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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, 6
th
Floor
     Newark, New Jersey 07102
Name and address of agent for service:    Andrew R. French
     655 Broad Street, 6
th
Floor
     Newark, New Jersey 07102
Registrant’s telephone number, including area code:   
800-225-1852
Date of fiscal year end:    10/31/2025
Date of reporting period:    4/30/2025

Item 1 – Reports to Stockholders
(a) Report transmitted to stockholders pursuant to Rule
30e-1
under the Act (17 CFR
270.30e-1).

PGIM Jennison Emerging Markets Equity
Opportunities Fund
Class A:
PDEAX
SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025
This
semiannual shareholder report
contains important information about the Class A shares of PGIM Jennison Emerging Markets Equity
Opportunities Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
PGIM Jennison Emerging Markets Equity
Opportunities Fund—Class A
$63
1.30%
WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?
Fund’s net assets
$
614,002,216
Number of fund holdings
40
Portfolio turnover rate for the period
67%
MF225E2A

WHAT ARE
SOME
CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 4/30/2025?
Industry Classification
% of Net
Assets
Banks
13.4%
Interactive Media & Services
12.5%
Affiliated Mutual Fund - Short-Term Investment
(11.1% represents investments purchased with
collateral from securities on loan)
11.9%
Semiconductors & Semiconductor Equipment
9.9%
Hotels, Restaurants & Leisure
8.7%
Automobiles
7.8%
Capital Markets
7.7%
Aerospace & Defense
5.7%
Broadline Retail
5.5%
Textiles, Apparel & Luxury Goods
5.0%
Technology Hardware, Storage & Peripherals
4.9%
Industry Classification
% of Net
Assets
Real Estate Management & Development
4.0%
Biotechnology
3.7%
Wireless Telecommunication Services
2.5%
Entertainment
2.2%
Health Care Equipment & Supplies
2.0%
Metals & Mining
1.8%
Electrical Equipment
1.2%
Machinery
0.8%
 
111.2%
Liabilities in excess of other assets
(11.2)%
 
100.0%
ADDITIONAL INFORMATION
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Jennison Emerging Markets Equity Opportunities Fund
SHARE CLASS
A
NASDAQ
PDEAX
CUSIP
743969644
MF225E2A


PGIM Jennison Emerging Markets Equity
Opportunities Fund
Class C:
PDECX
SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025
This
semiannual shareholder report
contains important information about the Class C shares of PGIM Jennison Emerging Markets Equity
Opportunities Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
PGIM Jennison Emerging Markets Equity
Opportunities Fund—Class C
$99
2.05%
WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?
Fund’s net assets
$
614,002,216
Number of fund holdings
40
Portfolio turnover rate for the period
67%
MF225E2C

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 4/30/2025?
Industry Classification
% of Net
Assets
Banks
13.4%
Interactive Media & Services
12.5%
Affiliated Mutual Fund - Short-Term Investment
(11.1% represents investments purchased with
collateral from securities on loan)
11.9%
Semiconductors & Semiconductor Equipment
9.9%
Hotels, Restaurants & Leisure
8.7%
Automobiles
7.8%
Capital Markets
7.7%
Aerospace & Defense
5.7%
Broadline Retail
5.5%
Textiles, Apparel & Luxury Goods
5.0%
Technology Hardware, Storage & Peripherals
4.9%
Industry Classification
% of Net
Assets
Real Estate Management & Development
4.0%
Biotechnology
3.7%
Wireless Telecommunication Services
2.5%
Entertainment
2.2%
Health Care Equipment & Supplies
2.0%
Metals & Mining
1.8%
Electrical Equipment
1.2%
Machinery
0.8%
 
111.2%
Liabilities in excess of other assets
(11.2)%
 
100.0%
ADDITIONAL INFORMATION
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Jennison Emerging Markets Equity
Opportunities
Fund
SHARE CLASS
C
NASDAQ
PDECX
CUSIP
743969636
MF225E2C


PGIM Jennison Emerging Markets Equity
Opportunities Fund
Class Z:
PDEZX
SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025
This
semiannual shareholder report
contains important information about the Class Z shares of PGIM Jennison Emerging Markets Equity
Opportunities Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
PGIM Jennison Emerging Markets Equity
Opportunities Fund—Class Z
$51
1.05%
WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?
Fund’s net assets
$
614,002,216
Number of fund holdings
40
Portfolio turnover rate for the period
67%
MF225E2Z

WHAT
ARE
SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 4/30/2025?
Industry Classification
% of Net
Assets
Banks
13.4%
Interactive Media & Services
12.5%
Affiliated Mutual Fund - Short-Term Investment
(11.1% represents investments purchased with
collateral from securities on loan)
11.9%
Semiconductors & Semiconductor Equipment
9.9%
Hotels, Restaurants & Leisure
8.7%
Automobiles
7.8%
Capital Markets
7.7%
Aerospace & Defense
5.7%
Broadline Retail
5.5%
Textiles, Apparel & Luxury Goods
5.0%
Technology Hardware, Storage & Peripherals
4.9%
Industry Classification
% of Net
Assets
Real Estate Management & Development
4.0%
Biotechnology
3.7%
Wireless Telecommunication Services
2.5%
Entertainment
2.2%
Health Care Equipment & Supplies
2.0%
Metals & Mining
1.8%
Electrical Equipment
1.2%
Machinery
0.8%
 
111.2%
Liabilities in excess of other assets
(11.2)%
 
100.0%
ADDITIONAL INFORMATION
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Jennison Emerging Markets Equity Opportunities Fund
SHARE CLASS
Z
NASDAQ
PDEZX
CUSIP
743969610
MF225E2Z


PGIM Jennison Emerging Markets Equity
Opportunities Fund
Class R6:
PDEQX
SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025
This
semiannual shareholder report
contains important information about the Class R6 shares of PGIM Jennison Emerging Markets Equity
Opportunities Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
PGIM Jennison Emerging Markets Equity
Opportunities Fund—Class R6
$48
0.98%
WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?
Fund’s net assets
$
614,002,216
Number of fund holdings
40
Portfolio turnover rate for the period
67%
MF225E2R6

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 4/30/2025?
Industry Classification
% of Net
Assets
Banks
13.4%
Interactive Media & Services
12.5%
Affiliated Mutual Fund - Short-Term Investment
(11.1% represents investments purchased with
collateral from securities on loan)
11.9%
Semiconductors & Semiconductor Equipment
9.9%
Hotels, Restaurants & Leisure
8.7%
Automobiles
7.8%
Capital Markets
7.7%
Aerospace & Defense
5.7%
Broadline Retail
5.5%
Textiles, Apparel & Luxury Goods
5.0%
Technology Hardware, Storage & Peripherals
4.9%
Industry Classification
% of Net
Assets
Real Estate Management & Development
4.0%
Biotechnology
3.7%
Wireless Telecommunication Services
2.5%
Entertainment
2.2%
Health Care Equipment & Supplies
2.0%
Metals & Mining
1.8%
Electrical Equipment
1.2%
Machinery
0.8%
 
111.2%
Liabilities in excess of other assets
(11.2)%
 
100.0%
ADDITIONAL
INFORMATION
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Jennison Emerging Markets Equity Opportunities Fund
SHARE CLASS
R6
NASDAQ
PDEQX
CUSIP
743969628
MF225E2R6


PGIM Jennison Global Infrastructure Fund
Class A:
PGJAX
SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025
This
semiannual shareholder report
contains important information about the Class A shares of PGIM Jennison Global Infrastructure Fund (the
“Fund”) for the period of November 1, 2024 to April 30, 2025.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
PGIM Jennison Global Infrastructure Fund—Class A
$77
1.50%
WHAT ARE SOME KEY FUND
STATISTICS
AS OF 4/30/2025?
Fund’s net assets
$
44,444,113
Number of fund holdings
52
Portfolio turnover rate for the period
49%
MF217E2A

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 4/30/2025?
Industry Classification
% of Net
Assets
Electric Utilities
28.5%
Multi-Utilities
19.1%
Transportation Infrastructure
12.8%
Oil, Gas & Consumable Fuels
10.3%
Construction & Engineering
8.2%
Ground Transportation
6.7%
Specialized REITs
5.0%
Affiliated Mutual Fund - Short-Term Investment
(2.1% represents investments purchased with
collateral from securities on loan)
3.5%
Industry Classification
% of Net
Assets
Water Utilities
3.0%
Gas Utilities
2.1%
Commercial Services & Supplies
2.0%
Independent Power & Renewable Electricity
Producers
1.1%
 
102.3%
Liabilities in excess of other assets
(2.3)%
 
100.0%
ADDITIONAL INFORMATION
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Jennison Global Infrastructure Fund
SHARE CLASS
A
NASDAQ
PGJAX
CUSIP
743969792
MF217E2A


PGIM Jennison Global Infrastructure Fund
Class C:
PGJCX
SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025
This
semiannual shareholder report
contains important information about the Class C shares of PGIM Jennison Global Infrastructure Fund (the
“Fund”) for the period of November 1, 2024 to April 30, 2025.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
PGIM Jennison Global Infrastructure Fund—Class C
$115
2.25%
WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?
Fund’s net assets
$
44,444,113
Number of fund holdings
52
Portfolio turnover rate for the period
49%
MF217E2C

WHAT ARE SOME
CHARACTERISTICS
OF THE FUND’S HOLDINGS AS OF 4/30/2025?
Industry Classification
% of Net
Assets
Electric Utilities
28.5%
Multi-Utilities
19.1%
Transportation Infrastructure
12.8%
Oil, Gas & Consumable Fuels
10.3%
Construction & Engineering
8.2%
Ground Transportation
6.7%
Specialized REITs
5.0%
Affiliated Mutual Fund - Short-Term Investment
(2.1% represents investments purchased with
collateral from securities on loan)
3.5%
Industry Classification
% of Net
Assets
Water Utilities
3.0%
Gas Utilities
2.1%
Commercial Services & Supplies
2.0%
Independent Power & Renewable Electricity
Producers
1.1%
 
102.3%
Liabilities in excess of other assets
(2.3)%
 
100.0%
ADDITIONAL INFORMATION
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Jennison Global Infrastructure Fund
SHARE CLASS
C
NASDAQ
PGJCX
CUSIP
743969784
MF217E2C


PGIM Jennison Global Infrastructure Fund
Class Z:
PGJZX
SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025
This
semiannual shareholder report
contains important information about the Class Z shares of PGIM Jennison Global Infrastructure Fund (the
“Fund”) for the period of November 1, 2024 to April 30, 2025.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
PGIM Jennison Global Infrastructure Fund—Class Z
$60
1.17%
WHAT ARE
SOME
KEY FUND STATISTICS AS OF 4/30/2025?
Fund’s net assets
$
44,444,113
Number of fund holdings
52
Portfolio turnover rate for the period
49%
MF217E2Z

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 4/30/2025?
Industry Classification
% of Net
Assets
Electric Utilities
28.5%
Multi-Utilities
19.1%
Transportation Infrastructure
12.8%
Oil, Gas & Consumable Fuels
10.3%
Construction & Engineering
8.2%
Ground Transportation
6.7%
Specialized REITs
5.0%
Affiliated Mutual Fund - Short-Term Investment
(2.1% represents investments purchased with
collateral from securities on loan)
3.5%
Industry Classification
% of Net
Assets
Water Utilities
3.0%
Gas Utilities
2.1%
Commercial Services & Supplies
2.0%
Independent Power & Renewable Electricity
Producers
1.1%
 
102.3%
Liabilities in excess of other assets
(2.3)%
 
100.0%
ADDITIONAL INFORMATION
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Jennison Global Infrastructure Fund
SHARE CLASS
Z
NASDAQ
PGJZX
CUSIP
743969776
MF217E2Z


PGIM Jennison Global Infrastructure Fund
Class R6:
PGJQX
SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025
This
semiannual shareholder report
contains important information about the Class R6 shares of PGIM Jennison Global Infrastructure Fund (the
“Fund”) for the period of November 1, 2024 to April 30, 2025.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
PGIM Jennison Global Infrastructure Fund—Class
R6
$60
1.17%
WHAT ARE SOME
KEY
FUND STATISTICS AS OF 4/30/2025?
Fund’s net assets
$
44,444,113
Number of fund holdings
52
Portfolio turnover rate for the period
49%
MF217E2R6

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 4/30/2025?
Industry Classification
% of Net
Assets
Electric Utilities
28.5%
Multi-Utilities
19.1%
Transportation Infrastructure
12.8%
Oil, Gas & Consumable Fuels
10.3%
Construction & Engineering
8.2%
Ground Transportation
6.7%
Specialized REITs
5.0%
Affiliated Mutual Fund - Short-Term Investment
(2.1% represents investments purchased with
collateral from securities on loan)
3.5%
Industry Classification
% of Net
Assets
Water Utilities
3.0%
Gas Utilities
2.1%
Commercial Services & Supplies
2.0%
Independent Power & Renewable Electricity
Producers
1.1%
 
102.3%
Liabilities in excess of other assets
(2.3)%
 
100.0%
ADDITIONAL INFORMATION
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Jennison Global Infrastructure Fund
SHARE CLASS
R6
NASDAQ
PGJQX
CUSIP
743969560
MF217E2R6


PGIM Jennison Global Opportunities Fund
Class A:
PRJAX
SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025
This
semiannual shareholder report
contains important information about the Class A shares of PGIM Jennison Global Opportunities Fund (the
“Fund”) for the period of November 1, 2024 to April 30, 2025.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
PGIM Jennison Global Opportunities Fund—Class A
$52
1.08%
WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?
Fund’s net assets
$
6,073,928,485
Number of fund holdings
41
Portfolio turnover rate for the period
75%
MF214E2A

WHAT ARE
SOME
CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 4/30/2025?
Industry Classification
% of Net
Assets
Software
16.7%
Entertainment
12.0%
Affiliated Mutual Fund - Short-Term Investment
(4.3% represents investments purchased with
collateral from securities on loan)
9.0%
Textiles, Apparel & Luxury Goods
8.7%
Technology Hardware, Storage & Peripherals
8.1%
Pharmaceuticals
7.1%
Automobiles
6.7%
Broadline Retail
6.4%
Specialty Retail
5.5%
Interactive Media & Services
4.9%
Consumer Staples Distribution & Retail
3.0%
Industry Classification
% of Net
Assets
Personal Care Products
3.0%
Biotechnology
2.7%
IT Services
2.4%
Semiconductors & Semiconductor Equipment
2.4%
Hotels, Restaurants & Leisure
2.2%
Health Care Equipment & Supplies
1.5%
Banks
1.2%
Construction & Engineering
0.9%
 
104.4%
Liabilities in excess of other assets
(4.4)%
 
100.0%
ADDITIONAL INFORMATION
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Jennison Global Opportunities Fund
SHARE CLASS
A
NASDAQ
PRJAX
CUSIP
743969719
MF214E2A


PGIM Jennison Global Opportunities Fund
Class C:
PRJCX
SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025
This
semiannual shareholder report
contains important information about the Class C shares of PGIM Jennison Global Opportunities Fund (the
“Fund”) for the period of November 1, 2024 to April 30, 2025.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
PGIM Jennison Global Opportunities Fund—Class C
$92
1.92%
WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?
Fund’s net assets
$
6,073,928,485
Number of fund holdings
41
Portfolio turnover rate for the period
75%
MF214E2C

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 4/30/2025?
Industry Classification
% of Net
Assets
Software
16.7%
Entertainment
12.0%
Affiliated Mutual Fund - Short-Term Investment
(4.3% represents investments purchased with
collateral from securities on loan)
9.0%
Textiles, Apparel & Luxury Goods
8.7%
Technology Hardware, Storage & Peripherals
8.1%
Pharmaceuticals
7.1%
Automobiles
6.7%
Broadline Retail
6.4%
Specialty Retail
5.5%
Interactive Media & Services
4.9%
Consumer Staples Distribution & Retail
3.0%
Industry Classification
% of Net
Assets
Personal Care Products
3.0%
Biotechnology
2.7%
IT Services
2.4%
Semiconductors & Semiconductor Equipment
2.4%
Hotels, Restaurants & Leisure
2.2%
Health Care Equipment & Supplies
1.5%
Banks
1.2%
Construction & Engineering
0.9%
 
104.4%
Liabilities in excess of other assets
(4.4)%
 
100.0%
ADDITIONAL INFORMATION
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Jennison Global Opportunities Fund
SHARE CLASS
C
NASDAQ
PRJCX
CUSIP
743969693
MF214E2C


PGIM Jennison Global Opportunities Fund
Class Z:
PRJZX
SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025
This
semiannual shareholder report
contains important information about the Class Z shares of PGIM Jennison Global Opportunities Fund (the
“Fund”) for the period of November 1, 2024 to April 30, 2025.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
PGIM Jennison Global Opportunities Fund—Class Z
$45
0.93%
WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?
Fund’s net assets
$
6,073,928,485
Number of fund holdings
41
Portfolio turnover rate for the period
75%
MF214E2Z

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 4/30/2025?
Industry Classification
% of Net
Assets
Software
16.7%
Entertainment
12.0%
Affiliated Mutual Fund - Short-Term Investment
(4.3% represents investments purchased with
collateral from securities on loan)
9.0%
Textiles, Apparel & Luxury Goods
8.7%
Technology Hardware, Storage & Peripherals
8.1%
Pharmaceuticals
7.1%
Automobiles
6.7%
Broadline Retail
6.4%
Specialty Retail
5.5%
Interactive Media & Services
4.9%
Consumer Staples Distribution & Retail
3.0%
Industry Classification
% of Net
Assets
Personal Care Products
3.0%
Biotechnology
2.7%
IT Services
2.4%
Semiconductors & Semiconductor Equipment
2.4%
Hotels, Restaurants & Leisure
2.2%
Health Care Equipment & Supplies
1.5%
Banks
1.2%
Construction & Engineering
0.9%
 
104.4%
Liabilities in excess of other assets
(4.4)%
 
100.0%
ADDITIONAL INFORMATION
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Jennison Global Opportunities Fund
SHARE CLASS
Z
NASDAQ
PRJZX
CUSIP
743969685
MF214E2Z


PGIM Jennison Global Opportunities Fund
Class R2:
PRJBX
SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025
This
semiannual shareholder report
contains important information about the Class R2 shares of PGIM Jennison Global Opportunities Fund (the
“Fund”) for the period of November 1, 2024 to April 30, 2025.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
PGIM Jennison Global Opportunities Fund—Class
R2
$65
1.34%
WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?
Fund’s net assets
$
6,073,928,485
Number of fund holdings
41
Portfolio turnover rate for the period
75%
MF214E2R2

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 4/30/2025?
Industry Classification
% of Net
Assets
Software
16.7%
Entertainment
12.0%
Affiliated Mutual Fund - Short-Term Investment
(4.3% represents investments purchased with
collateral from securities on loan)
9.0%
Textiles, Apparel & Luxury Goods
8.7%
Technology Hardware, Storage & Peripherals
8.1%
Pharmaceuticals
7.1%
Automobiles
6.7%
Broadline Retail
6.4%
Specialty Retail
5.5%
Interactive Media & Services
4.9%
Consumer Staples Distribution & Retail
3.0%
Industry Classification
% of Net
Assets
Personal Care Products
3.0%
Biotechnology
2.7%
IT Services
2.4%
Semiconductors & Semiconductor Equipment
2.4%
Hotels, Restaurants & Leisure
2.2%
Health Care Equipment & Supplies
1.5%
Banks
1.2%
Construction & Engineering
0.9%
 
104.4%
Liabilities in excess of other assets
(4.4)%
 
100.0%
ADDITIONAL INFORMATION
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Jennison Global Opportunities Fund
SHARE CLASS
R2
NASDAQ
PRJBX
CUSIP
743969438
MF214E2R2


PGIM Jennison Global Opportunities Fund
Class R4:
PRJDX
SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025
This
semiannual shareholder report
contains important information about the Class R4 shares of PGIM Jennison Global Opportunities Fund (the
“Fund”) for the period of November 1, 2024 to April 30, 2025.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
PGIM Jennison Global Opportunities Fund—Class
R4
$53
1.09%
WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?
Fund’s net assets
$
6,073,928,485
Number of fund holdings
41
Portfolio turnover rate for the period
75%
MF214E2R4

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 4/30/2025?
Industry Classification
% of Net
Assets
Software
16.7%
Entertainment
12.0%
Affiliated Mutual Fund - Short-Term Investment
(4.3% represents investments purchased with
collateral from securities on loan)
9.0%
Textiles, Apparel & Luxury Goods
8.7%
Technology Hardware, Storage & Peripherals
8.1%
Pharmaceuticals
7.1%
Automobiles
6.7%
Broadline Retail
6.4%
Specialty Retail
5.5%
Interactive Media & Services
4.9%
Consumer Staples Distribution & Retail
3.0%
Industry Classification
% of Net
Assets
Personal Care Products
3.0%
Biotechnology
2.7%
IT Services
2.4%
Semiconductors & Semiconductor Equipment
2.4%
Hotels, Restaurants & Leisure
2.2%
Health Care Equipment & Supplies
1.5%
Banks
1.2%
Construction & Engineering
0.9%
 
104.4%
Liabilities in excess of other assets
(4.4)%
 
100.0%
ADDITIONAL INFORMATION
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Jennison Global Opportunities Fund
SHARE CLASS
R4
NASDAQ
PRJDX
CUSIP
743969420
MF214E2R4


PGIM Jennison Global Opportunities Fund
Class R6:
PRJQX
SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025
This
semiannual shareholder report
contains important information about the Class R6 shares of PGIM Jennison Global Opportunities Fund (the
“Fund”) for the period of November 1, 2024 to April 30, 2025.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
PGIM Jennison Global Opportunities Fund—Class
R6
$40
0.82%
WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?
Fund’s net assets
$
6,073,928,485
Number of fund holdings
41
Portfolio turnover rate for the period
75%
MF214E2R6

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 4/30/2025?
Industry Classification
% of Net
Assets
Software
16.7%
Entertainment
12.0%
Affiliated Mutual Fund - Short-Term Investment
(4.3% represents investments purchased with
collateral from securities on loan)
9.0%
Textiles, Apparel & Luxury Goods
8.7%
Technology Hardware, Storage & Peripherals
8.1%
Pharmaceuticals
7.1%
Automobiles
6.7%
Broadline Retail
6.4%
Specialty Retail
5.5%
Interactive Media & Services
4.9%
Consumer Staples Distribution & Retail
3.0%
Industry Classification
% of Net
Assets
Personal Care Products
3.0%
Biotechnology
2.7%
IT Services
2.4%
Semiconductors & Semiconductor Equipment
2.4%
Hotels, Restaurants & Leisure
2.2%
Health Care Equipment & Supplies
1.5%
Banks
1.2%
Construction & Engineering
0.9%
 
104.4%
Liabilities in excess of other assets
(4.4)%
 
100.0%
ADDITIONAL INFORMATION
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Jennison Global Opportunities Fund
SHARE CLASS
R6
NASDAQ
PRJQX
CUSIP
743969594
MF214E2R6


PGIM Jennison International Opportunities Fund
Class A:
PWJAX
SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025
This
semiannual shareholder report
contains important information about the Class A shares of PGIM Jennison International Opportunities Fund
(the “Fund”) for the period of November 1, 2024 to April 30, 2025.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
PGIM Jennison International Opportunities Fund—
Class A
$54
1.09%
WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?
Fund’s net assets
$
5,138,902,694
Number of fund holdings
35
Portfolio turnover rate for the period
54%
MF215E2A

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 4/30/2025?
Industry Classification
% of Net
Assets
Software
12.6%
Textiles, Apparel & Luxury Goods
11.9%
Aerospace & Defense
11.8%
Affiliated Mutual Fund - Short-Term Investment
(4.4% represents investments purchased with
collateral from securities on loan)
10.2%
Automobiles
7.4%
Hotels, Restaurants & Leisure
6.3%
Entertainment
6.3%
Broadline Retail
5.3%
Technology Hardware, Storage & Peripherals
4.2%
Pharmaceuticals
3.8%
Specialty Retail
3.8%
Personal Care Products
3.1%
Industry Classification
% of Net
Assets
Semiconductors & Semiconductor Equipment
2.9%
Biotechnology
2.5%
Health Care Equipment & Supplies
2.3%
Electronic Equipment, Instruments & Components
2.2%
Financial Services
2.0%
Life Sciences Tools & Services
1.6%
IT Services
1.6%
Banks
1.4%
Electrical Equipment
0.7%
 
103.9%
Liabilities in excess of other assets
(3.9)%
 
100.0%
ADDITIONAL INFORMATION
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Jennison International Opportunities Fund
SHARE CLASS
A
NASDAQ
PWJAX
CUSIP
743969677
MF215E2A


PGIM Jennison International Opportunities Fund
Class C:
PWJCX
SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025
This
semiannual shareholder report
contains important information about the Class C shares of PGIM Jennison International Opportunities Fund
(the “Fund”) for the period of November 1, 2024 to April 30, 2025.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
PGIM Jennison International Opportunities Fund—
Class C
$95
1.91%
WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?
Fund’s net assets
$
5,138,902,694
Number of fund holdings
35
Portfolio turnover rate for the period
54%
MF215E2C

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 4/30/2025?
Industry Classification
% of Net
Assets
Software
12.6%
Textiles, Apparel & Luxury Goods
11.9%
Aerospace & Defense
11.8%
Affiliated Mutual Fund - Short-Term Investment
(4.4% represents investments purchased with
collateral from securities on loan)
10.2%
Automobiles
7.4%
Hotels, Restaurants & Leisure
6.3%
Entertainment
6.3%
Broadline Retail
5.3%
Technology Hardware, Storage & Peripherals
4.2%
Pharmaceuticals
3.8%
Specialty Retail
3.8%
Personal Care Products
3.1%
Industry Classification
% of Net
Assets
Semiconductors & Semiconductor Equipment
2.9%
Biotechnology
2.5%
Health Care Equipment & Supplies
2.3%
Electronic Equipment, Instruments & Components
2.2%
Financial Services
2.0%
Life Sciences Tools & Services
1.6%
IT Services
1.6%
Banks
1.4%
Electrical Equipment
0.7%
 
103.9%
Liabilities in excess of other assets
(3.9)%
 
100.0%
ADDITIONAL INFORMATION
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Jennison International Opportunities Fund
SHARE CLASS
C
NASDAQ
PWJCX
CUSIP
743969669
MF215E2C


PGIM Jennison International Opportunities Fund
Class R:
PWJRX
SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025
This
semiannual shareholder report
contains important information about the Class R shares of PGIM Jennison International Opportunities Fund
(the “Fund”) for the period of November 1, 2024 to April 30, 2025.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
PGIM Jennison International Opportunities Fund—
Class R
$72
1.45%
WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?
Fund’s net assets
$
5,138,902,694
Number of fund holdings
35
Portfolio turnover rate for the period
54%
MF215E2R

WHAT ARE SOME CHAR
ACT
ERISTICS OF THE FUND’S HOLDINGS AS OF 4/30/2025?
Industry Classification
% of Net
Assets
Software
12.6%
Textiles, Apparel & Luxury Goods
11.9%
Aerospace & Defense
11.8%
Affiliated Mutual Fund - Short-Term Investment
(4.4% represents investments purchased with
collateral from securities on loan)
10.2%
Automobiles
7.4%
Hotels, Restaurants & Leisure
6.3%
Entertainment
6.3%
Broadline Retail
5.3%
Technology Hardware, Storage & Peripherals
4.2%
Pharmaceuticals
3.8%
Specialty Retail
3.8%
Personal Care Products
3.1%
Industry Classification
% of Net
Assets
Semiconductors & Semiconductor Equipment
2.9%
Biotechnology
2.5%
Health Care Equipment & Supplies
2.3%
Electronic Equipment, Instruments & Components
2.2%
Financial Services
2.0%
Life Sciences Tools & Services
1.6%
IT Services
1.6%
Banks
1.4%
Electrical Equipment
0.7%
 
103.9%
Liabilities in excess of other assets
(3.9)%
 
100.0%
ADDITIONAL INFORMATION
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Jennison International Opportunities Fund
SHARE CLASS
R
NASDAQ
PWJRX
CUSIP
743969487
MF215E2R


PGIM Jennison International Opportunities Fund
Class Z:
PWJZX
SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025
This
semiannual shareholder report
contains important information about the Class Z shares of PGIM Jennison International Opportunities Fund
(the “Fund”) for the period of November 1, 2024 to April 30, 2025.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
PGIM Jennison International Opportunities Fund—
Class Z
$45
0.90%
WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?
Fund’s net assets
$
5,138,902,694
Number of fund holdings
35
Portfolio turnover rate for the period
54%
MF215E2Z

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 4/30/2025?
Industry Classification
% of Net
Assets
Software
12.6%
Textiles, Apparel & Luxury Goods
11.9%
Aerospace & Defense
11.8%
Affiliated Mutual Fund - Short-Term Investment
(4.4% represents investments purchased with
collateral from securities on loan)
10.2%
Automobiles
7.4%
Hotels, Restaurants & Leisure
6.3%
Entertainment
6.3%
Broadline Retail
5.3%
Technology Hardware, Storage & Peripherals
4.2%
Pharmaceuticals
3.8%
Specialty Retail
3.8%
Personal Care Products
3.1%
Industry Classification
% of Net
Assets
Semiconductors & Semiconductor Equipment
2.9%
Biotechnology
2.5%
Health Care Equipment & Supplies
2.3%
Electronic Equipment, Instruments & Components
2.2%
Financial Services
2.0%
Life Sciences Tools & Services
1.6%
IT Services
1.6%
Banks
1.4%
Electrical Equipment
0.7%
 
103.9%
Liabilities in excess of other assets
(3.9)%
 
100.0%
ADDITIONAL INFORMATION
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Jennison International Opportunities Fund
SHARE CLASS
Z
NASDAQ
PWJZX
CUSIP
743969651
MF215E2Z


PGIM Jennison International Opportunities Fund
Class R2:
PWJBX
SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025
This
semiannual shareholder report
contains important information about the Class R2 shares of PGIM Jennison International Opportunities Fund
(the “Fund”) for the period of November 1, 2024 to April 30, 2025.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
PGIM Jennison International Opportunities Fund—
Class R2
$67
1.34%
WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?
Fund’s net assets
$
5,138,902,694
Number of fund holdings
35
Portfolio turnover rate for the period
54%
MF215E2R2

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 4/30/2025?
Industry Classification
% of Net
Assets
Software
12.6%
Textiles, Apparel & Luxury Goods
11.9%
Aerospace & Defense
11.8%
Affiliated Mutual Fund - Short-Term Investment
(4.4% represents investments purchased with
collateral from securities on loan)
10.2%
Automobiles
7.4%
Hotels, Restaurants & Leisure
6.3%
Entertainment
6.3%
Broadline Retail
5.3%
Technology Hardware, Storage & Peripherals
4.2%
Pharmaceuticals
3.8%
Specialty Retail
3.8%
Personal Care Products
3.1%
Industry Classification
% of Net
Assets
Semiconductors & Semiconductor Equipment
2.9%
Biotechnology
2.5%
Health Care Equipment & Supplies
2.3%
Electronic Equipment, Instruments & Components
2.2%
Financial Services
2.0%
Life Sciences Tools & Services
1.6%
IT Services
1.6%
Banks
1.4%
Electrical Equipment
0.7%
 
103.9%
Liabilities in excess of other assets
(3.9)%
 
100.0%
ADDITIONAL INFORMATION
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Jennison International Opportunities Fund
SHARE CLASS
R2
NASDAQ
PWJBX
CUSIP
743969412
MF215E2R2


PGIM Jennison International Opportunities Fund
Class R4:
PWJDX
SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025
This
semiannual shareholder report
contains important information about the Class R4 shares of PGIM Jennison International Opportunities Fund
(the “Fund”) for the period of November 1, 2024 to April 30, 2025.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
PGIM Jennison International Opportunities Fund—
Class R4
$54
1.09%
WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?
Fund’s net assets
$
5,138,902,694
Number of fund holdings
35
Portfolio turnover rate for the period
54%
MF215E2R4

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 4/30/2025?
Industry Classification
% of Net
Assets
Software
12.6%
Textiles, Apparel & Luxury Goods
11.9%
Aerospace & Defense
11.8%
Affiliated Mutual Fund - Short-Term Investment
(4.4% represents investments purchased with
collateral from securities on loan)
10.2%
Automobiles
7.4%
Hotels, Restaurants & Leisure
6.3%
Entertainment
6.3%
Broadline Retail
5.3%
Technology Hardware, Storage & Peripherals
4.2%
Pharmaceuticals
3.8%
Specialty Retail
3.8%
Personal Care Products
3.1%
Industry Classification
% of Net
Assets
Semiconductors & Semiconductor Equipment
2.9%
Biotechnology
2.5%
Health Care Equipment & Supplies
2.3%
Electronic Equipment, Instruments & Components
2.2%
Financial Services
2.0%
Life Sciences Tools & Services
1.6%
IT Services
1.6%
Banks
1.4%
Electrical Equipment
0.7%
 
103.9%
Liabilities in excess of other assets
(3.9)%
 
100.0%
ADDITIONAL INFORMATION
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Jennison International Opportunities Fund
SHARE CLASS
R4
NASDAQ
PWJDX
CUSIP
743969396
MF215E2R4


PGIM Jennison International Opportunities Fund
Class R6:
PWJQX
SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025
This
semiannual shareholder report
contains important information about the Class R6 shares of PGIM Jennison International Opportunities Fund
(the “Fund”) for the period of November 1, 2024 to April 30, 2025.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
PGIM Jennison International Opportunities Fund—
Class R6
$42
0.84%
WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?
Fund’s net assets
$
5,138,902,694
Number of fund holdings
35
Portfolio turnover rate for the period
54%
MF215E2R6

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 4/30/2025?
Industry Classification
% of Net
Assets
Software
12.6%
Textiles, Apparel & Luxury Goods
11.9%
Aerospace & Defense
11.8%
Affiliated Mutual Fund - Short-Term Investment
(4.4% represents investments purchased with
collateral from securities on loan)
10.2%
Automobiles
7.4%
Hotels, Restaurants & Leisure
6.3%
Entertainment
6.3%
Broadline Retail
5.3%
Technology Hardware, Storage & Peripherals
4.2%
Pharmaceuticals
3.8%
Specialty Retail
3.8%
Personal Care Products
3.1%
Industry Classification
% of Net
Assets
Semiconductors & Semiconductor Equipment
2.9%
Biotechnology
2.5%
Health Care Equipment & Supplies
2.3%
Electronic Equipment, Instruments & Components
2.2%
Financial Services
2.0%
Life Sciences Tools & Services
1.6%
IT Services
1.6%
Banks
1.4%
Electrical Equipment
0.7%
 
103.9%
Liabilities in excess of other assets
(3.9)%
 
100.0%
ADDITIONAL INFORMATION
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Jennison International Opportunities Fund
SHARE CLASS
R6
NASDAQ
PWJQX
CUSIP
743969586
MF215E2R6


PGIM Quant Solutions International Equity Fund
Class A
:
PJRAX
SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025
This
semiannual shareholder report
contains important information about the Class A shares of PGIM Quant Solutions International Equity Fund
(the “Fund”) for the period of November 1, 2024 to April 30, 2025.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
PGIM Quant Solutions International Equity Fund—
Class A
$72
1.39%
WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?
Fund’s net assets
$
244,231,824
Number of fund holdings
399
Portfolio turnover rate for the period
59%
MF190E2A

WHAT ARE SOME CHARA
CTER
ISTICS OF THE FUND’S HOLDINGS AS OF 4/30/2025?
Industry Classification
% of Net
Assets
Affiliated Mutual Fund - Short-Term Investment
(3.7% represents investments purchased with
collateral from securities on loan)
16.6%
Banks
15.2%
Pharmaceuticals
7.3%
Insurance
6.0%
Metals & Mining
5.0%
Semiconductors & Semiconductor Equipment
4.9%
Aerospace & Defense
3.5%
Oil, Gas & Consumable Fuels
3.2%
Unaffiliated Exchange-Traded Funds - Equity
2.9%
Automobiles
2.6%
Capital Markets
2.5%
Consumer Staples Distribution & Retail
2.4%
Diversified Telecommunication Services
2.4%
Specialty Retail
2.3%
Machinery
2.2%
Technology Hardware, Storage & Peripherals
1.9%
Food Products
1.8%
IT Services
1.7%
Electric Utilities
1.6%
Entertainment
1.6%
Construction & Engineering
1.5%
Electrical Equipment
1.4%
Interactive Media & Services
1.4%
Industrial Conglomerates
1.3%
Broadline Retail
1.3%
Automobile Com
po
nents
1.2%
Industry Classification
% of Net
Assets
Real Estate Management & Development
1.2%
Tobacco
1.1%
Wireless Telecommunication Services
1.1%
Household Durables
1.1%
Multi-Utilities
1.1%
Hotels, Restaurants & Leisure
1.1%
Household Products
1.1%
U.S. Treasury Obligations
0.9%
Software
0.8%
Textiles, Apparel & Luxury Goods
0.8%
Passenger Airlines
0.8%
Construction Materials
0.8%
Building Products
0.7%
Communications Equipment
0.7%
Marine Transportation
0.6%
Retail REITs
0.6%
Chemicals
0.6%
Commercial Services & Supplies
0.5%
Electronic Equipment, Instruments & Components
0.5%
Financial Services
0.5%
Others*
2.5%
 
114.8%
Liabilities in excess of other assets
(14.8)%
 
100.0%
*
Consists of Industries that each make up less than 0.5% of the Fund's net assets

ADDITIONAL INFORMATION
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Quant Solutions International Equity Fund
SHARE CLASS
A
NASDAQ
PJRAX
CUSIP
743969859
MF190E2A


PGIM Quant Solutions International Equity Fund
Class C:
PJRCX
SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025
This
semiannual shareholder report
contains important information about the Class C shares of PGIM Quant Solutions International Equity Fund
(the “Fund”) for the period of November 1, 2024 to April 30, 2025.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
PGIM Quant Solutions International Equity Fund—
Class C
$139
2.69%
WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?
Fund’s net assets
$
244,231,824
Number of fund holdings
399
Portfolio turnover rate for the period
59%
MF190E2C

WHAT ARE SOME CHA
RACTE
RISTICS OF THE FUND’S HOLDINGS AS OF 4/30/2025?
Industry Classification
% of Net
Assets
Affiliated Mutual Fund - Short-Term Investment
(3.7% represents investments purchased with
collateral from securities on loan)
16.6%
Banks
15.2%
Pharmaceuticals
7.3%
Insurance
6.0%
Metals & Mining
5.0%
Semiconductors & Semiconductor Equipment
4.9%
Aerospace & Defense
3.5%
Oil, Gas & Consumable Fuels
3.2%
Unaffiliated Exchange-Traded Funds - Equity
2.9%
Automobiles
2.6%
Capital Markets
2.5%
Consumer Staples Distribution & Retail
2.4%
Diversified Telecommunication Services
2.4%
Specialty Retail
2.3%
Machinery
2.2%
Technology Hardware, Storage & Peripherals
1.9%
Food Products
1.8%
IT Services
1.7%
Electric Utilities
1.6%
Entertainment
1.6%
Construction & Engineering
1.5%
Electrical Equipment
1.4%
Interactive Media & Services
1.4%
Industrial Conglomerates
1.3%
Broadline Retail
1.3%
Automobile Components
1.2%
Industry Classification
% of Net
Assets
Real Estate Management & Development
1.2%
Tobacco
1.1%
Wireless Telecommunication Services
1.1%
Household Durables
1.1%
Multi-Utilities
1.1%
Hotels, Restaurants & Leisure
1.1%
Household Products
1.1%
U.S. Treasury Obligations
0.9%
Software
0.8%
Textiles, Apparel & Luxury Goods
0.8%
Passenger Airlines
0.8%
Construction Materials
0.8%
Building Products
0.7%
Communications Equipment
0.7%
Marine Transportation
0.6%
Retail REITs
0.6%
Chemicals
0.6%
Commercial Services & Supplies
0.5%
Electronic Equipment, Instruments & Components
0.5%
Financial Services
0.5%
Others*
2.5%
 
114.8%
Liabilities in excess of other assets
(14.8)%
 
100.0%
*
Consists of In
dustr
ies that each make up less than 0.5% of the Fund's net assets

ADDITIONAL INFORMATION
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Quant Solutions International Equity Fund
SHARE CLASS
C
NASDAQ
PJRCX
CUSIP
743969875
MF190E2C


PGIM Quant Solutions International Equity Fund
Class Z:
PJIZX
SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025
This
semiannual shareholder report
contains important information about the Class Z shares of PGIM Quant Solutions International Equity Fund
(the “Fund”) for the period of November 1, 2024 to April 30, 2025.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
PGIM Quant Solutions International Equity Fund—
Class Z
$50
0.96%
WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?
Fund’s net assets
$
244,231,824
Number of fund holdings
399
Portfolio turnover rate for the period
59%
MF190E2Z

WHAT ARE SOME CHA
RACT
ERISTICS OF THE FUND’S HOLDINGS AS OF 4/30/2025?
Industry Classification
% of Net
Assets
Affiliated Mutual Fund - Short-Term Investment
(3.7% represents investments purchased with
collateral from securities on loan)
16.6%
Banks
15.2%
Pharmaceuticals
7.3%
Insurance
6.0%
Metals & Mining
5.0%
Semiconductors & Semiconductor Equipment
4.9%
Aerospace & Defense
3.5%
Oil, Gas & Consumable Fuels
3.2%
Unaffiliated Exchange-Traded Funds - Equity
2.9%
Automobiles
2.6%
Capital Markets
2.5%
Consumer Staples Distribution & Retail
2.4%
Diversified Telecommunication Services
2.4%
Specialty Retail
2.3%
Machinery
2.2%
Technology Hardware, Storage & Peripherals
1.9%
Food Products
1.8%
IT Services
1.7%
Electric Utilities
1.6%
Entertainment
1.6%
Construction & Engineering
1.5%
Electrical Equipment
1.4%
Interactive Media & Services
1.4%
Industrial Conglomerates
1.3%
Broadline Retail
1.3%
Automobile Components
1.2%
Industry Classification
% of Net
Assets
Real Estate Management & Development
1.2%
Tobacco
1.1%
Wireless Telecommunication Services
1.1%
Household Durables
1.1%
Multi-Utilities
1.1%
Hotels, Restaurants & Leisure
1.1%
Household Products
1.1%
U.S. Treasury Obligations
0.9%
Software
0.8%
Textiles, Apparel & Luxury Goods
0.8%
Passenger Airlines
0.8%
Construction Materials
0.8%
Building Products
0.7%
Communications Equipment
0.7%
Marine Transportation
0.6%
Retail REITs
0.6%
Chemicals
0.6%
Commercial Services & Supplies
0.5%
Electronic Equipment, Instruments & Components
0.5%
Financial Services
0.5%
Others*
2.5%
 
114.8%
Liabilities in excess of other assets
(14.8)%
 
100.0%
*
Consists of Industries that each make up less than 0.5% of the Fund's net assets

ADDITIONAL INFORMATION
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Quant Solutions International Equity Fund
SHARE CLASS
Z
NASDAQ
PJIZX
CUSIP
743969883
MF190E2Z


PGIM Quant Solutions International Equity Fund
Class R6:
PJRQX
SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025
This
semiannual shareholder report
contains important information about the Class R6 shares of PGIM Quant Solutions International Equity Fund
(the “Fund”) for the period of November 1, 2024 to April 30, 2025.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
PGIM Quant Solutions International Equity Fund—
Class R6
$41
0.78%
WHAT ARE SO
M
E KEY FUND STATI
ST
ICS AS OF 4/30/2025?
Fund’s net assets
$
244,231,824
Number of fund holdings
399
Portfolio turnover rate for the period
59%
MF190E2R6

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 4/30/2025?
Industry Classification
% of Net
Assets
Affiliated Mutual Fund - Short-Term Investment
(3.7% represents investments purchased with
collateral from securities on loan)
16.6%
Banks
15.2%
Pharmaceuticals
7.3%
Insurance
6.0%
Metals & Mining
5.0%
Semiconductors & Semiconductor Equipment
4.9%
Aerospace & Defense
3.5%
Oil, Gas & Consumable Fuels
3.2%
Unaffiliated Exchange-Traded Funds - Equity
2.9%
Automobiles
2.6%
Capital Markets
2.5%
Consumer Staples Distribution & Retail
2.4%
Diversified Telecommunication Services
2.4%
Specialty Retail
2.3%
Machinery
2.2%
Technology Hardware, Storage & Peripherals
1.9%
Food Products
1.8%
IT Services
1.7%
Electric Utilities
1.6%
Entertainment
1.6%
Construction & Engineering
1.5%
Electrical Equipment
1.4%
Interactive Media & Services
1.4%
Industrial Conglomerates
1.3%
Broadline Retail
1.3%
Automobile Components
1.2%
Industry Classification
% of Net
Assets
Real Estate Management & Development
1.2%
Tobacco
1.1%
Wireless Telecommunication Services
1.1%
Household Durables
1.1%
Multi-Utilities
1.1%
Hotels, Restaurants & Leisure
1.1%
Household Products
1.1%
U.S. Treasury Obligations
0.9%
Software
0.8%
Textiles, Apparel & Luxury Goods
0.8%
Passenger Airlines
0.8%
Construction Materials
0.8%
Building Products
0.7%
Communications Equipment
0.7%
Marine Transportation
0.6%
Retail REITs
0.6%
Chemicals
0.6%
Commercial Services & Supplies
0.5%
Electronic Equipment, Instruments & Components
0.5%
Financial Services
0.5%
Others*
2.5%
 
114.8%
Liabilities in excess of other assets
(14.8)%
 
100.0%
*
Consists of Industries that each make up less than 0.5% of the Fund's net assets

ADDITIONAL INFORMATION
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Quant Solutions International Equity Fund
SHARE CLASS
R6
NASDAQ
PJRQX
CUSIP
743969578
MF190E2R6


PGIM Emerging Markets Debt Hard Currency Fund
Class A:
PDHAX
SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025
This
semiannual shareholder report
contains important information about the Class A shares of PGIM Emerging Markets Debt Hard Currency
Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
PGIM Emerging Markets Debt Hard Currency
Fund—Class A
$53
1.05%
WHAT ARE S
OME
KEY FUND STATISTICS AS OF 4/30/2025?
Fund’s net assets
$
215,127,715
Number of fund holdings
708
Portfolio turnover rate for the period
15%
WHAT ARE SOME CHARACTERISTICS OF THE F
UN
D’S HOLDINGS AS OF 4/30/2025?
Credit Quality expressed as a percentage of total investments as of 4/30/2025 (%)
AAA
2.2
AA
6.6
A
3.1
BBB
38.0
BB
24.5
B
16.5
CCC
4.9
C
1.1
D
0.3
Not Rated
0.4
Cash/Cash Equivalents
2.4
Total
100.0
Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global
Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable
S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.
MF239E2A

ADDITIONAL INFORMATION
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Emerging Markets Debt Hard Currency Fund
SHARE CLASS
A
NASDAQ
PDHAX
CUSIP
743969479
MF239E2A


PGIM Emerging Markets Debt Hard Currency Fund
Class C:
PDHCX
SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025
This
semiannual shareholder report
contains important information about the Class C shares of PGIM Emerging Markets Debt Hard Currency
Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
PGIM Emerging Markets Debt Hard Currency
Fund—Class C
$90
1.80%
WHAT ARE SOME KEY FUND ST
ATI
STICS AS OF 4/30/2025?
Fund’s net assets
$
215,127,715
Number of fund holdings
708
Portfolio turnover rate for the period
15%
WHAT ARE SOME CHARAC
TE
RISTICS OF THE FUND’S HOLDINGS AS OF 4/30/2025?
Credit Quality expressed as a percentage of total investments as of 4/30/2025 (%)
AAA
2.2
AA
6.6
A
3.1
BBB
38.0
BB
24.5
B
16.5
CCC
4.9
C
1.1
D
0.3
Not Rated
0.4
Cash/Cash Equivalents
2.4
Total
100.0
Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global
Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable
S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.
MF239E2C

ADDITIONAL INFORMATION
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Emerging Markets Debt Hard Currency Fund
SHARE CLASS
C
NASDAQ
PDHCX
CUSIP
743969461
MF239E2C


PGIM Emerging Markets Debt Hard Currency Fund
Class Z:
PDHVX
SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025
This
semiannual shareholder report
contains important information about the Class Z shares of PGIM Emerging Markets Debt Hard Currency
Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
PGIM Emerging Markets Debt Hard Currency
Fund—Class Z
$35
0.69%
WHAT ARE SOME KEY FUND STA
TIS
TICS AS OF 4/30/2025?
Fund’s net assets
$
215,127,715
Number of fund holdings
708
Portfolio turnover rate for the period
15%
WHAT ARE SOME CHARA
CTERI
STICS OF THE FUND’S HOLDINGS AS OF 4/30/2025?
Credit Quality expressed as a percentage of total investments as of 4/30/2025 (%)
AAA
2.2
AA
6.6
A
3.1
BBB
38.0
BB
24.5
B
16.5
CCC
4.9
C
1.1
D
0.3
Not Rated
0.4
Cash/Cash Equivalents
2.4
Total
100.0
Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global
Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable
S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.
MF239E2Z

ADDITIONAL INFORMATION
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Emerging Markets Debt Hard Currency Fund
SHARE CLASS
Z
NASDAQ
PDHVX
CUSIP
743969446
MF239E2Z


PGIM Emerging Markets Debt Hard Currency Fund
Class R6:
PDHQX
SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025
This
semiannual shareholder report
contains important information about the Class R6 shares of PGIM Emerging Markets Debt Hard Currency
Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
PGIM Emerging Markets Debt Hard Currency
Fund—Class R6
$33
0.65%
WHAT ARE SOME KEY FUND ST
ATIST
ICS AS OF 4/30/2025?
Fund’s net assets
$
215,127,715
Number of fund holdings
708
Portfolio turnover rate for the period
15%
WHAT ARE SOME CHARAC
TERIS
TICS OF THE FUND’S HOLDINGS AS OF 4/30/2025?
Credit Quality expressed as a percentage of total investments as of 4/30/2025 (%)
AAA
2.2
AA
6.6
A
3.1
BBB
38.0
BB
24.5
B
16.5
CCC
4.9
C
1.1
D
0.3
Not Rated
0.4
Cash/Cash Equivalents
2.4
Total
100.0
Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global
Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable
S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.
MF239E2R6

ADDITIONAL INFORMATION
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Emerging Markets Debt Hard Currency Fund
SHARE CLASS
R6
NASDAQ
PDHQX
CUSIP
743969453
MF239E2R6


PGIM Emerging Markets Debt Local Currency Fund
Class A:
EMDAX
SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025
This
semiannual shareholder report
contains important information about the Class A shares of PGIM Emerging Markets Debt Local Currency
Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
PGIM Emerging Markets Debt Local Currency
Fund—Class A
$57
1.13%
WHAT ARE SOME
KEY
FUND STATISTICS AS OF 4/30/2025?
Fund’s net assets
$
35,896,198
Number of fund holdings
485
Portfolio turnover rate for the period
23%
WHAT ARE SOME CHARACT
ER
ISTICS OF THE FUND’S HOLDINGS AS OF 4/30/2025?
Credit Quality expressed as a percentage of total investments as of 4/30/2025 (%)
AAA
3.3
AA
4.5
A
24.0
BBB
39.5
BB
22.5
Not Rated
(0.4)
Cash/Cash Equivalents
6.6
Total
100.0
Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global
Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable
S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.
MF212E2A

ADDITIONAL INFORMATION
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Emerging Markets Debt Local Currency Fund
SHARE CLASS
A
NASDAQ
EMDAX
CUSIP
743969750
MF212E2A


PGIM Emerging Markets Debt Local Currency Fund
Class C:
EMDCX
SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025
This
semiannual shareholder report
contains important information about the Class C shares of PGIM Emerging Markets Debt Local Currency
Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
PGIM Emerging Markets Debt Local Currency
Fund—Class C
$95
1.88%
WHAT ARE SOME KEY FUND S
TATIS
TICS AS OF 4/30/2025?
Fund’s net assets
$
35,896,198
Number of fund holdings
485
Portfolio turnover rate for the period
23%
WHAT ARE SOME CHARA
CTE
RISTICS OF THE FUND’S HOLDINGS AS OF 4/30/2025?
Credit Quality expressed as a percentage of total investments as of 4/30/2025 (%)
AAA
3.3
AA
4.5
A
24.0
BBB
39.5
BB
22.5
Not Rated
(0.4)
Cash/Cash Equivalents
6.6
Total
100.0
Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global
Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable
S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.
MF212E2C

ADDITIONAL INFORMATION
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Emerging Markets Debt Local Currency Fund
SHARE CLASS
C
NASDAQ
EMDCX
CUSIP
743969743
MF212E2C


PGIM Emerging Markets Debt Local Currency Fund
Class Z:
EMDZX
SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025
This
semiannual shareholder report
contains important information about the Class Z shares of PGIM Emerging Markets Debt Local Currency
Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
PGIM Emerging Markets Debt Local Currency
Fund—Class Z
$37
0.72%
WHAT ARE SOME KEY FUND ST
ATIST
ICS AS OF 4/30/2025?
Fund’s net assets
$
35,896,198
Number of fund holdings
485
Portfolio turnover rate for the period
23%
WHAT ARE SOME CHARACT
ERI
STICS OF THE FUND’S HOLDINGS AS OF 4/30/2025?
Credit Quality expressed as a percentage of total investments as of 4/30/2025 (%)
AAA
3.3
AA
4.5
A
24.0
BBB
39.5
BB
22.5
Not Rated
(0.4)
Cash/Cash Equivalents
6.6
Total
100.0
Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global
Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable
S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.
MF212E2Z

ADDITIONAL INFORMATION
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Emerging Markets Debt Local Currency Fund
SHARE CLASS
Z
NASDAQ
EMDZX
CUSIP
743969727
MF212E2Z


PGIM Emerging Markets Debt Local Currency Fund
Class R6:
EMDQX
SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025
This
semiannual shareholder report
contains important information about the Class R6 shares of PGIM Emerging Markets Debt Local Currency
Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
PGIM Emerging Markets Debt Local Currency
Fund—Class R6
$33
0.65%
WHAT ARE SOME KEY FUND S
TATISTI
CS AS OF 4/30/2025?
Fund’s net assets
$
35,896,198
Number of fund holdings
485
Portfolio turnover rate for the period
23%
WHAT ARE SOME CHARACTERI
STI
CS OF THE FUND’S HOLDINGS AS OF 4/30/2025?
Credit Quality expressed as a percentage of total investments as of 4/30/2025 (%)
AAA
3.3
AA
4.5
A
24.0
BBB
39.5
BB
22.5
Not Rated
(0.4)
Cash/Cash Equivalents
6.6
Total
100.0
Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global
Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable
S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.
MF212E2R6

ADDITIONAL INFORMATION
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Emerging Markets Debt Local Currency Fund
SHARE CLASS
R6
NASDAQ
EMDQX
CUSIP
743969735
MF212E2R6


  (b)

Copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule – Not applicable.

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 – Investments – The registrant’s Schedule of Investments is included in the financial statements filed under Item 7 of this Form.

Items 7 – 11 (Refer to Report(s) below)

 


 

LOGO

PRUDENTIAL WORLD FUND, INC.

PGIM Jennison Emerging Markets Equity Opportunities Fund

PGIM Jennison Global Infrastructure Fund

PGIM Jennison Global Opportunities Fund

PGIM Jennison International Opportunities Fund

PGIM Quant Solutions International Equity Fund

 

 

FINANCIAL STATEMENTS AND OTHER INFORMATION

APRIL 30, 2025

 

LOGO


  Table of Contents 

 

  

Financial Statements and Other Information

 

  

 April 30, 2025   

 

Form N-CSR Item 7 - Financial Statements and Financial Highlights for Open-End Management Investment Companies.

 

Glossary

   1

PGIM Jennison Emerging Markets Equity Opportunities

   2

PGIM Jennison Global Infrastructure Fund

   16

PGIM Jennison Global Opportunities Fund

   29

PGIM Jennison International Opportunities Fund

   45

PGIM Quant Solutions International Equity Fund

   62

Notes to Financial Statements

   89

Other Information - Form N-CSR Items 8-11


 

Glossary

The following abbreviations are used in the Funds’ descriptions:

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

CVA—Certificate Van Aandelen (Bearer)

EAFE—Europe, Australasia, Far East

ETF—Exchange-Traded Fund

GS—Goldman Sachs & Co. LLC

MSCI—Morgan Stanley Capital International

PJSC—Public Joint-Stock Company

PRFC—Preference Shares

REITs—Real Estate Investment Trust

SOFR—Secured Overnight Financing Rate

UTS—Unit Trust Security

 

1


PGIM Jennison Emerging Markets Equity Opportunities Fund

Schedule of Investments (unaudited)

as of April 30, 2025

 

 Description    Shares      Value  

LONG-TERM INVESTMENTS 99.3%

 

COMMON STOCKS

 

Argentina 4.7%

 

Grupo Financiero Galicia SA, ADR

     477,551      $ 28,844,080  

Brazil 14.0%

 

Banco BTG Pactual SA, UTS

     1,734,556        11,696,864  

Embraer SA, ADR*

     763,228        35,062,695  

NU Holdings Ltd. (Class A Stock)*

     1,661,500        20,652,445  

XP, Inc. (Class A Stock)

     1,149,201        18,502,136  
     

 

 

 
        85,914,140  

China 44.6%

 

Alibaba Group Holding Ltd., ADR(a)

     281,695        33,642,834  

Bilibili, Inc., ADR*(a)

     946,782        16,568,685  

BYD Co. Ltd. (Class H Stock)

     846,079        40,185,576  

Kanzhun Ltd., ADR*

     1,338,438        20,478,101  

KE Holdings, Inc., ADR(a)

     1,054,133        21,398,900  

Laopu Gold Co. Ltd. (Class H Stock)*(a)

     198,592        18,407,518  

Leader Harmonious Drive Systems Co. Ltd. (Class A Stock)

     234,662        4,770,879  

Meituan (Class B Stock), 144A*

     588,911        9,750,857  

Tencent Holdings Ltd., ADR(a)

     654,262        39,949,238  

Tencent Music Entertainment Group, ADR

     1,003,792        13,470,889  

Trip.com Group Ltd., ADR

     260,051        15,340,408  

Xiaomi Corp. (Class B Stock), 144A*

     4,704,524        30,119,325  

Zai Lab Ltd., ADR*(a)

     314,483        9,965,966  
     

 

 

 
          274,049,176  

Hong Kong 2.7%

 

Futu Holdings Ltd., ADR

     183,222        16,913,223  

India 11.5%

 

Bharti Airtel Ltd.

     709,768        15,656,241  

Devyani International Ltd.*

     3,831,241        8,141,377  

ICICI Bank Ltd.

     945,587        15,894,640  

Mahindra & Mahindra Ltd.

     216,188        7,490,312  

MakeMyTrip Ltd.*

     192,903        20,220,092  

Max Estates Ltd.*

     663,335        3,212,494  
     

 

 

 
        70,615,156  

 

See Notes to Financial Statements.   
2   

 


PGIM Jennison Emerging Markets Equity Opportunities Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description    Shares      Value  

COMMON STOCKS (Continued)

 

Indonesia 2.8%

 

Bank Central Asia Tbk PT

     20,469,095      $ 10,883,226  

Bank Syariah Indonesia Tbk PT

     35,413,309        6,090,817  
     

 

 

 
        16,974,043  

Mexico 1.8%

 

Southern Copper Corp.(a)

     121,750        10,899,060  

Poland 2.0%

 

LPP SA

     2,946        12,057,258  

South Korea 5.3%

 

Classys, Inc.

     265,353        11,998,597  

HD Hyundai Electric Co. Ltd.

     34,135        7,428,628  

Hugel, Inc.*

     50,257        12,878,022  
     

 

 

 
          32,305,247  

Taiwan 9.9%

 

Alchip Technologies Ltd.

     167,580        11,198,657  

ASE Technology Holding Co. Ltd.

     3,034,481        12,930,530  

ASPEED Technology, Inc.

     81,141        7,633,456  

MediaTek, Inc.

     379,953        16,145,382  

Taiwan Semiconductor Manufacturing Co. Ltd.

     243,746        6,906,434  

Taiwan Semiconductor Manufacturing Co. Ltd., ADR

     36,764        6,128,191  
     

 

 

 
        60,942,650  
     

 

 

 

TOTAL LONG-TERM INVESTMENTS

     

(cost $527,508,666)

          609,514,033  
     

 

 

 

SHORT-TERM INVESTMENTS 11.9%

 

AFFILIATED MUTUAL FUNDS

     

PGIM Core Government Money Market Fund (7-day effective yield 4.478%)(wb)

     5,080,604        5,080,604  

 

   See Notes to Financial Statements.
   PGIM Jennison Emerging Markets Equity Opportunities Fund 3

 


PGIM Jennison Emerging Markets Equity Opportunities Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description    Shares      Value  

AFFILIATED MUTUAL FUNDS (Continued)

     

PGIM Institutional Money Market Fund (7-day effective yield 4.540%)

 (cost $68,136,149; includes $67,802,006 of cash collateral for securities on loan)(b)(wb)

     68,190,701      $ 68,142,968  
     

 

 

 

TOTAL SHORT-TERM INVESTMENTS

     

(cost $73,216,753)

        73,223,572  
     

 

 

 

TOTAL INVESTMENTS111.2%

     

(cost $600,725,419)

        682,737,605  

Liabilities in excess of other assets  (11.2)%

        (68,735,389
     

 

 

 

NET ASSETS100.0%

      $   614,002,216  
     

 

 

 

 

 

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

 

*

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 $65,782,725; cash collateral of $67,802,006 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

(b)

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

(wb)

Represents an investment in a Fund affiliated with the Manager.

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, 2025 in valuing such portfolio securities:

 

     Level 1    Level 2    Level 3

Investments in Securities

              

Assets

              

Long-Term Investments

              

Common Stocks

              

Argentina

     $ 28,844,080      $        $—

Brazil

       85,914,140              

China

       170,815,021        103,234,155       

 

See Notes to Financial Statements.   
4   

 


PGIM Jennison Emerging Markets Equity Opportunities Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

     Level 1      Level 2      Level 3  

Investments in Securities (continued)

        

Assets (continued)

        

Long-Term Investments (continued)

        

Common Stocks (continued)

        

Hong Kong

   $ 16,913,223      $        $—  

India

     23,432,586        47,182,570         

Indonesia

            16,974,043         

Mexico

     10,899,060                

Poland

            12,057,258         

South Korea

            32,305,247         

Taiwan

     6,128,191        54,814,459         

Short-Term Investments

        

Affiliated Mutual Funds

     73,223,572                
  

 

 

    

 

 

    

 

 

 

Total

   $ 416,169,873      $ 266,567,732         $—    
  

 

 

    

 

 

    

 

 

 

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, 2025 were as follows:

 

Banks

     13.5

Interactive Media & Services

     12.5  

Affiliated Mutual Funds (11.0% represents investments purchased with collateral from securities on loan)

     11.9  

Semiconductors & Semiconductor Equipment

     9.9  

Hotels, Restaurants & Leisure

     8.7  

Automobiles

     7.7  

Capital Markets

     7.6  

Aerospace & Defense

     5.7  

Broadline Retail

     5.5  

Textiles, Apparel & Luxury Goods

     5.0  

Technology Hardware, Storage & Peripherals

     4.9  

Real Estate Management & Development

     4.0  

Biotechnology

     3.7

Wireless Telecommunication Services

     2.6  

Entertainment

     2.2  

Health Care Equipment & Supplies

     2.0  

Metals & Mining

     1.8  

Electrical Equipment

     1.2  

Machinery

     0.8  
  

 

 

 
     111.2  

Liabilities in excess of other assets

     (11.2
  

 

 

 
     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:

 

   See Notes to Financial Statements.
   PGIM Jennison Emerging Markets Equity Opportunities Fund 5

 


PGIM Jennison Emerging Markets Equity Opportunities Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 

 Description    Gross Market
Value of
Recognized
Assets/(Liabilities)
   Collateral
Pledged/(Received)(1)
 

Net

Amount 

 

 Securities on Loan

   $65,782,725    $(65,782,725)   $—

 

 

(1)

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

 

See Notes to Financial Statements.   
6   

 


PGIM Jennison Emerging Markets Equity Opportunities Fund

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

 

Assets

        

Investments at value, including securities on loan of $65,782,725:

  

Unaffiliated investments (cost $527,508,666)

   $ 609,514,033  

Affiliated investments (cost $73,216,753)

     73,223,572  

Foreign currency, at value (cost $355,264)

     354,983  

Receivable for Fund shares sold

     642,872  

Dividends receivable

     199,709  

Tax reclaim receivable

     19,488  

Receivable for investments sold

     1,446  

Prepaid expenses

     2,115  
  

 

 

 

Total Assets

     683,958,218  
  

 

 

 

Liabilities

        

Payable to broker for collateral for securities on loan

     67,802,006  

Payable for Fund shares purchased

     801,311  

Accrued expenses and other liabilities

     571,406  

Management fee payable

     407,657  

Foreign capital gains tax liability accrued

     359,220  

Distribution fee payable

     7,584  

Affiliated transfer agent fee payable

     5,133  

Directors’ fees payable

     1,685  
  

 

 

 

Total Liabilities

     69,956,002  
  

 

 

 

Net Assets

   $ 614,002,216  
  

 

 

 

        

Net assets were comprised of:

  

Common stock, at par

   $ 360  

Paid-in capital in excess of par

     981,538,030  

Total distributable earnings (loss)

     (367,536,174
  

 

 

 

Net assets, April 30, 2025

   $ 614,002,216  
  

 

 

 

 

   See Notes to Financial Statements.
   PGIM Jennison Emerging Markets Equity Opportunities Fund 7

 


PGIM Jennison Emerging Markets Equity Opportunities Fund

Statement of Assets & Liabilities (unaudited) (continued)

as of April 30, 2025

 

Class A

                 

Net asset value and redemption price per share,

($26,450,917 ÷ 1,593,347 shares of common stock issued and outstanding)

   $ 16.60     

Maximum sales charge (5.50% of offering price)

     0.97         
  

 

 

    

Maximum offering price to public

   $ 17.57     
  

 

 

    

Class C

                 

Net asset value, offering price and redemption price per share,

($2,913,488 ÷ 190,019 shares of common stock issued and outstanding)

   $ 15.33     
  

 

 

    

Class Z

                 

Net asset value, offering price and redemption price per share,

($278,044,088 ÷ 16,317,733 shares of common stock issued and outstanding)

   $ 17.04     
  

 

 

    

Class R6

                 

Net asset value, offering price and redemption price per share,

($306,593,723 ÷ 17,946,992 shares of common stock issued and outstanding)

   $ 17.08     
  

 

 

    

 

See Notes to Financial Statements.   
8   

 


PGIM Jennison Emerging Markets Equity Opportunities Fund

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

 

Net Investment Income (Loss)

        

Income

  

Unaffiliated dividend income (net of $270,028 foreign withholding tax)

   $ 1,727,390  

Affiliated dividend income

     531,309  

Income from securities lending, net (including affiliated income of $79,730)

     366,475  
  

 

 

 

Total income

     2,625,174  
  

 

 

 

Expenses

  

Management fee

     2,895,624  

Distribution fee(a)

     58,193  

Transfer agent’s fees and expenses (including affiliated expense of $19,579)(a)

     211,238  

Custodian and accounting fees

     118,826  

Shareholders’ reports

     59,995  

Registration fees(a)

     44,928  

Professional fees

     22,307  

Audit fee

     15,498  

Directors’ fees

     9,758  

Miscellaneous

     15,366  
  

 

 

 

Total expenses

     3,451,733  

Less: Fee waiver and/or expense reimbursement(a)

     (294,033

 Distribution fee waiver(a)

     (7,151
  

 

 

 

Net expenses

     3,150,549  
  

 

 

 

Net investment income (loss)

     (525,375
  

 

 

 

Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions

        

Net realized gain (loss) on:

  

Investment transactions (including affiliated of $(21,520)) (net of foreign capital gains taxes $(1,833,797))

     77,098,658  

Foreign currency transactions

     (145,898
  

 

 

 
     76,952,760  
  

 

 

 

Net change in unrealized appreciation (depreciation) on:

  

Investments (including affiliated of $6,819) (net of change in foreign capital gains taxes $2,427,652)

     (104,475,259

Foreign currencies

     27,679  
  

 

 

 
     (104,447,580
  

 

 

 

Net gain (loss) on investment and foreign currency transactions

     (27,494,820
  

 

 

 

Net Increase (Decrease) In Net Assets Resulting From Operations

   $ (28,020,195
  

 

 

 

 

   See Notes to Financial Statements.
   PGIM Jennison Emerging Markets Equity Opportunities Fund 9

 


PGIM Jennison Emerging Markets Equity Opportunities Fund

Statement of Operations (unaudited) (continued)

Six Months Ended April 30, 2025

 

 
(a)

Class specific expenses and waivers were as follows:

 

     Class A      Class C      Class Z      Class R6  

Distribution fee

     42,903         15,290         —         —   

Transfer agent’s fees and expenses

     21,250         4,841         172,643         12,504   

Registration fees

     8,761         6,970         16,969         12,228   

Fee waiver and/or expense reimbursement

     (27,048)        (11,495)        (159,631)        (95,859)  

Distribution fee waiver

     (7,151)        —         —         —   

 

See Notes to Financial Statements.   
10   

 


PGIM Jennison Emerging Markets Equity Opportunities Fund

Statements of Changes in Net Assets (unaudited)

 

     Six Months Ended
April 30, 2025
       Year Ended
October 31, 2024 

Increase (Decrease) in Net Assets

                               

Operations

             

Net investment income (loss)

     $ (525,375 )          $ 96,805

Net realized gain (loss) on investment and foreign currency transactions

       76,952,760            67,703,041

Net change in unrealized appreciation (depreciation) on investments and foreign currencies

       (104,447,580 )            124,480,950
    

 

 

          

 

 

 

Net increase (decrease) in net assets resulting from operations

       (28,020,195 )            192,280,796
    

 

 

          

 

 

 

Dividends and Distributions

             

Distributions from distributable earnings

             

Class A

                 

Class C

                 

Class Z

                 

Class R6

       (99,297 )           
    

 

 

          

 

 

 
       (99,297 )           
    

 

 

          

 

 

 

Fund share transactions (Net of share conversions)

             

Net proceeds from shares sold

       176,085,787            166,730,163

Net asset value of shares issued in reinvestment of dividends and distributions

       99,283           

Cost of shares purchased

       (151,942,793 )            (265,380,401 )
    

 

 

          

 

 

 

Net increase (decrease) in net assets from Fund share transactions

       24,242,277            (98,650,238 )
    

 

 

          

 

 

 

Total increase (decrease)

       (3,877,215 )            93,630,558

Net Assets:

                               

Beginning of period

       617,879,431            524,248,873
    

 

 

          

 

 

 

End of period

     $ 614,002,216          $ 617,879,431
    

 

 

          

 

 

 

 

   See Notes to Financial Statements.
   PGIM Jennison Emerging Markets Equity Opportunities Fund 11

 


PGIM Jennison Emerging Markets Equity Opportunities Fund

Financial Highlights (unaudited)

 

               

Class A Shares

                              
    

Six Months

Ended

April 30,

2025

      

Year Ended October 31,

          2024   2023   2022   2021   2020

Per Share Operating Performance(a):

                                                                      

Net Asset Value, Beginning of Period

      $17.34                  $12.40       $12.39       $23.66       $17.66       $12.16

Income (loss) from investment operations:

                                                                      

Net investment income (loss)

      (0.04 )                  (0.04 )(b)       (0.03 )(b)       (0.12 )       (0.23 )       (0.14 )
Net realized and unrealized gain (loss) on investment and foreign currency transactions       (0.70 )                  4.98       0.04       (11.15)         6.23       5.64

Total from investment operations

      (0.74 )                  4.94       0.01       (11.27 )       6.00       5.50

Net asset value, end of period

      $16.60                  $17.34       $12.40       $12.39       $23.66       $17.66

Total Return(c):

      (4.32 )%                  39.92 %       0.08 %       (47.63 )%       33.98 %       45.23 %

                              
               

Ratios/Supplemental Data:

                                                                      

Net assets, end of period (000)

      $26,451                  $30,012       $24,886       $28,082       $47,683       $6,144

Average net assets (000)

      $28,839                  $28,592       $28,066       $36,017       $26,309       $4,507

Ratios to average net assets(d):

                                                                      

Expenses after waivers and/or expense reimbursement

      1.30 %(e)                  1.30 %       1.30 %       1.30 %       1.33 %       1.45 %

Expenses before waivers and/or expense reimbursement

      1.54 %(e)                  1.53 %       1.56 %       1.54 %       1.64 %       2.61 %

Net investment income (loss)

      (0.46 )%(e)                  (0.25 )%       (0.23 )%       (0.74 )%       (0.98 )%       (0.99 )%

Portfolio turnover rate(f)

      67 %                  70 %       103 %       134 %       78 %       58 %

 

(a)

Calculated based on average shares outstanding during the period.

(b)

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

(c)

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

(d)

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

(e)

Annualized.

(f)

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

 

See Notes to Financial Statements.   
12   

 


PGIM Jennison Emerging Markets Equity Opportunities Fund

Financial Highlights (unaudited) (continued)

 

               

Class C Shares

                              
    

Six Months

Ended

April 30,

2025

      

Year Ended October 31,

          2024   2023   2022   2021   2020

Per Share Operating Performance(a):

                                                                      

Net Asset Value, Beginning of Period

      $16.08                  $11.58       $11.66       $22.43       $16.88       $11.71

Income (loss) from investment operations:

                                                                      

Net investment income (loss)

      (0.09 )                  (0.14 )(b)       (0.12 )(b)       (0.23 )       (0.39 )       (0.23 )
Net realized and unrealized gain (loss) on investment and foreign currency transactions       (0.66 )                  4.64       0.04       (10.54)         5.94       5.40

Total from investment operations

      (0.75 )                  4.50       (0.08 )       (10.77 )       5.55       5.17

Net asset value, end of period

      $15.33                  $16.08       $11.58       $11.66       $22.43       $16.88

Total Return(c):

      (4.66 )%                  38.86 %       (0.69 )%       (48.02 )%       32.96 %       44.06 %

                              
               

Ratios/Supplemental Data:

                                                                      

Net assets, end of period (000)

      $2,913                  $3,321       $3,140       $3,724       $5,881       $1,563

Average net assets (000)

      $3,083                  $3,426       $3,660       $4,938       $4,077       $1,244

Ratios to average net assets(d):

                                                                      

Expenses after waivers and/or expense reimbursement

      2.05 %(e)                  2.05 %       2.05 %       2.05 %       2.09 %       2.20 %

Expenses before waivers and/or expense reimbursement

      2.80 %(e)                  2.70 %       2.66 %       2.69 %       2.65 %       4.15 %

Net investment income (loss)

      (1.21 )%(e)                  (0.98 )%       (0.99 )%       (1.48 )%       (1.76 )%       (1.73 )%

Portfolio turnover rate(f)

      67 %                  70 %       103 %       134 %       78 %       58 %

 

(a)

Calculated based on average shares outstanding during the period.

(b)

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

(c)

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

(d)

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

(e)

Annualized.

(f)

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

 

   See Notes to Financial Statements.
   PGIM Jennison Emerging Markets Equity Opportunities Fund 13

 


PGIM Jennison Emerging Markets Equity Opportunities Fund

Financial Highlights (unaudited) (continued)

 

               

Class Z Shares

                              
    

Six Months

Ended

April 30,

2025

      

Year Ended October 31,

          2024   2023   2022   2021   2020

Per Share Operating Performance(a):

                                                                      

Net Asset Value, Beginning of Period

      $17.78                  $12.68       $12.64       $24.07       $17.93       $12.31

Income (loss) from investment operations:

                                                                      

Net investment income (loss)

      (0.02 )                  (- )(b)(c)       - (c)         (0.08 )       (0.17 )       (0.13 )
Net realized and unrealized gain (loss) on investment and foreign currency transactions       (0.72 )                  5.10       0.04       (11.35)         6.31       5.75

Total from investment operations

      (0.74 )                  5.10       0.04       (11.43 )       6.14       5.62

Net asset value, end of period

      $17.04                  $17.78       $12.68       $12.64       $24.07       $17.93

Total Return(d):

      (4.22 )%                  40.30 %       0.32 %       (47.49 )%       34.24 %       45.65 %

                              
               

Ratios/Supplemental Data:

                                                                      

Net assets, end of period (000)

      $278,044                  $308,907       $249,580       $393,985       $642,316       $34,993

Average net assets (000)

      $291,544                  $274,411       $341,699       $549,186       $293,229       $11,195

Ratios to average net assets(e):

                                                                      

Expenses after waivers and/or expense reimbursement

      1.05 %(f)                  1.05 %       1.05 %       1.05 %       1.08 %       1.20 %

Expenses before waivers and/or expense reimbursement

      1.16 %(f)                  1.15 %       1.20 %       1.20 %       1.28 %       1.93 %

Net investment income (loss)

      (0.20 )%(f)                  (- )%(c)       - %(c)       (0.49 )%       (0.72 )%       (0.83 )%

Portfolio turnover rate(g)

      67 %                  70 %       103 %       134 %       78 %       58 %

 

(a)

Calculated based on average shares outstanding during the period.

(b)

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

(c)

Amount rounds to zero.

(d)

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

(e)

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

(f)

Annualized.

(g)

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

 

See Notes to Financial Statements.   
14   

 


PGIM Jennison Emerging Markets Equity Opportunities Fund

Financial Highlights (unaudited) (continued)

 

               

Class R6 Shares

                              
    

Six Months

Ended

April 30,

2025

      

Year Ended October 31,

          2024   2023   2022   2021   2020

Per Share Operating Performance(a):

                                                                      

Net Asset Value, Beginning of Period

      $17.82                  $12.71       $12.66       $24.08       $17.93       $12.31

Income (loss) from investment operations:

                                                                      

Net investment income (loss)

      (0.01 )                  0.01       0.01       (0.07 )       (0.15 )       (0.10 )
Net realized and unrealized gain (loss) on investment and foreign currency transactions       (0.72 )                  5.10       0.04       (11.35)         6.30       5.72

Total from investment operations

      (0.73 )                  5.11       0.05       (11.42 )       6.15       5.62

Less Dividends and Distributions:

                                                                      

Dividends from net investment income

      (0.01 )                  -       -       -       -       -

Net asset value, end of period

      $17.08                  $17.82       $12.71       $12.66       $24.08       $17.93

Total Return(b):

      (4.18 )%                  40.28 %       0.39 %       (47.43 )%       34.30 %       45.65 %

                              
               

Ratios/Supplemental Data:

                                                                      

Net assets, end of period (000)

      $306,594                  $275,639       $246,642       $260,565       $314,476       $18,340

Average net assets (000)

      $291,191                  $271,929       $268,848       $302,211       $121,398       $14,144

Ratios to average net assets(c):

                                                                      

Expenses after waivers and/or expense reimbursement

      0.98 %(d)                  0.98 %       0.98 %       0.98 %       1.01 %       1.20 %

Expenses before waivers and/or expense reimbursement

      1.05 %(d)                  1.04 %       1.06 %       1.05 %       1.16 %       1.80 %

Net investment income (loss)

      (0.10 )%(d)                  0.08 %       0.09 %       (0.40 )%       (0.62 )%       (0.74 )%

Portfolio turnover rate(e)

      67 %                  70 %       103 %       134 %       78 %       58 %

 

(a)

Calculated based on average shares outstanding during the period.

(b)

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

(c)

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

(d)

Annualized.

(e)

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

 

   See Notes to Financial Statements.
   PGIM Jennison Emerging Markets Equity Opportunities Fund 15

 


PGIM Jennison Global Infrastructure Fund

Schedule of Investments (unaudited)

as of April 30, 2025

 

 Description    Shares        Value  

LONG-TERM INVESTMENTS 98.8%

     

COMMON STOCKS

     

Australia 2.7%

                 

Transurban Group, UTS

     134,863      $    1,215,301  

Belgium 5.3%

                 

Elia Group SA/NV

     21,913        2,375,798  

Canada 3.6%

                 

Canadian Pacific Kansas City Ltd.

     7,765        563,985  

South Bow Corp.

     9,241        228,243  

TC Energy Corp.

     15,788        797,645  
     

 

 

 
        1,589,873  

France 2.3%

                 

Getlink SE

     21,683        411,722  

Vinci SA

     4,242        595,862  
     

 

 

 
        1,007,584  

Germany 5.3%

                 

E.ON SE

     100,676        1,760,782  

Fraport AG Frankfurt Airport Services Worldwide*

     8,915        590,811  
     

 

 

 
        2,351,593  

India 1.1%

                 

Power Grid Corp. of India Ltd.

     137,342        498,818  

Italy 3.2%

                 

Enav SpA, 144A

     80,328        355,707  

Enel SpA

     122,666        1,063,388  
     

 

 

 
        1,419,095  

Japan 2.7%

                 

Tokyo Metro Co. Ltd.

     67,509        855,409  

West Japan Railway Co.

     17,254        362,955  
     

 

 

 
        1,218,364  

Mexico 2.4%

                 

Grupo Aeroportuario del Pacifico SAB de CV (Class B Stock)

     52,745        1,068,805  

 

See Notes to Financial Statements.   
16   

 


PGIM Jennison Global Infrastructure Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description    Shares        Value  

 COMMON STOCKS (Continued)

     

Spain 6.2%

                 

Aena SME SA, 144A

     6,161      $    1,547,741  

Sacyr SA

     327,377        1,200,864  
     

 

 

 
        2,748,605  

Switzerland 1.1%

                 

Flughafen Zurich AG

     1,929        486,074  

United Kingdom 11.0%

                 

National Grid PLC

     161,793        2,335,337  

Pennon Group PLC

     200,586        1,342,790  

SSE PLC

     53,717        1,211,107  
     

 

 

 
        4,889,234  

United States 51.9%

                 

Ameren Corp.

     8,861        879,366  

American Tower Corp., REIT

     5,867        1,322,480  

Atmos Energy Corp.(a)

     5,859        941,131  

CenterPoint Energy, Inc.

     29,324        1,137,185  

Cheniere Energy, Inc.

     4,110        949,862  

CMS Energy Corp.

     6,152        453,095  

Constellation Energy Corp.

     2,131        476,151  

Crown Castle, Inc., REIT

     4,221        446,413  

Digital Realty Trust, Inc., REIT

     1,480        237,599  

DT Midstream, Inc.

     2,338        227,254  

Entergy Corp.

     11,762        978,246  

Equinix, Inc., REIT

     259        222,934  

Exelon Corp.

     23,646        1,108,997  

Ferrovial SE

     37,480        1,828,367  

Kinder Morgan, Inc.

     26,787        704,498  

NextEra Energy, Inc.

     22,880        1,530,214  

NiSource, Inc.

     26,303        1,028,710  

Norfolk Southern Corp.

     2,413        540,633  

PG&E Corp.

     31,053        512,996  

PPL Corp.

     12,865        469,573  

Public Service Enterprise Group, Inc.

     8,146        651,110  

Sempra

     3,339        247,988  

Southern Co. (The)

     21,806        2,003,753  

Targa Resources Corp.

     2,766        472,709  

Union Pacific Corp.

     2,996        646,117  

Vistra Corp.

     3,845        498,427  

 

   See Notes to Financial Statements.
   PGIM Jennison Global Infrastructure Fund 17

 


PGIM Jennison Global Infrastructure Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description    Shares       

Value

 

COMMON STOCKS (Continued)

     

United States (cont’d.)

                 

Waste Connections, Inc.

     4,407      $ 870,955  

Williams Cos., Inc. (The)

     20,815        1,219,135  

Xcel Energy, Inc.

     6,351        449,016  
     

 

 

 
        23,054,914  
     

 

 

 

TOTAL LONG-TERM INVESTMENTS
(cost $33,973,241)

        43,924,058  
     

 

 

 

SHORT-TERM INVESTMENTS 3.5%

     

AFFILIATED MUTUAL FUNDS

     

PGIM Core Government Money Market Fund (7-day effective yield 4.478%)(wb)

     645,949        645,949  

PGIM Institutional Money Market Fund (7-day effective yield 4.540%)
(cost $911,639; includes $895,910 of cash collateral for securities on loan)(b)(wb)

     912,370        911,731  
     

 

 

 

TOTAL SHORT-TERM INVESTMENTS
(cost $1,557,588)

        1,557,680  
     

 

 

 

TOTAL INVESTMENTS 102.3%
(cost $35,530,829)

        45,481,738  

Liabilities in excess of other assets (2.3)%

        (1,037,625
     

 

 

 

NET ASSETS 100.0%

      $   44,444,113  
     

 

 

 

 

 

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

 

*

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 $883,465; cash collateral of $895,910 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

(b)

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

(wb)

Represents an investment in a Fund affiliated with the Manager.

Fair Value Measurements:

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

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

 

See Notes to Financial Statements.   
18   

 


PGIM Jennison Global Infrastructure Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

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, 2025 in valuing such portfolio securities:

 

     Level 1      Level 2      Level 3  

Investments in Securities

        

Assets

        

Long-Term Investments

        

Common Stocks

        

Australia

   $      $ 1,215,301        $—  

Belgium

            2,375,798         

Canada

     1,589,873                

France

            1,007,584         

Germany

            2,351,593         

India

            498,818         

Italy

            1,419,095         

Japan

            1,218,364         

Mexico

     1,068,805                

Spain

            2,748,605         

Switzerland

            486,074         

United Kingdom

            4,889,234         

United States

     21,226,547        1,828,367         

Short-Term Investments

        

Affiliated Mutual Funds

     1,557,680                
  

 

 

    

 

 

    

 

 

 

Total

   $ 25,442,905      $ 20,038,833         $—    
  

 

 

    

 

 

    

 

 

 

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, 2025 were as follows:

 

Electric Utilities

     28.5

Multi-Utilities

     19.3  

Transportation Infrastructure

     12.7  

Oil, Gas & Consumable Fuels

     10.3  

Construction & Engineering

     8.2  

Ground Transportation

     6.6  

Specialized REITs

     5.0  

Affiliated Mutual Funds (2.0% represents investments purchased with collateral from securities on loan)

     3.5  

Water Utilities

     3.0  

Gas Utilities

     2.1

Commercial Services & Supplies

     2.0  

Independent Power & Renewable Electricity Producers

     1.1  
  

 

 

 
     102.3  

Liabilities in excess of other assets

     (2.3
  

 

 

 
     100.0
  

 

 

 
 

 

   See Notes to Financial Statements.
   PGIM Jennison Global Infrastructure Fund 19

 


PGIM Jennison Global Infrastructure Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

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

   $883,465    $(883,465)   $—

 

(1)

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

 

See Notes to Financial Statements.   
20   

 


PGIM Jennison Global Infrastructure Fund

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

 

Assets

        

Investments at value, including securities on loan of $883,465:

  

Unaffiliated investments (cost $33,973,241)

   $ 43,924,058  

Affiliated investments (cost $1,557,588)

     1,557,680  

Foreign currency, at value (cost $8,138)

     8,185  

Tax reclaim receivable

     70,101  

Dividends receivable

     59,132  

Receivable for Fund shares sold

     30,647  

Foreign capital gains tax benefit accrued

     8,514  

Prepaid expenses and other assets

     691  
  

 

 

 

Total Assets

     45,659,008  
  

 

 

 

Liabilities

        

Payable to broker for collateral for securities on loan

     895,910  

Payable for investments purchased

     132,142  

Payable for Fund shares purchased

     84,039  

Accrued expenses and other liabilities

     56,203  

Custodian and accounting fees payable

     22,765  

Management fee payable

     18,220  

Distribution fee payable

     3,718  

Affiliated transfer agent fee payable

     1,222  

Directors’ fees payable

     676  
  

 

 

 

Total Liabilities

     1,214,895  
  

 

 

 

Net Assets

   $ 44,444,113  
  

 

 

 
          

Net assets were comprised of:

  

Common stock, at par

   $ 26  

Paid-in capital in excess of par

     32,687,794  

Total distributable earnings (loss)

     11,756,293  
  

 

 

 

Net assets, April 30, 2025

   $ 44,444,113  
  

 

 

 

 

   See Notes to Financial Statements.
   PGIM Jennison Global Infrastructure Fund 21

 


PGIM Jennison Global Infrastructure Fund

Statement of Assets & Liabilities (unaudited) (continued)

as of April 30, 2025

 

Class A

                 

Net asset value and redemption price per share,

($ 11,323,820 ÷ 655,858 shares of common stock issued and outstanding)

   $ 17.27     

Maximum sales charge (5.50% of offering price)

     1.01     
     

 

 

    

Maximum offering price to public

   $ 18.28     
     

 

 

    

Class C

                 

Net asset value, offering price and redemption price per share,

($ 1,810,212 ÷ 107,181 shares of common stock issued and outstanding)

   $ 16.89         
     

 

 

    

Class Z

                 

Net asset value, offering price and redemption price per share,

($ 20,314,221 ÷ 1,175,102 shares of common stock issued and outstanding)

   $ 17.29     
  

 

 

    

Class R6

                 

Net asset value, offering price and redemption price per share,

($ 10,995,860 ÷ 636,165 shares of common stock issued and outstanding)

   $ 17.28     
     

 

 

    

 

See Notes to Financial Statements.   
22   

 


PGIM Jennison Global Infrastructure Fund

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

 

Net Investment Income (Loss)

        

Income

  

Unaffiliated dividend income (net of $35,886 foreign withholding tax)

   $ 649,938  

Affiliated dividend income

     18,513  

Income from securities lending, net (including affiliated income of $3,990)

     4,029  
  

 

 

 

Total income

     672,480  
  

 

 

 

Expenses

  

Management fee

     227,092  

Distribution fee(a)

     25,771  

Custodian and accounting fees

     27,882  

Transfer agent’s fees and expenses (including affiliated expense of $5,103)(a)

     25,639  

Professional fees

     24,159  

Registration fees(a)

     21,412  

Audit fee

     15,498  

Shareholders’ reports

     11,040  

Directors’ fees

     4,963  

Miscellaneous

     12,087  
  

 

 

 

Total expenses

     395,543  

Less: Fee waiver and/or expense reimbursement(a)

     (98,523

 Distribution fee waiver(a)

     (2,709
  

 

 

 

Net expenses

     294,311  
  

 

 

 

Net investment income (loss)

     378,169  
  

 

 

 

Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions

        

Net realized gain (loss) on:

  

Investment transactions (including affiliated of $38)

     2,200,690  

Foreign currency transactions

     (8,322
  

 

 

 
     2,192,368  
  

 

 

 

Net change in unrealized appreciation (depreciation) on:

  

Investments (including affiliated of $92) (net of change in foreign capital gains taxes $10,603)

     (65,754

Foreign currencies

     5,133  
  

 

 

 
     (60,621
  

 

 

 

Net gain (loss) on investment and foreign currency transactions

     2,131,747  
  

 

 

 

Net Increase (Decrease) In Net Assets Resulting From Operations

   $ 2,509,916  
  

 

 

 
 
(a)

Class specific expenses and waivers were as follows:

 

     Class A      Class C      Class Z      Class R6  

Distribution fee

     16,256         9,515         —         —   

Transfer agent’s fees and expenses

     8,117         1,503         15,790         229   

Registration fees

     6,081         4,024         7,705         3,602   

Fee waiver and/or expense reimbursement

     (23,382)        (7,136)        (49,329)        (18,676)  

Distribution fee waiver

     (2,709)        —         —         —   

 

   See Notes to Financial Statements.
   PGIM Jennison Global Infrastructure Fund 23

 


PGIM Jennison Global Infrastructure Fund

Statements of Changes in Net Assets (unaudited)

 

     Six Months Ended
April 30, 2025
       Year Ended
October 31, 2024 

Increase (Decrease) in Net Assets

                               

Operations

             

Net investment income (loss)

     $ 378,169          $ 548,600

Net realized gain (loss) on investment and foreign currency transactions

       2,192,368            3,197,189

Net change in unrealized appreciation (depreciation) on investments and foreign currencies

       (60,621 )            5,953,382
    

 

 

          

 

 

 

Net increase (decrease) in net assets resulting from operations

       2,509,916            9,699,171
    

 

 

          

 

 

 

Dividends and Distributions

             

Distributions from distributable earnings

             

Class A

       (483,225 )            (116,505 )

Class C

       (82,340 )            (10,822 )

Class Z

       (966,847 )            (246,236 )

Class R6

       (545,740 )            (160,554 )
    

 

 

          

 

 

 
       (2,078,152 )            (534,117 )
    

 

 

          

 

 

 

Fund share transactions (Net of share conversions)

             

Net proceeds from shares sold

       5,021,824            16,463,677

Net asset value of shares issued in reinvestment of dividends and distributions

       2,071,150            528,760

Cost of shares purchased

       (9,744,672 )            (15,181,857 )
    

 

 

          

 

 

 

Net increase (decrease) in net assets from Fund share transactions

       (2,651,698 )            1,810,580
    

 

 

          

 

 

 

Total increase (decrease)

       (2,219,934 )            10,975,634

Net Assets:

                               

Beginning of period

       46,664,047            35,688,413
    

 

 

          

 

 

 

End of period

     $ 44,444,113          $ 46,664,047
    

 

 

          

 

 

 

 

See Notes to Financial Statements.   
24   

 


PGIM Jennison Global Infrastructure Fund

Financial Highlights (unaudited)

 

   

Class A Shares

                              
    

Six Months

Ended

April 30,

2025

      

Year Ended October 31,

          2024   2023   2022   2021   2020
   

Per Share Operating Performance(a):

                                                                      

Net Asset Value, Beginning of Period

      $17.07                  $13.50       $14.41       $17.15       $13.80       $14.66

Income (loss) from investment operations:

                                                                      

Net investment income (loss)

      0.12                  0.19       0.23       0.14       0.09       0.14
Net realized and unrealized gain (loss) on investment and foreign currency transactions       0.83                  3.56       (0.62 )       (1.64       3.36       (0.86 )

Total from investment operations

      0.95                  3.75       (0.39 )       (1.50 )       3.45       (0.72 )

Less Dividends and Distributions:

                                                                      

Dividends from net investment income

      (0.08 )                  (0.18 )       (0.26 )       (0.14 )       (0.10 )       (0.12 )
Tax return of capital distributions       -                  -       -       -         -       (0.02 )

Distributions from net realized gains

      (0.67 )                  - (b)         (0.26 )       (1.10 )       -       -

Total dividends and distributions

      (0.75 )                  (0.18 )       (0.52 )       (1.24 )       (0.10 )       (0.14 )

Net asset value, end of period

      $17.27                  $17.07       $13.50       $14.41       $17.15       $13.80

Total Return(c):

      5.90 %                  27.88 %       (2.90 )%       (9.23 )%       25.04 %       (4.93 )%
                                
               

Ratios/Supplemental Data:

                                                                      

Net assets, end of period (000)

      $11,324                  $10,755       $9,080       $8,806       $8,153       $5,961

Average net assets (000)

      $10,927                  $10,196       $9,748       $8,278       $7,154       $6,859

Ratios to average net assets(d):

                                                                      

Expenses after waivers and/or expense reimbursement

      1.50 %(e)                  1.51 %(f)       1.52 %(f)       1.50 %       1.50 %       1.50 %

Expenses before waivers and/or expense reimbursement

      1.98 %(e)                  2.08 %       1.95 %       1.90 %       1.99 %       2.20 %

Net investment income (loss)

      1.47 %(e)                  1.23 %       1.56 %       0.92 %       0.55 %       0.95 %

Portfolio turnover rate(g)

      49 %                  80 %       84 %       89 %       72 %       62 %

 

(a)

Calculated based on average shares outstanding during the period.

(b)

Amount rounds to zero.

(c)

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

(d)

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

(e)

Annualized.

(f)

Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.01% and 0.02%, respectively, which are being excluded from the Fund’s contractual waiver, if applicable, for the the years ended October 31, 2024 and 2023, respectively.

(g)

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

 

   See Notes to Financial Statements.
   PGIM Jennison Global Infrastructure Fund 25

 


PGIM Jennison Global Infrastructure Fund

Financial Highlights (unaudited) (continued)

 

   

Class C Shares

                              
    

Six Months

Ended

April 30,

2025

      

Year Ended October 31,

          2024   2023   2022   2021   2020
   

Per Share Operating Performance(a):

                                                                      

Net Asset Value, Beginning of Period

      $16.72                  $13.24       $14.16       $16.90       $13.63       $14.51

Income (loss) from investment operations:

                                                                      

Net investment income (loss)

      0.06                  0.07       0.12       0.04       (0.03 )(b)       0.03
Net realized and unrealized gain (loss) on investment and foreign currency transactions       0.80                  3.50       (0.60 )       (1.63       3.31       (0.84 )

Total from investment operations

      0.86                  3.57       (0.48 )       (1.59 )       3.28       (0.81 )

Less Dividends and Distributions:

                                                                      

Dividends from net investment income

      (0.02 )                  (0.09 )       (0.18 )       (0.05 )       (0.01 )       (0.05 )
Tax return of capital distributions       -                  -       -       -         -       (0.02 )

Distributions from net realized gains

      (0.67 )                  - (c)         (0.26 )       (1.10 )       -       -

Total dividends and distributions

      (0.69 )                  (0.09 )       (0.44 )       (1.15 )       (0.01 )       (0.07 )

Net asset value, end of period

      $16.89                  $16.72       $13.24       $14.16       $16.90       $13.63

Total Return(d):

      5.45 %                  26.97 %       (3.59 )%       (9.91 )%       24.10 %       (5.63 )%
                                
               

Ratios/Supplemental Data:

                                                                      

Net assets, end of period (000)

      $1,810                  $2,020       $2,332       $3,737       $4,336       $3,242

Average net assets (000)

      $1,919                  $2,074       $2,977       $4,348       $3,720       $3,771

Ratios to average net assets(e):

                                                                      

Expenses after waivers and/or expense reimbursement

      2.25 %(f)                  2.26 %(g)       2.26 %(g)       2.25 %       2.25 %       2.25 %

Expenses before waivers and/or expense reimbursement

      3.00 %(f)                  3.05 %       2.73 %       2.60 %       2.79 %       3.05 %

Net investment income (loss)

      0.71 %(f)                  0.49 %       0.85 %       0.27 %       (0.21 )%       0.21 %

Portfolio turnover rate(h)

      49 %                  80 %       84 %       89 %       72 %       62 %

 

(a)

Calculated based on average shares outstanding during the period.

(b)

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

(c)

Amount rounds to zero.

(d)

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

(e)

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

(f)

Annualized.

(g)

Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.01% and 0.01%, respectively, which are being excluded from the Fund’s contractual waiver, if applicable, for the the years ended October 31, 2024 and 2023, respectively.

(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.   
26   

 


PGIM Jennison Global Infrastructure Fund

Financial Highlights (unaudited) (continued)

 

   

Class Z Shares

                              
    

Six Months

Ended

April 30,

2025

      

Year Ended October 31,

          2024   2023   2022   2021   2020
   

Per Share Operating Performance(a):

                                                                      

Net Asset Value, Beginning of Period

      $17.09                  $13.52       $14.42       $17.16       $13.80       $14.66

Income (loss) from investment operations:

                                                                      

Net investment income (loss)

      0.15                  0.24       0.29       0.20       0.14       0.18
Net realized and unrealized gain (loss) on investment and foreign currency transactions       0.83                  3.56       (0.63 )       (1.65       3.37       (0.85 )

Total from investment operations

      0.98                  3.80       (0.34 )       (1.45 )       3.51       (0.67 )

Less Dividends and Distributions:

                                                                      

Dividends from net investment income

      (0.11 )                  (0.23 )       (0.30 )       (0.19 )       (0.15 )       (0.17 )
Tax return of capital distributions       -                  -       -       -         -       (0.02 )

Distributions from net realized gains

      (0.67 )                  - (b)         (0.26 )       (1.10 )       -         -

Total dividends and distributions

      (0.78 )                  (0.23 )       (0.56 )       (1.29 )       (0.15 )       (0.19 )

Net asset value, end of period

      $17.29                  $17.09       $13.52       $14.42       $17.16       $13.80

Total Return(c):

      6.07 %                  28.25 %       (2.57 )%       (8.93 )%       25.42 %       (4.56 )%
                                
               

Ratios/Supplemental Data:

                                                                      

Net assets, end of period (000)

      $20,314                  $20,973       $14,385       $26,049       $25,429       $20,148

Average net assets (000)

      $20,919                  $16,865       $27,102       $27,109       $24,462       $21,048

Ratios to average net assets(d):

                                                                      

Expenses after waivers and/or expense reimbursement

      1.17 %(e)                  1.17 %       1.18 %(f)       1.17 %       1.17 %       1.17 %

Expenses before waivers and/or expense reimbursement

      1.65 %(e)                  1.73 %       1.53 %       1.47 %       1.55 %       1.66 %

Net investment income (loss)

      1.79 %(e)                  1.55 %       1.98 %       1.29 %       0.92 %       1.25 %

Portfolio turnover rate(g)

      49 %                  80 %       84 %       89 %       72 %       62 %

 

(a)

Calculated based on average shares outstanding during the period.

(b)

Amount rounds to zero.

(c)

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

(d)

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

(e)

Annualized.

(f)

Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended October 31, 2023.

(g)

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

 

   See Notes to Financial Statements.
   PGIM Jennison Global Infrastructure Fund 27

 


PGIM Jennison Global Infrastructure Fund

Financial Highlights (unaudited) (continued)

 

   

Class R6 Shares

                              
    

Six Months

Ended

April 30,

2025

      

Year Ended October 31,

          2024   2023   2022   2021   2020
   

Per Share Operating Performance(a):

                                                                      

Net Asset Value, Beginning of Period

      $17.09                  $13.51       $14.41       $17.15       $13.80       $14.66

Income (loss) from investment operations:

                                                                      

Net investment income (loss)

      0.15                  0.23       0.29       0.21       0.12       0.18
Net realized and unrealized gain (loss) on investment and foreign currency transactions       0.82                  3.58       (0.63 )       (1.66       3.38       (0.85 )

Total from investment operations

      0.97                  3.81       (0.34 )       (1.45 )       3.50       (0.67 )

Less Dividends and Distributions:

                                                                      

Dividends from net investment income

      (0.11 )                  (0.23 )       (0.30 )       (0.19 )       (0.15 )       (0.17 )
Tax return of capital distributions       -                  -       -       -         -       (0.02 )

Distributions from net realized gains

      (0.67 )                  - (b)         (0.26 )       (1.10 )       -         -

Total dividends and distributions

      (0.78 )                  (0.23 )       (0.56 )       (1.29 )       (0.15 )       (0.19 )

Net asset value, end of period

      $17.28                  $17.09       $13.51       $14.41       $17.15       $13.80

Total Return(c):

      6.01 %                  28.34 %       (2.58 )%       (8.93 )%       25.44 %       (4.62 )%
                                
               

Ratios/Supplemental Data:

                                                                      

Net assets, end of period (000)

      $10,996                  $12,916       $9,892       $25,919       $17,263       $5,636

Average net assets (000)

      $12,029                  $10,164       $15,166       $23,177       $11,389       $8,565

Ratios to average net assets(d):

                                                                      

Expenses after waivers and/or expense reimbursement

      1.17 %(e)                  1.17 %       1.18 %(f)       1.17 %       1.17 %       1.17 %

Expenses before waivers and/or expense reimbursement

      1.48 %(e)                  1.56 %       1.39 %       1.32 %       1.40 %       1.66 %

Net investment income (loss)

      1.77 %(e)                  1.49 %       1.97 %       1.34 %       0.74 %       1.28 %

Portfolio turnover rate(g)

      49 %                  80 %       84 %       89 %       72 %       62 %

 

(a)

Calculated based on average shares outstanding during the period.

(b)

Amount rounds to zero.

(c)

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

(d)

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

(e)

Annualized.

(f)

Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended October 31, 2023.

(g)

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

 

See Notes to Financial Statements.   
28   

 


PGIM Jennison Global Opportunities Fund

Schedule of Investments (unaudited)

as of April 30, 2025

 

 

 Description              Shares     

Value

 

LONG-TERM INVESTMENTS 95.4%

 

COMMON STOCKS

 

Belgium 1.1%

 

UCB SA

           349,382      $ 64,055,403  

Brazil 5.4%

 

MercadoLibre, Inc.*

           107,268        250,025,618  

NU Holdings Ltd. (Class A Stock)*

           6,026,480        74,909,146  
           

 

 

 
                  324,934,764  

Canada 1.0%

 

Shopify, Inc. (Class A Stock)*

           646,181        61,387,195  

China 8.1%

 

BYD Co. Ltd. (Class H Stock)

           5,205,442        247,238,952  

Xiaomi Corp. (Class B Stock), 144A*

           38,444,172        246,127,450  
           

 

 

 
              493,366,402  

France 8.1%

 

Hermes International SCA

           112,904        310,506,207  

L’Oreal SA

           411,808        181,963,728  
           

 

 

 
              492,469,935  

India 0.8%

 

Eternal Ltd.*

           18,209,354        49,838,757  

Italy 4.4%

 

Ferrari NV

           353,160        161,669,777  

Moncler SpA

           1,716,967        105,972,706  
           

 

 

 
              267,642,483  

Singapore 1.2%

 

Sea Ltd., ADR*

           537,710        72,080,026  

Spain 2.9%

 

Industria de Diseno Textil SA(a)

           3,295,674        177,224,748  

 

   See Notes to Financial Statements.
   PGIM Jennison Global Opportunities Fund 29

 


PGIM Jennison Global Opportunities Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 

 Description    Shares      Value  

COMMON STOCKS (Continued)

 

Switzerland 4.4%

 

Cie Financiere Richemont SA (Class A Stock)

     625,977      $ 110,613,402  

Galderma Group AG

     1,346,463        156,385,888  
     

 

 

 
        266,999,290  

Taiwan 1.0%

 

Taiwan Semiconductor Manufacturing Co. Ltd., ADR

     342,387        57,072,489  

United States 57.0%

 

Amazon.com, Inc.*

     762,744        140,665,248  

Apple, Inc.

     1,146,803        243,695,637  

AppLovin Corp. (Class A Stock)*

     236,856        63,787,689  

Cadence Design Systems, Inc.*

     465,624        138,634,890  

Cava Group, Inc.*

     895,561        82,776,703  

Costco Wholesale Corp.

     184,817        183,800,506  

Crowdstrike Holdings, Inc. (Class A Stock)*

     533,714        228,893,923  

CyberArk Software Ltd.*

     295,360        104,013,978  

Eli Lilly & Co.

     236,932        212,990,021  

Fair Isaac Corp.*

     43,111        85,777,094  

Intuitive Surgical, Inc.*

     176,417        90,995,889  

Meta Platforms, Inc. (Class A Stock)

     433,720        238,112,280  

Microsoft Corp.

     532,430        210,448,282  

Netflix, Inc.*

     368,013        416,487,672  

NVIDIA Corp.

     818,930        89,197,856  

O’Reilly Automotive, Inc.*

     112,235        158,834,972  

Quanta Services, Inc.

     177,269        51,884,864  

Reddit, Inc. (Class A Stock)*(a)

     496,351        57,859,636  

Samsara, Inc. (Class A Stock)*

     1,839,372        72,949,494  

ServiceNow, Inc.*(a)

     107,687        102,842,162  

Snowflake, Inc. (Class A Stock)*

     539,610        86,062,399  

Spotify Technology SA*

     391,808        240,562,276  

Vertex Pharmaceuticals, Inc.*

     320,425        163,256,538  
     

 

 

 
        3,464,530,009  
     

 

 

 

TOTAL LONG-TERM INVESTMENTS

     

(cost $4,383,680,328)

          5,791,601,501  
     

 

 

 

SHORT-TERM INVESTMENTS 9.0%

 

AFFILIATED MUTUAL FUNDS

     

PGIM Core Government Money Market Fund (7-day effective yield 4.478%)(wb)

     287,244,817        287,244,817  

 

See Notes to Financial Statements.   
30   

 


PGIM Jennison Global Opportunities Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 

 Description    Shares      Value  

AFFILIATED MUTUAL FUNDS (Continued)

 

PGIM Institutional Money Market Fund (7-day effective yield 4.540%)

     

 (cost $259,921,197; includes $259,687,914 of cash collateral for securities on loan)(b)(wb)

     260,127,407      $ 259,945,318  
     

 

 

 

TOTAL SHORT-TERM INVESTMENTS

     

(cost $547,166,014)

        547,190,135  
     

 

 

 

TOTAL INVESTMENTS 104.4%

     

(cost $4,930,846,342)

        6,338,791,636  

Liabilities in excess of other assets (4.4)%

        (264,863,151
     

 

 

 

NET ASSETS 100.0%

      $   6,073,928,485  
     

 

 

 

 

 

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

 

*

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 $248,047,259; cash collateral of $259,687,914 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

(b)

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

(wb)

Represents an investment in a Fund affiliated with the Manager.

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, 2025 in valuing such portfolio securities:

 

     Level 1      Level 2      Level 3  

Investments in Securities

        

Assets

        

Long-Term Investments

        

Common Stocks

        

Belgium

   $      $ 64,055,403        $—  

Brazil

     324,934,764                

Canada

     61,387,195                

 

   See Notes to Financial Statements.
   PGIM Jennison Global Opportunities Fund 31

 


PGIM Jennison Global Opportunities Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

     Level 1      Level 2      Level 3  

Investments in Securities (continued)

        

Assets (continued)

        

Long-Term Investments (continued)

        

Common Stocks (continued)

        

China

   $      $ 493,366,402        $—  

France

            492,469,935         

India

            49,838,757         

Italy

            267,642,483         

Singapore

     72,080,026                

Spain

            177,224,748         

Switzerland

            266,999,290         

Taiwan

     57,072,489                

United States

     3,464,530,009                

Short-Term Investments

        

Affiliated Mutual Funds

     547,190,135                
  

 

 

    

 

 

    

 

 

 

Total

   $ 4,527,194,618      $ 1,811,597,018        $—  
  

 

 

    

 

 

    

 

 

 

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, 2025 were as follows:

 

Software

     16.6

Entertainment

     12.1  

Affiliated Mutual Funds (4.3% represents investments purchased with collateral from securities on loan)

     9.0  

Textiles, Apparel & Luxury Goods

     8.6  

Technology Hardware, Storage & Peripherals

     8.0  

Pharmaceuticals

     7.2  

Automobiles

     6.8  

Broadline Retail

     6.4  

Specialty Retail

     5.5  

Interactive Media & Services

     4.8  

Consumer Staples Distribution & Retail

     3.0  

Personal Care Products

     3.0  

Biotechnology

     2.7

Semiconductors & Semiconductor Equipment

     2.5  

IT Services

     2.4  

Hotels, Restaurants & Leisure

     2.2  

Health Care Equipment & Supplies

     1.5  

Banks

     1.3  

Construction & Engineering

     0.8  
  

 

 

 
     104.4  

Liabilities in excess of other assets

     (4.4
  

 

 

 
     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.

 

See Notes to Financial Statements.   
32   

 


PGIM Jennison Global Opportunities Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 

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

   $248,047,259    $(248,047,259)   $—

 

(1)

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

 

   See Notes to Financial Statements.
   PGIM Jennison Global Opportunities Fund 33

 


PGIM Jennison Global Opportunities Fund

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

 

 

Assets

        

Investments at value, including securities on loan of $248,047,259:

  

Unaffiliated investments (cost $4,383,680,328)

   $ 5,791,601,501  

Affiliated investments (cost $547,166,014)

     547,190,135  

Foreign currency, at value (cost $135,697)

     135,512  

Receivable for Fund shares sold

     7,690,826  

Tax reclaim receivable

     6,179,006  

Dividends receivable

     3,567,186  

Foreign capital gains tax benefit accrued

     46,190  

Prepaid expenses and other assets

     85,519  
  

 

 

 

Total Assets

     6,356,495,875  
  

 

 

 

Liabilities

        

Payable to broker for collateral for securities on loan

     259,687,914  

Payable for Fund shares purchased

     13,085,868  

Payable for investments purchased

     4,801,264  

Management fee payable

     3,700,577  

Accrued expenses and other liabilities

     950,160  

Distribution fee payable

     308,594  

Affiliated transfer agent fee payable

     23,243  

Directors’ fees payable

     9,770  
  

 

 

 

Total Liabilities

     282,567,390  
  

 

 

 

Net Assets

   $ 6,073,928,485  
  

 

 

 

        

Net assets were comprised of:

  

Common stock, at par

   $ 1,423  

Paid-in capital in excess of par

     4,044,562,507  

Total distributable earnings (loss)

     2,029,364,555  
  

 

 

 

Net assets, April 30, 2025

   $ 6,073,928,485  
  

 

 

 

 

See Notes to Financial Statements.   
34   

 


PGIM Jennison Global Opportunities Fund

Statement of Assets & Liabilities (unaudited) (continued)

as of April 30, 2025

 

 

Class A

                 

Net asset value and redemption price per share,

($605,637,223 ÷ 14,535,634 shares of common stock issued and outstanding)

   $ 41.67     

Maximum sales charge (5.50% of offering price)

     2.43     
  

 

 

    

Maximum offering price to public

   $ 44.10     
  

 

 

    

Class C

                 

Net asset value, offering price and redemption price per share,

($244,256,227 ÷ 6,619,479 shares of common stock issued and outstanding)

   $ 36.90     
  

 

 

    

Class Z

                 

Net asset value, offering price and redemption price per share,

($2,858,195,858 ÷ 66,578,792 shares of common stock issued and outstanding)

   $ 42.93         
  

 

 

    

Class R2

                 

Net asset value, offering price and redemption price per share,

($15,968,953 ÷ 380,934 shares of common stock issued and outstanding)

   $ 41.92     
  

 

 

    

Class R4

                 

Net asset value, offering price and redemption price per share,

($597,252 ÷ 13,989 shares of common stock issued and outstanding)

   $ 42.69     
  

 

 

    

Class R6

                 

Net asset value, offering price and redemption price per share,

($2,349,272,972 ÷ 54,122,967 shares of common stock issued and outstanding)

   $ 43.41     
  

 

 

    

 

 

   See Notes to Financial Statements.
   PGIM Jennison Global Opportunities Fund 35

 


PGIM Jennison Global Opportunities Fund

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

 

 

Net Investment Income (Loss)

        

Income

  

Unaffiliated dividend income

   $ 13,567,682  

Affiliated dividend income

     4,173,029  

Affiliated income from securities lending, net

     88,116  
  

 

 

 

Total income

     17,828,827  
  

 

 

 

Expenses

  

Management fee

     26,188,370  

Distribution fee(a)

     2,344,038  

Shareholder servicing fees(a)

     8,826  

Transfer agent’s fees and expenses (including affiliated expense of $88,305)(a)

     2,183,688  

Custodian and accounting fees

     231,805  

Shareholders’ reports

     179,107  

Registration fees(a)

     95,336  

Directors’ fees

     53,693  

Professional fees

     49,630  

Audit fee

     14,963  

Miscellaneous

     59,372  
  

 

 

 

Total expenses

     31,408,828  

Less: Fee waiver and/or expense reimbursement(a)

     (251,950

 Distribution fee waiver(a)

     (159,551
  

 

 

 

Net expenses

     30,997,327  
  

 

 

 

Net investment income (loss)

     (13,168,500
  

 

 

 

Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions

        

Net realized gain (loss) on:

  

Investment transactions (including affiliated of $(4,311)) (net of foreign capital gains taxes $(32,266))

     680,158,291  

Foreign currency transactions

     (1,473,169
  

 

 

 
     678,685,122  
  

 

 

 

Net change in unrealized appreciation (depreciation) on:

  

Investments (including affiliated of $23,619) (net of change in foreign capital gains taxes $46,190)

     (1,027,296,787

Foreign currencies

     219,903  
  

 

 

 
     (1,027,076,884
  

 

 

 

Net gain (loss) on investment and foreign currency transactions

     (348,391,762
  

 

 

 

Net Increase (Decrease) In Net Assets Resulting From Operations

   $ (361,560,262
  

 

 

 

 

See Notes to Financial Statements.   
36   

 


PGIM Jennison Global Opportunities Fund

Statement of Operations (unaudited) (continued)

Six Months Ended April 30, 2025

 

 

 
(a)

Class specific expenses and waivers were as follows:

 

     Class A    Class C    Class Z    Class R2    Class R4    Class R6

Distribution fee

       957,306          1,365,423                   21,309                    

Shareholder servicing fees

                                  8,524          302           

Transfer agent’s fees and expenses

       270,335          135,574          1,710,172          13,826          463          53,318  

Registration fees

       17,482          9,899          33,004          3,688          3,254          28,009  

Fee waiver and/or expense reimbursement

       (245,997)                            (2,758)          (3,195)           

Distribution fee waiver

       (159,551)                                               

 

   See Notes to Financial Statements.
   PGIM Jennison Global Opportunities Fund 37

 


PGIM Jennison Global Opportunities Fund

Statements of Changes in Net Assets (unaudited)

 

 

 

     Six Months Ended
April 30, 2025
       Year Ended
October 31, 2024 

Increase (Decrease) in Net Assets

                               

Operations

             

Net investment income (loss)

     $ (13,168,500 )          $ (18,912,537 )

Net realized gain (loss) on investment and foreign currency transactions

       678,685,122            919,433,445

Net change in unrealized appreciation (depreciation) on investments and foreign currencies

       (1,027,076,884 )            1,106,862,457
    

 

 

          

 

 

 

Net increase (decrease) in net assets resulting from operations

       (361,560,262 )            2,007,383,365
    

 

 

          

 

 

 

Dividends and Distributions

             

Distributions from distributable earnings

             

Class A

       (34,099,553 )           

Class C

       (16,790,096 )           

Class Z

       (161,388,437 )           

Class R2

       (902,989 )           

Class R4

       (30,299 )           

Class R6

       (131,214,991 )           
    

 

 

          

 

 

 
       (344,426,365 )           
    

 

 

          

 

 

 

Fund share transactions (Net of share conversions)

             

Net proceeds from shares sold

       755,506,842            1,306,357,953

Net asset value of shares issued in reinvestment of dividends and distributions

       340,260,316           

Cost of shares purchased

       (1,081,513,491 )            (1,640,810,176 )
    

 

 

          

 

 

 

Net increase (decrease) in net assets from Fund share transactions

       14,253,667            (334,452,223 )
    

 

 

          

 

 

 

Total increase (decrease)

       (691,732,960 )            1,672,931,142

Net Assets:

                               

Beginning of period

       6,765,661,445            5,092,730,303
    

 

 

          

 

 

 

End of period

     $ 6,073,928,485          $ 6,765,661,445
    

 

 

          

 

 

 

 

See Notes to Financial Statements.   
38   

 


PGIM Jennison Global Opportunities Fund

Financial Highlights (unaudited)

 

               

Class A Shares

                 
     

Six Months
Ended
April 30,

2025

           Year Ended October 31,  
      2024     2023     2022     2021     2020  

Per Share Operating Performance(a):

                                                         

Net Asset Value, Beginning of Period

     $46.35                $33.16       $27.60       $52.15       $38.50       $24.58  

Income (loss) from investment operations:

                                                         

Net investment income (loss)

     (0.12              (0.19     (0.11     (0.19     (0.37     (0.22
Net realized and unrealized gain (loss) on investment and foreign currency transactions      (2.14              13.38       5.67       (19.72     14.76       14.14  

Total from investment operations

     (2.26              13.19       5.56       (19.91     14.39       13.92  

Less Dividends and Distributions:

                                                         
Tax return of capital distributions      -                -       -       (- )(b)       -       -  
Distributions from net realized gains      (2.42              -       -       (4.64     (0.74     -  
Total dividends and distributions      (2.42              -       -       (4.64     (0.74     -  
Net asset value, end of period      $41.67                $46.35       $33.16       $27.60       $52.15       $38.50  

Total Return(c):

     (5.40 )%               39.82     20.11     (41.69 )%      37.75     56.63

                 
               

Ratios/Supplemental Data:

                                                         

Net assets, end of period (000)

     $605,637                $659,076       $464,837       $428,097       $797,091       $494,173  

Average net assets (000)

     $643,493                $610,917       $462,385       $568,379       $684,569       $344,283  

Ratios to average net assets(d):

                                                         

Expenses after waivers and/or expense reimbursement

     1.08 %(e)                1.08     1.08     1.08     1.08     1.08

Expenses before waivers and/or expense reimbursement

     1.21 %(e)                1.20     1.22     1.22     1.21     1.24

Net investment income (loss)

     (0.53 )%(e)               (0.43 )%      (0.34 )%      (0.53 )%      (0.80 )%      (0.69 )% 

Portfolio turnover rate(f)

     75              66     75     84     62     57

 

(a)

Calculated based on average shares outstanding during the period.

(b)

Amount rounds to zero.

(c)

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

(d)

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

(e)

Annualized.

(f)

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

 

   See Notes to Financial Statements.
   PGIM Jennison Global Opportunities Fund 39

 


PGIM Jennison Global Opportunities Fund

Financial Highlights (unaudited) (continued)

 

               

Class C Shares

                 
     

Six Months
Ended
April 30,

2025

           Year Ended October 31,  
      2024     2023     2022     2021     2020  

Per Share Operating Performance(a):

                                                         

Net Asset Value, Beginning of Period

     $41.48                $29.92       $25.12       $48.27       $35.98       $23.16  

Income (loss) from investment operations:

                                                         

Net investment income (loss)

     (0.27              (0.49     (0.34     (0.45     (0.70     (0.45
Net realized and unrealized gain (loss) on investment and foreign currency transactions      (1.89              12.05       5.14       (18.06     13.73       13.27  

Total from investment operations

     (2.16              11.56       4.80       (18.51     13.03       12.82  

Less Dividends and Distributions:

                                                         
Tax return of capital distributions      -                -       -       (- )(b)       -       -  
Distributions from net realized gains      (2.42              -       -       (4.64     (0.74     -  
Total dividends and distributions      (2.42              -       -       (4.64     (0.74     -  
Net asset value, end of period      $36.90                $41.48       $29.92       $25.12       $48.27       $35.98  

Total Return(c):

     (5.81 )%               38.64     19.11     (42.19 )%      36.63     55.31

                 
               

Ratios/Supplemental Data:

                                                         

Net assets, end of period (000)

     $244,256                $291,287       $245,621       $238,329       $496,435       $364,557  

Average net assets (000)

     $275,348                $290,799       $250,937       $333,018       $449,870       $279,272  

Ratios to average net assets(d):

                                                         

Expenses after waivers and/or expense reimbursement

     1.92 %(e)                1.91     1.94     1.93     1.91     1.93

Expenses before waivers and/or expense reimbursement

     1.92 %(e)                1.91     1.94     1.93     1.91     1.93

Net investment income (loss)

     (1.38 )%(e)               (1.27 )%      (1.19 )%      (1.38 )%      (1.62 )%      (1.53 )% 

Portfolio turnover rate(f)

     75              66     75     84     62     57

 

(a)

Calculated based on average shares outstanding during the period.

(b)

Amount rounds to zero.

(c)

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

(d)

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

(e)

Annualized.

(f)

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

 

See Notes to Financial Statements.   
40   

 


PGIM Jennison Global Opportunities Fund

Financial Highlights (unaudited) (continued)

 

               

Class Z Shares

                 
     

Six Months
Ended
April 30,

2025

           Year Ended October 31,  
      2024     2023     2022     2021     2020  

Per Share Operating Performance(a):

                                                         

Net Asset Value, Beginning of Period

     $47.65                $34.03       $28.29       $53.25       $39.24       $25.01  

Income (loss) from investment operations:

                                                         

Net investment income (loss)

     (0.09              (0.12     (0.06     (0.14     (0.30     (0.17
Net realized and unrealized gain (loss) on investment and foreign currency transactions      (2.21              13.74       5.80       (20.18     15.05       14.40  

Total from investment operations

     (2.30              13.62       5.74       (20.32     14.75       14.23  

Less Dividends and Distributions:

                                                         
Tax return of capital distributions      -                -       -       (- )(b)      -       -  
Distributions from net realized gains      (2.42              -       -       (4.64     (0.74     -  
Total dividends and distributions      (2.42              -       -       (4.64     (0.74     -  
Net asset value, end of period      $42.93                $47.65       $34.03       $28.29       $53.25       $39.24  

Total Return(c):

     (5.33 )%               40.02     20.29     (41.59 )%      37.96     56.90

                 
               

Ratios/Supplemental Data:

                                                         

Net assets, end of period (000)

     $2,858,196                $3,168,070       $2,250,783       $2,073,103       $4,792,805       $3,390,006  

Average net assets (000)

     $3,109,793                $2,964,607       $2,168,204       $3,132,931       $4,303,934       $2,338,060  

Ratios to average net assets(d):

                                                         

Expenses after waivers and/or expense reimbursement

     0.93 %(e)               0.92     0.93     0.93     0.92     0.93

Expenses before waivers and/or expense reimbursement

     0.93 %(e)               0.92     0.93     0.93     0.92     0.93

Net investment income (loss)

     (0.39 )%(e)               (0.27 )%      (0.19 )%      (0.39 )%      (0.64 )%      (0.54 )% 

Portfolio turnover rate(f)

     75              66     75     84     62     57

 

(a)

Calculated based on average shares outstanding during the period.

(b)

Amount rounds to zero.

(c)

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

(d)

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

(e)

Annualized.

(f)

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

 

   See Notes to Financial Statements.
   PGIM Jennison Global Opportunities Fund 41

 


PGIM Jennison Global Opportunities Fund

Financial Highlights (unaudited) (continued)

 

               

Class R2 Shares

                 
     

Six Months
Ended
April 30,

2025

           Year Ended October 31,  
      2024     2023     2022     2021     2020  

Per Share Operating Performance(a):

                                                         

Net Asset Value, Beginning of Period

     $46.68                $33.48       $27.94       $52.86       $39.10       $25.02  

Income (loss) from investment operations:

                                                         

Net investment income (loss)

     (0.18              (0.30     (0.19     (0.28     (0.48     (0.31
Net realized and unrealized gain (loss) on investment and foreign currency transactions      (2.16              13.50       5.73       (20.00     14.98       14.39  

Total from investment operations

     (2.34              13.20       5.54       (20.28     14.50       14.08  

Less Dividends and Distributions:

                                                         
Tax return of capital distributions      -                -       -       (- )(b)      -       -  
Distributions from net realized gains      (2.42              -       -       (4.64     (0.74     -  
Total dividends and distributions      (2.42              -       -       (4.64     (0.74     -  
Net asset value, end of period      $41.92                $46.68       $33.48       $27.94       $52.86       $39.10  

Total Return(c):

     (5.54 )%               39.47     19.79     (41.85 )%      37.45     56.27

                 
               

Ratios/Supplemental Data:

                                                         

Net assets, end of period (000)

     $15,969                $17,717       $13,341       $11,838       $21,615       $377  

Average net assets (000)

     $17,189                $16,640       $13,109       $15,315       $12,667       $221  

Ratios to average net assets(d):

                                                         

Expenses after waivers and/or expense reimbursement

     1.34 %(e)               1.34     1.34     1.34     1.34     1.33

Expenses before waivers and/or expense reimbursement

     1.37 %(e)               1.36     1.37     1.38     1.39     7.68

Net investment income (loss)

     (0.79 )%(e)               (0.69 )%      (0.60 )%      (0.79 )%      (1.00 )%      (0.92 )% 

Portfolio turnover rate(f)

     75              66     75     84     62     57

 

(a)

Calculated based on average shares outstanding during the period.

(b)

Amount rounds to zero.

(c)

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

(d)

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

(e)

Annualized.

(f)

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

 

See Notes to Financial Statements.   
42   

 


PGIM Jennison Global Opportunities Fund

Financial Highlights (unaudited) (continued)

 

               

Class R4 Shares

                 
     

Six Months
Ended
April 30,

2025

           Year Ended October 31,  
      2024     2023     2022     2021     2020  

Per Share Operating Performance(a):

                                                         

Net Asset Value, Beginning of Period

     $47.44                $33.94       $28.26       $53.27       $39.31       $25.08  

Income (loss) from investment operations:

                                                         

Net investment income (loss)

     (0.12              (0.19     (0.12     (0.18     (0.37     (0.19
Net realized and unrealized gain (loss) on investment and foreign currency transactions      (2.21              13.69       5.80       (20.19     15.07       14.42  

Total from investment operations

     (2.33              13.50       5.68       (20.37     14.70       14.23  

Less Dividends and Distributions:

                                                         
Tax return of capital distributions      -                -       -       (- )(b)       -       -  
Distributions from net realized gains      (2.42              -       -       (4.64     (0.74     -  
Total dividends and distributions      (2.42              -       -       (4.64     (0.74     -  
Net asset value, end of period      $42.69                $47.44       $33.94       $28.26       $53.27       $39.31  

Total Return(c):

     (5.42 )%               39.82     20.06     (41.68 )%      37.76     56.74

                 
               

Ratios/Supplemental Data:

                                                         

Net assets, end of period (000)

     $597                $622       $402       $310       $332       $505  

Average net assets (000)

     $610                $551       $375       $318       $696       $433  

Ratios to average net assets(d):

                                                         

Expenses after waivers and/or expense reimbursement

     1.09 %(e)               1.08     1.09     1.09     1.06     1.02

Expenses before waivers and/or expense reimbursement

     2.15 %(e)               2.34     2.48     3.42     2.18     4.28

Net investment income (loss)

     (0.54 )%(e)               (0.44 )%      (0.36 )%      (0.51 )%      (0.78 )%      (0.60 )% 

Portfolio turnover rate(f)

     75              66     75     84     62     57

 

(a)

Calculated based on average shares outstanding during the period.

(b)

Amount rounds to zero.

(c)

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

(d)

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

(e)

Annualized.

(f)

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

 

   See Notes to Financial Statements.
   PGIM Jennison Global Opportunities Fund 43

 


PGIM Jennison Global Opportunities Fund

Financial Highlights (unaudited) (continued)

 

               

Class R6 Shares

                 
     

Six Months
Ended
April 30,

2025

           Year Ended October 31,  
      2024     2023     2022     2021     2020  

Per Share Operating Performance(a):

                                                         

Net Asset Value, Beginning of Period

     $48.13                $34.34       $28.52       $53.60       $39.46       $25.13  

Income (loss) from investment operations:

                                                         

Net investment income (loss)

     (0.06              (0.08     (0.03     (0.10     (0.26     (0.15
Net realized and unrealized gain (loss) on investment and foreign currency transactions      (2.24              13.87       5.85       (20.34     15.14       14.48  

Total from investment operations

     (2.30              13.79       5.82       (20.44     14.88       14.33  

Less Dividends and Distributions:

                                                         
Tax return of capital distributions      -                -       -       (- )(b)       -       -  
Distributions from net realized gains      (2.42              -       -       (4.64     (0.74     -  
Total dividends and distributions      (2.42              -       -       (4.64     (0.74     -  
Net asset value, end of period      $43.41                $48.13       $34.34       $28.52       $53.60       $39.46  

Total Return(c):

     (5.28 )%               40.16     20.41     (41.54 )%      38.08     57.02

                 
               

Ratios/Supplemental Data:

                                                         

Net assets, end of period (000)

     $2,349,273                $2,628,890       $2,117,746       $1,776,074       $3,301,585       $1,803,620  

Average net assets (000)

     $2,563,927                $2,518,916       $2,002,806       $2,401,595       $2,690,566       $1,074,262  

Ratios to average net assets(d):

                                                         

Expenses after waivers and/or expense reimbursement

     0.82 %(e)               0.82     0.83     0.83     0.83     0.84

Expenses before waivers and/or expense reimbursement

     0.82 %(e)               0.82     0.83     0.83     0.83     0.84

Net investment income (loss)

     (0.28 )%(e)               (0.18 )%      (0.10 )%      (0.28 )%      (0.54 )%      (0.46 )% 

Portfolio turnover rate(f)

     75              66     75     84     62     57

 

(a)

Calculated based on average shares outstanding during the period.

(b)

Amount rounds to zero.

(c)

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

(d)

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

(e)

Annualized.

(f)

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

 

See Notes to Financial Statements.   
44   

 


PGIM Jennison International Opportunities Fund

Schedule of Investments (unaudited)

as of April 30, 2025

 

 Description    Shares      Value  

LONG-TERM INVESTMENTS 93.7%

 

COMMON STOCKS 92.1%

 

Belgium 2.1%

 

UCB SA

     589,844      $ 108,141,504  

Brazil 9.2%

 

Embraer SA, ADR*

     2,777,567        127,601,428  

MercadoLibre, Inc.*

     116,863        272,390,123  

NU Holdings Ltd. (Class A Stock)*(a)

     5,862,466        72,870,452  
     

 

 

 
          472,862,003  

Canada 3.6%

 

Constellation Software, Inc.

     28,583        103,010,553  

Shopify, Inc. (Class A Stock)*

     859,267        81,630,365  
     

 

 

 
        184,640,918  

China 8.5%

 

BYD Co. Ltd. (Class H Stock)

     4,572,050        217,155,210  

Xiaomi Corp. (Class B Stock), 144A*

     34,012,877        217,757,393  
     

 

 

 
        434,912,603  

France 14.6%

 

EssilorLuxottica SA

     405,497        116,845,130  

Hermes International SCA

     95,256        261,971,048  

L’Oreal SA

     361,822        159,876,642  

Safran SA

     796,053        211,845,292  
     

 

 

 
        750,538,112  

Germany 9.6%

 

Rheinmetall AG

     158,108        269,266,251  

SAP SE

     771,198        225,643,774  
     

 

 

 
        494,910,025  

India 2.6%

 

Eternal Ltd.*

     22,137,292        60,589,470  

MakeMyTrip Ltd.*

     705,543        73,955,017  
     

 

 

 
        134,544,487  

 

   See Notes to Financial Statements.
   PGIM Jennison International Opportunities Fund 45

 


PGIM Jennison International Opportunities Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description    Shares      Value  

COMMON STOCKS (Continued)

     

Italy 7.7%

 

Brunello Cucinelli SpA

     1,369,538      $ 154,620,418  

Ferrari NV

     351,535        160,925,884  

Moncler SpA

     1,332,793        82,261,150  
     

 

 

 
          397,807,452  

Japan 2.3%

 

Keyence Corp.

     276,519        115,610,281  

Netherlands 4.5%

 

Adyen NV, 144A*

     62,235        100,709,502  

Argenx SE*

     201,085        129,991,227  
     

 

 

 
        230,700,729  

New Zealand 1.7%

 

Xero Ltd.*

     833,816        87,811,746  

Singapore 2.3%

 

Sea Ltd., ADR*

     887,280        118,939,884  

Spain 3.8%

 

Industria de Diseno Textil SA(a)

     3,588,764        192,985,652  

Switzerland 3.9%

 

Cie Financiere Richemont SA (Class A Stock)

     632,249        111,721,697  

Galderma Group AG

     768,105        89,212,093  
     

 

 

 
        200,933,790  

Taiwan 2.9%

 

Taiwan Semiconductor Manufacturing Co. Ltd., ADR

     898,578        149,783,967  
     

United Kingdom 3.7%

 

Compass Group PLC

     5,559,649        187,442,583  

United States 9.1%

 

CyberArk Software Ltd.*

     646,482        227,665,101  

 

See Notes to Financial Statements.   
46   

 


PGIM Jennison International Opportunities Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description    Shares      Value  

COMMON STOCKS (Continued)

 

United States (cont’d.)

 

Schneider Electric SE

     163,463      $ 38,192,441  

Spotify Technology SA*

     330,095        202,671,728  
     

 

 

 
        468,529,270  
     

 

 

 

TOTAL COMMON STOCKS

     

(cost $3,371,478,967)

        4,731,095,006  
     

 

 

 

PREFERRED STOCK 1.6%

 

Germany

 

Sartorius AG (PRFC)(a)

     

 (cost $91,796,366)

     322,776        83,790,888  
     

 

 

 

TOTAL LONG-TERM INVESTMENTS

     

(cost $3,463,275,333)

        4,814,885,894  
     

 

 

 

SHORT-TERM INVESTMENTS 10.2%

 

AFFILIATED MUTUAL FUNDS

     

PGIM Core Government Money Market Fund (7-day effective yield 4.478%)(wb)

     300,989,251        300,989,251  

PGIM Institutional Money Market Fund (7-day effective yield 4.540%)

     

 (cost $224,860,076; includes $224,404,884 of cash collateral for securities on loan)(b)(wb)

     225,038,461        224,880,935  
     

 

 

 

TOTAL SHORT-TERM INVESTMENTS

     

(cost $525,849,327)

        525,870,186  
     

 

 

 

TOTAL INVESTMENTS 103.9%

     

(cost $3,989,124,660)

         5,340,756,080  

Liabilities in excess of other assets (3.9)%

        (201,853,386
     

 

 

 

NET ASSETS 100.0%

      $ 5,138,902,694  
     

 

 

 

 

 

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

 

*

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 $214,944,800; cash collateral of $224,404,884 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

 

   See Notes to Financial Statements.
   PGIM Jennison International Opportunities Fund 47

 


PGIM Jennison International Opportunities Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

(b)

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

(wb)

Represents an investment in a Fund affiliated with the Manager.

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, 2025 in valuing such portfolio securities:

 

     Level 1      Level 2      Level 3  

Investments in Securities

        

Assets

        

Long-Term Investments

        

Common Stocks

        

Belgium

   $      $ 108,141,504        $—  

Brazil

     472,862,003                —  

Canada

     184,640,918                —  

China

            434,912,603         —  

France

            750,538,112         —  

Germany

            494,910,025         —  

India

     73,955,017        60,589,470         —  

Italy

            397,807,452         —  

Japan

            115,610,281         —  

Netherlands

            230,700,729         —  

New Zealand

            87,811,746         —  

Singapore

     118,939,884                —  

Spain

            192,985,652         —  

Switzerland

            200,933,790         —  

Taiwan

     149,783,967                —  

United Kingdom

            187,442,583         —  

United States

     430,336,829        38,192,441         —  

Preferred Stock

        

Germany

            83,790,888         —  

Short-Term Investments

        

Affiliated Mutual Funds

     525,870,186                —  
  

 

 

    

 

 

    

 

 

 

Total

   $ 1,956,388,804      $ 3,384,367,276        $—  
  

 

 

    

 

 

    

 

 

 

 

See Notes to Financial Statements.   
48   

 


PGIM Jennison International Opportunities Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

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, 2025 were as follows:

 

Software

     12.5

Textiles, Apparel & Luxury Goods

     11.9  

Aerospace & Defense

     11.8  

Affiliated Mutual Funds (4.4% represents investments purchased with collateral from securities on loan)

     10.2  

Automobiles

     7.3  

Hotels, Restaurants & Leisure

     6.3  

Entertainment

     6.3  

Broadline Retail

     5.3  

Technology Hardware, Storage & Peripherals

     4.3  

Pharmaceuticals

     3.8  

Specialty Retail

     3.8  

Personal Care Products

     3.1  

Semiconductors & Semiconductor Equipment

     2.9  

Biotechnology

     2.5

Health Care Equipment & Supplies

     2.3  

Electronic Equipment, Instruments & Components

     2.3  

Financial Services

     2.0  

Life Sciences Tools & Services

     1.6  

IT Services

     1.6  

Banks

     1.4  

Electrical Equipment

     0.7  
  

 

 

 
     103.9  

Liabilities in excess of other assets

     (3.9
  

 

 

 
     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

   $214,944,800    $(214,944,800)   $—

 

 

(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 49

 


PGIM Jennison International Opportunities Fund

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

 

Assets

          

Investments at value, including securities on loan of $214,944,800:

    

Unaffiliated investments (cost $3,463,275,333)

     $ 4,814,885,894

Affiliated investments (cost $525,849,327)

       525,870,186

Foreign currency, at value (cost $85,634)

       88,714

Receivable for investments sold

       32,670,144

Receivable for Fund shares sold

       7,455,236

Tax reclaim receivable

       6,389,211

Dividends receivable

       4,070,011

Foreign capital gains tax benefit accrued

       159,424

Prepaid expenses and other assets

       53,816
    

 

 

 

Total Assets

       5,391,642,636
    

 

 

 

Liabilities

          

Payable to broker for collateral for securities on loan

       224,404,884

Payable for investments purchased

       14,153,985

Payable for Fund shares purchased

       9,775,727

Management fee payable

       3,048,470

Accrued expenses and other liabilities

       1,200,058

Distribution fee payable

       129,040

Affiliated transfer agent fee payable

       23,246

Directors’ fees payable

       4,532
    

 

 

 

Total Liabilities

       252,739,942
    

 

 

 

Net Assets

     $ 5,138,902,694
    

 

 

 

          

Net assets were comprised of:

    

Common stock, at par

     $ 1,617

Paid-in capital in excess of par

       4,781,019,620

Total distributable earnings (loss)

       357,881,457
    

 

 

 

Net assets, April 30, 2025

     $ 5,138,902,694
    

 

 

 

 

See Notes to Financial Statements.   
50   

 


PGIM Jennison International Opportunities Fund

Statement of Assets & Liabilities (unaudited) (continued)

as of April 30, 2025

 

Class A

                 

Net asset value and redemption price per share,

($128,790,854 ÷ 4,134,488 shares of common stock issued and outstanding)

   $ 31.15     

Maximum sales charge (5.50% of offering price)

     1.81     
  

 

 

    

Maximum offering price to public

   $ 32.96     
  

 

 

    

Class C

               

Net asset value, offering price and redemption price per share,

($21,948,836 ÷ 779,539 shares of common stock issued and outstanding)

   $ 28.16     
  

 

 

    

Class R

                 

Net asset value, offering price and redemption price per share,

($217,117,377 ÷ 7,125,580 shares of common stock issued and outstanding)

   $ 30.47     
  

 

 

    

Class Z

                 

Net asset value, offering price and redemption price per share,

($3,055,074,748 ÷ 95,950,517 shares of common stock issued and outstanding)

   $ 31.84     
  

 

 

    

Class R2

                 

Net asset value, offering price and redemption price per share,

($14,158,700 ÷ 456,099 shares of common stock issued and outstanding)

   $ 31.04     
  

 

 

    

Class R4

                 

Net asset value, offering price and redemption price per share,

($11,139,541 ÷ 353,056 shares of common stock issued and outstanding)

   $ 31.55     
  

 

 

    

Class R6

                 

Net asset value, offering price and redemption price per share,

($1,690,672,638 ÷ 52,950,465 shares of common stock issued and outstanding)

   $ 31.93     
  

 

 

    

 

   See Notes to Financial Statements.
   PGIM Jennison International Opportunities Fund 51

 


PGIM Jennison International Opportunities Fund

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

 

Net Investment Income (Loss)

        

Income

  

Unaffiliated dividend income

   $ 14,556,822  

Affiliated dividend income

     4,229,038  

Affiliated income from securities lending, net

     112,605  
  

 

 

 

Total income

     18,898,465  
  

 

 

 

Expenses

  

Management fee

     20,356,920  

Distribution fee(a)

     1,158,186  

Shareholder servicing fees(a)

     12,658  

Transfer agent’s fees and expenses (including affiliated expense of $80,951)(a)

     2,097,363  

Custodian and accounting fees

     266,340  

Shareholders’ reports

     164,528  

Registration fees(a)

     90,573  

Professional fees

     44,812  

Directors’ fees

     37,866  

Audit fee

     15,498  

Miscellaneous

     49,686  
  

 

 

 

Total expenses

     24,294,430  

Less: Fee waiver and/or expense reimbursement(a)

     (813,017

 Distribution fee waiver(a)

     (311,059
  

 

 

 

Net expenses

     23,170,354  
  

 

 

 

Net investment income (loss)

     (4,271,889
  

 

 

 

Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions

        

Net realized gain (loss) on:

  

Investment transactions (including affiliated of $(25,525)) (net of foreign capital gains taxes $(158,367))

     324,419,798  

Foreign currency transactions

     (1,931,425
  

 

 

 
     322,488,373  
  

 

 

 

Net change in unrealized appreciation (depreciation) on:

  

Investments (including affiliated of $20,859) (net of change in foreign capital gains taxes $3,905,566)

     (268,009,591

Foreign currencies

     313,876  
  

 

 

 
     (267,695,715
  

 

 

 

Net gain (loss) on investment and foreign currency transactions

     54,792,658  
  

 

 

 

Net Increase (Decrease) In Net Assets Resulting From Operations

   $ 50,520,769  
  

 

 

 

 

See Notes to Financial Statements.   
52   

 


PGIM Jennison International Opportunities Fund

Statement of Operations (unaudited) (continued)

Six Months Ended April 30, 2025

 

 
(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

       191,256       111,794       837,548             17,588             — 

Shareholder servicing fees

                               7,035       5,623       — 

Transfer agent’s fees and expenses

       66,768       14,556       139,909       1,777,181       11,803       9,668       77,478 

Registration fees

       9,470       7,264       2,759       36,016       2,511       5,988       26,565 

Fee waiver and/or expense reimbursement

       (68,082 )       (12,542 )             (723,029 )       (2,862 )       (6,502 )       — 

Distribution fee waiver

       (31,877 )             (279,182 )                         — 

 

   See Notes to Financial Statements.
   PGIM Jennison International Opportunities Fund 53

 


PGIM Jennison International Opportunities Fund

Statements of Changes in Net Assets (unaudited)

 

     Six Months Ended
April 30, 2025
       Year Ended
October 31, 2024

Increase (Decrease) in Net Assets

                               

Operations

             

Net investment income (loss)

     $ (4,271,889 )          $ 5,368,256

Net realized gain (loss) on investment and foreign currency transactions

       322,488,373            102,452,938

Net change in unrealized appreciation (depreciation) on investments and foreign currencies

       (267,695,715 )            1,064,922,608
    

 

 

          

 

 

 

Net increase (decrease) in net assets resulting from operations

       50,520,769            1,172,743,802
    

 

 

          

 

 

 

Dividends and Distributions

             

Distributions from distributable earnings

             

Class A

                 

Class C

                 

Class R

                 

Class Z

       (2,186,161 )            (2,398,454 )

Class R2

                 

Class R4

                 

Class R6

       (2,225,020 )            (2,218,376 )
    

 

 

          

 

 

 
       (4,411,181 )            (4,616,830 )
    

 

 

          

 

 

 

Fund share transactions (Net of share conversions)

             

Net proceeds from shares sold

       899,138,381            1,300,683,230

Net asset value of shares issued in reinvestment of dividends and distributions

       4,352,913            4,571,915

Cost of shares purchased

       (991,561,639 )            (1,416,924,392 )
    

 

 

          

 

 

 

Net increase (decrease) in net assets from Fund share transactions

       (88,070,345 )            (111,669,247 )
    

 

 

          

 

 

 

Total increase (decrease)

       (41,960,757 )            1,056,457,725

Net Assets:

                               

Beginning of period

       5,180,863,451            4,124,405,726
    

 

 

          

 

 

 

End of period

     $ 5,138,902,694          $ 5,180,863,451
    

 

 

          

 

 

 

 

See Notes to Financial Statements.   
54   

 


PGIM Jennison International Opportunities Fund

Financial Highlights (unaudited)

 

 

   

Class A Shares

                              
   
    

Six Months
Ended

April 30,

2025

      

Year Ended October 31,

          2024   2023   2022   2021   2020
   

Per Share Operating Performance(a):

                                                                      

Net Asset Value, Beginning of Period

      $30.85                  $23.99       $22.03       $38.51       $28.14       $19.51

Income (loss) from investment operations:

                                                                      

Net investment income (loss)

      (0.05 )                  (0.02 )(b)       0.01       (0.09 )       (0.25 )       (0.12 )
Net realized and unrealized gain (loss) on investment and foreign currency transactions       0.35                  6.88       1.95       (16.36 )       10.62       8.75

Total from investment operations

      0.30                  6.86       1.96       (16.45 )       10.37       8.63

Less Dividends and Distributions:

                                                                      

Tax return of capital distributions

      -                  -       -       (- )(c)       -       -

Distributions from net realized gains

      -                  -       -       (0.03 )       -       -

Total dividends and distributions

      -                  -       -       (0.03 )       -       -

Net asset value, end of period

      $31.15                  $30.85       $23.99       $22.03       $38.51       $28.14

Total Return(d):

      0.97 %                  28.60 %       8.90 %       (42.74 )%       36.90 %       44.11 %

                              
               

Ratios/Supplemental Data:

                                                                      

Net assets, end of period (000)

      $128,791                  $130,020       $102,499       $105,135       $208,515       $76,093

Average net assets (000)

      $128,560                  $126,688       $114,648       $150,632       $142,641       $46,059

Ratios to average net assets(e):

                                                                      

Expenses after waivers and/or expense reimbursement

      1.09 %(f)                  1.09 %       1.09 %       1.09 %       1.09 %       1.09 %

Expenses before waivers and/or expense reimbursement

      1.25 %(f)                  1.24 %       1.26 %       1.27 %       1.27 %       1.34 %

Net investment income (loss)

      (0.34 )%(f)                  (0.07 )%       0.03 %       (0.34 )%       (0.71 )%       (0.52 )%

Portfolio turnover rate(g)

      54 %                  44 %       59 %       76 %       41 %       43 %

 

(a)

Calculated based on average shares outstanding during the period.

(b)

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

(c)

Amount rounds to zero.

(d)

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

(e)

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

(f)

Annualized.

(g)

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

 

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 55

 


PGIM Jennison International Opportunities Fund

Financial Highlights (unaudited) (continued)

 

   

Class C Shares

                              
   
    

Six Months
Ended
April 30,

2025

      

Year Ended October 31,

          2024   2023   2022   2021   2020
   

Per Share Operating Performance(a):

                                                                      

Net Asset Value, Beginning of Period

      $28.00                  $21.95       $20.32       $35.82       $26.38       $18.44

Income (loss) from investment operations:

                                                                      

Net investment income (loss)

      (0.16 )                  (0.24 )(b)       (0.18 )(b)       (0.30 )       (0.50 )       (0.29 )
Net realized and unrealized gain (loss) on investment and foreign currency transactions       0.32                  6.29       1.81       (15.17 )       9.94       8.23

Total from investment operations

      0.16                  6.05       1.63       (15.47 )       9.44       7.94

Less Dividends and Distributions:

                                                                      

Tax return of capital distributions

      -                  -       -       (- )(c)       -       -

Distributions from net realized gains

      -                  -       -       (0.03 )       -       -

Total dividends and distributions

      -                  -       -       (0.03 )       -       -

Net asset value, end of period

      $28.16                  $28.00       $21.95       $20.32       $35.82       $26.38

Total Return(d):

      0.57 %                  27.56 %       8.02 %       (43.22 )%       35.84 %       43.00 %

                              
               

Ratios/Supplemental Data:

                                                                      

Net assets, end of period (000)

      $21,949                  $24,232       $22,579       $22,981       $40,128       $16,411

Average net assets (000)

      $22,544                  $25,084       $24,838       $30,780       $28,884       $9,894

Ratios to average net assets(e):

                                                                      

Expenses after waivers and/or expense reimbursement

      1.91 %(f)                  1.90 %       1.90 %       1.90 %       1.90 %       1.90 %

Expenses before waivers and/or expense reimbursement

      2.02 %(f)                  1.99 %       1.99 %       2.01 %       1.97 %       2.15 %

Net investment income (loss)

      (1.17 )%(f)                  (0.88 )%       (0.79 )%       (1.14 )%       (1.52 )%       (1.32 )%

Portfolio turnover rate(g)

      54 %                  44 %       59 %       76 %       41 %       43 %

 

(a)

Calculated based on average shares outstanding during the period.

(b)

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

(c)

Amount rounds to zero.

(d)

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

(e)

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

(f)

Annualized.

(g)

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

 

See Notes to Financial Statements.

56


PGIM Jennison International Opportunities Fund

Financial Highlights (unaudited) (continued)

 

   

Class R Shares

                              
   
    

Six Months
Ended
April 30,

2025

      

Year Ended October 31,

          2024   2023   2022   2021   2020
   

Per Share Operating Performance(a):

                                                                      

Net Asset Value, Beginning of Period

      $30.23                  $23.60       $21.75       $38.17       $27.98       $19.48

Income (loss) from investment operations:

                                                                      

Net investment income (loss)

      (0.11 )                  (0.13 )(b)       (0.09 )(b)       (0.19 )       (0.37 )       (0.20 )
Net realized and unrealized gain (loss) on investment and foreign currency transactions       0.35                  6.76       1.94       (16.20 )       10.56       8.70

Total from investment operations

      0.24                  6.63       1.85       (16.39 )       10.19       8.50

Less Dividends and Distributions:

                                                                      

Tax return of capital distributions

      -                  -       -       (- )(c)       -       -

Distributions from net realized gains

      -                  -       -       (0.03 )       -       -

Total dividends and distributions

      -                  -       -       (0.03 )       -       -

Net asset value, end of period

      $30.47                  $30.23       $23.60       $21.75       $38.17       $27.98

Total Return(d):

      0.79 %                  28.09 %       8.51 %       (42.97 )%       36.42 %       43.56 %

                              
               

Ratios/Supplemental Data:

                                                                      

Net assets, end of period (000)

      $217,117                  $226,297       $218,828       $230,246       $358,284       $291,162

Average net assets (000)

      $225,197                  $239,312       $237,233       $269,777       $340,986       $281,238

Ratios to average net assets(e):

                                                                      

Expenses after waivers and/or expense reimbursement

      1.45 %(f)                  1.45 %       1.46 %       1.47 %       1.47 %       1.47 %

Expenses before waivers and/or expense reimbursement

      1.70 %(f)                  1.70 %       1.71 %       1.72 %       1.72 %       1.77 %

Net investment income (loss)

      (0.71 )%(f)                  (0.44 )%       (0.35 )%       (0.70 )%       (1.08 )%       (0.87 )%

Portfolio turnover rate(g)

      54 %                  44 %       59 %       76 %       41 %       43 %

 

(a)

Calculated based on average shares outstanding during the period.

(b)

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

(c)

Amount rounds to zero.

(d)

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

(e)

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

(f)

Annualized.

(g)

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

 

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 57

 


PGIM Jennison International Opportunities Fund

Financial Highlights (unaudited) (continued)

 

   

Class Z Shares

                              
   
    

Six Months
Ended
April 30,

2025

      

Year Ended October 31,

          2024   2023   2022   2021   2020
   

Per Share Operating Performance(a):

                                                                      

Net Asset Value, Beginning of Period

      $31.53                  $24.50       $22.45       $39.17       $28.56       $19.77

Income (loss) from investment operations:

                                                                      

Net investment income (loss)

      (0.02 )                  0.04       0.06       (0.04 )       (0.18 )       (0.10 )
Net realized and unrealized gain (loss) on investment and foreign currency transactions       0.35                  7.02       1.99       (16.65 )       10.79       8.89

Total from investment operations

      0.33                  7.06       2.05       (16.69 )       10.61       8.79

Less Dividends and Distributions:

                                                                      

Dividends from net investment income

      (0.02 )                  (0.03 )       -       -       -       -

Tax return of capital distributions

      -                  -       -       (- )(b)       -       -

Distributions from net realized gains

      -                  -       -       (0.03 )       -       -

Total dividends and distributions

      (0.02 )                  (0.03 )       -       (0.03 )       -       -

Net asset value, end of period

      $31.84                  $31.53       $24.50       $22.45       $39.17       $28.56

Total Return(c):

      1.06 %                  28.81 %       9.13 %       (42.63 )%       37.15 %       44.46 %

                              
               

Ratios/Supplemental Data:

                                                                      

Net assets, end of period (000)

      $3,055,075                  $2,950,665       $2,332,761       $1,948,250       $3,481,110       $1,364,899

Average net assets (000)

      $3,020,266                  $2,852,407       $2,382,104       $2,744,398       $2,452,905       $639,223

Ratios to average net assets(d):

                                                                      

Expenses after waivers and/or expense reimbursement

      0.90 %(e)                  0.90 %       0.90 %       0.90 %       0.90 %       0.90 %

Expenses before waivers and/or expense reimbursement

      0.95 %(e)                  0.95 %       0.95 %       0.96 %       0.94 %       0.99 %

Net investment income (loss)

      (0.15 )%(e)                  0.12 %       0.21 %       (0.14 )%       (0.51 )%       (0.38 )%

Portfolio turnover rate(f)

      54 %                  44 %       59 %       76 %       41 %       43 %

 

(a)

Calculated based on average shares outstanding during the period.

(b)

Amount rounds to zero.

(c)

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

(d)

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

(e)

Annualized.

(f)

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

 

See Notes to Financial Statements.

58


PGIM Jennison International Opportunities Fund

Financial Highlights (unaudited) (continued)

 

   

Class R2 Shares

                              
   
    

Six Months
Ended
April 30,

2025

      

Year Ended October 31,

          2024   2023   2022   2021   2020
   

Per Share Operating Performance(a):

                                                                      

Net Asset Value, Beginning of Period

      $30.78                  $24.00       $22.09       $38.72       $28.35       $19.70

Income (loss) from investment operations:

                                                                      

Net investment income (loss)

      (0.09 )                  (0.09 )(b)       (0.06 )(b)       (0.15 )       (0.33 )       (0.29 )
Net realized and unrealized gain (loss) on investment and foreign currency transactions       0.35                  6.87       1.97       (16.45 )       10.70       8.94

Total from investment operations

      0.26                  6.78       1.91       (16.60 )       10.37       8.65

Less Dividends and Distributions:

                                                                      

Tax return of capital distributions

      -                  -       -       (- )(c)       -       -

Distributions from net realized gains

      -                  -       -       (0.03 )       -       -

Total dividends and distributions

      -                  -       -       (0.03 )       -       -

Net asset value, end of period

      $31.04                  $30.78       $24.00       $22.09       $38.72       $28.35

Total Return(d):

      0.84 %                  28.25 %       8.65 %       (42.90 )%       36.58 %       43.91 %

                              
               

Ratios/Supplemental Data:

                                                                      

Net assets, end of period (000)

      $14,159                  $14,154       $11,710       $10,579       $13,101       $4,664

Average net assets (000)

      $14,187                  $14,748       $11,833       $11,553       $8,789       $1,557

Ratios to average net assets(e):

                                                                      

Expenses after waivers and/or expense reimbursement

      1.34 %(f)                  1.34 %       1.34 %       1.34 %       1.33 %       1.32 %

Expenses before waivers and/or expense reimbursement

      1.38 %(f)                  1.37 %       1.38 %       1.41 %       1.41 %       2.23 %

Net investment income (loss)

      (0.59 )%(f)                  (0.32 )%       (0.23 )%       (0.55 )%       (0.92 )%       (1.06 )%

Portfolio turnover rate(g)

      54 %                  44 %       59 %       76 %       41 %       43 %

 

(a)

Calculated based on average shares outstanding during the period.

(b)

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

(c)

Amount rounds to zero.

(d)

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

(e)

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

(f)

Annualized.

(g)

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

 

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 59

 


PGIM Jennison International Opportunities Fund

Financial Highlights (unaudited) (continued)

 

   

Class R4 Shares

                              
   
    

Six Months
Ended
April 30,

2025

      

Year Ended October 31,

          2024   2023   2022   2021   2020
   

Per Share Operating Performance(a):

                                                                      

Net Asset Value, Beginning of Period

      $31.25                  $24.30       $22.31       $39.01       $28.49       $19.75

Income (loss) from investment operations:

                                                                      

Net investment income (loss)

      (0.05 )                  (0.03 )(b)       - (c)         (0.09 )       (0.25 )       (0.11 )
Net realized and unrealized gain (loss) on investment and foreign currency transactions       0.35                  6.98       1.99       (16.58 )       10.77       8.85

Total from investment operations

      0.30                  6.95       1.99       (16.67 )       10.52       8.74

Less Dividends and Distributions:

                                                                      

Tax return of capital distributions

      -                  -       -       (- )(c)       -       -

Distributions from net realized gains

      -                  -       -       (0.03 )       -       -

Total dividends and distributions

      -                  -       -       (0.03 )       -       -

Net asset value, end of period

      $31.55                  $31.25       $24.30       $22.31       $39.01       $28.49

Total Return(d):

      0.96 %                  28.60 %       8.92 %       (42.76 )%       36.97 %       44.20 %

                              
               

Ratios/Supplemental Data:

                                                                      

Net assets, end of period (000)

      $11,140                  $12,294       $9,811       $8,646       $16,892       $1,359

Average net assets (000)

      $11,338                  $11,711       $9,832       $11,164       $11,907       $1,023

Ratios to average net assets(e):

                                                                      

Expenses after waivers and/or expense reimbursement

      1.09 %(f)                  1.08 %       1.09 %       1.09 %       1.08 %       1.04 %

Expenses before waivers and/or expense reimbursement

      1.21 %(f)                  1.18 %       1.15 %       1.16 %       1.14 %       2.47 %

Net investment income (loss)

      (0.35 )%(f)                  (0.11 )%       0.02 %       (0.33 )%       (0.69 )%       (0.46 )%

Portfolio turnover rate(g)

      54 %                  44 %       59 %       76 %       41 %       43 %

 

(a)

Calculated based on average shares outstanding during the period.

(b)

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

(c)

Amount rounds to zero.

(d)

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

(e)

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

(f)

Annualized.

(g)

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

 

See Notes to Financial Statements.

60


PGIM Jennison International Opportunities Fund

Financial Highlights (unaudited) (continued)

 

   

Class R6 Shares

                              
   
    

Six Months
Ended
April 30,

2025

      

Year Ended October 31,

          2024   2023   2022   2021   2020
   

Per Share Operating Performance(a):

                                                                      

Net Asset Value, Beginning of Period

      $31.62                  $24.57       $22.50       $39.24       $28.59       $19.78

Income (loss) from investment operations:

                                                                      

Net investment income (loss)

      (0.02 )                  0.06       0.07       (0.02 )       (0.16 )       (0.08 )
Net realized and unrealized gain (loss) on investment and foreign currency transactions       0.37                  7.03       2.00       (16.69 )       10.81       8.89

Total from investment operations

      0.35                  7.09       2.07       (16.71 )       10.65       8.81

Less Dividends and Distributions:

                                                                      

Dividends from net investment income

      (0.04 )                  (0.04 )       -       -       -       -

Tax return of capital distributions

      -                  -       -       (- )(b)       -       -

Distributions from net realized gains

      -                  -       -       (0.03 )       -       -

Total dividends and distributions

      (0.04 )                  (0.04 )       -       (0.03 )       -       -

Net asset value, end of period

      $31.93                  $31.62       $24.57       $22.50       $39.24       $28.59

Total Return(c):

      1.12 %                  28.87 %       9.20 %       (42.61 )%       37.25 %       44.54 %

                              
               

Ratios/Supplemental Data:

                                                                      

Net assets, end of period (000)

      $1,690,673                  $1,823,202       $1,426,218       $1,330,422       $2,136,686       $673,736

Average net assets (000)

      $1,681,459                  $1,742,632       $1,495,043       $1,686,565       $1,445,464       $295,968

Ratios to average net assets(d):

                                                                      

Expenses after waivers and/or expense reimbursement

      0.84 %(e)                  0.84 %       0.84 %       0.84 %       0.84 %       0.84 %

Expenses before waivers and/or expense reimbursement

      0.84 %(e)                  0.84 %       0.84 %       0.84 %       0.84 %       0.91 %

Net investment income (loss)

      (0.10 )%(e)                  0.19 %       0.27 %       (0.07 )%       (0.46 )%       (0.32 )%

Portfolio turnover rate(f)

      54 %                  44 %       59 %       76 %       41 %       43 %

 

(a)

Calculated based on average shares outstanding during the period.

(b)

Amount rounds to zero.

(c)

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

(d)

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

(e)

Annualized.

(f)

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

 

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 61

 


PGIM Quant Solutions International Equity Fund

Schedule of Investments (unaudited)

as of April 30, 2025

 

 Description    Shares      Value  

LONG-TERM INVESTMENTS 97.3%

 

COMMON STOCKS 93.2%

 

Australia 4.4%

 

AGL Energy Ltd.

     21,646      $ 147,518  

Aristocrat Leisure Ltd.

     20,232        864,090  

BHP Group Ltd.

     28,565        680,808  

BlueScope Steel Ltd.

     8,000        122,532  

Brambles Ltd.

     92,435        1,214,749  

Charter Hall Group, REIT

     20,717        223,991  

Coles Group Ltd.

     52,397        711,541  

Computershare Ltd.

     34,251        895,027  

Evolution Mining Ltd.

     23,225        116,474  

Fortescue Ltd.

     57,364        592,437  

GPT Group (The), REIT

     38,976        115,539  

Helia Group Ltd.

     252,436        782,402  

JB Hi-Fi Ltd.

     14,904        987,655  

Northern Star Resources Ltd.

     67,303        826,728  

Qantas Airways Ltd.

     96,575        546,027  

QBE Insurance Group Ltd.

     64,586        892,574  

REA Group Ltd.

     1,405        223,226  

Rio Tinto Ltd.

     2,588        193,627  

Technology One Ltd.

     4,625        89,273  

West African Resources Ltd.*

     297,147        454,757  
     

 

 

 
          10,680,975  

Austria 0.1%

 

BAWAG Group AG, 144A*

     1,175        128,790  

Erste Group Bank AG

     2,449        165,850  
     

 

 

 
        294,640  

Belgium 0.0%

 

Proximus SADP

     9,800        75,270  

Brazil 1.5%

 

B3 SA - Brasil Bolsa Balcao

     207,800        488,088  

Banco do Brasil SA

     244,200        1,240,976  

BB Seguridade Participacoes SA

     38,700        290,157  

Centrais Eletricas Brasileiras SA

     9,200        71,183  

CPFL Energia SA

     31,500        211,308  

Embraer SA*

     10,800        124,021  

Odontoprev SA

     15,000        28,228  

Petroleo Brasileiro SA

     27,900        157,612  

Petroreconcavo SA

     52,000        117,925  

 

See Notes to Financial Statements.   
62   

 


PGIM Quant Solutions International Equity Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description    Shares      Value  

COMMON STOCKS (Continued)

 

Brazil (cont’d.)

 

TIM SA

     68,800      $ 229,004  

Vale SA

     31,500        293,567  

WEG SA

     49,600        393,556  

XP, Inc. (Class A Stock)

     7,400        119,140  
     

 

 

 
        3,764,765  

Canada 7.7%

 

Agnico Eagle Mines Ltd.

     8,500        999,024  

Barrick Gold Corp.

     66,600        1,270,067  

Canadian Imperial Bank of Commerce

     21,600        1,362,339  

Celestica, Inc.*

     7,100        605,813  

CES Energy Solutions Corp.

     12,600        55,569  

CGI, Inc.

     12,900        1,367,853  

Dundee Precious Metals, Inc.

     16,800        220,206  

Empire Co. Ltd. (Class A Stock)

     3,300        122,559  

Extendicare, Inc.

     15,600        156,159  

Fairfax Financial Holdings Ltd.

     100        156,122  

George Weston Ltd.

     5,100        993,660  

Great-West Lifeco, Inc.

     32,900        1,279,391  

Hudbay Minerals, Inc.

     23,000        167,337  

iA Financial Corp., Inc.

     4,000        388,568  

IGM Financial, Inc.

     5,700        181,138  

Kinross Gold Corp.

     92,700        1,368,377  

Loblaw Cos. Ltd.

     8,000        1,298,709  

Lundin Gold, Inc.

     3,000        122,363  

Manulife Financial Corp.

     45,600        1,397,505  

Metro, Inc.

     4,900        377,612  

Pan American Silver Corp.

     2,500        62,944  

Power Corp. of Canada

     37,100        1,404,235  

Royal Bank of Canada

     2,400        288,066  

Secure Waste Infrastructure Corp.

     9,000        85,717  

Shopify, Inc. (Class A Stock)*

     15,400        1,464,709  

Suncor Energy, Inc.

     44,100        1,557,543  

Wesdome Gold Mines Ltd.*

     6,000        73,814  
     

 

 

 
          18,827,399  

Chile 0.1%

 

Banco de Chile

     772,450        113,393  

Enel Chile SA

     1,404,400        99,372  
     

 

 

 
        212,765  

 

   See Notes to Financial Statements.
   PGIM Quant Solutions International Equity Fund 63

 


PGIM Quant Solutions International Equity Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description    Shares      Value  

COMMON STOCKS (Continued)

 

China 8.8%

 

Agricultural Bank of China Ltd. (Class H Stock)

     102,000      $ 62,242  

Alibaba Group Holding Ltd.

     35,900        535,988  

BOC Hong Kong Holdings Ltd.

     95,000        394,096  

BYD Co. Ltd. (Class H Stock)

     36,000        1,709,865  

Chifeng Jilong Gold Mining Co. Ltd. (Class A Stock)

     40,000        145,257  

China BlueChemical Ltd. (Class H Stock)

     1,428,000        347,676  

China Construction Bank Corp. (Class H Stock)

     1,176,000        965,999  

China Hongqiao Group Ltd.

     67,500        121,163  

China Life Insurance Co. Ltd. (Class H Stock)

     310,000        566,555  

CMOC Group Ltd. (Class H Stock)

     150,000        117,761  

Contemporary Amperex Technology Co. Ltd. (Class A Stock)

     6,700        214,042  

COSCO SHIPPING Holdings Co. Ltd. (Class H Stock)

     81,000        122,232  

Dong-E-E-Jiao Co. Ltd. (Class A Stock)

     15,600        116,635  

Geely Automobile Holdings Ltd.

     436,000        915,296  

Gree Electric Appliances, Inc. of Zhuhai (Class A Stock)

     51,700        324,133  

Hansoh Pharmaceutical Group Co. Ltd., 144A

     40,000        123,959  

Hygon Information Technology Co. Ltd. (Class A Stock)

     2,820        57,760  

Industrial & Commercial Bank of China Ltd. (Class H Stock)

     1,480,000        1,013,818  

JD.com, Inc. (Class A Stock)

     92,100        1,499,519  

Jiangsu Hengrui Pharmaceuticals Co. Ltd. (Class A Stock)

     55,700        391,097  

Meituan (Class B Stock), 144A*

     80,900        1,339,497  

NetEase, Inc.

     29,500        634,142  

New China Life Insurance Co. Ltd. (Class H Stock)

     33,800        123,435  

Ping An Insurance Group Co. of China Ltd. (Class H Stock)

     263,500        1,577,057  

Pop Mart International Group Ltd., 144A

     62,400        1,556,335  

Satellite Chemical Co. Ltd. (Class A Stock)

     49,400        123,396  

Shandong Himile Mechanical Science & Technology Co. Ltd. (Class A Stock)

     28,000        218,773  

Shanghai Pudong Development Bank Co. Ltd. (Class A Stock)

     108,400        163,385  

Tencent Holdings Ltd.

     43,500        2,664,417  

Tencent Music Entertainment Group, ADR

     9,000        120,780  

Western Mining Co. Ltd. (Class A Stock)

     79,000        167,456  

Wilmar International Ltd.

     40,200        94,288  

WuXi AppTec Co. Ltd. (Class H Stock), 144A

     15,600        120,566  

Xiaomi Corp. (Class B Stock), 144A*

     278,800        1,784,935  

Yunnan Aluminium Co. Ltd. (Class A Stock)

     79,000        165,386  

Yunnan Baiyao Group Co. Ltd. (Class A Stock)

     28,000        220,571  

Yunnan Yuntianhua Co. Ltd. (Class A Stock)

     98,600        303,024  

Yutong Bus Co. Ltd. (Class A Stock)

     73,300        270,649  

Zhejiang China Commodities City Group Co. Ltd. (Class A Stock)

     45,900        96,706  
     

 

 

 
          21,489,891  

 

See Notes to Financial Statements.   
64   

 


PGIM Quant Solutions International Equity Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description    Shares      Value  

COMMON STOCKS (Continued)

 

Denmark 0.4%

 

AP Moller - Maersk A/S (Class B Stock)

     70      $ 120,532  

Novo Nordisk A/S (Class B Stock)

     9,322        623,284  

Scandinavian Tobacco Group A/S, 144A

     15,916        231,666  
     

 

 

 
        975,482  

Finland 1.7%

 

Kemira OYJ

     13,470        277,941  

Konecranes OYJ

     4,392        294,255  

Nokia OYJ

     284,013        1,419,830  

Nordea Bank Abp

     93,239        1,291,262  

Orion OYJ (Class B Stock)

     5,917        370,473  

Wartsila OYJ Abp

     30,089        555,934  
     

 

 

 
        4,209,695  

France 5.4%

 

AXA SA

     40,287        1,905,410  

BNP Paribas SA

     10,428        883,559  

Cie de Saint-Gobain SA

     14,756        1,604,243  

Cie Generale des Etablissements Michelin SCA

     35,562        1,300,350  

Credit Agricole SA

     57,523        1,078,935  

Dassault Aviation SA

     208        74,998  

Eiffage SA

     3,603        490,270  

Engie SA

     69,501        1,436,469  

Ipsen SA

     932        108,395  

Klepierre SA, REIT

     39,708        1,453,439  

LVMH Moet Hennessy Louis Vuitton SE

     256        141,806  

Orange SA

     32,563        472,426  

Publicis Groupe SA

     2,790        283,874  

Rubis SCA

     5,618        182,870  

Technip Energies NV

     2,783        94,967  

TotalEnergies SE

     4,269        243,142  

Vinci SA

     10,302        1,447,094  
     

 

 

 
          13,202,247  

Georgia 0.2%

 

Lion Finance Group PLC

     5,808        465,877  

Germany 6.2%

 

adidas AG

     5,055        1,163,113  

 

   See Notes to Financial Statements.
   PGIM Quant Solutions International Equity Fund 65

 


PGIM Quant Solutions International Equity Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description    Shares      Value  

COMMON STOCKS (Continued)

 

Germany (cont’d.)

 

Allianz SE

     2,041      $ 844,110  

Deutsche Bank AG

     60,290        1,580,824  

Deutsche Telekom AG

     58,638        2,106,132  

Freenet AG

     6,065        252,202  

GEA Group AG

     7,798        508,739  

Heidelberg Materials AG

     8,070        1,613,301  

Henkel AG & Co. KGaA

     770        54,347  

MTU Aero Engines AG

     1,605        555,499  

Rational AG

     168        144,150  

Rheinmetall AG

     553        941,788  

SAP SE

     3,885        1,136,707  

Siemens AG

     11,570        2,664,123  

Siemens Energy AG*

     7,861        606,741  

Talanx AG

     4,430        508,423  

Zalando SE, 144A*

     14,325        523,095  
     

 

 

 
          15,203,294  

Greece 0.0%

 

Eurobank Ergasias Services & Holdings SA

     41,200        116,927  

Hong Kong 1.2%

 

AIA Group Ltd.

     228,200        1,709,883  

WH Group Ltd., 144A

     1,223,000        1,093,616  
     

 

 

 
        2,803,499  

India 5.0%

 

Bharat Electronics Ltd.

     258,334        960,880  

Bharti Airtel Ltd.

     40,792        899,800  

Chambal Fertilisers & Chemicals Ltd.

     14,600        119,705  

Cipla Ltd.

     34,984        641,982  

Coal India Ltd.

     124,494        567,230  

Cummins India Ltd.

     8,955        307,468  

Divi’s Laboratories Ltd.

     918        66,265  

DLF Ltd.

     16,075        128,220  

Godfrey Phillips India Ltd.

     536        51,384  

Hindalco Industries Ltd.

     147,867        1,092,879  

Hindustan Aeronautics Ltd.

     14,521        770,027  

Indian Hotels Co. Ltd. (The)

     9,800        91,185  

Infosys Ltd.

     24,491        432,950  

InterGlobe Aviation Ltd., 144A*

     3,776        235,288  

 

See Notes to Financial Statements.   
66   

 


PGIM Quant Solutions International Equity Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description    Shares      Value  

COMMON STOCKS (Continued)

 

India (cont’d.)

 

Lupin Ltd.

     24,654      $ 613,073  

Maruti Suzuki India Ltd.

     6,255        906,685  

Natco Pharma Ltd.

     6,875        69,217  

National Aluminium Co. Ltd.

     111,425        206,584  

NMDC Ltd.

     154,000        118,143  

Oberoi Realty Ltd.

     4,731        91,841  

Oil & Natural Gas Corp. Ltd.

     216,021        625,075  

Page Industries Ltd.

     342        184,383  

Persistent Systems Ltd.

     2,220        139,715  

Redington Ltd.

     40,650        118,185  

Sun Pharmaceutical Industries Ltd.

     64,545        1,399,888  

Vedanta Ltd.

     191,248        949,648  

Zensar Technologies Ltd.

     8,624        73,773  

Zydus Lifesciences Ltd.

     26,850        282,683  
     

 

 

 
          12,144,156  

Indonesia 0.0%

 

First Pacific Co. Ltd.

     86,000        57,867  

Ireland 0.1%

 

AIB Group PLC

     44,575        299,591  

Israel 0.5%

 

Bank Hapoalim BM

     7,175        105,247  

Bank Leumi Le-Israel BM

     51,017        724,494  

Plus500 Ltd.

     4,875        199,838  

Wix.com Ltd.*

     400        67,836  
     

 

 

 
        1,097,415  

Italy 2.7%

 

BPER Banca SpA

     82,090        666,742  

Enel SpA

     205,308        1,779,809  

Intesa Sanpaolo SpA

     362,663        1,936,000  

Leonardo SpA

     16,290        846,890  

UniCredit SpA

     23,086        1,343,163  
     

 

 

 
        6,572,604  

Japan 12.2%

 

ABC-Mart, Inc.

     13,300        247,353  

 

   See Notes to Financial Statements.
   PGIM Quant Solutions International Equity Fund 67

 


PGIM Quant Solutions International Equity Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description    Shares      Value  

COMMON STOCKS (Continued)

 

Japan (cont’d.)

 

Advantest Corp.

     36,100      $    1,510,278  

Aisin Corp.

     4,800        60,966  

Anycolor, Inc.

     10,400        268,151  

ARE Holdings, Inc.

     15,000        186,361  

Asics Corp.

     22,000        472,869  

Astellas Pharma, Inc.

     12,000        120,170  

Bandai Namco Holdings, Inc.

     3,900        135,535  

BayCurrent, Inc.

     1,900        102,379  

Bic Camera, Inc.

     8,100        86,861  

BIPROGY, Inc.

     6,700        218,810  

Bridgestone Corp.

     7,000        292,706  

Chugoku Marine Paints Ltd.

     6,400        92,958  

COMSYS Holdings Corp.

     4,500        99,738  

Daifuku Co. Ltd.

     11,200        296,290  

Dai-ichi Life Holdings, Inc.

     32,500        234,665  

Daito Trust Construction Co. Ltd.

     9,000        1,002,033  

Daiwa House REIT Investment Corp., REIT

     130        217,747  

Ebara Corp.

     5,000        75,109  

Electric Power Development Co. Ltd.

     41,000        719,774  

ENEOS Holdings, Inc.

     167,600        806,865  

Fast Retailing Co. Ltd.

     4,300        1,414,463  

Food & Life Cos. Ltd.

     4,400        162,823  

Freee KK*

     3,800        107,369  

Fujikura Ltd.

     2,400        89,297  

Glory Ltd.

     5,400        95,082  

GLP J-REIT, REIT

     252        217,362  

Hazama Ando Corp.

     10,800        107,564  

Hitachi Ltd.

     8,500        210,082  

Hokkaido Electric Power Co., Inc.

     49,800        236,607  

Hokuriku Electric Power Co.

     13,500        69,378  

Idemitsu Kosan Co. Ltd.

     39,500        244,782  

Japan Lifeline Co. Ltd.

     15,000        160,605  

Japan Post Holdings Co. Ltd.

     22,300        216,762  

Kansai Electric Power Co., Inc. (The)

     42,900        528,547  

Katitas Co. Ltd.

     6,400        92,730  

Kawasaki Kisen Kaisha Ltd.

     86,100        1,180,803  

Konami Group Corp.

     8,900        1,271,062  

Lasertec Corp.

     1,400        130,159  

Mabuchi Motor Co. Ltd.

     6,200        90,577  

Marubeni Corp.

     25,400        450,308  

Medipal Holdings Corp.

     36,000        610,044  

Mitsubishi Heavy Industries Ltd.

     43,000        847,652  

 

See Notes to Financial Statements.   
68   

 


PGIM Quant Solutions International Equity Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description    Shares      Value  

COMMON STOCKS (Continued)

 

Japan (cont’d.)

 

Mitsui Mining & Smelting Co. Ltd.

     12,300      $ 334,400  

MIXI, Inc.

     4,000        88,879  

Modec, Inc.

     6,400        194,226  

MS&AD Insurance Group Holdings, Inc.

     21,300        484,145  

Nippon Paint Holdings Co. Ltd.

     13,000        99,044  

Niterra Co. Ltd.

     3,300        102,752  

Nomura Holdings, Inc.

     238,800        1,330,967  

Obayashi Corp.

     27,500        426,667  

Open House Group Co. Ltd.

     2,700        119,723  

Otsuka Holdings Co. Ltd.

     11,600        565,509  

Rakus Co. Ltd.

     7,500        113,961  

Sanrio Co. Ltd.

     14,300        569,801  

Sansan, Inc.*

     15,600        213,118  

Seiko Epson Corp.

     8,400        116,534  

Sekisui House REIT, Inc., REIT

     224        120,843  

SHIFT, Inc.*

     19,200        175,684  

Shikoku Electric Power Co., Inc.

     43,200        355,019  

Shimamura Co. Ltd.

     1,800        119,770  

Shionogi & Co. Ltd.

     38,900        653,540  

Sony Group Corp.

     83,000        2,189,772  

Sumitomo Electric Industries Ltd.

     5,200        83,582  

Sumitomo Mitsui Financial Group, Inc.

     46,300        1,104,589  

Suzuki Motor Corp.

     114,500        1,372,130  

T&D Holdings, Inc.

     4,700        100,010  

Taisei Corp.

     2,300        124,711  

Takeda Pharmaceutical Co. Ltd.

     52,900        1,600,152  

Tohoku Electric Power Co., Inc.

     23,900        171,759  

Tokio Marine Holdings, Inc.

     1,400        56,115  

Tokyo Electric Power Co. Holdings, Inc.*

     160,800        491,912  

Toyota Motor Corp.

     19,665        375,590  

Zensho Holdings Co. Ltd.

     1,800        111,228  
     

 

 

 
          29,747,808  

Jordan 0.1%

 

Hikma Pharmaceuticals PLC

     8,960        237,436  

Netherlands 2.3%

 

ABN AMRO Bank NV, 144A, CVA

     18,232        377,819  

ASM International NV

     1,343        656,441  

ASML Holding NV

     1,301        870,944  

EXOR NV

     535        50,512  

 

   See Notes to Financial Statements.
   PGIM Quant Solutions International Equity Fund 69

 


PGIM Quant Solutions International Equity Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description    Shares      Value  

COMMON STOCKS (Continued)

 

Netherlands (cont’d.)

 

ING Groep NV

     37,455      $ 727,350  

Koninklijke Ahold Delhaize NV

     34,359        1,410,748  

Koninklijke BAM Groep NV

     26,475        179,336  

Koninklijke KPN NV

     293,548        1,365,543  
     

 

 

 
           5,638,693  

New Zealand 0.2%

 

Fisher & Paykel Healthcare Corp. Ltd.

     4,225        85,231  

Xero Ltd.*

     3,712        390,922  
     

 

 

 
        476,153  

Norway 0.8%

 

DNB Bank ASA

     21,578        539,409  

Kongsberg Gruppen ASA

     8,910        1,435,480  
     

 

 

 
        1,974,889  

Poland 0.7%

 

Bank Polska Kasa Opieki SA

     11,353        569,031  

Powszechna Kasa Oszczednosci Bank Polski SA

     52,000        999,749  

Powszechny Zaklad Ubezpieczen SA

     15,250        237,912  
     

 

 

 
        1,806,692  

Portugal 0.1%

 

NOS SGPS SA

     28,350        118,316  

Qatar 0.3%

 

Ooredoo QPSC

     228,249        813,176  

Russia 0.0%

 

Inter RAO UES PJSC^

     13,660,000        17  

LUKOIL PJSC^

     14,283         

Polyus PJSC*^

     14,500         

Rosneft Oil Co. PJSC^

     155,425         

Sberbank of Russia PJSC^

     366,709         
     

 

 

 
        17  

 

See Notes to Financial Statements.   
70   

 


PGIM Quant Solutions International Equity Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description    Shares      Value  

COMMON STOCKS (Continued)

 

Saudi Arabia 0.8%

 

Arabian Internet & Communications Services Co.

     1,612      $ 123,350  

Etihad Etisalat Co.

     15,469        258,989  

Riyad Bank

     54,459        447,068  

Saudi Awwal Bank

     9,900        92,638  

Saudi Telecom Co.

     66,495        844,205  

Saudia Dairy & Foodstuff Co.

     1,197        97,499  
     

 

 

 
        1,863,749  

Singapore 0.8%

 

BW LPG Ltd., 144A

     37,526        376,969  

Hafnia Ltd.

     72,255        333,066  

Sea Ltd., ADR*

     7,400        991,970  

Singapore Technologies Engineering Ltd.

     48,000        272,556  
     

 

 

 
           1,974,561  

South Africa 0.2%

 

Harmony Gold Mining Co. Ltd.

     17,525        275,359  

Life Healthcare Group Holdings Ltd.

     94,225        74,109  

Sanlam Ltd.

     25,875        117,810  
     

 

 

 
        467,278  

South Korea 4.4%

 

BNK Financial Group, Inc.

     31,386        228,774  

Hana Financial Group, Inc.

     18,602        843,603  

HD Hyundai Heavy Industries Co. Ltd.*

     1,314        371,638  

Hyundai Glovis Co. Ltd.

     1,248        100,067  

Hyundai Mobis Co. Ltd.

     5,877        1,103,164  

JB Financial Group Co. Ltd.

     14,248        171,190  

Kangwon Land, Inc.

     4,459        50,900  

KB Financial Group, Inc.

     20,761        1,312,069  

Kia Corp.

     16,583        1,053,904  

KT&G Corp.

     1,266        102,184  

Meritz Financial Group, Inc.

     1,482        129,469  

NAVER Corp.

     3,525        495,987  

Orion Corp.

     548        47,500  

Samsung Electronics Co. Ltd.

     32,334        1,261,593  

Samsung Securities Co. Ltd.

     10,374        380,275  

Shinhan Financial Group Co. Ltd.

     26,590        960,963  

SK Hynix, Inc.

     13,783        1,719,748  

 

   See Notes to Financial Statements.
   PGIM Quant Solutions International Equity Fund 71

 


PGIM Quant Solutions International Equity Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description    Shares      Value  

COMMON STOCKS (Continued)

 

South Korea (cont’d.)

 

SK Telecom Co. Ltd.

     1,010      $ 38,589  

Woori Financial Group, Inc.

     32,749        407,809  
     

 

 

 
          10,779,426  

Spain 1.3%

 

ACS Actividades de Construccion y Servicios SA

     12,859        805,679  

Banco Bilbao Vizcaya Argentaria SA

     116,688        1,601,431  

Banco Santander SA

     94,501        665,368  

Indra Sistemas SA

     3,952        126,005  
     

 

 

 
        3,198,483  

Sweden 1.8%

 

Alfa Laval AB

     23,875        990,236  

Atlas Copco AB (Class B Stock)

     11,346        157,547  

Boliden AB*

     9,427        288,844  

Epiroc AB (Class B Stock)

     2,938        57,619  

Essity AB (Class B Stock)

     47,122        1,362,724  

Svenska Handelsbanken AB (Class A Stock)

     48,636        636,636  

Swedbank AB (Class A Stock)

     30,211        754,183  

Telefonaktiebolaget LM Ericsson (Class B Stock)

     20,412        172,428  
     

 

 

 
        4,420,217  

Switzerland 1.0%

 

ABB Ltd.

     20,688        1,092,549  

Geberit AG

     174        120,533  

Logitech International SA

     13,318        1,012,036  

Schindler Holding AG

     170        60,273  

Zurich Insurance Group AG

     174        123,413  
     

 

 

 
        2,408,804  

Taiwan 3.3%

 

Accton Technology Corp.

     7,000        130,384  

Asustek Computer, Inc.

     5,000        91,435  

Eva Airways Corp.

     232,000        278,662  

Hon Hai Precision Industry Co. Ltd.

     53,000        236,131  

MediaTek, Inc.

     24,000        1,019,835  

TaiDoc Technology Corp.

     37,000        155,050  

Taiwan Semiconductor Manufacturing Co. Ltd.

     208,000        5,893,587  

 

See Notes to Financial Statements.   
72   

 


PGIM Quant Solutions International Equity Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description    Shares      Value  

COMMON STOCKS (Continued)

 

Taiwan (cont’d.)

 

Wiwynn Corp.

     2,000      $ 120,363  

Yang Ming Marine Transport Corp.

     55,000        117,506  
     

 

 

 
        8,042,953  

Thailand 0.1%

 

Advanced Info Service PCL

     24,600        216,989  

Turkey 1.0%

 

Aselsan Elektronik Sanayi Ve Ticaret A/S

     203,421        716,628  

MLP Saglik Hizmetleri A/S, 144A*

     17,522        149,158  

Pegasus Hava Tasimaciligi A/S*

     86,800        504,807  

Turk Hava Yollari AO*

     49,180        364,912  

Turkcell Iletisim Hizmetleri A/S

     329,761        773,472  
     

 

 

 
        2,508,977  

United Arab Emirates 1.0%

 

Aldar Properties PJSC

     39,275        88,445  

Emaar Properties PJSC

     402,747        1,439,117  

Emirates NBD Bank PJSC

     172,512        965,460  
     

 

 

 
          2,493,022  

United Kingdom 8.9%

 

3i Group PLC

     30,950        1,754,588  

Admiral Group PLC

     2,450        106,556  

Anglogold Ashanti PLC

     3,016        125,562  

Associated British Foods PLC

     42,243        1,164,434  

AstraZeneca PLC

     4,855        695,560  

Barclays PLC

     257,798        1,026,975  

British American Tobacco PLC

     15,927        693,754  

Centrica PLC

     489,597        1,048,243  

Drax Group PLC

     14,700        121,260  

Games Workshop Group PLC

     1,570        323,330  

Halma PLC

     8,892        328,218  

HSBC Holdings PLC

     253,176        2,822,248  

IG Group Holdings PLC

     8,375        119,369  

Imperial Brands PLC

     39,037        1,601,806  

Lloyds Banking Group PLC

     975,021        957,937  

Mitie Group PLC

     65,772        126,833  

NatWest Group PLC

     262,803        1,690,424  

 

   See Notes to Financial Statements.
   PGIM Quant Solutions International Equity Fund 73

 


PGIM Quant Solutions International Equity Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description    Shares      Value  

COMMON STOCKS (Continued)

 

United Kingdom (cont’d.)

 

Next PLC

     6,516      $ 1,074,987  

Paragon Banking Group PLC

     14,150        159,854  

Reckitt Benckiser Group PLC

     18,546        1,197,080  

Rolls-Royce Holdings PLC

     194,017        1,963,932  

Smiths Group PLC

     12,594        313,837  

Standard Chartered PLC

     85,861        1,236,678  

Tesco PLC

     199,099        985,342  

TORM PLC (Class A Stock)

     2,210        36,832  
     

 

 

 
        21,675,639  

United States 5.9%

 

GSK PLC

     93,261        1,844,953  

Holcim AG*

     2,772        309,765  

JBS SA

     141,700        1,094,869  

Nestle SA

     7,156        761,666  

Novartis AG

     27,176        3,099,621  

Roche Holding AG

     9,880        3,230,627  

Sanofi SA

     7,645        836,301  

Schneider Electric SE

     4,278        999,537  

Shell PLC

     50,559        1,631,627  

Spotify Technology SA*

     800        491,184  
     

 

 

 
        14,300,150  
     

 

 

 

TOTAL COMMON STOCKS

     

(cost $194,938,771)

          227,657,787  
     

 

 

 

PREFERRED STOCKS 1.2%

 

Brazil 1.1%

 

Gerdau SA (PRFC)

     97,800        258,323  

Itau Unibanco Holding SA (PRFC)

     214,500        1,344,794  

Petroleo Brasileiro SA (PRFC)

     194,800        1,031,126  
     

 

 

 
        2,634,243  

South Korea 0.1%

 

Samsung Electronics Co. Ltd. (PRFC)

     6,505        214,734  
     

 

 

 

TOTAL PREFERRED STOCKS

     

(cost $2,489,565)

        2,848,977  
     

 

 

 

 

See Notes to Financial Statements.   
74   

 


PGIM Quant Solutions International Equity Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description              Shares     

  Value

 

UNAFFILIATED EXCHANGE-TRADED FUNDS 2.9%

           

United States

 

iShares MSCI EAFE ETF(a)

           60,400      $ 5,118,900  

iShares MSCI Emerging Markets ETF(a)

           45,700        1,999,832  
           

 

 

 

TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS

           

(cost $6,974,929)

              7,118,732  
           

 

 

 

TOTAL LONG-TERM INVESTMENTS

           

(cost $204,403,265)

                237,625,496  
           

 

 

 

SHORT-TERM INVESTMENTS 17.5%

           

AFFILIATED MUTUAL FUNDS 16.7%

           

PGIM Core Government Money Market Fund (7-day effective yield 4.478%)(wb)

           31,625,958        31,625,958  

PGIM Institutional Money Market Fund (7-day effective yield 4.540%)

           

 (cost $9,123,249; includes $9,115,063 of cash collateral for securities on loan)(b)(wb)

           9,129,873        9,123,483  
           

 

 

 

TOTAL AFFILIATED MUTUAL FUNDS

           

(cost $40,749,207)

              40,749,441  
           

 

 

 
     Interest
Rate
   Maturity
Date
   Principal
Amount
(000)#
        

U.S. TREASURY OBLIGATION(k)(n) 0.8%

           

U.S. Treasury Bills
(cost $2,078,517)

   4.235%    06/17/25      2,090        2,078,491  
           

 

 

 

TOTAL SHORT-TERM INVESTMENTS

           

(cost $42,827,724)

              42,827,932  
           

 

 

 

TOTAL INVESTMENTS 114.8%

           

(cost $247,230,989)

              280,453,428  

Liabilities in excess of other assets(z) (14.8)%

              (36,221,604
           

 

 

 

NET ASSETS 100.0%

         $ 244,231,824  
           

 

 

 
 

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

 

*

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 $17 and 0.0% of net assets.

 

   See Notes to Financial Statements.
   PGIM Quant Solutions International Equity Fund 75

 


PGIM Quant Solutions International Equity Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 

(a)

All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $8,919,083; cash collateral of $9,115,063 (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.

(wb)

Represents an investment in a Fund affiliated with the Manager.

(z)

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

Futures contracts outstanding at April 30, 2025:

 

Number
of
Contracts

  

Type

   Expiration
Date
   Current
Notional
Amount
   Value /
Unrealized
Appreciation
(Depreciation)

Long Positions:

              

33

   Mini MSCI EAFE Index        Jun. 2025      $ 4,116,255      $ 17,438

34

   Mini MSCI Emerging Markets Index        Jun. 2025        1,887,000        14,380
                 

 

 

 
                  $ 31,818
                 

 

 

 

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

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

 

Broker      

  

 Cash and/or Foreign Currency 

  

 Securities Market Value 

GS

     $      $ 2,078,491
    

 

 

      

 

 

 

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.

76


PGIM Quant Solutions International Equity Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 

The following is a summary of the inputs used as of April 30, 2025 in valuing such portfolio securities:

 

     Level 1      Level 2      Level 3  

Investments in Securities

        

Assets

        

Long-Term Investments

        

Common Stocks

        

Australia

   $      $ 10,680,975        $—  

Austria

            294,640         —  

Belgium

            75,270         —  

Brazil

     3,764,765                —  

Canada

     18,827,399                —  

Chile

     212,765                —  

China

     120,780        21,369,111         —  

Denmark

            975,482         —  

Finland

            4,209,695         —  

France

            13,202,247         —  

Georgia

            465,877         —  

Germany

            15,203,294         —  

Greece

            116,927         —  

Hong Kong

            2,803,499         —  

India

            12,144,156         —  

Indonesia

            57,867         —  

Ireland

            299,591         —  

Israel

     67,836        1,029,579         —  

Italy

            6,572,604         —  

Japan

            29,747,808         —  

Jordan

            237,436         —  

Netherlands

            5,638,693         —  

New Zealand

            476,153         —  

Norway

            1,974,889         —  

Poland

            1,806,692         —  

Portugal

            118,316         —  

Qatar

            813,176         —  

Russia

                    17  

Saudi Arabia

     258,989        1,604,760         —  

Singapore

     991,970        982,591         —  

South Africa

     74,109        393,169         —  

South Korea

            10,779,426         —  

Spain

            3,198,483         —  

Sweden

            4,420,217         —  

Switzerland

            2,408,804         —  

Taiwan

            8,042,953         —  

Thailand

            216,989         —  

Turkey

            2,508,977         —  

United Arab Emirates

            2,493,022         —  

United Kingdom

            21,675,639         —  

United States

     1,586,053        12,714,097         —  

 

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund 77

 


PGIM Quant Solutions International Equity Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 

     Level 1      Level 2      Level 3  

Investments in Securities (continued)

        

Assets (continued)

        

Long-Term Investments (continued)

        

Preferred Stocks

        

Brazil

   $ 2,634,243      $        $—  

South Korea

            214,734         —  

Unaffiliated Exchange-Traded Funds

        

United States

     7,118,732                —  

Short-Term Investments

        

Affiliated Mutual Funds

     40,749,441                —  

U.S. Treasury Obligation

            2,078,491         —  
  

 

 

    

 

 

    

 

 

 

Total

   $ 76,407,082      $ 204,046,329      $17
  

 

 

    

 

 

    

 

 

 

Other Financial Instruments*

        

Assets

        

Futures Contracts

   $ 31,818      $        $—  
  

 

 

    

 

 

    

 

 

 
 

 

*

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

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2025 were as follows:

 

Affiliated Mutual Funds (3.7% represents investments purchased with collateral from securities on loan)

     16.7

Banks

     15.3  

Pharmaceuticals

     7.3  

Insurance

     6.0  

Metals & Mining

     5.0  

Semiconductors & Semiconductor Equipment

     4.9  

Aerospace & Defense

     3.5  

Oil, Gas & Consumable Fuels

     3.2  

Unaffiliated Exchange-Traded Funds

     2.9  

Automobiles

     2.6  

Capital Markets

     2.5  

Consumer Staples Distribution & Retail

     2.4  

Diversified Telecommunication Services

     2.4  

Specialty Retail

     2.3  

Machinery

     2.1  

Technology Hardware, Storage & Peripherals

     1.9

Food Products

     1.8  

IT Services

     1.7  

Electric Utilities

     1.6  

Entertainment

     1.6  

Construction & Engineering

     1.5  

Electrical Equipment

     1.4  

Interactive Media & Services

     1.4  

Industrial Conglomerates

     1.3  

Broadline Retail

     1.3  

Automobile Components

     1.2  

Real Estate Management & Development

     1.2  

Tobacco

     1.1  

Wireless Telecommunication Services

     1.1  

Household Durables

     1.1  

Multi-Utilities

     1.1  

Hotels, Restaurants & Leisure

     1.1  
 

 

See Notes to Financial Statements.

78


PGIM Quant Solutions International Equity Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 

Industry Classification (continued):

 

Household Products

     1.1

U.S. Treasury Obligation

     0.8  

Software

     0.8  

Textiles, Apparel & Luxury Goods

     0.8  

Passenger Airlines

     0.8  

Construction Materials

     0.8  

Building Products

     0.7  

Communications Equipment

     0.7  

Marine Transportation

     0.6  

Retail REITs

     0.6  

Chemicals

     0.6  

Commercial Services & Supplies

     0.5  

Electronic Equipment, Instruments & Components

     0.5  

Financial Services

     0.5  

Health Care Providers & Services

     0.4  

Professional Services

     0.4  

Independent Power & Renewable Electricity Producers

     0.3  

Diversified REITs

     0.3  

Leisure Products

     0.2

Trading Companies & Distributors

     0.2  

Health Care Equipment & Supplies

     0.2  

Energy Equipment & Services

     0.1  

Media

     0.1  

Industrial REITs

     0.1  

Life Sciences Tools & Services

     0.1  

Gas Utilities

     0.1  

Air Freight & Logistics

     0.0

Distributors

     0.0
  

 

 

 
     114.8  

Liabilities in excess of other assets

     (14.8
  

 

 

 
     100.0
  

 

 

 
 

 

*

Less than 0.05%

 

 

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

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

Fair values of derivative instruments as of April 30, 2025 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        $ 31,818                  $      
         

 

 

                  

 

 

     

 

*

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

 

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund 79

 


PGIM Quant Solutions International Equity Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2025 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

   $ 85,615  
  

 

 

 

 

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

 

Derivatives not accounted for

as hedging instruments,

carried at fair value

   Futures  

Equity contracts

   $ 68,843  
  

 

 

 

For the six months ended April 30, 2025, the Fund’s average volume of derivative activities is as follows:

 

 Derivative Contract Type     Average Volume of Derivative Activities* 

 

 Futures Contracts - Long Positions (1)

   $4,021,672

 

 

*

Average volume is based on average quarter end balances for the six months ended April 30, 2025.

(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

   $8,919,083    $(8,919,083)   $—

 

(1)

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

 

See Notes to Financial Statements.   
80   

 


PGIM Quant Solutions International Equity Fund

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

 

Assets

        

Investments at value, including securities on loan of $8,919,083:

  

Unaffiliated investments (cost $206,481,782)

   $ 239,703,987  

Affiliated investments (cost $40,749,207)

     40,749,441  

Foreign currency, at value (cost $547,813)

     549,473  

Receivable for investments sold

     10,321,729  

Tax reclaim receivable

     894,359  

Dividends and interest receivable

     666,018  

Receivable for Fund shares sold

     65,020  

Foreign capital gains tax benefit accrued

     14,905  

Prepaid expenses and other assets

     19,972  
  

 

 

 

Total Assets

     292,984,904  
  

 

 

 

Liabilities

        

Payable for investments purchased

     39,171,895  

Payable to broker for collateral for securities on loan

     9,115,063  

Accrued expenses and other liabilities

     146,533  

Management fee payable

     96,014  

Due to broker—variation margin futures

     85,940  

Payable for Fund shares purchased

     69,416  

Distribution fee payable

     34,807  

Affiliated transfer agent fee payable

     32,408  

Directors’ fees payable

     1,004  
  

 

 

 

Total Liabilities

     48,753,080  
  

 

 

 

Net Assets

   $ 244,231,824  
  

 

 

 

        

Net assets were comprised of:

  

Common stock, at par

   $ 295  

Paid-in capital in excess of par

     207,457,998  

Total distributable earnings (loss)

     36,773,531  
  

 

 

 

Net assets, April 30, 2025

   $ 244,231,824  
  

 

 

 

 

   See Notes to Financial Statements.
   PGIM Quant Solutions International Equity Fund 81

 


PGIM Quant Solutions International Equity Fund

Statement of Assets & Liabilities (unaudited) (continued)

as of April 30, 2025

 

Class A

                 

Net asset value and redemption price per share,

($ 144,513,850 ÷ 17,502,460 shares of common stock issued and outstanding)

   $ 8.26     

Maximum sales charge (5.50% of offering price)

     0.48     
  

 

 

    

Maximum offering price to public

   $ 8.74     
  

 

 

    

Class C

                 

Net asset value, offering price and redemption price per share,

($ 1,118,918 ÷ 144,383 shares of common stock issued and outstanding)

   $ 7.75     
  

 

 

    

Class Z

                 

Net asset value, offering price and redemption price per share,

($ 17,865,428 ÷ 2,140,424 shares of common stock issued and outstanding)

   $ 8.35     
  

 

 

    

Class R6

                 

Net asset value, offering price and redemption price per share,

($ 80,733,628 ÷ 9,663,537 shares of common stock issued and outstanding)

   $ 8.35     
  

 

 

    

 

See Notes to Financial Statements.   
82   

 


PGIM Quant Solutions International Equity Fund

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

 

Net Investment Income (Loss)

        

Income

  

Unaffiliated dividend income (net of $219,687 foreign withholding tax)

   $ 3,297,208  

Affiliated dividend income

     65,654  

Interest income

     9,121  

Affiliated income from securities lending, net

     1,127  
  

 

 

 

Total income

     3,373,110  
  

 

 

 

Expenses

  

Management fee

     713,652  

Distribution fee(a)

     211,660  

Transfer agent’s fees and expenses (including affiliated expense of $110,330)(a)

     223,214  

Custodian and accounting fees

     75,845  

Shareholders’ reports

     27,336  

Professional fees

     26,935  

Registration fees(a)

     21,609  

Audit fee

     15,498  

Directors’ fees

     6,030  

Miscellaneous

     18,834  
  

 

 

 

Total expenses

     1,340,613  

Less: Fee waiver and/or expense reimbursement(a)

     (150,376
  

 

 

 

Net expenses

     1,190,237  
  

 

 

 

Net investment income (loss)

     2,182,873  
  

 

 

 

Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions

        

Net realized gain (loss) on:

  

Investment transactions (including affiliated of $(492)) (net of foreign capital gains taxes $(45,426))

     8,090,685  

Futures transactions

     85,615  

Foreign currency transactions

     (72,141
  

 

 

 
     8,104,159  
  

 

 

 

Net change in unrealized appreciation (depreciation) on:

  

Investments (including affiliated of $233) (net of change in foreign capital gains taxes $365,237)

     6,625,094  

Futures

     68,843  

Foreign currencies

     132,034  
  

 

 

 
     6,825,971  
  

 

 

 

Net gain (loss) on investment and foreign currency transactions

     14,930,130  
  

 

 

 

Net Increase (Decrease) In Net Assets Resulting From Operations

   $ 17,113,003  
  

 

 

 

 

 
(a)

Class specific expenses and waivers were as follows:

 

     Class A   Class C   Class Z   Class R6

Distribution fee

       206,237       5,423            

Transfer agent’s fees and expenses

       207,750       3,330       10,758       1,376

Registration fees

       7,519       4,002       4,624       5,464

Fee waiver and/or expense reimbursement

       (101,965 )       (3,207 )       (12,393 )       (32,811 )

 

   See Notes to Financial Statements.
   PGIM Quant Solutions International Equity Fund 83

 


PGIM Quant Solutions International Equity Fund

Statements of Changes in Net Assets (unaudited)

 

     Six Months Ended
April 30, 2025
       Year Ended
October 31, 2024

Increase (Decrease) in Net Assets

                               

Operations

             

Net investment income (loss)

     $ 2,182,873          $ 5,524,308

Net realized gain (loss) on investment and foreign currency transactions

       8,104,159            16,352,958

Net change in unrealized appreciation (depreciation) on investments and foreign currencies

       6,825,971            27,075,139
    

 

 

          

 

 

 

Net increase (decrease) in net assets resulting from operations

       17,113,003            48,952,405
    

 

 

          

 

 

 

Dividends and Distributions

             

Distributions from distributable earnings

             

Class A

       (4,995,356 )            (5,000,495 )

Class C

       (28,947 )            (29,693 )

Class Z

       (662,835 )            (508,377 )

Class R6

       (1,351,552 )            (2,045,517 )
    

 

 

          

 

 

 
       (7,038,690 )            (7,584,082 )
    

 

 

          

 

 

 

Fund share transactions (Net of share conversions)

             

Net proceeds from shares sold

       58,877,400            11,172,730

Net asset value of shares issued in reinvestment of dividends and distributions

       6,933,542            7,485,544

Cost of shares purchased

       (23,489,580 )            (41,128,779 )
    

 

 

          

 

 

 

Net increase (decrease) in net assets from Fund share transactions

       42,321,362            (22,470,505 )
    

 

 

          

 

 

 

Total increase (decrease)

       52,395,675            18,897,818

Net Assets:

                               

Beginning of period

       191,836,149            172,938,331
    

 

 

          

 

 

 

End of period

     $ 244,231,824          $ 191,836,149
    

 

 

          

 

 

 

 

See Notes to Financial Statements.   
84   

 


PGIM Quant Solutions International Equity Fund

Financial Highlights (unaudited)

 

               

Class A Shares

                
     Six Months
Ended
April 30,
2025
         Year Ended October 31,  
      2024     2023     2022     2021     2020  

Per Share Operating Performance(a):

                                                    

Net Asset Value, Beginning of Period

    $7.86            $6.33       $5.76       $8.59       $6.74       $7.19  

Income (loss) from investment operations:

                                                    

Net investment income (loss)

    0.08            0.20       0.17       0.18       0.18       0.11  
Net realized and unrealized gain (loss) on investment and foreign currency transactions     0.61            1.60       0.62       (2.14     1.78       (0.39

Total from investment operations

    0.69            1.80       0.79       (1.96     1.96       (0.28

Less Dividends and Distributions:

                                                    

Dividends from net investment income

    (0.29          (0.27     (0.22     (0.24     (0.11     (0.17
Distributions from net realized gains     -            -       -       (0.63     -       -  

Total dividends and distributions

    (0.29          (0.27     (0.22     (0.87     (0.11     (0.17

Net asset value, end of period

    $8.26            $7.86       $6.33       $5.76       $8.59       $6.74  

Total Return(b):

    9.15          29.03     13.91     (25.11 )%      29.28     (4.07 )% 

                
               

Ratios/Supplemental Data:

                                                    

Net assets, end of period (000)

    $144,514            $139,516       $121,357       $119,053       $176,479       $147,445  

Average net assets (000)

    $138,631            $139,142       $130,333       $148,834       $176,751       $156,952  

Ratios to average net assets(c):

                                                    

Expenses after waivers and/or expense reimbursement

    1.39 %(d)           1.42     1.54     1.49     1.43     1.47

Expenses before waivers and/or expense reimbursement

    1.54 %(d)           1.58     1.71     1.63     1.55     1.64

Net investment income (loss)

    2.11 %(d)           2.68     2.69     2.65     2.12     1.58

Portfolio turnover rate(e)

    59          111     111     99     104     128

 

(a)

Calculated based on average shares outstanding during the period.

(b)

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

(c)

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

(d)

Annualized.

(e)

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

 

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund 85

 


PGIM Quant Solutions International Equity Fund

Financial Highlights (unaudited) (continued)

 

               

Class C Shares

                
     Six Months
Ended
April 30,
2025
         Year Ended October 31,  
      2024     2023     2022     2021     2020  

Per Share Operating Performance(a):

                                                    

Net Asset Value, Beginning of Period

    $7.35            $5.93       $5.42       $8.13       $6.38       $6.86  

Income (loss) from investment operations:

                                                    

Net investment income (loss)

    0.03            0.10       0.07       0.09       0.07       0.02  
Net realized and unrealized gain (loss) on investment and foreign currency transactions     0.57            1.49       0.58       (2.02     1.71       (0.38

Total from investment operations

    0.60            1.59       0.65       (1.93     1.78       (0.36

Less Dividends and Distributions:

                                                    

Dividends from net investment income

    (0.20          (0.17     (0.14     (0.15     (0.03     (0.12
Distributions from net realized gains     -            -       -       (0.63     -       -  

Total dividends and distributions

    (0.20          (0.17     (0.14     (0.78     (0.03     (0.12

Net asset value, end of period

    $7.75            $7.35       $5.93       $5.42       $8.13       $6.38  

Total Return(b):

    8.41          27.32     12.11     (25.98 )%      27.89     (5.42 )% 

                
               

Ratios/Supplemental Data:

                                                    

Net assets, end of period (000)

    $1,119            $1,109       $1,107       $1,319       $2,335       $2,381  

Average net assets (000)

    $1,094            $1,118       $1,279       $1,929       $2,444       $2,640  

Ratios to average net assets(c):

                                                    

Expenses after waivers and/or expense reimbursement

    2.69 %(d)           2.69     3.12     2.73     2.61     2.81

Expenses before waivers and/or expense reimbursement

    3.28 %(d)           3.55     3.29     2.87     2.73     2.98

Net investment income (loss)

    0.81 %(d)           1.38     1.13     1.43     0.84     0.24

Portfolio turnover rate(e)

    59          111     111     99     104     128

 

(a)

Calculated based on average shares outstanding during the period.

(b)

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

(c)

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

(d)

Annualized.

(e)

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

 

See Notes to Financial Statements.

86


PGIM Quant Solutions International Equity Fund

Financial Highlights (unaudited) (continued)

 

               

Class Z Shares

                
     Six Months
Ended
April 30,
2025
         Year Ended October 31,  
      2024     2023     2022     2021     2020  

Per Share Operating Performance(a):

                                                    

Net Asset Value, Beginning of Period

    $7.96            $6.41       $5.83       $8.68       $6.81       $7.26  

Income (loss) from investment operations:

                                                    

Net investment income (loss)

    0.11            0.23       0.21       0.22       0.22       0.13  
Net realized and unrealized gain (loss) on investment and foreign currency transactions     0.60            1.62       0.62       (2.16     1.79       (0.37

Total from investment operations

    0.71            1.85       0.83       (1.94     2.01       (0.24

Less Dividends and Distributions:

                                                    

Dividends from net investment income

    (0.32          (0.30     (0.25     (0.28     (0.14     (0.21
Distributions from net realized gains     -            -       -       (0.63     -       -  

Total dividends and distributions

    (0.32          (0.30     (0.25     (0.91     (0.14     (0.21

Net asset value, end of period

    $8.35            $7.96       $6.41       $5.83       $8.68       $6.81  

Total Return(b):

    9.36          29.60     14.49     (24.82 )%      29.85     (3.61 )% 

                
               

Ratios/Supplemental Data:

                                                    

Net assets, end of period (000)

    $17,865            $13,111       $10,955       $11,635       $16,562       $13,062  

Average net assets (000)

    $16,851            $12,718       $12,118       $15,433       $17,429       $12,955  

Ratios to average net assets(c):

                                                    

Expenses after waivers and/or expense reimbursement

    0.96 %(d)           1.00     1.04     1.04     1.01     1.09

Expenses before waivers and/or expense reimbursement

    1.11 %(d)           1.22     1.21     1.18     1.13     1.26

Net investment income (loss)

    2.68 %(d)           3.10     3.16     3.20     2.60     1.97

Portfolio turnover rate(e)

    59          111     111     99     104     128

 

(a)

Calculated based on average shares outstanding during the period.

(b)

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

(c)

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

(d)

Annualized.

(e)

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

 

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund 87

 


PGIM Quant Solutions International Equity Fund

Financial Highlights (unaudited) (continued)

 

               

Class R6 Shares

                
    

Six Months
Ended
April 30,

2025

         Year Ended October 31,  
      2024     2023     2022     2021     2020  

Per Share Operating Performance(a):

                                                    

Net Asset Value, Beginning of Period

    $7.98            $6.43       $5.85       $8.70       $6.83       $7.27  

Income (loss) from investment operations:

                                                    

Net investment income (loss)

    0.11            0.25       0.23       0.24       0.25       0.16  
Net realized and unrealized gain (loss) on investment and foreign currency transactions     0.59            1.61       0.62       (2.16)       1.78       (0.38

Total from investment operations

    0.70            1.86       0.85       (1.92     2.03       (0.22

Less Dividends and Distributions:

                                                    

Dividends from net investment income

    (0.33)            (0.31     (0.27     (0.30     (0.16     (0.22
Distributions from net realized gains     -            -       -       (0.63)       -       -  

Total dividends and distributions

    (0.33)            (0.31     (0.27     (0.93     (0.16     (0.22

Net asset value, end of period

    $8.35            $7.98       $6.43       $5.85       $8.70       $6.83  

Total Return(b):

    9.45          29.80     14.97     (24.60 )%      29.96     (3.26 )% 

                
               

Ratios/Supplemental Data:

                                                    

Net assets, end of period (000)

    $80,734            $38,100       $39,520       $36,684       $59,558       $18,837  

Average net assets (000)

    $35,309            $42,010       $46,208       $51,067       $37,941       $18,273  

Ratios to average net assets(c):

                                                    

Expenses after waivers and/or expense reimbursement

    0.78% (d)           0.78     0.78     0.78     0.78     0.78

Expenses before waivers and/or expense reimbursement

    0.97% (d)           0.98     0.97     0.96     0.94     1.05

Net investment income (loss)

    2.87% (d)           3.29     3.53     3.38     2.92     2.33

Portfolio turnover rate(e)

    59%            111     111     99     104     128

 

(a)

Calculated based on average shares outstanding during the period.

(b)

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

(c)

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

(d)

Annualized.

(e)

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

 

See Notes to Financial Statements.

88


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 to the following series of the RIC: PGIM Jennison Emerging Markets Equity Opportunities Fund, PGIM Jennison Global Infrastructure Fund, PGIM Jennison Global Opportunities Fund, PGIM Jennison International Opportunities Fund and PGIM Quant Solutions International Equity Fund (each, a “Fund” and collectively, the “Funds”). The Funds are classified as diversified funds for purposes of the 1940 Act.

The Funds have the following investment objectives:

 

   

Fund

 

  

Investment Objective(s)

 

 PGIM Jennison Emerging Markets Equity Opportunities Fund

 (“Jennison Emerging Markets Equity Opportunities”)

  

to seek long-term growth of capital

 PGIM Jennison Global Infrastructure Fund

 (“Jennison Global Infrastructure”)

  

to seek total return

 PGIM Jennison Global Opportunities Fund

 (“Jennison Global Opportunities”)

  

to seek long-term growth of capital

 PGIM Jennison International Opportunities Fund

 (“Jennison International Opportunities”)

  

to seek long-term growth of capital

 PGIM Quant Solutions International Equity Fund

 (“Quant Solutions International Equity”)

  

to seek long-term growth of capital

 

2.

Accounting Policies

The Funds follow 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 Funds in the preparation of their financial statements. The policies conform to U.S. generally accepted accounting principles (“GAAP”). The Funds consistently follow such policies in the preparation of their financial statements.

During the reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of ASU 2023-07 exclusively impacted financial

 

89


Notes to Financial Statements (unaudited) (continued)

 

statement disclosures only and did not affect the Funds’ financial position or performance. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity’s overall performance. PGIM Investments LLC (“PGIM Investments” or the “Manager”) acts as each Fund’s chief operating decision maker (“CODM”). The CODM has determined that each Fund has a single operating segment as the CODM monitors the operating results of each Fund as a whole and the Funds’ long-term strategic asset allocation is pre-determined in accordance with the terms of their respective prospectus, based on a defined investment strategy which is executed by the Funds’ subadviser.

The CODM allocates resources and assesses performance based on the operating results of each Fund, which is consistent with the results presented in the Fund’s Schedule of Investments, Statement of Changes in Net Assets and Financial Highlights.

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

For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Funds’ foreign investments may change on days when investors cannot purchase or redeem Fund shares.

Various inputs determine how the Funds’ 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.

 

90


 

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

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

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

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

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

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

 

91


Notes to Financial Statements (unaudited) (continued)

 

(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 Funds are presented at the foreign exchange rates and market values at the close of the period, the Funds do 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 Funds do 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.

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 Funds’ 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 Funds are required to deposit collateral with a futures commission merchant 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 Funds each day, equal to the change in the mark-to-market value of the futures contract. 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.

Certain Funds invested in financial futures contracts in order to hedge their existing portfolio securities, or securities the Funds intend to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Funds may not achieve the anticipated benefits of the financial futures contracts and may realize a

 

92


 

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 Funds 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 each 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 each Fund. A master netting arrangement between each Fund and the counterparty permits each Fund to offset amounts payable by each Fund to the same counterparty against amounts to be received and by the receipt of collateral from the counterparty by each Fund to cover each 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.

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

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

The Funds recognize income, net of any rebate and securities lending agent fees, for lending their 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

 

93


Notes to Financial Statements (unaudited) (continued)

 

payment on the Statement of Operations. The Funds also continue 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”): Certain Funds 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.

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

Taxes: It is each 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.

Certain Funds are 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 Funds as a reduction of income. Current and deferred tax expense

 

94


 

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 Funds have 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 Funds are 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 

Each Fund other than Jennison Global Infrastructure:

    

Net Investment Income

   Annually 

Short-Term Capital Gains

   Annually 

Long-Term Capital Gains

   Annually 
   
      

Jennison Global Infrastructure:

    

Net Investment Income

   Quarterly 

Short-Term Capital Gains

   Annually 

Long-Term Capital Gains

   Annually 

 

*

Under certain circumstances, each 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 each Fund, has entered into management agreements with the Manager pursuant to which it has responsibility for all investment advisory services, including supervision of the subadviser’s performance of such services, and for rendering administrative services.

The Manager has entered into subadvisory agreements with the subadvisers listed below (each a “subadviser” and collectively the “subadvisers”). The Manager pays for the services of each subadviser.

 

   
 Fund    Subadviser(s)

 Jennison Emerging Markets Equity Opportunities

   Jennison Associates LLC (“Jennison”)(a wholly-owned subsidiary of PGIM, Inc.)

 

95


Notes to Financial Statements (unaudited) (continued)

 

   
 Fund    Subadviser(s)

 Jennison Global Infrastructure

   Jennison

 Jennison Global Opportunities

   Jennison

 Jennison International Opportunities

   Jennison

 Quant Solutions International Equity

   PGIM Quantitative Solutions LLC (“PGIM Quantitative Solutions”)(a wholly-owned subsidiary of PGIM, Inc.)

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended April 30, 2025, the contractual and effective management fee rates were as follows:

 

Fund    Management Fee   

Effective

Management Fee,

before any waiver

and/or expense

reimbursements

Jennison Emerging Markets Equity Opportunities

   0.95% of the Fund’s average daily net assets up to and including $5 billion; 0.925% of the Fund’s average daily net assets exceeding $5 billion.    0.95%

Jennison Global Infrastructure

   1.00% of average daily net assets up to $1 billion; 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    1.00 

Jennison Global Opportunities

   0.825% up to $1 billion of the Fund’s average daily net assets; 0.800% over $1 billion to $5 billion of the Fund’s average daily net assets; 0.780% over $5 billion to $10 billion of the Fund’s average daily net assets; 0.770% over $10 billion of the Fund’s average daily net assets.    0.80 

Jennison International Opportunities

   0.825% up to $1 billion of the Fund’s average daily net assets; 0.800% over $1 billion to $5 billion of the Fund’s average daily net assets; 0.780% over $5 billion to $10 billion of the Fund’s average daily net assets; 0.770% over $10 billion of the Fund’s average daily net assets.    0.80 

Quant Solutions International Equity

   0.75% of average daily net assets up to $2 billion; 0.70% of average daily net assets from $2 billion to $5 billion; 0.69% of average daily net assets over $5 billion    0.75 

 

96


 

The Manager has contractually agreed, through February 28, 2026, to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

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

 

 Fund     Fund Expense 
Limitation
   Class Expense 
Limitation

Jennison Emerging Markets Equity Opportunities - Class A

       %       1.30 %

Jennison Emerging Markets Equity Opportunities - Class C

             2.05

Jennison Emerging Markets Equity Opportunities - Class Z

             1.05

Jennison Emerging Markets Equity Opportunities - Class R6

             0.98

Jennison Global Infrastructure - Class A

             1.50

Jennison Global Infrastructure - Class C

             2.25

Jennison Global Infrastructure - Class Z

             1.17

Jennison Global Infrastructure - Class R6

             1.17

Jennison Global Opportunities - Class A

       0.84       1.08

Jennison Global Opportunities - Class C

       0.84      

Jennison Global Opportunities - Class Z

       0.84      

Jennison Global Opportunities - Class R2

       0.84       1.34 **

Jennison Global Opportunities - Class R4

       0.84       1.09 **

Jennison Global Opportunities - Class R6

       0.84      

Jennison International Opportunities - Class A

       0.84       1.09

Jennison International Opportunities - Class C

       0.84       1.90 ***

Jennison International Opportunities - Class R

       0.84       1.48 ***

Jennison International Opportunities - Class Z

       0.84       0.90 ***

Jennison International Opportunities - Class R2

       0.84       1.34 **

Jennison International Opportunities - Class R4

       0.84       1.09 **

Jennison International Opportunities - Class R6

       0.84       0.84 ***

Quant Solutions International Equity - Class A

             1.45

Quant Solutions International Equity - Class C

             2.69

Quant Solutions International Equity - Class Z

             1.00

Quant Solutions International Equity - Class R6

             0.78

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

 

97


Notes to Financial Statements (unaudited) (continued)

 

***Expense waiver/reimbursement limited to 0.06% on an annualized basis.

The RIC, on behalf of each 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 each Fund. Each Fund compensates PIMS for distributing and servicing each Fund’s Class A, Class C, Class R and Class R2 shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS.

Pursuant to the Distribution Plans, each 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, 2026 to limit such fees on certain classes based on the average daily net assets. The distribution fees are accrued daily and payable monthly.

The Jennison Global Opportunities and Jennison International Opportunities Funds have 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.

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

 

 Fund    Gross Distribution Fee   Net Distribution Fee    Shareholder Service Fee 

Jennison Emerging Markets Equity Opportunities - Class A

       0.30 %       0.25 %       N/A %

Jennison Emerging Markets Equity Opportunities - Class C

       1.00       1.00       N/A

Jennison Emerging Markets Equity Opportunities - Class Z

       N/A       N/A       N/A

Jennison Emerging Markets Equity Opportunities - Class R6

       N/A       N/A       N/A

Jennison Global Infrastructure - Class A

       0.30       0.25       N/A

Jennison Global Infrastructure - Class C

       1.00       1.00       N/A

Jennison Global Infrastructure - Class Z

       N/A       N/A       N/A

 

98


 

 Fund    Gross Distribution Fee   Net Distribution Fee    Shareholder Service Fee 

Jennison Global Infrastructure - Class R6

       N/A %       N/A %       N/A %

Jennison Global Opportunities - Class A

       0.30       0.25       N/A

Jennison Global Opportunities - Class C

       1.00       1.00       N/A

Jennison Global Opportunities - Class Z

       N/A       N/A       N/A

Jennison Global Opportunities - Class R2

       0.25       0.25       0.10

Jennison Global Opportunities - Class R4

       N/A       N/A       0.10

Jennison Global Opportunities - Class R6

       N/A       N/A       N/A

Jennison International Opportunities - Class A

       0.30       0.25       N/A

Jennison International Opportunities - Class C

       1.00       1.00       N/A

Jennison International Opportunities - Class R

       0.75       0.50       N/A

Jennison International Opportunities - Class Z

       N/A       N/A       N/A

Jennison International Opportunities - Class R2

       0.25       0.25       0.10

Jennison International Opportunities - Class R4

       N/A       N/A       0.10

Jennison International Opportunities - Class R6

       N/A       N/A       N/A

Quant Solutions International Equity - Class A

       0.30       0.30       N/A

Quant Solutions International Equity - Class C

       1.00       1.00       N/A

Quant Solutions International Equity - Class Z

       N/A       N/A       N/A

Quant Solutions International Equity - Class R6

       N/A       N/A       N/A

The RIC, on behalf of each Fund, has entered into brokerage commission recapture agreements with certain registered broker-dealers. Under the brokerage commission recapture program, a portion of the commission is returned to the Fund on whose behalf the trades were made. Commission recapture is paid solely to the Fund generating the applicable trades. Such amounts are included within realized gain (loss) on investment transactions presented in the Statement of Operations. For the reporting period ended April 30, 2025, brokerage commissions recaptured under these agreements was as follows:

 

 Fund            Amount  

Jennison Emerging Markets Equity Opportunities

              $15,620  

 

99


Notes to Financial Statements (unaudited) (continued)

 

 Fund            Amount  

Jennison Global Infrastructure

            $ 1,427  

Jennison Global Opportunities

              94,581  

Jennison International Opportunities

              14,786  

For the reporting period ended April 30, 2025, 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:

 

 Fund    FESL       CDSC  

Jennison Emerging Markets Equity Opportunities - Class A

   $ 23,008      $ 67  

Jennison Emerging Markets Equity Opportunities - Class C

            294  

Jennison Global Infrastructure - Class A

     22,718         

Jennison Global Infrastructure - Class C

             

Jennison Global Opportunities - Class A

     424,457        1,454  

Jennison Global Opportunities - Class C

            9,320  

Jennison International Opportunities - Class A

     56,211        998  

Jennison International Opportunities - Class C

            645  

Quant Solutions International Equity - Class A

     13,444        104  

Quant Solutions International Equity - Class C

            10  

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

 

4.

Other Transactions with Affiliates

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

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

 

100


 

The Funds 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, 2025, no Rule 17a-7 transactions were entered into by the Funds.

 

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, 2025, were as follows:

 

 Fund    Cost of
Purchases
  

Proceeds

from Sales

Jennison Emerging Markets Equity Opportunities

       $ 436,276,085        $ 396,554,480

Jennison Global Infrastructure

       22,173,997        25,638,332

Jennison Global Opportunities

       4,765,933,787        5,222,095,910

Jennison International Opportunities

       2,653,804,877        2,902,259,949

Quant Solutions International Equity

       149,210,498        114,337,471

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended April 30, 2025, is presented as follows:

Jennison Emerging Markets Equity Opportunities:

 

Value,

Beginning

of

Period

   Cost of
Purchases
     Proceeds
from Sales
    

Change in
Unrealized
Gain

(Loss)

     Realized
Gain
(Loss)
   

Value,

End of

Period

    

Shares,
End

of

Period

     Income  

 Short-Term Investments - Affiliated Mutual Funds:

 

 PGIM Core Government Money Market Fund (7-day effective yield 4.478%)(1)(wb)

 
 $25,938,415      $308,089,323        $328,947,134        $ —        $ —       $5,080,604        5,080,604        $531,309  

 PGIM Institutional Money Market Fund (7-day effective yield 4.540%)(1)(b)(wb)

 
  1,267,711      594,135,961        527,246,003        6,819        (21,520     68,142,968        68,190,701        79,730 (2) 
 $27,206,126      $902,225,284        $856,193,137        $6,819        $(21,520     $73,223,572                 $611,039  

Jennison Global Infrastructure:

 

Value,

Beginning

of

Period

   Cost of
Purchases
     Proceeds
from Sales
    

Change in
Unrealized
Gain

(Loss)

   Realized
Gain
(Loss)
  

Value,

End of

Period

  

Shares,
End

of

Period

   Income

 Short-Term Investments - Affiliated Mutual Funds:

 PGIM Core Government Money Market Fund (7-day effective yield 4.478%)(1)(wb)

 $1,878,083      $13,866,340        $15,098,474      $—    $—    $645,949    645,949    $18,513

 

101


Notes to Financial Statements (unaudited) (continued)

 

Jennison Global Infrastructure (cont’d.):

 

Value,

Beginning

of

Period

   Cost of
Purchases
     Proceeds
from Sales
    

Change in
Unrealized
Gain

(Loss)

   Realized
Gain
(Loss)
  

Value,

End of

Period

  

Shares,
End

of

Period

   Income  

  PGIM Institutional Money Market Fund (7-day effective yield 4.540%)(1)(b)(wb)

 
  $   —      $26,753,419        $25,841,818      $92    $38    $  911,731    912,370    $ 3,990 (2) 
  $1,878,083      $40,619,759        $40,940,292      $92    $38    $1,557,680         $ 22,503  

Jennison Global Opportunities :

 

Value,

Beginning

of

Period

   Cost of
Purchases
     Proceeds
from Sales
    

Change in
Unrealized
Gain

(Loss)

     Realized
Gain
(Loss)
   

Value,

End of

Period

    

Shares,

End

of

Period

     Income  

 Short-Term Investments - Affiliated Mutual Funds:

 

 PGIM Core Government Money Market Fund (7-day effective yield 4.478%)(1)(wb)

 
 $ 126,104,871      $2,670,921,553        $2,509,781,607        $  —        $   —       $287,244,817        287,244,817        $4,173,029  

  PGIM Institutional Money Market Fund (7-day effective yield 4.540%)(1)(b)(wb)

 
   130,312,596      1,133,745,883        1,004,132,469        23,619        (4,311     259,945,318        260,127,407        88,116 (2) 
  $256,417,467      $3,804,667,436        $3,513,914,076        $23,619        $(4,311     $547,190,135                 $4,261,145  

Jennison International Opportunities:

 

Value,

Beginning

of

Period

   Cost of
Purchases
    

Proceeds

from Sales

     Change in
Unrealized
Gain
(Loss)
     Realized
Gain
(Loss)
   

Value,

End of

Period

    

Shares,

End

of

Period

     Income  

 Short-Term Investments - Affiliated Mutual Funds:

 

 PGIM Core Government Money Market Fund (7-day effective yield 4.478%)(1)(wb)

 
 $165,326,687      $1,916,670,841        $1,781,008,277        $  —        $   —       $300,989,251        300,989,251        $4,229,038  

 PGIM Institutional Money Market Fund (7-day effective yield 4.540%)(1)(b)(wb)

 
  247,183,105      748,439,939        770,737,443        20,859        (25,525     224,880,935        225,038,461        112,605 (2) 
 $412,509,792      $2,665,110,780        $2,551,745,720        $20,859        $(25,525     $525,870,186                 $4,341,643  

 

102


 

Quant Solutions International Equity:

 

Value,

Beginning

of

Period

   Cost of
Purchases
     Proceeds
from Sales
    

Change in
Unrealized
Gain

(Loss)

     Realized
Gain
(Loss)
   

Value,

End of

Period

    

Shares,
End

of

Period

     Income  

Short-Term Investments - Affiliated Mutual Funds:

 

PGIM Core Government Money Market Fund (7-day effective yield 4.478%)(1)(wb)

 
$1,614,897      $ 66,167,245        $36,156,184        $  —        $     —       $31,625,958        31,625,958        $65,654  

PGIM Institutional Money Market Fund (7-day effective yield 4.540%)(1)(b)(wb)

 
 1,278,839      34,766,920        26,922,017        233        (492     9,123,483        9,129,873        1,127 (2) 
$2,893,736      $100,934,165        $63,078,201        $233        $(492     $40,749,441                 $66,781  

 

(1)

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

(2)

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

(b)

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

(wb)

Represents an investment in a Fund affiliated with the Manager.

 

6.

Tax Information

The United States federal income tax basis of the Funds’ investments and the net unrealized appreciation (depreciation) as of April 30, 2025 were as follows:

 

 Fund

 

Tax Basis

 

Gross

Unrealized

Appreciation

 

Gross

Unrealized

Depreciation

 

Net

Unrealized

Appreciation

Jennison Emerging Markets Equity Opportunities

    $ 606,995,005     $ 102,114,431     $ (26,371,831 )     $ 75,742,600

Jennison Global Infrastructure

      36,032,633       10,021,569       (572,464 )       9,449,105

Jennison Global Opportunities

      4,959,312,303       1,575,369,734       (195,890,401 )       1,379,479,333

Jennison International Opportunities

      4,012,849,214       1,412,638,904       (84,732,038 )       1,327,906,866

Quant Solutions International Equity

      247,339,453       41,720,502       (8,574,709 )       33,145,793

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

For federal income tax purposes, the following Funds had an approximated capital loss carryforward as of October 31, 2024 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.

 

 Fund

  

Capital Loss

Carryforward

  

Capital Loss

 Carryforward Utilized 

Jennison Emerging Markets Equity Opportunities

       $ 519,686,000          $ 65,097,000  

Jennison Global Infrastructure

                1,234,000  

 

103


Notes to Financial Statements (unaudited) (continued)

 

 Fund   

Capital Loss

Carryforward

    

Capital Loss

Carryforward Utilized

 

Jennison Global Opportunities

     $     —        $557,388,000    

Jennison International Opportunities

     1,288,144,000        74,233,000    

Quant Solutions International Equity

     4,346,000        15,342,000    

The Funds indicated below elected to treat the below approximated losses as having been incurred in the following fiscal year (October 31, 2025).

 

 Fund

  

Qualified Late-Year

Losses

    

Post-October

Capital Losses

 

Jennison Emerging Markets Equity Opportunities

     $    —          $—    

Jennison Global Infrastructure

     —          —    

Jennison Global Opportunities

     15,649,000          —    

Jennison International Opportunities

     —          —    

Quant Solutions International Equity

     —          —    

The Manager has analyzed the Funds’ 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 Funds’ financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Funds’ U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2024 are subject to such review.

 

7.

Capital and Ownership

The Jennison Emerging Markets Equity Opportunity Fund, Jennison Global Infrastructure Fund and Quant Solutions International Equity Fund offer Class A, Class C, Class Z and Class R6 shares. The Jennison Global Opportunities Fund offers Class A, Class C, Class Z, Class R2, Class R4 and Class R6 shares. The Jennison International Opportunities 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 those shares within 12 months of purchase are subject to a CDSC of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately eight years (ten years prior to January 22, 2021) after purchase. Class R, Class Z, Class R2, Class R4 and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors

 

104


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

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

 

 Fund

 

  

 Number of Shares 

 

Jennison Emerging Markets Equity Opportunities - Class A

       25,000,000

Jennison Emerging Markets Equity Opportunities - Class C

       65,000,000

Jennison Emerging Markets Equity Opportunities - Class Z

       300,000,000

Jennison Emerging Markets Equity Opportunities - Class T

       225,000,000

Jennison Emerging Markets Equity Opportunities - Class R6

       250,000,000

Jennison Global Infrastructure - Class A

       20,000,000

Jennison Global Infrastructure - Class C

       100,000,000

Jennison Global Infrastructure - Class Z

       150,000,000

Jennison Global Infrastructure - Class T

       115,000,000

Jennison Global Infrastructure - Class R6

       125,000,000

Jennison Global Opportunities - Class A

       150,000,000

Jennison Global Opportunities - Class C

       100,000,000

Jennison Global Opportunities - Class Z

       2,000,000,000

Jennison Global Opportunities - Class R2

       100,000,000

Jennison Global Opportunities - Class R4

       100,000,000

Jennison Global Opportunities - Class R6

       1,000,000,000

Jennison International Opportunities - Class A

       150,000,000

Jennison International Opportunities - Class C

       100,000,000

Jennison International Opportunities - Class R

       100,000,000

Jennison International Opportunities - Class Z

       2,000,000,000

Jennison International Opportunities - Class R2

       100,000,000

Jennison International Opportunities - Class R4

       100,000,000

Jennison International Opportunities - Class R6

       1,000,000,000

Quant Solutions International Equity - Class A

       100,000,000

Quant Solutions International Equity - Class B

       5,000,000

Quant Solutions International Equity - Class C

       100,000,000

Quant Solutions International Equity - Class Z

       180,000,000

Quant Solutions International Equity - Class T

       135,000,000

Quant Solutions International Equity - Class R6

       180,000,000

The Funds currently do not have any Class B or Class T shares outstanding.

As of April 30, 2025, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of each Fund as follows:

 

 Fund

  

Number of Shares

  

Percentage of

 Outstanding Shares 

Jennison Emerging Markets Equity Opportunities–Class Z

       86,975        0.5 %

Jennison Emerging Markets Equity Opportunities–Class R6

       3,217,240        17.9

 

105


Notes to Financial Statements (unaudited) (continued)

 

 Fund

  

Number of Shares

  

Percentage of

 Outstanding Shares 

Jennison Global Infrastructure–Class R6

       545,077        85.7 %

Jennison Global Opportunities –Class Z

       51,891        0.1  

Jennison Global Opportunities –Class R2

       571        0.1  

Jennison Global Opportunities –Class R4

       570        4.1

Jennison International Opportunities–Class Z

       19,815        0.1  

Jennison International Opportunities–Class R2

       663        0.1  

Jennison International Opportunities–Class R4

       663        0.2  

Jennison International Opportunities–Class R6

       1,585,508        3.0

Quant Solutions International Equity–Class Z

       11,143        0.5  

Quant Solutions International Equity–Class R6

       8,476,711        87.7

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

 

 Fund    Number of Shareholders     Percentage of Outstanding Shares 

Affiliated:

                     

Jennison Emerging Markets Equity Opportunities

             

Jennison Global Infrastructure

       1        17.8  

Jennison Global Opportunities

               

Jennison International Opportunities

               

Quant Solutions International Equity

       2        29.0  

Unaffiliated:

                     

Jennison Emerging Markets Equity Opportunities

       5        71.1

Jennison Global Infrastructure

       4        63.3

Jennison Global Opportunities

       6        74.9

Jennison International Opportunities

       8        85.8

Quant Solutions International Equity

       2        19.4

Transactions in shares of common stock were as follows:

Jennison Emerging Markets Equity Opportunities:

 

     
 Share Class    Shares      Amount  

Class A

                 

Six months ended April 30, 2025:

                 

Shares sold

     176,999      $   3,035,211  

Shares purchased

     (316,243      (5,438,895

Net increase (decrease) in shares outstanding before conversion

     (139,244      (2,403,684

Shares issued upon conversion from other share class(es)

     32,145        556,974  

Shares purchased upon conversion into other share class(es)

     (29,974      (514,531

Net increase (decrease) in shares outstanding

     (137,073    $ (2,361,241

 

106


Jennison Emerging Markets Equity Opportunities (cont’d.):

 

     
 Share Class    Shares      Amount  

Year ended October 31, 2024:

                 

Shares sold

     450,285      $ 6,913,899  

Shares purchased

     (609,502      (9,219,159

Net increase (decrease) in shares outstanding before conversion

     (159,217      (2,305,260

Shares issued upon conversion from other share class(es)

     20,740        312,670  

Shares purchased upon conversion into other share class(es)

     (137,639      (2,168,467

Net increase (decrease) in shares outstanding

     (276,116    $ (4,161,057

Class C

                 

Six months ended April 30, 2025:

                 

Shares sold

     15,782      $ 248,526  

Shares purchased

     (22,533      (358,391

Net increase (decrease) in shares outstanding before conversion

     (6,751      (109,865

Shares purchased upon conversion into other share class(es)

     (9,786      (155,811

Net increase (decrease) in shares outstanding

     (16,537    $ (265,676

Year ended October 31, 2024:

                 

Shares sold

     31,092      $ 423,233  

Shares purchased

     (72,683      (1,031,765

Net increase (decrease) in shares outstanding before conversion

     (41,591      (608,532

Shares purchased upon conversion into other share class(es)

     (22,935      (328,749

Net increase (decrease) in shares outstanding

     (64,526    $ (937,281

Class Z

                 

Six months ended April 30, 2025:

                 

Shares sold

     2,596,730      $ 45,710,370  

Shares purchased

     (3,655,111      (63,667,036

Net increase (decrease) in shares outstanding before conversion

     (1,058,381      (17,956,666

Shares issued upon conversion from other share class(es)

     28,936        513,257  

Shares purchased upon conversion into other share class(es)

     (26,558      (471,811

Net increase (decrease) in shares outstanding

     (1,056,003    $ (17,915,220

Year ended October 31, 2024:

                 

Shares sold

     6,748,483      $ 109,362,353  

Shares purchased

     (9,161,873      (142,792,973

Net increase (decrease) in shares outstanding before conversion

     (2,413,390      (33,430,620

Shares issued upon conversion from other share class(es)

     172,875        2,760,020  

Shares purchased upon conversion into other share class(es)

     (63,768      (1,043,467

Net increase (decrease) in shares outstanding

     (2,304,283    $ (31,714,067

 

107


Notes to Financial Statements (unaudited) (continued)

 

Jennison Emerging Markets Equity Opportunities (cont’d.):

 

     
 Share Class    Shares      Amount  

Class R6

                 

Six months ended April 30, 2025:

                 

Shares sold

     7,204,471      $ 127,091,680  

Shares issued in reinvestment of dividends and distributions

     5,473        99,283  

Shares purchased

     (4,730,923      (82,478,471

Net increase (decrease) in shares outstanding before conversion

     2,479,021        44,712,492  

Shares issued upon conversion from other share class(es)

     15,162        264,187  

Shares purchased upon conversion into other share class(es)

     (10,842      (192,265

Net increase (decrease) in shares outstanding

     2,483,341      $ 44,784,414  

Year ended October 31, 2024:

                 

Shares sold

     3,211,798      $ 50,030,678  

Shares purchased

     (7,185,286      (112,336,504

Net increase (decrease) in shares outstanding before conversion

     (3,973,488      (62,305,826

Shares issued upon conversion from other share class(es)

     60,567        1,006,686  

Shares purchased upon conversion into other share class(es)

     (34,752      (538,693

Net increase (decrease) in shares outstanding

     (3,947,673    $ (61,837,833

Jennison Global Infrastructure:

 

     
 Share Class    Shares      Amount  

Class A

                 

Six months ended April 30, 2025:

                 

Shares sold

     34,912      $ 587,652  

Shares issued in reinvestment of dividends and distributions

     29,749        476,223  

Shares purchased

     (52,666      (865,556

Net increase (decrease) in shares outstanding before conversion

     11,995        198,319  

Shares issued upon conversion from other share class(es)

     14,643        238,524  

Shares purchased upon conversion into other share class(es)

     (784      (12,216

Net increase (decrease) in shares outstanding

     25,854      $ 424,627  

Year ended October 31, 2024:

                 

Shares sold

     21,904      $ 344,282  

Shares issued in reinvestment of dividends and distributions

     6,961        111,287  

Shares purchased

     (97,641      (1,515,448

Net increase (decrease) in shares outstanding before conversion

     (68,776      (1,059,879

Shares issued upon conversion from other share class(es)

     36,577        546,722  

Shares purchased upon conversion into other share class(es)

     (10,254      (156,769

Net increase (decrease) in shares outstanding

     (42,453    $ (669,926

 

108


Jennison Global Infrastructure (cont’d.):

 

     
 Share Class    Shares      Amount  

Class C

                 

Six months ended April 30, 2025:

                 

Shares sold

     6,133      $ 101,721  

Shares issued in reinvestment of dividends and distributions

     5,269        82,340  

Shares purchased

     (9,329      (154,665

Net increase (decrease) in shares outstanding before conversion

     2,073        29,396  

Shares purchased upon conversion into other share class(es)

     (15,723      (250,950

Net increase (decrease) in shares outstanding

     (13,650    $ (221,554

Year ended October 31, 2024:

                 

Shares sold

     7,890      $ 123,483  

Shares issued in reinvestment of dividends and distributions

     688        10,822  

Shares purchased

     (22,691      (336,176

Net increase (decrease) in shares outstanding before conversion

     (14,113      (201,871

Shares purchased upon conversion into other share class(es)

     (41,123      (605,369

Net increase (decrease) in shares outstanding

     (55,236    $ (807,240

Class Z

                 

Six months ended April 30, 2025:

                 

Shares sold

     187,734      $ 3,139,036  

Shares issued in reinvestment of dividends and distributions

     60,305        966,847  

Shares purchased

     (301,444      (5,017,495

Net increase (decrease) in shares outstanding before conversion

     (53,405      (911,612

Shares issued upon conversion from other share class(es)

     1,516        24,642  

Net increase (decrease) in shares outstanding

     (51,889    $ (886,970

Year ended October 31, 2024:

                 

Shares sold

     725,278      $ 11,577,424  

Shares issued in reinvestment of dividends and distributions

     15,397        246,097  

Shares purchased

     (471,663      (7,354,887

Net increase (decrease) in shares outstanding before conversion

     269,012        4,468,634  

Shares issued upon conversion from other share class(es)

     13,956        215,416  

Shares purchased upon conversion into other share class(es)

     (120,233      (2,065,156

Net increase (decrease) in shares outstanding

     162,735      $ 2,618,894  

Class R6

                 

Six months ended April 30, 2025:

                 

Shares sold

     72,623      $ 1,193,415  

Shares issued in reinvestment of dividends and distributions

     34,046        545,740  

Shares purchased

     (226,308      (3,706,956

Net increase (decrease) in shares outstanding

     (119,639    $ (1,967,801

 

109


Notes to Financial Statements (unaudited) (continued)

 

Jennison Global Infrastructure (cont’d.):

 

     
 Share Class    Shares      Amount  

Year ended October 31, 2024:

                 

Shares sold

     284,924      $ 4,418,488  

Shares issued in reinvestment of dividends and distributions

     10,029        160,554  

Shares purchased

     (391,432      (5,975,346

Net increase (decrease) in shares outstanding before conversion

     (96,479      (1,396,304

Shares issued upon conversion from other share class(es)

     120,233        2,065,156  

Net increase (decrease) in shares outstanding

     23,754      $ 668,852  

Jennison Global Opportunities :

 

     
 Share Class    Shares      Amount  

Class A

                 

Six months ended April 30, 2025:

                 

Shares sold

     904,841      $ 39,636,429  

Shares issued in reinvestment of dividends and distributions

     722,813        33,393,961  

Shares purchased

     (1,553,910      (68,120,777

Net increase (decrease) in shares outstanding before conversion

     73,744        4,909,613  

Shares issued upon conversion from other share class(es)

     510,151        22,202,908  

Shares purchased upon conversion into other share class(es)

     (267,495      (11,741,746

Net increase (decrease) in shares outstanding

     316,400      $ 15,370,775  

Year ended October 31, 2024:

                 

Shares sold

     2,154,472      $ 90,394,477  

Shares purchased

     (2,723,638      (115,243,189

Net increase (decrease) in shares outstanding before conversion

     (569,166      (24,848,712

Shares issued upon conversion from other share class(es)

     1,163,940        49,566,364  

Shares purchased upon conversion into other share class(es)

     (395,404      (17,204,263

Net increase (decrease) in shares outstanding

     199,370      $ 7,513,389  

Class C

                 

Six months ended April 30, 2025:

                 

Shares sold

     293,366      $ 11,488,832  

Shares issued in reinvestment of dividends and distributions

     402,421        16,519,362  

Shares purchased

     (561,450      (21,601,164

Net increase (decrease) in shares outstanding before conversion

     134,337        6,407,030  

Shares purchased upon conversion into other share class(es)

     (537,461      (20,847,610

Net increase (decrease) in shares outstanding

     (403,124    $ (14,440,580

 

110


Jennison Global Opportunities (cont’d.):

 

     
 Share Class    Shares      Amount  

Year ended October 31, 2024:

                 

Shares sold

     736,123      $ 27,948,533  

Shares purchased

     (984,612      (37,647,339

Net increase (decrease) in shares outstanding before conversion

     (248,489      (9,698,806

Shares purchased upon conversion into other share class(es)

     (938,643      (35,733,926

Net increase (decrease) in shares outstanding

     (1,187,132    $ (45,432,732

Class Z

                 

Six months ended April 30, 2025:

                 

Shares sold

     8,775,917      $ 392,356,053  

Shares issued in reinvestment of dividends and distributions

     3,343,292        159,073,810  

Shares purchased

     (12,176,912      (538,222,785

Net increase (decrease) in shares outstanding before conversion

     (57,703      13,207,078  

Shares issued upon conversion from other share class(es)

     323,870        14,746,466  

Shares purchased upon conversion into other share class(es)

     (169,366      (7,730,716

Net increase (decrease) in shares outstanding

     96,801      $ 20,222,828  

Year ended October 31, 2024:

                 

Shares sold

     17,136,074      $ 746,363,657  

Shares purchased

     (15,560,987      (681,094,257

Net increase (decrease) in shares outstanding before conversion

     1,575,087        65,269,400  

Shares issued upon conversion from other share class(es)

     519,149        22,963,081  

Shares purchased upon conversion into other share class(es)

     (1,748,191      (81,154,583

Net increase (decrease) in shares outstanding

     346,045      $ 7,077,898  

Class R2

                 

Six months ended April 30, 2025:

                 

Shares sold

     11,913      $ 524,922  

Shares issued in reinvestment of dividends and distributions

     19,407        902,989  

Shares purchased

     (29,943      (1,319,903

Net increase (decrease) in shares outstanding

     1,377      $ 108,008  

Year ended October 31, 2024:

                 

Shares sold

     29,075      $ 1,263,230  

Shares purchased

     (48,036      (2,013,166

Net increase (decrease) in shares outstanding

     (18,961    $ (749,936

Class R4

                 

Six months ended April 30, 2025:

                 

Shares sold

     970      $ 44,145  

Shares issued in reinvestment of dividends and distributions

     640        30,299  

Shares purchased

     (733      (36,635

Net increase (decrease) in shares outstanding

     877      $ 37,809  

 

111


Notes to Financial Statements (unaudited) (continued)

 

Jennison Global Opportunities (cont’d.):

 

     
 Share Class    Shares      Amount  

Year ended October 31, 2024:

                 

Shares sold

     1,752      $ 78,584  

Shares purchased

     (484      (23,137

Net increase (decrease) in shares outstanding

     1,268      $ 55,447  

Class R6

                 

Six months ended April 30, 2025:

                 

Shares sold

     6,814,414      $ 311,456,461  

Shares issued in reinvestment of dividends and distributions

     2,710,896        130,339,895  

Shares purchased

     (10,093,065      (452,212,227

Net increase (decrease) in shares outstanding before conversion

     (567,755      (10,415,871

Shares issued upon conversion from other share class(es)

     108,976        5,111,293  

Shares purchased upon conversion into other share class(es)

     (36,575      (1,740,595

Net increase (decrease) in shares outstanding

     (495,354    $ (7,045,173

Year ended October 31, 2024:

                 

Shares sold

     9,885,925      $ 440,309,472  

Shares purchased

     (18,225,373      (804,789,088

Net increase (decrease) in shares outstanding before conversion

     (8,339,448      (364,479,616

Shares issued upon conversion from other share class(es)

     1,355,768        64,512,150  

Shares purchased upon conversion into other share class(es)

     (66,181      (2,948,823

Net increase (decrease) in shares outstanding

     (7,049,861    $ (302,916,289

Jennison International Opportunities:

 

     
 Share Class    Shares      Amount  

Class A

                 

Six months ended April 30, 2025:

                 

Shares sold

     631,774      $ 19,448,636  

Shares purchased

     (725,647       (22,058,930

Net increase (decrease) in shares outstanding before conversion

     (93,873      (2,610,294

Shares issued upon conversion from other share class(es)

     103,149        3,196,681  

Shares purchased upon conversion into other share class(es)

     (89,503      (2,751,032

Net increase (decrease) in shares outstanding

     (80,227    $ (2,164,645

 

112


Jennison International Opportunities (cont’d.):

 

     
 Share Class    Shares      Amount  

Year ended October 31, 2024:

                 

Shares sold

     1,328,695      $ 39,147,874  

Shares purchased

     (1,216,391      (35,853,128

Net increase (decrease) in shares outstanding before conversion

     112,304        3,294,746  

Shares issued upon conversion from other share class(es)

     280,468        8,296,188  

Shares purchased upon conversion into other share class(es)

     (449,941      (13,656,985

Net increase (decrease) in shares outstanding

     (57,169    $ (2,066,051

Class C

                 

Six months ended April 30, 2025:

                 

Shares sold

     52,706      $ 1,484,244  

Shares purchased

     (104,490      (2,886,000

Net increase (decrease) in shares outstanding before conversion

     (51,784      (1,401,756

Shares purchased upon conversion into other share class(es)

     (34,199      (959,421

Net increase (decrease) in shares outstanding

     (85,983    $ (2,361,177

Year ended October 31, 2024:

                 

Shares sold

     109,487      $ 2,937,905  

Shares purchased

     (204,195      (5,447,001

Net increase (decrease) in shares outstanding before conversion

     (94,708      (2,509,096

Shares purchased upon conversion into other share class(es)

     (68,294      (1,799,492

Net increase (decrease) in shares outstanding

     (163,002    $ (4,308,588

Class R

                 

Six months ended April 30, 2025:

                 

Shares sold

     543,857      $ 15,980,282  

Shares purchased

     (904,128      (27,172,719

Net increase (decrease) in shares outstanding

     (360,271    $ (11,192,437

Year ended October 31, 2024:

                 

Shares sold

     85,528      $ 2,546,799  

Shares purchased

     (1,873,050      (54,620,518

Net increase (decrease) in shares outstanding

     (1,787,522    $ (52,073,719

Class Z

                 

Six months ended April 30, 2025:

                 

Shares sold

     19,522,774      $ 610,102,676  

Shares issued in reinvestment of dividends and distributions

     71,349        2,162,599  

Shares purchased

     (18,011,126      (559,754,340

Net increase (decrease) in shares outstanding before conversion

     1,582,997        52,510,935  

Shares issued upon conversion from other share class(es)

     904,839        28,182,935  

Shares purchased upon conversion into other share class(es)

     (132,164      (4,195,120

Net increase (decrease) in shares outstanding

     2,355,672      $ 76,498,750  

 

113


Notes to Financial Statements (unaudited) (continued)

 

Jennison International Opportunities (cont’d.):

 

     
 Share Class    Shares      Amount  

Year ended October 31, 2024:

                 

Shares sold

     26,480,357      $ 798,325,813  

Shares issued in reinvestment of dividends and distributions

     85,081        2,377,160  

Shares purchased

     (27,432,735      (818,893,411

Net increase (decrease) in shares outstanding before conversion

     (867,297      (18,190,438

Shares issued upon conversion from other share class(es)

     694,317        21,574,995  

Shares purchased upon conversion into other share class(es)

     (1,462,434      (46,219,722

Net increase (decrease) in shares outstanding

     (1,635,414    $ (42,835,165

Class R2

                 

Six months ended April 30, 2025:

                 

Shares sold

     59,152      $ 1,808,810  

Shares purchased

     (62,894      (1,907,893

Net increase (decrease) in shares outstanding

     (3,742    $ (99,083

Year ended October 31, 2024:

                 

Shares sold

     130,139      $ 3,827,247  

Shares purchased

     (158,218      (4,812,767

Net increase (decrease) in shares outstanding

     (28,079    $ (985,520

Class R4

                 

Six months ended April 30, 2025:

                 

Shares sold

     27,705      $ 858,502  

Shares purchased

     (68,091      (2,114,226

Net increase (decrease) in shares outstanding

     (40,386    $ (1,255,724

Year ended October 31, 2024:

                 

Shares sold

     245,484      $ 7,562,424  

Shares purchased

     (255,757      (7,733,787

Net increase (decrease) in shares outstanding

     (10,273    $ (171,363

Class R6

                 

Six months ended April 30, 2025:

                 

Shares sold

     7,942,348      $ 249,455,231  

Shares issued in reinvestment of dividends and distributions

     72,074        2,190,314  

Shares purchased

     (11,962,280      (375,667,531

Net increase (decrease) in shares outstanding before conversion

     (3,947,858      (124,021,986

Shares issued upon conversion from other share class(es)

     85,672        2,725,261  

Shares purchased upon conversion into other share class(es)

     (838,973      (26,199,304

Net increase (decrease) in shares outstanding

     (4,701,159    $ (147,496,029

 

114


 

Jennison International Opportunities (cont’d.):

 

     
 Share Class    Shares      Amount  

Year ended October 31, 2024:

                 

Shares sold

     14,694,149      $ 446,335,168  

Shares issued in reinvestment of dividends and distributions

     78,328        2,194,755  

Shares purchased

     (16,163,380      (489,563,780

Net increase (decrease) in shares outstanding before conversion

     (1,390,903      (41,033,857

Shares issued upon conversion from other share class(es)

     1,280,718        40,859,112  

Shares purchased upon conversion into other share class(es)

     (288,557      (9,054,096

Net increase (decrease) in shares outstanding

     (398,742    $ (9,228,841
Quant Solutions International Equity:      
     
 Share Class    Shares      Amount  

Class A

                 

Six months ended April 30, 2025:

                 

Shares sold

     210,406      $ 1,662,545  

Shares issued in reinvestment of dividends and distributions

     662,637        4,903,516  

Shares purchased

     (1,081,927      (8,478,130

Net increase (decrease) in shares outstanding before conversion

     (208,884      (1,912,069

Shares issued upon conversion from other share class(es)

     5,994        46,843  

Shares purchased upon conversion into other share class(es)

     (35,039      (270,869

Net increase (decrease) in shares outstanding

     (237,929    $ (2,136,095

Year ended October 31, 2024:

                 

Shares sold

     155,805      $ 1,154,222  

Shares issued in reinvestment of dividends and distributions

     724,772        4,913,951  

Shares purchased

     (2,197,115      (16,338,800

Net increase (decrease) in shares outstanding before conversion

     (1,316,538      (10,270,627

Shares issued upon conversion from other share class(es)

     27,672        196,631  

Shares purchased upon conversion into other share class(es)

     (133,284      (991,356

Net increase (decrease) in shares outstanding

     (1,422,150    $ (11,065,352

Class C

                 

Six months ended April 30, 2025:

                 

Shares sold

     6,756      $ 49,669  

Shares issued in reinvestment of dividends and distributions

     4,145        28,934  

Shares purchased

     (11,883      (88,380

Net increase (decrease) in shares outstanding before conversion

     (982      (9,777

Shares purchased upon conversion into other share class(es)

     (5,505      (40,673

Net increase (decrease) in shares outstanding

     (6,487    $ (50,450

 

115


Notes to Financial Statements (unaudited) (continued)

 

Quant Solutions International Equity (cont’d.):

 

     
 Share Class    Shares      Amount  

Year ended October 31, 2024:

                 

Shares sold

     10,216      $ 71,872  

Shares issued in reinvestment of dividends and distributions

     4,632        29,693  

Shares purchased

     (21,216      (142,746

Net increase (decrease) in shares outstanding before conversion

     (6,368      (41,181

Shares purchased upon conversion into other share class(es)

     (29,465      (196,631

Net increase (decrease) in shares outstanding

     (35,833    $ (237,812

Class Z

                 

Six months ended April 30, 2025:

                 

Shares sold

     1,046,391      $ 8,359,777  

Shares issued in reinvestment of dividends and distributions

     86,953        649,541  

Shares purchased

     (786,795      (6,146,944

Net increase (decrease) in shares outstanding before conversion

     346,549        2,862,374  

Shares issued upon conversion from other share class(es)

     153,236        1,202,961  

Shares purchased upon conversion into other share class(es)

     (6,128      (47,616

Net increase (decrease) in shares outstanding

     493,657      $ 4,017,719  

Year ended October 31, 2024:

                 

Shares sold

     94,501      $ 704,240  

Shares issued in reinvestment of dividends and distributions

     72,571        496,383  

Shares purchased

     (335,304      (2,472,767

Net increase (decrease) in shares outstanding before conversion

     (168,232      (1,272,144

Shares issued upon conversion from other share class(es)

     112,729        847,195  

Shares purchased upon conversion into other share class(es)

     (6,122      (45,611

Net increase (decrease) in shares outstanding

     (61,625    $ (470,560

Class R6

                 

Six months ended April 30, 2025:

                 

Shares sold

     5,923,667      $ 48,805,409  

Shares issued in reinvestment of dividends and distributions

     180,931        1,351,551  

Shares purchased

     (1,102,143      (8,776,126

Net increase (decrease) in shares outstanding before conversion

     5,002,455        41,380,834  

Shares issued upon conversion from other share class(es)

     7,959        62,149  

Shares purchased upon conversion into other share class(es)

     (120,937      (952,795

Net increase (decrease) in shares outstanding

     4,889,477      $ 40,490,188  

 

116


 

Quant Solutions International Equity (cont’d.):

 

     
 Share Class    Shares      Amount  

Year ended October 31, 2024:

                 

Shares sold

     1,247,045      $ 9,242,396  

Shares issued in reinvestment of dividends and distributions

     299,052        2,045,517  

Shares purchased

     (2,946,939      (22,174,466

Net increase (decrease) in shares outstanding before conversion

     (1,400,842      (10,886,553

Shares issued upon conversion from other share class(es)

     25,247        189,772  

Net increase (decrease) in shares outstanding

     (1,375,595    $ (10,696,781

8.  Borrowings

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

 

      SCA

Term of Commitment

   9/27/2024 - 9/25/2025

Total Commitment

   $ 1,200,000,000

Annualized Commitment Fee on

the Unused Portion of the SCA

   0.15%

Annualized Interest Rate on

Borrowings

   1.00% plus the higher of (1)
the effective federal funds
rate, (2) the daily SOFR
rate plus 0.10% or (3) zero
percent

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

The Funds indicated below utilized the SCA during the reporting period ended April 30, 2025. The average balance outstanding is for the number of days the Funds utilized the SCA.

 

117


Notes to Financial Statements (unaudited) (continued)

 

 Fund      Average
Balance
Outstanding
     Weighted
Average
Interest Rates
     Number
of Days
Outstanding
     Maximum
Balance
Outstanding
     Balance
Outstanding at 
April 30, 2025

Jennison Emerging Markets Equity Opportunities

         $1,041,000            5.45%          1          $1,041,000            $—

Jennison Global Infrastructure

         336,444            5.41            9          611,000             —

Jennison International Opportunities

         1,047,000            5.39            4          1,047,000             —

9.  Risks of Investing in the Funds

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

 

           
 Risks    Jennison
Emerging Markets
Equity

Opportunities
   Jennison
Global
Infrastructure
   Jennison
Global
Opportunities
   Jennison
International
Opportunities
   Quant Solutions 
International 
Equity 

Active Trading

               X

Blend Style

      X         

Core Style

               X

Country

   X       X    X   

Currency

   X       X    X    X

Distribution

      X         

Economic and Market Events

   X    X    X    X    X

Emerging Markets

   X    X    X    X    X

Equity and Equity-Related Securities

   X    X    X    X    X

Foreign Securities

   X    X    X    X    X

Geographic Concentration

   X       X    X    X

Growth Style

         X    X   

Increase in Expenses

   X    X    X    X    X

Infrastructure Companies

      X         

Investments in China

   X            

Large Shareholder and Large Scale Redemption

   X    X    X    X    X

Liquidity

      X    X    X    X

Management

   X    X    X    X    X

Market Capitalization

   X    X    X    X    X

Market Disruption and Geopolitical

   X    X    X    X    X

 

118


 

           
 Risks    Jennison
Emerging Markets
Equity

Opportunities
   Jennison
Global
Infrastructure
   Jennison
Global
Opportunities
   Jennison
International
Opportunities
   Quant Solutions 
International 
Equity 

Market

   X    X    X    X    X

Master Limited Partnerships

      X         

Real Estate Investment Trust

      X         

Sector Exposure

   X       X    X    X

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.

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

Core Style Risk: The Fund’s core investment style may subject the Fund to risks of both value and growth investing. The portion of the Fund’s portfolio that makes investments pursuant to a growth strategy may be subject to above-average fluctuations as a result of seeking higher than average capital growth. The portion of the Fund’s portfolio that makes investments pursuant to a value strategy may be subject to the risk that the market may not recognize a security’s intrinsic value for long periods of time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. If the Fund’s assessment of market conditions or a company’s value is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. Historically, growth stocks have performed best during

 

119


Notes to Financial Statements (unaudited) (continued)

 

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.

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.

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

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

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

 

120


 

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.

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

 

121


Notes to Financial Statements (unaudited) (continued)

 

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.

Infrastructure Companies Risk: Securities of infrastructure companies are more susceptible to adverse economic, social, political and regulatory occurrences than securities of companies in other industries. Infrastructure companies may be subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, high leverage, costs associated with environmental and other regulations, the level of government spending on infrastructure projects, the effects of economic slowdown, surplus capacity, technological changes, casualty losses, insufficient supply of necessary resources, increased competition from other providers of similar services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Certain infrastructure companies may operate in limited areas or have few sources of revenue.

Infrastructure companies may also be affected by or subject to:

regulation by various government authorities, including regulation of rates charged to customers;

service interruption due to environmental, operational or other mishaps as well as political and social unrest;

the imposition of special tariffs and changes in tax laws and accounting standards; and

general changes in market sentiment towards the assets of infrastructure companies.

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,

 

122


 

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 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

 

123


Notes to Financial Statements (unaudited) (continued)

 

to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities.

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

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

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

Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests.

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

 

124


 

issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund’s investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.

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

Master Limited Partnerships Risk: The risks of investing in an MLP are generally those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded investors in an MLP than investors in a corporation. Investments held by MLPs may be relatively illiquid, limiting the MLPs’ ability to vary their portfolios promptly in response to changes in economic or other conditions. MLPs may have limited financial resources, their securities may trade infrequently and in limited volume, and they may be subject to more abrupt or erratic price movements than securities of larger or more broadly-based companies. The Fund’s investment in MLPs also subjects the Fund to the risks associated with the specific industry or industries in which the MLPs invest, risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, cash flow risks, dilution risks and risks related to the general partner’s right to require unit-holders to sell their common units at an undesirable time or price. MLPs are generally considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns. Since MLPs generally conduct business in multiple states, the Fund may be subject to income or franchise tax in each of the states in which the partnership does business. The additional cost of preparing and filing the tax returns and paying the related taxes may adversely impact the Fund’s return on its investment in MLPs.

Real Estate Investment Trust (“REIT”) Risk: Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of any credit extended. REITs are dependent upon management skills, may not be diversified geographically or by property/mortgage asset type, and are subject to heavy cash flow dependency, default by borrowers and self-liquidation. REITs may be more volatile and/or more illiquid than other types of equity securities. REITs (especially mortgage REITs) are subject to interest rate risks. REITs may incur significant amounts of leverage. The Fund will indirectly bear a portion of the expenses, including management fees, paid by each REIT in which it invests, in addition to the expenses of the Fund.

 

125


Notes to Financial Statements (unaudited) (continued)

 

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.

Sector Exposure Risk: At times, the Fund may have a significant portion of its assets invested in the same economic sector. Issuers in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

10. Subsequent Event

Each Fund’s management evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of April 30, 2025.

 

126


Other Information

Form N-CSR Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment Companies - None.

Form N-CSR Item 9 - Proxy Disclosures for Open-End Management Investment Companies - None.

Form N-CSR Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies - Included within the Statement of Operations of the financial statements filed under Item 7 of this Form.

Form N-CSR Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract. - None.


LOGO

PRUDENTIAL WORLD FUND, INC.

PGIM Emerging Markets Debt Hard Currency Fund

PGIM Emerging Markets Debt Local Currency Fund

 

 

FINANCIAL STATEMENTS AND OTHER INFORMATION

APRIL 30, 2025

 

 

LOGO


Table of Contents

 

  

Financial Statements and Other Information

 

  

April 30, 2025

 

 

Form N-CSR Item 7 - Financial Statements and Financial Highlights for Open-End Management Investment Companies.

 

 

Glossary.

   1   
 

PGIM Emerging Markets Debt Hard Currency

   3                
 

PGIM Emerging Markets Debt Local Currency

   57   
 

Notes to Financial Statements

   100   

Other Information - Form N-CSR Items 8-11


Glossary

The following abbreviations are used in the Funds’ descriptions:

BRL—Brazilian Real

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

DOP—Dominican Peso

EGP—Egyptian Pound

EUR—Euro

GBP—British Pound

HUF—Hungarian Forint

IDR—Indonesian Rupiah

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

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

BARC—Barclays Bank PLC

BNP—BNP Paribas S.A.

BNY—Bank of New York Mellon

BOA—Bank of America, N.A.

BROIS—Brazil Overnight Index Swap

 

1


BUBOR—Budapest Interbank Offered Rate

CA—Credit Agricole Securities Inc.

CDX—Credit Derivative Index

CITI—Citibank, N.A.

CLOIS—Sinacofi Chile Interbank Rate Average

COOIS—Colombia Overnight Interbank Reference Rate

DB—Deutsche Bank AG

EMTN—Euro Medium Term Note

GMTN—Global Medium Term Note

GSI—Goldman Sachs International

HSBC—HSBC Bank PLC

JIBAR—Johannesburg Interbank Agreed Rate

JPM—JPMorgan Chase Bank N.A.

JPS—J.P. Morgan Securities LLC

KLIBOR—Kuala Lumpur Interbank Offered Rate

KWCDC—Korean Won Certificate of Deposit

M—Monthly payment frequency for swaps

MIBOR—Mumbai Interbank Offered Rate

MSI—Morgan Stanley & Co International PLC

MTN—Medium Term Note

OTC—Over-the-counter

PIK—Payment-in-Kind

PRIBOR—Prague Interbank Offered Rate

Q—Quarterly payment frequency for swaps

S—Semiannual payment frequency for swaps

SCB—Standard Chartered Bank

SOFR—Secured Overnight Financing Rate

SSB—State Street Bank & Trust Company

T—Swap payment upon termination

TD—The Toronto-Dominion Bank

THOR—Thai Overnight Repurchase Rate

UAG—UBS AG

WIBOR—Warsaw Interbank Offered Rate

 

2


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited)

as of April 30, 2025

 

 Description    Interest  
Rate
   Maturity
Date
  

  Principal  

Amount

(000)#

        Value     

LONG-TERM INVESTMENTS 96.7%

              

CORPORATE BONDS 20.4%

              

Argentina 0.1%

                                    

YPF SA,

              

Sr. Unsec’d. Notes, 144A

   8.250%    01/17/34         315      $ 306,728  

Azerbaijan 0.4%

                                    

Southern Gas Corridor CJSC,

              

Gov’t. Gtd. Notes

   6.875    03/24/26         400        402,408  

State Oil Co. of the Azerbaijan Republic,

              

Sr. Unsec’d. Notes

   6.950    03/18/30         400        414,756  
              

 

 

 
                 817,164  

Bahrain 0.2%

                                    

Bapco Energies BSC Closed,

              

Sr. Unsec’d. Notes

   8.375    11/07/28         500        530,000  

Brazil 0.4%

                                    

Banco do Brasil SA,

              

Sr. Unsec’d. Notes(a)

   4.875    01/11/29         200        196,562  

Braskem Netherlands Finance BV,

              

Gtd. Notes

   8.500    01/12/31         200        191,140  

Gtd. Notes, 144A

   8.500    01/12/31         240        229,368  

Globo Comunicacao e Participacoes SA,

              

Sr. Unsec’d. Notes

   4.875    01/22/30         200        186,562  

Petrobras Global Finance BV,

              

Gtd. Notes

   5.375    10/01/29      GBP        100        130,305  
              

 

 

 
                    933,937  

Chile 1.2%

                                    

Alfa Desarrollo SpA,

              

Sr. Sec’d. Notes, 144A

   4.550    09/27/51         198        145,885  

Chile Electricity Lux Mpc II Sarl,

              

Gov’t. Gtd. Notes, 144A

   5.580    10/20/35         200        198,200  

Corp. Nacional del Cobre de Chile,

              

Sr. Unsec’d. Notes

   3.000    09/30/29         200        183,125  

Sr. Unsec’d. Notes

   4.250    07/17/42         360        280,800  

Sr. Unsec’d. Notes

   4.875    11/04/44         600        494,700  

Sr. Unsec’d. Notes, 144A

   4.875    11/04/44         200        164,900  

Sr. Unsec’d. Notes, 144A

   5.125    02/02/33         200        192,938  

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 3


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description    Interest  
Rate
  

Maturity 

Date

  

  Principal  
  Amount  

  (000)#  

        Value     

CORPORATE BONDS (Continued)

              

Chile (cont’d.)

                                    

Corp. Nacional del Cobre de Chile, (cont’d.)

              

Sr. Unsec’d. Notes, 144A

   6.440%    01/26/36         440      $ 455,400  

Empresa Nacional del Petroleo,

              

Sr. Unsec’d. Notes, 144A

   3.450    09/16/31         200        174,500  

Sr. Unsec’d. Notes, 144A

   6.150    05/10/33         200        203,750  
              

 

 

 
                 2,494,198  

China 0.2%

                                    

Agile Group Holdings Ltd.,

              

Sr. Sec’d. Notes

   6.050    10/13/25(d)         200        13,000  

ENN Clean Energy International Investment Ltd.,

              

Gtd. Notes, 144A

   3.375    05/12/26         200        195,260  

Prosus NV,

              

Sr. Unsec’d. Notes, 144A

   4.193    01/19/32         350        318,171  
              

 

 

 
                 526,431  

Colombia 0.8%

                                    

Colombia Telecomunicaciones SA ESP,

              

Sr. Unsec’d. Notes, 144A(a)

   4.950    07/17/30         200        175,275  

Ecopetrol SA,

              

Sr. Unsec’d. Notes

   4.625    11/02/31         187        152,031  

Sr. Unsec’d. Notes

   6.875    04/29/30         122        118,127  

Sr. Unsec’d. Notes

   7.750    02/01/32         275        262,281  

Sr. Unsec’d. Notes

   8.625    01/19/29         360        375,300  

Sr. Unsec’d. Notes

   8.875    01/13/33         476        476,290  

Grupo Aval Ltd.,

              

Gtd. Notes, 144A

   4.375    02/04/30         200        175,250  
              

 

 

 
                 1,734,554  

Costa Rica 0.1%

                                    

Instituto Costarricense de Electricidad,

              

Sr. Unsec’d. Notes, 144A

   6.750    10/07/31         200        201,412  

 

See Notes to Financial Statements.

4


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description    Interest  
Rate
   Maturity 
Date
  

  Principal  
  Amount  

  (000)#  

        Value     

CORPORATE BONDS (Continued)

              

Guatemala 0.2%

                                    

Central American Bottling Corp./CBC Bottling

              

Holdco SL/Beliv Holdco SL,

              

Gtd. Notes

   5.250%    04/27/29         167      $ 158,984  

CT Trust,

              

Sr. Sec’d. Notes, 144A

   5.125    02/03/32         200        180,440  
              

 

 

 
                 339,424  

Hungary 0.5%

                                    

MFB Magyar Fejlesztesi Bank Zrt,

              

Gov’t. Gtd. Notes

   6.500    06/29/28         215        221,048  

MVM Energetika Zrt,

              

Sr. Unsec’d. Notes

   6.500    03/13/31         650        662,188  

Sr. Unsec’d. Notes

   7.500    06/09/28         208        216,977  
              

 

 

 
                 1,100,213  

India 1.0%

                                    

Adani Ports & Special Economic Zone Ltd.,

              

Sr. Unsec’d. Notes, 144A

   5.000    08/02/41         200        150,000  

CA Magnum Holdings,

              

Sr. Sec’d. Notes, 144A

   5.375    10/31/26         400        389,500  

GMR Hyderabad International Airport Ltd.,

              

Sr. Sec’d. Notes

   4.250    10/27/27         400        380,376  

HPCL-Mittal Energy Ltd.,

              

Sr. Unsec’d. Notes

   5.250    04/28/27         400        388,000  

NTPC Ltd.,

              

Sr. Unsec’d. Notes, EMTN

   2.750    02/01/27      EUR        100        112,457  

Periama Holdings LLC,

              

Gtd. Notes

   5.950    04/19/26         400        397,500  

Summit Digitel Infrastructure Ltd.,

              

Sr. Sec’d. Notes, 144A

   2.875    08/12/31         435        378,854  
              

 

 

 
                 2,196,687  

Indonesia 1.5%

                                    

Freeport Indonesia PT,

              

Sr. Unsec’d. Notes, 144A, MTN

   5.315    04/14/32         200        197,400  

Indofood CBP Sukses Makmur Tbk PT,

              

Sr. Unsec’d. Notes

   3.541    04/27/32         200        179,688  

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 5


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description    Interest  
Rate
   Maturity
Date
  

Principal

Amount

(000)#

        Value     

CORPORATE BONDS (Continued)

              

Indonesia (cont’d.)

                                

Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT,

              

Sr. Unsec’d. Notes

   5.450%    05/15/30         600      $ 604,800  

Sr. Unsec’d. Notes, 144A

   4.750    05/15/25         200        199,700  

Pertamina Geothermal Energy PT,

              

Sr. Unsec’d. Notes, 144A

   5.150    04/27/28         200        200,250  

Pertamina Persero PT,

              

Sr. Unsec’d. Notes

   6.000    05/03/42             200        192,200  

Sr. Unsec’d. Notes, 144A, MTN

   4.700    07/30/49         200        159,938  

Sr. Unsec’d. Notes, EMTN

   3.650    07/30/29         200        190,312  

Sr. Unsec’d. Notes, EMTN

   4.700    07/30/49         200        159,938  

Sr. Unsec’d. Notes, EMTN

   6.500    11/07/48         200        201,878  

Perusahaan Perseroan Persero PT Perusahaan Listrik Negara,

              

Sr. Unsec’d. Notes

   1.875    11/05/31    EUR      400        389,841  

Sr. Unsec’d. Notes

   2.875    10/25/25    EUR      200        226,398  

Sr. Unsec’d. Notes, 144A, MTN

   5.450    05/21/28         400        405,000  
              

 

 

 
                 3,307,343  

Israel  0.2%

                                

Bank Leumi Le-Israel BM,

              

Sr. Unsec’d. Notes, 144A

   5.125    07/27/27         203            203,445  

Energean Israel Finance Ltd.,

              

Sr. Sec’d. Notes, 144A

   5.875    03/30/31         290        262,631  
              

 

 

 
                 466,076  

Jamaica  0.1%

                                

Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./DIFL US LLC,

              

Sr. Sec’d. Notes, Cash coupon 9.000% and PIK 1.942%

   10.942    05/25/27         100        100,143  

Digicel MidCo Ltd./DIFL US II LLC,

              

Sr. Unsec’d. Notes, PIK 10.500%

   10.500    11/25/28         71        65,157  
              

 

 

 
                 165,300  

 

See Notes to Financial Statements.

6


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description    Interest  
Rate
   Maturity
Date
  

Principal

Amount

(000)#

        Value     

CORPORATE BONDS (Continued)

              

Kazakhstan  0.7%

                                    

Development Bank of Kazakhstan JSC,

              

Sr. Unsec’d. Notes, 144A

   5.250%    10/23/29         200      $ 197,578  

KazMunayGas National Co. JSC,

              

Sr. Unsec’d. Notes

   3.500    04/14/33                 200        165,050  

Sr. Unsec’d. Notes

   5.750    04/19/47         200        167,376  

Sr. Unsec’d. Notes

   6.375    10/24/48            200        177,626  

Sr. Unsec’d. Notes, EMTN

   5.375    04/24/30         800        777,800  
              

 

 

 
                 1,485,430  

Kuwait  0.1%

                                    

MEGlobal BV,

              

Gtd. Notes, EMTN

   2.625    04/28/28         300            281,156  

Macau  0.1%

                                    

MGM China Holdings Ltd.,

              

Sr. Unsec’d. Notes

   4.750    02/01/27         330        321,915  

Malaysia  1.1%

                                    

GENM Capital Labuan Ltd.,

              

Gtd. Notes

   3.882    04/19/31         400        353,300  

Gohl Capital Ltd.,

              

Gtd. Notes

   4.250    01/24/27         250        244,765  

Petronas Capital Ltd.,

              

Gtd. Notes, 144A, MTN

   4.550    04/21/50         400        335,600  

Gtd. Notes, 144A, MTN

   4.800    04/21/60         200        170,000  

Gtd. Notes, 144A, MTN

   5.848    04/03/55         320        318,973  

Gtd. Notes, EMTN

   2.480    01/28/32         400        342,400  

Gtd. Notes, EMTN

   4.550    04/21/50         500        419,500  

Gtd. Notes, EMTN

   4.800    04/21/60         200        170,000  
              

 

 

 
                 2,354,538  

Mexico  3.8%

                                    

Comision Federal de Electricidad,

              

Gtd. Notes

   4.688    05/15/29         710        681,742  

Fermaca Enterprises S de RL de CV,

              

Sr. Sec’d. Notes

   6.375    03/30/38         523        500,134  

Mexico City Airport Trust,

              

Sr. Sec’d. Notes

   3.875    04/30/28         200        190,180  

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 7


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description    Interest  
Rate
   Maturity
Date
  

Principal

Amount

(000)#

        Value    

CORPORATE BONDS (Continued)

        

Mexico (cont’d.)

                          

Mexico City Airport Trust, (cont’d.)

              

Sr. Sec’d. Notes

    5.500%    07/31/47         1,640      $ 1,282,168  

Sr. Sec’d. Notes, 144A

    5.500    10/31/46         400        314,750  

Sr. Sec’d. Notes, 144A

    5.500    07/31/47         400        312,724  

Petroleos Mexicanos,

              

Gtd. Notes

    5.350    02/12/28         879        810,965  

Gtd. Notes

    5.950    01/28/31         370        305,768  

Gtd. Notes

    6.350    02/12/48         253        160,427  

Gtd. Notes

    6.490    01/23/27         355        347,314  

Gtd. Notes

    6.500    03/13/27         466        454,536  

Gtd. Notes

    6.500    06/02/41         335        229,860  

Gtd. Notes

    6.700    02/16/32            1,061        908,641  

Gtd. Notes

    6.840    01/23/30         443        394,447  

Gtd. Notes

    6.950    01/28/60         45        29,925  

Gtd. Notes

    7.690    01/23/50         396        289,080  

Gtd. Notes

   10.000    02/07/33                 109        108,744  

Gtd. Notes, EMTN

    2.750    04/21/27      EUR        200        209,294  

Gtd. Notes, MTN

    6.750    09/21/47         805        538,143  

Gtd. Notes, MTN

    8.750    06/02/29         150        147,210  
              

 

 

 
                  8,216,052  

Morocco 0.2%

                          

OCP SA,

              

Sr. Unsec’d. Notes, 144A

    6.750    05/02/34         430        433,419  

Panama 0.3%

                          

Aeropuerto Internacional de Tocumen SA,

              

Sr. Sec’d. Notes

    4.000    08/11/41         200        145,000  

Sr. Sec’d. Notes, 144A

    5.125    08/11/61         200        134,875  

AES Panama Generation Holdings SRL,

              

Sr. Sec’d. Notes

    4.375    05/31/30         379        331,407  
              

 

 

 
                 611,282  

Peru 0.7%

                          

Banco Internacional del Peru SAA Interbank,

              

Sr. Unsec’d. Notes

    3.250    10/04/26         350        340,550  

Corp. Financiera de Desarrollo SA,

              

Sr. Unsec’d. Notes

    2.400    09/28/27         200        187,150  

 

See Notes to Financial Statements.

8


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description    Interest  
Rate
   Maturity
Date
  

Principal

Amount

(000)#

        Value    

CORPORATE BONDS (Continued)

              

Peru (cont’d.)

                                    

Fondo MIVIVIENDA SA,

              

Sr. Unsec’d. Notes, 144A

   4.625%    04/12/27                 150      $ 148,125  

InRetail Consumer,

              

Sr. Sec’d. Notes

   3.250    03/22/28         300        279,975  

Petroleos del Peru SA,

              

Sr. Unsec’d. Notes

   4.750    06/19/32         225        165,797  

Sr. Unsec’d. Notes

   5.625    06/19/47         700        426,300  
              

 

 

 
                  1,547,897  

Philippines 0.1%

                                    

Globe Telecom, Inc.,

              

Sr. Unsec’d. Notes

   3.000    07/23/35         200        158,626  

Poland 0.7%

                                    

Bank Gospodarstwa Krajowego,

              

Gov’t. Gtd. Notes, 144A

   6.250    07/09/54         530        528,421  

Gov’t. Gtd. Notes, 144A, MTN

   5.375    05/22/33         400        402,028  

Gov’t. Gtd. Notes, EMTN

   5.375    05/22/33         500        502,535  
              

 

 

 
                 1,432,984  

Qatar 0.5%

                                    

QatarEnergy,

              

Sr. Unsec’d. Notes

   3.300    07/12/51         200        134,000  

Sr. Unsec’d. Notes, 144A

   3.125    07/12/41            1,240        905,200  
              

 

 

 
                 1,039,200  

Saudi Arabia 0.8%

                                    

EIG Pearl Holdings Sarl,

              

Sr. Sec’d. Notes, 144A

   3.545    08/31/36         735        649,852  

Greensaif Pipelines Bidco Sarl,

              

Sr. Sec’d. Notes, 144A

   6.129    02/23/38         440        448,936  

Saudi Arabian Oil Co.,

              

Sr. Unsec’d. Notes

   2.250    11/24/30         260        228,881  

Sr. Unsec’d. Notes, EMTN

   4.250    04/16/39         200        172,312  

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 9


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description    Interest  
Rate
  

Maturity

Date

 

Principal

Amount

(000)#

        Value    

CORPORATE BONDS (Continued)

             

Saudi Arabia (cont’d.)

                                   

TMS Issuer Sarl,

             

Sr. Sec’d. Notes, 144A

   5.780%    08/23/32                200      $ 206,444  
             

 

 

 
                1,706,425  

South Africa 1.3%

                                   

Eskom Holdings SOC Ltd.,

             

Gov’t. Gtd. Notes, MTN

   6.350    08/10/28           1,240        1,219,850  

Sr. Unsec’d. Notes, MTN

   8.450    08/10/28        260        262,925  

MTN Mauritius Investments Ltd.,

             

Gtd. Notes, 144A

   6.500    10/13/26        200        201,438  

Sasol Financing USA LLC,

             

Gtd. Notes

   6.500    09/27/28        300        276,825  

Gtd. Notes, 144A

   8.750    05/03/29        200        190,312  

Transnet SOC Ltd.,

             

Sr. Unsec’d. Notes

   8.250    02/06/28        200        201,125  

Sr. Unsec’d. Notes, 144A

   8.250    02/06/28        420        422,362  
             

 

 

 
                2,774,837  

Trinidad & Tobago 0.1%

                                   

Heritage Petroleum Co. Ltd.,

             

Sr. Sec’d. Notes, 144A

   9.000    08/12/29        200        201,000  

Turkey 0.1%

                                   

Aydem Yenilenebilir Enerji A/S,

             

Sr. Sec’d. Notes, 144A

   7.750    02/02/27        180        178,470  

Ukraine 0.2%

                                   

NAK Naftogaz Ukraine via Kondor Finance PLC,

             

Sr. Unsec’d. Notes

   7.125    07/19/26(d)     EUR        359        346,606  

United Arab Emirates 2.1%

                                   

Abu Dhabi Crude Oil Pipeline LLC,

             

Sr. Sec’d. Notes

   4.600    11/02/47        400        355,000  

Adnoc Murban Rsc Ltd.,

             

Sr. Unsec’d. Notes, 144A

   5.125    09/11/54        352        316,140  

DP World Crescent Ltd.,

             

Sr. Unsec’d. Notes, EMTN

   3.875    07/18/29        300        288,390  

 

See Notes to Financial Statements.

10


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description    Interest  
Rate
  

Maturity

Date

  

Principal

Amount

(000)#

        Value    

CORPORATE BONDS (Continued)

                  

United Arab Emirates (cont’d.)

                                

DP World Ltd.,

              

Sr. Unsec’d. Notes, EMTN

   6.850%    07/02/37            1,720      $ 1,874,679  

Galaxy Pipeline Assets Bidco Ltd.,

              

Sr. Sec’d. Notes, 144A

   2.940    09/30/40         883        718,184  

MDGH GMTN RSC Ltd.,

              

Gtd. Notes, 144A, MTN

   5.084    05/22/53         200        181,926  

Gtd. Notes, EMTN

   3.700    11/07/49         240        176,160  

Gtd. Notes, GMTN

   3.950    05/21/50         200        152,750  

Gtd. Notes, GMTN

   5.294    06/04/34         410        414,715  
              

 

 

 
                 4,477,944  

Venezuela 0.5%

                                

Petroleos de Venezuela SA,

              

Gtd. Notes

   5.375    04/12/27(d)         205        23,780  

Gtd. Notes

   6.000    05/16/24(d)         1,280        147,200  

Gtd. Notes

   6.000    11/15/26(d)         2,010        229,140  

Gtd. Notes

   9.750    05/17/35(d)         350        44,100  

Sr. Sec’d. Notes

   8.500    10/27/20(d)         645        599,850  
              

 

 

 
                 1,044,070  

Vietnam 0.1%

                                

Mong Duong Finance Holdings BV,

              

Sr. Sec’d. Notes

   5.125    05/07/29         191        182,214  
              

 

 

 

TOTAL CORPORATE BONDS
(cost $46,012,118)

                 43,913,532  
              

 

 

 

SOVEREIGN BONDS 74.0%

              

Angola 1.4%

                                

Angolan Government International Bond,

              

Sr. Unsec’d. Notes

   8.250    05/09/28         1,200        1,011,540  

Sr. Unsec’d. Notes

   8.750    04/14/32         300        231,093  

Sr. Unsec’d. Notes

   9.375    05/08/48         600        420,186  

Sr. Unsec’d. Notes

   9.500    11/12/25         305        296,918  

Sr. Unsec’d. Notes, EMTN

   8.000    11/26/29         1,200        956,628  
              

 

 

 
                 2,916,365  

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 11


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description    Interest  
Rate
    Maturity
Date
   

Principal

Amount

(000)#

        Value     

SOVEREIGN BONDS (Continued)

            

Argentina  3.4%

                                          

Argentine Republic Government International Bond,

            

Sr. Unsec’d. Notes

     0.000%       12/15/35(d)       EUR        13,352      $ 1,321,413  

Sr. Unsec’d. Notes

     0.750(cc)       07/09/30          1,743        1,336,567  

Sr. Unsec’d. Notes

     1.000       07/09/29          733        591,280  

Sr. Unsec’d. Notes

     3.500(cc)       07/09/41          1,274        786,331  

Sr. Unsec’d. Notes

     4.125(cc)       07/09/35             2,542        1,685,564  

Sr. Unsec’d. Notes

     4.125(cc)       07/09/46          327        213,129  

Sr. Unsec’d. Notes

     5.000       01/09/38          1,906        1,340,045  
            

 

 

 
               7,274,329  

Bahrain  1.4%

                                          

Bahrain Government International Bond,

            

Sr. Unsec’d. Notes

     6.000       09/19/44          200        163,188  

Sr. Unsec’d. Notes

     6.750       09/20/29          600        606,750  

Sr. Unsec’d. Notes

     7.000       10/12/28          750        765,000  

Sr. Unsec’d. Notes

     7.375       05/14/30          870        901,538  

Sr. Unsec’d. Notes

     7.500       09/20/47          200        192,876  

Sr. Unsec’d. Notes, 144A

     7.500       02/12/36          325        331,256  

Sr. Unsec’d. Notes, EMTN

     6.250       01/25/51          200            162,949  
            

 

 

 
               3,123,557  

Brazil  3.3%

                                          

Brazil Minas SPE via State of Minas Gerais,

            

Gov’t. Gtd. Notes

     5.333       02/15/28          86        84,729  

Brazilian Government International Bond,

            

Sr. Unsec’d. Notes

     3.875       06/12/30          715        668,525  

Sr. Unsec’d. Notes

     4.750       01/14/50          250        176,500  

Sr. Unsec’d. Notes

     5.000       01/27/45          1,431        1,087,560  

Sr. Unsec’d. Notes(a)

     5.625       01/07/41          845        749,101  

Sr. Unsec’d. Notes

     6.000       10/20/33          1,085        1,070,352  

Sr. Unsec’d. Notes

     6.125       01/22/32          1,221        1,242,978  

Sr. Unsec’d. Notes

     6.250       03/18/31          529        545,399  

Sr. Unsec’d. Notes

     6.625       03/15/35          420        418,530  

Sr. Unsec’d. Notes

     7.125       05/13/54          325        308,425  

Sr. Unsec’d. Notes

     8.250       01/20/34          683        764,960  
            

 

 

 
               7,117,059  

 

See Notes to Financial Statements.

12


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description    Interest  
Rate
    Maturity
Date
    

Principal

Amount

(000)#

        Value     

SOVEREIGN BONDS (Continued)

             

Chile  0.2%

                                           

Chile Government International Bond,

             

Sr. Unsec’d. Notes

      4.000%       01/31/52           235      $ 177,014  

Sr. Unsec’d. Notes

      4.340       03/07/42           280        240,240  
             

 

 

 
                417,254  

Colombia  3.3%

                                           

Colombia Government International Bond,

             

Sr. Unsec’d. Notes

      3.000       01/30/30           1,518        1,284,228  

Sr. Unsec’d. Notes

      3.875       04/25/27                   400        391,420  

Sr. Unsec’d. Notes

      4.500       03/15/29           990        928,125  

Sr. Unsec’d. Notes

      5.000       06/15/45           400        261,000  

Sr. Unsec’d. Notes

      5.200       05/15/49           502        324,292  

Sr. Unsec’d. Notes

      5.625       02/26/44           510        364,012  

Sr. Unsec’d. Notes

      6.125       01/18/41           620        487,475  

Sr. Unsec’d. Notes

      7.500       02/02/34           840        819,420  

Sr. Unsec’d. Notes

      8.000       04/20/33           910        924,560  

Sr. Unsec’d. Notes

      8.375       11/07/54           500        457,750  

Sr. Unsec’d. Notes

      8.750       11/14/53           630        603,540  

Sr. Unsec’d. Notes

     10.375       01/28/33           200        236,350  
             

 

 

 
                7,082,172  

Costa Rica  1.2%

                                           

Costa Rica Government International Bond,

             

Sr. Unsec’d. Notes

      6.125       02/19/31           650        665,824  

Sr. Unsec’d. Notes

      6.550       04/03/34           330        336,724  

Sr. Unsec’d. Notes

      7.000       04/04/44           400        403,200  

Sr. Unsec’d. Notes, 144A

      6.550       04/03/34           465        474,474  

Unsec’d. Notes, 144A

      7.300       11/13/54           797        808,357  
             

 

 

 
                2,688,579  

Dominican Republic 4.2%

                                           

Dominican Republic International Bond,

             

Sr. Unsec’d. Notes

      4.500       01/30/30           1,641        1,528,386  

Sr. Unsec’d. Notes

      4.875       09/23/32           390        350,633  

Sr. Unsec’d. Notes

      5.300       01/21/41           400        332,950  

Sr. Unsec’d. Notes

      5.500       02/22/29           1,133        1,117,138  

Sr. Unsec’d. Notes

      5.950       01/25/27           705        707,203  

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 13


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description    Interest  
Rate
   Maturity 
Date
  

  Principal  
  Amount  
  (000)#  

        Value     

SOVEREIGN BONDS (Continued)

              

Dominican Republic (cont’d.)

                                    

Dominican Republic International Bond, (cont’d.)

              

Sr. Unsec’d. Notes

   6.000%    07/19/28         695      $ 700,560  

Sr. Unsec’d. Notes

   6.400    06/05/49         620        566,680  

Sr. Unsec’d. Notes

   6.850    01/27/45         410        394,113  

Sr. Unsec’d. Notes

   7.050    02/03/31         810        835,515  

Sr. Unsec’d. Notes(a)

   7.450    04/30/44         720        739,350  

Sr. Unsec’d. Notes, 144A

   5.300    01/21/41         150        124,856  

Sr. Unsec’d. Notes, 144A

   5.500    02/22/29         810        798,660  

Sr. Unsec’d. Notes, 144A

   6.000    07/19/28         170        171,360  

Sr. Unsec’d. Notes, 144A

   6.950    03/15/37         400        397,400  

Sr. Unsec’d. Notes, 144A

   7.150    02/24/55         315        307,913  
              

 

 

 
                 9,072,717  

Ecuador 1.6%

                                    

Ecuador Government International Bond,

              

Sr. Unsec’d. Notes

   5.000(cc)    07/31/40         1,177        613,093  

Sr. Unsec’d. Notes

   6.900    07/31/30         350        262,139  

Sr. Unsec’d. Notes, 144A

   5.000(cc)    07/31/40         1,341        697,122  

Sr. Unsec’d. Notes, 144A

   5.500(cc)    07/31/35         1,231        735,825  

Sr. Unsec’d. Notes, 144A

   6.900    07/31/30         1,453        1,086,789  

Sr. Unsec’d. Notes, 144A

   7.961(s)    07/31/30         129        78,621  
              

 

 

 
                 3,473,589  

Egypt 2.8%

                                    

Egypt Government International Bond,

              

Sr. Unsec’d. Notes

   5.800    09/30/27         200        188,250  

Sr. Unsec’d. Notes

   7.625    05/29/32         1,000        842,000  

Sr. Unsec’d. Notes

   7.903    02/21/48         200        136,885  

Sr. Unsec’d. Notes

   8.500    01/31/47         500        362,250  

Sr. Unsec’d. Notes

   8.700    03/01/49         850        624,325  

Sr. Unsec’d. Notes, 144A

   8.700    03/01/49         410        301,145  

Sr. Unsec’d. Notes, 144A, MTN

   6.375    04/11/31      EUR        220        213,463  

Sr. Unsec’d. Notes, EMTN

   4.750    04/16/26      EUR        365        410,596  

Sr. Unsec’d. Notes, EMTN

   5.625    04/16/30      EUR        1,403        1,364,077  

Sr. Unsec’d. Notes, EMTN

   6.375    04/11/31      EUR        1,515        1,469,983  

Sr. Unsec’d. Notes, EMTN

   7.053    01/15/32         200        165,938  
              

 

 

 
                 6,078,912  

 

See Notes to Financial Statements.

14


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description    Interest  
Rate
   Maturity 
Date
  

  Principal  
  Amount  
  (000)#  

        Value     

SOVEREIGN BONDS (Continued)

              

El Salvador 1.5%

                                    

El Salvador Government International Bond,

              

Sr. Unsec’d. Notes

   7.625%    02/01/41         150      $ 135,225  

Sr. Unsec’d. Notes

   7.650    06/15/35         57        53,423  

Sr. Unsec’d. Notes

   8.250    04/10/32         275        269,294  

Sr. Unsec’d. Notes

   8.625    02/28/29         547        555,205  

Sr. Unsec’d. Notes

   9.250    04/17/30         200        206,400  

Sr. Unsec’d. Notes, 144A

   0.250    04/17/30         930        18,600  

Sr. Unsec’d. Notes, 144A

   9.250    04/17/30         1,340        1,382,880  

Sr. Unsec’d. Notes, 144A

   9.650    11/21/54         600        595,200  
              

 

 

 
                 3,216,227  

Gabon 0.2%

                                    

Gabon Government International Bond,

              

Sr. Unsec’d. Notes

   6.625    02/06/31         515        363,559  

Ghana 1.5%

                                    

Ghana Government International Bond,

              

Sr. Unsec’d. Notes

   5.000(cc)    07/03/29         705        596,606  

Sr. Unsec’d. Notes

   5.000(cc)    07/03/35         130        86,450  

Sr. Unsec’d. Notes, 144A

   5.000(cc)    07/03/29         1,386        1,172,767  

Sr. Unsec’d. Notes, 144A

   5.000(cc)    07/03/35         1,531        1,018,089  

Sr. Unsec’d. Notes, 144A

   4.710(s)    07/03/26         132        124,531  

Sr. Unsec’d. Notes, 144A

   5.033(s)    01/03/30         324        243,954  
              

 

 

 
                 3,242,397  

Guatemala 1.7%

                                    

Guatemala Government Bond,

              

Sr. Unsec’d. Notes

   3.700    10/07/33         200        166,062  

Sr. Unsec’d. Notes

   4.500    05/03/26         302        298,415  

Sr. Unsec’d. Notes

   4.875    02/13/28         400        392,752  

Sr. Unsec’d. Notes

   4.900    06/01/30         360        347,760  

Sr. Unsec’d. Notes

   5.250    08/10/29         430        422,905  

Sr. Unsec’d. Notes

   6.125    06/01/50         350        310,888  

Sr. Unsec’d. Notes

   6.600    06/13/36         208        207,792  

Sr. Unsec’d. Notes

   7.050    10/04/32         892        935,708  

Sr. Unsec’d. Notes, 144A

   4.650    10/07/41         200        154,938  

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 15


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description    Interest  
Rate
   Maturity
Date
  

Principal

Amount

(000)#

        Value    

SOVEREIGN BONDS (Continued)

              

Guatemala (cont’d.)

                                    

Guatemala Government Bond, (cont’d.)

              

Sr. Unsec’d. Notes, 144A

   6.050%    08/06/31         200      $ 199,000  

Sr. Unsec’d. Notes, 144A

   6.550    02/06/37                 200        198,850  
              

 

 

 
                 3,635,070  

Honduras 0.1%

                                    

Honduras Government International Bond,

              

Sr. Unsec’d. Notes

   6.250    01/19/27         200        197,919  

Hungary 2.5%

                                    

Hungary Government International Bond,

              

Sr. Unsec’d. Notes

   3.125    09/21/51         200        116,453  

Sr. Unsec’d. Notes

   5.500    06/16/34         300        289,125  

Sr. Unsec’d. Notes

   6.125    05/22/28         400        411,052  

Sr. Unsec’d. Notes

   6.250    09/22/32         220        226,435  

Sr. Unsec’d. Notes, 144A

   5.250    06/16/29         540        538,785  

Sr. Unsec’d. Notes, 144A

   5.500    03/26/36            1,020        964,920  

Sr. Unsec’d. Notes, 144A

   6.250    09/22/32         1,235        1,271,124  

Sr. Unsec’d. Notes, 144A

   6.750    09/25/52         220        219,670  

Sr. Unsec’d. Notes, Series 30Y

   7.625    03/29/41         760        839,800  

Magyar Export-Import Bank Zrt,

              

Gov’t. Gtd. Notes, 144A

   6.125    12/04/27         400        407,002  
              

 

 

 
                  5,284,366  

India 0.2%

                                    

Export-Import Bank of India,

              

Sr. Unsec’d. Notes, 144A, MTN

   3.250    01/15/30         400        372,272  

Sr. Unsec’d. Notes, EMTN

   2.250    01/13/31         200        172,856  
              

 

 

 
                 545,128  

Indonesia 1.8%

                                    

Indonesia Government International Bond,

              

Sr. Unsec’d. Notes

   4.650    09/20/32         590        574,512  

Sr. Unsec’d. Notes

   5.650    01/11/53         200        195,000  

Sr. Unsec’d. Notes

   6.625    02/17/37         150        164,700  

Sr. Unsec’d. Notes

   7.750    01/17/38         500        598,750  

Sr. Unsec’d. Notes

   8.500    10/12/35         400        497,400  

 

See Notes to Financial Statements.

16


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 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, 144A

   6.625%    02/17/37         290      $ 318,420  

Sr. Unsec’d. Notes, EMTN

   4.625    04/15/43         200        175,900  

Sr. Unsec’d. Notes, EMTN(a)

   5.125    01/15/45         200        186,250  

Sr. Unsec’d. Notes, EMTN

   5.250    01/17/42         400        384,400  

Sr. Unsec’d. Notes, EMTN

   6.750    01/15/44                 100        110,813  

Perusahaan Penerbit SBSN Indonesia III,

              

Sr. Unsec’d. Notes

   4.700    06/06/32         600        589,128  
              

 

 

 
                  3,795,273  

Ivory Coast 1.6%

                                    

Ivory Coast Government International Bond,

              

Sr. Unsec’d. Notes

   4.875    01/30/32      EUR        320        311,373  

Sr. Unsec’d. Notes

   5.250    03/22/30      EUR           1,000        1,052,418  

Sr. Unsec’d. Notes

   5.750    12/31/32         72        65,282  

Sr. Unsec’d. Notes

   5.875    10/17/31      EUR        950        976,658  

Sr. Unsec’d. Notes

   6.875    10/17/40      EUR        350        318,189  

Sr. Unsec’d. Notes, 144A

   7.625    01/30/33         315        294,131  

Sr. Unsec’d. Notes, 144A

   8.075    04/01/36         200        183,250  

Sr. Unsec’d. Notes, 144A

   8.250    01/30/37         200        183,500  
              

 

 

 
                 3,384,801  

Jamaica 0.4%

                                    

Jamaica Government International Bond,

              

Sr. Unsec’d. Notes

   6.750    04/28/28         300        306,675  

Sr. Unsec’d. Notes

   7.875    07/28/45         200        225,050  

Sr. Unsec’d. Notes

   8.000    03/15/39         320        362,880  
              

 

 

 
                 894,605  

Jordan 0.7%

                                    

Jordan Government International Bond,

              

Sr. Unsec’d. Notes

   5.750    01/31/27         200        197,688  

Sr. Unsec’d. Notes

   6.125    01/29/26         200        199,500  

Sr. Unsec’d. Notes

   7.375    10/10/47         200        167,626  

Sr. Unsec’d. Notes

   7.750    01/15/28         550        556,358  

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 17


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description    Interest  
Rate
  

Maturity 

Date

  

  Principal  
  Amount  
  (000)#  

        Value     

SOVEREIGN BONDS (Continued)

              

Jordan (cont’d.)

                                    

Jordan Government International Bond, (cont’d.)

              

Sr. Unsec’d. Notes, 144A

   7.500%    01/13/29         205      $ 204,168  

Sr. Unsec’d. Notes, 144A

   7.750    01/15/28         220        222,543  
              

 

 

 
                 1,547,883  

Kenya 0.2%

                                    

Republic of Kenya Government International Bond,

              

Sr. Unsec’d. Notes, 144A

   9.500    03/05/36         290        252,155  

Sr. Unsec’d. Notes, 144A

   9.750    02/16/31         265        251,750  
              

 

 

 
                 503,905  

Lebanon 0.8%

                                    

Lebanon Government International Bond,

              

Sr. Unsec’d. Notes, EMTN

   6.100    10/04/22(d)         75        12,638  

Sr. Unsec’d. Notes, EMTN

   6.850    05/25/29(d)         460        77,510  

Sr. Unsec’d. Notes, EMTN

   8.250    04/12/21(d)         2,850        480,225  

Sr. Unsec’d. Notes, GMTN

   6.250    05/27/22(d)         245        41,283  

Sr. Unsec’d. Notes, GMTN

   6.250    11/04/24(d)         320        53,920  

Sr. Unsec’d. Notes, GMTN

   6.375    03/09/20(d)         220        37,070  

Sr. Unsec’d. Notes, GMTN

   6.400    05/26/23(d)         250        42,125  

Sr. Unsec’d. Notes, GMTN

   6.650    11/03/28(d)         504        84,924  

Sr. Unsec’d. Notes, GMTN

   6.650    02/26/30(d)         80        13,480  

Sr. Unsec’d. Notes, GMTN

   7.050    11/02/35(d)         175        29,488  

Sr. Unsec’d. Notes, GMTN

   7.150    11/20/31(d)         415        69,927  

Sr. Unsec’d. Notes, Series 08Y

   6.650    04/22/24(d)         172        28,982  

Sr. Unsec’d. Notes, Series 10Y

   6.000    01/27/23(d)         191        32,184  

Sr. Unsec’d. Notes, Series 10Y

   6.850    03/23/27(d)         1,095        184,507  

Sr. Unsec’d. Notes, Series 15Y

   6.750    11/29/27(d)         780        131,430  

Sr. Unsec’d. Notes, Series 15Y

   7.000    04/22/31(d)         115        19,378  

Sr. Unsec’d. Notes, Series 15Y

   7.000    03/23/32(d)         771        129,913  

Sr. Unsec’d. Notes, Series 20Y

   7.250    03/23/37(d)         1,035        174,397  
              

 

 

 
                 1,643,381  

Mexico 3.1%

                                    

Mexican Bonos,

              

Sr. Unsec’d. Notes, Series M

   7.750    11/23/34      MXN        344        1,576,137  

 

See Notes to Financial Statements.

18


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description    Interest  
Rate
   Maturity 
Date
  

  Principal  
  Amount  
  (000)#  

        Value     

SOVEREIGN BONDS (Continued)

              

Mexico (cont’d.)

                                    

Mexico Government International Bond,

              

Sr. Unsec’d. Notes

   2.659%    05/24/31         465      $ 394,669  

Sr. Unsec’d. Notes

   3.250    04/16/30         725        659,478  

Sr. Unsec’d. Notes

   3.500    02/12/34         270        221,233  

Sr. Unsec’d. Notes

   3.771    05/24/61         200        113,200  

Sr. Unsec’d. Notes

   4.600    02/10/48         300        213,150  

Sr. Unsec’d. Notes

   4.875    05/19/33         550        506,000  

Sr. Unsec’d. Notes

   6.000    05/13/30         770        790,886  

Sr. Unsec’d. Notes

   6.000    05/07/36         345        329,647  

Sr. Unsec’d. Notes

   6.338    05/04/53         290        254,620  

Sr. Unsec’d. Notes

   6.350    02/09/35         250        248,125  

Sr. Unsec’d. Notes

   6.400    05/07/54         200        176,500  

Sr. Unsec’d. Notes

   7.375    05/13/55         200        197,825  

Sr. Unsec’d. Notes, MTN

   4.750    03/08/44         140        105,770  

Sr. Unsec’d. Notes, MTN

   6.050    01/11/40         730        679,995  

Sr. Unsec’d. Notes, Series A, MTN

   6.750    09/27/34         203        210,612  
              

 

 

 
                 6,677,847  

Mongolia 0.4%

                                    

Mongolia Government International Bond,

              

Sr. Unsec’d. Notes

   4.450    07/07/31         200        168,650  

Sr. Unsec’d. Notes

   8.650    01/19/28         200        206,250  

Sr. Unsec’d. Notes, 144A

   6.625    02/25/30         200        192,000  

Sr. Unsec’d. Notes, 144A

   7.875    06/05/29         200        202,300  
              

 

 

 
                 769,200  

Montenegro 0.1%

                                    

Montenegro Government International Bond,

              

Sr. Unsec’d. Notes, 144A

   7.250    03/12/31         200        201,355  

Morocco 0.8%

                                    

Morocco Government International Bond,

              

Sr. Unsec’d. Notes

   4.000    12/15/50         400        263,000  

Sr. Unsec’d. Notes

   6.500    09/08/33         400        413,000  

Sr. Unsec’d. Notes, 144A

   5.950    03/08/28         330        335,259  

Sr. Unsec’d. Notes, 144A

   6.500    09/08/33         595        614,338  
              

 

 

 
                 1,625,597  

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 19


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description   

Interest  

Rate

  

Maturity

Date

 

Principal

Amount

(000)#

        Value    

SOVEREIGN BONDS (Continued)

                     

Nigeria 1.3%

                                   

Nigeria Government International Bond,

             

Sr. Unsec’d. Notes

    7.696%    02/23/38        200      $ 152,250  

Sr. Unsec’d. Notes

    7.875    02/16/32        200        170,550  

Sr. Unsec’d. Notes

    8.747    01/21/31           400        363,546  

Sr. Unsec’d. Notes, 144A

    7.696    02/23/38        200        152,250  

Sr. Unsec’d. Notes, 144A

    9.625    06/09/31        200        187,800  

Sr. Unsec’d. Notes, 144A

   10.375    12/09/34        675        637,706  

Sr. Unsec’d. Notes, 144A, MTN

    7.375    09/28/33        200        161,126  

Sr. Unsec’d. Notes, EMTN

    6.500    11/28/27        300        281,400  

Sr. Unsec’d. Notes, EMTN

    8.250    09/28/51        250        181,750  

Sr. Unsec’d. Notes, EMTN

    8.375    03/24/29        600        560,550  
             

 

 

 
                2,848,928  

Oman 2.5%

                                   

Oman Government International Bond,

             

Sr. Unsec’d. Notes

    4.750    06/15/26        410        407,438  

Sr. Unsec’d. Notes

    5.375    03/08/27        430        431,578  

Sr. Unsec’d. Notes

    5.625    01/17/28        1,280        1,292,806  

Sr. Unsec’d. Notes

    6.500    03/08/47        635        627,043  

Sr. Unsec’d. Notes

    6.750    10/28/27        800        828,576  

Sr. Unsec’d. Notes

    7.000    01/25/51        600        624,378  

Sr. Unsec’d. Notes, 144A

    6.750    01/17/48        200        201,500  

Sr. Unsec’d. Notes, EMTN

    6.000    08/01/29        850        874,973  
             

 

 

 
                5,288,292  

Pakistan 1.0%

                                   

Pakistan Government International Bond,

             

Sr. Unsec’d. Notes

    6.875    12/05/27        680        597,040  

Sr. Unsec’d. Notes

    8.250    09/30/25        200        196,250  

Sr. Unsec’d. Notes, 144A, MTN

    7.375    04/08/31        200        157,000  

Sr. Unsec’d. Notes, EMTN

    6.000    04/08/26        810        759,375  

Sr. Unsec’d. Notes, EMTN

    7.375    04/08/31        600        471,000  
             

 

 

 
                2,180,665  

Panama 2.1%

                                   

Panama Government International Bond,

             

Sr. Unsec’d. Notes

    3.160    01/23/30        980        858,725  

 

See Notes to Financial Statements.

20


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description   

Interest  

Rate

  

Maturity

Date

 

Principal
Amount

(000)#

        Value    

SOVEREIGN BONDS (Continued)

                     

Panama (cont’d.)

                                   

Panama Government International Bond, (cont’d.)

             

Sr. Unsec’d. Notes

   3.298%    01/19/33        200      $ 156,600  

Sr. Unsec’d. Notes

   3.875    03/17/28           473        451,951  

Sr. Unsec’d. Notes

   4.300    04/29/53        470        287,992  

Sr. Unsec’d. Notes

   4.500    04/16/50        480        307,680  

Sr. Unsec’d. Notes

   4.500    04/01/56        1,092        670,488  

Sr. Unsec’d. Notes

   6.700    01/26/36        15        14,483  

Sr. Unsec’d. Notes

   7.500    03/01/31        1,280        1,333,120  

Sr. Unsec’d. Notes

   8.000    03/01/38        200        207,800  

Sr. Unsec’d. Notes

   9.375    04/01/29        165        183,315  
             

 

 

 
                4,472,154  

Papua New Guinea 0.1%

                                   

Papua New Guinea Government International Bond,

             

Sr. Unsec’d. Notes

   8.375    10/04/28        220        213,975  

Paraguay 0.6%

                                   

Paraguay Government International Bond,

             

Sr. Unsec’d. Notes

   4.950    04/28/31        200        196,650  

Sr. Unsec’d. Notes(a)

   6.100    08/11/44        500        470,000  

Sr. Unsec’d. Notes, 144A

   5.400    03/30/50        200        169,824  

Sr. Unsec’d. Notes, 144A

   6.000    02/09/36        200        201,200  

Sr. Unsec’d. Notes, 144A

   6.650    03/04/55        200        197,775  
             

 

 

 
                1,235,449  

Peru 1.6%

                                   

Peruvian Government International Bond,

             

Sr. Unsec’d. Notes

   2.780    12/01/60        200        107,000  

Sr. Unsec’d. Notes

   2.783    01/23/31        600        532,200  

Sr. Unsec’d. Notes(a)

   3.000    01/15/34        795        662,632  

Sr. Unsec’d. Notes

   3.230    07/28/2121        110        58,630  

Sr. Unsec’d. Notes

   3.600    01/15/72        515        315,695  

Sr. Unsec’d. Notes

   5.375    02/08/35        60        59,220  

Sr. Unsec’d. Notes

   5.625    11/18/50        502        469,998  

Sr. Unsec’d. Notes

   5.875    08/08/54        345        328,440  

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 21


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description   

Interest  

Rate

  

Maturity

Date

 

Principal

Amount

(000)#

        Value    

SOVEREIGN BONDS (Continued)

             

Peru (cont’d.)

                                   

Peruvian Government International Bond, (cont’d.)

             

Sr. Unsec’d. Notes

   6.550%    03/14/37        225      $ 238,950  

Sr. Unsec’d. Notes

   8.750    11/21/33        620        752,680  
             

 

 

 
                3,525,445  

Philippines 1.9%

                                   

Philippine Government International Bond,

             

Sr. Unsec’d. Notes

   1.750    04/28/41     EUR        265        212,489  

Sr. Unsec’d. Notes

   2.650    12/10/45        200        127,500  

Sr. Unsec’d. Notes

   3.200    07/06/46        200        139,938  

Sr. Unsec’d. Notes

   3.556    09/29/32        300        273,750  

Sr. Unsec’d. Notes

   3.700    03/01/41        400        321,200  

Sr. Unsec’d. Notes

   3.950    01/20/40        450        383,400  

Sr. Unsec’d. Notes

   4.200    03/29/47        300        244,314  

Sr. Unsec’d. Notes

   5.000    07/17/33        770        770,770  

Sr. Unsec’d. Notes

   5.500    02/04/35        750        771,750  

Sr. Unsec’d. Notes

   5.609    04/13/33        200        207,388  

Sr. Unsec’d. Notes

   6.375    10/23/34        200        218,000  

Sr. Unsec’d. Notes

   7.750    01/14/31        420        485,100  
             

 

 

 
                4,155,599  

Poland 1.0%

                                   

Republic of Poland Government International Bond,

             

Bonds

   5.375    02/12/35        375        379,500  

Sr. Unsec’d. Notes

   5.500    04/04/53        785        735,993  

Sr. Unsec’d. Notes

   5.500    03/18/54        906        845,298  

Sr. Unsec’d. Notes

   5.750    11/16/32        230        241,778  
             

 

 

 
                2,202,569  

Qatar 1.2%

                                   

Qatar Government International Bond,

             

Sr. Unsec’d. Notes

   4.625    06/02/46        330        296,485  

Sr. Unsec’d. Notes

   5.103    04/23/48           1,242        1,173,690  

Sr. Unsec’d. Notes

   6.400    01/20/40        100        112,094  

Sr. Unsec’d. Notes, 144A

   4.817    03/14/49        870        790,830  

Sr. Unsec’d. Notes, 144A

   5.103    04/23/48        200        189,000  
             

 

 

 
                2,562,099  

 

See Notes to Financial Statements.

22


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description    Interest  
Rate
   Maturity
Date
 

Principal

Amount

(000)#

        Value    

SOVEREIGN BONDS (Continued)

             

Romania 3.7%

                                   

Romanian Government International Bond,

             

Sr. Unsec’d. Notes

   5.125%    06/15/48        180      $ 130,680  

Sr. Unsec’d. Notes

   5.875    01/30/29        420        416,065  

Sr. Unsec’d. Notes

   6.625    02/17/28        956        976,315  

Sr. Unsec’d. Notes, 144A

   5.750    03/24/35        364        322,027  

Sr. Unsec’d. Notes, 144A

   6.375    01/30/34        520        491,239  

Sr. Unsec’d. Notes, 144A

   6.625    02/17/28        800        817,000  

Sr. Unsec’d. Notes, 144A

   7.125    01/17/33        478        481,642  

Sr. Unsec’d. Notes, 144A

   7.500    02/10/37        378        376,110  

Sr. Unsec’d. Notes, 144A(a)

   7.625    01/17/53        426        411,090  

Sr. Unsec’d. Notes, 144A, MTN

   6.000    05/25/34           1,022        941,262  

Sr. Unsec’d. Notes, EMTN

   2.000    04/14/33     EUR        260        217,592  

Sr. Unsec’d. Notes, EMTN

   2.125    03/07/28     EUR        960        1,038,260  

Sr. Unsec’d. Notes, EMTN

   3.875    10/29/35     EUR        440        399,700  

Sr. Unsec’d. Notes, EMTN

   5.375    03/22/31     EUR        380        421,335  

Sr. Unsec’d. Notes, EMTN

   6.000    05/25/34        80        73,680  

Sr. Unsec’d. Notes, EMTN

   6.625    09/27/29     EUR        460        553,488  
             

 

 

 
                8,067,485  

Saudi Arabia 2.4%

                                   

Saudi Government International Bond,

             

Sr. Unsec’d. Notes, 144A, MTN

   5.000    01/16/34        385        382,374  

Sr. Unsec’d. Notes, 144A, MTN

   5.000    01/18/53        600        508,314  

Sr. Unsec’d. Notes, 144A, MTN

   5.250    01/16/50        400        355,000  

Sr. Unsec’d. Notes, 144A, MTN

   5.750    01/16/54        365        343,100  

Sr. Unsec’d. Notes, EMTN

   4.500    10/26/46        1,940        1,569,460  

Sr. Unsec’d. Notes, EMTN

   4.625    10/04/47        1,140        930,810  

Sr. Unsec’d. Notes, EMTN

   5.000    04/17/49        800        684,200  

Sr. Unsec’d. Notes, EMTN

   5.250    01/16/50        480        426,000  
             

 

 

 
                5,199,258  

Senegal 0.3%

                                   

Senegal Government International Bond,

             

Sr. Unsec’d. Notes

   4.750    03/13/28     EUR        285        270,397  

Sr. Unsec’d. Notes

   5.375    06/08/37     EUR        435        308,610  

Sr. Unsec’d. Notes

   6.250    05/23/33        200        138,700  
             

 

 

 
                717,707  

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 23


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description    Interest  
Rate
  

Maturity

Date

  

Principal

Amount

(000)#

        Value    

SOVEREIGN BONDS (Continued)

              

Serbia 1.8%

                                    

Serbia International Bond,

              

Sr. Unsec’d. Notes

   1.500%    06/26/29      EUR           1,265      $ 1,283,430  

Sr. Unsec’d. Notes

   6.250    05/26/28         200        205,400  

Sr. Unsec’d. Notes, 144A

   1.650    03/03/33      EUR        640        575,038  

Sr. Unsec’d. Notes, 144A

   6.000    06/12/34         380        375,250  

Sr. Unsec’d. Notes, 144A

   6.250    05/26/28         400        410,800  

Sr. Unsec’d. Notes, 144A

   6.500    09/26/33         935        963,635  
              

 

 

 
                 3,813,553  

South Africa 2.0%

                                    

Republic of South Africa Government International Bond,

              

Sr. Unsec’d. Notes

   4.300    10/12/28         810        767,013  

Sr. Unsec’d. Notes

   4.850    09/30/29         770        724,763  

Sr. Unsec’d. Notes

   5.750    09/30/49         1,515        1,075,029  

Sr. Unsec’d. Notes

   5.875    06/22/30         325        314,600  

Sr. Unsec’d. Notes

   5.875    04/20/32         200        188,959  

Sr. Unsec’d. Notes

   7.100    11/19/36         200        189,951  

Sr. Unsec’d. Notes

   7.300    04/20/52         480        407,760  

Sr. Unsec’d. Notes

   7.950    11/19/54         200        180,650  

Sr. Unsec’d. Notes, 144A

   7.100    11/19/36         285        270,680  

Sr. Unsec’d. Notes, 144A

   7.950    11/19/54         200        180,650  
              

 

 

 
                 4,300,055  

Sri Lanka 1.0%

                                    

Sri Lanka Government International Bond,

              

Sr. Unsec’d. Notes, 144A

   3.100(cc)    01/15/30         501        407,734  

Sr. Unsec’d. Notes, 144A

   3.350(cc)    03/15/33         782        551,377  

Sr. Unsec’d. Notes, 144A

   3.600(cc)    06/15/35         473        303,444  

Sr. Unsec’d. Notes, 144A

   3.600(cc)    05/15/36         501        344,458  

Sr. Unsec’d. Notes, 144A

   3.600(cc)    02/15/38         416        288,314  

Sr. Unsec’d. Notes, 144A

   4.000    04/15/28         340        314,087  
              

 

 

 
                 2,209,414  

Turkey 4.0%

                                    

Turkiye Government International Bond,

              

Sr. Unsec’d. Notes

   7.125    07/17/32         1,150        1,120,100  

 

See Notes to Financial Statements.

24


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description    Interest  
Rate
   Maturity
Date
  

Principal

Amount

(000)#

        Value    

SOVEREIGN BONDS (Continued)

              

Turkey (cont’d.)

                                    

Turkiye Government International Bond, (cont’d.)

              

Sr. Unsec’d. Notes

   9.125%    07/13/30                 1,245      $ 1,349,580  

Sr. Unsec’d. Notes, Series 06Y

   9.375    03/14/29            1,351        1,455,128  

Sr. Unsec’d. Notes, Series 10Y

   5.250    03/13/30         810        747,630  

Sr. Unsec’d. Notes, Series 10Y

   5.950    01/15/31         800        747,752  

Sr. Unsec’d. Notes, Series 10Y

   6.000    03/25/27         440        439,314  

Sr. Unsec’d. Notes, Series 10Y

   7.625    04/26/29         400        408,252  

Sr. Unsec’d. Notes, Series 10Y

   9.375    01/19/33         800        876,480  

Sr. Unsec’d. Notes, Series 11Y

   4.875    10/09/26         200        197,410  

Sr. Unsec’d. Notes, Series 11Y

   6.125    10/24/28         310        305,117  

Sr. Unsec’d. Notes, Series 30Y

   5.750    05/11/47         1,000        719,000  

Sr. Unsec’d. Notes, Series 30Y

   6.000    01/14/41         200        159,126  
              

 

 

 
                  8,524,889  

Ukraine 1.3%

                                    

Ukraine Government International Bond,

              

Sr. Unsec’d. Notes

   0.000(cc)    02/01/35         195        97,013  

Sr. Unsec’d. Notes

   1.750(cc)    02/01/29         220        133,430  

Sr. Unsec’d. Notes

   1.750(cc)    02/01/34         160        78,960  

Sr. Unsec’d. Notes, 144A

   0.000(cc)    02/01/30         179        87,076  

Sr. Unsec’d. Notes, 144A

   0.000(cc)    02/01/34         669        250,820  

Sr. Unsec’d. Notes, 144A

   0.000(cc)    02/01/35         565        281,201  

Sr. Unsec’d. Notes, 144A

   0.000(cc)    02/01/36         471        233,157  

Sr. Unsec’d. Notes, 144A

   1.750(cc)    02/01/29         315        190,957  

Sr. Unsec’d. Notes, 144A

   1.750(cc)    02/01/34         1,212        598,167  

Sr. Unsec’d. Notes, 144A

   1.750(cc)    02/01/35         857        417,549  

Sr. Unsec’d. Notes, 144A

   1.750(cc)    02/01/36         702        337,839  
              

 

 

 
                 2,706,169  

United Arab Emirates 1.1%

                                    

Abu Dhabi Government International Bond,

              

Sr. Unsec’d. Notes

   3.125    09/30/49         600        405,150  

Sr. Unsec’d. Notes, 144A

   3.125    09/30/49         500        337,625  

Sr. Unsec’d. Notes, 144A, MTN

   3.875    04/16/50         200        154,880  

Sr. Unsec’d. Notes, EMTN

   3.875    04/16/50         400        309,760  

Emirate of Dubai Government International Bonds,

              

Sr. Unsec’d. Notes, EMTN

   5.250    01/30/43         390        366,233  

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 25


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description    Interest  
Rate
  

Maturity

Date

  

Principal

Amount

(000)#

        Value    

SOVEREIGN BONDS (Continued)

              

United Arab Emirates (cont’d.)

                                    

Finance Department Government of Sharjah,

              

Sr. Unsec’d. Notes

    6.500%    11/23/32                 200      $ 208,188  

Sr. Unsec’d. Notes, 144A

    6.500    11/23/32         355        369,533  

Sr. Unsec’d. Notes, 144A, MTN

    4.000    07/28/50         200        127,000  

Sr. Unsec’d. Notes, MTN

    4.000    07/28/50         200        127,000  
              

 

 

 
                 2,405,369  

Uruguay 1.4%

                                    

Oriental Republic of Uruguay,

              

Sr. Unsec’d. Notes(a)

    5.250    09/10/60         130        117,126  

Uruguay Government International Bond,

              

Sr. Unsec’d. Notes

    4.975    04/20/55         650        572,975  

Sr. Unsec’d. Notes

    5.100    06/18/50         904        830,324  

Sr. Unsec’d. Notes

    7.625    03/21/36         830        981,475  

Sr. Unsec’d. Notes(a)

    7.875    01/15/33         435        510,255  
              

 

 

 
                  3,012,155  

Uzbekistan 0.3%

                                    

Republic of Uzbekistan International Bond,

              

Sr. Unsec’d. Notes

    6.900    02/28/32         410        409,110  

Sr. Unsec’d. Notes, EMTN

    5.375    02/20/29         200        193,700  
              

 

 

 
                 602,810  

Venezuela 0.3%

                                    

Venezuela Government International Bond,

              

Sr. Unsec’d. Notes

    8.250    10/13/24(d)         260        36,400  

Sr. Unsec’d. Notes

    9.000    05/07/23(d)         545        76,300  

Sr. Unsec’d. Notes

    9.250    09/15/27(d)            1,670        292,250  

Sr. Unsec’d. Notes

    9.375    01/13/34(d)         235        49,862  

Sr. Unsec’d. Notes

   11.750    10/21/26(d)         445        80,545  

Sr. Unsec’d. Notes

   12.750    08/23/22(d)         840        138,600  
              

 

 

 
                 673,957  

Zambia 0.7%

                                    

Zambia Government International Bond,

              

Unsec’d. Notes

    5.750(cc)    06/30/33         588        507,693  

 

See Notes to Financial Statements.

26


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description    Interest  
Rate
   Maturity
Date
         

Principal

Amount

(000)#

        Value     

SOVEREIGN BONDS (Continued)

        

Zambia (cont’d.)

                                    

Zambia Government International Bond, (cont’d.)

              

Unsec’d. Notes, 144A

   0.500%    12/31/53         376      $ 213,248  

Unsec’d. Notes, 144A

   5.750(cc)    06/30/33         986        851,657  
              

 

 

 
                 1,572,598  
              

 

 

 

TOTAL SOVEREIGN BONDS
 (cost $161,276,988)

                 159,263,640  
              

 

 

 

U.S. TREASURY OBLIGATIONS 2.3%

              

U.S. Treasury Notes(k)

   3.500    09/30/26                 505        503,363  

U.S. Treasury Notes(k)

   3.750    08/31/26         380        379,837  

U.S. Treasury Notes

   3.750    04/30/27         200        200,609  

U.S. Treasury Notes(k)

   4.125    10/31/26         1,000        1,005,781  

U.S. Treasury Notes(k)

   4.125    11/15/27         1,100        1,114,180  

U.S. Treasury Notes(k)

   4.250    11/30/26         1,600        1,613,375  
              

 

 

 

TOTAL U.S. TREASURY OBLIGATIONS
 (cost $4,774,827)

                 4,817,145  
              

 

 

 
                      Shares         

COMMON STOCK 0.0%

              

Jamaica

                                    

Digicel International Finance Ltd.*
 (cost $1,536)

              853        5,971  
              

 

 

 

TOTAL LONG-TERM INVESTMENTS
 (cost $212,065,469)

                 208,000,288  
              

 

 

 

SHORT-TERM INVESTMENTS 3.9%

              

AFFILIATED MUTUAL FUNDS 3.9%

              

PGIM Core Government Money Market Fund (7-day effective yield 4.478%)(wb)

              4,959,579        4,959,579  

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 27


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Description                  Shares      Value  

AFFILIATED MUTUAL FUNDS (Continued)

           

PGIM Institutional Money Market Fund (7-day effective yield 4.540%)
(cost $3,417,818; includes $3,400,593 of cash collateral for securities onloan)(b)(wb)

           3,420,362      $ 3,417,969  
           

 

 

 

TOTAL AFFILIATED MUTUAL FUNDS
 (cost $8,377,397)

              8,377,548  
           

 

 

 

OPTIONS PURCHASED*~  0.0%

           

(cost $26,167)

                      44,988  
           

 

 

 

TOTAL SHORT-TERM INVESTMENTS

           

(cost $8,403,564)

              8,422,536  
           

 

 

 

TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN  100.6%

           

(cost $220,469,033)

              216,422,824  
           

 

 

 

OPTIONS WRITTEN*~  (0.1)%

                   

(premiums received $235,677)

              (288,923
           

 

 

 

TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN  100.5%

           

(cost $220,233,356)

               216,133,901  

Liabilities in excess of other assets(z)  (0.5)%

              (1,006,186
           

 

 

 

NET ASSETS  100.0%

            $ 215,127,715  
           

 

 

 

 

 

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

*

Non-income producing security.

#

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

~

See tables subsequent to the Schedule of Investments for options detail. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

^

Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $1,906 and 0.0% of net assets.

(a)

All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $3,335,066; cash collateral of $3,400,593 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

(b)

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

(cc)

Variable rate instrument. The rate shown is based on the latest available information as of April 30, 2025. 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.

(k)

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

(s)

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

 

See Notes to Financial Statements.

28


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

(wb)

Represents an investment in a Fund affiliated with the Manager.

(z)

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

Options Purchased:

OTC Traded

 

Description

  Call/
Put
    Counterparty     Expiration
Date
    Strike     Contracts     Notional
Amount

(000)#
    Value  

Currency Option EUR vs CZK

    Call       MSI       05/15/25       26.50             EUR       534     $ 2  

Currency Option EUR vs MXN

    Call       MSI       05/22/25       27.00             EUR       464       19  

Currency Option EUR vs TRY

    Call       JPM       05/06/25       70.00             EUR       1,083       11  

Currency Option EUR vs TRY

    Call       JPM       05/27/25       80.00             EUR       960       488  

Currency Option EUR vs USD

    Call       JPM       05/05/25       1.12             EUR       2,206       34,608  

Currency Option USD vs BRL

    Call       MSI       05/08/25       7.20               521        

Currency Option USD vs BRL

    Call       JPM       05/08/25       7.60               263        

Currency Option USD vs BRL

    Call       MSI       05/22/25       7.00               533       17  

Currency Option USD vs BRL

    Call       CITI       05/23/25       7.00               536       18  

Currency Option USD vs COP

    Call       HSBC       05/08/25       5,500.00               1,051        

Currency Option USD vs COP

    Call       MSI       05/14/25       5,200.00               518       2  

Currency Option USD vs INR

    Call       JPM       01/08/26       91.00               2,328       8,303  

Currency Option USD vs KRW

    Call       CITI       05/08/25       1,650.00               524        

Currency Option USD vs KRW

    Call       MSI       05/19/25       1,600.00               532       5  

Currency Option USD vs KRW

    Call       MSI       05/23/25       1,600.00               536       7  

Currency Option USD vs MXN

    Call       CITI       05/05/25       24.00               544        

Currency Option USD vs MXN

    Call       CITI       05/08/25       27.00               526        

Currency Option USD vs MXN

    Call       MSI       05/14/25       24.00               518       3  

Currency Option USD vs TRY

    Call       JPM       05/02/25       70.00               544        

Currency Option USD vs TRY

    Call       JPM       05/19/25       65.00               545       454  

Currency Option USD vs TRY

    Call       JPM       05/27/25       75.00               269       159  

Currency Option USD vs ZAR

    Call       CITI       05/01/25       22.00               539        

Currency Option USD vs ZAR

    Call       CITI       05/20/25       23.00               539       8  

Currency Option USD vs ZAR

    Call       JPM       05/28/25       22.00               538       37  

Currency Option USD vs BRL

    Put       JPM       05/05/25       5.00               544        

Currency Option USD vs BRL

    Put       CITI       05/08/25       5.20               524       3  

Currency Option USD vs BRL

    Put       MSI       05/08/25       5.20               1,626       9  

Currency Option USD vs BRL

    Put       HSBC       05/14/25       5.00               518       2  

Currency Option USD vs CNH

    Put       JPM       05/08/25       6.10               1,074        

Currency Option USD vs CNH

    Put       MSI       06/26/25       6.50               3,255       96  

Currency Option USD vs INR

    Put       JPM       01/08/26       75.00               3,152       482  

Currency Option USD vs INR

    Put       JPM       01/08/26       75.00               1,496       229  

Currency Option USD vs MXN

    Put       MSI       05/20/25       17.50               266       1  

Currency Option USD vs ZAR

    Put       MSI       05/28/25       16.80               541       25  
               

 

 

 

Total Options Purchased (cost $26,167)

                $ 44,988  
               

 

 

 

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 29


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

Options Written:

OTC Traded

 

Description

   Call/
Put
     Counterparty    Expiration
Date
   Strike      Contracts      Notional
Amount
(000)#
     Value  

Currency Option EUR vs CZK

     Call      MSI    05/15/25      25.08               EUR        534      $ (1,027

Currency Option EUR vs MXN

     Call      MSI    05/22/25      23.25               EUR        464        (1,444

Currency Option EUR vs TRY

     Call      JPM    05/27/25      47.00               EUR        960        (10,374

Currency Option EUR vs USD

     Call      JPM    05/05/25      1.15               EUR        2,206        (2,209

Currency Option USD vs BRL

     Call      MSI    05/22/25      5.90                  533        (1,887

Currency Option USD vs BRL

     Call      CITI    05/23/25      5.85                  536        (2,704

Currency Option USD vs COP

     Call      HSBC    05/08/25      4,290.00                  1,051        (3,870

Currency Option USD vs COP

     Call      MSI    05/14/25      4,200.00                  518        (7,874

Currency Option USD vs KRW

     Call      MSI    05/19/25      1,420.00                  532        (6,082

Currency Option USD vs KRW

     Call      MSI    05/23/25      1,435.00                  536        (3,800

Currency Option USD vs MXN

     Call      MSI    05/14/25      19.90                  518        (2,423

Currency Option USD vs TRY

     Call      JPM    05/02/25      40.00                  544        (30

Currency Option USD vs TRY

     Call      JPM    05/19/25      40.00                  545        (4,227

Currency Option USD vs TRY

     Call      JPM    05/27/25      41.50                  269        (1,858

Currency Option USD vs ZAR

     Call      CITI    05/20/25      19.00                  539        (2,824

Currency Option USD vs ZAR

     Call      JPM    05/28/25      19.00                  538        (3,805

Currency Option USD vs BRL

     Put      JPM    05/05/25      5.55                  544        (213

Currency Option USD vs BRL

     Put      CITI    05/08/25      5.80                  524        (12,518

Currency Option USD vs BRL

     Put      MSI    05/08/25      6.20                  1,626        (150,964

Currency Option USD vs BRL

     Put      HSBC    05/14/25      5.75                  518        (9,383

Currency Option USD vs INR

     Put      JPM    01/08/26      87.00                  2,328        (53,950

Currency Option USD vs MXN

     Put      MSI    05/20/25      19.75                  266        (3,629

Currency Option USD vs ZAR

     Put      MSI    05/28/25      18.10                  541        (1,828
                       

 

 

 

Total Options Written (premiums received $235,677)

               $ (288,923
                       

 

 

 

Futures contracts outstanding at April 30, 2025:

Number

of

Contracts

  

Type

   Expiration
  Date  
     Current
Notional
Amount
    Value /
Unrealized
Appreciation
(Depreciation)
 

Long Positions:

 

         

110

   2 Year U.S.Treasury Notes      Jun. 2025      $ 22,896,328            $ 159,884        

34

   5 Year U.S.Treasury Notes      Jun. 2025        3,712,641          23,051    

6

   10 Year U.S. Treasury Notes      Jun. 2025        673,313          6,960    

57

   10 Year U.S. Ultra Treasury Notes      Jun. 2025        6,539,860          43,811    

12

   20 Year U.S. Treasury Bonds      Jun. 2025        1,399,500          (2,727  

38

   30 Year U.S. Ultra Treasury Bonds      Jun. 2025        4,599,188          120,336    
             

 

 

   
                351,315    
             

 

 

   

 

See Notes to Financial Statements.

30


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

Futures contracts outstanding at April 30, 2025 (continued):

 

Number

of

Contracts

  

Type

   Expiration
  Date  
   Current
Notional
Amount
   Value /
Unrealized
Appreciation
(Depreciation)

Short Positions:

              

13

   5 Year Euro-Bobl        Jun. 2025      $  1,761,797      $ (10,601 )

15

   10 Year Euro-Bund        Jun. 2025        2,239,305        9,841
                 

 

 

 
                    (760 )
                 

 

 

 
                  $ 350,555
                 

 

 

 

Forward foreign currency exchange contracts outstanding at April 30, 2025:

 

Purchase

Contracts

   Counterparty          Notional
Amount
(000)
  Value at
Settlement
Date
  Current
Value
  Unrealized
Appreciation
  Unrealized
Depreciation

Expiring 05/05/25

       GSI             BRL        16,701     $  2,930,232     $  2,939,272     $     $ (9,040 )

Expiring 05/05/25

       GSI             BRL        16,701     $  2,930,232     $  2,939,272     $     $ (9,040 )

OTC Forward Foreign Currency Exchange Contracts:

 

           

Brazilian Real,

                                   

Expiring 05/05/25

       GSI             BRL        20,459     $ 3,565,399     $ 3,600,670       $ 35,271         $  —  

Expiring 06/03/25

       GSI             BRL        16,814       2,930,053       2,937,465       7,412      

Chilean Peso,

                                   

Expiring 06/18/25

       CITI             CLP        257,270       270,000       271,606       1,606      

Expiring 06/18/25

       CITI             CLP        203,841       213,000       215,200       2,200      

Chinese Renminbi,

                                   

Expiring 06/18/25

       CITI             CNH        1,917       263,000       264,743       1,743      

Colombian Peso,

                                   

Expiring 06/18/25

       GSI             COP        3,251,160       781,792       763,945             (17,847 )

Expiring 06/18/25

       TD             COP        2,370,427       568,000       556,994             (11,006 )

Egyptian Pound,

                                   

Expiring 06/17/25

       CITI             EGP        27,697       500,572       532,155       31,583      

Expiring 07/09/25

       CITI             EGP        38,655       713,859       735,727       21,868      

Expiring 07/09/25

       CITI             EGP        31,397       575,881       597,578       21,697      

Euro,

                                   

Expiring 07/22/25

       BOA             EUR        236       270,001       269,065             (936 )

Hungarian Forint,

                                   

Expiring 07/22/25

       BARC             HUF        66,307       183,830       184,924       1,094      

Indian Rupee,

                                   

Expiring 06/18/25

       CITI             INR        298,967        3,414,388        3,520,492       106,104      

Expiring 06/18/25

       JPM             INR        183,238       2,082,356       2,157,721       75,365      

Indonesian Rupiah,

                                   

Expiring 06/18/25

       BOA             IDR        36,062,109       2,196,097       2,174,637             (21,460 )

Expiring 06/18/25

       HSBC             IDR        11,831,025       718,000       713,441             (4,559 )

Expiring 06/18/25

       JPM             IDR        9,000,570       534,000       542,757       8,757      

Japanese Yen,

                                   

Expiring 07/22/25

       HSBC             JPY        51,199       359,000       361,459       2,459      

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 31


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

Forward foreign currency exchange contracts outstanding at April 30, 2025 (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.):

 

               

Japanese Yen (cont’d.),

                                   

Expiring 07/22/25

       SCB             JPY        98,457     $ 696,720     $ 695,100     $     $ (1,620 )

Malaysian Ringgit,

                                   

Expiring 06/18/25

       BARC             MYR        2,452       553,000       569,401       16,401      

Expiring 06/18/25

       MSI             MYR        1,213       275,000       281,624       6,624      

Mexican Peso,

                                   

Expiring 06/18/25

       BNP             MXN        13,392       658,000       678,340       20,340      

New Taiwanese Dollar,

                                   

Expiring 06/18/25

       CITI             TWD        8,362       262,000       263,169       1,169      

Expiring 06/18/25

       HSBC             TWD        32,483       1,010,000       1,022,345       12,345      

Expiring 06/18/25

       HSBC             TWD        25,246       767,000       794,563       27,563      

Expiring 06/18/25

       SCB             TWD        29,870       909,000       940,092       31,092      

Peruvian Nuevo Sol,

                                   

Expiring 06/18/25

       CITI             PEN        2,621       710,000       713,647       3,647      

Expiring 06/18/25

       CITI             PEN        2,386       650,618       649,884             (734 )

Philippine Peso,

                                   

Expiring 06/18/25

       MSI             PHP        112,575       1,964,216       2,015,951       51,735      

Polish Zloty,

                                   

Expiring 07/22/25

       HSBC             PLN        1,975       520,814       521,402       588      

South African Rand,

                                   

Expiring 06/18/25

       CITI             ZAR        3,373       180,000       180,625       625      

Expiring 06/18/25

       HSBC             ZAR        18,805       1,021,691       1,007,008             (14,683 )

South Korean Won,

                                   

Expiring 06/18/25

       BOA             KRW        1,003,580       695,000       706,732       11,732      

Expiring 06/18/25

       CITI             KRW        370,366       262,000       260,815             (1,185 )

Thai Baht,

                                   

Expiring 06/18/25

       HSBC             THB        21,149       636,000       635,425             (575 )

Turkish Lira,

                                   

Expiring 05/27/25

       BARC             TRY        19,445       489,794       489,226             (568 )

Expiring 05/27/25

       MSI             TRY        10,606       267,000       266,848             (152 )

Expiring 06/03/25

       HSBC             TRY        50,812       1,269,106       1,267,995             (1,111 )
                       

 

 

     

 

 

     

 

 

     

 

 

 
                        $ 33,936,187     $ 34,360,771       501,020       (76,436 )
                       

 

 

     

 

 

     

 

 

     

 

 

 

Sale

Contracts

   Counterparty   

 

   Notional
Amount
(000)
  Value at
Settlement
Date
  Current
Value
  Unrealized
Appreciation
  Unrealized
Depreciation

OTC Forward Foreign Currency Exchange Contracts:

 

               

Brazilian Real,

                                   

Expiring 05/05/25

       CITI             BRL        3,758     $  637,000     $  661,398       $  —         $ (24,398)  

 

See Notes to Financial Statements.

32


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

Forward foreign currency exchange contracts outstanding at April 30, 2025 (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.):

 

               

Brazilian Real (cont’d.),

                                   

Expiring 05/05/25

       GSI             BRL        16,701     $  2,930,232     $  2,939,272     $     $ (9,040 )

British Pound,

                                   

Expiring 07/22/25

       DB             GBP        102       135,354       136,383             (1,029 )

Chilean Peso,

                                   

Expiring 06/18/25

       BOA             CLP        252,008       272,000       266,051       5,949      

Expiring 06/18/25

       CITI             CLP        367,183       394,477       387,645       6,832      

Expiring 06/18/25

       DB             CLP        252,572       271,000       266,647       4,353      

Chinese Renminbi,

                                   

Expiring 06/18/25

       CITI             CNH        1,925       263,000       265,850             (2,850 )

Expiring 06/18/25

       JPM             CNH        36,027       4,993,447       4,975,180       18,267      

Colombian Peso,

                                   

Expiring 06/18/25

       BARC             COP        1,329,289       319,500       312,351       7,149      

Expiring 06/18/25

       CITI             COP        1,381,403       319,500       324,597             (5,097 )

Expiring 06/18/25

       CITI             COP        1,169,041       262,000       274,697             (12,697 )

Expiring 06/18/25

       CITI             COP        828,954       189,000       194,784             (5,784 )

Expiring 06/18/25

       DB             COP        1,144,568       270,000       268,946       1,054      

Czech Koruna,

                                   

Expiring 07/22/25

       CITI             CZK        21,758       990,593       989,846       747      

Euro,

                                   

Expiring 07/22/25

       HSBC             EUR        4,560       5,017,080       5,192,320             (175,240 )

Expiring 07/22/25

       HSBC             EUR        383       437,000       435,736       1,264      

Expiring 07/22/25

       SSB             EUR        4,327       4,954,953       4,927,456       27,497      

Expiring 07/22/25

       TD             EUR        4,012       4,585,556       4,569,168       16,388      

Indian Rupee,

                                   

Expiring 06/18/25

       CITI             INR        67,663       782,000       796,761             (14,761 )

Expiring 06/18/25

       HSBC             INR        67,180       776,000       791,082             (15,082 )

Expiring 06/18/25

       MSI             INR        89,844       1,022,000       1,057,959             (35,959 )

Expiring 06/18/25

       MSI             INR        71,344       815,000       840,115             (25,115 )

Mexican Peso,

                                   

Expiring 06/18/25

       CITI             MXN        8,431       409,136       427,039             (17,903 )

Expiring 06/18/25

       DB             MXN        13,555       649,000       686,585             (37,585 )

New Taiwanese Dollar,

                                   

Expiring 06/18/25

       BOA             TWD        27,523       840,000       866,221             (26,221 )

Expiring 06/18/25

       HSBC             TWD        129,551       3,970,926       4,077,382             (106,456 )

Expiring 06/18/25

       HSBC             TWD        30,129       919,000       948,245             (29,245 )

Expiring 06/18/25

       MSI             TWD        27,911       856,000       878,436             (22,436 )

Peruvian Nuevo Sol,

                                   

Expiring 06/18/25

       SCB             PEN        2,492       679,000       678,776       224      

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 33


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

Forward foreign currency exchange contracts outstanding at April 30, 2025 (continued):

 

Sale

Contracts

   Counterparty          Notional
Amount
(000)
  Value at
Settlement

Date
  Current
Value
  Unrealized
Appreciation
  Unrealized
Depreciation

OTC Forward Foreign Currency Exchange Contracts (cont’d.):

 

           

Singapore Dollar,

                                   

Expiring 06/18/25

       BOA             SGD        3,553     $ 2,682,477     $ 2,727,684     $     $ (45,207 )

Expiring 06/18/25

       BOA             SGD        1,094       823,000       839,915             (16,915 )

South African Rand,

                                   

Expiring 06/18/25

       CITI             ZAR        3,367       180,000       180,281             (281 )

Expiring 06/18/25

       HSBC             ZAR        3,366       180,000       180,265             (265 )

South Korean Won,

                                   

Expiring 06/18/25

       BNP             KRW        3,105,336       2,159,197       2,186,810             (27,613 )

Expiring 06/18/25

       BNY             KRW        3,105,336       2,158,027       2,186,810             (28,783 )

Thai Baht,

                                   

Expiring 06/18/25

       CITI             THB        28,497       841,000       856,219             (15,219 )

Expiring 06/18/25

       HSBC             THB        87,317       2,594,272       2,623,486             (29,214 )

Expiring 06/18/25

       HSBC             THB        9,221       275,000       277,043             (2,043 )
                       

 

 

     

 

 

     

 

 

     

 

 

 
                        $ 50,852,727     $ 51,495,441       89,724       (732,438 )
                       

 

 

     

 

 

     

 

 

     

 

 

 
                                $ 590,744     $ (808,874 )
                               

 

 

     

 

 

 

Cross currency exchange contracts outstanding at April 30, 2025:

 

Settlement

   Type    Notional
Amount
(000)
   In Exchange
For (000)
   Unrealized
Appreciation
   Unrealized
Depreciation
  Counterparty

OTC Cross Currency Exchange Contracts:

 

                       

07/22/25

       Buy        EUR        176        JPY        28,194      $  1,135      $       MSI

07/22/25

       Buy        JPY        28,339        EUR        176               (115 )       CITI

07/22/25

       Buy        JPY        56,731        EUR        352        152              MSI

07/22/25

       Buy        PLN        2,297        EUR        531        1,444              BNP
                             

 

 

      

 

 

     
                              $ 2,731      $ (115 )    
                             

 

 

      

 

 

     

Credit default swap agreements outstanding at April 30, 2025:

 

Reference

Entity/

Obligation

   Termination
Date
   Fixed
Rate
   Notional
Amount
(000)#(3)
   Implied
Credit
Spread at
April 30,
2025(4)
  Fair
Value
  Upfront
Premiums
Paid
(Received)
  Unrealized
Appreciation

(Depreciation)
   Counterparty

OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):

 

Islamic Republic of Pakistan

       09/20/25        1.000%(Q)          300        4.454 %     $    (3,662)     $    (8,162)     $  4,500        BARC

 

See Notes to Financial Statements.

34


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

Credit default swap agreements outstanding at April 30, 2025 (continued):

 

Reference

Entity/

Obligation

   Termination
Date
   Fixed
Rate
   Notional
Amount
(000)#(3)
   Implied
Credit
Spread at
April 30,
2025(4)
  Fair
Value
  Upfront
Premiums
Paid
(Received)
  Unrealized
Appreciation

(Depreciation)
  Counterparty

OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont’d.):

 

Petroleos Mexicanos

       12/24/25        3.750%(M)          233        4.157 %     $ (436 )     $     $ (436 )       GSI

Petroleos Mexicanos^

       03/23/26        4.100%(M)          330        *       (158 )             (158 )       GSI

Petroleos Mexicanos^

       05/07/26        4.750%(M)          360        *       2,064             2,064       GSI

Republic of Argentina

       09/20/25        5.000%(Q)          260        7.305 %       (785 )       (2,873 )       2,088       BARC

Republic of Argentina

       09/20/25        5.000%(Q)          218        7.305 %       (658 )       (1,963 )       1,305       BARC

Republic of Argentina

       06/20/30        5.000%(Q)          334        9.033 %       (46,728 )       (47,612 )       884       GSI

Republic of Ivory Coast

       06/20/27        1.000%(Q)          250        3.525 %       (12,236 )       (8,200 )       (4,036 )       MSI
                       

 

 

     

 

 

     

 

 

     
                        $ (62,599 )     $ (68,810 )     $ 6,211    
                       

 

 

     

 

 

     

 

 

     

 

Reference

Entity/

Obligation

   Termination
Date
   Fixed
Rate
   Notional
Amount
(000)#(3)
   Implied Credit
Spread at
April 30,
2025(4)
  Value at
Trade Date
  Value at
April 30,
2025
  Unrealized
Appreciation
(Depreciation)

Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):

 

   

CDX.EM.36.V3

       12/20/26        1.000%(Q)          11,040        1.052 %     $ (35,674 )     $ 3,774     $ 39,448

CDX.EM.37.V2

       06/20/27        1.000%(Q)          9,279        1.253 %       (7,984 )       (37,177 )       (29,193 )

CDX.EM.39.V1

       06/20/28        1.000%(Q)          4,794        1.401 %       (36,525 )       (50,608 )       (14,083 )

CDX.EM.43.V1

       06/20/30        1.000%(Q)          5,163        1.992 %       (227,987 )       (222,675 )       5,312
                       

 

 

     

 

 

     

 

 

 
                        $ (308,170 )     $ (306,686 )     $ 1,484
                       

 

 

     

 

 

     

 

 

 

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 35


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

  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.

 

*

When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Fund is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

Interest rate swap agreements outstanding at April 30, 2025:

 

Notional
Amount
(000)#
     Termination
Date
       Fixed  
  Rate  
   

Floating

Rate

   Value at
Trade Date
    Value at
 April 30, 
  2025  
  Unrealized
Appreciation
 (Depreciation) 
 

Centrally Cleared Interest Rate Swap Agreements:

     
  BRL       2,676        01/04/27        10.000 %(T)    1 Day BROIS(2)(T)/ 0.053%    $      $ (45,902 )       $ (45,902
  BRL       342        01/04/27        11.120 %(T)    1 Day BROIS(2)(T)/ 0.053%      1,332       (3,908     (5,240 )   
  BRL       7,258        01/04/27        12.640 %(T)    1 Day BROIS(1)(T)/ 0.053%      (44,025      13,550        57,575  

 

See Notes to Financial Statements.

36


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

Interest rate swap agreements outstanding at April 30, 2025 (continued):

 

  Notional  

  Amount  

   (000)#  

   Termination
Date
     Fixed
Rate
    

Floating

Rate

   Value at
Trade Date
    Value at
April 30,
2025
    Unrealized
Appreciation
(Depreciation)

Centrally Cleared Interest Rate Swap Agreements (cont’d.):

 

 

BRL

  1,826      01/04/27        15.060%(T)      1 Day BROIS(2)(T)/ 0.053%    $     $ 7,331      $ 7,331  

BRL

  6,680      01/02/29        13.482%(T)      1 Day BROIS(2)(T)/ 0.053%            1,169       1,169  

CZK

  19,526      06/21/25        5.919%(A)      6 Month PRIBOR(1)(S)/ 3.520%      147       (36,086      (36,233 )  

CZK

  23,880      06/18/30        3.218%(A)      6 Month PRIBOR(2)(S)/ 3.520%            (1,925     (1,925

HUF

  317,176      03/20/26        6.195%(A)      6 Month BUBOR(1)(S)/ 6.500%      (5,615     3,104       8,719  

HUF

  199,328      12/18/29        5.909%(A)      6 Month BUBOR(1)(S)/ 6.500%      3,932       504       (3,428

HUF

  145,770      12/20/33        7.420%(A)      6 Month BUBOR(2)(S)/ 6.500%            33,255       33,255  

INR

  71,730      12/18/29        5.993%(S)      1 Day MIBOR(2)(S)/ 6.000%            11,868       11,868  

INR

  90,196      06/18/30        5.613%(S)      1 Day MIBOR(2)(S)/ 6.000%            421       421  

KRW

  400,000      09/21/27        3.639%(Q)      3 Month KWCDC(1)(Q)/ 2.710%      (3,603     (9,583     (5,980

KRW

  870,000      12/21/27        4.197%(Q)      3 Month KWCDC(2)(Q)/ 2.710%      21,128       32,167       11,039  

KRW

  600,000      03/15/28        2.965%(Q)      3 Month KWCDC(2)(Q)/ 2.710%            8,922       8,922  

KRW

  499,398      12/20/28        3.830%(Q)      3 Month KWCDC(2)(Q)/ 2.710%      5,211       20,197       14,986  

KRW

  1,235,349      12/18/29        2.886%(Q)      3 Month KWCDC(1)(Q)/ 2.710%            (24,667     (24,667

KRW

  1,698,450      06/18/30        2.423%(Q)      3 Month KWCDC(2)(Q)/ 2.710%            10,294       10,294  

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 37


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

Interest rate swap agreements outstanding at April 30, 2025 (continued):

 

  Notional  
  Amount  
   (000)# 

   Termination
Date
     Fixed
Rate
    

Floating

Rate

   Value at
Trade Date
    Value at
April 30,
2025
    Unrealized
Appreciation
(Depreciation)

Centrally Cleared Interest Rate Swap Agreements (cont’d.):

 

 

MXN

  19,690      06/12/30        7.933%(M)      28 Day Mexican Interbank Rate(2)(M)/ 9.341%    $     $ 10,819      $ 10,819  

MXN

  14,520      06/12/30        8.060%(M)      28 Day Mexican Interbank Rate(2)(M)/ 9.341%            11,885       11,885  

MXN

  18,150      06/12/30        8.084%(M)      28 Day Mexican Interbank Rate(2)(M)/ 9.341%            15,756       15,756  

PLN

  6,830      06/21/25        6.021%(A)      6 Month WIBOR(1)(S)/ 5.100%      4,201       (56,208     (60,409

PLN

  1,204      06/15/27        4.970%(A)      6 Month WIBOR(2)(S)/ 5.100%      (6,120     12,881       19,001  

PLN

  2,826      09/21/27        5.487%(A)      6 Month WIBOR(1)(S)/ 5.100%            (43,689     (43,689

PLN

  5,393      09/21/27        6.547%(A)      6 Month WIBOR(1)(S)/ 5.100%      1,194       (126,255     (127,449 )  

PLN

  1,175      10/06/27        6.826%(A)      6 Month WIBOR(2)(S)/ 5.100%            30,262       30,262  

PLN

  460      10/25/27        7.900%(A)      6 Month WIBOR(2)(S)/ 5.100%            15,959       15,959  

PLN

  18      12/21/27        6.845%(A)      6 Month WIBOR(2)(S)/ 5.100%      135       355       220  

PLN

  1,884      06/19/29        4.812%(A)      6 Month WIBOR(2)(S)/ 5.100%      (3,164     26,938       30,102  

THB

  29,706      06/18/30        1.358%(Q)      1 Day THOR(2)(Q)/ 1.741%            (2,044     (2,044

ZAR

  52,851      09/21/27        7.490%(Q)      3 Month JIBAR(1)(Q)/ 7.542%      49,954       (25,281     (75,235

ZAR

  26,104      09/21/27        7.995%(Q)      3 Month JIBAR(2)(Q)/ 7.542%      (2,559     28,805       31,364  

ZAR

  6,182      06/21/28        8.455%(Q)      3 Month JIBAR(1)(Q)/ 7.542%      (670     (12,461     (11,791

 

See Notes to Financial Statements.

38


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

Interest rate swap agreements outstanding at April 30, 2025 (continued):

 

Notional
Amount
(000)#
     Termination
Date
     Fixed Rate     

Floating

Rate

   Value at
Trade Date
    Value at
April 30,
2025
    Unrealized
Appreciation
(Depreciation)
 

Centrally Cleared Interest Rate Swap Agreements (cont’d.):

          
ZAR      6,653        06/19/29        8.930%(Q)      3 Month JIBAR(2)(Q)/ 7.542%    $ 3,463     $ 21,180        $  17,717    
ZAR      6,810        06/19/29        8.933%(Q)      3 Month JIBAR(1)(Q)/ 7.542%            (21,714        (21,714  
ZAR      25,280        12/18/29        7.825%(Q)      3 Month JIBAR(2)(Q)/ 7.542%      4,878       22,377          17,499    
ZAR      5,785        03/19/30        7.765%(Q)      3 Month JIBAR(1)(Q)/ 7.542%      327       (3,859        (4,186  
ZAR      10,902        03/19/30        7.981%(Q)      3 Month JIBAR(2)(Q)/ 7.542%      2,025       12,618          10,593    
ZAR      7,782        03/19/30        8.060%(Q)      3 Month JIBAR(1)(Q)/ 7.542%            (10,403        (10,403  
ZAR      5,396        11/10/32        9.160%(Q)      3 Month JIBAR(2)(Q)/ 7.542%      (13     17,913          17,926    
ZAR      13,800        12/18/34        8.683%(Q)      3 Month JIBAR(2)(Q)/ 7.542%            3,497          3,497    
ZAR      14,290        03/19/35        8.825%(Q)      3 Month JIBAR(2)(Q)/ 7.542%            8,643          8,643    
              

 

 

   

 

 

      

 

 

   
               $ 32,158     $ (41,315      $ (73,473  
              

 

 

   

 

 

      

 

 

   

 

(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

   $—        $(68,810)        $10,841        $(4,630)

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

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

 

Broker

   Cash and/or Foreign Currency       Securities Market Value   

JPS

                          $—                              $4,616,536
        

 

 

           

 

 

 

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 39


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

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, 2025 in valuing such portfolio securities:

 

      Level 1        Level 2       Level 3  

Investments in Securities

        

Assets

        

Long-Term Investments

        

Corporate Bonds

        

Argentina

   $      $ 306,728      $  

Azerbaijan

            817,164         

Bahrain

            530,000         

Brazil

            933,937         

Chile

            2,494,198         

China

            526,431         

Colombia

            1,734,554         

Costa Rica

            201,412         

Guatemala

            339,424         

Hungary

            1,100,213         

India

            2,196,687         

Indonesia

            3,307,343         

Israel

            466,076         

Jamaica

            165,300         

Kazakhstan

            1,485,430         

Kuwait

            281,156         

Macau

            321,915         

Malaysia

            2,354,538         

Mexico

            8,216,052         

Morocco

            433,419         

Panama

            611,282         

Peru

            1,547,897         

Philippines

            158,626         

Poland

            1,432,984         

Qatar

            1,039,200         

Saudi Arabia

            1,706,425         

South Africa

            2,774,837         

Trinidad & Tobago

            201,000         

Turkey

            178,470         

Ukraine

            346,606         

 

See Notes to Financial Statements.

40


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

      Level 1        Level 2       Level 3  

Investments in Securities (continued)

        

Assets (continued)

        

Long-Term Investments (continued)

        

Corporate Bonds (continued)

        

United Arab Emirates

   $  —      $   4,477,944      $  —  

Venezuela

            1,044,070         

Vietnam

            182,214         

Sovereign Bonds

        

Angola

            2,916,365         

Argentina

            7,274,329         

Bahrain

            3,123,557         

Brazil

            7,117,059         

Chile

            417,254         

Colombia

            7,082,172         

Costa Rica

            2,688,579         

Dominican Republic

            9,072,717         

Ecuador

            3,473,589         

Egypt

            6,078,912         

El Salvador

            3,216,227         

Gabon

            363,559         

Ghana

            3,242,397         

Guatemala

            3,635,070         

Honduras

            197,919         

Hungary

            5,284,366         

India

            545,128         

Indonesia

            3,795,273         

Ivory Coast

            3,384,801         

Jamaica

            894,605         

Jordan

            1,547,883         

Kenya

            503,905         

Lebanon

            1,643,381         

Mexico

            6,677,847         

Mongolia

            769,200         

Montenegro

            201,355         

Morocco

            1,625,597         

Nigeria

            2,848,928         

Oman

            5,288,292         

Pakistan

            2,180,665         

Panama

            4,472,154         

Papua New Guinea

            213,975         

Paraguay

            1,235,449         

Peru

            3,525,445         

Philippines

            4,155,599         

Poland

            2,202,569         

Qatar

            2,562,099         

Romania

            8,067,485         

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 41


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

     Level 1     Level 2     Level 3  

Investments in Securities (continued)

      

Assets (continued)

      

Long-Term Investments (continued)

      

Sovereign Bonds (continued)

      

Saudi Arabia

   $     $ 5,199,258     $  

Senegal

           717,707        

Serbia

           3,813,553        

South Africa

           4,300,055        

Sri Lanka

           2,209,414        

Turkey

           8,524,889        

Ukraine

           2,706,169        

United Arab Emirates

           2,405,369        

Uruguay

           3,012,155        

Uzbekistan

           602,810        

Venezuela

           673,957        

Zambia

           1,572,598        

U.S. Treasury Obligations

           4,817,145        

Common Stock

      

Jamaica

           5,971        

Short-Term Investments

      

Affiliated Mutual Funds

     8,377,548              

Options Purchased

           44,988        
  

 

 

   

 

 

   

 

 

 

Total

   $ 8,377,548     $ 208,045,276     $  
  

 

 

   

 

 

   

 

 

 

Liabilities

      

Options Written

   $     $ (288,923   $  
  

 

 

   

 

 

   

 

 

 

Other Financial Instruments*

      

Assets

      

Futures Contracts

   $ 363,883     $     $  

OTC Forward Foreign Currency Exchange Contracts

           590,744        

OTC Cross Currency Exchange Contracts

           2,731        

Centrally Cleared Credit Default Swap Agreements

           44,760        

OTC Credit Default Swap Agreement

                 2,064  

Centrally Cleared Interest Rate Swap Agreements

           406,822        
  

 

 

   

 

 

   

 

 

 

Total

   $ 363,883     $ 1,045,057     $ 2,064  
  

 

 

   

 

 

   

 

 

 

Liabilities

      

Futures Contracts

   $ (13,328   $     $  

OTC Forward Foreign Currency Exchange Contracts

           (808,874      

OTC Cross Currency Exchange Contracts

           (115      

Centrally Cleared Credit Default Swap Agreements

           (43,276      

 

See Notes to Financial Statements.

42


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

     Level 1     Level 2     Level 3  

Other Financial Instruments* (continued)

      

Liabilities (continued)

      

OTC Credit Default Swap Agreements

   $     $ (64,505   $ (158

Centrally Cleared Interest Rate Swap Agreements

           (480,295      
  

 

 

   

 

 

   

 

 

 

Total

   $  (13,328   $  (1,397,065   $ (158
  

 

 

   

 

 

   

 

 

 
 

 

*

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

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2025 were as follows:

 

Sovereign Bonds

     74.0

Oil & Gas

     7.7  

Affiliated Mutual Funds (1.6% represents
investments purchased with collateral from
securities on loan)

     3.9  

Electric

     2.6  

U.S. Treasury Obligations

     2.3  

Pipelines

     1.5  

Engineering & Construction

     1.4  

Banks

     1.4  

Mining

     1.3  

Commercial Services

     1.1  

Chemicals

     0.7  

Investment Companies

     0.4  

Telecommunications

     0.4  

Transportation

     0.3  

Lodging

     0.3  

Iron/Steel

     0.2  

Computers

     0.2  

Entertainment

     0.2  

Internet

     0.1

Retail

     0.1  

Gas

     0.1  

Media

     0.1  

Foods

     0.1  

Beverages

     0.1  

Diversified Financial Services

     0.1  

Options Purchased

     0.0

Real Estate

     0.0

Wireless Telecommunication Services

     0.0
  

 

 

 
     100.6  

Options Written

     (0.1

Liabilities in excess of other assets

     (0.5
  

 

 

 
     100.0
  

 

 

 

 

 
*

Less than 0.05%

 

 

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

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

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 43


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

Operations is presented in the summary below.

Fair values of derivative instruments as of April 30, 2025 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    $ 44,760   Due from/to broker-variation margin swaps    $ 43,276

Credit contracts

            Premiums received for OTC swap agreements      68,810  

Credit contracts

   Unrealized appreciation on OTC swap agreements      10,841     Unrealized depreciation on OTC swap agreements      4,630  

Foreign exchange contracts

   Unaffiliated investments      44,988     Options written outstanding, at value      288,923  

Foreign exchange contracts

   Unrealized appreciation on OTC cross currency exchange contracts      2,731     Unrealized depreciation on OTC cross currency exchange contracts      115  

Foreign exchange contracts

   Unrealized appreciation on OTC forward foreign currency exchange contracts      590,744     Unrealized depreciation on OTC forward foreign currency exchange contracts      808,874  

Interest rate contracts

   Due from/to broker-variation margin futures      363,883   Due from/to broker-variation margin futures      13,328

Interest rate contracts

   Due from/to broker-variation margin swaps      406,822   Due from/to broker-variation margin swaps      480,295
     

 

 

      

 

 

 
      $ 1,464,769        $ 1,708,251  
     

 

 

      

 

 

 

 

*

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.

44


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2025 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

          $            $      $        $        $ 113,797  

Foreign exchange contracts

        (78,930        410,862                 (174,517         

Interest rate contracts

                        (268,201                 (487,212
     

 

 

      

 

 

    

 

 

      

 

 

      

 

 

 

Total

      $ (78,930      $ 410,862      $ (268,201      $ (174,517      $ (373,415
     

 

 

      

 

 

    

 

 

      

 

 

      

 

 

 

 

(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

    $        $     $         $        $ (64,514

Foreign exchange contracts

      38,232          (43,035               (271,786         

Interest rate contracts

                     582,071                    464,539  
   

 

 

      

 

 

   

 

 

       

 

 

      

 

 

 

Total

        $ 38,232            $ (43,035   $ 582,071         $ (271,786      $ 400,025  
   

 

 

      

 

 

   

 

 

       

 

 

      

 

 

 

 

(2)

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

For the six months ended April 30, 2025, the Fund’s average volume of derivative activities is as follows:

 

 Derivative Contract Type    Average Volume of Derivative Activities* 

Options Purchased (1)

     $ 35,968

Options Written (2)

       12,710,561

Futures Contracts - Long Positions (2)

       32,978,097

Futures Contracts - Short Positions (2)

       9,834,392

Forward Foreign Currency Exchange Contracts - Purchased (3)

       40,326,086

Forward Foreign Currency Exchange Contracts - Sold (3)

       56,626,407

Cross Currency Exchange Contracts (4)

       470,007

Interest Rate Swap Agreements (2)

       34,712,526

Credit Default Swap Agreements - Buy Protection (2)

       3,966,667

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 45


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

 Derivative Contract Type    Average Volume of Derivative Activities* 

Credit Default Swap Agreements - Sell Protection (2)

     $ 26,105,388

 

*

Average volume is based on average quarter end balances for the six months ended April 30, 2025.

(1)

Cost.

(2)

Notional Amount in USD.

(3)

Value at Settlement Date.

(4)

Value at Trade Date.

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

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

Offsetting of financial instrument/transaction assets and liabilities:

 

 Description    Gross Market
Value of
Recognized
Assets/(Liabilities)
          Collateral
Pledged/(Received)(2)
  Net
  Amount  

Securities on Loan

   $3,335,066         $(3,335,066)   $—

Offsetting of OTC derivative assets and liabilities:

 

Counterparty

  Gross Amounts of
Recognized
Assets(1)
    Gross Amounts of
Recognized
Liabilities(1)
   

Net Amounts of
Recognized
Assets/(Liabilities)

    Collateral
Pledged/(Received)(2)
   

Net Amount

 

BARC

    $ 32,537         $ (13,566       $ 18,971         $         $ 18,971    

BNP

      21,784           (27,613         (5,829                   (5,829  

BNY

                (28,783         (28,783                   (28,783  

BOA

      17,681           (110,739         (93,058                   (93,058  

CITI

      199,850           (119,070         80,780                     80,780    

DB

      5,407           (38,614         (33,207                   (33,207  

GSI

              45,631                           (75,093                          (29,462                                                           (29,462          

HSBC

      44,221           (391,726         (347,505         347,505              

JPM

      147,160           (76,666         70,494                     70,494    

MSI

      59,832           (276,856         (217,024                   (217,024  

SCB

      31,316           (1,620         29,696                     29,696    

SSB

      27,497                     27,497                     27,497    

TD

      16,388           (11,006         5,382                     5,382    
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   
    $ 649,304         $ (1,171,352       $ (522,048       $ 347,505         $ (174,543  
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   

 

See Notes to Financial Statements.

46


PGIM Emerging Markets Debt Hard Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

(1)

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

(2)

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

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 47


PGIM Emerging Markets Debt Hard Currency Fund

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

 

Assets

        

Investments at value, including securities on loan of $3,335,066:

  

Unaffiliated investments (cost $212,091,636)

   $ 208,045,276  

Affiliated investments (cost $8,377,397)

     8,377,548  

Foreign currency, at value (cost $840,797)

     829,506  

Cash segregated for counterparty - OTC

     360,000  

Dividends and interest receivable

     3,039,434  

Unrealized appreciation on OTC forward foreign currency exchange contracts

     590,744  

Receivable for investments sold

     205,954  

Receivable for Fund shares sold

     177,889  

Due from broker—variation margin swaps

     52,806  

Unrealized appreciation on OTC swap agreements

     10,841  

Unrealized appreciation on OTC cross currency exchange contracts

     2,731  

Prepaid expenses

     1,359  
  

 

 

 

Total Assets

     221,694,088  
  

 

 

 

Liabilities

        

Payable to broker for collateral for securities on loan

     3,400,593  

Payable for Fund shares purchased

     1,617,284  

Unrealized depreciation on OTC forward foreign currency exchange contracts

     808,874  

Options written outstanding, at value (premiums received $235,677)

     288,923  

Accrued expenses and other liabilities

     135,992  

Management fee payable

     88,811  

Payable for investments purchased

     85,019  

Premiums received for OTC swap agreements

     68,810  

Dividends payable

     51,190  

Due to broker—variation margin futures

     14,330  

Unrealized depreciation on OTC swap agreements

     4,630  

Directors’ fees payable

     1,363  

Affiliated transfer agent fee payable

     389  

Unrealized depreciation on OTC cross currency exchange contracts

     115  

Distribution fee payable

     50  
  

 

 

 

Total Liabilities

     6,566,373  
  

 

 

 

Net Assets

   $ 215,127,715  
  

 

 

 
          

Net assets were comprised of:

  

Common stock, at par

   $ 316  

Paid-in capital in excess of par

     262,259,276  

Total distributable earnings (loss)

     (47,131,877
  

 

 

 

Net assets, April 30, 2025

   $ 215,127,715  
  

 

 

 

 

See Notes to Financial Statements.

48


PGIM Emerging Markets Debt Hard Currency Fund

Statement of Assets & Liabilities  (unaudited) (continued)

as of April 30, 2025

 

Class A

 

        

Net asset value, offering price and redemption price per share,

($ 232,545 ÷ 34,190 shares of beneficial interest issued and outstanding)

   $ 6.80     

Maximum sales charge (3.25% of offering price)

     0.23     
  

 

 

    

Maximum offering price to public

   $ 7.03     
  

 

 

    

Class C

                 

Net asset value, offering price and redemption price per share,

($ 10,170 ÷ 1,494 shares of beneficial interest issued and outstanding)

   $ 6.81     
  

 

 

    

Class Z

                 

Net asset value, offering price and redemption price per share,

($ 105,385,772 ÷ 15,463,369 shares of beneficial interest issued and outstanding)

   $ 6.82     
  

 

 

    

Class R6

                 

Net asset value, offering price and redemption price per share,

($ 109,499,228 ÷ 16,080,902 shares of beneficial interest issued and outstanding)

   $ 6.81     
  

 

 

    

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 49


PGIM Emerging Markets Debt Hard Currency Fund

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

 

Net Investment Income (Loss)

        

Income

  

Interest income (net of $58,717 foreign withholding tax)

   $ 7,557,496  

Affiliated dividend income

     61,329  

Affiliated income from securities lending, net

     4,741  
  

 

 

 

Total income

     7,623,566  
  

 

 

 

Expenses

  

Management fee

     688,590  

Distribution fee(a)

     211  

Custodian and accounting fees

     31,396  

Audit fee

     28,699  

Professional fees

     20,280  

Registration fees(a)

     20,260  

Shareholders’ reports

     19,715  

Transfer agent’s fees and expenses (including affiliated expense of $1,466)(a)

     13,941  

Directors’ fees

     6,577  

Miscellaneous

     27,587  
  

 

 

 

Total expenses

     857,256  

Less: Fee waiver and/or expense reimbursement(a)

     (151,484
  

 

 

 

Net expenses

     705,772  
  

 

 

 

Net investment income (loss)

     6,917,794  
  

 

 

 

Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions

        

Net realized gain (loss) on:

  

Investment transactions (including affiliated of $(971))

     (563,496

Futures transactions

     (268,201

Forward and cross currency contract transactions

     (174,517

Options written transactions

     410,862  

Swap agreement transactions

     (373,415

Foreign currency transactions

     (262,431
  

 

 

 
     (1,231,198
  

 

 

 

Net change in unrealized appreciation (depreciation) on:

  

Investments (including affiliated of $151)

     (2,145,053

Futures

     582,071  

Forward and cross currency contracts

     (271,786

Options written

     (43,035

Swap agreements

     400,025  

Foreign currencies

     4,869  
  

 

 

 
     (1,472,909
  

 

 

 

Net gain (loss) on investment and foreign currency transactions

     (2,704,107
  

 

 

 

Net Increase (Decrease) In Net Assets Resulting From Operations

   $ 4,213,687  
  

 

 

 

 

See Notes to Financial Statements.

50


PGIM Emerging Markets Debt Hard Currency Fund

Statement of Operations (unaudited) (continued)

Six Months Ended April 30, 2025

 

 
(a)

Class specific expenses and waivers were as follows:

 

     Class A      Class C      Class Z      Class R6  

Distribution fee

     161         50         —         —   

Registration fees

     3,225         2,976         6,924         7,135   

Transfer agent’s fees and expenses

     334         21         12,380         1,206   

Fee waiver and/or expense reimbursement

     (3,543)        (2,994)        (59,236)        (85,711)  

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 51


PGIM Emerging Markets Debt Hard Currency Fund

Statements of Changes in Net Assets (unaudited)

 

    

Six Months Ended
April 30, 2025

 

Year Ended
October 31, 2024 

Increase (Decrease) in Net Assets

                    

Operations

        

Net investment income (loss)

     $ 6,917,794     $ 13,744,243

Net realized gain (loss) on investment and foreign currency transactions

       (1,231,198 )       (8,784,257 )

Net change in unrealized appreciation (depreciation) on investments and foreign currencies

       (1,472,909 )       33,395,017
    

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from operations

       4,213,687       38,355,003
    

 

 

     

 

 

 

Dividends and Distributions

        

Distributions from distributable earnings

        

Class A

       (6,602 )       (8,757 )

Class C

       (521 )       (591 )

Class Z

       (5,529,836 )       (900,258 )

Class R6

       (6,640,190 )       (15,836,764 )
    

 

 

     

 

 

 
       (12,177,149 )       (16,746,370 )
    

 

 

     

 

 

 

Fund share transactions (Net of share conversions)

        

Net proceeds from shares sold

       100,918,999       53,189,906

Net asset value of shares issued in reinvestment of dividends and distributions

       11,661,171       16,442,312

Cost of shares purchased

       (103,291,461 )       (82,070,616 )
    

 

 

     

 

 

 

Net increase (decrease) in net assets from Fund share transactions

       9,288,709       (12,438,398 )
    

 

 

     

 

 

 

Total increase (decrease)

       1,325,247       9,170,235

Net Assets:

                    

Beginning of period

       213,802,468       204,632,233
    

 

 

     

 

 

 

End of period

     $ 215,127,715     $ 213,802,468
    

 

 

     

 

 

 

 

See Notes to Financial Statements.

52


PGIM Emerging Markets Debt Hard Currency Fund

Financial Highlights (unaudited)

 

 

   

Class A Shares

                                                             
             Six Months
  Ended
  April 30,
  2025
        

 

Year Ended October 31,

 
          2024     2023     2022     2021     2020  
   

Per Share Operating Performance(a):

                                                             

Net Asset Value, Beginning of Period

         $7.07                $6.41       $6.40       $9.06       $8.86       $9.51  

Income (loss) from investment operations:

                                                             

Net investment income (loss)

         0.21                0.40       0.36       0.34       0.36       0.38  
Net realized and unrealized gain (loss) on investment and foreign currency transactions          (0.09              0.74       0.17 (b)      (2.57     0.25       (0.56

Total from investment operations

         0.12                1.14       0.53       (2.23     0.61       (0.18

Less Dividends and Distributions:

                                                             

Dividends from net investment income

         (0.39              (0.48     (0.52     (0.43     (0.41     (0.47

Net asset value, end of period

         $6.80                $7.07       $6.41       $6.40       $9.06       $8.86  

Total Return(c):

         1.70              18.19     8.07     (25.24 )%      6.91     (1.82 )% 
   
                     
   
Ratios/Supplemental Data:                    

Net assets, end of period (000)

         $233                $104       $93       $63       $59       $28  

Average net assets (000)

         $129                $129       $83       $74       $47       $18  

Ratios to average net assets(d):

                                                             

Expenses after waivers and/or expense reimbursement

         1.05 %(e)               1.06 %(f)      1.06 %(f)      1.05     1.05     1.05

Expenses before waivers and/or expense reimbursement

         6.57 %(e)               7.28     8.75     11.65     19.07     66.11

Net investment income (loss)

         6.14 %(e)               5.70     5.29     4.36     3.84     4.19

Portfolio turnover rate(g)

         15              28     29     20     20     23

 

(a)

Calculated based on average shares outstanding during the period.

(b)

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

(c)

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

(d)

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

(e)

Annualized.

(f)

Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.01% and 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the years ended October 31, 2024 and 2023, respectively.

(g)

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

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 53


PGIM Emerging Markets Debt Hard Currency Fund

Financial Highlights (unaudited) (continued)

 

 

   

Class C Shares

                                                             
            Six Months
 Ended
 April 30,
 2025
        

 

Year Ended October 31,

 
          2024     2023     2022     2021     2020  
   

Per Share Operating Performance(a):

                                                             

Net Asset Value, Beginning of Period

         $7.08                $6.41       $6.40       $9.06       $8.86       $9.51  

Income (loss) from investment operations:

                                                             

Net investment income (loss)

         0.19                0.34       0.30       0.27       0.28       0.32  
Net realized and unrealized gain (loss) on investment and foreign currency transactions          (0.10              0.76       0.17 (b)      (2.55     0.26       (0.57

Total from investment operations

         0.09                1.10       0.47       (2.28     0.54       (0.25

Less Dividends and Distributions:

                                                             

Dividends from net investment income

         (0.36              (0.43     (0.46     (0.38     (0.34     (0.40

Net asset value, end of period

         $6.81                $7.08       $6.41       $6.40       $9.06       $8.86  

Total Return(c):

         1.32              17.47     7.26     (25.82 )%      6.11     (2.55 )% 
   
                                                               

Ratios/Supplemental Data:

                                                             

Net assets, end of period (000)

         $10                $10       $9       $8       $11       $10  

Average net assets (000)

         $10                $10       $9       $9       $11       $10  

Ratios to average net assets(d):

                                                             

Expenses after waivers and/or expense reimbursement

         1.80 %(e)               1.81 %(f)      1.80     1.80     1.80     1.80

Expenses before waivers and/or expense reimbursement

         61.53 %(e)               74.82     63.23     81.50     78.90     114.46

Net investment income (loss)

         5.39 %(e)               4.88     4.52     3.53     3.08     3.56

Portfolio turnover rate(g)

         15              28     29     20     20     23

 

(a)

Calculated based on average shares outstanding during the period.

(b)

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

(c)

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

(d)

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

(e)

Annualized.

(f)

Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended October 31, 2024.

(g)

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

 

See Notes to Financial Statements.

54


PGIM Emerging Markets Debt Hard Currency Fund

Financial Highlights (unaudited) (continued)

 

 

   

Class Z Shares

                                                             
         

  Six Months
 Ended
 April 30,

 2025

   

    

 

Year Ended October 31,

 
          2024     2023     2022     2021     2020  
   

Per Share Operating Performance(a):

                                                             

Net Asset Value, Beginning of Period

         $7.08                $6.42       $6.40       $9.06       $8.87       $9.51  

Income (loss) from investment operations:

                                                             

Net investment income (loss)

         0.22                0.41       0.37       0.35       0.38       0.40  
Net realized and unrealized gain (loss) on investment and foreign currency transactions          (0.08              0.75       0.19 (b)      (2.55     0.25       (0.54

Total from investment operations

         0.14                1.16       0.56       (2.20     0.63       (0.14

Less Dividends and Distributions:

                                                             

Dividends from net investment income

         (0.40              (0.50     (0.54     (0.46     (0.44     (0.50

Net asset value, end of period

         $6.82                $7.08       $6.42       $6.40       $9.06       $8.87  

Total Return(c):

         1.87              18.52     8.57     (25.01 )%      7.11     (1.43 )% 
   
                                                               

Ratios/Supplemental Data:

                                                             

Net assets, end of period (000)

         $105,386                $15,969       $8,793       $10,670       $18,069       $18,982  

Average net assets (000)

         $92,576                $12,365       $11,553       $14,687       $25,561       $10,951  

Ratios to average net assets(d):

                                                             

Expenses after waivers and/or expense reimbursement

         0.69 %(e)               0.76 %(f)      0.75     0.75     0.75     0.75

Expenses before waivers and/or expense reimbursement

         0.82 %(e)               1.07     1.03     1.06     1.07     1.53

Net investment income (loss)

         6.49 %(e)               5.95     5.57     4.54     4.12     4.45

Portfolio turnover rate(g)

         15              28     29     20     20     23

 

(a)

Calculated based on average shares outstanding during the period.

(b)

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

(c)

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

(d)

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

(e)

Annualized.

(f)

Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended October 31, 2024.

(g)

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

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 55


PGIM Emerging Markets Debt Hard Currency Fund

Financial Highlights (unaudited) (continued)

 

 

   

Class R6 Shares

                   
         

  Six Months
 Ended
 April 30,

 2025

   

    

 

Year Ended October 31,

 
          2024     2023     2022     2021     2020  
Per Share Operating Performance(a):                                                              
Net Asset Value, Beginning of Period          $7.08                $6.41       $6.40       $9.06       $8.86       $9.51  
Income (loss) from investment operations:                                                              
Net investment income (loss)          0.22                0.42       0.38       0.36       0.39       0.43  
Net realized and unrealized gain (loss) on investment and foreign currency transactions          (0.09              0.76       0.17 (b)      (2.56     0.26       (0.57
Total from investment operations          0.13                1.18       0.55       (2.20     0.65       (0.14
Less Dividends and Distributions:                                                              
Dividends from net investment income          (0.40              (0.51     (0.54     (0.46     (0.45     (0.51
Net asset value, end of period          $6.81                $7.08       $6.41       $6.40       $9.06       $8.86  

Total Return(c):

         1.90              18.83     8.50     (24.94 )%      7.34     (1.44 )% 
   
                                                               
   
Ratios/Supplemental Data:                    
Net assets, end of period (000)          $109,499              $ 197,719     $ 195,739     $ 129,233     $ 136,285     $ 97,771  
Average net assets (000)          $120,915              $ 215,554     $ 180,012     $ 137,772     $ 107,966     $ 30,037  
Ratios to average net assets(d):                                                              
Expenses after waivers and/or expense reimbursement          0.65 %(e)               0.66 %(f)      0.66 %(f)      0.65     0.65     0.66
Expenses before waivers and/or expense reimbursement          0.79 %(e)               0.79     0.79     0.78     0.81     1.16
Net investment income (loss)          6.56 %(e)               6.03     5.68     4.73     4.24     4.69
Portfolio turnover rate(g)          15              28     29     20     20     23

 

(a)

Calculated based on average shares outstanding during the period.

(b)

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

(c)

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

(d)

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

(e)

Annualized.

(f)

Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.01% and 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the years ended October 31, 2024 and 2023, respectively.

(g)

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

 

See Notes to Financial Statements.

56


PGIM Emerging Markets Debt Local Currency Fund

Schedule of Investments(unaudited)

as of April 30, 2025

 

 Description    Interest  
Rate
   Maturity 
Date
  

  Principal  

  Amount  

  (000)#  

        Value     

LONG-TERM INVESTMENTS 89.9%

              

CORPORATE BONDS 1.4%

              

Supranational Bank

                                    

Corp. Andina de Fomento,

              

Sr. Unsec’d. Notes, EMTN

    7.500%    04/08/30      INR        20,300      $ 243,522  

Inter-American Development Bank,

              

Sr. Unsec’d. Notes, GMTN

    7.350    10/06/30      INR        21,000        256,105  
              

 

 

 

TOTAL CORPORATE BONDS
(cost $490,589)

                 499,627  
              

 

 

 

SOVEREIGN BONDS 87.8%

              

Brazil 4.9%

                                    

Brazil Notas do Tesouro Nacional,

              

Notes, Series NTNB

    6.000    08/15/30      BRL        2        255,419  

Notes, Series NTNF

   10.000    01/01/27      BRL        9        1,494,842  
              

 

 

 
                 1,750,261  

Chile 1.0%

                                    

Bonos de la Tesoreria de la Republica en pesos,

              

Bonds

    5.000    03/01/35      CLP        75,000        75,270  

Bonds, Series 30Y

    6.000    01/01/43      CLP        135,000        147,950  

Unsec’d. Notes, 144A

    2.800    10/01/33      CLP        50,000        43,091  

Unsec’d. Notes, 144A

    4.700    09/01/30      CLP        95,000        96,889  
              

 

 

 
                 363,200  

China 4.8%

                                    

China Government Bond,

              

Bonds, Series 1910

    3.860    07/22/49      CNH        380        71,748  

Bonds, Series INBK

    1.870    09/15/31      CNH        1,040        145,328  

Bonds, Series INBK

    2.110    08/25/34      CNH        3,710        528,434  

Bonds, Series INBK

    2.190    09/25/54      CNH        1,000        147,515  

Bonds, Series INBK

    2.270    05/25/34      CNH        1,640        236,739  

Bonds, Series INBK

    2.790    12/15/29      CNH        1,010        146,760  

Bonds, Series INBK

    3.020    05/27/31      CNH        550        82,071  

Bonds, Series INBK

    3.270    11/19/30      CNH        1,650        248,853  

Bonds, Series INBK

    3.320    04/15/52      CNH        260        46,137  

Bonds, Series INBK

    3.810    09/14/50      CNH        330        62,489  
              

 

 

 
                 1,716,074  

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 57


PGIM Emerging Markets Debt Local Currency Fund

Schedule of Investments(unaudited) (continued)

as of April 30, 2025

 

 Description    Interest  
Rate
   Maturity
Date
  

Principal
Amount

(000)#

        Value    

SOVEREIGN BONDS (Continued)

              

Colombia 5.7%

                                    

Colombia Government International Bond,

              

Sr. Unsec’d. Notes

    4.500%    03/15/29         210      $ 196,875  

Colombian TES,

              

Bonds, Series B

    5.750    11/03/27      COP        250,000        54,061  

Bonds, Series B

    6.000    04/28/28      COP        1,221,000        259,157  

Bonds, Series B

    6.250    07/09/36      COP        3,889,300        586,480  

Bonds, Series B

    7.000    03/26/31      COP        631,200        121,041  

Bonds, Series B

    7.000    06/30/32      COP        1,536,300        281,541  

Bonds, Series B

    7.250    10/26/50      COP        210,000        29,042  

Bonds, Series B

    7.750    09/18/30      COP        1,589,600        326,341  

Bonds, Series G

    7.000    03/26/31      COP        759,800        145,697  

Sr. Unsec’d. Notes, Series UVR

    3.750    06/16/49      COP        252,156        43,855  
              

 

 

 
                 2,044,090  

Czech Republic 3.7%

                                    

Czech Republic Government Bond,

              

Sr. Unsec’d. Notes, Series 049

    4.200    12/04/36      CZK        2,950        133,971  

Sr. Unsec’d. Notes, Series 078

    2.500    08/25/28      CZK        2,100        92,667  

Sr. Unsec’d. Notes, Series 094

    0.950    05/15/30      CZK        4,480        179,043  

Sr. Unsec’d. Notes, Series 103

    2.000    10/13/33      CZK        2,860        111,496  

Sr. Unsec’d. Notes, Series 105

    2.750    07/23/29      CZK        13,290        585,652  

Sr. Unsec’d. Notes, Series 130

    0.050    11/29/29      CZK        6,050        235,106  
              

 

 

 
                 1,337,935  

Dominican Republic 0.7%

                                    

Dominican Republic International Bond,

              

Sr. Unsec’d. Notes

    5.950    01/25/27         100        100,312  

Sr. Unsec’d. Notes

   11.250    09/15/35      DOP        8,000        140,905  
              

 

 

 
                 241,217  

Guatemala 0.5%

                                    

Guatemala Government Bond,

              

Sr. Unsec’d. Notes

    4.900    06/01/30         200        193,200  

Hungary 1.9%

                                    

Hungary Government Bond,

              

Bonds, Series 29/A

    2.000    05/23/29      HUF        142,890        340,725  

 

See Notes to Financial Statements.

58


PGIM Emerging Markets Debt Local Currency Fund

Schedule of Investments(unaudited) (continued)

as of April 30, 2025

 

 Description    Interest  
Rate
   Maturity
Date
  

Principal

Amount

(000)#

        Value    

SOVEREIGN BONDS (Continued)

              

Hungary (cont’d.)

                                    

Hungary Government Bond, (cont’d.)

              

Bonds, Series 31/A

   3.250%    10/22/31      HUF        33,070      $ 76,958  

Bonds, Series 32/A

   4.750    11/24/32      HUF        52,770        131,413  

Bonds, Series 33/A

   2.250    04/20/33      HUF        24,760        50,881  

Bonds, Series 38/A

   3.000    10/27/38      HUF        21,890        40,383  

Bonds, Series 51/G

   4.000    04/28/51      HUF        29,330        51,978  
              

 

 

 
                 692,338  

India 4.1%

                                    

India Government Bond,

              

Sr. Unsec’d. Notes

   7.180    08/14/33      INR        46,470        579,069  

Sr. Unsec’d. Notes

   7.260    02/06/33      INR        20,000        249,820  

Sr. Unsec’d. Notes

   7.300    06/19/53      INR        14,530        182,937  

Sr. Unsec’d. Notes

   7.410    12/19/36      INR        37,560        478,993  
              

 

 

 
                 1,490,819  

Indonesia 11.3%

                                    

Indonesia Treasury Bond,

              

Bonds, Series 056

   8.375    09/15/26      IDR        2,486,000        153,699  

Bonds, Series 059

   7.000    05/15/27      IDR        7,548,000        459,520  

Bonds, Series 068

   8.375    03/15/34      IDR        2,405,000        158,959  

Bonds, Series 071

   9.000    03/15/29      IDR        3,640,000        237,247  

Bonds, Series 072

   8.250    05/15/36      IDR        3,843,000        253,962  

Bonds, Series 073

   8.750    05/15/31      IDR        6,870,000        453,950  

Bonds, Series 075

   7.500    05/15/38      IDR        1,359,000        85,125  

Bonds, Series 078

   8.250    05/15/29      IDR        1,099,000        70,204  

Bonds, Series 079

   8.375    04/15/39      IDR        1,031,000        69,183  

Bonds, Series 082

   7.000    09/15/30      IDR        4,516,000        276,695  

Bonds, Series 087

   6.500    02/15/31      IDR         7,837,000        467,972  

Bonds, Series 092

   7.125    06/15/42      IDR        1,354,000        82,300  

Bonds, Series 095

   6.375    08/15/28      IDR        2,401,000        144,277  

Bonds, Series 096

   7.000    02/15/33      IDR        7,126,000        433,718  

Bonds, Series 100

   6.625    02/15/34      IDR        5,804,000        345,623  

Bonds, Series 101

   6.875    04/15/29      IDR        2,629,000        160,043  

Bonds, Series 103

   6.750    07/15/35      IDR        3,265,000        194,861  
              

 

 

 
                 4,047,338  

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 59


PGIM Emerging Markets Debt Local Currency Fund

Schedule of Investments(unaudited) (continued)

as of April 30, 2025

 

 Description    Interest  
Rate
   Maturity
Date
  

Principal

Amount

(000)#

        Value    

SOVEREIGN BONDS (Continued)

              

Ivory Coast 0.4%

                                    

Ivory Coast Government International Bond,

              

Sr. Unsec’d. Notes

    5.250%    03/22/30      EUR        140      $ 147,338  

Malaysia  4.9%

                                    

Malaysia Government Bond,

              

Bonds, Series 120

    4.065    06/15/50      MYR           1,361        316,697  

Bonds, Series 222

    4.696    10/15/42      MYR        800        204,013  

Bonds, Series 317

    4.762    04/07/37      MYR        842        213,089  

Bonds, Series 318

    4.642    11/07/33      MYR        305        75,686  

Bonds, Series 411

    4.232    06/30/31      MYR        280        67,374  

Bonds, Series 413

    3.844    04/15/33      MYR        390        91,480  

Bonds, Series 415

    4.254    05/31/35      MYR        450        109,116  

Bonds, Series 419

    3.828    07/05/34      MYR        365        85,610  

Bonds, Series 519

    3.757    05/22/40      MYR        682        156,402  

Malaysia Government Investment Issue,

              

Bonds, Series 121

    3.447    07/15/36      MYR        430        97,118  

Bonds, Series 219

    4.467    09/15/39      MYR        790        196,439  

Bonds, Series 223

    4.291    08/14/43      MYR        590        143,291  
              

 

 

 
                 1,756,315  

Mexico 6.7%

                                    

Mexican Bonos,

              

Bonds, Series M

    7.500    05/26/33      MXN        35        160,829  

Bonds, Series M

    7.750    05/29/31      MXN        119        573,164  

Bonds, Series M

    8.000    11/07/47      MXN        43        180,617  

Bonds, Series M

    8.500    02/28/30      MXN        60        301,895  

Bonds, Series M

   10.000    11/20/36      MXN        18        96,581  

Sr. Unsec’d. Notes, Series M

    7.750    11/23/34      MXN        160        734,736  

Sr. Unsec’d. Notes, Series M

    7.750    11/13/42      MXN        46        192,061  

Sr. Unsec’d. Notes, Series M

    8.500    11/18/38      MXN        33        153,308  
              

 

 

 
                 2,393,191  

Peru 3.0%

                                    

Peru Government Bond,

              

Bonds

    5.940    02/12/29      PEN        800        229,394  

Bonds

    6.900    08/12/37      PEN        260        69,879  

Bonds

    6.950    08/12/31      PEN        190        56,096  

Sr. Unsec’d. Notes

    5.350    08/12/40      PEN        540        122,354  

 

See Notes to Financial Statements.

60


PGIM Emerging Markets Debt Local Currency Fund

Schedule of Investments(unaudited) (continued)

as of April 30, 2025

 

 Description    Interest  
Rate
   Maturity
Date
  

Principal

Amount

(000)#

        Value    

SOVEREIGN BONDS (Continued)

              

Peru (cont’d.)

                                    

Peru Government Bond, (cont’d.)

              

Sr. Unsec’d. Notes

   6.150%    08/12/32      PEN        1,484      $ 411,429  

Peruvian Government International Bond,

              

Sr. Unsec’d. Notes

   6.850    02/12/42      PEN        245        64,415  

Sr. Unsec’d. Notes

   6.900    08/12/37      PEN        7        1,884  

Sr. Unsec’d. Notes

   6.950    08/12/31      PEN        478        141,125  
              

 

 

 
                 1,096,576  

Philippines 0.3%

                                    

Philippine Government Bond,

              

Bonds, Series 1060

   3.625    09/09/25      PHP        5,600        98,608  

Poland 4.9%

                                    

Republic of Poland Government Bond,

              

Bonds, Series 0428

   2.750    04/25/28      PLN        1,480        373,758  

Bonds, Series 0429

   5.750    04/25/29      PLN        1,366        375,621  

Bonds, Series 0432

   1.750    04/25/32      PLN        710        153,250  

Bonds, Series 1030

   1.250    10/25/30      PLN        3,350        741,718  

Bonds, Series 1033

   6.000    10/25/33      PLN        390        109,291  
              

 

 

 
                 1,753,638  

Romania 4.3%

                                    

Romania Government Bond,

              

Bonds, Series 05Y

   4.250    04/28/36      RON        830        146,615  

Bonds, Series 07Y

   2.500    10/25/27      RON           1,170        238,649  

Bonds, Series 07Y

   4.850    04/22/26      RON        1,395        311,749  

Bonds, Series 08Y

   7.350    04/28/31      RON        540        122,074  

Bonds, Series 10Y

   6.700    02/25/32      RON        405        88,517  

Bonds, Series 10Y

   7.200    10/30/33      RON        545        121,897  

Bonds, Series 11Y

   7.100    07/31/34      RON        300        66,371  

Bonds, Series 15Y

   3.650    09/24/31      RON        345        63,641  

Romanian Government International Bond,

              

Sr. Unsec’d. Notes

   6.625    02/17/28         100        102,125  

Sr. Unsec’d. Notes, EMTN

   6.625    09/27/29      EUR        230        276,744  
              

 

 

 
                 1,538,382  

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 61


PGIM Emerging Markets Debt Local Currency Fund

Schedule of Investments(unaudited) (continued)

as of April 30, 2025

 

 Description    Interest  
Rate
   Maturity
Date
  

Principal

Amount

(000)#

        Value    

SOVEREIGN BONDS (Continued)

              

Serbia 1.0%

                                    

Serbia International Bond,

              

Sr. Unsec’d. Notes, EMTN

    1.000%    09/23/28      EUR        200      $ 204,734  

Serbia Treasury Bonds,

              

Bonds, Series 07Y

    4.500    01/11/26      RSD        9,460        91,508  

Bonds, Series 12.5

    4.500    08/20/32      RSD        6,240        58,462  
              

 

 

 
                 354,704  

South Africa 14.3%

                                    

Republic of South Africa Government Bond,

              

Bonds, Series 2038

   10.875    03/31/38      ZAR        6,110        321,190  

Sr. Unsec’d. Notes, Series 2030

    8.000    01/31/30      ZAR        11,705        609,854  

Sr. Unsec’d. Notes, Series 2032

    8.250    03/31/32      ZAR        16,474        821,667  

Sr. Unsec’d. Notes, Series 2035

    8.875    02/28/35      ZAR        12,799        616,797  

Sr. Unsec’d. Notes, Series 2037

    8.500    01/31/37      ZAR        17,472        778,300  

Sr. Unsec’d. Notes, Series 2040

    9.000    01/31/40      ZAR           10,065        442,903  

Sr. Unsec’d. Notes, Series 2044

    8.750    01/31/44      ZAR        6,120        254,597  

Sr. Unsec’d. Notes, Series 2048

    8.750    02/28/48      ZAR        10,183        417,289  

Sr. Unsec’d. Notes, Series R209

    6.250    03/31/36      ZAR        3,850        146,420  

Sr. Unsec’d. Notes, Series R213

    7.000    02/28/31      ZAR        10,845        523,686  

Republic of South Africa Government International Bond,

              

Sr. Unsec’d. Notes

    4.300    10/12/28         200        189,386  
              

 

 

 
                 5,122,089  

Thailand 8.1%

                                    

Thailand Government Bond,

              

Bonds

    1.600    12/17/29      THB        3,885        116,114  

Bonds

    2.000    06/17/42      THB        2,080        58,935  

Bonds

    2.875    12/17/28      THB        22,134        690,756  

Bonds

    2.875    06/17/46      THB        6,220        197,055  

Bonds

    3.300    06/17/38      THB        5,750        195,763  

Sr. Unsec’d. Notes

    1.585    12/17/35      THB        5,915        171,155  

Sr. Unsec’d. Notes

    1.600    06/17/35      THB        2,700        78,490  

Sr. Unsec’d. Notes

    1.875    06/17/49      THB        1,063        28,092  

Sr. Unsec’d. Notes

    2.000    12/17/31      THB        11,505        349,748  

Sr. Unsec’d. Notes

    2.250    03/17/27      THB        6,300        190,669  

Sr. Unsec’d. Notes

    3.350    06/17/33      THB        6,230        207,033  

Sr. Unsec’d. Notes

    3.450    06/17/43      THB        3,523        120,587  

 

See Notes to Financial Statements.

62


PGIM Emerging Markets Debt Local Currency Fund

Schedule of Investments(unaudited) (continued)

as of April 30, 2025

 

 Description    Interest  
Rate
   Maturity
Date
  

Principal

Amount

(000)#

        Value    

SOVEREIGN BONDS (Continued)

              

Thailand (cont’d.)

                                    

Thailand Government Bond, (cont’d.)

              

Sr. Unsec’d. Notes

    3.650%    06/20/31      THB        7,249      $ 241,243  

Sr. Unsec’d. Notes

    3.775    06/25/32      THB        7,760        262,476  
              

 

 

 
                 2,908,116  

Turkey 1.2%

                                    

Turkiye Government Bond,

              

Bonds, Series 05Y

   31.080    11/08/28      TRY           10,070        232,230  

Bonds, Series 10Y

   11.700    11/13/30      TRY        1,400        16,898  

Bonds, Series 10Y

   17.800    07/13/33      TRY        2,600        40,732  

Bonds, Series 10Y

   26.200    10/05/33      TRY        6,620        144,391  
              

 

 

 
                 434,251  

Uruguay 0.1%

                                    

Uruguay Government International Bond,

              

Sr. Unsec’d. Notes, 144A

    8.500    03/15/28      UYU        1,870        43,328  
              

 

 

 

TOTAL SOVEREIGN BONDS
(cost $32,230,389)

                 31,523,008  
              

 

 

 

U.S. TREASURY OBLIGATION(k) 0.6%

              

U.S. Treasury Notes

              

(cost $199,612)

    4.250    12/31/26         200        201,828  
              

 

 

 
                     

Shares

        

COMMON STOCK 0.1%

              

Jamaica

                                    

Digicel International Finance Ltd.*
(cost $9,437)

              5,242        36,694  
              

 

 

 

TOTAL LONG-TERM INVESTMENTS
(cost $32,930,027)

                 32,261,157  
              

 

 

 

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 63


PGIM Emerging Markets Debt Local Currency Fund

Schedule of Investments(unaudited) (continued)

as of April 30, 2025

 

 Description              Shares      Value  

SHORT-TERM INVESTMENTS 7.1%

           

AFFILIATED MUTUAL FUND 5.0%

           

PGIM Core Government Money Market Fund (7-day effective yield 4.478%)
(cost $1,800,711)(wb)

           1,800,711      $ 1,800,711  
           

 

 

 
               Principal
Amount
(000)#
        

U.S. TREASURY OBLIGATION(k)(n) 1.9%

           

U.S. Treasury Bills

           

(cost $693,295)

   4.250%    07/22/25      700        693,316  
           

 

 

 

OPTIONS PURCHASED*~ 0.2%

           

(cost $28,096)

              49,888  
           

 

 

 

TOTAL SHORT-TERM INVESTMENTS

           

(cost $2,522,102)

              2,543,915  
           

 

 

 

TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 97.0%

           

(cost $35,452,129)

              34,805,072  
           

 

 

 

OPTIONS WRITTEN*~ (0.3)%

           

(premiums received $109,277)

              (108,269
           

 

 

 

TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 96.7%

           

(cost $35,342,852)

              34,696,803  

Other assets in excess of liabilities(z) 3.3%

              1,199,395  
           

 

 

 

NET ASSETS 100.0%

            $   35,896,198  
           

 

 

 

 

 

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

*

Non-income producing security.

#

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

~

See tables subsequent to the Schedule of Investments for options detail. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

^

Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $1,720 and 0.0% of net assets.

(k)

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

(n)

Rate shown reflects yield to maturity at purchased date.

(wb)

Represents an investment in a Fund affiliated with the Manager.

(z)

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

 

See Notes to Financial Statements.

64


PGIM Emerging Markets Debt Local Currency Fund

Schedule of Investments(unaudited) (continued)

as of April 30, 2025

 

Options Purchased:

OTC Traded

 

Description

   Call/
Put
     Counterparty      Expiration
Date
     Strike      Contracts      Notional
Amount

(000)#
     Value  

Currency Option EUR vs CZK

     Call        MSI        05/15/25        26.50             EUR  181      $ 1  

Currency Option EUR vs MXN

     Call        MSI        05/22/25        27.00             EUR  155        6  

Currency Option EUR vs TRY

     Call        JPM        05/06/25        70.00             EUR  423        4  

Currency Option EUR vs TRY

     Call        JPM        05/27/25        80.00             EUR  317        161  

Currency Option EUR vs USD

     Call        JPM        05/05/25        1.12             EUR   1,002        15,719  

Currency Option USD vs BRL

     Call        MSI        05/08/25        7.20               174         

Currency Option USD vs BRL

     Call        JPM        05/08/25        7.60               87         

Currency Option USD vs BRL

     Call        MSI        05/22/25        7.00               178        6  

Currency Option USD vs BRL

     Call        CITI        05/23/25        7.00               177        6  

Currency Option USD vs COP

     Call        HSBC        05/08/25        5,500.00               350         

Currency Option USD vs COP

     Call        MSI        05/14/25        5,200.00               178        1  

Currency Option USD vs INR

     Call        JPM        01/08/26        91.00               956        3,410  

Currency Option USD vs KRW

     Call        CITI        05/08/25        1,650.00               176         

Currency Option USD vs KRW

     Call        MSI        05/19/25        1,600.00               174        2  

Currency Option USD vs KRW

     Call        MSI        05/23/25        1,600.00               177        2  

Currency Option USD vs MXN

     Call        CITI        05/05/25        24.00               209         

Currency Option USD vs MXN

     Call        CITI        05/08/25        27.00               175         

Currency Option USD vs MXN

     Call        MSI        05/14/25        24.00               178        1  

Currency Option USD vs TRY

     Call        JPM        05/02/25        70.00               209         

Currency Option USD vs TRY

     Call        JPM        05/19/25        65.00               251        209  

Currency Option USD vs TRY

     Call        JPM        05/27/25        75.00               89        53  

Currency Option USD vs ZAR

     Call        CITI        05/01/25        22.00               208         

Currency Option USD vs ZAR

     Call        CITI        05/20/25        23.00               208        3  

Currency Option USD vs ZAR

     Call        JPM        05/28/25        22.00               178        12  

Currency Option USD vs BRL

     Put        JPM        05/05/25        5.00               209         

Currency Option USD vs BRL

     Put        CITI        05/08/25        5.20               176        1  

Currency Option USD vs BRL

     Put        MSI        05/08/25        5.20               546        3  

Currency Option USD vs BRL

     Put        HSBC        05/14/25        5.00               178        1  

Currency Option USD vs CNH

     Put        JPM        05/08/25        6.10               534         

Currency Option USD vs CNH

     Put        MSI        06/26/25        6.50               1,248        37  

Currency Option USD vs INR

     Put        JPM        01/08/26        75.00               1,508        231  

Currency Option USD vs INR

     Put        JPM        01/08/26        75.00               398        61  

Currency Option USD vs MXN

     Put        MSI        05/20/25        17.50               87         

Currency Option USD vs ZAR

     Put        MSI        05/28/25        16.80               178        8  
                    

 

 

 

Total OTC Traded (cost $11,018)

                     $ 19,938  
                    

 

 

 

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 65


PGIM Emerging Markets Debt Local Currency Fund

Schedule of Investments(unaudited) (continued)

as of April 30, 2025

 

Options Purchased (continued):

OTC Swaptions

 

Description

   Call/
Put
     Counterparty    Expiration
Date
     Strike    

Receive

  

Pay

   Notional
Amount
(000)#
     Value  

5-Year Interest Rate Swap, 02/26/31

     Call      MSI      02/24/26        2.80%     2.80%(A)    1 Day SOFR(A)/ 4.410%      3,400      $ 29,950  

2-Year Interest Rate Swap, 05/13/27

     Put      MSI      05/09/25        5.50%     1 Day SOFR(A)/ 4.410%    5.50%(A)      5,800         

2-Year Interest Rate Swap, 05/14/27

     Put      MSI      05/12/25        2.40%     6 Month EURIBOR(S)/ 2.129%    2.40%(A)      EUR 2,100         

2-Year Interest Rate Swap, 05/14/27

     Put      MSI      05/12/25        3.15%     6 Month EURIBOR(S)/ 2.129%    3.15%(A)      EUR 2,100         
                      

 

 

 

Total OTC Swaptions (cost $17,078)

 

              $ 29,950  
                      

 

 

 

Total Options Purchased (cost $28,096)

 

              $ 49,888  
                      

 

 

 

Options Written:

OTC Traded

 

Description

   Call/
Put
     Counterparty    Expiration
Date
     Strike      Contracts    Notional
Amount
(000)#
     Value  

Currency Option EUR vs CZK

     Call      MSI      05/15/25        25.08         EUR  181      $ (348

Currency Option EUR vs MXN

     Call      MSI      05/22/25        23.25         EUR  155        (482

Currency Option EUR vs TRY

     Call      JPM      05/27/25        47.00         EUR  317        (3,425

Currency Option EUR vs USD

     Call      JPM      05/05/25        1.15         EUR  1,002        (1,003

Currency Option USD vs BRL

     Call      MSI      05/22/25        5.90           178        (630

Currency Option USD vs BRL

     Call      CITI      05/23/25        5.85           177        (893

Currency Option USD vs COP

     Call      HSBC      05/08/25        4,290.00           350          (1,289

Currency Option USD vs COP

     Call      MSI      05/14/25        4,200.00           178        (2,706

Currency Option USD vs KRW

     Call      MSI      05/19/25        1,420.00           174        (1,989

Currency Option USD vs KRW

     Call      MSI      05/23/25        1,435.00           177        (1,255

Currency Option USD vs MXN

     Call      MSI      05/14/25        19.90           178        (833

Currency Option USD vs TRY

     Call      JPM      05/02/25        40.00           209        (11

Currency Option USD vs TRY

     Call      JPM      05/19/25        40.00           251        (1,947

Currency Option USD vs TRY

     Call      JPM      05/27/25        41.50           89        (615

Currency Option USD vs ZAR

     Call      CITI      05/20/25        19.00           208        (1,090

Currency Option USD vs ZAR

     Call      JPM      05/28/25        19.00           178        (1,259

Currency Option USD vs BRL

     Put      JPM      05/05/25        5.55           209        (82

Currency Option USD vs BRL

     Put      CITI      05/08/25        5.80           176        (4,204

 

See Notes to Financial Statements.

66


PGIM Emerging Markets Debt Local Currency Fund

Schedule of Investments(unaudited) (continued)

as of April 30, 2025

 

Options Written (continued):

OTC Traded

 

Description

   Call/
Put
     Counterparty      Expiration
Date
     Strike      Contracts      Notional
Amount
(000)#
     Value  

Currency Option USD vs BRL

     Put        MSI        05/08/25        6.20               546      $ (50,693

Currency Option USD vs BRL

     Put        HSBC        05/14/25        5.75               178        (3,224

Currency Option USD vs INR

     Put        JPM        01/08/26        87.00               956        (22,155

Currency Option USD vs MXN

     Put        MSI        05/20/25        19.75               87        (1,187

Currency Option USD vs ZAR

     Put        MSI        05/28/25        18.10               178        (601
                    

 

 

 

Total OTC Traded (premiums received $82,620)

                     $ (101,921
                    

 

 

 

OTC Swaptions

 

Description

   Call/
Put
   Counterparty    Expiration
Date
     Strike    

Receive

  

Pay

   Notional
Amount

(000)#
     Value  

2-Year Interest Rate Swap, 05/13/27

   Put    MSI      05/09/25        3.60   3.60%(A)    1 Day SOFR(A)/ 4.410%      5,800      $ (931

2-Year Interest Rate Swap, 05/14/27

   Put    MSI      05/12/25        2.53   2.53%(A)    6 Month EURIBOR(S)/ 2.129%      EUR 4,200         

5-Year Interest Rate Swap, 02/26/31

   Put    MSI      02/24/26        4.60   4.60%(A)    1 Day SOFR(A)/ 4.410%      1,700        (5,417
                      

 

 

 

Total OTC Swaptions (premiums received $26,657)

 

              $ (6,348
                      

 

 

 

Total Options Written (premiums received $109,277)

 

              $ (108,269
                      

 

 

 

Futures contracts outstanding at April 30, 2025:

 

Number

of

Contracts

  

Type

  Expiration
Date
    Current
Notional
Amount
    Value /
Unrealized
Appreciation
(Depreciation)
 

Long Positions:

         

28

   5 Year U.S. Treasury Notes     Jun. 2025     $ 3,057,469       $ 28,168    

1

   20 Year U.S. Treasury Bonds     Jun. 2025       116,625         2,217    
          

 

 

   
             30,385    
          

 

 

   

Short Positions:

         

2

   2 Year U.S. Treasury Notes     Jun. 2025       416,297         (2,682  

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 67


PGIM Emerging Markets Debt Local Currency Fund

Schedule of Investments(unaudited) (continued)

as of April 30, 2025

 

Futures contracts outstanding at April 30, 2025 (continued):

 

Number

of

Contracts

  

Type

  

Expiration
  Date  

     Current
Notional
Amount
   

Value /
Unrealized
Appreciation
(Depreciation)

 

Short Positions (cont’d):

            

4

   5 Year Euro-Bobl      Jun. 2025      $  542,091        $ (3,262  

4

   30 Year U.S. Ultra Treasury Bonds      Jun. 2025        484,125          (7,475  
    

 

 

   
                (13,419  
    

 

 

   
              $ 16,966    
    

 

 

   

Forward foreign currency exchange contracts outstanding at April 30, 2025:

 

Purchase

Contracts

   Counterparty         Notional
Amount
(000)
   Value at
Settlement
Date
   Current
Value
   Unrealized
Appreciation
   Unrealized
Depreciation

OTC Forward Foreign Currency Exchange Contracts:

 

              

Brazilian Real,

                                       

Expiring 05/05/25

       CITI                  BRL        2,349      $ 396,301      $ 413,419      $ 17,118      $

Expiring 05/05/25

       GSI             BRL        12,915        2,250,714        2,272,979        22,265       

Expiring 05/05/25

       MSI             BRL        190        32,028        33,459        1,431       

Expiring 06/03/25

       CITI             BRL        177        30,979        30,945               (34 )

Expiring 06/03/25

       GSI             BRL        9,836        1,714,029        1,718,365        4,336       

Expiring 06/03/25

       MSI             BRL        636        111,553        111,065               (488 )

Chilean Peso,

                                       

Expiring 06/18/25

       CITI             CLP        293,533        315,353        309,891               (5,462 )

Expiring 06/18/25

       CITI             CLP        99,096        104,000        104,619        619       

Expiring 06/18/25

       CITI             CLP        17,226        18,000        18,186        186       

Chinese Renminbi,

                                       

Expiring 06/18/25

       BARC             CNH        527        72,750        72,833        83       

Expiring 06/18/25

       BNP             CNH        911        124,550        125,803        1,253       

Expiring 06/18/25

       CITI             CNH        634        87,000        87,576        576       

Expiring 06/18/25

       HSBC             CNH        395        54,835        54,501               (334 )

Expiring 06/18/25

       JPM             CNH        459        63,525        63,409               (116 )

Colombian Peso,

                                       

Expiring 06/18/25

       BNY             COP        2,000,000        455,919        469,953        14,034       

Expiring 06/18/25

       BNY             COP        1,800,000        432,578        422,957               (9,621 )

Expiring 06/18/25

       BNY             COP        675,000        155,736        158,609        2,873       

Expiring 06/18/25

       CITI             COP        280,111        63,902        65,820        1,918       

Expiring 06/18/25

       TD             COP        1,060,015        254,000        249,078               (4,922 )

Czech Koruna,

                                       

Expiring 07/22/25

       BOA             CZK        3,511        158,208        159,748        1,540       

Expiring 07/22/25

       CITI             CZK        1,003        45,684        45,650               (34 )

Egyptian Pound,

                                       

Expiring 05/19/25

       CITI             EGP        7,651        141,396        149,002        7,606       

 

See Notes to Financial Statements.

68


PGIM Emerging Markets Debt Local Currency Fund

Schedule of Investments(unaudited) (continued)

as of April 30, 2025

 

Forward foreign currency exchange contracts outstanding at April 30, 2025 (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.):

 

         

Egyptian Pound (cont’d.),

                                       

Expiring 05/19/25

       SCB                  EGP        6,987      $ 129,335      $ 136,065      $ 6,730      $

Expiring 05/27/25

       CITI             EGP        8,806        161,733        170,779        9,046       

Expiring 05/27/25

       SCB             EGP        6,869        126,802        133,205        6,403       

Expiring 06/17/25

       CITI             EGP        13,822        249,817        265,579        15,762       

Expiring 07/09/25

       CITI             EGP        4,136        75,866        78,724        2,858       

Euro,

                                       

Expiring 07/22/25

       BOA             EUR        78        89,000        88,692               (308 )

Expiring 07/22/25

       SCB             EUR        31        35,742        35,677               (65 )

Hungarian Forint,

                                       

Expiring 07/22/25

       BARC             HUF        49,036        135,948        136,757        809       

Indian Rupee,

                                       

Expiring 06/18/25

       BARC             INR        1,898        22,205        22,351        146       

Expiring 06/18/25

       CITI             INR        245,065        2,798,796        2,885,770        86,974       

Expiring 06/18/25

       CITI             INR        14,500        169,701        170,740        1,039       

Expiring 06/18/25

       CITI             INR        13,593        157,772        160,065        2,293       

Expiring 06/18/25

       JPM             INR        150,201        1,706,921        1,768,698        61,777       

Expiring 06/18/25

       MSI             INR        27,205        316,369        320,348        3,979       

Expiring 06/18/25

       MSI             INR        3,205        37,031        37,742        711       

Indonesian Rupiah,

                                       

Expiring 06/18/25

       BARC             IDR        716,191        42,860        43,188        328       

Expiring 06/18/25

       BARC             IDR        455,127        26,994        27,445        451       

Expiring 06/18/25

       BNY             IDR        12,500,000        733,568        753,782        20,214       

Expiring 06/18/25

       BNY             IDR        7,000,000        423,908        422,117               (1,791 )

Expiring 06/18/25

       BNY             IDR        5,000,000        295,911        301,513        5,602       

Expiring 06/18/25

       BNY             IDR        4,000,000        240,891        241,210        319       

Expiring 06/18/25

       BNY             IDR        970,163        59,265        58,504               (761 )

Expiring 06/18/25

       HSBC             IDR        5,454,135        331,000        328,898               (2,102 )

Expiring 06/18/25

       JPM             IDR        4,230,605        251,000        255,116        4,116       

Expiring 06/18/25

       MSI             IDR        1,800,626        108,429        108,582        153       

Expiring 06/18/25

       MSI             IDR        585,404        34,721        35,301        580       

Japanese Yen,

                                       

Expiring 07/22/25

       SCB             JPY        45,333        320,793        320,047               (746 )

Malaysian Ringgit,

                                       

Expiring 06/18/25

       BARC             MYR        1,113        251,000        258,444        7,444       

Expiring 06/18/25

       BARC             MYR        95        21,811        22,045        234       

Expiring 06/18/25

       MSI             MYR        11,285        2,567,435        2,620,629        53,194       

Expiring 06/18/25

       MSI             MYR        560        127,000        130,059        3,059       

Expiring 06/18/25

       MSI             MYR        144        32,707        33,449        742       

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 69


PGIM Emerging Markets Debt Local Currency Fund

Schedule of Investments(unaudited) (continued)

as of April 30, 2025

 

Forward foreign currency exchange contracts outstanding at April 30, 2025 (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,

                                       

Expiring 06/18/25

       BARC                  MXN        2,304      $ 113,958      $ 116,691      $ 2,733      $

Expiring 06/18/25

       BNP             MXN        6,452        317,000        326,799        9,799       

Expiring 06/18/25

       CITI             MXN        44,580        2,163,414        2,258,079        94,665       

Expiring 06/18/25

       CITI             MXN        791        38,326        40,087        1,761       

Expiring 06/18/25

       GSI             MXN        460        23,210        23,284        74       

New Taiwanese Dollar,

                                       

Expiring 06/18/25

       BARC             TWD        10,297        313,156        324,065        10,909       

Expiring 06/18/25

       BARC             TWD        2,992        91,900        94,155        2,255       

Expiring 06/18/25

       CITI             TWD        15,796        480,822        497,140        16,318       

Expiring 06/18/25

       CITI             TWD        2,840        89,000        89,397        397       

Expiring 06/18/25

       CITI             TWD        1,303        40,628        41,010        382       

Expiring 06/18/25

       HSBC             TWD        9,713        302,000        305,691        3,691       

Expiring 06/18/25

       HSBC             TWD        9,710        295,000        305,601        10,601       

Expiring 06/18/25

       SCB             TWD        9,102        277,000        286,475        9,475       

Peruvian Nuevo Sol,

                                       

Expiring 06/18/25

       CITI             PEN        1,177        319,000        320,638        1,638       

Expiring 06/18/25

       CITI             PEN        1,000        274,620        272,329               (2,291 )

Expiring 06/18/25

       CITI             PEN        500        136,998        136,165               (833 )

Expiring 06/18/25

       MSI             PEN        272        74,314        73,949               (365 )

Philippine Peso,

                                       

Expiring 06/18/25

       MSI             PHP        49,697        867,109        889,947        22,838       

Polish Zloty,

                                       

Expiring 07/22/25

       GSI             PLN        1,584        417,758        418,277        519       

Expiring 07/22/25

       GSI             PLN        84        22,661        22,290               (371 )

Expiring 07/22/25

       HSBC             PLN        2,656        704,519        701,351               (3,168 )

Expiring 07/22/25

       MSI             PLN        132        34,763        34,764        1       

Romanian Leu,

                                       

Expiring 07/22/25

       HSBC             RON        349        79,254        79,023               (231 )

Singapore Dollar,

                                       

Expiring 06/18/25

       CITI             SGD        260        193,217        199,469        6,252       

Expiring 06/18/25

       MSI             SGD        346        259,420        265,839        6,419       

Expiring 06/18/25

       SSB             SGD        39        29,430        29,632        202       

Expiring 06/18/25

       TD             SGD        167        126,061        128,543        2,482       

South African Rand,

                                       

Expiring 06/18/25

       CITI             ZAR        3,427        178,896        183,493        4,597       

Expiring 06/18/25

       CITI             ZAR        1,312        70,000        70,243        243       

Expiring 06/18/25

       CITI             ZAR        487        24,850        26,089        1,239       

Expiring 06/18/25

       DB             ZAR        8,418        458,712        450,789               (7,923 )

Expiring 06/18/25

       SSB             ZAR        7,269        368,353        389,229        20,876       

 

See Notes to Financial Statements.

70


PGIM Emerging Markets Debt Local Currency Fund

Schedule of Investments(unaudited) (continued)

as of April 30, 2025

 

Forward foreign currency exchange contracts outstanding at April 30, 2025 (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 06/18/25

       UAG                  ZAR        524      $ 27,857      $ 28,058      $ 201      $

South Korean Won,

                                       

Expiring 06/18/25

       BARC             KRW        309,984        212,624        218,294        5,670       

Expiring 06/18/25

       BOA             KRW        293,132        203,000        206,427        3,427       

Expiring 06/18/25

       CITI             KRW        500,000        342,334        352,105        9,771       

Expiring 06/18/25

       CITI             KRW        144,747        101,884        101,932        48       

Expiring 06/18/25

       CITI             KRW        125,811        89,000        88,598               (402 )

Expiring 06/18/25

       MSI             KRW        51,376        36,302        36,179               (123 )

Thai Baht,

                                       

Expiring 06/18/25

       CITI             THB        752        22,294        22,585        291       

Expiring 06/18/25

       GSI             THB        14,970        445,000        449,781        4,781       

Expiring 06/18/25

       HSBC             THB        17,099        493,307        513,762        20,455       

Expiring 06/18/25

       HSBC             THB        6,052        182,000        181,835               (165 )

Expiring 06/18/25

       HSBC             THB        507        15,389        15,238               (151 )

Expiring 06/18/25

       SCB             THB        7,037        208,040        211,419        3,379       

Turkish Lira,

                                       

Expiring 05/27/25

       BARC             TRY        18,014        453,744        453,218               (526 )

Expiring 05/27/25

       MSI             TRY        3,377        85,000        84,952               (48 )

Expiring 06/03/25

       HSBC             TRY        2,621        65,457        65,400               (57 )
                        

 

 

      

 

 

      

 

 

      

 

 

 
                         $ 31,333,952      $ 31,939,704        649,190        (43,438 )
                        

 

 

      

 

 

      

 

 

      

 

 

 

Sale

Contracts

   Counterparty         Notional
Amount
(000)
   Value at
Settlement
Date
   Current
Value
   Unrealized
Appreciation
   Unrealized
Depreciation

OTC Forward Foreign Currency Exchange Contracts:

                                       

Brazilian Real,

                                       

Expiring 05/05/25

       CITI             BRL        2,817      $ 477,525      $ 495,815      $      $  (18,290

Expiring 05/05/25

       CITI             BRL        1,156        196,000        203,507               (7,507 )

Expiring 05/05/25

       CITI             BRL        1,135        192,667        199,745               (7,078 )

Expiring 05/05/25

       CITI             BRL        366        61,918        64,500               (2,582 )

Expiring 05/05/25

       GSI             BRL        9,770        1,714,133        1,719,421               (5,288 )

Expiring 05/05/25

       MSI             BRL        209        35,684        36,869               (1,185 )

Chilean Peso,

                                       

Expiring 06/18/25

       BOA             CLP        115,813        125,000        122,266        2,734       

Expiring 06/18/25

       CITI             CLP        86,642        87,389        91,470               (4,081 )

Expiring 06/18/25

       DB             CLP        96,928        104,000        102,329        1,671       

Chinese Renminbi,

                                       

Expiring 06/18/25

       CA             CNH        258        35,505        35,645               (140 )

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 71


PGIM Emerging Markets Debt Local Currency Fund

Schedule of Investments(unaudited) (continued)

as of April 30, 2025

 

Forward foreign currency exchange contracts outstanding at April 30, 2025 (continued):

 

Sale

Contracts

   Counterparty         Notional
Amount
(000)
   Value at
Settlement
Date
   Current
Value
   Unrealized
Appreciation
   Unrealized
Depreciation

OTC Forward Foreign Currency Exchange Contracts (cont’d.):

 

              

Chinese Renminbi (cont’d.),

                                       

Expiring 06/18/25

       CITI             CNH        637      $ 87,000      $ 87,943      $      $ (943 )

Expiring 06/18/25

       DB             CNH        801        111,396        110,668        728       

Expiring 06/18/25

       SSB             CNH        636        87,263        87,793               (530 )

Colombian Peso,

                                       

Expiring 06/18/25

       BARC             COP        474,300        114,000        111,449        2,551       

Expiring 06/18/25

       BARC             COP        169,683        40,628        39,872        756       

Expiring 06/18/25

       CITI             COP        2,963,424        712,756        696,335        16,421       

Expiring 06/18/25

       CITI             COP        1,760,479        419,861        413,670        6,191       

Expiring 06/18/25

       CITI             COP        1,000,632        226,600        235,125               (8,525 )

Expiring 06/18/25

       CITI             COP        789,480        180,000        185,509               (5,509 )

Expiring 06/18/25

       CITI             COP        492,895        114,000        115,819               (1,819 )

Expiring 06/18/25

       CITI             COP        392,655        88,000        92,265               (4,265 )

Expiring 06/18/25

       CITI             COP        364,028        82,423        85,538               (3,115 )

Expiring 06/18/25

       DB             COP        440,871        104,000        103,594        406       

Egyptian Pound,

                                       

Expiring 05/27/25

       CITI             EGP        7,756        149,229        150,416               (1,187 )

Expiring 07/09/25

       SCB             EGP        5,928        109,028        112,824               (3,796 )

Euro,

                                       

Expiring 07/22/25

       HSBC             EUR        343        377,086        390,257               (13,171 )

Expiring 07/22/25

       HSBC             EUR        125        143,000        142,586        414       

Expiring 07/22/25

       SSB             EUR        99        113,563        112,933        630       

Hungarian Forint,

                                       

Expiring 07/22/25

       BARC             HUF        13,270        37,149        37,009        140       

Indian Rupee,

                                       

Expiring 06/18/25

       BARC             INR        63,560        735,903        748,451               (12,548 )

Expiring 06/18/25

       BARC             INR        17,850        203,530        210,193               (6,663 )

Expiring 06/18/25

       CITI             INR        49,987        579,457        588,622               (9,165 )

Expiring 06/18/25

       HSBC             INR        21,816        252,000        256,898               (4,898 )

Expiring 06/18/25

       MSI             INR        39,911        454,000        469,974               (15,974 )

Expiring 06/18/25

       MSI             INR        32,915        376,000        387,587               (11,587 )

Expiring 06/18/25

       SSB             INR        21,091        244,000        248,362               (4,362 )

Indonesian Rupiah,

                                       

Expiring 06/18/25

       BARC             IDR        12,858,142        757,029        775,378               (18,349 )

Expiring 06/18/25

       BARC             IDR        1,571,493        96,145        94,765        1,380       

Expiring 06/18/25

       CITI             IDR        2,231,102        132,362        134,541               (2,179 )

Expiring 06/18/25

       CITI             IDR        1,728,550        103,863        104,236               (373 )

Expiring 06/18/25

       JPM             IDR        14,436,468        873,561        870,556        3,005       

Expiring 06/18/25

       MSI             IDR        899,782        53,408        54,259               (851 )

 

See Notes to Financial Statements.

72


PGIM Emerging Markets Debt Local Currency Fund

Schedule of Investments(unaudited) (continued)

as of April 30, 2025

 

Forward foreign currency exchange contracts outstanding at April 30, 2025 (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 06/18/25

       BARC             MYR        2,031      $ 459,868      $ 471,692      $      $ (11,824 )

Expiring 06/18/25

       BARC             MYR        1,539        343,841        357,472               (13,631 )

Expiring 06/18/25

       BARC             MYR        202        45,791        46,948               (1,157 )

Expiring 06/18/25

       MSI             MYR        235        53,362        54,610               (1,248 )

Mexican Peso,

                                       

Expiring 06/18/25

       BARC             MXN        1,594        80,945        80,748        197       

Expiring 06/18/25

       DB             MXN        4,365        209,000        221,104               (12,104 )

Expiring 06/18/25

       GSI             MXN        870        41,758        44,070               (2,312 )

Expiring 06/18/25

       MSI             MXN        8,652        426,143        438,259               (12,116 )

Expiring 06/18/25

       SSB             MXN        6,044        289,225        306,117               (16,892 )

Expiring 06/18/25

       SSB             MXN        1,850        91,926        93,720               (1,794 )

New Taiwanese Dollar,

                                       

Expiring 06/18/25

       BOA             TWD        11,468        350,000        360,925               (10,925 )

Expiring 06/18/25

       HSBC             TWD        62,102        1,903,503        1,954,534               (51,031 )

Expiring 06/18/25

       HSBC             TWD        14,163        432,000        445,747               (13,747 )

Expiring 06/18/25

       MSI             TWD        13,988        429,000        440,244               (11,244 )

Peruvian Nuevo Sol,

                                       

Expiring 06/18/25

       BARC             PEN        112        30,446        30,380        66       

Expiring 06/18/25

       CITI             PEN        2,732        744,962        744,122        840       

Expiring 06/18/25

       CITI             PEN        105        27,874        28,542               (668 )

Philippine Peso,

                                       

Expiring 06/18/25

       BARC             PHP        6,280        109,358        112,467               (3,109 )

Expiring 06/18/25

       CITI             PHP        8,581        149,383        153,665               (4,282 )

Expiring 06/18/25

       CITI             PHP        2,885        50,318        51,665               (1,347 )

Expiring 06/18/25

       CITI             PHP        1,060        18,687        18,987               (300 )

Romanian Leu,

                                       

Expiring 07/22/25

       BARC             RON        167        38,024        37,890        134       

Expiring 07/22/25

       GSI             RON        250        56,788        56,556        232       

Singapore Dollar,

                                       

Expiring 06/18/25

       BOA             SGD        1,830        1,381,672        1,404,957               (23,285 )

Expiring 06/18/25

       BOA             SGD        508        382,000        389,851               (7,851 )

South African Rand,

                                       

Expiring 06/18/25

       BNP             ZAR        686        36,232        36,727               (495 )

Expiring 06/18/25

       CITI             ZAR        1,309        70,000        70,109               (109 )

Expiring 06/18/25

       HSBC             ZAR        50,237        2,729,370        2,690,144        39,226       

Expiring 06/18/25

       HSBC             ZAR        2,524        126,854        135,153               (8,299 )

Expiring 06/18/25

       HSBC             ZAR        1,309        70,000        70,103               (103 )

Expiring 06/18/25

       HSBC             ZAR        1,111        56,823        59,509               (2,686 )

Expiring 06/18/25

       JPM             ZAR        1,859        100,434        99,531        903       

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 73


PGIM Emerging Markets Debt Local Currency Fund

Schedule of Investments(unaudited) (continued)

as of April 30, 2025

 

Forward foreign currency exchange contracts outstanding at April 30, 2025 (continued):

 

Sale

Contracts

   Counterparty         Notional
Amount
(000)
   Value at
Settlement

Date
   Current
Value
   Unrealized
Appreciation
   Unrealized
Depreciation

OTC Forward Foreign Currency Exchange Contracts (cont’d.):

 

              

South African Rand (cont’d.),

                                       

Expiring 06/18/25

       SSB             ZAR        1,793      $ 93,912      $ 96,030      $      $ (2,118 )

South Korean Won,

                                       

Expiring 06/18/25

       BNP             KRW        1,544,046        1,073,604        1,087,334               (13,730 )

Expiring 06/18/25

       BNY             KRW        1,544,046        1,073,022        1,087,334               (14,312 )

Thai Baht,

                                       

Expiring 06/18/25

       BARC             THB        855        25,548        25,683               (135 )

Expiring 06/18/25

       CITI             THB        12,436        367,000        373,641               (6,641 )

Expiring 06/18/25

       CITI             THB        11,827        342,866        355,352               (12,486 )

Expiring 06/18/25

       HSBC             THB        41,575        1,235,236        1,249,146               (13,910 )

Expiring 06/18/25

       HSBC             THB        4,258        127,000        127,944               (944 )
                        

 

 

      

 

 

      

 

 

      

 

 

 
                         $ 26,861,836      $ 27,236,006        78,625        (452,795 )
                        

 

 

      

 

 

      

 

 

      

 

 

 
                                   $ 727,815      $ (496,233 )
                                  

 

 

      

 

 

 

Cross currency exchange contracts outstanding at April 30, 2025:

 

Settlement

   Type    Notional
Amount
(000)
   In Exchange
For (000)
   Unrealized
Appreciation
   Unrealized
Depreciation
  Counterparty

OTC Cross Currency Exchange Contracts:

 

             

07/22/25

       Buy        EUR        58        JPY        9,276      $ 373      $       MSI

07/22/25

       Buy        JPY        9,324        EUR        58               (38 )       CITI

07/22/25

       Buy        JPY        18,665        EUR        116        50              MSI

07/22/25

       Buy        PLN        1,050        EUR        243        660              BNP
                             

 

 

      

 

 

     
                              $ 1,083      $ (38 )    
                             

 

 

      

 

 

     

Credit default swap agreements outstanding at April 30, 2025:

 

Reference

Entity/

Obligation

   Termination
Date
     Fixed
Rate
    Notional
Amount
(000)#(3)
     Implied
Credit

Spread at
April 30,
2025(4)
    Fair
Value
    Upfront
Premiums
Paid

(Received)
    Unrealized
Appreciation

(Depreciation)
     Counterparty  

OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):

 

  

Petroleos Mexicanos^

     05/07/26        4.750 %(M)      300        *     $  1,720     $   —     $ 1,720        GSI  

Republic of Argentina

     09/20/25        5.000 %(Q)      70        7.305     (212     (774     562        BARC  

 

See Notes to Financial Statements.

74


PGIM Emerging Markets Debt Local Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

Credit default swap agreements outstanding at April 30, 2025 (continued):

 

Reference

Entity/

Obligation

   Termination
Date
   Fixed
Rate
   Notional
Amount
(000)#(3)
   Implied
Credit
Spread at
April 30,
2025(4)
  Fair
Value
  Upfront
Premiums
Paid
(Received)
  Unrealized
Appreciation

(Depreciation)
  Counterparty

OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont’d.):

 

Republic of Argentina

       09/20/25        5.000%(Q)          53        7.305 %     $ (160 )     $ (477 )     $ 317       BARC

Republic of Ivory Coast

       06/20/26        1.000%(Q)          300        2.969 %       (6,159 )       (5,341 )       (818 )       JPM

Republic of Ivory Coast

       06/20/27        1.000%(Q)          150        3.525 %       (7,341 )       (4,920 )       (2,421 )       MSI

Republic of Panama

       06/20/27        1.000%(Q)          500        1.385 %       (3,351 )       (2,932 )       (419 )       MSI

Republic of Turkey

       12/20/25        1.000%(Q)          600        1.754 %       (2,165 )       (2,543 )       378       MSI

Republic of Turkey

       12/20/25        1.000%(Q)          200        1.754 %       (722 )       (608 )       (114 )       MSI
                       

 

 

     

 

 

     

 

 

     
                        $ (18,390 )     $ (17,595 )     $ (795 )    
                       

 

 

     

 

 

     

 

 

     

 

Reference

Entity/

Obligation

   Termination
Date
   Fixed
Rate
   Notional
Amount
(000)#(3)
   Implied Credit
Spread at
April 30,
2025(4)
  Value at
Trade Date
  Value at
April 30,
2025
  Unrealized
Appreciation
(Depreciation)

Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):

 

       

CDX.EM.36.V3

       12/20/26        1.000%(Q)          1,242        1.052 %     $ (4,473 )     $ 425     $ 4,898

CDX.EM.37.V2

       06/20/27        1.000%(Q)          779        1.253 %       (770 )       (3,121 )       (2,351 )

CDX.EM.39.V1

       06/20/28        1.000%(Q)          887        1.401 %       (6,826 )       (9,364 )       (2,538 )
                       

 

 

     

 

 

     

 

 

 
                        $ (12,069 )     $ (12,060 )     $ 9
                       

 

 

     

 

 

     

 

 

 

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

 

(1)

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

 

(2)

If the Fund is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 75


PGIM Emerging Markets Debt Local Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

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.

 

*

When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Fund is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

Interest rate swap agreements outstanding at April 30, 2025:

 

Notional
Amount
(000)#
  

Termination
Date

  

Fixed

Rate

    

Floating

Rate

   Value at
Trade Date
  

Value at

April 30,

 2025 

 

Unrealized
Appreciation
(Depreciation)

                                
Centrally Cleared Interest Rate Swap Agreements:
  BRL  668      01/04/27    6.325%(T)     

1 Day BROIS(2)(T)/ 0.053%

     $    —      $ (41,199 )     $ (41,199 )
  BRL   1,056      01/04/27    6.529%(T)     

1 Day BROIS(2)(T)/ 0.053%

              (62,159 )       (62,159 )
  BRL  2,210      01/04/27    9.775%(T)     

1 Day BROIS(2)(T)/ 0.053%

              (34,522 )       (34,522 )
  BRL  413      01/04/27    11.680%(T)     

1 Day BROIS(2)(T)/ 0.053%

       176        (5,302 )       (5,478 )
  BRL  1,688      01/04/27    11.755%(T)     

1 Day BROIS(2)(T)/ 0.053%

              (17,009 )       (17,009 )

 

See Notes to Financial Statements.

76


PGIM Emerging Markets Debt Local Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

Interest rate swap agreements outstanding at April 30, 2025 (continued):

 

Notional
Amount
(000)#
  

Termination
Date

  

Fixed

Rate

    

Floating

Rate

  

Value at

Trade Date

 

Value at

April 30,

 2025 

 

Unrealized
Appreciation
(Depreciation)

Centrally Cleared Interest Rate Swap Agreements (cont’d.):
  BRL 518      01/04/27    13.270%(T)     

1 Day BROIS(1)(T)/ 0.053%

     $          $ (1,779 )     $ (1,779 )
  BRL 4,999      01/04/27    15.060%(T)     

1 Day BROIS(2)(T)/ 0.053%

                  20,068       20,068
  BRL 3,127      01/03/28    13.572%(T)     

1 Day BROIS(2)(T)/ 0.053%

                  1,862       1,862
  BRL 1,039      01/02/29    10.960%(T)     

1 Day BROIS(2)(T)/ 0.053%

       (2,606 )            (17,672 )       (15,066 )
  BRL 2,776      01/02/29    13.450%(T)     

1 Day BROIS(2)(T)/ 0.053%

                  (41 )       (41 )
  BRL 1,260      01/02/29    13.482%(T)     

1 Day BROIS(2)(T)/ 0.053%

                  221       221
  CLP 25,080      03/15/33    5.100%(S)     

1 Day CLOIS(2)(S)/ 5.000%

       (491 )            488       979
  CNH 3,000      07/28/27    2.438%(Q)     

7 Day China Fixing Repo Rates(2)(Q)/ 1.950%

                  9,454       9,454
  CNH 2,407      12/15/27    2.680%(Q)     

7 Day China Fixing Repo Rates(2)(Q)/ 1.950%

       (1,350 )            11,344       12,694
  CNH 5,630      04/24/28    2.811%(Q)     

7 Day China Fixing Repo Rates(2)(Q)/ 1.950%

                  32,362       32,362
  COP  6,941,027      06/18/27    8.020%(Q)     

1 Day COOIS(1)(Q)/ 8.953%

       239            1,538       1,299
  COP  2,058,313      06/18/27    8.060%(Q)     

1 Day COOIS(1)(Q)/ 8.953%

                  99       99
  COP 236,760      12/21/27    10.125%(Q)     

1 Day COOIS(1)(Q)/ 8.953%

                  (2,737 )       (2,737 )
  COP  1,928,350      03/20/29    7.210%(Q)     

1 Day COOIS(2)(Q)/ 8.953%

                  (15,968 )       (15,968 )
  COP 211,800      11/09/31    6.650%(Q)     

1 Day COOIS(2)(Q)/ 8.953%

                  (4,844 )       (4,844 )
  CZK 19,848      06/21/25    5.919%(A)     

6 Month PRIBOR(1)(S)/ 3.520%

       150            (36,681 )       (36,831 )
  CZK 11,310      06/18/30    3.218%(A)     

6 Month PRIBOR(2)(S)/ 3.520%

                  (912 )       (912 )

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 77


PGIM Emerging Markets Debt Local Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

Interest rate swap agreements outstanding at April 30, 2025 (continued):

 

Notional
Amount
(000)#
    

Termination
Date

  

Fixed

Rate

    

Floating

Rate

  

Value at
Trade Date

    

Value at

April 30,

 2025 

    

Unrealized
Appreciation
(Depreciation)

 
Centrally Cleared Interest Rate Swap Agreements (cont’d.):  
CZK  6,507      06/15/31    1.730%(A)     

6 Month PRIBOR(2)(S)/ 3.520%

      $           $ (26,184         $ (26,184  
CZK 5,913      09/18/34    3.955%(A)     

6 Month PRIBOR(2)(S)/ 3.520%

        2,191             15,398             13,207    
HUF  351,566      03/20/26    6.195%(A)     

6 Month BUBOR(1)(S)/ 6.500%

        (6,224           3,440             9,664    
HUF  150,000      03/17/27    6.250%(A)     

6 Month BUBOR(1)(S)/ 6.500%

                    (2,079           (2,079  
INR 70,385      12/18/29    5.993%(S)     

1 Day MIBOR(2)(S)/ 6.000%

        (1,317           11,646             12,963    
INR 35,320      06/18/30    5.613%(S)     

1 Day MIBOR(2)(S)/ 6.000%

                    165             165    
INR 84,486      06/18/30    5.966%(S)     

1 Day MIBOR(2)(S)/ 6.000%

        (20           15,242             15,262    
INR 177,878      06/18/30    6.075%(S)     

1 Day MIBOR(2)(S)/ 6.000%

                    41,745             41,745    
KRW  496,507      09/21/27    3.087%(Q)     

3 Month KWCDC(2)(Q)/ 2.710%

        (435           7,167             7,602    
KRW  180,000      12/21/27    4.197%(Q)     

3 Month KWCDC(2)(Q)/ 2.710%

        4,425             6,655             2,230    
KRW  904,550      03/15/28    2.965%(Q)     

3 Month KWCDC(2)(Q)/ 2.710%

        (3,073           13,450             16,523    
KRW  107,825      12/20/28    3.830%(Q)     

3 Month KWCDC(1)(Q)/ 2.710%

        (3,058           (4,361           (1,303  
KRW  500,440      06/19/29    3.390%(Q)     

3 Month KWCDC(1)(Q)/ 2.710%

        (12,418           (16,355           (3,937  
KRW  447,383      12/18/29    2.886%(Q)     

3 Month KWCDC(2)(Q)/ 2.710%

        3,726             8,933             5,207    
KRW  1,010,441      06/18/30    2.423%(Q)     

3 Month KWCDC(2)(Q)/ 2.710%

                    6,124             6,124    

 

See Notes to Financial Statements.

78


PGIM Emerging Markets Debt Local Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

Interest rate swap agreements outstanding at April 30, 2025 (continued):

 

Notional
Amount
(000)#
    

Termination
Date

  

Fixed

Rate

    

Floating

Rate

  

Value at
Trade Date

   

Value at

April 30,

 2025 

   

Unrealized
Appreciation
(Depreciation)

 
Centrally Cleared Interest Rate Swap Agreements (cont’d.):  
KRW  44,232      06/18/30    2.645%(Q)     

3 Month KWCDC(2)(Q)/ 2.710%

      $ 76          $ 597          $ 521    
MXN  9,102      03/13/30    8.860%(M)     

28 Day Mexican Interbank Rate(2)(M)/ 9.341%

        450            22,422            21,972    
MXN  30,860      06/12/30    8.152%(M)     

28 Day Mexican Interbank Rate(2)(M)/ 9.341%

        6,668            31,250            24,582    
PLN  6,921      06/21/25    6.021%(A)     

6 Month WIBOR(1)(S)/ 5.100%

        4,254            (56,960          (61,214  
PLN  2,730      09/08/25    0.638%(A)     

6 Month WIBOR(2)(S)/ 5.100%

        (332          (16,323          (15,991  
PLN  1,670      08/02/27    5.680%(A)     

6 Month WIBOR(2)(S)/ 5.100%

                   27,623            27,623    
PLN  1,190      09/21/27    6.632%(A)     

6 Month WIBOR(1)(S)/ 5.100%

        (2,697          (28,617          (25,920  
PLN  1,434      10/06/27    6.826%(A)     

6 Month WIBOR(2)(S)/ 5.100%

                   36,932            36,932    
PLN 117      10/25/27    7.900%(A)     

6 Month WIBOR(1)(S)/ 5.100%

        (3,383          (4,059          (676  
PLN  2,116      12/21/27    6.845%(A)     

6 Month WIBOR(1)(S)/ 5.100%

        (32,911          (41,726          (8,815  
PLN  2,250      06/18/30    3.963%(A)     

6 Month WIBOR(2)(S)/ 5.100%

                   1,707            1,707    
PLN 271      05/10/32    6.410%(A)     

6 Month WIBOR(1)(S)/ 5.100%

                   (12,601          (12,601  
THB  79,390      05/06/27    1.180%(Q)     

1 Day THOR(2)(Q)/ 1.741%

                   (782          (782  
THB   28,333      06/18/30    1.358%(Q)     

1 Day THOR(2)(Q)/ 1.741%

                   (1,949          (1,949  

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund  79


PGIM Emerging Markets Debt Local Currency Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

 

Interest rate swap agreements outstanding at April 30, 2025 (continued):

 

Notional
Amount
(000)#
     Termination
Date
     Fixed
Rate
    

Floating

Rate

  

Value at
Trade Date

   

Value at

April 30,

 2025 

   

Unrealized
Appreciation
(Depreciation)

 
Centrally Cleared Interest Rate Swap Agreements (cont’d.):  
ZAR  18,880        06/21/25      8.250%(Q)     

3 Month JIBAR(1)(Q)/ 7.542%

      $ 12,729          $ (1,809        $ (14,538  
ZAR  5,789        08/21/25      4.978%(Q)     

3 Month JIBAR(2)(Q)/ 7.542%

        (2,044          (3,811          (1,767  
ZAR  2,808        03/16/27      6.960%(Q)     

3 Month JIBAR(1)(Q)/ 7.542%

        5,758            393            (5,365  
ZAR  1,744        09/21/27      7.490%(Q)     

3 Month JIBAR(2)(Q)/ 7.542%

        (2,039          834            2,873    
ZAR  2,634        06/21/28      8.455%(Q)     

3 Month JIBAR(1)(Q)/ 7.542%

        (286          (5,310          (5,024  
ZAR 646        06/19/29      8.930%(Q)     

3 Month JIBAR(2)(Q)/ 7.542%

        1,493            2,057            564    
ZAR  2,510        06/19/29      8.933%(Q)     

3 Month JIBAR(1)(Q)/ 7.542%

                   (8,003          (8,003  
ZAR  14,064        12/18/29      7.975%(Q)     

3 Month JIBAR(1)(Q)/ 7.542%

        (3,962          (17,042          (13,080  
ZAR 686        03/19/30      7.765%(Q)     

3 Month JIBAR(2)(Q)/ 7.542%

                   458            458    
ZAR   10,847        03/19/30      7.981%(Q)     

3 Month JIBAR(2)(Q)/ 7.542%

        2,015            12,555            10,540    
ZAR  7,743        03/19/30      8.060%(Q)     

3 Month JIBAR(1)(Q)/ 7.542%

                   (10,350          (10,350  
ZAR  7,119        04/13/31      7.530%(Q)     

3 Month JIBAR(2)(Q)/ 7.542%

        (4,951          (3,757          1,194    
ZAR  6,680        07/13/31      7.415%(Q)     

3 Month JIBAR(1)(Q)/ 7.542%

        93            6,871            6,778    
ZAR  6,610        09/27/31      7.493%(Q)     

3 Month JIBAR(1)(Q)/ 7.542%

        1,662            6,596            4,934    
ZAR  4,635        01/04/32      7.595%(Q)     

3 Month JIBAR(1)(Q)/ 7.542%

        5,064            4,345            (719  
ZAR  2,682        11/10/32      9.160%(Q)     

3 Month JIBAR(2)(Q)/ 7.542%

        (11          8,903            8,914    
                

 

 

        

 

 

        

 

 

   
                 $ (32,439        $ (131,959        $ (99,520  
                

 

 

        

 

 

        

 

 

   

 

See Notes to Financial Statements.

80


PGIM Emerging Markets Debt Local Currency Fund

Schedule of Investments(unaudited) (continued)

as of April 30, 2025

 

Interest rate swap agreements outstanding at April 30, 2025 (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:                                                                
MYR  2,300        07/21/27        3.640%(Q)      3 Month KLIBOR(2)(Q)/ 3.650%          $ 4,607                     $ (4                   $ 4,611              GSI  
MYR  3,000        07/29/27        3.500%(Q)      3 Month KLIBOR(2)(Q)/ 3.650%        3,962            (5          3,967          JPM  
MYR  1,165        06/21/28        3.442%(Q)      3 Month KLIBOR(2)(Q)/ 3.650%        1,584                       1,584          BOA  
MYR  1,170        03/19/30        3.515%(Q)      3 Month KLIBOR(2)(Q)/ 3.650%        2,811                       2,811          CITI  
             

 

 

        

 

 

        

 

 

      
              $ 12,964          $ (9        $ 12,973       
             

 

 

        

 

 

        

 

 

      

 

(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

   $—        $(17,604)        $15,950      $(3,772)

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   

CITI

           $167,924             $ 693,316

JPS

                       201,828
        

 

 

           

 

 

 

Total

                       $167,924                       $ 895,144
        

 

 

           

 

 

 

Fair Value Measurements:

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

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

 

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund  81


PGIM Emerging Markets Debt Local Currency Fund

Schedule of Investments(unaudited) (continued)

as of April 30, 2025

 

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, 2025 in valuing such portfolio securities:

 

      Level 1      Level 2    Level 3

Investments in Securities

             

Assets

             

Long-Term Investments

             

Corporate Bonds

             

Supranational Bank

     $      $ 499,627     $

Sovereign Bonds

             

Brazil

              1,750,261      

Chile

              363,200      

China

              1,716,074      

Colombia

              2,044,090      

Czech Republic

              1,337,935      

Dominican Republic

              241,217      

Guatemala

              193,200      

Hungary

              692,338      

India

              1,490,819      

Indonesia

              4,047,338      

Ivory Coast

              147,338      

Malaysia

              1,756,315      

Mexico

              2,393,191      

Peru

              1,096,576      

Philippines

              98,608      

Poland

              1,753,638      

Romania

              1,538,382      

Serbia

              354,704      

South Africa

              5,122,089      

Thailand

              2,908,116      

Turkey

              434,251      

Uruguay

              43,328      

U.S. Treasury Obligation

              201,828      

Common Stock

             

Jamaica

              36,694      

Short-Term Investments

             

Affiliated Mutual Fund

       1,800,711             

U.S. Treasury Obligation

              693,316      

Options Purchased

              49,888      
    

 

 

      

 

 

     

 

 

 

Total

     $ 1,800,711      $ 33,004,361     $
    

 

 

      

 

 

     

 

 

 

Liabilities

             

Options Written

     $      $ (108,269 )     $  —
    

 

 

      

 

 

     

 

 

 

 

See Notes to Financial Statements.

82


PGIM Emerging Markets Debt Local Currency Fund

Schedule of Investments(unaudited) (continued)

as of April 30, 2025

 

      Level 1     Level 2    Level 3

Other Financial Instruments*

            

Assets

            

Futures Contracts

     $ 30,385     $     $

OTC Forward Foreign Currency Exchange Contracts

             727,815      

OTC Cross Currency Exchange Contracts

             1,083      

Centrally Cleared Credit Default Swap Agreement

             4,898      

OTC Credit Default Swap Agreement

                   1,720

Centrally Cleared Interest Rate Swap Agreements

             359,322      

OTC Interest Rate Swap Agreements

             12,964      
    

 

 

     

 

 

     

 

 

 

Total

     $  30,385     $  1,106,082     $ 1,720
    

 

 

     

 

 

     

 

 

 

Liabilities

            

Futures Contracts

     $ (13,419 )     $     $

OTC Forward Foreign Currency Exchange Contracts

             (496,233 )      

OTC Cross Currency Exchange Contracts

             (38 )      

Centrally Cleared Credit Default Swap Agreements

             (4,889 )      

OTC Credit Default Swap Agreements

             (20,110 )      

Centrally Cleared Interest Rate Swap Agreements

             (458,842 )      
    

 

 

     

 

 

     

 

 

 

Total

     $ (13,419 )     $ (980,112 )     $
    

 

 

     

 

 

     

 

 

 

 

 

 

*

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

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of April 30, 2025 were as follows:

 

Sovereign Bonds

     87.8

Affiliated Mutual Fund

     5.0  

U.S. Treasury Obligations

     2.5  

Multi-National

     1.4  

Options Purchased

     0.2  

Wireless Telecommunication Services

     0.1  
  

 

 

 
     97.0  

Options Written

     (0.3

Other assets in excess of liabilities

     3.3  
  

 

 

 
     100.0
  

 

 

 

    

 

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 83


PGIM Emerging Markets Debt Local Currency Fund

Schedule of Investments(unaudited) (continued)

as of April 30, 2025

 

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

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

Fair values of derivative instruments as of April 30, 2025 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    $ 4,898   Due from/to broker-variation margin swaps    $ 4,889

Credit contracts

            Premiums received for OTC swap agreements      17,595  

Credit contracts

   Unrealized appreciation on OTC swap agreements      2,977     Unrealized depreciation on OTC swap agreements      3,772  

Foreign exchange contracts

   Unaffiliated investments      19,938     Options written outstanding, at value      101,921  

Foreign exchange contracts

   Unrealized appreciation on OTC cross currency exchange contracts      1,083     Unrealized depreciation on OTC cross currency exchange contracts      38  

Foreign exchange contracts

   Unrealized appreciation on OTC forward foreign currency exchange contracts      727,815     Unrealized depreciation on OTC forward foreign currency exchange contracts      496,233  

Interest rate contracts

   Due from/to broker-variation margin futures      30,385   Due from/to broker-variation margin futures      13,419

Interest rate contracts

   Due from/to broker-variation margin swaps      359,322   Due from/to broker-variation margin swaps      458,842

Interest rate contracts

            Premiums received for OTC swap agreements      9  

Interest rate contracts

   Unaffiliated investments      29,950     Options written outstanding, at value      6,348  

Interest rate contracts

   Unrealized appreciation on OTC swap agreements      12,973           
     

 

 

      

 

 

 
      $ 1,189,341        $ 1,103,066  
     

 

 

      

 

 

 

 

 

See Notes to Financial Statements.

84


PGIM Emerging Markets Debt Local Currency Fund

Schedule of Investments(unaudited) (continued)

as of April 30, 2025

 

*

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, 2025 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

    $       $       $         $       $ 33,487  

Foreign exchange contracts

      (40,221       188,200                   (88,533        

Interest rate contracts

              6,237         32,674                   (615,587
   

 

 

     

 

 

     

 

 

       

 

 

     

 

 

 

Total

           $ (40,221            $ 194,437           $ 32,674                 $ (88,533         $ (582,100
   

 

 

     

 

 

     

 

 

       

 

 

     

 

 

 

 

(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

    $       $       $         $       $ (22,000

Foreign exchange contracts

      20,352         (15,174                 463,445          

Interest rate contracts

             12,872                20,309             1,120                               649,719  
   

 

 

     

 

 

     

 

 

       

 

 

     

 

 

 

Total

    $ 33,224       $ 5,135       $ 1,120         $ 463,445       $ 627,719  
   

 

 

     

 

 

     

 

 

       

 

 

     

 

 

 

 

(2)

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

For the six months ended April 30, 2025, the Fund’s average volume of derivative activities is as follows:

 

 Derivative Contract Type

 

  

Average Volume of Derivative Activities* 

 

Options Purchased (1)

     $   22,188  

Options Written (2)

     9,487,258  

Futures Contracts - Long Positions (2)

     1,247,615  

Futures Contracts - Short Positions (2)

     1,768,887     

Forward Foreign Currency Exchange Contracts - Purchased (3)

     34,566,922  

Forward Foreign Currency Exchange Contracts - Sold (3)

     30,283,422  

Cross Currency Exchange Contracts (4)

     180,535  

Interest Rate Swap Agreements (2)

     36,331,795  

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 85


PGIM Emerging Markets Debt Local Currency Fund

Schedule of Investments(unaudited) (continued)

as of April 30, 2025

 

 Derivative Contract Type    Average Volume of Derivative Activities* 

Credit Default Swap Agreements - Sell Protection (2)

   $ 4,518,340

 

*

Average volume is based on average quarter end balances for the six months ended April 30, 2025.

(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

 

BARC

    $ 37,165         $ (69,193       $ (32,028         $—         $ (32,028    

BNP

      11,712           (14,225         (2,513                   (2,513    

BNY

      43,042           (26,485         16,557                     16,557      

BOA

      9,285           (42,369         (33,084                   (33,084    

CA

                (140         (140                   (140    

CITI

      309,870           (117,732         192,138                     192,138      

DB

      2,805           (20,027         (17,222                   (17,222    

GSI

              38,538                               (7,975                             30,563                                                           30,563      

HSBC

      74,388           (119,510         (45,122                   (45,122    

JPM

      93,628           (36,777         56,851                     56,851      

MSI

      123,925           (136,258         (12,333                   (12,333    

SCB

      25,987           (4,607         21,380                     21,380      

SSB

      21,708           (25,696         (3,988                   (3,988    

TD

      2,482           (4,922         (2,440                   (2,440    

UAG

      201                     201                     201      
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

     
    $ 794,736         $ (625,916)         $ 168,820           $—         $ 168,820      
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

     

 

(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.

86


PGIM Emerging Markets Debt Local Currency Fund

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

 

Assets

        

Investments at value:

  

Unaffiliated investments (cost $33,651,418)

   $ 33,004,361  

Affiliated investments (cost $1,800,711)

     1,800,711  

Foreign currency, at value (cost $187,435)

     188,215  

Unrealized appreciation on OTC forward foreign currency exchange contracts

     727,815  

Dividends and interest receivable

     642,714  

Deposit with broker for centrally cleared/exchange-traded derivatives

     167,924  

Tax reclaim receivable

     70,856  

Receivable for investments sold

     38,114  

Receivable for Fund shares sold

     16,408  

Unrealized appreciation on OTC swap agreements

     15,950  

Due from broker—variation margin swaps

     12,824  

Due from Manager

     8,595  

Due from broker—variation margin futures

     5,139  

Unrealized appreciation on OTC cross currency exchange contracts

     1,083  

Prepaid expenses

     531  
  

 

 

 

Total Assets

     36,701,240  
  

 

 

 

Liabilities

        

Unrealized depreciation on OTC forward foreign currency exchange contracts

     496,233  

Options written outstanding, at value (premiums received $109,277)

     108,269  

Payable for Fund shares purchased

     77,521  

Audit fee payable

     28,200  

Accrued expenses and other liabilities

     27,168  

Premiums received for OTC swap agreements

     17,604  

Custodian and accounting fees payable

     15,828  

Foreign capital gains tax liability accrued

     12,421  

Dividends payable

     8,956  

Payable for investments purchased

     7,096  

Unrealized depreciation on OTC swap agreements

     3,772  

Directors’ fees payable

     870  

Affiliated transfer agent fee payable

     623  

Distribution fee payable

     443  

Unrealized depreciation on OTC cross currency exchange contracts

     38  
  

 

 

 

Total Liabilities

     805,042  
  

 

 

 

Net Assets

   $ 35,896,198  
  

 

 

 
          

Net assets were comprised of:

  

Common stock, at par

   $ 77  

Paid-in capital in excess of par

     52,145,239  

Total distributable earnings (loss)

     (16,249,118
  

 

 

 

Net assets, April 30, 2025

   $ 35,896,198  
  

 

 

 

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 87


PGIM Emerging Markets Debt Local Currency Fund

Statement of Assets & Liabilities (unaudited) (continued)

as of April 30, 2025

 

Class A

                 

Net asset value and redemption price per share,
($ 2,046,772 ÷ 440,121 shares of common stock issued and outstanding)

   $ 4.65     

Maximum sales charge (3.25% of offering price)

     0.16     
  

 

 

    

Maximum offering price to public

   $ 4.81     
  

 

 

    

Class C

                 

Net asset value, offering price and redemption price per share,
($ 38,062 ÷ 8,125 shares of common stock issued and outstanding)

   $ 4.68     
  

 

 

    

Class Z

                 

Net asset value, offering price and redemption price per share,
($ 29,075,457 ÷ 6,194,811 shares of common stock issued and outstanding)

   $ 4.69     
  

 

 

    

Class R6

                 

Net asset value, offering price and redemption price per share,
($ 4,735,907 ÷ 1,009,827 shares of common stock issued and outstanding)

   $ 4.69     
  

 

 

    

 

See Notes to Financial Statements.

88


PGIM Emerging Markets Debt Local Currency Fund

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

 

Net Investment Income (Loss)

        

Income

  

Interest income (net of $70,961 foreign withholding tax)

   $ 1,502,094  

Affiliated dividend income

     31,298  
  

 

 

 

Total income

     1,533,392  
  

 

 

 

Expenses

  

Management fee

     156,020  

Distribution fee(a)

     2,747  

Transfer agent’s fees and expenses (including affiliated expense of $8,580)(a)

     33,558  

Custodian and accounting fees

     32,573  

Audit fee

     28,700  

Registration fees(a)

     18,847  

Professional fees

     18,597  

Shareholders’ reports

     10,817  

Directors’ fees

     5,249  

Commitment fees

     3,166  

Miscellaneous

     13,982  
  

 

 

 

Total expenses

     324,256  

Less: Fee waiver and/or expense reimbursement(a)

     (148,216
  

 

 

 

Net expenses

     176,040  
  

 

 

 

Net investment income (loss)

     1,357,352  
  

 

 

 

Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions

        

Net realized gain (loss) on:

  

Investment transactions (net of foreign capital gains taxes $(28,011))

     (196,121

Futures transactions

     32,674  

Forward and cross currency contract transactions

     (88,533

Options written transactions

     194,437  

Swap agreement transactions

     (582,100

Foreign currency transactions

     (1,077,771
  

 

 

 
     (1,717,414
  

 

 

 

Net change in unrealized appreciation (depreciation) on:

  

Investments (net of change in foreign capital gains taxes $(8,171))

     1,098,992  

Futures

     1,120  

Forward and cross currency contracts

     463,445  

Options written

     5,135  

Swap agreements

     627,719  

Foreign currencies

     12,024  
  

 

 

 
     2,208,435  
  

 

 

 

Net gain (loss) on investment and foreign currency transactions

     491,021  
  

 

 

 

Net Increase (Decrease) In Net Assets Resulting From Operations

   $ 1,848,373  
  

 

 

 

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 89


PGIM Emerging Markets Debt Local Currency Fund

Statement of Operations (unaudited) (continued)

Six Months Ended April 30, 2025

 

 
(a)

Class specific expenses and waivers were as follows:

 

     Class A      Class C      Class Z      Class R6  

Distribution fee

     2,565         182         —         —   

Transfer agent’s fees and expenses

     2,143         360         30,923         132   

Registration fees

     4,910         2,849         6,949         4,139   

Fee waiver and/or expense reimbursement

     (9,620)        (3,253)        (120,040)        (15,303)  

 

See Notes to Financial Statements.

90


PGIM Emerging Markets Debt Local Currency Fund

Statements of Changes in Net Assets (unaudited)

 

     Six Months Ended
April 30, 2025
 

   Year Ended   

October 31, 2024

Increase (Decrease) in Net Assets

                    

Operations

        

Net investment income (loss)

     $ 1,357,352     $ 3,331,805

Net realized gain (loss) on investment and foreign currency transactions

       (1,717,414 )       (2,587,233 )

Net change in unrealized appreciation (depreciation) on investments and foreign currencies

       2,208,435       3,513,268
    

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from operations

       1,848,373       4,257,840
    

 

 

     

 

 

 

Dividends and Distributions

        

Distributions from distributable earnings

        

Class A

       (55,249 )       (109,307 )

Class C

       (844 )       (1,994 )

Class Z

       (1,193,456 )       (2,390,898 )

Class R6

       (134,363 )       (249,282 )
    

 

 

     

 

 

 
       (1,383,912 )       (2,751,481 )
    

 

 

     

 

 

 

Tax return of capital distributions

        

Class A

             (50,467 )

Class C

             (921 )

Class Z

             (1,103,877 )

Class R6

             (115,094 )
    

 

 

     

 

 

 
             (1,270,359 )
    

 

 

     

 

 

 

Fund share transactions (Net of share conversions)

        

Net proceeds from shares sold

       3,789,604       17,917,041

Net asset value of shares issued in reinvestment of dividends and distributions

       1,253,215       3,262,518

Cost of shares purchased

       (22,240,367 )       (28,419,557 )
    

 

 

     

 

 

 

Net increase (decrease) in net assets from Fund share transactions

       (17,197,548 )       (7,239,998 )
    

 

 

     

 

 

 

Total increase (decrease)

       (16,733,087 )       (7,003,998 )

Net Assets:

                    

Beginning of period

       52,629,285       59,633,283
    

 

 

     

 

 

 

End of period

     $ 35,896,198     $ 52,629,285
    

 

 

     

 

 

 

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 91


PGIM Emerging Markets Debt Local Currency Fund

Financial Highlights (unaudited)

 

 

   

Class A Shares

                                                         
         Six Months
 Ended
 April 30,
 2025
        

 

Year Ended October 31,

 
      2024     2023     2022     2021     2020  
   

Per Share Operating Performance(a):

                                                         

Net Asset Value, Beginning of Period

     $4.56                $4.57       $4.27       $5.45       $5.57       $6.07  

Income (loss) from investment operations:

                                                         

Net investment income (loss)

     0.12                0.25       0.23 (b)      0.20       0.22       0.24  
Net realized and unrealized gain (loss) on investment and foreign currency transactions      0.09                0.04       0.31 (c)      (1.17     (0.09     (0.47

Total from investment operations

     0.21                0.29       0.54       (0.97     0.13       (0.23

Less Dividends and Distributions:

                                                         

Dividends from net investment income*

     (0.12              (0.20     (0.24     (0.04     (0.25     -  

Tax return of capital distributions

     -                (0.10     -       (0.17     -       (0.27

Total dividends and distributions

     (0.12              (0.30     (0.24     (0.21     (0.25     (0.27

Net asset value, end of period

     $4.65                $4.56       $4.57       $4.27       $5.45       $5.57  

Total Return(d):

     4.72              6.45     12.66     (18.18 )%      2.19     (3.75 )% 

                                                         
   

Ratios/Supplemental Data:

                                                         

Net assets, end of period (000)

     $2,047                $2,219       $2,391       $2,151       $3,489       $3,853  

Average net assets (000)

     $2,069                $2,450       $2,498       $2,762       $3,950       $3,518  

Ratios to average net assets(e):

                                                         

Expenses after waivers and/or expense reimbursement

     1.13 %(f)               1.13     1.14 %(g)      1.14 %(g)      1.13     1.13

Expenses before waivers and/or expense reimbursement

     2.07 %(f)               1.89     2.03 %(g)      1.90 %(g)      1.67     2.04

Net investment income (loss)

     5.27 %(f)               5.41     4.97     4.13     3.75     4.24

Portfolio turnover rate(h)

     23              43     19     26     35     64

 

*

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

(a)

Calculated based on average shares outstanding during the period.

(b)

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

(c)

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

(d)

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

(e)

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

(f)

Annualized.

(g)

Includes certain non-recurring expenses of 0.01% for the year ended October 31, 2023 and interest expense on borrowings from the Syndicated Credit Agreement of 0.01%, for the year ended October 31, 2022 which are being excluded from the Fund’s contractual waiver, if applicable.

 

See Notes to Financial Statements.

92


PGIM Emerging Markets Debt Local Currency Fund

Financial Highlights (unaudited) (continued)

 

 

(h)

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

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 93


PGIM Emerging Markets Debt Local Currency Fund

Financial Highlights (unaudited) (continued)

 

 

   

Class C Shares

                                                         
        Six Months
 Ended
 April 30,
 2025
        

 

Year Ended October 31,

 
      2024     2023     2022     2021     2020  
   

Per Share Operating Performance(a):

                                                         

Net Asset Value, Beginning of Period

     $4.60                $4.60       $4.30       $5.49       $5.61       $6.11  

Income (loss) from investment operations:

                                                         

Net investment income (loss)

     0.10                0.22       0.20 (b)      0.17       0.18       0.20  
Net realized and unrealized gain (loss) on investment and foreign currency transactions      0.08                0.05       0.31 (c)      (1.19     (0.09     (0.47

Total from investment operations

     0.18                0.27       0.51       (1.02     0.09       (0.27

Less Dividends and Distributions:

                                                         

Dividends from net investment income*

     (0.10              (0.17     (0.21     -       (0.21     -  

Tax return of capital distributions

     -                (0.10     -       (0.17     -       (0.23

Total dividends and distributions

     (0.10              (0.27     (0.21     (0.17     (0.21     (0.23

Net asset value, end of period

     $4.68                $4.60       $4.60       $4.30       $5.49       $5.61  

Total Return(d):

     4.10              5.88     11.76     (18.82 )%      1.44     (4.41 )% 

                                                         
   

Ratios/Supplemental Data:

                                                         

Net assets, end of period (000)

     $38                $37       $62       $126       $190       $466  

Average net assets (000)

     $37                $49       $102       $144       $331       $484  

Ratios to average net assets(e):

                                                         

Expenses after waivers and/or expense reimbursement

     1.88 %(f)               1.89 %(g)      1.88     1.89 %(g)      1.88     1.88

Expenses before waivers and/or expense reimbursement

     19.73 %(f)               15.28     8.97     7.40 %(g)      4.60     5.82

Net investment income (loss)

     4.52 %(f)               4.65     4.19     3.35     3.00     3.54

Portfolio turnover rate(h)

     23              43     19     26     35     64

 

*

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

(a)

Calculated based on average shares outstanding during the period.

(b)

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

(c)

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

(d)

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

(e)

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

(f)

Annualized.

(g)

Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.01% for the year ended October 31, 2024 and interest expense on borrowings from the Syndicated Credit Agreement of 0.01%, for the year ended October 31, 2022 which are being excluded from the Fund’s contractual waiver, if applicable.

 

See Notes to Financial Statements.

94


PGIM Emerging Markets Debt Local Currency Fund

Financial Highlights (unaudited) (continued)

 

 

(h)

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

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 95


PGIM Emerging Markets Debt Local Currency Fund

Financial Highlights (unaudited) (continued)

 

 

   

Class Z Shares

                                                         
        Six Months
 Ended
 April 30,
 2025
        

 

Year Ended October 31,

 
      2024     2023     2022     2021     2020  
   

Per Share Operating Performance(a):

                                                         

Net Asset Value, Beginning of Period

     $4.60                $4.61       $4.31       $5.50       $5.62       $6.13  

Income (loss) from investment operations:

                                                         

Net investment income (loss)

     0.13                0.28       0.26 (b)      0.22       0.24       0.27  
Net realized and unrealized gain (loss) on investment and foreign currency transactions      0.09                0.04       0.30 (c)      (1.18     (0.08     (0.48

Total from investment operations

     0.22                0.32       0.56       (0.96     0.16       (0.21

Less Dividends and Distributions:

                                                         

Dividends from net investment income*

     (0.13              (0.23     (0.26     (0.06     (0.28     -  

Tax return of capital distributions

     -                (0.10     -       (0.17     -       (0.30

Total dividends and distributions

     (0.13              (0.33     (0.26     (0.23     (0.28     (0.30

Net asset value, end of period

     $4.69                $4.60       $4.61       $4.31       $5.50       $5.62  

Total Return(d):

     4.92              6.88     13.05     (17.83 )%      2.63     (3.45 )% 

                                                         
   

Ratios/Supplemental Data:

                                                         

Net assets, end of period (000)

     $29,075                $45,167       $52,178       $23,229       $49,067       $57,392  

Average net assets (000)

     $41,678                $49,456       $42,236       $39,563       $59,794       $56,989  

Ratios to average net assets(e):

                                                         

Expenses after waivers and/or expense reimbursement

     0.72 %(f)               0.72     0.73 %(g)      0.73 %(g)      0.72     0.74

Expenses before waivers and/or expense reimbursement

     1.30 %(f)               1.17     1.26 %(g)      1.32 %(g)      1.16     1.27

Net investment income (loss)

     5.66 %(f)               5.84     5.40     4.49     4.16     4.72

Portfolio turnover rate(h)

     23              43     19     26     35     64

 

*

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

(a)

Calculated based on average shares outstanding during the period.

(b)

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

(c)

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

(d)

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

(e)

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

(f)

Annualized.

(g)

Includes certain non-recurring expenses of 0.01% for the year ended October 31, 2023 and interest expense on borrowings from the Syndicated Credit Agreement of 0.01%, for the year ended October 31, 2022 which are being excluded from the Fund’s contractual waiver, if applicable.

 

See Notes to Financial Statements.

96


PGIM Emerging Markets Debt Local Currency Fund

Financial Highlights (unaudited) (continued)

 

 

(h)

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

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 97


PGIM Emerging Markets Debt Local Currency Fund

Financial Highlights (unaudited) (continued)

 

 

   

Class R6 Shares

                                                         
        Six Months
 Ended
 April 30,
 2025
        

 

Year Ended October 31,

 
      2024     2023     2022     2021     2020  
   

Per Share Operating Performance(a):

                                                         

Net Asset Value, Beginning of Period

     $4.60                $4.60       $4.31       $5.50       $5.62       $6.12  

Income (loss) from investment operations:

                                                         

Net investment income (loss)

     0.13                0.28       0.26 (b)      0.23       0.25       0.27  
Net realized and unrealized gain (loss) on investment and foreign currency transactions      0.09                0.05       0.30 (c)      (1.19     (0.09     (0.47

Total from investment operations

     0.22                0.33       0.56       (0.96     0.16       (0.20

Less Dividends and Distributions:

                                                         

Dividends from net investment income*

     (0.13              (0.23     (0.27     (0.06     (0.28     -  

Tax return of capital distributions

     -                (0.10     -       (0.17     -       (0.30

Total dividends and distributions

     (0.13              (0.33     (0.27     (0.23     (0.28     (0.30

Net asset value, end of period

     $4.69                $4.60       $4.60       $4.31       $5.50       $5.62  

Total Return(d):

     4.95              7.19     12.88     (17.77 )%      2.70     (3.24 )% 

                                                         
   

Ratios/Supplemental Data:

                                                         

Net assets, end of period (000)

     $4,736                $5,207       $5,002       $1,352       $3,237       $50  

Average net assets (000)

     $4,620                $5,243       $2,239       $2,001       $1,613       $42  

Ratios to average net assets(e):

                                                         

Expenses after waivers and/or expense reimbursement

     0.65 %(f)               0.65     0.66 %(g)      0.66 %(g)      0.65     0.67

Expenses before waivers and/or expense reimbursement

     1.32 %(f)               1.21     1.53 %(g)      1.47 %(g)      1.63     40.50

Net investment income (loss)

     5.75 %(f)               5.89     5.45     4.56     4.27     4.64

Portfolio turnover rate(h)

     23              43     19     26     35     64

 

*

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

(a)

Calculated based on average shares outstanding during the period.

(b)

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

(c)

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

(d)

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

(e)

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

(f)

Annualized.

(g)

Includes certain non-recurring expenses of 0.01% for the year ended October 31, 2023 and interest expense on borrowings from the Syndicated Credit Agreement of 0.01%, for the year ended October 31, 2022 which are being excluded from the Fund’s contractual waiver, if applicable.

 

See Notes to Financial Statements.

98


PGIM Emerging Markets Debt Local Currency Fund

Financial Highlights (unaudited) (continued)

 

 

(h)

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

 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 99


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 to the following series of the RIC: PGIM Emerging Markets Debt Hard Currency Fund and PGIM Emerging Markets Debt Local Currency Fund (each, a “Fund” and collectively, the “Funds”). PGIM Emerging Markets Debt Hard Currency Fund is classified as a diversified fund for purposes of the 1940 Act and PGIM Emerging Markets Debt Local Currency Fund is classified as a non-diversified fund for purposes of the 1940 Act.

The Funds have the following investment objectives:

 

   
 Fund    Investment Objective(s)

PGIM Emerging Markets Debt Hard Currency Fund

(“Emerging Markets Debt Hard Currency”)

   total return, through a combination of current income and capital appreciation

PGIM Emerging Markets Debt Local Currency Fund

(“Emerging Markets Debt Local Currency”)

   total return, through a combination of current income and capital appreciation

 

2.

Accounting Policies

The Funds follow 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 Funds in the preparation of their financial statements. The policies conform to U.S. generally accepted accounting principles (“GAAP”). The Funds consistently follow such policies in the preparation of their financial statements.

During the reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of ASU 2023-07 exclusively impacted financial statement disclosures only and did not affect the Funds’ financial position or performance. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity’s overall performance. PGIM Investments LLC (“PGIM Investments” or the “Manager”) acts as each Fund’s chief operating decision maker (“CODM”). The CODM has determined that each Fund has a single operating segment as the CODM monitors the operating results of each Fund as a whole and the Funds’ long-term

 

100


strategic asset allocation is pre-determined in accordance with the terms of their respective prospectus, based on a defined investment strategy which is executed by the Funds’ subadviser.

The CODM allocates resources and assesses performance based on the operating results of each Fund, which is consistent with the results presented in the Fund’s Schedule of Investments, Statement of Changes in Net Assets and Financial Highlights.

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

For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Funds’ foreign investments may change on days when investors cannot purchase or redeem Fund shares.

Various inputs determine how the Funds’ investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the “fair value hierarchy” in accordance with FASB ASC Topic 820 Fair Value Measurement.

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

 

101


Notes to Financial Statements (unaudited) (continued)

 

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

Fixed income securities traded in the OTC market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Funds utilize 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 Funds utilize the market approach when quoted prices in broker-dealer markets are available but also include 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 policies and procedures approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be

 

102


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

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

Foreign Currency Translation: The books and records of the Funds 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 Funds are presented at the foreign exchange rates and market values at the close of the period, the Funds do 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 Funds do 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 Funds’ books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign

 

103


Notes to Financial Statements (unaudited) (continued)

 

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. Certain Funds enter into forward currency contracts, as defined in the prospectus, in order to hedge their exposure to changes in foreign currency exchange rates on their 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 Funds’ 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: Certain Funds 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 Funds may also use options to gain additional market exposure. The Funds’ 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.

 

104


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 Funds are required to deposit collateral with a futures commission merchant 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 Funds each day, equal to the change in the mark-to-market value of the futures contract. 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 Funds invested in financial futures contracts in order to hedge their existing portfolio securities, or securities the Funds intend to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Funds 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 Funds since the exchanges’ clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

Swap Agreements: Certain Funds 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

 

105


Notes to Financial Statements (unaudited) (continued)

 

(“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. Certain Funds are subject to interest rate risk exposure in the normal course of pursuing their investment objective. Certain Funds used interest rate swaps to maintain their 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 Funds’ 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.

The Funds are subject to credit risk in the normal course of pursuing their investment objectives, and as such, has entered into CDS contracts to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be “short the credit” because the higher the contract value rises, the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases. The Funds’ 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

 

106


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 each 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 each Fund. A master netting arrangement between each Fund and the counterparty permits each Fund to offset amounts payable by each Fund to the same counterparty against amounts to be received and by the receipt of collateral from the counterparty by each Fund to cover each 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 each 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 each Fund is held in a segregated account by each Fund’s custodian and with respect to those amounts which can be sold or re-pledged, is

 

107


Notes to Financial Statements (unaudited) (continued)

 

presented in the Schedule of Investments. Collateral pledged by each Fund is segregated by each 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 each Fund and the applicable counterparty. Collateral requirements are determined based on each Fund’s net position with each counterparty. Termination events applicable to each Fund may occur upon a decline in each 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 each Fund’s counterparties to elect early termination could impact each 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.

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: Certain Funds lend their portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of the securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market

 

108


value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. The remaining open loans of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral.

The Funds recognize income, net of any rebate and securities lending agent fees, for lending their 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 Funds also continue 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 Funds become aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual expense amounts. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Such class specific expenses and waivers include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

Taxes: It is each 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

 

109


Notes to Financial Statements (unaudited) (continued)

 

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, each 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 each Fund, has entered into management agreements with the Manager pursuant to which it has responsibility for all investment advisory services, including supervision of the subadvisers’ performance of such services, and for rendering administrative services.

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

 

110


Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended April 30, 2025, the contractual and effective management fee rates were as follows:

 

     
Fund    Management Fee   

Effective

Management Fee,

before any waiver

and/or expense

reimbursements

Emerging Markets Debt Hard Currency

  

0.650% on average daily net assets up to $1 billion;

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.

   0.65%

Emerging Markets Debt Local Currency

  

0.650% on average daily net assets up to $1 billion;

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.

   0.65

The Manager has contractually agreed, through February 28, 2026, to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

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

 

   
 Fund   

Class Expense 

Limitation

Emerging Markets Debt Hard Currency - Class A

   1.05%

Emerging Markets Debt Hard Currency - Class C

   1.80  

Emerging Markets Debt Hard Currency - Class Z

   0.75  

 

111


Notes to Financial Statements (unaudited) (continued)

 

   
 Fund   

Class Expense 

Limitation

Emerging Markets Debt Hard Currency - Class R6

     0.65%

Emerging Markets Debt Local Currency - Class A

   1.13

Emerging Markets Debt Local Currency - Class C

   1.88

Emerging Markets Debt Local Currency - Class Z

   0.72

Emerging Markets Debt Local Currency - Class R6

   0.65

The RIC, on behalf of each 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 each Fund. Each Fund compensates PIMS for distributing and servicing each 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, each 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.

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

 

     
 Fund    Gross Distribution Fee    Net Distribution Fee 

Emerging Markets Debt Hard Currency - Class A

     0.25%      0.25%

Emerging Markets Debt Hard Currency - Class C

   1.00    1.00

Emerging Markets Debt Hard Currency - Class Z

    N/A     N/A

Emerging Markets Debt Hard Currency - Class R6

    N/A     N/A

Emerging Markets Debt Local Currency - Class A

   0.25    0.25

Emerging Markets Debt Local Currency - Class C

   1.00    1.00

Emerging Markets Debt Local Currency - Class Z

    N/A     N/A

Emerging Markets Debt Local Currency - Class R6

    N/A     N/A

For the reporting period ended April 30, 2025, 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:

 

     
 Fund    FESL      CDSC 

Emerging Markets Debt Hard Currency - Class A

   $ 254      $—

Emerging Markets Debt Hard Currency - Class C

           —

Emerging Markets Debt Local Currency - Class A

     37       —

Emerging Markets Debt Local Currency - Class C

           —

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

 

112


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

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

The Funds 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, 2025, no Rule 17a-7 transactions were entered into by the Funds.

 

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, 2025, were as follows:

 

     
 Fund   

Cost of

Purchases

    

Proceeds

from Sales 

 

Emerging Markets Debt Hard Currency

     $33,128,871        $32,094,124  

Emerging Markets Debt Local Currency

     9,683,465        23,638,216  

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended April 30, 2025, is presented as follows:

 

113


Notes to Financial Statements (unaudited) (continued)

 

Emerging Markets Debt Hard Currency:

 

Value,
Beginning
of
Period
   Cost of
Purchases
   Proceeds
from Sales
   Change in
Unrealized
Gain
(Loss)
   Realized
Gain
(Loss)
  Value,
End of
Period
  

Shares,
End

of

Period

   Income  

Short-Term Investments - Affiliated Mutual Funds:

        

PGIM Core Government Money Market Fund (7-day effective yield 4.478%)(1)(wb)

 

$2,192,388

   $30,571,487    $27,804,296    $ —    $ —   $4,959,579    4,959,579      $61,329  

PGIM Institutional Money Market Fund (7-day effective yield 4.540%)(1)(b)(wb)

 

 3,028,567

    20,163,997     19,773,775     151     (971)    3,417,969    3,420,362      4,741 (2) 

$5,220,955

   $50,735,484    $47,578,071    $151    $(971)   $8,377,548           $66,070  

 

Emerging Markets Debt Local Currency:

 

 

Value,
Beginning
of
Period
   Cost of
Purchases
   Proceeds
from Sales
   Change in
Unrealized
Gain
(Loss)
   Realized
Gain
(Loss)
  Value,
End of
Period
  

Shares,
End

of

Period

   Income  

Short-Term Investments - Affiliated Mutual Fund:

        

PGIM Core Government Money Market Fund (7-day effective yield 4.478%)(1)(wb)

 

$1,469,009

   $14,625,877    $14,294,175    $—     $—    $1,800,711    1,800,711      $31,298  

 

(1)

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

(2)

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

(b)

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

(wb)

Represents an investment in a Fund affiliated with the Manager.

 

6.

Tax Information

The United States federal income tax basis of the Funds’ investments and the net unrealized appreciation (depreciation) as of April 30, 2025 were as follows:

 

         
 Fund    Tax Basis     

Gross

Unrealized

Appreciation

    

Gross

Unrealized

Depreciation

    

Net 

Unrealized 

Depreciation 

Emerging Markets Debt Hard Currency

   $221,451,430      $7,457,662      $(12,774,738)      $(5,317,076)

Emerging Markets Debt Local Currency

     35,388,556       2,279,253        (2,826,350)          (547,097)

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

 

114


For federal income tax purposes, the following Funds had an approximated capital loss carryforward as of October 31, 2024 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.

 

     
 Fund    Capital Loss
Carryforward
   Capital Loss
 Carryforward Utilized 

Emerging Markets Debt Hard Currency

   $36,935,000    $—

Emerging Markets Debt Local Currency

    12,681,000     —

The Manager has analyzed the Funds’ 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 Funds’ financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Funds’ U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2024 are subject to such review.

 

7.

Capital and Ownership

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

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

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

 

   
 Fund     Number of Shares 

Emerging Markets Debt Hard Currency - Class A

   100,000,000

Emerging Markets Debt Hard Currency - Class C

   100,000,000

Emerging Markets Debt Hard Currency - Class Z

   200,000,000

Emerging Markets Debt Hard Currency - Class R6

   200,000,000

Emerging Markets Debt Local Currency - Class A

    10,000,000

Emerging Markets Debt Local Currency - Class C

    50,000,000

Emerging Markets Debt Local Currency - Class Z

   250,000,000

 

115


Notes to Financial Statements (unaudited) (continued)

 

   
 Fund     Number of Shares 

Emerging Markets Debt Local Currency - Class T

   190,000,000

Emerging Markets Debt Local Currency - Class R6

    50,000,000

The Emerging Markets Debt Local Currency Fund currently does not have any Class T shares outstanding.

As of April 30, 2025, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of each Fund as follows:

 

     
 Fund    Number of Shares   

Percentage of

Outstanding Shares 

Emerging Markets Debt Hard Currency–Class A

       1,579      4.6%

Emerging Markets Debt Hard Currency–Class C

       1,494    100.0 

Emerging Markets Debt Hard Currency–Class R6

   4,619,189     28.7 

Emerging Markets Debt Local Currency–Class R6

        231      0.1 

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

 

     
 Fund    Number of Shareholders     Percentage of Outstanding Shares   

Affiliated:

                 

Emerging Markets Debt Hard Currency

      1        14.5%  

Emerging Markets Debt Local Currency

            —   

Unaffiliated:

                 

Emerging Markets Debt Hard Currency

      3        76.0   

Emerging Markets Debt Local Currency

      4        93.6   

Transactions in shares of common stock were as follows:

Emerging Markets Debt Hard Currency:

 

     
 Share Class    Shares       Amount   

Class A

                 

Six months ended April 30, 2025:

                 

Shares sold

     16,038      $  107,037  

Shares issued in reinvestment of dividends and distributions

     911        6,268  

Shares purchased

     (161      (1,116

Net increase (decrease) in shares outstanding before conversion

     16,788        112,189  

Shares issued upon conversion from other share class(es)

     2,669        18,333  

Net increase (decrease) in shares outstanding

     19,457      $ 130,522  

 

116


Emerging Markets Debt Hard Currency (cont’d.):

 

     
 Share Class    Shares       Amount   

Year ended October 31, 2024:

                 

Shares sold

     36,446      $ 248,039  

Shares issued in reinvestment of dividends and distributions

     1,013        7,058  

Shares purchased

     (50,558      (348,830

Net increase (decrease) in shares outstanding before conversion

     (13,099      (93,733

Shares issued upon conversion from other share class(es)

     13,393        94,916  

Net increase (decrease) in shares outstanding

     294      $ 1,183  

Class C

                 

Six months ended April 30, 2025:

                 

Shares issued in reinvestment of dividends and distributions

     76      $ 518  

Net increase (decrease) in shares outstanding

     76      $ 518  

Year ended October 31, 2024:

                 

Shares issued in reinvestment of dividends and distributions

     85      $ 591  

Net increase (decrease) in shares outstanding

     85      $ 591  

Class Z

                 

Six months ended April 30, 2025:

                 

Shares sold

     13,605,055      $ 95,862,434  

Shares issued in reinvestment of dividends and distributions

     729,364        5,014,639  

Shares purchased

     (3,153,474      (21,696,795

Net increase (decrease) in shares outstanding before conversion

     11,180,945        79,180,278  

Shares issued upon conversion from other share class(es)

     2,031,176        14,417,564  

Shares purchased upon conversion into other share class(es)

     (3,581      (24,839

Net increase (decrease) in shares outstanding

     13,208,540      $ 93,573,003  

Year ended October 31, 2024:

                 

Shares sold

     2,605,312      $ 18,182,870  

Shares issued in reinvestment of dividends and distributions

     85,912        598,971  

Shares purchased

     (1,726,583      (12,087,795

Net increase (decrease) in shares outstanding before conversion

     964,641        6,694,046  

Shares purchased upon conversion into other share class(es)

     (80,329      (559,635

Net increase (decrease) in shares outstanding

     884,312      $ 6,134,411  

Class R6

                 

Six months ended April 30, 2025:

                 

Shares sold

     718,036      $ 4,949,528  

Shares issued in reinvestment of dividends and distributions

     961,518        6,639,746  

Shares purchased

     (11,506,685      (81,593,550

Net increase (decrease) in shares outstanding before conversion

     (9,827,131      (70,004,276

Shares issued upon conversion from other share class(es)

     916        6,506  

Shares purchased upon conversion into other share class(es)

     (2,034,033      (14,417,564

Net increase (decrease) in shares outstanding

     (11,860,248    $ (84,415,334

 

117


Notes to Financial Statements (unaudited) (continued)

 

Emerging Markets Debt Hard Currency (cont’d.):

 

     
 Share Class    Shares       Amount   

Year ended October 31, 2024:

                 

Shares sold

     5,009,121      $ 34,758,997  

Shares issued in reinvestment of dividends and distributions

     2,272,830        15,835,692  

Shares purchased

     (9,939,323      (69,633,991

Net increase (decrease) in shares outstanding before conversion

     (2,657,372      (19,039,302

Shares issued upon conversion from other share class(es)

     67,008        464,719  

Net increase (decrease) in shares outstanding

     (2,590,364    $ (18,574,583
Emerging Markets Debt Local Currency:

 

     
 Share Class    Shares       Amount   

Class A

                 

Six months ended April 30, 2025:

                 

Shares sold

     4,898      $ 21,863  

Shares issued in reinvestment of dividends and distributions

     12,085        54,584  

Shares purchased

     (61,034      (275,434

Net increase (decrease) in shares outstanding before conversion

     (44,051      (198,987

Shares issued upon conversion from other share class(es)

     122        551  

Shares purchased upon conversion into other share class(es)

     (2,273      (10,250

Net increase (decrease) in shares outstanding

     (46,202    $ (208,686

Year ended October 31, 2024:

                 

Shares sold

     99,756      $ 466,738  

Shares issued in reinvestment of dividends and distributions

     33,651        157,944  

Shares purchased

     (163,195      (756,886

Net increase (decrease) in shares outstanding before conversion

     (29,788      (132,204

Shares issued upon conversion from other share class(es)

     1,268        6,009  

Shares purchased upon conversion into other share class(es)

     (8,830      (41,287

Net increase (decrease) in shares outstanding

     (37,350    $ (167,482

Class C

                 

Six months ended April 30, 2025:

                 

Shares sold

     (52,565    $ (239,130

Shares issued in reinvestment of dividends and distributions

     185        842  

Shares purchased

     (23      (104

Net increase (decrease) in shares outstanding before conversion

     (52,403      (238,392

Shares issued upon conversion from other share class(es)

     52,565        239,130  

Shares purchased upon conversion into other share class(es)

     (121      (551

Net increase (decrease) in shares outstanding

     41      $ 187  

 

118


Emerging Markets Debt Local Currency (cont’d.):

 

     
 Share Class    Shares       Amount   

Year ended October 31, 2024:

                 

Shares issued in reinvestment of dividends and distributions

     614      $ 2,909  

Shares purchased

     (4,743      (22,000

Net increase (decrease) in shares outstanding before conversion

     (4,129      (19,091

Shares purchased upon conversion into other share class(es)

     (1,260      (6,009

Net increase (decrease) in shares outstanding

     (5,389    $ (25,100

Class Z

                 

Six months ended April 30, 2025:

                 

Shares sold

     878,416      $ 4,006,411  

Shares issued in reinvestment of dividends and distributions

     233,636        1,063,426  

Shares purchased

     (4,727,005      (21,503,480

Net increase (decrease) in shares outstanding

     (3,614,953    $ (16,433,643

Year ended October 31, 2024:

                 

Shares sold

     3,618,465      $ 17,251,276  

Shares issued in reinvestment of dividends and distributions

     575,747        2,737,302  

Shares purchased

     (5,720,095      (27,294,286

Net increase (decrease) in shares outstanding before conversion

     (1,525,883      (7,305,708

Shares issued upon conversion from other share class(es)

     8,754        41,287  

Shares purchased upon conversion into other share class(es)

     (51      (246

Net increase (decrease) in shares outstanding

     (1,517,180    $ (7,264,667

Class R6

                 

Six months ended April 30, 2025:

                 

Shares sold

     100      $ 460  

Shares issued in reinvestment of dividends and distributions

     29,477        134,363  

Shares purchased

     (101,000      (461,349

Net increase (decrease) in shares outstanding before conversion

     (71,423      (326,526

Shares purchased upon conversion into other share class(es)

     (50,422      (228,880

Net increase (decrease) in shares outstanding

     (121,845    $ (555,406

Year ended October 31, 2024:

                 

Shares sold

     41,792      $ 199,027  

Shares issued in reinvestment of dividends and distributions

     77,039        364,363  

Shares purchased

     (73,642      (346,385

Net increase (decrease) in shares outstanding before conversion

     45,189        217,005  

Shares issued upon conversion from other share class(es)

     51        246  

Net increase (decrease) in shares outstanding

     45,240      $ 217,251  

 

8.

Borrowings

The RIC, on behalf of each 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

 

119


Notes to Financial Statements (unaudited) (continued)

 

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

 

   
      SCA

 Term of Commitment

   9/27/2024 - 9/25/2025

 Total Commitment

   $ 1,200,000,000

 Annualized Commitment Fee on

 the Unused Portion of the SCA

   0.15%

 Annualized Interest Rate on

 Borrowings

   1.00% plus the higher of (1)
the effective federal funds
rate, (2) the daily SOFR
rate plus 0.10% or (3) zero
percent

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

The Funds indicated below utilized the SCA during the reporting period ended April 30, 2025. The average balance outstanding is for the number of days the Funds utilized the SCA.

 

           
 Fund    Average
Balance
Outstanding
   Weighted
Average
Interest Rates
 

Number
of Days
Outstanding

  

Maximum
Balance
Outstanding

   Balance
Outstanding at 
April 30, 2025

Emerging Markets Debt Hard Currency

   $793,000    5.68%   1      $  793,000      $—

Emerging Markets Debt Local Currency

    384,143    5.47    7       1,210,000       —

 

9.

Risks of Investing in the Funds

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

 

       
 Risks   

Emerging Markets

Debt Hard

Currency

       

 Emerging Markets 

Debt Local

Currency

Credit

   X        X

Currency

   X      X

 

120


       
 Risks   

Emerging Markets

Debt Hard

Currency

       

 Emerging Markets 

Debt Local

Currency

Debt Obligations

   X      X

Derivatives

   X        X

Economic and Market Events

   X        X

Emerging Markets

   X        X

Foreign Securities

   X        X

Geographic Concentration

   X        X

Increase in Expenses

   X        X

Interest Rate

   X        X

Junk Bonds

   X        X

Large Shareholder and Large Scale Redemption

   X        X

Liquidity

   X        X

Management

   X        X

Market Disruption and Geopolitical

   X        X

Market

   X        X

Non-Diversified Investment Company

          X

Sovereign Debt

   X        X

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.

 

121


Notes to Financial Statements (unaudited) (continued)

 

Debt Obligations Risk: Debt obligations are fixed income investments that are subject to credit risk, market risk and interest rate risk. The Fund’s holdings, share price, yield and total return may also fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer’s goods and services. Certain types of fixed income obligations also may be subject to “call and redemption risk,” which is the risk that the issuer may call a bond held by the Fund for redemption before it matures and the Fund may not be able to reinvest at the same rate of interest and therefore would earn less income.

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

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

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

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

 

122


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

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

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

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

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.

 

123


Notes to Financial Statements (unaudited) (continued)

 

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

Interest Rate Risk: The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. Similarly, a rise in interest rates may also have a greater negative impact on the value of equity securities whose issuers expect earnings further out in the future. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as “duration risk.” When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” In addition, if the Fund purchases a fixed income security at a premium (at a price that exceeds its stated par or principal value), the Fund may lose the amount of the premium paid in the event of prepayment. 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.

 

124


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

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

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

Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests.

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

 

125


Notes to Financial Statements (unaudited) (continued)

 

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

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

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

Sovereign Debt Risk: The Fund may invest in sovereign debt issued by governments, their agencies or instrumentalities, or other government-related entities. Holders of sovereign debt may be requested to participate in the rescheduling of such debt and to extend further loans to governmental entities. In addition, there is no bankruptcy proceeding by which defaulted sovereign debt may be collected.

 

10.

Subsequent Event

Each Fund’s management evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of April 30, 2025.

 

126


Other Information

Form N-CSR Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment Companies - None.

Form N-CSR Item 9 - Proxy Disclosures for Open-End Management Investment Companies - None.

Form N-CSR Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies - Included within the Statement of Operations of the financial statements filed under Item 7 of this Form.

Form N-CSR Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract. - None.


Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

 Item 15 – Submission of Matters to a Vote of Security Holders – There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 16 – Controls and Procedures

 

  (a)

It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

 

  (b)

There has been no significant change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable.

Item 18 – Recovery of Erroneously Awarded Compensation – Not applicable.

Item 19 – Exhibits

 

     (a)(1)    Code of Ethics – Not required, as this is not an annual filing.
     (a)(2)    Policy required by the listing standards adopted pursuant to Rule 10D-1 under the Securities Exchange Act of 1934 – Not applicable.
     (a)(3)    Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.CERT.   
     (a)(4)    Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940- Not applicable.
     (a)(5)    Change in the registrant’s independent public accountant – Not applicable.

 

   (b)

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.906CERT.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Registrant:      Prudential World Fund, Inc.
By:      /s/ Andrew R. French
     Andrew R. French
     Secretary
Date:      June 20, 2025

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 20, 2025
By:      /s/ Christian J. Kelly
     Christian J. Kelly
     Chief Financial Officer (Principal Financial Officer)
Date:      June 20, 2025

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CERTIFICATIONS PURSUANT TO SECTION 302

CERTIFICATIONS PURSUANT TO SECTION 906

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