Prudential World Fund, Inc.

Description

Gross Market

Value of

Recognized

Assets/(Liabilities)

Collateral

Pledged/(Received)(1)

Net

Amount

Securities on Loan

$(660,600)

N-CSR 1 d547307dncsr.htm PRUDENTIAL WORLD FUND, INC. Prudential World Fund, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number:		811-03981

Exact name of registrant as specified in charter:		Prudential World Fund, Inc.

Address of principal executive offices:		655 Broad Street, 6^th Floor
		Newark, New Jersey 07102

Name and address of agent for service:		Andrew R. French
		655 Broad Street, 6^th Floor
		Newark, New Jersey 07102

Registrant’s telephone number, including area code:		800-225-1852

Date of fiscal year end:		10/31/2023

Date of reporting period:		10/31/2023

Item 1 – Reports to Stockholders

LOGO

PGIM QUANT SOLUTIONS INTERNATIONAL EQUITY FUND

ANNUAL REPORT

OCTOBER 31, 2023

LOGO

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

Table of Contents



Letter from the President		3

Your Fund’s Performance		4

Growth of a $10,000 Investment		5

Strategy and Performance Overview		8

Fees and Expenses		10

Holdings and Financial Statements		13

Approval of Advisory Agreements

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

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

Mutual funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company and member SIPC. PGIM Quantitative Solutions LLC, a wholly owned subsidiary of PGIM, Inc. (PGIM), is a registered investment adviser. © 2023 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2 Visit our website at pgim.com/investments

Letter from the President


		Dear Shareholder: We hope you find the annual report for the PGIM Quant Solutions International Equity Fund informative and useful. The report covers performance for the 12-month period that ended October 31, 2023. Although central banks raised interest rates aggressively to tame surging inflation during the period, the global economy and financial markets demonstrated resilience. Employers continued hiring, consumers continued spending, home prices rose, and recession fears receded.

Early in the period, stocks began a rally that eventually ended a bear market and continued to rise globally for much of 2023 as inflation cooled and the Federal Reserve (the Fed) slowed the pace of its rate hikes. However, stocks declined late in the period when the Fed signaled that rates may remain elevated longer than investors had expected. For the entire period, large-cap US stocks and equities in international markets posted gains, while small-cap US stocks declined.

Bond markets benefited during the period as the Fed moderated its rate-hiking cycle, and the higher level of interest rates offered investors an additional cushion from fixed income volatility. US and global investment-grade bonds, along with US high yield corporate bonds and emerging market debt, all posted gains.

Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals. Your financial advisor can help you create a diversified investment plan that may include funds covering all the basic asset classes and that reflects your personal investor profile and risk tolerance. However, diversification and asset allocation strategies do not assure a profit or protect against loss in declining markets.

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

Thank you for choosing our family of funds.

Sincerely,

LOGO

Stuart S. Parker, President

PGIM Quant Solutions International Equity Fund

December 15, 2023

PGIM Quant Solutions International Equity Fund 3

Your Fund’s Performance (unaudited)

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



	Average Annual Total Returns as of 10/31/23

	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)

Class A

(with sales charges)	7.65	1.27	1.06	—

(without sales charges)	13.91	2.42	1.63	—

Class C

(with sales charges)	11.11	1.20	0.66	—

(without sales charges)	12.11	1.20	0.66	—

Class Z

(without sales charges)	14.49	2.89	2.02	—

Class R6

(without sales charges)	14.97	3.18	N/A	4.29 (12/28/2016)

MSCI All Country World ex-US Index

	12.07	3.46	2.54	—



Average Annual Total Returns as of 10/31/23 Since Inception (%)

		Class R6 (12/28/2016)

MSCI All Country World ex-US Index		4.40

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

4 Visit our website at pgim.com/investments

Growth of a $10,000 Investment (unaudited)

LOGO

The graph compares a $10,000 investment in the Fund’s Class Z shares with a similar investment in the MSCI All Country World ex-US Index by portraying the initial account values at the beginning of the 10-year period for Class Z shares (October 31, 2013) and the account values at the end of the current fiscal year (October 31, 2023) as measured on a quarterly basis. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested. The line graph provides information for Class Z shares only. As indicated in the tables provided earlier, performance for other share classes will vary due to the differing fees and expenses applicable to each share class (as indicated in the following paragraphs). Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

Past performance does not predict future performance. Total returns and the ending account values in the graphs include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. The Fund’s total returns do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares.

PGIM Quant Solutions International Equity Fund 5

Your Fund’s Performance (continued)

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



	Class A	Class C	Class Z	Class R6

Maximum initial sales charge	5.50% of the public offering price	None	None	None

Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption)	1.00% on sales of $1 million or more made within 12 months of purchase	1.00% on sales made within 12 months of purchase	None	None

Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.30%	1.00%	None	None

Benchmark Definitions

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

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

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Presentation of Fund Holdings as of 10/31/23



Ten Largest Holdings	Line of Business	Country	% of Net Assets

Taiwan Semiconductor Manufacturing Co. Ltd.	Semiconductors & Semiconductor Equipment	Taiwan	2.1%

Novo Nordisk A/S (Class B Stock)	Pharmaceuticals	Denmark	1.9%

iShares MSCI EAFE ETF	Unaffiliated Exchange-Traded Funds	United States	1.5%

Shell plc	Oil, Gas & Consumable Fuels	Netherlands	1.3%

Roche Holding AG	Pharmaceuticals	United States	1.3%

Novartis AG	Pharmaceuticals	Switzerland	1.1%

BP plc	Oil, Gas & Consumable Fuels	United Kingdom	1.1%

Hermes International SCA	Textiles, Apparel & Luxury Goods	France	0.9%

GSK plc	Pharmaceuticals	United States	0.9%

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen	Insurance	Germany	0.80%

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

PGIM Quant Solutions International Equity Fund 7

Strategy and Performance Overview*

(unaudited)

How did the Fund perform?

The PGIM Quant Solutions International Equity Fund’s Class Z shares returned 14.49% in the 12-month reporting period that ended October 31, 2023, outperforming the 12.07% return of the MSCI All Country World ex-US Index (the Index).

What were the market conditions?

Investors remained cautious despite generally decreasing inflationary pressures and moderating fears of a global economic recession. Persistent geopolitical pressures, particularly the Russia-Ukraine war and its corollaries—softening Chinese economic data and the potential paradigm shift as Russia and China forge economic alliances—did little to quell investor concerns.

PGIM Quantitative Solutions’ model performed relatively well throughout this period of heightened volatility. For the reporting period, value was the predominant driver of outperformance.

What worked?

During the reporting period, stock selection and an overweight in industrials in Japan, along stock selection and an overweight in Taiwanese information technology names, were beneficial to results relative to the Index.

A tilt toward reasonably priced companies across the industrial, financial, and energy sectors and away from expensive financial and industrial names contributed to relative returns.

What didn’t work?

A shift toward materials in Norway and Australia, along with a shift away from consumer discretionary names in Japan and Germany, slightly detracted from relative results.

Favoring high-quality materials and shifting away from low-quality financial and consumer discretionary names, along with favoring inexpensive consumer staples and consumer discretionary names, had slightly negative impacts.

Did the Fund use derivatives?

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

Current outlook

Global economic activity remained resilient through the third quarter of 2023, despite considerable monetary tightening by global central banks over the past 18 months that prompted speculation earlier this year that a US recession was imminent.

Global equity markets delivered mixed performance for much of the third quarter, with US stocks pulling back modestly despite better-than-expected corporate quarterly results.

8 Visit our website at pgim.com/investments

While sector composition often explains much of the difference in valuation between the US and the rest of the world, US stocks appear relatively expensive, even after accounting for composition effects.

Strong labor demand in the US has provided a buffer to household incomes and supported private consumption, while fiscal stimulus continues to boost the economy. The most likely economic scenario is one of modest US growth in late 2023 and into 2024, with a lower risk of recession in the near term.

Europe’s post-pandemic recovery has already faded, with second-quarter GDP growth just barely positive in the Eurozone, UK, and Switzerland. The risks of a European recession are significant. Available hard data for the third quarter of 2023 are mixed, while soft data appear bleak.

In contrast to Europe and China, Japan is a relative bright spot, helped by a more supportive central bank. The Japanese economy remains underpinned by solid consumption and business spending.

Growth is likely to remain weak in China, barring significant measures by the government to jump start the economy. Consumption spending and industrial activity remain anemic, while the real estate sector continues to struggle.

Central banks are making progress in their fight against inflation. US headline inflation remains driven by geopolitics and supply cuts implemented by the OPEC+ group of petroleum producing nations, but core inflation has declined from its peak. Eurozone core inflation has moderated slightly from recent highs.

Although their hiking cycles appear to be ending, the US Federal Reserve and European Central Bank are likely to keep monetary policy tight until they have more confidence that they can reach their inflation goals.

The Bank of Japan has kept interest rates low, while other central banks have raised rates, and is just beginning to allow more flexibility in its yield-curve control program.

While the People’s Bank of China has continued to cut interest rates marginally in the third quarter, it is still holding back from a “bazooka” stimulus to restart the economy.

*This strategy and performance overview, which discusses what strategies or holdings (including derivatives, if applicable) affected the Fund’s performance, is compiled based on how the Fund performed relative to the Index and is viewed for performance attribution purposes at the aggregate Fund level, which in most instances will not directly correlate to the amounts disclosed in the Statement of Operations which conform to US generally accepted accounting principles.

PGIM Quant Solutions International Equity Fund 9

Fees and Expenses (unaudited)

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

The example is based on an investment of $1,000 held through the six-month period ended October 31, 2023. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

10 Visit our website at pgim.com/investments

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

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



PGIM Quant Solutions International Equity Fund		Beginning Account Value May 1, 2023	Ending Account Value October 31, 2023		Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Class A	Actual	$1,000.00		$ 963.50	1.56%	$ 7.70

	Hypothetical	$1,000.00		$1,017.37	1.56%	$ 7.91
Class C	Actual	$1,000.00		$ 958.00	2.95%	$14.53

	Hypothetical	$1,000.00		$1,010.36	2.95%	$14.92
Class Z	Actual	$1,000.00		$ 966.80	1.00%	$ 4.93

	Hypothetical	$1,000.00		$1,020.19	1.00%	$ 5.07
Class R6	Actual	$1,000.00		$ 968.40	0.79%	$ 3.89

	Hypothetical	$1,000.00		$1,021.25	0.79%	$ 4.00

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended October 31, 2023, and divided by the 365 days in the Fund’s fiscal year ended October 31, 2023 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

PGIM Quant Solutions International Equity Fund 11

Schedule of Investments

as of October 31, 2023



Description	Shares		Value

LONG-TERM INVESTMENTS 97.3%

COMMON STOCKS 93.6%

Australia 5.2%

BHP Group Ltd.		7,886	$	223,233
BlueScope Steel Ltd.		43,006		515,533
Brambles Ltd.		10,712		89,400
Fortescue Metals Group Ltd.		77,216		1,098,461
Glencore PLC		239,020		1,266,048
Goodman Group, REIT		86,714		1,147,392
Helia Group Ltd.		408,988		940,569
Iluka Resources Ltd.		28,000		129,297
JB Hi-Fi Ltd.		21,326		613,015
Medibank Private Ltd.		416,856		909,696
Pilbara Minerals Ltd.		22,180		52,101
QBE Insurance Group Ltd.		11,160		110,664
Rio Tinto Ltd.		3,134		234,104
Rio Tinto PLC		10,679		681,326
Stockland, REIT		17,388		39,243
Suncorp Group Ltd.		34,715		295,482
Telstra Group Ltd.		126,540		306,844
West African Resources Ltd.*		297,147		138,066
Woolworths Group Ltd.		12,165		272,311


				9,062,785

Austria 0.0%

Erste Group Bank AG		1,000		35,809

Belgium 0.3%

Solvay SA		3,475		367,362
Tessenderlo Group SA		3,385		98,545


				465,907

Brazil 1.8%

B3 SA - Brasil Bolsa Balcao		43,200		95,538
Banco do Brasil SA		127,800		1,226,099
Centrais Eletricas Brasileiras SA		9,200		63,319
Cia de Saneamento do Parana, UTS		15,700		67,543
CPFL Energia SA		31,500		209,365
Odontoprev SA		15,000		31,209
Petroleo Brasileiro SA		27,900		209,177
Telefonica Brasil SA		97,600		874,224
Vale SA		26,600		364,199


				3,140,673

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund 13

Schedule of Investments (continued)

as of October 31, 2023



Description	Shares		Value

COMMON STOCKS (Continued)

Canada 5.7%

Agnico Eagle Mines Ltd.		3,700	$	173,534
Alimentation Couche-Tard, Inc.		11,600		631,465
ARC Resources Ltd.		3,000		48,264
Celestica, Inc.*		21,000		490,189
Choice Properties Real Estate Investment Trust		9,000		78,140
Dollarama, Inc.		14,100		962,877
Element Fleet Management Corp.		69,500		940,198
Fairfax Financial Holdings Ltd.		1,600		1,331,493
Finning International, Inc.		2,800		75,030
George Weston Ltd.		6,800		737,592
Great-West Lifeco, Inc.		1,700		47,099
Imperial Oil Ltd.		1,600		91,183
Loblaw Cos. Ltd.		9,800		801,526
Magna International, Inc.		2,200		105,721
Manulife Financial Corp.		62,900		1,094,938
Metro, Inc.		1,500		76,193
Open Text Corp.		2,300		76,791
Parex Resources, Inc.		31,500		603,764
Parkland Corp.		2,000		60,530
Russel Metals, Inc.		6,100		151,978
Sun Life Financial, Inc.		24,900		1,137,311
Whitecap Resources, Inc.		7,500		57,923


				9,773,739

Chile 0.1%

Enel Chile SA		1,404,400		83,124

China 9.8%

3SBio, Inc., 144A*		38,500		34,251
Alibaba Group Holding Ltd.*		43,300		445,777
ANTA Sports Products Ltd.		54,600		617,498
Baidu, Inc. (Class A Stock)*		32,700		429,312
Bank of Beijing Co. Ltd. (Class A Stock)		147,500		91,662
Bank of Communications Co. Ltd. (Class H Stock)		854,000		505,146
Bank of Jiangsu Co. Ltd. (Class A Stock)		265,700		249,831
Bank of Shanghai Co. Ltd. (Class A Stock)		315,700		261,102
Beijing Enterprises Holdings Ltd.		30,000		99,956
BYD Co. Ltd. (Class H Stock)		34,500		1,049,149
China BlueChemical Ltd. (Class H Stock)		1,596,000		373,495
China CITIC Bank Corp. Ltd. (Class H Stock)		1,326,000		591,539
China Construction Bank Corp. (Class H Stock)		2,450,000		1,385,617
China Medical System Holdings Ltd.		386,000		617,252
China Minsheng Banking Corp. Ltd. (Class H Stock)		260,000		86,440

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

China (cont’d.)

China Tower Corp. Ltd. (Class H Stock), 144A		2,296,000	$	214,104
Chlitina Holding Ltd.		48,000		289,066
Chongqing Rural Commercial Bank Co. Ltd. (Class A Stock)		360,000		208,445
Foxconn Industrial Internet Co. Ltd. (Class A Stock)		44,800		89,966
Gree Electric Appliances, Inc. of Zhuhai (Class A Stock)		6,600		30,510
Hello Group, Inc., ADR		82,400		583,392
Industrial Bank Co. Ltd. (Class A Stock)		119,500		245,582
KE Holdings, Inc., ADR		23,900		351,569
Meituan (Class B Stock), 144A*		47,800		677,566
NetEase, Inc.		67,600		1,446,745
PDD Holdings, Inc., ADR*		14,000		1,419,880
PetroChina Co. Ltd. (Class H Stock)		1,512,000		986,906
Shanghai Rural Commercial Bank Co. Ltd. (Class A Stock)		315,200		255,933
Shanxi Lu’an Environmental Energy Development Co. Ltd. (Class A Stock)		73,300		190,059
Sinopharm Group Co. Ltd. (Class H Stock)		86,000		205,650
Tencent Holdings Ltd.		30,700		1,136,169
Tianqi Lithium Corp. (Class A Stock)		22,300		167,230
Vipshop Holdings Ltd., ADR*		2,400		34,224
Wilmar International Ltd.		329,800		857,409
Xiaomi Corp. (Class B Stock), 144A*		302,800		542,928
Yum China Holdings, Inc.		2,700		141,912
Yutong Bus Co. Ltd. (Class A Stock)		50,000		92,911


				17,006,183

Denmark 2.3%

AP Moller - Maersk A/S (Class A Stock)		22		35,921
D/S Norden A/S		5,275		299,706
Novo Nordisk A/S (Class B Stock)		34,468		3,325,343
Scandinavian Tobacco Group A/S, 144A		15,916		236,328


				3,897,298

Finland 0.7%

Kemira OYJ		5,175		83,789
Nordea Bank Abp		98,919		1,041,836


				1,125,625

France 5.6%

Accor SA		10,752		343,017
Air France-KLM*		9,621		108,823
Amundi SA, 144A		2,884		150,658
Carrefour SA		14,060		246,492

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund 15

Schedule of Investments (continued)

as of October 31, 2023



Description	Shares		Value

COMMON STOCKS (Continued)

France (cont’d.)

Cie de Saint-Gobain SA		18,434	$	1,003,439
Coface SA		34,576		417,170
Dassault Aviation SA		1,805		358,814
Dassault Systemes SE		4,823		198,676
Engie SA		13,497		214,668
Hermes International SCA		855		1,595,281
Ipsen SA		2,616		309,191
Klepierre SA, REIT		20,590		500,003
Legrand SA		975		84,344
LVMH Moet Hennessy Louis Vuitton SE		900		644,338
Publicis Groupe SA		17,136		1,304,792
Rexel SA		18,530		378,434
Sopra Steria Group SACA		1,448		259,968
TotalEnergies SE		2,850		190,544
Vinci SA		12,698		1,404,074


				9,712,726

Georgia 0.1%

Bank of Georgia Group PLC		5,808		235,150

Germany 5.3%

adidas AG		450		80,014
Bayerische Motoren Werke AG		11,267		1,047,880
Daimler Truck Holding AG		32,609		1,024,582
Deutsche Bank AG		91,070		1,002,184
Deutsche Lufthansa AG*		39,303		275,592
GEA Group AG		1,600		54,721
Heidelberg Materials AG		13,066		948,505
Henkel AG & Co. KGaA		770		48,664
HUGO BOSS AG		6,307		368,865
Infineon Technologies AG		38,160		1,114,662
Krones AG		806		78,563
Mercedes-Benz Group AG		16,694		982,179
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		3,650		1,464,774
Salzgitter AG		2,574		64,316
Suedzucker AG		6,970		105,587
Talanx AG		4,430		279,175
Telefonica Deutschland Holding AG		115,884		197,012


				9,137,275

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

Greece 0.4%

Eurobank Ergasias Services & Holdings SA*		312,853	$	511,366
National Bank of Greece SA*		16,350		93,642


				605,008

Hong Kong 0.4%

WH Group Ltd., 144A		1,223,000		730,416

India 2.8%

Coal India Ltd.		222,496		839,864
Dr. Reddy’s Laboratories Ltd.		1,400		90,362
Hindalco Industries Ltd.		30,775		169,870
Hindustan Aeronautics Ltd.		1,441		31,536
ITC Ltd.		111,654		574,744
Karnataka Bank Ltd. (The)		87,140		240,485
KPIT Technologies Ltd.		6,938		101,516
Oil & Natural Gas Corp. Ltd.		517,356		1,157,628
Power Grid Corp. of India Ltd.		440,405		1,069,628
Tata Motors Ltd.		41,888		316,381
Zensar Technologies Ltd.		55,019		323,958


				4,915,972

Indonesia 0.5%

Astra International Tbk PT		984,100		357,995
Bank Mandiri Persero Tbk PT		264,000		94,315
First Pacific Co. Ltd.		902,000		341,466


				793,776

Israel 0.7%

Check Point Software Technologies Ltd.*		8,000		1,074,000
Plus500 Ltd.		4,875		83,629
Wix.com Ltd.*		400		31,960


				1,189,589

Italy 1.0%

Assicurazioni Generali SpA		51,585		1,024,667
Intesa Sanpaolo SpA		124,695		324,929
UniCredit SpA		14,247		357,167
Unipol Gruppo SpA		17,784		96,346


				1,803,109

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund 17

Schedule of Investments (continued)

as of October 31, 2023



Description	Shares		Value

COMMON STOCKS (Continued)

Japan 12.0%

ANA Holdings, Inc.*		3,200	$	62,822
ASAHI YUKIZAI Corp.		3,300		80,811
Astellas Pharma, Inc.		54,800		693,213
Chugai Pharmaceutical Co. Ltd.		31,300		928,251
Dai-ichi Life Holdings, Inc.		3,900		82,388
Dentsu Group, Inc.		7,100		206,227
Disco Corp.		600		105,959
Electric Power Development Co. Ltd.		12,800		196,233
FANUC Corp.		30,700		761,864
Fast Retailing Co. Ltd.		2,000		442,793
Fujikura Ltd.		114,800		824,507
Goldwin, Inc.		3,400		214,734
GungHo Online Entertainment, Inc.		41,300		622,702
Hitachi Ltd.		8,200		519,770
Honda Motor Co. Ltd.		64,800		664,121
Iino Kaiun Kaisha Ltd.		11,600		83,203
INFRONEER Holdings, Inc.		6,300		66,458
Inpex Corp.		41,200		597,848
JAFCO Group Co. Ltd.		67,500		727,030
Japan Airlines Co. Ltd.		3,500		64,343
Japan Exchange Group, Inc.		22,400		442,955
Japan Lifeline Co. Ltd.		11,000		83,879
JFE Holdings, Inc.		5,400		75,237
Komatsu Ltd.		38,500		884,591
Koshidaka Holdings Co. Ltd.		12,000		85,376
Lasertec Corp.		2,700		445,987
Mazda Motor Corp.		8,100		78,295
Mitsui Fudosan Co. Ltd.		10,300		223,251
Mitsui OSK Lines Ltd.		2,500		64,543
Mori Hills REIT Investment Corp., REIT		279		261,129
Nabtesco Corp.		4,800		85,016
Nippon Steel Corp.		56,800		1,225,111
Nomura Research Institute Ltd.		35,300		926,623
NTN Corp.		434,400		773,862
Obayashi Corp.		8,400		71,953
Open Up Group, Inc.		23,400		290,251
Oriental Land Co. Ltd.		3,600		116,443
ORIX Corp.		5,200		94,569
Otsuka Holdings Co. Ltd.		26,700		898,347
Persol Holdings Co. Ltd.		103,500		155,190
Pressance Corp.		6,800		73,363
Renesas Electronics Corp.*		63,800		838,053
Sangetsu Corp.		7,900		148,464
SCREEN Holdings Co. Ltd.		14,200		660,188

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

Japan (cont’d.)

Sega Sammy Holdings, Inc.		3,700	$	57,866
Sekisui House REIT, Inc., REIT		528		278,085
Shionogi & Co. Ltd.		23,300		1,084,956
Sojitz Corp.		42,400		880,453
Sompo Holdings, Inc.		3,400		147,288
Subaru Corp.		4,700		81,358
Suzuki Motor Corp.		3,600		139,723
Tamron Co. Ltd.		6,000		163,339
TIS, Inc.		1,600		34,264
Tokyo Steel Manufacturing Co. Ltd.		7,200		83,218
Tomy Co. Ltd.		9,000		124,133
Toyota Boshoku Corp.		20,800		361,731
Toyota Motor Corp.		13,665		239,052
Visional, Inc.*		1,700		83,326


				20,706,745

Luxembourg 0.5%

ArcelorMittal SA		41,677		922,198

Mexico 0.8%

Banco del Bajio SA, 144A		170,900		520,312
Grupo Mexico SAB de CV (Class B Stock)		195,100		810,202


				1,330,514

Netherlands 4.6%

ABN AMRO Bank NV, 144A, CVA		2,325		31,315
AMG Critical Materials NV		1,750		45,639
ASM International NV		348		143,613
ASML Holding NV		1,607		966,001
EXOR NV		6,168		529,394
ING Groep NV		56,147		719,834
Koninklijke Ahold Delhaize NV		45,263		1,340,318
Koninklijke KPN NV		286,174		961,882
Shell PLC		68,455		2,206,089
Wolters Kluwer NV		7,545		968,069


				7,912,154

New Zealand 0.3%

Xero Ltd.*		7,025		480,280

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund 19

Schedule of Investments (continued)

as of October 31, 2023



Description	Shares		Value

COMMON STOCKS (Continued)

Norway 0.6%

DNB Bank ASA		45,873	$	827,635
Mowi ASA		13,724		223,010


				1,050,645

Poland 0.0%

Powszechny Zaklad Ubezpieczen SA		4,298		48,636

Qatar 0.4%

Ooredoo QPSC		228,249		619,744

Russia 0.0%

Inter RAO UES PJSC^		13,660,000		15
LUKOIL PJSC^		14,283		—
Polyus PJSC*^		1,450		—
Rosneft Oil Co. PJSC^		155,425		—
Sberbank of Russia PJSC^		366,709		—


				15

Saudi Arabia 0.3%

Elm Co.		993		185,663
Etihad Etisalat Co.		8,294		101,954
SABIC Agri-Nutrients Co.		3,400		121,390
Saudi Telecom Co.		10,918		111,845


				520,852

Singapore 1.8%

BW LPG Ltd., 144A		9,869		139,700
Hafnia Ltd.		5,230		34,369
Oversea-Chinese Banking Corp. Ltd.		126,000		1,168,161
Singapore Airlines Ltd.		183,000		817,143
STMicroelectronics NV		25,806		983,727


				3,143,100

South Africa 0.0%

Sanlam Ltd.		12,623		44,286

South Korea 4.9%

DB Insurance Co. Ltd.		12,339		802,762
Doosan Bobcat, Inc.		1,712		49,188
Hana Financial Group, Inc.		34,217		994,920
Hyundai Mobis Co. Ltd.		5,877		910,140

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

South Korea (cont’d.)

Hyundai Motor Co.		3,799	$	478,614
Industrial Bank of Korea		14,867		123,039
JB Financial Group Co. Ltd.		14,248		106,576
KB Financial Group, Inc.		27,988		1,066,854
Kia Corp.		20,363		1,163,368
OCI Holdings Co. Ltd.		1,000		72,252
Samsung C&T Corp.		12,385		979,229
Samsung Electronics Co. Ltd.		18,948		943,134
Samsung Engineering Co. Ltd.*		1,805		31,813
Samsung Fire & Marine Insurance Co. Ltd.		1,208		230,997
Samsung Life Insurance Co. Ltd.		3,379		180,909
Samsung Securities Co. Ltd.		14,124		369,997


				8,503,792

Spain 1.0%

Endesa SA		16,892		317,817
Industria de Diseno Textil SA		41,115		1,419,207
Repsol SA		3,850		56,372


				1,793,396

Sweden 3.1%

Alfa Laval AB		2,310		74,860
Atlas Copco AB (Class A Stock)		52,970		685,910
Atlas Copco AB (Class B Stock)		14,008		157,355
Epiroc AB (Class B Stock)		2,938		40,795
Essity AB (Class B Stock)		36,471		831,607
Investor AB (Class B Stock)		28,035		514,641
Scandic Hotels Group AB, 144A*		50,175		169,112
Skandinaviska Enskilda Banken AB (Class A Stock)		63,075		703,886
SKF AB (Class B Stock)		9,162		148,539
SSAB AB (Class A Stock)		12,800		76,679
Swedbank AB (Class A Stock)		46,979		771,551
Volvo AB (Class B Stock)		62,470		1,237,855


				5,412,790

Switzerland 2.2%

ABB Ltd.		37,842		1,271,405
Kuehne + Nagel International AG		1,152		310,653
Novartis AG		19,655		1,840,092

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund 21

Schedule of Investments (continued)

as of October 31, 2023



Description	Shares		Value

COMMON STOCKS (Continued)

Switzerland (cont’d.)

Partners Group Holding AG		363	$	384,367
Schindler Holding AG		170		33,140


				3,839,657

Taiwan 4.5%

Accton Technology Corp.		15,000		232,414
Acer, Inc.		144,000		152,191
Advantech Co. Ltd.		6,599		67,770
Asustek Computer, Inc.		5,000		52,426
Chunghwa Telecom Co. Ltd.		30,000		107,296
Compal Electronics, Inc.		126,000		109,599
Evergreen Marine Corp. Taiwan Ltd.		134,000		445,922
Hon Hai Precision Industry Co. Ltd.		53,000		158,190
Largan Precision Co. Ltd.		1,000		64,047
Novatek Microelectronics Corp.		41,000		577,406
Quanta Computer, Inc.		175,000		1,033,254
Supreme Electronics Co. Ltd.		60,000		103,068
TaiDoc Technology Corp.		37,000		162,748
Taiwan Semiconductor Manufacturing Co. Ltd.		219,000		3,576,823
Wistron Corp.		277,000		772,415
Wiwynn Corp.		3,000		142,149


				7,757,718

Thailand 0.5%

Bumrungrad Hospital PCL		109,300		789,966

Turkey 0.5%

KOC Holding A/S		14,692		71,066
Turkiye Is Bankasi A/S (Class C Stock)		890,790		662,137
Yapi ve Kredi Bankasi A/S		130,618		79,718


				812,921

United Arab Emirates 1.3%

Emaar Properties PJSC		616,930		1,123,913
Emirates NBD Bank PJSC		254,782		1,176,144


				2,300,057

United Kingdom 7.8%

3i Group PLC		39,102		921,931
Ashtead Group PLC		3,292		188,804
AstraZeneca PLC		3,469		434,332

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

United Kingdom (cont’d.)

B&M European Value Retail SA		12,600	$	81,116
BAE Systems PLC		35,625		479,027
Barclays PLC		547,187		878,261
BP PLC		298,520		1,822,769
British American Tobacco PLC		42,085		1,257,182
Centrica PLC		144,072		275,797
HSBC Holdings PLC		152,109		1,098,292
Imperial Brands PLC		56,338		1,200,236
Informa PLC		50,984		441,750
Investec PLC		29,783		165,830
JD Sports Fashion PLC		404,970		629,662
Lloyds Banking Group PLC		215,169		104,723
Man Group PLC		94,800		253,461
Mitie Group PLC		65,772		78,943
NatWest Group PLC		36,449		79,306
Paragon Banking Group PLC		14,150		76,326
Rolls-Royce Holdings PLC*		404,635		1,065,091
Serco Group PLC		89,954		156,288
Standard Chartered PLC		17,455		133,833
Tesco PLC		86,699		284,508
Unilever PLC		10,324		488,952
Whitbread PLC		22,622		917,280


				13,513,700

United States 3.8%

GSK PLC		87,086		1,552,463
Holcim AG*		19,262		1,190,926
Nestle SA		12,317		1,328,250
Roche Holding AG		8,508		2,192,594
Sanofi SA		3,107		282,135
Stellantis NV		4,060		75,850


				6,622,218


TOTAL COMMON STOCKS
(cost $162,420,901)				161,839,548


PREFERRED STOCKS 1.8%

Brazil 1.6%

Cia Energetica de Minas Gerais (PRFC)		389,469		904,583
Gerdau SA (PRFC)		60,900		264,291

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund 23

Schedule of Investments (continued)

as of October 31, 2023



Description	Shares		Value

PREFERRED STOCKS (Continued)

Brazil (cont’d.)

Metalurgica Gerdau SA (PRFC)		69,300	$	142,126
Petroleo Brasileiro SA (PRFC)		204,800		1,410,761


				2,721,761

Germany 0.1%

Bayerische Motoren Werke AG (PRFC)		418		35,542
Henkel AG & Co. KGaA (PRFC)		1,175		84,759


				120,301

South Korea 0.1%

Samsung Electronics Co. Ltd. (PRFC)		6,505		259,711


TOTAL PREFERRED STOCKS
(cost $2,390,125)				3,101,773


UNAFFILIATED EXCHANGE-TRADED FUNDS 1.9%

United States

iShares MSCI EAFE ETF		37,700		2,522,884
iShares MSCI Emerging Markets ETF(a)		22,700		833,090


TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS
(cost $3,538,503)				3,355,974


TOTAL LONG-TERM INVESTMENTS
(cost $168,349,529)				168,297,295


SHORT-TERM INVESTMENTS 2.5%

AFFILIATED MUTUAL FUNDS 2.3%
PGIM Core Government Money Market Fund(wb)		3,297,041		3,297,041
PGIM Institutional Money Market Fund
(cost $685,423; includes $677,700 of cash collateral for securities on loan)(b)(wb)		685,833		685,491


TOTAL AFFILIATED MUTUAL FUNDS
(cost $3,982,464)				3,982,532

See Notes to Financial Statements.

Description

Interest

Rate

Maturity

Date

Principal

Amount

(000)#

Value

U.S. TREASURY OBLIGATION(k)(n) 0.2%

U.S. Treasury Bills

(cost $298,117)

5.330%

12/14/23

300

298,102

TOTAL SHORT-TERM INVESTMENTS

(cost $4,280,581)

4,280,634

TOTAL INVESTMENTS 99.8%

(cost $172,630,110)

172,577,929

Other assets in excess of liabilities(z) 0.2%

360,402

NET ASSETS 100.0%

172,938,331

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

USD—US Dollar

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

ADR—American Depositary Receipt

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

*	Non-income producing security.

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

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

(a)

All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $660,600; cash collateral of $677,700 (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:

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund 25

Schedule of Investments (continued)

as of October 31, 2023

Futures contracts outstanding at October 31, 2023:


Number of Contracts	Type	Expiration Date	Current Notional Amount		Value / Unrealized Appreciation (Depreciation)

Long Positions:
39	Mini MSCI EAFE Index	Dec. 2023	$	3,849,495		$	(210,205	)
35	Mini MSCI Emerging Markets Index	Dec. 2023		1,608,600			(116,181	)

						$	(326,386	)

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	$—	$298,102

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of October 31, 2023 in valuing such portfolio securities:


	Level 1		Level 2		Level 3

Investments in Securities
Assets
Long-Term Investments
Common Stocks
Australia	$	—	$	9,062,785	$—
Austria		—		35,809	—
Belgium		—		465,907	—
Brazil		3,140,673		—	—
Canada		9,773,739		—	—
Chile		—		83,124	—
China		2,530,977		14,475,206	—
Denmark		—		3,897,298	—
Finland		—		1,125,625	—
France		—		9,712,726	—
Georgia		—		235,150	—

See Notes to Financial Statements.


	Level 1			Level 2		Level 3

Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Germany	$	—		$	9,137,275	$—
Greece		—			605,008	—
Hong Kong		—			730,416	—
India		—			4,915,972	—
Indonesia		—			793,776	—
Israel		1,105,960			83,629	—
Italy		—			1,803,109	—
Japan		—			20,706,745	—
Luxembourg		—			922,198	—
Mexico		1,330,514			—	—
Netherlands		—			7,912,154	—
New Zealand		—			480,280	—
Norway		—			1,050,645	—
Poland		—			48,636	—
Qatar		—			619,744	—
Russia		—			—	15
Saudi Arabia		—			520,852	—
Singapore		—			3,143,100	—
South Africa		—			44,286	—
South Korea		—			8,503,792	—
Spain		—			1,793,396	—
Sweden		—			5,412,790	—
Switzerland		—			3,839,657	—
Taiwan		—			7,757,718	—
Thailand		—			789,966	—
Turkey		—			812,921	—
United Arab Emirates		—			2,300,057	—
United Kingdom		—			13,513,700	—
United States		—			6,622,218	—
Preferred Stocks
Brazil		2,721,761			—	—
Germany		—			120,301	—
South Korea		—			259,711	—
Unaffiliated Exchange-Traded Funds
United States		3,355,974			—	—
Short-Term Investments
Affiliated Mutual Funds		3,982,532			—	—
U.S. Treasury Obligation		—			298,102	—


Total	$	27,942,130		$	144,635,784	$15


Other Financial Instruments*
Liabilities
Futures Contracts	$	(326,386	)	$	—	$—

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund 27

Schedule of Investments (continued)

as of October 31, 2023

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

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of October 31, 2023 were as follows:


Banks	11.2	%
Pharmaceuticals	8.2
Oil, Gas & Consumable Fuels	6.2
Insurance	5.6
Semiconductors & Semiconductor Equipment	5.5
Metals & Mining	5.0
Automobiles	3.7
Machinery	3.6
Capital Markets	2.6
Consumer Staples Distribution & Retail	2.5
Technology Hardware, Storage & Peripherals	2.4
Affiliated Mutual Funds (0.4% represents investments purchased with collateral from securities on loan)	2.3
Food Products	2.1
Textiles, Apparel & Luxury Goods	2.0
Diversified Telecommunication Services	2.0
Unaffiliated Exchange-Traded Funds	1.9
Tobacco	1.9
Financial Services	1.8
Specialty Retail	1.8
Broadline Retail	1.7
Electric Utilities	1.5
Hotels, Restaurants & Leisure	1.4
Electrical Equipment	1.3
Interactive Media & Services	1.2
Construction Materials	1.2
Entertainment	1.2
Media	1.1
Aerospace & Defense	1.1
Software	1.1
Industrial Conglomerates	1.1
IT Services	1.0
Real Estate Management & Development	1.0
Trading Companies & Distributors	1.0
Construction & Engineering	0.9


Professional Services	0.9	%
Automobile Components	0.8
Chemicals	0.8
Passenger Airlines	0.8
Marine Transportation	0.7
Industrial REITs	0.7
Health Care Providers & Services	0.6
Building Products	0.6
Household Products	0.6
Electronic Equipment, Instruments & Components	0.5
Personal Care Products	0.5
Retail REITs	0.3
Multi-Utilities	0.3
Household Durables	0.2
Commercial Services & Supplies	0.2
Diversified REITs	0.2
U.S. Treasury Obligation	0.2
Office REITs	0.2
Health Care Equipment & Supplies	0.1
Communications Equipment	0.1
Independent Power & Renewable Electricity Producers	0.1
Leisure Products	0.1
Wireless Telecommunication Services	0.1
Gas Utilities	0.1
Water Utilities	0.0	*
Biotechnology	0.0	*


	99.8
Other assets in excess of liabilities	0.2


	100.0	%

*	Less than 0.05%

See Notes to Financial Statements.

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

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

Fair values of derivative instruments as of October 31, 2023 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

326,386

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

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 2023 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	$	1,025,115


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

Derivatives not accounted for as hedging instruments, carried at fair value	Futures

Equity contracts	$	(365,135	)

For the year ended October 31, 2023, the Fund’s average volume of derivative activities is as follows:


Derivative Contract Type		Average Volume of Derivative Activities*

Futures Contracts - Long Positions (1)		$5,629,972

*	Average volume is based on average quarter end balances as noted for the year ended October 31, 2023.

(1)	Notional Amount in USD.

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund 29

Schedule of Investments (continued)

as of October 31, 2023

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:

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

See Notes to Financial Statements.

Statement of Assets and Liabilities

as of October 31, 2023



Assets

Investments at value, including securities on loan of $660,600:
Unaffiliated investments (cost $168,647,646)	$	168,595,397
Affiliated investments (cost $3,982,464)		3,982,532
Foreign currency, at value (cost $366,078)		362,272
Tax reclaim receivable		800,830
Dividends and interest receivable		446,732
Receivable for Fund shares sold		124,209
Due from broker—variation margin futures		830
Prepaid expenses and other assets		10,015


Total Assets		174,322,817


Liabilities

Payable to broker for collateral for securities on loan		677,700
Payable for Fund shares purchased		299,671
Foreign capital gains tax liability accrued		105,743
Affiliated transfer agent fee payable		73,989
Accrued expenses and other liabilities		57,229
Management fee payable		49,339
Distribution fee payable		32,770
Custodian and accounting fee payable		31,358
Audit fees payable		28,618
Transfer agent fee payable		27,097
Directors’ fees payable		972


Total Liabilities		1,384,486


Net Assets	$	172,938,331



Net assets were comprised of:
Common stock, at par	$	272
Paid-in capital in excess of par		187,607,164
Total distributable earnings (loss)		(14,669,105	)


Net assets, October 31, 2023	$	172,938,331

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund 31

Statement of Assets and Liabilities

as of October 31, 2023



Class A

Net asset value and redemption price per share, ($ 121,356,700 ÷ 19,162,539 shares of common stock issued and outstanding)	$	6.33
Maximum sales charge (5.50% of offering price)		0.37


Maximum offering price to public	$	6.70


Class C

Net asset value, offering price and redemption price per share, ($ 1,106,903 ÷ 186,703 shares of common stock issued and outstanding)	$	5.93


Class Z

Net asset value, offering price and redemption price per share, ($ 10,954,745 ÷ 1,708,392 shares of common stock issued and outstanding)	$	6.41


Class R6

Net asset value, offering price and redemption price per share, ($ 39,519,983 ÷ 6,149,655 shares of common stock issued and outstanding)	$	6.43

See Notes to Financial Statements.

Statement of Operations

Year Ended October 31, 2023


Net Investment Income (Loss)

Income
Unaffiliated dividend income (net of $1,067,802 foreign withholding tax)	$	7,963,293
Affiliated dividend income		94,993
Interest income		18,893
Income from securities lending, net (including affiliated income of $2,819)		3,326


Total income		8,080,505


Expenses
Management fee		1,424,530
Distribution fee(a)		403,784
Transfer agent’s fees and expenses (including affiliated expense of $392,007)(a)		623,067
Custodian and accounting fees		142,220
Professional fees		104,133
Shareholders’ reports		58,317
Registration fees(a)		33,291
Audit fee		28,620
Directors’ fees		12,264
Miscellaneous		46,062


Total expenses		2,876,288
Less: Fee waiver and/or expense reimbursement(a)		(336,153	)


Net expenses		2,540,135


Net investment income (loss)		5,540,370


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

Net realized gain (loss) on:
Investment transactions (including affiliated of $394) (net of foreign capital gains taxes $88,432)		1,735,117
Futures transactions		1,025,115
Foreign currency transactions		(70,871	)


		2,689,361


Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $67) (net of change in foreign capital gains taxes $(106,037))		17,045,197
Futures		(365,135	)
Foreign currencies		43,982


		16,724,044


Net gain (loss) on investment and foreign currency transactions		19,413,405


Net Increase (Decrease) In Net Assets Resulting From Operations	$	24,953,775

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


	Class A		Class C		Class Z		Class R6

Distribution fee		390,998		12,786		—		—
Transfer agent’s fees and expenses		585,757		9,376		24,992		2,942
Registration fees		12,502		7,673		5,888		7,228
Fee waiver and/or expense reimbursement		(223,686)		(2,194)		(20,798)		(89,475)

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund 33

Statements of Changes in Net Assets



	Year Ended October 31,


	2023			2022

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)	$	5,540,370		$	6,188,562
Net realized gain (loss) on investment and foreign currency transactions		2,689,361			(19,454,171	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		16,724,044			(47,598,728	)


Net increase (decrease) in net assets resulting from operations		24,953,775			(60,864,337	)


Dividends and Distributions
Distributions from distributable earnings
Class A		(4,478,558	)		(17,710,432	)
Class C		(30,105	)		(215,704	)
Class Z		(511,647	)		(1,681,493	)
Class R6		(1,675,178	)		(6,297,350	)


		(6,695,488	)		(25,904,979	)


Fund share transactions (Net of share conversions)
Net proceeds from shares sold		17,742,828			21,038,306
Net asset value of shares issued in reinvestment of dividends and distributions		6,609,213			25,597,840
Cost of shares purchased		(38,363,562	)		(46,108,812	)


Net increase (decrease) in net assets from Fund share transactions		(14,011,521	)		527,334

Total increase (decrease)		4,246,766			(86,241,982	)

Net Assets:

Beginning of year		168,691,565			254,933,547


End of year	$	172,938,331		$	168,691,565

See Notes to Financial Statements.

Financial Highlights



Class A Shares
	Year Ended October 31,

	2023			2022			2021			2020			2019

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$5.76			$8.59			$6.74			$7.19			$6.96
Income (loss) from investment operations:
Net investment income (loss)		0.17			0.18			0.18			0.11			0.15
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.62			(2.14	)		1.78			(0.39	)		0.28
Total from investment operations		0.79			(1.96	)		1.96			(0.28	)		0.43
Less Dividends and Distributions:
Dividends from net investment income		(0.22	)		(0.24	)		(0.11	)		(0.17	)		(0.17	)
Distributions from net realized gains		-			(0.63	)		-			-			(0.03	)
Total dividends and distributions		(0.22	)		(0.87	)		(0.11	)		(0.17	)		(0.20	)
Net asset value, end of year		$6.33			$5.76			$8.59			$6.74			$7.19
Total Return^(b):		13.91	%		(25.11	)%		29.28	%		(4.07	)%		6.53	%


Ratios/Supplemental Data:
Net assets, end of year (000)	$	121,357		$	119,053		$	176,479		$	147,445		$	173,103
Average net assets (000)	$	130,333		$	148,834		$	176,751		$	156,952		$	172,031
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		1.54	%		1.49	%		1.43	%		1.47	%		1.48	%
Expenses before waivers and/or expense reimbursement		1.71	%		1.63	%		1.55	%		1.64	%		1.62	%
Net investment income (loss)		2.69	%		2.65	%		2.12	%		1.58	%		2.19	%
Portfolio turnover rate^(d)		111	%		99	%		104	%		128	%		94	%

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

(b)

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

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

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

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund 35

Financial Highlights (continued)



Class C Shares
	Year Ended October 31,

	2023			2022			2021			2020			2019

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$5.42			$8.13			$6.38			$6.86			$6.64
Income (loss) from investment operations:
Net investment income (loss)		0.07			0.09			0.07			0.02			0.07
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.58			(2.02	)		1.71			(0.38	)		0.30
Total from investment operations		0.65			(1.93	)		1.78			(0.36	)		0.37
Less Dividends and Distributions:
Dividends from net investment income		(0.14	)		(0.15	)		(0.03	)		(0.12	)		(0.12	)
Distributions from net realized gains		-			(0.63	)		-			-			(0.03	)
Total dividends and distributions		(0.14	)		(0.78	)		(0.03	)		(0.12	)		(0.15	)
Net asset value, end of year		$5.93			$5.42			$8.13			$6.38			$6.86
Total Return^(b):		12.11	%		(25.98	)%		27.89	%		(5.42	)%		5.77	%


Ratios/Supplemental Data:
Net assets, end of year (000)	$	1,107		$	1,319		$	2,335		$	2,381		$	2,928
Average net assets (000)	$	1,279		$	1,929		$	2,444		$	2,640		$	7,163
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		3.12	%		2.73	%		2.61	%		2.81	%		2.25	%
Expenses before waivers and/or expense reimbursement		3.29	%		2.87	%		2.73	%		2.98	%		2.39	%
Net investment income (loss)		1.13	%		1.43	%		0.84	%		0.24	%		1.09	%
Portfolio turnover rate^(d)		111	%		99	%		104	%		128	%		94	%

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

(b)

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

(d)	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.



Class Z Shares
	Year Ended October 31,

	2023			2022			2021			2020			2019

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$5.83			$8.68			$6.81			$7.26			$7.02
Income (loss) from investment operations:
Net investment income (loss)		0.21			0.22			0.22			0.13			0.18
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.62			(2.16	)		1.79			(0.37	)		0.29
Total from investment operations		0.83			(1.94	)		2.01			(0.24	)		0.47
Less Dividends and Distributions:
Dividends from net investment income		(0.25	)		(0.28	)		(0.14	)		(0.21	)		(0.20	)
Distributions from net realized gains		-			(0.63	)		-			-			(0.03	)
Total dividends and distributions		(0.25	)		(0.91	)		(0.14	)		(0.21	)		(0.23	)
Net asset value, end of year		$6.41			$5.83			$8.68			$6.81			$7.26
Total Return^(b):		14.49	%		(24.82	)%		29.85	%		(3.61	)%		7.05	%


Ratios/Supplemental Data:
Net assets, end of year (000)		$10,955			$11,635			$16,562			$13,062			$14,753
Average net assets (000)		$12,118			$15,433			$17,429			$12,955			$13,815
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		1.04	%		1.04	%		1.01	%		1.09	%		1.03	%
Expenses before waivers and/or expense reimbursement		1.21	%		1.18	%		1.13	%		1.26	%		1.17	%
Net investment income (loss)		3.16	%		3.20	%		2.60	%		1.97	%		2.58	%
Portfolio turnover rate^(d)		111	%		99	%		104	%		128	%		94	%

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

^(b)

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

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

^(d)

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 37

Financial Highlights (continued)



Class R6 Shares
	Year Ended October 31,

	2023			2022			2021			2020			2019

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$5.85			$8.70			$6.83			$7.27			$7.03
Income (loss) from investment operations:
Net investment income (loss)		0.23			0.24			0.25			0.16			0.21
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.62			(2.16	)		1.78			(0.38	)		0.27
Total from investment operations		0.85			(1.92	)		2.03			(0.22	)		0.48
Less Dividends and Distributions:
Dividends from net investment income		(0.27	)		(0.30	)		(0.16	)		(0.22	)		(0.21	)
Distributions from net realized gains		-			(0.63	)		-			-			(0.03	)
Total dividends and distributions		(0.27	)		(0.93	)		(0.16	)		(0.22	)		(0.24	)
Net asset value, end of year		$6.43			$5.85			$8.70			$6.83			$7.27
Total Return^(b):		14.97	%		(24.60	)%		29.96	%		(3.26	)%		7.33	%


Ratios/Supplemental Data:
Net assets, end of year (000)		$39,520			$36,684			$59,558			$18,837			$5,487
Average net assets (000)		$46,208			$51,067			$37,941			$18,273			$23,216
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.78	%		0.78	%		0.78	%		0.78	%		0.78	%
Expenses before waivers and/or expense reimbursement		0.97	%		0.96	%		0.94	%		1.05	%		0.95	%
Net investment income (loss)		3.53	%		3.38	%		2.92	%		2.33	%		3.06	%
Portfolio turnover rate^(d)		111	%		99	%		104	%		128	%		94	%

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

^(b)

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

^(d)

See Notes to Financial Statements.

Notes to Financial Statements

1.	Organization

Prudential World Fund, Inc. (the “Registered Investment Company” or “RIC”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The RIC is organized as a Maryland Corporation. These financial statements relate only to the PGIM Quant Solutions International Equity Fund (the “Fund”), a series of the RIC. The Fund is classified as a diversified fund for purposes of the 1940 Act.

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

2.	Accounting Policies

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

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Fund’s investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC’s Board of Directors (the “Board”) has approved the Fund’s valuation policies and procedures for security valuation and designated PGIM Investments LLC (“PGIM Investments” or the “Manager”) as the “Valuation Designee,” as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Fund investments. Pursuant to the Board’s oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities as Valuation Designee under Rule 2a-5. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

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

PGIM Quant Solutions International Equity Fund 39

Notes to Financial Statements (continued)

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

Various inputs determine how the Fund’s investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the “fair value hierarchy” in accordance with FASB ASC Topic 820 — Fair Value Measurement.

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

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

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

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

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

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

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

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

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

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

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

PGIM Quant Solutions International Equity Fund 41

Notes to Financial Statements (continued)

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

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

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

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

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

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

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

The Fund is subject to foreign income taxes imposed by certain countries in which it invests. Additionally, capital gains realized upon disposition of securities issued in or by certain foreign countries are subject to capital gains tax imposed by those countries. All taxes are computed in accordance with the applicable foreign tax law, and, to the extent permitted, capital losses are used to offset capital gains. Taxes attributable to income are accrued by the Fund as a reduction of income. Current and deferred tax expense attributable to capital gains is reflected as a component of realized or change in unrealized gain/loss on securities in the accompanying financial statements. To the extent that the Fund has country specific capital loss carryforwards, such carryforwards are applied against net unrealized gains when determining the deferred tax liability. Any deferred tax liability incurred by the Fund is included in either Other liabilities or Deferred tax liability on the accompanying Statement of Assets and Liabilities.

PGIM Quant Solutions International Equity Fund 43

Notes to Financial Statements (continued)

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



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

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

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

3.	Agreements

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

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

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended October 31, 2023, the contractual and effective management fee rates were as follows:



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

The Manager has contractually agreed, through February 28, 2025, to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual

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

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



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

*Effective July 1, 2023.

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

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

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



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

PGIM Quant Solutions International Equity Fund 45

Notes to Financial Statements (continued)

charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:

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

4.	Other Transactions with Affiliates

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

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

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the year ended October 31, 2023, no Rule 17a-7 transactions were entered into by the Fund.

5.	Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended October 31, 2023, were as follows:



Cost of Purchases		Proceeds from Sales
$203,882,876		$218,166,259

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended October 31, 2023, is presented as follows:



Value, Beginning of Year	Cost of Purchases	Proceeds from Sales	Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Year		Shares, End of Year		Income

Short-Term Investments - Affiliated Mutual Funds:

PGIM Core Government Money Market Fund^(1)(wb)
$ —	$29,937,516	$26,640,475		$—		$ —		$3,297,041		3,297,041	$94,993

PGIM Institutional Money Market Fund^(1)(b)(wb)
1,713,797	36,467,723	37,496,490		67		394		685,491		685,833	2,819⁽²⁾

$1,713,797	$66,405,239	$64,136,965		$67		$394		$3,982,532			$97,812

(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.	Distributions and Tax Information

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

For the year ended October 31, 2023, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:



Ordinary Income	Long-Term Capital Gains	Tax Return of Capital	Total Dividends and Distributions
$6,695,488	$—	$—	$6,695,488

For the year ended October 31, 2022, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

Ordinary Income	Long-Term Capital Gains	Tax Return of Capital	Total Dividends and Distributions
$7,500,340	$18,404,639	$—	$25,904,979

PGIM Quant Solutions International Equity Fund 47

Notes to Financial Statements (continued)

For the year ended October 31, 2023, the Fund had the following amounts of accumulated undistributed earnings on a tax basis:



Undistributed Ordinary Income		Undistributed Long-Term Capital Gains
$6,678,482		$—

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of October 31, 2023 were as follows:

The difference between GAAP and tax basis were primarily due to deferred losses on wash sales, investments in passive foreign investment companies, corporate spin-off adjustments and other GAAP to tax differences.

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



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

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

7.	Capital and Ownership

sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately eight years (ten years prior to January 22, 2021) after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

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

The RIC is authorized to issue 10,225,000,000 shares of common stock, $0.00001 par value per share, 700,000,000 of which are designated as shares of the Fund. The authorized shares of the Fund are currently classified and designated as follows:



Class	Number of Shares

A		100,000,000

B		5,000,000

C		100,000,000

Z		180,000,000

T		135,000,000

R6		180,000,000

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

As of October 31, 2023, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:



Class	Number of Shares		Percentage of Outstanding Shares

Z		90,135	5.3%

R6		3,899,956	63.4

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



	Number of Shareholders	Percentage of Outstanding Shares

Affiliated	1	14.5%

Unaffiliated	2	26.0

PGIM Quant Solutions International Equity Fund 49

Notes to Financial Statements (continued)

Transactions in shares of common stock were as follows:



Share Class	Shares			Amount

Class A
Year ended October 31, 2023:
Shares sold		186,486		$	1,209,888
Shares issued in reinvestment of dividends and distributions		725,523			4,403,922
Shares purchased		(2,382,623	)		(15,398,749	)
Net increase (decrease) in shares outstanding before conversion		(1,470,614	)		(9,784,939	)
Shares issued upon conversion from other share class(es)		23,446			154,741
Shares purchased upon conversion into other share class(es)		(52,571	)		(345,682	)
Net increase (decrease) in shares outstanding		(1,499,739	)	$	(9,975,880	)

Year ended October 31, 2022:
Shares sold		404,803		$	2,911,633
Shares issued in reinvestment of dividends and distributions		2,336,663			17,408,142
Shares purchased		(2,591,505	)		(18,139,350	)
Net increase (decrease) in shares outstanding before conversion		149,961			2,180,425
Shares issued upon conversion from other share class(es)		42,923			299,039
Shares purchased upon conversion into other share class(es)		(69,077	)		(504,976	)
Net increase (decrease) in shares outstanding		123,807		$	1,974,488

Class C
Year ended October 31, 2023:
Shares sold		13,168		$	80,989
Shares issued in reinvestment of dividends and distributions		5,223			30,087
Shares purchased		(50,815	)		(309,324	)
Net increase (decrease) in shares outstanding before conversion		(32,424	)		(198,248	)
Shares purchased upon conversion into other share class(es)		(24,475	)		(151,868	)
Net increase (decrease) in shares outstanding		(56,899	)	$	(350,116	)

Year ended October 31, 2022:
Shares sold		33,493		$	238,119
Shares issued in reinvestment of dividends and distributions		30,506			215,681
Shares purchased		(66,948	)		(415,404	)
Net increase (decrease) in shares outstanding before conversion		(2,949	)		38,396
Shares purchased upon conversion into other share class(es)		(40,820	)		(272,886	)
Net increase (decrease) in shares outstanding		(43,769	)	$	(234,490	)



Share Class	Shares			Amount

Class Z
Year ended October 31, 2023:
Shares sold		238,881		$	1,527,659
Shares issued in reinvestment of dividends and distributions		81,704			500,026
Shares purchased		(638,583	)		(4,184,774	)
Net increase (decrease) in shares outstanding before conversion		(317,998	)		(2,157,089	)
Shares issued upon conversion from other share class(es)		49,058			325,780
Shares purchased upon conversion into other share class(es)		(17,944	)		(118,254	)
Net increase (decrease) in shares outstanding		(286,884	)	$	(1,949,563	)

Year ended October 31, 2022:
Shares sold		730,314		$	5,112,983
Shares issued in reinvestment of dividends and distributions		223,258			1,676,667
Shares purchased		(918,453	)		(6,181,648	)
Net increase (decrease) in shares outstanding before conversion		35,119			608,002
Shares issued upon conversion from other share class(es)		58,857			440,756
Shares purchased upon conversion into other share class(es)		(5,659	)		(33,978	)
Net increase (decrease) in shares outstanding		88,317		$	1,014,780

Class R6
Year ended October 31, 2023:
Shares sold		2,359,691		$	14,924,292
Shares issued in reinvestment of dividends and distributions		273,722			1,675,178
Shares purchased		(2,779,963	)		(18,470,715	)
Net increase (decrease) in shares outstanding before conversion		(146,550	)		(1,871,245	)
Shares issued upon conversion from other share class(es)		20,458			135,283
Net increase (decrease) in shares outstanding		(126,092	)	$	(1,735,962	)

Year ended October 31, 2022:
Shares sold		1,776,069		$	12,775,571
Shares issued in reinvestment of dividends and distributions		838,529			6,297,350
Shares purchased		(3,192,802	)		(21,372,410	)
Net increase (decrease) in shares outstanding before conversion		(578,204	)		(2,299,489	)
Shares issued upon conversion from other share class(es)		10,841			72,045
Net increase (decrease) in shares outstanding		(567,363	)	$	(2,227,444	)

8.	Borrowings

PGIM Quant Solutions International Equity Fund 51

Notes to Financial Statements (continued)

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



	Current SCA	Prior SCA
Term of Commitment	9/29/2023 - 9/26/2024	9/30/2022 – 9/28/2023
Total Commitment	$ 1,200,000,000	$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent	1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent

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

The Fund did not utilize the SCA during the year ended October 31, 2023.

9.	Risks of Investing in the Fund

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

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

Core Style Risk: The Fund’s core investment style may subject the Fund to risks of both value and growth investing. The portion of the Fund’s portfolio that makes investments pursuant to a growth strategy may be subject to above-average fluctuations as a result of seeking higher than average capital growth. The portion of the Fund’s portfolio that makes investments pursuant to a value strategy may be subject to the risk that the market may not

recognize a security’s intrinsic value for long periods of time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. If the Fund’s assessment of market conditions or a company’s value is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Therefore, both styles may over time go in and out of favor with the markets. At times when a style is out of favor, that portion of the portfolio may lag the other portion of the portfolio, which may cause the Fund to underperform the market in general, its benchmark and other mutual funds. Growth and value stocks have historically produced similar long-term results, though each category has periods when it outperforms the other.

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

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

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

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

PGIM Quant Solutions International Equity Fund 53

Notes to Financial Statements (continued)

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

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

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

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

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

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

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

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

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

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

PGIM Quant Solutions International Equity Fund 55

Notes to Financial Statements (continued)

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.

10. Recent Regulatory Developments

Effective January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information deemed important for retail investors to assess and monitor their fund investments (the “Rule”). Other information, including financial statements, will no longer appear in the funds’ streamlined shareholder reports but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The Rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the Rule and its impact to the Fund.

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Prudential World Fund, Inc. and Shareholders of PGIM Quant Solutions International Equity Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PGIM Quant Solutions International Equity Fund (one of the funds constituting Prudential World Fund, Inc., referred to hereafter as the “Fund”) as of October 31, 2023, the related statement of operations for the year ended October 31, 2023, the statements of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the four years in the period ended October 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2023 and the financial highlights for each of the four years in the period ended October 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended October 31, 2019 and the financial highlights for the period ended October 31, 2019 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated December 16, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

December 18, 2023

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

PGIM Quant Solutions International Equity Fund 57

Tax Information (unaudited)

For the year ended October 31, 2023, the Fund reports, the maximum amount allowable under Section 854 of the Internal Revenue Code, but not less than, the following percentage of the ordinary income dividends paid as qualified dividend income (QDI):



Fund		QDI

PGIM Quant Solutions International Equity Fund		81.93%

For the year ended October 31, 2023, the Fund made an election to pass through the maximum amount of the portion of the ordinary income dividends paid derived from foreign source income as well as any foreign taxes paid by the Fund in accordance with Section 853 of the Internal Revenue Code of the following amounts: $841,702 foreign tax credit from recognized foreign source income of $7,061,015.

In January 2024, you will be advised on IRS Form 1099-DIV or substitute 1099-DIV as to the federal tax status of dividends received by you in calendar year 2023.

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS (unaudited)

Information about Board Members and Officers of the Fund is set forth below. Board Members who are not deemed to be “interested persons” of the Fund, as defined in the 1940 Act, are referred to as “Independent Board Members.” Board Members who are deemed to be “interested persons” of the Fund are referred to as “Interested Board Members.” The Board Members are responsible for the overall supervision of the operations of the Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Board in turn elects the Officers, who are responsible for administering the day-to-day operations of the Fund.



Independent Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Ellen S. Alberding 1958 Board Member Portfolios Overseen: 100	Chief Executive Officer and President, The Joyce Foundation (charitable foundation) (since 2002); formerly Vice Chair, City Colleges of Chicago (community college system) (2011-2015); formerly Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); formerly Trustee, Economic Club of Chicago (2009-2016); Trustee, Loyola University (since 2018).	None.	Since September 2013

Kevin J. Bannon 1952 Board Member Portfolios Overseen: 101	Retired; formerly Managing Director (April 2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; formerly President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (September 2008-August 2023).	Since July 2008

PGIM Quant Solutions International Equity Fund



Independent Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Linda W. Bynoe 1952 Board Member Portfolios Overseen: 98	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Limited LLC (formerly Telemat Ltd) (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co. (broker-dealer).	Trustee of Equity Residential (residential real estate) (since December 2009); Director of Northern Trust Corporation (financial services) (since April 2006); formerly Director of Anixter International, Inc. (communication products distributor) (January 2006-June 2020).	Since March 2005

Barry H. Evans 1960 Board Member Portfolios Overseen: 101	Retired; formerly President (2005-2016), Global Chief Operating Officer (2014-2016), Chief Investment Officer - Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management (asset management).	Formerly Director, Manulife Trust Company (2011-2018); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).	Since September 2017

Keith F. Hartstein 1956 Board Member & Independent Chair Portfolios Overseen: 101	Retired; formerly Member (November 2014-September 2022) of the Governing Council of the Independent Directors Council (IDC) (organization of independent mutual fund directors); formerly Executive Committee of the IDC Board of Governors (October 2019-December 2021); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); formerly Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.	Since September 2013

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Independent Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Laurie Simon Hodrick 1962 Board Member Portfolios Overseen: 98	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly Visiting Professor of Law, Stanford Law School (2015-2021); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008).	Independent Director, Andela (since January 2022) (global talent network); Independent Director, Roku (since December 2020) (communication services); formerly Independent Director, Synnex Corporation (2019-2021) (information technology); formerly Independent Director, Kabbage, Inc. (2018-2020) (financial services); formerly Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017

Brian K. Reid 1961 Board Member Portfolios Overseen: 101	Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); formerly Director, ICI Mutual Insurance Company (2012-2017).	None.	Since March 2018

PGIM Quant Solutions International Equity Fund



Independent Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Grace C. Torres 1959 Board Member Portfolios Overseen: 101	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank; formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National Bank.	Since November 2014

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Interested Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Stuart S. Parker 1962 Board Member & President Portfolios Overseen: 101	President, Chief Executive Officer, Chief Operating Officer and Officer in Charge of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); President and Principal Executive Officer (‘‘PEO’’) (since December 2023) of the PGIM Credit Income Fund; President and PEO (since September 2022) of the PGIM Private Credit Fund; President and PEO (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011); Investment Company Institute - Board of Governors (since May 2012).	None.	Since January 2012

Scott E. Benjamin 1973 Board Member & Vice President Portfolios Overseen: 101	Executive Vice President (since May 2009) of PGIM Investments LLC; Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); Vice President (since December 2023) of the PGIM Credit Income Fund; Vice President (since September 2022) of the PGIM Private Credit Fund; Vice President (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).	None.	Since March 2010

PGIM Quant Solutions International Equity Fund



Fund Officers^(a)

Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Claudia DiGiacomo 1974 Chief Legal Officer	Chief Legal Officer (since December 2023) of the PGIM Credit Income Fund; Chief Legal Officer (since September 2022) of the PGIM Private Credit Fund; Chief Legal Officer (since July 2022) of the PGIM Private Real Estate Fund, Inc.; Chief Legal Officer, Executive Vice President and Secretary of PGIM Investments LLC (since August 2020); Chief Legal Officer of Prudential Mutual Fund Services LLC (since August 2020); Chief Legal Officer of PIFM Holdco, LLC (since August 2020); Vice President and Corporate Counsel (since January 2005) of Prudential; and Corporate Counsel of AST Investment Services, Inc. (since August 2020); formerly Vice President and Assistant Secretary of PGIM Investments LLC (2005-2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005

Andrew Donohue 1972 Chief Compliance Officer	Chief Compliance Officer (since May 2023) of the PGIM Funds, Target Funds, PGIM ETF Trust, PGIM Global High Yield Fund, Inc., PGIM High Yield Bond Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Private Credit Fund, PGIM Private Real Estate Fund, Inc.; Chief Compliance Officer of AST Investment Services, Inc. (since October 2022); Vice President, Chief Compliance Officer of PGIM Investments LLC (since September 2022); Chief Compliance Officer (since December 2023) of the PGIM Credit Income Fund; formerly various senior compliance roles within Principal Global Investors, LLC., global asset management for Principal Financial (2011-2022), most recently as Global Chief Compliance Officer (2016-2022).	Since May 2023

Andrew R. French 1962 Secretary	Vice President (since December 2018) of PGIM Investments LLC; Secretary (since December 2023) of the PGIM Credit Income Fund; Secretary (since September 2022) of the PGIM Private Credit Fund; Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Vice President and Corporate Counsel (2010-2018) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since October 2006

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Fund Officers^(a)

Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Melissa Gonzalez 1980 Assistant Secretary	Vice President and Corporate Counsel (since September 2018) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Assistant Secretary (since December 2023) of the PGIM Credit Income Fund; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director and Corporate Counsel (March 2014-September 2018) of Prudential.	Since March 2020

Patrick E. McGuinness 1986 Assistant Secretary	Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Director and Corporate Counsel (since February 2017) of Prudential; Assistant Secretary (since December 2023) of the PGIM Credit Income Fund; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.	Since June 2020

Debra Rubano 1975 Assistant Secretary	Vice President and Corporate Counsel (since November 2020) of Prudential; Assistant Secretary (since December 2023) of the PGIM Credit Income Fund; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc; formerly Director and Senior Counsel of Allianz Global Investors U.S. Holdings LLC (2010-2020) and Assistant Secretary of numerous funds in the Allianz fund complex (2015-2020).	Since December 2020

George Hoyt 1965 Assistant Secretary	Vice President and Corporate Counsel of Prudential (since September 2023); formerly Associate General Counsel of Franklin Templeton and Secretary and Chief Legal Officer of certain funds in the Franklin Templeton complex (2020- 2023) and Managing Director (2016-2020) and Associate General Counsel for Legg Mason, Inc. and its predecessors (2004-2020).	Since December 2023

Devan Goolsby 1991 Assistant Secretary	Vice President and Corporate Counsel of Prudential (since May 2023); formerly Associate at Eversheds Sutherland (US) LLP (2021-2023); Compliance Officer at Bloomberg LP (2019-2021); and an Examiner at the Financial Industry Regulatory Authority (2015-2019).	Since December 2023

Kelly A. Coyne 1968 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010); Assistant Secretary (since December 2023) of the PGIM Credit Income Fund; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.	Since March 2015

PGIM Quant Solutions International Equity Fund



Fund Officers^(a)

Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Christian J. Kelly 1975 Chief Financial Officer	Vice President, Global Head of Fund Administration of PGIM Investments LLC (since November 2018); Chief Financial Officer (since March 2023) of PGIM Investments mutual funds, closed end funds and ETFs, Advanced Series Trust Portfolios, Prudential Series Funds and Prudential Gibraltar Fund; Chief Financial Officer (since December 2023) of the PGIM Credit Income Fund; Chief Financial Officer of PGIM Private Credit Fund (since September 2022); Chief Financial Officer of PGIM Private Real Estate Fund, Inc. (since July 2022); formerly Treasurer and Principal Financial Officer (January 2019- March 2023) of PGIM Investments mutual funds, closed end funds and ETFs, Advanced Series Trust Portfolios, Prudential Series Funds and Prudential Gibraltar Fund; formerly Treasurer and Principal Financial Officer (March 2022 – July 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).	Since January 2019

Russ Shupak 1973 Treasurer and Principal Accounting Officer	Vice President (since 2017) within PGIM Investments Fund Administration; Treasurer and Principal Accounting Officer of PGIM Investments mutual funds, closed end funds and ETFs (since March 2023); Treasurer and Principal Accounting Officer (since December 2023) of the PGIM Credit Income Fund; Treasurer and Principal Accounting Officer (since July 2022) of the PGIM Private Real Estate Fund, Inc.; Assistant Treasurer (since September 2022) of the PGIM Private Credit Fund; formerly Assistant Treasurer (March 2022 – July 2022) of the PGIM Private Real Estate Fund, Inc.; Assistant Treasurer of Advanced Series Trust Portfolios, Prudential Series Funds and Prudential Gibraltar Fund (since October 2019); formerly Director (2013-2017) within PGIM Investments Fund Administration.	Since October 2019

Lana Lomuti 1967 Assistant Treasurer	Vice President (since 2007) within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.; formerly Director (2005-2007) within PGIM Investments Fund Administration.	Since April 2014

Deborah Conway 1969 Assistant Treasurer	Vice President (since 2017) within PGIM Investments Fund Administration; formerly Director (2007-2017) within PGIM Investments Fund Administration.	Since October 2019

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Fund Officers^(a)

Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) within PGIM Investments Fund Administration; Treasurer and Principal Accounting Officer of the Advanced Series Trust, the Prudential Series Fund and the Prudential Gibraltar Fund (since March 2023); Assistant Treasurer (since December 2023) of the PGIM Credit Income Fund; Treasurer and Principal Accounting Officer (since September 2022) of the PGIM Private Credit Fund; Assistant Treasurer (since March 2022) of the PGIM Private Real Estate Fund, Inc.; Assistant Treasurer of PGIM Investments mutual funds, closed end funds and ETFs (since October 2019); formerly Director (2011-2017) within PGIM Investments Fund Administration.	Since October 2019

Robert W. McCormack 1973 Assistant Treasurer	Vice President (since 2019) within PGIM Investments Fund Administration; Assistant Treasurer (since March 2023) of PGIM Investments mutual funds, closed end funds, ETFs, Advanced Series Trust Portfolios, Prudential Series Funds and Prudential Gibraltar Fund; Assistant Treasurer (since December 2023) of the PGIM Credit Income Fund; Assistant Treasurer (since September 2022) of the PGIM Private Credit Fund; Assistant Treasurer (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director (2016-2019) within PGIM Investments Fund Administration; formerly Vice President within Goldman, Sachs & Co. Investment Management Controllers (2008-2016), Assistant Treasurer of Goldman Sachs Family of Funds (2015-2016).	Since March 2023

Kelly Florio 1978 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Global Compliance Programs and Compliance Risk Management (since December 2021) of Prudential; formerly Head of Fraud Risk Management (October 2019-December 2021) at New York Life Insurance Company; formerly Head of Key Risk Area Operations (November 2018-October 2019), Director of the US Anti-Money Laundering Compliance Unit (2009-2018) and Bank Loss Prevention Associate (2006-2009) at MetLife.	Since June 2022

^(a) Excludes Mr. Parker and Mr. Benjamin, interested Board Members who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

∎

Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC.

∎

Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102-4410.

∎

There is no set term of office for Board Members or Officers. The Board Members have adopted a retirement policy, which calls for the retirement of Board Members on December 31 of the year in which they reach the age of 75.

∎

“Other Directorships Held” includes all directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, “public companies”) or other investment companies registered under the 1940 Act.

PGIM Quant Solutions International Equity Fund

∎

“Portfolios Overseen” includes such applicable investment companies managed by PGIM Investments LLC and overseen by the Board Member. The investment companies for which PGIM Investments LLC serves as manager include the PGIM Mutual Funds, Target Funds, PGIM ETF Trust, PGIM Private Real Estate Fund, Inc., PGIM Private Credit Fund, PGIM Credit Income Fund, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

∎

As used in the Fund Officers table “Prudential” means The Prudential Insurance Company of America.

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Approval of Advisory Agreements (unaudited)

The Fund’s Board of Directors

The Board of Directors (the “Board”) of PGIM Quant Solutions International Equity Fund (the “Fund”)¹ consists of ten individuals, eight of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Directors have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. The Board has established five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent Directors.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and the Fund’s subadvisory agreement with PGIM Quantitative Solutions LLC (“PGIM Quantitative Solutions”). In considering the renewal of the agreements, the Board, including all of the Independent Directors, met on May 25 and June 6-8, 2023 (the “Board Meeting”) and approved the renewal of the agreements through July 31, 2024, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

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

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

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

PGIM Quant Solutions International Equity Fund

Approval of Advisory Agreements (continued)

The Directors determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a management agreement, and between PGIM Investments and PGIM Quantitative Solutions, which serves as the Fund’s subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Directors considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Directors’ reaching their determinations to approve the continuance of the agreements are separately discussed below.

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments and PGIM Quantitative Solutions. The Board noted that PGIM Quantitative Solutions is affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for the Fund, as well as the provision of fund recordkeeping, compliance and other services to the Fund, and PGIM Investments’ role as administrator for the Fund’s liquidity risk management program. With respect to PGIM Investments’ oversight of the subadviser, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments’ senior management on the performance and operations of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Directors of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM Quantitative Solutions, including investment research and security selection, as well as adherence to the Fund’s investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments’ evaluation of the subadviser, as well as PGIM Investments’ recommendation, based on its review of the subadviser, to renew the subadvisory agreement.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of the Fund and PGIM Quantitative Solutions, and also considered the qualifications, backgrounds and responsibilities of the PGIM Quantitative Solutions portfolio managers who are responsible for the day-to-day management of the Fund’s portfolio. The Board was provided with information pertaining to PGIM Investments’ and PGIM Quantitative Solutions’ organizational structure, senior management, investment operations, and other relevant information pertaining to PGIM Investments and PGIM Quantitative Solutions. The Board also noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer (“CCO”) as to PGIM Investments and PGIM Quantitative Solutions.

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The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments and the subadvisory services provided to the Fund by PGIM Quantitative Solutions, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments and PGIM Quantitative Solutions under the management and subadvisory agreements.

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund’s investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser’s capital structure and cost of capital. However, the Board considered that the cost of services provided by PGIM Investments to the Fund during the year ended December 31, 2022 exceeded the management fees paid by the Fund, resulting in an operating loss to PGIM Investments. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

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

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

PGIM Quant Solutions International Equity Fund

Approval of Advisory Agreements (continued)

Other Benefits to PGIM Investments and PGIM Quantitative Solutions

The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM Quantitative Solutions and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund’s transfer agent (which is affiliated with PGIM Investments), and benefits to its reputation as well as other intangible benefits resulting from PGIM Investments’ association with the Fund. The Board concluded that the potential benefits to be derived by PGIM Quantitative Solutions included its ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments and PGIM Quantitative Solutions were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-, three-, five- and ten-year periods ended December 31, 2022.

The Board also considered the Fund’s actual management fee, as well as the Fund’s net total expense ratio, for the fiscal year ended October 31, 2022. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

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

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

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Net Performance	1 Year	3 Years	5 Years	10 Years

	4th Quartile	4th Quartile	4th Quartile	4th Quartile

Actual Management Fees: 1st Quartile

Net Total Expenses: 3rd Quartile

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

The Board also noted that the Fund outperformed its benchmark index for the fourth quarter of 2022 and that Fund outperformed its benchmark index and ranked in the 54th percentile of its peer group in 2021.

The Board considered PGIM Investments’ assertions that the Fund’s benchmark-relative underperformance in 2022 was most notably impacted by its small overweight to Russia at the time of Russia’s invasion of Ukraine and also that macroeconomic factors, including interest rate hikes and elevated inflation, had a significant impact on the markets in 2022, and as those factors stabilize, PGIM Investments anticipates that the Fund’s multi-factor approach, focusing on earnings growth, quality, and value, will deliver improved results from the stock selection models.

The Board requested and PGIM Investments agreed to a contractual cap on Fund expenses that (exclusive of certain fees and expenses) caps total annual operating expenses at 1.45% of average daily net assets for Class A shares, 2.65% of average daily net assets for Class C shares, 1.00% of average daily net assets for Class Z shares, and 0.78% of average daily net assets for Class R6 shares through June 30, 2025.

In addition, PGIM Investments will waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class, and has agreed that total annual fund operating expenses for Class R6 shares will not exceed total annual fund operating expenses for Class Z shares.

The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

* * *

After full consideration of these factors, the Board concluded that approval of the agreements was in the best interests of the Fund and its shareholders.

PGIM Quant Solutions International Equity Fund

∎ MAIL

655 Broad Street

Newark, NJ 07102

∎ TELEPHONE

(800) 225-1852

∎ WEBSITE

pgim.com/investments

PROXY VOTING

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

DIRECTORS

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

OFFICERS

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



MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102

SUBADVISER	PGIM Quantitative Solutions LLC	655 Broad Street 16th Floor Newark, NJ 07102

DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102

CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286

TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 534432 Pittsburgh, PA 15253

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017

FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

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

AVAILABILITY OF PORTFOLIO HOLDINGS

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Directors and is available without charge, upon request, by calling (800) 225-1852.

Mutual Funds:

ARE NOT INSURED BY THE FDIC OR ANY

FEDERAL GOVERNMENT AGENCY

MAY LOSE VALUE

ARE NOT A DEPOSIT OF OR GUARANTEED

BY ANY BANK OR ANY BANK AFFILIATE

LOGO

PGIM QUANT SOLUTIONS INTERNATIONAL EQUITY FUND



SHARE CLASS	A	C	Z	R6

NASDAQ	PJRAX	PJRCX	PJIZX	PJRQX
CUSIP	743969859	743969875	743969883	743969578

MF190E

LOGO

PGIM EMERGING MARKETS DEBT LOCAL CURRENCY FUND

ANNUAL REPORT

OCTOBER 31, 2023

LOGO

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

Table of Contents



Letter from the President			3

Your Fund’s Performance			4

Growth of a $10,000 Investment			5

Strategy and Performance Overview			8

Fees and Expenses			11

Holdings and Financial Statements			13

Approval of Advisory Agreements

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

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

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. ^© 2023 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2 Visit our website at pgim.com/investments

Letter from the President

Dear Shareholder:

We hope you find the annual report for the PGIM Emerging Markets Debt Local Currency Fund informative and useful. The report covers performance for the 12-month period that ended October 31, 2023.

Although central banks raised interest rates aggressively to tame surging inflation during the period, the global economy and financial markets demonstrated resilience. Employers continued hiring, consumers continued spending, home prices rose, and recession fears receded.

Thank you for choosing our family of funds.

Sincerely,

LOGO

Stuart S. Parker, President

PGIM Emerging Markets Debt Local Currency Fund

December 15, 2023

PGIM Emerging Markets Debt Local Currency Fund 3

Your Fund’s Performance (unaudited)



	Average Annual Total Returns as of 10/31/23
	One Year (%)	Five Years (%)	Ten Years (%)

Class A

(with sales charges)	9.01	0.37	-1.35

(without sales charges)	12.66	1.04	-1.02

Class C

(with sales charges)	10.76	0.26	-1.77

(without sales charges)	11.76	0.26	-1.77

Class Z

(without sales charges)	13.05	1.41	-0.71

Class R6

(without sales charges)	12.88	1.43	-0.65

JP Morgan Government Bond Index-Emerging Markets Global Diversified Index
	13.50	0.29	-1.16

4 Visit our website at pgim.com/investments

Growth of a $10,000 Investment (unaudited)

LOGO

The graph compares a $10,000 investment in the Fund’s Class Z shares with a similar investment in the JP Morgan Government Bond Index-Emerging Markets Global Diversified Index by portraying the initial account values at the beginning of the 10-year period (October 31, 2013) and the account values at the end of the current fiscal year (October 31, 2023) as measured on a quarterly basis. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested. The line graph provides information for Class Z shares only. As indicated in the tables provided earlier, performance for other share classes will vary due to the differing fees and expenses applicable to each share class (as indicated in the following paragraphs). Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

PGIM Emerging Markets Debt Local Currency Fund 5

Your Fund’s Performance (continued)



	Class A	Class C	Class Z	Class R6

Maximum initial sales charge	3.25% of the public offering price	None	None	None

Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption)	1.00% on sales of $500,000 or more made within 12 months of purchase	1.00% on sales made within 12 months of purchase	None	None

Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.25%	1.00%	None	None

Benchmark Definition

JP Morgan Government Bond Index-Emerging Markets Global Diversified Index—The JP Morgan Government Bond Index-Emerging Markets Global Diversified Index, an unmanaged index, is a comprehensive emerging markets debt benchmark that tracks local currency bonds issued by emerging market governments.

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

6 Visit our website at pgim.com/investments



Credit Quality expressed as a percentage of total investments as of 10/31/23 (%)

AAA		4.7

AA		4.9

A		21.5

BBB		39.7

BB		18.5

B		0.3

C		0.1

Not Rated		-1.9

Cash/Cash Equivalents		12.2

Total		100.0

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



Distributions and Yields as of 10/31/23

	Total Distributions Paid for One Year ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)

Class A	0.24	5.87		4.06

Class C	0.21	5.33		-4.40

Class Z	0.26	6.50		6.05

Class R6	0.27	6.58		5.94

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

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

PGIM Emerging Markets Debt Local Currency Fund 7

Strategy and Performance Overview*

(unaudited)

How did the Fund perform?

The PGIM Emerging Markets Debt Local Currency Fund’s Class Z shares returned 13.05% in the 12-month reporting period that ended October 31, 2023, underperforming the 13.50% return of the JP Morgan Government Bond Index–Emerging Markets Global Diversified Index (the Index).

What were the market conditions?

Emerging markets debt posted positive returns during the reporting period, even as some headwinds emerged toward the end of the period. Reduced rate-hike expectations, declining interest rate volatility, and a softer US dollar provided for a constructive tone throughout much of the reporting period. However, slowing growth in China and Europe, a rise in US Treasury yields, and a resilient US dollar led to mixed performance over the final few months of the reporting period.

While the constructive note of year-end 2022 carried into the beginning of 2023, uncertainty increased in February due to elevated inflation data and then exploded in March as Silicon Valley Bank and Signature Bank failed and Credit Suisse Group AG experienced distress. Concerns about financial instability then led to a negative confidence shock that pressured valuations and created further dispersion between higher-quality and lower-quality issuers. Local interest rates produced positive returns in the first quarter of 2023 amid an uptick in volatility, trading directionally with developed markets, and inflation data mixed across countries. Meanwhile, emerging markets foreign exchanges (EMFX) registered gains, but those were concentrated in Latin America and Europe, with high yielding currencies outperforming.

Emerging markets debt saw positive gains in the second quarter of 2023 as momentum shifted in response to increased clarity concerning inflation, interest rates, and growth, as well as a resolution to the US debt ceiling. Local interest rates performed well during the quarter due to lower-than-expected inflation data in emerging markets and strong emerging markets currencies against the US dollar. EMFX was also positive in the quarter.

In the third quarter of 2023, emerging markets debt had mixed performance, performing well in July with a rally in spreads, led by tightening in high yield, before widening in August amid slowing growth in China and Europe. Local interest rates posted modestly negative total returns, and yields rose. In response to bear steepening of the US yield curve, a majority of emerging markets curves steepened. (Bear steepening occurs when interest rates on long-term bonds rise faster than rates on short-term bonds.) While overall EMFX performance was negative against the US dollar, Latin American currencies gained amid central bank rate cuts.

Over the last month of the reporting period, returns across hard currency, local currency, and corporates were negative, while EMFX exhibited positive returns. The emerging markets debt sovereign sector exhibited positive spread returns in October 2023, with investment-grade bonds lagging while high yield outperformed. Within local interest rates, Europe and Africa/Middle East outperformed in October, while

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Asia and Latin America underperformed. Meanwhile, EMFX exhibited positive performance in October, as the expectation of peak rates in the US led to a stall in the US dollar rally and some reprieve across emerging markets currencies.

What worked?

Long-duration positioning in South Africa and Indonesia, along with neutral positioning in Hungary and short-duration positioning in Turkey, contributed to the Fund’s performance during the reporting period. (Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates.)

Sovereign debt positioning in Egypt, Turkey, and Brazil also contributed.

In out-of-Index hard currency, positioning in Malaysia, Pakistan, and Argentina contributed.

Overall currency selection was also positive, with overweights relative to the Index to the Hungarian forint and Colombian peso, along with underweights relative to the Index to the Chinese yuan and Korean won, contributing to the Fund’s returns.

What didn’t work?

Long-duration positioning in Brazil, Korea, and Mexico detracted from the Fund’s returns during the reporting period.

Sovereign debt positioning in China, Malaysia, Hungary, and Thailand also detracted from the Fund’s returns.

In out-of-Index hard currency, positioning in Brazil and Jamaica detracted from returns.

Within currencies, an underweight to the Thai baht, along with overweights to the US dollar and the Israeli shekel, detracted from returns.

Did the Fund use derivatives?

Currency positioning in the Fund was partially facilitated by the use of currency forward and option contracts. During the reporting period, the Fund’s currency positioning contributed to relative performance. The Fund also used futures and interest rate swaps, in part, to help manage duration and yield curve exposure, which collectively had a negative impact on performance. (A yield curve is a line graph that illustrates the relationship between the yields and maturities of fixed income securities. It is created by plotting the yields of different maturities for the same type of bonds.)

Current outlook

Higher US interest rates, the strong US dollar, and rising energy prices are testing local-currency emerging markets government bonds. Considering that context, PGIM Fixed Income prefers regional relative value over directional calls and is positioned with overweight allocations relative to the Index to Asia; underweights relative to the Index to Central and Eastern Europe, the Middle East, and Africa; and neutral

PGIM Emerging Markets Debt Local Currency Fund 9

Strategy and Performance Overview* (continued)

positioning in Latin America. PGIM Fixed Income expects medium-term debt issuances (five to seven years) to outperform short-dated and long-dated segments. Beyond the seven-year horizon, PGIM Fixed Income has a bias toward steeper local-currency yield curves.

If the US Federal Reserve’s rate hikes have ended, PGIM Fixed Income expects emerging markets local currency yields to trade sideways from current levels. Country-level factors should support lower yields, while global macroeconomic forces push yields higher. But given the level of yields, PGIM Fixed Income believes carry (i.e., the return obtained from holding an asset) opportunities can still contribute to positive total returns within the local currency bond market.

PGIM Fixed Income remains cautious on emerging markets currencies and is maintaining underweight positions in Asian, and to a lesser extent European and Latin American, emerging-markets currencies. PGIM Fixed Income believes that US-dollar strength can broaden if China’s stimulus doesn’t prove impactful and continues to worry about lackluster growth in Europe. Historically, the US dollar benefits when US growth outperforms Europe and China.

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Fees and Expenses (unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes

PGIM Emerging Markets Debt Local Currency Fund 11

Fees and Expenses (continued)

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



PGIM Emerging Markets Debt Local Currency Fund		Beginning Account Value May 1, 2023	Ending Account Value October 31, 2023	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Class A	Actual	$1,000.00	$ 987.80	1.14%	$5.71

	Hypothetical	$1,000.00	$1,019.46	1.14%	$5.80

Class C	Actual	$1,000.00	$ 984.20	1.89%	$9.45

	Hypothetical	$1,000.00	$1,015.68	1.89%	$9.60

Class Z	Actual	$1,000.00	$ 990.20	0.73%	$3.66

	Hypothetical	$1,000.00	$1,021.53	0.73%	$3.72

Class R6	Actual	$1,000.00	$ 988.40	0.67%	$3.36

	Hypothetical	$1,000.00	$1,021.83	0.67%	$3.41

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Schedule of Investments

as of October 31, 2023



Description	Interest Rate	Maturity Date	Principal Amount (000)#			Value

LONG-TERM INVESTMENTS 83.3%

CORPORATE BONDS 0.9%

Brazil 0.1%

JSM Global Sarl,
Gtd. Notes, 144A	4.750%	10/20/30(d)		200		$	30,000

Jamaica 0.0%

Digicel Ltd.,
Gtd. Notes	6.750	03/01/23(d)		235			5,875

Malaysia 0.3%

Gohl Capital Ltd.,
Gtd. Notes	4.250	01/24/27		200			182,810

South Africa 0.3%

Sasol Financing USA LLC,
Gtd. Notes	4.375	09/18/26		200			176,000

Supranational Bank 0.2%

European Investment Bank,
Sr. Unsec’d. Notes, EMTN	3.000	05/24/24	PLN	600			139,591


TOTAL CORPORATE BONDS (cost $980,028)							534,276


SOVEREIGN BONDS 82.4%

Angola 0.3%

Angolan Government International Bond,
Sr. Unsec’d. Notes	9.500	11/12/25		200			191,813

Brazil 4.8%

Brazil Minas SPE via State of Minas Gerais,
Gov’t. Gtd. Notes	5.333	02/15/28		118			113,937

Brazil Notas do Tesouro Nacional,
Notes, Series NTNB	6.000	08/15/30	BRL	2			387,084
Notes, Series NTNB	6.000	05/15/35	BRL	1			108,257
Notes, Series NTNF	10.000	01/01/25	BRL	3			650,156
Notes, Series NTNF	10.000	01/01/27	BRL	8			1,547,782
Notes, Series NTNF	10.000	01/01/31	BRL	—(r	)		36,425

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 13

Schedule of Investments (continued)

as of October 31, 2023



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

Brazil (cont’d.)

Brazilian Government International Bond,
Sr. Unsec’d. Notes	8.500%	01/05/24	BRL	54	$	10,600


						2,854,241

Chile 0.8%

Bonos de la Tesoreria de la Republica en pesos,
Bonds	5.000	03/01/35	CLP	115,000		113,337
Bonds, 144A	5.000	10/01/28	CLP	110,000		114,814
Bonds, Series 30YR	6.000	01/01/43	CLP	135,000		143,847
Unsec’d. Notes, 144A	2.800	10/01/33	CLP	50,000		40,737
Unsec’d. Notes, 144A	4.700	09/01/30	CLP	95,000		94,594


						507,329

China 3.5%

China Government Bond,
Bonds, Series 1910	3.860	07/22/49	CNH	680		105,319
Bonds, Series INBK	1.990	04/09/25	CNH	6,890		933,080
Bonds, Series INBK	2.850	06/04/27	CNH	3,370		465,096
Bonds, Series INBK	3.270	11/19/30	CNH	2,890		411,513
Unsec’d. Notes, Series INBK	3.810	09/14/50	CNH	1,240		191,156


						2,106,164

Colombia 4.1%

Colombia Government International Bond,
Sr. Unsec’d. Notes	4.500	01/28/26		200		191,560

Colombian TES,
Bonds, Series B	5.750	11/03/27	COP	250,000		50,717
Bonds, Series B	6.000	04/28/28	COP	1,221,000		245,243
Bonds, Series B	6.250	07/09/36	COP	1,644,000		256,938
Bonds, Series B	7.000	03/26/31	COP	2,281,200		437,319
Bonds, Series B	7.000	06/30/32	COP	2,648,100		486,345
Bonds, Series B	7.250	10/18/34	COP	1,405,800		248,580
Bonds, Series B	7.250	10/26/50	COP	210,000		31,991
Bonds, Series B	7.750	09/18/30	COP	500,000		101,775
Bonds, Series B	9.250	05/28/42	COP	1,094,100		211,573
Bonds, Series G	7.000	03/26/31	COP	759,800		145,535
Sr. Unsec’d. Notes, Series UVR	3.750	06/16/49	COP	230,888		45,366


						2,452,942

See Notes to Financial Statements.



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

Czech Republic 4.9%

Czech Republic Government Bond,
Bonds, Series 049	4.200%	12/04/36	CZK	2,950	$	120,478
Bonds, Series 078	2.500	08/25/28	CZK	2,100		82,632
Bonds, Series 089	2.400	09/17/25	CZK	3,040		125,479
Bonds, Series 094	0.950	05/15/30	CZK	8,770		301,638
Bonds, Series 100	0.250	02/10/27	CZK	18,980		711,821
Bonds, Series 103	2.000	10/13/33	CZK	9,290		315,698
Bonds, Series 105	2.750	07/23/29	CZK	16,250		637,444
Bonds, Series 121	1.200	03/13/31	CZK	11,920		405,779
Bonds, Series 130	0.050	11/29/29	CZK	6,050		199,047


						2,900,016

Dominican Republic 0.3%

Dominican Republic International Bond,
Sr. Unsec’d. Notes	5.950	01/25/27		200		192,182

Hungary 6.0%

Hungary Government Bond,
Bonds, Series 25/C	1.000	11/26/25	HUF	181,520		439,547
Bonds, Series 26/D	2.750	12/22/26	HUF	226,920		540,563
Bonds, Series 26/E	1.500	04/22/26	HUF	198,840		474,663
Bonds, Series 26/F	1.500	08/26/26	HUF	206,700		482,767
Bonds, Series 27/A	3.000	10/27/27	HUF	42,680		100,214
Bonds, Series 28/A	6.750	10/22/28	HUF	134,280		360,121
Bonds, Series 28/B	4.500	03/23/28	HUF	144,380		355,672
Bonds, Series 29/A	2.000	05/23/29	HUF	128,070		271,766
Bonds, Series 31/A	3.250	10/22/31	HUF	33,070		69,778
Bonds, Series 32/A	4.750	11/24/32	HUF	45,870		104,463
Bonds, Series 34/A	2.250	06/22/34	HUF	55,760		98,315
Bonds, Series 38/A	3.000	10/27/38	HUF	21,890		36,356
Bonds, Series 51/G	4.000	04/28/51	HUF	29,330		48,006

Hungary Government International Bond,
Sr. Unsec’d. Notes	6.125	05/22/28		200		198,414


						3,580,645

Indonesia 12.0%

Indonesia Government International Bond,
Sr. Unsec’d. Notes	1.400	10/30/31	EUR	100		82,102

Indonesia Treasury Bond,
Bonds, Series 056	8.375	09/15/26	IDR	9,696,000		630,835
Bonds, Series 059	7.000	05/15/27	IDR	7,548,000		473,977

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 15

Schedule of Investments (continued)

as of October 31, 2023



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

Indonesia (cont’d.)

Indonesia Treasury Bond, (cont’d.)
Bonds, Series 064		6.125%		05/15/28	IDR	8,837,000	$	535,449
Bonds, Series 068		8.375		03/15/34	IDR	8,238,000		560,869
Bonds, Series 070		8.375		03/15/24	IDR	1,410,000		89,207
Bonds, Series 071		9.000		03/15/29	IDR	3,640,000		248,281
Bonds, Series 072		8.250		05/15/36	IDR	3,843,000		261,280
Bonds, Series 073		8.750		05/15/31	IDR	6,870,000		470,326
Bonds, Series 075		7.500		05/15/38	IDR	3,754,000		241,641
Bonds, Series 078		8.250		05/15/29	IDR	6,284,000		416,164
Bonds, Series 079		8.375		04/15/39	IDR	1,850,000		128,108
Bonds, Series 081		6.500		06/15/25	IDR	993,000		61,949
Bonds, Series 082		7.000		09/15/30	IDR	8,415,000		527,626
Bonds, Series 087		6.500		02/15/31	IDR	7,837,000		476,091
Bonds, Series 092		7.125		06/15/42	IDR	1,354,000		84,279
Bonds, Series 095		6.375		08/15/28	IDR	11,784,000		721,803
Bonds, Series 096		7.000		02/15/33	IDR	18,174,000		1,138,378


								7,148,365

Ivory Coast 0.2%

Ivory Coast Government International Bond,
Sr. Unsec’d. Notes		5.250		03/22/30	EUR	140		121,840

Malaysia 4.4%

Malaysia Government Bond,
Bonds, Series 115		3.955		09/15/25	MYR	140		29,592
Bonds, Series 118		3.882		03/14/25	MYR	567		119,676
Bonds, Series 120		4.065		06/15/50	MYR	1,886		365,562
Bonds, Series 219		3.885		08/15/29	MYR	3,515		733,358
Bonds, Series 222		4.696		10/15/42	MYR	755		164,075
Bonds, Series 317		4.762		04/07/37	MYR	842		185,733
Bonds, Series 411		4.232		06/30/31	MYR	280		59,210
Bonds, Series 413		3.844		04/15/33	MYR	390		79,920
Bonds, Series 417		3.899		11/16/27	MYR	1,835		385,995
Bonds, Series 419		3.828		07/05/34	MYR	810		164,865
Bonds, Series 519		3.757		05/22/40	MYR	1,272		246,252
Malaysia Government Investment Issue,
Bonds, Series 121		3.447		07/15/36	MYR	430		83,413


								2,617,651

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

Mexico 10.0%

Mexican Bonos,
Bonds, Series M		5.500%		03/04/27	MXN	30	$	143,701
Bonds, Series M		7.500		05/26/33	MXN	35		162,161
Bonds, Series M		7.750		05/29/31	MXN	229		1,107,354
Bonds, Series M		8.000		11/07/47	MXN	68		306,099
Bonds, Series M		10.000		11/20/36	MXN	78		428,770
Sr. Unsec’d. Notes, Series M		7.750		11/23/34	MXN	120		559,379
Sr. Unsec’d. Notes, Series M		7.750		11/13/42	MXN	46		204,127
Sr. Unsec’d. Notes, Series M		8.500		11/18/38	MXN	73		353,803
Mexican Udibonos,
Bonds, Series S		2.750		11/27/31	MXN	4		154,064
Bonds, Series S		4.500		12/04/25	MXN	60		2,530,171


								5,949,629

Peru 2.8%

Peru Government Bond,
Bonds		5.940		02/12/29	PEN	800		199,425
Bonds		6.900		08/12/37	PEN	260		62,835
Bonds		6.950		08/12/31	PEN	190		48,168
Sr. Unsec’d. Notes		5.350		08/12/40	PEN	540		109,147
Sr. Unsec’d. Notes		5.400		08/12/34	PEN	2,610		568,113
Sr. Unsec’d. Notes		6.150		08/12/32	PEN	2,138		508,361
Peruvian Government International Bond,
Sr. Unsec’d. Notes		6.850		02/12/42	PEN	245		58,191
Sr. Unsec’d. Notes		6.900		08/12/37	PEN	7		1,692
Sr. Unsec’d. Notes		6.950		08/12/31	PEN	478		121,182


								1,677,114

Philippines 0.1%

Philippine Government Bond,
Bonds, Series 1060		3.625		09/09/25	PHP	5,600		92,732

Poland 7.6%

Republic of Poland Government Bond,
Bonds, Series 0428		2.750		04/25/28	PLN	1,480		317,546
Bonds, Series 0432		1.750		04/25/32	PLN	710		125,540
Bonds, Series 0725		3.250		07/25/25	PLN	4,301		988,749
Bonds, Series 0726		2.500		07/25/26	PLN	3,925		871,056
Bonds, Series 0727		2.500		07/25/27	PLN	2,580		558,755
Bonds, Series 0728		7.500		07/25/28	PLN	830		214,635
Bonds, Series 1026		0.250		10/25/26	PLN	1,660		342,357

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 17

Schedule of Investments (continued)

as of October 31, 2023



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

Poland (cont’d.)

Republic of Poland Government Bond, (cont’d.)
Bonds, Series 1029	2.750%	10/25/29	PLN	2,420	$	500,351
Bonds, Series 1030	1.250	10/25/30	PLN	3,350		608,072


						4,527,061

Romania 3.3%

Romania Government Bond,
Bonds, Series 05YR	4.250	04/28/36	RON	1,245		203,073
Bonds, Series 07YR	2.500	10/25/27	RON	1,170		214,267
Bonds, Series 07YR	3.250	04/29/24	RON	750		157,626
Bonds, Series 07YR	4.850	04/22/26	RON	2,680		551,784
Bonds, Series 08YR	7.350	04/28/31	RON	540		117,127
Bonds, Series 10YR	6.700	02/25/32	RON	1,050		218,443
Bonds, Series 15YR	3.650	09/24/31	RON	1,270		217,432
Romanian Government International Bond,
Sr. Unsec’d. Notes	3.000	02/27/27		220		199,016
Sr. Unsec’d. Notes, EMTN	2.125	03/07/28	EUR	80		73,353


						1,952,121

Serbia 0.9%

Serbia International Bond,
Sr. Unsec’d. Notes	3.125	05/15/27	EUR	410		392,326
Serbia Treasury Bonds,
Bonds, Series 07YR	4.500	01/11/26	RSD	9,460		83,551
Bonds, Series 12.5	4.500	08/20/32	RSD	6,240		48,874


						524,751

South Africa 11.5%

Republic of South Africa Government Bond,
Sr. Unsec’d. Notes, Series 2030	8.000	01/31/30	ZAR	22,285		1,051,933
Sr. Unsec’d. Notes, Series 2032	8.250	03/31/32	ZAR	28,025		1,236,089
Sr. Unsec’d. Notes, Series 2035	8.875	02/28/35	ZAR	13,864		591,816
Sr. Unsec’d. Notes, Series 2037	8.500	01/31/37	ZAR	12,256		485,763
Sr. Unsec’d. Notes, Series 2040	9.000	01/31/40	ZAR	9,770		388,802
Sr. Unsec’d. Notes, Series 2048	8.750	02/28/48	ZAR	2,955		110,863
Sr. Unsec’d. Notes, Series R186	10.500	12/21/26	ZAR	35,619		1,968,782
Sr. Unsec’d. Notes, Series R209	6.250	03/31/36	ZAR	3,850		127,634

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

South Africa (cont’d.)

Republic of South Africa Government Bond, (cont’d.)
Sr. Unsec’d. Notes, Series R213		7.000%		02/28/31	ZAR	10,845	$	460,036
Sr. Unsec’d. Notes, Series R214		6.500		02/28/41	ZAR	14,390		442,037


								6,863,755

Thailand 4.8%

Thailand Government Bond,
Bonds		1.600		12/17/29	THB	3,885		99,410
Bonds		2.000		06/17/42	THB	2,080		44,622
Bonds		2.875		12/17/28	THB	12,015		332,709
Bonds		2.875		06/17/46	THB	3,065		72,462
Bonds		3.300		06/17/38	THB	8,815		235,519
Bonds		3.400		06/17/36	THB	9,585		262,180
Sr. Unsec’d. Notes		1.585		12/17/35	THB	19,650		445,735
Sr. Unsec’d. Notes		1.600		06/17/35	THB	2,700		61,958
Sr. Unsec’d. Notes		1.875		06/17/49	THB	1,063		19,938
Sr. Unsec’d. Notes		2.000		12/17/31	THB	11,505		291,600
Sr. Unsec’d. Notes		3.350		06/17/33	THB	6,230		174,617
Sr. Unsec’d. Notes		3.650		06/20/31	THB	13,094		375,619
Sr. Unsec’d. Notes		3.775		06/25/32	THB	15,085		435,034


								2,851,403

Uruguay 0.1%

Uruguay Government International Bond,
Sr. Unsec’d. Notes, 144A		8.500		03/15/28	UYU	1,870		44,478


TOTAL SOVEREIGN BONDS (cost $54,080,600)								49,156,232
TOTAL SOVEREIGN BONDS (cost $54,080,600)								49,156,232


TOTAL LONG-TERM INVESTMENTS (cost $55,060,628)								49,690,508
TOTAL LONG-TERM INVESTMENTS (cost $55,060,628)								49,690,508


					Shares

SHORT-TERM INVESTMENTS 13.8%

AFFILIATED MUTUAL FUND 9.4%

PGIM Core Government Money Market Fund
(cost $5,602,977)(wb)						5,602,977		5,602,977

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 19

Schedule of Investments (continued)

as of October 31, 2023



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

U.S. TREASURY OBLIGATION(n) 4.4%

U.S. Treasury Bills
(cost $2,632,854)		5.433%		04/18/24		2,700	$	2,632,615
(cost $2,632,854)		5.433%		04/18/24		2,700	$	2,632,615


*OPTIONS PURCHASED~ 0.0%**
(cost $30,356)								16,101
(cost $30,356)								16,101


TOTAL SHORT-TERM INVESTMENTS (cost $8,266,187)								8,251,693
TOTAL SHORT-TERM INVESTMENTS (cost $8,266,187)								8,251,693


TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 97.1% (cost $63,326,815)								57,942,201
								57,942,201


*OPTIONS WRITTEN~ (0.4)%**
(premiums received $299,427)								(266,517	)


TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 96.7% (cost $63,027,388)								57,675,684

Other assets in excess of liabilities(z) 3.3%								1,957,599


NET ASSETS 100.0%							$	59,633,283

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

AUD—Australian Dollar

BRL—Brazilian Real

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

EGP—Egyptian Pound

EUR—Euro

HUF—Hungarian Forint

IDR—Indonesian Rupiah

ILS—Israeli Shekel

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

MYR—Malaysian Ringgit

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

PLN—Polish Zloty

RON—Romanian Leu

RSD—Serbian Dinar

SGD—Singapore Dollar

THB—Thai Baht

TRY—Turkish Lira

TWD—New Taiwanese Dollar

See Notes to Financial Statements.

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.

BNYM—Bank of New York Mellon

BOA—Bank of America, N.A.

BROIS—Brazil Overnight Index Swap

BUBOR—Budapest Interbank Offered Rate

CDX—Credit Derivative Index

CGM—Citigroup Global Markets, Inc.

CITI—Citibank, N.A.

CLOIS—Sinacofi Chile Interbank Rate Average

COOIS—Colombia Overnight Interbank Reference Rate

DB—Deutsche Bank AG

EMTN—Euro Medium Term Note

GSI—Goldman Sachs International

HSBC—HSBC Bank PLC

JIBAR—Johannesburg Interbank Agreed Rate

JPM—JPMorgan Chase Bank N.A.

JPS—J.P. Morgan Securities LLC

KLIBOR—Kuala Lumpur Interbank Offered Rate

KWCDC—Korean Won Certificate of Deposit

M—Monthly payment frequency for swaps

MSI—Morgan Stanley & Co International PLC

OTC—Over-the-counter

PRIBOR—Prague Interbank Offered Rate

Q—Quarterly payment frequency for swaps

S—Semiannual payment frequency for swaps

SCB—Standard Chartered Bank

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

*	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.

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

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

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

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

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

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 21

Schedule of Investments (continued)

as of October 31, 2023

Options Purchased:

OTC Traded


Description	Call/ Put	Counterparty	Expiration Date	Strike		Contracts	Notional Amount (000)#			Value

Currency Option EUR vs ILS	Call	MSI	02/16/24		5.50	—		EUR	289	$	102
Currency Option EUR vs PLN	Call	HSBC	11/02/23		5.40	—		EUR	142		—
Currency Option EUR vs PLN	Call	MSI	11/16/23		5.00	—		EUR	300		4
Currency Option EUR vs PLN	Call	CITI	11/27/23		5.10	—		EUR	140		3
Currency Option USD vs CLP	Call	MSI	11/02/23		1,100.00	—			481		—
Currency Option USD vs CLP	Call	MSI	11/27/23		1,150.00	—			481		10
Currency Option USD vs CNH	Call	JPM	11/08/23		7.30	—			426		2,300
Currency Option USD vs CNH	Call	HSBC	11/08/23		7.80	—			426		4
Currency Option USD vs JPY	Call	JPM	11/08/23		150.00	—			357		4,321
Currency Option USD vs MXN	Call	HSBC	11/01/23		17.85	—			269		2,491
Currency Option USD vs MXN	Call	MSI	11/01/23		20.00	—			269		—
Currency Option USD vs MXN	Call	GSI	11/16/23		22.00	—			301		6
Currency Option USD vs MXN	Call	HSBC	11/29/23		22.00	—			269		26
Currency Option USD vs ZAR	Call	JPM	12/01/23		19.75	—			975		3,328
Currency Option EUR vs HUF	Put	JPM	11/02/23		360.00	—		EUR	144		—
Currency Option EUR vs HUF	Put	JPM	11/02/23		360.00	—		EUR	144		—
Currency Option EUR vs HUF	Put	MSI	11/02/23		360.00	—		EUR	297		—
Currency Option EUR vs HUF	Put	JPM	11/27/23		360.00	—		EUR	142		2
Currency Option EUR vs ILS	Put	MSI	02/16/24		3.80	—		EUR	289		356
Currency Option EUR vs PLN	Put	HSBC	11/02/23		4.20	—		EUR	142		—
Currency Option EUR vs PLN	Put	MSI	11/09/23		4.20	—		EUR	148		1
Currency Option EUR vs PLN	Put	HSBC	11/30/23		4.20	—		EUR	142		10
Currency Option USD vs BRL	Put	GSI	11/08/23		4.50	—			296		—
Currency Option USD vs BRL	Put	CITI	11/16/23		4.00	—			300		—
Currency Option USD vs BRL	Put	MSI	12/27/23		4.30	—			695		14
Currency Option USD vs COP	Put	MSI	11/02/23		3,500.00	—			107		—
Currency Option USD vs COP	Put	MSI	11/09/23		3,600.00	—			298		—

See Notes to Financial Statements.

Options Purchased (continued):

OTC Traded


Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value

Currency Option USD vs COP	Put	MSI		11/09/23		3,600.00		—		298	$	—
Currency Option USD vs COP	Put	MSI		11/27/23		3,600.00		—		107		3
Currency Option USD vs COP	Put	MSI		11/29/23		3,500.00		—		298		3
Currency Option USD vs COP	Put	MSI		12/12/23		3,200.00		—		957		2
Currency Option USD vs HUF	Put	JPM		11/20/23		290.00		—		658		—
Currency Option USD vs HUF	Put	JPM		11/20/23		300.00		—		348		—
Currency Option USD vs HUF	Put	MSI		11/20/23		350.00		—		658		571
Currency Option USD vs HUF	Put	MSI		11/20/23		360.00		—		348		2,461
Currency Option USD vs MXN	Put	JPM		11/09/23		16.00		—		298		—
Currency Option USD vs MXN	Put	HSBC		11/09/23		16.75		—		148		3
Currency Option USD vs MXN	Put	MSI		11/10/23		15.00		—		463		—
Currency Option USD vs PLN	Put	JPM		11/01/23		3.45		—		589		—
Currency Option USD vs ZAR	Put	MSI		11/09/23		16.75		—		298		1
Currency Option USD vs ZAR	Put	MSI		12/01/23		16.75		—		796		79


Total Options Purchased (cost $30,356)											$	16,101

Options Written:

OTC Traded

Description

Call/
Put

Counterparty

Expiration
Date

Strike

Contracts

Notional
Amount
(000)#

Value

Currency Option EUR vs ILS

Call

MSI

02/16/24

4.48

—

EUR

289

(2,958

)

Currency Option EUR vs PLN

Call

HSBC

11/02/23

4.70

—

EUR

142

—

Currency Option EUR vs PLN

Call

MSI

11/16/23

4.47

—

EUR

300

(1,452

)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 23

Schedule of Investments (continued)

as of October 31, 2023

Options Written (continued):

OTC Traded


Description	Call/ Put	Counterparty	Expiration Date	Strike		Contracts	Notional Amount (000)#			Value

Currency Option EUR vs PLN	Call	CITI	11/27/23		4.50	—		EUR	140	$	(645	)
Currency Option USD vs CLP	Call	MSI	11/27/23		930.00	—			481		(3,202	)
Currency Option USD vs CNH	Call	HSBC	11/08/23		7.30	—			426		(2,300	)
Currency Option USD vs MXN	Call	MSI	11/01/23		17.85	—			269		(2,491	)
Currency Option USD vs MXN	Call	GSI	11/16/23		18.00	—			301		(4,015	)
Currency Option USD vs MXN	Call	HSBC	11/29/23		18.20	—			269		(3,465	)
Currency Option USD vs ZAR	Call	JPM	12/01/23		20.50	—			975		(1,131	)
Currency Option EUR vs HUF	Put	JPM	11/02/23		387.00	—		EUR	144		(1,671	)
Currency Option EUR vs HUF	Put	JPM	11/02/23		388.00	—		EUR	144		(2,059	)
Currency Option EUR vs HUF	Put	MSI	11/02/23		388.00	—		EUR	297		(4,246	)
Currency Option EUR vs HUF	Put	JPM	11/27/23		383.00	—		EUR	142		(985	)
Currency Option EUR vs PLN	Put	MSI	11/09/23		4.57	—		EUR	148		(4,033	)
Currency Option EUR vs PLN	Put	HSBC	11/30/23		4.45	—		EUR	142		(978	)
Currency Option USD vs BRL	Put	GSI	11/08/23		5.05	—			296		(2,633	)
Currency Option USD vs BRL	Put	CITI	11/16/23		5.00	—			300		(2,056	)
Currency Option USD vs BRL	Put	MSI	12/27/23		5.35	—			695		(42,547	)
Currency Option USD vs COP	Put	MSI	11/09/23		4,150.00	—			298		(4,006	)
Currency Option USD vs COP	Put	MSI	11/09/23		4,200.00	—			298		(6,492	)
Currency Option USD vs COP	Put	MSI	11/27/23		4,100.00	—			107		(1,400	)
Currency Option USD vs COP	Put	MSI	11/29/23		4,000.00	—			298		(1,626	)
Currency Option USD vs COP	Put	MSI	12/12/23		4,700.00	—			957		(125,452	)

See Notes to Financial Statements.

Options Written (continued):

OTC Traded


Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value

Currency Option USD vs HUF	Put	JPM		11/20/23		350.00		—		658	$	(571	)
Currency Option USD vs HUF	Put	JPM		11/20/23		360.00		—		348		(2,461	)
Currency Option USD vs MXN	Put	MSI		11/10/23		18.70		—		463		(17,831	)
Currency Option USD vs ZAR	Put	MSI		12/01/23		18.75		—		298		(5,483	)
Currency Option USD vs ZAR	Put	MSI		12/01/23		19.25		—		498		(18,328	)

Total Options Written (premiums received $299,427)											$	(266,517	)

Futures contracts outstanding at October 31, 2023:


Number of Contracts	Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)

Short Positions:
2	2 Year U.S. Treasury Notes		Dec. 2023	$	404,844		$	1,842
3	5 Year Euro-Bobl		Dec. 2023		369,139			3,438
8	5 Year U.S. Treasury Notes		Dec. 2023		835,812			13,553
1	10 Year Euro-Bund		Dec. 2023		136,484			2,449

							$	21,282

Forward foreign currency exchange contracts outstanding at October 31, 2023:


Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation			Unrealized Depreciation

OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 01/19/24	JPM	AUD	224	$	142,000	$	142,358		$	358	$	—
Brazilian Real,
Expiring 11/03/23	CITI	BRL	1,587		313,000		314,663			1,663		—
Expiring 11/03/23	CITI	BRL	1,284		248,000		254,628			6,628		—
Expiring 11/03/23	DB	BRL	14,593		2,953,879		2,892,981			—		(60,898	)
Expiring 11/03/23	GSI	BRL	771		148,000		152,777			4,777		—
Expiring 11/03/23	TD	BRL	769		147,000		152,429			5,429		—
Expiring 12/04/23	BNP	BRL	16,889		3,353,608		3,335,917			—		(17,691	)
Expiring 12/04/23	BNYM	BRL	868		172,763		171,435			—		(1,328	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 25

Schedule of Investments (continued)

as of October 31, 2023

Forward foreign currency exchange contracts outstanding at October 31, 2023 (continued):


Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation			Unrealized Depreciation

OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Chilean Peso,	TD		CLP	149,040	$	160,000	$	166,016		$	6,016		$	—
Expiring 12/20/23
Chinese Renminbi,
Expiring 11/16/23	BNP		CNH	2,945		405,943		401,669			—			(4,274	)
Expiring 11/16/23	BOA		CNH	6,378		877,000		869,807			—			(7,193	)
Expiring 11/16/23	CITI		CNH	2,149		296,115		293,098			—			(3,017	)
Expiring 11/16/23	GSI		CNH	4,743		649,000		646,786			—			(2,214	)
Expiring 11/16/23	GSI		CNH	4,552		626,000		620,844			—			(5,156	)
Expiring 11/16/23	HSBC		CNH	6,899		947,000		940,795			—			(6,205	)
Expiring 11/16/23	HSBC		CNH	3,617		499,000		493,247			—			(5,753	)
Expiring 11/16/23	HSBC		CNH	2,077		286,000		283,217			—			(2,783	)
Expiring 11/16/23	JPM		CNH	3,124		426,000		426,015			15			—
Expiring 11/16/23	SSB		CNH	2,004		273,813		273,339			—			(474	)
Expiring 11/16/23	SSB		CNH	1,098		150,872		149,686			—			(1,186	)
Colombian Peso,
Expiring 12/20/23	BARC		COP	4,219,597		990,411		1,013,671			23,260			—
Expiring 12/20/23	BARC		COP	934,753		222,825		224,554			1,729			—
Expiring 12/20/23	CITI		COP	965,892		218,346		232,036			13,690			—
Expiring 12/20/23	DB		COP	840,020		207,874		201,797			—			(6,077	)
Expiring 12/20/23	HSBC		COP	2,615,183		649,049		628,243			—			(20,806	)
Expiring 12/20/23	TD		COP	2,801,517		686,815		673,007			—			(13,808	)
Czech Koruna,
Expiring 01/19/24	DB		CZK	9,182		392,000		394,877			2,877			—
Expiring 01/19/24	MSI		CZK	13,515		576,888		581,203			4,315			—
Egyptian Pound,
Expiring 01/10/24	CITI		EGP	1,981		61,346		58,645			—			(2,701	)
Expiring 01/10/24	CITI		EGP	703		20,562		20,800			238			—
Expiring 01/10/24	MSI		EGP	4,080		121,618		120,763			—			(855	)
Euro,
Expiring 01/19/24	MSI		EUR	647		690,750		687,623			—			(3,127	)
Hungarian Forint,
Expiring 01/19/24	CITI		HUF	14,606		39,759		39,951			192			—
Expiring 01/19/24	DB		HUF	115,837		318,000		316,847			—			(1,153	)
Expiring 01/19/24	SSB		HUF	118,299		327,000		323,582			—			(3,418	)
Indian Rupee,
Expiring 12/20/23	BOA		INR	79,699		955,000		955,583			583			—
Expiring 12/20/23	BOA		INR	36,018		431,000		431,850			850			—
Expiring 12/20/23	JPM		INR	71,781		862,000		860,646			—			(1,354	)
Expiring 12/20/23	JPM		INR	61,967		743,684		742,979			—			(705	)
Expiring 12/20/23	JPM		INR	43,900		526,000		526,356			356			—
Expiring 12/20/23	MSI		INR	79,730		955,000		955,961			961			—
Indonesian Rupiah,
Expiring 12/20/23	BNYM		IDR	1,100,000		70,158		68,999			—			(1,159	)

See Notes to Financial Statements.

Forward foreign currency exchange contracts outstanding at October 31, 2023 (continued):


Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation			Unrealized Depreciation

OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Indonesian Rupiah (cont’d.),
Expiring 12/20/23	CITI		IDR	6,073,335	$	394,306	$	380,956		$	—		$	(13,350	)
Expiring 12/20/23	MSI		IDR	2,977,099		186,945		186,741			—			(204	)
Japanese Yen,
Expiring 01/19/24	HSBC		JPY	53,112		362,434		355,154			—			(7,280	)
Malaysian Ringgit,
Expiring 12/20/23	BARC		MYR	15,973		3,434,665		3,363,654			—			(71,011	)
Expiring 12/20/23	MSI		MYR	658		140,000		138,665			—			(1,335	)
Mexican Peso,
Expiring 12/20/23	BARC		MXN	5,697		312,000		313,388			1,388			—
Expiring 12/20/23	BARC		MXN	2,504		136,242		137,718			1,476			—
Expiring 12/20/23	BNP		MXN	2,743		155,799		150,885			—			(4,914	)
Expiring 12/20/23	CITI		MXN	3,473		199,803		191,036			—			(8,767	)
Expiring 12/20/23	CITI		MXN	2,329		125,763		128,090			2,327			—
Expiring 12/20/23	HSBC		MXN	2,751		148,000		151,348			3,348			—
Expiring 12/20/23	MSI		MXN	3,174		174,441		174,572			131			—
Expiring 12/20/23	SSB		MXN	2,741		148,000		150,798			2,798			—
Expiring 12/20/23	SSB		MXN	2,732		148,000		150,305			2,305			—
Expiring 12/20/23	TD		MXN	5,474		300,000		301,097			1,097			—
Expiring 12/20/23	TD		MXN	5,447		297,000		299,649			2,649			—
Peruvian Nuevo Sol,
Expiring 12/20/23	BOA		PEN	1,000		268,565		259,783			—			(8,782	)
Expiring 12/20/23	CITI		PEN	999		267,870		259,459			—			(8,411	)
Philippine Peso,
Expiring 12/20/23	CITI		PHP	52,858		931,000		930,820			—			(180	)
Expiring 12/20/23	MSI		PHP	17,789		314,000		313,257			—			(743	)
Romanian Leu,
Expiring 01/19/24	BARC		RON	2,184		466,344		464,838			—			(1,506	)
Singapore Dollar,
Expiring 12/20/23	BOA		SGD	741		544,000		542,371			—			(1,629	)
Expiring 12/20/23	CITI		SGD	298		218,000		218,037			37			—
Expiring 12/20/23	HSBC		SGD	647		473,000		473,599			599			—
Expiring 12/20/23	SCB		SGD	885		652,000		647,721			—			(4,279	)
South African Rand,
Expiring 12/20/23	BNP		ZAR	6,211		328,145		331,784			3,639			—
Expiring 12/20/23	BOA		ZAR	1,276		65,787		68,181			2,394			—
Expiring 12/20/23	MSI		ZAR	6,203		330,000		331,365			1,365			—
Expiring 12/20/23	TD		ZAR	2,653		138,622		141,739			3,117			—
South Korean Won,
Expiring 12/20/23	CITI		KRW	198,678		148,000		147,264			—			(736	)
Expiring 12/20/23	JPM		KRW	968,557		726,000		717,913			—			(8,087	)
Expiring 12/20/23	SCB		KRW	401,081		298,000		297,289			—			(711	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 27

Schedule of Investments (continued)

as of October 31, 2023

Forward foreign currency exchange contracts outstanding at October 31, 2023 (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.):
Thai Baht,
Expiring 12/20/23	BNP		THB	6,987	$	192,729	$	195,282		$	2,553		$	—
Expiring 12/20/23	BOA		THB	19,306		539,000		539,589			589			—
Expiring 12/20/23	CITI		THB	64,735		1,820,954		1,809,303			—			(11,651	)
Expiring 12/20/23	CITI		THB	5,528		150,000		154,490			4,490			—
Expiring 12/20/23	UAG		THB	27,182		755,000		759,714			4,714			—
Turkish Lira,
Expiring 12/20/23	BOA		TRY	13,381		463,978		453,942			—			(10,036	)


					$	39,895,470	$	39,673,476			114,953			(336,947	)


Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation			Unrealized Depreciation

OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 01/19/24	JPM		AUD	237	$	152,777	$	150,912		$	1,865		$	—
Brazilian Real,
Expiring 11/03/23	BNP		BRL	16,889		3,366,107		3,348,294			17,813			—
Expiring 11/03/23	CITI		BRL	1,603		309,000		317,841			—			(8,841	)
Expiring 11/03/23	CITI		BRL	511		101,673		101,343			330			—
Chilean Peso,
Expiring 12/20/23	GSI		CLP	291,518		319,000		324,723			—			(5,723	)
Expiring 12/20/23	TD		CLP	243,150		270,244		270,845			—			(601	)
Expiring 12/20/23	UAG		CLP	298,920		331,000		332,968			—			(1,968	)
Expiring 12/20/23	UAG		CLP	278,978		308,000		310,755			—			(2,755	)
Chinese Renminbi,
Expiring 11/16/23	BNP		CNH	1,549		212,859		211,236			1,623			—
Expiring 11/16/23	DB		CNH	710		97,460		96,758			702			—
Colombian Peso,
Expiring 12/20/23	BNP		COP	983,380		227,976		236,237			—			(8,261	)
Expiring 12/20/23	BOA		COP	642,044		150,000		154,238			—			(4,238	)
Expiring 12/20/23	BOA		COP	306,281		70,800		73,578			—			(2,778	)
Expiring 12/20/23	CITI		COP	286,122		69,186		68,735			451			—
Expiring 12/20/23	MSI		COP	1,483,744		367,000		356,439			10,561			—
Czech Koruna,
Expiring 01/19/24	BARC		CZK	12,665		546,732		544,637			2,095			—
Expiring 01/19/24	GSI		CZK	7,200		306,592		309,636			—			(3,044	)
Expiring 01/19/24	MSI		CZK	7,981		339,408		343,220			—			(3,812	)
Expiring 01/19/24	MSI		CZK	3,613		155,138		155,388			—			(250	)
Hungarian Forint,
Expiring 01/19/24	GSI		HUF	1,457,756		3,940,733		3,987,388			—			(46,655	)

See Notes to Financial Statements.

Forward foreign currency exchange contracts outstanding at October 31, 2023 (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.):
Hungarian Forint (cont’d.),
Expiring 01/19/24	GSI		HUF	124,963	$	334,000	$	341,810		$	—		$	(7,810	)
Indian Rupee,
Expiring 12/20/23	JPM		INR	80,136		962,000		960,833			1,167			—
Indonesian Rupiah,
Expiring 12/20/23	BNYM		IDR	6,503,334		422,103		407,928			14,175			—
Expiring 12/20/23	BNYM		IDR	3,520,873		223,789		220,850			2,939			—
Expiring 12/20/23	BOA		IDR	393,247		25,512		24,667			845			—
Expiring 12/20/23	HSBC		IDR	7,799,072		495,000		489,204			5,796			—
Israeli Shekel,
Expiring 12/20/23	BARC		ILS	2,718		713,000		674,355			38,645			—
Expiring 12/20/23	BARC		ILS	143		37,618		35,471			2,147			—
Expiring 12/20/23	CITI		ILS	1,403		366,000		348,026			17,974			—
Malaysian Ringgit,
Expiring 12/20/23	BARC		MYR	471		101,067		99,263			1,804			—
Mexican Peso,
Expiring 12/20/23	BARC		MXN	34,941		1,958,637		1,922,000			36,637			—
Expiring 12/20/23	BARC		MXN	1,648		89,876		90,629			—			(753	)
Expiring 12/20/23	BOA		MXN	5,544		311,000		304,963			6,037			—
Expiring 12/20/23	SSB		MXN	5,888		338,000		323,897			14,103			—
Expiring 12/20/23	TD		MXN	3,013		173,081		165,731			7,350			—
New Taiwanese Dollar,
Expiring 12/20/23	CITI		TWD	28,385		879,000		877,024			1,976			—
Expiring 12/20/23	GSI		TWD	16,927		523,000		523,012			—			(12	)
Expiring 12/20/23	MSI		TWD	29,033		908,000		897,065			10,935			—
Peruvian Nuevo Sol,
Expiring 12/20/23	BOA		PEN	1,613		422,800		418,986			3,814			—
Expiring 12/20/23	BOA		PEN	1,492		388,976		387,702			1,274			—
Expiring 12/20/23	BOA		PEN	829		215,024		215,304			—			(280	)
Expiring 12/20/23	CITI		PEN	1,644		424,535		427,074			—			(2,539	)
Expiring 12/20/23	SCB		PEN	1,765		474,000		458,623			15,377			—
Expiring 12/20/23	SCB		PEN	738		190,465		191,777			—			(1,312	)
Philippine Peso,
Expiring 12/20/23	CITI		PHP	64,065		1,128,301		1,128,182			119			—
Expiring 12/20/23	CITI		PHP	3,444		60,439		60,648			—			(209	)
Expiring 12/20/23	JPM		PHP	8,535		150,000		150,301			—			(301	)
Expiring 12/20/23	SCB		PHP	51,254		903,000		902,587			413			—
Polish Zloty,
Expiring 01/19/24	BARC		PLN	1,356		310,000		321,206			—			(11,206	)
Expiring 01/19/24	UAG		PLN	7,561		1,769,675		1,790,332			—			(20,657	)
Singapore Dollar,
Expiring 12/20/23	BNP		SGD	318		234,788		232,867			1,921			—
Expiring 12/20/23	JPM		SGD	5,603		4,134,261		4,101,396			32,865			—

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 29

Schedule of Investments (continued)

as of October 31, 2023

Forward foreign currency exchange contracts outstanding at October 31, 2023 (continued):


Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrelized Appreciation			Unrealized Depreciation

OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Singapore Dollar (cont’d.),
Expiring 12/20/23	SCB		SGD	407	$	298,000	$	297,631		$	369		$	—
South African Rand,
Expiring 12/20/23	DB		ZAR	5,265		277,803		281,243			—			(3,440	)
Expiring 12/20/23	JPM		ZAR	8,351		436,263		446,109			—			(9,846	)
Expiring 12/20/23	JPM		ZAR	2,361		122,073		126,135			—			(4,062	)
South Korean Won,
Expiring 12/20/23	DB		KRW	204,322		151,000		151,447			—			(447	)
Expiring 12/20/23	DB		KRW	166,456		126,122		123,380			2,742			—
Expiring 12/20/23	HSBC		KRW	380,411		287,750		281,968			5,782			—
Expiring 12/20/23	SCB		KRW	2,778,871		2,106,401		2,059,752			46,649			—
Thai Baht,
Expiring 12/20/23	JPM		THB	15,952		442,000		445,845			—			(3,845	)
Expiring 12/20/23	MSI		THB	6,539		180,000		182,760			—			(2,760	)
Expiring 12/20/23	MSI		THB	4,354		119,870		121,700			—			(1,830	)
Turkish Lira,
Expiring 12/20/23	CITI		TRY	343		12,000		11,636			364			—


					$	35,867,914	$	35,718,490			309,659			(160,235	)


										$	424,612		$	(497,182	)

Cross currency exchange contracts outstanding at October 31, 2023:


Settlement	Type		Notional Amount (000)			In Exchange For (000)	Unrealized Appreciation			Unrealized Depreciation				Counterparty

OTC Cross Currency Exchange Contracts:
01/19/24		Buy		EUR	284	PLN 1,277		$	—		$	(631	)		JPM
01/19/24		Buy		EUR	302	PLN 1,377			—			(5,207	)		BOA


								$	—		$	(5,838	)

Credit default swap agreement outstanding at October 31, 2023:

Reference
Entity/

Obligation

Termination
Date

Fixed
Rate

Notional
Amount
(000)#(3)

Value at

Trade Date

Value at
October 31,
2023

Unrealized
Appreciation
(Depreciation)

Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):

CDX.EM.40.V1

12/20/28

1.000%(Q)

2,060

106,215

110,242

4,027

See Notes to Financial Statements.

CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1)

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

(2)

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

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

(4)

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

Interest rate swap agreements outstanding at October 31, 2023:


Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date		Value at October 31, 2023				Unrealized Appreciation (Depreciation)

Centrally Cleared Interest Rate Swap Agreements:
BRL	1,374		01/02/24	4.590%(T)	1 Day BROIS(2)(T)/ 0.047%	$	—		$	(46,307	)		$	(46,307	)
BRL	1,478		01/02/25	5.840%(T)	1 Day BROIS(2)(T)/ 0.047%		—			(48,569	)			(48,569	)
BRL	6,491		01/02/26	10.461%(T)	1 Day BROIS(2)(T)/ 0.047%		—			(15,314	)			(15,314	)
BRL	4,956		01/02/26	10.559%(T)	1 Day BROIS(2)(T)/ 0.047%		—			(9,798	)			(9,798	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 31

Schedule of Investments (continued)

as of October 31, 2023

Interest rate swap agreements outstanding at October 31, 2023 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at October 31, 2023				Unrealized Appreciation (Depreciation)

Centrally Cleared Interest Rate Swap Agreements (cont’d.):
BRL	3,581		01/02/26	10.769%(T)	1 Day BROIS(2)(T)/0.047%	$	—			$	(4,064	)		$	(4,064	)
BRL	5,092		01/02/26	10.940%(T)	1 Day BROIS(2)(T)/0.047%		—				(1,701	)			(1,701	)
BRL	10,946		01/02/26	11.190%(T)	1 Day BROIS(2)(T)/0.047%		—				(12,206	)			(12,206	)
BRL	668		01/04/27	6.325%(T)	1 Day BROIS(2)(T)/0.047%		—				(33,610	)			(33,610	)
BRL	1,056		01/04/27	6.529%(T)	1 Day BROIS(2)(T)/0.047%		—				(50,144	)			(50,144	)
BRL	2,748		01/04/27	10.000%(T)	1 Day BROIS(2)(T)/0.047%		—				(21,972	)			(21,972	)
BRL	5,095		01/04/27	10.750%(T)	1 Day BROIS(2)(T)/0.047%		—				(13,224	)			(13,224	)
BRL	478		01/04/27	11.120%(T)	1 Day BROIS(2)(T)/0.047%		3,172				(941	)			(4,113	)
BRL	413		01/04/27	11.680%(T)	1 Day BROIS(2)(T)/0.047%		298				(779	)			(1,077	)
BRL	1,688		01/04/27	11.755%(T)	1 Day BROIS(2)(T)/0.047%		—				2,185				2,185
BRL	3,099		01/04/27	11.800%(T)	1 Day BROIS(2)(T)/0.047%		—				7,360				7,360
BRL	2,235		01/04/27	12.500%(T)	1 Day BROIS(2)(T)/0.047%		—				16,715				16,715
BRL	7,258		01/04/27	12.640%(T)	1 Day BROIS(1)(T)/0.047%		(44,075	)			(60,160	)			(16,085	)
BRL	518		01/04/27	13.270%(T)	1 Day BROIS(1)(T)/0.047%		—				(7,307	)			(7,307	)

See Notes to Financial Statements.

Interest rate swap agreements outstanding at October 31, 2023 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at October 31, 2023				Unrealized Appreciation (Depreciation)

Centrally Cleared Interest Rate Swap Agreements (cont’d.):
BRL	1,933		01/02/29	11.420%(T)	1 Day BROIS(2)(T)/0.047%	$	—			$	(231	)		$	(231	)
CLP	25,080		03/15/33	5.100%(S)	1 Day CLOIS(2)(S)/9.000%		(571	)			(1,985	)			(1,414	)
CLP	61,055		09/20/33	4.785%(S)	1 Day CLOIS(1)(S)/9.000%		4,783				6,707				1,924
CNH	3,000		07/28/27	2.438%(Q)	7 Day China Fixing Repo Rates(2)(Q)/2.500%		—				1,958				1,958
CNH	4,547		12/15/27	2.680%(Q)	7 Day China Fixing Repo Rates(2)(Q)/2.500%		(2,035	)			8,596				10,631
CNH	5,630		04/24/28	2.811%(Q)	7 Day China Fixing Repo Rates(2)(Q)/2.500%		—				14,090				14,090
CNH	38,170		09/20/28	2.420%(Q)	7 Day China Fixing Repo Rates(2)(Q)/2.500%		16,769				4,478				(12,291	)
COP	950,000		12/12/23	5.530%(Q)	1 Day COOIS(2)(Q)/12.230%		—				(3,930	)			(3,930	)
COP	2,839,900		12/20/25	8.755%(Q)	1 Day COOIS(1)(Q)/12.230%		—				9,131				9,131
COP	1,435,100		12/20/25	9.702%(Q)	1 Day COOIS(1)(Q)/12.230%		13				(1,162	)			(1,175	)
COP	1,721,850		12/20/25	9.750%(Q)	1 Day COOIS(1)(Q)/12.230%		(426	)			(1,746	)			(1,320	)
COP	2,065,890		09/21/27	9.200%(Q)	1 Day COOIS(1)(Q)/12.230%		(154	)			(820	)			(666	)
COP	363,880		11/04/27	11.300%(Q)	1 Day COOIS(1)(Q)/12.230%		—				(6,262	)			(6,262	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 33

Schedule of Investments (continued)

as of October 31, 2023

Interest rate swap agreements outstanding at October 31, 2023 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at October 31, 2023				Unrealized Appreciation (Depreciation)

Centrally Cleared Interest Rate Swap Agreements (cont’d.):
COP	236,760		12/21/27	10.125%(Q)	1 Day COOIS(1)(Q)/12.230%	$	—			$	(1,997	)		$	(1,997	)
COP	1,416,700		12/21/27	10.187%(Q)	1 Day COOIS(1)(Q)/12.230%		447				(12,677	)			(13,124	)
COP	1,047,000		12/21/27	10.960%(Q)	1 Day COOIS(1)(Q)/12.230%		—				(16,093	)			(16,093	)
COP	1,081,990		12/21/27	11.966%(Q)	1 Day COOIS(1)(Q)/12.230%		—				(25,675	)			(25,675	)
COP	1,700,665		03/15/28	9.098%(Q)	1 Day COOIS(1)(Q)/12.230%		9,888				(36	)			(9,924	)
COP	1,233,371		09/20/28	7.440%(Q)	1 Day COOIS(2)(Q)/12.230%		(2,769	)			(18,576	)			(15,807	)
COP	2,766,640		12/20/28	9.447%(Q)	1 Day COOIS(1)(Q)/12.230%		—				(16,466	)			(16,466	)
COP	211,800		11/09/31	6.650%(Q)	1 Day COOIS(2)(Q)/12.230%		—				(7,155	)			(7,155	)
CZK	19,848		06/21/25	5.919%(A)	6 Month PRIBOR(1)(S)/6.880%		150				(4,671	)			(4,821	)
CZK	16,845		12/20/28	4.385%(A)	6 Month PRIBOR(2)(S)/6.880%		—				661				661
CZK	6,507		06/15/31	1.730%(A)	6 Month PRIBOR(2)(S)/6.880%		—				(56,468	)			(56,468	)
CZK	7,860		09/20/33	4.225%(A)	6 Month PRIBOR(2)(S)/6.880%		—				(8,750	)			(8,750	)
CZK	9,149		12/20/33	4.290%(A)	6 Month PRIBOR(2)(S)/6.880%		—				(5,362	)			(5,362	)
HUF	637,900		12/20/25	7.740%(A)	6 Month BUBOR(1)(S)/11.180%		—				15,559				15,559

See Notes to Financial Statements.

Interest rate swap agreements outstanding at October 31, 2023 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at October 31, 2023				Unrealized Appreciation (Depreciation)

Centrally Cleared Interest Rate Swap Agreements (cont’d.):
HUF	150,000		03/17/27	6.250%(A)	6 Month BUBOR(1)(S)/11.180%	$	—			$	12,372			$	12,372
HUF	120,000		12/20/28	7.410%(A)	6 Month BUBOR(2)(S)/11.180%		—				(764	)			(764	)
HUF	170,370		12/20/33	7.420%(A)	6 Month BUBOR(2)(S)/11.180%		—				(284	)			(284	)
KRW	496,507		09/21/27	3.087%(Q)	3 Month KWCDC(2)(Q)/3.820%		(693	)			(13,463	)			(12,770	)
KRW	180,000		12/21/27	4.197%(Q)	3 Month KWCDC(2)(Q)/3.820%		6,504				681				(5,823	)
KRW	904,550		03/15/28	2.965%(Q)	3 Month KWCDC(2)(Q)/3.820%		(4,414	)			(30,792	)			(26,378	)
KRW	2,668,563		03/15/28	3.100%(Q)	3 Month KWCDC(1)(Q)/3.820%		75,533				79,702				4,169
KRW	1,739,782		09/20/28	3.435%(Q)	3 Month KWCDC(2)(Q)/3.820%		(9,333	)			(37,852	)			(28,519	)
MXN	44,000		06/18/25	10.240%(M)	28 Day Mexican Interbank Rate(1)(M)/11.503%		1,131				26,279				25,148
MXN	18,000		09/17/25	9.640%(M)	28 Day Mexican Interbank Rate(1)(M)/11.503%		—				19,393				19,393
MXN	14,446		03/11/26	4.845%(M)	28 Day Mexican Interbank Rate(2)(M)/11.503%		(6,957	)			(95,123	)			(88,166	)
MXN	124		06/09/27	8.543%(M)	28 Day Mexican Interbank Rate(1)(M)/11.503%		71				312				241

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 35

Schedule of Investments (continued)

as of October 31, 2023

Interest rate swap agreements outstanding at October 31, 2023 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at October 31, 2023			Unrealized Appreciation (Depreciation)

Centrally Cleared Interest Rate Swap Agreements (cont’d.):
MXN	4,670		03/08/28	8.109%(M)	28 Day Mexican Interbank Rate(2)(M)/11.503%	$	—		$	(15,796	)		$	(15,796	)
MXN	1,255		06/14/28	8.660%(M)	28 Day Mexican Interbank Rate(1)(M)/11.503%		(1,053	)		2,993				4,046
MXN	9,700		09/13/28	8.185%(M)	28 Day Mexican Interbank Rate(2)(M)/11.503%		—			(33,172	)			(33,172	)
MXN	12,745		09/13/28	8.658%(M)	28 Day Mexican Interbank Rate(2)(M)/11.503%		(9,934	)		(30,499	)			(20,565	)
MXN	6,220		12/13/28	8.535%(M)	28 Day Mexican Interbank Rate(2)(M)/11.503%		—			(15,035	)			(15,035	)
MXN	12,910		12/13/28	8.570%(M)	28 Day Mexican Interbank Rate(2)(M)/11.503%		(6,735	)		(30,228	)			(23,493	)
MXN	11,100		12/13/28	9.635%(M)	28 Day Mexican Interbank Rate(2)(M)/11.503%		—			(433	)			(433	)
MXN	5,346		01/28/30	6.640%(M)	28 Day Mexican Interbank Rate(2)(M)/11.503%		(25,843	)		(42,635	)			(16,792	)
MXN	4,070		09/07/33	7.872%(M)	28 Day Mexican Interbank Rate(2)(M)/11.503%		—			(25,884	)			(25,884	)
PLN	2,360		12/15/23	2.400%(A)	6 Month WIBOR(1)(S)/5.560%		—			6,104				6,104
PLN	2,700		07/24/24	1.798%(A)	6 Month WIBOR(2)(S)/5.560%		—			(26,532	)			(26,532	)

See Notes to Financial Statements.

Interest rate swap agreements outstanding at October 31, 2023 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at October 31, 2023			Unrealized Appreciation (Depreciation)

Centrally Cleared Interest Rate Swap Agreements (cont’d.):
PLN	930		02/01/25	4.300%(A)	6 Month WIBOR(1)(S)/5.560%	$	—		$	(692	)		$	(692	)
PLN	6,921		06/21/25	6.021%(A)	6 Month WIBOR(1)(S)/5.560%		4,254			(17,855	)			(22,109	)
PLN	2,730		09/08/25	0.637%(A)	6 Month WIBOR(2)(S)/5.560%		(1,459	)		(54,394	)			(52,935	)
PLN	1,186		06/15/27	4.970%(A)	6 Month WIBOR(2)(S)/5.560%		(12,967	)		87				13,054
PLN	1,670		08/02/27	5.680%(A)	6 Month WIBOR(2)(S)/5.560%		—			11,354				11,354
PLN	4,830		09/21/27	6.632%(A)	6 Month WIBOR(1)(S)/5.560%		(15,532	)		(77,941	)			(62,409	)
PLN	1,434		10/06/27	6.826%(A)	6 Month WIBOR(2)(S)/5.560%		—			25,682				25,682
PLN	117		10/25/27	7.900%(A)	6 Month WIBOR(1)(S)/5.560%		(3,383	)		(3,155	)			228
PLN	2,116		12/21/27	6.845%(A)	6 Month WIBOR(1)(S)/5.560%		(32,911	)		(55,625	)			(22,714	)
PLN	3,580		09/20/28	4.640%(A)	6 Month WIBOR(1)(S)/5.560%		(7,773	)		2,877				10,650
PLN	17,660		12/20/28	4.087%(A)	6 Month WIBOR(2)(S)/5.560%		(115,518	)		(102,647	)			12,871
PLN	700		06/17/31	1.745%(A)	6 Month WIBOR(1)(S)/5.560%		—			34,933				34,933
PLN	271		05/10/32	6.410%(A)	6 Month WIBOR(1)(S)/5.560%		—			(6,246	)			(6,246	)
THB	47,553		12/20/28	3.080%(Q)	1 Day THOR(1)(Q)/2.481%		—			(14,156	)			(14,156	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 37

Schedule of Investments (continued)

as of October 31, 2023

Interest rate swap agreements outstanding at October 31, 2023 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at October 31, 2023			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)/8.358%	$	12,729		$	(99	)		$	(12,828	)
ZAR	5,789		08/21/25	4.978%(Q)	3 Month JIBAR(2)(Q)/8.358%		(6,155	)		(18,774	)			(12,619	)
ZAR	2,808		03/16/27	6.960%(Q)	3 Month JIBAR(1)(Q)/8.358%		5,758			6,111				353
ZAR	1,744		09/21/27	7.490%(Q)	3 Month JIBAR(2)(Q)/8.358%		(3,246	)		(2,853	)			393
ZAR	19,350		09/21/27	8.280%(Q)	3 Month JIBAR(1)(Q)/8.358%		1,025			3,729				2,704
ZAR	3,900		12/21/27	8.860%(Q)	3 Month JIBAR(1)(Q)/8.358%		(1,108	)		(3,169	)			(2,061	)
ZAR	8,623		03/15/28	7.766%(Q)	3 Month JIBAR(2)(Q)/8.358%		(24,088	)		(12,525	)			11,563
ZAR	7,568		06/21/28	8.455%(Q)	3 Month JIBAR(1)(Q)/8.358%		(820	)		1,511				2,331
ZAR	11,962		09/20/28	8.623%(Q)	3 Month JIBAR(1)(Q)/8.358%		—			(294	)			(294	)
ZAR	39,491		12/20/28	8.897%(Q)	3 Month JIBAR(1)(Q)/8.358%		(3,711	)		(16,840	)			(13,129	)
ZAR	6,998		12/20/28	9.085%(Q)	3 Month JIBAR(1)(Q)/8.358%		—			(5,803	)			(5,803	)
ZAR	3,244		04/13/31	7.530%(Q)	3 Month JIBAR(2)(Q)/8.358%		(38	)		(16,942	)			(16,904	)
ZAR	6,680		07/13/31	7.415%(Q)	3 Month JIBAR(1)(Q)/8.358%		93			39,163				39,070
ZAR	6,610		09/27/31	7.493%(Q)	3 Month JIBAR(1)(Q)/8.358%		1,662			38,981				37,319

See Notes to Financial Statements.

Interest rate swap agreements outstanding at October 31, 2023 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at October 31, 2023			Unrealized Appreciation (Depreciation)

Centrally Cleared Interest Rate Swap Agreements (cont’d.):
ZAR	4,635		01/04/32		7.595%(Q)	3 Month JIBAR(1)(Q)/8.358%	$	5,064		$	27,269			$	22,205
ZAR	2,682		11/10/32		9.160%(Q)	3 Month JIBAR(2)(Q)/8.358%		(11	)		(4,159	)			(4,148	)


							$	(194,368	)	$	(901,846	)		$	(707,478	)


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	11,850		12/20/25		3.898%(Q)		3 Month KLIBOR(1)(Q)/3.650%	$	(3,970	)		$	—			$	(3,970	)		GSI
MYR	2,300		07/21/27		3.640%(Q)		3 Month KLIBOR(2)(Q)/3.650%		(4,117	)			(9	)			(4,108	)		GSI
MYR	3,000		07/29/27		3.500%(Q)		3 Month KLIBOR(2)(Q)/3.650%		(8,585	)			(11	)			(8,574	)		JPM
MYR	5,300		06/21/28		3.442%(Q)		3 Month KLIBOR(2)(Q)/3.650%		(23,795	)			—				(23,795	)		BOA
MYR	4,100		06/21/28		3.507%(Q)		3 Month KLIBOR(2)(Q)/3.650%		(15,908	)			—				(15,908	)		BOA
MYR	4,300		06/21/28		3.598%(Q)		3 Month KLIBOR(2)(Q)/3.650%		(13,034	)			—				(13,034	)		GSI
MYR	4,495		09/20/28		3.629%(Q)		3 Month KLIBOR(2)(Q)/3.650%		(13,544	)			—				(13,544	)		CITI


								$	(82,953	)		$	(20	)		$	(82,933	)

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

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

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 39

Schedule of Investments (continued)

as of October 31, 2023

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


	Premiums Paid	Premiums Received	Unrealized Appreciation	Unrealized Depreciation

OTC Swap Agreements	$—	$(20)	$—	$(82,933)

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


Broker	Cash and/or Foreign Currency			Securities Market Value

CGM		$	760,000		$	—
JPS			170,000			—


Total		$	930,000		$	—

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of October 31, 2023 in valuing such portfolio securities:


	Level 1		Level 2		Level 3

Investments in Securities
Assets
Long-Term Investments
Corporate Bonds
Brazil	$	—	$	30,000		$—
Jamaica		—		5,875		—
Malaysia		—		182,810		—
South Africa		—		176,000		—
Supranational Bank		—		139,591		—
Sovereign Bonds
Angola		—		191,813		—
Brazil		—		2,854,241		—
Chile		—		507,329		—
China		—		2,106,164		—
Colombia		—		2,452,942		—
Czech Republic		—		2,900,016		—
Dominican Republic		—		192,182		—
Hungary		—		3,580,645		—

See Notes to Financial Statements.


	Level 1		Level 2			Level 3

Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Sovereign Bonds (continued)
Indonesia	$	—	$	7,148,365			$—
Ivory Coast		—		121,840			—
Malaysia		—		2,617,651			—
Mexico		—		5,949,629			—
Peru		—		1,677,114			—
Philippines		—		92,732			—
Poland		—		4,527,061			—
Romania		—		1,952,121			—
Serbia		—		524,751			—
South Africa		—		6,863,755			—
Thailand		—		2,851,403			—
Uruguay		—		44,478			—
Short-Term Investments
Affiliated Mutual Fund		5,602,977		—			—
U.S. Treasury Obligation		—		2,632,615			—
Options Purchased		—		16,101			—


Total	$	5,602,977	$	52,339,224			$—


Liabilities
Options Written	$	—	$	(266,517	)		$—


Other Financial Instruments*
Assets
Futures Contracts	$	21,282	$	—			$—
OTC Forward Foreign Currency Exchange Contracts		—		424,612			—
Centrally Cleared Credit Default Swap Agreement		—		4,027			—
Centrally Cleared Interest Rate Swap Agreements		—		376,397			—


Total	$	21,282	$	805,036			$—


Liabilities
OTC Forward Foreign Currency Exchange Contracts	$	—	$	(497,182	)		$—
OTC Cross Currency Exchange Contracts		—		(5,838	)		—
Centrally Cleared Interest Rate Swap Agreements		—		(1,083,875	)		—
OTC Interest Rate Swap Agreements		—		(82,953	)		—


Total	$	—	$	(1,669,848	)		$—

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 41

Schedule of Investments (continued)

as of October 31, 2023

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of October 31, 2023 were as follows:


Sovereign Bonds	82.4	%
Affiliated Mutual Fund	9.4
U.S. Treasury Obligation	4.4
Lodging	0.3
Chemicals	0.3
Multi-National	0.2
Retail	0.1
Options Purchased	0.0	*
Telecommunications	0.0	*


	97.1
Options Written	(0.4	)
Other assets in excess of liabilities	3.3


	100.0	%

*	Less than 0.05%

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

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

Fair values of derivative instruments as of October 31, 2023 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

4,027*

—

Foreign exchange contracts

Unaffiliated investments

16,101

Options written outstanding, at value

266,517

Foreign exchange contracts

—

Unrealized depreciation on OTC cross currency exchange contracts

5,838

See Notes to Financial Statements.


	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value

Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts	$	424,612		Unrealized depreciation on OTC forward foreign currency exchange contracts	$	497,182
Interest rate contracts	Due from/to broker-variation margin futures		21,282	*	—		—
Interest rate contracts	Due from/to broker-variation margin swaps		376,397	*	Due from/to broker-variation margin swaps		1,083,875	*
Interest rate contracts	—		—		Premiums received for OTC swap agreements		20
Interest rate contracts	—		—		Unrealized depreciation on OTC swap agreements		82,933


		$	842,419			$	1,936,365

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

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 2023 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		$	—		$	—	$	—	$	—	$	(18,371	)
Foreign exchange contracts			(216,376	)		140,644		—		1,193,494		—
Interest rate contracts			—			—		57,493		—		194,124


Total		$	(216,376	)	$	140,644	$	57,493	$	1,193,494	$	175,753

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


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

Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(2)			Options Written		Futures	Forward & Cross Currency Exchange Contracts	Swaps

Credit contracts		$	—	$	—	$ —	$ —	$	4,286

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 43

Schedule of Investments (continued)

as of October 31, 2023


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

Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(2)				Options Written		Futures			Forward & Cross Currency Exchange Contracts			Swaps

Foreign exchange contracts		$	(51,026	)	$	60,136	$	—		$	(258,570	)	$	—
Interest rate contracts			—			—		(21,352	)		—			(774,213	)


Total		$	(51,026	)	$	60,136	$	(21,352	)	$	(258,570	)	$	(769,927	)

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

For the year ended October 31, 2023, the Fund’s average volume of derivative activities is as follows:


Derivative Contract Type		Average Volume of Derivative Activities*
Options Purchased (1)		$ 39,457
Options Written (2)		6,058,974
Futures Contracts - Short Positions (2)		1,503,327
Forward Foreign Currency Exchange Contracts - Purchased (3)		33,768,499
Forward Foreign Currency Exchange Contracts - Sold (3)		30,422,320
Cross Currency Exchange Contracts (4)		758,609
Interest Rate Swap Agreements (2)		50,738,616
Credit Default Swap Agreements - Buy Protection (2)		692,000
Credit Default Swap Agreements - Sell Protection (2)		180,721

*	Average volume is based on average quarter end balances as noted for the year ended October 31, 2023.

(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		$	109,181		$	(84,476	)		$	24,705			$	—		$	24,705
BNP			27,549			(35,140	)			(7,591	)			—			(7,591	)
BNYM			17,114			(2,487	)			14,627				—			14,627

See Notes to Financial Statements.


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

BOA		$	16,386		$	(79,846	)		$	(63,460	)		$	—		$	(63,460	)
CITI			50,482			(76,647	)			(26,165	)			—			(26,165	)
DB			6,321			(72,015	)			(65,694	)			—			(65,694	)
GSI			4,783			(98,383	)			(93,600	)			—			(93,600	)
HSBC			18,059			(49,570	)			(31,511	)			—			(31,511	)
JPM			46,577			(46,294	)			283				—			283
MSI			31,875			(256,463	)			(224,588	)			224,588			—
SCB			62,808			(6,302	)			56,506				—			56,506
SSB			19,206			(5,078	)			14,128				—			14,128
TD			25,658			(14,409	)			11,249				—			11,249
UAG			4,714			(25,380	)			(20,666	)			—			(20,666	)


		$	440,713		$	(852,490	)		$	(411,777	)		$	224,588		$	(187,189	)

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

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

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 45

Statement of Assets and Liabilities

as of October 31, 2023



Assets

Investments at value:
Unaffiliated investments (cost $57,723,838)	$	52,339,224
Affiliated investments (cost $5,602,977)		5,602,977
Foreign currency, at value (cost $127,397)		127,319
Cash segregated for counterparty - OTC		271,000
Deposit with broker for centrally cleared/exchange-traded derivatives		930,000
Dividends and interest receivable		922,582
Unrealized appreciation on OTC forward foreign currency exchange contracts		424,612
Receivable for Fund shares sold		237,488
Tax reclaim receivable		70,265
Receivable for investments sold		7,527
Due from broker—variation margin futures		154
Prepaid expenses		1,087


Total Assets		60,934,235


Liabilities

Unrealized depreciation on OTC forward foreign currency exchange contracts		497,182
Payable for Fund shares purchased		324,823
Options written outstanding, at value (premiums received $299,427)		266,517
Unrealized depreciation on OTC swap agreements		82,933
Audit fees payable		53,000
Accrued expenses and other liabilities		37,321
Due to broker—variation margin swaps		16,218
Payable for investments purchased		8,825
Unrealized depreciation on OTC cross currency exchange contracts		5,838
Management fee payable		5,746
Directors’ fees payable		853
Affiliated transfer agent fee payable		851
Distribution fee payable		607
Dividends payable		218
Premiums received for OTC swap agreements		20


Total Liabilities		1,300,952


Net Assets	$	59,633,283




Net assets were comprised of:
Common stock, at par	$	130
Paid-in capital in excess of par		77,853,091
Total distributable earnings (loss)		(18,219,938	)


Net assets, October 31, 2023	$	59,633,283

See Notes to Financial Statements.


Class A

Net asset value and redemption price per share, ($2,390,897 ÷ 523,673 shares of common stock issued and outstanding)	$	4.57
Maximum sales charge (3.25% of offering price)		0.15


Maximum offering price to public	$	4.72


Class C

Net asset value, offering price and redemption price per share, ($61,954 ÷ 13,473 shares of common stock issued and outstanding)	$	4.60


Class Z

Net asset value, offering price and redemption price per share, ($52,178,436 ÷ 11,326,944 shares of common stock issued and outstanding)	$	4.61


Class R6

Net asset value, offering price and redemption price per share, ($5,001,996 ÷ 1,086,432 shares of common stock issued and outstanding)	$	4.60

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 47

Statement of Operations

Year Ended October 31, 2023


Net Investment Income (Loss)

Income
Interest income (net of $35,168 foreign withholding tax)	$	2,674,480
Affiliated dividend income		165,420
Unaffiliated dividend income (net of $149 foreign withholding tax)		43,831


Total income		2,883,731


Expenses
Management fee		305,994
Distribution fee(a)		7,269
Custodian and accounting fees		67,307
Audit fee		53,000
Professional fees		45,096
Transfer agent’s fees and expenses (including affiliated expense of $4,955)(a)		43,602
Registration fees(a)		37,805
Fund data services		21,834
Shareholders’ reports		21,082
Directors’ fees		10,090
Miscellaneous		14,813


Total expenses		627,892
Less: Fee waiver and/or expense reimbursement(a)		(274,854	)


Net expenses		353,038


Net investment income (loss)		2,530,693


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

Net realized gain (loss) on:
Investment transactions		(806,443	)
Futures transactions		57,493
Forward and cross currency contract transactions		1,193,494
Options written transactions		140,644
Swap agreement transactions		175,753
Foreign currency transactions		(631,811	)


		129,130


Net change in unrealized appreciation (depreciation) on:
Investments		1,829,578
Futures		(21,352	)
Forward and cross currency contracts		(258,570	)
Options written		60,136
Swap agreements		(769,927	)
Foreign currencies		(35,514	)


		804,351


Net gain (loss) on investment and foreign currency transactions		933,481


Net Increase (Decrease) In Net Assets Resulting From Operations	$	3,464,174

See Notes to Financial Statements.

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


	Class A		Class C		Class Z		Class R6

Distribution fee		6,246		1,023		—		—
Transfer agent’s fees and expenses		5,580		1,026		36,664		332
Registration fees		9,665		5,905		13,630		8,605
Fee waiver and/or expense reimbursement		(22,296)		(7,248)		(225,731)		(19,579)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 49

Statements of Changes in Net Assets


	Year Ended October 31,
	2023			2022

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)	$	2,530,693		$	1,987,116
Net realized gain (loss) on investment and foreign currency transactions		129,130			(7,259,546	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		804,351			(3,858,356	)


Net increase (decrease) in net assets resulting from operations		3,464,174			(9,130,786	)


Dividends and Distributions
Distributions from distributable earnings
Class A		(128,985	)		(32,039	)
Class C		(4,499	)		(1,359	)
Class Z		(2,349,011	)		(495,733	)
Class R6		(126,015	)		(25,551	)


		(2,608,510	)		(554,682	)

Tax return of capital distributions
Class A		—			(85,763	)
Class C		—			(3,638	)
Class Z		—			(1,326,945	)
Class R6		—			(68,392	)


		—			(1,484,738	)


Fund share transactions (Net of share conversions)
Net proceeds from shares sold		35,222,107			13,758,267
Net asset value of shares issued in reinvestment of dividends and distributions		2,577,270			2,038,819
Cost of shares purchased		(5,879,610	)		(33,752,375	)


Net increase (decrease) in net assets from Fund share transactions		31,919,767			(17,955,289	)


Total increase (decrease)		32,775,431			(29,125,495	)

Net Assets:

Beginning of year		26,857,852			55,983,347


End of year	$	59,633,283		$	26,857,852

See Notes to Financial Statements.

Financial Highlights



Class A Shares
	Year Ended October 31,

	2023			2022			2021			2020			2019

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$4.27			$5.45			$5.57			$6.07			$5.52
Income (loss) from investment operations:
Net investment income (loss)		0.23	^(b)		0.20			0.22			0.24			0.30
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.31	^(c)		(1.17	)		(0.09	)		(0.47	)		0.57
Total from investment operations		0.54			(0.97	)		0.13			(0.23	)		0.87
Less Dividends and Distributions:
Dividends from net investment income^*		(0.24	)		(0.04	)		(0.25	)		-			(0.31	)
Tax return of capital distributions		-			(0.17	)		-			(0.27	)		(0.01	)
Total dividends and distributions		(0.24	)		(0.21	)		(0.25	)		(0.27	)		(0.32	)
Net asset value, end of year		$4.57			$4.27			$5.45			$5.57			$6.07
Total Return^(d):		12.66	%		(18.18	)%		2.19	%		(3.75	)%		16.14	%

Ratios/Supplemental Data:
Net assets, end of year (000)		$2,391			$2,151			$3,489			$3,853			$3,692
Average net assets (000)		$2,498			$2,762			$3,950			$3,518			$3,223
Ratios to average net assets^(e):
Expenses after waivers and/or expense reimbursement		1.14	%^(f)		1.14	%^(f)		1.13	%		1.13	%		1.13	%
Expenses before waivers and/or expense reimbursement		2.03	%^(f)		1.90	%^(f)		1.67	%		2.04	%		2.03	%
Net investment income (loss)		4.97	%		4.13	%		3.75	%		4.24	%		5.13	%
Portfolio turnover rate^(g)		19	%		26	%		35	%		64	%		69	%

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

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

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

(c)	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)	Includes certain non-reoccurring 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.

(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 51

Financial Highlights (continued)



Class C Shares
	Year Ended October 31,

	2023			2022			2021			2020			2019

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$4.30			$5.49			$5.61			$6.11			$5.56
Income (loss) from investment operations:
Net investment income (loss)		0.20	^(b)		0.17			0.18			0.20			0.26
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.31	^(c)		(1.19	)		(0.09	)		(0.47	)		0.57
Total from investment operations		0.51			(1.02	)		0.09			(0.27	)		0.83
Less Dividends and Distributions:
Dividends from net investment income^*		(0.21	)		-			(0.21	)		-			(0.27	)
Tax return of capital distributions		-			(0.17	)		-			(0.23	)		(0.01	)
Total dividends and distributions		(0.21	)		(0.17	)		(0.21	)		(0.23	)		(0.28	)
Net asset value, end of year		$4.60			$4.30			$5.49			$5.61			$6.11
Total Return^(d):		11.76	%		(18.82	)%		1.44	%		(4.41	)%		15.18	%

Ratios/Supplemental Data:
Net assets, end of year (000)		$62			$126			$190			$466			$579
Average net assets (000)		$102			$144			$331			$484			$566
Ratios to average net assets^(e):
Expenses after waivers and/or expense reimbursement		1.88	%		1.89	%^(f)		1.88	%		1.88	%		1.88	%
Expenses before waivers and/or expense reimbursement		8.97	%		7.40	%^(f)		4.60	%		5.82	%		4.82	%
Net investment income (loss)		4.19	%		3.35	%		3.00	%		3.54	%		4.37	%
Portfolio turnover rate^(g)		19	%		26	%		35	%		64	%		69	%

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

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

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

(c)	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)	Includes interest expense on borrowings from the Syndicated Credit Agreement of 0.01%, for the year ended October 31, 2022.

(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.



Class Z Shares
	Year Ended October 31,

	2023			2022			2021			2020			2019

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$4.31			$5.50			$5.62			$6.13			$5.57
Income (loss) from investment operations:
Net investment income (loss)		0.26	^(b)		0.22			0.24			0.27			0.32
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.30	^(c)		(1.18	)		(0.08	)		(0.48	)		0.58
Total from investment operations		0.56			(0.96	)		0.16			(0.21	)		0.90
Less Dividends and Distributions:
Dividends from net investment income^*		(0.26	)		(0.06	)		(0.28	)		-			(0.33	)
Tax return of capital distributions		-			(0.17	)		-			(0.30	)		(0.01	)
Total dividends and distributions		(0.26	)		(0.23	)		(0.28	)		(0.30	)		(0.34	)
Net asset value, end of year		$4.61			$4.31			$5.50			$5.62			$6.13
Total Return^(d):		13.05	%		(17.83	)%		2.63	%		(3.45	)%		16.50	%

Ratios/Supplemental Data:
Net assets, end of year (000)		$52,178			$23,229			$49,067			$57,392			$68,101
Average net assets (000)		$42,236			$39,563			$59,794			$56,989			$63,219
Ratios to average net assets^(e):
Expenses after waivers and/or expense reimbursement		0.73	%^(f)		0.73	%^(f)		0.72	%		0.74	%		0.88	%
Expenses before waivers and/or expense reimbursement		1.26	%^(f)		1.32	%^(f)		1.16	%		1.27	%		1.31	%
Net investment income (loss)		5.40	%		4.49	%		4.16	%		4.72	%		5.35	%
Portfolio turnover rate^(g)		19	%		26	%		35	%		64	%		69	%

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

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

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

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

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

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

(f)	Includes certain non-reoccurring 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.

(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 53

Financial Highlights (continued)



Class R6 Shares
	Year Ended October 31,

	2023			2022			2021			2020			2019

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$4.31			$5.50			$5.62			$6.12			$5.56
Income (loss) from investment operations:
Net investment income (loss)		0.26	^(b)		0.23			0.25			0.27			0.31
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.30	^(c)		(1.19	)		(0.09	)		(0.47	)		0.58
Total from investment operations		0.56			(0.96	)		0.16			(0.20	)		0.89
Less Dividends and Distributions:
Dividends from net investment income^*		(0.27	)		(0.06	)		(0.28	)		-			(0.32	)
Tax return of capital distributions		-			(0.17	)		-			(0.30	)		(0.01	)
Total dividends and distributions		(0.27	)		(0.23	)		(0.28	)		(0.30	)		(0.33	)
Net asset value, end of year		$4.60			$4.31			$5.50			$5.62			$6.12
Total Return^(d):		12.88	%		(17.77	)%		2.70	%		(3.24	)%		16.41	%

Ratios/Supplemental Data:
Net assets, end of year (000)		$5,002			$1,352			$3,237			$50			$29
Average net assets (000)		$2,239			$2,001			$1,613			$42			$15
Ratios to average net assets^(e):
Expenses after waivers and/or expense reimbursement		0.66	%^(f)		0.66	%^(f)		0.65	%		0.67	%		0.88	%
Expenses before waivers and/or expense reimbursement		1.53	%^(f)		1.47	%^(f)		1.63	%		40.50	%		92.22	%
Net investment income (loss)		5.45	%		4.56	%		4.27	%		4.64	%		5.20	%
Portfolio turnover rate^(g)		19	%		26	%		35	%		64	%		69	%

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

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

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

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

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

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

(f)	Includes certain non-reoccurring 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.

(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.

Notes to Financial Statements

1.	Organization

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

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

2.	Accounting Policies

PGIM Emerging Markets Debt Local Currency Fund 55

Notes to Financial Statements (continued)

trade in markets that are open on weekends and U.S. holidays, the values of some of the Fund’s foreign investments may change on days when investors cannot purchase or redeem Fund shares.

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

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

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

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

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

PGIM Emerging Markets Debt Local Currency Fund 57

Notes to Financial Statements (continued)

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

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

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

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

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

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

PGIM Emerging Markets Debt Local Currency Fund 59

Notes to Financial Statements (continued)

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

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

Credit Default Swaps (“CDS”): CDS involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a

specified payment in the event of a default or as a result of a default (collectively a “credit event”) for the referenced entity (typically corporate issues or sovereign issues of an emerging country) on its obligation; or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index.

The Fund is subject to credit risk in the normal course of pursuing its investment objectives, and as such, has entered into CDS contracts to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be “short the credit” because the higher the contract value rises, the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases. The Fund’s maximum risk of loss from counterparty credit risk for purchased CDS is the inability of the counterparty to honor the contract up to the notional value due to a credit event.

As a seller of protection on credit default swap agreements, the Fund generally receives an agreed upon payment from the buyer of protection throughout the term of the swap, provided no credit event occurs. As the seller, the Fund effectively increases its investment risk because, in addition to its total net assets, the Fund may be subject to investment exposure on the notional amount of the swap.

The maximum amount of the payment that the Fund, as a seller of protection, could be required to make under a credit default swap agreement would be equal to the notional amount of the underlying security or index contract as a result of a credit event. This potential amount will be partially offset by any recovery values of the respective referenced obligations or net amounts received from the settlement of buy protection credit default swap agreements which the Fund entered into for the same referenced entity or index. As a buyer of protection, the Fund generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where the Fund is the seller of protection as of period end are disclosed in the footnotes to the Schedule of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

Master Netting Arrangements: The RIC, on behalf of the Fund, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements

PGIM Emerging Markets Debt Local Currency Fund 61

Notes to Financial Statements (continued)

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

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

serve as recourse in the event of default or bankruptcy/insolvency of either party. Such OTC derivative agreements include conditions which, when materialized, give the counterparty the right to cause an early termination of the transactions under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.

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

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


Expected Distribution Schedule to Shareholders*	Frequency
Net Investment Income		Monthly

PGIM Emerging Markets Debt Local Currency Fund 63

Notes to Financial Statements (continued)


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

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

3.	Agreements

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

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

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended October 31, 2023, the contractual and effective management fee rates were as follows:


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

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

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


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

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


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

For the year ended October 31, 2023, PIMS received front-end sales charges (“FESL”) resulting from sales of certain class shares and contingent deferred sales charges (“CDSC”) imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:


Class	FESL		CDSC
A	$	13,304	$—
C		—	13

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

PGIM Emerging Markets Debt Local Currency Fund 65

Notes to Financial Statements (continued)

4.	Other Transactions with Affiliates

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

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the year ended October 31, 2023, no Rule 17a-7 transactions were entered into by the Fund.

5.	Portfolio Securities


Cost of Purchases				Proceeds from Sales
$32,935,878				$7,330,520

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended October 31, 2023, is presented as follows:


Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)	Realized Gain (Loss)		Value, End of Year		Shares, End of Year		Income

Short-Term Investments - Affiliated Mutual Fund:

PGIM Core Government Money Market Fund^(1)(wb)
$—	$	25,278,225	$	19,675,248	$—		$—		$5,602,977		5,602,977		$165,420

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

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

6.	Distributions and Tax Information

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

For the year ended October 31, 2023, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:


Ordinary Income	Long-Term Capital Gains	Tax Return of Capital	Total Dividends and Distributions
$2,608,510	$—	$—	$2,608,510

For the year ended October 31, 2022, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:


Ordinary Income	Long-Term Capital Gains	Tax Return of Capital	Total Dividends and Distributions
$554,682	$—	$1,484,738	$2,039,420

For the year ended October 31, 2023, the Fund had the following amounts of accumulated undistributed earnings on a tax basis:

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital Gains

$1,089,241

$—

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of October 31, 2023 were as follows:


Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Depreciation
$63,663,927	$1,534,718	$(8,366,491)	$(6,831,773)

The difference between GAAP and tax basis is primarily attributable to the deferred losses on wash sales, bond premium amortization, mark-to-market of forwards contracts, and other GAAP to tax differences.

PGIM Emerging Markets Debt Local Currency Fund 67

Notes to Financial Statements (continued)

Capital Loss

Carryforward

Capital Loss

Carryforward Utilized

$11,954,000

$—

7.	Capital and Ownership

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

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


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

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

As of October 31, 2023, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:


Class	Number of Shares	Percentage of Outstanding Shares
Z	4,022,199	35.5%
R6	209	0.1

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


	Number of Shareholders	Percentage of Outstanding Shares
Affiliated	1	31.1%
Unaffiliated	4	63.5

Transactions in shares of common stock were as follows:



Share Class	Shares			Amount

Class A
Year ended October 31, 2023:
Shares sold		130,790		$	615,924
Shares issued in reinvestment of dividends and distributions		27,366			128,267
Shares purchased		(141,337	)		(656,886	)
Net increase (decrease) in shares outstanding before conversion		16,819			87,305
Shares issued upon conversion from other share class(es)		3,395			16,191
Net increase (decrease) in shares outstanding		20,214		$	103,496

Year ended October 31, 2022:
Shares sold		66,195		$	341,565
Shares issued in reinvestment of dividends and distributions		24,360			117,212
Shares purchased		(236,571	)		(1,172,120	)
Net increase (decrease) in shares outstanding before conversion		(146,016	)		(713,343	)
Shares issued upon conversion from other share class(es)		9,979			46,343
Shares purchased upon conversion into other share class(es)		(651	)		(3,466	)
Net increase (decrease) in shares outstanding		(136,688	)	$	(670,466	)

PGIM Emerging Markets Debt Local Currency Fund 69

Notes to Financial Statements (continued)



Share Class	Shares			Amount

Class C
Year ended October 31, 2023:
Shares sold		2,187		$	10,400
Shares issued in reinvestment of dividends and distributions		955			4,497
Shares purchased		(15,622	)		(73,689	)
Net increase (decrease) in shares outstanding before conversion		(12,480	)		(58,792	)
Shares purchased upon conversion into other share class(es)		(3,374	)		(16,191	)
Net increase (decrease) in shares outstanding		(15,854	)	$	(74,983	)

Year ended October 31, 2022:
Shares sold		9,916		$	46,594
Shares issued in reinvestment of dividends and distributions		1,029			4,995
Shares purchased		(6,394	)		(32,776	)
Net increase (decrease) in shares outstanding before conversion		4,551			18,813
Shares purchased upon conversion into other share class(es)		(9,912	)		(46,343	)
Net increase (decrease) in shares outstanding		(5,361	)	$	(27,530	)

Class Z
Year ended October 31, 2023:
Shares sold		6,331,274		$	30,086,527
Shares issued in reinvestment of dividends and distributions		489,547			2,318,647
Shares purchased		(884,489	)		(4,171,193	)
Net increase (decrease) in shares outstanding		5,936,332		$	28,233,981

Year ended October 31, 2022:
Shares sold		2,502,871		$	13,016,107
Shares issued in reinvestment of dividends and distributions		372,746			1,822,678
Shares purchased		(6,406,152	)		(30,692,749	)
Net increase (decrease) in shares outstanding before conversion		(3,530,535	)		(15,853,964	)
Shares issued upon conversion from other share class(es)		645			3,466
Net increase (decrease) in shares outstanding		(3,529,890	)	$	(15,850,498	)

Class R6
Year ended October 31, 2023:
Shares sold		953,543		$	4,509,256
Shares issued in reinvestment of dividends and distributions		26,693			125,859
Shares purchased		(207,608	)		(977,842	)
Net increase (decrease) in shares outstanding		772,628		$	3,657,273



Share Class	Shares			Amount

Year ended October 31, 2022:
Shares sold		72,252		$	354,001
Shares issued in reinvestment of dividends and distributions		19,125			93,934
Shares purchased		(366,479	)		(1,854,730	)
Net increase (decrease) in shares outstanding		(275,102	)	$	(1,406,795	)

8.	Borrowings

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


	Current SCA	Prior SCA
Term of Commitment	9/29/2023 - 9/26/2024	9/30/2022 – 9/28/2023
Total Commitment	$1,200,000,000	$1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent	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 Fund did not utilize the SCA during the year ended October 31, 2023.

9.	Risks of Investing in the Fund

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

PGIM Emerging Markets Debt Local Currency Fund 71

Notes to Financial Statements (continued)

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

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

Debt Obligations Risk: Debt obligations are subject to credit risk, market risk and interest rate risk. The Fund’s holdings, share price, yield and total return may also fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer’s goods and services. Certain types of fixed income obligations also may be subject to “call and redemption risk,” which is the risk that the issuer may call a bond held by the Fund for redemption before it matures and the Fund may not be able to reinvest at the same rate of interest and therefore would earn less income.

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

investment losses to the Fund. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders.

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

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

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

PGIM Emerging Markets Debt Local Currency Fund 73

Notes to Financial Statements (continued)

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.

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.” When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund’s holdings

may fall sharply. This is referred to as “extension risk.” The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

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

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

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

PGIM Emerging Markets Debt Local Currency Fund 75

Notes to Financial Statements (continued)

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

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

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

10.

Recent Regulatory Developments

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Prudential World Fund, Inc. and Shareholders of PGIM Emerging Markets Debt Local Currency Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PGIM Emerging Markets Debt Local Currency Fund (one of the funds constituting Prudential World Fund, Inc., referred to hereafter as the “Fund”) as of October 31, 2023, the related statement of operations for the year ended October 31, 2023, the statements of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the four years in the period ended October 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2023 and the financial highlights for each of the four years in the period ended October 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended October 31, 2019 and the financial highlights for the period ended October 31, 2019 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated December 19, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

New York, New York

December 18, 2023

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

PGIM Emerging Markets Debt Local Currency Fund 77

Tax Information (unaudited)

For the year ended October 31, 2023, the Fund reports the maximum amount allowable but not less than 2.05% as interest-related dividends in accordance with Sections 871(k)(1) and 881(e)(1) of the Internal Revenue Code.

For the year ended October 31, 2023 the Fund reports the maximum amount allowable but not less than 72.30% as interest dividends that are eligible to be treated as interest income in accordance with Section 163(j) of the Internal Revenue Code.

In January 2024, you will be advised on IRS Form 1099-DIV or substitute 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2023. call your financial adviser.

We are required by Massachusetts, Missouri and Oregon to inform you that dividends which have been derived from interest on federal obligations are not taxable to shareholders provided the Fund meets certain requirements mandated by the respective state’s taxing authorities. We are pleased to report that 1.73% of the dividends paid by the Fund qualify for such deduction.

For more detailed information regarding your state and local taxes, you should contact your tax advisor or the state/local taxing authorities.

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS (unaudited)



Independent Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Ellen S. Alberding 1958 Board Member Portfolios Overseen: 100	Chief Executive Officer and President, The Joyce Foundation (charitable foundation) (since 2002); formerly Vice Chair, City Colleges of Chicago (community college system) (2011-2015); formerly Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); formerly Trustee, Economic Club of Chicago (2009-2016); Trustee, Loyola University (since 2018).	None.	Since September 2013

Kevin J. Bannon 1952 Board Member Portfolios Overseen: 101	Retired; formerly Managing Director (April 2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; formerly President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (September 2008-August 2023).	Since July 2008

PGIM Emerging Markets Debt Local Currency Fund



Independent Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Linda W. Bynoe 1952 Board Member Portfolios Overseen: 98	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Limited LLC (formerly Telemat Ltd) (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co. (broker-dealer).	Trustee of Equity Residential (residential real estate) (since December 2009); Director of Northern Trust Corporation (financial services) (since April 2006); formerly Director of Anixter International, Inc. (communication products distributor) (January 2006-June 2020).	Since March 2005

Barry H. Evans 1960 Board Member Portfolios Overseen: 101	Retired; formerly President (2005-2016), Global Chief Operating Officer (2014-2016), Chief Investment Officer - Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management (asset management).	Formerly Director, Manulife Trust Company (2011-2018); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).	Since September 2017

Keith F. Hartstein 1956 Board Member & Independent Chair Portfolios Overseen: 101	Retired; formerly Member (November 2014-September 2022) of the Governing Council of the Independent Directors Council (IDC) (organization of independent mutual fund directors); formerly Executive Committee of the IDC Board of Governors (October 2019-December 2021); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); formerly Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.	Since September 2013

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Independent Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Laurie Simon Hodrick 1962 Board Member Portfolios Overseen: 98	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly Visiting Professor of Law, Stanford Law School (2015-2021); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008).	Independent Director, Andela (since January 2022) (global talent network); Independent Director, Roku (since December 2020) (communication services); formerly Independent Director, Synnex Corporation (2019-2021) (information technology); formerly Independent Director, Kabbage, Inc. (2018-2020) (financial services); formerly Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017

Brian K. Reid 1961 Board Member Portfolios Overseen: 101	Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); formerly Director, ICI Mutual Insurance Company (2012-2017).	None.	Since March 2018

PGIM Emerging Markets Debt Local Currency Fund



Independent Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Grace C. Torres 1959 Board Member Portfolios Overseen: 101	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank; formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National Bank.	Since November 2014

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Interested Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Stuart S. Parker 1962 Board Member & President Portfolios Overseen: 101	President, Chief Executive Officer, Chief Operating Officer and Officer in Charge of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); President and Principal Executive Officer (“PEO”) (since December 2023) of the PGIM Credit Income Fund; President and PEO (since September 2022) of the PGIM Private Credit Fund; President and PEO (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011); Investment Company Institute - Board of Governors (since May 2012).	None.	Since January 2012

Scott E. Benjamin 1973 Board Member & Vice President Portfolios Overseen: 101	Executive Vice President (since May 2009) of PGIM Investments LLC; Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); Vice President (since December 2023) of the PGIM Credit Income Fund; Vice President (since September 2022) of the PGIM Private Credit Fund; Vice President (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).	None.	Since March 2010

PGIM Emerging Markets Debt Local Currency Fund



Fund Officers^(a)

Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Claudia DiGiacomo 1974 Chief Legal Officer	Chief Legal Officer (since December 2023) of the PGIM Credit Income Fund; Chief Legal Officer (since September 2022) of the PGIM Private Credit Fund; Chief Legal Officer (since July 2022) of the PGIM Private Real Estate Fund, Inc.; Chief Legal Officer, Executive Vice President and Secretary of PGIM Investments LLC (since August 2020); Chief Legal Officer of Prudential Mutual Fund Services LLC (since August 2020); Chief Legal Officer of PIFM Holdco, LLC (since August 2020); Vice President and Corporate Counsel (since January 2005) of Prudential; and Corporate Counsel of AST Investment Services, Inc. (since August 2020); formerly Vice President and Assistant Secretary of PGIM Investments LLC (2005-2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005

Andrew Donohue 1972 Chief Compliance Officer	Chief Compliance Officer (since May 2023) of the PGIM Funds, Target Funds, PGIM ETF Trust, PGIM Global High Yield Fund, Inc., PGIM High Yield Bond Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Private Credit Fund, PGIM Private Real Estate Fund, Inc.; Chief Compliance Officer of AST Investment Services, Inc. (since October 2022); Vice President, Chief Compliance Officer of PGIM Investments LLC (since September 2022); Chief Compliance Officer (since December 2023) of the PGIM Credit Income Fund; formerly various senior compliance roles within Principal Global Investors, LLC., global asset management for Principal Financial (2011-2022), most recently as Global Chief Compliance Officer (2016-2022).	Since May 2023

Andrew R. French 1962 Secretary	Vice President (since December 2018) of PGIM Investments LLC; Secretary (since December 2023) of the PGIM Credit Income Fund; Secretary (since September 2022) of the PGIM Private Credit Fund; Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Vice President and Corporate Counsel (2010-2018) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since October 2006

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Fund Officers^(a)

Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Melissa Gonzalez 1980 Assistant Secretary	Vice President and Corporate Counsel (since September 2018) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Assistant Secretary (since December 2023) of the PGIM Credit Income Fund; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director and Corporate Counsel (March 2014-September 2018) of Prudential.	Since March 2020

Patrick E. McGuinness 1986 Assistant Secretary	Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Director and Corporate Counsel (since February 2017) of Prudential; Assistant Secretary (since December 2023) of the PGIM Credit Income Fund; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.	Since June 2020

Debra Rubano 1975 Assistant Secretary	Vice President and Corporate Counsel (since November 2020) of Prudential; Assistant Secretary (since December 2023) of the PGIM Credit Income Fund; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc; formerly Director and Senior Counsel of Allianz Global Investors U.S. Holdings LLC (2010-2020) and Assistant Secretary of numerous funds in the Allianz fund complex (2015-2020).	Since December 2020

George Hoyt 1965 Assistant Secretary	Vice President and Corporate Counsel of Prudential (since September 2023); formerly Associate General Counsel of Franklin Templeton and Secretary and Chief Legal Officer of certain funds in the Franklin Templeton complex (2020- 2023) and Managing Director (2016-2020) and Associate General Counsel for Legg Mason, Inc. and its predecessors (2004-2020).	Since December 2023

Devan Goolsby 1991 Assistant Secretary	Vice President and Corporate Counsel of Prudential (since May 2023); formerly Associate at Eversheds Sutherland (US) LLP (2021-2023); Compliance Officer at Bloomberg LP (2019-2021); and an Examiner at the Financial Industry Regulatory Authority (2015-2019).	Since December 2023

Kelly A. Coyne 1968 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010); Assistant Secretary (since December 2023) of the PGIM Credit Income Fund; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.	Since March 2015

PGIM Emerging Markets Debt Local Currency Fund



Fund Officers^(a)

Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Christian J. Kelly 1975 Chief Financial Officer	Vice President, Global Head of Fund Administration of PGIM Investments LLC (since November 2018); Chief Financial Officer (since March 2023) of PGIM Investments mutual funds, closed end funds and ETFs, Advanced Series Trust Portfolios, Prudential Series Funds and Prudential Gibraltar Fund; Chief Financial Officer (since December 2023) of the PGIM Credit Income Fund; Chief Financial Officer of PGIM Private Credit Fund (since September 2022); Chief Financial Officer of PGIM Private Real Estate Fund, Inc. (since July 2022); formerly Treasurer and Principal Financial Officer (January 2019- March 2023) of PGIM Investments mutual funds, closed end funds and ETFs, Advanced Series Trust Portfolios, Prudential Series Funds and Prudential Gibraltar Fund; formerly Treasurer and Principal Financial Officer (March 2022 – July 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).	Since January 2019

Russ Shupak 1973 Treasurer and Principal Accounting Officer	Vice President (since 2017) within PGIM Investments Fund Administration; Treasurer and Principal Accounting Officer of PGIM Investments mutual funds, closed end funds and ETFs (since March 2023); Treasurer and Principal Accounting Officer (since December 2023) of the PGIM Credit Income Fund; Treasurer and Principal Accounting Officer (since July 2022) of the PGIM Private Real Estate Fund, Inc.; Assistant Treasurer (since September 2022) of the PGIM Private Credit Fund; formerly Assistant Treasurer (March 2022 – July 2022) of the PGIM Private Real Estate Fund, Inc.; Assistant Treasurer of Advanced Series Trust Portfolios, Prudential Series Funds and Prudential Gibraltar Fund (since October 2019); formerly Director (2013-2017) within PGIM Investments Fund Administration.	Since October 2019

Lana Lomuti 1967 Assistant Treasurer	Vice President (since 2007) within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.; formerly Director (2005-2007) within PGIM Investments Fund Administration.	Since April 2014

Deborah Conway 1969 Assistant Treasurer	Vice President (since 2017) within PGIM Investments Fund Administration; formerly Director (2007-2017) within PGIM Investments Fund Administration.	Since October 2019

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Fund Officers^(a)

Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) within PGIM Investments Fund Administration; Treasurer and Principal Accounting Officer of the Advanced Series Trust, the Prudential Series Fund and the Prudential Gibraltar Fund (since March 2023); Assistant Treasurer (since December 2023) of the PGIM Credit Income Fund; Treasurer and Principal Accounting Officer (since September 2022) of the PGIM Private Credit Fund; Assistant Treasurer (since March 2022) of the PGIM Private Real Estate Fund, Inc.; Assistant Treasurer of PGIM Investments mutual funds, closed end funds and ETFs (since October 2019); formerly Director (2011-2017) within PGIM Investments Fund Administration.	Since October 2019

Robert W. McCormack 1973 Assistant Treasurer	Vice President (since 2019) within PGIM Investments Fund Administration; Assistant Treasurer (since March 2023) of PGIM Investments mutual funds, closed end funds, ETFs, Advanced Series Trust Portfolios, Prudential Series Funds and Prudential Gibraltar Fund; Assistant Treasurer (since December 2023) of the PGIM Credit Income Fund; Assistant Treasurer (since September 2022) of the PGIM Private Credit Fund; Assistant Treasurer (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director (2016-2019) within PGIM Investments Fund Administration; formerly Vice President within Goldman, Sachs & Co. Investment Management Controllers (2008-2016), Assistant Treasurer of Goldman Sachs Family of Funds (2015-2016).	Since March 2023

Kelly Florio 1978 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Global Compliance Programs and Compliance Risk Management (since December 2021) of Prudential; formerly Head of Fraud Risk Management (October 2019-December 2021) at New York Life Insurance Company; formerly Head of Key Risk Area Operations (November 2018-October 2019), Director of the US Anti-Money Laundering Compliance Unit (2009-2018) and Bank Loss Prevention Associate (2006-2009) at MetLife.	Since June 2022

^(a)	Excludes Mr. Parker and Mr. Benjamin, interested Board Members who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

∎

Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC.

∎

Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102-4410.

∎

PGIM Emerging Markets Debt Local Currency Fund

∎

As used in the Fund Officers table “Prudential” means The Prudential Insurance Company of America.

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Approval of Advisory Agreements (unaudited)

The Fund’s Board of Directors

The Board of Directors (the “Board”) of PGIM Emerging Markets Debt Local Currency Fund (the “Fund”)¹ consists of ten individuals, eight of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Directors have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. The Board has established five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent Directors.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”), the Fund’s subadvisory agreement with PGIM, Inc. (“PGIM”) on behalf of its PGIM Fixed Income unit (“PGIM Fixed Income”), and the Fund’s sub-subadvisory agreement with PGIM Limited (“PGIML”). In considering the renewal of the agreements, the Board, including all of the Independent Directors, met on May 25 and June 6-8, 2023 (the “Board Meeting”) and approved the renewal of the agreements through July 31, 2024, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

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

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

¹PGIM Emerging Markets Debt Local Currency Fund is a series of Prudential World Fund, Inc.

PGIM Emerging Markets Debt Local Currency Fund

Approval of Advisory Agreements (continued)

The Directors determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a management agreement, between PGIM Investments and PGIM, which, through its PGIM Fixed Income unit, serves as the Fund’s subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, and between PGIM and PGIML, which serves as the Fund’s sub-subadviser pursuant to the terms of a sub-subadvisory agreement with PGIM, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Directors considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Directors’ reaching their determinations to approve the continuance of the agreements are separately discussed below.

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments, PGIM Fixed Income, and PGIML. The Board noted that PGIM Fixed Income and PGIML are affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser and sub-subadviser for the Fund, as well as the provision of fund recordkeeping, compliance and other services to the Fund, and PGIM Investments’ role as administrator for the Fund’s liquidity risk management program. With respect to PGIM Investments’ oversight of the subadviser and sub-subadviser, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments’ senior management on the performance and operations of the subadviser and sub-subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Directors of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM Fixed Income and PGIML, including investment research and security selection, as well as adherence to the Fund’s investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments’ evaluation of the subadviser and sub-subadviser, as well as PGIM Investments’ recommendation, based on its review of the subadviser and sub-subadviser, to renew the subadvisory and sub-subadvisory agreements.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of the Fund, PGIM, and PGIML, and also considered the qualifications, backgrounds and responsibilities of PGIM Fixed Income’s portfolio managers who are responsible for the day-to-day management of the Fund’s portfolio. The Board was provided with information pertaining to PGIM Investments, PGIM Fixed Income’s, and PGIML’s organizational structure, senior management, investment operations, and other relevant information

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pertaining to PGIM Investments, PGIM Fixed Income, and PGIML. The Board also noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer (“CCO”) as to PGIM Investments, PGIM Fixed Income, and PGIML.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments, the subadvisory services provided to the Fund by PGIM Fixed Income, and the sub-subadvisory services provided by PGIML, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments, PGIM Fixed Income, and PGIML under the management, subadvisory and sub-subadvisory agreements.

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund’s investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser’s capital structure and cost of capital. However, the Board considered that the cost of services provided by PGIM Investments for the year ended December 31, 2022 exceeded the management fees received by PGIM Investments, resulting in an operating loss to PGIM Investments. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

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

PGIM Emerging Markets Debt Local Currency Fund

Approval of Advisory Agreements (continued)

Other Benefits to PGIM Investments, PGIM Fixed Income, and PGIML

The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM Fixed Income, PGIML and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund’s transfer agent (which is affiliated with PGIM Investments), as well as benefits to its reputation or other intangible benefits resulting from PGIM Investments’ association with the Fund. The Board concluded that the potential benefits to be derived by PGIM Fixed Income and PGIML included the ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to their reputations. The Board concluded that the benefits derived by PGIM Investments, PGIM Fixed Income, and PGIML were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-, three- and five-year periods ended December 31, 2022.

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

The section below summarizes key factors considered by the Board and the Board’s conclusions regarding the Fund’s performance, fees and overall expenses. The table

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



Net Performance	1 Year	3 Years	5 Years	10 Years
Net Performance	2nd Quartile	1st Quartile	2nd Quartile	2nd Quartile

Actual Management Fees: 2nd Quartile

Net Total Expenses: 1st Quartile

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

The Board and PGIM Investments agreed to retain the existing contractual expense cap that (exclusive of other fees and expenses) caps the Fund’s annual operating expenses at 1.13% for Class A shares, 1.88% for Class C shares, 0.65% for Class R6 shares and 0.72% for Class Z shares through February 29, 2024.

In addition, PGIM Investments will waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class and has agreed that total annual fund operating expenses for Class R6 shares will not exceed total annual fund operating expenses for Class Z shares.

The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

* * *

After full consideration of these factors, the Board concluded that the approval of the agreements was in the best interests of the Fund and its shareholders.

PGIM Emerging Markets Debt Local Currency Fund

⬛ MAIL

655 Broad Street

Newark, NJ 07102

⬛ TELEPHONE

(800) 225-1852

⬛ WEBSITE

pgim.com/investments

PROXY VOTING

DIRECTORS

Ellen S. Alberding ● Kevin J. Bannon ● Scott E. Benjamin ● Linda W. Bynoe ● Barry H. Evans ● Keith F. Hartstein ● Laurie Simon Hodrick ●

Stuart S. Parker ● Brian K. Reid ● Grace C. Torres

OFFICERS

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



MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102

SUBADVISER	PGIM Fixed Income	655 Broad Street Newark, NJ 07102

SUB-SUBADVISER	PGIM Limited	Grand Buildings, 1-3 Strand Trafalgar Square London, WC2N 5HR United Kingdom

DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102

CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286

TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 534432 Pittsburgh, PA 15253

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017

FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

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

AVAILABILITY OF PORTFOLIO HOLDINGS

The Fund’s Statement of Additional Information contains additional information about the Fund’s Directors and is available without charge, upon request, by calling (800) 225-1852.

Mutual Funds:



ARE NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY	MAY LOSE VALUE	ARE NOT A DEPOSIT OF OR GUARANTEED BY ANY BANK OR ANY BANK AFFILIATE

LOGO

PGIM EMERGING MARKETS DEBT LOCAL CURRENCY FUND



SHARE CLASS	A	C	Z	R6

NASDAQ	EMDAX	EMDCX	EMDZX	EMDQX

CUSIP	743969750	743969743	743969727	743969735

MF212E

LOGO

PGIM JENNISON GLOBAL INFRASTRUCTURE FUND

ANNUAL REPORT

OCTOBER 31, 2023

LOGO

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

Table of Contents


Letter from the President			3

Your Fund’s Performance			4

Growth of a $10,000 Investment			5

Strategy and Performance Overview			8

Fees and Expenses			11

Holdings and Financial Statements			13

Approval of Advisory Agreements

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

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

Mutual funds are distributed by Prudential Investment Management Services LLC, member SIPC. Jennison Associates LLC is a registered investment adviser. Both are Prudential Financial companies. © 2023 Prudential Financial, Inc. and its related entities. Jennison Associates, Jennison, PGIM, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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Letter from the President

Dear Shareholder:

We hope you find the annual report for the PGIM Jennison Global Infrastructure Fund informative and useful. The report covers performance for the 12-month period that ended October 31, 2023.

Thank you for choosing our family of funds.

Sincerely,

LOGO

Stuart S. Parker, President

PGIM Jennison Global Infrastructure Fund

December 15, 2023

PGIM Jennison Global Infrastructure Fund 3

Your Fund’s Performance (unaudited)



	Average Annual Total Returns as of 10/31/23

	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)

Class A

(with sales charges)	-8.24	3.85	4.19	—

(without sales charges)	-2.90	5.03	4.79	—

Class C

(with sales charges)	-4.53	4.24	4.00	—

(without sales charges)	-3.59	4.24	4.00	—

Class Z

(without sales charges)	-2.57	5.37	5.09	—

Class R6

(without sales charges)	-2.58	5.37	N/A	5.40 (12/28/2016)

S&P Global Infrastructure Index

	-2.23	3.38	3.49	—

S&P 500 Index

	10.14	11.01	11.18	—



Average Annual Total Returns as of 10/31/23 Since Inception (%)
		Class R6 (12/28/2016)

S&P Global Infrastructure Index		3.66

S&P 500 Index		11.59

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

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Growth of a $10,000 Investment (unaudited)

LOGO

The graph compares a $10,000 investment in the Fund’s Class Z shares with a similar investment in the S&P Global Infrastructure Index by portraying the initial account values at the beginning of 10-year period of Class Z shares (October 31, 2013) and the account values at the end of the current fiscal year (October 31, 2023) as measured on a quarterly basis. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested. The line graph provides information for Class Z shares only. As indicated in the tables provided earlier, performance for other share classes will vary due to the differing fees and expenses applicable to each share class (as indicated in the following paragraphs). Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

PGIM Jennison Global Infrastructure Fund 5

Your Fund’s Performance (continued)



	Class A	Class C	Class Z	Class R6

Maximum initial sales charge	5.50% of the public offering price	None	None	None

Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption)	1.00% on sales of $1 million or more made within 12 months of purchase	1.00% on sales made within 12 months of purchase	None	None

Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.30% (0.25% currently)	1.00%	None	None

Benchmark Definitions

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

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

*The S&P 500 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by PGIM, Inc. and/or its affiliates. Copyright ©2023 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com.S&P^® is a registered trademark of S&P Global and Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC.

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Presentation of Fund Holdings as of 10/31/23



Ten Largest Holdings	Line of Business	Country	% of Net Assets

Vinci SA	Construction & Engineering	France	4.2%

Southern Co. (The)	Electric Utilities	United States	4.1%

Ferrovial SE	Construction & Engineering	United States	4.1%

Targa Resources Corp.	Oil, Gas & Consumable Fuels	United States	4.1%

Aena SME SA, 144A	Transportation Infrastructure	Spain	4.0%

Cheniere Energy, Inc.	Oil, Gas & Consumable Fuels	United States	3.9%

NiSource, Inc.	Multi-Utilities	United States	3.7%

Centrica plc	Multi-Utilities	United Kingdom	3.6%

PG&E Corp.	Electric Utilities	United States	3.4%

Constellation Energy Corp.	Electric Utilities	United States	3.3%

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

PGIM Jennison Global Infrastructure Fund 7

Strategy and Performance Overview* (unaudited)

How did the Fund perform?

The PGIM Jennison Global Infrastructure Fund’s Class Z shares returned –2.57% in the 12-month reporting period that ended October 31, 2023, underperforming the –2.23% return of the S&P Global Infrastructure Index (the Index).

What was the market environment?

Prior to the start of the reporting period, in June 2022, inflation rose above 9%, the highest level in four decades. Between March 2022 and July 2023, the US Federal Reserve (Fed) raised the federal funds rate 11 times, from near zero to a range of 5.25%–5.50%, reflecting the Fed’s urgency in reestablishing price stability.

Calendar year 2022 ended with investors uncertain about inflationary pressures and Fed policy, heightened geopolitical tensions, war in Ukraine, and expectations that US economic growth would slow and could enter a recession. Companies took aggressive steps to rationalize costs, expecting a more challenging environment ahead. In this environment, stocks generally continued to underperform, as they had earlier in 2022.

In the first half of 2023, the economy delivered better-than-feared results, with continued—albeit moderating growth led by resilient consumer spending amid ongoing labor market strength. As inflationary pressures eased, the Fed slowed the pace of monetary tightening, which encouraged investors, as did stronger-than-expected earnings reports. Investors appeared surprised that many companies were able to effectively cut their costs and stabilize profit margins, enabling them to exceed Wall Street expectations.

In late summer, markets stumbled again in the face of the increasing likelihood that the Fed would maintain rates at elevated levels for longer than previously expected, due to rising energy prices, sustained wage pressures, and the broad persistence of above-target inflation. By the end of the third quarter, macroeconomic and political developments began adding to investor unease. Threats of a federal government shutdown, strikes at several US automakers, and tensions with China made the path to slower growth and a soft landing appear less smooth or likely than expected. Oil prices moved higher in response to coordinated supply restraints implemented by the OPEC group of oil exporting nations, which drove a subsequent rebound in gasoline prices. US consumer confidence ticked down over the summer months, while employment and home prices held firm.

Global Infrastructure stocks, as represented by the Index, declined for the period and lagged the broader equity market. Among infrastructure sectors, telecommunications infrastructure (not represented in the Index) declined the most, followed by declines in utilities and then midstream energy. Transportation stocks were down only modestly.

What worked?

The Fund’s performance relative to the Index benefited during the reporting period from strong stock selection in both the utility and transportation sectors.

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The Fund’s utility holdings, including Centrica plc, National Grid plc, and Terna SpA, provided the largest contributions to relative performance.

Several transportation stocks, including Ferrovial SE, Vinci SA, Sacyr SA, and Eiffage SA, also contributed.

Other contributors included positions in Targa Resources Corp., Digital Realty Trust, Inc., Exelon Corp., and The Williams Companies, Inc.

What didn’t work?

The Fund underperformed the broad stock market, with declines in telecommunications and midstream energy being the largest detractors. Compared to the Index, an underweight allocation to midstream energy, as well as an off-Index allocation to telecommunications infrastructure, were the most significant detractors from relative performance.

Utility stocks NextEra Energy, Inc., NextEra Energy Partners LP, Dominion Energy, Inc., and Drax Group plc detracted from relative performance.

Transportation stocks Grupo Aeroportuario del Pacifico SAB de CV, Aeroports de Paris SA, and Norfolk Southern Corp. also detracted from performance.

Other notable detractors included Cheniere Energy, Inc., SBA Communications Corp., and SSE plc.

Current outlook

The pronounced rise in market interest rates in the US and Europe weighed heavily on investor sentiment during the reporting period and presented a meaningful headwind to the performance of much of the listed infrastructure universe, particularly within the utilities, transportation, and towers sectors. A sharp rise in crude oil prices—along with concern that central banks would keep rates higher for longer than previously expected—contributed to the rise in market interest rates. At the same time, the increase in oil prices buoyed investor sentiment regarding the energy sector, including the Fund’s midstream energy infrastructure holdings. Jennison continues to believe that the defensive nature of listed infrastructure stocks should continue to appeal to investors, as the global economic outlook remains uncertain. Despite expectations for continued market volatility, Jennison remains positive regarding the long-term fundamental outlook for the Fund’s holdings across all four infrastructure sectors. Additionally, Jennison continues to believe that environmental, social, and governance (ESG) factors are likely to prove increasingly influential in determining investment outcomes over time.

Jennison projects the Fund’s utilities holdings will generate mid-high, single-digit earnings growth with commensurate dividend growth, supported by highly visible, regulated capital expenditure trajectories and improving regulatory regimes. In particular, utilities are well positioned to capitalize on the energy transition. In Jennison’s view, energy transition investment is supported by two broad and enduring themes: (1) pronounced reductions in the cost of renewable energy, driven by continued technological advancement, and (2) increasing public policy support, driven by concerns over greenhouse gas emissions, energy security, and most

PGIM Jennison Global Infrastructure Fund 9

Strategy and Performance Overview* (continued)

recently, job creation. The many decarbonization-related financial incentives included in the US Inflation Reduction Act will likely accelerate the energy transition in the US. In Europe, energy policy uncertainty, driven by the need to transition away from Russian energy supply, led to weakness in stock prices of European utilities for most of 2022. However, in 2023, Jennison added to the Fund’s European utilities exposure, as clarity around policy decisions increased, policy changes proved largely benign, and the risk/reward proposition for the Fund’s holdings appeared favorable.

After lackluster absolute performance through the first half of 2023, the Fund’s midstream holdings performed much better as investors appeared to gain better appreciation for the companies’ cash flow resiliency and improving capital return potential. In Jennison’s view, companies with strong balance sheets, integrated asset systems with multiple touchpoints across the energy value chain, and strong ESG metrics are likely to continue to fare well going forward. Additionally, Jennison believes the Fund’s energy infrastructure holdings are poised for a noteworthy, upward inflection in free cash flow and return of capital to shareholders through dividend increases and/or share repurchases.

Transportation infrastructure stocks generally rallied to start the year, reflecting a more optimistic outlook for growth, especially in Europe, before giving back some gains later in the period. Jennison modestly trimmed the Fund’s European transport exposure and increased North American rail exposure, which rallied as service levels improved, and volumes appeared closer to bottoming. Generally, toll road stocks continued to see solid traffic and pricing trends, with strong performance at Ferrovial’s managed lanes in Texas, while political concerns negatively affected French toll road stocks. Airport stocks in Europe and Mexico benefited from very strong peak summer demand trends and strong retail spend per passenger. Looking forward, Jennison believes the Fund’s airport exposure will benefit from improving China/Pacific traffic into 2024. Jennison also remains constructive on US waste stocks, which continue to exhibit defensive characteristics and strong pricing power.

Regarding communications infrastructure, Jennison favors data centers that are well-positioned to capitalize on two related themes: 1) robust growth from existing data demand drivers and growing contributions from generative artificial intelligence, and 2) rising pricing power related to tight supply and increased value of specialization, particularly for the hyperscale market. Jennison continues to see investment opportunities among wireless tower companies, given their recession-resistant business models (including inflation-adjusted revenues), which benefit from expanded, carrier-funded 5G network deployment.

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Fees and Expenses (unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes

PGIM Jennison Global Infrastructure Fund 11

Fees and Expenses (continued)

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



PGIM Jennison Global Infrastructure Fund		Beginning Account Value May 1, 2023	Ending Account Value October 31, 2023	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Class A	Actual	$1,000.00	$ 897.30	1.53%	$ 7.32

	Hypothetical	$1,000.00	$1,017.49	1.53%	$ 7.78

Class C	Actual	$1,000.00	$ 894.30	2.28%	$10.89

	Hypothetical	$1,000.00	$1,013.71	2.28%	$11.57

Class Z	Actual	$1,000.00	$ 899.10	1.19%	$ 5.70

	Hypothetical	$1,000.00	$1,019.21	1.19%	$ 6.06

Class R6	Actual	$1,000.00	$ 899.00	1.19%	$ 5.70

	Hypothetical	$1,000.00	$1,019.21	1.19%	$ 6.06

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Schedule of Investments

as of October 31, 2023



Description	Shares		Value

LONG-TERM INVESTMENTS 98.2%

COMMON STOCKS

Australia 2.8%

Transurban Group, UTS		131,054	$	986,639

Canada 2.2%

Canadian Pacific Kansas City Ltd.		10,902		774,048

France 6.4%

Eiffage SA		4,707		427,163
Engie SA		22,542		358,528
Vinci SA		13,465		1,488,884


				2,274,575

Germany 4.3%

E.ON SE		30,262		360,061
Fraport AG Frankfurt Airport Services Worldwide*		8,167		405,896
RWE AG		19,718		754,518


				1,520,475

Italy 6.2%

Enav SpA, 144A		95,517		318,354
Enel SpA		121,767		772,926
Infrastrutture Wireless Italiane SpA, 144A		66,431		727,409
Terna - Rete Elettrica Nazionale		52,614		402,867


				2,221,556

Japan 1.1%

West Japan Railway Co.		10,256		390,903

Mexico 0.7%

Grupo Aeroportuario del Pacifico SAB de CV (Class B Stock)		22,774		265,888

New Zealand 1.5%

Auckland International Airport Ltd.		124,727		533,492

Spain 9.0%

Aena SME SA, 144A		9,803		1,422,422
EDP Renovaveis SA		11,869		190,936
Iberdrola SA		69,877		777,173
Sacyr SA		291,806		842,614


				3,233,145

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 13

Schedule of Investments (continued)

as of October 31, 2023



Description	Shares		Value

COMMON STOCKS (Continued)

Thailand 0.5%

Airports of Thailand PCL*		100,324	$	186,263

United Kingdom 8.7%

Centrica PLC		674,994		1,292,141
Drax Group PLC		67,196		345,238
National Grid PLC		32,525		387,795
SSE PLC		54,373		1,080,585


				3,105,759

United States 54.8%

American Tower Corp., REIT		2,147		382,574
CenterPoint Energy, Inc.		39,555		1,063,238
Cheniere Energy, Inc.		8,467		1,409,078
CMS Energy Corp.		13,906		755,652
Constellation Energy Corp.		10,450		1,180,014
CSX Corp.		24,825		741,026
Digital Realty Trust, Inc., REIT		9,333		1,160,652
Equinix, Inc., REIT		1,053		768,311
Ferrovial SE		48,855		1,470,342
NextEra Energy, Inc.		16,125		940,087
NiSource, Inc.		51,866		1,304,949
Norfolk Southern Corp.		1,787		340,942
PG&E Corp.*		74,061		1,207,194
Public Service Enterprise Group, Inc.		9,092		560,522
Sempra		13,915		974,467
Southern Co. (The)		21,854		1,470,774
Targa Resources Corp.		17,393		1,454,229
Union Pacific Corp.		2,748		570,512
Vistra Corp.		16,621		543,839
Waste Connections, Inc.		3,239		419,451
Williams Cos., Inc. (The)		24,589		845,862


				19,563,715


TOTAL LONG-TERM INVESTMENTS (cost $30,983,194)				35,056,458

See Notes to Financial Statements.



Description	Shares		Value

SHORT-TERM INVESTMENT 1.3%

AFFILIATED MUTUAL FUND
PGIM Core Government Money Market Fund (cost $466,760)(wb)		466,760	$	466,760


TOTAL INVESTMENTS 99.5% (cost $31,449,954)				35,523,218
Other assets in excess of liabilities 0.5%				165,195


NET ASSETS 100.0%			$	35,688,413

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

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

REITs—Real Estate Investment Trust

SOFR—Secured Overnight Financing Rate

UTS—Unit Trust Security

*	Non-income producing security.

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

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of October 31, 2023 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Australia	$	—	$	986,639		$—
Canada		774,048		—		—
France		—		2,274,575		—
Germany		—		1,520,475		—
Italy		—		2,221,556		—
Japan		—		390,903		—
Mexico		265,888		—		—
New Zealand		—		533,492		—
Spain		—		3,233,145		—

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 15

Schedule of Investments (continued)

as of October 31, 2023


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Thailand	$	—	$	186,263		$—
United Kingdom		—		3,105,759		—
United States		18,093,373		1,470,342		—
Short-Term Investment
Affiliated Mutual Fund		466,760		—		—


Total	$	19,600,069	$	15,923,149		$—

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of October 31, 2023 were as follows:


Electric Utilities	21.9	%
Multi-Utilities	19.8
Construction & Engineering	11.8
Transportation Infrastructure	11.6
Oil, Gas & Consumable Fuels	10.4
Ground Transportation	8.0
Specialized REITs	6.4
Independent Power & Renewable Electricity Producers	5.1


Diversified Telecommunication Services	2.0	%
Affiliated Mutual Fund	1.3
Commercial Services & Supplies	1.2


	99.5
Other assets in excess of liabilities	0.5


	100.0	%

See Notes to Financial Statements.

Statement of Assets and Liabilities

as of October 31, 2023



Assets

Investments at value:
Unaffiliated investments (cost $30,983,194)	$	35,056,458
Affiliated investments (cost $466,760)		466,760
Receivable for investments sold		131,812
Tax reclaim receivable		73,351
Dividends receivable		55,295
Receivable for Fund shares sold		42,662
Prepaid expenses		1,012


Total Assets		35,827,350


Liabilities

Payable for Fund shares purchased		46,035
Audit fee payable		28,621
Management fee payable		23,735
Custodian and accounting fees payable		10,933
Transfer agent’s fees and expenses payable		7,195
Professional fees payable		5,974
Accrued expenses and other liabilities		5,412
Distribution fee payable		3,897
Shareholders’ reports fee payable		3,738
Affiliated transfer agent fee payable		2,325
Directors’ fees payable		977
Payable to custodian		95


Total Liabilities		138,937


Net Assets	$	35,688,413



Net assets were comprised of:
Common stock, at par	$	26
Paid-in capital in excess of par		33,528,912
Total distributable earnings (loss)		2,159,475


Net assets, October 31, 2023	$	35,688,413

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 17

Statement of Assets and Liabilities

as of October 31, 2023


Class A

Net asset value and redemption price per share, ($9,079,537 ÷ 672,457 shares of common stock issued and outstanding)	$	13.50
Maximum sales charge (5.50% of offering price)		0.79


Maximum offering price to public	$	14.29


Class C

Net asset value, offering price and redemption price per share, ($2,331,609 ÷ 176,067 shares of common stock issued and outstanding)	$	13.24


Class Z

Net asset value, offering price and redemption price per share, ($14,385,182 ÷ 1,064,256 shares of common stock issued and outstanding)	$	13.52


Class R6

Net asset value, offering price and redemption price per share, ($9,892,085 ÷ 732,050 shares of common stock issued and outstanding)	$	13.51

See Notes to Financial Statements.

Statement of Operations

Year Ended October 31, 2023


Net Investment Income (Loss)

Income
Unaffiliated dividend income (net of $107,574 foreign withholding tax)	$	1,699,104
Affiliated dividend income		29,243
Affiliated income from securities lending, net		379


Total income		1,728,726


Expenses
Management fee		549,930
Distribution fee(a)		59,011
Transfer agent’s fees and expenses (including affiliated expense of $13,568)(a)		63,174
Custodian and accounting fees		61,607
Professional fees		49,088
Registration fees(a)		29,915
Audit fee		28,620
Shareholders’ reports		20,308
Directors’ fees		10,743
SEC registration fees		1,440
Miscellaneous		24,007


Total expenses		897,843
Less: Fee waiver and/or expense reimbursement(a)		(178,019	)
Distribution fee waiver(a)		(4,874	)


Net expenses		714,950


Net investment income (loss)		1,013,776


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

Net realized gain (loss) on:
Investment transactions		(1,396,987	)
In-kind redemptions⁽¹⁾		(248,030	)
Foreign currency transactions		(948	)


		(1,645,965	)

Net change in unrealized appreciation (depreciation) on:
Investments		84,406
Foreign currencies		1,819


		86,225


Net gain (loss) on investment and foreign currency transactions		(1,559,740	)


Net Increase (Decrease) In Net Assets Resulting From Operations	$	(545,964	)

(1)	See Note 9, Purchases & Redemption In-kind, in Notes to Financial Statements

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


	Class A		Class C		Class Z		Class R6
Distribution fee		29,243		29,768		—		—
Transfer agent’s fees and expenses		19,301		4,938		38,602		333
Registration fees		7,462		6,163		10,878		5,412
Fee waiver and/or expense reimbursement		(37,276)		(13,947)		(95,318)		(31,478)
Distribution fee waiver		(4,874)		—		—		—

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 19

Statements of Changes in Net Assets



	Year Ended October 31,


	2023			2022

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)	$	1,013,776		$	748,400
Net realized gain (loss) on investment and foreign currency transactions		(1,645,965	)		735,185
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		86,225			(8,373,785	)


Net increase (decrease) in net assets resulting from operations		(545,964	)		(6,890,200	)


Dividends and Distributions
Distributions from distributable earnings
Class A		(337,388	)		(601,050	)
Class C		(93,436	)		(299,687	)
Class Z		(1,033,637	)		(2,030,688	)
Class R6		(642,318	)		(1,207,913	)


		(2,106,779	)		(4,139,338	)

Fund share transactions (Net of share conversions)
Net proceeds from shares sold		11,460,820			31,402,800
Net asset value of shares issued in reinvestment of dividends and distributions		2,105,393			4,134,256
Cost of shares purchased		(39,735,852	)		(15,178,225	)


Net increase (decrease) in net assets from Fund share transactions		(26,169,639	)		20,358,831

Total increase (decrease)		(28,822,382	)		9,329,293

Net Assets:

Beginning of year		64,510,795			55,181,502


End of year	$	35,688,413		$	64,510,795

See Notes to Financial Statements.

Financial Highlights



Class A Shares

	Year Ended October 31,

	2023			2022			2021			2020			2019

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year	$	14.41		$	17.15		$	13.80		$	14.66		$	12.21
Income (loss) from investment operations:
Net investment income (loss)		0.23			0.14			0.09			0.14			0.18
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.62	)		(1.64	)		3.36			(0.86	)		2.49
Total from investment operations		(0.39	)		(1.50	)		3.45			(0.72	)		2.67
Less Dividends and Distributions:
Dividends from net investment income		(0.26	)		(0.14	)		(0.10	)		(0.12	)		(0.21	)
Tax return of capital distributions		-			-			-			(0.02	)		(0.01	)
Distributions from net realized gains		(0.26	)		(1.10	)		-			-			-
Total dividends and distributions		(0.52	)		(1.24	)		(0.10	)		(0.14	)		(0.22	)
Net asset value, end of year	$	13.50		$	14.41		$	17.15		$	13.80		$	14.66
Total Return^(b):		(2.90	)%		(9.23	)%		25.04	%		(4.93	)%		22.01	%


Ratios/Supplemental Data:
Net assets, end of year (000)	$	9,080		$	8,806		$	8,153		$	5,961		$	7,637
Average net assets (000)	$	9,748		$	8,278		$	7,154		$	6,859		$	7,718
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		1.52	%^(d)		1.50	%		1.50	%		1.50	%		1.50	%
Expenses before waivers and/or expense reimbursement		1.95	%		1.90	%		1.99	%		2.20	%		2.10	%
Net investment income (loss)		1.56	%		0.92	%		0.55	%		0.95	%		1.34	%
Portfolio turnover rate^(e)		84	%		89	%		72	%		62	%		62	%

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

(b)

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

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

(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 Global Infrastructure Fund 21

Financial Highlights (continued)



Class C Shares

	Year Ended October 31,

	2023			2022			2021			2020			2019

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year	$	14.16		$	16.90		$	13.63		$	14.51		$	12.12
Income (loss) from investment operations:
Net investment income (loss)		0.12			0.04			(0.03	)^(b)		0.03			0.08
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.60	)		(1.63	)		3.31			(0.84	)		2.45
Total from investment operations		(0.48	)		(1.59	)		3.28			(0.81	)		2.53
Less Dividends and Distributions:
Dividends from net investment income		(0.18	)		(0.05	)		(0.01	)		(0.05	)		(0.13	)
Tax return of capital distributions		-			-			-			(0.02	)		(0.01	)
Distributions from net realized gains		(0.26	)		(1.10	)		-			-			-
Total dividends and distributions		(0.44	)		(1.15	)		(0.01	)		(0.07	)		(0.14	)
Net asset value, end of year	$	13.24		$	14.16		$	16.90		$	13.63		$	14.51
Total Return^(c):		(3.59	)%		(9.91	)%		24.10	%		(5.63	)%		21.01	%


Ratios/Supplemental Data:
Net assets, end of year (000)	$	2,332		$	3,737		$	4,336		$	3,242		$	4,135
Average net assets (000)	$	2,977		$	4,348		$	3,720		$	3,771		$	4,131
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		2.26	%^(e)		2.25	%		2.25	%		2.25	%		2.25	%
Expenses before waivers and/or expense reimbursement		2.73	%		2.60	%		2.79	%		3.05	%		2.90	%
Net investment income (loss)		0.85	%		0.27	%		(0.21	)%		0.21	%		0.59	%
Portfolio turnover rate^(f)		84	%		89	%		72	%		62	%		62	%

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

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

(c)

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

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

(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.



Class Z Shares

	Year Ended October 31,

	2023			2022			2021			2020			2019

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$14.42			$17.16			$13.80			$14.66			$12.21
Income (loss) from investment operations:
Net investment income (loss)		0.29			0.20			0.14			0.18			0.23
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.63	)		(1.65	)		3.37			(0.85	)		2.48
Total from investment operations		(0.34	)		(1.45	)		3.51			(0.67	)		2.71
Less Dividends and Distributions:
Dividends from net investment income		(0.30	)		(0.19	)		(0.15	)		(0.17	)		(0.25	)
Tax return of capital distributions		-			-			-			(0.02	)		(0.01	)
Distributions from net realized gains		(0.26	)		(1.10	)		-			-			-
Total dividends and distributions		(0.56	)		(1.29	)		(0.15	)		(0.19	)		(0.26	)
Net asset value, end of year		$13.52			$14.42			$17.16			$13.80			$14.66
Total Return^(b):		(2.57	)%		(8.93	)%		25.42	%		(4.56	)%		22.30	%


Ratios/Supplemental Data:
Net assets, end of year (000)		$14,385			$26,049			$25,429			$20,148			$21,868
Average net assets (000)		$27,102			$27,109			$24,462			$21,048			$21,608
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		1.18	%^(d)		1.17	%		1.17	%		1.17	%		1.17	%
Expenses before waivers and/or expense reimbursement		1.53	%		1.47	%		1.55	%		1.66	%		1.57	%
Net investment income (loss)		1.98	%		1.29	%		0.92	%		1.25	%		1.66	%
Portfolio turnover rate^(e)		84	%		89	%		72	%		62	%		62	%

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

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

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

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

(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 Global Infrastructure Fund 23

Financial Highlights (continued)



Class R6 Shares

	Year Ended October 31,

	2023			2022			2021			2020			2019

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$14.41			$17.15			$13.80			$14.66			$12.21
Income (loss) from investment operations:
Net investment income (loss)		0.29			0.21			0.12			0.18			0.23
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.63	)		(1.66	)		3.38			(0.85	)		2.48
Total from investment operations		(0.34	)		(1.45	)		3.50			(0.67	)		2.71
Less Dividends and Distributions:
Dividends from net investment income		(0.30	)		(0.19	)		(0.15	)		(0.17	)		(0.25	)
Tax return of capital distributions		-			-			-			(0.02	)		(0.01	)
Distributions from net realized gains		(0.26	)		(1.10	)		-			-			-
Total dividends and distributions		(0.56	)		(1.29	)		(0.15	)		(0.19	)		(0.26	)
Net asset value, end of year		$13.51			$14.41			$17.15			$13.80			$14.66
Total Return^(b):		(2.58	)%		(8.93	)%		25.44	%		(4.62	)%		22.40	%


Ratios/Supplemental Data:
Net assets, end of year (000)		$9,892			$25,919			$17,263			$5,636			$11,954
Average net assets (000)		$15,166			$23,177			$11,389			$8,565			$13,787
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		1.18	%^(d)		1.17	%		1.17	%		1.17	%		1.17	%
Expenses before waivers and/or expense reimbursement		1.39	%		1.32	%		1.40	%		1.66	%		1.48	%
Net investment income (loss)		1.97	%		1.34	%		0.74	%		1.28	%		1.70	%
Portfolio turnover rate^(e)		84	%		89	%		72	%		62	%		62	%

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

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

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

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

(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

1.	Organization

Prudential World Fund, Inc. (the “Registered Investment Company” or “RIC”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The RIC is organized as a Maryland Corporation. These financial statements relate only to the PGIM Jennison Global Infrastructure Fund (the “Fund”), a series of the RIC. The Fund is classified as a diversified fund for purposes of the 1940 Act.

The investment objective of the Fund is to seek total return.

2.	Accounting Policies

PGIM Jennison Global Infrastructure Fund 25

Notes to Financial Statements (continued)

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

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

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

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

PGIM Jennison Global Infrastructure Fund 27

Notes to Financial Statements (continued)

the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

Equity and Mortgage Real Estate Investment Trusts (collectively REITs): The Fund invested in REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from REITs during the period is estimated to be dividend income, capital gain or return of capital and recorded accordingly. When material, these estimates are adjusted periodically when the actual source of distributions is disclosed by the REITs.



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

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

PGIM Jennison Global Infrastructure Fund 29

Notes to Financial Statements (continued)

3.	Agreements

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

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended October 31, 2023, the contractual and effective management fee rates were as follows:



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

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



Class		Expense Limitations
A		1.50%



Class		Expense Limitations
C		2.25%
Z		1.17
R6		1.17

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

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



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



Class	FESL	CDSC
A	$4,762	$—
C	—	496

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

4.	Other Transactions with Affiliates

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

PGIM Jennison Global Infrastructure Fund 31

Notes to Financial Statements (continued)

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

5.	Portfolio Securities



Cost of Purchases				Proceeds from Sales
$45,884,135				$63,916,223

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended October 31, 2023, is presented as follows:


Value, Beginning of Year		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)	Realized Gain (Loss)	Value, End of Year		Shares, End of Year		Income

	Short-Term Investments - Affiliated Mutual Funds:

	PGIM Core Government Money Market Fund^(1)(wb)
	$—	$	19,704,655	$	19,237,895	$—	$—		$466,760		466,760	$29,243

	PGIM Institutional Money Market Fund^(1)(b)(wb)
	—		1,435,480		1,435,480	—	—		—		—	379⁽²⁾
	$—	$	21,140,135	$	20,673,375	$—	$—		$466,760			$29,622

(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.	Distributions and Tax Information

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date. In order to present total distributable earnings (loss) and paid-in capital in excess of par on the Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to total distributable earnings (loss) and paid-in capital in excess of par for the Fund. The adjustments were due to redemption in-kind transactions and a taxable overdistribution.

For the year ended October 31, 2023, the adjustments were as follows:



Total Distributable Earnings (Loss)				Paid-in Capital in Excess of Par
$319,888				$(319,888)

For the year ended October 31, 2023, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

For the year ended October 31, 2022, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

As of October 31, 2023, there were no accumulated undistributed earnings on a tax basis.

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of October 31, 2023 were as follows:

The difference between GAAP and tax basis was primarily due to deferred losses on wash sales.

For federal income tax purposes, the Fund had an approximated capital loss carryforward as of October 31, 2023 which can be carried forward for an unlimited period. No capital gains

PGIM Jennison Global Infrastructure Fund 33

Notes to Financial Statements (continued)

distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.



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

7.	Capital and Ownership

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

The RIC is authorized to issue 10,225,000,000 shares of common stock, $0.00001 par value per share, 510,000,000 of which are designated as shares of the Fund. The authorized shares of the Fund are currently classified and designated as follows:



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

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

As of October 31, 2023, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:



Class	Number of Shares	Percentage of Outstanding Shares
R6	698,926	95.5%

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



	Number of Shareholders	Percentage of Outstanding Shares
Affiliated	1	26.5%
Unaffiliated	4	57.2

Transactions in shares of common stock were as follows:




Share Class	Shares			Amount

Class A
Year ended October 31, 2023:
Shares sold		87,599		$	1,302,546
Shares issued in reinvestment of dividends and distributions		23,206			336,079
Shares purchased		(104,379	)		(1,527,468	)
Net increase (decrease) in shares outstanding before conversion		6,426			111,157
Shares issued upon conversion from other share class(es)		70,638			1,044,505
Shares purchased upon conversion into other share class(es)		(15,757	)		(232,188	)
Net increase (decrease) in shares outstanding		61,307		$	923,474

Year ended October 31, 2022:
Shares sold		117,154		$	1,830,512
Shares issued in reinvestment of dividends and distributions		38,277			596,146
Shares purchased		(62,851	)		(942,436	)
Net increase (decrease) in shares outstanding before conversion		92,580			1,484,222
Shares issued upon conversion from other share class(es)		46,493			722,259
Shares purchased upon conversion into other share class(es)		(3,405	)		(56,034	)
Net increase (decrease) in shares outstanding		135,668		$	2,150,447

Class C
Year ended October 31, 2023:
Shares sold		19,219		$	270,043
Shares issued in reinvestment of dividends and distributions		6,541			93,436
Shares purchased		(27,469	)		(396,189	)
Net increase (decrease) in shares outstanding before conversion		(1,709	)		(32,710	)
Shares purchased upon conversion into other share class(es)		(86,040	)		(1,249,192	)
Net increase (decrease) in shares outstanding		(87,749	)	$	(1,281,902	)

PGIM Jennison Global Infrastructure Fund 35

Notes to Financial Statements (continued)




Share Class	Shares			Amount

Year ended October 31, 2022:
Shares sold		64,812		$	1,012,615
Shares issued in reinvestment of dividends and distributions		19,470			299,687
Shares purchased		(27,936	)		(415,935	)
Net increase (decrease) in shares outstanding before conversion		56,346			896,367
Shares purchased upon conversion into other share class(es)		(49,043	)		(750,462	)
Net increase (decrease) in shares outstanding		7,303		$	145,905

Class Z
Year ended October 31, 2023:
Shares sold		568,214		$	8,479,836
Shares issued in reinvestment of dividends and distributions		71,146			1,033,560
Shares purchased		(1,411,451	)		(20,242,707	)
Net increase (decrease) in shares outstanding before conversion		(772,091	)		(10,729,311	)
Shares issued upon conversion from other share class(es)		29,507			436,875
Net increase (decrease) in shares outstanding		(742,584	)	$	(10,292,436	)

Year ended October 31, 2022:
Shares sold		582,073		$	9,297,231
Shares issued in reinvestment of dividends and distributions		130,725			2,030,510
Shares purchased		(393,341	)		(6,166,300	)
Net increase (decrease) in shares outstanding before conversion		319,457			5,161,441
Shares issued upon conversion from other share class(es)		5,155			84,237
Net increase (decrease) in shares outstanding		324,612		$	5,245,678

Class R6
Year ended October 31, 2023:
Shares sold		95,586		$	1,408,395
Shares issued in reinvestment of dividends and distributions		44,294			642,318
Shares purchased		(1,206,357	)		(17,569,488	)
Net increase (decrease) in shares outstanding		(1,066,477	)	$	(15,518,775	)

Year ended October 31, 2022:
Shares sold		1,194,029		$	19,262,442
Shares issued in reinvestment of dividends and distributions		78,291			1,207,913
Shares purchased		(480,363	)		(7,653,554	)
Net increase (decrease) in shares outstanding		791,957		$	12,816,801

8.	Borrowings

The RIC, on behalf of the Fund, along with other affiliated registered investment companies (the “Participating Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a

group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.



	Current SCA	Prior SCA
Term of Commitment	9/29/2023 - 9/26/2024	9/30/2022 – 9/28/2023
Total Commitment	$ 1,200,000,000	$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent	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 Fund utilized the SCA during the year ended October 31, 2023. The average daily balance for the 25 days that the Fund had loans outstanding during the period was approximately $675,120, borrowed at a weighted average interest rate of 5.31%. The maximum loan outstanding amount during the period was $2,607,000. At October 31, 2023, the Fund did not have an outstanding loan amount.

9.	Purchases & Redemption In-kind

As of the close of business on September 26, 2023, the Fund settled the redemption of fund Class Z shares by delivering to an affiliate portfolio securities and other assets. The value of such securities and other assets that were transferred in-kind was $8,774,563.

In-kind redemption gains and losses are excluded in the calculation of taxable gain (loss) for federal income tax purposes.

10.

Risks of Investing in the Fund

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

PGIM Jennison Global Infrastructure Fund 37

Notes to Financial Statements (continued)

pursuant to a growth strategy may be subject to above-average fluctuations as a result of seeking higher than average capital growth. The portion of the Fund’s portfolio that makes investments pursuant to a value strategy may be subject to the risk that the market may not recognize a security’s intrinsic value for long periods of time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. If the Fund’s assessment of market conditions or a company’s value is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Therefore, both styles may over time go in and out of favor with the markets. At times when a style is out of favor, that portion of the portfolio may lag the other portion of the portfolio, which may cause the Fund to underperform the market in general, its benchmark and other mutual funds. Growth and value stocks have historically produced similar long-term results, though each category has periods when it outperforms the other.

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

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.

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,

PGIM Jennison Global Infrastructure Fund 39

Notes to Financial Statements (continued)

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.

Management Risk: Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the

Fund, but the subadviser’s judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund’s benchmark and other funds with similar investment objectives.

Market Disruption and Geopolitical Risks: Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia’s military invasion of Ukraine), 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).

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

PGIM Jennison Global Infrastructure Fund 41

Notes to Financial Statements (continued)

of larger or more broadly-based companies. The Fund’s investment in MLPs also subjects the Fund to the risks associated with the specific industry or industries in which the MLPs invest, risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, cash flow risks, dilution risks and risks related to the general partner’s right to require unit-holders to sell their common units at an undesirable time or price. MLPs are generally considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns. Since MLPs generally conduct business in multiple states, the Fund may be subject to income or franchise tax in each of the states in which the partnership does business. The additional cost of preparing and filing the tax returns and paying the related taxes may adversely impact the Fund’s return on its investment in MLPs.

Real Estate Investment Trust (“REIT”) Risk: Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of any credit extended. REITs are dependent upon management skills, may not be diversified geographically or by property/mortgage asset type, and are subject to heavy cash flow dependency, default by borrowers and self-liquidation. REITs may be more volatile and/or more illiquid than other types of equity securities. REITs (especially mortgage REITs) are subject to interest rate risks. REITs may incur significant amounts of leverage. The Fund will indirectly bear a portion of the expenses, including management fees, paid by each REIT in which it invests, in addition to the expenses of the Fund.

REITs must also meet certain requirements under the Internal Revenue Code of 1986, as amended (the Code) to avoid entity level tax and be eligible to pass-through certain tax attributes of their income to shareholders. REITs are consequently subject to the risk of failing to meet these requirements for favorable tax treatment and of failing to maintain their 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.

11.

Recent Regulatory Developments

semiannual basis on Form N-CSR. The Rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the Rule and its impact to the Fund.

PGIM Jennison Global Infrastructure Fund 43

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Prudential World Fund, Inc. and Shareholders of PGIM Jennison Global Infrastructure Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PGIM Jennison Global Infrastructure Fund (one of the funds constituting Prudential World Fund, Inc., referred to hereafter as the “Fund”) as of October 31, 2023, the related statement of operations for the year ended October 31, 2023, the statements of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the four years in the period ended October 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2023 and the financial highlights for each of the four years in the period ended October 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended October 31, 2019 and the financial highlights for the period ended October 31, 2019 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated December 19, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

December 18, 2023

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

Tax Information (unaudited)

We are advising you that during the fiscal year ended October 31, 2023, the Fund reports the maximum amount allowed per share, but not less than $0.27 for Class A, C, R6 and Z share as a capital gain distribution in accordance with Section 852(b)(3)(C) of the Internal Revenue Code.

For the year ended October 31, 2023, the Series reports under Section 854 of the Internal Revenue Code, the following percentages of the ordinary income dividends paid as 1) qualified dividend income (QDI); and 2) eligible for corporate dividends received deduction (DRD):



Fund	QDI	DRD

PGIM Jennison Global Infrastructure Fund	100.00%	58.64%

In January 2024, you will be advised on IRS Form 1099-DIV or substitute 1099-DIV, as to the federal tax status of dividends and distributions received by you in calendar year 2023.

PGIM Jennison Global Infrastructure Fund 45

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS (unaudited)



Independent Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Ellen S. Alberding 1958 Board Member Portfolios Overseen: 100	Chief Executive Officer and President, The Joyce Foundation (charitable foundation) (since 2002); formerly Vice Chair, City Colleges of Chicago (community college system) (2011-2015); formerly Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); formerly Trustee, Economic Club of Chicago (2009-2016); Trustee, Loyola University (since 2018).	None.	Since September 2013

Kevin J. Bannon 1952 Board Member Portfolios Overseen: 101	Retired; formerly Managing Director (April 2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; formerly President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (September 2008-August 2023).	Since July 2008

PGIM Jennison Global Infrastructure Fund



Independent Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Linda W. Bynoe 1952 Board Member Portfolios Overseen: 98	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Limited LLC (formerly Telemat Ltd) (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co. (broker-dealer).	Trustee of Equity Residential (residential real estate) (since December 2009); Director of Northern Trust Corporation (financial services) (since April 2006); formerly Director of Anixter International, Inc. (communication products distributor) (January 2006-June 2020).	Since March 2005

Barry H. Evans 1960 Board Member Portfolios Overseen: 101	Retired; formerly President (2005-2016), Global Chief Operating Officer (2014-2016), Chief Investment Officer - Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management (asset management).	Formerly Director, Manulife Trust Company (2011-2018); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).	Since September 2017

Keith F. Hartstein 1956 Board Member & Independent Chair Portfolios Overseen: 101	Retired; formerly Member (November 2014-September 2022) of the Governing Council of the Independent Directors Council (IDC) (organization of independent mutual fund directors); formerly Executive Committee of the IDC Board of Governors (October 2019-December 2021); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); formerly Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.	Since September 2013

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Independent Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Laurie Simon Hodrick 1962 Board Member Portfolios Overseen: 98	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly Visiting Professor of Law, Stanford Law School (2015-2021); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008).	Independent Director, Andela (since January 2022) (global talent network); Independent Director, Roku (since December 2020) (communication services); formerly Independent Director, Synnex Corporation (2019-2021) (information technology); formerly Independent Director, Kabbage, Inc. (2018-2020) (financial services); formerly Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017

Brian K. Reid 1961 Board Member Portfolios Overseen: 101	Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); formerly Director, ICI Mutual Insurance Company (2012-2017).	None.	Since March 2018

PGIM Jennison Global Infrastructure Fund



Independent Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Grace C. Torres 1959 Board Member Portfolios Overseen: 101	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank; formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National Bank.	Since November 2014

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Interested Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Stuart S. Parker 1962 Board Member & President Portfolios Overseen: 101	President, Chief Executive Officer, Chief Operating Officer and Officer in Charge of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); President and Principal Executive Officer ("PEO") (since December 2023) of the PGIM Credit Income Fund; President and PEO (since September 2022) of the PGIM Private Credit Fund; President and PEO (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011); Investment Company Institute - Board of Governors (since May 2012).	None.	Since January 2012

Scott E. Benjamin 1973 Board Member & Vice President Portfolios Overseen: 101	Executive Vice President (since May 2009) of PGIM Investments LLC; Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); Vice President (since December 2023) of the PGIM Credit Income Fund; Vice President (since September 2022) of the PGIM Private Credit Fund; Vice President (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).	None.	Since March 2010

PGIM Jennison Global Infrastructure Fund



Fund Officers^(a)

Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Claudia DiGiacomo 1974 Chief Legal Officer	Chief Legal Officer (since December 2023) of the PGIM Credit Income Fund; Chief Legal Officer (since September 2022) of the PGIM Private Credit Fund; Chief Legal Officer (since July 2022) of the PGIM Private Real Estate Fund, Inc.; Chief Legal Officer, Executive Vice President and Secretary of PGIM Investments LLC (since August 2020); Chief Legal Officer of Prudential Mutual Fund Services LLC (since August 2020); Chief Legal Officer of PIFM Holdco, LLC (since August 2020); Vice President and Corporate Counsel (since January 2005) of Prudential; and Corporate Counsel of AST Investment Services, Inc. (since August 2020); formerly Vice President and Assistant Secretary of PGIM Investments LLC (2005-2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005

Andrew Donohue 1972 Chief Compliance Officer	Chief Compliance Officer (since May 2023) of the PGIM Funds, Target Funds, PGIM ETF Trust, PGIM Global High Yield Fund, Inc., PGIM High Yield Bond Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Private Credit Fund, PGIM Private Real Estate Fund, Inc.; Chief Compliance Officer of AST Investment Services, Inc. (since October 2022); Vice President, Chief Compliance Officer of PGIM Investments LLC (since September 2022); Chief Compliance Officer (since December 2023) of the PGIM Credit Income Fund; formerly various senior compliance roles within Principal Global Investors, LLC., global asset management for Principal Financial (2011-2022), most recently as Global Chief Compliance Officer (2016-2022).	Since May 2023

Andrew R. French 1962 Secretary	Vice President (since December 2018) of PGIM Investments LLC; Secretary (since December 2023) of the PGIM Credit Income Fund; Secretary (since September 2022) of the PGIM Private Credit Fund; Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Vice President and Corporate Counsel (2010-2018) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since October 2006

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Fund Officers^(a)

Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Melissa Gonzalez 1980 Assistant Secretary	Vice President and Corporate Counsel (since September 2018) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Assistant Secretary (since December 2023) of the PGIM Credit Income Fund; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director and Corporate Counsel (March 2014-September 2018) of Prudential.	Since March 2020

Patrick E. McGuinness 1986 Assistant Secretary	Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Director and Corporate Counsel (since February 2017) of Prudential; Assistant Secretary (since December 2023) of the PGIM Credit Income Fund; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.	Since June 2020

Debra Rubano 1975 Assistant Secretary	Vice President and Corporate Counsel (since November 2020) of Prudential; Assistant Secretary (since December 2023) of the PGIM Credit Income Fund; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc; formerly Director and Senior Counsel of Allianz Global Investors U.S. Holdings LLC (2010-2020) and Assistant Secretary of numerous funds in the Allianz fund complex (2015-2020).	Since December 2020

George Hoyt 1965 Assistant Secretary	Vice President and Corporate Counsel of Prudential (since September 2023); formerly Associate General Counsel of Franklin Templeton and Secretary and Chief Legal Officer of certain funds in the Franklin Templeton complex (2020- 2023) and Managing Director (2016-2020) and Associate General Counsel for Legg Mason, Inc. and its predecessors (2004-2020).	Since December 2023

Devan Goolsby 1991 Assistant Secretary	Vice President and Corporate Counsel of Prudential (since May 2023); formerly Associate at Eversheds Sutherland (US) LLP (2021-2023); Compliance Officer at Bloomberg LP (2019-2021); and an Examiner at the Financial Industry Regulatory Authority (2015-2019).	Since December 2023

Kelly A. Coyne 1968 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010); Assistant Secretary (since December 2023) of the PGIM Credit Income Fund; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.	Since March 2015

PGIM Jennison Global Infrastructure Fund



Fund Officers^(a)

Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Christian J. Kelly 1975 Chief Financial Officer	Vice President, Global Head of Fund Administration of PGIM Investments LLC (since November 2018); Chief Financial Officer (since March 2023) of PGIM Investments mutual funds, closed end funds and ETFs, Advanced Series Trust Portfolios, Prudential Series Funds and Prudential Gibraltar Fund; Chief Financial Officer (since December 2023) of the PGIM Credit Income Fund; Chief Financial Officer of PGIM Private Credit Fund (since September 2022); Chief Financial Officer of PGIM Private Real Estate Fund, Inc. (since July 2022); formerly Treasurer and Principal Financial Officer (January 2019- March 2023) of PGIM Investments mutual funds, closed end funds and ETFs, Advanced Series Trust Portfolios, Prudential Series Funds and Prudential Gibraltar Fund; formerly Treasurer and Principal Financial Officer (March 2022 – July 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).	Since January 2019

Russ Shupak 1973 Treasurer and Principal Accounting Officer	Vice President (since 2017) within PGIM Investments Fund Administration; Treasurer and Principal Accounting Officer of PGIM Investments mutual funds, closed end funds and ETFs (since March 2023); Treasurer and Principal Accounting Officer (since December 2023) of the PGIM Credit Income Fund; Treasurer and Principal Accounting Officer (since July 2022) of the PGIM Private Real Estate Fund, Inc.; Assistant Treasurer (since September 2022) of the PGIM Private Credit Fund; formerly Assistant Treasurer (March 2022 – July 2022) of the PGIM Private Real Estate Fund, Inc.; Assistant Treasurer of Advanced Series Trust Portfolios, Prudential Series Funds and Prudential Gibraltar Fund (since October 2019); formerly Director (2013-2017) within PGIM Investments Fund Administration.	Since October 2019

Lana Lomuti 1967 Assistant Treasurer	Vice President (since 2007) within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.; formerly Director (2005-2007) within PGIM Investments Fund Administration.	Since April 2014

Deborah Conway 1969 Assistant Treasurer	Vice President (since 2017) within PGIM Investments Fund Administration; formerly Director (2007-2017) within PGIM Investments Fund Administration.	Since October 2019

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Fund Officers^(a)

Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) within PGIM Investments Fund Administration; Treasurer and Principal Accounting Officer of the Advanced Series Trust, the Prudential Series Fund and the Prudential Gibraltar Fund (since March 2023); Assistant Treasurer (since December 2023) of the PGIM Credit Income Fund; Treasurer and Principal Accounting Officer (since September 2022) of the PGIM Private Credit Fund; Assistant Treasurer (since March 2022) of the PGIM Private Real Estate Fund, Inc.; Assistant Treasurer of PGIM Investments mutual funds, closed end funds and ETFs (since October 2019); formerly Director (2011-2017) within PGIM Investments Fund Administration.	Since October 2019

Robert W. McCormack 1973 Assistant Treasurer	Vice President (since 2019) within PGIM Investments Fund Administration; Assistant Treasurer (since March 2023) of PGIM Investments mutual funds, closed end funds, ETFs, Advanced Series Trust Portfolios, Prudential Series Funds and Prudential Gibraltar Fund; Assistant Treasurer (since December 2023) of the PGIM Credit Income Fund; Assistant Treasurer (since September 2022) of the PGIM Private Credit Fund; Assistant Treasurer (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director (2016-2019) within PGIM Investments Fund Administration; formerly Vice President within Goldman, Sachs & Co. Investment Management Controllers (2008-2016), Assistant Treasurer of Goldman Sachs Family of Funds (2015-2016).	Since March 2023

Kelly Florio 1978 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Global Compliance Programs and Compliance Risk Management (since December 2021) of Prudential; formerly Head of Fraud Risk Management (October 2019-December 2021) at New York Life Insurance Company; formerly Head of Key Risk Area Operations (November 2018-October 2019), Director of the US Anti-Money Laundering Compliance Unit (2009-2018) and Bank Loss Prevention Associate (2006-2009) at MetLife.	Since June 2022

^(a) Excludes Mr. Parker and Mr. Benjamin, interested Board Members who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

∎

Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC.

∎

Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102-4410.

∎

PGIM Jennison Global Infrastructure Fund

∎

As used in the Fund Officers table “Prudential” means The Prudential Insurance Company of America.

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Approval of Advisory Agreements (unaudited)

The Fund’s Board of Directors

The Board of Directors (the “Board”) of PGIM Jennison Global Infrastructure Fund (the “Fund”)¹ consists of ten individuals, eight of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Directors have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. The Board has established five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent Directors.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and the Fund’s subadvisory agreement with Jennison Associates LLC (“Jennison”). In considering the renewal of the agreements, the Board, including all of the Independent Directors, met on May 25 and June 6-8, 2023 (the “Board Meeting”) and approved the renewal of the agreements through July 31, 2024, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

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

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

¹PGIM Jennison Global Infrastructure Fund is a series of Prudential World Fund, Inc.

PGIM Jennison Global Infrastructure Fund

Approval of Advisory Agreements (continued)

management agreement, and between PGIM Investments and Jennison, which serves as the Fund’s subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Directors considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Directors’ reaching their determinations to approve the continuance of the agreements are separately discussed below.

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments and Jennison. The Board noted that Jennison is affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for the Fund, as well as the provision of fund recordkeeping, compliance and other services to the Fund, and PGIM Investments’ role as administrator for the Fund’s liquidity risk management program. With respect to PGIM Investments’ oversight of the subadviser, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments’ senior management on the performance and operations of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Directors of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by Jennison, including investment research and security selection, as well as adherence to the Fund’s investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments’ evaluation of the subadviser, as well as PGIM Investments’ recommendation, based on its review of the subadviser, to renew the subadvisory agreement.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of the Fund and Jennison, and also considered the qualifications, backgrounds and responsibilities of Jennison’s portfolio managers who are responsible for the day-to-day management of the Fund’s portfolio. The Board was provided with information pertaining to PGIM Investments’ and Jennison’s organizational structure, senior management, investment operations, and other relevant information pertaining to both PGIM Investments and Jennison. The Board also noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer (“CCO”) as to both PGIM Investments and Jennison.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments and the subadvisory services provided to the Fund by Jennison, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments and Jennison under the management and subadvisory agreements.

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Costs of Services and Profits Realized by PGIM Investments

Economies of Scale

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

Other Benefits to PGIM Investments and Jennison

PGIM Jennison Global Infrastructure Fund

Approval of Advisory Agreements (continued)

credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments and Jennison were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund /Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-, three- and five-year periods ended December 31, 2022.

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

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Net Performance	1 Year	3 Years	5 Years	10 Years
Net Performance	3rd Quartile	1st Quartile	1st Quartile	N/A

Actual Management Fees: 3rd Quartile

Net Total Expenses: 4th Quartile

The Board noted that the Fund outperformed its benchmark index over the three- and five-year periods, and underperformed over the one-year period.

The Board and PGIM Investments agreed to retain the Fund’s existing contractual expense cap that (exclusive of certain fees and expenses) caps total annual operating expenses at 1.50% for Class A shares, 2.25% for Class C shares, 1.17% for Class R6 shares, and 1.17% for Class Z shares through February 29, 2024.

The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

* * *

After full consideration of these factors, the Board concluded that approval of the agreements was in the best interests of the Fund and its shareholders.

PGIM Jennison Global Infrastructure Fund



∎ MAIL	∎ TELEPHONE	∎ WEBSITE

655 Broad Street	(800) 225-1852	pgim.com/investments

Newark, NJ 07102

PROXY VOTING

DIRECTORS

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

OFFICERS



MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102

SUBADVISER	Jennison Associates LLC	466 Lexington Avenue New York, NY 10017

DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102

CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286

TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 534432 Pittsburgh, PA 15253

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017

FUND COUNSEL	Willkie Farr &Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

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

AVAILABILITY OF PORTFOLIO HOLDINGS

The Fund’s Statement of Additional Information contains additional information about the Fund’s Directors and is available without charge, upon request, by calling (800) 225-1852.


Mutual Funds:

ARE NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY	MAY LOSE VALUE	ARE NOT A DEPOSIT OF OR GUARANTEED BY ANY BANK OR ANY BANK AFFILIATE

LOGO

PGIM JENNISON GLOBAL INFRASTRUCTURE FUND

SHARE CLASS

NASDAQ

PGJAX

PGJCX

PGJZX

PGJQX

CUSIP

743969792

743969784

743969776

743969560

MF217E

LOGO

PGIM JENNISON GLOBAL OPPORTUNITIES FUND

ANNUAL REPORT

OCTOBER 31, 2023

LOGO

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

Table of Contents



Letter from the President			3

Your Fund’s Performance			4

Growth of a $10,000 Investment			5

Strategy and Performance Overview			8

Fees and Expenses			11

Holdings and Financial Statements			13

Approval of Advisory Agreements

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

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

2 Visit our website at pgim.com/investments

Letter from the President

Dear Shareholder:

We hope you find the annual report for the PGIM Jennison Global Opportunities Fund informative and useful. The report covers performance for the 12-month period that ended October 31, 2023.

Thank you for choosing our family of funds.

Sincerely,

LOGO

Stuart S. Parker, President

PGIM Jennison Global Opportunities Fund

December 15, 2023

PGIM Jennison Global Opportunities Fund 3

Your Fund’s Performance (unaudited)



	Average Annual Total Returns as of 10/31/23

	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)

Class A

(with sales charges)	13.50	10.33	10.49	—

(without sales charges)	20.11	11.58	11.12	—

Class C

(with sales charges)	18.11	10.64	10.24	—

(without sales charges)	19.11	10.64	10.24	—

Class Z

(without sales charges)	20.29	11.75	11.34	—

Class R2

(without sales charges)	19.79	N/A	N/A	13.13 (12/27/2018)

Class R4

(without sales charges)	20.06	N/A	N/A	13.43 (12/27/2018)

Class R6

(without sales charges)	20.41	11.86	N/A	11.91 (12/22/2014)

MSCI All Country World ND Index

	10.50	7.47	6.81	—



Average Annual Total Returns as of 10/31/23 Since Inception (%)
	Class R2, Class R4 (12/27/2018)	Class R6 (12/22/2014)

MSCI All Country World ND Index	9.05	6.87

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

4 Visit our website at pgim.com/investments

Growth of a $10,000 Investment (unaudited)

LOGO

The graph compares a $10,000 investment in the Fund’s Class Z shares with a similar investment in the MSCI All Country World ND Index by portraying the initial account values at the beginning of the 10-year period for Class Z shares (October 31, 2013) and the account values at the end of the current fiscal year (October 31, 2023) as measured on a quarterly basis. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested. The line graph provides information for Class Z shares only. As indicated in the tables provided earlier, performance for other share classes will vary due to the differing fees and expenses applicable to each share class (as indicated in the following paragraphs). Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

PGIM Jennison Global Opportunities Fund 5

Your Fund’s Performance (continued)

Class A

Class C

Class Z

Class R2

Class R4

Class R6

Maximum initial sales charge

5.50% of the public offering price

None

Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption)

1.00% on sales of $1 million or more made within 12 months of purchase

1.00% on sales made within 12 months of purchase

None

Annual distribution or distribution and service (12b-1) fees (shown as a percentage of average daily net assets)

0.30% (0.25% currently)

1.00%

None

0.25%

None

Shareholder services fees

None

0.10%*

None

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

Benchmark Definition

MSCI All Country World ND Index—The Morgan Stanley Capital International All Country World Net Dividends Index (MSCI ACWI ND Index) is an unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI ND Index consists of 47 country indexes comprising 23 developed and 24 emerging market country indexes. The ND version of the MSCI ACWI Index reflects the impact of the maximum withholding taxes on reinvested dividends. The MSCI ACWI ND Index is unmanaged and the total return includes the reinvestment of all dividends.

6 Visit our website at pgim.com/investments

Presentation of Fund Holdings as of 10/31/23



Ten Largest Holdings	Line of Business	Country	% of Net Assets

NVIDIA Corp.	Semiconductors & Semiconductor Equipment	United States	7.6%

Microsoft Corp.	Software	United States	6.2%

Hermes International SCA	Textiles, Apparel & Luxury Goods	France	5.9%

Amazon.com, Inc.	Broadline Retail	United States	5.3%

Novo Nordisk A/S (Class B Stock)	Pharmaceuticals	Denmark	5.1%

Ferrari NV	Automobiles	Italy	5.1%

Eli Lilly & Co.	Pharmaceuticals	United States	4.8%

MercadoLibre, Inc.	Broadline Retail	Brazil	4.6%

L’Oreal SA	Personal Care Products	France	3.9%

Alphabet, Inc. (Class A Stock)	Interactive Media & Services	United States	3.5%

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

PGIM Jennison Global Opportunities Fund 7

Strategy and Performance Overview* (unaudited)

How did the Fund perform?

The PGIM Jennison Global Opportunities Fund’s Class Z shares returned 20.29% in the 12-month reporting period that ended October 31, 2023, outperforming the 10.50% return of the MSCI All Country World Net Dividends Index (the Index).

What were the market conditions?

The past year was dominated by the US Federal Reserve’s historic campaign of interest rate hikes, which began in March 2022. The success of this effort to lower inflation, along with clearing of the global supply chain, resilient consumer spending, and most important, healthy corporate earnings, drove strong equity market performance over most of the reporting period.

In the last three months of the period, however, market sentiment turned negative due to sustained upward pressure on interest rates, dysfunction in the US federal government, US labor strikes, and geopolitical instability—including the tragic events in the Middle East.

Within the Index, information technology and communication services were the best performers. Consumer discretionary also outperformed the overall index. The real estate, utilities, and healthcare sectors declined during the period.

What worked?

Stock selection within the healthcare, information technology, and consumer sectors were largely responsible for the Fund’s outperformance relative to the Index during the reporting period.

Top individual contributors, all in the sectors cited above, included Nvidia Corp., Hermès International SCA, Novo Nordisk A/S, Ferrari N.V., and Microsoft Corp.

Nvidia enjoyed tremendous demand for accelerated computing and generative artificial intelligence (AI) semiconductors. Improving supply, in Jennison’s view, should sustain revenue growth well into next year.

Luxury goods maker Hermès benefited from sales strength across regions, as well as the company’s success in passing on price increases. All geographies and categories performed better than expected over most of the period.

Novo Nordisk’s sales of diabetes and weight-loss drugs Ozempic and Wegovy continued to exceed expectations. Supply constraints for Wegovy, in Jennison’s view, are expected to improve.

High-end automaker Ferrari continued to benefit from its strong model mix and pricing. Global orders remained at record levels, with delivery times for newly purchased vehicles at more than two years for certain models.

Enterprise software company Microsoft continued to gain share across multiple product lines while remaining very well positioned for the surging AI wave, given the company’s progress in incorporating the technology into existing products to increase revenue potential.

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What didn’t work?

From a sector perspective, stock selection within financials was a meaningful detractor during the reporting period, with notable underperformers including DLocal Limited and Nu Holdings Ltd.

Shares in payment processor DLocal declined sharply early in the period following a report alleging that the company misreported numbers and acted fraudulently, which introduced a new risk to the investment thesis, and the position was eliminated.

The Fund’s position in digital financial services provider Nu Holdings was eliminated early in 2023 due to concerns regarding systemically higher credit risk and legislative discussions to cap interest rates in Brazil. Jennison added Nu back into the Fund at the end of the period on the conviction that the company’s growth and profitability was underappreciated. Increasing product penetration in Brazil and success in Mexico and Colombia are key catalysts.

Other notable detractors included Tesla Inc., Atlassian Corp., and Enphase Energy Inc.

Shares in electric car maker Tesla fluctuated widely during the period but ultimately finished in negative territory. Shares were weak early in the period as CEO Elon Musk’s acquisition of X (formerly Twitter)—and subsequent controversy regarding his day-to-day involvement as CEO of both companies—weighed on Tesla’s brand perception. Later in the period, Tesla shares gained on a slate of positive news, including strong deliveries (benefiting from price cuts and increased availability); continued progress on the company’s new Gen III platform; Ford’s announcement that it will adopt Tesla’s charging standard; and Musk’s announcement that he hired an X CEO. Tesla remains a meaningful position in the Fund.

Project management software developer Atlassian reported disappointing results early in the period that highlighted the risks to the company’s new business prospects in a slowing economy. As a result, the position was eliminated during the reporting period.

Shares in solar energy solutions provider Enphase Energy were pressured by disappointing company guidance due to weak battery sales and share loss to competitors, as well as signs of weakening residential solar demand. This position was also sold from the Fund during the reporting period.

Current outlook

Sentiment in the near term is clouded by monetary policy and economic growth uncertainties that will likely remain into year-end.

Consumers, facing less robust prospects overall, are beginning to show stress—primarily at lower income levels. In Jennison’s opinion, Fund holdings most directly tied to high-end consumer spending remain best positioned to take wallet share and grow revenues and profits on a multi-year basis.

PGIM Jennison Global Opportunities Fund 9

Strategy and Performance Overview* (continued)

Additionally, the broad categories of cloud adoption, data mining, and analytics, are still in nascent development. Adoption of generative AI capabilities remain at the forefront of Jennison’s longer-term investment plans across a wide range of industries.

Jennison remains vigilant in evaluating the investment landscape against a mixed political and economic backdrop, while continuing to focus on companies with the ability to innovate, invest, and grow through various macroeconomic environments.

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Fees and Expenses (unaudited)

Actual Expenses

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

Hypothetical Example for Comparison Purposes

PGIM Jennison Global Opportunities Fund 11

Fees and Expenses (continued)

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



PGIM Jennison Global Opportunities Fund		Beginning Account Value May 1, 2023	Ending Account Value October 31, 2023	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*
Class A	Actual	$1,000.00	$1,030.10	1.08%	$5.53

	Hypothetical	$1,000.00	$1,019.76	1.08%	$5.50

Class C	Actual	$1,000.00	$1,026.10	1.92%	$9.81

	Hypothetical	$1,000.00	$1,015.53	1.92%	$9.75

Class Z	Actual	$1,000.00	$1,031.20	0.91%	$4.66

	Hypothetical	$1,000.00	$1,020.62	0.91%	$4.63

Class R2	Actual	$1,000.00	$1,028.90	1.34%	$6.85

	Hypothetical	$1,000.00	$1,018.45	1.34%	$6.82

Class R4	Actual	$1,000.00	$1,030.10	1.09%	$5.58

	Hypothetical	$1,000.00	$1,019.71	1.09%	$5.55

Class R6	Actual	$1,000.00	$1,031.50	0.83%	$4.25

	Hypothetical	$1,000.00	$1,021.02	0.83%	$4.23

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Schedule of Investments

as of October 31, 2023



Description	Shares		Value

LONG-TERM INVESTMENTS 99.8%

COMMON STOCKS

Brazil 6.1%

MercadoLibre, Inc.*		188,370	$	233,718,194
NU Holdings Ltd. (Class A Stock)*		9,513,774		78,012,947


				311,731,141

Denmark 5.1%

Novo Nordisk A/S (Class B Stock)		2,707,383		261,198,121

France 13.0%

Hermes International SCA		160,921		300,250,559
L’Oreal SA		473,663		199,095,108
LVMH Moet Hennessy Louis Vuitton SE		225,114		161,165,995


				660,511,662

Israel 1.1%

Mobileye Global, Inc. (Class A Stock)*(a)		1,554,471		55,447,981

Italy 5.1%

Ferrari NV		861,990		260,927,812

Japan 1.5%

Keyence Corp.		193,384		74,862,566

Netherlands 3.5%

Argenx SE, ADR*		161,555		75,861,381
ASML Holding NV		171,697		103,210,572


				179,071,953

United Kingdom 1.3%

Ashtead Group PLC		1,118,664		64,158,185

United States 63.1%

Adobe, Inc.*		241,366		128,421,194
Airbnb, Inc. (Class A Stock)*		362,325		42,859,424
Alphabet, Inc. (Class A Stock)*		1,420,955		176,312,096
Amazon.com, Inc.*		2,023,639		269,326,114
Apple, Inc.		618,366		105,598,362
Applied Materials, Inc.		961,326		127,231,496
Arista Networks, Inc.*		722,927		144,852,883
Broadcom, Inc.		125,462		105,559,963
Cadence Design Systems, Inc.*		613,453		147,136,702

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 13

Schedule of Investments (continued)

as of October 31, 2023



Description	Shares		Value

COMMON STOCKS (Continued)

United States (cont’d.)

Costco Wholesale Corp.		83,302	$	46,019,357
Eli Lilly & Co.		445,702		246,887,709
HubSpot, Inc.*		109,934		46,586,731
Lululemon Athletica, Inc.*		102,810		40,453,679
Mastercard, Inc. (Class A Stock)		358,142		134,786,742
Microsoft Corp.		931,255		314,866,628
MongoDB, Inc.*		253,561		87,374,585
Netflix, Inc.*		231,109		95,145,264
NVIDIA Corp.		944,207		385,047,615
Palo Alto Networks, Inc.*(a)		531,993		129,284,939
ServiceNow, Inc.*		283,549		164,982,986
Snowflake, Inc. (Class A Stock)*		216,037		31,353,450
Tesla, Inc.*		427,761		85,911,519
Trade Desk, Inc. (The) (Class A Stock)*		1,114,243		79,066,683
Vertex Pharmaceuticals, Inc.*		216,666		78,456,925


				3,213,523,046


TOTAL LONG-TERM INVESTMENTS (cost $3,752,628,614)				5,081,432,467


SHORT-TERM INVESTMENTS 2.8%

AFFILIATED MUTUAL FUNDS
PGIM Core Government Money Market Fund(wb)		41,074,802		41,074,802
PGIM Institutional Money Market Fund (cost $102,179,609; includes $101,810,632 of cash collateral for securities on loan)(b)(wb)		102,232,704		102,181,588


TOTAL SHORT-TERM INVESTMENTS (cost $143,254,411)				143,256,390


TOTAL INVESTMENTS 102.6% (cost $3,895,883,025)				5,224,688,857
Liabilities in excess of other assets (2.6)%				(131,958,554	)


NET ASSETS 100.0%			$	5,092,730,303

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

ADR—American Depositary Receipt

SOFR—Secured Overnight Financing Rate

*	Non-income producing security.

See Notes to Financial Statements.

(a)

All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $103,232,547; cash collateral of $101,810,632 (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 October 31, 2023 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Brazil	$	311,731,141	$	—		$	—
Denmark		—		261,198,121			—
France		—		660,511,662			—
Israel		55,447,981		—			—
Italy		—		260,927,812			—
Japan		—		74,862,566			—
Netherlands		75,861,381		103,210,572			—
United Kingdom		—		64,158,185			—
United States		3,213,523,046		—			—
Short-Term Investments
Affiliated Mutual Funds		143,256,390		—			—

Total	$	3,799,819,939	$	1,424,868,918		$	—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2023 were as follows:


Software	18.2	%
Semiconductors & Semiconductor Equipment	14.2
Pharmaceuticals	10.0
Broadline Retail	9.9


Textiles, Apparel & Luxury Goods	9.9	%
Automobiles	6.8
Personal Care Products	3.9
Interactive Media & Services	3.5

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 15

Schedule of Investments (continued)

as of October 31, 2023

Industry Classification (continued):


Biotechnology	3.0	%
Communications Equipment	2.8
Affiliated Mutual Funds (2.0% represents investments purchased with collateral from securities on loan)	2.8
Financial Services	2.6
IT Services	2.3
Technology Hardware, Storage & Peripherals	2.1
Entertainment	1.9
Media	1.6
Banks	1.5


Electronic Equipment, Instruments & Components	1.5	%
Trading Companies & Distributors	1.3
Automobile Components	1.1
Consumer Staples Distribution & Retail	0.9
Hotels, Restaurants & Leisure	0.8

	102.6
Liabilities in excess of other assets	(2.6	)


	100.0	%

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

Offsetting of financial instrument/transaction assets and liabilities:

Description

Gross Market

Value of

Recognized

Assets/(Liabilities)

Collateral
Pledged/(Received)(1)

Net

Amount

Securities on Loan

$103,232,547

$(101,810,632)

$1,421,915

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

See Notes to Financial Statements.

Statement of Assets and Liabilities

as of October 31, 2023



Assets

Investments at value, including securities on loan of $103,232,547:
Unaffiliated investments (cost $3,752,628,614)	$	5,081,432,467
Affiliated investments (cost $143,254,411)		143,256,390
Receivable for Fund shares sold		8,921,326
Tax reclaim receivable		7,200,941
Dividends receivable		459,630
Prepaid expenses and other assets		147,956


Total Assets		5,241,418,710


Liabilities

Payable to broker for collateral for securities on loan		101,810,632
Payable for investments purchased		29,170,258
Payable for Fund shares purchased		12,770,453
Management fee payable		3,490,094
Accrued expenses and other liabilities		1,090,089
Distribution fee payable		314,884
Affiliated transfer agent fee payable		31,340
Directors’ fees payable		10,657


Total Liabilities		148,688,407


Net Assets	$	5,092,730,303



Net assets were comprised of:
Common stock, at par	$	1,504
Paid-in capital in excess of par		4,379,664,510
Total distributable earnings (loss)		713,064,289

Net assets, October 31, 2023	$	5,092,730,303

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 17

Statement of Assets and Liabilities

as of October 31, 2023


Class A

Net asset value and redemption price per share, ($464,837,019 ÷ 14,019,864 shares of common stock issued and outstanding)	$	33.16
Maximum sales charge (5.50% of offering price)		1.93

Maximum offering price to public	$	35.09


Class C

Net asset value, offering price and redemption price per share, ($245,621,244 ÷ 8,209,735 shares of common stock issued and outstanding)	$	29.92


Class Z

Net asset value, offering price and redemption price per share, ($2,250,783,050 ÷ 66,135,946 shares of common stock issued and outstanding)	$	34.03


Class R2

Net asset value, offering price and redemption price per share, ($13,340,836 ÷ 398,518 shares of common stock issued and outstanding)	$	33.48


Class R4

Net asset value, offering price and redemption price per share, ($401,945 ÷ 11,844 shares of common stock issued and outstanding)	$	33.94


Class R6

Net asset value, offering price and redemption price per share, ($2,117,746,209 ÷ 61,668,182 shares of common stock issued and outstanding)	$	34.34

See Notes to Financial Statements.

Statement of Operations

Year Ended October 31, 2023


Net Investment Income (Loss)

Income
Unaffiliated dividend income (net of $3,021,818 foreign withholding tax)	$	32,005,749
Affiliated dividend income		2,530,155
Income from securities lending, net (including affiliated income of $1,150,873)		1,343,694


Total income		35,879,598


Expenses
Management fee		39,432,532
Distribution fee(a)		3,929,298
Shareholder servicing fees(a)		13,484
Transfer agent’s fees and expenses (including affiliated expense of $177,495)(a)		2,993,787
Shareholders’ reports		350,352
Custodian and accounting fees		326,223
Registration fees(a)		146,622
Professional fees		94,630
Directors’ fees		85,310
Audit fee		28,620
Miscellaneous		100,492


Total expenses		47,501,350
Less: Fee waiver and/or expense reimbursement(a)		(445,395	)
Distribution fee waiver(a)		(231,193	)


Net expenses		46,824,762


Net investment income (loss)		(10,945,164	)


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

Net realized gain (loss) on:
Investment transactions (including affiliated of $63,640)		223,385,013
Foreign currency transactions		(1,414,901	)


		221,970,112

Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $3,962)		629,156,343
Foreign currencies		421,063


		629,577,406


Net gain (loss) on investment and foreign currency transactions		851,547,518


Net Increase (Decrease) In Net Assets Resulting From Operations	$	840,602,354

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


	Class A		Class C		Class Z		Class R2		Class R4		Class R6
Distribution fee		1,387,156		2,509,370		—		32,772		—		—
Shareholder servicing fees		—		—		—		13,109		375		—
Transfer agent’s fees and expenses		435,702		257,841		2,184,528		20,578		718		94,420
Registration fees		22,609		17,401		55,168		5,119		5,118		41,207
Fee waiver and/or expense reimbursement		(436,086)		—		—		(4,090)		(5,219)		—
Distribution fee waiver		(231,193)		—		—		—		—		—

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 19

Statements of Changes in Net Assets



	Year Ended October 31,


	2023			2022

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)	$	(10,945,164	)	$	(26,733,074	)
Net realized gain (loss) on investment and foreign currency transactions		221,970,112			(808,527,502	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		629,577,406			(2,955,467,565	)


Net increase (decrease) in net assets resulting from operations		840,602,354			(3,790,728,141	)


Dividends and Distributions
Distributions from distributable earnings
Class A		—			(71,122,560	)
Class C		—			(47,133,586	)
Class Z		—			(420,099,934	)
Class R2		—			(1,885,487	)
Class R4		—			(31,140	)
Class R6		—			(290,482,018	)

		—			(830,754,725	)

Tax return of capital distributions
Class A		—			(35,800	)
Class C		—			(23,725	)
Class Z		—			(211,460	)
Class R2		—			(949	)
Class R4		—			(16	)
Class R6		—			(146,216	)

		—			(418,166	)

Fund share transactions (Net of share conversions)
Net proceeds from shares sold		1,201,970,353			1,698,275,216
Net asset value of shares issued in reinvestment of dividends and distributions		—			818,705,147
Cost of shares purchased		(1,477,592,274	)		(2,777,192,591	)

Net increase (decrease) in net assets from Fund share transactions		(275,621,921	)		(260,212,228	)

Total increase (decrease)		564,980,433			(4,882,113,260	)

Net Assets:

Beginning of year		4,527,749,870			9,409,863,130

End of year	$	5,092,730,303		$	4,527,749,870

See Notes to Financial Statements.

Financial Highlights



Class A Shares

	Year Ended October 31,

	2023			2022			2021			2020			2019

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$27.60			$52.15			$38.50			$24.58			$21.47
Income (loss) from investment operations:
Net investment income (loss)		(0.11	)		(0.19	)		(0.37	)		(0.22	)		(0.11	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		5.67			(19.72	)		14.76			14.14			3.22
Total from investment operations		5.56			(19.91	)		14.39			13.92			3.11
Less Dividends and Distributions:
Tax return of capital distributions		-			(-	)^(b)		-			-			-
Distributions from net realized gains		-			(4.64	)		(0.74	)		-			-
Total dividends and distributions		-			(4.64	)		(0.74	)		-			-
Net asset value, end of year		$33.16			$27.60			$52.15			$38.50			$24.58
Total Return^(c):		20.11	%		(41.69	)%		37.75	%		56.63	%		14.49	%


Ratios/Supplemental Data:
Net assets, end of year (000)		$464,837			$428,097			$797,091			$494,173			$236,118
Average net assets (000)		$462,385			$568,379			$684,569			$344,283			$205,653
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		1.08	%		1.08	%		1.08	%		1.08	%		1.08	%
Expenses before waivers and/or expense reimbursement		1.22	%		1.22	%		1.21	%		1.24	%		1.28	%
Net investment income (loss)		(0.34	)%		(0.53	)%		(0.80	)%		(0.69	)%		(0.45	)%
Portfolio turnover rate^(e)		75	%		84	%		62	%		57	%		52	%

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

(b)	Amount rounds to zero.

(c)

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

(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 Global Opportunities Fund 21

Financial Highlights (continued)



Class C Shares

	Year Ended October 31,

	2023			2022			2021			2020			2019

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$25.12			$48.27			$35.98			$23.16			$20.41
Income (loss) from investment operations:
Net investment income (loss)		(0.34	)		(0.45	)		(0.70	)		(0.45	)		(0.29	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		5.14			(18.06	)		13.73			13.27			3.04
Total from investment operations		4.80			(18.51	)		13.03			12.82			2.75
Less Dividends and Distributions:
Tax return of capital distributions		-			(-	)^(b)		-			-			-
Distributions from net realized gains		-			(4.64	)		(0.74	)		-			-
Total dividends and distributions		-			(4.64	)		(0.74	)		-			-
Net asset value, end of year		$29.92			$25.12			$48.27			$35.98			$23.16
Total Return^(c):		19.11	%		(42.19	)%		36.63	%		55.31	%		13.47	%


Ratios/Supplemental Data:
Net assets, end of year (000)		$245,621			$238,329			$496,435			$364,557			$211,290
Average net assets (000)		$250,937			$333,018			$449,870			$279,272			$198,518
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		1.94	%		1.93	%		1.91	%		1.93	%		1.94	%
Expenses before waivers and/or expense reimbursement		1.94	%		1.93	%		1.91	%		1.93	%		1.97	%
Net investment income (loss)		(1.19	)%		(1.38	)%		(1.62	)%		(1.53	)%		(1.31	)%
Portfolio turnover rate^(e)		75	%		84	%		62	%		57	%		52	%

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

(b)	Amount rounds to zero.

(c)

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

(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.



Class Z Shares

	Year Ended October 31,

	2023			2022			2021			2020			2019

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$28.29			$53.25			$39.24			$25.01			$21.82
Income (loss) from investment operations:
Net investment income (loss)		(0.06	)		(0.14	)		(0.30	)		(0.17	)		(0.07	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		5.80			(20.18	)		15.05			14.40			3.26
Total from investment operations		5.74			(20.32	)		14.75			14.23			3.19
Less Dividends and Distributions:
Tax return of capital distributions		-			(-	)^(b)		-			-			-
Distributions from net realized gains		-			(4.64	)		(0.74	)		-			-
Total dividends and distributions		-			(4.64	)		(0.74	)		-			-
Net asset value, end of year		$34.03			$28.29			$53.25			$39.24			$25.01
Total Return^(c):		20.29	%		(41.59	)%		37.96	%		56.90	%		14.62	%


Ratios/Supplemental Data:
Net assets, end of year (000)		$2,250,783			$2,073,103			$4,792,805			$3,390,006			$1,466,571
Average net assets (000)		$2,168,204			$3,132,931			$4,303,934			$2,338,060			$1,228,375
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.93	%		0.93	%		0.92	%		0.93	%		0.94	%
Expenses before waivers and/or expense reimbursement		0.93	%		0.93	%		0.92	%		0.93	%		0.96	%
Net investment income (loss)		(0.19	)%		(0.39	)%		(0.64	)%		(0.54	)%		(0.31	)%
Portfolio turnover rate^(e)		75	%		84	%		62	%		57	%		52	%

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

(b)	Amount rounds to zero.

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

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

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

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 23

Financial Highlights (continued)



Class R2 Shares
	Year Ended October 31,												December 27, 2018^(a) through October 31,
	2023			2022			2021			2020			2019

Per Share Operating Performance^(b):

Net Asset Value, Beginning of Period		$27.94			$52.86			$39.10			$25.02			$20.59

Income (loss) from investment operations:

Net investment income (loss)		(0.19	)		(0.28	)		(0.48	)		(0.31	)		(0.12	)

Net realized and unrealized gain (loss) on investment and foreign currency transactions		5.73			(20.00	)		14.98			14.39			4.55

Total from investment operations		5.54			(20.28	)		14.50			14.08			4.43

Less Dividends and Distributions:

Tax return of capital distributions		-			(-	)^(c)		-			-			-

Distributions from net realized gains		-			(4.64	)		(0.74	)		-			-

Total dividends and distributions		-			(4.64	)		(0.74	)		-			-

Net asset value, end of period		$33.48			$27.94			$52.86			$39.10			$25.02

Total Return^(d):		19.79	%		(41.85	)%		37.45	%		56.27	%		21.52	%



Ratios/Supplemental Data:

Net assets, end of period (000)		$13,341			$11,838			$21,615			$377			$12

Average net assets (000)		$13,109			$15,315			$12,667			$221			$13

Ratios to average net assets^(e):

Expenses after waivers and/or expense reimbursement		1.34	%		1.34	%		1.34	%		1.33	%		1.34	%^(f)

Expenses before waivers and/or expense reimbursement		1.37	%		1.38	%		1.39	%		7.68	%		216.05	%^(f)

Net investment income (loss)		(0.60	)%		(0.79	)%		(1.00	)%		(0.92	)%		(0.58	)%^(f)

Portfolio turnover rate^(g)		75	%		84	%		62	%		57	%		52	%

(a)	Commencement of offering.

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

(c)	Amount rounds to zero.

(d)

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

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

(f)	Annualized.

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

See Notes to Financial Statements.



Class R4 Shares
	Year Ended October 31,												December 27, 2018^(a) through October 31,
	2023			2022			2021			2020			2019

Per Share Operating Performance^(b):

Net Asset Value, Beginning of Period		$28.26			$53.27			$39.31			$25.08			$20.59

Income (loss) from investment operations:

Net investment income (loss)		(0.12	)		(0.18	)		(0.37	)		(0.19	)		(0.10	)

Net realized and unrealized gain (loss) on investment and foreign currency transactions		5.80			(20.19	)		15.07			14.42			4.59

Total from investment operations		5.68			(20.37	)		14.70			14.23			4.49

Less Dividends and Distributions:

Tax return of capital distributions		-			(-	)^(c)		-			-			-

Distributions from net realized gains		-			(4.64	)		(0.74	)		-			-

Total dividends and distributions		-			(4.64	)		(0.74	)		-			-

Net asset value, end of period		$33.94			$28.26			$53.27			$39.31			$25.08

Total Return^(d):		20.06	%		(41.68	)%		37.76	%		56.74	%		21.81	%



Ratios/Supplemental Data:

Net assets, end of period (000)		$402			$310			$332			$505			$362

Average net assets (000)		$375			$318			$696			$433			$122

Ratios to average net assets^(e):

Expenses after waivers and/or expense reimbursement		1.09	%		1.09	%		1.06	%		1.02	%		0.97	%^(f)

Expenses before waivers and/or expense reimbursement		2.48	%		3.42	%		2.18	%		4.28	%		23.67	%^(f)

Net investment income (loss)		(0.36	)%		(0.51	)%		(0.78	)%		(0.60	)%		(0.46	)%^(f)

Portfolio turnover rate^(g)		75	%		84	%		62	%		57	%		52	%

(a)	Commencement of offering.

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

(c)	Amount rounds to zero.

(d)

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

(f)	Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 25

Financial Highlights (continued)



Class R6 Shares

	Year Ended October 31,

	2023			2022			2021			2020			2019

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$28.52			$53.60			$39.46			$25.13			$21.90
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)		(0.10	)		(0.26	)		(0.15	)		(0.06	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		5.85			(20.34	)		15.14			14.48			3.29
Total from investment operations		5.82			(20.44	)		14.88			14.33			3.23
Less Dividends and Distributions:
Tax return of capital distributions		-			(-	)^(b)		-			-			-
Distributions from net realized gains		-			(4.64	)		(0.74	)		-			-
Total dividends and distributions		-			(4.64	)		(0.74	)		-			-
Net asset value, end of year		$34.34			$28.52			$53.60			$39.46			$25.13
Total Return^(c):		20.41	%		(41.54	)%		38.08	%		57.02	%		14.75	%


Ratios/Supplemental Data:
Net assets, end of year (000)		$2,117,746			$1,776,074			$3,301,585			$1,803,620			$641,419
Average net assets (000)		$2,002,806			$2,401,595			$2,690,566			$1,074,262			$448,178
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.83	%		0.83	%		0.83	%		0.84	%		0.84	%
Expenses before waivers and/or expense reimbursement		0.83	%		0.83	%		0.83	%		0.84	%		0.87	%
Net investment income (loss)		(0.10	)%		(0.28	)%		(0.54	)%		(0.46	)%		(0.23	)%
Portfolio turnover rate^(e)		75	%		84	%		62	%		57	%		52	%

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

(b)	Amount rounds to zero.

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

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

(e)	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

1.	Organization

Prudential World Fund, Inc. (the “Registered Investment Company” or “RIC”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The RIC is organized as a Maryland Corporation. These financial statements relate only to the PGIM Jennison Global Opportunities Fund (the “Fund”), a series of the RIC. The Fund is classified as a diversified fund for purposes of the 1940 Act.

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

2.	Accounting Policies

PGIM Jennison Global Opportunities Fund 27

Notes to Financial Statements (continued)

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

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

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

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

PGIM Jennison Global Opportunities Fund 29

Notes to Financial Statements (continued)

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.



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

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

3.	Agreements

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

PGIM Jennison Global Opportunities Fund 31

Notes to Financial Statements (continued)

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended October 31, 2023, the contractual and effective management fee rates were as follows:



Contractual Management Rate	Effective Management Fee, before any waivers and/or expense reimbursements
0.825% up to $1 billion of the Fund’s average daily net assets;		0.805%
0.800% over $1 billion to $5 billion of the Fund’s average daily net assets;
0.780% over $5 billion of the Fund’s average daily net assets.

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

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



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

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

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

The RIC, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class C, Class Z, Class R2, Class R4 and Class R6 shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A, Class C and Class R2 shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS.

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

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

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

Class

Gross Distribution Fee

Net Distribution Fee

Shareholder Service Fee

0.30

0.25

N/A

1.00

N/A

0.25

0.10

N/A

0.10

N/A



Class	FESL		CDSC
A	$	675,741	$	2,324
C		—		15,566

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

PGIM Jennison Global Opportunities Fund 33

Notes to Financial Statements (continued)

4.	Other Transactions with Affiliates

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

5.	Portfolio Securities



Cost of Purchases				Proceeds from Sales
$3,627,743,622				$3,693,455,822

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended October 31, 2023, is presented as follows:



Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Year		Shares, End of Year		Income

Short-Term Investments - Affiliated Mutual Funds:

PGIM Core Government Money Market Fund^(1)(wb)
$ —		$1,266,262,533		$1,225,187,731		$ —		$ —		$41,074,802		41,074,802	$2,530,155

PGIM Institutional Money Market Fund ^(1)(b)(wb)
215,395,369		2,089,695,180		2,202,976,563		3,962		63,640		102,181,588		102,232,704	1,150,873⁽²⁾
$215,395,369		$3,355,957,713		$3,428,164,294		$3,962		$63,640		$143,256,390			$3,681,028

(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.	Distributions and Tax Information

For the year ended October 31, 2023, the adjustments were as follows:



Total Distributable Earnings (Loss)				Paid-in Capital in Excess of Par
$2,496,354				$(2,496,354)

For the year ended October 31, 2023, there were no distributions paid by the Fund.

For the year ended October 31, 2022, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

As of October 31, 2023, there were no accumulated undistributed earnings on a tax basis.

PGIM Jennison Global Opportunities Fund 35

Notes to Financial Statements (continued)

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of October 31, 2023 were as follows:

The difference between GAAP and tax basis was primarily due to deferred losses on wash sales.



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

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



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

7.	Capital and Ownership

The Fund offers Class A, Class C, Class Z, Class R2, Class R4 and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a CDSC of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis

approximately eight years (ten years prior to January 22, 2021) after purchase. Class Z, Class R2, Class R4 and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

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



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

As of October 31, 2023, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:



Class	Number of Shares	Percentage of Outstanding Shares
Z	45,919	0.1%
R2	543	0.1
R4	543	4.6

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



	Number of Shareholders	Percentage of Outstanding Shares
Affiliated	—	—%
Unaffiliated	5	69.7

Transactions in shares of common stock were as follows:



Share Class	Shares			Amount

Class A
Year ended October 31, 2023:
Shares sold		1,380,152		$	44,453,275
Shares purchased		(3,160,104	)		(98,601,525	)
Net increase (decrease) in shares outstanding before conversion		(1,779,952	)		(54,148,250	)
Shares issued upon conversion from other share class(es)		682,929			21,909,549
Shares purchased upon conversion into other share class(es)		(391,985	)		(12,399,520	)
Net increase (decrease) in shares outstanding		(1,489,008	)	$	(44,638,221	)

PGIM Jennison Global Opportunities Fund 37

Notes to Financial Statements (continued)



Share Class	Shares			Amount

Year ended October 31, 2022:
Shares sold		2,437,561		$	87,742,751
Shares issued in reinvestment of dividends and distributions		1,531,839			69,897,795
Shares purchased		(4,025,343	)		(137,018,440	)
Net increase (decrease) in shares outstanding before conversion		(55,943	)		20,622,106
Shares issued upon conversion from other share class(es)		794,706			29,615,720
Shares purchased upon conversion into other share class(es)		(515,018	)		(18,642,964	)
Net increase (decrease) in shares outstanding		223,745		$	31,594,862

Class C
Year ended October 31, 2023:
Shares sold		748,163		$	21,825,781
Shares purchased		(1,472,013	)		(41,553,603	)
Net increase (decrease) in shares outstanding before conversion		(723,850	)		(19,727,822	)
Shares issued upon conversion from other share class(es)		1,545			50,414
Shares purchased upon conversion into other share class(es)		(554,777	)		(16,007,168	)
Net increase (decrease) in shares outstanding		(1,277,082	)	$	(35,684,576	)

Year ended October 31, 2022:
Shares sold		1,076,874		$	36,143,113
Shares issued in reinvestment of dividends and distributions		1,111,201			46,503,742
Shares purchased		(2,117,875	)		(65,859,606	)
Net increase (decrease) in shares outstanding before conversion		70,200			16,787,249
Shares purchased upon conversion into other share class(es)		(868,686	)		(29,829,616	)
Net increase (decrease) in shares outstanding		(798,486	)	$	(13,042,367	)

Class Z
Year ended October 31, 2023:
Shares sold		16,570,207		$	547,854,907
Shares purchased		(23,650,774	)		(740,039,391	)
Net increase (decrease) in shares outstanding before conversion		(7,080,567	)		(192,184,484	)
Shares issued upon conversion from other share class(es)		640,282			20,925,786
Shares purchased upon conversion into other share class(es)		(701,564	)		(23,635,892	)
Net increase (decrease) in shares outstanding		(7,141,849	)	$	(194,894,590	)



Share Class	Shares			Amount

Year ended October 31, 2022:
Shares sold		24,079,983		$	892,122,293
Shares issued in reinvestment of dividends and distributions		8,798,903			410,908,760
Shares purchased		(50,050,741	)		(1,746,002,720	)
Net increase (decrease) in shares outstanding before conversion		(17,171,855	)		(442,971,667	)
Shares issued upon conversion from other share class(es)		816,866			30,109,990
Shares purchased upon conversion into other share class(es)		(370,962	)		(13,277,879	)
Net increase (decrease) in shares outstanding		(16,725,951	)	$	(426,139,556	)

Class R2
Year ended October 31, 2023:
Shares sold		30,797		$	1,014,673
Shares purchased		(55,916	)		(1,775,908	)
Net increase (decrease) in shares outstanding		(25,119	)	$	(761,235	)

Year ended October 31, 2022:
Shares sold		36,394		$	1,279,903
Shares issued in reinvestment of dividends and distributions		40,744			1,886,436
Shares purchased		(62,443	)		(2,192,717	)
Net increase (decrease) in shares outstanding		14,695		$	973,622

Class R4
Year ended October 31, 2023:
Shares sold		1,829		$	58,704
Shares purchased		(950	)		(31,293	)
Net increase (decrease) in shares outstanding		879		$	27,411

Year ended October 31, 2022:
Shares sold		4,403		$	162,182
Shares issued in reinvestment of dividends and distributions		667			31,156
Shares purchased		(342	)		(14,868	)
Net increase (decrease) in shares outstanding		4,728		$	178,470

Class R6
Year ended October 31, 2023:
Shares sold		17,303,063		$	586,763,013
Shares purchased		(18,174,338	)		(595,590,554	)
Net increase (decrease) in shares outstanding before conversion		(871,275	)		(8,827,541	)
Shares issued upon conversion from other share class(es)		419,859			14,394,339
Shares purchased upon conversion into other share class(es)		(155,629	)		(5,237,508	)
Net increase (decrease) in shares outstanding		(607,045	)	$	329,290

PGIM Jennison Global Opportunities Fund 39

Notes to Financial Statements (continued)



Share Class	Shares			Amount

Year ended October 31, 2022:
Shares sold		18,555,279		$	680,824,974
Shares issued in reinvestment of dividends and distributions		6,153,853			289,477,258
Shares purchased		(24,091,674	)		(826,104,240	)
Net increase (decrease) in shares outstanding before conversion		617,458			144,197,992
Shares issued upon conversion from other share class(es)		115,451			4,122,577
Shares purchased upon conversion into other share class(es)		(57,593	)		(2,097,828	)
Net increase (decrease) in shares outstanding		675,316		$	146,222,741

8.	Borrowings



	Current SCA	Prior SCA
Term of Commitment	9/29/2023 - 9/26/2024	9/30/2022 – 9/28/2023
Total Commitment	$ 1,200,000,000	$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent	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 Fund utilized the SCA during the year ended October 31, 2023. The average daily balance for the 1 day that the Fund had loans outstanding during the period was approximately $496,000, borrowed at a weighted average interest rate of 5.91%. The maximum loan outstanding amount during the period was $496,000. At October 31, 2023,

the Fund did not have an outstanding loan amount.

9.	Risks of Investing in the Fund

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.

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

PGIM Jennison Global Opportunities Fund 41

Notes to Financial Statements (continued)

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.

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

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.

PGIM Jennison Global Opportunities Fund 43

Notes to Financial Statements (continued)

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).

10.

Recent Regulatory Developments

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Prudential World Fund, Inc. and Shareholders of PGIM Jennison Global Opportunities Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PGIM Jennison Global Opportunities Fund (one of the funds constituting Prudential World Fund, Inc., referred to hereafter as the “Fund”) as of October 31, 2023, the related statement of operations for the year ended October 31, 2023, the statements of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the four years in the period ended October 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2023 and the financial highlights for each of the four years in the period ended October 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

December 18, 2023

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

PGIM Jennison Global Opportunities Fund 45

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS (unaudited)



Independent Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Ellen S. Alberding 1958 Board Member Portfolios Overseen: 100	Chief Executive Officer and President, The Joyce Foundation (charitable foundation) (since 2002); formerly Vice Chair, City Colleges of Chicago (community college system) (2011-2015); formerly Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); formerly Trustee, Economic Club of Chicago (2009-2016); Trustee, Loyola University (since 2018).	None.	Since September 2013

Kevin J. Bannon 1952 Board Member Portfolios Overseen: 101	Retired; formerly Managing Director (April 2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; formerly President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (September 2008-August 2023).	Since July 2008

PGIM Jennison Global Opportunities Fund



Independent Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Linda W. Bynoe 1952 Board Member Portfolios Overseen: 98	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Limited LLC (formerly Telemat Ltd) (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co. (broker-dealer).	Trustee of Equity Residential (residential real estate) (since December 2009); Director of Northern Trust Corporation (financial services) (since April 2006); formerly Director of Anixter International, Inc. (communication products distributor) (January 2006-June 2020).	Since March 2005

Barry H. Evans 1960 Board Member Portfolios Overseen: 101	Retired; formerly President (2005-2016), Global Chief Operating Officer (2014-2016), Chief Investment Officer - Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management (asset management).	Formerly Director, Manulife Trust Company (2011-2018); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).	Since September 2017

Keith F. Hartstein 1956 Board Member & Independent Chair Portfolios Overseen: 101	Retired; formerly Member (November 2014-September 2022) of the Governing Council of the Independent Directors Council (IDC) (organization of independent mutual fund directors); formerly Executive Committee of the IDC Board of Governors (October 2019-December 2021); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); formerly Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.	Since September 2013

Visit our website at pgim.com/investments



Independent Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Laurie Simon Hodrick 1962 Board Member Portfolios Overseen: 98	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly Visiting Professor of Law, Stanford Law School (2015-2021); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008).	Independent Director, Andela (since January 2022) (global talent network); Independent Director, Roku (since December 2020) (communication services); formerly Independent Director, Synnex Corporation (2019-2021) (information technology); formerly Independent Director, Kabbage, Inc. (2018-2020) (financial services); formerly Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017

Brian K. Reid 1961 Board Member Portfolios Overseen: 101	Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); formerly Director, ICI Mutual Insurance Company (2012-2017).	None.	Since March 2018

PGIM Jennison Global Opportunities Fund



Independent Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Grace C. Torres 1959 Board Member Portfolios Overseen: 101	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank; formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National Bank.	Since November 2014

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Interested Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Stuart S. Parker 1962 Board Member & President Portfolios Overseen: 101	President, Chief Executive Officer, Chief Operating Officer and Officer in Charge of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); President and Principal Executive Officer (“PEO”) (since December 2023) of the PGIM Credit Income Fund; President and PEO (since September 2022) of the PGIM Private Credit Fund; President and PEO (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011); Investment Company Institute - Board of Governors (since May 2012).	None.	Since January 2012

Scott E. Benjamin 1973 Board Member & Vice President Portfolios Overseen: 101	Executive Vice President (since May 2009) of PGIM Investments LLC; Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); Vice President (since December 2023) of the PGIM Credit Income Fund; Vice President (since September 2022) of the PGIM Private Credit Fund; Vice President (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).	None.	Since March 2010

PGIM Jennison Global Opportunities Fund



Fund Officers^(a)

Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Claudia DiGiacomo 1974 Chief Legal Officer	Chief Legal Officer (since December 2023) of the PGIM Credit Income Fund; Chief Legal Officer (since September 2022) of the PGIM Private Credit Fund; Chief Legal Officer (since July 2022) of the PGIM Private Real Estate Fund, Inc.; Chief Legal Officer, Executive Vice President and Secretary of PGIM Investments LLC (since August 2020); Chief Legal Officer of Prudential Mutual Fund Services LLC (since August 2020); Chief Legal Officer of PIFM Holdco, LLC (since August 2020); Vice President and Corporate Counsel (since January 2005) of Prudential; and Corporate Counsel of AST Investment Services, Inc. (since August 2020); formerly Vice President and Assistant Secretary of PGIM Investments LLC (2005-2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005

Andrew Donohue 1972 Chief Compliance Officer	Chief Compliance Officer (since May 2023) of the PGIM Funds, Target Funds, PGIM ETF Trust, PGIM Global High Yield Fund, Inc., PGIM High Yield Bond Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Private Credit Fund, PGIM Private Real Estate Fund, Inc.; Chief Compliance Officer of AST Investment Services, Inc. (since October 2022); Vice President, Chief Compliance Officer of PGIM Investments LLC (since September 2022); Chief Compliance Officer (since December 2023) of the PGIM Credit Income Fund; formerly various senior compliance roles within Principal Global Investors, LLC., global asset management for Principal Financial (2011-2022), most recently as Global Chief Compliance Officer (2016-2022).	Since May 2023

Andrew R. French 1962 Secretary	Vice President (since December 2018) of PGIM Investments LLC; Secretary (since December 2023) of the PGIM Credit Income Fund; Secretary (since September 2022) of the PGIM Private Credit Fund; Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Vice President and Corporate Counsel (2010-2018) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since October 2006

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Fund Officers^(a)

Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Melissa Gonzalez 1980 Assistant Secretary	Vice President and Corporate Counsel (since September 2018) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Assistant Secretary (since December 2023) of the PGIM Credit Income Fund; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director and Corporate Counsel (March 2014-September 2018) of Prudential.	Since March 2020

Patrick E. McGuinness 1986 Assistant Secretary	Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Director and Corporate Counsel (since February 2017) of Prudential; Assistant Secretary (since December 2023) of the PGIM Credit Income Fund; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.	Since June 2020

Debra Rubano 1975 Assistant Secretary	Vice President and Corporate Counsel (since November 2020) of Prudential; Assistant Secretary (since December 2023) of the PGIM Credit Income Fund; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc; formerly Director and Senior Counsel of Allianz Global Investors U.S. Holdings LLC (2010-2020) and Assistant Secretary of numerous funds in the Allianz fund complex (2015-2020).	Since December 2020

George Hoyt 1965 Assistant Secretary	Vice President and Corporate Counsel of Prudential (since September 2023); formerly Associate General Counsel of Franklin Templeton and Secretary and Chief Legal Officer of certain funds in the Franklin Templeton complex (2020- 2023) and Managing Director (2016-2020) and Associate General Counsel for Legg Mason, Inc. and its predecessors (2004-2020).	Since December 2023

Devan Goolsby 1991 Assistant Secretary	Vice President and Corporate Counsel of Prudential (since May 2023); formerly Associate at Eversheds Sutherland (US) LLP (2021-2023); Compliance Officer at Bloomberg LP (2019-2021); and an Examiner at the Financial Industry Regulatory Authority (2015-2019).	Since December 2023

Kelly A. Coyne 1968 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010); Assistant Secretary (since December 2023) of the PGIM Credit Income Fund; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.	Since March 2015

PGIM Jennison Global Opportunities Fund



Fund Officers^(a)

Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Christian J. Kelly 1975 Chief Financial Officer	Vice President, Global Head of Fund Administration of PGIM Investments LLC (since November 2018); Chief Financial Officer (since March 2023) of PGIM Investments mutual funds, closed end funds and ETFs, Advanced Series Trust Portfolios, Prudential Series Funds and Prudential Gibraltar Fund; Chief Financial Officer (since December 2023) of the PGIM Credit Income Fund; Chief Financial Officer of PGIM Private Credit Fund (since September 2022); Chief Financial Officer of PGIM Private Real Estate Fund, Inc. (since July 2022); formerly Treasurer and Principal Financial Officer (January 2019- March 2023) of PGIM Investments mutual funds, closed end funds and ETFs, Advanced Series Trust Portfolios, Prudential Series Funds and Prudential Gibraltar Fund; formerly Treasurer and Principal Financial Officer (March 2022 – July 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).	Since January 2019

Russ Shupak 1973 Treasurer and Principal Accounting Officer	Vice President (since 2017) within PGIM Investments Fund Administration; Treasurer and Principal Accounting Officer of PGIM Investments mutual funds, closed end funds and ETFs (since March 2023); Treasurer and Principal Accounting Officer (since December 2023) of the PGIM Credit Income Fund; Treasurer and Principal Accounting Officer (since July 2022) of the PGIM Private Real Estate Fund, Inc.; Assistant Treasurer (since September 2022) of the PGIM Private Credit Fund; formerly Assistant Treasurer (March 2022 – July 2022) of the PGIM Private Real Estate Fund, Inc.; Assistant Treasurer of Advanced Series Trust Portfolios, Prudential Series Funds and Prudential Gibraltar Fund (since October 2019); formerly Director (2013-2017) within PGIM Investments Fund Administration.	Since October 2019

Lana Lomuti 1967 Assistant Treasurer	Vice President (since 2007) within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.; formerly Director (2005-2007) within PGIM Investments Fund Administration.	Since April 2014

Deborah Conway 1969 Assistant Treasurer	Vice President (since 2017) within PGIM Investments Fund Administration; formerly Director (2007-2017) within PGIM Investments Fund Administration.	Since October 2019

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Fund Officers^(a)

Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) within PGIM Investments Fund Administration; Treasurer and Principal Accounting Officer of the Advanced Series Trust, the Prudential Series Fund and the Prudential Gibraltar Fund (since March 2023); Assistant Treasurer (since December 2023) of the PGIM Credit Income Fund; Treasurer and Principal Accounting Officer (since September 2022) of the PGIM Private Credit Fund; Assistant Treasurer (since March 2022) of the PGIM Private Real Estate Fund, Inc.; Assistant Treasurer of PGIM Investments mutual funds, closed end funds and ETFs (since October 2019); formerly Director (2011-2017) within PGIM Investments Fund Administration.	Since October 2019

Robert W. McCormack 1973 Assistant Treasurer	Vice President (since 2019) within PGIM Investments Fund Administration; Assistant Treasurer (since March 2023) of PGIM Investments mutual funds, closed end funds, ETFs, Advanced Series Trust Portfolios, Prudential Series Funds and Prudential Gibraltar Fund; Assistant Treasurer (since December 2023) of the PGIM Credit Income Fund; Assistant Treasurer (since September 2022) of the PGIM Private Credit Fund; Assistant Treasurer (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director (2016-2019) within PGIM Investments Fund Administration; formerly Vice President within Goldman, Sachs & Co. Investment Management Controllers (2008-2016), Assistant Treasurer of Goldman Sachs Family of Funds (2015-2016).	Since March 2023

Kelly Florio 1978 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Global Compliance Programs and Compliance Risk Management (since December 2021) of Prudential; formerly Head of Fraud Risk Management (October 2019-December 2021) at New York Life Insurance Company; formerly Head of Key Risk Area Operations (November 2018-October 2019), Director of the US Anti-Money Laundering Compliance Unit (2009-2018) and Bank Loss Prevention Associate (2006-2009) at MetLife.	Since June 2022

^(a) Excludes Mr. Parker and Mr. Benjamin, interested Board Members who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

∎

Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC.

∎

Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102-4410.

∎

PGIM Jennison Global Opportunities Fund

∎

As used in the Fund Officers table “Prudential” means The Prudential Insurance Company of America.

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Approval of Advisory Agreements (unaudited)

The Fund’s Board of Directors

The Board of Directors (the “Board”) of PGIM Jennison Global Opportunities Fund (the “Fund”)¹ consists of ten individuals, eight of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Directors have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. The Board has established five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent Directors.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and the Fund’s subadvisory agreement with Jennison Associates LLC (“Jennison”). In considering the renewal of the agreements, the Board, including all of the Independent Directors, met on May 25 and June 6-8, 2023 (the “Board Meeting”) and approved the renewal of the agreements through July 31, 2024, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

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

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

¹PGIM

Jennison Global Opportunities Fund is a series of Prudential World Fund, Inc.

PGIM Jennison Global Opportunities Fund

Approval of Advisory Agreements (continued)

The material factors and conclusions that formed the basis for the Directors’ reaching their determinations to approve the continuance of the agreements are separately discussed below.

Nature, Quality and Extent of Services

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments and the subadvisory services provided to the Fund by Jennison, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments and Jennison under the management and subadvisory agreements.

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Costs of Services and Profits Realized by PGIM Investments

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

Economies of Scale

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

Other Benefits to PGIM Investments and Jennison

The Board considered potential ancillary benefits that might be received by PGIM Investments, Jennison and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund’s transfer agent (which is affiliated with PGIM Investments), as well as benefits to its reputation or other intangible benefits resulting from PGIM Investments’ association with the Fund. The Board concluded that the potential benefits to be derived by Jennison included the ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits

PGIM Jennison Global Opportunities Fund

Approval of Advisory Agreements (continued)

derived by PGIM Investments and Jennison were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-, three- and five-year periods ended December 31, 2022.

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

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Net Performance	1 Year	3 Years	5 Years	10 Years

	4th Quartile	2nd Quartile	1st Quartile	1st Quartile

Actual Management Fees: 3rd Quartile

Net Total Expenses: 4th Quartile

The Board noted that the Fund outperformed its benchmark index over the three-, five-, and ten-year periods and underperformed over the one-year period.

The Board considered PGIM Investments’ assertions that the Fund’s exposure to secular growth stocks was out of favor, but that PGIM Investments is encouraged by the Fund’s strong longer-term performance over the three-, five- and ten-year periods.

The Board noted that, effective July 1, 2022, PGIM Investments contractually amended its management fee schedule to add an additional breakpoint at asset levels above $5 billion. The current contractual fee rate schedule is as follows: 0.825% up to $1 billion; 0.800% from $1 billion up to $5 billion; and 0.780% over $5 billion.

The Board and PGIM Investments agreed to retain the Fund’s existing contractual expense cap that (exclusive of certain fees and expenses) limits total annual operating expenses at 0.84% for each class of the Fund’s shares, and limits transfer agency, shareholder servicing, sub-transfer agency and blue sky fees to the extent that such fees cause net annual Fund operating expenses to exceed 1.34% for Class R2 shares or 1.09% for Class R4 shares through February 29, 2024.

The Board and PGIM Investments has also agreed to retain the existing contractual expense cap with respect to Class A shares, which (exclusive of certain fees and expenses) limits total annual fund operating expenses to 1.08% for Class A shares through February 29, 2024.

The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

* * *

After full consideration of these factors, the Board concluded that the approval of the agreements was in the best interests of the Fund and its shareholders.

PGIM Jennison Global Opportunities Fund



∎ MAIL	∎ TELEPHONE	∎ WEBSITE

655 Broad Street	(800) 225-1852	pgim.com/investments

Newark, NJ 07102

PROXY VOTING

DIRECTORS

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

OFFICERS

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



MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102

SUBADVISER	Jennison Associates LLC	466 Lexington Avenue New York, NY 10017

DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102

CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286

TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 534432 Pittsburgh, PA 15253

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017

FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

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

AVAILABILITY OF PORTFOLIO HOLDINGS

The Fund’s Statement of Additional Information contains additional information about the Fund’s Directors and is available without charge, upon request, by calling (800) 225-1852.


Mutual Funds:

ARE NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY	MAY LOSE VALUE	ARE NOT A DEPOSIT OF OR GUARANTEED BY ANY BANK OR ANY BANK AFFILIATE

LOGO

PGIM JENNISON GLOBAL OPPORTUNITIES FUND

SHARE CLASS

NASDAQ

PRJAX

PRJCX

PRJZX

PRJBX

PRJDX

PRJQX

CUSIP

743969719

743969693

743969685

743969438

743969420

743969594

MF214E

LOGO

PGIM JENNISON EMERGING MARKETS EQUITY OPPORTUNITIES FUND

ANNUAL REPORT

OCTOBER 31, 2023

LOGO

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

Table of Contents



Letter from the President			3

Your Fund’s Performance			4

Growth of a $10,000 Investment			5

Strategy and Performance Overview			8

Fees and Expenses			11

Holdings and Financial Statements			13

Approval of Advisory Agreements			53

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

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


2		Visit our website at pgim.com/investments

Letter from the President

Dear Shareholder:

We hope you find the annual report for the PGIM Jennison Emerging Markets Equity Opportunities Fund informative and useful. The report covers performance for the 12-month period that ended October 31, 2023.

Thank you for choosing our family of funds.

Sincerely,

LOGO

Stuart S. Parker, President

PGIM Jennison Emerging Markets Equity Opportunities Fund

December 15, 2023

PGIM Jennison Emerging Markets Equity Opportunities Fund 3

Your Fund’s Performance (unaudited)



	Average Annual Total Returns as of 10/31/23
	One Year (%)	Five Years (%)	Since Inception (%)

Class A
(with sales charges)	-5.42	4.11	1.75 (9/16/2014)
(without sales charges)	0.08	5.30	2.39 (9/16/2014)

Class C
(with sales charges)	-1.68	4.51	1.62 (9/16/2014)
(without sales charges)	-0.69	4.51	1.62 (9/16/2014)
Class Z
(without sales charges)	0.32	5.57	2.64 (9/16/2014)

Class R6
(without sales charges)	0.39	5.62	2.67 (9/16/2014)
MSCI Emerging Markets Index
	10.80	1.59	1.37

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


4		Visit our website at pgim.com/investments

Growth of a $10,000 Investment (unaudited)

LOGO

The graph compares a $10,000 investment in the Fund’s Class Z shares with a similar investment in the MSCI Emerging Markets Index, by portraying the initial account values at the commencement of operations for Class Z shares (September 16, 2014) and the account values at the end of the current fiscal year (October 31, 2023) as measured on a quarterly basis. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested. The line graph provides information for Class Z shares only. As indicated in the tables provided earlier, performance for other share classes will vary due to the differing fees and expenses applicable to each share class (as indicated in the following paragraphs). Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

PGIM Jennison Emerging Markets Equity Opportunities Fund 5

Your Fund’s Performance (continued)



	Class A	Class C	Class Z	Class R6

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

Benchmark Definition

MSCI Emerging Markets Index—The MSCI Emerging Markets Index is an unmanaged free float-adjusted market capitalization-weighted index that is designed to measure equity market performance of emerging markets. It consists of the following 24 emerging market country indexes: Brazil, Chile, China, Colombia, the Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates.


6		Visit our website at pgim.com/investments

Presentation of Fund Holdings as of 10/31/23



Ten Largest Holdings	Line of Business	Country	% of Net Assets

Taiwan Semiconductor Manufacturing Co. Ltd., ADR	Semiconductors & Semiconductor Equipment	Taiwan	6.2%

MakeMyTrip Ltd.	Hotels, Restaurants & Leisure	India	6.2%

XP, Inc. (Class A Stock)	Capital Markets	Brazil	5.2%

MercadoLibre, Inc.	Broadline Retail	Brazil	4.8%

NU Holdings Ltd. (Class A Stock)	Banks	Brazil	4.5%

Mahindra & Mahindra Ltd.	Automobiles	India	3.4%

Varun Beverages Ltd.	Beverages	India	3.3%

KE Holdings, Inc., ADR	Real Estate Management & Development	China	3.3%

PDD Holdings, Inc., ADR	Broadline Retail	China	3.0%

Kanzhun Ltd., ADR	Interactive Media & Services	China	2.9%

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

PGIM Jennison Emerging Markets Equity Opportunities Fund 7

Strategy and Performance Overview* (unaudited)

How did the Fund perform?

The PGIM Jennison Emerging Markets Equity Opportunities Fund’s Class Z shares returned 0.32% in the 12-month reporting period that ended October 31, 2023, underperforming the 10.80% return of the MSCI Emerging Markets Index (the Index).

What were the market conditions?

●

The reporting period was dominated by interest rate hikes by major central banks. The success of this effort to lower inflation, along with clearing of the global supply chain, resilient consumer spending, and most important, healthy corporate earnings, drove solid equity market performance over most of the period.

●

In the last three months of the period, however, market sentiment turned negative due to sustained upward pressure on interest rates and geopolitical instability—including the tragic events in the Middle East.

●

From January 2023 through the end of the period, equity market performance in China (the second-largest economy globally and the largest emerging-markets economy) declined substantially from early 2023 highs, despite the discontinuance of the country’s zero-COVID-19 policy and the reopening of its economy. However, near the end of the period, China’s market stabilized in response to policy support announcements from the central government.

●

Within the Index, the communication services, information technology, consumer discretionary, energy, and real estate sectors all outperformed the return of the overall Index. The utilities and materials sectors lost ground during the period. With respect to the Index’s largest country weights, China, Taiwan, and Korea posted solid gains, while Indonesia and Thailand declined.

What worked?

●

Despite disappointing performance for the period, there were several holdings that performed well, including MakeMyTrip Ltd., XP Inc., Aspeed Technology Inc., Hong Kong Exchanges & Clearing Ltd., and NU Holdings Ltd.

●

Shares in MakeMyTrip (consumer discretionary), India’s largest online travel agency, delivered broad-based growth, with all segments recovering to pre-pandemic levels.

●

Shares in XP (financials), the largest investment platform in Brazil, benefited from the company’s growth in assets and lower expenses. Jennison believes XP is well positioned to capture market share in growing investment trends. As of the end of the period, shares still traded at a very attractive valuation.

●

Shares of Aspeed Technology (information technology), a Taiwanese designer of integrated circuits, rose on signs that the cycle for the data center semiconductor chip segment may be bottoming. Jennison expects strong top-line/bottom-line growth from the company, driven by new projects and market share gains.


8		Visit our website at pgim.com/investments

●

Hong Kong Exchanges & Clearing (financials) operates a range of equity, commodity, fixed income, and currency markets. Shares benefited from expectations that the company will return to strong top- and bottom-line growth after a period of slow activity. Jennison views the company as a high-quality/high-margin business that generates significant cash flow.

●

Shares in NU Holdings, another Brazilian financials company, benefited from healthy growth metrics, including client adds, accelerating personal loan origination, and credit card market-share gains.

What didn’t work?

●

Stock selection in the consumer discretionary, industrials, healthcare, and communication services sectors were the most substantial detractors from relative performance during the reporting period.

●

The most consequential individual detractors were diversified across sectors and included Samsung SDI Co., Ltd., Jiumaojiu International Holdings Ltd., B3 S.A. – Brasil, Bolsa, Balcão, East Money Information Co., Ltd., and Hangzhou Tigermed Consulting Co., Ltd.

●

Shares in Samsung SDI (information technology), a South Korean electric vehicle battery company, declined on concerns of slowing growth. In Jennison’s view, the company’s longer-term prospects remain attractive given its technology leadership and capacity growth potential in the US.

●

Shares of Jiumaojiu International (consumer discretionary), a Chinese catering group, fell on disappointing 2022 results. Although the company should be a beneficiary of the post-pandemic reopening in China with opportunities for multi-brand expansion, Jennison eliminated the position during the reporting period.

●

Shares of B3, a Brazil-based financial market infrastructure provider, declined in early 2023 on lower revenue from equities and pressures from non-core expenses. Shares recovered from April through July, then fell again from August through the end of the period on weaker-than-expected earnings. Jennison favors the company’s strategy of continuing to invest in innovation and launching new products in capital markets, as well its initial progress in operating in new markets and expanding revenue streams.

●

In addition to being the largest discount broker in China, East Money Information (financials) provides web-based financial and stock information. The timing of the Fund’s sale and repurchase of the stock detracted from relative returns in aggregate during the period. The company is gaining market share and is listed on the Chinese A-share market.

●

Hangzhou Tigermed Consulting (healthcare), a contract research organization in China, missed profit expectations in the fourth quarter of 2022, and the Fund’s position was sold during the reporting period.

PGIM Jennison Emerging Markets Equity Opportunities Fund 9

Strategy and Performance Overview* (continued)

Current outlook

●

While economic growth in developed markets is slowing, emerging-markets economic growth is starting to advance, driven by more than just China. Jennison believes India remains well positioned to capitalize on its burgeoning middle class, while Indonesia’s growth prospects are also improving. In Jennison’s view, growth prospects in Latin America have improved as well in response to nearshoring (operations are moved from business overseas to a neighboring or nearby country, usually within the same region or continent) trends and an increase in foreign direct investment as companies adjust their global supply-chain strategies.

●

Jennison also expects earnings growth in emerging markets to outpace that of developed markets, driven by the trends outlined above.

●

Emerging markets’ overall valuation discounts are much wider than their long-term averages relative to developed markets and US equities.

●

Jennison remains vigilant in evaluating the investment landscape against a mixed geopolitical and economic backdrop, while continuing to focus on companies with the ability to innovate, invest, and grow through various macroeconomic environments.


10		Visit our website at pgim.com/investments

Fees and Expenses (unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes

PGIM Jennison Emerging Markets Equity Opportunities Fund 11

Fees and Expenses (continued)

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



PGIM Jennison Emerging Markets Equity Opportunities Fund		Beginning Account Value May 1, 2023	Ending Account Value October 31, 2023	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Class A	Actual	$1,000.00	$1,018.90	1.30%	$ 6.62

	Hypothetical	$1,000.00	$1,018.65	1.30%	$ 6.61

Class C	Actual	$1,000.00	$1,014.90	2.05%	$10.41

	Hypothetical	$1,000.00	$1,014.87	2.05%	$10.41

Class Z	Actual	$1,000.00	$1,020.10	1.05%	$ 5.35

	Hypothetical	$1,000.00	$1,019.91	1.05%	$ 5.35

Class R6	Actual	$1,000.00	$1,020.90	0.98%	$ 4.99

	Hypothetical	$1,000.00	$1,020.27	0.98%	$ 4.99


12		Visit our website at pgim.com/investments

Schedule of Investments

as of October 31, 2023



Description	Shares		Value

LONG-TERM INVESTMENTS 98.0%

COMMON STOCKS

Brazil 15.5%

B3 SA - Brasil Bolsa Balcao		2,496,641	$	5,521,406
MercadoLibre, Inc.*		20,257		25,133,670
NU Holdings Ltd. (Class A Stock)*		2,854,673		23,408,318
XP, Inc. (Class A Stock)		1,357,198		27,143,960


				81,207,354

China 22.0%
Airtac International Group		294,829		9,693,269
Alibaba Group Holding Ltd., ADR*		87,953		7,259,641
Baidu, Inc., ADR*		46,034		4,833,570
BYD Co. Ltd. (Class H Stock)		330,738		10,057,785
East Money Information Co. Ltd. (Class A Stock)		5,049,951		10,502,081
Estun Automation Co. Ltd. (Class A Stock)		2,946,846		7,553,808
Kanzhun Ltd., ADR*		1,027,878		15,212,594
KE Holdings, Inc., ADR		1,161,694		17,088,519
Kweichow Moutai Co. Ltd. (Class A Stock)		31,998		7,344,874
PDD Holdings, Inc., ADR*		155,528		15,773,650
Zhejiang Sanhua Intelligent Controls Co. Ltd. (Class A Stock)		2,770,902		10,107,595


				115,427,386

Hong Kong 1.7%

Hong Kong Exchanges & Clearing Ltd.		249,683		8,734,574

India 21.0%
Devyani International Ltd.*		6,092,439		13,161,153
HDFC Bank Ltd., ADR		86,831		4,910,293
KPIT Technologies Ltd.		884,705		12,944,908
Mahindra & Mahindra Ltd.		1,022,454		17,918,795
MakeMyTrip Ltd.*		842,468		32,628,786
Max Healthcare Institute Ltd.		1,656,927		11,421,803
Varun Beverages Ltd.		1,589,305		17,347,006


				110,332,744

Indonesia 6.1%

Bank Central Asia Tbk PT		22,705,415		12,508,882

Bank Mandiri Persero Tbk PT		30,848,432		11,020,668
Sumber Alfaria Trijaya Tbk PT		46,114,797		8,392,741


				31,922,291

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund 13

Schedule of Investments (continued)

as of October 31, 2023



Description	Shares		Value

COMMON STOCKS (Continued)

Mexico 0.9%

Corp. Inmobiliaria Vesta SAB de CV, ADR		155,273	$	4,881,783

South Korea 7.8%

Coupang, Inc.*		582,141		9,896,397
Orion Corp.		67,104		5,939,049
Samsung Electronics Co. Ltd.		192,295		9,571,460
Samsung SDI Co. Ltd.		31,724		10,044,924
SK Hynix, Inc.		63,365		5,502,751


				40,954,581

Taiwan 21.0%

Alchip Technologies Ltd.		168,974		13,858,636

ASPEED Technology, Inc.		188,251		15,044,588

Chroma ATE, Inc.		704,642		4,761,689

eMemory Technology, Inc.		192,019		12,030,268

Global Unichip Corp.		289,589		12,942,610

Taiwan Semiconductor Manufacturing Co. Ltd.		605,047		9,881,942

Taiwan Semiconductor Manufacturing Co. Ltd., ADR		378,492		32,667,644
United Microelectronics Corp.		6,170,064		8,873,257


				110,060,634

Thailand 2.0%
Bumrungrad Hospital PCL		1,422,591		10,281,780


TOTAL LONG-TERM INVESTMENTS (cost $452,207,942)				513,803,127


SHORT-TERM INVESTMENTS 1.6%

AFFILIATED MUTUAL FUNDS
PGIM Core Government Money Market Fund(wb)		8,412,248		8,412,248
PGIM Institutional Money Market Fund(wb)		17,079		17,071


TOTAL SHORT-TERM INVESTMENTS (cost $8,429,309)				8,429,319


TOTAL INVESTMENTS 99.6% (cost $460,637,251)				522,232,446

Other assets in excess of liabilities 0.4%				2,016,427


NET ASSETS 100.0%			$	524,248,873

See Notes to Financial Statements.


14

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

ADR—American Depositary Receipt

SOFR—Secured Overnight Financing Rate

*	Non-income producing security.

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

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of October 31, 2023 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Brazil	$	81,207,354	$	—		$—
China		60,167,974		55,259,412		—
Hong Kong		—		8,734,574		—
India		37,539,079		72,793,665		—
Indonesia		—		31,922,291		—
Mexico		4,881,783		—		—
South Korea		9,896,397		31,058,184		—
Taiwan		32,667,644		77,392,990		—
Thailand		—		10,281,780		—
Short-Term Investments
Affiliated Mutual Funds		8,429,319		—		—

Total	$	234,789,550	$	287,442,896		$—

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of October 31, 2023 were as follows:


Semiconductors & Semiconductor Equipment	21.2	%
Broadline Retail	11.1
Capital Markets	9.9
Banks	9.9
Hotels, Restaurants & Leisure	8.7


Automobiles	5.3	%
Machinery	5.2
Beverages	4.7
Real Estate Management & Development	4.2
Health Care Providers & Services	4.2

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund 15

Schedule of Investments (continued)

as of October 31, 2023

Industry Classification (continued):


Interactive Media & Services	3.8	%
Electronic Equipment, Instruments & Components	2.8
Software	2.5
Technology Hardware, Storage & Peripherals	1.8
Affiliated Mutual Funds	1.6
Consumer Staples Distribution & Retail	1.6


Food Products	1.1	%

	99.6
Other assets in excess of liabilities	0.4

	100.0	%

See Notes to Financial Statements.


16

Statement of Assets and Liabilities

as of October 31, 2023



Assets

Investments at value:
Unaffiliated investments (cost $452,207,942)	$	513,803,127
Affiliated investments (cost $8,429,309)		8,429,319
Foreign currency, at value (cost $1,804,940)		1,804,776
Receivable for investments sold		1,634,975
Receivable for Fund shares sold		1,061,616
Dividends and interest receivable		136,171
Foreign capital gains tax benefit accrued		25,750
Tax reclaim receivable		8,256
Prepaid expenses		3,711

Total Assets		526,907,701


Liabilities

Payable for Fund shares purchased		1,860,482
Management fee payable		488,448
Shareholders’ reports fee payable		97,061
Accrued expenses and other liabilities		88,550
Transfer agent fee payable		62,536
Custodian and accounting fee payable		45,440
Distribution fee payable		8,317
Affiliated transfer agent fee payable		6,570
Directors’ fees payable		1,424

Total Liabilities		2,658,828


Net Assets	$	524,248,873




Net assets were comprised of:
Common stock, at par	$	414
Paid-in capital in excess of par		1,055,945,937
Total distributable earnings (loss)		(531,697,478	)

Net assets, October 31, 2023	$	524,248,873

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund 17

Statement of Assets and Liabilities

as of October 31, 2023



Class A

Net asset value and redemption price per share,
($24,886,188 ÷ 2,006,536 shares of common stock issued and outstanding)	$	12.40
Maximum sales charge (5.50% of offering price)		0.72

Maximum offering price to public	$	13.12


Class C

Net asset value, offering price and redemption price per share,
($3,140,408 ÷ 271,082 shares of common stock issued and outstanding)	$	11.58


Class Z

Net asset value, offering price and redemption price per share,
($249,579,867 ÷ 19,678,019 shares of common stock issued and outstanding)	$	12.68


Class R6

Net asset value, offering price and redemption price per share,
($246,642,410 ÷ 19,411,324 shares of common stock issued and outstanding)	$	12.71

See Notes to Financial Statements.


18

Statement of Operations

Year Ended October 31, 2023


Net Investment Income (Loss)

Income
Unaffiliated dividend income (net of $1,032,769 foreign withholding tax)	$	6,471,938
Affiliated dividend income		294,597
Affiliated income from securities lending, net		54,543

Total income		6,821,078


Expenses
Management fee		6,101,595
Distribution fee(a)		120,801
Transfer agent’s fees and expenses (including affiliated expense of $40,617)(a)		562,864
Custodian and accounting fees		242,969
Shareholders’ reports		178,168
Registration fees(a)		93,849
Professional fees		80,643
Audit fee		28,620
SEC registration fees		20,059
Directors’ fees		19,057
Miscellaneous		35,626

Total expenses		7,484,251
Less: Fee waiver and/or expense reimbursement(a)		(797,168	)
Distribution fee waiver(a)		(14,033	)

Net expenses		6,673,050

Net investment income (loss)		148,028


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

Net realized gain (loss) on:
Investment transactions (including affiliated of $20,131) (net of foreign capital gains taxes $(26,588))		(85,529,015	)
Foreign currency transactions		(728,783	)

		(86,257,798	)

Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(5,071)) (net of change in foreign capital gains taxes $(260))		92,359,191
Foreign currencies		(3,950	)

		92,355,241

Net gain (loss) on investment and foreign currency transactions		6,097,443

Net Increase (Decrease) In Net Assets Resulting From Operations	$	6,245,471

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


	Class A			Class C			Class Z			Class R6

Distribution fee		84,199			36,602			—			—
Transfer agent’s fees and expenses		45,161			9,451			483,471			24,781
Registration fees		14,774			13,102			42,385			23,588
Fee waiver and/or expense reimbursement		(57,926	)		(22,292	)		(499,388	)		(217,562	)
Distribution fee waiver		(14,033	)		—			—			—

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund 19

Statements of Changes in Net Assets



	Year Ended October 31,


	2023			2022

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)	$	148,028		$	(4,231,862	)
Net realized gain (loss) on investment and foreign currency transactions		(86,257,798	)		(475,628,433	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		92,355,241			(120,339,843	)

Net increase (decrease) in net assets resulting from operations		6,245,471			(600,200,138	)


Fund share transactions (Net of share conversions)
Net proceeds from shares sold		256,873,979			920,955,434
Cost of shares purchased		(425,226,056	)		(644,755,797	)

Net increase (decrease) in net assets from Fund share transactions		(168,352,077	)		276,199,637

Total increase (decrease)		(162,106,606	)		(324,000,501	)

Net Assets:

Beginning of year		686,355,479			1,010,355,980

End of year	$	524,248,873		$	686,355,479

See Notes to Financial Statements.


20

Financial Highlights



Class A Shares
	Year Ended October 31,

	2023			2022			2021			2020			2019

Per Share Operating Performance^(a):

Net Asset Value, Beginning of Year		$12.39			$23.66			$17.66			$12.16			$9.58

Income (loss) from investment operations:

Net investment income (loss)		(0.03	)^(b)		(0.12	)		(0.23	)		(0.14	)		(0.04	)

Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.04			(11.15	)		6.23			5.64			2.62

Total from investment operations		0.01			(11.27	)		6.00			5.50			2.58

Net asset value, end of year		$12.40			$12.39			$23.66			$17.66			$12.16
Total Return^(c):		0.08	%		(47.63	)%		33.98	%		45.23	%		26.93	%


Ratios/Supplemental Data:

Net assets, end of year (000)		$24,886			$28,082			$47,683			$6,144			$3,806

Average net assets (000)		$28,066			$36,017			$26,309			$4,507			$3,074

Ratios to average net assets^(d):

Expenses after waivers and/or expense reimbursement		1.30	%		1.30	%		1.33	%		1.45	%		1.45	%

Expenses before waivers and/or expense reimbursement		1.56	%		1.54	%		1.64	%		2.61	%		3.35	%

Net investment income (loss)		(0.23	)%		(0.74	)%		(0.98	)%		(0.99	)%		(0.37	)%
Portfolio turnover rate^(e)		103	%		134	%		78	%		58	%		33	%

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

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

(c)

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

(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 21

Financial Highlights (continued)



Class C Shares
	Year Ended October 31,

	2023			2022			2021			2020			2019

Per Share Operating Performance^(a):

Net Asset Value, Beginning of Year		$11.66			$22.43			$16.88			$11.71			$9.29

Income (loss) from investment operations:

Net investment income (loss)		(0.12	)^(b)		(0.23	)		(0.39	)		(0.23	)		(0.11	)

Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.04			(10.54	)		5.94			5.40			2.53

Total from investment operations		(0.08	)		(10.77	)		5.55			5.17			2.42

Net asset value, end of year		$11.58			$11.66			$22.43			$16.88			$11.71
Total Return^(c):		(0.69	)%		(48.02	)%		32.96	%		44.06	%		26.05	%


Ratios/Supplemental Data:

Net assets, end of year (000)		$3,140			$3,724			$5,881			$1,563			$1,107

Average net assets (000)		$3,660			$4,938			$4,077			$1,244			$1,438

Ratios to average net assets^(d):

Expenses after waivers and/or expense reimbursement		2.05	%		2.05	%		2.09	%		2.20	%		2.20	%

Expenses before waivers and/or expense reimbursement		2.66	%		2.69	%		2.65	%		4.15	%		4.23	%

Net investment income (loss)		(0.99	)%		(1.48	)%		(1.76	)%		(1.73	)%		(1.05	)%
Portfolio turnover rate^(e)		103	%		134	%		78	%		58	%		33	%

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

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

(c)

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

(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.


22



Class Z Shares
	Year Ended October 31,

	2023			2022			2021			2020			2019

Per Share Operating Performance^(a):

Net Asset Value, Beginning of Year		$12.64			$24.07			$17.93			$12.31			$9.67

Income (loss) from investment operations:

Net investment income (loss)		-	^(b)		(0.08	)		(0.17	)		(0.13	)		(0.01	)

Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.04			(11.35	)		6.31			5.75			2.65

Total from investment operations		0.04			(11.43	)		6.14			5.62			2.64

Net asset value, end of year		$12.68			$12.64			$24.07			$17.93			$12.31
Total Return^(c):		0.32	%		(47.49	)%		34.24	%		45.65	%		27.30	%


Ratios/Supplemental Data:

Net assets, end of year (000)		$249,580			$393,985			$642,316			$34,993			$2,357

Average net assets (000)		$341,699			$549,186			$293,229			$11,195			$1,866

Ratios to average net assets^(d):

Expenses after waivers and/or expense reimbursement		1.05	%		1.05	%		1.08	%		1.20	%		1.20	%

Expenses before waivers and/or expense reimbursement		1.20	%		1.20	%		1.28	%		1.93	%		3.17	%

Net investment income (loss)		-	%^(b)		(0.49	)%		(0.72	)%		(0.83	)%		(0.08	)%
Portfolio turnover rate^(e)		103	%		134	%		78	%		58	%		33	%

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

(b)	Amount rounds to zero.

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

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

(e)	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 23

Financial Highlights (continued)



Class R6 Shares
	Year Ended October 31,

	2023			2022			2021			2020			2019

Per Share Operating Performance^(a):

Net Asset Value, Beginning of Year		$12.66			$24.08			$17.93			$12.31			$9.67

Income (loss) from investment operations:

Net investment income (loss)		0.01			(0.07	)		(0.15	)		(0.10	)		(0.01	)

Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.04			(11.35	)		6.30			5.72			2.65

Total from investment operations		0.05			(11.42	)		6.15			5.62			2.64

Net asset value, end of year		$12.71			$12.66			$24.08			$17.93			$12.31
Total Return^(b):		0.39	%		(47.43	)%		34.30	%		45.65	%		27.30	%


Ratios/Supplemental Data:

Net assets, end of year (000)		$246,642			$260,565			$314,476			$18,340			$12,319

Average net assets (000)		$268,848			$302,211			$121,398			$14,144			$11,249

Ratios to average net assets^(c):

Expenses after waivers and/or expense reimbursement		0.98	%		0.98	%		1.01	%		1.20	%		1.20	%

Expenses before waivers and/or expense reimbursement		1.06	%		1.05	%		1.16	%		1.80	%		2.41	%

Net investment income (loss)		0.09	%		(0.40	)%		(0.62	)%		(0.74	)%		(0.11	)%
Portfolio turnover rate^(d)		103	%		134	%		78	%		58	%		33	%

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

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

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

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

See Notes to Financial Statements.


24

Notes to Financial Statements

1.	Organization

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

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

2.	Accounting Policies

PGIM Jennison Emerging Markets Equity Opportunities Fund 25

Notes to Financial Statements (continued)

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


26

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

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

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

PGIM Jennison Emerging Markets Equity Opportunities Fund 27

Notes to Financial Statements (continued)


28


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

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

PGIM Jennison Emerging Markets Equity Opportunities Fund 29

Notes to Financial Statements (continued)

3.	Agreements

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

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended October 31, 2023, the contractual and effective management fee rates were as follows:


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

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


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


30

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

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


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


Class	FESL	CDSC
A	$54,567	$ 176
C	—	1,005

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

4.	Other Transactions with Affiliates

PGIM Jennison Emerging Markets Equity Opportunities Fund 31

Notes to Financial Statements (continued)

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


Cost of Purchases		Proceeds from Sales
$639,310,370		$754,268,355

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended October 31, 2023, is presented as follows:


Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)		Value, End of Year		Shares, End of Year		Income

Short-Term Investments - Affiliated Mutual Funds:

PGIM Core Government Money Market Fund^(1)(wb)
$ —	$	233,183,699	$	224,771,451	$	—		$	—	$	8,412,248		8,412,248	$ 294,597

PGIM Institutional Money Market Fund^(1)(wb)
27,122,281		510,540,177		537,660,447		(5,071	)		20,131		17,071		17,079	54,543⁽²⁾
$27,122,281	$	743,723,876	$	762,431,898	$	(5,071	)	$	20,131	$	8,429,319			$349,140

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

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

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

6. Distributions and Tax Information


32

Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to total distributable earnings (loss) and paid-in capital in excess of par for the Fund. The adjustment was due to a net operating loss.

For the year ended October 31, 2023, the adjustments were as follows:

Total Distributable

Earnings (Loss)

Paid-in

Capital in

Excess of Par

$3,324,369

$(3,324,369)

For the year ended October 31, 2023, there were no distributions paid by the Fund.

For the year ended October 31, 2022, there were no distributions paid by the Fund.

As of October 31, 2023, there were no accumulated undistributed earnings on a tax basis.

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of October 31, 2023 were as follows:


Tax Basis	Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation
$469,172,889		$96,399,061		$(43,339,504)		$53,059,557

The differences between GAAP and tax basis were primarily attributable to deferred losses on wash sales and investments in passive foreign investment companies.

Capital Loss

Carryforward

Capital Loss

Carryforward Utilized

$584,784,000

$—

7. Capital and Ownership

PGIM Jennison Emerging Markets Equity Opportunities Fund 33

Notes to Financial Statements (continued)

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

The RIC is authorized to issue 10,225,000,000 shares of common stock, $0.00001 par value per share, 865,000,000 of which are designated as shares of the Fund. The authorized shares of the Fund are currently classified and designated as follows:


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

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

As of October 31, 2023, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:


Class	Number of Shares	Percentage of Outstanding Shares
Z	76,288	0.4%

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


	Number of Shareholders	Percentage of Outstanding Shares
Affiliated	—	—%
Unaffiliated	8	91.2


34

Transactions in shares of common stock were as follows:



Share Class	Shares			Amount

Class A
Year ended October 31, 2023:
Shares sold	363,156		$	4,692,293
Shares purchased	(645,625	)		(8,259,719	)
Net increase (decrease) in shares outstanding before conversion	(282,469	)		(3,567,426	)
Shares issued upon conversion from other share class(es)	40,943			525,720
Shares purchased upon conversion into other share class(es)	(17,846	)		(230,995	)
Net increase (decrease) in shares outstanding	(259,372	)	$	(3,272,701	)

Year ended October 31, 2022:
Shares sold	1,055,027		$	18,358,156
Shares purchased	(743,321	)		(12,558,145	)
Net increase (decrease) in shares outstanding before conversion	311,706			5,800,011
Shares issued upon conversion from other share class(es)	25,109			378,868
Shares purchased upon conversion into other share class(es)	(86,308	)		(1,418,730	)
Net increase (decrease) in shares outstanding	250,507		$	4,760,149

Class C
Year ended October 31, 2023:
Shares sold	60,381		$	736,562
Shares purchased	(85,591	)		(1,031,457	)
Net increase (decrease) in shares outstanding before conversion	(25,210	)		(294,895	)
Shares purchased upon conversion into other share class(es)	(23,002	)		(278,199	)
Net increase (decrease) in shares outstanding	(48,212	)	$	(573,094	)

Year ended October 31, 2022:
Shares sold	161,915		$	2,666,741
Shares purchased	(96,511	)		(1,384,438	)
Net increase (decrease) in shares outstanding before conversion	65,404			1,282,303
Shares purchased upon conversion into other share class(es)	(8,240	)		(111,420	)
Net increase (decrease) in shares outstanding	57,164		$	1,170,883

Class Z
Year ended October 31, 2023:
Shares sold	11,409,752		$	150,815,751
Shares purchased	(22,458,380	)		(294,535,847	)
Net increase (decrease) in shares outstanding before conversion	(11,048,628	)		(143,720,096	)
Shares issued upon conversion from other share class(es)	67,490			874,907
Shares purchased upon conversion into other share class(es)	(505,193	)		(6,826,928	)
Net increase (decrease) in shares outstanding	(11,486,331	)	$	(149,672,117	)

PGIM Jennison Emerging Markets Equity Opportunities Fund 35

Notes to Financial Statements (continued)



Share Class	Shares			Amount

Year ended October 31, 2022:
Shares sold	34,906,372		$	632,098,939
Shares purchased	(30,471,330	)		(506,872,022	)
Net increase (decrease) in shares outstanding before conversion	4,435,042			125,226,917
Shares issued upon conversion from other share class(es)	76,249			1,312,777
Shares purchased upon conversion into other share class(es)	(26,729	)		(438,625	)
Net increase (decrease) in shares outstanding	4,484,562		$	126,101,069

Class R6
Year ended October 31, 2023:
Shares sold	7,656,472		$	100,629,373
Shares purchased	(9,268,913	)		(121,399,033	)
Net increase (decrease) in shares outstanding before conversion	(1,612,441	)		(20,769,660	)
Shares issued upon conversion from other share class(es)	486,152			6,589,165
Shares purchased upon conversion into other share class(es)	(50,538	)		(653,670	)
Net increase (decrease) in shares outstanding	(1,176,827	)	$	(14,834,165	)

Year ended October 31, 2022:
Shares sold	15,203,394		$	267,831,598
Shares purchased	(7,690,840	)		(123,941,192	)
Net increase (decrease) in shares outstanding before conversion	7,512,554			143,890,406
Shares issued upon conversion from other share class(es)	31,732			482,578
Shares purchased upon conversion into other share class(es)	(13,580	)		(205,448	)
Net increase (decrease) in shares outstanding	7,530,706		$	144,167,536

8.	Borrowings


	Current SCA	Prior SCA
Term of Commitment	9/29/2023 - 9/26/2024	9/30/2022 – 9/28/2023
Total Commitment	$ 1,200,000,000	$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%


36

Current SCA

Prior SCA

Annualized Interest Rate on

Borrowings

1.00% plus the higher of (1)

the effective federal funds

rate, (2) the daily SOFR

rate plus 0.10% or (3) zero

percent

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 Fund utilized the SCA during the year ended October 31, 2023. The average daily balance for the 14 days that the Fund had loans outstanding during the period was approximately $2,813,786, borrowed at a weighted average interest rate of 5.83%. The maximum loan outstanding amount during the period was $10,455,000. At October 31, 2023, the Fund did not have an outstanding loan amount.

9.	Risks of Investing in the Fund

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

PGIM Jennison Emerging Markets Equity Opportunities Fund 37

Notes to Financial Statements (continued)

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

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


38

restrictions on the repatriation of non-U.S. currency, confiscatory taxation and adverse diplomatic developments. Special U.S. tax considerations may apply.

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

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

PGIM Jennison Emerging Markets Equity Opportunities Fund 39

Notes to Financial Statements (continued)

significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies and shareholders may have limited legal remedies.

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


40

10.

Recent Regulatory Developments

PGIM Jennison Emerging Markets Equity Opportunities Fund 41

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Prudential World Fund, Inc. and Shareholders of PGIM Jennison Emerging Markets Equity Opportunities Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PGIM Jennison Emerging Markets Equity Opportunities Fund (one of the funds constituting Prudential World Fund, Inc., referred to hereafter as the “Fund”) as of October 31, 2023, the related statement of operations for the year ended October 31, 2023, the statements of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the four years in the period ended October 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2023 and the financial highlights for each of the four years in the period ended October 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended October 31, 2019 and the financial highlights for the period ended October 31, 2019 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated December 19, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

December 19, 2023

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


42

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS (unaudited)


Independent Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Ellen S. Alberding 1958 Board Member Portfolios Overseen: 100	Chief Executive Officer and President, The Joyce Foundation (charitable foundation) (since 2002); formerly Vice Chair, City Colleges of Chicago (community college system) (2011-2015); formerly Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); formerly Trustee, Economic Club of Chicago (2009-2016); Trustee, Loyola University (since 2018).	None.	Since September 2013

Kevin J. Bannon 1952 Board Member Portfolios Overseen: 101	Retired; formerly Managing Director (April 2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; formerly President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (September 2008-August 2023).	Since July 2008

PGIM Jennison Emerging Markets Equity Opportunities Fund


Independent Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Linda W. Bynoe 1952 Board Member Portfolios Overseen: 98	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Limited LLC (formerly Telemat Ltd) (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co. (broker-dealer).	Trustee of Equity Residential (residential real estate) (since December 2009); Director of Northern Trust Corporation (financial services) (since April 2006); formerly Director of Anixter International, Inc. (communication products distributor) (January 2006-June 2020).	Since March 2005

Barry H. Evans 1960 Board Member Portfolios Overseen: 101	Retired; formerly President (2005-2016), Global Chief Operating Officer (2014-2016), Chief Investment Officer - Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management (asset management).	Formerly Director, Manulife Trust Company (2011-2018); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).	Since September 2017

Keith F. Hartstein 1956 Board Member & Independent Chair Portfolios Overseen: 101	Retired; formerly Member (November 2014-September 2022) of the Governing Council of the Independent Directors Council (IDC) (organization of independent mutual fund directors); formerly Executive Committee of the IDC Board of Governors (October 2019-December 2021); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); formerly Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.	Since September 2013

Visit our website at pgim.com/investments


Independent Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Laurie Simon Hodrick 1962 Board Member Portfolios Overseen: 98	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly Visiting Professor of Law, Stanford Law School (2015-2021); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008).	Independent Director, Andela (since January 2022) (global talent network); Independent Director, Roku (since December 2020) (communication services); formerly Independent Director, Synnex Corporation (2019-2021) (information technology); formerly Independent Director, Kabbage, Inc. (2018-2020) (financial services); formerly Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017

Brian K. Reid 1961 Board Member Portfolios Overseen: 101	Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); formerly Director, ICI Mutual Insurance Company (2012-2017).	None.	Since March 2018

PGIM Jennison Emerging Markets Equity Opportunities Fund

Visit our website at pgim.com/investments


Interested Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Stuart S. Parker 1962 Board Member & President Portfolios Overseen: 101	President, Chief Executive Officer, Chief Operating Officer and Officer in Charge of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); President and Principal Executive Officer (“PEO”) (since December 2023) of the PGIM Credit Income Fund; President and PEO (since September 2022) of the PGIM Private Credit Fund; President and PEO (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011); Investment Company Institute - Board of Governors (since May 2012).	None.	Since January 2012

Scott E. Benjamin 1973 Board Member & Vice President Portfolios Overseen: 101	Executive Vice President (since May 2009) of PGIM Investments LLC; Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); Vice President (since December 2023) of the PGIM Credit Income Fund; Vice President (since September 2022) of the PGIM Private Credit Fund; Vice President (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).	None.	Since March 2010

PGIM Jennison Emerging Markets Equity Opportunities Fund


Fund Officers^(a)

Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Claudia DiGiacomo 1974 Chief Legal Officer	Chief Legal Officer (since December 2023) of the PGIM Credit Income Fund; Chief Legal Officer (since September 2022) of the PGIM Private Credit Fund; Chief Legal Officer (since July 2022) of the PGIM Private Real Estate Fund, Inc.; Chief Legal Officer, Executive Vice President and Secretary of PGIM Investments LLC (since August 2020); Chief Legal Officer of Prudential Mutual Fund Services LLC (since August 2020); Chief Legal Officer of PIFM Holdco, LLC (since August 2020); Vice President and Corporate Counsel (since January 2005) of Prudential; and Corporate Counsel of AST Investment Services, Inc. (since August 2020); formerly Vice President and Assistant Secretary of PGIM Investments LLC (2005-2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005

Andrew Donohue 1972 Chief Compliance Officer	Chief Compliance Officer (since May 2023) of the PGIM Funds, Target Funds, PGIM ETF Trust, PGIM Global High Yield Fund, Inc., PGIM High Yield Bond Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Private Credit Fund, PGIM Private Real Estate Fund, Inc.; Chief Compliance Officer of AST Investment Services, Inc. (since October 2022); Vice President, Chief Compliance Officer of PGIM Investments LLC (since September 2022); Chief Compliance Officer (since December 2023) of the PGIM Credit Income Fund; formerly various senior compliance roles within Principal Global Investors, LLC., global asset management for Principal Financial (2011-2022), most recently as Global Chief Compliance Officer (2016-2022).	Since May 2023

Andrew R. French 1962 Secretary	Vice President (since December 2018) of PGIM Investments LLC; Secretary (since December 2023) of the PGIM Credit Income Fund; Secretary (since September 2022) of the PGIM Private Credit Fund; Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Vice President and Corporate Counsel (2010-2018) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since October 2006

Visit our website at pgim.com/investments


Fund Officers^(a)

Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Melissa Gonzalez 1980 Assistant Secretary	Vice President and Corporate Counsel (since September 2018) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Assistant Secretary (since December 2023) of the PGIM Credit Income Fund; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director and Corporate Counsel (March 2014-September 2018) of Prudential.	Since March 2020

Patrick E. McGuinness 1986 Assistant Secretary	Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Director and Corporate Counsel (since February 2017) of Prudential; Assistant Secretary (since December 2023) of the PGIM Credit Income Fund; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.	Since June 2020

Debra Rubano 1975 Assistant Secretary	Vice President and Corporate Counsel (since November 2020) of Prudential; Assistant Secretary (since December 2023) of the PGIM Credit Income Fund; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc; formerly Director and Senior Counsel of Allianz Global Investors U.S. Holdings LLC (2010-2020) and Assistant Secretary of numerous funds in the Allianz fund complex (2015-2020).	Since December 2020

George Hoyt 1965 Assistant Secretary	Vice President and Corporate Counsel of Prudential (since September 2023); formerly Associate General Counsel of Franklin Templeton and Secretary and Chief Legal Officer of certain funds in the Franklin Templeton complex (2020- 2023) and Managing Director (2016-2020) and Associate General Counsel for Legg Mason, Inc. and its predecessors (2004-2020).	Since December 2023

Devan Goolsby 1991 Assistant Secretary	Vice President and Corporate Counsel of Prudential (since May 2023); formerly Associate at Eversheds Sutherland (US) LLP (2021-2023); Compliance Officer at Bloomberg LP (2019-2021); and an Examiner at the Financial Industry Regulatory Authority (2015-2019).	Since December 2023

Kelly A. Coyne 1968 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010); Assistant Secretary (since December 2023) of the PGIM Credit Income Fund; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.	Since March 2015

PGIM Jennison Emerging Markets Equity Opportunities Fund


Fund Officers^(a)

Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Christian J. Kelly 1975 Chief Financial Officer	Vice President, Global Head of Fund Administration of PGIM Investments LLC (since November 2018); Chief Financial Officer (since March 2023) of PGIM Investments mutual funds, closed end funds and ETFs, Advanced Series Trust Portfolios, Prudential Series Funds and Prudential Gibraltar Fund; Chief Financial Officer (since December 2023) of the PGIM Credit Income Fund; Chief Financial Officer of PGIM Private Credit Fund (since September 2022); Chief Financial Officer of PGIM Private Real Estate Fund, Inc. (since July 2022); formerly Treasurer and Principal Financial Officer (January 2019- March 2023) of PGIM Investments mutual funds, closed end funds and ETFs, Advanced Series Trust Portfolios, Prudential Series Funds and Prudential Gibraltar Fund; formerly Treasurer and Principal Financial Officer (March 2022 – July 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).	Since January 2019

Russ Shupak 1973 Treasurer and Principal Accounting Officer	Vice President (since 2017) within PGIM Investments Fund Administration; Treasurer and Principal Accounting Officer of PGIM Investments mutual funds, closed end funds and ETFs (since March 2023); Treasurer and Principal Accounting Officer (since December 2023) of the PGIM Credit Income Fund; Treasurer and Principal Accounting Officer (since July 2022) of the PGIM Private Real Estate Fund, Inc.; Assistant Treasurer (since September 2022) of the PGIM Private Credit Fund; formerly Assistant Treasurer (March 2022 – July 2022) of the PGIM Private Real Estate Fund, Inc.; Assistant Treasurer of Advanced Series Trust Portfolios, Prudential Series Funds and Prudential Gibraltar Fund (since October 2019); formerly Director (2013-2017) within PGIM Investments Fund Administration.	Since October 2019

Lana Lomuti 1967 Assistant Treasurer	Vice President (since 2007) within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.; formerly Director (2005-2007) within PGIM Investments Fund Administration.	Since April 2014

Deborah Conway 1969 Assistant Treasurer	Vice President (since 2017) within PGIM Investments Fund Administration; formerly Director (2007-2017) within PGIM Investments Fund Administration.	Since October 2019

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Fund Officers^(a)

Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) within PGIM Investments Fund Administration; Treasurer and Principal Accounting Officer of the Advanced Series Trust, the Prudential Series Fund and the Prudential Gibraltar Fund (since March 2023); Assistant Treasurer (since December 2023) of the PGIM Credit Income Fund; Treasurer and Principal Accounting Officer (since September 2022) of the PGIM Private Credit Fund; Assistant Treasurer (since March 2022) of the PGIM Private Real Estate Fund, Inc.; Assistant Treasurer of PGIM Investments mutual funds, closed end funds and ETFs (since October 2019); formerly Director (2011-2017) within PGIM Investments Fund Administration.	Since October 2019

Robert W. McCormack 1973 Assistant Treasurer	Vice President (since 2019) within PGIM Investments Fund Administration; Assistant Treasurer (since March 2023) of PGIM Investments mutual funds, closed end funds, ETFs, Advanced Series Trust Portfolios, Prudential Series Funds and Prudential Gibraltar Fund; Assistant Treasurer (since December 2023) of the PGIM Credit Income Fund; Assistant Treasurer (since September 2022) of the PGIM Private Credit Fund; Assistant Treasurer (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director (2016-2019) within PGIM Investments Fund Administration; formerly Vice President within Goldman, Sachs & Co. Investment Management Controllers (2008-2016), Assistant Treasurer of Goldman Sachs Family of Funds (2015-2016).	Since March 2023

Kelly Florio 1978 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Global Compliance Programs and Compliance Risk Management (since December 2021) of Prudential; formerly Head of Fraud Risk Management (October 2019-December 2021) at New York Life Insurance Company; formerly Head of Key Risk Area Operations (November 2018-October 2019), Director of the US Anti-Money Laundering Compliance Unit (2009-2018) and Bank Loss Prevention Associate (2006-2009) at MetLife.	Since June 2022

^(a)	Excludes Mr. Parker and Mr. Benjamin, interested Board Members who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

∎	Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC.

∎	Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102-4410.

∎	There is no set term of office for Board Members or Officers. The Board Members have adopted a retirement policy, which calls for the retirement of Board Members on December 31 of the year in which they reach the age of 75.

∎	“Other Directorships Held” includes all directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, “public companies”) or other investment companies registered under the 1940 Act.

PGIM Jennison Emerging Markets Equity Opportunities Fund

∎

∎	As used in the Fund Officers table “Prudential” means The Prudential Insurance Company of America.

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Approval of Advisory Agreements (unaudited)

The Fund’s Board of Trustees

The Board of Directors (the “Board”) of PGIM Jennison Emerging Markets Equity Opportunities Fund (the “Fund”)1 consists of ten individuals, eight of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Directors have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. The Board has established five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent Directors.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and the Fund’s subadvisory agreement with Jennison Associates LLC (“Jennison”). In considering the renewal of the agreements, the Board, including all of the Independent Directors, met on May 25 and June 6-8, 2023 (the “Board Meeting”) and approved the renewal of the agreements through July 31, 2024, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

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

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

¹ PGIM Jennison Emerging Markets Equity Opportunities Fund is a series of Prudential World Fund, Inc.

PGIM Jennison Emerging Markets Equity Opportunities Fund

Approval of Advisory Agreements (continued)

The material factors and conclusions that formed the basis for the Directors’ determinations to approve the renewal of the agreements are discussed separately below.

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments and Jennison. The Board noted that Jennison is affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for the Fund, as well as the provision of fund recordkeeping, compliance and other services to the Fund, and PGIM Investments’ role as administrator for the Fund’s liquidity risk management program. With respect to PGIM Investments’ oversight of the subadviser, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments’ senior management on the performance and operations of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Directors of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by Jennison, including investment research and security selection, as well as compliance with the Fund’s investment restrictions, policies and procedures. The Board considered PGIM Investments’ evaluation of Jennison as well as PGIM Investments’ recommendation, based on its review of Jennison, to renew the subadvisory agreement.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments and the subadvisory services provided to the Fund by Jennison, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments and Jennison under the management and subadvisory agreements.

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Costs of Services and Profits Realized by PGIM Investments

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

Economies of Scale

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

Other Benefits to PGIM Investments and Jennison

The Board considered potential ancillary benefits that might be received by PGIM Investments and Jennison and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund’s transfer agent (which is affiliated with PGIM Investments), as well as benefits to its reputation or other intangible benefits resulting from PGIM Investments’ association with the Fund. The Board concluded that the potential benefits to be derived by Jennison included its ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits

PGIM Jennison Emerging Markets Equity Opportunities Fund

Approval of Advisory Agreements (continued)

derived by PGIM Investments and Jennison were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-, three- and five-year periods ended December 31, 2022. The Board considered that the Fund commenced operations on September 16, 2014 and that longer-term performance was not yet available.

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Net Performance	1 Year	3 Years	5 Years	10 Years
Net Performance	4th Quartile	1st Quartile	1st Quartile	N/A

Actual Management Fees: 1st Quartile

Net Total Expenses: 2nd Quartile

●	The Board noted that the Fund outperformed its benchmark index over the three- and five-year periods, and underperformed over the one-year period.

●	The Board also noted that the Fund outperformed its benchmark index and peer group median in five out of the seven calendar years since its inception.

●

The Board and PGIM Investments agreed to retain the existing contractual expense cap, which (exclusive of certain fees and expenses) caps the Fund’s annual operating expenses at 1.30% for Class A shares, 2.05% for Class C shares, 0.98% for Class R6 shares, and 1.05% for Class Z shares through February 29, 2024.

●

●	The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

●	The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

* * *

After full consideration of these factors, the Board concluded that approval of the agreements was in the best interests of the Fund and its shareholders.

PGIM Jennison Emerging Markets Equity Opportunities Fund



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

PROXY VOTING

DIRECTORS

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

OFFICERS

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


MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102

SUBADVISER	Jennison Associates LLC	466 Lexington Avenue New York, NY 10017

DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102

CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286

TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 534432 Pittsburgh, PA 15253

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017

FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

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

AVAILABILITY OF PORTFOLIO HOLDINGS

The Fund’s Statement of Additional Information contains additional information about the Fund’s Directors and is available without charge, upon request, by calling (800) 225-1852.

Mutual Funds:

ARE NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY

MAY LOSE VALUE

ARE NOT A DEPOSIT OF OR GUARANTEED BY ANY BANK OR ANY BANK AFFILIATE

LOGO

PGIM JENNISON EMERGING MARKETS EQUITY OPPORTUNITIES FUND


SHARE CLASS	A	C	Z	R6
NASDAQ	PDEAX	PDECX	PDEZX	PDEQX
CUSIP	743969644	743969636	743969610	743969628

MF225E

LOGO

PGIM JENNISON INTERNATIONAL

OPPORTUNITIES FUND

ANNUAL REPORT

OCTOBER 31, 2023

LOGO

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

Table of Contents


Letter from the President			3
Your Fund’s Performance			4
Growth of a $10,000 Investment			5
Strategy and Performance Overview			8
Fees and Expenses			11
Holdings and Financial Statements			13
Approval of Advisory Agreements			60

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

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

Mutual funds are distributed by Prudential Investment Management Services LLC, member SIPC. Jennison Associates LLC is a registered investment adviser. Both are Prudential Financial companies. ^© 2023 Prudential Financial, Inc. and its related entities. Jennison Associates, Jennison, PGIM, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.


2		Visit our website at pgim.com/investments

Letter from the President

Dear Shareholder:

We hope you find the annual report for the PGIM Jennison International Opportunities Fund informative and useful. The report covers performance for the 12-month period that ended October 31, 2023.

Thank you for choosing our family of funds.

Sincerely,

LOGO

Stuart S. Parker, President

PGIM Jennison International Opportunities Fund

December 15, 2023


PGIM Jennison International Opportunities Fund			3

Your Fund’s Performance (unaudited)



	Average Annual Total Returns as of 10/31/23

	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)

Class A

(with sales charges)	2.91	7.48	5.70	—

(without sales charges)	8.90	8.70	6.30	—

Class C

(with sales charges)	7.02	7.82	5.47	—

(without sales charges)	8.02	7.82	5.47	—

Class R

(without sales charges)	8.51	8.29	N/A	5.05 (11/20/2017)

Class Z

(without sales charges)	9.13	8.91	6.54	—

Class R2

(without sales charges)	8.65	N/A	N/A	10.05 (12/27/2018)

Class R4

(without sales charges)	8.92	N/A	N/A	10.34 (12/27/2018)

Class R6

(without sales charges)	9.20	8.99	N/A	8.28 (12/23/2015)

MSCI All Country World ex-US Index

	12.07	3.46	2.54	—



Average Annual Total Returns as of 10/31/23 Since Inception (%)

	Class R	Class R2, Class R4	Class R6

	(11/20/2017)	(12/27/2018)	(12/23/2015)

MSCI All Country World ex-US Index	1.29	4.37	4.41

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


4		Visit our website at pgim.com/investments

Growth of a $10,000 Investment (unaudited)

LOGO

The graph compares a $10,000 investment in the Fund’s Class Z shares with a similar investment in the MSCI ACWI ex-US Index by portraying the initial account values at the beginning of the 10-year period for Class Z (October 31, 2013) and the account values at the end of the current fiscal year (October 31, 2023) as measured on a quarterly basis. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested. The line graph provides information for Class Z shares only. As indicated in the tables provided earlier, performance for other share classes will vary due to the differing fees and expenses applicable to each share class (as indicated in the following paragraphs). Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.


PGIM Jennison International Opportunities Fund			5

Your Fund’s Performance (continued)

Class A

Class C

Class R

Class Z

Class R2

Class R4

Class R6

Maximum initial sales charge

5.50% of the public

offering price

None

Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption)

1.00% on

sales of $1 million or more made within 12 months of

purchase

1.00% on sales made within 12 months of purchase

None

Annual distribution or distribution and service (12b-1) fees (shown as a percentage of average daily net assets)

0.30% (0.25% currently)

1.00%

0.75% (0.50% currently)

None

0.25%

None

Shareholder services fees

None

0.10%*

None

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

Benchmark Definition


6		Visit our website at pgim.com/investments

Presentation of Fund Holdings as of 10/31/23



Ten Largest Holdings	Line of Business	Country	% of Net Assets

Novo Nordisk A/S (Class B Stock)	Pharmaceuticals	Denmark	7.3%

Ferrari NV	Automobiles	Italy	6.6%

Hermes International SCA	Textiles, Apparel & Luxury Goods	France	5.4%

MercadoLibre, Inc.	Broadline Retail	Brazil	5.2%

L’Oreal SA	Personal Care Products	France	5.1%

Taiwan Semiconductor Manufacturing Co. Ltd., ADR	Semiconductors & Semiconductor Equipment	Taiwan	4.6%

ASM International NV	Semiconductors & Semiconductor Equipment	Netherlands	3.4%

LVMH Moet Hennessy Louis Vuitton SE	Textiles, Apparel & Luxury Goods	France	3.4%

Compass Group plc	Hotels, Restaurants & Leisure	United Kingdom	3.3%

ASML Holding NV	Semiconductors & Semiconductor Equipment	Netherlands	3.3%

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


PGIM Jennison International Opportunities Fund			7

Strategy and Performance Overview*

(unaudited)

How did the Fund perform?

The PGIM Jennison International Opportunities Fund’s Class Z shares returned 9.13% in the 12-month reporting period that ended October 31, 2023, underperforming the 12.07% return of the MSCI All Country World Ex-US Index (the Index).

What were the market conditions?

●

The past year was dominated by interest rate hikes by major central banks. The success of this effort to lower inflation, along with clearing of the global supply chain, resilient consumer spending, and most important, healthy corporate earnings, drove strong equity market performance over most of the reporting period.

●	In the last three months of the period, however, market sentiment turned negative due to sustained upward pressure on interest rates and geopolitical instability—including the tragic events in the Middle East.

●	Within the Index, all sectors were positive for the period. Information technology, consumer discretionary, industrials, energy, communication services, and financials all performed better than the overall Index.

What worked?

●	Security selection within the healthcare, consumer discretionary, and consumer staples sectors contributed the most to the Fund’s performance relative to the Index during the reporting period.

●	Top contributors, all in the sectors cited above, included Novo Nordisk A/S, Ferrari N.V., Hermès International SCA, LVMH SE, and Brunello Cucinelli S.p.A.

●

Novo Nordisk’s sales of diabetes and weight-loss drugs Ozempic and Wegovy continued to exceed expectations. Supply constraints for Wegovy, in Jennison’s view, are expected to improve.

●

Luxury goods maker Hermés benefited from sales strength across regions, as well as the company’s success in passing on price increases. All geographies and categories performed better than expected over most of the period.

●

Luxury goods company LVMH benefited from steady demand, lack of discounting, and market share gains. More recently, shares underperformed due to some concerns regarding slowing sales in high-end luxury.

●

Brunello Cucinelli S.p.A. (consumer discretionary), an Italian high-end apparel and accessories firm, reported solid results in the period. While some concerns over slowing growth in high-end luxury emerged, the company delivered strong sales into period-end. In Jennison’s opinion, the resilience of the company’s fundamentals are likely to continue supporting its top-line outperformance.


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What didn’t work?

●	Security selection within information technology and financials was largely responsible for the Fund’s performance shortfall relative to the Index during the reporting period.

●	Notable underperformers included Atlassian Corp., Samsung SDI Co. Ltd., Lasertec Corp., Advantest Corp., and Hong Kong Exchanges and Clearing Limited.

●

Project management software developer Atlassian reported disappointing results early in the period that highlighted the risks to the company’s new business prospects in a slowing economy. As a result, Jennison eliminated the Fund’s position during the reporting period.

●

Shares in South Korean electric vehicle battery company Samsung SDI declined on concerns of slowing growth. The position was eliminated during the reporting period.

●

Lasertec shares declined due to near-term order weakness, and the position was eliminated during the reporting period.

●

Shares in Japanese specialized semiconductor testing equipment maker Advantest, a recent addition to the Fund, lost ground due to weak semiconductor demand, especially for smart phones. However, AI demand is building, and Jennison believes business should expand, driven by growth in the AI chip and high-end smartphone markets.

●

Shares in financial exchange company Hong Kong Exchanges and Clearing underperformed despite the company’s solid results. While net profit and investment income were both up, a change in trading fee structure negatively affected fee income.

Current outlook

●	Sentiment in the near term is clouded by monetary policy and economic growth uncertainties that will likely remain into year-end.

●	Consumers, facing less robust prospects overall, are beginning to show stress—primarily at lower income levels. In Jennison’s opinion, Fund holdings most directly tied to high-end consumer spending remain best positioned to take wallet share and grow revenues and profits on a multi-year basis.

●	Additionally, the broad categories of cloud adoption, data mining, and analytics are still in nascent development. Adoption of generative-AI capabilities remain at the forefront of Jennison’s longer-term investment plans across a wide range of industries.

●	Jennison remains vigilant in evaluating the investment landscape against a mixed political and economic backdrop, while continuing to focus on companies with the ability to innovate, invest, and grow through various macroeconomic environments.

*This strategy and performance overview, which discusses what strategies or holdings (including derivatives, if applicable) affected the Fund’s performance, is compiled based


PGIM Jennison International Opportunities Fund			9

Strategy and Performance Overview* (continued)

on how the Fund performed relative to the Index and is viewed for performance attribution purposes at the aggregate Fund level, which in most instances will not directly correlate to the amounts disclosed in the Statement of Operations which conform to US generally accepted accounting principles.


10		Visit our website at pgim.com/investments

Fees and Expenses (unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes


PGIM Jennison International Opportunities Fund			11

Fees and Expenses (continued)

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



PGIM Jennison International Opportunities Fund		Beginning Account Value May 1, 2023	Ending Account Value October 31, 2023	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Class A	Actual	$1,000.00	$ 899.90	1.09%	$5.22
	Hypothetical	$1,000.00	$1,019.71	1.09%	$5.55

Class C	Actual	$1,000.00	$ 895.90	1.90%	$9.08
	Hypothetical	$1,000.00	$1,015.63	1.90%	$9.65

Class R	Actual	$1,000.00	$ 898.40	1.47%	$7.03
	Hypothetical	$1,000.00	$1,017.80	1.47%	$7.48

Class Z	Actual	$1,000.00	$ 900.70	0.90%	$4.31
	Hypothetical	$1,000.00	$1,020.67	0.90%	$4.58

Class R2	Actual	$1,000.00	$ 898.90	1.34%	$6.41
	Hypothetical	$1,000.00	$1,018.45	1.34%	$6.82

Class R4	Actual	$1,000.00	$ 899.70	1.09%	$5.22
	Hypothetical	$1,000.00	$1,019.71	1.09%	$5.55

Class R6	Actual	$1,000.00	$ 901.00	0.84%	$4.02
	Hypothetical	$1,000.00	$1,020.97	0.84%	$4.28


12		Visit our website at pgim.com/investments

Schedule of Investments

as of October 31, 2023



Description	Shares		Value

LONG-TERM INVESTMENTS 96.3%

COMMON STOCKS 95.6%

Brazil 8.3%
MercadoLibre, Inc.*		172,696	$	214,270,835
NU Holdings Ltd. (Class A Stock)*		15,481,499		126,948,292

				341,219,127

Denmark 7.3%
Novo Nordisk A/S (Class B Stock)		3,130,266		301,996,281

France 20.8%
Dassault Systemes SE		2,373,016		97,752,527
Hermes International SCA		118,439		220,986,546
L’Oreal SA		502,851		211,363,721
LVMH Moet Hennessy Louis Vuitton SE		193,100		138,246,194
Pernod Ricard SA		353,492		62,771,841
Safran SA		814,190		127,192,392

				858,313,221

Hong Kong 1.1%
Hong Kong Exchanges & Clearing Ltd.		1,255,539		43,922,085

India 2.3%
HDFC Bank Ltd., ADR		1,663,374		94,063,800

Indonesia 1.7%
Bank Central Asia Tbk PT		128,182,925		70,618,621

Israel 1.4%
Mobileye Global, Inc. (Class A Stock)*(a)		1,662,949		59,317,391

Italy 10.5%
Brunello Cucinelli SpA		1,426,071		114,709,934
Ferrari NV		900,636		272,626,110
Moncler SpA		879,495		45,678,486


				433,014,530

Japan 4.3%
Advantest Corp.		2,569,231		66,179,886
Keyence Corp.		282,818		109,484,141

				175,664,027

See Notes to Financial Statements.


PGIM Jennison International Opportunities Fund			13

Schedule of Investments (continued)

as of October 31, 2023



Description	Shares		Value

COMMON STOCKS (Continued)

Netherlands 9.0%
Argenx SE, ADR*		196,723	$	92,375,219
ASM International NV		341,433		140,902,558
ASML Holding NV		226,826		136,349,739


				369,627,516

Spain 3.2%
Industria de Diseno Textil SA(a)		3,840,668		132,572,087

Sweden 2.0%
Atlas Copco AB (Class A Stock)		6,228,601		80,654,289

Switzerland 1.5%
On Holding AG (Class A Stock)*(a)		2,494,733		64,039,796

Taiwan 5.8%
Global Unichip Corp.		1,083,558		48,427,492
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		2,195,266		189,473,409


				237,900,901

United Kingdom 8.5%
Ashtead Group PLC		1,575,509		90,359,391
AstraZeneca PLC		992,012		124,203,625
Compass Group PLC		5,448,936		137,375,231


				351,938,247

United States 7.9%
CyberArk Software Ltd.*		375,467		61,441,420
Globant SA*		274,571		46,756,695
Lululemon Athletica, Inc.*		274,045		107,831,227
Schneider Electric SE		721,871		111,065,104


				327,094,446


TOTAL COMMON STOCKS
(cost $3,386,495,006)				3,941,956,365

See Notes to Financial Statements.


14



Description	Shares		Value

PREFERRED STOCK 0.7%

Germany
Dr. Ing. h.c. F. Porsche AG (PRFC), 144A
(cost $31,513,392)		354,351	$	31,057,110


TOTAL LONG-TERM INVESTMENTS
(cost $3,418,008,398)				3,973,013,475


SHORT-TERM INVESTMENTS 8.1%

AFFILIATED MUTUAL FUNDS
PGIM Core Government Money Market Fund(wb)		122,656,274		122,656,274
PGIM Institutional Money Market Fund
(cost $210,570,354; includes $209,891,572 of cash collateral for securities on loan)(b)(wb)		210,696,049		210,590,701


TOTAL SHORT-TERM INVESTMENTS
(cost $333,226,628)				333,246,975


TOTAL INVESTMENTS 104.4%
(cost $3,751,235,026)				4,306,260,450
Liabilities in excess of other assets (4.4)%				(181,854,724	)


NET ASSETS 100.0%			$	4,124,405,726

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

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

ADR—American Depositary Receipt

PRFC—Preference Shares

SOFR—Secured Overnight Financing Rate

*	Non-income producing security.

(a)

All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $203,411,868; cash collateral of $209,891,572 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

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

See Notes to Financial Statements.


PGIM Jennison International Opportunities Fund			15

Schedule of Investments (continued)

as of October 31, 2023

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of October 31, 2023 in valuing such portfolio securities:


	Level 1			Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Brazil		$	341,219,127		$	—		$	—
Denmark			—			301,996,281			—
France			—			858,313,221			—
Hong Kong			—			43,922,085			—
India			94,063,800			—			—
Indonesia			—			70,618,621			—
Israel			59,317,391			—			—
Italy			—			433,014,530			—
Japan			—			175,664,027			—
Netherlands			92,375,219			277,252,297			—
Spain			—			132,572,087			—
Sweden			—			80,654,289			—
Switzerland			64,039,796			—			—
Taiwan			189,473,409			48,427,492			—
United Kingdom			—			351,938,247			—
United States			216,029,342			111,065,104			—
Preferred Stock
Germany			—			31,057,110			—
Short-Term Investments
Affiliated Mutual Funds			333,246,975			—			—

Total		$	1,389,765,059		$	2,916,495,391		$	—

See Notes to Financial Statements.


16

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2023 were as follows:


Textiles, Apparel & Luxury Goods	16.7	%
Semiconductors & Semiconductor Equipment	14.1
Pharmaceuticals	10.3
Affiliated Mutual Funds (5.1% represents investments purchased with collateral from securities on loan)	8.1
Automobiles	7.3
Banks	7.1
Broadline Retail	5.2
Personal Care Products	5.1
Software	3.9
Hotels, Restaurants & Leisure	3.3
Specialty Retail	3.2
Aerospace & Defense	3.1
Electrical Equipment	2.7


Electronic Equipment, Instruments & Components	2.7	%
Biotechnology	2.3
Trading Companies & Distributors	2.2
Machinery	2.0
Beverages	1.5
Automobile Components	1.4
IT Services	1.1
Capital Markets	1.1


	104.4
Liabilities in excess of other assets	(4.4	)


	100.0	%

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

Offsetting of financial instrument/transaction assets and liabilities:

Description

Gross Market
Value of
Recognized
Assets/(Liabilities)

Collateral
Pledged/(Received)(1)

Net
Amount

Securities on Loan

$203,411,868

$(203,411,868)

$—

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

See Notes to Financial Statements.


PGIM Jennison International Opportunities Fund			17

Statement of Assets and Liabilities

as of October 31, 2023


Assets

Investments at value, including securities on loan of $203,411,868:
Unaffiliated investments (cost $3,418,008,398)	$3,973,013,475
Affiliated investments (cost $333,226,628)	333,246,975
Foreign currency, at value (cost $14,792)	14,521
Receivable for investments sold	51,358,470
Receivable for Fund shares sold	11,192,311
Tax reclaim receivable	4,253,397
Dividends receivable	2,454,567
Prepaid expenses and other assets	58,466

Total Assets	4,375,592,182


Liabilities

Payable to broker for collateral for securities on loan	209,891,572
Payable for investments purchased	22,662,531
Payable for Fund shares purchased	14,369,634
Management fee payable	2,660,287
Accrued expenses and other liabilities	1,441,615
Distribution fee payable	137,738
Affiliated transfer agent fee payable	17,724
Directors’ fees payable	5,355

Total Liabilities	251,186,456


Net Assets	$4,124,405,726




Net assets were comprised of:
Common stock, at par	$ 1,687
Paid-in capital in excess of par	4,980,759,142
Total distributable earnings (loss)	(856,355,103	)

Net assets, October 31, 2023	$4,124,405,726

See Notes to Financial Statements.


18


Class A

Net asset value and redemption price per share, ($102,498,747 ÷ 4,271,884 shares of common stock issued and outstanding)	$	23.99
Maximum sales charge (5.50% of offering price)		1.40


Maximum offering price to public	$	25.39


Class C
Net asset value, offering price and redemption price per share, ($22,578,798 ÷ 1,028,524 shares of common stock issued and outstanding)	$	21.95


Class R
Net asset value, offering price and redemption price per share, ($218,828,425 ÷ 9,273,373 shares of common stock issued and outstanding)	$	23.60


Class Z
Net asset value, offering price and redemption price per share, ($2,332,760,691 ÷ 95,230,259 shares of common stock issued and outstanding)	$	24.50


Class R2
Net asset value, offering price and redemption price per share, ($11,710,230 ÷ 487,920 shares of common stock issued and outstanding)	$	24.00


Class R4
Net asset value, offering price and redemption price per share, ($9,810,743 ÷ 403,715 shares of common stock issued and outstanding)	$	24.30


Class R6
Net asset value, offering price and redemption price per share, ($1,426,218,092 ÷ 58,050,366 shares of common stock issued and outstanding)	$	24.57

See Notes to Financial Statements.


PGIM Jennison International Opportunities Fund			19

Statement of Operations

Year Ended October 31, 2023


Net Investment Income (Loss)

Income
Unaffiliated dividend income (net of $5,601,430 foreign withholding tax)	$	42,312,447
Affiliated dividend income		3,869,840
Income from securities lending, net (including affiliated income of $1,192,842)		1,362,871

Total income		47,545,158


Expenses
Management fee		34,454,241
Distribution fee(a)		2,401,156
Shareholder servicing fees(a)		21,665
Transfer agent’s fees and expenses (including affiliated expense of $93,398)(a)		3,417,989
Custodian and accounting fees		413,483
Shareholders’ reports		326,404
Registration fees(a)		167,591
Professional fees		96,831
Directors’ fees		71,015
Audit fee		28,620
SEC registration fees		7,322
Miscellaneous		102,163

Total expenses		41,508,480
Less: Fee waiver and/or expense reimbursement(a)		(1,418,989	)
Distribution fee waiver(a)		(650,406	)

Net expenses		39,439,085

Net investment income (loss)		8,106,073


Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $97,662)		(378,037,317	)
Foreign currency transactions		(1,761,833	)


		(379,799,150	)

Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $8,999)		667,750,819
Foreign currencies		390,657


		668,141,476

Net gain (loss) on investment and foreign currency transactions		288,342,326

Net Increase (Decrease) In Net Assets Resulting From Operations	$	296,448,399

See Notes to Financial Statements.


20

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


	Class A			Class C			Class R			Class Z			Class R2			Class R4			Class R6
Distribution fee		343,943			248,384			1,779,245			—			29,584			—			—
Shareholder servicing fees		—			—			—			—			11,833			9,832			—
Transfer agent’s fees and expenses		129,009			28,655			308,803			2,826,645			19,426			15,483			89,968
Registration fees		18,705			11,750			5,253			84,781			4,602			5,967			36,533
Fee waiver and/or expense reimbursement		(136,365	)		(23,055	)		—			(1,248,705	)		(5,122	)		(5,742	)		—
Distribution fee waiver		(57,324	)		—			(593,082	)		—			—			—			—

See Notes to Financial Statements.


PGIM Jennison International Opportunities Fund			21

Statements of Changes in Net Assets


	Year Ended October 31,

	2023			2022

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)	$	8,106,073		$	(8,021,795	)
Net realized gain (loss) on investment and foreign currency transactions		(379,799,150	)		(1,020,071,756	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		668,141,476			(1,948,124,913	)

Net increase (decrease) in net assets resulting from operations		296,448,399			(2,976,218,464	)


Dividends and Distributions
Distributions from distributable earnings
Class A		—			(181,181	)
Class C		—			(38,113	)
Class R		—			(296,402	)
Class Z		—			(3,142,102	)
Class R2		—			(11,816	)
Class R4		—			(12,841	)
Class R6		—			(1,853,539	)

		—			(5,535,994	)

Tax return of capital distributions
Class A		—			(2,270	)
Class C		—			(478	)
Class R		—			(3,713	)
Class Z		—			(39,364	)
Class R2		—			(148	)
Class R4		—			(161	)
Class R6		—			(23,221	)

		—			(69,355	)


Fund share transactions (Net of share conversions)
Net proceeds from shares sold		1,730,279,329			3,237,458,222
Net asset value of shares issued in reinvestment of dividends and distributions		—			5,596,238
Cost of shares purchased		(1,558,581,592	)		(2,859,687,305	)

Net increase (decrease) in net assets from Fund share transactions		171,697,737			383,367,155

Total increase (decrease)		468,146,136			(2,598,456,658	)

Net Assets:

Beginning of year		3,656,259,590			6,254,716,248


End of year	$	4,124,405,726		$	3,656,259,590

See Notes to Financial Statements.

Financial Highlights



Class A Shares
	Year Ended October 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$22.03			$38.51			$28.14			$19.51			$15.82
Income (loss) from investment operations:
Net investment income (loss)		0.01			(0.09	)		(0.25	)		(0.12	)		0.01
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.95			(16.36	)		10.62			8.75			3.68
Total from investment operations		1.96			(16.45	)		10.37			8.63			3.69
Less Dividends and Distributions:
Tax return of capital distributions		-			(-	)^(b)		-			-			-
Distributions from net realized gains		-			(0.03	)		-			-			-
Total dividends and distributions		-			(0.03	)		-			-			-
Net asset value, end of year		$23.99			$22.03			$38.51			$28.14			$19.51
Total Return^(c):		8.90	%		(42.74	)%		36.90	%		44.11	%		23.39	%


Ratios/Supplemental Data:
Net assets, end of year (000)		$102,499			$105,135			$208,515			$76,093			$26,778
Average net assets (000)		$114,648			$150,632			$142,641			$46,059			$20,599
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		1.09	%		1.09	%		1.09	%		1.09	%		1.09	%
Expenses before waivers and/or expense reimbursement		1.26	%		1.27	%		1.27	%		1.34	%		1.46	%
Net investment income (loss)		0.03	%		(0.34	)%		(0.71	)%		(0.52	)%		0.04	%
Portfolio turnover rate^(e)		59	%		76	%		41	%		43%			53	%

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

(b)	Amount rounds to zero.

(c)

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

(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 International Opportunities Fund			23

Financial Highlights (continued)



Class C Shares
	Year Ended October 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$20.32			$35.82			$26.38			$18.44			$15.08
Income (loss) from investment operations:
Net investment income (loss)		(0.18	)^(b)		(0.30	)		(0.50	)		(0.29	)		(0.13	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.81			(15.17	)		9.94			8.23			3.49
Total from investment operations		1.63			(15.47	)		9.44			7.94			3.36
Less Dividends and Distributions:
Tax return of capital distributions		-			(-	)^(c)		-			-			-
Distributions from net realized gains		-			(0.03	)		-			-			-
Total dividends and distributions		-			(0.03	)		-			-			-
Net asset value, end of year		$21.95			$20.32			$35.82			$26.38			$18.44
Total Return^(d):		8.02	%		(43.22	)%		35.84	%		43.00	%		22.28	%


Ratios/Supplemental Data:
Net assets, end of year (000)		$22,579			$22,981			$40,128			$16,411			$5,302
Average net assets (000)		$24,838			$30,780			$28,884			$9,894			$4,683
Ratios to average net assets^(e):
Expenses after waivers and/or expense reimbursement		1.90	%		1.90	%		1.90	%		1.90	%		1.91	%
Expenses before waivers and/or expense reimbursement		1.99	%		2.01	%		1.97	%		2.15	%		2.33	%
Net investment income (loss)		(0.79	)%		(1.14	)%		(1.52	)%		(1.32	)%		(0.80	)%
Portfolio turnover rate^(f)		59	%		76	%		41	%		43	%		53	%

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

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

(c)	Amount rounds to zero.

(d)

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

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

See Notes to Financial Statements.


24



Class R Shares
	Year Ended October 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$21.75			$38.17			$27.98			$19.48			$15.86
Income (loss) from investment operations:
Net investment income (loss)		(0.09	)^(b)		(0.19	)		(0.37	)		(0.20	)		(0.06	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.94			(16.20	)		10.56			8.70			3.68
Total from investment operations		1.85			(16.39	)		10.19			8.50			3.62
Less Dividends and Distributions:
Tax return of capital distributions		-			(-	)^(c)		-			-			-
Distributions from net realized gains		-			(0.03	)		-			-			-
Total dividends and distributions		-			(0.03	)		-			-			-
Net asset value, end of year		$23.60			$21.75			$38.17			$27.98			$19.48
Total Return^(d):		8.51	%		(42.97)	%		36.42	%		43.56	%		22.89	%


Ratios/Supplemental Data:
Net assets, end of year (000)		$218,828			$230,246			$358,284			$291,162			$280,311
Average net assets (000)		$237,233			$269,777			$340,986			$281,238			$278,086
Ratios to average net assets^(e):
Expenses after waivers and/or expense reimbursement		1.46	%		1.47	%		1.47	%		1.47	%		1.47	%
Expenses before waivers and/or expense reimbursement		1.71	%		1.72	%		1.72	%		1.77	%		1.81	%
Net investment income (loss)		(0.35	)%		(0.70	)%		(1.08	)%		(0.87	)%		(0.36	)%
Portfolio turnover rate^(f)		59	%		76	%		41	%		43	%		53	%

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

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

(c)	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 year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

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

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

See Notes to Financial Statements.


PGIM Jennison International Opportunities Fund			25

Financial Highlights (continued)



Class Z Shares
	Year Ended October 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$22.45			$39.17			$28.56			$19.77			$16.01
Income (loss) from investment operations:
Net investment income (loss)		0.06			(0.04	)		(0.18	)		(0.10	)		0.03
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.99			(16.65	)		10.79			8.89			3.74
Total from investment operations		2.05			(16.69	)		10.61			8.79			3.77
Less Dividends and Distributions:
Dividends from net investment income		-			-			-			-			(0.01	)
Tax return of capital distributions		-			(-	)^(b)		-			-			-
Distributions from net realized gains		-			(0.03	)		-			-			-
Total dividends and distributions		-			(0.03	)		-			-			(0.01	)
Net asset value, end of year		$24.50			$22.45			$39.17			$28.56			$19.77
Total Return^(c):		9.13	%		(42.63	)%		37.15	%		44.46	%		23.56	%


Ratios/Supplemental Data:
Net assets, end of year (000)		$2,332,761			$1,948,250			$3,481,110			$1,364,899			$208,629
Average net assets (000)		$2,382,104			$2,744,398			$2,452,905			$639,223			$139,982
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Expenses before waivers and/or expense reimbursement		0.95	%		0.96	%		0.94	%		0.99	%		1.04	%
Net investment income (loss)		0.21	%		(0.14)	%		(0.51)	%		(0.38)	%		0.15	%
Portfolio turnover rate^(e)		59	%		76	%		41	%		43	%		53	%

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

(b)	Amount rounds to zero.

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

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

(e)	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



Class R2 Shares
	Year Ended October 31,												December 27, 2018^(a) through October 31, 2019
	2023			2022			2021			2020			December 27, 2018^(a) through October 31, 2019
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$22.09			$38.72			$28.35			$19.70			$15.10
Income (loss) from investment operations:
Net investment income (loss)		(0.06	)^(c)		(0.15	)		(0.33	)		(0.29	)		(0.12	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.97			(16.45	)		10.70			8.94			4.72
Total from investment operations		1.91			(16.60	)		10.37			8.65			4.60
Less Dividends and Distributions:
Tax return of capital distributions		-			(-	)^(d)		-			-			-
Distributions from net realized gains		-			(0.03	)		-			-			-
Total dividends and distributions		-			(0.03	)		-			-			-
Net asset value, end of period		$24.00			$22.09			$38.72			$28.35			$19.70
Total Return^(e):		8.65	%		(42.90	)%		36.58	%		43.91	%		30.46	%


Ratios/Supplemental Data:
Net assets, end of period (000)		$11,710			$10,579			$13,101			$4,664			$233
Average net assets (000)		$11,833			$11,553			$8,789			$1,557			$44
Ratios to average net assets^(f):
Expenses after waivers and/or expense reimbursement		1.34	%		1.34	%		1.33	%		1.32	%		1.26	%^(g)
Expenses before waivers and/or expense reimbursement		1.38	%		1.41	%		1.41	%		2.23	%		64.97	%^(g)
Net investment income (loss)		(0.23	)%		(0.55	)%		(0.92	)%		(1.06	)%		(0.76	)%^(g)
Portfolio turnover rate^(h)		59	%		76	%		41	%		43	%		53	%

(a)	Commencement of offering.

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

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

(d)	Amount rounds to zero.

(e)

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

(g)	Annualized.

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

See Notes to Financial Statements.


PGIM Jennison International Opportunities Fund			27

Financial Highlights (continued)



Class R4 Shares
	Year Ended October 31,												December 27, 2018^(a) through October 31, 2019
	2023			2022			2021			2020			December 27, 2018^(a) through October 31, 2019
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$22.31			$39.01			$28.49			$19.75			$15.10
Income (loss) from investment operations:
Net investment income (loss)		-	^(c)		(0.09	)		(0.25	)		(0.11	)		(0.02	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.99			(16.58	)		10.77			8.85			4.67
Total from investment operations		1.99			(16.67)			10.52			8.74			4.65
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		$24.30			$22.31			$39.01			$28.49			$19.75
Total Return^(d):		8.92	%		(42.76)	%		36.97	%		44.20	%		30.79	%


Ratios/Supplemental Data:
Net assets, end of period (000)		$9,811			$8,646			$16,892			$1,359			$846
Average net assets (000)		$9,832			$11,164			$11,907			$1,023			$293
Ratios to average net assets^(e):
Expenses after waivers and/or expense reimbursement		1.09	%		1.09	%		1.08	%		1.04	%		0.95	%^(f)
Expenses before waivers and/or expense reimbursement		1.15	%		1.16	%		1.14	%		2.47	%		10.65	%^(f)
Net investment income (loss)		0.02	%		(0.33	)%		(0.69	)%		(0.46	)%		(0.11	)%^(f)
Portfolio turnover rate^(g)		59	%		76	%		41	%		43	%		53	%

(a)	Commencement of offering.

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

(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.


28



Class R6 Shares
				Year Ended October 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$22.50			$39.24			$28.59			$19.78			$16.02
Income (loss) from investment operations:
Net investment income (loss)		0.07			(0.02	)		(0.16	)		(0.08	)		0.04
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.00			(16.69	)		10.81			8.89			3.74
Total from investment operations		2.07			(16.71	)		10.65			8.81			3.78
Less Dividends and Distributions:
Dividends from net investment income		-			-			-			-			(0.02	)
Tax return of capital distributions		-			(-	)^(b)		-			-			-
Distributions from net realized gains		-			(0.03	)		-			-			-
Total dividends and distributions		-			(0.03	)		-			-			(0.02	)
Net asset value, end of year		$24.57			$22.50			$39.24			$28.59			$19.78
Total Return^(c):		9.20	%		(42.61	)%		37.25	%		44.54	%		23.72	%


Ratios/Supplemental Data:
Net assets, end of year (000)		$1,426,218			$1,330,422			$2,136,686			$673,736			$101,975
Average net assets (000)		$1,495,043			$1,686,565			$1,445,464			$295,968			$54,900
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.84	%		0.84	%		0.84	%		0.84	%		0.84	%
Expenses before waivers and/or expense reimbursement		0.84	%		0.84	%		0.84	%		0.91	%		0.98	%
Net investment income (loss)		0.27	%		(0.07)	%		(0.46)	%		(0.32)	%		0.20	%
Portfolio turnover rate^(e)		59	%		76	%		41	%		43	%		53	%

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

(b)	Amount rounds to zero.

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

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

(e)	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			29

Notes to Financial Statements

1. Organization

Prudential World Fund, Inc. (the “Registered Investment Company” or “RIC”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The RIC is organized as a Maryland Corporation. These financial statements relate only to the PGIM Jennison International Opportunities Fund (the “Fund”), a series of the RIC. The Fund is classified as a diversified fund for purposes of the 1940 Act.

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

2. Accounting Policies


30

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


PGIM Jennison International Opportunities Fund			31

Notes to Financial Statements (continued)

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

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

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

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


32

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.


PGIM Jennison International Opportunities Fund			33

Notes to Financial Statements (continued)



Expected Distribution Schedule to Shareholders*		Frequency

Net Investment Income		Annually

Short-Term Capital Gains		Annually

Long-Term Capital Gains		Annually

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

3. Agreements

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


34

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended October 31, 2023, the contractual and effective management fee rates were as follows:



Contractual Management Rate	Effective Management Fee, before any waivers and/or expense reimbursements

0.825% on average daily net assets up to and including $1 billion;		0.806%

0.80% on average daily net assets from $1 billion to

$5 billion; 0.78% on average daily net assets exceeding $5 billion.

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


Class	Fund Expense Limitation*	Class Expense Limitation
A	0.84%	1.09%
C	0.84	1.90**
R	0.84	1.48**
Z	0.84	0.90**
R2	0.84	1.34***
R4	0.84	1.09***
R6	0.84	0.84**

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

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

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


PGIM Jennison International Opportunities Fund			35

Notes to Financial Statements (continued)

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

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

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

Class

Gross Distribution Fee

Net Distribution Fee

Shareholder Service Fee

0.30

0.25

N/A

1.00

N/A

0.75

0.50

N/A

0.25

0.10

N/A

0.10

N/A



Class	FESL		CDSC
A		$150,035		$ 726
C		—		4,472

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


36

4. Other Transactions with Affiliates

5. Portfolio Securities



Cost of Purchases		Proceeds from Sales
$2,699,139,906		$2,432,725,908

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended October 31, 2023, is presented as follows:


Value, Beginning of Year	Cost of Purchases	Proceeds from Sales	Change in Unrealized Gain (Loss)	Realized Gain (Loss)	Value, End of Year	Shares, End of Year		Income

Short-Term Investments - Affiliated Mutual Funds:

PGIM Core Government Money Market Fund^(1)(wb)
$ —	$1,317,199,716	$1,194,543,442	$ —	$ —	$122,656,274		122,656,274		$3,869,840


PGIM Jennison International Opportunities Fund			37

Notes to Financial Statements (continued)


Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Year		Shares, End of Year		Income

PGIM Institutional Money Market Fund^(1)(b)(wb)
$150,020,337		$1,601,544,973		$1,541,081,270		$8,999		$97,662		$210,590,701		210,696,049		$1,192,842	⁽²⁾
$150,020,337		$2,918,744,689		$2,735,624,712		$8,999		$97,662		$333,246,975				$5,062,682

(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. Distributions and Tax Information

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

For the year ended October 31, 2023, there were no distributions paid by the Fund.

For the year ended October 31, 2022, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

Ordinary

Income

Long-Term
Capital Gains

Tax Return
of Capital

Total Dividends
and Distributions

$—

$5,535,994

$69,355

$5,605,349

For the year ended October 31, 2023, the Fund had the following amounts of accumulated undistributed earnings on a tax basis:



Undistributed Ordinary Income		Undistributed Long-Term Capital Gains
$4,519,099		$—

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of October 31, 2023 were as follows:

Tax Basis

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

$3,804,775,118

$803,070,389

$(301,585,057)

$501,485,332

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


38



Capital Loss Carryforward		Capital Loss Carryforward Utilized
$1,362,377,000		$—

7. Capital and Ownership

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


PGIM Jennison International Opportunities Fund			39

Notes to Financial Statements (continued)

The RIC is authorized to issue 10,225,000,000 shares of common stock, $0.00001 par value per share, 3,550,000,000 of which are designated as shares of the Fund. The authorized shares of the Fund are currently classified and designated as follows:


Class	Number of Shares

A		150,000,000

C		100,000,000

R		100,000,000

Z		2,000,000,000

R2		100,000,000

R4		100,000,000

R6		1,000,000,000

As of October 31, 2023, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:


Class	Number of Shares		Percentage of Outstanding Shares
Z		28,259		0.1	%
R2		663		0.1
R4		663		0.2

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


	Number of Shareholders		Percentage of Outstanding Shares
Affiliated		—		—	%
Unaffiliated		6		78.1

Transactions in shares of common stock were as follows:



Share Class	Shares			Amount

Class A

Year ended October 31, 2023:

Shares sold		928,798		$	23,616,317

Shares purchased		(1,447,891	)		(36,155,179	)

Net increase (decrease) in shares outstanding before conversion		(519,093	)		(12,538,862	)

Shares issued upon conversion from other share class(es)		287,546			7,259,438

Shares purchased upon conversion into other share class(es)		(269,268	)		(6,876,548	)

Net increase (decrease) in shares outstanding		(500,815	)	$	(12,155,972	)


40



Share Class	Shares			Amount

Year ended October 31, 2022:

Shares sold		1,863,405		$	55,373,880

Shares issued in reinvestment of dividends and distributions		5,200			182,714

Shares purchased		(2,566,608	)		(69,034,328	)

Net increase (decrease) in shares outstanding before conversion		(698,003	)		(13,477,734	)

Shares issued upon conversion from other share class(es)		297,066			8,736,406

Shares purchased upon conversion into other share class(es)		(240,270	)		(7,536,465	)

Net increase (decrease) in shares outstanding		(641,207	)	$	(12,277,793	)

Class C

Year ended October 31, 2023:

Shares sold		187,589		$	4,440,068

Shares purchased		(243,289	)		(5,598,141	)

Net increase (decrease) in shares outstanding before conversion		(55,700	)		(1,158,073	)

Shares purchased upon conversion into other share class(es)		(46,809	)		(1,093,354	)

Net increase (decrease) in shares outstanding		(102,509	)	$	(2,251,427	)

Year ended October 31, 2022:

Shares sold		439,161		$	12,611,578

Shares issued in reinvestment of dividends and distributions		1,181			38,543

Shares purchased		(381,085	)		(9,470,187	)

Net increase (decrease) in shares outstanding before conversion		59,257			3,179,934

Shares purchased upon conversion into other share class(es)		(48,581	)		(1,296,415	)

Net increase (decrease) in shares outstanding		10,676		$	1,883,519

Class R

Year ended October 31, 2023:

Shares sold		770,737		$	18,505,836

Shares purchased		(2,085,417	)		(51,603,399	)

Net increase (decrease) in shares outstanding		(1,314,680	)	$	(33,097,563	)

Year ended October 31, 2022:

Shares sold		2,646,941		$	70,002,360

Shares issued in reinvestment of dividends and distributions		8,622			300,115

Shares purchased		(1,455,193	)		(39,061,923	)

Net increase (decrease) in shares outstanding		1,200,370		$	31,240,552

Class Z

Year ended October 31, 2023:

Shares sold		47,423,534		$	1,228,116,493

Shares purchased		(38,873,083	)		(985,909,752	)

Net increase (decrease) in shares outstanding before conversion		8,550,451			242,206,741

Shares issued upon conversion from other share class(es)		366,669			9,499,673

Shares purchased upon conversion into other share class(es)		(481,122	)		(12,457,578	)

Net increase (decrease) in shares outstanding		8,435,998		$	239,248,836


PGIM Jennison International Opportunities Fund			41

Notes to Financial Statements (continued)



Share Class	Shares			Amount

Year ended October 31, 2022:

Shares sold		76,944,814			$	2,301,749,213

Shares issued in reinvestment of dividends and distributions		88,911				3,178,566

Shares purchased		(78,931,653	)			(2,134,832,204	)

Net increase (decrease) in shares outstanding before conversion		(1,897,928	)			170,095,575

Shares issued upon conversion from other share class(es)		233,999				7,032,081

Shares purchased upon conversion into other share class(es)		(411,416	)			(12,499,417	)

Net increase (decrease) in shares outstanding		(2,075,345	)		$	164,628,239

Class R2

Year ended October 31, 2023:

Shares sold		120,287			$	3,018,622

Shares purchased		(111,283	)			(2,820,567	)

Net increase (decrease) in shares outstanding		9,004			$	198,055

Year ended October 31, 2022:

Shares sold		205,770			$	5,870,696

Shares issued in reinvestment of dividends and distributions		339				11,964

Shares purchased		(65,558	)			(1,795,651	)

Net increase (decrease) in shares outstanding		140,551			$	4,087,009

Class R4

Year ended October 31, 2023:

Shares sold		101,724			$	2,654,605

Shares purchased		(85,547	)			(2,110,945	)

Net increase (decrease) in shares outstanding		16,177			$	543,660

Year ended October 31, 2022:

Shares sold		180,706			$	5,177,531

Shares issued in reinvestment of dividends and distributions		365				13,002

Shares purchased		(226,586	)			(6,776,093	)

Net increase (decrease) in shares outstanding		(45,515	)		$	(1,585,560	)

Class R6

Year ended October 31, 2023:

Shares sold		17,208,208			$	449,927,388

Shares purchased		(18,426,569	)			(474,383,609	)

Net increase (decrease) in shares outstanding before conversion		(1,218,361	)			(24,456,221	)

Shares issued upon conversion from other share class(es)		228,434				5,979,034

Shares purchased upon conversion into other share class(es)		(90,206	)			(2,310,665	)

Net increase (decrease) in shares outstanding		(1,080,133	)		$	(20,787,852	)


42



Share Class	Shares			Amount

Year ended October 31, 2022:

Shares sold		26,706,420			$786,672,964

Shares issued in reinvestment of dividends and distributions		52,243			1,871,334

Shares purchased		(22,246,205	)		(598,716,919	)

Net increase (decrease) in shares outstanding before conversion		4,512,458			189,827,379

Shares issued upon conversion from other share class(es)		212,509			6,952,926

Shares purchased upon conversion into other share class(es)		(46,935	)		(1,389,116	)

Net increase (decrease) in shares outstanding		4,678,032			$195,391,189

8. Borrowings



	Current SCA	Prior SCA
Term of Commitment	9/29/2023 – 9/26/2024	9/30/2022 – 9/28/2023
Total Commitment	$ 1,200,000,000	$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent	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 Fund utilized the SCA during the year ended October 31, 2023. The average daily balance for the 1 day that the Fund had loans outstanding during the period was approximately $8,047,000, borrowed at a weighted average interest rate of 6.40%. The maximum loan outstanding amount during the period was $8,047,000. At October 31, 2023, the Fund did not have an outstanding loan amount.


PGIM Jennison International Opportunities Fund			43

Notes to Financial Statements (continued)

9. Risks of Investing in the Fund

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

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

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

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

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


44

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.

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

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

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


PGIM Jennison International Opportunities Fund			45

Notes to Financial Statements (continued)

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

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


46

investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.

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

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

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


PGIM Jennison International Opportunities Fund			47

Notes to Financial Statements (continued)

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

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

10. Recent Regulatory Developments


48

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Prudential World Fund, Inc. and Shareholders of PGIM Jennison International Opportunities Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PGIM Jennison International Opportunities Fund (one of the funds constituting Prudential World Fund, Inc., referred to hereafter as the “Fund”) as of October 31, 2023, the related statement of operations for the year ended October 31, 2023, the statements of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the four years in the period ended October 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2023 and the financial highlights for each of the four years in the period ended October 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

December 18, 2023

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


PGIM Jennison International Opportunities Fund			49

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS (unaudited)



Independent Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Ellen S. Alberding 1958 Board Member Portfolios Overseen: 100	Chief Executive Officer and President, The Joyce Foundation (charitable foundation) (since 2002); formerly Vice Chair, City Colleges of Chicago (community college system) (2011-2015); formerly Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); formerly Trustee, Economic Club of Chicago (2009-2016); Trustee, Loyola University (since 2018).	None.	Since September 2013

Kevin J. Bannon 1952 Board Member Portfolios Overseen: 101	Retired; formerly Managing Director (April 2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; formerly President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (September 2008-August 2023).	Since July 2008


PGIM Jennison International Opportunities Fund



Independent Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Linda W. Bynoe 1952 Board Member Portfolios Overseen: 98	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Limited LLC (formerly Telemat Ltd) (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co. (broker-dealer).	Trustee of Equity Residential (residential real estate) (since December 2009); Director of Northern Trust Corporation (financial services) (since April 2006); formerly Director of Anixter International, Inc. (communication products distributor) (January 2006-June 2020).	Since March 2005

Barry H. Evans 1960 Board Member Portfolios Overseen: 101	Retired; formerly President (2005-2016), Global Chief Operating Officer (2014-2016), Chief Investment Officer - Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management (asset management).	Formerly Director, Manulife Trust Company (2011-2018); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).	Since September 2017

Keith F. Hartstein 1956 Board Member & Independent Chair Portfolios Overseen: 101	Retired; formerly Member (November 2014-September 2022) of the Governing Council of the Independent Directors Council (IDC) (organization of independent mutual fund directors); formerly Executive Committee of the IDC Board of Governors (October 2019-December 2021); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); formerly Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.	Since September 2013


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Independent Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Laurie Simon Hodrick 1962 Board Member Portfolios Overseen: 98	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly Visiting Professor of Law, Stanford Law School (2015-2021); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008).	Independent Director, Andela (since January 2022) (global talent network); Independent Director, Roku (since December 2020) (communication services); formerly Independent Director, Synnex Corporation (2019-2021) (information technology); formerly Independent Director, Kabbage, Inc. (2018-2020) (financial services); formerly Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017

Brian K. Reid 1961 Board Member Portfolios Overseen: 101	Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); formerly Director, ICI Mutual Insurance Company (2012-2017).	None.	Since March 2018


PGIM Jennison International Opportunities Fund



Independent Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Grace C. Torres 1959 Board Member Portfolios Overseen: 101	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank; formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National Bank.	Since November 2014


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Interested Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Stuart S. Parker 1962 Board Member & President Portfolios Overseen: 101	President, Chief Executive Officer, Chief Operating Officer and Officer in Charge of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); President and Principal Executive Officer (“PEO”) (since December 2023) of the PGIM Credit Income Fund; President and PEO (since September 2022) of the PGIM Private Credit Fund; President and PEO (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011); Investment Company Institute - Board of Governors (since May 2012).	None.	Since January 2012

Scott E. Benjamin 1973 Board Member & Vice President Portfolios Overseen: 101	Executive Vice President (since May 2009) of PGIM Investments LLC; Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); Vice President (since December 2023) of the PGIM Credit Income Fund; Vice President (since September 2022) of the PGIM Private Credit Fund; Vice President (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).	None.	Since March 2010


PGIM Jennison International Opportunities Fund



Fund Officers^(a)

Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Claudia DiGiacomo 1974 Chief Legal Officer	Chief Legal Officer (since December 2023) of the PGIM Credit Income Fund; Chief Legal Officer (since September 2022) of the PGIM Private Credit Fund; Chief Legal Officer (since July 2022) of the PGIM Private Real Estate Fund, Inc.; Chief Legal Officer, Executive Vice President and Secretary of PGIM Investments LLC (since August 2020); Chief Legal Officer of Prudential Mutual Fund Services LLC (since August 2020); Chief Legal Officer of PIFM Holdco, LLC (since August 2020); Vice President and Corporate Counsel (since January 2005) of Prudential; and Corporate Counsel of AST Investment Services, Inc. (since August 2020); formerly Vice President and Assistant Secretary of PGIM Investments LLC (2005-2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005

Andrew Donohue 1972 Chief Compliance Officer	Chief Compliance Officer (since May 2023) of the PGIM Funds, Target Funds, PGIM ETF Trust, PGIM Global High Yield Fund, Inc., PGIM High Yield Bond Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Private Credit Fund, PGIM Private Real Estate Fund, Inc.; Chief Compliance Officer of AST Investment Services, Inc. (since October 2022); Vice President, Chief Compliance Officer of PGIM Investments LLC (since September 2022); Chief Compliance Officer (since December 2023) of the PGIM Credit Income Fund; formerly various senior compliance roles within Principal Global Investors, LLC., global asset management for Principal Financial (2011-2022), most recently as Global Chief Compliance Officer (2016-2022).	Since May 2023

Andrew R. French 1962 Secretary	Vice President (since December 2018) of PGIM Investments LLC; Secretary (since December 2023) of the PGIM Credit Income Fund; Secretary (since September 2022) of the PGIM Private Credit Fund; Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Vice President and Corporate Counsel (2010-2018) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since October 2006


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Fund Officers^(a)

Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Melissa Gonzalez 1980 Assistant Secretary	Vice President and Corporate Counsel (since September 2018) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Assistant Secretary (since December 2023) of the PGIM Credit Income Fund; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director and Corporate Counsel (March 2014-September 2018) of Prudential.	Since March 2020

Patrick E. McGuinness 1986 Assistant Secretary	Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Director and Corporate Counsel (since February 2017) of Prudential; Assistant Secretary (since December 2023) of the PGIM Credit Income Fund; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.	Since June 2020

Debra Rubano 1975 Assistant Secretary	Vice President and Corporate Counsel (since November 2020) of Prudential; Assistant Secretary (since December 2023) of the PGIM Credit Income Fund; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc; formerly Director and Senior Counsel of Allianz Global Investors U.S. Holdings LLC (2010-2020) and Assistant Secretary of numerous funds in the Allianz fund complex (2015-2020).	Since December 2020

George Hoyt 1965 Assistant Secretary	Vice President and Corporate Counsel of Prudential (since September 2023); formerly Associate General Counsel of Franklin Templeton and Secretary and Chief Legal Officer of certain funds in the Franklin Templeton complex (2020- 2023) and Managing Director (2016-2020) and Associate General Counsel for Legg Mason, Inc. and its predecessors (2004-2020).	Since December 2023

Devan Goolsby 1991 Assistant Secretary	Vice President and Corporate Counsel of Prudential (since May 2023); formerly Associate at Eversheds Sutherland (US) LLP (2021-2023); Compliance Officer at Bloomberg LP (2019-2021); and an Examiner at the Financial Industry Regulatory Authority (2015-2019).	Since December 2023

Kelly A. Coyne 1968 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010); Assistant Secretary (since December 2023) of the PGIM Credit Income Fund; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.	Since March 2015


		PGIM Jennison International Opportunities Fund



Fund Officers^(a)

Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Christian J. Kelly 1975 Chief Financial Officer	Vice President, Global Head of Fund Administration of PGIM Investments LLC (since November 2018); Chief Financial Officer (since March 2023) of PGIM Investments mutual funds, closed end funds and ETFs, Advanced Series Trust Portfolios, Prudential Series Funds and Prudential Gibraltar Fund; Chief Financial Officer (since December 2023) of the PGIM Credit Income Fund; Chief Financial Officer of PGIM Private Credit Fund (since September 2022); Chief Financial Officer of PGIM Private Real Estate Fund, Inc. (since July 2022); formerly Treasurer and Principal Financial Officer (January 2019- March 2023) of PGIM Investments mutual funds, closed end funds and ETFs, Advanced Series Trust Portfolios, Prudential Series Funds and Prudential Gibraltar Fund; formerly Treasurer and Principal Financial Officer (March 2022 – July 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).	Since January 2019

Russ Shupak 1973 Treasurer and Principal Accounting Officer	Vice President (since 2017) within PGIM Investments Fund Administration; Treasurer and Principal Accounting Officer of PGIM Investments mutual funds, closed end funds and ETFs (since March 2023); Treasurer and Principal Accounting Officer (since December 2023) of the PGIM Credit Income Fund; Treasurer and Principal Accounting Officer (since July 2022) of the PGIM Private Real Estate Fund, Inc.; Assistant Treasurer (since September 2022) of the PGIM Private Credit Fund; formerly Assistant Treasurer (March 2022 – July 2022) of the PGIM Private Real Estate Fund, Inc.; Assistant Treasurer of Advanced Series Trust Portfolios, Prudential Series Funds and Prudential Gibraltar Fund (since October 2019); formerly Director (2013-2017) within PGIM Investments Fund Administration.	Since October 2019

Lana Lomuti 1967 Assistant Treasurer	Vice President (since 2007) within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.; formerly Director (2005-2007) within PGIM Investments Fund Administration.	Since April 2014

Deborah Conway 1969 Assistant Treasurer	Vice President (since 2017) within PGIM Investments Fund Administration; formerly Director (2007-2017) within PGIM Investments Fund Administration.	Since October 2019


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Fund Officers^(a)

Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) within PGIM Investments Fund Administration; Treasurer and Principal Accounting Officer of the Advanced Series Trust, the Prudential Series Fund and the Prudential Gibraltar Fund (since March 2023); Assistant Treasurer (since December 2023) of the PGIM Credit Income Fund; Treasurer and Principal Accounting Officer (since September 2022) of the PGIM Private Credit Fund; Assistant Treasurer (since March 2022) of the PGIM Private Real Estate Fund, Inc.; Assistant Treasurer of PGIM Investments mutual funds, closed end funds and ETFs (since October 2019); formerly Director (2011-2017) within PGIM Investments Fund Administration.	Since October 2019

Robert W. McCormack 1973 Assistant Treasurer	Vice President (since 2019) within PGIM Investments Fund Administration; Assistant Treasurer (since March 2023) of PGIM Investments mutual funds, closed end funds, ETFs, Advanced Series Trust Portfolios, Prudential Series Funds and Prudential Gibraltar Fund; Assistant Treasurer (since December 2023) of the PGIM Credit Income Fund; Assistant Treasurer (since September 2022) of the PGIM Private Credit Fund; Assistant Treasurer (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director (2016-2019) within PGIM Investments Fund Administration; formerly Vice President within Goldman, Sachs & Co. Investment Management Controllers (2008-2016), Assistant Treasurer of Goldman Sachs Family of Funds (2015-2016).	Since March 2023

Kelly Florio 1978 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Global Compliance Programs and Compliance Risk Management (since December 2021) of Prudential; formerly Head of Fraud Risk Management (October 2019-December 2021) at New York Life Insurance Company; formerly Head of Key Risk Area Operations (November 2018-October 2019), Director of the US Anti-Money Laundering Compliance Unit (2009-2018) and Bank Loss Prevention Associate (2006-2009) at MetLife.	Since June 2022

^(a) Excludes Mr.Parker and Mr.Benjamin, interested Board Members who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

∎

Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC.

∎

Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102-4410.

∎


PGIM Jennison International Opportunities Fund

∎

As used in the Fund Officers table “Prudential” means The Prudential Insurance Company of America.


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Approval of Advisory Agreements (continued)

The Fund’s Board of Directors

The Board of Directors (the “Board”) of PGIM Jennison International Opportunities Fund (the “Fund”)1 consists of ten individuals, eight of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Directors have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. The Board has established five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent Directors.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and the Fund’s subadvisory agreement with Jennison Associates LLC (“Jennison”). In considering the renewal of the agreements, the Board, including all of the Independent Directors, met on May 25 and June 6-8, 2023 (the “Board Meeting”) and approved the renewal of the agreements through July 31, 2024, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

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

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

¹PGIM Jennison International Opportunities Fund is a series of Prudential World Fund, Inc.


		PGIM Jennison International Opportunities Fund

Approval of Advisory Agreements (continued)

The material factors and conclusions that formed the basis for the Directors’ reaching their determinations to approve the continuance of the agreements are separately discussed below.

Nature, Quality and Extent of Services

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments and the subadvisory services provided to the Fund by Jennison, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments and Jennison under the management and subadvisory agreements.


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Costs of Services and Profits Realized by PGIM Investments

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

Economies of Scale

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

Other Benefits to PGIM Investments and Jennison


		PGIM Jennison International Opportunities Fund

Approval of Advisory Agreements (continued)

derived by PGIM Investments and Jennison were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-, three- and five-year periods ended December 31, 2022.

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



Net Performance	1 Year	3 Years	5 Years	10 Years
Net Performance	4th Quartile	1st Quartile	1st Quartile	1st Quartile

Actual Management Fees: 2nd Quartile

Net Total Expenses: 2nd Quartile

●	The Board noted that the Fund outperformed its benchmark index over the three-, five- and ten-year periods, and underperformed over the one-year period.


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●

The Board and PGIM Investments agreed to retain the Fund’s existing contractual expense cap that (exclusive of certain fees and expenses) caps net annual operating expenses at 0.84% for each class of the Fund’s shares, and that limits transfer agency, shareholder servicing, sub-transfer agency and blue sky fees, as applicable, to the extent that such fees cause the net annual operating expenses to exceed 1.34% of average daily net assets for Class R2 shares or 1.09% of average daily net assets for Class R4 shares through February 29, 2024.

●	The Board and PGIM Investments agreed to retain the Fund’s existing contractual expense cap with respect to Class A shares, pursuant to which PGIM Investments agrees to limit total annual operating expenses for Class A shares to 1.09% through February 29, 2024.

●

The Board and PGIM Investments agreed to retain the Fund’s existing contractual expense waiver, pursuant to which (exclusive of certain fees and expenses) PGIM Investments waives and/or reimburses up to 0.06% of certain other expenses, through February 29, 2024, to the extent that total annual operating expenses exceed 1.90% for Class C shares, 1.48% for Class R shares, 0.90% for Class Z shares, and 0.84% for Class R6 shares.

●

●	The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

●	The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

* * *

After full consideration of these factors, the Board concluded that the approval of the agreements was in the best interests of the Fund and its shareholders.


		PGIM Jennison International Opportunities Fund



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

PROXY VOTING

DIRECTORS

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

OFFICERS

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


MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102

SUBADVISER	Jennison Associates LLC	466 Lexington Avenue New York, NY 10017

DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102

CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286

TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 534432 Pittsburgh, PA 15253

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017

FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

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

AVAILABILITY OF PORTFOLIO HOLDINGS

The Fund’s Statement of Additional Information contains additional information about the Fund’s Directors and is available without charge, upon request, by calling (800) 225-1852.

Mutual Funds:

ARE NOT INSURED BY THE FDIC OR ANY

FEDERAL GOVERNMENT AGENCY

MAY LOSE VALUE

ARE NOT A DEPOSIT OF OR GUARANTEED

BY ANY BANK OR ANY BANK AFFILIATE

LOGO

PGIM JENNISON INTERNATIONAL OPPORTUNITIES FUND

SHARE CLASS

NASDAQ

PWJAX

PWJCX

PWJRX

PWJZX

PWJBX

PWJDX

PWJQX

CUSIP

743969677

743969669

743969487

743969651

743969412

743969396

743969586

MF215E

LOGO

PGIM EMERGING MARKETS DEBT HARD CURRENCY FUND

ANNUAL REPORT

OCTOBER 31, 2023

LOGO

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

Table of Contents



Letter from the President			3

Your Fund’s Performance			4

Growth of a $10,000 Investment			5

Strategy and Performance Overview			8

Fees and Expenses			11

Holdings and Financial Statements			13

Approval of Advisory Agreements

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

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

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. © 2023 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2 Visit our website at pgim.com/investments

Letter from the President

Dear Shareholder:

We hope you find the annual report for the PGIM Emerging Markets Debt Hard Currency Fund informative and useful. The report covers performance for the 12-month period that ended October 31, 2023.

Thank you for choosing our family of funds.

Sincerely,

LOGO

Stuart S. Parker, President

PGIM Emerging Markets Debt Hard Currency Fund

December 15, 2023

PGIM Emerging Markets Debt Hard Currency Fund 3

Your Fund’s Performance (unaudited)



	Average Annual Total Returns as of 10/31/23
	One Year (%)	Five Years (%)	Since Inception (%)

Class A

(with sales charges)	4.56	-1.46	-2.45 (12/12/2017)

(without sales charges)	8.07	-0.81	-1.90 (12/12/2017)

Class C

(with sales charges)	6.26	-1.55	-2.63 (12/12/2017)

(without sales charges)	7.26	-1.55	-2.63 (12/12/2017)

Class Z

(without sales charges)	8.57	-0.50	-1.60 (12/12/2017)

Class R6

(without sales charges)	8.50	-0.43	-1.54 (12/12/2017)

JP Morgan Emerging Markets Bond Index Global Diversified Index
	8.36	-0.19	-0.92

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Growth of a $10,000 Investment (unaudited)

LOGO

The graph compares a $10,000 investment in the Fund’s Class Z shares with a similar investment in the JP Morgan Emerging Markets Bond Index Global Diversified Index by portraying the initial account values at the commencement of operations for Class Z shares (December 12, 2017) and the account values at the end of the current fiscal year (October 31, 2023) as measured on a quarterly basis. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested. The line graph provides information for Class Z shares only. As indicated in the tables provided earlier, performance for other share classes will vary due to the differing fees and expenses applicable to each share class (as indicated in the following paragraphs). Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

PGIM Emerging Markets Debt Hard Currency Fund 5

Your Fund’s Performance (continued)



	Class A	Class C	Class Z	Class R6

Maximum initial sales charge	3.25% of the public offering price	None	None	None

Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption)	1.00% on sales of $500,000 or more made within 12 months of purchase	1.00% on sales made within 12 months of purchase	None	None

Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.25%	1.00%	None	None

Benchmark Definition

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

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Credit Quality expressed as a percentage of total investments as of 10/31/23 (%)

AAA		1.8

AA		4.4

A		6.3

BBB		35.2

BB		25.2

B		16.2

CCC		4.9

CC		2.8

C		0.8

D		0.1

Not Rated		0.6

Cash/Cash Equivalents		1.7

Total		100.0



Distributions and Yields as of 10/31/23

	Total Distributions Paid for One Year ($)	SEC 30-Day Subsidized *Yield (%)**	SEC 30-Day Unsubsidized Yield (%)**

Class A	0.52	7.25		3.29

Class C	0.46	6.73		-12.12

Class Z	0.54	7.81		7.78

Class R6	0.54	7.92		7.63

PGIM Emerging Markets Debt Hard Currency Fund 7

Strategy and Performance Overview* (unaudited)

How did the Fund perform?

The PGIM Emerging Markets Debt Hard Currency Fund’s Class Z shares returned 8.57% in the 12-month reporting period that ended October 31, 2023, outperforming the 8.36% return of the JP Morgan Emerging Markets Bond Index Global Diversified Index (the Index).

What were the market conditions?

Emerging-markets debt posted positive returns during the reporting period, even as some headwinds emerged toward the end of the period. Reduced rate-hike expectations, declining interest rate volatility, and a softer US dollar provided for a constructive tone throughout much of the reporting period. However, slowing growth in China and Europe, a rise in US Treasury yields, and a resilient US dollar led to mixed performance over the final few months of the reporting period.

While the constructive note of year-end 2022 carried into the beginning of 2023, uncertainty increased in February due to elevated inflation data and then exploded in March as Silicon Valley Bank and Signature Bank failed and Credit Suisse Group AG experienced distress. Concerns about financial instability then led to a negative confidence shock that pressured valuations and created further dispersion between higher-quality and lower-quality issuers. Local interest rates produced positive returns in the first quarter of 2023 amid an uptick in volatility, trading directionally with developed markets, and inflation data mixed across countries. Meanwhile, emerging-markets foreign exchanges (EMFX) registered gains, but those were concentrated in Latin America and Europe, with high yielding currencies outperforming.

Emerging-markets debt saw positive gains in the second quarter of 2023 as momentum shifted in response to increased clarity concerning inflation, interest rates, and growth, as well as a resolution to the US debt ceiling. Local interest rates performed well during the quarter due to lower-than-expected inflation data in emerging markets and strong emerging-markets currencies against the US dollar. EMFX was also positive in the quarter.

In the third quarter of 2023, emerging-markets debt had mixed performance, performing well in July with a rally in spreads, led by tightening in high yield, before widening in August amid slowing growth in China and Europe. Local interest rates posted modestly negative total returns, and yields rose. In response to bear steepening of the US yield curve, a majority of emerging-markets curves steepened. (Bear steepening occurs when interest rates on long-term bonds rise faster than rates on short-term bonds.) While overall EMFX performance was negative against the US dollar, Latin American currencies gained amid central bank rate cuts.

Over the last month of the reporting period, returns across hard currency, local currency, and corporates were negative, while EMFX exhibited positive returns. The emerging-markets debt sovereign sector exhibited positive spread returns in October 2023, with investment-grade bonds lagging while high yield outperformed. Within local interest rates, Europe and Africa/Middle East outperformed in October, while

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What worked?

Overall issue selection and currency selection contributed to the Fund’s performance during the reporting period.

Sovereign debt positioning in Ukraine, Pakistan, China, Argentina, and Mexico also contributed to performance.

While overall country selection detracted from performance, long-spread duration positioning in India, the Dominican Republic, Cote D’Ivoire, Serbia, and Indonesia contributed. (Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates.)

Within currencies, overweight positioning relative to the Index in the Hungarian forint and Colombian peso, along with underweight positioning in the Korean won and Singapore dollar, contributed to performance.

In out-of-Index local currency, positioning in South Africa contributed to performance.

What didn’t work?

Short-spread duration in Turkey, Nigeria, and El Salvador, along with neutral positioning in Ukraine, detracted from the Fund’s performance during the reporting period.

Sovereign positioning in Brazil, Sri Lanka, Ghana, and Chile also detracted from performance.

While overall currency selection contributed to performance, an underweight relative to the Index to the Thai baht, along with overweights relative to the Index to the Israeli shekel and US dollar, detracted.

In out-of-Index local currency, positioning in Korea detracted from performance.

Did the Fund use derivatives?

Currency positioning in the Fund was partially facilitated by the use of currency forward and option contracts. During the reporting period, the Fund’s currency positioning added to relative performance. The Fund also used futures and interest rate swaps, in part, to help manage duration and yield curve exposure, which collectively had a negative impact on performance. (A yield curve is a line graph that illustrates the relationship between the yields and maturities of fixed income securities. It is created by plotting the yields of different maturities for the same type of bonds.)

Current outlook

While the near-term context remains cloudy due to concerns over economic growth and volatility in US markets, PGIM Fixed Income believes hard-currency bonds

PGIM Emerging Markets Debt Hard Currency Fund 9

Strategy and Performance Overview* (continued)

continue to offer attractive opportunities. Current yields offer a significant cushion against near-term spread volatility or an increase in US Treasury yields, and spreads remain at historically high levels in many rating buckets, as well as relative to other growth-sensitive bond sectors, such as US high yield.

While PGIM Fixed Income doesn’t foresee a significant positive catalyst in the near term, it believes there are several medium-term tailwinds. Emerging-markets economies are set to materially outgrow developed market economies for the foreseeable future.

PGIM Fixed Income expects technical factors to continue to support the emerging markets debt asset class as well. Outflows have been persistent, but PGIM Fixed Income believes that this will eventually turn to inflows. Investors’ positioning across their emerging-markets debt portfolios remains defensive, and crossover allocators from other sectors have generally left the market. Recent government issuance has been limited and targeted at segmented pockets of demand—sukuk, ESG-related, and euro-denominated—while liability management exercises (including debt buybacks) have emerged recently. (Sukuk refers to a sharia-compliant bond-like instrument used in Islamic finance.)

PGIM Fixed Income believes emerging-markets countries can benefit from changing global dynamics and that the Fund’s hard-currency credit barbell—with a mix of government and corporate bonds—is well-suited for the current environment. At the longer end of the barbell, PGIM Fixed Income focuses on BBB-rated and BB-rated government, quasi-sovereign, and corporate bonds. At the front end of the barbell, B-rated and distressed exposure remains selective where PGIM Fixed Income expects greater dispersion going forward, which should present alpha opportunities from underweight allocations relative to the Index. (Alpha is a measure of an investment’s active return compared to a market or index.)

PGIM Fixed Income expects emerging-markets local-currency bonds to trade sideways, with country-level factors supporting lower yields; and it remains cautious on emerging-markets currencies, maintaining short positioning versus long exposure in the US dollar.

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Fees and Expenses (unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes

PGIM Emerging Markets Debt Hard Currency Fund 11

Fees and Expenses (continued)

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



PGIM Emerging Markets Debt Hard Currency Fund		Beginning Account Value May 1, 2023	Ending Account Value October 31, 2023	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Class A	Actual	$1,000.00	$ 980.20	1.06%	$5.29

	Hypothetical	$1,000.00	$1,019.86	1.06%	$5.40

Class C	Actual	$1,000.00	$ 976.50	1.81%	$9.02

	Hypothetical	$1,000.00	$1,016.08	1.81%	$9.20

Class Z	Actual	$1,000.00	$ 983.20	0.76%	$3.80

	Hypothetical	$1,000.00	$1,021.37	0.76%	$3.87

Class R6	Actual	$1,000.00	$ 982.20	0.66%	$3.30

	Hypothetical	$1,000.00	$1,021.88	0.66%	$3.36

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Schedule of Investments

as of October 31, 2023



Description	Interest Rate	Maturity Date			Principal Amount (000)#		Value

LONG-TERM INVESTMENTS 94.9%

CORPORATE BONDS 23.6%

Azerbaijan 0.4%

Southern Gas Corridor CJSC,
Gov’t. Gtd. Notes	6.875%		03/24/26			400	$	393,644
State Oil Co. of the Azerbaijan Republic,
Sr. Unsec’d. Notes	6.950		03/18/30			400		387,000


								780,644

Bahrain 0.2%

Oil & Gas Holding Co. BSCC (The),
Sr. Unsec’d. Notes	8.375		11/07/28			500		518,125

Brazil 0.6%

Banco do Brasil SA,
Sr. Unsec’d. Notes	4.875		01/11/29			200		184,500
Braskem Netherlands Finance BV,
Gtd. Notes, 144A	8.500		01/12/31			240		224,688
Globo Comunicacao e Participacoes SA,
Sr. Unsec’d. Notes	4.875		01/22/30			200		159,000
JSM Global Sarl,
Gtd. Notes, 144A	4.750		10/20/30	(d)		400		60,000
Nexa Resources SA,
Gtd. Notes	6.500		01/18/28			410		382,837
Petrobras Global Finance BV,
Gtd. Notes	5.375		10/01/29		GBP	100		106,063
Suzano Austria GmbH,
Gtd. Notes	3.750		01/15/31			150		120,915


								1,238,003

Chile 1.0%

Alfa Desarrollo SpA,
Sr. Sec’d. Notes, 144A	4.550		09/27/51			199		128,990
Corp. Nacional del Cobre de Chile,
Sr. Unsec’d. Notes	3.000		09/30/29			200		165,692
Sr. Unsec’d. Notes	4.250		07/17/42			360		250,560
Sr. Unsec’d. Notes	4.875		11/04/44			600		441,600
Sr. Unsec’d. Notes, 144A	4.875		11/04/44			200		147,200
Sr. Unsec’d. Notes, 144A	5.125		02/02/33			200		176,056
Empresa Nacional del Petroleo,
Sr. Unsec’d. Notes, 144A	3.450		09/16/31			200		154,798
Sr. Unsec’d. Notes, 144A	6.150		05/10/33			200		185,420

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 13

Schedule of Investments (continued)

as of October 31, 2023



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Chile (cont’d.)

Mercury Chile Holdco LLC,
Sr. Sec’d. Notes		6.500%		01/24/27		400	$	359,000
VTR Finance NV,
Sr. Unsec’d. Notes		6.375		07/15/28		200		34,370


								2,043,686

China 0.5%

Agile Group Holdings Ltd.,
Sr. Sec’d. Notes		6.050		10/13/25		200		14,250
ENN Clean Energy International Investment Ltd.,
Gtd. Notes, 144A		3.375		05/12/26		200		183,000
Prosus NV,
Sr. Unsec’d. Notes, 144A		4.193		01/19/32		550		423,087
Sinopec Group Overseas Development 2012 Ltd.,
Gtd. Notes		4.875		05/17/42		200		170,990
Sinopec Group Overseas Development 2018 Ltd.,
Gtd. Notes, 144A		3.680		08/08/49		200		134,310
Sunac China Holdings Ltd.,
Sr. Sec’d. Notes		6.500		01/10/25(d)		200		27,000


								952,637

Colombia 0.8%

Colombia Telecomunicaciones SA ESP,
Sr. Unsec’d. Notes, 144A		4.950		07/17/30		200		131,900
Ecopetrol SA,
Sr. Unsec’d. Notes		4.625		11/02/31		76		56,734
Sr. Unsec’d. Notes		6.875		04/29/30		233		208,873
Sr. Unsec’d. Notes		8.625		01/19/29		560		557,480
Sr. Unsec’d. Notes		8.875		01/13/33		476		455,056
Grupo Aval Ltd.,
Gtd. Notes, 144A		4.375		02/04/30		200		147,500


								1,557,543

Costa Rica 0.1%

Instituto Costarricense de Electricidad,
Sr. Unsec’d. Notes, 144A		6.750		10/07/31		200		185,000

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Guatemala 0.3%

Central American Bottling Corp./CBC Bottling
Holdco SL/Beliv Holdco SL,
Gtd. Notes		5.250%	04/27/29		167	$	146,688
CT Trust,
Sr. Sec’d. Notes, 144A		5.125	02/03/32		200		153,000
Energuate Trust,
Gtd. Notes		5.875	05/03/27		400		357,656


							657,344

Hungary 0.2%

MFB Magyar Fejlesztesi Bank Zrt,
Gov’t. Gtd. Notes		6.500	06/29/28		215		210,941
MVM Energetika Zrt,
Sr. Unsec’d. Notes		7.500	06/09/28		208		207,480


							418,421

India 1.7%

Adani Ports & Special Economic Zone Ltd.,
Sr. Unsec’d. Notes, 144A		5.000	08/02/41		200		121,132
Azure Power Solar Energy Pvt. Ltd.,
Sr. Sec’d. Notes, 144A, MTN		5.650	12/24/24		200		183,816
CA Magnum Holdings,
Sr. Sec’d. Notes, 144A		5.375	10/31/26		400		348,344
GMR Hyderabad International Airport Ltd.,
Sr. Sec’d. Notes		4.250	10/27/27		400		350,772
HPCL-Mittal Energy Ltd.,
Sr. Unsec’d. Notes		5.250	04/28/27		400		372,364
NTPC Ltd.,
Sr. Unsec’d. Notes, EMTN		2.750	02/01/27	EUR	100		98,430
Periama Holdings LLC,
Gtd. Notes		5.950	04/19/26		400		375,500
Power Finance Corp. Ltd.,
Sr. Unsec’d. Notes		4.500	06/18/29		810		733,244
Sr. Unsec’d. Notes, 144A, MTN		6.150	12/06/28		200		198,412
Reliance Industries Ltd.,
Sr. Unsec’d. Notes, 144A		3.625	01/12/52		250		152,203

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 15

Schedule of Investments (continued)

as of October 31, 2023



Description	Interest Rate		Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

India (cont’d.)

Summit Digitel Infrastructure Ltd.,
Sr. Sec’d. Notes, 144A		2.875%	08/12/31		435	$	324,049
TML Holdings Pte Ltd.,
Sr. Unsec’d. Notes		5.500	06/03/24		200		196,718


							3,454,984

Indonesia 2.4%

Cikarang Listrindo Tbk PT,
Sr. Unsec’d. Notes, 144A		4.950	09/14/26		200		189,206
Freeport Indonesia PT,
Sr. Unsec’d. Notes, 144A, MTN		5.315	04/14/32		400		355,304
Indofood CBP Sukses Makmur Tbk PT,
Sr. Unsec’d. Notes		3.541	04/27/32		200		155,980
Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT,
Sr. Unsec’d. Notes		5.450	05/15/30		920		850,273
Sr. Unsec’d. Notes, 144A		4.750	05/15/25		200		195,300
Pertamina Geothermal Energy PT,
Sr. Unsec’d. Notes, 144A		5.150	04/27/28		200		193,216
Pertamina Persero PT,
Sr. Unsec’d. Notes		6.000	05/03/42		200		176,206
Sr. Unsec’d. Notes, 144A, MTN		4.700	07/30/49		200		144,878
Sr. Unsec’d. Notes, EMTN		3.100	01/21/30		200		167,424
Sr. Unsec’d. Notes, EMTN		3.100	08/27/30		300		247,557
Sr. Unsec’d. Notes, EMTN		3.650	07/30/29		200		177,122
Sr. Unsec’d. Notes, EMTN		4.700	07/30/49		200		144,878
Sr. Unsec’d. Notes, EMTN		6.500	11/07/48		200		186,236
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara,
Sr. Unsec’d. Notes		1.875	11/05/31	EUR	400		322,429
Sr. Unsec’d. Notes		2.875	10/25/25	EUR	200		203,517
Sr. Unsec’d. Notes, 144A, MTN		5.450	05/21/28		620		600,743
Sr. Unsec’d. Notes, 144A, MTN		6.150	05/21/48		400		339,000
Sr. Unsec’d. Notes, EMTN		6.150	05/21/48		200		169,500


							4,818,769

Israel 0.6%

Bank Leumi Le-Israel BM,
Sr. Unsec’d. Notes, 144A		5.125	07/27/27		203		188,790
Energian Israel Finance Ltd.,
Sr. Sec’d. Notes, 144A		4.875	03/30/26		75		65,768

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date			Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Israel (cont’d.)

Energian Israel Finance Ltd., (cont’d.)
Sr. Sec’d. Notes, 144A		5.375%		03/30/28			385	$	314,257
Sr. Sec’d. Notes, 144A		5.875		03/30/31			215		170,656
Leviathan Bond Ltd.,
Sr. Sec’d. Notes, 144A		6.125		06/30/25			200		183,750
Sr. Sec’d. Notes, 144A		6.750		06/30/30			300		246,300


									1,169,521

Jamaica 0.1%

Digicel International Finance Ltd./Digicel International Holdings Ltd.,
Gtd. Notes, 144A (original cost $29,599; purchased 10/23/20)(f)		8.000		12/31/26	(d)		39		773
Gtd. Notes, 144A, Cash coupon 13.000% (original cost $41,277; purchased 10/19/23)(f)		13.000		12/31/25	(d)		59		40,689
Sr. Sec’d. Notes, 144A (original cost $91,556; purchased 10/19/23)(f)		8.750		05/25/24			97		88,724


									130,186

Kazakhstan 0.9%

KazMunayGas National Co. JSC,
Sr. Unsec’d. Notes		3.500		04/14/33			200		145,500
Sr. Unsec’d. Notes		4.750		04/19/27			400		372,800
Sr. Unsec’d. Notes		5.750		04/19/47			200		148,300
Sr. Unsec’d. Notes		6.375		10/24/48			600		469,500
Sr. Unsec’d. Notes, EMTN		5.375		04/24/30			800		713,200


									1,849,300

Kuwait 0.2%

MEGlobal BV,
Gtd. Notes, EMTN		2.625		04/28/28			300		255,831
MEGlobal Canada ULC,
Gtd. Notes, 144A, MTN		5.875		05/18/30			200		194,748


									450,579

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 17

Schedule of Investments (continued)

as of October 31, 2023



Description	Interest Rate		Maturity Date			Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Macau 0.2%

MGM China Holdings Ltd.,
Sr. Unsec’d. Notes		4.750%		02/01/27			330	$	288,725
Sands China Ltd.,
Sr. Unsec’d. Notes		5.650		08/08/28			250		230,563


									519,288

Malaysia 1.0%

GENM Capital Labuan Ltd.,
Gtd. Notes		3.882		04/19/31			400		304,056
Gohl Capital Ltd.,
Gtd. Notes		4.250		01/24/27			250		228,512
Petronas Capital Ltd.,
Gtd. Notes, 144A, MTN		4.550		04/21/50			800		613,648
Gtd. Notes, 144A, MTN		4.800		04/21/60			200		155,318
Gtd. Notes, EMTN		2.480		01/28/32			400		310,484
Gtd. Notes, EMTN		4.550		04/21/50			500		383,530
Gtd. Notes, EMTN		4.800		04/21/60			200		155,318


									2,150,866

Mexico 4.8%

Cemex SAB de CV,
Gtd. Notes		5.450		11/19/29			400		370,250
Comision Federal de Electricidad,
Gtd. Notes		4.688		05/15/29			710		628,350
Gtd. Notes, 144A		4.688		05/15/29			200		177,000
Fermaca Enterprises S de RL de CV,
Sr. Sec’d. Notes		6.375		03/30/38			564		535,393
Mexico City Airport Trust,
Sr. Sec’d. Notes		3.875		04/30/28			200		176,536
Sr. Sec’d. Notes		4.250		10/31/26			200		185,272
Sr. Sec’d. Notes		5.500		07/31/47			2,430		1,728,969
Sr. Sec’d. Notes, 144A		5.500		10/31/46			400		282,696
Sr. Sec’d. Notes, 144A		5.500		07/31/47			400		284,604
Petroleos Mexicanos,
Gtd. Notes		5.350		02/12/28			882		708,555
Gtd. Notes		6.350		02/12/48	(a)		493		269,301
Gtd. Notes		6.490		01/23/27			655		578,457
Gtd. Notes		6.500		03/13/27			653		573,540
Gtd. Notes		6.500		06/02/41			610		357,063
Gtd. Notes		6.700		02/16/32			1,141		832,930
Gtd. Notes		6.840		01/23/30			573		444,934

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Mexico (cont’d.)

Petroleos Mexicanos, (cont’d.)
Gtd. Notes		6.950%		01/28/60		45	$	25,481
Gtd. Notes		7.690		01/23/50		661		408,167
Gtd. Notes		10.000		02/07/33		109		97,174
Gtd. Notes, EMTN		3.750		04/16/26	EUR	285		260,601
Gtd. Notes, MTN		6.750		09/21/47		805		455,630
Gtd. Notes, MTN		6.875		08/04/26		95		87,234
Gtd. Notes, MTN		8.750		06/02/29		150		131,835
Tierra Mojada Luxembourg II Sarl,
Sr. Sec’d. Notes, 144A		5.750		12/01/40		398		314,920


								9,914,892

Panama 0.4%

Aeropuerto Internacional de Tocumen SA,
Sr. Sec’d. Notes		4.000		08/11/41		200		142,736
Sr. Sec’d. Notes, 144A		5.125		08/11/61		400		267,112
AES Panama Generation Holdings SRL,
Sr. Sec’d. Notes		4.375		05/31/30		396		321,417


								731,265

Peru 0.7%

Banco Internacional del Peru SAA Interbank,
Sr. Unsec’d. Notes		3.250		10/04/26		350		321,212
Corp. Financiera de Desarrollo SA,
Sr. Unsec’d. Notes		2.400		09/28/27		200		170,096
Fondo MIVIVIENDA SA,
Sr. Unsec’d. Notes, 144A		4.625		04/12/27		150		141,101
InRetail Consumer,
Sr. Sec’d. Notes		3.250		03/22/28		300		250,446
Petroleos del Peru SA,
Sr. Unsec’d. Notes		4.750		06/19/32		225		149,623
Sr. Unsec’d. Notes		5.625		06/19/47		700		381,808


								1,414,286

Philippines 0.1%

Globe Telecom, Inc.,
Sr. Unsec’d. Notes		3.000		07/23/35		200		139,704

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 19

Schedule of Investments (continued)

as of October 31, 2023



Description	Interest Rate		Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Poland 0.3%

Bank Gospodarstwa Krajowego,
Gov’t. Gtd. Notes, 144A		6.250%	10/31/28		200	$	202,183
Gov’t. Gtd. Notes, 144A, MTN		5.375	05/22/33		400		372,000


							574,183

Qatar 0.5%

QatarEnergy,
Sr. Unsec’d. Notes		3.300	07/12/51		200		121,812
Sr. Unsec’d. Notes, 144A		3.125	07/12/41		1,240		813,750


							935,562

Saudi Arabia 0.7%

Arabian Centres Sukuk Ltd.,
Gtd. Notes		5.375	11/26/24		200		190,812
EIG Pearl Holdings Sarl,
Sr. Sec’d. Notes, 144A		3.545	08/31/36		450		349,875
Greensaif Pipelines Bidco Sarl,
Sr. Sec’d. Notes, 144A		6.129	02/23/38		200		186,000
Saudi Arabian Oil Co.,
Sr. Unsec’d. Notes		2.250	11/24/30		260		203,775
Sr. Unsec’d. Notes, EMTN		4.250	04/16/39		400		312,500
TMS Issuer Sarl,
Sr. Sec’d. Notes, 144A		5.780	08/23/32		200		194,000


							1,436,962

South Africa 2.1%

Eskom Holdings SOC Ltd.,
Gov’t. Gtd. Notes, MTN		6.350	08/10/28		1,510		1,366,550
Sr. Unsec’d. Notes		7.125	02/11/25		890		872,200
Sr. Unsec’d. Notes, MTN		8.450	08/10/28		660		623,535
MTN Mauritius Investments Ltd.,
Gtd. Notes, 144A		6.500	10/13/26		200		195,000
Sasol Financing USA LLC,
Gtd. Notes		6.500	09/27/28		300		263,550
Transnet SOC Ltd.,
Sr. Unsec’d. Notes		8.250	02/06/28		200		189,000
Sr. Unsec’d. Notes, 144A		8.250	02/06/28		845		798,525


							4,308,360

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date			Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Thailand 0.2%

Thaioil Treasury Center Co. Ltd.,
Gtd. Notes, 144A, MTN		3.750%		06/18/50	(a)		600	$	344,850

Trinidad & Tobago 0.1%

Heritage Petroleum Co. Ltd.,
Sr. Sec’d. Notes, 144A		9.000		08/12/29			200		207,038

Turkey 0.1%

Aydem Yenilenebilir Enerji A/S,
Sr. Sec’d. Notes, 144A		7.750		02/02/27			200		174,748

Ukraine 0.1%

NAK Naftogaz Ukraine via Kondor Finance PLC,
Sr. Unsec’d. Notes		7.125		07/19/26	(d)	EUR	420		208,869
State Savings Bank of Ukraine Via SSB #1 PLC,
Sr. Unsec’d. Notes		9.625		03/20/25			30		27,583


									236,452

United Arab Emirates 2.0%

Abu Dhabi Crude Oil Pipeline LLC,
Sr. Sec’d. Notes		3.650		11/02/29			200		178,625
Sr. Sec’d. Notes		4.600		11/02/47			400		323,500
Abu Dhabi National Energy Co. PJSC,
Sr. Unsec’d. Notes, 144A		4.000		10/03/49			200		144,000
Abu Dhabi Ports Co. PJSC,
Sr. Unsec’d. Notes, EMTN		2.500		05/06/31			200		159,076
DP World Crescent Ltd.,
Sr. Unsec’d. Notes, EMTN		3.875		07/18/29			660		584,925
DP World Ltd.,
Sr. Unsec’d. Notes, EMTN		6.850		07/02/37			1,670		1,644,951
Galaxy Pipeline Assets Bidco Ltd.,
Sr. Sec’d. Notes		2.160		03/31/34			187		150,669
Sr. Sec’d. Notes, 144A		2.940		09/30/40			933		687,710
MDGH GMTN RSC Ltd.,
Gtd. Notes, 144A, MTN		5.084		05/22/53			200		165,750
Gtd. Notes, EMTN		3.700		11/07/49			240		159,300


									4,198,506

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 21

Schedule of Investments (continued)

as of October 31, 2023



Description	Interest Rate		Maturity Date			Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Venezuela 0.1%

Petroleos de Venezuela SA,
Gtd. Notes		5.375%		04/12/27	(d)		205	$	27,265
Gtd. Notes		6.000		05/16/24	(d)		45		5,715
Gtd. Notes		6.000		11/15/26	(d)		65		8,222
Sr. Sec’d. Notes		8.500		10/27/20	(d)		205		172,200


									213,402

Vietnam 0.2%

Mong Duong Finance Holdings BV,
Sr. Sec’d. Notes		5.125		05/07/29			500		450,260


TOTAL CORPORATE BONDS (cost $56,871,584)									48,175,366


SOVEREIGN BONDS 71.2%

Angola 2.1%

Angolan Government International Bond,
Sr. Unsec’d. Notes		8.250		05/09/28			2,180		1,850,275
Sr. Unsec’d. Notes		8.750		04/14/32			300		234,750
Sr. Unsec’d. Notes		9.375		05/08/48			400		285,000
Sr. Unsec’d. Notes		9.500		11/12/25			1,305		1,251,577
Sr. Unsec’d. Notes, EMTN		8.000		11/26/29			800		640,000


									4,261,602

Argentina 1.0%

Argentine Republic Government International Bond,
Sr. Unsec’d. Notes		0.000		12/15/35			16,368		352,076
Sr. Unsec’d. Notes		0.000		12/15/35	(d)	EUR	15,000		606,609
Sr. Unsec’d. Notes		0.750(cc)		07/09/30			481		133,680
Sr. Unsec’d. Notes		1.000		07/09/29			544		145,546
Sr. Unsec’d. Notes		3.500(cc)		07/09/41			567		147,645
Sr. Unsec’d. Notes		3.625(cc)		07/09/35			1,772		435,875
Sr. Unsec’d. Notes		3.625(cc)		07/09/46			335		83,080
Sr. Unsec’d. Notes		4.250(cc)		01/09/38			527		158,587
Provincia de Buenos Aires,
Sr. Unsec’d. Notes, 144A, MTN		6.375(cc)		09/01/37			194		62,306


									2,125,404

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

Bahrain 1.6%

Bahrain Government International Bond,
Sr. Unsec’d. Notes		6.750%		09/20/29		800	$	771,000
Sr. Unsec’d. Notes		7.000		10/12/28		950		944,063
Sr. Unsec’d. Notes		7.375		05/14/30		1,070		1,055,287
Sr. Unsec’d. Notes		7.500		09/20/47		400		334,000
Sr. Unsec’d. Notes, EMTN		6.250		01/25/51		200		143,250


								3,247,600

Brazil 3.1%

Brazil Minas SPE via State of Minas Gerais,
Gov’t. Gtd. Notes		5.333		02/15/28		143		138,179
Brazilian Government International Bond,
Sr. Unsec’d. Notes		3.875		06/12/30		1,285		1,102,800
Sr. Unsec’d. Notes		4.500		05/30/29		557		512,757
Sr. Unsec’d. Notes		5.000		01/27/45		1,304		933,012
Sr. Unsec’d. Notes		5.625		01/07/41		845		686,563
Sr. Unsec’d. Notes		5.625		02/21/47		300		229,950
Sr. Unsec’d. Notes		6.000		10/20/33		1,495		1,382,875
Sr. Unsec’d. Notes		7.125		01/20/37		585		574,763
Sr. Unsec’d. Notes		8.250		01/20/34		763		816,028


								6,376,927

Cameroon 0.2%

Republic of Cameroon International Bond,
Sr. Unsec’d. Notes		9.500		11/19/25		400		383,752

Chile 0.5%

Chile Government International Bond,
Sr. Unsec’d. Notes		2.550		07/27/33		370		276,575
Sr. Unsec’d. Notes		2.750		01/31/27		220		200,754
Sr. Unsec’d. Notes		3.100		01/22/61		200		106,900
Sr. Unsec’d. Notes		3.250		09/21/71		200		106,000
Sr. Unsec’d. Notes		4.000		01/31/52		235		161,563
Sr. Unsec’d. Notes		4.340		03/07/42		280		216,300


								1,068,092

Colombia 3.2%

Colombia Government International Bond,
Sr. Unsec’d. Notes		3.000		01/30/30		1,518		1,165,824
Sr. Unsec’d. Notes		3.875		04/25/27		870		790,830

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 23

Schedule of Investments (continued)

as of October 31, 2023



Description	Interest Rate		Maturity Date			Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

Colombia (cont’d.)

Colombia Government International Bond, (cont’d.)
Sr. Unsec’d. Notes		4.500%		03/15/29			1,300	$	1,127,100
Sr. Unsec’d. Notes		5.000		06/15/45			400		254,000
Sr. Unsec’d. Notes		5.200		05/15/49			412		262,238
Sr. Unsec’d. Notes		5.625		02/26/44			710		493,095
Sr. Unsec’d. Notes		6.125		01/18/41			730		554,800
Sr. Unsec’d. Notes		7.500		02/02/34			840		783,300
Sr. Unsec’d. Notes		8.000		04/20/33			910		885,885
Sr. Unsec’d. Notes		10.375		01/28/33			200		224,000


									6,541,072

Congo (Republic) 0.1%

Congolese International Bond,
Sr. Unsec’d. Notes		6.000		06/30/29			224		179,228

Costa Rica 0.8%

Costa Rica Government International Bond,
Sr. Unsec’d. Notes		4.375		04/30/25			200		193,938
Sr. Unsec’d. Notes		6.125		02/19/31			650		617,500
Sr. Unsec’d. Notes		7.000		04/04/44			400		366,200
Sr. Unsec’d. Notes, 144A		6.550		04/03/34			465		441,982


									1,619,620

Dominican Republic 3.9%

Dominican Republic International Bond,
Sr. Unsec’d. Notes		4.500		01/30/30			1,691		1,429,740
Sr. Unsec’d. Notes		4.875		09/23/32			190		153,615
Sr. Unsec’d. Notes		5.500		02/22/29			883		803,089
Sr. Unsec’d. Notes		5.875		01/30/60			474		336,066
Sr. Unsec’d. Notes		5.950		01/25/27			705		677,442
Sr. Unsec’d. Notes		6.000		07/19/28			640		604,800
Sr. Unsec’d. Notes		6.400		06/05/49			1,020		797,640
Sr. Unsec’d. Notes		6.850		01/27/45	(a)		610		507,825
Sr. Unsec’d. Notes		6.875		01/29/26			300		298,347
Sr. Unsec’d. Notes		7.450		04/30/44			1,120		1,006,880
Sr. Unsec’d. Notes, 144A		5.300		01/21/41			150		108,900
Sr. Unsec’d. Notes, 144A		5.500		02/22/29			1,010		918,595
Sr. Unsec’d. Notes, 144A		5.875		01/30/60			225		159,525
Sr. Unsec’d. Notes, 144A		6.000		07/19/28			170		160,650


									7,963,114

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

Ecuador 1.0%

Ecuador Government International Bond,
Sr. Unsec’d. Notes		6.000%(cc)		07/31/30		667	$	337,609
Sr. Unsec’d. Notes, 144A		7.187(s)		07/31/30		179		52,978
Sr. Unsec’d. Notes, 144A		2.500(cc)		07/31/40		1,511		505,475
Sr. Unsec’d. Notes, 144A		3.500(cc)		07/31/35		1,645		623,496
Sr. Unsec’d. Notes, 144A		6.000(cc)		07/31/30		910		461,012


								1,980,570

Egypt 2.4%

Egypt Government International Bond,
Sr. Unsec’d. Notes		5.800		09/30/27		420		267,750
Sr. Unsec’d. Notes		7.500		01/31/27		400		276,000
Sr. Unsec’d. Notes		7.625		05/29/32		1,110		632,700
Sr. Unsec’d. Notes		7.903		02/21/48		200		101,250
Sr. Unsec’d. Notes		8.500		01/31/47		500		259,275
Sr. Unsec’d. Notes		8.700		03/01/49		850		445,187
Sr. Unsec’d. Notes		8.875		05/29/50		400		211,000
Sr. Unsec’d. Notes, 144A		8.700		03/01/49		410		214,738
Sr. Unsec’d. Notes, 144A, MTN		4.750		04/16/26	EUR	100		71,587
Sr. Unsec’d. Notes, 144A, MTN		6.375		04/11/31	EUR	220		125,241
Sr. Unsec’d. Notes, 144A, MTN		8.500		01/31/47		255		132,230
Sr. Unsec’d. Notes, EMTN		3.875		02/16/26		630		429,975
Sr. Unsec’d. Notes, EMTN		4.750		04/11/25	EUR	300		251,266
Sr. Unsec’d. Notes, EMTN		4.750		04/16/26	EUR	1,000		715,871
Sr. Unsec’d. Notes, EMTN		5.625		04/16/30	EUR	450		253,766
Sr. Unsec’d. Notes, EMTN		6.375		04/11/31	EUR	300		170,784
Sr. Unsec’d. Notes, EMTN		7.600		03/01/29		650		403,000


								4,961,620

El Salvador 0.7%

El Salvador Government International Bond,
Sr. Unsec’d. Notes		5.875		01/30/25		501		454,156
Sr. Unsec’d. Notes		6.375		01/18/27		495		400,950
Sr. Unsec’d. Notes		7.625		02/01/41		150		99,375
Sr. Unsec’d. Notes		7.650		06/15/35		57		39,530
Sr. Unsec’d. Notes		8.250		04/10/32		275		213,813
Sr. Unsec’d. Notes		8.625		02/28/29		340		274,210


								1,482,034

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 25

Schedule of Investments (continued)

as of October 31, 2023



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

Gabon 0.9%

Gabon Government International Bond,
Sr. Unsec’d. Notes		6.625%		02/06/31		1,200	$	843,000
Sr. Unsec’d. Notes		6.950		06/16/25		1,000		867,500
Sr. Unsec’d. Notes		7.000		11/24/31		200		140,500


								1,851,000

Ghana 1.1%

Ghana Government International Bond,
Bank Gtd. Notes		10.750		10/14/30		400		249,000
Sr. Unsec’d. Notes		6.375		02/11/27(d)		450		195,750
Sr. Unsec’d. Notes		7.625		05/16/29(d)		400		172,000
Sr. Unsec’d. Notes		7.750		04/07/29(d)		650		274,742
Sr. Unsec’d. Notes		7.875		03/26/27(d)		550		239,250
Sr. Unsec’d. Notes		7.875		02/11/35(d)		800		347,000
Sr. Unsec’d. Notes		8.125		01/18/26(d)		400		175,500
Sr. Unsec’d. Notes		8.750		03/11/61(d)		200		84,000
Sr. Unsec’d. Notes		8.875		05/07/42		200		84,000
Sr. Unsec’d. Notes		8.950		03/26/51(d)		870		365,400
Sr. Unsec’d. Notes, 144A		8.950		03/26/51(d)		205		86,100


								2,272,742

Guatemala 0.8%

Guatemala Government Bond,
Sr. Unsec’d. Notes		4.875		02/13/28		400		365,000
Sr. Unsec’d. Notes		6.125		06/01/50		850		675,750
Sr. Unsec’d. Notes, 144A		4.650		10/07/41		200		138,000
Unsec’d. Notes		5.250		08/10/29		430		388,720


								1,567,470

Honduras 0.2%

Honduras Government International Bond,
Sr. Unsec’d. Notes		6.250		01/19/27		400		371,684

Hungary 2.5%

Hungary Government International Bond,
Sr. Unsec’d. Notes		3.125		09/21/51		200		105,612
Sr. Unsec’d. Notes		5.250		06/16/29		200		188,342
Sr. Unsec’d. Notes		6.125		05/22/28		612		607,147
Sr. Unsec’d. Notes		6.250		09/22/32		220		211,334
Sr. Unsec’d. Notes		7.625		03/29/41		760		778,763

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

Hungary (cont’d.)

Hungary Government International Bond, (cont’d.)
Sr. Unsec’d. Notes, 144A		5.250%		06/16/29		740	$	696,865
Sr. Unsec’d. Notes, 144A		6.125		05/22/28		500		496,035
Sr. Unsec’d. Notes, 144A		6.250		09/22/32		1,235		1,186,353
Sr. Unsec’d. Notes, 144A		6.750		09/25/52		220		203,500
Magyar Export-Import Bank Zrt,
Gov’t. Gtd. Notes, 144A		6.125		12/04/27		600		586,440


								5,060,391

India 0.3%

Export-Import Bank of India,
Sr. Unsec’d. Notes		3.875		02/01/28		200		183,534
Sr. Unsec’d. Notes, 144A, MTN		3.250		01/15/30		400		336,764
Sr. Unsec’d. Notes, EMTN		2.250		01/13/31		200		152,758


								673,056

Indonesia 3.0%

Indonesia Government International Bond,
Sr. Unsec’d. Notes		1.100		03/12/33	EUR	440		333,274
Sr. Unsec’d. Notes		1.400		10/30/31	EUR	100		82,102
Sr. Unsec’d. Notes		1.450		09/18/26	EUR	100		96,707
Sr. Unsec’d. Notes		3.550		03/31/32		200		169,252
Sr. Unsec’d. Notes		4.300		03/31/52		400		296,252
Sr. Unsec’d. Notes		4.650		09/20/32		590		539,301
Sr. Unsec’d. Notes		5.450		09/20/52		400		352,756
Sr. Unsec’d. Notes		5.650		01/11/53		200		182,416
Sr. Unsec’d. Notes		6.625		02/17/37		150		155,862
Sr. Unsec’d. Notes		7.750		01/17/38		690		787,132
Sr. Unsec’d. Notes		8.500		10/12/35		400		477,200
Sr. Unsec’d. Notes, 144A		6.625		02/17/37		290		301,333
Sr. Unsec’d. Notes, EMTN		3.750		06/14/28	EUR	570		587,545
Sr. Unsec’d. Notes, EMTN		4.625		04/15/43		200		165,766
Sr. Unsec’d. Notes, EMTN		4.750		07/18/47		230		187,643
Sr. Unsec’d. Notes, EMTN		5.125		01/15/45		200		173,860
Sr. Unsec’d. Notes, EMTN		5.250		01/17/42		400		359,220
Sr. Unsec’d. Notes, EMTN		6.750		01/15/44		100		104,318
Perusahaan Penerbit SBSN Indonesia III,
Sr. Unsec’d. Notes		4.700		06/06/32		600		557,052
Sr. Unsec’d. Notes, 144A		4.700		06/06/32		205		190,326


								6,099,317

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 27

Schedule of Investments (continued)

as of October 31, 2023



Description	Interest Rate		Maturity Date			Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

Iraq 0.4%

Iraq International Bond,
Sr. Unsec’d. Notes		5.800%		01/15/28			897	$	796,720

Ivory Coast 1.2%

Ivory Coast Government International Bond,
Sr. Unsec’d. Notes		5.250		03/22/30		EUR	1,360		1,183,591
Sr. Unsec’d. Notes		5.750		12/31/32			85		75,599
Sr. Unsec’d. Notes		5.875		10/17/31		EUR	1,150		981,057
Sr. Unsec’d. Notes		6.375		03/03/28			200		185,500


									2,425,747

Jamaica 0.7%

Jamaica Government International Bond,
Sr. Unsec’d. Notes		6.750		04/28/28			500		506,050
Sr. Unsec’d. Notes		7.875		07/28/45			400		427,600
Sr. Unsec’d. Notes		8.000		03/15/39			320		354,080
Sr. Unsec’d. Notes		9.250		10/17/25			200		208,956


									1,496,686

Jordan 0.8%

Jordan Government International Bond,
Sr. Unsec’d. Notes		5.750		01/31/27			200		180,000
Sr. Unsec’d. Notes		6.125		01/29/26			200		185,250
Sr. Unsec’d. Notes		7.375		10/10/47			400		301,500
Sr. Unsec’d. Notes		7.750		01/15/28			550		521,813
Sr. Unsec’d. Notes, 144A		7.500		01/13/29			205		189,881
Sr. Unsec’d. Notes, 144A		7.750		01/15/28			220		208,725


									1,587,169

Kazakhstan 0.1%

Kazakhstan Government International Bond,
Sr. Unsec’d. Notes, EMTN		6.500		07/21/45			200		196,000

Lebanon 0.1%

Lebanon Government International Bond,
Sr. Unsec’d. Notes		6.000		01/27/23	(d)		191		11,634
Sr. Unsec’d. Notes		6.650		04/22/24	(d)		172		10,535
Sr. Unsec’d. Notes		6.750		11/29/27	(d)		170		10,242
Sr. Unsec’d. Notes		6.850		03/23/27	(d)		30		1,828
Sr. Unsec’d. Notes		7.000		04/22/31	(d)		115		6,867

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

Lebanon (cont’d.)

Lebanon Government International Bond, (cont’d.)
Sr. Unsec’d. Notes, EMTN		6.100%		10/04/22(d)		75	$	4,577
Sr. Unsec’d. Notes, EMTN		6.850		05/25/29(d)		335		20,100
Sr. Unsec’d. Notes, GMTN		6.250		05/27/22(d)		245		14,700
Sr. Unsec’d. Notes, GMTN		6.250		11/04/24(d)		320		19,648
Sr. Unsec’d. Notes, GMTN		6.375		03/09/20(d)		220		13,200
Sr. Unsec’d. Notes, GMTN		6.400		05/26/23(d)		250		15,050
Sr. Unsec’d. Notes, GMTN		6.650		02/26/30(d)		715		43,880
Sr. Unsec’d. Notes, GMTN		7.150		11/20/31(d)		415		27,109


								199,370

Mexico 2.4%

Mexico Government International Bond,
Sr. Unsec’d. Notes		2.659		05/24/31		465		362,003
Sr. Unsec’d. Notes		3.250		04/16/30		270		227,340
Sr. Unsec’d. Notes		3.500		02/12/34		1,000		761,000
Sr. Unsec’d. Notes		3.750		01/11/28		320		295,040
Sr. Unsec’d. Notes		4.600		02/10/48		300		208,500
Sr. Unsec’d. Notes		4.875		05/19/33		850		745,875
Sr. Unsec’d. Notes		5.400		02/09/28		350		343,350
Sr. Unsec’d. Notes		6.338		05/04/53		290		251,285
Sr. Unsec’d. Notes		6.350		02/09/35		250		238,250
Sr. Unsec’d. Notes, GMTN		5.750		10/12/2110		358		270,827
Sr. Unsec’d. Notes, MTN		4.750		03/08/44		140		103,219
Sr. Unsec’d. Notes, MTN		6.050		01/11/40		930		832,350
Sr. Unsec’d. Notes, Series A, MTN		6.750		09/27/34		203		201,173
Sr. Unsec’d. Notes, Series A, MTN		7.500		04/08/33		130		136,890


								4,977,102

Mongolia 0.3%

Mongolia Government International Bond,
Sr. Unsec’d. Notes		8.650		01/19/28		200		198,420
Sr. Unsec’d. Notes, EMTN		8.750		03/09/24		400		400,624


								599,044

Morocco 1.0%

Morocco Government International Bond,
Sr. Unsec’d. Notes		1.500		11/27/31	EUR	100		77,506
Sr. Unsec’d. Notes		2.000		09/30/30	EUR	600		507,888
Sr. Unsec’d. Notes		2.375		12/15/27		200		171,136

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 29

Schedule of Investments (continued)

as of October 31, 2023



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

Morocco (cont’d.)

Morocco Government International Bond, (cont’d.)
Sr. Unsec’d. Notes		4.000%		12/15/50		400	$	236,500
Sr. Unsec’d. Notes, 144A		5.950		03/08/28		550		538,313
Sr. Unsec’d. Notes, 144A		6.500		09/08/33		595		570,456


								2,101,799

Mozambique 0.4%

Mozambique International Bond,
Unsec’d. Notes		9.000		09/15/31		1,040		803,171

Nigeria 1.1%

Nigeria Government International Bond,
Sr. Unsec’d. Notes		7.143		02/23/30		200		160,250
Sr. Unsec’d. Notes		7.696		02/23/38		200		142,000
Sr. Unsec’d. Notes		7.875		02/16/32		400		319,000
Sr. Unsec’d. Notes		8.747		01/21/31		400		342,500
Sr. Unsec’d. Notes		9.248		01/21/49		200		154,750
Sr. Unsec’d. Notes, 144A		7.696		02/23/38		200		142,000
Sr. Unsec’d. Notes, 144A, MTN		7.375		09/28/33		200		150,000
Sr. Unsec’d. Notes, EMTN		6.500		11/28/27		700		602,000
Sr. Unsec’d. Notes, EMTN		8.250		09/28/51		250		174,687
Sr. Unsec’d. Notes, EMTN		8.375		03/24/29		200		174,750


								2,361,937

Oman 3.0%

Oman Government International Bond,
Sr. Unsec’d. Notes		4.750		06/15/26		410		393,157
Sr. Unsec’d. Notes		5.375		03/08/27		930		898,612
Sr. Unsec’d. Notes		5.625		01/17/28		1,480		1,426,365
Sr. Unsec’d. Notes		6.250		01/25/31		200		194,250
Sr. Unsec’d. Notes		6.500		03/08/47		1,025		889,188
Sr. Unsec’d. Notes		6.750		10/28/27		800		806,750
Sr. Unsec’d. Notes		7.000		01/25/51		200		183,500
Sr. Unsec’d. Notes, 144A		6.750		01/17/48		200		178,250
Sr. Unsec’d. Notes, EMTN		6.000		08/01/29		1,200		1,164,000


								6,134,072

Pakistan 1.2%

Pakistan Government International Bond,
Sr. Unsec’d. Notes		6.875		12/05/27		640		334,208

See Notes to Financial Statements.



Description	Interest Rate	Maturity Date			Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

Pakistan (cont’d.)

Pakistan Government International Bond, (cont’d.)
Sr. Unsec’d. Notes	8.250%		04/15/24			900	$	803,322
Sr. Unsec’d. Notes	8.250		09/30/25	(a)		770		539,662
Sr. Unsec’d. Notes, 144A, MTN	7.375		04/08/31			200		97,044
Sr. Unsec’d. Notes, EMTN	6.000		04/08/26			610		330,986
Sr. Unsec’d. Notes, EMTN	7.375		04/08/31			650		315,393


								2,420,615

Panama 1.2%

Panama Government International Bond,
Sr. Unsec’d. Notes	3.160		01/23/30			200		160,400
Sr. Unsec’d. Notes	3.298		01/19/33			200		146,800
Sr. Unsec’d. Notes	3.870		07/23/60			200		104,400
Sr. Unsec’d. Notes	4.300		04/29/53			375		223,313
Sr. Unsec’d. Notes	4.500		04/16/50			850		528,275
Sr. Unsec’d. Notes	4.500		04/01/56			400		240,400
Sr. Unsec’d. Notes	4.500		01/19/63			200		116,600
Sr. Unsec’d. Notes	6.700		01/26/36			695		646,697
Sr. Unsec’d. Notes	6.853		03/28/54			215		183,395
Sr. Unsec’d. Notes	9.375		04/01/29			165		182,160


								2,532,440

Papua New Guinea 0.2%

Papua New Guinea Government International Bond,
Sr. Unsec’d. Notes	8.375		10/04/28			220		201,098
Sr. Unsec’d. Notes, 144A	8.375		10/04/28			200		182,816


								383,914

Paraguay 0.5%

Paraguay Government International Bond,
Sr. Unsec’d. Notes	4.700		03/27/27			200		190,200
Sr. Unsec’d. Notes	4.950		04/28/31			200		181,400
Sr. Unsec’d. Notes	6.100		08/11/44			700		585,200
Sr. Unsec’d. Notes, 144A	5.400		03/30/50			200		149,500


								1,106,300

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 31

Schedule of Investments (continued)

as of October 31, 2023



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

Peru 1.9%

Peruvian Government International Bond,
Sr. Unsec’d. Notes		2.780%		12/01/60		490	$	245,245
Sr. Unsec’d. Notes		2.783		01/23/31		1,050		841,050
Sr. Unsec’d. Notes		3.000		01/15/34		1,385		1,044,982
Sr. Unsec’d. Notes		3.230		07/28/2121		110		55,165
Sr. Unsec’d. Notes		3.600		01/15/72		515		290,460
Sr. Unsec’d. Notes		5.625		11/18/50		502		442,262
Sr. Unsec’d. Notes		6.550		03/14/37		225		226,238
Sr. Unsec’d. Notes		8.750		11/21/33		670		781,327


								3,926,729

Philippines 1.9%

Philippine Government International Bond,
Sr. Unsec’d. Notes		0.700		02/03/29	EUR	300		262,921
Sr. Unsec’d. Notes		1.750		04/28/41	EUR	265		174,457
Sr. Unsec’d. Notes		2.650		12/10/45		200		115,806
Sr. Unsec’d. Notes		3.200		07/06/46		200		125,386
Sr. Unsec’d. Notes		3.556		09/29/32		300		252,192
Sr. Unsec’d. Notes		3.700		03/01/41		600		433,902
Sr. Unsec’d. Notes		3.950		01/20/40		450		343,724
Sr. Unsec’d. Notes		4.200		03/29/47		700		520,002
Sr. Unsec’d. Notes		5.000		07/17/33		770		723,800
Sr. Unsec’d. Notes		5.609		04/13/33		200		195,994
Sr. Unsec’d. Notes		6.375		10/23/34		200		205,292
Sr. Unsec’d. Notes		7.750		01/14/31		420		467,317


								3,820,793

Poland 0.6%

Republic of Poland Government International Bond,
Sr. Unsec’d. Notes		4.875		10/04/33		300		277,461
Sr. Unsec’d. Notes		5.500		04/04/53		785		689,599
Sr. Unsec’d. Notes		5.750		11/16/32		230		227,613


								1,194,673

Qatar 2.5%

Qatar Government International Bond,
Sr. Unsec’d. Notes		4.000		03/14/29		1,000		940,000
Sr. Unsec’d. Notes		4.500		04/23/28		500		483,780
Sr. Unsec’d. Notes		4.625		06/02/46		330		268,641

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date			Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

Qatar (cont’d.)

Qatar Government International Bond, (cont’d.)
Sr. Unsec’d. Notes		4.817%		03/14/49			220	$	179,781
Sr. Unsec’d. Notes		5.103		04/23/48			2,210		1,887,478
Sr. Unsec’d. Notes		6.400		01/20/40			100		103,063
Sr. Unsec’d. Notes, 144A		4.817		03/14/49			1,340		1,095,031
Sr. Unsec’d. Notes, 144A		5.103		04/23/48			200		170,812


									5,128,586

Romania 3.2%

Romanian Government International Bond,
Sr. Unsec’d. Notes		5.125		06/15/48			180		133,058
Sr. Unsec’d. Notes, 144A		6.625		02/17/28			1,080		1,081,253
Sr. Unsec’d. Notes, 144A		7.125		01/17/33			478		474,202
Sr. Unsec’d. Notes, 144A		7.625		01/17/53			1,136		1,108,744
Sr. Unsec’d. Notes, EMTN		2.000		04/14/33		EUR	260		188,005
Sr. Unsec’d. Notes, EMTN		2.125		03/07/28		EUR	960		880,233
Sr. Unsec’d. Notes, EMTN		3.875		10/29/35		EUR	440		363,867
Sr. Unsec’d. Notes, EMTN		4.125		03/11/39		EUR	410		321,952
Sr. Unsec’d. Notes, EMTN		5.000		09/27/26		EUR	490		520,413
Sr. Unsec’d. Notes, EMTN		6.000		05/25/34			80		72,750
Sr. Unsec’d. Notes, EMTN		6.625		09/27/29		EUR	370		401,896
Unsec’d. Notes, 144A, MTN		6.000		05/25/34			1,022		929,386


									6,475,759

Russia 0.1%

Russian Foreign Bond - Eurobond,
Sr. Unsec’d. Notes		1.850		11/20/32	(d)	EUR	300		131,733
Sr. Unsec’d. Notes		5.100		03/28/35			400		132,000


									263,733

Saudi Arabia 2.3%

Saudi Government International Bond,
Sr. Unsec’d. Notes		5.250		01/16/50			480		394,800
Sr. Unsec’d. Notes, 144A		5.250		01/16/50			400		329,000
Sr. Unsec’d. Notes, 144A, MTN		5.000		01/18/53			600		474,750
Sr. Unsec’d. Notes, EMTN		4.500		10/26/46			2,500		1,871,875
Sr. Unsec’d. Notes, EMTN		4.625		10/04/47			1,470		1,106,175
Sr. Unsec’d. Notes, EMTN		5.000		04/17/49			800		635,000


									4,811,600

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 33

Schedule of Investments (continued)

as of October 31, 2023



Description	Interest Rate		Maturity Date			Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

Senegal 0.8%

Senegal Government International Bond,
Sr. Unsec’d. Notes		4.750%		03/13/28		EUR	1,110	$	1,015,935
Sr. Unsec’d. Notes		5.375		06/08/37		EUR	785		531,590
Sr. Unsec’d. Notes, 144A		5.375		06/08/37		EUR	100		67,718


									1,615,243

Serbia 1.5%

Serbia International Bond,
Sr. Unsec’d. Notes		1.500		06/26/29		EUR	1,120		913,987
Sr. Unsec’d. Notes, 144A		1.650		03/03/33		EUR	225		157,099
Sr. Unsec’d. Notes, 144A		2.125		12/01/30			230		168,319
Sr. Unsec’d. Notes, 144A		3.125		05/15/27		EUR	715		684,178
Sr. Unsec’d. Notes, 144A		6.250		05/26/28			600		581,964
Sr. Unsec’d. Notes, 144A		6.500		09/26/33			430		403,280
Sr. Unsec’d. Notes, EMTN		1.000		09/23/28		EUR	230		190,964


									3,099,791

South Africa 1.6%

Republic of South Africa Government International Bond,
Sr. Unsec’d. Notes		4.300		10/12/28			200		172,000
Sr. Unsec’d. Notes		4.850		09/30/29			1,000		848,750
Sr. Unsec’d. Notes		5.750		09/30/49			1,350		877,500
Sr. Unsec’d. Notes		5.875		06/22/30			340		297,925
Sr. Unsec’d. Notes		5.875		04/20/32			600		506,250
Sr. Unsec’d. Notes		7.300		04/20/52			680		529,550


									3,231,975

Sri Lanka 1.1%

Sri Lanka Government International Bond,
Sr. Unsec’d. Notes		5.750		04/18/23	(d)		400		207,848
Sr. Unsec’d. Notes		6.200		05/11/27	(d)		600		297,054
Sr. Unsec’d. Notes		6.350		06/28/24	(d)		630		323,108
Sr. Unsec’d. Notes		6.750		04/18/28			240		119,189
Sr. Unsec’d. Notes		6.825		07/18/26	(d)		1,150		589,593
Sr. Unsec’d. Notes		6.850		11/03/25	(d)		350		179,232
Sr. Unsec’d. Notes		7.550		03/28/30	(d)		440		218,429
Sr. Unsec’d. Notes		7.850		03/14/29	(d)		250		123,685

See Notes to Financial Statements.



Description	Interest Rate	Maturity Date			Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

Sri Lanka (cont’d.)

Sri Lanka Government International Bond, (cont’d.)
Sr. Unsec’d. Notes, 144A	6.750%		04/18/28	(d)		200	$	99,324
Sr. Unsec’d. Notes, 144A	6.850		03/14/24	(d)		205		105,110


								2,262,572

Turkey 4.2%

Turkey Government International Bond,
Sr. Unsec’d. Notes	4.250		04/14/26			400		367,000
Sr. Unsec’d. Notes	4.750		01/26/26			495		464,063
Sr. Unsec’d. Notes	4.875		10/09/26			620		570,400
Sr. Unsec’d. Notes	5.250		03/13/30			810		668,250
Sr. Unsec’d. Notes	5.750		05/11/47			200		130,250
Sr. Unsec’d. Notes	5.950		01/15/31			400		336,000
Sr. Unsec’d. Notes	6.000		03/25/27			440		413,050
Sr. Unsec’d. Notes	6.000		01/14/41			200		142,000
Sr. Unsec’d. Notes	6.125		10/24/28			920		833,750
Sr. Unsec’d. Notes	6.500		09/20/33			200		167,500
Sr. Unsec’d. Notes	6.875		03/17/36			549		453,611
Sr. Unsec’d. Notes	9.375		03/14/29			1,631		1,659,542
Sr. Unsec’d. Notes	9.375		01/19/33			400		399,500
Sr. Unsec’d. Notes	9.875		01/15/28			629		658,091
Turkiye Government International Bond,
Sr. Unsec’d. Notes	9.125		07/13/30			1,245		1,241,888


								8,504,895

Ukraine 1.2%

Ukraine Government International Bond,
Sr. Unsec’d. Notes	4.375		01/27/32	(d)	EUR	760		179,176
Sr. Unsec’d. Notes	6.750		06/20/28	(d)	EUR	580		151,890
Sr. Unsec’d. Notes	7.375		09/25/34	(d)		200		50,300
Sr. Unsec’d. Notes	7.750		09/01/25	(d)		300		91,500
Sr. Unsec’d. Notes	7.750		09/01/26	(d)		1,030		293,406
Sr. Unsec’d. Notes	7.750		09/01/27	(d)		1,920		545,280
Sr. Unsec’d. Notes	7.750		09/01/28	(d)		1,520		425,600
Sr. Unsec’d. Notes	7.750		09/01/29	(d)		520		144,560
Sr. Unsec’d. Notes	8.994		02/01/26	(d)		200		60,687
Sr. Unsec’d. Notes	9.750		11/01/30	(d)		1,665		482,850
Sr. Unsec’d. Notes, 144A	4.375		01/27/32	(d)	EUR	100		23,576

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 35

Schedule of Investments (continued)

as of October 31, 2023



Description	Interest Rate		Maturity Date			Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

Ukraine (cont’d.)

Ukreximbank Via Biz Finance PLC,
Sr. Unsec’d. Notes		9.750%		01/22/25			38	$	34,288


									2,483,113

United Arab Emirates 1.5%

Abu Dhabi Government International Bond,
Sr. Unsec’d. Notes		3.125		09/30/49			800		489,500
Sr. Unsec’d. Notes, 144A		3.125		09/30/49			500		305,937
Sr. Unsec’d. Notes, 144A, MTN		3.875		04/16/50			200		141,313
Emirate of Dubai Government International Bonds,
Sr. Unsec’d. Notes, EMTN		5.250		01/30/43			1,390		1,178,025
Finance Department Government of Sharjah,
Sr. Unsec’d. Notes		6.500		11/23/32			200		193,500
Sr. Unsec’d. Notes, 144A		6.500		11/23/32			355		343,462
Sr. Unsec’d. Notes, 144A, MTN		4.000		07/28/50			400		226,500
Sr. Unsec’d. Notes, MTN		4.000		07/28/50			200		113,250


									2,991,487

Uruguay 1.6%

Uruguay Government International Bond,
Sr. Unsec’d. Notes		4.125		11/20/45			120		94,800
Sr. Unsec’d. Notes		4.975		04/20/55			800		666,400
Sr. Unsec’d. Notes		5.100		06/18/50			1,104		951,648
Sr. Unsec’d. Notes		7.625		03/21/36			870		982,665
Sr. Unsec’d. Notes, Cash coupon 7.875%		7.875		01/15/33			435		496,770


									3,192,283

Venezuela 0.5%

Venezuela Government International Bond,
Sr. Unsec’d. Notes		9.250		09/15/27	(d)		5,320		997,500
Sr. Unsec’d. Notes		12.750		08/23/22	(d)		180		31,770


									1,029,270

Zambia 0.7%

Zambia Government International Bond,
Sr. Unsec’d. Notes		8.500		04/14/24	(d)		1,610		982,603

See Notes to Financial Statements.

Description

Interest

Rate

Maturity

Date

Principal

Amount

(000)#

Value

SOVEREIGN BONDS (Continued)

Zambia (cont’d.)

Zambia Government International Bond, (cont’d.)

Sr. Unsec’d. Notes

8.970%

07/30/27

(d)

600

363,938

Unsec’d. Notes

5.375

09/20/22

(d)

200

109,040

1,455,581

TOTAL SOVEREIGN BONDS
(cost $172,482,532)

145,696,464

U.S. TREASURY OBLIGATION(h) 0.1%

U.S. Treasury Notes

(cost $265,190)

4.250

09/30/24

265

262,154

TOTAL LONG-TERM INVESTMENTS

(cost $229,619,306)

194,133,984

Shares

SHORT-TERM INVESTMENTS 3.5%

AFFILIATED MUTUAL FUNDS 1.8%

PGIM Core Government Money Market Fund(wb)

2,239,489

PGIM Institutional Money Market Fund

(cost $1,381,128; includes $1,375,852 of cash collateral for securities on loan)(b)(wb)

1,382,021

1,381,330

TOTAL AFFILIATED MUTUAL FUNDS

(cost $3,620,617)

3,620,819

Principal
Amount

(000)#

U.S. TREASURY OBLIGATION(n) 1.7%

U.S. Treasury Bills

(cost $3,456,160)

5.378%

01/25/24

3,500

3,456,255

OPTIONS PURCHASED*~ 0.0%

(cost $55,612)

28,097

TOTAL SHORT-TERM INVESTMENTS

(cost $7,132,389)

7,105,171

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 37

Schedule of Investments (continued)

as of October 31, 2023



Description	Value

TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 98.4%
(cost $236,751,695)	$	201,239,155


*OPTIONS WRITTEN~ (0.3)%**
(premiums received $590,503)		(521,748	)


TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 98.1%
(cost $236,161,192)		200,717,407
Other assets in excess of liabilities(z) 1.9%		3,914,826


NET ASSETS 100.0%	$	204,632,233

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

AUD—Australian Dollar

BRL—Brazilian Real

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

EUR—Euro

GBP—British Pound

HUF—Hungarian Forint

IDR—Indonesian Rupiah

ILS—Israeli Shekel

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

MYR—Malaysian Ringgit

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

PLN—Polish Zloty

SGD—Singapore Dollar

THB—Thai Baht

TWD—New Taiwanese Dollar

USD—US Dollar

ZAR—South African Rand

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

A—Annual payment frequency for swaps

BARC—Barclays Bank PLC

BNP—BNP Paribas S.A.

BOA—Bank of America, N.A.

BROIS—Brazil Overnight Index Swap

BUBOR—Budapest Interbank Offered Rate

CDX—Credit Derivative Index

CITI—Citibank, N.A.

CLOIS—Sinacofi Chile Interbank Rate Average

COOIS—Colombia Overnight Interbank Reference Rate

DB—Deutsche Bank AG

See Notes to Financial Statements.

EMTN—Euro Medium Term Note

GMTN—Global Medium Term Note

GSI—Goldman Sachs International

HSBC—HSBC Bank PLC

JIBAR—Johannesburg Interbank Agreed Rate

JPM—JPMorgan Chase Bank N.A.

JPS—J.P. Morgan Securities LLC

KLIBOR—Kuala Lumpur Interbank Offered Rate

KWCDC—Korean Won Certificate of Deposit

M—Monthly payment frequency for swaps

MSI—Morgan Stanley & Co International PLC

MTN—Medium Term Note

OTC—Over-the-counter

PJSC—Public Joint-Stock Company

PRIBOR—Prague Interbank Offered Rate

Q—Quarterly payment frequency for swaps

S—Semiannual payment frequency for swaps

SCB—Standard Chartered Bank

SOFR—Secured Overnight Financing Rate

SSB—State Street Bank & Trust Company

T—Swap payment upon termination

TD—The Toronto-Dominion Bank

THOR—Thai Overnight Repurchase Rate

UAG—UBS AG

WIBOR—Warsaw Interbank Offered Rate

*	Non-income producing security.

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

~	See tables subsequent to the Schedule of Investments for options detail. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

(a)

All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $1,351,138; cash collateral of $1,375,852 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

(cc)

Variable rate instrument. The rate shown is based on the latest available information as of October 31, 2023. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

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

(f)

Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the aggregate original cost of such securities is $162,432. The aggregate value of $130,186 is 0.1% of net assets.

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

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

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

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

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

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 39

Schedule of Investments (continued)

as of October 31, 2023

Options Purchased:

OTC Traded


Description	Call/ Put	Counterparty	Expiration Date	Strike		Contracts	Notional Amount (000)#			Value

Currency Option EUR vs ILS	Call	MSI	02/16/24		5.50	—		EUR	555	$	195
Currency Option EUR vs PLN	Call	HSBC	11/02/23		5.40	—		EUR	234		—
Currency Option EUR vs PLN	Call	MSI	11/16/23		5.00	—		EUR	471		7
Currency Option EUR vs PLN	Call	CITI	11/27/23		5.10	—		EUR	219		5
Currency Option USD vs CLP	Call	MSI	11/02/23		1,100.00	—			889		—
Currency Option USD vs CLP	Call	MSI	11/27/23		1,150.00	—			889		19
Currency Option USD vs CNH	Call	JPM	11/08/23		7.30	—			169		913
Currency Option USD vs CNH	Call	HSBC	11/08/23		7.80	—			169		2
Currency Option USD vs JPY	Call	JPM	11/08/23		150.00	—			710		8,594
Currency Option USD vs MXN	Call	HSBC	11/01/23		17.85	—			522		4,834
Currency Option USD vs MXN	Call	MSI	11/01/23		20.00	—			522		—
Currency Option USD vs MXN	Call	GSI	11/16/23		22.00	—			542		11
Currency Option USD vs MXN	Call	HSBC	11/29/23		22.00	—			522		50
Currency Option USD vs ZAR	Call	JPM	12/01/23		19.75	—			1,962		6,696
Currency Option EUR vs HUF	Put	JPM	11/02/23		360.00	—		EUR	237		—
Currency Option EUR vs HUF	Put	JPM	11/02/23		360.00	—		EUR	237		—
Currency Option EUR vs HUF	Put	MSI	11/02/23		360.00	—		EUR	492		—
Currency Option EUR vs HUF	Put	JPM	11/27/23		360.00	—		EUR	255		4
Currency Option EUR vs ILS	Put	MSI	02/16/24		3.80	—		EUR	555		682
Currency Option EUR vs PLN	Put	HSBC	11/02/23		4.20	—		EUR	234		—
Currency Option EUR vs PLN	Put	MSI	11/09/23		4.20	—		EUR	234		1
Currency Option EUR vs PLN	Put	HSBC	11/30/23		4.20	—		EUR	234		16
Currency Option USD vs BRL	Put	GSI	11/08/23		4.50	—			471		—

See Notes to Financial Statements.

Options Purchased (continued):

OTC Traded


Description	Call/ Put	Counterparty	Expiration Date	Strike		Contracts	Notional Amount (000)#		Value

Currency Option USD vs BRL	Put	CITI	11/16/23		4.00	—		471	$	—
Currency Option USD vs BRL	Put	MSI	12/27/23		4.30	—		1,455		30
Currency Option USD vs COP	Put	MSI	11/02/23		3,500.00	—		177		1
Currency Option USD vs COP	Put	MSI	11/09/23		3,600.00	—		472		—
Currency Option USD vs COP	Put	MSI	11/09/23		3,600.00	—		472		—
Currency Option USD vs COP	Put	MSI	11/27/23		3,600.00	—		177		5
Currency Option USD vs COP	Put	MSI	11/29/23		3,500.00	—		510		5
Currency Option USD vs COP	Put	MSI	12/12/23		3,200.00	—		1,952		5
Currency Option USD vs HUF	Put	JPM	11/20/23		290.00	—		1,297		—
Currency Option USD vs HUF	Put	JPM	11/20/23		300.00	—		671		—
Currency Option USD vs HUF	Put	MSI	11/20/23		350.00	—		1,297		1,126
Currency Option USD vs HUF	Put	MSI	11/20/23		360.00	—		671		4,746
Currency Option USD vs MXN	Put	JPM	11/09/23		16.00	—		472		1
Currency Option USD vs MXN	Put	HSBC	11/09/23		16.75	—		234		4
Currency Option USD vs MXN	Put	MSI	11/10/23		15.00	—		963		—
Currency Option USD vs PLN	Put	JPM	11/01/23		3.45	—		1,133		—
Currency Option USD vs ZAR	Put	MSI	11/09/23		16.75	—		472		1
Currency Option USD vs ZAR	Put	MSI	12/01/23		16.75	—		1,456		144

Total Options Purchased (cost $55,612)									$	28,097

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 41

Schedule of Investments (continued)

as of October 31, 2023

Options Written:

OTC Traded


Description	Call/ Put	Counterparty	Expiration Date	Strike		Contracts	Notional Amount (000)#			Value

Currency Option EUR vs ILS	Call	MSI	02/16/24		4.48	—		EUR	555	$	(5,682	)
Currency Option EUR vs PLN	Call	HSBC	11/02/23		4.70	—		EUR	234		—
Currency Option EUR vs PLN	Call	MSI	11/16/23		4.47	—		EUR	471		(2,280	)
Currency Option EUR vs PLN	Call	CITI	11/27/23		4.50	—		EUR	219		(1,009	)
Currency Option USD vs CLP	Call	MSI	11/27/23		930.00	—			889		(5,918	)
Currency Option USD vs CNH	Call	HSBC	11/08/23		7.30	—			169		(913	)
Currency Option USD vs MXN	Call	MSI	11/01/23		17.85	—			522		(4,834	)
Currency Option USD vs MXN	Call	GSI	11/16/23		18.00	—			542		(7,229	)
Currency Option USD vs MXN	Call	HSBC	11/29/23		18.20	—			522		(6,725	)
Currency Option USD vs ZAR	Call	JPM	12/01/23		20.50	—			1,962		(2,276	)
Currency Option EUR vs HUF	Put	JPM	11/02/23		387.00	—		EUR	237		(2,750	)
Currency Option EUR vs HUF	Put	JPM	11/02/23		388.00	—		EUR	237		(3,388	)
Currency Option EUR vs HUF	Put	MSI	11/02/23		388.00	—		EUR	492		(7,034	)
Currency Option EUR vs HUF	Put	JPM	11/27/23		383.00	—		EUR	255		(1,769	)
Currency Option EUR vs PLN	Put	MSI	11/09/23		4.57	—		EUR	234		(6,376	)
Currency Option EUR vs PLN	Put	HSBC	11/30/23		4.45	—		EUR	234		(1,611	)
Currency Option USD vs BRL	Put	GSI	11/08/23		5.05	—			471		(4,189	)
Currency Option USD vs BRL	Put	CITI	11/16/23		5.00	—			471		(3,229	)
Currency Option USD vs BRL	Put	MSI	12/27/23		5.35	—			1,455		(89,074	)
Currency Option USD vs COP	Put	MSI	11/09/23		4,150.00	—			472		(6,345	)
Currency Option USD vs COP	Put	MSI	11/09/23		4,200.00	—			472		(10,282	)
Currency Option USD vs COP	Put	MSI	11/27/23		4,100.00	—			177		(2,310	)

See Notes to Financial Statements.

Options Written (continued):

OTC Traded


Description	Call/ Put	Counterparty	Expiration Date	Strike		Contracts		Notional Amount (000)#		Value

Currency Option USD vs COP	Put	MSI	11/29/23		4,000.00		—		510	$	(2,783	)
Currency Option USD vs COP	Put	MSI	12/12/23		4,700.00		—		1,952		(255,885	)
Currency Option USD vs HUF	Put	JPM	11/20/23		350.00		—		1,297		(1,126	)
Currency Option USD vs HUF	Put	JPM	11/20/23		360.00		—		671		(4,746	)
Currency Option USD vs MXN	Put	MSI	11/10/23		18.70		—		963		(37,087	)
Currency Option USD vs ZAR	Put	MSI	12/01/23		18.75		—		472		(8,684	)
Currency Option USD vs ZAR	Put	MSI	12/01/23		19.25		—		984		(36,214	)


Total Options Written (premiums received $590,503)										$	(521,748	)

Futures contracts outstanding at October 31, 2023:


Number of Contracts	Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)

Long Positions:
126	2 Year U.S. Treasury Notes		Dec. 2023	$	25,505,156		$	(102,542	)
48	10 Year U.S. Treasury Notes		Dec. 2023		5,096,250			(97,638	)
23	10 Year U.S. Ultra Treasury Notes		Dec. 2023		2,503,047			(80,521	)
8	30 Year U.S. Ultra Treasury Bonds		Dec. 2023		900,500			(59,731	)

								(340,432	)


Short Positions:
44	5 Year Euro-Bobl		Dec. 2023		5,414,044			43,345
25	5 Year U.S. Treasury Notes		Dec. 2023		2,611,914			34,313
35	10 Year Euro-Bund		Dec. 2023		4,776,951			94,645
16	Euro Schatz Index		Dec. 2023		1,780,571			2,227

								174,530

							$	(165,902	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 43

Schedule of Investments (continued)

as of October 31, 2023

Forward foreign currency exchange contracts outstanding at October 31, 2023:


Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation			Unrealized Depreciation

OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 01/19/24	JPM		AUD	351	$	223,000	$	223,562		$	562		$	—
Brazilian Real,
Expiring 11/03/23	CITI		BRL	1,623		320,000		321,701			1,701			—
Expiring 11/03/23	DB		BRL	2,091		423,195		414,470			—			(8,725	)
Expiring 11/03/23	GSI		BRL	1,224		235,000		242,585			7,585			—
Expiring 11/03/23	TD		BRL	392		75,000		77,770			2,770			—
Expiring 12/04/23	BNP		BRL	2,787		553,383		550,464			—			(2,919	)
Chilean Peso,
Expiring 12/20/23	CITI		CLP	110,245		122,700		122,802			102			—
Expiring 12/20/23	TD		CLP	253,368		272,000		282,227			10,227			—
Chinese Renminbi,
Expiring 11/16/23	BOA		CNH	12,196		1,677,000		1,663,245			—			(13,755	)
Expiring 11/16/23	GSI		CNH	8,821		1,213,000		1,203,010			—			(9,990	)
Expiring 11/16/23	GSI		CNH	8,535		1,168,000		1,164,016			—			(3,984	)
Expiring 11/16/23	HSBC		CNH	10,963		1,505,000		1,495,139			—			(9,861	)
Expiring 11/16/23	HSBC		CNH	6,929		956,000		944,978			—			(11,022	)
Expiring 11/16/23	HSBC		CNH	3,972		547,000		541,678			—			(5,322	)
Expiring 11/16/23	HSBC		CNH	1,637		223,909		223,262			—			(647	)
Expiring 11/16/23	JPM		CNH	1,239		169,000		169,006			6			—
Colombian Peso,
Expiring 12/20/23	BARC		COP	8,140,254		1,910,656		1,955,527			44,871			—
Expiring 12/20/23	CITI		COP	665,582		150,459		159,892			9,433			—
Expiring 12/20/23	HSBC		COP	5,057,062		1,255,088		1,214,855			—			(40,233	)
Expiring 12/20/23	TD		COP	5,417,383		1,328,116		1,301,414			—			(26,702	)
Czech Koruna,
Expiring 01/19/24	DB		CZK	15,765		673,000		677,940			4,940			—
Euro,
Expiring 01/19/24	HSBC		EUR	347		368,762		368,059			—			(703	)
Hungarian Forint,
Expiring 01/19/24	DB		HUF	197,432		542,000		540,035			—			(1,965	)
Indian Rupee,
Expiring 12/20/23	BOA		INR	126,266		1,513,000		1,513,924			924			—
Expiring 12/20/23	BOA		INR	34,848		417,000		417,822			822			—
Expiring 12/20/23	CITI		INR	42,634		512,614		511,178			—			(1,436	)
Expiring 12/20/23	JPM		INR	139,397		1,674,000		1,671,371			—			(2,629	)
Expiring 12/20/23	JPM		INR	125,606		1,507,446		1,506,017			—			(1,429	)
Expiring 12/20/23	JPM		INR	79,620		954,000		954,646			646			—
Expiring 12/20/23	MSI		INR	143,514		1,719,000		1,720,730			1,730			—
Indonesian Rupiah,
Expiring 12/20/23	CITI		IDR	2,285,688		144,159		143,372			—			(787	)
Expiring 12/20/23	MSI		IDR	39,100,868		2,541,741		2,452,639			—			(89,102	)

See Notes to Financial Statements.

Forward foreign currency exchange contracts outstanding at October 31, 2023 (continued):


Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation			Unrealized Depreciation

OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Israeli Shekel,
Expiring 12/20/23	DB		ILS	539	$	142,185	$	133,813		$	—		$	(8,372	)
Japanese Yen,
Expiring 01/19/24	HSBC		JPY	104,656		714,169		699,823			—			(14,346	)
Mexican Peso,
Expiring 12/20/23	CITI		MXN	3,682		198,842		202,521			3,679			—
Expiring 12/20/23	DB		MXN	5,397		306,556		296,856			—			(9,700	)
Expiring 12/20/23	HSBC		MXN	4,369		235,000		240,316			5,316			—
Expiring 12/20/23	MSI		MXN	2,267		123,660		124,725			1,065			—
Expiring 12/20/23	SSB		MXN	4,353		235,000		239,443			4,443			—
Expiring 12/20/23	TD		MXN	9,068		497,000		498,818			1,818			—
Expiring 12/20/23	TD		MXN	9,024		492,000		496,388			4,388			—
Peruvian Nuevo Sol,
Expiring 12/20/23	CITI		PEN	6,250		1,676,222		1,623,587			—			(52,635	)
Philippine Peso,
Expiring 12/20/23	CITI		PHP	5,745		101,500		101,177			—			(323	)
Expiring 12/20/23	MSI		PHP	33,651		594,000		592,594			—			(1,406	)
Singapore Dollar,
Expiring 12/20/23	BOA		SGD	1,335		980,000		977,065			—			(2,935	)
Expiring 12/20/23	CITI		SGD	421		308,000		308,052			52			—
Expiring 12/20/23	DB		SGD	521		383,026		381,312			—			(1,714	)
Expiring 12/20/23	HSBC		SGD	870		636,000		636,806			806			—
Expiring 12/20/23	MSI		SGD	229		167,476		167,812			336			—
Expiring 12/20/23	SCB		SGD	1,623		1,196,000		1,188,152			—			(7,848	)
South African Rand,
Expiring 12/20/23	HSBC		ZAR	2,723		142,351		145,443			3,092			—
Expiring 12/20/23	MSI		ZAR	10,602		564,001		566,333			2,332			—
Expiring 12/20/23	TD		ZAR	55,722		2,911,162		2,976,614			65,452			—
South Korean Won,
Expiring 12/20/23	CITI		KRW	405,710		302,696		300,720			—			(1,976	)
Expiring 12/20/23	CITI		KRW	311,441		232,000		230,846			—			(1,154	)
Expiring 12/20/23	CITI		KRW	222,343		164,619		164,805			186			—
Expiring 12/20/23	MSI		KRW	868,687		659,000		643,888			—			(15,112	)
Expiring 12/20/23	SCB		KRW	686,414		510,000		508,783			—			(1,217	)
Thai Baht,
Expiring 12/20/23	BOA		THB	34,779		971,000		972,061			1,061			—
Expiring 12/20/23	CITI		THB	9,139		248,000		255,424			7,424			—


					$	42,585,693	$	42,423,513			187,769			(349,949	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 45

Schedule of Investments (continued)

as of October 31, 2023

Forward foreign currency exchange contracts outstanding at October 31, 2023 (continued):


Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation			Unrealized Depreciation

OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 01/19/24	JPM		AUD	372	$	239,334	$	236,412		$	2,922		$	—
Brazilian Real,
Expiring 11/03/23	BNP		BRL	2,787		555,445		552,506			2,939			—
Expiring 11/03/23	CITI		BRL	2,542		490,000		504,020			—			(14,020	)
Expiring 12/04/23	CITI		BRL	714		142,226		140,993			1,233			—
British Pound,
Expiring 01/19/24	HSBC		GBP	102		125,898		124,426			1,472			—
Chilean Peso,
Expiring 12/20/23	GSI		CLP	497,134		544,000		553,759			—			(9,759	)
Expiring 12/20/23	TD		CLP	1,438,132		1,598,387		1,601,939			—			(3,552	)
Expiring 12/20/23	UAG		CLP	542,559		599,000		604,357			—			(5,357	)
Expiring 12/20/23	UAG		CLP	512,048		567,000		570,371			—			(3,371	)
Chinese Renminbi,
Expiring 11/16/23	MSI		CNH	34,493		4,731,411		4,703,960			27,451			—
Colombian Peso,
Expiring 12/20/23	BNP		COP	1,625,077		376,740		390,391			—			(13,651	)
Expiring 12/20/23	BOA		COP	1,061,512		248,000		255,006			—			(7,006	)
Expiring 12/20/23	BOA		COP	506,142		117,000		121,590			—			(4,590	)
Expiring 12/20/23	CITI		COP	504,252		122,135		121,137			998			—
Expiring 12/20/23	MSI		COP	2,676,400		662,000		642,950			19,050			—
Czech Koruna,
Expiring 01/19/24	BARC		CZK	37,510		1,619,292		1,613,086			6,206			—
Expiring 01/19/24	GSI		CZK	11,346		483,143		487,940			—			(4,797	)
Expiring 01/19/24	HSBC		CZK	5,725		246,134		246,205			—			(71	)
Expiring 01/19/24	MSI		CZK	12,577		534,857		540,864			—			(6,007	)
Euro,
Expiring 01/19/24	BNP		EUR	4,703		5,011,623		4,995,000			16,623			—
Expiring 01/19/24	HSBC		EUR	5,237		5,545,778		5,562,984			—			(17,206	)
Expiring 01/19/24	MSI		EUR	2,997		3,196,980		3,183,419			13,561			—
Expiring 01/19/24	SCB		EUR	926		983,977		983,247			730			—
Hungarian Forint,
Expiring 01/19/24	GSI		HUF	1,218,756		3,294,647		3,333,653			—			(39,006	)
Expiring 01/19/24	GSI		HUF	197,172		527,000		539,322			—			(12,322	)
Indian Rupee,
Expiring 12/20/23	CITI		INR	37,021		444,046		443,884			162			—
Expiring 12/20/23	CITI		INR	18,825		225,070		225,712			—			(642	)
Expiring 12/20/23	JPM		INR	125,453		1,506,000		1,504,173			1,827			—
Indonesian Rupiah,
Expiring 12/20/23	CITI		IDR	3,129,572		201,947		196,305			5,642			—
Expiring 12/20/23	CITI		IDR	1,424,088		91,016		89,327			1,689			—
Expiring 12/20/23	HSBC		IDR	11,643,462		739,000		730,347			8,653			—

See Notes to Financial Statements.

Forward foreign currency exchange contracts outstanding at October 31, 2023 (continued):


Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation			Unrealized Depreciation

OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Israeli Shekel,
Expiring 12/20/23	BARC		ILS	2,741	$	719,000	$	680,030		$	38,970		$	—
Expiring 12/20/23	BARC		ILS	1,494		393,196		370,750			22,446			—
Expiring 12/20/23	CITI		ILS	2,537		662,000		629,490			32,510			—
Expiring 12/20/23	HSBC		ILS	497		122,922		123,427			—			(505	)
Mexican Peso,
Expiring 12/20/23	BARC		MXN	33,041		1,852,135		1,817,490			34,645			—
Expiring 12/20/23	BOA		MXN	10,803		606,000		594,237			11,763			—
Expiring 12/20/23	HSBC		MXN	2,249		122,140		123,712			—			(1,572	)
Expiring 12/20/23	SSB		MXN	10,679		613,000		587,424			25,576			—
New Taiwanese Dollar,
Expiring 12/20/23	CITI		TWD	44,402		1,375,000		1,371,908			3,092			—
Expiring 12/20/23	CITI		TWD	8,574		266,378		264,911			1,467			—
Expiring 12/20/23	GSI		TWD	29,032		897,000		897,020			—			(20	)
Expiring 12/20/23	MSI		TWD	45,948		1,437,000		1,419,694			17,306			—
Peruvian Nuevo Sol,
Expiring 12/20/23	BARC		PEN	3,299		875,020		857,143			17,877			—
Expiring 12/20/23	BOA		PEN	2,507		657,300		651,371			5,929			—
Expiring 12/20/23	BOA		PEN	2,461		641,424		639,323			2,101			—
Expiring 12/20/23	BOA		PEN	1,367		354,576		355,037			—			(461	)
Expiring 12/20/23	CITI		PEN	2,951		762,091		766,650			—			(4,559	)
Expiring 12/20/23	CITI		PEN	716		184,654		185,931			—			(1,277	)
Expiring 12/20/23	SCB		PEN	1,325		341,909		344,265			—			(2,356	)
Philippine Peso,
Expiring 12/20/23	CITI		PHP	68,904		1,213,518		1,213,390			128			—
Expiring 12/20/23	JPM		PHP	14,111		248,000		248,498			—			(498	)
Expiring 12/20/23	SCB		PHP	87,406		1,533,000		1,539,223			—			(6,223	)
Polish Zloty,
Expiring 01/19/24	BARC		PLN	2,162		494,000		511,857			—			(17,857	)
Expiring 01/19/24	HSBC		PLN	1,730		409,871		409,580			291			—
Expiring 01/19/24	UAG		PLN	11,840		2,771,261		2,803,610			—			(32,349	)
Singapore Dollar,
Expiring 12/20/23	HSBC		SGD	475		348,139		347,754			385			—
Expiring 12/20/23	JPM		SGD	10,329		7,621,657		7,561,070			60,587			—
Expiring 12/20/23	SCB		SGD	696		510,000		509,369			631			—
South African Rand,
Expiring 12/20/23	DB		ZAR	2,706		142,647		144,561			—			(1,914	)
Expiring 12/20/23	MSI		ZAR	1,601		81,977		85,524			—			(3,547	)
South Korean Won,
Expiring 12/20/23	CITI		KRW	737,771		558,000		546,850			11,150			—
Expiring 12/20/23	CITI		KRW	413,967		308,631		306,840			1,791			—
Expiring 12/20/23	DB		KRW	336,928		249,000		249,738			—			(738	)
Expiring 12/20/23	SCB		KRW	5,335,133		4,044,066		3,954,504			89,562			—

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 47

Schedule of Investments (continued)

as of October 31, 2023

Forward foreign currency exchange contracts outstanding at October 31, 2023 (continued):


Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation			Unrealized Depreciation

OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Thai Baht,
Expiring 12/20/23	GSI		THB	17,989	$	507,125	$	502,775		$	4,350		$	—
Expiring 12/20/23	JPM		THB	27,248		754,999		761,569			—			(6,570	)
Expiring 12/20/23	MSI		THB	13,513		372,000		377,678			—			(5,678	)
Expiring 12/20/23	MSI		THB	10,244		282,000		286,324			—			(4,324	)

					$	71,101,722	$	70,839,812			493,715			(231,805	)

										$	681,484		$	(581,754	)

Cross currency exchange contracts outstanding at October 31, 2023:


Settlement	Type		Notional Amount (000)			In Exchange For (000)	Unrealized Appreciation			Unrealized Depreciation				Counterparty

OTC Cross Currency Exchange Contracts:
01/19/24		Buy		EUR	478	PLN 2,181		$	—		$	(8,248	)		BOA
01/19/24		Buy		EUR	510	PLN 2,292			—			(1,134	)		JPM


								$	—		$	(9,382	)

Credit default swap agreement outstanding at October 31, 2023:

Reference
Entity/

Obligation

Termination
Date

Fixed
Rate

Notional
Amount
(000)#(3)

Value at

Trade Date

Value at
October 31,
2023

Unrealized
Appreciation
(Depreciation)

Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):

CDX.EM.40.V1

12/20/28

1.000%(Q)

10,460

527,204

559,773

32,569

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.

(2)

(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 October 31, 2023:


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date				Value at October 31, 2023				Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
BRL	7,132		01/02/26		10.461%(T)	1 Day BROIS(2)(T)/0.047%		$	—			$	(16,827	)		$	(16,827	)
BRL	7,834		01/02/26		10.559%(T)	1 Day BROIS(2)(T)/0.047%			—				(15,487	)			(15,487	)
BRL	2,676		01/04/27		10.000%(T)	1 Day BROIS(2)(T)/0.047%			—				(21,394	)			(21,394	)
BRL	5,309		01/04/27		10.730%(T)	1 Day BROIS(2)(T)/0.047%			—				(14,572	)			(14,572	)
BRL	10,979		01/04/27		10.750%(T)	1 Day BROIS(2)(T)/0.047%			—				(28,497	)			(28,497	)
BRL	342		01/04/27		11.120%(T)	1 Day BROIS(2)(T)/0.047%			2,265				(673	)			(2,938	)
BRL	7,258		01/04/27		12.640%(T)	1 Day BROIS(1)(T)/0.047%			(44,025	)			(60,160	)			(16,135	)
BRL	1,592		01/02/29		11.420%(T)	1 Day BROIS(2)(T)/0.047%			—				(190	)			(190	)
CLP	91,414		09/20/33		4.785%(S)	1 Day CLOIS(1)(S)/9.000%			7,161				10,041				2,880
CNH	4,647		12/15/27		2.680%(Q)	7 Day China Fixing Repo Rates(2)(Q)/2.500%			—				8,786				8,786

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 49

Schedule of Investments (continued)

as of October 31, 2023

Interest rate swap agreements outstanding at October 31, 2023 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate			Floating Rate	Value at Trade Date				Value at October 31, 2023				Unrealized Appreciation (Depreciation)

Centrally Cleared Interest Rate Swap Agreements (cont’d.):
CNH	19,155		09/20/28		2.420	%(Q)	7 Day China Fixing Repo Rates(2)(Q)/2.500%		$	7,758			$	2,248			$	(5,510	)
COP	5,397,490		12/20/25		8.755	%(Q)	1 Day COOIS(1)(Q)/12.230%			—				17,355				17,355
COP	5,238,410		12/20/25		9.702	%(Q)	1 Day COOIS(1)(Q)/12.230%			34				(4,243	)			(4,277	)
COP	6,795,160		12/20/25		9.750	%(Q)	1 Day COOIS(1)(Q)/12.230%			(1,137	)			(6,890	)			(5,753	)
COP	2,511,025		03/15/28		9.098	%(Q)	1 Day COOIS(1)(Q)/12.230%			12,647				(52	)			(12,699	)
COP	835,888		09/20/28		7.440	%(Q)	1 Day COOIS(2)(Q)/12.230%			(1,921	)			(12,589	)			(10,668	)
COP	2,159,000		12/20/28		9.447	%(Q)	1 Day COOIS(1)(Q)/12.230%			—				(12,849	)			(12,849	)
CZK	19,526		06/21/25		5.919	%(A)	6 Month PRIBOR(1)(S)/6.880%			147				(4,595	)			(4,742	)
CZK	14,410		12/20/28		4.385	%(A)	6 Month PRIBOR(2)(S)/6.880%			—				566				566
CZK	7,500		09/20/33		4.225	%(A)	6 Month PRIBOR(2)(S)/6.880%			—				(8,349	)			(8,349	)
CZK	7,214		12/20/33		4.290	%(A)	6 Month PRIBOR(2)(S)/6.880%			—				(4,228	)			(4,228	)
HUF	575,500		12/20/25		7.740	%(A)	6 Month BUBOR(1)(S)/11.180%			—				14,037				14,037
HUF	300,000		12/20/28		7.410	%(A)	6 Month BUBOR(2)(S)/11.180%			—				(1,909	)			(1,909	)
HUF	145,770		12/20/33		7.420	%(A)	6 Month BUBOR(2)(S)/11.180%			—				(243	)			(243	)

See Notes to Financial Statements.

Interest rate swap agreements outstanding at October 31, 2023 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date				Value at October 31, 2023				Unrealized Appreciation (Depreciation)


Centrally Cleared Interest Rate Swap Agreements (cont’d.):
KRW	400,000		09/21/27	3.639%(Q)	3 Month KWCDC(1)(Q)/3.820%		$	(3,603	)		$	4,727			$	8,330
KRW	870,000		12/21/27	4.197%(Q)	3 Month KWCDC(2)(Q)/3.820%			31,070				3,291				(27,779	)
KRW	600,000		03/15/28	2.965%(Q)	3 Month KWCDC(2)(Q)/3.820%			—				(20,425	)			(20,425	)
KRW	2,028,148		03/15/28	3.100%(Q)	3 Month KWCDC(1)(Q)/3.820%			56,772				60,575				3,803
KRW	1,470,750		09/20/28	3.435%(Q)	3 Month KWCDC(2)(Q)/3.820%			(6,814	)			(31,998	)			(25,184	)
MXN	13,205		12/15/27	8.950%(M)	28 Day Mexican Interbank Rate(2)(M)/11.503%			6,037				(22,706	)			(28,743	)
MXN	3,279		03/08/28	8.475%(M)	28 Day Mexican Interbank Rate(1)(M)/11.503%			6,047				8,716				2,669
MXN	13,610		09/13/28	8.658%(M)	28 Day Mexican Interbank Rate(2)(M)/11.503%			(8,678	)			(32,569	)			(23,891	)
MXN	15,680		12/13/28	8.535%(M)	28 Day Mexican Interbank Rate(2)(M)/11.503%			—				(37,901	)			(37,901	)
MXN	20,680		12/13/28	8.570%(M)	28 Day Mexican Interbank Rate(2)(M)/11.503%			(10,110	)			(48,422	)			(38,312	)
MXN	10,160		09/07/33	7.872%(M)	28 Day Mexican Interbank Rate(2)(M)/11.503%			—				(64,614	)			(64,614	)
MXN	9,570		09/07/33	7.970%(M)	28 Day Mexican Interbank Rate(2)(M)/11.503%			—				(57,525	)			(57,525	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 51

Schedule of Investments (continued)

as of October 31, 2023

Interest rate swap agreements outstanding at October 31, 2023 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date				Value at October 31, 2023				Unrealized Appreciation (Depreciation)


Centrally Cleared Interest Rate Swap Agreements (cont’d.):
PLN	6,830		06/21/25	6.021%(A)	6 Month WIBOR(1)(S)/5.560%		$	4,201			$	(17,620	)		$	(21,821	)
PLN	1,204		06/15/27	4.970%(A)	6 Month WIBOR(2)(S)/5.560%			(13,160	)			89				13,249
PLN	2,826		09/21/27	5.487%(A)	6 Month WIBOR(1)(S)/5.560%			—				(18,601	)			(18,601	)
PLN	5,393		09/21/27	6.547%(A)	6 Month WIBOR(1)(S)/5.560%			1,194				(83,344	)			(84,538	)
PLN	1,175		10/06/27	6.826%(A)	6 Month WIBOR(2)(S)/5.560%			—				21,043				21,043
PLN	460		10/25/27	7.900%(A)	6 Month WIBOR(2)(S)/5.560%			—				12,405				12,405
PLN	18		12/21/27	6.845%(A)	6 Month WIBOR(2)(S)/5.560%			227				473				246
PLN	3,569		09/20/28	4.640%(A)	6 Month WIBOR(1)(S)/5.560%			(7,773	)			2,868				10,641
PLN	14,410		12/20/28	4.087%(A)	6 Month WIBOR(2)(S)/5.560%			(89,501	)			(83,757	)			5,744
THB	44,802		12/20/28	3.080%(Q)	1 Day THOR(1)(Q)/2.481%			—				(13,337	)			(13,337	)
ZAR	52,851		09/21/27	7.490%(Q)	3 Month JIBAR(1)(Q)/8.358%			49,954				86,385				36,431
ZAR	26,104		09/21/27	7.995%(Q)	3 Month JIBAR(2)(Q)/8.358%			(3,965	)			(18,607	)			(14,642	)
ZAR	10,122		12/21/27	8.860%(Q)	3 Month JIBAR(1)(Q)/8.358%			(2,875	)			(8,224	)			(5,349	)
ZAR	14,361		03/15/28	7.766%(Q)	3 Month JIBAR(2)(Q)/8.358%			(40,291	)			(20,860	)			19,431

See Notes to Financial Statements.

Interest rate swap agreements outstanding at October 31, 2023 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date				Value at October 31, 2023				Unrealized Appreciation (Depreciation)


Centrally Cleared Interest Rate Swap Agreements (cont’d.):
ZAR	17,762		06/21/28		8.455%(Q)	3 Month JIBAR(1)(Q)/8.358%		$	(1,774	)		$	3,544			$	5,318
ZAR	15,630		09/20/28		8.415%(Q)	3 Month JIBAR(2)(Q)/8.358%			—				(6,722	)			(6,722	)
ZAR	11,504		09/20/28		8.623%(Q)	3 Month JIBAR(1)(Q)/8.358%			—				(283	)			(283	)
ZAR	25,326		12/20/28		8.897%(Q)	3 Month JIBAR(1)(Q)/8.358%			(2,474	)			(10,800	)			(8,326	)
ZAR	3,548		12/20/28		9.085%(Q)	3 Month JIBAR(1)(Q)/8.358%			—				(2,942	)			(2,942	)
ZAR	5,396		11/10/32		9.160%(Q)	3 Month JIBAR(2)(Q)/8.358%			(18	)			(8,368	)			(8,350	)


								$	(52,605	)		$	(566,223	)		$	(513,618	)


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	10,158		12/20/25		3.898%(Q)	3 Month KLIBOR(1)(Q)/3.650%	$	(3,403	)		$	—		$	(3,403	)		GSI
MYR	5,300		06/21/28		3.442%(Q)	3 Month KLIBOR(2)(Q)/3.650%		(23,795	)			—			(23,795	)		BOA
MYR	4,300		06/21/28		3.598%(Q)	3 Month KLIBOR(2)(Q)/3.650%		(13,034	)			—			(13,034	)		GSI
MYR	4,495		09/20/28		3.629%(Q)	3 Month KLIBOR(2)(Q)/3.650%		(13,544	)			—			(13,544	)		CITI


							$	(53,776	)		$	—		$	(53,776	)

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

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

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 53

Schedule of Investments (continued)

as of October 31, 2023

Interest rate swap agreements outstanding at October 31, 2023 (continued):

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


	Premiums Paid	Premiums Received	Unrealized Appreciation	Unrealized Depreciation


OTC Swap Agreements	$—	$—	$—	$(53,776)

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


Broker	Cash and/or Foreign Currency			Securities Market Value


JPS		$	1,677,000		$	—

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of October 31, 2023 in valuing such portfolio securities:


	Level 1		Level 2		Level 3

Investments in Securities
Assets
Long-Term Investments
Corporate Bonds
Azerbaijan	$	—	$	780,644		$—
Bahrain		—		518,125		—
Brazil		—		1,238,003		—
Chile		—		2,043,686		—
China		—		952,637		—
Colombia		—		1,557,543		—
Costa Rica		—		185,000		—
Guatemala		—		657,344		—
Hungary		—		418,421		—
India		—		3,454,984		—
Indonesia		—		4,818,769		—
Israel		—		1,169,521		—
Jamaica		—		130,186		—
Kazakhstan		—		1,849,300		—

See Notes to Financial Statements.


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Corporate Bonds (continued)
Kuwait	$	—	$	450,579		$—
Macau		—		519,288		—
Malaysia		—		2,150,866		—
Mexico		—		9,914,892		—
Panama		—		731,265		—
Peru		—		1,414,286		—
Philippines		—		139,704		—
Poland		—		574,183		—
Qatar		—		935,562		—
Saudi Arabia		—		1,436,962		—
South Africa		—		4,308,360		—
Thailand		—		344,850		—
Trinidad & Tobago		—		207,038		—
Turkey		—		174,748		—
Ukraine		—		236,452		—
United Arab Emirates		—		4,198,506		—
Venezuela		—		213,402		—
Vietnam		—		450,260		—
Sovereign Bonds
Angola		—		4,261,602		—
Argentina		—		2,125,404		—
Bahrain		—		3,247,600		—
Brazil		—		6,376,927		—
Cameroon		—		383,752		—
Chile		—		1,068,092		—
Colombia		—		6,541,072		—
Congo (Republic)		—		179,228		—
Costa Rica		—		1,619,620		—
Dominican Republic		—		7,963,114		—
Ecuador		—		1,980,570		—
Egypt		—		4,961,620		—
El Salvador		—		1,482,034		—
Gabon		—		1,851,000		—
Ghana		—		2,272,742		—
Guatemala		—		1,567,470		—
Honduras		—		371,684		—
Hungary		—		5,060,391		—
India		—		673,056		—
Indonesia		—		6,099,317		—
Iraq		—		796,720		—
Ivory Coast		—		2,425,747		—
Jamaica		—		1,496,686		—
Jordan		—		1,587,169		—
Kazakhstan		—		196,000		—
Lebanon		—		199,370		—

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 55

Schedule of Investments (continued)

as of October 31, 2023


	Level 1		Level 2			Level 3

Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Sovereign Bonds (continued)
Mexico	$	—	$	4,977,102			$—
Mongolia		—		599,044			—
Morocco		—		2,101,799			—
Mozambique		—		803,171			—
Nigeria		—		2,361,937			—
Oman		—		6,134,072			—
Pakistan		—		2,420,615			—
Panama		—		2,532,440			—
Papua New Guinea		—		383,914			—
Paraguay		—		1,106,300			—
Peru		—		3,926,729			—
Philippines		—		3,820,793			—
Poland		—		1,194,673			—
Qatar		—		5,128,586			—
Romania		—		6,475,759			—
Russia		—		263,733			—
Saudi Arabia		—		4,811,600			—
Senegal		—		1,615,243			—
Serbia		—		3,099,791			—
South Africa		—		3,231,975			—
Sri Lanka		—		2,262,572			—
Turkey		—		8,504,895			—
Ukraine		—		2,483,113			—
United Arab Emirates		—		2,991,487			—
Uruguay		—		3,192,283			—
Venezuela		—		1,029,270			—
Zambia		—		1,455,581			—
U.S. Treasury Obligation		—		262,154			—
Short-Term Investments
Affiliated Mutual Funds		3,620,819		—			—
U.S. Treasury Obligation		—		3,456,255			—
Options Purchased		—		28,097			—


Total	$	3,620,819	$	197,618,336			$—


Liabilities
Options Written	$	—	$	(521,748	)		$—


Other Financial Instruments*
Assets
Futures Contracts	$	174,530	$	—			$—
OTC Forward Foreign Currency Exchange Contracts		—		681,484			—

See Notes to Financial Statements.


	Level 1			Level 2			Level 3

*Other Financial Instruments (continued)**
Assets (continued)
Centrally Cleared Credit Default Swap Agreement	$	—		$	32,569			$—
Centrally Cleared Interest Rate Swap Agreements		—			182,934			—


Total	$	174,530		$	896,987			$—


Liabilities
Futures Contracts	$	(340,432	)	$	—			$—
OTC Forward Foreign Currency Exchange Contracts		—			(581,754	)		—
OTC Cross Currency Exchange Contracts		—			(9,382	)		—
Centrally Cleared Interest Rate Swap Agreements		—			(696,552	)		—
OTC Interest Rate Swap Agreements.		—			(53,776	)		—


Total	$	(340,432	)	$	(1,341,464	)		$—

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of October 31, 2023 were as follows:


Sovereign Bonds	71.2	%
Oil & Gas	8.5
Electric	4.0
Engineering & Construction	1.8
U.S. Treasury Obligations	1.8
Affiliated Mutual Funds (0.7% represents investments purchased with collateral from securities on loan)	1.8
Pipelines	1.5
Mining	1.4
Commercial Services	1.2
Banks	0.9
Diversified Financial Services	0.5
Transportation	0.5
Chemicals	0.5
Telecommunications	0.4
Lodging	0.4
Internet	0.2
Iron/Steel	0.2
Building Materials	0.2
Energy-Alternate Sources	0.2


Computers	0.2	%
Investment Companies	0.1
Retail	0.1
Entertainment	0.1
Real Estate	0.1
Auto Manufacturers	0.1
Media	0.1
Gas	0.1
Foods	0.1
Beverages	0.1
Forest Products & Paper	0.1
Options Purchased	0.0	*

	98.4
Options Written	(0.3	)
Other assets in excess of liabilities	1.9

	100.0	%

*	Less than 0.05%

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 57

Schedule of Investments (continued)

as of October 31, 2023

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

Fair values of derivative instruments as of October 31, 2023 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	$	32,569*		—	$	—
Foreign exchange contracts	Unaffiliated investments		28,097		Options written outstanding, at value		521,748

Foreign exchange contracts	—		—		Unrealized depreciation on OTC cross currency exchange contracts		9,382
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		681,484		Unrealized depreciation on OTC forward foreign currency exchange contracts		581,754
Interest rate contracts	Due from/to broker-variation margin futures		174,530	*	Due from/to broker-variation margin futures		340,432	*
Interest rate contracts	Due from/to broker-variation margin swaps		182,934	*	Due from/to broker-variation margin swaps		696,552	*
Interest rate contracts	—		—		Unrealized depreciation on OTC swap agreements		53,776


		$	1,099,614			$	2,203,644

*	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.

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 2023 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		$	(42,180	)	$	(25,567	)	$	—		$	—	$	(341,349	)
Foreign exchange contracts			(451,370	)		351,084			—			2,187,019		—
Interest rate contracts			—			—			(903,022	)		—		16,639


Total		$	(493,550	)	$	325,517		$	(903,022	)	$	2,187,019	$	(324,710	)

(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		$	23,464		$	(9,488	)	$	—	$	—		$	32,184
Foreign exchange contracts			(132,901	)		130,997			—		(975,719	)		—
Interest rate contracts			—			—			157,512		—			(584,844	)


Total		$	(109,437	)	$	121,509		$	157,512	$	(975,719	)	$	(552,660	)

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

For the year ended October 31, 2023, the Fund’s average volume of derivative activities is as follows:


Derivative Contract Type		Average Volume of Derivative Activities*
Options Purchased (1)		$ 94,402
Options Written (2)		15,798,728
Futures Contracts - Long Positions (2)		30,382,203
Futures Contracts - Short Positions (2)		14,539,055
Forward Foreign Currency Exchange Contracts - Purchased (3)		47,113,737
Forward Foreign Currency Exchange Contracts - Sold (3)		72,813,661
Cross Currency Exchange Contracts (4)		1,608,111
Interest Rate Swap Agreements (2)		39,178,199
Credit Default Swap Agreements - Buy Protection (2)		6,631,000
Credit Default Swap Agreements - Sell Protection (2)		2,974,968

*	Average volume is based on average quarter end balances as noted for the year ended October 31, 2023.

(1)

Cost.

(2)	Notional Amount in USD.

(3)	Value at Settlement Date.

(4)	Value at Trade Date.

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 59

Schedule of Investments (continued)

as of October 31, 2023

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

$1,351,138

$(1,351,138)

$—

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		$	165,015		$	(17,857	)		$	147,158			$	(147,158	)		$	—
BNP			19,562			(16,570	)			2,992				—				2,992
BOA			22,600			(60,790	)			(38,190	)			—				(38,190	)
CITI			82,444			(96,591	)			(14,147	)			—				(14,147	)
DB			4,940			(33,128	)			(28,188	)			—				(28,188	)
GSI			11,946			(107,733	)			(95,787	)			—				(95,787	)
HSBC			24,921			(110,737	)			(85,816	)			—				(85,816	)
JPM			82,758			(28,315	)			54,443				—				54,443
MSI			89,798			(605,964	)			(516,166	)			362,117				(154,049	)
SCB			90,923			(17,644	)			73,279				—				73,279
SSB			30,019			—				30,019				(30,019	)			—
TD			84,655			(30,254	)			54,401				—				54,401
UAG			—			(41,077	)			(41,077	)			—				(41,077	)


		$	709,581		$	(1,166,660	)		$	(457,079	)		$	184,940			$	(272,139	)

(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.

Statement of Assets and Liabilities

as of October 31, 2023



Assets

Investments at value, including securities on loan of $1,351,138:
Unaffiliated investments (cost $233,131,078)	$	197,618,336
Affiliated investments (cost $3,620,617)		3,620,819
Foreign currency, at value (cost $52,797)		52,741
Cash segregated for counterparty - OTC		99,000
Dividends and interest receivable		3,046,074
Deposit with broker for centrally cleared/exchange-traded derivatives		1,677,000
Receivable for investments sold		927,686
Unrealized appreciation on OTC forward foreign currency exchange contracts		681,484
Receivable for Fund shares sold		419,638
Prepaid expenses and other assets		2,339


Total Assets		208,145,117


Liabilities

Payable to broker for collateral for securities on loan		1,375,852
Unrealized depreciation on OTC forward foreign currency exchange contracts		581,754
Options written outstanding, at value (premiums received $590,503)		521,748
Payable for Fund shares purchased		370,960
Payable for investments purchased		366,443
Accrued expenses and other liabilities		106,952
Management fee payable		62,018
Unrealized depreciation on OTC swap agreements		53,776
Due to broker—variation margin futures		42,668
Due to broker—variation margin swaps		11,221
Unrealized depreciation on OTC cross currency exchange contracts		9,382
Dividends payable		8,619
Directors’ fees payable		1,068
Affiliated transfer agent fee payable		397
Distribution fee payable		26


Total Liabilities		3,512,884


Net Assets	$	204,632,233




Net assets were comprised of:
Common stock, at par	$	319
Paid-in capital in excess of par		265,419,981
Total distributable earnings (loss)		(60,788,067	)


Net assets, October 31, 2023	$	204,632,233

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 61

Statement of Assets and Liabilities

as of October 31, 2023


Class A

Net asset value, offering price and redemption price per share, ($92,539 ÷ 14,439 shares of beneficial interest issued and outstanding)	$	6.41
Maximum sales charge (3.25% of offering price)		0.22


Maximum offering price to public	$	6.63


Class C

Net asset value, offering price and redemption price per share, ($8,548 ÷ 1,333 shares of beneficial interest issued and outstanding)	$	6.41


Class Z

Net asset value, offering price and redemption price per share, ($8,792,584 ÷ 1,370,517 shares of beneficial interest issued and outstanding)	$	6.42


Class R6

Net asset value, offering price and redemption price per share, ($195,738,562 ÷ 30,531,514 shares of beneficial interest issued and outstanding)	$	6.41

See Notes to Financial Statements.

Statement of Operations

Year Ended October 31, 2023


Net Investment Income (Loss)

Income
Interest income	$	11,861,796
Affiliated dividend income		192,154
Unaffiliated dividend income		77,498
Income from securities lending, net (including affiliated income of $13,266)		13,276


Total income		12,144,724


Expenses
Management fee		1,245,770
Distribution fee(a)		294
Audit fee		53,000
Custodian and accounting fees		43,531
Professional fees		43,442
Shareholders’ reports		37,908
Registration fees(a)		37,718
Transfer agent’s fees and expenses (including affiliated expense of $2,331)(a)		20,822
Directors’ fees		12,351
SEC registration fees		3,095
Miscellaneous		48,908


Total expenses		1,546,839
Less: Fee waiver and/or expense reimbursement(a)		(277,949	)


Net expenses		1,268,890


Net investment income (loss)		10,875,834


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

Net realized gain (loss) on:
Investment transactions (including affiliated of $869)		(10,965,677	)
Futures transactions		(903,022	)
Forward and cross currency contract transactions		2,187,019
Options written transactions		325,517
Swap agreement transactions		(324,710	)
Foreign currency transactions		(554,798	)


		(10,235,671	)


Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $325)		10,875,690
Futures		157,512
Forward and cross currency contracts		(975,719	)
Options written		121,509
Swap agreements		(552,660	)
Foreign currencies		111,992


		9,738,324


Net gain (loss) on investment and foreign currency transactions		(497,347	)


Net Increase (Decrease) In Net Assets Resulting From Operations	$	10,378,487

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 63

Statement of Operations

Year Ended October 31, 2023

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


	Class A		Class C		Class Z		Class R6

Distribution fee		207		87		—		—
Registration fees		5,790		5,290		11,847		14,791
Transfer agent’s fees and expenses		585		59		18,474		1,704
Fee waiver and/or expense reimbursement		(6,352)		(5,344)		(32,658)		(233,595)

See Notes to Financial Statements.

Statements of Changes in Net Assets


	Year Ended October 31,
	2023			2022

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)	$	10,875,834		$	7,190,721
Net realized gain (loss) on investment and foreign currency transactions		(10,235,671	)		(7,031,392	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		9,738,324			(44,402,458	)


Net increase (decrease) in net assets resulting from operations		10,378,487			(44,243,129	)


Dividends and Distributions
Distributions from distributable earnings
Class A		(6,066	)		(4,104	)
Class C		(595	)		(454	)
Class Z		(894,651	)		(885,485	)
Class R6		(13,766,241	)		(8,274,777	)


		(14,667,553	)		(9,164,820	)


Fund share transactions (Net of share conversions)
Net proceeds from shares sold		119,813,877			79,972,841
Net asset value of shares issued in reinvestment of dividends and distributions		14,522,957			8,930,919
Cost of shares purchased		(65,390,121	)		(49,944,561	)


Net increase (decrease) in net assets from Fund share transactions		68,946,713			38,959,199


Total increase (decrease)		64,657,647			(14,448,750	)

Net Assets:

Beginning of year		139,974,586			154,423,336


End of year	$	204,632,233		$	139,974,586

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 65

Financial Highlights



Class A Shares
	Year Ended October 31,

	2023			2022			2021			2020			2019

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$6.40			$9.06			$8.86			$9.51			$8.88
Income (loss) from investment operations:
Net investment income (loss)		0.36			0.34			0.36			0.38			0.46
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.17	^(b)		(2.57	)		0.25			(0.56	)		0.69
Total from investment operations		0.53			(2.23	)		0.61			(0.18	)		1.15
Less Dividends and Distributions:
Dividends from net investment income		(0.52	)		(0.43	)		(0.41	)		(0.47	)		(0.52	)
Net asset value, end of year		$6.41			$6.40			$9.06			$8.86			$9.51
Total Return^(c):		8.07	%		(25.24	)%		6.91	%		(1.82	)%		13.23	%

Ratios/Supplemental Data:
Net assets, end of year (000)		$93			$63			$59			$28			$13
Average net assets (000)		$83			$74			$47			$18			$12
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		1.06	%^(e)		1.05	%		1.05	%		1.05	%		1.05	%
Expenses before waivers and/or expense reimbursement		8.75	%		11.65	%		19.07	%		66.11	%		115.95	%
Net investment income (loss)		5.29	%		4.36	%		3.84	%		4.19	%		4.95	%
Portfolio turnover rate^(f)		29	%		20	%		20	%		23	%		33	%

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

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

(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.



Class C Shares
	Year Ended October 31,

	2023			2022			2021			2020			2019

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$6.40			$9.06			$8.86			$9.51			$8.88
Income (loss) from investment operations:
Net investment income (loss)		0.30			0.27			0.28			0.32			0.39
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.17	^(b)		(2.55	)		0.26			(0.57	)		0.69
Total from investment operations		0.47			(2.28	)		0.54			(0.25	)		1.08
Less Dividends and Distributions:
Dividends from net investment income		(0.46	)		(0.38	)		(0.34	)		(0.40	)		(0.45	)
Net asset value, end of year		$6.41			$6.40			$9.06			$8.86			$9.51
Total Return^(c):		7.26	%		(25.82	)%		6.11	%		(2.55	)%		12.40	%

Ratios/Supplemental Data:
Net assets, end of year (000)		$9			$8			$11			$10			$10
Average net assets (000)		$9			$9			$11			$10			$10
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		1.80	%		1.80	%		1.80	%		1.80	%		1.80	%
Expenses before waivers and/or expense reimbursement		63.23	%		81.50	%		78.90	%		114.46	%		139.02	%
Net investment income (loss)		4.52	%		3.53	%		3.08	%		3.56	%		4.22	%
Portfolio turnover rate^(e)		29	%		20	%		20	%		23	%		33	%

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

(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)	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 67

Financial Highlights (continued)



Class Z Shares
	Year Ended October 31,

	2023			2022			2021			2020			2019

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$6.40			$9.06			$8.87			$9.51			$8.88
Income (loss) from investment operations:
Net investment income (loss)		0.37			0.35			0.38			0.40			0.48
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.19	^(b)		(2.55	)		0.25			(0.54	)		0.69
Total from investment operations		0.56			(2.20	)		0.63			(0.14	)		1.17
Less Dividends and Distributions:
Dividends from net investment income		(0.54	)		(0.46	)		(0.44	)		(0.50	)		(0.54	)
Net asset value, end of year		$6.42			$6.40			$9.06			$8.87			$9.51
Total Return^(c):		8.57	%		(25.01	)%		7.11	%		(1.43	)%		13.51	%

Ratios/Supplemental Data:
Net assets, end of year (000)		$8,793			$10,670			$18,069			$18,982			$5,782
Average net assets (000)		$11,553			$14,687			$25,561			$10,951			$3,498
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.75	%		0.75	%		0.75	%		0.75	%		0.80	%
Expenses before waivers and/or expense reimbursement		1.03	%		1.06	%		1.07	%		1.53	%		2.41	%
Net investment income (loss)		5.57	%		4.54	%		4.12	%		4.45	%		5.12	%
Portfolio turnover rate^(e)		29	%		20	%		20	%		23	%		33	%

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

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

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

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

(e)	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.



Class R6 Shares
	Year Ended October 31,

	2023			2022			2021			2020			2019

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$6.40			$9.06			$8.86			$9.51			$8.88
Income (loss) from investment operations:
Net investment income (loss)		0.38			0.36			0.39			0.43			0.49
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.17	^(b)		(2.56	)		0.26			(0.57	)		0.69
Total from investment operations		0.55			(2.20	)		0.65			(0.14	)		1.18
Less Dividends and Distributions:
Dividends from net investment income		(0.54	)		(0.46	)		(0.45	)		(0.51	)		(0.55	)
Net asset value, end of year		$6.41			$6.40			$9.06			$8.86			$9.51
Total Return^(c):		8.50	%		(24.94	)%		7.34	%		(1.44	)%		13.58	%

Ratios/Supplemental Data:
Net assets, end of year (000)		$195,739			$129,233			$136,285			$97,771			$26,493
Average net assets (000)		$180,012			$137,772			$107,966			$30,037			$25,144
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.66	%^(e)		0.65	%		0.65	%		0.66	%		0.74	%
Expenses before waivers and/or expense reimbursement		0.79	%		0.78	%		0.81	%		1.16	%		1.49	%
Net investment income (loss)		5.68	%		4.73	%		4.24	%		4.69	%		5.27	%
Portfolio turnover rate^(f)		29	%		20	%		20	%		23	%		33	%

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

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

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

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

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

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

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 69

Notes to Financial Statements

1.	Organization

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

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

2.	Accounting Policies

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Fund’s investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The Board of Directors (the “Board”) has approved the Fund’s valuation policies and procedures for security valuation and designated PGIM Investments LLC (“PGIM Investments” or the “Manager”) as the “Valuation Designee,” as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Fund investments. Pursuant to the Board’s oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities as Valuation Designee under Rule 2a-5. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

trade in markets that are open on weekends and U.S. holidays, the values of some of the Fund’s foreign investments may change on days when investors cannot purchase or redeem Fund shares.

OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Fund utilizes the market approach when quoted prices in broker-dealer markets are available but also includes consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing

PGIM Emerging Markets Debt Hard Currency Fund 71

Notes to Financial Statements (continued)

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

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

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

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

PGIM Emerging Markets Debt Hard Currency Fund 73

Notes to Financial Statements (continued)

the underlying security alone. When the Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Fund realizes a gain (loss) to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in determining whether the Fund has realized a gain (loss). The difference between the premium and the amount received or paid at the closing of a purchase or sale transaction is also treated as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions.

is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

Credit Default Swaps (“CDS”): CDS involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified payment in the event of a default or as a result of a default (collectively a “credit event”) for the referenced entity (typically corporate issues or sovereign issues of an emerging country) on its obligation; or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index.

PGIM Emerging Markets Debt Hard Currency Fund 75

Notes to Financial Statements (continued)

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

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

PGIM Emerging Markets Debt Hard Currency Fund 77

Notes to Financial Statements (continued)

proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Such class specific expenses and waivers include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.


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

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

3.	Agreements

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

PGIM Emerging Markets Debt Hard Currency Fund 79

Notes to Financial Statements (continued)

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended October 31, 2023, the contractual and effective management fee rates were as follows:


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

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


Class		Expense Limitations
A		1.05%
C		1.80
Z		0.75
R6		0.65

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


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

For the year ended October 31, 2023, PIMS has not received any front-end sales charges (“FESL”) resulting from sales of certain class shares. Additionally, for the year ended October 31, 2023, PIMS did not receive any contingent deferred sales charges (“CDSC”) imposed upon redemptions by certain Class A and Class C shareholders.

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

4.	Other Transactions with Affiliates

PGIM Emerging Markets Debt Hard Currency Fund 81

Notes to Financial Statements (continued)

5.	Portfolio Securities


Cost of Purchases				Proceeds from Sales
$114,256,340				$53,001,806

A summary of the cost of purchases and proceeds from sales of shares of an affiliated mutual fund for the year ended October 31, 2023, is presented as follows:


Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Year		Shares, End of Year		Income

Short-Term Investments - Affiliated Mutual Funds:

PGIM Core Government Money Market Fund^(1)(wb)
$ —		$65,184,433		$62,944,944		$ —		$ —		$2,239,489		2,239,489		$192,154

PGIM Institutional Money Market Fund^(1)(b)(wb)
1,747,632		4,477,725		4,845,221		325		869		1,381,330		1,382,021		13,266	⁽²⁾
$1,747,632		$69,662,158		$67,790,165		$325		$869		$3,620,819				$205,420

(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.	Distributions and Tax Information

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

For the year ended October 31, 2023, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:


Ordinary Income	Long-Term Capital Gains	Tax Return of Capital	Total Dividends and Distributions
$14,667,553	$—	$—	$14,667,553

For the year ended October 31, 2022, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:


Ordinary Income	Long-Term Capital Gains	Tax Return of Capital	Total Dividends and Distributions
$9,164,820	$—	$—	$9,164,820

For the year ended October 31, 2023, the Fund had the following amounts of accumulated undistributed earnings on a tax basis:

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital Gains

$2,467,731

$—

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of October 31, 2023 were as follows:


Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Depreciation
$236,988,890	$1,188,498	$(38,070,360)	$(36,881,862)

The difference between GAAP and tax basis were primarily due to deferred losses on wash sales, amortization of bond premium, foreign currency forwards, defaulted securities and other GAAP to tax differences.

Capital Loss

Carryforward

Capital Loss

Carryforward Utilized

$24,920,000

$—

7.	Capital and Ownership

PGIM Emerging Markets Debt Hard Currency Fund 83

Notes to Financial Statements (continued)

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, 600,000,000 of which are designated as shares of the Fund. The authorized shares of the Fund are currently classified and designated as follows:


Class		Number of Shares
A		100,000,000
C		100,000,000
Z		200,000,000
R6		200,000,000

As of October 31, 2023, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:


Class	Number of Shares	Percentage of Outstanding Shares
A	1,394	9.7%
C	1,333	100.0
R6	5,444,299	17.8

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


	Number of Shareholders	Percentage of Outstanding Shares
Affiliated	1	17.1%
Unaffiliated	2	78.2

Transactions in shares of common stock were as follows:



Share Class	Shares			Amount

Class A
Year ended October 31, 2023:
Shares sold		6,909		$	46,253
Shares issued in reinvestment of dividends and distributions		849			5,718
Shares purchased		(5,335	)		(35,935	)
Net increase (decrease) in shares outstanding before conversion		2,423			16,036
Shares issued upon conversion from other share class(es)		2,140			14,681
Net increase (decrease) in shares outstanding		4,563		$	30,717

Year ended October 31, 2022:
Shares sold		39,571		$	334,658
Shares issued in reinvestment of dividends and distributions		470			3,551
Shares purchased		(42,921	)		(352,555	)
Net increase (decrease) in shares outstanding before conversion		(2,880	)		(14,346	)
Shares issued upon conversion from other share class(es)		6,260			42,074
Net increase (decrease) in shares outstanding		3,380		$	27,728

Class C
Year ended October 31, 2023:
Shares issued in reinvestment of dividends and distributions		88		$	595
Net increase (decrease) in shares outstanding		88		$	595

Year ended October 31, 2022:
Shares issued in reinvestment of dividends and distributions		59		$	454
Net increase (decrease) in shares outstanding		59		$	454

Class Z
Year ended October 31, 2023:
Shares sold		1,739,007		$	11,665,541
Shares issued in reinvestment of dividends and distributions		111,346			751,057
Shares purchased		(1,819,009	)		(12,268,654	)
Net increase (decrease) in shares outstanding before conversion		31,344			147,944
Shares issued upon conversion from other share class(es)		78			523
Shares purchased upon conversion into other share class(es)		(327,880	)		(2,221,838	)
Net increase (decrease) in shares outstanding		(296,458	)	$	(2,073,371	)

Year ended October 31, 2022:
Shares sold		1,071,706		$	8,598,237
Shares issued in reinvestment of dividends and distributions		85,119			652,230
Shares purchased		(1,471,273	)		(11,268,608	)
Net increase (decrease) in shares outstanding before conversion		(314,448	)		(2,018,141	)
Shares issued upon conversion from other share class(es)		262			2,039
Shares purchased upon conversion into other share class(es)		(12,660	)		(96,047	)
Net increase (decrease) in shares outstanding		(326,846	)	$	(2,112,149	)

PGIM Emerging Markets Debt Hard Currency Fund 85

Notes to Financial Statements (continued)



Share Class	Shares			Amount

Class R6
Year ended October 31, 2023:
Shares sold		15,999,865		$	108,102,083
Shares issued in reinvestment of dividends and distributions		2,045,842			13,765,587
Shares purchased		(8,037,620	)		(53,085,532	)
Net increase (decrease) in shares outstanding before conversion		10,008,087			68,782,138
Shares issued upon conversion from other share class(es)		325,783			2,207,156
Shares purchased upon conversion into other share class(es)		(78	)		(522	)
Net increase (decrease) in shares outstanding		10,333,792		$	70,988,772

Year ended October 31, 2022:
Shares sold		9,368,577		$	71,039,946
Shares issued in reinvestment of dividends and distributions		1,101,339			8,274,684
Shares purchased		(5,324,429	)		(38,323,398	)
Net increase (decrease) in shares outstanding before conversion		5,145,487			40,991,232
Shares issued upon conversion from other share class(es)		6,406			53,973
Shares purchased upon conversion into other share class(es)		(262	)		(2,039	)
Net increase (decrease) in shares outstanding		5,151,631		$	41,043,166

8.	Borrowings


	Current SCA	Prior SCA
Term of Commitment	9/29/2023 - 9/26/2024	9/30/2022 – 9/28/2023
Total Commitment	$ 1,200,000,000	$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent	1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent

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

The Fund utilized the SCA during the year ended October 31, 2023. The average daily balance for the 5 day that the Fund had loans outstanding during the period was approximately $7,753,400, borrowed at a weighted average interest rate of 6.41%. The maximum loan outstanding amount during the period was $11,185,000. At October 31, 2023, the Fund did not have an outstanding loan amount.

9.	Risks of Investing in the Fund

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.

PGIM Emerging Markets Debt Hard Currency Fund 87

Notes to Financial Statements (continued)

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

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

PGIM Emerging Markets Debt Hard Currency Fund 89

Notes to Financial Statements (continued)

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

Liquidity Risk: Liquidity risk is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors’ interests in the

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

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

10.

Recent Regulatory Developments

Effective January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and

PGIM Emerging Markets Debt Hard Currency Fund 91

Notes to Financial Statements (continued)

semiannual reports to shareholders that highlight key information deemed important for retail investors to assess and monitor their fund investments (the “Rule”). Other information, including financial statements, will no longer appear in the funds’ streamlined shareholder reports but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The Rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the Rule and its impact to the Fund.

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Prudential World Fund, Inc. and Shareholders of PGIM Emerging Markets Debt Hard Currency Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PGIM Emerging Markets Debt Hard Currency Fund (one of the funds constituting Prudential World Fund, Inc., referred to hereafter as the “Fund”) as of October 31, 2023, the related statement of operations for the year ended October 31, 2023, the statements of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the four years in the period ended October 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2023 and the financial highlights for each of the four years in the period ended October 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended October 31, 2019 and the financial highlights for the period ended October 31, 2019 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated December 19, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

New York, New York

December 18, 2023

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

PGIM Emerging Markets Debt Hard Currency Fund 93

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS (unaudited)



Independent Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Ellen S. Alberding 1958 Board Member Portfolios Overseen: 100	Chief Executive Officer and President, The Joyce Foundation (charitable foundation) (since 2002); formerly Vice Chair, City Colleges of Chicago (community college system) (2011-2015); formerly Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); formerly Trustee, Economic Club of Chicago (2009-2016); Trustee, Loyola University (since 2018).	None.	Since September 2013

Kevin J. Bannon 1952 Board Member Portfolios Overseen: 101	Retired; formerly Managing Director (April 2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; formerly President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (September 2008-August 2023).	Since July 2008

PGIM Emerging Markets Debt Hard Currency Fund



Independent Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Linda W. Bynoe 1952 Board Member Portfolios Overseen: 98	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Limited LLC (formerly Telemat Ltd) (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co. (broker-dealer).	Trustee of Equity Residential (residential real estate) (since December 2009); Director of Northern Trust Corporation (financial services) (since April 2006); formerly Director of Anixter International, Inc. (communication products distributor) (January 2006-June 2020).	Since March 2005

Barry H. Evans 1960 Board Member Portfolios Overseen: 101	Retired; formerly President (2005-2016), Global Chief Operating Officer (2014-2016), Chief Investment Officer - Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management (asset management).	Formerly Director, Manulife Trust Company (2011-2018); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).	Since September 2017

Keith F. Hartstein 1956 Board Member & Independent Chair Portfolios Overseen: 101	Retired; formerly Member (November 2014-September 2022) of the Governing Council of the Independent Directors Council (IDC) (organization of independent mutual fund directors); formerly Executive Committee of the IDC Board of Governors (October 2019-December 2021); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); formerly Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.	Since September 2013

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Independent Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Laurie Simon Hodrick 1962 Board Member Portfolios Overseen: 98	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly Visiting Professor of Law, Stanford Law School (2015-2021); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008).	Independent Director, Andela (since January 2022) (global talent network); Independent Director, Roku (since December 2020) (communication services); formerly Independent Director, Synnex Corporation (2019-2021) (information technology); formerly Independent Director, Kabbage, Inc. (2018-2020) (financial services); formerly Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017

Brian K. Reid 1961 Board Member Portfolios Overseen: 101	Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); formerly Director, ICI Mutual Insurance Company (2012-2017).	None.	Since March 2018

PGIM Emerging Markets Debt Hard Currency Fund



Independent Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Grace C. Torres 1959 Board Member Portfolios Overseen: 101	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank; formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National Bank.	Since November 2014

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Interested Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Stuart S. Parker 1962 Board Member & President Portfolios Overseen: 101	President, Chief Executive Officer, Chief Operating Officer and Officer in Charge of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); President and Principal Executive Officer ("PEO") (since December 2023) of the PGIM Credit Income Fund; President and PEO (since September 2022) of the PGIM Private Credit Fund; President and PEO (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011); Investment Company Institute - Board of Governors (since May 2012).	None.	Since January 2012

Scott E. Benjamin 1973 Board Member & Vice President Portfolios Overseen: 101	Executive Vice President (since May 2009) of PGIM Investments LLC; Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); Vice President (since December 2023) of the PGIM Credit Income Fund; Vice President (since September 2022) of the PGIM Private Credit Fund; Vice President (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).	None.	Since March 2010

PGIM Emerging Markets Debt Hard Currency Fund



Fund Officers^(a)

Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Claudia DiGiacomo 1974 Chief Legal Officer	Chief Legal Officer (since December 2023) of the PGIM Credit Income Fund; Chief Legal Officer (since September 2022) of the PGIM Private Credit Fund; Chief Legal Officer (since July 2022) of the PGIM Private Real Estate Fund, Inc.; Chief Legal Officer, Executive Vice President and Secretary of PGIM Investments LLC (since August 2020); Chief Legal Officer of Prudential Mutual Fund Services LLC (since August 2020); Chief Legal Officer of PIFM Holdco, LLC (since August 2020); Vice President and Corporate Counsel (since January 2005) of Prudential; and Corporate Counsel of AST Investment Services, Inc. (since August 2020); formerly Vice President and Assistant Secretary of PGIM Investments LLC (2005-2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005

Andrew Donohue 1972 Chief Compliance Officer	Chief Compliance Officer (since May 2023) of the PGIM Funds, Target Funds, PGIM ETF Trust, PGIM Global High Yield Fund, Inc., PGIM High Yield Bond Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Private Credit Fund, PGIM Private Real Estate Fund, Inc.; Chief Compliance Officer of AST Investment Services, Inc. (since October 2022); Vice President, Chief Compliance Officer of PGIM Investments LLC (since September 2022); Chief Compliance Officer (since December 2023) of the PGIM Credit Income Fund; formerly various senior compliance roles within Principal Global Investors, LLC., global asset management for Principal Financial (2011-2022), most recently as Global Chief Compliance Officer (2016-2022).	Since May 2023

Andrew R. French 1962 Secretary	Vice President (since December 2018) of PGIM Investments LLC; Secretary (since December 2023) of the PGIM Credit Income Fund; Secretary (since September 2022) of the PGIM Private Credit Fund; Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Vice President and Corporate Counsel (2010-2018) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since October 2006

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Fund Officers^(a)

Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Melissa Gonzalez 1980 Assistant Secretary	Vice President and Corporate Counsel (since September 2018) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Assistant Secretary (since December 2023) of the PGIM Credit Income Fund; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director and Corporate Counsel (March 2014-September 2018) of Prudential.	Since March 2020

Patrick E. McGuinness 1986 Assistant Secretary	Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Director and Corporate Counsel (since February 2017) of Prudential; Assistant Secretary (since December 2023) of the PGIM Credit Income Fund; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.	Since June 2020

Debra Rubano 1975 Assistant Secretary	Vice President and Corporate Counsel (since November 2020) of Prudential; Assistant Secretary (since December 2023) of the PGIM Credit Income Fund; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc; formerly Director and Senior Counsel of Allianz Global Investors U.S. Holdings LLC (2010-2020) and Assistant Secretary of numerous funds in the Allianz fund complex (2015-2020).	Since December 2020

George Hoyt 1965 Assistant Secretary	Vice President and Corporate Counsel of Prudential (since September 2023); formerly Associate General Counsel of Franklin Templeton and Secretary and Chief Legal Officer of certain funds in the Franklin Templeton complex (2020- 2023) and Managing Director (2016-2020) and Associate General Counsel for Legg Mason, Inc. and its predecessors (2004-2020).	Since December 2023

Devan Goolsby 1991 Assistant Secretary	Vice President and Corporate Counsel of Prudential (since May 2023); formerly Associate at Eversheds Sutherland (US) LLP (2021-2023); Compliance Officer at Bloomberg LP (2019-2021); and an Examiner at the Financial Industry Regulatory Authority (2015-2019).	Since December 2023

Kelly A. Coyne 1968 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010); Assistant Secretary (since December 2023) of the PGIM Credit Income Fund; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.	Since March 2015

PGIM Emerging Markets Debt Hard Currency Fund



Fund Officers^(a)

Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Christian J. Kelly 1975 Chief Financial Officer	Vice President, Global Head of Fund Administration of PGIM Investments LLC (since November 2018); Chief Financial Officer (since March 2023) of PGIM Investments mutual funds, closed end funds and ETFs, Advanced Series Trust Portfolios, Prudential Series Funds and Prudential Gibraltar Fund; Chief Financial Officer (since December 2023) of the PGIM Credit Income Fund; Chief Financial Officer of PGIM Private Credit Fund (since September 2022); Chief Financial Officer of PGIM Private Real Estate Fund, Inc. (since July 2022); formerly Treasurer and Principal Financial Officer (January 2019- March 2023) of PGIM Investments mutual funds, closed end funds and ETFs, Advanced Series Trust Portfolios, Prudential Series Funds and Prudential Gibraltar Fund; formerly Treasurer and Principal Financial Officer (March 2022 – July 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).	Since January 2019

Russ Shupak 1973 Treasurer and Principal Accounting Officer	Vice President (since 2017) within PGIM Investments Fund Administration; Treasurer and Principal Accounting Officer of PGIM Investments mutual funds, closed end funds and ETFs (since March 2023); Treasurer and Principal Accounting Officer (since December 2023) of the PGIM Credit Income Fund; Treasurer and Principal Accounting Officer (since July 2022) of the PGIM Private Real Estate Fund, Inc.; Assistant Treasurer (since September 2022) of the PGIM Private Credit Fund; formerly Assistant Treasurer (March 2022 – July 2022) of the PGIM Private Real Estate Fund, Inc.; Assistant Treasurer of Advanced Series Trust Portfolios, Prudential Series Funds and Prudential Gibraltar Fund (since October 2019); formerly Director (2013-2017) within PGIM Investments Fund Administration.	Since October 2019

Lana Lomuti 1967 Assistant Treasurer	Vice President (since 2007) within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.; formerly Director (2005-2007) within PGIM Investments Fund Administration.	Since April 2014

Deborah Conway 1969 Assistant Treasurer	Vice President (since 2017) within PGIM Investments Fund Administration; formerly Director (2007-2017) within PGIM Investments Fund Administration.	Since October 2019

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Fund Officers^(a)

Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) within PGIM Investments Fund Administration; Treasurer and Principal Accounting Officer of the Advanced Series Trust, the Prudential Series Fund and the Prudential Gibraltar Fund (since March 2023); Assistant Treasurer (since December 2023) of the PGIM Credit Income Fund; Treasurer and Principal Accounting Officer (since September 2022) of the PGIM Private Credit Fund; Assistant Treasurer (since March 2022) of the PGIM Private Real Estate Fund, Inc.; Assistant Treasurer of PGIM Investments mutual funds, closed end funds and ETFs (since October 2019); formerly Director (2011-2017) within PGIM Investments Fund Administration.	Since October 2019

Robert W. McCormack 1973 Assistant Treasurer	Vice President (since 2019) within PGIM Investments Fund Administration; Assistant Treasurer (since March 2023) of PGIM Investments mutual funds, closed end funds, ETFs, Advanced Series Trust Portfolios, Prudential Series Funds and Prudential Gibraltar Fund; Assistant Treasurer (since December 2023) of the PGIM Credit Income Fund; Assistant Treasurer (since September 2022) of the PGIM Private Credit Fund; Assistant Treasurer (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director (2016-2019) within PGIM Investments Fund Administration; formerly Vice President within Goldman, Sachs & Co. Investment Management Controllers (2008-2016), Assistant Treasurer of Goldman Sachs Family of Funds (2015-2016).	Since March 2023

Kelly Florio 1978 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Global Compliance Programs and Compliance Risk Management (since December 2021) of Prudential; formerly Head of Fraud Risk Management (October 2019-December 2021) at New York Life Insurance Company; formerly Head of Key Risk Area Operations (November 2018-October 2019), Director of the US Anti-Money Laundering Compliance Unit (2009-2018) and Bank Loss Prevention Associate (2006-2009) at MetLife.	Since June 2022

^(a)	Excludes Mr. Parker and Mr. Benjamin, interested Board Members who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

∎

Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC.

∎

Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102-4410.

∎

PGIM Emerging Markets Debt Hard Currency Fund

∎

As used in the Fund Officers table “Prudential” means The Prudential Insurance Company of America.

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Approval of Advisory Agreements (unaudited)

The Fund’s Board of Directors

The Board of Directors (the “Board”) of PGIM Emerging Markets Debt Hard Currency Fund (the “Fund”)¹ consists of ten individuals, eight of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Directors have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. The Board has established five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent Directors.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and the Fund’s subadvisory agreement with PGIM, Inc. (“PGIM”) on behalf of its PGIM Fixed Income unit (“PGIM Fixed Income”) and PGIM Limited (“PGIML”). In considering the renewal of the agreements, the Board, including all of the Independent Directors, met on May 25 and June 6-8, 2023 (the “Board Meeting”) and approved the renewal of the agreements through July 31, 2024, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

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

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

¹PGIM Emerging Markets Debt Hard Currency Fund is a series of Prudential World Fund, Inc.

PGIM Emerging Markets Debt Hard Currency Fund

Approval of Advisory Agreements (continued)

through its PGIM Fixed Income unit, and PGIML, which serve as the Fund’s subadvisers pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Directors considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Directors reaching their determinations to approve the continuance of the agreements are separately discussed below.

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments, PGIM Fixed Income, and PGIML. The Board noted that PGIM Fixed Income and PGIML are affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadvisers for the Fund, as well as the provision of fund recordkeeping, compliance and other services to the Fund, and PGIM Investments’ role as administrator for the Fund’s liquidity risk management program. With respect to PGIM Investments’ oversight of the subadvisers, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments senior management on the performance and operations of the subadvisers. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Directors of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM Fixed Income and PGIML, including investment research and security selection, as well as adherence to the Fund’s investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments’ evaluation of the subadvisers, as well as PGIM Investments’ recommendation, based on its review of the subadvisers, to renew the subadvisory agreement.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of the Fund, PGIM Fixed Income, and PGIML, and also considered the qualifications, backgrounds and responsibilities of PGIM Fixed Income’s portfolio managers who are responsible for the day-to-day management of the Fund’s portfolio. The Board was provided with information pertaining to PGIM Investments’, PGIM Fixed Income’s, and PGIML’s organizational structure, senior management, investment operations, and other relevant information pertaining to PGIM Investments, PGIM Fixed Income, and PGIML. The Board also noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer (“CCO”) as to PGIM Investments, PGIM Fixed Income, and PGIML.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments, the subadvisory services provided to the Fund by PGIM Fixed Income and PGIML, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments, PGIM Fixed Income, and PGIML under the management and subadvisory agreements.

Visit our website at pgim.com/investments

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund’s investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser’s capital structure and cost of capital. However, the Board considered that the cost of services provided by PGIM Investments during the year ended December 31, 2022 exceeded the management fees received by PGIM Investments, resulting in an operating loss to PGIM Investments. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

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

Other Benefits to PGIM Investments, PGIM Fixed Income, and PGIML

PGIM Emerging Markets Debt Hard Currency Fund

Approval of Advisory Agreements (continued)

Fixed Income, and PGIML were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one- and three-year periods ended December 31, 2022. The Board considered that the Fund commenced operations on December 12, 2017 and that longer-term performance was not yet available.

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



Net Performance	1 Year	3 Years	5 Years	10 Years
Net Performance	4th Quartile	4th Quartile	3rd Quartile	N/A

Actual Management Fees: 1st Quartile

Net Total Expenses: 1st Quartile

The Board noted that, while the Fund underperformed its benchmark index over all periods, it outperformed its benchmark index and ranked in the first quartile of its peer group in 2021.

Visit our website at pgim.com/investments

The Board further considered PGIM Investments’ assertions that the Fund’s active positioning down the credit curve and persistent underweights to sovereign debt lend itself to underperformance during periods of market volatility and a flight-to-quality, and that country and security selection should be the primary driver of excess performance over the intermediate- to long-term.

The Board noted that the Fund outperformed its benchmark index over all trailing periods as of December 31, 2022, gross of fees, and that the Fund performed in the first quartile of its peer group in two out of the last four calendar years, net of fees.

The Board also considered that portfolio managers were added to the investment team in 2021.

The Board and PGIM Investments agreed to retain the existing contractual expense cap that (exclusive of certain fees and expenses) caps total annual operating expenses at 1.05% for Class A shares, 1.80% for Class C shares, 0.75% for Class Z shares, and 0.65% for Class R6 shares through February 29, 2024.

The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

* * *

After full consideration of these factors, the Board concluded that the approval of the agreements was in the best interests of the Fund and its shareholders.

PGIM Emerging Markets Debt Hard Currency Fund

⬛ MAIL

655 Broad Street

Newark, NJ 07102

⬛ TELEPHONE

(800) 225-1852

⬛ WEBSITE

pgim.com/investments

PROXY VOTING

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

DIRECTORS

OFFICERS

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



MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102

SUBADVISERS	PGIM Fixed Income	655 Broad Street Newark, NJ 07102

	PGIM Limited	Grand Buildings, 1-3 Strand Trafalgar Square London, WC2N 5HR United Kingdom

DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102

CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286

TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 534432 Pittsburgh, PA 15253

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017

FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

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

AVAILABILITY OF PORTFOLIO HOLDINGS

The Fund’s Statement of Additional Information contains additional information about the Fund’s Directors and is available without charge, upon request, by calling (800) 225-1852.

Mutual Funds:



ARE NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY	MAY LOSE VALUE	ARE NOT A DEPOSIT OF OR GUARANTEED BY ANY BANK OR ANY BANK AFFILIATE

LOGO

PGIM EMERGING MARKETS DEBT HARD CURRENCY FUND



SHARE CLASS	A	C	Z	R6

NASDAQ	PDHAX	PDHCX	PDHVX	PDHQX

CUSIP	743969479	743969461	743969446	743969453

MF239E

Item 2 – Code of Ethics — See Exhibit (a)

As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies – Ethical Standards for Principal Executive and Financial Officers”) that applies to the registrant’s Principal Executive Officer and Principal Financial Officer; the registrant’s Principal Financial Officer also serves as the Principal Accounting Officer.

The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant 800-225-1852, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

Item 3 – Audit Committee Financial Expert –

The registrant’s Board has determined that Ms. Grace C. Torres, member of the Board’s Audit Committee is an “audit committee financial expert,” and that she is “independent,” for purposes of this item.

Item 4 – Principal Accountant Fees and Services –

(a) Audit Fees

For the fiscal years ended October 31, 2023 and October 31, 2022, PricewaterhouseCoopers LLP (“PwC”), the Registrant’s principal accountant, billed the Registrant $249,100 and $244,900, respectively, for professional services rendered for the audit of the Registrant’s annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

(b) Audit-Related Fees

For the fiscal years ended October 31, 2023 and October 31, 2022: none.

(d) All Other Fees

For the fiscal years ended October 31, 2023 and October 31, 2022: none.

(e) (1) Audit Committee Pre-Approval Policies and Procedures

THE PGIM MUTUAL FUNDS

AUDIT COMMITTEE POLICY

Pre-Approval of Services Provided by the Independent

Accountants

The Audit Committee of each PGIM Mutual Fund is charged with the responsibility to monitor the independence of the Fund’s independent accountants. As part of this responsibility, the Audit Committee must pre-approve the independent accounting firm’s engagement to render audit and/or permissible non-audit services, as required by law. In evaluating a proposed engagement of the independent accountants, the Audit Committee will assess the effect that the engagement might reasonably be expected to have on the accountant’s independence. The Committee’s evaluation will be based on:

•

a review of the nature of the professional services expected to be provided,

•

a review of the safeguards put into place by the accounting firm to safeguard independence, and

•

periodic meetings with the accounting firm.

Policy for Audit and Non-Audit Services Provided to the Funds

On an annual basis, the scope of audits for each Fund, audit fees and expenses, and audit-related and non-audit services (and fees proposed in respect thereof) proposed to be performed by the Fund’s independent accountants will be presented by the Treasurer and the independent accountants to the Audit Committee for review and, as appropriate, approval prior to the initiation of such services.

Such presentation shall be accompanied by confirmation by both the Treasurer and the independent accountants that the proposed

non-audit services will not adversely affect the independence of the independent accountants. Such proposed non-audit services shall be described in sufficient detail to enable the Audit Committee to assess the appropriateness of such services and fees, and the compatibility of the provision of such services with the auditor’s independence. The Committee shall receive periodic reports on the progress of the audit and other services which are approved by the Committee or by the Committee Chair pursuant to authority delegated in this Policy.

The categories of services enumerated under “Audit Services”, “Audit-related Services”, and “Tax Services” are intended to provide guidance to the Treasurer and the independent accountants as to those categories of services which the Committee believes are generally consistent with the independence of the independent accountants and which the Committee (or the Committee Chair) would expect upon the presentation of specific proposals to pre-approve. The enumerated categories are not intended as an exclusive list of audit, audit-related or tax services, which the Committee (or the Committee Chair) would consider for pre-approval.

Audit Services

The following categories of audit services are considered to be consistent with the role of the Fund’s independent accountants:

•

Annual Fund financial statement audits

•

Seed audits (related to new product filings, as required)

•

SEC and regulatory filings and consents

Audit-related Services

The following categories of audit-related services are considered to be consistent with the role of the Fund’s independent accountants:

•

Accounting consultations

•

Fund merger support services

•

Agreed Upon Procedure Reports

•

Attestation Reports

•

Other Internal Control Reports

Individual audit-related services that fall within one of these categories (except for fund merger support services) and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated). Fees related to fund merger support services are subject to a separate authorized pre-approval by the Audit Committee with fees determined on a per occurrence and merger complexity basis.

Tax Services

The following categories of tax services are considered to be consistent with the role of the Fund’s independent accountants:

•

Tax compliance services related to the filing or amendment of the following:

•

Federal, state and local income tax compliance; and,

•

Sales and use tax compliance

•

Timely RIC qualification reviews

•

Tax distribution analysis and planning

•

Tax authority examination services

•

Tax appeals support services

•

Accounting methods studies

•

Fund merger support services

•

Tax consulting services and related projects

Individual tax services that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated).

Other Non-Audit Services

Certain non-audit services that the independent accountants are legally permitted to render will be subject to pre-approval by the Committee or by one or more Committee members to whom the Committee has delegated this authority and who will report to the full Committee any pre-approval decisions made pursuant to this Policy. Non-audit services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Proscribed Services

The Fund’s independent accountants will not render services in the following categories of non-audit services:

•

Bookkeeping or other services related to the accounting records or financial statements of the Fund

•

Financial information systems design and implementation

•

Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

•

Actuarial services

•

Internal audit outsourcing services

•

Management functions or human resources

•

Broker or dealer, investment adviser, or investment banking services

•

Legal services and expert services unrelated to the audit

•

Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

Pre-approval of Non-Audit Services Provided to Other Entities Within the PGIM Fund Complex

Certain non-audit services provided to PGIM Investments LLC or any of its affiliates that also provide ongoing services to the PGIM Mutual Funds will be subject to pre-approval by the Audit Committee. The only non-audit services provided to these entities that will require pre-approval are those related directly to the operations and financial reporting of the Funds.

Individual projects that are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $30,000. Services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Although the Audit Committee will not pre-approve all services provided to PGIM Investments LLC and its affiliates, the Committee will receive an annual report from the Fund’s independent accounting firm showing the aggregate fees for all services provided to PGIM Investments and its affiliates.

(e) (2) Percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X –


	Fiscal Year Ended October 31, 2023	Fiscal Year Ended October 31, 2022
4(b)	Not applicable.	Not applicable.
4(c)	Not applicable.	Not applicable.
4(d)	Not applicable.	Not applicable.

(f) Percentage of hours expended attributable to work performed by other than full time employees of principal accountant if greater than 50%.

The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was 0%.

(g) Non-Audit Fees

The aggregate non-audit fees billed by the Registrant’s principal accountant for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended October 31, 2023 and October 31, 2022 was $0 and $0, respectively.

(h) Principal Accountant’s Independence

Not applicable as the Registrant’s principal accountant has not provided non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

(i) Not applicable.

(j) Not applicable.

Item 5 – Audit Committee of Listed Registrants – Not applicable.

Item 6 – Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 – Controls and Procedures

(a)

It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b)

There has been no significant change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Controls and Procedures—Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable.

Item 13 – Exhibits

(a)(1) Code of Ethics – Attached hereto as Exhibit EX-99.CODE-ETH.

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.CERT.

(a)(2)(1) Any written solicitation to purchase securities under Rule 23c-1 – Not applicable.

(a)(2)(2) Change in the registrant’s independent public accountant – Not applicable.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Registrant:		Prudential World Fund, Inc.

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

Date:		December 19, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:		/s/ Stuart S. Parker
		Stuart S. Parker
		President and Principal Executive Officer

Date:		December 19, 2023

By:		/s/ Christian J. Kelly
		Christian J. Kelly
		Chief Financial Officer (Principal Financial Officer)

Date:		December 19, 2023