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:	10/31/2021
Date of reporting period:	10/31/2021

Item 1 – Reports to Stockholders

PGIM QMA INTERNATIONAL EQUITY FUND

[Effective 12/29/21, fund name changes to PGIM Quant Solutions International Equity

Fund]

ANNUAL REPORT

OCTOBER 31, 2021

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. PGIM Quantitative Solutions is the primary business name of PGIM Quantitative Solutions LLC (formerly known as QMA LLC), a wholly owned subsidiary of PGIM, Inc. (PGIM), a registered investment adviser and Prudential Financial company. © 2021 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 QMA International Equity Fund informative and useful. The report covers performance for the 12-month period that ended October 31, 2021.   The global economy and markets continued to recover throughout the period from the ongoing impact of the COVID-19 pandemic. The Federal Reserve slashed interest rates and kept them near zero to encourage borrowing. Congress passed stimulus bills worth several trillion dollars to help consumers and businesses. And several effective COVID-19 vaccines received regulatory approval. Those measures were enough to offset the

fear of rising inflation and supply chain challenges that threatened to disrupt growth.

At the start of the period, stocks had recovered most of the steep losses they had suffered at the onset of the pandemic. Equities rallied as states reopened their economies but became more volatile as investors worried that a surge in COVID-19 infections would stall the recovery. However, rising corporate profits and economic growth, the resolution of the US presidential election, and the global rollout of approved vaccines lifted equity markets to record levels, helping stocks around the globe post gains for the full period.

Throughout this volatile period, investors sought safety in fixed income.

Investment-grade bonds in the US and the overall global bond market declined slightly during the period as the economy recovered, but emerging market debt rose. While the 10-year US Treasury yield hovered near record lows early in the period after a significant rally in interest rates, rates moved higher later on as investors began to focus on stronger economic growth and the prospects of higher inflation. The Fed also took several aggressive actions to keep the bond markets running smoothly, implementing 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 $1.5 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, 2021

PGIM QMA International Equity Fund 3

Your Fund’s Performance (unaudited)

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

	Average Annual Total Returns as of 10/31/21
	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A
(with sales charges)	22.17	6.87	5.75	—
(without sales charges)	29.28	8.08	6.35	—
Class C
(with sales charges)	26.89	7.07	5.47	—
(without sales charges)	27.89	7.07	5.47	—
Class Z
(without sales charges)	29.85	8.49	6.72	—
Class R6
(without sales charges)	29.96	N/A	N/A	9.29 (12/28/2016)
MSCI All Country World Ex-US Index
	29.66	9.77	6.66	—

Average Annual Total Returns as of 10/31/21 Since Inception (%)
	Class R6
	(12/28/2016)
MSCI All Country World Ex-US Index	10.08

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.

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Growth of a $10,000 Investment (unaudited)

The graph compares a $10,000 investment in the Fund’s Class Z shares with a similar investment in the MSCI All Country World Ex-US Index by portraying the initial account values at the beginning of the 10-year period for Class Z shares (October 31, 2011) and the account values at the end of the current fiscal year (October 31, 2021), 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 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 Index ex-US Index—The Morgan Stanley Capital International All Country World ex-US Index (MSCI ACWI ex-US Index) is an unmanaged free float-adjusted market capitalization-weighted index that is designed to 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.

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Presentation of Fund Holdings as of 10/31/21

Ten Largest Holdings	Line of Business	Country	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd.	Semiconductors & Semiconductor Equipment	Taiwan	1.4%
ASML Holding NV	Semiconductors & Semiconductor Equipment	Netherlands	1.1%
iShares MSCI EAFE ETF	Exchange Traded Funds	United States	1.0%
Roche Holding AG	Pharmaceuticals	Switzerland	1.0%
Sanofi	Pharmaceuticals	France	0.9%
Unilever plc	Personal Products	United Kingdom	0.9%
Canadian Natural Resources Ltd.	Oil, Gas & Consumable Fuels	Canada	0.8%
Sberbank of Russia PJSC	Banks	Russia	0.8%
UBS Group AG	Capital Markets	Switzerland	0.8%
Tokyo Electron Ltd.	Semiconductors & Semiconductor Equipment	Japan	0.8%

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 29.85% in the 12-month reporting period that ended October 31, 2021, outperforming the 29.66% return of the MSCI All Country World ex-US Index (the Index).

What were the market conditions?

● After a challenging 2020, equity markets bounced back sharply in the beginning of 2021. With the rollout and expansion of global vaccination programs signaling an imminent return to relative normality, the severe market volatility subsequent to the COVID-19 pandemic began to ease in favor of the broader markets as investors refocused their attention on company fundamentals. While value investments performed well in this environment, subsequent performance was more volatile with the global economic recovery still in doubt. Investor confidence surrounding global growth expectations ebbed and flowed with concerns about a new Delta variant, geopolitical stresses, rising interest rates, and inflationary pressures that were partly due to disruptions in the global supply chain.

● In absolute terms, emerging markets underperformed developed markets during the reporting period, particularly among large-cap companies. China, the world’s second-largest economy, was one of the worst-performing international equity markets. With steep losses in July 2021, large-cap Chinese stocks plunged into negative territory as investors reacted harshly to increased regulatory pressures.

What worked?

● The bounce back in value stocks during the reporting period, particularly in the beginning of 2021, was reinforced by the continued solid performance of growth stocks from the previous period.

● Favoring reasonably priced, high-growth companies across the financials sector contributed to Fund returns relative to the Index during the period. The Fund tilted away from the Chinese consumer discretionary sector—particularly among Chinese internet businesses—that came under regulatory scrutiny during the second half of the period.

What didn’t work?

● Higher-quality stocks detracted from Fund returns relative to the Index during the reporting period, as investor appetite for faster growth in lower-quality stocks superseded their appetite for companies with stronger balance sheets.

● Favoring high-quality consumer discretionary companies was especially detrimental to Fund performance relative to the Index during the period.

Did the Fund use derivatives?

The Fund held fully collateralized index futures during the period that were used for cash-management purposes. They had a negligible impact on performance.

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Current outlook

● The global recovery from the pandemic-induced downturn was robust during the reporting period despite signs that economic activity may have hit a speed bump in the third quarter of 2021 as the Delta variant spread worldwide. Renewed lockdowns in certain countries and cautious behavior among consumers pushed down third-quarter growth expectations.

● In China, economic growth was expected to slow during the second half of 2021 from the strong pace during the first half of the year following government regulatory crackdowns on certain sectors. However, China’s fiscal and monetary policies may become more supportive to protect growth, in PGIM Quantitative Solutions’ view.

● Inflationary pressures weighed on investors and remained elevated during the period. Whether “transitory” or not, inflation may likely remain a concern in the near term. In addition, PGIM Quantitative Solutions believes pressures related to the pandemic may continue, and any monetary unwinding policies may be gradual in a market environment of strong consumer demand, lean inventories, and the normalization of service sector prices.

● On the whole, the central banks of advanced economies maintained accommodative monetary policies, although there was a modest tilt toward a more hawkish position toward the end of the period. In emerging markets, central banks were divided between those hiking rates to address rising inflation—Russia, Brazil, Mexico, Peru, Pakistan, and Chile—and others supporting their economies from virus-related downside risks—India, China, and some southeast Asian countries.

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, 2021. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

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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, 2021	Ending Account Value     October 31, 2021	Annualized Expense Ratio Based on the     Six-Month Period	Expenses Paid During the     Six-Month Period*
Class A	Actual	$1,000.00	$1,009.40	1.43%	$  7.24
	Hypothetical	$1,000.00	$1,018.00	1.43%	$  7.27
Class C	Actual	$1,000.00	$1,004.90	2.55%	$12.89
	Hypothetical	$1,000.00	$1,012.35	2.55%	$12.93
Class Z	Actual	$1,000.00	$1,012.80	1.02%	$  5.17
	Hypothetical	$1,000.00	$1,020.06	1.02%	$  5.19
Class R6	Actual	$1,000.00	$1,012.80	0.78%	$  3.96
	Hypothetical	$1,000.00	$1,021.27	0.78%	$  3.97

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended October 31, 2021, and divided by the 365 days in the Fund’s fiscal year ended October 31, 2021 (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, 2021

Description	Shares		Value
LONG-TERM INVESTMENTS     97.9%
COMMON STOCKS     96.1%
Australia     4.2%
ARB Corp. Ltd.		21,562	$	790,406
Australia & New Zealand Banking Group Ltd.		25,521		540,927
BHP Group Ltd.		26,938		740,124
BlueScope Steel Ltd.		5,943		92,690
Charter Hall Group, REIT		30,080		393,373
Dexus, REIT		14,196		116,459
Fortescue Metals Group Ltd.		90,554		947,477
Glencore PLC*		91,744		456,131
Goodman Group, REIT		39,487		651,701
JB Hi-Fi Ltd.		14,097		537,031
Macquarie Group Ltd.		4,894		732,056
Pinnacle Investment Management Group Ltd.		65,696		853,626
Rio Tinto Ltd.		3,792		257,754
Rio Tinto PLC		25,628		1,592,826
Sonic Healthcare Ltd.		30,903		936,632
Stockland, REIT		163,588		561,367
Super Retail Group Ltd.		49,600		485,841
West African Resources Ltd.*		105,945		102,626
				10,789,047
Austria     0.6%
OMV AG		24,478		1,491,156
Belgium     0.2%
Bekaert SA		2,280		99,568
KBC Group NV		2,356		218,815
Tessenderlo Group SA*		4,801		175,320
				493,703
Brazil     1.0%
Cia de Saneamento de Minas Gerais-COPASA		207,100		497,586
Cia de Saneamento do Parana, UTS		54,900		177,916
Petroleo Brasileiro SA		33,100		162,808
Vale SA		34,100		433,818
WEG SA		182,500		1,193,535
				2,465,663
Canada     6.2%
Alimentation Couche-Tard, Inc. (Class B Stock)		36,000		1,350,291
Artis Real Estate Investment Trust, REIT		14,000		132,579

See Notes to Financial Statements.

PGIM QMA International Equity Fund 13

Schedule of Investments (continued)

as of October 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Canada (cont’d.)
Bank of Montreal		6,800	$	738,297
Canadian Imperial Bank of Commerce		11,900		1,443,942
Canadian Natural Resources Ltd.		50,000		2,125,081
Canadian Tire Corp. Ltd. (Class A Stock)		700		99,423
Corus Entertainment, Inc. (Class B Stock)		146,900		665,893
Fairfax Financial Holdings Ltd.		300		121,505
Great-West Lifeco, Inc.		3,400		100,028
Interfor Corp.		41,400		948,025
Loblaw Cos. Ltd.		3,900		293,319
Manulife Financial Corp.		86,100		1,677,336
National Bank of Canada		19,100		1,581,275
North West Co., Inc. (The)		12,500		339,670
Royal Bank of Canada		17,400		1,811,141
Thomson Reuters Corp.		10,700		1,287,095
Toronto-Dominion Bank (The)		16,700		1,212,288
				15,927,188
Chile     0.1%
Banco Santander Chile		2,377,221		104,031
Engie Energia Chile SA		393,446		228,740
				332,771
China     10.2%
Alibaba Group Holding Ltd.*		67,000		1,373,948
Bank of Communications Co. Ltd. (Class H Stock)		2,228,000		1,326,818
Baoshan Iron & Steel Co. Ltd. (Class A Stock)		308,700		342,684
Beijing Enterprises Holdings Ltd.		30,000		115,727
BYD Co. Ltd. (Class H Stock)		32,500		1,237,545
China BlueChemical Ltd. (Class H Stock)		1,792,000		601,864
China Construction Bank Corp. (Class H Stock)		2,473,000		1,683,895
China Everbright Ltd.		136,000		153,333
China Galaxy Securities Co. Ltd. (Class H Stock)		178,500		99,599
China Hongqiao Group Ltd.		592,500		659,441
China Medical System Holdings Ltd.		498,000		846,439
China National Building Material Co. Ltd. (Class H Stock)		72,000		90,426
China Petroleum & Chemical Corp. (Class H Stock)		226,000		111,144
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. (Class A Stock)		89,100		335,513
China Shenhua Energy Co. Ltd. (Class H Stock)		570,000		1,228,918
Chlitina Holding Ltd.		94,000		809,612
Chow Tai Fook Jewellery Group Ltd.		672,600		1,372,686
CITIC Ltd.		1,306,000		1,310,965
COFCO Joycome Foods Ltd.*		390,000		152,231

See Notes to Financial Statements.

14

Description	Shares		Value
COMMON STOCKS (Continued)
China (cont’d.)
COSCO SHIPPING Holdings Co. Ltd. (Class H Stock)*(a)		372,300	$	578,759
Country Garden Services Holdings Co. Ltd.		14,000		108,608
CSPC Pharmaceutical Group Ltd.		1,012,000		1,062,332
Daqo New Energy Corp., ADR*		1,700		132,243
Ecovacs Robotics Co. Ltd. (Class A Stock)		14,900		399,556
Industrial & Commercial Bank of China Ltd. (Class H Stock)		534,000		292,276
Industrial Bank Co. Ltd. (Class A Stock)		141,900		413,487
Intco Medical Technology Co. Ltd. (Class A Stock)		36,564		292,308
Lenovo Group Ltd.		656,000		710,893
Li Ning Co. Ltd.		139,000		1,543,987
PetroChina Co. Ltd. (Class H Stock)		2,004,000		966,616
Shaanxi Coal Industry Co. Ltd. (Class A Stock)		172,900		338,278
Shanghai International Port Group Co. Ltd. (Class A Stock)		402,600		355,344
SITC International Holdings Co. Ltd.		26,000		87,667
Tencent Holdings Ltd.		29,500		1,793,551
Wilmar International Ltd.		320,700		1,031,466
Yunnan Baiyao Group Co. Ltd. (Class A Stock)		27,900		389,992
Zhongsheng Group Holdings Ltd.		153,500		1,384,237
Zhuzhou Kibing Group Co. Ltd. (Class A Stock)		140,300		348,478
				26,082,866
Denmark     1.5%
AP Moller - Maersk A/S (Class B Stock)		545		1,578,937
Novo Nordisk A/S (Class B Stock)		10,454		1,145,738
Pandora A/S		925		129,459
Scandinavian Tobacco Group A/S, 144A		45,256		1,019,200
				3,873,334
Finland     1.0%
Fortum OYJ		4,092		121,706
Nokia OYJ*		50,112		286,441
Nordea Bank Abp		154,917		1,895,013
Tokmanni Group Corp.		8,643		197,161
				2,500,321
France     6.5%
Amundi SA, 144A		1,116		99,557
BNP Paribas SA		27,363		1,834,059
Capgemini SE		4,379		1,022,931
Cie de Saint-Gobain		28,092		1,940,382
Cie Generale des Etablissements Michelin SCA		8,405		1,321,009
Credit Agricole SA		25,364		382,788

See Notes to Financial Statements.

PGIM QMA International Equity Fund 15

Schedule of Investments (continued)

as of October 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
France (cont’d.)
Dassault Systemes SE		24,752	$	1,445,185
Hermes International		669		1,062,777
Ipsen SA		12,270		1,269,931
IPSOS		2,184		102,245
Kering SA		692		521,330
LVMH Moet Hennessy Louis Vuitton SE		1,106		867,856
Metropole Television SA		7,770		171,575
Nexity SA		3,317		151,473
Publicis Groupe SA		2,300		154,687
Sanofi		22,586		2,263,727
Sartorius Stedim Biotech		336		185,547
Television Francaise 1		49,958		536,358
Trigano SA		5,929		1,112,539
				16,445,956
Germany     5.0%
Allianz SE		3,529		819,157
Bayerische Motoren Werke AG		2,990		302,541
Brenntag SE		11,644		1,110,576
Covestro AG, 144A		21,433		1,378,614
Deutsche Post AG		28,630		1,776,070
E.ON SE		47,725		606,301
Fresenius SE & Co. KGaA		29,526		1,341,611
HeidelbergCement AG		15,809		1,190,845
Merck KGaA		8,039		1,900,394
ProSiebenSat.1 Media SE		15,407		258,702
Puma SE		1,000		124,405
SAP SE		10,111		1,463,516
Secunet Security Networks AG		234		123,139
Westwing Group AG*		14,363		451,796
				12,847,667
Hong Kong     1.4%
CK Asset Holdings Ltd.		238,000		1,471,312
Link REIT, REIT		11,500		102,107
Techtronic Industries Co. Ltd.		64,000		1,319,297
Value Partners Group Ltd.		947,000		486,534
Vinda International Holdings Ltd.(a)		41,000		113,295
				3,492,545
India     3.1%
Bajaj Consumer Care Ltd.		210,926		655,136

See Notes to Financial Statements.

16

Description	Shares		Value
COMMON STOCKS (Continued)
India (cont’d.)
GAIL India Ltd.		45,589	$	91,195
Indian Oil Corp. Ltd.		63,147		108,412
NTPC Ltd.		223,251		397,349
Oil & Natural Gas Corp. Ltd.		825,061		1,649,329
Power Grid Corp. of India Ltd.		530,365		1,314,202
Redington India Ltd.		250,893		484,581
Sun Pharmaceutical Industries Ltd.		10,710		113,983
Tata Steel Ltd.		79,601		1,406,403
Tech Mahindra Ltd.		74,796		1,483,330
Wipro Ltd.		12,465		107,884
				7,811,804
Indonesia     0.4%
Astra International Tbk PT		233,100		99,662
First Pacific Co. Ltd.		1,318,000		527,801
Telkom Indonesia Persero Tbk PT		1,585,100		425,896
				1,053,359
Ireland     0.1%
Kingspan Group PLC		1,377		157,853
Israel     0.1%
Bank Leumi Le-Israel BM		13,684		130,468
Italy     1.3%
Anima Holding SpA, 144A		110,962		586,958
Buzzi Unicem SpA		54,651		1,271,341
La Doria SpA		9,811		188,643
Mediaset NV		438,010		1,231,057
Poste Italiane SpA, 144A		7,452		106,138
				3,384,137
Japan     15.0%
Advantest Corp.		1,800		148,352
Bridgestone Corp.		32,100		1,424,239
Canon, Inc.		63,300		1,425,574
Chugai Pharmaceutical Co. Ltd.		37,200		1,390,106
Cosmo Energy Holdings Co. Ltd.		8,800		179,559
Dai-ichi Life Holdings, Inc.		80,000		1,677,375
Daiwa House Industry Co. Ltd.		27,400		904,547
Digital Holdings, Inc.		34,800		534,659
Fujitsu Ltd.		9,400		1,629,712

See Notes to Financial Statements.

PGIM QMA International Equity Fund 17

Schedule of Investments (continued)

as of October 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
GungHo Online Entertainment, Inc.		31,000	$	583,217
Hoya Corp.		3,100		457,960
IDOM, Inc.		36,500		250,429
Iida Group Holdings Co. Ltd.		3,800		93,897
Isuzu Motors Ltd.		39,300		531,118
ITmedia, Inc.		5,200		107,645
ITOCHU Corp.		54,300		1,548,836
Japan Post Bank Co. Ltd.		12,000		93,616
Japan Post Holdings Co. Ltd.		176,400		1,351,828
Japan Tobacco, Inc.		75,100		1,476,806
KDDI Corp.		20,700		641,857
Keyence Corp.		200		121,005
KYB Corp.		5,400		144,803
Marubeni Corp.		22,700		191,945
McDonald’s Holdings Co. Japan Ltd.		2,200		98,331
MCJ Co. Ltd.		82,500		930,989
Medipal Holdings Corp.		16,400		296,715
MISUMI Group, Inc.		2,700		113,196
Mitsubishi Corp.		11,400		361,976
Mitsubishi UFJ Financial Group, Inc.		342,000		1,863,526
Mitsui & Co. Ltd.		72,200		1,647,473
Mitsui Chemicals, Inc.		2,900		86,406
MS&AD Insurance Group Holdings, Inc.		4,100		132,902
Murata Manufacturing Co. Ltd.		5,100		390,102
Nippon Telegraph & Telephone Corp.		30,668		859,932
Nippon Yusen KK		4,700		339,535
Nissha Co. Ltd.		10,800		177,052
Nitto Kogyo Corp.		8,400		124,874
Nomura Research Institute Ltd.		2,900		116,425
NTT Data Corp.		5,800		116,514
Oisix ra daichi, Inc.*		9,300		389,395
Okamura Corp.		37,800		497,806
Olympus Corp.		10,600		229,591
Otsuka Holdings Co. Ltd.		33,200		1,314,631
Panasonic Corp.		123,800		1,521,817
Recruit Holdings Co. Ltd.		12,100		808,153
Seiko Epson Corp.		5,000		89,290
SG Holdings Co. Ltd.		15,600		391,195
Shimadzu Corp.		2,600		105,888
Shimamura Co. Ltd.		2,000		169,303
Shimano, Inc.		6,500		1,814,438
Shionogi & Co. Ltd.		2,500		162,774
SMC Corp.		600		359,576
Sony Group Corp.		11,800		1,365,010

See Notes to Financial Statements.

18

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
Sumitomo Chemical Co. Ltd.		19,800	$	97,523
Sumitomo Mitsui Financial Group, Inc.		6,100		199,078
Tokyo Electron Ltd.		4,300		2,009,920
Toyota Motor Corp.		13,665		242,017
Transcosmos, Inc.		4,400		132,712
Uchida Yoko Co. Ltd.		4,400		185,830
Yamaha Motor Co. Ltd.		34,800		970,000
YA-MAN Ltd.		37,200		395,459
ZOZO, Inc.		7,100		228,757
				38,245,196
Luxembourg     1.2%
ArcelorMittal SA		42,916		1,462,246
Eurofins Scientific SE		13,345		1,575,895
				3,038,141
Malaysia     0.2%
Hartalega Holdings Bhd		108,000		153,046
Top Glove Corp. Bhd		612,000		402,477
				555,523
Malta     0.4%
Kindred Group PLC, SDR		63,693		892,820
Mexico     0.2%
America Movil SAB de CV (Class L Stock)		433,100		385,600
Grupo Mexico SAB de CV (Class B Stock)		29,800		130,588
				516,188
Netherlands     4.4%
Adyen NV, 144A*		506		1,534,661
ASM International NV		2,836		1,287,268
ASML Holding NV		3,335		2,708,770
EXOR NV		1,092		103,041
Koninklijke Ahold Delhaize NV		54,020		1,756,651
Koninklijke BAM Groep NV*		47,196		137,263
Koninklijke KPN NV		32,466		97,270
NN Group NV		28,449		1,519,703

See Notes to Financial Statements.

PGIM QMA International Equity Fund 19

Schedule of Investments (continued)

as of October 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Netherlands (cont’d.)
Randstad NV		17,419	$	1,252,285
Royal Dutch Shell PLC (Class A Stock)		38,571		886,504
				11,283,416
Nigeria     0.1%
Airtel Africa PLC, 144A		189,841		286,630
Norway     0.1%
DNB Bank ASA		6,206		147,551
Equinor ASA		9,120		231,416
				378,967
Pakistan     0.2%
Engro Fertilizers Ltd.		397,359		165,911
Fauji Fertilizer Co. Ltd.		536,500		322,529
				488,440
Poland     0.2%
Polskie Gornictwo Naftowe i Gazownictwo SA		291,189		439,494
Portugal     0.0%
Sonae SGPS SA		96,430		106,261
Qatar     0.5%
Industries Qatar QSC		304,106		1,324,153
Russia     2.1%
Inter RAO UES PJSC		13,660,000		927,778
LUKOIL PJSC		10,464		1,069,138
Novolipetsk Steel PJSC		32,980		104,392
Rosneft Oil Co. PJSC		129,152		1,162,285
Sberbank of Russia PJSC		412,269		2,075,287
				5,338,880
Saudi Arabia     0.1%
Riyad Bank		43,643		344,229
Singapore     0.9%
BW LPG Ltd., 144A		44,089		235,489

See Notes to Financial Statements.

20

Description	Shares		Value
COMMON STOCKS (Continued)
Singapore (cont’d.)
DBS Group Holdings Ltd.		80,000	$	1,873,772
Oversea-Chinese Banking Corp. Ltd.		31,100		272,798
				2,382,059
South Africa     0.4%
FirstRand Ltd.		46,722		177,613
Impala Platinum Holdings Ltd.		47,172		614,472
Sasol Ltd.*		5,840		98,151
				890,236
South Korea     4.3%
AfreecaTV Co. Ltd.		1,288		213,349
BNK Financial Group, Inc.		55,149		415,961
Hana Financial Group, Inc.		39,518		1,521,271
Hankook Tire & Technology Co. Ltd.		14,838		526,221
KB Financial Group, Inc.		29,982		1,451,173
Kia Corp.		20,503		1,502,247
Kumho Petrochemical Co. Ltd.		2,784		412,843
LG Innotek Co. Ltd.		1,872		339,207
MegaStudyEdu Co. Ltd.		3,618		238,550
POSCO		5,156		1,309,058
Samsung Electro-Mechanics Co. Ltd.		672		92,358
Samsung Electronics Co. Ltd.		22,822		1,369,466
Samsung Securities Co. Ltd.		5,502		224,068
SK Telecom Co. Ltd.		5,282		1,401,091
				11,016,863
Spain     0.6%
Endesa SA		45,884		1,058,495
Industria de Diseno Textil SA		10,336		373,961
Telefonica SA		48,222		210,265
				1,642,721
Sweden     1.9%
Atlas Copco AB (Class B Stock)		3,502		189,992
Evolution AB, 144A		2,998		485,969
Industrivarden AB (Class C Stock)		2,898		94,152
Skandinaviska Enskilda Banken AB (Class A Stock)		81,694		1,276,447
Svenska Handelsbanken AB (Class A Stock)		41,040		470,441
Swedbank AB (Class A Stock)		68,354		1,481,916

See Notes to Financial Statements.

PGIM QMA International Equity Fund 21

Schedule of Investments (continued)

as of October 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Sweden (cont’d.)
Swedish Match AB		64,712	$	569,938
Telefonaktiebolaget LM Ericsson (Class B Stock)		17,214		188,718
				4,757,573
Switzerland     5.5%
ALSO Holding AG*		465		137,523
Chocoladefabriken Lindt & Spruengli AG		1		119,835
Comet Holding AG		546		203,561
Geberit AG		1,944		1,522,412
Julius Baer Group Ltd.		2,054		148,794
Kuehne + Nagel International AG		4,316		1,361,797
Nestle SA		13,388		1,767,968
Novartis AG		5,637		466,518
Roche Holding AG		6,321		2,444,793
Sensirion Holding AG, 144A*		2,776		400,135
Sonova Holding AG		3,811		1,578,849
STMicroelectronics NV		15,760		749,406
Swisscom AG		2,191		1,193,480
UBS Group AG		111,696		2,030,745
				14,125,816
Taiwan     4.8%
Asustek Computer, Inc.		108,000		1,378,172
Cathay Financial Holding Co. Ltd.		716,000		1,495,233
Chunghwa Telecom Co. Ltd.		25,000		99,347
CTBC Financial Holding Co. Ltd.		120,000		100,238
Evergreen Marine Corp. Taiwan Ltd.		76,000		275,996
Fubon Financial Holding Co. Ltd.		613,447		1,624,035
Giant Manufacturing Co. Ltd.		9,000		104,746
Kindom Development Co. Ltd.		159,000		220,468
MediaTek, Inc.		43,000		1,416,544
momo.com, Inc.		6,000		388,542
Nan Ya Plastics Corp.		42,000		128,801
Nan Ya Printed Circuit Board Corp.		8,000		142,630
Nantex Industry Co. Ltd.		31,000		91,452
Novatek Microelectronics Corp.		6,000		90,569
Realtek Semiconductor Corp.		5,000		90,351
Taita Chemical Co. Ltd.		279,600		350,346
Taiwan Semiconductor Manufacturing Co. Ltd.		167,000		3,548,932
United Microelectronics Corp.		324,000		681,253
Yuanta Financial Holding Co. Ltd.		120,000		106,888
				12,334,543

See Notes to Financial Statements.

22

Description	Shares		Value
COMMON STOCKS (Continued)
Thailand     0.0%
AP Thailand PCL		432,400	$	115,586
Turkey     1.1%
Anadolu Efes Biracilik Ve Malt Sanayii A/S		95,874		221,259
Coca-Cola Icecek A/S		107,736		955,493
Enerjisa Enerji A/S, 144A		674,021		826,713
Haci Omer Sabanci Holding A/S		91,266		105,887
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S (Class D Stock)*		772,310		599,695
				2,709,047
Ukraine     0.1%
Ferrexpo PLC		55,720		237,251
United Arab Emirates     0.2%
Aldar Properties PJSC		99,225		109,280
Emirates Telecommunications Group Co. PJSC		38,755		270,366
				379,646
United Kingdom     7.3%
3i Group PLC		77,042		1,440,529
888 Holdings PLC		165,905		872,199
abrdn PLC		26,817		93,453
Ashtead Group PLC		7,831		652,801
Barratt Developments PLC		11,151		101,219
British American Tobacco PLC		54,329		1,899,180
CNH Industrial NV		86,734		1,489,098
DCC PLC		1,260		104,921
Dunelm Group PLC		29,789		521,346
GlaxoSmithKline PLC		46,470		964,491
Halfords Group PLC		60,592		222,965
Imperial Brands PLC		67,957		1,437,412
JD Sports Fashion PLC		8,631		128,512
Kingfisher PLC		282,954		1,299,706
Lloyds Banking Group PLC		661,575		454,697
Man Group PLC		171,027		542,950
Next PLC		1,288		139,880
Persimmon PLC		2,976		110,684
Reach PLC		89,628		388,557
Safestore Holdings PLC, REIT		32,233		531,707
SSE PLC		9,243		208,720
Tesco PLC		152,242		563,877

See Notes to Financial Statements.

PGIM QMA International Equity Fund 23

Schedule of Investments (continued)

as of October 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
United Kingdom (cont’d.)
Unilever PLC		40,752	$	2,174,299
Vodafone Group PLC		697,359		1,029,683
WPP PLC		83,348		1,201,299
				18,574,185
United States     1.4%
Ferguson PLC		13,213		1,984,147
JBS SA		195,200		1,354,758
Schneider Electric SE		594		102,562
				3,441,467
TOTAL COMMON STOCKS (cost $214,737,098)				245,125,169
EXCHANGE-TRADED FUND     1.0%
United States
iShares MSCI EAFE ETF (cost $2,559,679)		31,600		2,543,484
PREFERRED STOCKS     0.8%
Brazil     0.5%
Cia Energetica de Minas Gerais (PRFC)		266,900		605,323
Cia Paranaense de Energia (PRFC B)		232,000		244,176
Petroleo Brasileiro SA (PRFC)		120,400		581,328
				1,430,827
Germany     0.1%
Sartorius AG (PRFC)		248		161,722
South Korea     0.2%
Samsung Electronics Co. Ltd. (PRFC)		7,571		416,032
TOTAL PREFERRED STOCKS (cost $1,777,939)				2,008,581

See Notes to Financial Statements.

24

Description						Units		Value
WARRANTS*     0.0%
Malaysia
Comfort Glove Bhd, expiring 06/26/26
(cost $0)							57,420	$	3,328
TOTAL LONG-TERM INVESTMENTS (cost $219,074,716)									249,680,562
						Shares
SHORT-TERM INVESTMENTS     1.3%
AFFILIATED MUTUAL FUNDS     1.1%
PGIM Core Ultra Short Bond Fund(wa)							1,978,232		1,978,232
PGIM Institutional Money Market Fund (cost $691,865; includes $691,840 of cash collateral for securities on loan)(b)(wa)							692,280		691,865
TOTAL AFFILIATED MUTUAL FUNDS (cost $2,670,097)									2,670,097
	Interest Rate			Maturity Date		Principal Amount (000)#
U.S. TREASURY OBLIGATION(k)(n)     0.2%
U.S. Treasury Bills (cost $549,979)		0.036	%		12/09/21		550		549,961
TOTAL SHORT-TERM INVESTMENTS (cost $3,220,076)									3,220,058
TOTAL INVESTMENTS 99.2% (cost $222,294,792)									252,900,620
Other assets in excess of liabilities(z) 0.8%									2,032,927
NET ASSETS 100.0%								$	254,933,547

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

USD—US Dollar

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

See Notes to Financial Statements.

PGIM QMA International Equity Fund 25

Schedule of Investments (continued)

as of October 31, 2021

PRFC—Preference Shares

REITs—Real Estate Investment Trust

SDR—Sweden Depositary Receipt

UTS—Unit Trust Security

* Non-income producing security.

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

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $630,450; cash collateral of $691,840 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

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

(n) Rate shown reflects yield to maturity at purchased date.

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

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

Futures contracts outstanding at October 31, 2021:

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
	Long Positions:
	27	Mini MSCI EAFE Index		Dec. 2021	$	3,158,460		$	(34,824	)
	34	Mini MSCI Emerging Markets Index		Dec. 2021		2,145,400			(46,721	)
								$	(81,545	)

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
Goldman Sachs & Co. LLC		$	—	��		$549,962

Fair Value Measurements:

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

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

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

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

See Notes to Financial Statements.

26

The following is a summary of the inputs used as of October 31, 2021 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Australia		$              —		$  10,789,047	$—
Austria		—		1,491,156	—
Belgium		—		493,703	—
Brazil		2,465,663		—	—
Canada		15,927,188		—	—
Chile		332,771		—	—
China		132,243		25,950,623	—
Denmark		—		3,873,334	—
Finland		—		2,500,321	—
France		—		16,445,956	—
Germany		—		12,847,667	—
Hong Kong		—		3,492,545	—
India		—		7,811,804	—
Indonesia		—		1,053,359	—
Ireland		—		157,853	—
Israel		—		130,468	—
Italy		—		3,384,137	—
Japan		—		38,245,196	—
Luxembourg		—		3,038,141	—
Malaysia		—		555,523	—
Malta		—		892,820	—
Mexico		516,188		—	—
Netherlands		—		11,283,416	—
Nigeria		—		286,630	—
Norway		—		378,967	—
Pakistan		—		488,440	—
Poland		—		439,494	—
Portugal		—		106,261	—
Qatar		—		1,324,153	—
Russia		—		5,338,880	—
Saudi Arabia		—		344,229	—
Singapore		—		2,382,059	—
South Africa		—		890,236	—
South Korea		—		11,016,863	—
Spain		—		1,642,721	—
Sweden		—		4,757,573	—
Switzerland		—		14,125,816	—
Taiwan		—		12,334,543	—
Thailand		—		115,586	—
Turkey		—		2,709,047	—
Ukraine		—		237,251	—
United Arab Emirates		—		379,646	—
United Kingdom		—		18,574,185	—
United States		1,354,758		2,086,709	—

See Notes to Financial Statements.

PGIM QMA International Equity Fund 27

Schedule of Investments (continued)

as of October 31, 2021

	Level 1			Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Exchange-Traded Fund
United States	$	2,543,484		$	—	$—
Preferred Stocks
Brazil		1,430,827			—	—
Germany		—			161,722	—
South Korea		—			416,032	—
Warrants
Malaysia		3,328			—	—
Short-Term Investments
Affiliated Mutual Funds		2,670,097			—	—
U.S. Treasury Obligation		—			549,961	—
Total	$	27,376,547		$	225,524,073	$—
Other Financial Instruments*
Liabilities
Futures Contracts	$	(81,545	)	$	—	$—

* 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, 2021 were as follows (unaudited):

Banks	11.6	%
Pharmaceuticals	6.2
Semiconductors & Semiconductor Equipment	5.2
Oil, Gas & Consumable Fuels	5.1
Metals & Mining	4.5
Insurance	4.1
Trading Companies & Distributors	2.9
Capital Markets	2.9
Specialty Retail	2.6
IT Services	2.5
Tobacco	2.5
Technology Hardware, Storage & Peripherals	2.5
Automobiles	2.3
Electric Utilities	2.2
Media	2.2
Food Products	2.0
Textiles, Apparel & Luxury Goods	1.7

Auto Components	1.7	%
Personal Products	1.7
Food & Staples Retailing	1.6
Building Products	1.6
Marine	1.5
Wireless Telecommunication Services	1.5
Chemicals	1.4
Household Durables	1.3
Machinery	1.3
Professional Services	1.3
Health Care Equipment & Supplies	1.3
Real Estate Management & Development	1.3
Diversified Telecommunication Services	1.2
Software	1.2
Internet & Direct Marketing Retail	1.2

See Notes to Financial Statements.

28

Industry Classification (continued):

Affiliated Mutual Funds (0.3% represents investments purchased with collateral from securities on loan)	1.1	%
Industrial Conglomerates	1.0
Health Care Providers & Services	1.0
Construction Materials	1.0
Exchange-Traded Fund	1.0
Equity Real Estate Investment Trusts (REITs)	1.0
Electronic Equipment, Instruments & Components	0.9
Hotels, Restaurants & Leisure	0.9
Air Freight & Logistics	0.9
Interactive Media & Services	0.8
Leisure Products	0.7
Life Sciences Tools & Services	0.7
Electrical Equipment	0.7
Beverages	0.5
Paper & Forest Products	0.4
Water Utilities	0.3
Diversified Financial Services	0.3

Multi-Utilities	0.2	%
Entertainment	0.2
U.S. Treasury Obligation	0.2
Commercial Services & Supplies	0.2
Communications Equipment	0.2
Multiline Retail	0.2
Independent Power & Renewable Electricity Producers	0.2
Transportation Infrastructure	0.1
Diversified Consumer Services	0.1
Gas Utilities	0.1
Construction & Engineering	0.1
Household Products	0.1
	99.2
Other assets in excess of liabilities	0.8
	100.0	%

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

The Fund invested in derivative instruments during the reporting period. The primary 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 Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of October 31, 2021 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
Equity contracts		—		$	—	Due from/to broker-variation margin futures		$	81,545	*

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

See Notes to Financial Statements.

PGIM QMA International Equity Fund 29

Schedule of Investments (continued)

as of October 31, 2021

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 2021 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Equity contracts	$53,301
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Equity contracts	$(81,545)

For the year ended October 31, 2021, the Fund’s average volume of derivative activities is as follows:

Futures

Contracts—

Long

Positions(1)

$4,315,315

(1) Notional Amount in USD.

Average volume is based on average quarter end balances as noted for the year ended October 31, 2021.

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

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

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized             Assets/(Liabilities)			Collateral Pledged/(Received)(1)				Net Amount
Securities on Loan		$	630,450		$	(630,450	)		$	—

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

See Notes to Financial Statements.

30

Statement of Assets and Liabilities

as of October 31, 2021

Assets
Investments at value, including securities on loan of $630,450:
Unaffiliated investments (cost $219,624,695)	$	250,230,523
Affiliated investments (cost $2,670,097)		2,670,097
Foreign currency, at value (cost $791,641)		789,993
Receivable for investments sold		11,053,983
Tax reclaim receivable		719,026
Dividends receivable		570,501
Receivable for Fund shares sold		117,003
Prepaid expenses		2,561
Total Assets		266,153,687
Liabilities
Payable for investments purchased		9,705,929
Payable to broker for collateral for securities on loan		691,840
Accrued expenses and other liabilities		191,183
Foreign capital gains tax liability accrued		187,739
Payable for Fund shares purchased		161,174
Management fee payable		133,198
Affiliated transfer agent fee payable		62,610
Distribution fee payable		46,856
Due to broker—variation margin futures		38,627
Directors’ fees payable		984
Total Liabilities		11,220,140
Net Assets	$	254,933,547
Net assets were comprised of:
Common stock, at par	$	296
Paid-in capital in excess of par		201,091,327
Total distributable earnings (loss)		53,841,924
Net assets, October 31, 2021	$	254,933,547

See Notes to Financial Statements.

PGIM QMA International Equity Fund 31

Statement of Assets and Liabilities

as of October 31, 2021

Class A
Net asset value and redemption price per share, ($176,479,220 ÷ 20,538,471 shares of common stock issued and outstanding)	$	8.59
Maximum sales charge (5.50% of offering price)		0.50
Maximum offering price to public	$	9.09
Class C
Net asset value, offering price and redemption price per share, ($2,335,097 ÷ 287,371 shares of common stock issued and outstanding)	$	8.13
Class Z
Net asset value, offering price and redemption price per share, ($16,561,602 ÷ 1,906,959 shares of common stock issued and outstanding)	$	8.68
Class R6
Net asset value, offering price and redemption price per share, ($59,557,628 ÷ 6,843,110 shares of common stock issued and outstanding)	$	8.70

See Notes to Financial Statements.

32

Statement of Operations

Year Ended October 31, 2021

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $826,530 foreign withholding tax)	$	8,343,894
Income from securities lending, net (including affiliated income of $1,062)		31,656
Affiliated dividend income		3,711
Total income		8,379,261
Expenses
Management fee		1,759,233
Distribution fee(a)		554,691
Transfer agent’s fees and expenses (including affiliated expense of $318,999)(a)		631,034
Custodian and accounting fees		184,253
Registration fees(a)		52,988
Shareholders’ reports		33,431
Audit fee		32,133
Legal fees and expenses		20,523
Directors’ fees		12,451
Miscellaneous		80,140
Total expenses		3,360,877
Less: Fee waiver and/or expense reimbursement(a)		(304,262	)
Net expenses		3,056,615
Net investment income (loss)		5,322,646
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $387) (net of foreign capital gains taxes $(258,359))		30,675,370
Futures transactions		53,301
Foreign currency transactions		(40,423	)
		30,688,248
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(883)) (net of change in foreign capital gains taxes $(187,739))		16,340,204
Futures		(81,545	)
Foreign currencies		(25,514	)
		16,233,145
Net gain (loss) on investment and foreign currency transactions		46,921,393
Net Increase (Decrease) In Net Assets Resulting From Operations	$	52,244,039

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

	Class A			Class C			Class Z			Class R6
Distribution fee		530,252			24,439			—			—
Transfer agent’s fees and expenses		592,074			8,950			28,207			1,803
Registration fees		17,147			11,218			11,468			13,155
Fee waiver and/or expense reimbursement		(217,998	)		(3,014	)		(21,497	)		(61,753	)

See Notes to Financial Statements.

PGIM QMA International Equity Fund 33

Statements of Changes in Net Assets

	Year Ended October 31,
	2021				2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	5,322,646			$	3,174,147
Net realized gain (loss) on investment and foreign currency transactions			30,688,248				(4,689,465	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			16,233,145				(8,409,553	)
Net increase (decrease) in net assets resulting from operations			52,244,039				(9,924,871	)
Dividends and Distributions
Distributions from distributable earnings
Class A			(2,396,047	)			(4,101,945	)
Class B			—				(14,282	)
Class C			(9,676	)			(50,447	)
Class Z			(272,737	)			(386,163	)
Class R6			(439,796	)			(550,823	)
			(3,118,256	)			(5,103,660	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold			61,325,609				37,395,853
Net asset value of shares issued in reinvestment of dividends and distributions			3,075,128				5,027,591
Cost of shares purchased			(40,318,009	)			(42,989,953	)
Net increase (decrease) in net assets from Fund share transactions			24,082,728				(566,509	)
Total increase (decrease)			73,208,511				(15,595,040	)
Net Assets:
Beginning of year			181,725,036				197,320,076
End of year		$	254,933,547			$	181,725,036

See Notes to Financial Statements.

34

Financial Highlights

Class A Shares
				Year Ended October 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$6.74			$7.19			$6.96			$7.95			$6.48
Income (loss) from investment operations:
Net investment income (loss)		0.18			0.11			0.15			0.16			0.11
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.78			(0.39	)		0.28			(1.00	)		1.49
Total from investment operations		1.96			(0.28	)		0.43			(0.84	)		1.60
Less Dividends and Distributions:
Dividends from net investment income		(0.11	)		(0.17	)		(0.17	)		(0.15	)		(0.13	)
Distributions from net realized gains		-			-			(0.03	)		-			-
Total dividends and distributions		(0.11	)		(0.17	)		(0.20	)		(0.15	)		(0.13	)
Net asset value, end of year		$8.59			$6.74			$7.19			$6.96			$7.95
Total Return(b):		29.28	%		(4.07	)%		6.53	%		(10.81	)%		25.17	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$176,479			$147,445			$173,103			$171,326			$207,626
Average net assets (000)		$176,751			$156,952			$172,031			$200,255			$192,517
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.43	%		1.47	%		1.48	%		1.34	%		1.58	%
Expenses before waivers and/or expense reimbursement		1.55	%		1.64	%		1.62	%		1.47	%		1.59	%
Net investment income (loss)		2.12	%		1.58	%		2.19	%		2.08	%		1.62	%
Portfolio turnover rate(e)		104	%		128	%		94	%		114	%		105	%

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

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

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

(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) The Fund’s 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 Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM QMA International Equity Fund 35

Financial Highlights (continued)

Class C Shares
				Year Ended October 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$6.38			$6.86			$6.64			$7.60			$6.20
Income (loss) from investment operations:
Net investment income (loss)		0.07			0.02			0.07			0.10			0.06
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.71			(0.38	)		0.30			(0.97	)		1.43
Total from investment operations		1.78			(0.36	)		0.37			(0.87	)		1.49
Less Dividends and Distributions:
Dividends from net investment income		(0.03	)		(0.12	)		(0.12	)		(0.09	)		(0.09	)
Distributions from net realized gains		-			-			(0.03	)		-			-
Total dividends and distributions		(0.03	)		(0.12	)		(0.15	)		(0.09	)		(0.09	)
Net asset value, end of year		$8.13			$6.38			$6.86			$6.64			$7.60
Total Return(b):		27.89	%		(5.42	)%		5.77	%		(11.52	)%		24.33	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$2,335			$2,381			$2,928			$12,530			$16,661
Average net assets (000)		$2,444			$2,640			$7,163			$15,626			$15,736
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		2.61	%		2.81	%		2.25	%		2.10	%		2.32	%
Expenses before waivers and/or expense reimbursement		2.73	%		2.98	%		2.39	%		2.23	%		2.33	%
Net investment income (loss)		0.84	%		0.24	%		1.09	%		1.32	%		0.86	%
Portfolio turnover rate(e)		104	%		128	%		94	%		114	%		105	%

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

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

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

(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) The Fund’s 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 Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

36

Class Z Shares
				Year Ended October 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$6.81			$7.26			$7.02			$8.02			$6.54
Income (loss) from investment operations:
Net investment income (loss)		0.22			0.13			0.18			0.19			0.11
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.79			(0.37	)		0.29			(1.02	)		1.52
Total from investment operations		2.01			(0.24	)		0.47			(0.83	)		1.63
Less Dividends and Distributions:
Dividends from net investment income		(0.14	)		(0.21	)		(0.20	)		(0.17	)		(0.15	)
Distributions from net realized gains		-			-			(0.03	)		-			-
Total dividends and distributions		(0.14	)		(0.21	)		(0.23	)		(0.17	)		(0.15	)
Net asset value, end of year		$8.68			$6.81			$7.26			$7.02			$8.02
Total Return(b):		29.85	%		(3.61	)%		7.05	%		(10.59	)%		25.46	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$16,562			$13,062			$14,753			$13,901			$17,344
Average net assets (000)		$17,429			$12,955			$13,815			$17,055			$21,567
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.01	%		1.09	%		1.03	%		1.00	%		1.31	%
Expenses before waivers and/or expense reimbursement		1.13	%		1.26	%		1.17	%		1.13	%		1.32	%
Net investment income (loss)		2.60	%		1.97	%		2.58	%		2.44	%		1.57	%
Portfolio turnover rate(e)		104	%		128	%		94	%		114	%		105	%

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

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

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

(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) The Fund’s 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 Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM QMA International Equity Fund 37

Financial Highlights (continued)

Class R6 Shares
	Year Ended October 31,												December 28, 2016(a) through October 31, 2017
	2021			2020			2019			2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$6.83			$7.27			$7.03			$8.04			$6.32
Income (loss) from investment operations:
Net investment income (loss)		0.25			0.16			0.21			0.21			0.15
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.78			(0.38	)		0.27			(1.03	)		1.57
Total from investment operations		2.03			(0.22	)		0.48			(0.82	)		1.72
Less Dividends and Distributions:
Dividends from net investment income		(0.16	)		(0.22	)		(0.21	)		(0.19	)		-
Distributions from net realized gains		-			-			(0.03	)		-			-
Total dividends and distributions		(0.16	)		(0.22	)		(0.24	)		(0.19	)		-
Net asset value, end of period		$8.70			$6.83			$7.27			$7.03			$8.04
Total Return(c):		29.96	%		(3.26	)%		7.33	%		(10.43	)%		27.22	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$59,558			$18,837			$5,487			$36,552			$39,379
Average net assets (000)		$37,941			$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	%		0.78	%		0.95	%(f)
Expenses before waivers and/or expense reimbursement		0.94	%		1.05	%		0.95	%		0.95	%		0.99	%(f)
Net investment income (loss)		2.92	%		2.33	%		3.06	%		2.61	%		2.45	%(f)
Portfolio turnover rate(g)		104	%		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 GAAP. Total returns for periods less than one full year are not annualized.

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

(e) Effective August 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 Fund’s 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 Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

38

Notes to Financial Statements

1.    Organization

Prudential World Fund, Inc. (the “Registered Investment Company” or “RIC”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The RIC is organized as a Maryland Corporation and currently consists of seven separate funds: PGIM Emerging Markets Debt Hard Currency Fund, PGIM Emerging Markets Debt Local Currency Fund, 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. These financial statements relate only to the PGIM QMA International Equity Fund (the “Fund”). The Fund is classified as a diversified fund for purposes of the 1940 Act.

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

2.    Accounting Policies

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

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Fund’s investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC’s Board of 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 Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. A record of the Valuation Committee’s actions is subject to the Board’s review at its first quarterly meeting following the quarter in which such actions take place.

PGIM QMA International Equity Fund 39

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

Various inputs determine how the Fund’s investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the 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 Fund 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

40

classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.

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

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

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

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

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

Financial Futures Contracts: A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Fund is required to pledge to the broker

PGIM QMA International Equity Fund 41

Notes to Financial Statements (continued)

an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the “initial margin.” Subsequent payments, known as “variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in the value of the underlying security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

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

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

Warrants: The Fund held warrants acquired either through a direct purchase or pursuant to corporate actions. Warrants 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 warrants are held as long positions by the Fund until exercised, sold or expired. Warrants are valued at fair value in accordance with the Board approved fair valuation procedures.

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

42

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

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

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

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

PGIM QMA International Equity Fund 43

Notes to Financial Statements (continued)

The Fund 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 Fund 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 Fund 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 Fund is included in either Other liabilities or Deferred tax liability on the accompanying Statement of Assets and Liabilities.

Dividends and Distributions: The Fund 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 GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.

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

3.    Agreements

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

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

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.75% of the Fund’s average daily net assets up to $2 billion, 0.70% of the next $3 billion and 0.69% of the Fund’s 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, 2021.

44

The Manager has contractually agreed, through February 28, 2023, 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 Fund expenses such as dividend and interest expense and broker charges on short sales.

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager 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 RIC, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class C, Class Z and Class R6 shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A and Class C shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS.

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

For the year ended October 31, 2021, PIMS received $45,931 in front-end sales charges resulting from sales of Class A shares. Additionally, for the year ended October 31, 2021, PIMS received $500 and $51 in contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders, respectively. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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

4.     Other Transactions with Affiliates

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

PGIM QMA International Equity Fund 45

Notes to Financial Statements (continued)

The Fund 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 fund of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund and the Money Market Fund. 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 Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the year ended October 31, 2021, no 17a-7 transactions were entered into by the Fund.

5.     Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the year ended October 31, 2021, were $256,137,345 and $234,553,613, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended October 31, 2021, 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
Short-Term Investments - Affiliated Mutual Funds:
PGIM Core Ultra Short Bond Fund (1)(wa)
	$	—		$	77,541,280		$	75,563,048		$	—			$	—		$	1,978,232		1,978,232		$	3,711
PGIM Institutional Money Market Fund (1)(b)(wa)
		2,142,391			44,060,235			45,510,265			(883	)			387			691,865		692,280			1,062	(2)
	$	2,142,391		$	121,601,515		$	121,073,313		$	(883	)		$	387		$	2,670,097				$	4,773

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

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

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

46

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

6.     Distributions and Tax Information

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date.

For the year ended October 31, 2021, the tax character of dividends paid by the Fund was $3,118,256 of ordinary income. For the year ended October 31, 2020, the tax character of dividends paid by the Fund was $5,103,660 of ordinary income.

As of October 31, 2021, the accumulated undistributed earnings on a tax basis were $5,897,249 of ordinary income and $18,404,639 of long-term capital gains.

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of October 31, 2021 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$223,279,039	$42,659,684	$(13,119,648)	$29,540,036

The difference between GAAP and tax basis were primarily due to deferred losses on wash sales, investments in passive foreign investment companies and other cost basis differences between financial and tax accounting.

The Fund utilized approximately $11,135,000 of its capital loss carryforward to offset net taxable gains realized in the fiscal year ended October 31, 2021.

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2021 are subject to such review.

7.     Capital and Ownership

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

PGIM QMA International Equity Fund 47

Notes to Financial Statements (continued)

within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately eight years (ten years prior to January 22, 2021) after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

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

The RIC is authorized to issue 10,225,000,000 shares of common stock, $0.00001 par value per share, 700,000,000 of which are designated as shares of the Fund. The authorized shares of the Fund are currently 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 Fund currently does not have any Class B or Class T shares outstanding.

As of October 31, 2021, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

	Number of Shares	Percentage of Outstanding Shares
Class A	25,997	0.1%
Class Z	59,594	3.1%
Class R6	4,151,316	60.7%

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

Affiliated		Unaffiliated
Number of Shareholders	Percentage of Outstanding Shares	Number of Shareholders	Percentage of Outstanding Shares
1	14.2%	2	28.6%

48

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Year ended October 31, 2021:
Shares sold		522,326		$	4,350,877
Shares issued in reinvestment of dividends and distributions		303,876			2,355,040
Shares purchased		(2,142,395	)		(17,663,059	)
Net increase (decrease) in shares outstanding before conversion		(1,316,193	)		(10,957,142	)
Shares issued upon conversion from other share class(es)		76,135			638,374
Shares purchased upon conversion into other share class(es)		(83,956	)		(687,747	)
Net increase (decrease) in shares outstanding		(1,324,014	)	$	(11,006,515	)
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 purchased		(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 purchased upon conversion into other share class(es)		(115,083	)		(742,300	)
Net increase (decrease) in shares outstanding		(2,211,979	)	$	(14,632,070	)
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 purchased		(11,027	)		(74,364	)
Net increase (decrease) in shares outstanding before conversion		(7,876	)		(52,028	)
Shares purchased upon conversion into other share class(es)		(145,104	)		(906,295	)
Net increase (decrease) in shares outstanding		(152,980	)	$	(958,323	)
Class C
Year ended October 31, 2021:
Shares sold		63,864		$	500,477
Shares issued in reinvestment of dividends and distributions		1,308			9,676
Shares purchased		(78,344	)		(603,675	)
Net increase (decrease) in shares outstanding before conversion		(13,172	)		(93,522	)
Shares purchased upon conversion into other share class(es)		(72,437	)		(578,256	)
Net increase (decrease) in shares outstanding		(85,609	)	$	(671,778	)
Year ended October 31, 2020:
Shares sold		40,927		$	274,529
Shares issued in reinvestment of dividends and distributions		7,008			49,758
Shares purchased		(78,307	)		(518,507	)
Net increase (decrease) in shares outstanding before conversion		(30,372	)		(194,220	)
Shares purchased upon conversion into other share class(es)		(23,655	)		(154,655	)
Net increase (decrease) in shares outstanding		(54,027	)	$	(348,875	)

PGIM QMA International Equity Fund 49

Notes to Financial Statements (continued)

Class Z	Shares			Amount
Year ended October 31, 2021:
Shares sold		775,378		$	6,613,085
Shares issued in reinvestment of dividends and distributions		34,694			270,616
Shares purchased		(312,006	)		(2,648,533	)
Net increase (decrease) in shares outstanding before conversion		498,066			4,235,168
Shares issued upon conversion from other share class(es)		77,788			642,192
Shares purchased upon conversion into other share class(es)		(587,122	)		(5,149,861	)
Net increase (decrease) in shares outstanding		(11,268	)	$	(272,501	)
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 purchased		(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 purchased upon conversion into other share class(es)		(4,131	)		(24,558	)
Net increase (decrease) in shares outstanding		(113,243	)	$	(702,396	)
Class R6
Year ended October 31, 2021:
Shares sold		5,725,833		$	49,861,170
Shares issued in reinvestment of dividends and distributions		56,384			439,796
Shares purchased		(2,282,912	)		(19,402,742	)
Net increase (decrease) in shares outstanding before conversion		3,499,305			30,898,224
Shares issued upon conversion from other share class(es)		584,743			5,135,298
Net increase (decrease) in shares outstanding		4,084,048		$	36,033,522
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 purchased		(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

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

8.     Borrowings

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

	Current SCA	Prior SCA
Term of Commitment	10/1/2021 – 9/29/2022	10/2/2020 – 9/30/2021
Total Commitment	$ 1,200,000,000	$ 1,200,000,000

50

	Current SCA	Prior SCA
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	1.30% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent

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

The Fund utilized the SCA during the year ended October 31, 2021. The average daily balance for the 39 days that the Fund had loans outstanding during the period was approximately $953,436, borrowed at a weighted average interest rate of 1.42%. The maximum loan outstanding amount during the period was $4,989,000. At October 31, 2021, the Fund did not have an outstanding loan amount.

9.     Risks of Investing in the Fund

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

Active Trading Risk: The Fund actively and frequently trades its portfolio securities. High portfolio turnover results in higher transaction costs, which can affect the Fund’s performance and have adverse tax consequences. In addition, high portfolio turnover may also mean that a proportionately greater amount of distributions to shareholders will be taxed as ordinary income rather than long-term capital gains compared to investment companies with lower portfolio turnover.

Core Style Risk: The Fund’s core investment style may subject the Fund to risks of both value and growth investing. The portion of the Fund’s portfolio that makes investments pursuant to a growth strategy may be subject to above-average fluctuations as a result of seeking higher than average capital growth. The portion of the portfolio that makes investments pursuant to a value strategy may be subject to the risk that the market may not recognize a security’s intrinsic value for long periods of time or that a stock judged to be undervalued may actually be appropriately priced. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. If the Fund’s assessment of market conditions or a

PGIM QMA International Equity Fund 51

Notes to Financial Statements (continued)

company’s value is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Therefore, both styles over time go in and out of favor with the markets. At times when a style is out of favor, that portion of the portfolio may lag the other portion of the portfolio, which may cause the Fund to underperform the market in general, its benchmark and other mutual funds. Growth and value stocks have historically produced similar long-term results, though each category has periods when it outperforms the other.

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

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

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

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

Equity and Equity-Related Securities Risk: Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. In addition to an individual security losing value, the value of the equity markets or a

52

sector in which the Fund invests could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

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

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

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

Illiquid Investments Risk: The Fund may invest in instruments that trade in lower volumes and may make investments that may be less liquid than other investments. Illiquid investments risk exists when particular investments made by the Fund are difficult to purchase or sell. The Fund may make investments that may become less liquid in response to market developments or adverse investor perceptions. If the Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments cannot be readily sold at the desired time or price, the Fund may have to accept a lower price or may not be able to sell the instrument at all. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities.

Increase in Expenses Risk: Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table in the Fund’s prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease.

PGIM QMA International Equity Fund 53

Notes to Financial Statements (continued)

Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Fund securities can increase expenses.

Investments in China Risk: Investments in China subject the Fund 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.

China has experienced security concerns, such as terrorism and strained international relations. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and the Fund’s investments. Export growth continues to be a major driver of China’s rapid economic growth. Reduction in spending on Chinese products and services, institution of additional tariffs or other trade barriers, including as a result of heightened trade tensions between China and the U.S., or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy or the Fund. For example, a series of executive orders issued between November 2020 and June 2021 prohibit the Fund from investing in certain companies identified by the U.S. government as “Chinese Military Industrial Complex Companies.” The restrictions in these executive orders may force the subadviser to sell certain positions and may restrict the Fund from future investments the subadviser deems otherwise attractive.

Chinese companies, including Chinese companies that are listed on U.S. exchanges, are not subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in more developed countries, and as a result, information about the Chinese securities in which the Fund invests may be less reliable or complete. There may be significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies and shareholders may have limited legal remedies.

Large Shareholder and Large Scale Redemption Risk: Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund’s shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund’s shareholders generally may redeem all

54

or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy. The Fund’s ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.

Management Risk: Actively managed mutual funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these techniques will produce the desired results. Additionally, the investments selected by the subadviser may underperform the markets in general, the Fund’s benchmark and other mutual funds with similar investment objectives.

Market Capitalization Risk: The Fund may invest in companies of any market capitalization. Generally, the stock prices of small- and mid-cap companies are less stable than the prices of large-cap stocks and may present greater risks. Large capitalization companies as a group could fall out of favor with the market, causing the Fund to underperform compared to investments that focus on smaller capitalized companies.

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 outbreak of COVID-19 globally in 2020 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 Fund’s 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 Fund 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

PGIM QMA International Equity Fund 55

Notes to Financial Statements (continued)

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 took effect on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Rule and its impact to the Fund.

11.     Subsequent Event

Effective December 29, 2021, the Fund’s name will change from PGIM QMA International Equity Fund to PGIM Quant Solutions International Equity Fund.

56

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, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and financial highlights for each of the two years in the period ended October 31, 2021 (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, 2021, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for each of the two years in the period ended October 31, 2021 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 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 audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits 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 audits 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 audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 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 audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

December 16, 2021

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 57

Tax Information (unaudited)

For the year ended October 31, 2021, the Fund 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		98.42%

For the year ended October 31, 2021, the Fund 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 Fund in accordance with Section 853 of the Internal Revenue Code of the following amounts: $701,618 foreign tax credit from recognized foreign source income of $9,044,335.

In January 2022, 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 2021.

58

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); formerly 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; formerly 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: 92	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).	Trustee of Equity Residential (residential real estate) (since December 2009); Director of Northern Trust Corporation (financial services) (since April 2006); formerly Director of Anixter International, Inc. (communication products distributor) (January 2006-June 2020).	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 (asset management).	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	Retired; Executive Committee of the Independent Directors Council (IDC) Board of Governors (since October 2019); Member (since November 2014) of the Governing Council of the 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: 91	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly Visiting Professor of Law, Stanford Law School (2015-2021); 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, Roku (since December 2020) (communication services); formerly Independent Director, Synnex Corporation (2019-2021) (information technology); formerly Independent Director, Kabbage, Inc. (2018-2020) (financial services); formerly Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017
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.	Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank; formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National 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: 94	President, Chief Executive Officer, Chief Operating Officer and Officer in Charge of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011); Investment Company Institute - Board of Governors (since May 2012).	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: 95	Executive Vice President (since May 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; Richard A. Redeker, 1993; Stephen G. Stoneburn, 2003; Stuart S. Parker, Board Member since 2012 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, Executive Vice President and Secretary 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 Vice President and Assistant Secretary of PGIM Investments LLC (2005-2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005

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
Dino Capasso 1974 Chief Compliance Officer	Chief Compliance Officer (since July 2019) of PGIM Investments LLC; Chief Compliance Officer (since July 2019) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM High Yield Bond Fund, Inc., and PGIM Short Duration High Yield Opportunities Fund; 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 July 2019
Andrew R. French 1962 Secretary	Vice President (since December 2018) 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
Debra Rubano 1975 Assistant Secretary	Vice President and Corporate Counsel (since November 2020) of Prudential; formerly Director and Senior Counsel of Allianz Global Investors U.S. Holdings LLC (2010-2020) and Assistant Secretary of numerous funds in the Allianz fund complex (2015-2020).	Since December 2020
Kelly A. Coyne 1968 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since March 2015

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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
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 September 2019
Deborah Conway 1969 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since September 2019
Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.	Since September 2019
Jonathan Corbett 1983 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Global Compliance Programs and Compliance Risk Management (since August 2019) of Prudential; formerly Vice President and Head of Key Risk Areas Compliance (March 2016 to July 2019), Chief Privacy Officer (March 2016 to July 2019) and Head of Global Financial Crimes Unit (April 2014 to March 2016) at MetLife.	Since October 2021

^(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, Target Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, 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 ten individuals, eight 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 June 7-10, 2021 and approved the renewal of the agreements through July 31, 2022, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

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

In approving the agreements, the Board, including the Independent Directors advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments and the subadviser, the performance of the Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund’s assets grow. In their deliberations, the Directors did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at regular Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the meetings on June 7-10, 2021.

The Directors determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a

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

PGIM QMA International Equity Fund

Approval of Advisory Agreements (continued)

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 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.

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Costs of Services and Profits Realized by PGIM Investments

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

Economies of Scale

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

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

Other Benefits to PGIM Investments and QMA

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

PGIM QMA International Equity Fund

Approval of Advisory Agreements (continued)

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, 2020.

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, 2020. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

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

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

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

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

Visit our website at pgim.com/investments

● The Board considered PGIM Investments’ assertions that it expects relative returns to improve as markets normalize. In this regard, the Board also considered that the Fund outperformed its benchmark index and peer group (ranking in the 19th percentile) for the first quarter of 2021 and that the Fund outperformed its benchmark index for the one-, five- and ten-year periods and ranked in the second quartile for the one-year period ended March 31, 2021.

● The Board noted the Fund’s recent portfolio management changes and improving performance.

● 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, 2022.

● 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 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 ● 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 ● Jonathan Corbett, Anti-Money Laundering Compliance Officer ● Andrew R. French, Secretary ● Melissa Gonzalez, Assistant Secretary ● Diana N. Huffman, Assistant Secretary ● Kelly A. Coyne, Assistant Secretary ● Patrick E. McGuinness, Assistant Secretary ● Debra Rubano, Assistant Secretary ● Lana Lomuti, Assistant Treasurer ● Russ Shupak, Assistant Treasurer ● Elyse M. McLaughlin, Assistant Treasurer ● Deborah Conway, Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street
		Newark, NJ 07102
SUBADVISER	PGIM Quantitative Solutions LLC	Gateway Center Two 100 Mulberry Street
		Newark, NJ 07102
DISTRIBUTOR	Prudential Investment	655 Broad Street
	Management Services LLC	Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street
		New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund	PO Box 9658
	Services LLC	Providence, RI 02940
INDEPENDENT REGISTERED	PricewaterhouseCoopers LLP	300 Madison Avenue
PUBLIC ACCOUNTING FIRM		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 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 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, 2021

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. © 2021 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 Local Currency Fund informative and useful. The report covers performance for the 12-month period that ended October 31, 2021.
	The global economy and markets continued to recover throughout the period from the ongoing impact of the COVID-19 pandemic. The Federal Reserve slashed interest rates and kept them near zero to encourage borrowing. Congress passed stimulus bills worth several trillion dollars to help consumers and businesses. And several effective COVID-19
vaccines received regulatory approval. Those measures were enough to offset the fear of rising inflation and supply chain challenges that threatened to disrupt growth.

At the start of the period, stocks had recovered most of the steep losses they had suffered at the onset of the pandemic. Equities rallied as states reopened their economies but became more volatile as investors worried that a surge in COVID-19 infections would stall the recovery. However, rising corporate profits and economic growth, the resolution of the US presidential election, and the global rollout of approved vaccines lifted equity markets to record levels, helping stocks around the globe post gains for the full period.

Throughout this volatile period, investors sought safety in fixed income. Investment-grade bonds in the US and the overall global bond market declined slightly during the period as the economy recovered, but emerging market debt rose. While the 10-year US Treasury yield hovered near record lows early in the period after a significant rally in interest rates, rates moved higher later on as investors began to focus on stronger economic growth and the prospects of higher inflation. The Fed also took several aggressive actions to keep the bond markets running smoothly, implementing 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 $1.5 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, 2021

PGIM Emerging Markets Debt Local Currency Fund     3

Your Fund’s Performance (unaudited)

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

	Average Annual Total Returns as of 10/31/21
	One Year (%)	Five Years (%)	Ten Years (%)
Class A
(with sales charges)	-1.13	1.24	-0.05
(without sales charges)	2.19	1.91	0.28
Class C
(with sales charges)	0.46	1.11	-0.48
(without sales charges)	1.44	1.11	-0.48
Class Z
(without sales charges)	2.63	2.18	0.61
Class R6
(without sales charges)	2.70	2.27	0.68
JP Morgan Government Bond Index-Emerging Markets Global Diversified Index
	0.84	1.96	0.37

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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 beginning of the 10-year period (October 31, 2011) and the account values at the end of the current fiscal year (October 31, 2021), 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 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 10/31/21
	Total Distributions  Paid for 12 Months ($)	SEC 30-Day  Subsidized Yield* (%)	SEC 30-Day  Unsubsidized  Yield** (%)
Class A	0.25	4.37	4.51
Class C	0.21	3.74	6.39
Class Z	0.28	4.93	4.20
Class R6	0.28	5.00	4.00

*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 10/31/21 (%)
AAA	1.6
AA	2.5
A	36.9
BBB	32.9
BB	16.4
B	3.8
CCC	0.9
Not Rated	2.7
Cash/Cash Equivalents	2.3
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 an 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 2.63% in the 12-month reporting period that ended October 31, 2021, outperforming the 0.84% return of the JP Morgan Government Bond Index–Emerging Markets Global Diversified Index (the Index).

What were the market conditions?

^· Following 2020’s abrupt sell-off and subsequent strong recovery, the first 10 months of 2021 produced mixed results for emerging market debt. As economies responded to the unprecedented monetary and fiscal stimulus programs, investor appetite for risk assets generally remained strong, and credit spreads continued to decline as higher beta countries’ yield levels brought investors searching for yields. (Higher beta means having more risk than the market in general.) However, rising inflation concerns entering 2021 resulted in higher US Treasury rates, which weighed on performance as markets priced in the stronger-than-anticipated US growth and the impact that fiscal stimulus and monetary policy would have on longer-term inflation dynamics.

^· In the first quarter of 2021, local rates produced negative returns, driven by a bear steepening (i.e., interest rates on long-term bonds rising faster than rates on short-term bonds) of the US yield curve and aggressive rate hikes by select emerging market central banks. (A yield curve is a line graph that illustrates the relationship between the yields and maturities of fixed income securities. It is created by plotting the yields of different maturities for the same type of bonds.) Higher energy and food prices, along with the depreciation of many emerging market currencies, put additional pressure on the front, or short-term, end of yield curves. Meanwhile, emerging market currencies declined on the back of the US and global yield curve steepening and a slowdown in emerging market local inflows. A slower-than-expected COVID-19 vaccine administration in the European Union and virus flare-ups across Latin America also contributed to emerging market currency weakness.

^· The emerging market debt sector then benefited from renewed momentum in the second quarter of 2021. Local rates and emerging market currencies recovered on a weaker US dollar and a shifting focus from US growth to growth momentum in the rest of the world. However, the outlook for local rates grew less clear following the June Federal Open Market Committee meeting, with uncertainty around the timing of the Federal Reserve’s (the Fed’s) tapering of its monthly bond purchases requiring an extra risk premium while becoming more vulnerable to currency depreciation.

^· In the third quarter of 2021, emerging market debt performance was mixed against the backdrop of growing concerns around a regulatory crackdown in China, the potential for economic slowdowns triggered by the COVID-19 Delta variant, and contagion from the China property sector. In the final week of August, markets were buoyed by supportive economic measures from China and a dovish tone from Fed Chairman Jerome Powell, who clearly differentiated a rate-hiking cycle from a tapering of bond purchases, making it clear that conditions needed for raising the federal

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funds rate would be more stringent than those needed for tapering. Most local rate markets witnessed a relief rally in July and August before underperforming in September due, in part, to high inflation prints and continued central bank hawkishness. Emerging market currencies saw a continuation of declines in July and the first three weeks of August, with commodity and cyclical currencies underperforming, but rallied after Powell failed to provide a timeline for tapering at the Fed’s Jackson Hole Economic Symposium. Emerging market currencies then weakened in September amid concerns over slowing global growth, an uncertain Fed policy, and inflation in both developed and emerging economies.

^· Over the last month of the reporting period, most emerging market countries outside of Asia continued to underperform, in part due to high inflation prints and central bank hawkishness. Meanwhile, emerging market currencies saw a soft rebound in October 2021 versus the US dollar on higher commodities and lower US real yields.

What worked?

^· Overall country selection and issue selection both contributed to the Fund’s performance over the reporting period. Long duration positioning in Indonesia sovereign bonds—along with short duration positioning in South Africa, Brazil, and Colombia sovereign bonds—contributed to performance. Sovereign bond positioning in Mexico, South Africa, and Brazil also contributed. (Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates.)

^· The Fund’s allocation to out-of-Index hard currency bonds was also positive, with positioning in Angola, Mexico, Gabon, and South Africa sovereign bonds contributing to returns.

^· Overall currency selection was positive, with overweight positioning to the Russian ruble, Turkish lira, Mexican peso, and Indonesian rupiah relative to the Index contributing.

What didn’t work?

^· Long duration positioning in Russia, Mexico, Turkey, and South Korea sovereign bonds detracted from the Fund’s returns over the reporting period.

^· Sovereign bond positioning in Indonesia, Malaysia, and Poland also detracted from performance.

^· Within currencies, underweight positioning in the South African rand and Colombian peso, along with overweight positioning in the Brazilian real, relative to the Index detracted from returns.

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 contributed to relative performance. The Fund also used futures and interest rate swaps,

PGIM Emerging Markets Debt Local Currency Fund     9

Strategy and Performance Overview (continued)

in part, to help manage duration and yield curve exposure, which collectively had a negative impact on performance.

Current outlook

^· While PGIM Fixed Income continues to expect differentiated performance across both emerging market debt sectors and issuers, given a post-Delta variant recovery in the growth outlook, some relief from supply-chain backlogs, and the near-term avoidance of a Fed policy mistake, its base case is that emerging market debt assets should, at worst, move sideways. Emerging market growth will slow in 2022, in PGIM Fixed Income’s view, due to fiscal, political, and China headwinds, making bottom-up fundamental credit selection all the more critical.

^· Emerging market hard currency assets remain PGIM Fixed Income’s highest conviction, as it continues to emphasize a “barbell,” consisting of overweight positioning to front-end/higher-yielding credits and long-end/higher-quality credits to ensure it has the right mix of assets that can potentially perform well in varying market scenarios.

^· In local bonds, PGIM Fixed Income’s base case is that dispersion in countries will continue and that it is too early for emerging market central banks to become less hawkish. That said, given the recent repricing of emerging market rates, it is looking for signals to become more constructive.

^· PGIM Fixed Income believes the bar is high for emerging market currencies to see sustained strength as the Fed begins to taper its asset purchases and global growth slows.

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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, 2021. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Emerging Markets Debt Local Currency Fund     11

Fees and Expenses (continued)

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

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

PGIM Emerging Markets Debt Local Currency Fund		Beginning         Account Value          May 1, 2021	Ending Account Value         October 31, 2021	Annualized Expense Ratio Based on the     Six-Month Period	Expenses Paid During the   Six-Month Period*
Class A	Actual	$1,000.00	$   972.00	1.13%	$5.62
	Hypothetical	$1,000.00	$1,019.51	1.13%	$5.75
Class C	Actual	$1,000.00	$   968.70	1.88%	$9.33
	Hypothetical	$1,000.00	$1,015.73	1.88%	$9.55
Class Z	Actual	$1,000.00	$   972.70	0.72%	$3.58
	Hypothetical	$1,000.00	$1,021.58	0.72%	$3.67
Class R6	Actual	$1,000.00	$   974.80	0.65%	$3.24
	Hypothetical	$1,000.00	$1,021.93	0.65%	$3.31

*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, 2021, and divided by the 365 days in the Fund’s fiscal year ended October 31, 2021 (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, 2021

Description	Interest     Rate		Maturity Date		Principal Amount (000)#			Value
LONG-TERM INVESTMENTS     95.9%
CORPORATE BONDS     7.4%
Brazil     0.3%
JSM Global Sarl,  Gtd. Notes, 144A		4.750%		10/20/30			200	$	190,300
Jamaica     0.4%
Digicel Ltd.,  Gtd. Notes		6.750		03/01/23			235		227,267
Malaysia     0.4%
Gohl Capital Ltd.,  Gtd. Notes		4.250		01/24/27			200		207,698
Mexico     1.9%
America Movil SAB de CV,  Sr. Unsec’d. Notes		6.450		12/05/22		MXN	14,250		689,066
Petroleos Mexicanos,
Gtd. Notes		6.490		01/23/27			55		58,526
Gtd. Notes		6.500		03/13/27			80		85,280
Gtd. Notes, MTN		6.875		08/04/26			195		212,954
									1,045,826
Russia     2.2%
Gazprom Capital OOO,
Gtd. Notes, Series BO03		7.150(cc)		02/15/28		RUB	45,000		608,188
Gtd. Notes, Series BO05		8.900(cc)		02/03/27		RUB	42,000		600,698
									1,208,886
South Africa     0.7%
Eskom Holdings SOC Ltd.,  Sr. Unsec’d. Notes, 144A, MTN		6.750		08/06/23			200		206,553
Sasol Financing USA LLC,  Gtd. Notes		5.875		03/27/24			200		211,094
									417,647
Supranational Bank     1.5%
European Bank for Reconstruction & Development,
Sr. Unsec’d. Notes, EMTN		7.500		05/15/22		IDR	900,000		64,490
Sr. Unsec’d. Notes, GMTN		6.450		12/13/22		IDR	7,500,000		540,504

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund    13

Schedule of Investments  (continued)

as of October 31, 2021

Description	Interest     Rate		Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
Supranational Bank (cont’d.)
European Investment Bank,
Sr. Unsec’d. Notes, EMTN		12.576%(s)		09/05/22		TRY	1,260	$	114,288
Sr. Unsec’d. Notes, EMTN		3.000		05/24/24		PLN	600		152,853
									872,135
TOTAL CORPORATE BONDS  (cost $4,500,122)									4,169,759
FOREIGN TREASURY OBLIGATION     1.1%
Brazil
Brazil Letras do Tesouro Nacional,  (cost $700,637)		6.144(s)		01/01/24		BRL	4,318		595,330
SOVEREIGN BONDS     87.4%
Angola     0.8%
Angolan Government International Bond,  Sr. Unsec’d. Notes		9.500		11/12/25			400		433,555
Argentina     0.6%
Argentine Republic Government International Bond,  Sr. Unsec’d. Notes		0.500(cc)		07/09/30			466		159,611
Sr. Unsec’d. Notes		1.000		07/09/29			24		8,640
Provincia de Buenos Aires,  Sr. Unsec’d. Notes, 144A, MTN		3.900(cc)		09/01/37			332		146,810
									315,061
Brazil     3.5%
Brazil Minas SPE via State of Minas Gerais,  Gov’t. Gtd. Notes		5.333		02/15/28			165		174,496
Brazil Notas do Tesouro Nacional,
Notes, Series B		6.000		08/15/30		BRL	1,725		315,244
Notes, Series NTNF		10.000		01/01/23		BRL	3,422		592,277
Notes, Series NTNF		10.000		01/01/25		BRL	3,843		643,878
Notes, Series NTNF		10.000		01/01/27		BRL	1,214		198,208
Notes, Series NTNF		10.000		01/01/31		BRL	200		31,379
Brazilian Government International Bond,  Sr. Unsec’d. Notes		8.500		01/05/24		BRL	54		9,149
									1,964,631

See Notes to Financial Statements.

14

Description	Interest     Rate		Maturity Date		Principal Amount (000)#			Value
SOVEREIGN BONDS (Continued)
Chile     2.2%
Bonos de la Tesoreria de la Republica en pesos,
Bonds		4.500%		03/01/26		CLP	280,000	$	328,241
Bonds		5.000		03/01/35		CLP	115,000		125,773
Bonds, 144A		5.000		10/01/28		CLP	110,000		127,891
Bonds, Series 30YR		6.000		01/01/43(a)		CLP	135,000		158,070
Unsec’d. Notes, 144A		2.300		10/01/28		CLP	175,000		170,952
Unsec’d. Notes, 144A		2.800		10/01/33		CLP	50,000		43,970
Unsec’d. Notes, 144A		4.700		09/01/30		CLP	250,000		280,377
									1,235,274
China     10.7%
China Government Bond,
Bonds, Series 1906		3.290		05/23/29		CNH	3,690		588,670
Bonds, Series 1910		3.860		07/22/49		CNH	1,610		264,974
Bonds, Series INBK		1.990		04/09/25		CNH	6,500		988,352
Bonds, Series INBK		2.680		05/21/30		CNH	7,700		1,165,878
Bonds, Series INBK		2.850		06/04/27		CNH	10,500		1,634,538
Bonds, Series INBK		3.010		05/13/28		CNH	2,000		313,241
Bonds, Series INBK		3.270		11/19/30		CNH	3,000		478,102
Unsec’d. Notes, Series INBK		3.030		03/11/26		CNH	2,500		393,658
Unsec’d. Notes, Series INBK		3.810		09/14/50		CNH	1,000		163,694
									5,991,107
Colombia     3.8%
Colombian TES,
Bonds, Series B		5.750		11/03/27		COP	250,000		61,041
Bonds, Series B		6.000		04/28/28		COP	2,121,000		517,248
Bonds, Series B		6.250		11/26/25		COP	1,000,000		259,884
Bonds, Series B		7.000		06/30/32		COP	1,637,900		400,930
Bonds, Series B		7.250		10/18/34		COP	777,800		190,735
Bonds, Series B		7.250		10/26/50		COP	210,000		48,034
Bonds, Series B		7.500		08/26/26		COP	1,150,900		309,700
Bonds, Series B		7.750		09/18/30		COP	500,000		132,328
Bonds, Series G		7.000		03/26/31		COP	601,800		149,118
Sr. Unsec’d. Notes		3.750		06/16/49		COP	186,781		47,429
									2,116,447
Czech Republic     2.5%
Czech Republic Government Bond,
Bonds, Series 049		4.200		12/04/36		CZK	2,000		107,015

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund    15

Schedule of Investments  (continued)

as of October 31, 2021

Description	Interest     Rate		Maturity Date		Principal Amount (000)#			Value
SOVEREIGN BONDS (Continued)
Czech Republic (cont’d.)
Czech Republic Government Bond, (cont’d.)
Bonds, Series 078		2.500%		08/25/28		CZK	2,100	$	93,056
Bonds, Series 094		0.950		05/15/30		CZK	8,230		321,258
Bonds, Series 095		1.000		06/26/26		CZK	3,000		124,581
Bonds, Series 100		0.250		02/10/27		CZK	6,210		245,193
Bonds, Series 103		2.000		10/13/33		CZK	4,790		200,544
Bonds, Series 105		2.750		07/23/29		CZK	3,500		157,847
Bonds, Series 121		1.200		03/13/31		CZK	3,300		130,373
									1,379,867
Dominican Republic     0.3%
Dominican Republic International Bond,
Sr. Unsec’d. Notes		9.750		06/05/26		DOP	8,000		166,313
Hungary     3.3%
Hungary Government Bond,
Bonds, Series 25/B		5.500		06/24/25		HUF	175,530		613,798
Bonds, Series 26/D		2.750		12/22/26		HUF	70,000		218,543
Bonds, Series 26/E		1.500		04/22/26		HUF	115,000		343,708
Bonds, Series 27/A		3.000		10/27/27		HUF	42,680		133,366
Bonds, Series 28/A		6.750		10/22/28		HUF	76,680		293,730
Bonds, Series 34/A		2.250		06/22/34		HUF	24,810		65,449
Bonds, Series 38/A		3.000		10/27/38		HUF	21,890		59,659
Bonds, Series 51/G		4.000		04/28/51		HUF	29,330		90,132
									1,818,385
Indonesia     11.5%
Indonesia Treasury Bond,
Bonds, Series 056		8.375		09/15/26		IDR	8,632,000		692,242
Bonds, Series 059		7.000		05/15/27		IDR	7,065,000		536,277
Bonds, Series 064		6.125		05/15/28		IDR	2,400,000		173,423
Bonds, Series 065		6.625		05/15/33		IDR	3,200,000		227,637
Bonds, Series 068		8.375		03/15/34		IDR	6,268,000		500,206
Bonds, Series 070		8.375		03/15/24		IDR	1,410,000		108,798
Bonds, Series 071		9.000		03/15/29		IDR	4,952,000		409,091
Bonds, Series 072		8.250		05/15/36		IDR	3,816,000		303,284
Bonds, Series 073		8.750		05/15/31		IDR	4,940,000		409,167
Bonds, Series 075		7.500		05/15/38		IDR	4,496,000		333,300
Bonds, Series 077		8.125		05/15/24		IDR	3,500,000		270,135
Bonds, Series 078		8.250		05/15/29		IDR	5,050,000		401,696
Bonds, Series 079		8.375		04/15/39		IDR	400,000		31,903

See Notes to Financial Statements.

16

Description	Interest     Rate		Maturity Date		Principal Amount (000)#			Value
SOVEREIGN BONDS (Continued)
Indonesia (cont’d.)
Indonesia Treasury Bond, (cont’d.)
Bonds, Series 080		7.500%		06/15/35		IDR	3,870,000	$	289,705
Bonds, Series 081		6.500		06/15/25		IDR	7,400,000		550,853
Bonds, Series 082		7.000		09/15/30		IDR	6,515,000		485,138
Bonds, Series 083		7.500		04/15/40		IDR	3,040,000		225,383
Bonds, Series 087		6.500		02/15/31		IDR	7,023,000		507,287
									6,455,525
Ivory Coast     0.2%
Ivory Coast Government International Bond,
Sr. Unsec’d. Notes		5.250		03/22/30		EUR	115		136,697
Malaysia     9.4%
1MDB Global Investments Ltd.,
Sr. Unsec’d. Notes		4.400		03/09/23			1,000		1,004,326
Malaysia Government Bond,
Bonds, Series 0115		3.955		09/15/25		MYR	1,650		412,268
Bonds, Series 0118		3.882		03/14/25		MYR	1,977		492,297
Bonds, Series 0217		4.059		09/30/24		MYR	335		83,895
Bonds, Series 0219		3.885		08/15/29		MYR	2,200		541,170
Bonds, Series 0307		3.502		05/31/27		MYR	500		121,722
Bonds, Series 0310		4.498		04/15/30		MYR	400		102,173
Bonds, Series 0311		4.392		04/15/26		MYR	285		72,406
Bonds, Series 0316		3.900		11/30/26		MYR	2,625		653,600
Bonds, Series 0317		4.762		04/07/37		MYR	1,022		261,122
Bonds, Series 0411		4.232		06/30/31		MYR	280		70,034
Bonds, Series 0413		3.844		04/15/33		MYR	390		92,907
Bonds, Series 0415		4.254		05/31/35		MYR	700		172,714
Bonds, Series 0417		3.899		11/16/27		MYR	1,370		340,197
Bonds, Series 0419		3.828		07/05/34		MYR	500		116,992
Bonds, Series 0513		3.733		06/15/28		MYR	1,480		362,902
Bonds, Series 0519		3.757		05/22/40		MYR	900		205,303
Malaysia Government Investment Issue,
Bonds, Series 0617		4.724		06/15/33		MYR	600		154,389
									5,260,417
Mexico     4.1%
Mexican Bonos,
Bonds, Series M		7.750		05/29/31		MXN	8,210		405,581
Bonds, Series M		8.000		11/07/47		MXN	8,628		421,653
Bonds, Series M20		7.500		06/03/27		MXN	6,264		305,891

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund    17

Schedule of Investments  (continued)

as of October 31, 2021

Description	Interest     Rate		Maturity Date		Principal Amount (000)#			Value
SOVEREIGN BONDS (Continued)
Mexico (cont’d.)
Mexican Bonos, (cont’d.)
Bonds, Series M30		10.000%		11/20/36		MXN	2,355	$	138,261
Sr. Unsec’d. Notes, Series M		7.750		11/13/42		MXN	5,400		257,871
Sr. Unsec’d. Notes, Series M20		8.500		05/31/29		MXN	2,500		128,787
Sr. Unsec’d. Notes, Series M30		8.500		11/18/38		MXN	7,000		359,345
Mexican Udibonos,
Bonds, Series S		2.750		11/27/31		MXN	2,956		141,544
Bonds, Series S		4.500		12/04/25		MXN	3,015		159,025
									2,317,958
Nigeria     0.4%
Nigeria Government International Bond,  Sr. Unsec’d. Notes		7.625		11/21/25			200		217,651
Pakistan     1.1%
Pakistan Government International Bond,  Sr. Unsec’d. Notes		8.250		09/30/25			200		217,415
Third Pakistan International Sukuk Co. Ltd. (The),  Sr. Unsec’d. Notes, 144A		5.625		12/05/22			400		409,760
									627,175
Peru     2.5%
Peru Government Bond,
Bonds		5.940		02/12/29		PEN	1,360		351,905
Bonds		6.950		08/12/31		PEN	190		51,422
Sr. Unsec’d. Notes		5.350		08/12/40		PEN	1,000		211,816
Sr. Unsec’d. Notes		5.400		08/12/34		PEN	580		132,753
Sr. Unsec’d. Notes		6.150		08/12/32		PEN	855		216,352
Peruvian Government International Bond,
Sr. Unsec’d. Notes		6.350		08/12/28		PEN	435		115,503
Sr. Unsec’d. Notes		6.850		02/12/42		PEN	245		61,205
Sr. Unsec’d. Notes		6.900		08/12/37		PEN	521		132,056
Sr. Unsec’d. Notes		6.950		08/12/31		PEN	478		129,478
									1,402,490
Philippines     0.2%
Philippine Government Bond,  Bonds, Series 1060		3.625		09/09/25		PHP	5,600		112,496

See Notes to Financial Statements.

18

Description	Interest     Rate		Maturity Date		Principal Amount (000)#			Value
SOVEREIGN BONDS (Continued)
Poland     4.6%
Republic of Poland Government Bond,
Bonds, Series 0428		2.750%		04/25/28		PLN	1,480	$	376,830
Bonds, Series 0725		3.250		07/25/25		PLN	761		197,828
Bonds, Series 0726		2.500		07/25/26		PLN	3,740		945,734
Bonds, Series 0727		2.500		07/25/27		PLN	1,600		402,847
Bonds, Series 1026		0.250		10/25/26		PLN	280		63,209
Bonds, Series 1029		2.750		10/25/29		PLN	1,740		439,883
Bonds, Series 1030		1.250		10/25/30		PLN	750		166,284
									2,592,615
Romania     2.2%
Romania Government Bond,
Bonds, Series 05YR		3.650		07/28/25		RON	1,000		227,740
Bonds, Series 05YR		4.250		06/28/23		RON	1,145		269,157
Bonds, Series 07YR		3.250		04/29/24		RON	750		172,106
Bonds, Series 07YR		4.850		04/22/26		RON	980		232,330
Bonds, Series 10YR		5.000		02/12/29		RON	500		117,929
Bonds, Series 10YR		5.850		04/26/23		RON	460		110,572
Bonds, Series 15YR		3.650		09/24/31		RON	590		124,731
								��	1,254,565
Russia     4.8%
Russian Federal Bond - OFZ,
Bonds, Series 6212		7.050		01/19/28		RUB	15,495		206,946
Bonds, Series 6218		8.500		09/17/31		RUB	16,712		242,783
Bonds, Series 6219		7.750		09/16/26		RUB	12,000		165,975
Bonds, Series 6221		7.700		03/23/33		RUB	14,280		196,601
Bonds, Series 6224		6.900		05/23/29		RUB	27,635		364,420
Bonds, Series 6228		7.650		04/10/30		RUB	22,600		310,858
Bonds, Series 6229		7.150		11/12/25		RUB	7,500		101,605
Bonds, Series 6230		7.700		03/16/39		RUB	13,030		178,939
Bonds, Series 6232		6.000		10/06/27		RUB	8,500		107,958
Bonds, Series 6235		5.900		03/12/31		RUB	56,110		680,633
Russian Federal Inflation Linked Bond, Unsec’d. Notes, Series 2003		2.500		07/17/30		RUB	8,205		110,792
									2,667,510

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund    19

Schedule of Investments  (continued)

as of October 31, 2021

Description	Interest     Rate		Maturity Date		Principal Amount (000)#			Value
SOVEREIGN BONDS (Continued)
Serbia     0.3%
Serbia Treasury Bonds,
Bonds, Series 07YR		4.500%		01/11/26		RSD	9,460	$	97,878
Bonds, Series 12.5		4.500		08/20/32		RSD	6,240		63,614
									161,492
South Africa     8.8%
Republic of South Africa Government Bond,
Sr. Unsec’d. Notes, Series 2023		7.750		02/28/23		ZAR	1,500		100,878
Sr. Unsec’d. Notes, Series 2030		8.000		01/31/30		ZAR	11,395		677,309
Sr. Unsec’d. Notes, Series 2032		8.250		03/31/32		ZAR	8,470		486,217
Sr. Unsec’d. Notes, Series 2035		8.875		02/28/35		ZAR	7,825		451,799
Sr. Unsec’d. Notes, Series 2037		8.500		01/31/37		ZAR	6,520		355,266
Sr. Unsec’d. Notes, Series 2040		9.000		01/31/40		ZAR	4,130		230,615
Sr. Unsec’d. Notes, Series 2044		8.750		01/31/44		ZAR	5,485		295,412
Sr. Unsec’d. Notes, Series 2048		8.750		02/28/48		ZAR	10,375		557,142
Sr. Unsec’d. Notes, Series R186		10.500		12/21/26		ZAR	13,661		979,531
Sr. Unsec’d. Notes, Series R209		6.250		03/31/36		ZAR	3,850		173,149
Sr. Unsec’d. Notes, Series R213		7.000		02/28/31		ZAR	7,550		406,326
Sr. Unsec’d. Notes, Series R214		6.500		02/28/41		ZAR	4,470		190,045
									4,903,689
Thailand     7.3%
Thailand Government Bond,
Bonds		1.600		12/17/29		THB	12,605		377,080
Bonds		2.000		06/17/42		THB	3,240		86,361
Bonds		2.875		12/17/28		THB	19,480		639,221
Bonds		2.875		06/17/46		THB	6,065		184,804
Bonds		3.300		06/17/38		THB	10,300		338,391
Bonds		3.400		06/17/36		THB	9,585		318,219
Sr. Unsec’d. Notes		1.600		06/17/35		THB	7,100		194,347
Sr. Unsec’d. Notes		1.875		06/17/49		THB	1,063		26,379
Sr. Unsec’d. Notes		2.000		12/17/31		THB	8,410		253,926
Sr. Unsec’d. Notes		2.125		12/17/26		THB	17,450		550,004
Sr. Unsec’d. Notes		3.625		06/16/23		THB	8,530		269,520
Sr. Unsec’d. Notes		3.650		06/20/31		THB	11,335		392,892
Sr. Unsec’d. Notes		3.775		06/25/32		THB	13,125		457,537
									4,088,681

See Notes to Financial Statements.

20

Description	Interest     Rate		Maturity Date		Principal Amount (000)#			Value
SOVEREIGN BONDS (Continued)
Turkey     1.1%
Turkey Government Bond,
Bonds		8.500%		09/14/22		TRY	395	$	38,385
Bonds		8.800		09/27/23		TRY	500		44,728
Bonds		9.000		07/24/24		TRY	2,700		226,364
Bonds		12.200		01/18/23		TRY	2,315		227,013
Bonds		12.400		03/08/28		TRY	1,000		78,436
									614,926
Ukraine     1.0%
Ukraine Government International Bond,
Bonds		17.000		05/11/22		UAH	500		19,559
Bonds, 144A		11.670		11/22/23		UAH	2,414		89,980
Sr. Unsec’d. Notes		6.750		06/20/26		EUR	150		186,613
Sr. Unsec’d. Notes		7.750		09/01/24			222		239,375
Unsec’d. Notes, 144A		17.250		01/05/22		UAH	1,328		51,054
									586,581
Uruguay     0.2%
Uruguay Government International Bond,
Sr. Unsec’d. Notes		9.875		06/20/22		UYU	3,260		75,003
Sr. Unsec’d. Notes, 144A		8.500		03/15/28		UYU	1,870		43,620
									118,623
TOTAL SOVEREIGN BONDS  (cost $51,529,348)									48,939,731
TOTAL LONG-TERM INVESTMENTS  (cost $56,730,107)									53,704,820
					Shares
SHORT-TERM INVESTMENTS     1.7%
AFFILIATED MUTUAL FUNDS     1.4%
PGIM Core Ultra Short Bond Fund(wa)							586,842		586,842

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund    21

Schedule of Investments  (continued)

as of October 31, 2021

Description	Shares		Value
AFFILIATED MUTUAL FUNDS (Continued)
PGIM Institutional Money Market Fund  (cost $219,283; includes $219,273 of cash collateral for securities on loan)(b)(wa)		219,395	$	219,262
TOTAL AFFILIATED MUTUAL FUNDS  (cost $806,125)				806,104
OPTIONS PURCHASED*~     0.3%  (cost $125,914)				136,000
TOTAL SHORT-TERM INVESTMENTS  (cost $932,039)				942,104
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN     97.6%  (cost $57,662,146)				54,646,924
OPTIONS WRITTEN*~     (0.1)%
(premiums received $85,437)				(85,449	)
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN     97.5%
(cost $57,576,709)				54,561,475
Other assets in excess of liabilities(z)     2.5%				1,421,872
NET ASSETS     100.0%			$	55,983,347

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

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

PLN—Polish Zloty

RON—Romanian Leu

RUB—Russian Ruble

SGD—Singapore Dollar

THB—Thai Baht

See Notes to Financial Statements.

22

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

BUBOR—Budapest Interbank Offered Rate

CLOIS—Sinacofi Chile Interbank Rate Average

COOIS—Colombia Overnight Interbank Reference Rate

EMTN—Euro Medium Term Note

GMTN—Global Medium Term Note

JIBAR—Johannesburg Interbank Agreed Rate

KLIBOR—Kuala Lumpur Interbank Offered Rate

KWCDC—Korean Won Certificate of Deposit

LIBOR—London Interbank Offered Rate

M—Monthly payment frequency for swaps

MIBOR—Mumbai Interbank Offered Rate

MosPRIME—Moscow Prime Offered Rate

MTN—Medium Term Note

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

OTC—Over-the-counter

PRIBOR—Prague Interbank Offered Rate

Q—Quarterly payment frequency for swaps

S—Semiannual payment frequency for swaps

T—Swap payment upon termination

THBFIX—Thai Baht Interest Rate Fixing

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.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $159,312; cash collateral of $219,273 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

(cc) Variable rate instrument. The rate shown is based on the latest available information as of October 31, 2021. 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.

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

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

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund    23

Schedule of Investments  (continued)

as of October 31, 2021

Options Purchased:

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts	Notional Amount (000)#		Value
Currency Option USD vs IDR	Call	Morgan Stanley & Co. International PLC		04/28/22		16,500.00	—		684	$	1,733
Currency Option USD vs IDR	Call	JPMorgan Chase Bank, N.A.		04/28/22		24,500.00	—		684		57
Currency Option USD vs MXN	Call	Morgan Stanley & Co. International PLC		12/10/21		21.00	—		851		7,082
Currency Option USD vs MXN	Call	Morgan Stanley & Co. International PLC		01/04/22		21.00	—		1,400		13,923
Currency Option USD vs RUB	Call	JPMorgan Chase Bank, N.A.		11/19/21		75.00	—		455		505
Currency Option USD vs RUB	Call	JPMorgan Chase Bank, N.A.		01/11/22		81.00	—		2,240		3,436
Currency Option USD vs TRY	Call	Goldman Sachs International		12/22/21		9.00	—		455		40,670
Currency Option USD vs TRY	Call	Goldman Sachs International		01/11/22		9.75	—		284		12,486
Currency Option USD vs ZAR	Call	Goldman Sachs International		11/04/21		15.50	—		519		1,735
Currency Option USD vs ZAR	Call	Goldman Sachs International		01/18/22		15.50	—		1,037		28,131
Currency Option USD vs ZAR	Call	Morgan Stanley & Co. International PLC		01/18/22		16.00	—		1,037		17,016
Currency Option USD vs IDR	Put	JPMorgan Chase Bank, N.A.		04/28/22		14,300.00	—		684		9,131
Currency Option USD vs MXN	Put	Morgan Stanley & Co. International PLC		11/09/21		17.80	—		1,223		—
Currency Option USD vs RUB	Put	JPMorgan Chase Bank, N.A.		11/19/21		67.00	—		606		53
Currency Option USD vs TRY	Put	Goldman Sachs International		11/04/21		7.80	—		181		—
Currency Option USD vs TRY	Put	JPMorgan Chase Bank, N.A.		11/04/21		8.00	—		568		—
Currency Option USD vs TRY	Put	JPMorgan Chase Bank, N.A.		11/19/21		8.00	—		284		8
Currency Option USD vs TRY	Put	Goldman Sachs International		01/11/22		7.60	—		284		34
Currency Option USD vs ZAR	Put	JPMorgan Chase Bank, N.A.		11/12/21		12.50	—		1,037		—
Total Options Purchased (cost $125,914)										$	136,000

See Notes to Financial Statements.

24

Options Written:

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date	Strike		Contracts	Notional Amount (000)#		Value
Currency Option USD vs IDR	Call	JPMorgan Chase Bank, N.A.	04/28/22		16,500.00	—		684	$	(1,733	)
Currency Option USD vs MXN	Call	Morgan Stanley & Co. International PLC	12/10/21		22.00	—		851		(1,624	)
Currency Option USD vs MXN	Call	Morgan Stanley & Co. International PLC	01/04/22		22.00	—		1,400		(4,123	)
Currency Option USD vs TRY	Call	Goldman Sachs International	12/22/21		10.00	—		455		(10,801	)
Currency Option USD vs TRY	Call	Goldman Sachs International	01/11/22		10.25	—		284		(7,120	)
Currency Option USD vs ZAR	Call	JPMorgan Chase Bank, N.A.	11/04/21		15.50	—		519		(1,735	)
Currency Option USD vs ZAR	Call	Goldman Sachs International	01/18/22		16.00	—		1,037		(17,016	)
Currency Option USD vs ZAR	Call	Goldman Sachs International	01/18/22		16.50	—		1,037		(10,294	)
Currency Option USD vs IDR	Put	Morgan Stanley & Co. International PLC	04/28/22		14,300.00	—		684		(9,131	)
Currency Option USD vs RUB	Put	JPMorgan Chase Bank, N.A.	11/19/21		72.00	—		606		(10,269	)
Currency Option USD vs TRY	Put	Goldman Sachs International	11/04/21		8.80	—		181		(1	)
Currency Option USD vs TRY	Put	JPMorgan Chase Bank, N.A.	11/04/21		8.90	—		284		(4	)
Currency Option USD vs TRY	Put	JPMorgan Chase Bank, N.A.	11/19/21		10.00	—		284		(11,022	)
Currency Option USD vs TRY	Put	Goldman Sachs International	01/11/22		8.80	—		284		(576	)
Total Options Written (premiums received $85,437)									$	(85,449	)

Futures contracts outstanding at October 31, 2021:

Number of Contracts	Type	Expiration       Date		Current Notional  Amount			Value / Unrealized Appreciation (Depreciation)
Short Positions:
8	2 Year U.S. Treasury Notes		Dec. 2021		$	1,754,000		$	7,396
3	5 Year Euro-Bobl		Dec. 2021			463,880			7,072
12	5 Year U.S. Treasury Notes		Dec. 2021			1,461,000			19,487
4	10 Year U.S. Treasury Notes		Dec. 2021			522,812			10,706
1	Euro Schatz Index		Dec. 2021			129,426			386
								$	45,047

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund    25

Schedule of Investments  (continued)

as of October 31, 2021

Forward foreign currency exchange contracts outstanding at October 31, 2021:

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 01/19/22	HSBC Bank PLC		AUD	196	$	144,171	$	147,441		$    3,270		$          —
Brazilian Real,
Expiring 11/03/21	Credit Suisse International		BRL	14,139		2,655,524		2,502,753		—		(152,771	)
Expiring 11/03/21	Deutsche Bank AG		BRL	523		94,000		92,568		—		(1,432	)
Expiring 11/03/21	Goldman Sachs International		BRL	254		46,000		45,018		—		(982	)
Expiring 11/03/21	JPMorgan Chase Bank, N.A.		BRL	554		102,000		98,109		—		(3,891	)
Expiring 11/03/21	JPMorgan Chase Bank, N.A.		BRL	356		67,000		63,011		—		(3,989	)
Expiring 12/02/21	Credit Suisse International		BRL	15,339		2,695,428		2,699,650		4,222		—
Expiring 12/02/21	JPMorgan Chase Bank, N.A.		BRL	1,454		256,314		255,928		—		(386	)
Chilean Peso,
Expiring 12/15/21	Barclays Bank PLC		CLP	128,802		158,000		157,492		—		(508	)
Expiring 12/15/21	BNP Paribas S.A.		CLP	101,776		123,000		124,447		1,447		—
Expiring 12/15/21	BNP Paribas S.A.		CLP	92,611		113,355		113,240		—		(115	)
Expiring 12/15/21	BNP Paribas S.A.		CLP	53,456		64,000		65,363		1,363		—
Expiring 12/15/21	Citibank, N.A.		CLP	97,121		122,000		118,755		—		(3,245	)
Expiring 12/15/21	Citibank, N.A.		CLP	72,138		90,000		88,206		—		(1,794	)
Expiring 12/15/21	UBS AG		CLP	105,677		132,000		129,216		—		(2,784	)
Chinese Renminbi,
Expiring 11/18/21	JPMorgan Chase Bank, N.A.		CNH	11,464		1,756,471		1,786,539		30,068		—
Expiring 11/18/21	JPMorgan Chase Bank, N.A.		CNH	1,412		219,000		220,113		1,113		—
Expiring 11/18/21	JPMorgan Chase Bank, N.A.		CNH	1,392		216,000		216,899		899		—
Expiring 11/18/21	JPMorgan Chase Bank, N.A.		CNH	1,013		157,000		157,930		930		—
Expiring 11/18/21	Morgan Stanley & Co. International PLC		CNH	1,438		222,000		224,155		2,155		—
Expiring 11/18/21	Standard Chartered Bank		CNH	1,947		304,000		303,368		—		(632	)
Colombian Peso,
Expiring 12/15/21	Goldman Sachs International		COP	356,704		94,000		94,420		420		—
Expiring 12/15/21	Goldman Sachs International		COP	103,000		27,566		27,264		—		(302	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		COP	437,916		115,907		115,916		9		—
Czech Koruna,
Expiring 01/19/22	Barclays Bank PLC		CZK	17,858		810,067		801,821		—		(8,246	)

See Notes to Financial Statements.

26

Forward foreign currency exchange contracts outstanding at October 31, 2021 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Czech Koruna (cont’d.),
Expiring 01/19/22	BNP Paribas S.A.		CZK	2,597	$	117,000	$	116,581		$      —		$    (419	)
Expiring 01/19/22	JPMorgan Chase Bank, N.A.		CZK	1,796		80,730		80,626		—		(104	)
Hungarian Forint,
Expiring 01/19/22	Citibank, N.A.		HUF	69,411		223,698		222,229		—		(1,469	)
Expiring 01/19/22	Goldman Sachs International		HUF	37,599		121,000		120,378		—		(622	)
Expiring 01/19/22	HSBC Bank PLC		HUF	41,030		132,000		131,364		—		(636	)
Expiring 01/19/22	HSBC Bank PLC		HUF	39,955		128,000		127,920		—		(80	)
Indian Rupee,
Expiring 12/15/21	Citibank, N.A.		INR	29,141		394,697		386,523		—		(8,174	)
Expiring 12/15/21	Citibank, N.A.		INR	14,971		203,000		198,575		—		(4,425	)
Expiring 12/15/21	HSBC Bank PLC		INR	14,679		199,000		194,699		—		(4,301	)
Expiring 12/15/21	HSBC Bank PLC		INR	13,870		188,000		183,969		—		(4,031	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		INR	11,369		153,000		150,790		—		(2,210	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		INR	11,301		152,000		149,896		—		(2,104	)
Expiring 12/15/21	Morgan Stanley & Co. International PLC		INR	20,007		267,000		265,371		—		(1,629	)
Expiring 12/15/21	Morgan Stanley & Co. International PLC		INR	12,382		165,000		164,232		—		(768	)
Expiring 12/15/21	Morgan Stanley & Co. International PLC		INR	11,554		153,000		153,245		245		—
Expiring 12/15/21	Morgan Stanley & Co. International PLC		INR	11,532		153,000		152,959		—		(41	)
Expiring 12/15/21	Standard Chartered Bank		INR	18,480		245,000		245,114		114		—
Expiring 12/15/21	UBS AG		INR	21,221		285,000		281,468		—		(3,532	)
Indonesian Rupiah,
Expiring 12/15/21	Citibank, N.A.		IDR	2,725,916		186,873		190,682		3,809		—
Expiring 12/15/21	Goldman Sachs International		IDR	2,754,984		191,000		192,716		1,716		—
Expiring 12/15/21	HSBC Bank PLC		IDR	3,358,812		233,000		234,954		1,954		—
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		IDR	6,117,319		427,635		427,916		281		—
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		IDR	1,952,552		136,000		136,584		584		—
Expiring 12/15/21	Morgan Stanley & Co. International PLC		IDR	3,133,750		218,000		219,211		1,211		—
Expiring 12/15/21	Morgan Stanley & Co. International PLC		IDR	2,357,746		164,000		164,928		928		—

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund    27

Schedule of Investments  (continued)

as of October 31, 2021

Forward foreign currency exchange contracts outstanding at October 31, 2021 (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 12/15/21	Morgan Stanley & Co. International PLC		IDR	1,921,115	$	131,000	$	134,385	$	3,385	$	—
Israeli Shekel,
Expiring 12/15/21	Barclays Bank PLC		ILS	538		168,000		170,058		2,058		—
Japanese Yen,
Expiring 01/19/22	Barclays Bank PLC		JPY	33,131		291,561		290,994		—		(567	)
Malaysian Ringgit,
Expiring 12/15/21	Barclays Bank PLC		MYR	673		161,554		162,101		547		—
Expiring 12/15/21	Barclays Bank PLC		MYR	305		73,494		73,500		6		—
Expiring 12/15/21	Barclays Bank PLC		MYR	56		13,355		13,552		197		—
Expiring 12/15/21	Morgan Stanley & Co. International PLC		MYR	972		231,000		233,939		2,939		—
Mexican Peso,
Expiring 12/15/21	BNP Paribas S.A.		MXN	3,669		180,225		176,917		—		(3,308	)
Expiring 12/15/21	BNP Paribas S.A.		MXN	2,111		105,000		101,783		—		(3,217	)
Expiring 12/15/21	Citibank, N.A.		MXN	3,210		158,000		154,778		—		(3,222	)
Expiring 12/15/21	Citibank, N.A.		MXN	2,698		128,000		130,113		2,113		—
Expiring 12/15/21	Goldman Sachs International		MXN	26,508		1,310,046		1,278,236		—		(31,810	)
Expiring 12/15/21	Goldman Sachs International		MXN	3,799		187,000		183,185		—		(3,815	)
Expiring 12/15/21	Goldman Sachs International		MXN	3,640		174,625		175,546		921		—
Expiring 12/15/21	Goldman Sachs International		MXN	2,954		145,000		142,451		—		(2,549	)
Expiring 12/15/21	Goldman Sachs International		MXN	2,790		134,000		134,525		525		—
Expiring 12/15/21	Goldman Sachs International		MXN	1,832		89,000		88,352		—		(648	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		MXN	3,096		149,000		149,307		307		—
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		MXN	1,936		96,000		93,347		—		(2,653	)
Expiring 12/15/21	Morgan Stanley & Co. International PLC		MXN	26,508		1,309,347		1,278,236		—		(31,111	)
New Taiwanese Dollar,
Expiring 12/15/21	Standard Chartered Bank		TWD	7,998		289,354		288,065		—		(1,289	)
Expiring 12/15/21	UBS AG		TWD	5,253		191,000		189,206		—		(1,794	)
Peruvian Nuevo Sol,
Expiring 12/15/21	Citibank, N.A.		PEN	436		105,000		108,953		3,953		—
Expiring 12/15/21	Goldman Sachs International		PEN	548		133,000		137,018		4,018		—

See Notes to Financial Statements.

28

Forward foreign currency exchange contracts outstanding at October 31, 2021 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Philippine Peso,
Expiring 12/15/21	HSBC Bank PLC		PHP	9,446	$	185,000	$	186,490	$	1,490	$	—
Expiring 12/15/21	HSBC Bank PLC		PHP	9,233		181,000		182,279		1,279		—
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		PHP	20,639		409,304		407,470		—		(1,834	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		PHP	12,749		249,000		251,694		2,694		—
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		PHP	9,477		186,000		187,098		1,098		—
Expiring 12/15/21	Morgan Stanley & Co. International PLC		PHP	8,026		156,000		158,458		2,458		—
Expiring 12/15/21	Standard Chartered Bank		PHP	12,722		249,000		251,163		2,163		—
Polish Zloty,
Expiring 01/19/22	Barclays Bank PLC		PLN	4,851		1,218,721		1,213,549		—		(5,172	)
Expiring 01/19/22	Barclays Bank PLC		PLN	46		11,647		11,592		—		(55	)
Expiring 01/19/22	Citibank, N.A.		PLN	592		150,000		148,162		—		(1,838	)
Expiring 01/19/22	Morgan Stanley & Co. International PLC		PLN	485		123,000		121,428		—		(1,572	)
Romanian Leu,
Expiring 01/19/22	Barclays Bank PLC		RON	1,878		434,565		435,899		1,334		—
Russian Ruble,
Expiring 12/15/21	Barclays Bank PLC		RUB	58,825		789,867		820,706		30,839		—
Expiring 12/15/21	Citibank, N.A.		RUB	21,132		295,000		294,833		—		(167	)
Expiring 12/15/21	Citibank, N.A.		RUB	2,937		39,912		40,979		1,067		—
Expiring 12/15/21	Citibank, N.A.		RUB	1,230		17,017		17,156		139		—
Expiring 12/15/21	Credit Suisse International		RUB	10,360		140,000		144,543		4,543		—
Expiring 12/15/21	HSBC Bank PLC		RUB	15,184		205,000		211,849		6,849		—
Expiring 12/15/21	Morgan Stanley & Co. International PLC		RUB	58,825		793,521		820,706		27,185		—
Singapore Dollar,
Expiring 12/15/21	Goldman Sachs International		SGD	149		109,647		110,377		730		—
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		SGD	275		205,000		204,080		—		(920	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		SGD	270		199,000		200,069		1,069		—
South African Rand,
Expiring 12/15/21	Bank of America, N.A.		ZAR	2,895		190,692		188,434		—		(2,258	)
Expiring 12/15/21	Barclays Bank PLC		ZAR	1,810		121,000		117,826		—		(3,174	)
Expiring 12/15/21	Barclays Bank PLC		ZAR	1,376		93,000		89,572		—		(3,428	)
Expiring 12/15/21	Goldman Sachs International		ZAR	1,431		98,000		93,137		—		(4,863	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund    29

Schedule of Investments  (continued)

as of October 31, 2021

Forward foreign currency exchange contracts outstanding at October 31, 2021 (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 African Rand (cont’d.),
Expiring 12/15/21	Goldman Sachs International	ZAR	1,005	$	68,000	$	65,380		$—		$    (2,620	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.	ZAR	2,268		153,000		147,587		—		(5,413	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.	ZAR	2,126		140,000		138,388		—		(1,612	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.	ZAR	1,815		121,000		118,130		—		(2,870	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.	ZAR	1,371		90,000		89,209		—		(791	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.	ZAR	966		64,000		62,855		—		(1,145	)
Expiring 12/15/21	Morgan Stanley & Co. International PLC	ZAR	1,827		120,489		118,927		—		(1,562	)
Expiring 12/15/21	Morgan Stanley & Co. International PLC	ZAR	470		31,169		30,569		—		(600	)
South Korean Won,
Expiring 12/15/21	HSBC Bank PLC	KRW	192,547		163,000		163,742		742		—
Expiring 12/15/21	Morgan Stanley & Co. International PLC	KRW	1,334,463		1,139,456		1,134,826		—		(4,630	)
Expiring 12/15/21	Standard Chartered Bank	KRW	313,528		268,000		266,624		—		(1,376	)
Thai Baht,
Expiring 12/15/21	Goldman Sachs International	THB	5,392		160,000		162,449		2,449		—
Expiring 12/15/21	HSBC Bank PLC	THB	9,485		288,000		285,753		—		(2,247	)
Expiring 12/15/21	Standard Chartered Bank	THB	5,330		158,000		160,571		2,571		—
Expiring 12/15/21	Standard Chartered Bank	THB	4,381		134,000		131,973		—		(2,027	)
Expiring 12/15/21	UBS AG	THB	4,690		141,000		141,304		304		—
Turkish Lira,
Expiring 12/15/21	Barclays Bank PLC	TRY	3,175		344,975		322,752		—		(22,223	)
Expiring 12/15/21	Citibank, N.A.	TRY	90		10,143		9,117		—		(1,026	)
Ukraine Hryvna,
Expiring 11/04/21	Morgan Stanley & Co. International PLC	UAH	4,574		172,920		173,603		683		—
				$	32,272,042	$	32,064,407		169,393		(377,028	)

See Notes to Financial Statements.

30

Forward foreign currency exchange contracts outstanding at October 31, 2021 (continued):

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 01/19/22	Morgan Stanley & Co. International PLC		AUD	631	$	464,706	$	474,469		$         —		$   (9,763	)
Brazilian Real,
Expiring 11/03/21	Citibank, N.A.		BRL	488		89,000		86,400		2,600		—
Expiring 11/03/21	Credit Suisse International		BRL	15,339		2,710,048		2,715,060		—		(5,012	)
Chilean Peso,
Expiring 12/15/21	BNP Paribas S.A.		CLP	550,577		703,712		673,218		30,494		—
Expiring 12/15/21	Morgan Stanley & Co. International PLC		CLP	98,730		121,000		120,722		278		—
Expiring 12/15/21	UBS AG		CLP	122,099		151,000		149,296		1,704		—
Chinese Renminbi,
Expiring 11/18/21	Citibank, N.A.		CNH	1,473		226,000		229,541		—		(3,541	)
Expiring 11/18/21	Citibank, N.A.		CNH	1,337		206,000		208,352		—		(2,352	)
Expiring 11/18/21	Citibank, N.A.		CNH	1,072		165,000		167,027		—		(2,027	)
Expiring 11/18/21	Citibank, N.A.		CNH	440		67,189		68,499		—		(1,310	)
Expiring 11/18/21	HSBC Bank PLC		CNH	1,920		300,000		299,196		804		—
Expiring 11/18/21	HSBC Bank PLC		CNH	1,010		156,000		157,438		—		(1,438	)
Expiring 11/18/21	JPMorgan Chase Bank, N.A.		CNH	3,261		503,746		508,174		—		(4,428	)
Expiring 11/18/21	JPMorgan Chase Bank, N.A.		CNH	1,952		299,000		304,183		—		(5,183	)
Expiring 11/18/21	JPMorgan Chase Bank, N.A.		CNH	1,265		195,000		197,095		—		(2,095	)
Expiring 11/18/21	JPMorgan Chase Bank, N.A.		CNH	544		84,924		84,840		84		—
Expiring 11/18/21	Morgan Stanley & Co. International PLC		CNH	1,308		200,000		203,891		—		(3,891	)
Colombian Peso,
Expiring 12/15/21	BNP Paribas S.A.		COP	516,216		137,000		136,643		357		—
Expiring 12/15/21	BNP Paribas S.A.		COP	381,853		99,000		101,077		—		(2,077	)
Expiring 12/15/21	Citibank, N.A.		COP	635,725		165,000		168,277		—		(3,277	)
Expiring 12/15/21	Citibank, N.A.		COP	601,494		158,101		159,216		—		(1,115	)
Expiring 12/15/21	Goldman Sachs International		COP	446,807		118,000		118,270		—		(270	)
Expiring 12/15/21	Morgan Stanley & Co. International PLC		COP	537,388		139,000		142,247		—		(3,247	)
Expiring 12/15/21	Morgan Stanley & Co. International PLC		COP	385,517		100,000		102,047		—		(2,047	)
Expiring 12/15/21	Morgan Stanley & Co. International PLC		COP	236,644		61,803		62,640		—		(837	)
Expiring 12/15/21	UBS AG		COP	636,768		165,000		168,553		—		(3,553	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund    31

Schedule of Investments  (continued)

as of October 31, 2021

Forward foreign currency exchange contracts outstanding at October 31, 2021 (continued):

Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Colombian Peso (cont’d.),
Expiring 12/15/21	UBS AG		COP	468,043	$	124,000	$	123,891	$	109	$	—
Expiring 12/15/21	UBS AG		COP	253,440		66,000		67,086		—		(1,086	)
Expiring 12/15/21	UBS AG		COP	253,242		66,000		67,033		—		(1,033	)
Euro,
Expiring 01/19/22	Morgan Stanley & Co. International PLC		EUR	265		307,091		307,078		13		—
Hungarian Forint,
Expiring 11/02/21	Citibank, N.A.		HUF	69,411		224,378		222,960		1,418		—
Expiring 01/19/22	Goldman Sachs International		HUF	239,761		766,573		767,626		—		(1,053	)
Expiring 01/19/22	HSBC Bank PLC		HUF	239,761		766,843		767,627		—		(784	)
Indian Rupee,
Expiring 12/15/21	Citibank, N.A.		INR	14,190		190,000		188,215		1,785		—
Expiring 12/15/21	Credit Suisse International		INR	11,467		152,000		152,094		—		(94	)
Expiring 12/15/21	Credit Suisse International		INR	9,385		124,000		124,480		—		(480	)
Expiring 12/15/21	HSBC Bank PLC		INR	18,714		247,000		248,219		—		(1,219	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		INR	14,290		188,000		189,542		—		(1,542	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		INR	11,251		150,000		149,235		765		—
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		INR	11,147		149,000		147,853		1,147		—
Expiring 12/15/21	Morgan Stanley & Co. International PLC		INR	16,170		213,000		214,479		—		(1,479	)
Expiring 12/15/21	Morgan Stanley & Co. International PLC		INR	6,530		87,338		86,616		722		—
Expiring 12/15/21	Standard Chartered Bank		INR	11,710		154,000		155,316		—		(1,316	)
Expiring 12/15/21	UBS AG		INR	11,716		156,000		155,393		607		—
Indonesian Rupiah,
Expiring 12/15/21	Citibank, N.A.		IDR	18,539,230		1,270,158		1,296,848		—		(26,690	)
Expiring 12/15/21	HSBC Bank PLC		IDR	3,310,930		233,000		231,605		1,395		—
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		IDR	6,404,835		443,702		448,028		—		(4,326	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		IDR	2,310,861		161,599		161,648		—		(49	)
Expiring 12/15/21	Standard Chartered Bank		IDR	2,198,763		153,000		153,807		—		(807	)
Israeli Shekel,
Expiring 12/15/21	Bank of America, N.A.		ILS	521		162,000		164,737		—		(2,737	)
Expiring 12/15/21	Barclays Bank PLC		ILS	1,002		311,000		316,908		—		(5,908	)
Expiring 12/15/21	Barclays Bank PLC		ILS	482		150,000		152,299		—		(2,299	)

See Notes to Financial Statements.

32

Forward foreign currency exchange contracts outstanding at October 31, 2021 (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.):
Israeli Shekel (cont’d.),
Expiring 12/15/21	BNP Paribas S.A.	ILS	346	$	107,664	$	109,490	$	—	$	(1,826	)
Expiring 12/15/21	Citibank, N.A.	ILS	675		210,000		213,438		—		(3,438	)
Expiring 12/15/21	Citibank, N.A.	ILS	606		188,000		191,585		—		(3,585	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.	ILS	703		217,000		222,158		—		(5,158	)
Malaysian Ringgit,
Expiring 12/15/21	Goldman Sachs International	MYR	871		207,522		209,663		—		(2,141	)
Mexican Peso,
Expiring 12/15/21	Goldman Sachs International	MXN	5,431		261,538		261,872		—		(334	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.	MXN	3,099		153,000		149,432		3,568		—
Expiring 12/15/21	JPMorgan Chase Bank, N.A.	MXN	3,099		152,000		149,441		2,559		—
Expiring 12/15/21	JPMorgan Chase Bank, N.A.	MXN	3,084		153,000		148,731		4,269		—
New Taiwanese Dollar,
Expiring 12/15/21	Credit Suisse International	TWD	4,237		153,000		152,610		390		—
Expiring 12/15/21	Goldman Sachs International	TWD	4,281		154,000		154,196		—		(196	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.	TWD	8,391		302,000		302,220		—		(220	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.	TWD	7,545		272,000		271,758		242		—
Expiring 12/15/21	Morgan Stanley & Co. International PLC	TWD	583		21,031		21,009		22		—
Peruvian Nuevo Sol,
Expiring 12/15/21	Bank of America, N.A.	PEN	247		60,357		61,783		—		(1,426	)
Expiring 12/15/21	Citibank, N.A.	PEN	1,379		335,586		345,037		—		(9,451	)
Expiring 12/15/21	Standard Chartered Bank	PEN	364		92,000		91,065		935		—
Philippine Peso,
Expiring 12/15/21	Citibank, N.A.	PHP	10,757		211,000		212,375		—		(1,375	)
Expiring 12/15/21	Citibank, N.A.	PHP	10,209		203,000		201,549		1,451		—
Expiring 12/15/21	Goldman Sachs International	PHP	8,336		165,000		164,570		430		—
Expiring 12/15/21	JPMorgan Chase Bank, N.A.	PHP	9,922		196,000		195,876		124		—
Russian Ruble,
Expiring 12/15/21	Bank of America, N.A.	RUB	6,850		93,000		95,570		—		(2,570	)
Expiring 12/15/21	Citibank, N.A.	RUB	12,623		171,000		176,120		—		(5,120	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund    33

Schedule of Investments  (continued)

as of October 31, 2021

Forward foreign currency exchange contracts outstanding at October 31, 2021 (continued):

Sale Contracts	Counterparty	Notional Amount         (000)		Value at Settlement         Date		Current         Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Russian Ruble (cont’d.),
Expiring 12/15/21	Citibank, N.A.	RUB	11,102	$	150,000	$	154,889	$	—	$	(4,889	)
Expiring 12/15/21	Citibank, N.A.	RUB	10,998		149,000		153,439		—		(4,439	)
Expiring 12/15/21	Citibank, N.A.	RUB	1,771		24,000		24,715		—		(715	)
Expiring 12/15/21	Credit Suisse International	RUB	17,487		237,000		243,975		—		(6,975	)
Expiring 12/15/21	Credit Suisse International	RUB	9,020		123,999		125,848		—		(1,849	)
Expiring 12/15/21	Morgan Stanley & Co. International PLC	RUB	13,150		185,000		183,469		1,531		—
Expiring 12/15/21	Morgan Stanley & Co. International PLC	RUB	9,909		134,000		138,251		—		(4,251	)
Expiring 12/15/21	Standard Chartered Bank	RUB	9,110		124,000		127,095		—		(3,095	)
Singapore Dollar,
Expiring 12/15/21	BNP Paribas S.A.	SGD	217		160,000		160,662		—		(662	)
Expiring 12/15/21	Citibank, N.A.	SGD	280		207,000		207,364		—		(364	)
Expiring 12/15/21	Goldman Sachs International	SGD	2,748		2,043,983		2,037,061		6,922		—
Expiring 12/15/21	Goldman Sachs International	SGD	218		162,000		161,410		590		—
Expiring 12/15/21	JPMorgan Chase Bank, N.A.	SGD	255		189,000		188,900		100		—
Expiring 12/15/21	JPMorgan Chase Bank, N.A.	SGD	193		142,000		143,293		—		(1,293	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.	SGD	192		142,000		142,660		—		(660	)
Expiring 12/15/21	UBS AG	SGD	425		316,000		315,226		774		—
Expiring 12/15/21	UBS AG	SGD	353		260,000		261,510		—		(1,510	)
South African Rand,
Expiring 12/15/21	Barclays Bank PLC	ZAR	17,009		1,164,873		1,107,020		57,853		—
Expiring 12/15/21	Citibank, N.A.	ZAR	9,866		682,435		642,121		40,314		—
Expiring 12/15/21	Goldman Sachs International	ZAR	775		51,000		50,433		567		—
Expiring 12/15/21	HSBC Bank PLC	ZAR	17,770		1,231,767		1,156,538		75,229		—
Expiring 12/15/21	JPMorgan Chase Bank, N.A.	ZAR	2,173		143,000		141,433		1,567		—
Expiring 12/15/21	JPMorgan Chase Bank, N.A.	ZAR	2,170		142,000		141,251		749		—
Expiring 12/15/21	Morgan Stanley & Co. International PLC	ZAR	836		56,729		54,378		2,351		—
South Korean Won,
Expiring 12/15/21	Morgan Stanley & Co. International PLC	KRW	79,592		67,163		67,685		—		(522	)

See Notes to Financial Statements.

34

Forward foreign currency exchange contracts outstanding at October 31, 2021 (continued):

Sale Contracts	Counterparty	Notional Amount           (000)		Value at Settlement       Date		Current       Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Thai Baht,
Expiring 12/15/21	Citibank, N.A.	THB	4,238	$	129,000	$	127,683	$	1,317	$	—
Expiring 12/15/21	Credit Suisse International	THB	1,057		31,610		31,838		—		(228	)
Expiring 12/15/21	HSBC Bank PLC	THB	12,271		377,708		369,698		8,010		—
Expiring 12/15/21	JPMorgan Chase Bank, N.A.	THB	5,487		164,000		165,302		—		(1,302	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.	THB	4,509		137,000		135,832		1,168		—
Expiring 12/15/21	JPMorgan Chase Bank, N.A.	THB	4,408		132,000		132,792		—		(792	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.	THB	4,324		127,000		130,270		—		(3,270	)
Expiring 12/15/21	Morgan Stanley & Co. International PLC	THB	3,791		113,390		114,195		—		(805	)
Expiring 12/15/21	Standard Chartered Bank	THB	10,137		310,000		305,387		4,613		—
Expiring 12/15/21	Standard Chartered Bank	THB	7,371		220,000		222,068		—		(2,068	)
Expiring 12/15/21	Standard Chartered Bank	THB	6,239		193,000		187,965		5,035		—
Expiring 12/15/21	Standard Chartered Bank	THB	5,534		170,969		166,727		4,242		—
Expiring 12/15/21	UBS AG	THB	1,802		54,912		54,280		632		—
Turkish Lira,
Expiring 12/15/21	Goldman Sachs International	TRY	252		27,290		25,641		1,649		—
Expiring 12/15/21	Morgan Stanley & Co. International PLC	TRY	626		71,724		63,691		8,033		—
Ukraine Hryvna,
Expiring 11/04/21	Goldman Sachs International	UAH	4,574		169,901		173,603		—		(3,702	)
Expiring 12/06/21	Morgan Stanley & Co. International PLC	UAH	4,574		171,000		171,490		—		(490	)
				$	29,768,062	$	29,677,630		281,518		(191,086	)
								$	450,911	$	(568,114	)

Interest rate swap agreements outstanding at October 31, 2021:

Notional Amount       (000)#		Termination        Date	Fixed Rate	Floating Rate	Value at Trade Date			Value at October 31, 2021				Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
BRL	3,324	01/02/23	6.450%(T)	1 Day BROIS(2)(T)		$	—		$	(29,097	)		$	(29,097	)
BRL	1,374	01/02/24	4.590%(T)	1 Day BROIS(2)(T)			—			(31,300	)			(31,300	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund    35

Schedule of Investments  (continued)

as of October 31, 2021

Interest rate swap agreements outstanding at October 31, 2021 (continued):

Notional Amount       (000)#		Termination        Date	Fixed Rate	Floating Rate	Value at Trade Date				Value at October 31, 2021				Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
BRL	3,769	01/02/25	5.755%(T)	1 Day BROIS(2)(T)		$	—			$	(93,598	)		$	(93,598	)
BRL	1,478	01/02/25	5.840%(T)	1 Day BROIS(2)(T)			—				(34,841	)			(34,841	)
BRL	2,354	01/02/25	7.950%(T)	1 Day BROIS(2)(T)			—				(42,651	)			(42,651	)
BRL	2,540	01/02/25	8.140%(T)	1 Day BROIS(1)(T)			—				40,836				40,836
BRL	1,190	01/02/25	8.250%(T)	1 Day BROIS(1)(T)			—				18,286				18,286
BRL	3,723	01/02/25	9.070%(T)	1 Day BROIS(1)(T)			—				49,830				49,830
BRL	668	01/04/27	6.325%(T)	1 Day BROIS(2)(T)			—				(25,141	)			(25,141	)
BRL	1,056	01/04/27	6.529%(T)	1 Day BROIS(2)(T)			—				(37,641	)			(37,641	)
BRL	2,414	01/04/27	7.060%(T)	1 Day BROIS(1)(T)			20,737				85,540				64,803
BRL	1,885	01/04/27	7.745%(T)	1 Day BROIS(1)(T)			—				57,048				57,048
BRL	1,366	01/04/27	8.020%(T)	1 Day BROIS(2)(T)			—				(40,088	)			(40,088	)
BRL	1,954	01/04/27	8.565%(T)	1 Day BROIS(2)(T)			—				(47,918	)			(47,918	)
BRL	1,372	01/04/27	8.570%(T)	1 Day BROIS(1)(T)			—				32,160				32,160
BRL	744	01/04/27	9.300%(T)	1 Day BROIS(1)(T)			—				14,924				14,924
BRL	1,788	01/04/27	10.250%(T)	1 Day BROIS(1)(T)			—				22,816				22,816
BRL	4,739	01/04/27	10.490%(T)	1 Day BROIS(1)(T)			(3,603	)			53,082				56,685
BRL	1,688	01/04/27	11.755%(T)	1 Day BROIS(2)(T)			—				(2,132	)			(2,132	)
BRL	1,601	01/04/27	12.200%(T)	1 Day BROIS(2)(T)			—				3,846				3,846
CLP	708,900	09/15/23	3.853%(S)	1 Day CLOIS(1)(S)			—				18,889				18,889
CLP	646,420	10/13/23	4.920%(S)	1 Day CLOIS(1)(S)			—				2,972				2,972
CLP	288,400	06/23/26	3.165%(S)	1 Day CLOIS(1)(S)			—				29,836				29,836
CLP	268,200	07/12/26	3.505%(S)	1 Day CLOIS(2)(S)			—				(23,575	)			(23,575	)
CLP	294,290	09/15/26	4.705%(S)	1 Day CLOIS(1)(S)			—				9,420				9,420
CLP	333,190	10/26/26	5.750%(S)	1 Day CLOIS(1)(S)			—				(6,605	)			(6,605	)
CLP	220,800	05/03/31	3.680%(S)	1 Day CLOIS(1)(S)			—				35,249				35,249
CLP	147,120	10/04/31	5.420%(S)	1 Day CLOIS(1)(S)			—				2,119				2,119
CNH	2,100	06/15/25	2.175%(Q)	7 Day China Fixing Repo Rates(2)(Q)			(2	)			(4,358	)			(4,356	)
CNH	3,515	06/19/25	2.200%(Q)	7 Day China Fixing Repo Rates(2)(Q)			(5	)			(6,862	)			(6,857	)
CNH	3,085	10/30/25	2.535%(Q)	7 Day China Fixing Repo Rates(2)(Q)			20				(582	)			(602	)
CNH	5,800	07/12/26	2.640%(Q)	7 Day China Fixing Repo Rates(2)(Q)			—				743				743
CNH	2,360	07/27/26	2.553%(Q)	7 Day China Fixing Repo Rates(2)(Q)			—				(1,235	)			(1,235	)
COP	3,423,100	09/15/23	4.185%(Q)	1 Day COOIS(1)(Q)			—				16,910				16,910
COP	950,000	12/12/23	5.530%(Q)	1 Day COOIS(2)(Q)			—				1,371				1,371
COP	3,400,000	09/30/26	5.830%(Q)	1 Day COOIS(1)(Q)			4,764				5,708				944
COP	1,771,750	10/06/26	5.785%(Q)	1 Day COOIS(1)(Q)			—				4,258				4,258
CZK	7,610	09/22/26	2.360%(A)	6 Month PRIBOR(2)(S)			—				(10,594	)			(10,594	)

See Notes to Financial Statements.

36

Interest rate swap agreements outstanding at October 31, 2021 (continued):

Notional Amount       (000)#		Termination        Date	Fixed Rate	Floating Rate	Value at Trade Date				Value at October 31, 2021				Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
CZK	6,507	06/15/31	1.730%(A)	6 Month PRIBOR(2)(S)		$	—			$	(23,984	)		$	(23,984	)
CZK	4,060	10/08/31	2.450%(A)	6 Month PRIBOR(2)(S)			—				(4,156	)			(4,156	)
HUF	157,860	09/03/26	2.660%(A)	6 Month BUBOR(1)(S)			5,523				21,070				15,547
INR	129,000	10/07/22	4.065%(T)	1 Day MIBOR(1)(T)			—				3,902				3,902
KRW	1,300,000	03/12/26	1.407%(Q)	3 Month KWCDC(2)(Q)			(2,314	)			(36,683	)			(34,369	)
KRW	1,000,000	10/07/26	1.958%(Q)	3 Month KWCDC(2)(Q)			874				(9,614	)			(10,488	)
MXN	10,150	09/23/24	6.540%(M)	28 Day Mexican Interbank Rate(1)(M)			—				11,217				11,217
MXN	7,470	05/02/25	5.285%(M)	28 Day Mexican Interbank Rate(2)(M)			16				(24,813	)			(24,829	)
MXN	14,446	03/11/26	4.845%(M)	28 Day Mexican Interbank Rate(2)(M)			(13,391	)			(71,176	)			(57,785	)
MXN	9,380	06/10/26	5.800%(M)	28 Day Mexican Interbank Rate(1)(M)			—				31,054				31,054
MXN	18,698	07/02/26	6.800%(M)	28 Day Mexican Interbank Rate(2)(M)			424				(26,458	)			(26,882	)
MXN	9,180	07/14/26	6.465%(M)	28 Day Mexican Interbank Rate(2)(M)			(24	)			(18,870	)			(18,846	)
MXN	4,160	07/15/26	6.430%(M)	28 Day Mexican Interbank Rate(2)(M)			(10	)			(8,855	)			(8,845	)
MXN	4,800	08/24/26	6.418%(M)	28 Day Mexican Interbank Rate(2)(M)			(10	)			(10,701	)			(10,691	)
MXN	13,870	10/14/26	7.340%(M)	28 Day Mexican Interbank Rate(1)(M)			—				5,177				5,177
MXN	2,040	01/28/30	6.640%(M)	28 Day Mexican Interbank Rate(2)(M)			—				(5,964	)			(5,964	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund    37

Schedule of Investments  (continued)

as of October 31, 2021

Interest rate swap agreements outstanding at October 31, 2021 (continued):

Notional Amount       (000)#		Termination        Date	Fixed Rate	��	Floating Rate	Value at Trade Date				Value at October 31, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
MXN	5,320	04/28/31	6.660%(M)		28 Day Mexican Interbank Rate(2)(M)		$	(17	)		$(17,247	)		$	(17,230	)
MXN	4,500	05/14/31	6.915%(M)		28 Day Mexican Interbank Rate(2)(M)			(17	)		(10,580	)			(10,563	)
MXN	4,450	07/24/31	6.780%(M)		28 Day Mexican Interbank Rate(2)(M)			—			(12,937	)			(12,937	)
MXN	6,300	09/10/31	7.145%(M)		28 Day Mexican Interbank Rate(2)(M)			—			(10,369	)			(10,369	)
PLN	2,450	10/05/23	1.350%(A)		6 Month WIBOR(1)(S)			—			9,840				9,840
PLN	2,450	10/05/23	1.375%(A)		6 Month WIBOR(1)(S)			—			9,540				9,540
PLN	3,180	11/02/23	2.255%(A)		6 Month WIBOR(1)(S)			—			—				—
PLN	2,360	12/15/23	2.400%(A)		6 Month WIBOR(1)(S)			—			1,563				1,563
PLN	2,700	07/24/24	1.798%(A)		6 Month WIBOR(2)(S)			—			(9,475	)			(9,475	)
PLN	2,730	09/08/25	0.637%(A)		6 Month WIBOR(2)(S)			(2,842	)		(48,410	)			(45,568	)
PLN	3,239	08/06/26	1.300%(A)		6 Month WIBOR(2)(S)			(13,147	)		(46,760	)			(33,613	)
PLN	1,980	09/03/26	1.570%(A)		6 Month WIBOR(1)(S)			—			23,017				23,017
PLN	2,539	10/21/26	2.545%(A)		6 Month WIBOR(2)(S)			411			(3,581	)			(3,992	)
PLN	1,980	12/15/26	1.816%(A)		6 Month WIBOR(1)(S)			—			21,317				21,317
PLN	1,400	12/15/26	2.433%(A)		6 Month WIBOR(1)(S)			—			4,985				4,985
PLN	700	06/17/31	1.745%(A)		6 Month WIBOR(1)(S)			—			14,097				14,097
THB	18,200	12/15/26	1.405%(S)		6 Month THBFIX(1)(S)			—			125				125
THB	6,860	12/15/31	1.787%(S)		6 Month THBFIX(1)(S)			—			223				223
ZAR	4,500	06/25/25	5.010%(Q)		3 Month JIBAR(2)(Q)			(21	)		(13,215	)			(13,194	)

See Notes to Financial Statements.

38

Interest rate swap agreements outstanding at October 31, 2021 (continued):

Notional Amount       (000)#		Termination         Date	Fixed Rate	Floating Rate	Value at Trade Date				Value at October 31, 2021				Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
ZAR	5,156	08/21/25	4.978%(Q)	3 Month JIBAR(1)(Q)		$	(3,535	)		$	16,374			$	19,909
ZAR	30,303	03/24/26	6.010%(Q)	3 Month JIBAR(1)(Q)			(14,146	)			46,507				60,653
ZAR	2,472	04/15/26	5.605%(Q)	3 Month JIBAR(2)(Q)			(33	)			(6,748	)			(6,715	)
ZAR	10,410	09/29/26	6.245%(Q)	3 Month JIBAR(1)(Q)			2,242				15,533				13,291
ZAR	5,388	12/15/26	6.863%(Q)	3 Month JIBAR(1)(Q)			—				2,073				2,073
ZAR	3,244	04/09/31	7.535%(Q)	3 Month JIBAR(1)(Q)			94				3,423				3,329
ZAR	3,244	04/13/31	7.530%(Q)	3 Month JIBAR(2)(Q)			(45	)			(3,624	)			(3,579	)
ZAR	6,680	07/13/31	7.415%(Q)	3 Month JIBAR(1)(Q)			93				12,290				12,197
ZAR	13,240	09/27/31	7.493%(Q)	3 Month JIBAR(1)(Q)			1,711				20,401				18,690
						$	(16,253	)		$	(82,867	)		$	(66,614	)

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	1,900	04/08/26	2.650%(Q)	3 Month KLIBOR(1)(Q)		$	7,026			$	36		$	6,990		Morgan Stanley & Co. International PLC
MYR	2,800	04/21/26	2.595%(Q)	3 Month KLIBOR(1)(Q)			12,300				24			12,276		HSBC Bank PLC
MYR	1,800	04/27/26	2.668%(Q)	3 Month KLIBOR(1)(Q)			6,650				26			6,624		HSBC Bank PLC
MYR	1,900	10/06/26	2.839%(Q)	3 Month KLIBOR(1)(Q)			4,721				11			4,710		Bank of America, N.A.
RUB	96,500	12/15/26	7.290%(A)	3 Month MosPRIME(2)(Q)			(85,602	)			—			(85,602	)	Goldman Sachs International
RUB	21,000	12/15/26	7.995%(A)	3 Month MosPRIME(2)(Q)			(10,303	)			—			(10,303	)	Morgan Stanley & Co. International PLC
						$	(65,208	)		$	97		$	(65,305	)

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

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

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund    39

Schedule of Investments  (continued)

as of October 31, 2021

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

	Premiums Paid	Premiums Received	Unrealized Appreciation	Unrealized Depreciation
OTC Swap Agreements	$97	$—	$30,600	$(95,905)

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.		$	550,000		$	—
J.P. Morgan Securities LLC			170,000			—
Total		$	720,000		$	—

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of October 31, 2021 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Corporate Bonds
Brazil	$	—	$	190,300	$—
Jamaica		—		227,267	—
Malaysia		—		207,698	—
Mexico		—		1,045,826	—
Russia		—		1,208,886	—
South Africa		—		417,647	—
Supranational Bank		—		872,135	—
Foreign Treasury Obligation
Brazil		—		595,330	—
Sovereign Bonds
Angola		—		433,555	—
Argentina		—		315,061	—
Brazil		—		1,964,631	—
Chile		—		1,235,274	—

See Notes to Financial Statements.

40

	Level 1		Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Sovereign Bonds (continued)
China	$	—	$	5,991,107		$—
Colombia		—		2,116,447		—
Czech Republic		—		1,379,867		—
Dominican Republic		—		166,313		—
Hungary		—		1,818,385		—
Indonesia		—		6,455,525		—
Ivory Coast		—		136,697		—
Malaysia		—		5,260,417		—
Mexico		—		2,317,958		—
Nigeria		—		217,651		—
Pakistan		—		627,175		—
Peru		—		1,402,490		—
Philippines		—		112,496		—
Poland		—		2,592,615		—
Romania		—		1,254,565		—
Russia		—		2,667,510		—
Serbia		—		161,492		—
South Africa		—		4,903,689		—
Thailand		—		4,088,681		—
Turkey		—		614,926		—
Ukraine		—		586,581		—
Uruguay		—		118,623		—
Short-Term Investments
Affiliated Mutual Funds		806,104		—		—
Options Purchased		—		136,000		—
Total	$	806,104	$	53,840,820		$—
Liabilities
Options Written	$	—	$	(85,449	)	$—
Other Financial Instruments*
Assets
Futures Contracts	$	45,047	$	—		$—
OTC Forward Foreign Currency Exchange Contracts		—		450,911		—
Centrally Cleared Interest Rate Swap Agreements		—		765,691		—
OTC Interest Rate Swap Agreements		—		30,697		—
Total	$	45,047	$	1,247,299		$—
Liabilities
OTC Forward Foreign Currency Exchange Contracts	$	—	$	(568,114	)	$—

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund    41

Schedule of Investments  (continued)

as of October 31, 2021

	Level 1		Level 2			Level 3
Other Financial Instruments* (continued)
Liabilities (continued)
Centrally Cleared Interest Rate Swap Agreements	$	—	$	(832,305	)	$—
OTC Interest Rate Swap Agreements		—		(95,905	)	—
Total	$	—	$	(1,496,324	)	$—

* 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, 2021 were as follows (unaudited):

Sovereign Bonds	87.4	%
Investment Companies	2.2
Telecommunications	1.6
Multi-National	1.5
Affiliated Mutual Funds (0.4% represents investments purchased with collateral from securities on loan)	1.4
Foreign Treasury Obligation	1.1
Oil & Gas	0.7
Chemicals	0.4
Lodging	0.4

Electric	0.3	%
Retail	0.3
Options Purchased	0.3
	97.6
Options Written	(0.1	)
Other assets in excess of liabilities	2.5
	100.0	%

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

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

Fair values of derivative instruments as of October 31, 2021 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	Unaffiliated investments	$	136,000	Options written outstanding, at value	$	85,449

See Notes to Financial Statements.

42

	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair     Value			Statement of Assets and Liabilities Location	Fair     Value
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts	$	450,911		Unrealized depreciation on OTC forward foreign currency exchange contracts	$	568,114
Interest rate contracts	Due from/to broker-variation margin futures		45,047	*	—		—
Interest rate contracts	Due from/to broker-variation margin swaps		765,691	*	Due from/to broker-variation margin swaps		832,305	*
Interest rate contracts	Premiums paid for OTC swap agreements		97		—		—
Interest rate contracts	Unrealized appreciation on OTC swap agreements		30,600		Unrealized depreciation on OTC swap agreements		95,905
		$	1,428,346			$	1,581,773

* 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, 2021 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		$	(126,591	)		$	430,665		$	—		$	734,556		$	—
Interest rate contracts			—				—			20,770			—			182,428
Total		$	(126,591	)		$	430,665		$	20,770		$	734,556		$	182,428

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

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund    43

Schedule of Investments  (continued)

as of October 31, 2021

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(2)			Options Written			Futures			Forward & Cross Currency Exchange Contracts				Swaps
Foreign exchange contracts		$	10,086		$	4,685		$	—		$	(146,056	)		$	—
Interest rate contracts			—			—			37,843			—				(463,247	)
Total		$	10,086		$	4,685		$	37,843		$	(146,056	)		$	(463,247	)

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

For the year ended October 31, 2021, the Fund’s 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)
$48,502	$6,904,353	$98,831	$4,798,543	$47,103,368

Forward Foreign     Currency Exchange Contracts - Sold(3)	Cross Currency Exchange Contracts(4)	Interest Rate Swap Agreements(2)
$34,173,815	$373,046	$31,401,527

(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, 2021.

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

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

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/(Liabilities)		Collateral Pledged/(Received)(2)		Net Amount
Securities on Loan		$159,312		$(159,312)		$—

See Notes to Financial Statements.

44

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.		$	4,721		$	(8,991	)		$	(4,270	)		$	—		$	(4,270	)
Barclays Bank PLC			92,834			(51,580	)			41,254				—			41,254
BNP Paribas S.A.			33,661			(11,624	)			22,037				—			22,037
Citibank, N.A.			59,966			(99,048	)			(39,082	)			—			(39,082	)
Credit Suisse International			9,155			(167,409	)			(158,254	)			—			(158,254	)
Deutsche Bank AG			—			(1,432	)			(1,432	)			—			(1,432	)
Goldman Sachs International			103,993			(187,317	)			(83,324	)			—			(83,324	)
HSBC Bank PLC			119,972			(14,736	)			105,236				—			105,236
JPMorgan Chase Bank, N.A.			68,584			(85,003	)			(16,419	)			—			(16,419	)
Morgan Stanley & Co. International PLC			100,919			(94,426	)			6,493				—			6,493
Standard Chartered Bank			19,673			(12,610	)			7,063				—			7,063
UBS AG			4,130			(15,292	)			(11,162	)			—			(11,162	)
		$	617,608		$	(749,468	)		$	(131,860	)		$	—		$	(131,860	)

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

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

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund    45

Statement of Assets and Liabilities

as of October 31, 2021

Assets
Investments at value, including securities on loan of $159,312:
Unaffiliated investments (cost $56,856,021)	$	53,840,820
Affiliated investments (cost $806,125)		806,104
Cash		28,825
Foreign currency, at value (cost $136,665)		136,859
Dividends and interest receivable		901,752
Deposit with broker for centrally cleared/exchange-traded derivatives		720,000
Unrealized appreciation on OTC forward foreign currency exchange contracts		450,911
Receivable for investments sold		208,375
Receivable for Fund shares sold		88,854
Tax reclaim receivable		84,895
Unrealized appreciation on OTC swap agreements		30,600
Due from broker—variation margin swaps		21,282
Due from broker—variation margin futures		1,709
Due from Manager		919
Premiums paid for OTC swap agreements		97
Prepaid expenses and other assets		9,202
Total Assets		57,331,204
Liabilities
Unrealized depreciation on OTC forward foreign currency exchange contracts		568,114
Payable to broker for collateral for securities on loan		219,273
Payable for Fund shares purchased		190,260
Accrued expenses and other liabilities		112,014
Unrealized depreciation on OTC swap agreements		95,905
Options written outstanding, at value (premiums received $85,437)		85,449
Payable for investments purchased		74,280
Distribution fee payable		926
Directors’ fees payable		923
Affiliated transfer agent fee payable		602
Dividends payable		111
Total Liabilities		1,347,857
Net Assets	$	55,983,347
Net assets were comprised of:
Common stock, at par	$	102
Paid-in capital in excess of par		65,373,379
Total distributable earnings (loss)		(9,390,134	)
Net assets, October 31, 2021	$	55,983,347

See Notes to Financial Statements.

46

Class A
Net asset value and redemption price per share, ($ 3,488,852 ÷ 640,147 shares of common stock issued and outstanding)	$	5.45
Maximum sales charge (3.25% of offering price)		0.18
Maximum offering price to public	$	5.63
Class C
Net asset value, offering price and redemption price per share, ($ 190,393 ÷ 34,688 shares of common stock issued and outstanding)	$	5.49
Class Z
Net asset value, offering price and redemption price per share, ($ 49,067,311 ÷ 8,920,502 shares of common stock issued and outstanding)	$	5.50
Class R6
Net asset value, offering price and redemption price per share, ($ 3,236,791 ÷ 588,906 shares of common stock issued and outstanding)	$	5.50

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund    47

Statement of Operations

Year Ended October 31, 2021

Net Investment Income (Loss)
Income
Interest income (net of $132,152 foreign withholding tax)	$	3,201,365
Affiliated dividend income		3,246
Income from securities lending, net (including affiliated income of $250)		617
Total income		3,205,228
Expenses
Management fee		426,964
Distribution fee(a)		13,180
Custodian and accounting fees		91,844
Transfer agent’s fees and expenses (including affiliated expense of $3,625)(a)		87,900
Audit fee		65,732
Registration fees(a)		42,511
Legal fees and expenses		20,294
Shareholders’ reports		10,450
Directors’ fees		10,360
Miscellaneous		30,306
Total expenses		799,541
Less: Fee waiver and/or expense reimbursement(a)		(307,049	)
Net expenses		492,492
Net investment income (loss)		2,712,736
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(96))		(687,544	)
Futures transactions		20,770
Forward and cross currency contract transactions		734,556
Options written transactions		430,665
Swap agreement transactions		182,428
Foreign currency transactions		(694,931	)
		(14,056	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(21))		(462,424	)
Futures		37,843
Forward currency contracts		(146,056	)
Options written		4,685
Swap agreements		(463,247	)
Foreign currencies		54,760
		(974,439	)
Net gain (loss) on investment and foreign currency transactions		(988,495	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	1,724,241

See Notes to Financial Statements.

48

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

	Class A			Class C			Class Z			Class R6
Distribution fee		9,874			3,306			—			—
Transfer agent’s fees and expenses		5,416			893			81,459			132
Registration fees		11,177			7,677			13,480			10,177
Fee waiver and/or expense reimbursement		(21,271	)		(8,979	)		(260,976	)		(15,823	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund    49

Statements of Changes in Net Assets

	Year Ended October 31,
	2021			2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	2,712,736		$	2,855,666
Net realized gain (loss) on investment and foreign currency transactions		(14,056	)		(4,985,868	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(974,439	)		(3,815,388	)
Net increase (decrease) in net assets resulting from operations		1,724,241			(5,945,590	)
Dividends and Distributions
Distributions from distributable earnings
Class A		(171,094	)		—
Class C		(11,953	)		—
Class Z		(2,832,895	)		—
Class R6		(77,566	)		—
		(3,093,508	)		—
Tax return of capital distributions
Class A		—			(167,490	)
Class C		—			(19,547	)
Class Z		—			(2,965,432	)
Class R6		—			(2,195	)
		—			(3,154,664	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		18,589,941			25,439,494
Net asset value of shares issued in reinvestment of dividends and distributions		3,084,833			3,077,906
Cost of shares purchased		(26,083,180	)		(30,057,181	)
Net increase (decrease) in net assets from Fund share transactions		(4,408,406	)		(1,539,781	)
Total increase (decrease)		(5,777,673	)		(10,640,035	)
Net Assets:
Beginning of year		61,761,020			72,401,055
End of year	$	55,983,347		$	61,761,020

See Notes to Financial Statements.

50

Financial Highlights

Class A Shares
	Year Ended October 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$5.57			$6.07			$5.52			$6.40			$6.44
Income (loss) from investment operations:
Net investment income (loss)		0.22			0.24			0.30			0.33			0.35
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.09	)		(0.47	)		0.57			(0.86	)		(0.02	)
Total from investment operations		0.13			(0.23	)		0.87			(0.53	)		0.33
Less Dividends and Distributions:
Dividends from net investment income*		(0.25	)		-			(0.31	)		-			(0.15	)
Tax return of capital distributions		-			(0.27	)		(0.01	)		(0.35	)		(0.22	)
Total dividends and distributions		(0.25	)		(0.27	)		(0.32	)		(0.35	)		(0.37	)
Net asset value, end of year		$5.45			$5.57			$6.07			$5.52			$6.40
Total Return(b):		2.19	%		(3.75	)%		16.14	%		(8.68	)%		5.36	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$3,489			$3,853			$3,692			$3,146			$3,085
Average net assets (000)		$3,950			$3,518			$3,223			$4,105			$3,639
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.13	%		1.13	%		1.13	%		1.13	%		1.13	%
Expenses before waivers and/or expense reimbursement		1.67	%		2.04	%		2.03	%		2.16	%		2.15	%
Net investment income (loss)		3.75	%		4.24	%		5.13	%		5.34	%		5.42	%
Portfolio turnover rate(e)		35	%		64	%		69	%		113	%		186	%

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

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

(d) 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 Fund’s 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 Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund    51

Financial Highlights  (continued)

Class C Shares
	Year Ended October 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$5.61			$6.11			$5.56			$6.46			$6.49
Income (loss) from investment operations:
Net investment income (loss)		0.18			0.20			0.26			0.29			0.30
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.09	)		(0.47	)		0.57			(0.88	)		(0.01	)
Total from investment operations		0.09			(0.27	)		0.83			(0.59	)		0.29
Less Dividends and Distributions:
Dividends from net investment income*		(0.21	)		-			(0.27	)		-			(0.13	)
Tax return of capital distributions		-			(0.23	)		(0.01	)		(0.31	)		(0.19	)
Total dividends and distributions		(0.21	)		(0.23	)		(0.28	)		(0.31	)		(0.32	)
Net asset value, end of year		$5.49			$5.61			$6.11			$5.56			$6.46
Total Return(b):		1.44	%		(4.41	)%		15.18	%		(9.61	)%		4.66	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$190			$466			$579			$538			$718
Average net assets (000)		$331			$484			$566			$672			$649
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.88	%		1.88	%		1.88	%		1.88	%		1.88	%
Expenses before waivers and/or expense reimbursement		4.60	%		5.82	%		4.82	%		4.89	%		2.88	%
Net investment income (loss)		3.00	%		3.54	%		4.37	%		4.56	%		4.63	%
Portfolio turnover rate(e)		35	%		64	%		69	%		113	%		186	%

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

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

(d) 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 Fund’s 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 Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

52

Class Z Shares
	Year Ended October 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$5.62			$6.13			$5.57			$6.48			$6.50
Income (loss) from investment operations:
Net investment income (loss)		0.24			0.27			0.32			0.34			0.36
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.08	)		(0.48	)		0.58			(0.88	)		0.01
Total from investment operations		0.16			(0.21	)		0.90			(0.54	)		0.37
Less Dividends and Distributions:
Dividends from net investment income*		(0.28	)		-			(0.33	)		-			(0.16	)
Tax return of capital distributions		-			(0.30	)		(0.01	)		(0.37	)		(0.23	)
Total dividends and distributions		(0.28	)		(0.30	)		(0.34	)		(0.37	)		(0.39	)
Net asset value, end of year		$5.50			$5.62			$6.13			$5.57			$6.48
Total Return(b):		2.63	%		(3.45	)%		16.50	%		(8.83	)%		5.85	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$49,067			$57,392			$68,101			$55,000			$27,020
Average net assets (000)		$59,794			$56,989			$63,219			$49,644			$26,437
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.72	%		0.74	%		0.88	%		0.88	%		0.88	%
Expenses before waivers and/or expense reimbursement		1.16	%		1.27	%		1.31	%		1.41	%		1.88	%
Net investment income (loss)		4.16	%		4.72	%		5.35	%		5.50	%		5.58	%
Portfolio turnover rate(e)		35	%		64	%		69	%		113	%		186	%

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

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

(d) 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 Fund’s 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 Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund    53

Financial Highlights  (continued)

Class R6 Shares
	Year Ended October 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$5.62			$6.12			$5.56			$6.47			$6.50
Income (loss) from investment operations:
Net investment income (loss)		0.25			0.27			0.31			0.36			0.37
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.09	)		(0.47	)		0.58			(0.89	)		-	(b)
Total from investment operations		0.16			(0.20	)		0.89			(0.53	)		0.37
Less Dividends and Distributions:
Dividends from net investment income*		(0.28	)		-			(0.32	)		-			(0.16	)
Tax return of capital distributions		-			(0.30	)		(0.01	)		(0.38	)		(0.24	)
Total dividends and distributions		(0.28	)		(0.30	)		(0.33	)		(0.38	)		(0.40	)
Net asset value, end of year		$5.50			$5.62			$6.12			$5.56			$6.47
Total Return(c):		2.70	%		(3.24	)%		16.41	%		(8.63	)%		5.82	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$3,237			$50			$29			$1			$1
Average net assets (000)		$1,613			$42			$15			$1			$1
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.65	%		0.67	%		0.88	%		0.88	%		0.88	%
Expenses before waivers and/or expense reimbursement		1.63	%		40.50	%		92.22	%		1,595.87	%		1.83	%
Net investment income (loss)		4.27	%		4.64	%		5.20	%		5.73	%		5.73	%
Portfolio turnover rate(f)		35	%		64	%		69	%		113	%		186	%

* 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) Amount rounds to zero.

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

(d) Does not include expenses of the underlying funds in which the Fund 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 Fund’s 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 Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

54

Notes to Financial Statements

1. Organization

Prudential World Fund, Inc. (the “Registered Investment Company” or “RIC”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The RIC is organized as a Maryland Corporation and currently consists of seven separate funds: PGIM Emerging Markets Debt Hard Currency Fund, PGIM Emerging Markets Debt Local Currency Fund, 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. These financial statements relate only to the PGIM Emerging Markets Debt Local Currency Fund (the “Fund”). The Fund is classified as a non-diversified fund for purposes of the 1940 Act.

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

2. Accounting Policies

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

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Fund’s investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC’s Board of 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 Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. A record of the Valuation Committee’s actions is subject to the Board’s review at its first quarterly meeting following the quarter in which such actions take place.

PGIM Emerging Markets Debt Local Currency Fund    55

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

Various inputs determine how the Fund’s investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the 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 Fund utilizes the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors’ valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

56

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

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. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.

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

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

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

PGIM Emerging Markets Debt Local Currency Fund    57

Notes to Financial Statements (continued)

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period unrealized and realized foreign currency gains (losses) are included in the reported Net change in unrealized appreciation (depreciation) on investments and Net realized gains (losses) on investment transactions on the Statements of Operations. Notwithstanding the above, the Fund does isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations; such amounts are included in net realized gains (losses) on foreign currency transactions.

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

Forward and Cross Currency Contracts: A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The Fund enters into forward currency contracts, as defined in the prospectus, in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency and to gain exposure to certain currencies. The contracts are valued daily at current forward exchange rates and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on forward and cross currency contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on forward and cross currency contract transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Fund’s maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract’s life. A cross

58

currency contract is a forward contract where a specified amount of one foreign currency will be exchanged for a specified amount of another foreign currency.

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

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

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

Financial Futures Contracts: A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Fund is required to pledge to the broker

PGIM Emerging Markets Debt Local Currency Fund    59

Notes to Financial Statements (continued)

an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the “initial margin.” Subsequent payments, known as “variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in the value of the underlying security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

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

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

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

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

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

In addition to each instrument’s primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in the portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/insolvency of either party. Such OTC derivative agreements include conditions which, when materialized, give the counterparty

PGIM Emerging Markets Debt Local Currency Fund    61

Notes to Financial Statements (continued)

the right to cause an early termination of the transactions under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.

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

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

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

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Fund becomes aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an

62

accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Such class specific expenses and waivers include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

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

Dividends and Distributions: The Fund 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 GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.

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

3. Agreements

The RIC, on behalf of the Fund, has a management agreement with the Manager. Pursuant to this agreement, the Manager has responsibility for all investment advisory services and supervises the subadvisers’ performance of such services.

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

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.65% of the Fund’s 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% on average daily net assets exceeding $10 billion. The effective

PGIM Emerging Markets Debt Local Currency Fund    63

Notes to Financial Statements (continued)

management fee rate before any waivers and/or expense reimbursements was 0.65% for the year ended October 31, 2021.

The Manager has contractually agreed, through February 28, 2023, 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. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager 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 RIC, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class C, Class Z and Class R6 shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A and Class C shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS.

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

For the year ended October 31, 2021, PIMS received $7,130 in front-end sales charges resulting from sales of Class A shares. Additionally, for the year ended October 31, 2021, PIMS received $36 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., PGIM Limited and PIMS are indirect, wholly-owned

64

subsidiaries of Prudential Financial, Inc. (“Prudential”).

4. Other Transactions with Affiliates

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

The Fund may invest its overnight sweep cash in the PGIM Core 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 fund of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund. In addition to the realized and unrealized gains on investments in the Core Fund and 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 Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the year ended October 31, 2021, no 17a-7 transactions were entered into by the Fund.

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the year ended October 31, 2021, were $21,276,394 and $23,245,921, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended October 31, 2021, 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
Short-Term Investments - Affiliated Mutual Funds:
PGIM Core Ultra Short Bond Fund (1)(wa)
$2,133,355		$22,518,046		$24,064,559		$—		$—		$586,842		586,842		$3,246

PGIM Emerging Markets Debt Local Currency Fund    65

Notes to Financial Statements (continued)

Value, Beginning of Year	Cost of Purchases			Proceeds from Sales			Change in Unrealized Gain     (Loss)				Realized Gain   (Loss)				Value, End of Year			Shares, End of Year		Income
PGIM Institutional Money Market Fund (1)(b)(wa)
$            —		$	1,557,007		$	1,337,628		$	(21	)		$	(96	)		$	219,262		219,395		$	250	(2)
$2,133,355		$	24,075,053		$	25,402,187		$	(21	)		$	(96	)		$	806,104				$	3,496

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

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

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

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

6. Distributions and Tax Information

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date.

For the year ended October 31, 2021, the tax character of dividends paid by the Fund was $3,093,508 of ordinary income. For the year ended October 31, 2020, the tax character of dividends paid by the Fund were $0 of ordinary income and $3,154,664 of tax return of capital.

As of October 31, 2021, the accumulated undistributed earnings on a tax basis was $486,591 of ordinary income.

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of October 31, 2021 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Depreciation
$58,911,195	$1,637,882	$(6,191,580)	$(4,553,698)

The difference between GAAP 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 GAAP and tax accounting.

For federal income tax purposes, the Fund had a capital loss carryforward as of October 31, 2021 of approximately $5,321,000 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.

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The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2021 are subject to such review.

7. Capital and Ownership

The Fund offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 3.25%. Investors who purchase $500,000 or more of Class A shares and sell those shares within 12 months of purchase are subject to a 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 eight years (ten years prior to January 22, 2021) after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

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

The RIC is authorized to issue 10,225,000,000 shares of common stock, $0.00001 par value per share, 550,000,000 of which are designated as shares of the Fund. The authorized shares of the Fund are currently 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 Fund currently does not have any Class T shares outstanding.

As of October 31, 2021, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

	Number of Shares	Percentage of   Outstanding Shares
Class Z	3,634,129	40.7%
Class R6	188	0.1%

PGIM Emerging Markets Debt Local Currency Fund    67

Notes to Financial Statements (continued)

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

Affiliated		Unaffiliated
Number of Shareholders	Percentage of Outstanding Shares	Number of Shareholders	Percentage of Outstanding Shares
1	35.7%	3	57.2%

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Year ended October 31, 2021:
Shares sold		78,649		$	458,123
Shares issued in reinvestment of dividends and distributions		29,019			167,971
Shares purchased		(181,591	)		(1,055,699	)
Net increase (decrease) in shares outstanding before conversion		(73,923	)		(429,605	)
Shares issued upon conversion from other share class(es)		25,573			154,504
Shares purchased upon conversion into other share class(es)		(3,161	)		(18,144	)
Net increase (decrease) in shares outstanding		(51,511	)	$	(293,245	)
Year ended October 31, 2020:
Shares sold		151,614		$	859,877
Shares issued in reinvestment of dividends and distributions		28,771			163,559
Shares purchased		(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
Class C
Year ended October 31, 2021:
Shares sold		3,485		$	20,671
Shares issued in reinvestment of dividends and distributions		2,022			11,886
Shares purchased		(28,402	)		(163,996	)
Net increase (decrease) in shares outstanding before conversion		(22,895	)		(131,439	)
Shares purchased upon conversion into other share class(es)		(25,403	)		(154,504	)
Net increase (decrease) in shares outstanding		(48,298	)	$	(285,943	)
Year ended October 31, 2020:
Shares sold		8,600		$	49,850
Shares issued in reinvestment of dividends and distributions		3,393			19,430
Shares purchased		(17,874	)		(104,373	)
Net increase (decrease) in shares outstanding before conversion		(5,881	)		(35,093	)
Shares purchased upon conversion into other share class(es)		(5,855	)		(31,679	)
Net increase (decrease) in shares outstanding		(11,736	)	$	(66,772	)

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Class Z	Shares			Amount
Year ended October 31, 2021:
Shares sold		2,987,759		$	17,715,817
Shares issued in reinvestment of dividends and distributions		483,358			2,827,410
Shares purchased		(4,096,951	)		(23,917,712	)
Net increase (decrease) in shares outstanding before conversion		(625,834	)		(3,374,485	)
Shares issued upon conversion from other share class(es)		3,128			18,144
Shares purchased upon conversion into other share class(es)		(661,948	)		(3,892,254	)
Net increase (decrease) in shares outstanding		(1,284,654	)	$	(7,248,595	)
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 purchased		(5,579,432	)		(29,392,019	)
Net increase (decrease) in shares outstanding		(910,739	)	$	(1,992,149	)
Class R6
Year ended October 31, 2021:
Shares sold		68,180		$	395,330
Shares issued in reinvestment of dividends and distributions		13,589			77,566
Shares purchased		(164,802	)		(945,773	)
Net increase (decrease) in shares outstanding before conversion		(83,033	)		(472,877	)
Shares issued upon conversion from other share class(es)		663,076			3,892,254
Net increase (decrease) in shares outstanding		580,043		$	3,419,377
Year ended October 31, 2020:
Shares sold		3,743		$	22,619
Shares issued in reinvestment of dividends and distributions		386			2,195
Shares purchased		(9	)		(58	)
Net increase (decrease) in shares outstanding		4,120		$	24,756

8. Borrowings

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

	Current SCA	Prior SCA
Term of Commitment	10/1/2021 – 9/29/2022	10/2/2020 – 9/30/2021
Total Commitment	$ 1,200,000,000	$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	1.30% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent

Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more

PGIM Emerging Markets Debt Local Currency Fund    69

Notes to Financial Statements (continued)

likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Manager to allocate available funding per a Board-approved methodology designed to treat the Participating Funds in the SCA equitably.

The Fund utilized the SCA during the year ended October 31, 2021. The average daily balance for the 11 days that the Fund had loans outstanding during the period was approximately $1,515,818, borrowed at a weighted average interest rate of 1.38%. The maximum loan outstanding amount during the period was $6,504,000. At October 31, 2021, the Fund did not have an outstanding loan amount.

9. Risks of Investing in the Fund

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

Active Trading Risk: The Fund actively and frequently trades its portfolio securities. High portfolio turnover results in higher transaction costs, which can affect the Fund’s performance and have adverse tax consequences. In addition, high portfolio turnover may also mean that a proportionately greater amount of distributions to shareholders will be taxed as ordinary income rather than long-term capital gains compared to investment companies with lower portfolio turnover.

Credit Risk: Credit risk relates to the ability of the issuer of a fixed income instrument or the counterparty to a financial transaction with the Fund to meet interest and principal payments as they come due or to fulfill its obligations to the Fund. The value of the fixed income instruments held by the Fund will be adversely affected by any erosion in the ability of the relevant issuers to make interest and principal payments as they become due. The ratings given to a debt security by certain ratings agencies provide a generally useful guide as to such credit risk. The lower the rating of a debt security held by the Fund, the greater the degree of credit risk that is perceived to exist by the rating agency with respect to that security. Increasing the amount of Fund assets invested in lower-rated securities generally will increase the Fund’s income, but also will increase the credit risk to which the Fund is subject. The Fund generally enters into financial transactions with major dealers that are deemed acceptable to the subadviser from a credit perspective.

Currency Risk: The Fund’s assets may be invested in securities that are denominated in non-US currencies or directly in currencies. Such investments are subject to the risk that the value of a particular currency will change in relation to the US dollar or other currencies. The weakening of a country’s currency relative to the US dollar will negatively affect the

70

dollar value of the Fund’s assets. Among the factors that may affect currency values are trade balances, levels of short term interest rates, differences in relative values of similar assets in different currencies, long term opportunities for investment and capital appreciation, central bank policy, and political developments. The Fund may attempt to hedge such risks by selling or buying currencies in the forward market; selling or buying currency futures contracts, options or other securities thereon; borrowing fund denominated in particular currencies; or any combination thereof, depending on the availability of liquidity in the hedging instruments and their relative costs. There can be no assurance that such strategies will be implemented or, if implemented, will be effective. The Fund would incur additional costs from hedging.

Debt Obligations Risk: Debt obligations are subject to credit risk, market risk and interest rate risk. The Fund’s holdings, share price, yield and total return may also fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer’s goods and services. Certain types of fixed income obligations also may be subject to “call and redemption risk,” which is the risk that the issuer may call a bond held by the Fund for redemption before it matures and the Fund may lose income.

Derivatives Risk: Derivatives involve special risks and costs and may result in losses to the Fund. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, the Fund will depend on the subadviser’s ability to analyze and manage derivatives transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” and therefore may magnify or otherwise increase investment losses to the Fund. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the Fund’s derivatives positions. In fact, many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Fund. The U.S. Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements and risk exposure limitations. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make derivatives more costly, limit their availability or utility, or otherwise adversely affect their performance or disrupt markets.

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

PGIM Emerging Markets Debt Local Currency Fund    71

Notes to Financial Statements (continued)

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

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

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

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

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

Increase in Expenses Risk: Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table in the Fund’s prospectus for a variety of reasons. For

72

example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Fund securities can increase expenses.

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

Investments in China Risk: Investments in China subject the Fund 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.

China has experienced security concerns, such as terrorism and strained international relations. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and the Fund’s investments. Export growth continues to be a major driver of China’s rapid economic growth. Reduction in spending on Chinese products and services, institution of additional tariffs or other trade barriers, including as a result of heightened trade tensions between China and the U.S., or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy or the Fund. For example, a series of executive orders issued between November 2020 and June 2021 prohibit the Fund from investing in certain companies identified by the U.S. government as “Chinese Military Industrial Complex Companies.” The restrictions in these executive orders may force the subadviser to sell certain positions and may restrict the Fund from future investments the subadviser deems otherwise attractive.

Chinese companies, including Chinese companies that are listed on U.S. exchanges, are not subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in more developed countries, and as a result, information about the

PGIM Emerging Markets Debt Local Currency Fund    73

Notes to Financial Statements (continued)

Chinese securities in which the Fund invests may be less reliable or complete. There may be significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies and shareholders may have limited legal remedies.

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

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

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

Management Risk: The value of your investment may decrease if judgments by the subadviser about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements are incorrect.

Market Disruption and Geopolitical Risks: International wars or conflicts and geopolitical developments in foreign countries, along with instability in regions such as Asia, Eastern

74

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 outbreak of COVID-19 globally in 2020 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 Fund’s 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 Fund 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 Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

Non-Diversified Investment Company Risk: The Fund is non-diversified for purposes of the Investment Company Act of 1940 (1940 Act). This means that the Fund may invest a greater percentage of its assets in the securities of a single company or other issuer than a diversified fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a non-diversified fund.

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

PGIM Emerging Markets Debt Local Currency Fund    75

Notes to Financial Statements (continued)

related issues. The Rule took effect on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Rule and its impact to the Fund.

76

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, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and financial highlights for each of the two years in the period ended October 31, 2021 (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, 2021, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for each of the two years in the period ended October 31, 2021 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 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 audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits 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 audits 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 audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 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 audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

December 16, 2021

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

PGIM Emerging Markets Debt Local Currency Fund 77

Tax Information (unaudited)

For the year ended October 31, 2021, the Fund reports the maximum amount allowable but not less than 11.84% as interest-related dividends in accordance with Sections 871(k)(1) and 881(e)(1) of the Internal Revenue Code.

In January 2022, you will be advised on IRS Form 1099-DIV or substitute 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2021.

call your financial adviser.

78

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); formerly 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; formerly 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: 92	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).	Trustee of Equity Residential (residential real estate) (since December 2009); Director of Northern Trust Corporation (financial services) (since April 2006); formerly Director of Anixter International, Inc. (communication products distributor) (January 2006-June 2020).	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 (asset management).	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	Retired; Executive Committee of the Independent Directors Council (IDC) Board of Governors (since October 2019); Member (since November 2014) of the Governing Council of the 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: 91	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly Visiting Professor of Law, Stanford Law School (2015-2021); 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, Roku (since December 2020) (communication services); formerly Independent Director, Synnex Corporation (2019-2021) (information technology); formerly Independent Director, Kabbage, Inc. (2018-2020) (financial services); formerly Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017
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.	Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank; formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National 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: 94	President, Chief Executive Officer, Chief Operating Officer and Officer in Charge of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011); Investment Company Institute - Board of Governors (since May 2012).	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: 95	Executive Vice President (since May 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; Richard A. Redeker, 1993; Stephen G. Stoneburn, 2003; Stuart S. Parker, Board Member since 2012 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, Executive Vice President and Secretary 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 Vice President and Assistant Secretary of PGIM Investments LLC (2005-2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005

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
Dino Capasso 1974 Chief Compliance Officer	Chief Compliance Officer (since July 2019) of PGIM Investments LLC; Chief Compliance Officer (since July 2019) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM High Yield Bond Fund, Inc., and PGIM Short Duration High Yield Opportunities Fund; 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 July 2019
Andrew R. French 1962 Secretary	Vice President (since December 2018) 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
Debra Rubano 1975 Assistant Secretary	Vice President and Corporate Counsel (since November 2020) of Prudential; formerly Director and Senior Counsel of Allianz Global Investors U.S. Holdings LLC (2010-2020) and Assistant Secretary of numerous funds in the Allianz fund complex (2015-2020).	Since December 2020
Kelly A. Coyne 1968 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since March 2015

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
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 September 2019
Deborah Conway 1969 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since September 2019
Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.	Since September 2019
Jonathan Corbett 1983 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Global Compliance Programs and Compliance Risk Management (since August 2019) of Prudential; formerly Vice President and Head of Key Risk Areas Compliance (March 2016 to July 2019), Chief Privacy Officer (March 2016 to July 2019) and Head of Global Financial Crimes Unit (April 2014 to March 2016) at MetLife.	Since October 2021

^(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, Target Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, 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 ten individuals, eight 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 June 7-10, 2021 and approved the renewal of the agreements through July 31, 2022, 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 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 June 7-10, 2021.

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)

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.

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

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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, 2020 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 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 Emerging Markets Debt Local 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-, three- and five-year periods ended December 31, 2020.

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, 2020. 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

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

Net Performance	1 Year	3 Years	5 Years	10 Years
	1st Quartile	1st Quartile	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 (exclusive of other fees and expenses) 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, 2022.

^· 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	(800) 225-1852	pgim.com/investments
Newark, NJ 07102

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 · 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 · Jonathan Corbett, Anti-Money Laundering Compliance Officer · Andrew R. French, Secretary · Melissa Gonzalez, Assistant Secretary · Diana N. Huffman, Assistant Secretary · Kelly A. Coyne, Assistant Secretary · Patrick E. McGuinness, Assistant Secretary · Debra Rubano, Assistant Secretary · Lana Lomuti, Assistant Treasurer · Russ Shupak, Assistant Treasurer · Elyse M. McLaughlin, Assistant Treasurer · Deborah Conway, Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	PGIM Fixed Income	655 Broad Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	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, 2021

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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. © 2021 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 Emerging Markets Equity Opportunities Fund informative and useful. The report covers performance for the 12-month period that ended October 31, 2021.

The global economy and markets continued to recover throughout the period from the ongoing impact of the COVID-19 pandemic. The Federal Reserve slashed interest rates and kept them near zero to encourage borrowing. Congress passed stimulus bills worth several trillion dollars to help consumers and businesses. And several effective COVID-19 vaccines received regulatory approval. Those measures were enough to offset the fear of rising inflation and supply chain challenges that threatened to disrupt growth.

At the start of the period, stocks had recovered most of the steep losses they had suffered at the onset of the pandemic. Equities rallied as states reopened their economies but became more volatile as investors worried that a surge in COVID-19 infections would stall the recovery. However, rising corporate profits and economic growth, the resolution of the US presidential election, and the global rollout of approved vaccines lifted equity markets to record levels, helping stocks around the globe post gains for the full period.

Throughout this volatile period, investors sought safety in fixed income. Investment-grade bonds in the US and the overall global bond market declined slightly during the period as the economy recovered, but emerging market debt rose. While the 10-year US Treasury yield hovered near record lows early in the period after a significant rally in interest rates, rates moved higher later on as investors began to focus on stronger economic growth and the prospects of higher inflation. The Fed also took several aggressive actions to keep the bond markets running smoothly, implementing 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 $1.5 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, 2021

PGIM Jennison Emerging Markets Equity Opportunities Fund    3

Your Fund’s Performance (unaudited)

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

	Average Annual Total Returns as of 10/31/21
	One Year (%)	Five Years (%)	Since Inception (%)
Class A
(with sales charges)	26.61	19.07	11.95 (09/16/2014)
(without sales charges)	33.98	20.43	12.84 (09/16/2014)
Class C
(with sales charges)	31.96	19.51	12.00 (09/16/2014)
(without sales charges)	32.96	19.51	12.00 (09/16/2014)
Class Z
(without sales charges)	34.24	20.72	13.12 (09/16/2014)
Class R6
(without sales charges)	34.30	20.73	13.13 (09/16/2014)
MSCI Emerging Markets Index
	16.96	9.39	5.69

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 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, 2021), 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 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. It consists of the following 27 emerging market country indexes: Argentina, Brazil, Chile, China, Colombia, the Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, Saudi Arabia, 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 10/31/21

Ten Largest Holdings	Line of Business	Country	% of Net Assets
Sea Ltd., ADR	Entertainment	Taiwan	10.3%
Silergy Corp.	Semiconductors & Semiconductor Equipment	China	5.4%
Contemporary Amperex Technology Co. Ltd. (Class A Stock)	Electrical Equipment	China	4.8%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR	Semiconductors & Semiconductor Equipment	Taiwan	4.6%
Globant SA	IT Services	United States	4.1%
Samsung SDI Co. Ltd.	Electronic Equipment, Instruments & Components	South Korea	3.8%
MercadoLibre, Inc.	Internet & Direct Marketing Retail	Argentina	3.7%
Ashok Leyland Ltd.	Machinery	India	3.7%
HDFC Bank Ltd., ADR	Banks	India	3.5%
NAVER Corp.	Interactive Media & Services	South Korea	2.9%

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

34.24% in the 12-month reporting period that ended October 31, 2021, outperforming the 16.96% return of the MSCI Emerging Markets Index (the Index).

What were the market conditions?

· In early fall 2020, investors began to favor areas of the market that were most exposed to an economic recovery and most debilitated by the COVID-19 pandemic. This rotation extended into the first quarter of 2021, boosting valuations of cyclical companies and reducing the earnings multiples of secular growth companies.

· June 2021 marked a turning point in the US economic reopening and reflation outlook, as the Federal Reserve’s comments began to reflect concerns about labor shortages and rising prices.

· Corporate profit growth through the end of the reporting period was strong, highlighting the expanding recovery and boosting business confidence to its highest level since the early days of the pandemic.

· The Chinese government took further steps during the period to rein in the activities of many of its largest consumer-facing companies, citing concerns over privacy, unintended usage of consumer data, and the deleterious health effects of excessive amounts of time spent online. Chinese stocks sold off sharply after these moves and the elevated risk of further intervention.

· In the Index, there was significant disparity among sector returns during the period. The energy, materials, financials, and information technology sectors posted the largest gains. The consumer discretionary, real estate, and communication services sectors had negative returns.

What worked?

· Stock selection was very strong during the reporting period and added to the Fund’s relative returns in nearly every sector. Reflecting the broad outperformance of the Fund relative to the Index, the largest positive contributors were found among a variety of sectors.

· Sea Ltd. drove relative outperformance in the communication services sector, as the company continued to execute and deliver strong gains during the period. Earning results demonstrated significant top-line growth in gaming and e-commerce. The company’s e-commerce opportunity in Southeast Asia continues to offer long-term growth potential for the business, with possible future growth opportunities in Latin America.

· Contemporary Amperex Technology Co. is a Chinese battery manufacturer that specializes in the manufacturing of lithium-ion batteries for electric vehicles (EV) and energy storage systems (ESS). Jennison believes the company will benefit

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from strong secular growth in the EV market as it continues to strengthen its market leadership. The company has enjoyed healthy demand in its three major business lines – EV battery, ESS, and battery materials.

· Silergy Corp. is a Taiwan-based analog semiconductor company with operational headquarters in China. Jennison believes that Silergy will benefit from the growth of China’s domestic analog semiconductor industry, which was previously dominated by Western analog companies. Jennison is impressed by management’s track record of innovation, recruiting, and scaling the business, which is difficult for new industry entrants due to high entry barriers related to intellectual property, talent, and customer acquisition.

· Li Ning Co. is one of the leading sports brand companies in China that makes professional and leisure footwear, apparel, equipment, and accessories. Jennison believed the company would benefit from several secular growth trends, such as increasing consumer spending power, growing sports participation, and the popularity of athleisure clothing (i.e., hybrid clothing that can be worn playing sports or in non-sports settings). Despite a strong demand rebound and rising domestic brand popularity, Jennison eliminated the Fund’s position in the stock during the period because of the changing regulatory environment in China.

· Wuxi Biologics discovers, researches, develops, and manufactures biologics services. As a contract research organization based in China, Jennison thinks Wuxi can benefit from several trends, including increasing research and development outsourcing activities from drug companies, biologics being favored over chemical drugs, and a biotech boom in China. The company enjoyed strong business performance during the period, with better-than-expected contributions from COVID-19 projects.

What didn’t work?

· The financials sector detracted most from the Fund’s relative performance due to stock selection and a significantly underweight position in the sector. Less exposure than the Index to the materials sector and a lack of exposure to the energy sector were other sources of weakness.

· Several China-based holdings were notable detractors from performance amid investor concerns about the country’s changing regulatory environment. After a crackdown on internet platforms, other industries have become the target of the Chinese government’s heightened scrutiny in 2021, including education and real estate. Although the Fund had no exposure to these industries, Jennison believed that the investing landscape in China could be permanently altered as the government focuses on what it calls “Common Prosperity,” a concept of moderate wealth for all citizens. As Chinese authorities examine sectors of the economy that they deem to have levied an undue burden on the average Chinese citizen, “three big mountains” have been identified, namely property, education, and healthcare. In Jennison’s view, this changing environment led to the underperformance of

PGIM Jennison Emerging Markets Equity Opportunities Fund    9

Strategy and Performance Overview (continued)

several Fund holdings, most notably Alibaba Group Holding Ltd., Galaxy Entertainment Group, Agora Inc., and Meituan. These positions were eliminated during the period, as Jennison’s investment thesis was altered by the changing investment landscape.

· Brazil-based VTEX, a new Fund position entered into during the reporting period, is an e-commerce enabler focused on large enterprises. Jennison likes the company because of its position as the leading SaaS (software as a service) digital commerce platform in Latin America, a region with low e-commerce penetration rates. Jennison believes VTEX is well-positioned to capture demand of a growing number of companies looking to execute direct-to-consumer strategies. The company’s share price fell in the brief time after the holding was added to the Fund, but there was no specific catalyst, in Jennison’s view.

Current outlook

· As fundamental investors focused on a company’s unique competitive advantage, growth drivers, and addressable markets, Jennison believes it must be keenly aware of the operating environment. Policy changes can have a major impact on a company’s long-term fundamental outlook and equity valuation. During these times, the advantages of an Index-agnostic approach are often evident, in Jennison’s view, allowing the Fund to be nimble and decisive in adjusting portfolio exposures in response to country or regional concerns.

· As mentioned previously, the Fund significantly cut back its exposure to China during the reporting period. Jennison is carefully monitoring the regulatory environment in China and will continue to modify the Fund’s positioning in individual companies as needed. As of October 31, 2021, the Fund now has an underweight allocation to China relative to the Index. China is the second-largest country by weight in the portfolio, behind India.

· Despite the Fund’s strong performance during the period, Jennison remains comfortable with portfolio-level valuations, along with the reasons behind their expansion. The growth profiles of the companies held by the Fund remain attractive, in Jennison’s opinion, especially secular growth stocks relative to other segments of the market.

· Many of the Fund’s long-term holdings continue to have solid and resilient fundamentals and, in Jennison’s view, should see their business models and brands succeed over time. Jennison believes overall market and economic conditions generally favor the Fund’s investment strategy and that a bottom-up approach to stock selection is the best way to navigate market volatility.

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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, 2021. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Jennison Emerging Markets Equity Opportunities Fund    11

Fees and Expenses (continued)

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

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

PGIM Jennison Emerging                Markets Equity Opportunities                Fund		Beginning     Account Value     May 1, 2021	Ending     Account Value     October 31, 2021	Annualized     Expense     Ratio Based on     the     Six-Month Period	Expenses Paid     During the     Six-Month Period*
Class A	Actual	$1,000.00	$1,045.50	1.30%	$  6.70
	Hypothetical	$1,000.00	$1,018.65	1.30%	$  6.61
Class C	Actual	$1,000.00	$1,041.30	2.05%	$10.55
	Hypothetical	$1,000.00	$1,014.87	2.05%	$10.41
Class Z	Actual	$1,000.00	$1,046.50	1.05%	$  5.42
	Hypothetical	$1,000.00	$1,019.91	1.05%	$  5.35
Class R6	Actual	$1,000.00	$1,047.00	0.98%	$  5.06
	Hypothetical	$1,000.00	$1,020.27	0.98%	$  4.99

*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, 2021, and divided by the 365 days in the Fund’s fiscal year ended October 31, 2021 (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, 2021

Description	Shares		Value
LONG-TERM INVESTMENTS     93.7%
COMMON STOCKS
Argentina     3.7%
MercadoLibre, Inc.*		25,524	$	37,801,554
Brazil     1.0%
VTEX (Class A Stock)*(a)		652,307		10,417,343
China     18.9%
Contemporary Amperex Technology Co. Ltd. (Class A Stock)		485,017		48,421,401
Innovent Biologics, Inc., 144A*		1,238,979		11,093,111
JD.com, Inc., ADR*		266,019		20,823,967
LONGi Green Energy Technology Co. Ltd. (Class A Stock)		1,045,229		15,940,615
Pharmaron Beijing Co. Ltd. (Class H Stock), 144A		924,051		20,025,165
Silergy Corp.		329,810		54,715,746
Wuxi Biologics Cayman, Inc., 144A*		1,292,797		19,629,722
				190,649,727
India     28.2%
Apollo Hospitals Enterprise Ltd.		271,765		15,520,781
Ashok Leyland Ltd.		19,306,330		36,939,551
Asian Paints Ltd.		505,187		20,993,349
Avenue Supermarts Ltd., 144A*		298,422		18,566,610
Divi’s Laboratories Ltd.		303,890		20,960,782
Dr. Lal PathLabs Ltd., 144A		280,196		13,188,333
HDFC Bank Ltd., ADR		490,347		35,260,853
HDFC Life Insurance Co. Ltd., 144A		2,417,889		22,043,423
Hindustan Unilever Ltd.		536,297		17,182,910
MakeMyTrip Ltd.*(a)		872,036		27,617,380
Titan Co. Ltd.		885,537		28,317,145
Zomato Ltd.*		16,058,398		28,351,250
				284,942,367
Indonesia     4.8%
Bank Central Asia Tbk PT		47,391,452		25,082,255
Bank Jago Tbk PT*		21,841,068		23,923,390
				49,005,645
South Korea     9.4%
Coupang, Inc.*		518,413		15,427,971
NAVER Corp.		83,213		29,245,063

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund      13

Schedule of Investments   (continued)

as of October 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
South Korea (cont’d.)
Samsung Biologics Co. Ltd., 144A*		16,200	$	12,117,403
Samsung SDI Co. Ltd.		60,298		38,191,214
				94,981,651
Taiwan     14.9%
Sea Ltd., ADR*		303,854		104,395,119
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		404,570		45,999,609
				150,394,728
Thailand     4.5%
Airports of Thailand PCL		10,880,427		21,210,039
Minor International PCL*		24,851,315		24,654,030
				45,864,069
United States     6.4%
Freshworks, Inc. (Class A Stock)*		450,128		22,618,932
Globant SA*		130,240		41,571,306
				64,190,238
Uruguay     1.9%
Dlocal Ltd.*		394,383		19,131,519
TOTAL LONG-TERM INVESTMENTS  (cost $855,428,100)				947,378,841
SHORT-TERM INVESTMENTS     7.4%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(wa)		68,436,389		68,436,389
PGIM Institutional Money Market Fund (cost $6,077,913; includes $6,077,657 of cash collateral for securities on loan)(b)(wa)		6,081,562		6,077,913
TOTAL SHORT-TERM INVESTMENTS  (cost $74,514,302)				74,514,302
TOTAL INVESTMENTS     101.1%  (cost $929,942,402)				1,021,893,143
Liabilities in excess of other assets     (1.1)%				(11,537,163	)
NET ASSETS     100.0%			$	1,010,355,980

See Notes to Financial Statements.

14

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 $5,441,666; cash collateral of $6,077,657 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

(wa) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund and

PGIM Institutional Money Market Fund, if applicable.

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of October 31, 2021 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Argentina	$	37,801,554	$	—		$—
Brazil		10,417,343		—		—
China		20,823,967		169,825,760		—
India		62,878,233		222,064,134		—
Indonesia		—		49,005,645		—
South Korea		15,427,971		79,553,680		—
Taiwan		150,394,728		—		—
Thailand.		—		45,864,069		—
United States		64,190,238		—		—
Uruguay		19,131,519		—		—
Short-Term Investments
Affiliated Mutual Funds.		74,514,302		—		—
Total	$	455,579,855	$	566,313,288		$—

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund      15

Schedule of Investments   (continued)

as of October 31, 2021

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, 2021 were as follows (unaudited):

Semiconductors & Semiconductor Equipment	11.6	%
Entertainment	10.3
Internet & Direct Marketing Retail	10.1
Banks	8.3
Affiliated Mutual Funds (0.6% represents investments purchased with collateral from securities on loan)	7.4
Life Sciences Tools & Services	7.2
IT Services	6.0
Hotels, Restaurants & Leisure	5.1
Electrical Equipment	4.8
Interactive Media & Services	3.9
Electronic Equipment, Instruments & Components	3.8
Machinery	3.7
Health Care Providers & Services	2.8

Textiles, Apparel & Luxury Goods	2.8	%
Software	2.3
Insurance	2.2
Transportation Infrastructure	2.1
Chemicals	2.1
Food & Staples Retailing	1.8
Household Products	1.7
Biotechnology	1.1
	101.1
Liabilities in excess of other assets	(1.1	)
	100.0	%

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

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

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized              Assets/(Liabilities)			Collateral Pledged/(Received)(1)				Net Amount
Securities on Loan		$	5,441,666		$	(5,441,666	)		$	—

(1) Collateral amount disclosed by the Fund 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, 2021

Assets
Investments at value, including securities on loan of $5,441,666:
Unaffiliated investments (cost $855,428,100)	$	947,378,841
Affiliated investments (cost $74,514,302)		74,514,302
Foreign currency, at value (cost $927,814)		924,766
Receivable for Fund shares sold		24,066,263
Receivable for investments sold		399,092
Dividends receivable		104,496
Prepaid expenses		3,977
Total Assets		1,047,391,737
Liabilities
Payable for Fund shares purchased		15,157,656
Payable for investments purchased		12,704,394
Payable to broker for collateral for securities on loan		6,077,657
Foreign capital gains tax liability accrued		2,338,185
Management fee payable		413,190
Accrued expenses and other liabilities		323,497
Distribution fee payable		14,362
Affiliated transfer agent fee payable		5,527
Directors’ fees payable		1,289
Total Liabilities		37,035,757
Net Assets	$	1,010,355,980
Net assets were comprised of:
Common stock, at par	$	420
Paid-in capital in excess of par		956,673,693
Total distributable earnings (loss)		53,681,867
Net assets, October 31, 2021	$	1,010,355,980

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund      17

Statement of Assets and Liabilities

as of October 31, 2021

Class A
Net asset value and redemption price per share, ($47,683,066 ÷ 2,015,401 shares of common stock issued and outstanding)	$	23.66
Maximum sales charge (5.50% of offering price)		1.38
Maximum offering price to public	$	25.04
Class C
Net asset value, offering price and redemption price per share, ($5,880,803 ÷ 262,130 shares of common stock issued and outstanding)	$	22.43
Class Z
Net asset value, offering price and redemption price per share, ($642,315,737 ÷ 26,679,788 shares of common stock issued and outstanding)	$	24.07
Class R6
Net asset value, offering price and redemption price per share, ($314,476,374 ÷ 13,057,445 shares of common stock issued and outstanding)	$	24.08

See Notes to Financial Statements.

18

Statement of Operations

Year Ended October 31, 2021

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $252,410 foreign withholding tax)	$	1,406,978
Income from securities lending, net (including affiliated income of $10,433)		211,109
Affiliated dividend income		24,421
Total income		1,642,508
Expenses
Management fee		4,345,071
Distribution fee(a)		119,702
Transfer agent’s fees and expenses (including affiliated expense of $24,736)(a)		443,280
Custodian and accounting fees		320,288
Registration fees(a)		215,098
SEC registration fees		73,056
Shareholders’ reports		47,592
Audit fee		31,033
Legal fees and expenses		21,346
Directors’ fees		13,806
Miscellaneous		63,382
Total expenses		5,693,654
Less: Fee waiver and/or expense reimbursement(a)		(861,952	)
Distribution fee waiver(a)		(13,155	)
Net expenses		4,818,547
Net investment income (loss)		(3,176,039	)
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(4,794)) (net of foreign capital gains taxes $(5,220))		(31,725,949	)
Foreign currency transactions		(297,561	)
		(32,023,510	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(602)) (net of change in foreign capital gains taxes $(2,334,158))		71,374,928
Foreign currencies		(2,241	)
		71,372,687
Net gain (loss) on investment and foreign currency transactions		39,349,177
Net Increase (Decrease) In Net Assets Resulting From Operations	$	36,173,138

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

	Class A		Class C		Class Z		Class R6
Distribution fee		78,927		40,775		—		—
Transfer agent’s fees and expenses		36,709		6,027		400,005		539
Registration fees		23,988		15,625		104,911		70,574
Fee waiver and/or expense reimbursement		(67,357)		(22,488)		(585,401)		(186,706)
Distribution fee waiver		(13,155)		—		—		—

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund      19

Statements of Changes in Net Assets

	Year Ended
	October 31,
	2021			2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(3,176,039	)	$	(263,560	)
Net realized gain (loss) on investment and foreign currency transactions		(32,023,510	)		700,191
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		71,372,687			12,802,353
Net increase (decrease) in net assets resulting from operations		36,173,138			13,238,984
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		1,123,848,738			33,021,175
Cost of shares purchased		(210,706,003	)		(4,808,707	)
Net increase (decrease) in net assets from Fund share transactions		913,142,735			28,212,468
Total increase (decrease)		949,315,873			41,451,452
Net Assets:
Beginning of year		61,040,107			19,588,655
End of year	$	1,010,355,980		$	61,040,107

See Notes to Financial Statements.

20

Financial Highlights

Class A Shares
	Year Ended October 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$17.66			$12.16			$9.58			$11.19			$9.34
Income (loss) from investment operations:
Net investment income (loss)		(0.23	)		(0.14	)		(0.04	)		(0.04	)		(0.04	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		6.23			5.64			2.62			(1.57	)		1.89
Total from investment operations		6.00			5.50			2.58			(1.61	)		1.85
Net asset value, end of year		$23.66			$17.66			$12.16			$9.58			$11.19
Total Return(b):		33.98	%		45.23	%		26.93	%		(14.39	)%		19.81	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$47,683			$6,144			$3,806			$2,316			$2,204
Average net assets (000)		$26,309			$4,507			$3,074			$2,956			$1,363
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.33	%		1.45	%		1.45	%		1.45	%		1.45	%
Expenses before waivers and/or expense reimbursement		1.64	%		2.61	%		3.35	%		3.27	%		3.28	%
Net investment income (loss)		(0.98	)%		(0.99	)%		(0.37	)%		(0.35	)%		(0.35	)%
Portfolio turnover rate(e)		78	%		58	%		33	%		23	%		45	%

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

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

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

 (d) 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 Fund’s 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 Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund      21

Financial Highlights   (continued)

Class C Shares
	Year Ended October 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$16.88			$11.71			$9.29			$10.93			$9.20
Income (loss) from investment operations:
Net investment income (loss)		(0.39	)		(0.23	)		(0.11	)		(0.13	)		(0.11	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		5.94			5.40			2.53			(1.51	)		1.84
Total from investment operations		5.55			5.17			2.42			(1.64	)		1.73
Net asset value, end of year		$22.43			$16.88			$11.71			$9.29			$10.93
Total Return(b):		32.96	%		44.06	%		26.05	%		(15.00	)%		18.80	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$5,881			$1,563			$1,107			$1,363			$1,516
Average net assets (000)		$4,077			$1,244			$1,438			$1,775			$973
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		2.09	%		2.20	%		2.20	%		2.20	%		2.20	%
Expenses before waivers and/or expense reimbursement		2.65	%		4.15	%		4.23	%		4.20	%		4.00	%
Net investment income (loss)		(1.76	)%		(1.73	)%		(1.05	)%		(1.14	)%		(1.17	)%
Portfolio turnover rate(e)		78	%		58	%		33	%		23	%		45	%

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

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

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

 (d) 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 Fund’s 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 Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

22

Class Z Shares
	Year Ended October 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$17.93			$12.31			$9.67			$11.27			$9.39
Income (loss) from investment operations:
Net investment income (loss)		(0.17	)		(0.13	)		(0.01	)		(0.01	)		(0.02	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		6.31			5.75			2.65			(1.59	)		1.90
Total from investment operations		6.14			5.62			2.64			(1.60	)		1.88
Net asset value, end of year		$24.07			$17.93			$12.31			$9.67			$11.27
Total Return(b):		34.24	%		45.65	%		27.30	%		(14.20	)%		20.02	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$642,316			$34,993			$2,357			$1,215			$980
Average net assets (000)		$293,229			$11,195			$1,866			$1,443			$490
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.08	%		1.20	%		1.20	%		1.20	%		1.20	%
Expenses before waivers and/or expense reimbursement		1.28	%		1.93	%		3.17	%		3.56	%		2.94	%
Net investment income (loss)		(0.72	)%		(0.83	)%		(0.08	)%		(0.13	)%		(0.19	)%
Portfolio turnover rate(e)		78	%		58	%		33	%		23	%		45	%

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

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

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

(d) 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 Fund’s 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 Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund      23

Financial Highlights   (continued)

Class R6 Shares
	Year Ended October 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$17.93			$12.31			$9.67			$11.27			$9.39
Income (loss) from investment operations:
Net investment income (loss)		(0.15	)		(0.10	)		(0.01	)		(0.02	)		(0.01	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		6.30			5.72			2.65			(1.58	)		1.89
Total from investment operations		6.15			5.62			2.64			(1.60	)		1.88
Net asset value, end of year		$24.08			$17.93			$12.31			$9.67			$11.27
Total Return(b):		34.30	%		45.65	%		27.30	%		(14.20	)%		20.02	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$314,476			$18,340			$12,319			$9,675			$11,271
Average net assets (000)		$121,398			$14,144			$11,249			$11,852			$9,893
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.01	%		1.20	%		1.20	%		1.20	%		1.20	%
Expenses before waivers and/or expense reimbursement		1.16	%		1.80	%		2.41	%		2.32	%		2.78	%
Net investment income (loss)		(0.62	)%		(0.74	)%		(0.11	)%		(0.17	)%		(0.13	)%
Portfolio turnover rate(e)		78	%		58	%		33	%		23	%		45	%

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

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

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

(d) 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 Fund’s 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 Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

24

Notes to Financial Statements

1. Organization

Prudential World Fund, Inc. (the “Registered Investment Company” or “RIC”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The RIC is organized as a Maryland Corporation and currently consists of seven separate funds: PGIM Emerging Markets Debt Hard Currency Fund, PGIM Emerging Markets Debt Local Currency Fund, 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. These financial statements relate only to the PGIM Jennison Emerging Markets Equity Opportunities Fund (the “Fund”). The Fund is classified as a diversified fund for purposes of the 1940 Act.

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

2. Accounting Policies

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

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Fund’s investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC’s Board of 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 Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. A record of the Valuation Committee’s actions is subject to the Board’s review at its first quarterly meeting following the quarter in which such actions take place.

PGIM Jennison Emerging Markets Equity Opportunities Fund    25

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

Various inputs determine how the Fund’s investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the 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 Fund 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

26

classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.

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

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

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

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

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

Master Netting Arrangements: The RIC, on behalf of the Fund, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of the

PGIM Jennison Emerging Markets Equity Opportunities Fund    27

Notes to Financial Statements (continued)

Fund. A master netting arrangement between the Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

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

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

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Fund becomes aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates

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by management that may differ from actual. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Such class specific expenses and waivers include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

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

The Fund 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 Fund 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 Fund 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 Fund is included in either Other liabilities or Deferred tax liability on the accompanying Statement of Assets and Liabilities.

Dividends and Distributions: The Fund 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 GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.

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

PGIM Jennison Emerging Markets Equity Opportunities Fund    29

Notes to Financial Statements (continued)

3. Agreements

The RIC, on behalf of the Fund, 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.

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

Effective May 14, 2021, the management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.95% of the Fund’s average daily net assets up to $5 billion and 0.925% of the Fund’s average daily net assets in excess of $5 billion. Prior to May 14, 2021, the management fee paid to the Manager was accrued daily and payable monthly at an annual rate of 1.05% of the Fund’s average daily net assets up to $5 billion and 1.025% of the Fund’s average daily net assets in excess of $5 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.98% for the year ended October 31, 2021.

Effective April 7, 2021, the Manager has contractually agreed, through February 28, 2023, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 1.30% of average daily net assets for Class A shares, 2.05% of average daily net assets for Class C shares, 1.05% of average daily net assets for Class Z shares and 0.98% of average daily net assets for Class R6 shares. Prior to April 7, 2021, the Manager had contractually agreed, 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 Fund expenses such as dividend and interest expense and broker charges on short sales.

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

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

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate 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, 2023 to limit such fee to 0.25% of the average daily net assets of the Class A shares. 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 Fund.

For the year ended October 31, 2021, PIMS received $571,095 in front-end sales charges resulting from sales of Class A shares. Additionally, for the year ended October 31, 2021, PIMS received $141 and $1,341 in contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders, respectively. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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

4. Other Transactions with Affiliates

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

The Fund may invest its overnight sweep cash in the PGIM Core 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 fund of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services. 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 Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the year ended October 31, 2021, no 17a-7

PGIM Jennison Emerging Markets Equity Opportunities Fund    31

Notes to Financial Statements (continued)

transactions were entered into by the Fund.

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the year ended October 31, 2021, were $1,184,994,438 and $336,768,571, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended October 31, 2021, 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
Short-Term Investments - Affiliated Mutual Funds:
PGIM Core Ultra Short Bond Fund (1)(wa)
$5,578,205		$	432,206,004		$	369,347,820		$	—			$	—			$	68,436,389		68,436,389		$	24,421
PGIM Institutional Money Market Fund (1)(b)(wa)
4,072,761			220,748,381			218,737,833			(602	)			(4,794	)			6,077,913		6,081,562			10,433	(2)
$9,650,966		$	652,954,385		$	588,085,653		$	(602	)		$	(4,794	)		$	74,514,302				$	34,854

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

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

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

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

6. Distributions and Tax Information

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date. 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, 2021, the adjustments were to increase total distributable earnings and decrease paid-in capital in excess of par by $693,074 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 fiscal years ended October 31, 2021, and October 31, 2020, there were no distributions paid by the Fund.

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As of October 31, 2021, there were no accumulated undistributed earnings on a tax basis.

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of October 31, 2021 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$937,268,778	$114,442,205	$(29,817,840)	$84,624,365

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

For federal income tax purposes, the Fund had a capital loss carryforward as of October 31, 2021 of approximately $27,916,000 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 Fund elected to treat late year ordinary income losses of approximately $3,026,000 as having been incurred in the following fiscal year (October 31, 2021).

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2021 are subject to such review.

7. Capital and Ownership

The Fund offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a 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 eight years (ten years prior to January 22, 2021) after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

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

PGIM Jennison Emerging Markets Equity Opportunities Fund    33

Notes to Financial Statements (continued)

The RIC is authorized to issue 10,225,000,000 shares of common stock, $0.00001 par value per share, 865,000,000 of which are designated as shares of the Fund. The authorized shares of the Fund are currently 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 Fund currently does not have any Class T shares outstanding.

As of October 31, 2021, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

	Number of Shares	Percentage of  Outstanding Shares
Class A	17,167	0.9%

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

Affiliated		Unaffiliated
Number of Shareholders	Percentage of Outstanding Shares	Number of Shareholders	Percentage of Outstanding Shares
—	—%	5	83.8%

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Year ended October 31, 2021:
Shares sold		2,255,202		$	51,550,059
Shares purchased		(580,724	)		(12,973,518	)
Net increase (decrease) in shares outstanding before conversion		1,674,478			38,576,541
Shares issued upon conversion from other share class(es)		4,431			112,936
Shares purchased upon conversion into other share class(es)		(11,348	)		(248,795	)
Net increase (decrease) in shares outstanding		1,667,561		$	38,440,682
Year ended October 31, 2020:
Shares sold		103,935		$	1,518,736
Shares purchased		(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 purchased upon conversion into other share class(es)		(902	)		(11,761	)
Net increase (decrease) in shares outstanding		34,842		$	606,086

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Class C	Shares			Amount
Year ended October 31, 2021:
Shares sold		217,144		$	4,807,891
Shares purchased		(39,846	)		(888,017	)
Net increase (decrease) in shares outstanding before conversion		177,298			3,919,874
Shares purchased upon conversion into other share class(es)		(7,817	)		(182,875	)
Net increase (decrease) in shares outstanding		169,481		$	3,736,999
Year ended October 31, 2020:
Shares sold		13,233		$	188,787
Shares purchased		(11,358	)		(155,204	)
Net increase (decrease) in shares outstanding before conversion		1,875			33,583
Shares purchased upon conversion into other share class(es)		(3,792	)		(54,429	)
Net increase (decrease) in shares outstanding		(1,917	)	$	(20,846	)
Class Z
Year ended October 31, 2021:
Shares sold		31,445,686		$	744,637,683
Shares purchased		(6,723,022	)		(157,898,994	)
Net increase (decrease) in shares outstanding before conversion		24,722,664			586,738,689
Shares issued upon conversion from other share class(es)		13,165			295,170
Shares purchased upon conversion into other share class(es)		(7,805	)		(191,186	)
Net increase (decrease) in shares outstanding		24,728,024		$	586,842,673
Year ended October 31, 2020:
Shares sold		2,007,443		$	30,937,061
Shares purchased		(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
Class R6
Year ended October 31, 2021:
Shares sold		13,708,513		$	322,853,105
Shares purchased		(1,682,763	)		(38,945,474	)
Net increase (decrease) in shares outstanding before conversion		12,025,750			283,907,631
Shares issued upon conversion from other share class(es)		8,764			214,750
Net increase (decrease) in shares outstanding		12,034,514		$	284,122,381
Year ended October 31, 2020:
Shares sold		22,744		$	376,591
Shares purchased		(328	)		(4,694	)
Net increase (decrease) in shares outstanding		22,416		$	371,897

8. Borrowings

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

	Current SCA	Prior SCA
Term of Commitment	10/1/2021 – 9/29/2022	10/2/2020 – 9/30/2021

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Notes to Financial Statements (continued)

	Current SCA	Prior SCA
Total Commitment	$1,200,000,000	$1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	1.30% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent

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

The Fund did not utilize the SCA during the year ended October 31, 2021.

9. Risks of Investing in the Fund

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

Country Risk: Changes in the business environment may adversely affect operating profits or the value of assets in a specific country. For example, financial factors such as currency controls, devaluation or regulatory changes or stability factors such as mass riots, civil war and other potential events may contribute to companies’ operational risks.

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

Cyber Security Risk: Failures or breaches of the electronic systems of the Fund, the Fund’s manager, subadviser, distributor, and other service providers, or the issuers of securities in which the Fund invests have the ability to cause disruptions and negatively impact the Fund’s business operations, potentially resulting in financial losses to the Fund and its

36

shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cyber security plans and systems of the Fund’s service providers or issuers of securities in which the Fund invests.

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

Emerging Markets Risk: The risks of foreign investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic and political systems that are less fully developed, and can be expected to be less stable, than those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Low trading volumes may result in a lack of liquidity and price volatility. Emerging market countries may have policies that restrict investment by non-U.S. investors, or that prevent non-U.S. investors from withdrawing their money at will. The Fund may invest in some emerging markets that subject it to risks such as those associated with illiquidity, custody of assets, different settlement and clearance procedures and asserting legal title under a developing legal and regulatory regime to a greater degree than in developed markets or even in other emerging markets.

Equity and Equity-Related Securities Risk: Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. In addition to an individual security losing value, the value of the equity markets or a sector in which the Fund invests could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

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

PGIM Jennison Emerging Markets Equity Opportunities Fund    37

Notes to Financial Statements (continued)

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

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

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

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

Investments in China Risk: Investments in China subject the Fund 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.

China has experienced security concerns, such as terrorism and strained international relations. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and the Fund’s investments. Export growth continues to be a major driver of China’s rapid economic growth. Reduction in spending on Chinese products and services, institution of additional tariffs or other trade barriers, including as a result of heightened trade tensions between China and the U.S., or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy or the Fund. For example, a series of executive orders issued between November 2020 and June 2021 prohibit the Fund from investing in certain companies identified by the U.S. government as “Chinese Military Industrial

38

Complex Companies.” The restrictions in these executive orders may force the subadviser to sell certain positions and may restrict the Fund from future investments the subadviser deems otherwise attractive.

Chinese companies, including Chinese companies that are listed on U.S. exchanges, are not subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in more developed countries, and as a result, information about the Chinese securities in which the Fund invests may be less reliable or complete. There may be significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies and shareholders may have limited legal remedies.

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

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

Management Risk: The value of your investment may decrease if judgments by the subadviser about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements are incorrect.

Market Capitalization Risk: The Fund may invest in companies of any market capitalization. Generally, the stock prices of small- and mid-cap companies are less stable than the prices of large-cap stocks and may present greater risks. Large capitalization companies as a group could fall out of favor with the market, causing the Fund to underperform compared to investments that focus on smaller capitalized companies.

Market Disruption and Geopolitical Risks: International wars or conflicts and geopolitical developments in foreign countries, along with instability in regions such as Asia, Eastern

PGIM Jennison Emerging Markets Equity Opportunities Fund    39

Notes to Financial Statements (continued)

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 outbreak of COVID-19 globally in 2020 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 Fund’s 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 Fund 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 Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

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 took effect on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Rule and its impact to the Fund.

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, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and financial highlights for each of the two years in the period ended October 31, 2021 (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, 2021, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for each of the two years in the period ended October 31, 2021 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 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 audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits 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 audits 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 audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 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 audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

December 17, 2021

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); formerly 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; formerly 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: 92	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).	Trustee of Equity Residential (residential real estate) (since December 2009); Director of Northern Trust Corporation (financial services) (since April 2006); formerly Director of Anixter International, Inc. (communication products distributor) (January 2006-June 2020).	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 (asset management).	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	Retired; Executive Committee of the Independent Directors Council (IDC) Board of Governors (since October 2019); Member (since November 2014) of the Governing Council of the 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: 91	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly Visiting Professor of Law, Stanford Law School (2015-2021); 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, Roku (since December 2020) (communication services); formerly Independent Director, Synnex Corporation (2019-2021) (information technology); formerly Independent Director, Kabbage, Inc. (2018-2020) (financial services); formerly Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017
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.	Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank; formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National 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: 94	President, Chief Executive Officer, Chief Operating Officer and Officer in Charge of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011); Investment Company Institute - Board of Governors (since May 2012).	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: 95	Executive Vice President (since May 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; Richard A. Redeker, 1993; Stephen G. Stoneburn, 2003; Stuart S. Parker, Board Member since 2012 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, Executive Vice President and Secretary 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 Vice President and Assistant Secretary of PGIM Investments LLC (2005-2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005

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
Dino Capasso 1974 Chief Compliance Officer	Chief Compliance Officer (since July 2019) of PGIM Investments LLC; Chief Compliance Officer (since July 2019) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM High Yield Bond Fund, Inc., and PGIM Short Duration High Yield Opportunities Fund; 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 July 2019
Andrew R. French 1962 Secretary	Vice President (since December 2018) 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
Debra Rubano 1975 Assistant Secretary	Vice President and Corporate Counsel (since November 2020) of Prudential; formerly Director and Senior Counsel of Allianz Global Investors U.S. Holdings LLC (2010-2020) and Assistant Secretary of numerous funds in the Allianz fund complex (2015-2020).	Since December 2020
Kelly A. Coyne 1968 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since March 2015

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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
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 September 2019
Deborah Conway 1969 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since September 2019
Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.	Since September 2019
Jonathan Corbett 1983 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Global Compliance Programs and Compliance Risk Management (since August 2019) of Prudential; formerly Vice President and Head of Key Risk Areas Compliance (March 2016 to July 2019), Chief Privacy Officer (March 2016 to July 2019) and Head of Global Financial Crimes Unit (April 2014 to March 2016) at MetLife.	Since October 2021

^(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, Target Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, 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 Directors

The Board of Directors (the “Board”) of PGIM Jennison Emerging Markets Equity Opportunities Fund (the “Fund”)¹ consists of ten individuals, eight 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 June 7-10, 2021 and approved the renewal of the agreements through July 31, 2022, 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 June 7-10, 2021.

The Directors determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a

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)

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.

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.

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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.

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

PGIM Jennison Emerging Markets Equity Opportunities Fund

Approval of Advisory Agreements (continued)

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, 2020. 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, 2020. 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 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: 1st Quartile
Net Total Expenses: 4th Quartile

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

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· The Board and PGIM Investments agreed to a contractual expense cap, which (exclusive of certain fees and expenses) caps the Fund’s annual operating expenses at 1.30% for Class A shares, 2.05% for Class C shares, 0.98% for Class R6 shares, and 1.05% for Class Z shares through February 28, 2023.

· 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	(800) 225-1852	pgim.com/investments
Newark, NJ 07102

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

· 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 · Jonathan Corbett, Anti-Money Laundering Compliance Officer

· Andrew R. French, Secretary · Melissa Gonzalez, Assistant Secretary · Diana N. Huffman, Assistant Secretary · Kelly A. Coyne, Assistant Secretary

· Patrick E. McGuinness, Assistant Secretary · Debra Rubano, Assistant Secretary · Lana Lomuti, Assistant Treasurer · Russ Shupak, Assistant Treasurer · Elyse M. 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, 2021

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. ^© 2021 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, 2021.   The global economy and markets continued to recover throughout the period from the ongoing impact of the COVID-19 pandemic. The Federal Reserve slashed interest rates and kept them near zero to encourage borrowing. Congress passed stimulus bills worth several trillion dollars to help consumers and businesses. And several effective COVID-19 vaccines received regulatory approval. Those measures were enough to offset the fear of rising

inflation and supply chain challenges that threatened to disrupt growth.

At the start of the period, stocks had recovered most of the steep losses they had suffered at the onset of the pandemic. Equities rallied as states reopened their economies but became more volatile as investors worried that a surge in COVID-19 infections would stall the recovery. However, rising corporate profits and economic growth, the resolution of the US presidential election, and the global rollout of approved vaccines lifted equity markets to record levels, helping stocks around the globe post gains for the full period.

Throughout this volatile period, investors sought safety in fixed income.

Investment-grade bonds in the US and the overall global bond market declined slightly during the period as the economy recovered, but emerging market debt rose. While the 10-year US Treasury yield hovered near record lows early in the period after a significant rally in interest rates, rates moved higher later on as investors began to focus on stronger economic growth and the prospects of higher inflation. The Fed also took several aggressive actions to keep the bond markets running smoothly, implementing 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 $1.5 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, 2021

PGIM Jennison Global Opportunities Fund 3

Your Fund’s Performance (unaudited)

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

	Average Annual Total Returns as of 10/31/21
	One Year (%)	Five Years (%)	Since Inception (%)
Class A
(with sales charges)	30.17	27.05	18.21 (03/14/2012)
(without sales charges)	37.75	28.49	18.91 (03/14/2012)
Class C
(with sales charges)	35.63	27.46	17.97 (03/14/2012)
(without sales charges)	36.63	27.46	17.97 (03/14/2012)
Class Z
(without sales charges)	37.96	28.74	19.16 (03/14/2012)
Class R2
(without sales charges)	37.45	N/A	40.06 (12/27/2018)
Class R4
(without sales charges)	37.76	N/A	40.44 (12/27/2018)
Class R6
(without sales charges)	38.08	28.87	21.71 (12/22/2014)
MSCI All Country World ND Index
	37.28	14.72	—

Average Annual Total Returns as of 10/31/21 Since Inception (%)
	Class A, Class C, Class Z	Class R2, Class R4	Class R6
	(03/14/2012)	(12/27/2018)	(12/22/2014)
MSCI All Country World ND Index	10.89	21.07	10.94

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.

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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, 2021), 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 services fees	None	None	None	0.10%	0.10%	None

Benchmark Definitions

MSCI All Country World ND Index—The MSCI All Country World Index is an unmanaged free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI ND Index consists of 47 country indexes comprising 23 developed and 27 emerging market country indexes. 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 10/31/21

Ten Largest Holdings	Line of Business	Country	% of Net Assets
Tesla, Inc.	Automobiles	United States	8.5%
Sea Ltd., ADR	Entertainment	Taiwan	5.3%
Adyen NV, 144A	IT Services	Netherlands	4.8%
Apple, Inc.	Technology Hardware, Storage & Peripherals	United States	4.8%
NVIDIA Corp.	Semiconductors & Semiconductor Equipment	United States	4.7%
Shopify, Inc. (Class A Stock)	IT Services	Canada	4.1%
LVMH Moet Hennessy Louis Vuitton SE	Textiles, Apparel & Luxury Goods	France	4.1%
Atlassian Corp. PLC (Class A Stock)	Software	United States	3.8%
Alphabet, Inc. (Class A Stock)	Interactive Media & Services	United States	3.7%
ASML Holding NV	Semiconductors & Semiconductor Equipment	Netherlands	3.2%

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 37.96% in the 12-month reporting period that ended October 31, 2021, slightly outperforming the 37.28% return of the MSCI All Country World Net Dividends Index (the Index).

What were the market conditions?

● In early fall 2020, investors began to favor areas of the market that were most exposed to an economic recovery and most debilitated by the COVID-19 pandemic. This rotation extended into the first quarter of 2021, boosting valuations of cyclical companies and reducing the earnings multiples of secular growth companies.

● June 2021 marked a turning point in the US economic reopening and reflation outlook, as the Federal Reserve’s comments began to reflect concerns about labor shortages and rising prices.

● Corporate profit growth through the end of the reporting period was strong, highlighting the expanding recovery and boosting business confidence to its highest level since the early days of the pandemic.

● The Chinese government took further steps during the period to rein in the activities of many of its largest consumer-facing companies, citing concerns over privacy, unintended usage of consumer data, and the deleterious health effects of excessive amounts of time spent online. Chinese stocks sold off sharply after these moves and the elevated risk of further intervention.

● All sectors in the Index generated positive returns for the period. The energy, financials, and information technology sectors posted the largest gains. Returns for defensive sectors such as utilities and consumer staples were comparatively modest.

What worked?

● In the consumer discretionary sector:

● Shares of electric-vehicle maker Tesla, Inc. continued to surge during the reporting period on a host of impressive financial results made possible by solid production, increased capacity, and strong execution. Jennison believes 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.

● LVMH Moët Hennessy Louis Vuitton SE is the world’s largest luxury goods company, with operations in wines and spirits, perfumes and cosmetics, fashion and leather goods, watches and jewelry, and selective retailing. The Fund holds the stock because of the consistent performance of LVMH’s flagship brand, Louis Vuitton, the company’s well-diversified portfolio, growth opportunities in emerging Asia, and what Jennison considers a strong management team. The company’s mega brands (Louis Vuitton and Christian Dior) have continued to drive earnings growth, but its smaller brands have continued to gain momentum.

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● In the information technology sector:

● The success of Adyen NV was attributed to its single platform that supports global omni-channel commerce with dynamic, reliable, end-to-end processing, and risk management services.

● Ever-growing demand for Nvidia Corp.’s cloud storage has fueled robust spending by the company’s largest customers and has been a source of high-margin revenue strength. Continued growth in the firm’s large gaming sector business and a growing automotive pipeline are other key factors in Jennison’s positive outlook for the company. Nvidia is focused on key high-growth markets where it can leverage its graphics semiconductor expertise to offer high value-added solutions.

● Wuxi Biologics—which discovers, researches, develops, and manufactures biologics services—drove performance in the healthcare sector during the period. As a contract research organization based in China, Wuxi benefited from several trends, including increasing research and development outsourcing activities from drug companies, biologics being favored over chemical drugs, and a biotech boom in China. However, the Fund eliminated the position during the period due to the regulatory environment in China.

What didn’t work?

● On a sector level, the absence of financials and energy sector stocks from the Fund hurt performance as they were the Index’s best-performing sectors during the reporting period.

● Individual holdings with disappointing performance included:

● Tencent Holdings Ltd. and Meituan, both based in China, were notable detractors from performance due the country’s changing regulatory environment. Tencent is the largest video game publisher in the world by revenue but is best known in China for its WeChat and QQ messaging and mobile-payment apps. Meituan is a Chinese consumer services marketplace website. Both positions were eliminated during the period due to the heightened risk brought on by the regulatory changes.

● Zoom Video Communications Inc. shares fell after falling short of the market’s heightened expectations. The position was sold from the Fund during the period.

● Snowflake Inc. is a cloud-based data warehousing company, and Wix.com Ltd. is an Israeli software company that provides cloud-based web-development services. The Fund sold both positions during the period in a very volatile market in favor of stocks in which it had higher near-term conviction.

Current outlook

● Investors are facing a complex economic landscape heading into the end of 2021. Interest rates are responding to elevated wage and goods price inflation, exacerbated by supply-chain bottlenecks and shortages of critical components. Jennison expects corporate profit growth to return to pre-COVID-19 trend levels over the next year.

PGIM Jennison Global Opportunities Fund 9

Strategy and Performance Overview (continued)

While these levels are respectable in absolute terms, in Jennison’s view, they represent a meaningful slowdown from the COVID-19-driven highs reached over the previous 18 months.

• Many companies that reported strong operating results during the pandemic due to a broad shift toward online shopping and work-from-home business models are now facing challenging financial results comparisons to the previous reporting period. While this may be a headwind for share prices in the short term, Jennison believes that developments during the past 18 months have accelerated trends in consumer and enterprise behavior that were already in place before COVID-19 and that the step-up in growth demand in these areas may persist for some time.

• Jennison remains optimistic that the Fund’s portfolio holdings are well positioned to navigate this complex landscape. While the Fund’s investments are not insulated from the macro-economic backdrop, Jennison believes their market-leading positions, strong cash flow generation and reinvestment, and often-disruptive business models should allow them to deliver growth that exceeds current market expectations, leading to potential share price outperformance over the long-term investment horizon.

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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, 2021. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Jennison Global Opportunities Fund 11

Fees and Expenses (continued)

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

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

PGIM Jennison Global Opportunities Fund		Beginning Account Value May 1, 2021	Ending Account Value October 31, 2021	Annualized Expense Ratio Based on the Six-Month  Period	Expenses Paid During the Six-Month Period*
Class A	Actual	$1,000.00	$1,140.60	1.08%	$  5.83
	Hypothetical	$1,000.00	$1,019.76	1.08%	$  5.50
Class C	Actual	$1,000.00	$1,136.00	1.91%	$10.28
	Hypothetical	$1,000.00	$1,015.58	1.91%	$  9.70
Class Z	Actual	$1,000.00	$1,141.50	0.93%	$  5.02
	Hypothetical	$1,000.00	$1,020.52	0.93%	$  4.74
Class R2	Actual	$1,000.00	$1,139.00	1.39%	$  7.49
	Hypothetical	$1,000.00	$1,018.20	1.39%	$  7.07
Class R4	Actual	$1,000.00	$1,140.40	1.09%	$  5.88
	Hypothetical	$1,000.00	$1,019.71	1.09%	$  5.55
Class R6	Actual	$1,000.00	$1,142.10	0.83%	$  4.48
	Hypothetical	$1,000.00	$1,021.02	0.83%	$  4.23

*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, 2021, and divided by the 365 days in the Fund’s fiscal year ended October 31, 2021 (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, 2021

Description	Shares		Value
LONG-TERM INVESTMENTS    99.0%
COMMON STOCKS
Argentina    2.8%
MercadoLibre, Inc.*		176,380	$	261,222,308
Canada     4.1%
Shopify, Inc. (Class A Stock)*		263,245		386,109,339
France    14.7%
Hermes International		176,921		281,057,806
Kering SA		146,161		110,112,822
L’Oreal SA		624,459		285,627,111
LVMH Moet Hennessy Louis Vuitton SE		491,677		385,809,212
Pernod Ricard SA		840,206		193,261,944
Remy Cointreau SA		638,304		128,904,273
				1,384,773,168
Germany    1.7%
BioNTech SE, ADR*		554,294		154,498,367
Hong Kong    2.3%
Techtronic Industries Co. Ltd.		10,501,674		216,481,602
Italy    2.3%
Ferrari NV		922,552		218,721,902
Netherlands    8.0%
Adyen NV, 144A*		148,675		450,920,526
ASML Holding NV		374,389		304,088,072
				755,008,598
Switzerland    4.8%
Cie Financiere Richemont SA (Class A Stock)		1,095,427		135,718,768
Givaudan SA		32,652		153,681,567
Straumann Holding AG		79,246		165,088,792
				454,489,127
Taiwan    5.3%
Sea Ltd., ADR*		1,453,137		499,254,279
United States    52.1%
Airbnb, Inc. (Class A Stock)*		1,677,841		286,340,345

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 13

Schedule of Investments (continued)

as of October 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
United States (cont’d.)
Align Technology, Inc.*		278,716	$	174,021,909
Alphabet, Inc. (Class A Stock)*		116,305		344,369,801
Amazon.com, Inc.*		85,945		289,843,496
Apple, Inc.		2,992,834		448,326,533
Atlassian Corp. PLC (Class A Stock)*		783,275		358,841,776
Crowdstrike Holdings, Inc. (Class A Stock)*		631,496		177,955,573
DocuSign, Inc.*		690,593		192,185,126
Dynatrace, Inc.*		2,999,740		224,980,500
Home Depot, Inc. (The)		199,428		74,135,365
HubSpot, Inc.*		349,876		283,480,031
Match Group, Inc.*		795,897		120,005,350
Netflix, Inc.*		150,880		104,153,973
NIKE, Inc. (Class B Stock)		465,245		77,830,836
NVIDIA Corp.		1,729,212		442,107,632
Okta, Inc.*		404,253		99,923,256
Snap, Inc. (Class A Stock)*		2,659,838		139,854,282
Square, Inc. (Class A Stock)*(a)		1,055,728		268,682,776
Tesla, Inc.*		716,493		798,173,202
				4,905,211,762
Uruguay    0.9%
Dlocal Ltd.*		1,698,107		82,375,171
TOTAL LONG-TERM INVESTMENTS (cost $5,663,536,509)				9,318,145,623
SHORT-TERM INVESTMENTS    0.7%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(wa)		46,760,862		46,760,862
PGIM Institutional Money Market Fund (cost $16,154,794; includes $16,153,536 of cash collateral for securities on loan)(b)(wa)		16,164,492		16,154,794
TOTAL SHORT-TERM INVESTMENTS (cost $62,915,656)				62,915,656
TOTAL INVESTMENTS    99.7% (cost $5,726,452,165)				9,381,061,279
Other assets in excess of liabilities    0.3%				28,801,851
NET ASSETS    100.0%			$	9,409,863,130

See Notes to Financial Statements.

14

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 $15,422,700; cash collateral of $16,153,536 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

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

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of October 31, 2021 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Argentina	$	261,222,308	$	—		$—
Canada		386,109,339		—		—
France		—		1,384,773,168		—
Germany		154,498,367		—		—
Hong Kong		—		216,481,602		—
Italy		—		218,721,902		—
Netherlands		—		755,008,598		—
Switzerland		—		454,489,127		—
Taiwan		499,254,279		—		—
United States		4,905,211,762		—		—
Uruguay		82,375,171		—		—
Short-Term Investments
Affiliated Mutual Funds		62,915,656		—		—
Total	$	6,351,586,882	$	3,029,474,397		$—

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 15

Schedule of Investments (continued)

as of October 31, 2021

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, 2021 were as follows (unaudited):

IT Services	13.7	%
Software	13.1
Automobiles	10.8
Textiles, Apparel & Luxury Goods	10.5
Semiconductors & Semiconductor Equipment	7.9
Interactive Media & Services	6.5
Entertainment	6.4
Internet & Direct Marketing Retail	5.9
Technology Hardware, Storage & Peripherals	4.8
Health Care Equipment & Supplies	3.6
Beverages	3.4
Hotels, Restaurants & Leisure	3.0
Personal Products	3.0

Machinery	2.3	%
Biotechnology	1.7
Chemicals	1.6
Specialty Retail	0.8
Affiliated Mutual Funds (0.2% represents investments purchased with collateral from securities on loan)	0.7
	99.7
Other assets in excess of liabilities	0.3
	100.0	%

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

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

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized         Assets/(Liabilities)		Collateral Pledged/(Received)(1)			Net Amount
Securities on Loan	$	15,422,700	$	(15,422,700	)	$	—

(1) Collateral amount disclosed by the Fund 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, 2021

Assets
Investments at value, including securities on loan of $15,422,700:
Unaffiliated investments (cost $5,663,536,509)	$	9,318,145,623
Affiliated investments (cost $62,915,656)		62,915,656
Foreign currency, at value (cost $146,895)		146,914
Receivable for investments sold		50,880,424
Receivable for Fund shares sold		26,513,245
Tax reclaim receivable		2,826,658
Dividends receivable		198
Prepaid expenses		50,516
Total Assets		9,461,479,234
Liabilities
Payable for Fund shares purchased		24,108,065
Payable to broker for collateral for securities on loan		16,153,536
Management fee payable		6,073,203
Payable for investments purchased		3,729,504
Accrued expenses and other liabilities		919,338
Distribution fee payable		569,368
Affiliated transfer agent fee payable		56,457
Directors’ fees payable		6,633
Total Liabilities		51,616,104
Net Assets	$	9,409,863,130
Net assets were comprised of:
Common stock, at par	$	1,776
Paid-in capital in excess of par		4,945,554,507
Total distributable earnings (loss)		4,464,306,847
Net assets, October 31, 2021	$	9,409,863,130

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 17

Statement of Assets and Liabilities

as of October 31, 2021

Class A
Net asset value and redemption price per share, ($797,091,017 ÷ 15,285,127 shares of common stock issued and outstanding)	$	52.15
Maximum sales charge (5.50% of offering price)		3.04
Maximum offering price to public	$	55.19
Class C
Net asset value, offering price and redemption price per share, ($496,435,134 ÷ 10,285,303 shares of common stock issued and outstanding)	$	48.27
Class Z
Net asset value, offering price and redemption price per share, ($4,792,804,518 ÷ 90,003,746 shares of common stock issued and outstanding)	$	53.25
Class R2
Net asset value, offering price and redemption price per share, ($21,615,461 ÷ 408,942 shares of common stock issued and outstanding)	$	52.86
Class R4
Net asset value, offering price and redemption price per share, ($332,281 ÷ 6,237 shares of common stock issued and outstanding)	$	53.27
Class R6
Net asset value, offering price and redemption price per share, ($3,301,584,719 ÷ 61,599,911 shares of common stock issued and outstanding)	$	53.60

Net Asset Values Per Share may not recalculate due to rounding.

See Notes to Financial Statements.

18

Statement of Operations

Year Ended October 31, 2021

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $2,838,980 foreign withholding tax)	$	22,477,582
Income from securities lending, net (including affiliated income of $224,869)		516,794
Affiliated dividend income		137,403
Total income		23,131,779
Expenses
Management fee		65,388,405
Distribution fee(a)		6,584,071
Shareholder servicing fees(a)		13,476
Transfer agent’s fees and expenses (including affiliated expense of $316,882)(a)		5,053,903
Custodian and accounting fees		660,930
Shareholders’ reports		396,757
Registration fees(a)		378,925
SEC registration fees		135,000
Directors’ fees		98,950
Legal fees and expenses		52,734
Audit fee		29,133
Miscellaneous		89,192
Total expenses		78,881,476
Less: Fee waiver and/or expense reimbursement(a)		(552,871	)
Distribution fee waiver(a)		(342,284	)
Net expenses		77,986,321
Net investment income (loss)		(54,854,542	)
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $98,341)		901,317,860
Foreign currency transactions		(757,134	)
		900,560,726
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(192,834))		1,589,288,518
Foreign currencies		44,704
		1,589,333,222
Net gain (loss) on investment and foreign currency transactions		2,489,893,948
Net Increase (Decrease) In Net Assets Resulting From Operations	$	2,435,039,406

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

	Class A			Class C		Class Z		Class R2			Class R4			Class R6
Distribution fee		2,053,706			4,498,698		—		31,667			—			—
Shareholder servicing fees		—			—		—		12,953			523			—
Transfer agent’s fees and expenses		554,075			349,756		4,105,855		19,875			1,028			23,314
Registration fees		45,540			31,520		108,815		7,924			7,924			177,202
Fee waiver and/or expense reimbursement		(538,348	)		—		—		(6,730	)		(7,793	)		—
Distribution fee waiver		(342,284	)		—		—		—			—			—

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 19

Statements of Changes in Net Assets

	Year Ended October 31,
	2021			2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(54,854,542	)	$	(24,110,346	)
Net realized gain (loss) on investment and foreign currency transactions		900,560,726			185,878,039
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		1,589,333,222			1,677,114,199
Net increase (decrease) in net assets resulting from operations		2,435,039,406			1,838,881,892
Dividends and Distributions
Distributions from distributable earnings
Class A		(9,958,088	)		—
Class C		(7,632,427	)		—
Class Z		(66,508,567	)		—
Class R2		(7,434	)		—
Class R4		(9,579	)		—
Class R6		(36,320,678	)		—
		(120,436,773	)		—
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		3,048,592,811			2,869,534,185
Net asset value of shares issued in reinvestment of dividends and distributions		117,629,727			—
Cost of shares purchased		(2,124,201,273	)		(1,210,949,163	)
Net increase (decrease) in net assets from Fund share transactions		1,042,021,265			1,658,585,022
Total increase (decrease)		3,356,623,898			3,497,466,914
Net Assets:
Beginning of year		6,053,239,232			2,555,772,318
End of year	$	9,409,863,130		$	6,053,239,232

See Notes to Financial Statements.

20

Financial Highlights

Class A Shares
	Year Ended October 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$38.50			$24.58			$21.47			$20.72			$15.14
Income (loss) from investment operations:
Net investment income (loss)		(0.37	)		(0.22	)		(0.11	)		(0.13	)		(0.09	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		14.76			14.14			3.22			0.88			5.67
Total from investment operations		14.39			13.92			3.11			0.75			5.58
Less Dividends and Distributions:
Distributions from net realized gains		(0.74	)		-			-			-			-
Net asset value, end of year		$52.15			$38.50			$24.58			$21.47			$20.72
Total Return(b):		37.75	%		56.63	%		14.49	%		3.62	%		36.86	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$797,091			$494,173			$236,118			$164,764			$90,247
Average net assets (000)		$684,569			$344,283			$205,653			$142,313			$70,810
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.08	%		1.08	%		1.08	%		1.14	%		1.19	%
Expenses before waivers and/or expense reimbursement		1.21	%		1.24	%		1.28	%		1.30	%		1.33	%
Net investment income (loss)		(0.80	)%		(0.69	)%		(0.45	)%		(0.55	)%		(0.55	)%
Portfolio turnover rate(e)		62	%		57	%		52	%		62	%		79	%

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

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

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

(d) 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 Fund’s 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 Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 21

Financial Highlights (continued)

Class C Shares
	Year Ended October 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$35.98			$23.16			$20.41			$19.85			$14.61
Income (loss) from investment operations:
Net investment income (loss)		(0.70	)		(0.45	)		(0.29	)		(0.30	)		(0.22	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		13.73			13.27			3.04			0.86			5.46
Total from investment operations		13.03			12.82			2.75			0.56			5.24
Less Dividends and Distributions:
Distributions from net realized gains		(0.74	)		-			-			-			-
Net asset value, end of year		$48.27			$35.98			$23.16			$20.41			$19.85
Total Return(b):		36.63	%		55.31	%		13.47	%		2.82	%		35.87	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$496,435			$364,557			$211,290			$168,587			$79,531
Average net assets (000)		$449,870			$279,272			$198,518			$136,788			$55,922
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.91	%		1.93	%		1.94	%		1.94	%		1.94	%
Expenses before waivers and/or expense reimbursement		1.91	%		1.93	%		1.97	%		1.99	%		2.03	%
Net investment income (loss)		(1.62	)%		(1.53	)%		(1.31	)%		(1.35	)%		(1.28	)%
Portfolio turnover rate(e)		62	%		57	%		52	%		62	%		79	%

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

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

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

(d) 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 Fund’s 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 Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

22

Class Z Shares
	Year Ended October 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$39.24			$25.01			$21.82			$21.00			$15.31
Income (loss) from investment operations:
Net investment income (loss)		(0.30	)		(0.17	)		(0.07	)		(0.08	)		(0.05	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		15.05			14.40			3.26			0.90			5.74
Total from investment operations		14.75			14.23			3.19			0.82			5.69
Less Dividends and Distributions:
Distributions from net realized gains		(0.74	)		-			-			-			-
Net asset value, end of year		$53.25			$39.24			$25.01			$21.82			$21.00
Total Return(b):		37.96	%		56.90	%		14.62	%		3.90	%		37.17	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$4,792,805			$3,390,006			$1,466,571			$927,492			$334,783
Average net assets (000)		$4,303,934			$2,338,060			$1,228,375			$693,749			$193,977
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.92	%		0.93	%		0.94	%		0.93	%		0.94	%
Expenses before waivers and/or expense reimbursement		0.92	%		0.93	%		0.96	%		0.97	%		1.02	%
Net investment income (loss)		(0.64	)%		(0.54	)%		(0.31	)%		(0.35	)%		(0.28	)%
Portfolio turnover rate(e)		62	%		57	%		52	%		62	%		79	%

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

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

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

(d) 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 Fund’s 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 Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 23

Financial Highlights (continued)

Class R2 Shares
	Year Ended October 31,						December 27, 2018(a) through October  31, 2019
	2021			2020
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$39.10			$25.02			$20.59
Income (loss) from investment operations:
Net investment income (loss)		(0.48	)		(0.31	)		(0.12	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		14.98			14.39			4.55
Total from investment operations		14.50			14.08			4.43
Less Dividends and Distributions:
Distributions from net realized gains		(0.74	)		-			-
Net asset value, end of period		$52.86			$39.10			$25.02
Total Return(c):		37.45	%		56.27	%		21.52	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$21,615			$377			$12
Average net assets (000)		$12,667			$221			$13
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.34	%		1.33	%		1.34	%(e)
Expenses before waivers and/or expense reimbursement		1.39	%		7.68	%		216.05	%(e)
Net investment income (loss)		(1.00	)%		(0.92	)%		(0.58	)%(e)
Portfolio turnover rate(f)		62	%		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 GAAP. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

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

See Notes to Financial Statements.

24

Class R4 Shares
	Year Ended October 31,						December 27, 2018(a) through October  31, 2019
	2021			2020
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$39.31			$25.08			$20.59
Income (loss) from investment operations:
Net investment income (loss)		(0.37	)		(0.19	)		(0.10	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		15.07			14.42			4.59
Total from investment operations		14.70			14.23			4.49
Less Dividends and Distributions:
Distributions from net realized gains		(0.74	)		-			-
Net asset value, end of period		$53.27			$39.31			$25.08
Total Return(c):		37.76	%		56.74	%		21.81	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$332			$505			$362
Average net assets (000)		$696			$433			$122
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.06	%		1.02	%		0.97	%(e)
Expenses before waivers and/or expense reimbursement		2.18	%		4.28	%		23.67	%(e)
Net investment income (loss)		(0.78	)%		(0.60	)%		(0.46	)%(e)
Portfolio turnover rate(f)		62	%		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 GAAP. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 25

Financial Highlights (continued)

Class R6 Shares
	Year Ended October 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$39.46			$25.13			$21.90			$21.06			$15.33
Income (loss) from investment operations:
Net investment income (loss)		(0.26	)		(0.15	)		(0.06	)		(0.06	)		(0.04	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		15.14			14.48			3.29			0.90			5.77
Total from investment operations		14.88			14.33			3.23			0.84			5.73
Less Dividends and Distributions:
Distributions from net realized gains		(0.74	)		-			-			-			-
Net asset value, end of year		$53.60			$39.46			$25.13			$21.90			$21.06
Total Return(b):		38.08	%		57.02	%		14.75	%		3.99	%		37.38	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$3,301,585			$1,803,620			$641,419			$253,010			$29,023
Average net assets (000)		$2,690,566			$1,074,262			$448,178			$133,984			$14,700
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.83	%		0.84	%		0.84	%		0.84	%		0.84	%
Expenses before waivers and/or expense reimbursement		0.83	%		0.84	%		0.87	%		0.90	%		0.92	%
Net investment income (loss)		(0.54	)%		(0.46	)%		(0.23	)%		(0.26	)%		(0.23	)%
Portfolio turnover rate(e)		62	%		57	%		52	%		62	%		79	%

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

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

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

(d) 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 Fund’s 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 Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

26

Notes to Financial Statements

1.    Organization

Prudential World Fund, Inc. (the “Registered Investment Company” or “RIC”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The RIC is organized as a Maryland Corporation and currently consists of seven separate funds: PGIM Emerging Markets Debt Hard Currency Fund, PGIM Emerging Markets Debt Local Currency Fund, 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. These financial statements relate only to the PGIM Jennison Global Opportunities Fund (the “Fund”). The Fund is classified as a diversified fund for purposes of the 1940 Act.

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

2.    Accounting Policies

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

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Fund’s investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC’s Board of 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 Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. A record of the Valuation Committee’s actions is subject to the Board’s review at its first quarterly meeting following the quarter in which such actions take place.

PGIM Jennison Global Opportunities Fund 27

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

Various inputs determine how the Fund’s investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the 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 Fund 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

28

classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.

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

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

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

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

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

Master Netting Arrangements: The RIC, on behalf of the Fund, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of the

PGIM Jennison Global Opportunities Fund 29

Notes to Financial Statements (continued)

Fund. A master netting arrangement between the Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

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

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

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Fund becomes aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates

30

by management that may differ from actual. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Such class specific expenses and waivers include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

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

Dividends and Distributions: The Fund 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 GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.

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

3.    Agreements

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

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

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.825% of the Fund’s 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 0.803% for the year ended October 31, 2021.

The Manager has contractually agreed, through February 28, 2023, to limit net annual operating expenses (exclusive of distribution and service (12b-1) fees, shareholder service fee, and transfer agency expenses (including sub-transfer agency and networking fees)), of

PGIM Jennison Global Opportunities Fund 31

Notes to Financial Statements (continued)

each class of shares to 0.84% of the Fund’s average daily net assets, and to limit transfer agency, shareholder servicing, sub-transfer agency, and blue sky fees, as applicable, to the extent that such fees cause the net 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, 2023, to limit total 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 and expense limitation 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 Fund expenses such as dividend and interest expense and broker charges on short sales.

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager 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 RIC, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class C, Class Z, Class R2, Class R4 and Class R6 shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A, Class C and Class R2 shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS.

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate 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, 2023 to limit such fees to 0.25% of the average daily net assets of the Class A shares. 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 Fund.

The Fund 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

32

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, 2021, PIMS received $3,576,428 in front-end sales charges resulting from sales of Class A shares. Additionally, for the year ended October 31, 2021, PIMS received $13,352 and $44,493 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 Fund’s transfer agent. Transfer agent’s fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

The Fund 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 fund of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund and the Money Market Fund. 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 Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the year ended October 31, 2021, no 17a-7 transactions were entered into by the Fund.

5.    Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the year ended October 31, 2021, were $5,893,871,911 and $4,955,065,994, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended October 31, 2021, is presented as follows:

PGIM Jennison Global Opportunities Fund 33

Notes to Financial Statements (continued)

Value, Beginning of Year		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)		Value, End of Year		Shares, End of Year		Income
	Short-Term Investments - Affiliated Mutual Funds:
	PGIM Core Ultra Short Bond Fund (1)(wa)
$	179,094,560	$	2,554,239,583	$	2,686,573,281	$	—		$	—	$	46,760,862		46,760,862	$	137,403
	PGIM Institutional Money Market Fund (1)(b)(wa)
	462,551,442		2,870,279,807		3,316,581,962		(192,834	)		98,341		16,154,794		16,164,492		224,869	(2)
$	641,646,002	$	5,424,519,390	$	6,003,155,243	$	(192,834	)	$	98,341	$	62,915,656			$	362,272

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

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

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

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

6.    Distributions and Tax Information

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date.

For the year ended October 31, 2021, the tax character of dividends paid by the Fund were $883,669 of ordinary income and $119,553,104 of long-term capital gains. For the year ended October 31, 2020, there were no distributions paid by the Fund.

As of October 31, 2021, the accumulated undistributed earnings on a tax basis were $57,821,230 of ordinary income and $772,933,495 of long-term capital gains.

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of October 31, 2021 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$5,747,505,710	$3,719,309,815	$(85,754,246)	$3,633,555,569

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

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is

34

required in the Fund’s financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2021 are subject to such review.

7.    Capital and Ownership

The Fund 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 eight years (ten years prior to January 22, 2021) after purchase. 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 Fund to one or more other share classes of the Fund as presented in the table of transactions in shares of common stock, below.

The RIC is authorized to issue 10,225,000,000 shares of common stock, $0.00001 par value per share, 3,450,000,000 of which are designated as shares of the Fund. The authorized shares of the Fund are currently classified and designated as follows:

Class A	150,000,000
Class C	100,000,000
Class Z	2,000,000,000
Class R2	100,000,000
Class R4	100,000,000
Class R6	1,000,000,000

As of October 31, 2021, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

	Number of Shares	Percentage of Outstanding Shares
Class R2	494	0.1%
Class R4	494	7.9%

PGIM Jennison Global Opportunities Fund 35

Notes to Financial Statements (continued)

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

Affiliated		Unaffiliated
Number of Shareholders	Percentage of Outstanding Shares	Number of Shareholders	Percentage of Outstanding Shares
—	—%	6	77.8%

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Year ended October 31, 2021:
Shares sold		4,665,660		$	213,839,272
Shares issued in reinvestment of dividends and distributions		222,928			9,777,601
Shares purchased		(2,530,691	)		(115,823,612	)
Net increase (decrease) in shares outstanding before conversion		2,357,897			107,793,261
Shares issued upon conversion from other share class(es)		828,473			39,228,444
Shares purchased upon conversion into other share class(es)		(735,700	)		(34,462,946	)
Net increase (decrease) in shares outstanding		2,450,670		$	112,558,759
Year ended October 31, 2020:
Shares sold		5,738,717		$	181,584,437
Shares purchased		(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 purchased upon conversion into other share class(es)		(474,524	)		(15,077,525	)
Net increase (decrease) in shares outstanding		3,227,402		$	105,652,824
Class C
Year ended October 31, 2021:
Shares sold		2,081,043		$	89,155,627
Shares issued in reinvestment of dividends and distributions		184,797			7,556,334
Shares purchased		(1,174,050	)		(50,022,440	)
Net increase (decrease) in shares outstanding before conversion		1,091,790			46,689,521
Shares purchased upon conversion into other share class(es)		(939,783	)		(41,669,710	)
Net increase (decrease) in shares outstanding		152,007		$	5,019,811
Year ended October 31, 2020:
Shares sold		3,153,742		$	91,465,665
Shares purchased		(1,559,131	)		(43,284,069	)
Net increase (decrease) in shares outstanding before conversion		1,594,611			48,181,596
Shares purchased upon conversion into other share class(es)		(584,386	)		(16,711,305	)
Net increase (decrease) in shares outstanding		1,010,225		$	31,470,291

36

Class Z	Shares			Amount
Year ended October 31, 2021:
Shares sold		30,640,507		$	1,428,980,779
Shares issued in reinvestment of dividends and distributions		1,448,278			64,781,489
Shares purchased		(28,647,396	)		(1,335,254,028	)
Net increase (decrease) in shares outstanding before conversion		3,441,389			158,508,240
Shares issued upon conversion from other share class(es)		1,137,547			54,251,524
Shares purchased upon conversion into other share class(es)		(961,974	)		(47,587,111	)
Net increase (decrease) in shares outstanding		3,616,962		$	165,172,653
Year ended October 31, 2020:
Shares sold		54,820,204		$	1,691,528,205
Shares purchased		(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 purchased upon conversion into other share class(es)		(323,337	)		(10,207,454	)
Net increase (decrease) in shares outstanding		27,747,748		$	832,371,281
Class R2
Year ended October 31, 2021:
Shares sold		439,431		$	19,563,751
Shares issued in reinvestment of dividends and distributions		167			7,434
Shares purchased		(40,294	)		(1,961,619	)
Net increase (decrease) in shares outstanding		399,304		$	17,609,566
Year ended October 31, 2020:
Shares sold		9,568		$	296,916
Shares purchased		(416	)		(15,390	)
Net increase (decrease) in shares outstanding		9,152		$	281,526
Class R4
Year ended October 31, 2021:
Shares sold		5,135		$	253,565
Shares issued in reinvestment of dividends and distributions		214			9,579
Shares purchased		(11,968	)		(626,649	)
Net increase (decrease) in shares outstanding		(6,619	)	$	(363,505	)
Year ended October 31, 2020:
Shares sold		1,345		$	40,198
Shares purchased		(2,925	)		(101,382	)
Net increase (decrease) in shares outstanding		(1,580	)	$	(61,184	)

PGIM Jennison Global Opportunities Fund 37

Notes to Financial Statements (continued)

Class R6	Shares			Amount
Year ended October 31, 2021:
Shares sold		27,540,278		$	1,296,799,817
Shares issued in reinvestment of dividends and distributions		789,179			35,497,290
Shares purchased		(13,025,359	)		(620,512,925	)
Net increase (decrease) in shares outstanding before conversion		15,304,098			711,784,182
Shares issued upon conversion from other share class(es)		618,209			31,764,888
Shares purchased upon conversion into other share class(es)		(32,207	)		(1,525,089	)
Net increase (decrease) in shares outstanding		15,890,100		$	742,023,981
Year ended October 31, 2020:
Shares sold		26,781,782		$	904,618,764
Shares purchased		(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 purchased upon conversion into other share class(es)		(6,636	)		(210,933	)
Net increase (decrease) in shares outstanding		20,182,323		$	688,870,284

8.    Borrowings

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

	Current SCA	Prior SCA
Term of Commitment	10/1/2021 – 9/29/2022	10/2/2020 – 9/30/2021
Total Commitment	$ 1,200,000,000	$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	1.30% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent

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

The Fund did not utilize the SCA during the year ended October 31, 2021.

38

9.    Risks of Investing in the Fund

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

Country Risk: Changes in the business environment may adversely affect operating profits or the value of assets in a specific country. For example, financial factors such as currency controls, devaluation or regulatory changes or stability factors such as mass riots, civil war and other potential events may contribute to companies’ operational risks.

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

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

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

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

Equity and Equity-Related Securities Risk: Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. In addition to an individual security losing value, the value of the equity markets or a sector in which the Fund invests could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

PGIM Jennison Global Opportunities Fund 39

Notes to Financial Statements (continued)

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

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

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

Growth Style Risk: The Fund’s growth style may subject the Fund to above-average fluctuations as a result of seeking higher than average capital growth. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Since the Fund follows a growth investment style, there is the risk that the growth investment style may be out of favor for long periods of time. At times when the style is out of favor, the Fund may underperform the market in general, its benchmark and other mutual funds.

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

40

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

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

Management Risk: The value of your investment may decrease if judgments by the subadviser about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements are incorrect.

Market Capitalization Risk: The Fund may invest in companies of any market capitalization. Generally, the stock prices of small- and mid-cap companies are less stable than the prices of large-cap stocks and may present greater risks. Large capitalization companies as a group could fall out of favor with the market, causing the Fund to underperform compared to investments that focus on smaller capitalized companies.

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 outbreak of COVID-19 globally in 2020 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 Fund’s 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

PGIM Jennison Global Opportunities Fund 41

Notes to Financial Statements (continued)

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

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 took effect on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Rule and its impact to the Fund.

42

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, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and financial highlights for each of the two years in the period ended October 31, 2021 (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, 2021, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for each of the two years in the period ended October 31, 2021 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 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 audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits 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 audits 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 audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

December 16, 2021

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

PGIM Jennison Global Opportunities Fund 43

Tax Information (unaudited)

We are advising you that during the fiscal year ended October 31, 2021, the Fund reports the maximum amount allowed per share, but not less than $0.74 for Class A, C, Z, R2, R4 and R6 shares as a capital gain distribution in accordance with Section 852(b)(3)(C) of the Internal Revenue Code.

For the year ended October 31, 2021, the Fund reports, in accordance with 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 Opportunities Fund		99.74%		99.60%

In January 2022, you will be advised on IRS Form 1099-DIV or substitute 1099-DIV, as to the federal tax status of distributions received by you in calendar year 2021.

44

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS (unaudited)

Information about Board Members and Officers of the Fund is set forth below. Board Members who are not deemed to be “interested persons” of the Fund, as defined in the 1940 Act, are referred to as “Independent Board Members.” Board Members who are deemed to be “interested persons” of the Fund are referred to as “Interested Board Members.” The Board Members are responsible for the overall supervision of the operations of the Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Board in turn elects the Officers, who are responsible for administering 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); formerly 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; formerly 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: 92	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).	Trustee of Equity Residential (residential real estate) (since December 2009); Director of Northern Trust Corporation (financial services) (since April 2006); formerly Director of Anixter International, Inc. (communication products distributor) (January 2006-June 2020).	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 (asset management).	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	Retired; Executive Committee of the Independent Directors Council (IDC) Board of Governors (since October 2019); Member (since November 2014) of the Governing Council of the 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: 91	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly Visiting Professor of Law, Stanford Law School (2015-2021); 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, Roku (since December 2020) (communication services); formerly Independent Director, Synnex Corporation (2019-2021) (information technology); formerly Independent Director, Kabbage, Inc. (2018-2020) (financial services); formerly Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017
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.	Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank; formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National 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: 94	President, Chief Executive Officer, Chief Operating Officer and Officer in Charge of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011); Investment Company Institute - Board of Governors (since May 2012).	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: 95	Executive Vice President (since May 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; Richard A. Redeker, 1993; Stephen G. Stoneburn, 2003; Stuart S. Parker, Board Member since 2012 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, Executive Vice President and Secretary 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 Vice President and Assistant Secretary of PGIM Investments LLC (2005-2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005

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
Dino Capasso 1974 Chief Compliance Officer	Chief Compliance Officer (since July 2019) of PGIM Investments LLC; Chief Compliance Officer (since July 2019) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM High Yield Bond Fund, Inc., and PGIM Short Duration High Yield Opportunities Fund; 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 July 2019
Andrew R. French 1962 Secretary	Vice President (since December 2018) 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
Debra Rubano 1975 Assistant Secretary	Vice President and Corporate Counsel (since November 2020) of Prudential; formerly Director and Senior Counsel of Allianz Global Investors U.S. Holdings LLC (2010-2020) and Assistant Secretary of numerous funds in the Allianz fund complex (2015-2020).	Since December 2020
Kelly A. Coyne 1968 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since March 2015

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
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 September 2019
Deborah Conway 1969 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since September 2019
Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.	Since September 2019
Jonathan Corbett 1983 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Global Compliance Programs and Compliance Risk Management (since August 2019) of Prudential; formerly Vice President and Head of Key Risk Areas Compliance (March 2016 to July 2019), Chief Privacy Officer (March 2016 to July 2019) and Head of Global Financial Crimes Unit (April 2014 to March 2016) at MetLife.	Since October 2021

^(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, Target Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, 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 ten individuals, eight 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 June 7-10, 2021 and approved the renewal of the agreements through July 31, 2022, 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 June 7-10, 2021.

The Directors determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a

¹  PGIM Jennison Global Opportunities Fund is a series of Prudential World Fund, Inc.

PGIM Jennison Global Opportunities Fund

Approval of Advisory Agreements (continued)

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 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.

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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 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 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

PGIM Jennison Global Opportunities Fund

Approval of Advisory Agreements (continued)

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, 2020.

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, 2020. 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 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: 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

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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, 2022.

• 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, 2022.

• 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 • 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 • Jonathan Corbett, Anti-Money Laundering Compliance Officer • Andrew R. French, Secretary • Melissa Gonzalez, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Kelly A. Coyne, Assistant Secretary • Patrick E. McGuinness, Assistant Secretary • Debra Rubano, Assistant Secretary • Lana Lomuti, Assistant Treasurer • Russ Shupak, Assistant Treasurer • Elyse M. 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 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 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, 2021

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. © 2021 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 International Opportunities Fund informative and useful. The report covers performance for the 12-month period that ended October 31, 2021.   The global economy and markets continued to recover throughout the period from the ongoing impact of the COVID-19 pandemic. The Federal Reserve slashed interest rates and kept them near zero to encourage borrowing. Congress passed stimulus bills worth several trillion dollars to help consumers and businesses. And several effective COVID-19

vaccines received regulatory approval. Those measures were enough to offset the fear of rising inflation and supply chain challenges that threatened to disrupt growth.

At the start of the period, stocks had recovered most of the steep losses they had suffered at the onset of the pandemic. Equities rallied as states reopened their economies but became more volatile as investors worried that a surge in COVID-19 infections would stall the recovery. However, rising corporate profits and economic growth, the resolution of the US presidential election, and the global rollout of approved vaccines lifted equity markets to record levels, helping stocks around the globe post gains for the full period.

Throughout this volatile period, investors sought safety in fixed income.

Investment-grade bonds in the US and the overall global bond market declined slightly during the period as the economy recovered, but emerging market debt rose. While the 10-year US Treasury yield hovered near record lows early in the period after a significant rally in interest rates, rates moved higher later on as investors began to focus on stronger economic growth and the prospects of higher inflation. The Fed also took several aggressive actions to keep the bond markets running smoothly, implementing 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 $1.5 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, 2021

PGIM Jennison International Opportunities Fund 3

Your Fund’s Performance (unaudited)

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

	Average Annual Total Returns as of 10/31/21
	One Year (%)	Five Years (%)	Since Inception (%)
Class A
(with sales charges)	29.37	24.11	15.21 (06/05/2012)
(without sales charges)	36.90	25.52	15.90 (06/05/2012)
Class C
(with sales charges)	34.84	24.53	15.02 (06/05/2012)
(without sales charges)	35.84	24.53	15.02 (06/05/2012)
Class R
(without sales charges)	36.42	N/A	21.63 (11/20/2017)
Class Z
(without sales charges)	37.15	25.78	16.17 (06/05/2012)
Class R2
(without sales charges)	36.58	N/A	39.20 (12/27/2018)
Class R4
(without sales charges)	36.97	N/A	39.56 (12/27/2018)
Class R6
(without sales charges)	37.25	25.87	20.49 (12/23/2015)
MSCI All Country World Ex-US Index
	29.66	9.77	—

Average Annual Total Returns as of 10/31/21 Since Inception (%)
	Class A, Class C, Class Z	Class R	Class R2, Class R4	Class R6
	(06/05/2012)	(11/20/2017)	(12/27/2018)	(12/23/2015)
MSCI All Country World Ex-US Index	8.16	6.48	14.23	9.11

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 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 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, 2021), 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 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 services fees	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 Index ex-US Index—The Morgan Stanley Capital International All Country World ex-US Index (MSCI ACWI ex-US Index) is an unmanaged free float-adjusted market capitalization-weighted index that is designed to 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.

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Presentation of Fund Holdings as of 10/31/21

Ten Largest Holdings	Line of Business	Country	% of Net Assets
Adyen NV, 144A	IT Services	Netherlands	7.3%
Sea Ltd., ADR	Entertainment	Taiwan	6.6%
Atlassian Corp. PLC (Class A Stock)	Software	United States	5.1%
Shopify, Inc. (Class A Stock)	IT Services	Canada	5.0%
Sartorius AG (PRFC)	Health Care Equipment & Supplies	Germany	4.5%
LVMH Moet Hennessy Louis Vuitton SE	Textiles, Apparel & Luxury Goods	France	4.1%
ASML Holding NV	Semiconductors & Semiconductor Equipment	Netherlands	3.9%
MercadoLibre, Inc.	Internet & Direct Marketing Retail	Argentina	3.7%
Techtronic Industries Co. Ltd.	Machinery	Hong Kong	3.7%
Straumann Holding AG	Health Care Equipment & Supplies	Switzerland	3.5%

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 37.15% in the 12-month reporting period that ended October 31, 2021, outperforming the 29.66% return of the MSCI All Country World ex-US Index (the Index).

What were the market conditions?

● In early fall 2020, investors began to favor areas of the market that were most exposed to an economic recovery and most debilitated by the COVID-19 pandemic. This rotation extended into the first quarter of 2021, boosting valuations of cyclical companies and reducing the earnings multiples of secular growth companies.

● June 2021 marked a turning point in the US economic reopening and reflation outlook, as the Federal Reserve’s comments began to reflect concerns about labor shortages and rising prices.

● Corporate profit growth through the end of the reporting period was strong, highlighting the expanding recovery and boosting business confidence to its highest level since the early days of the pandemic.

● The Chinese government took further steps during the period to rein in the activities of many of its largest consumer-facing companies, citing concerns over privacy, unintended usage of consumer data, and the deleterious health effects of excessive amounts of time spent online. Chinese stocks sold off sharply after these moves and the elevated risk of further intervention.

● All sectors in the Index generated positive returns for the period. The energy, financials, and information technology sectors posted the largest gains. Returns for the communication services and consumer discretionary sectors were comparatively modest.

What worked?

● Stock selection was very strong during the reporting period and benefited the Fund’s performance in nearly every sector.

● In the information technology sector:

● Adyen NV, a payments-processing company based in the Netherlands, grew volumes and revenues meaningfully in the first half of 2021, supported by growth globally. More than 80% of growth was driven by existing merchants. Adyen continues to benefit from increasing global demand for its unified commerce solutions.

● Demand for Shopify Inc.’s e-commerce services continued to grow during the period. The opening of economies around the world continued to highlight that a robust e-commerce presence has become a necessity for small, medium, and large companies. Shopify’s fully hosted cloud-based platform is helping democratize online commerce. Its infrastructure tools enable users to create, grow, and scale their e-commerce operations globally and across channels.

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● Atlassian is a leading provider of collaboration software that helps software teams organize, discuss, and complete projects. Jennison views Atlassian as a unique software as a service (SaaS) company with an enormous addressable market and long-term opportunities to add new customers and upsell its existing customers. Quarterly results were strong and included impressive year over year growth in subscription revenue, a key metric for the company.

● Sea Ltd. drove performance in the communication services sector as the company continued to execute and deliver significant topline growth in gaming and e-commerce. Sea’s e-commerce opportunity in Southeast Asia continues to offer long-term growth for the business, with potential for future growth opportunities in Latin America.

● Wuxi Biologics—which discovers, researches, develops, and manufactures biologics services—drove performance in the healthcare sector during the period. As a contract research organization based in China, Wuxi benefited from several trends, including increasing research and development outsourcing activities from drug companies, biologics being favored over chemical drugs, and a biotech boom in China. However, the Fund eliminated the position during the period due to the changing regulatory environment in China.

What didn’t work?

● Several China-based holdings were notable detractors from the Fund’s performance during the reporting period due to investor concerns over the changing regulatory environment in the country. Shares of Alibaba Group Holding Ltd., Bilibili Inc., and Tencent Holdings Ltd. declined during the period as regulators specifically targeted internet platforms. All three holdings were eliminated from the Fund during the period.

● Wix.com Ltd. is an Israeli software company that provides cloud-based web-development services, and Farfetch is a British-Portuguese online luxury fashion retailer. Both positions were also eliminated during the period in favor of other secular growth opportunities.

Current outlook

● Investors are facing a complex economic landscape heading into the end of 2021. Interest rates are responding to elevated wage and goods price inflation, exacerbated by supply-chain bottlenecks and shortages of critical components. Jennison expects corporate profit growth to return to pre-COVID-19 trend levels over the next year. While these levels are respectable in absolute terms, in Jennison’s view, they represent a meaningful slowdown from the COVID-19-driven highs reached over the previous 18 months.

● Many companies that reported strong operating results during the pandemic due to a broad shift toward online shopping and work-from-home business models are now facing challenging financial results comparisons to the previous reporting period. While this may be a headwind for share prices in the short term, Jennison believes

PGIM Jennison International Opportunities Fund 9

Strategy and Performance Overview (continued)

that developments during the past 18 months have accelerated trends in consumer and enterprise behavior that were already in place before COVID-19 and that the step-up in growth demand in these areas may persist for some time.

● Jennison remains optimistic that the Fund’s portfolio holdings are well positioned to navigate this complex landscape. While the Fund’s investments are not insulated from the macro backdrop, Jennison believes their market-leading positions, strong cash flow generation and reinvestment, and often-disruptive business models should allow them to deliver growth that exceeds current market expectations, leading to potential share price outperformance over the long-term investment horizon.

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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, 2021. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Jennison International Opportunities Fund 11

Fees and Expenses (continued)

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

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

PGIM Jennison International Opportunities Fund		Beginning Account Value May 1, 2021	Ending Account Value October 31, 2021	Annualized Expense Ratio Based on the Six-Month  Period	Expenses Paid During the Six-Month Period*
Class A	Actual	$1,000.00	$1,125.00	1.09%	$  5.84
	Hypothetical	$1,000.00	$1,019.71	1.09%	$  5.55
Class C	Actual	$1,000.00	$1,120.80	1.90%	$10.16
	Hypothetical	$1,000.00	$1,015.63	1.90%	$  9.65
Class R	Actual	$1,000.00	$1,123.00	1.48%	$  7.92
	Hypothetical	$1,000.00	$1,017.74	1.48%	$  7.53
Class Z	Actual	$1,000.00	$1,126.20	0.90%	$  4.82
	Hypothetical	$1,000.00	$1,020.67	0.90%	$  4.58
Class R2	Actual	$1,000.00	$1,123.60	1.36%	$  7.28
	Hypothetical	$1,000.00	$1,018.35	1.36%	$  6.92
Class R4	Actual	$1,000.00	$1,124.90	1.14%	$  6.11
	Hypothetical	$1,000.00	$1,019.46	1.14%	$  5.80
Class R6	Actual	$1,000.00	$1,126.60	0.84%	$  4.50
	Hypothetical	$1,000.00	$1,020.97	0.84%	$  4.28

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended October 31, 2021, and divided by the 365 days in the Fund’s fiscal year ended October 31, 2021 (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, 2021

Description	Shares		Value
LONG-TERM INVESTMENTS    98.4%
COMMON STOCKS    93.9%
Argentina    3.7%
MercadoLibre, Inc.*		157,281	$	232,936,307
Canada    5.0%
Shopify, Inc. (Class A Stock)*		213,604		313,299,395
China    4.0%
Contemporary Amperex Technology Co. Ltd. (Class A Stock)		1,867,512		186,442,016
Wuxi Biologics Cayman, Inc., 144A*		4,287,511		65,101,211
				251,543,227
France    18.3%
Dassault Systemes SE		3,195,671		186,584,414
Hermes International		105,363		167,380,320
Kering SA		100,000		75,336,665
L’Oreal SA		438,071		200,373,370
LVMH Moet Hennessy Louis Vuitton SE		329,198		258,315,156
Pernod Ricard SA		741,767		170,619,268
Remy Cointreau SA		429,802		86,797,693
				1,145,406,886
Germany    1.7%
BioNTech SE, ADR*(a)		374,127		104,280,419
Hong Kong    3.7%
Techtronic Industries Co. Ltd.		11,098,621		228,787,073
Italy    5.3%
Amplifon SpA		1,208,649		61,460,872
Brunello Cucinelli SpA*		1,459,288		88,412,226
Ferrari NV		771,732		182,964,961
				332,838,059
Japan    5.3%
GMO Payment Gateway, Inc.		728,985		92,963,885
Keyence Corp.		259,094		156,757,766
Menicon Co. Ltd.		2,234,476		83,988,257
				333,709,908

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 13

Schedule of Investments (continued)

as of October 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Luxembourg    2.0%
Eurofins Scientific SE		1,029,540	$	121,577,105
Netherlands    12.7%
Adyen NV, 144A*		150,756		457,232,049
Argenx SE, ADR*		321,837		97,181,901
ASML Holding NV		297,702		241,800,980
				796,214,930
Sweden    1.7%
Evolution AB, 144A		654,752		106,133,856
Switzerland    9.2%
Alcon, Inc.		507,035		41,942,336
Givaudan SA		31,630		148,871,370
Lonza Group AG		203,793		167,270,965
Straumann Holding AG		105,331		219,430,224
				577,514,895
Taiwan    9.9%
Sea Ltd., ADR*		1,190,612		409,058,565
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		1,832,025		208,301,242
				617,359,807
United Kingdom    2.8%
Ashtead Group PLC		2,078,378		173,255,896
United States    7.3%
Atlassian Corp. PLC (Class A Stock)*		704,152		322,593,156
Globant SA*		424,972		135,646,812
				458,239,968
Uruguay    1.3%
Dlocal Ltd.*		1,666,368		80,835,512
TOTAL COMMON STOCKS (cost $4,160,981,421)				5,873,933,243

See Notes to Financial Statements.

14

Description	Shares		Value
PREFERRED STOCK     4.5%
Germany
Sartorius AG (PRFC) (cost $160,802,068)		433,783	$	282,872,448
TOTAL LONG-TERM INVESTMENTS (cost $4,321,783,489)				6,156,805,691
SHORT-TERM INVESTMENTS    2.4%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(wa)		101,909,396		101,909,396
PGIM Institutional Money Market Fund (cost $45,167,306; includes $45,165,104 of cash collateral for securities on loan)(b)(wa)		45,194,657		45,167,540
TOTAL SHORT-TERM INVESTMENTS (cost $147,076,702)				147,076,936
TOTAL INVESTMENTS    100.8% (cost $4,468,860,191)				6,303,882,627
Liabilities in excess of other assets    (0.8)%				(49,166,379	)
NET ASSETS    100.0%			$	6,254,716,248

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 $43,454,007; cash collateral of $45,165,104 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

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

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 15

Schedule of Investments (continued)

as of October 31, 2021

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of October 31, 2021 in valuing such portfolio securities:

	Level 1			Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Argentina		$	232,936,307		$	—		$	—
Canada			313,299,395			—			—
China			—			251,543,227			—
France			—			1,145,406,886			—
Germany			104,280,419			—			—
Hong Kong			—			228,787,073			—
Italy			—			332,838,059			—
Japan			—			333,709,908			—
Luxembourg			—			121,577,105			—
Netherlands			97,181,901			699,033,029			—
Sweden			—			106,133,856			—
Switzerland			—			577,514,895			—
Taiwan			617,359,807			—			—
United Kingdom			—			173,255,896			—
United States			458,239,968			—			—
Uruguay			80,835,512			—			—
Preferred Stock
Germany			—			282,872,448			—
Short-Term Investments
Affiliated Mutual Funds			147,076,936			—			—
Total		$	2,051,210,245		$	4,252,672,382		$	—

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, 2021 were as follows (unaudited):

IT Services	17.3	%
Health Care Equipment & Supplies	9.9
Textiles, Apparel & Luxury Goods	9.4
Software	8.1
Semiconductors & Semiconductor Equipment	7.2
Entertainment	6.6
Life Sciences Tools & Services	5.7
Beverages	4.1
Internet & Direct Marketing Retail	3.7
Machinery	3.7
Biotechnology	3.2
Personal Products	3.2
Electrical Equipment	3.0
Automobiles	2.9

Trading Companies & Distributors	2.8	%
Electronic Equipment, Instruments & Components	2.5
Chemicals	2.4
Affiliated Mutual Funds (0.7% represents investments purchased with collateral from securities on loan)	2.4
Hotels, Restaurants & Leisure	1.7
Health Care Providers & Services	1.0
	100.8
Liabilities in excess of other assets	(0.8	)
	100.0	%

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

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

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/(Liabilities)			Collateral Pledged/(Received)(1)				Net Amount
Securities on Loan		$	43,454,007		$	(43,454,007	)		$	—

(1) Collateral amount disclosed by the Fund 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, 2021

Assets
Investments at value, including securities on loan of $43,454,007:
Unaffiliated investments (cost $4,321,783,489)	$	6,156,805,691
Affiliated investments (cost $147,076,702)		147,076,936
Foreign currency, at value (cost $897,436)		892,781
Receivable for Fund shares sold		41,319,507
Tax reclaim receivable		2,080,987
Dividends receivable		457,327
Prepaid expenses		29,343
Total Assets		6,348,662,572
Liabilities
Payable to broker for collateral for securities on loan		45,165,104
Payable for Fund shares purchased		24,330,362
Payable for investments purchased		19,602,295
Management fee payable		3,752,595
Accrued expenses and other liabilities		759,244
Distribution fee payable		223,738
Affiliated transfer agent fee payable		107,097
Directors’ fees payable		4,453
Affiliated shareholder servicing fees payable		1,436
Total Liabilities		93,946,324
Net Assets	$	6,254,716,248
Net assets were comprised of:
Common stock, at par	$	1,600
Paid-in capital in excess of par		4,454,518,088
Total distributable earnings (loss)		1,800,196,560
Net assets, October 31, 2021	$	6,254,716,248

See Notes to Financial Statements.

18

Class A
Net asset value and redemption price per share, ($208,515,273 ÷ 5,413,906 shares of common stock issued and outstanding)	$	38.51
Maximum sales charge (5.50% of offering price)		2.24
Maximum offering price to public	$	40.75
Class C
Net asset value, offering price and redemption price per share, ($40,127,792 ÷ 1,120,357 shares of common stock issued and outstanding)	$	35.82
Class R
Net asset value, offering price and redemption price per share, ($358,284,107 ÷ 9,387,683 shares of common stock issued and outstanding)	$	38.17
Class Z
Net asset value, offering price and redemption price per share, ($3,481,109,878 ÷ 88,869,606 shares of common stock issued and outstanding)	$	39.17
Class R2
Net asset value, offering price and redemption price per share, ($13,101,114 ÷ 338,365 shares of common stock issued and outstanding)	$	38.72
Class R4
Net asset value, offering price and redemption price per share, ($16,892,470 ÷ 433,053 shares of common stock issued and outstanding)	$	39.01
Class R6
Net asset value, offering price and redemption price per share, ($2,136,685,614 ÷ 54,452,467 shares of common stock issued and outstanding)	$	39.24

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 19

Statement of Operations

Year Ended October 31, 2021

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $2,816,247 foreign withholding tax)	$	16,659,337
Income from securities lending, net (including affiliated income of $37,328)		220,956
Affiliated dividend income		120,364
Total income		17,000,657
Expenses
Management fee		35,702,609
Distribution fee(a)		3,296,135
Shareholder servicing fees (including affiliated expense of $12,189)(a)		19,094
Transfer agent’s fees and expenses (including affiliated expense of $545,226)(a)		3,144,301
Custodian and accounting fees		580,219
Registration fees(a)		349,287
SEC registration fees		296,240
Shareholders’ reports		246,022
Directors’ fees		55,570
Legal fees and expenses		36,614
Audit fee		28,533
Miscellaneous		46,321
Total expenses		43,800,945
Less: Fee waiver and/or expense reimbursement(a)		(1,310,218	)
Distribution fee waiver(a)		(923,786	)
Net expenses		41,566,941
Net investment income (loss)		(24,566,284	)
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $54,350)		19,520,488
Foreign currency transactions		(1,364,922	)
		18,155,566
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(75,652))		1,213,379,447
Foreign currencies		(19,980	)
		1,213,359,467
Net gain (loss) on investment and foreign currency transactions		1,231,515,033
Net Increase (Decrease) In Net Assets Resulting From Operations	$	1,206,948,749

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		427,924			288,843			2,557,396			—			21,972			—			—
Shareholder servicing fees		—			—			—			—			7,896			11,198			—
Transfer agent’s fees and expenses		156,202			24,234			442,374			2,481,979			13,441			17,660			8,411
Registration fees		31,048			16,019			7,723			148,881			7,473			7,473			130,670
Fee waiver and/or expense reimbursement		(179,909	)		(21,398	)		—			(1,029,070	)		(7,031	)		(6,889	)		(65,921	)
Distribution fee waiver		(71,321	)		—			(852,465	)		—			—			—			—

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 21

Statements of Changes in Net Assets

	Year Ended October 31,
	2021			2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(24,566,284	)	$	(6,212,110	)
Net realized gain (loss) on investment and foreign currency transactions		18,155,566			(4,015,917	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		1,213,359,467			502,180,663
Net increase (decrease) in net assets resulting from operations		1,206,948,749			491,952,636
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		3,741,129,832			1,727,331,268
Cost of shares purchased		(1,121,686,711	)		(415,033,423	)
Net increase (decrease) in net assets from Fund share transactions		2,619,443,121			1,312,297,845
Total increase (decrease)		3,826,391,870			1,804,250,481
Net Assets:
Beginning of year		2,428,324,378			624,073,897
End of year	$	6,254,716,248		$	2,428,324,378

See Notes to Financial Statements.

22

Financial Highlights

Class A Shares
	Year Ended October 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$28.14			$19.51			$15.82			$17.10			$12.36
Income (loss) from investment operations:
Net investment income (loss)		(0.25	)		(0.12	)		0.01			(0.06	)		(0.01	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		10.62			8.75			3.68			(1.22	)		4.75
Total from investment operations		10.37			8.63			3.69			(1.28	)		4.74
Net asset value, end of year		$38.51			$28.14			$19.51			$15.82			$17.10
Total Return(b):		36.90	%		44.11	%		23.39	%		(7.49	)%		38.35	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$208,515			$76,093			$26,778			$14,496			$5,303
Average net assets (000)		$142,641			$46,059			$20,599			$10,393			$3,121
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.09	%		1.09	%		1.09	%		1.13	%		1.15	%
Expenses before waivers and/or expense reimbursement		1.27	%		1.34	%		1.46	%		1.55	%		1.63	%
Net investment income (loss)		(0.71	)%		(0.52	)%		0.04	%		(0.32	)%		(0.07	)%
Portfolio turnover rate(e)		41	%		43	%		53	%		59	%		69	%

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

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

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

(d) 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 Fund’s 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 Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 23

Financial Highlights (continued)

Class C Shares
	Year Ended October 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$26.38			$18.44			$15.08			$16.43			$11.96
Income (loss) from investment operations:
Net investment income (loss)		(0.50	)		(0.29	)		(0.13	)		(0.18	)		(0.11	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		9.94			8.23			3.49			(1.17	)		4.58
Total from investment operations		9.44			7.94			3.36			(1.35	)		4.47
Net asset value, end of year		$35.82			$26.38			$18.44			$15.08			$16.43
Total Return(b):		35.84	%		43.00	%		22.28	%		(8.22	)%		37.37	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$40,128			$16,411			$5,302			$3,800			$1,759
Average net assets (000)		$28,884			$9,894			$4,683			$3,449			$1,080
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.90	%		1.90	%		1.91	%		1.92	%		1.89	%
Expenses before waivers and/or expense reimbursement		1.97	%		2.15	%		2.33	%		2.54	%		2.32	%
Net investment income (loss)		(1.52	)%		(1.32	)%		(0.80	)%		(1.05	)%		(0.80	)%
Portfolio turnover rate(e)		41	%		43	%		53	%		59	%		69	%

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

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

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

(d) 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 Fund’s 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 Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

24

Class R Shares
	Year Ended October 31,									November 20, 2017(a) through October 31, 2018
	2021			2020			2019
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$27.98			$19.48			$15.86			$17.62
Income (loss) from investment operations:
Net investment income (loss)		(0.37	)		(0.20	)		(0.06	)		(0.09	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		10.56			8.70			3.68			(1.67	)
Total from investment operations		10.19			8.50			3.62			(1.76	)
Net asset value, end of period		$38.17			$27.98			$19.48			$15.86
Total Return(c):		36.42	%		43.56	%		22.89	%		(9.99	)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$358,284			$291,162			$280,311			$266,294
Average net assets (000)		$340,986			$281,238			$278,086			$299,955
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.47	%		1.47	%		1.47	%		1.46	%(e)
Expenses before waivers and/or expense reimbursement		1.72	%		1.77	%		1.81	%		1.80	%(e)
Net investment income (loss)		(1.08	)%		(0.87	)%		(0.36	)%		(0.53	)%(e)
Portfolio turnover rate(f)		41	%		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 GAAP. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 25

Financial Highlights (continued)

Class Z Shares
	Year Ended October 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$28.56			$19.77			$16.01			$17.29			$12.50
Income (loss) from investment operations:
Net investment income (loss)		(0.18	)		(0.10	)		0.03			(0.01	)		0.03
Net realized and unrealized gain (loss) on investment and foreign currency transactions		10.79			8.89			3.74			(1.24	)		4.79
Total from investment operations		10.61			8.79			3.77			(1.25	)		4.82
Less Dividends and Distributions:
Dividends from net investment income		-			-			(0.01	)		(0.03	)		(0.03	)
Net asset value, end of year		$39.17			$28.56			$19.77			$16.01			$17.29
Total Return(b):		37.15	%		44.46	%		23.56	%		(7.24	)%		38.65	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$3,481,110			$1,364,899			$208,629			$104,113			$28,612
Average net assets (000)		$2,452,905			$639,223			$139,982			$75,711			$21,756
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.90	%		0.90	%		0.90	%		0.89	%		0.89	%
Expenses before waivers and/or expense reimbursement		0.94	%		0.99	%		1.04	%		1.04	%		1.34	%
Net investment income (loss)		(0.51	)%		(0.38	)%		0.15	%		(0.08	)%		0.23	%
Portfolio turnover rate(e)		41	%		43	%		53	%		59	%		69	%

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

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

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

(d) 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 Fund’s 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 Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

26

Class R2 Shares
	Year Ended October 31,						December 27, 2018(a) through October 31,
	2021			2020			2019
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$28.35			$19.70			$15.10
Income (loss) from investment operations:
Net investment income (loss)		(0.33	)		(0.29	)		(0.12	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		10.70			8.94			4.72
Total from investment operations		10.37			8.65			4.60
Net asset value, end of period		$38.72			$28.35			$19.70
Total Return(c):		36.58	%		43.91	%		30.46	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$13,101			$4,664			$233
Average net assets (000)		$8,789			$1,557			$44
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.33	%		1.32	%		1.26	%(e)
Expenses before waivers and/or expense reimbursement		1.41	%		2.23	%		64.97	%(e)
Net investment income (loss)		(0.92	)%		(1.06	)%		(0.76	)%(e)
Portfolio turnover rate(f)		41	%		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 GAAP. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 27

Financial Highlights (continued)

Class R4 Shares
	Year Ended October 31,						December 27, 2018(a) through October 31,
	2021			2020			2019
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$28.49			$19.75			$15.10
Income (loss) from investment operations:
Net investment income (loss)		(0.25	)		(0.11	)		(0.02	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		10.77			8.85			4.67
Total from investment operations		10.52			8.74			4.65
Net asset value, end of period		$39.01			$28.49			$19.75
Total Return(c):		36.97	%		44.20	%		30.79	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$16,892			$1,359			$846
Average net assets (000)		$11,907			$1,023			$293
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.08	%		1.04	%		0.95	%(e)
Expenses before waivers and/or expense reimbursement		1.14	%		2.47	%		10.65	%(e)
Net investment income (loss)		(0.69	)%		(0.46	)%		(0.11	)%(e)
Portfolio turnover rate(f)		41	%		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 GAAP. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

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

See Notes to Financial Statements.

28

Class R6 Shares
	Year Ended October 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$28.59			$19.78			$16.02			$17.29			$12.50
Income (loss) from investment operations:
Net investment income (loss)		(0.16	)		(0.08	)		0.04			(0.01	)		0.04
Net realized and unrealized gain (loss) on investment and foreign currency transactions		10.81			8.89			3.74			(1.22	)		4.79
Total from investment operations		10.65			8.81			3.78			(1.23	)		4.83
Less Dividends and Distributions:
Dividends from net investment income		-			-			(0.02	)		(0.04	)		(0.04	)
Net asset value, end of year		$39.24			$28.59			$19.78			$16.02			$17.29
Total Return(b):		37.25	%		44.54	%		23.72	%		(7.15	)%		38.75	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$2,136,686			$673,736			$101,975			$35,141			$26,252
Average net assets (000)		$1,445,464			$295,968			$54,900			$26,736			$24,927
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	%		0.91	%		0.98	%		1.00	%		1.30	%
Net investment income (loss)		(0.46	)%		(0.32	)%		0.20	%		(0.05	)%		0.28	%
Portfolio turnover rate(e)		41	%		43	%		53	%		59	%		69	%

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

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

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

(d) 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 Fund’s 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 Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 29

Notes to Financial Statements

1.     Organization

Prudential World Fund, Inc. (the “Registered Investment Company” or “RIC”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The RIC is organized as a Maryland Corporation and currently consists of seven separate funds: PGIM Emerging Markets Debt Hard Currency Fund, PGIM Emerging Markets Debt Local Currency Fund, 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. These financial statements relate only to the PGIM Jennison International Opportunities Fund (the “Fund”). The Fund is classified as a diversified fund for purposes of the 1940 Act.

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

2.     Accounting Policies

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

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Fund’s investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC’s Board of 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 Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. A record of the Valuation Committee’s actions is subject to the Board’s review at its first quarterly meeting following the quarter in which such actions take place.

30

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

Various inputs determine how the Fund’s investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the 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 Fund 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. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.

PGIM Jennison International Opportunities Fund 31

Notes to Financial Statements (continued)

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 Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:

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

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

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

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

Master Netting Arrangements: The RIC, on behalf of the Fund, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements

32

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

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

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

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Fund becomes aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative

PGIM Jennison International Opportunities Fund 33

Notes to Financial Statements (continued)

proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Such class specific expenses and waivers include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

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

Dividends and Distributions: The Fund 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 GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.

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

3.     Agreements

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

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

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.825% of the Fund’s 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 0.806% for the year ended October 31, 2021.

34

The Manager has contractually agreed, through February 28, 2023, to limit net annual operating expenses (exclusive of distribution and service (12b-1) fees, shareholder service fee, and transfer agency expenses (including sub-transfer agency and networking fees)), of each class of shares to 0.84% of the Fund’s average daily net assets, and to limit transfer agency, shareholder servicing, sub-transfer agency, and blue sky fees, as applicable, to the extent that such fees cause the net 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, 2023, 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, 2023, 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 Fund expenses such as dividend and interest expense and broker charges on short sales.

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager 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 RIC, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class C, Class R, Class Z, Class R2, Class R4 and Class R6 shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s 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.

Pursuant to the Distribution Plans, the Fund 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, 2023 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 Fund 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

PGIM Jennison International Opportunities Fund 35

Notes to Financial Statements (continued)

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. 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 Fund.

For the year ended October 31, 2021, PIMS received $1,034,720 in front-end sales charges resulting from sales of Class A shares. Additionally, for the year ended October 31, 2021, PIMS received $3,797 and $3,373 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 Fund’s transfer agent. Transfer agent’s fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

The Fund 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 fund of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund and the Money Market Fund. 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 Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the year ended October 31, 2021, no 17a-7 transactions were entered into by the Fund.

36

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, 2021, were $4,399,884,836 and $1,774,981,996, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended October 31, 2021, 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
Short-Term Investments - Affiliated Mutual Funds:
PGIM Core Ultra Short Bond Fund (1)(wa)
$103,564,166	$	1,850,166,542	$	1,851,821,312	$	—		$	—	$	101,909,396		101,909,396	$	120,364
PGIM Institutional Money Market Fund (1)(b)(wa)
39,573,646		686,217,588		680,602,392		(75,652	)		54,350		45,167,540		45,194,657		37,328	(2)
$143,137,812	$	2,536,384,130	$	2,532,423,704	$	(75,652	)	$	54,350	$	147,076,936			$	157,692

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

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

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

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

6.     Distributions and Tax Information

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date. 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, 2021, the adjustments were to increase total distributable earnings and decrease paid-in capital in excess of par by $4,502,526 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 years ended October 31, 2021, and October 31, 2020, there were no distributions paid by the Fund.

As of October 31, 2021, the accumulated undistributed earnings on a tax basis was $5,535,994 of long-term capital gains.

PGIM Jennison International Opportunities Fund 37

Notes to Financial Statements (continued)

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of October 31, 2021 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$4,487,793,246	$1,914,435,191	$(98,345,810)	$1,816,089,381

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

The Fund utilized approximately $22,985,000 of its capital loss carryforward to offset net taxable gains realized in the fiscal year ended October 31, 2021.

The Fund elected to treat late year ordinary income losses of approximately $21,429,000 as having been incurred in the following fiscal year (October 31, 2022).

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2021 are subject to such review.

7.     Capital and Ownership

The Fund 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 eight years (ten years prior to January 22, 2021) 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 Fund to one or more other share classes of the Fund as presented in the table of transactions in shares of common stock, below.

38

The RIC is authorized to issue 10,225,000,000 shares of common stock, $0.00001 par value per share, 3,550,000,000 of which are designated as shares of the Fund. The authorized shares of the Fund are currently classified and designated as follows:

Class A	150,000,000
Class C	100,000,000
Class R	100,000,000
Class Z	2,000,000,000
Class R2	100,000,000
Class R4	100,000,000
Class R6	1,000,000,000

As of October 31, 2021, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

	Number of Shares		Percentage of Outstanding Shares
Class C		180		0.1	%
Class R		9,387,683		100.0	%
Class Z		250		0.1	%
Class R2		662		0.2	%
Class R4		11,288		2.6	%
Class R6		250		0.1	%

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

Affiliated		Unaffiliated
Number of    Shareholders	Percentage of Outstanding Shares	Number of Shareholders	Percentage of Outstanding Shares
1	5.7%	5	71.9%

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Year ended October 31, 2021:
Shares sold		3,295,095		$	113,856,416
Shares purchased		(645,468	)		(22,275,031	)
Net increase (decrease) in shares outstanding before conversion		2,649,627			91,581,385
Shares issued upon conversion from other share class(es)		231,486			8,009,475
Shares purchased upon conversion into other share class(es)		(171,779	)		(6,016,914	)
Net increase (decrease) in shares outstanding		2,709,334		$	93,573,946
Year ended October 31, 2020:
Shares sold		1,695,560		$	40,214,421
Shares purchased		(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 purchased upon conversion into other share class(es)		(38,524	)		(927,812	)
Net increase (decrease) in shares outstanding		1,332,389		$	32,072,548

PGIM Jennison International Opportunities Fund 39

Notes to Financial Statements (continued)

Class C	Shares			Amount
Year ended October 31, 2021:
Shares sold		671,538		$	21,597,459
Shares purchased		(72,681	)		(2,330,925	)
Net increase (decrease) in shares outstanding before conversion		598,857			19,266,534
Shares purchased upon conversion into other share class(es)		(100,679	)		(3,132,283	)
Net increase (decrease) in shares outstanding		498,178		$	16,134,251
Year ended October 31, 2020:
Shares sold		410,402		$	9,190,379
Shares purchased		(62,287	)		(1,217,976	)
Net increase (decrease) in shares outstanding before conversion		348,115			7,972,403
Shares purchased upon conversion into other share class(es)		(13,404	)		(290,342	)
Net increase (decrease) in shares outstanding		334,711		$	7,682,061
Class R
Year ended October 31, 2021:
Shares sold		757,793		$	24,410,460
Shares purchased		(1,774,362	)		(60,549,305	)
Net increase (decrease) in shares outstanding		(1,016,569	)	$	(36,138,845	)
Year ended October 31, 2020:
Shares sold		378,910		$	7,835,637
Shares purchased		(4,361,022	)		(97,013,298	)
Net increase (decrease) in shares outstanding		(3,982,112	)	$	(89,177,661	)
Class Z
Year ended October 31, 2021:
Shares sold		65,487,151		$	2,317,934,026
Shares purchased		(20,037,303	)		(704,435,367	)
Net increase (decrease) in shares outstanding before conversion		45,449,848			1,613,498,659
Shares issued upon conversion from other share class(es)		246,910			8,620,461
Shares purchased upon conversion into other share class(es)		(4,617,431	)		(161,788,669	)
Net increase (decrease) in shares outstanding		41,079,327		$	1,460,330,451
Year ended October 31, 2020:
Shares sold		47,468,230		$	1,144,158,328
Shares purchased		(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 purchased upon conversion into other share class(es)		(99,914	)		(2,358,141	)
Net increase (decrease) in shares outstanding		37,238,697		$	896,578,820

40

Class R2	Shares			Amount
Year ended October 31, 2021:
Shares sold		249,628		$	8,603,079
Shares purchased		(73,779	)		(2,605,355	)
Net increase (decrease) in shares outstanding before conversion		175,849			5,997,724
Shares purchased upon conversion into other share class(es)		(2,016	)		(73,177	)
Net increase (decrease) in shares outstanding		173,833		$	5,924,547
Year ended October 31, 2020:
Shares sold		163,996		$	4,301,050
Shares purchased		(11,299	)		(312,729	)
Net increase (decrease) in shares outstanding		152,697		$	3,988,321
Class R4
Year ended October 31, 2021:
Shares sold		720,254		$	24,255,406
Shares purchased		(334,901	)		(11,278,535	)
Net increase (decrease) in shares outstanding		385,353		$	12,976,871
Year ended October 31, 2020:
Shares sold		11,923		$	287,951
Shares purchased		(7,067	)		(150,270	)
Net increase (decrease) in shares outstanding		4,856		$	137,681
Class R6
Year ended October 31, 2021:
Shares sold		35,440,308		$	1,230,472,986
Shares purchased		(8,950,166	)		(318,212,193	)
Net increase (decrease) in shares outstanding before conversion		26,490,142			912,260,793
Shares issued upon conversion from other share class(es)		4,411,797			154,824,965
Shares purchased upon conversion into other share class(es)		(12,007	)		(443,858	)
Net increase (decrease) in shares outstanding		30,889,932		$	1,066,641,900
Year ended October 31, 2020:
Shares sold		20,878,982		$	521,343,502
Shares purchased		(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 purchased upon conversion into other share class(es)		(2,198	)		(49,066	)
Net increase (decrease) in shares outstanding		18,407,760		$	461,016,075

8.     Borrowings

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

	Current SCA	Prior SCA
Term of Commitment	10/1/2021 – 9/29/2022	10/2/2020 – 9/30/2021
Total Commitment	$ 1,200,000,000	$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%

PGIM Jennison International Opportunities Fund 41

Notes to Financial Statements (continued)

	Current SCA	Prior SCA
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	1.30% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent

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

The Fund did not utilize the SCA during the year ended October 31, 2021.

9.     Risks of Investing in the Fund

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

Country Risk: Changes in the business environment may adversely affect operating profits or the value of assets in a specific country. For example, financial factors such as currency controls, devaluation or regulatory changes or stability factors such as mass riots, civil war and other potential events may contribute to companies’ operational risks.

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

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

42

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

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

Equity and Equity-Related Securities Risk: Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. In addition to an individual security losing value, the value of the equity markets or a sector in which the Fund invests could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

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

Investments in emerging markets are subject to greater volatility and price declines.

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

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

PGIM Jennison International Opportunities Fund 43

Notes to Financial Statements (continued)

Growth Style Risk: The Fund’s growth style may subject the Fund to above-average fluctuations as a result of seeking higher than average capital growth. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Since the Fund follows a growth investment style, there is the risk that the growth investment style may be out of favor for long periods of time. At times when the style is out of favor, the Fund may underperform the market in general, its benchmark and other mutual funds.

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

Investments in China Risk: Investments in China subject the Fund 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.

China has experienced security concerns, such as terrorism and strained international relations. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and the Fund’s investments. Export growth continues to be a major driver of China’s rapid economic growth. Reduction in spending on Chinese products and services, institution of additional tariffs or other trade barriers, including as a result of heightened trade tensions between China and the U.S., or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy or the Fund. For example, a series of executive orders issued between November 2020 and June 2021 prohibit the Fund from investing in certain companies identified by the U.S. government as “Chinese Military Industrial Complex Companies.” The restrictions in these executive orders may force the subadviser to sell certain positions and may restrict the Fund from future investments the subadviser deems otherwise attractive.

44

Chinese companies, including Chinese companies that are listed on U.S. exchanges, are not subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in more developed countries, and as a result, information about the Chinese securities in which the Fund invests may be less reliable or complete. There may be significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies and shareholders may have limited legal remedies.

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

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

Management Risk: The value of your investment may decrease if judgments by the subadviser about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements are incorrect.

Market Capitalization Risk: The Fund may invest in companies of any market capitalization. Generally, the stock prices of small- and mid-cap companies are less stable than the prices of large-cap stocks and may present greater risks. Large capitalization companies as a group could fall out of favor with the market, causing the Fund to underperform compared to investments that focus on smaller capitalized companies.

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 outbreak of COVID-19 globally in 2020 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,

PGIM Jennison International Opportunities Fund 45

Notes to Financial Statements (continued)

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

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 took effect on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Rule and its impact to the Fund.

46

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, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and financial highlights for each of the two years in the period ended October 31, 2021 (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, 2021, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for each of the two years in the period ended October 31, 2021 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 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 audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits 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 audits 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 audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 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 audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

December 16, 2021

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

PGIM Jennison International Opportunities Fund 47

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); formerly 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; formerly 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: 92	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).	Trustee of Equity Residential (residential real estate) (since December 2009); Director of Northern Trust Corporation (financial services) (since April 2006); formerly Director of Anixter International, Inc. (communication products distributor) (January 2006-June 2020).	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 (asset management).	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	Retired; Executive Committee of the Independent Directors Council (IDC) Board of Governors (since October 2019); Member (since November 2014) of the Governing Council of the 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: 91	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly Visiting Professor of Law, Stanford Law School (2015-2021); 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, Roku (since December 2020) (communication services); formerly Independent Director, Synnex Corporation (2019-2021) (information technology); formerly Independent Director, Kabbage, Inc. (2018-2020) (financial services); formerly Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017
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.	Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank; formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National 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: 94	President, Chief Executive Officer, Chief Operating Officer and Officer in Charge of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011); Investment Company Institute - Board of Governors (since May 2012).	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: 95	Executive Vice President (since May 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; Richard A. Redeker, 1993; Stephen G. Stoneburn, 2003; Stuart S. Parker, Board Member since 2012 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, Executive Vice President and Secretary 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 Vice President and Assistant Secretary of PGIM Investments LLC (2005-2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005

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
Dino Capasso 1974 Chief Compliance Officer	Chief Compliance Officer (since July 2019) of PGIM Investments LLC; Chief Compliance Officer (since July 2019) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM High Yield Bond Fund, Inc., and PGIM Short Duration High Yield Opportunities Fund; 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 July 2019
Andrew R. French 1962 Secretary	Vice President (since December 2018) 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
Debra Rubano 1975 Assistant Secretary	Vice President and Corporate Counsel (since November 2020) of Prudential; formerly Director and Senior Counsel of Allianz Global Investors U.S. Holdings LLC (2010-2020) and Assistant Secretary of numerous funds in the Allianz fund complex (2015-2020).	Since December 2020
Kelly A. Coyne 1968 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since March 2015

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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
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 September 2019
Deborah Conway 1969 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since September 2019
Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.	Since September 2019
Jonathan Corbett 1983 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Global Compliance Programs and Compliance Risk Management (since August 2019) of Prudential; formerly Vice President and Head of Key Risk Areas Compliance (March 2016 to July 2019), Chief Privacy Officer (March 2016 to July 2019) and Head of Global Financial Crimes Unit (April 2014 to March 2016) at MetLife.	Since October 2021

^(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, Target Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, 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 ten individuals, eight 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 June 7-10, 2021 and approved the renewal of the agreements through July 31, 2022, 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 June 7-10, 2021.

The Directors determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a

¹  PGIM Jennison International Opportunities Fund is a series of Prudential World Fund, Inc.

PGIM Jennison International Opportunities Fund

Approval of Advisory Agreements (continued)

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 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.

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

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

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

PGIM Jennison International Opportunities Fund

Approval of Advisory Agreements (continued)

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, 2020.

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, 2020. 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 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: 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) 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

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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, 2022.

● The Board and PGIM Investments agreed to retain the Fund’s existing contractual expense cap with respect to Class A shares, pursuant to which (exclusive of certain fees and expenses) PGIM Investments agrees to limit total annual operating expenses for Class A shares to 1.09% through February 28, 2022.

● 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, 2022 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 ● 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 ● Jonathan Corbett, Anti-Money Laundering Compliance Officer ● Andrew R. French, Secretary ● Melissa Gonzalez, Assistant Secretary ● Diana N. Huffman, Assistant Secretary ● Kelly A. Coyne, Assistant Secretary ● Patrick E. McGuinness, Assistant Secretary ● Debra Rubano, Assistant Secretary ● Lana Lomuti, Assistant Treasurer ● Russ Shupak, Assistant Treasurer ● Elyse M. 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 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 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, 2021

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. © 2021 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 Global Infrastructure Fund informative and useful. The report covers performance for the 12-month period that ended October 31, 2021.   The global economy and markets continued to recover throughout the period from the ongoing impact of the COVID-19 pandemic. The Federal Reserve slashed interest rates and kept them near zero to encourage borrowing. Congress passed stimulus bills worth several trillion dollars to help consumers and businesses. And several effective COVID-19 vaccines received regulatory approval. Those measures were enough to offset the fear of rising

inflation and supply chain challenges that threatened to disrupt growth.

At the start of the period, stocks had recovered most of the steep losses they had suffered at the onset of the pandemic. Equities rallied as states reopened their economies but became more volatile as investors worried that a surge in COVID-19 infections would stall the recovery. However, rising corporate profits and economic growth, the resolution of the US presidential election, and the global rollout of approved vaccines lifted equity markets to record levels, helping stocks around the globe post gains for the full period.

Throughout this volatile period, investors sought safety in fixed income. Investment-grade bonds in the US and the overall global bond market declined slightly during the period as the economy recovered, but emerging market debt rose. While the 10-year US Treasury yield hovered near record lows early in the period after a significant rally in interest rates, rates moved higher later on as investors began to focus on stronger economic growth and the prospects of higher inflation. The Fed also took several aggressive actions to keep the bond markets running smoothly, implementing 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 $1.5 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, 2021

PGIM Jennison Global Infrastructure Fund 3

Your Fund’s Performance (unaudited)

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

	Average Annual Total Returns as of 10/31/21
	One Year (%)	Five Years (%)	Since Inception (%)
Class A
(with sales charges)	18.16	8.23	7.40 (09/25/2013)
(without sales charges)	25.04	9.46	8.15 (09/25/2013)
Class C
(with sales charges)	23.10	8.64	7.33 (09/25/2013)
(without sales charges)	24.10	8.64	7.33 (09/25/2013)
Class Z
(without sales charges)	25.42	9.79	8.45 (09/25/2013)
Class R6
(without sales charges)	25.44	N/A	10.40 (12/28/2016)
S&P Global Infrastructure Index
	27.93	6.37	—
S&P 500 Index
	42.90	18.92	—

Average Annual Total Returns as of 10/31/21 Since Inception (%)
	Class A, Class C, Class Z	Class R6
	(09/25/2013)	(12/28/2016)
S&P Global Infrastructure Index	5.84	6.93
S&P 500 Index	15.50	18.26

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, 2021), 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 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.

*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. and/or its affiliates. Copyright © 2021 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.

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 10/31/21

Ten Largest Holdings	Line of Business	Country	% of Net Assets
Cheniere Energy, Inc.	Oil, Gas & Consumable Fuels	United States	5.2%
NextEra Energy, Inc.	Electric Utilities	United States	4.3%
CenterPoint Energy, Inc.	Multi-Utilities	United States	4.0%
Ferrovial SA	Construction & Engineering	Spain	4.0%
Norfolk Southern Corp.	Road & Rail	United States	3.9%
Targa Resources Corp.	Oil, Gas & Consumable Fuels	United States	3.8%
Eiffage SA	Construction & Engineering	France	3.4%
Cellnex Telecom SA, 144A	Diversified Telecommunication Services	Spain	3.3%
Union Pacific Corp.	Road & Rail	United States	3.3%
Canadian National Railway Co.	Road & Rail	Canada	3.2%

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 25.42% in the 12-month reporting period that ended October 31, 2021, underperforming the 27.93% return of the S&P Global Infrastructure Index (the Index).

What were the market conditions?

● After a tumultuous performance in early 2020 due to the impacts of the COVID-19 pandemic, global equity markets recovered in late 2020 and continued to climb through much of 2021. Markets were led higher by sectors and industries that benefited the most from a cyclical economic recovery.

● By the middle of 2021, growth-oriented companies also began to drive the broad market higher. Despite concerns of another wave of global shutdowns due to new variants of COVID-19, markets maintained strong performance through the end of the reporting period.

● Global infrastructure stocks, as represented by the Index, also rebounded strongly during the period but underperformed the broader global equity markets. Energy infrastructure securities led the positive performance, as well as transportation stocks. Utility stocks, although positive performers as a group, lagged all major sectors of the Index.

What worked?

● The Fund benefited from strong stock selection across many of the infrastructure sectors in the Index during the reporting period.

● Energy infrastructure contributed most to the positive returns, including holdings in Targa Resources Corp., Cheniere Energy Inc., Enbridge Inc., and The Williams Companies Inc.

● Within transportation, the Fund benefited from the strong performance of railroad, toll-road, and environmental services stocks, including Norfolk Southern Corp., Union Pacific Corp., Eiffage SA, and GFL Environmental Inc.

What didn’t work?

● Despite its strong, positive absolute return, the Fund underperformed the Index during the reporting period because of its underweight relative position in the top-performing energy infrastructure sector.

● The Fund’s holdings in telecommunications infrastructure, which is not represented in the Index, also hurt relative performance as this sector lagged the Index during the period.

● Notable performance detractors included some of the Fund’s investments in utilities stocks that were held for a portion of the period, including PG&E Corp., Ameren Corp., Aliant Energy Corp., and American Electric Power.

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Current outlook

● Jennison’s short- and long-term outlooks for the global infrastructure group remain positive, and the Fund continues to be well-diversified. It has exposure to infrastructure companies that should thrive in a demand-led economic recovery, in Jennison’s view, as well as companies with resilient business models that can perform well through all phases of an economic cycle.

● Broadly speaking, utility fundamentals were healthy at the end of the reporting period, and Jennison believes that the sector could potentially generate mid-to-high single-digit earnings growth with commensurate dividend growth, supported by highly visible capital expenditure trajectories and improving regulatory environments. In Jennison’s view, utilities are particularly well-positioned to capitalize on the clean energy transition. The quest for cleaner power sources is driving demand for renewable energy, and Jennison believes the energy grid infrastructure investment needed to modernize aging networks and absorb the intermittent nature of renewable power generation should drive the sector’s growth. From a positioning standpoint, Jennison favors 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. Jennison continues to seek companies that can mitigate the impact on customer billing by focusing on operating efficiencies instead of the traditional strategy of serial requests to increase utility rates. Regarding renewable energy, Jennison thinks any project setback due to supply-chain disruptions or regulatory permitting issues is unlikely to be a major driver of long-term shareholder return. In Jennison’s opinion, the clean energy transition investment is supported by two broad and enduring themes: 1) pronounced reductions in the cost of renewable energy, driven by continued technological advancement and 2) increasing public policy support, driven by concerns about greenhouse gas emissions, energy security, and (most recently) job creation. Finally, Jennison expects ESG (environmental, social, and governance) factors to keep growing in importance.

● In energy infrastructure, many large, diversified companies reported results well above market expectations during the period, and investor sentiment within the overall energy sector continues to improve. This, coupled with continued capital discipline by company management teams, has led Jennison to selectively increase the Fund’s exposure to energy infrastructure companies with assets that could significantly benefit from improved demand for refined energy products once consumers return to their pre-COVID-19 traveling habits and crude-oil drilling activity recovers. In Jennison’s view, energy companies with strong balance sheets and integrated asset systems, as well as companies that have transparency and strong ESG metrics, should continue to fare well going forward.

● Transportation infrastructure continues to see mixed trends across geographies and end markets; but at a high level, global gross domestic product growth and COVID-19 vaccine proliferation are positive indicators for this sector. Toll-road traffic trends have continued to normalize and, in some geographies, have fully recovered to

PGIM Jennison Global Infrastructure Fund 9

Strategy and Performance Overview (continued)

pre-COVID-19 levels. International air traffic remains weak, but progress on lifting travel restrictions sets the stage for additional growth in 2022. Although underlying consumer and industrial trends are constructive for rail volumes, recent results were impacted by congestion and supply-chain-related problems. Jennison views these issues as transitory and believes the situation is likely to improve in 2022 alongside accelerating pricing. North American waste and pricing trends remain robust. Jennison continues to favor both waste and rail stocks that stand to benefit from strong pricing and volume trends in 2022. Specifically, Jennison prefers to invest in railroads with a cost improvement story and a solid revenue outlook. Jennison favors toll-road exposure over airport exposure and continues to like French and North American toll-road operators that could benefit from a faster-than-expected recovery in construction activity. The Fund’s airport positioning still reflects a preference for short-haul leisure demand in Mexico and Europe. Jennison expects reduced restrictions to enable improved mobility trends into 2022.

● Lastly, regarding communications infrastructure, Jennison continues to favor wireless towers and data center operators. Jennison does not expect any material impact from COVID-19 on tower companies as they have long-term contracts with wireless operators, which Jennison considers low counter-party risk. In Europe, Jennison continues to see compelling growth potential through mergers and acquisitions in the independent tower sector, alongside the organic secular growth opportunity. In the data center space, the critical nature of cloud-hosting services was highlighted by the COVID-19 pandemic, as more employers moved to the “work-from-home” environment. With employees starting to return to the office, most companies are seeking to maintain flexible work practices going forward. Jennison anticipates that demand will persist and continue to grow. Fundamentally, both industries 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, 2021. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Jennison Global Infrastructure Fund 11

Fees and Expenses (continued)

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

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

Jennison Global Infrastructure Fund		Beginning Account Value May 1, 2021	Ending Account Value October 31, 2021	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*
Class A	Actual	$1,000.00	$1,090.30	1.50%	$  7.90
	Hypothetical	$1,000.00	$1,017.64	1.50%	$  7.63
Class C	Actual	$1,000.00	$1,086.10	2.25%	$11.83
	Hypothetical	$1,000.00	$1,013.86	2.25%	$11.42
Class Z	Actual	$1,000.00	$1,092.00	1.17%	$  6.17
	Hypothetical	$1,000.00	$1,019.31	1.17%	$  5.96
Class R6	Actual	$1,000.00	$1,092.10	1.17%	$  6.17
	Hypothetical	$1,000.00	$1,019.31	1.17%	$  5.96

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended October 31, 2021, and divided by the 365 days in the Fund’s fiscal year ended October 31, 2021 (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, 2021

Description	Shares		Value
LONG-TERM INVESTMENTS    98.4%
COMMON STOCKS    93.3%
Australia    3.1%
Spark Infrastructure Group		357,076	$	755,486
Sydney Airport*		69,943		431,757
Transurban Group		53,245		541,145
				1,728,388
Canada    4.7%
Canadian National Railway Co.		13,399		1,780,861
Enbridge, Inc.		18,829		788,700
TC Energy Corp.		210		11,361
				2,580,922
China    1.6%
China Longyuan Power Group Corp. Ltd. (Class H Stock)		383,250		900,962
France    9.9%
Eiffage SA		18,080		1,862,292
Getlink SE		32,028		493,064
Veolia Environnement SA		46,761		1,527,045
Vinci SA		14,900		1,593,388
				5,475,789
Germany    1.5%
RWE AG		20,680		796,475
India    1.0%
Power Grid Corp. of India Ltd.		227,686		564,188
Italy    1.9%
Atlantia SpA*		54,361		1,045,345
Mexico    2.4%
Grupo Aeroportuario del Pacifico SAB de CV (Class B Stock)*		60,388		762,623
Grupo Aeroportuario del Sureste SAB de CV (Class B Stock)		27,869		562,970
				1,325,593
New Zealand    1.0%
Auckland International Airport Ltd.*		97,318		556,600

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 13

Schedule of Investments (continued)

as of October 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Spain    10.7%
Aena SME SA, 144A*		6,893	$	1,131,474
Cellnex Telecom SA, 144A		29,721		1,830,171
EDP Renovaveis SA		25,419		709,998
Ferrovial SA		69,735		2,201,223
				5,872,866
United Kingdom    1.4%
National Grid PLC		60,341		776,283
United States    54.1%
American Tower Corp., REIT		2,812		792,900
American Water Works Co., Inc.		6,042		1,052,395
CenterPoint Energy, Inc.		85,090		2,215,743
Cheniere Energy, Inc.*		27,831		2,877,725
CMS Energy Corp.		16,864		1,017,742
Dominion Energy, Inc.		21,803		1,655,502
DT Midstream, Inc.		30,028		1,440,143
Essential Utilities, Inc.		11,580		545,071
Eversource Energy		11,081		940,777
Exelon Corp.		27,104		1,441,662
NextEra Energy Partners LP		9,270		800,001
NextEra Energy, Inc.		27,496		2,346,234
Norfolk Southern Corp.		7,393		2,166,519
Public Service Enterprise Group, Inc.		25,302		1,614,267
SBA Communications Corp., REIT		4,505		1,555,712
Targa Resources Corp.		38,549		2,107,474
Union Pacific Corp.		7,432		1,794,085
Waste Connections, Inc.		6,635		902,426
Williams Cos., Inc. (The)		53,242		1,495,568
Xcel Energy, Inc.		16,729		1,080,526
				29,842,472
TOTAL COMMON STOCKS (cost $39,851,625)				51,465,883
PREFERRED STOCKS    5.1%
Canada    3.0%
GFL Environmental, Inc., CVT, 6.000%, Maturing 03/15/23		17,821		1,681,233

See Notes to Financial Statements.

14

Description	Shares		Value
PREFERRED STOCKS (Continued)
United States    2.1%
AES Corp. (The), CVT, 6.875%, Maturing 02/15/24		4,480	$	452,525
NextEra Energy, Inc., CVT, 6.219%, Maturing 09/01/23		13,060		715,688
				1,168,213
TOTAL PREFERRED STOCKS (cost $2,107,158)				2,849,446
TOTAL LONG-TERM INVESTMENTS (cost $41,958,783)				54,315,329
SHORT-TERM INVESTMENT    1.8%
AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $956,348)(wa)		956,348		956,348
TOTAL INVESTMENTS    100.2% (cost $42,915,131)				55,271,677
Liabilities in excess of other assets    (0.2)%				(90,175	)
NET ASSETS    100.0%			$	55,181,502

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.

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

Fair Value Measurements:

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

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

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

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

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 15

Schedule of Investments (continued)

as of October 31, 2021

The following is a summary of the inputs used as of October 31, 2021 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Australia	$	—	$	1,728,388		$—
Canada		2,580,922		—		—
China		—		900,962		—
France		—		5,475,789		—
Germany		—		796,475		—
India		—		564,188		—
Italy		—		1,045,345		—
Mexico		1,325,593		—		—
New Zealand		—		556,600		—
Spain		—		5,872,866		—
United Kingdom		—		776,283		—
United States		29,842,472		—		—
Preferred Stocks
Canada		1,681,233		—		—
United States		1,168,213		—		—
Short-Term Investment
Affiliated Mutual Fund		956,348		—		—
Total	$	37,554,781	$	17,716,896		$—

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, 2021 were as follows (unaudited):

Multi-Utilities	17.4	%
Oil, Gas & Consumable Fuels	15.8
Electric Utilities	14.2
Road & Rail	10.4
Construction & Engineering	10.3
Transportation Infrastructure	10.1
Independent Power & Renewable Electricity Producers	5.2
Commercial Services & Supplies	4.6

Equity Real Estate Investment Trusts (REITs)	4.2	%
Diversified Telecommunication Services	3.3
Water Utilities	2.9
Affiliated Mutual Fund	1.8
	100.2
Liabilities in excess of other assets	(0.2	)
	100.0	%

See Notes to Financial Statements.

16

Statement of Assets and Liabilities

as of October 31, 2021

Assets
Investments at value:
Unaffiliated investments (cost $41,958,783)	$	54,315,329
Affiliated investments (cost $956,348)		956,348
Foreign currency, at value (cost $46)		46
Tax reclaim receivable		36,983
Receivable for Fund shares sold		26,767
Dividends receivable		13,071
Prepaid expenses		1,209
Total Assets		55,349,753
Liabilities
Payable for Fund shares purchased		50,412
Management fee payable		43,722
Audit fee payable		28,001
Accrued expenses and other liabilities		20,929
Custodian and accounting fees payable		17,352
Distribution fee payable		5,250
Affiliated transfer agent fee payable		1,622
Directors’ fees payable		963
Total Liabilities		168,251
Net Assets	$	55,181,502
Net assets were comprised of:
Common stock, at par	$	32
Paid-in capital in excess of par		39,659,602
Total distributable earnings (loss)		15,521,868
Net assets, October 31, 2021	$	55,181,502

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 17

Statement of Assets and Liabilities

as of October 31, 2021

Class A
Net asset value and redemption price per share, ($ 8,153,258 ÷ 475,482 shares of common stock issued and outstanding)	$	17.15
Maximum sales charge (5.50% of offering price)		1.00
Maximum offering price to public	$	18.15
Class C
Net asset value, offering price and redemption price per share, ($4,335,937 ÷ 256,513 shares of common stock issued and outstanding)	$	16.90
Class Z
Net asset value, offering price and redemption price per share, ($25,429,343 ÷ 1,482,228 shares of common stock issued and outstanding)	$	17.16
Class R6
Net asset value, offering price and redemption price per share, ($17,262,964 ÷ 1,006,570 shares of common stock issued and outstanding)	$	17.15

See Notes to Financial Statements.

18

Statement of Operations

Year Ended October 31, 2021

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $62,801 foreign withholding tax)	$	949,882
Affiliated dividend income		1,602
Income from securities lending, net (including affiliated income of $12)		43
Total income		951,527
Expenses
Management fee		467,244
Distribution fee(a)		58,662
Custodian and accounting fees		64,945
Transfer agent’s fees and expenses (including affiliated expense of $9,577)(a)		53,434
Registration fees(a)		48,424
Audit fee		29,532
Legal fees and expenses		19,993
Directors’ fees		10,106
Shareholders’ reports		9,269
Miscellaneous		22,471
Total expenses		784,080
Less: Fee waiver and/or expense reimbursement(a)		(169,983	)
Distribution fee waiver(a)		(3,577	)
Net expenses		610,520
Net investment income (loss)		341,007
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		3,943,811
Foreign currency transactions		(2,937	)
		3,940,874
Net change in unrealized appreciation (depreciation) on:
Investments		5,698,115
Foreign currencies		(1,183	)
		5,696,932
Net gain (loss) on investment and foreign currency transactions		9,637,806
Net Increase (Decrease) In Net Assets Resulting From Operations	$	9,978,813

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

	Class A			Class C			Class Z			Class R6
Distribution fee		21,460			37,202			—			—
Transfer agent’s fees and expenses		13,082			5,180			35,080			92
Registration fees		12,460			11,860			16,185			7,919
Fee waiver and/or expense reimbursement		(31,628	)		(20,232	)		(92,124	)		(25,999	)
Distribution fee waiver		(3,577	)		—			—			—

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 19

Statements of Changes in Net Assets

	Year Ended October 31,
	2021			2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	341,007		$	446,665
Net realized gain (loss) on investment and foreign currency transactions		3,940,874			649,332
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		5,696,932			(3,570,052	)
Net increase (decrease) in net assets resulting from operations		9,978,813			(2,474,055	)
Dividends and Distributions
Distributions from distributable earnings
Class A		(43,709	)		(61,847	)
Class C		(3,222	)		(15,905	)
Class Z		(226,472	)		(253,973	)
Class R6		(113,926	)		(102,001	)
		(387,329	)		(433,726	)
Tax return of capital distributions
Class A		—			(6,071	)
Class C		—			(1,561	)
Class Z		—			(24,932	)
Class R6		—			(10,013	)
		—			(42,577	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		20,222,493			7,990,286
Net asset value of shares issued in reinvestment of dividends and distributions		386,793			473,968
Cost of shares purchased		(10,006,347	)		(16,121,559	)
Net increase (decrease) in net assets from Fund share transactions		10,602,939			(7,657,305	)
Total increase (decrease)		20,194,423			(10,607,663	)
Net Assets:
Beginning of year		34,987,079			45,594,742
End of year	$	55,181,502		$	34,987,079

See Notes to Financial Statements.

20

Financial Highlights

Class A Shares
	Year Ended October 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$13.80			$14.66			$12.21			$13.05			$11.61
Income (loss) from investment operations:
Net investment income (loss)		0.09			0.14			0.18			0.16			0.14
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.36			(0.86	)		2.49			(0.81	)		1.49
Total from investment operations		3.45			(0.72	)		2.67			(0.65	)		1.63
Less Dividends and Distributions:
Dividends from net investment income		(0.10	)		(0.12	)		(0.21	)		(0.19	)		(0.13	)
Tax return of capital distributions		-			(0.02	)		(0.01	)		-			(0.06	)
Total dividends and distributions		(0.10	)		(0.14	)		(0.22	)		(0.19	)		(0.19	)
Net asset value, end of year		$17.15			$13.80			$14.66			$12.21			$13.05
Total Return(b):		25.04	%		(4.93	)%		22.01	%		(5.10	)%		14.15	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$8,153			$5,961			$7,637			$8,073			$11,689
Average net assets (000)		$7,154			$6,859			$7,718			$10,218			$11,433
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		1.99	%		2.20	%		2.10	%		2.00	%		1.81	%
Net investment income (loss)		0.55	%		0.95	%		1.34	%		1.21	%		1.10	%
Portfolio turnover rate(e)		72	%		62	%		62	%		75	%		80	%

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

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

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

(d) 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 Fund’s 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 Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 21

Financial Highlights (continued)

Class C Shares
	Year Ended October 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$13.63			$14.51			$12.12			$12.97			$11.55
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)(b)		0.03			0.08			0.06			0.04
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.31			(0.84	)		2.45			(0.81	)		1.50
Total from investment operations		3.28			(0.81	)		2.53			(0.75	)		1.54
Less Dividends and Distributions:
Dividends from net investment income		(0.01	)		(0.05	)		(0.13	)		(0.10	)		(0.08	)
Tax return of capital distributions		-			(0.02	)		(0.01	)		-			(0.04	)
Total dividends and distributions		(0.01	)		(0.07	)		(0.14	)		(0.10	)		(0.12	)
Net asset value, end of year		$16.90			$13.63			$14.51			$12.12			$12.97
Total Return(c):		24.10	%		(5.63	)%		21.01	%		(5.82	)%		13.39	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$4,336			$3,242			$4,135			$4,162			$6,101
Average net assets (000)		$3,720			$3,771			$4,131			$5,464			$6,111
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		2.25	%		2.25	%		2.25	%		2.25	%		2.25	%
Expenses before waivers and/or expense reimbursement		2.79	%		3.05	%		2.90	%		2.81	%		2.51	%
Net investment income (loss)		(0.21	)%		0.21	%		0.59	%		0.48	%		0.34	%
Portfolio turnover rate(f)		72	%		62	%		62	%		75	%		80	%

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

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

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

(d) Does not include expenses of the underlying funds in which the Fund 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 Fund’s 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 Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

22

Class Z Shares
	Year Ended October 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$13.80			$14.66			$12.21			$13.06			$11.61
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.18			0.23			0.19			0.18
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.37			(0.85	)		2.48			(0.82	)		1.49
Total from investment operations		3.51			(0.67	)		2.71			(0.63	)		1.67
Less Dividends and Distributions:
Dividends from net investment income		(0.15	)		(0.17	)		(0.25	)		(0.22	)		(0.14	)
Tax return of capital distributions		-			(0.02	)		(0.01	)		-			(0.08	)
Total dividends and distributions		(0.15	)		(0.19	)		(0.26	)		(0.22	)		(0.22	)
Net asset value, end of year		$17.16			$13.80			$14.66			$12.21			$13.06
Total Return(b):		25.42	%		(4.56	)%		22.30	%		(4.94	)%		14.51	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$25,429			$20,148			$21,868			$23,074			$28,831
Average net assets (000)		$24,462			$21,048			$21,608			$27,549			$29,597
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.17%			1.17%			1.17%			1.25%			1.25%
Expenses before waivers and/or expense reimbursement		1.55%			1.66%			1.57%			1.52%			1.51%
Net investment income (loss)		0.92%			1.25%			1.66%			1.45%			1.49%
Portfolio turnover rate(e)		72%			62%			62%			75%			80%

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

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

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

(d) 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 Fund’s 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 Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 23

Financial Highlights (continued)

Class R6 Shares
	Year Ended October 31,												December 28, 2016(a) through October 31, 2017
	2021			2020			2019			2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$13.80			$14.66			$12.21			$13.06			$11.39
Income (loss) from investment operations:
Net investment income (loss)		0.12			0.18			0.23			0.18			0.11
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.38			(0.85	)		2.48			(0.81	)		1.71
Total from investment operations		3.50			(0.67	)		2.71			(0.63	)		1.82
Less Dividends and Distributions:
Dividends from net investment income		(0.15	)		(0.17	)		(0.25	)		(0.22	)		(0.10)
Tax return of capital distributions		-			(0.02	)		(0.01	)		-			(0.05)
Total dividends and distributions		(0.15	)		(0.19	)		(0.26	)		(0.22	)		(0.15)
Net asset value, end of period		$17.15			$13.80			$14.66			$12.21			$13.06
Total Return(c):		25.44	%		(4.62	)%		22.40	%		(4.94	)%		16.02%
Ratios/Supplemental Data:
Net assets, end of period (000)		$17,263			$5,636			$11,954			$13,912			$21,979
Average net assets (000)		$11,389			$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%			1.17%			1.25%			1.25%(f)
Expenses before waivers and/or expense reimbursement		1.40%			1.66%			1.48%			1.44%			1.40%(f)
Net investment income (loss)		0.74%			1.28%			1.70%			1.39%			1.00%(f)
Portfolio turnover rate(g)		72%			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 GAAP. Total returns for periods less than one full year are not annualized.

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

(e) 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 Fund’s 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 Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

24

Notes to Financial Statements

1.    Organization

Prudential World Fund, Inc. (the “Registered Investment Company” or “RIC”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The RIC is organized as a Maryland Corporation and currently consists of seven separate funds: PGIM Emerging Markets Debt Hard Currency Fund, PGIM Emerging Markets Debt Local Currency Fund, 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. These financial statements relate only to the PGIM Jennison Global Infrastructure Fund (the “Fund”). The Fund is classified as a diversified fund for purposes of the 1940 Act.

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

2.    Accounting Policies

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

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Fund’s investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC’s Board of 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 Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. A record of the Valuation Committee’s actions is subject to the Board’s review at its first quarterly meeting following the quarter in which such actions take place.

PGIM Jennison Global Infrastructure Fund 25

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

Various inputs determine how the Fund’s investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the 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 Fund 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

26

classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.

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

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

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

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

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

Master Netting Arrangements: The RIC, on behalf of the Fund, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of the

PGIM Jennison Global Infrastructure Fund 27

Notes to Financial Statements (continued)

Fund. A master netting arrangement between the Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

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

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

Equity and Mortgage Real Estate Investment Trusts (collectively REITs): The Fund invested in REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from REITs during the period is estimated to be dividend income, capital gain or return of capital and recorded

28

accordingly. When material, these estimates are adjusted periodically when the actual source of distributions is disclosed by the 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 Fund becomes aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Such class specific expenses and waivers include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

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

Dividends and Distributions: The Fund 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 GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.

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

3.    Agreements

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

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

PGIM Jennison Global Infrastructure Fund 29

Notes to Financial Statements (continued)

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 1.00% of the Fund’s 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 Fund’s average daily net 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, 2021.

The Manager has contractually agreed, through February 28, 2023, 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 Fund expenses such as dividend and interest expense and broker charges on short sales.

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

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

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate 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, 2023 to limit such fees to 0.25% of the average daily net assets of the Class A shares.

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 Fund.

30

For the year ended October 31, 2021, PIMS received $34,339 in front-end sales charges resulting from sales of Class A shares. Additionally, for the year ended October 31, 2021, PIMS received $182 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 Fund’s transfer agent. Transfer agent’s fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

The Fund 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 fund of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund. In addition to the realized and unrealized gains on investments in the Core Fund and 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 Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the year ended October 31, 2021, no 17a-7 transactions were entered into by the Fund.

5.    Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the year ended October 31, 2021, were $42,941,792 and $32,255,701, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended October 31, 2021, is presented as follows:

PGIM Jennison Global Infrastructure Fund 31

Notes to Financial Statements (continued)

Value, Beginning of Year		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)	Realized Gain (Loss)	Value, End of Year		Shares, End of Year		Income
	Short-Term Investments - Affiliated Mutual Funds:
	PGIM Core Ultra Short Bond Fund (1)(wa)
	$665,468		$30,312,130		$30,021,250	$—	$—		$956,348		956,348		$1,602
	PGIM Institutional Money Market Fund (1)(b)(wa)
	—		1,604,049		1,604,049	—	—		—		—		12	(2)
	$665,468		$31,916,179		$31,625,299	$—	$—		$956,348				$1,614

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

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

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

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

6.    Distributions and Tax Information

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date.

For the year ended October 31, 2021, the tax character of dividends paid by the Fund were $338,070 of ordinary income and $49,259 of long-term capital gains. For the year ended October 31, 2020, the tax character of dividends paid by the Fund were $433,726 of ordinary income and $42,577 of tax return of capital.

As of October 31, 2021, the accumulated undistributed earnings on a tax basis was $3,319,305 of long-term capital gains.

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of October 31, 2021 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$43,069,114	$12,763,113	$(560,550)	$12,202,563

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

32

The Fund utilized approximately $518,000 of its capital loss carryforward to offset net taxable gains realized in the fiscal year ended October 31, 2021.

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2021 are subject to such review.

7.    Capital and Ownership

The Fund offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a 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 eight years (ten years prior to January 22, 2021) after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

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

The RIC is authorized to issue 10,225,000,000 shares of common stock, $0.00001 par value per share, 510,000,000 of which are designated as shares of the Fund. The authorized shares of the Fund are currently classified and designated 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 Fund currently does not have any Class T shares outstanding.

As of October 31, 2021, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

	Number of Shares		Percentage of       Outstanding Shares
Class Z		562,035		37.9%
Class R6		718,792		71.4%

PGIM Jennison Global Infrastructure Fund 33

Notes to Financial Statements (continued)

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

Affiliated		Unaffiliated
Number of Shareholders	Percentage of Outstanding Shares	Number of Shareholders	Percentage of Outstanding Shares
2	39.8%	4	47.5%

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Year ended October 31, 2021:
Shares sold		89,522		$	1,405,312
Shares issued in reinvestment of dividends and distributions		2,766			43,504
Shares purchased		(57,473	)		(897,912	)
Net increase (decrease) in shares outstanding before conversion		34,815			550,904
Shares issued upon conversion from other share class(es)		10,887			171,733
Shares purchased upon conversion into other share class(es)		(2,205	)		(36,384	)
Net increase (decrease) in shares outstanding		43,497		$	686,253
Year ended October 31, 2020:
Shares sold		40,098		$	569,464
Shares issued in reinvestment of dividends and distributions		4,619			67,705
Shares purchased		(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 purchased upon conversion into other share class(es)		(878	)		(13,161	)
Net increase (decrease) in shares outstanding		(89,044	)	$	(1,188,661	)
Class C
Year ended October 31, 2021:
Shares sold		66,892		$	1,050,863
Shares issued in reinvestment of dividends and distributions		202			3,137
Shares purchased		(30,598	)		(473,603	)
Net increase (decrease) in shares outstanding before conversion		36,496			580,397
Shares purchased upon conversion into other share class(es)		(17,810	)		(276,678	)
Net increase (decrease) in shares outstanding		18,686		$	303,719
Year ended October 31, 2020:
Shares sold		6,868		$	98,374
Shares issued in reinvestment of dividends and distributions		1,083			15,727
Shares purchased		(48,016	)		(671,692	)
Net increase (decrease) in shares outstanding before conversion		(40,065	)		(557,591	)
Shares purchased upon conversion into other share class(es)		(7,028	)		(100,339	)
Net increase (decrease) in shares outstanding		(47,093	)	$	(657,930	)

34

Class Z	Shares			Amount
Year ended October 31, 2021:
Shares sold		582,606		$	8,944,074
Shares issued in reinvestment of dividends and distributions		14,369			226,226
Shares purchased		(436,186	)		(6,746,807	)
Net increase (decrease) in shares outstanding before conversion		160,789			2,423,493
Shares issued upon conversion from other share class(es)		8,893			141,329
Shares purchased upon conversion into other share class(es)		(146,971	)		(2,357,668	)
Net increase (decrease) in shares outstanding		22,711		$	207,154
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 purchased		(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	)
Class R6
Year ended October 31, 2021:
Shares sold		562,092		$	8,822,244
Shares issued in reinvestment of dividends and distributions		7,162			113,926
Shares purchased		(118,014	)		(1,888,025	)
Net increase (decrease) in shares outstanding before conversion		451,240			7,048,145
Shares issued upon conversion from other share class(es)		146,971			2,357,668
Net increase (decrease) in shares outstanding		598,211		$	9,405,813
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 purchased		(676,564	)		(9,408,402	)
Net increase (decrease) in shares outstanding		(406,991	)	$	(5,500,864	)

8.    Borrowings

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

	Current SCA	Prior SCA
Term of Commitment	10/1/2021 – 9/29/2022	10/2/2020 – 9/30/2021
Total Commitment	$ 1,200,000,000	$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	1.30% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent

Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain

PGIM Jennison Global Infrastructure Fund 35

Notes to Financial Statements (continued)

benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Manager to allocate available funding per a Board-approved methodology designed to treat the Participating Funds in the SCA equitably.

The Fund utilized the SCA during the year ended October 31, 2021. The average daily balance for the 6 days that the Fund had loans outstanding during the period was approximately $257,333, borrowed at a weighted average interest rate of 1.41%. The maximum loan outstanding amount during the period was $285,000. At October 31, 2021, the Fund did not have an outstanding loan amount.

9.    Risks of Investing in the Fund

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

Blend Style Risk: The Fund’s blend investment style may subject the Fund to risks of both value and growth investing. The portion of the Fund’s portfolio that makes investments pursuant to a growth strategy may be subject to above-average fluctuations as a result of seeking higher than average capital growth. The portion of the Fund’s portfolio that makes investments pursuant to a value strategy may be subject to the risk that the market may not recognize a security’s intrinsic value for long periods of time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. If the Fund’s assessment of market conditions or a company’s value is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Therefore, both styles may over time go in and out of favor with the markets. At times when a style is out of favor, that portion of the portfolio may lag the other portion of the portfolio, which may cause the Fund to underperform the market in general, its benchmark and other mutual funds. Growth and value stocks have historically produced similar long-term results, though each category has periods when it outperforms the other.

Cyber Security Risk: Failures or breaches of the electronic systems of the Fund, the Fund’s manager, subadviser, distributor, and other service providers, or the issuers of securities in which the Fund invests have the ability to cause disruptions and negatively impact the Fund’s business operations, potentially resulting in financial losses to the Fund and its

36

shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cyber security plans and systems of the Fund’s service providers or issuers of securities in which the Fund invests.

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

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

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

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

Equity and Equity-Related Securities Risk: Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. In addition to an individual security losing value, the value of the equity markets or a sector in which the Fund invests could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

Foreign Securities Risk: Investments in securities of non-U.S. issuers (including those denominated in U.S. dollars) may involve more risk than investing in securities of U.S. issuers. Foreign political, economic and legal systems, especially those in developing and emerging market countries, may be less stable and more volatile than in the United States. Foreign legal systems generally have fewer regulatory requirements than the U.S. legal

PGIM Jennison Global Infrastructure Fund 37

Notes to Financial Statements (continued)

system, particularly those of emerging markets. In general, less information is publicly available with respect to non-U.S. companies than U.S. companies. Non-U.S. companies generally are not subject to the same accounting, auditing, and financial reporting standards as are U.S. companies. Additionally, the changing value of foreign currencies and changes in exchange rates could also affect the value of the assets the Fund holds and the Fund’s performance. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. Investments in emerging markets are subject to greater volatility and price declines.

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

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

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. Infrastructure companies may also be affected by or subject to:

∎ regulation by various government authorities;

∎ government regulation of rates charged to customers;

∎ service interruption due to environmental, operational or other mishaps as well as political and social unrest;

∎ the imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards; and

38

∎ general changes in market sentiment towards the assets of infrastructure companies.

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

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

Management Risk: The value of your investment may decrease if judgments by the subadviser about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements are incorrect.

Market Capitalization Risk: The Fund may invest in companies of any market capitalization. Generally, the stock prices of small- and mid-cap companies are less stable than the prices of large-cap stocks and may present greater risks. Large capitalization companies as a group could fall out of favor with the market, causing the Fund to underperform compared to investments that focus on smaller capitalized companies.

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 outbreak of COVID-19 globally in 2020 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 Fund’s investments and net asset value and have led and may continue to lead to increased

PGIM Jennison Global Infrastructure Fund 39

Notes to Financial Statements (continued)

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

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

Real Estate Investment Trust (REIT) Risk: Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of any credit extended. REITs are dependent upon management skills, may not be diversified geographically or by

40

property/mortgage asset type, and are subject to heavy cash flow dependency, default by borrowers and self-liquidation. REITs may be more volatile and/or more illiquid than other types of equity securities. REITs (especially mortgage REITs) are subject to interest rate risks. REITs may incur significant amounts of leverage. The Fund will indirectly bear a portion of the expenses, including management fees, paid by each REIT in which it invests, in addition to the expenses of the Fund.

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

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 took effect on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Rule and its impact to the Fund.

PGIM Jennison Global Infrastructure 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 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, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and financial highlights for each of the two years in the period ended October 31, 2021 (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, 2021, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for each of the two years in the period ended October 31, 2021 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 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 audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits 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 audits 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 audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

December 16, 2021

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

42

Tax Information (unaudited)

For the year ended October 31, 2021, 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	%		89.69	%

In January 2022, 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 2021.

PGIM Jennison Global Infrastructure Fund 43

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS (unaudited)

Information about Board Members and Officers of the Fund is set forth below. Board Members who are not deemed to be “interested persons” of the Fund, as defined in the 1940 Act, are referred to as “Independent Board Members.” Board Members who are deemed to be “interested persons” of the Fund are referred to as “Interested Board Members.” The Board Members are responsible for the overall supervision of the operations of the Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Board in turn elects the Officers, who are responsible for administering 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); formerly 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; formerly 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: 92	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).	Trustee of Equity Residential (residential real estate) (since December 2009); Director of Northern Trust Corporation (financial services) (since April 2006); formerly Director of Anixter International, Inc. (communication products distributor) (January 2006-June 2020).	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 (asset management).	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	Retired; Executive Committee of the Independent Directors Council (IDC) Board of Governors (since October 2019); Member (since November 2014) of the Governing Council of the 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: 91	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly Visiting Professor of Law, Stanford Law School (2015-2021); 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, Roku (since December 2020) (communication services); formerly Independent Director, Synnex Corporation (2019-2021) (information technology); formerly Independent Director, Kabbage, Inc. (2018-2020) (financial services); formerly Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017
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.	Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank; formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National 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: 94	President, Chief Executive Officer, Chief Operating Officer and Officer in Charge of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011); Investment Company Institute - Board of Governors (since May 2012).	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: 95	Executive Vice President (since May 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; Richard A. Redeker, 1993; Stephen G. Stoneburn, 2003; Stuart S. Parker, Board Member since 2012 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, Executive Vice President and Secretary 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 Vice President and Assistant Secretary of PGIM Investments LLC (2005-2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005

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
Dino Capasso 1974 Chief Compliance Officer	Chief Compliance Officer (since July 2019) of PGIM Investments LLC; Chief Compliance Officer (since July 2019) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM High Yield Bond Fund, Inc., and PGIM Short Duration High Yield Opportunities Fund; 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 July 2019
Andrew R. French 1962 Secretary	Vice President (since December 2018) 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
Debra Rubano 1975 Assistant Secretary	Vice President and Corporate Counsel (since November 2020) of Prudential; formerly Director and Senior Counsel of Allianz Global Investors U.S. Holdings LLC (2010-2020) and Assistant Secretary of numerous funds in the Allianz fund complex (2015-2020).	Since December 2020
Kelly A. Coyne 1968 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since March 2015

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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
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 September 2019
Deborah Conway 1969 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since September 2019
Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.	Since September 2019
Jonathan Corbett 1983 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Global Compliance Programs and Compliance Risk Management (since August 2019) of Prudential; formerly Vice President and Head of Key Risk Areas Compliance (March 2016 to July 2019), Chief Privacy Officer (March 2016 to July 2019) and Head of Global Financial Crimes Unit (April 2014 to March 2016) at MetLife.	Since October 2021

^(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, Target Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, 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 ten individuals, eight 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 June 7-10, 2021 and approved the renewal of the agreements through July 31, 2022, 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 June 7-10, 2021.

The Directors determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a

¹  PGIM Jennison Global Infrastructure Fund is a series of Prudential World Fund, Inc.

PGIM Jennison Global Infrastructure Fund

Approval of Advisory Agreements (continued)

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 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.

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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, 2020 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.

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

PGIM Jennison Global Infrastructure Fund

Approval of Advisory Agreements (continued)

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, 2020.

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, 2020. 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 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: 1st Quartile
Net Total Expenses: 4th Quartile

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

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● 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, 2022.

● 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 • 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 • Jonathan Corbett, Anti-Money Laundering Compliance Officer • Andrew R. French, Secretary • Melissa Gonzalez, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Kelly A. Coyne, Assistant Secretary • Patrick E. McGuinness, Assistant Secretary • Debra Rubano, Assistant Secretary • Lana Lomuti, Assistant Treasurer • Russ Shupak, Assistant Treasurer • Elyse M. 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, 2021

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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	12
Holdings and Financial Statements	15
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. © 2021 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, 2021.   The global economy and markets continued to recover throughout the period from the ongoing impact of the COVID-19 pandemic. The Federal Reserve slashed interest rates and kept them near zero to encourage borrowing. Congress passed stimulus bills worth several trillion dollars to help consumers and businesses. And several effective COVID-19 vaccines received regulatory approval. Those measures were enough to offset the fear of rising inflation and supply chain challenges that threatened to disrupt growth.

At the start of the period, stocks had recovered most of the steep losses they had suffered at the onset of the pandemic. Equities rallied as states reopened their economies but became more volatile as investors worried that a surge in COVID-19 infections would stall the recovery. However, rising corporate profits and economic growth, the resolution of the US presidential election, and the global rollout of approved vaccines lifted equity markets to record levels, helping stocks around the globe post gains for the full period.

Throughout this volatile period, investors sought safety in fixed income. Investment-grade bonds in the US and the overall global bond market declined slightly during the period as the economy recovered, but emerging market debt rose. While the 10-year US Treasury yield hovered near record lows early in the period after a significant rally in interest rates, rates moved higher later on as investors began to focus on stronger economic growth and the prospects of higher inflation. The Fed also took several aggressive actions to keep the bond markets running smoothly, implementing 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 $1.5 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, 2021

PGIM Emerging Markets Debt Hard Currency Fund     3

Your Fund’s Performance (unaudited)

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

	Average Annual Total Returns as of 10/31/21
	One Year (%)	Since Inception (%)
Class A
(with sales charges)	3.44	1.75 (12/12/2017)
(without sales charges)	6.91	2.62 (12/12/2017)
Class C
(with sales charges)	5.11	1.86 (12/12/2017)
(without sales charges)	6.11	1.86 (12/12/2017)
Class Z
(without sales charges)	7.11	2.89 (12/12/2017)
Class R6
(without sales charges)	7.34	2.98 (12/12/2017)
JP Morgan Emerging Markets Bond Index Global Diversified Index	4.41	3.68

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 EMBI Global Diversified Index by portraying the initial account values at the commencement of operations for Class Z shares (December 12, 2017) and the account values at the end of the current fiscal year (October 31, 2021), 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 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 Index Global Diversified Index—The JP Morgan Emerging Markets Bond Index 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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Distributions and Yields as of 10/31/21
	Total Distributions Paid for 12 Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.41	3.76	–3.09
Class C	0.34	3.15	–28.94
Class Z	0.44	4.21	4.34
Class R6	0.45	4.29	4.17

*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 10/31/21 (%)
AA	4.8
A	5.7
BBB	32.4
BB	22.7
B	21.9
CCC	3.9
CC	0.7
C	0.3
Not Rated	2.3
Cash/Cash Equivalents	5.3
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 an NRSRO. Credit ratings are subject to change.

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 7.11% in the 12-month reporting period that ended October 31, 2021, outperforming the 4.41% return of the JP Morgan Emerging Markets Bond Index Global Diversified Index (the Index).

What were the market conditions?

^· Following 2020’s abrupt sell-off and subsequent strong recovery, the first 10 months of 2021 produced mixed results for emerging market debt. As economies responded to the unprecedented monetary and fiscal stimulus programs, investor appetite for risk assets generally remained strong, and credit spreads continued to decline as higher beta countries’ yield levels brought investors searching for yields. (Higher beta means having more risk than the market in general.) However, rising inflation concerns entering 2021 resulted in higher US Treasury rates, which weighed on performance as markets priced in the stronger-than-anticipated US growth and the impact that fiscal stimulus and monetary policy would have on longer-term inflation dynamics.

^· In the first quarter of 2021, spreads proved resilient and curves flattened despite US Treasury volatility, but performance overall remained differentiated and country specific. In emerging market sovereigns, negative total returns in the first quarter of 2021 were mostly the result of US Treasuries, while spread resilience in higher-grade credits and select high yield credits drove performance. With commodity prices and flows supportive for most of the period, the attractive relative spread and optimism on growth helped the positive spread momentum. Overall, commodity-sensitive countries performed well on the back of stable commodity prices, reflecting the growth rebound and constrained supply. Emerging market corporates held up relatively well in the first quarter of 2021, with valuation support from the segment’s lower duration, improving fundamentals, and favorable technicals that included manageable net supply and inflows into the asset class. (Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates.) Local rates produced negative returns in the first quarter of 2021, driven by a bear steepening (i.e., interest rates on long-term bonds rising faster than rates on short-term bonds) of the US yield curve and aggressive rate hikes by select emerging market central banks. (A yield curve is a line graph that illustrates the relationship between the yields and maturities of fixed income securities. It is created by plotting the yields of different maturities for the same type of bonds.) Higher energy and food prices, along with the depreciation of many emerging market currencies, put additional pressure on the front, or short-term, end of yield curves. Meanwhile, emerging market currencies declined on the back of the US and global yield curve steepening and a slowdown in emerging market local inflows. A slower-than-expected COVID-19 vaccine administration in the European Union and virus flare-ups across Latin America also contributed to emerging market currency weakness.

^· The emerging market debt sector then benefited from renewed momentum in the second quarter of 2021 as long-duration, high-quality assets performed well amid the

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stabilization and consolidation in US Treasury yields, while higher beta, hard currency bonds (particularly those from commodity-sensitive issuers) outperformed. (Beta is a measure of the volatility or risk of a security or portfolio compared to the market or index.) Emerging market corporate performance remained strong on the back of a favorable outlook for fundamentals, manageable net supply, and positive inflows. Local rates and emerging market currencies also recovered on a weaker US dollar and a shifting focus from US growth to growth momentum in the rest of the world. However, the outlook for local rates grew less clear following the June Federal Open Market Committee meeting, with uncertainty around the timing of the Federal Reserve’s (the Fed’s) tapering of its monthly bond purchases requiring an extra risk premium while becoming more vulnerable to currency depreciation.

^· In the third quarter of 2021, emerging market debt market performance was mixed against the backdrop of growing concerns around a regulatory crackdown in China, the potential for economic slowdowns triggered by the COVID-19 Delta variant, and contagion from the China property sector. Emerging market hard currency returns were positive as lower US Treasury yields more than offset higher spreads. In the final week of August, markets were buoyed by supportive economic measures from China and a dovish tone from Fed Chairman Jerome Powell, who clearly differentiated a rate-hiking cycle from a tapering of bond purchases, making it clear that conditions needed for raising the federal funds rate would be more stringent than those needed for tapering. Most local rate markets witnessed a relief rally in July and August before underperforming in September due, in part, to high inflation prints and continued central bank hawkishness. Emerging market currencies saw a continuation of declines in July and the first three weeks of August, with commodity and cyclical currencies underperforming, but rallied after Powell failed to provide a timeline for tapering at the Fed’s Jackson Hole Economic Symposium. Emerging market currencies then weakened in September amid concerns over slowing global growth, an uncertain Fed policy, and inflation in both developed and emerging economies.

^· Over the last month of the reporting period, emerging market hard currency spreads were flat to slightly wider, although dispersion among regions and rating buckets remained. Distressed issues underperformed, while oil exporters continued to do well on the back of rising commodity prices. In local rates, most emerging market countries outside of Asia continued to underperform, in part due to high inflation data and central bank hawkishness. Meanwhile, emerging market currencies saw a soft rebound in October 2021 versus the US dollar on higher commodities and lower US real yields.

What worked?

^· Overall country selection and issue selection both contributed to the Fund’s performance during the reporting period. Long spread duration in Ukraine, Ivory Coast, Angola, and Romania sovereign bonds contributed to performance. Sovereign bond positioning in Zambia, Mexico, and Brazil also contributed.

PGIM Emerging Markets Debt Hard Currency Fund     9

Strategy and Performance Overview (continued)

^· Corporate and quasi-sovereign positioning in Mexico (Petroleos Mexicanos), South Africa (Eskom), Argentina (Buenos Aires), and Brazil (Petroleo Brasileiro Sa Petrobras) contributed to performance.

^· In out-of-Index local currency, long positioning in China contributed to performance.

^· Within currencies, overweight positioning in the Indonesian rupiah, Turkish lira, and Russian ruble relative to the Index contributed.

What didn’t work?

^· Short spread duration in Chile, Bahrain, and China sovereign bonds detracted from the Fund’s performance over the reporting period. Sovereign bond positioning in the Ivory Coast and Romania detracted.

^· Corporate and quasi-sovereign positioning in China (China Haohua Chemical Group, China Petroleum & Chemical Corp., and Sunac China Holdings Ltd.) detracted from performance.

^· In out-of-Index local currency, long duration in Mexico detracted from performance.

^· Within currencies, underweight positioning in the South African rand and Colombian peso, as well as overweight positioning in the Brazilian real, relative to the Index detracted.

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 to performance.

Current outlook

^· While PGIM Fixed Income continues to expect differentiated performance across both emerging market debt sectors and issuers, given a post-Delta variant recovery in the growth outlook, some relief from supply-chain backlogs, and the near-term avoidance of a Fed policy mistake, its base case is that emerging market debt assets should, at worst, move sideways. Emerging market growth will slow in 2022, in PGIM Fixed Income’s view, due to fiscal, political, and China headwinds, making bottom-up fundamental credit selection all the more critical.

^· Emerging market hard currency assets remain PGIM Fixed Income’s highest conviction, as it continues to emphasize a “barbell,” consisting of overweight positioning to front-end/higher-yielding credits and long-end/higher-quality credits to ensure it has the right mix of assets that can potentially perform well in varying market scenarios.

^· In local bonds, PGIM Fixed Income’s base case is that dispersion in countries will continue and that it is too early for emerging market central banks to become less hawkish. That said, given the recent repricing of emerging market rates, it is looking for signals to become more constructive.

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^· PGIM Fixed Income believes the bar is high for emerging market currencies to see sustained strength as the Fed begins to taper its asset purchases and global growth slows.

PGIM Emerging Markets Debt Hard Currency Fund     11

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, 2021. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

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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, 2021	Ending Account Value October 31, 2021	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*
Class A	Actual	$1,000.00	$1,013.60	1.05%	$5.33
	Hypothetical	$1,000.00	$1,019.91	1.05%	$5.35
Class C	Actual	$1,000.00	$1,009.80	1.80%	$9.12
	Hypothetical	$1,000.00	$1,016.13	1.80%	$9.15
Class Z	Actual	$1,000.00	$1,014.00	0.75%	$3.81
	Hypothetical	$1,000.00	$1,021.42	0.75%	$3.82
Class R6	Actual	$1,000.00	$1,014.60	0.65%	$3.30
	Hypothetical	$1,000.00	$1,021.93	0.65%	$3.31

*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, 2021, and divided by the 365 days in the Fund’s fiscal year ended October 31, 2021 (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 Emerging Markets Debt Hard Currency Fund     13

Schedule of Investments

as of October 31, 2021

Description	Interest     Rate	Maturity Date		Principal     Amount     (000)#		Value
LONG-TERM INVESTMENTS    90.7%
CORPORATE BONDS    25.1%
Azerbaijan    0.7%
Southern Gas Corridor CJSC,
Gov’t. Gtd. Notes	6.875%	03/24/26			650	$	761,966
State Oil Co. of the Azerbaijan Republic,
Sr. Unsec’d. Notes	6.950	03/18/30			200		244,887
							1,006,853
Bahrain    0.4%
Oil & Gas Holding Co. BSCC (The),
Sr. Unsec’d. Notes	7.625	11/07/24			400		437,651
Sr. Unsec’d. Notes	8.375	11/07/28			200		230,727
							668,378
Brazil    1.5%
Globo Comunicacao e Participacoes SA,
Sr. Unsec’d. Notes	4.875	01/22/30			200		194,002
JSM Global Sarl,
Gtd. Notes, 144A	4.750	10/20/30			400		380,600
Nexa Resources SA,
Gtd. Notes, 144A	5.375	05/04/27			210		222,967
Petrobras Global Finance BV,
Gtd. Notes	5.093	01/15/30			367		374,640
Gtd. Notes	5.375	10/01/29	GBP		100		146,338
Gtd. Notes	5.600	01/03/31			459		480,865
Gtd. Notes	6.900	03/19/49			150		156,793
Gtd. Notes	7.375	01/17/27			66		77,410
Suzano Austria GmbH,
Gtd. Notes	3.750	01/15/31			150		150,037
Vale Overseas Ltd.,
Gtd. Notes	3.750	07/08/30			90		91,927
							2,275,579
Chile    1.1%
Alfa Desarrollo SpA,
Sr. Sec’d. Notes, 144A	4.550	09/27/51			200		195,411
Corp. Nacional del Cobre de Chile,
Sr. Unsec’d. Notes	4.875	11/04/44			600		711,520
Sr. Unsec’d. Notes, 144A	4.875	11/04/44			200		237,174

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    15

Schedule of Investments  (continued)

as of October 31, 2021

Description	Interest     Rate	Maturity Date	Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Chile (cont’d.)
Empresa Nacional del Petroleo,
Sr. Unsec’d. Notes, 144A	3.450%	09/16/31		200	$	190,786
Interchile SA,
Sr. Sec’d. Notes, 144A	4.500	06/30/56		200		211,126
VTR Finance NV,
Sr. Unsec’d. Notes	6.375	07/15/28		200		213,798
						1,759,815
China    1.7%
Agile Group Holdings Ltd.,
Sr. Sec’d. Notes	6.050	10/13/25		200		154,348
CNAC HK Finbridge Co. Ltd.,
Gtd. Notes	3.875	06/19/29		500		532,193
Gtd. Notes	5.125	03/14/28		200		227,447
Country Garden Holdings Co. Ltd.,
Sr. Sec’d. Notes	4.200	02/06/26		210		198,544
ENN Clean Energy International Investment Ltd.,
Gtd. Notes, 144A	3.375	05/12/26		200		198,491
New Metro Global Ltd.,
Gtd. Notes	4.800	12/15/24		200		175,347
Sinopec Group Overseas Development 2012 Ltd.,
Gtd. Notes	4.875	05/17/42		200		250,190
Sinopec Group Overseas Development 2017 Ltd.,
Gtd. Notes	4.000	09/13/47		200		228,938
Sinopec Group Overseas Development 2018 Ltd.,
Gtd. Notes, 144A	3.680	08/08/49		400		436,967
Sunac China Holdings Ltd.,
Sr. Sec’d. Notes	6.500	01/10/25		200		143,098
						2,545,563
Colombia    0.2%
Ecopetrol SA,
Sr. Unsec’d. Notes	4.625	11/02/31		140		138,848
Grupo Aval Ltd.,
Gtd. Notes, 144A	4.375	02/04/30		200		195,500
						334,348
Costa Rica    0.1%
Instituto Costarricense de Electricidad,
Sr. Unsec’d. Notes, 144A	6.750	10/07/31		200		201,464

See Notes to Financial Statements.

16

Description	Interest     Rate	Maturity Date		Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Ghana    0.1%
Tullow Oil PLC, Sr. Sec’d. Notes, 144A	10.250%	05/15/26			200	$	210,249
Guatemala    0.1%
Energuate Trust, Gtd. Notes	5.875	05/03/27			200		204,550
India    1.5%
Adani Ports & Special Economic Zone Ltd., Sr. Unsec’d. Notes, 144A	5.000	08/02/41			200		209,947
Azure Power Solar Energy Pvt. Ltd., Sr. Sec’d. Notes, 144A, MTN	5.650	12/24/24			200		210,018
GMR Hyderabad International Airport Ltd., Sr. Sec’d. Notes	4.250	10/27/27			200		193,362
HPCL-Mittal Energy Ltd., Sr. Unsec’d. Notes	5.250	04/28/27			200		206,246
NTPC Ltd., Sr. Unsec’d. Notes, EMTN	2.750	02/01/27	EUR		100		122,650
Periama Holdings LLC, Gtd. Notes	5.950	04/19/26			200		216,610
Power Finance Corp. Ltd.,
Sr. Unsec’d. Notes	4.500	06/18/29			400		426,344
Sr. Unsec’d. Notes, 144A, MTN	6.150	12/06/28			200		235,294
Summit Digitel Infrastructure Pvt Ltd., Sr. Sec’d. Notes, 144A	2.875	08/12/31			235		225,126
TML Holdings Pte Ltd., Sr. Unsec’d. Notes	5.500	06/03/24			200		208,720
							2,254,317
Indonesia    2.3%
Cikarang Listrindo Tbk PT, Sr. Unsec’d. Notes, 144A	4.950	09/14/26			200		204,719
Indonesia Asahan Aluminium Persero PT,
Sr. Unsec’d. Notes	5.450	05/15/30			700		801,980
Sr. Unsec’d. Notes	6.530	11/15/28			220		265,338
Sr. Unsec’d. Notes, 144A	4.750	05/15/25			200		214,743
Pertamina Persero PT,
Sr. Unsec’d. Notes	6.000	05/03/42			200		248,576
Sr. Unsec’d. Notes, EMTN	4.700	07/30/49			200		220,429
Sr. Unsec’d. Notes, EMTN	6.500	11/07/48			200		269,297

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    17

Schedule of Investments  (continued)

as of October 31, 2021

Description	Interest     Rate	Maturity Date		Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Indonesia (cont’d.)
Perusahaan Listrik Negara PT,
Sr. Unsec’d. Notes	1.875%	11/05/31	EUR		100	$	112,396
Sr. Unsec’d. Notes	2.875	10/25/25	EUR		200		246,538
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara,
Sr. Unsec’d. Notes, 144A, MTN	5.450	05/21/28			420		485,746
Sr. Unsec’d. Notes, 144A, MTN	6.150	05/21/48			200		249,336
Sr. Unsec’d. Notes, EMTN	4.125	05/15/27			250		269,739
							3,588,837
Israel    0.4%
Energean Israel Finance Ltd.,
Sr. Sec’d. Notes, 144A	4.875	03/30/26			75		76,301
Sr. Sec’d. Notes, 144A	5.375	03/30/28			115		116,442
Sr. Sec’d. Notes, 144A	5.875	03/30/31			115		116,450
Leviathan Bond Ltd.,
Sr. Sec’d. Notes, 144A	6.125	06/30/25			200		215,574
							524,767
Jamaica    0.1%
Digicel International Finance Ltd./Digicel International Holdings Ltd.,
Gtd. Notes, 144A	8.000	12/31/26			39		37,729
Gtd. Notes, 144A, Cash coupon 6.000% and PIK 7.000%	13.000	12/31/25			53		54,500
Sr. Sec’d. Notes, 144A	8.750	05/25/24			97		100,569
							192,798
Kazakhstan    1.3%
Kazakhstan Temir Zholy Finance BV,
Gtd. Notes	6.950	07/10/42			400		544,999
KazMunayGas National Co. JSC,
Sr. Unsec’d. Notes	5.375	04/24/30			400		470,552
Sr. Unsec’d. Notes	5.750	04/19/47			400		488,823
Sr. Unsec’d. Notes	6.375	10/24/48			400		519,783
							2,024,157

See Notes to Financial Statements.

18

Description	Interest     Rate	Maturity Date		Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Kuwait    0.3%
MEGlobal Canada ULC,
Gtd. Notes, 144A, MTN	5.875%	05/18/30			400	$	486,418
Malaysia    1.1%
Genm Capital Labuan Ltd.,
Gtd. Notes	3.882	04/19/31			200		196,200
Gohl Capital Ltd.,
Gtd. Notes	4.250	01/24/27			250		259,622
Petronas Capital Ltd.,
Gtd. Notes, 144A, MTN	4.550	04/21/50			800		1,006,256
Gtd. Notes, EMTN	4.550	04/21/50			200		251,564
							1,713,642
Mexico    4.7%
Cemex SAB de CV,
Gtd. Notes	5.450	11/19/29			400		433,081
FEL Energy VI Sarl,
Sr. Sec’d. Notes, 144A	5.750	12/01/40			234		231,341
Fermaca Enterprises S de RL de CV,
Sr. Sec’d. Notes	6.375	03/30/38			221		253,545
Mexico City Airport Trust,
Sr. Sec’d. Notes	4.250	10/31/26			360		385,022
Sr. Sec’d. Notes	5.500	07/31/47			600		609,470
Petroleos Mexicanos,
Gtd. Notes	5.350	02/12/28			507		506,050
Gtd. Notes	5.950	01/28/31			180		177,139
Gtd. Notes	6.350	02/12/48			376		320,300
Gtd. Notes	6.490	01/23/27			305		324,554
Gtd. Notes	6.500	03/13/27			883		941,278
Gtd. Notes	6.500	01/23/29			650		676,793
Gtd. Notes	6.500	06/02/41			410		370,616
Gtd. Notes	6.840	01/23/30			618		645,681
Gtd. Notes	7.690	01/23/50			550		525,508
Gtd. Notes, EMTN	3.750	04/16/26	EUR		285		329,467
Gtd. Notes, MTN	6.875	08/04/26			455		496,893
							7,226,738
Mongolia    0.1%
Development Bank of Mongolia LLC,
Unsec’d. Notes	7.250	10/23/23			200		212,880

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    19

 Schedule of Investments  (continued)

  as of October 31, 2021

Description	Interest     Rate	Maturity Date	Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Netherlands    0.1%
VEON Holdings BV,
Sr. Unsec’d. Notes, 144A	3.375%	11/25/27		200	$	199,868
Panama    0.1%
Aeropuerto Internacional de Tocumen SA,
Sr. Sec’d. Notes, 144A	5.125	08/11/61		200		208,408
Peru    0.3%
Corp. Financiera de Desarrollo SA,
Sr. Unsec’d. Notes	2.400	09/28/27		200		196,742
Petroleos del Peru SA,
Sr. Unsec’d. Notes	4.750	06/19/32		200		211,502
						408,244
Philippines    0.1%
Globe Telecom, Inc.,
Sr. Unsec’d. Notes	3.000	07/23/35		200		183,817
Qatar    0.4%
Qatar Energy,
Sr. Unsec’d. Notes	3.300	07/12/51		200		205,073
Sr. Unsec’d. Notes, 144A	3.125	07/12/41		400		406,031
						611,104
Russia    1.3%
Gazprom PJSC Via Gaz Capital SA,
Sr. Unsec’d. Notes	4.950	02/06/28		400		440,207
Sr. Unsec’d. Notes, EMTN	7.288	08/16/37		300		405,289
Sr. Unsec’d. Notes, EMTN	8.625	04/28/34		465		670,012
Lukoil Securities BV,
Gtd. Notes	3.875	05/06/30		400		414,921
						1,930,429
Saudi Arabia    0.3%
Arabian Centres Sukuk Ltd.,
Gtd. Notes	5.375	11/26/24		200		208,379
Saudi Arabian Oil Co.,
Sr. Unsec’d. Notes, EMTN	4.250	04/16/39		200		224,963
						433,342

See Notes to Financial Statements.

20

Description	Interest     Rate	Maturity Date		Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
South Africa    1.9%
Eskom Holdings SOC Ltd.,
Gov’t. Gtd. Notes, MTN	6.350%	08/10/28			600	$	646,765
Sr. Unsec’d. Notes	7.125	02/11/25			600		625,928
Sr. Unsec’d. Notes, EMTN	6.750	08/06/23			400		413,106
Sr. Unsec’d. Notes, MTN	8.450	08/10/28			660		723,576
MTN Mauritius Investments Ltd.,
Gtd. Notes, 144A	6.500	10/13/26			200		226,831
Sasol Financing USA LLC,
Gtd. Notes	6.500	09/27/28			300		332,507
							2,968,713
Thailand    0.1%
Thaioil Treasury Center Co. Ltd.,
Gtd. Notes, 144A, MTN	3.750	06/18/50			200		186,147
Trinidad & Tobago    0.1%
Trinidad Petroleum Holdings Ltd.,
Sr. Sec’d. Notes, 144A	9.750	06/15/26			166		184,862
Turkey    0.3%
Aydem Yenilenebilir Enerji A/S,
Sr. Sec’d. Notes, 144A	7.750	02/02/27			200		190,111
Turkiye Sinai Kalkinma Bankasi A/S,
Sr. Unsec’d. Notes, 144A	6.000	01/23/25			200		200,806
							390,917
Ukraine    0.4%
NAK Naftogaz Ukraine via Kondor Finance PLC,
Sr. Unsec’d. Notes	7.125	07/19/24	EUR		420		485,917
State Savings Bank of Ukraine Via SSB #1 PLC,
Sr. Unsec’d. Notes	9.625	03/20/25			70		75,227
							561,144
United Arab Emirates    1.6%
Abu Dhabi Crude Oil Pipeline LLC,
Sr. Sec’d. Notes	3.650	11/02/29			200		221,514
Sr. Sec’d. Notes	4.600	11/02/47			200		232,525
Abu Dhabi National Energy Co. PJSC,
Sr. Unsec’d. Notes, 144A	4.000	10/03/49			200		228,108

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    21

Schedule of Investments  (continued)

as of October 31, 2021

Description	Interest     Rate	Maturity Date	Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
United Arab Emirates (cont’d.)
DP World PLC,
Sr. Unsec’d. Notes, EMTN	6.850%	07/02/37		600	$	793,313
Galaxy Pipeline Assets Bidco Ltd.,
Sr. Sec’d. Notes, 144A	2.940	09/30/40		600		591,058
ICD Funding Ltd.,
Gtd. Notes	4.625	05/21/24		200		212,152
ICD Sukuk Co. Ltd.,
Sr. Unsec’d. Notes, EMTN	5.000	02/01/27		200		218,873
						2,497,543
United States    0.1%
JBS USA Food Co.,
Gtd. Notes, 144A	5.750	01/15/28		200		208,805
Venezuela    0.1%
Petroleos de Venezuela SA,
Gtd. Notes	5.375	04/12/27(d)		205		11,553
Gtd. Notes	6.000	05/16/24(d)		45		2,254
Gtd. Notes	6.000	11/15/26(d)		65		3,528
Sr. Sec’d. Notes	8.500	10/27/20(d)		205		55,075
						72,410
Vietnam    0.2%
Mong Duong Finance Holdings BV,
Sr. Sec’d. Notes	5.125	05/07/29		250		248,674
TOTAL CORPORATE BONDS (cost $38,448,629)						38,725,780
SOVEREIGN BONDS    65.6%
Angola    2.0%
Angolan Government International Bond,
Sr. Unsec’d. Notes	8.250	05/09/28		800		804,507
Sr. Unsec’d. Notes	9.375	05/08/48		400		397,660
Sr. Unsec’d. Notes	9.500	11/12/25		1,150		1,246,470
Sr. Unsec’d. Notes, 144A	9.375	05/08/48		200		198,830
Sr. Unsec’d. Notes, EMTN	8.000	11/26/29		400		397,250
						3,044,717

See Notes to Financial Statements.

22

Description	Interest     Rate	Maturity Date	Principal     Amount     (000)#		Value
SOVEREIGN BONDS (Continued)
Argentina    1.3%
Argentina Bonar Bonds,
Bonds	0.500%(cc)	07/09/30		2	$	539
Unsec’d. Notes	1.000	07/09/29		12		3,946
Argentine Republic Government International Bond,
Sr. Unsec’d. Notes	0.500(cc)	07/09/30		2,080		713,076
Sr. Unsec’d. Notes	1.000	07/09/29		254		92,429
Sr. Unsec’d. Notes	1.125(cc)	07/09/35		102		31,462
Sr. Unsec’d. Notes	1.125(cc)	07/09/46		335		105,678
Sr. Unsec’d. Notes	2.000(cc)	01/09/38		1,620		591,847
Sr. Unsec’d. Notes	2.500(cc)	07/09/41		597		206,369
Provincia de Buenos Aires,
Sr. Unsec’d. Notes, 144A, MTN	3.900(cc)	09/01/37		637		281,883
						2,027,229
Bahrain    1.4%
Bahrain Government International Bond,
Sr. Unsec’d. Notes	6.750	09/20/29		400		431,792
Sr. Unsec’d. Notes	7.000	10/12/28		600		658,103
Sr. Unsec’d. Notes	7.375	05/14/30		720		802,302
Sr. Unsec’d. Notes	7.500	09/20/47		200		207,002
						2,099,199
Belarus    0.6%
Republic of Belarus International Bond,
Sr. Unsec’d. Notes	5.875	02/24/26		200		184,237
Sr. Unsec’d. Notes	6.200	02/28/30		200		173,421
Sr. Unsec’d. Notes	6.875	02/28/23		200		200,770
Sr. Unsec’d. Notes	7.625	06/29/27		425		412,087
						970,515
Bermuda    0.2%
Bermuda Government International Bond,
Sr. Unsec’d. Notes	2.375	08/20/30		270		268,084
Brazil    2.2%
Brazil Minas SPE via State of Minas Gerais,
Gov’t. Gtd. Notes	5.333	02/15/28		200		211,622
Brazilian Government International Bond,
Sr. Unsec’d. Notes	4.500	05/30/29		300		300,178
Sr. Unsec’d. Notes	5.000	01/27/45		200		179,879

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    23

Schedule of Investments  (continued)

as of October 31, 2021

Description	Interest     Rate	Maturity Date		Principal     Amount     (000)#		Value
SOVEREIGN BONDS (Continued)
Brazil (cont’d.)
Brazilian Government International Bond, (cont’d.)
Sr. Unsec’d. Notes	5.625%	01/07/41			405	$	396,508
Sr. Unsec’d. Notes	7.125	01/20/37			950		1,112,216
Sr. Unsec’d. Notes	8.250	01/20/34			923		1,191,457
							3,391,860
Bulgaria    0.1%
Bulgaria Government International Bond,
Sr. Unsec’d. Notes	1.375	09/23/50	EUR		180		194,852
Cameroon    0.3%
Republic of Cameroon International Bond,
Sr. Unsec’d. Notes	9.500	11/19/25			400		442,557
Colombia    2.3%
Colombia Government International Bond,
Sr. Unsec’d. Notes	3.875	04/25/27			200		207,370
Sr. Unsec’d. Notes	4.500	03/15/29			800		845,772
Sr. Unsec’d. Notes	6.125	01/18/41			780		864,409
Sr. Unsec’d. Notes	7.375	09/18/37			1,115		1,378,204
Sr. Unsec’d. Notes	10.375	01/28/33			200		294,189
							3,589,944
Congo (Republic)    0.1%
Congolese International Bond,
Sr. Unsec’d. Notes	6.000	06/30/29			242		195,250
Costa Rica    0.8%
Costa Rica Government International Bond,
Sr. Unsec’d. Notes	4.375	04/30/25			800		820,609
Sr. Unsec’d. Notes	6.125	02/19/31			200		204,940
Sr. Unsec’d. Notes	7.000	04/04/44			200		199,565
							1,225,114
Croatia    0.1%
Croatia Government International Bond,
Unsec’d. Notes	1.500	06/17/31	EUR		175		210,126

See Notes to Financial Statements.

24

Description	Interest     Rate	Maturity Date		Principal     Amount     (000)#		Value
SOVEREIGN BONDS (Continued)
Dominican Republic    2.9%
Dominican Republic International Bond,
Sr. Unsec’d. Notes	4.500%	01/30/30			335	$	338,676
Sr. Unsec’d. Notes	5.500	01/27/25			100		108,706
Sr. Unsec’d. Notes	5.875	04/18/24			425		447,661
Sr. Unsec’d. Notes	5.950	01/25/27			200		223,217
Sr. Unsec’d. Notes	6.850	01/27/45			290		323,465
Sr. Unsec’d. Notes	6.875	01/29/26			400		459,122
Sr. Unsec’d. Notes	7.450	04/30/44			1,400		1,672,506
Sr. Unsec’d. Notes, 144A	4.875	09/23/32			150		152,173
Sr. Unsec’d. Notes, 144A	5.300	01/21/41			150		149,507
Sr. Unsec’d. Notes, 144A	5.875	01/30/60			225		219,755
Sr. Unsec’d. Notes, 144A	6.000	07/19/28			320		359,303
							4,454,091
Ecuador    1.5%
Ecuador Government International Bond,
Sr. Unsec’d. Notes	5.000(cc)	07/31/30			270		224,298
Sr. Unsec’d. Notes, 144A	0.500(cc)	07/31/40			1,111		669,583
Sr. Unsec’d. Notes, 144A	1.000(cc)	07/31/35			1,105		730,414
Sr. Unsec’d. Notes, 144A	5.000(cc)	07/31/30			639		530,792
Sr. Unsec’d. Notes, 144A	7.187(s)	07/31/30			179		95,688
							2,250,775
Egypt    1.3%
Egypt Government International Bond,
Sr. Unsec’d. Notes	8.875	05/29/50			200		188,668
Sr. Unsec’d. Notes, 144A	8.700	03/01/49			210		195,974
Sr. Unsec’d. Notes, 144A, MTN	4.750	04/16/26	EUR		100		113,288
Sr. Unsec’d. Notes, 144A, MTN	6.375	04/11/31	EUR		420		457,456
Sr. Unsec’d. Notes, 144A, MTN	8.500	01/31/47			255		235,360
Sr. Unsec’d. Notes, EMTN	4.750	04/16/26	EUR		100		113,288
Sr. Unsec’d. Notes, EMTN	5.625	04/16/30	EUR		200		212,991
Sr. Unsec’d. Notes, EMTN	6.375	04/11/31	EUR		100		108,918
Sr. Unsec’d. Notes, MTN	7.500	01/31/27			200		207,416
Sr. Unsec’d. Notes, MTN	8.500	01/31/47			250		230,746
							2,064,105
El Salvador    0.8%
El Salvador Government International Bond,
Sr. Unsec’d. Notes	5.875	01/30/25			355		281,224

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    25

Schedule of Investments  (continued)

as of October 31, 2021

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		235	$	177,200
Sr. Unsec’d. Notes	7.625	02/01/41		150		110,042
Sr. Unsec’d. Notes	7.650	06/15/35		57		42,765
Sr. Unsec’d. Notes	7.750	01/24/23		295		259,916
Sr. Unsec’d. Notes	8.250	04/10/32		425		331,625
						1,202,772
Gabon    0.7%
Gabon Government International Bond,
Bonds	6.375	12/12/24		200		212,064
Sr. Unsec’d. Notes	6.625	02/06/31		200		199,481
Sr. Unsec’d. Notes	6.950	06/16/25		400		429,976
Sr. Unsec’d. Notes, 144A	6.625	02/06/31		215		214,442
						1,055,963
Ghana    1.0%
Ghana Government International Bond,
Bank Gtd. Notes	10.750	10/14/30		400		462,384
Sr. Unsec’d. Notes	7.750	04/07/29		200		178,442
Sr. Unsec’d. Notes	7.875	03/26/27		400		371,264
Sr. Unsec’d. Notes	8.125	01/18/26		400		385,933
Sr. Unsec’d. Notes, 144A	8.950	03/26/51		205		176,157
						1,574,180
Guatemala    0.7%
Guatemala Government Bond,
Sr. Unsec’d. Notes	4.875	02/13/28		400		434,026
Sr. Unsec’d. Notes	6.125	06/01/50		400		469,525
Sr. Unsec’d. Notes, 144A	4.650	10/07/41		200		203,920
						1,107,471
Honduras    0.5%
Honduras Government International Bond,
Sr. Unsec’d. Notes	6.250	01/19/27		550		575,553
Sr. Unsec’d. Notes	7.500	03/15/24		200		209,491
						785,044

See Notes to Financial Statements.

26

Description	Interest     Rate		Maturity Date		Principal     Amount     (000)#		Value
SOVEREIGN BONDS (Continued)
Hungary    1.2%
Hungary Government International Bond,
Sr. Unsec’d. Notes	1.750%		06/05/35	EUR		605	$	726,754
Sr. Unsec’d. Notes	7.625		03/29/41			546		901,652
Sr. Unsec’d. Notes, 144A	3.125		09/21/51			255		249,328
								1,877,734
India    0.3%
Export-Import Bank of India,
Sr. Unsec’d. Notes, 144A, MTN	3.250		01/15/30			400		406,524
Indonesia    2.2%
Indonesia Government International Bond,
Sr. Unsec’d. Notes	1.100		03/12/33	EUR		300		332,926
Sr. Unsec’d. Notes	1.400		10/30/31	EUR		100		115,651
Sr. Unsec’d. Notes	1.450	��	09/18/26	EUR		100		119,068
Sr. Unsec’d. Notes	6.625		02/17/37			150		206,605
Sr. Unsec’d. Notes	7.750		01/17/38			360		542,258
Sr. Unsec’d. Notes	8.500		10/12/35			450		709,449
Sr. Unsec’d. Notes, 144A	6.625		02/17/37			110		151,510
Sr. Unsec’d. Notes, EMTN	3.750		06/14/28	EUR		100		134,674
Sr. Unsec’d. Notes, EMTN	4.625		04/15/43			200		230,148
Sr. Unsec’d. Notes, EMTN	4.750		07/18/47			230		275,966
Sr. Unsec’d. Notes, EMTN	5.125		01/15/45			200		245,585
Sr. Unsec’d. Notes, EMTN	5.250		01/17/42			200		247,733
Sr. Unsec’d. Notes, EMTN	6.750		01/15/44			100		145,797
								3,457,370
Iraq    0.8%
Iraq International Bond,
Sr. Unsec’d. Notes	5.800		01/15/28			406		395,731
Sr. Unsec’d. Notes	6.752		03/09/23			800		817,029
								1,212,760
Israel    0.4%
Israel Government International Bond,
Sr. Unsec’d. Notes	4.500		04/03/2120			500		625,252
Ivory Coast    1.2%
Ivory Coast Government International Bond,
Sr. Unsec’d. Notes	5.250		03/22/30	EUR		300		356,602

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    27

Schedule of Investments  (continued)

as of October 31, 2021

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	5.875%	10/17/31		EUR		400	$	479,740
Sr. Unsec’d. Notes	6.375	03/03/28				400		437,238
Sr. Unsec’d. Notes	6.625	03/22/48		EUR		140		161,586
Sr. Unsec’d. Notes	6.875	10/17/40		EUR		350		424,389
								1,859,555
Jamaica    0.7%
Jamaica Government International Bond,
Sr. Unsec’d. Notes	7.625	07/09/25				225		257,167
Sr. Unsec’d. Notes	7.875	07/28/45				200		283,081
Sr. Unsec’d. Notes	8.000	03/15/39				200		282,632
Sr. Unsec’d. Notes	9.250	10/17/25				200		239,398
								1,062,278
Jordan    0.4%
Jordan Government International Bond,
Sr. Unsec’d. Notes	5.850	07/07/30				200		206,025
Sr. Unsec’d. Notes	6.125	01/29/26				200		215,706
Sr. Unsec’d. Notes	7.375	10/10/47				200		207,160
								628,891
Kazakhstan    0.2%
Kazakhstan Government International Bond,
Sr. Unsec’d. Notes, EMTN	6.500	07/21/45				200		290,777
Kenya    0.4%
Republic of Kenya Government International Bond,
Sr. Unsec’d. Notes	7.000	05/22/27				400		423,963
Sr. Unsec’d. Notes	8.000	05/22/32				200		217,310
								641,273
Lebanon    0.3%
Lebanon Government International Bond,
Sr. Unsec’d. Notes	6.000	01/27/23(d)	��			191		29,508
Sr. Unsec’d. Notes	6.650	04/22/24(d)				172		26,684
Sr. Unsec’d. Notes	6.750	11/29/27(d)				170		25,663
Sr. Unsec’d. Notes	6.850	03/23/27(d)				30		4,539
Sr. Unsec’d. Notes	7.000	04/22/31(d)				115		17,250

See Notes to Financial Statements.

28

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	6.100%	10/04/22(d)			75	$	11,432
Sr. Unsec’d. Notes, EMTN	6.850	05/25/29(d)			335		50,436
Sr. Unsec’d. Notes, GMTN	6.250	05/27/22(d)			245		37,874
Sr. Unsec’d. Notes, GMTN	6.250	11/04/24(d)			320		48,871
Sr. Unsec’d. Notes, GMTN	6.375	03/09/20(d)			220		33,239
Sr. Unsec’d. Notes, GMTN	6.400	05/26/23(d)			250		37,603
Sr. Unsec’d. Notes, GMTN	6.650	02/26/30(d)			715		108,722
Sr. Unsec’d. Notes, GMTN	7.150	11/20/31(d)			415		62,340
							494,161
Malaysia    1.3%
1MDB Global Investments Ltd.,
Sr. Unsec’d. Notes	4.400	03/09/23			2,000		2,008,652
Mexico    1.2%
Mexico Government International Bond,
Sr. Unsec’d. Notes, GMTN	5.750	10/12/2110			358		414,662
Sr. Unsec’d. Notes, MTN	6.050	01/11/40			988		1,233,373
Sr. Unsec’d. Notes, Series A, MTN	6.750	09/27/34			203		269,964
							1,917,999
Mongolia    0.3%
Mongolia Government International Bond,
Sr. Unsec’d. Notes, EMTN	8.750	03/09/24			400		449,338
Morocco    0.7%
Morocco Government International Bond,
Sr. Unsec’d. Notes	1.500	11/27/31	EUR		100		106,028
Sr. Unsec’d. Notes	2.000	09/30/30	EUR		500		558,360
Sr. Unsec’d. Notes, 144A	3.000	12/15/32			400		379,455
							1,043,843
Mozambique    0.3%
Mozambique International Bond,
Unsec’d. Notes	5.000(cc)	09/15/31			400		341,515
Unsec’d. Notes, 144A	5.000(cc)	09/15/31			200		170,757
							512,272

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    29

Schedule of Investments  (continued)

as of October 31, 2021

Description	Interest         Rate	Maturity Date	Principal     Amount     (000)#		Value
SOVEREIGN BONDS (Continued)
Namibia   0.1%
Namibia International Bonds,
Sr. Unsec’d. Notes	5.250%	10/29/25		200	$	212,982
Nigeria   2.2%
Nigeria Government International Bond,
Sr. Unsec’d. Notes	7.143	02/23/30		200		201,465
Sr. Unsec’d. Notes	7.625	11/21/25		300		326,476
Sr. Unsec’d. Notes	7.696	02/23/38		200		193,028
Sr. Unsec’d. Notes	7.875	02/16/32		400		407,426
Sr. Unsec’d. Notes	8.747	01/21/31		1,100		1,183,524
Sr. Unsec’d. Notes	9.248	01/21/49		200		212,629
Sr. Unsec’d. Notes, 144A	7.696	02/23/38		200		193,028
Sr. Unsec’d. Notes, 144A, MTN	6.125	09/28/28		200		198,507
Sr. Unsec’d. Notes, 144A, MTN	7.375	09/28/33		200		197,949
Sr. Unsec’d. Notes, EMTN	6.500	11/28/27		200		203,554
						3,317,586
Oman   2.2%
Oman Government International Bond,
Sr. Unsec’d. Notes	4.750	06/15/26		630		647,979
Sr. Unsec’d. Notes	5.375	03/08/27		200		210,138
Sr. Unsec’d. Notes	5.625	01/17/28		200		210,565
Sr. Unsec’d. Notes	6.500	03/08/47		225		223,197
Sr. Unsec’d. Notes	6.750	10/28/27		600		671,749
Sr. Unsec’d. Notes	6.750	01/17/48		200		203,247
Sr. Unsec’d. Notes	7.375	10/28/32		460		531,535
Sr. Unsec’d. Notes, 144A	6.750	01/17/48		200		203,247
Sr. Unsec’d. Notes, 144A, MTN	4.875	02/01/25		200		208,652
Sr. Unsec’d. Notes, EMTN	6.000	08/01/29		200		214,573
						3,324,882
Pakistan   1.3%
Pakistan Government International Bond,
Sr. Unsec’d. Notes	6.875	12/05/27		600		614,400
Sr. Unsec’d. Notes	8.250	04/15/24		400		427,123
Sr. Unsec’d. Notes	8.250	09/30/25		770		837,046
Sr. Unsec’d. Notes, 144A, MTN	7.375	04/08/31		200		203,247
						2,081,816

See Notes to Financial Statements.

30

Description	Interest         Rate	Maturity Date		Principal     Amount     (000)#		Value
SOVEREIGN BONDS (Continued)
Panama   1.4%
Panama Government International Bond,
Sr. Unsec’d. Notes	3.870%	07/23/60			200	$	199,377
Sr. Unsec’d. Notes	4.500	04/16/50			400		439,826
Sr. Unsec’d. Notes	4.500	04/01/56			200		219,446
Sr. Unsec’d. Notes	6.700	01/26/36			760		1,013,879
Sr. Unsec’d. Notes	9.375	04/01/29			165		239,313
							2,111,841
Papua New Guinea   0.1%
Papua New Guinea Government International Bond,
Sr. Unsec’d. Notes, 144A	8.375	10/04/28			200		202,558
Paraguay   0.6%
Paraguay Government International Bond,
Sr. Unsec’d. Notes	4.700	03/27/27			200		220,333
Sr. Unsec’d. Notes	4.950	04/28/31			200		224,245
Sr. Unsec’d. Notes	6.100	08/11/44			400		481,174
							925,752
Peru   1.9%
Peruvian Government International Bond,
Sr. Unsec’d. Notes	2.780	12/01/60			370		319,189
Sr. Unsec’d. Notes	2.783	01/23/31			500		498,486
Sr. Unsec’d. Notes	3.000	01/15/34			170		168,133
Sr. Unsec’d. Notes	3.230	07/28/2121			110		93,432
Sr. Unsec’d. Notes	5.625	11/18/50			232		317,284
Sr. Unsec’d. Notes	6.550	03/14/37			225		306,159
Sr. Unsec’d. Notes	8.750	11/21/33			780		1,208,424
							2,911,107
Philippines   1.9%
Philippine Government International Bond,
Sr. Unsec’d. Notes	0.700	02/03/29	EUR		300		343,145
Sr. Unsec’d. Notes	1.750	04/28/41	EUR		165		186,051
Sr. Unsec���d. Notes	2.650	12/10/45			200		190,903
Sr. Unsec’d. Notes	2.950	05/05/45			200		198,263
Sr. Unsec’d. Notes	3.700	03/01/41			400		434,449
Sr. Unsec’d. Notes	3.950	01/20/40			700		782,253

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    31

Schedule of Investments  (continued)

as of October 31, 2021

Description	Interest         Rate	Maturity Date		Principal     Amount     (000)#		Value
SOVEREIGN BONDS (Continued)
Philippines (cont’d.)
Philippine Government International Bond, (cont’d.)
Sr. Unsec’d. Notes	6.375%	10/23/34			100	$	138,121
Sr. Unsec’d. Notes	7.750	01/14/31			420		604,840
							2,878,025
Qatar   2.6%
Qatar Government International Bond,
Sr. Unsec’d. Notes	4.400	04/16/50			200		244,040
Sr. Unsec’d. Notes	4.817	03/14/49			200		257,861
Sr. Unsec’d. Notes	5.103	04/23/48			1,600		2,130,163
Sr. Unsec’d. Notes	6.400	01/20/40			100		146,144
Sr. Unsec’d. Notes, 144A	4.817	03/14/49			810		1,044,335
Sr. Unsec’d. Notes, 144A	5.103	04/23/48			200		266,270
							4,088,813
Romania   1.4%
Romanian Government International Bond,
Sr. Unsec’d. Notes	5.125	06/15/48			144		169,828
Sr. Unsec’d. Notes, 144A, MTN	4.625	04/03/49	EUR		51		68,402
Sr. Unsec’d. Notes, EMTN	3.875	10/29/35	EUR		350		440,262
Sr. Unsec’d. Notes, EMTN	4.125	03/11/39	EUR		310		392,400
Sr. Unsec’d. Notes, EMTN	4.625	04/03/49	EUR		370		496,248
Sr. Unsec’d. Notes, EMTN	6.125	01/22/44			284		370,721
Unsec’d. Notes, 144A	2.750	04/14/41	EUR		170		180,887
							2,118,748
Russia   2.5%
Russian Federal Bond - OFZ,
Bonds, Series 6235	5.900	03/12/31	RUB		38,350		465,199
Russian Foreign Bond - Eurobond,
Sr. Unsec’d. Notes	1.850	11/20/32	EUR		300		345,566
Sr. Unsec’d. Notes	2.650	05/27/36	EUR		300		353,128
Sr. Unsec’d. Notes	5.100	03/28/35			1,000		1,196,291
Sr. Unsec’d. Notes	5.625	04/04/42			1,000		1,301,188
Sr. Unsec’d. Notes	12.750	06/24/28			140		230,304
							3,891,676

See Notes to Financial Statements.

32

Description	Interest         Rate	Maturity Date		Principal     Amount     (000)#		Value
SOVEREIGN BONDS (Continued)
Saudi Arabia   2.6%
Saudi Government International Bond,
Sr. Unsec’d. Notes	5.250%	01/16/50			200	$	259,831
Sr. Unsec’d. Notes, 144A	5.250	01/16/50			400		519,662
Sr. Unsec’d. Notes, EMTN	4.500	04/17/30			260		302,301
Sr. Unsec’d. Notes, EMTN	4.500	10/26/46			1,650		1,910,622
Sr. Unsec’d. Notes, EMTN	4.625	10/04/47			400		472,478
Sr. Unsec’d. Notes, EMTN	5.000	04/17/49			400		500,672
							3,965,566
Senegal   0.3%
Senegal Government International Bond,
Sr. Unsec’d. Notes	4.750	03/13/28	EUR		200		236,197
Sr. Unsec’d. Notes, 144A	5.375	06/08/37	EUR		150		166,505
							402,702
Serbia   0.9%
Serbia International Bond,
Sr. Unsec’d. Notes	1.500	06/26/29	EUR		700		793,333
Sr. Unsec’d. Notes, 144A	1.650	03/03/33	EUR		225		244,191
Sr. Unsec’d. Notes, 144A	2.125	12/01/30			230		214,420
Sr. Unsec’d. Notes, 144A	3.125	05/15/27	EUR		100		125,426
							1,377,370
South Africa   0.8%
Republic of South Africa Government International Bond,
Sr. Unsec’d. Notes	4.300	10/12/28			200		201,861
Sr. Unsec’d. Notes	4.850	09/30/29			400		410,364
Sr. Unsec’d. Notes	5.650	09/27/47			200		190,073
Sr. Unsec’d. Notes	5.750	09/30/49			200		191,500
Sr. Unsec’d. Notes	6.250	03/08/41			300		314,298
							1,308,096
Sri Lanka   0.7%
Sri Lanka Government International Bond,
Sr. Unsec’d. Notes	5.750	04/18/23			200		137,557
Sr. Unsec’d. Notes	6.200	05/11/27			200		125,542
Sr. Unsec’d. Notes	6.350	06/28/24			200		130,979
Sr. Unsec’d. Notes	6.850	11/03/25			350		225,324

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    33

Schedule of Investments  (continued)

as of October 31, 2021

Description	Interest         Rate	Maturity Date		Principal     Amount     (000)#		Value
SOVEREIGN BONDS (Continued)
Sri Lanka (cont’d.)
Sri Lanka Government International Bond, (cont’d.)
Sr. Unsec’d. Notes	7.850%	03/14/29			250	$	158,056
Sr. Unsec’d. Notes, 144A	6.750	04/18/28			200		125,647
Sr. Unsec’d. Notes, 144A	6.850	03/14/24			265		173,564
							1,076,669
Turkey   3.1%
Turkey Government International Bond,
Sr. Unsec’d. Notes	4.250	04/14/26			400		374,461
Sr. Unsec’d. Notes	4.875	10/09/26			300		284,914
Sr. Unsec’d. Notes	5.600	11/14/24			320		322,382
Sr. Unsec’d. Notes	5.750	03/22/24			200		203,775
Sr. Unsec’d. Notes	5.950	01/15/31			200		187,162
Sr. Unsec’d. Notes	6.000	03/25/27			580		573,507
Sr. Unsec’d. Notes	6.000	01/14/41			200		172,770
Sr. Unsec’d. Notes	6.125	10/24/28			620		607,674
Sr. Unsec’d. Notes	6.350	08/10/24			400		411,998
Sr. Unsec’d. Notes	6.375	10/14/25			200		203,293
Sr. Unsec’d. Notes	6.500	09/20/33			200		190,263
Sr. Unsec’d. Notes	6.875	03/17/36			104		100,730
Sr. Unsec’d. Notes	7.375	02/05/25			575		607,321
Sr. Unsec’d. Notes	7.625	04/26/29			280		294,739
Turkiye Ihracat Kredi Bankasi A/S,
Sr. Unsec’d. Notes	8.250	01/24/24			200		212,415
							4,747,404
Ukraine   3.2%
Ukraine Government International Bond,
Sr. Unsec’d. Notes	1.258(cc)	05/31/40			145		152,722
Sr. Unsec’d. Notes	4.375	01/27/30	EUR		410		441,368
Sr. Unsec’d. Notes	6.750	06/20/26	EUR		580		721,571
Sr. Unsec’d. Notes	7.375	09/25/32			200		205,603
Sr. Unsec’d. Notes	7.750	09/01/24			510		549,915
Sr. Unsec’d. Notes	7.750	09/01/25			250		269,957
Sr. Unsec’d. Notes	7.750	09/01/26			500		538,829
Sr. Unsec’d. Notes	7.750	09/01/27			520		559,873
Sr. Unsec’d. Notes	8.994	02/01/24			200		218,795
Sr. Unsec’d. Notes	9.750	11/01/28			965		1,120,263
Sr. Unsec’d. Notes, 144A	4.375	01/27/30	EUR		100		107,651

See Notes to Financial Statements.

34

Description	Interest     Rate	Maturity Date	Principal     Amount     (000)#		Value
SOVEREIGN BONDS (Continued)
Ukraine (cont’d.)
Ukreximbank Via Biz Finance PLC,
Sr. Unsec’d. Notes	9.750%	01/22/25		88	$	93,902
						4,980,449
United Arab Emirates    1.1%
Abu Dhabi Government International Bond,
Sr. Unsec’d. Notes	3.125	09/30/49		200		202,364
Sr. Unsec’d. Notes, 144A	3.125	09/30/49		200		202,364
Sr. Unsec’d. Notes, 144A, MTN	3.875	04/16/50		200		230,815
Emirate of Dubai Government International Bonds,
Sr. Unsec’d. Notes, EMTN	5.250	01/30/43		600		688,457
Finance Department Government of Sharjah,
Sr. Unsec’d. Notes, 144A, MTN	4.000	07/28/50		200		181,481
Sr. Unsec’d. Notes, MTN	4.000	07/28/50		200		181,481
						1,686,962
Uruguay    1.4%
Uruguay Government International Bond,
Sr. Unsec’d. Notes	4.125	11/20/45		120		141,395
Sr. Unsec’d. Notes	4.975	04/20/55		420		539,213
Sr. Unsec’d. Notes	5.100	06/18/50		420		547,813
Sr. Unsec’d. Notes	7.625	03/21/36		590		886,938
						2,115,359
Venezuela    0.0%
Venezuela Government International Bond,
Sr. Unsec’d. Notes	12.750	08/23/22(d)		180		18,988
Zambia    0.6%
Zambia Government International Bond,
Sr. Unsec’d. Notes	8.500	04/14/24(d)		600		476,706

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    35

Schedule of Investments  (continued)

as of October 31, 2021

Description	Interest     Rate	Maturity Date	Principal     Amount     (000)#		Value
SOVEREIGN BONDS (Continued)
Zambia (cont’d.)
Zambia Government International Bond, (cont’d.)
Sr. Unsec’d. Notes	8.970%	07/30/27(d)		400	$	314,031
Unsec’d. Notes	5.375	09/20/22(d)		200		150,583
						941,320
TOTAL SOVEREIGN BONDS (cost $103,016,795)						101,329,198
TOTAL LONG-TERM INVESTMENTS (cost $141,465,424)						140,054,978
				Shares
SHORT-TERM INVESTMENTS    8.2%
AFFILIATED MUTUAL FUND    8.1%
PGIM Core Ultra Short Bond Fund (cost $12,463,160)(wa)				12,463,160		12,463,160
OPTIONS PURCHASED*~    0.1% (cost $140,092)						151,408
TOTAL SHORT-TERM INVESTMENTS (cost $12,603,252)						12,614,568
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN    98.9% (cost $154,068,676)						152,669,546
OPTIONS WRITTEN*~    (0.1)% (premiums received $93,937)						(94,391	)
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN    98.8% (cost $153,974,739)						152,575,155
Other assets in excess of liabilities(z)    1.2%						1,848,181
NET ASSETS    100.0%					$	154,423,336

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

See Notes to Financial Statements.

36

EUR—Euro

GBP—British Pound

HUF—Hungarian Forint

IDR—Indonesian Rupiah

ILS—Israeli Shekel

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

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.

CDX—Credit Derivative Index

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

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

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.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of October 31, 2021. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

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

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

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

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

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    37

Schedule of Investments  (continued)

as of October 31, 2021

Options Purchased:

OTC Traded

Description	Call/ Put		Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option USD vs IDR		Call	Morgan Stanley & Co. International PLC		04/28/22		16,500.00		—		658	$	1,667
Currency Option USD vs IDR		Call	JPMorgan Chase Bank, N.A.		04/28/22		24,500.00		—		658		55
Currency Option USD vs MXN		Call	Morgan Stanley & Co. International PLC		12/10/21		21.00		—		1,058		8,804
Currency Option USD vs MXN		Call	Morgan Stanley & Co. International PLC		01/04/22		21.00		—		1,791		17,812
Currency Option USD vs RUB		Call	JPMorgan Chase Bank, N.A.		11/19/21		75.00		—		540		600
Currency Option USD vs RUB		Call	JPMorgan Chase Bank, N.A.		01/11/22		81.00		—		2,658		4,078
Currency Option USD vs TRY		Call	Goldman Sachs International		12/22/21		9.00		—		540		48,267
Currency Option USD vs TRY		Call	Goldman Sachs International		01/11/22		9.75		—		354		15,563
Currency Option USD vs ZAR		Call	Goldman Sachs International		11/04/21		15.50		—		505		1,690
Currency Option USD vs ZAR		Call	Goldman Sachs International		01/18/22		15.50		—		1,010		27,398
Currency Option USD vs ZAR		Call	Morgan Stanley & Co. International PLC		01/18/22		16.00		—		1,010		16,573
Currency Option USD vs IDR		Put	JPMorgan Chase Bank, N.A.		04/28/22		14,300.00		—		658		8,784
Currency Option USD vs MXN		Put	Morgan Stanley & Co. International PLC		11/09/21		17.80		—		1,398		—
Currency Option USD vs RUB		Put	JPMorgan Chase Bank, N.A.		11/19/21		67.00		—		720		63
Currency Option USD vs TRY		Put	Goldman Sachs International		11/04/21		7.80		—		167		—
Currency Option USD vs TRY		Put	JPMorgan Chase Bank, N.A.		11/04/21		8.00		—		708		—
Currency Option USD vs TRY		Put	JPMorgan Chase Bank, N.A.		11/19/21		8.00		—		354		11
Currency Option USD vs TRY		Put	Goldman Sachs International		01/11/22		7.60		—		354		43
Currency Option USD vs ZAR		Put	JPMorgan Chase Bank, N.A.		11/12/21		12.50		—		1,010		—
Total Options Purchased (cost $140,092)												$	151,408

See Notes to Financial Statements.

38

Options Written:

OTC Traded

Description	Call/ Put		Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option USD vs IDR		Call	JPMorgan Chase Bank, N.A.		04/28/22		16,500.00		—		658	$	(1,667	)
Currency Option USD vs MXN		Call	Morgan Stanley & Co. International PLC		12/10/21		22.00		—		1,058		(2,019	)
Currency Option USD vs MXN		Call	Morgan Stanley & Co. International PLC		01/04/22		22.00		—		1,791		(5,274	)
Currency Option USD vs TRY		Call	Goldman Sachs International		12/22/21		10.00		—		540		(12,818	)
Currency Option USD vs TRY		Call	Goldman Sachs International		01/11/22		10.25		—		354		(8,875	)
Currency Option USD vs ZAR		Call	JPMorgan Chase Bank, N.A.		11/04/21		15.50		—		505		(1,690	)
Currency Option USD vs ZAR		Call	Goldman Sachs International		01/18/22		16.00		—		1,010		(16,574	)
Currency Option USD vs ZAR		Call	Goldman Sachs International		01/18/22		16.50		—		1,010		(10,026	)
Currency Option USD vs IDR		Put	Morgan Stanley & Co. International PLC		04/28/22		14,300.00		—		658		(8,784	)
Currency Option USD vs RUB		Put	JPMorgan Chase Bank, N.A.		11/19/21		72.00		—		720		(12,201	)
Currency Option USD vs TRY		Put	Goldman Sachs International		11/04/21		8.80		—		167		(1	)
Currency Option USD vs TRY		Put	JPMorgan Chase Bank, N.A.		11/04/21		8.90		—		354		(5	)
Currency Option USD vs TRY		Put	JPMorgan Chase Bank, N.A.		11/19/21		10.00		—		354		(13,739	)
Currency Option USD vs TRY		Put	Goldman Sachs International		01/11/22		8.80		—		354		(718	)
Total Options Written (premiums received $93,937)												$	(94,391	)

Futures contracts outstanding at October 31, 2021:

Number of Contracts	Type	Expiration Date		Current Notional Amount			Value / Unrealized Appreciation (Depreciation)
Long Positions:
33	2 Year U.S. Treasury Notes		Dec. 2021		$	7,235,250		$	(27,305	)
52	5 Year U.S. Treasury Notes		Dec. 2021			6,331,000			(74,737	)
61	10 Year U.S. Treasury Notes		Dec. 2021			7,972,891			(112,115	)
27	30 Year U.S. Ultra Treasury Bonds		Dec. 2021			5,302,969			9,737
									(204,420	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    39

Schedule of Investments  (continued)

as of October 31, 2021

Futures contracts outstanding at October 31, 2021 (continued):
Number of Contracts	Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
Short Positions:
19	5 Year Euro-Bobl		Dec. 2021	$	2,937,904	$	44,489
51	10 Year Euro-Bund		Dec. 2021		9,911,683		266,980
39	20 Year U.S. Treasury Bonds		Dec. 2021		6,272,906		20,741
5	Euro Schatz Index		Dec. 2021		647,129		1,915
							334,125
						$	129,705

Forward foreign currency exchange contracts outstanding at October 31, 2021:

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 01/19/22	HSBC Bank PLC		AUD	244	$	179,707	$	183,783	$	4,076	$	—
Brazilian Real,
Expiring 11/03/21	Credit Suisse International		BRL	2,436		457,533		431,211		—		(26,322	)
Expiring 11/03/21	Deutsche Bank AG		BRL	662		119,000		117,187		—		(1,813	)
Expiring 11/03/21	JPMorgan Chase Bank, N.A.		BRL	652		120,000		115,422		—		(4,578	)
Expiring 11/03/21	JPMorgan Chase Bank, N.A.		BRL	425		80,000		75,237		—		(4,763	)
Expiring 12/02/21	Credit Suisse International		BRL	4,175		733,714		734,863		1,149		—
Chilean Peso,
Expiring 12/15/21	Barclays Bank PLC		CLP	159,779		196,000		195,370		—		(630	)
Expiring 12/15/21	BNP Paribas S.A.		CLP	126,600		153,000		154,800		1,800		—
Expiring 12/15/21	BNP Paribas S.A.		CLP	95,589		117,000		116,881		—		(119	)
Expiring 12/15/21	BNP Paribas S.A.		CLP	66,820		80,000		81,704		1,704		—
Expiring 12/15/21	BNP Paribas S.A.		CLP	62,266		77,000		76,136		—		(864	)
Expiring 12/15/21	Citibank, N.A.		CLP	114,635		144,000		140,170		—		(3,830	)
Expiring 12/15/21	Citibank, N.A.		CLP	85,763		107,000		104,867		—		(2,133	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		CLP	64,132		81,000		78,417		—		(2,583	)
Expiring 12/15/21	UBS AG		CLP	148,107		185,000		181,098		—		(3,902	)
Chinese Renminbi,
Expiring 11/18/21	JPMorgan Chase Bank, N.A.		CNH	12,640		1,936,634		1,969,786		33,152		—
Expiring 11/18/21	JPMorgan Chase Bank, N.A.		CNH	1,767		274,001		275,393		1,392		—
Expiring 11/18/21	JPMorgan Chase Bank, N.A.		CNH	1,746		271,000		272,127		1,127		—

See Notes to Financial Statements.

40

Forward foreign currency exchange contracts outstanding at October 31, 2021 (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 11/18/21	JPMorgan Chase Bank, N.A.		CNH	1,265	$	196,000	$	197,161	$	1,161	$	—
Expiring 11/18/21	Morgan Stanley & Co. International PLC		CNH	920		142,000		143,378		1,378		—
Expiring 11/18/21	Standard Chartered Bank		CNH	2,446		382,000		381,206		—		(794	)
Colombian Peso,
Expiring 12/15/21	BNP Paribas S.A.		COP	741,809		195,000		196,357		1,357		—
Expiring 12/15/21	Goldman Sachs International		COP	440,188		116,000		116,518		518		—
Czech Koruna,
Expiring 01/19/22	BNP Paribas S.A.		CZK	3,262		147,000		146,474		—		(526	)
Euro,
Expiring 01/19/22	JPMorgan Chase Bank, N.A.		EUR	249		289,849		288,663		—		(1,186	)
Expiring 01/19/22	JPMorgan Chase Bank, N.A.		EUR	204		236,807		236,089		—		(718	)
Hungarian Forint,
Expiring 01/19/22	Goldman Sachs International		HUF	47,232		152,000		151,218		—		(782	)
Expiring 01/19/22	HSBC Bank PLC		HUF	51,599		166,000		165,200		—		(800	)
Expiring 01/19/22	HSBC Bank PLC		HUF	49,943		160,000		159,900		—		(100	)
Indian Rupee,
Expiring 12/15/21	Citibank, N.A.		INR	34,591		468,510		458,807		—		(9,703	)
Expiring 12/15/21	Citibank, N.A.		INR	17,626		239,000		233,790		—		(5,210	)
Expiring 12/15/21	HSBC Bank PLC		INR	16,966		230,000		225,029		—		(4,971	)
Expiring 12/15/21	HSBC Bank PLC		INR	16,083		218,000		213,326		—		(4,674	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		INR	13,449		181,000		178,386		—		(2,614	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		INR	13,309		179,000		176,523		—		(2,477	)
Expiring 12/15/21	Morgan Stanley & Co. International PLC		INR	23,304		311,000		309,103		—		(1,897	)
Expiring 12/15/21	Morgan Stanley & Co. International PLC		INR	14,574		193,000		193,309		309		—
Expiring 12/15/21	Morgan Stanley & Co. International PLC		INR	14,558		194,000		193,097		—		(903	)
Expiring 12/15/21	Morgan Stanley & Co. International PLC		INR	14,547		193,000		192,948		—		(52	)
Expiring 12/15/21	Morgan Stanley & Co. International PLC		INR	10,848		146,000		143,883		—		(2,117	)
Expiring 12/15/21	Standard Chartered Bank		INR	23,383		310,000		310,144		144		—
Expiring 12/15/21	UBS AG		INR	14,445		194,000		191,596		—		(2,404	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    41

Schedule of Investments  (continued)

as of October 31, 2021

Forward foreign currency exchange contracts outstanding at October 31, 2021 (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,
Expiring 12/15/21	Barclays Bank PLC		IDR		3,227,728	$	224,000	$	225,785		$        1,785		$        —
Expiring 12/15/21	Citibank, N.A.		IDR		4,130,933		283,018		288,965		5,947		—
Expiring 12/15/21	Goldman Sachs International		IDR		1,695,660		118,000		118,614		614		—
Expiring 12/15/21	HSBC Bank PLC		IDR		2,364,142		164,000		165,376		1,376		—
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		IDR		2,311,477		161,000		161,692		692		—
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		IDR		1,610,112		112,000		112,630		630		—
Expiring 12/15/21	Morgan Stanley & Co. International PLC		IDR		2,760,288		192,000		193,087		1,087		—
Expiring 12/15/21	Morgan Stanley & Co. International PLC		IDR		2,256,875		157,000		157,872		872		—
Expiring 12/15/21	Morgan Stanley & Co. International PLC		IDR		2,243,745		153,000		156,954		3,954		—
Expiring 12/15/21	Morgan Stanley & Co. International PLC		IDR		1,749,602		122,000		122,387		387		—
Expiring 12/15/21	Morgan Stanley & Co. International PLC		IDR		796,830		55,990		55,739		—		(251	)
Israeli Shekel,
Expiring 12/15/21	Barclays Bank PLC		ILS		631		197,000		199,413		2,413		—
Japanese Yen,
Expiring 01/19/22	Barclays Bank PLC		JPY		38,993		343,142		342,475		—		(667	)
Mexican Peso,
Expiring 12/15/21	BNP Paribas S.A.		MXN		2,513		125,000		121,171		—		(3,829	)
Expiring 12/15/21	Citibank, N.A.		MXN		4,104		202,000		197,880		—		(4,120	)
Expiring 12/15/21	Citibank, N.A.		MXN		3,352		159,000		161,624		2,624		—
Expiring 12/15/21	Goldman Sachs International		MXN		15,014		742,002		723,985		—		(18,017	)
Expiring 12/15/21	Goldman Sachs International		MXN		4,733		233,000		228,246		—		(4,754	)
Expiring 12/15/21	Goldman Sachs International		MXN		3,688		181,000		177,818		—		(3,182	)
Expiring 12/15/21	Goldman Sachs International		MXN		3,477		167,000		167,654		654		—
Expiring 12/15/21	Goldman Sachs International		MXN	��	2,326		113,000		112,177		—		(823	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		MXN		3,678		177,000		177,364		364		—
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		MXN		2,238		111,000		107,933		—		(3,067	)

See Notes to Financial Statements.

42

Forward foreign currency exchange contracts outstanding at October 31, 2021 (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 12/15/21	Morgan Stanley & Co. International PLC		MXN	15,014	$	741,606	$	723,985		$            —		$    (17,621	)
Expiring 12/15/21	UBS AG		MXN	1,643		80,251		79,220		—		(1,031	)
New Taiwanese Dollar,
Expiring 12/15/21	Standard Chartered Bank		TWD	9,164		331,541		330,064		—		(1,477	)
Expiring 12/15/21	UBS AG		TWD	6,078		221,000		218,925		—		(2,075	)
Peruvian Nuevo Sol,
Expiring 12/15/21	Goldman Sachs International		PEN	647		157,000		161,744		4,744		—
Philippine Peso,
Expiring 12/15/21	HSBC Bank PLC		PHP	11,744		230,000		231,853		1,853		—
Expiring 12/15/21	HSBC Bank PLC		PHP	11,528		226,000		227,597		1,597		—
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		PHP	29,257		580,216		577,616		—		(2,600	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		PHP	15,923		311,001		314,365		3,364		—
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		PHP	11,872		233,000		234,375		1,375		—
Expiring 12/15/21	Morgan Stanley & Co. International PLC		PHP	10,033		195,000		198,072		3,072		—
Expiring 12/15/21	Standard Chartered Bank		PHP	15,839		310,000		312,693		2,693		—
Polish Zloty,
Expiring 01/19/22	Citibank, N.A.		PLN	746		189,000		186,683		—		(2,317	)
Expiring 01/19/22	Morgan Stanley & Co. International PLC		PLN	608		154,000		152,032		—		(1,968	)
Russian Ruble,
Expiring 12/15/21	Barclays Bank PLC		RUB	48,245		647,808		673,101		25,293		—
Expiring 12/15/21	Barclays Bank PLC		RUB	5,651		76,000		78,840		2,840		—
Expiring 12/15/21	Credit Suisse International		RUB	6,512		88,000		90,856		2,856		—
Expiring 12/15/21	Morgan Stanley & Co. International PLC		RUB	48,245		650,806		673,102		22,296		—
Singapore Dollar,
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		SGD	324		241,000		239,919		—		(1,081	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		SGD	172		127,000		127,682		682		—
South African Rand,
Expiring 12/15/21	Barclays Bank PLC		ZAR	2,169		145,000		141,196		—		(3,804	)
Expiring 12/15/21	Barclays Bank PLC		ZAR	1,717		116,000		111,724		—		(4,276	)
Expiring 12/15/21	Goldman Sachs International		ZAR	1,694		116,000		110,244		—		(5,756	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    43

Schedule of Investments  (continued)

as of October 31, 2021

Forward foreign currency exchange contracts outstanding at October 31, 2021 (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 African Rand (cont’d.),
Expiring 12/15/21	Goldman Sachs International		ZAR	1,182	$	80,000	$	76,917		$	—		$	(3,083	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		ZAR	2,719		179,000		176,939			—			(2,061	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		ZAR	2,683		181,000		174,596			—			(6,404	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		ZAR	2,160		144,000		140,584			—			(3,416	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		ZAR	1,630		107,000		106,060			—			(940	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		ZAR	1,207		80,000		78,569			—			(1,431	)
South Korean Won,
Expiring 12/15/21	Goldman Sachs International		KRW	137,411		117,000		116,854			—			(146	)
Expiring 12/15/21	HSBC Bank PLC		KRW	230,348		195,000		195,887			887			—
Expiring 12/15/21	Morgan Stanley & Co. International PLC		KRW	1,483,198		1,266,456		1,261,309			—			(5,147	)
Expiring 12/15/21	Morgan Stanley & Co. International PLC		KRW	77,291		66,090		65,728			—			(362	)
Expiring 12/15/21	Standard Chartered Bank		KRW	231,636		198,000		196,983			—			(1,017	)
Thai Baht,
Expiring 12/15/21	HSBC Bank PLC		THB	6,784		206,000		204,393			—			(1,607	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		THB	4,478		136,000		134,898			—			(1,102	)
Expiring 12/15/21	Standard Chartered Bank		THB	6,679		198,000		201,222			3,222			—
Expiring 12/15/21	Standard Chartered Bank		THB	5,132		157,000		154,625			—			(2,375	)
Expiring 12/15/21	UBS AG		THB	5,954		179,000		179,386			386			—
					$	24,699,682	$	24,644,236			149,826			(205,272	)
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 01/19/22	Morgan Stanley & Co. International PLC		AUD	738	$	543,908	$	555,335		$	—		$	(11,427	)
Brazilian Real,
Expiring 11/03/21	Credit Suisse International		BRL	4,175		737,694		739,059			—			(1,365	)

See Notes to Financial Statements.

44

Forward foreign currency exchange contracts outstanding at October 31, 2021 (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.):
British Pound,
Expiring 01/19/22	Barclays Bank PLC		GBP	113	$	153,556	$	154,611	$	—	$	(1,055	)
Chilean Peso,
Expiring 12/15/21	BNP Paribas S.A.		CLP	520,830		665,691		636,844		28,847		—
Expiring 12/15/21	Citibank, N.A.		CLP	63,987		81,000		78,240		2,760		—
Expiring 12/15/21	Morgan Stanley & Co. International PLC		CLP	131,368		161,000		160,630		370		—
Expiring 12/15/21	UBS AG		CLP	155,251		192,000		189,833		2,167		—
Chinese Renminbi,
Expiring 11/18/21	Citibank, N.A.		CNH	1,753		269,000		273,215		—		(4,215	)
Expiring 11/18/21	Citibank, N.A.		CNH	1,577		243,000		245,774		—		(2,774	)
Expiring 11/18/21	Citibank, N.A.		CNH	1,241		191,000		193,347		—		(2,347	)
Expiring 11/18/21	Citibank, N.A.		CNH	1,182		185,000		184,211		789		—
Expiring 11/18/21	HSBC Bank PLC		CNH	1,263		195,000		196,797		—		(1,797	)
Expiring 11/18/21	HSBC Bank PLC		CNH	1,248		195,000		194,477		523		—
Expiring 11/18/21	JPMorgan Chase Bank, N.A.		CNH	2,246		344,000		349,963		—		(5,963	)
Expiring 11/18/21	JPMorgan Chase Bank, N.A.		CNH	1,505		232,000		234,493		—		(2,493	)
Expiring 11/18/21	Morgan Stanley & Co. International PLC		CNH	1,524		233,000		237,533		—		(4,533	)
Colombian Peso,
Expiring 12/15/21	BNP Paribas S.A.		COP	644,328		171,000		170,554		446		—
Expiring 12/15/21	BNP Paribas S.A.		COP	447,424		116,000		118,433		—		(2,433	)
Expiring 12/15/21	Citibank, N.A.		COP	751,311		195,000		198,873		—		(3,873	)
Expiring 12/15/21	Goldman Sachs International		COP	556,616		147,000		147,337		—		(337	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		COP	2,215,340		586,356		586,402		—		(46	)
Expiring 12/15/21	Morgan Stanley & Co. International PLC		COP	634,040		164,000		167,831		—		(3,831	)
Expiring 12/15/21	Morgan Stanley & Co. International PLC		COP	454,910		118,000		120,415		—		(2,415	)
Expiring 12/15/21	Morgan Stanley & Co. International PLC		COP	266,680		70,704		70,590		114		—
Expiring 12/15/21	UBS AG		COP	744,826		193,000		197,156		—		(4,156	)
Expiring 12/15/21	UBS AG		COP	588,828		156,000		155,863		137		—
Expiring 12/15/21	UBS AG		COP	299,286		78,000		79,221		—		(1,221	)
Expiring 12/15/21	UBS AG		COP	295,680		77,000		78,267		—		(1,267	)
Czech Koruna,
Expiring 01/19/22	Barclays Bank PLC		CZK	7,628		346,008		342,486		3,522		—
Euro,
Expiring 01/19/22	Barclays Bank PLC		EUR	351		405,980		406,040		—		(60	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    45

Schedule of Investments  (continued)

as of October 31, 2021

Forward foreign currency exchange contracts outstanding at October 31, 2021 (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 01/19/22	Goldman Sachs International		EUR	2,805	$	3,247,343	$	3,249,145	$	—	$	(1,802	)
Expiring 01/19/22	HSBC Bank PLC		EUR	3,160		3,659,388		3,660,884		—		(1,496	)
Expiring 01/19/22	UBS AG		EUR	3,126		3,622,484		3,621,560		924		—
Expiring 01/19/22	UBS AG		EUR	1,878		2,175,703		2,175,276		427		—
Hungarian Forint,
Expiring 01/19/22	Goldman Sachs International		HUF	276,189		883,043		884,256		—		(1,213	)
Expiring 01/19/22	HSBC Bank PLC		HUF	276,189		883,353		884,256		—		(903	)
Indian Rupee,
Expiring 12/15/21	Citibank, N.A.		INR	17,551		235,000		232,792		2,208		—
Expiring 12/15/21	Credit Suisse International		INR	14,334		190,000		190,117		—		(117	)
Expiring 12/15/21	Credit Suisse International		INR	11,655		154,000		154,596		—		(596	)
Expiring 12/15/21	HSBC Bank PLC		INR	23,336		308,000		309,520		—		(1,520	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		INR	17,711		233,000		234,912		—		(1,912	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		INR	14,102		188,000		187,041		959		—
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		INR	13,317		178,000		176,630		1,370		—
Expiring 12/15/21	Morgan Stanley & Co. International PLC		INR	20,270		267,000		268,854		—		(1,854	)
Expiring 12/15/21	Standard Chartered Bank		INR	14,751		194,000		195,658		—		(1,658	)
Expiring 12/15/21	UBS AG		INR	14,569		194,000		193,245		755		—
Indonesian Rupiah,
Expiring 12/15/21	HSBC Bank PLC		IDR	1,619,940		114,000		113,317		683		—
Expiring 12/15/21	Standard Chartered Bank		IDR	2,586,780		180,000		180,949		—		(949	)
Israeli Shekel,
Expiring 12/15/21	Bank of America, N.A.		ILS	621		193,000		196,261		—		(3,261	)
Expiring 12/15/21	Barclays Bank PLC		ILS	1,254		389,000		396,390		—		(7,390	)
Expiring 12/15/21	Barclays Bank PLC		ILS	607		189,000		191,896		—		(2,896	)
Expiring 12/15/21	BNP Paribas S.A.		ILS	387		120,238		122,277		—		(2,039	)
Expiring 12/15/21	Citibank, N.A.		ILS	855		266,000		270,355		—		(4,355	)
Expiring 12/15/21	Citibank, N.A.		ILS	751		233,000		237,443		—		(4,443	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		ILS	878		271,000		277,441		—		(6,441	)
Mexican Peso,
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		MXN	3,666		181,000		176,779		4,221		—
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		MXN	3,650		179,000		175,986		3,014		—

See Notes to Financial Statements.

46

Forward foreign currency exchange contracts outstanding at October 31, 2021 (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 12/15/21	JPMorgan Chase Bank, N.A.		MXN	3,649	$	181,000	$	175,950	$	5,050	$	—
New Taiwanese Dollar,
Expiring 12/15/21	Credit Suisse International		TWD	5,345		193,000		192,508		492		—
Expiring 12/15/21	Goldman Sachs International		TWD	5,393		194,000		194,245		—		(245	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		TWD	10,531		379,000		379,277		—		(277	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		TWD	9,376		338,000		337,699		301		—
Peruvian Nuevo Sol,
Expiring 12/15/21	Citibank, N.A.		PEN	166		40,299		41,434		—		(1,135	)
Expiring 12/15/21	Standard Chartered Bank		PEN	451		114,000		112,842		1,158		—
Philippine Peso,
Expiring 12/15/21	Citibank, N.A.		PHP	13,408		263,000		264,713		—		(1,713	)
Expiring 12/15/21	Citibank, N.A.		PHP	12,019		239,000		237,292		1,708		—
Expiring 12/15/21	Goldman Sachs International		PHP	9,952		197,000		196,487		513		—
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		PHP	11,845		234,000		233,852		148		—
Polish Zloty,
Expiring 01/19/22	Barclays Bank PLC		PLN	796		199,914		199,066		848		—
Russian Ruble,
Expiring 12/15/21	Bank of America, N.A.		RUB	8,176		111,000		114,067		—		(3,067	)
Expiring 12/15/21	Bank of America, N.A.		RUB	5,750		79,000		80,229		—		(1,229	)
Expiring 12/15/21	Citibank, N.A.		RUB	13,803		187,000		192,571		—		(5,571	)
Expiring 12/15/21	Citibank, N.A.		RUB	9,006		122,000		125,653		—		(3,653	)
Expiring 12/15/21	Credit Suisse International		RUB	14,831		201,000		206,916		—		(5,916	)
Expiring 12/15/21	Credit Suisse International		RUB	11,203		154,000		156,296		—		(2,296	)
Expiring 12/15/21	Morgan Stanley & Co. International PLC		RUB	11,610		157,000		161,981		—		(4,981	)
Expiring 12/15/21	Morgan Stanley & Co. International PLC		RUB	10,805		152,000		150,742		1,258		—
Expiring 12/15/21	Standard Chartered Bank		RUB	11,314		154,000		157,844		—		(3,844	)
Expiring 12/15/21	Standard Chartered Bank		RUB	5,977		81,000		83,395		—		(2,395	)
Singapore Dollar,
Expiring 12/15/21	BNP Paribas S.A.		SGD	256		189,000		189,782		—		(782	)
Expiring 12/15/21	Citibank, N.A.		SGD	332		246,000		246,433		—		(433	)
Expiring 12/15/21	Goldman Sachs International		SGD	3,107		2,311,245		2,303,418		7,827		—
Expiring 12/15/21	Goldman Sachs International		SGD	271		202,000		201,264		736		—

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    47

Schedule of Investments (continued)

as of October 31, 2021

Forward foreign currency exchange contracts outstanding at October 31, 2021 (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.):
Singapore Dollar (cont’d.),
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		SGD	318	$	236,000	$	235,875		$	125		$	—
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		SGD	241		177,000		178,611			—			(1,611	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		SGD	238		176,000		176,818			—			(818	)
Expiring 12/15/21	Standard Chartered Bank		SGD	204		152,040		151,571			469			—
Expiring 12/15/21	UBS AG		SGD	496		369,000		368,096			904			—
Expiring 12/15/21	UBS AG		SGD	441		325,000		326,887			—			(1,887	)
South African Rand,
Expiring 12/15/21	Barclays Bank PLC		ZAR	12,730		871,801		828,503			43,298			—
Expiring 12/15/21	Citibank, N.A.		ZAR	7,738		535,236		503,618			31,618			—
Expiring 12/15/21	Credit Suisse International		ZAR	1,176		77,558		76,557			1,001			—
Expiring 12/15/21	HSBC Bank PLC		ZAR	13,937		966,078		907,076			59,002			—
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		ZAR	2,705		178,000		176,049			1,951			—
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		ZAR	2,705		177,000		176,066			934			—
Thai Baht,
Expiring 12/15/21	Citibank, N.A.		THB	4,994		152,000		150,448			1,552			—
Expiring 12/15/21	Credit Suisse International		THB	1,326		39,676		39,962			—			(286	)
Expiring 12/15/21	Goldman Sachs International		THB	3,134		94,215		94,411			—			(196	)
Expiring 12/15/21	HSBC Bank PLC		THB	41,739		1,284,704		1,257,459			27,245			—
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		THB	6,524		195,000		196,548			—			(1,548	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		THB	5,233		159,000		157,645			1,355			—
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		THB	5,142		154,000		154,924			—			(924	)
Expiring 12/15/21	JPMorgan Chase Bank, N.A.		THB	5,107		150,000		153,862			—			(3,862	)
Expiring 12/15/21	Morgan Stanley & Co. International PLC		THB	4,758		142,324		143,336			—			(1,012	)
Expiring 12/15/21	Standard Chartered Bank		THB	11,739		359,000		353,658			5,342			—
Expiring 12/15/21	Standard Chartered Bank		THB	9,247		276,000		278,595			—			(2,595	)
Expiring 12/15/21	Standard Chartered Bank		THB	9,031		279,000		272,078			6,922			—
Expiring 12/15/21	Standard Chartered Bank		THB	7,274		225,000		219,130			5,870			—
					$	41,042,539	$	40,935,405			261,863			(154,729	)
										$	411,689		$	(360,001	)

See Notes to Financial Statements.

48

Credit default swap agreements outstanding at October 31, 2021:

Reference Entity/ Obligation

Termination Date

Fixed Rate

Notional Amount (000)#(3)

Fair Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

Counterparty

OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):

Federative Republic of Brazil

12/20/26

1.000%(Q)

750

$

51,206

$

51,272

$

(66

)

Barclays Bank PLC

Reference Entity/ Obligation

Termination Date

Fixed Rate

Notional Amount (000)#(3)

Value at Trade Date

Value at October 31, 2021

Unrealized Appreciation         (Depreciation)

Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):

CDX.EM.36.V1

12/20/26

1.000%(Q)

3,010

$

106,297

$

121,080

$

14,783

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

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

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

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

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

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    49

Schedule of Investments  (continued)

as of October 31, 2021

      under the terms of the agreement.

Interest rate swap agreements outstanding at October 31, 2021:

Notional Amount (000)#	Termination Date		Fixed Rate		Floating Rate	Value at Trade Date				Value at October 31, 2021				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	)		$	(7,727	)		$	(7,725	)
CNH 2,200		05/29/25		2.020%(Q)	7 Day China Fixing Repo Rates(2)(Q)			4				(6,383	)			(6,387	)
CNH 7,600		07/24/25		2.525%(Q)	7 Day China Fixing Repo Rates(2)(Q)			(3,773	)			(1,750	)			2,023
CNH 7,300		07/15/26		2.570%(Q)	7 Day China Fixing Repo Rates(2)(Q)			(10	)			(2,722	)			(2,712	)
MXN 14,920		04/28/27		5.930%(M)	28 Day Mexican Interbank Rate(2)(M)			18,469				(54,064	)			(72,533	)
							$	14,688			$	(72,646	)		$	(87,334	)

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

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

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

	Premiums Paid	Premiums Received	Unrealized   Appreciation	Unrealized   Depreciation
OTC Swap Agreements	$51,272	$—	$—	$(66)

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		$700,000		$—

Fair Value Measurements:

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

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

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

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

See Notes to Financial Statements.

50

The following is a summary of the inputs used as of October 31, 2021 in valuing such portfolio securities:

		Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Corporate Bonds
Azerbaijan		$	—	$	1,006,853	$—
Bahrain			—		668,378	—
Brazil			—		2,275,579	—
Chile			—		1,759,815	—
China			—		2,545,563	—
Colombia			—		334,348	—
Costa Rica			—		201,464	—
Ghana			—		210,249	—
Guatemala			—		204,550	—
India			—		2,254,317	—
Indonesia			—		3,588,837	—
Israel			—		524,767	—
Jamaica			—		192,798	—
Kazakhstan			—		2,024,157	—
Kuwait			—		486,418	—
Malaysia			—		1,713,642	—
Mexico			—		7,226,738	—
Mongolia			—		212,880	—
Netherlands			—		199,868	—
Panama			—		208,408	—
Peru			—		408,244	—
Philippine			—		183,817	—
Qatar			—		611,104	—
Russia			—		1,930,429	—
Saudi Arabia			—		433,342	—
South Africa			—		2,968,713	—
Thailand			—		186,147	—
Trinidad & Tobago			—		184,862	—
Turkey			—		390,917	—
Ukraine			—		561,144	—
United Arab Emirates			—		2,497,543	—
United States			—		208,805	—
Venezuela			—		72,410	—
Vietnam			—		248,674	—
Sovereign Bonds
Angola			—		3,044,717	—
Argentina			—		2,027,229	—
Bahrain			—		2,099,199	—
Belarus	��		—		970,515	—
Bermuda			—		268,084	—
Brazil			—		3,391,860	—
Bulgaria			—		194,852	—
Cameroon			—		442,557	—
Colombia			—		3,589,944	—

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    51

Schedule of Investments  (continued)

as of October 31, 2021

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Sovereign Bonds (continued)
Congo (Republic)	$	—	$	195,250	$—
Costa Rica		—		1,225,114	—
Croatia		—		210,126	—
Dominican Republic		—		4,454,091	—
Ecuador		—		2,250,775	—
Egypt		—		2,064,105	—
El Salvador		—		1,202,772	—
Gabon		—		1,055,963	—
Ghana		—		1,574,180	—
Guatemala		—		1,107,471	—
Honduras		—		785,044	—
Hungary		—		1,877,734	—
India		—		406,524	—
Indonesia		—		3,457,370	—
Iraq		—		1,212,760	—
Israel		—		625,252	—
Ivory Coast		—		1,859,555	—
Jamaica		—		1,062,278	—
Jordan		—		628,891	—
Kazakhstan		—		290,777	—
Kenya		—		641,273	—
Lebanon		—		494,161	—
Malaysia		—		2,008,652	—
Mexico		—		1,917,999	—
Mongolia		—		449,338	—
Morocco		—		1,043,843	—
Mozambique		—		512,272	—
Namibia		—		212,982	—
Nigeria		—		3,317,586	—
Oman		—		3,324,882	—
Pakistan		—		2,081,816	—
Panama		—		2,111,841	—
Papua New Guinea		—		202,558	—
Paraguay		—		925,752	—
Peru		—		2,911,107	—
Philippines.		—		2,878,025	—
Qatar		—		4,088,813	—
Romania		—		2,118,748	—
Russia		—		3,891,676	—
Saudi Arabia		—		3,965,566	—
Senegal		—		402,702	—
Serbia		—		1,377,370	—
South Africa		—		1,308,096	—
Sri Lanka		—		1,076,669	—
Turkey		—		4,747,404	—

See Notes to Financial Statements.

52

	Level 1			Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Sovereign Bonds (continued)
Ukraine	$	—		$	4,980,449		$—
United Arab Emirates		—			1,686,962		—
Uruguay		—			2,115,359		—
Venezuela		—			18,988		—
Zambia		—			941,320		—
Short-Term Investments
Affiliated Mutual Fund		12,463,160			—		—
Options Purchased		—			151,408		—
Total	$	12,463,160		$	140,206,386		$—
Liabilities
Options Written	$	—		$	(94,391	)	$—
Other Financial Instruments*
Assets
Futures Contracts	$	343,862		$	—		$—
OTC Forward Foreign Currency Exchange Contracts		—			411,689		—
Centrally Cleared Credit Default Swap Agreement		—			14,783		—
OTC Credit Default Swap Agreement		—			51,206		—
Centrally Cleared Interest Rate Swap Agreement		—			2,023		—
Total	$	343,862		$	479,701		$—
Liabilities
Futures Contracts	$	(214,157	)	$	—		$—
OTC Forward Foreign Currency Exchange Contracts		—			(360,001	)	—
Centrally Cleared Interest Rate Swap Agreements		—			(89,357	)	—
Total	$	(214,157	)	$	(449,358	)	$—

* 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, 2021 were as follows (unaudited):

Sovereign Bonds	65.6	%
Oil & Gas	11.1
Affiliated Mutual Fund	8.1
Electric	3.6
Mining	1.6

Pipelines	1.4	%
Engineering & Construction	1.2
Chemicals	1.0
Commercial Services	0.6
Banks	0.6

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    53

Schedule of Investments  (continued)

as of October 31, 2021

Industry Classification (continued):

Diversified Financial Services	0.6	%
Real Estate	0.5
Telecommunications	0.4
Transportation	0.4
Building Materials	0.3
Retail	0.3
Iron/Steel	0.3
Media	0.2
Energy-Alternate Sources	0.2
Lodging	0.2
Investment Companies	0.1
Foods	0.1

Auto Manufacturers	0.1	%
Gas	0.1
Entertainment	0.1
Options Purchased	0.1
Forest Products & Paper	0.1
	98.9
Options Written	(0.1	)
Other assets in excess of liabilities	1.2
	100.0	%

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

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

Fair values of derivative instruments as of October 31, 2021 as presented in the Statement of Assets and Liabilities:

	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Credit contracts	Due from/to broker-variation margin swaps	$	14,783*		—	$	—
Credit contracts	Premiums paid for OTC swap agreements		51,272		—		—
Credit contracts	—		—		Unrealized depreciation on OTC swap agreements		66
Foreign exchange contracts	Unaffiliated investments		151,408		Options written outstanding, at value		94,391
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		411,689		Unrealized depreciation on OTC forward foreign currency exchange contracts		360,001
Interest rate contracts	Due from/to broker-variation margin futures		343,862	*	Due from/to broker-variation margin futures		214,157	*

See Notes to Financial Statements.

54

	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and   Liabilities Location	Fair   Value			Statement of Assets and   Liabilities Location	Fair   Value
Interest rate contracts	Due from/to broker-variation margin swaps	$	2,023	*	Due from/to broker-variation margin swaps	$	89,357	*
		$	975,037			$	757,972

* 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, 2021 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(1)				Options Written			Futures			Forward & Cross Currency Exchange Contracts			Swaps
Credit contracts		$	—			$	—		$	—		$	—		$	(1,536	)
Foreign exchange contracts			(116,910	)			401,164			—			988,946			—
Interest rate contracts			—				—			80,069			—			(66,958	)
Total		$	(116,910	)		$	401,164		$	80,069		$	988,946		$	(68,494	)

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

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(2)			Options Written				Futures			Forward & Cross Currency Exchange Contracts				Swaps
Credit contracts		$	—		$	—			$	—		$	—			$	14,717
Foreign exchange contracts			11,317			(551	)			—			(84,104	)			—
Interest rate contracts			—			—				160,391			—				(78,141	)
Total		$	11,317		$	(551	)		$	160,391		$	(84,104	)		$	(63,424	)

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

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    55

Schedule of Investments  (continued)

as of October 31, 2021

For the year ended October 31, 2021, the Fund’s 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)
$49,864	$6,657,984	$17,559,982	$18,715,922	$28,965,145

Forward Foreign Currency Exchange Contracts - Sold(3)	Cross Currency Exchange Contracts(4)	Interest Rate Swap Agreements(2)	Credit Default Swap Agreements— Buy Protection(2)
$33,900,687	$343,948	$3,850,317	$752,000

(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, 2021.

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

The Fund invested in OTC derivatives during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives where the legal right to set-off exists is presented in the summary below.

Offsetting of OTC derivative assets and liabilities:

Counterparty	Gross Amounts of Recognized Assets(1)			Gross Amounts of Recognized Liabilities(1)				Net Amounts of Recognized Assets/(Liabilities)				Collateral Pledged/(Received)(2)		Net Amount
Bank of America, N.A.		$	—		$	(7,557	)		$	(7,557	)		$—		$	(7,557	)
Barclays Bank PLC			131,271			(20,844	)			110,427			—			110,427
BNP Paribas S.A.			34,154			(10,592	)			23,562			—			23,562
Citibank, N.A.			49,206			(61,825	)			(12,619	)		—			(12,619	)
Credit Suisse International			5,498			(36,898	)			(31,400	)		—			(31,400	)
Deutsche Bank AG			—			(1,813	)			(1,813	)		—			(1,813	)
Goldman Sachs International			108,567			(89,348	)			19,219			—			19,219
HSBC Bank PLC			97,242			(17,868	)			79,374			—			79,374
JPMorgan Chase Bank, N.A.			76,958			(96,218	)			(19,260	)		—			(19,260	)

See Notes to Financial Statements.

56

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		$	79,953		$	(76,448	)		$	3,505			$	—		$	3,505
Standard Chartered Bank			25,820			(17,104	)			8,716				—			8,716
UBS AG			5,700			(17,943	)			(12,243	)			—			(12,243	)
		$	614,369		$	(454,458	)		$	159,911			$	—		$	159,911

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

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

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    57

Statement of Assets and Liabilities

as of October 31, 2021

Assets
Investments at value:
Unaffiliated investments (cost $141,605,516)	$	140,206,386
Affiliated investments (cost $12,463,160)		12,463,160
Foreign currency, at value (cost $44,796)		44,998
Receivable for Fund shares sold		5,446,631
Dividends and interest receivable		1,854,788
Deposit with broker for centrally cleared/exchange-traded derivatives		700,000
Unrealized appreciation on OTC forward foreign currency exchange contracts		411,689
Due from broker—variation margin futures		62,757
Premiums paid for OTC swap agreements		51,272
Due from broker—variation margin swaps		6,899
Receivable for investments sold		5,334
Prepaid expenses and other assets		17,713
Total Assets		161,271,627
Liabilities
Payable for investments purchased		4,730,407
Payable for Fund shares purchased		1,480,332
Unrealized depreciation on OTC forward foreign currency exchange contracts		360,001
Options written outstanding, at value (premiums received $93,937)		94,391
Accrued expenses and other liabilities		90,248
Management fee payable		65,760
Dividends payable		24,495
Affiliated transfer agent fee payable		1,671
Directors’ fees payable		899
Unrealized depreciation on OTC swap agreements		66
Distribution fee payable		21
Total Liabilities		6,848,291
Net Assets	$	154,423,336
Net assets were comprised of:
Common stock, at par	$	170
Paid-in capital in excess of par		157,514,218
Total distributable earnings (loss)		(3,091,052	)
Net assets, October 31, 2021	$	154,423,336

See Notes to Financial Statements.

58

Class A
Net asset value, offering price and redemption price per share, ($58,830 ÷ 6,496 shares of beneficial interest issued and outstanding)	$	9.06
Maximum sales charge (3.25% of offering price)		0.30
Maximum offering price to public	$	9.36
Class C
Net asset value, offering price and redemption price per share, ($10,735 ÷ 1,186 shares of beneficial interest issued and outstanding)	$	9.06
Class Z
Net asset value, offering price and redemption price per share, ($18,068,633 ÷ 1,993,821 shares of beneficial interest issued and outstanding)	$	9.06
Class R6
Net asset value, offering price and redemption price per share, ($136,285,138 ÷ 15,046,091 shares of beneficial interest issued and outstanding)	$	9.06

Net Asset Values Per Share may not recalculate due to rounding.

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    59

Statement of Operations

Year Ended October 31, 2021

Net Investment Income (Loss)
Income
Interest income (net of $12,298 foreign withholding tax)	$	6,518,300
Affiliated dividend income		5,026
Affiliated income from securities lending, net		121
Total income		6,523,447
Expenses
Management fee		868,308
Distribution fee(a)		226
Custodian and accounting fees		78,694
Transfer agent’s fees and expenses (including affiliated expense of $10,113)(a)		55,495
Registration fees(a)		41,138
Audit fee		39,531
Legal fees and expenses		20,732
Shareholders’ reports		19,119
Directors’ fees		11,520
SEC registration fees		4,963
Miscellaneous		21,693
Total expenses		1,161,419
Less: Fee waiver and/or expense reimbursement(a)		(267,237	)
Net expenses		894,182
Net investment income (loss)		5,629,265
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(201))		(404,709	)
Futures transactions		80,069
Forward and cross currency contract transactions		988,946
Options written transactions		401,164
Swap agreement transactions		(68,494	)
Foreign currency transactions		(151,459	)
		845,517
Net change in unrealized appreciation (depreciation) on:
Investments		1,845,760
Futures		160,391
Forward and cross currency contracts		(84,104	)
Options written		(551	)
Swap agreements		(63,424	)
Foreign currencies		33,557
		1,891,629
Net gain (loss) on investment and foreign currency transactions		2,737,146
Net Increase (Decrease) In Net Assets Resulting From Operations	$	8,366,411

See Notes to Financial Statements.

60

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

	Class A			Class C			Class Z			Class R6
Distribution fee		118			108			—			—
Transfer agent’s fees and expenses		308			43			54,827			317
Registration fees		8,231			8,231			16,346			8,330
Fee waiver and/or expense reimbursement		(8,538	)		(8,274	)		(82,965	)		(167,460	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    61

Statements of Changes in Net Assets

		Year Ended October 31,
		2021			2020
Increase (Decrease) in Net Assets	��
Operations
Net investment income (loss)		$	5,629,265		$	1,898,277
Net realized gain (loss) on investment and foreign currency transactions			845,517			(968,569	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			1,891,629			(2,644,924	)
Net increase (decrease) in net assets resulting from operations			8,366,411			(1,715,216	)
Dividends and Distributions
Distributions from distributable earnings
Class A			(2,106	)		(875	)
Class C			(397	)		(450	)
Class Z			(1,206,404	)		(567,453	)
Class R6			(5,228,489	)		(1,662,605	)
			(6,437,396	)		(2,231,383	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold			81,696,730			92,242,382
Net asset value of shares issued in reinvestment of dividends and distributions			6,292,008			2,227,284
Cost of shares purchased			(52,285,699	)		(6,029,574	)
Net increase (decrease) in net assets from Fund share transactions			35,703,039			88,440,092
Total increase (decrease)			37,632,054			84,493,493
Net Assets:
Beginning of year			116,791,282			32,297,789
End of year		$	154,423,336		$	116,791,282

See Notes to Financial Statements.

62

Financial Highlights

Class A Shares
	Year Ended October 31,									December 12,  2017(a)  through October 31,  2018
	2021			2020			2019
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$8.86			$9.51			$8.88			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.36			0.38			0.46			0.38		��
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.25			(0.56	)		0.69			(1.06	)
Total from investment operations		0.61			(0.18	)		1.15			(0.68	)
Less Dividends and Distributions:
Dividends from net investment income		(0.41	)		(0.47	)		(0.52	)		(0.43	)
Tax return of capital distributions		-			-			-			(0.01	)
Total dividends and distributions		(0.41	)		(0.47	)		(0.52	)		(0.44	)
Net asset value, end of period		$9.06			$8.86			$9.51			$8.88
Total Return(c):		6.91	%		(1.82	)%		13.23	%		(6.97	)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$59			$28			$13			$9
Average net assets (000)		$47			$18			$12			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.05	%		1.05	%		1.05	%		1.05	%(e)
Expenses before waivers and/or expense reimbursement		19.07	%		66.11	%		115.95	%		358.14	%(e)
Net investment income (loss)		3.84	%		4.19	%		4.95	%		4.49	%(e)
Portfolio turnover rate(f)(g)		20	%		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 GAAP. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Fund’s 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    63

Financial Highlights (continued)

Class C Shares
	Year Ended October 31,									December 12,  2017(a)  through October 31,  2018
	2021			2020			2019
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$8.86			$9.51			$8.88			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.28			0.32			0.39			0.31
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.26			(0.57	)		0.69			(1.05	)
Total from investment operations		0.54			(0.25	)		1.08			(0.74	)
Less Dividends and Distributions:
Dividends from net investment income		(0.34	)		(0.40	)		(0.45	)		(0.37	)
Tax return of capital distributions		-			-			-			(0.01	)
Total dividends and distributions		(0.34	)		(0.40	)		(0.45	)		(0.38	)
Net asset value, end of period		$9.06			$8.86			$9.51			$8.88
Total Return(c):		6.11	%		(2.55	)%		12.40	%		(7.58	)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$11			$10			$10			$9
Average net assets (000)		$11			$10			$10			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.80	%		1.80	%		1.80	%		1.80	%(e)
Expenses before waivers and/or expense reimbursement		78.90	%		114.46	%		139.02	%		359.95	%(e)
Net investment income (loss)		3.08	%		3.56	%		4.22	%		3.73	%(e)
Portfolio turnover rate(f)(g)		20	%		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 GAAP. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

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

64

Class Z Shares
	Year Ended October 31,									December 12, 2017(a)  through October 31,  2018
	2021			2020			2019
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$8.87			$9.51			$8.88			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.38			0.40			0.48			0.39
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.25			(0.54	)		0.69			(1.05	)
Total from investment operations		0.63			(0.14	)		1.17			(0.66	)
Less Dividends and Distributions:
Dividends from net investment income		(0.44	)		(0.50	)		(0.54	)		(0.45	)
Tax return of capital distributions		-			-			-			(0.01	)
Total dividends and distributions		(0.44	)		(0.50	)		(0.54	)		(0.46	)
Net asset value, end of period		$9.06			$8.87			$9.51			$8.88
Total Return(c):		7.11	%		(1.43	)%		13.51	%		(6.79	)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$18,069			$18,982			$5,782			$2,234
Average net assets (000)		$25,561			$10,951			$3,498			$766
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.75	%		0.75	%		0.80	%		0.80	%(e)
Expenses before waivers and/or expense reimbursement		1.07	%		1.53	%		2.41	%		6.65	%(e)
Net investment income (loss)		4.12	%		4.45	%		5.12	%		4.83	%(e)
Portfolio turnover rate(f)(g)		20	%		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 GAAP. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Fund’s 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    65

Financial Highlights (continued)

Class R6 Shares
	Year Ended October 31,									December 12,  2017(a) through October 31, 2018
	2021			2020			2019
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$8.86			$9.51			$8.88			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.39			0.43			0.49			0.40
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.26			(0.57	)		0.69			(1.06	)
Total from investment operations		0.65			(0.14	)		1.18			(0.66	)
Less Dividends and Distributions:
Dividends from net investment income		(0.45	)		(0.51	)		(0.55	)		(0.45	)
Tax return of capital distributions		-			-			-			(0.01	)
Total dividends and distributions		(0.45	)		(0.51	)		(0.55	)		(0.46	)
Net asset value, end of period		$9.06			$8.86			$9.51			$8.88
Total Return(c):		7.34	%		(1.44	)%		13.58	%		(6.72	)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$136,285			$97,771			$26,493			$23,333
Average net assets (000)		$107,966			$30,037			$25,144			$24,014
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.65	%		0.66	%		0.74	%		0.74	%(e)
Expenses before waivers and/or expense reimbursement		0.81	%		1.16	%		1.49	%		1.76	%(e)
Net investment income (loss)		4.24	%		4.69	%		5.27	%		4.82	%(e)
Portfolio turnover rate(f)(g)		20	%		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 GAAP. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

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

66

Notes to Financial Statements

1. Organization

Prudential World Fund, Inc. (the “Registered Investment Company” or “RIC”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The RIC is organized as a Maryland Corporation and currently consists of seven separate funds: PGIM Emerging Markets Debt Hard Currency Fund, PGIM Emerging Markets Debt Local Currency Fund, 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. These financial statements relate only to the PGIM Emerging Markets Debt Hard Currency Fund (the “Fund”). The Fund is classified as a diversified fund for purposes of the 1940 Act.

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

2. Accounting Policies

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

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Fund’s investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC’s Board of 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 Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. A record of the Valuation Committee’s actions is subject to the Board’s review at its first quarterly meeting following the quarter in which such actions take place.

PGIM Emerging Markets Debt Hard Currency Fund    67

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

Various inputs determine how the Fund’s investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the 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 Fund utilizes the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors’ valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

68

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

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. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.

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

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

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

PGIM Emerging Markets Debt Hard Currency Fund    69

Notes to Financial Statements (continued)

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period unrealized and realized foreign currency gains (losses) are included in the reported Net change in unrealized appreciation (depreciation) on investments and Net realized gains (losses) on investment transactions on the Statements of Operations. Notwithstanding the above, the Fund 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 Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

Forward and Cross Currency Contracts: A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The Fund enters into forward currency contracts, as defined in the prospectus, in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency and to gain exposure to certain currencies. The contracts are valued daily at current forward exchange rates and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on forward and cross currency contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on forward and cross currency contract transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Fund’s maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract’s life. A cross currency contract is a forward contract where a specified amount of one foreign currency will be exchanged for a specified amount of another foreign currency.

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

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

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

Financial Futures Contracts: A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the “initial margin.” Subsequent payments, known as “variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in

PGIM Emerging Markets Debt Hard Currency Fund    71

Notes to Financial Statements (continued)

the value of the underlying security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

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

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

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

Credit Default Swaps (“CDS”): CDS involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a

72

specified payment in the event of a default or as a result of a default (collectively a “credit event”) for the referenced entity (typically corporate issues or sovereign issues of an emerging country) on its obligation; or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index.

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

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

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

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where the Fund is the seller of protection as of period end are disclosed in the footnotes to the Schedule of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

Master Netting Arrangements: The RIC, on behalf of the Fund, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements

PGIM Emerging Markets Debt Hard Currency Fund    73

Notes to Financial Statements (continued)

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

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

In addition to each instrument’s primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in the portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to

74

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.

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

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

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

PGIM Emerging Markets Debt Hard Currency Fund    75

Notes to Financial Statements (continued)

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

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

Dividends and Distributions: The Fund 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 GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.

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

3. Agreements

The RIC, on behalf of the Fund, has a management agreement with the Manager. Pursuant to this agreement, the Manager has responsibility for all investment advisory services and supervises the subadvisers’ performance of such services.

76

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

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.65% of the Fund’s 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 exceeding $10 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.65% for the year ended October 31, 2021.

The Manager has contractually agreed, through February 28, 2023, 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. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager 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 RIC, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class C, Class Z and Class R6 shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A and Class C shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS.

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

For the year ended October 31, 2021, PIMS has not received any front-end sales charges resulting from sales of Class A shares. Additionally, for the year ended October 31, 2021,

PGIM Emerging Markets Debt Hard Currency Fund    77

Notes to Financial Statements (continued)

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 Fund’s transfer agent. Transfer agent’s fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

The Fund 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 fund of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund and the Money Market Fund. 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 Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the year ended October 31, 2021, no 17a-7 transactions were entered into by the Fund.

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the year ended October 31, 2021, were $53,115,474 and $25,425,368, respectively.

A summary of the cost of purchases and proceeds from sales of shares of an affiliated mutual fund for the year ended October 31, 2021, is presented as follows:

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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
Short-Term Investments - Affiliated Mutual Funds:
PGIM Core Ultra Short Bond Fund (1)(wa)
$  3,839,427		$	52,977,321		$	44,353,588		$—		$	—			$	12,463,160		12,463,160		$	5,026
PGIM Institutional Money Market Fund (1)(b)(wa)
1,047,645			1,026,258			2,073,702		—			(201	)			—		—			121	(2)
$  4,887,072		$	54,003,579		$	46,427,290		$—		$	(201	)		$	12,463,160				$	5,147

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

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

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

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

6. Distributions and Tax Information

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date.

For the year ended October 31, 2021, the tax character of dividends paid by the Fund was $6,437,396 of ordinary income. For the year ended October 31, 2020, the tax character of dividends paid by the Fund was $2,231,383 of ordinary income.

As of October 31, 2021, the accumulated undistributed earnings on a tax basis was $1,083,543 of ordinary income.

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of October 31, 2021 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Depreciation
$155,588,530	$3,938,835	$(6,792,162)	$(2,853,327)

The difference between GAAP and tax basis were 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 Fund had a capital loss carryforward as of October 31, 2021 of approximately $1,297,000 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

PGIM Emerging Markets Debt Hard Currency Fund    79

Notes to Financial Statements (continued)

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2021 are subject to such review.

7. Capital and Ownership

The Fund offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 3.25%. Investors who purchase $500,000 or more of Class A shares and sell those shares within 12 months of purchase are subject to a 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 eight years (ten years prior to January 22, 2021) after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

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

The RIC is authorized to issue 10,225,000,000 shares of common stock, $0.00001 par value per share, 600,000,000 of which are designated as shares of the Fund. The authorized shares of the Fund are currently 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, 2021, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

	Number of Shares	Percentage of   Outstanding Shares
Class A	1,220	18.8%
Class C	1,186	100.0%
Class R6	7,030,566	46.7%

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

Affiliated		Unaffiliated
Number of Shareholders	Percentage of Outstanding Shares	Number of Shareholders	Percentage of Outstanding Shares
1	41.9%	2	47.0%

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Year ended October 31, 2021:
Shares sold		3,166		$	28,994
Shares issued in reinvestment of dividends and distributions		228			2,106
Shares purchased		(63	)		(581	)
Net increase (decrease) in shares outstanding		3,331		$	30,519
Year ended October 31, 2020:
Shares sold		1,688		$	15,061
Shares issued in reinvestment of dividends and distributions		98			875
Shares purchased		(12	)		(114	)
Net increase (decrease) in shares outstanding		1,774		$	15,822
Class C
Year ended October 31, 2021:
Shares issued in reinvestment of dividends and distributions		43		$	395
Net increase (decrease) in shares outstanding		43		$	395
Year ended October 31, 2020:
Shares issued in reinvestment of dividends and distributions		51		$	451
Net increase (decrease) in shares outstanding		51		$	451
Class Z
Year ended October 31, 2021:
Shares sold		4,468,483		$	41,307,258
Shares issued in reinvestment of dividends and distributions		115,282			1,064,840
Shares purchased		(1,031,335	)		(9,474,853	)
Net increase (decrease) in shares outstanding before conversion		3,552,430			32,897,245
Shares issued upon conversion from other share class(es)		14,250			132,076
Shares purchased upon conversion into other share class(es)		(3,713,016	)		(34,383,477	)
Net increase (decrease) in shares outstanding		(146,336	)	$	(1,354,156	)
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 purchased		(729,035	)		(6,023,373	)
Net increase (decrease) in shares outstanding		1,532,352		$	14,126,769

PGIM Emerging Markets Debt Hard Currency Fund    81

Notes to Financial Statements (continued)

Class R6	Shares			Amount
Year ended October 31, 2021:
Shares sold		4,369,851		$	40,360,478
Shares issued in reinvestment of dividends and distributions		566,570			5,224,667
Shares purchased		(4,623,318	)		(42,810,265	)
Net increase (decrease) in shares outstanding before conversion		313,103			2,774,880
Shares issued upon conversion from other share class(es)		3,717,030			34,383,477
Shares purchased upon conversion into other share class(es)		(14,263	)		(132,076	)
Net increase (decrease) in shares outstanding		4,015,870		$	37,026,281
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 purchased		(643	)		(6,087	)
Net increase (decrease) in shares outstanding		8,243,892		$	74,297,050

8. Borrowings

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

	Current SCA	Prior SCA
Term of Commitment	10/1/2021 – 9/29/2022	10/2/2020 – 9/30/2021
Total Commitment	$1,200,000,000	$1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	1.30% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent

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

The Fund did not utilize the SCA during the year ended October 31, 2021.

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9. Risks of Investing in the Fund

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

Credit Risk: Credit risk relates to the ability of the issuer of a fixed income instrument or the counterparty to a financial transaction with the Fund to meet interest and principal payments as they come due or to fulfill its obligations to the Fund. The value of the fixed income instruments held by the Fund will be adversely affected by any erosion in the ability of the relevant issuers to make interest and principal payments as they become due. The ratings given to a debt security by certain ratings agencies provide a generally useful guide as to such credit risk. The lower the rating of a debt security held by the Fund, the greater the degree of credit risk that is perceived to exist by the rating agency with respect to that security. Increasing the amount of Fund assets invested in lower-rated securities generally will increase the Fund’s income, but also will increase the credit risk to which the Fund is subject. The Fund generally enters into financial transactions with major dealers that are deemed acceptable to the subadviser from a credit perspective.

Currency Risk: The Fund’s assets may be invested in securities that are denominated in non-US currencies or directly in currencies. Such investments are subject to the risk that the value of a particular currency will change in relation to the US dollar or other currencies. The weakening of a country’s currency relative to the US dollar will negatively affect the dollar value of the Fund’s assets. Among the factors that may affect currency values are trade balances, levels of short term interest rates, differences in relative values of similar assets in different currencies, long term opportunities for investment and capital appreciation, central bank policy, and political developments. The Fund may attempt to hedge such risks by selling or buying currencies in the forward market; selling or buying currency futures contracts, options or other securities thereon; borrowing funds denominated in particular currencies; or any combination thereof, depending on the availability of liquidity in the hedging instruments and their relative costs. There can be no assurance that such strategies will be implemented or, if implemented, will be effective. The Fund would incur additional costs from hedging.

Debt Obligations Risk: Debt obligations are subject to credit risk, market risk and interest rate risk. The Fund’s holdings, share price, yield and total return may also fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer’s goods and services. Certain types of fixed income obligations also may be subject to “call and redemption risk,” which is the risk that the issuer may call a bond held by the Fund for redemption before it matures and the Fund may lose income.

Derivatives Risk: Derivatives involve special risks and costs and may result in losses to the Fund. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, the Fund will depend on the subadviser’s ability to analyze and manage derivatives transactions. The prices of derivatives may move in unexpected

PGIM Emerging Markets Debt Hard Currency Fund    83

Notes to Financial Statements (continued)

ways, especially in abnormal market conditions. Some derivatives are “leveraged” and therefore may magnify or otherwise increase investment losses to the Fund. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the Fund’s derivatives positions. In fact, many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Fund.

The U.S. Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements and risk exposure limitations. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make derivatives more costly, limit their availability or utility, or otherwise adversely affect their performance or disrupt markets.

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

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

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

Foreign Securities Risk: Investments in securities of non-U.S. issuers (including those denominated in U.S. dollars) may involve more risk than investing in securities of U.S. issuers. Foreign political, economic and legal systems, especially those in developing and emerging market countries, may be less stable and more volatile than in the United States.

84

Foreign legal systems generally have fewer regulatory requirements than the U.S. legal system, particularly those of emerging markets. In general, less information is publicly available with respect to non-U.S. companies than U.S. companies. Non-U.S. companies generally are not subject to the same accounting, auditing, and financial reporting standards as are U.S. companies. Additionally, the changing value of foreign currencies and changes in exchange rates could also affect the value of the assets the Fund holds and the Fund’s performance. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.

Investments in emerging markets are subject to greater volatility and price declines.

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

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

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

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

Junk Bonds Risk: High-yield, high-risk bonds have predominantly speculative characteristics, including particularly high credit risk. Junk bonds tend to have lower market liquidity than higher-rated securities. The liquidity of particular issuers or industries within a particular investment category may shrink or disappear suddenly and without warning. The non-investment grade bond market can experience sudden and sharp price swings and

PGIM Emerging Markets Debt Hard Currency Fund    85

Notes to Financial Statements (continued)

become illiquid due to a variety of factors, including changes in economic forecasts, stock market activity, large sustained sales by major investors, a high profile default or a change in the market’s psychology.

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

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

Management Risk: The value of your investment may decrease if judgments by the subadviser about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements are incorrect.

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 outbreak of COVID-19 globally in 2020 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 Fund’s investments and net asset value and have led and may continue to lead to increased

86

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

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 took effect on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Rule and its impact to the Fund.

PGIM Emerging Markets Debt Hard Currency Fund    87

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, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and financial highlights for each of the two years in the period ended October 31, 2021 (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, 2021, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for each of the two years in the period ended October 31, 2021 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 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 audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits 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 audits 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 audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 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 audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

December 16, 2021

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

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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); formerly 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; formerly 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: 92	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).	Trustee of Equity Residential (residential real estate) (since December 2009); Director of Northern Trust Corporation (financial services) (since April 2006); formerly Director of Anixter International, Inc. (communication products distributor) (January 2006-June 2020).	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 (asset management).	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	Retired; Executive Committee of the Independent Directors Council (IDC) Board of Governors (since October 2019); Member (since November 2014) of the Governing Council of the 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: 91	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly Visiting Professor of Law, Stanford Law School (2015-2021); 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, Roku (since December 2020) (communication services); formerly Independent Director, Synnex Corporation (2019-2021) (information technology); formerly Independent Director, Kabbage, Inc. (2018-2020) (financial services); formerly Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017
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.	Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank; formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National 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: 94	President, Chief Executive Officer, Chief Operating Officer and Officer in Charge of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011); Investment Company Institute - Board of Governors (since May 2012).	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: 95	Executive Vice President (since May 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; Richard A. Redeker, 1993; Stephen G. Stoneburn, 2003; Stuart S. Parker, Board Member since 2012 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, Executive Vice President and Secretary 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 Vice President and Assistant Secretary of PGIM Investments LLC (2005-2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005

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
Dino Capasso 1974 Chief Compliance Officer	Chief Compliance Officer (since July 2019) of PGIM Investments LLC; Chief Compliance Officer (since July 2019) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM High Yield Bond Fund, Inc., and PGIM Short Duration High Yield Opportunities Fund; 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 July 2019
Andrew R. French 1962 Secretary	Vice President (since December 2018) 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
Debra Rubano 1975 Assistant Secretary	Vice President and Corporate Counsel (since November 2020) of Prudential; formerly Director and Senior Counsel of Allianz Global Investors U.S. Holdings LLC (2010-2020) and Assistant Secretary of numerous funds in the Allianz fund complex (2015-2020).	Since December 2020
Kelly A. Coyne 1968 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since March 2015

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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
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 September 2019
Deborah Conway 1969 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since September 2019
Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.	Since September 2019
Jonathan Corbett 1983 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Global Compliance Programs and Compliance Risk Management (since August 2019) of Prudential; formerly Vice President and Head of Key Risk Areas Compliance (March 2016 to July 2019), Chief Privacy Officer (March 2016 to July 2019) and Head of Global Financial Crimes Unit (April 2014 to March 2016) at MetLife.	Since October 2021

^(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, Target Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, 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 Trustees

The Board of Trustees (the “Board”) of PGIM Emerging Markets Debt Hard Currency Fund (the “Fund”)¹ consists of ten individuals, eight 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 Trustees”). 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 Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Trustee. 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 Trustees.

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 Trustees, met on June 7-10, 2021 and approved the renewal of the agreements through July 31, 2022, 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 Trustees 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 Trustees 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 June 7-10, 2021.

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)

The Trustees 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 Trustees considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Trustees’ 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 Trustees 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 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.

Visit our website at pgim.com/investments

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

Costs of Services and Profits Realized by PGIM Investments

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

Economies of Scale

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

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

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

PGIM Emerging Markets Debt Hard Currency Fund

Approval of Advisory Agreements (continued)

(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- and three-year periods ended December 31, 2020. 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, 2020. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

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

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

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

^· The Board noted that the Fund underperformed its benchmark index over the one-year and the three-year period.

^· The Board considered PGIM Investments’ assertion that the Fund’s performance was largely temporary and attributable to 2020. In that regard, the Board noted that when it evaluated the Fund’s performance one year prior (as of December 31, 2019), the Fund had outperformed its benchmark index and had ranked in the first quartile of its peer group over the one-year period. The Board also considered the Fund’s improved performance, noting that the Fund outperformed its benchmark index and peer group for the one-year period ended March 31, 2021.

^· The Board noted that the Fund does not yet have a five-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, 2022.

^· 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	(800) 225-1852	pgim.com/investments
Newark, NJ 07102

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 ^· 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 ^· Jonathan Corbett, Anti-Money Laundering Compliance Officer ^· Andrew R. French, Secretary ^· Melissa Gonzalez, Assistant Secretary ^· Diana N. Huffman, Assistant Secretary ^· Kelly A. Coyne, Assistant Secretary ^· Patrick E. McGuinness, Assistant Secretary ^· Debra Rubano, Assistant Secretary ^· Lana Lomuti, Assistant Treasurer ^· Russ Shupak, Assistant Treasurer ^· Elyse M. McLaughlin, Assistant Treasurer ^· Deborah Conway, Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISERS	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 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, 2021 and October 31, 2020, PricewaterhouseCoopers LLP (“PwC”), the Registrant’s principal accountant, billed the Registrant $244,900 and $244,900 respectively, for professional services rendered for the audit of the Registrant’s annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

(b) Audit-Related Fees

For the fiscal years ended October 31, 2021 and 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 LLP (the Registrant’s prior principal accountant) in connection with the auditor transition.

(c) Tax Fees

For the fiscal years ended October 31, 2021 and October 31, 2020: none.

(d) All Other Fees

For the fiscal years ended October 31, 2021 and October 31, 2020: 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, 2021 and October 31, 2020, 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 the Registrant’s principal accountant for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended October 31, 2021 and October 31, 2020 was $0 and $0, respectively.

(h) Principal Accountant’s Independence

Not applicable as the Registrant’s principal accountant has not provided non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

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, 2021

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, 2021
By:	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and Accounting Officer
Date:	December 17, 2021