UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:	811-03981
Exact name of registrant as specified in charter:	Prudential World Fund, Inc.
Address of principal executive offices:	655 Broad Street, 17th Floor
	Newark, New Jersey 07102
Name and address of agent for service:	Andrew R. French
	655 Broad Street, 17th Floor
	Newark, New Jersey 07102
Registrant’s telephone number, including area code:	800-225-1852
Date of fiscal year end:	10/31/2022
Date of reporting period:	4/30/2022

Item 1 – Reports to Stockholders

PGIM QUANT SOLUTIONS INTERNATIONAL EQUITY FUND

Formerly known as PGIM QMA International Equity Fund

SEMIANNUAL REPORT

APRIL 30, 2022

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, 2022 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, member SIPC. PGIM Quantitative Solutions is the primary business name of PGIM Quantitative Solutions LLC (formerly known as QMA LLC), a wholly owned subsidiary of PGIM, Inc. (PGIM), a registered investment adviser and Prudential Financial company. ^© 2022 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 Quant Solutions International Equity Fund informative and useful. The report covers performance for the six-month period ended April 30, 2022.   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 a top-10 investment manager globally with more than $1.5 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 15, 2022

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 4/30/22 (without sales charges) Six Months* (%)	Average Annual Total Returns as of 4/30/22 (with sales charges)
		One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	-11.33	-15.42	2.29	3.99	—
Class C	-11.92	-12.28	2.40	3.69	—
Class Z	-11.28	-10.14	3.81	4.93	—
Class R6	-11.05	-9.91	4.10	N/A	6.04 (12/28/2016)
MSCI All Country World ex-US Index
	-11.87	-10.31	4.94	5.04	—

Average Annual Total Returns as of 4/30/22 Since Inception (%)
	Class R6   (12/28/2016)
MSCI All Country World ex-US Index	6.54

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

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

PGIM Quant Solutions International Equity Fund 5

Your Fund’s Performance (continued)

Presentation of Fund Holdings as of 4/30/22

Ten Largest Holdings	Line of Business	Country	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd.	Semiconductors & Semiconductor Equipment	Taiwan	1.9%
Roche Holding AG	Pharmaceuticals	Switzerland	1.5%
Sanofi	Pharmaceuticals	France	1.1%
Samsung Electronics Co. Ltd.	Technology Hardware, Storage & Peripherals	South Korea	1.1%
GlaxoSmithKline plc	Pharmaceuticals	United States	1.0%
British American Tobacco plc	Tobacco	United Kingdom	1.0%
Canadian Natural Resources Ltd.	Oil, Gas & Consumable Fuels	Canada	1.0%
Mitsubishi UFJ Financial Group, Inc.	Banks	Japan	0.9%
Toronto-Dominion Bank (The)	Banks	Canada	0.9%
iShares MSCI EAFE ETF	Exchange Traded Funds	United States	0.9%

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, 2022. 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, 2021	Ending         Account Value         April 30, 2022	Annualized         Expense          Ratio Based on the         Six-Month Period	Expenses Paid         During the         Six-Month Period*
Class A	Actual	$1,000.00	$   886.70	1.42%	$  6.64
	Hypothetical	$1,000.00	$1,017.75	1.42%	$  7.10
Class C	Actual	$1,000.00	$   880.80	2.66%	$12.40
	Hypothetical	$1,000.00	$1,011.60	2.66%	$13.27
Class Z	Actual	$1,000.00	$   889.50	1.01%	$  4.73
	Hypothetical	$1,000.00	$1,019.79	1.01%	$  5.06
Class R6	Actual	$1,000.00	$   887.20	0.78%	$  3.65
	Hypothetical	$1,000.00	$1,020.93	0.78%	$  3.91

*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 181 days in the six-month period ended April 30, 2022, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2022 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

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Schedule of Investments  (unaudited)

as of April 30, 2022

Description	Shares		Value
LONG-TERM INVESTMENTS    97.7%
COMMON STOCKS    95.2%
Australia    4.8%
ARB Corp. Ltd.		32,872	$	909,924
Bendigo & Adelaide Bank Ltd.		40,950		304,497
BHP Group Ltd.		26,938		894,178
BlueScope Steel Ltd.		17,635		251,225
Charter Hall Group, REIT		18,795		202,155
Dexus, REIT		112,635		874,560
Genworth Mortgage Insurance Australia Ltd.		337,943		712,304
Glencore PLC*		86,620		530,682
Goodman Group, REIT		84,092		1,397,209
JB Hi-Fi Ltd.		15,765		582,128
Jumbo Interactive Ltd.		9,672		118,200
Macquarie Group Ltd.		6,767		968,485
Nick Scali Ltd.		9,639		68,601
Rio Tinto Ltd.		3,792		297,345
Rio Tinto PLC		12,374		873,473
Sonic Healthcare Ltd.		48,881		1,258,629
Stockland, REIT		37,076		106,780
West African Resources Ltd.*		297,147		282,498
				10,632,873
Austria    0.6%
OMV AG		24,478		1,256,241
Belgium    0.1%
Bekaert SA		2,280		84,831
Tessenderlo Group SA*		3,385		118,916
				203,747
Brazil    1.1%
Banco do Brasil SA		165,000		1,108,021
Banco Santander Brasil SA, UTS		68,000		437,658
Cia de Saneamento de Minas Gerais-COPASA		84,900		235,263
Cia de Saneamento do Parana, UTS		54,900		220,424
Marfrig Global Foods SA		53,100		202,242
Petroleo Brasileiro SA		33,100		225,288
Vale SA		4,400		74,794
				2,503,690
Canada    8.2%
Alimentation Couche-Tard, Inc.		11,500		511,956

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund 9

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Canada (cont’d.)
Aritzia, Inc.*		29,200	$	1,039,894
Artis Real Estate Investment Trust, REIT		69,200		706,194
Bank of Montreal		5,700		604,365
Canaccord Genuity Group, Inc.		35,600		313,144
Canadian Imperial Bank of Commerce		15,100		1,669,328
Canadian Natural Resources Ltd.		34,900		2,160,043
Canadian Tire Corp. Ltd. (Class A Stock)		700		96,419
Canfor Corp.*		52,900		1,008,050
CGI, Inc.*		13,500		1,076,511
Dollarama, Inc.		2,600		144,547
Fairfax Financial Holdings Ltd.		2,600		1,428,609
George Weston Ltd.		5,500		684,241
Gildan Activewear, Inc.		7,700		260,912
Imperial Oil Ltd.		8,400		422,926
Interfor Corp.		47,800		1,362,578
Loblaw Cos. Ltd.		13,700		1,253,172
Manulife Financial Corp.		17,600		344,150
Metro, Inc.		2,200		120,922
North West Co., Inc. (The)		12,500		348,636
Nutrien Ltd.		1,500		147,402
Royal Bank of Canada		1,500		151,500
Russel Metals, Inc.		6,100		162,584
Toromont Industries Ltd.		1,000		88,032
Toronto-Dominion Bank (The)		26,900		1,942,981
				18,049,096
Chile    0.1%
Cencosud SA		53,740		86,021
Lundin Mining Corp.		10,000		91,309
				177,330
China    10.4%
Agricultural Bank of China Ltd. (Class H Stock)		260,000		97,721
Alibaba Group Holding Ltd.*		38,800		478,392
Bank of China Ltd. (Class H Stock)		759,000		298,257
Bank of Communications Co. Ltd. (Class H Stock)		2,228,000		1,547,715
Baoshan Iron & Steel Co. Ltd. (Class A Stock)		147,800		142,617
Beijing Enterprises Holdings Ltd.		30,000		101,465
BYD Co. Ltd. (Class H Stock)		48,500		1,416,300
China BlueChemical Ltd. (Class H Stock)		1,792,000		615,476
China CITIC Bank Corp. Ltd. (Class H Stock)		850,000		431,929
China Construction Bank Corp. (Class H Stock)		2,587,000		1,827,330
China Medical System Holdings Ltd.		498,000		716,777

See Notes to Financial Statements.

10

Description	Shares		Value
COMMON STOCKS (Continued)
China (cont’d.)
China Shenhua Energy Co. Ltd. (Class H Stock)		272,000	$	869,438
Chlitina Holding Ltd.		105,000		657,629
Chongqing Rural Commercial Bank Co. Ltd. (Class A Stock)		360,000		208,771
Chow Tai Fook Jewellery Group Ltd.*		672,600		1,126,404
CITIC Ltd.		746,000		770,005
COSCO SHIPPING Holdings Co. Ltd. (Class H Stock)*		237,300		369,683
CSPC Pharmaceutical Group Ltd.		540,000		554,244
Greentown Management Holdings Co. Ltd., 144A		340,000		255,835
Guotai Junan Securities Co. Ltd. (Class A Stock)		35,700		77,770
Huaxia Bank Co. Ltd. (Class A Stock)		420,300		343,509
Industrial & Commercial Bank of China Ltd. (Class H Stock)		2,662,000		1,620,146
Industrial Bank Co. Ltd. (Class A Stock)		119,500		366,602
Intco Medical Technology Co. Ltd. (Class A Stock)*		45,564		196,213
JD.com, Inc. (Class A Stock)*		1,404		45,455
Lenovo Group Ltd.		1,244,000		1,200,985
Li Ning Co. Ltd.		156,500		1,225,545
Metallurgical Corp. of China Ltd. (Class A Stock)		502,900		262,042
PetroChina Co. Ltd. (Class H Stock)		2,004,000		956,488
Pinduoduo, Inc., ADR*		15,000		646,350
Shaanxi Coal Industry Co. Ltd. (Class A Stock)		144,900		374,560
Shanghai International Port Group Co. Ltd. (Class A Stock)		402,600		356,050
Shanxi Taigang Stainless Steel Co. Ltd. (Class A Stock)		213,000		188,906
SITC International Holdings Co. Ltd.		26,000		86,530
Tencent Holdings Ltd.		27,300		1,283,844
Wilmar International Ltd.		404,400		1,287,988
				23,004,971
Denmark    1.5%
AP Moller - Maersk A/S (Class B Stock)		546		1,594,287
Novo Nordisk A/S (Class B Stock)		2,496		286,219
Pandora A/S		5,545		491,744
Scandinavian Tobacco Group A/S, 144A		44,692		938,186
				3,310,436
Finland    1.3%
Fortum OYJ		5,300		88,304
Nokia OYJ*		255,352		1,305,444
Sampo OYJ (Class A Stock)		28,940		1,405,420
				2,799,168
France    6.3%
Capgemini SE		3,333		678,318

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund 11

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
France (cont’d.)
Carrefour SA		6,324	$	133,621
Cie de Saint-Gobain		28,092		1,631,808
Cie Generale des Etablissements Michelin SCA		8,405		1,041,572
Coface SA		34,576		417,703
Dassault Systemes SE		5,844		258,188
Eiffage SA		860		85,000
Engie SA		106,266		1,257,330
Hermes International		587		721,794
Ipsen SA		10,277		1,064,651
Kering SA		692		368,549
L’Oreal SA		1,763		637,892
LVMH Moet Hennessy Louis Vuitton SE		1,106		711,593
Metropole Television SA		7,770		143,679
Publicis Groupe SA		19,555		1,170,134
Sanofi		22,586		2,388,743
Sartorius Stedim Biotech		336		109,995
Television Francaise 1		49,958		422,566
Trigano SA		4,447		572,137
				13,815,273
Georgia    0.1%
Bank of Georgia Group PLC		6,739		103,264
Germany    3.7%
Allianz SE		3,356		755,124
Aurubis AG		5,960		679,654
Bayer AG*		15,640		1,026,660
Bayerische Motoren Werke AG		2,990		243,842
Covestro AG, 144A		21,433		923,128
Deutsche Pfandbriefbank AG, 144A		7,340		93,056
Deutsche Post AG		20,330		862,676
Deutsche Telekom AG		5,612		102,718
E.ON SE		97,901		1,019,388
Freenet AG		11,353		311,242
Infineon Technologies AG		7,625		217,756
Mercedes-Benz Group AG*		2,442		169,766
Merck KGaA		7,697		1,431,549
Nemetschek SE		900		71,332
Northern Data AG*(a)		2,992		153,908
				8,061,799
Greece    0.0%
Hellenic Telecommunications Organization SA		5,140		98,922

See Notes to Financial Statements.

12

Description	Shares		Value
COMMON STOCKS (Continued)
Hong Kong    1.7%
Jardine Matheson Holdings Ltd.		21,500	$	1,137,333
Link REIT, REIT		158,500		1,366,237
Value Partners Group Ltd.		657,000		248,497
WH Group Ltd., 144A		1,338,000		924,868
				3,676,935
India    3.5%
Bajaj Consumer Care Ltd.		153,522		335,164
Bharat Electronics Ltd.		26,620		82,348
Cipla Ltd.		6,700		85,675
GAIL India Ltd.		45,589		94,226
Indian Oil Corp. Ltd.		63,147		103,182
Infosys Ltd.		12,768		258,012
JSW Steel Ltd.		10,780		101,334
NTPC Ltd.		223,251		451,925
Oil & Natural Gas Corp. Ltd.		692,987		1,440,287
Page Industries Ltd.		168		99,651
Power Grid Corp. of India Ltd.		530,365		1,574,106
Redington India Ltd.		250,893		496,987
Sun Pharmaceutical Industries Ltd.		24,104		290,749
Tanla Platforms Ltd.		20,020		367,503
Tata Elxsi Ltd.		1,974		198,261
Tata Steel Ltd.		87,353		1,436,567
Titan Co. Ltd.		11,141		354,991
				7,770,968
Indonesia    0.8%
Astra International Tbk PT		2,359,100		1,231,778
First Pacific Co. Ltd.		1,318,000		531,313
				1,763,091
Ireland    0.2%
Kingspan Group PLC		3,489		326,881
Israel    0.9%
Bank Hapoalim BM		9,728		90,095
Bank Leumi Le-Israel BM		128,108		1,354,361
Bezeq The Israeli Telecommunication Corp. Ltd.*		329,833		526,607
				1,971,063

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund 13

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Italy    1.2%
Eni SpA		90,809	$	1,270,817
Ferrari NV		1,120		235,788
Mediobanca Banca di Credito Finanziario SpA		8,100		81,384
MFE-MediaForEurope NV (Class A Stock)*(a)		438,010		265,450
MFE-MediaForEurope NV (Class B Stock)(a)		394,527		361,420
Moncler SpA		1,836		95,773
Poste Italiane SpA, 144A		25,720		251,790
				2,562,422
Japan    11.5%
Advantest Corp.		1,800		123,470
Benesse Holdings, Inc.		15,200		270,270
Canon, Inc.		63,300		1,450,260
Chugai Pharmaceutical Co. Ltd.		41,300		1,239,448
Dai-ichi Life Holdings, Inc.		80,000		1,577,622
Daiwa House Industry Co. Ltd.		5,200		125,415
Digital Garage, Inc.		10,700		353,219
Digital Holdings, Inc.		11,400		128,404
Fujitsu Ltd.		9,000		1,282,736
GungHo Online Entertainment, Inc.		31,000		631,904
H.U. Group Holdings, Inc.		3,700		82,323
IDOM, Inc.		28,800		143,823
Inpex Corp.		106,500		1,284,321
Isuzu Motors Ltd.		29,700		346,764
Japan Tobacco, Inc.		75,100		1,284,323
KDDI Corp.		13,900		470,410
Marubeni Corp.		14,500		158,627
Mitsubishi Corp.		23,500		790,213
Mitsubishi UFJ Financial Group, Inc.		342,000		1,962,250
Mitsui & Co. Ltd.		72,200		1,744,337
Mitsui OSK Lines Ltd.		3,500		82,109
Nintendo Co. Ltd.		2,200		1,004,170
Nippon Telegraph & Telephone Corp.		30,668		908,252
Nippon Yusen KK		5,400		391,368
Nisshinbo Holdings, Inc.		60,000		449,402
Nitto Denko Corp.		1,200		81,570
NTT Data Corp.		8,600		158,254
Recruit Holdings Co. Ltd.		23,600		873,465
Renesas Electronics Corp.*		53,200		572,693
Secom Co. Ltd.		1,400		98,773
Shimamura Co. Ltd.		2,000		177,587
Shimano, Inc.		6,500		1,135,142
Shionogi & Co. Ltd.		2,500		140,868
Sumitomo Corp.		79,500		1,253,965

See Notes to Financial Statements.

14

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
Taisei Corp.		6,000	$	162,586
Takeda Pharmaceutical Co. Ltd.		14,200		412,072
Toshiba Corp.		3,500		144,063
Toyota Motor Corp.		13,665		234,516
Transcosmos, Inc.		4,400		104,085
Uchida Yoko Co. Ltd.		4,400		165,966
Yamaha Motor Co. Ltd.		37,800		780,161
YA-MAN Ltd.		21,200		201,959
Yoshinoya Holdings Co. Ltd.		22,600		410,798
				25,393,963
Kuwait    0.1%
Humansoft Holding Co. KSC		25,806		284,452
Luxembourg    1.1%
ArcelorMittal SA		45,760		1,338,468
Eurofins Scientific SE		12,610		1,168,565
				2,507,033
Malaysia    0.5%
Petronas Chemicals Group Bhd		435,600		1,021,365
Mexico    0.1%
America Movil SAB de CV (Class L Stock)		127,300		124,140
Netherlands    3.2%
Aegon NV		16,440		84,830
ASML Holding NV		1,737		983,245
Koninklijke Ahold Delhaize NV		54,020		1,587,070
Koninklijke KPN NV		32,466		112,297
NN Group NV		24,552		1,206,323
Randstad NV		21,631		1,143,727
Shell PLC		62,243		1,678,572
Wolters Kluwer NV		2,552		257,886
				7,053,950
Nigeria    0.3%
Airtel Africa PLC, 144A		338,897		611,052
Norway    0.3%
Equinor ASA		19,915		675,430

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund 15

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Peru    0.0%
Southern Copper Corp.		1,400	$	87,178
Philippines    0.0%
PLDT, Inc.		2,645		93,177
Portugal    0.0%
Sonae SGPS SA		81,802		88,340
Qatar    0.7%
Industries Qatar QSC		304,106		1,571,274
Russia    0.0%
Inter RAO UES PJSC^		13,660,000		19
LUKOIL PJSC^		14,283		—
Polyus PJSC^		1,450		—
Rosneft Oil Co. PJSC^		155,425		—
Sberbank of Russia PJSC^		366,709		1
				20
Saudi Arabia    0.4%
Leejam Sports Co. JSC		3,014		89,051
Riyad Bank		7,940		86,115
SABIC Agri-Nutrients Co.		17,462		758,345
				933,511
Singapore    1.2%
DBS Group Holdings Ltd.		77,100		1,871,678
STMicroelectronics NV		15,760		581,732
United Overseas Bank Ltd.		10,400		222,501
				2,675,911
South Africa    1.5%
Anglo American PLC		15,575		705,127
FirstRand Ltd.		272,979		1,175,812
Impala Platinum Holdings Ltd.		7,804		101,558
Sibanye Stillwater Ltd.		370,432		1,295,747
				3,278,244
South Korea    5.2%
BNK Financial Group, Inc.		38,013		236,010
DB Insurance Co. Ltd.		13,743		732,413

See Notes to Financial Statements.

16

Description	Shares		Value
COMMON STOCKS (Continued)
South Korea (cont’d.)
Hana Financial Group, Inc.		39,518	$	1,471,869
KB Financial Group, Inc.		29,982		1,378,729
Kia Corp.		21,889		1,429,926
LG Innotek Co. Ltd.		1,872		509,701
MegaStudyEdu Co. Ltd.		17,016		1,280,118
POSCO Holdings, Inc.		5,676		1,288,955
Samsung Electronics Co. Ltd.		44,651		2,368,175
SK Hynix, Inc.		8,400		730,769
Woori Financial Group, Inc.		7,080		82,103
				11,508,768
Spain    0.8%
Banco Santander SA		153,232		448,391
Endesa SA		45,884		961,593
Telefonica SA		48,222		234,312
				1,644,296
Sweden    1.2%
Ambea AB, 144A		19,404		97,787
Atlas Copco AB (Class A Stock)		7,672		346,958
Atlas Copco AB (Class B Stock)		3,502		136,965
Investor AB (Class A Stock)		4,642		97,121
Investor AB (Class B Stock)		74,208		1,418,873
Inwido AB		12,664		175,543
Sandvik AB		4,401		83,488
Skanska AB (Class B Stock)		3,820		72,873
SSAB AB (Class A Stock)		12,660		80,704
Telefonaktiebolaget LM Ericsson (Class B Stock)		25,650		204,621
				2,714,933
Switzerland    5.9%
Bucher Industries AG		1,040		376,066
Chocoladefabriken Lindt & Spruengli AG		1		118,412
Cie Financiere Richemont SA (Class A Stock)		10,619		1,231,339
Kuehne + Nagel International AG		4,945		1,385,585
Nestle SA		13,850		1,783,125
Novartis AG		19,332		1,708,827
Roche Holding AG		9,012		3,337,769
Sensirion Holding AG, 144A*		3,924		469,720
SFS Group AG		632		79,155

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund 17

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Switzerland (cont’d.)
UBS Group AG		111,696	$	1,889,040
Zurich Insurance Group AG		1,323		602,120
				12,981,158
Taiwan    4.0%
Asustek Computer, Inc.		108,000		1,295,878
Cathay Financial Holding Co. Ltd.		72,000		150,700
Chunghwa Telecom Co. Ltd.		25,000		110,750
Evergreen Marine Corp. Taiwan Ltd.		248,000		1,188,769
Formosa Plastics Corp.		34,000		120,261
Kindom Development Co. Ltd.		159,000		186,153
Nan Ya Plastics Corp.		42,000		122,421
Nan Ya Printed Circuit Board Corp.		8,000		107,104
Novatek Microelectronics Corp.		6,000		79,012
Taita Chemical Co. Ltd.		190,600		197,813
Taiwan Semiconductor Manufacturing Co. Ltd.		227,000		4,089,672
Unimicron Technology Corp.		12,000		84,072
United Microelectronics Corp.		487,000		770,548
Vanguard International Semiconductor Corp.		18,000		62,947
Wan Hai Lines Ltd.		17,000		82,307
Yang Ming Marine Transport Corp.*		21,000		87,717
				8,736,124
Thailand    0.6%
Advanced Info Service PCL		196,000		1,223,871
AP Thailand PCL		432,400		148,621
				1,372,492
Turkey    1.0%
Enerjisa Enerji A/S, 144A		579,269		548,786
Ford Otomotiv Sanayi A/S		5,069		101,800
Haci Omer Sabanci Holding A/S		91,266		122,327
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S (Class D Stock)*		611,960		620,393
KOC Holding A/S		39,380		105,825
Koza Anadolu Metal Madencilik Isletmeleri A/S*		341,539		718,833
				2,217,964
Ukraine    0.3%
Ferrexpo PLC		278,912		583,210

See Notes to Financial Statements.

18

Description	Shares		Value
COMMON STOCKS (Continued)
United Arab Emirates    0.2%
Abu Dhabi Commercial Bank PJSC		84,140	$	232,829
Aldar Properties PJSC		99,225		152,083
				384,912
United Kingdom    6.2%
3i Group PLC		77,042		1,268,686
AstraZeneca PLC		2,242		296,400
Barclays PLC		665,522		1,222,995
British American Tobacco PLC		54,329		2,275,891
CNH Industrial NV		9,052		129,107
Dunelm Group PLC		29,789		369,456
Greggs PLC		6,838		198,637
Halfords Group PLC		60,592		168,071
Howden Joinery Group PLC		43,381		407,748
Imperial Brands PLC		62,078		1,286,069
JD Sports Fashion PLC		93,227		154,355
Lloyds Banking Group PLC		661,575		376,167
Morgan Sindall Group PLC		5,863		155,126
NatWest Group PLC		447,559		1,197,843
Next PLC		1,288		96,872
Safestore Holdings PLC, REIT		32,233		492,721
SSE PLC		9,243		215,218
Tesco PLC		217,242		740,159
Unilever PLC		30,921		1,438,304
WPP PLC		94,772		1,183,592
				13,673,417
United States    2.4%
Ferguson PLC		11,745		1,482,586
GlaxoSmithKline PLC		102,066		2,305,490
JBS SA		195,200		1,496,391
				5,284,467
TOTAL COMMON STOCKS
(cost $208,798,187)				209,588,951
EXCHANGE-TRADED FUND    0.9%
United States
iShares MSCI EAFE ETF (cost $2,224,463)		27,900		1,915,056

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund 19

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Description					Shares		Value
PREFERRED STOCKS    1.6%
Brazil    1.3%
Braskem SA (PRFC A)						11,000	$	89,710
Cia Energetica de Minas Gerais (PRFC)						266,900		812,477
Cia Paranaense de Energia (PRFC B)						232,000		348,660
Petroleo Brasileiro SA (PRFC)						266,700		1,644,775
								2,895,622
Germany    0.1%
Sartorius AG (PRFC)						237		89,065
Volkswagen AG (PRFC)						1,647		254,292
								343,357
South Korea    0.2%
Samsung Electronics Co. Ltd. (PRFC)						7,571		351,415
TOTAL PREFERRED STOCKS
(cost $2,845,134)								3,590,394
TOTAL LONG-TERM INVESTMENTS
(cost $213,867,784)								215,094,401
SHORT-TERM INVESTMENTS    1.6%
AFFILIATED MUTUAL FUND    0.2%
PGIM Institutional Money Market Fund (cost $499,278; includes $498,933 of cash collateral for securities on loan)(b)(wa)						499,797		499,397
	Interest Rate		Maturity Date		Principal Amount (000)#
U.S. TREASURY OBLIGATION(k)(n)    0.2%
U.S. Treasury Bills (cost $569,675)		0.447%		06/16/22		570		569,682

See Notes to Financial Statements.

20

Description	Shares		Value
UNAFFILIATED FUND    1.2%
Dreyfus Government Cash Management (Institutional Shares) (cost $2,563,016)		2,563,016	$	2,563,016
TOTAL SHORT-TERM INVESTMENTS
(cost $3,631,969)				3,632,095
TOTAL INVESTMENTS    99.3%
(cost $217,499,753)				218,726,496
Other assets in excess of liabilities(z)    0.7%				1,517,509
NET ASSETS 100.0%			$	220,244,005

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

EAFE—Europe, Australasia, Far East

ETF—Exchange-Traded Fund

LIBOR—London Interbank Offered Rate

MSCI—Morgan Stanley Capital International

PJSC—Public Joint-Stock Company

PRFC—Preference Shares

REITs—Real Estate Investment Trust

UTS—Unit Trust Security

* 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 $20 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 $450,993; cash collateral of $498,933 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

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

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

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

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

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund 21

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Futures contracts outstanding at April 30, 2022:

Number of Contracts		Type	Expiration Date	Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
Long Positions:
	35	Mini MSCI EAFE Index	Jun. 2022		$3,494,050		$  (95,654	)
	43	Mini MSCI Emerging Markets Index	Jun. 2022		2,273,410		(5,574	)
							$(101,228	)

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

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

Broker	Cash and/or Foreign Currency	Securities Market Value
Goldman Sachs & Co. LLC	$—	$569,682

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, 2022 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Australia	$	—	$	10,632,873		$—
Austria		—		1,256,241		—
Belgium		—		203,747		—
Brazil		2,503,690		—		—
Canada		18,049,096		—		—
Chile		177,330		—		—
China		646,350		22,358,621		—
Denmark		—		3,310,436		—
Finland		—		2,799,168		—
France		—		13,815,273		—
Georgia		—		103,264		—

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	$	—	$	8,061,799		$—
Greece		—		98,922		—
Hong Kong		—		3,676,935		—
India		—		7,770,968		—
Indonesia		—		1,763,091		—
Ireland		—		326,881		—
Israel		—		1,971,063		—
Italy		—		2,562,422		—
Japan		—		25,393,963		—
Kuwait		—		284,452		—
Luxembourg		—		2,507,033		—
Malaysia		—		1,021,365		—
Mexico		124,140		—		—
Netherlands		—		7,053,950		—
Nigeria		—		611,052		—
Norway		—		675,430		—
Peru		87,178		—		—
Philippines		—		93,177		—
Portugal		—		88,340		—
Qatar		—		1,571,274		—
Russia		—		—		20
Saudi Arabia		—		933,511		—
Singapore		—		2,675,911		—
South Africa		—		3,278,244		—
South Korea		—		11,508,768		—
Spain		—		1,644,296		—
Sweden		—		2,714,933		—
Switzerland		—		12,981,158		—
Taiwan		—		8,736,124		—
Thailand		—		1,372,492		—
Turkey		—		2,217,964		—
Ukraine		—		583,210		—
United Arab Emirates		—		384,912		—
United Kingdom		—		13,673,417		—
United States		1,496,391		3,788,076		—
Exchange-Traded Fund
United States		1,915,056		—		—
Preferred Stocks
Brazil		2,895,622		—		—
Germany		—		343,357		—
South Korea		—		351,415		—
Short-Term Investments
Affiliated Mutual Fund		499,397		—		—

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund 23

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

	Level 1			Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Short-Term Investments (continued)
U.S. Treasury Obligation.	$	—		$	569,682	$—
Unaffiliated Fund		2,563,016			—	—
Total	$	30,957,266		$	187,769,210	$20
Other Financial Instruments*
Liabilities
Futures Contracts	$	(101,228	)	$	—	$—

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

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of April 30, 2022 were as follows:

Banks	11.6	%
Pharmaceuticals	8.0
Oil, Gas & Consumable Fuels	6.7
Metals & Mining	5.8
Insurance	3.9
Semiconductors & Semiconductor Equipment	3.7
Automobiles	3.1
Technology Hardware, Storage & Peripherals	3.1
Trading Companies & Distributors	2.9
Food Products	2.8
Tobacco	2.6
Textiles, Apparel & Luxury Goods	2.6
Food & Staples Retailing	2.4
Equity Real Estate Investment Trusts (REITs)	2.4
Electric Utilities	2.3
Marine	2.2
Capital Markets	2.1
Chemicals	2.1
Industrial Conglomerates	1.9
IT Services	1.9
Specialty Retail	1.9
Media	1.6
Personal Products	1.5
Wireless Telecommunication Services	1.2
Unaffiliated Fund	1.2

Diversified Financial Services	1.1	%
Paper & Forest Products	1.1
Multi-Utilities	1.1
Professional Services	1.0
Building Products	1.0
Diversified Telecommunication Services	1.0
Auto Components	0.9
Exchange-Traded Fund	0.9
Diversified Consumer Services	0.8
Entertainment	0.7
Communications Equipment	0.7
Health Care Providers & Services	0.7
Electronic Equipment, Instruments & Components	0.6
Interactive Media & Services	0.6
Machinery	0.6
Life Sciences Tools & Services	0.5
Internet & Direct Marketing Retail	0.5
Leisure Products	0.5
Software	0.5
Construction & Engineering	0.4
Air Freight & Logistics	0.4
Hotels, Restaurants & Leisure	0.4
Thrifts & Mortgage Finance	0.3
Real Estate Management & Development	0.3
U.S. Treasury Obligation	0.2

See Notes to Financial Statements.

24

Industry Classification (continued):

Affiliated Mutual Fund (0.2% represents investments purchased with collateral from securities on loan)	0.2	%
Water Utilities	0.2
Independent Power & Renewable Electricity Producers	0.2
Transportation Infrastructure	0.2
Multiline Retail	0.1
Health Care Equipment & Supplies	0.1
Gas Utilities	0.0	*

Commercial Services & Supplies	0.0	*%
Aerospace & Defense	0.0	*
	99.3
Other assets in excess of liabilities	0.7
	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 contracts risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of April 30, 2022 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		$101,228	*

* 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, 2022 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	$	(717,652	)

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund 25

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Equity contracts	$	(19,683	)

For the six months ended April 30, 2022, the Fund’s average volume of derivative activities is as follows:

Derivative Contract Type	Average Volume of Derivative Activities*
Futures Contracts - Long Positions (1)	$	5,509,287

* Average volume is based on average quarter end balances as noted for the six months ended April 30, 2022.

(1) Notional Amount in USD.

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	$450,993	$(450,993)	$—

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

See Notes to Financial Statements.

26

Statement of Assets and Liabilities  (unaudited)

as of April 30, 2022

Assets
Investments at value, including securities on loan of $450,993:
Unaffiliated investments (cost $217,000,475)	$	218,227,099
Affiliated investments (cost $499,278)		499,397
Foreign currency, at value (cost $1,398,501)		1,383,111
Receivable for investments sold		12,632,430
Dividends and interest receivable		842,988
Tax reclaim receivable		805,624
Receivable for Fund shares sold		376,455
Prepaid expenses and other assets		55,029
Total Assets		234,822,133
Liabilities
Payable for investments purchased		12,807,508
Payable for Fund shares purchased		825,760
Payable to broker for collateral for securities on loan		498,933
Management fee payable		115,946
Foreign capital gains tax liability accrued		93,546
Affiliated transfer agent fee payable		89,463
Accrued expenses and other liabilities		72,999
Distribution fee payable		39,846
Due to broker—variation margin futures		32,931
Directors’ fees payable		1,196
Total Liabilities		14,578,128
Net Assets	$	220,244,005
Net assets were comprised of:
Common stock, at par	$	322
Paid-in capital in excess of par		220,552,901
Total distributable earnings (loss)		(309,218	)
Net assets, April 30, 2022	$	220,244,005

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund 27

Statement of Assets and Liabilities  (unaudited)

as of April 30, 2022

Class A
Net asset value and redemption price per share, ($ 147,668,228 ÷ 21,649,982 shares of common stock issued and outstanding)	$	6.82
Maximum sales charge (5.50% of offering price)		0.40
Maximum offering price to public	$	7.22
Class C
Net asset value, offering price and redemption price per share, ($ 1,953,225 ÷ 302,884 shares of common stock issued and outstanding)	$	6.45
Class Z
Net asset value, offering price and redemption price per share, ($ 16,691,701 ÷ 2,424,457 shares of common stock issued and outstanding)	$	6.88
Class R6
Net asset value, offering price and redemption price per share, ($ 53,930,851 ÷ 7,825,650 shares of common stock issued and outstanding)	$	6.89

See Notes to Financial Statements.

28

Statement of Operations  (unaudited)

Six Months Ended April 30, 2022

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $477,977 foreign withholding tax)	$	3,811,818
Income from securities lending, net (including affiliated income of $929)		8,175
Affiliated dividend income		922
Interest income		403
Total income		3,821,318
Expenses
Management fee		906,162
Distribution fee(a)		258,370
Transfer agent’s fees and expenses (including affiliated expense of $165,376)(a)		291,764
Custodian and accounting fees		80,190
Registration fees(a)		26,819
Shareholders’ reports		20,075
Audit fee		15,174
Legal fees and expenses		10,750
Directors’ fees		6,802
Miscellaneous		35,344
Total expenses		1,651,450
Less: Fee waiver and/or expense reimbursement(a)		(140,413	)
Net expenses		1,511,037
Net investment income (loss)		2,310,281
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(565)) (net of foreign capital gains taxes $(29,429))		(291,337	)
Futures transactions		(717,652	)
Foreign currency transactions		(129,433	)
		(1,138,422	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $119) (net of change in foreign capital gains taxes $94,193)		(29,284,892	)
Futures		(19,683	)
Foreign currencies		(113,447	)
		(29,418,022	)
Net gain (loss) on investment and foreign currency transactions		(30,556,444	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(28,246,163	)

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

	Class A			Class C			Class Z			Class R6
Distribution fee		247,325			11,045			—			—
Transfer agent’s fees and expenses		273,242			4,368			13,191			963
Registration fees		8,764			5,400			5,908			6,747
Fee waiver and/or expense reimbursement		(90,749	)		(1,216	)		(9,019	)		(39,429	)

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund 29

Statements of Changes in Net Assets  (unaudited)

	Six Months Ended April 30, 2022				Year Ended October 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	2,310,281			$	5,322,646
Net realized gain (loss) on investment and foreign currency transactions			(1,138,422	)			30,688,248
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			(29,418,022	)			16,233,145
Net increase (decrease) in net assets resulting from operations			(28,246,163	)			52,244,039
Dividends and Distributions
Distributions from distributable earnings
Class A			(17,710,432	)			(2,396,047	)
Class C			(215,704	)			(9,676	)
Class Z			(1,681,493	)			(272,737	)
Class R6			(6,297,350	)			(439,796	)
			(25,904,979	)			(3,118,256	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold			14,522,346				61,325,609
Net asset value of shares issued in reinvestment of dividends and distributions			25,597,840				3,075,128
Cost of shares purchased			(20,658,586	)			(40,318,009	)
Net increase (decrease) in net assets from Fund share transactions			19,461,600				24,082,728
Total increase (decrease)			(34,689,542	)			73,208,511
Net Assets:
Beginning of period			254,933,547				181,725,036
End of period		$	220,244,005			$	254,933,547

See Notes to Financial Statements.

30

Financial Highlights  (unaudited)

Class A Shares
	Six Months Ended April 30,			Year Ended October 31,
	2022			2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$8.59			$6.74			$7.19			$6.96			$7.95			$6.48
Income (loss) from investment operations:
Net investment income (loss)		0.07			0.18			0.11			0.15			0.16			0.11
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.97	)		1.78			(0.39	)		0.28			(1.00	)		1.49
Total from investment operations		(0.90	)		1.96			(0.28	)		0.43			(0.84	)		1.60
Less Dividends and Distributions:
Dividends from net investment income		(0.24	)		(0.11	)		(0.17	)		(0.17	)		(0.15	)		(0.13	)
Distributions from net realized gains		(0.63	)		-			-			(0.03	)		-			-
Total dividends and distributions		(0.87	)		(0.11	)		(0.17	)		(0.20	)		(0.15	)		(0.13	)
Net asset value, end of period		$6.82			$8.59			$6.74			$7.19			$6.96			$7.95
Total Return(b):		(11.33	)%		29.28	%		(4.07	)%		6.53	%		(10.81	)%		25.17	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$147,668			$176,479			$147,445			$173,103			$171,326			$207,626
Average net assets (000)		$166,250			$176,751			$156,952			$172,031			$200,255			$192,517
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.42	%(e)		1.43	%		1.47	%		1.48	%		1.34	%		1.58	%
Expenses before waivers and/or expense reimbursement		1.53	%(e)		1.55	%		1.64	%		1.62	%		1.47	%		1.59	%
Net investment income (loss)		1.74	%(e)		2.12	%		1.58	%		2.19	%		2.08	%		1.62	%
Portfolio turnover rate(f)		52	%		104	%		128	%		94	%		114	%		105	%

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

(e) 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 Quant Solutions International Equity Fund 31

Financial Highlights  (unaudited) (continued)

Class C Shares
	Six Months Ended April 30,			Year Ended October 31,
	2022			2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$8.13			$6.38			$6.86			$6.64			$7.60			$6.20
Income (loss) from investment operations:
Net investment income (loss)		0.02			0.07			0.02			0.07			0.10			0.06
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.92	)		1.71			(0.38	)		0.30			(0.97	)		1.43
Total from investment operations		(0.90	)		1.78			(0.36	)		0.37			(0.87	)		1.49
Less Dividends and Distributions:
Dividends from net investment income		(0.15	)		(0.03	)		(0.12	)		(0.12	)		(0.09	)		(0.09	)
Distributions from net realized gains		(0.63	)		-			-			(0.03	)		-			-
Total dividends and distributions		(0.78	)		(0.03	)		(0.12	)		(0.15	)		(0.09	)		(0.09	)
Net asset value, end of period		$6.45			$8.13			$6.38			$6.86			$6.64			$7.60
Total Return(b):		(11.92	)%		27.89	%		(5.42	)%		5.77	%		(11.52	)%		24.33	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,953			$2,335			$2,381			$2,928			$12,530			$16,661
Average net assets (000)		$2,227			$2,444			$2,640			$7,163			$15,626			$15,736
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		2.66	%(e)		2.61	%		2.81	%		2.25	%		2.10	%		2.32	%
Expenses before waivers and/or expense reimbursement		2.77	%(e)		2.73	%		2.98	%		2.39	%		2.23	%		2.33	%
Net investment income (loss)		0.49	%(e)		0.84	%		0.24	%		1.09	%		1.32	%		0.86	%
Portfolio turnover rate(f)		52	%		104	%		128	%		94	%		114	%		105	%

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

(e) 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.

32

Class Z Shares
	Six Months Ended April 30,			Year Ended October 31,
	2022			2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$8.68			$6.81			$7.26			$7.02			$8.02			$6.54
Income (loss) from investment operations:
Net investment income (loss)		0.09			0.22			0.13			0.18			0.19			0.11
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.98	)		1.79			(0.37	)		0.29			(1.02	)		1.52
Total from investment operations		(0.89	)		2.01			(0.24	)		0.47			(0.83	)		1.63
Less Dividends and Distributions:
Dividends from net investment income		(0.28	)		(0.14	)		(0.21	)		(0.20	)		(0.17	)		(0.15	)
Distributions from net realized gains		(0.63	)		-			-			(0.03	)		-			-
Total dividends and distributions		(0.91	)		(0.14	)		(0.21	)		(0.23	)		(0.17	)		(0.15	)
Net asset value, end of period		$6.88			$8.68			$6.81			$7.26			$7.02			$8.02
Total Return(b):		(11.28	)%		29.85	%		(3.61	)%		7.05	%		(10.59	)%		25.46	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$16,692			$16,562			$13,062			$14,753			$13,901			$17,344
Average net assets (000)		$16,512			$17,429			$12,955			$13,815			$17,055			$21,567
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.01	%(e)		1.01	%		1.09	%		1.03	%		1.00	%		1.31	%
Expenses before waivers and/or expense reimbursement		1.12	%(e)		1.13	%		1.26	%		1.17	%		1.13	%		1.32	%
Net investment income (loss)		2.23	%(e)		2.60	%		1.97	%		2.58	%		2.44	%		1.57	%
Portfolio turnover rate(f)		52	%		104	%		128	%		94	%		114	%		105	%

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

(e) 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 Quant Solutions International Equity Fund 33

Financial Highlights  (unaudited) (continued)

Class R6 Shares
	Six Months Ended April 30,			Year Ended October 31,												December 28, 2016(a) through October 31, 2017
	2022			2021			2020			2019			2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$8.70			$6.83			$7.27			$7.03			$8.04			$6.32
Income (loss) from investment operations:
Net investment income (loss)		0.09			0.25			0.16			0.21			0.21			0.15
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.97	)		1.78			(0.38	)		0.27			(1.03	)		1.57
Total from investment operations		(0.88	)		2.03			(0.22	)		0.48			(0.82	)		1.72
Less Dividends and Distributions:
Dividends from net investment income		(0.30	)		(0.16	)		(0.22	)		(0.21	)		(0.19	)		-
Distributions from net realized gains		(0.63	)		-			-			(0.03	)		-			-
Total dividends and distributions		(0.93	)		(0.16	)		(0.22	)		(0.24	)		(0.19	)		-
Net asset value, end of period		$6.89			$8.70			$6.83			$7.27			$7.03			$8.04
Total Return(c):		(11.05	)%		29.96	%		(3.26	)%		7.33	%		(10.43	)%		27.22	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$53,931			$59,558			$18,837			$5,487			$36,552			$39,379
Average net assets (000)		$58,657			$37,941			$18,273			$23,216			$38,947			$37,891
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.78	%(f)		0.78	%		0.78	%		0.78	%		0.78	%		0.95	%(f)
Expenses before waivers and/or expense reimbursement		0.92	%(f)		0.94	%		1.05	%		0.95	%		0.95	%		0.99	%(f)
Net investment income (loss)		2.38	%(f)		2.92	%		2.33	%		3.06	%		2.61	%		2.45	%(f)
Portfolio turnover rate(g)		52	%		104	%		128	%		94	%		114	%		105	%

(a) Commencement of offering.

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

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

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

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

(f) Annualized.

(g) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, 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

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 (formerly known as PGIM QMA 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 adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. A record of the Valuation Committee’s actions is subject to the Board’s review at its first quarterly meeting following the quarter in which such actions take place.

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 Quant Solutions International Equity Fund 35

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

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

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

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

36

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

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

PGIM Quant Solutions International Equity Fund 37

Notes to Financial Statements  (unaudited)(continued)

the value of the underlying security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

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

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

38

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

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

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

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.

PGIM Quant Solutions International Equity Fund 39

Notes to Financial Statements  (unaudited) (continued)

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 this agreement, the Manager has responsibility for all investment advisory services and supervises the subadviser’s performance of such services.

The Manager has entered into a subadvisory agreement with PGIM Quantitative Solutions LLC (“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, 2022, 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, 2023, to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual

40

waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

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

Class	Expense Limitations
A		—	%
C		—
Z		—
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 rate, 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, 2022, 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	$	18,348	$	—

PGIM Quant Solutions International Equity Fund 41

Notes to Financial Statements  (unaudited) (continued)

Class	FESL		CDSC
C	$	—	$	145

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

4.    Other Transactions with Affiliates

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

The Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a fund of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively. Effective January 2022, the Fund changed its overnight cash sweep vehicle from the Core Fund to an unaffiliated money market fund.

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, 2022, no 17a-7 transactions were entered into by the Fund.

5.    Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2022, were as follows:

Cost of Purchases	Proceeds from Sales
$122,678,560	$126,302,924

42

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended April 30, 2022, 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 Ultra Short Bond Fund(1)(wa)
	$1,978,232	$	14,049,552	$	16,027,784	$	—	$	—		$	—		—	$	922
	PGIM Institutional Money Market Fund(1)(b)(wa)
	691,865		23,885,186		24,077,208		119		(565	)		499,397		499,797		929	(2)
	$2,670,097	$	37,934,738	$	40,104,992	$	119	$	(565	)	$	499,397			$	1,851

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

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

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

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

6.    Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of April 30, 2022 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Depreciation
$219,134,024	$22,753,381	$(23,262,137)	$(508,756)

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

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

7.    Capital and Ownership

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

PGIM Quant Solutions International Equity Fund 43

Notes to Financial Statements  (unaudited) (continued)

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, 2022, 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		30,972		0.1	%
Z		69,861		2.9
R6		4,168,073		53.3

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		13.0	%
Unaffiliated		3		33.7

44

Transactions in shares of common stock were as follows:

Share Class	Shares			Amount
Class A
Six months ended April 30, 2022:
Shares sold		214,447		$	1,696,767
Shares issued in reinvestment of dividends and distributions		2,336,663			17,408,142
Shares purchased		(1,414,869	)		(10,783,099	)
Net increase (decrease) in shares outstanding before conversion		1,136,241			8,321,810
Shares issued upon conversion from other share class(es)		19,716			154,693
Shares purchased upon conversion into other share class(es)		(44,446	)		(351,591	)
Net increase (decrease) in shares outstanding		1,111,511		$	8,124,912
Year ended October 31, 2021:
Shares sold		522,326		$	4,350,877
Shares issued in reinvestment of dividends and distributions		303,876			2,355,040
Shares purchased		(2,142,395	)		(17,663,059	)
Net increase (decrease) in shares outstanding before conversion		(1,316,193	)		(10,957,142	)
Shares issued upon conversion from other share class(es)		76,135			638,374
Shares purchased upon conversion into other share class(es)		(83,956	)		(687,747	)
Net increase (decrease) in shares outstanding		(1,324,014	)	$	(11,006,515	)
Class C
Six months ended April 30, 2022:
Shares sold		28,626		$	209,763
Shares issued in reinvestment of dividends and distributions		30,506			215,681
Shares purchased		(23,498	)		(166,964	)
Net increase (decrease) in shares outstanding before conversion		35,634			258,480
Shares purchased upon conversion into other share class(es)		(20,121	)		(149,850	)
Net increase (decrease) in shares outstanding		15,513		$	108,630
Year ended October 31, 2021:
Shares sold		63,864		$	500,477
Shares issued in reinvestment of dividends and distributions		1,308			9,676
Shares purchased		(78,344	)		(603,675	)
Net increase (decrease) in shares outstanding before conversion		(13,172	)		(93,522	)
Shares purchased upon conversion into other share class(es)		(72,437	)		(578,256	)
Net increase (decrease) in shares outstanding		(85,609	)	$	(671,778	)

PGIM Quant Solutions International Equity Fund 45

Notes to Financial Statements  (unaudited) (continued)

Share Class	Shares			Amount
Class Z
Six months ended April 30, 2022:
Shares sold		562,191		$	4,059,534
Shares issued in reinvestment of dividends and distributions		223,258			1,676,667
Shares purchased		(306,115	)		(2,354,812	)
Net increase (decrease) in shares outstanding before conversion		479,334			3,381,389
Shares issued upon conversion from other share class(es)		38,836			312,181
Shares purchased upon conversion into other share class(es)		(672	)		(4,843	)
Net increase (decrease) in shares outstanding		517,498		$	3,688,727
Year ended October 31, 2021:
Shares sold		775,378		$	6,613,085
Shares issued in reinvestment of dividends and distributions		34,694			270,616
Shares purchased		(312,006	)		(2,648,533	)
Net increase (decrease) in shares outstanding before conversion		498,066			4,235,168
Shares issued upon conversion from other share class(es)		77,788			642,192
Shares purchased upon conversion into other share class(es)		(587,122	)		(5,149,861	)
Net increase (decrease) in shares outstanding		(11,268	)	$	(272,501	)
Class R6
Six months ended April 30, 2022:
Shares sold		1,111,677		$	8,556,282
Shares issued in reinvestment of dividends and distributions		838,529			6,297,350
Shares purchased		(972,846	)		(7,353,711	)
Net increase (decrease) in shares outstanding before conversion		977,360			7,499,921
Shares issued upon conversion from other share class(es)		5,180			39,410
Net increase (decrease) in shares outstanding		982,540		$	7,539,331
Year ended October 31, 2021:
Shares sold		5,725,833		$	49,861,170
Shares issued in reinvestment of dividends and distributions		56,384			439,796
Shares purchased		(2,282,912	)		(19,402,742	)
Net increase (decrease) in shares outstanding before conversion		3,499,305			30,898,224
Shares issued upon conversion from other share class(es)		584,743			5,135,298
Net increase (decrease) in shares outstanding		4,084,048		$	36,033,522

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

46

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.

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

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, 2022.

9.    Risks of Investing in the Fund

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

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

Core Style Risk: The Fund’s core investment style may subject the Fund to risks of both value and growth investing. The portion of the Fund’s portfolio that makes investments pursuant to a growth strategy may be subject to above-average fluctuations as a result of seeking higher than average capital growth. The portion of the 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

PGIM Quant Solutions International Equity Fund 47

Notes to Financial Statements  (unaudited) (continued)

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, may at times result in unusually high market volatility, which could negatively impact performance. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.

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

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

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

48

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.

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

PGIM Quant Solutions International Equity Fund 49

Notes to Financial Statements  (unaudited) (continued)

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

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

Market Disruption and Geopolitical Risks: 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), 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

50

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.

COVID-19 and the related governmental and public responses have had and may continue to have an impact on the Fund’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. They have also had and may continue to result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. The occurrence, reoccurrence and pendency of public health epidemics could adversely affect the economies and financial markets either in specific countries or worldwide.

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

10.    Recent Regulatory Developments

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule took effect on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Rule and its impact to the Fund.

PGIM Quant Solutions International Equity Fund 51

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 LLC (“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 1-3, 2022, 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, 2021 through December 31, 2021 (“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.

52

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

PROXY VOTING

The Board of Directors of the Fund has delegated to the Fund’s subadviser the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the Fund. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (800) 225-1852 or by visiting the Securities and Exchange Commission’s website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website and on the Securities and Exchange Commission’s website.

DIRECTORS

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

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer • Claudia DiGiacomo, Chief Legal Officer • Isabelle Sajous, Chief Compliance Officer • Jonathan Corbett, Anti-Money Laundering Compliance Officer • Andrew R. French, Secretary • Melissa Gonzalez, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Kelly A. Coyne, Assistant Secretary • Patrick E. McGuinness, Assistant Secretary • Debra Rubano, Assistant Secretary • Lana Lomuti, Assistant Treasurer • Russ Shupak, Assistant Treasurer • Elyse M. McLaughlin, Assistant Treasurer • Deborah Conway, Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	PGIM Quantitative Solutions LLC	Gateway Center Two 100 Mulberry Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

Shareholders can communicate directly with the Board of Directors by writing to the Chair of the Board, PGIM 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 on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov. Form N-PORT is filed with the Commission quarterly, and each Fund’s full portfolio holdings as of the first and third fiscal quarter-ends will be made publicly available 60 days after the end of each quarter 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, 2022

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, 2022 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. ^© 2022 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, 2022.   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 a top-10 investment manager globally with more than $1.5 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 15, 2022

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 4/30/22 (without sales charges)	Average Annual Total Returns as of 4/30/22      (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Ten Years (%)
Class A	-11.14	-16.43	-1.64	-1.65
Class C	-11.56	-15.16	-1.80	-2.04
Class Z	-11.02	-13.45	-0.77	-1.04
Class R6	-10.99	-13.24	-0.69	-0.96
JP Morgan Government Bond Index-Emerging Markets Global Diversified Index
	-13.17	-15.95	-1.28	-1.43

*Not annualized

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.

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	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)

Distributions and Yields as of 4/30/22
	Total Distributions Paid for Six Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.10	5.27	4.57
Class C	0.08	4.68	0.77
Class Z	0.11	5.88	5.35
Class R6	0.11	5.94	5.10

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

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

Credit Quality expressed as a percentage of total investments as of 4/30/22 (%)
AAA	1.7
AA	2.4
A	30.9
BBB	28.6
BB	19.7
B	3.3
CCC	0.7
Not Rated	1.7
Cash/Cash Equivalents	11.0
Total	100.0

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

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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, 2022. 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, 2021	Ending Account Value April 30, 2022	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*
Class A	Actual	$1,000.00	$   888.60	1.13%	$5.29
	Hypothetical	$1,000.00	$1,019.19	1.13%	$5.66
Class C	Actual	$1,000.00	$   884.40	1.88%	$8.78
	Hypothetical	$1,000.00	$1,015.47	1.88%	$9.39
Class Z	Actual	$1,000.00	$   889.80	0.72%	$3.37
	Hypothetical	$1,000.00	$1,021.22	0.72%	$3.61
Class R6	Actual	$1,000.00	$   890.10	0.65%	$3.05
	Hypothetical	$1,000.00	$1,021.57	0.65%	$3.26

*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 181 days in the six-month period ended April 30, 2022, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2022 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

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Schedule of Investments (unaudited)

as of April 30, 2022

Description	Interest        Rate		Maturity        Date		Principal         Amount         (000)#		Value
LONG-TERM INVESTMENTS     89.2%
CORPORATE BONDS     6.0%
Brazil     0.4%
JSM Global Sarl,   Gtd. Notes, 144A		4.750%		10/20/30		200	$	168,921
Jamaica     0.4%
Digicel Ltd.,   Gtd. Notes		6.750		03/01/23		235		210,667
Malaysia     0.4%
Gohl Capital Ltd.,   Gtd. Notes		4.250		01/24/27		200		185,205
Mexico     2.2%
America Movil SAB de CV,   Sr. Unsec’d. Notes		6.450		12/05/22	MXN	14,250		687,155
Petroleos Mexicanos,
Gtd. Notes		5.350		02/12/28		40		35,542
Gtd. Notes		6.490		01/23/27		55		52,764
Gtd. Notes		6.500		03/13/27		80		76,653
Gtd. Notes, MTN		6.875		08/04/26		155		154,507
								1,006,621
Russia     0.1%
Gazprom Capital OOO,
Gtd. Notes, Series BO03		7.150(cc)		02/15/28	RUB	45,000		18,921
Gtd. Notes, Series BO05		8.900(cc)		02/03/27	RUB	42,000		17,659
								36,580
South Africa     0.8%
Eskom Holdings SOC Ltd.,   Sr. Unsec’d. Notes, 144A, MTN		6.750		08/06/23		200		195,311
Sasol Financing USA LLC,   Gtd. Notes		5.875		03/27/24		200		199,636
								394,947
Supranational Bank     1.7%
European Bank for Reconstruction & Development,
Sr. Unsec’d. Notes, EMTN		7.500		05/15/22	IDR	900,000		62,103
Sr. Unsec’d. Notes, GMTN		6.450		12/13/22	IDR	7,500,000		519,352

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund    9

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Description	Interest        Rate			Maturity        Date		Principal         Amount         (000)#		Value
CORPORATE BONDS (Continued)
Supranational Bank (cont’d.)
European Investment Bank,
Sr. Unsec’d. Notes, EMTN		12.576	%(s)		09/05/22	TRY	1,260	$	77,336
Sr. Unsec’d. Notes, EMTN		3.000			05/24/24	PLN	600		125,344
									784,135
TOTAL CORPORATE BONDS   (cost $4,507,900)									2,787,076
FOREIGN TREASURY OBLIGATION     0.5%
Brazil
Brazil Letras do Tesouro Nacional,   (cost $220,583)		6.144	(s)		01/01/24	BRL	1,318		218,613
SOVEREIGN BONDS     82.7%
Angola     0.5%
Angolan Government International Bond,   Sr. Unsec’d. Notes		9.500			11/12/25		200		212,981
Argentina     0.2%
Argentine Republic Government International Bond,   Sr. Unsec’d. Notes		1.000			07/09/29		24		7,647
Provincia de Buenos Aires,   Sr. Unsec’d. Notes, 144A, MTN		3.900	(cc)		09/01/37		249		103,785
									111,432
Brazil     3.5%
Brazil Minas SPE via State of Minas Gerais,   Gov’t. Gtd. Notes		5.333			02/15/28		141		143,024
Brazil Notas do Tesouro Nacional,
Notes, Series NTNB		6.000			08/15/30	BRL	1,831		382,593
Notes, Series NTNB		6.000			05/15/35	BRL	511		106,916
Notes, Series NTNF		10.000			01/01/25	BRL	3,843		739,775
Notes, Series NTNF		10.000			01/01/27	BRL	1,214		228,520
Notes, Series NTNF		10.000			01/01/31	BRL	200		35,925
Brazilian Government International Bond,   Sr. Unsec’d. Notes		8.500			01/05/24	BRL	54		10,281
									1,647,034

See Notes to Financial Statements.

10

Description	Interest        Rate		Maturity        Date		Principal         Amount         (000)#		Value
SOVEREIGN BONDS (Continued)
Chile     1.8%
Bonos de la Tesoreria de la Republica en pesos,
Bonds		5.000%		03/01/35	CLP	115,000	$	117,294
Bonds, 144A		5.000		10/01/28	CLP	110,000		117,407
Bonds, Series 30YR		6.000		01/01/43	CLP	135,000		148,602
Unsec’d. Notes, 144A		2.300		10/01/28	CLP	175,000		159,278
Unsec’d. Notes, 144A		2.800		10/01/33	CLP	50,000		41,103
Unsec’d. Notes, 144A		4.700		09/01/30	CLP	250,000		256,721
								840,405
China     9.3%
China Government Bond,
Bonds, Series 1906		3.290		05/23/29	CNH	3,690		573,464
Bonds, Series 1910		3.860		07/22/49	CNH	680		110,950
Bonds, Series INBK		1.990		04/09/25	CNH	6,500		965,205
Bonds, Series INBK		2.680		05/21/30	CNH	1,270		188,139
Bonds, Series INBK		2.850		06/04/27	CNH	5,650		857,005
Bonds, Series INBK		3.010		05/13/28	CNH	3,620		551,618
Bonds, Series INBK		3.270		11/19/30	CNH	2,890		449,406
Unsec’d. Notes, Series INBK		3.030		03/11/26	CNH	2,500		382,656
Unsec’d. Notes, Series INBK		3.810		09/14/50	CNH	1,570		254,684
								4,333,127
Colombia     3.9%
Colombian TES,
Bonds, Series B		5.750		11/03/27	COP	250,000		52,079
Bonds, Series B		6.000		04/28/28	COP	2,121,000		439,111
Bonds, Series B		6.250		11/26/25	COP	557,300		126,787
Bonds, Series B		7.000		06/30/32	COP	2,114,800		425,446
Bonds, Series B		7.250		10/18/34	COP	777,800		153,796
Bonds, Series B		7.250		10/26/50	COP	210,000		37,140
Bonds, Series B		7.500		08/26/26	COP	1,150,900		267,915
Bonds, Series B		7.750		09/18/30	COP	500,000		109,858
Bonds, Series G		7.000		03/26/31	COP	759,800		156,192
Sr. Unsec’d. Notes		3.750		06/16/49	COP	196,773		43,580
								1,811,904
Czech Republic     2.4%
Czech Republic Government Bond,
Bonds, Series 049		4.200		12/04/36	CZK	2,000		85,129
Bonds, Series 078		2.500		08/25/28	CZK	2,100		80,382

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund    11

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Description	Interest        Rate		Maturity        Date		Principal         Amount         (000)#		Value
SOVEREIGN BONDS (Continued)
Czech Republic (cont’d.)
Czech Republic Government Bond, (cont’d.)
Bonds, Series 094		0.950%		05/15/30	CZK	8,230	$	273,025
Bonds, Series 095		1.000		06/26/26	CZK	3,000		110,519
Bonds, Series 103		2.000		10/13/33	CZK	10,120		345,540
Bonds, Series 105		2.750		07/23/29	CZK	3,500		135,110
Bonds, Series 121		1.200		03/13/31	CZK	3,300		109,568
								1,139,273
Dominican Republic     0.3%
Dominican Republic International Bond,  Sr. Unsec’d. Notes		9.750		06/05/26	DOP	8,000		146,493
Gabon     0.4%
Gabon Government International Bond,  Sr. Unsec’d. Notes		6.950		06/16/25		200		198,421
Hungary     3.2%
Hungary Government Bond,
Bonds, Series 25/B		5.500		06/24/25	HUF	67,870		181,198
Bonds, Series 26/D		2.750		12/22/26	HUF	171,150		395,851
Bonds, Series 26/E		1.500		04/22/26	HUF	48,840		110,486
Bonds, Series 27/A		3.000		10/27/27	HUF	42,680		97,507
Bonds, Series 28/A		6.750		10/22/28	HUF	35,160		96,427
Bonds, Series 29/A		2.000		05/23/29	HUF	128,070		259,424
Bonds, Series 32/G		4.500		05/27/32	HUF	96,250		222,784
Bonds, Series 34/A		2.250		06/22/34	HUF	24,810		43,606
Bonds, Series 38/A		3.000		10/27/38	HUF	21,890		38,614
Bonds, Series 51/G		4.000		04/28/51	HUF	29,330		52,888
								1,498,785
Indonesia     10.8%
Indonesia Treasury Bond,
Bonds, Series 056		8.375		09/15/26	IDR	6,596,000		489,153
Bonds, Series 059		7.000		05/15/27	IDR	7,065,000		499,123
Bonds, Series 064		6.125		05/15/28	IDR	2,400,000		160,795
Bonds, Series 065		6.625		05/15/33	IDR	3,200,000		213,174
Bonds, Series 068		8.375		03/15/34	IDR	6,268,000		470,549
Bonds, Series 070		8.375		03/15/24	IDR	1,410,000		102,592
Bonds, Series 071		9.000		03/15/29	IDR	3,640,000		280,343
Bonds, Series 072		8.250		05/15/36	IDR	3,816,000		282,568

See Notes to Financial Statements.

12

Description	Interest        Rate		Maturity          Date		Principal         Amount         (000)#		Value
SOVEREIGN BONDS (Continued)
Indonesia (cont’d.)
Indonesia Treasury Bond, (cont’d.)
Bonds, Series 073		8.750%		05/15/31	IDR	4,940,000	$	377,476
Bonds, Series 075		7.500		05/15/38	IDR	3,754,000		264,208
Bonds, Series 078		8.250		05/15/29	IDR	4,814,000		357,150
Bonds, Series 079		8.375		04/15/39	IDR	400,000		30,437
Bonds, Series 080		7.500		06/15/35	IDR	5,002,000		350,552
Bonds, Series 081		6.500		06/15/25	IDR	993,000		69,771
Bonds, Series 082		7.000		09/15/30	IDR	5,915,000		407,153
Bonds, Series 083		7.500		04/15/40	IDR	3,040,000		214,148
Bonds, Series 087		6.500		02/15/31	IDR	6,523,000		435,158
								5,004,350
Ivory Coast     0.2%
Ivory Coast Government International Bond,   Sr. Unsec’d. Notes		5.250		03/22/30	EUR	115		108,579
Malaysia     10.6%
1MDB Global Investments Ltd.,   Sr. Unsec’d. Notes		4.400		03/09/23		1,000		974,511
Malaysia Government Bond,
Bonds, Series 0115		3.955		09/15/25	MYR	1,650		381,385
Bonds, Series 0118		3.882		03/14/25	MYR	1,977		458,290
Bonds, Series 0120		4.065		06/15/50	MYR	660		130,211
Bonds, Series 0219		3.885		08/15/29	MYR	1,410		311,551
Bonds, Series 0307		3.502		05/31/27	MYR	1,715		383,190
Bonds, Series 0310		4.498		04/15/30	MYR	740		169,063
Bonds, Series 0311		4.392		04/15/26	MYR	285		66,673
Bonds, Series 0316		3.900		11/30/26	MYR	1,555		357,070
Bonds, Series 0317		4.762		04/07/37	MYR	842		191,781
Bonds, Series 0411		4.232		06/30/31	MYR	280		62,624
Bonds, Series 0413		3.844		04/15/33	MYR	390		82,929
Bonds, Series 0415		4.254		05/31/35	MYR	700		151,061
Bonds, Series 0417		3.899		11/16/27	MYR	1,370		310,797
Bonds, Series 0419		3.828		07/05/34	MYR	760		158,323
Bonds, Series 0513		3.733		06/15/28	MYR	1,480		330,654
Bonds, Series 0519		3.757		05/22/40	MYR	900		177,791
Malaysia Government Investment Issue,
Bonds, Series 0121		3.447		07/15/36	MYR	430		85,018
Bonds, Series 0617		4.724		06/15/33	MYR	600		137,928
								4,920,850

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund    13

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Description	Interest        Rate		Maturity        Date		Principal         Amount         (000)#		Value
SOVEREIGN BONDS (Continued)
Mexico     4.0%
Mexican Bonos,
Bonds, Series M		7.750%		05/29/31	MXN	8,210	$	369,200
Bonds, Series M		8.000		11/07/47	MXN	8,628		372,012
Bonds, Series M30		10.000		11/20/36	MXN	2,355		123,221
Sr. Unsec’d. Notes, Series M		7.750		11/13/42	MXN	6,987		295,858
Sr. Unsec’d. Notes, Series M30		8.500		11/18/38	MXN	8,472		392,274
Mexican Udibonos,
Bonds, Series S		2.750		11/27/31	MXN	3,100		136,535
Bonds, Series S		4.500		12/04/25	MXN	3,162		157,690
								1,846,790
Nigeria     0.4%
Nigeria Government International Bond,   Sr. Unsec’d. Notes		7.625		11/21/25		200		198,764
Pakistan     1.2%
Pakistan Government International Bond,   Sr. Unsec’d. Notes		8.250		09/30/25		200		169,964
Third Pakistan International Sukuk Co. Ltd. (The),   Sr. Unsec’d. Notes, 144A		5.625		12/05/22		400		386,131
								556,095
Peru     2.6%
Peru Government Bond,
Bonds		5.940		02/12/29	PEN	210		49,663
Bonds		6.950		08/12/31	PEN	190		46,668
Sr. Unsec’d. Notes		5.350		08/12/40	PEN	1,000		190,615
Sr. Unsec’d. Notes		5.400		08/12/34	PEN	580		120,220
Sr. Unsec’d. Notes		6.150		08/12/32	PEN	1,580		361,169
Peruvian Government International Bond,
Sr. Unsec’d. Notes		2.783		01/23/31		60		51,959
Sr. Unsec’d. Notes		6.350		08/12/28	PEN	435		106,360
Sr. Unsec’d. Notes		6.850		02/12/42	PEN	245		55,173
Sr. Unsec’d. Notes		6.900		08/12/37	PEN	521		120,771
Sr. Unsec’d. Notes		6.950		08/12/31	PEN	478		117,406
								1,220,004
Philippines     0.2%
Philippine Government Bond,
Bonds, Series 1060		3.625		09/09/25	PHP	5,600		104,548

See Notes to Financial Statements.

14

Description	Interest        Rate		Maturity        Date		Principal         Amount         (000)#		Value
SOVEREIGN BONDS (Continued)
Poland     4.8%
Republic of Poland Government Bond,
Bonds, Series 0428		2.750%		04/25/28	PLN	1,480	$	271,811
Bonds, Series 0725		3.250		07/25/25	PLN	3,021		612,532
Bonds, Series 0726		2.500		07/25/26	PLN	2,960		563,277
Bonds, Series 0727		2.500		07/25/27	PLN	1,600		295,903
Bonds, Series 1026		0.250		10/25/26	PLN	280		47,613
Bonds, Series 1029		2.750		10/25/29	PLN	1,740		309,285
Bonds, Series 1030		1.250		10/25/30	PLN	750		114,779
								2,215,200
Romania     2.3%
Romania Government Bond,
Bonds, Series 05YR		3.650		07/28/25	RON	1,000		195,757
Bonds, Series 05YR		4.250		06/28/23	RON	1,145		239,521
Bonds, Series 07YR		3.250		04/29/24	RON	750		151,017
Bonds, Series 07YR		4.850		04/22/26	RON	980		195,658
Bonds, Series 10YR		5.000		02/12/29	RON	500		95,193
Bonds, Series 10YR		5.850		04/26/23	RON	460		98,124
Bonds, Series 15YR		3.650		09/24/31	RON	590		96,194
								1,071,464
Russia     0.3%
Russian Federal Bond - OFZ,
Bonds, Series 6212		7.050		01/19/28	RUB	7,215		6,194
Bonds, Series 6218		8.500		09/17/31	RUB	16,712		14,346
Bonds, Series 6221		7.700		03/23/33	RUB	14,280		12,259
Bonds, Series 6224		6.900		05/23/29	RUB	27,635		23,723
Bonds, Series 6228		7.650		04/10/30	RUB	22,600		19,401
Bonds, Series 6229		7.150		11/12/25	RUB	7,500		6,438
Bonds, Series 6230		7.700		03/16/39	RUB	13,030		11,185
Bonds, Series 6232		6.000		10/06/27	RUB	8,500		7,297
Bonds, Series 6235		5.900		03/12/31	RUB	12,884		11,060
Russian Federal Inflation Linked Bond,
Unsec’d. Notes, Series 2003		2.500		07/17/30	RUB	8,589		7,373
								119,276
Senegal     0.2%
Senegal Government International Bond,
Sr. Unsec’d. Notes		4.750		03/13/28	EUR	100		99,117

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund    15

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Description	Interest     Rate		Maturity     Date		Principal         Amount         (000)#		Value
SOVEREIGN BONDS (Continued)
Serbia     0.3%
Serbia Treasury Bonds,
Bonds, Series 07YR		4.500%		01/11/26	RSD	9,460	$	82,049
Bonds, Series 12.5		4.500		08/20/32	RSD	6,240		49,417
								131,466
South Africa     13.7%
Republic of South Africa Government Bond,
Sr. Unsec’d. Notes, Series 2030		8.000		01/31/30	ZAR	18,835		1,069,417
Sr. Unsec’d. Notes, Series 2032		8.250		03/31/32	ZAR	8,470		467,548
Sr. Unsec’d. Notes, Series 2035		8.875		02/28/35	ZAR	6,104		337,046
Sr. Unsec’d. Notes, Series 2037		8.500		01/31/37	ZAR	15,903		832,772
Sr. Unsec’d. Notes, Series 2040		9.000		01/31/40	ZAR	4,130		221,318
Sr. Unsec’d. Notes, Series 2044		8.750		01/31/44	ZAR	5,485		283,116
Sr. Unsec’d. Notes, Series 2048		8.750		02/28/48	ZAR	10,375		533,589
Sr. Unsec’d. Notes, Series R186		10.500		12/21/26	ZAR	24,054		1,648,051
Sr. Unsec’d. Notes, Series R209		6.250		03/31/36	ZAR	3,850		166,194
Sr. Unsec’d. Notes, Series R213		7.000		02/28/31	ZAR	7,550		390,368
Sr. Unsec’d. Notes, Series R214		6.500		02/28/41	ZAR	10,625		434,798
								6,384,217
Thailand     4.9%
Thailand Government Bond,
Bonds		1.600		12/17/29	THB	3,885		105,376
Bonds		2.000		06/17/42	THB	5,080		109,276
Bonds		2.875		12/17/28	THB	12,015		357,293
Bonds		2.875		06/17/46	THB	6,065		146,657
Bonds		3.300		06/17/38	THB	10,300		290,113
Bonds		3.400		06/17/36	THB	9,585		277,267
Sr. Unsec’d. Notes		1.600		06/17/35	THB	7,100		171,186
Sr. Unsec’d. Notes		1.875		06/17/49	THB	1,063		20,171
Sr. Unsec’d. Notes		2.000		12/17/31	THB	10,625		291,781
Sr. Unsec’d. Notes		2.125		12/17/26	THB	4,535		131,972
Sr. Unsec’d. Notes		3.650		06/20/31	THB	2,559		79,854
Sr. Unsec’d. Notes		3.775		06/25/32	THB	9,780		309,259
								2,290,205
Turkey     0.1%
Turkey Government Bond,
Bonds		8.500		09/14/22	TRY	395		25,864

See Notes to Financial Statements.

16

Description	Interest     Rate		Maturity     Date		Principal         Amount         (000)#		Value
SOVEREIGN BONDS (Continued)
Ukraine     0.3%
Ukraine Government International Bond,
Sr. Unsec’d. Notes		6.750%		06/20/26	EUR	150	$	50,638
Sr. Unsec’d. Notes		7.750		09/01/24		222		74,925
								125,563
Uruguay     0.3%
Uruguay Government International Bond,
Sr. Unsec’d. Notes		9.875		06/20/22	UYU	3,260		79,924
Sr. Unsec’d. Notes, 144A		8.500		03/15/28	UYU	1,870		42,676
								122,600
TOTAL SOVEREIGN BONDS
(cost $45,871,336)								38,484,807
TOTAL LONG-TERM INVESTMENTS
(cost $50,599,819)								41,490,496
					Shares
SHORT-TERM INVESTMENTS     4.8%
UNAFFILIATED FUND     4.5%
Dreyfus Government Cash Management (Institutional Shares)   (cost $2,083,470)						2,083,470		2,083,470
OPTIONS PURCHASED*~     0.3%
(cost $133,996)								143,689
TOTAL SHORT-TERM INVESTMENTS
(cost $2,217,466)								2,227,159
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN     94.0%
(cost $52,817,285)								43,717,655
OPTIONS WRITTEN*~     (0.3)%
(premiums received $132,823)								(158,425	)
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN     93.7%
(cost $52,684,462)								43,559,230
Other assets in excess of liabilities(z)     6.3%								2,940,319
NET ASSETS     100.0%							$	46,499,549

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund    17

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

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

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

DOP—Dominican Peso

EGP—Egyptian Pound

EUR—Euro

HUF—Hungarian Forint

IDR—Indonesian Rupiah

ILS—Israeli Shekel

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

MYR—Malaysian Ringgit

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

PLN—Polish Zloty

RON—Romanian Leu

RSD—Serbian Dinar

RUB—Russian Ruble

SGD—Singapore Dollar

THB—Thai Baht

TRY—Turkish Lira

TWD—New Taiwanese Dollar

USD—US Dollar

UYU—Uruguayan Peso

ZAR—South African Rand

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

A—Annual payment frequency for swaps

BROIS—Brazil Overnight Index Swap

BUBOR—Budapest Interbank Offered Rate

CLOIS—Sinacofi Chile Interbank Rate Average

COOIS—Colombia Overnight Interbank Reference Rate

EMTN—Euro Medium Term Note

GMTN—Global Medium Term Note

JIBAR—Johannesburg Interbank Agreed Rate

KLIBOR—Kuala Lumpur Interbank Offered Rate

KWCDC—Korean Won Certificate of Deposit

LIBOR—London Interbank Offered Rate

M—Monthly payment frequency for swaps

MosPRIME—Moscow Prime Offered Rate

MTN—Medium Term Note

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

OTC—Over-the-counter

PRIBOR—Prague Interbank Offered Rate

See Notes to Financial Statements.

18

Q—Quarterly payment frequency for swaps

S—Semiannual payment frequency for swaps

T—Swap payment upon termination

WIBOR—Warsaw Interbank Offered Rate

* Non-income producing security.

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

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

(cc) Variable rate instrument. The rate shown is based on the latest available information as of April 30, 2022. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

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

(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 CZK	Call	JPMorgan Chase Bank, N.A.	06/08/22		27.25	—	EUR	245	$	87
Currency Option EUR vs CZK	Call	JPMorgan Chase Bank, N.A.	06/08/22		27.25	—	EUR	245		87
Currency Option EUR vs CZK	Call	JPMorgan Chase Bank, N.A.	06/08/22		27.25	—	EUR	245		87
Currency Option EUR vs CZK	Call	Morgan Stanley & Co. International PLC	06/08/22		33.00	—	EUR	735		18
Currency Option USD vs CLP	Call	Morgan Stanley & Co. International PLC	05/26/22		850.00	—		560		12,447
Currency Option USD vs CNH	Call	JPMorgan Chase Bank, N.A.	06/17/22		6.45	—		855		27,611
Currency Option USD vs CNH	Call	Goldman Sachs International	06/17/22		6.65	—		855		8,916
Currency Option USD vs CNH	Call	JPMorgan Chase Bank, N.A.	08/08/22		6.55	—		280		6,670
Currency Option USD vs CNH	Call	JPMorgan Chase Bank, N.A.	08/08/22		8.00	—		140		25
Currency Option USD vs CNH	Call	Goldman Sachs International	09/02/22		6.55	—		283		7,230
Currency Option USD vs CNH	Call	JPMorgan Chase Bank, N.A.	10/19/22		6.50	—		977		32,516
Currency Option USD vs MXN	Call	Morgan Stanley & Co. International PLC	05/05/22		22.00	—		607		41
Currency Option USD vs MXN	Call	JPMorgan Chase Bank, N.A.	05/06/22		20.50	—		244		1,323
Currency Option USD vs MXN	Call	JPMorgan Chase Bank, N.A.	06/06/22		22.00	—		1,401		3,663
Currency Option USD vs MXN	Call	JPMorgan Chase Bank, N.A.	06/14/22		21.50	—		261		1,481

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund    19

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Options Purchased (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option USD vs ZAR	Call	Barclays Bank PLC		05/10/22		16.00		—		912	$	5,979
Currency Option USD vs ZAR	Call	JPMorgan Chase Bank, N.A.		05/10/22		17.50		—		912		148
Currency Option USD vs ZAR	Call	JPMorgan Chase Bank, N.A.		07/27/22		16.50		—		810		14,986
Currency Option EUR vs CZK	Put	Morgan Stanley & Co. International PLC		06/08/22		25.25		—	EUR	735		18,211
Currency Option USD vs BRL	Put	Goldman Sachs International		06/21/22		4.00		—		523		38
Currency Option USD vs CLP	Put	Morgan Stanley & Co. International PLC		05/05/22		690.00		—		560		—
Currency Option USD vs CNH	Put	JPMorgan Chase Bank, N.A.		08/08/22		5.60		—		280		1
Currency Option USD vs CNH	Put	Goldman Sachs International		09/02/22		5.75		—		283		4
Currency Option USD vs MXN	Put	Morgan Stanley & Co. International PLC		05/05/22		18.50		—		607		—
Currency Option USD vs MXN	Put	JPMorgan Chase Bank, N.A.		05/06/22		19.00		—		488		2
Currency Option USD vs MXN	Put	JPMorgan Chase Bank, N.A.		06/06/22		18.50		—		1,401		159
Currency Option USD vs MXN	Put	JPMorgan Chase Bank, N.A.		06/14/22		18.00		—		261		17
Currency Option USD vs RUB	Put	Goldman Sachs International		06/09/22		58.00		—		818		1,942
Currency Option USD vs ZAR	Put	Barclays Bank PLC		05/10/22		12.25		—		912		—
Total Options Purchased (cost $133,996)											$	143,689

Options Written:

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date	Strike		Contracts	Notional Amount (000)#		Value
Currency Option EUR vs CZK	Call	Morgan Stanley & Co. International PLC	06/08/22		27.25	—	EUR	735	$	(261	)
Currency Option USD vs CLP	Call	Morgan Stanley & Co. International PLC	05/26/22		870.00	—		560		(7,094	)
Currency Option USD vs CNH	Call	Goldman Sachs International	06/17/22		6.45	—		855		(27,611	)

See Notes to Financial Statements.

20

Options Written (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option USD vs CNH	Call	JPMorgan Chase Bank, N.A.		08/08/22		6.90		—		420	$	(2,019	)
Currency Option USD vs CNH	Call	Goldman Sachs International		09/02/22		6.80		—		283		(2,553	)
Currency Option USD vs CNH	Call	JPMorgan Chase Bank, N.A.		10/19/22		6.75		—		977		(12,996	)
Currency Option USD vs ZAR	Call	JPMorgan Chase Bank, N.A.		05/10/22		16.00		—		912		(5,979	)
Currency Option USD vs ZAR	Call	Barclays Bank PLC		05/10/22		17.50		—		912		(148	)
Currency Option USD vs ZAR	Call	JPMorgan Chase Bank, N.A.		07/27/22		17.50		—		405		(3,118	)
Currency Option EUR vs CZK	Put	JPMorgan Chase Bank, N.A.		06/08/22		25.25		—	EUR	245		(6,070	)
Currency Option EUR vs CZK	Put	JPMorgan Chase Bank, N.A.		06/08/22		25.25		—	EUR	245		(6,070	)
Currency Option EUR vs CZK	Put	JPMorgan Chase Bank, N.A.		06/08/22		25.25		—	EUR	245		(6,070	)
Currency Option USD vs BRL	Put	Goldman Sachs International		06/21/22		4.90		—		523		(10,040	)
Currency Option USD vs CLP	Put	Morgan Stanley & Co. International PLC		05/05/22		790.00		—		560		(5	)
Currency Option USD vs CNH	Put	JPMorgan Chase Bank, N.A.		08/08/22		6.40		—		280		(315	)
Currency Option USD vs CNH	Put	Goldman Sachs International		09/02/22		6.25		—		283		(116	)
Currency Option USD vs MXN	Put	Morgan Stanley & Co. International PLC		05/05/22		20.50		—		607		(6,773	)
Currency Option USD vs MXN	Put	JPMorgan Chase Bank, N.A.		05/06/22		19.75		—		488		(152	)
Currency Option USD vs MXN	Put	JPMorgan Chase Bank, N.A.		06/06/22		20.70		—		1,401		(31,374	)
Currency Option USD vs MXN	Put	JPMorgan Chase Bank, N.A.		06/14/22		20.30		—		261		(3,113	)
Currency Option USD vs RUB	Put	Goldman Sachs International		06/09/22		71.00		—		818		(26,428	)
Currency Option USD vs ZAR	Put	Barclays Bank PLC		05/10/22		14.75		—		912		(120	)
Total Options Written (premiums received $132,823)											$	(158,425	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund    21

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Futures contracts outstanding at April 30, 2022:

Number of Contracts	Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
Short Positions:
6	2 Year U.S. Treasury Notes		Jun. 2022	$	1,264,875		$	22,143
1	5 Year Euro-Bobl		Jun. 2022		134,169			6,125
10	5 Year U.S. Treasury Notes		Jun. 2022		1,126,719			47,354
3	10 Year U.S. Treasury Notes		Jun. 2022		357,469			21,746
							$	97,368

Forward foreign currency exchange contracts outstanding at April 30, 2022:

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation			Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 07/19/22	JPMorgan Chase Bank, N.A.	AUD	169	$	121,000	$	119,315		$	—		$	(1,685	)
Expiring 07/19/22	Morgan Stanley & Co. International PLC	AUD	40		29,000		28,641			—			(359	)
Brazilian Real,
Expiring 05/03/22	Barclays Bank PLC	BRL	566		117,982		114,389			—			(3,593	)
Expiring 05/03/22	Citibank, N.A.	BRL	982		208,000		198,416			—			(9,584	)
Expiring 05/03/22	Goldman Sachs International	BRL	645		135,000		130,250			—			(4,750	)
Expiring 05/03/22	JPMorgan Chase Bank, N.A.	BRL	15,815		3,261,644		3,194,813			—			(66,831	)
Expiring 06/02/22	Citibank, N.A.	BRL	16,995		3,582,988		3,399,228			—			(183,760	)
Expiring 06/02/22	Citibank, N.A.	BRL	146		30,000		29,198			—			(802	)
Expiring 06/02/22	Goldman Sachs International	BRL	597		119,000		119,406			406			—
Chilean Peso,
Expiring 06/15/22	Citibank, N.A.	CLP	240,950		295,000		279,837			—			(15,163	)
Expiring 06/15/22	HSBC Bank PLC	CLP	229,587		278,000		266,640			—			(11,360	)
Expiring 06/15/22	HSBC Bank PLC	CLP	187,444		232,000		217,696			—			(14,304	)
Expiring 06/15/22	HSBC Bank PLC	CLP	27,387		32,090		31,807			—			(283	)
Expiring 06/15/22	UBS AG	CLP	103,619		121,000		120,342			—			(658	)
Chinese Renminbi,
Expiring 05/23/22	BNP Paribas S.A.	CNH	172		26,811		25,809			—			(1,002	)
Expiring 05/23/22	Citibank, N.A.	CNH	3,121		473,000		468,871			—			(4,129	)
Expiring 05/23/22	Citibank, N.A.	CNH	956		145,000		143,563			—			(1,437	)
Expiring 05/23/22	Goldman Sachs International	CNH	1,602		241,000		240,741			—			(259	)
Expiring 05/23/22	Goldman Sachs International	CNH	319		49,804		47,913			—			(1,891	)

See Notes to Financial Statements.

22

Forward foreign currency exchange contracts outstanding at April 30, 2022 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation			Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Chinese Renminbi (cont’d.),
Expiring 05/23/22	HSBC Bank PLC	CNH	3,269	$	514,000	$	491,168		$	—		$	(22,832	)
Expiring 05/23/22	HSBC Bank PLC	CNH	2,025		319,000		304,266			—			(14,734	)
Expiring 05/23/22	JPMorgan Chase Bank, N.A.	CNH	7,326		1,145,233		1,100,687			—			(44,546	)
Colombian Peso,
Expiring 06/15/22	BNP Paribas S.A.	COP	481,459		121,000		120,673			—			(327	)
Expiring 06/15/22	Citibank, N.A.	COP	625,348		164,000		156,737			—			(7,263	)
Expiring 06/15/22	Citibank, N.A.	COP	571,943		148,000		143,352			—			(4,648	)
Expiring 06/15/22	Goldman Sachs International	COP	419,699		104,809		105,193			384			—
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	COP	1,235,139		321,827		309,576			—			(12,251	)
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	COP	475,667		119,000		119,221			221			—
Expiring 06/15/22	Morgan Stanley & Co. International PLC	COP	232,838		62,323		58,359			—			(3,964	)
Czech Koruna,
Expiring 07/19/22	Barclays Bank PLC	CZK	24,436		1,073,001		1,037,926			—			(35,075	)
Expiring 07/19/22	Morgan Stanley & Co. International PLC	CZK	3,200		141,000		135,908			—			(5,092	)
Egyptian Pound,
Expiring 05/11/22	Citibank, N.A.	EGP	8,638		465,922		463,323			—			(2,599	)
Expiring 05/25/22	Citibank, N.A.	EGP	8,638		462,678		458,901			—			(3,777	)
Indian Rupee,
Expiring 06/15/22	Citibank, N.A.	INR	24,826		324,000		322,545			—			(1,455	)
Expiring 06/15/22	Citibank, N.A.	INR	16,346		213,000		212,368			—			(632	)
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	INR	125,126		1,621,279		1,625,680			4,401			—
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	INR	9,490		125,000		123,297			—			(1,703	)
Indonesian Rupiah,
Expiring 06/15/22	Barclays Bank PLC	IDR	3,458,098		240,915		236,605			—			(4,310	)
Expiring 06/15/22	Barclays Bank PLC	IDR	1,418,244		98,597		97,037			—			(1,560	)
Expiring 06/15/22	HSBC Bank PLC	IDR	8,347,160		580,107		571,119			—			(8,988	)
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	IDR	2,424,706		167,000		165,900			—			(1,100	)
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	IDR	1,144,824		79,712		78,330			—			(1,382	)
Expiring 06/15/22	Morgan Stanley & Co. International PLC	IDR	2,243,002		156,215		153,467			—			(2,748	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund    23

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Forward foreign currency exchange contracts outstanding at April 30, 2022 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation			Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Israeli Shekel,
Expiring 06/15/22	Goldman Sachs International	ILS	196	$	61,029	$	58,778		$	—		$	(2,251	)
Expiring 06/15/22	Goldman Sachs International	ILS	82		25,101		24,519			—			(582	)
Japanese Yen,
Expiring 07/19/22	HSBC Bank PLC	JPY	34,275		274,591		265,048			—			(9,543	)
Malaysian Ringgit,
Expiring 06/15/22	Barclays Bank PLC	MYR	662		156,748		152,328			—			(4,420	)
Expiring 06/15/22	Barclays Bank PLC	MYR	628		149,000		144,438			—			(4,562	)
Expiring 06/15/22	Barclays Bank PLC	MYR	314		74,515		72,345			—			(2,170	)
Expiring 06/15/22	Goldman Sachs International	MYR	307		70,677		70,685			8			—
Expiring 06/15/22	Morgan Stanley & Co. International PLC	MYR	2,967		707,635		682,877			—			(24,758	)
Expiring 06/15/22	Morgan Stanley & Co. International PLC	MYR	575		136,000		132,369			—			(3,631	)
Mexican Peso,
Expiring 06/15/22	BNP Paribas S.A.	MXN	8,075		398,445		392,048			—			(6,397	)
Expiring 06/15/22	Goldman Sachs International	MXN	1,632		80,705		79,255			—			(1,450	)
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	MXN	4,633		227,000		224,940			—			(2,060	)
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	MXN	2,958		136,000		143,595			7,595			—
Expiring 06/15/22	Morgan Stanley & Co. International PLC	MXN	47,164		2,235,956		2,289,850			53,894			—
Expiring 06/15/22	UBS AG	MXN	6,190		302,000		300,537			—			(1,463	)
Expiring 06/15/22	UBS AG	MXN	2,950		136,000		143,249			7,249			—
New Taiwanese Dollar,
Expiring 06/15/22	Barclays Bank PLC	TWD	4,075		144,136		138,906			—			(5,230	)
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	TWD	7,467		259,000		254,515			—			(4,485	)
Expiring 06/15/22	Morgan Stanley & Co. International PLC	TWD	2,538		90,137		86,530			—			(3,607	)
Expiring 06/15/22	UBS AG	TWD	16,564		578,000		564,622			—			(13,378	)
Expiring 06/15/22	UBS AG	TWD	10,200		357,000		347,685			—			(9,315	)
Peruvian Nuevo Sol,
Expiring 06/15/22	Barclays Bank PLC	PEN	153		40,718		39,554			—			(1,164	)
Expiring 06/15/22	BNP Paribas S.A.	PEN	775		206,000		200,741			—			(5,259	)
Expiring 06/15/22	Citibank, N.A.	PEN	862		225,000		223,413			—			(1,587	)
Expiring 06/15/22	Citibank, N.A.	PEN	340		91,206		88,091			—			(3,115	)

See Notes to Financial Statements.

24

Forward foreign currency exchange contracts outstanding at April 30, 2022 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation			Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Peruvian Nuevo Sol (cont’d.),
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	PEN	283	$	76,064	$	73,328		$	—		$	(2,736	)
Philippine Peso,
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	PHP	16,015		304,000		303,856			—			(144	)
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	PHP	14,968		284,000		283,994			—			(6	)
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	PHP	12,105		230,000		229,668			—			(332	)
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	PHP	6,433		122,000		122,064			64			—
Expiring 06/15/22	Standard Chartered Bank	PHP	28,862		547,000		547,597			597			—
Expiring 06/15/22	Standard Chartered Bank	PHP	23,383		442,000		443,652			1,652			—
Expiring 06/15/22	Standard Chartered Bank	PHP	11,552		219,000		219,175			175			—
Polish Zloty,
Expiring 07/19/22	HSBC Bank PLC	PLN	3,764		872,566		840,077			—			(32,489	)
Expiring 07/19/22	HSBC Bank PLC	PLN	3,181		733,339		709,880			—			(23,459	)
Expiring 07/19/22	JPMorgan Chase Bank, N.A.	PLN	276		61,624		61,645			21			—
Romanian Leu,
Expiring 07/19/22	Morgan Stanley & Co. International PLC	RON	2,284		496,844		481,389			—			(15,455	)
Singapore Dollar,
Expiring 06/15/22	Citibank, N.A.	SGD	594		438,000		429,441			—			(8,559	)
Expiring 06/15/22	Goldman Sachs International	SGD	122		90,009		88,182			—			(1,827	)
Expiring 06/15/22	HSBC Bank PLC	SGD	467		344,000		337,900			—			(6,100	)
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	SGD	613		452,000		443,321			—			(8,679	)
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	SGD	164		121,113		118,541			—			(2,572	)
Expiring 06/15/22	Standard Chartered Bank	SGD	104		76,798		75,449			—			(1,349	)
South African Rand,
Expiring 06/15/22	Barclays Bank PLC	ZAR	4,105		256,000		258,551			2,551			—
Expiring 06/15/22	Barclays Bank PLC	ZAR	2,260		153,000		142,341			—			(10,659	)
Expiring 06/15/22	Barclays Bank PLC	ZAR	1,900		121,000		119,681			—			(1,319	)
Expiring 06/15/22	BNP Paribas S.A.	ZAR	470		31,838		29,585			—			(2,253	)
Expiring 06/15/22	Goldman Sachs International	ZAR	1,437		92,891		90,482			—			(2,409	)
Expiring 06/15/22	Goldman Sachs International	ZAR	506		34,368		31,899			—			(2,469	)
Expiring 06/15/22	HSBC Bank PLC	ZAR	4,268		284,558		268,852			—			(15,706	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund    25

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Forward foreign currency exchange contracts outstanding at April 30, 2022 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation			Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South African Rand (cont’d.),
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	ZAR	3,641	$	229,162	$	229,309		$	147		$	—
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	ZAR	2,600		164,001		163,771			—			(230	)
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	ZAR	2,129		132,000		134,073			2,073			—
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	ZAR	1,918		121,000		120,808			—			(192	)
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	ZAR	1,900		119,000		119,672			672			—
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	ZAR	1,544		101,878		97,269			—			(4,609	)
Expiring 06/15/22	UBS AG	ZAR	5,267		336,000		331,737			—			(4,263	)
South Korean Won,
Expiring 06/15/22	Barclays Bank PLC	KRW	27,119		22,291		21,471			—			(820	)
Expiring 06/15/22	HSBC Bank PLC	KRW	341,700		278,000		270,526			—			(7,474	)
Expiring 06/15/22	HSBC Bank PLC	KRW	274,934		227,000		217,667			—			(9,333	)
Expiring 06/15/22	HSBC Bank PLC	KRW	160,722		130,000		127,244			—			(2,756	)
Expiring 06/15/22	Morgan Stanley & Co. International PLC	KRW	51,480		41,935		40,757			—			(1,178	)
Expiring 06/15/22	Standard Chartered Bank	KRW	238,793		196,000		189,054			—			(6,946	)
Thai Baht,
Expiring 06/15/22	Citibank, N.A.	THB	16,582		490,000		484,519			—			(5,481	)
Expiring 06/15/22	Goldman Sachs International	THB	8,417		253,000		245,949			—			(7,051	)
Expiring 06/15/22	Goldman Sachs International	THB	5,568		166,000		162,693			—			(3,307	)
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	THB	21,025		632,000		614,340			—			(17,660	)
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	THB	5,544		165,000		161,983			—			(3,017	)
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	THB	4,979		149,862		145,471			—			(4,391	)
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	THB	4,186		125,000		122,314			—			(2,686	)
Expiring 06/15/22	Morgan Stanley & Co. International PLC	THB	9,170		276,000		267,947			—			(8,053	)
Turkish Lira,
Expiring 06/15/22	Citibank, N.A.	TRY	6,245		382,568		405,847			23,279			—
				$	37,050,245	$	36,314,402			105,389			(841,232	)

See Notes to Financial Statements.

26

Forward foreign currency exchange contracts outstanding at April 30, 2022 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation			Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 07/19/22	BNP Paribas S.A.	AUD	212	$	157,857	$	149,976		$	7,881		$	—
Brazilian Real,
Expiring 05/03/22	BNP Paribas S.A.	BRL	470		99,000		94,847			4,153			—
Expiring 05/03/22	Citibank, N.A.	BRL	16,995		3,616,767		3,433,247			183,520			—
Expiring 05/03/22	Citibank, N.A.	BRL	543		115,322		109,773			5,549			—
Canadian Dollar,
Expiring 07/19/22	Barclays Bank PLC	CAD	193		152,827		150,121			2,706			—
Chilean Peso,
Expiring 06/15/22	BNP Paribas S.A.	CLP	166,772		207,000		193,687			13,313			—
Expiring 06/15/22	Morgan Stanley & Co. International PLC	CLP	198,453		244,025		230,482			13,543			—
Expiring 06/15/22	Morgan Stanley & Co. International PLC	CLP	35,662		43,615		41,417			2,198			—
Expiring 06/15/22	UBS AG	CLP	182,618		229,000		212,091			16,909			—
Chinese Renminbi,
Expiring 05/23/22	Goldman Sachs International	CNH	1,408		220,294		211,611			8,683			—
Expiring 05/23/22	Goldman Sachs International	CNH	184		28,805		27,612			1,193			—
Expiring 05/23/22	HSBC Bank PLC	CNH	1,172		183,485		176,154			7,331			—
Expiring 05/23/22	JPMorgan Chase Bank, N.A.	CNH	27,658		4,330,434		4,155,320			175,114			—
Expiring 05/23/22	JPMorgan Chase Bank, N.A.	CNH	796		119,767		119,664			103			—
Expiring 05/23/22	JPMorgan Chase Bank, N.A.	CNH	384		60,386		57,763			2,623			—
Expiring 05/23/22	Morgan Stanley & Co. International PLC	CNH	2,628		412,000		394,770			17,230			—
Expiring 05/23/22	Morgan Stanley & Co. International PLC	CNH	925		145,562		139,027			6,535			—
Expiring 05/23/22	UBS AG	CNH	2,924		460,000		439,343			20,657			—
Expiring 05/23/22	UBS AG	CNH	1,725		269,000		259,207			9,793			—
Colombian Peso,
Expiring 06/15/22	BNP Paribas S.A.	COP	575,008		151,000		144,120			6,880			—
Expiring 06/15/22	Citibank, N.A.	COP	560,947		141,000		140,596			404			—
Expiring 06/15/22	HSBC Bank PLC	COP	623,376		162,000		156,243			5,757			—
Expiring 06/15/22	Morgan Stanley & Co. International PLC	COP	528,562		136,709		132,479			4,230			—
Expiring 06/15/22	Morgan Stanley & Co. International PLC	COP	465,218		120,134		116,602			3,532			—
Egyptian Pound,
Expiring 05/11/22	Citibank, N.A.	EGP	8,638		466,677		463,323			3,354			—

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund    27

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Forward foreign currency exchange contracts outstanding at April 30, 2022 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation			Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Euro,
Expiring 07/19/22	BNP Paribas S.A.	EUR	114	$	123,000	$	120,348		$	2,652		$	—
Expiring 07/19/22	Deutsche Bank AG	EUR	285		310,272		302,294			7,978			—
Expiring 07/19/22	Deutsche Bank AG	EUR	160		174,440		169,303			5,137			—
Hungarian Forint,
Expiring 07/19/22	Barclays Bank PLC	HUF	73,669		208,725		203,195			5,530			—
Indian Rupee,
Expiring 06/15/22	Barclays Bank PLC	INR	1,561		20,257		20,275			—			(18	)
Expiring 06/15/22	Citibank, N.A.	INR	38,260		497,000		497,080			—			(80	)
Expiring 06/15/22	HSBC Bank PLC	INR	37,055		478,000		481,425			—			(3,425	)
Expiring 06/15/22	HSBC Bank PLC	INR	22,319		288,000		289,977			—			(1,977	)
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	INR	36,302		472,000		471,650			350			—
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	INR	2,225		29,000		28,910			90			—
Expiring 06/15/22	Morgan Stanley & Co. International PLC	INR	34,328		446,000		445,997			3			—
Expiring 06/15/22	Morgan Stanley & Co. International PLC	INR	5,348		69,226		69,489			—			(263	)
Indonesian Rupiah,
Expiring 06/15/22	Barclays Bank PLC	IDR	5,302,138		369,001		362,776			6,225			—
Expiring 06/15/22	Barclays Bank PLC	IDR	681,010		47,434		46,595			839			—
Expiring 06/15/22	Citibank, N.A.	IDR	2,931,631		201,764		200,584			1,180			—
Expiring 06/15/22	Citibank, N.A.	IDR	700,471		48,671		47,927			744			—
Expiring 06/15/22	Citibank, N.A.	IDR	599,200		41,236		40,998			238			—
Expiring 06/15/22	Goldman Sachs International	IDR	19,903,147		1,388,527		1,361,788			26,739			—
Expiring 06/15/22	Goldman Sachs International	IDR	3,100,146		212,411		212,114			297			—
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	IDR	6,706,969		464,000		458,896			5,104			—
Expiring 06/15/22	Morgan Stanley & Co. International PLC	IDR	3,384,570		236,622		231,575			5,047			—
Israeli Shekel,
Expiring 06/15/22	Bank of America, N.A.	ILS	625		193,200		187,609			5,591			—
Expiring 06/15/22	Bank of America, N.A.	ILS	495		151,800		148,573			3,227			—
Expiring 06/15/22	Barclays Bank PLC	ILS	809		247,000		242,818			4,182			—
Expiring 06/15/22	Barclays Bank PLC	ILS	99		30,623		29,695			928			—
Expiring 06/15/22	Citibank, N.A.	ILS	773		242,000		232,099			9,901			—
Expiring 06/15/22	HSBC Bank PLC	ILS	1,024		312,000		307,601			4,399			—
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	ILS	958		294,000		287,710			6,290			—

See Notes to Financial Statements.

28

Forward foreign currency exchange contracts outstanding at April 30, 2022 (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.):
Malaysian Ringgit,
Expiring 06/15/22	Barclays Bank PLC	MYR	188	$	44,759	$	43,358		$	1,401		$	—
Expiring 06/15/22	Morgan Stanley & Co. International PLC	MYR	946		225,716		217,637			8,079			—
Expiring 06/15/22	Morgan Stanley & Co. International PLC	MYR	591		140,000		136,052			3,948			—
Expiring 06/15/22	Morgan Stanley & Co. International PLC	MYR	404		95,580		92,951			2,629			—
Mexican Peso,
Expiring 06/15/22	Goldman Sachs International	MXN	6,029		292,530		292,710			—			(180	)
Expiring 06/15/22	Goldman Sachs International	MXN	4,039		189,177		196,095			—			(6,918	)
Expiring 06/15/22	Goldman Sachs International	MXN	802		37,701		38,950			—			(1,249	)
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	MXN	3,945		185,000		191,539			—			(6,539	)
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	MXN	2,924		144,761		141,956			2,805			—
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	MXN	2,459		119,000		119,386			—			(386	)
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	MXN	1,657		79,343		80,449			—			(1,106	)
Expiring 06/15/22	UBS AG	MXN	4,616		217,000		224,133			—			(7,133	)
New Taiwanese Dollar,
Expiring 06/15/22	Barclays Bank PLC	TWD	871		30,476		29,684			792			—
Expiring 06/15/22	Citibank, N.A.	TWD	6,620		227,000		225,658			1,342			—
Expiring 06/15/22	Goldman Sachs International	TWD	60,196		2,132,351		2,051,925			80,426			—
Expiring 06/15/22	HSBC Bank PLC	TWD	6,425		222,000		219,015			2,985			—
Expiring 06/15/22	HSBC Bank PLC	TWD	6,310		216,000		215,092			908			—
Expiring 06/15/22	Morgan Stanley & Co. International PLC	TWD	6,391		219,000		217,841			1,159			—
Peruvian Nuevo Sol,
Expiring 06/15/22	BNP Paribas S.A.	PEN	85		22,414		22,006			408			—
Expiring 06/15/22	HSBC Bank PLC	PEN	644		167,299		166,807			492			—
Expiring 06/15/22	Morgan Stanley & Co. International PLC	PEN	229		61,177		59,330			1,847			—
Philippine Peso,
Expiring 06/15/22	Bank of America, N.A.	PHP	17,317		331,000		328,550			2,450			—
Expiring 06/15/22	Barclays Bank PLC	PHP	4,470		84,481		84,808			—			(327	)
Expiring 06/15/22	Citibank, N.A.	PHP	6,443		125,000		122,247			2,753			—

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund    29

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Forward foreign currency exchange contracts outstanding at April 30, 2022 (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 06/15/22	JPMorgan Chase Bank, N.A.	PHP	7,362	$	141,000	$	139,684		$	1,316		$	—
Expiring 06/15/22	Morgan Stanley & Co. International PLC	PHP	18,120		342,014		343,792			—			(1,778	)
Expiring 06/15/22	Standard Chartered Bank	PHP	15,889		307,000		301,461			5,539			—
Polish Zloty,
Expiring 07/19/22	Citibank, N.A.	PLN	2,072		464,854		462,403			2,451			—
Expiring 07/19/22	Morgan Stanley & Co. International PLC	PLN	1,220		280,000		272,283			7,717			—
Singapore Dollar,
Expiring 06/15/22	Credit Suisse International	SGD	360		264,000		260,086			3,914			—
Expiring 06/15/22	Goldman Sachs International	SGD	511		370,000		369,699			301			—
Expiring 06/15/22	HSBC Bank PLC	SGD	498		359,000		360,130			—			(1,130	)
Expiring 06/15/22	Morgan Stanley & Co. International PLC	SGD	2,471		1,816,128		1,786,884			29,244			—
South African Rand,
Expiring 06/15/22	Barclays Bank PLC	ZAR	17,257		1,137,565		1,086,986			50,579			—
Expiring 06/15/22	Barclays Bank PLC	ZAR	15,616		1,009,668		983,600			26,068			—
Expiring 06/15/22	Barclays Bank PLC	ZAR	10,383		671,324		653,991			17,333			—
Expiring 06/15/22	Barclays Bank PLC	ZAR	2,569		169,908		161,787			8,121			—
Expiring 06/15/22	Citibank, N.A.	ZAR	17,257		1,134,231		1,086,986			47,245			—
Expiring 06/15/22	Deutsche Bank AG	ZAR	1,528		100,208		96,220			3,988			—
Expiring 06/15/22	Goldman Sachs International	ZAR	2,560		169,919		161,251			8,668			—
Expiring 06/15/22	HSBC Bank PLC	ZAR	5,435		355,942		342,363			13,579			—
South Korean Won,
Expiring 06/15/22	Citibank, N.A.	KRW	1,243,100		1,011,736		984,171			27,565			—
Expiring 06/15/22	HSBC Bank PLC	KRW	261,839		207,000		207,300			—			(300	)
Expiring 06/15/22	Morgan Stanley & Co. International PLC	KRW	348,022		276,000		275,532			468			—
Expiring 06/15/22	Morgan Stanley & Co. International PLC	KRW	290,407		233,000		229,917			3,083			—
Expiring 06/15/22	Standard Chartered Bank	KRW	314,094		251,000		248,670			2,330			—
Expiring 06/15/22	Standard Chartered Bank	KRW	255,848		201,000		202,556			—			(1,556	)
Thai Baht,
Expiring 06/15/22	HSBC Bank PLC	THB	3,559		107,391		103,989			3,402			—
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	THB	48,448		1,461,794		1,415,630			46,164			—

See Notes to Financial Statements.

30

Forward foreign currency exchange contracts outstanding at April 30, 2022 (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 06/15/22	JPMorgan Chase Bank, N.A.	THB	4,134	$	121,000	$	120,803		$	197		$	—
Expiring 06/15/22	Morgan Stanley & Co. International PLC	THB	12,065		360,000		352,521			7,479			—
				$	38,800,322	$	37,777,650			1,057,037			(34,365	)
									$	1,162,426		$	(875,597	)

Cross currency exchange contracts outstanding at April 30, 2022:

Settlement	Type		Notional Amount (000)		In Exchange For (000)			Unrealized Appreciation			Unrealized Depreciation				Counterparty
OTC Cross Currency Exchange Contracts:
07/19/22		Buy	EUR	112		HUF	42,232		$	2,174		$	—		HSBC Bank PLC
07/19/22		Buy	HUF	43,314		EUR	113			—			(248	)	JPMorgan Chase Bank, N.A.
									$	2,174		$	(248	)

Interest rate swap agreements outstanding at April 30, 2022:

Notional      Amount (000)#		Termination Date	Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2022			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
BRL	3,324	01/02/23	6.450%(T)	1 Day BROIS(2)(T)		$	—	$	(31,981	)		$	(31,981	)
BRL	1,374	01/02/24	4.590%(T)	1 Day BROIS(2)(T)			—		(36,666	)			(36,666	)
BRL	9,889	01/02/24	11.247%(T)	1 Day BROIS(2)(T)			—		(39,992	)			(39,992	)
BRL	1,478	01/02/25	5.840%(T)	1 Day BROIS(2)(T)			—		(38,494	)			(38,494	)
BRL	2,354	01/02/25	7.950%(T)	1 Day BROIS(2)(T)			—		(46,111	)			(46,111	)
BRL	2,540	01/02/25	8.140%(T)	1 Day BROIS(1)(T)			—		43,503				43,503
BRL	3,378	01/02/25	11.078%(T)	1 Day BROIS(2)(T)			—		(14,890	)			(14,890	)
BRL	5,922	01/02/25	11.490%(T)	1 Day BROIS(2)(T)			4,670		(14,462	)			(19,132	)
BRL	3,354	01/02/25	12.050%(T)	1 Day BROIS(2)(T)			—		1,450				1,450
BRL	668	01/04/27	6.325%(T)	1 Day BROIS(2)(T)			—		(27,870	)			(27,870	)
BRL	1,056	01/04/27	6.529%(T)	1 Day BROIS(2)(T)			—		(41,495	)			(41,495	)
BRL	1,885	01/04/27	7.745%(T)	1 Day BROIS(1)(T)			—		61,818				61,818
BRL	1,366	01/04/27	8.020%(T)	1 Day BROIS(2)(T)			—		(43,299	)			(43,299	)
BRL	1,954	01/04/27	8.565%(T)	1 Day BROIS(2)(T)			—		(50,427	)			(50,427	)
BRL	744	01/04/27	9.300%(T)	1 Day BROIS(1)(T)			—		15,177				15,177
BRL	1,788	01/04/27	10.250%(T)	1 Day BROIS(1)(T)			—		20,574				20,574

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund    31

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Interest rate swap agreements outstanding at April 30, 2022 (continued):

Notional Amount (000)#		Termination Date	Fixed Rate	Floating Rate	Value at Trade Date				Value at April 30, 2022			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
BRL	888	01/04/27	10.490%(T)	1 Day BROIS(1)(T)		$	4,457		$	8,536			$	4,079
BRL	9,578	01/04/27	11.085%(T)	1 Day BROIS(1)(T)			3,086			52,261				49,175
BRL	2,688	01/04/27	11.660%(T)	1 Day BROIS(2)(T)			—			(1,215	)			(1,215	)
BRL	1,948	01/04/27	11.680%(T)	1 Day BROIS(2)(T)			1,773			(535	)			(2,308	)
BRL	1,688	01/04/27	11.755%(T)	1 Day BROIS(2)(T)			—			4,224				4,224
BRL	3,244	01/04/27	12.000%(T)	1 Day BROIS(1)(T)			—			(8,887	)			(8,887	)
BRL	1,601	01/04/27	12.200%(T)	1 Day BROIS(2)(T)			—			11,161				11,161
CLP	268,200	07/12/26	3.505%(S)	1 Day CLOIS(2)(S)			—			(40,785	)			(40,785	)
CLP	585,130	03/11/27	6.440%(S)	1 Day CLOIS(1)(S)			6,814			8,064				1,250
CLP	310,290	06/15/27	6.775%(S)	1 Day CLOIS(1)(S)			—			(1,955	)			(1,955	)
CLP	310,830	06/15/27	6.790%(S)	1 Day CLOIS(1)(S)			—			(2,191	)			(2,191	)
COP	950,000	12/12/23	5.530%(Q)	1 Day COOIS(2)(Q)			—			(10,824	)			(10,824	)
COP	2,234,000	02/11/27	7.460%(Q)	1 Day COOIS(1)(Q)			2,368			23,885				21,517
COP	736,000	02/14/27	7.640%(Q)	1 Day COOIS(1)(Q)			—			6,547				6,547
COP	2,492,950	02/14/27	7.640%(Q)	1 Day COOIS(1)(Q)			499			22,175				21,676
COP	1,694,000	02/14/27	7.650%(Q)	1 Day COOIS(1)(Q)			—			14,890				14,890
COP	733,000	03/29/27	8.810%(Q)	1 Day COOIS(1)(Q)			—			(1,455	)			(1,455	)
COP	1,898,600	06/15/27	8.230%(Q)	1 Day COOIS(1)(Q)			(3,136	)		10,364				13,500
COP	211,800	11/09/31	6.650%(Q)	1 Day COOIS(2)(Q)			—			(6,509	)			(6,509	)
CZK	48,650	06/15/24	5.850%(A)	6 Month PRIBOR(1)(S)			—			(4,524	)			(4,524	)
CZK	6,507	06/15/31	1.730%(A)	6 Month PRIBOR(2)(S)			—			(57,637	)			(57,637	)
CZK	6,085	10/08/31	2.450%(A)	6 Month PRIBOR(2)(S)			(6,611	)		(38,463	)			(31,852	)
CZK	6,070	01/27/32	3.445%(A)	6 Month PRIBOR(2)(S)			—			(20,776	)			(20,776	)
HUF	157,860	09/03/26	2.660%(A)	6 Month BUBOR(1)(S)			5,523			69,994				64,471
HUF	150,000	03/17/27	6.250%(A)	6 Month BUBOR(1)(S)			—			17,604				17,604
KRW	911,165	01/07/27	2.178%(Q)	3 Month KWCDC(2)(Q)			(17,739	)		(27,220	)			(9,481	)
KRW	500,000	06/15/27	2.410%(Q)	3 Month KWCDC(2)(Q)			(9,885	)		(12,241	)			(2,356	)
MXN	21,120	04/29/24	9.220%(M)	28 Day Mexican Interbank Rate(1)(M)			—			(189	)			(189	)
MXN	7,470	05/02/25	5.285%(M)	28 Day Mexican Interbank Rate(2)(M)			12			(38,777	)			(38,789	)
MXN	14,446	03/11/26	4.845%(M)	28 Day Mexican Interbank Rate(2)(M)			(11,906	)		(101,737	)			(89,831	)
MXN	9,180	07/14/26	6.465%(M)	28 Day Mexican Interbank Rate(2)(M)			(22	)		(42,683	)			(42,661	)
MXN	4,160	07/15/26	6.430%(M)	28 Day Mexican Interbank Rate(2)(M)			(8	)		(19,603	)			(19,595	)

See Notes to Financial Statements.

32

Interest rate swap agreements outstanding at April 30, 2022 (continued):

Notional Amount (000)#		Termination Date	Fixed Rate	Floating Rate	Value at Trade Date				Value at April 30, 2022			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
MXN	11,480	04/26/27	9.100%(M)	28 Day Mexican Interbank Rate(1)(M)		$	—		$	(156	)		$	(156	)
MXN	11,480	06/09/27	8.369%(M)	28 Day Mexican Interbank Rate(1)(M)			—			17,581				17,581
MXN	3,490	06/09/27	8.543%(M)	28 Day Mexican Interbank Rate(2)(M)			(1,639	)		(4,156	)			(2,517	)
MXN	10,260	01/28/30	6.640%(M)	28 Day Mexican Interbank Rate(2)(M)			(50,159	)		(66,381	)			(16,222	)
MXN	4,450	07/24/31	6.780%(M)	28 Day Mexican Interbank Rate(2)(M)			—			(30,023	)			(30,023	)
MXN	5,830	04/19/32	8.940%(M)	28 Day Mexican Interbank Rate(2)(M)			—			(727	)			(727	)
PLN	2,450	10/05/23	1.350%(A)	6 Month WIBOR(1)(S)			—			38,706				38,706
PLN	2,450	10/05/23	1.375%(A)	6 Month WIBOR(1)(S)			—			38,446				38,446
PLN	2,360	12/15/23	2.400%(A)	6 Month WIBOR(1)(S)			—			36,678				36,678
PLN	2,700	07/24/24	1.798%(A)	6 Month WIBOR(2)(S)			—			(57,947	)			(57,947	)
PLN	930	02/01/25	4.300%(A)	6 Month WIBOR(1)(S)			—			11,896				11,896
PLN	2,730	09/08/25	0.637%(A)	6 Month WIBOR(2)(S)			(2,483	)		(108,398	)			(105,915	)
PLN	4,650	04/07/27	5.405%(A)	6 Month WIBOR(1)(S)			—			41,640				41,640
PLN	16,023	06/15/27	4.970%(A)	6 Month WIBOR(1)(S)			50,072			221,178				171,106
PLN	700	06/17/31	1.745%(A)	6 Month WIBOR(1)(S)			—			44,499				44,499
ZAR	19,130	04/21/24	6.105%(Q)	3 Month JIBAR(1)(Q)			59			4,985				4,926
ZAR	19,160	04/21/24	6.109%(Q)	3 Month JIBAR(1)(Q)			59			4,901				4,842
ZAR	19,460	04/28/24	6.275%(Q)	3 Month JIBAR(1)(Q)			62			1,889				1,827
ZAR	19,790	05/03/24	6.310%(Q)	3 Month JIBAR(1)(Q)			—			1,687				1,687
ZAR	5,789	08/21/25	4.978%(Q)	3 Month JIBAR(2)(Q)			(10,444	)		(20,510	)			(10,066	)
ZAR	29,133	03/16/27	6.960%(Q)	3 Month JIBAR(1)(Q)			7,304			27,639				20,335
ZAR	3,244	04/13/31	7.530%(Q)	3 Month JIBAR(2)(Q)			(43	)		(10,418	)			(10,375	)
ZAR	6,680	07/13/31	7.415%(Q)	3 Month JIBAR(1)(Q)			93			26,049				25,956
ZAR	6,610	09/27/31	7.493%(Q)	3 Month JIBAR(1)(Q)			1,662			24,150				22,488
ZAR	4,635	01/04/32	7.595%(Q)	3 Month JIBAR(1)(Q)			5,064			16,078				11,014
						$	(20,498	)	$	(172,380	)		$	(151,882	)

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

2,800

06/15/27

3.736%(Q)

3 Month KLIBOR(1)(Q)

$

5,634

$

—

$

5,634

Citibank, N.A.

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund    33

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Interest rate swap agreements outstanding at April 30, 2022 (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	2,800		06/15/27	3.790%(Q)	3 Month KLIBOR(1)(Q)	$	4,060			$	—		$	4,060		Bank of America, N.A.
RUB	21,000		12/15/26	7.995%(A)	3 Month MosPRIME(2)(Q)		(39,835	)			—			(39,835	)	Morgan Stanley & Co. International PLC
						$	(30,141	)		$	—		$	(30,141	)

(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	$—	$—	$9,694	$(39,835)

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

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

Broker	Cash and/or Foreign Currency			Securities Market Value
Citigroup Global Markets, Inc.		$	550,000		$	—
J.P. Morgan Securities LLC			170,000			—
Total		$	720,000		$	—

Fair Value Measurements:

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

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

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

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

See Notes to Financial Statements.

34

The following is a summary of the inputs used as of April 30, 2022 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Corporate Bonds
Brazil	$	—	$	168,921		$—
Jamaica		—		210,667		—
Malaysia		—		185,205		—
Mexico		—		1,006,621		—
Russia		—		36,580		—
South Africa		—		394,947		—
Supranational Bank		—		784,135		—
Foreign Treasury Obligation
Brazil		—		218,613		—
Sovereign Bonds
Angola		—		212,981		—
Argentina		—		111,432		—
Brazil		—		1,647,034		—
Chile		—		840,405		—
China		—		4,333,127		—
Colombia		—		1,811,904		—
Czech Republic		—		1,139,273		—
Dominican Republic		—		146,493		—
Gabon		—		198,421		—
Hungary		—		1,498,785		—
Indonesia		—		5,004,350		—
Ivory Coast		—		108,579		—
Malaysia		—		4,920,850		—
Mexico		—		1,846,790		—
Nigeria		—		198,764		—
Pakistan		—		556,095		—
Peru		—		1,220,004		—
Philippines		—		104,548		—
Poland		—		2,215,200		—
Romania		—		1,071,464		—
Russia		—		119,276		—
Senegal		—		99,117		—
Serbia		—		131,466		—
South Africa		—		6,384,217		—
Thailand		—		2,290,205		—
Turkey		—		25,864		—
Ukraine		—		125,563		—
Uruguay		—		122,600		—
Short-Term Investments
Unaffiliated Fund		2,083,470		—		—
Options Purchased		—		143,689		—
Total	$	2,083,470	$	41,634,185		$—

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund    35

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

	Level 1		Level 2			Level 3
Liabilities
Options Written	$	—	$	(158,425	)	$—
Other Financial Instruments*
Assets
Futures Contracts	$	97,368	$	—		$—
OTC Forward Foreign Currency Exchange Contracts		—		1,162,426		—
OTC Cross Currency Exchange Contracts		—		2,174		—
Centrally Cleared Interest Rate Swap Agreements		—		866,243		—
OTC Interest Rate Swap Agreements		—		9,694		—
Total	$	97,368	$	2,040,537		$—
Liabilities
OTC Forward Foreign Currency Exchange Contracts	$	—	$	(875,597	)	$—
OTC Cross Currency Exchange Contracts		—		(248	)	—
Centrally Cleared Interest Rate Swap Agreements		—		(1,018,125	)	—
OTC Interest Rate Swap Agreement		—		(39,835	)	—
Total	$	—	$	(1,933,805	)	$—

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

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of April 30, 2022 were as follows:

Sovereign Bonds	82.7	%
Unaffiliated Fund	4.5
Telecommunications	1.9
Multi-National	1.7
Oil & Gas	0.7
Foreign Treasury Obligation	0.5
Chemicals	0.4
Electric	0.4
Lodging	0.4

Retail	0.4	%
Options Purchased	0.3
Investment Companies	0.1
	94.0
Options Written	(0.3	)
Other assets in excess of liabilities	6.3
	100.0	%

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

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

See Notes to Financial Statements.

36

Fair values of derivative instruments as of April 30, 2022 as presented in the Statement of Assets and Liabilities:

	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Foreign exchange contracts	Unaffiliated investments	$	143,689		Options written outstanding, at value	$	158,425
Foreign exchange contracts	Unrealized appreciation on OTC cross currency exchange contracts		2,174		Unrealized depreciation on OTC cross currency exchange contracts		248
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		1,162,426		Unrealized depreciation on OTC forward foreign currency exchange contracts		875,597
Interest rate contracts	Due from/to broker-variation margin futures		97,368	*	—		—
Interest rate contracts	Due from/to broker-variation margin swaps		866,243	*	Due from/to broker-variation margin swaps		1,018,125	*
Interest rate contracts	Unrealized appreciation on OTC swap agreements		9,694		Unrealized depreciation on OTC swap agreements		39,835
		$	2,281,594			$	2,092,230

* 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, 2022 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(1)			Options Written				Futures			Forward & Cross Currency Exchange Contracts				Swaps
Foreign exchange contracts		$	259,346		$	(271,881	)		$	—		$	(668,598	)		$	—
Interest rate contracts			—			—				108,633			—				190,854
Total		$	259,346		$	(271,881	)		$	108,633		$	(668,598	)		$	190,854

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

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund    37

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(2)				Options Written			Futures		Forward & Cross Currency Exchange Contracts		Swaps
Foreign exchange contracts		$	(393	)	$	(25,590	)	$	—	$	405,958	$	—
Interest rate contracts			—			—			52,321		—		(50,104	)
Total		$	(393	)	$	(25,590	)	$	52,321	$	405,958	$	(50,104	)

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

For the six months ended April 30, 2022, the Fund’s average volume of derivative activities is as follows:

Derivative Contract Type	Average Volume of Derivative Activities*
Options Purchased (1)	$      119,400
Options Written (2)	9,779,092
Futures Contracts - Short Positions (2)	3,524,122
Forward Foreign Currency Exchange Contracts - Purchased (3)	35,862,736
Forward Foreign Currency Exchange Contracts - Sold (3)	36,570,811
Cross Currency Exchange Contracts (4)	232,057
Interest Rate Swap Agreements (2)	44,439,274

* Average volume is based on average quarter end balances as noted for the six months ended April 30, 2022.

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

Offsetting of OTC derivative assets and liabilities:

Counterparty	Gross Amounts of Recognized Assets(1)			Gross Amounts of Recognized Liabilities(1)				Net Amounts of Recognized Assets/(Liabilities)			Collateral Pledged/(Received)(2)			Net Amount
Bank of America, N.A.		$	15,328		$	—			$	15,328		$	—		$	15,328
Barclays Bank PLC			133,234			(75,495	)			57,739			—			57,739
BNP Paribas S.A.			35,287			(15,238	)			20,049			—			20,049
Citibank, N.A.			315,159			(254,071	)			61,088			—			61,088

See Notes to Financial Statements.

38

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
Credit Suisse International		$	3,914		$	—			$	3,914			$	—		$	3,914
Deutsche Bank AG			17,103			—				17,103				—			17,103
Goldman Sachs International			145,235			(103,341	)			41,894				—			41,894
HSBC Bank PLC			41,027			(186,193	)			(145,166	)			145,166			—
JPMorgan Chase Bank, N.A.			344,213			(268,852	)			75,361				—			75,361
Morgan Stanley & Co. International PLC			202,582			(124,854	)			77,728				—			77,728
Standard
Chartered Bank			10,293			(9,851	)			442				—			442
UBS AG			54,608			(36,210	)			18,398				—			18,398
		$	1,317,983		$	(1,074,105	)		$	243,878			$	145,166		$	389,044

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

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

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund    39

Statement of Assets and Liabilities (unaudited)

as of April 30, 2022

Assets
Unaffiliated investments (cost $52,817,285)	$	43,717,655
Foreign currency, at value (cost $164,332)		160,968
Cash segregated for counterparty - OTC		280,000
Receivable for investments sold		1,839,078
Unrealized appreciation on OTC forward foreign currency exchange contracts		1,162,426
Dividends and interest receivable		811,608
Deposit with broker for centrally cleared/exchange-traded derivatives		720,000
Tax reclaim receivable		67,226
Due from broker—variation margin swaps		57,827
Receivable for Fund shares sold		21,706
Unrealized appreciation on OTC swap agreements		9,694
Due from broker—variation margin futures		3,784
Unrealized appreciation on OTC cross currency exchange contracts		2,174
Prepaid expenses and other assets		1,850
Total Assets		48,855,996
Liabilities
Payable for Fund shares purchased		1,028,768
Unrealized depreciation on OTC forward foreign currency exchange contracts		875,597
Payable for investments purchased		167,709
Options written outstanding, at value (premiums received $132,823)		158,425
Accrued expenses and other liabilities		79,021
Unrealized depreciation on OTC swap agreements		39,835
Management fee payable		4,433
Affiliated transfer agent fee payable		1,015
Distribution fee payable		699
Directors’ fees payable		697
Unrealized depreciation on OTC cross currency exchange contracts		248
Total Liabilities		2,356,447
Net Assets	$	46,499,549
Net assets were comprised of:
Common stock, at par	$	97
Paid-in capital in excess of par		63,492,488
Total distributable earnings (loss)		(16,993,036	)
Net assets, April 30, 2022	$	46,499,549

See Notes to Financial Statements.

40

Class A
Net asset value and redemption price per share, ($2,736,779 ÷ 576,364 shares of common stock issued and outstanding)	$	4.75
Maximum sales charge (3.25% of offering price)		0.16
Maximum offering price to public	$	4.91
Class C
Net asset value, offering price and redemption price per share, ($145,719 ÷ 30,470 shares of common stock issued and outstanding)	$	4.78
Class Z
Net asset value, offering price and redemption price per share, ($41,818,285 ÷ 8,725,607 shares of common stock issued and outstanding)	$	4.79
Class R6
Net asset value, offering price and redemption price per share, ($1,798,766 ÷ 375,636 shares of common stock issued and outstanding)	$	4.79

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund    41

Statement of Operations (unaudited)

Six Months Ended April 30, 2022

Net Investment Income (Loss)
Income
Interest income (net of $62,037 foreign withholding tax)	$	1,342,171
Income from securities lending, net (including affiliated income of $148)		604
Unaffiliated dividend income		579
Affiliated dividend income		268
Total income		1,343,622
Expenses
Management fee		177,713
Distribution fee(a)		4,693
Custodian and accounting fees		42,130
Transfer agent’s fees and expenses (including affiliated expense of $2,310)(a)		40,376
Audit fee		31,836
Registration fees(a)		16,747
Legal fees and expenses		9,797
Shareholders’ reports		6,372
Directors’ fees		4,784
Miscellaneous		10,395
Total expenses		344,843
Less: Fee waiver and/or expense reimbursement(a)		(141,273	)
Net expenses		203,570
Net investment income (loss)		1,140,052
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(114))		(276,347	)
Futures transactions		108,633
Forward currency contract transactions		(668,598	)
Options written transactions		(271,881	)
Swap agreement transactions		190,854
Foreign currency transactions		(926,716	)
		(1,844,055	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $21)		(6,084,408	)
Futures		52,321
Forward and cross currency contracts		405,958
Options written		(25,590	)
Swap agreements		(50,104	)
Foreign currencies		(34,519	)
		(5,736,342	)
Net gain (loss) on investment and foreign currency transactions		(7,580,397	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(6,440,345	)

See Notes to Financial Statements.

42

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

	Class A			Class C			Class Z			Class R6
Distribution fee		3,859			834			—			—
Transfer agent’s fees and expenses		2,561			386			37,342			87
Registration fees		4,792			2,685			5,345			3,925
Fee waiver and/or expense reimbursement		(9,784	)		(3,201	)		(119,421	)		(8,867	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund    43

Statements of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2022				Year Ended October 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	1,140,052			$	2,712,736
Net realized gain (loss) on investment and foreign currency transactions			(1,844,055	)			(14,056	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			(5,736,342	)			(974,439	)
Net increase (decrease) in net assets resulting from operations			(6,440,345	)			1,724,241
Dividends and Distributions
Distributions from distributable earnings
Class A			(60,355	)			(171,094	)
Class C			(2,615	)			(11,953	)
Class Z			(1,044,405	)			(2,832,895	)
Class R6			(55,181	)			(77,566	)
			(1,162,556	)			(3,093,508	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold			11,973,604				18,589,941
Net asset value of shares issued in reinvestment of dividends and distributions			1,162,124				3,084,833
Cost of shares purchased			(15,016,625	)			(26,083,180	)
Net increase (decrease) in net assets from Fund share transactions			(1,880,897	)			(4,408,406	)
Total increase (decrease)			(9,483,798	)			(5,777,673	)
Net Assets:
Beginning of period			55,983,347				61,761,020
End of period		$	46,499,549			$	55,983,347

See Notes to Financial Statements.

44

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30,			Year Ended October 31,
	2022			2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$5.45			$5.57			$6.07			$5.52			$6.40			$6.44
Income (loss) from investment operations:
Net investment income (loss)		0.10			0.22			0.24			0.30			0.33			0.35
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.70)			(0.09	)		(0.47	)		0.57			(0.86	)		(0.02	)
Total from investment operations		(0.60)			0.13			(0.23	)		0.87			(0.53	)		0.33
Less Dividends and Distributions:
Dividends from net investment income*		(0.10)			(0.25	)		-			(0.31	)		-			(0.15	)
Tax return of capital distributions		-			-			(0.27	)		(0.01	)		(0.35	)		(0.22	)
Total dividends and distributions		(0.10)			(0.25	)		(0.27	)		(0.32	)		(0.35	)		(0.37	)
Net asset value, end of period		$4.75			$5.45			$5.57			$6.07			$5.52			$6.40
Total Return(b):		(11.14)%			2.19	%		(3.75	)%		16.14	%		(8.68	)%		5.36	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$2,737			$3,489			$3,853			$3,692			$3,146			$3,085
Average net assets (000)		$3,113			$3,950			$3,518			$3,223			$4,105			$3,639
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.13%	(e)		1.13	%		1.13	%		1.13	%		1.13	%		1.13	%
Expenses before waivers and/or expense reimbursement		1.76%	(e)		1.67	%		2.04	%		2.03	%		2.16	%		2.15	%
Net investment income (loss)		3.82%	(e)		3.75	%		4.24	%		5.13	%		5.34	%		5.42	%
Portfolio turnover rate(f)		18%			35	%		64	%		69	%		113	%		186	%

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

(a) Calculated based on average shares outstanding during the 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) Effective November 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(e) 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 Emerging Markets Debt Local Currency Fund    45

Financial Highlights  (unaudited) (continued)

Class C Shares
	Six Months Ended April 30,			Year Ended October 31,
	2022			2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$5.49			$5.61			$6.11			$5.56			$6.46			$6.49
Income (loss) from investment operations:
Net investment income (loss)		0.08			0.18			0.20			0.26			0.29			0.30
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.71)			(0.09	)		(0.47	)		0.57			(0.88	)		(0.01	)
Total from investment operations		(0.63)			0.09			(0.27	)		0.83			(0.59	)		0.29
Less Dividends and Distributions:
Dividends from net investment income*		(0.08)			(0.21	)		-			(0.27	)		-			(0.13	)
Tax return of capital distributions		-			-			(0.23	)		(0.01	)		(0.31	)		(0.19	)
Total dividends and distributions		(0.08)			(0.21	)		(0.23	)		(0.28	)		(0.31	)		(0.32	)
Net asset value, end of period		$4.78			$5.49			$5.61			$6.11			$5.56			$6.46
Total Return(b):		(11.56)%			1.44	%		(4.41	)%		15.18	%		(9.61	)%		4.66	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$146			$190			$466			$579			$538			$718
Average net assets (000)		$168			$331			$484			$566			$672			$649
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.88%	(e)		1.88	%		1.88	%		1.88	%		1.88	%		1.88	%
Expenses before waivers and/or expense reimbursement		5.72%	(e)		4.60	%		5.82	%		4.82	%		4.89	%		2.88	%
Net investment income (loss)		3.05%	(e)		3.00	%		3.54	%		4.37	%		4.56	%		4.63	%
Portfolio turnover rate(f)		18%			35	%		64	%		69	%		113	%		186	%

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

(a) Calculated based on average shares outstanding during the 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) Effective November 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(e) 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.

46

Class Z Shares
	Six Months Ended April 30,			Year Ended October 31,
	2022			2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$5.50			$5.62			$6.13			$5.57			$6.48			$6.50
Income (loss) from investment operations:
Net investment income (loss)		0.11			0.24			0.27			0.32			0.34			0.36
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.71)			(0.08	)		(0.48	)		0.58			(0.88	)		0.01
Total from investment operations		(0.60)			0.16			(0.21	)		0.90			(0.54	)		0.37
Less Dividends and Distributions:
Dividends from net investment income*		(0.11)			(0.28	)		-			(0.33	)		-			(0.16	)
Tax return of capital distributions		-			-			(0.30	)		(0.01	)		(0.37	)		(0.23	)
Total dividends and distributions		(0.11)			(0.28	)		(0.30	)		(0.34	)		(0.37	)		(0.39	)
Net asset value, end of period		$4.79			$5.50			$5.62			$6.13			$5.57			$6.48
Total Return(b):		(11.02)%			2.63	%		(3.45	)%		16.50	%		(8.83	)%		5.85	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$41,818			$49,067			$57,392			$68,101			$55,000			$27,020
Average net assets (000)		$49,327			$59,794			$56,989			$63,219			$49,644			$26,437
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.72%	(e)		0.72	%		0.74	%		0.88	%		0.88	%		0.88	%
Expenses before waivers and/or expense reimbursement		1.21%	(e)		1.16	%		1.27	%		1.31	%		1.41	%		1.88	%
Net investment income (loss)		4.19%	(e)		4.16	%		4.72	%		5.35	%		5.50	%		5.58	%
Portfolio turnover rate(f)		18%			35	%		64	%		69	%		113	%		186	%

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

(a) Calculated based on average shares outstanding during the 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) Effective November 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(e) 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 Emerging Markets Debt Local Currency Fund    47

Financial Highlights  (unaudited) (continued)

Class R6 Shares
	Six Months Ended April 30,			Year Ended October 31,
	2022			2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$5.50			$5.62			$6.12			$5.56			$6.47			$6.50
Income (loss) from investment operations:
Net investment income (loss)		0.11			0.25			0.27			0.31			0.36			0.37
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.71)			(0.09	)		(0.47	)		0.58			(0.89	)		-	(b)
Total from investment operations		(0.60)			0.16			(0.20	)		0.89			(0.53	)		0.37
Less Dividends and Distributions:
Dividends from net investment income*		(0.11)			(0.28	)		-			(0.32	)		-			(0.16	)
Tax return of capital distributions		-			-			(0.30	)		(0.01	)		(0.38	)		(0.24	)
Total dividends and distributions		(0.11)			(0.28	)		(0.30	)		(0.33	)		(0.38	)		(0.40	)
Net asset value, end of period		$4.79			$5.50			$5.62			$6.12			$5.56			$6.47
Total Return(c):		(10.99)%			2.70	%		(3.24	)%		16.41	%		(8.63	)%		5.82	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,799			$3,237			$50			$29			$1			$1
Average net assets (000)		$2,526			$1,613			$42			$15			$1			$1
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.65%	(f)		0.65	%		0.67	%		0.88	%		0.88	%		0.88	%
Expenses before waivers and/or expense reimbursement		1.36%	(f)		1.63	%		40.50	%		92.22	%		1,595.87	%		1.83	%
Net investment income (loss)		4.30%	(f)		4.27	%		4.64	%		5.20	%		5.73	%		5.73	%
Portfolio turnover rate(g)		18%			35	%		64	%		69	%		113	%		186	%

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

(a) Calculated based on average shares outstanding during the 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) Effective November 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(f) Annualized.

(g) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, 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.

48

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 adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. A record of the Valuation Committee’s actions is subject to the Board’s review at its first quarterly meeting following the quarter in which such actions take place.

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

PGIM Emerging Markets Debt Local Currency Fund    49

Notes to Financial Statements  (unaudited) (continued)

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

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

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

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

50

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

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

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

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

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

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

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

PGIM Emerging Markets Debt Local Currency Fund    51

Notes to Financial Statements  (unaudited) (continued)

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.

52

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

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

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

Financial Futures Contracts: A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the “initial margin.” Subsequent payments, known as “variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in

PGIM Emerging Markets Debt Local Currency Fund    53

Notes to Financial Statements  (unaudited) (continued)

the value of the underlying security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

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

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

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

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

54

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

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

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

PGIM Emerging Markets Debt Local Currency Fund    55

Notes to Financial Statements  (unaudited) (continued)

election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.

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

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

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

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

56

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

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

Dividends and Distributions: 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 this agreement, the Manager has responsibility for all investment advisory services and supervises the subadvisers’ performance of such services.

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

PGIM Emerging Markets Debt Local Currency Fund    57

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, 2022, 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, 2023, 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 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	1.13%
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.

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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 rate, 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, 2022, 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	$4,550	$—
C	—	—

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

4. Other Transactions with Affiliates

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

The Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a fund of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund. In addition to the realized and unrealized gains on investments in the Core Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively. Effective January 2022, the Fund changed its overnight cash sweep vehicle from the Core Fund to an unaffiliated money market fund.

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

PGIM Emerging Markets Debt Local Currency Fund    59

Notes to Financial Statements  (unaudited) (continued)

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, 2022, no 17a-7 transactions were entered into by the Fund.

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2022, were as follows:

Cost of Purchases	Proceeds from Sales
$8,877,512	$13,543,818

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended April 30, 2022, 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 Ultra Short Bond Fund(1)(wa)
$586,842	$  9,154,727	$  9,741,569	$—	$  —	$—	—	$268
PGIM Institutional Money Market Fund(1)(b)(wa)
219,262	1,454,555	1,673,724	21	(114)	—	—	148(2)
$806,104	$10,609,282	$11,415,293	$21	$(114)	$—		$416

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

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

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

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

6. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of April 30, 2022 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Depreciation
$53,571,158	$2,612,187	$(12,420,015)	$(9,807,828)

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

For federal income tax purposes, the Fund had a capital loss carryforward as of October 31, 2021 of approximately $5,321,000 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

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

7. Capital and Ownership

The Fund offers Class A, Class C, Class Z and Class R6 shares . Class A shares are sold with a maximum front-end sales charge of 3.25%. Investors who purchase $500,000 or more of Class A shares and sell those shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1.00% on sales although these purchases are not subject to a front-end sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately eight years (ten years prior to January 22, 2021) after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

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

The RIC is authorized to issue 10,225,000,000 shares of common stock, $0.00001 par value per share, 550,000,000 of which are designated as shares of the Fund. The authorized shares of the Fund are currently classified and designated as follows:

Class	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.

PGIM Emerging Markets Debt Local Currency Fund    61

Notes to Financial Statements   (unaudited) (continued)

As of April 30, 2022, 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	3,713,943	42.6%
R6	193	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	38.3%
Unaffiliated	3	52.6

Transactions in shares of common stock were as follows:

Share Class	Shares			Amount
Class A
Six months ended April 30, 2022:
Shares sold		59,880		$	312,144
Shares issued in reinvestment of dividends and distributions		11,651			59,927
Shares purchased		(136,137	)		(718,614)
Net increase (decrease) in shares outstanding before conversion		(64,606	)		(346,543)
Shares issued upon conversion from other share class(es)		1,474			7,865
Shares purchased upon conversion into other share class(es)		(651	)		(3,466)
Net increase (decrease) in shares outstanding		(63,783	)	$	(342,144)
Year ended October 31, 2021:
Shares sold		78,649		$	458,123
Shares issued in reinvestment of dividends and distributions		29,019			167,971
Shares purchased		(181,591	)		(1,055,699)
Net increase (decrease) in shares outstanding before conversion		(73,923	)		(429,605)
Shares issued upon conversion from other share class(es)		25,573			154,504
Shares purchased upon conversion into other share class(es)		(3,161	)		(18,144)
Net increase (decrease) in shares outstanding		(51,511	)	$	(293,245)

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Share Class	Shares			Amount
Class C
Six months ended April 30, 2022:
Shares sold		1,969		$	10,593
Shares issued in reinvestment of dividends and distributions		504			2,615
Shares purchased		(5,228	)		(27,380)
Net increase (decrease) in shares outstanding before conversion		(2,755	)		(14,172)
Shares purchased upon conversion into other share class(es)		(1,463	)		(7,865)
Net increase (decrease) in shares outstanding		(4,218	)	$	(22,037)
Year ended October 31, 2021:
Shares sold		3,485		$	20,671
Shares issued in reinvestment of dividends and distributions		2,022			11,886
Shares purchased		(28,402	)		(163,996)
Net increase (decrease) in shares outstanding before conversion		(22,895	)		(131,439)
Shares purchased upon conversion into other share class(es)		(25,403	)		(154,504)
Net increase (decrease) in shares outstanding		(48,298	)	$	(285,943)
Class Z
Six months ended April 30, 2022:
Shares sold		2,164,932		$	11,449,976
Shares issued in reinvestment of dividends and distributions		202,589			1,044,403
Shares purchased		(2,563,061	)		(12,899,762)
Net increase (decrease) in shares outstanding before conversion		(195,540	)		(405,383)
Shares issued upon conversion from other share class(es)		645			3,466
Net increase (decrease) in shares outstanding		(194,895	)	$	(401,917)
Year ended October 31, 2021:
Shares sold		2,987,759		$	17,715,817
Shares issued in reinvestment of dividends and distributions		483,358			2,827,410
Shares purchased		(4,096,951	)		(23,917,712)
Net increase (decrease) in shares outstanding before conversion		(625,834	)		(3,374,485)
Shares issued upon conversion from other share class(es)		3,128			18,144
Shares purchased upon conversion into other share class(es)		(661,948	)		(3,892,254)
Net increase (decrease) in shares outstanding		(1,284,654	)	$	(7,248,595)

PGIM Emerging Markets Debt Local Currency Fund    63

Notes to Financial Statements  (unaudited) (continued)

Share Class	Shares			Amount
Class R6
Six months ended April 30, 2022:
Shares sold		38,029		$	200,891
Shares issued in reinvestment of dividends and distributions		10,607			55,179
Shares purchased		(261,906	)		(1,370,869)
Net increase (decrease) in shares outstanding		(213,270	)	$	(1,114,799)
Year ended October 31, 2021:
Shares sold		68,180		$	395,330
Shares issued in reinvestment of dividends and distributions		13,589			77,566
Shares purchased		(164,802	)		(945,773)
Net increase (decrease) in shares outstanding before conversion		(83,033	)		(472,877)
Shares issued upon conversion from other share class(es)		663,076			3,892,254
Net increase (decrease) in shares outstanding		580,043		$	3,419,377

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.

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

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.

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The Fund utilized the SCA during the reporting period ended April 30, 2022. The average daily balance for the 6 days that the Fund had loans outstanding during the period was approximately $1,153,167, borrowed at a weighted average interest rate of 1.60%. The maximum loan outstanding amount during the period was $3,689,000. At April 30, 2022, 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

PGIM Emerging Markets Debt Local Currency Fund    65

Notes to Financial Statements  (unaudited) (continued)

subject to “call and redemption risk,” which is the risk that the issuer may call a bond held by the Fund for redemption before it matures and the Fund may lose income.

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

The U.S. Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements and risk exposure limitations. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make derivatives more costly, limit their availability or utility, or otherwise adversely affect their performance or disrupt markets.

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

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

66

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.

Interest Rate Risk: The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as “duration risk.” When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund’s holdings

PGIM Emerging Markets Debt Local Currency Fund    67

Notes to Financial Statements  (unaudited) (continued)

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.

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

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

68

conflicts (including Russia’s military invasion of Ukraine), 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.

COVID-19 and the related governmental and public responses have had and may continue to have an impact on the Fund’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. They have also had and may continue to result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. The occurrence, reoccurrence and pendency of public health epidemics could adversely affect the economies and financial markets either in specific countries or worldwide.

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

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

10. Recent Accounting Pronouncement and Regulatory Developments

In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, which provides optional guidance for applying GAAP to contract modifications, hedging relationships and other transactions affected by the reference rate reform if certain criteria

PGIM Emerging Markets Debt Local Currency Fund    69

Notes to Financial Statements  (unaudited) (continued)

are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. Management does not expect ASU 2020-04 to have a material impact on the financial statements.

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule took effect on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Rule and its impact to the Fund.

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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 LLC (“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 1-3, 2022, 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, 2021 through December 31, 2021 (“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    71

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

PROXY VOTING

The Board of Directors of the Fund has delegated to the Fund’s subadviser the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the Fund. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (800) 225-1852 or by visiting the Securities and Exchange Commission’s website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website and on the Securities and Exchange Commission’s website.

DIRECTORS

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

OFFICERS

Stuart S. Parker, President · Scott E. Benjamin, Vice President · Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer · Claudia DiGiacomo, Chief Legal Officer · Isabelle Sajous, Chief Compliance Officer · Jonathan Corbett, Anti-Money Laundering Compliance Officer · Andrew R. French, Secretary · Melissa Gonzalez, Assistant Secretary · Diana N. Huffman, Assistant Secretary · Kelly A. Coyne, Assistant Secretary · Patrick E. McGuinness, Assistant Secretary · Debra Rubano, Assistant Secretary · Lana Lomuti, Assistant Treasurer · Russ Shupak, Assistant Treasurer · Elyse M. McLaughlin, Assistant Treasurer · Deborah Conway, Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	PGIM Fixed Income	655 Broad Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

Shareholders can communicate directly with the Board of Directors by writing to the Chair of the Board, PGIM Emerging Markets Debt Local Currency Fund, PGIM Investments, Attn: Board of Directors, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Director by writing to that Director at the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO HOLDINGS

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov. Form N-PORT is filed with the Commission quarterly, and each Fund’s full portfolio holdings as of the first and third fiscal quarter-ends will be made publicly available 60 days after the end of each quarter 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 EMERGING MARKETS EQUITY OPPORTUNITIES FUND

SEMIANNUAL REPORT

APRIL 30, 2022

    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, 2022 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. © 2022 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, 2022. 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 a top-10 investment manager globally with more than $1.5 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 15, 2022

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 4/30/22	Average Annual Total Returns as of 4/30/22
	(without sales charges)	(with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Since Inception (%)
Class A	-36.98	-37.74	7.55	4.60 (09/16/2014)
Class C	-37.23	-35.29	7.96	4.59 (09/16/2014)
Class Z	-36.89	-33.96	9.05	5.64 (09/16/2014)
Class R6	-36.88	-33.91	9.06	5.65 (09/16/2014)
MSCI Emerging Markets Index
	-14.15	-18.33	4.32	3.21

*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, the 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 4/30/22

Ten Largest Holdings	Line of Business	Country	% of Net Assets
MercadoLibre, Inc.	Internet & Direct Marketing Retail	Brazil	4.7%
Kanzhun Ltd., ADR	Interactive Media & Services	China	4.6%
Titan Co. Ltd.	Textiles, Apparel & Luxury Goods	India	4.4%
Bank Central Asia Tbk PT	Banks	Indonesia	4.2%
Full Truck Alliance Co. Ltd., ADR	Road & Rail	China	4.1%
Globant SA	IT Services	United States	3.8%
Sea Ltd., ADR	Entertainment	Taiwan	3.7%
XPeng, Inc., ADR	Automobiles	China	3.6%
Bilibili, Inc., ADR	Entertainment	China	3.6%
B3 SA - Brasil Bolsa Balcao	Capital Markets	Brazil	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, 2022. 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, 2021	Ending Account Value April 30, 2022	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*
Class A	Actual	$1,000.00	$   630.20	1.30%	$  5.25
	Hypothetical	$1,000.00	$1,018.35	1.30%	$  6.51
Class C	Actual	$1,000.00	$   627.70	2.05%	$  8.27
	Hypothetical	$1,000.00	$1,014.63	2.05%	$10.24
Class Z	Actual	$1,000.00	$   631.10	1.05%	$  4.25
	Hypothetical	$1,000.00	$1,019.59	1.05%	$  5.26
Class R6	Actual	$1,000.00	$   631.20	0.98%	$  3.96
	Hypothetical	$1,000.00	$1,019.93	0.98%	$  4.91

*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 181 days in the six-month period ended April 30, 2022, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2022 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

8 Visit our website at pgim.com/investments

Schedule of Investments (unaudited)

as of April 30, 2022

Description	Shares		Value
LONG-TERM INVESTMENTS    97.7%
COMMON STOCKS
Brazil    10.9%
B3 SA - Brasil Bolsa Balcao		10,860,786	$	29,217,216
MercadoLibre, Inc.*		40,880		39,801,994
NU Holdings Ltd. (Class A Stock)*(a)		3,867,047		23,240,953
				92,260,163
China    32.3%
Bilibili, Inc., ADR*(a)		1,235,209		30,064,987
Contemporary Amperex Technology Co. Ltd. (Class A Stock)		413,278		24,983,150
Full Truck Alliance Co. Ltd., ADR*(a)		5,704,433		34,397,731
JD.com, Inc., ADR*(a)		377,205		23,258,460
Kanzhun Ltd., ADR*		1,649,570		38,814,382
KE Holdings, Inc., ADR*		1,201,875		17,042,588
LONGi Green Energy Technology Co. Ltd. (Class A Stock)		1,388,443		14,057,192
Silergy Corp.		217,880		19,670,139
Wuxi Biologics Cayman, Inc., 144A*		2,194,009		16,274,033
XPeng, Inc., ADR*		1,238,531		30,480,248
Zai Lab Ltd., ADR*(a)		599,490		23,955,620
				272,998,530
India    25.7%
Apollo Hospitals Enterprise Ltd.		274,133		15,881,644
Ashok Leyland Ltd.		6,773,261		11,153,342
Asian Paints Ltd.		672,942		28,360,863
Avenue Supermarts Ltd., 144A*		225,149		11,510,234
Bajaj Finance Ltd.		313,824		27,042,718
Divi’s Laboratories Ltd.		283,143		16,617,650
HDFC Bank Ltd., ADR		317,095		17,506,815
MakeMyTrip Ltd.*(a)		1,124,484		28,640,607
Mphasis Ltd.		609,221		22,374,477
Titan Co. Ltd.		1,179,606		37,586,339
				216,674,689
Indonesia    7.1%
Bank Central Asia Tbk PT		64,336,559		35,754,151
Bank Jago Tbk PT*		29,650,473		23,755,006
				59,509,157
Poland    0.6%
LPP SA		2,498		5,268,927

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund 9

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
South Korea    6.2%
Coupang, Inc.*(a)		1,089,810	$	14,025,855
LG Energy Solution*		53,865		17,499,754
Samsung SDI Co. Ltd.		44,498		21,101,099
				52,626,708
Taiwan    6.3%
Sea Ltd., ADR*(a)		382,569		31,661,410
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		233,690		21,716,812
				53,378,222
Thailand    4.7%
Airports of Thailand PCL*		9,871,514		19,035,067
Minor International PCL*		20,443,319		20,649,714
				39,684,781
United States    3.9%
Globant SA*		150,155		32,431,978
TOTAL LONG-TERM INVESTMENTS (cost $973,208,049)				824,833,155
SHORT-TERM INVESTMENTS    12.9%
AFFILIATED MUTUAL FUND    12.6%
PGIM Institutional Money Market Fund (cost $106,810,779; includes $106,773,410 of cash collateral for sec urities on loan)(b)(wa)		106,918,167		106,832,632
UNAFFILIATED FUND    0.3%
Dreyfus Government Cash Management (Institutional Shares) (cost $2,563,236)		2,563,236		2,563,236
TOTAL SHORT-TERM INVESTMENTS (cost $109,374,015)				109,395,868
TOTAL INVESTMENTS    110.6% (cost $1,082,582,064)				934,229,023
Liabilities in excess of other assets    (10.6)%				(89,722,250	)
NET ASSETS    100.0%			$	844,506,773

See Notes to Financial Statements.

10

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

LIBOR—London Interbank Offered Rate

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $112,754,881; cash collateral of $106,773,410 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

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

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of April 30, 2022 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Brazil	$	92,260,163	$	—	$	—
China		198,014,016		74,984,514		—
India		46,147,422		170,527,267		—
Indonesia		—		59,509,157		—
Poland		—		5,268,927		—
South Korea		14,025,855		38,600,853		—
Taiwan		53,378,222		—		—
Thailand		—		39,684,781		—
United States		32,431,978		—		—
Short-Term Investments
Affiliated Mutual Fund		106,832,632		—		—
Unaffiliated Fund		2,563,236		—		—
Total	$	545,653,524	$	388,575,499	$	—

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

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, 2022 were as follows:

Affiliated Mutual Fund (12.6% represents investments purchased with collateral from securities on loan)	12.6	%
Banks	11.9
Internet & Direct Marketing Retail	9.0
Entertainment	7.3
Semiconductors & Semiconductor Equipment	6.6
IT Services	6.5
Hotels, Restaurants & Leisure	5.8
Electrical Equipment	5.1
Textiles, Apparel & Luxury Goods	5.0
Interactive Media & Services	4.6
Road & Rail	4.1
Life Sciences Tools & Services	3.9
Automobiles	3.6
Capital Markets	3.5

Chemicals	3.4	%
Consumer Finance	3.2
Biotechnology	2.8
Electronic Equipment, Instruments & Components	2.5
Transportation Infrastructure	2.3
Real Estate Management & Development	2.0
Health Care Providers & Services	1.9
Food & Staples Retailing	1.4
Machinery	1.3
Unaffiliated Fund	0.3
	110.6
Liabilities in excess of other assets	(10.6	)
	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	$112,754,881	$(106,773,410)	$5,981,471

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

See Notes to Financial Statements.

12

Statement of Assets and Liabilities (unaudited)

as of April 30, 2022

Assets
Investments at value, including securities on loan of $112,754,881:
Unaffiliated investments (cost $975,771,285)	$	827,396,391
Affiliated investments (cost $106,810,779)		106,832,632
Foreign currency, at value (cost $722,017)		723,422
Receivable for investments sold		13,541,631
Receivable for Fund shares sold		12,391,410
Dividends and interest receivable		169,887
Foreign capital gains tax benefit accrued		28,037
Tax reclaim receivable		25,628
Prepaid expenses and other assets		11,528
Total Assets		961,120,566
Liabilities
Payable to broker for collateral for securities on loan		106,773,410
Payable for Fund shares purchased		9,054,267
Management fee payable		591,518
Accrued expenses and other liabilities		176,539
Distribution fee payable		11,428
Affiliated transfer agent fee payable		6,631
Total Liabilities		116,613,793
Net Assets	$	844,506,773
Net assets were comprised of:
Common stock, at par	$	556
Paid-in capital in excess of par		1,248,358,431
Total distributable earnings (loss)		(403,852,214	)
Net assets, April 30, 2022	$	844,506,773

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund 13

Statement of Assets and Liabilities (unaudited)

as of April 30, 2022

Class A
Net asset value and redemption price per share,
($32,829,245 ÷ 2,201,716 shares of common stock issued and outstanding)	$	14.91
Maximum sales charge (5.50% of offering price)		0.87
Maximum offering price to public	$	15.78
Class C
Net asset value, offering price and redemption price per share,
($4,854,029 ÷ 344,598 shares of common stock issued and outstanding)	$	14.09
Class Z
Net asset value, offering price and redemption price per share,
($519,142,659 ÷ 34,173,456 shares of common stock issued and outstanding)	$	15.19
Class R6
Net asset value, offering price and redemption price per share,
($287,680,840 ÷ 18,923,126 shares of common stock issued and outstanding)	$	15.20

See Notes to Financial Statements.

14

Statement of Operations (unaudited)

Six Months Ended April 30, 2022

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $233,302 foreign withholding tax)	$	1,506,008
Income from securities lending, net (including affiliated income of $37,605)		344,262
Affiliated dividend income		17,259
Total income		1,867,529
Expenses
Management fee		4,721,239
Distribution fee(a)		88,256
Transfer agent’s fees and expenses (including affiliated expense of $15,125)(a)		428,020
Custodian and accounting fees		186,087
Registration fees(a)		128,547
SEC registration fees		38,890
Shareholders’ reports		24,746
Audit fee		14,628
Legal fees and expenses		11,261
Directors’ fees		8,903
Miscellaneous		24,497
Total expenses		5,675,074
Less: Fee waiver and/or expense reimbursement(a)		(481,074	)
Distribution fee waiver(a)		(10,181	)
Net expenses		5,183,819
Net investment income (loss)		(3,316,290	)
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(32,474)) (net of foreign capital gains taxes $(23,922))		(215,831,013	)
Foreign currency transactions		(467,202	)
		(216,298,215	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $21,853) (net of change in foreign capital gains taxes $2,366,222)		(237,937,560	)
Foreign currencies		17,984
		(237,919,576	)
Net gain (loss) on investment and foreign currency transactions		(454,217,791	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(457,534,081	)

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund 15

Statement of Operations (unaudited)

Six Months Ended April 30, 2022

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

	Class A			Class C			Class Z			Class R6
Distribution fee		61,088			27,168			—			—
Transfer agent’s fees and expenses		28,531			4,653			394,096			740
Registration fees		13,160			9,150			64,571			41,666
Fee waiver and/or expense reimbursement		(33,912	)		(12,780	)		(339,779	)		(94,603	)
Distribution fee waiver		(10,181	)		—			—			—

See Notes to Financial Statements.

16

Statements of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2022			Year Ended October 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(3,316,290	)	$	(3,176,039	)
Net realized gain (loss) on investment and foreign currency transactions		(216,298,215	)		(32,023,510	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(237,919,576	)		71,372,687
Net increase (decrease) in net assets resulting from operations		(457,534,081	)		36,173,138
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		670,331,615			1,123,848,738
Cost of shares purchased		(378,646,741	)		(210,706,003	)
Net increase (decrease) in net assets from Fund share transactions		291,684,874			913,142,735
Total increase (decrease)		(165,849,207	)		949,315,873
Net Assets:
Beginning of period		1,010,355,980			61,040,107
End of period	$	844,506,773		$	1,010,355,980

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund 17

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30, 2022			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$23.66			$17.66			$12.16			$9.58			$11.19			$9.34
Income (loss) from investment operations:
Net investment income (loss)		(0.09	)		(0.23	)		(0.14	)		(0.04	)		(0.04	)		(0.04	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(8.66	)		6.23			5.64			2.62			(1.57	)		1.89
Total from investment operations		(8.75	)		6.00			5.50			2.58			(1.61	)		1.85
Net asset value, end of period		$14.91			$23.66			$17.66			$12.16			$9.58			$11.19
Total Return(b):		(36.98	)%		33.98	%		45.23	%		26.93	%		(14.39	)%		19.81	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$32,829			$47,683			$6,144			$3,806			$2,316			$2,204
Average net assets (000)		$41,063			$26,309			$4,507			$3,074			$2,956			$1,363
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.30	%(e)		1.33	%		1.45	%		1.45	%		1.45	%		1.45	%
Expenses before waivers and/or expense reimbursement		1.52	%(e)		1.64	%		2.61	%		3.35	%		3.27	%		3.28	%
Net investment income (loss)		(0.94	)%(e)		(0.98	)%		(0.99	)%		(0.37	)%		(0.35	)%		(0.35	)%
Portfolio turnover rate(f)		55	%		78	%		58	%		33	%		23	%		45	%

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

(e) 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 C Shares
	Six Months Ended April 30, 2022			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$22.43			$16.88			$11.71			$9.29			$10.93			$9.20
Income (loss) from investment operations:
Net investment income (loss)		(0.15	)		(0.39	)		(0.23	)		(0.11	)		(0.13	)		(0.11	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(8.19	)		5.94			5.40			2.53			(1.51	)		1.84
Total from investment operations		(8.34	)		5.55			5.17			2.42			(1.64	)		1.73
Net asset value, end of period		$14.09			$22.43			$16.88			$11.71			$9.29			$10.93
Total Return(b):		(37.23	)%		32.96	%		44.06	%		26.05	%		(15.00	)%		18.80	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$4,854			$5,881			$1,563			$1,107			$1,363			$1,516
Average net assets (000)		$5,479			$4,077			$1,244			$1,438			$1,775			$973
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		2.05	%(e)		2.09	%		2.20	%		2.20	%		2.20	%		2.20	%
Expenses before waivers and/or expense reimbursement		2.52	%(e)		2.65	%		4.15	%		4.23	%		4.20	%		4.00	%
Net investment income (loss)		(1.67	)%(e)		(1.76	)%		(1.73	)%		(1.05	)%		(1.14	)%		(1.17	)%
Portfolio turnover rate(f)		55	%		78	%		58	%		33	%		23	%		45	%

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

(e) 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 Z Shares
	Six Months Ended April 30, 2022			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$24.07			$17.93			$12.31			$9.67			$11.27			$9.39
Income (loss) from investment operations:
Net investment income (loss)		(0.07	)		(0.17	)		(0.13	)		(0.01	)		(0.01	)		(0.02	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(8.81	)		6.31			5.75			2.65			(1.59	)		1.90
Total from investment operations		(8.88	)		6.14			5.62			2.64			(1.60	)		1.88
Net asset value, end of period		$15.19			$24.07			$17.93			$12.31			$9.67			$11.27
Total Return(b):		(36.89	)%		34.24	%		45.65	%		27.30	%		(14.20	)%		20.02	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$519,143			$642,316			$34,993			$2,357			$1,215			$980
Average net assets (000)		$631,641			$293,229			$11,195			$1,866			$1,443			$490
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.05	%(e)		1.08	%		1.20	%		1.20	%		1.20	%		1.20	%
Expenses before waivers and/or expense reimbursement		1.16	%(e)		1.28	%		1.93	%		3.17	%		3.56	%		2.94	%
Net investment income (loss)		(0.68	)%(e)		(0.72	)%		(0.83	)%		(0.08	)%		(0.13	)%		(0.19	)%
Portfolio turnover rate(f)		55	%		78	%		58	%		33	%		23	%		45	%

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

(e) 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.

20

Class R6 Shares
	Six Months Ended April 30, 2022			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$24.08			$17.93			$12.31			$9.67			$11.27			$9.39
Income (loss) from investment operations:
Net investment income (loss)		(0.06	)		(0.15	)		(0.10	)		(0.01	)		(0.02	)		(0.01	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(8.82	)		6.30			5.72			2.65			(1.58	)		1.89
Total from investment operations		(8.88	)		6.15			5.62			2.64			(1.60	)		1.88
Net asset value, end of period		$15.20			$24.08			$17.93			$12.31			$9.67			$11.27
Total Return(b):		(36.88	)%		34.30	%		45.65	%		27.30	%		(14.20	)%		20.02	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$287,681			$314,476			$18,340			$12,319			$9,675			$11,271
Average net assets (000)		$324,000			$121,398			$14,144			$11,249			$11,852			$9,893
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.98	%(e)		1.01	%		1.20	%		1.20	%		1.20	%		1.20	%
Expenses before waivers and/or expense reimbursement		1.04	%(e)		1.16	%		1.80	%		2.41	%		2.32	%		2.78	%
Net investment income (loss)		(0.59	)%(e)		(0.62	)%		(0.74	)%		(0.11	)%		(0.17	)%		(0.13	)%
Portfolio turnover rate(f)		55	%		78	%		58	%		33	%		23	%		45	%

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

(e) 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 21

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 adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. A record of the Valuation Committee’s actions is subject to the Board’s review at its first quarterly meeting following the quarter in which such actions take place.

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

22

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

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

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

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

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 Emerging Markets Equity Opportunities Fund 23

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

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

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

24

factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

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

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

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Fund becomes aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative 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 Emerging Markets Equity Opportunities Fund 25

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.

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.

26

3.    Agreements

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

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

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended April 30, 2022, 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, 2023, 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 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

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.

PGIM Jennison Emerging Markets Equity Opportunities Fund 27

Notes to Financial Statements (unaudited) (continued)

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, 2023 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 rate, 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, 2022, 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		$154,542	$     77
C		—	1,001

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

4.    Other Transactions with Affiliates

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

The Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a fund of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services. In addition to the realized and unrealized gains on investments in the Core Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively. Effective January 2022, the Fund changed its overnight cash sweep vehicle from the Core Fund to an unaffiliated money market fund.

28

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, 2022, no 17a-7 transactions were entered into by the Fund.

5.   Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2022, were as follows:

Cost of Purchases	Proceeds from Sales
$863,051,838	$529,373,656

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended April 30, 2022, 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 Ultra Short Bond Fund(1)(wa)
$	68,436,389	$	155,625,453	$	224,061,842	$	—	$	—		$	—		—		$17,259
	PGIM Institutional Money Market Fund(1)(b)(wa)
	6,077,913		493,479,967		392,714,627		21,853		(32,474	)		106,832,632		106,918,167		37,605	(2)
$	74,514,302	$	649,105,420	$	616,776,469	$	21,853	$	(32,474	)	$	106,832,632				$54,864

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

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

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

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

6.  Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of April 30, 2022 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net          Unrealized    Depreciation
$1,087,524,233	$19,017,444	$(172,312,654)	$(153,295,210)

PGIM Jennison Emerging Markets Equity Opportunities Fund 29

Notes to Financial Statements (unaudited) (continued)

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

For federal income tax purposes, the Fund had a capital loss carryforward as of October 31, 2021 of approximately $27,916,000 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

The Fund elected to treat late year ordinary income losses of approximately $3,026,000 as having been incurred in the following fiscal year (October 31, 2022).

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

7.   Capital and Ownership

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

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

30

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, 2022, 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	17,167	0.8%

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	83.6

Transactions in shares of common stock were as follows:

Share Class	Shares			Amount
Class A
Six months ended April 30, 2022:
Shares sold		639,933		$	12,560,092
Shares purchased		(412,436	)		(8,062,282	)
Net increase (decrease) in shares outstanding before conversion		227,497			4,497,810
Shares issued upon conversion from other share class(es)		5,125			92,885
Shares purchased upon conversion into other share class(es)		(46,307	)		(884,030	)
Net increase (decrease) in shares outstanding		186,315		$	3,706,665
Year ended October 31, 2021:
Shares sold		2,255,202		$	51,550,059
Shares purchased		(580,724	)		(12,973,518	)
Net increase (decrease) in shares outstanding before conversion		1,674,478			38,576,541
Shares issued upon conversion from other share class(es)		4,431			112,936
Shares purchased upon conversion into other share class(es)		(11,348	)		(248,795	)
Net increase (decrease) in shares outstanding		1,667,561		$	38,440,682

PGIM Jennison Emerging Markets Equity Opportunities Fund 31

Notes to Financial Statements (unaudited) (continued)

Share Class	Shares			Amount
Class C
Six months ended April 30, 2022:
Shares sold		110,108		$	1,992,712
Shares purchased		(26,857	)		(475,544	)
Net increase (decrease) in shares outstanding before conversion		83,251			1,517,168
Shares purchased upon conversion into other share class(es)		(783	)		(12,936	)
Net increase (decrease) in shares outstanding		82,468		$	1,504,232
Year ended October 31, 2021:
Shares sold		217,144		$	4,807,891
Shares purchased		(39,846	)		(888,017	)
Net increase (decrease) in shares outstanding before conversion		177,298			3,919,874
Shares purchased upon conversion into other share class(es)		(7,817	)		(182,875	)
Net increase (decrease) in shares outstanding		169,481		$	3,736,999
Class Z
Six months ended April 30, 2022:
Shares sold		23,521,019		$	471,490,672
Shares purchased		(16,063,457	)		(306,329,200	)
Net increase (decrease) in shares outstanding before conversion		7,457,562			165,161,472
Shares issued upon conversion from other share class(es)		46,133			891,417
Shares purchased upon conversion into other share class(es)		(10,027	)		(195,468	)
Net increase (decrease) in shares outstanding		7,493,668		$	165,857,421
Year ended October 31, 2021:
Shares sold		31,445,686		$	744,637,683
Shares purchased		(6,723,022	)		(157,898,994	)
Net increase (decrease) in shares outstanding before conversion		24,722,664			586,738,689
Shares issued upon conversion from other share class(es)		13,165			295,170
Shares purchased upon conversion into other share class(es)		(7,805	)		(191,186	)
Net increase (decrease) in shares outstanding		24,728,024		$	586,842,673

32

Share Class	Shares			Amount
Class R6
Six months ended April 30, 2022:
Shares sold		9,268,750		$	184,288,139
Shares purchased		(3,408,131	)		(63,779,715	)
Net increase (decrease) in shares outstanding before conversion		5,860,619			120,508,424
Shares issued upon conversion from other share class(es)		7,304			151,389
Shares purchased upon conversion into other share class(es)		(2,242	)		(43,257	)
Net increase (decrease) in shares outstanding		5,865,681		$	120,616,556
Year ended October 31, 2021:
Shares sold		13,708,513		$	322,853,105
Shares purchased		(1,682,763	)		(38,945,474	)
Net increase (decrease) in shares outstanding before conversion		12,025,750			283,907,631
Shares issued upon conversion from other share class(es)		8,764			214,750
Net increase (decrease) in shares outstanding		12,034,514		$	284,122,381

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.

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

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, 2022.

PGIM Jennison Emerging Markets Equity Opportunities Fund 33

Notes to Financial Statements (unaudited) (continued)

9. Risks of Investing in the Fund

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

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

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

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

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

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

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

34

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.

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

PGIM Jennison Emerging Markets Equity Opportunities Fund 35

Notes to Financial Statements (unaudited) (continued)

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 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

36

proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments cannot be readily sold at the desired time or price, the Fund may have to accept a lower price or may not be able to sell the instrument at all. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities.

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

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

Market Disruption and Geopolitical Risks: 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), 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.

COVID-19 and the related governmental and public responses have had and may continue to have an impact on the Fund’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. They have also had and may continue to result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. The occurrence, reoccurrence and pendency of public health epidemics could adversely affect the economies and financial markets either in specific countries or worldwide.

PGIM Jennison Emerging Markets Equity Opportunities Fund 37

Notes to Financial Statements (unaudited) (continued)

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

10. Recent Regulatory Developments

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule took effect on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Rule and its impact to the Fund.

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 LLC (“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 1-3, 2022, 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, 2021 through December 31, 2021 (“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 Emerging Markets Equity Opportunities 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 ● Scott E. Benjamin, Vice President ● Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer ● Claudia DiGiacomo, Chief Legal Officer ● Isabelle Sajous, Chief Compliance Officer ● Jonathan Corbett, Anti-Money Laundering Compliance Officer ● Andrew R. French, Secretary ● Melissa Gonzalez, Assistant Secretary ● Diana N. Huffman, Assistant Secretary ● Kelly A. Coyne, Assistant Secretary ● Patrick E. McGuinness, Assistant Secretary ● Debra Rubano, Assistant Secretary ● Lana Lomuti, Assistant Treasurer ● Russ Shupak, Assistant Treasurer ● Elyse M. McLaughlin, Assistant Treasurer ● Deborah Conway, Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	Jennison Associates LLC	466 Lexington Avenue New York, NY 10017
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

Shareholders can communicate directly with the Board of Directors by writing to the Chair of the Board, PGIM Jennison Emerging Markets Equity Opportunities Fund, PGIM Investments, Attn: Board of Directors, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Director by writing to that Director at the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO HOLDINGS

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov. Form N-PORT is filed with the Commission quarterly, and each Fund’s full portfolio holdings as of the first and third fiscal quarter-ends will be made publicly available 60 days after the end of each quarter 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 GLOBAL OPPORTUNITIES FUND

SEMIANNUAL REPORT

APRIL 30, 2022

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, 2022 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. © 2022 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, 2022.   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 a top-10 investment manager globally with more than $1.5 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 15, 2022

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 4/30/22 (without sales charges) Six Months* (%)	Average Annual Total Returns as of 4/30/22 (with sales charges)
		One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	-31.83	-26.52	14.28	12.94	—
Class C	-32.13	-23.59	14.62	12.69	—
Class Z	-31.79	-22.14	15.78	13.82	—
Class R2	-31.92	-22.45	N/A	N/A	18.77 (12/27/2018)
Class R4	-31.83	-22.26	N/A	N/A	19.08 (12/27/2018)
Class R6	-31.74	-22.04	15.89	N/A	14.04 (12/22/2014)
MSCI All Country World ND Index
	-11.63	-5.44	9.46	9.21	—

Average Annual Total Returns as of 4/30/22 Since Inception (%)
	Class R2, Class R4 (12/27/2018)	Class R6  (12/22/2014)
MSCI All Country World ND Index	13.36	8.32

*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 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 MSCI All Country World ND Index (MSCI ACWI ND Index) is an unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI ND Index consists of 47 country indexes comprising 23 developed and 24 emerging market country indexes. The ND version of the MSCI ACWI Index reflects the impact of the maximum withholding taxes on reinvested dividends. The 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 4/30/22

Ten Largest Holdings	Line of Business	Country	% of Net Assets
Apple, Inc.	Technology Hardware, Storage & Peripherals	United States	7.5%
Tesla, Inc.	Automobiles	United States	7.4%
Airbnb, Inc. (Class A Stock)	Hotels, Restaurants & Leisure	United States	5.4%
Microsoft Corp.	Software	United States	5.1%
MercadoLibre, Inc.	Internet & Direct Marketing Retail	Brazil	4.6%
LVMH Moet Hennessy Louis Vuitton SE	Textiles, Apparel & Luxury Goods	France	4.3%
Novo Nordisk A/S (Class B Stock)	Pharmaceuticals	Denmark	4.1%
L’Oreal SA	Personal Products	France	3.9%
Hermes International	Textiles, Apparel & Luxury Goods	France	3.6%
Ferrari NV	Automobiles	Italy	3.6%

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

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Fees and Expenses

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

The example is based on an investment of $1,000 held through the six-month period ended April 30, 2022. 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, 2021	Ending      Account Value      April 30, 2022	Annualized      Expense      Ratio Based on the       Six-Month Period	Expenses Paid      During the      Six-Month Period*
Class A	Actual	$1,000.00	$   681.70	1.08%	$4.50
	Hypothetical	$1,000.00	$1,019.44	1.08%	$5.41
Class C	Actual	$1,000.00	$   678.70	1.92%	$7.99
	Hypothetical	$1,000.00	$1,015.27	1.92%	$9.59
Class Z	Actual	$1,000.00	$   682.10	0.94%	$3.92
	Hypothetical	$1,000.00	$1,020.13	0.94%	$4.71
Class R2	Actual	$1,000.00	$   680.80	1.34%	$5.58
	Hypothetical	$1,000.00	$1,018.15	1.34%	$6.71
Class R4	Actual	$1,000.00	$   681.70	1.09%	$4.54
	Hypothetical	$1,000.00	$1,019.39	1.09%	$5.46
Class R6	Actual	$1,000.00	$   682.60	0.83%	$3.46
	Hypothetical	$1,000.00	$1,020.68	0.83%	$4.16

*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 181 days in the six-month period ended April 30, 2022, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2022 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

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Schedule of Investments (unaudited)

as of April 30, 2022

Description	Shares		Value
LONG-TERM INVESTMENTS    97.0%
COMMON STOCKS
Brazil    4.6%
MercadoLibre, Inc.*		283,046	$	275,582,077
Denmark    4.1%
Novo Nordisk A/S (Class B Stock)		2,156,078		247,240,396
France    16.8%
Hermes International		177,568		218,343,211
L’Oreal SA		654,212		236,708,057
LVMH Moet Hennessy Louis Vuitton SE		401,212		258,136,990
Pernod Ricard SA		855,853		176,793,637
Remy Cointreau SA		622,065		122,895,723
				1,012,877,618
Hong Kong    1.3%
Techtronic Industries Co. Ltd.		5,777,135		76,937,958
Italy    3.6%
Ferrari NV		1,023,413		215,454,441
Netherlands    6.8%
Adyen NV, 144A*		125,577		208,597,280
ASML Holding NV		359,985		203,772,892
				412,370,172
Switzerland    8.3%
Alcon, Inc.		1,481,245		105,471,126
Cie Financiere Richemont SA (Class A Stock)		1,694,740		196,515,714
Givaudan SA		31,255		124,332,932
Straumann Holding AG		611,439		72,209,796
				498,529,568
Taiwan    2.5%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		1,608,617		149,488,778
United States    48.2%
Airbnb, Inc. (Class A Stock)*(a)		2,118,306		324,545,662
Alphabet, Inc. (Class A Stock)*		66,861		152,589,506
Amazon.com, Inc.*		54,606		135,730,312
Apple, Inc.		2,864,982		451,664,412
Atlassian Corp. PLC (Class A Stock)*		159,692		35,903,552

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 9

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
United States (cont’d.)
Crowdstrike Holdings, Inc. (Class A Stock)*		821,308	$	163,243,178
Dexcom, Inc.*		296,668		121,212,611
Intuitive Surgical, Inc.*		374,885		89,709,981
Lululemon Athletica, Inc.*		381,858		135,418,303
Mastercard, Inc. (Class A Stock)		472,084		171,545,884
Microsoft Corp.		1,109,800		307,991,696
NIKE, Inc. (Class B Stock)		1,149,451		143,336,540
NVIDIA Corp.		705,773		130,899,718
Tesla, Inc.*		510,857		444,833,841
Thermo Fisher Scientific, Inc.		166,530		92,077,768
				2,900,702,964
Uruguay    0.8%
Dlocal Ltd.*		2,040,447		46,256,933
TOTAL LONG-TERM INVESTMENTS   (cost $4,817,017,645)				5,835,440,905
SHORT-TERM INVESTMENTS    5.2%
AFFILIATED MUTUAL FUND    0.7%
PGIM Institutional Money Market Fund   (cost $41,958,471; includes $41,957,050 of cash collateral for securities on loan)(b)(wa)		41,992,065		41,958,471
UNAFFILIATED FUND    4.5%
Dreyfus Government Cash Management (Institutional Shares)   (cost $272,528,261)		272,528,261		272,528,261
TOTAL SHORT-TERM INVESTMENTS   (cost $314,486,732)				314,486,732
TOTAL INVESTMENTS    102.2%   (cost $5,131,504,377)				6,149,927,637
Liabilities in excess of other assets    (2.2)%				(131,654,591	)
NET ASSETS    100.0%			$	6,018,273,046

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

LIBOR—London Interbank Offered Rate

* Non-income producing security.

See Notes to Financial Statements.

10

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $39,451,575; cash collateral of $41,957,050 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

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

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of April 30, 2022 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Brazil	$	275,582,077	$	—	$—
Denmark		—		247,240,396	—
France		—		1,012,877,618	—
Hong Kong		—		76,937,958	—
Italy		—		215,454,441	—
Netherlands		—		412,370,172	—
Switzerland		—		498,529,568	—
Taiwan		149,488,778		—	—
United States		2,900,702,964		—	—
Uruguay		46,256,933		—	—
Short-Term Investments
Affiliated Mutual Fund		41,958,471		—	—
Unaffiliated Fund		272,528,261		—	—
Total	$	3,686,517,484	$	2,463,410,153	$—

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

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, 2022 were as follows:

Textiles, Apparel & Luxury Goods	15.8	%
Automobiles	11.0
Software	8.4
Semiconductors & Semiconductor Equipment	8.1
Technology Hardware, Storage & Peripherals	7.5
IT Services	7.1
Internet & Direct Marketing Retail	6.9
Health Care Equipment & Supplies	6.4
Hotels, Restaurants & Leisure	5.4
Beverages	5.0
Unaffiliated Fund	4.5
Pharmaceuticals	4.1
Personal Products	3.9

Interactive Media & Services	2.5	%
Chemicals	2.1
Life Sciences Tools & Services	1.5
Machinery	1.3
Affiliated Mutual Fund (0.7% represents investments purchased with collateral from securities on loan)	0.7
	102.2
Liabilities in excess of other assets	(2.2	)
	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	$39,451,575	$(39,451,575)	$—

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

See Notes to Financial Statements.

12

Statement of Assets and Liabilities (unaudited)

as of April 30, 2022

Assets
Investments at value, including securities on loan of $39,451,575:
Unaffiliated investments (cost $5,089,545,906)	$	6,107,969,166
Affiliated investments (cost $41,958,471)		41,958,471
Foreign currency, at value (cost $3,842,643)		3,842,643
Receivable for investments sold		227,548,340
Receivable for Fund shares sold		18,871,320
Tax reclaim receivable		4,642,738
Dividends receivable		1,211,245
Prepaid expenses and other assets		17,242
Total Assets		6,406,061,165
Liabilities
Payable for investments purchased		311,486,785
Payable to broker for collateral for securities on loan		41,957,050
Payable for Fund shares purchased		28,508,088
Management fee payable		4,377,615
Accrued expenses and other liabilities		1,015,692
Distribution fee payable		407,873
Affiliated transfer agent fee payable		35,016
Total Liabilities		387,788,119
Net Assets	$	6,018,273,046
Net assets were comprised of:
Common stock, at par	$	1,831
Paid-in capital in excess of par		5,334,260,558
Total distributable earnings (loss)		684,010,657
Net assets, April 30, 2022	$	6,018,273,046

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 13

Statement of Assets and Liabilities (unaudited)

as of April 30, 2022

Class A
Net asset value and redemption price per share,
($531,966,050 ÷ 16,483,120 shares of common stock issued and outstanding)	$	32.27
Maximum sales charge (5.50% of offering price)		1.88
Maximum offering price to public	$	34.15
Class C
Net asset value, offering price and redemption price per share,
($309,477,966 ÷ 10,490,894 shares of common stock issued and outstanding)	$	29.50
Class Z
Net asset value, offering price and redemption price per share,
($2,887,946,669 ÷ 87,383,361 shares of common stock issued and outstanding)	$	33.05
Class R2
Net asset value, offering price and redemption price per share,
($14,267,917 ÷ 436,152 shares of common stock issued and outstanding)	$	32.71
Class R4
Net asset value, offering price and redemption price per share,
($323,991 ÷ 9,807 shares of common stock issued and outstanding)	$	33.04
Class R6
Net asset value, offering price and redemption price per share,
($2,274,290,453 ÷ 68,289,700 shares of common stock issued and outstanding)	$	33.30

See Notes to Financial Statements.

14

Statement of Operations (unaudited)

Six Months Ended April 30, 2022

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $3,031,112 foreign withholding tax)	$	19,891,658
Affiliated dividend income		21,958
Income from securities lending, net (including affiliated income of $12,293)		13,962
Total income		19,927,578
Expenses
Management fee		31,371,046
Distribution fee(a)		3,033,106
Shareholder servicing fees (including affiliated expense of $7,526)(a)		9,017
Transfer agent’s fees and expenses (including affiliated expense of $112,239)(a)		2,648,667
Custodian and accounting fees		316,557
Shareholders’ reports		177,612
Registration fees(a)		169,167
SEC registration fees		118,969
Directors’ fees		51,196
Legal fees and expenses		27,671
Audit fee		13,687
Miscellaneous		81,435
Total expenses		38,018,130
Less: Fee waiver and/or expense reimbursement(a)		(304,311	)
Distribution fee waiver(a)		(167,378	)
Net expenses		37,546,441
Net investment income (loss)		(17,618,863	)
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(3,454))		(294,360,935	)
Foreign currency transactions		(608,802	)
		(294,969,737	)
Net change in unrealized appreciation (depreciation) on:
Investments		(2,636,185,854	)
Foreign currencies		(348,845	)
		(2,636,534,699	)
Net gain (loss) on investment and foreign currency transactions		(2,931,504,436	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(2,949,123,299	)

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 15

Statement of Operations (unaudited)

Six Months Ended April 30, 2022

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

	Class A			Class C		Class Z		Class R2			Class R4			Class R6
Distribution fee		1,004,269			2,006,434		—		22,403			—			—
Shareholder servicing fees		—			—		—		8,805			212			—
Transfer agent’s fees and expenses		295,912			183,470		2,133,947		15,551			445			19,342
Registration fees		22,563			15,620		53,043		3,968			3,968			70,005
Fee waiver and/or expense reimbursement		(295,692	)		—		—		(4,424	)		(4,195	)		—
Distribution fee waiver		(167,378	)		—		—		—			—			—

See Notes to Financial Statements.

16

Statements of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2022			Year Ended October 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(17,618,863	)	$	(54,854,542	)
Net realized gain (loss) on investment and foreign currency transactions		(294,969,737	)		900,560,726
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(2,636,534,699	)		1,589,333,222
Net increase (decrease) in net assets resulting from operations		(2,949,123,299	)		2,435,039,406
Dividends and Distributions
Distributions from distributable earnings
Class A		(71,158,360	)		(9,958,088	)
Class C		(47,157,311	)		(7,632,427	)
Class Z		(420,311,394	)		(66,508,567	)
Class R2		(1,886,436	)		(7,434	)
Class R4		(31,156	)		(9,579	)
Class R6		(290,628,234	)		(36,320,678	)
		(831,172,891	)		(120,436,773	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		1,123,767,719			3,048,592,811
Net asset value of shares issued in reinvestment of dividends and distributions		818,705,147			117,629,727
Cost of shares purchased		(1,553,766,760	)		(2,124,201,273	)
Net increase (decrease) in net assets from Fund share transactions		388,706,106			1,042,021,265
Total increase (decrease)		(3,391,590,084	)		3,356,623,898
Net Assets:
Beginning of period		9,409,863,130			6,053,239,232
End of period	$	6,018,273,046		$	9,409,863,130

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 17

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30, 2022			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$52.15			$38.50			$24.58			$21.47			$20.72			$15.14
Income (loss) from investment operations:
Net investment income (loss)		(0.11	)		(0.37	)		(0.22	)		(0.11	)		(0.13	)		(0.09	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(15.13	)		14.76			14.14			3.22			0.88			5.67
Total from investment operations		(15.24	)		14.39			13.92			3.11			0.75			5.58
Less Dividends and Distributions:
Distributions from net realized gains		(4.64	)		(0.74	)		-			-			-			-
Net asset value, end of period		$32.27			$52.15			$38.50			$24.58			$21.47			$20.72
Total Return(b):		(31.83	)%		37.75	%		56.63	%		14.49	%		3.62	%		36.86	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$531,966			$797,091			$494,173			$236,118			$164,764			$90,247
Average net assets (000)		$675,061			$684,569			$344,283			$205,653			$142,313			$70,810
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.08	%(e)		1.08	%		1.08	%		1.08	%		1.14	%		1.19	%
Expenses before waivers and/or expense reimbursement		1.22	%(e)		1.21	%		1.24	%		1.28	%		1.30	%		1.33	%
Net investment income (loss)		(0.56	)%(e)		(0.80	)%		(0.69	)%		(0.45	)%		(0.55	)%		(0.55	)%
Portfolio turnover rate(f)		43	%		62	%		57	%		52	%		62	%		79	%

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

(e) 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 C Shares
	Six Months Ended April 30, 2022			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$48.27			$35.98			$23.16			$20.41			$19.85			$14.61
Income (loss) from investment operations:
Net investment income (loss)		(0.26	)		(0.70	)		(0.45	)		(0.29	)		(0.30	)		(0.22	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(13.87	)		13.73			13.27			3.04			0.86			5.46
Total from investment operations		(14.13	)		13.03			12.82			2.75			0.56			5.24
Less Dividends and Distributions:
Distributions from net realized gains		(4.64	)		(0.74	)		-			-			-			-
Net asset value, end of period		$29.50			$48.27			$35.98			$23.16			$20.41			$19.85
Total Return(b):		(32.13	)%		36.63	%		55.31	%		13.47	%		2.82	%		35.87	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$309,478			$496,435			$364,557			$211,290			$168,587			$79,531
Average net assets (000)		$404,612			$449,870			$279,272			$198,518			$136,788			$55,922
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.92	%(e)		1.91	%		1.93	%		1.94	%		1.94	%		1.94	%
Expenses before waivers and/or expense reimbursement		1.92	%(e)		1.91	%		1.93	%		1.97	%		1.99	%		2.03	%
Net investment income (loss)		(1.41	)%(e)		(1.62	)%		(1.53	)%		(1.31	)%		(1.35	)%		(1.28	)%
Portfolio turnover rate(f)		43	%		62	%		57	%		52	%		62	%		79	%

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

(e) 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 Z Shares
	Six Months Ended April 30, 2022			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$53.25			$39.24			$25.01			$21.82			$21.00			$15.31
Income (loss) from investment operations:
Net investment income (loss)		(0.09	)		(0.30	)		(0.17	)		(0.07	)		(0.08	)		(0.05	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(15.47	)		15.05			14.40			3.26			0.90			5.74
Total from investment operations		(15.56	)		14.75			14.23			3.19			0.82			5.69
Less Dividends and Distributions:
Distributions from net realized gains		(4.64	)		(0.74	)		-			-			-			-
Net asset value, end of period		$33.05			$53.25			$39.24			$25.01			$21.82			$21.00
Total Return(b):		(31.79	)%		37.96	%		56.90	%		14.62	%		3.90	%		37.17	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$2,887,947			$4,792,805			$3,390,006			$1,466,571			$927,492			$334,783
Average net assets (000)		$3,923,233			$4,303,934			$2,338,060			$1,228,375			$693,749			$193,977
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.94	%(e)		0.92	%		0.93	%		0.94	%		0.93	%		0.94	%
Expenses before waivers and/or expense reimbursement		0.94	%(e)		0.92	%		0.93	%		0.96	%		0.97	%		1.02	%
Net investment income (loss)		(0.43	)%(e)		(0.64	)%		(0.54	)%		(0.31	)%		(0.35	)%		(0.28	)%
Portfolio turnover rate(f)		43	%		62	%		57	%		52	%		62	%		79	%

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

(e) 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.

20

Class R2 Shares
	Six Months Ended April 30, 2022			Year Ended October 31,						December 27, 2018(a) through October 31, 2019
				2021			2020
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$52.86			$39.10			$25.02			$20.59
Income (loss) from investment operations:
Net investment income (loss)		(0.17	)		(0.48	)		(0.31	)		(0.12	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(15.34	)		14.98			14.39			4.55
Total from investment operations		(15.51	)		14.50			14.08			4.43
Less Dividends and Distributions:
Distributions from net realized gains		(4.64	)		(0.74	)		-			-
Net asset value, end of period		$32.71			$52.86			$39.10			$25.02
Total Return(c):		(31.92	)%		37.45	%		56.27	%		21.52	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$14,268			$21,615			$377			$12
Average net assets (000)		$18,071			$12,667			$221			$13
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.34	%(e)		1.34	%		1.33	%		1.34	%(e)
Expenses before waivers and/or expense reimbursement		1.39	%(e)		1.39	%		7.68	%		216.05	%(e)
Net investment income (loss)		(0.82	)%(e)		(1.00	)%		(0.92	)%		(0.58	)%(e)
Portfolio turnover rate(f)		43	%		62	%		57	%		52	%

(a) Commencement of offering.

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

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

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

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, 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 R4 Shares
	Six Months Ended April 30, 2022			Year Ended October 31,						December 27, 2018(a) through October 31, 2019
				2021			2020
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$53.27			$39.31			$25.08			$20.59
Income (loss) from investment operations:
Net investment income (loss)		(0.11	)		(0.37	)		(0.19	)		(0.10	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(15.48	)		15.07			14.42			4.59
Total from investment operations		(15.59	)		14.70			14.23			4.49
Less Dividends and Distributions:
Distributions from net realized gains		(4.64	)		(0.74	)		-			-
Net asset value, end of period		$33.04			$53.27			$39.31			$25.08
Total Return(c):		(31.83	)%		37.76	%		56.74	%		21.81	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$324			$332			$505			$362
Average net assets (000)		$325			$696			$433			$122
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.09	%(e)		1.06	%		1.02	%		0.97	%(e)
Expenses before waivers and/or expense reimbursement		3.69	%(e)		2.18	%		4.28	%		23.67	%(e)
Net investment income (loss)		(0.51	)%(e)		(0.78	)%		(0.60	)%		(0.46	)%(e)
Portfolio turnover rate(f)		43	%		62	%		57	%		52	%

(a) Commencement of offering.

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

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

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

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, 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 R6 Shares
	Six Months Ended April 30, 2022			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$53.60			$39.46			$25.13			$21.90			$21.06			$15.33
Income (loss) from investment operations:
Net investment income (loss)		(0.07	)		(0.26	)		(0.15	)		(0.06	)		(0.06	)		(0.04	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(15.59	)		15.14			14.48			3.29			0.90			5.77
Total from investment operations		(15.66	)		14.88			14.33			3.23			0.84			5.73
Less Dividends and Distributions:
Distributions from net realized gains		(4.64	)		(0.74	)		-			-			-			-
Net asset value, end of period		$33.30			$53.60			$39.46			$25.13			$21.90			$21.06
Total Return(b):		(31.74	)%		38.08	%		57.02	%		14.75	%		3.99	%		37.38	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$2,274,290			$3,301,585			$1,803,620			$641,419			$253,010			$29,023
Average net assets (000)		$2,855,204			$2,690,566			$1,074,262			$448,178			$133,984			$14,700
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.83	%(e)		0.83	%		0.84	%		0.84	%		0.84	%		0.84	%
Expenses before waivers and/or expense reimbursement		0.83	%(e)		0.83	%		0.84	%		0.87	%		0.90	%		0.92	%
Net investment income (loss)		(0.31	)%(e)		(0.54	)%		(0.46	)%		(0.23	)%		(0.26	)%		(0.23	)%
Portfolio turnover rate(f)		43	%		62	%		57	%		52	%		62	%		79	%

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

(e) 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 23

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 adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. A record of the Valuation Committee’s actions is subject to the Board’s review at its first quarterly meeting following the quarter in which such actions take place.

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

24

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

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

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

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

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 Global Opportunities Fund 25

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

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

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

26

factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

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

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

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Fund becomes aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative 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 Global Opportunities Fund 27

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 this agreement, the Manager has responsibility for all investment advisory services and supervises the subadviser’s performance of such services.

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

28

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended April 30, 2022, 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;	0.803%
0.80% over $1 billion of the Fund’s average daily net assets.

The Manager has contractually agreed, through February 28, 2023, 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 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).

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.

PGIM Jennison Global Opportunities Fund 29

Notes to Financial Statements (unaudited) (continued)

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, 2023 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 rate 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, 2022, 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		$777,513	$	10,662
C		—		27,856

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

4.    Other Transactions with Affiliates

PMFS serves as the Fund’s transfer agent. Transfer agent’s fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

30

The Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a fund of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively. Effective January 2022, the Fund changed its overnight cash sweep vehicle from the Core Fund to an unaffiliated money market fund.

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, 2022, no 17a-7 transactions were entered into by the Fund.

5.    Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2022, were as follows:

Cost of Purchases	Proceeds from Sales
$3,346,689,859	$3,898,851,244

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended April 30, 2022, 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 Ultra Short Bond Fund(1)(wa)
$46,760,862	$   604,906,557	$   651,667,419	$—		$       —			$               —		—		$21,958
PGIM Institutional Money Market Fund(1)(b)(wa)
16,154,794	809,157,059	783,349,928	—		(3,454	)		41,958,471		41,992,065		12,293	(2)
$62,915,656	$1,414,063,616	$1,435,017,347	$—		$(3,454	)		$41,958,471				$34,251

(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.

PGIM Jennison Global Opportunities Fund 31

Notes to Financial Statements (unaudited) (continued)

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

6.    Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of April 30, 2022 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$5,151,916,954	$1,365,692,270	$(367,681,587)	$998,010,683

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

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

7.    Capital and Ownership

The Fund offers Class A, Class C, Class Z, Class R2, Class R4 and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately eight years (ten years prior to January 22, 2021) after purchase. Class Z, Class R2, Class R4 and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

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

32

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, 2022, 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
R2	543	0.1%
R4	543	5.5

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	77.2

Transactions in shares of common stock were as follows:

Share Class	Shares			Amount
Class A
Six months ended April 30, 2022:
Shares sold		1,430,426		$	58,323,605
Shares issued in reinvestment of dividends and distributions		1,531,839			69,897,795
Shares purchased		(1,951,481	)		(77,999,338	)
Net increase (decrease) in shares outstanding before conversion		1,010,784			50,222,062
Shares issued upon conversion from other share class(es)		494,376			21,052,811
Shares purchased upon conversion into other share class(es)		(307,167	)		(12,624,743	)
Net increase (decrease) in shares outstanding		1,197,993		$	58,650,130
Year ended October 31, 2021:
Shares sold		4,665,660		$	213,839,272
Shares issued in reinvestment of dividends and distributions		222,928			9,777,601
Shares purchased		(2,530,691	)		(115,823,612	)
Net increase (decrease) in shares outstanding before conversion		2,357,897			107,793,261
Shares issued upon conversion from other share class(es)		828,473			39,228,444
Shares purchased upon conversion into other share class(es)		(735,700	)		(34,462,946	)
Net increase (decrease) in shares outstanding		2,450,670		$	112,558,759

PGIM Jennison Global Opportunities Fund 33

Notes to Financial Statements (unaudited) (continued)

Share Class	Shares			Amount
Class C
Six months ended April 30, 2022:
Shares sold		685,751		$	25,815,142
Shares issued in reinvestment of dividends and distributions		1,111,201			46,503,742
Shares purchased		(1,056,510	)		(38,128,629	)
Net increase (decrease) in shares outstanding before conversion		740,442			34,190,255
Shares purchased upon conversion into other share class(es)		(534,851	)		(21,106,728	)
Net increase (decrease) in shares outstanding		205,591		$	13,083,527
Year ended October 31, 2021:
Shares sold		2,081,043		$	89,155,627
Shares issued in reinvestment of dividends and distributions		184,797			7,556,334
Shares purchased		(1,174,050	)		(50,022,440	)
Net increase (decrease) in shares outstanding before conversion		1,091,790			46,689,521
Shares purchased upon conversion into other share class(es)		(939,783	)		(41,669,710	)
Net increase (decrease) in shares outstanding		152,007		$	5,019,811
Class Z
Six months ended April 30, 2022:
Shares sold		14,489,635		$	606,842,056
Shares issued in reinvestment of dividends and distributions		8,798,903			410,908,760
Shares purchased		(26,175,750	)		(1,044,758,490	)
Net increase (decrease) in shares outstanding before conversion		(2,887,212	)		(27,007,674	)
Shares issued upon conversion from other share class(es)		452,214			19,361,762
Shares purchased upon conversion into other share class(es)		(185,387	)		(7,861,567	)
Net increase (decrease) in shares outstanding		(2,620,385	)	$	(15,507,479	)
Year ended October 31, 2021:
Shares sold		30,640,507		$	1,428,980,779
Shares issued in reinvestment of dividends and distributions		1,448,278			64,781,489
Shares purchased		(28,647,396	)		(1,335,254,028	)
Net increase (decrease) in shares outstanding before conversion		3,441,389			158,508,240
Shares issued upon conversion from other share class(es)		1,137,547			54,251,524
Shares purchased upon conversion into other share class(es)		(961,974	)		(47,587,111	)
Net increase (decrease) in shares outstanding		3,616,962		$	165,172,653

34

Share Class	Shares			Amount
Class R2
Six months ended April 30, 2022:
Shares sold		21,280		$	842,441
Shares issued in reinvestment of dividends and distributions		40,744			1,886,436
Shares purchased		(34,814	)		(1,375,326	)
Net increase (decrease) in shares outstanding		27,210		$	1,353,551
Year ended October 31, 2021:
Shares sold		439,431		$	19,563,751
Shares issued in reinvestment of dividends and distributions		167			7,434
Shares purchased		(40,294	)		(1,961,619	)
Net increase (decrease) in shares outstanding		399,304		$	17,609,566
Class R4
Six months ended April 30, 2022:
Shares sold		3,221		$	127,645
Shares issued in reinvestment of dividends and distributions		667			31,156
Shares purchased		(318	)		(14,207	)
Net increase (decrease) in shares outstanding		3,570		$	144,594
Year ended October 31, 2021:
Shares sold		5,135		$	253,565
Shares issued in reinvestment of dividends and distributions		214			9,579
Shares purchased		(11,968	)		(626,649	)
Net increase (decrease) in shares outstanding		(6,619	)	$	(363,505	)
Class R6
Six months ended April 30, 2022:
Shares sold		10,215,368		$	431,816,830
Shares issued in reinvestment of dividends and distributions		6,153,853			289,477,258
Shares purchased		(9,709,622	)		(391,490,770	)
Net increase (decrease) in shares outstanding before conversion		6,659,599			329,803,318
Shares issued upon conversion from other share class(es)		64,101			2,595,694
Shares purchased upon conversion into other share class(es)		(33,911	)		(1,417,229	)
Net increase (decrease) in shares outstanding		6,689,789		$	330,981,783
Year ended October 31, 2021:
Shares sold		27,540,278		$	1,296,799,817
Shares issued in reinvestment of dividends and distributions		789,179			35,497,290
Shares purchased		(13,025,359	)		(620,512,925	)
Net increase (decrease) in shares outstanding before conversion		15,304,098			711,784,182
Shares issued upon conversion from other share class(es)		618,209			31,764,888
Shares purchased upon conversion into other share class(es)		(32,207	)		(1,525,089	)
Net increase (decrease) in shares outstanding		15,890,100		$	742,023,981

PGIM Jennison Global Opportunities Fund 35

Notes to Financial Statements (unaudited) (continued)

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.

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

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, 2022. The average daily balance for the 8 days that the Fund had loans outstanding during the period was approximately $26,036,750, borrowed at a weighted average interest rate of 1.31%. The maximum loan outstanding amount during the period was $55,160,000. At April 30, 2022, 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.

36

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

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

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

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

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

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

PGIM Jennison Global Opportunities Fund 37

Notes to Financial Statements (unaudited) (continued)

foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. Investments in emerging markets are subject to greater volatility and price declines.

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

Geographic Concentration Risk: The Fund’s performance may be closely tied to the market, economic, political, regulatory or other conditions in the countries or regions in which the Fund invests. This can result in more pronounced risks based upon conditions that impact one or more countries or regions more or less than other countries or regions.

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

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

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.

38

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

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

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

Market Disruption and Geopolitical Risks: 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), 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.

COVID-19 and the related governmental and public responses have had and may continue to have an impact on the Fund’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. They have also had and may continue to result in periods of business disruption, business closures, inability to obtain raw materials,

PGIM Jennison Global Opportunities Fund 39

Notes to Financial Statements (unaudited) (continued)

supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. The occurrence, reoccurrence and pendency of public health epidemics could adversely affect the economies and financial markets either in specific countries or worldwide.

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

10.  Recent Regulatory Developments

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule took effect on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Rule and its impact to the Fund.

40

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 LLC (“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 1-3, 2022, 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, 2021 through December 31, 2021 (“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 Opportunities Fund 41

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

PROXY VOTING

The Board of Directors of the Fund has delegated to the Fund’s subadviser the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the Fund. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (800) 225-1852 or by visiting the Securities and Exchange Commission’s website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website and on the Securities and Exchange Commission’s website.

DIRECTORS

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

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer • Claudia DiGiacomo, Chief Legal Officer • Isabelle Sajous, Chief Compliance Officer • Jonathan Corbett, Anti-Money Laundering Compliance Officer • Andrew R. French, Secretary • Melissa Gonzalez, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Kelly A. Coyne, Assistant Secretary • Patrick E. McGuinness, Assistant Secretary • Debra Rubano, Assistant Secretary • Lana Lomuti, Assistant Treasurer • Russ Shupak, Assistant Treasurer • Elyse M. McLaughlin, Assistant Treasurer • Deborah Conway, Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	Jennison Associates LLC	466 Lexington Avenue New York, NY 10017
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

Shareholders can communicate directly with the Board of Directors by writing to the Chair of the Board, PGIM Jennison Global Opportunities Fund, PGIM Investments, Attn: Board of Directors, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Director by writing to that Director at the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO HOLDINGS

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov. Form N-PORT is filed with the Commission quarterly, and each Fund’s full portfolio holdings as of the first and third fiscal quarter-ends will be made publicly available 60 days after the end of each quarter 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 INTERNATIONAL

OPPORTUNITIES FUND

SEMIANNUAL REPORT

APRIL 30, 2022

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, 2022 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. © 2022 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, 2022.   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 a top-10 investment manager globally with more than $1.5 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 15, 2022

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 4/30/22 (without sales charges) Six Months* (%)	Average Annual Total Returns as of 4/30/22 (with sales charges)
		One Year (%)	Five Years (%)	Since Inception (%)
Class A	-33.64	-29.45	11.46	9.75 (06/05/2012)
Class C	-33.94	-26.70	11.81	9.53 (06/05/2012)
Class R	-33.81	-25.67	N/A	8.45 (11/20/2017)
Class Z	-33.59	-25.21	12.97	10.64 (06/05/2012)
Class R2	-33.75	-25.56	N/A	17.18 (12/27/2018)
Class R4	-33.67	-25.39	N/A	17.48 (12/27/2018)
Class R6	-33.58	-25.17	13.02	11.35 (12/23/2015)
MSCI All Country World ex-US Index
	-11.87	-10.31	4.94	—

Average Annual Total Returns as of 4/30/22 Since Inception (%)
	Class A, Class C, Class Z (06/05/2012)	Class R (11/20/2017)	Class R2, Class R4 (12/27/2018)	Class R6 (12/23/2015)
MSCI All Country World ex-US   Index	6.37	2.74	7.81	6.22

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

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

PGIM Jennison International Opportunities Fund 5

Your Fund’s Performance (continued)

Presentation of Fund Holdings as of 4/30/22

Top Largest Holdings	Line of Business	Country	% of Net Assets
LVMH Moet Hennessy Louis   Vuitton SE	Textiles, Apparel & Luxury Goods	France	4.6%
L’Oreal SA	Personal Products	France	4.5%
MercadoLibre, Inc.	Internet & Direct Marketing Retail	Brazil	4.5%
Novo Nordisk A/S (Class B Stock)	Pharmaceuticals	Denmark	4.3%
Dassault Systemes SE	Software	France	4.2%
Adyen NV, 144A	IT Services	Netherlands	4.1%
Ferrari NV	Automobiles	Italy	4.0%
ASML Holding NV	Semiconductors & Semiconductor Equipment	Netherlands	3.8%
Pernod Ricard SA	Beverages	France	3.8%
Hermes International	Textiles, Apparel & Luxury Goods	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, 2022. 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, 2021	Ending     Account Value     April 30, 2022	Annualized     Expense     Ratio Based on the     Six-Month Period	Expenses Paid     During the      Six-Month Period*
Class A	Actual	$1,000.00	$   663.60	1.09%	$4.50
	Hypothetical	$1,000.00	$1,019.39	1.09%	$5.46
Class C	Actual	$1,000.00	$   660.60	1.90%	$7.82
	Hypothetical	$1,000.00	$1,015.37	1.90%	$9.49
Class R	Actual	$1,000.00	$   661.90	1.48%	$6.10
	Hypothetical	$1,000.00	$1,017.46	1.48%	$7.40
Class Z	Actual	$1,000.00	$   664.10	0.90%	$3.71
	Hypothetical	$1,000.00	$1,020.33	0.90%	$4.51
Class R2	Actual	$1,000.00	$   662.50	1.34%	$5.52
	Hypothetical	$1,000.00	$1,018.15	1.34%	$6.71
Class R4	Actual	$1,000.00	$   663.30	1.09%	$4.50
	Hypothetical	$1,000.00	$1,019.39	1.09%	$5.46
Class R6	Actual	$1,000.00	$   664.20	0.83%	$3.42
	Hypothetical	$1,000.00	$1,020.68	0.83%	$4.16

*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 181 days in the six-month period ended April 30, 2022, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2022 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

8 Visit our website at pgim.com/investments

Schedule of Investments (unaudited)

as of April 30, 2022

Description	Shares		Value
LONG-TERM INVESTMENTS    95.3%
COMMON STOCKS    91.8%
Brazil    6.2%
MercadoLibre, Inc.*		215,387	$	209,707,245
NU Holdings Ltd. (Class A Stock)*(a)		13,199,158		79,326,939
				289,034,184
China    1.7%
Contemporary Amperex Technology Co. Ltd. (Class A Stock)		1,290,913		78,037,236
Denmark    4.3%
Novo Nordisk A/S (Class B Stock)		1,730,311		198,417,116
France    22.8%
Dassault Systemes SE		4,385,068		193,732,720
Hermes International		138,375		170,150,262
L’Oreal SA		584,528		211,494,878
LVMH Moet Hennessy Louis Vuitton SE		333,048		214,280,750
Pernod Ricard SA		856,692		176,966,950
Remy Cointreau SA		496,391		98,067,454
				1,064,693,014
Germany    1.9%
Symrise AG		762,642		90,632,120
Hong Kong    2.6%
Techtronic Industries Co. Ltd.		9,108,786		121,307,775
Ireland    2.1%
ICON PLC*		424,464		96,018,001
Italy    7.2%
Amplifon SpA		1,793,490		71,490,986
Brunello Cucinelli SpA*		1,459,288		74,679,932
Ferrari NV		891,304		187,642,139
				333,813,057
Japan    4.0%
GMO Payment Gateway, Inc.		224,154		18,862,422
Keyence Corp.		302,762		122,314,323
Menicon Co. Ltd.		2,234,476		47,478,308
				188,655,053

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 9

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Luxembourg    1.8%
Eurofins Scientific SE		913,164	$	84,622,637
Netherlands    10.6%
Adyen NV, 144A*		116,256		193,114,068
Argenx SE, ADR*		421,623		121,140,721
ASML Holding NV		313,821		177,641,326
				491,896,115
Switzerland    13.4%
Alcon, Inc.		1,805,051		128,527,531
Cie Financiere Richemont SA (Class A Stock)		1,067,216		123,750,377
Givaudan SA		26,271		104,506,494
Lonza Group AG		235,365		138,836,389
Sonova Holding AG		209,302		75,152,515
Straumann Holding AG		456,385		53,898,210
				624,671,516
Taiwan    3.1%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		1,550,987		144,133,222
United Kingdom    2.7%
Ashtead Group PLC		2,400,421		124,536,677
United States    6.5%
Atlassian Corp. PLC (Class A Stock)*		124,539		28,000,103
Globant SA*		602,523		130,138,943
Lululemon Athletica, Inc.*		408,390		144,827,346
				302,966,392
Uruguay    0.9%
Dlocal Ltd.*(a)		1,911,194		43,326,768
TOTAL COMMON STOCKS (cost $4,504,811,485)				4,276,760,883

See Notes to Financial Statements.

10

Description	Shares		Value
PREFERRED STOCK    3.5%
Germany
Sartorius AG (PRFC) (cost $155,998,536)		437,584	$	164,444,658
TOTAL LONG-TERM INVESTMENTS (cost $4,660,810,021)				4,441,205,541
SHORT-TERM INVESTMENTS    5.7%
AFFILIATED MUTUAL FUND    1.8%
PGIM Institutional Money Market Fund (cost $85,036,115; includes $ 84,992,328 of cash collateral for securities on loan)(b)(wa)		85,126,172		85,058,071
UNAFFILIATED FUND    3.9%
Dreyfus Government Cash Management (Institutional Shares) (cost $182,458,527)		182,458,527		182,458,527
TOTAL SHORT-TERM INVESTMENTS (cost $267,494,642)				267,516,598
TOTAL INVESTMENTS    101.0% (cost $4,928,304,663)				4,708,722,139
Liabilities in excess of other assets    (1.0)%				(46,649,319	)
NET ASSETS    100.0%			$	4,662,072,820

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

LIBOR—London Interbank Offered Rate

PRFC—Preference Shares

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $81,148,318; cash collateral of $84,992,328 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

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

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

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, 2022 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Brazil	$	289,034,184	$	—		$—
China		—		78,037,236		—
Denmark		—		198,417,116		—
France		—		1,064,693,014		—
Germany		—		90,632,120		—
Hong Kong		—		121,307,775		—
Ireland		96,018,001		—		—
Italy		—		333,813,057		—
Japan		—		188,655,053		—
Luxembourg		—		84,622,637		—
Netherlands		121,140,721		370,755,394		—
Switzerland		—		624,671,516		—
Taiwan		144,133,222		—		—
United Kingdom		—		124,536,677		—
United States		302,966,392		—		—
Uruguay		43,326,768		—		—
Preferred Stock
Germany		—		164,444,658		—
Short-Term Investments
Affiliated Mutual Fund		85,058,071		—		—
Unaffiliated Fund		182,458,527		—		—
Total	$	1,264,135,886	$	3,444,586,253		$—

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, 2022 were as follows:

Textiles, Apparel & Luxury Goods	15.5	%
Health Care Equipment & Supplies	10.1
IT Services	8.3
Semiconductors & Semiconductor Equipment	6.9
Life Sciences Tools & Services	6.9
Beverages	5.9
Software	4.8
Personal Products	4.5
Internet & Direct Marketing Retail	4.5
Pharmaceuticals	4.3
Chemicals	4.1
Automobiles	4.0
Unaffiliated Fund	3.9
Trading Companies & Distributors	2.7

Electronic Equipment, Instruments & Components	2.6	%
Machinery	2.6
Biotechnology	2.6
Affiliated Mutual Fund (1.8% represents investments purchased with collateral from securities on loan)	1.8
Banks	1.7
Electrical Equipment	1.7
Health Care Providers & Services	1.6
	101.0
Liabilities in excess of other assets	(1.0	)
	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	$81,148,318	$(81,148,318)	$—

(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, 2022

Assets
Investments at value, including securities on loan of $81,148,318:
Unaffiliated investments (cost $4,843,268,548)	$	4,623,664,068
Affiliated investments (cost $85,036,115)		85,058,071
Foreign currency, at value (cost $3,411,735)		3,419,358
Receivable for investments sold		48,105,926
Receivable for Fund shares sold		22,779,780
Tax reclaim receivable		3,083,573
Dividends receivable		2,106,896
Prepaid expenses and other assets		10,033
Total Assets		4,788,227,705
Liabilities
Payable to broker for collateral for securities on loan		84,992,328
Payable for Fund shares purchased		25,786,380
Payable for investments purchased		11,572,699
Management fee payable		3,173,068
Accrued expenses and other liabilities		444,607
Distribution fee payable		173,796
Affiliated transfer agent fee payable		12,007
Total Liabilities		126,154,885
Net Assets	$	4,662,072,820
Net assets were comprised of:
Common stock, at par	$	1,798
Paid-in capital in excess of par		5,224,911,425
Total distributable earnings (loss)		(562,840,403	)
Net assets, April 30, 2022	$	4,662,072,820

See Notes to Financial Statements.

14

Class A
Net asset value and redemption price per share, ($138,136,692 ÷ 5,411,083 shares of common stock issued and outstanding)	$	25.53
Maximum sales charge (5.50% of offering price)		1.49
Maximum offering price to public	$	27.02
Class C
Net asset value, offering price and redemption price per share, ($28,736,771 ÷ 1,215,437 shares of common stock issued and outstanding)	$	23.64
Class R
Net asset value, offering price and redemption price per share, ($254,170,679 ÷ 10,067,376 shares of common stock issued and outstanding)	$	25.25
Class Z
Net asset value, offering price and redemption price per share, ($2,635,888,776 ÷ 101,426,132 shares of common stock issued and outstanding)	$	25.99
Class R2
Net asset value, offering price and redemption price per share, ($10,946,080 ÷ 427,054 shares of common stock issued and outstanding)	$	25.63
Class R4
Net asset value, offering price and redemption price per share, ($10,179,033 ÷ 393,689 shares of common stock issued and outstanding)	$	25.86
Class R6
Net asset value, offering price and redemption price per share, ($1,584,014,789 ÷ 60,824,901 shares of common stock issued and outstanding)	$	26.04

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 15

Statement of Operations (unaudited)

Six Months Ended April 30, 2022

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $2,999,162 foreign withholding tax)	$	16,672,605
Income from securities lending, net (including affiliated income of $48,432)		1,072,044
Affiliated dividend income		29,833
Total income		17,774,482
Expenses
Management fee		23,094,675
Distribution fee(a)		1,582,124
Shareholder servicing fees (including affiliated expense of $6,038)(a)		12,590
Transfer agent’s fees and expenses (including affiliated expense of $203,588)(a)		2,065,473
Custodian and accounting fees		306,127
Registration fees(a)		173,373
SEC registration fees		154,068
Shareholders’ reports		94,830
Directors’ fees		34,835
Legal fees and expenses		21,609
Audit fee		13,389
Miscellaneous		38,566
Total expenses		27,591,659
Less: Fee waiver and/or expense reimbursement(a)		(704,882	)
Distribution fee waiver(a)		(417,591	)
Net expenses		26,469,186
Net investment income (loss)		(8,694,704	)
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(77,105))		(293,232,289	)
Foreign currency transactions		(681,922	)
		(293,914,211	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $21,722)		(2,054,604,960	)
Foreign currencies		(217,739	)
		(2,054,822,699	)
Net gain (loss) on investment and foreign currency transactions		(2,348,736,910	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(2,357,431,614	)

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		266,009			181,041			1,119,769			—			15,305			—			—
Shareholder servicing fees		—			—			—			—			6,122			6,468			—
Transfer agent’s fees and expenses		113,327			16,576			224,233			1,682,056			9,412			12,204			7,665
Registration fees		15,372			7,934			3,900			73,888			3,659			3,658			64,962
Fee waiver and/or expense reimbursement		(117,325	)		(11,440	)		(83	)		(567,428	)		(3,137	)		(5,333	)		(136	)
Distribution fee waiver		(44,335	)		—			(373,256	)		—			—			—			—

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 17

Statements of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2022				Year Ended October 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	(8,694,704	)		$	(24,566,284	)
Net realized gain (loss) on investment and foreign currency transactions			(293,914,211	)			18,155,566
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			(2,054,822,699	)			1,213,359,467
Net increase (decrease) in net assets resulting from operations			(2,357,431,614	)			1,206,948,749
Dividends and Distributions
Distributions from distributable earnings
Class A			(183,451	)			—
Class C			(38,591	)			—
Class R			(300,115	)			—
Class Z			(3,181,466	)			—
Class R2			(11,964	)			—
Class R4			(13,002	)			—
Class R6			(1,876,760	)			—
			(5,605,349	)			—
Fund share transactions (Net of share conversions)
Net proceeds from shares sold			2,320,962,703				3,741,129,832
Net asset value of shares issued in reinvestment of dividends and distributions			5,596,238				—
Cost of shares purchased			(1,556,165,406	)			(1,121,686,711	)
Net increase (decrease) in net assets from Fund share transactions			770,393,535				2,619,443,121
Total increase (decrease)			(1,592,643,428	)			3,826,391,870
Net Assets:
Beginning of period			6,254,716,248				2,428,324,378
End of period		$	4,662,072,820			$	6,254,716,248

See Notes to Financial Statements.

18

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30, 2022			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$38.51			$28.14			$19.51			$15.82			$17.10			$12.36
Income (loss) from investment operations:
Net investment income (loss)		(0.08	)		(0.25	)		(0.12	)		0.01			(0.06	)		(0.01	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(12.87	)		10.62			8.75			3.68			(1.22	)		4.75
Total from investment operations		(12.95	)		10.37			8.63			3.69			(1.28	)		4.74
Distributions from net realized gains		(0.03	)		-			-			-			-			-
Net asset value, end of period		$25.53			$38.51			$28.14			$19.51			$15.82			$17.10
Total Return(b):		(33.64	)%		36.90	%		44.11	%		23.39	%		(7.49	)%		38.35	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$138,137			$208,515			$76,093			$26,778			$14,496			$5,303
Average net assets (000)		$178,809			$142,641			$46,059			$20,599			$10,393			$3,121
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.09	%(e)		1.09	%		1.09	%		1.09	%		1.13	%		1.15	%
Expenses before waivers and/or expense reimbursement		1.27	%(e)		1.27	%		1.34	%		1.46	%		1.55	%		1.63	%
Net investment income (loss)		(0.48	)%(e)		(0.71	)%		(0.52	)%		0.04	%		(0.32	)%		(0.07	)%
Portfolio turnover rate(f)		31	%		41	%		43	%		53	%		59	%		69	%

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

(e) 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 19

Financial Highlights (unaudited) (continued)

Class C Shares
	Six Months Ended April 30, 2022			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$35.82			$26.38			$18.44			$15.08			$16.43			$11.96
Income (loss) from investment operations:
Net investment income (loss)		(0.19	)		(0.50	)		(0.29	)		(0.13	)		(0.18	)		(0.11	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(11.96	)		9.94			8.23			3.49			(1.17	)		4.58
Total from investment operations		(12.15	)		9.44			7.94			3.36			(1.35	)		4.47
Distributions from net realized gains		(0.03	)		-			-			-			-			-
Net asset value, end of period		$23.64			$35.82			$26.38			$18.44			$15.08			$16.43
Total Return(b):		(33.94	)%		35.84	%		43.00	%		22.28	%		(8.22	)%		37.37	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$28,737			$40,128			$16,411			$5,302			$3,800			$1,759
Average net assets (000)		$36,508			$28,884			$9,894			$4,683			$3,449			$1,080
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.90	%(e)		1.90	%		1.90	%		1.91	%		1.92	%		1.89	%
Expenses before waivers and/or expense reimbursement		1.96	%(e)		1.97	%		2.15	%		2.33	%		2.54	%		2.32	%
Net investment income (loss)		(1.28	)%(e)		(1.52	)%		(1.32	)%		(0.80	)%		(1.05	)%		(0.80	)%
Portfolio turnover rate(f)		31	%		41	%		43	%		53	%		59	%		69	%

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

(e) 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.

20

Class R Shares
	Six Months Ended April 30, 2022			Year Ended October 31,									November 20, 2017(a) through October 31, 2018
				2021			2020			2019
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$38.17			$27.98			$19.48			$15.86			$17.62
Income (loss) from investment operations:
Net investment income (loss)		(0.14	)		(0.37	)		(0.20	)		(0.06	)		(0.09	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(12.75	)		10.56			8.70			3.68			(1.67	)
Total from investment operations		(12.89	)		10.19			8.50			3.62			(1.76	)
Distributions from net realized gains		(0.03	)		-			-			-			-
Net asset value, end of period		$25.25			$38.17			$27.98			$19.48			$15.86
Total Return(c):		(33.81	)%		36.42	%		43.56	%		22.89	%		(9.99	)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$254,171			$358,284			$291,162			$280,311			$266,294
Average net assets (000)		$301,080			$340,986			$281,238			$278,086			$299,955
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.48	%(e)		1.47	%		1.47	%		1.47	%		1.46	%(e)
Expenses before waivers and/or expense reimbursement		1.73	%(e)		1.72	%		1.77	%		1.81	%		1.80	%(e)
Net investment income (loss)		(0.85	)%(e)		(1.08	)%		(0.87	)%		(0.36	)%		(0.53	)%(e)
Portfolio turnover rate(f)		31	%		41	%		43	%		53	%		59	%

(a) Commencement of offering.

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

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

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

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, 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, 2022			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$39.17			$28.56			$19.77			$16.01			$17.29			$12.50
Income (loss) from investment operations:
Net investment income (loss)		(0.05	)		(0.18	)		(0.10	)		0.03			(0.01	)		0.03
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(13.10	)		10.79			8.89			3.74			(1.24	)		4.79
Total from investment operations		(13.15	)		10.61			8.79			3.77			(1.25	)		4.82
Less Dividends and Distributions:
Dividends from net investment income		-			-			-			(0.01	)		(0.03	)		(0.03	)
Distributions from net realized gains		(0.03	)		-			-			-			-			-
Total dividends and distributions		(0.03	)		-			-			(0.01	)		(0.03	)		(0.03	)
Net asset value, end of period		$25.99			$ 39.17			$28.56			$19.77			$16.01			$17.29
Total Return(b):		(33.59	)%		37.15	%		44.46	%		23.56	%		(7.24	)%		38.65	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$2,635,889			$3,481,110			$1,364,899			$208,629			$104,113			$28,612
Average net assets (000)		$3,303,968			$2,452,905			$639,223			$139,982			$75,711			$21,756
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.90	%(e)		0.90	%		0.90	%		0.90	%		0.89	%		0.89	%
Expenses before waivers and/or expense reimbursement		0.93	%(e)		0.94	%		0.99	%		1.04	%		1.04	%		1.34	%
Net investment income (loss)		(0.28	)%(e)		(0.51	)%		(0.38	)%		0.15	%		(0.08	)%		0.23	%
Portfolio turnover rate(f)		31	%		41	%		43	%		53	%		59	%		69	%

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

(e) 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, 2019
	2022			2021			2020
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$38.72			$28.35			$19.70			$15.10
Income (loss) from investment operations:
Net investment income (loss)		(0.11	)		(0.33	)		(0.29	)		(0.12	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(12.95	)		10.70			8.94			4.72
Total from investment operations		(13.06	)		10.37			8.65			4.60
Distributions from net realized gains		(0.03	)		-			-			-
Net asset value, end of period		$25.63			$38.72			$28.35			$19.70
Total Return(c):		(33.75	)%		36.58	%		43.91	%		30.46	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$10,946			$13,101			$4,664			$233
Average net assets (000)		$12,346			$8,789			$1,557			$44
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.34	%(e)		1.33	%		1.32	%		1.26	%(e)
Expenses before waivers and/or expense reimbursement		1.39	%(e)		1.41	%		2.23	%		64.97	%(e)
Net investment income (loss)		(0.69	)%(e)		(0.92	)%		(1.06	)%		(0.76	)%(e)
Portfolio turnover rate(f)		31	%		41	%		43	%		53	%

(a) Commencement of offering.

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

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

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

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, 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, 2019
	2022			2021			2020
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$39.01			$28.49			$19.75			$15.10
Income (loss) from investment operations:
Net investment income (loss)		(0.08	)		(0.25	)		(0.11	)		(0.02	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(13.04	)		10.77			8.85			4.67
Total from investment operations		(13.12	)		10.52			8.74			4.65
Distributions from net realized gains		(0.03	)		-			-			-
Net asset value, end of period		$25.86			$39.01			$28.49			$19.75
Total Return(c):		(33.67	)%		36.97	%		44.20	%		30.79	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$10,179			$16,892			$1,359			$846
Average net assets (000)		$13,042			$11,907			$1,023			$293
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.09	%(e)		1.08	%		1.04	%		0.95	%(e)
Expenses before waivers and/or expense reimbursement		1.17	%(e)		1.14	%		2.47	%		10.65	%(e)
Net investment income (loss)		(0.48	)%(e)		(0.69	)%		(0.46	)%		(0.11	)%(e)
Portfolio turnover rate(f)		31	%		41	%		43	%		53	%

(a) Commencement of offering.

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

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

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

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, 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,
	2022			2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$39.24			$28.59			$19.78			$16.02			$17.29			$12.50
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)		(0.16	)		(0.08	)		0.04			(0.01	)		0.04
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(13.14	)		10.81			8.89			3.74			(1.22	)		4.79
Total from investment operations		(13.17	)		10.65			8.81			3.78			(1.23	)		4.83
Less Dividends and Distributions:
Dividends from net investment income		-			-			-			(0.02	)		(0.04	)		(0.04	)
Distributions from net realized gains		(0.03	)		-			-			-			-			-
Total dividends and distributions		(0.03	)		-			-			(0.02	)		(0.04	)		(0.04	)
Net asset value, end of period		$26.04			$39.24			$28.59			$19.78			$16.02			$17.29
Total Return(b):		(33.58	)%		37.25	%		44.54	%		23.72	%		(7.15	)%		38.75	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,584,015			$2,136,686			$673,736			$101,975			$35,141			$26,252
Average net assets (000)		$1,944,513			$1,445,464			$295,968			$54,900			$26,736			$24,927
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.83	%(e)		0.84	%		0.84	%		0.84	%		0.84	%		0.84	%
Expenses before waivers and/or expense reimbursement		0.83	%(e)		0.84	%		0.91	%		0.98	%		1.00	%		1.30	%
Net investment income (loss)		(0.21	)%(e)		(0.46	)%		(0.32	)%		0.20	%		(0.05	)%		0.28	%
Portfolio turnover rate(f)		31	%		41	%		43	%		53	%		59	%		69	%

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

(e) 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 adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. A record of the Valuation Committee’s actions is subject to the Board’s review at its first quarterly meeting following the quarter in which such actions take place.

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

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

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

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

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

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

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

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

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

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

Master Netting Arrangements: The RIC, on behalf of the Fund, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of the 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 securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. The remaining maturities of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral.

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

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

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 this agreement, the Manager has responsibility for all investment advisory services and supervises the subadviser’s performance of such services.

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

30

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended April 30, 2022, 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;		0.804%
0.80% on average daily net assets exceeding $1 billion.

The Manager has contractually agreed, through February 28, 2023, 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 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 compensates PIMS for distributing and servicing the Fund’s Class A, Class C, Class R and

PGIM Jennison International Opportunities Fund 31

Notes to Financial Statements (unaudited)(continued)

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, 2023 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 rate 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, 2022, 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		$	330,934		$	1,265
C			—			9,580

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

32

4.     Other Transactions with Affiliates

PMFS serves as the Fund’s transfer agent. Transfer agent’s fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

The Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a fund of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively. Effective January 2022, the Fund changed its overnight cash sweep vehicle from the Core Fund to an unaffiliated money market fund.

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, 2022, no 17a-7 transactions were entered into by the Fund.

5.     Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2022, were as follows:

Cost of Purchases	Proceeds from Sales
$2,366,623,053	$1,734,403,810

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended April 30, 2022, 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 Ultra Short Bond Fund(1)(wa)
$101,909,396	$  474,801,449	$  576,710,845	$      —	$      —	$      —		—		$29,833

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
PGIM Institutional Money Market Fund(1)(b)(wa)
$  45,167,540	$   847,122,312	$   807,176,398	$21,722	$(77,105)	$85,058,071	85,126,172	$48,432(2)
$147,076,936	$1,321,923,761	$1,383,887,243	$21,722	$(77,105)	$85,058,071		$78,265

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

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

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

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

6.     Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of April 30, 2022 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net         Unrealized   Depreciation
$4,947,160,141	$250,147,576	$(488,585,578)		$(238,438,002)

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

The Fund elected to treat late year ordinary income losses of approximately $21,429,000 as having been incurred in the following fiscal year (October 31, 2022).

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

7.     Capital and Ownership

The Fund offers Class A, Class C, Class R, Class Z, Class R2, Class R4 and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement

34

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, 2022, 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
R		10,067,376		100.0	%
R2		663		0.2
R4		11,785		3.0
R6		521		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		5.5	%
Unaffiliated		5		71.6

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, 2022:
Shares sold		1,262,721			$	41,243,815
Shares issued in reinvestment of dividends and distributions		5,200				182,714
Shares purchased		(1,273,869	)			(39,383,145	)
Net increase (decrease) in shares outstanding before conversion		(5,948	)			2,043,384
Shares issued upon conversion from other share class(es)		196,430				6,420,400
Shares purchased upon conversion into other share class(es)		(193,305	)			(6,430,299	)
Net increase (decrease) in shares outstanding		(2,823	)		$	2,033,485
Year ended October 31, 2021:
Shares sold		3,295,095			$	113,856,416
Shares purchased		(645,468	)			(22,275,031	)
Net increase (decrease) in shares outstanding before conversion		2,649,627				91,581,385
Shares issued upon conversion from other share class(es)		231,486				8,009,475
Shares purchased upon conversion into other share class(es)		(171,779	)			(6,016,914	)
Net increase (decrease) in shares outstanding		2,709,334			$	93,573,946
Class C
Six months ended April 30, 2022:
Shares sold		328,853			$	10,175,372
Shares issued in reinvestment of dividends and distributions		1,181				38,543
Shares purchased		(205,174	)			(5,686,422	)
Net increase (decrease) in shares outstanding before conversion		124,860				4,527,493
Shares purchased upon conversion into other share class(es)		(29,780	)			(897,061	)
Net increase (decrease) in shares outstanding		95,080			$	3,630,432
Year ended October 31, 2021:
Shares sold		671,538			$	21,597,459
Shares purchased		(72,681	)			(2,330,925	)
Net increase (decrease) in shares outstanding before conversion		598,857				19,266,534
Shares purchased upon conversion into other share class(es)		(100,679	)			(3,132,283	)
Net increase (decrease) in shares outstanding		498,178			$	16,134,251

36

Share Class	Shares			Amount
Class R
Six months ended April 30, 2022:
Shares sold		1,393,325			$	42,316,892
Shares issued in reinvestment of dividends and distributions		8,622				300,115
Shares purchased		(722,254	)			(22,302,783	)
Net increase (decrease) in shares outstanding		679,693			$	20,314,224
Year ended October 31, 2021:
Shares sold		757,793			$	24,410,460
Shares purchased		(1,774,362	)			(60,549,305	)
Net increase (decrease) in shares outstanding		(1,016,569	)		$	(36,138,845	)
Class Z
Six months ended April 30, 2022:
Shares sold		50,984,451			$	1,685,721,309
Shares issued in reinvestment of dividends and distributions		88,911				3,178,566
Shares purchased		(38,376,557	)			(1,175,176,626	)
Net increase (decrease) in shares outstanding before conversion		12,696,805				513,723,249
Shares issued upon conversion from other share class(es)		158,113				5,205,788
Shares purchased upon conversion into other share class(es)		(298,392	)			(9,825,295	)
Net increase (decrease) in shares outstanding		12,556,526			$	509,103,742
Year ended October 31, 2021:
Shares sold		65,487,151			$	2,317,934,026
Shares purchased		(20,037,303	)			(704,435,367	)
Net increase (decrease) in shares outstanding before conversion		45,449,848				1,613,498,659
Shares issued upon conversion from other share class(es)		246,910				8,620,461
Shares purchased upon conversion into other share class(es)		(4,617,431	)			(161,788,669	)
Net increase (decrease) in shares outstanding		41,079,327			$	1,460,330,451
Class R2
Six months ended April 30, 2022:
Shares sold		117,120			$	3,848,165
Shares issued in reinvestment of dividends and distributions		339				11,964
Shares purchased		(28,770	)			(945,242	)
Net increase (decrease) in shares outstanding		88,689			$	2,914,887
Year ended October 31, 2021:
Shares sold		249,628			$	8,603,079
Shares purchased		(73,779	)			(2,605,355	)
Net increase (decrease) in shares outstanding before conversion		175,849				5,997,724
Shares purchased upon conversion into other share class(es)		(2,016	)			(73,177	)
Net increase (decrease) in shares outstanding		173,833			$	5,924,547

PGIM Jennison International Opportunities Fund 37

Notes to Financial Statements (unaudited)(continued)

Share Class	Shares			Amount
Class R4
Six months ended April 30, 2022:
Shares sold		123,940			$	3,840,104
Shares issued in reinvestment of dividends and distributions		365				13,002
Shares purchased		(163,669	)			(5,250,906	)
Net increase (decrease) in shares outstanding		(39,364	)		$	(1,397,800	)
Year ended October 31, 2021:
Shares sold		720,254			$	24,255,406
Shares purchased		(334,901	)			(11,278,535	)
Net increase (decrease) in shares outstanding		385,353			$	12,976,871
Class R6
Six months ended April 30, 2022:
Shares sold		16,103,286			$	533,817,046
Shares issued in reinvestment of dividends and distributions		52,243				1,871,334
Shares purchased		(9,947,171	)			(307,420,282	)
Net increase (decrease) in shares outstanding before conversion		6,208,358				228,268,098
Shares issued upon conversion from other share class(es)		185,152				6,289,132
Shares purchased upon conversion into other share class(es)		(21,076	)			(762,665	)
Net increase (decrease) in shares outstanding		6,372,434			$	233,794,565
Year ended October 31, 2021:
Shares sold		35,440,308			$	1,230,472,986
Shares purchased		(8,950,166	)			(318,212,193	)
Net increase (decrease) in shares outstanding before conversion		26,490,142				912,260,793
Shares issued upon conversion from other share class(es)		4,411,797				154,824,965
Shares purchased upon conversion into other share class(es)		(12,007	)			(443,858	)
Net increase (decrease) in shares outstanding		30,889,932			$	1,066,641,900

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.

	SCA
Term of Commitment	10/1/2021 – 9/29/2022
Total Commitment	$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%

38

	SCA
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent

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, 2022.

9.     Risks of Investing in the Fund

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

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

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

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

Emerging Markets Risk: The risks of foreign investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic and political systems that are less fully developed, and can be expected to be less stable, than

PGIM Jennison International Opportunities Fund 39

Notes to Financial Statements (unaudited)(continued)

those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Low trading volumes may result in a lack of liquidity and price volatility. Emerging market countries may have policies that restrict investment by non-U.S. investors, or that prevent non-U.S. investors from withdrawing their money at will.

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

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

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

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

Geographic Concentration Risk: The Fund’s performance may be closely tied to the market, economic, political, regulatory or other conditions in the countries or regions in which the Fund invests. This can result in more pronounced risks based upon conditions that impact one or more countries or regions more or less than other countries or regions.

40

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

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

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

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

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 International Opportunities Fund 41

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

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

Market Disruption and Geopolitical Risks: 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), 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).

42

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.

COVID-19 and the related governmental and public responses have had and may continue to have an impact on the Fund’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. They have also had and may continue to result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. The occurrence, reoccurrence and pendency of public health epidemics could adversely affect the economies and financial markets either in specific countries or worldwide.

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

10.     Recent Regulatory Developments

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule took effect on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Rule and its impact to the Fund.

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 LLC (“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 1-3, 2022, 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, 2021 through December 31, 2021 (“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  Newark, NJ 07102	(800) 225-1852	pgim.com/investments

PROXY VOTING

The Board of Directors of the Fund has delegated to the Fund’s subadviser the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the Fund. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (800) 225-1852 or by visiting the Securities and Exchange Commission’s website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website and on the Securities and Exchange Commission’s website.

DIRECTORS

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

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer • Claudia DiGiacomo, Chief Legal Officer • Isabelle Sajous, Chief Compliance Officer • Jonathan Corbett, Anti-Money Laundering Compliance Officer • Andrew R. French, Secretary • Melissa Gonzalez, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Kelly A. Coyne, Assistant Secretary • Patrick E. McGuinness, Assistant Secretary • Debra Rubano, Assistant Secretary • Lana Lomuti, Assistant Treasurer • Russ Shupak, Assistant Treasurer • Elyse M. McLaughlin, Assistant Treasurer • Deborah Conway, Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	Jennison Associates LLC	466 Lexington Avenue New York, NY 10017
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

Shareholders can communicate directly with the Board of Directors by writing to the Chair of the Board, PGIM Jennison International Opportunities Fund PGIM Investments, Attn: Board of Directors, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Director by writing to that Director at the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO HOLDINGS

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov. Form N-PORT is filed with the Commission quarterly, and each Fund’s full portfolio holdings as of the first and third fiscal quarter-ends will be made publicly available 60 days after the end of each quarter 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 JENNISON GLOBAL INFRASTRUCTURE FUND

SEMIANNUAL REPORT

APRIL 30, 2022

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, 2022 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. © 2022 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, 2022. 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 a top-10 investment manager globally with more than $1.5 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 15, 2022

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 4/30/22	Average Annual Total Returns as of 4/30/22
	(without sales charges)	(with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Since Inception (%)
Class A	-0.69	2.33	6.49	6.87 (09/25/2013)
Class C	-1.01	6.52	6.89	6.77 (09/25/2013)
Class Z	-0.54	8.61	8.03	7.87 (09/25/2013)
Class R6	-0.48	8.69	8.03	9.29 (12/28/2016)
S&P Global Infrastructure Index
	4.55	8.23	5.70	—
S&P 500 Index
	-9.64	0.21	13.65	—

Average Annual Total Returns as of 4/30/22 Since Inception (%)
	Class A, Class C, Class Z (09/25/2013)	Class R6  (12/28/2016)
S&P Global Infrastructure Index	6.04	7.15
S&P 500 Index	13.19	14.22

*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.

S&P 500 Index*—The S&P 500 Index is an unmanaged index of over 500 stocks of large US public companies. It gives a broad look at how stock prices in the United States have performed.

*The S&P 500 Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by PGIM, Inc. and/or its affiliates. Copyright © 2022 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P^® is a registered trademark of S&P Global and Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC.

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

PGIM Jennison Global Infrastructure Fund 5

Your Fund’s Performance (continued)

Presentation of Fund Holdings as of 4/30/22

Ten Largest Holdings	Line of Business	Country	% of Net Assets
Cheniere Energy, Inc.	Oil, Gas & Consumable Fuels	United States	5.7%
NextEra Energy, Inc.	Electric Utilities	United States	4.9%
CenterPoint Energy, Inc.	Multi-Utilities	United States	4.7%
Targa Resources Corp.	Oil, Gas & Consumable Fuels	United States	4.7%
SBA Communications Corp., REIT	Equity Real Estate Investment Trusts (REITs)	United States	4.5%
Ferrovial SA	Construction & Engineering	Spain	3.3%
Dominion Energy, Inc.	Multi-Utilities	United States	3.2%
National Grid plc	Multi-Utilities	United Kingdom	3.0%
Union Pacific Corp.	Road & Rail	United States	2.9%
Public Service Enterprise Group, Inc.	Multi-Utilities	United States	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, 2022. 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, 2021	Ending Account Value April 30, 2022	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*
Class A	Actual	$ 1,000.00	$    993.10	1.50%	$   7.41
	Hypothetical	$ 1,000.00	$ 1,017.36	1.50%	$   7.50
Class C	Actual	$ 1,000.00	$    989.90	2.25%	$ 11.10
	Hypothetical	$ 1,000.00	$ 1,013.64	2.25%	$ 11.23
Class Z	Actual	$ 1,000.00	$    994.60	1.17%	$   5.79
	Hypothetical	$ 1,000.00	$ 1,018.99	1.17%	$   5.86
Class R6	Actual	$ 1,000.00	$    995.20	1.17%	$   5.79
	Hypothetical	$ 1,000.00	$ 1,018.99	1.17%	$   5.86

*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 181 days in the six-month period ended April 30, 2022, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2022 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

8 Visit our website at pgim.com/investments

Schedule of Investments (unaudited)

as of April 30, 2022

Description	Shares		Value
LONG-TERM INVESTMENTS    96.8%
COMMON STOCKS    94.5%
Australia    1.0%
Transurban Group		69,181	$	692,348
Canada    5.5%
Canadian National Railway Co.		10,485		1,233,246
Canadian Pacific Railway Ltd.		12,646		925,034
Enbridge, Inc.		37,845		1,651,493
				3,809,773
China    1.3%
China Longyuan Power Group Corp. Ltd. (Class H Stock)		468,779		905,045
France    6.4%
Eiffage SA		19,021		1,879,991
Veolia Environnement SA		32,445		952,286
Vinci SA		16,046		1,550,478
				4,382,755
Germany    1.9%
RWE AG		30,833		1,278,823
India    1.2%
Power Grid Corp. of India Ltd.		279,035		828,167
Italy    5.9%
Atlantia SpA*		67,932		1,610,648
Enav SpA, 144A*		142,939		660,184
Terna - Rete Elettrica Nazionale		220,318		1,793,134
				4,063,966
Mexico    3.3%
Grupo Aeroportuario del Pacifico SAB de CV (Class B Stock)		100,241		1,544,300
Grupo Aeroportuario del Sureste SAB de CV (Class B Stock)		34,825		759,421
				2,303,721
New Zealand    1.4%
Auckland International Airport Ltd.*		189,481		951,123
Spain    9.3%
Aena SME SA, 144A*		11,958		1,701,509

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 9

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Spain (cont’d.)
Cellnex Telecom SA, 144A		36,500	$	1,698,564
Ferrovial SA		88,190		2,264,488
Sacyr SA		268,112		723,711
				6,388,272
United Kingdom    3.0%
National Grid PLC		139,299		2,078,907
United States    54.3%
American Tower Corp., REIT		3,517		847,667
CenterPoint Energy, Inc.		106,332		3,254,823
Cheniere Energy, Inc.		28,672		3,893,944
CMS Energy Corp.		16,190		1,112,091
Constellation Energy Corp.		17,768		1,052,043
Dominion Energy, Inc.		27,245		2,224,282
Exelon Corp.		33,868		1,584,345
FirstEnergy Corp.		39,636		1,716,635
NextEra Energy Partners LP		11,583		772,123
NextEra Energy, Inc.		47,612		3,381,404
NiSource, Inc.		46,231		1,346,247
Norfolk Southern Corp.		6,638		1,711,808
Public Service Enterprise Group, Inc.		28,105		1,957,794
SBA Communications Corp., REIT		9,005		3,125,726
Targa Resources Corp.		43,809		3,216,019
Union Pacific Corp.		8,469		1,984,202
Waste Connections, Inc.		8,290		1,143,771
Williams Cos., Inc. (The)		45,532		1,561,292
Xcel Energy, Inc.		20,904		1,531,427
				37,417,643
TOTAL COMMON STOCKS (cost $54,549,856)				65,100,543
PREFERRED STOCKS    2.3%
Canada    1.4%
GFL Environmental, Inc., CVT, 6.000%, Maturing 03/15/23		13,369		915,108

See Notes to Financial Statements.

10

Description	Shares		Value
PREFERRED STOCKS (Continued)
United States    0.9%
NextEra Energy, Inc., CVT, 6.219%, Maturing 09/01/23		13,402	$	634,049
TOTAL PREFERRED STOCKS   (cost $1,325,329)				1,549,157
TOTAL LONG-TERM INVESTMENTS   (cost $55,875,185)				66,649,700
SHORT-TERM INVESTMENT    5.0%
UNAFFILIATED FUND
Dreyfus Government Cash Management (Institutional Shares) (cost $3,482,182)		3,482,182		3,482,182
TOTAL INVESTMENTS    101.8% (cost $59,357,367)				70,131,882
Liabilities in excess of other assets    (1.8)%				(1,269,832	)
NET ASSETS    100.0%			$	68,862,050

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.

CVT—Convertible Security

LIBOR—London Interbank Offered Rate

LP—Limited Partnership

REITs—Real Estate Investment Trust

* Non-income producing security.

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, 2022

The following is a summary of the inputs used as of April 30, 2022 in valuing such portfolio securities:

	Level 1			Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Australia		$	—		$	692,348		$—
Canada			3,809,773			—		—
China			—			905,045		—
France			—			4,382,755		—
Germany			—			1,278,823		—
India			—			828,167		—
Italy			—			4,063,966		—
Mexico			2,303,721			—		—
New Zealand			—			951,123		—
Spain			—			6,388,272		—
United Kingdom			—			2,078,907		—
United States			37,417,643			—		—
Preferred Stocks
Canada			915,108			—		—
United States			634,049			—		—
Short-Term Investment
Unaffiliated Fund			3,482,182			—		—
Total		$	48,562,476		$	21,569,406		$—

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, 2022 were as follows:

Multi-Utilities	18.7	%
Electric Utilities	18.1
Oil, Gas & Consumable Fuels	15.1
Transportation Infrastructure	11.5
Construction & Engineering	9.3
Road & Rail	8.5
Equity Real Estate Investment Trusts (REITs)	5.7
Unaffiliated Fund	5.0
Independent Power & Renewable Electricity Producers	4.3

Commercial Services & Supplies	3.1	%
Diversified Telecommunication Services	2.5
	101.8
Liabilities in excess of other assets	(1.8	)
	100.0	%

See Notes to Financial Statements.

12

Statement of Assets and Liabilities (unaudited)

as of April 30, 2022

Assets
Unaffiliated investments (cost $59,357,367)	$	70,131,882
Receivable for Fund shares sold		118,247
Dividends receivable		50,587
Tax reclaim receivable		39,285
Prepaid expenses and other assets		476
Total Assets		70,340,477
Liabilities
Payable for investments purchased		1,312,338
Payable for Fund shares purchased		66,185
Accrued expenses and other liabilities		45,749
Management fee payable		45,156
Distribution fee payable		5,608
Affiliated transfer agent fee payable		2,564
Directors’ fees payable		809
Payable to custodian		18
Total Liabilities		1,478,427
Net Assets	$	68,862,050
Net assets were comprised of:
Common stock, at par	$	43
Paid-in capital in excess of par		57,628,529
Total distributable earnings (loss)		11,233,478
Net assets, April 30, 2022	$	68,862,050

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 13

Statement of Assets and Liabilities (unaudited)

as of April 30, 2022

Class A
Net asset value and redemption price per share, ($8,276,299 ÷ 521,591 shares of common stock issued and outstanding)	$	15.87
Maximum sales charge (5.50% of offering price)		0.92
Maximum offering price to public	$	16.79
Class C
Net asset value, offering price and redemption price per share, ($4,622,712 ÷ 296,414 shares of common stock issued and outstanding)	$	15.60
Class Z
Net asset value, offering price and redemption price per share, ($28,256,769 ÷ 1,778,383 shares of common stock issued and outstanding)	$	15.89
Class R6
Net asset value, offering price and redemption price per share, ($27,706,270 ÷ 1,744,461 shares of common stock issued and outstanding)	$	15.88

See Notes to Financial Statements.

14

Statement of Operations (unaudited)

Six Months Ended April 30, 2022    

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $29,131 foreign withholding tax)	$	629,700
Affiliated dividend income		408
Income from securities lending, net (including affiliated income of $10)		143
Total income		630,251
Expenses
Management fee		289,540
Distribution fee(a)		34,002
Custodian and accounting fees		30,371
Transfer agent’s fees and expenses (including affiliated expense of $5,858)(a)		27,232
Registration fees(a)		24,000
Audit fee		13,885
Legal fees and expenses		9,793
Shareholders’ reports		6,227
Directors’ fees		4,876
SEC registration fees		331
Miscellaneous		13,105
Total expenses		453,362
Less: Fee waiver and/or expense reimbursement(a)		(75,239	)
Distribution fee waiver(a)		(2,040	)
Net expenses		376,083
Net investment income (loss)		254,168
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $83)		666,526
Foreign currency transactions		(20,984	)
		645,542
Net change in unrealized appreciation (depreciation) on:
Investments		(1,582,031	)
Foreign currencies		(3,270	)
		(1,585,301	)
Net gain (loss) on investment and foreign currency transactions		(939,759	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(685,591	)

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

	Class A			Class C			Class Z			Class R6
Distribution fee		12,242			21,760			—			—
Transfer agent’s fees and expenses		6,702			2,810			17,667			53
Registration fees		6,179			5,869			8,025			3,927
Fee waiver and/or expense reimbursement		(13,793	)		(9,160	)		(39,494	)		(12,792	)
Distribution fee waiver		(2,040	)		—			—			—

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 15

Statements of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2022				Year Ended October 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	254,168			$	341,007
Net realized gain (loss) on investment and foreign currency transactions			645,542				3,940,874
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			(1,585,301	)			5,696,932
Net increase (decrease) in net assets resulting from operations			(685,591	)			9,978,813
Dividends and Distributions
Distributions from distributable earnings
Class A			(550,077	)			(43,709	)
Class C			(288,321	)			(3,222	)
Class Z			(1,799,972	)			(226,472	)
Class R6			(964,429	)			(113,926	)
			(3,602,799	)			(387,329	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold			21,819,834				20,222,493
Net asset value of shares issued in reinvestment of dividends and distributions			3,598,035				386,793
Cost of shares purchased			(7,448,931	)			(10,006,347	)
Net increase (decrease) in net assets from Fund share transactions			17,968,938				10,602,939
Total increase (decrease)			13,680,548				20,194,423
Net Assets:
Beginning of period			55,181,502				34,987,079
End of period		$	68,862,050			$	55,181,502

See Notes to Financial Statements.

16

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30,			Year Ended October 31,
	2022			2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$17.15			$13.80			$14.66			$12.21			$13.05			$11.61
Income (loss) from investment operations:
Net investment income (loss)		0.06			0.09			0.14			0.18			0.16			0.14
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.19	)		3.36			(0.86	)		2.49			(0.81	)		1.49
Total from investment operations		(0.13	)		3.45			(0.72	)		2.67			(0.65	)		1.63
Less Dividends and Distributions:
Dividends from net investment income		(0.06	)		(0.10	)		(0.12	)		(0.21	)		(0.19	)		(0.13	)
Tax return of capital distributions		-			-			(0.02	)		(0.01	)		-			(0.06	)
Distributions from net realized gains		(1.09	)		-			-			-			-			-
Total dividends and distributions		(1.15	)		(0.10	)		(0.14	)		(0.22	)		(0.19	)		(0.19	)
Net asset value, end of period		$15.87			$17.15			$13.80			$14.66			$12.21			$13.05
Total Return(b):		(0.69	)%		25.04	%		(4.93	)%		22.01	%		(5.10	)%		14.15	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$8,276			$8,153			$5,961			$7,637			$8,073			$11,689
Average net assets (000)		$8,229			$7,154			$6,859			$7,718			$10,218			$11,433
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.50	%(e)		1.50	%		1.50	%		1.50	%		1.50	%		1.50	%
Expenses before waivers and/or expense reimbursement		1.89	%(e)		1.99	%		2.20	%		2.10	%		2.00	%		1.81	%
Net investment income (loss)		0.70	%(e)		0.55	%		0.95	%		1.34	%		1.21	%		1.10	%
Portfolio turnover rate(f)		31	%		72	%		62	%		62	%		75	%		80	%

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

(e) 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 Infrastructure Fund 17

Financial Highlights (unaudited)(continued)

Class C Shares
	Six Months Ended April 30,			Year Ended October 31,
	2022			2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$16.90			$13.63			$14.51			$12.12			$12.97			$11.55
Income (loss) from investment operations:
Net investment income (loss)		(-	)(b)(c)		(0.03	)(b)		0.03			0.08			0.06			0.04
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.18	)		3.31			(0.84	)		2.45			(0.81	)		1.50
Total from investment operations		(0.18	)		3.28			(0.81	)		2.53			(0.75	)		1.54
Less Dividends and Distributions:
Dividends from net investment income		(0.03	)		(0.01	)		(0.05	)		(0.13	)		(0.10	)		(0.08	)
Tax return of capital distributions		-			-			(0.02	)		(0.01	)		-			(0.04	)
Distributions from net realized gains		(1.09	)		-			-			-			-			-
Total dividends and distributions		(1.12	)		(0.01	)		(0.07	)		(0.14	)		(0.10	)		(0.12	)
Net asset value, end of period		$15.60			$16.90			$13.63			$14.51			$12.12			$12.97
Total Return(d):		(1.01	)%		24.10	%		(5.63	)%		21.01	%		(5.82	)%		13.39	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$4,623			$4,336			$3,242			$4,135			$4,162			$6,101
Average net assets (000)		$4,388			$3,720			$3,771			$4,131			$5,464			$6,111
Ratios to average net assets(e)(f):
Expenses after waivers and/or expense reimbursement		2.25	%(g)		2.25	%		2.25	%		2.25	%		2.25	%		2.25	%
Expenses before waivers and/or expense reimbursement		2.67	%(g)		2.79	%		3.05	%		2.90	%		2.81	%		2.51	%
Net investment income (loss)		(0.05	)%(g)		(0.21	)%		0.21	%		0.59	%		0.48	%		0.34	%
Portfolio turnover rate(h)		31	%		72	%		62	%		62	%		75	%		80	%

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

(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.

18

Class Z Shares
	Six Months Ended April 30,			Year Ended October 31,
	2022			2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$17.16			$13.80			$14.66			$12.21			$13.06			$11.61
Income (loss) from investment operations:
Net investment income (loss)		0.08			0.14			0.18			0.23			0.19			0.18
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.19	)		3.37			(0.85	)		2.48			(0.82	)		1.49
Total from investment operations		(0.11	)		3.51			(0.67	)		2.71			(0.63	)		1.67
Less Dividends and Distributions:
Dividends from net investment income		(0.07	)		(0.15	)		(0.17	)		(0.25	)		(0.22	)		(0.14	)
Tax return of capital distributions		-			-			(0.02	)		(0.01	)		-			(0.08	)
Distributions from net realized gains		(1.09	)		-			-			-			-			-
Total dividends and distributions		(1.16	)		(0.15	)		(0.19	)		(0.26	)		(0.22	)		(0.22	)
Net asset value, end of period		$15.89			$17.16			$13.80			$14.66			$12.21			$13.06
Total Return(b):		(0.54	)%		25.42	%		(4.56	)%		22.30	%		(4.94	)%		14.51	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$28,257			$25,429			$20,148			$21,868			$23,074			$28,831
Average net assets (000)		$27,364			$24,462			$21,048			$21,608			$27,549			$29,597
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.17	%(e)		1.17	%		1.17	%		1.17	%		1.25	%		1.25	%
Expenses before waivers and/or expense reimbursement		1.46	%(e)		1.55	%		1.66	%		1.57	%		1.52	%		1.51	%
Net investment income (loss)		1.01	%(e)		0.92	%		1.25	%		1.66	%		1.45	%		1.49	%
Portfolio turnover rate(f)		31	%		72	%		62	%		62	%		75	%		80	%

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

(e) 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 Infrastructure Fund 19

Financial Highlights (unaudited) (continued)

Class R6 Shares
	Six Months Ended April 30, 2022			Year Ended October 31,												December 28, 2016(a) through October 31, 2017
				2021			2020			2019			2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$17.15			$13.80			$14.66			$12.21			$13.06			$11.39
Income (loss) from investment operations:
Net investment income (loss)		0.08			0.12			0.18			0.23			0.18			0.11
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.19	)		3.38			(0.85	)		2.48			(0.81	)		1.71
Total from investment operations		(0.11	)		3.50			(0.67	)		2.71			(0.63	)		1.82
Less Dividends and Distributions:
Dividends from net investment income		(0.07	)		(0.15	)		(0.17	)		(0.25	)		(0.22	)		(0.10	)
Tax return of capital distributions		-			-			(0.02	)		(0.01	)		-			(0.05	)
Distributions from net realized gains		(1.09	)		-			-			-			-			-
Total dividends and distributions		(1.16	)		(0.15	)		(0.19	)		(0.26	)		(0.22	)		(0.15	)
Net asset value, end of period		$15.88			$17.15			$13.80			$14.66			$12.21			$13.06
Total Return(c):		(0.48	)%		25.44	%		(4.62	)%		22.40	%		(4.94	)%		16.02	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$27,706			$17,263			$5,636			$11,954			$13,912			$21,979
Average net assets (000)		$18,406			$11,389			$8,565			$13,787			$17,657			$19,274
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.17	%(f)		1.17	%		1.17	%		1.17	%		1.25	%		1.25	%(f)
Expenses before waivers and/or expense reimbursement		1.31	%(f)		1.40	%		1.66	%		1.48	%		1.44	%		1.40	%(f)
Net investment income (loss)		0.98	%(f)		0.74	%		1.28	%		1.70	%		1.39	%		1.00	%(f)
Portfolio turnover rate(g)		31	%		72	%		62	%		62	%		75	%		80	%

(a) Commencement of offering.

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

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

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

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

(f) Annualized.

(g) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, 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 adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. A record of the Valuation Committee’s actions is subject to the Board’s review at its first quarterly meeting following the quarter in which such actions take place.

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

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

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

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

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

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

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

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

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

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

Master Netting Arrangements: The RIC, on behalf of the Fund, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of the 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 securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. The remaining maturities of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral.

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

Equity and Mortgage Real Estate Investment Trusts (collectively REITs): The Fund invested in REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from REITs during the period is estimated to be dividend income, capital gain or return of capital and recorded 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. 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 this agreement, the Manager has responsibility for all investment advisory services and supervises the subadviser’s performance of such services.

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

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended April 30, 2022, 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, 2023, 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 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%
C	2.25

26

Class	Expense Limitations
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, 2023 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 rate, 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, 2022, 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		$8,861		$—
C		—		20

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

4.    Other Transactions with Affiliates

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

The Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a fund of Prudential Investment Portfolios 2,

PGIM Jennison Global Infrastructure Fund 27

Notes to Financial Statements (unaudited) (continued)

registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund. In addition to the realized and unrealized gains on investments in the Core Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively. Effective January 2022, the Fund changed its overnight cash sweep vehicle from the Core Fund to an unaffiliated money market fund.

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, 2022, no 17a-7 transactions were entered into by the Fund.

5.    Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2022, were as follows:

Cost of Purchases	Proceeds from Sales
$31,042,093	$17,814,654

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended April 30, 2022, 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 Ultra Short Bond Fund(1)(wa)
$956,348	$	5,817,008	$	6,773,356		$—		$—		$—		—		$408
PGIM Institutional Money Market Fund(1)(b)(wa)
—		1,658,020		1,658,103		—		83		—		—		10	(2)
$956,348	$	7,475,028	$	8,431,459		$—		$83		$—				$418

(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.    

28

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

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

6.    Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of April 30, 2022 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$59,514,620	$11,389,316	$(772,054)	$10,617,262

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

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

7.    Capital and Ownership

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

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

PGIM Jennison 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, 2022, 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	603,664	33.9%
R6	1,359,243	77.9

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	2	45.3%
Unaffiliated	4	42.3

30

Transactions in shares of common stock were as follows:

Share Class	Shares			Amount
Class A
Six months ended April 30, 2022:
Shares sold		23,288		$	381,772
Shares issued in reinvestment of dividends and distributions		34,832			545,473
Shares purchased		(16,434	)		(264,930	)
Net increase (decrease) in shares outstanding before conversion		41,686			662,315
Shares issued upon conversion from other share class(es)		7,828			126,144
Shares purchased upon conversion into other share class(es)		(3,405	)		(56,033	)
Net increase (decrease) in shares outstanding		46,109		$	732,426
Year ended October 31, 2021:
Shares sold		89,522		$	1,405,312
Shares issued in reinvestment of dividends and distributions		2,766			43,504
Shares purchased		(57,473	)		(897,912	)
Net increase (decrease) in shares outstanding before conversion		34,815			550,904
Shares issued upon conversion from other share class(es)		10,887			171,733
Shares purchased upon conversion into other share class(es)		(2,205	)		(36,384	)
Net increase (decrease) in shares outstanding		43,497		$	686,253
Class C
Six months ended April 30, 2022:
Shares sold		37,722		$	594,986
Shares issued in reinvestment of dividends and distributions		18,686			288,321
Shares purchased		(7,235	)		(113,082	)
Net increase (decrease) in shares outstanding before conversion		49,173			770,225
Shares purchased upon conversion into other share class(es)		(9,272	)		(147,152	)
Net increase (decrease) in shares outstanding		39,901		$	623,073
Year ended October 31, 2021:
Shares sold		66,892		$	1,050,863
Shares issued in reinvestment of dividends and distributions		202			3,137
Shares purchased		(30,598	)		(473,603	)
Net increase (decrease) in shares outstanding before conversion		36,496			580,397
Shares purchased upon conversion into other share class(es)		(17,810	)		(276,678	)
Net increase (decrease) in shares outstanding		18,686		$	303,719

PGIM Jennison Global Infrastructure Fund 31

Notes to Financial Statements (unaudited) (continued)

Share Class	Shares			Amount
Class Z
Six months ended April 30, 2022:
Shares sold		367,603			$	5,991,080
Shares issued in reinvestment of dividends and distributions		114,931				1,799,812
Shares purchased		(191,074	)			(3,033,777	)
Net increase (decrease) in shares outstanding before conversion		291,460				4,757,115
Shares issued upon conversion from other share class(es)		4,695				77,041
Net increase (decrease) in shares outstanding		296,155			$	4,834,156
Year ended October 31, 2021:
Shares sold		582,606			$	8,944,074
Shares issued in reinvestment of dividends and distributions		14,369				226,226
Shares purchased		(436,186	)			(6,746,807	)
Net increase (decrease) in shares outstanding before conversion		160,789				2,423,493
Shares issued upon conversion from other share class(es)		8,893				141,329
Shares purchased upon conversion into other share class(es)		(146,971	)			(2,357,668	)
Net increase (decrease) in shares outstanding		22,711			$	207,154
Class R6
Six months ended April 30, 2022:
Shares sold		915,007			$	14,851,996
Shares issued in reinvestment of dividends and distributions		61,625				964,429
Shares purchased		(238,741	)			(4,037,142	)
Net increase (decrease) in shares outstanding		737,891			$	11,779,283
Year ended October 31, 2021:
Shares sold		562,092			$	8,822,244
Shares issued in reinvestment of dividends and distributions		7,162				113,926
Shares purchased		(118,014	)			(1,888,025	)
Net increase (decrease) in shares outstanding before conversion		451,240				7,048,145
Shares issued upon conversion from other share class(es)		146,971				2,357,668
Net increase (decrease) in shares outstanding		598,211			$	9,405,813

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

32

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.

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

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, 2022. The average daily balance for the 5 days that the Fund had loans outstanding during the period was approximately $1,977,000, borrowed at a weighted average interest rate of 1.29%. The maximum loan outstanding amount during the period was $1,977,000. At April 30, 2022, 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

PGIM Jennison Global Infrastructure Fund 33

Notes to Financial Statements (unaudited) (continued)

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, may at times result in unusually high market volatility, which could negatively impact performance. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.

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

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

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

34

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.

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;

PGIM Jennison Global Infrastructure Fund 35

Notes to Financial Statements (unaudited) (continued)

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

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

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

Market Disruption and Geopolitical Risks: 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), 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.

COVID-19 and the related governmental and public responses have had and may continue to have an impact on the Fund’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. They have also had and may continue to result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. The occurrence, reoccurrence and pendency of public health epidemics could adversely affect the economies and financial markets either in specific countries or worldwide.

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

Master Limited Partnerships Risk: The risks of investing in an MLP are generally those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded investors in an MLP than investors in a corporation. Investments held by MLPs may be relatively illiquid, limiting the MLPs’ ability to vary their portfolios promptly in response to changes in economic or other conditions. MLPs may have limited financial resources, their securities may trade infrequently and in limited volume, and they may be subject to more abrupt or erratic price movements than securities of larger or more broadly-based companies. The Fund’s investment in MLPs also subjects the Fund to the risks associated with the specific industry or industries in which the MLPs invest, risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general

PGIM Jennison Global Infrastructure Fund 37

Notes to Financial Statements (unaudited) (continued)

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 exemptions from registration under the Investment Company Act of 1940. REITs are subject to the risks of changes in the Code affecting their tax status.

10.   Recent Regulatory Developments

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule took effect on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Rule and its impact to the Fund.

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 LLC (“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 1-3, 2022, 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, 2021 through December 31, 2021 (“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

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

PROXY VOTING

The Board of Directors of the Fund has delegated to the Fund’s subadviser the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the Fund. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (800) 225-1852 or by visiting the Securities and Exchange Commission’s website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website and on the Securities and Exchange Commission’s website.

DIRECTORS

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

OFFICERS

Stuart S. Parker, President ● Scott E. Benjamin, Vice President ● Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer ● Claudia DiGiacomo, Chief Legal Officer ● Isabelle Sajous, Chief Compliance Officer ● Jonathan Corbett, Anti-Money Laundering Compliance Officer ● Andrew R. French, Secretary ● Melissa Gonzalez, Assistant Secretary ● Diana N. Huffman, Assistant Secretary ● Kelly A. Coyne, Assistant Secretary ● Patrick E. McGuinness, Assistant Secretary ● Debra Rubano, Assistant Secretary ● Lana Lomuti, Assistant Treasurer ● Russ Shupak, Assistant Treasurer ● Elyse M. McLaughlin, Assistant Treasurer ● Deborah Conway, Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	Jennison Associates LLC	466 Lexington Avenue New York, NY 10017
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

Shareholders can communicate directly with the Board of Directors by writing to the Chair of the Board, PGIM Jennison Global Infrastructure Fund, PGIM Investments, Attn: Board of Directors, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Director by writing to that Director at the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO HOLDINGS

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov. Form N-PORT is filed with the Commission quarterly, and each Fund’s full portfolio holdings as of the first and third fiscal quarter-ends will be made publicly available 60 days after the end of each quarter 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 EMERGING MARKETS DEBT

HARD CURRENCY FUND

SEMIANNUAL REPORT

APRIL 30, 2022

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, 2022 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. © 2022 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 Emerging Markets Debt Hard Currency Fund informative and useful. The report covers performance for the six-month period ended April 30, 2022.   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 a top-10 investment manager globally with more than $1.5 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 15, 2022

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 4/30/22	Average Annual Total Returns as of 4/30/22
	(without sales charges)	(with sales charges)
	Six Months* (%)	One Year (%)	Since Inception (%)
Class A	-15.51	-17.14	-2.28 (12/12/2017)
Class C	-15.84	-15.83	-2.28 (12/12/2017)
Class Z	-15.39	-14.20	-1.28 (12/12/2017)
Class R6	-15.34	-14.11	-1.19 (12/12/2017)
JP Morgan Emerging Markets Bond Index Global Diversified Index
	-15.45	-14.51	-0.59

*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.

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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 Emerging Markets Bond Index Global Diversified Index—The JP Morgan Emerging Markets Bond Index Global Diversified Index tracks total returns for USD-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans, and eurobonds. It limits the weights of those index countries with larger debt stocks by only including specified portions of these countries’ eligible current face amounts of debt outstanding.

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

PGIM Emerging Markets Debt Hard Currency Fund    5

Your Fund’s Performance (continued)

Credit Quality expressed as a percentage of total investments as of 4/30/22 (%)
AA	5.1
A	6.5
BBB	29.3
BB	19.9
B	22.8
CCC	3.7
CC	1.2
C	0.3
Not Rated	3.0
Cash/Cash Equivalents	8.2
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, 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 4/30/22
	Total Distributions Paid for Six Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized  Yield** (%)
Class A	0.25	5.27		–8.55
Class C	0.22	4.69		–68.70
Class Z	0.26	5.75		5.35
Class R6	0.27	5.88		5.74

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

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

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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, 2022. 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, 2021	Ending     Account Value       April 30, 2022	Annualized Expense     Ratio Based on the       Six-Month Period	Expenses Paid During the     Six-Month Period*
Class A	Actual	$1,000.00	$   844.90	1.05%	$4.80
	Hypothetical	$1,000.00	$1,019.59	1.05%	$5.26
Class C	Actual	$1,000.00	$   841.60	1.80%	$8.22
	Hypothetical	$1,000.00	$1,015.87	1.80%	$9.00
Class Z	Actual	$1,000.00	$   846.10	0.75%	$3.43
	Hypothetical	$1,000.00	$1,021.08	0.75%	$3.76
Class R6	Actual	$1,000.00	$   846.60	0.65%	$2.98
	Hypothetical	$1,000.00	$1,021.57	0.65%	$3.26

*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 181 days in the six-month period ended April 30, 2022, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2022 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

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Schedule of Investments   (unaudited)

as of April 30, 2022

Description	Interest        Rate		Maturity    Date		Principal         Amount (000)#		Value
LONG-TERM INVESTMENTS     90.6%
CORPORATE BONDS     25.8%
Azerbaijan     0.5%
Southern Gas Corridor CJSC,
Gov’t. Gtd. Notes		6.875%		03/24/26		450	$	478,881
State Oil Co. of the Azerbaijan Republic,
Sr. Unsec’d. Notes		6.950		03/18/30		200		217,097
								695,978
Bahrain     0.5%
Oil & Gas Holding Co. BSCC (The),
Sr. Unsec’d. Notes		7.625		11/07/24		400		419,179
Sr. Unsec’d. Notes		8.375		11/07/28		200		219,616
								638,795
Brazil     1.7%
Banco do Brasil SA,
Sr. Unsec’d. Notes		4.875		01/11/29		200		194,368
Embraer Netherlands Finance BV,
Gtd. Notes		6.950		01/17/28		200		200,450
Globo Comunicacao e Participacoes SA,
Sr. Unsec’d. Notes		4.875		01/22/30		200		173,693
JSM Global Sarl,
Gtd. Notes, 144A		4.750		10/20/30		400		337,841
Nexa Resources SA,
Gtd. Notes		6.500		01/18/28		210		210,517
Petrobras Global Finance BV,
Gtd. Notes		5.093		01/15/30		80		77,601
Gtd. Notes		5.375		10/01/29	GBP	100		120,465
Gtd. Notes		5.600		01/03/31		705		692,623
Gtd. Notes		6.900		03/19/49		150		142,714
Gtd. Notes		7.375		01/17/27		31		34,010
Suzano Austria GmbH,
Gtd. Notes		3.750		01/15/31		150		130,532
Vale Overseas Ltd.,
Gtd. Notes		3.750		07/08/30		90		81,222
								2,396,036
Chile     1.1%
Alfa Desarrollo SpA,
Sr. Sec’d. Notes, 144A		4.550		09/27/51		199		156,559

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    9

Schedule of Investments   (unaudited) (continued)

as of April 30, 2022

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		4.875%		11/04/44		600	$	568,532
Sr. Unsec’d. Notes		6.150		10/24/36		100		108,901
Sr. Unsec’d. Notes, 144A		4.875		11/04/44		200		189,510
Empresa Nacional del Petroleo,
Sr. Unsec’d. Notes, 144A		3.450		09/16/31		200		168,843
Interchile SA,
Sr. Sec’d. Notes, 144A		4.500		06/30/56		200		172,151
VTR Finance NV,
Sr. Unsec’d. Notes		6.375		07/15/28		200		182,466
								1,546,962
China     2.1%
Agile Group Holdings Ltd.,
Sr. Sec’d. Notes		6.050		10/13/25		200		67,969
CNAC HK Finbridge Co. Ltd.,
Gtd. Notes		3.000		09/22/30		500		433,784
Gtd. Notes		3.875		06/19/29		500		469,511
Gtd. Notes		5.125		03/14/28		200		203,055
Country Garden Holdings Co. Ltd.,
Sr. Sec’d. Notes		4.200		02/06/26		210		152,440
ENN Clean Energy International Investment Ltd.,
Gtd. Notes, 144A		3.375		05/12/26		200		183,875
New Metro Global Ltd.,
Gtd. Notes		4.800		12/15/24		200		132,598
Prosus NV,
Sr. Unsec’d. Notes, 144A		4.193		01/19/32		350		296,022
Sinopec Group Overseas Development 2012 Ltd.,
Gtd. Notes		4.875		05/17/42		400		402,675
Sinopec Group Overseas Development 2017 Ltd.,
Gtd. Notes		4.000		09/13/47		200		176,533
Sinopec Group Overseas Development 2018 Ltd.,
Gtd. Notes, 144A		3.680		08/08/49		400		332,037
Sunac China Holdings Ltd.,
Sr. Sec’d. Notes		6.500		01/10/25		200		44,588
								2,895,087

See Notes to Financial Statements.

10

Description	Interest        Rate		Maturity    Date		Principal         Amount (000)#		Value
CORPORATE BONDS (Continued)
Colombia     0.3%
Ecopetrol SA,
Sr. Unsec’d. Notes		6.875%		04/29/30		208	$	205,501
Grupo Aval Ltd.,
Gtd. Notes, 144A		4.375		02/04/30		200		169,493
								374,994
Costa Rica     0.1%
Instituto Costarricense de Electricidad,
Sr. Unsec’d. Notes, 144A		6.750		10/07/31		200		198,580
Ghana     0.1%
Tullow Oil PLC,
Sr. Sec’d. Notes, 144A		10.250		05/15/26		200		197,349
Guatemala     0.3%
CT Trust,
Sr. Sec’d. Notes, 144A		5.125		02/03/32		200		185,348
Energuate Trust,
Gtd. Notes		5.875		05/03/27		200		193,535
								378,883
India     1.6%
Adani Ports & Special Economic Zone Ltd.,
Sr. Unsec’d. Notes, 144A		5.000		08/02/41		200		175,302
Azure Power Solar Energy Pvt. Ltd.,
Sr. Sec’d. Notes, 144A, MTN		5.650		12/24/24		200		200,419
GMR Hyderabad International Airport Ltd.,
Sr. Sec’d. Notes		4.250		10/27/27		200		181,343
HPCL-Mittal Energy Ltd.,
Sr. Unsec’d. Notes		5.250		04/28/27		200		190,157
NTPC Ltd.,
Sr. Unsec’d. Notes, EMTN		2.750		02/01/27	EUR	100		102,731
Periama Holdings LLC,
Gtd. Notes		5.950		04/19/26		200		196,761
Power Finance Corp. Ltd.,
Sr. Unsec’d. Notes		4.500		06/18/29		400		377,310
Sr. Unsec’d. Notes, 144A, MTN		6.150		12/06/28		200		211,791
Reliance Industries Ltd.,
Sr. Unsec’d. Notes, 144A		3.625		01/12/52		250		198,260

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    11

Schedule of Investments   (unaudited) (continued)

as of April 30, 2022

Description	Interest        Rate		Maturity    Date		Principal         Amount (000)#		Value
CORPORATE BONDS (Continued)
India (cont’d.)
Summit Digitel Infrastructure Pvt Ltd.,
Sr. Sec’d. Notes, 144A		2.875%		08/12/31		235	$	192,662
TML Holdings Pte Ltd.,
Sr. Unsec’d. Notes		5.500		06/03/24		200		198,819
								2,225,555
Indonesia     2.4%
Cikarang Listrindo Tbk PT,
Sr. Unsec’d. Notes, 144A		4.950		09/14/26		200		195,753
Indonesia Asahan Aluminium Persero PT,
Sr. Unsec’d. Notes		5.450		05/15/30		700		698,532
Sr. Unsec’d. Notes		6.530		11/15/28		220		239,489
Sr. Unsec’d. Notes, 144A		4.750		05/15/25		200		200,123
Pertamina Persero PT,
Sr. Unsec’d. Notes		6.000		05/03/42		200		202,128
Sr. Unsec’d. Notes, EMTN		4.700		07/30/49		200		177,985
Sr. Unsec’d. Notes, EMTN		6.500		11/07/48		200		213,577
Perusahaan Listrik Negara PT,
Sr. Unsec’d. Notes		1.875		11/05/31	EUR	100		88,570
Sr. Unsec’d. Notes		2.875		10/25/25	EUR	200		213,111
Sr. Unsec’d. Notes, 144A, MTN		5.450		05/21/28		420		434,009
Sr. Unsec’d. Notes, 144A, MTN		6.150		05/21/48		200		200,021
Sr. Unsec’d. Notes, EMTN		4.125		05/15/27		250		245,202
Sr. Unsec’d. Notes, EMTN		6.150		05/21/48		200		200,021
								3,308,521
Israel     0.4%
Energean Israel Finance Ltd.,
Sr. Sec’d. Notes, 144A		4.875		03/30/26		75		69,630
Sr. Sec’d. Notes, 144A		5.375		03/30/28		265		243,557
Sr. Sec’d. Notes, 144A		5.875		03/30/31		115		103,277
Leviathan Bond Ltd.,
Sr. Sec’d. Notes, 144A		6.125		06/30/25		200		197,904
								614,368
Jamaica     0.1%
Digicel International Finance Ltd./Digicel International Holdings Ltd.,
Gtd. Notes, 144A		8.000		12/31/26		39		34,604

See Notes to Financial Statements.

12

Description	Interest        Rate		Maturity    Date		Principal         Amount (000)#		Value
CORPORATE BONDS (Continued)
Jamaica (cont’d.)
Digicel International Finance Ltd./Digicel International Holdings Ltd., (cont’d.)
Gtd. Notes, 144A, Cash coupon 6.000% and PIK 7.000%		13.000%		12/31/25		55	$	53,946
Sr. Sec’d. Notes, 144A		8.750		05/25/24		97		95,425
								183,975
Kazakhstan     1.1%
Kazakhstan Temir Zholy Finance BV,
Gtd. Notes		6.950		07/10/42		400		405,549
KazMunayGas National Co. JSC,
Sr. Unsec’d. Notes		5.375		04/24/30		400		388,587
Sr. Unsec’d. Notes		5.750		04/19/47		400		363,359
Sr. Unsec’d. Notes		6.375		10/24/48		400		385,007
								1,542,502
Kuwait     0.3%
MEGlobal Canada ULC,
Gtd. Notes, 144A, MTN		5.875		05/18/30		400		432,574
Malaysia     1.2%
Genm Capital Labuan Ltd.,
Gtd. Notes		3.882		04/19/31		200		165,482
Gohl Capital Ltd.,
Gtd. Notes		4.250		01/24/27		250		231,506
Petronas Capital Ltd.,
Gtd. Notes, 144A, MTN		4.550		04/21/50		800		806,198
Gtd. Notes, EMTN		4.550		04/21/50		200		201,550
Gtd. Notes, MTN		4.800		04/21/60		200		209,873
								1,614,609
Mexico     4.9%
Cemex SAB de CV,     Gtd. Notes		5.450		11/19/29		400		384,051
Comision Federal de Electricidad,     Gtd. Notes, 144A		4.688		05/15/29		200		184,963
Sr. Unsec’d. Notes		5.750		02/14/42		200		173,349
FEL Energy VI Sarl,
Sr. Sec’d. Notes, 144A		5.750		12/01/40		227		194,258
Fermaca Enterprises S de RL de CV,     Sr. Sec’d. Notes		6.375		03/30/38		217		208,189

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    13

Schedule of Investments   (unaudited) (continued)

as of April 30, 2022

Description	Interest        Rate		Maturity    Date		Principal         Amount (000)#		Value
CORPORATE BONDS (Continued)
Mexico (cont’d.)
Mexico City Airport Trust,
Sr. Sec’d. Notes		4.250%		10/31/26		360	$	344,641
Sr. Sec’d. Notes		5.500		07/31/47		600		480,552
Petroleos Mexicanos,
Gtd. Notes		5.350		02/12/28		842		748,151
Gtd. Notes		5.950		01/28/31		280		235,952
Gtd. Notes		6.350		02/12/48		376		263,297
Gtd. Notes		6.490		01/23/27		305		292,600
Gtd. Notes		6.500		03/13/27		808		774,200
Gtd. Notes		6.500		01/23/29		650		595,757
Gtd. Notes		6.500		06/02/41		410		304,990
Gtd. Notes		6.840		01/23/30		618		565,676
Gtd. Notes		7.690		01/23/50		550		431,007
Gtd. Notes, EMTN		3.750		04/16/26	EUR	285		279,352
Gtd. Notes, MTN		6.875		08/04/26		355		353,871
								6,814,856
Mongolia     0.1%
Development Bank of Mongolia LLC,     Sr. Unsec’d. Notes		7.250		10/23/23		200		197,127
Netherlands     0.1%
VEON Holdings BV,     Sr. Unsec’d. Notes, 144A		3.375		11/25/27		200		125,000
Panama     0.2%
Aeropuerto Internacional de Tocumen SA,
Sr. Sec’d. Notes		4.000		08/11/41		200		173,000
Sr. Sec’d. Notes, 144A		5.125		08/11/61		200		171,561
								344,561
Peru     0.5%
Corp. Financiera de Desarrollo SA,     Sr. Unsec’d. Notes		2.400		09/28/27		200		175,359
Fondo MIVIVIENDA SA,     Sr. Unsec’d. Notes, 144A		4.625		04/12/27		150		148,635
Petroleos del Peru SA,
Sr. Unsec’d. Notes		4.750		06/19/32		480		390,266
								714,260

See Notes to Financial Statements.

14

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	$	155,284
Qatar     0.4%
Qatar Energy,
Sr. Unsec’d. Notes		3.300		07/12/51		200		165,980
Sr. Unsec’d. Notes, 144A		3.125		07/12/41		400		334,501
								500,481
Russia     0.4%
Gazprom PJSC Via Gaz Capital SA,
Sr. Unsec’d. Notes		4.950		02/06/28		400		114,000
Sr. Unsec’d. Notes, EMTN		7.288		08/16/37		300		91,500
Sr. Unsec’d. Notes, EMTN		8.625		04/28/34		465		141,825
Lukoil Securities BV,     Gtd. Notes		3.875		05/06/30		400		151,500
								498,825
Saudi Arabia     0.6%
Arabian Centres Sukuk Ltd.,     Gtd. Notes		5.375		11/26/24		200		194,843
EIG Pearl Holdings Sarl,
Sr. Sec’d. Notes, 144A		3.545		08/31/36		200		177,468
Saudi Arabian Oil Co.,
Sr. Unsec’d. Notes		2.250		11/24/30		260		226,510
Sr. Unsec’d. Notes, EMTN		4.250		04/16/39		200		190,546
								789,367
South Africa     2.1%
Eskom Holdings SOC Ltd.,
Gov’t. Gtd. Notes, MTN		6.350		08/10/28		600		591,547
Sr. Unsec’d. Notes		7.125		02/11/25		600		572,774
Sr. Unsec’d. Notes, EMTN		6.750		08/06/23		600		585,932
Sr. Unsec’d. Notes, MTN		8.450		08/10/28		660		636,641
MTN Mauritius Investments Ltd.,
Gtd. Notes, 144A		6.500		10/13/26		200		207,451
Sasol Financing USA LLC,
Gtd. Notes		6.500		09/27/28		300		296,479
								2,890,824

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    15

Schedule of Investments   (unaudited) (continued)

as of April 30, 2022

Description	Interest        Rate		Maturity        Date		Principal         Amount (000)#		Value
CORPORATE BONDS (Continued)
Thailand     0.1%
Thaioil Treasury Center Co. Ltd.,
Gtd. Notes, 144A, MTN		3.750%		06/18/50		200	$	142,490
Trinidad & Tobago     0.1%
Trinidad Petroleum Holdings Ltd.,
Sr. Sec’d. Notes, 144A		9.750		06/15/26		166		170,440
Turkey     0.2%
Aydem Yenilenebilir Enerji A/S,
Sr. Sec’d. Notes, 144A		7.750		02/02/27		200		164,936
Turkiye Sinai Kalkinma Bankasi A/S,
Sr. Unsec’d. Notes, 144A		6.000		01/23/25		200		192,099
								357,035
Ukraine     0.1%
NAK Naftogaz Ukraine via Kondor Finance PLC,
Sr. Unsec’d. Notes		7.125		07/19/24	EUR	420		124,062
State Savings Bank of Ukraine Via SSB #1 PLC,
Sr. Unsec’d. Notes		9.625		03/20/25		60		20,724
								144,786
United Arab Emirates     1.9%
Abu Dhabi Crude Oil Pipeline LLC,
Sr. Sec’d. Notes		3.650		11/02/29		200		197,222
Sr. Sec’d. Notes		4.600		11/02/47		200		197,500
Abu Dhabi National Energy Co. PJSC,
Sr. Unsec’d. Notes, 144A		4.000		10/03/49		200		192,629
DP World PLC,
Sr. Unsec’d. Notes, EMTN		6.850		07/02/37		800		907,553
Galaxy Pipeline Assets Bidco Ltd.,
Sr. Sec’d. Notes, 144A		2.940		09/30/40		590		494,493
ICD Funding Ltd.,
Gtd. Notes		4.625		05/21/24		200		202,009
ICD Sukuk Co. Ltd.,
Sr. Unsec’d. Notes, EMTN		5.000		02/01/27		200		203,303
MDGH GMTN RSC Ltd.,
Gtd. Notes, EMTN		3.700		11/07/49		240		219,765
								2,614,474

See Notes to Financial Statements.

16

Description	Interest        Rate		Maturity        Date		Principal         Amount (000)#		Value
CORPORATE BONDS (Continued)
Venezuela     0.0%
Petroleos de Venezuela SA,
Gtd. Notes		5.375%		04/12/27(d)		205	$	13,260
Gtd. Notes		6.000		05/16/24(d)		45		2,876
Gtd. Notes		6.000		11/15/26(d)		65		4,180
Sr. Sec’d. Notes		8.500		10/27/20(d)		205		36,529
								56,845
Vietnam     0.2%
Mong Duong Finance Holdings BV,     Sr. Sec’d. Notes		5.125		05/07/29		250		223,154
TOTAL CORPORATE BONDS     (cost $43,120,727)								35,984,577
SOVEREIGN BONDS     64.8%
Angola     1.9%
Angolan Government International Bond,
Sr. Unsec’d. Notes		8.250		05/09/28		1,000		959,935
Sr. Unsec’d. Notes		9.375		05/08/48		200		179,659
Sr. Unsec’d. Notes		9.500		11/12/25		905		963,739
Sr. Unsec’d. Notes, 144A		8.750		04/14/32		200		189,426
Sr. Unsec’d. Notes, EMTN		8.000		11/26/29		400		374,966
								2,667,725
Argentina     1.3%
Argentine Republic Government International Bond,
Sr. Unsec’d. Notes		0.500(cc)		07/09/30		2,010		633,477
Sr. Unsec’d. Notes		1.000		07/09/29		254		81,803
Sr. Unsec’d. Notes		1.125(cc)		07/09/35		102		29,015
Sr. Unsec’d. Notes		1.125(cc)		07/09/46		335		97,024
Sr. Unsec’d. Notes		2.000(cc)		01/09/38		1,620		582,359
Sr. Unsec’d. Notes		2.500(cc)		07/09/41		597		199,943
Provincia de Buenos Aires,
Sr. Unsec’d. Notes, 144A, MTN		3.900(cc)		09/01/37		478		199,424
								1,823,045
Bahrain     1.9%
Bahrain Government International Bond,     Sr. Unsec’d. Notes		6.750		09/20/29		600		607,085

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    17

Schedule of Investments   (unaudited) (continued)

as of April 30, 2022

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		7.000%		10/12/28		1,000	$	1,047,938
Sr. Unsec’d. Notes		7.375		05/14/30		720		748,194
Sr. Unsec’d. Notes		7.500		09/20/47		200		185,326
								2,588,543
Belarus     0.1%
Republic of Belarus International Bond,
Sr. Unsec’d. Notes		5.875		02/24/26		200		24,000
Sr. Unsec’d. Notes		6.200		02/28/30		200		25,000
Sr. Unsec’d. Notes		6.875		02/28/23		200		28,000
Sr. Unsec’d. Notes		7.625		06/29/27		425		51,000
								128,000
Bermuda     0.4%
Bermuda Government International Bond,     Sr. Unsec’d. Notes		2.375		08/20/30		670		592,064
Brazil     2.4%
Brazil Minas SPE via State of Minas Gerais,     Gov’t. Gtd. Notes		5.333		02/15/28		171		173,455
Brazilian Government International Bond,
Sr. Unsec’d. Notes		3.875		06/12/30		200		176,579
Sr. Unsec’d. Notes		4.500		05/30/29		300		282,815
Sr. Unsec’d. Notes		5.000		01/27/45		400		322,392
Sr. Unsec’d. Notes		5.625		01/07/41		405		361,448
Sr. Unsec’d. Notes		7.125		01/20/37		950		1,023,039
Sr. Unsec’d. Notes		8.250		01/20/34		923		1,076,424
								3,416,152
Cameroon     0.3%
Republic of Cameroon International Bond,
Sr. Unsec’d. Notes		9.500		11/19/25		400		416,261
Colombia     2.8%
Colombia Government International Bond,
Sr. Unsec’d. Notes		3.000		01/30/30		968		774,496
Sr. Unsec’d. Notes		3.875		04/25/27		400		364,801
Sr. Unsec’d. Notes		4.500		03/15/29		1,000		906,906
Sr. Unsec’d. Notes		6.125		01/18/41		780		689,911

See Notes to Financial Statements.

18

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		7.375%		09/18/37		915	$	946,769
Sr. Unsec’d. Notes		10.375		01/28/33		200		263,794
								3,946,677
Congo (Republic)     0.2%
Congolese International Bond,
Sr. Unsec’d. Notes		6.000		06/30/29		269		232,656
Costa Rica     1.1%
Costa Rica Government International Bond,
Sr. Unsec’d. Notes		4.375		04/30/25		800		803,079
Sr. Unsec’d. Notes		6.125		02/19/31		500		497,706
Sr. Unsec’d. Notes		7.000		04/04/44		200		189,794
								1,490,579
Croatia     0.1%
Croatia Government International Bond,     Sr. Unsec’d. Notes		1.500		06/17/31	EUR	175		161,963
Dominican Republic     3.0%
Dominican Republic International Bond,
Sr. Unsec’d. Notes		4.500		01/30/30		935		804,057
Sr. Unsec’d. Notes		5.500		01/27/25		100		102,617
Sr. Unsec’d. Notes		5.950		01/25/27		200		200,799
Sr. Unsec’d. Notes		6.000		07/19/28		150		148,197
Sr. Unsec’d. Notes		6.850		01/27/45		290		261,324
Sr. Unsec’d. Notes		6.875		01/29/26		400		421,439
Sr. Unsec’d. Notes		7.450		04/30/44		1,400		1,354,286
Sr. Unsec’d. Notes, 144A		4.875		09/23/32		150		126,017
Sr. Unsec’d. Notes, 144A		5.300		01/21/41		150		118,556
Sr. Unsec’d. Notes, 144A		5.500		02/22/29		150		140,262
Sr. Unsec’d. Notes, 144A		5.875		01/30/60		225		170,577
Sr. Unsec’d. Notes, 144A		6.000		07/19/28		320		316,154
								4,164,285
Ecuador     1.7%
Ecuador Government International Bond,
Sr. Unsec’d. Notes		5.000(cc)		07/31/30		270		219,418
Sr. Unsec’d. Notes, 144A		0.500(cc)		07/31/40		1,111		603,722

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    19

Schedule of Investments   (unaudited) (continued)

as of April 30, 2022

Description	Interest        Rate		Maturity        Date		Principal         Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Ecuador (cont’d.)
Ecuador Government International Bond, (cont’d.)
Sr. Unsec’d. Notes, 144A		1.000%(cc)		07/31/35		1,105	$	696,005
Sr. Unsec’d. Notes, 144A		5.000(cc)		07/31/30		919		746,791
Sr. Unsec’d. Notes, 144A		7.187(s)		07/31/30		179		97,500
								2,363,436
Egypt     1.6%
Egypt Government International Bond,
Sr. Unsec’d. Notes		7.903		02/21/48		200		136,614
Sr. Unsec’d. Notes		8.875		05/29/50		200		147,034
Sr. Unsec’d. Notes, 144A		8.700		03/01/49		210		152,873
Sr. Unsec’d. Notes, 144A, MTN		4.750		04/16/26	EUR	100		88,542
Sr. Unsec’d. Notes, 144A, MTN		6.375		04/11/31	EUR	420		333,094
Sr. Unsec’d. Notes, 144A, MTN		8.500		01/31/47		255		185,742
Sr. Unsec’d. Notes, EMTN		4.750		04/16/26	EUR	300		265,626
Sr. Unsec’d. Notes, EMTN		5.625		04/16/30	EUR	200		154,352
Sr. Unsec’d. Notes, EMTN		6.375		04/11/31	EUR	200		158,616
Sr. Unsec’d. Notes, EMTN		7.600		03/01/29		300		256,440
Sr. Unsec’d. Notes, MTN		7.500		01/31/27		200		177,353
Sr. Unsec’d. Notes, MTN		8.500		01/31/47		250		182,100
								2,238,386
El Salvador     0.5%
El Salvador Government International Bond,
Sr. Unsec’d. Notes		5.875		01/30/25		335		159,117
Sr. Unsec’d. Notes		6.375		01/18/27		235		96,471
Sr. Unsec’d. Notes		7.625		02/01/41		150		57,036
Sr. Unsec’d. Notes		7.650		06/15/35		57		21,950
Sr. Unsec’d. Notes		7.750		01/24/23		277		215,510
Sr. Unsec’d. Notes		8.250		04/10/32		425		176,641
								726,725
Gabon     0.8%
Gabon Government International Bond,
Sr. Unsec’d. Notes		6.625		02/06/31		200		180,367
Sr. Unsec’d. Notes		6.950		06/16/25		600		595,263
Sr. Unsec’d. Notes		7.000		11/24/31		200		180,838
Sr. Unsec’d. Notes, 144A		6.625		02/06/31		215		193,894
								1,150,362

See Notes to Financial Statements.

20

Description	Interest        Rate		Maturity    Date		Principal         Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Ghana     0.8%
Ghana Government International Bond,
Bank Gtd. Notes		10.750%		10/14/30		400	$	394,874
Sr. Unsec’d. Notes		7.750		04/07/29		200		127,062
Sr. Unsec’d. Notes		7.875		03/26/27		400		280,103
Sr. Unsec’d. Notes		8.125		01/18/26		200		154,665
Sr. Unsec’d. Notes, 144A		8.950		03/26/51		205		118,637
								1,075,341
Guatemala     0.7%
Guatemala Government Bond,
Sr. Unsec’d. Notes		4.875		02/13/28		400		398,524
Sr. Unsec’d. Notes		6.125		06/01/50		400		383,668
Sr. Unsec’d. Notes, 144A		4.650		10/07/41		200		171,493
								953,685
Honduras     0.2%
Honduras Government International Bond,
Sr. Unsec’d. Notes		6.250		01/19/27		390		341,731
Hungary     1.2%
Hungary Government International Bond,
Sr. Unsec’d. Notes		1.750		06/05/35	EUR	715		616,869
Sr. Unsec’d. Notes		7.625		03/29/41		546		686,946
Sr. Unsec’d. Notes, 144A		3.125		09/21/51		455		314,624
								1,618,439
India     0.4%
Export-Import Bank of India,
Sr. Unsec’d. Notes, 144A, MTN		3.250		01/15/30		400		359,015
Sr. Unsec’d. Notes, EMTN		2.250		01/13/31		200		162,348
								521,363
Indonesia     2.4%
Indonesia Government International Bond,
Sr. Unsec’d. Notes		1.100		03/12/33	EUR	440		377,379
Sr. Unsec’d. Notes		1.400		10/30/31	EUR	100		91,253
Sr. Unsec’d. Notes		1.450		09/18/26	EUR	100		101,526
Sr. Unsec’d. Notes		6.625		02/17/37		150		171,739
Sr. Unsec’d. Notes		7.750		01/17/38		490		615,288

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    21

Schedule of Investments   (unaudited) (continued)

as of April 30, 2022

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		8.500%		10/12/35		590	$	788,061
Sr. Unsec’d. Notes, 144A		6.625		02/17/37		110		125,942
Sr. Unsec’d. Notes, EMTN		3.750		06/14/28	EUR	100		110,846
Sr. Unsec’d. Notes, EMTN		4.625		04/15/43		200		187,857
Sr. Unsec’d. Notes, EMTN		4.750		07/18/47		230		219,567
Sr. Unsec’d. Notes, EMTN		5.125		01/15/45		200		197,147
Sr. Unsec’d. Notes, EMTN		5.250		01/17/42		200		199,752
Sr. Unsec’d. Notes, EMTN		6.750		01/15/44		100		120,056
								3,306,413
Iraq     1.0%
Iraq International Bond,
Sr. Unsec’d. Notes		5.800		01/15/28		563		541,329
Sr. Unsec’d. Notes		6.752		03/09/23		800		800,032
								1,341,361
Israel     0.4%
Israel Government International Bond,
Sr. Unsec’d. Notes		4.500		04/03/2120		500		490,015
Ivory Coast     1.1%
Ivory Coast Government International Bond,
Sr. Unsec’d. Notes		5.250		03/22/30	EUR	400		377,667
Sr. Unsec’d. Notes		5.875		10/17/31	EUR	500		472,090
Sr. Unsec’d. Notes		6.375		03/03/28		400		397,453
Sr. Unsec’d. Notes		6.625		03/22/48	EUR	140		117,832
Sr. Unsec’d. Notes		6.875		10/17/40	EUR	250		222,858
								1,587,900
Jamaica     0.7%
Jamaica Government International Bond,
Sr. Unsec’d. Notes		7.625		07/09/25		225		240,111
Sr. Unsec’d. Notes		7.875		07/28/45		200		245,794
Sr. Unsec’d. Notes		8.000		03/15/39		200		249,278
Sr. Unsec’d. Notes		9.250		10/17/25		200		227,672
								962,855

See Notes to Financial Statements.

22

Description	Interest        Rate		Maturity    Date		Principal         Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Jordan     0.4%
Jordan Government International Bond,
Sr. Unsec’d. Notes		5.850%		07/07/30		200	$	176,616
Sr. Unsec’d. Notes		6.125		01/29/26		200		193,301
Sr. Unsec’d. Notes		7.375		10/10/47		200		172,516
								542,433
Kazakhstan     0.3%
Kazakhstan Government International Bond,
Sr. Unsec’d. Notes, EMTN		6.500		07/21/45		400		451,392
Kenya     0.4%
Republic of Kenya Government International Bond,
Sr. Unsec’d. Notes		7.000		05/22/27		400		355,727
Sr. Unsec’d. Notes		8.000		05/22/32		200		170,841
								526,568
Lebanon     0.3%
Lebanon Government International Bond,
Sr. Unsec’d. Notes		6.000		01/27/23(d)		191		22,527
Sr. Unsec’d. Notes		6.650		04/22/24(d)		172		20,912
Sr. Unsec’d. Notes		6.750		11/29/27(d)		170		20,571
Sr. Unsec’d. Notes		6.850		03/23/27(d)		30		3,567
Sr. Unsec’d. Notes		7.000		04/22/31(d)		115		13,439
Sr. Unsec’d. Notes, EMTN		6.100		10/04/22(d)		75		9,136
Sr. Unsec’d. Notes, EMTN		6.850		05/25/29(d)		335		40,226
Sr. Unsec’d. Notes, GMTN		6.250		05/27/22(d)		245		28,883
Sr. Unsec’d. Notes, GMTN		6.250		11/04/24(d)		320		38,962
Sr. Unsec’d. Notes, GMTN		6.375		03/09/20(d)		220		26,731
Sr. Unsec’d. Notes, GMTN		6.400		05/26/23(d)		250		30,240
Sr. Unsec’d. Notes, GMTN		6.650		02/26/30(d)		715		84,857
Sr. Unsec’d. Notes, GMTN		7.150		11/20/31(d)		415		49,661
								389,712
Malaysia     1.4%
1MDB Global Investments Ltd.,
Sr. Unsec’d. Notes		4.400		03/09/23		2,000		1,949,022
Mexico     1.8%
Mexico Government International Bond,
Sr. Unsec’d. Notes		3.500		02/12/34		290		245,274

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    23

Schedule of Investments   (unaudited) (continued)

as of April 30, 2022

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		4.750%		04/27/32		530	$	518,926
Sr. Unsec’d. Notes, GMTN		5.750		10/12/2110		358		322,949
Sr. Unsec’d. Notes, MTN		4.750		03/08/44		140		123,542
Sr. Unsec’d. Notes, MTN		6.050		01/11/40		988		1,021,690
Sr. Unsec’d. Notes, Series A, MTN		6.750		09/27/34		203		232,675
								2,465,056
Mongolia     0.3%
Mongolia Government International Bond,     Sr. Unsec’d. Notes, EMTN		8.750		03/09/24		400		410,425
Morocco     0.7%
Morocco Government International Bond,
Sr. Unsec’d. Notes		1.500		11/27/31	EUR	100		81,740
Sr. Unsec’d. Notes		2.000		09/30/30	EUR	500		436,039
Sr. Unsec’d. Notes		4.000		12/15/50		200		137,233
Sr. Unsec’d. Notes, 144A		3.000		12/15/32		400		316,072
								971,084
Mozambique     0.5%
Mozambique International Bond,
Unsec’d. Notes		5.000(cc)		09/15/31		600		525,000
Unsec’d. Notes, 144A		5.000(cc)		09/15/31		200		175,000
								700,000
Namibia     0.1%
Namibia International Bonds,
Sr. Unsec’d. Notes		5.250		10/29/25		200		192,455
Nigeria     2.4%
Nigeria Government International Bond,
Sr. Unsec’d. Notes		7.143		02/23/30		200		170,902
Sr. Unsec’d. Notes		7.625		11/21/25		300		298,146
Sr. Unsec’d. Notes		7.696		02/23/38		200		150,299
Sr. Unsec’d. Notes		7.875		02/16/32		400		334,908
Sr. Unsec’d. Notes		8.747		01/21/31		1,100		997,798
Sr. Unsec’d. Notes		9.248		01/21/49		200		167,480
Sr. Unsec’d. Notes, 144A		7.696		02/23/38		200		150,299
Sr. Unsec’d. Notes, 144A		8.375		03/24/29		200		186,720

See Notes to Financial Statements.

24

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, 144A, MTN		6.125%		09/28/28		200	$	170,925
Sr. Unsec’d. Notes, 144A, MTN		7.375		09/28/33		200		160,120
Sr. Unsec’d. Notes, EMTN		6.500		11/28/27		400		354,962
Sr. Unsec’d. Notes, MTN		6.125		09/28/28		200		170,925
								3,313,484
Oman     2.7%
Oman Government International Bond,
Sr. Unsec’d. Notes		4.750		06/15/26		630		618,446
Sr. Unsec’d. Notes		5.375		03/08/27		400		400,605
Sr. Unsec’d. Notes		5.625		01/17/28		680		681,116
Sr. Unsec’d. Notes		6.500		03/08/47		225		204,804
Sr. Unsec’d. Notes		6.750		10/28/27		600		635,431
Sr. Unsec’d. Notes		6.750		01/17/48		200		186,908
Sr. Unsec’d. Notes		7.375		10/28/32		380		417,259
Sr. Unsec’d. Notes, 144A		6.750		01/17/48		200		186,907
Sr. Unsec’d. Notes, 144A, MTN		4.875		02/01/25		200		200,924
Sr. Unsec’d. Notes, EMTN		6.000		08/01/29		200		202,070
								3,734,470
Pakistan     1.3%
Pakistan Government International Bond,
Sr. Unsec’d. Notes		6.875		12/05/27		600		490,512
Sr. Unsec’d. Notes		8.250		04/15/24		400		358,069
Sr. Unsec’d. Notes		8.250		09/30/25		770		654,361
Sr. Unsec’d. Notes, 144A, MTN		7.375		04/08/31		200		154,297
Sr. Unsec’d. Notes, EMTN		7.375		04/08/31		200		154,297
								1,811,536
Panama     1.5%
Panama Government International Bond,
Sr. Unsec’d. Notes		3.298		01/19/33		200		175,211
Sr. Unsec’d. Notes		3.870		07/23/60		200		149,562
Sr. Unsec’d. Notes		4.500		04/16/50		400		344,838
Sr. Unsec’d. Notes		4.500		04/01/56		200		169,974
Sr. Unsec’d. Notes		6.700		01/26/36		935		1,052,205
Sr. Unsec’d. Notes		9.375		04/01/29		165		209,981
								2,101,771

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    25

Schedule of Investments   (unaudited) (continued)

as of April 30, 2022

Description	Interest        Rate		Maturity    Date	Principal         Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Papua New Guinea     0.1%
Papua New Guinea Government International Bond,
Sr. Unsec’d. Notes, 144A		8.375%	10/04/28		200	$	170,269
Paraguay     0.6%
Paraguay Government International Bond,
Sr. Unsec’d. Notes		4.700	03/27/27		200		198,962
Sr. Unsec’d. Notes		4.950	04/28/31		200		196,947
Sr. Unsec’d. Notes		6.100	08/11/44		400		394,981
							790,890
Peru     1.8%
Peruvian Government International Bond,
Sr. Unsec’d. Notes		2.780	12/01/60		370		240,345
Sr. Unsec’d. Notes		2.783	01/23/31		500		432,992
Sr. Unsec’d. Notes		3.000	01/15/34		335		279,302
Sr. Unsec’d. Notes		3.230	07/28/2121		110		69,919
Sr. Unsec’d. Notes		5.625	11/18/50		232		253,527
Sr. Unsec’d. Notes		6.550	03/14/37		225		258,720
Sr. Unsec’d. Notes		8.750	11/21/33		780		1,034,655
							2,569,460
Philippines     1.8%
Philippine Government International Bond,
Sr. Unsec’d. Notes		0.700	02/03/29	EUR	300		281,198
Sr. Unsec’d. Notes		1.750	04/28/41	EUR	165		135,337
Sr. Unsec’d. Notes		2.650	12/10/45		200		143,612
Sr. Unsec’d. Notes		2.950	05/05/45		200		150,602
Sr. Unsec’d. Notes		3.700	03/01/41		600		521,091
Sr. Unsec’d. Notes		3.950	01/20/40		700		628,718
Sr. Unsec’d. Notes		6.375	10/23/34		100		115,862
Sr. Unsec’d. Notes		7.750	01/14/31		420		522,448
							2,498,868
Qatar     3.1%
Qatar Government International Bond,
Sr. Unsec’d. Notes		4.000	03/14/29		1,350		1,383,067
Sr. Unsec’d. Notes		4.625	06/02/46		200		208,172
Sr. Unsec’d. Notes		4.817	03/14/49		200		214,089
Sr. Unsec’d. Notes		5.103	04/23/48		1,140		1,265,872
Sr. Unsec’d. Notes		6.400	01/20/40		100		124,703

See Notes to Financial Statements.

26

Description	Interest        Rate		Maturity    Date	Principal         Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Qatar (cont’d.)
Qatar Government International Bond, (cont’d.)
Sr. Unsec’d. Notes, 144A		4.817%	03/14/49		810	$	867,062
Sr. Unsec’d. Notes, 144A		5.103	04/23/48		200		222,083
							4,285,048
Romania     1.2%
Romanian Government International Bond,
Sr. Unsec’d. Notes		5.125	06/15/48		144		130,264
Sr. Unsec’d. Notes, EMTN		3.875	10/29/35	EUR	590		526,276
Sr. Unsec’d. Notes, EMTN		4.125	03/11/39	EUR	410		364,057
Sr. Unsec’d. Notes, EMTN		4.625	04/03/49	EUR	230		202,175
Sr. Unsec’d. Notes, EMTN		6.125	01/22/44		284		292,889
Unsec’d. Notes, 144A		2.750	04/14/41	EUR	170		120,646
							1,636,307
Russia     0.4%
Russian Foreign Bond - Eurobond,
Sr. Unsec’d. Notes		1.850	11/20/32	EUR	300		63,297
Sr. Unsec’d. Notes		2.650	05/27/36	EUR	300		63,297
Sr. Unsec’d. Notes		5.100	03/28/35		800		160,000
Sr. Unsec’d. Notes		5.625	04/04/42		800		244,000
Sr. Unsec’d. Notes		12.750	06/24/28		110		35,200
							565,794
Saudi Arabia     2.6%
Saudi Government International Bond,
Sr. Unsec’d. Notes, 144A		5.250	01/16/50		400		431,542
Sr. Unsec’d. Notes, EMTN		2.250	02/02/33		200		172,820
Sr. Unsec’d. Notes, EMTN		4.500	10/26/46		2,050		1,959,837
Sr. Unsec’d. Notes, EMTN		4.625	10/04/47		400		388,926
Sr. Unsec’d. Notes, EMTN		5.000	04/17/49		600		619,851
							3,572,976
Senegal     0.4%
Senegal Government International Bond,     Sr. Unsec’d. Notes		4.750	03/13/28	EUR	300		297,352

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    27

Schedule of Investments   (unaudited) (continued)

as of April 30, 2022

Description	Interest        Rate		Maturity    Date	Principal         Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Senegal (cont’d.)
Senegal Government International Bond, (cont’d.)
Sr. Unsec’d. Notes		5.375%	06/08/37	EUR	200	$	163,112
Sr. Unsec’d. Notes, 144A		5.375	06/08/37	EUR	150		122,334
							582,798
Serbia     0.8%
Serbia International Bond,
Sr. Unsec’d. Notes		1.500	06/26/29	EUR	800		647,472
Sr. Unsec’d. Notes, 144A		1.650	03/03/33	EUR	225		162,998
Sr. Unsec’d. Notes, 144A		2.125	12/01/30		230		171,709
Sr. Unsec’d. Notes, 144A		3.125	05/15/27	EUR	200		189,562
							1,171,741
South Africa     1.1%
Republic of South Africa Government International Bond,
Sr. Unsec’d. Notes		4.300	10/12/28		200		182,188
Sr. Unsec’d. Notes		4.850	09/30/29		600		551,335
Sr. Unsec’d. Notes		5.650	09/27/47		200		157,743
Sr. Unsec’d. Notes		5.750	09/30/49		400		316,075
Sr. Unsec’d. Notes		6.250	03/08/41		400		362,839
							1,570,180
Sri Lanka     0.6%
Sri Lanka Government International Bond,
Sr. Unsec’d. Notes		5.750	04/18/23		200		86,514
Sr. Unsec’d. Notes		6.200	05/11/27		400		170,421
Sr. Unsec’d. Notes		6.350	06/28/24		200		85,435
Sr. Unsec’d. Notes		6.850	11/03/25		350		151,271
Sr. Unsec’d. Notes		7.850	03/14/29		250		106,005
Sr. Unsec’d. Notes, 144A		6.750	04/18/28		200		84,987
Sr. Unsec’d. Notes, 144A		6.850	03/14/24		265		113,242
							797,875
Turkey     3.1%
Turkey Government International Bond,
Sr. Unsec’d. Notes		4.250	03/13/25		200		183,997
Sr. Unsec’d. Notes		4.250	04/14/26		400		352,467
Sr. Unsec’d. Notes		4.875	10/09/26		300		264,379

See Notes to Financial Statements.

28

Description	Interest        Rate		Maturity    Date	Principal         Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Turkey (cont’d.)
Turkey Government International Bond, (cont’d.)
Sr. Unsec’d. Notes		5.250%	03/13/30		200	$	163,744
Sr. Unsec’d. Notes		5.750	03/22/24		200		195,661
Sr. Unsec’d. Notes		5.950	01/15/31		200		167,737
Sr. Unsec’d. Notes		6.000	03/25/27		580		527,641
Sr. Unsec’d. Notes		6.000	01/14/41		200		150,398
Sr. Unsec’d. Notes		6.125	10/24/28		620		552,414
Sr. Unsec’d. Notes		6.350	08/10/24		400		391,021
Sr. Unsec’d. Notes		6.375	10/14/25		200		191,542
Sr. Unsec’d. Notes		6.500	09/20/33		200		169,548
Sr. Unsec’d. Notes		6.875	03/17/36		104		89,227
Sr. Unsec’d. Notes		7.375	02/05/25		460		457,750
Sr. Unsec’d. Notes		7.625	04/26/29		280		266,969
Turkiye Ihracat Kredi Bankasi A/S,
Sr. Unsec’d. Notes		8.250	01/24/24		200		203,981
							4,328,476
Ukraine     1.1%
Ukraine Government International Bond,
Sr. Unsec’d. Notes		4.375	01/27/30	EUR	410		134,084
Sr. Unsec’d. Notes		6.750	06/20/26	EUR	580		195,799
Sr. Unsec’d. Notes		7.375	09/25/32		200		62,000
Sr. Unsec’d. Notes		7.750	09/01/23		100		39,500
Sr. Unsec’d. Notes		7.750	09/01/24		650		219,375
Sr. Unsec’d. Notes		7.750	09/01/25		350		114,034
Sr. Unsec’d. Notes		7.750	09/01/26		600		196,500
Sr. Unsec’d. Notes		7.750	09/01/27		520		170,300
Sr. Unsec’d. Notes		8.994	02/01/24		200		70,500
Sr. Unsec’d. Notes		9.750	11/01/28		965		316,038
Sr. Unsec’d. Notes, 144A		4.375	01/27/30	EUR	100		32,704
Ukreximbank Via Biz Finance PLC,
Sr. Unsec’d. Notes		9.750	01/22/25		75		30,750
							1,581,584
United Arab Emirates     1.0%
Abu Dhabi Government International Bond,
Sr. Unsec’d. Notes		3.125	09/30/49		200		163,838
Sr. Unsec’d. Notes, 144A		3.125	09/30/49		200		163,838
Sr. Unsec’d. Notes, 144A, MTN		3.875	04/16/50		200		188,444

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    29

Schedule of Investments   (unaudited) (continued)

as of April 30, 2022

Description	Interest        Rate		Maturity    Date	Principal         Amount (000)#		Value
SOVEREIGN BONDS (Continued)
United Arab Emirates (cont’d.)
Emirate of Dubai Government International Bonds,
Sr. Unsec’d. Notes, EMTN		5.250%	01/30/43		600	$	582,043
Finance Department Government of Sharjah,
Sr. Unsec’d. Notes, 144A, MTN		4.000	07/28/50		200		148,487
Sr. Unsec’d. Notes, MTN		4.000	07/28/50		200		148,487
							1,395,137
Uruguay     1.4%
Uruguay Government International Bond,
Sr. Unsec’d. Notes		4.125	11/20/45		120		115,947
Sr. Unsec’d. Notes		4.975	04/20/55		420		433,572
Sr. Unsec’d. Notes		5.100	06/18/50		520		545,751
Sr. Unsec’d. Notes		7.625	03/21/36		590		772,585
Sr. Unsec’d. Notes		7.875	01/15/33		100		129,121
							1,996,976
Venezuela     0.0%
Venezuela Government International Bond,
Sr. Unsec’d. Notes		12.750	08/23/22(d)		180		16,166
Zambia     0.6%
Zambia Government International Bond,
Sr. Unsec’d. Notes		8.500	04/14/24(d)		600		448,816
Sr. Unsec’d. Notes		8.970	07/30/27(d)		400		296,468
Unsec’d. Notes		5.375	09/20/22(d)		200		143,965
							889,249
TOTAL SOVEREIGN BONDS (cost $113,238,522)							90,285,164
TOTAL LONG-TERM INVESTMENTS (cost $156,359,249)							126,269,741

See Notes to Financial Statements.

30

Description	Shares		Value
SHORT-TERM INVESTMENTS    7.9%
UNAFFILIATED FUND    7.7%
Dreyfus Government Cash Management (Institutional Shares) (cost $10,743,551)		10,743,551	$	10,743,551
OPTIONS PURCHASED*~    0.2%     (cost $180,722)				200,226
TOTAL SHORT-TERM INVESTMENTS     (cost $10,924,273)				10,943,777
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN    98.5%     (cost $167,283,522)				137,213,518
OPTIONS WRITTEN*~    (0.2)%     (premiums received $178,221)				(216,591	)
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN    98.3%     (cost $167,105,301)				136,996,927
Other assets in excess of liabilities(z)    1.7%				2,351,383
NET ASSETS     100.0%			$	139,348,310

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

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

EUR—Euro

GBP—British Pound

HUF—Hungarian Forint

IDR—Indonesian Rupiah

ILS—Israeli Shekel

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

PLN—Polish Zloty

RUB—Russian Ruble

SGD—Singapore Dollar

THB—Thai Baht

TWD—New Taiwanese Dollar

USD—US Dollar

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    31

Schedule of Investments   (unaudited) (continued)

as of April 30, 2022

ZAR—South African Rand

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

CDX—Credit Derivative Index

EMTN—Euro Medium Term Note

GMTN—Global Medium Term Note

LIBOR—London Interbank Offered Rate

MTN—Medium Term Note

OTC—Over-the-counter

PIK—Payment-in-Kind

PJSC—Public Joint-Stock Company

Q—Quarterly payment frequency for swaps

* Non-income producing security.

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

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

(cc) Variable rate instrument. The rate shown is based on the latest available information as of April 30, 2022. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.

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

(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 CZK		Call	JPMorgan Chase Bank, N.A.	06/08/22		27.25	—	EUR	319	$	113
Currency Option EUR vs CZK		Call	JPMorgan Chase Bank, N.A.	06/08/22		27.25	—	EUR	319		113
Currency Option EUR vs CZK		Call	JPMorgan Chase Bank, N.A.	06/08/22		27.25	—	EUR	318		113
Currency Option EUR vs CZK		Call	Morgan Stanley & Co. International PLC	06/08/22		33.00	—	EUR	955		24
Currency Option USD vs CLP		Call	Morgan Stanley & Co. International PLC	05/26/22		850.00	—		724		16,092
Currency Option USD vs CNH		Call	JPMorgan Chase Bank, N.A.	06/17/22		6.45	—		1,234		39,850
Currency Option USD vs CNH		Call	Goldman Sachs International	06/17/22		6.65	—		1,234		12,868
Currency Option USD vs CNH		Call	JPMorgan Chase Bank, N.A.	08/08/22		6.55	—		389		9,267
Currency Option USD vs CNH		Call	JPMorgan Chase Bank, N.A.	08/08/22		8.00	—		195		35
Currency Option USD vs CNH		Call	Goldman Sachs International	09/02/22		6.55	—		366		9,350

See Notes to Financial Statements.

32

Options Purchased (continued):

OTC Traded

Description	Call/ Put		Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option USD vs CNH		Call	JPMorgan Chase Bank, N.A.		10/19/22		6.50		—		1,410	$	46,928
Currency Option USD vs MXN		Call	Morgan Stanley & Co. International PLC		05/05/22		22.00		—		789		53
Currency Option USD vs MXN		Call	JPMorgan Chase Bank, N.A.		05/06/22		20.50		—		353		1,913
Currency Option USD vs MXN		Call	JPMorgan Chase Bank, N.A.		06/06/22		22.00		—		1,809		4,730
Currency Option USD vs MXN		Call	JPMorgan Chase Bank, N.A.		06/14/22		21.50		—		346		1,963
Currency Option USD vs ZAR		Call	Barclays Bank PLC		05/10/22		16.00		—		1,190		7,801
Currency Option USD vs ZAR		Call	JPMorgan Chase Bank, N.A.		05/10/22		17.50		—		1,190		194
Currency Option USD vs ZAR		Call	JPMorgan Chase Bank, N.A.		07/27/22		16.50		—		1,193		22,071
Currency Option EUR vs CZK		Put	Morgan Stanley & Co. International PLC		06/08/22		25.25		—	EUR	955		23,662
Currency Option USD vs BRL		Put	Goldman Sachs International		06/21/22		4.00		—		711		52
Currency Option USD vs CLP		Put	Morgan Stanley & Co. International PLC		05/05/22		690.00		—		724		—
Currency Option USD vs CNH		Put	JPMorgan Chase Bank, N.A.		08/08/22		5.60		—		389		1
Currency Option USD vs CNH		Put	Goldman Sachs International		09/02/22		5.75		—		366		4
Currency Option USD vs MXN		Put	Morgan Stanley & Co. International PLC		05/05/22		18.50		—		789		—
Currency Option USD vs MXN		Put	JPMorgan Chase Bank, N.A.		05/06/22		19.00		—		706		3
Currency Option USD vs MXN		Put	JPMorgan Chase Bank, N.A.		06/06/22		18.50		—		1,809		206
Currency Option USD vs MXN		Put	JPMorgan Chase Bank, N.A.		06/14/22		18.00		—		346		23
Currency Option USD vs RUB		Put	Goldman Sachs International		06/09/22		58.00		—		1,178		2,797
Currency Option USD vs ZAR		Put	Barclays Bank PLC		05/10/22		12.25		—		1,190		—
Total Options Purchased (cost $180,722)												$	200,226

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    33

Schedule of Investments   (unaudited) (continued)

as of April 30, 2022

Options Written:

OTC Traded

Description	Call/ Put		Counterparty	Expiration Date	Strike		Contracts	Notional Amount (000)#		Value
Currency Option EUR vs CZK		Call	Morgan Stanley & Co. International PLC	06/08/22		27.25	—	EUR	955	$	(340	)
Currency Option USD vs CLP		Call	Morgan Stanley & Co. International PLC	05/26/22		870.00	—		724		(9,172	)
Currency Option USD vs CNH		Call	Goldman Sachs International	06/17/22		6.45	—		1,234		(39,850	)
Currency Option USD vs CNH		Call	JPMorgan Chase Bank, N.A.	08/08/22		6.90	—		584		(2,805	)
Currency Option USD vs CNH		Call	Goldman Sachs International	09/02/22		6.80	—		366		(3,301	)
Currency Option USD vs CNH		Call	JPMorgan Chase Bank, N.A.	10/19/22		6.75	—		1,410		(18,756	)
Currency Option USD vs ZAR		Call	JPMorgan Chase Bank, N.A.	05/10/22		16.00	—		1,190		(7,801	)
Currency Option USD vs ZAR		Call	Barclays Bank PLC	05/10/22		17.50	—		1,190		(193	)
Currency Option USD vs ZAR		Call	JPMorgan Chase Bank, N.A.	07/27/22		17.50	—		597		(4,592	)
Currency Option EUR vs CZK		Put	JPMorgan Chase Bank, N.A.	06/08/22		25.25	—	EUR	319		(7,892	)
Currency Option EUR vs CZK		Put	JPMorgan Chase Bank, N.A.	06/08/22		25.25	—	EUR	319		(7,892	)
Currency Option EUR vs CZK		Put	JPMorgan Chase Bank, N.A.	06/08/22		25.25	—	EUR	318		(7,879	)
Currency Option USD vs BRL		Put	Goldman Sachs International	06/21/22		4.90	—		711		(13,649	)
Currency Option USD vs CLP		Put	Morgan Stanley & Co. International PLC	05/05/22		790.00	—		724		(7	)
Currency Option USD vs CNH		Put	JPMorgan Chase Bank, N.A.	08/08/22		6.40	—		389		(437	)
Currency Option USD vs CNH		Put	Goldman Sachs International	09/02/22		6.25	—		366		(151	)
Currency Option USD vs MXN		Put	Morgan Stanley & Co. International PLC	05/05/22		20.50	—		789		(8,804	)
Currency Option USD vs MXN		Put	JPMorgan Chase Bank, N.A.	05/06/22		19.75	—		706		(219	)
Currency Option USD vs MXN		Put	JPMorgan Chase Bank, N.A.	06/06/22		20.70	—		1,809		(40,510	)
Currency Option USD vs MXN		Put	JPMorgan Chase Bank, N.A.	06/14/22		20.30	—		346		(4,126	)

See Notes to Financial Statements.

34

Options Written (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option USD vs RUB	Put	Goldman Sachs International		06/09/22		71.00		—		1,178	$	(38,058	)
Currency Option USD vs ZAR	Put	Barclays Bank PLC		05/10/22		14.75		—		1,190		(157	)
Total Options Written (premiums received $178,221)											$	(216,591	)

Futures contracts outstanding at April 30, 2022:

Number of Contracts	Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
Long Positions:
35	2 Year U.S. Treasury Notes		Jun. 2022	$	7,378,438		$	(106,142	)
69	5 Year U.S. Treasury Notes		Jun. 2022		7,774,360			(264,753	)
28	10 Year U.S. Treasury Notes		Jun. 2022		3,336,375			(41,168	)
29	30 Year U.S. Ultra Treasury Bonds		Jun. 2022		4,652,688			(521,883	)
								(933,946	)
Short Positions:
15	5 Year Euro-Bobl		Jun. 2022		2,012,528			81,259
40	10 Year Euro-Bund		Jun. 2022		6,481,191			529,831
25	20 Year U.S. Treasury Bonds		Jun. 2022		3,517,188			300,154
6	Euro Schatz Index		Jun. 2022		697,185			9,875
								921,119
							$	(12,827	)

Forward foreign currency exchange contracts outstanding at April 30, 2022:

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized  Appreciation			Unrealized  Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 07/19/22	JPMorgan Chase Bank, N.A.		AUD	216	$	154,732	$	152,577		$	—		$	(2,155	)
Brazilian Real,
Expiring 05/03/22	Citibank, N.A.		BRL	1,436		304,000		289,993			—			(14,007	)
Expiring 05/03/22	Goldman Sachs International		BRL	927		194,000		187,174			—			(6,826	)
Expiring 06/02/22	Citibank, N.A.		BRL	680		143,461		136,104			—			(7,357	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    35

Schedule of Investments   (unaudited) (continued)

as of April 30, 2022

Forward foreign currency exchange contracts outstanding at April 30, 2022 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation			Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Brazilian Real (cont’d.),
Expiring 06/02/22	Goldman Sachs International		BRL	878	$	175,000	$	175,598		$	598		$	—
Chilean Peso,
Expiring 06/15/22	Citibank, N.A.		CLP	304,659		373,000		353,828			—			(19,172	)
Expiring 06/15/22	HSBC Bank PLC		CLP	298,958		362,000		347,207			—			(14,793	)
Expiring 06/15/22	UBS AG		CLP	150,719		176,000		175,043			—			(957	)
Chinese Renminbi,
Expiring 05/23/22	Citibank, N.A.		CNH	4,612		699,000		692,898			—			(6,102	)
Expiring 05/23/22	Citibank, N.A.		CNH	1,391		211,000		208,909			—			(2,091	)
Expiring 05/23/22	Goldman Sachs International		CNH	2,387		359,000		358,614			—			(386	)
Expiring 05/23/22	HSBC Bank PLC		CNH	4,166		655,000		625,904			—			(29,096	)
Expiring 05/23/22	HSBC Bank PLC		CNH	2,558		403,000		384,386			—			(18,614	)
Colombian Peso,
Expiring 06/15/22	BNP Paribas S.A.		COP	700,304		176,000		175,524			—			(476	)
Expiring 06/15/22	Citibank, N.A.		COP	812,190		213,000		203,568			—			(9,432	)
Expiring 06/15/22	Citibank, N.A.		COP	738,116		191,000		185,002			—			(5,998	)
Expiring 06/15/22	JPMorgan Chase Bank, N.A.		COP	703,507		176,000		176,327			327			—
Czech Koruna,
Expiring 07/19/22	Morgan Stanley & Co. International PLC		CZK	4,675		206,000		198,561			—			(7,439	)
Indian Rupee,
Expiring 06/15/22	Citibank, N.A.		INR	35,706		466,000		463,908			—			(2,092	)
Expiring 06/15/22	Citibank, N.A.		INR	23,636		308,000		307,085			—			(915	)
Expiring 06/15/22	JPMorgan Chase Bank, N.A.		INR	165,547		2,145,019		2,150,841			5,822			—
Expiring 06/15/22	JPMorgan Chase Bank, N.A.		INR	13,742		181,000		178,534			—			(2,466	)
Indonesian Rupiah,
Expiring 06/15/22	JPMorgan Chase Bank, N.A.		IDR	3,513,646		242,000		240,406			—			(1,594	)
Japanese Yen,
Expiring 07/19/22	HSBC Bank PLC		JPY	38,993		312,385		301,528			—			(10,857	)
Mexican Peso,
Expiring 06/15/22	JPMorgan Chase Bank, N.A.		MXN	6,756		331,000		327,996			—			(3,004	)
Expiring 06/15/22	JPMorgan Chase Bank, N.A.		MXN	3,849		177,000		186,885			9,885			—
Expiring 06/15/22	Morgan Stanley & Co. International PLC		MXN	12,776		605,680		620,279			14,599			—
Expiring 06/15/22	UBS AG		MXN	8,937		436,000		433,888			—			(2,112	)

See Notes to Financial Statements.

36

Forward foreign currency exchange contracts outstanding at April 30, 2022 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation			Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Mexican Peso (cont’d.),
Expiring 06/15/22	UBS AG		MXN	3,840	$	177,000	$	186,434		$	9,434		$	—
New Taiwanese Dollar,
Expiring 06/15/22	JPMorgan Chase Bank, N.A.		TWD	10,897		378,000		371,455			—			(6,545	)
Expiring 06/15/22	UBS AG		TWD	24,302		848,000		828,373			—			(19,627	)
Expiring 06/15/22	UBS AG		TWD	14,543		509,000		495,719			—			(13,281	)
Peruvian Nuevo Sol,
Expiring 06/15/22	BNP Paribas S.A.		PEN	1,117		297,000		289,419			—			(7,581	)
Expiring 06/15/22	BNP Paribas S.A.		PEN	579		152,653		149,875			—			(2,778	)
Expiring 06/15/22	Citibank, N.A.		PEN	1,257		328,000		325,686			—			(2,314	)
Philippine Peso,
Expiring 06/15/22	JPMorgan Chase Bank, N.A.		PHP	20,230		384,000		383,818			—			(182	)
Expiring 06/15/22	JPMorgan Chase Bank, N.A.		PHP	19,448		369,000		368,993			—			(7	)
Expiring 06/15/22	JPMorgan Chase Bank, N.A.		PHP	17,578		334,000		333,519			—			(481	)
Expiring 06/15/22	JPMorgan Chase Bank, N.A.		PHP	9,281		176,000		176,092			92			—
Expiring 06/15/22	Standard Chartered Bank		PHP	36,829		698,000		698,762			762			—
Expiring 06/15/22	Standard Chartered Bank		PHP	31,107		588,000		590,198			2,198			—
Expiring 06/15/22	Standard Chartered Bank		PHP	16,616		315,000		315,251			251			—
Polish Zloty,
Expiring 07/19/22	HSBC Bank PLC		PLN	903		209,398		201,601			—			(7,797	)
Expiring 07/19/22	HSBC Bank PLC		PLN	763		175,986		170,357			—			(5,629	)
Singapore Dollar,
Expiring 06/15/22	Citibank, N.A.		SGD	805		594,000		582,393			—			(11,607	)
Expiring 06/15/22	HSBC Bank PLC		SGD	611		450,000		442,020			—			(7,980	)
Expiring 06/15/22	JPMorgan Chase Bank, N.A.		SGD	867		639,000		626,731			—			(12,269	)
South African Rand,
Expiring 06/15/22	Barclays Bank PLC		ZAR	3,294		223,000		207,464			—			(15,536	)
Expiring 06/15/22	Barclays Bank PLC		ZAR	2,764		176,000		174,082			—			(1,918	)
Expiring 06/15/22	JPMorgan Chase Bank, N.A.		ZAR	3,884		245,000		244,656			—			(344	)
Expiring 06/15/22	JPMorgan Chase Bank, N.A.		ZAR	2,810		176,000		176,994			994			—
Expiring 06/15/22	JPMorgan Chase Bank, N.A.		ZAR	2,790		176,000		175,720			—			(280	)
Expiring 06/15/22	UBS AG		ZAR	7,649		488,000		481,808			—			(6,192	)
South Korean Won,
Expiring 06/15/22	HSBC Bank PLC		KRW	446,176		363,000		353,241			—			(9,759	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    37

Schedule of Investments   (unaudited) (continued)

as of April 30, 2022

Forward foreign currency exchange contracts outstanding at April 30, 2022 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation			Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South Korean Won (cont’d.),
Expiring 06/15/22	HSBC Bank PLC		KRW	362,138	$	299,000	$	286,707		$	—		$	(12,293	)
Expiring 06/15/22	HSBC Bank PLC		KRW	213,883		173,000		169,333			—			(3,667	)
Expiring 06/15/22	Standard Chartered Bank		KRW	342,352		281,000		271,042			—			(9,958	)
Thai Baht,
Expiring 06/15/22	Goldman Sachs International		THB	11,012		331,000		321,775			—			(9,225	)
Expiring 06/15/22	JPMorgan Chase Bank, N.A.		THB	5,190		156,000		151,641			—			(4,359	)
					$	21,084,314	$	20,789,726			44,962			(339,550	)

Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation			Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 07/19/22	BNP Paribas S.A.		AUD	210	$	156,692	$	148,869		$	7,823		$	—
Brazilian Real,
Expiring 05/03/22	BNP Paribas S.A.		BRL	692		146,000		139,876			6,124			—
Expiring 05/03/22	Citibank, N.A.		BRL	680		144,814		137,466			7,348			—
Expiring 05/03/22	JPMorgan Chase Bank, N.A.		BRL	989		204,006		199,826			4,180			—
British Pound,
Expiring 07/19/22	The Toronto-Dominion Bank		GBP	102		133,464		128,686			4,778			—
Canadian Dollar,
Expiring 07/19/22	Barclays Bank PLC		CAD	249		197,402		193,907			3,495			—
Chilean Peso,
Expiring 06/15/22	BNP Paribas S.A.		CLP	244,921		304,000		284,448			19,552			—
Expiring 06/15/22	Morgan Stanley & Co. International PLC		CLP	181,255		222,877		210,507			12,370			—
Expiring 06/15/22	UBS AG		CLP	261,567		328,000		303,781			24,219			—
Chinese Renminbi,
Expiring 05/23/22	JPMorgan Chase Bank, N.A.		CNH	23,199		3,632,286		3,485,404			146,882			—
Expiring 05/23/22	Morgan Stanley & Co. International PLC		CNH	3,769		591,000		566,284			24,716			—
Expiring 05/23/22	UBS AG		CNH	3,687		580,000		553,955			26,045			—
Expiring 05/23/22	UBS AG		CNH	2,495		389,000		374,839			14,161			—
Colombian Peso,
Expiring 06/15/22	Citibank, N.A.		COP	823,518		207,000		206,407			593			—

See Notes to Financial Statements.

38

Forward foreign currency exchange contracts outstanding at April 30, 2022 (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 06/15/22	HSBC Bank PLC		COP	904,280	$	235,000	$	226,649		$	8,351		$	—
Expiring 06/15/22	JPMorgan Chase Bank, N.A.		COP	391,807		102,089		98,203			3,886			—
Czech Koruna,
Expiring 07/19/22	Barclays Bank PLC		CZK	1,910		83,881		81,139			2,742			—
Euro,
Expiring 07/19/22	BNP Paribas S.A.		EUR	2,612		2,839,619		2,767,139			72,480			—
Expiring 07/19/22	BNP Paribas S.A.		EUR	163		177,000		173,184			3,816			—
Expiring 07/19/22	Deutsche Bank AG		EUR	3,382		3,692,006		3,583,284			108,722			—
Expiring 07/19/22	Standard Chartered Bank		EUR	3,427		3,754,538		3,630,869			123,669			—
Hungarian Forint,
Expiring 07/19/22	Barclays Bank PLC		HUF	58,252		165,042		160,670			4,372			—
Indian Rupee,
Expiring 06/15/22	Citibank, N.A.		INR	49,961		649,000		649,105			—			(105	)
Expiring 06/15/22	HSBC Bank PLC		INR	49,225		635,000		639,550			—			(4,550	)
Expiring 06/15/22	HSBC Bank PLC		INR	29,681		383,000		385,630			—			(2,630	)
Expiring 06/15/22	JPMorgan Chase Bank, N.A.		INR	52,607		684,000		683,493			507			—
Expiring 06/15/22	JPMorgan Chase Bank, N.A.		INR	12,967		169,000		168,476			524			—
Expiring 06/15/22	Morgan Stanley & Co.
	International PLC		INR	46,335		602,000		601,996			4			—
Indonesian Rupiah,
Expiring 06/15/22	Citibank, N.A.		IDR	4,250,199		292,512		290,802			1,710			—
Expiring 06/15/22	Citibank, N.A.		IDR	864,420		59,488		59,144			344			—
Expiring 06/15/22	Goldman Sachs
	International		IDR	8,512,305		593,854		582,418			11,436			—
Expiring 06/15/22	JPMorgan Chase Bank, N.A.		IDR	2,544,023		176,000		174,064			1,936			—
Israeli Shekel,
Expiring 06/15/22	Bank of America, N.A.		ILS	904		279,440		271,353			8,087			—
Expiring 06/15/22	Bank of America, N.A.		ILS	716		219,560		214,892			4,668			—
Expiring 06/15/22	Barclays Bank PLC		ILS	1,051		321,000		315,564			5,436			—
Expiring 06/15/22	Citibank, N.A.		ILS	1,105		346,000		331,844			14,156			—
Expiring 06/15/22	HSBC Bank PLC		ILS	1,307		398,000		392,389			5,611			—
Expiring 06/15/22	JPMorgan Chase Bank, N.A.		ILS	1,268		389,000		380,677			8,323			—
Mexican Peso,
Expiring 06/15/22	JPMorgan Chase Bank, N.A.		MXN	4,969		233,000		241,236			—			(8,236	)
Expiring 06/15/22	JPMorgan Chase Bank, N.A.		MXN	3,637		176,000		176,571			—			(571	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    39

Schedule of Investments   (unaudited) (continued)

as of April 30, 2022

Forward foreign currency exchange contracts outstanding at April 30, 2022 (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 06/15/22	UBS AG		MXN	5,978	$	281,000	$	290,237		$	—		$    (9,237	)
New Taiwanese Dollar,
Expiring 06/15/22	Citibank, N.A.		TWD	9,507		326,000		324,072			1,928		—
Expiring 06/15/22	Goldman Sachs International		TWD	75,705		2,681,712		2,580,566			101,146		—
Expiring 06/15/22	HSBC Bank PLC		TWD	9,204		318,000		313,724			4,276		—
Expiring 06/15/22	HSBC Bank PLC		TWD	9,173		314,000		312,680			1,320		—
Expiring 06/15/22	Morgan Stanley & Co. International PLC		TWD	9,280		318,000		316,317			1,683		—
Philippine Peso,
Expiring 06/15/22	Bank of America, N.A.		PHP	24,693		472,000		468,507			3,493		—
Expiring 06/15/22	Citibank, N.A.		PHP	9,330		181,000		177,013			3,987		—
Expiring 06/15/22	JPMorgan Chase Bank, N.A.		PHP	9,555		183,000		181,292			1,708		—
Expiring 06/15/22	Morgan Stanley & Co. International PLC		PHP	27,911		526,818		529,557			—		(2,739	)
Expiring 06/15/22	Standard Chartered Bank		PHP	22,927		443,000		435,007			7,993		—
Polish Zloty,
Expiring 07/19/22	Morgan Stanley & Co. International PLC		PLN	492		113,000		109,886			3,114		—
Singapore Dollar,
Expiring 06/15/22	Credit Suisse International SGD			516		379,000		373,381			5,619		—
Expiring 06/15/22	Goldman Sachs International		SGD	767		555,000		554,548			452		—
Expiring 06/15/22	HSBC Bank PLC		SGD	742		535,000		536,684			—		(1,684	)
Expiring 06/15/22	Morgan Stanley & Co. International PLC		SGD	2,494		1,832,716		1,803,204			29,512		—
South African Rand,
Expiring 06/15/22	Barclays Bank PLC		ZAR	8,819		570,186		555,465			14,721		—
Expiring 06/15/22	Barclays Bank PLC		ZAR	8,758		577,323		551,654			25,669		—
Expiring 06/15/22	Barclays Bank PLC		ZAR	5,864		379,115		369,327			9,788		—
Expiring 06/15/22	Citibank, N.A.		ZAR	8,758		575,630		551,653			23,977		—
South Korean Won,
Expiring 06/15/22	Citibank, N.A.		KRW	1,794,842		1,460,789		1,420,989			39,800		—
Expiring 06/15/22	HSBC Bank PLC		KRW	385,802		305,000		305,442			—		(442	)
Expiring 06/15/22	Morgan Stanley & Co. International PLC		KRW	519,511		412,000		411,301			699		—
Expiring 06/15/22	Morgan Stanley & Co. International PLC		KRW	420,030		337,000		332,541			4,459		—
Expiring 06/15/22	Standard Chartered Bank		KRW	458,001		366,000		362,603			3,397		—
Expiring 06/15/22	Standard Chartered Bank		KRW	381,862		300,000		302,323			—		(2,323	)

See Notes to Financial Statements.

40

Forward foreign currency exchange contracts outstanding at April 30, 2022 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation			Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Thai Baht,
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	THB	102,630	$	3,096,595	$	2,998,804		$	97,791		$	—
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	THB	6,014		176,000		175,713			287			—
Expiring 06/15/22	Morgan Stanley & Co. International PLC	THB	17,494		522,000		511,156			10,844			—
				$	43,428,454	$	42,370,242			1,090,729			(32,517	)
									$	1,135,691		$	(372,067	)

Cross currency exchange contracts outstanding at April 30, 2022:

Settlement	Type		Notional Amount (000)		In Exchange For (000)		Unrealized Appreciation			Unrealized Depreciation				Counterparty
OTC Cross Currency Exchange Contracts:
07/19/22		Buy	EUR	161	HUF	60,708		$	3,125		$	—		HSBC Bank PLC
07/19/22		Buy	HUF	63,630	EUR	166			—			(365	)	JPMorgan Chase Bank, N.A.
								$	3,125		$	(365	)

Credit default swap agreements outstanding at April 30, 2022:

Reference Entity/ Obligation	Termination Date		Fixed Rate			Notional Amount (000)#(3)		Value at Trade Date			Value at April 30, 2022		Unrealized Appreciation         (Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):
CDX.EM.37.V1		06/20/27		1.000%(Q	)		830		$	57,029	$	65,625		$	8,596

The Fund entered into credit default swaps (“CDS”) to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

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

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    41

Schedule of Investments   (unaudited) (continued)

as of April 30, 2022

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.

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

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

Broker	Cash and/or Foreign Currency			Securities Market Value
J.P. Morgan Securities LLC		$	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.

42

The following is a summary of the inputs used as of April 30, 2022 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Corporate Bonds
Azerbaijan	$	—	$	695,978		$—
Bahrain		—		638,795		—
Brazil		—		2,396,036		—
Chile		—		1,546,962		—
China		—		2,895,087		—
Colombia		—		374,994		—
Costa Rica		—		198,580		—
Ghana		—		197,349		—
Guatemala		—		378,883		—
India		—		2,225,555		—
Indonesia		—		3,308,521		—
Israel		—		614,368		—
Jamaica		—		183,975		—
Kazakhstan		—		1,542,502		—
Kuwait		—		432,574		—
Malaysia		—		1,614,609		—
Mexico		—		6,814,856		—
Mongolia		—		197,127		—
Netherlands		—		125,000		—
Panama		—		344,561		—
Peru		—		714,260		—
Philippines		—		155,284		—
Qatar		—		500,481		—
Russia		—		498,825		—
Saudi Arabia		—		789,367		—
South Africa		—		2,890,824		—
Thailand		—		142,490		—
Trinidad & Tobago		—		170,440		—
Turkey		—		357,035		—
Ukraine		—		144,786		—
United Arab Emirates		—		2,614,474		—
Venezuela		—		56,845		—
Vietnam		—		223,154		—
Sovereign Bonds
Angola		—		2,667,725		—
Argentina		—		1,823,045		—
Bahrain		—		2,588,543		—
Belarus		—		128,000		—
Bermuda		—		592,064		—
Brazil		—		3,416,152		—
Cameroon		—		416,261		—
Colombia		—		3,946,677		—
Congo (Republic)		—		232,656		—
Costa Rica		—		1,490,579		—

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    43

Schedule of Investments   (unaudited) (continued)

as of April 30, 2022

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Sovereign Bonds (continued)
Croatia	$	—	$	161,963		$—
Dominican Republic		—		4,164,285		—
Ecuador		—		2,363,436		—
Egypt		—		2,238,386		—
El Salvador		—		726,725		—
Gabon		—		1,150,362		—
Ghana		—		1,075,341		—
Guatemala		—		953,685		—
Honduras		—		341,731		—
Hungary		—		1,618,439		—
India		—		521,363		—
Indonesia		—		3,306,413		—
Iraq		—		1,341,361		—
Israel		—		490,015		—
Ivory Coast		—		1,587,900		—
Jamaica		—		962,855		—
Jordan		—		542,433		—
Kazakhstan		—		451,392		—
Kenya		—		526,568		—
Lebanon		—		389,712		—
Malaysia		—		1,949,022		—
Mexico		—		2,465,056		—
Mongolia		—		410,425		—
Morocco		—		971,084		—
Mozambique		—		700,000		—
Namibia		—		192,455		—
Nigeria		—		3,313,484		—
Oman		—		3,734,470		—
Pakistan		—		1,811,536		—
Panama		—		2,101,771		—
Papua New Guinea		—		170,269		—
Paraguay		—		790,890		—
Peru		—		2,569,460		—
Philippines		—		2,498,868		—
Qatar		—		4,285,048		—
Romania		—		1,636,307		—
Russia		—		565,794		—
Saudi Arabia		—		3,572,976		—
Senegal		—		582,798		—
Serbia		—		1,171,741		—
South Africa		—		1,570,180		—
Sri Lanka		—		797,875		—
Turkey		—		4,328,476		—
Ukraine		—		1,581,584		—
United Arab Emirates		—		1,395,137		—

See Notes to Financial Statements.

44

	Level 1			Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Sovereign Bonds (continued)
Uruguay	$	—		$	1,996,976			$—
Venezuela		—			16,166			—
Zambia		—			889,249			—
Short-Term Investments
Unaffiliated Fund		10,743,551			—			—
Options Purchased		—			200,226			—
Total	$	10,743,551		$	126,469,967			$—
Liabilities
Options Written	$	—		$	(216,591	)		$—
Other Financial Instruments*
Assets
Futures Contracts	$	921,119		$	—			$—
OTC Forward Foreign Currency Exchange Contracts		—			1,135,691			—
OTC Cross Currency Exchange Contracts		—			3,125			—
Centrally Cleared Credit Default Swap Agreement		—			8,596			—
Total	$	921,119		$	1,147,412			$—
Liabilities
Futures Contracts	$	(933,946	)	$	—			$—
OTC Forward Foreign Currency Exchange Contracts		—			(372,067	)		—
OTC Cross Currency Exchange Contracts		—			(365	)		—
Total	$	(933,946	)	$	(372,432	)		$—

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

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of April 30, 2022 were as follows:

Sovereign Bonds	64.8%
Oil & Gas	10.6
Unaffiliated Fund	7.7
Electric	4.0
Mining	1.7
Chemicals	1.3
Pipelines	1.2
Engineering & Construction	1.0

Commercial Services	0.8%
Diversified Financial Services	0.8
Telecommunications	0.6
Banks	0.5
Real Estate	0.5
Investment Companies	0.3
Transportation	0.3
Building Materials	0.3

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    45

Schedule of Investments   (unaudited) (continued)

as of April 30, 2022

Industry Classification (continued):

Energy-Alternate Sources	0.3	%
Media	0.2
Retail	0.2
Internet	0.2
Iron/Steel	0.2
Lodging	0.2
Options Purchased	0.2
Auto Manufacturers	0.2
Aerospace & Defense	0.1

Gas	0.1	%
Entertainment	0.1
Forest Products & Paper	0.1
	98.5
Options Written	(0.2	)
Other assets in excess of liabilities	1.7
	100.0	%

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

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

Fair values of derivative instruments as of April 30, 2022 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	$	8,596	*	—	$	—
Foreign exchange contracts	Unaffiliated investments		200,226		Options written outstanding, at value		216,591
Foreign exchange contracts	Unrealized appreciation on OTC cross currency exchange contracts		3,125		Unrealized depreciation on OTC cross currency exchange contracts		365
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		1,135,691		Unrealized depreciation on OTC forward foreign currency exchange contracts		372,067
Interest rate contracts	Due from/to broker-variation margin futures		921,119	*	Due from/to broker-variation margin futures		933,946	*
		$	2,268,757			$	1,522,969

* 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.

46

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2022 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		$	—	$	—		$	—		$	—	$	19,150
Foreign exchange contracts			415,982		(427,311	)		—			775,632		—
Interest rate contracts			—		—			(472,769	)		—		(67,773	)
Total		$	415,982	$	(427,311	)	$	(472,769	)	$	775,632	$	(48,623	)

(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		$	—	$	—		$	—		$	—	$	(6,121	)
Foreign exchange contracts			8,188		(37,916	)		—			714,696		—
Interest rate contracts			—		—			(142,532	)		—		87,334
Total		$	8,188	$	(37,916	)	$	(142,532	)	$	714,696	$	81,213

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

For the six months ended April 30, 2022, the Fund’s average volume of derivative activities is as follows:

Derivative Contract Type	Average Volume of Derivative Activities*
Options Purchased (1)		$      149,068
Options Written (2)		12,349,818
Futures Contracts - Long Positions (2)		24,719,313
Futures Contracts - Short Positions (2)		17,261,986
Forward Foreign Currency Exchange Contracts - Purchased (3)		24,015,412
Forward Foreign Currency Exchange Contracts - Sold (3)		45,783,536
Cross Currency Exchange Contracts (4)		313,697
Interest Rate Swap Agreements (2)		2,496,350
Credit Default Swap Agreements - Buy Protection (2)		1,530,000

* Average volume is based on average quarter end balances as noted for the six months ended April 30, 2022.

(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 Hard Currency Fund    47

Schedule of Investments   (unaudited) (continued)

as of April 30, 2022

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

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

Offsetting of OTC derivative assets and liabilities:

Counterparty	Gross Amounts of Recognized       Assets(1)			Gross Amounts of Recognized     Liabilities(1)				Net Amounts of Recognized Assets/(Liabilities)				Collateral Pledged/(Received)(2)				Net Amount
Bank of America, N.A.		$	16,248		$	—			$	16,248			$	—			$	16,248
Barclays Bank PLC			74,024			(17,804	)			56,220				—				56,220
BNP Paribas S.A.			109,795			(10,835	)			98,960				(1,210	)			97,750
Citibank, N.A.			93,843			(81,192	)			12,651				—				12,651
Credit Suisse International			5,619			—				5,619				—				5,619
Deutsche Bank AG			108,722			—				108,722				—				108,722
Goldman Sachs International			138,703			(111,446	)			27,257				—				27,257
HSBC Bank PLC			22,683			(129,791	)			(107,108	)			50,000				(57,108	)
JPMorgan Chase Bank, N.A.			410,667			(145,767	)			264,900				(264,900	)			—
Morgan Stanley & Co. International PLC			141,831			(28,501	)			113,330				—				113,330
Standard Chartered Bank			138,270			(12,281	)			125,989				(125,989	)			—
The Toronto-Dominion Bank			4,778			—				4,778				—				4,778
UBS AG			73,859			(51,406	)			22,453				—				22,453
		$	1,339,042		$	(589,023	)		$	750,019			$	(342,099	)		$	407,920

(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.

48

Statement of Assets and Liabilities   (unaudited)

as of April 30, 2022

Assets
Unaffiliated investments (cost $167,283,522)	$	137,213,518
Foreign currency, at value (cost $22,121)		21,629
Cash segregated for counterparty - OTC		50,000
Dividends and interest receivable		1,859,443
Unrealized appreciation on OTC forward foreign currency exchange contracts		1,135,691
Deposit with broker for centrally cleared/exchange-traded derivatives		860,000
Receivable for Fund shares sold		408,161
Receivable for investments sold		307,237
Due from broker—variation margin swaps		7,229
Unrealized appreciation on OTC cross currency exchange contracts		3,125
Prepaid expenses and other assets		40,525
Total Assets		141,906,558
Liabilities
Payable for Fund shares purchased		1,257,891
Payable for investments purchased		584,988
Unrealized depreciation on OTC forward foreign currency exchange contracts		372,067
Options written outstanding, at value (premiums received $178,221)		216,591
Management fee payable		55,850
Accrued expenses and other liabilities		55,480
Dividends payable		11,920
Due to broker—variation margin futures		2,301
Directors’ fees payable		459
Unrealized depreciation on OTC cross currency exchange contracts		365
Affiliated transfer agent fee payable		317
Distribution fee payable		19
Total Liabilities		2,558,248
Net Assets	$	139,348,310
Net assets were comprised of:
Common stock, at par	$	188
Paid-in capital in excess of par		172,458,691
Total distributable earnings (loss)		(33,110,569	)
Net assets, April 30, 2022	$	139,348,310

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    49

Statement of Assets and Liabilities   (unaudited)

as of April 30, 2022

Class A
Net asset value, offering price and redemption price per share, ($59,563 ÷ 8,019 shares of beneficial interest issued and outstanding)	$	7.43
Maximum sales charge (3.25% of offering price)		0.25
Maximum offering price to public	$	7.68
Class C
Net asset value, offering price and redemption price per share, ($9,036 ÷ 1,217 shares of beneficial interest issued and outstanding)	$	7.43
Class Z
Net asset value, offering price and redemption price per share, ($13,077,104 ÷ 1,759,567 shares of beneficial interest issued and outstanding)	$	7.43
Class R6
Net asset value, offering price and redemption price per share, ($126,202,607 ÷ 16,987,230 shares of beneficial interest issued and outstanding)	$	7.43
Net Asset Values Per Share may not recalculate due to rounding.

See Notes to Financial Statements.

50

Statement of Operations   (unaudited)

Six Months Ended April 30, 2022

Net Investment Income (Loss)
Income
Interest income (net of $8,007 foreign withholding tax)	$	3,719,098
Unaffiliated dividend income		2,390
Affiliated dividend income		1,958
Total income		3,723,446
Expenses
Management fee		487,940
Distribution fee(a)		148
Custodian and accounting fees		37,189
Transfer agent’s fees and expenses (including affiliated expense of $757)(a)		22,792
Registration fees(a)		20,898
Audit fee		18,844
Legal fees and expenses		10,077
Shareholders’ reports		7,978
Directors’ fees		5,369
SEC registration fees		2,421
Miscellaneous		9,885
Total expenses		623,541
Less: Fee waiver and/or expense reimbursement(a)		(126,514	)
Net expenses		497,027
Net investment income (loss)		3,226,419
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		(185,057	)
Futures transactions		(472,769	)
Forward and cross currency contract transactions		775,632
Options written transactions		(427,311	)
Swap agreement transactions		(48,623	)
Foreign currency transactions		(3,284	)
		(361,412	)
Net change in unrealized appreciation (depreciation) on:
Investments		(28,670,874	)
Futures		(142,532	)
Forward and cross currency contracts		714,696
Options written		(37,916	)
Swap agreements		81,213
Foreign currencies		(39,734	)
		(28,095,147	)
Net gain (loss) on investment and foreign currency transactions		(28,456,559	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(25,230,140	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    51

Statement of Operations  (unaudited)

Six Months Ended April 30, 2022

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

	Class A		Class C		Class Z		Class R6
Distribution fee		98		50		—		—
Transfer agent’s fees and expenses		201		22		22,371		198
Registration fees		4,039		4,039		8,732		4,088
Fee waiver and/or expense reimbursement		(4,227)		(4,059)		(33,025)		(85,203)

See Notes to Financial Statements.

52

Statements of Changes in Net Assets   (unaudited)

	Six Months Ended   April 30, 2022				Year Ended October 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	3,226,419			$	5,629,265
Net realized gain (loss) on investment and foreign currency transactions			(361,412	)			845,517
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			(28,095,147	)			1,891,629
Net increase (decrease) in net assets resulting from operations			(25,230,140	)			8,366,411
Dividends and Distributions
Distributions from distributable earnings
Class A			(2,221	)			(2,106	)
Class C			(262	)			(397	)
Class Z			(560,520	)			(1,206,404	)
Class R6			(4,226,374	)			(5,228,489	)
			(4,789,377	)			(6,437,396	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold			35,368,911				81,696,730
Net asset value of shares issued in reinvestment of dividends and distributions			4,616,503				6,292,008
Cost of shares purchased			(25,040,923	)			(52,285,699	)
Net increase (decrease) in net assets from Fund share transactions			14,944,491				35,703,039
Total increase (decrease)			(15,075,026	)			37,632,054
Net Assets:
Beginning of period			154,423,336				116,791,282
End of period		$	139,348,310			$	154,423,336

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund    53

Financial Highlights  (unaudited)

Class A Shares
	Six Months Ended												December 12, 2017(a) through
	April 30,			Year Ended October 31,									October 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$9.06			$8.86			$9.51			$8.88			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.17			0.36			0.38			0.46			0.38
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.55	)		0.25			(0.56	)		0.69			(1.06	)
Total from investment operations		(1.38	)		0.61			(0.18	)		1.15			(0.68	)
Less Dividends and Distributions:
Dividends from net investment income		(0.25	)		(0.41	)		(0.47	)		(0.52	)		(0.43	)
Tax return of capital distributions		-			-			-			-			(0.01	)
Total dividends and distributions		(0.25	)		(0.41	)		(0.47	)		(0.52	)		(0.44	)
Net asset value, end of period		$7.43			$9.06			$8.86			$9.51			$8.88
Total Return(c):		(15.51	)%		6.91	%		(1.82	)%		13.23	%		(6.97	)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$60			$59			$28			$13			$9
Average net assets (000)		$79			$47			$18			$12			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.05	%(e)		1.05	%		1.05	%		1.05	%		1.05	%(e)
Expenses before waivers and/or expense reimbursement		11.84	%(e)		19.07	%		66.11	%		115.95	%		358.14	%(e)
Net investment income (loss)		3.94	%(e)		3.84	%		4.19	%		4.95	%		4.49	%(e)
Portfolio turnover rate(f)		6	%		20	%		23	%		33	%		17	%

(a) Commencement of operations.

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

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

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

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, 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.

54

Class C Shares
	Six Months Ended												December 12, 2017(a) through
	April 30,			Year Ended October 31,									October 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$9.06			$8.86			$9.51			$8.88			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.13			0.28			0.32			0.39			0.31
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.54	)		0.26			(0.57	)		0.69			(1.05	)
Total from investment operations		(1.41	)		0.54			(0.25	)		1.08			(0.74	)
Less Dividends and Distributions:
Dividends from net investment income		(0.22	)		(0.34	)		(0.40	)		(0.45	)		(0.37	)
Tax return of capital distributions		-			-			-			-			(0.01	)
Total dividends and distributions		(0.22	)		(0.34	)		(0.40	)		(0.45	)		(0.38	)
Net asset value, end of period		$7.43			$9.06			$8.86			$9.51			$8.88
Total Return(c):		(15.84	)%		6.11	%		(2.55	)%		12.40	%		(7.58	)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$9			$11			$10			$10			$9
Average net assets (000)		$10			$11			$10			$10			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.80	%(e)		1.80	%		1.80	%		1.80	%		1.80	%(e)
Expenses before waivers and/or expense reimbursement		83.09	%(e)		78.90	%		114.46	%		139.02	%		359.95	%(e)
Net investment income (loss)		3.15	%(e)		3.08	%		3.56	%		4.22	%		3.73	%(e)
Portfolio turnover rate(f)		6	%		20	%		23	%		33	%		17	%

(a) Commencement of operations.

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

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

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

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, 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    55

Financial Highlights   (unaudited) (continued)

Class Z Shares
	Six Months Ended												December 12, 2017(a) through
	April 30,			Year Ended October 31,									October 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$9.06			$8.87			$9.51			$8.88			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.18			0.38			0.40			0.48			0.39
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.55	)		0.25			(0.54	)		0.69			(1.05	)
Total from investment operations		(1.37	)		0.63			(0.14	)		1.17			(0.66	)
Less Dividends and Distributions:
Dividends from net investment income		(0.26	)		(0.44	)		(0.50	)		(0.54	)		(0.45	)
Tax return of capital distributions		-			-			-			-			(0.01	)
Total dividends and distributions		(0.26	)		(0.44	)		(0.50	)		(0.54	)		(0.46	)
Net asset value, end of period		$7.43			$9.06			$8.87			$9.51			$8.88
Total Return(c):		(15.39	)%		7.11	%		(1.43	)%		13.51	%		(6.79	)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$13,077			$18,069			$18,982			$5,782			$2,234
Average net assets (000)		$17,893			$25,561			$10,951			$3,498			$766
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.75	%(e)		0.75	%		0.75	%		0.80	%		0.80	%(e)
Expenses before waivers and/or expense reimbursement		1.12	%(e)		1.07	%		1.53	%		2.41	%		6.65	%(e)
Net investment income (loss)		4.20	%(e)		4.12	%		4.45	%		5.12	%		4.83	%(e)
Portfolio turnover rate(f)		6	%		20	%		23	%		33	%		17	%

(a) Commencement of operations.

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

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

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

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, 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.

56

Class R6 Shares
	Six Months Ended												December 12, 2017(a) through
	April 30,			Year Ended October 31,									October 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$9.06			$8.86			$9.51			$8.88			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.18			0.39			0.43			0.49			0.40
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.54	)		0.26			(0.57	)		0.69			(1.06	)
Total from investment operations		(1.36	)		0.65			(0.14	)		1.18			(0.66	)
Less Dividends and Distributions:
Dividends from net investment income		(0.27	)		(0.45	)		(0.51	)		(0.55	)		(0.45	)
Tax return of capital distributions		-			-			-			-			(0.01	)
Total dividends and distributions		(0.27	)		(0.45	)		(0.51	)		(0.55	)		(0.46	)
Net asset value, end of period		$7.43			$9.06			$8.86			$9.51			$8.88
Total Return(c):		(15.34	)%		7.34	%		(1.44	)%		13.58	%		(6.72	)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$126,203			$136,285			$97,771			$26,493			$23,333
Average net assets (000)		$133,397			$107,966			$30,037			$25,144			$24,014
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.65	%(e)		0.65	%		0.66	%		0.74	%		0.74	%(e)
Expenses before waivers and/or expense reimbursement		0.78	%(e)		0.81	%		1.16	%		1.49	%		1.76	%(e)
Net investment income (loss)		4.31	%(e)		4.24	%		4.69	%		5.27	%		4.82	%(e)
Portfolio turnover rate(f)		6	%		20	%		23	%		33	%		17	%

(a) Commencement of operations.

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

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

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

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, 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    57

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 adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. A record of the Valuation Committee’s actions is subject to the Board’s review at its first quarterly meeting following the quarter in which such actions take place.

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

58

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

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

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

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    59

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

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

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

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

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

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

60

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

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

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

Options: The Fund purchased and/or wrote options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of equities or foreign currency exchange rates with respect to securities or financial instruments which the Fund currently owns or intends to purchase. The Fund may also use options to gain additional market exposure. The Fund’s principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on

PGIM Emerging Markets Debt Hard Currency Fund    61

Notes to Financial Statements   (unaudited) (continued)

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 statement purposes on a daily basis as unrealized gain (loss). When the contract expires or

62

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    63

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 as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases. The Fund’s maximum risk of loss from counterparty credit risk for purchased CDS is the inability of the counterparty to honor the contract up to the notional value due to a credit event.

As a seller of protection on credit default swap agreements, the Fund generally receives an agreed upon payment from the buyer of protection throughout the term of the swap, provided no credit event occurs. As the seller, the Fund effectively increases its investment risk because, in addition to its total net assets, the Fund may be subject to investment exposure on the notional amount of the swap.

The maximum amount of the payment that the Fund, as a seller of protection, could be required to make under a credit default swap agreement would be equal to the notional amount of the underlying security or index contract as a result of a credit event. This potential amount will be partially offset by any recovery values of the respective referenced obligations, or net amounts received from the settlement of buy protection credit default swap agreements which the Fund entered into for the same referenced entity or index. As a buyer of protection, the Fund generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where the Fund is the seller of protection as of period end are disclosed in the footnotes to the Schedule of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

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

64

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    65

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.

Payment-In-Kind: The Fund invested in the open market or received pursuant to debt restructuring, securities that pay-in-kind (PIK) the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income.

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

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

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

66

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

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

Dividends and Distributions: 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 this agreement, the Manager has responsibility for all investment advisory services and supervises the subadviser’s performance of such services.

PGIM Emerging Markets Debt Hard Currency Fund    67

Notes to Financial Statements   (unaudited) (continued)

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.

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended April 30, 2022, 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, 2023, 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 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,

68

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 rate, 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, 2022, 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, 2022, 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. Transfer agent’s fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

The Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a fund of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively. Effective January 2022, the Fund changed its overnight cash sweep vehicle from the Core Fund to an unaffiliated money market fund.

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

PGIM Emerging Markets Debt Hard Currency Fund    69

Notes to Financial Statements   (unaudited) (continued)

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, 2022, no 17a-7 transactions were entered into by the Fund.

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2022, were as follows:

Cost of Purchases	Proceeds from Sales
$23,963,672	$8,297,610

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, 2022, 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 Ultra Short Bond Fund(1)(wb)
$12,463,160		$	8,881,786		$	21,344,946		$—		$—		$—		—		$1,958

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

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

6. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of April 30, 2022 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net         Unrealized    Depreciation
$167,583,001	$2,711,998	$(32,535,919)	$(29,823,921)

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

For federal income tax purposes, the Fund had a capital loss carryforward as of October 31, 2021 of approximately $1,297,000 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

70

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

7. Capital and Ownership

The Fund offers Class A, Class C, Class Z and Class R6 shares . Class A shares are sold with a maximum front-end sales charge of 3.25%. Investors who purchase $500,000 or more of Class A shares and sell those shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1.00% on sales although these purchases are not subject to a front-end sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately eight years (ten years prior to January 22, 2021) after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

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

The RIC is authorized to issue 10,225,000,000 shares of common stock, $0.00001 par value per share, 600,000,000 of which are designated as shares of the Fund. The authorized shares of the Fund are currently classified and designated as follows:

Class	Number of Shares
A	100,000,000
C	100,000,000
Z	200,000,000
R6	200,000,000

As of April 30, 2022, 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	1,257	15.7%
C	1,217	100.0
R6	7,317,516	43.1

PGIM Emerging Markets Debt Hard Currency Fund    71

Notes to Financial Statements   (unaudited) (continued)

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	39.1%
Unaffiliated	2	52.2

Transactions in shares of common stock were as follows:

Share Class	Shares			Amount
Class A
Six months ended April 30, 2022:
Shares sold		37,460		$	319,657
Shares issued in reinvestment of dividends and distributions		224			1,883
Shares purchased		(36,161	)		(307,620	)
Net increase (decrease) in shares outstanding		1,523		$	13,920
Year ended October 31, 2021:
Shares sold		3,166		$	28,994
Shares issued in reinvestment of dividends and distributions		228			2,106
Shares purchased		(63	)		(581	)
Net increase (decrease) in shares outstanding		3,331		$	30,519
Class C
Six months ended April 30, 2022:
Shares issued in reinvestment of dividends and distributions		31		$	261
Net increase (decrease) in shares outstanding		31		$	261
Year ended October 31, 2021:
Shares issued in reinvestment of dividends and distributions		43		$	395
Net increase (decrease) in shares outstanding		43		$	395

72

Share Class	Shares			Amount
Class Z
Six months ended April 30, 2022:
Shares sold		719,425		$	6,143,998
Shares issued in reinvestment of dividends and distributions		46,338			387,985
Shares purchased		(993,877	)		(7,919,043	)
Net increase (decrease) in shares outstanding before conversion		(228,114	)		(1,387,060	)
Shares issued upon conversion from other share class(es)		262			2,039
Shares purchased upon conversion into other share class(es)		(6,402	)		(53,973	)
Net increase (decrease) in shares outstanding		(234,254	)	$	(1,438,994	)
Year ended October 31, 2021:
Shares sold		4,468,483		$	41,307,258
Shares issued in reinvestment of dividends and distributions		115,282			1,064,840
Shares purchased		(1,031,335	)		(9,474,853	)
Net increase (decrease) in shares outstanding before conversion		3,552,430			32,897,245
Shares issued upon conversion from other share class(es)		14,250			132,076
Shares purchased upon conversion into other share class(es)		(3,713,016	)		(34,383,477	)
Net increase (decrease) in shares outstanding		(146,336	)	$	(1,354,156	)
Class R6
Six months ended April 30, 2022:
Shares sold		3,506,098		$	28,905,256
Shares issued in reinvestment of dividends and distributions		505,491			4,226,374
Shares purchased		(2,076,594	)		(16,814,260	)
Net increase (decrease) in shares outstanding before conversion		1,934,995			16,317,370
Shares issued upon conversion from other share class(es)		6,406			53,973
Shares purchased upon conversion into other share class(es)		(262	)		(2,039	)
Net increase (decrease) in shares outstanding		1,941,139		$	16,369,304
Year ended October 31, 2021:
Shares sold		4,369,851		$	40,360,478
Shares issued in reinvestment of dividends and distributions		566,570			5,224,667
Shares purchased		(4,623,318	)		(42,810,265	)
Net increase (decrease) in shares outstanding before conversion		313,103			2,774,880
Shares issued upon conversion from other share class(es)		3,717,030			34,383,477
Shares purchased upon conversion into other share class(es)		(14,263	)		(132,076	)
Net increase (decrease) in shares outstanding		4,015,870		$	37,026,281

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

PGIM Emerging Markets Debt Hard Currency Fund    73

Notes to Financial Statements   (unaudited) (continued)

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.

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

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, 2022.

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.

74

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

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

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

The U.S. Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements and risk exposure limitations. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make derivatives more costly, limit their availability or utility, or otherwise adversely affect their performance or disrupt markets.

Economic and Market Events Risk: Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or

PGIM Emerging Markets Debt Hard Currency Fund    75

Notes to Financial Statements   (unaudited) (continued)

stabilize economic growth or the functioning of the securities markets, may at times result in unusually high market volatility, which could negatively impact performance. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.

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

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

Foreign Securities Risk: Investments in securities of non-U.S. issuers (including those denominated in U.S. dollars) may involve more risk than investing in securities of U.S. issuers. Foreign political, economic and legal systems, especially those in developing and emerging market countries, may be less stable and more volatile than in the United States. 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

76

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

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

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

Junk Bonds Risk: High-yield, high-risk bonds have predominantly speculative characteristics, including particularly high credit risk. Junk bonds tend to have lower market liquidity than higher-rated securities. The liquidity of particular issuers or industries within a particular investment category may shrink or disappear suddenly and without warning. The non-investment grade bond market can experience sudden and sharp price swings and 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

PGIM Emerging Markets Debt Hard Currency Fund    77

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

Market Disruption and Geopolitical Risks: 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), 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.

COVID-19 and the related governmental and public responses have had and may continue to have an impact on the Fund’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. They have also had and may continue to result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. The occurrence, reoccurrence and pendency of public health epidemics could adversely affect the economies and financial markets either in specific countries or worldwide.

78

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

10. Recent Accounting Pronouncement and Regulatory Developments

In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, which provides optional guidance for applying GAAP to contract modifications, hedging relationships and other transactions affected by the reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. Management does not expect ASU 2020-04 to have a material impact on the financial statements.

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule took effect on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Rule and its impact to the Fund.

PGIM Emerging Markets Debt Hard Currency Fund    79

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 LLC (“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 1-3, 2022, 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, 2021 through December 31, 2021 (“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.

80

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

PROXY VOTING

The Board of Directors of the Fund has delegated to the Fund’s subadvisers the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the Fund. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (800) 225-1852 or by visiting the Securities and Exchange Commission’s website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website and on the Securities and Exchange Commission’s website.

DIRECTORS

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

OFFICERS

Stuart S. Parker, President ● Scott E. Benjamin, Vice President ● Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer ●

Claudia DiGiacomo, Chief Legal Officer ● Isabelle Sajous, Chief Compliance Officer ● Jonathan Corbett, Anti-Money Laundering Compliance Officer ●

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

Patrick E. McGuinness, Assistant Secretary ● Debra Rubano, Assistant Secretary ● Lana Lomuti, Assistant Treasurer ● Russ Shupak, Assistant Treasurer ● Elyse M. McLaughlin, Assistant Treasurer ● Deborah Conway, Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISERS	PGIM Fixed Income	655 Broad Street Newark, NJ 07102
	PGIM Limited	Grand Buildings, 1-3 Strand Trafalgar Square London, WC2N 5HR United Kingdom
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

Shareholders can communicate directly with the Board of Directors by writing to the Chair of the Board, PGIM Emerging Markets Debt Hard Currency Fund, PGIM Investments, Attn: Board of Directors, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Director by writing to that Director at the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO HOLDINGS

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov. Form N-PORT is filed with the Commission quarterly, and each Fund’s full portfolio holdings as of the first and third fiscal quarter-ends will be made publicly available 60 days after the end of each quarter 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 that occurred during the period covered by this report that has materially affected, or is likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Controls and Procedures - Disclosure of Securities Lending Activities for Closed-End    

Management Investment Companies – Not applicable.

Item 13 – Exhibits

(a)	(1)  Code of Ethics – Not required, as this is not an annual filing.
	(2)  Certifications pursuant to Section  302 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.CERT.
	(3)  Any written solicitation to purchase securities under Rule 23c-1. – Not applicable.
(b)  Certifications pursuant to Section 906 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:	Prudential World Fund, Inc.
By:	/s/ Andrew R. French
	Andrew R. French
	Secretary
Date:	June 17, 2022

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, 2022
By:	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and Accounting Officer
Date:	June 17, 2022