UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number:	811-03981
Exact name of registrant as specified in charter:	Prudential World Fund, Inc.
Address of principal executive offices:	655 Broad Street, 17th Floor Newark, New Jersey 07102
Name and address of agent for service:	Andrew R. French 655 Broad Street, 17th Floor Newark, New Jersey 07102
Registrant’s telephone number, including area code:	800-225-1852
Date of fiscal year end:	10/31/2019
Date of reporting period:	4/30/2019

Item 1 – Reports to Stockholders

PGIM QMA INTERNATIONAL EQUITY FUND

SEMIANNUAL REPORT

APRIL 30, 2019

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (pgiminvestments.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-225-1852 or by sending an email request to PGIM Investments at shareholderreports@pgim.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary or follow instructions included with this notice to elect to continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-225-1852 or send an email request to shareholderreports@pgim.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

To enroll in e-delivery, go to pgiminvestments.com/edelivery

Objective: Long-term growth of capital

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

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

The accompanying financial statements as of April 30, 2019 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company, member SIPC. QMA is the primary business name of QMA LLC, a wholly owned subsidiary of PGIM, Inc. (PGIM), a Prudential Financial company. ^© 2019 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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Table of Contents

Letter from the President	5
Your Fund’s Performance	6
Fees and Expenses	9
Holdings and Financial Statements	11

PGIM QMA International Equity Fund 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for PGIM QMA International Equity Fund informative and useful. The report covers performance for the six-month period ended April 30, 2019.

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 consider it a great privilege and responsibility to help investors participate in opportunities across global markets while meeting their toughest investment challenges. PGIM is a top-10 global investment manager with more than $1 trillion in assets under management. This investment expertise allows us to deliver actively managed funds and strategies to meet the needs of investors around the globe.

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM QMA International Equity Fund

June 14, 2019

PGIM QMA International Equity Fund 5

Your Fund’s Performance (unaudited)

Performance data quoted represents 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 pgiminvestments.com or by calling (800) 225-1852.

	Total Returns as of 4/30/19 (without sales charges)	Average Annual Total Returns as of 4/30/19 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	7.12	–11.49	0.22	6.64	—
Class B	6.63	–11.91	0.33	6.43	—
Class C	6.54	–8.19	0.58	6.47	—
Class Z	7.35	–6.04	1.68	7.53	—
Class R6	7.48	–5.90	N/A	N/A	9.06 (12/28/16)
MSCI All Country World Ex-US Index
	9.12	–3.23	2.83	7.75	—
Lipper International Multi-Cap Core Funds Average
	7.04	–4.40	2.40	7.75	—

Source: PGIM Investments LLC and Lipper Inc.

*Not annualized

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

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

	Class A	Class B*	Class C	Class Z	Class R6
Maximum initial sales charge	5.50% of the public offering price	None	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)	1.00% on sales of $1 million or more made within 12 months of purchase	5.00% (Yr.1) 4.00% (Yr.2) 3.00% (Yr.3) 2.00% (Yr.4) 1.00% (Yr.5) 1.00% (Yr.6) 0.00% (Yr.7)	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%	1.00%	None	None

*Class B shares are closed to all purchase activity and no additional Class B shares may be purchased or acquired except by exchange from Class B shares of another Fund or through dividend or capital gains reinvestment.

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 that is designed to measure the equity market performance of developed and emerging markets, excluding the US. The average annual total return for the Index measured from the month-end closest to the inception date of the Fund’s Class R6 shares is 9.49%.

Lipper International Multi-Cap Core Funds Average—The Lipper International Multi-Cap Core Funds Average (Lipper Average) is based on the average return of all funds in the Lipper International Multi-Cap Core Funds universe for the periods noted. Funds in the Lipper Average are funds that, by portfolio practice, invest in a variety of market-capitalization ranges without concentrating 75% of their equity assets in any one market-capitalization range over an extended period of time. International multi-cap core funds typically have above-average characteristics compared to the MSCI EAFE Index. The average annual total return for the Lipper Average measured from the month-end closest to the inception date of the Fund’s Class R6 shares is 8.00%.

Investors cannot invest directly in an index or average. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes. Returns for the Lipper Average reflect the deduction of operating expenses of a mutual fund, but not sales charges or taxes.

PGIM QMA International Equity Fund 7

Your Fund’s Performance (continued)

Presentation of Fund Holdings

Five Largest Holdings expressed as a percentage of net assets as of 4/30/19 (%)
Roche Holding AG, Pharmaceuticals	1.5
Novartis AG, Pharmaceuticals	1.4
LVMH Moet Hennessy Louis Vuitton SE, Textiles, Apparel & Luxury Goods	1.3
Allianz SE, Insurance	1.2
Nestle SA, Food Products	1.2

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

Five Largest Industries expressed as a percentage of net assets as of 4/30/19 (%)
Banks	12.5
Oil, Gas & Consumable Fuels	7.0
Pharmaceuticals	5.9
Metals & Mining	5.3
Insurance	5.2

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

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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 April 30, 2019. 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

PGIM QMA International Equity Fund 9

Fees and Expenses (continued)

period and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information 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 QMA International Equity Fund		Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,071.20		1.41	%	$	7.24
	Hypothetical	$	1,000.00	$	1,017.80		1.41	%	$	7.05
Class B	Actual	$	1,000.00	$	1,066.30		2.53	%	$	12.96
	Hypothetical	$	1,000.00	$	1,012.25		2.53	%	$	12.62
Class C	Actual	$	1,000.00	$	1,065.40		2.25	%	$	11.52
	Hypothetical	$	1,000.00	$	1,013.64		2.25	%	$	11.23
Class Z	Actual	$	1,000.00	$	1,073.50		1.07	%	$	5.50
	Hypothetical	$	1,000.00	$	1,019.49		1.07	%	$	5.36
Class R6	Actual	$	1,000.00	$	1,074.80		0.78	%	$	4.01
	Hypothetical	$	1,000.00	$	1,020.93		0.78	%	$	3.91

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended April 30, 2019, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

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Schedule of Investments (unaudited)

as of April 30, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    99.3%
COMMON STOCKS    97.3%
Australia    4.7%
AGL Energy Ltd.		96,027	$	1,504,592
BHP Group Ltd.		33,843		892,473
BHP Group PLC		22,181		523,392
BlueScope Steel Ltd.		92,464		876,681
CIMIC Group Ltd.		29,158		1,040,260
Goodman Group, REIT		163,468		1,519,382
Macquarie Group Ltd.		21,559		2,041,616
Magellan Financial Group Ltd.		15,476		485,853
Rio Tinto Ltd.		4,344		291,840
Rio Tinto PLC		34,589		2,021,417
WPP AUNZ Ltd.		336,587		131,916
				11,329,422
Austria    0.4%
Erste Group Bank AG		3,448		138,234
Raiffeisen Bank International AG		3,258		87,058
Wienerberger AG		35,131		807,266
				1,032,558
Belgium    0.1%
KBC Group NV		2,927		217,458
Brazil    1.9%
Banco Bradesco SA		14,760		116,654
Banco do Brasil SA		51,900		656,113
Banco Santander Brasil SA, UTS		127,900		1,475,982
Engie Brasil Energia SA		151,125		1,718,179
Petroleo Brasileiro SA		33,100		253,330
Transmissora Alianca de Energia Eletrica SA, UTS		65,500		441,166
				4,661,424
Canada    5.9%
Bank of Montreal		19,700		1,556,060
Canada Goose Holdings, Inc.*		6,000		320,400
Canadian National Railway Co.		8,200		761,669
Canadian Pacific Railway Ltd.		7,300		1,635,621
CGI, Inc.*		8,200		590,226
Constellation Software, Inc.		200		176,468
Corus Entertainment, Inc. (Class B Stock)		162,500		924,274
Genworth MI Canada, Inc.(a)		10,100		313,849

See Notes to Financial Statements.

PGIM QMA International Equity Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Canada (cont’d.)
Husky Energy, Inc.		55,200	$	599,095
Imperial Oil Ltd.		3,400		98,774
Magna International, Inc.		3,600		200,382
Manulife Financial Corp.		91,400		1,683,092
Rogers Communications, Inc. (Class B Stock)		2,600		130,902
Royal Bank of Canada		34,900		2,781,424
Shopify, Inc. (Class A Stock)*		1,000		243,152
Suncor Energy, Inc.		6,300		207,758
Teck Resources Ltd. (Class B Stock)		56,300		1,331,331
Toronto-Dominion Bank (The)		12,500		713,033
				14,267,510
Chile    0.2%
Colbun SA		2,233,388		499,240
China    8.0%
360 Security Technology, Inc. (Class A Stock)		29,700		100,742
Alibaba Group Holding Ltd., ADR*		6,100		1,131,977
Anhui Conch Cement Co. Ltd. (Class H Stock)		132,500		811,131
Asia Cement China Holdings Corp.		646,000		768,926
China BlueChemical Ltd. (Class H Stock)		356,000		121,213
China Communications Services Corp. Ltd. (Class H Stock)		1,400,000		1,128,140
China Mobile Ltd.		179,000		1,708,105
China Petroleum & Chemical Corp. (Class H Stock)		1,704,000		1,311,358
China Railway Group Ltd. (Class H Stock)		106,000		83,665
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. (Class A Stock)		33,000		144,469
China Shenhua Energy Co. Ltd. (Class H Stock)		39,500		87,445
China Unicom Hong Kong Ltd.		1,126,000		1,336,969
Chlitina Holding Ltd.		82,000		673,868
CITIC Telecom International Holdings Ltd.		890,000		369,300
CNOOC Ltd.		883,000		1,598,742
Country Garden Holdings Co. Ltd.		90,000		145,168
Daqin Railway Co. Ltd. (Class A Stock)		101,800		128,839
Greenland Holdings Group Co. Ltd. (Class A Stock)		95,400		105,717
Jinke Properties Group Co. Ltd. (Class A Stock)		128,200		144,989
PetroChina Co. Ltd. (Class H Stock)		246,000		156,361
Ping An Insurance Group Co. of China Ltd. (Class H Stock)		40,500		488,271
Poly Property Group Co. Ltd.		2,139,000		898,932
Sany Heavy Industry Co. Ltd. (Class A Stock)		65,500		119,354
Seazen Holdings Co. Ltd. (Class A Stock)		19,100		112,339
Shaanxi Coal Industry Co. Ltd. (Class A Stock)		90,500		121,384
Shimao Property Holdings Ltd.		35,500		108,551

See Notes to Financial Statements.

12

Description	Shares		Value
COMMON STOCKS (Continued)
China (cont’d.)
Shougang Fushan Resources Group Ltd.		878,000	$	212,811
Sinotruk Hong Kong Ltd.		722,000		1,567,419
Tencent Holdings Ltd.		35,900		1,775,778
Weichai Power Co. Ltd. (Class H Stock)		902,000		1,479,563
Yum China Holdings, Inc.		4,100		194,914
				19,136,440
Colombia    0.5%
Ecopetrol SA		1,310,210		1,209,612
Denmark    0.7%
H. Lundbeck A/S		3,114		131,322
Novo Nordisk A/S (Class B Stock)		21,501		1,053,855
Scandinavian Tobacco Group A/S, 144A		32,739		390,694
				1,575,871
Finland    0.3%
Neste OYJ		10,593		350,262
Nordea Bank Abp		34,666		273,193
				623,455
France    6.5%
Airbus SE		15,796		2,170,225
Cie Generale des Etablissements Michelin SCA		11,194		1,452,544
Credit Agricole SA		66,081		908,782
Dassault Systemes SE		1,544		245,359
Hermes International		1,024		722,781
Kering SA		3,349		1,989,657
Klepierre SA, REIT		2,804		99,805
LVMH Moet Hennessy Louis Vuitton SE		7,565		2,978,914
Peugeot SA		58,551		1,540,649
Sanofi		31,135		2,712,200
TOTAL SA		14,224		793,474
				15,614,390
Germany    4.9%
adidas AG		691		178,262
Allianz SE		12,294		2,971,205
Amadeus Fire AG		1,263		168,752
AURELIUS Equity Opportunities SE & Co. KGaA(a)		10,928		545,776
Bayer AG		3,630		242,242

See Notes to Financial Statements.

PGIM QMA International Equity Fund 13

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Germany (cont’d.)
Deutsche Lufthansa AG		46,894	$	1,136,231
Deutsche Pfandbriefbank AG, 144A		69,577		973,000
Deutsche Telekom AG		109,187		1,831,145
Fresenius Medical Care AG & Co. KGaA		1,496		126,039
Fresenius SE & Co. KGaA		6,041		343,630
Henkel AG & Co. KGaA		1,391		133,021
Jenoptik AG		11,698		463,855
MTU Aero Engines AG		1,970		465,111
Nemetschek SE		1,979		367,236
PATRIZIA Immobilien AG		12,931		270,101
Salzgitter AG		3,210		106,205
SAP SE		891		114,825
Siltronic AG		7,630		752,439
Wirecard AG(a)		3,762		569,495
				11,758,570
Greece    0.6%
Hellenic Telecommunications Organization SA		35,590		493,760
Motor Oil Hellas Corinth Refineries SA		38,030		970,559
				1,464,319
Hong Kong    1.6%
AIA Group Ltd.		18,400		188,251
CK Asset Holdings Ltd.		161,500		1,296,561
CK Hutchison Holdings Ltd.		27,500		289,268
Hang Seng Bank Ltd.		48,600		1,276,351
Hongkong Land Holdings Ltd.		13,200		91,979
Link REIT		24,500		285,952
Sun Hung Kai Properties Ltd.		5,500		95,040
Swire Pacific Ltd. (Class A Stock)		8,500		107,901
Wharf Real Estate Investment Co. Ltd.		22,000		168,715
				3,800,018
Hungary    0.2%
Magyar Telekom Telecommunications PLC		272,773		430,016
OTP Bank Nyrt		2,746		121,781
				551,797
India    1.8%
HCL Technologies Ltd.		92,006		1,567,200
Jubilant Foodworks Ltd.		37,912		725,908

See Notes to Financial Statements.

14

Description	Shares		Value
COMMON STOCKS (Continued)
India (cont’d.)
NIIT Technologies Ltd.		26,144	$	486,766
Tech Mahindra Ltd.		10,180		122,491
Wipro Ltd.		328,817		1,413,176
				4,315,541
Indonesia    0.3%
Ace Hardware Indonesia Tbk PT		5,459,600		632,745
Mitra Adiperkasa Tbk PT		2,453,200		171,644
				804,389
Ireland    0.1%
CRH PLC		9,504		321,186
Israel    1.0%
Bank Leumi Le-Israel BM		184,942		1,264,603
Check Point Software Technologies Ltd.*		1,400		169,064
CyberArk Software Ltd.*		7,000		902,510
Israel Chemicals Ltd.		15,629		82,707
				2,418,884
Italy    2.4%
Enel SpA		347,428		2,204,953
Eni SpA		87,038		1,487,793
Mediobanca Banca di Credito Finanziario SpA		135,978		1,447,484
Poste Italiane SpA, 144A		49,691		531,329
				5,671,559
Japan    16.5%
Advantest Corp.		4,900		139,480
Alfresa Holdings Corp.		3,200		89,513
Asahi Group Holdings Ltd.		4,400		191,299
Astellas Pharma, Inc.		103,600		1,414,663
Bandai Namco Holdings, Inc.		2,300		109,834
Capcom Co. Ltd.		6,700		151,276
Central Japan Railway Co.		400		86,150
Daifuku Co. Ltd.		1,700		104,621
Dai-ichi Life Holdings, Inc.		13,000		186,896
Daiwa House Industry Co. Ltd.		6,400		179,545
EDION Corp.		25,400		215,651
FUJIFILM Holdings Corp.		28,700		1,342,743
Hikari Tsushin, Inc.		500		92,574

See Notes to Financial Statements.

PGIM QMA International Equity Fund 15

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
Hitachi Ltd.		10,900	$	362,695
Honda Motor Co. Ltd.		29,900		837,094
Hoya Corp.		23,700		1,675,598
Isuzu Motors Ltd.		91,300		1,324,418
ITOCHU Corp.		96,400		1,738,536
Japan Post Holdings Co. Ltd.		114,100		1,275,831
Japan Tobacco, Inc.		44,200		1,020,556
Kansai Electric Power Co., Inc. (The)		8,300		100,186
KDDI Corp.		60,800		1,396,171
Kirin Holdings Co. Ltd.		10,600		240,338
Koito Manufacturing Co. Ltd.		11,100		664,426
Marubeni Corp.		31,300		224,710
Medipal Holdings Corp.		63,800		1,435,176
Mitsubishi Chemical Holdings Corp.		187,500		1,335,789
Mitsubishi Corp.		69,600		1,919,744
Mitsubishi UFJ Financial Group, Inc.		359,800		1,790,207
Mitsui & Co. Ltd.		87,600		1,417,943
Mizuho Financial Group, Inc.		293,900		459,624
Nippon Telegraph & Telephone Corp.		44,984		1,871,311
Oriental Land Co. Ltd.		2,300		254,606
ORIX Corp.		114,300		1,623,195
Rakuten, Inc.		131,500		1,468,803
Recruit Holdings Co. Ltd.		53,200		1,598,990
Shin-Etsu Chemical Co. Ltd.		5,600		532,933
Shionogi & Co. Ltd.		14,600		854,901
Showa Denko KK		5,800		198,298
Sony Corp.		45,100		2,154,592
SUMCO Corp.		82,600		1,085,331
Sumitomo Corp.		10,100		144,858
Sumitomo Mitsui Financial Group, Inc.		10,000		364,085
Taisei Corp.		32,300		1,420,925
Taiyo Yuden Co. Ltd.		16,900		413,526
TIS, Inc.		17,500		798,233
Tokio Marine Holdings, Inc.		11,400		577,424
Toyota Motor Corp.		8,833		549,137
Toyota Tsusho Corp.		3,000		99,791
				39,534,226
Luxembourg    0.6%
ArcelorMittal		62,645		1,370,874
Macau    0.0%
Galaxy Entertainment Group Ltd.		402		3,013

See Notes to Financial Statements.

16

Description	Shares		Value
COMMON STOCKS (Continued)
Mexico    0.0%
Concentradora Fibra Danhos SA de CV, REIT		66,700	$	97,740
Netherlands    2.7%
Adyen NV, 144A*		656		536,947
ASR Nederland NV		18,624		829,864
ING Groep NV		45,194		577,554
Koninklijke Ahold Delhaize NV		64,771		1,558,958
NN Group NV		21,422		934,739
Royal Dutch Shell PLC (Class A Stock)		51,244		1,638,135
Royal Dutch Shell PLC (Class B Stock)		6,509		209,447
Wolters Kluwer NV		3,399		237,515
				6,523,159
New Zealand    0.3%
Auckland International Airport Ltd.		18,173		96,600
Fisher & Paykel Healthcare Corp. Ltd.		10,442		110,038
Metlifecare Ltd.		74,731		247,187
Summerset Group Holdings Ltd.		60,451		226,490
				680,315
Norway    1.0%
Aker BP ASA		2,685		88,723
DNB ASA		71,366		1,375,770
Salmar ASA		14,078		641,116
Telenor ASA		8,596		172,751
				2,278,360
Pakistan    0.5%
Engro Fertilizers Ltd.		615,500		302,245
Fauji Fertilizer Co. Ltd.		374,000		274,704
Oil & Gas Development Co. Ltd.		703,300		700,393
				1,277,342
Peru    0.1%
Credicorp Ltd.		800		189,520
Philippines    0.5%
SM Prime Holdings, Inc.		1,567,700		1,244,031
Poland    0.6%
Polski Koncern Naftowy ORLEN SA		6,058		155,731

See Notes to Financial Statements.

PGIM QMA International Equity Fund 17

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Poland (cont’d.)
Powszechna Kasa Oszczednosci Bank Polski SA		10,205	$	105,019
Powszechny Zaklad Ubezpieczen SA		102,919		1,133,009
				1,393,759
Portugal    0.4%
Sonae SGPS SA		790,744		883,139
Qatar    0.4%
Industries Qatar QSC		17,424		578,625
Qatar Navigation QSC		14,750		273,051
				851,676
Russia    1.3%
Gazprom PJSC, ADR		102,260		512,704
Lukoil PJSC, ADR		7,998		681,409
Novatek PJSC, GDR		1,121		216,538
Rosneft Oil Co. PJSC, GDR		58,456		390,340
Sberbank of Russia PJSC, ADR		70,699		1,023,623
Tatneft PJSC, ADR		4,631		327,333
				3,151,947
Singapore    1.4%
CapitaLand Ltd.		37,400		97,123
CapitaLand Mall Trust, REIT		51,800		92,168
Genting Singapore Ltd.		252,600		183,229
United Overseas Bank Ltd.		72,100		1,474,051
Wilmar International Ltd.		540,500		1,445,071
				3,291,642
South Africa    1.4%
Anglo American Platinum Ltd.		2,790		140,924
Anglo American PLC		74,677		1,938,941
Astral Foods Ltd.		45,569		580,017
Kumba Iron Ore Ltd.		24,990		749,375
				3,409,257
South Korea    4.3%
Daishin Securities Co. Ltd.		35,515		387,174
Hana Financial Group, Inc.		39,805		1,254,827
Hyundai Greenfood Co. Ltd.		10,017		119,705

See Notes to Financial Statements.

18

Description	Shares		Value
COMMON STOCKS (Continued)
South Korea (cont’d.)
Hyundai Mobis Co. Ltd.		769	$	152,997
Industrial Bank of Korea		92,160		1,116,605
KB Financial Group, Inc.		28,528		1,125,935
Kia Motors Corp.		41,325		1,605,085
POSCO		5,979		1,307,334
Samsung C&T Corp.		917		80,440
Samsung Electronics Co. Ltd.		23,940		940,114
Shinhan Financial Group Co. Ltd.		34,923		1,317,631
SK Hynix, Inc.		6,672		451,050
SK Telecom Co. Ltd.		407		86,360
Taekwang Industrial Co. Ltd.		200		256,621
Woori Financial Group, Inc.		6,933		82,187
				10,284,065
Spain    1.0%
ACS Actividades de Construccion y Servicios SA		2,901		133,562
Aena SME SA, 144A		3,642		677,418
Endesa SA		4,388		109,372
Iberdrola SA		70,462		641,284
Repsol SA		52,797		897,510
				2,459,146
Sweden    2.7%
Atlas Copco AB (Class B Stock)		5,159		147,363
Essity AB (Class B Stock)		6,953		206,769
ICA Gruppen AB		2,327		84,156
Sandvik AB		87,418		1,622,705
Skandinaviska Enskilda Banken AB (Class A Stock)		138,344		1,323,267
Svenska Handelsbanken AB (Class A Stock)		116,494		1,274,066
Swedbank AB (Class A Stock)		11,494		186,377
Volvo AB (Class B Stock)		100,392		1,612,520
				6,457,223
Switzerland    4.7%
Alcon, Inc.*		8,270		476,259
Logitech International SA		21,559		840,863
Nestle SA		29,689		2,863,151
Novartis AG		41,350		3,385,925
Roche Holding AG		13,778		3,642,581
				11,208,779

See Notes to Financial Statements.

PGIM QMA International Equity Fund 19

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Taiwan    3.3%
Chipbond Technology Corp.		331,000	$	751,621
Delta Electronics, Inc.		122,000		642,770
Lien Hwa Industrial Corp.		587,700		645,257
Radiant Opto-Electronics Corp.		255,000		859,883
Taiwan Semiconductor Manufacturing Co. Ltd.		128,000		1,076,713
Tripod Technology Corp.		247,000		792,863
Uni-President Enterprises Corp.		615,000		1,461,886
Walsin Lihwa Corp.		755,000		423,999
Yuanta Financial Holding Co. Ltd.		1,976,000		1,145,192
Zhen Ding Technology Holding Ltd.		37,000		132,685
				7,932,869
Thailand    1.2%
Airports of Thailand PCL		49,300		105,920
Com7 PCL (Class F Stock)		1,523,400		942,339
Electricity Generating PCL		96,700		896,427
Plan B Media PCL (Class F Stock)*		3,370,900		718,804
Thanachart Capital PCL		173,000		287,545
				2,951,035
Turkey    1.0%
BIM Birlesik Magazalar A/S		43,932		611,425
Eregli Demir ve Celik Fabrikalari TAS		610,246		938,104
Tekfen Holding A/S		181,455		812,295
Tupras Turkiye Petrol Rafinerileri A/S		3,335		69,000
Turkiye Is Bankasi A/S (Class C Stock)		88,228		79,513
				2,510,337
United Kingdom    9.3%
3i Group PLC		106,899		1,493,026
Ashtead Group PLC		3,479		96,555
Auto Trader Group PLC, 144A		217,483		1,606,558
Berkeley Group Holdings PLC		9,360		459,436
BP PLC		73,156		533,867
British American Tobacco PLC		61,751		2,414,910
Britvic PLC		23,377		279,015
CNH Industrial NV		17,538		191,362
Coca-Cola European Partners PLC		33,700		1,805,983
Compass Group PLC		40,110		911,567
Fiat Chrysler Automobiles NV		14,364		222,834
GlaxoSmithKline PLC		40,764		837,815
HSBC Holdings PLC		86,901		757,847

See Notes to Financial Statements.

20

Description	Shares		Value
COMMON STOCKS (Continued)
United Kingdom (cont’d.)
Imperial Brands PLC		49,831	$	1,586,175
JD Sports Fashion PLC		130,789		1,077,120
Land Securities Group PLC, REIT		114,922		1,384,351
Legal & General Group PLC		438,760		1,596,124
Lloyds Banking Group PLC		819,624		671,352
Micro Focus International PLC		4,173		105,444
Persimmon PLC		23,296		681,712
RELX PLC		7,986		183,380
Royal Bank of Scotland Group PLC		61,641		193,389
SSP Group PLC		84,071		765,102
Unilever NV, CVA		25,745		1,559,682
Unilever PLC		13,047		792,652
				22,207,258
United States    0.0%
QIAGEN NV*		2,621		101,531
TOTAL COMMON STOCKS (cost $207,433,757)				233,565,886
EXCHANGE-TRADED FUNDS    1.0%
United States
iShares MSCI EAFE ETF		28,200		1,882,632
iShares MSCI Emerging Markets ETF		14,100		619,413
TOTAL EXCHANGE-TRADED FUNDS (cost $2,342,771)				2,502,045
PREFERRED STOCKS    1.0%
Brazil    0.9%
Banco do Estado do Rio Grande do Sul SA (PRFC) (Class B Stock)		122,100		748,898
Petroleo Brasileiro SA (PRFC)		180,800		1,250,490
				1,999,388

See Notes to Financial Statements.

PGIM QMA International Equity Fund 21

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Shares		Value
PREFERRED STOCKS (Continued)
South Korea    0.1%
Samsung Electronics Co. Ltd. (PRFC)		9,682	$	307,748
TOTAL PREFERRED STOCKS (cost $1,719,664)				2,307,136
TOTAL LONG-TERM INVESTMENTS (cost $211,496,192)				238,375,067
SHORT-TERM INVESTMENT    0.6%
AFFILIATED MUTUAL FUND
PGIM Institutional Money Market Fund (cost $1,493,431; includes $1,486,955 of cash collateral for securities on loan)(b)(w)		1,493,580		1,494,028
TOTAL INVESTMENTS    99.9% (cost $212,989,623)				239,869,095
Other assets in excess of liabilities    0.1%				292,995
NET ASSETS    100.0%			$	240,162,090

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

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

ADR—American Depositary Receipt

CVA—Certificate Van Aandelen (Bearer)

EAFE—Europe, Australasia, Far East

ETF—Exchange-Traded Fund

GDR—Global Depositary Receipt

LIBOR—London Interbank Offered Rate

MSCI—Morgan Stanley Capital International

PJSC—Public Joint-Stock Company

PRFC—Preference Shares

UTS—Unit Trust Security

* 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 $1,415,025; cash collateral of $1,486,955 (included in liabilities) was received with which the Series purchased highly liquid short-term investments.

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

(w) PGIM Investments LLC, the manager of the Series, also serves as manager of the PGIM Institutional Money Market Fund.

Fair Value Measurements:

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

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

See Notes to Financial Statements.

22

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

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

The following is a summary of the inputs used as of April 30, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Australia	$	—	$	11,329,422	$	—
Austria		—		1,032,558		—
Belgium		—		217,458		—
Brazil		4,661,424		—		—
Canada		14,267,510		—		—
Chile		499,240		—		—
China		1,427,633		17,708,807		—
Colombia		1,209,612		—		—
Denmark		—		1,575,871		—
Finland		—		623,455		—
France		—		15,614,390		—
Germany		—		11,758,570		—
Greece		—		1,464,319		—
Hong Kong		—		3,800,018		—
Hungary		—		551,797		—
India		—		4,315,541		—
Indonesia		—		804,389		—
Ireland		—		321,186		—
Israel		1,071,574		1,347,310		—
Italy		—		5,671,559		—
Japan		—		39,534,226		—
Luxembourg		—		1,370,874		—
Macau		—		3,013		—
Mexico		97,740		—		—
Netherlands		—		6,523,159		—
New Zealand		—		680,315		—
Norway		—		2,278,360		—
Pakistan		—		1,277,342		—
Peru		189,520		—		—
Philippines		—		1,244,031		—
Poland		—		1,393,759		—
Portugal		—		883,139		—
Qatar		—		851,676		—
Russia		—		3,151,947		—
Singapore		—		3,291,642		—
South Africa		—		3,409,257		—
South Korea		—		10,284,065		—
Spain		—		2,459,146		—
Sweden		—		6,457,223		—
Switzerland		—		11,208,779		—
Taiwan		—		7,932,869		—

See Notes to Financial Statements.

PGIM QMA International Equity Fund 23

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Common Stocks (continued)
Thailand	$	—	$	2,951,035	$	—
Turkey		—		2,510,337		—
United Kingdom		1,911,427		20,295,831		—
United States		—		101,531		—
Exchange-Traded Funds
United States		2,502,045		—		—
Preferred Stocks
Brazil		1,999,388		—		—
South Korea		—		307,748		—
Affiliated Mutual Fund		1,494,028		—		—
Total	$	31,331,141	$	208,537,954	$	—

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of April 30, 2019 were as follows:

Banks	12.5	%
Oil, Gas & Consumable Fuels	7.1
Pharmaceuticals	6.0
Metals & Mining	5.3
Insurance	5.2
Diversified Telecommunication Services	3.4
Food Products	3.2
Machinery	2.9
Capital Markets	2.6
Automobiles	2.6
IT Services	2.5
Textiles, Apparel & Luxury Goods	2.5
Trading Companies & Distributors	2.3
Tobacco	2.3
Semiconductors & Semiconductor Equipment	2.2
Real Estate Management & Development	2.2
Technology Hardware, Storage & Peripherals	1.5
Food & Staples Retailing	1.5
Electric Utilities	1.4
Equity Real Estate Investment Trusts (REITs)	1.4
Interactive Media & Services	1.4
Wireless Telecommunication Services	1.4
Household Durables	1.4
Construction & Engineering	1.3
Independent Power & Renewable Electricity Producers	1.3
Hotels, Restaurants & Leisure	1.3
Personal Products	1.3
Chemicals	1.2
Specialty Retail	1.1	%
Electronic Equipment, Instruments & Components	1.1
Aerospace & Defense	1.1
Road & Rail	1.1
Internet & Direct Marketing Retail	1.1
Beverages	1.1
Auto Components	1.1
Construction Materials	1.0
Exchange-Traded Funds	1.0
Health Care Providers & Services	1.0
Health Care Equipment & Supplies	1.0
Professional Services	1.0
Software	0.9
Media	0.8
Diversified Financial Services	0.7
Multi-Utilities	0.6
Affiliated Mutual Fund (0.6% represents investments purchased with collateral from securities on loan)	0.6
Thrifts & Mortgage Finance	0.5
Airlines	0.5
Industrial Conglomerates	0.4
Transportation Infrastructure	0.3
Electrical Equipment	0.2
Household Products	0.2
Marine	0.1
Multiline Retail	0.1
Entertainment	0.1
Leisure Products	0.0	*

See Notes to Financial Statements.

24

Industry Classification (continued):

Life Sciences Tools & Services	0.0	*%
	99.9
Other assets in excess of liabilities	0.1
	100.0	%

* Less than +/- 0.05%

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

The Series entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions, where the legal right to set-off exists, is presented in the summary below.

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/ (Liabilities)		Collateral Pledged/ (Received)(1)			Net Amount
Securities on Loan	$	1,415,025	$	(1,415,025	)	$	—

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

See Notes to Financial Statements.

PGIM QMA International Equity Fund 25

Statement of Assets & Liabilities (unaudited)

as of April 30, 2019

Assets
Investments at value, including securities on loan of $1,415,025:
Unaffiliated investments (cost $211,496,192)	$	238,375,067
Affiliated investments (cost $1,493,431)		1,494,028
Foreign currency, at value (cost $424,889)		421,738
Tax reclaim receivable		995,490
Dividends and interest receivable		918,387
Receivable for Series shares sold		542,881
Prepaid expenses		2,017
Total Assets		242,749,608
Liabilities
Payable to broker for collateral for securities on loan		1,486,955
Payable for Series shares reacquired		488,863
Payable to custodian		176,097
Accrued expenses and other liabilities		175,297
Management fee payable		119,176
Affiliated transfer agent fee payable		88,117
Distribution fee payable		51,899
Foreign capital gains tax liability accrued		1,114
Total Liabilities		2,587,518
Net Assets	$	240,162,090
Net assets were comprised of:
Common stock, at par	$	332,145
Paid-in capital in excess of par		218,236,898
Total distributable earnings (loss)		21,593,047
Net assets, April 30, 2019	$	240,162,090

See Notes to Financial Statements.

26

Class A
Net asset value and redemption price per share, ($184,124,370 ÷ 25,482,736 shares of common stock issued and outstanding)	$	7.23
Maximum sales charge (5.50% of offering price)		0.42
Maximum offering price to public	$	7.65
Class B
Net asset value, offering price and redemption price per share,
($1,412,694 ÷ 203,962 shares of common stock issued and outstanding)	$	6.93
Class C
Net asset value, offering price and redemption price per share,
($3,473,025 ÷ 502,410 shares of common stock issued and outstanding)	$	6.91
Class Z
Net asset value, offering price and redemption price per share,
($13,822,868 ÷ 1,899,383 shares of common stock issued and outstanding)	$	7.28
Class R6
Net asset value, offering price and redemption price per share,
($37,329,133 ÷ 5,125,988 shares of common stock issued and outstanding)	$	7.28

See Notes to Financial Statements.

PGIM QMA International Equity Fund 27

Statement of Operations (unaudited)

Six Months Ended April 30, 2019

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $404,999 foreign withholding tax)	$	3,773,659
Income from securities lending, net (including affiliated income of $3,423)		33,179
Affiliated dividend income		1,985
Total income		3,808,823
Expenses
Management fee		866,155
Distribution fee(a)		317,562
Transfer agent’s fees and expenses (including affiliated expense of $177,516)(a)		313,061
Custodian and accounting fees		115,368
Shareholders’ reports		36,786
Registration fees(a)		35,199
Audit fee		15,335
Legal fees and expenses		8,693
Directors’ fees		8,218
Miscellaneous		19,000
Total expenses		1,735,377
Less: Fee waiver and/or expense reimbursement(a)		(185,158	)
Net expenses		1,550,219
Net investment income (loss)		2,258,604
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $883)		(5,709,558	)
Foreign currency transactions		(41,120	)
		(5,750,678	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $490) (net of change in foreign capital gains taxes $27,528)		19,638,451
Foreign currencies		(6,424	)
		19,632,027
Net gain (loss) on investment and foreign currency transactions		13,881,349
Net Increase (Decrease) In Net Assets Resulting From Operations	$	16,139,953

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

	Class A			Class B			Class C			Class Z			Class R6
Distribution fee		253,416			7,758			56,388			—			—
Transfer agent’s fees and expenses		271,433			9,809			19,483			12,223			113
Registration fees		7,273			7,017			7,059			7,020			6,830
Fee waiver and/or expense reimbursement		(122,303	)		(12,128	)		(8,164	)		(9,721	)		(32,842	)

See Notes to Financial Statements.

28

Statements of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2019			Year Ended October 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	2,258,604		$	5,818,341
Net realized gain (loss) on investment and foreign currency transactions		(5,750,678	)		12,752,884
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		19,632,027			(47,076,008	)
Net increase (decrease) in net assets resulting from operations		16,139,953			(28,504,783	)
Dividends and Distributions
Distributions from distributable earnings
Class A		(4,863,819	)		(3,767,555	)
Class B		(27,709	)		(34,288	)
Class C		(271,974	)		(206,355	)
Class Z		(443,611	)		(363,326	)
Class R6		(1,275,473	)		(939,275	)
		(6,882,586	)		(5,310,799	)
Series share transactions (Net of share conversions)
Net proceeds from shares sold		3,912,054			15,948,974
Net asset value of shares issued in reinvestment of dividends and distributions		6,792,809			5,229,466
Cost of shares reacquired		(15,832,229	)		(35,360,628	)
Net increase (decrease) in net assets from Series share transactions		(5,127,366	)		(14,182,188	)
Total increase (decrease)		4,130,001			(47,997,770	)
Net Assets:
Beginning of period		236,032,089			284,029,859
End of period	$	240,162,090		$	236,032,089

See Notes to Financial Statements.

PGIM QMA International Equity Fund 29

Notes to Financial Statements (unaudited)

Prudential World Fund, Inc. (the “Fund”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company and currently consists of seven series: PGIM Jennison Emerging Markets Equity Opportunities Fund, PGIM Jennison Global Opportunities Fund, PGIM Jennison International Opportunities Fund and PGIM QMA International Equity Fund, each of which are diversified funds and PGIM Jennison Global Infrastructure Fund, PGIM Emerging Markets Debt Hard Currency Fund and PGIM Emerging Markets Debt Local Currency Fund, each of which are non-diversified funds for purposes of the 1940 Act and may invest a greater percentage of their 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. These financial statements relate only to the PGIM QMA International Equity Fund (the “Series”).

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

1. Accounting Policies

The Series 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 accounting policies conform to U.S. generally accepted accounting principles. The Series consistently follows such policies in the preparation of its financial statements.

Securities Valuation: The Series holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Fund’s Board of Directors (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Series 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. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur

30

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

Various inputs determine how the Series’ 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 Measurements and Disclosures.

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

Foreign equities traded on foreign securities exchanges are generally valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements up to the time the Series 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, non-exchange-traded mutual funds are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy.

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

PGIM QMA International Equity Fund 31

Notes to Financial Statements (unaudited) (continued)

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

Illiquid Securities: Pursuant to Rule 22e-4 under the 1940 Act, the Series has adopted a Board approved Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Series limit its illiquid investments that are assets to no more than 15% of net assets. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Series may find it difficult to sell illiquid securities at the time considered most advantageous by its subadviser and may incur transaction costs that would not be incurred in the sale of securities that were freely marketable.

Restricted Securities: Securities acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer are considered restricted as to disposition under federal securities law (“restricted securities”). Such restricted securities are valued pursuant to the valuation procedures noted above. Restricted securities that would otherwise be considered illiquid investments pursuant to the Series’ LRMP because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. Therefore, these Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act of 1933, may be classified higher than “illiquid” under the LRMP (i.e. “moderately liquid” or “less liquid” investments). However, the liquidity of the Series’ investments in restricted securities could be impaired if trading does not develop or declines.

Foreign Currency Translation: The books and records of the Series 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 current rates of exchange;

(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 Series are presented at the foreign exchange rates and market values at the close of the period, the Series does not generally isolate that portion of

32

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 Series 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 realized foreign currency gains (losses) are included in the reported net realized gains (losses) on investment transactions.

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 securities transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Series’ books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

Master Netting Arrangements: The Series 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 the Series. A master netting arrangement between the Series and the counterparty permits the Series to offset amounts payable by the Series to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Series to cover the Series’ 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. During the reporting period, there was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

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

Securities Lending: The Series lends its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination

PGIM QMA International Equity Fund 33

Notes to Financial Statements (unaudited) (continued)

at the option of the borrower or the Series. Upon termination of the loan, the borrower will return to the Series securities identical to the loaned securities. Should the borrower of the securities fail financially, the Series has the right to repurchase the securities in the open market using the collateral.

The Series 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. The Series 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 on the Statement of Operations as “Income from securities lending, net”.

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 Series becomes aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Class specific expenses 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 Series’ policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.

Dividends and Distributions: The Series expects to pay dividends from net investment income and distributions from net realized capital and currency gains, if any, annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on the ex-date. Permanent book/tax differences relating to income

34

and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.

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.

2. Agreements

The Fund, on behalf of the Series, has a management agreement with PGIM Investments. Pursuant to this agreement, PGIM Investments has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. In addition, under the management agreement, PGIM Investments provides all of the administrative functions necessary for the organization, operation and management of the Series. PGIM Investments administers the corporate affairs of the Series and, in connection therewith, furnishes the Series with office facilities, together with those ordinary clerical and bookkeeping services which are not being furnished by the Series’ custodian and the Series’ transfer agent. PGIM Investments is also responsible for the staffing and management of dedicated groups of legal, marketing, compliance and related personnel necessary for the operation of the Series. The legal, marketing, compliance and related personnel are also responsible for the management and oversight of the various service providers to the Series, including, but not limited to, the custodian, transfer agent, and accounting agent.

PGIM Investments has entered into a subadvisory agreement with QMA LLC (“QMA”) (formerly known as Quantitative Management Associates LLC). The subadvisory agreement provides that QMA will furnish investment advisory services in connection with the management of the Series. In connection therewith, QMA is obligated to keep certain books and records of the Series. PGIM Investments pays for the services of QMA, the cost of compensation of officers of the Series, occupancy and certain clerical and bookkeeping costs of the Series. The Series bears all other costs and expenses.

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.75% of the Series’ average daily net assets up to $2 billion, 0.70% of the next $3 billion and 0.69% of the average daily net assets over $5 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.75% for the six months ended April 30, 2019.

The Manager has contractually agreed, through February 29, 2020, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 2.53% of average daily net assets for Class B shares, and 0.78% of average daily net assets for Class R6 shares. 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 Series expenses such as dividend and interest expense and broker charges on short sales.

PGIM QMA International Equity Fund 35

Notes to Financial Statements (unaudited) (continued)

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives similar expenses on any other share class and, 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 PGIM Investments may be recouped by PGIM Investments 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 Fund, on behalf of the Series, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class B, Class C, Class Z and Class R6 shares of the Series. The Series compensates PIMS for distributing and servicing the Series’ Class A, Class B and Class C shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z and Class R6 shares of the Series.

Pursuant to the Distribution Plans, the Series compensates PIMS for distribution related activities at an annual rate of up to 0.30%, 1% and 1% of the average daily net assets of the Class A, Class B and Class C shares, respectively.

For the reporting period ended April 30, 2019, PIMS received $23,602 in front-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended April 30, 2019, PIMS received $0, $391 and $46 in contingent deferred sales charges imposed upon redemptions by certain Class A, Class B and Class C shareholders, respectively. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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

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

The Series 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

36

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, and/or common officers. Pursuant to the Rule 17a-7 procedures and consistent with guidance issued by the SEC, the Series’ Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such 17a-7 transactions were effected in accordance with the Series’ Rule 17a-7 procedures. Any 17a-7 transactions for the reporting period are disclosed in the “Portfolio Securities” note, below.

The Series may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. Through the Series’ investments in the mentioned underlying funds, PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services. Earnings from the Core Fund and Money Market Fund are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2019, were $94,113,440 and $103,990,756, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the reporting period ended April 30, 2019, is presented as follows:

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Income
	PGIM Core Ultra Short Bond Fund*
$	101,342	$	13,938,762	$	14,040,104	$	—	$	—	$	—		—	$	1,985
	PGIM Institutional Money Market Fund*
	1,092,213		19,770,342		19,369,900		490		883		1,494,028		1,493,580		3,423	**
$	1,193,555	$	33,709,104	$	33,410,004	$	490	$	883	$	1,494,028			$	5,408

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

** This amount is included in “Income from securities lending, net” on the Statement of Operations.

For the reporting period ended April 30, 2019, no 17a-7 transactions were entered into by the Series.

PGIM QMA International Equity Fund 37

Notes to Financial Statements (unaudited) (continued)

5. Tax Information

The United States federal income tax basis of the Series’ investments and the net unrealized appreciation as of April 30, 2019 were as follows:

Tax Basis	$	214,130,391
Gross Unrealized Appreciation		34,279,742
Gross Unrealized Depreciation		(8,541,038	)
Net Unrealized Appreciation	$	25,738,704

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

The Manager has analyzed the Series’ 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 Series’ financial statements for the current reporting period. The Series’ federal, state and local income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

6. Capital and Ownership

The Series offers Class A, Class B, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class B shares are sold with a CDSC which declines from 5% to zero depending on the period of time the shares are held. Class B shares will automatically convert to Class A shares on a quarterly basis approximately seven years after purchase. Class B shares are closed to new purchases. 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 10 years after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charge 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 Series to one or more other share classes of the Series as presented in the table of transactions in shares of common stock.

The Fund is authorized to issue 5.075 billion shares of common stock, with a par value of $0.01 per share, which is divided into seven series. There are 700 million shares authorized

38

for the Series, divided into six classes, designated Class A, Class B, Class C, Class Z, Class R6 and Class T common stock, each of which consists of 100 million, 5 million, 100 million, 180 million, 180 million and 135 million authorized shares, respectively. The Series currently does not have any Class T shares outstanding.

As of April 30, 2019, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned 4,852,633 Class R6 shares of the Series. At reporting period end, four shareholders of record, each holding greater than 5% of the Series, held 41% of the Series’ outstanding shares, of which 12% were held by an affiliate of Prudential.

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Six months ended April 30, 2019:
Shares sold		272,747		$	1,856,766
Shares issued in reinvestment of dividends and distributions		745,110			4,783,607
Shares reacquired		(1,464,727	)		(10,097,154	)
Net increase (decrease) in shares outstanding before conversion		(446,870	)		(3,456,781	)
Shares issued upon conversion from other share class(es)		1,338,801			9,630,693
Shares reacquired upon conversion into other share class(es)		(40,301	)		(279,907	)
Net increase (decrease) in shares outstanding		851,630		$	5,894,005
Year ended October 31, 2018:
Shares sold		804,151		$	6,370,219
Shares issued in reinvestment of dividends and distributions		477,661			3,697,101
Shares reacquired		(2,740,309	)		(21,405,716	)
Net increase (decrease) in shares outstanding before conversion		(1,458,497	)		(11,338,396	)
Shares issued upon conversion from other share class(es)		98,091			763,413
Shares reacquired upon conversion into other share class(es)		(125,149	)		(987,877	)
Net increase (decrease) in shares outstanding		(1,485,555	)	$	(11,562,860	)
Class B
Six months ended April 30, 2019:
Shares sold		183		$	1,233
Shares issued in reinvestment of dividends and distributions		4,465			27,594
Shares reacquired		(15,939	)		(104,009	)
Net increase (decrease) in shares outstanding before conversion		(11,291	)		(75,182	)
Shares reacquired upon conversion into other share class(es)		(44,917	)		(295,293	)
Net increase (decrease) in shares outstanding		(56,208	)	$	(370,475	)
Year ended October 31, 2018:
Shares sold		28,928		$	223,860
Shares issued in reinvestment of dividends and distributions		4,495			33,444
Shares reacquired		(86,909	)		(647,663	)
Net increase (decrease) in shares outstanding before conversion		(53,486	)		(390,359	)
Shares reacquired upon conversion into other share class(es)		(83,891	)		(627,742	)
Net increase (decrease) in shares outstanding		(137,377	)	$	(1,018,101	)

PGIM QMA International Equity Fund 39

Notes to Financial Statements (unaudited) (continued)

Class C	Shares			Amount
Six months ended April 30, 2019:
Shares sold		32,491		$	210,958
Shares issued in reinvestment of dividends and distributions		43,386			267,695
Shares reacquired		(148,248	)		(974,979	)
Net increase (decrease) in shares outstanding before conversion		(72,371	)		(496,326	)
Shares issued upon conversion from other share class(es)		209			1,444
Shares reacquired upon conversion into other share class(es)		(1,313,452	)		(9,064,854	)
Net increase (decrease) in shares outstanding		(1,385,614	)	$	(9,559,736	)
Year ended October 31, 2018:
Shares sold		97,298		$	737,280
Shares issued in reinvestment of dividends and distributions		27,319			202,979
Shares reacquired		(422,142	)		(3,144,588	)
Net increase (decrease) in shares outstanding before conversion		(297,525	)		(2,204,329	)
Shares reacquired upon conversion into other share class(es)		(7,107	)		(54,450	)
Net increase (decrease) in shares outstanding		(304,632	)	$	(2,258,779	)
Class Z
Six months ended April 30, 2019:
Shares sold		63,005		$	439,062
Shares issued in reinvestment of dividends and distributions		67,870			438,440
Shares reacquired		(212,413	)		(1,473,900	)
Net increase (decrease) in shares outstanding before conversion		(81,538	)		(596,398	)
Shares issued upon conversion from other share class(es)		46,138			323,034
Shares reacquired upon conversion into other share class(es)		(45,184	)		(318,786	)
Net increase (decrease) in shares outstanding		(80,584	)	$	(592,150	)
Year ended October 31, 2018:
Shares sold		201,211		$	1,579,542
Shares issued in reinvestment of dividends and distributions		45,785			356,667
Shares reacquired		(539,404	)		(4,190,995	)
Net increase (decrease) in shares outstanding before conversion		(292,408	)		(2,254,786	)
Shares issued upon conversion from other share class(es)		125,908			1,001,643
Shares reacquired upon conversion into other share class(es)		(16,340	)		(125,981	)
Net increase (decrease) in shares outstanding		(182,840	)	$	(1,379,124	)

40

Class R6	Shares			Amount
Six months ended April 30, 2019:
Shares sold		201,509		$	1,404,035
Shares issued in reinvestment of dividends and distributions		197,442			1,275,473
Shares reacquired		(470,033	)		(3,182,187	)
Net increase (decrease) in shares outstanding before conversion		(71,082	)		(502,679	)
Shares issued upon conversion from other share class(es)		540			3,669
Net increase (decrease) in shares outstanding		(70,542	)	$	(499,010	)
Year ended October 31, 2018:
Shares sold		917,539		$	7,038,073
Shares issued in reinvestment of dividends and distributions		120,574			939,275
Shares reacquired		(744,222	)		(5,971,666	)
Net increase (decrease) in shares outstanding before conversion		293,891			2,005,682
Shares issued upon conversion from other share class(es)		3,823			30,994
Net increase (decrease) in shares outstanding		297,714		$	2,036,676

7. Borrowings

The Fund, on behalf of the Series, along with other affiliated registered investment companies (the “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 SCA provides for a commitment of $900 million for the period October 4, 2018 through October 3, 2019. The Funds pay an annualized commitment fee of 0.15% of the unused portion of the SCA. The Series’ portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. The interest on borrowings under the SCA is paid monthly and at a per annum interest rate based upon a contractual spread plus the higher of (1) the effective federal funds rate, (2) the 1-month LIBOR rate or (3) zero percent.

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

The Series utilized the SCA during the reporting period ended April 30, 2019. The average daily balance for the 68 days that the Series had loans outstanding during the period was approximately $242,162, borrowed at a weighted average interest rate of 3.72%. The maximum loan outstanding amount during the period was $720,000. At April 30, 2019, the Series did not have an outstanding loan amount.

8. Risks of Investing in the Series

The Series’ risks include, but are not limited to, some or all of the risks discussed below:

PGIM QMA International Equity Fund 41

Notes to Financial Statements (unaudited) (continued)

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

Equity and Equity-Related Securities Risks: The value of a particular security could go down and you could lose money. In addition to an individual security losing value, the value of the equity markets or a sector in which the Series invests could go down. The Series’ holdings can vary significantly from broad market indexes and the performance of the Series can deviate from the performance of these indexes. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

Foreign Securities Risk: The Series’ investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Series may invest may have markets that are less liquid, less regulated and more volatile than US markets. The value of the Series’ investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability.

Market and Credit Risk: Securities markets may be volatile and the market prices of the Series’ 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 Series fall, the value of an investment in the Series will decline. Additionally, the Series may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Series has unsettled or open transactions defaults.

9. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the Series’ policy for the timing of transfers between levels. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Manager has evaluated the implications of certain provisions of the ASU and has determined to early adopt aspects related to the removal and modification of certain fair value measurement disclosures under the ASU effective immediately. At this time, the Manager is evaluating the implications of certain

42

other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

PGIM QMA International Equity Fund 43

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30, 2019			Year Ended October 31,
				2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$6.96			$7.95			$6.48			$6.65			$7.36			$7.37
Income (loss) from investment operations:
Net investment income (loss)		0.07			0.16			0.11			0.11			0.11			0.15
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.40			(1.00	)		1.49			(0.17	)		(0.65	)		(0.02	)
Total from investment operations		0.47			(0.84	)		1.60			(0.06	)		(0.54	)		0.13
Less Dividends and Distributions:
Dividends from net investment income		(0.17	)		(0.15	)		(0.13	)		(0.11	)		(0.17	)		(0.14	)
Distributions from net realized gains		(0.03	)		-			-			-			-			-
Total dividends and distributions		(0.20	)		(0.15	)		(0.13	)		(0.11	)		(0.17	)		(0.14	)
Net asset value, end of period		$7.23			$6.96			$7.95			$6.48			$6.65			$7.36
Total Return(b):		7.12%			(10.81	)%		25.17%			(0.93	)%		(7.37	)%		1.84%
Ratios/Supplemental Data:
Net assets, end of period (000)		$184,124			$171,326			$207,626			$185,120			$211,314			$218,909
Average net assets (000)		$170,340			$200,255			$192,517			$189,980			$229,598			$232,049
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.41%	(e)		1.34%			1.58%			1.66%			1.62%			1.59%
Expenses before waivers and/or expense reimbursement		1.55%	(e)		1.47%			1.59%			1.66%			1.62%			1.59%
Net investment income (loss)		1.91%	(e)		2.08%			1.62%			1.69%			1.39%			2.02%
Portfolio turnover rate(f)		41%			114%			105%			114%			111%			134%

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

44

Class B Shares
	Six Months Ended April 30, 2019			Year Ended October 31,
				2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$6.62			$7.60			$6.21			$6.37			$7.05			$7.07
Income (loss) from investment operations:
Net investment income (loss)		-	(b)		0.07			0.05			0.06			0.05			0.10
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.42			(0.96	)		1.43			(0.16	)		(0.61	)		(0.03	)
Total from investment operations		0.42			(0.89	)		1.48			(0.10	)		(0.56	)		0.07
Less Dividends and Distributions:
Dividends from net investment income		(0.08	)		(0.09	)		(0.09	)		(0.06	)		(0.12	)		(0.09	)
Distributions from net realized gains		(0.03	)		-			-			-			-			-
Total dividends and distributions		(0.11	)		(0.09	)		(0.09	)		(0.06	)		(0.12	)		(0.09	)
Net asset value, end of period		$6.93			$6.62			$7.60			$6.21			$6.37			$7.05
Total Return(c):		6.63%			(11.90	)%		24.12%			(1.55	)%		(7.96	)%		1.10%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,413			$1,723			$3,020			$3,080			$4,774			$5,006
Average net assets (000)		$1,564			$2,556			$2,833			$3,710			$5,313			$5,868
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		2.53%	(f)		2.53%			2.39%			2.36%			2.32%			2.29%
Expenses before waivers and/or expense reimbursement		4.09%	(f)		3.21%			2.72%			2.36%			2.32%			2.29%
Net investment income (loss)		0.14%	(f)		0.88%			0.75%			0.96%			0.68%			1.35%
Portfolio turnover rate(g)		41%			114%			105%			114%			111%			134%

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

(b) Less than $0.005 per share.

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

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

(e) Does not include expenses of the underlying portfolios in which the Series invests.

(f) Annualized.

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

See Notes to Financial Statements.

PGIM QMA International Equity Fund 45

Financial Highlights (unaudited)(continued)

Class C Shares
	Six Months Ended April 30, 2019			Year Ended October 31,
				2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$6.64			$7.60			$6.20			$6.37			$7.05			$7.07
Income (loss) from investment operations:
Net investment income (loss)		0.03			0.10			0.06			0.06			0.06			0.10
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.39			(0.97	)		1.43			(0.17	)		(0.62	)		(0.03	)
Total from investment operations		0.42			(0.87	)		1.49			(0.11	)		(0.56	)		0.07
Less Dividends and Distributions:
Dividends from net investment income		(0.12	)		(0.09	)		(0.09	)		(0.06	)		(0.12	)		(0.09	)
Distributions from net realized gains		(0.03	)		-			-			-			-			-
Total dividends and distributions		(0.15	)		(0.09	)		(0.09	)		(0.06	)		(0.12	)		(0.09	)
Net asset value, end of period		$6.91			$6.64			$7.60			$6.20			$6.37			$7.05
Total Return(b):		6.54%			(11.52	)%		24.33%			(1.71	)%		(7.96	)%		1.10%
Ratios/Supplemental Data:
Net assets, end of period (000)		$3,473			$12,530			$16,661			$15,892			$18,209			$18,146
Average net assets (000)		$11,371			$15,626			$15,736			$16,416			$20,086			$19,402
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		2.25%	(e)		2.10%			2.32%			2.36%			2.32%			2.29%
Expenses before waivers and/or expense reimbursement		2.39%	(e)		2.23%			2.33%			2.36%			2.32%			2.29%
Net investment income (loss)		0.88%	(e)		1.32%			0.86%			0.98%			0.71%			1.32%
Portfolio turnover rate(f)		41%			114%			105%			114%			111%			134%

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

46

Class Z Shares
	Six Months Ended April 30, 2019			Year Ended October 31,
				2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$7.02			$8.02			$6.54			$6.70			$7.42			$7.43
Income (loss) from investment operations:
Net investment income (loss)		0.07			0.19			0.11			0.13			0.13			0.16
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.42			(1.02	)		1.52			(0.16	)		(0.66	)		(0.01	)
Total from investment operations		0.49			(0.83	)		1.63			(0.03	)		(0.53	)		0.15
Less Dividends and Distributions:
Dividends from net investment income		(0.20	)		(0.17	)		(0.15	)		(0.13	)		(0.19	)		(0.16	)
Distributions from net realized gains		(0.03	)		-			-			-			-			-
Total dividends and distributions		(0.23	)		(0.17	)		(0.15	)		(0.13	)		(0.19	)		(0.16	)
Net asset value, end of period		$7.28			$7.02			$8.02			$6.54			$6.70			$7.42
Total Return(b):		7.35%			(10.59)%			25.46%			(0.44)%			(7.15)%			2.12%
Ratios/Supplemental Data:
Net assets, end of period (000)		$13,823			$13,901			$17,344			$49,675			$54,726			$48,064
Average net assets (000)		$13,538			$17,055			$21,567			$50,923			$55,405			$53,881
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.07%	(e)		1.00%			1.31%			1.36%			1.32%			1.29%
Expenses before waivers and/or expense reimbursement		1.21%	(e)		1.13%			1.32%			1.36%			1.32%			1.29%
Net investment income (loss)		2.16%	(e)		2.44%			1.57%			1.99%			1.69%			2.07%
Portfolio turnover rate(f)		41%			114%			105%			114%			111%			134%

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM QMA International Equity Fund 47

Financial Highlights (unaudited)(continued)

Class R6 Shares
	Six Months Ended April 30, 2019			Year Ended October 31, 2018			December 28, 2016(a) through October 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$7.03			$8.04			$6.32
Income (loss) from investment operations:
Net investment income (loss)		0.09			0.21			0.15
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.40			(1.03	)		1.57
Total from investment operations		0.49			(0.82	)		1.72
Less Dividends and Distributions:
Dividends from net investment income		(0.21	)		(0.19	)		-
Distributions from net realized gains		(0.03	)		-			-
Total dividends and distributions		(0.24	)		(0.19	)		-
Net asset value, end of period		$7.28			$7.03			$8.04
Total Return(c):		7.48%			(10.43)%			27.22%
Ratios/Supplemental Data:
Net assets, end of period (000)		$37,329			$36,552			$39,379
Average net assets (000)		$36,071			$38,947			$37,891
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.78%	(f)		0.78%			0.95%	(f)
Expenses before waivers and/or expense reimbursement		0.96%	(f)		0.95%			0.99%	(f)
Net investment income (loss)		2.53%	(f)		2.61%			2.45%	(f)
Portfolio turnover rate(g)		41%			114%			105%

(a) Commencement of offering.

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

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

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

(e) Does not include expenses of the underlying portfolios in which the Series invests.

(f) Annualized.

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

See Notes to Financial Statements.

48

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

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. 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 • Michael S. Hyland • Stuart S. Parker • Brian K. Reid • Grace C. Torres

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Chad A. Earnst, Chief Compliance Officer • Dino Capasso, Deputy Chief Compliance Officer • Andrew R. French, Secretary • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Peter Parrella, Assistant Treasurer • Lana Lomuti, Assistant Treasurer • Linda McMullin, Assistant Treasurer • Kelly A. Coyne, Assistant Treasurer • Charles H. Smith, Anti-Money Laundering Compliance Officer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	QMA LLC	Gateway Center Two 100 Mulberry Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
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 pgiminvestments.com 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 pgiminvestments.com/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 QMA 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 the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

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

Mutual Funds:

ARE NOT INSURED BY THE FDIC OR ANY
FEDERAL GOVERNMENT AGENCY MAY LOSE VALUE ARE NOT A DEPOSIT OF OR GUARANTEED
BY ANY BANK OR ANY BANK AFFILIATE

PGIM QMA INTERNATIONAL EQUITY FUND

SHARE CLASS	A	B	C	Z	R6
NASDAQ	PJRAX	PJRBX	PJRCX	PJIZX	PJRQX
CUSIP	743969859	743969867	743969875	743969883	743969578

MF190E2    

PGIM EMERGING MARKETS DEBT

LOCAL CURRENCY FUND

SEMIANNUAL REPORT

APRIL 30, 2019

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (pgiminvestments.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-225-1852 or by sending an email request to PGIM Investments at shareholderreports@pgim.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary or follow instructions included with this notice to elect to continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-225-1852 or send an email request to shareholderreports@pgim.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

To enroll in e-delivery, go to pgiminvestments.com/edelivery

Objective: Total return, through a combination of current income and
capital appreciation

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

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

The accompanying financial statements as of April 30, 2019 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. ^© 2019 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 pgiminvestments.com

Table of Contents

Letter from the President	5
Your Fund’s Performance	6
Fees and Expenses	9
Holdings and Financial Statements	11

PGIM Emerging Markets Debt Local Currency Fund 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for PGIM Emerging Markets Debt Local Currency Fund informative and useful. The report covers performance for the six-month period ended April 30, 2019.

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 consider it a great privilege and responsibility to help investors participate in opportunities across global markets while meeting their toughest investment challenges. PGIM is a top-10 global investment manager with more than $1 trillion in assets under management. This investment expertise allows us to deliver actively managed funds and strategies to meet the needs of investors around the globe.

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Emerging Markets Debt Local Currency Fund

June 14, 2019

PGIM Emerging Markets Debt Local Currency Fund 5

Your Fund’s Performance (unaudited)

Performance data quoted represents 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 pgiminvestments.com or by calling (800) 225-1852.

	Total Returns as of 4/30/19 (without sales charges)	Average Annual Total Returns as of 4/30/19  (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Since Inception (%)
Class A	7.35	–10.39	–2.24	–1.38 (3/30/11)
Class C	6.90	–7.87	–2.11	–1.46 (3/30/11)
Class Z	7.60	–5.88	–1.11	–0.52 (3/30/11)
Class R6	7.51	–6.02	–1.03	–0.46 (3/30/11)
JP Morgan Government Bond Index-Emerging Markets Global Diversified Index
	7.00	–4.93	–0.97	–0.08
Lipper Emerging Markets Local Currency Debt Funds Average
	6.55	–4.81	–1.00	–0.41

Source: PGIM Investments LLC, Lipper, Inc. and JP Morgan

*Not annualized

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

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	4.50% of the public offering price	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or 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)	0.25%	1.00%	None	None

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Benchmark Definitions

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.

Lipper Emerging Markets Local Currency Debt Funds Average—The Lipper Emerging Markets Local Currency Debt Funds Average (Lipper Average) is based on the average return of all funds in the Lipper Emerging Markets Local Currency Debt Funds universe for the periods noted. Funds in the Lipper Average seek either current income or total return by investing at least 65% of total assets in debt issues denominated in the currency of their market of issuance. “Emerging markets” are defined by a country’s GNP per capita or other economic measures.

Investors cannot invest directly in an index or average. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes. Returns for the Lipper Average reflect the deduction of operating expenses of a mutual fund, but not sales charges or taxes.

Distributions and Yields as of 4/30/19
	Total Distributions Paid for Six Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.16	5.21	4.20
Class C	0.14	4.70	1.15
Class Z	0.17	5.72	5.30
Class R6	0.17	5.60	–92.53

*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

Your Fund’s Performance (continued)

Credit Quality expressed as a percentage of total investments as of 4/30/19 (%)
AAA	1.8
AA	5.9
A	29.4
BBB	36.2
BB	14.6
B	5.9
Not Rated	1.0
Cash/Cash Equivalents	5.1
Total Investments	100.0

Source: PGIM Fixed Income

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global Ratings (S&P), or Fitch, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable S&P/Fitch rating tier nomenclature. These rating agencies are independent and are widely used. The Not Rated category consists of securities that have not been rated by a NRSRO. Credit ratings are subject to change. Values may not sum to 100.0% due to rounding.

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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 April 30, 2019. 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

PGIM Emerging Markets Debt Local Currency Fund 9

Fees and Expenses (continued)

and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information provided in the expense table. Additional fees have the effect of reducing investment returns.

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

PGIM  Emerging Markets Debt Local Currency Fund		Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,073.50		1.13	%	$	5.81
	Hypothetical	$	1,000.00	$	1,019.19		1.13	%	$	5.66
Class C	Actual	$	1,000.00	$	1,069.00		1.88	%	$	9.64
	Hypothetical	$	1,000.00	$	1,015.47		1.88	%	$	9.39
Class Z	Actual	$	1,000.00	$	1,076.00		0.88	%	$	4.53
	Hypothetical	$	1,000.00	$	1,020.43		0.88	%	$	4.41
Class R6	Actual	$	1,000.00	$	1,075.10		0.88	%	$	4.53
	Hypothetical	$	1,000.00	$	1,020.43		0.88	%	$	4.41

* Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended April 30, 2019, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

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Schedule of Investments (unaudited)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    92.4%
SOVEREIGN BONDS    84.6%
Angola    0.3%
Angolan Government International Bond, Sr. Unsec’d. Notes		9.500	%		11/12/25		200	$	224,198
Argentina    0.6%
Argentine Republic Government International Bond, Sr. Unsec’d. Notes		5.625			01/26/22		180		140,132
Provincia de Buenos Aires,
Sr. Unsec’d. Notes(a)		9.125			03/16/24		200		150,750
Sr. Unsec’d. Notes		9.950			06/09/21		140		119,000
									409,882
Bahrain    0.3%
Bahrain Government International Bond, Sr. Unsec’d. Notes		6.125			07/05/22		200		206,657
Brazil    10.6%
Brazil Minas SPE via State of Minas Gerais, Gov’t. Gtd. Notes		5.333			02/15/28		392		404,224
Brazil Notas do Tesouro Nacional,
Notes, Series NTNF		10.000			01/01/21	BRL	3,000		796,573
Notes, Series NTNF		10.000			01/01/23	BRL	12,011		3,228,780
Notes, Series NTNF		10.000			01/01/25	BRL	6,336		1,709,943
Notes, Series NTNF		10.000			01/01/27	BRL	3,365		907,798
Brazilian Government International Bond, Sr. Unsec’d. Notes		8.500			01/05/24	BRL	54		14,108
									7,061,426
Chile    3.0%
Bonos De La Tesoreria De La Republica En Pesos,
Bonds		4.500			03/01/26	CLP	620,000		946,056
Bonds		5.000			03/01/35	CLP	65,000		104,323
Bonds, Series 30YR		6.000			01/01/43	CLP	330,000		608,908
Unsec’d. Notes, 144A		4.000			03/01/23	CLP	250,000		374,186
									2,033,473

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Colombia    4.4%
Colombian TES,
Bonds, Series B		6.000	%		04/28/28	COP	6,211,000	$	1,847,177
Bonds, Series B		6.250			11/26/25	COP	500,000		154,733
Bonds, Series B		7.000			06/30/32	COP	800,000		247,373
Bonds, Series B		7.500			08/26/26	COP	500,000		164,749
Bonds, Series B		10.000			07/24/24	COP	1,500,000		546,982
									2,961,014
Czech Republic    2.8%
Czech Republic Government Bond,
Bonds, Series 049		4.200			12/04/36	CZK	700		37,676
Bonds, Series 089		2.400			09/17/25	CZK	10,840		490,803
Bonds, Series 095		1.000			06/26/26	CZK	8,540		352,284
Bonds, Series 097		0.450			10/25/23	CZK	16,680		689,341
Bonds, Series 105		2.750			07/23/29	CZK	5,200		243,676
Bonds, Series 15YR		2.000			10/13/33	CZK	1,100		46,012
									1,859,792
Ecuador    0.4%
Ecuador Government International Bond, Sr. Unsec’d. Notes		10.750			03/28/22		260		290,875
Egypt    0.3%
Egypt Government International Bond, Sr. Unsec’d. Notes, 144A, MTN		4.750			04/11/25	EUR	175		195,482
El Salvador    0.2%
El Salvador Government International Bond, Sr. Unsec’d. Notes		7.750			01/24/23		125		131,563
Gabon    0.3%
Gabon Government International Bond, Bonds		6.375			12/12/24		200		192,516
Ghana    0.3%
Ghana Government International Bond, Sr. Unsec’d. Notes		7.875			08/07/23		200		210,000

See Notes to Financial Statements.

12

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Greece    0.3%
Hellenic Republic Government Bond, Bonds		3.500	%		01/30/23	EUR	165	$	195,414
Hungary    3.4%
Hungary Government Bond,
Bonds, Series 22/A		7.000			06/24/22	HUF	154,840		630,086
Bonds, Series 25/B		5.500			06/24/25	HUF	276,280		1,127,399
Bonds, Series 27/A		3.000			10/27/27	HUF	81,000		284,070
Bonds, Series 31/A		3.250			10/22/31	HUF	66,600		226,465
									2,268,020
Indonesia    8.7%
Indonesia Treasury Bond,
Sr. Unsec’d. Notes, Series 056		8.375			09/15/26	IDR	14,591,000		1,070,506
Sr. Unsec’d. Notes, Series 059		7.000			05/15/27	IDR	7,765,000		519,586
Sr. Unsec’d. Notes, Series 063		5.625			05/15/23	IDR	2,250,000		149,334
Sr. Unsec’d. Notes, Series 065		6.625			05/15/33	IDR	8,200,000		496,423
Sr. Unsec’d. Notes, Series 068		8.375			03/15/34	IDR	17,600,000		1,247,439
Sr. Unsec’d. Notes, Series 070		8.375			03/15/24	IDR	7,910,000		578,699
Sr. Unsec’d. Notes, Series 071		9.000			03/15/29	IDR	7,310,000		551,226
Sr. Unsec’d. Notes, Series 072		8.250			05/15/36	IDR	10,260,000		718,278
Sr. Unsec’d. Notes, Series 073		8.750			05/15/31	IDR	6,505,000		479,549
									5,811,040
Iraq    0.4%
Iraq International Bond, Sr. Unsec’d. Notes		6.752			03/09/23		280		284,273
Ivory Coast    0.3%
Ivory Coast Government International Bond, Sr. Unsec’d. Notes		5.125			06/15/25	EUR	165		189,161
Kenya    0.3%
Kenya Government International Bond, Sr. Unsec’d. Notes		6.875			06/24/24		200		204,000
Malaysia    6.1%
Malaysia Government Bond, Sr. Unsec’d. Notes, Series 0111		4.160			07/15/21	MYR	130		31,932

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 13

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Malaysia (cont’d.)
Malaysia Government Bond, (cont’d.)
Sr. Unsec’d. Notes, Series 0116		3.800	%		08/17/23	MYR	2,000	$	486,175
Sr. Unsec’d. Notes, Series 0118		3.882			03/14/25	MYR	1,977		480,466
Sr. Unsec’d. Notes, Series 0217		4.059			09/30/24	MYR	335		82,218
Sr. Unsec’d. Notes, Series 0311		4.392			04/15/26	MYR	285		70,909
Sr. Unsec’d. Notes, Series 0313		3.480			03/15/23	MYR	1,100		264,531
Sr. Unsec’d. Notes, Series 0314		4.048			09/30/21	MYR	1,375		337,311
Sr. Unsec’d. Notes, Series 0315		3.659			10/15/20	MYR	520		126,244
Sr. Unsec’d. Notes, Series 0316		3.900			11/30/26	MYR	3,070		743,981
Sr. Unsec’d. Notes, Series 0411		4.232			06/30/31	MYR	1,770		433,044
Sr. Unsec’d. Notes, Series 0413		3.844			04/15/33	MYR	140		32,641
Sr. Unsec’d. Notes, Series 0417		3.899			11/16/27	MYR	1,370		332,047
Sr. Unsec’d. Notes, Series 0517		3.441			02/15/21	MYR	2,250		544,542
Malaysia Government Investment Issue, Sr. Unsec’d. Notes, Series 0416		3.226			04/15/20	MYR	477		115,172
									4,081,213
Mexico    7.2%
Mexican Bonos,
Bonds, Series M		8.000			11/07/47	MXN	13,150		655,553
Bonds, Series M20		7.500			06/03/27	MXN	44,195		2,247,965
Bonds, Series M30		10.000			11/20/36	MXN	19,900		1,202,266
Sr. Unsec’d. Notes, Series M		8.000			12/07/23	MXN	9,097		480,639
Sr. Unsec’d. Notes, Series M30		8.500			11/18/38	MXN	3,700		195,965
									4,782,388
Nigeria    0.3%
Nigeria Government International Bond, Sr. Unsec’d. Notes, 144A		6.375			07/12/23		200		206,040
Pakistan    0.6%
Third Pakistan International Sukuk Co. Ltd. (The), Sr. Unsec’d. Notes, 144A		5.625			12/05/22		400		403,580
Peru    4.0%
Peru Government Bond,
Bonds		6.950			08/12/31	PEN	190		64,819
Sr. Unsec’d. Notes, 144A		6.150			08/12/32	PEN	285		90,749
Peruvian Government International Bond, Sr. Unsec’d. Notes		5.200			09/12/23	PEN	1,044		330,715

See Notes to Financial Statements.

14

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Peru (cont’d.)
Peruvian Government International Bond, (cont’d.)
Sr. Unsec’d. Notes		6.900	%		08/12/37	PEN	1,010	$	340,757
Sr. Unsec’d. Notes		6.950			08/12/31	PEN	3,600		1,228,141
Sr. Unsec’d. Notes		8.200			08/12/26	PEN	1,620		589,732
									2,644,913
Philippines    0.7%
Philippine Government Bond,
Sr. Unsec’d. Notes, Series 1060		3.625			09/09/25	PHP	5,600		94,787
Sr. Unsec’d. Notes, Series 2023		6.750			01/24/39	PHP	18,000		373,842
									468,629
Poland    4.7%
Republic of Poland Government Bond,
Bonds, Series 0428		2.750			04/25/28	PLN	600		154,748
Bonds, Series 0725		3.250			07/25/25	PLN	4,640		1,260,338
Bonds, Series 0726		2.500			07/25/26	PLN	6,610		1,711,444
									3,126,530
Romania    1.9%
Romania Government Bond,
Bonds, Series 05YR		4.250			06/28/23	RON	2,970		699,473
Bonds, Series 07YR		3.250			04/29/24	RON	750		168,154
Bonds, Series 10YR		5.850			04/26/23	RON	960		239,713
Bonds, Series 15YR		5.800			07/26/27	RON	700		175,508
									1,282,848
Russia    4.8%
Russian Federal Bond - OFZ,
Bonds, Series 6218		8.500			09/17/31	RUB	48,250		769,508
Bonds, Series 6219		7.750			09/16/26	RUB	41,600		638,571
Bonds, Series 6221		7.700			03/23/33	RUB	26,900		400,407
Bonds, Series 6222		7.100			10/16/24	RUB	20,500		307,841
Bonds, Series 6223		6.500			02/28/24	RUB	27,500		404,409
Bonds, Series 6224		6.900			05/23/29	RUB	23,100		330,939
Bonds, Series 6226		7.950			10/07/26	RUB	16,700		258,082
Bonds, Series 6227		7.400			07/17/24	RUB	8,700		132,040
									3,241,797

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 15

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Singapore    1.0%
Singapore Government Bond, Sr. Unsec’d. Notes		2.750	%		07/01/23	SGD	853	$	646,602
South Africa    8.3%
Republic of South Africa Government Bond,
Sr. Unsec’d. Notes, Series 2023		7.750			02/28/23	ZAR	1,500		104,995
Sr. Unsec’d. Notes, Series 2032		8.250			03/31/32	ZAR	19,140		1,226,843
Sr. Unsec’d. Notes, Series 2037		8.500			01/31/37	ZAR	5,250		330,234
Sr. Unsec’d. Notes, Series 2040		9.000			01/31/40	ZAR	15,850		1,030,907
Sr. Unsec’d. Notes, Series 2044		8.750			01/31/44	ZAR	6,715		423,401
Sr. Unsec’d. Notes, Series 2048		8.750			02/28/48	ZAR	11,045		698,912
Sr. Unsec’d. Notes, Series R186		10.500			12/21/26	ZAR	21,608		1,670,016
Sr. Unsec’d. Notes, Series R213		7.000			02/28/31	ZAR	1,000		58,700
									5,544,008
Sri Lanka    0.3%
Sri Lanka Government International Bond, Sr. Unsec’d. Notes		6.250			07/27/21		200		201,168
Thailand    5.4%
Thailand Government Bond,
Sr. Unsec’d. Notes		2.125			12/17/26	THB	19,520		600,839
Sr. Unsec’d. Notes		2.875			12/17/28	THB	10,000		324,049
Sr. Unsec’d. Notes		2.875			06/17/46	THB	3,150		92,363
Sr. Unsec’d. Notes		3.400			06/17/36	THB	44,850		1,484,553
Sr. Unsec’d. Notes		3.625			06/16/23	THB	8,530		283,700
Sr. Unsec’d. Notes		3.775			06/25/32	THB	8,200		282,615
Sr. Unsec’d. Notes		4.875			06/22/29	THB	15,170		570,444
									3,638,563
Turkey    1.7%
Export Credit Bank of Turkey, Sr. Unsec’d. Notes		8.250			01/24/24		220		218,974
Turkey Government Bond,
Bonds		8.800			09/27/23	TRY	2,550		274,150
Bonds		10.400			03/20/24	TRY	640		72,507
Bonds		10.600			02/11/26	TRY	945		107,377
Bonds		11.000			02/24/27	TRY	4,000		445,860
									1,118,868

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Ukraine    0.5%
Ukraine Government International Bond, Sr. Unsec’d. Notes		7.750	%		09/01/22		325	$	318,956
Uruguay    0.2%
Uruguay Government International Bond,
Sr. Unsec’d. Notes		9.875			06/20/22	UYU	3,260		93,148
Sr. Unsec’d. Notes, 144A		8.500			03/15/28	UYU	1,870		45,921
									139,069
TOTAL SOVEREIGN BONDS (cost $58,752,048)									56,573,958
CORPORATE BONDS    7.8%
Brazil    0.5%
Petrobras Global Finance BV, Gtd. Notes		6.250			03/17/24		285		306,503
Indonesia    0.3%
Saka Energi Indonesia PT, Sr. Unsec’d. Notes		4.450			05/05/24		225		222,122
Jamaica    0.3%
Digicel Ltd., Gtd. Notes		6.750			03/01/23		235		166,427
Mexico    1.8%
America Movil SAB de CV, Sr. Unsec’d. Notes		6.450			12/05/22	MXN	14,250		689,087
Petroleos Mexicanos,
Gtd. Notes, 144A		7.650			11/24/21	MXN	4,120		204,580
Gtd. Notes, MTN		6.875			08/04/26		315		327,883
									1,221,550
Oman    0.3%
Lamar Funding Ltd., Sr. Unsec’d. Notes		3.958			05/07/25		200		175,263

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 17

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Russia    3.2%
Gazprom Capital OOO,
Gtd. Notes, Series BO03		7.150	%(cc)		02/15/28	RUB	90,000	$	1,302,890
Gtd. Notes, Series BO05		8.900	(cc)		02/03/27	RUB	42,000		657,969
Vnesheconombank Via VEB Finance PLC, Sr. Unsec’d. Notes		5.942			11/21/23		200		209,474
									2,170,333
South Africa    0.3%
Eskom Holdings SOC Ltd., Sr. Unsec’d. Notes		5.750			01/26/21		235		232,885
Supranational Bank    0.8%
European Bank for Reconstruction & Development, Sr. Unsec’d. Notes, GMTN		6.450			12/13/22	IDR	7,500,000		505,263
Tunisia    0.3%
Banque Centrale de Tunisie International Bond, Sr. Unsec’d. Notes		5.625			02/17/24	EUR	180		196,051
TOTAL CORPORATE BONDS (cost $5,530,002)									5,196,397
TOTAL LONG-TERM INVESTMENTS (cost $64,282,050)									61,770,355
						Shares
SHORT-TERM INVESTMENTS    6.3%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(w)							4,057,479		4,057,479

See Notes to Financial Statements.

18

Description	Shares		Value
AFFILIATED MUTUAL FUNDS (Continued)
PGIM Institutional Money Market Fund (cost $158,472; includes $158,461 of cash collateral for securities on loan)(b)(w)		158,424	$	158,472
TOTAL SHORT-TERM INVESTMENTS (cost $4,215,951)				4,215,951
TOTAL INVESTMENTS    98.7% (cost $68,498,001)				65,986,306
Other assets in excess of liabilities(z)    1.3%				858,389
NET ASSETS    100.0%			$	66,844,695

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

ARS—Argentine Peso

AUD—Australian Dollar

BRL—Brazilian Real

CHF—Swiss Franc

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

EGP—Egyptian Pound

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

NZD—New Zealand Dollar

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

PLN—Polish Zloty

RON—Romanian Leu

RUB—Russian Ruble

SGD—Singapore Dollar

THB—Thai Baht

TRY—Turkish Lira

TWD—New Taiwanese Dollar

UAH—Ukraine Hryvna

USD—US Dollar

UYU—Uruguayan Peso

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 19

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

ZAR—South African Rand

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

A—Annual payment frequency for swaps

BROIS—Brazil Overnight Index Swap

COOIS—Colombia Overnight Interbank Reference Rate

GMTN—Global Medium Term Note

LIBOR—London Interbank Offered Rate

M—Monthly payment frequency for swaps

MTN—Medium Term Note

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

OTC—Over-the-counter

Q—Quarterly payment frequency for swaps

S—Semiannual payment frequency for swaps

T—Swap payment upon termination

WIBOR—Warsaw Interbank Offered Rate

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

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $146,387; cash collateral of $158,461 (included in liabilities) was received with which the Series purchased highly liquid short-term investments.

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

(cc) Variable rate instrument. The rate shown is based on the latest available information as of April 30, 2019. 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.

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

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

Forward foreign currency exchange contracts outstanding at April 30, 2019:

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Argentine Peso,
Expiring 05/03/19	BNP Paribas S.A.	ARS	17,937	$	404,903	$	402,781	$	—	$	(2,122	)
Expiring 05/30/19	BNP Paribas S.A.	ARS	3,402		72,768		73,484		716		—
Expiring 06/25/19	Citibank, N.A.	ARS	6,503		142,918		134,764		—		(8,154	)
Expiring 06/25/19	Citibank, N.A.	ARS	4,630		98,773		95,962		—		(2,811	)
Expiring 06/25/19	Citibank, N.A.	ARS	3,162		68,189		65,528		—		(2,661	)
Expiring 11/29/19	Citibank, N.A.	ARS	11,168		212,731		183,236		—		(29,495	)
Expiring 11/29/19	Citibank, N.A.	ARS	3,740		71,574		61,357		—		(10,217	)
Australian Dollar,
Expiring 07/22/19	Citibank, N.A.	AUD	464		333,342		327,634		—		(5,708	)
Expiring 07/22/19	Morgan Stanley & Co. International PLC	AUD	916		656,135		647,222		—		(8,913	)
Brazilian Real,
Expiring 06/04/19	Citibank, N.A.	BRL	654		165,457		166,312		855		—
Expiring 06/04/19	Citibank, N.A.	BRL	206		52,670		52,367		—		(303	)

See Notes to Financial Statements.

20

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Brazilian Real (cont’d.),
Expiring 06/04/19	JPMorgan Chase Bank, N.A.	BRL	2,080	$	535,873	$	528,945	$	—	$	(6,928	)
Expiring 06/04/19	Morgan Stanley & Co. International PLC	BRL	418		107,050		106,265		—		(785	)
British Pound,
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	GBP	92		121,349		120,964		—		(385	)
Chilean Peso,
Expiring 06/19/19	BNP Paribas S.A.	CLP	87,670		131,650		129,400		—		(2,250	)
Expiring 06/19/19	Citibank, N.A.	CLP	83,757		127,000		123,623		—		(3,377	)
Expiring 06/19/19	Citibank, N.A.	CLP	70,948		106,051		104,718		—		(1,333	)
Chinese Renminbi,
Expiring 07/25/19	Citibank, N.A.	CNH	1,461		217,795		216,858		—		(937	)
Expiring 07/25/19	JPMorgan Chase Bank, N.A.	CNH	1,337		200,088		198,520		—		(1,568	)
Colombian Peso,
Expiring 05/20/19	Bank of America, N.A.	COP	105,957		34,015		32,735		—		(1,280	)
Expiring 05/20/19	Citibank, N.A.	COP	2,078,771		661,250		642,232		—		(19,018	)
Expiring 05/20/19	JPMorgan Chase Bank, N.A.	COP	441,894		141,000		136,522		—		(4,478	)
Expiring 05/20/19	Morgan Stanley & Co. International PLC	COP	117,020		36,910		36,153		—		(757	)
Expiring 05/20/19	UBS AG	COP	140,499		44,118		43,407		—		(711	)
Czech Koruna,
Expiring 07/19/19	Citibank, N.A.	CZK	27,539		1,214,865		1,207,614		—		(7,251	)
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	CZK	1,122		49,539		49,203		—		(336	)
Egyptian Pound,
Expiring 07/15/19	Citibank, N.A.	EGP	4,091		217,790		233,241		15,451		—
Expiring 07/15/19	Citibank, N.A.	EGP	1,857		98,858		105,838		6,980		—
Expiring 07/29/19	Citibank, N.A.	EGP	1,218		65,844		69,196		3,352		—
Expiring 07/29/19	Citibank, N.A.	EGP	1,003		53,416		56,969		3,553		—
Expiring 09/18/19	Citibank, N.A.	EGP	2,160		118,168		121,062		2,894		—
Expiring 10/08/19	Citibank, N.A.	EGP	1,554		85,600		86,633		1,033		—
Indian Rupee,
Expiring 06/19/19	Barclays Bank PLC	INR	40,591		572,701		579,923		7,222		—
Expiring 06/19/19	Barclays Bank PLC	INR	7,549		108,000		107,847		—		(153	)
Expiring 06/19/19	Citibank, N.A.	INR	13,362		191,000		190,906		—		(94	)
Expiring 06/19/19	HSBC Bank USA, N.A.	INR	12,757		183,000		182,254		—		(746	)
Expiring 06/19/19	HSBC Bank USA, N.A.	INR	8,710		124,000		124,440		440		—

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 21

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Indian Rupee (cont’d.),
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	INR	22,973	$	329,157	$	328,206	$	—	$	(951	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	INR	11,558		165,061		165,122		61		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	INR	10,548		151,999		150,698		—		(1,301	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	INR	9,540		136,200		136,299		99		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	INR	7,840		112,000		112,011		11		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	INR	7,708		110,000		110,119		119		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	INR	6,872		98,000		98,184		184		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	INR	49,612		700,121		708,795		8,674		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	INR	16,665		239,000		238,097		—		(903	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	INR	9,635		139,000		137,655		—		(1,345	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	INR	9,008		129,000		128,697		—		(303	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	INR	8,476		121,000		121,096		96		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	INR	7,652		110,000		109,325		—		(675	)
Indonesian Rupiah,
Expiring 06/19/19	Barclays Bank PLC	IDR	2,518,650		174,000		175,609		1,609		—
Expiring 06/19/19	Barclays Bank PLC	IDR	2,515,100		175,000		175,362		362		—
Expiring 06/19/19	Barclays Bank PLC	IDR	2,263,034		158,000		157,787		—		(213	)
Expiring 06/19/19	Barclays Bank PLC	IDR	1,657,305		117,000		115,553		—		(1,447	)
Expiring 06/19/19	Barclays Bank PLC	IDR	1,637,323		116,000		114,160		—		(1,840	)
Expiring 06/19/19	Barclays Bank PLC	IDR	1,514,625		105,000		105,605		605		—
Expiring 06/19/19	Citibank, N.A.	IDR	2,256,620		157,674		157,340		—		(334	)
Expiring 06/19/19	Citibank, N.A.	IDR	1,691,352		117,000		117,927		927		—
Expiring 06/19/19	HSBC Bank USA, N.A.	IDR	1,493,960		104,000		104,164		164		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	IDR	3,432,000		240,000		239,291		—		(709	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	IDR	2,332,856		163,000		162,655		—		(345	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	IDR	2,200,000		153,503		153,392		—		(111	)

See Notes to Financial Statements.

22

Forward foreign currency exchange contracts outstanding at April 30, 2019 (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 06/19/19	JPMorgan Chase Bank, N.A.	IDR	2,009,903	$	140,278	$	140,138	$	—	$	(140	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	IDR	1,529,244		107,000		106,624		—		(376	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	IDR	1,498,928		105,000		104,511		—		(489	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	IDR	4,077,889		283,000		284,325		1,325		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	IDR	2,859,125		201,000		199,348		—		(1,652	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	IDR	2,763,259		194,322		192,664		—		(1,658	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	IDR	2,373,200		164,697		165,468		771		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	IDR	1,671,159		117,511		116,519		—		(992	)
Expiring 06/19/19	UBS AG	IDR	3,151,500		220,000		219,734		—		(266	)
Japanese Yen,
Expiring 07/19/19	Bank of America, N.A.	JPY	47,233		424,769		426,761		1,992		—
Expiring 07/19/19	Morgan Stanley & Co. International PLC	JPY	18,147		163,245		163,965		720		—
Malaysian Ringgit,
Expiring 06/14/19	Barclays Bank PLC	MYR	367		90,000		88,759		—		(1,241	)
Expiring 06/14/19	Barclays Bank PLC	MYR	243		58,515		58,783		268		—
Expiring 06/14/19	UBS AG	MYR	250		60,403		60,504		101		—
Mexican Peso,
Expiring 06/19/19	Barclays Bank PLC	MXN	3,132		160,000		163,878		3,878		—
Expiring 06/19/19	BNP Paribas S.A.	MXN	2,908		152,000		152,155		155		—
Expiring 06/19/19	Citibank, N.A.	MXN	6,352		329,158		332,379		3,221		—
Expiring 06/19/19	Citibank, N.A.	MXN	3,649		191,000		190,914		—		(86	)
Expiring 06/19/19	Citibank, N.A.	MXN	3,156		165,061		165,120		59		—
Expiring 06/19/19	Citibank, N.A.	MXN	2,190		115,000		114,584		—		(416	)
Expiring 06/19/19	Citibank, N.A.	MXN	1,920		101,000		100,478		—		(522	)
Expiring 06/19/19	Citibank, N.A.	MXN	662		33,962		34,652		690		—
Expiring 06/19/19	Deutsche Bank AG	MXN	32,252		1,645,012		1,687,549		42,537		—
Expiring 06/19/19	HSBC Bank USA, N.A.	MXN	8,852		463,381		463,154		—		(227	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	MXN	3,196		164,118		167,244		3,126		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	MXN	2,563		134,000		134,085		85		—

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 23

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Mexican Peso (cont’d.),
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	MXN	2,122	$	108,840	$	111,041	$	2,201	$	—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	MXN	2,062		107,783		107,897		114		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	MXN	1,107		56,946		57,908		962		—
New Taiwanese Dollar,
Expiring 06/19/19	Barclays Bank PLC	TWD	3,167		103,000		102,816		—		(184	)
Expiring 06/19/19	HSBC Bank USA, N.A.	TWD	23,520		763,757		763,632		—		(125	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	TWD	23,520		763,732		763,632		—		(100	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	TWD	6,415		209,000		208,295		—		(705	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	TWD	2,655		86,000		86,209		209		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	TWD	40,109		1,304,754		1,302,253		—		(2,501	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	TWD	8,681		282,000		281,853		—		(147	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	TWD	5,497		179,000		178,477		—		(523	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	TWD	3,104		101,000		100,787		—		(213	)
New Zealand Dollar,
Expiring 07/22/19	Citibank, N.A.	NZD	227		153,500		151,661		—		(1,839	)
Peruvian Nuevo Sol,
Expiring 06/19/19	BNP Paribas S.A.	PEN	1,012		305,000		305,445		445		—
Expiring 06/19/19	BNP Paribas S.A.	PEN	728		220,000		219,654		—		(346	)
Expiring 06/19/19	BNP Paribas S.A.	PEN	590		178,000		177,897		—		(103	)
Expiring 06/19/19	BNP Paribas S.A.	PEN	558		169,000		168,494		—		(506	)
Expiring 06/19/19	BNP Paribas S.A.	PEN	410		124,000		123,779		—		(221	)
Expiring 06/19/19	BNP Paribas S.A.	PEN	393		118,000		118,484		484		—
Expiring 06/19/19	BNP Paribas S.A.	PEN	306		92,000		92,358		358		—
Expiring 06/19/19	Citibank, N.A.	PEN	430		130,000		129,631		—		(369	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PEN	646		194,000		194,819		819		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PEN	589		178,000		177,602		—		(398	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PEN	331		100,000		100,009		9		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PEN	143		42,908		43,089		181		—

See Notes to Financial Statements.

24

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Philippine Peso,
Expiring 06/19/19	Barclays Bank PLC	PHP	20,222	$	385,186	$	386,439	$	1,253	$	—
Expiring 06/19/19	Barclays Bank PLC	PHP	17,598		331,000		336,287		5,287		—
Expiring 06/19/19	Barclays Bank PLC	PHP	13,308		255,000		254,309		—		(691	)
Expiring 06/19/19	Barclays Bank PLC	PHP	2,028		39,016		38,755		—		(261	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	16,327		307,000		311,999		4,999		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	15,072		286,999		288,026		1,027		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	12,999		248,000		248,399		399		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	12,681		239,000		242,321		3,321		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	10,050		193,000		192,060		—		(940	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	9,976		191,984		190,646		—		(1,338	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	9,063		173,000		173,182		182		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	8,647		162,000		165,236		3,236		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	7,291		139,000		139,319		319		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	2,758		51,621		52,696		1,075		—
Polish Zloty,
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	PLN	7,088		1,879,747		1,859,160		—		(20,587	)
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	PLN	517		137,000		135,527		—		(1,473	)
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	PLN	260		69,026		68,285		—		(741	)
Romanian Leu,
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	RON	134		31,718		31,534		—		(184	)
Expiring 07/19/19	UBS AG	RON	1,310		310,166		308,049		—		(2,117	)
Russian Ruble,
Expiring 06/19/19	Barclays Bank PLC	RUB	6,478		100,000		99,464		—		(536	)
Expiring 06/19/19	Citibank, N.A.	RUB	6,862		106,000		105,356		—		(644	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	RUB	149,359		2,249,454		2,293,308		43,854		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	RUB	6,323		98,000		97,089		—		(911	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 25

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Forward foreign currency exchange contracts outstanding at April 30, 2019 (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.):
Russian Ruble (cont’d.),
Expiring 06/19/19	Morgan Stanley & Co. International PLC	RUB	4,222	$	65,121	$	64,819	$	—	$	(302	)
Singapore Dollar,
Expiring 05/10/19	Barclays Bank PLC	SGD	259		192,000		190,266		—		(1,734	)
Expiring 05/10/19	Barclays Bank PLC	SGD	200		147,000		146,956		—		(44	)
Expiring 05/10/19	Barclays Bank PLC	SGD	116		86,000		85,277		—		(723	)
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	SGD	303		224,000		222,712		—		(1,288	)
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	SGD	232		171,000		170,510		—		(490	)
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	SGD	212		157,000		156,018		—		(982	)
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	SGD	179		133,000		131,818		—		(1,182	)
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	SGD	155		114,000		113,774		—		(226	)
Expiring 05/10/19	Morgan Stanley & Co. International PLC	SGD	147		109,000		108,127		—		(873	)
Expiring 05/10/19	UBS AG	SGD	206		152,000		151,317		—		(683	)
South African Rand,
Expiring 06/13/19	BNP Paribas S.A.	ZAR	327		22,310		22,716		406		—
Expiring 06/13/19	Citibank, N.A.	ZAR	2,657		183,100		184,789		1,689		—
Expiring 06/13/19	Citibank, N.A.	ZAR	2,156		148,234		149,933		1,699		—
Expiring 06/13/19	Citibank, N.A.	ZAR	1,650		113,175		114,719		1,544		—
Expiring 06/13/19	Citibank, N.A.	ZAR	1,549		106,000		107,740		1,740		—
Expiring 06/13/19	Citibank, N.A.	ZAR	576		40,215		40,091		—		(124	)
Expiring 06/13/19	Goldman Sachs International	ZAR	2,313		158,467		160,820		2,353		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	ZAR	3,290		226,350		228,800		2,450		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	ZAR	2,364		163,505		164,421		916		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	ZAR	970		68,462		67,469		—		(993	)
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	ZAR	815		56,559		56,659		100		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	ZAR	499		34,748		34,713		—		(35	)
Expiring 06/13/19	Morgan Stanley & Co. International PLC	ZAR	4,788		329,519		332,935		3,416		—
South Korean Won,
Expiring 06/19/19	Citibank, N.A.	KRW	376,442		331,346		322,846		—		(8,500	)

See Notes to Financial Statements.

26

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South Korean Won (cont’d.),
Expiring 06/19/19	Citibank, N.A.	KRW	241,268	$	212,122	$	206,917	$	—	$	(5,205	)
Expiring 06/19/19	HSBC Bank USA, N.A.	KRW	131,365		115,000		112,661		—		(2,339	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	377,206		333,342		323,501		—		(9,841	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	376,378		331,260		322,790		—		(8,470	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	282,636		250,109		242,395		—		(7,714	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	214,546		188,050		184,000		—		(4,050	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	214,490		188,050		183,951		—		(4,099	)
Thai Baht,
Expiring 05/10/19	BNP Paribas S.A.	THB	22,518		721,461		705,478		—		(15,983	)
Expiring 05/10/19	BNP Paribas S.A.	THB	5,928		190,000		185,740		—		(4,260	)
Expiring 05/10/19	Citibank, N.A.	THB	60,592		1,925,629		1,898,354		—		(27,275	)
Expiring 05/10/19	Citibank, N.A.	THB	7,690		241,000		240,939		—		(61	)
Expiring 05/10/19	Citibank, N.A.	THB	6,564		205,704		205,642		—		(62	)
Expiring 05/10/19	Citibank, N.A.	THB	6,278		197,000		196,678		—		(322	)
Expiring 05/10/19	Citibank, N.A.	THB	6,206		199,000		194,429		—		(4,571	)
Expiring 05/10/19	Citibank, N.A.	THB	5,386		170,656		168,752		—		(1,904	)
Expiring 05/10/19	Citibank, N.A.	THB	4,639		146,000		145,327		—		(673	)
Expiring 05/10/19	Citibank, N.A.	THB	4,205		133,000		131,758		—		(1,242	)
Expiring 05/10/19	Citibank, N.A.	THB	3,297		104,431		103,309		—		(1,122	)
Expiring 05/10/19	Citibank, N.A.	THB	2,938		92,000		92,063		63		—
Expiring 05/10/19	Citibank, N.A.	THB	2,493		78,293		78,101		—		(192	)
Expiring 05/10/19	Citibank, N.A.	THB	1,445		46,335		45,271		—		(1,064	)
Expiring 05/10/19	HSBC Bank USA, N.A.	THB	22,518		716,730		705,478		—		(11,252	)
Expiring 05/10/19	HSBC Bank USA, N.A.	THB	4,159		131,000		130,294		—		(706	)
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	THB	3,230		101,469		101,195		—		(274	)
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	THB	1,489		46,763		46,659		—		(104	)
Expiring 05/10/19	Morgan Stanley & Co. International PLC	THB	7,383		236,000		231,314		—		(4,686	)
Expiring 05/10/19	UBS AG	THB	4,091		130,000		128,186		—		(1,814	)
Turkish Lira,
Expiring 06/13/19	Barclays Bank PLC	TRY	977		164,000		159,353		—		(4,647	)
Expiring 06/13/19	Barclays Bank PLC	TRY	783		138,000		127,724		—		(10,276	)
Expiring 06/13/19	BNP Paribas S.A.	TRY	1,604		282,193		261,603		—		(20,590	)
Expiring 06/13/19	BNP Paribas S.A.	TRY	690		112,980		112,561		—		(419	)
Expiring 06/13/19	Citibank, N.A.	TRY	2,609		454,772		425,424		—		(29,348	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 27

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Forward foreign currency exchange contracts outstanding at April 30, 2019 (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.):
Turkish Lira (cont’d.),
Expiring 06/13/19	Citibank, N.A.	TRY	1,925	$	324,603	$	313,818	$	—	$	(10,785	)
Expiring 06/13/19	Citibank, N.A.	TRY	764		124,602		124,588		—		(14	)
Expiring 06/13/19	Citibank, N.A.	TRY	288		49,247		46,896		—		(2,351	)
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	230		39,314		37,528		—		(1,786	)
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	150		26,406		24,455		—		(1,951	)
Expiring 06/13/19	Morgan Stanley & Co. International PLC	TRY	1,547		252,807		252,314		—		(493	)
Expiring 06/13/19	UBS AG	TRY	1,084		179,664		176,789		—		(2,875	)
Expiring 06/13/19	UBS AG	TRY	438		71,717		71,436		—		(281	)
Expiring 06/13/19	UBS AG	TRY	220		38,158		35,873		—		(2,285	)
Ukraine Hryvna,
Expiring 10/16/19	Citibank, N.A.	UAH	3,973		140,391		150,532		10,141		—
Expiring 10/18/19	Citibank, N.A.	UAH	1,085		38,191		41,094		2,903		—
				$	45,583,234	$	45,392,142		214,489		(405,581	)
Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Argentine Peso,
Expiring 05/03/19	BNP Paribas S.A.	ARS	3,402	$	76,105	$	76,390	$	—	$	(285	)
Australian Dollar,
Expiring 07/22/19	Citibank, N.A.	AUD	466		327,150		329,443		—		(2,293	)
Expiring 07/22/19	JPMorgan Chase Bank, N.A.	AUD	461		323,862		325,897		—		(2,035	)
Brazilian Real,
Expiring 06/04/19	Bank of America, N.A.	BRL	651		167,297		165,598		1,699		—
Expiring 06/04/19	Citibank, N.A.	BRL	868		222,931		220,644		2,287		—
Expiring 06/04/19	Citibank, N.A.	BRL	665		166,110		169,022		—		(2,912	)
Expiring 06/04/19	Citibank, N.A.	BRL	659		166,110		167,638		—		(1,528	)
Expiring 06/04/19	Citibank, N.A.	BRL	498		127,682		126,603		1,079		—
Expiring 06/04/19	Citibank, N.A.	BRL	489		123,794		124,337		—		(543	)
Expiring 06/04/19	Citibank, N.A.	BRL	350		88,000		88,912		—		(912	)
Expiring 06/04/19	Goldman Sachs International	BRL	543		136,200		138,045		—		(1,845	)
Expiring 06/04/19	JPMorgan Chase Bank, N.A.	BRL	598		153,351		152,004		1,347		—

See Notes to Financial Statements.

28

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Brazilian Real (cont’d.),
Expiring 06/04/19	JPMorgan Chase Bank, N.A.	BRL	535	$	136,200	$	136,115	$	85	$	—
Expiring 06/04/19	JPMorgan Chase Bank, N.A.	BRL	302		76,488		76,902		—		(414	)
British Pound,
Expiring 07/19/19	Citibank, N.A.	GBP	92		120,500		121,040		—		(540	)
Chilean Peso,
Expiring 06/19/19	Barclays Bank PLC	CLP	84,926		125,000		125,350		—		(350	)
Expiring 06/19/19	Barclays Bank PLC	CLP	77,899		117,000		114,977		2,023		—
Expiring 06/19/19	BNP Paribas S.A.	CLP	369,956		552,949		546,048		6,901		—
Expiring 06/19/19	BNP Paribas S.A.	CLP	151,317		226,709		223,341		3,368		—
Expiring 06/19/19	BNP Paribas S.A.	CLP	86,578		127,000		127,788		—		(788	)
Expiring 06/19/19	Citibank, N.A.	CLP	427,333		642,934		630,735		12,199		—
Expiring 06/19/19	Citibank, N.A.	CLP	57,962		87,000		85,550		1,450		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	CLP	67,221		99,000		99,217		—		(217	)
Chinese Renminbi,
Expiring 07/25/19	Morgan Stanley & Co. International PLC	CNH	2,893		432,470		429,435		3,035		—
Colombian Peso,
Expiring 05/20/19	BNP Paribas S.A.	COP	624,940		199,140		193,074		6,066		—
Expiring 05/20/19	BNP Paribas S.A.	COP	404,383		130,194		124,933		5,261		—
Expiring 05/20/19	BNP Paribas S.A.	COP	378,160		117,631		116,832		799		—
Expiring 05/20/19	BNP Paribas S.A.	COP	202,178		65,097		62,462		2,635		—
Expiring 05/20/19	Citibank, N.A.	COP	514,005		165,061		158,801		6,260		—
Expiring 05/20/19	Citibank, N.A.	COP	430,122		133,000		132,885		115		—
Expiring 05/20/19	Goldman Sachs International	COP	333,617		105,000		103,070		1,930		—
Expiring 05/20/19	UBS AG	COP	452,381		143,000		139,762		3,238		—
Czech Koruna,
Expiring 07/19/19	Citibank, N.A.	CZK	2,397		104,000		105,126		—		(1,126	)
Expiring 07/19/19	HSBC Bank USA, N.A.	CZK	2,964		129,000		129,958		—		(958	)
Egyptian Pound,
Expiring 07/15/19	Citibank, N.A.	EGP	1,654		94,647		94,288		359		—
Expiring 07/15/19	Citibank, N.A.	EGP	856		48,926		48,824		102		—
Euro,
Expiring 07/19/19	Deutsche Bank AG	EUR	744		849,146		840,674		8,472		—
Expiring 07/19/19	Deutsche Bank AG	EUR	744		845,658		840,674		4,984		—
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	EUR	531		600,438		600,013		425		—

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 29

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Forward foreign currency exchange contracts outstanding at April 30, 2019 (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,
Expiring 07/19/19	Bank of America, N.A.	HUF	177,814	$	626,214	$	619,256	$	6,958	$	—
Expiring 07/19/19	Citibank, N.A.	HUF	47,662		166,902		165,989		913		—
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	HUF	45,260		157,000		157,623		—		(623	)
Indian Rupee,
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	INR	11,932		169,900		170,472		—		(572	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	INR	13,776		195,319		196,819		—		(1,500	)
Indonesian Rupiah,
Expiring 06/19/19	Citibank, N.A.	IDR	4,584,889		318,747		319,675		—		(928	)
Expiring 06/19/19	Citibank, N.A.	IDR	1,777,523		123,000		123,935		—		(935	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	IDR	5,505,891		382,566		383,890		—		(1,324	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	IDR	2,367,915		165,000		165,100		—		(100	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	IDR	2,284,800		160,225		159,304		921		—
Expiring 06/19/19	UBS AG	IDR	2,944,944		204,000		205,332		—		(1,332	)
Israeli Shekel,
Expiring 07/25/19	Bank of America, N.A.	ILS	928		261,534		259,350		2,184		—
Japanese Yen,
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	JPY	21,876		196,750		197,657		—		(907	)
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	JPY	21,510		193,512		194,347		—		(835	)
Malaysian Ringgit,
Expiring 06/14/19	Barclays Bank PLC	MYR	1,285		316,177		310,594		5,583		—
Expiring 06/14/19	Barclays Bank PLC	MYR	143		35,174		34,604		570		—
Expiring 06/14/19	UBS AG	MYR	138		33,715		33,260		455		—
Mexican Peso,
Expiring 06/19/19	Bank of America, N.A.	MXN	1,833		96,000		95,917		83		—
Expiring 06/19/19	Bank of America, N.A.	MXN	1,725		90,000		90,270		—		(270	)
Expiring 06/19/19	Citibank, N.A.	MXN	3,513		183,100		183,813		—		(713	)
Expiring 06/19/19	HSBC Bank USA, N.A.	MXN	1,946		100,000		101,824		—		(1,824	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	MXN	5,756		300,875		301,172		—		(297	)

See Notes to Financial Statements.

30

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Mexican Peso (cont’d.),
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	MXN	3,759	$	191,401	$	196,705	$	—	$	(5,304	)
Expiring 06/19/19	UBS AG	MXN	2,992		156,068		156,535		—		(467	)
New Taiwanese Dollar,
Expiring 06/19/19	Barclays Bank PLC	TWD	10,470		340,000		339,944		56		—
Expiring 06/19/19	Barclays Bank PLC	TWD	6,044		196,000		196,222		—		(222	)
Expiring 06/19/19	Barclays Bank PLC	TWD	3,830		125,000		124,350		650		—
Expiring 06/19/19	BNP Paribas S.A.	TWD	2,766		90,000		89,795		205		—
Expiring 06/19/19	Citibank, N.A.	TWD	10,278		333,795		333,686		109		—
Expiring 06/19/19	HSBC Bank USA, N.A.	TWD	8,076		263,000		262,195		805		—
Expiring 06/19/19	HSBC Bank USA, N.A.	TWD	5,011		163,000		162,709		291		—
Expiring 06/19/19	HSBC Bank USA, N.A.	TWD	3,037		99,000		98,606		394		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	TWD	6,539		212,750		212,290		460		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	TWD	5,894		191,500		191,375		125		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	TWD	5,455		178,000		177,104		896		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	TWD	4,914		160,000		159,558		442		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	TWD	3,166		103,000		102,777		223		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	TWD	5,081		165,000		164,968		32		—
New Zealand Dollar,
Expiring 07/22/19	Bank of America, N.A.	NZD	231		156,033		154,255		1,778		—
Expiring 07/22/19	JPMorgan Chase Bank, N.A.	NZD	297		200,088		198,863		1,225		—
Expiring 07/22/19	JPMorgan Chase Bank, N.A.	NZD	249		166,740		166,773		—		(33	)
Peruvian Nuevo Sol,
Expiring 06/19/19	BNP Paribas S.A.	PEN	649		196,051		195,899		152		—
Expiring 06/19/19	BNP Paribas S.A.	PEN	131		39,400		39,425		—		(25	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PEN	1,015		305,468		306,287		—		(819	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PEN	677		203,420		204,254		—		(834	)
Philippine Peso,
Expiring 06/19/19	Barclays Bank PLC	PHP	16,011		305,000		305,963		—		(963	)
Expiring 06/19/19	Barclays Bank PLC	PHP	14,344		271,000		274,108		—		(3,108	)
Expiring 06/19/19	Barclays Bank PLC	PHP	13,797		260,000		263,648		—		(3,648	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 31

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Philippine Peso (cont’d.),
Expiring 06/19/19	Barclays Bank PLC	PHP	11,623	$	220,000	$	222,120	$	—	$	(2,120	)
Expiring 06/19/19	Barclays Bank PLC	PHP	8,221		157,000		157,091		—		(91	)
Expiring 06/19/19	Barclays Bank PLC	PHP	7,803		149,000		149,114		—		(114	)
Expiring 06/19/19	Barclays Bank PLC	PHP	6,052		115,000		115,644		—		(644	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	16,889		319,000		322,750		—		(3,750	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	14,846		279,000		283,693		—		(4,693	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	14,464		273,000		276,392		—		(3,392	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	12,923		247,000		246,954		46		—
Polish Zloty,
Expiring 07/19/19	HSBC Bank USA, N.A.	PLN	374		98,000		98,198		—		(198	)
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	PLN	799		208,000		209,585		—		(1,585	)
Russian Ruble,
Expiring 06/19/19	Barclays Bank PLC	RUB	42,820		656,900		657,472		—		(572	)
Expiring 06/19/19	Barclays Bank PLC	RUB	16,992		263,158		260,902		2,256		—
Expiring 06/19/19	Barclays Bank PLC	RUB	10,158		154,000		155,965		—		(1,965	)
Expiring 06/19/19	Citibank, N.A.	RUB	20,558		312,371		315,660		—		(3,289	)
Expiring 06/19/19	Citibank, N.A.	RUB	4,525		68,724		69,479		—		(755	)
Expiring 06/19/19	Citibank, N.A.	RUB	1,875		28,788		28,782		6		—
Expiring 06/19/19	Citibank, N.A.	RUB	1,429		21,940		21,948		—		(8	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	RUB	2,904		44,509		44,589		—		(80	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	RUB	2,368		36,398		36,351		47		—
Expiring 06/19/19	UBS AG	RUB	5,787		86,987		88,860		—		(1,873	)
Singapore Dollar,
Expiring 05/10/19	Bank of America, N.A.	SGD	135		100,000		99,396		604		—
Expiring 05/10/19	Barclays Bank PLC	SGD	442		326,000		324,746		1,254		—
Expiring 05/10/19	Barclays Bank PLC	SGD	237		175,000		174,198		802		—
Expiring 05/10/19	Barclays Bank PLC	SGD	164		121,000		120,622		378		—
Expiring 05/10/19	Citibank, N.A.	SGD	207		153,144		152,070		1,074		—
Expiring 05/10/19	Goldman Sachs International	SGD	222		164,000		163,417		583		—
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	SGD	173		128,000		127,308		692		—
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	SGD	145		107,000		106,489		511		—

See Notes to Financial Statements.

32

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Singapore Dollar (cont’d.),
Expiring 05/10/19	UBS AG	SGD	236	$	174,000	$	173,497	$	503	$	—
Expiring 05/10/19	UBS AG	SGD	202		149,000		148,325		675		—
South African Rand,
Expiring 06/13/19	Barclays Bank PLC	ZAR	1,668		116,000		115,991		9		—
Expiring 06/13/19	Citibank, N.A.	ZAR	12,082		838,316		840,227		—		(1,911	)
Expiring 06/13/19	Citibank, N.A.	ZAR	1,700		118,000		118,213		—		(213	)
Expiring 06/13/19	Goldman Sachs International	ZAR	12,082		844,227		840,228		3,999		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	ZAR	2,417		164,118		168,117		—		(3,999	)
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	ZAR	2,321		162,100		161,382		718		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	ZAR	1,332		92,600		92,643		—		(43	)
Expiring 06/13/19	UBS AG	ZAR	4,017		280,363		279,377		986		—
South Korean Won,
Expiring 06/19/19	Barclays Bank PLC	KRW	193,213		171,000		165,704		5,296		—
Expiring 06/19/19	Citibank, N.A.	KRW	114,342		101,000		98,062		2,938		—
Expiring 06/19/19	Goldman Sachs International	KRW	174,120		154,000		149,329		4,671		—
Expiring 06/19/19	HSBC Bank USA, N.A.	KRW	135,369		117,000		116,096		904		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	711,365		627,268		610,084		17,184		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	363,401		311,940		311,661		279		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	176,764		156,000		151,597		4,403		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	166,488		143,000		142,784		216		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	KRW	264,455		233,000		226,803		6,197		—
Swiss Franc,
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	CHF	164		165,055		161,989		3,066		—
Thai Baht,
Expiring 05/10/19	Barclays Bank PLC	THB	3,234		101,000		101,319		—		(319	)
Expiring 05/10/19	BNP Paribas S.A.	THB	4,809		152,000		150,673		1,327		—
Expiring 05/10/19	BNP Paribas S.A.	THB	4,183		132,000		131,040		960		—
Expiring 05/10/19	Citibank, N.A.	THB	7,405		235,370		232,014		3,356		—
Expiring 05/10/19	Citibank, N.A.	THB	6,920		219,000		216,804		2,196		—
Expiring 05/10/19	Citibank, N.A.	THB	4,316		137,704		135,223		2,481		—
Expiring 05/10/19	Citibank, N.A.	THB	4,118		130,000		129,014		986		—

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 33

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Thai Baht (cont’d.),
Expiring 05/10/19	Citibank, N.A.	THB	3,493	$	110,000	$	109,450	$	550	$	—
Expiring 05/10/19	Citibank, N.A.	THB	3,332		106,196		104,379		1,817		—
Expiring 05/10/19	Citibank, N.A.	THB	2,502		79,891		78,374		1,517		—
Expiring 05/10/19	Citibank, N.A.	THB	2,462		78,369		77,128		1,241		—
Expiring 05/10/19	Citibank, N.A.	THB	2,037		64,930		63,815		1,115		—
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	THB	5,360		167,399		167,926		—		(527	)
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	THB	3,292		105,511		103,131		2,380		—
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	THB	1,775		56,814		55,616		1,198		—
Expiring 05/10/19	Morgan Stanley & Co. International PLC	THB	4,385		138,000		137,381		619		—
Expiring 05/10/19	UBS AG	THB	8,530		267,000		267,246		—		(246	)
Turkish Lira,
Expiring 06/13/19	BNP Paribas S.A.	TRY	1,248		211,000		203,435		7,565		—
Expiring 06/13/19	Citibank, N.A.	TRY	856		146,000		139,609		6,391		—
Expiring 06/13/19	Citibank, N.A.	TRY	358		59,189		58,389		800		—
Expiring 06/13/19	Citibank, N.A.	TRY	348		59,009		56,817		2,192		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	1,381		233,000		225,143		7,857		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	1,117		194,088		182,090		11,998		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	1,042		174,000		169,981		4,019		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	1,032		171,000		168,210		2,790		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	1,021		166,110		166,555		—		(445	)
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	1,009		171,200		164,482		6,718		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	1,001		168,000		163,303		4,697		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	954		158,000		155,537		2,463		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	757		131,650		123,399		8,251		—

See Notes to Financial Statements.

34

Forward foreign currency exchange contracts outstanding at April 30, 2019 (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.):
Turkish Lira (cont’d.),
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	721	$	118,000	$	117,605	$	395	$	—
Expiring 06/13/19	Morgan Stanley & Co. International PLC	TRY	533		93,000		86,930		6,070		—
				$	32,763,540	$	32,584,826		255,875		(77,161	)
								$	470,364	$	(482,742	)

Interest rate swap agreements outstanding at April 30, 2019:

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date		Value at April 30, 2019			Unrealized Appreciaton (Depreciation)
	Centrally Cleared Interest Rate Swap Agreements:
BRL	725		01/02/23	8.110%(T)	1 Day BROIS(2)(T)	$	—	$	168		$	168
CNH	5,000		03/11/24	2.880%(Q)	7 Day China Fixing Repo Rates(2)(Q)		31		(8,627	)		(8,658	)
CNH	4,510		03/13/24	2.945%(Q)	7 Day China Fixing Repo Rates(2)(Q)		5		(5,768	)		(5,773	)
CNH	2,320		04/10/24	3.100%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—		(552	)		(552	)
CNH	1,645		04/22/24	3.170%(Q)	7 Day China Fixing Repo Rates(2)(Q)		1		381			380
CNH	1,645		04/23/24	3.230%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—		1,051			1,051
COP	950,000		12/12/23	5.530%(Q)	1 Day COOIS(2)(Q)		—		4,870			4,870
MXN	8,870		02/13/29	8.370%(M)	28 Day Mexican Interbank Rate(2)(M)		—		7,561			7,561
PLN	3,430		09/21/22	2.312%(A)	6 Month WIBOR(2)(S)		—		18,634			18,634
PLN	2,500		03/12/24	2.000%(A)	6 Month WIBOR(2)(S)		41		(5,678	)		(5,719	)
						$	78	$	12,040		$	11,962

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

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

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 35

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

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

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

Broker	Cash and/or Foreign Currency		Securities Market Value
Citigroup Global Markets Inc.	$	170,000	$	—

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of April 30, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Sovereign Bonds
Angola	$	—	$	224,198	$	—
Argentina		—		409,882		—
Bahrain		—		206,657		—
Brazil		—		7,061,426		—
Chile		—		2,033,473		—
Colombia		—		2,961,014		—
Czech Republic		—		1,859,792		—
Ecuador		—		290,875		—
Egypt		—		195,482		—
El Salvador		—		131,563		—
Gabon		—		192,516		—
Ghana		—		210,000		—
Greece		—		195,414		—
Hungary		—		2,268,020		—
Indonesia		—		5,811,040		—
Iraq		—		284,273		—
Ivory Coast		—		189,161		—
Kenya		—		204,000		—
Malaysia		—		4,081,213		—
Mexico		—		4,782,388		—
Nigeria		—		206,040		—
Pakistan		—		403,580		—
Peru		—		2,644,913		—
Philippines		—		468,629		—
Poland		—		3,126,530		—

See Notes to Financial Statements.

36

	Level 1		Level 2			Level 3
Investments in Securities (continued)
Sovereign Bonds (continued)
Romania	$	—	$	1,282,848		$	—
Russia		—		3,241,797			—
Singapore		—		646,602			—
South Africa		—		5,544,008			—
Sri Lanka		—		201,168			—
Thailand		—		3,638,563			—
Turkey		—		1,118,868			—
Ukraine		—		318,956			—
Uruguay		—		139,069			—
Corporate Bonds
Brazil		—		306,503			—
Indonesia		—		222,122			—
Jamaica		—		166,427			—
Mexico		—		1,221,550			—
Oman		—		175,263			—
Russia		—		2,170,333			—
South Africa		—		232,885			—
Supranational Bank		—		505,263			—
Tunisia		—		196,051			—
Affiliated Mutual Funds		4,215,951		—			—
Other Financial Instruments*
OTC Forward Foreign Currency Exchange Contracts		—		(12,378	)		—
Centrally Cleared Interest Rate Swap Agreements		—		11,962			—
Total	$	4,215,951	$	61,769,939		$	—

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

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of April 30, 2019 were as follows:

Sovereign Bonds	84.6	%
Affiliated Mutual Funds (0.2% represents investments purchased with collateral from securities on loan)	6.3
Investment Companies	2.9
Oil & Gas	1.6
Telecommunications	1.3
Multi-National	0.8
Electric	0.6	%
Banks	0.6
	98.7
Other assets in excess of liabilities	1.3
	100.0	%

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 37

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

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

The Series invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are foreign exchange contracts risk and interest rate contracts risk. The effect of such derivative instruments on the Series’ financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of April 30, 2019 as presented in the Statement of Assets and Liabilities:

	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts	$	470,364		Unrealized depreciation on OTC forward foreign currency exchange contracts	$	482,742
	Due from/to broker—variation margin				Due from/to broker—variation margin
Interest rate contracts	swaps		32,664	*	swaps		20,702	*
		$	503,028			$	503,444

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

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2019 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Forward & Cross Currency Exchange Contracts		Swaps
Foreign exchange contracts	$	491,804	$	—
Interest rate contracts		—		(100,607	)
Total	$	491,804	$	(100,607	)

See Notes to Financial Statements.

38

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Forward & Cross Currency Exchange Contracts			Swaps
Foreign exchange contracts	$	(351,280	)	$	—
Interest rate contracts		—			103,831
Total	$	(351,280	)	$	103,831

For the six months ended April 30, 2019, the Series’ average volume of derivative activities is as follows:

		Forward Foreign Currency Exchange Contracts—Purchased(1)
		$	38,454,435
Forward Foreign Currency Exchange Contracts—Sold(1)		Cross Currency Exchange Contracts(2)		Interest Rate Swap Agreements(3)
$	29,322,985	$	294,647	$	2,528,459

(1) Value at Settlement Date.

(2) Value at Trade Date.

(3) Notional Amount in USD.

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

The Series 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	$	146,387	$	(146,387	)	$	—

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 39

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Offsetting of OTC derivative assets and liabilities:

Counterparty	Gross Amounts of Recognized Assets(1)		Gross Amounts of Recognized Liabilities(1)			Net Amounts of Recognized Assets/ (Liabilities)			Collateral Pledged/ (Received)(2)		Net Amount
Bank of America, N.A.	$	15,298	$	(1,550	)	$	13,748		$	—	$	13,748
Barclays Bank PLC		39,361		(38,106	)		1,255			—		1,255
BNP Paribas S.A.		37,803		(47,898	)		(10,095	)		—		(10,095	)
Citibank, N.A.		112,327		(208,990	)		(96,663	)		—		(96,663	)
Deutsche Bank AG		55,993		—			55,993			—		55,993
Goldman Sachs International		13,536		(1,845	)		11,691			—		11,691
HSBC Bank USA, N.A.		2,998		(18,375	)		(15,377	)		—		(15,377	)
JPMorgan Chase Bank, N.A.		112,281		(120,679	)		(8,398	)		—		(8,398	)
Morgan Stanley & Co. International PLC		74,809		(30,349	)		44,460			—		44,460
UBS AG		5,958		(14,950	)		(8,992	)		—		(8,992	)
	$	470,364	$	(482,742	)	$	(12,378	)	$	—	$	(12,378	)

(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 Series is limited to the market value of financial instruments/transactions and the Series’ OTC derivative exposure by counterparty.

See Notes to Financial Statements.

40

Statement of Assets & Liabilities (unaudited)

as of April 30, 2019

Assets
Investments at value, including securities on loan of $146,387:
Unaffiliated investments (cost $64,282,050)	$	61,770,355
Affiliated investments (cost $4,215,951)		4,215,951
Foreign currency, at value (cost $322,185)		321,810
Interest receivable		1,244,317
Unrealized appreciation on OTC forward foreign currency exchange contracts		470,364
Receivable for investments sold		264,452
Deposit with broker for centrally cleared/exchange-traded derivatives		170,000
Receivable for Series shares sold		158,015
Tax reclaim receivable		41,305
Prepaid expenses		316
Total Assets		68,656,885
Liabilities
Payable for investments purchased		999,646
Unrealized depreciation on OTC forward foreign currency exchange contracts		482,742
Payable to broker for collateral for securities on loan		158,461
Accrued expenses and other liabilities		85,253
Due to broker—variation margin swaps		40,145
Management fee payable		17,196
Payable for Series shares reacquired		14,892
Dividends payable		11,960
Distribution fee payable		1,065
Affiliated transfer agent fee payable		830
Total Liabilities		1,812,190
Net Assets	$	66,844,695
Net assets were comprised of:
Common stock, at par	$	115,008
Paid-in capital in excess of par		75,486,475
Total distributable earnings (loss)		(8,756,788	)
Net assets, April 30, 2019	$	66,844,695

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 41

Statement of Assets & Liabilities (unaudited)

as of April 30, 2019

Class A
Net asset value and redemption price per share, ($3,030,445 ÷ 526,016 shares of common stock issued and outstanding)	$	5.76
Maximum sales charge (4.50% of offering price)		0.27
Maximum offering price to public	$	6.03
Class C
Net asset value, offering price and redemption price per share,
($515,916 ÷ 88,928 shares of common stock issued and outstanding)	$	5.80
Class Z
Net asset value, offering price and redemption price per share,
($63,274,150 ÷ 10,881,726 shares of common stock issued and outstanding)	$	5.81
Class R6
Net asset value, offering price and redemption price per share,
($24,184 ÷ 4,162 shares of common stock issued and outstanding)	$	5.81

See Notes to Financial Statements.

42

Statement of Operations (unaudited)

Six Months Ended April 30, 2019

Net Investment Income (Loss)
Income
Interest income (net of $41,921 foreign withholding tax)	$	1,987,913
Affiliated dividend income		14,856
Total income		2,002,769
Expenses
Management fee		251,421
Distribution fee(a)		6,522
Custodian and accounting fees		74,434
Audit fee		32,153
Registration fees(a)		31,178
Shareholders’ reports		16,517
Transfer agent’s fees and expenses (including affiliated expense of $2,272)(a)		12,019
Legal fees and expenses		8,331
Directors’ fees		6,686
Miscellaneous		6,910
Total expenses		446,171
Less: Fee waiver and/or expense reimbursement(a)		(163,093	)
Net expenses		283,078
Net investment income (loss)		1,719,691
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		(1,915,139	)
Forward and cross currency contract transactions		491,804
Swap agreement transactions		(100,607	)
Foreign currency transactions		20,749
		(1,503,193	)
Net change in unrealized appreciation (depreciation) on:
Investments (net of change in foreign capital gains taxes $(10,233))		4,410,824
Forward and cross currency contracts		(351,280	)
Swap agreements		103,831
Foreign currencies		26,198
		4,189,573
Net gain (loss) on investment and foreign currency transactions		2,686,380
Net Increase (Decrease) In Net Assets Resulting From Operations	$	4,406,071

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

	Class A			Class C			Class Z			Class R6
Distribution fee		3,806			2,716			—			—
Registration fees		7,387			7,386			9,019			7,386
Transfer agent’s fees and expenses		2,825			646			8,519			29
Fee waiver and/or expense reimbursement		(16,180	)		(9,080	)		(130,413	)		(7,420	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 43

Statements of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2019			Year Ended October 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,719,691		$	2,978,357
Net realized gain (loss) on investment and foreign currency transactions		(1,503,193	)		(5,671,246	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		4,189,573			(5,528,151	)
Net increase (decrease) in net assets resulting from operations		4,406,071			(8,221,040	)
Dividends and Distributions
Distributions from distributable earnings
Class A		(87,490	)		—
Class C		(13,514	)		—
Class Z		(1,764,209	)		—
Class R6		(83	)		—
		(1,865,296	)		—
Tax return of capital distributions
Class A		—			(233,404	)
Class C		—			(32,950	)
Class Z		—			(2,899,199	)
Class R6		—			(60	)
		—			(3,165,613	)
Series share transactions (Net of share conversions)
Net proceeds from shares sold		6,285,912			50,204,752
Net asset value of shares issued in reinvestment of dividends and distributions		1,850,640			3,154,838
Cost of shares reacquired		(2,517,340	)		(14,112,150	)
Net increase (decrease) in net assets from Series share transactions		5,619,212			39,247,440
Total increase (decrease)		8,159,987			27,860,787
Net Assets:
Beginning of period		58,684,708			30,823,921
End of period	$	66,844,695		$	58,684,708

See Notes to Financial Statements.

44

Notes to Financial Statements (unaudited)

Prudential World Fund, Inc. (the “Fund”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company and currently consists of seven series: PGIM Jennison Emerging Markets Equity Opportunities Fund, PGIM Jennison Global Opportunities Fund, PGIM Jennison International Opportunities Fund and PGIM QMA International Equity Fund, each of which are diversified funds and PGIM Jennison Global Infrastructure Fund, PGIM Emerging Markets Debt Hard Currency Fund and PGIM Emerging Markets Debt Local Currency Fund, each of which are non-diversified funds for purposes of the 1940 Act. These financial statements relate only to the PGIM Emerging Markets Debt Local Currency Fund (the “Series”).

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

1. Accounting Policies

The Series 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 accounting policies conform to U.S. generally accepted accounting principles. The Series consistently follows such policies in the preparation of its financial statements.

Securities Valuation: The Series holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Fund’s Board of Directors (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Series 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. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

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

PGIM Emerging Markets Debt Local Currency Fund 45

Notes to Financial Statements (unaudited) (continued)

of the Series’ foreign investments may change on days when investors cannot purchase or redeem Series shares.

Various inputs determine how the Series’ 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 Measurements and Disclosures.

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

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

OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Series 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 OTC 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 OTC derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates.

46

Certain OTC derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy.

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

Illiquid Securities: Pursuant to Rule 22e-4 under the 1940 Act, the Series has adopted a Board approved Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Series limit its illiquid investments that are assets to no more than 15% of net assets. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Series may find it difficult to sell illiquid securities at the time considered most advantageous by its subadviser and may incur transaction costs that would not be incurred in the sale of securities that were freely marketable.

Restricted Securities: Securities acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer are considered restricted as to disposition under federal securities law (“restricted securities”). Such restricted securities are valued pursuant to the valuation procedures noted above. Restricted securities that would otherwise be considered illiquid investments pursuant to the Series’ LRMP because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. Therefore, these Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act of 1933, may be classified higher than “illiquid” under the LRMP (i.e. “moderately liquid” or “less liquid” investments). However, the liquidity of the Series’ investments in restricted securities could be impaired if trading does not develop or declines.

PGIM Emerging Markets Debt Local Currency Fund 47

Notes to Financial Statements (unaudited) (continued)

Foreign Currency Translation: The books and records of the Series 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 current rates of exchange;

(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 Series are presented at the foreign exchange rates and market values at the close of the period, the Series 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 Series 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 realized foreign currency gains (losses) are included in the reported net realized gains (losses) on investment transactions. Notwithstanding the above, the Series 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 securities transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Series’ 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 Series 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 (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

48

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 Series’ 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.

Swap Agreements: The Series 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 (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. Any 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 Series is subject to interest rate risk exposure in the normal course of pursuing its investment objective. The Series 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 Series’ maximum risk of loss from counterparty credit risk is the discounted net present value of the cash flows to be received from the counterparty over the contract’s remaining life.

Master Netting Arrangements: The Fund, on behalf of the Series, 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 the Series. A master netting arrangement between the Series and the counterparty permits the Series to offset amounts payable by the Series to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Series to cover the Series’ 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

PGIM Emerging Markets Debt Local Currency Fund 49

Notes to Financial Statements (unaudited) (continued)

is enforceable by law. During the reporting period, there was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

The Fund, on behalf of the Series, 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 Series is held in a segregated account by the Series’ 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 Series is segregated by the Series’ 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 Series and the applicable counterparty. Collateral requirements are determined based on the Series’ net position with each counterparty. Termination events applicable to the Series may occur upon a decline in the Series’ 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 Series’ counterparties to elect early termination could impact the Series’ future derivative activity.

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

50

As of April 30, 2019, the Series has not met conditions under such agreements which give the counterparty the right to call for an early termination.

Forward currency contracts, forward rate agreements, written options, short sales, swaps and financial futures contracts involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. Such risks may be mitigated by engaging in master netting arrangements.

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

The Series 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. The Series 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 on the Statement of Operations as “Income from securities lending, net”.

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 Series becomes aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Class specific expenses include

PGIM Emerging Markets Debt Local Currency Fund 51

Notes to Financial Statements (unaudited) (continued)

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

Dividends and Distributions: The Series expects to declare dividends of its net investment income daily and pay such dividends monthly. Distributions of net realized capital and currency gains, if any, are declared and paid at least annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, 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.

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.

2. Agreements

The Fund, on behalf of the Series, has a management agreement with PGIM Investments. Pursuant to this agreement, PGIM Investments has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. In addition, under the management agreement, PGIM Investments provides all of the administrative functions necessary for the organization, operation and management of the Series. PGIM Investments administers the corporate affairs of the Series and, in connection therewith, furnishes the Series with office facilities, together with those ordinary clerical and bookkeeping services which are not being furnished by the Series’ custodian and the Series’ transfer agent. PGIM Investments is also responsible for the staffing and management of dedicated groups of legal, marketing, compliance and related personnel necessary for the operation of the Series. The legal, marketing, compliance and related personnel are also responsible for the management and oversight of the various service providers to the Series, including, but not limited to, the custodian, transfer agent, and accounting agent.

52

PGIM Investments has entered into a subadvisory agreement with PGIM, Inc., which provides subadvisory services to the Series through its PGIM Fixed Income unit. The subadvisory agreement provides that PGIM, Inc. will furnish investment advisory services in connection with the management of the Series. In connection therewith, PGIM, Inc. is obligated to keep certain books and records of the Series. PGIM Investments pays for the services of PGIM, Inc., the cost of compensation of officers of the Series, occupancy and certain clerical and bookkeeping costs of the Series. The Series bears all other costs and expenses.

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.80% of the Series’ average daily net assets up to and including $1 billion; 0.78% on the next $2 billion of average daily net assets; 0.76% on the next $2 billion of average daily net assets; 0.75% on the next $5 billion of average daily net assets; and 0.74% on average daily net assets exceeding $10 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.80% for the six months ended April 30, 2019.

The Manager has contractually agreed, through February 29, 2020, to limit total annual perating expenses after fee waivers and/or expense reimbursements to 1.13% of average daily net assets for Class A shares, 1.88% of average daily net assets for Class C shares, 0.88% of average daily net assets for Class Z shares, and 0.88% of average daily net assets for Class R6 shares. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives similar expenses on any other share class and, in addition, total annual fund 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 PGIM Investments may be recouped by PGIM Investments 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 Fund, on behalf of the Series, 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 Series. The Series compensates PIMS for distributing and servicing the Series’ Class A and Class C shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z or Class R6 shares of the Series.

PGIM Emerging Markets Debt Local Currency Fund 53

Notes to Financial Statements (unaudited) (continued)

Pursuant to the Distribution Plans, the Series compensates PIMS for distribution related activities at an annual rate of up to 0.25% and 1% of the average daily net assets of the Class A and Class C shares, respectively.

For the reporting period ended April 30, 2019, PIMS received $5,603 in front-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended April 30, 2019, PIMS did not receive any contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders, respectively. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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

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

The Series 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, and/or common officers. Pursuant to the Rule 17a-7 procedures and consistent with guidance issued by the SEC, the Series’ Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such 17a-7 transactions were effected in accordance with the Series’ Rule 17a-7 procedures. Any 17a-7 transactions for the reporting period are disclosed in the “Portfolio Securities” note, below.

The Series may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. Through the Series’ investments in the mentioned underlying funds, PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services. Earnings from the Core Fund and Money Market Fund are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

54

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2019, were $19,728,695 and $16,015,576, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the reporting period ended April 30, 2019, is presented as follows:

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Income
	PGIM Core Ultra Short Bond Fund*
$	1,473,311	$	12,201,155	$	9,616,987	$	—	$	—	$	4,057,479		4,057,479	$	14,856
	PGIM Institutional Money Market Fund*
	—		158,472		—		—		—		158,472		158,424		—
$	1,473,311	$	12,359,627	$	9,616,987	$	—	$	—	$	4,215,951			$	14,856

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

For the reporting period ended April 30, 2019, no 17a-7 transactions were entered into by the Series.

5. Tax Information

The United States federal income tax basis of the Series’ investments and the net unrealized depreciation as of April 30, 2019 were as follows:

Tax Basis	$	68,955,892
Gross Unrealized Appreciation		839,186
Gross Unrealized Depreciation		(3,809,188	)
Net Unrealized Depreciation	$	(2,970,002	)

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

For federal income tax purposes, the Series had a capital loss carryforward as of October 31, 2018 of approximately $3,708,000 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

The Manager has analyzed the Series’ 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 Series’ financial statements for the current reporting period. The Series’ federal, state and local income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

PGIM Emerging Markets Debt Local Currency Fund 55

Notes to Financial Statements (unaudited) (continued)

6. Capital and Ownership

The Series offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 4.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately 10 years after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charge 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 Series to one or more other share classes of the Series as presented in the table of transactions in shares of common stock.

The Fund is authorized to issue 5.075 billion shares of common stock, with a par value of $0.01 per share, which is divided into five series. There are 550 million shares authorized for the Series, divided into five classes, designated Class A, Class C, Class Z, Class R6 and Class T common stock, each of which consists of 10 million, 50 million, 250 million, 50 million and 190 million authorized shares, respectively. The Series currently does not have any Class T shares outstanding.

As of April 30, 2019, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned 3,388,309 Class Z shares and 166 Class R6 shares of the Series. At reporting period end, three shareholders of record, each holding greater than 5% of the Series, held 86% of the Series’ outstanding shares.

56

Transactions in shares of common stock were as follows:    

Class A	Shares			Amount
Six months ended April 30, 2019:
Shares sold		36,013		$	207,048
Shares issued in reinvestment of dividends and distributions		14,629			84,583
Shares reacquired		(100,534	)		(573,082	)
Net increase (decrease) in shares outstanding before conversion		(49,892	)		(281,451	)
Shares issued upon conversion from other share class(es)		5,697			33,441
Net increase (decrease) in shares outstanding		(44,195	)	$	(248,010	)
Year ended October 31, 2018:
Shares sold		378,543		$	2,469,000
Shares issued in reinvestment of dividends and distributions		36,334			224,308
Shares reacquired		(313,047	)		(1,809,468	)
Net increase (decrease) in shares outstanding before conversion		101,830			883,840
Shares issued upon conversion from other share class(es)		711			4,557
Shares reacquired upon conversion into other share class(es)		(14,303	)		(89,959	)
Net increase (decrease) in shares outstanding		88,238		$	798,438
Class C
Six months ended April 30, 2019:
Shares sold		8,190		$	48,311
Shares issued in reinvestment of dividends and distributions		2,301			13,409
Shares reacquired		(12,695	)		(73,885	)
Net increase (decrease) in shares outstanding before conversion		(2,204	)		(12,165	)
Shares reacquired upon conversion into other share class(es)		(5,658	)		(33,441	)
Net increase (decrease) in shares outstanding		(7,862	)	$	(45,606	)
Year ended October 31, 2018:
Shares sold		13,391		$	87,611
Shares issued in reinvestment of dividends and distributions		5,177			32,470
Shares reacquired		(32,864	)		(202,443	)
Net increase (decrease) in shares outstanding		(14,296	)	$	(82,362	)
Class Z
Six months ended April 30, 2019:
Shares sold		1,028,921		$	6,006,990
Shares issued in reinvestment of dividends and distributions		300,066			1,752,566
Shares reacquired		(321,543	)		(1,870,373	)
Net increase (decrease) in shares outstanding		1,007,444		$	5,889,183
Year ended October 31, 2018:
Shares sold		7,175,606		$	47,648,141
Shares issued in reinvestment of dividends and distributions		470,660			2,898,000
Shares reacquired		(1,956,209	)		(12,100,239	)
Net increase (decrease) in shares outstanding before conversion		5,690,057			38,445,902
Shares issued upon conversion from other share class(es)		14,151			89,959
Shares reacquired upon conversion into other share class(es)		(704	)		(4,557	)
Net increase (decrease) in shares outstanding		5,703,504		$	38,531,304

PGIM Emerging Markets Debt Local Currency Fund 57

Notes to Financial Statements (unaudited) (continued)

Class R6	Shares		Amount
Six months ended April 30, 2019:
Shares sold		3,987	$	23,563
Shares issued in reinvestment of dividends and distributions		14		82
Net increase (decrease) in shares outstanding		4,001	$	23,645
Year ended October 31, 2018:
Shares issued in reinvestment of dividends and distributions		10	$	60
Net increase (decrease) in shares outstanding		10	$	60

7. Borrowings

The Fund, on behalf of the Series, along with other affiliated registered investment companies (the “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 SCA provides for a commitment of $900 million for the period October 4, 2018 through October 3, 2019. The Funds pay an annualized commitment fee of 0.15% of the unused portion of the SCA. The Series’ portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. The interest on borrowings under the SCA is paid monthly and at a per annum interest rate based upon a contractual spread plus the higher of (1) the effective federal funds rate, (2) the 1-month LIBOR rate or (3) zero percent.

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

The Series did not utilize the SCA during the reporting period ended April 30, 2019.

8. Risks of Investing in the Series

The Series’ risks include, but are not limited to, some or all of the risks discussed below:

Bond Obligations Risk: The Series’ holdings, share price, yield and total return may 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

58

by the Series for redemption before it matures and the Series may not be able to reinvest at the same level and therefore would earn less income.

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

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.

Interest Rate Risk: The value of an 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 securities. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Series 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 Series’ holdings may fall sharply. This is referred to as “extension risk. The Series may face a heightened level of interest rate risk as a result of the U.S. Federal Reserve Board’s policies. The Series’ investments may lose value if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

Liquidity Risk: The Series may invest in instruments that trade in lower volumes and are less liquid than other investments. Liquidity risk exists when particular investments made by the Series are difficult to purchase or sell. Liquidity risk includes the risk that the Series may make investments that may become less liquid in response to market developments or adverse investor perceptions. Investments that are illiquid or that trade in lower volumes may be more difficult to value. If the Series is forced to sell these investments to pay redemption proceeds or for other reasons, the Series may lose money. In addition, when there is no willing buyer and investments may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, the Series may incur higher transaction costs when executing trade orders of a given size. The reduction in dealer market-making capacity in the fixed-income markets that has occurred in recent years also

PGIM Emerging Markets Debt Local Currency Fund 59

Notes to Financial Statements (unaudited) (continued)

has the potential to reduce liquidity. An inability to sell a portfolio position can adversely affect the Series’ value or prevent the Series from being able to take advantage of other investment opportunities.

Market and Credit Risk: Securities markets may be volatile and the market prices of the Series’ 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 Series fall, the value of an investment in the Series will decline. Additionally, the Series may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Series has unsettled or open transactions defaults.

Non-diversification Risk: A non-diversified Series may invest a greater percentage of its assets in the securities of a single company or industry 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.

9. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the Series’ policy for the timing of transfers between levels. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Manager has evaluated the implications of certain provisions of the ASU and has determined to early adopt aspects related to the removal and modification of certain fair value measurement disclosures under the ASU effective immediately. At this time, the Manager is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

60

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30, 2019			Year Ended October 31,
				2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$5.52			$6.40			$6.44			$6.24			$7.92			$8.67
Income (loss) from investment operations:
Net investment income (loss)		0.15			0.33			0.35			0.33			0.37			0.49
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.25			(0.86	)		(0.02	)		0.23			(1.64	)		(0.71	)
Total from investment operations		0.40			(0.53	)		0.33			0.56			(1.27	)		(0.22	)
Less Dividends and Distributions:
Dividends from net investment income*		(0.16	)		-			(0.15	)		-	(b)		(0.06	)		(0.07	)
Tax return of capital distributions		-			(0.35	)		(0.22	)		(0.36	)		(0.35	)		(0.46	)
Total dividends and distributions		(0.16	)		(0.35	)		(0.37	)		(0.36	)		(0.41	)		(0.53	)
Net asset value, end of period		$5.76			$5.52			$6.40			$6.44			$6.24			$7.92
Total Return(c):		7.35%			(8.68)%			5.36%			9.29%			(16.41)%			(2.47)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$3,030			$3,146			$3,085			$3,990			$3,208			$5,991
Average net assets (000)		$3,070			$4,105			$3,639			$3,343			$4,341			$6,701
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.13%	(f)		1.13%			1.13%			1.28%			1.30%	(g)		1.30%
Expenses before waivers and/or expense reimbursement		2.19%	(f)		2.16%			2.15%			2.33%			2.39%	(g)		2.13%
Net investment income (loss)		5.33%	(f)		5.34%			5.42%			5.20%			5.32%	(g)		5.99%
Portfolio turnover rate(h)		27%			113%			186%			196%			101%			110%

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

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

(b) Less than $0.005 per share.

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

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

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

(f) Annualized.

(g) Effective March 9, 2015, the contractual distribution and service (12b-1) fees were reduced from 0.30% to 0.25% of the average daily net assets and the 0.05% contractual 12b-1 fee waiver was terminated.

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

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 61

Financial Highlights (unaudited) (continued)

Class C Shares
	Six Months Ended April 30, 2019			Year Ended October 31,
				2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$5.56			$6.46			$6.49			$6.28			$7.97			$8.72
Income (loss) from investment operations:
Net investment income (loss)		0.13			0.29			0.30			0.28			0.32			0.43
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.25			(0.88	)		(0.01	)		0.25			(1.65	)		(0.71	)
Total from investment operations		0.38			(0.59	)		0.29			0.53			(1.33	)		(0.28	)
Less Dividends and Distributions:
Dividends from net investment income*		(0.14	)		-			(0.13	)		-	(b)		(0.01	)		(0.01	)
Tax return of capital distributions		-			(0.31	)		(0.19	)		(0.32	)		(0.35	)		(0.46	)
Total dividends and distributions		(0.14	)		(0.31	)		(0.32	)		(0.32	)		(0.36	)		(0.47	)
Net asset value, end of period		$5.80			$5.56			$6.46			$6.49			$6.28			$7.97
Total Return(c):		6.90%			(9.61)%			4.66%			8.61%			(17.00)%			(3.21)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$516			$538			$718			$787			$701			$927
Average net assets (000)		$548			$672			$649			$721			$789			$1,207
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.88%	(f)		1.88%			1.88%			2.03%			2.05%			2.05%
Expenses before waivers and/or expense reimbursement		5.22%	(f)		4.89%			2.88%			3.07%			3.11%			2.82%
Net investment income (loss)		4.51%	(f)		4.56%			4.63%			4.40%			4.52%			5.17%
Portfolio turnover rate(g)		27%			113%			186%			196%			101%			110%

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

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

(b) Less than $0.005 per share.

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

62

Class Z Shares
	Six Months Ended April 30, 2019			Year Ended October 31,
				2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$5.57			$6.48			$6.50			$6.31			$7.98			$8.72
Income (loss) from investment operations:
Net investment income (loss)		0.16			0.34			0.36			0.34			0.38			0.51
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.25			(0.88	)		0.01			0.23			(1.62	)		(0.70	)
Total from investment operations		0.41			(0.54	)		0.37			0.57			(1.24	)		(0.19	)
Less Dividends and Distributions:
Dividends from net investment income*		(0.17	)		-			(0.16	)		-	(b)		(0.08	)		(0.09	)
Tax return of capital distributions		-			(0.37	)		(0.23	)		(0.38	)		(0.35	)		(0.46	)
Total dividends and distributions		(0.17	)		(0.37	)		(0.39	)		(0.38	)		(0.43	)		(0.55	)
Net asset value, end of period		$5.81			$5.57			$6.48			$6.50			$6.31			$7.98
Total Return(c):		7.60%			(8.83)%			5.85%			9.31%			(15.90)%			(2.12)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$63,274			$55,000			$27,020			$27,462			$24,821			$28,578
Average net assets (000)		$59,754			$49,644			$26,437			$25,994			$25,969			$30,288
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.88%	(f)		0.88%			0.88%			1.03%			1.05%			1.05%
Expenses before waivers and/or expense reimbursement		1.32%	(f)		1.41%			1.88%			2.06%			2.11%			1.82%
Net investment income (loss)		5.49%	(f)		5.50%			5.58%			5.36%			5.50%			6.14%
Portfolio turnover rate(g)		27%			113%			186%			196%			101%			110%

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

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

(b) Less than $0.005 per share.

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 63

Financial Highlights (unaudited) (continued)

Class R6 Shares
	Six Months Ended April 30, 2019			Year Ended October 31,
				2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$5.56			$6.47			$6.50			$6.30			$7.98			$8.71
Income (loss) from investment operations:
Net investment income (loss)		0.15			0.36			0.37			0.35			0.39			0.51
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.27			(0.89	)		-	(b)		0.23			(1.63	)		(0.69	)
Total from investment operations		0.42			(0.53	)		0.37			0.58			(1.24	)		(0.18	)
Less Dividends and Distributions:
Dividends from net investment income*		(0.17	)		-			(0.16	)		-	(b)		(0.09	)		(0.09	)
Tax return of capital distributions		-			(0.38	)		(0.24	)		(0.38	)		(0.35	)		(0.46	)
Total dividends and distributions		(0.17	)		(0.38	)		(0.40	)		(0.38	)		(0.44	)		(0.55	)
Net asset value, end of period		$5.81			$5.56			$6.47			$6.50			$6.30			$7.98
Total Return(c):		7.51%			(8.63)%			5.82%			9.55%			(15.94)%			(1.97)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$24			$1			$1			$1			$1			$1
Average net assets (000)		$3			$1			$1			$1			$1			$1
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.88%	(f)		0.88%			0.88%			1.03%			1.05%			1.05%
Expenses before waivers and/or expense reimbursement		520.39%	(f)		1,595.87%			1.83%			2.06%			2.01%			1.69%
Net investment income (loss)		5.10%	(f)		5.73%			5.73%			5.47%			5.60%			6.17%
Portfolio turnover rate(g)		27%			113%			186%			196%			101%			110%

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

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

(b) Less than $0.005 per share.

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

64

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

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. 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 • Michael S. Hyland • Stuart S. Parker • Brian K. Reid • Grace C. Torres

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Chad A. Earnst, Chief Compliance Officer • Dino Capasso, Deputy Chief Compliance Officer • Andrew R. French, Secretary • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Peter Parrella, Assistant Treasurer • Lana Lomuti, Assistant Treasurer • Linda McMullin, Assistant Treasurer • Kelly A. Coyne, Assistant Treasurer • Charles H. Smith, Anti-Money Laundering Compliance Officer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	PGIM Fixed Income	655 Broad Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
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 pgiminvestments.com 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 pgiminvestments.com/edelivery and enroll. Instead of receiving printed documents by mail, you will receive notification via email when new materials are available. You can cancel your enrollment or change your email address at any time by visiting the website address above.

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

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

AVAILABILITY OF PORTFOLIO SCHEDULE

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

Mutual Funds:

ARE NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY MAY LOSE VALUE ARE NOT A DEPOSIT OF OR GUARANTEED BY ANY BANK OR ANY BANK AFFILIATE

PGIM EMERGING MARKETS DEBT LOCAL CURRENCY FUND

SHARE CLASS	A	C	Z	R6
NASDAQ	EMDAX	EMDCX	EMDZX	EMDQX
CUSIP	743969750	743969743	743969727	743969735

MF212E2

PGIM JENNISON EMERGING MARKETS EQUITY OPPORTUNITIES FUND

SEMIANNUAL REPORT

APRIL 30, 2019

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (pgiminvestments.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-225-1852 or by sending an email request to PGIM Investments at shareholderreports@pgim.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary or follow instructions included with this notice to elect to continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-225-1852 or send an email request to shareholderreports@pgim.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

To enroll in e-delivery, go to pgiminvestments.com/edelivery

Objective: Long-term growth of capital

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

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

The accompanying financial statements as of April 30, 2019 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC, member SIPC. Jennison Associates LLC is a registered investment adviser. Both are Prudential Financial companies. ^© 2019 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 pgiminvestments.com

Table of Contents

Letter from the President	5
Your Fund’s Performance	6
Fees and Expenses	8
Holdings and Financial Statements	11

PGIM Jennison Emerging Markets Equity Opportunities Fund 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for PGIM Jennison Emerging Markets Equity Opportunities Fund informative and useful. The report covers performance for the six-month period ended April 30, 2019.

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 consider it a great privilege and responsibility to help investors participate in opportunities across global markets while meeting their toughest investment challenges. PGIM is a top-10 global investment manager with more than $1 trillion in assets under management. This investment expertise allows us to deliver actively managed funds and strategies to meet the needs of investors around the globe.

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Jennison Emerging Markets Equity Opportunities Fund

June 14, 2019

PGIM Jennison Emerging Markets Equity Opportunities Fund 5

Your Fund’s Performance (unaudited)

Performance data quoted represents 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 pgiminvestments.com or by calling (800) 225-1852.

	Total Returns as of 4/30/19 (without sales charges)	Average Annual Total Returns as of 4/30/19 (with sales charges)
	Six Months* (%)	One Year (%)	Since Inception (%)
Class A	20.04	–10.26	1.82 (9/16/14)
Class C	19.59	–6.71	2.30 (9/16/14)
Class Z	20.27	–4.83	3.32 (9/16/14)
Class R6	20.27	–4.83	3.33 (9/16/14)
MSCI Emerging Markets Index
	13.76	–5.04	3.85
Lipper Emerging Markets Funds Average
	13.57	–5.59	2.62

Source: PGIM Investments LLC and Lipper Inc.

*Not annualized

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

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 original purchase price or 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

6 Visit our website at pgiminvestments.com

Benchmark Definitions

MSCI Emerging Markets Index—The MSCI Emerging Markets Index is an unmanaged free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 24 emerging market country indexes: Brazil, Chile, China, Colombia, the Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates.

Lipper Emerging Markets Funds Average—The Lipper Emerging Markets Funds Average (Lipper Average) includes funds that seek long-term capital appreciation by investing at least 65% of total assets in emerging market equity securities, where “emerging market” is defined by a country’s GNP per capita or other economic measures.

Investors cannot invest directly in an index or average. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes. Returns for the Lipper Average reflect the deduction of operating expenses of a mutual fund, but not sales charges or taxes.

Presentation of Fund Holdings

Five Largest Holdings expressed as a percentage of net assets as of 04/30/19 (%)
Tencent Holdings Ltd., Interactive Media & Services	8.3
MercadoLibre, Inc., Internet & Direct Marketing Retail	7.9
Alibaba Group Holding Ltd., Internet & Direct Marketing Retail	7.7
Kweichow Moutai Co. Ltd. (Class A Stock), Beverages	6.2
Wuxi Biologics Cayman, Inc., Life Sciences Tools & Services	3.7

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

Five Largest Industries expressed as a percentage of net assets as of 04/30/19 (%)
Internet & Direct Marketing Retail	23.4
Interactive Media & Services	9.4
Beverages	7.6
Food & Staples Retailing	5.7
Banks	5.4

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

PGIM Jennison Emerging Markets Equity Opportunities Fund 7

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 April 30, 2019. 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

8 Visit our website at pgiminvestments.com

and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information provided in the expense table. Additional fees have the effect of reducing investment returns.

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

PGIM Jennison Emerging Markets Equity Opportunities  Fund		Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,206.70		1.45	%	$	7.93
	Hypothetical	$	1,000.00	$	1,017.60		1.45	%	$	7.25
Class C	Actual	$	1,000.00	$	1,202.40		2.20	%	$	12.01
	Hypothetical	$	1,000.00	$	1,013.88		2.20	%	$	10.99
Class Z	Actual	$	1,000.00	$	1,208.90		1.20	%	$	6.57
	Hypothetical	$	1,000.00	$	1,018.84		1.20	%	$	6.01
Class R6	Actual	$	1,000.00	$	1,208.90		1.20	%	$	6.57
	Hypothetical	$	1,000.00	$	1,018.84		1.20	%	$	6.01

* Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended April 30, 2019, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2019 (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 Jennison Emerging Markets Equity Opportunities Fund 9

Schedule of Investments (unaudited)

as of April 30, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    93.9%
COMMON STOCKS
Argentina    7.9%
MercadoLibre, Inc.*		3,008	$	1,456,293
Brazil    5.1%
Lojas Renner SA		34,337		405,623
Pagseguro Digital Ltd. (Class A Stock)*		12,367		322,284
Raia Drogasil SA		11,756		205,582
				933,489
Chile    1.6%
Sociedad Quimica y Minera de Chile SA, ADR(a)		8,367		298,200
China    39.8%
Alibaba Group Holding Ltd., ADR*		7,625		1,414,971
Baidu, Inc., ADR*		1,210		201,138
CStone Pharmaceuticals, 144A*		53,383		93,019
Ctrip.com International Ltd., ADR*		6,828		300,773
Hangzhou Hikvision Digital Technology Co. Ltd. (Class A Stock)		48,085		233,516
Hua Medicine, 144A*		76,861		69,097
HUYA, Inc., ADR*		9,789		233,859
Innovent Biologics, Inc., 144A*(a)		30,917		98,962
Jiangsu Hengrui Medicine Co. Ltd. (Class A Stock)		61,042		595,903
Kweichow Moutai Co. Ltd. (Class A Stock)		7,831		1,132,431
Meituan Dianping (Class B Stock)*(a)		36,301		264,708
Pinduoduo, Inc., ADR*		11,437		254,245
Shanghai Junshi Biosciences Co. Ltd. (Class H Stock), 144A*		7,543		30,809
Shenzhou International Group Holdings Ltd.		13,941		187,662
Tencent Holdings Ltd.		31,031		1,534,935
Wuxi Biologics Cayman, Inc., 144A*		67,235		677,659
				7,323,687
India    19.3%
Ashok Leyland Ltd.		213,565		267,598
Asian Paints Ltd.		21,320		449,260
Biocon Ltd.		51,061		436,623
Eicher Motors Ltd.		729		213,921
Godrej Consumer Products Ltd.		46,369		435,153
HDFC Bank Ltd., ADR		4,201		481,646
MakeMyTrip Ltd.*		25,070		632,015

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
India (cont’d.)
Maruti Suzuki India Ltd.		4,243	$	407,233
Titan Co. Ltd.		13,692		228,357
				3,551,806
Indonesia    6.3%
Ace Hardware Indonesia Tbk PT		5,467,747		633,689
Mitra Adiperkasa Tbk PT		7,634,990		534,202
				1,167,891
Macau    1.9%
Sands China Ltd.		64,283		353,822
Malaysia    1.5%
IHH Healthcare Bhd		205,448		276,506
Mexico    1.4%
Arca Continental SAB de CV		43,861		249,431
Peru    1.7%
Credicorp Ltd.		1,310		310,339
Philippines    0.7%
GT Capital Holdings, Inc.		8,052		133,867
Russia    1.4%
X5 Retail Group NV, GDR		8,207		249,738
South Korea    1.0%
Samsung SDI Co. Ltd.		938		190,133
Thailand    4.3%
CP ALL PCL		240,542		584,844
Kasikornbank PCL, NVDR		32,846		196,875
				781,719
TOTAL LONG-TERM INVESTMENTS (cost $12,524,661)				17,276,921
SHORT-TERM INVESTMENTS    10.2%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(w)		1,173,884		1,173,884

See Notes to Financial Statements.

12

Description	Shares		Value
AFFILIATED MUTUAL FUNDS (Continued)
PGIM Institutional Money Market Fund (cost $701,994; includes $700,306 of cash collateral for securities on loan)(b)(w)		702,025	$	702,235
TOTAL SHORT-TERM INVESTMENTS (cost $1,875,878)				1,876,119
TOTAL INVESTMENTS    104.1% (cost $14,400,539)				19,153,040
Liabilities in excess of other assets    (4.1)%				(755,097	)
NET ASSETS    100.0%			$	18,397,943

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

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

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

LIBOR—London Interbank Offered Rate

NVDR—Non-voting Depositary Receipt

* 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 $653,155; cash collateral of $700,306 (included in liabilities) was received with which the Series purchased highly liquid short-term investments.

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

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

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of April 30, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Argentina	$	1,456,293	$	—	$	—
Brazil		933,489		—		—
Chile		298,200		—		—

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund 13

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Common Stocks (continued)
China	$	2,404,986	$	4,918,701	$	—
India		1,113,661		2,438,145		—
Indonesia		—		1,167,891		—
Macau		—		353,822		—
Malaysia		—		276,506		—
Mexico		249,431		—		—
Peru		310,339		—		—
Philippines		—		133,867		—
Russia		—		249,738		—
South Korea		—		190,133		—
Thailand		—		781,719		—
Affiliated Mutual Funds		1,876,119		—		—
Total	$	8,642,518	$	10,510,522	$	—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2019 were as follows:

Internet & Direct Marketing Retail	23.4	%
Affiliated Mutual Funds (3.8% represents investments purchased with collateral from securities on loan)	10.2
Interactive Media & Services	9.4
Beverages	7.6
Food & Staples Retailing	5.7
Banks	5.4
Multiline Retail	5.1
Chemicals	4.0
Life Sciences Tools & Services	3.7
Pharmaceuticals	3.6
Biotechnology	3.6
Specialty Retail	3.4
Automobiles	3.4

Personal Products	2.4	%
Electronic Equipment, Instruments & Components	2.3
Textiles, Apparel & Luxury Goods	2.2
Hotels, Restaurants & Leisure	1.9
IT Services	1.8
Health Care Providers & Services	1.5
Machinery	1.5
Entertainment	1.3
Diversified Financial Services	0.7
	104.1
Liabilities in excess of other assets	(4.1	)
	100.0	%

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

The Series entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions, where the legal right to set-off exists, is presented in the summary below.

See Notes to Financial Statements.

14

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	$	653,155	$	(653,155	)	$	—

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

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund 15

Statement of Assets & Liabilities (unaudited)

as of April 30, 2019

Assets
Investments at value, including securities on loan of $653,155:
Unaffiliated investments (cost $12,524,661)	$	17,276,921
Affiliated investments (cost $1,875,878)		1,876,119
Foreign currency, at value (cost $4,368)		4,368
Receivable for investments sold		25,830
Dividends and interest receivable		19,443
Due from Manager		1,663
Receivable for Series shares sold		1,216
Prepaid expenses		284
Total Assets		19,205,844
Liabilities
Payable to broker for collateral for securities on loan		700,306
Accrued expenses and other liabilities		81,815
Foreign capital gains tax liability accrued		21,600
Distribution fee payable		2,006
Affiliated transfer agent fee payable		1,374
Payable for Series shares reacquired		800
Total Liabilities		807,901
Net Assets	$	18,397,943
Net assets were comprised of:
Common stock, at par	$	15,915
Paid-in capital in excess of par		16,002,668
Total distributable earnings (loss)		2,379,360
Net assets, April 30, 2019	$	18,397,943

See Notes to Financial Statements.

16

Class A
Net asset value and redemption price per share, ($3,098,176 ÷ 269,381 shares of common stock issued and outstanding)	$	11.50
Maximum sales charge (5.50% of offering price)		0.67
Maximum offering price to public	$	12.17
Class C
Net asset value, offering price and redemption price per share, ($1,615,291 ÷ 145,372 shares of common stock issued and outstanding)	$	11.11
Class Z
Net asset value, offering price and redemption price per share, ($2,050,006 ÷ 176,271 shares of common stock issued and outstanding)	$	11.63
Class R6
Net asset value, offering price and redemption price per share, ($11,634,470 ÷ 1,000,515 shares of common stock issued and outstanding)	$	11.63

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund 17

Statement of Operations (unaudited)

Six Months Ended April 30, 2019

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $2,294 foreign withholding tax)	$	37,090
Income from securities lending, net (including affiliated income of $1,788)		26,197
Affiliated dividend income		8,170
Total income		71,457
Expenses
Management fee		86,168
Distribution fee(a)		11,746
Custodian and accounting fees		36,451
Registration fees(a)		32,745
Audit fee		14,817
Shareholders’ reports		12,099
Legal fees and expenses		8,114
Transfer agent’s fees and expenses (including affiliated expense of $3,818)(a)		6,197
Directors’ fees		5,944
Miscellaneous		9,606
Total expenses		223,887
Less: Fee waiver and/or expense reimbursement(a)		(113,662	)
Distribution fee waiver(a)		(668	)
Net expenses		109,557
Net investment income (loss)		(38,100	)
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $609) (net of foreign capital gains taxes $(21,600))		45,991
Foreign currency transactions		1,705
		47,696
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $241) (net of change in foreign capital gains taxes $1,148)		3,011,096
Foreign currencies		(112	)
		3,010,984
Net gain (loss) on investment and foreign currency transactions		3,058,680
Net Increase (Decrease) In Net Assets Resulting From Operations	$	3,020,580

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

	Class A			Class C			Class Z			Class R6
Distribution fee		4,006			7,740			—			—
Registration fees		8,029			8,030			8,521			8,165
Transfer agent’s fees and expenses		3,884			1,034			1,261			18
Fee waiver and/or expense reimbursement		(24,068	)		(16,107	)		(16,851	)		(56,636	)
Distribution fee waiver		(668	)		—			—			—

See Notes to Financial Statements.

18

Statements of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2019			Year Ended October 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(38,100	)	$	(52,445	)
Net realized gain (loss) on investment and foreign currency transactions		47,696			(112,363	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		3,010,984			(2,460,454	)
Net increase (decrease) in net assets resulting from operations		3,020,580			(2,625,262	)
Series share transactions (Net of share conversions)
Net proceeds from shares sold		1,362,724			3,466,110
Cost of shares reacquired		(553,102	)		(2,244,237	)
Net increase (decrease) in net assets from Series share transactions		809,622			1,221,873
Total increase (decrease)		3,830,202			(1,403,389	)
Net Assets:
Beginning of period		14,567,741			15,971,130
End of period	$	18,397,943		$	14,567,741

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund 19

Notes to Financial Statements (unaudited)

Prudential World Fund, Inc. (the “Fund”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Fund was established as a Maryland business trust on September 28, 1994. The Fund currently consists of seven series: PGIM Jennison Emerging Markets Equity Opportunities Fund, PGIM Jennison Global Opportunities Fund, PGIM Jennison International Opportunities Fund and PGIM QMA International Equity Fund, each of which are diversified funds and PGIM Jennison Global Infrastructure Fund, PGIM Emerging Markets Debt Hard Currency Fund and PGIM Emerging Markets Debt Local Currency Fund, each of which are non-diversified funds for purposes of the 1940 Act and may invest a greater percentage of their 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. These financial statements relate only to the PGIM Jennison Emerging Markets Equity Opportunities Fund (the “Series”).

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

1. Accounting Policies

The Series 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 accounting policies conform to U.S. generally accepted accounting principles. The Series consistently follows such policies in the preparation of its financial statements.

Securities Valuation: The Series holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Fund’s Board of Directors (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Series 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. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

20

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

Various inputs determine how the Series’ 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 Measurements and Disclosures.

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

Foreign equities traded on foreign securities exchanges are generally valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements up to the time the Series 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, non-exchange-traded mutual funds are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy.

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

PGIM Jennison Emerging Markets Equity Opportunities Fund 21

Notes to Financial Statements (unaudited) (continued)

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

Illiquid Securities: Pursuant to Rule 22e-4 under the 1940 Act, the Series has adopted a Board approved Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Series limit its illiquid investments that are assets to no more than 15% of net assets. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Series may find it difficult to sell illiquid securities at the time considered most advantageous by its subadviser and may incur transaction costs that would not be incurred in the sale of securities that were freely marketable.

Restricted Securities: Securities acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer are considered restricted as to disposition under federal securities law (“restricted securities”). Such restricted securities are valued pursuant to the valuation procedures noted above. Restricted securities that would otherwise be considered illiquid investments pursuant to the Series’ LRMP because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. Therefore, these Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act of 1933, may be classified higher than “illiquid” under the LRMP (i.e. “moderately liquid” or “less liquid” investments). However, the liquidity of the Series’ investments in restricted securities could be impaired if trading does not develop or declines.

Foreign Currency Translation: The books and records of the Series 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 current rates of exchange;

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

22

Although the net assets of the Series are presented at the foreign exchange rates and market values at the close of the period, the Series 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 Series 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 realized foreign currency gains (losses) are included in the reported net realized gains (losses) on investment transactions.

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 securities transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Series’ books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

Master Netting Arrangements: The Series 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 the Series. A master netting arrangement between the Series and the counterparty permits the Series to offset amounts payable by the Series to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Series to cover the Series’ 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. During the reporting period, there was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

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

PGIM Jennison Emerging Markets Equity Opportunities Fund 23

Notes to Financial Statements (unaudited) (continued)

The Series 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. The Series 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 on the Statement of Operations as “Income from securities lending, net”.

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 Series becomes aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Class specific expenses 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 Series’ policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.

Dividends and Distributions: The Series expects to pay dividends from net investment income and distributions from net realized capital and currency gains, if any, annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, 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.

Estimates: The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial

24

statements. Actual results could differ from those estimates.

2. Agreements

The Fund, on behalf of the Series, has a management agreement with PGIM Investments. Pursuant to this agreement, PGIM Investments has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. In addition, under the management agreement, PGIM Investments provides all of the administrative functions necessary for the organization, operation and management of the Series. PGIM Investments administers the corporate affairs of the Series and, in connection therewith, furnishes the Series with office facilities, together with those ordinary clerical and bookkeeping services which are not being furnished by the Series’ custodian and the Series’ transfer agent. PGIM Investments is also responsible for the staffing and management of dedicated groups of legal, marketing, compliance and related personnel necessary for the operation of the Series. The legal, marketing, compliance and related personnel are also responsible for the management and oversight of the various service providers to the Series, including, but not limited to, the custodian, transfer agent, and accounting agent.

PGIM Investments has entered into a subadvisory agreement with Jennison Associates LLC (“Jennison”). The subadvisory agreement provides that Jennison will furnish investment advisory services in connection with the management of the Series. In connection therewith, Jennison is obligated to keep certain books and records of the Series. PGIM Investments pays for the services of Jennison, the cost of compensation of officers of the Series, occupancy and certain clerical and bookkeeping costs of the Series. The Series bears all other costs and expenses.

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 1.05% of the Series’ average daily net assets up to $5 billion and 1.025% of the Series’ average daily net assets in excess of $5 billion. The effective management fee rate before any waivers and/or expense reimbursements was 1.05% for the period ended April 30, 2019.

The Manager has contractually agreed, through February 29, 2020, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 1.45% of average daily net assets for Class A shares, 2.20% of average daily net assets for Class C shares, 1.20% of average daily net assets for Class Z shares, and 1.20% of average daily net assets for Class R6 shares. The contractual waiver and expense limitation excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, and certain other Series expenses such as dividend and interest expense and broker charges on short sales.

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives similar expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or

PGIM Jennison Emerging Markets Equity Opportunities Fund 25

Notes to Financial Statements (unaudited) (continued)

reimbursed by PGIM Investments may be recouped by PGIM Investments 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 Fund, on behalf of the Series, 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 Series. The Series compensates PIMS for distributing and servicing the Series’ Class A and Class C shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z and Class R6 shares of the Series.

Pursuant to the Distribution Plans, the Series compensates PIMS for distribution related activities at an annual rate of up to 0.30% and 1% of the average daily net assets of the Class A and Class C shares, respectively. PIMS has contractually agreed to limit such fee to 0.25% of the average daily net assets of the Class A shares through February 29, 2020.

For the reporting period ended April 30, 2019, PIMS received $3,098 in front-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended April 30, 2019, PIMS received $32 in contingent deferred sales charges imposed upon redemptions by certain Class C shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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

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

The Series 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, and/or common officers. Pursuant to the Rule 17a-7 procedures and consistent with

26

guidance issued by the SEC, the Series’ Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such 17a-7 transactions were effected in accordance with the Series’ Rule 17a-7 procedures. Any 17a-7 transactions for the reporting period are disclosed in the “Portfolio Securities” note, below.

The Series may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. Through the Series’ investments in the mentioned underlying funds, PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services. Earnings from the Core Fund and Money Market Fund are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2019, were $1,656,678 and $1,732,226, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the reporting period ended April 30, 2019, is presented as follows:

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Income
	PGIM Core Ultra Short Bond Fund*
$	394,167	$	2,605,474	$	1,825,757	$	—	$	—	$	1,173,884		1,173,884	$	8,170
	PGIM Institutional Money Market Fund*
	807,439		16,823,082		16,929,136		241		609		702,235		702,025		1,788	**
$	1,201,606	$	19,428,556	$	18,754,893	$	241	$	609	$	1,876,119			$	9,958

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

** This amount is included in “Income from securities lending, net” on the Statement of Operations.

For the reporting period ended April 30, 2019, no 17a-7 transactions were entered into by the Series.

PGIM Jennison Emerging Markets Equity Opportunities Fund 27

Notes to Financial Statements (unaudited) (continued)

5. Tax Information

The United States federal income tax basis of the Series’ investments and the net unrealized appreciation as of April 30, 2019 were as follows:

Tax Basis	$	14,400,774
Gross Unrealized Appreciation		5,367,966
Gross Unrealized Depreciation		(615,700	)
Net Unrealized Appreciation	$	4,752,266

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

For federal income tax purposes, the Series had a capital loss carryforward as of October 31, 2018 of approximately $2,352,000 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

The Series elected to treat late year ordinary income losses of approximately $30,000 as having been incurred in the following fiscal year (October 31, 2019).

The Manager has analyzed the Series’ 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 Series’ financial statements for the current reporting period. The Series’ federal, state and local income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

6. Capital and Ownership

The Series offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately 10 years after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charge and are available exclusively for sale to a limited group of investors.

28

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

The Fund is authorized to issue 5.075 billion shares of common stock, with a par value of $0.01 per share, which is divided into seven series. There are 865 million shares authorized for the Series, divided into five classes, designated Class A, Class C, Class Z, Class R6 and Class T common stock, each of which consists of 25 million, 65 million, 300 million, 250 million and 225 million authorized shares, respectively. The Series currently does not have any Class T shares outstanding.

As of April 30, 2019, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned 1,000,515 Class R6 shares of the Series. At reporting period end, three shareholders of record, each holding greater than 5% of the Series, held 81% of the Series’ outstanding shares, of which 63% were held by an affiliate of Prudential.

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Six months ended April 30, 2019:
Shares sold		39,515		$	408,528
Shares reacquired		(19,374	)		(203,961	)
Net increase (decrease) in shares outstanding before conversion		20,141			204,567
Shares issued upon conversion from other share class(es)		9,701			113,306
Shares reacquired upon conversion into other share class(es)		(2,270	)		(26,107	)
Net increase (decrease) in shares outstanding		27,572		$	291,766
Year ended October 31, 2018:
Shares sold		155,646		$	1,901,408
Shares reacquired		(108,937	)		(1,274,373	)
Net increase (decrease) in shares outstanding before conversion		46,709			627,035
Shares reacquired upon conversion into other share class(es)		(1,943	)		(22,936	)
Net increase (decrease) in shares outstanding		44,766		$	604,099
Class C
Six months ended April 30, 2019:
Shares sold		15,702		$	152,345
Shares reacquired		(6,147	)		(64,090	)
Net increase (decrease) in shares outstanding before conversion		9,555			88,255
Shares reacquired upon conversion into other share class(es)		(10,925	)		(121,669	)
Net increase (decrease) in shares outstanding		(1,370	)	$	(33,414	)
Year ended October 31, 2018:
Shares sold		30,840		$	362,143
Shares reacquired		(20,870	)		(229,131	)
Net increase (decrease) in shares outstanding before conversion		9,970			133,012
Shares reacquired upon conversion into other share class(es)		(1,961	)		(22,185	)
Net increase (decrease) in shares outstanding		8,009		$	110,827

PGIM Jennison Emerging Markets Equity Opportunities Fund 29

Notes to Financial Statements (unaudited) (continued)

Class Z	Shares			Amount
Six months ended April 30, 2019:
Shares sold		75,102		$	801,851
Shares reacquired		(27,528	)		(285,051	)
Net increase (decrease) in shares outstanding before conversion		47,574			516,800
Shares issued upon conversion from other share class(es)		3,099			34,470
Net increase (decrease) in shares outstanding		50,673		$	551,270
Year ended October 31, 2018:
Shares sold		99,645		$	1,202,559
Shares reacquired		(64,853	)		(740,733	)
Net increase (decrease) in shares outstanding before conversion		34,792			461,826
Shares issued upon conversion from other share class(es)		3,814			45,121
Net increase (decrease) in shares outstanding		38,606		$	506,947
Class R6
Six months ended April 30, 2019:
Net increase (decrease) in shares outstanding		—		$	—
Year ended October 31, 2018:
Net increase (decrease) in shares outstanding		—		$	—

7. Borrowings

The Fund, on behalf of the Series, along with other affiliated registered investment companies (the “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 SCA provides for a commitment of $900 million for the period October 4, 2018 through October 3, 2019. The Funds pay an annualized commitment fee of 0.15% of the unused portion of the SCA. The Series’ portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. The interest on borrowings under the SCA is paid monthly and at a per annum interest rate based upon a contractual spread plus the higher of (1) the effective federal funds rate, (2) the 1-month LIBOR rate or (3) zero percent.

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

The Series did not utilize the SCA during the reporting period ended April 30, 2019.

30

8. Risks of Investing in the Series

The Series’ risks include, but are not limited to, some or all of the risks discussed below:

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.

Equity and Equity-Related Securities Risks: The value of a particular security could go down and you could lose money. In addition to an individual security losing value, the value of the equity markets or a sector in which the Series invests could go down. The Series’ holdings can vary significantly from broad market indexes and the performance of the Series can deviate from the performance of these indexes. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

Foreign Securities Risk: The Series’ investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Series may invest may have markets that are less liquid, less regulated and more volatile than US markets. The value of the Series’ investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability.

Geographic Concentration Risk: The Series’ performance may be closely tied to the market, economic, political, regulatory or other conditions in the countries or regions in which the Series 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.

Market and Credit Risk: Securities markets may be volatile and the market prices of the Series’ 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 Series fall, the value of an investment in the Series will decline. Additionally, the Series may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Series has unsettled or open transactions defaults.

9. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the Series’ policy for the timing of transfers between levels. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019,

PGIM Jennison Emerging Markets Equity Opportunities Fund 31

Notes to Financial Statements (unaudited) (continued)

and interim periods within those fiscal years. The Manager has evaluated the implications of certain provisions of the ASU and has determined to early adopt aspects related to the removal and modification of certain fair value measurement disclosures under the ASU effective immediately. At this time, the Manager is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

32

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30, 2019			Year Ended October 31,												September 16, 2014(a) through October 31, 2014
				2018			2017			2016			2015
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$9.58			$11.19			$9.34			$8.81			$10.09			$10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)		(0.04	)		(0.04	)		(0.04	)		(0.04	)		(0.01	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.95			(1.57	)		1.89			0.57			(1.24	)		0.10
Total from investment operations		1.92			(1.61	)		1.85			0.53			(1.28	)		0.09
Net asset value, end of period		$11.50			$9.58			$11.19			$9.34			$8.81			$10.09
Total Return(c):		20.04%			(14.39)%			19.81%			6.02%			(12.69)%			0.90%
Ratios/Supplemental Data:
Net assets, end of period (000)		$3,098			$2,316			$2,204			$869			$311			$18
Average net assets (000)		$2,693			$2,956			$1,363			$528			$208			$15
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.45%	(f)		1.45%			1.45%			1.45%			1.54%			1.55%	(f)
Expenses before waivers and/or expense reimbursement		3.30%	(f)		3.27%			3.28%			3.87%			3.40%			14.06%	(f)
Net investment income (loss)		(0.57)%	(f)		(0.35)%			(0.35)%			(0.49)%			(0.48)%			(0.93)%	(f)
Portfolio turnover rate(g)		10%			23%			45%			44%			67%			15%

(a) Commencement of operations.

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund 33

Financial Highlights (unaudited) (continued)

Class C Shares
	Six Months Ended April 30, 2019			Year Ended October 31,												September 16, 2014(a) through October 31, 2014
				2018			2017			2016			2015
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$9.29			$10.93			$9.20			$8.74			$10.08			$10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.07	)		(0.13	)		(0.11	)		(0.11	)		(0.13	)		(0.02	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.89			(1.51	)		1.84			0.57			(1.21	)		0.10
Total from investment operations		1.82			(1.64	)		1.73			0.46			(1.34	)		0.08
Net asset value, end of period		$11.11			$9.29			$10.93			$9.20			$8.74			$10.08
Total Return(c):		19.59%			(15.00)%			18.80%			5.26%			(13.29)%			0.80%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,615			$1,363			$1,516			$734			$662			$501
Average net assets (000)		$1,561			$1,775			$973			$672			$699			$296
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		2.20%	(f)		2.20%			2.20%			2.20%			2.29%			2.30%	(f)
Expenses before waivers and/or expense reimbursement		4.28%	(f)		4.20%			4.00%			4.62%			4.12%			15.19%	(f)
Net investment income (loss)		(1.33)%	(f)		(1.14)%			(1.17)%			(1.29)%			(1.36)%			(1.79)%	(f)
Portfolio turnover rate(g)		10%			23%			45%			44%			67%			15%

(a) Commencement of operations.

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

34

Class Z Shares
	Six Months Ended April 30, 2019			Year Ended October 31,												September 16, 2014(a) through October 31, 2014
				2018			2017			2016			2015
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$9.67			$11.27			$9.39			$8.82			$10.09			$10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)		(0.01	)		(0.02	)		(0.03	)		(0.04	)		(0.01	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.98			(1.59	)		1.90			0.60			(1.23	)		0.10
Total from investment operations		1.96			(1.60	)		1.88			0.57			(1.27	)		0.09
Net asset value, end of period		$11.63			$9.67			$11.27			$9.39			$8.82			$10.09
Total Return(c):		20.27%			(14.20)%			20.02%			6.46%			(12.59)%			0.90%
Ratios/Supplemental Data:
Net assets, end of period (000)		$2,050			$1,215			$980			$183			$60			$10
Average net assets (000)		$1,582			$1,443			$490			$102			$17			$10
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.20%	(f)		1.20%			1.20%			1.20%			1.29%			1.30%	(f)
Expenses before waivers and/or expense reimbursement		3.35%	(f)		3.56%			2.94%			3.55%			3.48%			13.51%	(f)
Net investment income (loss)		(0.29)%	(f)		(0.13)%			(0.19)%			(0.31)%			(0.44)%			(0.67)%	(f)
Portfolio turnover rate(g)		10%			23%			45%			44%			67%			15%

(a) Commencement of operations.

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund 35

Financial Highlights (unaudited) (continued)

Class R6 Shares
	Six Months Ended April 30, 2019			Year Ended October 31,												September 16, 2014(a) through October 31, 2014
				2018			2017			2016			2015
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$9.67			$11.27			$9.39			$8.83			$10.09			$10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)		(0.02	)		(0.01	)		(0.03	)		(0.04	)		(0.01	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.98			(1.58	)		1.89			0.59			(1.21	)		0.10
Total from investment operations		1.96			(1.60	)		1.88			0.56			(1.25	)		0.09
Less Dividends and Distributions:
Dividends from net investment income		-			-			-			-			(0.01	)		-
Net asset value, end of period		$11.63			$9.67			$11.27			$9.39			$8.83			$10.09
Total Return(c):		20.27%			(14.20)%			20.02%			6.34%			(12.44)%			0.90%
Ratios/Supplemental Data:
Net assets, end of period (000)		$11,634			$9,675			$11,271			$9,404			$8,840			$10,101
Average net assets (000)		$10,713			$11,852			$9,893			$8,722			$9,518			$9,785
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.20%	(f)		1.20%			1.20%			1.20%			1.29%			1.30%	(f)
Expenses before waivers and/or expense reimbursement		2.27%	(f)		2.32%			2.78%			3.13%			2.91%			13.37%	(f)
Net investment income (loss)		(0.34)%	(f)		(0.17)%			(0.13)%			(0.29)%			(0.40)%			(0.68)%	(f)
Portfolio turnover rate(g)		10%			23%			45%			44%			67%			15%

(a) Commencement of operations.

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

36

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

PROXY VOTING

The Board of Trustees 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. 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.

TRUSTEES

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

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Chad A. Earnst, Chief Compliance Officer • Dino Capasso, Deputy Chief Compliance Officer • Andrew R. French, Secretary • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Peter Parrella, Assistant Treasurer • Lana Lomuti, Assistant Treasurer • Linda McMullin, Assistant Treasurer • Kelly A. Coyne, Assistant Treasurer • Charles H. Smith, Anti-Money Laundering Compliance Officer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	Jennison Associates LLC	466 Lexington Avenue New York, NY 10017
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
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 pgiminvestments.com 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 pgiminvestments.com/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 TRUSTEES

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

AVAILABILITY OF PORTFOLIO SCHEDULE

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

Mutual Funds:

ARE NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY MAY LOSE VALUE ARE NOT A DEPOSIT OF OR GUARANTEED BY ANY BANK OR ANY BANK AFFILIATE

PGIM JENNISON EMERGING MARKETS EQUITY OPPORTUNITIES FUND

SHARE CLASS	A	C	Z	R6
NASDAQ	PDEAX	PDECX	PDEZX	PDEQX
CUSIP	743969644	743969636	743969610	743969628

MF225E2    

PGIM JENNISON GLOBAL OPPORTUNITIES FUND

SEMIANNUAL REPORT

APRIL 30, 2019

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (pgiminvestments.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-225-1852 or by sending an email request to PGIM Investments at shareholderreports@pgim.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary or follow instructions included with this notice to elect to continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-225-1852 or send an email request to shareholderreports@pgim.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

To enroll in e-delivery, go to pgiminvestments.com/edelivery

Objective: To seek long-term growth of capital

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

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

The accompanying financial statements as of April 30, 2019 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC, member SIPC. Jennison Associates LLC is a registered investment adviser. Both are Prudential Financial companies. ^© 2019 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 pgiminvestments.com

Table of Contents

Letter from the President	5
Your Fund’s Performance	6
Fees and Expenses	9
Holdings and Financial Statements	11

PGIM Jennison Global Opportunities Fund 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for PGIM Jennison Global Opportunities Fund informative and useful. The report covers performance for the six-month period ended April 30, 2019.

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 consider it a great privilege and responsibility to help investors participate in opportunities across global markets while meeting their toughest investment challenges. PGIM is a top-10 global investment manager with more than $1 trillion in assets under management. This investment expertise allows us to deliver actively managed funds and strategies to meet the needs of investors around the globe.

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Jennison Global Opportunities Fund

June 14, 2019

PGIM Jennison Global Opportunities Fund 5

Your Fund’s Performance (unaudited)

Performance data quoted represents 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 pgiminvestments.com or by calling (800) 225-1852.

	Total Returns as of 4/30/19 (without sales charges)	Average Annual Total Returns as of 4/30/19 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Since Inception (%)
Class A	15.88	5.58	12.41	12.74 (3/14/12)
Class C	15.38	9.77	12.83	12.77 (3/14/12)
Class Z	15.95	11.90	13.95	13.91 (3/14/12)
Class R2	N/A	N/A	N/A	23.17* (12/27/18)
Class R4	N/A	N/A	N/A	23.26* (12/27/18)
Class R6	16.03	12.04	N/A	14.38 (12/22/14)
MSCI ACWI ND Index
	9.37	5.06	6.96	—
Lipper Global Multi-Cap Growth Funds Average**
	12.14	6.77	8.35	—
Lipper Global Large-Cap Growth Funds Average**
	12.64	9.48	8.42	—

Source: PGIM Investments LLC and Lipper Inc.

*Not annualized

**The Fund is compared to the Lipper Global Multi-Cap Growth Funds Average performance universe, although Lipper classifies the Fund in the Lipper Global Large-Cap Growth Funds performance universe. The Lipper Global Multi-Cap Growth Funds performance universe is utilized because the Fund’s manager believes that the funds included in this universe provide a more appropriate basis for fund performance comparison.

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

6 Visit our website at pgiminvestments.com

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

	Class A	Class C	Class Z	Class R2	Class R4	Class R6
Maximum initial sales charge	5.50% of the public offering price	None	None	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)	1.00% on sales of $1 million or more made within 12 months of purchase	1.00% on sales made within 12 months of purchase	None	None	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.30% (0.25% currently)	1.00%	None	0.25%	None	None
Shareholder services fees	None	None	None	0.10%	0.10%	None

Benchmark Definitions

MSCI ACWI ND Index—The Morgan Stanley Capital International All Country World Net Dividend 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 average annual total returns for the Index measured from the month-end closest to the inception date of the Fund’s Class A, Class C, and Class Z shares are 8.82% and 7.56% for Class R6 shares. The cumulative total return for the Index measured from the month-end closest to the inception date of the Fund’s Class R2 and Class R4 is 15.96%.

Lipper Global Multi-Cap Growth Funds Average—The Lipper Global Multi-Cap Growth Funds Average (Lipper Average) is based on the average return of all funds in the Lipper Global Multi-Cap Growth Funds universe for the periods noted. Funds in the Lipper Average are funds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Global multi-cap growth funds typically have above-average characteristics compared to the MSCI World Index. The average annual total returns for the Lipper Average measured from the month-end closest to the inception date of the Fund’s Class A, Class C, and

PGIM Jennison Global Opportunities Fund 7

Your Fund’s Performance (continued)

Class Z shares are 9.79% and 8.82% for Class R6 shares. The cumulative total return for the Lipper Average measured from the month-end closest to the inception date of the Fund’s Class R2 and Class R4 is 19.20%.

Lipper Global Large-Cap Growth Funds Average—The Lipper Global Large-Cap Growth Funds Average (Lipper Average) is based on the average return of all funds in the Lipper Global Large-Cap Growth Funds universe for the periods noted. Funds in the Lipper Average are funds that, by portfolio practice, invest at least 75% of their equity assets in companies both inside and outside of the US with market capitalizations (on a three-year weighted basis) above Lipper’s global large-cap floor. Global large-cap growth funds typically have above average characteristics compared to their large-cap specific subset of the MSCI World Index. The average annual total returns for the Lipper Average measured from the month-end closest to the inception date of the Fund’s Class A, Class C, and Class Z shares are 10.12% and 9.21% for Class R6 shares. The cumulative total return for the Lipper Average measured from the month-end closest to the inception date of the Fund’s Class R2 and Class R4 is 18.67%.

Investors cannot invest directly in an index or average. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes. Returns for the Lipper Average reflect the deduction of operating expenses of a mutual fund, but not sales charges or taxes.

Presentation of Fund Holdings

Five Largest Holdings expressed as a percentage of net assets as of 04/30/19 (%)
Amazon.com, Inc., Internet & Direct Marketing Retail	6.2
Tencent Holdings Ltd., Interactive Media & Services	5.8
Mastercard, Inc. (Class A Stock), IT Services	4.6
Adyen NV, IT Services	4.2
Netflix, Inc., Entertainment	4.1

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

Five Largest Industries expressed as a percentage of net assets as of 04/30/19 (%)
IT Services	18.3
Interactive Media & Services	12.0
Internet & Direct Marketing Retail	10.7
Textiles, Apparel & Luxury Goods	10.2
Health Care Equipment & Supplies	7.9

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

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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 April 30, 2019. 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

PGIM Jennison Global Opportunities Fund 9

Fees and Expenses (continued)

and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information provided in the expense table. Additional fees have the effect of reducing investment returns.

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

PGIM Jennison Global Opportunities Fund		Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,158.80		1.08	%	$	5.78
	Hypothetical	$	1,000.00	$	1,019.44		1.08	%	$	5.41
Class C	Actual	$	1,000.00	$	1,153.80		1.94	%	$	10.36
	Hypothetical	$	1,000.00	$	1,015.17		1.94	%	$	9.69
Class Z	Actual	$	1,000.00	$	1,159.50		0.93	%	$	4.98
	Hypothetical	$	1,000.00	$	1,020.18		0.93	%	$	4.66
Class R2**	Actual	$	1,000.00	$	1,231.70		1.34	%	$	5.08
	Hypothetical	$	1,000.00	$	1,018.15		1.34	%	$	6.71
Class R4**	Actual	$	1,000.00	$	1,232.60		1.09	%	$	4.13
	Hypothetical	$	1,000.00	$	1,019.39		1.09	%	$	5.46
Class R6	Actual	$	1,000.00	$	1,160.30		0.84	%	$	4.50
	Hypothetical	$	1,000.00	$	1,020.63		0.84	%	$	4.21

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended April 30, 2019, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

**“Actual” expenses are calculated using the 124 day period ended April 30, 2019 due to the Class inception date of December 27, 2018.

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Schedule of Investments (unaudited)

as of April 30, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    98.3%
COMMON STOCKS
Argentina    1.9%
MercadoLibre, Inc.*(a)		83,985	$	40,660,498
Canada    2.7%
Shopify, Inc. (Class A Stock)*(a)		245,976		59,902,535
China    8.4%
Alibaba Group Holding Ltd., ADR*(a)		311,077		57,726,559
Tencent Holdings Ltd.		2,573,741		127,308,983
				185,035,542
France    9.5%
Kering SA		58,968		35,033,182
LVMH Moet Hennessy Louis Vuitton SE(a)		185,653		73,105,662
Remy Cointreau SA(a)		219,954		29,327,689
Safran SA		483,119		70,587,681
				208,054,214
India    1.9%
HDFC Bank Ltd., ADR		367,830		42,171,710
Italy    2.9%
Ferrari NV		474,028		64,558,044
Japan    1.3%
Keyence Corp.		46,151		28,863,850
Netherlands    6.8%
Adyen NV, 144A*		113,131		92,599,703
ASML Holding NV		265,829		55,675,727
				148,275,430
Switzerland    3.9%
Givaudan SA		14,834		38,499,344
Straumann Holding AG		56,923		46,163,526
				84,662,870
United States    59.0%
Alphabet, Inc. (Class A Stock)*		50,259		60,258,531
Amazon.com, Inc.*		70,094		135,037,493

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
United States (cont’d.)
Boeing Co. (The)		170,716	$	64,477,726
Edwards Lifesciences Corp.*		385,390		67,855,617
Eli Lilly & Co.(a)		368,656		43,147,498
Facebook, Inc. (Class A Stock)*		386,980		74,841,932
Guardant Health, Inc.*(a)		61,760		4,045,898
Illumina, Inc.*(a)		149,526		46,652,112
Intuitive Surgical, Inc.*		117,745		60,124,129
Lululemon Athletica, Inc.*		182,696		32,218,440
Mastercard, Inc. (Class A Stock)		392,715		99,843,862
Netflix, Inc.*		242,492		89,852,986
NIKE, Inc. (Class B Stock)		950,078		83,445,351
PayPal Holdings, Inc.*		548,402		61,843,293
QUALCOMM, Inc.(a)		306,044		26,359,570
salesforce.com, Inc.*		324,981		53,735,608
Square, Inc. (Class A Stock)*		583,275		42,474,085
Tesla, Inc.*(a)		104,404		24,920,191
Thermo Fisher Scientific, Inc.		182,165		50,541,679
Twilio, Inc. (Class A Stock)*		327,145		44,864,665
Vertex Pharmaceuticals, Inc.*		313,637		52,998,380
Workday, Inc. (Class A Stock)*(a)		348,639		71,690,638
				1,291,229,684
TOTAL LONG-TERM INVESTMENTS (cost $1,730,916,250)				2,153,414,377
SHORT-TERM INVESTMENTS    16.3%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(w)		43,816,566		43,816,566
PGIM Institutional Money Market Fund (cost $313,378,045; includes $312,593,570 of cash collateral for securities on loan)(b)(w)		313,361,008		313,455,017
TOTAL SHORT-TERM INVESTMENTS (cost $357,194,611)				357,271,583
TOTAL INVESTMENTS    114.6% (cost $2,088,110,861)				2,510,685,960
Liabilities in excess of other assets    (14.6)%				(320,243,539	)
NET ASSETS    100.0%			$	2,190,442,421

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

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

See Notes to Financial Statements.

12

ADR—American Depositary Receipt

LIBOR—London Interbank Offered Rate

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $303,717,189; cash collateral of $312,593,570 (included in liabilities) was received with which the Series purchased highly liquid short-term investments.

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

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

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of April 30, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Argentina	$	40,660,498	$	—	$	—
Canada		59,902,535		—		—
China		57,726,559		127,308,983		—
France		—		208,054,214		—
India		42,171,710		—		—
Italy		—		64,558,044		—
Japan		—		28,863,850		—
Netherlands		—		148,275,430		—
Switzerland		—		84,662,870		—
United States		1,291,229,684		—		—
Affiliated Mutual Funds		357,271,583		—		—
Total	$	1,848,962,569	$	661,723,391	$	—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2019 were as follows:

IT Services	18.3	%
Affiliated Mutual Funds (14.3% represents investments purchased with collateral from securities on loan)	16.3
Interactive Media & Services	12.0
Internet & Direct Marketing Retail	10.7
Textiles, Apparel & Luxury Goods	10.2
Health Care Equipment & Supplies	7.9	%
Aerospace & Defense	6.1
Software	5.8
Life Sciences Tools & Services	4.4
Entertainment	4.1
Automobiles	4.0
Semiconductors & Semiconductor Equipment	3.8

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 13

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Industry Classification (continued):

Biotechnology	2.4	%
Pharmaceuticals	2.0
Banks	1.9
Chemicals	1.8
Beverages	1.4
Electronic Equipment, Instruments & Components	1.3

Health Care Providers & Services	0.2	%
	114.6
Liabilities in excess of other assets	(14.6	)
	100.0	%

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

The Series entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions, where the legal right to set-off exists, is presented in the summary below.

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/(Liabilities)		Collateral Pledged/(Received)(1)			Net Amount
Securities on Loan	$	303,717,189	$	(303,717,189	)	$	—

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

See Notes to Financial Statements.

14

Statement of Assets & Liabilities (unaudited)

as of April 30, 2019

Assets
Investments at value, including securities on loan of $303,717,189:
Unaffiliated investments (cost $1,730,916,250)	$	2,153,414,377
Affiliated investments (cost $357,194,611)		357,271,583
Foreign currency, at value (cost $695,849)		699,185
Receivable for Series shares sold		11,033,133
Receivable for investments sold		9,086,022
Dividends receivable		1,253,490
Tax reclaim receivable		359,159
Prepaid expenses		3,664
Total Assets		2,533,120,613
Liabilities
Payable to broker for collateral for securities on loan		312,593,570
Payable for investments purchased		24,151,275
Payable for Series shares reacquired		3,441,481
Management fee payable		1,355,122
Accrued expenses and other liabilities		894,152
Distribution fee payable		214,599
Affiliated transfer agent fee payable		27,993
Total Liabilities		342,678,192
Net Assets	$	2,190,442,421
Net assets were comprised of:
Common stock, at par	$	872,631
Paid-in capital in excess of par		1,851,830,868
Total distributable earnings (loss)		337,738,922
Net assets, April 30, 2019	$	2,190,442,421

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 15

Statement of Assets & Liabilities (unaudited)

as of April 30, 2019

Class A
Net asset value and redemption price per share, ($217,495,339 ÷ 8,741,258 shares of common stock issued and outstanding)	$	24.88
Maximum sales charge (5.50% of offering price)		1.45
Maximum offering price to public	$	26.33
Class C
Net asset value, offering price and redemption price per share, ($211,290,014 ÷ 8,972,135 shares of common stock issued and outstanding)	$	23.55
Class Z
Net asset value, offering price and redemption price per share, ($1,299,889,950 ÷ 51,374,791 shares of common stock issued and outstanding)	$	25.30
Class R2
Net asset value, offering price and redemption price per share, ($32,645 ÷ 1,287 shares of common stock issued and outstanding)	$	25.36
Class R4
Net asset value, offering price and redemption price per share, ($103,126 ÷ 4,063 shares of common stock issued and outstanding)	$	25.38
Class R6
Net asset value, offering price and redemption price per share, ($461,631,347 ÷ 18,169,609 shares of common stock issued and outstanding)	$	25.41

See Notes to Financial Statements.

16

Statement of Operations (unaudited)

Six Months Ended April 30, 2019

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $562,070 foreign withholding tax)	$	5,904,178
Income from securities lending, net (including affiliated income of $222,374)		740,475
Affiliated dividend income		391,865
Total income		7,036,518
Expenses
Management fee		7,109,959
Distribution fee(a)		1,188,072
Shareholder servicing fees(a)		9
Transfer agent’s fees and expenses (including affiliated expense of $74,337)(a)		659,998
Custodian and accounting fees		153,151
Registration fees(a)		113,409
SEC registration fees		45,713
Shareholders’ reports		36,953
Directors’ fees		20,728
Audit fee		13,823
Legal fees and expenses		12,041
Miscellaneous		19,098
Total expenses		9,372,954
Less: Fee waiver and/or expense reimbursement(a)		(312,278	)
Distribution fee waiver(a)		(45,609	)
Net expenses		9,015,067
Net investment income (loss)		(1,978,549	)
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(21,084))		(27,349,415	)
Foreign currency transactions		(30,399	)
		(27,379,814	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $88,570)		300,270,798
Foreign currencies		(4,196	)
		300,266,602
Net gain (loss) on investment and foreign currency transactions		272,886,788
Net Increase (Decrease) In Net Assets Resulting From Operations	$	270,908,239

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 17

Statement of Operations (unaudited)

Six Months Ended April 30, 2019

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

	Class A			Class C			Class Z			Class R2			Class R4			Class R6
Distribution fee		273,650			914,411			—			11			—			—
Shareholder servicing fees		—			—			—			4			5			—
Transfer agent’s fees and expenses		102,134			92,443			463,070			581			581			1,189
Registration fees		16,305			13,319			41,368			7,109			7,109			28,199
Fee waiver and/or expense reimbursement		(135,186	)		(20,673	)		(96,133	)		(7,684	)		(7,682	)		(44,920	)
Distribution fee waiver		(45,609	)		—			—			—			—			—

See Notes to Financial Statements.

18

Statements of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2019			Year Ended October 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(1,978,549	)	$	(5,397,731	)
Net realized gain (loss) on investment and foreign currency transactions		(27,379,814	)		(31,754,951	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		300,266,602			(9,911,236	)
Net increase (decrease) in net assets resulting from operations		270,908,239			(47,063,918	)
Series share transactions (Net of share conversions)
Net proceeds from shares sold		707,572,233			1,284,233,392
Cost of shares reacquired		(301,891,644	)		(256,901,201	)
Net increase (decrease) in net assets from Series share transactions		405,680,589			1,027,332,191
Total increase (decrease)		676,588,828			980,268,273
Net Assets:
Beginning of period		1,513,853,593			533,585,320
End of period	$	2,190,442,421		$	1,513,853,593

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 19

Notes to Financial Statements (unaudited)

Prudential World Fund, Inc. (the “Fund”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company and currently consists of seven series: PGIM Jennison Emerging Markets Equity Opportunities Fund, PGIM Jennison Global Opportunities Fund, PGIM Jennison International Opportunities Fund and PGIM QMA International Equity Fund, each of which are diversified funds and PGIM Jennison Global Infrastructure Fund, PGIM Emerging Markets Debt Hard Currency Fund and PGIM Emerging Markets Debt Local Currency Fund, each of which are non-diversified funds for purposes of the 1940 Act and may invest a greater percentage of their 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. These financial statements relate only to the PGIM Jennison Global Opportunities Fund (the “Series”).

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

1. Accounting Policies

The Series 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 accounting policies conform to U.S. generally accepted accounting principles. The Series consistently follows such policies in the preparation of its financial statements.

Securities Valuation: The Series holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Fund’s Board of Directors (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Series 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. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur

20

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

Various inputs determine how the Series’ 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 Measurements and Disclosures.

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

Foreign equities traded on foreign securities exchanges are generally valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements up to the time the Series 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, non-exchange-traded mutual funds are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy.

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

PGIM Jennison Global Opportunities Fund 21

Notes to Financial Statements (unaudited) (continued)

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

Illiquid Securities: Pursuant to Rule 22e-4 under the 1940 Act, the Series has adopted a Board approved Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Series limit its illiquid investments that are assets to no more than 15% of net assets. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Series may find it difficult to sell illiquid securities at the time considered most advantageous by its subadviser and may incur transaction costs that would not be incurred in the sale of securities that were freely marketable.

Restricted Securities: Securities acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer are considered restricted as to disposition under federal securities law (“restricted securities”). Such restricted securities are valued pursuant to the valuation procedures noted above. Restricted securities that would otherwise be considered illiquid investments pursuant to the Series’ LRMP because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. Therefore, these Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act of 1933, may be classified higher than “illiquid” under the LRMP (i.e. “moderately liquid” or “less liquid” investments). However, the liquidity of the Series’ investments in restricted securities could be impaired if trading does not develop or declines.

Foreign Currency Translation: The books and records of the Series 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 current rates of exchange;

(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 Series are presented at the foreign exchange rates and market values at the close of the period, the Series does not generally isolate that portion of

22

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 Series 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 realized foreign currency gains (losses) are included in the reported net realized gains (losses) on investment transactions.

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 securities transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Series’ books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

Master Netting Arrangements: The Fund, on behalf of the Series, 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 the Series. A master netting arrangement between the Series and the counterparty permits the Series to offset amounts payable by the Series to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Series to cover the Series’ 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. During the reporting period, there was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

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

PGIM Jennison Global Opportunities Fund 23

Notes to Financial Statements (unaudited) (continued)

The Series 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. The Series 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 on the Statement of Operations as “Income from securities lending, net”.

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 Series becomes aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Class specific expenses 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 Series’ policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.

Dividends and Distributions: The Series expects to pay dividends from net investment income and distributions from net realized capital and currency gains, if any, annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, 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.

Estimates: The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial

24

statements. Actual results could differ from those estimates.

2. Agreements

The Fund, on behalf of the Series, has a management agreement with PGIM Investments. Pursuant to this agreement, PGIM Investments has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. In addition, under the management agreement, PGIM Investments provides all of the administrative functions necessary for the organization, operation and management of the Series. PGIM Investments administers the corporate affairs of the Series and, in connection therewith, furnishes the Series with office facilities, together with those ordinary clerical and bookkeeping services which are not being furnished by the Series’ custodian and the Series’ transfer agent. PGIM Investments is also responsible for the staffing and management of dedicated groups of legal, marketing, compliance and related personnel necessary for the operation of the Series. The legal, marketing, compliance and related personnel are also responsible for the management and oversight of the various service providers to the Series, including, but not limited to, the custodian, transfer agent, and accounting agent.

PGIM Investments has entered into a subadvisory agreement with Jennison Associates LLC (“Jennison”). The subadvisory agreement provides that Jennison will furnish investment advisory services in connection with the management of the Series. In connection therewith, Jennison is obligated to keep certain books and records of the Series. PGIM Investments pays for the services of Jennison, the cost of compensation of officers of the Series, occupancy and certain clerical and bookkeeping costs of the Series. The Series bears all other costs and expenses.

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.825% of the Series’average daily net assets up to $1 billion and 0.800% of such assets in excess of $1 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.814% for the period ended April 30, 2019.

The Manager has contractually agreed, through February 29, 2020, to limit net annual Series operating expenses (exclusive of distribution and service (12b-1) fees, and transfer agency expenses (including sub-transfer agency and networking fees)), of each class of shares to 0.84% of the Series’ average daily net assets and to limit transfer agency, shareholder servicing, sub-transfer agency, and blue sky fees, as applicable, to the extent that such fees cause the net Series annual operating expenses to exceed 1.34% of average daily net assets for Class R2 shares and 1.09% of average daily net assets for Class R4 shares. Additionally, the Manager has contractually agreed, through February 29, 2020, to limit annual operating expenses after fee waivers and/or expense reimbursements to 1.08% of average daily net assets for Class A shares. These 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.

PGIM Jennison Global Opportunities Fund 25

Notes to Financial Statements (unaudited) (continued)

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives similar expenses on any other share class and, 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 PGIM Investments may be recouped by PGIM Investments 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 Fund, on behalf of the Series, 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 Series. The Series compensates PIMS for distributing and servicing the Series’ Class A, Class C and Class R2 shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z, Class R4 and Class R6 shares of the Series.

Pursuant to the Distribution Plans, the Series compensates PIMS for distribution related activities at an annual rate of up to 0.30%, 1% and 0.25% of the average daily net assets of the Class A, Class C and Class R2 shares, respectively. PIMS has contractually agreed to limit such fees to 0.25% of the average daily net assets of the Class A shares through February 29, 2020.

The Series 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 pay to Prudential Mutual Fund Services LLC (“PMFS”), its affiliates or third-party service providers, as compensation for services rendered to the shareholders of such Class R2 or Class R4 shares, a shareholder service fee at an annual rate of 0.10% of the average daily net assets attributable to Class R2 and Class R4 shares. The shareholder service fee is accrued daily and paid monthly.

For the reporting period ended April 30, 2019, PIMS received $726,825 in front-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended April 30, 2019, PIMS received $153 and $36,386 in contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders, respectively. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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

26

3. Other Transactions with Affiliates

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

The Series 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, and/or common officers. Pursuant to the Rule 17a-7 procedures and consistent with guidance issued by the SEC, the Series’ Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such 17a-7 transactions were effected in accordance with the Series’ Rule 17a-7 procedures. Any 17a-7 transactions for the reporting period are disclosed in the “Portfolio Securities” note, below.

The Series may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. Through the Series’ investments in the mentioned underlying funds, PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services. Earnings from the Core Fund and Money Market Fund are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2019, were $784,641,250 and $399,762,173, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the reporting period ended April 30, 2019, is presented as follows:

PGIM Jennison Global Opportunities Fund 27

Notes to Financial Statements (unaudited) (continued)

Value, Beginning of Period	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Income
PGIM Core Ultra Short Bond Fund*
$           15,403,571	$	387,867,916	$	359,454,921	$	—	$	—		$	43,816,566		43,816,566	$	391,865
PGIM Institutional Money Market Fund*
210,761,557		938,020,119		835,394,145		88,570		(21,084	)		313,455,017		313,361,008		222,374	**
$        226,165,128	$	1,325,888,035	$	1,194,849,066	$	88,570	$	(21,084	)	$	357,271,583			$	614,239

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

** This amount is included in “Income from securities lending, net” on the Statement of Operations.

For the reporting period ended April 30, 2019, no 17a-7 transactions were entered into by the Series.

5. Tax Information

The United States federal income tax basis of the Series’ investments and the net unrealized appreciation as of April 30, 2019 were as follows:

Tax Basis	$	2,096,737,824
Gross Unrealized Appreciation		429,519,184
Gross Unrealized Depreciation		(15,571,048	)
Net Unrealized Appreciation	$	413,948,136

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

For federal income tax purposes, the Series had a capital loss carryforward as of October 31, 2018 of approximately $47,206,000 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

The Series elected to treat certain late-year ordinary income losses of approximately $629,000 as having been incurred in the following fiscal year (October 31, 2019).

The Manager has analyzed the Series’ 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 Series’ financial statements for the current reporting period. The Series’ federal, state and local income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal

28

Revenue Service and state departments of revenue.

6. Capital and Ownership

The Series offers Class A, Class C, Class Z, Class R2, Class R4 and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately 10 years after purchase. Class Z, Class R2, Class R4 and Class R6 shares are not subject to any sales or redemption charge 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 Series to one or more other share classes of the Series as presented in the table of transactions in shares of common stock.

The Fund is authorized to issue 5.075 billion shares of common stock, with a par value of $0.01 per share, which is divided into seven series. There are 950 million shares authorized for the Series, divided into seven classes, designated Class A, Class C, Class Z, Class R2, Class R4, and Class R6 and Class T common stock, each of which consists of 50 million, 70 million, 300 million, 75 million, 75 million, 255 million and 125 million authorized shares, respectively. The Series currently does not have any Class T shares outstanding.

As of April 30, 2019, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned 486 Class R2 shares and 486 Class R4 shares of the Series. At reporting period end, seven shareholders of record, each holding greater than 5% of the Series, held 74% of the Series’ outstanding shares.

PGIM Jennison Global Opportunities Fund 29

Notes to Financial Statements (unaudited) (continued)

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Six months ended April 30, 2019:
Shares sold		1,914,089		$	43,099,075
Shares reacquired		(838,233	)		(18,463,263	)
Net increase (decrease) in shares outstanding before conversion		1,075,856			24,635,812
Shares issued upon conversion from other share class(es)		255,605			6,109,196
Shares reacquired upon conversion into other share class(es)		(263,313	)		(6,242,319	)
Net increase (decrease) in shares outstanding		1,068,148		$	24,502,689
Year ended October 31, 2018:
Shares sold		5,248,520		$	120,535,515
Shares reacquired		(1,281,008	)		(28,827,088	)
Net increase (decrease) in shares outstanding before conversion		3,967,512			91,708,427
Shares issued upon conversion from other share class(es)		145,935			3,322,018
Shares reacquired upon conversion into other share class(es)		(796,366	)		(18,356,167	)
Net increase (decrease) in shares outstanding		3,317,081		$	76,674,278
Class C
Six months ended April 30, 2019:
Shares sold		1,822,872		$	39,204,019
Shares reacquired		(797,746	)		(16,640,564	)
Net increase (decrease) in shares outstanding before conversion		1,025,126			22,563,455
Shares reacquired upon conversion into other share class(es)		(312,666	)		(7,092,553	)
Net increase (decrease) in shares outstanding		712,460		$	15,470,902
Year ended October 31, 2018:
Shares sold		5,122,386		$	111,862,993
Shares reacquired		(586,124	)		(12,752,680	)
Net increase (decrease) in shares outstanding before conversion		4,536,262			99,110,313
Shares reacquired upon conversion into other share class(es)		(283,448	)		(6,256,038	)
Net increase (decrease) in shares outstanding		4,252,814		$	92,854,275
Class Z
Six months ended April 30, 2019:
Shares sold		19,413,647		$	444,975,575
Shares reacquired		(10,833,464	)		(240,595,234	)
Net increase (decrease) in shares outstanding before conversion		8,580,183			204,380,341
Shares issued upon conversion from other share class(es)		390,817			9,362,132
Shares reacquired upon conversion into other share class(es)		(103,376	)		(2,407,906	)
Net increase (decrease) in shares outstanding		8,867,624		$	211,334,567
Year ended October 31, 2018:
Shares sold		34,289,075		$	799,365,247
Shares reacquired		(8,598,020	)		(197,942,065	)
Net increase (decrease) in shares outstanding before conversion		25,691,055			601,423,182
Shares issued upon conversion from other share class(es)		1,037,287			24,312,057
Shares reacquired upon conversion into other share class(es)		(160,174	)		(3,726,870	)
Net increase (decrease) in shares outstanding		26,568,168		$	622,008,369

30

Class R2	Shares			Amount
Period ended April 30, 2019*:
Shares sold		1,287		$	30,000
Net increase (decrease) in shares outstanding		1,287		$	30,000
Class R4
Period ended April 30, 2019*:
Shares sold		4,063		$	100,000
Net increase (decrease) in shares outstanding		4,063		$	100,000
Class R6
Six months ended April 30, 2019:
Shares sold		7,740,402		$	180,163,564
Shares reacquired		(1,134,870	)		(26,192,583	)
Net increase (decrease) in shares outstanding before conversion		6,605,532			153,970,981
Shares issued upon conversion from other share class(es)		11,411			271,450
Net increase (decrease) in shares outstanding		6,616,943		$	154,242,431
Year ended October 31, 2018:
Shares sold		10,875,042		$	252,469,637
Shares reacquired		(729,939	)		(17,379,368	)
Net increase (decrease) in shares outstanding before conversion		10,145,103			235,090,269
Shares issued upon conversion from other share class(es)		29,504			705,000
Net increase (decrease) in shares outstanding		10,174,607		$	235,795,269

* Commencement of offering was December 27, 2018.

7. Borrowings

The Fund, on behalf of the Series, along with other affiliated registered investment companies (the “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 SCA provides for a commitment of $900 million for the period October 4, 2018 through October 3, 2019. The Funds pay an annualized commitment fee of 0.15% of the unused portion of the SCA. The Series’ portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. The interest on borrowings under the SCA is paid monthly and at a per annum interest rate based upon a contractual spread plus the higher of (1) the effective federal funds rate, (2) the 1-month LIBOR rate or (3) zero percent.

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

PGIM Jennison Global Opportunities Fund 31

Notes to Financial Statements (unaudited) (continued)

The Series did not utilize the SCA during the reporting period ended April 30, 2019.

8. Risks of Investing in the Series

The Series’ risks include, but are not limited to, some or all of the risks discussed below:

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.

Equity and Equity-Related Securities Risks: The value of a particular security could go down and you could lose money. In addition to an individual security losing value, the value of the equity markets or a sector in which the Series invests could go down. The Series’ holdings can vary significantly from broad market indexes and the performance of the Series can deviate from the performance of these indexes. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

Foreign Securities Risk: The Series’ investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Series may invest may have markets that are less liquid, less regulated and more volatile than US markets. The value of the Series’ investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability.

Market and Credit Risk: Securities markets may be volatile and the market prices of the Series’ 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 Series fall, the value of an investment in the Series will decline. Additionally, the Series may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Series has unsettled or open transactions defaults.

9. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy,

32

and the Series’ policy for the timing of transfers between levels. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Manager has evaluated the implications of certain provisions of the ASU and has determined to early adopt aspects related to the removal and modification of certain fair value measurement disclosures under the ASU effective immediately. At this time, the Manager is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

PGIM Jennison Global Opportunities Fund 33

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30,			Year Ended October 31,
	2019			2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$21.47			$20.72			$15.14			$15.63			$14.08			$12.94
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)		(0.13	)		(0.09	)		(0.05	)		(0.09	)		(0.11	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.44			0.88			5.67			(0.44	)		1.64			1.25
Total from investment operations		3.41			0.75			5.58			(0.49	)		1.55			1.14
Net asset value, end of period		$24.88			$21.47			$20.72			$15.14			$15.63			$14.08
Total Return(b):		15.88%			3.62%			36.86%			(3.13)%			11.01%			8.81%
Ratios/Supplemental Data:
Net assets, end of period (000)		$217,495			$164,764			$90,247			$89,579			$74,049			$21,150
Average net assets (000)		$183,932			$142,313			$70,810			$100,220			$36,635			$19,352
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.08%	(e)		1.14%			1.19%			1.20%			1.38%			1.60%
Expenses before waivers and/or expense reimbursement		1.28%	(e)		1.30%			1.33%			1.36%			1.56%			1.71%
Net investment income (loss)		(0.28)%	(e)		(0.55)%			(0.55)%			(0.31)%			(0.63)%			(0.78)%
Portfolio turnover rate(f)		23%			62%			79%			88%			58%			68%

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

34

Class C Shares
	Six Months Ended April 30,			Year Ended October 31,
	2019			2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$20.41			$19.85			$14.61			$15.20			$13.79			$12.77
Income (loss) from investment operations:
Net investment income (loss)		(0.12	)		(0.30	)		(0.22	)		(0.15	)		(0.20	)		(0.21	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.26			0.86			5.46			(0.44	)		1.61			1.23
Total from investment operations		3.14			0.56			5.24			(0.59	)		1.41			1.02
Net asset value, end of period		$23.55			$20.41			$19.85			$14.61			$15.20			$13.79
Total Return(b):		15.38%			2.82%			35.87%			(3.88)%			10.22%			7.99%
Ratios/Supplemental Data:
Net assets, end of period (000)		$211,290			$168,587			$79,531			$52,246			$28,982			$5,723
Average net assets (000)		$184,385			$136,788			$55,922			$50,113			$11,330			$4,361
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.94%	(e)		1.94%			1.94%			1.95%			2.12%			2.35%
Expenses before waivers and/or expense reimbursement		1.96%	(e)		1.99%			2.03%			2.06%			2.27%			2.41%
Net investment income (loss)		(1.15)%	(e)		(1.35)%			(1.28)%			(1.07)%			(1.37)%			(1.54)%
Portfolio turnover rate(f)		23%			62%			79%			88%			58%			68%

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 35

Financial Highlights (unaudited) (continued)

Class Z Shares
	Six Months Ended April 30,			Year Ended October 31,
	2019			2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$21.82			$21.00			$15.31			$15.77			$14.17			$12.99
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)		(0.08	)		(0.05	)		(0.01	)		(0.06	)		(0.08	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.49			0.90			5.74			(0.45	)		1.66			1.26
Total from investment operations		3.48			0.82			5.69			(0.46	)		1.60			1.18
Net asset value, end of period		$25.30			$21.82			$21.00			$15.31			$15.77			$14.17
Total Return(b):		15.95%			3.90%			37.17%			(2.92)%			11.29%			9.08%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,299,890			$927,492			$334,783			$114,228			$102,800			$33,504
Average net assets (000)		$1,055,837			$693,749			$193,977			$131,042			$48,494			$30,965
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.93%	(e)		0.93%			0.94%			0.95%			1.15%			1.35%
Expenses before waivers and/or expense reimbursement		0.95%	(e)		0.97%			1.02%			1.06%			1.28%			1.42%
Net investment income (loss)		(0.12)%	(e)		(0.35)%			(0.28)%			(0.07)%			(0.41)%			(0.56)%
Portfolio turnover rate(f)		23%			62%			79%			88%			58%			68%

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

36

Class R2 Shares
	December 27, 2018(a) through April 30, 2019
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$20.59
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		4.79
Total from investment operations		4.77
Net asset value, end of period		$25.36
Total Return(c):		23.17%
Ratios/Supplemental Data:
Net assets, end of period (000)		$33
Average net assets (000)		$13
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.34%	(e)
Expenses before waivers and/or expense reimbursement		178.09%	(e)
Net investment income (loss)		(0.25)%	(e)
Portfolio turnover rate(f)		23%

(a) Commencement of offering.

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 37

Financial Highlights (unaudited) (continued)

Class R4 Shares
	December 27, 2018(a) through April 30, 2019
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$20.59
Income (loss) from investment operations:
Net investment income (loss)		0.02
Net realized and unrealized gain (loss) on investment and foreign currency transactions		4.77
Total from investment operations		4.79
Net asset value, end of period		$25.38
Total Return(c):		23.26%
Ratios/Supplemental Data:
Net assets, end of period (000)		$103
Average net assets (000)		$16
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.09%	(e)
Expenses before waivers and/or expense reimbursement		146.56%	(e)
Net investment income (loss)		0.25%	(e)
Portfolio turnover rate(f)		23%

(a) Commencement of offering.

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

38

Class R6 Shares
	Six Months Ended April 30,			Year Ended October 31,									December 22, 2014(a) through October 31,
	2019			2018			2017			2016			2015
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$21.90			$21.06			$15.33			$15.78			$14.15
Income (loss) from investment operations:
Net investment income (loss)		-	(c)		(0.06	)		(0.04	)		0.01			(0.03	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.51			0.90			5.77			(0.46	)		1.66
Total from investment operations		3.51			0.84			5.73			(0.45	)		1.63
Net asset value, end of period		$25.41			$21.90			$21.06			$15.33			$15.78
Total Return(d):		16.03%			3.99%			37.38%			(2.85)%			11.52%
Ratios/Supplemental Data:
Net assets, end of period (000)		$461,631			$253,010			$29,023			$8,647			$11
Average net assets (000)		$336,798			$133,984			$14,700			$7,736			$11
Ratios to average net assets(e)(f):
Expenses after waivers and/or expense reimbursement		0.84%	(g)		0.84%			0.84%			0.84%			1.09%	(g)
Expenses before waivers and/or expense reimbursement		0.87%	(g)		0.90%			0.92%			0.95%			1.18%	(g)
Net investment income (loss)		(0.02)%	(g)		(0.26)%			(0.23)%			0.05%			(0.27)%	(g)
Portfolio turnover rate(h)		23%			62%			79%			88%			58%

(a) Commencement of offering.

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

(c) Less than $(0.005) per share.

(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 generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

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

(g) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 39

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

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. 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 • Michael S. Hyland • Stuart S. Parker • Brian K. Reid • Grace C. Torres

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Chad A. Earnst, Chief Compliance Officer • Dino Capasso, Deputy Chief Compliance Officer • Andrew R. French, Secretary • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Peter Parrella, Assistant Treasurer • Lana Lomuti, Assistant Treasurer • Linda McMullin, Assistant Treasurer • Kelly A. Coyne, Assistant Treasurer • Charles H. Smith, Anti-Money Laundering Compliance Officer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	Jennison Associates LLC	466 Lexington Avenue New York, NY 10017
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
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 pgiminvestments.com 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 pgiminvestments.com/edelivery and enroll. Instead of receiving printed documents by mail, you will receive notification via email when new materials are available. You can cancel your enrollment or change your email address at any time by visiting the website address above.

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

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

AVAILABILITY OF PORTFOLIO SCHEDULE

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

Mutual Funds:

ARE NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY MAY LOSE VALUE ARE NOT A DEPOSIT OF OR GUARANTEED BY ANY BANK OR ANY BANK AFFILIATE

PGIM JENNISON GLOBAL OPPORTUNITIES FUND

SHARE CLASS	A	C	Z	R2	R4	R6
NASDAQ	PRJAX	PRJCX	PRJZX	PRJBX	PRJDX	PRJQX
CUSIP	743969719	743969693	743969685	743969438	743969420	743969594

MF214E2

PGIM JENNISON INTERNATIONAL OPPORTUNITIES FUND

SEMIANNUAL REPORT

APRIL 30, 2019

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (pgiminvestments.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-225-1852 or by sending an email request to PGIM Investments at shareholderreports@pgim.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary or follow instructions included with this notice to elect to continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-225-1852 or send an email request to shareholderreports@pgim.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

To enroll in e-delivery, go to pgiminvestments.com/edelivery

Objective: To seek long-term growth of capital

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

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

The accompanying financial statements as of April 30, 2019 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC, member SIPC. Jennison Associates LLC is a registered investment adviser. Both are Prudential Financial companies. ^© 2019 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 pgiminvestments.com

Table of Contents

Letter from the President	5
Your Fund’s Performance	6
Fees and Expenses	9
Holdings and Financial Statements	11

PGIM Jennison International Opportunities Fund 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for PGIM Jennison International Opportunities Fund informative and useful. The report covers performance for the six-month period ended April 30, 2019.

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 consider it a great privilege and responsibility to help investors participate in opportunities across global markets while meeting their toughest investment challenges. PGIM is a top-10 global investment manager with more than $1 trillion in assets under management. This investment expertise allows us to deliver actively managed funds and strategies to meet the needs of investors around the globe.

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Jennison International Opportunities Fund

June 14, 2019

PGIM Jennison International Opportunities Fund 5

Your Fund’s Performance (unaudited)

Performance data quoted represents 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 pgiminvestments.com or by calling (800) 225-1852.

	Total Returns as of 4/30/19 (without sales charges)	Average Annual Total Returns as of 4/30/19 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Since Inception (%)
Class A	18.58	–1.13	6.42	9.28 (6/5/12)
Class C	18.10	2.85	6.81	9.36 (6/5/12)
Class R	18.35	4.28	N/A	4.48 (11/20/17)
Class Z	18.68	4.86	7.89	10.45 (6/5/12)
Class R2	N/A	N/A	N/A	25.56* (12/27/18)
Class R4	N/A	N/A	N/A	25.70* (12/27/18)
Class R6	18.84	5.00	N/A	11.56 (12/23/15)
MSCI ACWI ex-US Index
	9.12	–3.23	2.83	—
Lipper International Multi-Cap Growth Funds Average
	10.04	–2.24	3.58	—

Source: PGIM Investments LLC and Lipper Inc.

*Not annualized

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

6 Visit our website at pgiminvestments.com

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

	Class A	Class C	Class R	Class Z	Class R2	Class R4	Class R6
Maximum initial sales charge	5.50% of the public offering price	None	None	None	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)	1.00% on sales of $1 million or more made within 12 months of purchase	1.00% on sales made within 12 months of purchase	None	None	None	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.30% (0.25% currently)	1.00%	0.75% (0.50% currently)	None	0.25%	None	None

Benchmark Definitions

MSCI All Country World Index ex-US Index—The Morgan Stanley Capital International All Country World ex-US Index (MSCI ACWI ex-US Index) is an unmanaged free float-adjusted market capitalization-weighted index that is designed to provide a broad measure of stock performance throughout the world, with the exception of US-based companies. The Index includes both developed and emerging markets. The average annual total returns for the Index measured from the month-end closest to the inception date of the Fund’s Class A, Class C, and Class Z shares are 7.27%, –0.48% for Class R shares, and 7.97% for Class R6 shares. The cumulative total return for the Index measured from the month-end closest to the inception date of the Fund’s Class R2 and Class R4 is 13.23%.

Lipper International Multi-Cap Growth Funds Average—The Lipper International Multi-Cap Growth Funds Average (Lipper Average) is based on the average return of all funds in the Lipper International Multi-Cap Growth Funds universe for the periods noted. Funds in the Lipper Average, by portfolio practice, invest in a variety of market-capitalization ranges without concentrating 75% of their equity assets in any one market-capitalization range over an extended period of time. International multi-cap growth funds typically have above-average characteristics compared to the MSCI EAFE Index. The average annual total returns for the Lipper Average measured from the month-end closest to the inception date of the Fund’s Class A, Class C, and Class Z shares are 8.04%, –0.19% for Class R shares, and 7.19% for Class R6 shares. The cumulative total return for the Lipper Average measured from the month-end closest to the inception date of the Fund’s Class R2 and Class R4 is 16.24%.

PGIM Jennison International Opportunities Fund 7

Your Fund’s Performance (continued)

Investors cannot invest directly in an index or average. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes. Returns for the Lipper Average reflect the deduction of operating expenses of a mutual fund, but not sales charges or taxes.

Presentation of Fund Holdings

Five Largest Holdings expressed as a percentage of net assets as of 04/30/19 (%)
Tencent Holdings Ltd., Interactive Media & Services	6.7
Lululemon Athletica, Inc., Textiles, Apparel & Luxury Goods	4.4
Adyen NV, IT Services	4.3
L’Oreal SA, Personal Products	4.3
Dassault Systemes SE, Software	4.1

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

Five Largest Industries expressed as a percentage of net assets as of 04/30/19 (%)
Textiles, Apparel & Luxury Goods	12.2
Health Care Equipment & Supplies	9.1
Beverages	8.3
Pharmaceuticals	8.3
IT Services	7.1

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

8 Visit our website at pgiminvestments.com

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 April 30, 2019. 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

PGIM Jennison International Opportunities Fund 9

Fees and Expenses (continued)

and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information provided in the expense table. Additional fees have the effect of reducing investment returns.

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

PGIM  Jennison International Opportunities  Fund		Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,185.80		1.09	%	$	5.91
	Hypothetical	$	1,000.00	$	1,019.39		1.09	%	$	5.46
Class C	Actual	$	1,000.00	$	1,181.00		1.91	%	$	10.33
	Hypothetical	$	1,000.00	$	1,015.32		1.91	%	$	9.54
Class R	Actual	$	1,000.00	$	1,183.50		1.48	%	$	8.01
	Hypothetical	$	1,000.00	$	1,017.46		1.48	%	$	7.40
Class Z	Actual	$	1,000.00	$	1,186.80		0.90	%	$	4.88
	Hypothetical	$	1,000.00	$	1,020.33		0.90	%	$	4.51
Class R2**	Actual	$	1,000.00	$	1,255.60		1.34	%	$	5.13
	Hypothetical	$	1,000.00	$	1,018.15		1.34	%	$	6.71
Class R4**	Actual	$	1,000.00	$	1,257.00		1.09	%	$	4.18
	Hypothetical	$	1,000.00	$	1,019.39		1.09	%	$	5.46
Class R6	Actual	$	1,000.00	$	1,188.40		0.84	%	$	4.56
	Hypothetical	$	1,000.00	$	1,020.63		0.84	%	$	4.21

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended April 30, 2019, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

**“Actual” expenses are calculated using the 124 day period ended April 30, 2019 due to the Class inception date of December 27, 2018.

10 Visit our website at pgiminvestments.com

Schedule of Investments (unaudited)

as of April 30, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    98.1%
COMMON STOCKS    94.7%
Argentina    2.4%
MercadoLibre, Inc.*		25,156	$	12,179,026
Australia    1.9%
Cochlear Ltd.		73,197		9,681,832
Canada    2.7%
Shopify, Inc. (Class A Stock)*		57,827		14,082,609
China    16.7%
Alibaba Group Holding Ltd., ADR*		94,625		17,559,561
Jiangsu Hengrui Medicine Co. Ltd. (Class A Stock)		567,045		5,535,593
Kweichow Moutai Co. Ltd. (Class A Stock)		127,577		18,448,747
Tencent Holdings Ltd.		695,151		34,385,343
Wuxi Biologics Cayman, Inc., 144A*		1,046,495		10,547,575
				86,476,819
Denmark    1.4%
Novo Nordisk A/S (Class B Stock)		144,569		7,085,940
France    25.2%
Airbus SE		118,540		16,286,305
Dassault Systemes SE		132,129		20,996,798
Kering SA		15,962		9,483,104
L’Oreal SA		80,959		22,294,699
LVMH Moet Hennessy Louis Vuitton SE		45,000		17,719,912
Pernod Ricard SA		78,528		13,704,413
Remy Cointreau SA		80,815		10,775,513
Safran SA		130,144		19,015,114
				130,275,858
Germany    1.1%
Infineon Technologies AG		237,019		5,628,669
Hong Kong    1.3%
Techtronic Industries Co. Ltd.		928,124		6,733,209
India    3.0%
HDFC Bank Ltd., ADR		136,998		15,706,821

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Italy    5.9%
Brunello Cucinelli SpA		369,657	$	13,451,399
Ferrari NV		124,856		17,004,184
				30,455,583
Japan    1.7%
Keyence Corp.		13,705		8,571,408
Netherlands    7.0%
Adyen NV, 144A*		27,429		22,451,117
ASML Holding NV		64,237		13,453,918
				35,905,035
Sweden    1.6%
Hexagon AB (Class B Stock)		155,942		8,534,001
Switzerland    9.8%
Alcon, Inc.*		37,180		2,141,148
Givaudan SA		6,048		15,696,645
Novartis AG		185,903		15,222,578
Straumann Holding AG		21,717		17,612,095
				50,672,466
United Kingdom    6.9%
Ashtead Group PLC		385,739		10,705,657
AstraZeneca PLC		195,351		14,561,200
St. James’s Place PLC		700,053		10,268,079
				35,534,936
United States    6.1%
Lululemon Athletica, Inc.*		128,899		22,731,339
Spotify Technology SA*		65,328		8,869,582
				31,600,921
TOTAL COMMON STOCKS (cost $401,712,590)				489,125,133

See Notes to Financial Statements.

12

Description	Shares		Value
PREFERRED STOCK    3.4%
Germany
Sartorius AG (PRFC) (cost $9,958,186)		95,708	$	17,576,196
TOTAL LONG-TERM INVESTMENTS (cost $411,670,776)				506,701,329
SHORT-TERM INVESTMENTS    2.2%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(w)		11,118,929		11,118,929
PGIM Institutional Money Market Fund(w)		10,780		10,783
TOTAL SHORT-TERM INVESTMENTS (cost $11,129,712)				11,129,712
TOTAL INVESTMENTS    100.3% (cost $422,800,488)				517,831,041
Liabilities in excess of other assets    (0.3)%				(1,552,313	)
NET ASSETS    100.0%			$	516,278,728

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

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

ADR—American Depositary Receipt

LIBOR—London Interbank Offered Rate

PRFC—Preference Shares

* Non-income producing security.

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

Fair Value Measurements:

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

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

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

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

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 13

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

The following is a summary of the inputs used as of April 30, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Argentina	$	12,179,026	$	—	$	—
Australia		—		9,681,832		—
Canada		14,082,609		—		—
China		17,559,561		68,917,258		—
Denmark		—		7,085,940		—
France		—		130,275,858		—
Germany		—		5,628,669		—
Hong Kong		—		6,733,209		—
India		15,706,821		—		—
Italy		—		30,455,583		—
Japan		—		8,571,408		—
Netherlands		—		35,905,035		—
Sweden		—		8,534,001		—
Switzerland		—		50,672,466		—
United Kingdom		—		35,534,936		—
United States		31,600,921		—		—
Preferred Stock
Germany		—		17,576,196		—
Affiliated Mutual Funds		11,129,712		—		—
Total	$	102,258,650	$	415,572,391	$	—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2019 were as follows:

Textiles, Apparel & Luxury Goods	12.2	%
Health Care Equipment & Supplies	9.1
Beverages	8.3
Pharmaceuticals	8.3
IT Services	7.1
Aerospace & Defense	6.9
Interactive Media & Services	6.6
Internet & Direct Marketing Retail	5.8
Personal Products	4.3
Software	4.1
Semiconductors & Semiconductor Equipment	3.7
Electronic Equipment, Instruments & Components	3.3
Automobiles	3.3

Banks	3.0	%
Chemicals	3.0
Affiliated Mutual Funds	2.2
Trading Companies & Distributors	2.1
Life Sciences Tools & Services	2.0
Capital Markets	2.0
Entertainment	1.7
Household Durables	1.3
	100.3
Liabilities in excess of other assets	(0.3	)
	100.0	%

See Notes to Financial Statements.

14

Statement of Assets & Liabilities (unaudited)

as of April 30, 2019

Assets
Investments at value:
Unaffiliated investments (cost $411,670,776)	$	506,701,329
Affiliated investments (cost $11,129,712)		11,129,712
Foreign currency, at value (cost $462,653)		464,498
Tax reclaim receivable		1,936,131
Receivable for Series shares sold		1,236,233
Dividends receivable		460,539
Receivable for investments sold		10,637
Prepaid expenses		1,218
Total Assets		521,940,297
Liabilities
Payable for investments purchased		4,495,691
Payable for Series shares reacquired		615,027
Management fee payable		291,031
Distribution fee payable		128,453
Affiliated transfer agent fee payable		65,791
Accrued expenses and other liabilities		65,576
Total Liabilities		5,661,569
Net Assets	$	516,278,728
Net assets were comprised of:
Common stock, at par	$	273,992
Paid-in capital in excess of par		456,175,245
Total distributable earnings (loss)		59,829,491
Net assets, April 30, 2019	$	516,278,728

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 15

Statement of Assets & Liabilities (unaudited)

as of April 30, 2019

Class A
Net asset value and redemption price per share, ($23,269,127 ÷ 1,240,085 shares of common stock issued and outstanding)	$	18.76
Maximum sales charge (5.50% of offering price)		1.09
Maximum offering price to public	$	19.85
Class C
Net asset value, offering price and redemption price per share, ($5,058,415 ÷ 284,070 shares of common stock issued and outstanding)	$	17.81
Class R
Net asset value, offering price and redemption price per share, ($294,085,848 ÷ 15,668,530 shares of common stock issued and outstanding)	$	18.77
Class Z
Net asset value, offering price and redemption price per share, ($138,331,323 ÷ 7,283,103 shares of common stock issued and outstanding)	$	18.99
Class R2
Net asset value, offering price and redemption price per share, ($12,557 ÷ 662 shares of common stock issued and outstanding)	$	18.96
Class R4
Net asset value, offering price and redemption price per share, ($208,492 ÷ 10,987 shares of common stock issued and outstanding)	$	18.98
Class R6
Net asset value, offering price and redemption price per share, ($55,312,966 ÷ 2,911,722 shares of common stock issued and outstanding)	$	19.00

See Notes to Financial Statements.

16

Statement of Operations (unaudited)

Six Months Ended April 30, 2019

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $414,843 foreign withholding tax)	$	3,052,845
Affiliated dividend income		88,292
Income from securities lending, net (including affiliated income of $10,926)		15,642
Total income		3,156,779
Expenses
Management fee		1,860,790
Distribution fee(a)		1,081,013
Shareholder servicing fees(a)		23
Transfer agent’s fees and expenses (including affiliated expense of $187,641)(a)		256,434
Custodian and accounting fees		91,961
Registration fees(a)		59,800
Shareholders’ reports		27,752
SEC registration fees		17,445
Audit fee		13,823
Directors’ fees		10,385
Legal fees and expenses		9,129
Miscellaneous		22,754
Total expenses		3,451,309
Less: Fee waiver and/or expense reimbursement(a)		(254,620	)
Distribution fee waiver(a)		(348,894	)
Net expenses		2,847,795
Net investment income (loss)		308,984
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $2,147)		(18,896,835	)
Foreign currency transactions		(60,145	)
		(18,956,980	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $2,422)		99,612,895
Foreign currencies		10,420
		99,623,315
Net gain (loss) on investment and foreign currency transactions		80,666,335
Net Increase (Decrease) In Net Assets Resulting From Operations	$	80,975,319

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 17

Statement of Operations (unaudited)

Six Months Ended April 30, 2019

(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		25,494			21,574			1,033,935			—			10			—			—
Shareholder servicing fees		—			—			—			—			4			19			—
Transfer agent’s fees and expenses		11,444			2,760			186,083			54,865			552			551			179
Registration fees		7,973			7,903			8,987			11,791			7,216			7,216			8,714
Fee waiver and/or expense reimbursement		(25,624	)		(10,746	)		(105,628	)		(73,012	)		(7,764	)		(7,753	)		(24,093	)
Distribution fee waiver		(4,249	)		—			(344,645	)		—			—			—			—

See Notes to Financial Statements.

18

Statements of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2019			Year Ended October 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	308,984		$	(1,656,517	)
Net realized gain (loss) on investment and foreign currency transactions		(18,956,980	)		(6,397,062	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		99,623,315			(30,907,640	)
Net increase (decrease) in net assets resulting from operations		80,975,319			(38,961,219	)
Dividends and Distributions
Distributions from distributable earnings
Class Z		(60,708	)		(54,385	)
Class R6		(50,751	)		(54,898	)
		(111,459	)		(109,283	)
Series share transactions (Net of share conversions)
Net proceeds from shares sold		103,059,253			140,754,250
Net asset value of shares issued in reinvestment of dividends and distributions		111,341			109,173
Net asset value of shares issued in merger		—			372,771,258
Cost of shares reacquired		(91,598,792	)		(112,646,693	)
Net increase (decrease) in net assets from Series share transactions		11,571,802			400,987,988
Total increase (decrease)		92,435,662			361,917,486
Net Assets:
Beginning of period		423,843,066			61,925,580
End of period	$	516,278,728		$	423,843,066

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 19

Notes to Financial Statements (unaudited)

Prudential World Fund, Inc. (the “Fund”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company and currently consists of seven series: PGIM Jennison Emerging Markets Equity Opportunities Fund, PGIM Jennison Global Opportunities Fund, PGIM Jennison International Opportunities Fund and PGIM QMA International Equity Fund, each of which are diversified funds and PGIM Jennison Global Infrastructure Fund, PGIM Emerging Markets Debt Hard Currency Fund and PGIM Emerging Markets Debt Local Currency Fund, each of which are non-diversified funds for purposes of the 1940 Act and may invest a greater percentage of their 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. These financial statements relate only to the PGIM Jennison International Opportunities Fund (the “Series”).

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

1. Accounting Policies

The Series 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 accounting policies conform to U.S. generally accepted accounting principles. The Series consistently follows such policies in the preparation of its financial statements.

Securities Valuation: The Series holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Fund’s Board of Directors (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Series 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. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur

20

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

Various inputs determine how the Series’ 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 Measurements and Disclosures.

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

Foreign equities traded on foreign securities exchanges are generally valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements up to the time the Series 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, non-exchange-traded mutual funds are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy.

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

PGIM Jennison International Opportunities Fund 21

Notes to Financial Statements (unaudited) (continued)

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

Illiquid Securities: Pursuant to Rule 22e-4 under the 1940 Act, the Series has adopted a Board approved Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Series limit its illiquid investments that are assets to no more than 15% of net assets. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Series may find it difficult to sell illiquid securities at the time considered most advantageous by its subadviser and may incur transaction costs that would not be incurred in the sale of securities that were freely marketable.

Restricted Securities: Securities acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer are considered restricted as to disposition under federal securities law (“restricted securities”). Such restricted securities are valued pursuant to the valuation procedures noted above. Restricted securities that would otherwise be considered illiquid investments pursuant to the Series’ LRMP because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. Therefore, these Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act of 1933, may be classified higher than “illiquid” under the LRMP (i.e. “moderately liquid” or “less liquid” investments). However, the liquidity of the Series’ investments in restricted securities could be impaired if trading does not develop or declines.

Foreign Currency Translation: The books and records of the Series 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 current rates of exchange;

(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 Series are presented at the foreign exchange rates and market values at the close of the period, the Series does not generally isolate that portion of

22

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 Series 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 realized foreign currency gains (losses) are included in the reported net realized gains (losses) on investment transactions.

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 securities transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Series’ books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

Master Netting Arrangements: The Fund, on behalf of the Series, 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 the Series. A master netting arrangement between the Series and the counterparty permits the Series to offset amounts payable by the Series to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Series to cover the Series’ 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. During the reporting period, there was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

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

PGIM Jennison International Opportunities Fund 23

Notes to Financial Statements (unaudited) (continued)

The Series 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. The Series 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 on the Statement of Operations as “Income from securities lending, net”.

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 Series becomes aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Class specific expenses 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 Series’ policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.

Dividends and Distributions: The Series expects to pay dividends from net investment income and distributions from net realized capital and currency gains, if any, annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, 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.

Estimates: The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial

24

statements. Actual results could differ from those estimates.

2. Agreements

The Fund, on behalf of the Series, has a management agreement with PGIM Investments. Pursuant to this agreement, PGIM Investments has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. In addition, under the management agreement, PGIM Investments provides all of the administrative functions necessary for the organization, operation and management of the Series. PGIM Investments administers the corporate affairs of the Series and, in connection therewith, furnishes the Series with office facilities, together with those ordinary clerical and bookkeeping services which are not being furnished by the Series’ custodian and the Series’ transfer agent. PGIM Investments is also responsible for the staffing and management of dedicated groups of legal, marketing, compliance and related personnel necessary for the operation of the Series. The legal, marketing, compliance and related personnel are also responsible for the management and oversight of the various service providers to the Series, including, but not limited to, the custodian, transfer agent, and accounting agent.

PGIM Investments has entered into a subadvisory agreement with Jennison Associates LLC (“Jennison”). The subadvisory agreement provides that Jennison will furnish investment advisory services in connection with the management of the Series. In connection therewith, Jennison is obligated to keep certain books and records of the Series. PGIM Investments pays for the services of Jennison, the cost of compensation of officers of the Series, occupancy and certain clerical and bookkeeping costs of the Series. The Series bears all other costs and expenses.

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.825% of the Series’average daily net assets up to and including $1 billion and 0.800% of such assets in excess of $1 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.825% for the period ended April 30, 2019.

The Manager has contractually agreed, through February 29, 2020, to reimburse and/or waive fees so that the Series’ net annual operating expenses of each share class does not exceed 0.84% of the Series’ average daily net assets (exclusive of distribution and service (12b-1) fees, and transfer agency expenses (including sub-transfer agency and networking fees)) and to limit 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. Additionally, the Manager has contractually agreed, through February 29, 2020, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 1.09% of average daily net assets for Class A shares. Separately, the Manager has contractually agreed to waive and/or reimburse up to 0.06% of certain other expenses on an annualized basis, through February 29, 2020, to the extent that the total net annual operating expenses exceed 1.90% of average daily net assets for Class C

PGIM Jennison International Opportunities Fund 25

Notes to Financial Statements (unaudited) (continued)

shares, 1.48% of average daily net assets for Class R shares, 0.90% of average daily net assets for Class Z shares, and 0.84% of average daily net assets for Class R6 shares. The contractual waivers and expense limitation above 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 Series expenses such as dividend and interest expense and broker charges on short sales.

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives similar expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by PGIM Investments may be recouped by PGIM Investments 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 Fund, on behalf of the Series, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class C, Class R, Class Z, Class R2, Class R4 and Class R6 shares of the Series. The Series compensates PIMS for distributing and servicing the Series’ 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. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z, Class R4 and Class R6 shares of the Series.

Pursuant to the Distribution Plans, the Series compensates PIMS for distribution related activities at an annual rate of up to 0.30%, 1%, 0.75% and 0.25% of the average daily net assets of the Class A, Class C, Class R and Class R2 shares, respectively. PIMS has contractually agreed through February 29, 2020 to limit such expenses to 0.25% and

0.50% of the average daily net assets of the Class A and Class R shares, respectively.

The Series 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 pay to Prudential Mutual Fund Services LLC (“PMFS”), its affiliates or third-party service providers, as compensation for services rendered to the shareholders of such Class R2 or Class R4 shares, a shareholder service fee at an annual rate of 0.10% of the average daily net assets attributable to Class R2 and Class R4 shares. The shareholder service fee is accrued daily and paid monthly.

For the reporting period ended April 30, 2019, PIMS received $44,236 in front-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended

26

April 30, 2019, PIMS received $909 and $936 in contingent deferred sales charges imposed upon redemptions by certain Class B and Class C shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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

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

The Series 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, and/or common officers. Pursuant to the Rule 17a-7 procedures and consistent with guidance issued by the SEC, the Series’ Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such 17a-7 transactions were effected in accordance with the Series’ Rule 17a-7 procedures. Any 17a-7 transactions for the reporting period are disclosed in the “Portfolio Securities” note, below.

The Series may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. Through the Series’ investments in the mentioned underlying funds, PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services. Earnings from the Core Fund and Money Market Fund are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2019, were $132,243,832 and $122,377,038, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the reporting period ended April 30, 2019, is presented as follows:

PGIM Jennison International Opportunities Fund 27

Notes to Financial Statements (unaudited) (continued)

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Income
	PGIM Core Ultra Short Bond Fund*
$	16,359,986	$	133,858,714	$	139,099,771	$	—	$	—	$	11,118,929		11,118,929	$	88,292
	PGIM Institutional Money Market Fund*
	25,773,727		118,163,487		143,931,000		2,422		2,147		10,783		10,780		10,926	**
$	42,133,713	$	252,022,201	$	283,030,771	$	2,422	$	2,147	$	11,129,712			$	99,218

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

** This amount is included in “Income from securities lending, net” on the Statement of Operations.

For the reporting period ended April 30, 2019, no 17a-7 transactions were entered into by the Series.

5. Tax Information

The United States federal income tax basis of the Series’ investments and the net unrealized appreciation as of April 30, 2019 were as follows:

Tax Basis	$	429,968,911
Gross Unrealized Appreciation		97,851,090
Gross Unrealized Depreciation		(9,988,960	)
Net Unrealized Appreciation	$	87,862,130

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

For federal income tax purposes, the Series had a capital loss carryforward as of October 31, 2018 of approximately $9,676,000 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

The Manager has analyzed the Series’ 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 Series’ financial statements for the current reporting period. The Series’ federal, state and local income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

28

6. Capital and Ownership

The Series offers Class A, Class C, Class R, Class Z, Class R2, Class R4 and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement 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 10 years after purchase. Class R, Class Z, Class R2, Class R4 and Class R6 shares are not subject to any sales or redemption charge 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 Series to one or more other share classes of the Series as presented in the table of transactions in shares of common stock.

The Fund is authorized to issue 5.075 billion shares of common stock, with a par value of $0.01 per share, which is divided into seven series. There are 900 million shares authorized for the Series, divided into eight classes, designated Class A, Class C, Class R, Class Z, Class R2, Class R4, and Class R6 and Class T common stock, each of which consists of 50 million, 50 million, 150 million, 175 million, 75 million, 75 million, 200 million and 125 million authorized shares, respectively. The Series currently does not have any Class T shares outstanding.

As of April 30, 2019, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned 568 Class R shares, 662 Class R2 shares, 662 Class R4 shares and 1,242,463 Class R6 shares of the Series. At reporting period end, six shareholders of record, each holding greater than 5% of the Series, held 83% of the Series’ outstanding shares, of which 56% were held by an affiliate of Prudential.

PGIM Jennison International Opportunities Fund 29

Notes to Financial Statements (unaudited) (continued)

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Six months ended April 30, 2019:
Shares sold		574,744		$	9,780,089
Shares reacquired		(269,018	)		(4,371,282	)
Net increase (decrease) in shares outstanding before conversion		305,726			5,408,807
Shares issued upon conversion from other share class(es)		51,116			858,145
Shares reacquired upon conversion into other share class(es)		(32,770	)		(592,750	)
Net increase (decrease) in shares outstanding		324,072		$	5,674,202
Year ended October 31, 2018:
Shares sold		660,533		$	11,796,123
Shares reacquired		(104,212	)		(1,857,275	)
Net increase (decrease) in shares outstanding before conversion		556,321			9,938,848
Shares issued upon conversion from other share class(es)		55,205			1,034,432
Shares reacquired upon conversion into other share class(es)		(5,627	)		(102,838	)
Net increase (decrease) in shares outstanding		605,899		$	10,870,442
Class C
Six months ended April 30, 2019:
Shares sold		99,470		$	1,525,978
Shares reacquired		(53,850	)		(820,776	)
Net increase (decrease) in shares outstanding before conversion		45,620			705,202
Shares reacquired upon conversion into other share class(es)		(13,534	)		(237,744	)
Net increase (decrease) in shares outstanding		32,086		$	467,458
Year ended October 31, 2018:
Shares sold		205,864		$	3,575,262
Shares reacquired		(56,955	)		(961,489	)
Net increase (decrease) in shares outstanding before conversion		148,909			2,613,773
Shares reacquired upon conversion into other share class(es)		(4,015	)		(65,643	)
Net increase (decrease) in shares outstanding		144,894		$	2,548,130
Class R
Six months ended April 30, 2019:
Shares sold		1,133,086		$	17,153,710
Shares reacquired		(2,255,809	)		(38,492,412	)
Net increase (decrease) in shares outstanding		(1,122,723	)	$	(21,338,702	)
Year ended October 31, 2018:
Shares sold		824,982		$	14,999,820
Shares reacquired		(3,064,934	)		(55,429,940	)
Shares issued in merger		19,031,205			329,810,775
Net increase (decrease) in shares outstanding		16,791,253		$	289,380,655

30

Class Z	Shares			Amount
Six months ended April 30, 2019:
Shares sold		3,246,911		$	55,445,854
Shares issued in reinvestment of dividends and distributions		3,965			60,590
Shares reacquired		(2,463,836	)		(41,332,102	)
Net increase (decrease) in shares outstanding before conversion		787,040			14,174,342
Shares issued upon conversion from other share class(es)		34,243			627,275
Shares reacquired upon conversion into other share class(es)		(40,135	)		(661,788	)
Net increase (decrease) in shares outstanding		781,148		$	14,139,829
Year ended October 31, 2018:
Shares sold		5,157,111		$	93,161,083
Shares issued in reinvestment of dividends and distributions		3,125			54,275
Shares reacquired		(2,729,560	)		(48,279,119	)
Shares issued in merger		2,461,464			42,854,094
Net increase (decrease) in shares outstanding before conversion		4,892,140			87,790,333
Shares issued upon conversion from other share class(es)		6,420			118,183
Shares reacquired upon conversion into other share class(es)		(51,659	)		(984,134	)
Net increase (decrease) in shares outstanding		4,846,901		$	86,924,382
Class R2
Period ended April 30, 2019*:
Shares sold		662		$	10,000
Net increase (decrease) in shares outstanding		662		$	10,000
Class R4
Period ended April 30, 2019*:
Shares sold		10,987		$	199,783
Net increase (decrease) in shares outstanding		10,987		$	199,783
Class R6
Six months ended April 30, 2019:
Shares sold		1,102,667		$	18,943,839
Shares issued in reinvestment of dividends and distributions		3,321			50,751
Shares reacquired		(387,930	)		(6,582,220	)
Net increase (decrease) in shares outstanding before conversion		718,058			12,412,370
Shares issued upon conversion from other share class(es)		418			6,862
Net increase (decrease) in shares outstanding		718,476		$	12,419,232
Year ended October 31, 2018:
Shares sold		994,673		$	17,221,962
Shares issued in reinvestment of dividends and distributions		3,160			54,898
Shares reacquired		(329,043	)		(6,118,870	)
Shares issued in merger		6,114			106,389
Net increase (decrease) in shares outstanding		674,904		$	11,264,379

* Commencement of offering was December 27, 2018.

7. Borrowings

The Fund, on behalf of the Series, along with other affiliated registered investment companies (the “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 SCA provides for a commitment of $900 million for the

PGIM Jennison International Opportunities Fund 31

Notes to Financial Statements (unaudited) (continued)

period October 4, 2018 through October 3, 2019. The Funds pay an annualized commitment fee of 0.15% of the unused portion of the SCA. The Series’ portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. The interest on borrowings under the SCA is paid monthly and at a per annum interest rate based upon a contractual spread plus the higher of (1) the effective federal funds rate, (2) the 1-month LIBOR rate or (3) zero percent.

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

The Series did not utilize the SCA during the reporting period ended April 30, 2019.

8. Risks of Investing in the Series

The Series’ risks include, but are not limited to, some or all of the risks discussed below:

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.

Equity and Equity-Related Securities Risks: The value of a particular security could go down and you could lose money. In addition to an individual security losing value, the value of the equity markets or a sector in which the Series invests could go down. The Series’ holdings can vary significantly from broad market indexes and the performance of the Series can deviate from the performance of these indexes. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

Foreign Securities Risk: The Series’ investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Series may invest may have markets that are less liquid, less regulated and more volatile than US markets. The value of the Series’ investments may decline because of

32

factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability.

Market and Credit Risk: Securities markets may be volatile and the market prices of the Series’ 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 Series fall, the value of an investment in the Series will decline. Additionally, the Series may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Series has unsettled or open transactions defaults.

9. Reorganization

On June 7, 2017, the Board approved an Agreement and Plan of Reorganization (the “Plans”) which provided for the transfer of all the assets of Target International Equity Portfolio (the “Merged Portfolio”) for shares of Jennison International Opportunities Fund (the “Acquiring Fund”) and the assumption of the liabilities of the Merged Portfolio respectively. Shareholders approved the Plan at a meeting on November 28, 2017 and the reorganization took place on December 15, 2017.

On the reorganization date, the Merged Portfolio had the following total investment cost and value, representing the principal assets acquired by the Acquiring Fund:

Merged Portfolio	Total Investment Value		Total Investment Cost
Target International Equity Portfolio	$	325,193,997	$	319,368,212

The purpose of the transaction was to combine two portfolios with substantially similar investment objectives and policies.

The acquisition was accomplished by a tax-free exchange of the following shares on December 15, 2017:

Merged Portfolio			Acquiring Fund
Target International Equity Portfolio			Jennison International Opportunities Fund
Class	Shares		Class		Shares		Value
R		28,199,749		R		19,031,205	$	329,810,775
Z		3,655,174		Z		2,461,464		42,854,094
R6		9,077		R6		6,114		106,389

For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Merged Portfolio were carried forward to reflect the tax-free status of the acquisition.

PGIM Jennison International Opportunities Fund 33

Notes to Financial Statements (unaudited) (continued)

The net assets and net unrealized appreciation on investments immediately before the acquisition were as follows:

Merged Portfolio					Acquiring Fund
Target International Equity Portfolio			Unrealized Appreciation on Investments		Jennison International Opportunities Fund
Class	Net assets				Class		Net assets
R	$	329,810,775	$	5,154,385		R	$	9,834
Z		42,854,094		669,737		Z		31,606,586
R6		106,389		1,663		R6		26,367,768

Assuming the acquisition had been completed on August 1, 2017, the Acquiring Fund’s unaudited pro forma results of operations for the year ended October 31, 2018 would have been as follows:

Acquiring Fund	Net Investment loss (a)			Net realized and unrealized loss on investments (b)			Net decrease in net assets resulting from operations
Jennison International Opportunities Fund		(375,158	)		(23,698,604	)		(24,073,762	)

(a) Net investment income (loss) as reported in the Statement of Operations (Year ended October 31, 2018) of the Acquiring Fund, plus net investment income from the Merged Portfolio pre-merger as follows: Target International Equity Portfolio $1,281,359.

(b) Net realized and unrealized gain (loss) on investments as reported in the Statement of Operations (Year ended October 31, 2018) of the Acquiring Fund, plus net realized and unrealized gain (loss) on investments from the Merged Portfolio pre-merger as follows: Target International Equity Portfolio $13,606,098.

Since both the Merged Portfolio and the Acquiring Fund sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

10. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the Series’ policy for the timing of transfers between levels. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Manager has evaluated the implications of certain provisions of the ASU and has determined to early adopt aspects related to the removal and modification of certain fair value measurement disclosures under the ASU effective immediately. At this time, the Manager is evaluating the implications of certain

34

other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

PGIM Jennison International Opportunities Fund 35

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30,			Year Ended October 31,
	2019			2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$15.82			$17.10			$12.36			$13.09			$13.06			$13.51
Income (loss) from investment operations:
Net investment income (loss)		0.04			(0.06	)		(0.01	)		0.02			(0.05	)		(0.06	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.90			(1.22	)		4.75			(0.75	)		0.08			0.09
Total from investment operations		2.94			(1.28	)		4.74			(0.73	)		0.03			0.03
Less Dividends and Distributions:
Distributions from net realized gains		-			-			-			-			-			(0.48	)
Net asset value, end of period		$18.76			$15.82			$17.10			$12.36			$13.09			$13.06
Total Return(b):		18.58%			(7.49)%			38.35%			(5.58)%			0.23%			0.20%
Ratios/Supplemental Data:
Net assets, end of period (000)		$23,269			$14,496			$ 5,303			$2,918			$4,167			$1,833
Average net assets (000)		$17,136			$10,393			$ 3,121			$3,575			$3,179			$1,467
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.09%	(e)		1.13%			1.15%			1.15%			1.55%			1.60%
Expenses before waivers and/or expense reimbursement		1.44%	(e)		1.55%			1.63%			1.74%			1.67%			1.90%
Net investment income (loss)		0.48%	(e)		(0.32)%			(0.07)%			0.15%			(0.39)%			(0.48)%
Portfolio turnover rate(f)		27%			59%			69%			65%			75%			61%

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

36

Class C Shares
	Six Months Ended April 30,			Year Ended October 31,
	2019			2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$15.08			$16.43			$11.96			$12.77			$12.82			$13.37
Income (loss) from investment operations:
Net investment income (loss)		(0.04	)		(0.18	)		(0.11	)		(0.08	)		(0.15	)		(0.16	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.77			(1.17	)		4.58			(0.73	)		0.10			0.09
Total from investment operations		2.73			(1.35	)		4.47			(0.81	)		(0.05	)		(0.07	)
Less Dividends and Distributions:
Distributions from net realized gains		-			-			-			-			-			(0.48	)
Net asset value, end of period		$17.81			$15.08			$16.43			$11.96			$12.77			$12.82
Total Return(b):		18.10%			(8.22)%			37.37%			(6.34)%			(0.39)%			(0.57)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$5,058			$3,800			$1,759			$779			$1,215			$465
Average net assets (000)		$4,350			$3,449			$1,080			$895			$903			$362
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.91%	(e)		1.92%			1.89%			1.90%			2.30%			2.35%
Expenses before waivers and/or expense reimbursement		2.41%	(e)		2.54%			2.32%			2.44%			2.37%			2.60%
Net investment income (loss)		(0.46)%	(e)		(1.05)%			(0.80)%			(0.67)%			(1.15)%			(1.21)%
Portfolio turnover rate(f)		27%			59%			69%			65%			75%			61%

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 37

Financial Highlights (unaudited) (continued)

Class R Shares
	Six Months Ended April 30, 2019			November 20, 2017(a) through October 31, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$15.86			$17.62
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)		(0.09	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.92			(1.67	)
Total from investment operations		2.91			(1.76	)
Net asset value, end of period		$18.77			$15.86
Total Return(c):		18.35%			(9.99)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$294,086			$266,294
Average net assets (000)		$277,987			$299,955
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.48%	(f)		1.46%	(f)
Expenses before waivers and/or expense reimbursement		1.81%	(f)		1.80%	(f)
Net investment income (loss)		(0.11)%	(f)		(0.53)%	(f)
Portfolio turnover rate(g)		27%			59%

(a) Commencement of offering.

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

38

Class Z Shares
	Six Months Ended April 30,			Year Ended October 31,
	2019			2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$16.01			$17.29			$12.50			$13.20			$13.13			$13.55
Income (loss) from investment operations:
Net investment income (loss)		0.04			(0.01	)		0.03			0.03			(0.03	)		(0.02	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.95			(1.24	)		4.79			(0.73	)		0.10			0.08
Total from investment operations		2.99			(1.25	)		4.82			(0.70	)		0.07			0.06
Less Dividends and Distributions:
Dividends from net investment income		(0.01	)		(0.03	)		(0.03	)		-			-			-
Distributions from net realized gains		-			-			-			-			-			(0.48	)
Total dividends and distributions		(0.01	)		(0.03	)		(0.03	)		-			-			(0.48	)
Net asset value, end of period		$18.99			$16.01			$17.29			$12.50			$13.20			$13.13
Total Return(b):		18.68%			(7.24)%			38.65%			(5.30)%			0.53%			0.42%
Ratios/Supplemental Data:
Net assets, end of period (000)		$138,331			$104,113			$28,612			$18,667			$46,105			$46,996
Average net assets (000)		$112,764			$75,711			$21,756			$23,274			$47,187			$38,835
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.90%	(e)		0.89%			0.89%			0.90%			1.31%			1.35%
Expenses before waivers and/or expense reimbursement		1.03%	(e)		1.04%			1.34%			1.41%			1.40%			1.54%
Net investment income (loss)		0.52%	(e)		(0.08)%			0.23%			0.25%			(0.19)%			(0.13)%
Portfolio turnover rate(f)		27%			59%			69%			65%			75%			61%

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 39

Financial Highlights (unaudited) (continued)

Class R2 Shares
	December 27, 2018(a) through April 30, 2019
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$15.10
Income (loss) from investment operations:
Net investment income (loss)		0.03
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.83
Total from investment operations		3.86
Net asset value, end of period		$18.96
Total Return(c):		25.56%
Ratios/Supplemental Data:
Net assets, end of period (000)		$13
Average net assets (000)		$11
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.34%	(e)
Expenses before waivers and/or expense reimbursement		200.99%	(e)
Net investment income (loss)		0.49%	(e)
Portfolio turnover rate(f)		27%

(a) Commencement of offering.

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

40

Class R4 Shares
	December 27, 2018(a) through April 30, 2019
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$15.10
Income (loss) from investment operations:
Net investment income (loss)		0.13
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.75
Total from investment operations		3.88
Net asset value, end of period		$18.98
Total Return(c):		25.70%
Ratios/Supplemental Data:
Net assets, end of period (000)		$208
Average net assets (000)		$56
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.09%	(e)
Expenses before waivers and/or expense reimbursement		41.52%	(e)
Net investment income (loss)		1.97%	(e)
Portfolio turnover rate(f)		27%

(a) Commencement of offering.

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 41

Financial Highlights (unaudited) (continued)

Class R6 Shares
	Six Months Ended April 30,			Year Ended October 31,						December 23, 2015(a) through October 31,
	2019			2018			2017			2016
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$16.02			$17.29			$12.50			$13.25
Income (loss) from investment operations:
Net investment income (loss)		0.05			(0.01	)		0.04			0.06
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.95			(1.22	)		4.79			(0.81	)
Total from investment operations		3.00			(1.23	)		4.83			(0.75	)
Less Dividends and Distributions:
Dividends from net investment income		(0.02	)		(0.04	)		(0.04	)		-
Net asset value, end of period		$19.00			$16.02			$17.29			$12.50
Total Return(c):		18.84%			(7.15)%			38.75%			(5.66)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$55,313			$35,141			$26,252			$23,073
Average net assets (000)		$42,531			$26,736			$24,927			$23,677
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.84%	(f)		0.84%			0.84%			0.84%	(f)
Expenses before waivers and/or expense reimbursement		0.95%	(f)		1.00%			1.30%			1.43%	(f)
Net investment income (loss)		0.64%	(f)		(0.05)%			0.28%			0.60%	(f)
Portfolio turnover rate(g)		27%			59%			69%			65%

(a) Commencement of offering.

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

42

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

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. 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 • Michael S. Hyland • Stuart S. Parker • Brian K. Reid • Grace C. Torres

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Chad A. Earnst, Chief Compliance Officer • Dino Capasso, Deputy Chief Compliance Officer • Andrew R. French, Secretary • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Peter Parrella, Assistant Treasurer • Lana Lomuti, Assistant Treasurer • Linda McMullin, Assistant Treasurer • Kelly A. Coyne, Assistant Treasurer • Charles H. Smith, Anti-Money Laundering Compliance Officer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	Jennison Associates LLC	466 Lexington Avenue New York, NY 10017
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
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 pgiminvestments.com 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 pgiminvestments.com/edelivery and enroll. Instead of receiving printed documents by mail, you will receive notification via email when new materials are available. You can cancel your enrollment or change your email address at any time by visiting the website address above.

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

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

AVAILABILITY OF PORTFOLIO SCHEDULE

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

Mutual Funds:

ARE NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY MAY LOSE VALUE ARE NOT A DEPOSIT OF OR GUARANTEED BY ANY BANK OR ANY BANK AFFILIATE

PGIM JENNISON INTERNATIONAL OPPORTUNITIES FUND

SHARE CLASS	A	C	R	Z	R2	R4	R6
NASDAQ	PWJAX	PWJCX	PWJRX	PWJZX	PWJBX	PWJDX	PWJQX
CUSIP	743969677	743969669	743969487	743969651	743969412	743969396	743969586

MF215E2

PGIM JENNISON GLOBAL INFRASTRUCTURE FUND

SEMIANNUAL REPORT

APRIL 30, 2019

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (pgiminvestments.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-225-1852 or by sending an email request to PGIM Investments at shareholderreports@pgim.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary or follow instructions included with this notice to elect to continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-225-1852 or send an email request to shareholderreports@pgim.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

To enroll in e-delivery, go to pgiminvestments.com/edelivery

Objective: Total return

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

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

The accompanying financial statements as of April 30, 2019 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC, member SIPC. Jennison Associates LLC is a registered investment adviser. Both are Prudential Financial companies. ^© 2019 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 pgiminvestments.com

Table of Contents

Letter from the President	5
Your Fund’s Performance	6
Fees and Expenses	9
Holdings and Financial Statements	11

PGIM Jennison Global Infrastructure Fund 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for PGIM Jennison Global Infrastructure Fund informative and useful. The report covers performance for the six-month period ended April 30, 2019.

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 consider it a great privilege and responsibility to help investors participate in opportunities across global markets while meeting their toughest investment challenges. PGIM is a top-10 global investment manager with more than $1 trillion in assets under management. This investment expertise allows us to deliver actively managed funds and strategies to meet the needs of investors around the globe.

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Jennison Global Infrastructure Fund

June 14, 2019

PGIM Jennison Global Infrastructure Fund 5

Your Fund’s Performance (unaudited)

Performance data quoted represents 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 pgiminvestments.com or by calling (800) 225-1852.

	Total Returns as of 4/30/19 (without sales charges)	Average Annual Total Returns as of 4/30/19 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Since Inception (%)
Class A	14.91	1.60	3.63	6.37 (9/25/13)
Class C	14.44	5.78	4.04	6.64 (9/25/13)
Class Z	14.99	7.82	5.08	7.71 (9/25/13)
Class R6	15.08	7.82	N/A	10.73 (12/28/16)
S&P Global Infrastructure Index
	13.52	6.86	4.40	—
S&P 500 Index
	9.75	13.48	11.62	—
Lipper Global Infrastructure Funds Average
	12.60	8.75	4.95	—

Source: PGIM Investments LLC and Lipper Inc.

*Not annualized

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes and the Lipper Average are measured from the closest month-end to the class’ inception date.

6 Visit our website at pgiminvestments.com

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 original purchase price or net asset value at redemption)	1.00% on sales of $1 million or more made within 12 months of purchase	1.00% on sales made within 12 months of purchase	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.30% (0.25% currently)	1.00%	None	None

Benchmark Definitions

S&P Global Infrastructure Index—The S&P Global Infrastructure Index is an unmanaged index that consists of 75 companies from around the world that represent the listed infrastructure universe. To create diversified exposure across the global listed infrastructure market, the Index has balanced weights across three distinct infrastructure clusters: Utilities, Transportation, and Energy. The average annual total returns for the Index measured from the month-end closest to the inception date of the Fund’s Class A, Class C, and Class Z shares are 6.30% and 9.24% for Class R6 shares.

S&P 500 Index—The S&P 500 Index is an unmanaged index of over 500 stocks of large US public companies. It gives a broad look at how stock prices in the United States have performed. The average annual total returns for the Index measured from the month-end closest to the inception date of the Fund’s Class A, Class C, and Class Z shares are 12.84% and 14.70% for Class R6 shares.

Lipper Global Infrastructure Funds Average—The Lipper Global Infrastructure Funds Average (Lipper Average) is based on the average return of all funds in the Lipper Global Infrastructure Funds universe for the periods noted. Funds in the Lipper Average invest primarily in equity securities of domestic and foreign companies engaged in an infrastructure industry, including but not limited to transportation, communication, and waste management. The average annual total returns for the Lipper Average measured from the month-end closest to the inception date of the Fund’s Class A, Class C, and Class Z shares are 6.83% and 9.63% for Class R6 shares.

PGIM Jennison Global Infrastructure Fund 7

Your Fund’s Performance (continued)

Investors cannot invest directly in an index or average. The returns for the Indexes would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes. Returns for the Lipper Average reflect the deduction of operating expenses of a mutual fund, but not sales charges or taxes.

Presentation of Fund Holdings

Five Largest Holdings expressed as a percentage of net assets as of 4/30/19 (%)
NextEra Energy, Inc., Electric Utilities	5.1
Union Pacific Corp., Road & Rail	3.8
ONEOK, Inc., Oil, Gas & Consumable Fuels	3.6
FirstEnergy Corp., Electric Utilities	3.6
Williams Cos., Inc. (The), Oil, Gas & Consumable Fuels	3.4

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

Five Largest Industries expressed as a percentage of net assets as of 4/30/19 (%)
Electric Utilities	21.5
Oil, Gas & Consumable Fuels	16.6
Transportation Infrastructure	13.9
Multi-Utilities	10.2
Construction & Engineering	8.2

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

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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 April 30, 2019. 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

PGIM Jennison Global Infrastructure Fund 9

Fees and Expenses (continued)

and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information provided in the expense table. Additional fees have the effect of reducing investment returns.

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

PGIM Jennison Global Infrastructure Fund		Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,149.10		1.50	%	$	7.99
	Hypothetical	$	1,000.00	$	1,017.36		1.50	%	$	7.50
Class C	Actual	$	1,000.00	$	1,144.40		2.25	%	$	11.96
	Hypothetical	$	1,000.00	$	1,013.64		2.25	%	$	11.23
Class Z	Actual	$	1,000.00	$	1,149.90		1.17	%	$	6.24
	Hypothetical	$	1,000.00	$	1,018.99		1.17	%	$	5.86
Class R6	Actual	$	1,000.00	$	1,150.80		1.17	%	$	6.24
	Hypothetical	$	1,000.00	$	1,018.99		1.17	%	$	5.86

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended April 30, 2019, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

10 Visit our website at pgiminvestments.com

Schedule of Investments (unaudited)

as of April 30, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    98.8%
COMMON STOCKS
Australia    4.9%
Atlas Arteria Ltd.		164,367	$	811,680
Cleanaway Waste Management Ltd.		338,869		539,563
Transurban Group		101,111		958,900
				2,310,143
Brazil    0.8%
Rumo SA*		83,548		385,662
Canada    4.3%
Enbridge, Inc.		32,518		1,201,251
Pembina Pipeline Corp.		23,546		842,005
				2,043,256
China    1.5%
China Tower Corp. Ltd. (Class H Stock), 144A		1,202,457		325,896
Guangdong Investment Ltd.		214,479		402,108
				728,004
Denmark    0.5%
Orsted A/S, 144A		3,063		235,223
France    8.4%
Aeroports de Paris		2,386		487,705
Eiffage SA		10,021		1,048,342
Getlink SE		71,671		1,154,747
Vinci SA		12,782		1,294,357
				3,985,151
Germany    4.3%
E.ON SE		46,308		497,667
RWE AG*		60,867		1,559,444
				2,057,111
Italy    9.5%
Atlantia SpA		56,765		1,554,812
Enav SpA, 144A		157,755		863,724

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Italy (cont’d.)
Enel SpA		160,264	$	1,017,120
Italgas SpA		171,683		1,073,110
				4,508,766
Mexico    1.1%
CFE Capital S de RL de CV, REIT		503,198		502,727
New Zealand    1.6%
Auckland International Airport Ltd.		137,702		731,965
Spain    7.8%
Cellnex Telecom SA, 144A*(a)		33,081		1,020,314
Ferrovial SA		62,797		1,549,777
Iberdrola SA		122,078		1,111,051
				3,681,142
United Kingdom    2.3%
National Grid PLC		100,075		1,092,835
United States    51.8%
American Electric Power Co., Inc.		11,283		965,261
American Tower Corp., REIT		4,276		835,103
Aqua America, Inc.		31,492		1,230,077
Cheniere Energy, Inc.*		20,910		1,345,558
Dominion Energy, Inc.		6,237		485,675
Edison International		11,802		752,614
Equinix, Inc.		1,785		811,639
Exelon Corp.		27,108		1,381,153
FirstEnergy Corp.		40,026		1,682,293
Kinder Morgan, Inc.		38,145		757,941
NextEra Energy, Inc.		12,422		2,415,334
Norfolk Southern Corp.		6,965		1,420,999
NRG Energy, Inc.		10,622		437,308
ONEOK, Inc.		25,403		1,725,626
PG&E Corp.*		29,848		672,177
Sempra Energy		9,469		1,211,559
Targa Resources Corp.		9,216		370,022
Union Pacific Corp.		10,062		1,781,376
Vistra Energy Corp.		46,225		1,259,631
Waste Connections, Inc.		9,161		849,866

See Notes to Financial Statements.

12

Description	Shares		Value
COMMON STOCKS (Continued)
United States (cont’d.)
Waste Management, Inc.		4,490	$	481,957
Williams Cos., Inc. (The)		57,462		1,627,898
				24,501,067
TOTAL LONG-TERM INVESTMENTS (cost $37,309,771)				46,763,052
SHORT-TERM INVESTMENTS    1.6%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(w)		505,740		505,740
PGIM Institutional Money Market Fund (cost $247,842; includes $247,366 of cash collateral for securities on loan)(b)(w)		247,788		247,862
TOTAL SHORT-TERM INVESTMENTS (cost $753,582)				753,602
TOTAL INVESTMENTS    100.4% (cost $38,063,353)				47,516,654
Liabilities in excess of other assets    (0.4)%				(188,578	)
NET ASSETS    100.0%			$	47,328,076

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

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

LIBOR—London Interbank Offered Rate

REIT(s)—Real Estate Investment Trust(s)

* 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 $242,705; cash collateral of $247,366 (included in liabilities) was received with which the Series purchased highly liquid short-term investments.

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

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

Fair Value Measurements:

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

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

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

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 13

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

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

The following is a summary of the inputs used as of April 30, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Australia	$	—	$	2,310,143	$	—
Brazil		385,662		—		—
Canada		2,043,256		—		—
China		—		728,004		—
Denmark		—		235,223		—
France		—		3,985,151		—
Germany		—		2,057,111		—
Italy		—		4,508,766		—
Mexico		502,727		—		—
New Zealand		—		731,965		—
Spain		—		3,681,142		—
United Kingdom		—		1,092,835		—
United States		24,501,067		—		—
Affiliated Mutual Funds		753,602		—		—
Total	$	28,186,314	$	19,330,340	$	—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2019 were as follows:

Electric Utilities	21.5	%
Oil, Gas & Consumable Fuels	16.6
Transportation Infrastructure	13.9
Multi-Utilities	10.2
Construction & Engineering	8.2
Road & Rail	7.6
Commercial Services & Supplies	4.0
Independent Power & Renewable Electricity Producers	3.6
Equity Real Estate Investment Trusts (REITs)	3.5
Water Utilities	3.4
Diversified Telecommunication Services	2.9	%
Gas Utilities	2.3
Affiliated Mutual Funds (0.5% represents investments purchased with collateral from securities on loan)	1.6
Banks	1.1
	100.4
Liabilities in excess of other assets	(0.4	)
	100.0	%

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

The Series entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions, where the legal right to set-off exists, is presented in the summary below.

See Notes to Financial Statements.

14

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	$	242,705	$	(242,705	)	$	—

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

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 15

Statement of Assets & Liabilities (unaudited)

as of April 30, 2019

Assets
Investments at value, including securities on loan of $242,705:
Unaffiliated investments (cost $37,309,771)	$	46,763,052
Affiliated investments (cost $753,582)		753,602
Receivable for investments sold		334,730
Tax reclaim receivable		44,950
Dividends receivable		43,856
Receivable for Series shares sold		38,824
Prepaid expenses		304
Total Assets		47,979,318
Liabilities
Payable to broker for collateral for securities on loan		247,366
Payable for investments purchased		179,528
Payable for Series shares reacquired		115,554
Accrued expenses and other liabilities		80,224
Management fee payable		21,249
Distribution fee payable		5,059
Affiliated transfer agent fee payable		2,262
Total Liabilities		651,242
Net Assets	$	47,328,076
Net assets were comprised of:
Common stock, at par	$	34,019
Paid-in capital in excess of par		40,899,018
Total distributable earnings (loss)		6,395,039
Net assets, April 30, 2019	$	47,328,076

See Notes to Financial Statements.

16

Class A
Net asset value and redemption price per share, ($7,766,708 ÷ 557,965 shares of common stock issued and outstanding)	$	13.92
Maximum sales charge (5.50% of offering price)		0.81
Maximum offering price to public	$	14.73
Class C
Net asset value, offering price and redemption price per share,
($4,231,316 ÷ 306,442 shares of common stock issued and outstanding)	$	13.81
Class Z
Net asset value, offering price and redemption price per share,
($21,610,438 ÷ 1,552,029 shares of common stock issued and outstanding)	$	13.92
Class R6
Net asset value, offering price and redemption price per share,
($13,719,614 ÷ 985,476 shares of common stock issued and outstanding)	$	13.92

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 17

Statement of Operations (unaudited)

Six Months Ended April 30, 2019

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $29,648 foreign withholding tax)	$	646,647
Affiliated dividend income		12,008
Income from securities lending, net (including affiliated income of $82)		855
Total income		659,510
Expenses
Management fee		234,638
Distribution fee(a)		32,155
Custodian and accounting fees		42,949
Registration fees(a)		31,567
Transfer agent’s fees and expenses (including affiliated expense of $6,539)(a)		23,743
Shareholders’ reports		18,672
Audit fee		14,041
Legal fees and expenses		8,305
Directors’ fees		6,626
Miscellaneous		12,106
Total expenses		424,802
Less: Fee waiver and/or expense reimbursement(a)		(112,791	)
Distribution fee waiver(a)		(1,937	)
Net expenses		310,074
Net investment income (loss)		349,436
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(78))		1,620,324
Foreign currency transactions		2,478
		1,622,802
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $20)		4,576,835
Foreign currencies		(750	)
		4,576,085
Net gain (loss) on investment and foreign currency transactions		6,198,887
Net Increase (Decrease) In Net Assets Resulting From Operations	$	6,548,323

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

	Class A			Class C			Class Z			Class R6
Distribution fee		11,620			20,535			—			—
Registration fees		7,907			7,903			8,321			7,436
Transfer agent’s fees and expenses		8,560			3,691			11,469			23
Fee waiver and/or expense reimbursement		(23,630	)		(15,391	)		(47,829	)		(25,941	)
Distribution fee waiver		(1,937	)		—			—			—

See Notes to Financial Statements.

18

Statements of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2019			Year Ended October 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	349,436		$	795,099
Net realized gain (loss) on investment and foreign currency transactions		1,622,802			2,501,155
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		4,576,085			(5,963,009	)
Net increase (decrease) in net assets resulting from operations		6,548,323			(2,666,755	)
Dividends and Distributions
Distributions from distributable earnings
Class A		(60,228	)		(141,368	)
Class C		(17,308	)		(41,199	)
Class Z		(193,820	)		(447,302	)
Class R6		(135,258	)		(232,070	)
		(406,614	)		(861,939	)
Series share transactions (Net of share conversions)
Net proceeds from shares sold		5,041,126			15,455,026
Net asset value of shares issued in reinvestment of dividends and distributions		404,605			839,400
Cost of shares reacquired		(13,480,162	)		(32,145,267	)
Net increase (decrease) in net assets from Series share transactions		(8,034,431	)		(15,850,841	)
Total increase (decrease)		(1,892,722	)		(19,379,535	)
Net Assets:
Beginning of period		49,220,798			68,600,333
End of period	$	47,328,076		$	49,220,798

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 19

Notes to Financial Statements (unaudited)

Prudential World Fund, Inc. (the “Fund”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company and currently consists of seven series: PGIM Jennison Emerging Markets Equity Opportunities Fund, PGIM Jennison Global Opportunities Fund, PGIM Jennison International Opportunities Fund and PGIM QMA International Equity Fund, each of which are diversified funds and PGIM Jennison Global Infrastructure Fund, PGIM Emerging Markets Debt Hard Currency Fund and PGIM Emerging Markets Debt Local Currency Fund, each of which are non-diversified funds for purposes of the 1940 Act. These financial statements relate only to the PGIM Jennison Global Infrastructure Fund (the “Series”).

The investment objective of the Series is to achieve total return.

1. Accounting Policies

The Series 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 accounting policies conform to U.S. generally accepted accounting principles. The Series consistently follows such policies in the preparation of its financial statements.

Securities Valuation: The Series holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Fund’s Board of Directors (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Series 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. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

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

20

Various inputs determine how the Series’ 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 Measurements and Disclosures.

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

Foreign equities traded on foreign securities exchanges are generally valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements up to the time the Series 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, non-exchange-traded mutual funds are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy.

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

PGIM Jennison Global Infrastructure Fund 21

Notes to Financial Statements (unaudited) (continued)

most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

Illiquid Securities: Pursuant to Rule 22e-4 under the 1940 Act, the Series has adopted a Board approved Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Series limit its illiquid investments that are assets to no more than 15% of net assets. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Series may find it difficult to sell illiquid securities at the time considered most advantageous by its subadviser and may incur transaction costs that would not be incurred in the sale of securities that were freely marketable.

Restricted Securities: Securities acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer are considered restricted as to disposition under federal securities law (“restricted securities”). Such restricted securities are valued pursuant to the valuation procedures noted above. Restricted securities that would otherwise be considered illiquid investments pursuant to the Series’ LRMP because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. Therefore, these Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act of 1933, may be classified higher than “illiquid” under the LRMP (i.e. “moderately liquid” or “less liquid” investments). However, the liquidity of the Series’ investments in restricted securities could be impaired if trading does not develop or declines.

Foreign Currency Translation: The books and records of the Series 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 current rates of exchange;

(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 Series are presented at the foreign exchange rates and market values at the close of the period, the Series 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 Series does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term

22

portfolio securities sold during the period. Accordingly, holding period realized foreign currency gains (losses) are included in the reported net realized gains (losses) on investment transactions.

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 securities transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Series’ books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

Master Netting Arrangements: The Fund, on behalf of the Series, 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 the Series. A master netting arrangement between the Series and the counterparty permits the Series to offset amounts payable by the Series to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Series to cover the Series’ 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. During the reporting period, there was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

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

The Series 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. The Series also continues to recognize any unrealized gain (loss) in the market price of the securities loaned

PGIM Jennison Global Infrastructure Fund 23

Notes to Financial Statements (unaudited) (continued)

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 on the Statement of Operations as “Income from securities lending, net”.

Equity and Mortgage Real Estate Investment Trusts (collectively equity REITs): The Series invests in equity REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from equity 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 equity REITs.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Series becomes aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Class specific expenses 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 Series’ policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.

Dividends and Distributions: The Series expects to pay dividends from net investment income quarterly. Distributions from net realized capital and currency gains, if any, are declared and paid annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, 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.

24

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.

2. Agreements

The Fund, on behalf of the Series, has a management agreement with PGIM Investments. Pursuant to this agreement, PGIM Investments has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. In addition, under the management agreement, PGIM Investments provides all of the administrative functions necessary for the organization, operation and management of the Series. PGIM Investments administers the corporate affairs of the Series and, in connection therewith, furnishes the Series with office facilities, together with those ordinary clerical and bookkeeping services which are not being furnished by the Series’ custodian and the Series’ transfer agent. PGIM Investments is also responsible for the staffing and management of dedicated groups of legal, marketing, compliance and related personnel necessary for the operation of the Series. The legal, marketing, compliance and related personnel are also responsible for the management and oversight of the various service providers to the Series, including, but not limited to, the custodian, transfer agent, and accounting agent.

PGIM Investments has entered into a subadvisory agreement with Jennison Associates LLC (“Jennison”). The subadvisory agreement provides that Jennison will furnish investment advisory services in connection with the management of the Series. In connection therewith, Jennison is obligated to keep certain books and records of the Series. PGIM Investments pays for the services of Jennison, the cost of compensation of officers of the Series, occupancy and certain clerical and bookkeeping costs of the Series. The Series bears all other costs and expenses.

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 1.00% of the Series’ average daily net assets up to $1 billion, 0.98% of the next $2 billion, 0.96% of the next $2 billion, 0.95% of the next $5 billion and 0.94% of the Series’ average daily net assets in excess of $10 billion. The effective management fee rate before any waivers and/or expense reimbursements was 1.00% for the six months ended April 30, 2019.

The Manager has contractually agreed, through February 29, 2020, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 1.50% of average daily net assets for Class A shares, 2.25% of average daily net assets for Class C shares, 1.17% of average daily net assets for Class Z shares, and 1.17% of average daily net assets for Class R6 shares. This contractual expense limitation excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

PGIM Jennison Global Infrastructure Fund 25

Notes to Financial Statements (unaudited) (continued)

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives 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 PGIM Investments may be recouped by PGIM Investments 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 Fund, on behalf of the Series, 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 Series. The Series compensates PIMS for distributing and servicing the Series’ Class A and Class C shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z Class R6 shares of the Series.

Pursuant to the Distribution Plans, the Series compensates PIMS for distribution related activities at an annual rate of up to 0.30% and 1% of the average daily net assets of the Class A and Class C shares, respectively. PIMS has contractually agreed to limit such fees to 0.25% of the average daily net assets of the Class A shares through February 29, 2020.

For the reporting period ended April 30, 2019, PIMS received $6,721 in front-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended April 30, 2019, PIMS received $570 in contingent deferred sales charges imposed upon redemptions by certain Class C shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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

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

The Series 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

26

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, and/or common officers. Pursuant to the Rule 17a-7 procedures and consistent with guidance issued by the SEC, the Series’ Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such 17a-7 transactions were effected in accordance with the Series’ Rule 17a-7 procedures. Any 17a-7 transactions for the reporting period are disclosed in the “Portfolio Securities” note, below.

The Series may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. Through the Series’ investments in the mentioned underlying funds, PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services. Earnings from the Core Fund and Money Market Fund are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2019, were $16,364,152 and $22,882,199, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the reporting period ended April 30, 2019, is presented as follows:

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Income
	PGIM Core Ultra Short Bond Fund*
$	1,729,474	$	16,454,006	$	17,677,740	$	—	$	—		$	505,740		505,740	$	12,008
	PGIM Institutional Money Market Fund*
	—		1,077,458		829,538		20		(78	)		247,862		247,788		82	**
$	1,729,474	$	17,531,464	$	18,507,278	$	20	$	(78	)	$	753,602			$	12,090

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

** This amount is included in “Income from securities lending, net” on the Statement of Operations.

For the reporting period ended April 30, 2019, no 17a-7 transactions were entered into by the Series.

PGIM Jennison Global Infrastructure Fund 27

Notes to Financial Statements (unaudited) (continued)

5. Tax Information

The United States federal income tax basis of the Series’ investments and the net unrealized appreciation as of April 30, 2019 were as follows:

Tax Basis	$	38,261,532
Gross Unrealized Appreciation		9,542,384
Gross Unrealized Depreciation		(287,262	)
Net Unrealized Appreciation	$	9,255,122

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

For federal income tax purposes, the Series had a capital loss carryforward as of October 31, 2018 of approximately $4,534,000 which can be carried forward for an unlimited period. The Series utilized approximately $1,795,000 of its capital loss carryforward during the fiscal year ended October 31, 2018 to offset capital gains. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

The Manager has analyzed the Series’ 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 Series’ financial statements for the current reporting period. The Series’ federal, state and local income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

6. Capital and Ownership

The Series offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately 10 years after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charge and are available exclusively for sale to a limited group of investors.

28

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

The Fund is authorized to issue 5.075 billion shares of common stock, with a par value of $0.01 per share, which is divided into seven series. There are 510 million shares authorized for the Series, divided into five classes, designated Class A, Class C, Class Z, Class R6 and Class T common stock, each of which consists of 20 million, 100 million, 150 million, 125 million and 115 million authorized shares, respectively. The Series currently does not have any Class T shares outstanding.

As of April 30, 2019, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned 544,171 Class Z shares and 985,476 Class R6 shares of the Series. At reporting period end, six shareholders of record, each holding greater than 5% of the Series, held 81% of the Series’ outstanding shares, of which 45% were held by an affiliate of Prudential.

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Six months ended April 30, 2019:
Shares sold		15,315		$	196,826
Shares issued in reinvestment of dividends and distributions		4,787			59,871
Shares reacquired		(106,628	)		(1,368,047	)
Net increase (decrease) in shares outstanding before conversion		(86,526	)		(1,111,350	)
Shares issued upon conversion from other share class(es)		5,359			73,994
Shares reacquired upon conversion into other share class(es)		(21,927	)		(289,728	)
Net increase (decrease) in shares outstanding		(103,094	)	$	(1,327,084	)
Year ended October 31, 2018:
Shares sold		150,283		$	2,002,747
Shares issued in reinvestment of dividends and distributions		10,691			139,976
Shares reacquired		(270,926	)		(3,544,143	)
Net increase (decrease) in shares outstanding before conversion		(109,952	)		(1,401,420	)
Shares issued upon conversion from other share class(es)		758			10,337
Shares reacquired upon conversion into other share class(es)		(125,190	)		(1,689,355	)
Net increase (decrease) in shares outstanding		(234,384	)	$	(3,080,438	)

PGIM Jennison Global Infrastructure Fund 29

Notes to Financial Statements (unaudited) (continued)

Class C	Shares			Amount
Six months ended April 30, 2019:
Shares sold		12,548		$	149,391
Shares issued in reinvestment of dividends and distributions		1,304			15,848
Shares reacquired		(42,169	)		(530,005	)
Net increase (decrease) in shares outstanding before conversion		(28,317	)		(364,766	)
Shares reacquired upon conversion into other share class(es)		(8,765	)		(119,139	)
Net increase (decrease) in shares outstanding		(37,082	)	$	(483,905	)
Year ended October 31, 2018:
Shares sold		29,037		$	377,809
Shares issued in reinvestment of dividends and distributions		2,793			36,467
Shares reacquired		(154,412	)		(2,008,194	)
Net increase (decrease) in shares outstanding before conversion		(122,582	)		(1,593,918	)
Shares reacquired upon conversion into other share class(es)		(4,383	)		(57,241	)
Net increase (decrease) in shares outstanding		(126,965	)	$	(1,651,159	)
Class Z
Six months ended April 30, 2019:
Shares sold		40,950		$	525,109
Shares issued in reinvestment of dividends and distributions		15,391			193,628
Shares reacquired		(418,699	)		(5,319,010	)
Net increase (decrease) in shares outstanding before conversion		(362,358	)		(4,600,273	)
Shares issued upon conversion from other share class(es)		25,262			334,992
Shares reacquired upon conversion into other share class(es)		(10	)		(119	)
Net increase (decrease) in shares outstanding		(337,106	)	$	(4,265,400	)
Year ended October 31, 2018:
Shares sold		301,204		$	3,928,359
Shares issued in reinvestment of dividends and distributions		32,956			430,887
Shares reacquired		(782,129	)		(10,173,430	)
Net increase (decrease) in shares outstanding before conversion		(447,969	)		(5,814,184	)
Shares issued upon conversion from other share class(es)		129,445			1,746,596
Shares reacquired upon conversion into other share class(es)		(758	)		(10,337	)
Net increase (decrease) in shares outstanding		(319,282	)	$	(4,077,925	)
Class R6
Six months ended April 30, 2019:
Shares sold		323,478		$	4,169,800
Shares issued in reinvestment of dividends and distributions		10,797			135,258
Shares reacquired		(487,963	)		(6,263,100	)
Net increase (decrease) in shares outstanding		(153,688	)	$	(1,958,042	)
Year ended October 31, 2018:
Shares sold		693,401		$	9,146,111
Shares issued in reinvestment of dividends and distributions		17,751			232,070
Shares reacquired		(1,255,493	)		(16,419,500	)
Net increase (decrease) in shares outstanding		(544,341	)	$	(7,041,319	)

30

7. Borrowings

The Fund, on behalf of the Series, along with other affiliated registered investment companies (the “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 SCA provides for a commitment of $900 million for the period October 4, 2018 through October 3, 2019. The Funds pay an annualized commitment fee of 0.15% of the unused portion of the SCA. The Series’ portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. The interest on borrowings under the SCA is paid monthly and at a per annum interest rate based upon a contractual spread plus the higher of (1) the effective federal funds rate, (2) the 1-month LIBOR rate or (3) zero percent.

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

The Series utilized the SCA during the reporting period ended April 30, 2019. The average daily balance for the 11 days that the Series had loans outstanding during the period was approximately $518,182, borrowed at a weighted average interest rate of 3.70%. The maximum loan outstanding amount during the period was $1,810,000. At April 30, 2019, the Series did not have an outstanding loan amount.

8. Risks of Investing in the Series

The Series’ risks include, but are not limited to, some or all of the risks discussed below:

Equity and Equity-Related Securities Risks: The value of a particular security could go down and you could lose money. In addition to an individual security losing value, the value of the equity markets or a sector in which the Series invests could go down. The Series’ holdings can vary significantly from broad market indexes and the performance of the Series can deviate from the performance of these indexes. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

Foreign Securities Risk: The Series’ investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Series may invest may have markets that are less liquid, less regulated and more volatile than US markets. The value of the Series’ investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability.

PGIM Jennison Global Infrastructure Fund 31

Notes to Financial Statements (unaudited) (continued)

Market and Credit Risk: Securities markets may be volatile and the market prices of the Series’ 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 Series fall, the value of an investment in the Series will decline. Additionally, the Series may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Series has unsettled or open transactions defaults.

Non-diversification Risk: A non-diversified Series may invest a greater percentage of its assets in the securities of a single company or industry 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.

Risks of Investing in Infrastructure Companies: Securities of infrastructure companies are more susceptible to adverse economic, social, political and regulatory occurrences affecting their 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 effects of economic slowdown, surplus capacity, 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.

9. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the Series’ policy for the timing of transfers between levels. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Manager has evaluated the implications of certain provisions of the ASU and has determined to early adopt aspects related to the removal and modification of certain fair value measurement disclosures under the ASU effective immediately. At this time, the Manager is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

32

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30,			Year Ended October 31,
	2019			2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$12.21			$13.05			$11.61			$11.48			$12.62			$10.42
Income (loss) from investment operations:
Net investment income (loss)		0.08			0.16			0.14			0.09			0.06			0.09
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.73			(0.81	)		1.49			0.21			(1.12	)		2.26
Total from investment operations		1.81			(0.65	)		1.63			0.30			(1.06	)		2.35
Less Dividends and Distributions:
Dividends from net investment income		(0.10	)		(0.19	)		(0.13	)		(0.08	)		(0.05	)		(0.14	)
Tax return of capital distributions		-			-			(0.06	)		(0.09	)		(0.03	)		-
Distributions from net realized gains		-			-			-			-			-			(0.01	)
Total dividends and distributions		(0.10	)		(0.19	)		(0.19	)		(0.17	)		(0.08	)		(0.15	)
Net asset value, end of period		$13.92			$12.21			$13.05			$11.61			$11.48			$12.62
Total Return(b):		14.91%			(5.10)%			14.15%			2.62%			(8.46)%			22.67%
Ratios/Supplemental Data:
Net assets, end of period (000)		$7,767			$8,073			$11,689			$12,277			$22,353			$15,521
Average net assets (000)		$7,811			$10,218			$11,433			$16,694			$22,695			$4,906
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.50%	(e)		1.50%			1.50%			1.50%			1.50%			1.50%
Expenses before waivers and/or expense reimbursement		2.16%	(e)		2.00%			1.81%			1.79%			1.78%			1.95%
Net investment income (loss)		1.31%	(e)		1.21%			1.10%			0.76%			0.52%			0.73%
Portfolio turnover rate(f)		35%			75%			80%			82%			94%			49%

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 33

Financial Highlights (unaudited) (continued)

Class C Shares
	Six Months Ended April 30,			Year Ended October 31,
	2019			2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$12.12			$12.97			$11.55			$11.42			$12.58			$10.41
Income (loss) from investment operations:
Net investment income (loss)		0.04			0.06			0.04			-	(b)		(0.03	)		0.01
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.70			(0.81	)		1.50			0.21			(1.13	)		2.25
Total from investment operations		1.74			(0.75	)		1.54			0.21			(1.16	)		2.26
Less Dividends and Distributions:
Dividends from net investment income		(0.05	)		(0.10	)		(0.08	)		(0.04	)		-	(b)		(0.08	)
Tax return of capital distributions		-			-			(0.04	)		(0.04	)		-	(b)		-
Distributions from net realized gains		-			-			-			-			-			(0.01	)
Total dividends and distributions		(0.05	)		(0.10	)		(0.12	)		(0.08	)		-			(0.09	)
Net asset value, end of period		$13.81			$12.12			$12.97			$11.55			$11.42			$12.58
Total Return(c):		14.44%			(5.82)%			13.39%			1.88%			(9.21)%			21.76%
Ratios/Supplemental Data:
Net assets, end of period (000)		$4,231			$4,162			$6,101			$5,738			$6,775			$3,835
Average net assets (000)		$4,141			$5,464			$6,111			$5,783			$6,353			$1,104
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		2.25%	(f)		2.25%			2.25%			2.25%			2.25%			2.25%
Expenses before waivers and/or expense reimbursement		3.00%	(f)		2.81%			2.51%			2.49%			2.48%			2.70%
Net investment income (loss)		0.56%	(f)		0.48%			0.34%			(0.02)%			(0.22)%			0.12%
Portfolio turnover rate(g)		35%			75%			80%			82%			94%			49%

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

(b) Less than $0.005 per share.

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

34

Class Z Shares
	Six Months Ended April 30,			Year Ended October 31,
	2019			2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$12.21			$13.06			$11.61			$11.47			$12.62			$10.42
Income (loss) from investment operations:
Net investment income (loss)		0.10			0.19			0.18			0.11			0.09			0.22
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.73			(0.82	)		1.49			0.23			(1.13	)		2.15
Total from investment operations		1.83			(0.63	)		1.67			0.34			(1.04	)		2.37
Less Dividends and Distributions:
Dividends from net investment income		(0.12	)		(0.22	)		(0.14	)		(0.09	)		(0.08	)		(0.16	)
Tax return of capital distributions		-			-			(0.08	)		(0.11	)		(0.03	)		-
Distributions from net realized gains		-			-			-			-			-			(0.01	)
Total dividends and distributions		(0.12	)		(0.22	)		(0.22	)		(0.20	)		(0.11	)		(0.17	)
Net asset value, end of period		$13.92			$12.21			$13.06			$11.61			$11.47			$12.62
Total Return(b):		14.99%			(4.94)%			14.51%			2.96%			(8.28)%			22.91%
Ratios/Supplemental Data:
Net assets, end of period (000)		$21,610			$23,074			$28,831			$40,811			$47,305			$31,788
Average net assets (000)		$21,419			$27,549			$29,597			$40,236			$42,210			$20,117
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.17%	(e)		1.25%			1.25%			1.25%			1.25%			1.25%
Expenses before waivers and/or expense reimbursement		1.62%	(e)		1.52%			1.51%			1.49%			1.48%			2.08%
Net investment income (loss)		1.64%	(e)		1.45%			1.49%			0.94%			0.75%			1.79%
Portfolio turnover rate(f)		35%			75%			80%			82%			94%			49%

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 35

Financial Highlights (unaudited) (continued)

Class R6 Shares
	Six Months Ended April 30, 2019			Year Ended October 31, 2018			December 28, 2016(a) through October 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$12.21			$13.06			$11.39
Income (loss) from investment operations:
Net investment income (loss)		0.10			0.18			0.11
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.73			(0.81	)		1.71
Total from investment operations		1.83			(0.63	)		1.82
Less Dividends and Distributions:
Dividends from net investment income		(0.12	)		(0.22	)		(0.10	)
Tax return of capital distributions		-			-			(0.05	)
Total dividends and distributions		(0.12	)		(0.22	)		(0.15	)
Net asset value, end of period		$13.92			$12.21			$13.06
Total Return(c):		15.08%			(4.94)%			16.02%
Ratios/Supplemental Data:
Net assets, end of period (000)		$13,720			$13,912			$21,979
Average net assets (000)		$13,946			$17,657			$19,274
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.17%	(f)		1.25%			1.25%	(f)
Expenses before waivers and/or expense reimbursement		1.55%	(f)		1.44%			1.40%	(f)
Net investment income (loss)		1.64%	(f)		1.39%			1.00%	(f)
Portfolio turnover rate(g)		35%			75%			80%

(a) Commencement of offering.

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

36

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

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. 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 • Michael S. Hyland • Stuart S. Parker • Brian K. Reid • Grace C. Torres

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Chad A. Earnst, Chief Compliance Officer • Dino Capasso, Deputy Chief Compliance Officer • Andrew R. French, Secretary • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Peter Parrella, Assistant Treasurer • Lana Lomuti, Assistant Treasurer • Linda McMullin, Assistant Treasurer • Kelly A. Coyne, Assistant Treasurer • Charles H. Smith, Anti-Money Laundering Compliance Officer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	Jennison Associates LLC	466 Lexington Avenue New York, NY 10017
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
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 pgiminvestments.com 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 pgiminvestments.com/edelivery and enroll. Instead of receiving printed documents by mail, you will receive notification via email when new materials are available. You can cancel your enrollment or change your email address at any time by visiting the website address above.

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

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

AVAILABILITY OF PORTFOLIO SCHEDULE

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

Mutual Funds:

ARE NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY MAY LOSE VALUE ARE NOT A DEPOSIT OF OR GUARANTEED BY ANY BANK OR ANY BANK AFFILIATE

PGIM JENNISON GLOBAL INFRASTRUCTURE FUND

SHARE CLASS	A	C	Z	R6
NASDAQ	PGJAX	PGJCX	PGJZX	PGJQX
CUSIP	743969792	743969784	743969776	743969560

MF217E2

PGIM EMERGING MARKETS DEBT HARD

CURRENCY FUND

SEMIANNUAL REPORT

APRIL 30, 2019

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (pgiminvestments.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-225-1852 or by sending an email request to PGIM Investments at shareholderreports@pgim.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary or follow instructions included with this notice to elect to continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-225-1852 or send an email request to shareholderreports@pgim.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

To enroll in e-delivery, go to pgiminvestments.com/edelivery

Objective: Total return, through a combination of current income and capital appreciation

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

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

The accompanying financial statements as of April 30, 2019 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. ^© 2019 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 pgiminvestments.com

Table of Contents

Letter from the President	5
Your Fund’s Performance	6
Fees and Expenses	9
Holdings and Financial Statements	11

PGIM Emerging Markets Debt Hard Currency Fund 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for PGIM Emerging Markets Debt Hard Currency Fund informative and useful. The report covers performance for the six-month period ended April 30, 2019.

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 consider it a great privilege and responsibility to help investors participate in opportunities across global markets while meeting their toughest investment challenges. PGIM is a top-10 global investment manager with more than $1 trillion in assets under management. This investment expertise allows us to deliver actively managed funds and strategies to meet the needs of investors around the globe.

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Emerging Markets Debt Hard Currency Fund

June 14, 2019

PGIM Emerging Markets Debt Hard Currency Fund 5

Your Fund’s Performance (unaudited)

Performance data quoted represents 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 pgiminvestments.com or by calling (800) 225-1852.

	Total Returns as of 4/30/19 (without sales charges)	Average Annual Total Returns as of 4/30/19 (with sales charges)
	Six Months* (%)	One Year (%)	Since Inception (%)
Class A	8.02	–0.97	–2.93 (12/12/17)
Class C	7.62	2.05	–0.39 (12/12/17)
Class Z	8.15	3.93	0.59 (12/12/17)
Class R6	8.18	4.02	0.66 (12/12/17)
JP Morgan Emerging Markets Bond Global Diversified Index
	8.20	6.01	2.39
Lipper Emerging Market Hard Currency Debt Funds Average
	6.76	2.08	0.61

Source: PGIM Investments LLC, Lipper Inc., and JP Morgan

*Not annualized

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

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

	Class A	Class C	Class Z	Class R6
Maximum initial sales charge	4.50% of the public offering price	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or 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)	0.25%	1.00%	None	None

Benchmark Definitions

JP Morgan Emerging Markets Bond Global Diversified Index (EMBI)—The JP Morgan Emerging Markets Bond Global Diversified Index (EMBI) 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.

Lipper Emerging Market Hard Currency Debt Funds Average—The Lipper Emerging Market Hard Debt Currency Funds Average (Lipper Average) is based upon the return of all mutual funds in the Lipper Emerging Market Hard Debt Currency Funds universe.

Investors cannot invest directly in an index or average. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes. Returns for the Lipper Average reflect the deduction of operating expenses of a mutual fund, but not sales charges or taxes.

PGIM Emerging Markets Debt Hard Currency Fund 7

Your Fund’s Performance (continued)

Credit Quality expressed as a percentage of total investments as of 4/30/19 (%)
AA	1.6
A	7.5
BBB	26.3
BB	21.0
B	41.1
C	1.1
Cash & Equivalents	1.5
Total	100.0

Source: PGIM Fixed Income

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global Ratings (S&P), or Fitch, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable S&P/Fitch rating tier nomenclature. These rating agencies are independent and are widely used. The Not Rated category consists of securities that have not been rated by a NRSRO. Credit ratings are subject to change. Values may not sum to 100.0% due to rounding.

Distributions and Yields as of 4/30/19
	Total Distributions Paid for Six Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.26	5.17	–68.85
Class C	0.23	4.65	–87.79
Class Z	0.27	5.68	3.81
Class R6	0.28	5.74	4.96

*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.

8 Visit our website at pgiminvestments.com

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 April 30, 2019. 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

PGIM Emerging Markets Debt Hard Currency Fund 9

Fees and Expenses (continued)

and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information provided in the expense table. Additional fees have the effect of reducing investment returns.

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

PGIM Emerging Markets Debt Hard Currency Fund		Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,080.20		1.05	%	$	5.42
	Hypothetical	$	1,000.00	$	1,019.59		1.05	%	$	5.26
Class C	Actual	$	1,000.00	$	1,076.20		1.80	%	$	9.27
	Hypothetical	$	1,000.00	$	1,015.87		1.80	%	$	9.00
Class Z	Actual	$	1,000.00	$	1,081.50		0.80	%	$	4.13
	Hypothetical	$	1,000.00	$	1,020.83		0.80	%	$	4.01
Class R6	Actual	$	1,000.00	$	1,081.80		0.74	%	$	3.82
	Hypothetical	$	1,000.00	$	1,021.12		0.74	%	$	3.71

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended April 30, 2019, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

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Schedule of Investments (unaudited)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    96.6%
CORPORATE BONDS    20.2%
Argentina    0.5%
YPF SA, Sr. Unsec’d. Notes		8.500	%		07/28/25		155	$	141,825
Brazil    1.4%
Petrobras Global Finance BV,
Gtd. Notes		5.299			01/27/25		125		128,375
Gtd. Notes		5.999			01/27/28		95		97,256
Gtd. Notes		6.250			03/17/24		15		16,132
Gtd. Notes		6.900			03/19/49		40		39,950
Gtd. Notes		7.375			01/17/27		18		20,084
Gtd. Notes		8.750			05/23/26		87		104,296
									406,093
Chile    0.8%
Corp Nacional del Cobre de Chile, Sr. Unsec’d. Notes, 144A		4.875			11/04/44		200		215,528
China    2.2%
CNAC HK Finbridge Co. Ltd., Gtd. Notes		4.875			03/14/25		240		252,449
Country Garden Holdings Co. Ltd., Sr. Sec’d. Notes		8.000			01/27/24		200		215,857
Sinochem Overseas Capital Co. Ltd., Gtd. Notes		6.300			11/12/40		130		163,566
									631,872
India    0.7%
HPCL-Mittal Energy Ltd., Sr. Unsec’d. Notes		5.250			04/28/27		200		194,514
Indonesia    3.2%
Indonesia Asahan Aluminium Persero PT,
Sr. Unsec’d. Notes		6.530			11/15/28		200		227,112

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Indonesia (cont’d.)
Indonesia Asahan Aluminium Persero PT, (cont’d.)
Sr. Unsec’d. Notes, 144A		6.530	%		11/15/28		200	$	227,113
Pelabuhan Indonesia III Persero PT, Sr. Unsec’d. Notes		4.875			10/01/24		200		208,500
Saka Energi Indonesia PT, Sr. Unsec’d. Notes		4.450			05/05/24		250		246,802
									909,527
Kazakhstan    0.7%
KazMunayGas National Co. JSC, Sr. Unsec’d. Notes		5.375			04/24/30		200		212,771
Malaysia    1.1%
Petroliam Nasional Bhd, Sr. Unsec’d. Notes		7.625			10/15/26		250		317,673
Mexico    4.9%
Mexichem SAB de CV, Gtd. Notes		5.500			01/15/48		200		190,750
Nemak SAB de CV, Sr. Unsec’d. Notes		4.750			01/23/25		200		196,500
Petroleos Mexicanos,
Gtd. Notes		4.875			01/18/24		140		139,286
Gtd. Notes		6.500			03/13/27		275		278,548
Gtd. Notes		6.500			01/23/29		65		64,886
Gtd. Notes		6.500			06/02/41		410		377,819
Gtd. Notes, MTN		6.875			08/04/26		140		145,726
									1,393,515
Russia    1.4%
Gazprom OAO Via Gaz Capital SA, Sr. Unsec’d. Notes, MTN		8.625			04/28/34		140		184,162
Vnesheconombank Via VEB Finance PLC, Sr. Unsec’d. Notes		5.942			11/21/23		205		214,711
									398,873

See Notes to Financial Statements.

12

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
South Africa    1.5%
Eskom Holdings SOC Ltd.,
Sr. Unsec’d. Notes		7.125	%		02/11/25		200	$	202,113
Sr. Unsec’d. Notes, MTN		8.450			08/10/28		200		216,280
									418,393
Trinidad & Tobago    0.4%
Petroleum Co. of Trinidad & Tobago Ltd., Sr. Unsec’d. Notes		6.000			05/08/22		106		102,040
Tunisia    0.5%
Banque Centrale de Tunisie International Bond, Sr. Unsec’d. Notes		5.625			02/17/24	EUR	140		152,484
Venezuela    0.9%
Petroleos de Venezuela SA,
Sr. Sec’d. Notes		8.500			10/27/20		205		181,425
Sr. Unsec’d. Notes(d)		5.375			04/12/27		205		43,050
Sr. Unsec’d. Notes(d)		6.000			05/16/24		45		9,675
Sr. Unsec’d. Notes(d)		6.000			11/15/26		65		14,116
									248,266
TOTAL CORPORATE BONDS (cost $5,833,036)									5,743,374
SOVEREIGN BONDS    76.4%
Angola    1.5%
Angolan Government International Bond,
Sr. Unsec’d. Notes		9.500			11/12/25		200		224,198
Sr. Unsec’d. Notes, 144A		9.375			05/08/48		200		214,614
									438,812
Argentina    4.1%
Argentine Republic Government International Bond,
Sr. Unsec’d. Notes		3.380	(cc)		12/31/38	EUR	70		40,629
Sr. Unsec’d. Notes		3.750	(cc)		12/31/38		110		57,366
Sr. Unsec’d. Notes		4.625			01/11/23		40		29,500
Sr. Unsec’d. Notes		6.875			04/22/21		150		125,851
Sr. Unsec’d. Notes		6.875			01/11/48		30		19,875
Sr. Unsec’d. Notes		7.500			04/22/26		240		180,000

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 13

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Argentina (cont’d.)
Argentine Republic Government International Bond, (cont’d.)
Sr. Unsec’d. Notes		7.820	%		12/31/33	EUR	138	$	116,337
Sr. Unsec’d. Notes		7.820			12/31/33	EUR	179		148,097
Sr. Unsec’d. Notes		8.280			12/31/33		210		155,839
Sr. Unsec’d. Notes		8.280			12/31/33		42		30,389
Provincia de Buenos Aires,
Sr. Unsec’d. Notes		5.375			01/20/23	EUR	100		83,008
Sr. Unsec’d. Notes, 144A		9.125			03/16/24		245		184,669
									1,171,560
Bahrain    1.5%
Bahrain Government International Bond,
Sr. Unsec’d. Notes		6.750			09/20/29		200		212,000
Sr. Unsec’d. Notes		7.000			01/26/26		200		215,250
									427,250
Belarus    0.7%
Republic of Belarus International Bond, Sr. Unsec’d. Notes		6.875			02/28/23		200		209,000
Brazil    3.4%
Brazil Minas SPE via State of Minas Gerais, Gov’t. Gtd. Notes		5.333			02/15/28		437		450,686
Brazilian Government International Bond,
Sr. Unsec’d. Notes		5.625			01/07/41		120		119,700
Sr. Unsec’d. Notes		7.125			01/20/37		120		140,700
Sr. Unsec’d. Notes		8.250			01/20/34		205		260,606
									971,692
Colombia    1.8%
Colombia Government International Bond,
Sr. Unsec’d. Notes		6.125			01/18/41		135		158,794
Sr. Unsec’d. Notes		7.375			09/18/37		275		358,187
									516,981
Congo (Republic)    0.2%
Congolese International Bond, Sr. Unsec’d. Notes		6.000			06/30/29		67		59,377

See Notes to Financial Statements.

14

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Costa Rica    1.3%
Costa Rica Government International Bond,
Sr. Unsec’d. Notes		4.375	%		04/30/25		200	$	186,250
Sr. Unsec’d. Notes		7.158			03/12/45		200		194,500
									380,750
Dominican Republic    2.5%
Dominican Republic International Bond,
Sr. Unsec’d. Notes		5.875			04/18/24		305		317,963
Sr. Unsec’d. Notes		7.450			04/30/44		340		384,625
									702,588
Ecuador    3.3%
Ecuador Government International Bond,
Sr. Unsec’d. Notes		8.750			06/02/23		200		212,000
Sr. Unsec’d. Notes		8.875			10/23/27		700		712,250
									924,250
Egypt    2.8%
Egypt Government International Bond,
Sr. Unsec’d. Notes, 144A, MTN		6.375			04/11/31	EUR	200		220,844
Sr. Unsec’d. Notes, MTN		4.750			04/16/26	EUR	100		109,838
Sr. Unsec’d. Notes, MTN		7.500			01/31/27		200		206,052
Sr. Unsec’d. Notes, MTN		8.500			01/31/47		250		254,108
									790,842
El Salvador    1.4%
El Salvador Government International Bond,
Sr. Unsec’d. Notes		6.375			01/18/27		75		73,406
Sr. Unsec’d. Notes		7.750			01/24/23		250		263,125
Sr. Unsec’d. Notes		8.250			04/10/32		45		48,600
									385,131
Gabon    0.7%
Gabon Government International Bond, Bonds		6.375			12/12/24		200		192,516

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 15

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Ghana    1.6%
Ghana Government International Bond,
Bank Gtd. Notes		10.750	%		10/14/30		200	$	246,176
Sr. Unsec’d. Notes, 144A		7.875			03/26/27		200		203,000
									449,176
Greece    0.8%
Hellenic Republic Government Bond, Bonds		3.000	(cc)		02/24/37	EUR	200		217,579
Honduras    0.8%
Honduras Government International Bond, Sr. Unsec’d. Notes		7.500			03/15/24		200		218,000
Hungary    1.0%
Hungary Government International Bond, Sr. Unsec’d. Notes		7.625			03/29/41		184		276,515
Indonesia    3.6%
Indonesia Government International Bond,
Sr. Unsec’d. Notes		7.750			01/17/38		160		221,266
Sr. Unsec’d. Notes		8.500			10/12/35		150		215,876
Sr. Unsec’d. Notes, EMTN		3.750			06/14/28	EUR	100		130,246
Sr. Unsec’d. Notes, MTN		4.750			01/08/26		300		319,494
Sr. Unsec’d. Notes, MTN		6.750			01/15/44		100		129,479
									1,016,361
Iraq    1.6%
Iraq International Bond,
Sr. Unsec’d. Notes		5.800			01/15/28		250		242,268
Sr. Unsec’d. Notes		6.752			03/09/23		200		203,052
									445,320
Ivory Coast    1.1%
Ivory Coast Government International Bond,
Sr. Unsec’d. Notes		6.375			03/03/28		200		194,278
Sr. Unsec’d. Notes		6.625			03/22/48	EUR	100		105,572
									299,850

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Jamaica    0.9%
Jamaica Government International Bond, Sr. Unsec’d. Notes		7.625	%		07/09/25		225	$	256,781
Jordan    0.7%
Jordan Government International Bond, Sr. Unsec’d. Notes		7.375			10/10/47		200		194,387
Kazakhstan    0.9%
Kazakhstan Government International Bond, Sr. Unsec’d. Notes, MTN		6.500			07/21/45		200		259,536
Kenya    1.4%
Kenya Government International Bond,
Sr. Unsec’d. Notes		6.875			06/24/24		200		204,000
Sr. Unsec’d. Notes		8.250			02/28/48		200		197,290
									401,290
Lebanon    2.0%
Lebanon Government International Bond,
Sr. Unsec’d. Notes		6.000			01/27/23		102		88,260
Sr. Unsec’d. Notes		6.650			04/22/24		52		44,460
Sr. Unsec’d. Notes		6.750			11/29/27		10		8,120
Sr. Unsec’d. Notes, EMTN		6.100			10/04/22		65		57,200
Sr. Unsec’d. Notes, EMTN		6.250			05/27/22		75		66,128
Sr. Unsec’d. Notes, GMTN		6.650			02/26/30		150		118,687
Sr. Unsec’d. Notes, MTN		6.400			05/26/23		150		129,720
Sr. Unsec’d. Notes, MTN		6.850			05/25/29		15		12,057
Sr. Unsec’d. Notes, MTN		8.250			04/12/21		35		33,947
									558,579
Mexico    0.7%
Mexico Government International Bond,
Sr. Unsec’d. Notes, GMTN		5.750			10/12/2110		94		96,468
Sr. Unsec’d. Notes, MTN		6.050			01/11/40		92		105,455
									201,923
Mongolia    0.7%
Mongolia Government International Bond, Sr. Unsec’d. Notes, MTN		5.125			12/05/22		200		196,269

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 17

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Nigeria    2.9%
Nigeria Government International Bond,
Sr. Unsec’d. Notes		7.625	%		11/21/25		200	$	213,472
Sr. Unsec’d. Notes		9.248			01/21/49		200		217,736
Sr. Unsec’d. Notes, 144A		7.143			02/23/30		200		199,032
Sr. Unsec’d. Notes, 144A		7.696			02/23/38		200		197,220
									827,460
Oman    2.0%
Oman Government International Bond,
Sr. Unsec’d. Notes		5.625			01/17/28		200		190,037
Sr. Unsec’d. Notes		6.500			03/08/47		225		200,813
Sr. Unsec’d. Notes, 144A		6.750			01/17/48		200		181,236
									572,086
Pakistan    1.9%
Pakistan Government International Bond, Sr. Unsec’d. Notes		8.250			04/15/24		500		540,725
Panama    1.5%
Panama Government International Bond,
Sr. Unsec’d. Notes		6.700			01/26/36		220		286,000
Sr. Unsec’d. Notes		9.375			04/01/29		105		152,906
									438,906
Papua New Guinea    0.7%
Papua New Guinea Government International Bond, Sr. Unsec’d. Notes, 144A		8.375			10/04/28		200		214,500
Peru    1.8%
Peruvian Government International Bond,
Sr. Unsec’d. Notes		6.550			03/14/37		75		100,388
Sr. Unsec’d. Notes		8.750			11/21/33		265		410,750
									511,138

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Philippines    1.4%
Philippine Government International Bond,
Sr. Unsec’d. Notes		6.375	%		10/23/34		100	$	132,178
Sr. Unsec’d. Notes		7.750			01/14/31		200		280,626
									412,804
Qatar    1.6%
Qatar Government International Bond,
Sr. Unsec’d. Notes		5.103			04/23/48		200		223,250
Sr. Unsec’d. Notes, 144A		4.817			03/14/49		205		220,119
									443,369
Romania    1.4%
Romanian Government International Bond,
Sr. Unsec’d. Notes		5.125			06/15/48		56		56,515
Sr. Unsec’d. Notes, 144A		5.125			06/15/48		44		44,405
Sr. Unsec’d. Notes, 144A, MTN		4.625			04/03/49	EUR	71		86,203
Sr. Unsec’d. Notes, EMTN		3.875			10/29/35	EUR	7		8,195
Sr. Unsec’d. Notes, EMTN		4.125			03/11/39	EUR	75		88,769
Sr. Unsec’d. Notes, MTN		6.125			01/22/44		98		113,376
									397,463
Russia    1.3%
Russian Foreign Bond,
Sr. Unsec’d. Notes		5.625			04/04/42		200		221,708
Sr. Unsec’d. Notes		12.750			06/24/28		90		145,847
									367,555
Saudi Arabia    1.5%
Saudi Government International Bond,
Sr. Unsec’d. Notes, 144A		5.250			01/16/50		200		217,021
Sr. Unsec’d. Notes, MTN		5.000			04/17/49		200		211,349
									428,370
Senegal    0.7%
Senegal Government International Bond, Sr. Unsec’d. Notes, 144A		6.750			03/13/48		205		188,600

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 19

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
South Africa    1.5%
Republic of South Africa Government International Bond,
Sr. Unsec’d. Notes		4.875	%		04/14/26		200	$	198,046
Sr. Unsec’d. Notes		6.250			03/08/41		230		236,613
									434,659
Sri Lanka    3.5%
Sri Lanka Government International Bond,
Sr. Unsec’d. Notes		5.750			01/18/22		200		198,415
Sr. Unsec’d. Notes		5.875			07/25/22		200		197,768
Sr. Unsec’d. Notes		6.200			05/11/27		200		188,901
Sr. Unsec’d. Notes		6.850			11/03/25		200		199,754
Sr. Unsec’d. Notes, 144A		6.850			03/14/24		200		201,888
									986,726
Turkey    3.8%
Export Credit Bank of Turkey, Sr. Unsec’d. Notes		5.375			10/24/23		200		178,901
Turkey Government International Bond,
Sr. Unsec’d. Notes		4.250			04/14/26		200		166,268
Sr. Unsec’d. Notes		6.875			03/17/36		310		277,450
Sr. Unsec’d. Notes		7.375			02/05/25		25		24,738
Sr. Unsec’d. Notes		7.625			04/26/29		400		389,200
Sr. Unsec’d. Notes		8.000			02/14/34		30		30,039
									1,066,596
Ukraine    4.1%
Ukraine Government International Bond,
Sr. Unsec’d. Notes		—	(ff)		05/31/40		10		6,373
Sr. Unsec’d. Notes		7.750			09/01/21		310		307,173
Sr. Unsec’d. Notes		7.750			09/01/23		205		197,866
Sr. Unsec’d. Notes		7.750			09/01/24		135		128,928
Sr. Unsec’d. Notes		7.750			09/01/25		115		108,173
Sr. Unsec’d. Notes		9.750			11/01/28		200		204,252
Ukreximbank Via Biz Finance PLC, Sr. Unsec’d. Notes		9.750			01/22/25		200		200,846
									1,153,611

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Uruguay    1.1%
Uruguay Government International Bond,
Sr. Unsec’d. Notes		5.100	%		06/18/50		60	$	63,000
Sr. Unsec’d. Notes		7.625			03/21/36		185		251,600
									314,600
Venezuela    0.2%
Venezuela Government International Bond, Sr. Unsec’d. Notes(d)		12.750			08/23/22		180		52,650
Zambia    0.5%
Zambia Government International Bond, Sr. Unsec’d. Notes		8.500			04/14/24		200		138,917
TOTAL SOVEREIGN BONDS (cost $22,590,802)									21,653,050
TOTAL LONG-TERM INVESTMENTS (cost $28,423,838)									27,396,424
						Shares
SHORT-TERM INVESTMENT    2.1%
AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $592,174)(w)							592,174		592,174
TOTAL INVESTMENTS    98.7% (cost $29,016,012)									27,988,598
Other assets in excess of liabilities(z)    1.3%									357,046
NET ASSETS    100.0%								$	28,345,644

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

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

EMTN—Euro Medium Term Note

GMTN—Global Medium Term Note

LIBOR—London Interbank Offered Rate

MTN—Medium Term Note

OTC—Over-the-counter

ARS—Argentine Peso

AUD—Australian Dollar

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 21

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

BRL—Brazilian Real

CHF—Swiss Franc

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

EGP—Egyptian Pound

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

NZD—New Zealand Dollar

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

PLN—Polish Zloty

RUB—Russian Ruble

SGD—Singapore Dollar

THB—Thai Baht

TRY—Turkish Lira

TWD—New Taiwanese Dollar

ZAR—South African Rand

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

(cc) Variable rate instrument. The rate shown is based on the latest available information as of April 30, 2019. 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.

(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

(w) PGIM Investments LLC, the manager of the Series, also serves as manager of the PGIM Core Ultra Short Bond Fund.

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

Forward foreign currency exchange contracts outstanding at April 30, 2019:

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Argentine Peso,
Expiring 05/03/19	BNP Paribas S.A.		ARS	3,073	$	69,358	$	68,985	$	—	$	(373	)
Expiring 06/25/19	Citibank, N.A.		ARS	1,340		29,443		27,718		—		(1,725	)
Expiring 06/25/19	Citibank, N.A.		ARS	954		20,348		19,737		—		(611	)
Expiring 06/25/19	Citibank, N.A.		ARS	651		14,048		13,478		—		(570	)

See Notes to Financial Statements.

22

Forward foreign currency exchange contracts outstanding at April 30, 2019 (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.):
Australian Dollar,
Expiring 07/22/19	Citibank, N.A.		AUD	98	$	70,419	$	69,216	$	—	$	(1,203	)
Expiring 07/22/19	Morgan Stanley & Co. International PLC		AUD	196		140,324		138,423		—		(1,901	)
Brazilian Real,
Expiring 06/04/19	JPMorgan Chase Bank, N.A.		BRL	762		196,293		193,739		—		(2,554	)
British Pound,
Expiring 07/19/19	JPMorgan Chase Bank, N.A.		GBP	19		24,484		24,408		—		(76	)
Chilean Peso,
Expiring 06/19/19	BNP Paribas S.A.		CLP	27,611		41,297		40,753		—		(544	)
Expiring 06/19/19	BNP Paribas S.A.		CLP	23,108		34,700		34,107		—		(593	)
Chinese Renminbi,
Expiring 07/25/19	Citibank, N.A.		CNH	472		70,329		70,026		—		(303	)
Expiring 07/25/19	JPMorgan Chase Bank, N.A.		CNH	283		42,281		41,949		—		(332	)
Czech Koruna,
Expiring 07/19/19	Citibank, N.A.		CZK	2,231		98,429		97,846		—		(583	)
Egyptian Pound,
Expiring 07/29/19	Citibank, N.A.		EGP	278		14,796		15,780		984		—
Expiring 07/29/19	Citibank, N.A.		EGP	249		13,481		14,167		686		—
Expiring 09/18/19	Citibank, N.A.		EGP	456		24,918		25,507		589		—
Expiring 10/01/19	Citibank, N.A.		EGP	1,236		67,200		68,994		1,794		—
Expiring 10/08/19	Citibank, N.A.		EGP	308		16,950		17,138		188		—
Indian Rupee,
Expiring 06/19/19	Barclays Bank PLC		INR	7,641		107,804		109,150		1,346		—
Expiring 06/19/19	Barclays Bank PLC		INR	5,172		74,000		73,886		—		(114	)
Expiring 06/19/19	Citibank, N.A.		INR	5,527		79,000		78,952		—		(48	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		INR	4,925		70,565		70,352		—		(213	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		INR	2,472		35,299		35,308		9		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		INR	2,150		30,700		30,718		18		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC		INR	9,339		131,790		133,406		1,616		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC		INR	5,648		81,000		80,684		—		(316	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC		INR	5,217		75,000		74,531		—		(469	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC		INR	4,888		70,000		69,827		—		(173	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 23

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Forward foreign currency exchange contracts outstanding at April 30, 2019 (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,
Expiring 06/19/19	HSBC BANK USA, N.A.		IDR	1,019,915	$	71,000	$	71,101	$	101	$	—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		IDR	1,387,100		97,000		96,699		—		(301	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		IDR	476,732		33,124		33,234		110		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC		IDR	1,498,588		104,000		104,471		471		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC		IDR	1,081,062		76,000		75,364		—		(636	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC		IDR	578,896		40,710		40,357		—		(353	)
Expiring 06/19/19	UBS AG		IDR	1,203,300		84,000		83,886		—		(114	)
Japanese Yen,
Expiring 07/19/19	Bank of America, N.A.		JPY	9,782		87,973		88,397		424		—
Expiring 07/19/19	Morgan Stanley & Co. International PLC		JPY	3,805		34,231		34,386		155		—
Mexican Peso,
Expiring 06/19/19	Barclays Bank PLC		MXN	1,312		67,000		68,613		1,613		—
Expiring 06/19/19	Citibank, N.A.		MXN	1,390		73,000		72,724		—		(276	)
Expiring 06/19/19	Citibank, N.A.		MXN	1,362		70,565		71,244		679		—
Expiring 06/19/19	Citibank, N.A.		MXN	675		35,299		35,306		7		—
Expiring 06/19/19	Deutsche Bank AG		MXN	4,004		204,221		209,468		5,247		—
Expiring 06/19/19	Goldman Sachs International		MXN	1,252		66,000		65,508		—		(492	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		MXN	681		34,976		35,636		660		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		MXN	449		23,012		23,474		462		—
New Taiwanese Dollar,
Expiring 06/19/19	Citibank, N.A.		TWD	2,524		82,000		81,939		—		(61	)
Expiring 06/19/19	HSBC BANK USA, N.A.		TWD	5,545		180,050		180,032		—		(18	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		TWD	5,545		180,044		180,032		—		(12	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC		TWD	8,407		273,466		272,960		—		(506	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC		TWD	2,549		83,000		82,763		—		(237	)
New Zealand Dollar,
Expiring 07/22/19	Citibank, N.A.		NZD	50		33,800		33,396		—		(404	)
Peruvian Nuevo Sol,
Expiring 06/19/19	BNP Paribas S.A.		PEN	242		73,000		72,882		—		(118	)
Expiring 06/19/19	BNP Paribas S.A.		PEN	212		64,000		64,090		90		—

See Notes to Financial Statements.

24

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Peruvian Nuevo Sol (cont’d.),
Expiring 06/19/19	Citibank, N.A.	PEN	211	$	64,000	$	63,815	$	—	$	(185	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PEN	222		67,000		66,847		—		(153	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PEN	210		63,000		63,263		263		—
Philippine Peso,
Expiring 06/19/19	Barclays Bank PLC	PHP	7,430		141,526		141,974		448		—
Expiring 06/19/19	Barclays Bank PLC	PHP	3,722		70,000		71,112		1,112		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	4,977		95,000		95,092		92		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	4,947		95,000		94,530		—		(470	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	4,430		83,000		84,651		1,651		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	3,404		64,000		65,037		1,037		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	1,013		18,966		19,360		394		—
Russian Ruble,
Expiring 06/19/19	Citibank, N.A.	RUB	3,949		61,000		60,620		—		(380	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	RUB	25,175		379,157		386,492		7,335		—
Singapore Dollar,
Expiring 05/10/19	Barclays Bank PLC	SGD	131		96,709		96,018		—		(691	)
Expiring 05/10/19	Barclays Bank PLC	SGD	83		61,000		60,728		—		(272	)
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	SGD	93		69,000		68,389		—		(611	)
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	SGD	92		68,000		67,806		—		(194	)
Expiring 05/10/19	Morgan Stanley & Co. International PLC	SGD	98		73,000		72,417		—		(583	)
South African Rand,
Expiring 06/13/19	BNP Paribas S.A.	ZAR	53		3,652		3,718		66		—
Expiring 06/13/19	Citibank, N.A.	ZAR	546		37,625		37,968		343		—
Expiring 06/13/19	Citibank, N.A.	ZAR	272		18,675		18,928		253		—
Expiring 06/13/19	Goldman Sachs International	ZAR	520		35,652		36,177		525		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	ZAR	543		37,350		37,750		400		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	ZAR	499		34,475		34,664		189		—

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 25

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South Korean Won,
Expiring 06/19/19	Citibank, N.A.		KRW	80,338	$	70,714	$	68,903	$	—	$	(1,811	)
Expiring 06/19/19	Citibank, N.A.		KRW	80,299		70,599		68,869		—		(1,730	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		KRW	80,324		70,696		68,891		—		(1,805	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		KRW	79,685		70,419		68,343		—		(2,076	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		KRW	59,724		52,851		51,223		—		(1,628	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		KRW	45,123		39,550		38,700		—		(850	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		KRW	45,111		39,550		38,690		—		(860	)
Thai Baht,
Expiring 05/10/19	BNP Paribas S.A.		THB	2,465		79,000		77,230		—		(1,770	)
Expiring 05/10/19	BNP Paribas S.A.		THB	2,233		71,553		69,969		—		(1,584	)
Expiring 05/10/19	Citibank, N.A.		THB	6,009		190,980		188,277		—		(2,703	)
Expiring 05/10/19	Citibank, N.A.		THB	2,262		71,000		70,885		—		(115	)
Expiring 05/10/19	Citibank, N.A.		THB	2,042		64,000		63,985		—		(15	)
Expiring 05/10/19	Citibank, N.A.		THB	2,001		63,000		62,693		—		(307	)
Expiring 05/10/19	Citibank, N.A.		THB	1,088		34,110		34,100		—		(10	)
Expiring 05/10/19	Citibank, N.A.		THB	953		30,180		29,844		—		(336	)
Expiring 05/10/19	Citibank, N.A.		THB	583		18,469		18,271		—		(198	)
Expiring 05/10/19	Citibank, N.A.		THB	413		12,983		12,951		—		(32	)
Expiring 05/10/19	HSBC BANK USA, N.A.		THB	2,233		71,084		69,969		—		(1,115	)
Expiring 05/10/19	Morgan Stanley & Co. International PLC		THB	2,033		65,000		63,710		—		(1,290	)
Expiring 05/10/19	UBS AG		THB	3,053		97,000		95,648		—		(1,352	)
Turkish Lira,
Expiring 06/13/19	BNP Paribas S.A.		TRY	670		117,910		109,242		—		(8,668	)
					$	7,053,162	$	7,034,496		31,357		(50,023	)
Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 07/22/19	Citibank, N.A.		AUD	99	$	69,200	$	69,688	$	—	$	(488	)
Expiring 07/22/19	JPMorgan Chase Bank, N.A.		AUD	98		68,970		69,406		—		(436	)

See Notes to Financial Statements.

26

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Brazilian Real,
Expiring 06/04/19	Citibank, N.A.		BRL	285	$	73,000	$	72,574	$	426	$	—
Expiring 06/04/19	Citibank, N.A.		BRL	141		35,242		35,857		—		(615	)
Expiring 06/04/19	Citibank, N.A.		BRL	140		35,242		35,563		—		(321	)
Expiring 06/04/19	Citibank, N.A.		BRL	103		26,180		26,293		—		(113	)
Expiring 06/04/19	Goldman Sachs International		BRL	122		30,700		31,113		—		(413	)
Expiring 06/04/19	JPMorgan Chase Bank, N.A.		BRL	123		31,449		31,170		279		—
Expiring 06/04/19	JPMorgan Chase Bank, N.A.		BRL	121		30,700		30,678		22		—
Expiring 06/04/19	JPMorgan Chase Bank, N.A.		BRL	64		16,175		16,261		—		(86	)
British Pound,
Expiring 07/19/19	Citibank, N.A.		GBP	19		25,400		25,516		—		(116	)
Chilean Peso,
Expiring 06/19/19	BNP Paribas S.A.		CLP	91,503		136,763		135,056		1,707		—
Expiring 06/19/19	BNP Paribas S.A.		CLP	53,174		78,000		78,484		—		(484	)
Expiring 06/19/19	BNP Paribas S.A.		CLP	37,426		56,073		55,240		833		—
Expiring 06/19/19	Citibank, N.A.		CLP	105,694		159,020		156,002		3,018		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		CLP	43,742		64,900		64,562		338		—
Chinese Renminbi,
Expiring 07/25/19	Morgan Stanley & Co. International PLC		CNH	531		79,321		78,764		557		—
Colombian Peso,
Expiring 05/20/19	BNP Paribas S.A.		COP	137,523		42,778		42,486		292		—
Expiring 05/20/19	BNP Paribas S.A.		COP	131,945		42,045		40,763		1,282		—
Expiring 05/20/19	BNP Paribas S.A.		COP	85,045		27,381		26,274		1,107		—
Expiring 05/20/19	BNP Paribas S.A.		COP	42,518		13,690		13,136		554		—
Expiring 05/20/19	Citibank, N.A.		COP	386,695		123,006		119,465		3,541		—
Expiring 05/20/19	Citibank, N.A.		COP	109,922		35,299		33,959		1,340		—
Expiring 05/20/19	JPMorgan Chase Bank, N.A.		COP	191,220		60,000		59,075		925		—
Czech Koruna,
Expiring 07/19/19	Citibank, N.A.		CZK	1,637		71,000		71,772		—		(772	)
Egyptian Pound,
Expiring 07/15/19	Citibank, N.A.		EGP	181		10,319		10,294		25		—
Expiring 07/29/19	Citibank, N.A.		EGP	350		19,994		19,893		101		—
Euro,
Expiring 07/19/19	Barclays Bank PLC		EUR	726		828,125		819,865		8,260		—
Expiring 07/19/19	Citibank, N.A.		EUR	99		112,690		112,070		620		—
Expiring 07/19/19	Citibank, N.A.		EUR	5		6,082		6,114		—		(32	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 27

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Euro (cont’d.),
Expiring 07/19/19	Deutsche Bank AG		EUR	726	$	824,604	$	819,864	$	4,740	$	—
Expiring 07/19/19	JPMorgan Chase Bank, N.A.		EUR	101		113,241		113,777		—		(536	)
Hungarian Forint,
Expiring 07/19/19	Bank of America, N.A.		HUF	54,954		193,534		191,406		2,128		—
Expiring 07/19/19	Bank of America, N.A.		HUF	20,338		72,000		70,838		1,162		—
Expiring 07/19/19	Citibank, N.A.		HUF	10,079		35,296		35,107		189		—
Indian Rupee,
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		INR	1,840		26,200		26,285		—		(85	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC		INR	2,905		41,186		41,497		—		(311	)
Indonesian Rupiah,
Expiring 06/19/19	Citibank, N.A.		IDR	896,662		62,337		62,509		—		(172	)
Expiring 06/19/19	Citibank, N.A.		IDR	895,987		62,000		62,462		—		(462	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		IDR	463,092		32,475		32,284		191		—
Israeli Shekel,
Expiring 07/25/19	Bank of America, N.A.		ILS	137		38,722		38,404		318		—
Japanese Yen,
Expiring 07/19/19	JPMorgan Chase Bank, N.A.		JPY	4,559		41,019		41,201		—		(182	)
Expiring 07/19/19	JPMorgan Chase Bank, N.A.		JPY	4,542		40,850		41,044		—		(194	)
Mexican Peso,
Expiring 06/19/19	Citibank, N.A.		MXN	722		37,625		37,765		—		(140	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		MXN	1,227		64,125		64,178		—		(53	)
New Taiwanese Dollar,
Expiring 06/19/19	Barclays Bank PLC		TWD	3,295		107,000		106,990		10		—
Expiring 06/19/19	BNP Paribas S.A.		TWD	1,844		60,000		59,868		132		—
Expiring 06/19/19	Citibank, N.A.		TWD	2,165		70,329		70,311		18		—
Expiring 06/19/19	HSBC BANK USA, N.A.		TWD	2,334		76,000		75,772		228		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		TWD	2,058		67,000		66,819		181		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		TWD	1,961		64,000		63,682		318		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		TWD	1,246		40,550		40,465		85		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		TWD	1,130		36,700		36,679		21		—

See Notes to Financial Statements.

28

Forward foreign currency exchange contracts outstanding at April 30, 2019 (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.):
New Zealand Dollar,
Expiring 07/22/19	Bank of America, N.A.		NZD	50	$	33,654	$	33,272	$	382	$	—
Expiring 07/22/19	JPMorgan Chase Bank, N.A.		NZD	63		42,281		42,024		257		—
Expiring 07/22/19	JPMorgan Chase Bank, N.A.		NZD	53		35,234		35,242		—		(8	)
Peruvian Nuevo Sol,
Expiring 06/19/19	BNP Paribas S.A.		PEN	137		41,297		41,263		34		—
Philippine Peso,
Expiring 06/19/19	Barclays Bank PLC		PHP	6,102		115,000		116,604		—		(1,604	)
Expiring 06/19/19	Barclays Bank PLC		PHP	3,917		74,000		74,843		—		(843	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		PHP	5,510		104,000		105,283		—		(1,283	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		PHP	5,232		100,000		99,973		27		—
Polish Zloty,
Expiring 07/19/19	JPMorgan Chase Bank, N.A.		PLN	430		114,119		112,874		1,245		—
Expiring 07/19/19	JPMorgan Chase Bank, N.A.		PLN	250		65,000		65,498		—		(498	)
Russian Ruble,
Expiring 06/19/19	Citibank, N.A.		RUB	5,430		82,500		83,356		—		(856	)
Expiring 06/19/19	Citibank, N.A.		RUB	1,204		18,288		18,486		—		(198	)
Expiring 06/19/19	Citibank, N.A.		RUB	351		5,330		5,388		—		(58	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC		RUB	4,321		66,000		66,336		—		(336	)
Singapore Dollar,
Expiring 05/10/19	Bank of America, N.A.		SGD	105		78,000		77,530		470		—
Expiring 05/10/19	Barclays Bank PLC		SGD	100		74,000		73,663		337		—
Expiring 05/10/19	Goldman Sachs International		SGD	84		62,000		61,665		335		—
Expiring 05/10/19	JPMorgan Chase Bank, N.A.		SGD	104		77,000		76,585		415		—
South African Rand,
Expiring 06/13/19	Citibank, N.A.		ZAR	1,823		126,466		126,739		—		(273	)
Expiring 06/13/19	Goldman Sachs International		ZAR	1,823		127,358		126,740		618		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.		ZAR	515		34,976		35,824		—		(848	)
Expiring 06/13/19	JPMorgan Chase Bank, N.A.		ZAR	501		34,997		34,838		159		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.		ZAR	321		22,300		22,308		—		(8	)

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 29

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South Korean Won,
Expiring 06/19/19	Barclays Bank PLC		KRW	71,184	$	63,000	$	61,051	$	1,949	$	—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		KRW	153,490		135,344		131,641		3,703		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		KRW	95,180		84,000		81,632		2,368		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		KRW	90,812		78,000		77,885		115		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		KRW	76,795		65,920		65,864		56		—
Swiss Franc,
Expiring 07/19/19	JPMorgan Chase Bank, N.A.		CHF	48		48,145		47,259		886		—
Thai Baht,
Expiring 05/10/19	Citibank, N.A.		THB	3,878		124,341		121,487		2,854		—
Expiring 05/10/19	Citibank, N.A.		THB	2,509		79,000		78,606		394		—
Expiring 05/10/19	Citibank, N.A.		THB	1,010		32,228		31,648		580		—
Expiring 05/10/19	Citibank, N.A.		THB	949		30,153		29,723		430		—
Expiring 05/10/19	Citibank, N.A.		THB	896		28,473		28,083		390		—
Expiring 05/10/19	Citibank, N.A.		THB	693		22,082		21,704		378		—
Expiring 05/10/19	Citibank, N.A.		THB	524		16,735		16,417		318		—
Expiring 05/10/19	Citibank, N.A.		THB	508		16,175		15,919		256		—
Expiring 05/10/19	JPMorgan Chase Bank, N.A.		THB	1,130		35,282		35,394		—		(112	)
Expiring 05/10/19	JPMorgan Chase Bank, N.A.		THB	689		22,085		21,587		498		—
Expiring 05/10/19	JPMorgan Chase Bank, N.A.		THB	372		11,892		11,641		251		—
Expiring 05/10/19	Morgan Stanley & Co. International PLC		THB	2,256		71,000		70,683		317		—
Turkish Lira,
Expiring 06/13/19	BNP Paribas S.A.		TRY	74		12,469		11,999		470		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.		TRY	485		81,000		79,082		1,918		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.		TRY	427		72,000		69,531		2,469		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.		TRY	416		69,000		67,834		1,166		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.		TRY	235		40,926		38,373		2,553		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.		TRY	217		35,242		35,315		—		(73	)

See Notes to Financial Statements.

30

Forward foreign currency exchange contracts outstanding at April 30, 2019 (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.):
Turkish Lira (cont’d.),
Expiring 06/13/19	JPMorgan Chase Bank, N.A.		TRY	200	$	33,900	$	32,550	$	1,350	$	—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.		TRY	199		34,700		32,506		2,194		—
					$	7,492,429	$	7,438,348		67,090		(13,009	)
									$	98,447	$	(63,032	)

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of April 30, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Corporate Bonds
Argentina	$	—	$	141,825	$	—
Brazil		—		406,093		—
Chile		—		215,528		—
China		—		631,872		—
India		—		194,514		—
Indonesia		—		909,527		—
Kazakhstan		—		212,771		—
Malaysia		—		317,673		—
Mexico		—		1,393,515		—
Russia		—		398,873		—
South Africa		—		418,393		—
Trinidad & Tobago		—		102,040		—
Tunisia		—		152,484		—
Venezuela		—		248,266		—
Sovereign Bonds
Angola		—		438,812		—
Argentina		—		1,171,560		—
Bahrain		—		427,250		—

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 31

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Sovereign Bonds (continued)
Belarus	$	—	$	209,000	$	—
Brazil		—		971,692		—
Colombia		—		516,981		—
Congo (Republic)		—		59,377		—
Costa Rica		—		380,750		—
Dominican Republic		—		702,588		—
Ecuador		—		924,250		—
Egypt		—		790,842		—
El Salvador		—		385,131		—
Gabon		—		192,516		—
Ghana		—		449,176		—
Greece		—		217,579		—
Honduras		—		218,000		—
Hungary		—		276,515		—
Indonesia		—		1,016,361		—
Iraq		—		445,320		—
Ivory Coast		—		299,850		—
Jamaica		—		256,781		—
Jordan		—		194,387		—
Kazakhstan		—		259,536		—
Kenya		—		401,290		—
Lebanon		—		558,579		—
Mexico		—		201,923		—
Mongolia		—		196,269		—
Nigeria		—		827,460		—
Oman		—		572,086		—
Pakistan		—		540,725		—
Panama		—		438,906		—
Papua New Guinea		—		214,500		—
Peru		—		511,138		—
Philippines		—		412,804		—
Qatar		—		443,369		—
Romania		—		397,463		—
Russia		—		367,555		—
Saudi Arabia		—		428,370		—
Senegal		—		188,600		—
South Africa		—		434,659		—
Sri Lanka		—		986,726		—
Turkey		—		1,066,596		—
Ukraine		—		1,153,611		—
Uruguay		—		314,600		—
Venezuela		—		52,650		—
Zambia		—		138,917		—
Affiliated Mutual Fund		592,174		—		—

See Notes to Financial Statements.

32

	Level 1		Level 2		Level 3
Other Financial Instruments*
OTC Forward Foreign Currency Exchange Contracts	$	—	$	35,415	$	—
Total	$	592,174	$	27,431,839	$	—

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

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of April 30, 2019 were as follows:

Sovereign Bonds	76.4	%
Oil & Gas	10.7
Mining	2.4
Affiliated Mutual Fund	2.1
Chemicals	1.6
Electric	1.5
Real Estate	1.3
Banks	1.3

Transportation	0.7	%
Auto Parts & Equipment	0.7
	98.7
Other assets in excess of liabilities	1.3
	100.0	%

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

The Series invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is foreign exchange contracts risk. The effect of such derivative instruments on the Series’ financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of April 30, 2019 as presented in the Statement of Assets and Liabilities:

Derivatives not accounted for as hedging instruments, carried at fair value	Asset Derivatives			Liability Derivatives
	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	$	98,447	Unrealized depreciation on OTC forward foreign currency exchange contracts	$	63,032

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 33

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2019 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Forward & Cross Currency Exchange Contracts
Foreign exchange contracts	$	17,267

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Forward & Cross Currency Exchange Contracts
Foreign exchange contracts	$	(9,221	)

For the six months ended April 30, 2019, the Series’ average volume of derivative activities is as follows:

		Forward Foreign Currency Exchange Contracts— Purchased(1)
		$	6,023,477
Forward Foreign Currency Exchange Contracts—Sold(1)				Cross Currency Exchange Contracts(2)
$	6,951,387			$	76,898

(1) Value at Settlement Date.

(2) Value at Trade Date.

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

The Series 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.

See Notes to Financial Statements.

34

Offsetting of OTC derivative assets and liabilities:

Counterparty	Gross Amounts of Recognized Assets(1)		Gross Amounts of Recognized Liabilities(1)			Net Amounts of Recognized Assets/(Liabilities)			Collateral Pledged/ (Received)(2)		Net Amount
Bank of America, N.A.	$	4,884	$	—		$	4,884		$	—	$	4,884
Barclays Bank PLC		15,075		(3,524	)		11,551			—		11,551
BNP Paribas S.A.		6,567		(14,134	)		(7,567	)		—		(7,567	)
Citibank, N.A.		20,401		(18,222	)		2,179			—		2,179
Deutsche Bank AG		9,987		—			9,987			—		9,987
Goldman Sachs International		1,478		(905	)		573			—		573
HSBC BANK USA, N.A.		329		(1,133	)		(804	)		—		(804	)
JPMorgan Chase Bank, N.A.		29,275		(16,537	)		12,738			—		12,738
Morgan Stanley & Co. International PLC		10,451		(7,111	)		3,340			—		3,340
UBS AG		—		(1,466	)		(1,466	)		—		(1,466	)
	$	98,447	$	(63,032	)	$	35,415		$	—	$	35,415

(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 Series is limited to the market value of financial instruments/transactions and the Series’ OTC derivative exposure by counterparty.

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 35

Statement of Assets & Liabilities (unaudited)

as of April 30, 2019

Assets
Investments at value:
Unaffiliated investments (cost $28,423,838)	$	27,396,424
Affiliated investments (cost $592,174)		592,174
Foreign currency, at value (cost $23,319)		23,216
Dividends and interest receivable		400,671
Unrealized appreciation on OTC forward foreign currency exchange contracts		98,447
Receivable for Series shares sold		11,659
Due from Manager		5,789
Prepaid expenses		797
Total Assets		28,529,177
Liabilities
Unrealized depreciation on OTC forward foreign currency exchange contracts		63,032
Payable for investments purchased		45,394
Custodian and accounting fees payable		31,855
Audit fee payable		17,356
Registration fees payable		13,564
Payable for Series shares reacquired		6,128
Accrued expenses and other liabilities		4,316
Affiliated transfer agent fee payable		1,834
Dividends payable		43
Distribution fee payable		11
Total Liabilities		183,533
Net Assets	$	28,345,644
Net assets were comprised of:
Common stock, at par	$	30,410
Paid-in capital in excess of par		29,956,911
Total distributable earnings (loss)		(1,641,677	)
Net assets, April 30, 2019	$	28,345,644

See Notes to Financial Statements.

36

Class A
Net asset value, offering price and redemption price per share, ($12,618 ÷ 1,354 shares of beneficial interest issued and outstanding)	$	9.32
Maximum sales charge (4.50% of offering price)		0.44
Maximum offering price to public	$	9.76
Class C
Net asset value, offering price and redemption price per share, ($9,946 ÷ 1,067 shares of beneficial interest issued and outstanding)	$	9.32
Class Z
Net asset value, offering price and redemption price per share, ($3,081,128 ÷ 330,426 shares of beneficial interest issued and outstanding)	$	9.32
Class R6
Net asset value, offering price and redemption price per share, ($25,241,952 ÷ 2,708,139 shares of beneficial interest issued and outstanding)	$	9.32

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 37

Statement of Operations (unaudited)

Six Months Ended April 30, 2019

Net Investment Income (Loss)
Income
Interest income	$	816,458
Affiliated dividend income		3,669
Total income		820,127
Expenses
Management fee		95,382
Distribution fee(a)		60
Custodian and accounting fees		45,880
Registration fees(a)		29,105
Audit fee		17,356
Shareholders’ reports		13,925
Legal fees and expenses		8,177
Transfer agent’s fees and expenses (including affiliated expense of $5,363)(a)		8,027
Directors’ fees		6,090
Miscellaneous		6,734
Total expenses		230,736
Less: Fee waiver and/or expense reimbursement(a)		(131,889	)
Net expenses		98,847
Net investment income (loss)		721,280
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		(111,981	)
Forward and cross currency contract transactions		17,267
Foreign currency transactions		(18,768	)
		(113,482	)
Net change in unrealized appreciation (depreciation) on:
Investments		1,503,513
Forward and cross currency contracts		(9,221	)
Foreign currencies		3,126
		1,497,418
Net gain (loss) on investment and foreign currency transactions		1,383,936
Net Increase (Decrease) In Net Assets Resulting From Operations	$	2,105,216

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

	Class A			Class C			Class Z			Class R6
Distribution fee		13			47			—			—
Registration fees		7,258			7,257			7,295			7,295
Transfer agent’s fees and expenses		24			24			7,943			36
Fee waiver and/or expense reimbursement		(7,316	)		(7,312	)		(23,456	)		(93,805	)

See Notes to Financial Statements.

38

Statements of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2019			December 12, 2017* through October 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	721,280		$	1,060,283
Net realized gain (loss) on investment and foreign currency transactions		(113,482	)		(292,634	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		1,497,418			(2,498,241	)
Net increase (decrease) in net assets resulting from operations		2,105,216			(1,730,592	)
Dividends and Distributions
Distributions from distributable earnings
Class A		(309	)		(440	)
Class C		(241	)		(377	)
Class Z		(75,573	)		(37,450	)
Class R6		(736,342	)		(1,168,133	)
		(812,465	)		(1,206,400	)
Tax return of capital distributions
Class A		—			(6	)
Class C		—			(5	)
Class Z		—			(497	)
Class R6		—			(15,516	)
		—			(16,024	)
Series share transactions
Net proceeds from shares sold		1,250,275			27,488,719
Net asset value of shares issued in reinvestment of dividends and distributions		811,978			1,220,322
Cost of shares reacquired		(595,743	)		(169,642	)
Net increase (decrease) in net assets from Series share transactions		1,466,510			28,539,399
Total increase (decrease)		2,759,261			25,586,383
Net Assets:
Beginning of period		25,586,383			—
End of period	$	28,345,644		$	25,586,383

* Commencement of operations.

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 39

Notes to Financial Statements (unaudited)

Prudential World Fund, Inc. (the “Fund”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Fund was established as a Maryland business trust on September 28, 1994. The Fund currently consists of seven series: PGIM Jennison Emerging Markets Equity Opportunities Fund, PGIM Jennison Global Opportunities Fund, PGIM Jennison International Opportunities Fund and PGIM QMA International Equity Fund, each of which are diversified funds and PGIM Jennison Global Infrastructure Fund, PGIM Emerging Markets Debt Hard Currency Fund and PGIM Emerging Markets Debt Local Currency Fund, each of which are non-diversified funds for purposes of the 1940 Act. These financial statements relate only to the PGIM Emerging Markets Debt Hard Currency Fund (the “Series”). The Series commenced operations on December 12, 2017.

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

1. Accounting Policies

The Series 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 accounting policies conform to U.S. generally accepted accounting principles. The Series consistently follows such policies in the preparation of its financial statements.

Securities Valuation: The Series holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Fund’s Board of Directors (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Series 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. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

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

40

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

Various inputs determine how the Series’ 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 Measurements and Disclosures.

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

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

OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Series 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 OTC 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 OTC derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain OTC 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

PGIM Emerging Markets Debt Hard Currency Fund 41

Notes to Financial Statements (unaudited) (continued)

income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy.

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

Illiquid Securities: Pursuant to Rule 22e-4 under the 1940 Act, the Series has adopted a Board approved Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Series limit its illiquid investments that are assets to no more than 15% of net assets. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Series may find it difficult to sell illiquid securities at the time considered most advantageous by its subadviser and may incur transaction costs that would not be incurred in the sale of securities that were freely marketable.

Restricted Securities: Securities acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer are considered restricted as to disposition under federal securities law (“restricted securities”). Such restricted securities are valued pursuant to the valuation procedures noted above. Restricted securities that would otherwise be considered illiquid investments pursuant to the Series’ LRMP because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. Therefore, these Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act of 1933, may be classified higher than “illiquid” under the LRMP (i.e. “moderately liquid” or “less liquid” investments). However, the liquidity of the Series’ investments in restricted securities could be impaired if trading does not develop or declines.

42

Foreign Currency Translation: The books and records of the Series 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 current rates of exchange;

(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 Series are presented at the foreign exchange rates and market values at the close of the period, the Series 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 Series 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 realized foreign currency gains (losses) are included in the reported net realized gains (losses) on investment transactions. Notwithstanding the above, the Series does isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations; such amounts are included in net

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Series’ 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 Series 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 (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 Series’

PGIM Emerging Markets Debt Hard Currency Fund 43

Notes to Financial Statements (unaudited) (continued)

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.

Master Netting Arrangements: The Fund, on behalf of the Series, 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 the Series. A master netting arrangement between the Series and the counterparty permits the Series to offset amounts payable by the Series to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Series to cover the Series’ 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. During the reporting period, there was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

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 Series becomes aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Class specific expenses 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 Series’ 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

44

income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.

Dividends and Distributions: The Series expects to declare dividends of its net investment income daily and pay such dividends monthly. Distributions of net realized capital and currency gains, if any, are declared and paid at least annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, 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.

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.

2. Agreements

The Fund, on behalf of the Series, has a management agreement with PGIM Investments. Pursuant to this agreement, PGIM Investments has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. In addition, under the management agreement, PGIM Investments provides all of the administrative functions necessary for the organization, operation and management of the Series. PGIM Investments administers the corporate affairs of the Series and, in connection therewith, furnishes the Series with office facilities, together with those ordinary clerical and bookkeeping services which are not being furnished by the Series’ custodian and the Series’ transfer agent. PGIM Investments is also responsible for the staffing and management of dedicated groups of legal, marketing, compliance and related personnel necessary for the operation of the Series. The legal, marketing, compliance and related personnel are also responsible for the management and oversight of the various service providers to the Series, including, but not limited to, the custodian, transfer agent, and accounting agent.

PGIM Investments has entered into a subadvisory agreement with PGIM, Inc., which provides subadvisory services to the Series through its PGIM Fixed Income unit. The subadvisory agreement provides that PGIM, Inc. will furnish investment advisory services in connection with the management of the Series. In connection therewith, PGIM, Inc. is obligated to keep certain books and records of the Series. PGIM Investments pays for the services of PGIM, Inc., the cost of compensation of officers of the Series, occupancy and certain clerical and bookkeeping costs of the Series. The Series bears all other costs and expenses.

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.72% of the Series’ average daily net assets up to and including $1 billion; 0.70% from $1 billion to $3 billion of average daily net assets; 0.68% from $3 billion to

PGIM Emerging Markets Debt Hard Currency Fund 45

Notes to Financial Statements (unaudited) (continued)

$5 billion of average daily net assets; 0.67% from $5 billion to $10 billion of average daily net assets; and 0.66% of the average daily net assets exceeding $10 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.72% for the six months ended April 30, 2019.

The Manager has contractually agreed, through February 29, 2020, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 1.05% of average daily net assets for Class A shares, 1.80% of average daily net assets for Class C shares, 0.80% of average daily net assets for Class Z shares, and 0.74% of average daily net assets for Class R6 shares. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives similar expenses on any other share class and, 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 PGIM Investments may be recouped by PGIM Investments 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 Fund, on behalf of the Series, 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 Series. The Series compensates PIMS for distributing and servicing the Series’ Class A and Class C shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z or Class R6 shares of the Series.

Pursuant to the Distribution Plans, the Series compensates PIMS for distribution related activities at an annual rate of up to 0.25% and 1% of the average daily net assets of the Class A and Class C shares, respectively.

For the reporting period ended April 30, 2019, PIMS has not received any front-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended April 30, 2019, PIMS received $0 in contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders.

PGIM Investments, PGIM, Inc and PIMS are indirect, wholly-owned subsidiaries of

46

Prudential Financial, Inc. (“Prudential”).

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

The Series 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, and/or common officers. Pursuant to the Rule 17a-7 procedures and consistent with guidance issued by the SEC, the Series’ Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such 17a-7 transactions were effected in accordance with the Series’ Rule 17a-7 procedures. Any 17a-7 transactions for the reporting period are disclosed in the “Portfolio Securities” note, below.

The Series may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. Through the Series’ investments in the mentioned underlying fund, PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services. Earnings from the Core Fund are disclosed on the Statement of Operations as “Affiliated dividend income”.

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2019, were $6,319,839 and $5,124,424, respectively.

A summary of the cost of purchases and proceeds from sales of shares of an affiliated investment for the reporting period ended April 30, 2019, is presented as follows:

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Income
	PGIM Core Ultra Short Bond Fund*
$	267,048	$	3,718,129	$	3,393,003	$	—	$	—	$	592,174		592,174	$	3,669

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

PGIM Emerging Markets Debt Hard Currency Fund 47

Notes to Financial Statements (unaudited) (continued)

For the reporting period ended April 30, 2019, no 17a-7 transactions were entered into by the Series.

5. Tax Information

The United States federal income tax basis of the Series’ investments and the net unrealized depreciation as of April 30, 2019 were as follows:

Tax Basis	$	29,222,482
Gross Unrealized Appreciation		461,913
Gross Unrealized Depreciation		(1,660,382	)
Net Unrealized Depreciation	$	(1,198,469	)

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

For federal income tax purposes, the Series had a capital loss carryforward as of October 31, 2018 of approximately $184,000 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

The Manager has analyzed the Series’ 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 Series’ financial statements for the current reporting period. The Series’ federal, state and local income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

6. Capital and Ownership

The Series offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 4.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately 10 years after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charge and are available exclusively for sale to a limited group of investors.

48

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

The Fund is authorized to issue 5.075 billion shares of common stock, with a par value of $0.01 per share, which is divided into seven series. There are 600 million shares authorized for the Series, divided into four classes, designated Class A, Class C, Class Z and Class R6 common stock, each of which consists of 100 million, 100 million, 200 million and 200 million authorized shares, respectively.

As of April 30, 2019, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned 1,078 Class A shares, 1,067 Class C shares, 1,082 Class Z shares and 2,708,139 Class R6 shares of the Series. At reporting period end, one shareholder of record holding greater than 5% of the Series, held 89% of the Series’ outstanding shares.

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Six months ended April 30, 2019:
Shares sold		272		$	2,500
Shares issued in reinvestment of dividends and distributions		34			309
Net increase (decrease) in shares outstanding		306		$	2,809
Period ended October 31, 2018*:
Shares sold		1,000		$	10,000
Shares issued in reinvestment of dividends and distributions		48			446
Net increase (decrease) in shares outstanding		1,048		$	10,446
Class C
Six months ended April 30, 2019:
Shares issued in reinvestment of dividends and distributions		26		$	241
Net increase (decrease) in shares outstanding		26		$	241
Period ended October 31, 2018*:
Shares sold		1,000		$	10,000
Shares issued in reinvestment of dividends and distributions		41			382
Net increase (decrease) in shares outstanding		1,041		$	10,382
Class Z
Six months ended April 30, 2019:
Shares sold		136,452		$	1,247,775
Shares issued in reinvestment of dividends and distributions		8,221			75,022
Shares reacquired		(65,736	)		(595,743	)
Net increase (decrease) in shares outstanding		78,937		$	727,054
Period ended October 31, 2018*:
Shares sold		266,290		$	2,458,719
Shares issued in reinvestment of dividends and distributions		3,945			35,845
Shares reacquired		(18,746	)		(169,642	)
Net increase (decrease) in shares outstanding		251,489		$	2,324,922

PGIM Emerging Markets Debt Hard Currency Fund 49

Notes to Financial Statements (unaudited) (continued)

Class R6	Shares		Amount
Six months ended April 30, 2019:
Shares issued in reinvestment of dividends and distributions		80,835	$	736,406
Net increase (decrease) in shares outstanding		80,835	$	736,406
Period ended October 31, 2018*:
Shares sold		2,501,000	$	25,010,000
Shares issued in reinvestment of dividends and distributions		126,304		1,183,649
Net increase (decrease) in shares outstanding		2,627,304	$	26,193,649

* Commencement of operations was December 12, 2017.

7. Borrowings

The Fund, on behalf of the Series, along with other affiliated registered investment companies (the “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 SCA provides for a commitment of $900 million for the period October 4, 2018 through October 3, 2019. The Funds pay an annualized commitment fee of 0.15% of the unused portion of the SCA. The Series’ portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. The interest on borrowings under the SCA is paid monthly and at a per annum interest rate based upon a contractual spread plus the higher of (1) the effective federal funds rate, (2) the 1-month LIBOR rate or (3) zero percent.

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

The Series did not utilize the SCA during the reporting period ended April 30, 2019.

8. Risks of Investing in the Series

The Series’ risks include, but are not limited to, some or all of the risks discussed below:

Bond Obligations Risk: The Series’ holdings, share price, yield and total return may 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

50

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 Series for redemption before it matures and the Series may not be able to reinvest at the same level and therefore would earn less income.

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

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.

Foreign Securities Risk: The Series’ investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Series may invest may have markets that are less liquid, less regulated and more volatile than US markets. The value of the Series’ investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability.

Interest Rate Risk: The value of an 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 securities. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Series 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 Series’ holdings may fall sharply. This is referred to as “extension risk. The Series may face a heightened level of interest rate risk as a result of the U.S. Federal Reserve Board’s policies. The Series’ investments may lose value if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

Liquidity Risk: The Series may invest in instruments that trade in lower volumes and are less liquid than other investments. Liquidity risk exists when particular investments made by the Series are difficult to purchase or sell. Liquidity risk includes the risk that the Series may

PGIM Emerging Markets Debt Hard Currency Fund 51

Notes to Financial Statements (unaudited) (continued)

make investments that may become less liquid in response to market developments or adverse investor perceptions. Investments that are illiquid or that trade in lower volumes may be more difficult to value. If the Series is forced to sell these investments to pay redemption proceeds or for other reasons, the Series may lose money. In addition, when there is no willing buyer and investments may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, the Series may incur higher transaction costs when executing trade orders of a given size. The reduction in dealer market-making capacity in the fixed-income markets that has occurred in recent years also has the potential to reduce liquidity. An inability to sell a portfolio position can adversely affect the Series’ value or prevent the Series from being able to take advantage of other investment opportunities.

Market and Credit Risk: Securities markets may be volatile and the market prices of the Series’ 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 Series fall, the value of an investment in the Series will decline. Additionally, the Series may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Series has unsettled or open transactions defaults.

Non-diversification Risk: A non-diversified Series may invest a greater percentage of its assets in the securities of a single company or industry 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.

9. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the Series’ policy for the timing of transfers between levels. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Manager has evaluated the implications of certain provisions of the ASU and has determined to early adopt aspects related to the removal and modification of certain fair value measurement disclosures under the ASU effective immediately. At this time, the Manager is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

52

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30, 2019			December 12, 2017(a) through October 31, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$8.88			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.23			0.38
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.47			(1.06	)
Total from investment operations		0.70			(0.68	)
Less Dividends and Distributions:
Dividends from net investment income		(0.26	)		(0.43	)
Tax return of capital distributions		-			(0.01	)
Total dividends and distributions		(0.26	)		(0.44	)
Net asset value, end of period		$9.32			$8.88
Total Return(c):		8.02%			(6.97)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$13			$9
Average net assets (000)		$11			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.05%	(e)		1.05%	(e)
Expenses before waivers and/or expense reimbursement		138.74%	(e)		358.14%	(e)
Net investment income (loss)		5.13%	(e)		4.49%	(e)
Portfolio turnover rate(f)		20%			17%

(a) Commencement of operations.

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 53

Financial Highlights (unaudited) (continued)

Class C Shares
	Six Months Ended April 30, 2019			December 12, 2017(a) through October 31, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$8.88			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.20			0.31
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.47			(1.05	)
Total from investment operations		0.67			(0.74	)
Less Dividends and Distributions:
Dividends from net investment income		(0.23	)		(0.37	)
Tax return of capital distributions		-			(0.01	)
Total dividends and distributions		(0.23	)		(0.38	)
Net asset value, end of period		$9.32			$8.88
Total Return(c):		7.62%			(7.58)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$10			$9
Average net assets (000)		$10			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.80%	(e)		1.80%	(e)
Expenses before waivers and/or expense reimbursement		156.12%	(e)		359.95%	(e)
Net investment income (loss)		4.40%	(e)		3.73%	(e)
Portfolio turnover rate(f)		20%			17%

(a) Commencement of operations.

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

54

Class Z Shares
	Six Months Ended April 30, 2019			December 12, 2017(a) through October 31, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$8.88			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.24			0.39
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.47			(1.05	)
Total from investment operations		0.71			(0.66	)
Less Dividends and Distributions:
Dividends from net investment income		(0.27	)		(0.45	)
Tax return of capital distributions		-			(0.01	)
Total dividends and distributions		(0.27	)		(0.46	)
Net asset value, end of period		$9.32			$8.88
Total Return(c):		8.15%			(6.79)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$3,081			$2,234
Average net assets (000)		$2,519			$766
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.80%	(e)		0.80%	(e)
Expenses before waivers and/or expense reimbursement		2.68%	(e)		6.65%	(e)
Net investment income (loss)		5.36%	(e)		4.83%	(e)
Portfolio turnover rate(f)		20%			17%

(a) Commencement of operations.

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 55

Financial Highlights (unaudited) (continued)

Class R6 Shares
	Six Months Ended April 30, 2019			December 12, 2017(a) through October 31, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$8.88			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.25			0.40
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.47			(1.06	)
Total from investment operations		0.72			(0.66	)
Less Dividends and Distributions:
Dividends from net investment income		(0.28	)		(0.45	)
Tax return of capital distributions		-			(0.01	)
Total dividends and distributions		(0.28	)		(0.46	)
Net asset value, end of period		$9.32			$8.88
Total Return(c):		8.18%			(6.72)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$25,242			$23,333
Average net assets (000)		$24,175			$24,014
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.74%	(e)		0.74%	(e)
Expenses before waivers and/or expense reimbursement		1.52%	(e)		1.76%	(e)
Net investment income (loss)		5.45%	(e)		4.82%	(e)
Portfolio turnover rate(f)		20%			17%

(a) Commencement of operations.

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

56

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

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. 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 • Michael S. Hyland • Stuart S. Parker • Brian K. Reid • Grace C. Torres

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer •
Chad A. Earnst, Chief Compliance Officer • Dino Capasso, Deputy Chief Compliance Officer • Andrew R. French, Secretary • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Peter Parrella, Assistant Treasurer • Lana Lomuti, Assistant Treasurer • Linda McMullin, Assistant Treasurer • Kelly A. Coyne, Assistant Treasurer • Charles H. Smith, Anti-Money Laundering Compliance Officer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	PGIM Fixed Income	655 Broad Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
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 pgiminvestments.com 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 pgiminvestments.com/edelivery and enroll. Instead of receiving printed documents by mail, you will receive notification via email when new materials are available. You can cancel your enrollment or change your email address at any time by visiting the website address above.

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

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

AVAILABILITY OF PORTFOLIO SCHEDULE

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

Mutual Funds:

ARE NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY MAY LOSE VALUE ARE NOT A DEPOSIT OF OR GUARANTEED BY ANY BANK OR ANY BANK AFFILIATE

PGIM EMERGING MARKETS DEBT HARD CURRENCY FUND

SHARE CLASS	A	C	Z	R6
NASDAQ	PDHAX	PDHCX	PDHVX	PDHQX
CUSIP	743969479	743969461	743969446	743969453

MF239E2

Item 2 –	Code of Ethics – Not required, as this is not an annual filing.
Item 3 –	Audit Committee Financial Expert – Not required, as this is not an annual filing.
Item 4 –	Principal Accountant Fees and Services – Not required, as this is not an annual filing.
Item 5 –	Audit Committee of Listed Registrants – Not applicable.
Item 6 –	Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7 –	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.
Item 8 –	Portfolio Managers of Closed-End Management Investment Companies – Not applicable.
Item 9 –	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

Item 10 –	Submission of Matters to a Vote of Security Holders – Not applicable.
Item 11 –	Controls and Procedures

(a)

It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b)

There has been no significant change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter of the period covered by this report that has materially affected, or is likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Exhibits

(a)	(1)	Code of Ethics – Not required, as this is not an annual filing.
	(2)	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.CERT.
	(3)	Any written solicitation to purchase securities under Rule 23c-1. – Not applicable.
(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:	Prudential World Fund, Inc.
By:	/s/ Andrew R. French
	Andrew R. French
	Secretary
Date:	June 17, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Stuart S. Parker
	Stuart S. Parker
	President and Principal Executive Officer
Date:	June 17, 2019
By:	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and Accounting Officer
Date:	June 17, 2019