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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT

COMPANIES

Investment Company Act file number:	811-03981
Exact name of registrant as specified in charter:	Prudential World Fund, Inc.
Address of principal executive offices:	655 Broad Street, 6th Floor
	Newark, New Jersey 07102
Name and address of agent for service:	Andrew R. French
	655 Broad Street, 6th Floor
	Newark, New Jersey 07102
Registrant’s telephone number, including area code:	800-225-1852
Date of fiscal year end:	10/31/2024
Date of reporting period:	4/30/2024

Item 1 – Reports to Stockholders

PGIM QUANT SOLUTIONS INTERNATIONAL EQUITY FUND

SEMIANNUAL REPORT

APRIL 30, 2024

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

Table of Contents

Letter from the President	3
Your Fund’s Performance	4
Fees andExpenses	7
Holdings and Financial Statements	9

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

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

The accompanying financial statements as of April 30, 2024 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company and member SIPC. PGIM Quantitative Solutions LLC, a wholly owned subsidiary of PGIM, Inc. (PGIM), is a registered investment adviser. © 2024 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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Letter from the President

  Dear Shareholder:   We hope you find the semiannual report for the PGIM Quant Solutions International Equity Fund informative and useful. The report covers performance for the six-month period ended April 30, 2024.   Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

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

At PGIM Investments, we provide access to active investment strategies across the global markets in the pursuit of consistent outperformance for investors. PGIM is the world’s 14th-largest investment manager with more than $1.3 trillion in assets under management. Our scale and investment expertise allow us to deliver a diversified suite of actively managed solutions across a broad spectrum of asset classes and investment styles.

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Quant Solutions International Equity Fund

June 14, 2024

PGIM Quant Solutions International Equity Fund  3

Your Fund’s Performance

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

	Total Returns as of 4/30/24  (without sales charges) Six Months* (%)	Average Annual Total Returns as of 4/30/24 (with sales charges)
		One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	20.66	9.86	3.71	2.53	—
Class C	19.70	13.67	3.59	2.08	—
Class Z	20.81	16.80	5.35	3.50	—
Class R6	20.85	17.03	5.63	N/A	6.71 (12/28/2016)
MSCI All Country World ex-US ND Index
	17.69	9.32	5.03	3.93	—

Average Annual Total Returns as of 4/30/24 Since Inception (%)
	Class R6  (12/28/2016)
MSCI All Country World ex-US ND Index	6.43

*Not annualized

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’s inception date.

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

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

Benchmark Definition

MSCI All Country World ex-US ND 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 designed to provide a broad measure of stock performance throughout the world, with the exception of US-based companies. The MSCI ACWI ex-US Index includes both developed and emerging markets. The ND version of the MSCI ACWI ex-US Index reflects the impact of the maximum withholding taxes on reinvested dividends. The MSCI ACWI ex-US 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.

PGIM Quant Solutions International Equity Fund  5

Your Fund’s Performance (continued)

Presentation of Fund Holdings as of 4/30/24

Ten Largest Holdings	Line of Business	Country	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd.	Semiconductors & Semiconductor Equipment	Taiwan	2.9%
Novo Nordisk A/S (Class B Stock)	Pharmaceuticals	Denmark	2.3%
Novartis AG	Pharmaceuticals	Switzerland	1.3%
ASML Holding NV	Semiconductors & Semiconductor Equipment	Netherlands	1.2%
iShares MSCI EAFE ETF	Unaffiliated Exchange-Traded Funds	United States	1.0%
ABB Ltd.	Electrical Equipment	Switzerland	0.9%
GSK plc	Pharmaceuticals	United States	0.9%
Shell plc	Oil, Gas & Consumable Fuels	United States	0.9%
UniCredit SpA	Banks	Italy	0.9%
Rolls-Royce Holdings plc	Aerospace & Defense	United Kingdom	0.8%

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

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Fees and Expenses

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

The example is based on an investment of $1,000 held through the six-month period ended April 30, 2024. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Quant Solutions International Equity Fund  7

Fees and Expenses(continued)

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

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

PGIM Quant Solutions     International Equity Fund		Beginning     Account Value   November 1, 2023	Ending  Account Value  April 30, 2024	Annualized Expense  Ratio Based on the  Six-Month Period	Expenses Paid  During the   Six-Month Period*
Class A	Actual	$1,000.00	$1,206.60	1.48%	$ 8.12
	Hypothetical	$1,000.00	$1,017.50	1.48%	$ 7.42
Class C	Actual	$1,000.00	$1,197.00	2.72%	$14.86
	Hypothetical	$1,000.00	$1,011.34	2.72%	$13.60
Class Z	Actual	$1,000.00	$1,208.10	1.03%	$ 5.65
	Hypothetical	$1,000.00	$1,019.74	1.03%	$ 5.17
Class R6	Actual	$1,000.00	$1,208.50	0.81%	$ 4.45
	Hypothetical	$1,000.00	$1,020.84	0.81%	$ 4.07

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 182 days in the six-month period ended April 30, 2024, and divided by the 366 days in the Fund’s fiscal year ending October 31, 2024 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying funds in which the Fund may invest.

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Schedule of Investments (unaudited)

as of April 30, 2024

Description	Shares		Value
LONG-TERM INVESTMENTS 97.1%
COMMON STOCKS 94.0%
Australia 5.3%
BHP Group Ltd.		42,065	$	1,153,680
BlueScope Steel Ltd.		48,894		713,629
Brambles Ltd.		27,344		257,243
Fortescue Ltd.		77,216		1,279,812
Glencore PLC		209,500		1,218,989
Goodman Group, REIT		76,097		1,537,131
Helia Group Ltd.		341,882		877,524
JB Hi-Fi Ltd.		21,326		832,185
Medibank Private Ltd.		375,906		861,524
Northern Star Resources Ltd.		9,475		89,811
Rio Tinto Ltd.		3,134		260,825
Rio Tinto PLC		13,452		910,173
Stockland, REIT		17,388		49,262
Super Retail Group Ltd.		7,092		65,944
West African Resources Ltd.*		297,147		251,789
				10,359,521
Austria 0.2%
Erste Group Bank AG		7,650		356,759
Belgium 0.1%
Proximus SADP		9,800		72,203
Tessenderlo Group SA		1,735		44,524
				116,727
Brazil 1.8%
Banco do Brasil SA		244,200		1,292,812
Centrais Eletricas Brasileiras SA		9,200		67,043
CPFL Energia SA		31,500		194,547
Odontoprev SA		15,000		34,694
Petroleo Brasileiro SA		27,900		238,133
SLC Agricola SA		9,000		32,949
Suzano SA		8,100		91,192
Telefonica Brasil SA		64,000		588,283
TIM SA		24,300		82,738
Vale SA		82,400		1,003,698
				3,626,089
Canada 5.9%
Agnico Eagle Mines Ltd.		3,700		234,312

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund  9

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Description	Shares		Value
COMMON STOCKS (Continued)
Canada (cont’d.)
Air Canada*		7,200	$	106,275
Alimentation Couche-Tard, Inc.		20,900		1,158,370
ARC Resources Ltd.		14,800		268,016
Capital Power Corp.		3,300		86,129
Celestica, Inc.*		21,000		909,316
Dollarama, Inc.		14,900		1,242,956
Fairfax Financial Holdings Ltd.		1,300		1,413,375
George Weston Ltd.		7,500		987,016
Great-West Lifeco, Inc.		32,900		972,912
Imperial Oil Ltd.		1,600		110,006
Loblaw Cos. Ltd.		10,600		1,162,370
Manulife Financial Corp.		62,900		1,467,126
Parkland Corp.		2,000		61,613
Russel Metals, Inc.		6,100		171,792
Sun Life Financial, Inc.		24,900		1,271,362
				11,622,946
Chile 0.0%
Enel Chile SA		1,404,400		83,382
China 7.6%
Alibaba Group Holding Ltd.		14,700		137,637
ANTA Sports Products Ltd.		104,000		1,177,383
Bank of Changsha Co. Ltd. (Class A Stock)		82,500		92,661
Bank of Chengdu Co. Ltd. (Class A Stock)		47,500		96,741
Bank of Shanghai Co. Ltd. (Class A Stock)		315,700		317,518
Baoshan Iron & Steel Co. Ltd. (Class A Stock)		37,000		35,373
Beijing Enterprises Holdings Ltd.		30,000		96,047
China BlueChemical Ltd. (Class H Stock)		1,596,000		506,668
China Construction Bank Corp. (Class H Stock)		2,288,000		1,480,316
China Medical System Holdings Ltd.		386,000		344,640
China Minsheng Banking Corp. Ltd. (Class H Stock)		110,500		40,430
China Tower Corp. Ltd. (Class H Stock), 144A		2,296,000		268,768
Chlitina Holding Ltd.		48,000		276,587
Gree Electric Appliances, Inc. of Zhuhai (Class A Stock)		55,300		320,270
H World Group Ltd., ADR		3,900		143,169
Huaxia Bank Co. Ltd. (Class A Stock)		305,400		282,167
Kuaishou Technology, 144A*		61,600		431,860
Li Auto, Inc. (Class A Stock)*		5,200		68,130
Midea Group Co. Ltd. (Class A Stock)		20,100		192,981
NetEase, Inc.		67,600		1,267,138
PDD Holdings, Inc., ADR*		12,600		1,577,268
PetroChina Co. Ltd. (Class H Stock)		1,412,000		1,315,619

See Notes to Financial Statements.

10

 

 

Description	Shares		Value
COMMON STOCKS (Continued)
China (cont’d.)
Shanghai Rural Commercial Bank Co. Ltd. (Class A Stock)		315,200	$	293,504
Shanxi Lu’an Environmental Energy Development Co. Ltd. (Class A Stock)		73,300		213,359
Shenzhen Transsion Holdings Co. Ltd. (Class A Stock)		4,250		84,025
Sinopharm Group Co. Ltd. (Class H Stock)		86,000		217,181
Tencent Holdings Ltd.		23,200		1,018,090
Tencent Music Entertainment Group, ADR*		9,000		112,950
Tongcheng Travel Holdings Ltd.*		16,800		44,216
Trip.com Group Ltd.*		3,400		165,605
Vipshop Holdings Ltd., ADR		2,600		39,104
Wilmar International Ltd.		329,800		775,219
Xiaomi Corp. (Class B Stock), 144A*		569,200		1,240,815
Yutong Bus Co. Ltd. (Class A Stock)		85,000		299,577
				14,973,016
Denmark  2.5%
Danske Bank A/S		8,993		258,882
Novo Nordisk A/S (Class B Stock)		34,468		4,420,256
Scandinavian Tobacco Group A/S, 144A		15,916		257,110
				4,936,248
Finland  1.1%
Kemira OYJ		13,470		293,319
Konecranes OYJ		3,650		191,827
Nokia OYJ		76,041		276,436
Nordea Bank Abp		100,017		1,172,025
Wartsila OYJ Abp		11,012		203,144
				2,136,751
France  6.5%
Accor SA		10,752		471,214
Amundi SA, 144A		530		36,975
Carrefour SA		4,216		70,927
Cie de Saint-Gobain SA		15,731		1,244,048
Credit Agricole SA		77,021		1,191,764
Eiffage SA		4,480		478,009
Hermes International SCA		598		1,431,606
Ipsen SA		1,732		210,674
Klepierre SA, REIT		39,708		1,066,256
La Francaise des Jeux SAEM, 144A		16,895		636,684
LVMH Moet Hennessy Louis Vuitton SE		756		621,006
Publicis Groupe SA		14,507		1,600,801

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund  11

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Description	Shares		Value
COMMON STOCKS (Continued)
France (cont’d.)
Rubis SCA		1,848	$	63,952
Safran SA		7,010		1,519,992
Sopra Steria Group		1,043		228,373
TotalEnergies SE		10,089		732,448
Unibail-Rodamco-Westfield, REIT*		816		68,000
Vinci SA		10,088		1,182,072
				12,854,801
Georgia 0.2%
Bank of Georgia Group PLC		5,808		388,898
Germany 5.2%
Bayerische Motoren Werke AG		11,605		1,264,357
CTS Eventim AG & Co. KGaA		2,427		214,617
Daimler Truck Holding AG		30,009		1,353,292
Deutsche Bank AG		84,141		1,343,943
Heidelberg Materials AG		13,066		1,314,905
Henkel AG & Co. KGaA		770		55,370
Krones AG		806		106,256
Mercedes-Benz Group AG		1,008		76,246
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		3,498		1,538,450
Nemetschek SE		6,595		582,795
Rational AG		168		143,304
Salzgitter AG		2,574		66,103
SAP SE		759		137,050
Siemens AG		8,441		1,581,283
Suedzucker AG		6,970		99,480
Talanx AG		4,430		333,200
				10,210,651
Greece 0.1%
National Bank of Greece SA*		16,350		131,580
Hong Kong 0.5%
WH Group Ltd., 144A		1,223,000		888,925
India 4.4%
ABB India Ltd.		5,320		416,572
Avanti Feeds Ltd.		16,150		102,813
Bajaj Auto Ltd.		940		100,352
Bharat Electronics Ltd.		17,050		47,678
Birlasoft Ltd.		26,994		209,445

See Notes to Financial Statements.

12

 

 

Description	Shares		Value
COMMON STOCKS (Continued)
India (cont’d.)
Chambal Fertilisers & Chemicals Ltd.		40,497	$	205,533
Cipla Ltd.		3,146		52,665
Colgate-Palmolive India Ltd.		4,380		148,226
Cummins India Ltd.		4,155		162,685
Dr. Reddy’s Laboratories Ltd.		3,975		294,975
Godfrey Phillips India Ltd.		2,480		99,304
Hindalco Industries Ltd.		147,867		1,137,211
InterGlobe Aviation Ltd., 144A*		11,088		528,720
KPIT Technologies Ltd.		12,513		223,078
Lupin Ltd.		5,025		98,942
Oil & Natural Gas Corp. Ltd.		421,350		1,422,375
Sun Pharmaceutical Industries Ltd.		31,740		570,215
Tata Motors Ltd.		102,430		1,235,210
Trent Ltd.		14,918		787,445
Vedanta Ltd.		95,472		455,656
Zensar Technologies Ltd.		55,019		403,018
				8,702,118
Indonesia 0.3%
Bank Mandiri Persero Tbk PT		264,000		111,587
First Pacific Co. Ltd.		902,000		421,843
				533,430
Ireland 0.0%
Smurfit Kappa Group PLC		2,175		94,242
Israel 0.8%
Check Point Software Technologies Ltd.*		8,000		1,195,360
Nice Ltd.*		839		187,609
Plus500 Ltd.		4,875		131,868
Wix.com Ltd.*		400		47,548
				1,562,385
Italy 2.2%
BPER Banca		105,452		547,633
Intesa Sanpaolo SpA		429,471		1,607,512
Saras SpA		182,360		342,441
UniCredit SpA		45,871		1,683,666
Unipol Gruppo SpA		17,784		159,428
				4,340,680

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund  13

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Description	Shares		Value
COMMON STOCKS (Continued)
Japan 12.1%
Appier Group, Inc.*		11,200	$	92,312
ASAHI YUKIZAI Corp.		3,300		103,035
Asics Corp.		13,200		565,783
BIPROGY, Inc.		6,300		183,276
Bridgestone Corp.		7,200		317,714
Canon, Inc.		16,700		451,990
Chugai Pharmaceutical Co. Ltd.		31,300		995,461
Chugoku Electric Power Co., Inc. (The)		25,000		171,630
Chugoku Marine Paints Ltd.		10,600		138,726
Daiichikosho Co. Ltd.		3,600		42,021
Denso Corp.		26,800		456,756
Disco Corp.		4,600		1,310,291
Electric Power Development Co. Ltd.		41,000		696,467
ENEOS Holdings, Inc.		16,800		77,620
GMO internet group, Inc.		3,400		55,825
GS Yuasa Corp.		14,600		275,465
GungHo Online Entertainment, Inc.		24,500		360,187
Hitachi Zosen Corp.		15,000		116,098
Idemitsu Kosan Co. Ltd.		71,000		481,033
Inpex Corp.		41,200		617,168
JAFCO Group Co. Ltd.		32,700		369,039
Japan Airlines Co. Ltd.		18,400		326,025
Japan Lifeline Co. Ltd.		21,400		157,070
Japan Petroleum Exploration Co. Ltd.		10,900		459,798
Kansai Electric Power Co., Inc. (The)		6,800		101,860
Kansai Paint Co. Ltd.		2,800		36,451
KDX Realty Investment Corp., REIT		93		91,729
Mazda Motor Corp.		54,000		611,252
Mitsubishi Corp.		68,900		1,575,714
Mitsubishi Estate Co. Ltd.		36,200		663,355
Mitsubishi Heavy Industries Ltd.		10,800		96,564
Mitsui & Co. Ltd.		32,300		1,559,305
Money Forward, Inc.*		2,800		97,500
Nidec Corp.		2,400		112,399
Nippon Steel Corp.		53,000		1,188,203
Odakyu Electric Railway Co. Ltd.		6,800		76,450
Open Up Group, Inc.		20,400		258,424
Otsuka Holdings Co. Ltd.		29,200		1,248,500
Raito Kogyo Co. Ltd.		7,200		93,555
Renesas Electronics Corp.		2,400		38,966
RS Technologies Co. Ltd.		1,900		37,728
Saizeriya Co. Ltd.		2,700		91,172
Sangetsu Corp.		7,900		167,944
Sanrio Co. Ltd.		18,000		303,488

See Notes to Financial Statements.

14

 

 

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
Santen Pharmaceutical Co. Ltd.		18,900	$	182,557
Sanwa Holdings Corp.		16,000		261,294
SCREEN Holdings Co. Ltd.		9,600		990,501
Seiko Epson Corp.		33,400		549,430
Shionogi & Co. Ltd.		12,900		602,440
Subaru Corp.		48,500		1,082,956
Sumitomo Rubber Industries Ltd.		7,800		94,675
Takeda Pharmaceutical Co. Ltd.		36,900		969,808
Tamron Co. Ltd.		6,000		279,004
Tohoku Electric Power Co., Inc.		14,000		108,081
Tokyo Electric Power Co. Holdings, Inc.*		18,600		115,697
Tokyo Gas Co. Ltd.		21,500		482,186
Toyota Motor Corp.		30,565		697,145
UT Group Co. Ltd.		4,200		88,074
				23,775,197
Luxembourg 0.5%
ArcelorMittal SA		36,781		918,894
Mexico 0.4%
Banco del Bajio SA, 144A		170,900		631,694
Grupo Financiero Banorte SAB de CV (Class O Stock)		17,700		175,566
				807,260
Netherlands 2.6%
ABN AMRO Bank NV, 144A, CVA		3,402		54,495
ASM International NV		1,094		688,168
ASML Holding NV		2,731		2,378,735
EXOR NV		8,014		874,932
Koninklijke Ahold Delhaize NV		12,013		364,645
Koninklijke BAM Groep NV		26,475		107,923
Koninklijke KPN NV		181,030		657,887
				5,126,785
Norway 0.4%
DNB Bank ASA		41,323		720,225
Poland 0.2%
Alior Bank SA*		5,250		133,745

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund  15

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Description	Shares		Value
COMMON STOCKS (Continued)
Poland (cont’d.)
Bank Polska Kasa Opieki SA		1,308	$	54,152
Powszechny Zaklad Ubezpieczen SA		11,823		148,803
				336,700
Qatar 0.3%
Ooredoo QPSC		228,249		626,246
Russia 0.0%
Inter RAO UES PJSC^		13,660,000		15
LUKOIL PJSC^		14,283		—
Polyus PJSC*^		1,450		—
Rosneft Oil Co. PJSC^		155,425		—
Sberbank of Russia PJSC^		366,709		—
				15
Saudi Arabia 0.2%
Dr. Sulaiman Al Habib Medical Services Group Co.		1,248		103,194
Etihad Etisalat Co.		8,294		114,807
National Medical Care Co.		720		35,279
Saudi Telecom Co.		10,918		109,554
				362,834
Singapore 1.6%
BW LPG Ltd., 144A		37,526		541,897
Hafnia Ltd.		58,380		440,171
Oversea-Chinese Banking Corp. Ltd.		126,000		1,308,078
Singapore Airlines Ltd.		182,300		869,866
				3,160,012
South Africa 0.2%
Standard Bank Group Ltd.		42,125		395,586
South Korea 5.1%
BNK Financial Group, Inc.		16,850		101,731
CJ CheilJedang Corp.		360		87,259
DB Insurance Co. Ltd.		7,688		539,274
Doosan Bobcat, Inc.		1,712		63,986
Hana Financial Group, Inc.		22,877		964,879
Hyundai Glovis Co. Ltd.		624		81,688
Hyundai Mobis Co. Ltd.		5,877		961,473
Hyundai Motor Co.		1,885		339,066

See Notes to Financial Statements.

16

 

 

Description	Shares		Value
COMMON STOCKS (Continued)
South Korea (cont’d.)
Industrial Bank of Korea		15,092	$	151,728
JB Financial Group Co. Ltd.		14,248		136,707
KB Financial Group, Inc.		27,988		1,517,983
Kia Corp.		16,583		1,404,955
OCI Holdings Co. Ltd.		1,000		68,132
Orion Corp.		4,452		297,945
Samsung Electronics Co. Ltd.		18,948		1,053,256
Samsung Life Insurance Co. Ltd.		1,704		107,374
Samsung SDS Co. Ltd.		875		100,520
Samsung Securities Co. Ltd.		7,549		206,510
Shinhan Financial Group Co. Ltd.		21,499		722,309
SK Hynix, Inc.		9,414		1,161,741
SK Telecom Co. Ltd.		1,010		37,352
				10,105,868
Spain 2.1%
ACS Actividades de Construccion y Servicios SA		1,566		62,719
Aena SME SA, 144A		500		91,120
Banco Bilbao Vizcaya Argentaria SA		143,545		1,552,291
Banco Santander SA		116,125		565,022
Indra Sistemas SA		4,950		94,628
Industria de Diseno Textil SA		36,366		1,655,778
Repsol SA		5,688		89,279
				4,110,837
Sweden 3.2%
Atlas Copco AB (Class B Stock)		14,008		210,039
Epiroc AB (Class B Stock)		2,938		48,700
Essity AB (Class B Stock)		40,791		1,017,726
Fortnox AB		16,600		96,727
Investor AB (Class B Stock)		46,160		1,130,586
Skandinaviska Enskilda Banken AB (Class A Stock)		69,675		912,494
SSAB AB (Class A Stock)		12,800		71,874
Svenska Handelsbanken AB (Class A Stock)		10,881		93,308
Swedbank AB (Class A Stock)		46,804		894,999
Trelleborg AB (Class B Stock)		7,950		280,177
Volvo AB (Class A Stock)		1,500		39,504
Volvo AB (Class B Stock)		57,960		1,475,267
				6,271,401
Switzerland 3.1%
ABB Ltd.		37,842		1,838,684

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund  17

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Description	Shares		Value
COMMON STOCKS (Continued)
Switzerland (cont’d.)
Logitech International SA		13,318	$	1,036,902
Novartis AG		25,782		2,502,338
Schindler Holding AG		170		41,421
UBS Group AG		24,892		653,746
				6,073,091
Taiwan 5.1%
Acer, Inc.		144,000		198,137
Asustek Computer, Inc.		5,000		65,564
Compal Electronics, Inc.		126,000		137,436
Hon Hai Precision Industry Co. Ltd.		53,000		252,299
Largan Precision Co. Ltd.		1,000		66,658
Makalot Industrial Co. Ltd.		7,000		83,811
MediaTek, Inc.		24,000		723,628
Quanta Computer, Inc.		175,000		1,373,443
TaiDoc Technology Corp.		37,000		175,347
Taiwan Semiconductor Manufacturing Co. Ltd.		240,000		5,746,504
Wistron Corp.		277,000		948,465
Wiwynn Corp.		3,000		213,417
				9,984,709
Thailand 0.4%
Bumrungrad Hospital PCL		109,300		721,407
Turkey 1.1%
Akbank TAS		74,164		136,506
KOC Holding A/S		32,767		228,684
Turk Hava Yollari AO*		103,620		1,042,244
Turkcell Iletisim Hizmetleri A/S		288,458		718,131
Turkiye Is Bankasi A/S (Class C Stock)		0		—
Yapi ve Kredi Bankasi A/S		122,789		122,958
				2,248,523
United Arab Emirates 1.2%
Emaar Properties PJSC*		551,375		1,232,928
Emirates NBD Bank PJSC		254,782		1,179,806
				2,412,734
United Kingdom  5.8%
3i Group PLC		39,737		1,419,702
Associated British Foods PLC		19,187		635,045

See Notes to Financial Statements.

18

 

 

Description	Shares		Value
COMMON STOCKS (Continued)
United Kingdom (cont’d.)
AstraZeneca PLC		3,469	$	524,683
Aviva PLC		80,125		465,218
BAE Systems PLC		76,100		1,265,712
Barclays PLC		214,840		541,675
BT Group PLC		99,740		127,548
Centrica PLC		380,197		606,898
DCC PLC		714		48,760
easyJet PLC		26,850		179,843
Games Workshop Group PLC		650		80,336
Harbour Energy PLC		54,159		193,536
HSBC Holdings PLC		20,055		173,836
Imperial Brands PLC		56,338		1,287,332
Intermediate Capital Group PLC		4,175		108,817
Investec PLC		29,783		188,654
Man Group PLC		94,800		304,014
Mitie Group PLC		65,772		95,464
Next PLC		1,785		200,202
Paragon Banking Group PLC		14,150		126,191
Rolls-Royce Holdings PLC*		323,551		1,659,178
Serco Group PLC		132,504		302,202
Tesco PLC		225,074		830,989
Whitbread PLC		1,337		52,695
				11,418,530
United States 3.7%
CRH PLC		816		63,192
GSK PLC		87,086		1,806,766
Holcim AG*		19,262		1,612,379
James Hardie Industries PLC, CDI*		7,575		260,413
Nestle SA		10,810		1,085,326
Roche Holding AG		1,634		391,530
Shell PLC		47,997		1,706,227
Stellantis NV		16,317		361,038
				7,286,871
TOTAL COMMON STOCKS
(cost $156,923,427)				184,782,874

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund  19

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Description	Shares		Value
PREFERRED STOCKS 1.7%
Brazil 1.3%
Cia Energetica de Minas Gerais (PRFC)		506,310	$	946,783
Petroleo Brasileiro SA (PRFC)		194,800		1,572,626
				2,519,409
Germany 0.3%
Bayerische Motoren Werke AG (PRFC)		418		42,950
Henkel AG & Co. KGaA (PRFC)		1,175		93,344
Volkswagen AG (PRFC)		3,654		447,634
				583,928
South Korea 0.1%
Samsung Electronics Co. Ltd. (PRFC)		6,505		303,726
TOTAL PREFERRED STOCKS
(cost $2,326,154)				3,407,063
	Units
RIGHTS* 0.0%
China
Chlitina Holding Ltd., expiring 04/25/24 (cost $0)		1,449		1,408
	Shares
UNAFFILIATED EXCHANGE-TRADED FUNDS 1.4%
United States
iShares MSCI EAFE ETF		24,650		1,904,705
iShares MSCI Emerging Markets ETF		18,800		770,612
TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS
(cost $2,454,804)				2,675,317
TOTAL LONG-TERM INVESTMENTS
(cost $161,704,385)				190,866,662
SHORT-TERM INVESTMENTS 2.0%
AFFILIATED MUTUAL FUND 1.8%
PGIM Core Government Money Market Fund (7-day effective yield 5.540%) (cost $3,545,174)(wb)		3,545,174		3,545,174

See Notes to Financial Statements.

20

 

 

Description	Interest   Rate		Maturity   Date		Principal  Amount  (000)#		Value
U.S. TREASURY OBLIGATION(k)(n) 0.2%
U.S. Treasury Bills (cost $297,836)		5.270%		06/20/24		300	$	297,802
TOTAL SHORT-TERM INVESTMENTS
(cost $3,843,010)								3,842,976
TOTAL INVESTMENTS 99.1%
(cost $165,547,395)								194,709,638
Other assets in excess of liabilities(z) 0.9%								1,753,802
NET ASSETS 100.0%							$	196,463,440

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

CDI—Chess Depository Interest

CVA—Certificate Van Aandelen (Bearer)

EAFE—Europe, Australasia, Far East

ETF—Exchange-Traded Fund

GS—Goldman Sachs & Co. LLC

MSCI—Morgan Stanley Capital International

PJSC—Public Joint-Stock Company

PRFC—Preference Shares

REITs—Real Estate Investment Trust

SOFR—Secured Overnight Financing Rate

* Non-income producing security.

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

^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $15 and 0.0% of net assets.

(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.

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

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

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund  21

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Futures contracts outstanding at April 30, 2024:

Number    of    Contracts		Type	Expiration Date	Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
	Long Positions:
	34	Mini MSCI EAFE Index	Jun. 2024	$	3,854,750			$	(103,240	)
	35	Mini MSCI Emerging Markets Index	Jun. 2024		1,823,500				(5,561	)
								$	(108,801	)

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

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

Broker	Cash and/or Foreign Currency				Securities Market Value
GS		$	—				$	297,802

Fair Value Measurements:

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

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

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

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

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

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Australia	$	—	$	10,359,521		$—
Austria		—		356,759		—
Belgium		—		116,727		—
Brazil		3,626,089		—		—
Canada		11,622,946		—		—
Chile		83,382		—		—
China		1,872,491		13,100,525		—
Denmark		—		4,936,248		—
Finland		—		2,136,751		—
France		—		12,854,801		—
Georgia		—		388,898		—

See Notes to Financial Statements.

22

 

 

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Germany	$	—	$	10,210,651	$—
Greece		—		131,580	—
Hong Kong		—		888,925	—
India		—		8,702,118	—
Indonesia		—		533,430	—
Ireland		—		94,242	—
Israel		1,242,908		319,477	—
Italy		—		4,340,680	—
Japan		—		23,775,197	—
Luxembourg		—		918,894	—
Mexico		807,260		—	—
Netherlands		—		5,126,785	—
Norway		—		720,225	—
Poland		—		336,700	—
Qatar		—		626,246	—
Russia		—		—	15
Saudi Arabia		—		362,834	—
Singapore		—		3,160,012	—
South Africa		—		395,586	—
South Korea		—		10,105,868	—
Spain		—		4,110,837	—
Sweden		—		6,271,401	—
Switzerland		—		6,073,091	—
Taiwan		—		9,984,709	—
Thailand		—		721,407	—
Turkey		—		2,248,523	—
United Arab Emirates		—		2,412,734	—
United Kingdom		—		11,418,530	—
United States		—		7,286,871	—
Preferred Stocks
Brazil		2,519,409		—	—
Germany		—		583,928	—
South Korea		—		303,726	—
Rights
China		—		1,408	—
Unaffiliated Exchange-Traded Funds
United States		2,675,317		—	—
Short-Term Investments
Affiliated Mutual Fund		3,545,174		—	—
U.S. Treasury Obligation		—		297,802	—
Total	$	27,994,976	$	166,714,647	$ 15

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund  23

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

	Level 1			Level 2		Level 3
Other Financial Instruments*
Liabilities
Futures Contracts	$	(108,801	)	$	—		$—

* 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 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 April 30, 2024 were as follows:

Banks	12.5	%
Pharmaceuticals	7.7
Semiconductors & Semiconductor Equipment	6.7
Metals & Mining	5.6
Oil, Gas & Consumable Fuels	5.5
Insurance	4.7
Automobiles	3.9
Technology Hardware, Storage & Peripherals	3.9
Machinery	2.5
Capital Markets	2.4
Consumer Staples Distribution & Retail	2.3
Aerospace & Defense	2.3
Food Products	2.3
Textiles, Apparel & Luxury Goods	2.0
Specialty Retail	1.9
Affiliated Mutual Fund	1.8
Trading Companies & Distributors	1.7
Construction Materials	1.7
Broadline Retail	1.6
Financial Services	1.6
Passenger Airlines	1.6
Software	1.4
Unaffiliated Exchange-Traded Funds	1.4
Electrical Equipment	1.3
Diversified Telecommunication Services	1.3
Entertainment	1.0
Construction & Engineering	1.0
Real Estate Management & Development	1.0
Industrial Conglomerates	0.9
Automobile Components	0.9
Electric Utilities	0.9
Tobacco	0.8
Hotels, Restaurants & Leisure	0.8

Media	0.8	%
Industrial REITs	0.8
Building Products	0.8
Interactive Media & Services	0.7
Chemicals	0.7
Electronic Equipment, Instruments & Components	0.6
Retail REITs	0.6
IT Services	0.6
Health Care Providers & Services	0.6
Household Products	0.5
Household Durables	0.5
Wireless Telecommunication Services	0.5
Independent Power & Renewable Electricity Producers	0.4
Commercial Services & Supplies	0.3
Gas Utilities	0.3
Multi-Utilities	0.3
Personal Care Products	0.2
Professional Services	0.2
Health Care Equipment & Supplies	0.2
U.S. Treasury Obligation	0.1
Communications Equipment	0.1
Diversified REITs	0.1
Containers & Packaging	0.1
Paper & Forest Products	0.1
Transportation Infrastructure	0.1
Air Freight & Logistics	0.0	*
Leisure Products	0.0	*

See Notes to Financial Statements.

24

 

 

Industry Classification (continued):

Ground Transportation	0.0	*%
	99.1
Other assets in excess of liabilities	0.9
	100.0	%

* Less than 0.05%

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

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

Fair values of derivative instruments as of April 30, 2024 as presented in the Statement of Assets and Liabilities:

	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	$	108,801	*

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

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2024 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Equity contracts	$	545,387

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Equity contracts	$	217,585

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund  25

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

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

Derivative Contract Type	Average Volume of Derivative Activities*
Futures Contracts - Long Positions (1)	$5,335,362

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

(1) Notional Amount in USD.

See Notes to Financial Statements.

26

Statement of Assets and Liabilities (unaudited)

as of April 30, 2024

Assets
Investments at value:
Unaffiliated investments (cost $162,002,221)	$	191,164,464
Affiliated investments (cost $3,545,174)		3,545,174
Foreign currency, at value (cost $814,881)		810,366
Tax reclaim receivable		846,359
Dividends and interest receivable		759,884
Receivable for Fund shares sold		98,352
Prepaid expenses and other assets		92,653
Total Assets		197,317,252
Liabilities
Foreign capital gains tax liability accrued		221,080
Payable for Fund shares purchased		207,086
Management fee payable		100,370
Transfer agent’s fees and expenses payable		95,086
Due to broker—variation margin futures		78,065
Custodian and accounting fees payable		51,354
Affiliated transfer agent fee payable		45,114
Distribution fee payable		35,131
Accrued expenses and other liabilities		19,460
Directors’ fees payable		1,066
Total Liabilities		853,812
Net Assets	$	196,463,440
Net assets were comprised of:
Common stock, at par	$	267
Paid-in capital in excess of par		183,335,815
Total distributable earnings (loss)		13,127,358
Net assets, April 30, 2024	$	196,463,440

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund  27

Statement of Assets and Liabilities (unaudited)

as of April 30, 2024

Class A
Net asset value and redemption price per share, ($137,567,657 ÷ 18,728,638 shares of common stock issued and outstanding)	$	7.35
Maximum sales charge (5.50% of offering price)		0.43
Maximum offering price to public	$	7.78
Class C
Net asset value, offering price and redemption price per share, ($1,089,660 ÷ 157,613 shares of common stock issued and outstanding)	$	6.91
Class Z
Net asset value, offering price and redemption price per share, ($12,512,792 ÷ 1,686,004 shares of common stock issued and outstanding)	$	7.42
Class R6
Net asset value, offering price and redemption price per share, ($45,293,331 ÷ 6,095,725 shares of common stock issued and outstanding)	$	7.43

See Notes to Financial Statements.

28

Statement of Operations (unaudited)

Six Months Ended April 30, 2024

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $470,369 foreign withholding tax)	$	3,419,694
Affiliated dividend income		95,932
Interest income		9,703
Income from securities lending, net (including affiliated income of $3,470)		4,142
Total income		3,529,471
Expenses
Management fee		725,335
Distribution fee(a)		206,848
Transfer agent’s fees and expenses (including affiliated expense of $110,723)(a)		290,840
Custodian and accounting fees		70,121
Shareholders’ reports		33,056
Professional fees		27,986
Registration fees(a)		19,605
Audit fee		14,571
Directors’ fees		6,594
Miscellaneous		30,201
Total expenses		1,425,157
Less: Fee waiver and/or expense reimbursement(a)		(194,918	)
Net expenses		1,230,239
Net investment income (loss)		2,299,232
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(1,612)) (net of foreign capital gains taxes $(159,587))		3,283,085
Futures transactions		545,387
Foreign currency transactions		(43,343	)
		3,785,129
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(68)) (net of change in foreign capital gains taxes $(115,337))		29,099,087
Futures		217,585
Foreign currencies		(20,488	)
		29,296,184
Net gain (loss) on investment and foreign currency transactions		33,081,313
Net Increase (Decrease) In Net Assets Resulting From Operations	$	35,380,545

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund  29

Statement of Operations (unaudited)

Six Months Ended April 30, 2024

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

	Class A			Class C		Class Z		Class R6
Distribution fee		201,344			5,504		—		—
Transfer agent’s fees and expenses		273,633			4,412		11,419		1,376
Registration fees		6,663			4,013		5,165		3,764
Fee waiver and/or expense reimbursement		(136,860	)		(4,281)		(12,723)		(41,054)

See Notes to Financial Statements.

30

Statements of Changes in Net Assets (unaudited)

 

	Six Months Ended April 30, 2024					Year Ended October 31, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	2,299,232				$	5,540,370
Net realized gain (loss) on investment and foreign currency transactions			3,785,129					2,689,361
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			29,296,184					16,724,044
Net increase (decrease) in net assets resulting from operations			35,380,545					24,953,775
Dividends and Distributions
Distributions from distributable earnings
Class A			(5,000,495	)				(4,478,558	)
Class C			(29,693	)				(30,105	)
Class Z			(508,377	)				(511,647	)
Class R6			(2,045,517	)				(1,675,178	)
			(7,584,082	)				(6,695,488	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold			6,792,644					17,742,828
Net asset value of shares issued in reinvestment of dividends and distributions			7,485,544					6,609,213
Cost of shares purchased			(18,549,542	)				(38,363,562	)
Net increase (decrease) in net assets from Fund share transactions			(4,271,354	)				(14,011,521	)
Total increase (decrease)			23,525,109					4,246,766
Net Assets:
Beginning of period			172,938,331					168,691,565
End of period		$	196,463,440				$	172,938,331

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund  31

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$6.33			$5.76			$8.59			$6.74			$7.19			$6.96
Income (loss) from investment operations:
Net investment income (loss)		0.08			0.17			0.18			0.18			0.11			0.15
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.21			0.62			(2.14	)		1.78			(0.39	)		0.28
Total from investment operations		1.29			0.79			(1.96	)		1.96			(0.28	)		0.43
Less Dividends and Distributions:
Dividends from net investment income		(0.27)			(0.22	)		(0.24	)		(0.11	)		(0.17	)		(0.17	)
Distributions from net realized gains		-			-			(0.63	)		-			-			(0.03	)
Total dividends and distributions		(0.27)			(0.22	)		(0.87	)		(0.11	)		(0.17	)		(0.20	)
Net asset value, end of period		$7.35			$6.33			$5.76			$8.59			$6.74			$7.19
Total Return(b):		20.66%			13.91	%		(25.11	)%		29.28	%		(4.07	)%		6.53	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$137,568			$121,357			$119,053			$176,479			$147,445			$173,103
Average net assets (000)		$134,966			$130,333			$148,834			$176,751			$156,952			$172,031
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.45%(d)			1.54	%		1.49	%		1.43	%		1.47	%		1.48	%
Expenses before waivers and/or expense reimbursement		1.65%(d)			1.71	%		1.63	%		1.55	%		1.64	%		1.62	%
Net investment income (loss)		2.20%(d)			2.69	%		2.65	%		2.12	%		1.58	%		2.19	%
Portfolio turnover rate(e)		52%			111	%		99	%		104	%		128	%		94	%

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

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

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

(d) Annualized.

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

See Notes to Financial Statements.

32

 

Class C Shares
	Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$5.93			$5.42			$8.13			$6.38			$6.86			$6.64
Income (loss) from investment operations:
Net investment income (loss)		0.03			0.07			0.09			0.07			0.02			0.07
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.12			0.58			(2.02	)		1.71			(0.38	)		0.30
Total from investment operations		1.15			0.65			(1.93	)		1.78			(0.36	)		0.37
Less Dividends and Distributions:
Dividends from net investment income		(0.17)			(0.14	)		(0.15	)		(0.03	)		(0.12	)		(0.12	)
Distributions from net realized gains		-			-			(0.63	)		-			-			(0.03	)
Total dividends and distributions		(0.17)			(0.14	)		(0.78	)		(0.03	)		(0.12	)		(0.15	)
Net asset value, end of period		$6.91			$5.93			$5.42			$8.13			$6.38			$6.86
Total Return(b):		19.70%			12.11	%		(25.98	)%		27.89	%		(5.42	)%		5.77	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,090			$1,107			$1,319			$2,335			$2,381			$2,928
Average net assets (000)		$1,107			$1,279			$1,929			$2,444			$2,640			$7,163
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		2.69%(d)			3.12	%		2.73	%		2.61	%		2.81	%		2.25	%
Expenses before waivers and/or expense reimbursement		3.47%(d)			3.29	%		2.87	%		2.73	%		2.98	%		2.39	%
Net investment income (loss)		0.89%(d)			1.13	%		1.43	%		0.84	%		0.24	%		1.09	%
Portfolio turnover rate(e)		52%			111	%		99	%		104	%		128	%		94	%

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

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

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

(d) Annualized.

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

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund  33

Financial Highlights (unaudited) (continued)

Class Z Shares
	Six Months Ended April 30,		Year Ended October 31,
	2024		2023			2022			2021			2020			2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$6.41		$5.83			$8.68			$6.81			$7.26			$7.02
Income (loss) from investment operations:
Net investment income (loss)		0.09		0.21			0.22			0.22			0.13			0.18
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.22		0.62			(2.16	)		1.79			(0.37	)		0.29
Total from investment operations		1.31		0.83			(1.94	)		2.01			(0.24	)		0.47
Less Dividends and Distributions:
Dividends from net investment income		(0.30)		(0.25	)		(0.28	)		(0.14	)		(0.21	)		(0.20	)
Distributions from net realized gains		-		-			(0.63	)		-			-			(0.03	)
Total dividends and distributions		(0.30)		(0.25	)		(0.91	)		(0.14	)		(0.21	)		(0.23	)
Net asset value, end of period		$7.42		$6.41			$5.83			$8.68			$6.81			$7.26
Total Return(b):		20.81%		14.49	%		(24.82	)%		29.85	%		(3.61	)%		7.05	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$12,513		$10,955			$11,635			$16,562			$13,062			$14,753
Average net assets (000)		$12,184		$12,118			$15,433			$17,429			$12,955			$13,815
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.00%(d)		1.04	%		1.04	%		1.01	%		1.09	%		1.03	%
Expenses before waivers and/or expense reimbursement		1.21%(d)		1.21	%		1.18	%		1.13	%		1.26	%		1.17	%
Net investment income (loss)		2.67%(d)		3.16	%		3.20	%		2.60	%		1.97	%		2.58	%
Portfolio turnover rate(e)		52%		111	%		99	%		104	%		128	%		94	%

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

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

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

(d) Annualized.

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

See Notes to Financial Statements.

34

 

Class R6 Shares
	Six Months Ended April 30,		Year Ended October 31,
	2024		2023			2022			2021			2020			2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$6.43		$5.85			$8.70			$6.83			$7.27			$7.03
Income (loss) from investment operations:
Net investment income (loss)		0.10		0.23			0.24			0.25			0.16			0.21
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.21		0.62			(2.16	)		1.78			(0.38	)		0.27
Total from investment operations		1.31		0.85			(1.92	)		2.03			(0.22	)		0.48
Less Dividends and Distributions:
Dividends from net investment income		(0.31)		(0.27	)		(0.30	)		(0.16	)		(0.22	)		(0.21	)
Distributions from net realized gains		-		-			(0.63	)		-			-			(0.03	)
Total dividends and distributions		(0.31)		(0.27	)		(0.93	)		(0.16	)		(0.22	)		(0.24	)
Net asset value, end of period		$7.43		$6.43			$5.85			$8.70			$6.83			$7.27
Total Return(b):		20.85%		14.97	%		(24.60	)%		29.96	%		(3.26	)%		7.33	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$45,293		$39,520			$36,684			$59,558			$18,837			$5,487
Average net assets (000)		$46,228		$46,208			$51,067			$37,941			$18,273			$23,216
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.78%(d)		0.78	%		0.78	%		0.78	%		0.78	%		0.78	%
Expenses before waivers and/or expense reimbursement		0.96%(d)		0.97	%		0.96	%		0.94	%		1.05	%		0.95	%
Net investment income (loss)		2.85%(d)		3.53	%		3.38	%		2.92	%		2.33	%		3.06	%
Portfolio turnover rate(e)		52%		111	%		99	%		104	%		128	%		94	%

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

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

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

(d) Annualized.

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

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund  35

Notes to Financial Statements (unaudited)

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. These financial statements relate only to the PGIM Quant Solutions International Equity Fund (the “Fund”), a series of the RIC. The Fund is classified as a diversified fund for purposes of the 1940 Act.

The investment objective of the Fund is to seek long-term 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 approved the Fund’s valuation policies and procedures for security valuation and designated PGIM Investments LLC (“PGIM Investments” or the “Manager”) as the “Valuation Designee,” as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Fund investments. Pursuant to the Board’s oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities as Valuation Designee under Rule 2a-5. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some

36

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 Measurement.

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

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

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

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

PGIM Quant Solutions International Equity Fund  37

Notes to Financial Statements (unaudited) (continued)

comparable securities; and any available analyst media or other reports or information deemed reliable by the Valuation Designee regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

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

(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 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

38

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.

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

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

PGIM Quant Solutions International Equity Fund  39

Notes to Financial Statements (unaudited) (continued)

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

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.

40

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

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

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

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

3. Agreements

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

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

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended April 30, 2024, the contractual and effective management fee rates were as follows:

Contractual Management Rate	Effective Management Fee, before any waivers  and/or expense reimbursements
0.75% of average daily net assets up to $2 billion;		0.75%
0.70% of average daily net assets from $2 billion to $5 billion;
0.69% of average daily net assets over $5 billion

The Manager has contractually agreed, through February 28, 2025, to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

PGIM Quant Solutions International Equity Fund  41

Notes to Financial Statements (unaudited) (continued)

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

Class	Expense Limitations
A	1.45%
C	2.69
Z	1.00
R6	0.78

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

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

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

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

For the reporting period ended April 30, 2024, PIMS received front-end sales charges (“FESL”) resulting from sales of certain class shares and contingent deferred sales charges (“CDSC”) imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:

Class	FESL		CDSC
A	$	7,738		$—

42

Class	FESL		CDSC
C	$	—		$31

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

4. Other Transactions with Affiliates

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

The Fund may invest its overnight sweep cash in the PGIM Core Government Money Market Fund (the “Core Government Fund”), a series of the Prudential Government Money Market Fund, Inc., and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), a series of Prudential Investment Portfolios 2, each registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Government Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Government Fund and the Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “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 reporting period ended April 30, 2024, no Rule 17a-7 transactions were entered into by the Fund.

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2024, were as follows:

Cost of Purchases	Proceeds from Sales
$96,541,802	$106,629,035

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

PGIM Quant Solutions International Equity Fund  43

Notes to Financial Statements (unaudited) (continued)

Value, Beginning of Period		Cost of Purchases			Proceeds from Sales			Change in Unrealized Gain (Loss)		Realized Gain (Loss)				Value, End of Period			Shares, End of Period			Income
	Short-Term Investments - Affiliated Mutual Funds:
	PGIM Core Government Money Market Fund (7-day effective yield 5.540%)(1)(wb)
	$3,297,041		$24,382,592			$24,134,459		$—			$  —			$	3,545,174			3,545,174		$95,932
	PGIM Institutional Money Market Fund (7-day effective yield 5.644%)(1)(wb)
	685,491		26,472,111			27,155,922		(68)			(1,612	)			—			—		3,470(2)
	$3,982,532		$50,854,703			$51,290,381		$(68)			$(1,612	)		$	3,545,174					$99,402

(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.

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

6. Tax Information

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

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net     Unrealized  Appreciation
$166,367,071	$37,498,759	$(9,264,993)	$28,233,766

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

For federal income tax purposes, the Fund had an approximated capital loss carryforward as of October 31, 2023 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

Capital Loss Carryforward	Capital Loss Carryforward Utilized
$19,688,000	$400,000

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2023 are subject to such review.

44

7. Capital and Ownership

The Fund offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a CDSC of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately eight years (ten years prior to January 22, 2021) after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

Under certain circumstances, an exchange may be made from specified share classes of the Fund to one or more other share classes of the Fund as presented in the table of transactions in shares of 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	Number of Shares
A		100,000,000
B		5,000,000
C		100,000,000
Z		180,000,000
T		135,000,000
R6		180,000,000

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

As of April 30, 2024, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

Class	Number of Shares		Percentage of Outstanding Shares
Z		92,403		5.5	%
R6		3,910,656		64.2

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

	Number of Shareholders	Percentage of Outstanding Shares
Affiliated	1	14.8%
Unaffiliated	2	26.5

PGIM Quant Solutions International Equity Fund  45

Notes to Financial Statements (unaudited) (continued)

Transactions in shares of common stock were as follows:

Share Class	Shares			Amount
Class A
Six months ended April 30, 2024:
Shares sold		91,035		$	643,061
Shares issued in reinvestment of dividends and distributions		724,772			4,913,951
Shares purchased		(1,195,715	)		(8,442,642	)
Net increase (decrease) in shares outstanding before conversion		(379,908	)		(2,885,630	)
Shares issued upon conversion from other share class(es)		22,783			158,288
Shares purchased upon conversion into other share class(es)		(76,776	)		(550,171	)
Net increase (decrease) in shares outstanding		(433,901	)	$	(3,277,513	)
Year ended October 31, 2023:
Shares sold		186,486		$	1,209,888
Shares issued in reinvestment of dividends and distributions		725,523			4,403,922
Shares purchased		(2,382,623	)		(15,398,749	)
Net increase (decrease) in shares outstanding before conversion		(1,470,614	)		(9,784,939	)
Shares issued upon conversion from other share class(es)		23,446			154,741
Shares purchased upon conversion into other share class(es)		(52,571	)		(345,682	)
Net increase (decrease) in shares outstanding		(1,499,739	)	$	(9,975,880	)
Class C
Six months ended April 30, 2024:
Shares sold		6,237		$	42,537
Shares issued in reinvestment of dividends and distributions		4,632			29,693
Shares purchased		(15,705	)		(102,330	)
Net increase (decrease) in shares outstanding before conversion		(4,836	)		(30,100	)
Shares purchased upon conversion into other share class(es)		(24,254	)		(158,288	)
Net increase (decrease) in shares outstanding		(29,090	)	$	(188,388	)
Year ended October 31, 2023:
Shares sold		13,168		$	80,989
Shares issued in reinvestment of dividends and distributions		5,223			30,087
Shares purchased		(50,815	)		(309,324	)
Net increase (decrease) in shares outstanding before conversion		(32,424	)		(198,248	)
Shares purchased upon conversion into other share class(es)		(24,475	)		(151,868	)
Net increase (decrease) in shares outstanding		(56,899	)	$	(350,116	)

46

Share Class	Shares			Amount
Class Z
Six months ended April 30, 2024:
Shares sold		67,446		$	488,253
Shares issued in reinvestment of dividends and distributions		72,571			496,383
Shares purchased		(215,321	)		(1,523,225	)
Net increase (decrease) in shares outstanding before conversion		(75,304	)		(538,589	)
Shares issued upon conversion from other share class(es)		59,038			422,766
Shares purchased upon conversion into other share class(es)		(6,122	)		(45,611	)
Net increase (decrease) in shares outstanding		(22,388	)	$	(161,434	)
Year ended October 31, 2023:
Shares sold		238,881		$	1,527,659
Shares issued in reinvestment of dividends and distributions		81,704			500,026
Shares purchased		(638,583	)		(4,184,774	)
Net increase (decrease) in shares outstanding before conversion		(317,998	)		(2,157,089	)
Shares issued upon conversion from other share class(es)		49,058			325,780
Shares purchased upon conversion into other share class(es)		(17,944	)		(118,254	)
Net increase (decrease) in shares outstanding		(286,884	)	$	(1,949,563)
Class R6
Six months ended April 30, 2024:
Shares sold		792,453		$	5,618,793
Shares issued in reinvestment of dividends and distributions		299,052			2,045,517
Shares purchased		(1,168,501	)		(8,481,345	)
Net increase (decrease) in shares outstanding before conversion		(76,996	)		(817,035	)
Shares issued upon conversion from other share class(es)		23,066			173,016
Net increase (decrease) in shares outstanding		(53,930	)	$	(644,019	)
Year ended October 31, 2023:
Shares sold		2,359,691		$	14,924,292
Shares issued in reinvestment of dividends and distributions		273,722			1,675,178
Shares purchased		(2,779,963	)		(18,470,715	)
Net increase (decrease) in shares outstanding before conversion		(146,550	)		(1,871,245	)
Shares issued upon conversion from other share class(es)		20,458			135,283
Net increase (decrease) in shares outstanding		(126,092	)	$	(1,735,962	)

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

PGIM Quant Solutions International Equity Fund  47

Notes to Financial Statements (unaudited) (continued)

funding for capital share redemptions. The table below provides details of the SCA in effect at the reporting period-end.

	SCA
Term of Commitment	9/29/2023 - 9/26/2024
Total Commitment	$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%
Annualized Interest Rate on Borrowings	1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent

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

The Fund utilized the SCA during the reporting period ended April 30, 2024. The average daily balance for the 1 day that the Fund had loans outstanding during the period was approximately $123,000, borrowed at a weighted average interest rate of 6.41%. The maximum loan outstanding amount during the period was $123,000. At April 30, 2024, 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.

48

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 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.

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, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.

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

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

PGIM Quant Solutions International Equity Fund  49

Notes to Financial Statements (unaudited) (continued)

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.

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.

50

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

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

PGIM Quant Solutions International Equity Fund  51

Notes to Financial Statements (unaudited) (continued)

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

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

52

Liquidity Risk Management Program (unaudited)

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

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

At a meeting of the Board on March 5-7, 2024, PGIM Investments provided a written report (“LRMP Report”) to the Board addressing the operation, adequacy, and effectiveness of the Fund’s LRMP, including any material changes to the LRMP for the period from January 1, 2023 through December 31, 2023 (“Reporting Period”). The LRMP Report concluded that the Fund’s LRMP was reasonably designed to assess and manage the Fund’s liquidity risk and was adequately and effectively implemented during the Reporting Period. There were no material changes to the LRMP during the Reporting Period. The LRMP Report further concluded that the Fund’s investment strategies continue to be appropriate given the Fund’s status as an open-end fund.

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

PGIM Quant Solutions International Equity Fund  53

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

MANAGER	PGIM Investments LLC	655 Broad Street
		Newark, NJ 07102
SUBADVISER	PGIM Quantitative Solutions	655 Broad Street
	LLC	16th Floor
		Newark, NJ 07102
DISTRIBUTOR	Prudential Investment	655 Broad Street
	Management Services LLC	Newark, NJ 07102
CUSTODIAN	The Bank of New York	240 Greenwich Street
	Mellon	New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund	PO Box 534432
	Services LLC	Pittsburgh, PA 15253
INDEPENDENT REGISTERED	PricewaterhouseCoopers	300 Madison Avenue
PUBLIC ACCOUNTING FIRM	LLP	New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher	787 Seventh Avenue
	LLP	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 Quant Solutions 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.

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 QUANT SOLUTIONS INTERNATIONAL EQUITY FUND

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

MF190E2

PGIM EMERGING MARKETS DEBT LOCAL CURRENCY FUND

SEMIANNUAL REPORT

APRIL 30, 2024

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

Table of Contents

Letter from the President	3
Your Fund’s Performance	4
Fees andExpenses	7
Holdings and Financial Statements	9

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

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

The accompanying financial statements as of April 30, 2024 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. © 2024 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2  Visit our website at pgim.com/investments

Letter from the President

  Dear Shareholder:   We hope you find the semiannual report for the PGIM Emerging Markets Debt Local Currency Fund informative and useful. The report covers performance for the six-month period ended April 30, 2024.   Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

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

At PGIM Investments, we provide access to active investment strategies across the global markets in the pursuit of consistent outperformance for investors. PGIM is the world’s 14th-largest investment manager with more than $1.3 trillion in assets under management. Our scale and investment expertise allow us to deliver a diversified suite of actively managed solutions across a broad spectrum of asset classes and investment styles.

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Emerging Markets Debt Local Currency Fund

June 14, 2024

PGIM Emerging Markets Debt Local Currency Fund  3

Your Fund’s Performance

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

	Total Returns as of 4/30/24 (without sales charges)		Average Annual Total Returns as of 4/30/24  (with sales charges)
	Six Months* (%)		One Year (%)	Five Years (%)	Ten Years (%)
Class A	3.31		-1.27	-0.39	-0.87
Class C	2.93		0.34	-0.49	-1.31
Class Z	3.52		2.51	0.62	-0.25
Class R6	3.78		2.58	0.72	-0.16
JP Morgan Government Bond Index-Emerging Markets Global Diversified Index
	4.07		1.79	-0.27	-0.62

*Not annualized

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

	Class A	Class C	Class Z	Class R6
Maximum initial sales charge	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 Definition

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.

PGIM Emerging Markets Debt Local Currency Fund  5

Your Fund’s Performance (continued)

Credit Quality expressed as a percentage of total investments as of 4/30/24 (%)
AAA	4.5
AA	4.7
A	27.0
BBB	35.7
BB	17.7
B	0.6
Not Rated	-1.5
Cash/Cash Equivalents	11.3
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 Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable S&P/Fitch rating tier nomenclature. These rating agencies are independent and are widely used. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.

Distributions and Yields as of 4/30/24
	Total Distributions Paid for Six Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day   Unsubsidized   Yield** (%)
Class A	0.18	5.32	4.61
Class C	0.16	4.73	-7.25
Class Z	0.19	5.92	5.45
Class R6	0.19	5.98	5.40

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

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

6  Visit our website at pgim.com/investments

Fees and Expenses

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

The example is based on an investment of $1,000 held through the six-month period ended April 30, 2024. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Emerging Markets Debt Local Currency Fund  7

Fees and Expenses(continued)

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

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

PGIM Emerging Markets Debt Local Currency Fund		Beginning Account Value  November 1, 2023	Ending  Account Value  April 30, 2024	Annualized Expense  Ratio Based on the  Six-Month Period	Expenses Paid During the  Six-Month Period*
Class A	Actual	$1,000.00	$1,033.10	1.14%	$5.76
	Hypothetical	$1,000.00	$1,019.19	1.14%	$5.72
Class C	Actual	$1,000.00	$1,029.30	1.89%	$9.54
	Hypothetical	$1,000.00	$1,015.47	1.89%	$9.47
Class Z	Actual	$1,000.00	$1,035.20	0.73%	$3.69
	Hypothetical	$1,000.00	$1,021.23	0.73%	$3.67
Class R6	Actual	$1,000.00	$1,037.80	0.66%	$3.34
	Hypothetical	$1,000.00	$1,021.58	0.66%	$3.32

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 182 days in the six-month period ended April 30, 2024, and divided by the 366 days in the Fund’s fiscal year ending October 31, 2024 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying funds in which the Fund may invest.

8  Visit our website at pgim.com/investments

Schedule of Investments (unaudited)

as of April 30, 2024

Description	Interest   Rate		Maturity  Date	Principal   Amount (000)#			Value
LONG-TERM INVESTMENTS 84.2%
CORPORATE BONDS 1.0%
Malaysia 0.4%
Gohl Capital Ltd.,
Gtd. Notes		4.250%	01/24/27		200		$	189,812
South Africa 0.3%
Sasol Financing USA LLC,
Gtd. Notes		4.375	09/18/26		200			188,500
Supranational Bank 0.3%
European Investment Bank,
Sr. Unsec’d. Notes, EMTN		3.000	05/24/24	PLN	600			147,458
TOTAL CORPORATE BONDS
(cost $539,363)								525,770
SOVEREIGN BONDS 83.2%
Angola 0.4%
Angolan Government International Bond,
Sr. Unsec’d. Notes		9.500	11/12/25		200			203,900
Brazil 4.1%
Brazil Minas SPE via State of Minas Gerais,
Gov’t. Gtd. Notes		5.333	02/15/28		94			92,590
Brazil Notas do Tesouro Nacional,
Notes, Series NTNB		6.000	08/15/30	BRL	1			278,705
Notes, Series NTNB		6.000	05/15/35	BRL	1			105,228
Notes, Series NTNF		10.000	01/01/25	BRL	1			195,234
Notes, Series NTNF		10.000	01/01/27	BRL	8			1,522,712
Notes, Series NTNF		10.000	01/01/31	BRL	—(r	)		35,618
								2,230,087
Chile 0.9%
Bonos de la Tesoreria de la Republica en pesos, Bonds		5.000	03/01/35	CLP	115,000			109,608
Bonds, 144A		5.000	10/01/28	CLP	110,000			110,663
Bonds, Series 30YR		6.000	01/01/43	CLP	135,000			141,623
Unsec’d. Notes, 144A		2.800	10/01/33	CLP	50,000			40,147
Unsec’d. Notes, 144A		4.700	09/01/30	CLP	95,000			91,933
								493,974

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund  9

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Description	Interest   Rate		Maturity  Date	Principal   Amount (000)#		Value
SOVEREIGN BONDS (Continued)
China 4.6%
China Government Bond,
Bonds, Series 1910		3.860%	07/22/49	CNH	380	$	64,265
Bonds, Series INBK		2.790	12/15/29	CNH	3,910		554,689
Bonds, Series INBK		3.020	05/27/31	CNH	7,700		1,112,618
Bonds, Series INBK		3.270	11/19/30	CNH	2,250		330,873
Bonds, Series INBK		3.320	04/15/52	CNH	1,300		204,059
Unsec’d. Notes, Series INBK		3.810	09/14/50	CNH	1,240		209,291
							2,475,795
Colombia 4.3%
Colombia Government International Bond,
Sr. Unsec’d. Notes		4.500	03/15/29		210		187,740
Colombian TES,
Bonds, Series B		5.750	11/03/27	COP	250,000		55,911
Bonds, Series B		6.000	04/28/28	COP	1,221,000		270,939
Bonds, Series B		6.250	07/09/36	COP	1,644,000		290,561
Bonds, Series B		7.000	03/26/31	COP	2,281,200		489,464
Bonds, Series B		7.000	06/30/32	COP	1,107,600		230,481
Bonds, Series B		7.250	10/18/34	COP	1,405,800		283,580
Bonds, Series B		7.250	10/26/50	COP	210,000		35,990
Bonds, Series B		7.750	09/18/30	COP	500,000		113,033
Bonds, Series B		9.250	05/28/42	COP	757,100		164,392
Bonds, Series G		7.000	03/26/31	COP	759,800		163,368
Sr. Unsec’d. Notes, Series UVR		3.750	06/16/49	COP	239,789		47,771
							2,333,230
Czech Republic 4.7%
Czech Republic Government Bond,
Bonds, Series 049		4.200	12/04/36	CZK	2,950		123,406
Sr. Unsec’d. Notes, Series 078		2.500	08/25/28	CZK	2,100		83,203
Sr. Unsec’d. Notes, Series 094		0.950	05/15/30	CZK	8,770		307,076
Sr. Unsec’d. Notes, Series 095		1.000	06/26/26	CZK	9,030		357,955
Sr. Unsec’d. Notes, Series 100		0.250	02/10/27	CZK	7,470		284,670
Sr. Unsec’d. Notes, Series 103		2.000	10/13/33	CZK	9,290		323,019
Sr. Unsec’d. Notes, Series 105		2.750	07/23/29	CZK	16,250		641,252
Sr. Unsec’d. Notes, Series 121		1.200	03/13/31	CZK	5,900		204,825
Sr. Unsec’d. Notes, Series 130		0.050	11/29/29	CZK	6,050		203,572
							2,528,978

See Notes to Financial Statements.

10

 

 

Description	Interest   Rate		Maturity  Date	Principal   Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Dominican Republic 0.4%
Dominican Republic International Bond,
Sr. Unsec’d. Notes		5.950%	01/25/27		200	$	196,200
Hungary 4.7%
Hungary Government Bond,
Bonds, Series 26/D		2.750	12/22/26	HUF	226,920		553,571
Bonds, Series 26/E		1.500	04/22/26	HUF	58,840		144,075
Bonds, Series 27/A		3.000	10/27/27	HUF	106,530		253,492
Bonds, Series 28/A		6.750	10/22/28	HUF	134,280		359,445
Bonds, Series 28/B		4.500	03/23/28	HUF	42,830		106,348
Bonds, Series 29/A		2.000	05/23/29	HUF	326,320		698,476
Bonds, Series 31/A		3.250	10/22/31	HUF	33,070		70,144
Bonds, Series 32/A		4.750	11/24/32	HUF	45,870		106,100
Bonds, Series 38/A		3.000	10/27/38	HUF	21,890		38,024
Bonds, Series 41/A		3.000	04/25/41	HUF	84,970		140,034
Bonds, Series 51/G		4.000	04/28/51	HUF	29,330		50,987
							2,520,696
Indonesia 10.5%
Indonesia Treasury Bond,
Bonds, Series 056		8.375	09/15/26	IDR	9,696,000		610,214
Bonds, Series 059		7.000	05/15/27	IDR	7,548,000		462,752
Bonds, Series 064		6.125	05/15/28	IDR	8,837,000		526,550
Bonds, Series 068		8.375	03/15/34	IDR	8,238,000		544,235
Bonds, Series 071		9.000	03/15/29	IDR	3,640,000		240,204
Bonds, Series 072		8.250	05/15/36	IDR	3,843,000		255,083
Bonds, Series 073		8.750	05/15/31	IDR	6,870,000		456,310
Bonds, Series 075		7.500	05/15/38	IDR	2,792,000		174,751
Bonds, Series 078		8.250	05/15/29	IDR	6,284,000		403,474
Bonds, Series 079		8.375	04/15/39	IDR	1,850,000		125,613
Bonds, Series 081		6.500	06/15/25	IDR	993,000		60,528
Bonds, Series 082		7.000	09/15/30	IDR	8,415,000		510,779
Bonds, Series 087		6.500	02/15/31	IDR	7,837,000		463,211
Bonds, Series 092		7.125	06/15/42	IDR	1,354,000		82,606
Bonds, Series 095		6.375	08/15/28	IDR	2,401,000		143,588
Bonds, Series 096		7.000	02/15/33	IDR	10,290,000		623,505
							5,683,403
Ivory Coast 0.2%
Ivory Coast Government International Bond,
Sr. Unsec’d. Notes		5.250	03/22/30	EUR	140		135,894

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund  11

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Description	Interest   Rate		Maturity  Date	Principal   Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Malaysia 4.0%
Malaysia Government Bond,
Bonds, Series 115		3.955%	09/15/25	MYR	140	$	29,506
Bonds, Series 118		3.882	03/14/25	MYR	567		119,228
Bonds, Series 120		4.065	06/15/50	MYR	1,886		379,271
Bonds, Series 219		3.885	08/15/29	MYR	2,270		477,544
Bonds, Series 222		4.696	10/15/42	MYR	755		167,658
Bonds, Series 317		4.762	04/07/37	MYR	842		188,089
Bonds, Series 411		4.232	06/30/31	MYR	280		59,778
Bonds, Series 413		3.844	04/15/33	MYR	390		80,678
Bonds, Series 417		3.899	11/16/27	MYR	1,835		387,859
Bonds, Series 419		3.828	07/05/34	MYR	365		75,539
Bonds, Series 519		3.757	05/22/40	MYR	682		136,386
Malaysia Government Investment Issue,
Bonds, Series 121		3.447	07/15/36	MYR	430		84,865
							2,186,401
Mexico 9.8%
Mexican Bonos,
Bonds, Series M		5.500	03/04/27	MXN	30		154,387
Bonds, Series M		7.500	05/26/33	MXN	35		174,075
Bonds, Series M		7.750	05/29/31	MXN	149		771,481
Bonds, Series M		8.000	11/07/47	MXN	68		325,009
Bonds, Series M		10.000	11/20/36	MXN	78		458,011
Sr. Unsec’d. Notes, Series M		7.750	11/23/34	MXN	120		599,107
Sr. Unsec’d. Notes, Series M		7.750	11/13/42	MXN	46		216,766
Sr. Unsec’d. Notes, Series M		8.500	11/18/38	MXN	33		171,250
Mexican Udibonos,
Bonds, Series S		2.750	11/27/31	MXN	4		167,645
Bonds, Series S		4.500	12/04/25	MXN	50		2,272,368
							5,310,099
Peru 1.9%
Peru Government Bond,
Bonds		5.940	02/12/29	PEN	800		211,336
Bonds		6.900	08/12/37	PEN	260		65,568
Bonds		6.950	08/12/31	PEN	190		50,879
Sr. Unsec’d. Notes		5.350	08/12/40	PEN	540		115,078
Sr. Unsec’d. Notes		6.150	08/12/32	PEN	1,638		410,783
Peruvian Government International Bond,
Sr. Unsec’d. Notes		6.850	02/12/42	PEN	245		61,412

See Notes to Financial Statements.

12

 

 

Description	Interest   Rate		Maturity  Date	Principal   Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Peru (cont’d.)
Peruvian Government International Bond, (cont’d.)
Sr. Unsec’d. Notes		6.900%	08/12/37	PEN	7	$	1,765
Sr. Unsec’d. Notes		6.950	08/12/31	PEN	478		127,999
							1,044,820
Philippines 0.2%
Philippine Government Bond,
Bonds, Series 1060		3.625	09/09/25	PHP	5,600		92,453
Poland 8.5%
Republic of Poland Government Bond,
Bonds, Series 0428		2.750	04/25/28	PLN	1,480		330,216
Bonds, Series 0429		5.750	04/25/29	PLN	2,400		594,119
Bonds, Series 0432		1.750	04/25/32	PLN	710		131,682
Bonds, Series 0725		3.250	07/25/25	PLN	4,301		1,035,319
Bonds, Series 0726		2.500	07/25/26	PLN	3,925		911,302
Bonds, Series 0728		7.500	07/25/28	PLN	830		219,313
Bonds, Series 1026		0.250	10/25/26	PLN	1,660		362,152
Bonds, Series 1029		2.750	10/25/29	PLN	1,735		372,338
Bonds, Series 1030		1.250	10/25/30	PLN	3,350		635,132
							4,591,573
Romania 2.9%
Romania Government Bond,
Bonds, Series 05YR		4.250	04/28/36	RON	830		139,096
Bonds, Series 07YR		2.500	10/25/27	RON	1,170		221,786
Bonds, Series 07YR		4.850	04/22/26	RON	1,395		292,816
Bonds, Series 08YR		7.350	04/28/31	RON	540		119,239
Bonds, Series 10YR		6.700	02/25/32	RON	1,050		222,634
Bonds, Series 15YR		3.650	09/24/31	RON	1,270		222,911
Romanian Government International Bond,
Sr. Unsec’d. Notes, EMTN		2.125	03/07/28	EUR	80		78,199
Sr. Unsec’d. Notes, EMTN		6.625	09/27/29	EUR	230		263,663
							1,560,344
Serbia 1.0%
Serbia International Bond,
Sr. Unsec’d. Notes		3.125	05/15/27	EUR	130		132,715
Sr. Unsec’d. Notes, EMTN		1.000	09/23/28	EUR	300		269,034

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund  13

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Description	Interest   Rate		Maturity  Date	Principal   Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Serbia (cont’d.)
Serbia Treasury Bonds,
Bonds, Series 07YR		4.500%	01/11/26	RSD	9,460	$	85,193
Bonds, Series 12.5		4.500	08/20/32	RSD	6,240		51,354
							538,296
South Africa  11.2%
Republic of South Africa Government Bond,
Sr. Unsec’d. Notes, Series 2030		8.000	01/31/30	ZAR	22,285		1,050,537
Sr. Unsec’d. Notes, Series 2032		8.250	03/31/32	ZAR	22,457		992,987
Sr. Unsec’d. Notes, Series 2035		8.875	02/28/35	ZAR	22,835		975,733
Sr. Unsec’d. Notes, Series 2037		8.500	01/31/37	ZAR	14,489		575,306
Sr. Unsec’d. Notes, Series 2040		9.000	01/31/40	ZAR	9,770		387,712
Sr. Unsec’d. Notes, Series 2048		8.750	02/28/48	ZAR	2,955		110,352
Sr. Unsec’d. Notes, Series R186		10.500	12/21/26	ZAR	25,694		1,397,555
Sr. Unsec’d. Notes, Series R209		6.250	03/31/36	ZAR	3,850		128,680
Sr. Unsec’d. Notes, Series R213		7.000	02/28/31	ZAR	10,845		462,732
							6,081,594
Thailand  8.6%
Thailand Government Bond,
Bonds		1.600	12/17/29	THB	3,885		99,180
Bonds		2.000	06/17/42	THB	2,080		46,708
Bonds		2.875	12/17/28	THB	38,140		1,040,874
Bonds		2.875	06/17/46	THB	8,620		215,430
Bonds		3.300	06/17/38	THB	8,815		243,875
Bonds		3.400	06/17/36	THB	9,585		269,290
Sr. Unsec’d. Notes		1.585	12/17/35	THB	11,630		273,082
Sr. Unsec’d. Notes		1.600	06/17/35	THB	2,700		64,105
Sr. Unsec’d. Notes		1.875	06/17/49	THB	1,063		21,164
Sr. Unsec’d. Notes		2.000	12/17/31	THB	11,505		294,672
Sr. Unsec’d. Notes		2.250	03/17/27	THB	27,060		725,275
Sr. Unsec’d. Notes		3.350	06/17/33	THB	6,230		175,183
Sr. Unsec’d. Notes		3.450	06/17/43	THB	19,905		546,663
Sr. Unsec’d. Notes		3.650	06/20/31	THB	7,249		207,299
Sr. Unsec’d. Notes		3.775	06/25/32	THB	15,085		436,187
							4,658,987

See Notes to Financial Statements.

14

 

 

Description	Interest  Rate	Maturity  Date		Principal   Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Turkey  0.2%
Turkiye Government Bond,
Bonds	11.700%		11/13/30	TRY	1,400	$	25,894
Bonds	17.800		07/13/33	TRY	2,600		57,561
							83,455
Uruguay  0.1%
Uruguay Government International Bond,
Sr. Unsec’d. Notes, 144A	8.500		03/15/28	UYU	1,870		47,700
TOTAL SOVEREIGN BONDS
(cost $48,309,497)							44,997,879
				Shares
COMMON STOCK  0.0%
Jamaica
Digicel International Finance Ltd.
(original Cost $9,436; purchased 01/30/24 - 02/08/24)*^(f)
(cost $9,437)					5,242		11,270
TOTAL LONG-TERM INVESTMENTS
(cost $48,858,297)							45,534,919
SHORT-TERM INVESTMENTS 12.7%
AFFILIATED MUTUAL FUND 8.4%
PGIM Core Government Money Market Fund (7-day effective yield 5.540%)
(cost $4,522,458)(wb)					4,522,458		4,522,458

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund  15

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Description	Interest  Rate			Maturity  Date	Principal   Amount (000)#		Value
U.S. TREASURY OBLIGATION(h)(n)  4.3%
U.S. Treasury Bills
(cost $2,297,329)		5.295	%	05/09/24		2,300	$	2,297,300
OPTIONS PURCHASED*~  0.0%
(cost $29,047)								13,197
TOTAL SHORT-TERM INVESTMENTS
(cost $6,848,834)								6,832,955
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 96.9%
(cost $55,707,131)								52,367,874
OPTIONS WRITTEN*~  (0.2)%
(premiums received $106,608)								(94,725	)
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 96.7%
(cost $55,600,523)								52,273,149
Other assets in excess of liabilities(z) 3.3%								1,811,116
NET ASSETS 100.0%							$	54,084,265

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

BRL—Brazilian Real

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

EGP—Egyptian Pound

EUR—Euro

HUF—Hungarian Forint

IDR—Indonesian Rupiah

INR—Indian Rupee

KRW—South Korean Won

MXN—Mexican Peso

MYR—Malaysian Ringgit

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

PLN—Polish Zloty

RON—Romanian Leu

RSD—Serbian Dinar

SGD—Singapore Dollar

THB—Thai Baht

TRY—Turkish Lira

TWD—New Taiwanese Dollar

USD—US Dollar

UYU—Uruguayan Peso

See Notes to Financial Statements.

16

 

 

ZAR—South African Rand

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

A—Annual payment frequency for swaps

BARC—Barclays Bank PLC

BNP—BNP Paribas S.A.

BNYM—Bank of New York Mellon

BOA—Bank of America, N.A.

BROIS—Brazil Overnight Index Swap

BUBOR—Budapest Interbank Offered Rate

CDX—Credit Derivative Index

CGM—Citigroup Global Markets, Inc.

CITI—Citibank, N.A.

CLOIS—Sinacofi Chile Interbank Rate Average

COOIS—Colombia Overnight Interbank Reference Rate

COP—Certificates of Participation

DB—Deutsche Bank AG

EMTN—Euro Medium Term Note

GSI—Goldman Sachs International

HSBC—HSBC Bank PLC

JIBAR—Johannesburg Interbank Agreed Rate

JPM—JPMorgan Chase Bank N.A.

JPS—J.P. Morgan Securities LLC

KLIBOR—Kuala Lumpur Interbank Offered Rate

KWCDC—Korean Won Certificate of Deposit

M—Monthly payment frequency for swaps

MSI—Morgan Stanley & Co International PLC

OTC—Over-the-counter

PRIBOR—Prague Interbank Offered Rate

Q—Quarterly payment frequency for swaps

S—Semiannual payment frequency for swaps

SCB—Standard Chartered Bank

SSB—State Street Bank & Trust Company

T—Swap payment upon termination

TD—The Toronto-Dominion Bank

UAG—UBS AG

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. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $11,270 and 0.0% of net assets.

(f) Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the aggregate original cost of such securities is $9,436. The aggregate value of $11,270 is 0.0% of net assets.

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

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

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

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

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

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund  17

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Options Purchased:

OTC Traded

Description	Call/ Put	Counterparty		Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option EUR vs PLN	Call		DB		05/08/24		4.50		—	EUR	570	$	8
Currency Option USD vs BRL	Call		CITI		05/23/24		6.00		—		271		16
Currency Option USD vs CNH	Call		MSI		12/20/24		7.25		—		566		6,413
Currency Option USD vs MXN	Call		BOA		05/20/24		20.00		—		271		37
Currency Option USD vs MXN	Call		BOA		05/21/24		21.00		—		271		15
Currency Option USD vs MXN	Call		BOA		05/21/24		21.00		—		162		9
Currency Option USD vs TRY	Call		BOA		05/15/24		34.50		—		563		528
Currency Option USD vs ZAR	Call		CITI		06/25/24		19.80		—		694		6,125
Currency Option USD vs BRL	Put		MSI		05/23/24		4.50		—		676		—
Currency Option USD vs CLP	Put		CITI		05/17/24		850.00		—		271		1
Currency Option USD vs CNH	Put		MSI		12/20/24		6.00		—		566		35
Currency Option USD vs COP	Put		MSI		05/06/24		3,400.00		—		560		—
Currency Option USD vs COP	Put		DB		05/15/24		3,500.00		—		281		—
Currency Option USD vs COP	Put		CITI		05/21/24		3,500.00		—		271		1
Currency Option USD vs COP	Put		CITI		05/28/24		3,500.00		—		540		6
Currency Option USD vs ZAR	Put		CITI		05/16/24		17.00		—		140		1
Currency Option USD vs ZAR	Put		MSI		05/30/24		16.00		—		569		1
Currency Option USD vs ZAR	Put		CITI		06/25/24		15.00		—		694		1
Total Options Purchased (cost $29,047)												$	13,197

Options Written:

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date	Strike		Contracts	Notional Amount (000)#		Value
Currency Option EUR vs PLN	Call	DB	05/08/24		4.28	—	EUR	570	$	(5,903	)

See Notes to Financial Statements.

18

 

 

Options Written (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option USD vs BRL	Call	CITI		05/23/24		5.25		—		271	$	(1,935	)
Currency Option USD vs MXN	Call	BOA		05/20/24		17.10		—		271		(3,400	)
Currency Option USD vs MXN	Call	BOA		05/21/24		17.35		—		271		(2,047	)
Currency Option USD vs MXN	Call	BOA		05/21/24		17.70		—		162		(607	)
Currency Option USD vs TRY	Call	BOA		05/15/24		33.25		—		563		(2,329	)
Currency Option USD vs BRL	Put	MSI		05/23/24		5.10		—		676		(2,155	)
Currency Option USD vs CLP	Put	CITI		05/17/24		940.00		—		271		(1,024	)
Currency Option USD vs CNH	Put	MSI		12/20/24		6.90		—		566		(2,615	)
Currency Option USD vs COP	Put	MSI		05/06/24		4,100.00		—		560		(23,794	)
Currency Option USD vs COP	Put	DB		05/15/24		3,865.00		—		281		(773	)
Currency Option USD vs COP	Put	CITI		05/21/24		3,900.00		—		271		(1,841	)
Currency Option USD vs COP	Put	CITI		05/28/24		3,950.00		—		270		(3,877	)
Currency Option USD vs COP	Put	CITI		05/28/24		4,000.00		—		270		(6,038	)
Currency Option USD vs ZAR	Put	MSI		05/30/24		19.50		—		569		(22,815	)
Currency Option USD vs ZAR	Put	CITI		06/25/24		18.80		—		694		(13,572	)
Total Options Written (premiums received $106,608)											$	(94,725	)

Futures contracts outstanding at April 30, 2024:

Number of Contracts	Type	Expiration Date		Current Notional Amount			Value / Unrealized Appreciation (Depreciation)
Short Positions:
3	2 Year U.S. Treasury Notes		Jun. 2024		$	607,969		$	5,980
5	5 Year Euro-Bobl		Jun. 2024			621,270			5,711

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund  19

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

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

Number of Contracts	Type	Expiration Date		Current Notional Amount			Value / Unrealized Appreciation (Depreciation)
Short Positions (cont’d):
5	5 Year U.S. Treasury Notes		Jun. 2024		$	523,711		$	10,704
1	10 Year Euro-Bund		Jun. 2024			138,821			1,984
								$	24,379

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

Purchase Contracts	Counterparty			Notional Amount (000)			Value at Settlement Date			Current Value			Unrealized Appreciation			Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Brazilian Real,
Expiring 05/03/24		CITI			BRL	25,036		$	5,007,458		$	4,819,762		$	—		$	(187,696	)
Expiring 06/04/24		DB			BRL	23,164			4,497,098			4,447,205			—			(49,893	)
Chilean Peso,
Expiring 06/21/24		CITI			CLP	141,533			149,500			147,352			—			(2,148	)
Expiring 06/21/24		CITI			CLP	140,889			149,500			146,681			—			(2,819	)
Expiring 06/21/24		CITI			CLP	56,434			57,240			58,753			1,513			—
Expiring 06/21/24		MSI			CLP	286,024			302,000			297,782			—			(4,218	)
Chinese Renminbi,
Expiring 06/20/24		HSBC			CNH	8,823			1,216,792			1,219,384			2,592			—
Expiring 06/20/24		HSBC			CNH	7,138			986,321			986,553			232			—
Expiring 06/20/24		HSBC			CNH	3,628			501,000			501,370			370			—
Colombian Peso,
Expiring 05/03/24		CITI			COP	1,117,850			283,000			284,792			1,792			—
Expiring 06/20/24		BNP			COP	852,859			215,350			215,698			348			—
Expiring 06/20/24		BNYM			COP	393,416			100,392			99,499			—			(893	)
Expiring 06/20/24		BOA			COP	1,095,203			278,000			276,989			—			(1,011	)
Expiring 06/20/24		CITI			COP	4,671,410			1,172,896			1,181,452			8,556			—
Expiring 06/20/24		UAG			COP	1,210,136			307,000			306,057			—			(943	)
Czech Koruna,
Expiring 07/19/24		GSI			CZK	21,232			903,855			901,357			—			(2,498	)
Expiring 07/19/24		MSI			CZK	7,234			308,000			307,105			—			(895	)
Egyptian Pound,
Expiring 06/20/24		CITI			EGP	4,926			109,459			101,577			—			(7,882	)
Expiring 06/20/24		SCB			EGP	4,974			115,000			102,569			—			(12,431	)
Euro,
Expiring 05/07/24		CITI			EUR	830			890,248			886,018			—			(4,230	)
Expiring 07/19/24		HSBC			EUR	126			135,256			134,939			—			(317	)
Hungarian Forint,
Expiring 07/19/24		CITI			HUF	112,687			303,000			306,068			3,068			—
Expiring 07/19/24		DB			HUF	191,208			520,986			519,339			—			(1,647	)
Expiring 07/19/24		JPM			HUF	104,914			285,000			284,957			—			(43	)

See Notes to Financial Statements.

20

 

 

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

Purchase Contracts	Counterparty			Notional Amount (000)			Value at Settlement Date			Current Value			Unrealized Appreciation			Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Indian Rupee,
Expiring 06/20/24		BOA			INR	44,107		$	528,000		$	527,353		$	—		$	(647	)
Expiring 06/20/24		BOA			INR	39,226			470,000			468,998			—			(1,002	)
Expiring 06/20/24		HSBC			INR	45,344			542,000			542,142			142			—
Expiring 06/20/24		JPM			INR	73,341			882,794			876,885			—			(5,909	)
Expiring 06/20/24		JPM			INR	39,005			467,000			466,358			—			(642	)
Expiring 06/20/24		MSI			INR	39,969			479,000			477,876			—			(1,124	)
Indonesian Rupiah,
Expiring 06/20/24		BNP			IDR	935,869			58,819			57,470			—			(1,349	)
Expiring 06/20/24		BNYM			IDR	5,000,000			314,861			307,038			—			(7,823	)
Expiring 06/20/24		BOA			IDR	4,362,244			281,000			267,875			—			(13,125	)
Expiring 06/20/24		BOA			IDR	2,111,895			129,819			129,687			—			(132	)
Expiring 06/20/24		JPM			IDR	970,548			62,000			59,599			—			(2,401	)
Expiring 06/20/24		MSI			IDR	16,271,998			1,047,832			999,226			—			(48,606	)
Expiring 06/20/24		MSI			IDR	708,654			45,018			43,517			—			(1,501	)
Malaysian Ringgit,
Expiring 06/20/24		BARC			MYR	15,848			3,400,129			3,316,175			—			(83,954	)
Expiring 06/20/24		MSI			MYR	192			40,634			40,091			—			(543	)
Mexican Peso,
Expiring 06/20/24		BOA			MXN	28,906			1,707,711			1,673,704			—			(34,007	)
Expiring 06/20/24		BOA			MXN	6,210			367,000			359,578			—			(7,422	)
Expiring 06/20/24		CITI			MXN	1,636			96,824			94,715			—			(2,109	)
Expiring 06/20/24		MSI			MXN	2,668			155,422			154,502			—			(920	)
Expiring 06/20/24		MSI			MXN	762			45,000			44,136			—			(864	)
Expiring 06/20/24		SSB			MXN	665			39,188			38,532			—			(656	)
New Taiwanese Dollar,
Expiring 06/20/24		BOA			TWD	16,562			520,000			507,943			—			(12,057	)
Expiring 06/20/24		BOA			TWD	15,592			489,000			478,187			—			(10,813	)
Expiring 06/20/24		HSBC			TWD	14,798			466,000			453,852			—			(12,148	)
Expiring 06/20/24		MSI			TWD	19,475			615,000			597,295			—			(17,705	)
Expiring 06/20/24		MSI			TWD	17,595			551,000			539,615			—			(11,385	)
Expiring 06/20/24		SCB			TWD	17,174			546,000			526,709			—			(19,291	)
Peruvian Nuevo Sol,
Expiring 06/20/24		JPM			PEN	840			227,334			222,994			—			(4,340	)
Expiring 06/20/24		JPM			PEN	500			135,630			132,735			—			(2,895	)
Expiring 06/20/24		SCB			PEN	1,501			406,236			398,502			—			(7,734	)
Philippine Peso,
Expiring 06/20/24		CITI			PHP	71,162			1,284,625			1,230,712			—			(53,913	)
Expiring 06/20/24		CITI			PHP	22,189			392,000			383,748			—			(8,252	)
Expiring 06/20/24		CITI			PHP	10,428			182,157			180,356			—			(1,801	)
Expiring 06/20/24		HSBC			PHP	10,441			182,843			180,571			—			(2,272	)
Expiring 06/20/24		JPM			PHP	30,555			539,000			528,428			—			(10,572	)
Expiring 06/20/24		MSI			PHP	83,538			1,509,468			1,444,748			—			(64,720	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund  21

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

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

Purchase Contracts	Counterparty			Notional Amount (000)			Value at Settlement Date			Current Value			Unrealized Appreciation			Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Philippine Peso (cont’d.),
Expiring 06/20/24		SCB			PHP	34,036		$	602,000		$	588,630		$	—		$	(13,370	)
Expiring 06/20/24		SCB			PHP	25,692			464,000			444,330			—			(19,670	)
Romanian Leu,
Expiring 07/19/24		MSI			RON	4,450			972,450			953,210			—			(19,240	)
Serbian Dinar,
Expiring 07/19/24		DB			RSD	7,984			73,168			72,830			—			(338	)
Singapore Dollar,
Expiring 06/20/24		BNP			SGD	210			157,000			154,365			—			(2,635	)
South African Rand,
Expiring 06/20/24		BNP			ZAR	3,185			168,906			168,523			—			(383	)
Expiring 06/20/24		BOA			ZAR	765			40,329			40,495			166			—
Expiring 06/20/24		CITI			ZAR	2,623			137,131			138,809			1,678			—
Expiring 06/20/24		GSI			ZAR	2,819			150,206			149,146			—			(1,060	)
Expiring 06/20/24		JPM			ZAR	1,047			54,805			55,382			577			—
Expiring 06/20/24		MSI			ZAR	1,208			63,891			63,923			32			—
South Korean Won,
Expiring 06/20/24		BARC			KRW	68,706			49,485			49,696			211			—
Expiring 06/20/24		BOA			KRW	373,171			282,000			269,921			—			(12,079	)
Thai Baht,
Expiring 06/20/24		HSBC			THB	836			23,150			22,653			—			(497	)
Expiring 06/20/24		MSI			THB	10,143			280,000			274,790			—			(5,210	)
Expiring 06/20/24		MSI			THB	4,728			130,423			128,080			—			(2,343	)
Turkish Lira,
Expiring 05/20/24		BARC			TRY	13,220			390,424			400,086			9,662			—
Expiring 05/20/24		BARC			TRY	4,770			144,887			144,373			—			(514	)
								$	42,184,950		$	41,404,352			30,939			(811,537	)

Sale Contracts	Counterparty			Notional Amount (000)			Value at Settlement Date			Current Value			Unrealized Appreciation			Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Brazilian Real,
Expiring 05/03/24		BARC			BRL	742		$	140,146		$	142,747		$	—		$	(2,601	)
Expiring 05/03/24		CITI			BRL	704			141,000			135,475			5,525			—
Expiring 05/03/24		CITI			BRL	427			85,439			82,238			3,201			—
Expiring 05/03/24		DB			BRL	23,164			4,509,223			4,459,302			49,921			—
Chilean Peso,
Expiring 06/21/24		MSI			CLP	427,023			435,000			444,577			—			(9,577	)
Expiring 06/21/24		MSI			CLP	221,705			227,000			230,819			—			(3,819	)
Expiring 06/21/24		TD			CLP	33,667			35,495			35,051			444			—

See Notes to Financial Statements.

22

 

 

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

Sale Contracts	Counterparty			Notional Amount (000)			Value at Settlement Date			Current Value			Unrealized Appreciation			Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Chinese Renminbi,
Expiring 06/20/24		CITI			CNH	4,295		$	593,000		$	593,557		$	—		$	(557	)
Expiring 06/20/24		MSI			CNH	742			102,514			102,553			—			(39	)
Colombian Peso,
Expiring 05/03/24		DB			COP	1,117,850			283,000			284,792			—			(1,792	)
Expiring 06/20/24		BARC			COP	196,690			49,345			49,745			—			(400	)
Expiring 06/20/24		BNP			COP	1,744,759			446,000			441,269			4,731			—
Expiring 06/20/24		BOA			COP	1,200,587			310,000			303,642			6,358			—
Czech Koruna,
Expiring 07/19/24		BARC			CZK	28,050			1,188,341			1,190,811			—			(2,470	)
Expiring 07/19/24		BARC			CZK	7,147			301,000			303,408			—			(2,408	)
Expiring 07/19/24		CITI			CZK	12,033			509,069			510,816			—			(1,747	)
Expiring 07/19/24		MSI			CZK	19,409			815,271			823,953			—			(8,682	)
Expiring 07/19/24		MSI			CZK	1,846			78,439			78,364			75			—
Egyptian Pound,
Expiring 06/20/24		CITI			EGP	3,613			84,083			74,517			9,566			—
Expiring 06/20/24		CITI			EGP	1,312			30,695			27,061			3,634			—
Expiring 06/20/24		SCB			EGP	4,974			116,618			102,569			14,049			—
Euro,
Expiring 07/19/24		BNP			EUR	411			439,329			440,333			—			(1,004	)
Expiring 07/19/24		BOA			EUR	405			437,566			433,931			3,635			—
Expiring 07/19/24		HSBC			EUR	255			272,170			273,090			—			(920	)
Expiring 07/19/24		HSBC			EUR	126			135,441			134,939			502			—
Expiring 07/19/24		SSB			EUR	367			400,365			393,150			7,215			—
Hungarian Forint,
Expiring 07/19/24		BARC			HUF	318,155			854,084			864,140			—			(10,056	)
Expiring 07/19/24		GSI			HUF	669,084			1,850,638			1,817,299			33,339			—
Expiring 07/19/24		GSI			HUF	318,155			853,534			864,140			—			(10,606	)
Expiring 07/19/24		HSBC			HUF	177,177			486,150			481,231			4,919			—
Indian Rupee,
Expiring 06/20/24		JPM			INR	42,231			508,000			504,922			3,078			—
Expiring 06/20/24		JPM			INR	41,490			499,000			496,066			2,934			—
Expiring 06/20/24		JPM			INR	40,271			482,000			481,491			509			—
Indonesian Rupiah,
Expiring 06/20/24		BARC			IDR	2,726,301			166,787			167,416			—			(629	)
Expiring 06/20/24		CITI			IDR	3,547,152			224,000			217,822			6,178			—
Expiring 06/20/24		MSI			IDR	7,760,790			477,000			476,572			428			—
Malaysian Ringgit,
Expiring 06/20/24		BARC			MYR	343			71,743			71,841			—			(98	)
Mexican Peso,
Expiring 06/20/24		BOA			MXN	4,746			274,000			274,792			—			(792	)
Expiring 06/20/24		GSI			MXN	6,889			410,000			398,894			11,106			—
Expiring 06/20/24		GSI			MXN	3,018			180,500			174,779			5,721			—

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund  23

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

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

Sale Contracts	Counterparty			Notional Amount (000)			Value at Settlement Date			Current Value			Unrealized Appreciation			Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Mexican Peso (cont’d.),
Expiring 06/20/24		HSBC			MXN	2,522		$	146,136		$	146,023		$	113		$	—
Expiring 06/20/24		JPM			MXN	3,029			180,500			175,403			5,097			—
Expiring 06/20/24		MSI			MXN	2,918			173,371			168,940			4,431			—
New Taiwanese Dollar,
Expiring 06/20/24		BOA			TWD	17,245			529,000			528,903			97			—
Expiring 06/20/24		BOA			TWD	6,909			212,342			211,886			456			—
Expiring 06/20/24		GSI			TWD	75,238			2,411,022			2,307,500			103,522			—
Expiring 06/20/24		HSBC			TWD	12,096			371,658			370,963			695			—
Peruvian Nuevo Sol,
Expiring 06/20/24		BARC			PEN	1,216			321,338			322,868			—			(1,530	)
Expiring 06/20/24		CITI			PEN	2,185			593,588			580,104			13,484			—
Expiring 06/20/24		CITI			PEN	1,292			345,000			343,110			1,890			—
Philippine Peso,
Expiring 06/20/24		BOA			PHP	25,000			432,000			432,361			—			(361	)
Expiring 06/20/24		CITI			PHP	30,038			537,000			519,497			17,503			—
Expiring 06/20/24		HSBC			PHP	27,026			469,000			467,405			1,595			—
Expiring 06/20/24		SCB			PHP	25,920			450,000			448,283			1,717			—
Polish Zloty,
Expiring 07/19/24		BARC			PLN	1,028			258,379			253,085			5,294			—
Expiring 07/19/24		HSBC			PLN	428			104,344			105,437			—			(1,093	)
Expiring 07/19/24		MSI			PLN	234			57,725			57,577			148			—
Romanian Leu,
Expiring 07/19/24		HSBC			RON	260			55,520			55,784			—			(264	)
Expiring 07/19/24		MSI			RON	685			147,027			146,714			313			—
Singapore Dollar,
Expiring 06/20/24		BOA			SGD	692			514,000			508,095			5,905			—
Expiring 06/20/24		JPM			SGD	1,171			861,000			860,083			917			—
Expiring 06/20/24		MSI			SGD	1,080			810,989			793,027			17,962			—
Expiring 06/20/24		MSI			SGD	684			510,000			501,933			8,067			—
Expiring 06/20/24		SSB			SGD	803			596,000			589,619			6,381			—
South African Rand,
Expiring 06/20/24		DB			ZAR	2,046			108,000			108,263			—			(263	)
Expiring 06/20/24		HSBC			ZAR	2,434			127,197			128,813			—			(1,616	)
South Korean Won,
Expiring 06/20/24		CITI			KRW	750,859			572,903			543,108			29,795			—
Expiring 06/20/24		HSBC			KRW	718,640			537,000			519,805			17,195			—
Expiring 06/20/24		HSBC			KRW	591,562			440,000			427,887			12,113			—
Expiring 06/20/24		HSBC			KRW	518,777			375,000			375,240			—			(240	)
Expiring 06/20/24		MSI			KRW	464,534			344,000			336,005			7,995			—
Expiring 06/20/24		MSI			KRW	373,996			280,000			270,518			9,482			—
Thai Baht,
Expiring 06/20/24		CITI			THB	5,439			152,000			147,343			4,657			—

See Notes to Financial Statements.

24

 

 

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

Sale Contracts	Counterparty			Notional Amount (000)			Value at Settlement Date			Current Value			Unrealized Appreciation			Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Thai Baht (cont’d.),
Expiring 06/20/24		GSI			THB	19,351		$	538,000		$	524,272		$	13,728		$	—
Expiring 06/20/24		HSBC			THB	3,028			82,730			82,046			684			—
Expiring 06/20/24		JPM			THB	13,065			368,000			353,964			14,036			—
Expiring 06/20/24		JPM			THB	8,890			250,000			240,851			9,149			—
Expiring 06/20/24		JPM			THB	8,067			225,000			218,546			6,454			—
Expiring 06/20/24		JPM			THB	3,886			110,000			105,289			4,711			—
Expiring 06/20/24		MSI			THB	3,299			88,977			89,378			—			(401	)
Expiring 06/20/24		MSI			THB	2,771			78,062			75,062			3,000			—
								$	35,266,793		$	34,825,104			505,654			(63,965	)
														$	536,593		$	(875,502	)

Credit default swap agreement outstanding at April 30, 2024:

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2024(4)			Fair Value				Upfront Premiums Paid (Received)				Unrealized Appreciation (Depreciation)				Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):
Republic of Ivory Coast		06/20/26		1.000%(Q)		300		2.749	%		$	(10,041	)		$	(10,039	)		$	(2	)		JPM
Republic of Panama		06/20/27		1.000%(Q)		500		1.170	%			(1,861	)			(4,303	)			2,442			MSI
Republic of Turkey		12/20/25		1.000%(Q)		600		1.386	%			(2,928	)			(6,528	)			3,600			MSI
Republic of Turkey		12/20/25		1.000%(Q)		200		1.386	%			(976	)			(1,560	)			584			MSI
											$	(15,806	)		$	(22,430	)		$	6,624

Reference Entity/ Obligation	Termination Date	Fixed Rate	Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2024(4)	Value at Trade Date						Value at April 30,  2024						Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):
CDX.EM.36.V3	12/20/26	1.000%(Q)		1,242	1.236%			$	(7,203	)				$	(5,706	)				$	1,497

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.

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund  25

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

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

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

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

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

Interest rate swap agreements outstanding at April 30, 2024:

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2024			Unrealized Appreciation  (Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
BRL	1,478		01/02/25	5.840%(T)	1 Day BROIS(2)(T)/0.040%		$	—	$	(48,250	)		$	(48,250	)
BRL	9,059		01/02/26	11.190%(T)	1 Day BROIS(2)(T)/0.040%			—		(215	)			(215	)
BRL	668		01/04/27	6.325%(T)	1 Day BROIS(2)(T)/0.040%			—		(33,664	)			(33,664	)
BRL	1,056		01/04/27	6.529%(T)	1 Day BROIS(2)(T)/0.040%			—		(50,132	)			(50,132	)
BRL	3,327		01/04/27	9.610%(T)	1 Day BROIS(2)(T)/0.040%			—		(23,984	)			(23,984	)
BRL	2,210		01/04/27	9.775%(T)	1 Day BROIS(2)(T)/0.040%			—		(13,304	)			(13,304	)
BRL	2,748		01/04/27	10.000%(T)	1 Day BROIS(2)(T)/0.040%			—		(19,325	)			(19,325	)
BRL	5,095		01/04/27	10.750%(T)	1 Day BROIS(2)(T)/0.040%			—		(7,528	)			(7,528	)

See Notes to Financial Statements.

26

 

 

Interest rate swap agreements outstanding at April 30, 2024 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date						Value at April 30, 2024			Unrealized Appreciation  (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
BRL	4,030		01/04/27	10.788%(T)	1 Day BROIS(2)(T)/0.040%			$	—			$	(2,336	)		$	(2,336	)
BRL	5,620		01/04/27	10.867%(T)	1 Day BROIS(2)(T)/0.040%				—				(1,169	)			(1,169	)
BRL	478		01/04/27	11.120%(T)	1 Day BROIS(2)(T)/0.040%				2,698				(370	)			(3,068	)
BRL	413		01/04/27	11.680%(T)	1 Day BROIS(2)(T)/0.040%				253				(204	)			(457	)
BRL	1,688		01/04/27	11.755%(T)	1 Day BROIS(2)(T)/0.040%				—				4,802				4,802
BRL	2,235		01/04/27	12.500%(T)	1 Day BROIS(2)(T)/0.040%				—				20,150				20,150
BRL	7,258		01/04/27	12.640%(T)	1 Day BROIS(1)(T)/0.040%				(44,075	)			(69,331	)			(25,256	)
BRL	518		01/04/27	13.270%(T)	1 Day BROIS(1)(T)/0.040%				—				(8,271	)			(8,271	)
BRL	2,060		01/02/29	10.373%(T)	1 Day BROIS(2)(T)/0.040%				—				(18,426	)			(18,426	)
BRL	2,665		01/02/29	10.375%(T)	1 Day BROIS(2)(T)/0.040%				—				(23,837	)			(23,837	)
BRL	6,380		01/02/29	10.960%(T)	1 Day BROIS(1)(T)/0.040%				4,852				21,357				16,505
BRL	1,933		01/02/29	11.420%(T)	1 Day BROIS(2)(T)/0.040%				—				1,419				1,419
CLP	1,019,010		06/21/26	5.545%(S)	1 Day CLOIS(1)(S)/6.500%				—				(5,308	)			(5,308	)
CLP	25,080		03/15/33	5.100%(S)	1 Day CLOIS(2)(S)/6.500%				(544	)			(459	)			85
CNH	3,000		07/28/27	2.438%(Q)	7 Day China Fixing Repo Rates(2)(Q)/1.900%				—				5,342				5,342
CNH	4,547		12/15/27	2.680%(Q)	7 Day China Fixing Repo Rates(2)(Q)/1.900%				(1,807	)			14,268				16,075
CNH	5,630		04/24/28	2.811%(Q)	7 Day China Fixing Repo Rates(2)(Q)/1.900%				—				21,924				21,924
COP	2,065,890		09/21/27	9.200%(Q)	1 Day COOIS(1)(Q)/11.397%				(154	)			(9,910	)			(9,756	)
COP	363,880		11/04/27	11.300%(Q)	1 Day COOIS(1)(Q)/11.397%				—				(7,775	)			(7,775	)
COP	236,760		12/21/27	10.125%(Q)	1 Day COOIS(1)(Q)/11.397%				—				(3,058	)			(3,058	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund  27

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Interest rate swap agreements outstanding at April 30, 2024 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date						Value at April 30, 2024			Unrealized Appreciation  (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
COP	1,416,700		12/21/27	10.187%(Q)	1 Day COOIS(1)(Q)/11.397%			$	447			$	(19,005	)		$	(19,452	)
COP	1,047,000		12/21/27	10.960%(Q)	1 Day COOIS(1)(Q)/11.397%				—				(20,586	)			(20,586	)
COP	1,081,990		12/21/27	11.966%(Q)	1 Day COOIS(1)(Q)/11.397%				—				(30,069	)			(30,069	)
COP	1,233,371		09/20/28	7.440%(Q)	1 Day COOIS(2)(Q)/11.397%				(2,490	)			(11,613	)			(9,123	)
COP	1,928,350		03/20/29	7.210%(Q)	1 Day COOIS(2)(Q)/11.397%				—				(23,805	)			(23,805	)
COP	211,800		11/09/31	6.650%(Q)	1 Day COOIS(2)(Q)/11.397%				—				(5,565	)			(5,565	)
CZK	19,848		06/21/25	5.919%(A)	6 Month PRIBOR(1)(S)/5.180%				150				(32,549	)			(32,699	)
CZK	6,507		06/15/31	1.730%(A)	6 Month PRIBOR(2)(S)/5.180%				—				(46,085	)			(46,085	)
CZK	7,860		09/20/33	4.225%(A)	6 Month PRIBOR(2)(S)/5.180%				—				6,784				6,784
CZK	5,814		12/20/33	4.290%(A)	6 Month PRIBOR(2)(S)/5.180%				—				(924	)			(924	)
HUF	351,566		03/20/26	6.195%(A)	6 Month BUBOR(1)(S)/7.280%				(6,224	)			16,883				23,107
HUF	238,775		06/19/26	6.880%(A)	6 Month BUBOR(1)(S)/7.280%				—				547				547
HUF	150,000		03/17/27	6.250%(A)	6 Month BUBOR(1)(S)/7.280%				—				8,566				8,566
HUF	170,370		12/20/33	7.420%(A)	6 Month BUBOR(2)(S)/7.280%				—				7,080				7,080
KRW	496,507		09/21/27	3.087%(Q)	3 Month KWCDC(2)(Q)/3.570%				(605	)			(5,389	)			(4,784	)
KRW	180,000		12/21/27	4.197%(Q)	3 Month KWCDC(2)(Q)/3.570%				5,788				3,055				(2,733	)

See Notes to Financial Statements.

28

 

 

Interest rate swap agreements outstanding at April 30, 2024 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date						Value at April 30, 2024				Unrealized Appreciation  (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
KRW	904,550		03/15/28	2.965%(Q)	3 Month KWCDC(2)(Q)/3.570%			$	(3,952	)		$	(14,066	)		$	(10,114	)
KRW	2,668,563		03/15/28	3.100%(Q)	3 Month KWCDC(1)(Q)/3.570%				75,533				31,663				(43,870	)
KRW	185,408		12/20/28	3.830%(Q)	3 Month KWCDC(2)(Q)/3.570%				17				1,797				1,780
KRW	1,122,886		06/19/29	3.390%(Q)	3 Month KWCDC(2)(Q)/3.570%				—				(4,813	)			(4,813	)
MXN	44,000		06/18/25	10.240%(M)	28 Day Mexican Interbank Rate(1)(M)/11.240%				1,131				18,163				17,032
MXN	18,000		09/17/25	9.640%(M)	28 Day Mexican Interbank Rate(1)(M)/11.240%				—				16,569				16,569
MXN	14,446		03/11/26	4.845%(M)	28 Day Mexican Interbank Rate(2)(M)/11.240%				(5,157	)			(85,010	)			(79,853	)
MXN	124		06/09/27	8.543%(M)	28 Day Mexican Interbank Rate(1)(M)/11.240%				71				303				232
MXN	4,670		03/08/28	8.109%(M)	28 Day Mexican Interbank Rate(2)(M)/11.240%				—				(16,099	)			(16,099	)
MXN	1,255		06/14/28	8.660%(M)	28 Day Mexican Interbank Rate(1)(M)/11.240%				(1,053	)			2,973				4,026
MXN	9,700		09/13/28	8.185%(M)	28 Day Mexican Interbank Rate(2)(M)/11.240%				—				(33,982	)			(33,982	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund  29

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Interest rate swap agreements outstanding at April 30, 2024 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date						Value at April 30, 2024			Unrealized Appreciation  (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
MXN	12,745		09/13/28	8.658%(M)	28 Day Mexican Interbank Rate(2)(M)/11.240%			$	(8,917	)		$	(31,800	)		$	(22,883	)
MXN	19,983		12/13/28	8.570%(M)	28 Day Mexican Interbank Rate(1)(M)/11.240%				16,121				53,804				37,683
MXN	11,480		12/13/28	8.690%(M)	28 Day Mexican Interbank Rate(2)(M)/11.240%				—				(27,857	)			(27,857	)
MXN	14,220		12/13/28	8.938%(M)	28 Day Mexican Interbank Rate(2)(M)/11.240%				—				(26,689	)			(26,689	)
MXN	1,647		03/14/29	8.652%(M)	28 Day Mexican Interbank Rate(2)(M)/11.240%				—				(4,145	)			(4,145	)
MXN	32,515		06/13/29	9.357%(M)	28 Day Mexican Interbank Rate(1)(M)/11.240%				5,966				21,874				15,908
MXN	14,520		06/13/29	9.565%(M)	28 Day Mexican Interbank Rate(1)(M)/11.240%				—				2,859				2,859
MXN	5,610		06/13/29	9.659%(M)	28 Day Mexican Interbank Rate(1)(M)/11.240%				—				(102	)			(102	)
MXN	13,152		06/13/29	9.727%(M)	28 Day Mexican Interbank Rate(1)(M)/11.240%				(2,336	)			(2,284	)			52
MXN	5,346		01/28/30	6.640%(M)	28 Day Mexican Interbank Rate(2)(M)/11.240%				(23,376	)			(41,781	)			(18,405	)
PLN	2,700		07/24/24	1.798%(A)	6 Month WIBOR(2)(S)/5.870%				—				(7,402	)			(7,402	)

See Notes to Financial Statements.

30

 

 

Interest rate swap agreements outstanding at April 30, 2024 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date						Value at April 30, 2024			Unrealized Appreciation  (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
PLN	930		02/01/25	4.300%(A)	6 Month WIBOR(1)(S)/5.870%			$	—			$	3,643			$	3,643
PLN	6,921		06/21/25	6.021%(A)	6 Month WIBOR(1)(S)/5.870%				4,254				(55,342	)			(59,596	)
PLN	2,730		09/08/25	0.638%(A)	6 Month WIBOR(2)(S)/5.870%				(1,086	)			(46,990	)			(45,904	)
PLN	1,186		06/15/27	4.970%(A)	6 Month WIBOR(2)(S)/5.870%				(10,675	)			2,926				13,601
PLN	1,670		08/02/27	5.680%(A)	6 Month WIBOR(2)(S)/5.870%				—				15,219				15,219
PLN	4,830		09/21/27	6.632%(A)	6 Month WIBOR(1)(S)/5.870%				(15,532	)			(85,562	)			(70,030	)
PLN	1,434		10/06/27	6.826%(A)	6 Month WIBOR(2)(S)/5.870%				—				28,039				28,039
PLN	117		10/25/27	7.900%(A)	6 Month WIBOR(1)(S)/5.870%				(3,383	)			(3,407	)			(24	)
PLN	2,116		12/21/27	6.845%(A)	6 Month WIBOR(1)(S)/5.870%				(32,911	)			(27,129	)			5,782
PLN	7,115		12/20/28	4.087%(A)	6 Month WIBOR(2)(S)/5.870%				(30,449	)			(94,834	)			(64,385	)
PLN	802		06/19/29	4.812%(A)	6 Month WIBOR(2)(S)/5.870%				—				(3,662	)			(3,662	)
PLN	700		06/17/31	1.745%(A)	6 Month WIBOR(1)(S)/5.870%				—				36,409				36,409
PLN	271		05/10/32	6.410%(A)	6 Month WIBOR(1)(S)/5.870%				—				(7,040	)			(7,040	)
ZAR	18,880		06/21/25	8.250%(Q)	3 Month JIBAR(1)(Q)/8.350%				12,729				2,076				(10,653	)
ZAR	5,789		08/21/25	4.978%(Q)	3 Month JIBAR(2)(Q)/8.350%				(4,815	)			(15,024	)			(10,209	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund  31

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Interest rate swap agreements outstanding at April 30, 2024 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date						Value at April 30, 2024			Unrealized Appreciation  (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
ZAR	2,808		03/16/27		6.960%(Q)	3 Month JIBAR(1)(Q)/8.350%			$	5,758			$	6,095				$	337
ZAR	1,744		09/21/27		7.490%(Q)	3 Month JIBAR(2)(Q)/8.350%				(2,852	)			(3,030	)				(178	)
ZAR	3,900		12/21/27		8.860%(Q)	3 Month JIBAR(1)(Q)/8.350%				(1,108	)			(1,702	)				(594	)
ZAR	8,623		03/15/28		7.766%(Q)	3 Month JIBAR(2)(Q)/8.350%				(21,173	)			(13,687	)				7,486
ZAR	2,634		06/21/28		8.455%(Q)	3 Month JIBAR(1)(Q)/8.350%				(286	)			1,219					1,505
ZAR	6,998		12/20/28		9.085%(Q)	3 Month JIBAR(1)(Q)/8.350%				—				(4,070	)				(4,070	)
ZAR	8,940		03/20/29		8.160%(Q)	3 Month JIBAR(1)(Q)/8.350%				—				13,580					13,580
ZAR	11,731		06/19/29		8.735%(Q)	3 Month JIBAR(1)(Q)/8.350%				(1,067	)			5,586					6,653
ZAR	8,731		06/19/29		8.930%(Q)	3 Month JIBAR(2)(Q)/8.350%				(837	)			(557	)				280
ZAR	2,510		06/19/29		8.933%(Q)	3 Month JIBAR(1)(Q)/8.350%				—				147					147
ZAR	3,244		04/13/31		7.530%(Q)	3 Month JIBAR(2)(Q)/8.350%				(36	)			(16,841	)				(16,805	)
ZAR	6,680		07/13/31		7.415%(Q)	3 Month JIBAR(1)(Q)/8.350%				93				38,901					38,808
ZAR	6,610		09/27/31		7.493%(Q)	3 Month JIBAR(1)(Q)/8.350%				1,662				38,948					37,286
ZAR	4,635		01/04/32		7.595%(Q)	3 Month JIBAR(1)(Q)/8.350%				5,064				27,461					22,397
ZAR	2,682		11/10/32		9.160%(Q)	3 Month JIBAR(2)(Q)/8.350%				(11	)			(5,140	)				(5,129	)
									$	(84,324	)		$	(720,062	)			$	(635,738	)

Notional Amount (000)#	Termination Date		Fixed Rate	Floating Rate	Fair Value	Upfront Premiums Paid(Received)	Unrealized Appreciation (Depreciation)		Counterparty
OTC Interest Rate Swap Agreements:
MYR  2,300		07/21/27	3.640%(Q)	3 Month KLIBOR(2)(Q)/3.590%	$ (1,045)	$ (8)		$ (1,037)		GSI

See Notes to Financial Statements.

32

 

 

Interest rate swap agreements outstanding at April 30, 2024 (continued):

Notional Amount (000)#	Termination Date		Fixed Rate		Floating Rate	Fair Value			Upfront Premiums Paid(Received)						Unrealized Appreciation (Depreciation)						Counterparty
OTC Interest Rate Swap Agreements (cont’d.):
MYR 3,000		07/29/27		3.500%(Q)	3 Month KLIBOR(2)(Q)/3.590%	$	(4,088	)			$	(9	)				$	(4,079	)			JPM
MYR 3,755		06/21/28		3.442%(Q)	3 Month KLIBOR(2)(Q)/3.590%		(9,579	)				—						(9,579	)			BOA
						$	(14,712	)			$	(17	)				$	(14,695	)

(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	$—	$(22,447)	$6,626	$(14,697)

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

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

Broker	Cash and/or Foreign Currency					Securities Market Value
CGM			$	690,000				$	—
JPS				170,000					—
Total			$	860,000				$	—

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.

PGIM Emerging Markets Debt Local Currency Fund  33

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

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

	Level 1		Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Corporate Bonds
Malaysia	$	—	$	189,812		$	—
South Africa		—		188,500			—
Supranational Bank		—		147,458			—
Sovereign Bonds
Angola		—		203,900			—
Brazil		—		2,230,087			—
Chile		—		493,974			—
China		—		2,475,795			—
Colombia		—		2,333,230			—
Czech Republic		—		2,528,978			—
Dominican Republic		—		196,200			—
Hungary		—		2,520,696			—
Indonesia		—		5,683,403			—
Ivory Coast		—		135,894			—
Malaysia		—		2,186,401			—
Mexico		—		5,310,099			—
Peru		—		1,044,820			—
Philippines		—		92,453			—
Poland		—		4,591,573			—
Romania		—		1,560,344			—
Serbia		—		538,296			—
South Africa		—		6,081,594			—
Thailand		—		4,658,987			—
Turkey		—		83,455			—
Uruguay		—		47,700			—
Common Stock
Jamaica		—		—			11,270
Short-Term Investments
Affiliated Mutual Fund		4,522,458		—			—
U.S. Treasury Obligation		—		2,297,300			—
Options Purchased		—		13,197			—
Total	$	4,522,458	$	47,834,146		$	11,270
Liabilities
Options Written	$	—	$	(94,725	)	$	—
Other Financial Instruments*
Assets
Futures Contracts	$	24,379	$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—		536,593			—

See Notes to Financial Statements.

34

 

 

	Level 1		Level 2			Level 3
Other Financial Instruments* (continued)
Assets (continued)
Centrally Cleared Credit Default Swap Agreement	$	—	$	1,497		$	—
Centrally Cleared Interest Rate Swap Agreements		—		459,699			—
Total	$	24,379	$	997,789		$	—
Liabilities
OTC Forward Foreign Currency Exchange Contracts	$	—	$	(875,502	)	$	—
OTC Credit Default Swap Agreements		—		(15,806	)		—
Centrally Cleared Interest Rate Swap Agreements		—		(1,095,437	)		—
OTC Interest Rate Swap Agreements		—		(14,712	)		—
Total	$	—	$	(2,001,457	)	$	—

* 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 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 April 30, 2024 were as follows:

Sovereign Bonds	83.2	%
Affiliated Mutual Fund	8.4
U.S. Treasury Obligation	4.3
Lodging	0.4
Chemicals	0.3
Multi-National	0.3
Options Purchased	0.0	*
Wireless Telecommunication Services	0.0	*
	96.9
Options Written	(0.2	)
Other assets in excess of liabilities	3.3
	100.0	%

* Less than 0.05%

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

The Fund invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund  35

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of April 30, 2024 as presented in the Statement of Assets and Liabilities:

	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	$	1,497	*	—	$	—
Credit contracts	—		—		Premiums received for OTC swap agreements		22,430
Credit contracts	Unrealized appreciation on OTC swap agreements		6,626		Unrealized depreciation on OTC swap agreements		2
Foreign exchange contracts	Unaffiliated investments		13,197		Options written outstanding, at value		94,725
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		536,593		Unrealized depreciation on OTC forward foreign currency exchange contracts		875,502
Interest rate contracts	Due from/to broker-variation margin futures		24,379	*	—		—
Interest rate contracts	Due from/to broker-variation margin swaps		459,699	*	Due from/to broker-variation margin swaps		1,095,437	*
Interest rate contracts	—		—		Premiums received for OTC swap agreements		17
Interest rate contracts	—		—		Unrealized depreciation on OTC swap agreements		14,695
		$	1,041,991			$	2,102,808

* 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.

36

 

 

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2024 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(1)				Options Written			Futures			Forward & Cross Currency Exchange Contracts				Swaps
Credit contracts		$	—			$	—		$	—		$	—			$	(21,213	)
Foreign exchange contracts			(140,454	)			511,921			—			(188,140	)			—
Interest rate contracts			—				—			4,945			—				(170,254	)
Total		$	(140,454	)		$	511,921		$	4,945		$	(188,140	)		$	(191,467	)

(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		$	—			$	—			$	—		$	—			$	4,094
Foreign exchange contracts			(1,595	)			(21,027	)			—			(260,501	)			—
Interest rate contracts			—				—				3,097			—				139,978
Total		$	(1,595	)		$	(21,027	)		$	3,097		$	(260,501	)		$	144,072

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

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

Derivative Contract Type	Average Volume of Derivative Activities*
Options Purchased (1)		$  23,437
Options Written (2)		10,108,249
Futures Contracts - Short Positions (2)		1,815,862
Forward Foreign Currency Exchange Contracts - Purchased (3)		42,642,094
Forward Foreign Currency Exchange Contracts - Sold (3)		35,900,062
Cross Currency Exchange Contracts (4)		207,281
Interest Rate Swap Agreements (2)		67,519,536
Credit Default Swap Agreements - Buy Protection (2)		686,667
Credit Default Swap Agreements - Sell Protection (2)		947,333

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

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund  37

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

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
BARC		$	15,167		$	(104,660	)		$	(89,493	)		$	—			$	(89,493	)
BNP			5,079			(5,371	)			(292	)			—				(292	)
BNYM			—			(8,716	)			(8,716	)			—				(8,716	)
BOA			17,206			(111,410	)			(94,204	)			—				(94,204	)
CITI			118,191			(301,441	)			(183,250	)			183,250				—
DB			49,929			(60,609	)			(10,680	)			—				(10,680	)
GSI			167,416			(15,209	)			152,207				(152,207	)			—
HSBC			41,152			(19,367	)			21,785				—				21,785
JPM			47,462			(40,931	)			6,531				—				6,531
MSI			65,008			(265,562	)			(200,554	)			200,554				—
SCB			15,766			(72,496	)			(56,730	)			—				(56,730	)
SSB			13,596			(656	)			12,940				—				12,940
TD			444			—				444				—				444
UAG			—			(943	)			(943	)			—				(943	)
		$	556,416		$	(1,007,371	)		$	(450,955	)		$	231,597			$	(219,358	)

(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.

38

Statement of Assets and Liabilities (unaudited)

as of April 30, 2024

Assets
Investments at value:
Unaffiliated investments (cost $51,184,673)	$	47,845,416
Affiliated investments (cost $4,522,458)		4,522,458
Foreign currency, at value (cost $304,362)		302,565
Cash segregated for counterparty - OTC		260,000
Dividends and interest receivable		877,450
Deposit with broker for centrally cleared/exchange-traded derivatives		860,000
Unrealized appreciation on OTC forward foreign currency exchange contracts		536,593
Tax reclaim receivable		75,674
Receivable for investments sold		12,089
Receivable for Fund shares sold		11,843
Unrealized appreciation on OTC swap agreements		6,626
Due from broker—variation margin futures		5,809
Prepaid expenses and other assets		1,293
Total Assets		55,317,816
Liabilities
Unrealized depreciation on OTC forward foreign currency exchange contracts		875,502
Options written outstanding, at value (premiums received $106,608)		94,725
Payable for Fund shares purchased		79,337
Dividends payable		67,672
Accrued expenses and other liabilities		51,709
Premiums received for OTC swap agreements		22,447
Due to broker—variation margin swaps		16,371
Unrealized depreciation on OTC swap agreements		14,697
Management fee payable		7,282
Payable for investments purchased		1,749
Directors’ fees payable		878
Affiliated transfer agent fee payable		625
Distribution fee payable		557
Total Liabilities		1,233,551
Net Assets	$	54,084,265
Net assets were comprised of:
Common stock, at par	$	118
Paid-in capital in excess of par		72,294,698
Total distributable earnings (loss)		(18,210,551	)
Net assets, April 30, 2024	$	54,084,265

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund  39

Statement of Assets and Liabilities (unaudited)

as of April 30, 2024

Class A
Net asset value and redemption price per share, ($ 2,459,265 ÷ 540,720 shares of common stock issued and outstanding)	$	4.55
Maximum sales charge (3.25% of offering price)		0.15
Maximum offering price to public	$	4.70
Class C
Net asset value, offering price and redemption price per share, ($ 49,779 ÷ 10,867 shares of common stock issued and outstanding)	$	4.58
Class Z
Net asset value, offering price and redemption price per share, ($ 46,428,434 ÷ 10,114,560 shares of common stock issued and outstanding)	$	4.59
Class R6
Net asset value, offering price and redemption price per share, ($ 5,146,787 ÷ 1,122,097 shares of common stock issued and outstanding)	$	4.59

See Notes to Financial Statements.

40

Statement of Operations (unaudited)

Six Months Ended April 30, 2024

Net Investment Income (Loss)
Income
Interest income (net of $22,689 foreign withholding tax)	$	1,829,077
Affiliated dividend income		110,444
Unaffiliated dividend income		3,493
Total income		1,943,014
Expenses
Management fee		195,197
Distribution fee(a)		3,427
Custodian and accounting fees		33,781
Audit fee		26,951
Transfer agent’s fees and expenses (including affiliated expense of $2,029)(a)		22,562
Professional fees		21,710
Registration fees(a)		18,783
Shareholders’ reports		12,523
Directors’ fees		5,375
Miscellaneous		14,584
Total expenses		354,893
Less: Fee waiver and/or expense reimbursement(a)		(132,297	)
Net expenses		222,596
Net investment income (loss)		1,720,418
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $29) (net of foreign capital gains taxes $(3,851))		(591,364	)
Futures transactions		4,945
Forward and cross currency contract transactions		(188,140	)
Options written transactions		511,921
Swap agreement transactions		(191,467	)
Foreign currency transactions		(779,472	)
		(1,233,577	)
Net change in unrealized appreciation (depreciation) on:
Investments		2,045,357
Futures		3,097
Forward and cross currency contracts		(260,501	)
Options written		(21,027	)
Swap agreements		144,072
Foreign currencies		26,708
		1,937,706
Net gain (loss) on investment and foreign currency transactions		704,129
Net Increase (Decrease) In Net Assets Resulting From Operations	$	2,424,547

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund  41

Statement of Operations (unaudited)

Six Months Ended April 30, 2024

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

	Class A			Class C			Class Z			Class R6
Distribution fee		3,134			293			—			—
Transfer agent’s fees and expenses		2,366			432			19,628			136
Registration fees		4,793			2,932			6,784			4,274
Fee waiver and/or expense reimbursement		(8,963	)		(3,407	)		(105,759	)		(14,168	)

See Notes to Financial Statements.

42

Statements of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2024				Year Ended  October 31, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	1,720,418			$	2,530,693
Net realized gain (loss) on investment and foreign currency transactions			(1,233,577	)			129,130
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			1,937,706				804,351
Net increase (decrease) in net assets resulting from operations			2,424,547				3,464,174
Dividends and Distributions
Distributions from distributable earnings
Class A			(93,791	)			(128,985	)
Class C			(1,967	)			(4,499	)
Class Z			(2,112,939	)			(2,349,011	)
Class R6			(206,463	)			(126,015	)
			(2,415,160	)			(2,608,510	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold			13,043,009				35,222,107
Net asset value of shares issued in reinvestment of dividends and distributions			2,113,344				2,577,270
Cost of shares purchased			(20,714,758	)			(5,879,610	)
Net increase (decrease) in net assets from Fund share transactions			(5,558,405	)			31,919,767
Total increase (decrease)			(5,549,018	)			32,775,431
Net Assets:
Beginning of period			59,633,283				26,857,852
End of period		$	54,084,265			$	59,633,283

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund  43

Financial Highlights (unaudited)

Class A Shares
	Six Months
	Ended
	April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$4.57			$4.27			$5.45			$5.57			$6.07			$5.52
Income (loss) from investment operations:
Net investment income (loss)		0.12			0.23	(b)		0.20			0.22			0.24			0.30
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.04			0.31	(c)		(1.17	)		(0.09	)		(0.47	)		0.57
Total from investment operations		0.16			0.54			(0.97	)		0.13			(0.23	)		0.87
Less Dividends and Distributions:
Dividends from net investment income*		(0.18	)		(0.24	)		(0.04	)		(0.25	)		-			(0.31	)
Tax return of capital distributions		-			-			(0.17	)		-			(0.27	)		(0.01	)
Total dividends and distributions		(0.18	)		(0.24	)		(0.21	)		(0.25	)		(0.27	)		(0.32	)
Net asset value, end of period		$4.55			$4.57			$4.27			$5.45			$5.57			$6.07
Total Return(d):		3.31	%		12.66	%		(18.18	)%		2.19	%		(3.75	)%		16.14	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$2,459			$2,391			$2,151			$3,489			$3,853			$3,692
Average net assets (000)		$2,521			$2,498			$2,762			$3,950			$3,518			$3,223
Ratios to average net assets(e):
Expenses after waivers and/or expense reimbursement		1.14	%(f)(g)		1.14	%(g)		1.14	%(g)		1.13	%		1.13	%		1.13	%
Expenses before waivers and/or expense reimbursement		1.86	%(f)		2.03	%(g)		1.90	%(g)		1.67	%		2.04	%		2.03	%
Net investment income (loss)		5.29	%(f)		4.97	%		4.13	%		3.75	%		4.24	%		5.13	%
Portfolio turnover rate(h)		21	%		19	%		26	%		35	%		64	%		69	%

* 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 period.

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

(c) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(d) 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.

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

(f) Annualized.

(g) Includes certain non-reoccurring expenses of 0.01% for the six months ended April 30, 2024 and for the year ended October 31, 2023 and interest expense on borrowings from the Syndicated Credit Agreement of 0.01%, for the year ended October 31, 2022 which are being excluded from the Fund’s contractual waiver.

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

See Notes to Financial Statements.

44

Class C Shares
	Six Months
	Ended
	April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$4.60			$4.30			$5.49			$5.61			$6.11			$5.56
Income (loss) from investment operations:
Net investment income (loss)		0.11			0.20	(b)		0.17			0.18			0.20			0.26
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.03			0.31	(c)		(1.19	)		(0.09	)		(0.47	)		0.57
Total from investment operations		0.14			0.51			(1.02	)		0.09			(0.27	)		0.83
Less Dividends and Distributions:
Dividends from net investment income*		(0.16	)		(0.21	)		-			(0.21	)		-			(0.27	)
Tax return of capital distributions		-			-			(0.17	)		-			(0.23	)		(0.01	)
Total dividends and distributions		(0.16	)		(0.21	)		(0.17	)		(0.21	)		(0.23	)		(0.28	)
Net asset value, end of period		$4.58			$4.60			$4.30			$5.49			$5.61			$6.11
Total Return(d):		2.93	%		11.76	%		(18.82	)%		1.44	%		(4.41	)%		15.18	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$50			$62			$126			$190			$466			$579
Average net assets (000)		$59			$102			$144			$331			$484			$566
Ratios to average net assets(e):
Expenses after waivers and/or expense reimbursement		1.89	%(f)(g)		1.88	%		1.89	%(g)		1.88	%		1.88	%		1.88	%
Expenses before waivers and/or expense reimbursement		13.51	%(f)		8.97	%		7.40	%(g)		4.60	%		5.82	%		4.82	%
Net investment income (loss)		4.56	%(f)		4.19	%		3.35	%		3.00	%		3.54	%		4.37	%
Portfolio turnover rate(h)		21	%		19	%		26	%		35	%		64	%		69	%

* 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 period.

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

(c) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(d) 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.

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

(f) Annualized.

(g) Includes certain non-reoccurring expenses of 0.01% for the six months ended April 30, 2024 and interest expense on borrowings from the Syndicated Credit Agreement of 0.01%, for the year ended October 31, 2022 which are being excluded from the Fund’s contractual waiver.

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

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund  45

Financial Highlights (unaudited) (continued)

Class Z Shares
	Six Months
	Ended
	April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$4.61			$4.31			$5.50			$5.62			$6.13			$5.57
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.26	(b)		0.22			0.24			0.27			0.32
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.03			0.30	(c)		(1.18	)		(0.08	)		(0.48	)		0.58
Total from investment operations		0.17			0.56			(0.96	)		0.16			(0.21	)		0.90
Less Dividends and Distributions:
Dividends from net investment income*		(0.19	)		(0.26	)		(0.06	)		(0.28	)		-			(0.33	)
Tax return of capital distributions		-			-			(0.17	)		-			(0.30	)		(0.01	)
Total dividends and distributions		(0.19	)		(0.26	)		(0.23	)		(0.28	)		(0.30	)		(0.34	)
Net asset value, end of period		$4.59			$4.61			$4.31			$5.50			$5.62			$6.13
Total Return(d):		3.52	%		13.05	%		(17.83	)%		2.63	%		(3.45	)%		16.50	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$46,428			$52,178			$23,229			$49,067			$57,392			$68,101
Average net assets (000)		$52,564			$42,236			$39,563			$59,794			$56,989			$63,219
Ratios to average net assets(e):
Expenses after waivers and/or expense reimbursement		0.73	%(f)(g)		0.73	%(g)		0.73	%(g)		0.72	%		0.74	%		0.88	%
Expenses before waivers and/or expense reimbursement		1.13	%(f)		1.26	%(g)		1.32	%(g)		1.16	%		1.27	%		1.31	%
Net investment income (loss)		5.75	%(f)		5.40	%		4.49	%		4.16	%		4.72	%		5.35	%
Portfolio turnover rate(h)		21	%		19	%		26	%		35	%		64	%		69	%

* 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 period.

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

(c) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(d) 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.

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

(f) Annualized.

(g) Includes certain non-reoccurring expenses of 0.01% for the six months ended April 30, 2024 and for the year ended October 31, 2023 and interest expense on borrowings from the Syndicated Credit Agreement of 0.01%, for the year ended October 31, 2022 which are being excluded from the Fund’s contractual waiver.

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

See Notes to Financial Statements.

46

Class R6 Shares
	Six Months
	Ended
	April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$4.60			$4.31			$5.50			$5.62			$6.12			$5.56
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.26	(b)		0.23			0.25			0.27			0.31
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.04			0.30	(c)		(1.19	)		(0.09	)		(0.47	)		0.58
Total from investment operations		0.18			0.56			(0.96	)		0.16			(0.20	)		0.89
Less Dividends and Distributions:
Dividends from net investment income*		(0.19	)		(0.27	)		(0.06	)		(0.28	)		-			(0.32	)
Tax return of capital distributions		-			-			(0.17	)		-			(0.30	)		(0.01	)
Total dividends and distributions		(0.19	)		(0.27	)		(0.23	)		(0.28	)		(0.30	)		(0.33	)
Net asset value, end of period		$4.59			$4.60			$4.31			$5.50			$5.62			$6.12
Total Return(d):		3.78	%		12.88	%		(17.77	)%		2.70	%		(3.24	)%		16.41	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$5,147			$5,002			$1,352			$3,237			$50			$29
Average net assets (000)		$5,247			$2,239			$2,001			$1,613			$42			$15
Ratios to average net assets(e):
Expenses after waivers and/or expense reimbursement		0.66	%(f)(g)		0.66	%(g)		0.66	%(g)		0.65	%		0.67	%		0.88	%
Expenses before waivers and/or expense reimbursement		1.20	%(f)		1.53	%(g)		1.47	%(g)		1.63	%		40.50	%		92.22	%
Net investment income (loss)		5.77	%(f)		5.45	%		4.56	%		4.27	%		4.64	%		5.20	%
Portfolio turnover rate(h)		21	%		19	%		26	%		35	%		64	%		69	%

* 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 period.

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

(c) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(d) 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.

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

(f) Annualized.

(g) Includes certain non-reoccurring expenses of 0.01% for the six months ended April 30, 2024 and for the year ended October 31, 2023 and interest expense on borrowings from the Syndicated Credit Agreement of 0.01%, for the year ended October 31, 2022 which are being excluded from the Fund’s contractual waiver.

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

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund  47

Notes to Financial Statements (unaudited)

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. These financial statements relate only to the PGIM Emerging Markets Debt Local Currency Fund (the “Fund”), a series of the RIC. The Fund is classified as a non-diversified fund for purposes of the 1940 Act.

The investment objective of the Fund is 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 approved the Fund’s valuation policies and procedures for security valuation and designated PGIM Investments LLC (“PGIM Investments” or the “Manager”) as the “Valuation Designee,” as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Fund investments. Pursuant to the Board’s oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities as Valuation Designee under Rule 2a-5. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign

48

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 Measurement.

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

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

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

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

PGIM Emerging Markets Debt Local Currency Fund 49

Notes to Financial Statements (unaudited) (continued)

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 policies and procedures approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.

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

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

(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

50

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 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

PGIM Emerging Markets Debt Local Currency Fund 51

Notes to Financial Statements (unaudited) (continued)

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 the value of the underlying security. Such variation margin is recorded for financial

52

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 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.

PGIM Emerging Markets Debt Local Currency Fund 53

Notes to Financial Statements (unaudited) (continued)

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” because the higher the contract value 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 which a subadviser may have negotiated and entered into on behalf of all or a portion of the

54

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 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.

PGIM Emerging Markets Debt Local Currency Fund 55

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

56

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

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

3. Agreements

The RIC, on behalf of the Fund, has a management agreement with the Manager pursuant to which it has responsibility for all investment advisory services, including supervision of the subadvisers’ performance of such services, and for rendering administrative 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 (collectively the “subadviser”). The Manager pays for the services of subadvisers.

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended April 30, 2024, the contractual and effective management fee rates were as follows:

Contractual Management Rate	Effective Management Fee, before any waivers  and/or expense reimbursements
0.650% on average daily net assets up to $1 billion;	0.65%
0.630% on average daily net assets from $1 billion to $3 billion;
0.610% on average daily net assets from $3 billion to $5 billion;
0.600% on average daily net assets from $5 billion to $10 billion;
0.590% on average daily net assets over $10 billion.

The Manager has contractually agreed, through February 28, 2025, to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be

PGIM Emerging Markets Debt Local Currency Fund 57

Notes to Financial Statements (unaudited) (continued)

realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year. The expense limitations attributable to each class are as follows:

Class	Expense  Limitations
A	1.13%
C	1.88
Z	0.72
R6	0.65

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

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

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

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

For the reporting period ended April 30, 2024, PIMS received front-end sales charges (“FESL”) resulting from sales of certain class shares and contingent deferred sales charges (“CDSC”) imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:

Class	FESL		CDSC
A		$1,140	$—
C		—	—

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

58

4. Other Transactions with Affiliates

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

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

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended April 30, 2024, no Rule 17a-7 transactions were entered into by the Fund.

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2024, were as follows:

Cost of Purchases	Proceeds from Sales
$10,687,775	$16,097,902

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

Value, Beginning of Period	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)	Realized Gain (Loss)	Value, End of Period		Shares, End of Period		Income
Short-Term Investments - Affiliated Mutual Funds:
PGIM Core Government Money Market Fund (7-day effective yield 5.540%)(1)(wb)
$5,602,977		$24,143,109		$25,223,628	$—	$—		$4,522,458		4,522,458		$110,444
PGIM Institutional Money Market Fund (7-day effective yield 5.644%)(1)(wb)
—		285,000		285,029	—	29		—		—		—
$5,602,977		$24,428,109		$25,508,657	$—	$29		$4,522,458				$110,444

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

PGIM Emerging Markets Debt Local Currency Fund 59

Notes to Financial Statements (unaudited) (continued)

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

6. Tax Information

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

Tax Basis	Gross     Unrealized     Appreciation	Gross         Unrealized         Depreciation	Net Unrealized Depreciation
$56,289,618	$1,648,856	$(6,644,614)	$(4,995,758)

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

For federal income tax purposes, the Fund had an approximated capital loss carryforward as of October 31, 2023 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

Capital Loss Carryforward	Capital Loss Carryforward Utilized
$11,954,000	$—

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2023 are subject to such review.

7. Capital and Ownership

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

60

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	Number of Shares
A		10,000,000
C		50,000,000
Z		250,000,000
T		190,000,000
R6		50,000,000

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

As of April 30, 2024, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

Class	Number of Shares		Percentage of Outstanding Shares
Z		3,310,405	32.7%
R6		217	0.1

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

	Number of Shareholders	Percentage of Outstanding Shares
Affiliated	1	28.1%
Unaffiliated	5	68.8

Transactions in shares of common stock were as follows:

Share Class	Shares			Amount
Class A
Six months ended April 30, 2024:
Shares sold		32,763		$	154,974
Shares issued in reinvestment of dividends and distributions		19,576			92,873
Shares purchased		(34,696	)		(162,730	)
Net increase (decrease) in shares outstanding before conversion		17,643			85,117
Shares issued upon conversion from other share class(es)		1,167			5,538
Shares purchased upon conversion into other share class(es)		(1,763	)		(8,086	)
Net increase (decrease) in shares outstanding		17,047		$	82,569

PGIM Emerging Markets Debt Local Currency Fund 61

Notes to Financial Statements (unaudited) (continued)

Share Class	Shares			Amount
Year ended October 31, 2023:
Shares sold		130,790		$	615,924
Shares issued in reinvestment of dividends and distributions		27,366			128,267
Shares purchased		(141,337	)		(656,886	)
Net increase (decrease) in shares outstanding before conversion		16,819			87,305
Shares issued upon conversion from other share class(es)		3,395			16,191
Net increase (decrease) in shares outstanding		20,214		$	103,496
Class C
Six months ended April 30, 2024:
Shares issued in reinvestment of dividends and distributions		410		$	1,963
Shares purchased		(1,857	)		(8,623	)
Net increase (decrease) in shares outstanding before conversion		(1,447	)		(6,660	)
Shares purchased upon conversion into other share class(es)		(1,159	)		(5,538	)
Net increase (decrease) in shares outstanding		(2,606	)	$	(12,198	)
Year ended October 31, 2023:
Shares sold		2,187		$	10,400
Shares issued in reinvestment of dividends and distributions		955			4,497
Shares purchased		(15,622	)		(73,689	)
Net increase (decrease) in shares outstanding before conversion		(12,480	)		(58,792	)
Shares purchased upon conversion into other share class(es)		(3,374	)		(16,191	)
Net increase (decrease) in shares outstanding		(15,854	)	$	(74,983	)
Class Z
Six months ended April 30, 2024:
Shares sold		2,649,980		$	12,718,962
Shares issued in reinvestment of dividends and distributions		377,301			1,812,058
Shares purchased		(4,241,412	)		(20,339,286	)
Net increase (decrease) in shares outstanding before conversion		(1,214,131	)		(5,808,266	)
Shares issued upon conversion from other share class(es)		1,747			8,086
Net increase (decrease) in shares outstanding		(1,212,384	)	$	(5,800,180	)
Year ended October 31, 2023:
Shares sold		6,331,274		$	30,086,527
Shares issued in reinvestment of dividends and distributions		489,547			2,318,647
Shares purchased		(884,489	)		(4,171,193	)
Net increase (decrease) in shares outstanding		5,936,332		$	28,233,981

62

Share Class	Shares			Amount
Class R6
Six months ended April 30, 2024:
Shares sold		35,407		$	169,073
Shares issued in reinvestment of dividends and distributions		43,175			206,450
Shares purchased		(42,917	)		(204,119	)
Net increase (decrease) in shares outstanding		35,665		$	171,404
Year ended October 31, 2023:
Shares sold		953,543		$	4,509,256
Shares issued in reinvestment of dividends and distributions		26,693			125,859
Shares purchased		(207,608	)		(977,842	)
Net increase (decrease) in shares outstanding		772,628		$	3,657,273

8. Borrowings

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

	SCA
Term of Commitment	9/29/2023 - 9/26/2024
Total Commitment	$1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%
Annualized Interest Rate on Borrowings	1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent

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

The Fund utilized the SCA during the reporting period ended April 30, 2024. The average daily balance for the 3 days that the Fund had loans outstanding during the period was approximately $1,184,000, borrowed at a weighted average interest rate of 6.42%. The maximum loan outstanding amount during the period was $1,184,000. At April 30, 2024,

PGIM Emerging Markets Debt Local Currency Fund 63

Notes to Financial Statements (unaudited) (continued)

the Fund did not have an outstanding loan amount.

9. Risks of Investing in the Fund

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

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

64

subject to “call and redemption risk,” which is the risk that the issuer may call a bond held by the Fund for redemption before it matures and the Fund may not be able to reinvest at the same rate of interest and therefore would earn less income.

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

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

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

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

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

PGIM Emerging Markets Debt Local Currency Fund 65

Notes to Financial Statements (unaudited) (continued)

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 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.

66

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

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.

PGIM Emerging Markets Debt Local Currency Fund 67

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

68

Liquidity Risk Management Program (unaudited)

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

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

At a meeting of the Board on March 5-7, 2024, PGIM Investments provided a written report (“LRMP Report”) to the Board addressing the operation, adequacy, and effectiveness of the Fund’s LRMP, including any material changes to the LRMP for the period from January 1, 2023 through December 31, 2023 (“Reporting Period”). The LRMP Report concluded that the Fund’s LRMP was reasonably designed to assess and manage the Fund’s liquidity risk and was adequately and effectively implemented during the Reporting Period. There were no material changes to the LRMP during the Reporting Period. The LRMP Report further concluded that the Fund’s investment strategies continue to be appropriate given the Fund’s status as an open-end fund.

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

PGIM Emerging Markets Debt Local Currency Fund 69

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

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	PGIM Fixed Income	655 Broad Street Newark, NJ 07102
SUB-SUBADVISER	PGIM Limited	Grand Buildings, 1-3 Strand Trafalgar Square London, WC2N 5HR United Kingdom
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 534432 Pittsburgh, PA 15253
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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.

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

MF212E2

PGIM JENNISON GLOBAL INFRASTRUCTURE FUND

SEMIANNUAL REPORT

APRIL 30, 2024

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

Table of Contents

Letter from the President	3
Your Fund’s Performance	4
Fees and Expenses	7
Holdings and Financial Statements	9

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

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

The accompanying financial statements as of April 30, 2024 were not audited and, accordingly, no auditor’s opinion is expressed on them.

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. © 2024 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 semiannual report for the PGIM Jennison Global Infrastructure Fund informative and useful. The report covers performance for the six-month period ended April 30, 2024.
		Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

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

At PGIM Investments, we provide access to active investment strategies across the global markets in the pursuit of consistent outperformance for investors. PGIM is the world’s 14th-largest investment manager with more than $1.3 trillion in assets under management. Our scale and investment expertise allow us to deliver a diversified suite of actively managed solutions across a broad spectrum of asset classes and investment styles.

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Jennison Global Infrastructure Fund

June 14, 2024

PGIM Jennison Global Infrastructure Fund 3

Your Fund’s Performance

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

	Total Returns as of 4/30/24		Average Annual Total Returns as of 4/30/24
	(without sales charges)		(with sales charges)
	Six Months* (%)		One Year (%)		Five Years (%)		Ten Years (%)		Since Inception (%)
Class A		11.92		-5.09		3.31		4.05		—
Class C		11.57		-1.21		3.71		3.87		—
Class Z		12.08		0.77		4.83		4.96		—
Class R6		12.17		0.84		4.84		N/A		6.68 (12/28/2016)
S&P Global Infrastructure Index
		14.81		-0.03		3.61		4.00		—
S&P 500 Index
		20.98		22.66		13.19		12.41		—
Average Annual Total Returns as of 4/30/24 Since Inception (%)
									Class R6   (12/28/2016)
S&P Global Infrastructure Index										5.37
S&P 500 Index										13.67

*Not annualized

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

4 Visit our website at pgim.com/investments

 

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

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

Benchmark Definitions

S&P Global Infrastructure Index*—The S&P Global Infrastructure Index is an unmanaged index that consists of 75 companies from around the world that represent the listed infrastructure universe. To create diversified exposure across the global listed infrastructure market, the index has balanced weights across three distinct infrastructure clusters: Utilities, Transportation, and Energy.

*The S&P Global Infrastructure 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 © 2024 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.

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 large company stocks in the United States have performed.

**The S&P 500 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 © 2024 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

PGIM Jennison Global Infrastructure Fund 5

Your Fund’s Performance (continued)

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.

Presentation of Fund Holdings as of 4/30/24

Ten Largest Holdings	Line of Business	Country	% of Net Assets
NextEra Energy, Inc.	Electric Utilities	United States	5.9%
Aena SME SA, 144A	Transportation Infrastructure	Spain	4.4%
Ferrovial SE	Construction & Engineering	United States	4.4%
Vinci SA	Construction & Engineering	France	3.9%
Southern Co. (The)	Electric Utilities	United States	3.5%
Constellation Energy Corp.	Electric Utilities	United States	3.5%
Sacyr SA	Construction & Engineering	Spain	3.2%
PG&E Corp.	Electric Utilities	United States	3.1%
Digital Realty Trust, Inc., REIT	Specialized REITs	United States	3.0%
Sempra	Multi-Utilities	United States	3.0%

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

6 Visit our website at pgim.com/investments

Fees and Expenses

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

The example is based on an investment of $1,000 held through the six-month period ended April 30, 2024. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Jennison Global Infrastructure Fund 7

Fees and Expenses (continued)

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

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

PGIM Jennison Global Infrastructure Fund		Beginning Account Value November 1, 2023		Ending Account Value April 30, 2024		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period*
Class A	Actual		$1,000.00		$1,119.20		1.51%		$ 7.96
	Hypothetical		$1,000.00		$1,017.35		1.51%		$ 7.57
Class C	Actual		$1,000.00		$1,115.70		2.26%		$11.89
	Hypothetical		$1,000.00		$1,013.63		2.26%		$11.31
Class Z	Actual		$1,000.00		$1,120.80		1.18%		$ 6.22
	Hypothetical		$1,000.00		$1,019.00		1.18%		$ 5.92
Class R6	Actual		$1,000.00		$1,121.70		1.18%		$ 6.22
	Hypothetical		$1,000.00		$1,019.00		1.18%		$ 5.92

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 182 days in the six-month period ended April 30, 2024, and divided by the 366 days in the Fund’s fiscal year ending October 31, 2024 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying funds in which the Fund may invest.

8 Visit our website at pgim.com/investments

Schedule of Investments (unaudited)

as of April 30, 2024

Description	Shares		Value
LONG-TERM INVESTMENTS 98.9%
COMMON STOCKS
Australia 1.9%
Transurban Group, UTS		90,226	$	724,376
Canada 1.6%
Canadian Pacific Kansas City Ltd.		7,815		613,097
Denmark 1.0%
Orsted A/S, 144A*		6,567		360,912
France 8.3%
Eiffage SA		3,598		383,901
Engie SA*		28,540		495,472
Getlink SE		23,576		401,351
Veolia Environnement SA		11,212		348,555
Vinci SA		12,314		1,442,906
				3,072,185
Germany 3.6%
E.ON SE		36,568		484,233
Fraport AG Frankfurt Airport Services Worldwide*		9,693		485,310
RWE AG		10,286		358,318
				1,327,861
India 1.9%
Power Grid Corp. of India Ltd.		152,614		550,445
ReNew Energy Global PLC (Class A Stock)*		25,762		145,297
				695,742
Italy 2.5%
Enav SpA, 144A		87,350		359,233
Enel SpA		56,039		368,313
Infrastrutture Wireless Italiane SpA, 144A		17,481		187,343
				914,889
Japan 0.9%
West Japan Railway Co.		18,762		356,130
Mexico 1.0%
Grupo Aeroportuario del Pacifico SAB de CV (Class B Stock)		20,827		380,486

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 9

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Description	Shares		Value
COMMON STOCKS (Continued)
New Zealand 0.9%
Auckland International Airport Ltd.		71,938	$	332,574
Spain 8.1%
Aena SME SA, 144A		8,964		1,633,596
Cellnex Telecom SA, 144A		5,635		186,263
Sacyr SA		338,850		1,178,124
				2,997,983
Thailand 0.4%
Airports of Thailand PCL		91,746		161,080
United Kingdom 5.3%
Drax Group PLC		114,165		739,463
National Grid PLC		67,038		879,348
SSE PLC		16,405		341,001
				1,959,812
United States 61.5%
American Electric Power Co., Inc.		4,535		390,146
American Tower Corp., REIT		2,159		370,398
CenterPoint Energy, Inc.		19,710		574,349
Cheniere Energy, Inc.		4,688		739,860
CMS Energy Corp.		16,119		976,973
Constellation Energy Corp.		7,009		1,303,253
CSX Corp.		22,704		754,227
Digital Realty Trust, Inc., REIT		8,091		1,122,869
DT Midstream, Inc.		7,853		488,457
Equinix, Inc., REIT		1,079		767,288
Ferrovial SE		45,356		1,631,244
MPLX LP		18,130		757,834
NextEra Energy, Inc.		32,953		2,206,862
NiSource, Inc.		34,184		952,366
Norfolk Southern Corp.		1,634		376,343
ONEOK, Inc.		6,287		497,427
PG&E Corp.		67,730		1,158,860
Plains GP Holdings LP (Class A Stock)*		45,825		834,473
PPL Corp.		27,960		767,782
Sempra		15,560		1,114,563
Southern Co. (The)		17,892		1,315,062
Targa Resources Corp.		7,732		881,912
Union Pacific Corp.		3,143		745,394
Vistra Corp.		7,856		595,799

See Notes to Financial Statements.

10

 

Description	Shares		Value
COMMON STOCKS (Continued)
United States (cont’d.)
Waste Connections, Inc.		2,962	$	480,111
Western Midstream Partners LP		15,986		545,123
Williams Cos., Inc. (The)		12,735		488,515
				22,837,490
TOTAL LONG-TERM INVESTMENTS  (cost $30,427,642)				36,734,617
SHORT-TERM INVESTMENT 0.9%
AFFILIATED MUTUAL FUND
PGIM Core Government Money Market Fund (7-day effective yield 5.540%) (cost $339,583)(wb)		339,583		339,583
TOTAL INVESTMENTS 99.8%  (cost $30,767,225)				37,074,200
Other assets in excess of liabilities 0.2%				57,003
NET ASSETS 100.0%			$	37,131,203

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

LP—Limited Partnership

REITs—Real Estate Investment Trust

SOFR—Secured Overnight Financing Rate

UTS—Unit Trust Security

* Non-income producing security.

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

Fair Value Measurements:

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

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

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

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

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

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

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Australia	$	—	$	724,376			$—
Canada		613,097		—			—
Denmark		—		360,912			—
France		—		3,072,185			—
Germany		—		1,327,861			—
India		145,297		550,445			—
Italy		—		914,889			—
Japan		—		356,130			—
Mexico		380,486		—			—
New Zealand		—		332,574			—
Spain		—		2,997,983			—
Thailand		—		161,080			—
United Kingdom		—		1,959,812			—
United States		21,206,246		1,631,244			—
Short-Term Investment
Affiliated Mutual Fund		339,583		—			—
Total	$	22,684,709	$	14,389,491			$—

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of April 30, 2024 were as follows:

Electric Utilities	23.6	%
Multi-Utilities	15.8
Oil, Gas & Consumable Fuels	14.1
Construction & Engineering	12.5
Transportation Infrastructure	12.0
Ground Transportation	7.5
Specialized REITs	6.1
Independent Power & Renewable Electricity Producers	5.0

Commercial Services & Supplies	1.3	%
Diversified Telecommunication Services	1.0
Affiliated Mutual Fund	0.9
	99.8
Other assets in excess of liabilities	0.2
	100.0	%

See Notes to Financial Statements.

12

Statement of Assets and Liabilities (unaudited)

as of April 30, 2024

Assets
Investments at value:
Unaffiliated investments (cost $30,427,642)	$	36,734,617
Affiliated investments (cost $339,583)		339,583
Dividends receivable		73,712
Tax reclaim receivable		66,696
Receivable for Fund shares sold		10,806
Prepaid expenses and other assets		10,645
Total Assets		37,236,059
Liabilities
Payable for Fund shares purchased		31,937
Custodian and accounting fees payable		15,594
Audit fee payable		14,724
Management fee payable		13,706
Transfer agent’s fees and expenses payable		11,561
Professional fees payable		5,759
Distribution fee payable		3,650
Accrued expenses and other liabilities		3,460
Foreign capital gains tax liability accrued		1,689
Affiliated transfer agent fee payable		1,592
Directors’ fees payable		997
Payable to custodian		187
Total Liabilities		104,856
Net Assets	$	37,131,203
Net assets were comprised of:
Common stock, at par	$	25
Paid-in capital in excess of par		30,860,083
Total distributable earnings (loss)		6,271,095
Net assets, April 30, 2024	$	37,131,203

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 13

Statement of Assets and Liabilities (unaudited)

as of April 30, 2024

Class A
Net asset value and redemption price per share, ($9,761,003 ÷ 647,540 shares of common stock issued and outstanding)	$	15.07
Maximum sales charge (5.50% of offering price)		0.88
Maximum offering price to public	$	15.95
Class C
Net asset value, offering price and redemption price per share, ($1,963,782 ÷ 132,992 shares of common stock issued and outstanding)	$	14.77
Class Z
Net asset value, offering price and redemption price per share, ($16,283,174 ÷ 1,079,019 shares of common stock issued and outstanding)	$	15.09
Class R6
Net asset value, offering price and redemption price per share, ($9,123,244 ÷ 604,673 shares of common stock issued and outstanding)	$	15.09

See Notes to Financial Statements.

14

Statement of Operations (unaudited)

Six Months Ended April 30, 2024

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $18,438 foreign withholding tax)	$	420,193
Affiliated dividend income		16,395
Total income		436,588
Expenses
Management fee		184,412
Distribution fee(a)		25,471
Custodian and accounting fees		28,239
Transfer agent’s fees and expenses (including affiliated expense of $5,207)(a)		28,001
Professional fees		25,492
Registration fees(a)		15,812
Audit fee		14,723
Shareholders’ reports		12,414
Directors’ fees		5,150
Miscellaneous		10,643
Total expenses		350,357
Less: Fee waiver and/or expense reimbursement(a)		(101,791	)
Distribution fee waiver(a)		(2,470	)
Net expenses		246,096
Net investment income (loss)		190,492
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		1,823,324
Foreign currency transactions		(2,417	)
		1,820,907
Net change in unrealized appreciation (depreciation) on:
Investments (net of change in foreign capital gains taxes $(1,689))		2,232,022
Foreign currencies		2,408
		2,234,430
Net gain (loss) on investment and foreign currency transactions		4,055,337
Net Increase (Decrease) In Net Assets Resulting From Operations	$	4,245,829

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

	Class A			Class C			Class Z			Class R6
Distribution fee		14,818			10,653			—			—
Transfer agent’s fees and expenses		9,129			2,111			16,614			147
Registration fees		4,224			3,081			5,644			2,863
Fee waiver and/or expense reimbursement		(26,235	)		(7,964	)		(49,165	)		(18,427)
Distribution fee waiver		(2,470	)		—			—			—

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 15

Statements of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2024			Year Ended October 31, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	190,492		$	1,013,776
Net realized gain (loss) on investment and foreign currency transactions		1,820,907			(1,645,965	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		2,234,430			86,225
Net increase (decrease) in net assets resulting from operations		4,245,829			(545,964	)
Dividends and Distributions
Distributions from distributable earnings
Class A		(26,057	)		(337,388	)
Class C		(267	)		(93,436	)
Class Z		(66,176	)		(1,033,637	)
Class R6		(41,709	)		(642,318	)
		(134,209	)		(2,106,779	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		5,707,928			11,460,820
Net asset value of shares issued in reinvestment of dividends and distributions		133,359			2,105,393
Cost of shares purchased		(8,510,117	)		(39,735,852	)
Net increase (decrease) in net assets from Fund share transactions		(2,668,830	)		(26,169,639	)
Total increase (decrease)		1,442,790			(28,822,382	)
Net Assets:
Beginning of period		35,688,413			64,510,795
End of period	$	37,131,203		$	35,688,413

See Notes to Financial Statements.

16

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$13.50			$14.41			$17.15			$13.80			$14.66			$12.21
Income (loss) from investment operations:
Net investment income (loss)		0.06			0.23			0.14			0.09			0.14			0.18
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.55			(0.62	)		(1.64	)		3.36			(0.86	)		2.49
Total from investment operations		1.61			(0.39	)		(1.50	)		3.45			(0.72	)		2.67
Less Dividends and Distributions:
Dividends from net investment income		(0.04)			(0.26	)		(0.14	)		(0.10	)		(0.12	)		(0.21	)
Tax return of capital distributions		-			-			-			-			(0.02	)		(0.01	)
Distributions from net realized gains		-			(0.26	)		(1.10	)		-			-			-
Total dividends and distributions		(0.04)			(0.52	)		(1.24	)		(0.10	)		(0.14	)		(0.22	)
Net asset value, end of period		$15.07			$13.50			$14.41			$17.15			$13.80			$14.66
Total Return(b):		11.92%			(2.90	)%		(9.23	)%		25.04	%		(4.93	)%		22.01	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$9,761			$9,080			$8,806			$8,153			$5,961			$7,637
Average net assets (000)		$9,933			$9,748			$8,278			$7,154			$6,859			$7,718
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.51%	(d)(e)		1.52	%(e)		1.50	%		1.50	%		1.50	%		1.50	%
Expenses before waivers and/or expense reimbursement		2.09%	(d)		1.95	%		1.90	%		1.99	%		2.20	%		2.10	%
Net investment income (loss)		0.85%	(d)		1.56	%		0.92	%		0.55	%		0.95	%		1.34	%
Portfolio turnover rate(f)		36%			84	%		89	%		72	%		62	%		62	%

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

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

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

(d) Annualized.

(e) Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.01% and 0.02%, respectively, which are being excluded from the Fund’s contractual waiver for the the six months ended April 30, 2024 and year ended October 31, 2023, respectively.

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

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 17

Financial Highlights (unaudited) (continued)

Class C Shares
	Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$13.24			$14.16			$16.90			$13.63			$14.51			$12.12
Income (loss) from investment operations:
Net investment income (loss)		0.01			0.12			0.04			(0.03	)(b)		0.03			0.08
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.52			(0.60	)		(1.63	)		3.31			(0.84	)		2.45
Total from investment operations		1.53			(0.48	)		(1.59	)		3.28			(0.81	)		2.53
Less Dividends and Distributions:
Dividends from net investment income		-			(0.18	)		(0.05	)		(0.01	)		(0.05	)		(0.13	)
Tax return of capital distributions		-			-			-			-			(0.02	)		(0.01	)
Distributions from net realized gains		-			(0.26	)		(1.10	)		-			-			-
Total dividends and distributions		-			(0.44	)		(1.15	)		(0.01	)		(0.07	)		(0.14	)
Net asset value, end of period		$14.77			$13.24			$14.16			$16.90			$13.63			$14.51
Total Return(c):		11.57%			(3.59	)%		(9.91	)%		24.10	%		(5.63	)%		21.01	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,964			$2,332			$3,737			$4,336			$3,242			$4,135
Average net assets (000)		$2,142			$2,977			$4,348			$3,720			$3,771			$4,131
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		2.26%	(e)(f)		2.26	%(f)		2.25	%		2.25	%		2.25	%		2.25	%
Expenses before waivers and/or expense reimbursement		3.01%	(e)		2.73	%		2.60	%		2.79	%		3.05	%		2.90	%
Net investment income (loss)		0.12%	(e)		0.85	%		0.27	%		(0.21	)%		0.21	%		0.59	%
Portfolio turnover rate(g)		36%			84	%		89	%		72	%		62	%		62	%

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

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

(c) 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) Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver for the the six months ended April 30, 2024 and year ended October 31, 2023, respectively.

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

See Notes to Financial Statements.

18

 

Class Z Shares
	Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$13.52			$14.42			$17.16			$13.80			$14.66			$12.21
Income (loss) from investment operations:
Net investment income (loss)		0.09			0.29			0.20			0.14			0.18			0.23
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.54			(0.63	)		(1.65	)		3.37			(0.85	)		2.48
Total from investment operations		1.63			(0.34	)		(1.45	)		3.51			(0.67	)		2.71
Less Dividends and Distributions:
Dividends from net investment income		(0.06)			(0.30	)		(0.19	)		(0.15	)		(0.17	)		(0.25	)
Tax return of capital distributions		-			-			-			-			(0.02	)		(0.01	)
Distributions from net realized gains		-			(0.26	)		(1.10	)		-			-			-
Total dividends and distributions		(0.06)			(0.56	)		(1.29	)		(0.15	)		(0.19	)		(0.26	)
Net asset value, end of period		$15.09			$13.52			$14.42			$17.16			$13.80			$14.66
Total Return(b):		12.08%			(2.57	)%		(8.93	)%		25.42	%		(4.56	)%		22.30	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$16,283			$14,385			$26,049			$25,429			$20,148			$21,868
Average net assets (000)		$15,858			$27,102			$27,109			$24,462			$21,048			$21,608
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.18%	(d)(e)		1.18	%(e)		1.17	%		1.17	%		1.17	%		1.17	%
Expenses before waivers and/or expense reimbursement		1.80%	(d)		1.53	%		1.47	%		1.55	%		1.66	%		1.57	%
Net investment income (loss)		1.18%	(d)		1.98	%		1.29	%		0.92	%		1.25	%		1.66	%
Portfolio turnover rate(f)		36%			84	%		89	%		72	%		62	%		62	%

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

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

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

(d) Annualized.

(e) Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver for the the six months ended April 30, 2024 and year ended October 31, 2023, respectively.

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

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 19

Financial Highlights (unaudited) (continued)

Class R6 Shares
	Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$13.51			$14.41			$17.15			$13.80			$14.66			$12.21
Income (loss) from investment operations:
Net investment income (loss)		0.09			0.29			0.21			0.12			0.18			0.23
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.55			(0.63	)		(1.66	)		3.38			(0.85	)		2.48
Total from investment operations		1.64			(0.34	)		(1.45	)		3.50			(0.67	)		2.71
Less Dividends and Distributions:
Dividends from net investment income		(0.06)			(0.30	)		(0.19	)		(0.15	)		(0.17	)		(0.25	)
Tax return of capital distributions		-			-			-			-			(0.02	)		(0.01	)
Distributions from net realized gains		-			(0.26	)		(1.10	)		-			-			-
Total dividends and distributions		(0.06)			(0.56	)		(1.29	)		(0.15	)		(0.19	)		(0.26	)
Net asset value, end of period		$15.09			$13.51			$14.41			$17.15			$13.80			$14.66
Total Return(b):		12.17%			(2.58	)%		(8.93	)%		25.44	%		(4.62	)%		22.40	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$9,123			$9,892			$25,919			$17,263			$5,636			$11,954
Average net assets (000)		$9,152			$15,166			$23,177			$11,389			$8,565			$13,787
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.18%	(d)(e)		1.18	%(e)		1.17	%		1.17	%		1.17	%		1.17	%
Expenses before waivers and/or expense reimbursement		1.58%	(d)		1.39	%		1.32	%		1.40	%		1.66	%		1.48	%
Net investment income (loss)		1.19%	(d)		1.97	%		1.34	%		0.74	%		1.28	%		1.70	%
Portfolio turnover rate(f)		36%			84	%		89	%		72	%		62	%		62	%

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

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

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

(d) Annualized.

(e) Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver for the the six months ended April 30, 2024 and year ended October 31, 2023, respectively.

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

See Notes to Financial Statements.

20

Notes to Financial Statements  (unaudited)

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. These financial statements relate only to the PGIM Jennison Global Infrastructure Fund (the “Fund”), a series of the RIC. The Fund is classified as a diversified fund for purposes of the 1940 Act.

The investment objective of the Fund is to seek 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 approved the Fund’s valuation policies and procedures for security valuation and designated PGIM Investments LLC (“PGIM Investments” or the “Manager”) as the “Valuation Designee,” as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Fund investments. Pursuant to the Board’s oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities as Valuation Designee under Rule 2a-5. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some

PGIM Jennison Global Infrastructure Fund 21

Notes to Financial Statements  (unaudited) (continued)

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 Measurement.

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

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

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

22

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

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

(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 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

PGIM Jennison Global Infrastructure Fund 23

Notes to Financial Statements  (unaudited) (continued)

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

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 accordingly. When material, these estimates are adjusted periodically when the actual source of distributions is disclosed by the REITs.

24

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

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

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

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

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

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

PGIM Jennison Global Infrastructure Fund 25

Notes to Financial Statements  (unaudited) (continued)

3. Agreements

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

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

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended April 30, 2024, the contractual and effective management fee rates were as follows:

Contractual Management Rate	Effective Management Fee, before any waivers and/or expense reimbursements
1.00% of average daily net assets up to $1 billion;		1.00%
0.98% of average daily net assets from $1 billion to $3 billion;
0.96% of average daily net assets from $3 billion to $5 billion;
0.95% of average daily net assets from $5 billion to $10 billion;
0.94% of average daily net assets over $10 billion

The Manager has contractually agreed, through February 28, 2025, to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

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

Class	Expense Limitations
A	1.50%

26

Class	Expense Limitations
C		2.25	%
Z		1.17
R6		1.17

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

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate based on average daily net assets per class. PIMS has contractually agreed through February 28, 2025 to limit such fees on certain classes based on the daily net assets. The distribution fees are accrued daily and payable monthly.

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

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

For the reporting period ended April 30, 2024, PIMS received front-end sales charges (“FESL”) resulting from sales of certain class shares and contingent deferred sales charges (“CDSC”) imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:

Class	FESL		CDSC
A	$	2,211	$—
C		—	40

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 and shareholder servicing agent. Transfer agent’s fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

The Fund may invest its overnight sweep cash in the PGIM Core Government Money Market Fund (the “Core Government Fund”), a series of the Prudential Government Money Market

PGIM Jennison Global Infrastructure Fund 27

Notes to Financial Statements  (unaudited) (continued)

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

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended April 30, 2024, no Rule 17a-7 transactions were entered into by the Fund.

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2024, were as follows:

Cost of Purchases	Proceeds from Sales
$13,097,577	$15,442,563

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

Value,  Beginning      of    Period	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)	Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Income
Short-Term Investments - Affiliated Mutual Fund:
PGIM Core Government Money Market Fund (7-day effective yield 5.540%)(1)(wb)
$466,760	$	11,347,818	$	11,474,995	$—		$—	$	339,583		339,583	$	16,395

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

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

28

6. Tax Information

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

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$31,445,901	$6,773,907	$(1,145,608)	$5,628,299

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

For federal income tax purposes, the Fund had an approximated capital loss carryforward as of October 31, 2023 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

Capital Loss Carryforward	Capital Loss Carryforward Utilized
$1,234,000	$—

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2023 are subject to such review.

7. Capital and Ownership

The Fund offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a CDSC of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately eight years (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 Global Infrastructure Fund 29

Notes to Financial Statements  (unaudited) (continued)

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	Number of Shares
A		20,000,000
C		100,000,000
Z		150,000,000
T		115,000,000
R6		125,000,000

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

As of April 30, 2024, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

Class	Number of Shares	Percentage of Outstanding Shares
R6	570,678		94.4	%

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

	Number of Shareholders	Percentage of Outstanding Shares
Affiliated	1		19.5	%
Unaffiliated	4		59.3

Transactions in shares of common stock were as follows:

Share Class	Shares			Amount
Class A
Six months ended April 30, 2024:
Shares sold		8,785		$   130,377
Shares issued in reinvestment of dividends and distributions		1,704		25,331
Shares purchased		(56,157	)	(831,993)
Net increase (decrease) in shares outstanding before conversion		(45,668	)	(676,285)
Shares issued upon conversion from other share class(es)		27,526		395,708
Shares purchased upon conversion into other share class(es)		(6,775	)	(98,408)
Net increase (decrease) in shares outstanding		(24,917	)	$  (378,985)

30

Share Class	Shares			Amount
Year ended October 31, 2023:
Shares sold		87,599		$   1,302,546
Shares issued in reinvestment of dividends and distributions		23,206		336,079
Shares purchased		(104,379	)	(1,527,468)
Net increase (decrease) in shares outstanding before conversion		6,426		111,157
Shares issued upon conversion from other share class(es)		70,638		1,044,505
Shares purchased upon conversion into other share class(es)		(15,757	)	(232,188)
Net increase (decrease) in shares outstanding		61,307		$    923,474
Class C
Six months ended April 30, 2024:
Shares sold		3,429		$     49,600
Shares issued in reinvestment of dividends and distributions		19		267
Shares purchased		(17,196	)	(248,753)
Net increase (decrease) in shares outstanding before conversion		(13,748	)	(198,886)
Shares purchased upon conversion into other share class(es)		(29,327	)	(414,138)
Net increase (decrease) in shares outstanding		(43,075	)	$   (613,024)
Year ended October 31, 2023:
Shares sold		19,219		$    270,043
Shares issued in reinvestment of dividends and distributions		6,541		93,436
Shares purchased		(27,469	)	(396,189)
Net increase (decrease) in shares outstanding before conversion		(1,709	)	(32,710)
Shares purchased upon conversion into other share class(es)		(86,040	)	(1,249,192)
Net increase (decrease) in shares outstanding		(87,749	)	$ (1,281,902)
Class Z
Six months ended April 30, 2024:
Shares sold		202,544		$   2,968,258
Shares issued in reinvestment of dividends and distributions		4,438		66,053
Shares purchased		(200,210	)	(2,965,116)
Net increase (decrease) in shares outstanding before conversion		6,772		69,195
Shares issued upon conversion from other share class(es)		7,991		116,838
Net increase (decrease) in shares outstanding		14,763		$     186,033
Year ended October 31, 2023:
Shares sold		568,214		$   8,479,836
Shares issued in reinvestment of dividends and distributions		71,146		1,033,560
Shares purchased		(1,411,451	)	(20,242,707)
Net increase (decrease) in shares outstanding before conversion		(772,091	)	(10,729,311)
Shares issued upon conversion from other share class(es)		29,507		436,875
Net increase (decrease) in shares outstanding		(742,584	)	$(10,292,436)

PGIM Jennison Global Infrastructure Fund 31

Notes to Financial Statements  (unaudited) (continued)

Share Class	Shares			Amount
Class R6
Six months ended April 30, 2024:
Shares sold		168,765		$   2,559,693
Shares issued in reinvestment of dividends and distributions		2,803		41,708
Shares purchased		(298,945	)	(4,464,255)
Net increase (decrease) in shares outstanding		(127,377	)	$ (1,862,854)
Year ended October 31, 2023:
Shares sold		95,586		$   1,408,395
Shares issued in reinvestment of dividends and distributions		44,294		642,318
Shares purchased		(1,206,357	)	(17,569,488)
Net increase (decrease) in shares outstanding		(1,066,477	)	$(15,518,775)

8. Borrowings

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

	SCA
Term of Commitment	9/29/2023 - 9/26/2024
Total Commitment	$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%
Annualized Interest Rate on Borrowings	1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent

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

32

The Fund utilized the SCA during the reporting period ended April 30, 2024. The average daily balance for the 5 days that the Fund had loans outstanding during the period was approximately $668,400, borrowed at a weighted average interest rate of 6.42%. The maximum loan outstanding amount during the period was $1,578,000. At April 30, 2024, 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.

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

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

PGIM Jennison Global Infrastructure Fund 33

Notes to Financial Statements  (unaudited) (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.

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.

34

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 than securities of companies in other 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 level of government spending on infrastructure projects, the effects of economic slowdown, surplus capacity, technological changes, casualty losses, 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, including 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 and accounting standards; and

∎ 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

PGIM Jennison Global Infrastructure Fund 35

Notes to Financial Statements  (unaudited) (continued)

Fund. The Fund may invest in instruments that trade in lower volumes and are more illiquid than other investments. If the Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments cannot be readily sold at the desired time or price, the Fund may have to accept a lower price or may not be able to sell the instrument at all. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities.

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

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

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

36

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

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

Master Limited Partnerships Risk: The 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 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

PGIM Jennison Global Infrastructure Fund 37

Notes to Financial Statements  (unaudited) (continued)

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.

38

Liquidity Risk Management Program (unaudited)

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

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

At a meeting of the Board on March 5-7, 2024, PGIM Investments provided a written report (“LRMP Report”) to the Board addressing the operation, adequacy, and effectiveness of the Fund’s LRMP, including any material changes to the LRMP for the period from January 1, 2023 through December 31, 2023 (“Reporting Period”). The LRMP Report concluded that the Fund’s LRMP was reasonably designed to assess and manage the Fund’s liquidity risk and was adequately and effectively implemented during the Reporting Period. There were no material changes to the LRMP during the Reporting Period. The LRMP Report further concluded that the Fund’s investment strategies continue to be appropriate given the Fund’s status as an open-end fund.

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

PGIM Jennison Global Infrastructure Fund 39

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

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	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 534432 Pittsburgh, PA 15253
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH 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.

 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

MF217E2

PGIM JENNISON GLOBAL OPPORTUNITIES FUND

SEMIANNUAL REPORT

APRIL 30, 2024

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

Table of Contents

Letter from the President	3
Your Fund’s Performance	4
Fees andExpenses	7
Holdings and Financial Statements	9

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

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

The accompanying financial statements as of April 30, 2024 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC, member SIPC. Jennison Associates LLC is a registered investment adviser. Both are Prudential Financial companies. © 2024 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 semiannual report for the PGIM Jennison Global Opportunities Fund informative and useful. The report covers performance for the six-month period ended April 30, 2024.   Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

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

At PGIM Investments, we provide access to active investment strategies across the global markets in the pursuit of consistent outperformance for investors. PGIM is the world’s 14th-largest investment manager with more than $1.3 trillion in assets under management. Our scale and investment expertise allow us to deliver a diversified suite of actively managed solutions across a broad spectrum of asset classes and investment styles.

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Jennison Global Opportunities Fund

June 14, 2024

PGIM Jennison Global Opportunities Fund  3

Your Fund’s Performance

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

	Total Returns as of 4/30/24  (without sales charges)  Six Months* (%)	Average Annual Total Returns as of 4/30/24  (with sales charges)
		One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	25.13	21.81	12.04	12.86	—
Class C	24.57	26.81	12.35	12.59	—
Class Z	25.21	29.12	13.48	13.72	—
Class R2	24.98	28.59	13.03	N/A	16.61 (12/27/2018)
Class R4	25.14	28.90	13.33	N/A	16.92 (12/27/2018)
Class R6	25.28	29.23	13.59	N/A	13.96 (12/22/2014)
MSCI All Country World ND Index
	19.77	17.46	9.44	8.19	—

Average AnnualTotalReturns as of 4/30/24 Since Inception (%)
	Class R2, Class R4 (12/27/2018)	Class R6  (12/22/2014)
MSCI All Country World ND Index	11.89	8.57

*Not annualized

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’s inception date.

4  Visit our website at pgim.com/investments

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

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

Benchmark Definition

MSCI All Country World ND Index—The Morgan Stanley Capital International All Country World Index (MSCI ACWI 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 Index consists of 47 country indexes comprising 23 developed and 24 emerging market country indexes. The ND version of the MSCI ACWI Index reflects the impact of the maximum withholding taxes on reinvested dividends. The 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.

PGIM Jennison Global Opportunities Fund  5

Your Fund’s Performance (continued)

Presentation of Fund Holdings as of 4/30/24

Ten Largest Holdings	Line of Business	Country	% of Net Assets
NVIDIA Corp.	Semiconductors & Semiconductor Equipment	United States	7.0%
Microsoft Corp.	Software	United States	6.3%
Amazon.com, Inc.	Broadline Retail	United States	6.2%
Novo Nordisk A/S (Class B Stock)	Pharmaceuticals	Denmark	4.8%
Ferrari NV	Automobiles	Italy	4.6%
Broadcom, Inc.	Semiconductors & Semiconductor Equipment	United States	4.3%
Eli Lilly &Co.	Pharmaceuticals	United States	4.2%
LVMH Moet Hennessy Louis Vuitton SE	Textiles, Apparel & Luxury Goods	France	4.0%
Hermes International SCA	Textiles, Apparel & Luxury Goods	France	3.9%
L’Oreal SA	Personal Care Products	France	3.6%

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

6  Visit our website at pgim.com/investments

Fees and Expenses

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

The example is based on an investment of $1,000 held through the six-month period ended April 30, 2024. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Jennison Global Opportunities Fund  7

Fees and Expenses(continued)

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

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

PGIM Jennison Global     Opportunities Fund		Beginning   Account Value   November 1,  2023	Ending  Account Value  April 30, 2024	Annualized Expense  Ratio Based on the   Six-Month  Period	Expenses Paid  During the  Six-Month Period*
Class A	Actual	$1,000.00	$1,251.30	1.08%	$ 6.05
	Hypothetical	$1,000.00	$1,019.49	1.08%	$ 5.42
Class C	Actual	$1,000.00	$1,245.70	1.91%	$10.66
	Hypothetical	$1,000.00	$1,015.37	1.91%	$ 9.57
Class Z	Actual	$1,000.00	$1,252.10	0.91%	$ 5.10
	Hypothetical	$1,000.00	$1,020.34	0.91%	$ 4.57
Class R2	Actual	$1,000.00	$1,249.80	1.33%	$ 7.44
	Hypothetical	$1,000.00	$1,018.25	1.33%	$ 6.67
Class R4	Actual	$1,000.00	$1,251.40	1.08%	$ 6.05
	Hypothetical	$1,000.00	$1,019.49	1.08%	$ 5.42
Class R6	Actual	$1,000.00	$1,252.80	0.82%	$ 4.59
	Hypothetical	$1,000.00	$1,020.79	0.82%	$ 4.12

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 182 days in the six-month period ended April 30, 2024, and divided by the 366 days in the Fund’s fiscal year ending October 31, 2024 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying funds in which the Fund may invest.

8  Visit our website at pgim.com/investments

Schedule of Investments (unaudited)

as of April 30, 2024

Description	Shares		Value
LONG-TERM INVESTMENTS  99.2%
COMMON STOCKS
Brazil  6.1%
MercadoLibre, Inc.*		143,873	$	209,867,545
NU Holdings Ltd. (Class A Stock)*		15,220,510		165,294,739
				375,162,284
Denmark  4.8%
Novo Nordisk A/S (Class B Stock)		2,333,771		299,288,185
France  11.6%
Hermes International SCA		102,188		244,637,020
L’Oreal SA		473,550		222,025,405
LVMH Moet Hennessy Louis Vuitton SE		302,333		248,347,311
				715,009,736
India  0.6%
Varun Beverages Ltd.		2,210,819		39,108,971
Italy  6.5%
Ferrari NV		686,881		282,496,770
Moncler SpA		1,793,209		122,085,509
				404,582,279
Japan  1.3%
Keyence Corp.		187,935		82,648,149
Netherlands  3.0%
ASML Holding NV		210,162		183,053,715
Sweden  1.0%
Atlas Copco AB (Class A Stock)		3,647,457		63,889,178
United States  64.3%
Advanced Micro Devices, Inc.*		205,124		32,487,539
Airbnb, Inc. (Class A Stock)*		918,867		145,704,740
Amazon.com, Inc.*		2,195,430		384,200,250
Apple, Inc.		800,032		136,269,451
Applied Materials, Inc.		257,473		51,147,011
Arista Networks, Inc.*		175,597		45,051,166
Broadcom, Inc.		204,940		266,477,334
Cadence Design Systems, Inc.*		596,168		164,321,786
Costco Wholesale Corp.		126,077		91,141,063

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund  9

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Description	Shares		Value
COMMON STOCKS (Continued)
United States (cont’d.)
Crowdstrike Holdings, Inc. (Class A Stock)*		262,177	$	76,697,260
Eaton Corp. PLC		362,451		115,353,655
Eli Lilly & Co.		334,930		261,613,823
HubSpot, Inc.*		150,317		90,922,244
Mastercard, Inc. (Class A Stock)		348,049		157,039,709
Meta Platforms, Inc. (Class A Stock)		498,894		214,609,232
Microsoft Corp.		1,005,901		391,627,436
MongoDB, Inc.*		152,674		55,753,491
Netflix, Inc.*		330,203		181,822,980
NVIDIA Corp.		505,203		436,505,496
Schneider Electric SE		729,123		166,249,746
ServiceNow, Inc.*		252,545		175,097,025
Trade Desk, Inc. (The) (Class A Stock)*		1,451,747		120,277,239
Vertex Pharmaceuticals, Inc.*		241,505		94,865,579
Walt Disney Co. (The)		1,147,018		127,433,700
				3,982,668,955
TOTAL LONG-TERM INVESTMENTS (cost $4,106,913,149)				6,145,411,452
SHORT-TERM INVESTMENT  1.4%
AFFILIATED MUTUAL FUND
PGIM Core Government Money Market Fund (7-day effective yield 5.540%) (cost $84,187,688)(wb)		84,187,688		84,187,688
TOTAL INVESTMENTS  100.6% (cost $4,191,100,837)				6,229,599,140
Liabilities in excess of other assets  (0.6)%				(35,587,704	)
NET ASSETS  100.0%			$	6,194,011,436

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

SOFR—Secured Overnight Financing Rate

* Non-income producing security.

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

Fair Value Measurements:

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

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

See Notes to Financial Statements.

10

 

 

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

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

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

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Brazil	$	375,162,284	$	—		$—
Denmark		—		299,288,185		—
France		—		715,009,736		—
India		—		39,108,971		—
Italy		—		404,582,279		—
Japan		—		82,648,149		—
Netherlands		—		183,053,715		—
Sweden		—		63,889,178		—
United States		3,816,419,209		166,249,746		—
Short-Term Investment
Affiliated Mutual Fund		84,187,688		—		—
Total	$	4,275,769,181	$	1,953,829,959		$—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2024 were as follows:

Semiconductors & Semiconductor Equipment	15.7	%
Software	14.5
Textiles, Apparel & Luxury Goods	10.0
Broadline Retail	9.6
Pharmaceuticals	9.0
Entertainment	5.0
Electrical Equipment	4.6
Automobiles	4.5
Personal Care Products	3.6
Interactive Media & Services	3.5
Banks	2.7
Financial Services	2.5
Hotels, Restaurants & Leisure	2.4
Technology Hardware, Storage & Peripherals	2.2

Media	1.9	%
Biotechnology	1.5
Consumer Staples Distribution & Retail	1.5
Affiliated Mutual Fund	1.4
Electronic Equipment, Instruments & Components	1.3
Machinery	1.0
IT Services	0.9
Communications Equipment	0.7
Beverages	0.6
	100.6
Liabilities in excess of other assets	(0.6	)
	100.0	%

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund  11

Statement of Assets and Liabilities (unaudited)

as of April 30, 2024

Assets
Investments at value:
Unaffiliated investments (cost $4,106,913,149)	$	6,145,411,452
Affiliated investments (cost $84,187,688)		84,187,688
Foreign currency, at value (cost $2,517,724)		2,506,820
Receivable for Fund shares sold		14,303,007
Tax reclaim receivable		5,171,529
Dividends receivable		2,453,791
Prepaid expenses and other assets		326,216
Total Assets		6,254,360,503
Liabilities
Payable for investments purchased		39,350,520
Payable for Fund shares purchased		15,261,098
Management fee payable		4,146,252
Foreign capital gains tax liability accrued		632,317
Accrued expenses and other liabilities		564,688
Distribution fee payable		366,207
Affiliated transfer agent fee payable		25,624
Directors’ fees payable		2,361
Total Liabilities		60,349,067
Net Assets	$	6,194,011,436
Net assets were comprised of:
Common stock, at par	$	1,462
Paid-in capital in excess of par		4,201,449,788
Total distributable earnings (loss)		1,992,560,186
Net assets, April 30, 2024	$	6,194,011,436

See Notes to Financial Statements.

12

 

 

Class A
Net asset value and redemption price per share, ($595,707,154 ÷ 14,361,959 shares of common stock issued and outstanding)	$	41.48
Maximum sales charge (5.50% of offering price)		2.41
Maximum offering price to public	$	43.89
Class C
Net asset value, offering price and redemption price per share, ($280,923,100 ÷ 7,536,815 shares of common stock issued and outstanding)	$	37.27
Class Z
Net asset value, offering price and redemption price per share, ($2,884,414,453 ÷ 67,690,808 shares of common stock issued and outstanding)	$	42.61
Class R2
Net asset value, offering price and redemption price per share, ($16,125,097 ÷ 385,520 shares of common stock issued and outstanding)	$	41.83
Class R4
Net asset value, offering price and redemption price per share, ($531,134 ÷ 12,511 shares of common stock issued and outstanding)	$	42.45
Class R6
Net asset value, offering price and redemption price per share, ($2,416,310,498 ÷ 56,172,465 shares of common stock issued and outstanding)	$	43.02

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund  13

Statement of Operations (unaudited)

Six Months Ended April 30, 2024

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $1,923,972 foreign withholding tax)	$	19,085,649
Affiliated dividend income		1,701,443
Affiliated income from securities lending, net		24,110
Total income		20,811,202
Expenses
Management fee		24,264,946
Distribution fee(a)		2,283,899
Shareholder servicing fees(a)		8,027
Transfer agent’s fees and expenses (including affiliated expense of $83,032)(a)		1,632,411
Custodian and accounting fees		204,338
Shareholders’ reports		189,502
Registration fees(a)		78,034
Professional fees		35,620
Directors’ fees		33,764
Audit fee		14,446
Miscellaneous		41,024
Total expenses		28,786,011
Less: Fee waiver and/or expense reimbursement(a)		(204,230	)
Distribution fee waiver(a)		(141,638	)
Net expenses		28,440,143
Net investment income (loss)		(7,628,941	)
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $16,570) (net of foreign capital gains taxes $(17,422))		578,636,325
Foreign currency transactions		(630,560	)
		578,005,765
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(1,979)) (net of change in foreign capital gains taxes $(632,317))		709,060,154
Foreign currencies		58,919
		709,119,073
Net gain (loss) on investment and foreign currency transactions		1,287,124,838
Net Increase (Decrease) In Net Assets Resulting From Operations	$	1,279,495,897

See Notes to Financial Statements.

14

 

 

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

	Class A			Class C		Class Z		Class R2		Class R4		Class R6
Distribution fee		849,828			1,414,532		—		19,539		—		—
Shareholder servicing fees		—			—		—		7,815		212		—
Transfer agent’s fees and expenses		224,123			128,605		1,219,839		11,054		384		48,406
Registration fees		11,939			8,645		26,987		2,645		2,644		25,174
Fee waiver and/or expense reimbursement		(200,750	)		—		—		(891)		(2,589)		—
Distribution fee waiver		(141,638	)		—		—		—		—		—

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund  15

Statements of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2024				Year Ended October 31, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	(7,628,941	)		$	(10,945,164	)
Net realized gain (loss) on investment and foreign currency transactions			578,005,765				221,970,112
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			709,119,073				629,577,406
Net increase (decrease) in net assets resulting from operations			1,279,495,897				840,602,354
Fund share transactions (Net of share conversions)
Net proceeds from shares sold			697,083,251				1,201,970,353
Cost of shares purchased			(875,298,015	)			(1,477,592,274	)
Net increase (decrease) in net assets from Fund share transactions			(178,214,764	)			(275,621,921	)
Total increase (decrease)			1,101,281,133				564,980,433
Net Assets:
Beginning of period			5,092,730,303				4,527,749,870
End of period		$	6,194,011,436			$	5,092,730,303

See Notes to Financial Statements.

16

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$33.16			$27.60			$52.15			$38.50			$24.58			$21.47
Income (loss) from investment operations:
Net investment income (loss)		(0.08	)		(0.11	)		(0.19	)		(0.37	)		(0.22	)		(0.11	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		8.40			5.67			(19.72	)		14.76			14.14			3.22
Total from investment operations		8.32			5.56			(19.91	)		14.39			13.92			3.11
Less Dividends and Distributions:
Tax return of capital distributions		-			-			(-	)(b)		-			-			-
Distributions from net realized gains		-			-			(4.64	)		(0.74	)		-			-
Total dividends and distributions		-			-			(4.64	)		(0.74	)		-			-
Net asset value, end of period		$41.48			$33.16			$27.60			$52.15			$38.50			$24.58
Total Return(c):		25.13	%		20.11	%		(41.69	)%		37.75	%		56.63	%		14.49	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$595,707			$464,837			$428,097			$797,091			$494,173			$236,118
Average net assets (000)		$569,665			$462,385			$568,379			$684,569			$344,283			$205,653
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.08	%(e)		1.08	%		1.08	%		1.08	%		1.08	%		1.08	%
Expenses before waivers and/or expense reimbursement		1.20	%(e)		1.22	%		1.22	%		1.21	%		1.24	%		1.28	%
Net investment income (loss)		(0.39	)%(e)		(0.34	)%		(0.53	)%		(0.80	)%		(0.69	)%		(0.45	)%
Portfolio turnover rate(f)		37	%		75	%		84	%		62	%		57	%		52	%

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

(b) Amount rounds to zero.

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

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund  17

Financial Highlights (unaudited) (continued)

Class C Shares
	Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$29.92			$25.12			$48.27			$35.98			$23.16			$20.41
Income (loss) from investment operations:
Net investment income (loss)		(0.22	)		(0.34	)		(0.45	)		(0.70	)		(0.45	)		(0.29	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		7.57			5.14			(18.06	)		13.73			13.27			3.04
Total from investment operations		7.35			4.80			(18.51	)		13.03			12.82			2.75
Less Dividends and Distributions:
Tax return of capital distributions		-			-			(-	)(b)		-			-			-
Distributions from net realized gains		-			-			(4.64	)		(0.74	)		-			-
Total dividends and distributions		-			-			(4.64	)		(0.74	)		-			-
Net asset value, end of period		$37.27			$29.92			$25.12			$48.27			$35.98			$23.16
Total Return(c):		24.57	%		19.11	%		(42.19	)%		36.63	%		55.31	%		13.47	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$280,923			$245,621			$238,329			$496,435			$364,557			$211,290
Average net assets (000)		$284,461			$250,937			$333,018			$449,870			$279,272			$198,518
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.91	%(e)		1.94	%		1.93	%		1.91	%		1.93	%		1.94	%
Expenses before waivers and/or expense reimbursement		1.91	%(e)		1.94	%		1.93	%		1.91	%		1.93	%		1.97	%
Net investment income (loss)		(1.23	)%(e)		(1.19	)%		(1.38	)%		(1.62	)%		(1.53	)%		(1.31	)%
Portfolio turnover rate(f)		37	%		75	%		84	%		62	%		57	%		52	%

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

(b) Amount rounds to zero.

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

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

(e) Annualized.

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

See Notes to Financial Statements.

18

Class Z Shares
	Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$34.03			$28.29			$53.25			$39.24			$25.01			$21.82
Income (loss) from investment operations:
Net investment income (loss)		(0.04	)		(0.06	)		(0.14	)		(0.30	)		(0.17	)		(0.07	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		8.62			5.80			(20.18	)		15.05			14.40			3.26
Total from investment operations		8.58			5.74			(20.32	)		14.75			14.23			3.19
Less Dividends and Distributions:
Tax return of capital distributions		-			-			(-	)(b)		-			-			-
Distributions from net realized gains		-			-			(4.64	)		(0.74	)		-			-
Total dividends and distributions		-			-			(4.64	)		(0.74	)		-			-
Net asset value, end of period		$42.61			$34.03			$28.29			$53.25			$39.24			$25.01
Total Return(c):		25.21	%		20.29	%		(41.59	)%		37.96	%		56.90	%		14.62	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$2,884,414			$2,250,783			$2,073,103			$4,792,805			$3,390,006			$1,466,571
Average net assets (000)		$2,770,820			$2,168,204			$3,132,931			$4,303,934			$2,338,060			$1,228,375
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.91	%(e)		0.93	%		0.93	%		0.92	%		0.93	%		0.94	%
Expenses before waivers and/or expense reimbursement		0.91	%(e)		0.93	%		0.93	%		0.92	%		0.93	%		0.96	%
Net investment income (loss)		(0.22	)%(e)		(0.19	)%		(0.39	)%		(0.64	)%		(0.54	)%		(0.31	)%
Portfolio turnover rate(f)		37	%		75	%		84	%		62	%		57	%		52	%

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

(b) Amount rounds to zero.

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

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund  19

Financial Highlights (unaudited) (continued)

Class R2 Shares
	Six Months Ended April 30,			Year Ended October 31,												December 27, 2018(a) through October 31, 2019
	2024			2023			2022			2021			2020
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$33.48			$27.94			$52.86			$39.10			$25.02			$20.59
Income (loss) from investment operations:
Net investment income (loss)		(0.13	)		(0.19	)		(0.28	)		(0.48	)		(0.31	)		(0.12	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		8.48			5.73			(20.00	)		14.98			14.39			4.55
Total from investment operations		8.35			5.54			(20.28	)		14.50			14.08			4.43
Less Dividends and Distributions:
Tax return of capital distributions		-			-			(-	)(c)		-			-			-
Distributions from net realized gains		-			-			(4.64	)		(0.74	)		-			-
Total dividends and distributions		-			-			(4.64	)		(0.74	)		-			-
Net asset value, end of period		$41.83			$33.48			$27.94			$52.86			$39.10			$25.02
Total Return(d):		24.98	%		19.79	%		(41.85	)%		37.45	%		56.27	%		21.52	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$16,125			$13,341			$11,838			$21,615			$377			$12
Average net assets (000)		$15,717			$13,109			$15,315			$12,667			$221			$13
Ratios to average net assets(e):
Expenses after waivers and/or expense reimbursement		1.33	%(f)		1.34	%		1.34	%		1.34	%		1.33	%		1.34	%(f)
Expenses before waivers and/or expense reimbursement		1.34	%(f)		1.37	%		1.38	%		1.39	%		7.68	%		216.05	%(f)
Net investment income (loss)		(0.64	)%(f)		(0.60	)%		(0.79	)%		(1.00	)%		(0.92	)%		(0.58	)%(f)
Portfolio turnover rate(g)		37	%		75	%		84	%		62	%		57	%		52	%

(a) Commencement of offering.

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

(c) Amount rounds to zero.

(d) 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.

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

(f) Annualized.

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

See Notes to Financial Statements.

20

Class R4 Shares
	Six Months Ended April 30,			Year Ended October 31,												December 27, 2018(a) through October 31, 2019
	2024			2023			2022			2021			2020
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$33.94			$28.26			$53.27			$39.31			$25.08			$20.59
Income (loss) from investment operations:
Net investment income (loss)		(0.08	)		(0.12	)		(0.18	)		(0.37	)		(0.19	)		(0.10	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		8.59			5.80			(20.19	)		15.07			14.42			4.59
Total from investment operations		8.51			5.68			(20.37	)		14.70			14.23			4.49
Less Dividends and Distributions:
Tax return of capital distributions		-			-			(-	)(c)		-			-			-
Distributions from net realized gains		-			-			(4.64	)		(0.74	)		-			-
Total dividends and distributions		-			-			(4.64	)		(0.74	)		-			-
Net asset value, end of period		$42.45			$33.94			$28.26			$53.27			$39.31			$25.08
Total Return(d):		25.14	%		20.06	%		(41.68	)%		37.76	%		56.74	%		21.81	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$531			$402			$310			$332			$505			$362
Average net assets (000)		$502			$375			$318			$696			$433			$122
Ratios to average net assets(e):
Expenses after waivers and/or expense reimbursement		1.08	%(f)		1.09	%		1.09	%		1.06	%		1.02	%		0.97	%(f)
Expenses before waivers and/or expense reimbursement		2.12	%(f)		2.48	%		3.42	%		2.18	%		4.28	%		23.67	%(f)
Net investment income (loss)		(0.39	)%(f)		(0.36	)%		(0.51	)%		(0.78	)%		(0.60	)%		(0.46	)%(f)
Portfolio turnover rate(g)		37	%		75	%		84	%		62	%		57	%		52	%

(a) Commencement of offering.

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

(c) Amount rounds to zero.

(d) 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.

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

(f) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund  21

Financial Highlights (unaudited) (continued)

Class R6 Shares
	Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$34.34			$28.52			$53.60			$39.46			$25.13			$21.90
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)		(0.03	)		(0.10	)		(0.26	)		(0.15	)		(0.06	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		8.71			5.85			(20.34	)		15.14			14.48			3.29
Total from investment operations		8.68			5.82			(20.44	)		14.88			14.33			3.23
Less Dividends and Distributions:
Tax return of capital distributions		-			-			(-	)(b)		-			-			-
Distributions from net realized gains		-			-			(4.64	)		(0.74	)		-			-
Total dividends and distributions		-			-			(4.64	)		(0.74	)		-			-
Net asset value, end of period		$43.02			$34.34			$28.52			$53.60			$39.46			$25.13
Total Return(c):		25.28	%		20.41	%		(41.54	)%		38.08	%		57.02	%		14.75	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$2,416,310			$2,117,746			$1,776,074			$3,301,585			$1,803,620			$641,419
Average net assets (000)		$2,454,545			$2,002,806			$2,401,595			$2,690,566			$1,074,262			$448,178
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.82	%(e)		0.83	%		0.83	%		0.83	%		0.84	%		0.84	%
Expenses before waivers and/or expense reimbursement		0.82	%(e)		0.83	%		0.83	%		0.83	%		0.84	%		0.87	%
Net investment income (loss)		(0.14	)%(e)		(0.10	)%		(0.28	)%		(0.54	)%		(0.46	)%		(0.23	)%
Portfolio turnover rate(f)		37	%		75	%		84	%		62	%		57	%		52	%

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

(b) Amount rounds to zero.

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

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

(e) Annualized.

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

See Notes to Financial Statements.

22

Notes to Financial Statements (unaudited)

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. These financial statements relate only to the PGIM Jennison Global Opportunities Fund (the “Fund”), a series of the RIC. The Fund is classified as a diversified fund for purposes of the 1940 Act.

The investment objective of the Fund is to seek long-term 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 approved the Fund’s valuation policies and procedures for security valuation and designated PGIM Investments LLC (“PGIM Investments” or the “Manager”) as the “Valuation Designee,” as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Fund investments. Pursuant to the Board’s oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities as Valuation Designee under Rule 2a-5. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some

PGIM Jennison Global Opportunities Fund  23

Notes to Financial Statements (unaudited) (continued)

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 Measurement.

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

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

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

24

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

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

(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 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

PGIM Jennison Global Opportunities Fund  25

Notes to Financial Statements (unaudited) (continued)

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

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 expense amounts. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based

26

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

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

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

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

3. Agreements

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

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

PGIM Jennison Global Opportunities Fund  27

Notes to Financial Statements (unaudited) (continued)

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended April 30, 2024, the contractual and effective management fee rates were as follows:

Contractual Management Rate	Effective Management Fee, before any waivers  and/or expense reimbursements
0.825% up to $1 billion of the Fund’s average daily net assets;	0.801%
0.800% over $1 billion to $5 billion of the Fund’s average daily net assets;
0.780% over $5 billion of the Fund’s average daily net assets.

The Manager has contractually agreed, through February 28, 2025, to limit certain operating expenses and/or to limit total annual operating expenses after fee waivers and/or expense reimbursements. The contractual waivers exclude interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

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

Class	Fund Expense Limitation*	Class Expense Limitation
A	0.84%	1.08%
C	0.84	—
Z	0.84	—
R2	0.84	1.34**
R4	0.84	1.09**
R6	0.84	—

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

**Expense limitation applicable only to blue sky fees, shareholder service fee, and transfer agency expenses (including sub-transfer agency and networking fees).

28

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 based on average daily net assets per class. PIMS has contractually agreed through February 28, 2025 to limit such fees on certain classes based on the average daily net assets. The distribution fees are accrued daily and payable monthly.

The Fund 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 compensate Prudential Mutual Fund Services LLC (“PMFS”), its affiliates or third-party service providers for services rendered to the shareholders of such Class R2 or Class R4 shares. The shareholder service fee is accrued daily and paid monthly, as applicable.

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

Class	Gross Distribution Fee			Net Distribution Fee			Shareholder Service Fee
A		0.30	%		0.25	%		N/A	%
C		1.00			1.00			N/A
Z		N/A			N/A			N/A
R2		0.25			0.25			0.10
R4		N/A			N/A			0.10
R6		N/A			N/A			N/A

For the reporting period ended April 30, 2024, PIMS received front-end sales charges (“FESL”) resulting from sales of certain class shares and contingent deferred sales charges (“CDSC”) imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:

Class	FESL		CDSC
A	$	551,564		$  7
C		—		8,084

The RIC, on behalf of the Fund, has entered into brokerage commission recapture agreements with certain registered broker-dealers. Under the brokerage commission recapture program, a portion of the commission is returned to the Fund on whose behalf the trades were made. Commission recapture is paid solely to the Fund generating the applicable trades. Such amounts are included within realized gain (loss) on investment transactions presented in the Statement of Operations. For the reporting period ended April 30, 2024, brokerage commission recaptured under these agreements was $42,713.

PGIM Jennison Global Opportunities Fund  29

Notes to Financial Statements (unaudited) (continued)

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 and shareholder servicing agent. Transfer agent’s and shareholder servicing agent’s fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

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

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended April 30, 2024, no Rule 17a-7 transactions were entered into by the Fund.

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2024, were as follows:

Cost of Purchases	Proceeds from Sales
$2,193,906,523	$2,418,216,402

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

30

Value,  Beginning   of  Period		Cost of Purchases			Proceeds  from Sales			Change in Unrealized Gain (Loss)				Realized Gain (Loss)			Value, End of Period			Shares, End of Period			Income
	Short-Term Investments - Affiliated Mutual Funds:
	PGIM Core Government Money Market Fund (7-day effective yield 5.540%)(1)(wb)
	$ 41,074,802		$1,055,115,076			$1,012,002,190			$   —				$ —			$84,187,688			84,187,688		$1,701,443
	PGIM Institutional Money Market Fund (7-day effective yield 5.644%)(1)(wb)
	102,181,588		70,965,511			173,161,690			(1,979	)			16,570			—			—		24,110(2)
	$143,256,390		$1,126,080,587			$1,185,163,880			$(1,979	)			$16,570			$84,187,688					$1,725,553

(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.

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

6. Tax Information

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

Tax Basis	Gross        Unrealized        Appreciation	Gross        Unrealized        Depreciation	Net  Unrealized  Appreciation
$4,240,161,317	$2,094,040,401	$(104,602,578)	$1,989,437,823

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

For federal income tax purposes, the Fund had an approximated capital loss carryforward as of October 31, 2023 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

Capital Loss Carryforward	Capital Loss Carryforward Utilized
$557,387,000	$214,832,000

The Fund elected to treat the below approximated losses as having been incurred in the following fiscal year (October 31, 2024).

Qualified Late-Year Losses	Post-October Capital Losses
$9,864,000	$—

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

PGIM Jennison Global Opportunities Fund  31

Notes to Financial Statements (unaudited) (continued)

2023 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 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	Number of Shares
A		150,000,000
C		100,000,000
Z		2,000,000,000
R2		100,000,000
R4		100,000,000
R6		1,000,000,000

As of April 30, 2024, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

Class	Number of Shares	Percentage of Outstanding Shares
Z	43,792	0.1%
R2	543	0.1
R4	543	4.3

32

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

	Number of Shareholders	Percentage of Outstanding Shares
Affiliated	—	—%
Unaffiliated	7	79.3

Transactions in shares of common stock were as follows:

Share Class	Shares			Amount
Class A
Six months ended April 30, 2024:
Shares sold		1,451,198		$	58,155,877
Shares purchased		(1,504,257	)		(59,858,564	)
Net increase (decrease) in shares outstanding before conversion		(53,059	)		(1,702,687	)
Shares issued upon conversion from other share class(es)		527,031			21,094,776
Shares purchased upon conversion into other share class(es)		(131,877	)		(5,371,613	)
Net increase (decrease) in shares outstanding		342,095		$	14,020,476
Year ended October 31, 2023:
Shares sold		1,380,152		$	44,453,275
Shares purchased		(3,160,104	)		(98,601,525	)
Net increase (decrease) in shares outstanding before conversion		(1,779,952	)		(54,148,250	)
Shares issued upon conversion from other share class(es)		682,929			21,909,549
Shares purchased upon conversion into other share class(es)		(391,985	)		(12,399,520	)
Net increase (decrease) in shares outstanding		(1,489,008	)	$	(44,638,221	)
Class C
Six months ended April 30, 2024:
Shares sold		448,307		$	16,316,959
Shares purchased		(580,506	)		(21,203,538	)
Net increase (decrease) in shares outstanding before conversion		(132,199	)		(4,886,579	)
Shares purchased upon conversion into other share class(es)		(540,721	)		(19,480,244	)
Net increase (decrease) in shares outstanding		(672,920	)	$	(24,366,823	)
Year ended October 31, 2023:
Shares sold		748,163		$	21,825,781
Shares purchased		(1,472,013	)		(41,553,603	)
Net increase (decrease) in shares outstanding before conversion		(723,850	)		(19,727,822	)
Shares issued upon conversion from other share class(es)		1,545			50,414
Shares purchased upon conversion into other share class(es)		(554,777	)		(16,007,168	)
Net increase (decrease) in shares outstanding		(1,277,082	)	$	(35,684,576	)

PGIM Jennison Global Opportunities Fund  33

Notes to Financial Statements (unaudited) (continued)

Share Class	Shares			Amount
Class Z
Six months ended April 30, 2024:
Shares sold		9,901,536		$	408,717,777
Shares purchased		(8,393,808	)		(346,494,657	)
Net increase (decrease) in shares outstanding before conversion		1,507,728			62,223,120
Shares issued upon conversion from other share class(es)		211,558			8,811,570
Shares purchased upon conversion into other share class(es)		(164,424	)		(6,791,904	)
Net increase (decrease) in shares outstanding		1,554,862		$	64,242,786
Year ended October 31, 2023:
Shares sold		16,570,207		$	547,854,907
Shares purchased		(23,650,774	)		(740,039,391	)
Net increase (decrease) in shares outstanding before conversion		(7,080,567	)		(192,184,484	)
Shares issued upon conversion from other share class(es)		640,282			20,925,786
Shares purchased upon conversion into other share class(es)		(701,564	)		(23,635,892	)
Net increase (decrease) in shares outstanding		(7,141,849	)	$	(194,894,590	)
Class R2
Six months ended April 30, 2024:
Shares sold		13,906		$	561,419
Shares purchased		(26,904	)		(1,042,272	)
Net increase (decrease) in shares outstanding		(12,998	)	$	(480,853	)
Year ended October 31, 2023:
Shares sold		30,797		$	1,014,673
Shares purchased		(55,916	)		(1,775,908	)
Net increase (decrease) in shares outstanding		(25,119	)	$	(761,235	)
Class R4
Six months ended April 30, 2024:
Shares sold		687		$	28,685
Shares purchased		(20	)		(848	)
Net increase (decrease) in shares outstanding		667		$	27,837
Year ended October 31, 2023:
Shares sold		1,829		$	58,704
Shares purchased		(950	)		(31,293	)
Net increase (decrease) in shares outstanding		879		$	27,411

34

Share Class	Shares			Amount
Class R6
Six months ended April 30, 2024:
Shares sold		5,091,095		$	213,302,534
Shares purchased		(10,628,755	)		(446,698,136	)
Net increase (decrease) in shares outstanding before conversion		(5,537,660	)		(233,395,602	)
Shares issued upon conversion from other share class(es)		68,277			2,832,396
Shares purchased upon conversion into other share class(es)		(26,334	)		(1,094,981	)
Net increase (decrease) in shares outstanding		(5,495,717	)	$	(231,658,187	)
Year ended October 31, 2023:
Shares sold		17,303,063		$	586,763,013
Shares purchased		(18,174,338	)		(595,590,554	)
Net increase (decrease) in shares outstanding before conversion		(871,275	)		(8,827,541	)
Shares issued upon conversion from other share class(es)		419,859			14,394,339
Shares purchased upon conversion into other share class(es)		(155,629	)		(5,237,508	)
Net increase (decrease) in shares outstanding		(607,045	)	$	329,290

8. Borrowings

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

	SCA
Term of Commitment	9/29/2023 - 9/26/2024
Total Commitment	$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%
Annualized Interest Rate on Borrowings	1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent

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

PGIM Jennison Global Opportunities Fund  35

Notes to Financial Statements (unaudited) (continued)

The Fund utilized the SCA during the reporting period ended April 30, 2024. The average daily balance for the 1 day that the Fund had loans outstanding during the period was approximately $2,349,000, borrowed at a weighted average interest rate of 6.41%. The maximum loan outstanding amount during the period was $2,349,000. At April 30, 2024, 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.

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, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.

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

36

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.

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.

PGIM Jennison Global Opportunities Fund  37

Notes to Financial Statements (unaudited) (continued)

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.

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

Market 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

38

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

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

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

PGIM Jennison Global Opportunities Fund  39

Liquidity Risk Management Program (unaudited)

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

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

At a meeting of the Board on March 5-7, 2024, PGIM Investments provided a written report (“LRMP Report”) to the Board addressing the operation, adequacy, and effectiveness of the Fund’s LRMP, including any material changes to the LRMP for the period from January 1, 2023 through December 31, 2023 (“Reporting Period”). The LRMP Report concluded that the Fund’s LRMP was reasonably designed to assess and manage the Fund’s liquidity risk and was adequately and effectively implemented during the Reporting Period. There were no material changes to the LRMP during the Reporting Period. The LRMP Report further concluded that the Fund’s investment strategies continue to be appropriate given the Fund’s status as an open-end fund.

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

40

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

MANAGER	PGIM Investments LLC	655 Broad Street
		Newark, NJ 07102
SUBADVISER	Jennison Associates LLC	466 Lexington Avenue
		New York, NY 10017
DISTRIBUTOR	Prudential Investment	655 Broad Street
	Management Services LLC	Newark, NJ 07102
CUSTODIAN	The Bank of New York	240 Greenwich Street
	Mellon	New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund	PO Box 534432
	Services LLC	Pittsburgh, PA 15253
INDEPENDENT REGISTERED	PricewaterhouseCoopers	300 Madison Avenue
PUBLIC ACCOUNTING FIRM	LLP	New York, NY 10017
FUND COUNSEL	Willkie Farr &Gallagher	787 Seventh Avenue
	LLP	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.

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
MF214E2

PGIM JENNISON EMERGING MARKETS EQUITY OPPORTUNITIES FUND

SEMIANNUAL REPORT

APRIL 30, 2024

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

Table of Contents

Letter from the President	3
Your Fund’s Performance	4
Fees and Expenses	7
Holdings and Financial Statements	9

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

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

The accompanying financial statements as of April 30, 2024 were not audited and, accordingly, no auditor’s opinion is expressed on them.

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. © 2024 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 semiannual report for the PGIM Jennison Emerging Markets Equity Opportunities Fund informative and useful. The report covers performance for the six-month period ended April 30, 2024. Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

Your financial advisor can help you create a diversified investment plan that may include funds covering all the basic asset classes and that reflects your personal investor profile and risk tolerance. However, diversification and asset allocation strategies do not assure a profit or protect against loss in declining markets. At PGIM Investments, we provide access to active investment strategies across the global markets in the pursuit of consistent outperformance for investors. PGIM is the world’s 14th-largest investment manager with more than $1.3 trillion in assets under management. Our scale and investment expertise allow us to deliver a diversified suite of actively managed solutions across a broad spectrum of asset classes and investment styles. Thank you for choosing our family of funds. Sincerely, Stuart S. Parker, President PGIM Jennison Emerging Markets Equity Opportunities Fund June 14, 2024

PGIM Jennison Emerging Markets Equity Opportunities Fund 3

Your Fund’s Performance

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

	Total Returns as of 4/30/24 (without sales charges)	Average Annual Total Returns as of 4/30/24 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Since Inception (%)
Class A	20.73	16.24	4.23	3.67 (9/16/2014)
Class C	20.29	21.09	4.63	3.50 (9/16/2014)
Class Z	20.90	23.33	5.68	4.54 (9/16/2014)
Class R6	20.85	23.37	5.72	4.57 (9/16/2014)
MSCI Emerging Markets Index
	15.40	9.88	1.89	2.82

*Not annualized

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

4 Visit our website at pgim.com/investments

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 Definition

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 24 emerging market country indexes: Brazil, Chile, China, Colombia, the Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, 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.

PGIM Jennison Emerging Markets Equity Opportunities Fund 5

Your Fund’s Performance (continued)

Presentation of Fund Holdings as of 4/30/24

Ten Largest Holdings	Line of Business	Country	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd., ADR	Semiconductors & Semiconductor Equipment	Taiwan	7.8%
MakeMyTrip Ltd.	Hotels, Restaurants & Leisure	India	7.7%
NU Holdings Ltd. (Class A Stock)	Banks	Brazil	5.0%
Varun Beverages Ltd.	Beverages	India	4.5%
Mahindra & Mahindra Ltd.	Automobiles	India	4.2%
XP,Inc. (Class A Stock)	Capital Markets	Brazil	4.1%
Eo Technics Co. Ltd.	Semiconductors & Semiconductor Equipment	South Korea	3.6%
Meituan (Class B Stock), 144A	Hotels, Restaurants & Leisure	China	3.6%
Kanzhun Ltd., ADR	Interactive Media & Services	China	3.3%
KE Holdings, Inc., ADR	Real Estate Management & Development	China	2.8%

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

6 Visit our website at pgim.com/investments

Fees and Expenses

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

The example is based on an investment of $1,000 held through the six-month period ended April 30, 2024. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Jennison Emerging Markets Equity Opportunities Fund 7

Fees and Expenses (continued)

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

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

PGIM Jennison Emerging Markets Equity Opportunities Fund		Beginning Account Value November 1, 2023	Ending Account Value April 30, 2024	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*
Class A	Actual	$1,000.00	$1,207.30	1.30%	$ 7.13
	Hypothetical	$1,000.00	$1,018.40	1.30%	$ 6.52
Class C	Actual	$1,000.00	$1,202.90	2.05%	$11.23
	Hypothetical	$1,000.00	$1,014.67	2.05%	$10.27
Class Z	Actual	$1,000.00	$1,209.00	1.05%	$ 5.77
	Hypothetical	$1,000.00	$1,019.64	1.05%	$ 5.27
Class R6	Actual	$1,000.00	$1,208.50	0.98%	$ 5.38
	Hypothetical	$1,000.00	$1,019.99	0.98%	$ 4.92

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 182 days in the six-month period ended April 30, 2024, and divided by the 366 days in the Fund’s fiscal year ending October 31, 2024(to reflect the six-month period). Expenses presented in the table include the expenses of any underlying funds in which the Fund may invest.

8 Visit our website at pgim.com/investments

Schedule of Investments (unaudited)

as of April 30, 2024

Description	Shares		Value
LONG-TERM INVESTMENTS 97.9%
COMMON STOCKS
Brazil 13.3%
Embraer SA, ADR*		314,661	$	8,039,589
MercadoLibre, Inc.*		10,503		15,320,726
NU Holdings Ltd. (Class A Stock)*		2,546,524		27,655,251
XP, Inc. (Class A Stock)		1,101,971		22,557,346
				73,572,912
China 21.1%
Airtac International Group		263,004		9,311,882
BYD Co. Ltd. (Class H Stock)		460,819		12,632,239
East Money Information Co. Ltd. (Class A Stock)		6,918,042		12,388,201
Kanzhun Ltd., ADR		916,925		18,145,946
KE Holdings, Inc., ADR		1,036,295		15,668,780
Meituan (Class B Stock), 144A*		1,455,116		19,868,927
PDD Holdings, Inc., ADR*		79,024		9,892,224
Tencent Music Entertainment Group, ADR*		725,765		9,108,351
Trip.com Group Ltd., ADR*		212,342		10,247,625
				117,264,175
India 29.4%
360 ONE WAM Ltd.		1,139,679		10,707,141
ABB India Ltd.		70,925		5,553,643
Devyani International Ltd.*		5,434,785		10,798,330
Five-Star Business Finance Ltd.*		668,431		6,062,886
KPIT Technologies Ltd.		560,497		9,992,376
Macrotech Developers Ltd., 144A		776,044		11,495,138
Mahindra & Mahindra Ltd.		912,085		23,526,228
MakeMyTrip Ltd.*		642,805		42,560,119
Max Healthcare Institute Ltd.		1,019,366		10,243,557
TVS Motor Co. Ltd.		275,842		6,791,899
Varun Beverages Ltd.		1,417,749		25,079,712
				162,811,029
Indonesia 5.6%
Bank Central Asia Tbk PT		20,254,449		12,178,688
Bank Mandiri Persero Tbk PT		27,518,457		11,631,423
Sumber Alfaria Trijaya Tbk PT		41,136,876		7,398,422
				31,208,533

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund 9

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Description	Shares		Value
COMMON STOCKS (Continued)
Mexico 1.8%
Corp. Inmobiliaria Vesta SAB de CV, ADR		281,823	$	10,007,535
South Korea 7.2%
Eo Technics Co. Ltd.		117,475		19,943,424
HPSP Co. Ltd.		380,893		10,664,092
Samsung Electronics Co. Ltd.		171,537		9,535,165
				40,142,681
Taiwan 18.0%
Asia Vital Components Co. Ltd.		529,107		10,437,026
ASPEED Technology, Inc.		93,158		8,722,850
eMemory Technology, Inc.		77,840		5,231,824
King Yuan Electronics Co. Ltd.		2,104,460		6,123,563
Taiwan Semiconductor Manufacturing Co. Ltd.		443,282		10,613,842
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		314,366		43,175,026
Wistron Corp.		2,139,376		7,325,355
Wiwynn Corp.		111,858		7,957,476
				99,586,962
Thailand 1.5%
Bumrungrad Hospital PCL		1,269,028		8,375,903
TOTAL LONG-TERM INVESTMENTS   (cost $405,270,435)				542,969,730
SHORT-TERM INVESTMENT 1.9%
AFFILIATED MUTUAL FUND
PGIM Core Government Money Market Fund (7-day effective yield 5.540%)   (cost $10,228,280)(wb)		10,228,280		10,228,280
TOTAL INVESTMENTS 99.8%   (cost $415,498,715)				553,198,010
Other assets in excess of liabilities 0.2%				1,376,016
NET ASSETS 100.0%			$	554,574,026

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

SOFR—Secured Overnight Financing Rate

* Non-income producing security.

See Notes to Financial Statements.

10

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

Fair Value Measurements:

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

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

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

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

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

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Brazil	$	73,572,912	$	—		$—
China		63,062,926		54,201,249		—
India		42,560,119		120,250,910		—
Indonesia		—		31,208,533		—
Mexico		10,007,535		—		—
South Korea		—		40,142,681		—
Taiwan		43,175,026		56,411,936		—
Thailand		—		8,375,903		—
Short-Term Investment
Affiliated Mutual Fund		10,228,280		—		—
Total	$	242,606,798	$	310,591,212		$—

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of April 30, 2024 were as follows:

Semiconductors & Semiconductor Equipment	18.9	%
Hotels, Restaurants & Leisure	15.1
Banks	9.3
Capital Markets	8.2
Automobiles	7.7
Real Estate Management & Development	6.7
Technology Hardware, Storage & Peripherals	6.3
Broadline Retail	4.6
Beverages	4.5
Health Care Providers & Services	3.4
Interactive Media & Services	3.3

Affiliated Mutual Fund	1.9	%
Software	1.8
Machinery	1.7
Entertainment	1.6
Aerospace & Defense	1.4
Consumer Staples Distribution & Retail	1.3
Consumer Finance	1.1

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Industry Classification (continued):

Electrical Equipment	1.0	%
	99.8
Other assets in excess of liabilities	0.2
	100.0	%

 

See Notes to Financial Statements.

12

Statement of Assets and Liabilities (unaudited)

as of April 30, 2024

 

Assets
Investments at value:
Unaffiliated investments (cost $405,270,435)	$	542,969,730
Affiliated investments (cost $10,228,280)		10,228,280
Foreign currency, at value (cost $995,285)		995,774
Receivable for investments sold		5,880,087
Receivable for Fund shares sold		1,231,397
Dividends receivable		280,517
Foreign capital gains tax benefit accrued		25,718
Tax reclaim receivable		8,573
Prepaid expenses		1,323
Total Assets		561,621,399
Liabilities
Payable for investments purchased		4,640,941
Payable for Fund shares purchased		1,614,135
Management fee payable		390,798
Accrued expenses and other liabilities		152,949
Shareholders’ reports fee payable		144,107
Transfer agent fee payable		87,583
Distribution fee payable		8,639
Affiliated transfer agent fee payable		5,642
Directors’ fees payable		2,579
Total Liabilities		7,047,373
Net Assets	$	554,574,026
Net assets were comprised of:
Common stock, at par	$	362
Paid-in capital in excess of par		981,346,848
Total distributable earnings (loss)		(426,773,184	)
Net assets, April 30, 2024	$	554,574,026

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund 13

Statement of Assets and Liabilities (unaudited)

as of April 30, 2024

 

Class A
Net asset value and redemption price per share, ($28,321,667 ÷ 1,891,546 shares of common stock issued and outstanding)	$	14.97
Maximum sales charge (5.50% of offering price)		0.87
Maximum offering price to public	$	15.84
Class C
Net asset value, offering price and redemption price per share, ($3,408,230 ÷ 244,616 shares of common stock issued and outstanding)	$	13.93
Class Z
Net asset value, offering price and redemption price per share, ($256,399,252 ÷ 16,725,267 shares of common stock issued and outstanding)	$	15.33
Class R6
Net asset value, offering price and redemption price per share, ($266,444,877 ÷ 17,343,039 shares of common stock issued and outstanding)	$	15.36

See Notes to Financial Statements.

14

Statement of Operations (unaudited)

Six Months Ended April 30, 2024

 

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $390,636 foreign withholding tax)	$	3,352,051
Affiliated dividend income		287,068
Affiliated income from securities lending, net		506
Total income		3,639,625
Expenses
Management fee		2,662,623
Distribution fee(a)		58,177
Transfer agent’s fees and expenses (including affiliated expense of $18,788)(a)		230,886
Custodian and accounting fees		111,535
Shareholders’ reports		87,970
Registration fees(a)		46,687
Professional fees		29,199
Audit fee		14,944
Directors’ fees		11,014
SEC registration fees		3,278
Miscellaneous		19,063
Total expenses		3,275,376
Less: Fee waiver and/or expense reimbursement(a)		(366,455	)
Distribution fee waiver(a)		(6,815	)
Net expenses		2,902,106
Net investment income (loss)		737,519
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(594)) (net of foreign capital gains taxes $(436))		28,141,063
Foreign currency transactions		(49,135	)
		28,091,928
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(10)) (net of change in foreign capital gains taxes $(32))		76,104,068
Foreign currencies		(9,221	)
		76,094,847
Net gain (loss) on investment and foreign currency transactions		104,186,775
Net Increase (Decrease) In Net Assets Resulting From Operations	$	104,924,294

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

	Class A			Class C			Class Z			Class R6
Distribution fee		40,891			17,286			—			—
Transfer agent’s fees and expenses		21,061			4,720			193,758			11,347
Registration fees		7,227			6,456			21,111			11,893
Fee waiver and/or expense reimbursement		(28,005	)		(11,144	)		(212,421	)		(114,885	)
Distribution fee waiver		(6,815	)		—			—			—

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund 15

Statements of Changes in Net Assets (unaudited)

 

 

	Six Months Ended  April 30, 2024				Year Ended  October 31, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	737,519			$	148,028
Net realized gain (loss) on investment and foreign currency transactions			28,091,928				(86,257,798	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			76,094,847				92,355,241
Net increase (decrease) in net assets resulting from operations			104,924,294				6,245,471
Fund share transactions (Net of share conversions)
Net proceeds from shares sold			63,596,322				256,873,979
Cost of shares purchased			(138,195,463	)			(425,226,056	)
Net increase (decrease) in net assets from Fund share transactions			(74,599,141	)			(168,352,077	)
Total increase (decrease)			30,325,153				(162,106,606	)
Net Assets:
Beginning of period			524,248,873				686,355,479
End of period		$	554,574,026			$	524,248,873

See Notes to Financial Statements.

16

Financial Highlights (unaudited)

 

Class A Shares
	Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$12.40			$12.39			$23.66			$17.66			$12.16			$9.58
Income (loss) from investment operations:
Net investment income (loss)		(-	)(b)(c)		(0.03	)(b)		(0.12	)		(0.23	)		(0.14	)		(0.04	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.57			0.04			(11.15	)		6.23			5.64			2.62
Total from investment operations		2.57			0.01			(11.27	)		6.00			5.50			2.58
Net asset value, end of period		$14.97			$12.40			$12.39			$23.66			$17.66			$12.16
Total Return(d):		20.73	%		0.08	%		(47.63	)%		33.98	%		45.23	%		26.93	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$28,322			$24,886			$28,082			$47,683			$6,144			$3,806
Average net assets (000)		$27,410			$28,066			$36,017			$26,309			$4,507			$3,074
Ratios to average net assets(e):
Expenses after waivers and/or expense reimbursement		1.30	%(f)		1.30	%		1.30	%		1.33	%		1.45	%		1.45	%
Expenses before waivers and/or expense reimbursement		1.56	%(f)		1.56	%		1.54	%		1.64	%		2.61	%		3.35	%
Net investment income (loss)		(-	)%(c)(f)		(0.23	)%		(0.74	)%		(0.98	)%		(0.99	)%		(0.37	)%
Portfolio turnover rate(g)		30	%		103	%		134	%		78	%		58	%		33	%

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

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

(c) Amount rounds to zero.

(d) 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.

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

(f) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund 17

Financial Highlights (unaudited) (continued)

 

Class C Shares
	Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$11.58			$11.66			$22.43			$16.88			$11.71			$9.29
Income (loss) from investment operations:
Net investment income (loss)		(0.05	)(b)		(0.12	)(b)		(0.23	)		(0.39	)		(0.23	)		(0.11	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.40			0.04			(10.54	)		5.94			5.40			2.53
Total from investment operations		2.35			(0.08	)		(10.77	)		5.55			5.17			2.42
Net asset value, end of period		$13.93			$11.58			$11.66			$22.43			$16.88			$11.71
Total Return(c):		20.29	%		(0.69	)%		(48.02	)%		32.96	%		44.06	%		26.05	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$3,408			$3,140			$3,724			$5,881			$1,563			$1,107
Average net assets (000)		$3,476			$3,660			$4,938			$4,077			$1,244			$1,438
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		2.05	%(e)		2.05	%		2.05	%		2.09	%		2.20	%		2.20	%
Expenses before waivers and/or expense reimbursement		2.69	%(e)		2.66	%		2.69	%		2.65	%		4.15	%		4.23	%
Net investment income (loss)		(0.74	)%(e)		(0.99	)%		(1.48	)%		(1.76	)%		(1.73	)%		(1.05	)%
Portfolio turnover rate(f)		30	%		103	%		134	%		78	%		58	%		33	%

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

18

 

 

Class Z Shares
	Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$12.68			$12.64			$24.07			$17.93			$12.31			$9.67
Income (loss) from investment operations:
Net investment income (loss)		0.02			-	(b)		(0.08	)		(0.17	)		(0.13	)		(0.01	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.63			0.04			(11.35	)		6.31			5.75			2.65
Total from investment operations		2.65			0.04			(11.43	)		6.14			5.62			2.64
Net asset value, end of period		$15.33			$12.68			$12.64			$24.07			$17.93			$12.31
Total Return(c):		20.90	%		0.32	%		(47.49	)%		34.24	%		45.65	%		27.30	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$256,399			$249,580			$393,985			$642,316			$34,993			$2,357
Average net assets (000)		$262,007			$341,699			$549,186			$293,229			$11,195			$1,866
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.05	%(e)		1.05	%		1.05	%		1.08	%		1.20	%		1.20	%
Expenses before waivers and/or expense reimbursement		1.21	%(e)		1.20	%		1.20	%		1.28	%		1.93	%		3.17	%
Net investment income (loss)		0.25	%(e)		-	%(b)		(0.49	)%		(0.72	)%		(0.83	)%		(0.08	)%
Portfolio turnover rate(f)		30	%		103	%		134	%		78	%		58	%		33	%

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

(b) Amount rounds to zero.

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

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund 19

Financial Highlights (unaudited) (continued)

 

Class R6 Shares
	Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$12.71			$12.66			$24.08			$17.93			$12.31			$9.67
Income (loss) from investment operations:
Net investment income (loss)		0.02			0.01			(0.07	)		(0.15	)		(0.10	)		(0.01	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.63			0.04			(11.35	)		6.30			5.72			2.65
Total from investment operations		2.65			0.05			(11.42	)		6.15			5.62			2.64
Net asset value, end of period		$15.36			$12.71			$12.66			$24.08			$17.93			$12.31
Total Return(b):		20.85	%		0.39	%		(47.43	)%		34.30	%		45.65	%		27.30	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$266,445			$246,642			$260,565			$314,476			$18,340			$12,319
Average net assets (000)		$270,739			$268,848			$302,211			$121,398			$14,144			$11,249
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.98	%(d)		0.98	%		0.98	%		1.01	%		1.20	%		1.20	%
Expenses before waivers and/or expense reimbursement		1.07	%(d)		1.06	%		1.05	%		1.16	%		1.80	%		2.41	%
Net investment income (loss)		0.32	%(d)		0.09	%		(0.40	)%		(0.62	)%		(0.74	)%		(0.11	)%
Portfolio turnover rate(e)		30	%		103	%		134	%		78	%		58	%		33	%

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

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

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

(d) Annualized.

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

See Notes to Financial Statements.

20

Notes to Financial Statements (unaudited)

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. These financial statements relate only to the PGIM Jennison Emerging Markets Equity Opportunities Fund (the “Fund”), a series of the RIC. The Fund is classified as a diversified fund for purposes of the 1940 Act.

The investment objective of the Fund is to seek long-term 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 approved the Fund’s valuation policies and procedures for security valuation and designated PGIM Investments LLC (“PGIM Investments” or the “Manager”) as the “Valuation Designee,” as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Fund investments. Pursuant to the Board’s oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities as Valuation Designee under Rule 2a-5. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some

PGIM Jennison Emerging Markets Equity Opportunities Fund 21

Notes to Financial Statements (unaudited) (continued)

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 Measurement.

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

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

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

22

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

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

(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 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

PGIM Jennison Emerging Markets Equity Opportunities Fund 23

Notes to Financial Statements (unaudited) (continued)

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

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 expense amounts. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based

24

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

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

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

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

PGIM Jennison Emerging Markets Equity Opportunities Fund 25

Notes to Financial Statements (unaudited) (continued)

3. Agreements

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

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

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended April 30, 2024, the contractual and effective management fee rates were as follows:

Contractual Management Rate	Effective Management Fee, before any waivers  and/or expense reimbursements
0.95% of the Fund’s average daily net assets up to and including $5 billion;	0.95%
0.925% of the Fund’s average daily net assets exceeding $5 billion.

The Manager has contractually agreed, through February 28, 2025, to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

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

Class	Expense  Limitations
A		1.30	%
C		2.05
Z		1.05
R6		0.98

26

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

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate based on average daily net assets per class. PIMS has contractually agreed through February 28, 2025 to limit such fees on certain classes based on the average daily net assets. The distribution fees are accrued daily and payable monthly.

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

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

For the reporting period ended April 30, 2024, PIMS received front-end sales charges (“FESL”) resulting from sales of certain class shares and contingent deferred sales charges (“CDSC”) imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:

Class	FESL		CDSC
A		$28,535		$	—
C		—			77

The RIC, on behalf of the Fund, has entered into brokerage commission recapture agreements with certain registered broker-dealers. Under the brokerage commission recapture program, a portion of the commission is returned to the Fund on whose behalf the trades were made. Commission recapture is paid solely to the Fund generating the applicable trades. Such amounts are included within realized gain (loss) on investment transactions presented in the Statement of Operations. For the reporting period ended April 30, 2024, brokerage commission recaptured under these agreements was $459.

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 and shareholder servicing agent. Transfer agent’s fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

PGIM Jennison Emerging Markets Equity Opportunities Fund 27

Notes to Financial Statements (unaudited) (continued)

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

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended April 30, 2024, no Rule 17a-7 transactions were entered into by the Fund.

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2024, were as follows:

Cost of Purchases	Proceeds from Sales
$164,417,442	$239,496,583

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

Value, Beginning of Period	Cost of Purchases	Proceeds from Sales	Change in Unrealized Gain (Loss)	Realized Gain (Loss)	Value, End of Period	Shares, End of Period	Income
Short-Term Investments - Affiliated Mutual Funds:
PGIM Core Government Money Market Fund (7-day effective yield 5.540%)(1)(wb)
$8,412,248	$129,185,242	$127,369,210	$ —	$ —	$10,228,280	10,228,280	$287,068

28

Value, Beginning of Period	Cost of Purchases	Proceeds from Sales	Change in Unrealized Gain (Loss)	Realized Gain (Loss)	Value, End of Period	Shares, End of Period	Income
PGIM Institutional Money Market Fund (7-day effective yield 5.644%)(1)(wb)
$   17,071	$ 31,678,275	$ 31,694,742	$(10)	$(594)	$         —	—	$    506(2)
$8,429,319	$160,863,517	$159,063,952	$(10)	$(594)	$10,228,280		$287,574

(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.

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

6. Tax Information

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

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$424,017,100	$146,901,156	$(17,720,246)	$129,180,910

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

For federal income tax purposes, the Fund had an approximated capital loss carryforward as of October 31, 2023 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

Capital Loss Carryforward	Capital Loss Carryforward Utilized
$584,784,000	$—

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2023 are subject to such review.

7. Capital and Ownership

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

PGIM Jennison Emerging Markets Equity Opportunities Fund 29

Notes to Financial Statements (unaudited) (continued)

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, 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	Number of Shares
A		25,000,000
C		65,000,000
Z		300,000,000
T		225,000,000
R6		250,000,000

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

As of April 30, 2024, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

Class	Number of Shares		Percentage of Outstanding Shares
Z		81,616		0.5	%

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

	Number of Shareholders		Percentage of Outstanding Shares
Affiliated		—		—	%
Unaffiliated		6		81.2

30

Transactions in shares of common stock were as follows:

Share Class	Shares			Amount
Class A
Six months ended April 30, 2024:
Shares sold	261,243		$	3,793,390
Shares purchased	(355,569	)		(5,037,318	)
Net increase (decrease) in shares outstanding before conversion	(94,326	)		(1,243,928	)
Shares issued upon conversion from other share class(es)	12,142			174,110
Shares purchased upon conversion into other share class(es)	(32,806	)		(474,973	)
Net increase (decrease) in shares outstanding	(114,990	)	$	(1,544,791	)
Year ended October 31, 2023:
Shares sold	363,156		$	4,692,293
Shares purchased	(645,625	)		(8,259,719	)
Net increase (decrease) in shares outstanding before conversion	(282,469	)		(3,567,426	)
Shares issued upon conversion from other share class(es)	40,943			525,720
Shares purchased upon conversion into other share class(es)	(17,846	)		(230,995	)
Net increase (decrease) in shares outstanding	(259,372	)	$	(3,272,701	)
Class C
Six months ended April 30, 2024:
Shares sold	24,021		$	317,549
Shares purchased	(44,019	)		(589,899	)
Net increase (decrease) in shares outstanding before conversion	(19,998	)		(272,350	)
Shares purchased upon conversion into other share class(es)	(6,468	)		(85,650	)
Net increase (decrease) in shares outstanding	(26,466	)	$	(358,000	)
Year ended October 31, 2023:
Shares sold	60,381		$	736,562
Shares purchased	(85,591	)		(1,031,457	)
Net increase (decrease) in shares outstanding before conversion	(25,210	)		(294,895	)
Shares purchased upon conversion into other share class(es)	(23,002	)		(278,199	)
Net increase (decrease) in shares outstanding	(48,212	)	$	(573,094	)
Class Z
Six months ended April 30, 2024:
Shares sold	2,085,578		$	31,058,652
Shares purchased	(5,076,047	)		(73,890,465	)
Net increase (decrease) in shares outstanding before conversion	(2,990,469	)		(42,831,813	)
Shares issued upon conversion from other share class(es)	49,180			724,232
Shares purchased upon conversion into other share class(es)	(11,463	)		(168,347	)
Net increase (decrease) in shares outstanding	(2,952,752	)	$	(42,275,928	)

PGIM Jennison Emerging Markets Equity Opportunities Fund 31

Notes to Financial Statements (unaudited) (continued)

Share Class	Shares			Amount
Year ended October 31, 2023:
Shares sold	11,409,752		$	150,815,751
Shares purchased	(22,458,380	)		(294,535,847	)
Net increase (decrease) in shares outstanding before conversion	(11,048,628	)		(143,720,096	)
Shares issued upon conversion from other share class(es)	67,490			874,907
Shares purchased upon conversion into other share class(es)	(505,193	)		(6,826,928	)
Net increase (decrease) in shares outstanding	(11,486,331	)	$	(149,672,117	)
Class R6
Six months ended April 30, 2024:
Shares sold	1,920,421		$	28,426,731
Shares purchased	(3,977,103	)		(58,677,781	)
Net increase (decrease) in shares outstanding before conversion	(2,056,682	)		(30,251,050	)
Shares issued upon conversion from other share class(es)	8,037			122,954
Shares purchased upon conversion into other share class(es)	(19,640	)		(292,326	)
Net increase (decrease) in shares outstanding	(2,068,285	)	$	(30,420,422	)
Year ended October 31, 2023:
Shares sold	7,656,472		$	100,629,373
Shares purchased	(9,268,913	)		(121,399,033	)
Net increase (decrease) in shares outstanding before conversion	(1,612,441	)		(20,769,660	)
Shares issued upon conversion from other share class(es)	486,152			6,589,165
Shares purchased upon conversion into other share class(es)	(50,538	)		(653,670	)
Net increase (decrease) in shares outstanding	(1,176,827	)	$	(14,834,165	)

8. Borrowings

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

	SCA
Term of Commitment	9/29/2023 - 9/26/2024
Total Commitment	$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%

32

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

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

The Fund utilized the SCA during the reporting period ended April 30, 2024. The average daily balance for the 2 days that the Fund had loans outstanding during the period was approximately $280,000, borrowed at a weighted average interest rate of 6.41%. The maximum loan outstanding amount during the period was $375,000. At April 30, 2024, 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.

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, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on

PGIM Jennison Emerging Markets Equity Opportunities Fund 33

Notes to Financial Statements (unaudited) (continued)

the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.

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

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

34

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 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

PGIM Jennison Emerging Markets Equity Opportunities Fund 35

Notes to Financial Statements (unaudited) (continued)

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

Market 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: Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or

36

conflicts (including Russia’s military invasion of Ukraine and the Israel-Hamas war), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as Asia, Eastern Europe and the Middle East, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).

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

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

PGIM Jennison Emerging Markets Equity Opportunities Fund 37

Liquidity Risk Management Program (unaudited)

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

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

At a meeting of the Board on March 5-7, 2024, PGIM Investments provided a written report (“LRMP Report”) to the Board addressing the operation, adequacy, and effectiveness of the Fund’s LRMP, including any material changes to the LRMP for the period from January 1, 2023 through December 31, 2023 (“Reporting Period”). The LRMP Report concluded that the Fund’s LRMP was reasonably designed to assess and manage the Fund’s liquidity risk and was adequately and effectively implemented during the Reporting Period. There were no material changes to the LRMP during the Reporting Period. The LRMP Report further concluded that the Fund’s investment strategies continue to be appropriate given the Fund’s status as an open-end fund.

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

38

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

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	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 534432 Pittsburgh, PA 15253
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH 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.

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

MF225E2

PGIM JENNISON INTERNATIONAL

OPPORTUNITIES FUND

SEMIANNUAL REPORT

APRIL 30, 2024

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

Table of Contents

Letter from the President	3
Your Fund’s Performance	4
Fees andExpenses	7
Holdings and Financial Statements	9

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

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

The accompanying financial statements as of April 30, 2024 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC, member SIPC. Jennison Associates LLC is a registered investment adviser. Both are Prudential Financial companies. © 2024 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 semiannual report for the PGIM Jennison International Opportunities Fund informative and useful. The report covers performance for the six-month period ended April 30, 2024.   Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

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

At PGIM Investments, we provide access to active investment strategies across the global markets in the pursuit of consistent outperformance for investors. PGIM is the world’s 14th-largest investment manager with more than $1.3 trillion in assets under management. Our scale and investment expertise allow us to deliver a diversified suite of actively managed solutions across a broad spectrum of asset classes and investment styles.

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Jennison International Opportunities Fund

June 14, 2024

PGIM Jennison International Opportunities Fund  3

Your Fund’s Performance

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

	Total Returns as of 4/30/24  (without sales charges) Six Months* (%)	Average Annual Total Returns as of 4/30/24 (with sales charges)
		One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	21.05	2.93	7.92	7.78	—
Class C	20.55	7.00	8.26	7.53	—
Class R	20.81	8.53	8.74	N/A	7.77 (11/20/2017)
Class Z	21.13	9.11	9.36	8.62	—
Class R2	20.92	8.69	8.91	N/A	13.03 (12/27/2018)
Class R4	21.07	8.92	9.18	N/A	13.32 (12/27/2018)
Class R6	21.17	9.17	9.42	N/A	10.27 (12/23/2015)
MSCI All Country World ex-US ND Index
	17.69	9.32	5.03	3.93	—

Average Annual Total Returns as of 4/30/24 Since Inception (%)
	Class R (11/20/2017)	Class R2, Class R4 (12/27/2018)	Class R6  (12/23/2015)
MSCI All Country World ex-US ND Index	3.79	7.18	6.20

*Not annualized

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’s inception date.

4  Visit our website at pgim.com/investments

 

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 Definition

MSCI All Country World ex-US ND 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 designed to provide a broad measure of stock performance throughout the world, with the exception of US-based companies. The MSCI ACWI ex-US Index includes both developed and emerging markets. The ND version of the MSCI ACWI ex-US Index reflects the impact of the maximum withholding taxes on reinvested dividends. The MSCI ACWI ex-US 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.

PGIM Jennison International Opportunities Fund  5

Your Fund’s Performance (continued)

Presentation of Fund Holdings as of 4/30/24

Ten Largest Holdings	Line of Business	Country	% of Net Assets
Novo Nordisk A/S (Class B Stock)	Pharmaceuticals	Denmark	7.3%
Ferrari NV	Automobiles	Italy	7.0%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR	Semiconductors & Semiconductor Equipment	Taiwan	6.5%
Hermes International SCA	Textiles, Apparel & Luxury Goods	France	5.3%
L’Oreal SA	Personal Care Products	France	4.7%
ASM International NV	Semiconductors & Semiconductor Equipment	Netherlands	4.6%
ASML Holding NV	Semiconductors & Semiconductor Equipment	Netherlands	4.5%
MercadoLibre, Inc.	Broadline Retail	Brazil	4.2%
LVMH Moet Hennessy Louis Vuitton SE	Textiles, Apparel & Luxury Goods	France	3.7%
Schneider Electric SE	Electrical Equipment	United States	3.5%

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

6  Visit our website at pgim.com/investments

Fees and Expenses

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

The example is based on an investment of $1,000 held through the six-month period ended April 30, 2024. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Jennison International Opportunities Fund  7

Fees and Expenses(continued)

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

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

PGIM Jennison International    Opportunities Fund		Beginning     Account Value    November 1, 2023	Ending  Account Value  April 30, 2024	Annualized Expense  Ratio Based on the  Six-Month Period	Expenses Paid  During the  Six-Month  Period*
Class A	Actual	$1,000.00	$1,210.50	1.09%	$ 5.99
	Hypothetical	$1,000.00	$1,019.44	1.09%	$ 5.47
Class C	Actual	$1,000.00	$1,205.50	1.90%	$10.42
	Hypothetical	$1,000.00	$1,015.42	1.90%	$ 9.52
Class R	Actual	$1,000.00	$1,208.10	1.45%	$ 7.96
	Hypothetical	$1,000.00	$1,017.65	1.45%	$ 7.27
Class Z	Actual	$1,000.00	$1,211.30	0.90%	$ 4.95
	Hypothetical	$1,000.00	$1,020.39	0.90%	$ 4.52
Class R2	Actual	$1,000.00	$1,209.20	1.31%	$ 7.20
	Hypothetical	$1,000.00	$1,018.35	1.31%	$ 6.57
Class R4	Actual	$1,000.00	$1,210.70	1.08%	$ 5.94
	Hypothetical	$1,000.00	$1,019.49	1.08%	$ 5.42
Class R6	Actual	$1,000.00	$1,211.70	0.84%	$ 4.62
	Hypothetical	$1,000.00	$1,020.69	0.84%	$ 4.22

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 182 days in the six-month period ended April 30, 2024, and divided by the 366 days in the Fund’s fiscal year ending October 31, 2024 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying funds in which the Fund may invest.

8  Visit our website at pgim.com/investments

Schedule of Investments (unaudited)

as of April 30, 2024

Description	Shares		Value
LONG-TERM INVESTMENTS  97.9%
COMMON STOCKS  96.9%
Brazil  7.5%
MercadoLibre, Inc.*		139,521	$	203,519,283
NU Holdings Ltd. (Class A Stock)*		15,048,641		163,428,241
				366,947,524
Denmark  7.3%
Novo Nordisk A/S (Class B Stock)		2,800,700		359,168,239
France  19.1%
Dassault Systemes SE		2,356,270		92,488,129
Hermes International SCA		107,307		256,891,854
L’Oreal SA		488,793		229,172,134
LVMH Moet Hennessy Louis Vuitton SE		222,758		182,981,514
Safran SA		791,426		171,606,497
				933,140,128
Germany  1.0%
adidas AG		208,941		50,351,246
Hong Kong  1.1%
Techtronic Industries Co. Ltd.		3,980,718		55,010,745
India  2.3%
Apollo Hospitals Enterprise Ltd.		650,907		46,295,795
Varun Beverages Ltd.		3,679,633		65,092,013
				111,387,808
Italy  11.5%
Brunello Cucinelli SpA		1,392,425		142,114,225
Ferrari NV		829,887		341,311,519
Moncler SpA		1,150,420		78,323,057
				561,748,801
Japan  5.4%
Advantest Corp.		1,840,788		57,617,902
Disco Corp.		306,713		87,365,900
Keyence Corp.		274,912		120,898,012
				265,881,814

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund  9

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Description	Shares		Value
COMMON STOCKS (Continued)
Netherlands  10.4%
Adyen NV, 144A*		55,284	$	66,230,204
ASM International NV		355,449		223,591,129
ASML Holding NV		251,692		219,226,862
				509,048,195
Spain  3.5%
Industria de Diseno Textil SA(a)		3,733,287		169,980,029
Sweden 3.1%
Atlas Copco AB (Class A Stock)		8,658,659		151,665,833
Taiwan  6.5%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		2,333,149		320,434,684
United Kingdom 5.3%
Ashtead Group PLC		625,245		45,400,222
AstraZeneca PLC		425,585		64,369,285
Compass Group PLC		5,296,586		147,317,798
				257,087,305
United States  12.9%
CyberArk Software Ltd.*		618,724		148,029,717
Ferguson PLC		376,585		79,405,146
Globant SA*		362,319		64,706,550
James Hardie Industries PLC, CDI*		1,842,297		63,334,401
Monday.com Ltd.*		544,775		103,142,251
Schneider Electric SE		757,067		172,621,350
				631,239,415
TOTAL COMMON STOCKS (cost $3,265,091,479)				4,743,091,766
PREFERRED STOCK  1.0%
Germany
Dr. Ing. h.c. F. Porsche AG (PRFC), 144A (cost $47,516,590)		515,742		45,914,683
TOTAL LONG-TERM INVESTMENTS (cost $3,312,608,069)				4,789,006,449

See Notes to Financial Statements.

10

 

 

Description	Shares		Value
SHORT-TERM INVESTMENTS 4.1%
AFFILIATED MUTUAL FUNDS
PGIM Core Government Money Market Fund (7-day effective yield 5.540%)(wb)		70,134,222	$	70,134,222
PGIM Institutional Money Market Fund (7-day effective yield 5.644%)
(cost $130,860,133; includes $130,758,690 of cash collateral for securities on loan)(b)(wb)		130,928,114		130,862,650
TOTAL SHORT-TERM INVESTMENTS
(cost $200,994,355)				200,996,872
TOTAL INVESTMENTS 102.0%
(cost $3,513,602,424)				4,990,003,321
Liabilities in excess of other assets (2.0)%				(97,018,493	)
NET ASSETS 100.0%			$	4,892,984,828

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

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

ADR—American Depositary Receipt

CDI—Chess Depository Interest

PRFC—Preference Shares

SOFR—Secured Overnight Financing 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 $117,818,096; cash collateral of $130,758,690 (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.

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

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund  11

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Fair Value Measurements:

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

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

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

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

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

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Brazil	$	366,947,524	$	—		$—
Denmark		—		359,168,239		—
France		—		933,140,128		—
Germany		—		50,351,246		—
Hong Kong		—		55,010,745		—
India		—		111,387,808		—
Italy		—		561,748,801		—
Japan		—		265,881,814		—
Netherlands		—		509,048,195		—
Spain		—		169,980,029		—
Sweden		—		151,665,833		—
Taiwan		320,434,684		—		—
United Kingdom		—		257,087,305		—
United States		315,878,518		315,360,897		—
Preferred Stock
Germany		—		45,914,683		—
Short-Term Investments
Affiliated Mutual Funds		200,996,872		—		—
Total	$	1,204,257,598	$	3,785,745,723		$—

See Notes to Financial Statements.

12

 

 

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2024 were as follows:

Semiconductors & Semiconductor Equipment	18.6	%
Textiles, Apparel & Luxury Goods	14.5
Pharmaceuticals	8.6
Automobiles	8.0
Software	7.0
Personal Care Products	4.7
Machinery	4.2
Broadline Retail	4.2
Affiliated Mutual Funds (2.7% represents investments purchased with collateral from securities on loan)	4.1
Electrical Equipment	3.6
Aerospace & Defense	3.5
Specialty Retail	3.5
Banks	3.3

Hotels, Restaurants & Leisure	3.0	%
Trading Companies & Distributors	2.6
Electronic Equipment, Instruments & Components	2.4
Financial Services	1.3
Beverages	1.3
IT Services	1.3
Construction Materials	1.3
Health Care Providers & Services	1.0
	102.0
Liabilities in excess of other assets	(2.0	)
	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	$117,818,096	$(117,818,096)	$—

(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  13

Statement of Assets and Liabilities (unaudited)

as of April 30, 2024

Assets
Investments at value, including securities on loan of $117,818,096:
Unaffiliated investments (cost $3,312,608,069)	$	4,789,006,449
Affiliated investments (cost $200,994,355)		200,996,872
Foreign currency, at value (cost $2,610,129)		2,598,489
Receivable for investments sold		26,679,818
Receivable for Fund shares sold		12,343,872
Dividends receivable		6,846,710
Tax reclaim receivable		4,747,972
Prepaid expenses and other assets		307,903
Total Assets		5,043,528,085
Liabilities
Payable to broker for collateral for securities on loan		130,758,690
Payable for Fund shares purchased		8,336,088
Payable for investments purchased		7,173,963
Management fee payable		3,207,833
Accrued expenses and other liabilities		902,309
Distribution fee payable		145,839
Affiliated transfer agent fee payable		18,535
Total Liabilities		150,543,257
Net Assets	$	4,892,984,828
Net assets were comprised of:
Common stock, at par	$	1,653
Paid-in capital in excess of par		4,889,981,258
Total distributable earnings (loss)		3,001,917
Net assets, April 30, 2024	$	4,892,984,828

See Notes to Financial Statements.

14

 

 

Class A
Net asset value and redemption price per share, ($124,019,674 ÷ 4,269,613 shares of common stock issued and outstanding)	$	29.05
Maximum sales charge (5.50% of offering price)		1.69
Maximum offering price to public	$	30.74
Class C
Net asset value, offering price and redemption price per share, ($24,285,189 ÷ 917,475 shares of common stock issued and outstanding)	$	26.47
Class R
Net asset value, offering price and redemption price per share, ($228,746,607 ÷ 8,021,676 shares of common stock issued and outstanding)	$	28.52
Class Z
Net asset value, offering price and redemption price per share, ($2,797,091,845 ÷ 94,317,490 shares of common stock issued and outstanding)	$	29.66
Class R2
Net asset value, offering price and redemption price per share, ($14,445,838 ÷ 497,737 shares of common stock issued and outstanding)	$	29.02
Class R4
Net asset value, offering price and redemption price per share, ($8,705,743 ÷ 295,898 shares of common stock issued and outstanding)	$	29.42
Class R6
Net asset value, offering price and redemption price per share, ($1,695,689,932 ÷ 57,018,088 shares of common stock issued and outstanding)	$	29.74

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund  15

Statement of Operations(unaudited)

Six Months Ended April 30, 2024

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $3,725,987 foreign withholding tax)	$	23,630,498
Affiliated dividend income		2,343,443
Affiliated income from securities lending, net		111,746
Total income		26,085,687
Expenses
Management fee		19,295,768
Distribution fee(a)		1,232,205
Shareholder servicing fees(a)		11,352
Transfer agent’s fees and expenses (including affiliated expense of $59,229)(a)		1,805,350
Custodian and accounting fees		223,936
Shareholders’ reports		175,846
Registration fees(a)		119,076
Professional fees		36,657
Directors’ fees		34,371
Audit fee		14,327
Miscellaneous		34,470
Total expenses		22,983,358
Less: Fee waiver and/or expense reimbursement(a)		(658,222	)
Distribution fee waiver(a)		(332,982	)
Net expenses		21,992,154
Net investment income (loss)		4,093,533
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $52,146)		(61,242,089	)
Foreign currency transactions		(248,088	)
		(61,490,177	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(17,830))		921,375,473
Foreign currencies		(4,979	)
		921,370,494
Net gain (loss) on investment and foreign currency transactions		859,880,317
Net Increase (Decrease) In Net Assets Resulting From Operations	$	863,973,850

See Notes to Financial Statements.

16

 

 

(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		181,726			124,721			908,084			—			17,674			—			—
Shareholder servicing fees		—			—			—			—			6,311			5,041			—
Transfer agent’s fees and expenses		60,769			13,878			148,821			1,509,114			9,329			8,365			55,074
Registration fees		10,228			6,063			2,684			65,793			2,523			2,887			28,898
Fee waiver and/or expense reimbursement		(63,007	)		(10,816	)		—			(580,670	)		(1,589	)		(2,140	)		—
Distribution fee waiver		(30,288	)		—			(302,694	)		—			—			—			—

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund  17

Statements of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2024					Year Ended October 31, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	4,093,533				$	8,106,073
Net realized gain (loss) on investment and foreign currency transactions			(61,490,177	)				(379,799,150	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			921,370,494					668,141,476
Net increase (decrease) in net assets resulting from operations			863,973,850					296,448,399
Dividends and Distributions
Distributions from distributable earnings
Class A			—					—
Class C			—					—
Class R			—					—
Class Z			(2,398,454	)				—
Class R2			—					—
Class R4			—					—
Class R6			(2,218,376	)				—
			(4,616,830	)				—
Fund share transactions (Net of share conversions)
Net proceeds from shares sold			692,535,674					1,730,279,329
Net asset value of shares issued in reinvestment of dividends and distributions			4,571,915					—
Cost of shares purchased			(787,885,507	)				(1,558,581,592	)
Net increase (decrease) in net assets from Fund share transactions			(90,777,918	)				171,697,737
Total increase (decrease)			768,579,102					468,146,136
Net Assets:
Beginning of period			4,124,405,726					3,656,259,590
End of period		$	4,892,984,828				$	4,124,405,726

See Notes to Financial Statements.

18

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$23.99			$22.03			$38.51			$28.14			$19.51			$15.82
Income (loss) from investment operations:
Net investment income (loss)		(-)(b)(c)			0.01			(0.09	)		(0.25	)		(0.12	)		0.01
Net realized and unrealized gain (loss) on investment and foreign currency transactions		5.06			1.95			(16.36	)		10.62			8.75			3.68
Total from investment operations		5.06			1.96			(16.45	)		10.37			8.63			3.69
Less Dividends and Distributions:
Tax return of capital distributions		-			-			(-	)(c)		-			-			-
Distributions from net realized gains		-			-			(0.03	)		-			-			-
Total dividends and distributions		-			-			(0.03	)		-			-			-
Net asset value, end of period		$29.05			$23.99			$22.03			$38.51			$28.14			$19.51
Total Return(d):		21.05%			8.90	%		(42.74	)%		36.90	%		44.11	%		23.39	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$124,020			$102,499			$105,135			$208,515			$76,093			$26,778
Average net assets (000)		$121,816			$114,648			$150,632			$142,641			$46,059			$20,599
Ratios to average net assets(e):
Expenses after waivers and/or expense reimbursement		1.09%(f)			1.09	%		1.09	%		1.09	%		1.09	%		1.09	%
Expenses before waivers and/or expense reimbursement		1.24%(f)			1.26	%		1.27	%		1.27	%		1.34	%		1.46	%
Net investment income (loss)		(-)%(c)(f)			0.03	%		(0.34	)%		(0.71	)%		(0.52	)%		0.04	%
Portfolio turnover rate(g)		24%			59	%		76	%		41	%		43	%		53	%

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

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

(c) Amount rounds to zero.

(d) 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.

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

(f) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund  19

Financial Highlights (unaudited) (continued)

Class C Shares
	Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$21.95			$20.32			$35.82			$26.38			$18.44			$15.08
Income (loss) from investment operations:
Net investment income (loss)		(0.11)(b)			(0.18	)(b)		(0.30	)		(0.50	)		(0.29	)		(0.13	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		4.63			1.81			(15.17	)		9.94			8.23			3.49
Total from investment operations		4.52			1.63			(15.47	)		9.44			7.94			3.36
Less Dividends and Distributions:
Tax return of capital distributions		-			-			(-	)(c)		-			-			-
Distributions from net realized gains		-			-			(0.03	)		-			-			-
Total dividends and distributions		-			-			(0.03	)		-			-			-
Net asset value, end of period		$26.47			$21.95			$20.32			$35.82			$26.38			$18.44
Total Return(d):		20.55%			8.02	%		(43.22	)%		35.84	%		43.00	%		22.28	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$24,285			$22,579			$22,981			$40,128			$16,411			$5,302
Average net assets (000)		$25,081			$24,838			$30,780			$28,884			$9,894			$4,683
Ratios to average net assets(e):
Expenses after waivers and/or expense reimbursement		1.90%(f)			1.90	%		1.90	%		1.90	%		1.90	%		1.91	%
Expenses before waivers and/or expense reimbursement		1.99%(f)			1.99	%		2.01	%		1.97	%		2.15	%		2.33	%
Net investment income (loss)		(0.83)%(f)			(0.79	)%		(1.14	)%		(1.52	)%		(1.32	)%		(0.80	)%
Portfolio turnover rate(g)		24%			59	%		76	%		41	%		43	%		53	%

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

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

(c) Amount rounds to zero.

(d) 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.

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

(f) Annualized.

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

See Notes to Financial Statements.

20

 

Class R Shares
	Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$23.60			$21.75			$38.17			$27.98			$19.48			$15.86
Income (loss) from investment operations:
Net investment income (loss)		(0.05)(b)			(0.09	)(b)		(0.19	)		(0.37	)		(0.20	)		(0.06	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		4.97			1.94			(16.20	)		10.56			8.70			3.68
Total from investment operations		4.92			1.85			(16.39	)		10.19			8.50			3.62
Less Dividends and Distributions:
Tax return of capital distributions		-			-			(-	)(c)		-			-			-
Distributions from net realized gains		-			-			(0.03	)		-			-			-
Total dividends and distributions		-			-			(0.03	)		-			-			-
Net asset value, end of period		$28.52			$23.60			$21.75			$38.17			$27.98			$19.48
Total Return(d):		20.81%			8.51	%		(42.97	)%		36.42	%		43.56	%		22.89	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$228,747			$218,828			$230,246			$358,284			$291,162			$280,311
Average net assets (000)		$243,486			$237,233			$269,777			$340,986			$281,238			$278,086
Ratios to average net assets(e):
Expenses after waivers and/or expense reimbursement		1.45%(f)			1.46	%		1.47	%		1.47	%		1.47	%		1.47	%
Expenses before waivers and/or expense reimbursement		1.70%(f)			1.71	%		1.72	%		1.72	%		1.77	%		1.81	%
Net investment income (loss)		(0.39)%(f)			(0.35	)%		(0.70	)%		(1.08	)%		(0.87	)%		(0.36	)%
Portfolio turnover rate(g)		24%			59	%		76	%		41	%		43	%		53	%

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

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

(c) Amount rounds to zero.

(d) 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.

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

(f) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund  21

Financial Highlights (unaudited) (continued)

Class Z Shares
	Six Months  Ended  April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$24.50			$22.45			$39.17			$28.56			$19.77			$16.01
Income (loss) from investment operations:
Net investment income (loss)		0.03			0.06			(0.04	)		(0.18	)		(0.10	)		0.03
Net realized and unrealized gain (loss) on investment and foreign currency transactions		5.16			1.99			(16.65	)		10.79			8.89			3.74
Total from investment operations		5.19			2.05			(16.69	)		10.61			8.79			3.77
Less Dividends and Distributions:
Dividends from net investment income		(0.03)			-			-			-			-			(0.01	)
Tax return of capital distributions		-			-			(-	)(b)		-			-			-
Distributions from net realized gains		-			-			(0.03	)		-			-			-
Total dividends and distributions		(0.03)			-			(0.03	)		-			-			(0.01	)
Net asset value, end of period		$29.66			$24.50			$22.45			$39.17			$28.56			$19.77
Total Return(c):		21.13%			9.13	%		(42.63	)%		37.15	%		44.46	%		23.56	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$2,797,092			$2,332,761			$1,948,250			$3,481,110			$1,364,899			$208,629
Average net assets (000)		$2,731,986			$2,382,104			$2,744,398			$2,452,905			$639,223			$139,982
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.90%(e)			0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Expenses before waivers and/or expense reimbursement		0.94%(e)			0.95	%		0.96	%		0.94	%		0.99	%		1.04	%
Net investment income (loss)		0.19%(e)			0.21	%		(0.14	)%		(0.51	)%		(0.38	)%		0.15	%
Portfolio turnover rate(f)		24%			59	%		76	%		41	%		43	%		53	%

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

(b) Amount rounds to zero.

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

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

(e) Annualized.

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

See Notes to Financial Statements.

22

 

Class R2 Shares
	Six Months Ended April 30,			Year Ended October 31,													December 27, 2018(a) through October 31,
	2024			2023			2022			2021			2020				2019
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$24.00			$22.09			$38.72			$28.35			$19.70				$15.10
Income (loss) from investment operations:
Net investment income (loss)		(0.03)(c)			(0.06	)(c)		(0.15	)		(0.33	)		(0.29	)			(0.12	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		5.05			1.97			(16.45	)		10.70			8.94				4.72
Total from investment operations		5.02			1.91			(16.60	)		10.37			8.65				4.60
Less Dividends and Distributions:
Tax return of capital distributions		-			-			(-	)(d)		-			-				-
Distributions from net realized gains		-			-			(0.03	)		-			-				-
Total dividends and distributions		-			-			(0.03	)		-			-				-
Net asset value, end of period		$29.02			$24.00			$22.09			$38.72			$28.35				$19.70
Total Return(e):		20.92%			8.65	%		(42.90	)%		36.58	%		43.91	%			30.46	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$14,446			$11,710			$10,579			$13,101			$4,664				$233
Average net assets (000)		$14,217			$11,833			$11,553			$8,789			$1,557				$44
Ratios to average net assets(f):
Expenses after waivers and/or expense reimbursement		1.31%(g)			1.34	%		1.34	%		1.33	%		1.32	%			1.26	%(g)
Expenses before waivers and/or expense reimbursement		1.33%(g)			1.38	%		1.41	%		1.41	%		2.23	%			64.97	%(g)
Net investment income (loss)		(0.22)%(g)			(0.23	)%		(0.55	)%		(0.92	)%		(1.06	)%			(0.76	)%(g)
Portfolio turnover rate(h)		24%			59	%		76	%		41	%		43	%			53	%

(a) Commencement of offering.

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

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

(d) Amount rounds to zero.

(e) 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.

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

(g) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund  23

Financial Highlights (unaudited) (continued)

Class R4 Shares
	Six Months Ended April 30,			Year Ended October 31,													December 27, 2018(a) through October 31,
	2024			2023			2022			2021			2020				2019
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$24.30			$22.31			$39.01			$28.49			$19.75				$15.10
Income (loss) from investment operations:
Net investment income (loss)		(0.01)(c)			-	(d)		(0.09	)		(0.25	)		(0.11	)			(0.02	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		5.13			1.99			(16.58	)		10.77			8.85				4.67
Total from investment operations		5.12			1.99			(16.67	)		10.52			8.74				4.65
Less Dividends and Distributions:
Tax return of capital distributions		-			-			(-	)(d)		-			-				-
Distributions from net realized gains		-			-			(0.03	)		-			-				-
Total dividends and distributions		-			-			(0.03	)		-			-				-
Net asset value, end of period		$29.42			$24.30			$22.31			$39.01			$28.49				$19.75
Total Return(e):		21.07%			8.92	%		(42.76	)%		36.97	%		44.20	%			30.79	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$8,706			$9,811			$8,646			$16,892			$1,359				$846
Average net assets (000)		$11,337			$9,832			$11,164			$11,907			$1,023				$293
Ratios to average net assets(f):
Expenses after waivers and/or expense reimbursement		1.08%(g)			1.09	%		1.09	%		1.08	%		1.04	%			0.95	%(g)
Expenses before waivers and/or expense reimbursement		1.12%(g)			1.15	%		1.16	%		1.14	%		2.47	%			10.65	%(g)
Net investment income (loss)		(0.08)%(g)			0.02	%		(0.33	)%		(0.69	)%		(0.46	)%			(0.11	)%(g)
Portfolio turnover rate(h)		24%			59	%		76	%		41	%		43	%			53	%

(a) Commencement of offering.

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

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

(d) Amount rounds to zero.

(e) 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.

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

(g) Annualized.

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

See Notes to Financial Statements.

24

 

Class R6 Shares
	Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$24.57			$22.50			$39.24			$28.59			$19.78			$16.02
Income (loss) from investment operations:
Net investment income (loss)		0.04			0.07			(0.02	)		(0.16	)		(0.08	)		0.04
Net realized and unrealized gain (loss) on investment and foreign currency transactions		5.17			2.00			(16.69	)		10.81			8.89			3.74
Total from investment operations		5.21			2.07			(16.71	)		10.65			8.81			3.78
Less Dividends and Distributions:
Dividends from net investment income		(0.04)			-			-			-			-			(0.02	)
Tax return of capital distributions		-			-			(-	)(b)		-			-			-
Distributions from net realized gains		-			-			(0.03	)		-			-			-
Total dividends and distributions		(0.04)			-			(0.03	)		-			-			(0.02	)
Net asset value, end of period		$29.74			$24.57			$22.50			$39.24			$28.59			$19.78
Total Return(c):		21.17%			9.20	%		(42.61	)%		37.25	%		44.54	%		23.72	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,695,690			$1,426,218			$1,330,422			$2,136,686			$673,736			$101,975
Average net assets (000)		$1,671,273			$1,495,043			$1,686,565			$1,445,464			$295,968			$54,900
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.84%(e)			0.84	%		0.84	%		0.84	%		0.84	%		0.84	%
Expenses before waivers and/or expense reimbursement		0.84%(e)			0.84	%		0.84	%		0.84	%		0.91	%		0.98	%
Net investment income (loss)		0.25%(e)			0.27	%		(0.07	)%		(0.46	)%		(0.32	)%		0.20	%
Portfolio turnover rate(f)		24%			59	%		76	%		41	%		43	%		53	%

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

(b) Amount rounds to zero.

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

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund  25

Notes to Financial Statements (unaudited)

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. These financial statements relate only to the PGIM Jennison International Opportunities Fund (the “Fund”), a series of the RIC. The Fund is classified as a diversified fund for purposes of the 1940 Act.

The investment objective of the Fund is to seek long-term 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 approved the Fund’s valuation policies and procedures for security valuation and designated PGIM Investments LLC (“PGIM Investments” or the “Manager”) as the “Valuation Designee,” as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Fund investments. Pursuant to the Board’s oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities as Valuation Designee under Rule 2a-5. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some

26

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 Measurement.

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

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

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

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

PGIM Jennison International Opportunities Fund  27

Notes to Financial Statements (unaudited) (continued)

comparable securities; and any available analyst media or other reports or information deemed reliable by the Valuation Designee regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

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

(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 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

28

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

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

PGIM Jennison International Opportunities Fund  29

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

3. Agreements

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

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

30

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended April 30, 2024, the contractual and effective management fee rates were as follows:

Contractual Management Rate	Effective Management Fee, before any waivers and/or expense reimbursements
0.825% on average daily net assets up to and including $1 billion;	0.81%
0.80% on average daily net assets from $1 billion to $5 billion;
0.78% on average daily net assets exceeding $5 billion.

The Manager has contractually agreed, through February 28, 2025, to limit certain operating expenses and/or to limit total annual operating expenses after fee waivers and/or expense reimbursements. The contractual waivers exclude interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

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

Class	Fund Expense Limitation*	Class Expense Limitation
A	0.84%	1.09%
C	0.84	1.90**
R	0.84	1.48**
Z	0.84	0.90**
R2	0.84	1.34***
R4	0.84	1.09***
R6	0.84	0.84**

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

**Expense waiver/reimbursement limited to 0.06% on an annualized basis.

***Expense limitation applicable only to blue sky fees, shareholder service fee, and transfer agency expenses (including sub-transfer agency and networking fees).

The RIC, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class C, Class R, Class Z, Class R2, Class R4 and Class R6 shares of the Fund. The Fund

PGIM Jennison International Opportunities Fund  31

Notes to Financial Statements (unaudited) (continued)

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 based on average daily net assets per class. PIMS has contractually agreed through February 28, 2025 to limit such fees on certain classes based on the average daily net assets. The distribution fees are accrued daily and payable monthly.

The Fund 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 compensate Prudential Mutual Fund Services LLC (“PMFS”), its affiliates or third-party service providers for services rendered to the shareholders of such Class R2 or Class R4 shares. The shareholder service fee is accrued daily and paid monthly, as applicable.

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

Class	Gross Distribution Fee	Net Distribution Fee	Shareholder Service Fee
A	0.30%	0.25%	N/A%
C	1.00	1.00	N/A
R	0.75	0.50	N/A
Z	N/A	N/A	N/A
R2	0.25	0.25	0.10
R4	N/A	N/A	0.10
R6	N/A	N/A	N/A

For the reporting period ended April 30, 2024, PIMS received front-end sales charges (“FESL”) resulting from sales of certain class shares and contingent deferred sales charges (“CDSC”) imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:

Class	FESL		CDSC
A	$	89,608		$  4
C		—		628

The RIC, on behalf of the Fund, has entered into brokerage commission recapture agreements with certain registered broker-dealers. Under the brokerage commission recapture program, a portion of the commission is returned to the Fund on whose behalf the trades were made. Commission recapture is paid solely to the Fund generating the applicable trades. Such amounts are included within realized gain (loss) on investment

32

transactions presented in the Statement of Operations. For the reporting period ended April 30, 2024, brokerage commission recaptured under these agreements was $14,256.

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 and shareholder servicing agent. Transfer agent’s and shareholder servicing agent’s fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

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

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended April 30, 2024, no Rule 17a-7 transactions were entered into by the Fund.

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2024, were as follows:

Cost of Purchases	Proceeds from Sales
$1,107,109,221	$1,151,192,625

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

PGIM Jennison International Opportunities Fund  33

Notes to Financial Statements (unaudited) (continued)

Value, Beginning of Period	Cost of Purchases			Proceeds from Sales			Change in Unrealized Gain (Loss)		Realized Gain (Loss)			Value, End of Period			Shares, End of Period			Income
Short-Term Investments - Affiliated Mutual Funds:
PGIM Core Government Money Market Fund (7-day effective yield 5.540%)(1)(wb)
$122,656,274		$  840,904,039			$  893,426,091		$     —			$  —			$ 70,134,222			70,134,222		$2,343,443
PGIM Institutional Money Market Fund (7-day effective yield 5.644%)(1)(b)(wb)
210,590,701		473,877,351			553,639,718		(17,830)			52,146			130,862,650			130,928,114		111,746(2)
$333,246,975		$1,314,781,390			$1,447,065,809		$(17,830)			$52,146			$200,996,872					$2,455,189

(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.

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

6. Tax Information

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

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$3,567,129,996	$1,540,901,628	$(118,028,303)	$1,422,873,325

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

For federal income tax purposes, the Fund had an approximated capital loss carryforward as of October 31, 2023 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

Capital Loss Carryforward	Capital Loss Carryforward Utilized
$1,362,377,000	$—

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2023 are subject to such review.

34

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 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.

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	Number of Shares
A		150,000,000
C		100,000,000
R		100,000,000
Z		2,000,000,000
R2		100,000,000
R4		100,000,000
R6		1,000,000,000

As of April 30, 2024, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

Class	Number of Shares			Percentage of Outstanding Shares
Z		25,706			0.1	%
R2		663			0.1
R4		663			0.2

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

	Number of Shareholders			Percentage of Outstanding Shares
Affiliated		—			—	%
Unaffiliated		6			80.0

PGIM Jennison International Opportunities Fund  35

Notes to Financial Statements (unaudited) (continued)

Transactions in shares of common stock were as follows:

Share Class	Shares			Amount
Class A
Six months ended April 30, 2024:
Shares sold		811,703		$	23,198,098
Shares purchased		(663,713	)		(18,764,905	)
Net increase (decrease) in shares outstanding before conversion		147,990			4,433,193
Shares issued upon conversion from other share class(es)		151,464			4,299,310
Shares purchased upon conversion into other share class(es)		(301,725	)		(9,145,266	)
Net increase (decrease) in shares outstanding		(2,271	)	$	(412,763	)
Year ended October 31, 2023:
Shares sold		928,798		$	23,616,317
Shares purchased		(1,447,891	)		(36,155,179	)
Net increase (decrease) in shares outstanding before conversion		(519,093	)		(12,538,862	)
Shares issued upon conversion from other share class(es)		287,546			7,259,438
Shares purchased upon conversion into other share class(es)		(269,268	)		(6,876,548	)
Net increase (decrease) in shares outstanding		(500,815	)	$	(12,155,972	)
Class C
Six months ended April 30, 2024:
Shares sold		72,128		$	1,890,713
Shares purchased		(137,594	)		(3,567,642	)
Net increase (decrease) in shares outstanding before conversion		(65,466	)		(1,676,929	)
Shares purchased upon conversion into other share class(es)		(45,583	)		(1,168,446	)
Net increase (decrease) in shares outstanding		(111,049	)	$	(2,845,375	)
Year ended October 31, 2023:
Shares sold		187,589		$	4,440,068
Shares purchased		(243,289	)		(5,598,141	)
Net increase (decrease) in shares outstanding before conversion		(55,700	)		(1,158,073	)
Shares purchased upon conversion into other share class(es)		(46,809	)		(1,093,354	)
Net increase (decrease) in shares outstanding		(102,509	)	$	(2,251,427	)
Class R
Six months ended April 30, 2024:
Shares sold		28,775		$	805,667
Shares purchased		(1,280,472	)		(36,621,230	)
Net increase (decrease) in shares outstanding		(1,251,697	)	$	(35,815,563	)

36

Share Class	Shares			Amount
Year ended October 31, 2023:
Shares sold		770,737		$	18,505,836
Shares purchased		(2,085,417	)		(51,603,399	)
Net increase (decrease) in shares outstanding		(1,314,680	)	$	(33,097,563	)
Class Z
Six months ended April 30, 2024:
Shares sold		15,030,096		$	438,035,206
Shares issued in reinvestment of dividends and distributions		85,081			2,377,160
Shares purchased		(16,156,793	)		(464,012,321	)
Net increase (decrease) in shares outstanding before conversion		(1,041,616	)		(23,599,955	)
Shares issued upon conversion from other share class(es)		329,514			10,099,879
Shares purchased upon conversion into other share class(es)		(200,667	)		(5,989,897	)
Net increase (decrease) in shares outstanding		(912,769	)	$	(19,489,973	)
Year ended October 31, 2023:
Shares sold		47,423,534		$	1,228,116,493
Shares purchased		(38,873,083	)		(985,909,752	)
Net increase (decrease) in shares outstanding before conversion		8,550,451			242,206,741
Shares issued upon conversion from other share class(es)		366,669			9,499,673
Shares purchased upon conversion into other share class(es)		(481,122	)		(12,457,578	)
Net increase (decrease) in shares outstanding		8,435,998		$	239,248,836
Class R2
Six months ended April 30, 2024:
Shares sold		74,129		$	2,101,362
Shares purchased		(64,312	)		(1,888,630	)
Net increase (decrease) in shares outstanding		9,817		$	212,732
Year ended October 31, 2023:
Shares sold		120,287		$	3,018,622
Shares purchased		(111,283	)		(2,820,567	)
Net increase (decrease) in shares outstanding		9,004		$	198,055
Class R4
Six months ended April 30, 2024:
Shares sold		28,033		$	805,371
Shares purchased		(135,850	)		(4,000,710	)
Net increase (decrease) in shares outstanding		(107,817	)	$	(3,195,339	)
Year ended October 31, 2023:
Shares sold		101,724		$	2,654,605
Shares purchased		(85,547	)		(2,110,945	)
Net increase (decrease) in shares outstanding		16,177		$	543,660

PGIM Jennison International Opportunities Fund  37

Notes to Financial Statements (unaudited) (continued)

Share Class	Shares			Amount
Class R6
Six months ended April 30, 2024:
Shares sold		7,701,576		$	225,699,257
Shares issued in reinvestment of dividends and distributions		78,328			2,194,755
Shares purchased		(8,871,233	)		(259,030,069	)
Net increase (decrease) in shares outstanding before conversion		(1,091,329	)		(31,136,057	)
Shares issued upon conversion from other share class(es)		96,926			2,993,869
Shares purchased upon conversion into other share class(es)		(37,875	)		(1,089,449	)
Net increase (decrease) in shares outstanding		(1,032,278	)	$	(29,231,637	)
Year ended October 31, 2023:
Shares sold		17,208,208		$	449,927,388
Shares purchased		(18,426,569	)		(474,383,609	)
Net increase (decrease) in shares outstanding before conversion		(1,218,361	)		(24,456,221	)
Shares issued upon conversion from other share class(es)		228,434			5,979,034
Shares purchased upon conversion into other share class(es)		(90,206	)		(2,310,665	)
Net increase (decrease) in shares outstanding		(1,080,133	)	$	(20,787,852	)

8. Borrowings

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

	SCA
Term of Commitment	9/29/2023 - 9/26/2024
Total Commitment	$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%
Annualized Interest Rate on Borrowings	1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent

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

38

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 reporting period ended April 30, 2024.

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, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.

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

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.

PGIM Jennison International Opportunities Fund  39

Notes to Financial Statements (unaudited) (continued)

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.

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.

40

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.

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

PGIM Jennison International Opportunities Fund  41

Notes to Financial Statements (unaudited) (continued)

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

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

The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets

42

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

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

PGIM Jennison International Opportunities Fund  43

Liquidity Risk Management Program (unaudited)

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

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

At a meeting of the Board on March 5-7, 2024, PGIM Investments provided a written report (“LRMP Report”) to the Board addressing the operation, adequacy, and effectiveness of the Fund’s LRMP, including any material changes to the LRMP for the period from January 1, 2023 through December 31, 2023 (“Reporting Period”). The LRMP Report concluded that the Fund’s LRMP was reasonably designed to assess and manage the Fund’s liquidity risk and was adequately and effectively implemented during the Reporting Period. There were no material changes to the LRMP during the Reporting Period. The LRMP Report further concluded that the Fund’s investment strategies continue to be appropriate given the Fund’s status as an open-end fund.

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

44

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

MANAGER	PGIM Investments LLC	655 Broad Street
		Newark, NJ 07102
SUBADVISER	Jennison Associates LLC	466 Lexington Avenue
		New York, NY 10017
DISTRIBUTOR	Prudential Investment	655 Broad Street
	Management Services LLC	Newark, NJ 07102
CUSTODIAN	The Bank of New York	240 Greenwich Street
	Mellon	New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund	PO Box 534432
	Services LLC	Pittsburgh, PA 15253
INDEPENDENT REGISTERED	PricewaterhouseCoopers	300 Madison Avenue
PUBLIC ACCOUNTING FIRM	LLP	New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher	787 Seventh Avenue
	LLP	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.

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

MF215E2

PGIM EMERGING MARKETS DEBT

HARD CURRENCY FUND

SEMIANNUAL REPORT

APRIL 30, 2024

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

Table of Contents

 

Letter from the President	3
Your Fund’s Performance	4
Fees andExpenses	7
Holdings and Financial Statements	9

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

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

The accompanying financial statements as of April 30, 2024 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. © 2024 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2  Visit our website at pgim.com/investments

Letter from the President

  Dear Shareholder:   We hope you find the semiannual report for the PGIM Emerging Markets Debt Hard Currency Fund informative and useful. The report covers performance for the six-month period ended April 30, 2024.   Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

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

At PGIM Investments, we provide access to active investment strategies across the global markets in the pursuit of consistent outperformance for investors. PGIM is the world’s 14th-largest investment manager with more than $1.3 trillion in assets under management. Our scale and investment expertise allow us to deliver a diversified suite of actively managed solutions across a broad spectrum of asset classes and investment styles.

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Emerging Markets Debt Hard Currency Fund

June 14, 2024

PGIM Emerging Markets Debt Hard Currency Fund  3

Your Fund’s Performance

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

	Total Returns as of 4/30/24  (without sales charges)  Six Months* (%)	Average Annual Total Returns as of 4/30/24 (with sales charges)
		One Year (%)	Five Years (%)	Since Inception (%)
Class A	10.98	5.25	-0.93	-0.65 (12/12/2017)
Class C	10.73	7.13	-0.99	-0.86 (12/12/2017)
Class Z	11.13	9.27	0.05	0.16 (12/12/2017)
Class R6	11.36	9.38	0.14	0.26 (12/12/2017)
JP Morgan Emerging Markets Bond Index Global Diversified Index
	10.57	8.39	0.24	0.71

*Not annualized

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

4  Visit our website at pgim.com/investments

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 Definition

JP Morgan Emerging Markets Bond Index Global Diversified Index—The JP Morgan Emerging Markets Bond Index Global Diversified Index is an unmanaged index that 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.

PGIM Emerging Markets Debt Hard Currency Fund  5

Your Fund’s Performance (continued)

Credit Quality expressed as a percentage of total investments as of 4/30/24 (%)
AAA	0.1
AA	4.0
A	5.5
BBB	34.7
BB	24.9
B	18.7
CCC	4.0
CC	4.0
C	0.4
Not Rated	0.5
Cash/Cash Equivalents	3.2
Total	100.0

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

Distributions and Yields as of 4/30/24
	Total Distributions Paid for Six Months ($)	SEC 30-Day  Subsidized Yield* (%)	SEC 30-Day  Unsubsidized  Yield** (%)
Class A	0.27	5.89	-0.58
Class C	0.25	5.28	-59.23
Class Z	0.28	6.37	6.18
Class R6	0.29	6.49	6.38

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

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

6  Visit our website at pgim.com/investments

Fees and Expenses

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

The example is based on an investment of $1,000 held through the six-month period ended April 30, 2024. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Emerging Markets Debt Hard Currency Fund  7

Fees and Expenses (continued)

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

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

PGIM Emerging Markets Debt Hard Currency Fund		Beginning Account Value November 1, 2023	Ending Account Value  April 30, 2024	Annualized Expense Ratio Based on the  Six-Month Period	Expenses Paid During the  Six-Month Period*
Class A	Actual	$1,000.00	$1,109.80	1.06%	$5.56
	Hypothetical	$1,000.00	$1,019.59	1.06%	$5.32
Class C	Actual	$1,000.00	$1,107.30	1.81%	$9.48
	Hypothetical	$1,000.00	$1,015.86	1.81%	$9.07
Class Z	Actual	$1,000.00	$1,111.30	0.76%	$3.99
	Hypothetical	$1,000.00	$1,021.08	0.76%	$3.82
Class R6	Actual	$1,000.00	$1,113.60	0.66%	$3.47
	Hypothetical	$1,000.00	$1,021.58	0.66%	$3.32

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 182 days in the six-month period ended April 30, 2024, and divided by the 366 days in the Fund’s fiscal year ending October 31, 2024 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying funds in which the Fund may invest.

8  Visit our website at pgim.com/investments

Schedule of Investments (unaudited)

as of April 30, 2024

Description	Interest   Rate		Maturity Date		Principal   Amount (000)#		Value
LONG-TERM INVESTMENTS 95.3%
CONVERTIBLE BOND 0.0%
China
Sunac China Holdings Ltd.,
Sr. Sec’d. Notes, 144A, Cash coupon 1.000%
(cost $2,845)		1.000%		09/30/32		22	$	1,092
CORPORATE BONDS 22.1%
Azerbaijan 0.3%
Southern Gas Corridor CJSC,
Gov’t. Gtd. Notes		6.875		03/24/26		400		401,800
State Oil Co. of the Azerbaijan Republic,
Sr. Unsec’d. Notes		6.950		03/18/30		400		404,375
								806,175
Bahrain 0.2%
Bapco Energies BSCC,
Sr. Unsec’d. Notes		8.375		11/07/28		500		528,906
Brazil 0.8%
Banco do Brasil SA,
Sr. Unsec’d. Notes		4.875		01/11/29		200		187,500
Braskem Netherlands Finance BV,
Gtd. Notes		8.500		01/12/31		200		203,340
Gtd. Notes, 144A		8.500		01/12/31		240		244,008
Globo Comunicacao e Participacoes SA,
Sr. Unsec’d. Notes		4.875		01/22/30		200		174,250
MARB BondCo PLC,
Gtd. Notes, 144A		3.950		01/29/31		400		320,500
Nexa Resources SA,
Gtd. Notes		6.500		01/18/28		410		410,392
Petrobras Global Finance BV,
Gtd. Notes		5.375		10/01/29	GBP	100		116,368
Suzano Austria GmbH,
Gtd. Notes		3.750		01/15/31		150		129,270
								1,785,628
Chile 1.2%
Alfa Desarrollo SpA,
Sr. Sec’d. Notes, 144A		4.550		09/27/51		199		144,969

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund  9

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Description	Interest   Rate		Maturity Date		Principal   Amount (000)#		Value
CORPORATE BONDS (Continued)
Chile (cont’d.)
Corp. Nacional del Cobre de Chile,
Sr. Unsec’d. Notes		3.000%		09/30/29		200	$	173,000
Sr. Unsec’d. Notes		4.250		07/17/42		360		271,462
Sr. Unsec’d. Notes		4.875		11/04/44		600		482,250
Sr. Unsec’d. Notes, 144A		4.875		11/04/44		200		160,750
Sr. Unsec’d. Notes, 144A		5.125		02/02/33		200		184,625
Sr. Unsec’d. Notes, 144A		6.440		01/26/36		640		637,400
Empresa Nacional del Petroleo,
Sr. Unsec’d. Notes, 144A		3.450		09/16/31		200		167,250
Sr. Unsec’d. Notes, 144A		6.150		05/10/33		200		198,063
Mercury Chile Holdco LLC,
Sr. Sec’d. Notes		6.500		01/24/27		400		385,125
VTR Finance NV,
Sr. Unsec’d. Notes		6.375		07/15/28		200		141,000
								2,945,894
China 0.4%
Agile Group Holdings Ltd.,
Sr. Sec’d. Notes		6.050		10/13/25(d)		200		22,000
ENN Clean Energy International Investment Ltd.,
Gtd. Notes, 144A		3.375		05/12/26		200		189,125
Prosus NV,
Sr. Unsec’d. Notes, 144A		4.193		01/19/32		550		468,703
Sinopec Group Overseas Development 2012 Ltd.,
Gtd. Notes		4.875		05/17/42		200		185,254
Sunac China Holdings Ltd.,
Sr. Sec’d. Notes, 144A, PIK 6.000%		6.000		09/30/26		18		1,811
Sr. Sec’d. Notes, 144A, PIK 6.250%		6.250		09/30/27		18		1,632
Sr. Sec’d. Notes, 144A, PIK 6.500%		6.500		09/30/27		36		2,924
Sr. Sec’d. Notes, 144A, PIK 6.750%		6.750		09/30/28		55		3,845
Sr. Sec’d. Notes, 144A, PIK 7.000%		7.000		09/30/29		55		3,140
Sr. Sec’d. Notes, 144A, PIK 7.250%		7.250		09/30/30		26		1,323
								879,757
Colombia 0.7%
Colombia Telecomunicaciones SA ESP,
Sr. Unsec’d. Notes, 144A		4.950		07/17/30		200		140,625
Ecopetrol SA,
Sr. Unsec’d. Notes		4.625		11/02/31		76		61,170
Sr. Unsec’d. Notes		6.875		04/29/30		233		222,585
Sr. Unsec’d. Notes		8.625		01/19/29		560		582,750

See Notes to Financial Statements.

10

 

 

Description	Interest   Rate		Maturity Date		Principal   Amount (000)#		Value
CORPORATE BONDS (Continued)
Colombia (cont’d.)
Ecopetrol SA, (cont’d.)
Sr. Unsec’d. Notes		8.875%		01/13/33		476	$	486,246
Grupo Aval Ltd.,
Gtd. Notes, 144A		4.375		02/04/30		200		166,000
								1,659,376
Costa Rica 0.1%
Instituto Costarricense de Electricidad,
Sr. Unsec’d. Notes, 144A		6.750		10/07/31		200		197,688
Guatemala 0.3%
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL,
Gtd. Notes		5.250		04/27/29		167		155,358
CT Trust,
Sr. Sec’d. Notes, 144A		5.125		02/03/32		200		173,470
Energuate Trust,
Gtd. Notes		5.875		05/03/27		400		378,750
								707,578
Hungary 0.2%
MFB Magyar Fejlesztesi Bank Zrt,
Gov’t. Gtd. Notes		6.500		06/29/28		215		216,075
MVM Energetika Zrt,
Sr. Unsec’d. Notes		7.500		06/09/28		208		214,175
								430,250
India 1.5%
Adani Ports & Special Economic Zone Ltd.,
Sr. Unsec’d. Notes, 144A		5.000		08/02/41		200		151,813
Azure Power Solar Energy Pvt. Ltd.,
Sr. Sec’d. Notes, 144A, MTN		5.650		12/24/24		200		194,812
CA Magnum Holdings,
Sr. Sec’d. Notes, 144A		5.375		10/31/26		400		378,400
GMR Hyderabad International Airport Ltd.,
Sr. Sec’d. Notes		4.250		10/27/27		400		368,125
HPCL-Mittal Energy Ltd.,
Sr. Unsec’d. Notes		5.250		04/28/27		400		383,000
NTPC Ltd.,
Sr. Unsec’d. Notes, EMTN		2.750		02/01/27	EUR	100		101,826

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund  11

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Description	Interest   Rate		Maturity Date		Principal   Amount (000)#		Value
CORPORATE BONDS (Continued)
India (cont’d.)
Periama Holdings LLC,
Gtd. Notes		5.950%		04/19/26		400	$	393,684
Power Finance Corp. Ltd.,
Sr. Unsec’d. Notes		4.500		06/18/29		810		759,122
Reliance Industries Ltd.,
Sr. Unsec’d. Notes, 144A		3.625		01/12/52		250		169,453
Summit Digitel Infrastructure Ltd.,
Sr. Sec’d. Notes, 144A		2.875		08/12/31		435		351,670
TML Holdings Pte Ltd.,
Sr. Unsec’d. Notes		5.500		06/03/24		200		199,750
								3,451,655
Indonesia 2.2%
Cikarang Listrindo Tbk PT,
Sr. Unsec’d. Notes, 144A		4.950		09/14/26		200		191,500
Freeport Indonesia PT,
Sr. Unsec’d. Notes, 144A, MTN		5.315		04/14/32		400		378,500
Indofood CBP Sukses Makmur Tbk PT,
Sr. Unsec’d. Notes		3.541		04/27/32		200		167,316
Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT,
Sr. Unsec’d. Notes		5.450		05/15/30		920		890,735
Sr. Unsec’d. Notes, 144A		4.750		05/15/25		200		197,266
Pertamina Geothermal Energy PT,
Sr. Unsec’d. Notes, 144A		5.150		04/27/28		200		196,250
Pertamina Persero PT,
Sr. Unsec’d. Notes		6.000		05/03/42		200		193,062
Sr. Unsec’d. Notes, 144A, MTN		4.700		07/30/49		200		160,438
Sr. Unsec’d. Notes, EMTN		3.100		01/21/30		200		174,500
Sr. Unsec’d. Notes, EMTN		3.100		08/27/30		300		258,656
Sr. Unsec’d. Notes, EMTN		3.650		07/30/29		200		181,813
Sr. Unsec’d. Notes, EMTN		4.700		07/30/49		200		160,438
Sr. Unsec’d. Notes, EMTN		6.500		11/07/48		200		204,125
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara,
Sr. Unsec’d. Notes		1.875		11/05/31	EUR	400		349,908
Sr. Unsec’d. Notes		2.875		10/25/25	EUR	200		208,744
Sr. Unsec’d. Notes, 144A, MTN		5.450		05/21/28		620		610,069
Sr. Unsec’d. Notes, 144A, MTN		6.150		05/21/48		400		381,375
Sr. Unsec’d. Notes, EMTN		6.150		05/21/48		200		190,687
								5,095,382

See Notes to Financial Statements.

12

 

 

Description	Interest   Rate		Maturity Date		Principal   Amount (000)#		Value
CORPORATE BONDS (Continued)
Israel 0.5%
Bank Leumi Le-Israel BM,
Sr. Unsec’d. Notes, 144A		5.125%		07/27/27		203	$	194,525
Energean Israel Finance Ltd.,
Sr. Sec’d. Notes, 144A		5.375		03/30/28		385		341,687
Sr. Sec’d. Notes, 144A		5.875		03/30/31		290		247,497
Leviathan Bond Ltd.,
Sr. Sec’d. Notes, 144A		6.125		06/30/25		200		195,000
Sr. Sec’d. Notes, 144A		6.750		06/30/30		300		267,000
								1,245,709
Jamaica 0.1%
Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./DIFL US LLC,
Sr. Sec’d. Notes, Cash coupon 9.000% and PIK 1.500% (original cost $91,373; purchased 01/29/24 - 01/30/24)(f)		10.500		05/25/27		99		96,388
Digicel MidCo Ltd./DIFL US II LLC,
Sr. Unsec’d. Notes, PIK 10.500% (original cost $41,960; purchased 01/30/24)(f)		10.500		11/25/28		65		51,519
								147,907
Kazakhstan 0.8%
KazMunayGas National Co. JSC,
Sr. Unsec’d. Notes		3.500		04/14/33		200		159,938
Sr. Unsec’d. Notes		4.750		04/19/27		400		383,500
Sr. Unsec’d. Notes		5.750		04/19/47		200		165,750
Sr. Unsec’d. Notes		6.375		10/24/48		600		534,562
Sr. Unsec’d. Notes, EMTN		5.375		04/24/30		800		763,250
								2,007,000
Kuwait 0.2%
MEGlobal BV,
Gtd. Notes, EMTN		2.625		04/28/28		300		264,094
MEGlobal Canada ULC,
Gtd. Notes, 144A, MTN		5.875		05/18/30		200		198,437
								462,531

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund  13

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Description	Interest   Rate		Maturity Date		Principal   Amount (000)#		Value
CORPORATE BONDS (Continued)
Macau 0.2%
MGM China Holdings Ltd.,
Sr. Unsec’d. Notes		4.750%		02/01/27		330	$	311,025
Sands China Ltd.,
Sr. Unsec’d. Notes		5.400		08/08/28		250		242,032
								553,057
Malaysia 1.0%
GENM Capital Labuan Ltd.,
Gtd. Notes		3.882		04/19/31		400		339,625
Gohl Capital Ltd.,
Gtd. Notes		4.250		01/24/27		250		237,266
Petronas Capital Ltd.,
Gtd. Notes, 144A, MTN		4.550		04/21/50		800		664,240
Gtd. Notes, 144A, MTN		4.800		04/21/60		200		168,462
Gtd. Notes, EMTN		2.480		01/28/32		400		324,824
Gtd. Notes, EMTN		4.550		04/21/50		500		415,150
Gtd. Notes, EMTN		4.800		04/21/60		200		168,462
								2,318,029
Mexico 4.8%
Braskem Idesa SAPI,
Sr. Sec’d. Notes, 144A		7.450		11/15/29		310		244,807
Cemex SAB de CV,
Gtd. Notes		5.450		11/19/29		400		386,500
Comision Federal de Electricidad,
Gtd. Notes		4.688		05/15/29		710		652,312
Gtd. Notes, 144A		4.688		05/15/29		200		183,750
Fermaca Enterprises S de RL de CV,
Sr. Sec’d. Notes		6.375		03/30/38		551		534,351
Mexico City Airport Trust,
Sr. Sec’d. Notes		3.875		04/30/28		200		186,188
Sr. Sec’d. Notes		5.500		07/31/47		2,430		1,990,322
Sr. Sec’d. Notes, 144A		5.500		10/31/46		400		328,125
Sr. Sec’d. Notes, 144A		5.500		07/31/47		400		327,625
Petroleos Mexicanos,
Gtd. Notes		5.350		02/12/28		1,069		935,268
Gtd. Notes		5.950		01/28/31		370		292,393
Gtd. Notes		6.350		02/12/48(a)		493		302,887
Gtd. Notes		6.490		01/23/27		655		614,966
Gtd. Notes		6.500		03/13/27		466		437,131
Gtd. Notes		6.500		06/02/41		610		403,972

See Notes to Financial Statements.

14

 

 

Description	Interest   Rate		Maturity Date		Principal   Amount (000)#		Value
CORPORATE BONDS (Continued)
Mexico (cont’d.)
Petroleos Mexicanos, (cont’d.)
Gtd. Notes		6.700%		02/16/32		1,141	$	934,593
Gtd. Notes		6.840		01/23/30		573		495,588
Gtd. Notes		6.950		01/28/60		45		28,638
Gtd. Notes		7.690		01/23/50		661		461,312
Gtd. Notes		10.000		02/07/33		109		106,820
Gtd. Notes, MTN		6.750		09/21/47		805		513,228
Gtd. Notes, MTN		6.875		08/04/26		380		368,980
Gtd. Notes, MTN		8.750		06/02/29		150		144,975
Tierra Mojada Luxembourg II Sarl,
Sr. Sec’d. Notes, 144A		5.750		12/01/40		394		352,681
								11,227,412
Morocco 0.2%
OCP SA,
Sr. Unsec’d. Notes, 144A		6.750		05/02/34		430		423,657
Panama 0.3%
Aeropuerto Internacional de Tocumen SA,
Sr. Sec’d. Notes		4.000		08/11/41		200		144,062
Sr. Sec’d. Notes, 144A		5.125		08/11/61		400		282,250
AES Panama Generation Holdings SRL,
Sr. Sec’d. Notes		4.375		05/31/30		393		329,391
								755,703
Peru 0.6%
Banco Internacional del Peru SAA Interbank,
Sr. Unsec’d. Notes		3.250		10/04/26		350		328,125
Corp. Financiera de Desarrollo SA,
Sr. Unsec’d. Notes		2.400		09/28/27		200		177,688
Fondo MIVIVIENDA SA,
Sr. Unsec’d. Notes, 144A		4.625		04/12/27		150		145,359
InRetail Consumer,
Sr. Sec’d. Notes		3.250		03/22/28		300		267,375
Petroleos del Peru SA,
Sr. Unsec’d. Notes		4.750		06/19/32		225		167,203
Sr. Unsec’d. Notes		5.625		06/19/47		700		423,500
								1,509,250

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund  15

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Description	Interest   Rate		Maturity Date		Principal   Amount (000)#		Value
CORPORATE BONDS (Continued)
Philippines 0.1%
Globe Telecom, Inc.,
Sr. Unsec’d. Notes		3.000%		07/23/35		200	$	150,777
Poland 0.2%
Bank Gospodarstwa Krajowego,
Gov’t. Gtd. Notes, 144A, MTN		5.375		05/22/33		400		387,750
Qatar 0.4%
QatarEnergy,
Sr. Unsec’d. Notes		3.300		07/12/51		200		133,500
Sr. Unsec’d. Notes, 144A		3.125		07/12/41		1,240		889,700
								1,023,200
Saudi Arabia 0.6%
EIG Pearl Holdings Sarl,
Sr. Sec’d. Notes, 144A		3.545		08/31/36		450		373,922
Greensaif Pipelines Bidco Sarl,
Sr. Sec’d. Notes, 144A		6.129		02/23/38		200		196,750
Saudi Arabian Oil Co.,
Sr. Unsec’d. Notes		2.250		11/24/30		260		214,012
Sr. Unsec’d. Notes, EMTN		4.250		04/16/39		400		337,625
TMS Issuer Sarl,
Sr. Sec’d. Notes, 144A		5.780		08/23/32		200		201,125
								1,323,434
South Africa 1.6%
Eskom Holdings SOC Ltd.,
Gov’t. Gtd. Notes, MTN		6.350		08/10/28		1,510		1,426,950
Sr. Unsec’d. Notes		7.125		02/11/25		890		884,438
Sr. Unsec’d. Notes, MTN		8.450		08/10/28		460		452,525
MTN Mauritius Investments Ltd.,
Gtd. Notes, 144A		6.500		10/13/26		200		198,500
Sasol Financing USA LLC,
Gtd. Notes		6.500		09/27/28		300		284,531
Transnet SOC Ltd.,
Sr. Unsec’d. Notes		8.250		02/06/28		200		196,750
Sr. Unsec’d. Notes, 144A		8.250		02/06/28		420		413,175
								3,856,869

See Notes to Financial Statements.

16

 

 

Description	Interest   Rate		Maturity Date		Principal   Amount (000)#		Value
CORPORATE BONDS (Continued)
Thailand 0.2%
Thaioil Treasury Center Co. Ltd.,
Gtd. Notes, 144A, MTN		3.750%		06/18/50		600	$	418,688
Trinidad & Tobago 0.1%
Heritage Petroleum Co. Ltd.,
Sr. Sec’d. Notes, 144A		9.000		08/12/29		200		209,063
Turkey 0.1%
Aydem Yenilenebilir Enerji A/S,
Sr. Sec’d. Notes, 144A		7.750		02/02/27		200		193,188
Ukraine 0.1%
NAK Naftogaz Ukraine via Kondor Finance PLC,
Sr. Unsec’d. Notes		7.125		07/19/26(d)	EUR	420		293,587
State Savings Bank of Ukraine Via SSB #1 PLC,
Sr. Unsec’d. Notes		9.625		03/20/25		20		18,610
								312,197
United Arab Emirates 1.8%
Abu Dhabi Crude Oil Pipeline LLC,
Sr. Sec’d. Notes		3.650		11/02/29		200		184,000
Sr. Sec’d. Notes		4.600		11/02/47		400		345,000
Abu Dhabi National Energy Co. PJSC,
Sr. Unsec’d. Notes, 144A		4.000		10/03/49		200		155,438
DP World Crescent Ltd.,
Sr. Unsec’d. Notes, EMTN		3.875		07/18/29		660		606,375
DP World Ltd.,
Sr. Unsec’d. Notes, EMTN		6.850		07/02/37		1,670		1,762,894
Galaxy Pipeline Assets Bidco Ltd.,
Sr. Sec’d. Notes		2.160		03/31/34		178		149,227
Sr. Sec’d. Notes, 144A		2.940		09/30/40		916		704,578
MDGH GMTN RSC Ltd.,
Gtd. Notes, 144A, MTN		5.084		05/22/53		200		178,687
Gtd. Notes, EMTN		3.700		11/07/49		240		171,525
								4,257,724
Venezuela 0.1%
Petroleos de Venezuela SA,
Gtd. Notes		5.375		04/12/27(d)		205		24,600
Gtd. Notes		6.000		05/16/24(d)		45		5,445

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund  17

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Description	Interest   Rate		Maturity Date		Principal   Amount (000)#		Value
CORPORATE BONDS (Continued)
Venezuela (cont’d.)
Petroleos de Venezuela SA, (cont’d.)
Gtd. Notes		6.000%		11/15/26(d)		65	$	7,930
Sr. Sec’d. Notes		8.500		10/27/20(d)		205		160,413
								198,388
Vietnam 0.2%
Mong Duong Finance Holdings BV,
Sr. Sec’d. Notes		5.125		05/07/29		461		439,817
TOTAL CORPORATE BONDS
(cost $56,470,376)								51,909,639
SOVEREIGN BONDS 73.1%
Angola 2.3%
Angolan Government International Bond,
Sr. Unsec’d. Notes		8.250		05/09/28		2,180		2,055,330
Sr. Unsec’d. Notes		8.750		04/14/32		500		452,344
Sr. Unsec’d. Notes		9.375		05/08/48		1,000		850,000
Sr. Unsec’d. Notes		9.500		11/12/25		1,105		1,126,547
Sr. Unsec’d. Notes, EMTN		8.000		11/26/29		1,000		912,500
								5,396,721
Argentina 2.1%
Argentine Republic Government International Bond,
Sr. Unsec’d. Notes		0.000		12/15/35		16,368		409,200
Sr. Unsec’d. Notes		0.000		12/15/35(d)	EUR	15,000		842,341
Sr. Unsec’d. Notes		0.750(cc)		07/09/30		1,981		1,142,957
Sr. Unsec’d. Notes		1.000		07/09/29		544		320,848
Sr. Unsec’d. Notes		3.500(cc)		07/09/41		1,367		597,460
Sr. Unsec’d. Notes		3.625(cc)		07/09/35		1,772		809,736
Sr. Unsec’d. Notes		3.625(cc)		07/09/46		335		159,795
Sr. Unsec’d. Notes		4.250(cc)		01/09/38		1,217		616,952
								4,899,289
Bahrain 1.6%
Bahrain Government International Bond,
Sr. Unsec’d. Notes		6.750		09/20/29		800		795,960
Sr. Unsec’d. Notes		7.000		10/12/28		950		964,820
Sr. Unsec’d. Notes		7.375		05/14/30		1,070		1,095,359

See Notes to Financial Statements.

18

 

 

Description	Interest   Rate		Maturity Date		Principal   Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Bahrain (cont’d.)
Bahrain Government International Bond, (cont’d.)
Sr. Unsec’d. Notes		7.500%		09/20/47		400	$	369,000
Sr. Unsec’d. Notes, 144A		7.500		02/12/36		325		322,887
Sr. Unsec’d. Notes, EMTN		6.250		01/25/51		200		160,250
								3,708,276
Brazil 3.1%
Brazil Minas SPE via State of Minas Gerais,
Gov’t. Gtd. Notes		5.333		02/15/28		114		112,290
Brazilian Government International Bond,
Sr. Unsec’d. Notes		3.875		06/12/30		1,285		1,127,587
Sr. Unsec’d. Notes		5.000		01/27/45		1,631		1,227,327
Sr. Unsec’d. Notes		5.625		01/07/41		845		727,968
Sr. Unsec’d. Notes		6.000		10/20/33		1,495		1,426,977
Sr. Unsec’d. Notes		6.250		03/18/31		210		208,005
Sr. Unsec’d. Notes		7.125		01/20/37		585		602,843
Sr. Unsec’d. Notes		7.125		05/13/54		1,025		977,850
Sr. Unsec’d. Notes		8.250		01/20/34		763		849,219
								7,260,066
Cameroon 0.1%
Republic of Cameroon International Bond,
Sr. Unsec’d. Notes		9.500		11/19/25		267		262,189
Chile 0.5%
Chile Government International Bond,
Sr. Unsec’d. Notes		2.550		07/27/33		370		290,912
Sr. Unsec’d. Notes		2.750		01/31/27		220		204,119
Sr. Unsec’d. Notes		3.100		01/22/61		200		117,000
Sr. Unsec’d. Notes		3.250		09/21/71		200		117,313
Sr. Unsec’d. Notes		4.000		01/31/52		235		174,194
Sr. Unsec’d. Notes		4.340		03/07/42		280		232,575
								1,136,113
Colombia 3.2%
Colombia Government International Bond,
Sr. Unsec’d. Notes		3.000		01/30/30		1,518		1,214,400
Sr. Unsec’d. Notes		3.875		04/25/27		870		805,620
Sr. Unsec’d. Notes		4.500		03/15/29		1,300		1,162,200
Sr. Unsec’d. Notes		5.000		06/15/45		400		274,000

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund  19

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Description	Interest   Rate		Maturity Date		Principal   Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Colombia (cont’d.)
Colombia Government International Bond, (cont’d.)
Sr. Unsec’d. Notes		5.200%		05/15/49		802	$	550,974
Sr. Unsec’d. Notes		5.625		02/26/44		710		530,370
Sr. Unsec’d. Notes		6.125		01/18/41		730		597,140
Sr. Unsec’d. Notes		7.500		02/02/34		840		822,780
Sr. Unsec’d. Notes		8.000		04/20/33		910		924,105
Sr. Unsec’d. Notes		8.750		11/14/53		500		513,000
Sr. Unsec’d. Notes		10.375		01/28/33		200		233,638
								7,628,227
Congo (Republic) 0.1%
Congolese International Bond,
Sr. Unsec’d. Notes		6.000		06/30/29		208		174,143
Costa Rica 1.4%
Costa Rica Government International Bond,
Sr. Unsec’d. Notes		4.375		04/30/25		200		195,987
Sr. Unsec’d. Notes		6.125		02/19/31		650		644,475
Sr. Unsec’d. Notes		6.550		04/03/34		330		333,135
Sr. Unsec’d. Notes		7.000		04/04/44		400		405,625
Sr. Unsec’d. Notes, 144A		6.550		04/03/34		465		469,418
Unsec’d. Notes, 144A		7.300		11/13/54		1,087		1,130,480
								3,179,120
Dominican Republic 3.7%
Dominican Republic International Bond,
Sr. Unsec’d. Notes		4.500		01/30/30		1,691		1,507,526
Sr. Unsec’d. Notes		4.875		09/23/32		190		166,369
Sr. Unsec’d. Notes		5.300		01/21/41		400		328,375
Sr. Unsec’d. Notes		5.500		02/22/29		883		840,230
Sr. Unsec’d. Notes		5.875		01/30/60		270		220,303
Sr. Unsec’d. Notes		5.950		01/25/27		705		691,605
Sr. Unsec’d. Notes		6.000		07/19/28		1,115		1,090,261
Sr. Unsec’d. Notes		6.400		06/05/49		1,020		917,490
Sr. Unsec’d. Notes		6.850		01/27/45		610		580,453
Sr. Unsec’d. Notes		6.875		01/29/26		300		300,450
Sr. Unsec’d. Notes		7.450		04/30/44		720		733,050
Sr. Unsec’d. Notes, 144A		5.300		01/21/41		150		123,141

See Notes to Financial Statements.

20

 

 

Description	Interest   Rate		Maturity Date		Principal   Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Dominican Republic (cont’d.)
Dominican Republic International Bond, (cont’d.)
Sr. Unsec’d. Notes, 144A		5.500%		02/22/29		1,010	$	961,078
Sr. Unsec’d. Notes, 144A		6.000		07/19/28		170		166,228
								8,626,559
Ecuador 1.8%
Ecuador Government International Bond,
Sr. Unsec’d. Notes		2.500(cc)		07/31/40		1,177		584,403
Sr. Unsec’d. Notes		6.000(cc)		07/31/30		960		671,837
Sr. Unsec’d. Notes, 144A		7.187(s)		07/31/30		179		97,023
Sr. Unsec’d. Notes, 144A		2.500(cc)		07/31/40		1,511		750,278
Sr. Unsec’d. Notes, 144A		3.500(cc)		07/31/35		1,825		994,684
Sr. Unsec’d. Notes, 144A		6.000(cc)		07/31/30		1,560		1,091,354
								4,189,579
Egypt 2.8%
Egypt Government International Bond,
Sr. Unsec’d. Notes		5.800		09/30/27		1,155		1,027,228
Sr. Unsec’d. Notes		7.500		01/31/27		200		189,250
Sr. Unsec’d. Notes		7.625		05/29/32		1,310		1,087,709
Sr. Unsec’d. Notes		7.903		02/21/48		200		145,438
Sr. Unsec’d. Notes		8.500		01/31/47		700		534,310
Sr. Unsec’d. Notes		8.700		03/01/49		850		660,301
Sr. Unsec’d. Notes		8.875		05/29/50		400		314,360
Sr. Unsec’d. Notes, 144A		8.700		03/01/49		410		318,498
Sr. Unsec’d. Notes, 144A, MTN		6.375		04/11/31	EUR	220		190,079
Sr. Unsec’d. Notes, 144A, MTN		8.500		01/31/47		255		194,642
Sr. Unsec’d. Notes, EMTN		4.750		04/16/26	EUR	540		530,718
Sr. Unsec’d. Notes, EMTN		5.625		04/16/30	EUR	450		383,592
Sr. Unsec’d. Notes, EMTN		6.375		04/11/31	EUR	300		259,198
Sr. Unsec’d. Notes, EMTN		7.600		03/01/29		850		765,531
								6,600,854
El Salvador 1.0%
El Salvador Government International Bond,
Sr. Unsec’d. Notes		6.375		01/18/27		518		457,653
Sr. Unsec’d. Notes		7.625		02/01/41		150		102,225
Sr. Unsec’d. Notes		7.650		06/15/35		57		41,076
Sr. Unsec’d. Notes		8.250		04/10/32		275		218,625
Sr. Unsec’d. Notes		8.625		02/28/29(a)		827		722,074

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund  21

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

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, 144A		0.250%		04/17/30		930	$	25,575
Sr. Unsec’d. Notes, 144A		9.250		04/17/30		930		830,850
								2,398,078
Gabon 0.6%
Gabon Government International Bond,
Sr. Unsec’d. Notes		6.625		02/06/31		800		628,000
Sr. Unsec’d. Notes		6.950		06/16/25		765		736,073
Sr. Unsec’d. Notes		7.000		11/24/31		200		157,500
								1,521,573
Ghana 1.2%
Ghana Government International Bond,
Bank Gtd. Notes		10.750		10/14/30		400		260,000
Sr. Unsec’d. Notes		6.375		02/11/27(d)		450		216,281
Sr. Unsec’d. Notes		7.625		05/16/29(d)		400		193,250
Sr. Unsec’d. Notes		7.750		04/07/29(d)		650		314,031
Sr. Unsec’d. Notes		7.875		03/26/27(a)(d)		750		362,175
Sr. Unsec’d. Notes		7.875		02/11/35(d)		800		387,000
Sr. Unsec’d. Notes		8.125		01/18/26(a)(d)		600		298,312
Sr. Unsec’d. Notes		8.750		03/11/61(d)		200		96,563
Sr. Unsec’d. Notes		8.875		05/07/42		200		96,188
Sr. Unsec’d. Notes		8.950		03/26/51(d)		870		422,211
Sr. Unsec’d. Notes, 144A		8.950		03/26/51(a)(d)		205		99,486
								2,745,497
Guatemala 1.1%
Guatemala Government Bond,
Sr. Unsec’d. Notes		3.700		10/07/33		200		157,687
Sr. Unsec’d. Notes		4.875		02/13/28		400		376,625
Sr. Unsec’d. Notes		6.125		06/01/50		850		743,750
Sr. Unsec’d. Notes		7.050		10/04/32		800		817,250
Sr. Unsec’d. Notes, 144A		4.650		10/07/41		200		151,313
Unsec’d. Notes		5.250		08/10/29		430		404,872
								2,651,497

See Notes to Financial Statements.

22

 

 

Description	Interest   Rate		Maturity Date		Principal   Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Honduras 0.2%
Honduras Government International Bond, Sr. Unsec’d. Notes		6.250%		01/19/27		400	$	378,400
Hungary 2.9%
Hungary Government International Bond,
Sr. Unsec’d. Notes		3.125		09/21/51		440		260,546
Sr. Unsec’d. Notes		5.250		06/16/29		200		193,500
Sr. Unsec’d. Notes		6.125		05/22/28		812		818,902
Sr. Unsec’d. Notes		6.250		09/22/32		220		221,650
Sr. Unsec’d. Notes		7.625		03/29/41		760		843,961
Sr. Unsec’d. Notes, 144A		5.250		06/16/29		740		715,950
Sr. Unsec’d. Notes, 144A		5.500		03/26/36		1,220		1,139,358
Sr. Unsec’d. Notes, 144A		6.125		05/22/28		500		504,250
Sr. Unsec’d. Notes, 144A		6.250		09/22/32		1,235		1,244,262
Sr. Unsec’d. Notes, 144A		6.750		09/25/52		220		226,325
Magyar Export-Import Bank Zrt,
Gov’t. Gtd. Notes, 144A		6.125		12/04/27		600		600,000
								6,768,704
India 0.2%
Export-Import Bank of India,
Sr. Unsec’d. Notes, 144A, MTN		3.250		01/15/30		400		351,625
Sr. Unsec’d. Notes, EMTN		2.250		01/13/31		200		161,118
								512,743
Indonesia 2.5%
Indonesia Government International Bond,
Sr. Unsec’d. Notes		1.100		03/12/33	EUR	440		369,638
Sr. Unsec’d. Notes		1.400		10/30/31	EUR	100		89,478
Sr. Unsec’d. Notes		3.550		03/31/32		200		174,875
Sr. Unsec’d. Notes		4.300		03/31/52		400		319,875
Sr. Unsec’d. Notes		4.650		09/20/32		590		555,153
Sr. Unsec’d. Notes		5.450		09/20/52		400		381,044
Sr. Unsec’d. Notes		5.650		01/11/53		200		195,875
Sr. Unsec’d. Notes		6.625		02/17/37		150		163,266
Sr. Unsec’d. Notes		7.750		01/17/38		690		826,922
Sr. Unsec’d. Notes		8.500		10/12/35		400		496,125
Sr. Unsec’d. Notes, 144A		6.625		02/17/37		290		315,647
Sr. Unsec’d. Notes, EMTN		3.750		06/14/28	EUR	370		393,259
Sr. Unsec’d. Notes, EMTN		4.625		04/15/43		200		176,875
Sr. Unsec’d. Notes, EMTN		5.125		01/15/45		200		187,750

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund  23

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Description	Interest   Rate		Maturity Date		Principal   Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Indonesia (cont’d.)
Indonesia Government International Bond, (cont’d.)
Sr. Unsec’d. Notes, EMTN		5.250%		01/17/42		400	$	383,125
Sr. Unsec’d. Notes, EMTN		6.750		01/15/44		100		111,906
Perusahaan Penerbit SBSN Indonesia III,
Sr. Unsec’d. Notes		4.700		06/06/32		600		569,812
Sr. Unsec’d. Notes, 144A		4.700		06/06/32		205		194,686
								5,905,311
Ivory Coast 1.6%
Ivory Coast Government International Bond,
Sr. Unsec’d. Notes		5.250		03/22/30	EUR	1,360		1,320,114
Sr. Unsec’d. Notes		5.750		12/31/32		81		74,516
Sr. Unsec’d. Notes		5.875		10/17/31	EUR	1,150		1,106,945
Sr. Unsec’d. Notes		6.375		03/03/28		200		194,105
Sr. Unsec’d. Notes		6.875		10/17/40	EUR	250		223,445
Sr. Unsec’d. Notes, 144A		7.625		01/30/33		515		492,469
Sr. Unsec’d. Notes, 144A		8.250		01/30/37		400		382,000
								3,793,594
Jamaica 0.6%
Jamaica Government International Bond,
Sr. Unsec’d. Notes		6.750		04/28/28		500		509,688
Sr. Unsec’d. Notes		7.875		07/28/45		400		458,625
Sr. Unsec’d. Notes		8.000		03/15/39		320		370,200
								1,338,513
Jordan 0.7%
Jordan Government International Bond,
Sr. Unsec’d. Notes		5.750		01/31/27		200		189,875
Sr. Unsec’d. Notes		6.125		01/29/26		200		193,875
Sr. Unsec’d. Notes		7.375		10/10/47		400		341,000
Sr. Unsec’d. Notes		7.750		01/15/28		550		548,625
Sr. Unsec’d. Notes, 144A		7.500		01/13/29		205		202,053
Sr. Unsec’d. Notes, 144A		7.750		01/15/28		220		219,450
								1,694,878
Kazakhstan 0.1%
Kazakhstan Government International Bond,
Sr. Unsec’d. Notes, EMTN		6.500		07/21/45		200		219,125

See Notes to Financial Statements.

24

 

 

Description	Interest   Rate		Maturity Date		Principal   Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Kenya 0.4%
Republic of Kenya Government International Bond,
Sr. Unsec’d. Notes		7.000%		05/22/27		400	$	385,440
Sr. Unsec’d. Notes, 144A		9.750		02/16/31		465		466,308
								851,748
Lebanon 0.1%
Lebanon Government International Bond,
Sr. Unsec’d. Notes		6.000		01/27/23(d)		191		12,129
Sr. Unsec’d. Notes		6.650		04/22/24(d)		172		10,922
Sr. Unsec’d. Notes		6.750		11/29/27(d)		170		10,795
Sr. Unsec’d. Notes		6.850		03/23/27(d)		30		1,905
Sr. Unsec’d. Notes		7.000		04/22/31(d)		115		7,303
Sr. Unsec’d. Notes, EMTN		6.100		10/04/22(d)		75		4,763
Sr. Unsec’d. Notes, EMTN		6.850		05/25/29(d)		335		20,937
Sr. Unsec’d. Notes, GMTN		6.250		05/27/22(d)		245		15,312
Sr. Unsec’d. Notes, GMTN		6.250		11/04/24(d)		320		20,672
Sr. Unsec’d. Notes, GMTN		6.375		03/09/20(d)		220		13,750
Sr. Unsec’d. Notes, GMTN		6.400		05/26/23(d)		250		15,625
Sr. Unsec’d. Notes, GMTN		6.650		02/26/30(d)		715		45,402
Sr. Unsec’d. Notes, GMTN		7.150		11/20/31(d)		415		26,322
								205,837
Mexico 2.3%
Mexico Government International Bond,
Sr. Unsec’d. Notes		2.659		05/24/31		465		377,377
Sr. Unsec’d. Notes		3.250		04/16/30		270		234,141
Sr. Unsec’d. Notes		3.500		02/12/34		270		216,270
Sr. Unsec’d. Notes		3.750		01/11/28		320		299,000
Sr. Unsec’d. Notes		4.600		02/10/48		300		227,438
Sr. Unsec’d. Notes		4.875		05/19/33		550		502,734
Sr. Unsec’d. Notes		5.400		02/09/28		350		345,953
Sr. Unsec’d. Notes		6.000		05/07/36		605		582,010
Sr. Unsec’d. Notes		6.338		05/04/53		290		270,425
Sr. Unsec’d. Notes		6.350		02/09/35		250		248,906
Sr. Unsec’d. Notes		6.400		05/07/54		400		375,400
Sr. Unsec’d. Notes, GMTN		5.750		10/12/2110		358		296,804
Sr. Unsec’d. Notes, MTN		4.750		03/08/44		140		110,670
Sr. Unsec’d. Notes, MTN		6.050		01/11/40		930		885,534

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund  25

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Description	Interest   Rate		Maturity Date		Principal   Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Mexico (cont’d.)
Mexico Government International Bond, (cont’d.)
Sr. Unsec’d. Notes, Series A, MTN		6.750%		09/27/34		203	$	209,851
Sr. Unsec’d. Notes, Series A, MTN		7.500		04/08/33		130		142,797
								5,325,310
Mongolia 0.2%
Mongolia Government International Bond,
Sr. Unsec’d. Notes		8.650		01/19/28		200		206,063
Sr. Unsec’d. Notes, 144A		7.875		06/05/29		200		202,272
								408,335
Montenegro 0.1%
Montenegro Government International Bond,
Sr. Unsec’d. Notes, 144A		7.250		03/12/31		200		200,313
Morocco 0.8%
Morocco Government International Bond,
Sr. Unsec’d. Notes		2.375		12/15/27		200		175,400
Sr. Unsec’d. Notes		4.000		12/15/50		400		263,500
Sr. Unsec’d. Notes		6.500		09/08/33		400		400,500
Sr. Unsec’d. Notes, 144A		5.950		03/08/28		330		327,360
Sr. Unsec’d. Notes, 144A		6.500		09/08/33		595		595,744
								1,762,504
Mozambique 0.4%
Mozambique International Bond,
Unsec’d. Notes		9.000		09/15/31		1,040		868,400
Nigeria 1.4%
Nigeria Government International Bond,
Sr. Unsec’d. Notes		7.143		02/23/30		200		175,687
Sr. Unsec’d. Notes		7.696		02/23/38		200		157,500
Sr. Unsec’d. Notes		7.875		02/16/32		400		350,000
Sr. Unsec’d. Notes		8.747		01/21/31		400		376,440
Sr. Unsec’d. Notes		9.248		01/21/49		200		178,000
Sr. Unsec’d. Notes, 144A		7.696		02/23/38		200		157,500
Sr. Unsec’d. Notes, 144A, MTN		7.375		09/28/33		200		165,500
Sr. Unsec’d. Notes, EMTN		6.500		11/28/27		900		830,610

See Notes to Financial Statements.

26

 

 

Description	Interest   Rate		Maturity Date		Principal   Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Nigeria (cont’d.)
Nigeria Government International Bond, (cont’d.)
Sr. Unsec’d. Notes, EMTN		8.250%		09/28/51		250	$	196,016
Sr. Unsec’d. Notes, EMTN		8.375		03/24/29		800		758,200
								3,345,453
Oman 2.8%
Oman Government International Bond,
Sr. Unsec’d. Notes		4.750		06/15/26		410		400,242
Sr. Unsec’d. Notes		5.375		03/08/27		930		912,795
Sr. Unsec’d. Notes		5.625		01/17/28		1,480		1,456,024
Sr. Unsec’d. Notes		6.500		03/08/47		1,025		994,045
Sr. Unsec’d. Notes		6.750		10/28/27		800		818,250
Sr. Unsec’d. Notes		7.000		01/25/51		600		612,937
Sr. Unsec’d. Notes, 144A		6.750		01/17/48		200		197,830
Sr. Unsec’d. Notes, EMTN		6.000		08/01/29		1,200		1,201,125
								6,593,248
Pakistan 1.2%
Pakistan Government International Bond,
Sr. Unsec’d. Notes		6.875		12/05/27		1,200		1,026,132
Sr. Unsec’d. Notes		8.250		09/30/25		500		475,055
Sr. Unsec’d. Notes, 144A, MTN		7.375		04/08/31		200		158,688
Sr. Unsec’d. Notes, EMTN		6.000		04/08/26		810		729,506
Sr. Unsec’d. Notes, EMTN		7.375		04/08/31		650		515,734
								2,905,115
Panama 1.9%
Panama Government International Bond,
Sr. Unsec’d. Notes		3.160		01/23/30		200		162,600
Sr. Unsec’d. Notes		3.298		01/19/33		200		149,313
Sr. Unsec’d. Notes		4.500		04/16/50		850		546,125
Sr. Unsec’d. Notes		4.500		04/01/56		1,092		678,405
Sr. Unsec’d. Notes		4.500		01/19/63		200		122,375
Sr. Unsec’d. Notes		6.700		01/26/36		695		653,083
Sr. Unsec’d. Notes		6.853		03/28/54		215		187,386
Sr. Unsec’d. Notes		7.500		03/01/31		1,420		1,439,969
Sr. Unsec’d. Notes		7.875		03/01/57		200		196,250

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund  27

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Description	Interest   Rate		Maturity Date		Principal   Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Panama (cont’d.)
Panama Government International Bond, (cont’d.)
Sr. Unsec’d. Notes		8.000%		03/01/38		200	$	204,062
Sr. Unsec’d. Notes		9.375		04/01/29		165		180,056
								4,519,624
Papua New Guinea 0.2%
Papua New Guinea Government International Bond,
Sr. Unsec’d. Notes		8.375		10/04/28		220		206,731
Sr. Unsec’d. Notes, 144A		8.375		10/04/28		200		187,938
								394,669
Paraguay 0.6%
Paraguay Government International Bond,
Sr. Unsec’d. Notes		4.700		03/27/27		200		191,900
Sr. Unsec’d. Notes		4.950		04/28/31		200		187,625
Sr. Unsec’d. Notes		6.100		08/11/44		700		646,187
Sr. Unsec’d. Notes, 144A		5.400		03/30/50		200		166,563
Sr. Unsec’d. Notes, 144A		6.000		02/09/36		200		194,875
								1,387,150
Peru 1.6%
Peruvian Government International Bond,
Sr. Unsec’d. Notes		2.780		12/01/60		490		258,628
Sr. Unsec’d. Notes		2.783		01/23/31		1,050		874,125
Sr. Unsec’d. Notes		3.000		01/15/34		1,055		828,505
Sr. Unsec’d. Notes		3.230		07/28/2121		110		57,991
Sr. Unsec’d. Notes		3.600		01/15/72		515		313,506
Sr. Unsec’d. Notes		5.625		11/18/50		502		465,762
Sr. Unsec’d. Notes		6.550		03/14/37		225		233,226
Sr. Unsec’d. Notes		8.750		11/21/33		670		797,928
								3,829,671
Philippines 1.6%
Philippine Government International Bond,
Sr. Unsec’d. Notes		1.750		04/28/41	EUR	265		199,998
Sr. Unsec’d. Notes		2.650		12/10/45		200		123,250
Sr. Unsec’d. Notes		3.200		07/06/46		200		135,522
Sr. Unsec’d. Notes		3.556		09/29/32		300		260,906
Sr. Unsec’d. Notes		3.700		03/01/41		600		468,938

See Notes to Financial Statements.

28

 

 

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		3.950%		01/20/40		450	$	366,891
Sr. Unsec’d. Notes		4.200		03/29/47		700		557,375
Sr. Unsec’d. Notes		5.000		07/17/33		770		744,494
Sr. Unsec’d. Notes		5.609		04/13/33		200		201,625
Sr. Unsec’d. Notes		6.375		10/23/34		200		213,625
Sr. Unsec’d. Notes		7.750		01/14/31		420		472,762
								3,745,386
Poland 0.6%
Republic of Poland Government International Bond,
Sr. Unsec’d. Notes		5.500		04/04/53		785		742,696
Sr. Unsec’d. Notes		5.500		03/18/54		580		546,041
Sr. Unsec’d. Notes		5.750		11/16/32		230		233,910
								1,522,647
Qatar 2.3%
Qatar Government International Bond,
Sr. Unsec’d. Notes		3.750		04/16/30		1,000		934,650
Sr. Unsec’d. Notes		4.500		04/23/28		500		490,781
Sr. Unsec’d. Notes		4.625		06/02/46		330		287,822
Sr. Unsec’d. Notes		4.817		03/14/49		220		194,282
Sr. Unsec’d. Notes		5.103		04/23/48		2,210		2,038,725
Sr. Unsec’d. Notes		6.400		01/20/40		100		108,688
Sr. Unsec’d. Notes, 144A		4.817		03/14/49		1,340		1,183,354
Sr. Unsec’d. Notes, 144A		5.103		04/23/48		200		184,500
								5,422,802
Romania 2.8%
Romanian Government International Bond,
Sr. Unsec’d. Notes		5.125		06/15/48		180		146,192
Sr. Unsec’d. Notes, 144A		6.375		01/30/34		520		507,650
Sr. Unsec’d. Notes, 144A		6.625		02/17/28		1,080		1,092,301
Sr. Unsec’d. Notes, 144A		7.125		01/17/33		478		492,937
Sr. Unsec’d. Notes, 144A		7.625		01/17/53		426		456,118
Sr. Unsec’d. Notes, 144A, MTN		6.000		05/25/34		1,022		976,291
Sr. Unsec’d. Notes, EMTN		2.000		04/14/33	EUR	260		207,757
Sr. Unsec’d. Notes, EMTN		2.125		03/07/28	EUR	960		938,389
Sr. Unsec’d. Notes, EMTN		3.875		10/29/35	EUR	440		394,989
Sr. Unsec’d. Notes, EMTN		4.125		03/11/39	EUR	410		362,074

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund  29

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Description	Interest   Rate		Maturity Date		Principal   Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Romania (cont’d.)
Romanian Government International Bond, (cont’d.)
Sr. Unsec’d. Notes, EMTN		5.000%		09/27/26	EUR	490	$	534,629
Sr. Unsec’d. Notes, EMTN		6.000		05/25/34		80		76,422
Sr. Unsec’d. Notes, EMTN		6.625		09/27/29	EUR	370		424,153
								6,609,902
Russia 0.1%
Russian Foreign Bond - Eurobond,
Sr. Unsec’d. Notes		1.850		11/20/32(d)	EUR	300		145,052
Saudi Arabia 2.5%
Saudi Government International Bond,
Sr. Unsec’d. Notes, 144A		5.000		01/16/34		385		370,851
Sr. Unsec’d. Notes, 144A		5.250		01/16/50		400		357,875
Sr. Unsec’d. Notes, 144A		5.750		01/16/54		365		340,363
Sr. Unsec’d. Notes, 144A, MTN		5.000		01/18/53		600		508,800
Sr. Unsec’d. Notes, EMTN		4.500		10/26/46		2,500		2,031,250
Sr. Unsec’d. Notes, EMTN		4.625		10/04/47		1,470		1,208,707
Sr. Unsec’d. Notes, EMTN		5.000		04/17/49		800		691,480
Sr. Unsec’d. Notes, EMTN		5.250		01/16/50		480		429,450
								5,938,776
Senegal 0.5%
Senegal Government International Bond,
Sr. Unsec’d. Notes		4.750		03/13/28	EUR	570		556,598
Sr. Unsec’d. Notes		5.375		06/08/37	EUR	685		539,822
Sr. Unsec’d. Notes, 144A		5.375		06/08/37	EUR	100		78,806
								1,175,226
Serbia 1.6%
Serbia International Bond,
Sr. Unsec’d. Notes		1.500		06/26/29	EUR	1,235		1,102,171
Sr. Unsec’d. Notes, 144A		1.650		03/03/33	EUR	1,045		823,425
Sr. Unsec’d. Notes, 144A		2.125		12/01/30		230		178,969
Sr. Unsec’d. Notes, 144A		6.250		05/26/28		600		600,375
Sr. Unsec’d. Notes, 144A		6.500		09/26/33		830		827,925
Sr. Unsec’d. Notes, EMTN		1.000		09/23/28	EUR	230		206,260
								3,739,125

See Notes to Financial Statements.

30

 

 

Description	Interest   Rate		Maturity Date		Principal   Amount (000)#		Value
SOVEREIGN BONDS (Continued)
South Africa  1.5%
Republic of South Africa Government International Bond,
Sr. Unsec’d. Notes		4.300%		10/12/28		200	$	178,000
Sr. Unsec’d. Notes		4.850		09/30/29		1,000		890,000
Sr. Unsec’d. Notes		5.750		09/30/49		1,550		1,100,500
Sr. Unsec’d. Notes		5.875		06/22/30		340		312,800
Sr. Unsec’d. Notes		5.875		04/20/32		600		533,250
Sr. Unsec’d. Notes		7.300		04/20/52		680		573,750
								3,588,300
Sri Lanka  1.1%
Sri Lanka Government International Bond,
Sr. Unsec’d. Notes		5.750		04/18/23(d)		400		225,544
Sr. Unsec’d. Notes		6.200		05/11/27(d)		600		339,066
Sr. Unsec’d. Notes		6.350		06/28/24(d)		630		356,739
Sr. Unsec’d. Notes		6.750		04/18/28(d)		240		135,026
Sr. Unsec’d. Notes		6.825		07/18/26(d)		1,150		656,219
Sr. Unsec’d. Notes		6.850		11/03/25(d)		350		201,289
Sr. Unsec’d. Notes		7.550		03/28/30(d)		440		247,638
Sr. Unsec’d. Notes		7.850		03/14/29(d)		250		140,965
Sr. Unsec’d. Notes, 144A		6.750		04/18/28(d)		200		112,522
Sr. Unsec’d. Notes, 144A		6.850		03/14/24(d)		205		115,591
								2,530,599
Turkey  4.3%
Turkiye Government International Bond,
Sr. Unsec’d. Notes		4.250		04/14/26		400		386,250
Sr. Unsec’d. Notes		4.750		01/26/26		495		482,922
Sr. Unsec’d. Notes		4.875		10/09/26		620		600,819
Sr. Unsec’d. Notes		5.250		03/13/30		810		728,241
Sr. Unsec’d. Notes		5.750		05/11/47		600		445,032
Sr. Unsec’d. Notes		5.950		01/15/31		400		366,000
Sr. Unsec’d. Notes		6.000		03/25/27		440		432,289
Sr. Unsec’d. Notes		6.000		01/14/41		200		161,375
Sr. Unsec’d. Notes		6.125		10/24/28(a)		920		893,366
Sr. Unsec’d. Notes		6.875		03/17/36		699		648,322
Sr. Unsec’d. Notes		7.625		05/15/34		360		356,063
Sr. Unsec’d. Notes		9.125		07/13/30		1,245		1,339,542
Sr. Unsec’d. Notes		9.375		03/14/29		1,831		1,984,346

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund  31

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Description	Interest   Rate		Maturity Date		Principal   Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Turkey (cont’d.)
Turkiye Government International Bond, (cont’d.)
Sr. Unsec’d. Notes		9.375%		01/19/33		600	$	661,500
Sr. Unsec’d. Notes		9.875		01/15/28		629		690,721
								10,176,788
Ukraine  1.1%
Ukraine Government International Bond,
Sr. Unsec’d. Notes		4.375		01/27/32(d)	EUR	760		189,385
Sr. Unsec’d. Notes		6.750		06/20/28(d)	EUR	580		163,657
Sr. Unsec’d. Notes		7.253		03/15/35(d)		250		61,350
Sr. Unsec’d. Notes		7.375		09/25/34(d)		200		49,420
Sr. Unsec’d. Notes		7.750		09/01/25(d)		300		93,750
Sr. Unsec’d. Notes		7.750		09/01/26(d)		1,030		295,610
Sr. Unsec’d. Notes		7.750		09/01/27(d)		1,920		541,440
Sr. Unsec’d. Notes		7.750		09/01/28(d)		1,520		426,284
Sr. Unsec’d. Notes		7.750		09/01/29(d)		520		145,080
Sr. Unsec’d. Notes		8.994		02/01/26(d)		200		63,000
Sr. Unsec’d. Notes		9.750		11/01/30(d)		1,665		497,003
Sr. Unsec’d. Notes, 144A		4.375		01/27/32(d)	EUR	100		24,919
Ukreximbank Via Biz Finance PLC,
Sr. Unsec’d. Notes		9.750		01/22/25		25		23,125
								2,574,023
United Arab Emirates  1.4%
Abu Dhabi Government International Bond,
Sr. Unsec’d. Notes		3.125		09/30/49		800		525,000
Sr. Unsec’d. Notes, 144A		3.125		09/30/49		500		328,125
Sr. Unsec’d. Notes, 144A, MTN		3.875		04/16/50		200		150,687
Emirate of Dubai Government International Bonds,
Sr. Unsec’d. Notes, EMTN		5.250		01/30/43(a)		1,390		1,276,194
Finance Department Government of Sharjah,
Sr. Unsec’d. Notes		6.500		11/23/32		200		202,325
Sr. Unsec’d. Notes, 144A		6.500		11/23/32		355		359,128
Sr. Unsec’d. Notes, 144A, MTN		4.000		07/28/50		400		248,375
Sr. Unsec’d. Notes, MTN		4.000		07/28/50		200		124,188
								3,214,022
Uruguay  1.4%
Uruguay Government International Bond,
Sr. Unsec’d. Notes		4.125		11/20/45		120		100,320

See Notes to Financial Statements.

32

 

 

Description	Interest   Rate		Maturity Date		Principal   Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Uruguay (cont’d.)
Uruguay Government International Bond, (cont’d.)
Sr. Unsec’d. Notes		4.975%		04/20/55		800	$	704,400
Sr. Unsec’d. Notes		5.100		06/18/50		1,104		1,004,088
Sr. Unsec’d. Notes		7.625		03/21/36		870		1,014,366
Sr. Unsec’d. Notes, Cash coupon 7.875%		7.875		01/15/33		435		506,639
								3,329,813
Venezuela  0.2%
Venezuela Government International Bond,
Sr. Unsec’d. Notes		9.250		09/15/27(d)		1,670		349,030
Sr. Unsec’d. Notes		12.750		08/23/22(d)		180		37,620
								386,650
Zambia  0.7%
Zambia Government International Bond,
Sr. Unsec’d. Notes		8.500		04/14/24(d)		1,610		1,183,591
Sr. Unsec’d. Notes		8.970		07/30/27(d)		600		435,000
Unsec’d. Notes		5.375		09/20/22(d)		200		131,570
								1,750,161
TOTAL SOVEREIGN BONDS (cost $183,296,539)								171,435,698
U.S. TREASURY OBLIGATION(h)  0.1%
U.S. Treasury Notes
(cost $265,087)		4.250		09/30/24		265		263,748
					Shares
COMMON STOCK  0.0%
Jamaica
Digicel International Finance Ltd.
(original Cost $1,536; purchased 01/30/24 - 02/08/24)*^(f)
(cost $1,536)						853		1,834
TOTAL LONG-TERM INVESTMENTS (cost $240,036,383)								223,612,011

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund  33

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Description	Shares		Value
SHORT-TERM INVESTMENTS  4.2%
AFFILIATED MUTUAL FUNDS  4.2%
PGIM Core Government Money Market Fund (7-day effective yield 5.540%)(wb)		6,673,524	$	6,673,524
PGIM Institutional Money Market Fund (7-day effective yield 5.644%) (cost $3,267,954; includes $3,254,183 of cash collateral for securities on loan)(b)(wb)		3,269,805		3,268,170
TOTAL AFFILIATED MUTUAL FUNDS
(cost $9,941,478)				9,941,694
OPTIONS PURCHASED*~  0.0%
(cost $59,639)				27,180
TOTAL SHORT-TERM INVESTMENTS
(cost $10,001,117)				9,968,874
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN  99.5%
(cost $250,037,500)				233,580,885
OPTIONS WRITTEN*~  (0.1)%
(premiums received $223,630)				(198,338	)
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN  99.4%
(cost $249,813,870)				233,382,547
Other assets in excess of liabilities(z)  0.6%				1,384,532
NET ASSETS  100.0%			$	234,767,079

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

BRL—Brazilian Real

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

EUR—Euro

GBP—British Pound

HUF—Hungarian Forint

IDR—Indonesian Rupiah

INR—Indian Rupee

KRW—South Korean Won

MXN—Mexican Peso

MYR—Malaysian Ringgit

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

PLN—Polish Zloty

SGD—Singapore Dollar

THB—Thai Baht

TRY—Turkish Lira

See Notes to Financial Statements.

34

 

 

TWD—New Taiwanese Dollar

USD—US Dollar

ZAR—South African Rand

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

A—Annual payment frequency for swaps

BARC—Barclays Bank PLC

BNP—BNP Paribas S.A.

BOA—Bank of America, N.A.

BROIS—Brazil Overnight Index Swap

BUBOR—Budapest Interbank Offered Rate

CDX—Credit Derivative Index

CITI—Citibank, N.A.

CLOIS—Sinacofi Chile Interbank Rate Average

COOIS—Colombia Overnight Interbank Reference Rate

DB—Deutsche Bank AG

EMTN—Euro Medium Term Note

GMTN—Global Medium Term Note

GSI—Goldman Sachs International

HSBC—HSBC Bank PLC

JIBAR—Johannesburg Interbank Agreed Rate

JPM—JPMorgan Chase Bank N.A.

JPS—J.P. Morgan Securities LLC

KLIBOR—Kuala Lumpur Interbank Offered Rate

KWCDC—Korean Won Certificate of Deposit

M—Monthly payment frequency for swaps

MSI—Morgan Stanley & Co International PLC

MTN—Medium Term Note

OTC—Over-the-counter

PIK—Payment-in-Kind

PJSC—Public Joint-Stock Company

PRIBOR—Prague Interbank Offered Rate

Q—Quarterly payment frequency for swaps

S—Semiannual payment frequency for swaps

SCB—Standard Chartered Bank

SOFR—Secured Overnight Financing Rate

SSB—State Street Bank & Trust Company

T—Swap payment upon termination

TD—The Toronto-Dominion Bank

UAG—UBS AG

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. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $1,834 and 0.0% of net assets.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $3,114,364; cash collateral of $3,254,183 (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.

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund  35

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

(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 April 30, 2024. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

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

(f) Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the aggregate original cost of such securities is $134,869. The aggregate value of $149,741 is 0.1% of net assets.

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

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

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

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

Options Purchased:

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date	Strike		Contracts	Notional Amount (000)#		Value
Currency Option EUR vs PLN	Call	DB	05/08/24		4.50	—	EUR	1,191	$	16
Currency Option USD vs BRL	Call	CITI	05/23/24		6.00	—		585		34
Currency Option USD vs CNH	Call	MSI	12/20/24		7.25	—		1,176		13,325
Currency Option USD vs MXN	Call	BOA	05/20/24		20.00	—		585		80
Currency Option USD vs MXN	Call	BOA	05/21/24		21.00	—		585		33
Currency Option USD vs MXN	Call	BOA	05/21/24		21.00	—		351		20
Currency Option USD vs TRY	Call	BOA	05/15/24		34.50	—		1,181		1,107
Currency Option USD vs ZAR	Call	CITI	06/25/24		19.80	—		1,413		12,470
Currency Option USD vs BRL	Put	MSI	05/23/24		4.50	—		1,423		—
Currency Option USD vs CLP	Put	CITI	05/17/24		850.00	—		585		2
Currency Option USD vs CNH	Put	MSI	12/20/24		6.00	—		1,176		72
Currency Option USD vs COP	Put	MSI	05/06/24		3,400.00	—		1,160		—
Currency Option USD vs COP	Put	DB	05/15/24		3,500.00	—		581		—
Currency Option USD vs COP	Put	CITI	05/21/24		3,500.00	—		585		3

See Notes to Financial Statements.

36

 

 

Options Purchased (continued):

OTC Traded

Description	Call/ Put		Counterparty		Expiration Date		Strike		Contracts	Notional Amount (000)#		Value
Currency Option USD vs COP		Put		CITI		05/28/24		3,500.00	—		1,170	$	12
Currency Option USD vs ZAR		Put		CITI		05/16/24		17.00	—		292		1
Currency Option USD vs ZAR		Put		MSI		05/30/24		16.00	—		1,190		2
Currency Option USD vs ZAR		Put		CITI		06/25/24		15.00	—		1,413		3
Total Options Purchased (cost $59,639)												$	27,180

Options Written:

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date	Strike		Contracts	Notional Amount (000)#		Value
Currency Option EUR vs PLN	Call	DB	05/08/24		4.28	—		EUR 1,191	$	(12,335	)
Currency Option USD vs BRL	Call	CITI	05/23/24		5.25	—		585		(4,176	)
Currency Option USD vs MXN	Call	BOA	05/20/24		17.10	—		585		(7,338	)
Currency Option USD vs MXN	Call	BOA	05/21/24		17.35	—		585		(4,419	)
Currency Option USD vs MXN	Call	BOA	05/21/24		17.70	—		351		(1,316	)
Currency Option USD vs TRY	Call	BOA	05/15/24		33.25	—		1,181		(4,886	)
Currency Option USD vs BRL	Put	MSI	05/23/24		5.10	—		1,423		(4,535	)
Currency Option USD vs CLP	Put	CITI	05/17/24		940.00	—		585		(2,211	)
Currency Option USD vs CNH	Put	MSI	12/20/24		6.90	—		1,176		(5,432	)
Currency Option USD vs COP	Put	MSI	05/06/24		4,100.00	—		1,160		(49,287	)
Currency Option USD vs COP	Put	DB	05/15/24		3,865.00	—		581		(1,598	)
Currency Option USD vs COP	Put	CITI	05/21/24		3,900.00	—		585		(3,973	)
Currency Option USD vs COP	Put	CITI	05/28/24		3,950.00	—		585		(8,400	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund  37

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Options Written (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option USD vs COP	Put	CITI		05/28/24		4,000.00		—		585	$	(13,084	)
Currency Option USD vs ZAR	Put	MSI		05/30/24		19.50		—		1,190		(47,715	)
Currency Option USD vs ZAR	Put	CITI		06/25/24		18.80		—		1,413		(27,633	)
Total Options Written (premiums received $223,630)											$	(198,338	)

Futures contracts outstanding at April 30, 2024:

Number of Contracts	Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
Long Positions:
100	2 Year U.S. Treasury Notes		Jun. 2024	$	20,265,625			$	(207,402	)
49	10 Year U.S. Treasury Notes		Jun. 2024		5,264,438				(141,581	)
25	10 Year U.S. Ultra Treasury Notes		Jun. 2024		2,755,469				(97,831	)
16	30 Year U.S. Ultra Treasury Bonds		Jun. 2024		1,913,000				(104,331	)
									(551,145	)
Short Positions:
38	5 Year Euro-Bobl		Jun. 2024		4,721,656				43,159
42	5 Year U.S. Treasury Notes		Jun. 2024		4,399,172				67,593
39	10 Year Euro-Bund		Jun. 2024		5,414,034				80,048
8	20 Year U.S. Treasury Bonds		Jun. 2024		910,500				46,238
17	Euro Schatz Index		Jun. 2024		1,906,948				9,484
									246,522
								$	(304,623	)

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

Purchase Contracts	Counterparty		Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation					Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Brazilian Real,
Expiring 05/03/24	CITI			BRL	14,660	$	2,932,116	$	2,822,211			$	—		$	(109,905	)
Expiring 06/04/24	DB			BRL	13,183		2,559,319		2,530,925				—			(28,394	)
Chilean Peso,
Expiring 06/21/24	CITI			CLP	305,314		322,500		317,865				—			(4,635	)
Expiring 06/21/24	CITI			CLP	303,924		322,500		316,419				—			(6,081	)

See Notes to Financial Statements.

38

 

 

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

Purchase Contracts	Counterparty			Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation					Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Chilean Peso (cont’d.),
Expiring 06/21/24		MSI			CLP	591,938	$	625,000	$	616,272			$	—		$	(8,728	)
Chinese Renminbi,
Expiring 06/20/24		HSBC			CNH	7,842		1,083,000		1,083,800				800			—
Colombian Peso,
Expiring 05/03/24		CITI			COP	2,350,250		595,000		598,768				3,768			—
Expiring 06/20/24		BNP			COP	1,768,807		446,630		447,351				721			—
Expiring 06/20/24		BOA			COP	2,261,319		574,000		571,913				—			(2,087	)
Expiring 06/20/24		CITI			COP	5,213,334		1,308,962		1,318,511				9,549			—
Expiring 06/20/24		UAG			COP	2,609,478		662,000		659,966				—			(2,034	)
Czech Koruna,
Expiring 07/19/24		MSI			CZK	15,666		667,000		665,062				—			(1,938	)
Euro,
Expiring 05/07/24		CITI			EUR	1,796		1,926,368		1,917,215				—			(9,153	)
Expiring 07/19/24		HSBC			EUR	272		291,982		291,296				—			(686	)
Hungarian Forint,
Expiring 07/19/24		CITI			HUF	243,968		656,000		662,642				6,642			—
Expiring 07/19/24		JPM			HUF	227,498		618,000		617,907				—			(93	)
Indian Rupee,
Expiring 06/20/24		BOA			INR	93,393		1,118,000		1,116,629				—			(1,371	)
Expiring 06/20/24		BOA			INR	84,545		1,013,000		1,010,840				—			(2,160	)
Expiring 06/20/24		HSBC			INR	95,122		1,137,000		1,137,297				297			—
Expiring 06/20/24		JPM			INR	142,395		1,713,981		1,702,508				—			(11,473	)
Expiring 06/20/24		JPM			INR	84,359		1,010,000		1,008,612				—			(1,388	)
Expiring 06/20/24		MSI			INR	86,446		1,036,000		1,033,568				—			(2,432	)
Indonesian Rupiah,
Expiring 06/20/24		BOA			IDR	9,034,968		582,000		554,817				—			(27,183	)
Expiring 06/20/24		MSI			IDR	64,138,783		4,130,205		3,938,616				—			(191,589	)
Mexican Peso,
Expiring 06/20/24		BOA			MXN	57,348		3,388,033		3,320,565				—			(67,468	)
Expiring 06/20/24		BOA			MXN	12,843		759,000		743,650				—			(15,350	)
New Taiwanese Dollar,
Expiring 06/20/24		BOA			TWD	34,334		1,078,000		1,053,006				—			(24,994	)
Expiring 06/20/24		BOA			TWD	32,650		1,024,000		1,001,357				—			(22,643	)
Expiring 06/20/24		HSBC			TWD	31,153		981,000		955,426				—			(25,574	)
Expiring 06/20/24		MSI			TWD	40,439		1,277,000		1,240,236				—			(36,764	)
Expiring 06/20/24		MSI			TWD	37,041		1,160,000		1,136,032				—			(23,968	)
Expiring 06/20/24		SCB			TWD	35,543		1,130,000		1,090,076				—			(39,924	)
Peruvian Nuevo Sol,
Expiring 06/20/24		BOA			PEN	259		70,000		68,824				—			(1,176	)
Expiring 06/20/24		SCB			PEN	3,096		837,917		821,964				—			(15,953	)
Philippine Peso,
Expiring 06/20/24		CITI			PHP	151,021		2,726,262		2,611,846				—			(114,416	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund  39

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

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

Purchase Contracts	Counterparty			Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation					Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Philippine Peso (cont’d.),
Expiring 06/20/24		CITI			PHP	45,170	$	798,000	$	781,200			$	—		$	(16,800	)
Expiring 06/20/24		CITI			PHP	27,914		487,582		482,761				—			(4,821	)
Expiring 06/20/24		HSBC			PHP	27,947		489,418		483,338				—			(6,080	)
Expiring 06/20/24		JPM			PHP	64,680		1,141,000		1,118,619				—			(22,381	)
Expiring 06/20/24		MSI			PHP	177,286		3,203,430		3,066,079				—			(137,351	)
Expiring 06/20/24		SCB			PHP	71,520		1,265,000		1,236,905				—			(28,095	)
Expiring 06/20/24		SCB			PHP	53,100		959,000		918,346				—			(40,654	)
Polish Zloty,
Expiring 07/19/24		BARC			PLN	1,920		482,869		472,976				—			(9,893	)
Singapore Dollar,
Expiring 06/20/24		BNP			SGD	343		256,000		251,703				—			(4,297	)
South African Rand,
Expiring 06/20/24		BNP			ZAR	41,574		2,204,800		2,199,806				—			(4,994	)
Expiring 06/20/24		CITI			ZAR	1,812		94,000		95,898				1,898			—
Expiring 06/20/24		GSI			ZAR	36,794		1,960,700		1,946,860				—			(13,840	)
South Korean Won,
Expiring 06/20/24		BOA			KRW	771,484		583,000		558,027				—			(24,973	)
Thai Baht,
Expiring 06/20/24		MSI			THB	21,119		583,000		572,152				—			(10,848	)
							$	56,269,574	$	55,168,662				23,675			(1,124,587	)

Sale Contracts	Counterparty			Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation			Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Brazilian Real,
Expiring 05/03/24	CITI				BRL	1,477	$	296,000	$	284,401		$	11,599	$	—
Expiring 05/03/24	DB				BRL	13,183		2,566,219		2,537,809			28,410		—
British Pound,
Expiring 07/19/24	SCB				GBP	102		130,039		127,890			2,149		—
Chilean Peso,
Expiring 06/21/24	MSI				CLP	896,256		913,000		933,101			—		(20,101	)
Expiring 06/21/24	MSI				CLP	545,961		559,000		568,405			—		(9,405	)
Expiring 06/21/24	TD				CLP	842,022		887,740		876,636			11,104		—
Chinese Renminbi,
Expiring 06/20/24	CITI				CNH	9,277		1,281,000		1,282,203			—		(1,203	)
Expiring 06/20/24	HSBC				CNH	13,195		1,823,244		1,823,672			—		(428	)
Colombian Peso,
Expiring 05/03/24	DB				COP	2,350,250		595,000		598,768			—		(3,768	)
Expiring 06/20/24	BNP				COP	3,665,559		937,000		927,061			9,939		—

See Notes to Financial Statements.

40

 

 

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

Sale Contracts	Counterparty			Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation					Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Colombian Peso (cont’d.),
Expiring 06/20/24		BOA			COP	2,509,613	$	648,000	$	634,709			$	13,291		$	—
Czech Koruna,
Expiring 07/19/24		BARC			CZK	59,291		2,511,856		2,517,077				—			(5,221	)
Expiring 07/19/24		BARC			CZK	15,267		643,000		648,145				—			(5,145	)
Expiring 07/19/24		CITI			CZK	25,434		1,076,044		1,079,738				—			(3,694	)
Expiring 07/19/24		MSI			CZK	41,025		1,723,278		1,741,630				—			(18,352	)
Euro,
Expiring 07/19/24		BNP			EUR	4,715		5,037,586		5,049,102				—			(11,516	)
Expiring 07/19/24		BOA			EUR	4,496		4,854,784		4,814,449				40,335			—
Expiring 07/19/24		HSBC			EUR	549		585,967		587,948				—			(1,981	)
Expiring 07/19/24		HSBC			EUR	272		292,381		291,296				1,085			—
Expiring 07/19/24		SSB			EUR	4,073		4,442,033		4,361,988				80,045			—
Hungarian Forint,
Expiring 07/19/24		BARC			HUF	375,273		1,007,416		1,019,277				—			(11,861	)
Expiring 07/19/24		GSI			HUF	789,204		2,182,881		2,143,556				39,325			—
Expiring 07/19/24		GSI			HUF	375,273		1,006,767		1,019,277				—			(12,510	)
Expiring 07/19/24		HSBC			HUF	208,986		573,428		567,626				5,802			—
Indian Rupee,
Expiring 06/20/24		JPM			INR	87,454		1,052,000		1,045,625				6,375			—
Expiring 06/20/24		JPM			INR	85,724		1,031,000		1,024,937				6,063			—
Expiring 06/20/24		JPM			INR	84,386		1,010,000		1,008,933				1,067			—
Indonesian Rupiah,
Expiring 06/20/24		CITI			IDR	6,650,910		420,000		408,417				11,583			—
Expiring 06/20/24		MSI			IDR	16,823,180		1,034,000		1,033,073				927			—
Mexican Peso,
Expiring 06/20/24		BOA			MXN	10,236		591,000		592,709				—			(1,709	)
Expiring 06/20/24		GSI			MXN	14,450		860,000		836,704				23,296			—
Expiring 06/20/24		GSI			MXN	6,388		382,000		369,891				12,109			—
Expiring 06/20/24		JPM			MXN	6,411		382,000		371,213				10,787			—
New Taiwanese Dollar,
Expiring 06/20/24		BOA			TWD	37,262		1,143,000		1,142,790				210			—
Expiring 06/20/24		BOA			TWD	14,977		460,319		459,330				989			—
Expiring 06/20/24		GSI			TWD	156,472		5,014,178		4,798,885				215,293			—
Expiring 06/20/24		HSBC			TWD	26,221		805,682		804,175				1,507			—
Peruvian Nuevo Sol,
Expiring 06/20/24		BARC			PEN	2,024		534,732		537,278				—			(2,546	)
Expiring 06/20/24		CITI			PEN	3,424		930,000		908,875				21,125			—
Expiring 06/20/24		CITI			PEN	3,136		837,000		832,415				4,585			—
Philippine Peso,
Expiring 06/20/24		BOA			PHP	53,935		932,000		932,779				—			(779	)
Expiring 06/20/24		CITI			PHP	53,644		959,000		927,742				31,258			—
Expiring 06/20/24		HSBC			PHP	58,374		1,013,000		1,009,555				3,445			—

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund  41

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

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

Sale Contracts	Counterparty			Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation					Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Philippine Peso (cont’d.),
Expiring 06/20/24		SCB			PHP	55,873	$	970,000	$	966,298			$	3,702		$	—
Singapore Dollar,
Expiring 06/20/24		BOA			SGD	1,463		1,087,000		1,074,512				12,488			—
Expiring 06/20/24		JPM			SGD	2,504		1,841,000		1,839,038				1,962			—
Expiring 06/20/24		MSI			SGD	2,150		1,614,485		1,578,727				35,758			—
Expiring 06/20/24		MSI			SGD	1,429		1,066,000		1,049,139				16,861			—
Expiring 06/20/24		SSB			SGD	1,683		1,249,000		1,235,628				13,372			—
South Korean Won,
Expiring 06/20/24		CITI			KRW	1,429,434		1,090,655		1,033,934				56,721			—
Expiring 06/20/24		HSBC			KRW	1,512,223		1,130,000		1,093,816				36,184			—
Expiring 06/20/24		HSBC			KRW	1,246,314		927,000		901,480				25,520			—
Expiring 06/20/24		HSBC			KRW	1,088,741		787,000		787,504				—			(504	)
Expiring 06/20/24		MSI			KRW	969,579		718,000		701,313				16,687			—
Expiring 06/20/24		MSI			KRW	778,713		583,000		563,256				19,744			—
Thai Baht,
Expiring 06/20/24		CITI			THB	17,461		488,000		473,049				14,951			—
Expiring 06/20/24		GSI			THB	40,105		1,115,000		1,086,549				28,451			—
Expiring 06/20/24		JPM			THB	27,053		762,000		732,936				29,064			—
Expiring 06/20/24		MSI			THB	75,581		2,129,506		2,047,678				81,828			—
							$	73,522,220	$	72,645,947				986,996			(110,723	)
													$	1,010,671		$	(1,235,310	)

Credit default swap agreement outstanding at April 30, 2024:

Reference Entity/ Obligation	Termination Date	Fixed Rate	Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2024(4)	Value at Trade Date				Value at April 30, 2024			Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):
CDX.EM.36.V3	12/20/26	1.000%(Q)		11,040	1.236%		$	(57,448	)	$	(50,721	)			$	6,727

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

See Notes to Financial Statements.

42

 

 

amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

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

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

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

Interest rate swap agreements outstanding at April 30, 2024:

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date					Value at April 30,  2024						Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
BRL	4,565		01/04/27	9.957%(T)	1 Day BROIS(2)(T)/ 0.040%		$	—					$	(24,292	)				$	(24,292	)
BRL	2,676		01/04/27	10.000%(T)	1 Day BROIS(2)(T)/ 0.040%			—						(18,816	)					(18,816	)
BRL	10,979		01/04/27	10.750%(T)	1 Day BROIS(2)(T)/ 0.040%			—						(16,222	)					(16,222	)
BRL	6,159		01/04/27	10.788%(T)	1 Day BROIS(2)(T)/ 0.040%			—						(3,570	)					(3,570	)
BRL	342		01/04/27	11.120%(T)	1 Day BROIS(2)(T)/ 0.040%			1,927						(265	)					(2,192	)
BRL	7,258		01/04/27	12.640%(T)	1 Day BROIS(1)(T)/ 0.040%			(44,025	)					(69,331	)					(25,306	)
BRL	3,272		01/02/29	10.373%(T)	1 Day BROIS(2)(T)/ 0.040%			—						(29,264	)					(29,264	)
BRL	2,968		01/02/29	10.375%(T)	1 Day BROIS(2)(T)/ 0.040%			—						(26,545	)					(26,545	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund  43

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Interest rate swap agreements outstanding at April 30, 2024 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date					Value at April 30,  2024						Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
BRL	3,988		01/02/29	10.960%(T)	1 Day BROIS(1)(T)/ 0.040%		$	3,022					$	13,348					$	10,326
BRL	1,592		01/02/29	11.420%(T)	1 Day BROIS(2)(T)/ 0.040%			—						1,168						1,168
CLP	1,523,050		06/21/26	5.545%(S)	1 Day CLOIS(1)(S)/ 6.500%			—						(7,933	)					(7,933	)
COP	5,238,410		12/20/25	9.702%(Q)	1 Day COOIS(1)(Q)/ 11.397%			34						(10,498	)					(10,532	)
COP	835,888		09/20/28	7.440%(Q)	1 Day COOIS(2)(Q)/ 11.397%			(1,728	)					(7,870	)					(6,142	)
COP	951,638		12/20/28	7.865%(Q)	1 Day COOIS(2)(Q)/ 11.397%			—						(5,266	)					(5,266	)
CZK	19,526		06/21/25	5.919%(A)	6 Month PRIBOR(1)(S)/ 5.180%			147						(32,022	)					(32,169	)
CZK	29,580		03/20/26	4.495%(A)	6 Month PRIBOR(1)(S)/ 5.180%			—						1,995						1,995
CZK	7,500		09/20/33	4.225%(A)	6 Month PRIBOR(2)(S)/ 5.180%			—						6,473						6,473
CZK	7,214		12/20/33	4.290%(A)	6 Month PRIBOR(2)(S)/ 5.180%			—						(1,146	)					(1,146	)
HUF	317,176		03/20/26	6.195%(A)	6 Month BUBOR(1)(S)/ 7.280%			(5,615	)					15,231						20,846
HUF	258,430		06/19/26	6.880%(A)	6 Month BUBOR(1)(S)/ 7.280%			—						592						592
HUF	145,770		12/20/33	7.420%(A)	6 Month BUBOR(2)(S)/ 7.280%			—						6,058						6,058
KRW	400,000		09/21/27	3.639%(Q)	3 Month KWCDC(1)(Q)/ 3.570%			(3,603	)					(972	)					2,631
KRW	870,000		12/21/27	4.197%(Q)	3 Month KWCDC(2)(Q)/ 3.570%			27,646						14,766						(12,880	)
KRW	600,000		03/15/28	2.965%(Q)	3 Month KWCDC(2)(Q)/ 3.570%			—						(9,330	)					(9,330	)

See Notes to Financial Statements.

44

 

 

Interest rate swap agreements outstanding at April 30, 2024 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date					Value at April 30,  2024						Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
KRW	2,028,148		03/15/28	3.100%(Q)	3 Month KWCDC(1)(Q)/ 3.570%		$	56,772					$	24,065					$	(32,707	)
KRW	400,602		12/20/28	3.830%(Q)	3 Month KWCDC(1)(Q)/ 3.570%			(3,000	)					(3,881	)					(881	)
KRW	842,165		06/19/29	3.390%(Q)	3 Month KWCDC(2)(Q)/ 3.570%			—						(3,610	)					(3,610	)
MXN	13,205		12/15/27	8.950%(M)	28 Day Mexican Interbank Rate(2)(M)/ 11.240%			5,191						(24,196	)					(29,387	)
MXN	3,279		03/08/28	8.475%(M)	28 Day Mexican Interbank Rate(1)(M)/ 11.240%			6,047						9,002						2,955
MXN	13,610		09/13/28	8.658%(M)	28 Day Mexican Interbank Rate(2)(M)/ 11.240%			(7,790	)					(33,958	)					(26,168	)
MXN	10,366		12/13/28	8.570%(M)	28 Day Mexican Interbank Rate(1)(M)/ 11.240%			8,363						27,911						19,548
MXN	18,750		03/14/29	8.463%(M)	28 Day Mexican Interbank Rate(2)(M)/ 11.240%			—						(55,330	)					(55,330	)
MXN	9,340		03/14/29	8.484%(M)	28 Day Mexican Interbank Rate(2)(M)/ 11.240%			—						(27,111	)					(27,111	)
MXN	3,166		03/14/29	8.652%(M)	28 Day Mexican Interbank Rate(2)(M)/ 11.240%			—						(7,967	)					(7,967	)
MXN	27,515		06/13/29	9.357%(M)	28 Day Mexican Interbank Rate(1)(M)/ 11.240%			4,954						18,511						13,557
MXN	22,410		06/13/29	9.565%(M)	28 Day Mexican Interbank Rate(1)(M)/ 11.240%			—						4,413						4,413
MXN	22,694		06/13/29	9.727%(M)	28 Day Mexican Interbank Rate(1)(M)/ 11.240%			(4,673	)					(3,941	)					732
PLN	6,830		06/21/25	6.021%(A)	6 Month WIBOR(1)(S)/ 5.870%			4,201						(54,611	)					(58,812	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund  45

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Interest rate swap agreements outstanding at April 30, 2024 (continued):

Notional Amount (000)#		Termination Date	Fixed Rate	Floating Rate	Value at Trade Date					Value at April 30,  2024						Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
PLN	1,204	06/15/27	4.970%(A)	6 Month WIBOR(2)(S)/ 5.870%		$	(10,834	)				$	2,970					$	13,804
PLN	2,826	09/21/27	5.487%(A)	6 Month WIBOR(1)(S)/ 5.870%			—						(21,323	)					(21,323	)
PLN	5,393	09/21/27	6.547%(A)	6 Month WIBOR(1)(S)/ 5.870%			1,194						(91,580	)					(92,774	)
PLN	1,175	10/06/27	6.826%(A)	6 Month WIBOR(2)(S)/ 5.870%			—						22,975						22,975
PLN	460	10/25/27	7.900%(A)	6 Month WIBOR(2)(S)/ 5.870%			—						13,397						13,397
PLN	18	12/21/27	6.845%(A)	6 Month WIBOR(2)(S)/ 5.870%			197						231						34
PLN	7,428	12/20/28	4.087%(A)	6 Month WIBOR(2)(S)/ 5.870%			(34,738	)					(99,000	)					(64,262	)
PLN	191	06/19/29	4.812%(A)	6 Month WIBOR(1)(S)/ 5.870%			866						872						6
ZAR	52,851	09/21/27	7.490%(Q)	3 Month JIBAR(1)(Q)/ 8.350%			49,954						91,793						41,839
ZAR	26,104	09/21/27	7.995%(Q)	3 Month JIBAR(2)(Q)/ 8.350%			(3,506	)					(24,079	)					(20,573	)
ZAR	10,122	12/21/27	8.860%(Q)	3 Month JIBAR(1)(Q)/ 8.350%			(2,875	)					(4,417	)					(1,542	)
ZAR	14,361	03/15/28	7.766%(Q)	3 Month JIBAR(2)(Q)/ 8.350%			(35,423	)					(22,795	)					12,628
ZAR	6,182	06/21/28	8.455%(Q)	3 Month JIBAR(1)(Q)/ 8.350%			(670	)					2,862						3,532
ZAR	15,630	09/20/28	8.415%(Q)	3 Month JIBAR(2)(Q)/ 8.350%			—						(10,433	)					(10,433	)
ZAR	3,548	12/20/28	9.085%(Q)	3 Month JIBAR(1)(Q)/ 8.350%			—						(2,064	)					(2,064	)
ZAR	16,410	03/20/29	8.160%(Q)	3 Month JIBAR(1)(Q)/ 8.350%			—						24,927						24,927
ZAR	12,123	06/19/29	8.735%(Q)	3 Month JIBAR(1)(Q)/ 8.350%			(1,102	)					5,774						6,876

See Notes to Financial Statements.

46

 

 

Interest rate swap agreements outstanding at April 30, 2024 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date					Value at April 30,   2024						Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
ZAR	7,137		06/19/29		8.930%(Q)	3 Month JIBAR(1)(Q)/ 8.350%		$	—					$	455					$	455
ZAR	6,810		06/19/29		8.933%(Q)	3 Month JIBAR(1)(Q)/ 8.350%			—						398						398
ZAR	5,396		11/10/32		9.160%(Q)	3 Month JIBAR(2)(Q)/ 8.350%			(16	)					(10,340	)					(10,324	)
								$	10,917					$	(453,791	)				$	(464,708	)

Notional Amount (000)#

Termination Date

Fixed Rate

Floating Rate

Fair Value

Upfront Premiums Paid(Received)

Unrealized Appreciation (Depreciation)

Counterparty

OTC Interest Rate Swap Agreement:

MYR

4,300

06/21/28

3.598%(Q)

3 Month KLIBOR(2)(Q)/ 3.590%

$

(5,423

)

$

—

$

(5,423

)

GSI

(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	$—	$—	$—		$(5,423	)

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
JPS		$	2,773,000		$	—

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.

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund  47

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

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

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

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stock
Jamaica	$	—	$	—	$	1,834
Convertible Bond
China		—		1,092		—
Corporate Bonds
Azerbaijan		—		806,175		—
Bahrain		—		528,906		—
Brazil		—		1,785,628		—
Chile		—		2,945,894		—
China		—		879,757		—
Colombia		—		1,659,376		—
Costa Rica		—		197,688		—
Guatemala		—		707,578		—
Hungary		—		430,250		—
India		—		3,451,655		—
Indonesia		—		5,095,382		—
Israel		—		1,245,709		—
Jamaica		—		147,907		—
Kazakhstan		—		2,007,000		—
Kuwait		—		462,531		—
Macau		—		553,057		—
Malaysia		—		2,318,029		—
Mexico		—		11,227,412		—
Morocco		—		423,657		—
Panama		—		755,703		—
Peru		—		1,509,250		—
Philippines		—		150,777		—
Poland		—		387,750		—
Qatar		—		1,023,200		—
Saudi Arabia		—		1,323,434		—
South Africa		—		3,856,869		—
Thailand		—		418,688		—
Trinidad & Tobago		—		209,063		—
Turkey		—		193,188		—
Ukraine		—		312,197		—
United Arab Emirates		—		4,257,724		—
Venezuela		—		198,388		—
Vietnam		—		439,817		—
Sovereign Bonds
Angola		—		5,396,721		—
Argentina		—		4,899,289		—
Bahrain		—		3,708,276		—
Brazil		—		7,260,066		—

See Notes to Financial Statements.

48

 

 

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Sovereign Bonds (continued)
Cameroon	$	—	$	262,189	$	—
Chile		—		1,136,113		—
Colombia		—		7,628,227		—
Congo (Republic)		—		174,143		—
Costa Rica		—		3,179,120		—
Dominican Republic		—		8,626,559		—
Ecuador		—		4,189,579		—
Egypt		—		6,600,854		—
El Salvador		—		2,398,078		—
Gabon		—		1,521,573		—
Ghana		—		2,745,497		—
Guatemala		—		2,651,497		—
Honduras		—		378,400		—
Hungary		—		6,768,704		—
India		—		512,743		—
Indonesia		—		5,905,311		—
Ivory Coast		—		3,793,594		—
Jamaica		—		1,338,513		—
Jordan		—		1,694,878		—
Kazakhstan		—		219,125		—
Kenya		—		851,748		—
Lebanon		—		205,837		—
Mexico		—		5,325,310		—
Mongolia		—		408,335		—
Montenegro		—		200,313		—
Morocco		—		1,762,504		—
Mozambique		—		868,400		—
Nigeria		—		3,345,453		—
Oman		—		6,593,248		—
Pakistan		—		2,905,115		—
Panama		—		4,519,624		—
Papua New Guinea		—		394,669		—
Paraguay		—		1,387,150		—
Peru		—		3,829,671		—
Philippines		—		3,745,386		—
Poland		—		1,522,647		—
Qatar		—		5,422,802		—
Romania		—		6,609,902		—
Russia		—		145,052		—
Saudi Arabia		—		5,938,776		—
Senegal		—		1,175,226		—
Serbia		—		3,739,125		—
South Africa		—		3,588,300		—
Sri Lanka		—		2,530,599		—
Turkey		—		10,176,788		—

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund  49

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

	Level 1			Level 2				Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Sovereign Bonds (continued)
Ukraine	$	—		$	2,574,023			$	—
United Arab Emirates		—			3,214,022				—
Uruguay		—			3,329,813				—
Venezuela		—			386,650				—
Zambia		—			1,750,161				—
U.S. Treasury Obligation		—			263,748				—
Short-Term Investments
Affiliated Mutual Funds		9,941,694			—				—
Options Purchased		—			27,180				—
Total	$	9,941,694		$	223,637,357			$	1,834
Liabilities
Options Written	$	—		$	(198,338	)		$	—
Other Financial Instruments*
Assets
Futures Contracts	$	246,522		$	—			$	—
OTC Forward Foreign Currency Exchange Contracts		—			1,010,671				—
Centrally Cleared Credit Default Swap Agreement		—			6,727				—
Centrally Cleared Interest Rate Swap Agreements		—			232,165				—
Total	$	246,522		$	1,249,563			$	—
Liabilities
Futures Contracts	$	(551,145	)	$	—			$	—
OTC Forward Foreign Currency Exchange Contracts		—			(1,235,310	)			—
Centrally Cleared Interest Rate Swap Agreements		—			(696,873	)			—
OTC Interest Rate Swap Agreement		—			(5,423	)			—
Total	$	(551,145	)	$	(1,937,606	)		$	—

* 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 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 April 30, 2024 were as follows:

Sovereign Bonds	73.0	%
Oil & Gas	8.1

Affiliated Mutual Funds (1.4% represents investments purchased with collateral from securities on loan)	4.3	%
Electric	3.7

See Notes to Financial Statements.

50

 

 

Industry Classification (continued):

Engineering & Construction	1.7	%
Mining	1.6
Pipelines	1.3
Commercial Services	1.1
Chemicals	0.8
Banks	0.7
Diversified Financial Services	0.4
Telecommunications	0.3
Lodging	0.3
Transportation	0.3
Foods	0.2
Internet	0.2
Iron/Steel	0.2
Building Materials	0.2
Computers	0.2
Investment Companies	0.1
Entertainment	0.1
Media	0.1
Retail	0.1

U.S. Treasury Obligation	0.1	%
Auto Manufacturers	0.1
Energy-Alternate Sources	0.1
Gas	0.1
Beverages	0.1
Forest Products & Paper	0.0	*
Real Estate	0.0	*
Options Purchased	0.0	*
Wireless Telecommunication Services	0.0	*
	99.5
Options Written	(0.1	)
Other assets in excess of liabilities	0.6
	100.0	%

* Less than 0.05%

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

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

Fair values of derivative instruments as of April 30, 2024 as presented in the Statement of Assets and Liabilities:

	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	$	6,727*	—	$	—
Foreign exchange contracts	Unaffiliated investments		27,180	Options written outstanding, at value		198,338
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		1,010,671	Unrealized depreciation on OTC forward foreign currency exchange contracts		1,235,310

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund  51

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Due from/to broker-variation margin futures	$	246,522	*	Due from/to broker-variation margin futures	$	551,145	*
Interest rate contracts	Due from/to broker-variation margin swaps		232,165	*	Due from/to broker-variation margin swaps		696,873	*
Interest rate contracts	—		—		Unrealized depreciation on OTC swap agreements		5,423
		$	1,523,265			$	2,687,089

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

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2024 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(1)						Options Written		Futures		Forward & Cross Currency Exchange Contracts						Swaps
Credit contracts			$	—			$	—	$	—			$	—			$	(100,428	)
Foreign exchange contracts				(244,783	)			915,606		—				(305,081	)			—
Interest rate contracts				—				—		194,611				—				(34,640	)
Total			$	(244,783	)		$	915,606	$	194,611			$	(305,081	)		$	(135,068	)

(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			$	—			$	—		$	—				$	—			$	(25,842	)
Foreign exchange contracts				(4,944	)			(43,463	)		—					(314,987	)			—
Interest rate contracts				—				—			(138,721	)				—				97,263
Total			$	(4,944	)		$	(43,463	)	$	(138,721	)			$	(314,987	)		$	71,421

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

See Notes to Financial Statements.

52

 

 

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

Derivative Contract Type	Average Volume of Derivative Activities*
Options Purchased (1)		$  44,588
Options Written (2)		18,323,073
Futures Contracts - Long Positions (2)		32,487,344
Futures Contracts - Short Positions (2)		16,228,022
Forward Foreign Currency Exchange Contracts - Purchased (3)		48,966,801
Forward Foreign Currency Exchange Contracts - Sold (3)		71,096,456
Cross Currency Exchange Contracts (4)		349,592
Interest Rate Swap Agreements (2)		54,148,816
Credit Default Swap Agreements - Buy Protection (2)		3,486,667
Credit Default Swap Agreements - Sell Protection (2)		3,680,000

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

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

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

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

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/(Liabilities)		Collateral Pledged/(Received)(2)	Net  Amount
Securities on Loan	$3,114,364		$(3,114,364)	$—

Offsetting of OTC derivative assets and liabilities:

Counterparty	Gross Amounts of Recognized   Assets(1)					Gross Amounts of Recognized  Liabilities(1)						Net Amounts of Recognized Assets/(Liabilities)						Collateral Pledged/(Received)(2)						Net Amount
BARC			$	—				$	(34,666	)				$	(34,666	)				$	—					$	(34,666	)
BNP				10,660					(20,807	)					(10,147	)					—						(10,147	)
BOA				68,553					(209,852	)					(141,299	)					—						(141,299	)
CITI				186,204					(330,185	)					(143,981	)					—						(143,981	)
DB				28,426					(46,095	)					(17,669	)					—						(17,669	)
GSI				318,474					(31,773	)					286,701						(286,701	)					—
HSBC				74,640					(35,253	)					39,387						—						39,387

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund  53

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

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
JPM			$	55,318				$	(35,335	)				$	19,983					$	—					$	19,983
MSI				185,204					(568,445	)					(383,241	)					383,241						—
SCB				5,851					(124,626	)					(118,775	)					—						(118,775	)
SSB				93,417					—						93,417						(20,879	)					72,538
TD				11,104					—						11,104						—						11,104
UAG				—					(2,034	)					(2,034	)					—						(2,034	)
			$	1,037,851				$	(1,439,071	)				$	(401,220	)				$	75,661					$	(325,559	)

(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.

54

Statement of Assets and Liabilities (unaudited)

as of April 30, 2024

Assets
Investments at value, including securities on loan of $3,114,364:
Unaffiliated investments (cost $240,096,022)	$	223,639,191
Affiliated investments (cost $9,941,478)		9,941,694
Foreign currency, at value (cost $19,495)		19,524
Cash segregated for counterparty - OTC		139,000
Dividends and interest receivable		3,228,718
Deposit with broker for centrally cleared/exchange-traded derivatives		2,773,000
Unrealized appreciation on OTC forward foreign currency exchange contracts		1,010,671
Receivable for Fund shares sold		263,983
Receivable for investments sold		21,477
Prepaid expenses and other assets		8,973
Total Assets		241,046,231
Liabilities
Payable to broker for collateral for securities on loan		3,254,183
Unrealized depreciation on OTC forward foreign currency exchange contracts		1,235,310
Payable for investments purchased		1,195,916
Options written outstanding, at value (premiums received $223,630)		198,338
Payable for Fund shares purchased		155,517
Management fee payable		102,473
Accrued expenses and other liabilities		54,893
Due to broker—variation margin swaps		37,492
Dividends payable		26,478
Due to broker—variation margin futures		11,525
Unrealized depreciation on OTC swap agreements		5,423
Directors’ fees payable		1,168
Affiliated transfer agent fee payable		406
Distribution fee payable		30
Total Liabilities		6,279,152
Net Assets	$	234,767,079
Net assets were comprised of:
Common stock, at par	$	343
Paid-in capital in excess of par		281,798,657
Total distributable earnings (loss)		(47,031,921	)
Net assets, April 30, 2024	$	234,767,079

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund  55

Statement of Assets and Liabilities (unaudited)

as of April 30, 2024

Class A
Net asset value, offering price and redemption price per share,
($121,784 ÷ 17,799 shares of beneficial interest issued and outstanding)	$	6.84
Maximum sales charge (3.25% of offering price)		0.23
Maximum offering price to public	$	7.07
Class C
Net asset value, offering price and redemption price per share,
($9,457 ÷ 1,382 shares of beneficial interest issued and outstanding)	$	6.84
Class Z
Net asset value, offering price and redemption price per share,
($13,088,803 ÷ 1,910,613 shares of beneficial interest issued and outstanding)	$	6.85
Class R6
Net asset value, offering price and redemption price per share,
($221,547,035 ÷ 32,365,559 shares of beneficial interest issued and outstanding)	$	6.85

See Notes to Financial Statements.

56

Statement of Operations (unaudited)

Six Months Ended April 30, 2024

Net Investment Income (Loss)
Income
Interest income	$	7,275,122
Affiliated dividend income		128,055
Affiliated income from securities lending, net		20,969
Total income		7,424,146
Expenses
Management fee		729,731
Distribution fee(a)		181
Audit fee		26,543
Custodian and accounting fees		23,195
Professional fees		21,174
Registration fees(a)		21,077
Shareholders’ reports		17,699
Excise tax expense		11,019
Transfer agent’s fees and expenses (including affiliated expense of $1,230)(a)		8,495
Directors’ fees		6,859
Miscellaneous		17,245
Total expenses		883,218
Less: Fee waiver and/or expense reimbursement(a)		(134,508	)
Net expenses		748,710
Net investment income (loss)		6,675,436
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(80))		(2,300,468	)
Futures transactions		194,611
Forward and cross currency contract transactions		(305,081	)
Options written transactions		915,606
Swap agreement transactions		(135,068	)
Foreign currency transactions		(438,775	)
		(2,069,175	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $14)		19,055,925
Futures		(138,721	)
Forward and cross currency contracts		(314,987	)
Options written		(43,463	)
Swap agreements		71,421
Foreign currencies		(94,880	)
		18,535,295
Net gain (loss) on investment and foreign currency transactions		16,466,120
Net Increase (Decrease) In Net Assets Resulting From Operations	$	23,141,556

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund  57

Statement of Operations (unaudited)

Six Months Ended April 30, 2024

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

	Class A		Class C		Class Z		Class R6
Distribution fee		135		46		—		—
Registration fees		3,481		3,482		7,624		6,490
Transfer agent’s fees and expenses		281		26		7,457		731
Fee waiver and/or expense reimbursement		(3,739)		(3,504)		(15,111)		(112,154)

See Notes to Financial Statements.

58

Statements of Changes in Net Assets (unaudited)

 

	Six Months Ended  April 30, 2024					Year Ended October 31, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)			$	6,675,436			$	10,875,834
Net realized gain (loss) on investment and foreign currency transactions				(2,069,175	)			(10,235,671	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies				18,535,295				9,738,324
Net increase (decrease) in net assets resulting from operations				23,141,556				10,378,487
Dividends and Distributions
Distributions from distributable earnings
Class A				(4,251	)			(6,066	)
Class C				(333	)			(595	)
Class Z				(458,538	)			(894,651	)
Class R6				(8,922,288	)			(13,766,241	)
				(9,385,410	)			(14,667,553	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold				27,110,350				119,813,877
Net asset value of shares issued in reinvestment of dividends and distributions				9,278,661				14,522,957
Cost of shares purchased				(20,010,311	)			(65,390,121	)
Net increase (decrease) in net assets from Fund share transactions				16,378,700				68,946,713
Total increase (decrease)				30,134,846				64,657,647
Net Assets:
Beginning of period				204,632,233				139,974,586
End of period			$	234,767,079			$	204,632,233

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund  59

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$6.41			$6.40			$9.06			$8.86			$9.51			$8.88
Income (loss) from investment operations:
Net investment income (loss)		0.19			0.36			0.34			0.36			0.38			0.46
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.51			0.17(b)			(2.57	)		0.25			(0.56	)		0.69
Total from investment operations		0.70			0.53			(2.23	)		0.61			(0.18	)		1.15
Less Dividends and Distributions:
Dividends from net investment income		(0.27)			(0.52)			(0.43	)		(0.41	)		(0.47	)		(0.52	)
Net asset value, end of period		$6.84			$6.41			$6.40			$9.06			$8.86			$9.51
Total Return(c):		10.98%			8.07%			(25.24	)%		6.91	%		(1.82	)%		13.23	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$122			$93			$63			$59			$28			$13
Average net assets (000)		$108			$83			$74			$47			$18			$12
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.06%	(e)(f)		1.06%	(f)		1.05	%		1.05	%		1.05	%		1.05	%
Expenses before waivers and/or expense reimbursement		7.99%	(e)		8.75%			11.65	%		19.07	%		66.11	%		115.95	%
Net investment income (loss)		5.63%	(e)		5.29%			4.36	%		3.84	%		4.19	%		4.95	%
Portfolio turnover rate(g)		9%			29%			20	%		20	%		23	%		33	%

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

(b) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(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) Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver for the six months ended April 30, 2024 and year ended October 31, 2023.

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

See Notes to Financial Statements.

60

 

Class C Shares
	Six Months Ended April 30, 2024			Year Ended October 31,
				2023			2022			2021			2020			2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$6.41			$6.40			$9.06			$8.86			$9.51			$8.88
Income (loss) from investment operations:
Net investment income (loss)		0.16			0.30			0.27			0.28			0.32			0.39
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.52			0.17	(b)		(2.55	)		0.26			(0.57	)		0.69
Total from investment operations		0.68			0.47			(2.28	)		0.54			(0.25	)		1.08
Less Dividends and Distributions:
Dividends from net investment income		(0.25)			(0.46	)		(0.38	)		(0.34	)		(0.40	)		(0.45	)
Net asset value, end of period		$6.84			$6.41			$6.40			$9.06			$8.86			$9.51
Total Return(c):		10.73%			7.26	%		(25.82	)%		6.11	%		(2.55	)%		12.40	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$9			$9			$8			$11			$10			$10
Average net assets (000)		$9			$9			$9			$11			$10			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.81%	(e)(f)		1.80	%		1.80	%		1.80	%		1.80	%		1.80	%
Expenses before waivers and/or expense reimbursement		77.58%	(e)		63.23	%		81.50	%		78.90	%		114.46	%		139.02	%
Net investment income (loss)		4.81%	(e)		4.52	%		3.53	%		3.08	%		3.56	%		4.22	%
Portfolio turnover rate(g)		9%			29	%		20	%		20	%		23	%		33	%

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

(b) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(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) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver for the six months ended April 30, 2024.

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

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund  61

Financial Highlights (unaudited)(continued)

Class Z Shares
	Six Months Ended April 30, 2024			Year Ended October 31,
				2023			2022			2021			2020			2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$6.42			$6.40			$9.06			$8.87			$9.51			$8.88
Income (loss) from investment operations:
Net investment income (loss)		0.20			0.37			0.35			0.38			0.40			0.48
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.51			0.19	(b)		(2.55	)		0.25			(0.54	)		0.69
Total from investment operations		0.71			0.56			(2.20	)		0.63			(0.14	)		1.17
Less Dividends and Distributions:
Dividends from net investment income		(0.28)			(0.54	)		(0.46	)		(0.44	)		(0.50	)		(0.54	)
Net asset value, end of period		$6.85			$6.42			$6.40			$9.06			$8.87			$9.51
Total Return(c):		11.13%			8.57	%		(25.01	)%		7.11	%		(1.43	)%		13.51	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$13,089			$8,793			$10,670			$18,069			$18,982			$5,782
Average net assets (000)		$10,672			$11,553			$14,687			$25,561			$10,951			$3,498
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.76%	(e)(f)		0.75	%		0.75	%		0.75	%		0.75	%		0.80	%
Expenses before waivers and/or expense reimbursement		1.04%	(e)		1.03	%		1.06	%		1.07	%		1.53	%		2.41	%
Net investment income (loss)		5.87%	(e)		5.57	%		4.54	%		4.12	%		4.45	%		5.12	%
Portfolio turnover rate(g)		9%			29	%		20	%		20	%		23	%		33	%

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

(b) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(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) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver for the six months ended April 30, 2024.

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

See Notes to Financial Statements.

62

 

Class R6 Shares
	Six Months Ended April 30, 2024			Year Ended October 31,
				2023			2022			2021			2020			2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$6.41			$6.40			$9.06			$8.86			$9.51			$8.88
Income (loss) from investment operations:
Net investment income (loss)		0.20			0.38			0.36			0.39			0.43			0.49
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.53			0.17	(b)		(2.56	)		0.26			(0.57	)		0.69
Total from investment operations		0.73			0.55			(2.20	)		0.65			(0.14	)		1.18
Less Dividends and Distributions:
Dividends from net investment income		(0.29)			(0.54	)		(0.46	)		(0.45	)		(0.51	)		(0.55	)
Net asset value, end of period		$6.85			$6.41			$6.40			$9.06			$8.86			$9.51
Total Return(c):		11.36%			8.50	%		(24.94	)%		7.34	%		(1.44	)%		13.58	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$221,547			$195,739			$129,233			$136,285			$97,771			$26,493
Average net assets (000)		$214,977			$180,012			$137,772			$107,966			$30,037			$25,144
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.66%	(e)(f)		0.66	%(f)		0.65	%		0.65	%		0.66	%		0.74	%
Expenses before waivers and/or expense reimbursement		0.76%	(e)		0.79	%		0.78	%		0.81	%		1.16	%		1.49	%
Net investment income (loss)		5.95%	(e)		5.68	%		4.73	%		4.24	%		4.69	%		5.27	%
Portfolio turnover rate(g)		9%			29	%		20	%		20	%		23	%		33	%

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

(b) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(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) Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver for the six months ended April 30, 2024 and year ended October 31, 2023.

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

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund  63

Notes to Financial Statements (unaudited)

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. These financial statements relate only to the PGIM Emerging Markets Debt Hard Currency Fund (the “Fund”), a series of the RIC. The Fund is classified as a diversified fund for purposes of the 1940 Act.

The investment objective of the Fund is 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 Board of Directors (the “Board”) has approved the Fund’s valuation policies and procedures for security valuation and designated PGIM Investments LLC (“PGIM Investments” or the “Manager”) as the “Valuation Designee,” as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Fund investments. Pursuant to the Board’s oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities as Valuation Designee under Rule 2a-5. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign

64

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 Measurement.

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

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

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

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

PGIM Emerging Markets Debt Hard Currency Fund  65

Notes to Financial Statements (unaudited) (continued)

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 policies and procedures approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.

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

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

(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

66

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 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

PGIM Emerging Markets Debt Hard Currency Fund  67

Notes to Financial Statements (unaudited) (continued)

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 the value of the underlying security. Such variation margin is recorded for financial

68

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 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.

PGIM Emerging Markets Debt Hard Currency Fund  69

Notes to Financial Statements (unaudited) (continued)

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” because the higher the contract value 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 which a subadviser may have negotiated and entered into on behalf of all or a portion of the

70

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 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.

PGIM Emerging Markets Debt Hard Currency Fund  71

Notes to Financial Statements (unaudited) (continued)

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

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 accrual basis, which may require the use of certain estimates by management that may differ from actual expense amounts. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative

72

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

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

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

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

3. Agreements

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

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

PGIM Emerging Markets Debt Hard Currency Fund  73

Notes to Financial Statements (unaudited) (continued)

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended April 30, 2024, the contractual and effective management fee rates were as follows:

Contractual Management Rate	Effective Management Fee, before any waivers and/or expense reimbursements
0.650% on average daily net assets up to $1 billion;	0.65%
0.630% on average daily net assets from $1 billion to $3 billion;
0.610% on average daily net assets from $3 billion to $5 billion;
0.600% on average daily net assets from $5 billion to $10 billion;
0.590% on average daily net assets over $10 billion.

The Manager has contractually agreed, through February 28, 2025, to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

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

Class	Expense  Limitations
A		1.05	%
C		1.80
Z		0.75
R6		0.65

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.

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

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

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

For the reporting period ended April 30, 2024, PIMS has not received any front-end sales charges (“FESL”) resulting from sales of certain class shares. Additionally, for the reporting period ended April 30, 2024, PIMS did not receive any contingent deferred sales charges (“CDSC”) 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 and shareholder servicing agent. Transfer agent’s fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

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

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended April 30, 2024, no Rule 17a-7 transactions were entered into by the Fund.

PGIM Emerging Markets Debt Hard Currency Fund  75

Notes to Financial Statements (unaudited) (continued)

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2024, were as follows:

Cost of Purchases	Proceeds from Sales
$31,393,603	$18,914,892

A summary of the cost of purchases and proceeds from sales of shares of an affiliated mutual fund for the reporting period ended April 30, 2024, is presented as follows:

Value,  Beginning   of  Period	Cost of Purchases			Proceeds  from Sales			Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period			Shares, End of Period			Income
Short-Term Investments - Affiliated Mutual Funds:
PGIM Core Government Money Market Fund (7-day effective yield 5.540%)(1)(wb)
$2,239,489		$31,284,453			$26,850,418			$—			$ —		$	6,673,524			6,673,524		$128,055
PGIM Institutional Money Market Fund (7-day effective yield 5.644%)(1)(b)(wb)
1,381,330		11,189,653			9,302,747			14			(80)			3,268,170			3,269,805		20,969(2)
$3,620,819		$42,474,106			$36,153,165			$14			$(80)		$	9,941,694					$149,024

(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.

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

6. Tax Information

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

Tax Basis	Gross Unrealized   Appreciation	Gross Unrealized Depreciation	Net Unrealized Depreciation
$250,530,153	$8,962,348	$(27,102,620)	$(18,140,272)

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

For federal income tax purposes, the Fund had an approximated capital loss carryforward as of October 31, 2023 which can be carried forward for an unlimited period. No capital gains

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distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

Capital Loss Carryforward	Capital Loss         Carryforward  Utilized
$24,920,000	$—

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2023 are subject to such review.

7. Capital and Ownership

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

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	Number of Shares
A		100,000,000
C		100,000,000
Z		200,000,000
R6		200,000,000

PGIM Emerging Markets Debt Hard Currency Fund  77

Notes to Financial Statements (unaudited) (continued)

As of April 30, 2024, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

Class	Number of Shares		Percentage of Outstanding Shares
A		1,449		8.1%
C		1,382		100.0
R6		5,248,615		16.2

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

	Number of Shareholders	Percentage of Outstanding Shares
Affiliated	1	15.2%
Unaffiliated	2	78.5

Transactions in shares of common stock were as follows:

Share Class	Shares			Amount
Class A
Six months ended April 30, 2024:
Shares sold		34,955		$	237,484
Shares issued in reinvestment of dividends and distributions		536			3,699
Shares purchased		(33,573	)		(228,470	)
Net increase (decrease) in shares outstanding before conversion		1,918			12,713
Shares issued upon conversion from other share class(es)		1,442			10,138
Net increase (decrease) in shares outstanding		3,360		$	22,851
Year ended October 31, 2023:
Shares sold		6,909		$	46,253
Shares issued in reinvestment of dividends and distributions		849			5,718
Shares purchased		(5,335	)		(35,935	)
Net increase (decrease) in shares outstanding before conversion		2,423			16,036
Shares issued upon conversion from other share class(es)		2,140			14,681
Net increase (decrease) in shares outstanding		4,563		$	30,717
Class C
Six months ended April 30, 2024:
Shares issued in reinvestment of dividends and distributions		49		$	333
Net increase (decrease) in shares outstanding		49		$	333
Year ended October 31, 2023:
Shares issued in reinvestment of dividends and distributions		88		$	595
Net increase (decrease) in shares outstanding		88		$	595

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Share Class	Shares			Amount
Class Z
Six months ended April 30, 2024:
Shares sold		1,564,891		$	10,823,845
Shares issued in reinvestment of dividends and distributions		51,025			352,838
Shares purchased		(1,045,795	)		(7,269,786	)
Net increase (decrease) in shares outstanding before conversion		570,121			3,906,897
Shares purchased upon conversion into other share class(es)		(30,025	)		(200,517	)
Net increase (decrease) in shares outstanding		540,096		$	3,706,380
Year ended October 31, 2023:
Shares sold		1,739,007		$	11,665,541
Shares issued in reinvestment of dividends and distributions		111,346			751,057
Shares purchased		(1,819,009	)		(12,268,654	)
Net increase (decrease) in shares outstanding before conversion		31,344			147,944
Shares issued upon conversion from other share class(es)		78			523
Shares purchased upon conversion into other share class(es)		(327,880	)		(2,221,838	)
Net increase (decrease) in shares outstanding		(296,458	)	$	(2,073,371	)
Class R6
Six months ended April 30, 2024:
Shares sold		2,344,367		$	16,049,021
Shares issued in reinvestment of dividends and distributions		1,292,175			8,921,791
Shares purchased		(1,831,082	)		(12,512,055	)
Net increase (decrease) in shares outstanding before conversion		1,805,460			12,458,757
Shares issued upon conversion from other share class(es)		28,585			190,379
Net increase (decrease) in shares outstanding		1,834,045		$	12,649,136
Year ended October 31, 2023:
Shares sold		15,999,865		$	108,102,083
Shares issued in reinvestment of dividends and distributions		2,045,842			13,765,587
Shares purchased		(8,037,620	)		(53,085,532	)
Net increase (decrease) in shares outstanding before conversion		10,008,087			68,782,138
Shares issued upon conversion from other share class(es)		325,783			2,207,156
Shares purchased upon conversion into other share class(es)		(78	)		(522	)
Net increase (decrease) in shares outstanding		10,333,792		$	70,988,772

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

PGIM Emerging Markets Debt Hard Currency Fund  79

Notes to Financial Statements (unaudited) (continued)

funding for capital share redemptions. The table below provides details of the SCA in effect at the reporting period-end.

	SCA
Term of Commitment	9/29/2023 - 9/26/2024
Total Commitment	$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%
Annualized Interest Rate on Borrowings	1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent

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

The Fund did not utilize the SCA during the reporting period ended April 30, 2024.

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.

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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 not be able to reinvest at the same rate of interest and therefore would earn less 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” or may create economic leverage for the Fund and therefore may magnify or otherwise increase investment losses to the Fund. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders.

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

Derivatives may also involve legal risks, such as insufficient documentation, the lack of capacity or authority of a counterparty to execute or settle a transaction, and the legality and enforceability of derivatives contracts. The U.S. Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including

PGIM Emerging Markets Debt Hard Currency Fund  81

Notes to Financial Statements (unaudited) (continued)

mandatory clearing of certain derivatives, margin and reporting requirements and risk exposure limitations. Regulation of derivatives may make derivatives more costly, limit their availability or utility to the Fund, or otherwise adversely affect their performance or disrupt markets.

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

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

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.

82

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

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

PGIM Emerging Markets Debt Hard Currency Fund  83

Notes to Financial Statements (unaudited) (continued)

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

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

The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of

84

issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund’s investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.

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

PGIM Emerging Markets Debt Hard Currency Fund  85

Liquidity Risk Management Program (unaudited)

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

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

At a meeting of the Board on March 5-7, 2024, PGIM Investments provided a written report (“LRMP Report”) to the Board addressing the operation, adequacy, and effectiveness of the Fund’s LRMP, including any material changes to the LRMP for the period from January 1, 2023 through December 31, 2023 (“Reporting Period”). The LRMP Report concluded that the Fund’s LRMP was reasonably designed to assess and manage the Fund’s liquidity risk and was adequately and effectively implemented during the Reporting Period. There were no material changes to the LRMP during the Reporting Period. The LRMP Report further concluded that the Fund’s investment strategies continue to be appropriate given the Fund’s status as an open-end fund.

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

86

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

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
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 534432 Pittsburgh, PA 15253
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH 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.

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

MF239E2

Item 2 – Code of Ethics – Not required, as this is not an annual filing.

Item 3 – Audit Committee Financial Expert – Not required, as this is not an annual filing.

Item 4 – Principal Accountant Fees and Services – Not required, as this is not an annual filing.

Item 5 – Audit Committee of Listed Registrants – Not applicable.

Item 6 – Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this      Form.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not      applicable.

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not      applicable.

Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 – Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There has been no significant change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not

      applicable.

Item 13 – Recovery of Erroneously Awarded Compensation – Not applicable.

Item 14 – Exhibits

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

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

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

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit  EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:	Prudential World Fund, Inc.
By:	/s/ Andrew R. French
	Andrew R. French
	Secretary
Date:	June 17, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Stuart S. Parker
	Stuart S. Parker
	President and Principal Executive Officer
Date:	June 17, 2024
By:	/s/ Christian J. Kelly
	Christian J. Kelly
	Chief Financial Officer (Principal Financial Officer)
Date:	June 17, 2024