

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 21

Schedule of Investments (continued)

as of October 31, 2020

Description	Value
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN
(cost $62,218,776)		59,665,978
OPTIONS WRITTEN*~     (0.1)%
(premiums received $(28,594))	$	(33,291	)
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN    96.6%
(cost $62,190,182)		59,632,687
Other assets in excess of liabilities(z)    3.4%		2,128,333
NET ASSETS    100.0%	$	61,761,020

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

AUD—Australian Dollar

BRL—Brazilian Real

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

DOP—Dominican Peso

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

COOIS—Colombia Overnight Interbank Reference Rate

EMTN—Euro Medium Term Note

GMTN—Global Medium Term Note

See Notes to Financial Statements.

22

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

* Non-income producing security.

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

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

(cc) Variable rate instrument. The rate shown is based on the latest available information as of October 31, 2020. 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:

Options Written:

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date	Strike		Contracts		Notional Amount (000)#		Value
Currency Option USD vs CLP	Call	Morgan Stanley & Co. International PLC	11/12/20		800.00		—		139	$	(378	)
Currency Option USD vs COP	Call	JPMorgan Chase Bank, N.A.	11/10/20		3,850.00		—		249		(3,829	)
Currency Option USD vs COP	Call	JPMorgan Chase Bank, N.A.	11/10/20		3,850.00		—		206		(3,170	)
Currency Option USD vs CNH	Put	Morgan Stanley & Co. International PLC	11/11/20		6.80		—		858		(15,923	)
Currency Option USD vs KRW	Put	Citibank, N.A.	11/11/20		1,140.00		—		276		(3,350	)
Currency Option USD vs MXN	Put	JPMorgan Chase Bank, N.A.	11/05/20		20.80		—		277		(1,343	)
Currency Option USD vs MXN	Put	JPMorgan Chase Bank, N.A.	11/05/20		21.35		—		164		(2,615	)
Currency Option USD vs MXN	Put	Morgan Stanley & Co. International PLC	11/05/20		21.35		—		166		(2,647	)
Currency Option USD vs RUB	Put	Citibank, N.A.	11/05/20		75.00		—		219		(36	)
Total Options Written (premiums received $28,594)										$	(33,291	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 23

Schedule of Investments (continued)

as of October 31, 2020

Futures contracts outstanding at October 31, 2020:

Number of Contracts	Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
Short Positions:
6	2 Year U.S. Treasury Notes		Dec. 2020	$	1,325,063	$	122
3	5 Year Euro-Bobl		Dec. 2020		474,723		(2,693	)
20	5 Year U.S. Treasury Notes		Dec. 2020		2,512,031		5,710
5	10 Year U.S. Treasury Notes		Dec. 2020		691,094		4,299
1	Euro Schatz Index		Dec. 2020		130,982		(234	)
						$	7,204

Forward foreign currency exchange contracts outstanding at October 31, 2020:

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Brazilian Real,
Expiring 11/04/20	JPMorgan Chase Bank, N.A.		BRL	16,174	$	2,930,911	$	2,817,986	$	—	$	(112,925	)
Expiring 11/04/20	Morgan Stanley & Co. International PLC		BRL	419		74,478		73,029		—		(1,449	)
Expiring 12/02/20	Morgan Stanley & Co. International PLC		BRL	12,408		2,201,903		2,159,120		—		(42,783	)
Chilean Peso,
Expiring 12/16/20	Citibank, N.A.		CLP	95,691		124,000		123,733		—		(267	)
Expiring 12/16/20	Citibank, N.A.		CLP	65,846		86,000		85,142		—		(858	)
Expiring 12/16/20	Citibank, N.A.		CLP	50,006		65,715		64,660		—		(1,055	)
Expiring 12/16/20	HSBC Bank USA, N.A.		CLP	156,030		196,255		201,754		5,499		—
Expiring 12/16/20	HSBC Bank USA, N.A.		CLP	131,450		164,436		169,971		5,535		—
Expiring 12/16/20	HSBC Bank USA, N.A.		CLP	116,172		146,000		150,216		4,216		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		CLP	61,851		77,800		79,976		2,176		—
Chinese Renminbi,
Expiring 11/06/20	BNP Paribas S.A.		CNH	1,025		149,306		152,974		3,668		—
Expiring 11/06/20	BNP Paribas S.A.		CNH	625		89,629		93,291		3,662		—
Expiring 11/06/20	Citibank, N.A.		CNH	8,356		1,188,877		1,247,295		58,418		—
Expiring 11/06/20	Citibank, N.A.		CNH	1,826		262,865		272,529		9,664		—
Expiring 11/06/20	Goldman Sachs International		CNH	2,938		432,051		438,470		6,419		—
Expiring 11/06/20	HSBC Bank USA, N.A.		CNH	7,776		1,111,852		1,160,610		48,758		—
Expiring 11/06/20	HSBC Bank USA, N.A.		CNH	3,197		478,521		477,164		—		(1,357	)
Expiring 11/06/20	HSBC Bank USA, N.A.		CNH	1,124		160,000		167,746		7,746		—
Expiring 11/06/20	HSBC Bank USA, N.A.		CNH	918		131,514		137,033		5,519		—
Expiring 11/06/20	HSBC Bank USA, N.A.		CNH	745		110,000		111,239		1,239		—
Expiring 11/06/20	HSBC Bank USA, N.A.		CNH	149		21,904		22,217		313		—

See Notes to Financial Statements.

24

Forward foreign currency exchange contracts outstanding at October 31, 2020 (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 (cont’d.),
Expiring 11/06/20	JPMorgan Chase Bank, N.A.		CNH	4,094	$	583,560	$	611,099	$	27,539	$	—
Expiring 11/06/20	JPMorgan Chase Bank, N.A.		CNH	3,318		482,287		495,193		12,906		—
Expiring 11/06/20	JPMorgan Chase Bank, N.A.		CNH	2,254		333,569		336,450		2,881		—
Expiring 11/06/20	JPMorgan Chase Bank, N.A.		CNH	1,204		172,000		179,728		7,728		—
Expiring 11/06/20	JPMorgan Chase Bank, N.A.		CNH	947		140,155		141,287		1,132		—
Expiring 11/06/20	UBS AG		CNH	1,167		167,000		174,245		7,245		—
Expiring 11/06/20	UBS AG		CNH	1,099		158,115		164,101		5,986		—
Expiring 02/08/21	JPMorgan Chase Bank, N.A.		CNH	4,225		626,679		626,345		—		(334	)
Expiring 05/14/21	Citibank, N.A.		CNH	4,640		664,965		683,383		18,418		—
Colombian Peso,
Expiring 12/16/20	BNP Paribas S.A.		COP	263,235		69,000		67,869		—		(1,131	)
Expiring 12/16/20	Citibank, N.A.		COP	388,542		101,000		100,176		—		(824	)
Expiring 12/16/20	Citibank, N.A.		COP	378,534		97,844		97,595		—		(249	)
Expiring 12/16/20	Citibank, N.A.		COP	304,682		81,693		78,555		—		(3,138	)
Expiring 12/16/20	Goldman Sachs International		COP	258,055		67,000		66,533		—		(467	)
Expiring 12/16/20	Morgan Stanley & Co. International PLC		COP	367,379		95,000		94,720		—		(280	)
Expiring 12/16/20	Morgan Stanley & Co. International PLC		COP	246,848		64,000		63,644		—		(356	)
Expiring 12/16/20	Morgan Stanley & Co. International PLC		COP	243,007		63,000		62,654		—		(346	)
Expiring 12/16/20	Morgan Stanley & Co. International PLC		COP	117,410		30,336		30,271		—		(65	)
Czech Koruna,
Expiring 01/19/21	Bank of America, N.A.		CZK	3,176		138,840		135,968		—		(2,872	)
Expiring 01/19/21	Bank of America, N.A.		CZK	1,826		78,989		78,167		—		(822	)
Expiring 01/19/21	Barclays Bank PLC		CZK	2,477		108,000		106,030		—		(1,970	)
Expiring 01/19/21	BNP Paribas S.A.		CZK	5,484		235,439		234,794		—		(645	)
Expiring 01/19/21	Citibank, N.A.		CZK	9,040		390,234		387,022		—		(3,212	)
Expiring 01/19/21	JPMorgan Chase Bank, N.A.		CZK	3,832		164,728		164,071		—		(657	)
Expiring 01/19/21	Morgan Stanley & Co. International PLC		CZK	15,609		669,577		668,260		—		(1,317	)
Euro,
Expiring 01/19/21	Citibank, N.A.		EUR	2,339		2,752,523		2,730,021		—		(22,502	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 25

Schedule of Investments (continued)

as of October 31, 2020

Forward foreign currency exchange contracts outstanding at October 31, 2020 (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,
Expiring 01/19/21	Bank of America, N.A.		HUF	46,308	$	151,000	$	146,881	$	—	$	(4,119	)
Expiring 01/19/21	Bank of America, N.A.		HUF	37,909		123,000		120,241		—		(2,759	)
Expiring 01/19/21	HSBC Bank USA, N.A.		HUF	3,826		12,376		12,135		—		(241	)
Expiring 01/19/21	JPMorgan Chase Bank, N.A.		HUF	33,035		107,305		104,784		—		(2,521	)
Expiring 01/19/21	Morgan Stanley & Co. International PLC		HUF	73,490		240,777		233,099		—		(7,678	)
Indian Rupee,
Expiring 12/16/20	Barclays Bank PLC		INR	18,616		252,465		248,620		—		(3,845	)
Expiring 12/16/20	BNP Paribas S.A.		INR	15,491		209,000		206,892		—		(2,108	)
Expiring 12/16/20	Citibank, N.A.		INR	44,893		607,547		599,564		—		(7,983	)
Expiring 12/16/20	Citibank, N.A.		INR	16,372		221,000		218,655		—		(2,345	)
Expiring 12/16/20	Citibank, N.A.		INR	11,540		156,000		154,129		—		(1,871	)
Expiring 12/16/20	Citibank, N.A.		INR	10,153		138,137		135,592		—		(2,545	)
Expiring 12/16/20	Citibank, N.A.		INR	7,129		96,447		95,214		—		(1,233	)
Expiring 12/16/20	HSBC Bank USA, N.A.		INR	13,288		180,000		177,463		—		(2,537	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		INR	14,547		196,000		194,278		—		(1,722	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		INR	10,955		148,000		146,304		—		(1,696	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		INR	9,184		124,000		122,662		—		(1,338	)
Expiring 12/16/20	UBS AG		INR	10,102		136,322		134,913		—		(1,409	)
Indonesian Rupiah,
Expiring 12/16/20	Barclays Bank PLC		IDR	1,477,810		100,000		99,510		—		(490	)
Expiring 12/16/20	BNP Paribas S.A.		IDR	2,299,133		155,200		154,815		—		(385	)
Expiring 12/16/20	Citibank, N.A.		IDR	4,857,105		326,732		327,059		327		—
Expiring 12/16/20	Citibank, N.A.		IDR	2,054,963		138,568		138,374		—		(194	)
Expiring 12/16/20	Citibank, N.A.		IDR	1,954,913		131,000		131,637		637		—
Expiring 12/16/20	Citibank, N.A.		IDR	1,910,748		129,000		128,663		—		(337	)
Expiring 12/16/20	Citibank, N.A.		IDR	1,661,936		111,000		111,909		909		—
Expiring 12/16/20	Citibank, N.A.		IDR	818,000		54,519		55,081		562		—
Expiring 12/16/20	Goldman Sachs International		IDR	2,337,114		156,000		157,373		1,373		—
Expiring 12/16/20	HSBC Bank USA, N.A.		IDR	2,416,475		163,000		162,717		—		(283	)
Expiring 12/16/20	HSBC Bank USA, N.A.		IDR	2,362,636		157,000		159,091		2,091		—
Expiring 12/16/20	HSBC Bank USA, N.A.		IDR	2,289,400		153,000		154,160		1,160		—
Expiring 12/16/20	HSBC Bank USA, N.A.		IDR	2,226,216		148,000		149,905		1,905		—
Expiring 12/16/20	HSBC Bank USA, N.A.		IDR	1,910,103		129,000		128,619		—		(381	)
Expiring 12/16/20	HSBC Bank USA, N.A.		IDR	1,898,752		128,000		127,855		—		(145	)
Expiring 12/16/20	HSBC Bank USA, N.A.		IDR	1,021,359		69,000		68,775		—		(225	)

See Notes to Financial Statements.

26

Forward foreign currency exchange contracts outstanding at October 31, 2020 (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.):
Indonesian Rupiah (cont’d.),
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		IDR	2,291,922	$	156,000	$	154,330	$	—	$	(1,670	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		IDR	1,401,621		95,000		94,380		—		(620	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		IDR	824,319		55,105		55,506		401		—
Expiring 12/16/20	Morgan Stanley & Co. International PLC		IDR	1,274,717		85,043		85,834		791		—
Israeli Shekel,
Expiring 12/16/20	Barclays Bank PLC		ILS	885		260,000		259,528		—		(472	)
Expiring 12/16/20	Barclays Bank PLC		ILS	548		158,000		160,583		2,583		—
Expiring 12/16/20	Barclays Bank PLC		ILS	544		158,000		159,585		1,585		—
Expiring 12/16/20	Barclays Bank PLC		ILS	532		156,000		155,940		—		(60	)
Expiring 12/16/20	Barclays Bank PLC		ILS	489		145,000		143,402		—		(1,598	)
Expiring 12/16/20	Barclays Bank PLC		ILS	397		117,000		116,284		—		(716	)
Expiring 12/16/20	Citibank, N.A.		ILS	555		162,000		162,840		840		—
Expiring 12/16/20	Citibank, N.A.		ILS	517		149,000		151,614		2,614		—
Expiring 12/16/20	HSBC Bank USA, N.A.		ILS	641		189,483		187,949		—		(1,534	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		ILS	1,178		347,026		345,519		—		(1,507	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		ILS	883		262,564		258,968		—		(3,596	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		ILS	442		128,000		129,617		1,617		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		ILS	302		89,026		88,438		—		(588	)
Japanese Yen,
Expiring 01/19/21	Citibank, N.A.		JPY	14,724		140,155		140,810		655		—
Expiring 01/19/21	HSBC Bank USA, N.A.		JPY	8,970		85,157		85,781		624		—
Expiring 01/19/21	JPMorgan Chase Bank, N.A.		JPY	16,261		156,000		155,508		—		(492	)
Expiring 01/19/21	JPMorgan Chase Bank, N.A.		JPY	2,703		25,650		25,850		200		—
Expiring 01/19/21	The Toronto-Dominion Bank		JPY	49,573		471,259		474,081		2,822		—
Malaysian Ringgit,
Expiring 12/16/20	Barclays Bank PLC		MYR	2,226		533,949		533,599		—		(350	)
Expiring 12/16/20	Barclays Bank PLC		MYR	642		155,000		153,873		—		(1,127	)
Expiring 12/16/20	Barclays Bank PLC		MYR	316		76,010		75,658		—		(352	)
Expiring 12/16/20	Barclays Bank PLC		MYR	133		32,000		31,863		—		(137	)
Mexican Peso,
Expiring 12/16/20	Bank of America, N.A.		MXN	3,020		135,976		141,632		5,656		—

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 27

Schedule of Investments (continued)

as of October 31, 2020

Forward foreign currency exchange contracts outstanding at October 31, 2020 (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 12/16/20	Citibank, N.A.		MXN	49,100	$	2,226,865	$	2,302,746	$	75,881	$	—
Expiring 12/16/20	Citibank, N.A.		MXN	1,483		69,000		69,556		556		—
Expiring 12/16/20	Goldman Sachs International		MXN	3,147		138,568		147,582		9,014		—
Expiring 12/16/20	HSBC Bank USA, N.A.		MXN	6,815		320,800		319,630		—		(1,170	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		MXN	7,120		330,442		333,902		3,460		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		MXN	3,311		157,000		155,264		—		(1,736	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		MXN	2,992		140,155		140,318		163		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		MXN	2,989		136,023		140,193		4,170		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		MXN	2,962		133,007		138,932		5,925		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		MXN	2,103		94,450		98,650		4,200		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		MXN	1,846		84,000		86,593		2,593		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		MXN	1,810		85,000		84,891		—		(109	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		MXN	1,763		83,000		82,673		—		(327	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		MXN	1,515		71,000		71,043		43		—
Expiring 12/16/20	Morgan Stanley & Co. International PLC		MXN	3,017		140,155		141,506		1,351		—
Expiring 12/16/20	Morgan Stanley & Co. International PLC		MXN	2,409		110,000		112,967		2,967		—
New Taiwanese Dollar,
Expiring 12/16/20	Credit Suisse International		TWD	8,711		303,000		308,246		5,246		—
Expiring 12/16/20	Credit Suisse International		TWD	5,371		189,000		190,079		1,079		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		TWD	1,584		55,124		56,037		913		—
Expiring 12/16/20	UBS AG		TWD	38,767		1,333,121		1,371,865		38,744		—
New Zealand Dollar,
Expiring 01/20/21	JPMorgan Chase Bank, N.A.		NZD	186		122,750		123,213		463		—
Peruvian Nuevo Sol,
Expiring 12/16/20	Citibank, N.A.		PEN	750		212,000		207,586		—		(4,414	)
Expiring 12/16/20	Citibank, N.A.		PEN	688		195,000		190,216		—		(4,784	)
Expiring 12/16/20	Citibank, N.A.		PEN	521		146,000		144,038		—		(1,962	)

See Notes to Financial Statements.

28

Forward foreign currency exchange contracts outstanding at October 31, 2020 (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.):
Peruvian Nuevo Sol (cont’d.),
Expiring 12/16/20	Citibank, N.A.		PEN	488	$	137,613	$	135,022	$	—	$	(2,591	)
Expiring 12/16/20	Citibank, N.A.		PEN	430		121,000		118,877		—		(2,123	)
Expiring 12/16/20	Citibank, N.A.		PEN	256		71,214		70,866		—		(348	)
Philippine Peso,
Expiring 11/16/20	HSBC Bank USA, N.A.		PHP	6,845		140,155		140,959		804		—
Expiring 12/16/20	Barclays Bank PLC		PHP	3,122		64,110		64,252		142		—
Expiring 12/16/20	Citibank, N.A.		PHP	13,044		268,000		268,460		460		—
Expiring 12/16/20	Goldman Sachs International		PHP	12,993		268,000		267,423		—		(577	)
Expiring 12/16/20	Goldman Sachs International		PHP	7,870		161,000		161,972		972		—
Expiring 12/16/20	HSBC Bank USA, N.A.		PHP	13,948		286,000		287,072		1,072		—
Expiring 12/16/20	HSBC Bank USA, N.A.		PHP	10,036		205,000		206,556		1,556		—
Expiring 12/16/20	HSBC Bank USA, N.A.		PHP	8,545		174,720		175,869		1,149		—
Expiring 12/16/20	HSBC Bank USA, N.A.		PHP	7,889		161,280		162,371		1,091		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		PHP	9,158		188,000		188,493		493		—
Polish Zloty,
Expiring 01/19/21	Bank of America, N.A.		PLN	1,545		398,022		390,436		—		(7,586	)
Expiring 01/19/21	Barclays Bank PLC		PLN	600		156,000		151,598		—		(4,402	)
Expiring 01/19/21	Goldman Sachs International		PLN	178		45,910		45,032		—		(878	)
Expiring 01/19/21	HSBC Bank USA, N.A.		PLN	6,829		1,793,597		1,725,589		—		(68,008	)
Expiring 01/19/21	JPMorgan Chase Bank, N.A.		PLN	410		106,000		103,526		—		(2,474	)
Romanian Leu,
Expiring 01/19/21	Bank of America, N.A.		RON	525		126,077		125,126		—		(951	)
Expiring 01/19/21	Goldman Sachs International		RON	544		129,594		129,565		—		(29	)
Expiring 01/19/21	HSBC Bank USA, N.A.		RON	513		123,231		122,194		—		(1,037	)
Expiring 01/19/21	JPMorgan Chase Bank, N.A.		RON	349		83,446		83,138		—		(308	)
Russian Ruble,
Expiring 12/16/20	Barclays Bank PLC		RUB	9,643		125,000		120,717		—		(4,283	)
Expiring 12/16/20	Barclays Bank PLC		RUB	5,425		71,000		67,918		—		(3,082	)
Expiring 12/16/20	Barclays Bank PLC		RUB	4,673		60,000		58,505		—		(1,495	)
Expiring 12/16/20	Citibank, N.A.		RUB	3,468		46,323		43,419		—		(2,904	)
Expiring 12/16/20	Citibank, N.A.		RUB	1,393		18,123		17,442		—		(681	)
Expiring 12/16/20	Citibank, N.A.		RUB	597		7,660		7,477		—		(183	)
Expiring 12/16/20	Goldman Sachs International		RUB	4,922		62,919		61,620		—		(1,299	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 29

Schedule of Investments (continued)

as of October 31, 2020

Forward foreign currency exchange contracts outstanding at October 31, 2020 (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 12/16/20	JPMorgan Chase Bank, N.A.		RUB	2,689	$	35,910	$	33,662	$	—	$	(2,248	)
Expiring 12/16/20	Morgan Stanley & Co. International PLC		RUB	142,656		1,859,501		1,785,946		—		(73,555	)
Expiring 12/16/20	Morgan Stanley & Co. International PLC		RUB	9,963		131,000		124,723		—		(6,277	)
Expiring 12/16/20	Morgan Stanley & Co. International PLC		RUB	9,694		126,000		121,367		—		(4,633	)
Expiring 12/16/20	Morgan Stanley & Co. International PLC		RUB	8,491		114,016		106,305		—		(7,711	)
Expiring 12/16/20	Morgan Stanley & Co. International PLC		RUB	6,369		83,000		79,729		—		(3,271	)
Expiring 12/16/20	Morgan Stanley & Co. International PLC		RUB	5,929		75,805		74,221		—		(1,584	)
Expiring 12/16/20	Morgan Stanley & Co. International PLC		RUB	4,165		55,131		52,138		—		(2,993	)
Expiring 12/16/20	Morgan Stanley & Co. International PLC		RUB	4,164		55,000		52,128		—		(2,872	)
Singapore Dollar,
Expiring 12/16/20	BNP Paribas S.A.		SGD	75		55,175		54,798		—		(377	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		SGD	2,155		1,578,444		1,577,329		—		(1,115	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		SGD	186		136,285		136,058		—		(227	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		SGD	31		23,010		22,913		—		(97	)
South African Rand,
Expiring 12/17/20	Barclays Bank PLC		ZAR	1,105		67,000		67,531		531		—
Expiring 12/17/20	Barclays Bank PLC		ZAR	419		25,103		25,602		499		—
Expiring 12/17/20	Deutsche Bank AG		ZAR	754		44,862		46,067		1,205		—
Expiring 12/17/20	JPMorgan Chase Bank, N.A.		ZAR	2,405		144,502		146,973		2,471		—
Expiring 12/17/20	JPMorgan Chase Bank, N.A.		ZAR	1,099		65,000		67,127		2,127		—
Expiring 12/17/20	Morgan Stanley & Co. International PLC		ZAR	2,041		125,000		124,730		—		(270	)
South Korean Won,
Expiring 12/16/20	Barclays Bank PLC		KRW	100,231		87,956		88,159		203		—
Expiring 12/16/20	Citibank, N.A.		KRW	121,359		105,566		106,742		1,176		—
Expiring 12/16/20	HSBC Bank USA, N.A.		KRW	1,110,850		934,336		977,057		42,721		—
Expiring 12/16/20	HSBC Bank USA, N.A.		KRW	252,805		217,000		222,356		5,356		—

See Notes to Financial Statements.

30

Forward foreign currency exchange contracts outstanding at October 31, 2020 (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 12/16/20	JPMorgan Chase Bank, N.A.		KRW	797,827	$	670,853	$	701,734	$	30,881	$	—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		KRW	193,591		164,349		170,274		5,925		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		KRW	169,687		146,000		149,249		3,249		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		KRW	162,206		138,413		142,670		4,257		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		KRW	160,864		138,568		141,489		2,921		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		KRW	128,417		109,566		112,950		3,384		—
Expiring 12/16/20	Morgan Stanley & Co. International PLC		KRW	42,877		36,822		37,712		890		—
Thai Baht,
Expiring 12/16/20	Citibank, N.A.		THB	29,649		940,018		951,065		11,047		—
Expiring 12/16/20	Citibank, N.A.		THB	8,440		266,698		270,747		4,049		—
Expiring 12/16/20	Credit Suisse International		THB	13,761		438,388		441,416		3,028		—
Expiring 12/16/20	HSBC Bank USA, N.A.		THB	5,165		164,436		165,674		1,238		—
Expiring 12/16/20	HSBC Bank USA, N.A.		THB	4,845		155,000		155,409		409		—
Expiring 12/16/20	HSBC Bank USA, N.A.		THB	1,721		55,262		55,206		—		(56	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		THB	18,961		602,885		608,210		5,325		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		THB	17,826		566,625		571,811		5,186		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		THB	5,206		166,262		166,995		733		—
Turkish Lira,
Expiring 12/16/20	Barclays Bank PLC		TRY	1,811		215,000		211,086		—		(3,914	)
Expiring 12/16/20	Barclays Bank PLC		TRY	1,567		201,350		182,635		—		(18,715	)
Expiring 12/16/20	Barclays Bank PLC		TRY	1,535		190,000		178,857		—		(11,143	)
Expiring 12/16/20	Barclays Bank PLC		TRY	1,162		137,000		135,354		—		(1,646	)
Expiring 12/16/20	Barclays Bank PLC		TRY	821		102,000		95,719		—		(6,281	)
Expiring 12/16/20	Barclays Bank PLC		TRY	117		15,246		13,648		—		(1,598	)
Expiring 12/16/20	HSBC Bank USA, N.A.		TRY	947		118,082		110,382		—		(7,700	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		TRY	1,838		214,890		214,137		—		(753	)
Expiring 12/16/20	Morgan Stanley & Co. International PLC		TRY	3,158		368,865		367,975		—		(890	)
Expiring 12/16/20	Morgan Stanley & Co. International PLC		TRY	827		102,000		96,376		—		(5,624	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 31

Schedule of Investments (continued)

as of October 31, 2020

Forward foreign currency exchange contracts outstanding at October 31, 2020 (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.):
Ukraine Hryvna,
Expiring 01/11/21	Citibank, N.A.		UAH	1,175	$	40,569	$	40,255	$	—	$	(314	)
					$	53,695,551	$	53,722,193		579,337		(552,695	)
Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 01/20/21	BNP Paribas S.A.		AUD	504	$	357,742	$	354,686	$	3,056	$	—
Expiring 01/20/21	HSBC Bank USA, N.A.		AUD	72		50,791		50,356		435		—
Brazilian Real,
Expiring 11/04/20	Citibank, N.A.		BRL	1,113		199,344		193,881		5,463		—
Expiring 11/04/20	Citibank, N.A.		BRL	427		76,000		74,418		1,582		—
Expiring 11/04/20	Goldman Sachs International		BRL	234		41,418		40,713		705		—
Expiring 11/04/20	JPMorgan Chase Bank, N.A.		BRL	870		154,600		151,530		3,070		—
Expiring 11/04/20	JPMorgan Chase Bank, N.A.		BRL	383		69,000		66,812		2,188		—
Expiring 11/04/20	Morgan Stanley & Co. International PLC		BRL	12,408		2,203,702		2,161,856		41,846		—
Expiring 11/04/20	Morgan Stanley & Co. International PLC		BRL	817		146,207		142,340		3,867		—
Expiring 11/04/20	UBS AG		BRL	341		61,000		59,464		1,536		—
Expiring 12/02/20	JPMorgan Chase Bank, N.A.		BRL	385		68,000		66,910		1,090		—
Expiring 12/02/20	Morgan Stanley & Co. International PLC		BRL	1,300		224,000		226,194		—		(2,194	)
Expiring 12/02/20	Morgan Stanley & Co. International PLC		BRL	416		72,000		72,425		—		(425	)
Chilean Peso,
Expiring 12/16/20	BNP Paribas S.A.		CLP	207,330		270,366		268,087		2,279		—
Expiring 12/16/20	BNP Paribas S.A.		CLP	65,354		83,000		84,506		—		(1,506	)
Expiring 12/16/20	Citibank, N.A.		CLP	42,119		52,915		54,461		—		(1,546	)
Expiring 12/16/20	Goldman Sachs International		CLP	28,803		37,212		37,244		—		(32	)
Expiring 12/16/20	Goldman Sachs International		CLP	27,131		34,441		35,081		—		(640	)
Expiring 12/16/20	HSBC Bank USA, N.A.		CLP	298,353		387,990		385,784		2,206		—
Expiring 12/16/20	HSBC Bank USA, N.A.		CLP	65,270		82,000		84,397		—		(2,397	)

See Notes to Financial Statements.

32

Forward foreign currency exchange contracts outstanding at October 31, 2020 (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.):
Chilean Peso (cont’d.),
Expiring 12/16/20	HSBC Bank USA, N.A.		CLP	58,772	$	74,678	$	75,994	$	—	$	(1,316	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		CLP	106,161		134,281		137,271		—		(2,990	)
Expiring 12/16/20	Morgan Stanley & Co. International PLC		CLP	113,072		141,000		146,208		—		(5,208	)
Chinese Renminbi,
Expiring 11/06/20	Citibank, N.A.		CNH	1,937		288,113		289,191		—		(1,078	)
Expiring 11/06/20	Citibank, N.A.		CNH	1,722		248,000		257,050		—		(9,050	)
Expiring 11/06/20	Credit Suisse International		CNH	3,665		544,000		547,065		—		(3,065	)
Expiring 11/06/20	Goldman Sachs International		CNH	1,681		245,000		250,967		—		(5,967	)
Expiring 11/06/20	HSBC Bank USA, N.A.		CNH	4,450		648,137		664,279		—		(16,142	)
Expiring 11/06/20	HSBC Bank USA, N.A.		CNH	3,957		592,575		590,706		1,869		—
Expiring 11/06/20	HSBC Bank USA, N.A.		CNH	3,588		535,000		535,565		—		(565	)
Expiring 11/06/20	HSBC Bank USA, N.A.		CNH	2,951		437,970		440,429		—		(2,459	)
Expiring 11/06/20	HSBC Bank USA, N.A.		CNH	2,050		301,362		305,928		—		(4,566	)
Expiring 11/06/20	HSBC Bank USA, N.A.		CNH	1,482		223,000		221,238		1,762		—
Expiring 11/06/20	HSBC Bank USA, N.A.		CNH	1,162		173,000		173,423		—		(423	)
Expiring 11/06/20	HSBC Bank USA, N.A.		CNH	1,134		170,000		169,253		747		—
Expiring 11/06/20	HSBC Bank USA, N.A.		CNH	992		144,439		148,036		—		(3,597	)
Expiring 11/06/20	HSBC Bank USA, N.A.		CNH	963		142,000		143,798		—		(1,798	)
Expiring 11/06/20	JPMorgan Chase Bank, N.A.		CNH	2,533		373,661		378,153		—		(4,492	)
Expiring 11/06/20	UBS AG		CNH	1,005		147,000		149,958		—		(2,958	)
Expiring 05/14/21	JPMorgan Chase Bank, N.A.		CNH	4,640		666,044		683,383		—		(17,339	)
Colombian Peso,
Expiring 12/16/20	BNP Paribas S.A.		COP	671,937		179,153		173,243		5,910		—
Expiring 12/16/20	BNP Paribas S.A.		COP	283,135		74,075		72,999		1,076		—
Expiring 12/16/20	Citibank, N.A.		COP	1,044,688		270,513		269,348		1,165		—
Expiring 12/16/20	Citibank, N.A.		COP	515,309		133,349		132,860		489		—
Expiring 12/16/20	Citibank, N.A.		COP	331,840		88,607		85,558		3,049		—
Expiring 12/16/20	Citibank, N.A.		COP	215,176		57,580		55,478		2,102		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		COP	747,309		194,073		192,675		1,398		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		COP	423,493		114,316		109,188		5,128		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		COP	356,296		95,753		91,863		3,890		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		COP	335,649		86,889		86,540		349		—

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 33

Schedule of Investments (continued)

as of October 31, 2020

Forward foreign currency exchange contracts outstanding at October 31, 2020 (continued):

Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Czech Koruna,
Expiring 01/19/21	Bank of America, N.A.		CZK	5,186	$	222,672	$	222,046	$	626	$	—
Expiring 01/19/21	Barclays Bank PLC		CZK	2,546		109,000		109,016		—		(16	)
Expiring 01/19/21	JPMorgan Chase Bank, N.A.		CZK	3,105		133,000		132,954		46		—
Expiring 01/19/21	JPMorgan Chase Bank, N.A.		CZK	3,015		129,000		129,063		—		(63	)
Expiring 01/19/21	JPMorgan Chase Bank, N.A.		CZK	1,593		68,113		68,202		—		(89	)
Hungarian Forint,
Expiring 01/19/21	Barclays Bank PLC		HUF	41,891		134,000		132,873		1,127		—
Expiring 01/19/21	Goldman Sachs International		HUF	49,517		159,713		157,061		2,652		—
Expiring 01/19/21	Goldman Sachs International		HUF	18,393		59,652		58,341		1,311		—
Indian Rupee,
Expiring 12/16/20	Citibank, N.A.		INR	10,429		141,000		139,283		1,717		—
Expiring 12/16/20	Goldman Sachs International		INR	18,280		248,000		244,144		3,856		—
Expiring 12/16/20	Morgan Stanley & Co. International PLC		INR	10,642		144,000		142,126		1,874		—
Indonesian Rupiah,
Expiring 12/16/20	Goldman Sachs International		IDR	1,859,064		123,748		125,183		—		(1,435	)
Expiring 12/16/20	HSBC Bank USA, N.A.		IDR	15,662,461		1,043,156		1,054,653		—		(11,497	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		IDR	3,027,481		204,380		203,859		521		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		IDR	1,905,830		126,440		128,332		—		(1,892	)
Israeli Shekel,
Expiring 12/16/20	Citibank, N.A.		ILS	680		199,000		199,513		—		(513	)
Expiring 12/16/20	Citibank, N.A.		ILS	422		123,000		123,672		—		(672	)
Malaysian Ringgit,
Expiring 12/16/20	Barclays Bank PLC		MYR	611		146,209		146,478		—		(269	)
Expiring 12/16/20	Goldman Sachs International		MYR	229		55,000		54,864		136		—
Mexican Peso,
Expiring 12/16/20	Deutsche Bank AG		MXN	12,762		593,201		598,547		—		(5,346	)
Expiring 12/16/20	Goldman Sachs International		MXN	3,118		138,568		146,220		—		(7,652	)
Expiring 12/16/20	Goldman Sachs International		MXN	2,701		121,300		126,683		—		(5,383	)

See Notes to Financial Statements.

34

Forward foreign currency exchange contracts outstanding at October 31, 2020 (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 12/16/20	Goldman Sachs International		MXN	1,728	$	78,293	$	81,060	$	—	$	(2,767	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		MXN	4,146		193,957		194,461		—		(504	)
Expiring 12/16/20	Morgan Stanley & Co. International PLC		MXN	965		43,318		45,258		—		(1,940	)
New Taiwanese Dollar,
Expiring 12/16/20	Barclays Bank PLC		TWD	4,809		169,327		170,179		—		(852	)
Expiring 12/16/20	Credit Suisse International		TWD	15,443		541,000		546,484		—		(5,484	)
Expiring 12/16/20	Credit Suisse International		TWD	9,106		322,000		322,220		—		(220	)
Expiring 12/16/20	Credit Suisse International		TWD	7,958		280,000		281,613		—		(1,613	)
Expiring 12/16/20	Credit Suisse International		TWD	6,311		222,000		223,345		—		(1,345	)
Expiring 12/16/20	Credit Suisse International		TWD	4,492		155,000		158,945		—		(3,945	)
Expiring 12/16/20	HSBC Bank USA, N.A.		TWD	14,356		502,000		508,022		—		(6,022	)
Expiring 12/16/20	HSBC Bank USA, N.A.		TWD	13,876		482,000		491,028		—		(9,028	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		TWD	19,891		701,000		703,897		—		(2,897	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		TWD	11,308		396,000		400,152		—		(4,152	)
Expiring 12/16/20	Morgan Stanley & Co. International PLC		TWD	14,755		518,000		522,133		—		(4,133	)
New Zealand Dollar,
Expiring 01/20/21	Citibank, N.A.		NZD	143		94,000		94,551		—		(551	)
Expiring 01/20/21	Citibank, N.A.		NZD	42		28,014		28,017		—		(3	)
Peruvian Nuevo Sol,
Expiring 12/16/20	BNP Paribas S.A.		PEN	697		192,288		192,793		—		(505	)
Expiring 12/16/20	Citibank, N.A.		PEN	3,138		887,698		868,060		19,638		—
Expiring 12/16/20	Citibank, N.A.		PEN	384		106,680		106,229		451		—
Expiring 12/16/20	Citibank, N.A.		PEN	251		70,000		69,480		520		—
Expiring 12/16/20	Citibank, N.A.		PEN	197		55,000		54,618		382		—
Expiring 12/16/20	Goldman Sachs International		PEN	200		55,281		55,320		—		(39	)
Expiring 12/16/20	Goldman Sachs International		PEN	184		51,179		50,963		216		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		PEN	825		232,669		228,114		4,555		—

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 35

Schedule of Investments (continued)

as of October 31, 2020

Forward foreign currency exchange contracts outstanding at October 31, 2020 (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.):
Philippine Peso,
Expiring 12/16/20	HSBC Bank USA, N.A.		PHP	26,714	$	551,000	$	549,824	$	1,176	$	—
Expiring 12/16/20	HSBC Bank USA, N.A.		PHP	17,009		351,000		350,081		919		—
Expiring 12/16/20	HSBC Bank USA, N.A.		PHP	13,557		279,000		279,025		—		(25	)
Expiring 12/16/20	HSBC Bank USA, N.A.		PHP	6,977		144,000		143,589		411		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		PHP	26,767		548,429		550,905		—		(2,476	)
Polish Zloty,
Expiring 01/19/21	Citibank, N.A.		PLN	398		104,069		100,604		3,465		—
Expiring 01/19/21	HSBC Bank USA, N.A.		PLN	472		123,000		119,302		3,698		—
Romanian Leu,
Expiring 01/19/21	Goldman Sachs International		RON	551		131,942		131,252		690		—
Russian Ruble,
Expiring 12/16/20	Citibank, N.A.		RUB	9,846		124,000		123,259		741		—
Expiring 12/16/20	Citibank, N.A.		RUB	4,329		57,000		54,199		2,801		—
Expiring 12/16/20	Goldman Sachs International		RUB	6,020		75,370		75,360		10		—
Singapore Dollar,
Expiring 12/16/20	BNP Paribas S.A.		SGD	225		165,000		164,806		194		—
Expiring 12/16/20	Credit Suisse International		SGD	226		165,000		165,089		—		(89	)
Expiring 12/16/20	Credit Suisse International		SGD	218		158,000		159,500		—		(1,500	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		SGD	369		271,000		270,493		507		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		SGD	213		157,000		156,264		736		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		SGD	212		154,000		154,938		—		(938	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		SGD	209		153,000		153,313		—		(313	)
Expiring 12/16/20	The Toronto-Dominion Bank		SGD	208		151,000		152,274		—		(1,274	)
South African Rand,
Expiring 12/17/20	Barclays Bank PLC		ZAR	11,760		694,682		718,589		—		(23,907	)
Expiring 12/17/20	Citibank, N.A.		ZAR	16,906		1,008,502		1,032,997		—		(24,495	)
Expiring 12/17/20	Citibank, N.A.		ZAR	2,819		163,171		172,271		—		(9,100	)
Expiring 12/17/20	Citibank, N.A.		ZAR	2,308		133,318		140,998		—		(7,680	)
Expiring 12/17/20	Goldman Sachs International		ZAR	1,123		66,738		68,642		—		(1,904	)
Expiring 12/17/20	JPMorgan Chase Bank, N.A.		ZAR	11,299		670,045		690,410		—		(20,365	)

See Notes to Financial Statements.

36

Forward foreign currency exchange contracts outstanding at October 31, 2020 (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 12/17/20	JPMorgan Chase Bank, N.A.		ZAR	2,301	$	136,141	$	140,622	$	—	$	(4,481	)
Expiring 12/17/20	JPMorgan Chase Bank, N.A.		ZAR	868		53,157		53,057		100		—
Expiring 12/17/20	Morgan Stanley & Co. International PLC		ZAR	2,699		162,919		164,912		—		(1,993	)
Expiring 12/17/20	Morgan Stanley & Co. International PLC		ZAR	1,684		101,371		102,868		—		(1,497	)
South Korean Won,
Expiring 12/16/20	Citibank, N.A.		KRW	221,651		187,000		194,955		—		(7,955	)
Expiring 12/16/20	Credit Suisse International		KRW	159,705		141,000		140,470		530		—
Expiring 12/16/20	HSBC Bank USA, N.A.		KRW	190,233		167,000		167,321		—		(321	)
Expiring 12/16/20	HSBC Bank USA, N.A.		KRW	177,804		157,000		156,389		611		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		KRW	163,692		144,000		143,976		24		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		KRW	157,639		138,413		138,652		—		(239	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		KRW	121,584		107,000		106,940		60		—
Expiring 12/16/20	Morgan Stanley & Co. International PLC		KRW	197,965		170,000		174,121		—		(4,121	)
Expiring 12/16/20	Morgan Stanley & Co. International PLC		KRW	113,460		100,000		99,795		205		—
Thai Baht,
Expiring 12/16/20	BNP Paribas S.A.		THB	4,272		137,000		137,020		—		(20	)
Expiring 12/16/20	Citibank, N.A.		THB	8,116		259,000		260,349		—		(1,349	)
Expiring 12/16/20	Citibank, N.A.		THB	4,640		146,000		148,826		—		(2,826	)
Expiring 12/16/20	Credit Suisse International		THB	4,729		149,000		151,707		—		(2,707	)
Expiring 12/16/20	Goldman Sachs International		THB	870		27,459		27,907		—		(448	)
Expiring 12/16/20	HSBC Bank USA, N.A.		THB	9,245		292,000		296,546		—		(4,546	)
Expiring 12/16/20	HSBC Bank USA, N.A.		THB	4,950		156,000		158,783		—		(2,783	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		THB	5,048		159,000		161,914		—		(2,914	)
Turkish Lira,
Expiring 12/16/20	Barclays Bank PLC		TRY	1,511		196,589		176,116		20,473		—
Expiring 12/16/20	Barclays Bank PLC		TRY	1,511		194,265		176,117		18,148		—
Expiring 12/16/20	Barclays Bank PLC		TRY	1,362		177,690		158,709		18,981		—
Expiring 12/16/20	Barclays Bank PLC		TRY	1,129		147,612		131,603		16,009		—
Expiring 12/16/20	Barclays Bank PLC		TRY	1,120		145,753		130,489		15,264		—

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 37

Schedule of Investments (continued)

as of October 31, 2020

Forward foreign currency exchange contracts outstanding at October 31, 2020 (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.):
Turkish Lira (cont’d.),
Expiring 12/16/20	Barclays Bank PLC		TRY	1,065	$	133,000	$	124,113	$	8,887	$	—
Expiring 12/16/20	Barclays Bank PLC		TRY	919		119,000		107,041		11,959		—
Expiring 12/16/20	Barclays Bank PLC		TRY	710		92,000		82,749		9,251		—
Expiring 12/16/20	Barclays Bank PLC		TRY	662		82,000		77,096		4,904		—
Expiring 12/16/20	Barclays Bank PLC		TRY	620		78,000		72,285		5,715		—
Expiring 12/16/20	Barclays Bank PLC		TRY	577		74,000		67,239		6,761		—
Expiring 12/16/20	Goldman Sachs International		TRY	304		38,554		35,438		3,116		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		TRY	1,057		136,200		123,119		13,081		—
					$	34,298,541	$	34,296,075		307,312		(304,846	)
									$	886,649	$	(857,541	)

Cross currency exchange contracts outstanding at October 31, 2020:

Settlement	Type	Notional Amount (000)		In Exchange For (000)		Unrealized Appreciation		Unrealized Depreciation			Counterparty
OTC Cross Currency Exchange Contracts:
01/20/21	Buy	EUR	149	AUD	248	$	—	$	(255	)	JPMorgan Chase Bank, N.A.

Interest rate swap agreements outstanding at October 31, 2020:

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at October 31, 2020			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
BRL	6,947		01/02/23	5.690%(T)	1 Day BROIS(2)(T)	$	—		$	49,901		$	49,901
BRL	1,374		01/02/24	4.590%(T)	1 Day BROIS(2)(T)		—			(8,931	)		(8,931	)
BRL	5,769		01/02/25	5.755%(T)	1 Day BROIS(2)(T)		—			(17,483	)		(17,483	)
BRL	1,466		01/02/25	5.820%(T)	1 Day BROIS(2)(T)		—			(4,374	)		(4,374	)
BRL	1,478		01/02/25	5.840%(T)	1 Day BROIS(2)(T)		—			(1,689	)		(1,689	)
BRL	1,158		01/02/25	6.365%(T)	1 Day BROIS(2)(T)		—			(1,770	)		(1,770	)
BRL	668		01/04/27	6.325%(T)	1 Day BROIS(2)(T)		—			(7,051	)		(7,051	)
BRL	1,056		01/04/27	6.529%(T)	1 Day BROIS(2)(T)		—			(5,580	)		(5,580	)
CNH	2,100		06/15/25	2.175%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(2	)		(5,722	)		(5,720	)
CNH	3,515		06/19/25	2.200%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(5	)		(9,095	)		(9,090	)

See Notes to Financial Statements.

38

Interest rate swap agreements outstanding at October 31, 2020 (continued):

Notional Amount (000)#			Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at October 31, 2020			Unrealized Appreciation (Depreciation)
	Centrally Cleared Interest Rate Swap Agreements (cont’d.):
	CNH	3,085		10/30/25	2.535%(Q)	7 Day China Fixing Repo Rates(2)(Q)	$	23		$	(1,459	)	$	(1,482	)
	COP	950,000		12/12/23	5.530%(Q)	1 Day COOIS(2)(Q)		—			23,536			23,536
	COP	7,442,000		12/19/24	4.900%(Q)	1 Day COOIS(1)(Q)		(10,911	)		(160,213	)		(149,302	)
	COP	2,400,000		03/03/25	4.525%(Q)	1 Day COOIS(1)(Q)		—			(42,991	)		(42,991	)
	COP	5,300,000		03/27/25	4.300%(Q)	1 Day COOIS(2)(Q)		4,633			79,215			74,582
	COP	1,900,000		04/28/25	3.830%(Q)	1 Day COOIS(2)(Q)		99			17,344			17,245
	COP	1,700,000		05/11/25	3.550%(Q)	1 Day COOIS(2)(Q)		4,000			11,650			7,650
	COP	800,000		08/05/25	3.005%(Q)	1 Day COOIS(2)(Q)		—			(291	)		(291	)
	KRW	1,200,000		01/20/25	1.425%(Q)	3 Month KWCDC(2)(Q)		7			22,176			22,169
	KRW	800,000		04/03/25	1.077%(Q)	3 Month KWCDC(2)(Q)		977			4,347			3,370
	KRW	300,000		04/23/25	0.975%(Q)	3 Month KWCDC(2)(Q)		1			328			327
	MXN	20,156		03/20/24	7.702%(M)	28 Day Mexican Interbank Rate(2)(M)		3,654			88,670			85,016
	MXN	27,450		02/03/25	6.405%(M)	28 Day Mexican Interbank Rate(2)(M)		—			71,545			71,545
	MXN	6,470		02/26/25	6.145%(M)	28 Day Mexican Interbank Rate(2)(M)		9			13,827			13,818
	MXN	1,757		03/03/25	6.090%(M)	28 Day Mexican Interbank Rate(2)(M)		3			3,555			3,552
	MXN	1,757		03/03/25	6.140%(M)	28 Day Mexican Interbank Rate(2)(M)		2			3,722			3,720
	MXN	27,880		05/02/25	5.285%(M)	28 Day Mexican Interbank Rate(2)(M)		82			12,615			12,533
	MXN	14,927		07/14/25	4.880%(M)	28 Day Mexican Interbank Rate(2)(M)		(614	)		(6,281	)		(5,667	)
	MXN	16,040		01/28/30	6.640%(M)	28 Day Mexican Interbank Rate(2)(M)		—			48,268			48,268
	PLN	2,700		07/24/24	1.798%(A)	6 Month WIBOR(2)(S)		—			39,808			39,808
	PLN	3,062		08/31/25	0.715%(A)	6 Month WIBOR(1)(S)		(3,780	)		(9,809	)		(6,029	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 39

Schedule of Investments (continued)

as of October 31, 2020

Interest rate swap agreements outstanding at October 31, 2020 (continued):

Notional Amount (000)#			Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at October 31, 2020			Unrealized Appreciation (Depreciation)
	Centrally Cleared Interest Rate Swap Agreements (cont’d.):
	ZAR	4,500		06/25/25	5.010%(Q)	3 Month JIBAR(2)(Q)	$	(29	)	$	4,112		$	4,141
	ZAR	11,525		08/21/25	4.978%(Q)	3 Month JIBAR(1)(Q)		522			(8,184	)		(8,706	)
	ZAR	4,220		09/16/25	5.186%(Q)	3 Month JIBAR(1)(Q)		—			(4,813	)		(4,813	)
	ZAR	3,860		09/16/25	5.215%(Q)	3 Month JIBAR(1)(Q)		—			(4,708	)		(4,708	)
							$	(1,329	)	$	194,175		$	195,504

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	3,700		02/06/25	2.938%(Q)	3 Month KLIBOR(1)(Q)		$	(39,013	)		$	(15	)		$	(38,998	)	Morgan Stanley & Co. International PLC
	MYR	2,800		08/28/25	2.105%(Q)	3 Month KLIBOR(1)(Q)			(4,325	)			12				(4,337	)	Citibank, N.A.
	RUB	50,000		08/19/23	5.100%(A)	3 Month MosPRIME(2)(Q)			(1,154	)			(9	)			(1,145	)	Goldman Sachs International
	RUB	46,000		03/04/25	6.305%(A)	3 Month MosPRIME(2)(Q)			37,728				(1	)			37,729		Goldman Sachs International
	RUB	46,000		06/17/25	6.150%(A)	3 Month MosPRIME(2)(Q)			24,236				—				24,236		Goldman Sachs International
	RUB	83,000		06/17/25	7.733%(A)	3 Month MosPRIME(2)(Q)			118,339				—				118,339		Goldman Sachs International
								$	135,811			$	(13	)		$	135,824

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

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

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

	Premiums Paid		Premiums Received		Unrealized Appreciation	Unrealized Depreciation
OTC Swap Agreements		$12		$(25)	$180,304		$	(44,480	)

See Notes to Financial Statements.

40

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.		$	800,000		$	—
J.P. Morgan Securities LLC			170,000			—
Total		$	970,000		$	—

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, 2020 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Sovereign Bonds
Angola	$	—	$	343,049	$	—
Argentina		—		291,186		—
Brazil		—		3,073,072		—
Chile		—		1,680,776		—
China		—		5,323,404		—
Colombia		—		2,843,264		—
Czech Republic		—		1,990,499		—
Dominican Republic		—		141,329		—
El Salvador		—		113,820		—
Gabon		—		380,493		—
Ghana		—		287,380		—
Hungary		—		2,165,131		—
Indonesia		—		5,451,214		—
Ivory Coast		—		321,033		—
Malaysia		—		3,814,164		—
Mexico		—		2,700,348		—
Nigeria		—		210,016		—
Pakistan		—		398,554		—
Peru		—		2,235,212		—
Philippines		—		119,813		—
Poland		—		2,937,336		—
Romania		—		1,613,747		—

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 41

Schedule of Investments (continued)

as of October 31, 2020

	Level 1			Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Sovereign Bonds (continued)
Russia	$	—		$	1,637,732		$	—
South Africa		—			5,950,042			—
Thailand		—			4,628,101			—
Turkey		—			974,175			—
Ukraine		—			685,629			—
Uruguay		—			123,872			—
Corporate Bonds
Belarus		—			190,652			—
Brazil		—			412,264			—
Indonesia		—			335,059			—
Jamaica		—			145,704			—
Malaysia		—			196,969			—
Mexico		—			1,225,066			—
Russia		—			1,152,073			—
South Africa		—			381,751			—
Supranational Bank		—			878,760			—
Tunisia		—			179,934			—
Affiliated Mutual Fund		2,133,355			—			—
Total	$	2,133,355		$	57,532,623		$	—
Liabilities
Options Written	$	—		$	(33,291	)	$	—
Other Financial Instruments*
Assets
Futures Contracts	$	10,131		$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—			886,649			—
Centrally Cleared Interest Rate Swap Agreements		—			481,181			—
OTC Interest Rate Swap Agreements		—			180,303			—
Total	$	10,131		$	1,548,133		$	—
Liabilities
Futures Contracts	$	(2,927	)	$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—			(857,541	)		—
OTC Cross Currency Exchange Contracts		—			(255	)		—
Centrally Cleared Interest Rate Swap Agreements		—			(285,677	)		—
OTC Interest Rate Swap Agreements		—			(44,492	)		—
Total	$	(2,927	)	$	(1,187,965	)	$	—

* 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.

See Notes to Financial Statements.

42

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, 2020 were as follows (unaudited):

Sovereign Bonds	84.9	%
Affiliated Mutual Fund	3.5
Investment Companies	1.9
Oil & Gas	1.7
Multi-National	1.4
Telecommunications	1.3
Banks	0.6
Retail	0.3
Lodging	0.3

Chemicals	0.3	%
Electric	0.3
Engineering & Construction	0.2
	96.7
Options Written	(0.1	)
Other assets in excess of liabilities	3.4
	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, 2020 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		$	—		Options written outstanding, at value	$	33,291
Foreign exchange contracts	—		—		Unrealized depreciation on OTC cross currency exchange contracts		255
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		886,649		Unrealized depreciation on OTC forward foreign currency exchange contracts		857,541
Interest rate contracts	Due from/to broker-variation margin futures		10,131	*	Due from/to broker-variation margin futures		2,927	*
Interest rate contracts	Due from/to broker-variation margin swaps		481,181	*	Due from/to broker-variation margin swaps		285,677	*
Interest rate contracts	Premiums paid for OTC swap agreements		12		Premiums received for OTC swap agreements		25

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 43

Schedule of Investments (continued)

as of October 31, 2020

	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	Unrealized appreciation on OTC swap agreements	$	180,304	Unrealized depreciation on OTC swap agreements	$	44,480
		$	1,558,277		$	1,224,196

* 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, 2020 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at  fair value	Options Purchased(1)	Options Written		Futures			Forward &Cross Currency Exchange Contracts			Swaps
Foreign exchange contracts	$(467)	$	37,177	$	—		$	(2,098,604	)	$	—
Interest rate contracts	—		—		(17,247	)		—			999,096
Total	$(467)	$	37,177	$	(17,247	)	$	(2,098,604	)	$	999,096

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

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Written			Futures		Forward & Cross Currency Exchange Contracts			Swaps
Foreign exchange contracts	$	(4,697	)	$	—	$	(246,253	)	$	—
Interest rate contracts		—			7,204		—			73,907
Total	$	(4,697	)	$	7,204	$	(246,253	)	$	73,907

See Notes to Financial Statements.

44

For the year ended October 31, 2020, the Series’ average volume of derivative activities is as follows:

Options Purchased(1)	Options Written(2)		Futures Contracts— Short Positions(2)	Forward Foreign Currency Exchange Contracts—Purchased(3)
$6	$	510,770	$2,980,662	$53,794,662

Forward Foreign Currency Exchange Contracts - Sold(3)	Cross Currency Exchange Contracts(4)	Interest Rate Swap Agreements(2)
$40,859,957	$216,578	$	33,716,251

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

Average volume is based on average quarter end balances as noted for the year ended October 31, 2020.

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 to set-off exists is presented in the summary below.

Offsetting of OTC derivative assets and liabilities:

Counterparty	Gross Amounts of Recognized Assets(1)		Gross Amounts of Recognized Liabilities(1)			Net Amounts of Recognized Assets/(Liabilities)			Collateral Pledged/(Received)(2)			Net Amount
Bank of America, N.A.	$	6,282	$	(19,109	)	$	(12,827	)	$	—		$	(12,827	)
Barclays Bank PLC		143,022		(92,720	)		50,302			—			50,302
BNP Paribas S.A.		19,845		(6,677	)		13,168			—			13,168
Citibank, N.A.		229,790		(143,458	)		86,332			—			86,332
Credit Suisse International		9,883		(19,968	)		(10,085	)		—			(10,085	)
Deutsche Bank AG		1,205		(5,346	)		(4,141	)		—			(4,141	)
Goldman Sachs International		210,774		(30,672	)		180,102			(180,102	)		—
HSBC Bank USA, N.A.		153,835		(152,159	)		1,676			—			1,676
JPMorgan Chase Bank, N.A.		182,205		(216,416	)		(34,211	)		—			(34,211	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 45

Schedule of Investments (continued)

as of October 31, 2020

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
Morgan Stanley & Co. International PLC	$	53,791	$	(243,426	)	$	(189,635	)	$	—		$	(189,635	)
The Toronto-Dominion Bank		2,822		(1,274	)		1,548			—			1,548
UBS AG		53,511		(4,367	)		49,144			—			49,144
	$	1,066,965	$	(935,592	)	$	131,373		$	(180,102	)	$	(48,729	)

(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 market value of financial instruments/transactions and the Series’ OTC derivative exposure by counterparty.

See Notes to Financial Statements.

46

Statement of Assets and Liabilities

as of October 31, 2020

Assets
Investments at value:
Unaffiliated investments (cost $60,085,421)	$	57,532,623
Affiliated investments (cost $2,133,355)		2,133,355
Foreign currency, at value (cost $353,122)		350,220
Dividends and interest receivable		993,842
Deposit with broker for centrally cleared/exchange-traded derivatives		970,000
Unrealized appreciation on OTC forward foreign currency exchange contracts		886,649
Unrealized appreciation on OTC swap agreements		180,304
Tax reclaim receivable		64,674
Receivable for investments sold		16,911
Receivable for Series shares sold		12,262
Due from broker—variation margin futures		2,181
Premiums paid for OTC swap agreements		12
Prepaid expenses and other assets		6,392
Total Assets		63,149,425
Liabilities
Unrealized depreciation on OTC forward foreign currency exchange contracts		857,541
Payable for investments purchased		251,125
Accrued expenses and other liabilities		130,499
Unrealized depreciation on OTC swap agreements		44,480
Options written outstanding, at value (proceeds received $28,594)		33,291
Management fee payable		27,292
Payable for Series shares reacquired		27,259
Due to broker—variation margin swaps		13,773
Distribution fee payable		1,222
Directors’ fees payable		903
Affiliated transfer agent fee payable		499
Unrealized depreciation on OTC cross currency exchange contracts		255
Dividends payable		241
Premiums received for OTC swap agreements		25
Total Liabilities		1,388,405
Net Assets	$	61,761,020
Net assets were comprised of:
Common stock, at par	$	109,887
Paid-in capital in excess of par		69,672,000
Total distributable earnings (loss)		(8,020,867	)
Net assets, October 31, 2020	$	61,761,020

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 47

Statement of Assets and Liabilities

as of October 31, 2020

Class A
Net asset value and redemption price per share, ($3,853,410 ÷ 691,658 shares of common stock issued and outstanding)	$	5.57
Maximum sales charge (3.25% of offering price)		0.19
Maximum offering price to public	$	5.76
Class C
Net asset value, offering price and redemption price per share, ($465,513 ÷ 82,986 shares of common stock issued and outstanding)	$	5.61
Class Z
Net asset value, offering price and redemption price per share, ($57,392,293 ÷ 10,205,156 shares of common stock issued and outstanding)	$	5.62
Class R6
Net asset value, offering price and redemption price per share, ($49,804 ÷ 8,863 shares of common stock issued and outstanding)	$	5.62

See Notes to Financial Statements.

48

Statement of Operations

Year Ended October 31, 2020

Net Investment Income (Loss)
Income
Interest income (net of $60,606 foreign withholding tax)	$	3,300,929
Affiliated dividend income		24,641
Income from securities lending, net (including affiliated income of $23)		24
Total income		3,325,594
Expenses
Management fee		408,951
Distribution fee(a)		13,636
Custodian and accounting fees		140,253
Registration fees(a)		71,844
Transfer agent’s fees and expenses (including affiliated expense of $3,836)(a)		66,766
Audit fee		64,362
Legal fees and expenses		23,029
Shareholders’ reports		20,280
Directors’ fees		11,569
Miscellaneous		20,616
Total expenses		841,306
Less: Fee waiver and/or expense reimbursement(a)		(371,378	)
Net expenses		469,928
Net investment income (loss)		2,855,666
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (net of foreign capital gains taxes $(5,062))		(420,512	)
Futures transactions		(17,247	)
Forward currency contract transactions		(2,098,604	)
Options written transactions		37,177
Swap agreement transactions		999,096
Foreign currency transactions		(3,485,778	)
		(4,985,868	)
Net change in unrealized appreciation (depreciation) on:
Investments (net of change in foreign capital gains taxes $6,980)		(3,705,728	)
Futures		7,204
Forward and cross currency contracts		(246,253	)
Options written		(4,697	)
Swap agreements		73,907
Foreign currencies		60,179
		(3,815,388	)
Net gain (loss) on investment and foreign currency transactions		(8,801,256	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(5,945,590	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 49

Statement of Operations

Year Ended October 31, 2020

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

	Class A			Class C			Class Z			Class R6
Distribution fee		8,796			4,840			—			—
Registration fees		17,645			16,635			20,929			16,635
Transfer agent’s fees and expenses		5,143			1,187			60,363			73
Fee waiver and/or expense reimbursement		(31,872	)		(19,062	)		(303,530	)		(16,914	)

See Notes to Financial Statements.

50

Statements of Changes in Net Assets

	Year Ended October 31,
	2020			2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	2,855,666		$	3,571,535
Net realized gain (loss) on investment and foreign currency transactions		(4,985,868	)		(1,942,406	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(3,815,388	)		8,411,654
Net increase (decrease) in net assets resulting from operations		(5,945,590	)		10,040,783
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		(167,490	)		(3,312	)
Class C		(19,547	)		(502	)
Class Z		(2,965,432	)		(67,701	)
Class R6		(2,195	)		(15	)
		(3,154,664	)		(71,530	)
Series share transactions (Net of share conversions)
Net proceeds from shares sold		25,439,494			18,954,796
Net asset value of shares issued in reinvestment of dividends and distributions		3,077,906			3,793,522
Cost of shares reacquired		(30,057,181	)		(15,260,204	)
Net increase (decrease) in net assets from Series share transactions		(1,539,781	)		7,488,114
Total increase (decrease)		(10,640,035	)		13,716,347
Net Assets:
Beginning of year		72,401,055			58,684,708
End of year	$	61,761,020		$	72,401,055

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 51

Notes to Financial Statements

1. Organization

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 Infrastructure Fund, PGIM Jennison Global Opportunities Fund, PGIM Jennison International Opportunities Fund and PGIM QMA International Equity Fund, each of which are diversified funds for purposes of the 1940 Act and 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 therefore, 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 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.

2. 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.

52

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 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.

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

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

PGIM Emerging Markets Debt Local Currency Fund 53

Notes to Financial Statements (continued)

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.

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

54

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 investment 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 or depreciation on forward and cross currency contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on forward and cross currency contract transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The 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.

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

PGIM Emerging Markets Debt Local Currency Fund 55

Notes to Financial Statements (continued)

premium and the amount received or paid at the closing of a purchase or sale transaction is also treated as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions.

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

When the Series writes an option on a swap, an amount equal to any premium received by the Series is recorded as a liability and is subsequently adjusted to the current market value of the written option on the swap. If a call option on a swap is exercised, the Series becomes obligated to pay a fixed interest rate (noted as the strike price) and receive a variable interest rate on a notional amount. If a put option on a swap is exercised, the Series becomes obligated to pay a variable interest rate and receive a fixed interest rate (noted as the strike price) on a notional amount. Premiums received from writing options on swaps that expire or are exercised are treated as realized gains upon the expiration or exercise of such options on swaps. The risk associated with writing put and call options on swaps is that the Series will be obligated to be party to a swap agreement if an option on a swap is exercised.

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

The Series invested in financial futures contracts in order to hedge its existing portfolio securities, or securities the Series intends to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Series may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements

56

in the price of futures contracts, interest rates and the underlying hedged assets. Since futures contracts are exchange-traded, there is minimal counterparty credit risk to the Series since the exchanges’ clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

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 or depreciation on swap agreements. Centrally cleared swaps pay or receive an amount known as “variation margin”, based on daily changes in the valuation of the swap contract. For OTC-traded, upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.

Interest Rate Swaps: Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. The 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 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.

PGIM Emerging Markets Debt Local Currency Fund 57

Notes to Financial Statements (continued)

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 or re-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.

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

58

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, which are reflected in interest income or unaffiliated dividend income based upon the nature of the payment on the Statement of Operations. 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 in the Statement of Operations.

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. 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

PGIM Emerging Markets Debt Local Currency Fund 59

Notes to Financial Statements (continued)

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.

The Series is subject to foreign income taxes imposed by certain countries in which it invests. Additionally, capital gains realized upon disposition of securities issued in or by certain foreign countries are subject to capital gains tax imposed by those countries. All taxes are computed in accordance with the applicable foreign tax law, and, to the extent permitted, capital losses are used to offset capital gains. Taxes attributable to income are accrued by the Series as a reduction of income. Current and deferred tax expense attributable to capital gains is reflected as a component of realized or change in unrealized gain/loss on securities in the accompanying financial statements. To the extent that the Series has country specific capital loss carryforwards, such carryforwards are applied against net unrealized gains when determining the deferred tax liability. Any deferred tax liability incurred by the Series is included in either Other liabilities or Deferred tax liability on the accompanying Statement of Assets and Liabilities.

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 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.

3. 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 subadvisers’ 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,

60

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, and PGIM Limited (each a subadviser and collectively, the subadvisers). The subadvisory agreement provides that the subadvisers will furnish investment advisory services in connection with the management of the Series. In connection therewith, the subadvisers are obligated to keep certain books and records of the Series. The Manager pays for the services of the subadvisers, 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.

Effective December 13, 2019, the management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.65% of the Series’ average daily net assets up to and including $1 billion; 0.63% from $1 billion to $3 billion of average daily net assets; 0.61% from $3 billion to $5 billion of average daily net assets; 0.60% from $5 billion to $10 billion of average daily net assets; and 0.59% of the average daily net assets exceeding $10 billion. Prior to December 13, 2019, 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 0.67% for the year ended October 31, 2020.

Effective December 1, 2019, the Manager has contractually agreed, through February 28, 2022, to limit total annual operating 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, 0.72% of average daily net assets for Class Z shares and 0.65% of average daily net assets for Class R6 shares. Prior to December 1, 2019, the Manager had contractually agreed to limit total annual operating 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

PGIM Emerging Markets Debt Local Currency Fund 61

Notes to Financial Statements (continued)

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, 2020, PIMS received $529 in front-end sales charges resulting from sales of Class A shares. Additionally, for the year ended October 31, 2020, PIMS received $6 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, PGIM, Inc. and PIMS are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (“Prudential”).

4. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the Series’ 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

62

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 Securities and Exchange Commission (“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, 2020, no 17a-7 transactions were entered into by the Series.

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the year ended October 31, 2020, were $36,268,783 and $38,561,401, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the year ended October 31, 2020, 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*
$2,483,525	$	37,964,556	$	38,314,726	$	—	$	—	$	2,133,355		2,133,355	$	24,641
PGIM Institutional Money Market Fund*
—		152,655		152,655		—		—		—		—		23	**
$2,483,525	$	38,117,211	$	38,467,381	$	—	$	—	$	2,133,355			$	24,664

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

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

6. 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 tax year ended October 31, 2020, the

PGIM Emerging Markets Debt Local Currency Fund 63

Notes to Financial Statements (continued)

adjustments were to decrease total distributable loss and decrease paid-in capital in excess of par by $2,922,362 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, 2020, the tax character of dividends paid by the Series was $3,154,664 of tax return of capital. 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.

As of October 31, 2020, 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, 2020 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Depreciation
$63,605,999	$1,466,631	$(5,072,571)	$(3,605,940)

The difference between book basis and tax basis is primarily attributable to the difference in the treatment of amortization of premiums, swaps, 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, 2020 of approximately $4,412,000 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, 2020 are subject to such review.

7. Capital and Ownership

The Series offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 3.25%. Investors who purchase $500,000 or more of Class A shares and sell those shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1.00% on sales although these purchases are

64

not subject to a front-end sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately 10 years after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

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, below.

The Fund is authorized to issue 5.075 billion shares of common stock, $0.01 par value per share, 550 million of which are designated as shares of the Series. The shares are further classified and designated as follows:

Class A	10,000,000
Class C	50,000,000
Class Z	250,000,000
Class T	190,000,000
Class R6	50,000,000

The Series currently does not have any Class T shares outstanding.

As of October 31, 2020, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Series as follows:

	Number of Shares		Percentage of Outstanding Shares
Class Z		3,655,306		35.8	%
Class R6		180		2.0	%

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

Affiliated		Unaffiliated
Number of Shareholders	Percentage of Outstanding Shares	Number of Shareholders	Percentage of Outstanding Shares
1	33.3%	3	59.7%

PGIM Emerging Markets Debt Local Currency Fund 65

Notes to Financial Statements (continued)

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Year ended October 31, 2020:
Shares sold		151,614		$	859,877
Shares issued in reinvestment of dividends and distributions		28,771			163,559
Shares reacquired		(102,959	)		(560,731	)
Net increase (decrease) in shares outstanding before conversion		77,426			462,705
Shares issued upon conversion from other share class(es)		5,898			31,679
Net increase (decrease) in shares outstanding		83,324		$	494,384
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
Class C
Year ended October 31, 2020:
Shares sold		8,600		$	49,850
Shares issued in reinvestment of dividends and distributions		3,393			19,430
Shares reacquired		(17,874	)		(104,373	)
Net increase (decrease) in shares outstanding before conversion		(5,881	)		(35,093	)
Shares reacquired upon conversion into other share class(es)		(5,855	)		(31,679	)
Net increase (decrease) in shares outstanding		(11,736	)	$	(66,772	)
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	)
Class Z
Year ended October 31, 2020:
Shares sold		4,164,373		$	24,507,148
Shares issued in reinvestment of dividends and distributions		504,320			2,892,722
Shares reacquired		(5,579,432	)		(29,392,019	)
Net increase (decrease) in shares outstanding		(910,739	)	$	(1,992,149	)
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

66

Class R6	Shares			Amount
Year ended October 31, 2020:
Shares sold		3,743		$	22,619
Shares issued in reinvestment of dividends and distributions		386			2,195
Shares reacquired		(9	)		(58	)
Net increase (decrease) in shares outstanding		4,120		$	24,756
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

8. Borrowings

The Fund, on behalf of the Series, along with other affiliated registered investment companies (the “Participating Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.

	Current SCA	Prior SCA
Term of Commitment	10/2/2020 – 9/30/2021	10/3/2019 – 10/1/2020
Total Commitment	$ 1,200,000,000	$ 1,222,500,000*
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.30% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent
* Effective March 31, 2020, the SCA’s total commitment was increased from $900,000,000 to $1,162,500,000 and subsequently, effective April 7, 2020 was increased to $1,222,500,000.

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

The Series utilized the SCA during the year ended October 31, 2020. The average daily balance for the 23 days that the Series had loans outstanding during the period was approximately $1,235,435, borrowed at a weighted average interest rate of 2.14%. The maximum loan outstanding amount during the period was $8,796,000. At October 31, 2020, the Series did not have an outstanding loan amount.

PGIM Emerging Markets Debt Local Currency Fund 67

Notes to Financial Statements (continued)

9. Risks of Investing in the Series

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

Bond Obligations Risk: As with credit risk, market risk and interest rate 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 lose income.

Credit Risk: This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract, may be unable or unwilling to make timely principal and interest payments, or to otherwise honor its obligations. Additionally, fixed income securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk.

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. The Series’ use of derivatives may also increase the amount of taxes payable by shareholders. Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the Series’ derivatives positions. In fact, many OTC derivative instruments lack 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. Emerging market countries may have policies that restrict investment by non-US investors, or that prevent non-US investors from

68

withdrawing their money at will. Countries with emerging markets can be found in regions such as Asia, Latin America, Eastern Europe and Africa.

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

Foreign Securities Risk: The Series’ investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. The securities of such issuers may trade in 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. Lack of information may also affect the value of these securities.

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 debt 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 rate-setting policies. The Series may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

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

LIBOR Risk: Many financial instruments use or may use a floating rate based on the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short-term Eurodollar deposits between major international banks. On July 27, 2017, the Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. As such, the potential impact of a transition away from LIBOR on the

PGIM Emerging Markets Debt Local Currency Fund 69

Notes to Financial Statements (continued)

Series or the financial instruments in which the Series invest cannot yet be determined. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Series’ performance and/or net asset value. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.

Liquidity Risk: Liquidity risk is the risk that the Fund could not meet requests to redeem shares issued by the Series without significant dilution of remaining investors’ interests in the Series. The Series may invest in instruments that trade in lower volumes and are more illiquid than other investments. 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 cannot be readily sold at the desired time or price, the Series may have to accept a lower price or may not be able to sell the instrument at all. 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 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.

Market Disruption and Geopolitical Risks: International wars or conflicts and geopolitical developments in foreign countries, along with instability in regions such as Asia, Eastern Europe, and the Middle East, possible terrorist attacks in the United States or around the world, public health epidemics such as the outbreak of infectious diseases like the recent outbreak of coronavirus globally or the 2014–2016 outbreak in West Africa of the Ebola virus, and other similar events could adversely affect the U.S. and foreign financial markets, including increases in market volatility, reduced liquidity in the securities markets and government intervention, and may cause further long-term economic uncertainties in the United States and worldwide generally.

The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Series’ investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective

70

actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Series invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide.

Non-diversification Risk: A non-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 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.

10. Recent Accounting Pronouncement and Regulatory Developments

In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, which provides optional guidance for applying GAAP to contract modifications, hedging relationships and other transactions affected by the reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. At this time, management is evaluating the implications of certain provisions of the ASU and any impact on the financial statement disclosures has not yet been determined.

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule will become effective 60 days after publication in the Federal Register, and will have a compliance date 18 months following the effective date. Management is currently evaluating the Rule and its impact to the Funds.

PGIM Emerging Markets Debt Local Currency Fund 71

Financial Highlights

Class A Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$6.07			$5.52			$6.40			$6.44			$6.24
Income (loss) from investment operations:
Net investment income (loss)		0.24			0.30			0.33			0.35			0.33
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.47	)		0.57			(0.86	)		(0.02	)		0.23
Total from investment operations		(0.23	)		0.87			(0.53	)		0.33			0.56
Less Dividends and Distributions:
Dividends from net investment income*		-			(0.31	)		-			(0.15	)		-	(b)
Tax return of capital distributions		(0.27	)		(0.01	)		(0.35	)		(0.22	)		(0.36	)
Total dividends and distributions		(0.27	)		(0.32	)		(0.35	)		(0.37	)		(0.36	)
Net asset value, end of year		$5.57			$6.07			$5.52			$6.40			$6.44
Total Return(c):		(3.75	)%		16.14	%		(8.68	)%		5.36	%		9.29	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$3,853			$3,692			$3,146			$3,085			$3,990
Average net assets (000)		$3,518			$3,223			$4,105			$3,639			$3,343
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.13	%		1.13	%		1.13	%		1.13	%		1.28	%
Expenses before waivers and/or expense reimbursement		2.04	%		2.03	%		2.16	%		2.15	%		2.33	%
Net investment income (loss)		4.24	%		5.13	%		5.34	%		5.42	%		5.20	%
Portfolio turnover rate(f)		64	%		69	%		113	%		186	%		196	%

* 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.

72

Class C Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$6.11			$5.56			$6.46			$6.49			$6.28
Income (loss) from investment operations:
Net investment income (loss)		0.20			0.26			0.29			0.30			0.28
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.47	)		0.57			(0.88	)		(0.01	)		0.25
Total from investment operations		(0.27	)		0.83			(0.59	)		0.29			0.53
Less Dividends and Distributions:
Dividends from net investment income*		-			(0.27	)		-			(0.13	)		-	(b)
Tax return of capital distributions		(0.23	)		(0.01	)		(0.31	)		(0.19	)		(0.32	)
Total dividends and distributions		(0.23	)		(0.28	)		(0.31	)		(0.32	)		(0.32	)
Net asset value, end of year		$5.61			$6.11			$5.56			$6.46			$6.49
Total Return(c):		(4.41	)%		15.18	%		(9.61	)%		4.66	%		8.61	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$466			$579			$538			$718			$787
Average net assets (000)		$484			$566			$672			$649			$721
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.88	%		1.88	%		1.88	%		1.88	%		2.03	%
Expenses before waivers and/or expense reimbursement		5.82	%		4.82	%		4.89	%		2.88	%		3.07	%
Net investment income (loss)		3.54	%		4.37	%		4.56	%		4.63	%		4.40	%
Portfolio turnover rate(f)		64	%		69	%		113	%		186	%		196	%

* 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,
	2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$6.13			$5.57			$6.48			$6.50			$6.31
Income (loss) from investment operations:
Net investment income (loss)		0.27			0.32			0.34			0.36			0.34
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.48	)		0.58			(0.88	)		0.01			0.23
Total from investment operations		(0.21	)		0.90			(0.54	)		0.37			0.57
Less Dividends and Distributions:
Dividends from net investment income*		-			(0.33	)		-			(0.16	)		-	(b)
Tax return of capital distributions		(0.30	)		(0.01	)		(0.37	)		(0.23	)		(0.38	)
Total dividends and distributions		(0.30	)		(0.34	)		(0.37	)		(0.39	)		(0.38	)
Net asset value, end of year		$5.62			$6.13			$5.57			$6.48			$6.50
Total Return(c):		(3.45	)%		16.50	%		(8.83	)%		5.85	%		9.31	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$57,392			$68,101			$55,000			$27,020			$27,462
Average net assets (000)		$56,989			$63,219			$49,644			$26,437			$25,994
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.74	%		0.88	%		0.88	%		0.88	%		1.03	%
Expenses before waivers and/or expense reimbursement		1.27	%		1.31	%		1.41	%		1.88	%		2.06	%
Net investment income (loss)		4.72	%		5.35	%		5.50	%		5.58	%		5.36	%
Portfolio turnover rate(f)		64	%		69	%		113	%		186	%		196	%

* 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,
	2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$6.12			$5.56			$6.47			$6.50			$6.30
Income (loss) from investment operations:
Net investment income (loss)		0.27			0.31			0.36			0.37			0.35
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.47	)		0.58			(0.89	)		-	(b)		0.23
Total from investment operations		(0.20	)		0.89			(0.53	)		0.37			0.58
Less Dividends and Distributions:
Dividends from net investment income*		-			(0.32	)		-			(0.16	)		-	(b)
Tax return of capital distributions		(0.30	)		(0.01	)		(0.38	)		(0.24	)		(0.38	)
Total dividends and distributions		(0.30	)		(0.33	)		(0.38	)		(0.40	)		(0.38	)
Net asset value, end of year		$5.62			$6.12			$5.56			$6.47			$6.50
Total Return(c):		(3.24	)%		16.41	%		(8.63	)%		5.82	%		9.55	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$50			$29			$1			$1			$1
Average net assets (000)		$42			$15			$1			$1			$1
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.67	%		0.88	%		0.88	%		0.88	%		1.03	%
Expenses before waivers and/or expense reimbursement		40.50	%		92.22	%		1,595.87	%		1.83	%		2.06	%
Net investment income (loss)		4.64	%		5.20	%		5.73	%		5.73	%		5.47	%
Portfolio turnover rate(f)		64	%		69	%		113	%		186	%		196	%

* 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 Board of Directors of Prudential World Fund, Inc. and Shareholders of PGIM Emerging Markets Debt Local Currency Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PGIM Emerging Markets Debt Local Currency Fund (one of the funds constituting Prudential World Fund, Inc., referred to hereafter as the “Fund”) as of October 31, 2020, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the year ended October 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, and the results of its operations, changes in its net assets, and the financial highlights for the year ended October 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended October 31, 2019 and the financial highlights for each of the periods ended on or prior to October 31, 2019 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated December 19, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. 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 audit of these financial statements 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 are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, 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. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

December 17, 2020

We have served as the auditor of one or more investment companies in the PGIM Retail Funds complex since 2020.

76

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 the day-to-day operations of the Fund.

Independent Board Members
Name Year 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 1958 Board Member Portfolios Overseen: 95	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 (2009-2016); Trustee, Loyola University (since 2018).	None.	Since September 2013
Kevin J. Bannon 1952 Board Member Portfolios Overseen: 95	Retired; Managing Director (April 2008-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 (May 2003-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 Year 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 1952 Board Member Portfolios Overseen: 95	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Limited LLC (formerly, 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–June 2020); 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 1960 Board Member Portfolios Overseen: 94	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 1956 Board Member & Independent Chair Portfolios Overseen: 95	Executive Committee of the IDC Board of Governors (since October 2019); Retired; Member (since November 2014) of the Governing Council of the Independent Directors Council (IDC) (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 Year 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 1962 Board Member Portfolios Overseen: 94	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 2019) (information technology); Independent Director, Kabbage, Inc. (2018-2020) (financial services); Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017
Michael S. Hyland, CFA 1945 Board Member Portfolios Overseen: 95	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 1961 Board Member Portfolios Overseen: 94	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 Year 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 1959 Board Member Portfolios Overseen: 94	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 Year 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 1962 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 Year 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 1973 Board Member & Vice President Portfolios Overseen: 96	Executive Vice President (since June 2009) of PGIM Investments LLC; 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

⁽¹⁾ The year that each Board Member joined the Board is as follows:

Ellen S. Alberding, 2013; Kevin J. Bannon, 2008; Linda W. Bynoe, 2005; Barry H. Evans, 2017; Keith F. Hartstein, 2013; Laurie Simon Hodrick, 2017; Michael S. Hyland, 2008; James E. Quinn, 2013; Richard A. Redeker, 2000; Stephen G. Stoneburn, 2003; Stuart S. Parker, Board Member and President since 2012; Scott E. Benjamin, Board Member since 2010 and Vice President since 2009; Grace C. Torres, 2014.

Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Claudia DiGiacomo 1974 Chief Legal Officer	Chief Legal Officer of PGIM Investments LLC (since August 2020); Chief Legal Officer of Prudential Mutual Fund Services LLC (since August 2020); Chief Legal Officer of PIFM Holdco, LLC (since August 2020); Vice President and Corporate Counsel (since January 2005) of Prudential; and Corporate Counsel of AST Investment Services, Inc. (since August 2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005
Dino Capasso 1974 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

PGIM Emerging Markets Debt Local Currency Fund

Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Andrew R. French 1962 Secretary	Vice President (since December 2018 - present) of PGIM Investments LLC; Formerly, Vice President and Corporate Counsel (2010-2018) 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
Diana N. Huffman 1982 Assistant Secretary	Vice President and Corporate Counsel (since September 2015) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; formerly Associate at Willkie Farr & Gallagher LLP (2009-2015).	Since March 2019
Melissa Gonzalez 1980 Assistant Secretary	Vice President and Corporate Counsel (since September 2018) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; formerly Director and Corporate Counsel (March 2014-September 2018) of Prudential.	Since March 2020
Patrick E. McGuinness 1986 Assistant Secretary	Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Director and Corporate Counsel (since February 2017) of Prudential; and Corporate Counsel (2012 – 2017) of IIL, Inc.	Since June 2020
Kelly A. Coyne 1968 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since March 2015
Christian J. Kelly 1975 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
Lana Lomuti 1967 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 1973 Assistant Treasurer	Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration.	Since October 2019
Deborah Conway 1969 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since October 2019
Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.	Since October 2019

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Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Charles H. Smith 1973 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 all 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.

∎ As used in the Fund Officers table “Prudential” means The Prudential Insurance Company of America.

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”). 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 (“PGIM Fixed Income”), 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 27, 2020 and on June 9-11, 2020 and approved the renewal of the agreements through July 31, 2021, 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 decision to approve the agreements with respect to the Fund. In connection with its

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

PGIM Emerging Markets Debt Local Currency Fund

Approval of Advisory Agreements (continued)

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 27, 2020 and on June 9-11, 2020.

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 the day-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, 2019 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 the one-, three- and five-year periods ended December 31, 2019.

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, 2019. 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.

Visit our website at pgim.com/investments

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
	2nd Quartile	2nd Quartile	2nd Quartile	N/A
Actual Management Fees: 1st Quartile
Net Total Expenses: 1st Quartile

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

• The Board and PGIM Investments agreed to retain the existing contractual expense cap that caps the Fund’s annual operating expenses at 1.13% for Class A shares, 1.88% for Class C shares, 0.65% for Class R6 shares, and 0.72% for Class Z shares through February 28, 2021.

• 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 Emerging Markets Debt Local Currency Fund

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

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 or by visiting the Securities and Exchange Commission’s website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website and on the Securities and Exchange Commission’s website.

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 • Claudia DiGiacomo, Chief Legal Officer • Dino Capasso, Chief Compliance Officer • Charles H. Smith, Anti-Money Laundering Compliance Officer • Andrew R. French, Secretary • Melissa Gonzalez, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Kelly A. Coyne, Assistant Secretary • Patrick McGuinness, 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
	PGIM Limited	Grand Buildings, 1-3 Strand Trafalgar Square London, WC2N 5HR United Kingdom
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH 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 that Director at the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO HOLDINGS

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

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, 2020

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 (pgim.com/investments), 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 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 pgim.com/investments/resource/edelivery

Table of Contents

Letter from the President	3
Your Fund’s Performance	4
Growth of a $10,000 Investment	5
Strategy and Performance Overview	8
Fees and Expenses	11
Holdings and Financial Statements	13
Approval of Advisory Agreements

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. ^© 2020 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 pgim.com/investments

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, 2020.

During the first four months of the period, the global economy remained healthy—particularly in the US—fueled by rising corporate profits and strong job growth. The outlook changed dramatically in March as the coronavirus outbreak quickly and substantially shut down economic activity worldwide, leading to significant job losses and a steep decline in global growth and earnings. Responding to this disruption, the Federal Reserve (the Fed) cut the federal funds rate target to near zero and flooded capital markets with liquidity; and Congress passed stimulus bills worth approximately $3 trillion that offered an economic lifeline to consumers and businesses.

While stocks climbed throughout the first four months of the period, they fell significantly in March amid a spike in volatility, ending the 11-year-long equity bull market. With stores and factories closing and consumers staying at home to limit the spread of the virus, investors sold stocks on fears that corporate earnings would take a serious hit. Equities rallied around the globe throughout the spring and summer as states reopened their economies, but became more volatile during the last two months of the period as investors worried that a surge in coronavirus infections would stall the economic recovery. For the period overall, large-cap US and emerging market stocks rose, small-cap US stocks were virtually unchanged, and stocks in developed foreign markets declined.

The bond market overall—including US and global bonds as well as emerging market debt—rose during the period as investors sought safety in fixed income. A significant rally in interest rates pushed the 10-year US Treasury yield down to a record low. In March, the Fed took several aggressive actions to keep the bond markets running smoothly, restarting many of the relief programs that proved to be successful in helping end the global financial crisis in 2008-09.

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 15, 2020

PGIM Jennison Emerging Markets Equity Opportunities Fund 3

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 pgim.com/investments or by calling (800) 225-1852.

	Average Annual Total Returns as of 10/31/20
	One Year (%)	Five Years (%)	Since Inception (%)
Class A
(with sales charges)	37.24	13.63	8.72 (9/16/14)
(without sales charges)	45.23	14.92	9.73 (9/16/14)
Class C
(with sales charges)	43.06	14.06	8.91 (9/16/14)
(without sales charges)	44.06	14.06	8.91 (9/16/14)
Class Z
(without sales charges)	45.65	15.25	10.00 (9/16/14)
Class R6
(without sales charges)	45.65	15.22	10.01 (9/16/14)
MSCI Emerging Markets Index
	8.25	7.92	3.95

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

4 Visit our website at pgim.com/investments

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, 2020) 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 fees 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.

PGIM Jennison Emerging Markets Equity Opportunities Fund 5

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-weighted 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. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes that may be paid by an investor.

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Presentation of Fund Holdings as of 10/31/20

Ten Largest Holdings	Line of Business	Country	% of Net Assets
Alibaba Group Holding Ltd., ADR	Internet & Direct Marketing Retail	China	6.3%
MercadoLibre, Inc.	Internet & Direct Marketing Retail	Argentina	6.3%
Meituan (Class B Stock)	Internet & Direct Marketing Retail	China	6.1%
Sea Ltd., ADR	Entertainment	Taiwan	5.1%
Tencent Holdings Ltd.	Interactive Media & Services	China	4.5%
Magazine Luiza SA	Multiline Retail	Brazil	3.8%
Wuxi Biologics Cayman, Inc., 144A	Life Sciences Tools & Services	China	3.5%
Jiangsu Hengrui Medicine Co. Ltd. (Class A Stock)	Pharmaceuticals	China	3.1%
Li Ning Co. Ltd.	Textiles, Apparel & Luxury Goods	China	2.7%
JD.com, Inc., ADR	Internet & Direct Marketing Retail	China	2.5%

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

PGIM Jennison Emerging Markets Equity Opportunities Fund 7

Strategy and Performance Overview (unaudited)

How did the Fund perform?

The PGIM Jennison Emerging Markets Equity Opportunities Fund’s Class Z shares returned 45.65% in the 12-month reporting period that ended October 31, 2020, outperforming the 8.25% return of the MSCI Emerging Markets Index (the Index).

What was the market environment?

• Markets were extremely volatile during the reporting period, unsettled by US-China trade discord and the COVID-19 pandemic.

• Stocks peaked at new highs in early 2020 and then dropped dramatically as COVID-19 spread around the globe, disrupting markets and life everywhere.

• The realities of COVID-19 dictated daily conduct for individuals, businesses, and governments worldwide. Shelter-in-place and work-from-home policies became standard. Global infection and mortality rates reflected varying policy and social behaviors, with the number of infections and deaths highest in the US. Developing a vaccine became an overwhelming focus.

• Markets rebounded rapidly during the period’s final months, but the pandemic’s economic damage continued to accumulate.

What worked?

Both stock selection and sector allocations added value over the course of the reporting period. Holdings in communication services, consumer discretionary, and healthcare—the Fund’s three largest sector weightings—were especially strong contributors to outperformance. Underweighting cyclical and defensive sectors relative to the Index was also beneficial.

• In communication services:

• Tencent Holdings Ltd. is the world’s largest video-game publisher by revenue but is best known in China for its WeChat and QQ messaging and mobile-payment apps. Jennison expects the company’s growth to be driven by its dominant position in China’s online gaming and instant messaging markets and by its growing advertising and payment service efforts. Advertising revenue gains and strong growth in its mobile-gaming and financial technology divisions should continue to drive growth, in Jennison’s view.

• Sea Ltd., a leading Southeast Asia internet company focused on digital entertainment, continues to gain momentum as a key beneficiary of the growth in both online gaming and e-commerce transactions. COVID-19 has accelerated the shift toward the digital economy, benefitting Sea’s business across multiple fronts.

8 Visit our website at pgim.com/investments

• In consumer discretionary:

• Meituan-Dianping is a Chinese consumer services marketplace website. The company has a strong growth outlook as China’s leading domestic consumption story and has improved operating margins across all business segments. Despite the continued impact and uncertainties of COVID-19, the core food delivery business should continue to show a robust recovery.

• Mercado Libre is an online trading service based in Buenos Aires, Argentina, that enables individuals and businesses to electronically sell and buy items in thousands of categories. The company’s growth has accelerated materially since the COVID-19 pandemic began, and it is becoming increasingly clear that the digital gains from this disruption can have long-term benefits, in Jennison’s view.

• Magazine Luiza SA, or Magalu, is one of the largest Brazilian omni-channel retailers that distributes its products through physical stores and websites. Its online sales materially accelerated during the period, and Jennison believes its diversification into new and higher-frequency retail categories should continue to attract new clients. Jennison favors the company for its healthy balance sheet and well-developed omni-channel platform, which continue to support its operations.

What didn’t work?

• The consumer discretionary sector added value in aggregate; however, a few positions were among the Fund’s largest detractors.

• Lojas Renner SA operates retail department stores in Brazil and is the largest apparel retailer in the country. The position was sold due to an expected downturn in the business brought on by COVID-19.

• PT Mitra Adiperkasa Tbk, an Indonesian retail department store, detracted from returns as all mall-based stores, except supermarkets, closed for several months due to the pandemic. Jennison eliminated the position, as the reopening process has been slower than expected.

• MakeMy Trip Ltd. is India’s largest online travel agency. While the business has been hurt by the pandemic, online market share gains, stable net revenue margins, and a shift in the company’s revenue mix toward the high-margin hotel business make it an attractive long-term investment, in Jennison’s view.

• In healthcare, the share price of Notre Dame Intermedica Participacoes SA, a Brazilian company that provides health and dental plans, declined during the period, and the position was eliminated from the Fund when the pandemic began. The Fund subsequently bought shares again, as Jennison viewed the long-term structural drivers

PGIM Jennison Emerging Markets Equity Opportunities Fund 9

Strategy and Performance Overview (continued)

for the Brazilian healthcare market and the company’s vertically integrated business model as attractive.

• In financials, the Fund’s position in Indian bank HDFC Bank Ltd. was eliminated early in the period due to concerns over the quality of its loan portfolio. Shares were added again later to the Fund’s holdings, as Jennison likes the company’s strong capital position and liquidity and believes it is well positioned to expand its market share and sustain an attractive growth rate.

Current outlook

• Jennison believes that many of the winners of the last few years offer differentiated and disruptive business models that are even more compelling in the current period of economic turmoil and social distancing. E-commerce companies, healthcare innovators, and digital payments systems are among the companies positioned for continued growth, in Jennison’s view. As companies and individuals in developing countries gain an enhanced appreciation of their distinct value and utility, especially in times of unprecedented disruption and restricted mobility, Jennison believes demand for and adoption of their services and products are set to accelerate, leading to greater penetration and market share gains.

• Despite strong performance during the period, Jennison remains comfortable with portfolio level valuations and the reasons behind their expansion. The growth profiles of the companies the Fund owns remain attractive, in Jennison’s view, especially the secular growth stocks in which the Fund invests versus other segments of the market.

• In Jennison’s view, many long-term Fund holdings continue to have solid and resilient fundamentals and should see their business models and brands prevail in the marketplace over time. Jennison believes overall conditions favor its strategy over a reasonable investment time horizon and that its bottom-up approach is the best way to navigate market volatility.

• 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 and massive public works programs. Fund positions in Chinese equities were focused on rapidly growing e-commerce, internet platform opportunities, and innovative healthcare companies that are less exposed to the more volatile sectors of the Chinese economy and US-China trade friction.

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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, 2020. The example is for illustrative purposes only; you should consult the Fund’s 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 Jennison Emerging Markets Equity Opportunities Fund 11

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 Jennison Emerging Markets Equity Opportunities  Fund		Beginning Account Value May 1, 2020		Ending Account Value October 31, 2020		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,475.40		1.45	%	$	9.02
	Hypothetical	$	1,000.00	$	1,017.85		1.45	%	$	7.35
Class C	Actual	$	1,000.00	$	1,469.50		2.20	%	$	13.66
	Hypothetical	$	1,000.00	$	1,014.08		2.20	%	$	11.14
Class Z	Actual	$	1,000.00	$	1,476.90		1.20	%	$	7.47
	Hypothetical	$	1,000.00	$	1,019.10		1.20	%	$	6.09
Class R6	Actual	$	1,000.00	$	1,476.90		1.20	%	$	7.47
	Hypothetical	$	1,000.00	$	1,019.10		1.20	%	$	6.09

*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, 2020, and divided by the 366 days in the Fund's fiscal year ended October 31, 2020 (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, 2020

Description	Shares		Value
LONG-TERM INVESTMENTS    93.7%
COMMON STOCKS
Argentina    8.6%
Globant SA*(a)		7,681	$	1,387,266
MercadoLibre, Inc.*		3,163		3,840,040
				5,227,306
Brazil    6.6%
Arco Platform Ltd. (Class A Stock)*		17,368		591,902
Magazine Luiza SA		550,309		2,352,596
Notre Dame Intermedica Participacoes SA		53,601		612,054
Raia Drogasil SA		111,530		469,215
				4,025,767
China    55.0%
Aier Eye Hospital Group Co. Ltd. (Class A Stock)		123,177		1,144,524
Alibaba Group Holding Ltd., ADR*		12,650		3,854,328
Alibaba Health Information Technology Ltd.*		308,138		813,648
BeiGene Ltd., ADR*		2,814		834,407
Bilibili, Inc., ADR*		32,407		1,447,621
Burning Rock Biotech Ltd., ADR*		25,563		789,130
Contemporary Amperex Technology Co. Ltd. (Class A Stock)		25,600		947,609
Genetron Holdings Ltd., ADR*		35,540		358,954
Glodon Co. Ltd. (Class A Stock)		62,200		660,661
Hangzhou Tigermed Consulting Co. Ltd. (Class H Stock), 144A*		77,605		1,247,499
Hansoh Pharmaceutical Group Co. Ltd., 144A*		184,909		829,140
Innovent Biologics, Inc., 144A*		151,522		1,124,867
JD.com, Inc., ADR*		18,934		1,543,500
Jiangsu Hengrui Medicine Co. Ltd. (Class A Stock)		144,831		1,923,647
Li Ning Co. Ltd.		320,045		1,665,957
Meituan (Class B Stock)*		99,783		3,707,013
Silergy Corp.		25,000		1,542,926
Tencent Holdings Ltd.		36,126		2,752,553
Weimob, Inc., 144A*(a)		499,323		643,933
Wuliangye Yibin Co. Ltd. (Class A Stock)		24,600		896,937
WuXi AppTec Co. Ltd. (Class H Stock), 144A(a)		92,096		1,479,435
Wuxi Biologics Cayman, Inc., 144A*		75,451		2,119,862
Zai Lab Ltd., ADR*		14,998		1,230,586
				33,558,737
India    5.1%
Asian Paints Ltd.		21,045		628,649
HDFC Bank Ltd., ADR*		12,650		726,616

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund 13

Schedule of Investments (continued)

as of October 31, 2020

Description	Shares		Value
COMMON STOCKS (Continued)
India (cont’d.)
Hindustan Unilever Ltd.		20,278	$	566,515
MakeMyTrip Ltd.*(a)		64,375		1,208,319
				3,130,099
Indonesia    0.9%
Ace Hardware Indonesia Tbk PT		5,314,239		568,847
Poland    1.6%
Dino Polska SA, 144A*		17,952		984,979
South Korea    6.1%
Kakao Corp.		3,805		1,106,087
NAVER Corp.		5,130		1,314,055
Samsung SDI Co. Ltd.		3,294		1,286,661
				3,706,803
Taiwan    9.2%
MediaTek, Inc.		44,000		1,043,744
Sea Ltd., ADR*		19,653		3,099,278
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		17,548		1,471,751
				5,614,773
Thailand    0.6%
Minor International PCL*		640,658		344,018
TOTAL LONG-TERM INVESTMENTS (cost $38,920,276)				57,161,329
SHORT-TERM INVESTMENTS    15.8%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(w)		5,578,205		5,578,205

See Notes to Financial Statements.

14

Description	Shares		Value
AFFILIATED MUTUAL FUNDS (Continued)
PGIM Institutional Money Market Fund (cost $4,072,159; includes $4,071,290 of cash collateral for securities on loan)(b)(w)		4,073,983	$	4,072,761
TOTAL SHORT-TERM INVESTMENTS (cost $9,650,364)				9,650,966
TOTAL INVESTMENTS    109.5% (cost $48,570,640)				66,812,295
Liabilities in excess of other assets    (9.5)%				(5,772,188	)
NET ASSETS    100.0%			$	61,040,107

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 $3,937,327; cash collateral of $4,071,290 (included in liabilities) was received with which the Series purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Series may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

(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, 2020 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Common Stocks
Argentina	$	5,227,306	$	—		$—

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund 15

Schedule of Investments (continued)

as of October 31, 2020

	Level 1			Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Common Stocks (continued)
Brazil		$	4,025,767		$	—		$—
China			10,058,526			23,500,211		—
India			1,934,935			1,195,164		—
Indonesia			—			568,847		—
Poland			—			984,979		—
South Korea			—			3,706,803		—
Taiwan			4,571,029			1,043,744		—
Thailand			—			344,018		—
Affiliated Mutual Funds			9,650,966			—		—
Total		$	35,468,529		$	31,343,766		$—

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, 2020 were as follows (unaudited):

Internet & Direct Marketing Retail	23.2	%
Affiliated Mutual Funds (6.7% represents investments purchased with collateral from securities on loan)	15.8
Interactive Media & Services	8.5
Life Sciences Tools & Services	7.9
Entertainment	7.5
Biotechnology	7.1
Semiconductors & Semiconductor Equipment	6.6
Pharmaceuticals	4.5
Software	4.5
Multiline Retail	3.8
Health Care Providers & Services	2.9
Textiles, Apparel & Luxury Goods	2.7
Food & Staples Retailing	2.4
Electronic Equipment, Instruments & Components	2.1

Electrical Equipment	1.6	%
Beverages	1.5
Health Care Technology	1.3
Banks	1.2
Chemicals	1.0
Diversified Consumer Services	1.0
Specialty Retail	0.9
Household Products	0.9
Hotels, Restaurants & Leisure	0.6
	109.5
Liabilities in excess of other assets	(9.5	)
	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.

See Notes to Financial Statements.

16

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		$3,937,327		$	(3,937,327	)		$	—

(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 17

Statement of Assets and Liabilities

as of October 31, 2020

Assets
Investments at value, including securities on loan of $3,937,327:
Unaffiliated investments (cost $38,920,276)	$	57,161,329
Affiliated investments (cost $9,650,364)		9,650,966
Foreign currency, at value (cost $1,285,515)		1,285,515
Receivable for Series shares sold		1,001,984
Receivable for investments sold		407,805
Dividends receivable		7,026
Due from Manager		4,384
Prepaid expenses		3,601
Total Assets		69,522,610
Liabilities
Payable to broker for collateral for securities on loan		4,071,290
Payable for investments purchased		3,409,327
Payable for Series shares reacquired		915,379
Accrued expenses and other liabilities		77,442
Foreign capital gains tax liability accrued		4,027
Distribution fee payable		2,618
Affiliated transfer agent fee payable		1,517
Directors’ fees payable		903
Total Liabilities		8,482,503
Net Assets	$	61,040,107
Net assets were comprised of:
Common stock, at par	$	34,152
Paid-in capital in excess of par		44,190,300
Total distributable earnings (loss)		16,815,655
Net assets, October 31, 2020	$	61,040,107

See Notes to Financial Statements.

18

Class A
Net asset value and redemption price per share, ($6,144,165 ÷ 347,840 shares of common stock issued and outstanding)	$	17.66
Maximum sales charge (5.50% of offering price)		1.03
Maximum offering price to public	$	18.69
Class C
Net asset value, offering price and redemption price per share, ($1,563,487 ÷ 92,649 shares of common stock issued and outstanding)	$	16.88
Class Z
Net asset value, offering price and redemption price per share, ($34,992,735 ÷ 1,951,764 shares of common stock issued and outstanding)	$	17.93
Class R6
Net asset value, offering price and redemption price per share, ($18,339,720 ÷ 1,022,931 shares of common stock issued and outstanding)	$	17.93

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund 19

Statement of Operations

Year Ended October 31, 2020

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $17,072 foreign withholding tax)		$	111,728
Affiliated dividend income			10,942
Income from securities lending, net (including affiliated income of $6,604)			10,550
Total income			133,220
Expenses
Management fee			326,439
Distribution fee(a)			25,961
Custodian and accounting fees			83,053
Registration fees(a)			74,780
Audit fee			29,662
Transfer agent’s fees and expenses (including affiliated expense of $8,176)(a)			27,878
Legal fees and expenses			19,344
Shareholders’ reports			11,277
Directors’ fees			10,914
Miscellaneous			30,752
Total expenses			640,060
Less: Fee waiver and/or expense reimbursement(a)			(241,027	)
Distribution fee waiver(a)			(2,253	)
Net expenses			396,780
Net investment income (loss)			(263,560	)
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(72)) (net of foreign capital gains taxes $(3,773))			737,606
Foreign currency transactions			(37,415	)
	��
			700,191
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $383) (net of change in foreign capital gains taxes $25,603)			12,806,329
Foreign currencies			(3,976	)
			12,802,353
Net gain (loss) on investment and foreign currency transactions			13,502,544
Net Increase (Decrease) In Net Assets Resulting From Operations		$	13,238,984

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

	Class A			Class C			Class Z			Class R6
Distribution fee		13,520			12,441			—			—
Registration fees		17,070			17,070			23,570			17,070
Transfer agent’s fees and expenses		11,311			1,155			15,289			123
Fee waiver and/or expense reimbursement		(50,007	)		(24,243	)		(81,731	)		(85,046	)
Distribution fee waiver		(2,253	)		—			—			—

See Notes to Financial Statements.

20

Statements of Changes in Net Assets

	Year Ended October 31,
	2020			2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(263,560	)	$	(39,894	)
Net realized gain (loss) on investment and foreign currency transactions		700,191			435,532
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		12,802,353			3,689,760
Net increase (decrease) in net assets resulting from operations		13,238,984			4,085,398
Series share transactions (Net of share conversions)
Net proceeds from shares sold		33,021,175			2,787,608
Cost of shares reacquired		(4,808,707	)		(1,852,092	)
Net increase (decrease) in net assets from Series share transactions		28,212,468			935,516
Total increase (decrease)		41,451,452			5,020,914
Net Assets:
Beginning of year		19,588,655			14,567,741
End of year	$	61,040,107		$	19,588,655

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund 21

Notes to Financial Statements

1. Organization

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 Infrastructure Fund, PGIM Jennison Global Opportunities Fund, PGIM Jennison International Opportunities Fund and PGIM QMA International Equity Fund, each of which are diversified funds for purposes of the 1940 Act and 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 therefore, 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 Emerging Markets Equity Opportunities Fund (the “Series”).

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

2. 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.

22

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

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

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

PGIM Jennison Emerging Markets Equity Opportunities Fund 23

Notes to Financial Statements (continued)

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.

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.

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

24

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 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, which are reflected in interest income or unaffiliated dividend income based upon the nature of the payment on the Statement of Operations. 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 in the Statement of Operations.

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

PGIM Jennison Emerging Markets Equity Opportunities Fund 25

Notes to Financial Statements (continued)

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.

The Series is subject to foreign income taxes imposed by certain countries in which it invests. Additionally, capital gains realized upon disposition of securities issued in or by certain foreign countries are subject to capital gains tax imposed by those countries. All taxes are computed in accordance with the applicable foreign tax law, and, to the extent permitted, capital losses are used to offset capital gains. Taxes attributable to income are accrued by the Series as a reduction of income. Current and deferred tax expense attributable to capital gains is reflected as a component of realized or change in unrealized gain/loss on securities in the accompanying financial statements. To the extent that the Series has country specific capital loss carryforwards, such carryforwards are applied against net unrealized gains when determining the deferred tax liability. Any deferred tax liability incurred by the Series is included in either Other liabilities or Deferred tax liability on the accompanying Statement of Assets and Liabilities.

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.

3. 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

26

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, 2020.

The Manager has contractually agreed, through February 28, 2022, 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 such expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager 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,

PGIM Jennison Emerging Markets Equity Opportunities Fund 27

Notes to Financial Statements (continued)

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, 2022 to limit such fee to 0.25% of the average daily net assets of the Class A shares.

For the year ended October 31, 2020, PIMS received $20,556 in front-end sales charges resulting from sales of Class A shares. Additionally, for the year ended October 31, 2020, PIMS received $51 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”).

4. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the Series’ 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

28

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 Securities and Exchange Commission (“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, 2020, no 17a-7 transactions were entered into by the Series.

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the year ended October 31, 2020, were $42,498,482 and $17,600,290, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the year ended October 31, 2020, 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*
$	980,284	$	32,670,037	$	28,072,116	$	—	$	—		$	5,578,205		5,578,205	$	10,942
	PGIM Institutional Money Market Fund*
	840,097		25,395,196		22,162,843		383		(72	)		4,072,761		4,073,983		6,604	**
$	1,820,381	$	58,065,233	$	50,234,959	$	383	$	(72	)	$	9,650,966			$	17,546

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

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

6. 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 tax year ended October 31, 2020, the adjustments were to increase total distributable earnings and decrease paid-in capital in excess of par by $80,906 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 29

Notes to Financial Statements (continued)

For the fiscal years ended October 31, 2020, and October 31, 2019, there were no distributions paid by the Series.

As of October 31, 2020, 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, 2020 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$48,663,196	$19,374,683	$(1,225,584)	$18,149,099

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, 2020 of approximately $1,093,000 which can be carried forward for an unlimited period.The Fund utilized approximately $826,000 of its capital loss carryforward to offset net taxable gains realized in the fiscal year ended October 31, 2020. 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 $240,000 as having been incurred in the following fiscal year (October 31, 2021).

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, 2020 are subject to such review.

7. Capital and Ownership

The Series offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a 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

30

a monthly basis approximately 10 years after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

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, below.

The Fund is authorized to issue 5.075 billion shares of common stock, $0.01 par value per share, 865 million of which are designated as shares of the Series. The shares are further classified and designated as follows:

Class A	25,000,000
Class C	65,000,000
Class Z	300,000,000
Class T	225,000,000
Class R6	250,000,000

The Series currently does not have any Class T shares outstanding.

As of October 31, 2020, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Series as follows:

	Number of Shares	Percentage of     Outstanding Shares
Class R6	1,000,515	97.8%

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

Affiliated		Unaffiliated
Number of Shareholders	Percentage of Outstanding Shares	Number of Shareholders	Percentage of Outstanding Shares
1	29.4%	2	55.6%

PGIM Jennison Emerging Markets Equity Opportunities Fund 31

Notes to Financial Statements (continued)

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Year ended October 31, 2020:
Shares sold		103,935		$	1,518,736
Shares reacquired		(71,824	)		(955,318	)
Net increase (decrease) in shares outstanding before conversion		32,111			563,418
Shares issued upon conversion from other share class(es)		3,633			54,429
Shares reacquired upon conversion into other share class(es)		(902	)		(11,761	)
Net increase (decrease) in shares outstanding		34,842		$	606,086
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
Class C
Year ended October 31, 2020:
Shares sold		13,233		$	188,787
Shares reacquired		(11,358	)		(155,204	)
Net increase (decrease) in shares outstanding before conversion		1,875			33,583
Shares reacquired upon conversion into other share class(es)		(3,792	)		(54,429	)
Net increase (decrease) in shares outstanding		(1,917	)	$	(20,846	)
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	)
Class Z
Year ended October 31, 2020:
Shares sold		2,007,443		$	30,937,061
Shares reacquired		(247,957	)		(3,693,491	)
Net increase (decrease) in shares outstanding before conversion		1,759,486			27,243,570
Shares issued upon conversion from other share class(es)		890			11,761
Net increase (decrease) in shares outstanding		1,760,376		$	27,255,331
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

32

Class R6	Shares			Amount
Year ended October 31, 2020:
Shares sold		22,744		$	376,591
Shares reacquired		(328	)		(4,694	)
Net increase (decrease) in shares outstanding		22,416		$	371,897
Year ended October 31, 2019:
Net increase (decrease) in shares outstanding		—		$	—

8. Borrowings

The Fund, on behalf of the Series, along with other affiliated registered investment companies (the “Participating Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.

	Current SCA	Prior SCA
Term of Commitment	10/2/2020 – 9/30/2021	10/3/2019 – 10/1/2020
Total Commitment	$ 1,200,000,000	$ 1,222,500,000*
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.30% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent
* Effective March 31, 2020, the SCA’s total commitment was increased from $900,000,000 to $1,162,500,000 and subsequently, effective April 7, 2020 was increased to $1,222,500,000.

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

The Series did not utilize the SCA during the year ended October 31, 2020.

9. Risks of Investing in the Series

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

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

PGIM Jennison Emerging Markets Equity Opportunities Fund 33

Notes to Financial Statements (continued)

political systems that are less fully developed, and can be expected to be less stable, than those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Low trading volumes may result in a lack of liquidity and price volatility. Emerging market countries may have policies that restrict investment by non-US investors, or that prevent non-US investors from withdrawing their money at will. Countries with emerging markets can be found in regions such as Asia, Latin America, Eastern Europe and Africa.

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

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. 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. The securities of such issuers may trade in 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. Lack of information may also affect the value of these securities.

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 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.

Investments in China Risk: Investments in China subject the Series to risks specific to China and may make it more volatile than other funds. Over the last few decades, the Chinese government has undertaken reform of economic and market practices and has expanded the sphere of private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries, including military conflicts in response to such events, may also disrupt economic

34

development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation.

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

Market Disruption and Geopolitical Risks: International wars or conflicts and geopolitical developments in foreign countries, along with instability in regions such as Asia, Eastern Europe, and the Middle East, possible terrorist attacks in the United States or around the world, public health epidemics such as the outbreak of infectious diseases like the recent outbreak of coronavirus globally or the 2014–2016 outbreak in West Africa of the Ebola virus, and other similar events could adversely affect the U.S. and foreign financial markets, including increases in market volatility, reduced liquidity in the securities markets and government intervention, and may cause further long-term economic uncertainties in the United States and worldwide generally.

The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Series’ investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Series invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide.

Market 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.

PGIM Jennison Emerging Markets Equity Opportunities Fund 35

Notes to Financial Statements (continued)

10.   Recent Regulatory Developments

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule will become effective 60 days after publication in the Federal Register, and will have a compliance date 18 months following the effective date. Management is currently evaluating the Rule and its impact to the Funds.

36

Financial Highlights

Class A Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$12.16			$9.58			$11.19			$9.34			$8.81
Income (loss) from investment operations:
Net investment income (loss)		(0.14	)		(0.04	)		(0.04	)		(0.04	)		(0.04	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		5.64			2.62			(1.57	)		1.89			0.57
Total from investment operations		5.50			2.58			(1.61	)		1.85			0.53
Net asset value, end of year		$17.66			$12.16			$9.58			$11.19			$9.34
Total Return(b):		45.23	%		26.93	%		(14.39	)%		19.81	%		6.02	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$6,144			$3,806			$2,316			$2,204			$869
Average net assets (000)		$4,507			$3,074			$2,956			$1,363			$528
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.45	%		1.45	%		1.45	%		1.45	%		1.45	%
Expenses before waivers and/or expense reimbursement		2.61	%		3.35	%		3.27	%		3.28	%		3.87	%
Net investment income (loss)		(0.99	)%		(0.37	)%		(0.35	)%		(0.35	)%		(0.49	)%
Portfolio turnover rate(e)		58	%		33	%		23	%		45	%		44	%

(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 37

Financial Highlights(continued)

Class C Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$11.71			$9.29			$10.93			$9.20			$8.74
Income (loss) from investment operations:
Net investment income (loss)		(0.23	)		(0.11	)		(0.13	)		(0.11	)		(0.11	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		5.40			2.53			(1.51	)		1.84			0.57
Total from investment operations		5.17			2.42			(1.64	)		1.73			0.46
Net asset value, end of year		$16.88			$11.71			$9.29			$10.93			$9.20
Total Return(b):		44.06	%		26.05	%		(15.00	)%		18.80	%		5.26	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$1,563			$1,107			$1,363			$1,516			$734
Average net assets (000)		$1,244			$1,438			$1,775			$973			$672
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		2.20	%		2.20	%		2.20	%		2.20	%		2.20	%
Expenses before waivers and/or expense reimbursement		4.15	%		4.23	%		4.20	%		4.00	%		4.62	%
Net investment income (loss)		(1.73	)%		(1.05	)%		(1.14	)%		(1.17	)%		(1.29	)%
Portfolio turnover rate(e)		58	%		33	%		23	%		45	%		44	%

(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.

38

Class Z Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$12.31			$9.67			$11.27			$9.39			$8.82
Income (loss) from investment operations:
Net investment income (loss)		(0.13	)		(0.01	)		(0.01	)		(0.02	)		(0.03	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		5.75			2.65			(1.59	)		1.90			0.60
Total from investment operations		5.62			2.64			(1.60	)		1.88			0.57
Net asset value, end of year		$17.93			$12.31			$9.67			$11.27			$9.39
Total Return(b):		45.65	%		27.30	%		(14.20	)%		20.02	%		6.46	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$34,993			$2,357			$1,215			$980			$183
Average net assets (000)		$11,195			$1,866			$1,443			$490			$102
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Expenses before waivers and/or expense reimbursement		1.93	%		3.17	%		3.56	%		2.94	%		3.55	%
Net investment income (loss)		(0.83	)%		(0.08	)%		(0.13	)%		(0.19	)%		(0.31	)%
Portfolio turnover rate(e)		58	%		33	%		23	%		45	%		44	%

(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 39

Financial Highlights(continued)

Class R6 Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$12.31			$9.67			$11.27			$9.39			$8.83
Income (loss) from investment operations:
Net investment income (loss)		(0.10	)		(0.01	)		(0.02	)		(0.01	)		(0.03	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		5.72			2.65			(1.58	)		1.89			0.59
Total from investment operations		5.62			2.64			(1.60	)		1.88			0.56
Net asset value, end of year		$17.93			$12.31			$9.67			$11.27			$9.39
Total Return(b):		45.65	%		27.30	%		(14.20	)%		20.02	%		6.34	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$18,340			$12,319			$9,675			$11,271			$9,404
Average net assets (000)		$14,144			$11,249			$11,852			$9,893			$8,722
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Expenses before waivers and/or expense reimbursement		1.80	%		2.41	%		2.32	%		2.78	%		3.13	%
Net investment income (loss)		(0.74	)%		(0.11	)%		(0.17	)%		(0.13	)%		(0.29	)%
Portfolio turnover rate(e)		58	%		33	%		23	%		45	%		44	%

(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.

40

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Prudential World Fund, Inc. and Shareholders of PGIM Jennison Emerging Markets Equity Opportunities Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PGIM Jennison Emerging Markets Equity Opportunities Fund (one of the funds constituting Prudential World Fund, Inc., referred to hereafter as the “Fund”) as of October 31, 2020, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the year ended October 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, and the results of its operations, changes in its net assets, and the financial highlights for the year ended October 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended October 31, 2019 and the financial highlights for each of the periods ended on or prior to October 31, 2019 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated December 19, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. 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 audit of these financial statements 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 are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, 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. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

December 17, 2020

We have served as the auditor of one or more investment companies in the PGIM Retail Funds complex since 2020.

PGIM Jennison Emerging Markets Equity Opportunities Fund 41

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 the day-to-day operations of the Fund.

Independent Board Members
Name Year 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 1958 Board Member Portfolios Overseen: 95	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 (2009-2016); Trustee, Loyola University (since 2018).	None.	Since September 2013
Kevin J. Bannon 1952 Board Member Portfolios Overseen: 95	Retired; Managing Director (April 2008-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 (May 2003-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 Year 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 1952 Board Member Portfolios Overseen: 95	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Limited LLC (formerly, 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–June 2020); 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 1960 Board Member Portfolios Overseen: 94	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 1956 Board Member & Independent Chair Portfolios Overseen: 95	Executive Committee of the IDC Board of Governors (since October 2019); Retired; Member (since November 2014) of the Governing Council of the Independent Directors Council (IDC) (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 Year 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 1962 Board Member Portfolios Overseen: 94	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 2019) (information technology); Independent Director, Kabbage, Inc. (2018-2020) (financial services); Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017
Michael S. Hyland, CFA 1945 Board Member Portfolios Overseen: 95	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 1961 Board Member Portfolios Overseen: 94	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 Year 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 1959 Board Member Portfolios Overseen: 94	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 Year 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 1962 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 Year 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 1973 Board Member & Vice President Portfolios Overseen: 96	Executive Vice President (since June 2009) of PGIM Investments LLC; 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

⁽¹⁾ The year that each Board Member joined the Board is as follows:

Ellen S. Alberding, 2013; Kevin J. Bannon, 2008; Linda W. Bynoe, 2005; Barry H. Evans, 2017; Keith F. Hartstein, 2013; Laurie Simon Hodrick, 2017; Michael S. Hyland, 2008; James E. Quinn, 2013; Richard A. Redeker, 2000; Stephen G. Stoneburn, 2003; Stuart S. Parker, Board Member and President since 2012; Scott E. Benjamin, Board Member since 2010 and Vice President since 2009; Grace C. Torres, 2014.

Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Claudia DiGiacomo 1974 Chief Legal Officer	Chief Legal Officer of PGIM Investments LLC (since August 2020); Chief Legal Officer of Prudential Mutual Fund Services LLC (since August 2020); Chief Legal Officer of PIFM Holdco, LLC (since August 2020); Vice President and Corporate Counsel (since January 2005) of Prudential; and Corporate Counsel of AST Investment Services, Inc. (since August 2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005
Dino Capasso 1974 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

PGIM Jennison Emerging Markets Equity Opportunities Fund

Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Andrew R. French 1962 Secretary	Vice President (since December 2018 - present) of PGIM Investments LLC; Formerly, Vice President and Corporate Counsel (2010-2018) 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
Diana N. Huffman 1982 Assistant Secretary	Vice President and Corporate Counsel (since September 2015) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; formerly Associate at Willkie Farr & Gallagher LLP (2009-2015).	Since March 2019
Melissa Gonzalez 1980 Assistant Secretary	Vice President and Corporate Counsel (since September 2018) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; formerly Director and Corporate Counsel (March 2014-September 2018) of Prudential.	Since March 2020
Patrick E. McGuinness 1986 Assistant Secretary	Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Director and Corporate Counsel (since February 2017) of Prudential; and Corporate Counsel (2012 – 2017) of IIL, Inc.	Since June 2020
Kelly A. Coyne 1968 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since March 2015
Christian J. Kelly 1975 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
Lana Lomuti 1967 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 1973 Assistant Treasurer	Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration.	Since October 2019
Deborah Conway 1969 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since October 2019
Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.	Since October 2019

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Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Charles H. Smith 1973 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 all 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.

∎ As used in the Fund Officers table “Prudential” means The Prudential Insurance Company of America.

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”). 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 27, 2020 and on June 9-11, 2020 and approved the renewal of the agreements through July 31, 2021, 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 meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the meetings on May 27, 2020 and on June 9-11, 2020.

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

PGIM Jennison Emerging Markets Equity Opportunities Fund

Approval of Advisory Agreements (continued)

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 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 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.

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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 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, 2019 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 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 Jennison Emerging Markets Equity 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 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 the one-, three- and five-year periods ended December 31, 2019. 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, 2019. 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	2nd Quartile	N/A
Actual Management Fees: 1st Quartile
Net Total Expenses: 2nd Quartile

• The Board noted that the 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 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 28, 2021.

• 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	pgim.com/investments

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 or by visiting the Securities and Exchange Commission’s website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website and on the Securities and Exchange Commission’s website.

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 • Claudia DiGiacomo, Chief Legal Officer • Dino Capasso, Chief Compliance Officer • Charles H. Smith, Anti-Money Laundering Compliance Officer • Andrew R. French, Secretary • Melissa Gonzalez, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Kelly A. Coyne, Assistant Secretary • Patrick McGuinness, 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	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

Shareholders can communicate directly with the Board of Directors 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 that Director at the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO HOLDINGS

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

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, 2020

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 (pgim.com/investments), 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 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 pgim.com/investments/resource/edelivery

Table of Contents

Letter from the President	3
Your Fund’s Performance	4
Growth of a $10,000 Investment	5
Strategy and Performance Overview	8
Fees and Expenses	11
Holdings and Financial Statements	13
Approval of Advisory Agreements

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. ^© 2020 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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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, 2020.

During the first four months of the period, the global economy remained healthy—particularly in the US—fueled by rising corporate profits and strong job growth. The outlook changed dramatically in March as the coronavirus outbreak quickly and substantially shut down economic activity worldwide, leading to significant job losses and a steep decline in global growth and earnings. Responding to this disruption, the Federal Reserve (the Fed) cut the federal funds rate target to near zero and flooded capital markets with liquidity; and Congress passed stimulus bills worth approximately $3 trillion that offered an economic lifeline to consumers and businesses.

While stocks climbed throughout the first four months of the period, they fell significantly in March amid a spike in volatility, ending the 11-year-long equity bull market. With stores and factories closing and consumers staying at home to limit the spread of the virus, investors sold stocks on fears that corporate earnings would take a serious hit. Equities rallied around the globe throughout the spring and summer as states reopened their economies, but became more volatile during the last two months of the period as investors worried that a surge in coronavirus infections would stall the economic recovery. For the period overall, large-cap US and emerging market stocks rose, small-cap US stocks were virtually unchanged, and stocks in developed foreign markets declined.

The bond market overall—including US and global bonds as well as emerging market debt—rose during the period as investors sought safety in fixed income. A significant rally in interest rates pushed the 10-year US Treasury yield down to a record low. In March, the Fed took several aggressive actions to keep the bond markets running smoothly, restarting many of the relief programs that proved to be successful in helping end the global financial crisis in 2008-09.

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 Opportunities Fund

December 15, 2020

PGIM Jennison Global Opportunities Fund 3

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 pgim.com/investments or by calling (800) 225-1852.

	Average Annual Total Returns as of 10/31/20
	One Year (%)	Five Years (%)		Since Inception (%)
Class A
(with sales charges)	48.02		18.41		16.13 (3/14/12)
(without sales charges)	56.63		19.76		16.90 (3/14/12)
Class C
(with sales charges)	54.31		18.80		15.98 (3/14/12)
(without sales charges)	55.31		18.80		15.98 (3/14/12)
Class Z
(without sales charges)	56.90		20.00		17.15 (3/14/12)
Class R2
(without sales charges)	56.27		N/A		41.49 (12/27/18)
Class R4
(without sales charges)	56.74		N/A		41.90 (12/27/18)
Class R6
(without sales charges)	57.02		20.12		19.12 (12/22/14)
MSCI ACWI ND Index
	4.89		8.11		—
Average Annual Total Returns as of 10/31/20 Since Inception (%)
	Class A, C, Z (3/14/12)	Class R2, R4 (12/27/18)		Class R6 (12/22/14)
MSCI ACWI ND Index	8.20		13.05		6.96

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.

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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 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, 2020), 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 fees 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.

PGIM Jennison Global Opportunities Fund 5

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 or 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 service fee	None	None	None	0.10%*	0.10%*	None

*Shareholder service fee reflects maximum allowable fees under a shareholder services plan.

Benchmark Definitions

MSCI ACWI ND Index—The Morgan Stanley Capital International All Country World (MSCI ACWI) Net Dividends (ND) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 47 country indexes comprising 23 developed and 24 emerging market country indexes. The developed market country indexes included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. The emerging market country indexes included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates. The ND version of the MSCI ACWI Index reflects the impact of the maximum withholding taxes on reinvested dividends. The MSCI ACWI ND Index is unmanaged and the total return includes the reinvestment of all dividends.

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

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Presentation of Fund Holdings as of 10/31/20

Ten Largest Holdings	Line of Business	Country	% of Net Assets
Tesla, Inc.	Automobiles	United States	6.6%
Amazon.com, Inc.	Internet & Direct Marketing Retail	United States	6.4%
Apple, Inc.	Technology Hardware, Storage & Peripherals	United States	6.0%
MercadoLibre, Inc.	Internet & Direct Marketing Retail	Argentina	5.0%
Adyen NV, 144A	IT Services	Netherlands	4.4%
Meituan (Class B Stock)	Internet & Direct Marketing Retail	China	4.2%
Netflix, Inc.	Entertainment	United States	3.9%
Shopify, Inc. (Class A Stock)	IT Services	Canada	3.7%
Tencent Holdings Ltd.	Interactive Media & Services	China	3.5%
Wuxi Biologics Cayman, Inc., 144A	Life Sciences Tools & Services	China	3.3%

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

PGIM Jennison Global Opportunities Fund 7

Strategy and Performance Overview (unaudited)

How did the Fund perform?

The PGIM Jennison Global Opportunities Fund’s Class Z shares returned 56.90% in the 12-month reporting period that ended October 31, 2020, outperforming the 4.89% return of the MSCI All Country World ND Index (the Index).

What was the market environment?

• Markets were extremely volatile during the reporting period, unsettled by US-China trade discord and the COVID-19 pandemic.

• Stocks peaked at new highs in early 2020 and then dropped dramatically as COVID-19 spread around the globe, disrupting markets and life everywhere.

• The realities of COVID-19 dictated daily conduct for individuals, businesses, and governments worldwide. Shelter-in-place and work-from-home policies became standard. Global infection and mortality rates reflected varying policy and social behaviors, with the number of infections and deaths highest in the US. Developing a vaccine became an overwhelming focus, with both human and capital resources deployed.

• Markets rebounded rapidly during the period’s final months, but the pandemic’s economic damage continued to accumulate.

• The effects of fiscal stimulus—trillions of US dollars disbursed through the US federal government’s Coronavirus Aid, Relief, and Economic Security (CARES) Act and Payroll Protection Plan—blunted COVID-19’s impacts on employment and spending. The Federal Reserve’s comprehensive monetary policy initiatives to bolster liquidity and stabilize asset prices contributed to record-low interest rates.

What worked?

• Stock selection and allocations across most Index sectors benefited the Fund’s relative performance during the reporting period. Holdings in consumer discretionary and information technology—the Fund’s two largest sector weightings—were especially strong contributors to outperformance, as both stock selection and overweights in those sectors were beneficial. Underweighting cyclical sectors such as financials, energy, and industrials also boosted performance.

• In consumer discretionary:

• Tesla, Inc. continued to surge on a host of impressive financial results made possible by solid production, increased capacity, and strong execution. The company’s technology, scale, and low-cost advantage make it not only the breakaway leader in the electric-vehicle market, but also position it to disrupt the overall automotive industry.

• Consumer businesses that have migrated to digital direct-to-consumer business models were notably strong performers during the period. Amazon.com, Inc. has operated in

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this mode for years, and its relevance and dominance became even more apparent during the pandemic. The company continues to benefit from economies of scale and a platform-based business model. Through reinvestment, Amazon continues to strengthen its competitive edge. Its Amazon Web Services business is a significant additional driver of revenue and profit.

• Meituan-Dianping is a Chinese consumer services marketplace website. The company has a strong growth outlook as China’s leading domestic consumption story, with an uptrend in food delivery market share and an opportunity to improve margins. The company has improved operating margins across all business segments. Despite the continued impact and uncertainties of COVID-19, the core food delivery business should continue to show a robust recovery while new initiatives should continue to ramp up, in Jennison’s view.

• In information technology:

• Adyen has developed a single, dynamic, reliable, and secure payment platform that supports omni-channel commerce with end-to-end gateway, risk management, and processing services.

• Recognition of the importance of digital commerce in times of restricted personal mobility is also benefiting Shopify, Inc., which provides cloud-based, easy-to-use infrastructure tools to enable omni-channel e-commerce capability.

What didn’t work?

• Stock selection in industrials detracted from the Fund’s performance, in aggregate:

• A leading detractor was Safran SA, which was sold during the reporting period because of the company’s exposure to the airline industry. Most of Safran’s revenue is generated by its aerospace propulsion business, which includes the company’s joint venture with General Electric that makes 75% of the world’s narrow-body aircraft engines (including all of Boeing’s 737s and about half of Airbus’s A320s).

• In consumer discretionary, the Fund’s position in Adidas AG was eliminated due to the company’s softer-than-expected gross margins, COVID-19-related sporting event cancellations, and an anticipated backup in wholesale inventories.

• While stock selection contributed to a relative gain in the healthcare sector, a few holdings were notable detractors.

• Straumann Group, a Swiss dental supply maker, and Intuitive Surgical, Inc., a US corporation that produces robotics to improve clinical outcomes of patients through minimally invasive surgery, were eliminated from the Fund as Jennison expected elective procedures to be delayed amid the COVID-19 pandemic.

PGIM Jennison Global Opportunities Fund 9

Strategy and Performance Overview (continued)

• Edwards Lifesciences Corp. is the leader in the global transcatheter valve market. Jennison eliminated the position in favor of other secular growth companies.

Current outlook

• The US economy continues to recover from the worst effects of the pandemic, but the pace of the rebound appears to be moderating. At the end of the reporting period, Congress had failed to agree on additional stimulus to take up the slack from the massive, but largely exhausted, programs approved in March 2020. Further job reductions at large companies, particularly where the effects of COVID-19 have created the most disruption, are an additional headwind. The uneven pace of reopening heightens the need for further US government action.

• Corporate profit recovery is set to continue, aided by reduced labor and travel costs that could further expand profit margin opportunities. However, the outlook overall remains uncertain, not least because of the disruptive aftermath of the US presidential election and the pandemic’s ongoing impact.

• COVID-19 continues to disrupt activity around the globe. Jennison is optimistic that promising results from a number of clinical trials will result in an effective vaccine in the near term. However, it may be another 12 to 18 months before a finished product—the likely prerequisite for a broad-based recovery in confidence and activity—is globally available. Sectors where share prices and operating fundamentals have been disproportionately hit by the disease will likely experience a relief rally once distribution of a vaccine begins, but a return to pre-COVID-19 operating levels will probably not transpire for some time thereafter.

• Investors have demonstrated their preference for businesses that were thriving before COVID-19 and that have benefited from pandemic-related tailwinds and enhanced competitive positions. The Fund holds many technology, consumer, and communications services companies in this category. Prospects for their continued growth at above-average rates remain strong, in Jennison’s view.

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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, 2020. The example is for illustrative purposes only; you should consult the Fund’s 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 Jennison Global Opportunities Fund 11

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 Jennison Global Opportunities Fund		Beginning Account Value May 1, 2020		Ending Account Value October 31, 2020		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,407.70		1.08	%	$	6.54
	Hypothetical	$	1,000.00	$	1,019.71		1.08	%	$	5.48
Class C	Actual	$	1,000.00	$	1,401.20		1.92	%	$	11.59
	Hypothetical	$	1,000.00	$	1,015.48		1.92	%	$	9.73
Class Z	Actual	$	1,000.00	$	1,408.50		0.93	%	$	5.63
	Hypothetical	$	1,000.00	$	1,020.46		0.93	%	$	4.72
Class R2	Actual	$	1,000.00	$	1,405.50		1.38	%	$	8.34
	Hypothetical	$	1,000.00	$	1,018.20		1.38	%	$	7.00
Class R4	Actual	$	1,000.00	$	1,408.00		1.06	%	$	6.42
	Hypothetical	$	1,000.00	$	1,019.81		1.06	%	$	5.38
Class R6	Actual	$	1,000.00	$	1,409.30		0.84	%	$	5.09
	Hypothetical	$	1,000.00	$	1,020.91		0.84	%	$	4.27

*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, 2020, and divided by the 366 days in the Fund’s fiscal year ended October 31, 2020 (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, 2020

Description	Shares			Value
LONG-TERM INVESTMENTS    97.3%
COMMON STOCKS
Argentina    5.0%
MercadoLibre, Inc.*		247,060		$	299,943,193
Canada    3.7%
Shopify, Inc. (Class A Stock)*		242,391			224,315,903
China    12.4%
Alibaba Group Holding Ltd., ADR*		274,184			83,541,123
Meituan (Class B Stock)*		6,840,469			254,128,555
Tencent Holdings Ltd.		2,810,327			214,127,635
Wuxi Biologics Cayman, Inc., 144A*		6,997,352			196,596,705
					748,394,018
France    11.7%
Hermes International		110,863			102,988,791
Kering SA		255,875			154,637,270
L’Oreal SA		349,565			112,925,198
LVMH Moet Hennessy Louis Vuitton SE		393,173			184,302,646
Pernod Ricard SA		436,389			70,251,358
Remy Cointreau SA(a)		510,002			86,095,241
					711,200,504
Italy    2.7%
Ferrari NV		913,814			163,085,291
Netherlands    4.4%
Adyen NV, 144A*		159,600			268,010,845
Switzerland    2.0%
Givaudan SA		29,263			119,464,189
United Kingdom    1.7%
Experian PLC		2,900,208			105,913,864
United States    53.7%
Adobe, Inc.*		224,008			100,153,977
Amazon.com, Inc.*		127,437			386,917,848
Apple, Inc.		3,316,586	��		361,043,552
Atlassian Corp. PLC (Class A Stock)*		332,406			63,695,638
DexCom, Inc.*		143,239			45,776,320
DocuSign, Inc.*(a)		694,810			140,525,322

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 13

Schedule of Investments (continued)

as of October 31, 2020

Description	Shares		Value
COMMON STOCKS (Continued)
United States (cont’d.)
Dynatrace, Inc.*(a)		2,972,251	$	104,950,183
Lululemon Athletica, Inc.*		380,647		121,536,781
Mastercard, Inc. (Class A Stock)		193,686		55,905,527
Match Group, Inc.*		1,105,245		129,070,511
Microsoft Corp.		880,871		178,349,951
Netflix, Inc.*		490,379		233,292,905
NIKE, Inc. (Class B Stock)		479,279		57,551,822
NVIDIA Corp.		362,709		181,847,784
Peloton Interactive, Inc. (Class A Stock)*		1,666,628		183,679,072
RingCentral, Inc. (Class A Stock)*(a)		550,401		142,190,594
Snowflake, Inc. (Class A Stock)*		7,669		1,917,403
Teladoc Health, Inc.*(a)		433,799		85,224,152
Tesla, Inc.*(a)		1,021,530		396,394,501
Trade Desk, Inc. (The) (Class A Stock)*(a)		200,245		113,428,780
Twilio, Inc. (Class A Stock)*		492,450		137,378,777
Zoom Video Communications, Inc. (Class A Stock)*		59,633		27,485,446
				3,248,316,846
TOTAL LONG-TERM INVESTMENTS (cost $3,823,516,891)				5,888,644,653
SHORT-TERM INVESTMENTS    10.6%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(w)		179,094,560		179,094,560
PGIM Institutional Money Market Fund (cost $462,358,608; includes $462,227,194 of cash collateral for securities on loan)(b)(w)		462,690,249		462,551,442
TOTAL SHORT-TERM INVESTMENTS (cost $641,453,168)				641,646,002
TOTAL INVESTMENTS    107.9% (cost $4,464,970,059)				6,530,290,655
Liabilities in excess of other assets    (7.9)%				(477,051,423	)
NET ASSETS    100.0%			$	6,053,239,232

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.

See Notes to Financial Statements.

14

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $422,368,170; cash collateral of $462,227,194 (included in liabilities) was received with which the Series purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Series may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

(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, 2020 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Common Stocks
Argentina	$	299,943,193	$	—	$	—
Canada		224,315,903		—		—
China		83,541,123		664,852,895		—
France		—		711,200,504		—
Italy		—		163,085,291		—
Netherlands		—		268,010,845		—
Switzerland		—		119,464,189		—
United Kingdom		—		105,913,864		—
United States		3,248,316,846		—		—
Affiliated Mutual Funds		641,646,002		—		—
Total	$	4,497,763,067	$	2,032,527,588	$	—

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, 2020 were as follows (unaudited):

Internet & Direct Marketing Retail	17.0	%
Software	14.4
IT Services	11.3

Affiliated Mutual Funds (7.6% represents investments purchased with collateral from securities on loan)	10.6	%
Textiles, Apparel & Luxury Goods	10.2
Automobiles	9.2

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 15

Schedule of Investments (continued)

as of October 31, 2020

Industry Classification (continued):

Technology Hardware, Storage & Peripherals	6.0	%
Interactive Media & Services	5.6
Entertainment	3.9
Life Sciences Tools & Services	3.3
Leisure Products	3.0
Semiconductors & Semiconductor Equipment	3.0
Beverages	2.6
Chemicals	2.0
Personal Products	1.9

Professional Services	1.7	%
Health Care Technology	1.4
Health Care Equipment & Supplies	0.8
	107.9
Liabilities in excess of other assets	(7.9	)
	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		$	422,368,170		$	(422,368,170	)		$	—

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

See Notes to Financial Statements.

16

Statement of Assets and Liabilities

as of October 31, 2020

Assets
Investments at value, including securities on loan of $422,368,170:
Unaffiliated investments (cost $3,823,516,891)	$	5,888,644,653
Affiliated investments (cost $641,453,168)		641,646,002
Receivable for Series shares sold		37,344,980
Receivable for investments sold		2,289,466
Tax reclaim receivable		812,403
Dividends receivable		191,846
Prepaid expenses		36,786
Total Assets		6,570,966,136
Liabilities
Payable to broker for collateral for securities on loan		462,227,194
Payable for investments purchased		26,269,050
Payable for Series shares reacquired		23,028,454
Management fee payable		4,157,651
Accrued expenses and other liabilities		1,566,184
Distribution fee payable		436,552
Affiliated transfer agent fee payable		33,889
Directors’ fees payable		5,933
Payable to custodian		1,997
Total Liabilities		517,726,904
Net Assets	$	6,053,239,232
Net assets were comprised of:
Common stock, at par	$	1,550,868
Paid-in capital in excess of par		3,901,984,150
Total distributable earnings (loss)		2,149,704,214
Net assets, October 31, 2020	$	6,053,239,232

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 17

Statement of Assets and Liabilities

as of October 31, 2020

Class A
Net asset value and redemption price per share, ($494,173,409 ÷ 12,834,457 shares of common stock issued and outstanding)	$	38.50
Maximum sales charge (5.50% of offering price)		2.24
Maximum offering price to public	$	40.74
Class C
Net asset value, offering price and redemption price per share, ($364,557,429 ÷ 10,133,296 shares of common stock issued and outstanding)	$	35.98
Class Z
Net asset value, offering price and redemption price per share, ($3,390,005,751 ÷ 86,386,784 shares of common stock issued and outstanding)	$	39.24
Class R2
Net asset value, offering price and redemption price per share, ($376,879 ÷ 9,638 shares of common stock issued and outstanding)	$	39.10
Class R4
Net asset value, offering price and redemption price per share, ($505,375 ÷ 12,856 shares of common stock issued and outstanding)	$	39.31
Class R6
Net asset value, offering price and redemption price per share, ($1,803,620,389 ÷ 45,709,811 shares of common stock issued and outstanding)	$	39.46

See Notes to Financial Statements.

18

Statement of Operations

Year Ended October 31, 2020

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $1,413,587 foreign withholding tax)	$	13,859,404
Income from securities lending, net (including affiliated income of $1,145,819)		1,318,708
Affiliated dividend income		550,600
Total income		15,728,712
Expenses
Management fee		32,542,240
Distribution fee(a)		3,826,119
Shareholder servicing fees(a)		356
Transfer agent’s fees and expenses (including affiliated expense of $215,148)(a)		2,740,272
Custodian and accounting fees		567,936
Registration fees(a)		394,677
Shareholders’ reports		146,011
SEC registration fees		104,752
Directors’ fees		61,423
Legal fees and expenses		37,766
Audit fee		27,762
Miscellaneous		63,327
Total expenses		40,512,641
Less: Fee waiver and/or expense reimbursement(a)		(501,442	)
Distribution fee waiver(a)		(172,141	)
Net expenses		39,839,058
Net investment income (loss)		(24,110,346	)
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(454,674))		185,957,690
Foreign currency transactions		(79,651	)
		185,878,039
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $147,128)		1,677,130,615
Foreign currencies		(16,416	)
		1,677,114,199
Net gain (loss) on investment and foreign currency transactions		1,862,992,238
Net Increase (Decrease) In Net Assets Resulting From Operations	$	1,838,881,892

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

	Class A			Class C			Class Z			Class R2			Class R4			Class R6
Distribution fee		1,032,849			2,792,718			—			552			—			—
Shareholder servicing fees		—			—			—			162			194			—
Transfer agent’s fees and expenses		325,220			245,531			2,160,185			357			693			8,286
Registration fees		51,916			32,823			136,828			14,041			14,041			145,028
Fee waiver and/or expense reimbursement		(381,601	)		(8,525	)		(30,326	)		(14,019	)		(14,131	)		(52,840	)
Distribution fee waiver		(172,141	)		—			—			—			—			—

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 19

Statements of Changes in Net Assets

	Year Ended October 31,
	2020			2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(24,110,346	)	$	(8,341,596	)
Net realized gain (loss) on investment and foreign currency transactions		185,878,039			(15,157,102	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		1,677,114,199			265,888,200
Net increase (decrease) in net assets resulting from operations		1,838,881,892			242,389,502
Series share transactions (Net of share conversions)
Net proceeds from shares sold		2,869,534,185			1,382,201,174
Cost of shares reacquired		(1,210,949,163	)		(582,671,951	)
Net increase (decrease) in net assets from Series share transactions		1,658,585,022			799,529,223
Total increase (decrease)		3,497,466,914			1,041,918,725
Net Assets:
Beginning of year		2,555,772,318			1,513,853,593
End of year	$	6,053,239,232		$	2,555,772,318

See Notes to Financial Statements.

20

Notes to Financial Statements

1. Organization

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 Infrastructure Fund, PGIM Jennison Global Opportunities Fund, PGIM Jennison International Opportunities Fund and PGIM QMA International Equity Fund, each of which are diversified funds for purposes of the 1940 Act and 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 therefore, 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.

2. 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.

PGIM Jennison Global Opportunities Fund 21

Notes to Financial Statements (continued)

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

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

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

22

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.

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.

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

PGIM Jennison Global Opportunities Fund 23

Notes to Financial Statements (continued)

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 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, which are reflected in interest income or unaffiliated dividend income based upon the nature of the payment on the Statement of Operations. 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 in the Statement of Operations.

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

24

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.

3. 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.

PGIM Jennison Global Opportunities Fund 25

Notes to Financial Statements (continued)

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’ 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 0.806% for the year ended October 31, 2020.

Effective March 1, 2020, the Manager has contractually agreed, through February 28, 2022, to limit net annual operating expenses (exclusive of distribution and service (12b-1) fees, shareholder servicing fee, 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. Prior to March 1, 2020, the Manager had contractually agreed, 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. Separately, the Manager has contractually agreed, through February 28, 2022, 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 or 1.09% of average daily net assets for Class R4 shares.Additionally, the Manager has contractually agreed, through February 28, 2022, 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 applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class 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.

26

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 through February 28, 2022 to limit such fees to 0.25% of the average daily net assets of the Class A shares.

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 up to 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, as applicable.

For the year ended October 31, 2020, PIMS received $2,799,025 in front-end sales charges resulting from sales of Class A shares. Additionally, for the year ended October 31, 2020, PIMS received $4,761 and $31,933 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”).

4. Other Transactions with Affiliates

PMFS serves as the Series’ 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

PGIM Jennison Global Opportunities Fund 27

Notes to Financial Statements (continued)

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 Securities and Exchange Commission (“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, 2020, no 17a-7 transactions were entered into by the Series.

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the year ended October 31, 2020, were $3,764,823,926 and $2,275,311,879, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the year ended October 31, 2020, 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*
$39,563,382	$	1,725,553,540	$	1,586,022,362	$	—	$	—		$	179,094,560		179,094,560	$	550,600
PGIM Institutional Money Market Fund*
216,507,339		4,400,128,382		4,153,776,733		147,128		(454,674	)		462,551,442		462,690,249		1,145,819	**
$256,070,721	$	6,125,681,922	$	5,739,799,095	$	147,128	$	(454,674	)	$	641,646,002			$	1,696,419

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

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

28

6. 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.

For the years ended October 31, 2020, and October 31, 2019, there were no distributions paid by the Series.

As of October 31, 2020, the accumulated undistributed earnings on a tax basis were $879,787 of ordinary income and $119,203,167 of long-term capital gains.

The United States federal income tax basis of the Series’ investments and the net unrealized appreciation as of October 31, 2020 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$4,484,259,130	$2,070,356,284	$(24,324,759)	$2,046,031,525

The difference between book basis and tax basis was primarily due to deferred losses on wash sales and corporate spin-off adjustment.

The Series utilized approximately $55,063,000 of its capital loss carryforward to offset net taxable gains realized in the fiscal year ended October 31, 2020.

The Series elected to treat certain late-year ordinary income losses of approximately $16,406,000 as having been incurred in the following fiscal year (October 31, 2021).

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, 2020 are subject to such review.

7. 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,

PGIM Jennison Global Opportunities Fund 29

Notes to Financial Statements (continued)

Class R4 and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

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

The Fund is authorized to issue 5.075 billion shares of common stock, $0.01 par value per share, 950 million of which are designated as shares of the Series. The shares are further classified and designated as follows:

Class A	50,000,000
Class C	70,000,000
Class Z	300,000,000
Class T	125,000,000
Class R2	75,000,000
Class R4	75,000,000
Class R6	255,000,000

The Series currently does not have any Class T shares outstanding.

As of October 31, 2020, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Series as follows:

	Number of Shares	Percentage of         Outstanding Shares
Class R2	486	5.0%
Class R4	486	3.8%

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

Affiliated		Unaffiliated
Number of Shareholders	Percentage of Outstanding Shares	Number of Shareholders	Percentage of Outstanding Shares
—	—%	6	76.9%

30

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Year ended October 31, 2020:
Shares sold		5,738,717		$	181,584,437
Shares reacquired		(2,465,079	)		(74,149,989	)
Net increase (decrease) in shares outstanding before conversion		3,273,638			107,434,448
Shares issued upon conversion from other share class(es)		428,288			13,295,901
Shares reacquired upon conversion into other share class(es)		(474,524	)		(15,077,525	)
Net increase (decrease) in shares outstanding		3,227,402		$	105,652,824
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
Class C
Year ended October 31, 2020:
Shares sold		3,153,742		$	91,465,665
Shares reacquired		(1,559,131	)		(43,284,069	)
Net increase (decrease) in shares outstanding before conversion		1,594,611			48,181,596
Shares reacquired upon conversion into other share class(es)		(584,386	)		(16,711,305	)
Net increase (decrease) in shares outstanding		1,010,225		$	31,470,291
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
Class Z
Year ended October 31, 2020:
Shares sold		54,820,204		$	1,691,528,205
Shares reacquired		(27,602,817	)		(875,896,188	)
Net increase (decrease) in shares outstanding before conversion		27,217,387			815,632,017
Shares issued upon conversion from other share class(es)		853,698			26,946,718
Shares reacquired upon conversion into other share class(es)		(323,337	)		(10,207,454	)
Net increase (decrease) in shares outstanding		27,747,748		$	832,371,281
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

PGIM Jennison Global Opportunities Fund 31

Notes to Financial Statements (continued)

Class R2	Shares			Amount
Year ended October 31, 2020:
Shares sold		9,568		$	296,916
Shares reacquired		(416	)		(15,390	)
Net increase (decrease) in shares outstanding		9,152		$	281,526
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
Class R4
Year ended October 31, 2020:
Shares sold		1,345		$	40,198
Shares reacquired		(2,925	)		(101,382	)
Net increase (decrease) in shares outstanding		(1,580	)	$	(61,184	)
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, 2020:
Shares sold		26,781,782		$	904,618,764
Shares reacquired		(6,652,807	)		(217,502,145	)
Net increase (decrease) in shares outstanding before conversion		20,128,975			687,116,619
Shares issued upon conversion from other share class(es)		59,984			1,964,598
Shares reacquired upon conversion into other share class(es)		(6,636	)		(210,933	)
Net increase (decrease) in shares outstanding		20,182,323		$	688,870,284
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

* Commencement of offering was December 27, 2018.

** Less than 1 share.

8. Borrowings

The Fund, on behalf of the Series, along with other affiliated registered investment companies (the “Participating Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of

32

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	10/2/2020 –9/30/2021	10/3/2019 –10/1/2020
Total Commitment	$1,200,000,000	$1,222,500,000*
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.30% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent
* Effective March 31, 2020, the SCA’s total commitment was increased from $900,000,000 to $1,162,500,000 and subsequently, effective April 7, 2020 was increased to $1,222,500,000.

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

The Series did not utilize the SCA during the year ended October 31, 2020.

9. Risks of Investing in the Series

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

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

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

PGIM Jennison Global Opportunities Fund 33

Notes to Financial Statements (continued)

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. 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. The securities of such issuers may trade in 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. Lack of information may also affect the value of these securities.

Investments in China Risk: Investments in China subject the Series to risks specific to China and may make it more volatile than other funds. Over the last few decades, the Chinese government has undertaken reform of economic and market practices and has expanded the sphere of private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries, including military conflicts in response to such events, may also disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation.

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

Market Disruption and Geopolitical Risks: International wars or conflicts and geopolitical developments in foreign countries, along with instability in regions such as Asia, Eastern Europe, and the Middle East, possible terrorist attacks in the United States or around the world, public health epidemics such as the outbreak of infectious diseases like the recent

34

outbreak of coronavirus globally or the 2014–2016 outbreak in West Africa of the Ebola virus, and other similar events could adversely affect the U.S. and foreign financial markets, including increases in market volatility, reduced liquidity in the securities markets and government intervention, and may cause further long-term economic uncertainties in the United States and worldwide generally.

The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Series’ investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Series invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide.

Market 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.

10. Recent Regulatory Developments

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule will become effective 60 days after publication in the Federal Register, and will have a compliance date 18 months following the effective date. Management is currently evaluating the Rule and its impact to the Funds.

PGIM Jennison Global Opportunities Fund 35

Financial Highlights

Class A Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$24.58			$21.47			$20.72			$15.14			$15.63
Income (loss) from investment operations:
Net investment income (loss)		(0.22)			(0.11)			(0.13)			(0.09)			(0.05)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		14.14			3.22			0.88			5.67			(0.44	)
Total from investment operations		13.92			3.11			0.75			5.58			(0.49	)
Net asset value, end of year		$38.50			$24.58			$21.47			$20.72			$15.14
Total Return(b):		56.63	%		14.49	%		3.62	%		36.86	%		(3.13	)%
Ratios/Supplemental Data:
Net assets, end of year (000)		$494,173			$236,118			$164,764			$90,247			$89,579
Average net assets (000)		$344,283			$205,653			$142,313			$70,810			$100,220
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.08	%		1.08	%		1.14	%		1.19	%		1.20	%
Expenses before waivers and/or expense reimbursement		1.24	%		1.28	%		1.30	%		1.33	%		1.36	%
Net investment income (loss)		(0.69	)%		(0.45	)%		(0.55	)%		(0.55	)%		(0.31	)%
Portfolio turnover rate(e)		57	%		52	%		62	%		79	%		88	%

(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.

36

Class C Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$23.16			$20.41			$19.85			$14.61			$15.20
Income (loss) from investment operations:
Net investment income (loss)		(0.45	)		(0.29	)		(0.30	)		(0.22	)		(0.15	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		13.27			3.04			0.86			5.46			(0.44	)
Total from investment operations		12.82			2.75			0.56			5.24			(0.59	)
Net asset value, end of year		$35.98			$23.16			$20.41			$19.85			$14.61
Total Return(b):		55.31	%		13.47	%		2.82	%		35.87	%		(3.88	)%
Ratios/Supplemental Data:
Net assets, end of year (000)		$364,557			$211,290			$168,587			$79,531			$52,246
Average net assets (000)		$279,272			$198,518			$136,788			$55,922			$50,113
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.93	%		1.94	%		1.94	%		1.94	%		1.95	%
Expenses before waivers and/or expense reimbursement		1.93	%		1.97	%		1.99	%		2.03	%		2.06	%
Net investment income (loss)		(1.53	)%		(1.31	)%		(1.35	)%		(1.28	)%		(1.07	)%
Portfolio turnover rate(e)		57	%		52	%		62	%		79	%		88	%

(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 37

Financial Highlights (continued)

Class Z Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$25.01			$21.82			$21.00			$15.31			$15.77
Income (loss) from investment operations:
Net investment income (loss)		(0.17	)		(0.07	)		(0.08	)		(0.05	)		(0.01	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		14.40			3.26			0.90			5.74			(0.45	)
Total from investment operations		14.23			3.19			0.82			5.69			(0.46	)
Net asset value, end of year		$39.24			$25.01			$21.82			$21.00			$15.31
Total Return(b):		56.90	%		14.62	%		3.90	%		37.17	%		(2.92	)%
Ratios/Supplemental Data:
Net assets, end of year (000)		$3,390,006			$1,466,571			$927,492			$334,783			$114,228
Average net assets (000)		$2,338,060			$1,228,375			$693,749			$193,977			$131,042
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.93	%		0.94	%		0.93	%		0.94	%		0.95	%
Expenses before waivers and/or expense reimbursement		0.93	%		0.96	%		0.97	%		1.02	%		1.06	%
Net investment income (loss)		(0.54	)%		(0.31	)%		(0.35	)%		(0.28	)%		(0.07	)%
Portfolio turnover rate(e)		57	%		52	%		62	%		79	%		88	%

(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.

38

Class R2 Shares
	Year Ended October 31, 2020			December 27, 2018(a) through October 31, 2019
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$25.02			$20.59
Income (loss) from investment operations:
Net investment income (loss)		(0.31	)		(0.12	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		14.39			4.55
Total from investment operations		14.08			4.43
Net asset value, end of period		$39.10			$25.02
Total Return(c):		56.27	%		21.52	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$377			$12
Average net assets (000)		$221			$13
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.33	%		1.34	%(e)
Expenses before waivers and/or expense reimbursement		7.68	%		216.05	%(e)
Net investment income (loss)		(0.92	)%		(0.58	)%(e)
Portfolio turnover rate(f)		57	%		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 39

Financial Highlights (continued)

Class R4 Shares
	Year Ended October 31, 2020			December 27, 2018(a) through October 31, 2019
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$25.08			$20.59
Income (loss) from investment operations:
Net investment income (loss)		(0.19	)		(0.10	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		14.42			4.59
Total from investment operations		14.23			4.49
Net asset value, end of period		$39.31			$25.08
Total Return(c):		56.74	%		21.81	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$505			$362
Average net assets (000)		$433			$122
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.02	%		0.97	%(e)
Expenses before waivers and/or expense reimbursement		4.28	%		23.67	%(e)
Net investment income (loss)		(0.60	)%		(0.46	)%(e)
Portfolio turnover rate(f)		57	%		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.

40

Class R6 Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$25.13			$21.90			$21.06			$15.33			$15.78
Income (loss) from investment operations:
Net investment income (loss)		(0.15	)		(0.06	)		(0.06	)		(0.04	)		0.01
Net realized and unrealized gain (loss) on investment and foreign currency transactions		14.48			3.29			0.90			5.77			(0.46	)
Total from investment operations		14.33			3.23			0.84			5.73			(0.45	)
Net asset value, end of year		$39.46			$25.13			$21.90			$21.06			$15.33
Total Return(b):		57.02	%		14.75	%		3.99	%		37.38	%		(2.85	)%
Ratios/Supplemental Data:
Net assets, end of year (000)		$1,803,620			$641,419			$253,010			$29,023			$8,647
Average net assets (000)		$1,074,262			$448,178			$133,984			$14,700			$7,736
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.84	%		0.84	%		0.84	%		0.84	%		0.84	%
Expenses before waivers and/or expense reimbursement		0.84	%		0.87	%		0.90	%		0.92	%		0.95	%
Net investment income (loss)		(0.46	)%		(0.23	)%		(0.26	)%		(0.23	)%		0.05	%
Portfolio turnover rate(e)		57	%		52	%		62	%		79	%		88	%

(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

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Prudential World Fund, Inc. and Shareholders of PGIM Jennison Global Opportunities Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PGIM Jennison Global Opportunities Fund (one of the funds constituting Prudential World Fund, Inc., referred to hereafter as the “Fund”) as of October 31, 2020, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the year ended October 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, and the results of its operations, changes in its net assets, and the financial highlights for the year ended October 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended October 31, 2019 and the financial highlights for each of the periods ended on or prior to October 31, 2019 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated December 16, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. 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 audit of these financial statements 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 are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, 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. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

December 16, 2020

We have served as the auditor of one or more investment companies in the PGIM Retail Funds complex since 2020.

42

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 the day-to-day operations of the Fund.

Independent Board Members
Name Year 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 1958 Board Member Portfolios Overseen: 95	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 (2009-2016); Trustee, Loyola University (since 2018).	None.	Since September 2013
Kevin J. Bannon 1952 Board Member Portfolios Overseen: 95	Retired; Managing Director (April 2008-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 (May 2003-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 Year 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 1952 Board Member Portfolios Overseen: 95	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Limited LLC (formerly, 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–June 2020); 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 1960 Board Member Portfolios Overseen: 94	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 1956 Board Member & Independent Chair Portfolios Overseen: 95	Executive Committee of the IDC Board of Governors (since October 2019); Retired; Member (since November 2014) of the Governing Council of the Independent Directors Council (IDC) (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 Year 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 1962 Board Member Portfolios Overseen: 94	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 2019) (information technology); Independent Director, Kabbage, Inc. (2018-2020) (financial services); Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017
Michael S. Hyland, CFA 1945 Board Member Portfolios Overseen: 95	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 1961 Board Member Portfolios Overseen: 94	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 Year 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 1959 Board Member Portfolios Overseen: 94	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 Year 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 1962 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 Year 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 1973 Board Member & Vice President Portfolios Overseen: 96	Executive Vice President (since June 2009) of PGIM Investments LLC; 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

⁽¹⁾ The year that each Board Member joined the Board is as follows:

Ellen S. Alberding, 2013; Kevin J. Bannon, 2008; Linda W. Bynoe, 2005; Barry H. Evans, 2017; Keith F. Hartstein, 2013; Laurie Simon Hodrick, 2017; Michael S. Hyland, 2008; James E. Quinn, 2013; Richard A. Redeker, 2000; Stephen G. Stoneburn, 2003; Stuart S. Parker, Board Member and President since 2012; Scott E. Benjamin, Board Member since 2010 and Vice President since 2009; Grace C. Torres, 2014.

Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Claudia DiGiacomo 1974 Chief Legal Officer	Chief Legal Officer of PGIM Investments LLC (since August 2020); Chief Legal Officer of Prudential Mutual Fund Services LLC (since August 2020); Chief Legal Officer of PIFM Holdco, LLC (since August 2020); Vice President and Corporate Counsel (since January 2005) of Prudential; and Corporate Counsel of AST Investment Services, Inc. (since August 2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005
Dino Capasso 1974 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

PGIM Jennison Global Opportunities Fund

Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Andrew R. French 1962 Secretary	Vice President (since December 2018 - present) of PGIM Investments LLC; Formerly, Vice President and Corporate Counsel (2010-2018) 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
Diana N. Huffman 1982 Assistant Secretary	Vice President and Corporate Counsel (since September 2015) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; formerly Associate at Willkie Farr & Gallagher LLP (2009-2015).	Since March 2019
Melissa Gonzalez 1980 Assistant Secretary	Vice President and Corporate Counsel (since September 2018) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; formerly Director and Corporate Counsel (March 2014-September 2018) of Prudential.	Since March 2020
Patrick E. McGuinness 1986 Assistant Secretary	Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Director and Corporate Counsel (since February 2017) of Prudential; and Corporate Counsel (2012 – 2017) of IIL, Inc.	Since June 2020
Kelly A. Coyne 1968 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since March 2015
Christian J. Kelly 1975 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
Lana Lomuti 1967 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 1973 Assistant Treasurer	Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration.	Since October 2019
Deborah Conway 1969 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since October 2019
Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.	Since October 2019

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Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Charles H. Smith 1973 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 all 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.

∎ As used in the Fund Officers table “Prudential” means The Prudential Insurance Company of America.

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”). 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 27, 2020 and on June 9-11, 2020 and approved the renewal of the agreements through July 31, 2021, 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 Global Opportunities Fund is a series of Prudential World Fund, Inc.

`

PGIM Jennison Global 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 27, 2020 and on June 9-11, 2020.

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, 2019 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, 2019.

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, 2019. 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	1st Quartile	1st Quartile	N/A
Actual Management Fees: 2nd Quartile
Net Total Expenses: 2nd 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 that (exclusive of certain fees and expenses) limits total annual operating expenses at 0.84% for each class of the Fund’s 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 28, 2021.

• 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 through February 28, 2021.

• 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 Global Opportunities Fund

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

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 or by visiting the Securities and Exchange Commission’s website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website and on the Securities and Exchange Commission’s website.

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 • Claudia DiGiacomo, Chief Legal Officer • Dino Capasso, Chief Compliance Officer • Charles H. Smith, Anti-Money Laundering Compliance Officer • Andrew R. French, Secretary • Melissa Gonzalez, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Kelly A. Coyne, Assistant Secretary • Patrick McGuinness, 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	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH 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 that Director at 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 for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov.

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, 2020

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 (pgim.com/investments), 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 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 pgim.com/investments/resource/edelivery

Table of Contents

Letter from the President	3
Your Fund’s Performance	4
Growth of a $10,000 Investment	5
Strategy and Performance Overview	8
Fees and Expenses	11
Holdings and Financial Statements	13
Approval of Advisory Agreements

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. ^© 2020 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 pgim.com/investments

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 the 12-month period that ended October 31, 2020.

During the first four months of the period, the global economy remained healthy—particularly in the US—fueled by rising corporate profits and strong job growth. The outlook changed dramatically in March as the coronavirus outbreak quickly and substantially shut down economic activity worldwide, leading to significant job losses and a steep decline in global growth and earnings. Responding to this disruption, the Federal Reserve (the Fed) cut the federal funds rate target to near zero and flooded capital markets with liquidity; and Congress passed stimulus bills worth approximately $3 trillion that offered an economic lifeline to consumers and businesses.

While stocks climbed throughout the first four months of the period, they fell significantly in March amid a spike in volatility, ending the 11-year-long equity bull market. With stores and factories closing and consumers staying at home to limit the spread of the virus, investors sold stocks on fears that corporate earnings would take a serious hit. Equities rallied around the globe throughout the spring and summer as states reopened their economies, but became more volatile during the last two months of the period as investors worried that a surge in coronavirus infections would stall the economic recovery. For the period overall, large-cap US and emerging market stocks rose, small-cap US stocks were virtually unchanged, and stocks in developed foreign markets declined.

The bond market overall—including US and global bonds as well as emerging market debt—rose during the period as investors sought safety in fixed income. A significant rally in interest rates pushed the 10-year US Treasury yield down to a record low. In March, the Fed took several aggressive actions to keep the bond markets running smoothly, restarting many of the relief programs that proved to be successful in helping end the global financial crisis in 2008-09.

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 15, 2020

PGIM Jennison International Opportunities Fund 3

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 pgim.com/investments or by calling (800) 225-1852.

		Average Annual Total Returns as of 10/31/20
		One Year (%)		Five Years (%)		Since Inception (%)
Class A
(with sales charges)			36.18		15.22		12.87 (6/5/12)
(without sales charges)			44.11		16.53		13.63 (6/5/12)
Class C
(with sales charges)			42.00		15.61		12.76 (6/5/12)
(without sales charges)			43.00		15.61		12.76 (6/5/12)
Class R
(without sales charges)			43.56		N/A		16.98 (11/20/17)
Class Z
(without sales charges)			44.46		16.80		13.90 (6/5/12)
Class R2
(without sales charges)			43.91		N/A		40.62 (12/27/18)
Class R4
(without sales charges)			44.20		N/A		40.96 (12/27/18)
Class R6
(without sales charges)			44.54		N/A		17.30 (12/23/15)
MSCI All Country World ex-US Index
			–2.61		4.26		—
Average Annual Total Returns as of 10/31/20 Since Inception (%)
	Class A, C, Z (6/5/12)	Class R (11/20/17)		Class R2, R4 (12/27/18)		Class R6 (12/23/15)
MSCI All Country World ex-US Index	5.85		–0.47		6.60		5.28

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.

4 Visit our website at pgim.com/investments

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 commencement of operations for Class Z shares (June 5, 2012) and the account values at the end of the current fiscal year (October 31, 2020), 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 fees 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.

PGIM Jennison International Opportunities Fund 5

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 or 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 service fee	None	None	None	None	0.10%*	0.10%*	None

*Shareholder service fee reflects maximum allowable fees under a shareholder services plan.

Benchmark Definitions

MSCI All Country World ex-US Index—The Morgan Stanley Capital International All Country World 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.

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

6 Visit our website at pgim.com/investments

Presentation of Fund Holdings as of 10/31/20

Ten Largest Holdings	Line of Business	Country	% of Net Assets
Sea Ltd., ADR	Entertainment	Taiwan	5.5%
Adyen NV, 144A	IT Services	Netherlands	5.5%
Shopify, Inc. (Class A Stock)	IT Services	Canada	5.3%
MercadoLibre, Inc.	Internet & Direct Marketing Retail	Argentina	5.0%
Meituan (Class B Stock)	Internet & Direct Marketing Retail	China	4.8%
Sartorius AG (PRFC)	Healthcare Equipment & Supplies	Germany	4.4%
Tencent Holdings Ltd.	Interactive Media & Services	China	4.3%
Alibaba Group Holding Ltd., ADR	Internet & Direct Marketing Retail	China	3.9%
LVMH Moet Hennessy Louis Vuitton SE	Textiles, Apparel & Luxury Goods	France	3.5%
Wuxi Biologics Cayman, Inc., 144A	Life Sciences Tools & Services	China	3.2%

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

PGIM Jennison International Opportunities Fund 7

Strategy and Performance Overview (unaudited)

How did the Fund perform?

The PGIM Jennison International Opportunities Fund’s Class Z shares returned 44.46% in the 12-month reporting period that ended October 31, 2020, outperforming the -2.61% return of the MSCI All Country World ex-US Index (the Index).

What was the market environment?

• Markets were extremely volatile during the reporting period, unsettled by US-China trade discord and the COVID-19 pandemic.

• Stocks peaked at new highs in early 2020 and then dropped dramatically as COVID-19 spread around the globe, disrupting markets and life everywhere.

• The realities of COVID-19 dictated daily conduct for individuals, businesses, and governments worldwide. Shelter-in-place and work-from-home policies became standard. Global infection and mortality rates reflected varying policy and social behaviors, with the number of infections and deaths highest in the US. Developing a vaccine became an overwhelming focus, with both human and capital resources deployed.

• Markets rebounded rapidly during the period’s final months, but the pandemic’s economic damage continued to accumulate.

What worked?

• Stock selection and allocations across nearly all Index sectors benefited the Fund’s relative performance during the reporting period. Holdings in consumer discretionary, information technology, and healthcare—the Fund’s three largest sector weightings—were especially strong contributors to outperformance, as both stock selection and overweights in those sectors were beneficial.

• In consumer discretionary:

• Meituan-Dianping is a Chinese consumer services marketplace website. The company has a strong growth outlook as China’s leading domestic consumption story, and it has improved operating margins across all business segments. Despite the continued impact and uncertainties of COVID-19, the core food delivery business should continue to show a robust recovery.

• Mercado Libre is an online trading service based in Buenos Aires, Argentina, that enables individuals and businesses to electronically sell and buy items in thousands of categories. The company’ growth has accelerated materially since the COVID-19 pandemic began, and it is becoming increasingly clear that the digital gains from this disruption can have long-term benefits, in Jennison’s view.

8 Visit our website at pgim.com/investments

• In information technology:

• Netherlands-based payment processor Adyen has developed a single, dynamic, reliable, and secure payment platform that supports omni-channel commerce with end-to-end gateway, risk management, and processing services.

• Recognition of the importance of digital commerce in times of restricted personal mobility is also benefiting Canadian e-commerce platform Shopify, Inc., which provides cloud-based, easy-to-use infrastructure tools to enable omni-channel e-commerce capability.

• In communication services, Sea Ltd., a leading Southeast Asian internet company focused on digital entertainment, continues to gain momentum as a key beneficiary of growth from online gaming and e-commerce transactions. The pandemic has accelerated the shift toward the digital economy, benefiting Sea’s business across multiple fronts.

What didn’t work?

• In industrials:

• A leading detractor was French aerospace company Safran SA, which was sold during the reporting period because of the company’s exposure to the airline industry. Most of Safran’s revenue is generated by its aerospace propulsion business, which includes the company’s joint venture with General Electric that makes 75% of the world’s narrow-body aircraft engines (including all of Boeing’s 737s and about half of Airbus’s A320s).

• Similarly, material restrictions on travel related to the pandemic have created financial strains on airlines. Jennison eliminated Dutch aerospace giant Airbus SE during the period based on the company’s exposure to the industry’s challenges.

• UK-based Ashtead Group rents construction and industrial equipment, principally in the US and the United Kingdom. The Fund’s position was sold during the period as Jennison reduced overall cyclical exposure amid the COVID-19 outbreak.

• In consumer discretionary, the Fund’s position in German athleisure company Adidas AG was eliminated due to the company’s softer-than-expected gross margins, COVID-19-related sporting event cancellations, and an anticipated backup in wholesale inventories.

• In healthcare, the Fund’s position in Swiss dental supply maker Straumann Group was eliminated as Jennison believed that many elective procedures would be delayed amid the outbreak.

PGIM Jennison International Opportunities Fund 9

Strategy and Performance Overview (continued)

Current outlook

• Corporate profit recovery is set to continue, aided by reduced labor and travel costs that could further expand profit margin opportunities. However, the outlook overall remains uncertain, not least because of the disruptive aftermath of the US presidential election and the pandemic’s ongoing impact.

• COVID-19 continues to disrupt activity around the globe. Jennison is optimistic that promising results from a number of clinical trials will result in an effective vaccine in the near term. However, it may be another 12 to 18 months before a finished product—the likely prerequisite for a broad-based recovery in confidence and activity—is globally available. Sectors where share prices and operating fundamentals have been disproportionately hit by the disease will likely experience a relief rally once distribution of a vaccine begins, but a return to pre-COVID-19 operating levels will probably not transpire for some time thereafter.

• Investors have demonstrated their preference for businesses that were thriving before COVID-19 and that have benefited from pandemic-related tailwinds and enhanced competitive positions. The Fund holds many technology, consumer, and communications services companies in this category. Prospects for their continued growth at above-average rates remain strong, in Jennison’s view.

10 Visit our website at pgim.com/investments

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, 2020. The example is for illustrative purposes only; you should consult the Fund’s 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 Jennison International Opportunities Fund 11

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  Jennison International Opportunities  Fund		Beginning Account Value May 1, 2020		Ending Account Value October 31, 2020		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,387.10		1.09	%	$	6.54
	Hypothetical	$	1,000.00	$	1,019.66		1.09	%	$	5.53
Class C	Actual	$	1,000.00	$	1,381.40		1.90	%	$	11.37
	Hypothetical	$	1,000.00	$	1,015.58		1.90	%	$	9.63
Class R	Actual	$	1,000.00	$	1,384.50		1.47	%	$	8.81
	Hypothetical	$	1,000.00	$	1,017.75		1.47	%	$	7.46
Class Z	Actual	$	1,000.00	$	1,389.10		0.90	%	$	5.40
	Hypothetical	$	1,000.00	$	1,020.61		0.90	%	$	4.57
Class R2	Actual	$	1,000.00	$	1,385.60		1.33	%	$	7.98
	Hypothetical	$	1,000.00	$	1,018.45		1.33	%	$	6.75
Class R4	Actual	$	1,000.00	$	1,387.20		1.09	%	$	6.54
	Hypothetical	$	1,000.00	$	1,019.66		1.09	%	$	5.53
Class R6	Actual	$	1,000.00	$	1,389.20		0.84	%	$	5.04
	Hypothetical	$	1,000.00	$	1,020.91		0.84	%	$	4.27

*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, 2020, and divided by the 366 days in the Fund’s fiscal year ended October 31, 2020 (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, 2020

Description	Shares		Value
LONG-TERM INVESTMENTS    94.7%
COMMON STOCKS    90.3%
Argentina    5.0%
MercadoLibre, Inc.*		100,764	$	122,332,534
Australia    1.6%
Cochlear Ltd.		254,585		37,972,528
Canada    5.3%
Shopify, Inc. (Class A Stock)*		138,838		128,484,850
China    17.8%
Alibaba Group Holding Ltd., ADR*		310,403		94,576,690
Jiangsu Hengrui Medicine Co. Ltd. (Class A Stock)		3,166,797		42,061,436
Meituan (Class B Stock)*		3,121,988		115,984,196
Tencent Holdings Ltd.		1,360,566		103,665,794
Wuxi Biologics Cayman, Inc., 144A*		2,733,910		76,811,585
				433,099,701
Denmark    0.5%
Novo Nordisk A/S (Class B Stock)		205,812		13,208,404
France    14.8%
Dassault Systemes SE		316,042		53,990,586
Kering SA		108,825		65,768,055
L’Oreal SA		220,277		71,159,366
LVMH Moet Hennessy Louis Vuitton SE		179,019		83,916,432
Pernod Ricard SA		295,988		47,649,136
Remy Cointreau SA(a)		221,503		37,392,705
				359,876,280
Germany    0.6%
Hypoport SE*		29,751		15,585,373
Hong Kong    0.5%
Techtronic Industries Co. Ltd.		961,312		12,925,814
Israel    4.8%
Nice Ltd., ADR*		291,334		66,499,899
Wix.com Ltd.*(a)		202,482		50,077,848
				116,577,747

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 13

Schedule of Investments (continued)

as of October 31, 2020

Description	Shares		Value
COMMON STOCKS (Continued)
Italy    4.5%
Brunello Cucinelli SpA*(a)		1,211,570	$	36,489,335
Ferrari NV		411,042		73,357,274
				109,846,609
Japan    3.8%
GMO Payment Gateway, Inc.		330,338		40,472,158
Menicon Co. Ltd.		727,453		51,350,653
				91,822,811
Netherlands    6.9%
Adyen NV, 144A*		79,315		133,190,978
ASML Holding NV		91,487		33,119,224
				166,310,202
Switzerland    3.6%
Alcon, Inc.*		285,070		16,174,314
Givaudan SA		17,196		70,201,490
				86,375,804
Taiwan    8.5%
Sea Ltd., ADR*		846,323		133,465,138
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		855,147		71,721,179
				205,186,317
United Kingdom    5.2%
Abcam PLC		2,066,115		39,361,584
AstraZeneca PLC		233,896		23,488,619
Experian PLC		1,733,905		63,321,175
				126,171,378
United States    6.9%
Atlassian Corp. PLC (Class A Stock)*		340,138		65,177,244
Lululemon Athletica, Inc.*		214,356		68,441,727
Spotify Technology SA*		136,919		32,845,499
				166,464,470
TOTAL COMMON STOCKS (cost $1,617,228,698)				2,192,240,822

See Notes to Financial Statements.

14

Description	Shares		Value
PREFERRED STOCK    4.4%
Germany
Sartorius AG (PRFC) (cost $60,188,504)		252,115	$	106,743,483
TOTAL LONG-TERM INVESTMENTS (cost $1,677,417,202)				2,298,984,305
SHORT-TERM INVESTMENTS    5.9%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(w)		103,564,166		103,564,166
PGIM Institutional Money Market Fund (cost $39,497,760; includes $39,489,158 of cash collateral for securities on loan)(b)(w)		39,585,522		39,573,646
TOTAL SHORT-TERM INVESTMENTS (cost $143,061,926)				143,137,812
TOTAL INVESTMENTS    100.6% (cost $1,820,479,128)				2,442,122,117
Liabilities in excess of other assets    (0.6)%				(13,797,739	)
NET ASSETS    100.0%			$	2,428,324,378

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 $36,386,636; cash collateral of $39,489,158 (included in liabilities) was received with which the Series purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Series may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

(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.

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 15

Schedule of Investments (continued)

as of October 31, 2020

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, 2020 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Common Stocks
Argentina	$	122,332,534	$	—	$	—
Australia		—		37,972,528		—
Canada		128,484,850		—		—
China		94,576,690		338,523,011		—
Denmark		—		13,208,404		—
France		—		359,876,280		—
Germany		—		15,585,373		—
Hong Kong		—		12,925,814		—
Israel		116,577,747		—		—
Italy		—		109,846,609		—
Japan		—		91,822,811		—
Netherlands		—		166,310,202		—
Switzerland		—		86,375,804		—
Taiwan		205,186,317		—		—
United Kingdom		—		126,171,378		—
United States		166,464,470		—		—
Preferred Stock
Germany		—		106,743,483		—
Affiliated Mutual Funds		143,137,812		—		—
Total	$	976,760,420	$	1,465,361,697	$	—

See Notes to Financial Statements.

16

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, 2020 were as follows (unaudited):

IT Services	14.6	%
Internet & Direct Marketing Retail	13.7
Textiles, Apparel & Luxury Goods	10.5
Health Care Equipment & Supplies	8.8
Software	7.6
Entertainment	6.9
Affiliated Mutual Funds (1.6% represents investments purchased with collateral from securities on loan)	5.9
Semiconductors & Semiconductor Equipment	4.4
Interactive Media & Services	4.3
Beverages	3.5
Pharmaceuticals	3.2
Life Sciences Tools & Services	3.1

Automobiles	3.0	%
Personal Products	2.9
Chemicals	2.9
Professional Services	2.6
Biotechnology	1.6
Diversified Financial Services	0.6
Machinery	0.5
	100.6
Liabilities in excess of other assets	(0.6	)
	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		$	36,386,636		$(36,386,636	)		$	—

(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 17

Statement of Assets and Liabilities

as of October 31, 2020

Assets
Investments at value, including securities on loan of $36,386,636:
Unaffiliated investments (cost $1,677,417,202)	$	2,298,984,305
Affiliated investments (cost $143,061,926)		143,137,812
Cash		1,427
Foreign currency, at value (cost $27,956,434)		27,955,426
Receivable for investments sold		27,979,631
Receivable for Series shares sold		27,585,699
Tax reclaim receivable		1,244,121
Dividends and interest receivable		133,282
Prepaid expenses		12,988
Total Assets		2,527,034,691
Liabilities
Payable for investments purchased		40,939,377
Payable to broker for collateral for securities on loan		39,489,158
Payable for Series shares reacquired		16,247,964
Management fee payable		1,264,021
Accrued expenses and other liabilities		535,397
Distribution fee payable		159,445
Affiliated transfer agent fee payable		71,912
Directors’ fees payable		2,664
Affiliated shareholder servicing fees payable		375
Total Liabilities		98,710,313
Net Assets	$	2,428,324,378
Net assets were comprised of:
Common stock, at par	$	852,961
Paid-in capital in excess of par		1,844,555,316
Total distributable earnings (loss)		582,916,101
Net assets, October 31, 2020	$	2,428,324,378

See Notes to Financial Statements.

18

Class A
Net asset value and redemption price per share, ($76,093,249 ÷ 2,704,572 shares of common stock issued and outstanding)	$	28.14
Maximum sales charge (5.50% of offering price)		1.64
Maximum offering price to public	$	29.78
Class C
Net asset value, offering price and redemption price per share, ($16,411,189 ÷ 622,179 shares of common stock issued and outstanding)	$	26.38
Class R
Net asset value, offering price and redemption price per share, ($291,162,238 ÷ 10,404,252 shares of common stock issued and outstanding)	$	27.98
Class Z
Net asset value, offering price and redemption price per share, ($1,364,898,986 ÷ 47,790,279 shares of common stock issued and outstanding)	$	28.56
Class R2
Net asset value, offering price and redemption price per share, ($4,664,445 ÷ 164,532 shares of common stock issued and outstanding)	$	28.35
Class R4
Net asset value, offering price and redemption price per share, ($1,358,753 ÷ 47,700 shares of common stock issued and outstanding)	$	28.49
Class R6
Net asset value, offering price and redemption price per share, ($673,735,518 ÷ 23,562,535 shares of common stock issued and outstanding)	$	28.59

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 19

Statement of Operations

Year Ended October 31, 2020

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $1,059,684 foreign withholding tax)	$	6,261,615
Income from securities lending, net (including affiliated income of $214,644)		371,289
Affiliated dividend income		244,464
Total income		6,877,368
Expenses
Management fee		10,449,701
Distribution fee(a)		2,350,295
Shareholder servicing fees (including affiliated expense of $1,484)(a)		2,524
Transfer agent’s fees and expenses (including affiliated expense of $393,859)(a)		1,002,620
Custodian and accounting fees		413,951
Registration fees(a)		327,820
SEC registration fees		139,525
Shareholders’ reports		91,495
Directors’ fees		27,543
Audit fee		27,162
Legal fees and expenses		24,760
Miscellaneous		40,865
Total expenses		14,898,261
Less: Fee waiver and/or expense reimbursement(a)		(1,082,659	)
Distribution fee waiver(a)		(726,124	)
Net expenses		13,089,478
Net investment income (loss)		(6,212,110	)
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(54,158))		(3,842,895	)
Foreign currency transactions		(173,022	)
		(4,015,917	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $74,755)		502,151,171
Foreign currencies		29,492
		502,180,663
Net gain (loss) on investment and foreign currency transactions		498,164,746
Net Increase (Decrease) In Net Assets Resulting From Operations	$	491,952,636

See Notes to Financial Statements.

20

(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		138,178			98,940			2,109,283			—			3,894			—			—
Shareholder servicing fees		—			—			—			—			1,501			1,023			—
Transfer agent’s fees and expenses		51,638			9,184			360,517			575,360			2,128			1,644			2,149
Registration fees		22,234			17,545			17,934			144,426			13,559			13,559			98,563
Fee waiver and/or expense reimbursement		(92,397	)		(24,782	)		(136,610	)		(582,845	)		(14,193	)		(14,618	)		(217,214	)
Distribution fee waiver		(23,030	)		—			(703,094	)		—			—			—			—

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 21

Statements of Changes in Net Assets

	Year Ended October 31,
	2020			2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(6,212,110	)	$	(727,376	)
Net realized gain (loss) on investment and foreign currency transactions		(4,015,917	)		(18,527,930	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		502,180,663			124,133,290
Net increase (decrease) in net assets resulting from operations		491,952,636			104,877,984
Dividends and Distributions
Distributions from distributable earnings
Class Z		—			(60,708	)
Class R6		—			(50,751	)
		—			(111,459	)
Series share transactions (Net of share conversions)
Net proceeds from shares sold		1,727,331,268			276,400,116
Net asset value of shares issued in reinvestment of dividends and distributions		—			111,341
Cost of shares reacquired		(415,033,423	)		(181,047,151	)
Net increase (decrease) in net assets from Series share transactions		1,312,297,845			95,464,306
Total increase (decrease)		1,804,250,481			200,230,831
Net Assets:
Beginning of year		624,073,897			423,843,066
End of year	$	2,428,324,378		$	624,073,897

See Notes to Financial Statements.

22

Notes to Financial Statements

1. Organization

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 Infrastructure Fund, PGIM Jennison Global Opportunities Fund, PGIM Jennison International Opportunities Fund and PGIM QMA International Equity Fund, each of which are diversified funds for purposes of the 1940 Act and 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 therefore, 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 International Opportunities Fund (the “Series”).

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

2. 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.

PGIM Jennison International Opportunities Fund 23

Notes to Financial Statements (continued)

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

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

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

24

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.

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.

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

PGIM Jennison International Opportunities Fund 25

Notes to Financial Statements (continued)

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 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, which are reflected in interest income or unaffiliated dividend income based upon the nature of the payment on the Statement of Operations. 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 in the Statement of Operations.

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

26

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.

3. 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.

PGIM Jennison International Opportunities Fund 27

Notes to Financial Statements (continued)

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’ 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 0.820% for the year ended October 31, 2020.

Effective March 1, 2020, the Manager has contractually agreed, through February 28, 2022, 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, shareholder servicing fee, and transfer agency expenses (including sub-transfer agency and networking fees)). Prior to March 1, 2020, the Manager had contractually agreed, 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 (including sub-transfer agency and networking fees)). Seperately, the Manager has contractually agreed, through February 28, 2022, 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, 2022, 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, 2022, to the extent that the total net 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.

28

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager 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, 2022 to limit such fees 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 up to 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, as applicable.

For the year ended October 31, 2020, PIMS received $455,438 in front-end sales charges resulting from sales of Class A shares. Additionally, for the year ended October 31, 2020, PIMS received $1,024 and $712 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 International Opportunities Fund 29

Notes to Financial Statements (continued)

4. Other Transactions with Affiliates

PMFS serves as the Series’ 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 Securities and Exchange Commission (“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, 2020, no 17a-7 transactions were entered into by the Series.

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the year ended October 31, 2020, were $1,733,142,310 and $546,758,126, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the year ended October 31, 2020, 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*
$11,654,389	$	722,457,806	$	630,548,029	$	—	$	—	$	103,564,166		103,564,166	$	244,464

30

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 Institutional Money Market Fund*
$	12,383,731	$	608,619,569	$	581,450,251	$	74,755	$	(54,158	)	$	39,573,646		39,585,522	$	214,644	**
$	24,038,120	$	1,331,077,375	$	1,211,998,280	$	74,755	$	(54,158	)	$	143,137,812			$	459,108

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

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

6. 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, 2020, the adjustments were to increase total distributable earnings and decrease paid-in capital in excess of par by $6,385,152 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, 2020, there was no distribution paid by the Series. For the year ended October 31, 2019, the tax character of dividends paid by the Series was $111,459 of ordinary income.

As of October 31, 2020, 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, 2020 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$1,836,220,810	$638,335,836	$(32,434,529)	$605,901,307

The difference between book basis and tax basis is primarily attributable to deferred losses on wash sales and corporate spin-offs.

For federal income tax purposes, the Series had a capital loss carryforward as of October 31, 2020 of approximately $22,985,000 which can be carried forward for an unlimited period. The Series utilized approximately $3,278,000 of its capital loss carryforward to offset net taxable gains realized in the fiscal year ended October 31, 2020. No capital gains

PGIM Jennison International Opportunities Fund 31

Notes to Financial Statements (continued)

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, 2020 are subject to such review.

7. 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 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 R, Class Z, Class R2, Class R4 and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

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

The Fund is authorized to issue 5.075 billion shares of common stock, $0.01 par value per share, 900 million of which are designated as shares of the Series. The shares are further classified and designated as follows:

Class A	50,000,000
Class C	50,000,000
Class R	150,000,000
Class Z	175,000,000
Class T	125,000,000
Class R2	75,000,000
Class R4	75,000,000
Class R6	200,000,000

The Series currently does not have any Class T shares outstanding.

32

As of October 31, 2020, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Series as follows:

	Number of Shares		Percentage of Outstanding Shares
Class R		10,402,081		99.9	%
Class R2		662		0.4	%
Class R4		10,647		22.3	%

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

Affiliated		Unaffiliated
Number of Shareholders	Percentage of Outstanding Shares	Number of Shareholders	Percentage of Outstanding Shares
1	12.0%	5	68.6%

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Year ended October 31, 2020:
Shares sold		1,695,560		$	40,214,421
Shares reacquired		(420,360	)		(9,438,204	)
Net increase (decrease) in shares outstanding before conversion		1,275,200			30,776,217
Shares issued upon conversion from other share class(es)		95,713			2,224,143
Shares reacquired upon conversion into other share class(es)		(38,524	)		(927,812	)
Net increase (decrease) in shares outstanding		1,332,389		$	32,072,548
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
Class C
Year ended October 31, 2020:
Shares sold		410,402		$	9,190,379
Shares reacquired		(62,287	)		(1,217,976	)
Net increase (decrease) in shares outstanding before conversion		348,115			7,972,403
Shares reacquired upon conversion into other share class(es)		(13,404	)		(290,342	)
Net increase (decrease) in shares outstanding		334,711		$	7,682,061
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

PGIM Jennison International Opportunities Fund 33

Notes to Financial Statements (continued)

Class R	Shares			Amount
Year ended October 31, 2020:
Shares sold		378,910		$	7,835,637
Shares reacquired		(4,361,022	)		(97,013,298	)
Net increase (decrease) in shares outstanding		(3,982,112	)	$	(89,177,661	)
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	)
Class Z
Year ended October 31, 2020:
Shares sold		47,468,230		$	1,144,158,328
Shares reacquired		(10,173,878	)		(246,291,300	)
Net increase (decrease) in shares outstanding before conversion		37,294,352			897,867,028
Shares issued upon conversion from other share class(es)		44,259			1,069,933
Shares reacquired upon conversion into other share class(es)		(99,914	)		(2,358,141	)
Net increase (decrease) in shares outstanding		37,238,697		$	896,578,820
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
Class R2
Year ended October 31, 2020:
Shares sold		163,996		$	4,301,050
Shares reacquired		(11,299	)		(312,729	)
Net increase (decrease) in shares outstanding		152,697		$	3,988,321
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
Year ended October 31, 2020:
Shares sold		11,923		$	287,951
Shares reacquired		(7,067	)		(150,270	)
Net increase (decrease) in shares outstanding		4,856		$	137,681
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

34

Class R6	Shares			Amount
Year ended October 31, 2020:
Shares sold		20,878,982		$	521,343,502
Shares reacquired		(2,482,915	)		(60,609,646	)
Net increase (decrease) in shares outstanding before conversion		18,396,067			460,733,856
Shares issued upon conversion from other share class(es)		13,891			331,285
Shares reacquired upon conversion into other share class(es)		(2,198	)		(49,066	)
Net increase (decrease) in shares outstanding		18,407,760		$	461,016,075
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

* Commencement of offering was December 27, 2018.

8. Borrowings

The Fund, on behalf of the Series, along with other affiliated registered investment companies (the “Participating Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.

	Current SCA	Prior SCA
Term of Commitment	10/2/2020 – 9/30/2021	10/3/2019 – 10/1/2020
Total Commitment	$ 1,200,000,000	$ 1,222,500,000*
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.30% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent
* Effective March 31, 2020, the SCA’s total commitment was increased from $900,000,000 to $1,162,500,000 and subsequently, effective April 7, 2020 was increased to $1,222,500,000.

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

The Series did not utilize the SCA during the year ended October 31, 2020.

PGIM Jennison International Opportunities Fund 35

Notes to Financial Statements (continued)

9. Risks of Investing in the Series

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

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

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

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. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

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

36

exchange controls or restrictions on the repatriation of non-US currency, confiscatory taxation and adverse diplomatic developments. Special US tax considerations may apply.

Investments in China Risk: Investments in China subject the Series to risks specific to China and may make it more volatile than other funds. Over the last few decades, the Chinese government has undertaken reform of economic and market practices and has expanded the sphere of private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries, including military conflicts in response to such events, may also disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation.

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

Market Disruption and Geopolitical Risks: International wars or conflicts and geopolitical developments in foreign countries, along with instability in regions such as Asia, Eastern Europe, and the Middle East, possible terrorist attacks in the United States or around the world, public health epidemics such as the outbreak of infectious diseases like the recent outbreak of coronavirus globally or the 2014–2016 outbreak in West Africa of the Ebola virus, and other similar events could adversely affect the U.S. and foreign financial markets, including increases in market volatility, reduced liquidity in the securities markets and government intervention, and may cause further long-term economic uncertainties in the United States and worldwide generally.

The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Series’ investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Series invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases

PGIM Jennison International Opportunities Fund 37

Notes to Financial Statements (continued)

could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide.

Market 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.

10. Recent Regulatory Developments

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule will become effective 60 days after publication in the Federal Register, and will have a compliance date 18 months following the effective date. Management is currently evaluating the Rule and its impact to the Funds.

38

Financial Highlights

Class A Shares
				Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$19.51			$15.82			$17.10			$12.36			$13.09
Income (loss) from investment operations:
Net investment income (loss)		(0.12	)		0.01			(0.06	)		(0.01	)		0.02
Net realized and unrealized gain (loss) on investment and foreign currency transactions		8.75			3.68			(1.22	)		4.75			(0.75	)
Total from investment operations		8.63			3.69			(1.28	)		4.74			(0.73	)
Net asset value, end of year		$28.14			$19.51			$15.82			$17.10			$12.36
Total Return(b):		44.11	%		23.39	%		(7.49	)%		38.35	%		(5.58	)%
Ratios/Supplemental Data:
Net assets, end of year (000)		$76,093			$26,778			$14,496			$5,303			$2,918
Average net assets (000)		$46,059			$20,599			$10,393			$3,121			$3,575
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.09	%		1.09	%		1.13	%		1.15	%		1.15	%
Expenses before waivers and/or expense reimbursement		1.34	%		1.46	%		1.55	%		1.63	%		1.74	%
Net investment income (loss)		(0.52	)%		0.04	%		(0.32	)%		(0.07	)%		0.15	%
Portfolio turnover rate(e)		43	%		53	%		59	%		69	%		65	%

(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 39

Financial Highlights (continued)

Class C Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$18.44			$15.08			$16.43			$11.96			$12.77
Income (loss) from investment operations:
Net investment income (loss)		(0.29	)		(0.13	)		(0.18	)		(0.11	)		(0.08	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		8.23			3.49			(1.17	)		4.58			(0.73	)
Total from investment operations		7.94			3.36			(1.35	)		4.47			(0.81	)
Net asset value, end of year		$26.38			$18.44			$15.08			$16.43			$11.96
Total Return(b):		43.00	%		22.28	%		(8.22	)%		37.37	%		(6.34	)%
Ratios/Supplemental Data:
Net assets, end of year (000)		$16,411			$5,302			$3,800			$1,759			$779
Average net assets (000)		$9,894			$4,683			$3,449			$1,080			$895
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.90	%		1.91	%		1.92	%		1.89	%		1.90	%
Expenses before waivers and/or expense reimbursement		2.15	%		2.33	%		2.54	%		2.32	%		2.44	%
Net investment income (loss)		(1.32	)%		(0.80	)%		(1.05	)%		(0.80	)%		(0.67	)%
Portfolio turnover rate(e)		43	%		53	%		59	%		69	%		65	%

(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 R Shares
	Year Ended October 31,						November 20, 2017(a) through October 31, 2018
	2020			2019
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$19.48			$15.86			$17.62
Income (loss) from investment operations:
Net investment income (loss)		(0.20	)		(0.06	)		(0.09	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		8.70			3.68			(1.67	)
Total from investment operations		8.50			3.62			(1.76	)
Net asset value, end of period		$27.98			$19.48			$15.86
Total Return(c):		43.56	%		22.89	%		(9.99	)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$291,162			$280,311			$266,294
Average net assets (000)		$281,238			$278,086			$299,955
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.47	%		1.47	%		1.46	%(e)
Expenses before waivers and/or expense reimbursement		1.77	%		1.81	%		1.80	%(e)
Net investment income (loss)		(0.87	)%		(0.36	)%		(0.53	)%(e)
Portfolio turnover rate(f)		43	%		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 41

Financial Highlights (continued)

Class Z Shares
				Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$19.77			$16.01			$17.29			$12.50			$13.20
Income (loss) from investment operations:
Net investment income (loss)		(0.10	)		0.03			(0.01	)		0.03			0.03
Net realized and unrealized gain (loss) on investment and foreign currency transactions		8.89			3.74			(1.24	)		4.79			(0.73	)
Total from investment operations		8.79			3.77			(1.25	)		4.82			(0.70	)
Less Dividends and Distributions:
Dividends from net investment income		-			(0.01	)		(0.03	)		(0.03	)		-
Net asset value, end of year		$28.56			$19.77			$16.01			$17.29			$12.50
Total Return(b):		44.46	%		23.56	%		(7.24	)%		38.65	%		(5.30	)%
Ratios/Supplemental Data:
Net assets, end of year (000)		$1,364,899			$208,629			$104,113			$28,612			$18,667
Average net assets (000)		$639,223			$139,982			$75,711			$21,756			$23,274
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.90	%		0.90	%		0.89	%		0.89	%		0.90	%
Expenses before waivers and/or expense reimbursement		0.99	%		1.04	%		1.04	%		1.34	%		1.41	%
Net investment income (loss)		(0.38	)%		0.15	%		(0.08	)%		0.23	%		0.25	%
Portfolio turnover rate(e)		43	%		53	%		59	%		69	%		65	%

(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

Class R2 Shares
	Year Ended October 31, 2020			December 27, 2018(a) through October 31, 2019
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$19.70			$15.10
Income (loss) from investment operations:
Net investment income (loss)		(0.29	)		(0.12	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		8.94			4.72
Total from investment operations		8.65			4.60
Net asset value, end of period		$28.35			$19.70
Total Return(c):		43.91	%		30.46	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$4,664			$233
Average net assets (000)		$1,557			$44
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.32	%		1.26	%(e)
Expenses before waivers and/or expense reimbursement		2.23	%		64.97	%(e)
Net investment income (loss)		(1.06	)%		(0.76	)%(e)
Portfolio turnover rate(f)		43	%		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 43

Financial Highlights (continued)

Class R4 Shares
	Year Ended October 31, 2020			December 27, 2018(a) through October 31, 2019
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$19.75			$15.10
Income (loss) from investment operations:
Net investment income (loss)		(0.11	)		(0.02	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		8.85			4.67
Total from investment operations		8.74			4.65
Net asset value, end of period		$28.49			$19.75
Total Return(c):		44.20	%		30.79	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,359			$846
Average net assets (000)		$1,023			$293
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.04	%		0.95	%(e)
Expenses before waivers and/or expense reimbursement		2.47	%		10.65	%(e)
Net investment income (loss)		(0.46	)%		(0.11	)%(e)
Portfolio turnover rate(f)		43	%		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.

44

Class R6 Shares
	Year Ended October 31,												December 23, 2015(a) through October 31, 2016
	2020			2019			2018			2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$19.78			$16.02			$17.29			$12.50			$13.25
Income (loss) from investment operations:
Net investment income (loss)		(0.08	)		0.04			(0.01	)		0.04			0.06
Net realized and unrealized gain (loss) on investment and foreign currency transactions		8.89			3.74			(1.22	)		4.79			(0.81	)
Total from investment operations		8.81			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		$28.59			$19.78			$16.02			$17.29			$12.50
Total Return(c):		44.54	%		23.72	%		(7.15	)%		38.75	%		(5.66	)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$673,736			$101,975			$35,141			$26,252			$23,073
Average net assets (000)		$295,968			$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	%		0.84	%(f)
Expenses before waivers and/or expense reimbursement		0.91	%		0.98	%		1.00	%		1.30	%		1.43	%(f)
Net investment income (loss)		(0.32	)%		0.20	%		(0.05	)%		0.28	%		0.60	%(f)
Portfolio turnover rate(g)		43	%		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 45

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Prudential World Fund, Inc. and Shareholders of PGIM Jennison International Opportunities Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PGIM Jennison International Opportunities Fund (one of the funds constituting Prudential World Fund, Inc., referred to hereafter as the “Fund”) as of October 31, 2020, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the year ended October 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, and the results of its operations, changes in its net assets, and the financial highlights for the year ended October 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended October 31, 2019 and the financial highlights for each of the periods ended on or prior to October 31, 2019 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated December 16, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. 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 audit of these financial statements 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 are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, 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. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

December 16, 2020

We have served as the auditor of one or more investment companies in the PGIM Retail Funds complex since 2020.

46

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 the day-to-day operations of the Fund.

Independent Board Members
Name Year 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 1958 Board Member Portfolios Overseen: 95	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 (2009-2016); Trustee, Loyola University (since 2018).	None.	Since September 2013
Kevin J. Bannon 1952 Board Member Portfolios Overseen: 95	Retired; Managing Director (April 2008-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 (May 2003-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 Year 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 1952 Board Member Portfolios Overseen: 95	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Limited LLC (formerly, 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–June 2020); 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 1960 Board Member Portfolios Overseen: 94	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 1956 Board Member & Independent Chair Portfolios Overseen: 95	Executive Committee of the IDC Board of Governors (since October 2019); Retired; Member (since November 2014) of the Governing Council of the Independent Directors Council (IDC) (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 Year 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 1962 Board Member Portfolios Overseen: 94	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 2019) (information technology); Independent Director, Kabbage, Inc. (2018-2020) (financial services); Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017
Michael S. Hyland, CFA 1945 Board Member Portfolios Overseen: 95	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 1961 Board Member Portfolios Overseen: 94	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 Year 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 1959 Board Member Portfolios Overseen: 94	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 Year 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 1962 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 Year 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 1973 Board Member & Vice President Portfolios Overseen: 96	Executive Vice President (since June 2009) of PGIM Investments LLC; 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

⁽¹⁾ The year that each Board Member joined the Board is as follows:

Ellen S. Alberding, 2013; Kevin J. Bannon, 2008; Linda W. Bynoe, 2005; Barry H. Evans, 2017; Keith F. Hartstein, 2013; Laurie Simon Hodrick, 2017; Michael S. Hyland, 2008; James E. Quinn, 2013; Richard A. Redeker, 2000; Stephen G. Stoneburn, 2003; Stuart S. Parker, Board Member and President since 2012; Scott E. Benjamin, Board Member since 2010 and Vice President since 2009; Grace C. Torres, 2014.

Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Claudia DiGiacomo 1974 Chief Legal Officer	Chief Legal Officer of PGIM Investments LLC (since August 2020); Chief Legal Officer of Prudential Mutual Fund Services LLC (since August 2020); Chief Legal Officer of PIFM Holdco, LLC (since August 2020); Vice President and Corporate Counsel (since January 2005) of Prudential; and Corporate Counsel of AST Investment Services, Inc. (since August 2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005
Dino Capasso 1974 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

PGIM Jennison International Opportunities Fund

Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Andrew R. French 1962 Secretary	Vice President (since December 2018 - present) of PGIM Investments LLC; Formerly, Vice President and Corporate Counsel (2010-2018) 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
Diana N. Huffman 1982 Assistant Secretary	Vice President and Corporate Counsel (since September 2015) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; formerly Associate at Willkie Farr & Gallagher LLP (2009-2015).	Since March 2019
Melissa Gonzalez 1980 Assistant Secretary	Vice President and Corporate Counsel (since September 2018) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; formerly Director and Corporate Counsel (March 2014-September 2018) of Prudential.	Since March 2020
Patrick E. McGuinness 1986 Assistant Secretary	Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Director and Corporate Counsel (since February 2017) of Prudential; and Corporate Counsel (2012 – 2017) of IIL, Inc.	Since June 2020
Kelly A. Coyne 1968 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since March 2015
Christian J. Kelly 1975 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
Lana Lomuti 1967 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 1973 Assistant Treasurer	Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration.	Since October 2019
Deborah Conway 1969 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since October 2019
Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.	Since October 2019

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Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Charles H. Smith 1973 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 all 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.

∎ As used in the Fund Officers table “Prudential” means The Prudential Insurance Company of America.

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”). 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 27, 2020 and on June 9-11, 2020 and approved the renewal of the agreements through July 31, 2021, 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.

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 27, 2020 and on June 9-11, 2020.

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 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, 2019 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.

PGIM Jennison International 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, 2019.

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, 2019. 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

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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
	1st Quartile	1st Quartile	1st Quartile	N/A
Actual Management Fees: 2nd Quartile
Net Total Expenses: 3rd 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 that (exclusive of certain fees and expenses) caps net annual operating expenses at 0.84% for each class of the Fund’s shares, and that 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 28, 2021.

• 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 28, 2021.

• 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 28, 2021 to the extent that total annual operating expenses exceed 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	pgim.com/investments

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 or by visiting the Securities and Exchange Commission’s website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website and on the Securities and Exchange Commission’s website.

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 • Claudia DiGiacomo, Chief Legal Officer • Dino Capasso, Chief Compliance Officer • Charles H. Smith, Anti-Money Laundering Compliance Officer • Andrew R. French, Secretary • Melissa Gonzalez, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Kelly A. Coyne, Assistant Secretary • Patrick McGuinness, 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	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH 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 that Director at 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

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

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, 2020

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 (pgim.com/investments), 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 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 pgim.com/investments/resource/edelivery

Table of Contents

Letter from the President	3
Your Fund’s Performance	4
Growth of a $10,000 Investment	5
Strategy and Performance Overview	8
Fees and Expenses	11
Holdings and Financial Statements	13
Approval of Advisory Agreements

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. ^© 2020 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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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, 2020.

During the first four months of the period, the global economy remained healthy—particularly in the US—fueled by rising corporate profits and strong job growth. The outlook changed dramatically in March as the coronavirus outbreak quickly and substantially shut down economic activity worldwide, leading to significant job losses and a steep decline in global growth and earnings. Responding to this disruption, the Federal Reserve (the Fed) cut the federal funds rate target to near zero and flooded capital markets with liquidity; and Congress passed stimulus bills worth approximately $3 trillion that offered an economic lifeline to consumers and businesses.

While stocks climbed throughout the first four months of the period, they fell significantly in March amid a spike in volatility, ending the 11-year-long equity bull market. With stores and factories closing and consumers staying at home to limit the spread of the virus, investors sold stocks on fears that corporate earnings would take a serious hit. Equities rallied around the globe throughout the spring and summer as states reopened their economies, but became more volatile during the last two months of the period as investors worried that a surge in coronavirus infections would stall the economic recovery. For the period overall, large-cap US and emerging market stocks rose, small-cap US stocks were virtually unchanged, and stocks in developed foreign markets declined.

The bond market overall—including US and global bonds as well as emerging market debt—rose during the period as investors sought safety in fixed income. A significant rally in interest rates pushed the 10-year US Treasury yield down to a record low. In March, the Fed took several aggressive actions to keep the bond markets running smoothly, restarting many of the relief programs that proved to be successful in helping end the global financial crisis in 2008-09.

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 15, 2020

PGIM Jennison Global Infrastructure Fund 3

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 pgim.com/investments or by calling (800) 225-1852.

	Average Annual Total Returns as of 10/31/20
	One Year (%)	Five Years (%)	Since Inception (%)
Class A
(with sales charges)	–10.16	4.03	5.12 (9/25/13)
(without sales charges)	–4.93	5.22	5.96 (9/25/13)
Class C
(with sales charges)	–6.57	4.44	5.16 (9/25/13)
(without sales charges)	–5.63	4.44	5.16 (9/25/13)
Class Z
(without sales charges)	–4.56	5.54	6.25 (9/25/13)
Class R6
(without sales charges)	–4.62	N/A	6.79 (12/28/16)
S&P Global Infrastructure Index
	–16.79	2.32	—
S&P 500 Index*
	9.71	11.70	—

Average Annual Total Returns as of 10/31/20 Since Inception (%)
	Class A, C, Z (9/25/13)	Class R6 (12/28/16)
S&P Global Infrastructure Index	3.05	2.04
S&P 500 Index	12.08	12.56

*The S&P 500 Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by PGIM, Inc. Copyright ^© 2020 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P^® is a registered trademark of S&P Global and Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC.

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.

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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, 2020), 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 fees 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.

PGIM Jennison Global Infrastructure Fund 5

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.

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.

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

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Presentation of Fund Holdings as of 10/31/20

Ten Largest Holdings	Line of Business	Country	% of Net Assets
Cellnex Telecom SA, 144A	Diversified Telecommunication Services	Spain	6.3%
NextEra Energy, Inc.	Electric Utilities	United States	6.2%
RWE AG	Multi-Utilities	Germany	4.6%
Union Pacific Corp.	Road & Rail	United States	4.2%
Norfolk Southern Corp.	Road & Rail	United States	3.7%
Enel SpA	Electric Utilities	Italy	3.4%
Iberdrola SA	Electric Utilities	Spain	3.3%
Orsted A/S, 144A	Electric Utilities	Denmark	3.3%
Equinix, Inc., REIT	Equity Real Estate Investment Trusts (REITs)	United States	3.0%
Dominion Energy, Inc.	Multi-Utilities	United States	2.9%

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

PGIM Jennison Global Infrastructure Fund 7

Strategy and Performance Overview (unaudited)

How did the Fund perform?

The PGIM Jennison Global Infrastructure Fund’s Class Z shares returned -4.56% in the 12-month reporting period that ended October 31, 2020, outperforming the -16.79% return of the S&P Global Infrastructure Index (the Index).

What was the market environment?

• The financial markets experienced periods of heightened volatility during the reporting period, partially driven by the COVID-19 pandemic and its repercussions around the world.

• After rising over the first three months of the period, stocks fell sharply in February and March 2020 as the virus spread, triggering lockdowns and a global recession.

• Markets reversed course again from April through August, recouping much of their losses. This turnaround was driven by a number of factors, including unprecedented monetary policy accommodation from the Federal Reserve and other global central banks. Aggressive fiscal policies, signs of improving growth, and hopes for a COVID-19 vaccine also supported investor sentiment.

• Markets experienced another setback in September and October due to a second wave of COVID-19 cases, weakening economic growth, and geopolitical uncertainties.

• For the full reporting period, US and emerging-markets equities generated strong results, while international developed-markets equities posted poor returns.

• The global infrastructure market, as measured by the Index, generated weak results during the period. Within the industrials segment, airport services, marine ports & services, and highways & rail tracks all fell more than 20%. In the energy segment, oil & gas storage & transportation declined 27% given weak demand. Results were mixed in the utility space. Gas utilities generated poor results, whereas electric utilities and water utilities posted modest gains during the period.

What worked?

• Stock selection within multi-utilities was the largest contributor to performance during the reporting period, led by the Fund’s holding in RWE AG. Positioning within airport services was also beneficial, driven by an underweight position in Aena SME SA and not owning shares of Index component Grupo Aeroportuario del Pacifico, S.A.B de C.V., both of which performed poorly over the period.

• Holdings within electric utilities also strongly contributed to both absolute and relative performance over the period, led by NextEra Energy, Inc.

• Other notable contributors included Cellnex Telecom S.A., Orsted A/S, and Equinix, Inc.

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What didn’t work?

• Stock selection in oil & gas storage & transportation was the largest detector from the Fund’s performance during the period. Specifically, positions in ONEOK Inc., Equitrans Midstream Corp., and Targa Resources Corp. were headwinds for returns.

• Stock selection within highways & railtracks also hurt performance, with Atlantia SpA, Getlink SE, and Atlas Arteria among the Fund’s largest detractors from returns.

• Other notable detractors included Ferrovial SA, FirstEnergy Corp., and Eiffage SA.

Current outlook

• Demand trends within transportation infrastructure have been volatile in 2020 due to COVID-19-related impacts across toll roads, airports, and rails. Jennison’s focus remains on stocks of companies with solid balance sheets and the free-cash-flow generation capability to weather a variety of virus-related economic recovery scenarios. After paring exposure to the transportation industry in the first quarter of 2020, Jennison increased holdings in the third quarter amid solid sequential improvement in US freight volumes and signs of stabilization in toll roads and airports. Transportation infrastructure levered to the movement of goods has continued to recover, while infrastructure tied to the movement of people (e.g., toll roads and airports) remains more volatile. Within transportation, Jennison continues to favor rail companies that are well positioned to leverage accelerating freight volumes over the next year while adding costs at a much slower pace, which Jennison believes should enable solid incremental margins and free-cash-flow growth for these firms. Jennison also prefers rail companies with exposure to precision-scheduled railroading and continues to own waste companies with solid pricing power and free-cash-flow generation despite the negative impact of the pandemic. Jennison continues to prefer toll roads over airports, given the potential for the former group to benefit from more normalized demand in 2021 and greater clarity on pricing and regulation. Jennison incrementally added airport exposure in the third quarter, favoring names exposed to short-haul leisure demand, which should recover first. However, Jennison expects it will take multiple years for airport traffic to recover to 2019 levels as the industry continues to face a more uncertain regulatory outlook that existed even before the pandemic.

• Utility sector fundamentals remain healthy, and Jennison believes companies in the sector should generate to mid-to-high-single-digit earnings growth with commensurate dividend growth, benefiting from highly visible capital expenditure trajectories and improving regulatory compacts. Utilities are particularly well-positioned in the secular trend of the transition to cleaner energy sources. They stand to benefit from rising demand for renewable energy supply and the subsequent grid infrastructure investment needed to modernize aging networks and absorb the intermittent nature of renewable generation. The majority of the Fund’s utility exposure is in US utility holdings. Jennison

PGIM Jennison Global Infrastructure Fund 9

Strategy and Performance Overview (continued)

prefers domestic utilities as these regulated investment opportunities typically offer higher rates of return than their foreign peers and, in turn, tend to generate better earnings and cash-flow growth, on average. Overall, Jennison continues to favor utilities with solid and sustainable dividend yields and above-average projected earnings and/or dividend growth that are operating in constructive regulatory environments that support timely and attractive returns on capital deployed. Looking beyond US utilities, renewable energy continues to be a dominant theme in the utilities sector—both in the US and abroad—and most of the Fund’s non-US utility exposure is leveraged to the trend toward greater investment in renewable electric generation, specifically in Europe. Jennison believes any project setbacks due to supply chain and/or construction disruptions stemming from COVID-19 will be manageable and should not have a significant impact on long-term shareholder return.

• Turning to the Fund’s midstream infrastructure exposure, Jennison consolidated its holdings in companies that it believes are well-positioned to thrive during the COVID-19 crisis and beyond due to their exposure to prolific natural gas basins tied to more visible long-term demand, their focus on North America, and their lack of some geopolitical oil risks. In Jennison’s view, companies with strong balance sheets; integrated asset systems with multiple touchpoints across the entire energy value chain; transparency; and strong environmental, social, and corporate governance metrics with a focus on reducing carbon footprint will continue to fare better going forward.

• Lastly, regarding communications infrastructure, Jennison continues to favor wireless towers and datacenter operators. Jennison does not expect any material impact from COVID-19 on tower companies with long-term contracts with wireless operators, which Jennison views to be low counterparty risk. In Europe, Jennison continues to see compelling growth potential through merger-and-acquisition activity in the independent tower sector, along with organic secular growth opportunities. In the data center space, the demand for data has increased during the pandemic as shelter-in-place policies have been imposed. Fundamentally, both industries should also capitalize on exponential data demand growth around the world.

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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, 2020. The example is for illustrative purposes only; you should consult the Fund’s 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 Jennison Global Infrastructure Fund 11

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 Jennison Global Infrastructure Fund		Beginning Account Value May 1, 2020		Ending Account Value October 31, 2020		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,063.80		1.50	%	$	7.78
	Hypothetical	$	1,000.00	$	1,017.60		1.50	%	$	7.61
Class C	Actual	$	1,000.00	$	1,059.40		2.25	%	$	11.65
	Hypothetical	$	1,000.00	$	1,013.83		2.25	%	$	11.39
Class Z	Actual	$	1,000.00	$	1,066.30		1.17	%	$	6.08
	Hypothetical	$	1,000.00	$	1,019.25		1.17	%	$	5.94
Class R6	Actual	$	1,000.00	$	1,065.50		1.17	%	$	6.07
	Hypothetical	$	1,000.00	$	1,019.25		1.17	%	$	5.94

*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, 2020, and divided by the 366 days in the Fund’s fiscal year ended October 31, 2020 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

12 Visit our website at pgim.com/investments

Schedule of Investments

as of October 31, 2020

Description	Shares		Value
LONG-TERM INVESTMENTS    97.6%
COMMON STOCKS    93.5%
Australia    7.8%
APA Group		48,878	$	359,598
Atlas Arteria Ltd.		195,799		773,114
Spark Infrastructure Group		401,316		560,812
Sydney Airport		99,287		380,389
Transurban Group		71,432		671,820
				2,745,733
Brazil    0.9%
Hidrovias do Brasil SA*		318,485		328,590
Canada    4.5%
Canadian National Railway Co.		7,239		719,118
Enbridge, Inc.		15,108		416,284
TC Energy Corp.		11,592		456,267
				1,591,669
China    0.7%
China Tower Corp. Ltd. (Class H Stock), 144A		1,474,316		230,761
Denmark    3.3%
Orsted A/S, 144A		7,212		1,144,928
France    5.6%
Eiffage SA*		9,742		707,011
Engie SA*		26,765		324,196
Getlink SE*		25,644		344,440
Vinci SA		7,277		573,927
				1,949,574
Germany    4.6%
RWE AG		43,504		1,608,933
Italy    4.1%
Atlantia SpA*		14,480		222,615
Enel SpA		150,755		1,201,379
				1,423,994
Mexico    1.2%
Grupo Aeroportuario del Pacifico SAB de CV (Class B Stock)		48,352		402,563

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 13

Schedule of Investments (continued)

as of October 31, 2020

Description	Shares		Value
COMMON STOCKS (Continued)
Spain    11.4%
Aena SME SA, 144A*		2,382	$	320,851
Cellnex Telecom SA, 144A		34,038		2,186,825
Ferrovial SA		15,286		329,518
Iberdrola SA		98,626		1,160,310
				3,997,504
United States    49.4%
Alliant Energy Corp.		10,741		593,763
Ameren Corp.		9,318		755,876
American Electric Power Co., Inc.		4,515		406,034
American Tower Corp., REIT		2,485		570,680
American Water Works Co., Inc.		2,608		392,530
Cheniere Energy, Inc.*		14,853		711,013
Crown Castle International Corp., REIT		4,255		664,631
Dominion Energy, Inc.		12,719		1,021,844
Duke Energy Corp.		5,914		544,739
Edison International		6,880		385,555
Equinix, Inc., REIT		1,424		1,041,286
Equitrans Midstream Corp.		64,283		466,695
Essential Utilities, Inc.		12,806		527,607
FirstEnergy Corp.		26,160		777,475
NextEra Energy Partners LP		7,424		466,227
NextEra Energy, Inc.		29,552		2,163,502
Norfolk Southern Corp.		6,119		1,279,605
SBA Communications Corp., REIT		2,313		671,626
Sempra Energy		5,676		711,543
Union Pacific Corp.		8,282		1,467,488
Waste Connections, Inc.		8,857		879,677
Williams Cos., Inc. (The)		40,231		772,033
				17,271,429
TOTAL COMMON STOCKS (cost $26,019,376)				32,695,678
PREFERRED STOCKS    4.1%
Canada    2.5%
GFL Environmental, Inc., CVT, 6.000%, Maturity Date 03/15/2023		17,500		868,700

See Notes to Financial Statements.

14

Description	Shares		Value
PREFERRED STOCKS (Continued)
United States    1.6%
NextEra Energy, Inc., CVT, 6.219%, Maturity Date 09/01/2023*		11,553	$	569,910
TOTAL PREFERRED STOCKS (cost $1,456,481)				1,438,610
TOTAL LONG-TERM INVESTMENTS (cost $27,475,857)				34,134,288
SHORT-TERM INVESTMENT    1.9%
AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $665,468)(w)		665,468		665,468
TOTAL INVESTMENTS    99.5% (cost $28,141,325)				34,799,756
Other assets in excess of liabilities    0.5%				187,323
NET ASSETS    100.0%			$	34,987,079

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.

CVT—Convertible Security

LIBOR—London Interbank Offered Rate

LP—Limited Partnership

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.

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 15

Schedule of Investments (continued)

as of October 31, 2020

The following is a summary of the inputs used as of October 31, 2020 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Common Stocks
Australia	$	—	$	2,745,733	$—
Brazil		328,590		—	—
Canada		1,591,669		—	—
China		—		230,761	—
Denmark		—		1,144,928	—
France		—		1,949,574	—
Germany		—		1,608,933	—
Italy		—		1,423,994	—
Mexico		402,563		—	—
Spain		—		3,997,504	—
United States		17,271,429		—	—
Preferred Stocks
Canada		868,700		—	—
United States		569,910		—	—
Affiliated Mutual Fund		665,468		—	—
Total	$	21,698,329	$	13,101,427	$—

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, 2020 were as follows (unaudited):

Electric Utilities	27.2	%
Multi-Utilities	12.6
Road & Rail	9.9
Transportation Infrastructure	9.0
Equity Real Estate Investment Trusts (REITs)	8.4
Oil, Gas & Consumable Fuels	8.1
Diversified Telecommunication Services	7.0
Commercial Services & Supplies	5.0
Construction & Engineering	4.6
Water Utilities	2.6

Affiliated Mutual Fund	1.9	%
Independent Power & Renewable Electricity Producers	1.3
Gas Utilities	1.0
Marine	0.9
	99.5
Other assets in excess of liabilities	0.5
	100.0	%

See Notes to Financial Statements.

16

Statement of Assets and Liabilities

as of October 31, 2020

Assets
Investments at value:
Unaffiliated investments (cost $27,475,857)	$	34,134,288
Affiliated investments (cost $665,468)		665,468
Receivable for investments sold		327,155
Receivable for Series shares sold		20,313
Tax reclaim receivable		20,240
Dividends receivable		10,072
Prepaid expenses and other assets		8,933
Total Assets		35,186,469
Liabilities
Payable for Series shares reacquired		110,536
Audit fee payable		28,001
Custodian and accounting fees payable		25,522
Accrued expenses and other liabilities		15,651
Shareholders’ reports payable		11,652
Distribution fee payable		4,293
Affiliated transfer agent fee payable		1,330
Management fee payable		1,252
Directors’ fees payable		977
Payable for investments purchased		155
Payable to custodian		21
Total Liabilities		199,390
Net Assets	$	34,987,079
Net assets were comprised of:
Common stock, at par	$	25,377
Paid-in capital in excess of par		29,031,318
Total distributable earnings (loss)		5,930,384
Net assets, October 31, 2020	$	34,987,079

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 17

Statement of Assets and Liabilities

as of October 31, 2020

Class A
Net asset value and redemption price per share, ($ 5,960,957 ÷ 431,985 shares of common stock issued and outstanding)	$	13.80
Maximum sales charge (5.50% of offering price)		0.80
Maximum offering price to public	$	14.60
Class C
Net asset value, offering price and redemption price per share, ($ 3,242,279 ÷ 237,827 shares of common stock issued and outstanding)	$	13.63
Class Z
Net asset value, offering price and redemption price per share, ($ 20,148,056 ÷ 1,459,517 shares of common stock issued and outstanding)	$	13.80
Class R6
Net asset value, offering price and redemption price per share, ($ 5,635,787 ÷ 408,359 shares of common stock issued and outstanding)	$	13.80

See Notes to Financial Statements.

18

Statement of Operations

Year Ended October 31, 2020

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $55,132 foreign withholding tax)	$	972,897
Affiliated dividend income		8,521
Income from securities lending, net (including affiliated income of $53)		177
Total income		981,595
Expenses
Management fee		402,427
Distribution fee(a)		58,286
Custodian and accounting fees		83,463
Registration fees(a)		66,919
Transfer agent’s fees and expenses (including affiliated expense of $10,460)(a)		44,518
Audit fee		28,163
Shareholders’ reports		22,265
Legal fees and expenses		19,273
Directors’ fees		11,127
Miscellaneous		20,667
Total expenses		757,108
Less: Fee waiver and/or expense reimbursement(a)		(218,749	)
Distribution fee waiver(a)		(3,429	)
Net expenses		534,930
Net investment income (loss)		446,665
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(17))		662,271
Foreign currency transactions		(12,939	)
		649,332
Net change in unrealized appreciation (depreciation) on:
Investments		(3,572,114	)
Foreign currencies		2,062
		(3,570,052	)
Net gain (loss) on investment and foreign currency transactions		(2,920,720	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(2,474,055	)

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

	Class A			Class C			Class Z			Class R6
Distribution fee		20,575			37,711			—			—
Registration fees		16,470			16,470			16,469			17,510
Transfer agent’s fees and expenses		13,601			5,868			24,959			90
Fee waiver and/or expense reimbursement		(44,359	)		(30,218	)		(102,477	)		(41,695	)
Distribution fee waiver		(3,429	)		—			—			—

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 19

Statements of Changes in Net Assets

	Year Ended October 31,
	2020			2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	446,665		$	721,693
Net realized gain (loss) on investment and foreign currency transactions		649,332			3,320,407
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(3,570,052	)		5,353,721
Net increase (decrease) in net assets resulting from operations		(2,474,055	)		9,395,821
Dividends and Distributions
Distributions from distributable earnings
Class A		(61,847	)		(117,355	)
Class C		(15,905	)		(40,973	)
Class Z		(253,973	)		(388,838	)
Class R6		(102,001	)		(263,857	)
		(433,726	)		(811,023	)
Tax return of capital distributions
Class A		(6,071	)		(6,757	)
Class C		(1,561	)		(2,359	)
Class Z		(24,932	)		(22,389	)
Class R6		(10,013	)		(15,193	)
		(42,577	)		(46,698	)
Series share transactions (Net of share conversions)
Net proceeds from shares sold		7,990,286			7,794,683
Net asset value of shares issued in reinvestment of dividends and distributions		473,968			852,911
Cost of shares reacquired		(16,121,559	)		(20,811,750	)
Net increase (decrease) in net assets from Series share transactions		(7,657,305	)		(12,164,156	)
Total increase (decrease)		(10,607,663	)		(3,626,056	)
Net Assets:
Beginning of year		45,594,742			49,220,798
End of year	$	34,987,079		$	45,594,742

See Notes to Financial Statements.

20

Notes to Financial Statements

1. Organization

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 Infrastructure Fund, PGIM Jennison Global Opportunities Fund, PGIM Jennison International Opportunities Fund and PGIM QMA International Equity Fund, each of which are diversified funds for purposes of the 1940 Act and 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 therefore, 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 Infrastructure Fund (the “Series”).

The investment objective of the Series is to seek total return.

2. 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.

PGIM Jennison Global Infrastructure Fund 21

Notes to Financial Statements (continued)

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

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

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

22

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.

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.

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

PGIM Jennison Global Infrastructure Fund 23

Notes to Financial Statements (continued)

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 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, which are reflected in interest income or unaffiliated dividend income based upon the nature of the payment on the Statement of Operations. 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 in the Statement of Operations.

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

24

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 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 quarterly. Distributions from net realized capital and currency gains, if any, are declared and paid 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.

3. 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

PGIM Jennison Global Infrastructure Fund 25

Notes to Financial Statements (continued)

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, 2020.

The Manager has contractually agreed, through February 28, 2022, 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.

26

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, 2022 to limit such fees to 0.25% of the average daily net assets of the Class A shares.

For the year ended October 31, 2020, PIMS received $11,493 in front-end sales charges resulting from sales of Class A shares. Additionally, for the year ended October 31, 2020, PIMS received $16 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”).

4. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the Series’ 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, 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

PGIM Jennison Global Infrastructure Fund 27

Notes to Financial Statements (continued)

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 Securities and Exchange Commission (“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, 2020, no 17a-7 transactions were entered into by the Series.

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the year ended October 31, 2020, were $24,350,091 and $32,595,204, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the year ended October 31, 2020, 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*
	$598,186	$	21,865,436	$	21,798,154	$	—	$	—		$	665,468		665,468	$	8,521
	PGIM Institutional Money Market Fund*
	—		1,306,526		1,306,509		—		(17	)		—		—		53	**
	$598,186	$	23,171,962	$	23,104,663	$	—	$	(17	)	$	665,468			$	8,574

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

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

6. 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.

For the year ended October 31, 2020, the tax character of dividends paid by the Series were $433,726 of ordinary income and $42,577 of tax return of capital. For the year ended October 31, 2019, the tax character of dividends paid by the Series were $811,023 of ordinary income and $46,698 of tax return of capital.

28

As of October 31, 2020, 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, 2020 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$28,351,584	$7,644,186	$(1,196,014)	$6,448,172

The difference between book basis and tax basis was primarily due to deferred losses on wash sales.

For federal income tax purposes, the Series had a capital loss carryforward as of October 31, 2020 of approximately $518,000, which can be carried forward for an unlimited period. The Series utilized approximately $751,000 of its capital loss carryforward to offset net taxable gains realized in the fiscal year ended October 31, 2020. 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, 2020 are subject to such review.

7. Capital and Ownership

The Series offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a 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 charges and are available exclusively for sale to a limited group of investors.

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

PGIM Jennison Global Infrastructure Fund 29

Notes to Financial Statements (continued)

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 as follows:

Class A	20,000,000
Class C	100,000,000
Class Z	150,000,000
Class T	115,000,000
Class R6	125,000,000

The Series currently does not have any Class T shares outstanding.

As of October 31, 2020, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Series as follows:

	Number of Shares	Percentage of Outstanding Shares
Class Z	556,822	38.2%
Class R6	405,510	99.3%

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

Affiliated		Unaffiliated
Number of Shareholders	Percentage of Outstanding Shares	Number of Shareholders	Percentage of Outstanding Shares
2	38.0%	3	42.3%

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Year ended October 31, 2020:
Shares sold		40,098		$	569,464
Shares issued in reinvestment of dividends and distributions		4,619			67,705
Shares reacquired		(137,855	)		(1,881,572	)
Net increase (decrease) in shares outstanding before conversion		(93,138	)		(1,244,403	)
Shares issued upon conversion from other share class(es)		4,972			68,903
Shares reacquired upon conversion into other share class(es)		(878	)		(13,161	)
Net increase (decrease) in shares outstanding		(89,044	)	$	(1,188,661	)
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	)

30

Class C	Shares			Amount
Year ended October 31, 2020:
Shares sold		6,868		$	98,374
Shares issued in reinvestment of dividends and distributions		1,083			15,727
Shares reacquired		(48,016	)		(671,692	)
Net increase (decrease) in shares outstanding before conversion		(40,065	)		(557,591	)
Shares reacquired upon conversion into other share class(es)		(7,028	)		(100,339	)
Net increase (decrease) in shares outstanding		(47,093	)	$	(657,930	)
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	)
Class Z
Year ended October 31, 2020:
Shares sold		246,053		$	3,526,924
Shares issued in reinvestment of dividends and distributions		19,133			278,522
Shares reacquired		(299,875	)		(4,159,893	)
Net increase (decrease) in shares outstanding before conversion		(34,689	)		(354,447	)
Shares issued upon conversion from other share class(es)		2,853			44,597
Net increase (decrease) in shares outstanding		(31,836	)	$	(309,850	)
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	)
Class R6
Year ended October 31, 2020:
Shares sold		261,907		$	3,795,524
Shares issued in reinvestment of dividends and distributions		7,666			112,014
Shares reacquired		(676,564	)		(9,408,402	)
Net increase (decrease) in shares outstanding		(406,991	)	$	(5,500,864	)
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	)

8. Borrowings

The Fund, on behalf of the Series, along with other affiliated registered investment companies (the “Participating Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of

PGIM Jennison Global Infrastructure Fund 31

Notes to Financial Statements (continued)

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	10/2/2020 – 9/30/2021	10/3/2019 – 10/1/2020
Total Commitment	$ 1,200,000,000	$ 1,222,500,000*
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.30% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent
* Effective March 31, 2020, the SCA’s total commitment was increased from $900,000,000 to $1,162,500,000 and subsequently, effective April 7, 2020 was increased to $1,222,500,000.

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

The Series utilized the SCA during the year ended October 31, 2020. The average daily balance for the 14 days that the Series had loans outstanding during the period was approximately $871,214, borrowed at a weighted average interest rate of 2.16%. The maximum loan outstanding amount during the period was $1,762,000. At October 31, 2020, the Series did not have an outstanding loan amount.

9. Risks of Investing in the Series

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

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. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

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Foreign Securities Risk: Investments in securities of non-US issuers (including those denominated in US dollars) generally involve more risk than investing in securities of US issuers. Foreign political, economic and legal systems, especially those in developing and emerging market countries, may be less stable and more volatile than in the US. Foreign legal systems generally have fewer regulatory requirements than the US legal system. In general, less information is publicly available about non-US companies than about US companies. Non-US companies generally are not subject to the same accounting, auditing, and financial reporting standards as are US companies. Additionally, the changing value of foreign currencies and changes in exchange rates could also affect the value of the assets the Series holds and the Series’ performance. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. Investments in emerging markets are subject to greater volatility and price declines. In addition, the Series’ investments in non-US securities may be subject to the risks of nationalization or expropriation of assets, imposition of currency exchange controls or restrictions on the repatriation of non-US currency, confiscatory taxation and adverse diplomatic developments. Special US tax considerations may apply.

Investing in Infrastructure Companies Risk: 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.

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

Market Disruption and Geopolitical Risks: International wars or conflicts and geopolitical developments in foreign countries, along with instability in regions such as Asia, Eastern Europe, and the Middle East, possible terrorist attacks in the United States or around the world, public health epidemics such as the outbreak of infectious diseases like the recent

PGIM Jennison Global Infrastructure Fund 33

Notes to Financial Statements (continued)

outbreak of coronavirus globally or the 2014–2016 outbreak in West Africa of the Ebola virus, and other similar events could adversely affect the U.S. and foreign financial markets, including increases in market volatility, reduced liquidity in the securities markets and government intervention, and may cause further long-term economic uncertainties in the United States and worldwide generally.

The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Series’ investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Series invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide.

Market 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.

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

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

34

Because the Series invests in real estate securities, including REITs, the Series is subject to the risks of investing in the real estate industry, such as changes in general and local economic conditions, the supply and demand for real estate and changes in zoning and tax laws. Since the Series concentrates in the real estate industry, its holdings can vary significantly from broad market indexes. As a result, the Series’ performance can deviate from the performance of such indexes. Because the Series invests in stocks, there is the risk that the price of a particular stock owned by the Series could go down or pay lower-than-expected or no dividends. In addition to an individual stock losing value, the value of the equity markets or of companies comprising the real estate industry could go down.

10. Recent Regulatory Developments

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule will become effective 60 days after publication in the Federal Register, and will have a compliance date 18 months following the effective date. Management is currently evaluating the Rule and its impact to the Funds.

PGIM Jennison Global Infrastructure Fund 35

Financial Highlights

Class A Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$14.66			$12.21			$13.05			$11.61			$11.48
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.18			0.16			0.14			0.09
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.86	)		2.49			(0.81	)		1.49			0.21
Total from investment operations		(0.72	)		2.67			(0.65	)		1.63			0.30
Less Dividends and Distributions:
Dividends from net investment income		(0.12	)		(0.21	)		(0.19	)		(0.13	)		(0.08	)
Tax return of capital distributions		(0.02	)		(0.01	)		-			(0.06	)		(0.09	)
Total dividends and distributions		(0.14	)		(0.22	)		(0.19	)		(0.19	)		(0.17	)
Net asset value, end of year		$13.80			$14.66			$12.21			$13.05			$11.61
Total Return(b):		(4.93	)%		22.01	%		(5.10	)%		14.15	%		2.62	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$5,961			$7,637			$8,073			$11,689			$12,277
Average net assets (000)		$6,859			$7,718			$10,218			$11,433			$16,694
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		2.20	%		2.10	%		2.00	%		1.81	%		1.79	%
Net investment income (loss)		0.95	%		1.34	%		1.21	%		1.10	%		0.76	%
Portfolio turnover rate(e)		62	%		62	%		75	%		80	%		82	%

(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.

36

Class C Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$14.51			$12.12			$12.97			$11.55			$11.42
Income (loss) from investment operations:
Net investment income (loss)		0.03			0.08			0.06			0.04			-	(b)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.84	)		2.45			(0.81	)		1.50			0.21
Total from investment operations		(0.81	)		2.53			(0.75	)		1.54			0.21
Less Dividends and Distributions:
Dividends from net investment income		(0.05	)		(0.13	)		(0.10	)		(0.08	)		(0.04	)
Tax return of capital distributions		(0.02	)		(0.01	)		-			(0.04	)		(0.04	)
Total dividends and distributions		(0.07	)		(0.14	)		(0.10	)		(0.12	)		(0.08	)
Net asset value, end of year		$13.63			$14.51			$12.12			$12.97			$11.55
Total Return(c):		(5.63	)%		21.01	%		(5.82	)%		13.39	%		1.88	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$3,242			$4,135			$4,162			$6,101			$5,738
Average net assets (000)		$3,771			$4,131			$5,464			$6,111			$5,783
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		3.05	%		2.90	%		2.81	%		2.51	%		2.49	%
Net investment income (loss)		0.21	%		0.59	%		0.48	%		0.34	%		(0.02	)%
Portfolio turnover rate(f)		62	%		62	%		75	%		80	%		82	%

(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 Jennison Global Infrastructure Fund 37

Financial Highlights(continued)

Class Z Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$14.66			$12.21			$13.06			$11.61			$11.47
Income (loss) from investment operations:
Net investment income (loss)		0.18			0.23			0.19			0.18			0.11
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.85	)		2.48			(0.82	)		1.49			0.23
Total from investment operations		(0.67	)		2.71			(0.63	)		1.67			0.34
Less Dividends and Distributions:
Dividends from net investment income		(0.17	)		(0.25	)		(0.22	)		(0.14	)		(0.09	)
Tax return of capital distributions		(0.02	)		(0.01	)		-			(0.08	)		(0.11	)
Total dividends and distributions		(0.19	)		(0.26	)		(0.22	)		(0.22	)		(0.20	)
Net asset value, end of year		$13.80			$14.66			$12.21			$13.06			$11.61
Total Return(b):		(4.56	)%		22.30	%		(4.94	)%		14.51	%		2.96	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$20,148			$21,868			$23,074			$28,831			$40,811
Average net assets (000)		$21,048			$21,608			$27,549			$29,597			$40,236
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.17	%		1.17	%		1.25	%		1.25	%		1.25	%
Expenses before waivers and/or expense reimbursement		1.66	%		1.57	%		1.52	%		1.51	%		1.49	%
Net investment income (loss)		1.25	%		1.66	%		1.45	%		1.49	%		0.94	%
Portfolio turnover rate(e)		62	%		62	%		75	%		80	%		82	%

(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.

38

Class R6 Shares
	Year Ended October 31,									December 28, 2016(a) through October 31, 2017
	2020			2019			2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$ 14.66			$12.21			$13.06			$11.39
Income (loss) from investment operations:
Net investment income (loss)		0.18			0.23			0.18			0.11
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.85	)		2.48			(0.81	)		1.71
Total from investment operations		(0.67	)		2.71			(0.63	)		1.82
Less Dividends and Distributions:
Dividends from net investment income		(0.17	)		(0.25	)		(0.22	)		(0.10	)
Tax return of capital distributions		(0.02	)		(0.01	)		-			(0.05	)
Total dividends and distributions		(0.19	)		(0.26	)		(0.22	)		(0.15	)
Net asset value, end of period		$ 13.80			$14.66			$12.21			$13.06
Total Return(c):		(4.62	)%		22.40	%		(4.94	)%		16.02	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$ 5,636			$11,954			$13,912			$21,979
Average net assets (000)		$ 8,565			$13,787			$17,657			$19,274
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.17	%		1.17	%		1.25	%		1.25	%(f)
Expenses before waivers and/or expense reimbursement		1.66	%		1.48	%		1.44	%		1.40	%(f)
Net investment income (loss)		1.28	%		1.70	%		1.39	%		1.00	%(f)
Portfolio turnover rate(g)		62	%		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.

PGIM Jennison Global Infrastructure Fund 39

Report of Independent Registered Public

Accounting Firm

To the Board of Directors of Prudential World Fund, Inc. and Shareholders of PGIM Jennison Global Infrastructure Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PGIM Jennison Global Infrastructure Fund (one of the funds constituting Prudential World Fund, Inc., referred to hereafter as the “Fund”) as of October 31, 2020, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the year ended October 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, and the results of its operations, changes in its net assets, and the financial highlights for the year ended October 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended October 31, 2019 and the financial highlights for each of the periods ended on or prior to October 31, 2019 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated December 19, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. 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 audit of these financial statements 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 are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, 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. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodian and transfer agent. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

December 17, 2020

We have served as the auditor of one or more investment companies in the PGIM Retail Funds complex since 2020.

40

Federal Income Tax Information (unaudited)

For the year ended October 31, 2020, 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	%		74.57	%

In January 2021, 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 2020.

PGIM Jennison Global Infrastructure Fund 41

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 the day-to-day operations of the Fund.

Independent Board Members
Name Year 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 1958 Board Member Portfolios Overseen: 95	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 (2009-2016); Trustee, Loyola University (since 2018).	None.	Since September 2013
Kevin J. Bannon 1952 Board Member Portfolios Overseen: 95	Retired; Managing Director (April 2008-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 (May 2003-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 Year 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 1952 Board Member Portfolios Overseen: 95	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Limited LLC (formerly, 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–June 2020); 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 1960 Board Member Portfolios Overseen: 94	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 1956 Board Member & Independent Chair Portfolios Overseen: 95	Executive Committee of the IDC Board of Governors (since October 2019); Retired; Member (since November 2014) of the Governing Council of the Independent Directors Council (IDC) (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 Year 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 1962 Board Member Portfolios Overseen: 94	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 2019) (information technology); Independent Director, Kabbage, Inc. (2018-2020) (financial services); Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017
Michael S. Hyland, CFA 1945 Board Member Portfolios Overseen: 95	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 1961 Board Member Portfolios Overseen: 94	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 Year 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 1959 Board Member Portfolios Overseen: 94	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 Year 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 1962 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 Year 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 1973 Board Member & Vice President Portfolios Overseen: 96	Executive Vice President (since June 2009) of PGIM Investments LLC; 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

⁽¹⁾ The year that each Board Member joined the Board is as follows:

Ellen S. Alberding, 2013; Kevin J. Bannon, 2008; Linda W. Bynoe, 2005; Barry H. Evans, 2017; Keith F. Hartstein, 2013; Laurie Simon Hodrick, 2017; Michael S. Hyland, 2008; James E. Quinn, 2013; Richard A. Redeker, 2000; Stephen G. Stoneburn, 2003; Stuart S. Parker, Board Member and President since 2012; Scott E. Benjamin, Board Member since 2010 and Vice President since 2009; Grace C. Torres, 2014.

Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Claudia DiGiacomo 1974 Chief Legal Officer	Chief Legal Officer of PGIM Investments LLC (since August 2020); Chief Legal Officer of Prudential Mutual Fund Services LLC (since August 2020); Chief Legal Officer of PIFM Holdco, LLC (since August 2020); Vice President and Corporate Counsel (since January 2005) of Prudential; and Corporate Counsel of AST Investment Services, Inc. (since August 2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005
Dino Capasso 1974 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

PGIM Jennison Global Infrastructure Fund

Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Andrew R. French 1962 Secretary	Vice President (since December 2018 - present) of PGIM Investments LLC; Formerly, Vice President and Corporate Counsel (2010-2018) 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
Diana N. Huffman 1982 Assistant Secretary	Vice President and Corporate Counsel (since September 2015) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; formerly Associate at Willkie Farr & Gallagher LLP (2009-2015).	Since March 2019
Melissa Gonzalez 1980 Assistant Secretary	Vice President and Corporate Counsel (since September 2018) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; formerly Director and Corporate Counsel (March 2014-September 2018) of Prudential.	Since March 2020
Patrick E. McGuinness 1986 Assistant Secretary	Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Director and Corporate Counsel (since February 2017) of Prudential; and Corporate Counsel (2012 – 2017) of IIL, Inc.	Since June 2020
Kelly A. Coyne 1968 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since March 2015
Christian J. Kelly 1975 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
Lana Lomuti 1967 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 1973 Assistant Treasurer	Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration.	Since October 2019
Deborah Conway 1969 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since October 2019
Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.	Since October 2019

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Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Charles H. Smith 1973 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 all 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.

∎ As used in the Fund Officers table “Prudential” means The Prudential Insurance Company of America.

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”). 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 27, 2020 and on June 9-11, 2020 and approved the renewal of the agreements through July 31, 2021, 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 Global Infrastructure Fund is a series of Prudential World Fund, Inc.

`

PGIM Jennison Global Infrastructure 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 27, 2020 and on June 9-11, 2020.

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 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, 2019 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 the one-, three- and five-year periods ended December 31, 2019.

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, 2019. 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).

Visit our website at pgim.com/investments

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	2nd Quartile	2nd Quartile	N/A
Actual Management Fees: 1st Quartile
Net Total Expenses: 4th Quartile

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

• The Board and PGIM Investments agreed to retain the Fund’s existing contractual expense cap that (exclusive of certain fees and expenses) caps total annual operating expenses at 1.50% for Class A shares 2.25% for Class C shares, 1.17% for Class R6 shares, and 1.17% for Class Z shares through February 28, 2021.

• 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	pgim.com/investments

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 or by visiting the Securities and Exchange Commission’s website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website and on the Securities and Exchange Commission’s website.

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 • Claudia DiGiacomo, Chief Legal Officer • Dino Capasso, Chief Compliance Officer • Charles H. Smith, Anti-Money Laundering Compliance Officer • Andrew R. French, Secretary • Melissa Gonzalez, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Kelly A. Coyne, Assistant Secretary • Patrick McGuinness, 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	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH 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 that Director at the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO HOLDINGS

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

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, 2020

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 (pgim.com/investments), 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 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 pgim.com/investments/resource/edelivery

Table of Contents

Letter from the President	3
Your Fund’s Performance	4
Growth of a $10,000 Investment	5
Strategy and Performance Overview	8
Fees and Expenses	11
Holdings and Financial Statements	13
Approval of Advisory Agreements

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. ^© 2020 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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Letter from the President

Dear Shareholder:

We hope you find the annual report for the PGIM Emerging Markets Debt Hard Currency Fund informative and useful. The report covers performance for the 12-month period that ended October 31, 2020.

During the first four months of the period, the global economy remained healthy—particularly in the US—fueled by rising corporate profits and strong job growth. The outlook changed dramatically in March as the coronavirus outbreak quickly and substantially shut down economic activity worldwide, leading to significant job losses and a steep decline in global growth and earnings. Responding to this disruption, the Federal Reserve (the Fed) cut the federal funds rate target to near zero and flooded capital markets with liquidity; and Congress passed stimulus bills worth approximately $3 trillion that offered an economic lifeline to consumers and businesses.

While stocks climbed throughout the first four months of the period, they fell significantly in March amid a spike in volatility, ending the 11-year-long equity bull market. With stores and factories closing and consumers staying at home to limit the spread of the virus, investors sold stocks on fears that corporate earnings would take a serious hit. Equities rallied around the globe throughout the spring and summer as states reopened their economies, but became more volatile during the last two months of the period as investors worried that a surge in coronavirus infections would stall the economic recovery. For the period overall, large-cap US and emerging market stocks rose, small-cap US stocks were virtually unchanged, and stocks in developed foreign markets declined.

The bond market overall—including US and global bonds as well as emerging market debt—rose during the period as investors sought safety in fixed income. A significant rally in interest rates pushed the 10-year US Treasury yield down to a record low. In March, the Fed took several aggressive actions to keep the bond markets running smoothly, restarting many of the relief programs that proved to be successful in helping end the global financial crisis in 2008-09.

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 Emerging Markets Debt Hard Currency Fund

December 15, 2020

PGIM Emerging Markets Debt Hard Currency Fund 3

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 pgim.com/investments or by calling (800) 225-1852.

	Average Annual Total Returns as of 10/31/20
	One Year (%)	Since Inception (%)
Class A
(with sales charges)	–5.01	0.02 (12/12/17)
(without sales charges)	–1.82	1.17 (12/12/17)
Class C
(with sales charges)	–3.48	0.42 (12/12/17)
(without sales charges)	–2.55	0.42 (12/12/17)
Class Z
(without sales charges)	–1.43	1.46 (12/12/17)
Class R6
(without sales charges)	–1.44	1.51 (12/12/17)
JP Morgan Emerging Markets Bond Global Diversified Index
	0.98	3.43

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

4 Visit our website at pgim.com/investments

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 Emerging Markets Bond 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 year (October 31, 2020) 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 fees 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.

PGIM Emerging Markets Debt Hard Currency Fund 5

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

Benchmark Definitions

JP Morgan Emerging Markets Bond Global Diversified Index—The JP Morgan Emerging Markets Bond Global Diversified Index 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. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes that may be paid by an investor.

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Credit Quality expressed as a percentage of total investments as of 10/31/20 (%)
AA	5.5
A	8.0
BBB	29.1
BB	20.9
B	22.8
CCC	6.6
CC	0.9
C	0.4
Not Rated	2.3
Cash/Cash Equivalents	3.5
Total	100.0

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global Ratings (S&P), or Fitch, 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 10/31/20
	Total Distributions Paid for One Year ($)		SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.47		4.63	56.75
Class C	0.40		4.04	185.13
Class Z	0.50		5.12	4.14
Class R6	0.51	��	5.36	5.08

*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 7

Strategy and Performance Overview (unaudited)

How did the Fund perform?

The PGIM Emerging Markets Debt Hard Currency Fund’s Class Z shares returned -1.43% in the 12-month reporting period that ended October 31, 2020, underperforming the 0.98% return of the JP Morgan Emerging Markets Bond Global Diversified Index (the Index).

What were the market conditions?

• Following several stable months, the last part of the reporting period was dominated by the global outbreak of COVID-19, its economic impact, and the resulting decline in risk sentiment around the globe. After generating stable returns during the latter part of 2019, emerging market debt declined sharply during the first quarter of 2020 as the dramatic global liquidity and confidence shocks related to the spread of COVID-19 and a drop in oil prices led to acute declines across most fixed income spread sectors. In response to unprecedented monetary and fiscal stimulus programs aimed at stabilizing the economy and financial markets, emerging market assets subsequently rose sharply, but spreads remained wider than their pre-COVID-19 levels at the end of the period.

• While persistent trade war uncertainties and local episodes of social protest provided some headwinds, during the latter part of 2019 emerging market debt continued to benefit from accommodative central banks, low and range-bound developed markets rates, and an extended (albeit slow) global economic expansion. At the start of 2020, the global economy appeared poised to stabilize and perhaps even improve, with manufacturing bottoming out across a number of countries and a pipeline of monetary stimulus in place following a global round of central bank easing in the second half of 2019. The optimism generated by the US-China trade deal, a positive turn in the global technology cycle, and central banks’ bias to ease further, if needed, shifted perceived economic risks from being skewed to the downside to being more balanced. But then COVID-19 hit headlines, with person-to-person transmission reported in January 2020 marking a turning point. Financial markets then witnessed a dramatic turn of events, perhaps best exemplified by the sharp drop in US Treasury yields.

• After generating gains throughout the latter part of 2019, emerging market debt declined sharply during the first quarter of 2020, with the intensity of the sell-off characterized by severe dislocations from retail outflows, particularly out of passive emerging market exchange-traded funds (ETFs). Although policy measures implemented by fiscal authorities, the Federal Reserve (the Fed), and other developed market central banks provided necessary liquidity and support during the latter part of the quarter, emerging market debt spreads and yields widened dramatically. Emerging market hard currency spreads widened 335 basis points (bps) during the quarter, while emerging market corporate bond spreads widened by 288 bps. (One basis point is 0.01%.) Emerging market local rates and emerging market currencies suffered similar sell-offs.

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• With the global economy decelerating rapidly and financial markets selling off sharply due to the pandemic and related lockdowns, the Fed and the European Central Bank reacted by cutting policy rates, initiating (or increasing) asset purchases, and expanding liquidity facilities. The unprecedented easing provided a tailwind for emerging market policymakers, allowing the main policy rates to be cut to all-time lows in most countries. While emerging market issuers did not benefit from the support offered to developed markets credit-related issuers, the sector benefited from the broad improvement in liquidity, a better growth outlook, a rise in oil prices, market access, and support from the International Monetary Fund’s Rapid Financing Instrument.

• Following a difficult first quarter, emerging market assets staged a strong recovery in the second and third quarters of 2020. Risk-on sentiment amid improving economic data, a gradual reopening of economies, and broad policy support saw spreads and yields decline sharply from oversold levels over the last seven months of the period. In October, flows into emerging market bond funds continued to reverse the outflows seen earlier in the year by posting one of the strongest months of retail inflows into emerging market fixed income bond funds in all of 2020. For the month, hard currency funds saw almost $8 billion of inflows. At the beginning of April, year-to-date emerging market bond fund flows reached almost -$30 billion; but as of the end of the period, they had reversed nearly all those outflows.

• However, at period-end, most emerging market assets remained wider than where they began 2020. Emerging market hard currency and corporate spreads ended the period at 421 bps and 366 bps, respectively, but remained wider than where they began the year. Meanwhile, emerging market currency performance was positive in the second and third quarters but remained in negative territory for the year as of period-end.

What worked?

• Although overall country selection was negative, underweights to Lebanon, United Arab Emirates, Malaysia, and the Philippines, along with off-Index positioning in Serbia, contributed to the Fund’s performance during the reporting period.

• While security selection overall detracted from performance, positioning in Argentina, Israel, Luxembourg, and Kuwait was positive.

• Within currencies, overweights to the Chinese yuan and South Korean won, along with underweights to the Brazilian real and Turkish lira, contributed to performance.

What didn’t work?

• Overall country selection was the largest detractor from the Fund’s performance during the period, with overweights to Argentina, Sri Lanka, Angola, Ghana, Mexico, and Indonesia being the largest detractors. The negative performance came primarily from an overweight in lower-quality assets and was exacerbated by the lack of liquidity in the

PGIM Emerging Markets Debt Hard Currency Fund 9

Strategy and Performance Overview (continued)

market, as ETF outflows pushed prices lower. Sri Lanka was an underperformer in October, despite paying its $1 billion maturity, as hopes for an imminent International Monetary Fund program darkened amid a challenging growth outlook and high government debt load. Mexico sold off in the first quarter of 2020 and outperformed in subsequent months. Although it was downgraded, it started to improve given the risk-on environment along with a recovery in oil prices.

• Security selection within Lebanon, Mexico, Indonesia, South Africa, and Venezuela detracted from returns over the period.

• Within currencies, overweights to the Indonesia rupiah, Czech koruna, and Polish zloty were negative. The impact of COVID-19 weighed on riskier currencies. In this environment, developed market currencies such as the US dollar outperformed emerging market foreign currencies. Commodity currencies also lagged.

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 futures and interest rate swaps, in part, to help manage duration and yield curve exposure, which collectively had a positive impact on performance.

Current outlook

• PGIM Fixed Income continues to believe current market dynamics present an attractive opportunity to actively add alpha-generating trades across hard currency bonds, local rates, and emerging market currencies. While remaining focused on the long term, PGIM Fixed Income believes there are certain high-conviction trades likely to perform in the near term.

• Within hard currency and corporates, PGIM Fixed Income continues to see value in high-quality issuers and is adding long duration, investment grade, emerging market issuers with market access and substantial room for spread compression. PGIM Fixed Income’s focus has been adding selectively to higher-quality new issuance coming with concessions, such as China, while trimming higher-beta names, such as Sri Lanka, Bahrain, and Iraq, where it has less conviction. It continues to overweight single-B-rated issuers relative to the Index but has been reducing exposure due to uncertainty surrounding growth, commodities, and possibly less access to financial markets. PGIM Fixed Income sees select opportunities in emerging market corporates given their generally high credit ratings and spreads that have widened relative to sovereigns.

• In emerging market currencies, PGIM Fixed Income is short the US dollar, taking the view that fiscal and monetary stimulus will be ample enough over the medium term to support global growth and, in turn, cause the US dollar to either remain stable or weaken further. PGIM Fixed Income favors higher-quality currencies in Asia and Europe.

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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, 2020. The example is for illustrative purposes only; you should consult the Fund’s 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 11

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, 2020		Ending Account Value October 31, 2020		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,149.70		1.05	%	$	5.67
	Hypothetical	$	1,000.00	$	1,019.86		1.05	%	$	5.33
Class C	Actual	$	1,000.00	$	1,145.30		1.80	%	$	9.71
	Hypothetical	$	1,000.00	$	1,016.09		1.80	%	$	9.12
Class Z	Actual	$	1,000.00	$	1,151.20		0.75	%	$	4.06
	Hypothetical	$	1,000.00	$	1,021.37		0.75	%	$	3.81
Class R6	Actual	$	1,000.00	$	1,150.50		0.65	%	$	3.51
	Hypothetical	$	1,000.00	$	1,021.87		0.65	%	$	3.30

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended October 31, 2020, and divided by the 366 days in the Fund’s fiscal year ended October 31, 2020 (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, 2020

Description	Interest     Rate			Maturity     Date	Principal     Amount (000)#		Value
LONG-TERM INVESTMENTS 95.0%
CORPORATE BONDS 24.4%
Argentina   0.1%
YPF SA,
Sr. Unsec’d. Notes		8.500	%	07/28/25		155	$	92,191
Azerbaijan   0.4%
Southern Gas Corridor CJSC,
Gov’t. Gtd. Notes, 144A		6.875		03/24/26		250		284,485
State Oil Co. of the Azerbaijan Republic,
Sr. Unsec’d. Notes		6.950		03/18/30		200		237,629
								522,114
Bahrain   0.4%
Oil & Gas Holding Co. BSCC (The),
Sr. Unsec’d. Notes		7.625		11/07/24		200		213,315
Sr. Unsec’d. Notes		8.375		11/07/28		200		219,772
								433,087
Brazil   2.4%
Braskem America Finance Co.,
Gtd. Notes, 144A		7.125		07/22/41		200		213,323
JSM Global Sarl,
Gtd. Notes, 144A		4.750		10/20/30		400		404,084
Petrobras Global Finance BV,
Gtd. Notes		5.093		01/15/30		467		488,698
Gtd. Notes		5.600		01/03/31		200		215,519
Gtd. Notes		5.999		01/27/28		95		106,435
Gtd. Notes		6.900		03/19/49		250		282,938
Gtd. Notes		7.375		01/17/27		261		314,614
Gtd. Notes		8.750		05/23/26		387		493,067
Suzano Austria GmbH,
Gtd. Notes		3.750		01/15/31		150		153,914
Vale Overseas Ltd.,
Gtd. Notes		3.750		07/08/30		90		94,413
								2,767,005
Chile   1.0%
Corp. Nacional del Cobre de Chile,
Sr. Unsec’d. Notes		4.875		11/04/44		600		733,288
Sr. Unsec’d. Notes, 144A		4.875		11/04/44		200		244,429

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    13

Schedule of Investments  (continued)

as of October 31, 2020

Description	Interest     Rate			Maturity     Date	Principal     Amount (000)#		Value
CORPORATE BONDS (Continued)
Chile (cont’d.)
VTR Finance NV,
Sr. Unsec’d. Notes		6.375	%	07/15/28		200	$	213,761
								1,191,478
China   1.7%
CNAC HK Finbridge Co. Ltd.,
Gtd. Notes		3.875		06/19/29		600		631,534
Country Garden Holdings Co. Ltd.,
Sr. Sec’d. Notes		4.200		02/06/26		210		218,395
Sinochem Overseas Capital Co. Ltd.,
Gtd. Notes		6.300		11/12/40		130		187,251
Sinopec Group Overseas Development 2012 Ltd.,
Gtd. Notes		4.875		05/17/42		200		257,872
Sinopec Group Overseas Development 2017 Ltd.,
Gtd. Notes		4.000		09/13/47		200		235,119
Sinopec Group Overseas Development 2018 Ltd.,
Gtd. Notes, 144A		3.680		08/08/49		400		448,073
								1,978,244
Colombia   0.2%
Grupo Aval Ltd.,
Gtd. Notes, 144A		4.375		02/04/30		200		194,693
Guatemala   0.2%
Energuate Trust,
Gtd. Notes		5.875		05/03/27		200		207,438
India   0.9%
Azure Power Solar Energy Pvt. Ltd.,
Sr. Sec’d. Notes, 144A, MTN		5.650		12/24/24		200		210,772
GMR Hyderabad International Airport Ltd.,
Sr. Sec’d. Notes		4.250		10/27/27		200		180,320
HPCL-Mittal Energy Ltd.,
Sr. Unsec’d. Notes		5.250		04/28/27		200		203,277
Indian Railway Finance Corp. Ltd.,
Sr. Unsec’d. Notes, EMTN		3.950		02/13/50		200		186,052
Power Finance Corp. Ltd.,
Sr. Unsec’d. Notes, 144A, MTN		6.150		12/06/28		200		226,864
								1,007,285

See Notes to Financial Statements.

14

Description	Interest     Rate			Maturity     Date	Principal     Amount (000)#		Value
CORPORATE BONDS (Continued)
Indonesia   2.6%
Cikarang Listrindo Tbk PT,
Sr. Unsec’d. Notes, 144A		4.950	%	09/14/26		200	$	205,057
Indonesia Asahan Aluminium Persero PT,
Sr. Unsec’d. Notes		6.530		11/15/28		220		266,785
Sr. Unsec’d. Notes, 144A		4.750		05/15/25		200		217,689
Pelabuhan Indonesia III Persero PT,
Sr. Unsec’d. Notes		4.875		10/01/24		400		438,578
Pertamina Persero PT,
Sr. Unsec’d. Notes		6.000		05/03/42		200		242,471
Sr. Unsec’d. Notes, EMTN		4.700		07/30/49		200		213,248
Sr. Unsec’d. Notes, EMTN		6.500		11/07/48		200		263,203
Perusahaan Listrik Negara PT,
Sr. Unsec’d. Notes		2.875		10/25/25	EUR	200		248,404
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara,
Sr. Unsec’d. Notes, 144A, MTN		5.450		05/21/28		420		493,508
Saka Energi Indonesia PT,
Sr. Unsec’d. Notes		4.450		05/05/24		250		229,802
Sr. Unsec’d. Notes, 144A		4.450		05/05/24		200		183,842
								3,002,587
Israel   0.2%
Leviathan Bond Ltd.,
Sr. Sec’d. Notes, 144A		6.125		06/30/25		200		207,133
Jamaica   0.1%
Digicel International Finance Ltd./Digicel Holdings Bermuda Ltd.,
Gtd. Notes, 144A		8.000		12/31/26		39		28,833
Gtd. Notes, 144A, Cash coupon 6.000% and PIK 7.000%		13.000		12/31/25		49		45,698
Sr. Sec’d. Notes, 144A		8.750		05/25/24		97		96,888
								171,419
Kazakhstan   1.3%
Kazakhstan Temir Zholy Finance BV,
Gtd. Notes		6.950		07/10/42		400		547,777
KazMunayGas National Co. JSC,
Sr. Unsec’d. Notes		5.375		04/24/30		200		238,676

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    15

Schedule of Investments  (continued)

as of October 31, 2020

Description	Interest     Rate			Maturity     Date	Principal     Amount (000)#		Value
CORPORATE BONDS (Continued)
Kazakhstan (cont’d.)
KazMunayGas National Co. JSC, (cont’d.)
Sr. Unsec’d. Notes		5.750	%	04/19/47		400	$	496,392
Sr. Unsec’d. Notes		6.375		10/24/48		200		266,160
								1,549,005
Kuwait   0.4%
MEGlobal Canada ULC,
Gtd. Notes, 144A, MTN		5.875		05/18/30		400		476,149
Malaysia   1.3%
Petroliam Nasional Bhd,
Sr. Unsec’d. Notes		7.625		10/15/26		250		337,949
Petronas Capital Ltd.,
Gtd. Notes, 144A, MTN		4.550		04/21/50(a)		800		997,571
Gtd. Notes, EMTN		4.550		04/21/50		200		249,393
								1,584,913
Mexico   4.7%
Cemex SAB de CV,
Sr. Sec’d. Notes		5.450		11/19/29		400		422,876
Mexico City Airport Trust,
Sr. Sec’d. Notes		4.250		10/31/26		400		374,821
Sr. Sec’d. Notes		5.500		07/31/47		200		170,662
Nemak SAB de CV,
Sr. Unsec’d. Notes		4.750		01/23/25		200		204,436
Orbia Advance Corp. SAB de CV,
Gtd. Notes		5.500		01/15/48		200		224,814
Gtd. Notes, 144A		5.500		01/15/48		225		252,916
Petroleos Mexicanos,
Gtd. Notes		4.750		02/26/29	EUR	100		102,255
Gtd. Notes		5.950		01/28/31		250		208,967
Gtd. Notes		6.350		02/12/48		594		453,691
Gtd. Notes		6.490		01/23/27		315		293,156
Gtd. Notes		6.500		03/13/27		975		906,125
Gtd. Notes		6.500		01/23/29		435		388,007
Gtd. Notes		6.500		06/02/41		630		484,871
Gtd. Notes		6.840		01/23/30		143		127,453
Gtd. Notes		7.690		01/23/50		550		459,761
Gtd. Notes, MTN		6.875		08/04/26		415		399,048
								5,473,859

See Notes to Financial Statements.

16

Description	Interest     Rate			Maturity     Date	Principal     Amount (000)#		Value
CORPORATE BONDS (Continued)
Peru   0.2%
Nexa Resources SA,
Gtd. Notes, 144A		5.375	%	05/04/27		210	$	221,359
Russia   1.1%
Gazprom PJSC Via Gaz Capital SA,
Sr. Unsec’d. Notes, EMTN		7.288		08/16/37		300		420,336
Sr. Unsec’d. Notes, EMTN		8.625		04/28/34		615		918,098
								1,338,434
Saudi Arabia   0.2%
Saudi Arabian Oil Co.,
Sr. Unsec’d. Notes, EMTN		4.250		04/16/39		200		226,185
South Africa   1.9%
Eskom Holdings SOC Ltd.,
Gov’t. Gtd. Notes, MTN		6.350		08/10/28		400		413,027
Sr. Unsec’d. Notes		7.125		02/11/25		600		561,987
Sr. Unsec’d. Notes, EMTN		6.750		08/06/23		400		379,165
Sr. Unsec’d. Notes, MTN		8.450		08/10/28		660		628,940
MTN Mauritius Investments Ltd.,
Gtd. Notes, 144A		6.500		10/13/26		200		223,390
								2,206,509
Thailand   0.1%
Thaioil Treasury Center Co. Ltd.,
Gtd. Notes, 144A, MTN		3.750		06/18/50		200		183,980
Trinidad & Tobago   0.2%
Trinidad Petroleum Holdings Ltd.,
Sr. Sec’d. Notes, 144A		9.750		06/15/26		166		185,668
Tunisia   0.4%
Banque Centrale de Tunisie International Bond,
Sr. Unsec’d. Notes		5.625		02/17/24	EUR	140		139,949
Sr. Unsec’d. Notes		5.750		01/30/25		200		168,976
Sr. Unsec’d. Notes		6.750		10/31/23	EUR	200		209,439
								518,364

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    17

Schedule of Investments  (continued)

as of October 31, 2020

Description	Interest     Rate			Maturity     Date	Principal     Amount (000)#		Value
CORPORATE BONDS (Continued)
Turkey   0.2%
Turkiye Sinai Kalkinma Bankasi A/S,
Sr. Unsec’d. Notes, 144A		6.000	%	01/23/25		200	$	186,380
Ukraine   0.4%
NAK Naftogaz Ukraine via Kondor Finance PLC,
Sr. Unsec’d. Notes		7.125		07/19/24	EUR	300		334,241
State Savings Bank of Ukraine Via SSB #1 PLC,
Sr. Unsec’d. Notes		9.625		03/20/25		90		91,534
								425,775
United Arab Emirates   1.4%
Abu Dhabi Crude Oil Pipeline LLC,
Sr. Sec’d. Notes		3.650		11/02/29		200		225,980
Sr. Sec’d. Notes		4.600		11/02/47		200		238,327
Abu Dhabi National Energy Co. PJSC,
Sr. Unsec’d. Notes, 144A		4.000		10/03/49		200		233,052
DP World PLC,
Sr. Unsec’d. Notes, EMTN		6.850		07/02/37		600		751,852
ICD Funding Ltd.,
Gtd. Notes		4.625		05/21/24		200		212,767
								1,661,978
United States   0.2%
JBS Investments II GmbH,
Gtd. Notes, 144A		5.750		01/15/28		200		210,673
Venezuela   0.0%
Petroleos de Venezuela SA,
First Lien		8.500		10/27/20(d)		205		51,250
Sr. Unsec’d. Notes		5.375		04/12/27(d)		205		6,970
Sr. Unsec’d. Notes		6.000		05/16/24(d)		45		1,620
Sr. Unsec’d. Notes		6.000		11/15/26(d)		65		2,210
								62,050
Vietnam   0.2%
Mong Duong Finance Holdings BV,
Sr. Sec’d. Notes		5.125		05/07/29		250		255,160
TOTAL CORPORATE BONDS (cost $29,077,297)								28,541,115

See Notes to Financial Statements.

18

Description	Interest     Rate			Maturity     Date	Principal     Amount (000)#		Value
SOVEREIGN BONDS 70.6%
Angola   1.6%
Angolan Government International Bond,
Sr. Unsec’d. Notes		8.250	%	05/09/28		600	$	472,090
Sr. Unsec’d. Notes		9.375		05/08/48		200		152,933
Sr. Unsec’d. Notes		9.500		11/12/25		750		643,216
Sr. Unsec’d. Notes, 144A		9.375		05/08/48		200		152,933
Sr. Unsec’d. Notes, 144A, MTN		8.000		11/26/29		200		155,196
Sr. Unsec’d. Notes, EMTN		8.000		11/26/29		400		310,392
								1,886,760
Argentina   2.4%
Argentina Bonar Bonds,
Bonds		0.125	(cc)	07/09/30		2		595
Unsec’d. Notes		1.000		07/09/29		12		4,614
Argentine Republic Government International Bond,
Sr. Unsec’d. Notes		0.125	(cc)	07/09/30		3,160		1,156,401
Sr. Unsec’d. Notes		0.125	(cc)	07/09/35		102		33,266
Sr. Unsec’d. Notes		0.125	(cc)	01/09/38		1,930		719,430
Sr. Unsec’d. Notes		0.125	(cc)	07/09/41		847		285,790
Sr. Unsec’d. Notes		0.125	(cc)	07/09/46		335		109,608
Sr. Unsec’d. Notes		1.000		07/09/29		254		104,473
Provincia de Buenos Aires,
Sr. Unsec’d. Notes		4.000		05/01/20(d)	EUR	15		6,504
Sr. Unsec’d. Notes		5.375		01/20/23	EUR	100		35,350
Sr. Unsec’d. Notes		9.125		03/16/24		300		97,703
Sr. Unsec’d. Notes		9.950		06/09/21		620		203,291
Sr. Unsec’d. Notes, 144A		9.125		03/16/24		245		79,790
								2,836,815
Bahrain   1.3%
Bahrain Government International Bond,
Sr. Unsec’d. Notes		6.750		09/20/29		200		216,154
Sr. Unsec’d. Notes		7.000		01/26/26		200		225,334
Sr. Unsec’d. Notes		7.000		10/12/28		400		440,869
Sr. Unsec’d. Notes		7.375		05/14/30		200		221,785
Sr. Unsec’d. Notes		7.500		09/20/47		400		421,690
								1,525,832

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    19

Schedule of Investments  (continued)

as of October 31, 2020

Description	Interest     Rate			Maturity     Date	Principal     Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Belarus   0.5%
Republic of Belarus International Bond,
Sr. Unsec’d. Notes		6.875	%	02/28/23		200	$	197,597
Sr. Unsec’d. Notes		7.625		06/29/27		425		421,554
								619,151
Brazil   2.4%
Brazil Minas SPE via State of Minas Gerais,
Gov’t. Gtd. Notes		5.333		02/15/28		228		240,482
Brazilian Government International Bond,
Sr. Unsec’d. Notes		5.625		01/07/41		270		295,508
Sr. Unsec’d. Notes		7.125		01/20/37		950		1,191,389
Sr. Unsec’d. Notes		8.250		01/20/34		828		1,121,536
								2,848,915
Cameroon   0.4%
Republic of Cameroon International Bond,
Sr. Unsec’d. Notes		9.500		11/19/25		400		420,634
Colombia   1.9%
Colombia Government International Bond,
Sr. Unsec’d. Notes		6.125		01/18/41		360		463,135
Sr. Unsec’d. Notes		7.375		09/18/37		1,015		1,425,004
Sr. Unsec’d. Notes		10.375		01/28/33		200		311,265
								2,199,404
Congo (Republic)   0.2%
Congolese International Bond,
Sr. Unsec’d. Notes		6.000		06/30/29		268		205,149
Costa Rica   1.2%
Costa Rica Government International Bond,
Sr. Unsec’d. Notes		4.250		01/26/23		200		184,234
Sr. Unsec’d. Notes		4.375		04/30/25		600		509,521
Sr. Unsec’d. Notes		6.125		02/19/31		200		167,080
Sr. Unsec’d. Notes		7.000		04/04/44		200		158,956
Sr. Unsec’d. Notes		7.158		03/12/45		400		315,941
								1,335,732

See Notes to Financial Statements.

20

Description	Interest     Rate			Maturity     Date	Principal     Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Croatia   0.3%
Croatia Government International Bond,
Unsec’d. Notes		1.500	%	06/17/31	EUR	285	$	349,543
Dominican Republic   3.0%
Dominican Republic International Bond,
Sr. Unsec’d. Notes		5.500		01/27/25		100		107,075
Sr. Unsec’d. Notes		5.875		04/18/24		555		588,424
Sr. Unsec’d. Notes		6.875		01/29/26		400		453,038
Sr. Unsec’d. Notes		7.450		04/30/44		1,400		1,600,637
Sr. Unsec’d. Notes, 144A		5.875		01/30/60		425		407,606
Sr. Unsec’d. Notes, 144A		6.000		07/19/28		320		353,315
								3,510,095
Ecuador   1.6%
Ecuador Government International Bond,
Sr. Unsec’d. Notes, 144A		0.500	(cc)	07/31/30		639		424,873
Sr. Unsec’d. Notes, 144A		0.500	(cc)	07/31/35		1,488		822,318
Sr. Unsec’d. Notes, 144A		0.500	(cc)	07/31/40		1,111		552,932
Sr. Unsec’d. Notes, 144A		7.187	(s)	07/31/30		179		81,221
								1,881,344
Egypt   2.2%
Egypt Government International Bond,
Sr. Unsec’d. Notes		7.625		05/29/32		200		202,404
Sr. Unsec’d. Notes, 144A		8.700		03/01/49		210		210,898
Sr. Unsec’d. Notes, 144A, MTN		4.750		04/11/25	EUR	100		114,821
Sr. Unsec’d. Notes, 144A, MTN		4.750		04/16/26	EUR	200		224,830
Sr. Unsec’d. Notes, 144A, MTN		6.375		04/11/31	EUR	420		467,957
Sr. Unsec’d. Notes, 144A, MTN		7.600		03/01/29		200		207,949
Sr. Unsec’d. Notes, 144A, MTN		8.500		01/31/47		255		253,211
Sr. Unsec’d. Notes, EMTN		4.750		04/11/25	EUR	100		114,821
Sr. Unsec’d. Notes, EMTN		4.750		04/16/26	EUR	200		224,830
Sr. Unsec’d. Notes, EMTN		5.625		04/16/30	EUR	100		108,021
Sr. Unsec’d. Notes, MTN		7.500		01/31/27		200		212,231
Sr. Unsec’d. Notes, MTN		8.500		01/31/47		250		248,246
								2,590,219
El Salvador   1.1%
El Salvador Government International Bond,
Sr. Unsec’d. Notes		5.875		01/30/25		355		293,838

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    21

Schedule of Investments  (continued)

as of October 31, 2020

Description	Interest     Rate			Maturity     Date	Principal     Amount (000)#		Value
SOVEREIGN BONDS (Continued)
El Salvador (cont’d.)
El Salvador Government International Bond, (cont’d.)
Sr. Unsec’d. Notes		6.375	%	01/18/27		425	$	348,669
Sr. Unsec’d. Notes		7.625		02/01/41		150		116,228
Sr. Unsec’d. Notes		7.650		06/15/35		57		45,255
Sr. Unsec’d. Notes		7.750		01/24/23		145		132,032
Sr. Unsec’d. Notes		8.250		04/10/32		425		354,852
								1,290,874
Gabon   0.7%
Gabon Government International Bond,
Bonds		6.375		12/12/24		200		191,002
Sr. Unsec’d. Notes		6.950		06/16/25		400		378,982
Sr. Unsec’d. Notes, 144A		6.625		02/06/31		215		192,774
								762,758
Ghana   1.7%
Ghana Government International Bond,
Bank Gtd. Notes		10.750		10/14/30		400		489,584
Sr. Unsec’d. Notes		7.875		03/26/27		400		388,327
Sr. Unsec’d. Notes		8.125		01/18/26		200		201,670
Sr. Unsec’d. Notes		8.125		03/26/32		200		183,883
Sr. Unsec’d. Notes, 144A		6.375		02/11/27		400		372,013
Sr. Unsec’d. Notes, 144A		7.875		02/11/35		200		177,471
Sr. Unsec’d. Notes, 144A		8.950		03/26/51		205		183,792
								1,996,740
Guatemala   0.8%
Guatemala Government Bond,
Sr. Unsec’d. Notes		4.875		02/13/28		400		450,136
Sr. Unsec’d. Notes		6.125		06/01/50		400		493,189
								943,325
Honduras   0.5%
Honduras Government International Bond,
Sr. Unsec’d. Notes		6.250		01/19/27		150		168,465
Sr. Unsec’d. Notes		7.500		03/15/24		400		440,456
								608,921

See Notes to Financial Statements.

22

Description	Interest     Rate			Maturity     Date	Principal     Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Hungary   1.3%
Hungary Government International Bond,
Sr. Unsec’d. Notes		1.750	%	06/05/35	EUR	415	$	521,337
Sr. Unsec’d. Notes		7.625		03/29/41		546		970,071
								1,491,408
India   0.4%
Export-Import Bank of India,
Sr. Unsec’d. Notes, 144A, MTN		3.250		01/15/30		400		407,241
Indonesia   2.3%
Indonesia Government International Bond,
Sr. Unsec’d. Notes		1.450		09/18/26	EUR	100		119,128
Sr. Unsec’d. Notes		4.450		04/15/70		200		235,248
Sr. Unsec’d. Notes		7.750		01/17/38		360		553,976
Sr. Unsec’d. Notes		8.500		10/12/35		450		719,455
Sr. Unsec’d. Notes, EMTN		3.750		06/14/28	EUR	100		136,661
Sr. Unsec’d. Notes, EMTN		4.625		04/15/43		200		233,852
Sr. Unsec’d. Notes, EMTN		5.125		01/15/45		200		250,646
Sr. Unsec’d. Notes, EMTN		5.250		01/17/42		200		251,279
Sr. Unsec’d. Notes, EMTN		6.750		01/15/44		100		149,901
								2,650,146
Iraq   0.8%
Iraq International Bond,
Sr. Unsec’d. Notes		5.800		01/15/28		469		403,413
Sr. Unsec’d. Notes		6.752		03/09/23		600		558,038
								961,451
Israel   1.3%
Israel Government International Bond,
Sr. Unsec’d. Notes		3.875		07/03/50		200		230,748
Sr. Unsec’d. Notes		4.500		01/30/43		600		775,420
Sr. Unsec’d. Notes		4.500		04/03/2120		400		520,403
								1,526,571
Ivory Coast   1.2%
Ivory Coast Government International Bond,
Sr. Unsec’d. Notes		5.250		03/22/30	EUR	200		225,799
Sr. Unsec’d. Notes		5.875		10/17/31	EUR	200		228,135

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    23

Schedule of Investments  (continued)

as of October 31, 2020

Description	Interest     Rate			Maturity     Date	Principal     Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Ivory Coast (cont’d.)
Ivory Coast Government International Bond, (cont’d.)
Sr. Unsec’d. Notes		6.375	%	03/03/28		400	$	419,989
Sr. Unsec’d. Notes		6.625		03/22/48	EUR	240		263,238
Sr. Unsec’d. Notes		6.875		10/17/40	EUR	250		284,853
								1,422,014
Jamaica   0.9%
Jamaica Government International Bond,
Sr. Unsec’d. Notes		7.625		07/09/25		225		258,127
Sr. Unsec’d. Notes		7.875		07/28/45		200		259,159
Sr. Unsec’d. Notes		8.000		03/15/39		200		265,229
Sr. Unsec’d. Notes		9.250		10/17/25		200		241,163
								1,023,678
Jordan   0.5%
Jordan Government International Bond,
Sr. Unsec’d. Notes		6.125		01/29/26		200		209,991
Sr. Unsec’d. Notes		7.375		10/10/47		400		412,320
								622,311
Kazakhstan   0.5%
Kazakhstan Government International Bond,
Sr. Unsec’d. Notes, EMTN		6.500		07/21/45		400		628,187
Kenya   0.9%
Kenya Government International Bond,
Sr. Unsec’d. Notes		6.875		06/24/24		200		211,741
Sr. Unsec’d. Notes		7.000		05/22/27		400		416,126
Sr. Unsec’d. Notes		8.250		02/28/48		200		203,918
Sr. Unsec’d. Notes, 144A		8.250		02/28/48		200		203,918
								1,035,703
Lebanon   0.4%
Lebanon Government International Bond,
Sr. Unsec’d. Notes		6.000		01/27/23(d)		191		27,443
Sr. Unsec’d. Notes		6.650		04/22/24(d)		172		24,494
Sr. Unsec’d. Notes		6.750		11/29/27(d)		170		24,279
Sr. Unsec’d. Notes		7.000		04/22/31(d)		115		16,362
Sr. Unsec’d. Notes, EMTN		6.100		10/04/22(d)		75		11,099

See Notes to Financial Statements.

24

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, EMTN		6.850	%	05/25/29(d)		335	$	47,372
Sr. Unsec’d. Notes, GMTN		6.250		05/27/22(d)		245		36,576
Sr. Unsec’d. Notes, GMTN		6.250		11/04/24(d)		320		45,477
Sr. Unsec’d. Notes, GMTN		6.375		03/09/20(d)		220		36,107
Sr. Unsec’d. Notes, GMTN		6.400		05/26/23(d)		250		36,013
Sr. Unsec’d. Notes, GMTN		6.600		11/27/26(d)		30		4,378
Sr. Unsec’d. Notes, GMTN		6.650		02/26/30(d)		715		100,819
Sr. Unsec’d. Notes, GMTN		7.150		11/20/31(d)		415		57,947
								468,366
Luxembourg   0.1%
Ecuador Social Bond Sarl,
Gov’t. Gtd. Notes, 144A		4.573	(s)	01/30/35		193		135,592
Malaysia   1.7%
1MDB Global Investments Ltd.,
Sr. Unsec’d. Notes		4.400		03/09/23		2,000		1,986,497
Mexico   0.9%
Mexico Government International Bond,
Sr. Unsec’d. Notes, GMTN		5.750		10/12/2110		126		146,142
Sr. Unsec’d. Notes, MTN		6.050		01/11/40		484		607,496
Sr. Unsec’d. Notes, MTN		6.750		09/27/34		203		271,856
								1,025,494
Morocco   0.2%
Morocco Government International Bond,
Sr. Unsec’d. Notes		1.500		11/27/31	EUR	200		216,123
Mozambique   0.4%
Mozambique International Bond,
Unsec’d. Notes		5.000		09/15/31		400		329,717
Unsec’d. Notes, 144A		5.000		09/15/31		200		164,858
								494,575
Namibia   0.2%
Namibia International Bonds,
Sr. Unsec’d. Notes		5.250		10/29/25		200		202,360

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    25

Schedule of Investments  (continued)

as of October 31, 2020

Description	Interest     Rate			Maturity     Date	Principal     Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Nigeria   1.9%
Nigeria Government International Bond,
Sr. Unsec’d. Notes		7.625	%	11/21/25		600	$	630,048
Sr. Unsec’d. Notes		7.875		02/16/32		200		193,857
Sr. Unsec’d. Notes		8.747		01/21/31		800		829,706
Sr. Unsec’d. Notes, 144A		7.696		02/23/38		200		184,152
Sr. Unsec’d. Notes, EMTN		6.500		11/28/27		400		387,829
								2,225,592
Oman   1.4%
Oman Government International Bond,
Sr. Unsec’d. Notes		4.750		06/15/26		630		576,389
Sr. Unsec’d. Notes		5.375		03/08/27		200		183,392
Sr. Unsec’d. Notes		6.500		03/08/47		625		504,791
Sr. Unsec’d. Notes		6.750		01/17/48		200		163,099
Sr. Unsec’d. Notes, 144A		6.750		01/17/48		200		163,099
								1,590,770
Pakistan   1.0%
Pakistan Government International Bond,
Sr. Unsec’d. Notes		6.875		12/05/27		400		391,158
Sr. Unsec’d. Notes		8.250		09/30/25		770		808,400
								1,199,558
Panama   1.7%
Panama Government International Bond,
Sr. Unsec’d. Notes		3.870		07/23/60		200		225,327
Sr. Unsec’d. Notes		4.500		04/16/50		200		246,099
Sr. Unsec’d. Notes		4.500		04/01/56		200		246,736
Sr. Unsec’d. Notes		6.700		01/26/36		760		1,096,763
Sr. Unsec’d. Notes		9.375		04/01/29		105		161,187
								1,976,112
Papua New Guinea   0.3%
Papua New Guinea Government International Bond,
Sr. Unsec’d. Notes, 144A		8.375		10/04/28		400		395,809

See Notes to Financial Statements.

26

Description	Interest     Rate			Maturity     Date	Principal     Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Paraguay   0.4%
Paraguay Government International Bond,
Sr. Unsec’d. Notes		4.700	%	03/27/27		200	$	225,733
Sr. Unsec’d. Notes		6.100		08/11/44		200		257,882
								483,615
Peru   1.6%
Peruvian Government International Bond,
Sr. Unsec’d. Notes		2.783		01/23/31		30		32,402
Sr. Unsec’d. Notes		5.625		11/18/50		140		222,641
Sr. Unsec’d. Notes		6.550		03/14/37		225		339,887
Sr. Unsec’d. Notes		8.750		11/21/33		780		1,314,736
								1,909,666
Philippines   2.1%
Philippine Government International Bond,
Sr. Unsec’d. Notes		2.950		05/05/45		400		419,189
Sr. Unsec’d. Notes		3.700		03/01/41		400		456,947
Sr. Unsec’d. Notes		3.950		01/20/40		700		821,848
Sr. Unsec’d. Notes		6.375		10/23/34		100		144,563
Sr. Unsec’d. Notes		7.750		01/14/31		420		635,877
								2,478,424
Qatar   3.0%
Qatar Government International Bond,
Sr. Unsec’d. Notes		4.400		04/16/50		200		253,817
Sr. Unsec’d. Notes		5.103		04/23/48		1,200		1,650,570
Sr. Unsec’d. Notes, 144A		4.400		04/16/50		200		253,816
Sr. Unsec’d. Notes, 144A		4.817		03/14/49		810		1,075,545
Sr. Unsec’d. Notes, 144A		5.103		04/23/48		200		275,095
								3,508,843
Romania   1.8%
Romanian Government International Bond,
Sr. Unsec’d. Notes		5.125		06/15/48		344		414,092
Sr. Unsec’d. Notes, 144A		4.000		02/14/51		70		71,124
Sr. Unsec’d. Notes, 144A		5.125		06/15/48		44		52,965
Sr. Unsec’d. Notes, 144A, MTN		4.625		04/03/49	EUR	71		102,579
Sr. Unsec’d. Notes, EMTN		3.875		10/29/35	EUR	40		54,099
Sr. Unsec’d. Notes, EMTN		4.125		03/11/39	EUR	310		426,436

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    27

Schedule of Investments  (continued)

as of October 31, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Romania (cont’d.)
Romanian Government International Bond, (cont’d.)
Sr. Unsec’d. Notes, EMTN		4.625	%		04/03/49	EUR	257	$	371,307
Sr. Unsec’d. Notes, EMTN		6.125			01/22/44		456		612,348
									2,104,950
Russia   2.4%
Russian Foreign Bond - Eurobond,
Sr. Unsec’d. Notes		5.100			03/28/35		1,000		1,214,641
Sr. Unsec’d. Notes		5.625			04/04/42		1,000		1,311,976
Sr. Unsec’d. Notes		12.750			06/24/28		140		238,517
									2,765,134
Saudi Arabia   2.3%
Saudi Government International Bond,
Sr. Unsec’d. Notes		5.250			01/16/50		200		263,551
Sr. Unsec’d. Notes, 144A		5.250			01/16/50		400		527,102
Sr. Unsec’d. Notes, EMTN		4.500			10/26/46		800		944,629
Sr. Unsec’d. Notes, EMTN		4.625			10/04/47		400		481,871
Sr. Unsec’d. Notes, EMTN		5.000			04/17/49		400		509,088
									2,726,241
Senegal   0.3%
Senegal Government International Bond,
Sr. Unsec’d. Notes, 144A		6.750			03/13/48		405		395,178
Serbia   0.6%
Serbia International Bond,
Sr. Unsec’d. Notes		1.500			06/26/29	EUR	500		568,065
Sr. Unsec’d. Notes, 144A		3.125			05/15/27	EUR	100		126,725
									694,790
South Africa   1.0%
Republic of South Africa Government International
Bond,
Sr. Unsec’d. Notes		4.300			10/12/28		200		193,947
Sr. Unsec’d. Notes		4.875			04/14/26		200		207,377
Sr. Unsec’d. Notes		5.000			10/12/46		200		168,210
Sr. Unsec’d. Notes		5.650			09/27/47		200		179,922

See Notes to Financial Statements.

28

Description	Interest     Rate			Maturity     Date		Principal     Amount (000)#		Value
SOVEREIGN BONDS (Continued)
South Africa (cont’d.)
Republic of South Africa Government International Bond, (cont’d.)
Sr. Unsec’d. Notes		5.750	%		09/30/49		200	$	179,902
Sr. Unsec’d. Notes		6.250			03/08/41		200		196,773
									1,126,131
Sri Lanka   1.4%
Sri Lanka Government International Bond,
Sr. Unsec’d. Notes		5.750			01/18/22		200		135,354
Sr. Unsec’d. Notes		5.750			04/18/23		400		230,185
Sr. Unsec’d. Notes		6.200			05/11/27		200		108,059
Sr. Unsec’d. Notes		6.350			06/28/24		200		113,210
Sr. Unsec’d. Notes		6.850			11/03/25		750		420,269
Sr. Unsec’d. Notes		7.850			03/14/29		250		136,171
Sr. Unsec’d. Notes, 144A		5.750			04/18/23		200		115,093
Sr. Unsec’d. Notes, 144A		6.750			04/18/28		200		107,913
Sr. Unsec’d. Notes, 144A		6.850			03/14/24		265		151,048
Sr. Unsec’d. Notes, 144A		7.850			03/14/29		200		108,937
									1,626,239
Turkey   2.6%
Turkey Government International Bond,
Sr. Unsec’d. Notes		4.250			04/14/26		400		355,523
Sr. Unsec’d. Notes		4.875			10/09/26		300		270,840
Sr. Unsec’d. Notes		5.600			11/14/24		320		307,771
Sr. Unsec’d. Notes		5.750			03/22/24		600		583,367
Sr. Unsec’d. Notes		5.750			05/11/47		200		154,545
Sr. Unsec’d. Notes		6.000			03/25/27		280		264,320
Sr. Unsec’d. Notes		6.000			01/14/41		400		322,743
Sr. Unsec’d. Notes		6.350			08/10/24		200		196,964
Sr. Unsec’d. Notes		6.875			03/17/36		194		178,102
Sr. Unsec’d. Notes		7.375			02/05/25		100		102,219
Sr. Unsec’d. Notes		7.625			04/26/29		80		80,539
Turkiye Ihracat Kredi Bankasi A/S,
Sr. Unsec’d. Notes		8.250			01/24/24		200		202,464
									3,019,397
Ukraine   3.7%
Ukraine Government International Bond,
Sr. Unsec’d. Notes		0.000	(cc)		05/31/40		285		247,473
Sr. Unsec’d. Notes		4.375			01/27/30	EUR	110		107,331

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    29

Schedule of Investments  (continued)

as of October 31, 2020

Description	Interest     Rate			Maturity     Date		Principal     Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Ukraine (cont’d.)
Ukraine Government International Bond, (cont’d.)
Sr. Unsec’d. Notes		6.750	%		06/20/26	EUR	800	$	918,252
Sr. Unsec’d. Notes		7.750			09/01/25		475		486,160
Sr. Unsec’d. Notes		7.750			09/01/26		600		608,342
Sr. Unsec’d. Notes		7.750			09/01/27		200		201,888
Sr. Unsec’d. Notes		8.994			02/01/24		200		213,502
Sr. Unsec’d. Notes		9.750			11/01/28		965		1,052,359
Sr. Unsec’d. Notes, 144A		0.000	(cc)		05/31/40		35		30,392
Sr. Unsec’d. Notes, 144A		4.375			01/27/30	EUR	100		97,573
Sr. Unsec’d. Notes, 144A		7.253			03/15/33		200		188,209
Ukreximbank Via Biz Finance PLC,
Sr. Unsec’d. Notes		9.750			01/22/25		200		205,174
									4,356,655
United Arab Emirates   1.3%
Abu Dhabi Government International Bond,
Sr. Unsec’d. Notes		3.125			09/30/49		200		209,729
Sr. Unsec’d. Notes, 144A		3.125			09/30/49		200		209,729
Sr. Unsec’d. Notes, 144A, MTN		3.875			04/16/50		200		236,828
Emirate of Dubai Government International Bonds,
Sr. Unsec’d. Notes, EMTN		5.250			01/30/43		400		454,271
Finance Department Government of Sharjah,
Sr. Unsec’d. Notes, 144A, MTN		4.000			07/28/50		200		198,504
Sr. Unsec’d. Notes, MTN		4.000			07/28/50		200		198,504
									1,507,565
Uruguay   1.5%
Uruguay Government International Bond,
Sr. Unsec’d. Notes		4.125			11/20/45		120		142,168
Sr. Unsec’d. Notes		4.975			04/20/55		350		462,885
Sr. Unsec’d. Notes		5.100			06/18/50		350		466,601
Sr. Unsec’d. Notes		7.625			03/21/36		430		669,531
									1,741,185
Venezuela   0.0%
Venezuela Government International Bond,
Sr. Unsec’d. Notes		12.750			08/23/22(d)		180		16,625

See Notes to Financial Statements.

30

Description	Interest     Rate			Maturity     Date		Principal     Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Zambia   0.5%
Zambia Government International Bond,
Sr. Unsec’d. Notes		8.500	%		04/14/24		600	$	262,201
Sr. Unsec’d. Notes		8.970			07/30/27		400		170,912
Unsec’d. Notes		5.375			09/20/22		200		87,094
									520,207
TOTAL SOVEREIGN BONDS (cost $85,186,876)									82,478,614
						Shares
COMMON STOCK   0.0%
Colombia
Frontera Energy Corp. (cost $4,017)							2,232		3,571
TOTAL LONG-TERM INVESTMENTS (cost $114,268,190)									111,023,300
SHORT-TERM INVESTMENTS   4.2%
AFFILIATED MUTUAL FUNDS   4.2%
PGIM Core Ultra Short Bond Fund(w)							3,839,427		3,839,427
PGIM Institutional Money Market Fund (cost $1,047,645; includes $1,047,614 of cash collateral for securities on loan)(b)(w)							1,047,959		1,047,645
TOTAL SHORT-TERM INVESTMENTS (cost $4,887,072)									4,887,072
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN   99.2% (cost $119,155,262)									115,910,372
OPTIONS WRITTEN*~   (0.0)% (premiums received $30,544)									(30,447	)
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN   99.2% (cost $119,124,718)									115,879,925
Other assets in excess of liabilities(z) 0.8%									911,357
NET ASSETS   100.0%								$	116,791,282

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    31

Schedule of Investments  (continued)

as of October 31, 2020

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

AUD—Australian Dollar

BRL—Brazilian Real

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

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

RUB—Russian Ruble

SGD—Singapore Dollar

THB—Thai Baht

TRY—Turkish Lira

TWD—New Taiwanese Dollar

USD—US Dollar

ZAR—South African Rand

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

EMTN—Euro Medium Term Note

GMTN—Global Medium Term Note

LIBOR—London Interbank Offered Rate

M—Monthly payment frequency for swaps

MTN—Medium Term Note

OTC—Over-the-counter

PIK—Payment-in-Kind

PJSC—Public Joint-Stock Company

Q—Quarterly payment frequency for swaps

* Non-income producing security.

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

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

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $1,005,308; cash collateral of $1,047,614 (included in liabilities) was received with which the Series purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Series may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

(cc) Variable rate instrument. The rate shown is based on the latest available information as of October 31, 2020. 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.

See Notes to Financial Statements.

32

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

(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 and PGIM Institutional Money Market Fund.

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

Options Written:

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts	Notional Amount (000)#		Value
Currency Option USD vs CLP	Call	Morgan Stanley & Co. International PLC		11/12/20		800.00	—		73	$	(198	)
Currency Option USD vs CLP	Call	Morgan Stanley & Co. International PLC		11/12/20		800.00	—		73		(198	)
Currency Option USD vs COP	Call	JPMorgan Chase Bank, N.A.		11/10/20		3,850.00	—		96		(1,470	)
Currency Option USD vs COP	Call	JPMorgan Chase Bank, N.A.		11/10/20		3,850.00	—		98		(1,508	)
Currency Option USD vs COP	Call	JPMorgan Chase Bank, N.A.		11/10/20		3,850.00	—		96		(1,470	)
Currency Option USD vs COP	Call	JPMorgan Chase Bank, N.A.		11/10/20		3,850.00	—		98		(1,508	)
Currency Option USD vs CNH	Put	Morgan Stanley & Co. International PLC		11/11/20		6.80	—		440		(8,166	)
Currency Option USD vs CNH	Put	Morgan Stanley & Co. International PLC		11/11/20		6.80	—		440		(8,166	)
Currency Option USD vs KRW	Put	Citibank, N.A.		11/11/20		1,140.00	—		146		(1,772	)
Currency Option USD vs KRW	Put	Citibank, N.A.		11/11/20		1,140.00	—		146		(1,772	)
Currency Option USD vs MXN	Put	Goldman Sachs International		11/05/20		20.80	—		145		(703	)
Currency Option USD vs MXN	Put	JPMorgan Chase Bank, N.A.		11/05/20		20.80	—		145		(703	)
Currency Option USD vs MXN	Put	Goldman Sachs International		11/05/20		21.35	—		87		(1,387	)
Currency Option USD vs MXN	Put	JPMorgan Chase Bank, N.A.		11/05/20		21.35	—		87		(1,388	)
Currency Option USD vs RUB	Put	Citibank, N.A.		11/05/20		75.00	—		115		(19	)
Currency Option USD vs RUB	Put	Citibank, N.A.		11/05/20		75.00	—		115		(19	)
Total Options Written (premiums received $30,544)										$	(30,447	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    33

Schedule of Investments  (continued)

as of October 31, 2020

Futures contracts outstanding at October 31, 2020:

Number of Contracts	Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
Long Positions:
6	5 Year U.S. Treasury Notes		Dec. 2020	$	753,609	$	39
64	10 Year U.S. Treasury Notes		Dec. 2020		8,846,000		(43,388	)
4	30 Year U.S. Ultra Treasury Bonds		Dec. 2020		860,000		(18,729	)
							(62,078	)
Short Positions:
16	2 Year U.S. Treasury Notes		Dec. 2020		3,533,500		419
4	5 Year Euro-Bobl		Dec. 2020		632,964		(4,092	)
22	10 Year Euro-Bund		Dec. 2020		4,513,368		(55,154	)
38	20 Year U.S. Treasury Bonds		Dec. 2020		6,553,813		90,453
1	Euro Schatz Index		Dec. 2020		130,982		(234	)
							31,392
						$	(30,686	)

Forward foreign currency exchange contracts outstanding at October��31, 2020:

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Brazilian Real,
Expiring 11/04/20	JPMorgan Chase Bank, N.A.		BRL	1,612	$	292,136	$	280,880	$	—	$	(11,256	)
Expiring 12/02/20	Morgan Stanley & Co. International PLC		BRL	199		35,324		34,638		—		(686	)
Chilean Peso,
Expiring 12/16/20	Citibank, N.A.		CLP	60,865		80,000		78,702		—		(1,298	)
Expiring 12/16/20	HSBC Bank USA, N.A.		CLP	82,118		103,288		106,182		2,894		—
Expiring 12/16/20	HSBC Bank USA, N.A.		CLP	69,187		86,549		89,462		2,913		—
Expiring 12/16/20	HSBC Bank USA, N.A.		CLP	58,882		74,000		76,137		2,137		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		CLP	13,515		17,000		17,475		475		—
Chinese Renminbi,
Expiring 11/06/20	Citibank, N.A.		CNH	4,753		676,278		709,508		33,230		—
Expiring 11/06/20	Citibank, N.A.		CNH	977		140,720		145,893		5,173		—
Expiring 11/06/20	HSBC Bank USA, N.A.		CNH	9,891		1,482,156		1,476,296		—		(5,860	)
Expiring 11/06/20	HSBC Bank USA, N.A.		CNH	4,423		632,463		660,199		27,736		—
Expiring 11/06/20	HSBC Bank USA, N.A.		CNH	428		61,301		63,874		2,573		—
Expiring 11/06/20	JPMorgan Chase Bank, N.A.		CNH	498		73,788		74,384		596		—
Expiring 11/06/20	UBS AG		CNH	1,671		240,638		249,431		8,793		—
Expiring 11/06/20	UBS AG		CNH	1,070		153,000		159,638		6,638		—

See Notes to Financial Statements.

34

Forward foreign currency exchange contracts outstanding at October 31, 2020 (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 (cont’d.),
Expiring 11/06/20	UBS AG		CNH	512	$	73,680	$	76,470	$	2,790	$	—
Expiring 05/14/21	Citibank, N.A.		CNH	994		142,393		146,337		3,944		—
Colombian Peso,
Expiring 12/16/20	BNP Paribas S.A.		COP	251,790		66,000		64,918		—		(1,082	)
Expiring 12/16/20	Citibank, N.A.		COP	369,307		96,000		95,217		—		(783	)
Expiring 12/16/20	Goldman Sachs International		COP	261,907		68,000		67,526		—		(474	)
Expiring 12/16/20	Morgan Stanley & Co. International PLC		COP	308,560		80,000		79,555		—		(445	)
Czech Koruna,
Expiring 01/19/21	Bank of America, N.A.		CZK	1,676		73,275		71,759		—		(1,516	)
Expiring 01/19/21	BNP Paribas S.A.		CZK	1,551		66,568		66,385		—		(183	)
Expiring 01/19/21	Citibank, N.A.		CZK	2,556		110,335		109,427		—		(908	)
Expiring 01/19/21	Goldman Sachs International		CZK	10,903		474,438		466,783		—		(7,655	)
Expiring 01/19/21	Morgan Stanley & Co. International PLC		CZK	4,413		189,317		188,945		—		(372	)
Euro,
Expiring 11/03/20	Bank of America, N.A.		EUR	122		144,214		141,560		—		(2,654	)
Hungarian Forint,
Expiring 01/19/21	Bank of America, N.A.		HUF	22,080		72,000		70,036		—		(1,964	)
Expiring 01/19/21	Bank of America, N.A.		HUF	18,184		59,000		57,676		—		(1,324	)
Expiring 01/19/21	Goldman Sachs International		HUF	20,910		67,637		66,322		—		(1,315	)
Indian Rupee,
Expiring 12/16/20	BNP Paribas S.A.		INR	8,227		111,000		109,880		��		(1,120	)
Expiring 12/16/20	Citibank, N.A.		INR	26,151		353,912		349,262		—		(4,650	)
Expiring 12/16/20	Citibank, N.A.		INR	10,875		147,000		145,237		—		(1,763	)
Expiring 12/16/20	Citibank, N.A.		INR	8,667		117,000		115,758		—		(1,242	)
Expiring 12/16/20	Citibank, N.A.		INR	5,350		72,795		71,454		—		(1,341	)
Expiring 12/16/20	HSBC Bank USA, N.A.		INR	54,956		740,543		733,963		—		(6,580	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		INR	12,691		171,000		169,498		—		(1,502	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		INR	10,362		140,000		138,396		—		(1,604	)
Expiring 12/16/20	UBS AG		INR	5,403		72,915		72,161		—		(754	)
Indonesian Rupiah,
Expiring 12/16/20	Citibank, N.A.		IDR	1,910,144		128,000		128,622		622		—
Expiring 12/16/20	Citibank, N.A.		IDR	1,747,816		118,000		117,692		—		(308	)
Expiring 12/16/20	Citibank, N.A.		IDR	1,081,077		72,898		72,796		—		(102	)
Expiring 12/16/20	Goldman Sachs International		IDR	1,258,446		84,000		84,739		739		—

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    35

Schedule of Investments  (continued)

as of October 31, 2020

Forward foreign currency exchange contracts outstanding at October 31, 2020 (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.):
Indonesian Rupiah (cont’d.),
Expiring 12/16/20	HSBC Bank USA, N.A.		IDR	12,323,800	$	835,909	$	829,840	$	—	$	(6,069	)
Expiring 12/16/20	HSBC Bank USA, N.A.		IDR	1,987,756		134,000		133,848		—		(152	)
Expiring 12/16/20	HSBC Bank USA, N.A.		IDR	1,289,775		87,000		86,849		—		(151	)
Expiring 12/16/20	HSBC Bank USA, N.A.		IDR	1,249,037		83,000		84,106		1,106		—
Expiring 12/16/20	HSBC Bank USA, N.A.		IDR	1,226,999		82,000		82,622		622		—
Expiring 12/16/20	HSBC Bank USA, N.A.		IDR	1,188,318		79,000		80,017		1,017		—
Expiring 12/16/20	HSBC Bank USA, N.A.		IDR	1,067,601		72,124		71,888		—		(236	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		IDR	1,087,194		74,000		73,208		—		(792	)
Israeli Shekel,
Expiring 12/16/20	Barclays Bank PLC		ILS	579		168,000		169,686		1,686		—
Expiring 12/16/20	Barclays Bank PLC		ILS	463		136,000		135,753		—		(247	)
Expiring 12/16/20	Barclays Bank PLC		ILS	435		129,000		127,578		—		(1,422	)
Expiring 12/16/20	Citibank, N.A.		ILS	3,249		962,112		952,802		—		(9,310	)
Expiring 12/16/20	Citibank, N.A.		ILS	566		163,000		165,860		2,860		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		ILS	608		178,943		178,166		—		(777	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		ILS	515		149,000		150,883		1,883		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		ILS	479		142,491		140,539		—		(1,952	)
Japanese Yen,
Expiring 01/19/21	Citibank, N.A.		JPY	7,752		73,788		74,133		345		—
Expiring 01/19/21	Goldman Sachs International		JPY	38,633		368,985		369,455		470		—
Expiring 01/19/21	JPMorgan Chase Bank, N.A.		JPY	7,714		74,000		73,766		—		(234	)
Expiring 01/19/21	The Toronto-Dominion Bank		JPY	23,148		220,055		221,373		1,318		—
Mexican Peso,
Expiring 12/16/20	Bank of America, N.A.		MXN	1,597		71,921		74,912		2,991		—
Expiring 12/16/20	Citibank, N.A.		MXN	5,798		262,945		271,905		8,960		—
Expiring 12/16/20	Goldman Sachs International		MXN	18,178		865,090		852,519		—		(12,571	)
Expiring 12/16/20	Goldman Sachs International		MXN	1,655		72,898		77,640		4,742		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		MXN	1,827		86,000		85,662		—		(338	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		MXN	1,596		72,638		74,865		2,227		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		MXN	1,592		71,496		74,681		3,185		—

See Notes to Financial Statements.

36

Forward foreign currency exchange contracts outstanding at October 31, 2020 (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 12/16/20	JPMorgan Chase Bank, N.A.		MXN	1,575	$	73,788	$	73,874	$	86	$	—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		MXN	1,560		74,000		73,182		—		(818	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		MXN	1,414		65,000		66,312		1,312		—
Expiring 12/16/20	Morgan Stanley & Co. International PLC		MXN	1,589		73,788		74,499		711		—
New Taiwanese Dollar,
Expiring 12/16/20	Credit Suisse International		TWD	4,715		164,000		166,839		2,839		—
Expiring 12/16/20	UBS AG		TWD	20,762		713,969		734,719		20,750		—
New Zealand Dollar,
Expiring 01/20/21	JPMorgan Chase Bank, N.A.		NZD	106		70,081		70,346		265		—
Peruvian Nuevo Sol,
Expiring 12/16/20	Citibank, N.A.		PEN	407		114,000		112,468		—		(1,532	)
Expiring 12/16/20	Citibank, N.A.		PEN	396		112,000		109,668		—		(2,332	)
Expiring 12/16/20	Citibank, N.A.		PEN	257		72,898		71,109		—		(1,789	)
Philippine Peso,
Expiring 11/16/20	HSBC Bank USA, N.A.		PHP	3,603		73,788		74,211		423		—
Expiring 12/16/20	Citibank, N.A.		PHP	6,230		128,000		128,220		220		—
Expiring 12/16/20	Goldman Sachs International		PHP	6,981		144,000		143,690		—		(310	)
Expiring 12/16/20	HSBC Bank USA, N.A.		PHP	32,647		673,818		671,923		—		(1,895	)
Expiring 12/16/20	HSBC Bank USA, N.A.		PHP	10,973		225,000		225,843		843		—
Expiring 12/16/20	HSBC Bank USA, N.A.		PHP	6,968		142,480		143,417		937		—
Expiring 12/16/20	HSBC Bank USA, N.A.		PHP	6,433		131,520		132,410		890		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		PHP	6,869		141,000		141,370		370		—
Polish Zloty,
Expiring 01/19/21	Barclays Bank PLC		PLN	285		74,000		71,912		—		(2,088	)
Expiring 01/19/21	Goldman Sachs International		PLN	715		185,115		180,648		—		(4,467	)
Expiring 01/19/21	HSBC Bank USA, N.A.		PLN	425		111,659		107,425		—		(4,234	)
Russian Ruble,
Expiring 12/16/20	Barclays Bank PLC		RUB	7,717		101,000		96,615		—		(4,385	)
Expiring 12/16/20	Barclays Bank PLC		RUB	3,677		48,000		46,034		—		(1,966	)
Expiring 12/16/20	Barclays Bank PLC		RUB	2,314		30,000		28,972		—		(1,028	)
Expiring 12/16/20	Citibank, N.A.		RUB	25,410		331,551		318,114		—		(13,437	)
Expiring 12/16/20	Morgan Stanley & Co. International PLC		RUB	20,968		273,310		262,499		—		(10,811	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    37

Schedule of Investments  (continued)

as of October 31, 2020

Forward foreign currency exchange contracts outstanding at October 31, 2020 (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 12/16/20	Morgan Stanley & Co. International PLC		RUB	4,539	$	59,000	$	56,830	$	—	$	(2,170	)
Singapore Dollar,
Expiring 12/16/20	Goldman Sachs International		SGD	154		113,533		113,000		—		(533	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		SGD	1,150		842,389		841,794		—		(595	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		SGD	99		72,614		72,493		—		(121	)
South African Rand,
Expiring 12/17/20	Barclays Bank PLC		ZAR	1,171		71,000		71,562		562		—
South Korean Won,
Expiring 12/16/20	Citibank, N.A.		KRW	1,007,621		891,258		886,260		—		(4,998	)
Expiring 12/16/20	HSBC Bank USA, N.A.		KRW	524,155		440,867		461,025		20,158		—
Expiring 12/16/20	HSBC Bank USA, N.A.		KRW	132,810		114,000		116,814		2,814		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		KRW	376,455		316,542		331,113		14,571		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		KRW	142,401		122,000		125,250		3,250		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		KRW	103,194		87,607		90,765		3,158		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		KRW	85,733		73,157		75,407		2,250		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		KRW	84,627		72,898		74,434		1,536		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		KRW	68,454		58,405		60,209		1,804		—
Thai Baht,
Expiring 12/16/20	Citibank, N.A.		THB	19,567		624,008		627,647		3,639		—
Expiring 12/16/20	Citibank, N.A.		THB	10,549		334,443		338,373		3,930		—
Expiring 12/16/20	Citibank, N.A.		THB	4,529		143,100		145,273		2,173		—
Expiring 12/16/20	Credit Suisse International		THB	4,896		155,971		157,048		1,077		—
Expiring 12/16/20	HSBC Bank USA, N.A.		THB	2,718		86,549		87,200		651		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		THB	7,335		233,157		235,291		2,134		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		THB	6,746		214,497		216,392		1,895		—
Turkish Lira,
Expiring 12/16/20	Barclays Bank PLC		TRY	1,710		203,000		199,305		—		(3,695	)
Expiring 12/16/20	Barclays Bank PLC		TRY	1,102		130,000		128,438		—		(1,562	)
Expiring 12/16/20	Barclays Bank PLC		TRY	902		115,900		105,127		—		(10,773	)

See Notes to Financial Statements.

38

Forward foreign currency exchange contracts outstanding at October 31, 2020 (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.):
Turkish Lira (cont’d.),
Expiring 12/16/20	Barclays Bank PLC		TRY	420	$	52,000	$	48,950	$	—		$	(3,050	)
Expiring 12/16/20	Barclays Bank PLC		TRY	411		51,000		47,860		—			(3,140	)
Expiring 12/16/20	Citibank, N.A.		TRY	1,065		127,774		124,101		—			(3,673	)
Expiring 12/16/20	Citibank, N.A.		TRY	558		69,252		65,074		—			(4,178	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		TRY	2,035		238,000		237,166		—			(834	)
Expiring 12/16/20	Morgan Stanley & Co. International PLC		TRY	3,305		386,030		385,098		—			(932	)
Expiring 12/16/20	Morgan Stanley & Co. International PLC		TRY	422		52,000		49,133		—			(2,867	)
					$	24,875,672	$	24,916,380		229,913			(189,205	)
Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 01/20/21	BNP Paribas S.A.		AUD	251	$	178,272	$	176,749	$	1,523		$	—
Expiring 01/20/21	Goldman Sachs International		AUD	378		268,724		265,953		2,771			—
Brazilian Real,
Expiring 11/04/20	Citibank, N.A.		BRL	405		72,000		70,501		1,499			—
Expiring 11/04/20	JPMorgan Chase Bank, N.A.		BRL	384		68,300		66,944		1,356			—
Expiring 11/04/20	JPMorgan Chase Bank, N.A.		BRL	211		38,000		36,795		1,205			—
Expiring 11/04/20	Morgan Stanley & Co. International PLC		BRL	413		73,914		71,959		1,955			—
Expiring 11/04/20	Morgan Stanley & Co. International PLC		BRL	199		35,353		34,682		671			—
Expiring 12/02/20	JPMorgan Chase Bank, N.A.		BRL	368		65,000		63,958		1,042			—
Expiring 12/02/20	Morgan Stanley & Co. International PLC		BRL	1,242		214,000		216,096		—			(2,096	)
Expiring 12/02/20	Morgan Stanley & Co. International PLC		BRL	387		67,000		67,395		—			(395	)
Chilean Peso,
Expiring 12/16/20	BNP Paribas S.A.		CLP	112,543		146,760		145,523		1,237			—
Expiring 12/16/20	Citibank, N.A.		CLP	129,509		166,736		167,461		—			(725	)
Expiring 12/16/20	HSBC Bank USA, N.A.		CLP	161,952		210,609		209,411		1,198			—

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    39

Schedule of Investments  (continued)

as of October 31, 2020

Forward foreign currency exchange contracts outstanding at October 31, 2020 (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.):
Chilean Peso (cont’d.),
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		CLP	71,940	$	90,000	$	93,022	$	—	$	(3,022	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		CLP	56,476		71,436		73,027		—		(1,591	)
Chinese Renminbi,
Expiring 11/06/20	Citibank, N.A.		CNH	821		123,000		122,517		483		—
Expiring 11/06/20	Credit Suisse International		CNH	3,443		511,000		513,879		—		(2,879	)
Expiring 11/06/20	Goldman Sachs International		CNH	899		131,000		134,191		—		(3,191	)
Expiring 11/06/20	HSBC Bank USA, N.A.		CNH	3,380		504,000		504,533		—		(533	)
Expiring 11/06/20	HSBC Bank USA, N.A.		CNH	1,101		164,000		164,401		—		(401	)
Expiring 11/06/20	HSBC Bank USA, N.A.		CNH	801		118,000		119,494		—		(1,494	)
Expiring 05/14/21	JPMorgan Chase Bank, N.A.		CNH	994		142,624		146,337		—		(3,713	)
Colombian Peso,
Expiring 12/16/20	BNP Paribas S.A.		COP	776,156		206,940		200,113		6,827		—
Expiring 12/16/20	Citibank, N.A.		COP	2,014,893		532,196		519,492		12,704		—
Expiring 12/16/20	Citibank, N.A.		COP	383,309		102,350		98,828		3,522		—
Expiring 12/16/20	Citibank, N.A.		COP	276,495		71,550		71,288		262		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		COP	724,079		188,041		186,687		1,354		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		COP	489,178		132,046		126,123		5,923		—
Czech Koruna,
Expiring 01/19/21	Barclays Bank PLC		CZK	2,430		104,000		104,015		—		(15	)
Expiring 01/19/21	JPMorgan Chase Bank, N.A.		CZK	3,059		131,000		130,954		46		—
Expiring 01/19/21	JPMorgan Chase Bank, N.A.		CZK	2,033		87,000		87,043		—		(43	)
Expiring 01/19/21	Morgan Stanley & Co. International PLC		CZK	2,352		102,000		100,702		1,298		—
Euro,
Expiring 11/03/20	Citibank, N.A.		EUR	98		117,014		114,309		2,705		—
Expiring 11/03/20	Morgan Stanley & Co. International PLC		EUR	1,005		1,136,889		1,171,009		—		(34,120	)
Expiring 11/03/20	Morgan Stanley & Co. International PLC		EUR	34		39,723		39,383		340		—
Expiring 01/19/21	Citibank, N.A.		EUR	1,008		1,176,650		1,176,873		—		(223	)
Expiring 01/19/21	Citibank, N.A.		EUR	83		98,373		96,943		1,430		—
Expiring 01/19/21	Morgan Stanley & Co. International PLC		EUR	1,220		1,435,784		1,423,654		12,130		—

See Notes to Financial Statements.

40

Forward foreign currency exchange contracts outstanding at October 31, 2020 (continued):

Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Euro (cont’d.),
Expiring 01/20/21	Goldman Sachs International		EUR	1,233	$	1,461,753	$	1,438,374	$	23,379	$	—
Hungarian Forint,
Expiring 01/19/21	Barclays Bank PLC		HUF	20,946		67,000		66,437		563		—
Indonesian Rupiah,
Expiring 12/16/20	HSBC Bank USA, N.A.		IDR	2,832,862		188,675		190,754		—		(2,079	)
Israeli Shekel,
Expiring 12/16/20	Citibank, N.A.		ILS	646		189,000		189,487		—		(487	)
Expiring 12/16/20	Citibank, N.A.		ILS	446		130,000		130,711		—		(711	)
Mexican Peso,
Expiring 12/16/20	Goldman Sachs International		MXN	1,640		72,898		76,924		—		(4,026	)
New Taiwanese Dollar,
Expiring 12/16/20	Citibank, N.A.		TWD	29,248		1,030,588		1,035,007		—		(4,419	)
Expiring 12/16/20	Credit Suisse International		TWD	8,107		284,000		286,879		—		(2,879	)
Expiring 12/16/20	Credit Suisse International		TWD	3,808		134,000		134,772		—		(772	)
Expiring 12/16/20	Credit Suisse International		TWD	3,184		112,000		112,679		—		(679	)
Expiring 12/16/20	HSBC Bank USA, N.A.		TWD	7,607		266,000		269,191		—		(3,191	)
Expiring 12/16/20	HSBC Bank USA, N.A.		TWD	7,341		255,000		259,776		—		(4,776	)
Expiring 12/16/20	HSBC Bank USA, N.A.		TWD	6,468		228,000		228,899		—		(899	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		TWD	7,094		250,000		251,033		—		(1,033	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		TWD	5,054		177,000		178,856		—		(1,856	)
Expiring 12/16/20	Morgan Stanley & Co. International PLC		TWD	5,782		203,000		204,620		—		(1,620	)
New Zealand Dollar,
Expiring 01/20/21	Citibank, N.A.		NZD	82		54,000		54,316		—		(316	)
Expiring 01/20/21	Citibank, N.A.		NZD	24		16,116		16,117		—		(1	)
Peruvian Nuevo Sol,
Expiring 12/16/20	BNP Paribas S.A.		PEN	367		101,160		101,426		—		(266	)
Expiring 12/16/20	Citibank, N.A.		PEN	1,159		327,934		320,680		7,254		—
Expiring 12/16/20	Citibank, N.A.		PEN	776		215,214		214,727		487		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		PEN	305		85,953		84,270		1,683		—
Philippine Peso,
Expiring 12/16/20	Goldman Sachs International		PHP	12,827		265,000		264,009		991		—
Expiring 12/16/20	HSBC Bank USA, N.A.		PHP	20,751		428,000		427,087		913		—
Expiring 12/16/20	HSBC Bank USA, N.A.		PHP	16,185		334,000		333,125		875		—
Expiring 12/16/20	HSBC Bank USA, N.A.		PHP	12,828		264,000		264,024		—		(24	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    41

Schedule of Investments  (continued)

as of October 31, 2020

Forward foreign currency exchange contracts outstanding at October 31, 2020 (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.):
Philippine Peso (cont’d.),
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		PHP	15,705	$	321,785	$	323,238	$	—	$	(1,453	)
Russian Ruble,
Expiring 12/16/20	Citibank, N.A.		RUB	9,290		117,000		116,301		699		—
Expiring 12/16/20	Citibank, N.A.		RUB	6,076		80,000		76,069		3,931		—
Singapore Dollar,
Expiring 12/16/20	Citibank, N.A.		SGD	206		151,000		150,598		402		—
Expiring 12/16/20	Credit Suisse International		SGD	242		177,000		177,096		—		(96	)
Expiring 12/16/20	Credit Suisse International		SGD	226		164,000		165,557		—		(1,557	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		SGD	227		166,000		166,339		—		(339	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		SGD	195		143,000		142,733		267		—
South African Rand,
Expiring 12/17/20	Barclays Bank PLC		ZAR	1,769		104,479		108,074		—		(3,595	)
Expiring 12/17/20	Citibank, N.A.		ZAR	2,769		165,189		169,201		—		(4,012	)
Expiring 12/17/20	Citibank, N.A.		ZAR	1,491		86,305		91,118		—		(4,813	)
Expiring 12/17/20	Citibank, N.A.		ZAR	1,231		71,102		75,198		—		(4,096	)
Expiring 12/17/20	Goldman Sachs International		ZAR	7,206		441,729		440,327		1,402		—
Expiring 12/17/20	JPMorgan Chase Bank, N.A.		ZAR	1,699		100,773		103,835		—		(3,062	)
Expiring 12/17/20	JPMorgan Chase Bank, N.A.		ZAR	1,219		72,092		74,465		—		(2,373	)
South Korean Won,
Expiring 12/16/20	Citibank, N.A.		KRW	118,530		100,000		104,254		—		(4,254	)
Expiring 12/16/20	Credit Suisse International		KRW	147,246		130,000		129,511		489		—
Expiring 12/16/20	HSBC Bank USA, N.A.		KRW	164,214		145,000		144,436		564		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		KRW	153,461		135,000		134,978		22		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		KRW	148,855		131,000		130,927		73		—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		KRW	83,319		73,157		73,283		—		(126	)
Expiring 12/16/20	Morgan Stanley & Co. International PLC		KRW	157,208		135,000		138,273		—		(3,273	)
Thai Baht,
Expiring 12/16/20	Citibank, N.A.		THB	7,584		242,000		243,260		—		(1,260	)
Expiring 12/16/20	HSBC Bank USA, N.A.		THB	7,124		225,000		228,503		—		(3,503	)
Expiring 12/16/20	HSBC Bank USA, N.A.		THB	5,172		163,000		165,908		—		(2,908	)
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		THB	5,206		164,000		167,006		—		(3,006	)

See Notes to Financial Statements.

42

Forward foreign currency exchange contracts outstanding at October 31, 2020 (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.):
Turkish Lira,
Expiring 12/16/20	Barclays Bank PLC		TRY	4,468	$	551,786	$	520,654		$	31,132		$	—
Expiring 12/16/20	Barclays Bank PLC		TRY	722		93,977		84,190			9,787			—
Expiring 12/16/20	Barclays Bank PLC		TRY	722		92,866		84,190			8,676			—
Expiring 12/16/20	Barclays Bank PLC		TRY	651		84,942		75,869			9,073			—
Expiring 12/16/20	Barclays Bank PLC		TRY	636		80,000		74,138			5,862			—
Expiring 12/16/20	Barclays Bank PLC		TRY	569		71,000		66,256		��	4,744			—
Expiring 12/16/20	Barclays Bank PLC		TRY	540		70,564		62,911			7,653			—
Expiring 12/16/20	Barclays Bank PLC		TRY	432		56,000		50,372			5,628			—
Expiring 12/16/20	Barclays Bank PLC		TRY	381		49,405		44,440			4,965			—
Expiring 12/16/20	Barclays Bank PLC		TRY	371		48,000		43,174			4,826			—
Expiring 12/16/20	Citibank, N.A.		TRY	558		71,000		65,040			5,960			—
Expiring 12/16/20	Goldman Sachs International		TRY	461		58,182		53,696			4,486			—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		TRY	574		73,000		66,844			6,156			—
Expiring 12/16/20	JPMorgan Chase Bank, N.A.		TRY	565		72,800		65,808			6,992			—
					$	21,739,708	$	21,644,494			223,415			(128,201	)
										$	453,328		$	(317,406	)

Cross currency exchange contracts outstanding at October 31, 2020:

Settlement

Type

Notional         Amount     (000)

In Exchange For (000)

Unrealized       Appreciation

Unrealized Depreciation

Counterparty

OTC Cross Currency Exchange Contracts:

01/20/21

Buy

EUR

76

AUD    126

$

—

$

(130

)

JPMorgan Chase Bank, N.A.

Interest rate swap agreements outstanding at October 31, 2020:

Notional Amount        (000)#	Termination Date		Fixed       Rate	Floating Rate	Value at Trade Date			Value at October 31, 2020			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
CNH     2,200		05/11/25	1.900%(Q)	7 Day China Fixing Repo Rates(2)(Q)	$	(2	)	$	(9,982	)	$	(9,980	)
CNH     2,200		05/29/25	2.020%(Q)	7 Day China Fixing Repo Rates(2)(Q)		4			(8,301	)		(8,305	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    43

Schedule of Investments  (continued)

as of October 31, 2020

Interest rate swap agreements outstanding at October 31, 2020 (continued):

Notional Amount         (000)#	Termination Date		Fixed Rate		Floating Rate	Value at Trade Date				Value at October 31, 2020				Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
CNH   7,600		07/24/25		2.525%(Q)	7 Day China Fixing Repo Rates(2)(Q)		$	(4,817	)		$	(3,333	)		$	1,484
MXN 34,655		04/28/27		5.930%(M)	28 Day Mexican Interbank Rate(2)(M)			41,131				48,739				7,608
							$	36,316			$	27,123			$	(9,193	)

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

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

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
J.P. Morgan Securities LLC		$	500,000		$	—

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, 2020 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Corporate Bonds
Argentina	$	—	$	92,191	$—
Azerbaijan		—		522,114	—
Bahrain		—		433,087	—
Brazil		—		2,767,005	—
Chile		—		1,191,478	—
China		—		1,978,244	—
Colombia		—		194,693	—
Guatemala		—		207,438	—
India		—		1,007,285	—

See Notes to Financial Statements.

44

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Corporate Bonds (continued)
Indonesia	$	—	$	3,002,587	$—
Israel		—		207,133	—
Jamaica		—		171,419	—
Kazakhstan		—		1,549,005	—
Kuwait		—		476,149	—
Malaysia		—		1,584,913	—
Mexico		—		5,473,859	—
Peru		—		221,359	—
Russia		—		1,338,434	—
Saudi Arabia		—		226,185	—
South Africa		—		2,206,509	—
Thailand		—		183,980	—
Trinidad & Tobago		—		185,668	—
Tunisia		—		518,364	—
Turkey		—		186,380	—
Ukraine		—		425,775	—
United Arab Emirates		—		1,661,978	—
United States		—		210,673	—
Venezuela		—		62,050	—
Vietnam		—		255,160	—
Sovereign Bonds
Angola		—		1,886,760	—
Argentina		—		2,836,815	—
Bahrain		—		1,525,832	—
Belarus		—		619,151	—
Brazil		—		2,848,915	—
Cameroon		—		420,634	—
Colombia		—		2,199,404	—
Congo (Republic)		—		205,149	—
Costa Rica		—		1,335,732	—
Croatia		—		349,543	—
Dominican Republic		—		3,510,095	—
Ecuador		—		1,881,344	—
Egypt		—		2,590,219	—
El Salvador		—		1,290,874	—
Gabon		—		762,758	—
Ghana		—		1,996,740	—
Guatemala		—		943,325	—
Honduras		—		608,921	—
Hungary		—		1,491,408	—
India		—		407,241	—
Indonesia		—		2,650,146	—
Iraq		—		961,451	—
Israel		—		1,526,571	—
Ivory Coast		—		1,422,014	—
Jamaica		—		1,023,678	—

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    45

Schedule of Investments  (continued)

as of October 31, 2020

	Level 1		Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Sovereign Bonds (continued)
Jordan	$	—	$	622,311		$—
Kazakhstan		—		628,187		—
Kenya		—		1,035,703		—
Lebanon		—		468,366		—
Luxembourg		—		135,592		—
Malaysia		—		1,986,497		—
Mexico		—		1,025,494		—
Morocco		—		216,123		—
Mozambique		—		494,575		—
Namibia		—		202,360		—
Nigeria		—		2,225,592		—
Oman		—		1,590,770		—
Pakistan		—		1,199,558		—
Panama		—		1,976,112		—
Papua New Guinea		—		395,809		—
Paraguay		—		483,615		—
Peru		—		1,909,666		—
Philippines		—		2,478,424		—
Qatar		—		3,508,843		—
Romania		—		2,104,950		—
Russia		—		2,765,134		—
Saudi Arabia		—		2,726,241		—
Senegal		—		395,178		—
Serbia		—		694,790		—
South Africa		—		1,126,131		—
Sri Lanka		—		1,626,239		—
Turkey		—		3,019,397		—
Ukraine		—		4,356,655		—
United Arab Emirates		—		1,507,565		—
Uruguay		—		1,741,185		—
Venezuela		—		16,625		—
Zambia		—		520,207		—
Common Stock		3,571		—		—
Affiliated Mutual Funds		4,887,072		—		—
Total	$	4,890,643	$	111,019,729		$—
Liabilities
Options Written	$	—	$	(30,447	)	$—
Other Financial Instruments*
Assets
Futures Contracts	$	90,911	$	—		$—

See Notes to Financial Statements.

46

	Level 1			Level 2			Level 3
Other Financial Instruments* (continued)
Assets (continued)
OTC Forward Foreign Currency Exchange Contracts	$	—		$	453,328		$—
Centrally Cleared Interest Rate Swap Agreements		—			9,092		—
Total	$	90,911		$	462,420		$—
Liabilities
Futures Contracts	$	(121,597	)	$	—		$—
OTC Forward Foreign Currency Exchange Contracts		—			(317,406	)	—
OTC Cross Currency Exchange Contracts		—			(130	)	—
Centrally Cleared Interest Rate Swap Agreements		—			(18,285	)	—
Total	$	(121,597	)	$	(335,821	)	$—

* 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, 2020 were as follows (unaudited):

Sovereign Bonds	70.6	%
Oil & Gas	11.8
Affiliated Mutual Funds (0.9% represents investments purchased with collateral from securities on loan)	4.2
Electric	3.1
Chemicals	1.5
Mining	1.4
Transportation	1.1
Banks	0.9
Commercial Services	0.6
Pipelines	0.6
Engineering & Construction	0.5
Building Materials	0.4
Real Estate	0.4
Retail	0.4
Telecommunications	0.3
Diversified Financial Services	0.2

Media	0.2	%
Investment Companies	0.2
Energy-Alternate Sources	0.2
Agriculture	0.2
Auto Parts & Equipment	0.2
Forest Products & Paper	0.1
Iron/Steel	0.1
Oil, Gas & Consumable Fuels	0.0	*
	99.2
Options Written	(0.0	)*
Other assets in excess of liabilities	0.8
	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 types of risk associated with these derivative instruments are foreign exchange contracts risk and interest rate contracts risk. See the Notes to Financial

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    47

Schedule of Investments  (continued)

as of October 31, 2020

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, 2020 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			$	—			Options written outstanding, at value	$	30,447
Foreign exchange contracts		—		—			Unrealized depreciation on OTC cross currency exchange contracts		130
Foreign exchange contracts		Unrealized appreciation on OTC forward foreign currency exchange contracts		453,328			Unrealized depreciation on OTC forward foreign currency exchange contracts		317,406
Interest rate contracts		Due from/to broker- variation margin futures		90,911	*		Due from/to broker- variation margin futures		121,597	*
Interest rate contracts		Due from/to broker- variation margin swaps		9,092	*		Due from/to broker- variation margin swaps		18,285	*
			$	553,331				$	487,865

* 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, 2020 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(1)				Options Written			Futures				Forward & Cross Currency Exchange Contracts				Swaps
Foreign exchange contracts		$	(321	)		$	34,072		$	—			$	(207,974	)		$	—
Interest rate contracts			—				—			(20,245	)			—				(715	)
Total		$	(321	)		$	34,072		$	(20,245	)		$	(207,974	)		$	(715	)

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

See Notes to Financial Statements.

48

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Written			Futures				Forward & Cross Currency Exchange Contracts			Swaps
Foreign exchange contracts		$	97		$	—			$	149,689		$	—
Interest rate contracts			—			(30,686	)			—			(9,193	)
Total		$	97		$	(30,686	)		$	149,689		$	(9,193	)

For the year ended October 31, 2020, the Series’ average volume of derivative activities is as follows:

Options Purchased(1)	Options Written(2)	Futures Contracts— Long Positions(2)	Futures Contracts— Short Positions(2)	Forward Foreign Currency Exchange Contracts—Purchased(3)
$3	$479,820	$2,862,400	$4,599,367	$11,067,652

Forward Foreign Currency Exchange Contracts - Sold(3)	Cross Currency Exchange Contracts(4)	Interest Rate Swap Agreements(2)
$11,748,690	$53,915	$969,432

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

Average volume is based on average quarter end balances as noted for the year ended October 31, 2020.

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

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

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized         Assets/(Liabilities)			Collateral Pledged/(Received)(2)				Net Amount
Securities on Loan		$	1,005,308		$	(1,005,308	)		$	—

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    49

Schedule of Investments  (continued)

as of October 31, 2020

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.		$	2,991		$	(7,458	)		$	(4,467	)		$	—		$	(4,467	)
Barclays Bank PLC			95,157			(36,966	)			58,191				—			58,191
BNP Paribas S.A.			9,587			(2,651	)			6,936				—			6,936
Citibank, N.A.			106,434			(82,543	)			23,891				—			23,891
Credit Suisse International			4,405			(8,862	)			(4,457	)			—			(4,457	)
Goldman Sachs International			38,980			(36,632	)			2,348				—			2,348
HSBC Bank USA, N.A.			71,264			(44,985	)			26,279				—			26,279
JPMorgan Chase Bank, N.A.			67,116			(50,617	)			16,499				—			16,499
Morgan Stanley & Co. International PLC			17,105			(76,515	)			(59,410	)			—			(59,410	)
The Toronto-Dominion Bank			1,318			—				1,318				—			1,318
UBS AG			38,971			(754	)			38,217				—			38,217
		$	453,328		$	(347,983	)		$	105,345			$	—		$	105,345

(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 market value of financial instruments/transactions and the Series’ OTC derivative exposure by counterparty.

See Notes to Financial Statements.

50

Statement of Assets and Liabilities

as of October 31, 2020

Assets
Investments at value, including securities on loan of $1,005,308:
Unaffiliated investments (cost $114,268,190)	$	111,023,300
Affiliated investments (cost $4,887,072)		4,887,072
Cash		12,506
Foreign currency, at value (cost $14,986)		15,004
Dividends and interest receivable		1,559,839
Deposit with broker for centrally cleared/exchange-traded derivatives		500,000
Unrealized appreciation on OTC forward foreign currency exchange contracts		453,328
Receivable for Series shares sold		192,026
Due from broker—variation margin futures		4,388
Receivable for investments sold		2,591
Prepaid expenses and other assets		27,082
Total Assets		118,677,136
Liabilities
Payable to broker for collateral for securities on loan		1,047,614
Unrealized depreciation on OTC forward foreign currency exchange contracts		317,406
Payable for investments purchased		270,748
Payable for Series shares reacquired		101,110
Accrued expenses and other liabilities		98,383
Options written outstanding, at value (proceeds received $30,544)		30,447
Management fee payable		14,139
Due to broker—variation margin swaps		3,718
Affiliated transfer agent fee payable		1,126
Directors’ fees payable		909
Unrealized depreciation on OTC cross currency exchange contracts		130
Dividends payable		110
Distribution fee payable		14
Total Liabilities		1,885,854
Net Assets	$	116,791,282
Net assets were comprised of:
Common stock, at par	$	131,747
Paid-in capital in excess of par		121,679,602
Total distributable earnings (loss)		(5,020,067	)
Net assets, October 31, 2020	$	116,791,282

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    51

Statement of Assets and Liabilities

as of October 31, 2020

Class A
Net asset value, offering price and redemption price per share,   ($28,047 ÷ 3,165 shares of beneficial interest issued and outstanding)	$	8.86
Maximum sales charge (3.25% of offering price)		0.30
Maximum offering price to public	$	9.16
Class C
Net asset value, offering price and redemption price per share,   ($10,125 ÷ 1,143 shares of beneficial interest issued and outstanding)	$	8.86
Class Z
Net asset value, offering price and redemption price per share,   ($18,981,912 ÷ 2,140,157 shares of beneficial interest issued and outstanding)	$	8.87
Class R6
Net asset value, offering price and redemption price per share,   ($97,771,198 ÷ 11,030,221 shares of beneficial interest issued and outstanding)	$	8.86

See Notes to Financial Statements.

52

Statement of Operations

Year Ended October 31, 2020

Net Investment Income (Loss)
Income
Interest income	$	2,166,975
Affiliated dividend income		10,972
Affiliated income from securities lending, net		256
Total income		2,178,203
Expenses
Management fee		269,208
Distribution fee(a)		144
Custodian and accounting fees		80,887
Registration fees(a)		52,028
Audit fee		38,163
Transfer agent’s fees and expenses (including affiliated expense of $9,185)(a)		30,258
Legal fees and expenses		22,904
Shareholders’ reports		17,445
Directors’ fees		11,016
Miscellaneous		17,227
Total expenses		539,280
Less: Fee waiver and/or expense reimbursement(a)		(259,354	)
Net expenses		279,926
Net investment income (loss)		1,898,277
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(36))		(788,072	)
Futures transactions		(20,245	)
Forward and cross currency contract transactions		(207,974	)
Options written transactions		34,072
Swap agreement transactions		(715	)
Foreign currency transactions		14,365
		(968,569	)
Net change in unrealized appreciation (depreciation) on:
Investments		(2,716,098	)
Futures		(30,686	)
Forward and cross currency contracts		149,689
Options written		97
Swap agreements		(9,193	)
Foreign currencies		(38,733	)
		(2,644,924	)
Net gain (loss) on investment and foreign currency transactions		(3,613,493	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(1,715,216	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    53

Statement of Operations

Year Ended October 31, 2020    

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

	Class A			Class C			Class Z			Class R6
Distribution fee		44			100			—			—
Registration fees		11,249			11,249			18,279			11,251
Transfer agent’s fees and expenses		142			42			29,941			133
Fee waiver and/or expense reimbursement		(11,442	)		(11,326	)		(85,763	)		(150,823	)

See Notes to Financial Statements.

54

Statements of Changes in Net Assets

	Year Ended
	October 31,
	2020			2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,898,277		$	1,505,185
Net realized gain (loss) on investment and foreign currency transactions		(968,569	)		82,884
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(2,644,924	)		1,955,940
Net increase (decrease) in net assets resulting from operations		(1,715,216	)		3,544,009
Dividends and Distributions
Distributions from distributable earnings
Class A		(875	)		(662	)
Class C		(450	)		(480	)
Class Z		(567,453	)		(200,243	)
Class R6		(1,662,605	)		(1,481,664	)
		(2,231,383	)		(1,683,049	)
Series share transactions
Net proceeds from shares sold		92,242,382			4,632,832
Net asset value of shares issued in reinvestment of dividends and distributions		2,227,284			1,681,976
Cost of shares reacquired		(6,029,574	)		(1,464,362	)
Net increase (decrease) in net assets from Series share transactions		88,440,092			4,850,446
Total increase (decrease)		84,493,493			6,711,406
Net Assets:
Beginning of year		32,297,789			25,586,383
End of year	$	116,791,282		$	32,297,789

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    55

Notes to Financial Statements

1. Organization

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 Infrastructure Fund, PGIM Jennison Global Opportunities Fund, PGIM Jennison International Opportunities Fund and PGIM QMA International Equity Fund, each of which are diversified funds for purposes of the 1940 Act and 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 therefore, 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 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.

2. 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 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.

56

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

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

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

PGIM Emerging Markets Debt Hard Currency Fund    57

Notes to Financial Statements  (continued)

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

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.

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.

58

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 investment 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 or depreciation on forward and cross currency contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on forward and cross currency contract transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The 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.

Options: The Series purchased and/or wrote options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of equities or foreign currency exchange rates with respect to securities or financial instruments which the Series currently owns or intends to purchase. The Series may also

PGIM Emerging Markets Debt Hard Currency Fund    59

Notes to Financial Statements  (continued)

use options to gain additional market exposure. The Series’ principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Series purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Series writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Series realizes a gain (loss) to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in determining whether the Series has realized a gain (loss). The difference between the premium and the amount received or paid at the closing of a purchase or sale transaction is also treated as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions.

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

When the Series writes an option on a swap, an amount equal to any premium received by the Series is recorded as a liability and is subsequently adjusted to the current market value of the written option on the swap. If a call option on a swap is exercised, the Series becomes obligated to pay a fixed interest rate (noted as the strike price) and receive a variable interest rate on a notional amount. If a put option on a swap is exercised, the Series becomes obligated to pay a variable interest rate and receive a fixed interest rate (noted as the strike price) on a notional amount. Premiums received from writing options on swaps that expire or are exercised are treated as realized gains upon the expiration or exercise of such options on swaps. The risk associated with writing put and call options on swaps is that the Series will be obligated to be party to a swap agreement if an option on a swap is exercised.

Financial Futures Contracts: A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Series is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the “initial margin.” Subsequent payments, known as “variation margin,” are made or received by the Series each day, depending on the daily fluctuations

60

in the value of the underlying security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

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

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 or depreciation on swap agreements. Centrally cleared swaps pay or receive an amount known as “variation margin”, based on daily changes in the valuation of the swap contract. For OTC-traded, upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.

Interest Rate Swaps: Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. The 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

PGIM Emerging Markets Debt Hard Currency Fund    61

Notes to Financial Statements  (continued)

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.

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 or re-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

62

derivative agreements include conditions which, when materialized, give the counterparty the right to cause an early termination of the transactions under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.

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

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

Securities Lending: The 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, which are reflected in interest income or unaffiliated dividend income based upon the nature of the payment on the Statement of Operations. 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 in the Statement of Operations.

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

PGIM Emerging Markets Debt Hard Currency Fund    63

Notes to Financial Statements  (continued)

ex-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 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.

3. 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 subadvisers’ 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

64

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 business unit PGIM Fixed Income, and PGIM Limited (each a “subadviser” and collectively the “subadvisers”). The subadvisory agreement provides that the subadvisers will furnish investment advisory services in connection with the management of the Series. In connection therewith, the subadvisers are obligated to keep certain books and records of the Series. The Manager pays for the services of the subadvisers, 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.

Effective December 13, 2019, the management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.65% of the Series’ average daily net assets up to and including $1 billion; 0.63% from $1 billion to $3 billion of average daily net assets; 0.61% from $3 billion to $5 billion of average daily net assets; 0.60% from $5 billion to $10 billion of average daily net assets; and 0.59% of the average daily net assets exceeding $10 billion. Prior to December 13, 2019, the management fee paid to the Manager was 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 0.66% for the year ended October 31, 2020.

Effective December 1, 2019, the Manager has contractually agreed, through February 28, 2022, 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, 0.75% of average daily net assets for Class Z shares and 0.65% of average daily net assets for Class R6 shares. Prior to December 1, 2019, the Manager had contractually agreed 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.

PGIM Emerging Markets Debt Hard Currency Fund    65

Notes to Financial Statements  (continued)

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager 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 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, 2020, PIMS has not received any front-end sales charges resulting from sales of Class A shares. Additionally, for the year ended October 31, 2020, PIMS did not receive any contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders.

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

4. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the Series’ 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

66

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 Securities and Exchange Commission (“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, 2020, no 17a-7 transactions were entered into by the Series.

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments, in-kind transactions and U.S. Government securities) for the year ended October 31, 2020, were $36,907,889 and $9,029,458, respectively.

A summary of the cost of purchases and proceeds from sales of shares of an affiliated investment for the year ended October 31, 2020, 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*
$1,254,895		$	29,285,011		$	26,700,479		$	—		$	—			$	3,839,427		3,839,427		$	10,972
PGIM Institutional Money Market Fund*
—			1,428,900			381,219			—			(36	)			1,047,645		1,047,959			256	**
$1,254,895		$	30,713,911		$	27,081,698		$	—		$	(36	)		$	4,887,072				$	11,228

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

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

6. 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.

PGIM Emerging Markets Debt Hard Currency Fund    67

Notes to Financial Statements  (continued)

For the year ended October 31, 2020, the tax character of dividends paid by the Series was $2,231,383 of ordinary income. For the year ended October 31, 2019, the tax character of dividends paid by the Series was $1,683,049 of ordinary income.

As of October 31, 2020, the accumulated undistributed earnings on a tax basis was $32,905 of ordinary income.

The United States federal income tax basis of the Series’ investments and the net unrealized depreciation as of October 31, 2020 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized             Depreciation
$119,861,444	$363,727	$(4,249,333)	$(3,885,606)

The difference between book basis and tax basis was primarily due to deferred losses on wash sales, amortization of bond premium, foreign currency forwards, defaulted securities and other book to tax differences.

For federal income tax purposes, the Series had a capital loss carryforward as of October 31, 2020 of approximately $1,167,000 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 three fiscal years up to the most recent fiscal year ended October 31, 2020 are subject to such review.

7. Capital and Ownership

The Series offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 3.25%. Investors who purchase $500,000 or more of Class A shares and sell those shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1.00% on sales although these purchases are not subject to a front-end sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately 10 years after purchase. Class Z

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and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

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

The Fund is authorized to issue 5.075 billion shares of common stock, $0.01 par value per share, 600 million of which are designated as shares of the Series. The shares are further classified and designated as follows:

Class A	100,000,000
Class C	100,000,000
Class Z	200,000,000
Class R6	200,000,000

As of October 31, 2020, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Series as follows:

	Number of Shares		Percentage of   Outstanding Shares
Class A		1,167	36.9%
Class C		1,143	100.0%
Class R6		9,453,163	85.7%

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

Affiliated		Unaffiliated
Number of           Shareholders	Percentage of Outstanding Shares	Number of Shareholders	Percentage of Outstanding Shares
2	71.7%	2	25.9%

Transactions in shares of common stock were as follows:    

Class A	Shares			Amount
Year ended October 31, 2020:
Shares sold		1,688		$	15,061
Shares issued in reinvestment of dividends and distributions		98			875
Shares reacquired		(12	)		(114	)
Net increase (decrease) in shares outstanding		1,774		$	15,822
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

PGIM Emerging Markets Debt Hard Currency Fund    69

Notes to Financial Statements  (continued)

Class C	Shares			Amount
Year ended October 31, 2020:
Shares issued in reinvestment of dividends and distributions		51		$	451
Net increase (decrease) in shares outstanding		51		$	451
Year ended October 31, 2019:
Shares issued in reinvestment of dividends and distributions		51		$	480
Net increase (decrease) in shares outstanding		51		$	480
Class Z
Year ended October 31, 2020:
Shares sold		2,197,725		$	19,583,643
Shares issued in reinvestment of dividends and distributions		63,662			566,499
Shares reacquired		(729,035	)		(6,023,373	)
Net increase (decrease) in shares outstanding		1,532,352		$	14,126,769
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
Class R6
Year ended October 31, 2020:
Shares sold		8,059,230		$	72,643,678
Shares issued in reinvestment of dividends and distributions		185,305			1,659,459
Shares reacquired		(643	)		(6,087	)
Net increase (decrease) in shares outstanding		8,243,892		$	74,297,050
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

8. Borrowings    

The Fund, on behalf of the Series, along with other affiliated registered investment companies (the “Participating Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.

	Current SCA	Prior SCA
Term of Commitment	10/2/2020 – 9/30/2021	10/3/2019 – 10/1/2020
Total Commitment	$ 1,200,000,000	$ 1,222,500,000*
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%

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	Current SCA	Prior SCA
Annualized Interest Rate on Borrowings	1.30% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent
* Effective March 31, 2020, the SCA’s total commitment was increased from $900,000,000 to $1,162,500,000 and subsequently, effective April 7, 2020 was increased to $1,222,500,000.

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

The Series did not utilize the SCA during the year ended October 31, 2020.

9. Purchases & Redemption In-kind

On September 15, 2020, the Board approved changes which would change the way an affiliated mutual fund within the PGIM Retail Mutual Fund Complex (“PGIM Income Builder Fund”), obtained exposure to a particular asset class by investing in an applicable PGIM Retail Mutual Fund (the “Underlying Funds”), one of which is the PGIM Emerging Markets Debt Hard Currency Fund, utilizing a substantially similar investment strategy rather than from investing in direct investments.

As of the close of business on October 23, 2020, the PGIM Income Builder Fund delivered portfolio securities and other assets to four Underlying Funds in exchange for Class R6 shares of the Underlying Funds.

The following table is a summary of the value of such securities and other assets that were transferred in-kind and the shares purchased in-kind as applicable to the PGIM Emerging Markets Debt Hard Currency Fund.

Fund/Sleeve	Market Value of Net Assets Received	Applicable Underlying Fund	Applicable Underlying Fund Shares of R6 Transferred
PGIM Income Builder Fund/Emerging Markets Debt Hard Currency	$58,302,168	PGIM Emerging Markets Debt Hard Currency Fund	6,499,684

As of the Series’ fiscal year ended October 31, 2020, the value of securities which remained unsettled was $887,516.

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Notes to Financial Statements  (continued)

The dollar amount of in-kind shares is included with net proceeds from shares sold on the Statement of Changes in Net Assets. The share amount of in-kind shares is included within shares sold for Class R6 in Note 7.

For US GAAP purposes, the securities and other assets transferred were recorded at fair value, but the historical cost basis of the assets transferred was not carried forward to the Underlying Funds.

10. Risks of Investing in the Series

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

Bond Obligations Risk: As with credit risk, market risk and interest rate 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 lose income.

Credit Risk: This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract, may be unable or unwilling to make timely principal and interest payments, or to otherwise honor its obligations. Additionally, fixed income securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk.

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. The Series’ use of derivatives may also increase the amount of taxes payable by shareholders. Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the Series’ derivatives positions. In fact, many OTC derivative instruments lack 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.

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

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

Foreign Securities Risk: The Series’ investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. The securities of such issuers may trade in 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. Lack of information may also affect the value of these securities.

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 debt 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 rate-setting policies. The Series may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

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

PGIM Emerging Markets Debt Hard Currency Fund    73

Notes to Financial Statements  (continued)

LIBOR Risk: Many financial instruments use or may use a floating rate based on the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short-term Eurodollar deposits between major international banks. On July 27, 2017, the Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. As such, the potential impact of a transition away from LIBOR on the Series or the financial instruments in which the Series invest cannot yet be determined. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Series’ performance and/or net asset value. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.

Liquidity Risk: Liquidity risk is the risk that the Fund could not meet requests to redeem shares issued by the Series without significant dilution of remaining investors’ interests in the Series. The Series may invest in instruments that trade in lower volumes and are more illiquid than other investments. 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 cannot be readily sold at the desired time or price, the Series may have to accept a lower price or may not be able to sell the instrument at all. 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 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.

Market Disruption and Geopolitical Risks: International wars or conflicts and geopolitical developments in foreign countries, along with instability in regions such as Asia, Eastern Europe, and the Middle East, possible terrorist attacks in the United States or around the world, public health epidemics such as the outbreak of infectious diseases like the recent outbreak of coronavirus globally or the 2014–2016 outbreak in West Africa of the Ebola virus, and other similar events could adversely affect the U.S. and foreign financial markets, including increases in market volatility, reduced liquidity in the securities markets and

74

government intervention, and may cause further long-term economic uncertainties in the United States and worldwide generally.

The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Series’ investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Series invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide.

Non-diversification Risk: A non-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 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.

11. Recent Accounting Pronouncement and Regulatory Developments

In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, which provides optional guidance for applying GAAP to contract modifications, hedging relationships and other transactions affected by the reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. At this time, management is evaluating the implications of certain provisions of the ASU and any impact on the financial statement disclosures has not yet been determined.

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule will become effective 60 days after publication in the Federal Register, and will have a compliance date 18 months following the effective date. Management is currently evaluating the Rule and its impact to the Funds.

PGIM Emerging Markets Debt Hard Currency Fund    75

Financial Highlights

Class A Shares
							December 12, 2017(a) through October  31, 2018
	Year Ended October 31,
	2020			2019
Per Share Operating Performance(b) :
Net Asset Value, Beginning of Period		$9.51			$8.88			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.38			0.46			0.38
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.56	)		0.69			(1.06	)
Total from investment operations		(0.18	)		1.15			(0.68	)
Less Dividends and Distributions:
Dividends from net investment income		(0.47	)		(0.52	)		(0.43	)
Tax return of capital distributions		-			-			(0.01	)
Total dividends and distributions		(0.47	)		(0.52	)		(0.44	)
Net asset value, end of period		$8.86			$9.51			$8.88
Total Return(c):		(1.82	)%		13.23	%		(6.97	)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$28			$13			$9
Average net assets (000)		$18			$12			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.05	%		1.05	%		1.05	%(e)
Expenses before waivers and/or expense reimbursement		66.11	%		115.95	%		358.14	%(e)
Net investment income (loss)		4.19	%		4.95	%		4.49	%(e)
Portfolio turnover rate(f)(g)		23	%		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.

(g) Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions (if any).

See Notes to Financial Statements.

76

Class C Shares
	Year Ended October 31,						December 12, 2017(a) through October  31, 2018
	2020			2019
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$9.51			$8.88			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.32			0.39			0.31
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.57	)		0.69			(1.05	)
Total from investment operations		(0.25	)		1.08			(0.74	)
Less Dividends and Distributions:
Dividends from net investment income		(0.40	)		(0.45	)		(0.37	)
Tax return of capital distributions		-			-			(0.01	)
Total dividends and distributions		(0.40	)		(0.45	)		(0.38	)
Net asset value, end of period		$8.86			$9.51			$8.88
Total Return(c):		(2.55	)%		12.40	%		(7.58	)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$10			$10			$9
Average net assets (000)		$10			$10			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.80	%		1.80	%		1.80	%(e)
Expenses before waivers and/or expense reimbursement		114.46	%		139.02	%		359.95	%(e)
Net investment income (loss)		3.56	%		4.22	%		3.73	%(e)
Portfolio turnover rate(f)(g)		23	%		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.

(g) Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions (if any).

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    77

Financial Highlights (continued)

Class Z Shares
	Year Ended October 31,						December 12, 2017(a) through October 31, 2018
	2020			2019
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$9.51			$8.88			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.40			0.48			0.39
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.54	)		0.69			(1.05	)
Total from investment operations		(0.14	)		1.17			(0.66	)
Less Dividends and Distributions:
Dividends from net investment income		(0.50	)		(0.54	)		(0.45	)
Tax return of capital distributions		-			-			(0.01	)
Total dividends and distributions		(0.50	)		(0.54	)		(0.46	)
Net asset value, end of period		$8.87			$9.51			$8.88
Total Return(c):		(1.43	)%		13.51	%		(6.79	)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$18,982			$5,782			$2,234
Average net assets (000)		$10,951			$3,498			$766
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.75	%		0.80	%		0.80	%(e)
Expenses before waivers and/or expense reimbursement		1.53	%		2.41	%		6.65	%(e)
Net investment income (loss)		4.45	%		5.12	%		4.83	%(e)
Portfolio turnover rate(f)(g)		23	%		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.

(g) Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions (if any).

See Notes to Financial Statements.

78

Class R6 Shares
	Year Ended October 31,						December 12, 2017(a) through October 31, 2018
	2020			2019
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$9.51			$8.88			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.43			0.49			0.40
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.57	)		0.69			(1.06	)
Total from investment operations		(0.14	)		1.18			(0.66	)
Less Dividends and Distributions:
Dividends from net investment income		(0.51	)		(0.55	)		(0.45	)
Tax return of capital distributions		-			-			(0.01	)
Total dividends and distributions		(0.51	)		(0.55	)		(0.46	)
Net asset value, end of period		$8.86			$9.51			$8.88
Total Return(c):		(1.44	)%		13.58	%		(6.72	)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$97,771			$26,493			$23,333
Average net assets (000)		$30,037			$25,144			$24,014
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.66	%		0.74	%		0.74	%(e)
Expenses before waivers and/or expense reimbursement		1.16	%		1.49	%		1.76	%(e)
Net investment income (loss)		4.69	%		5.27	%		4.82	%(e)
Portfolio turnover rate(f)(g)		23	%		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.

(g) Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions (if any).

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    79

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Prudential World Fund, Inc. and Shareholders of PGIM Emerging Markets Debt Hard Currency Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PGIM Emerging Markets Debt Hard Currency Fund (one of the funds constituting Prudential World Fund, Inc., referred to hereafter as the “Fund”) as of October 31, 2020, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the year ended October 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, and the results of its operations, changes in its net assets, and the financial highlights for the year ended October 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended October 31, 2019 and the financial highlights for each of the periods ended on or prior to October 31, 2019 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated December 19, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. 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 audit of these financial statements 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 are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, 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. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

December 17, 2020

We have served as the auditor of one or more investment companies in the PGIM Retail Funds complex since 2020.

80

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 the day-to-day operations of the Fund.

Independent Board Members
Name Year 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 1958 Board Member Portfolios Overseen: 95	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 (2009-2016); Trustee, Loyola University (since 2018).	None.	Since September 2013
Kevin J. Bannon 1952 Board Member Portfolios Overseen: 95	Retired; Managing Director (April 2008-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 (May 2003-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 Year 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 1952 Board Member Portfolios Overseen: 95	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Limited LLC (formerly, 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–June 2020); 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 1960 Board Member Portfolios Overseen: 94	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 1956 Board Member & Independent Chair Portfolios Overseen: 95	Executive Committee of the IDC Board of Governors (since October 2019); Retired; Member (since November 2014) of the Governing Council of the Independent Directors Council (IDC) (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 pgim.com/investments

Independent Board Members
Name Year 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 1962 Board Member Portfolios Overseen: 94	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 2019) (information technology); Independent Director, Kabbage, Inc. (2018-2020) (financial services); Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017
Michael S. Hyland, CFA 1945 Board Member Portfolios Overseen: 95	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 1961 Board Member Portfolios Overseen: 94	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 Year 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 1959 Board Member Portfolios Overseen: 94	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 Year 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 1962 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 pgim.com/investments

Interested Board Members
Name Year 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 1973 Board Member & Vice President Portfolios Overseen: 96	Executive Vice President (since June 2009) of PGIM Investments LLC; 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

⁽¹⁾ The year that each Board Member joined the Board is as follows:

Ellen S. Alberding, 2013; Kevin J. Bannon, 2008; Linda W. Bynoe, 2005; Barry H. Evans, 2017; Keith F. Hartstein, 2013; Laurie Simon Hodrick, 2017; Michael S. Hyland, 2008; James E. Quinn, 2013; Richard A. Redeker, 2000; Stephen G. Stoneburn, 2003; Stuart S. Parker, Board Member and President since 2012; Scott E. Benjamin, Board Member since 2010 and Vice President since 2009; Grace C. Torres, 2014.

Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Claudia DiGiacomo 1974 Chief Legal Officer	Chief Legal Officer of PGIM Investments LLC (since August 2020); Chief Legal Officer of Prudential Mutual Fund Services LLC (since August 2020); Chief Legal Officer of PIFM Holdco, LLC (since August 2020); Vice President and Corporate Counsel (since January 2005) of Prudential; and Corporate Counsel of AST Investment Services, Inc. (since August 2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005
Dino Capasso 1974 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

PGIM Emerging Markets Debt Hard Currency Fund

Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Andrew R. French 1962 Secretary	Vice President (since December 2018 - present) of PGIM Investments LLC; Formerly, Vice President and Corporate Counsel (2010-2018) 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
Diana N. Huffman 1982 Assistant Secretary	Vice President and Corporate Counsel (since September 2015) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; formerly Associate at Willkie Farr & Gallagher LLP (2009-2015).	Since March 2019
Melissa Gonzalez 1980 Assistant Secretary	Vice President and Corporate Counsel (since September 2018) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; formerly Director and Corporate Counsel (March 2014-September 2018) of Prudential.	Since March 2020
Patrick E. McGuinness 1986 Assistant Secretary	Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Director and Corporate Counsel (since February 2017) of Prudential; and Corporate Counsel (2012 – 2017) of IIL, Inc.	Since June 2020
Kelly A. Coyne 1968 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since March 2015
Christian J. Kelly 1975 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
Lana Lomuti 1967 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 1973 Assistant Treasurer	Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration.	Since October 2019
Deborah Conway 1969 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since October 2019
Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.	Since October 2019

Visit our website at pgim.com/investments

Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Charles H. Smith 1973 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 all 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.

∎ As used in the Fund Officers table “Prudential” means The Prudential Insurance Company of America.

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”). 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 PGIM, Inc. (“PGIM”) on behalf of its PGIM Fixed Income unit (“PGIM Fixed Income”) and PGIM Limited (“PGIML”). In considering the renewal of the agreements, the Board, including all of the Independent Directors, met on May 27, 2020 and on June 9-11, 2020 and approved the renewal of the agreements through July 31, 2021, 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 Fixed Income 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

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

PGIM Emerging Markets Debt Hard Currency Fund

Approval of Advisory Agreements (continued)

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 27, 2020 and on June 9-11, 2020.

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 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, 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 agreement.

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 the

Visit our website at pgim.com/investments

day-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 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.

PGIM Emerging Markets Debt Hard Currency 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, 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 the one-year period ended December 31, 2019. 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, 2019. 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).

Visit our website at pgim.com/investments

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	N/A	N/A	N/A
Actual Management Fees: 1st Quartile
Net Total Expenses: 2nd Quartile

• The Board noted that the Fund outperformed its benchmark index over the one-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 that (exclusive of certain fees and expenses) caps total annual operating expenses at 1.05% for Class A shares, 1.80% for Class C shares, 0.75% for Class Z shares, and 0.65% for Class R6 shares through February 28, 2021.

• 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	pgim.com/investments

PROXY VOTING

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

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 • Claudia DiGiacomo, Chief Legal Officer • Dino Capasso, Chief Compliance Officer • Charles H. Smith, Anti-Money Laundering Compliance Officer • Andrew R. French, Secretary • Melissa Gonzalez, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Kelly A. Coyne, Assistant Secretary • Patrick McGuinness, 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
SUBADVISERS	PGIM Fixed Income PGIM Limited	655 Broad Street Newark, NJ 07102 Grand Buildings, 1-3 Strand Trafalgar Square London, WC2N 5HR United Kingdom
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH 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 that Director at the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO HOLDINGS

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

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 registrant 800-225-1852, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

Item 3 – Audit Committee Financial Expert –

The registrant’s Board has determined that Ms. Grace C. Torres, member of the Board’s Audit Committee is an “audit committee financial expert,” and that she is “independent,” for purposes of this item.

Item 4 – Principal Accountant Fees and Services –

(a) Audit Fees

For the fiscal year ended October 31, 2020, the Registrant’s principal accountant was PricewaterhouseCoopers LLP (“PwC”). For the fiscal year ended October 31, 2020, PwC billed the Registrant $244,900 for professional services rendered for the audit of the Registrant’s annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

For the fiscal year ended October 31, 2019, the Registrant’s principal accountant was KPMG LLP (“KPMG”).    For the fiscal year ended October 31, 2019, KPMG billed the Registrant $244,707 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, 2020, PwC did not bill the Registrant for audit-related services.

For the fiscal year ended October 31, 2020, fees of $11,860 were billed to the Registrant for services rendered by KPMG in connection with the auditor transition.

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.

(c) Tax Fees

For the fiscal years ended October 31, 2020 and October 31, 2019: none.

(d) All Other Fees

For the fiscal years ended October 31, 2020 and October 31, 2019: none.

(e) (1) Audit Committee Pre-Approval Policies and Procedures

THE PGIM MUTUAL FUNDS

AUDIT COMMITTEE POLICY

on

Pre-Approval of Services Provided by the Independent

Accountants

The Audit Committee of each PGIM Mutual Fund is charged with the responsibility to monitor the independence of the Fund’s independent accountants. As part of this responsibility, the Audit Committee must pre-approve the independent accounting firm’s engagement to render audit and/or permissible non-audit services, as required by law. In evaluating a proposed engagement of the independent accountants, the Audit Committee will assess the effect that the engagement might reasonably be expected to have on the accountant’s independence. The Committee’s evaluation will be based on:

• a review of the nature of the professional services expected to be provided,

• a review of the safeguards put into place by the accounting firm to safeguard independence, and

• periodic meetings with the accounting firm.

Policy for Audit and Non-Audit Services Provided to the Funds

On an annual basis, the scope of audits for each Fund, audit fees and expenses, and audit-related and non-audit services (and fees proposed in respect thereof) proposed to be performed by the Fund’s independent accountants will be presented by the Treasurer and the independent accountants to the Audit Committee for review and, as appropriate, approval prior to the initiation of such services.

Such presentation shall be accompanied by confirmation by both the Treasurer and the independent accountants that the proposed

non-audit services will not adversely affect the independence of the independent accountants. Such proposed non-audit services shall be described in sufficient detail to enable the Audit Committee to assess the appropriateness of such services and fees, and the compatibility of the provision of such services with the auditor’s independence. The Committee shall receive periodic reports on the progress of the audit and other services which are approved by the Committee or by the Committee Chair pursuant to authority delegated in this Policy.

The categories of services enumerated under “Audit Services”, “Audit-related Services”, and “Tax Services” are intended to provide guidance to the Treasurer and the independent accountants as to those categories of services which the Committee believes are generally consistent with the independence of the independent accountants and which the Committee (or the Committee Chair) would expect upon the presentation of specific proposals to pre-approve. The enumerated categories are not intended as an exclusive list of audit, audit-related or tax services, which the Committee (or the Committee Chair) would consider for pre-approval.

Audit Services

The following categories of audit services are considered to be consistent with the role of the Fund’s independent accountants:

• Annual Fund financial statement audits

• Seed audits (related to new product filings, as required)

• SEC and regulatory filings and consents

Audit-related Services

The following categories of audit-related services are considered to be consistent with the role of the Fund’s independent accountants:

• Accounting consultations

• Fund merger support services

• Agreed Upon Procedure Reports

• 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 annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated). Fees related to fund merger support services are subject to a separate authorized pre-approval by the Audit Committee with fees determined on a per occurrence and merger complexity basis.

Tax Services

The following categories of tax services are considered to be consistent with the role of the Fund’s independent accountants:

• Tax compliance services related to the filing or amendment of the following:

• Federal, state and local income tax compliance; and,

• Sales and use tax compliance

• Timely RIC qualification reviews

• Tax distribution analysis and planning

• Tax authority examination services

• Tax appeals support services

• Accounting methods studies

• Fund merger support services

• Tax consulting services and related projects

Individual tax services that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated).

Other Non-Audit Services

Certain non-audit services that the independent accountants are legally permitted to render will be subject to pre-approval by the Committee or by one or more Committee members to whom the Committee has delegated this authority and who will report to the full Committee any pre-approval decisions made pursuant to this Policy. Non-audit services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Proscribed Services

The Fund’s independent accountants will not render services in the following categories of non-audit services:

• Bookkeeping or other services related to the accounting records or financial statements of the Fund

• Financial information systems design and implementation

• Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

• 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 of Non-Audit Services Provided to Other Entities Within the PGIM Fund Complex

Certain non-audit services provided to PGIM Investments LLC or any of its affiliates that also provide ongoing services to the PGIM Mutual Funds will be subject to pre-approval by the Audit Committee. The only non-audit services provided to these entities that will require pre-approval are those related directly to the operations and financial reporting of the Funds. Individual projects that are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $30,000. Services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Although the Audit Committee will not pre-approve all services provided to PGIM Investments LLC and its affiliates, the Committee will receive an annual report from the Fund’s independent accounting firm showing the aggregate fees for all services provided to PGIM Investments and its affiliates.

(e) (2) Percentage of services referred to in 4(b) – 4(d) that were approved by the audit committee –

For the fiscal years ended October 31, 2020 and October 31, 2019, 100% of the services referred to in Item 4(b) was approved by the audit committee.

(f) Percentage of hours expended attributable to work performed by other than full time employees of principal accountant if greater than 50%.

The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was 0%.

(g) Non-Audit Fees

The aggregate non-audit fees billed by 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, 2020 and October 31, 2019 was $0 and $0, respectively.

(h) Principal Accountant’s Independence

Not applicable as KPMG has not provided non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

Item 5 – Audit Committee of Listed Registrants – Not applicable.

Item 6 – Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 – Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There has been no significant change in the registrant’s internal control over financial reporting 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 for Closed-End Management Investment Companies – Not applicable.

Item 13 – Exhibits

(a) (1) Code of Ethics – Attached hereto as Exhibit EX-99.CODE-ETH.

(2) Certifications pursuant to Section  302 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.CERT.

(3) Any written solicitation to purchase securities under Rule 23c-1 – Not applicable.

(b) Certifications pursuant to Section  906 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:	Prudential World Fund, Inc.
By:	/s/ Andrew R. French
	Andrew R. French
	Secretary
Date:	December 17, 2020

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 17, 2020
By:	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and Accounting Officer
Date:	December 17, 2020