Prudential World Fund, Inc.

Description

Gross Market

Value of

Recognized
Assets/(Liabilities)

Collateral
Pledged/(Received)(1)

Net
Amount

Securities on Loan

$(883,465)

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

E KEY FUND STATI

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

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

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

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

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

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 INVESTMENTS 111.2%
(cost $600,725,419)				682,737,605
Liabilities in excess of other assets (11.2)%				(68,735,389	)


NET ASSETS 100.0%			$	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

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

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,
	Six Months Ended April 30, 2025			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,
	Six Months Ended April 30, 2025			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)

(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,
	Six Months Ended April 30, 2025			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,
	Six Months Ended April 30, 2025			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)

(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:

Offsetting of financial instrument/transaction assets and liabilities:

(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,
	Six Months Ended April 30, 2025			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)

(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,
	Six Months Ended April 30, 2025			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)

(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,
	Six Months Ended April 30, 2025			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)

(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,
	Six Months Ended April 30, 2025			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)

(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:


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:

(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,
	Six Months Ended April 30, 2025			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)

(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,
	Six Months Ended April 30, 2025			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)

(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,
	Six Months Ended April 30, 2025			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)

(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,
	Six Months Ended April 30, 2025			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)

(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,
	Six Months Ended April 30, 2025			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)

(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,
	Six Months Ended April 30, 2025			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)

(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:

Offsetting of financial instrument/transaction assets and liabilities:

(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

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,
	Six Months Ended April 30, 2025			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)

(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,
	Six Months Ended April 30, 2025			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)

(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

Financial Highlights (unaudited) (continued)



Class R Shares

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

(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,
	Six Months Ended April 30, 2025			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)

(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

Financial Highlights (unaudited) (continued)



Class R2 Shares

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

(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,
	Six Months Ended April 30, 2025			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)

(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

Financial Highlights (unaudited) (continued)



Class R6 Shares

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

(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.

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.

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:

Offsetting of financial instrument/transaction assets and liabilities:

(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,
	Six Months Ended April 30, 2025			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)

(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,
	Six Months Ended April 30, 2025			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)

(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

Financial Highlights (unaudited) (continued)



Class Z Shares
	Six Months Ended April 30, 2025			Year Ended October 31,
	Six Months Ended April 30, 2025			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)

(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,
	Six Months Ended April 30, 2025			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)

(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.

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.

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.

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:

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

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.

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

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.)

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

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).

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

N/A

Jennison Emerging Markets Equity Opportunities - Class Z

N/A

Jennison Emerging Markets Equity Opportunities - Class R6

N/A

Jennison Global Infrastructure - Class A

0.30

0.25

N/A

Jennison Global Infrastructure - Class C

1.00

N/A

Jennison Global Infrastructure - Class Z

N/A

Fund

Gross Distribution Fee

Net Distribution Fee

Shareholder Service Fee

Jennison Global Infrastructure - Class R6

N/A

Jennison Global Opportunities - Class A

0.30

0.25

N/A

Jennison Global Opportunities - Class C

1.00

N/A

Jennison Global Opportunities - Class Z

N/A

Jennison Global Opportunities - Class R2

0.25

0.10

Jennison Global Opportunities - Class R4

N/A

0.10

Jennison Global Opportunities - Class R6

N/A

Jennison International Opportunities - Class A

0.30

0.25

N/A

Jennison International Opportunities - Class C

1.00

N/A

Jennison International Opportunities - Class R

0.75

0.50

N/A

Jennison International Opportunities - Class Z

N/A

Jennison International Opportunities - Class R2

0.25

0.10

Jennison International Opportunities - Class R4

N/A

0.10

Jennison International Opportunities - Class R6

N/A

Quant Solutions International Equity - Class A

0.30

N/A

Quant Solutions International Equity - Class C

1.00

N/A

Quant Solutions International Equity - Class Z

N/A

Quant Solutions International Equity - Class R6

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

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.

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

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

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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)

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.

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.

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:

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.

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.

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	)

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.

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.

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.

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.

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.

PGIM Emerging Markets Debt Hard Currency Fund

Financial Highlights (unaudited)



Class A Shares
	Six Months Ended April 30, 2025			Year Ended October 31,
	Six Months Ended April 30, 2025			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)

(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,
	Six Months Ended April 30, 2025			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)

(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

Financial Highlights (unaudited) (continued)



Class Z Shares
	Six Months Ended April 30, 2025			Year Ended October 31,
	Six Months Ended April 30, 2025			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)

(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,
	Six Months Ended April 30, 2025			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)

(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 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.

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.

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.

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

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

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.

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.

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.

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.

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.

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.

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

(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)

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.

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.

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.

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:


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.

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	)		$	—

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:

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.

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.

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.

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

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,
	Six Months Ended April 30, 2025			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)

(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.

PGIM Emerging Markets Debt Local Currency Fund

Financial Highlights (unaudited) (continued)



Class C Shares
	Six Months Ended April 30, 2025			Year Ended October 31,
	Six Months Ended April 30, 2025			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)

(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.

PGIM Emerging Markets Debt Local Currency Fund

Financial Highlights (unaudited) (continued)



Class Z Shares
	Six Months Ended April 30, 2025			Year Ended October 31,
	Six Months Ended April 30, 2025			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)

(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.

PGIM Emerging Markets Debt Local Currency Fund

Financial Highlights (unaudited) (continued)



Class R6 Shares
	Six Months Ended April 30, 2025			Year Ended October 31,
	Six Months Ended April 30, 2025			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)

(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.

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

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.

101

Notes to Financial Statements (unaudited) (continued)

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.

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.

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.

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.

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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.

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.

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.

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.

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.

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



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



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.

5.	Portfolio Securities



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



Fund	Capital Loss Carryforward	Capital Loss Carryforward Utilized

Emerging Markets Debt Hard Currency	$36,935,000	$—

Emerging Markets Debt Local Currency	12,681,000	—

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.

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

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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

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

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

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.

122

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

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.

124

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.

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

126

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.


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


		Glossary.		1
		PGIM Emerging Markets Debt Hard Currency		3
		PGIM Emerging Markets Debt Local Currency		57
		Notes to Financial Statements		100


Registrant:		Prudential World Fund, Inc.

By:		/s/ Andrew R. French
		Andrew R. French
		Secretary

Date:		June 20, 2025


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