# EDGAR Filing Document

**Accession Number:** 0000741350
**File Stem:** 0001193125-25-336025
**Filing Date:** 2025-12
**Character Count:** 1124286
**Document Hash:** 6ea2a8771d8d198c2a65e4db3610bf47
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-336025.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0001193125-25-336025

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 153

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**EFFECTIVENESS DATE**: 20251230

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRUDENTIAL WORLD FUND, INC.
- **CENTRAL INDEX KEY:** 0000741350

**ORGANIZATION NAME:**
- **EIN:** 133204887
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03981
- **FILM NUMBER:** 251611503

**BUSINESS ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 6TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102
- **BUSINESS PHONE:** (973) 802-5032

**MAIL ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 6TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRUDENTIAL WORLD FUND INC
- **DATE OF NAME CHANGE:** 19960807

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRUDENTIAL GLOBAL FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRUDENTIAL BACHE GLOBAL FUND INC
- **DATE OF NAME CHANGE:** 19911230

## Series and Classes Contracts Data

### PGIM QUANT SOLUTIONS INTERNATIONAL EQUITY FUND (Series ID: S000004671)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000012720 | Class A      | PJRAX           |
| C000012722 | Class C      | PJRCX           |
| C000012723 | Class Z      | PJIZX           |
| C000176458 | Class R6     | PJRQX           |

### PGIM Emerging Markets Debt Local Currency Fund (Series ID: S000031677)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000098570 | Class A      | EMDAX           |
| C000098580 | Class C      | EMDCX           |
| C000098581 | Class R6     | EMDQX           |
| C000098582 | Class Z      | EMDZX           |

### PGIM Jennison Global Opportunities Fund (Series ID: S000036439)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000111501 | Class A      | PRJAX           |
| C000111502 | Class C      | PRJCX           |
| C000111503 | Class Z      | PRJZX           |
| C000150229 | Class R6     | PRJQX           |
| C000206962 | Class R4     | PRJDX           |
| C000206963 | Class R2     | PRJBX           |

### PGIM Jennison International Opportunities Fund (Series ID: S000037257)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000114766 | Class A      | PWJAX           |
| C000114767 | Class C      | PWJCX           |
| C000114768 | Class Z      | PWJZX           |
| C000164382 | Class R6     | PWJQX           |
| C000193924 | Class R      | PWJRX           |
| C000206964 | Class R4     | PWJDX           |
| C000206965 | Class R2     | PWJBX           |

### PGIM Jennison Global Infrastructure Fund (Series ID: S000042106)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000130741 | Class A      | PGJAX           |
| C000130742 | Class C      | PGJCX           |
| C000130743 | Class Z      | PGJZX           |
| C000176459 | Class R6     | PGJQX           |

### PGIM JENNISON EMERGING MARKETS EQUITY OPPORTUNITIES FUND (Series ID: S000046704)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000145760 | Class A      | PDEAX           |
| C000145761 | Class C      | PDECX           |
| C000145762 | Class R6     | PDEQX           |
| C000145763 | Class Z      | PDEZX           |

### PGIM Emerging Markets Debt Hard Currency Fund (Series ID: S000059803)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000195653 | Class A      | PDHAX           |
| C000195654 | Class C      | PDHCX           |
| C000195655 | Class R6     | PDHQX           |
| C000195656 | Class Z      | PDHVX           |

?xml version='1.0' encoding='ASCII'? Prudential World Fund, Inc.

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

---

| | |
|:---|:---|
| Investment Company Act file number: | 811-03981 |
| Exact name of registrant as specified in charter: | Prudential World Fund, Inc. |
| Address of principal executive offices: | 655 Broad Street, 6<sup>th</sup>Floor |
|  | Newark, New Jersey 07102 |
| Name and address of agent for service: | Andrew R. French |
|  | 655 Broad Street, 6<sup>th</sup>Floor |
|  | Newark, New Jersey 07102 |
| Registrant's telephone number, including area code: | 800-225-1852 |
| Date of fiscal year end: | 10/31/2025 |
| Date of reporting period: | 10/31/2025 |

---

------

Item 1 – Reports to Stockholders

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

------

![](g65714g1tsrbanner.jpg)

PGIM Jennison Emerging Markets Equity Opportunities Fund

Class A:

PDEAX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual shareholder report contains important information about the Class A shares of PGIM Jennison Emerging Markets Equity

Opportunities Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Emerging Markets Equity Opportunities Fund—Class A | $140 | 1.30% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Emerging-markets equities, as measured by the MSCI Emerging Markets Index (ND) (the "Index"), advanced during the reporting period,

outpacing US equities, as measured by the S&P 500 Index. Market action was supported by enthusiasm regarding artificial intelligence

(AI) investment, resilient corporate earnings, targeted stimulus in China, positive shifts in monetary policy, improving economic prospects, and a

weakening US dollar. Investor confidence and risk appetite remained robust, even as volatility, geopolitical conflicts, and trade policy uncertainty

remained constant concerns.

■

A diverse group of companies in the industrials sector contributed the most to the Fund's performance relative to the Index. Fund positioning

across sectors also added value.

■

Security selection in the information technology, consumer discretionary, health care, and financials sectors detracted from relative returns.

MF255EA

![](g65714g1pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class A shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g65714g1emergmkteqtyopp_a.jpg)

The line graph reflects the return on the Fund's Class A shares with sales charges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class A with sales charges | 8.82% | 1.35% | 7.92% |
| Class A without sales charges | 15.16% | 2.50% | 8.53% |
| MSCI Emerging Markets Index (ND) | 27.91% | 7.46% | 7.69% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $640440423<br>|
| Number of fund holdings | 42 |
| Total advisory fees paid for the year | $5388084<br>|
| Portfolio turnover rate for the year | 131% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 17.6% |
| Capital Markets | 15.0% |
| Hotels, Restaurants & Leisure | 7.9% |
| Affiliated Mutual Fund - Short-Term Investment <br>(4.9% represents investments purchased with <br>collateral from securities on loan)<br>| 7.3% |
| Interactive Media & Services | 7.2% |
| Aerospace & Defense | 6.7% |
| Technology Hardware, Storage & Peripherals | 5.1% |
| Machinery | 4.9% |
| Broadline Retail | 4.8% |
| Electrical Equipment | 4.5% |
| Professional Services | 4.0% |
| Biotechnology | 3.4% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Automobiles | 2.6% |
| Electronic Equipment, Instruments & Components | 2.3% |
| Banks | 2.3% |
| Metals & Mining | 2.3% |
| Entertainment | 1.9% |
| Consumer Staples Distribution & Retail | 1.6% |
| Wireless Telecommunication Services | 1.5% |
| Life Sciences Tools & Services | 1.4% |
| Oil, Gas & Consumable Fuels | 0.8% |
|  | 105.1% |
| Liabilities in excess of other assets | (5.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g65714g1qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Emerging Markets Equity Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS A <br> NASDAQ PDEAX <br> CUSIP 743969644

MF255EA

![](g65714g1pgim_investments.jpg)

------

![](g65714g2tsrbanner.jpg)

PGIM Jennison Emerging Markets Equity Opportunities Fund

Class C:

PDECX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual shareholder report contains important information about the Class C shares of PGIM Jennison Emerging Markets Equity

Opportunities Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Emerging Markets Equity Opportunities Fund—Class C | $220 | 2.05% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Emerging-markets equities, as measured by the MSCI Emerging Markets Index (ND) (the "Index"), advanced during the reporting period,

outpacing US equities, as measured by the S&P 500 Index. Market action was supported by enthusiasm regarding artificial intelligence

(AI) investment, resilient corporate earnings, targeted stimulus in China, positive shifts in monetary policy, improving economic prospects, and a

weakening US dollar. Investor confidence and risk appetite remained robust, even as volatility, geopolitical conflicts, and trade policy uncertainty

remained constant concerns.

■

A diverse group of companies in the industrials sector contributed the most to the Fund's performance relative to the Index. Fund positioning

across sectors also added value.

■

Security selection in the information technology, consumer discretionary, health care, and financials sectors detracted from relative returns.

MF225EC

![](g65714g2pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class C shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g65714g2emergmkteqtyopp_c.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class C with sales charges | 13.30% | 1.73% | 7.72% |
| Class C without sales charges | 14.30% | 1.73% | 7.72% |
| MSCI Emerging Markets Index (ND) | 27.91% | 7.46% | 7.69% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $640440423<br>|
| Number of fund holdings | 42 |
| Total advisory fees paid for the year | $5388084<br>|
| Portfolio turnover rate for the year | 131% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 17.6% |
| Capital Markets | 15.0% |
| Hotels, Restaurants & Leisure | 7.9% |
| Affiliated Mutual Fund - Short-Term Investment <br>(4.9% represents investments purchased with <br>collateral from securities on loan)<br>| 7.3% |
| Interactive Media & Services | 7.2% |
| Aerospace & Defense | 6.7% |
| Technology Hardware, Storage & Peripherals | 5.1% |
| Machinery | 4.9% |
| Broadline Retail | 4.8% |
| Electrical Equipment | 4.5% |
| Professional Services | 4.0% |
| Biotechnology | 3.4% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Automobiles | 2.6% |
| Electronic Equipment, Instruments & Components | 2.3% |
| Banks | 2.3% |
| Metals & Mining | 2.3% |
| Entertainment | 1.9% |
| Consumer Staples Distribution & Retail | 1.6% |
| Wireless Telecommunication Services | 1.5% |
| Life Sciences Tools & Services | 1.4% |
| Oil, Gas & Consumable Fuels | 0.8% |
|  | 105.1% |
| Liabilities in excess of other assets | (5.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g65714g2qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Emerging Markets Equity Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS C <br> NASDAQ PDECX <br> CUSIP 743969636

MF225EC

![](g65714g2pgim_investments.jpg)

------

![](g65714g3tsrbanner.jpg)

PGIM Jennison Emerging Markets Equity Opportunities Fund

Class Z:

PDEZX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual shareholder report contains important information about the Class Z shares of PGIM Jennison Emerging Markets Equity

Opportunities Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Emerging Markets Equity Opportunities Fund—Class Z | $113 | 1.05% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Emerging-markets equities, as measured by the MSCI Emerging Markets Index (ND) (the "Index"), advanced during the reporting period,

outpacing US equities, as measured by the S&P 500 Index. Market action was supported by enthusiasm regarding artificial intelligence

(AI) investment, resilient corporate earnings, targeted stimulus in China, positive shifts in monetary policy, improving economic prospects, and a

weakening US dollar. Investor confidence and risk appetite remained robust, even as volatility, geopolitical conflicts, and trade policy uncertainty

remained constant concerns.

■

A diverse group of companies in the industrials sector contributed the most to the Fund's performance relative to the Index. Fund positioning

across sectors also added value.

■

Security selection in the information technology, consumer discretionary, health care, and financials sectors detracted from relative returns.

MF225EZ

![](g65714g3pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class Z shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g65714g3emergmkteqtyopp_z.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class Z | 15.40% | 2.75% | 8.82% |
| MSCI Emerging Markets Index (ND) | 27.91% | 7.46% | 7.69% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $640440423<br>|
| Number of fund holdings | 42 |
| Total advisory fees paid for the year | $5388084<br>|
| Portfolio turnover rate for the year | 131% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 17.6% |
| Capital Markets | 15.0% |
| Hotels, Restaurants & Leisure | 7.9% |
| Affiliated Mutual Fund - Short-Term Investment <br>(4.9% represents investments purchased with <br>collateral from securities on loan)<br>| 7.3% |
| Interactive Media & Services | 7.2% |
| Aerospace & Defense | 6.7% |
| Technology Hardware, Storage & Peripherals | 5.1% |
| Machinery | 4.9% |
| Broadline Retail | 4.8% |
| Electrical Equipment | 4.5% |
| Professional Services | 4.0% |
| Biotechnology | 3.4% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Automobiles | 2.6% |
| Electronic Equipment, Instruments & Components | 2.3% |
| Banks | 2.3% |
| Metals & Mining | 2.3% |
| Entertainment | 1.9% |
| Consumer Staples Distribution & Retail | 1.6% |
| Wireless Telecommunication Services | 1.5% |
| Life Sciences Tools & Services | 1.4% |
| Oil, Gas & Consumable Fuels | 0.8% |
|  | 105.1% |
| Liabilities in excess of other assets | (5.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g65714g3qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Emerging Markets Equity Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS Z <br> NASDAQ PDEZX <br> CUSIP 743969610

MF225EZ

![](g65714g3pgim_investments.jpg)

------

![](g65714g4tsrbanner.jpg)

PGIM Jennison Emerging Markets Equity Opportunities Fund

Class R6:

PDEQX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual shareholder report contains important information about the Class R6 shares of PGIM Jennison Emerging Markets Equity

Opportunities Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Emerging Markets Equity Opportunities Fund—Class R6 | $106 | 0.98% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Emerging-markets equities, as measured by the MSCI Emerging Markets Index (ND) (the "Index"), advanced during the reporting period,

outpacing US equities, as measured by the S&P 500 Index. Market action was supported by enthusiasm regarding artificial intelligence

(AI) investment, resilient corporate earnings, targeted stimulus in China, positive shifts in monetary policy, improving economic prospects, and a

weakening US dollar. Investor confidence and risk appetite remained robust, even as volatility, geopolitical conflicts, and trade policy uncertainty

remained constant concerns.

■

A diverse group of companies in the industrials sector contributed the most to the Fund's performance relative to the Index. Fund positioning

across sectors also added value.

■

Security selection in the information technology, consumer discretionary, health care, and financials sectors detracted from relative returns.

MF225ER6

![](g65714g4pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g65714g4emergmkteqtyopp_r6.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class R6 | 15.51% | 2.81% | 8.84% |
| MSCI Emerging Markets Index (ND) | 27.91% | 7.46% | 7.69% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $640440423<br>|
| Number of fund holdings | 42 |
| Total advisory fees paid for the year | $5388084<br>|
| Portfolio turnover rate for the year | 131% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 17.6% |
| Capital Markets | 15.0% |
| Hotels, Restaurants & Leisure | 7.9% |
| Affiliated Mutual Fund - Short-Term Investment <br>(4.9% represents investments purchased with <br>collateral from securities on loan)<br>| 7.3% |
| Interactive Media & Services | 7.2% |
| Aerospace & Defense | 6.7% |
| Technology Hardware, Storage & Peripherals | 5.1% |
| Machinery | 4.9% |
| Broadline Retail | 4.8% |
| Electrical Equipment | 4.5% |
| Professional Services | 4.0% |
| Biotechnology | 3.4% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Automobiles | 2.6% |
| Electronic Equipment, Instruments & Components | 2.3% |
| Banks | 2.3% |
| Metals & Mining | 2.3% |
| Entertainment | 1.9% |
| Consumer Staples Distribution & Retail | 1.6% |
| Wireless Telecommunication Services | 1.5% |
| Life Sciences Tools & Services | 1.4% |
| Oil, Gas & Consumable Fuels | 0.8% |
|  | 105.1% |
| Liabilities in excess of other assets | (5.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g65714g4qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Emerging Markets Equity Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS R6 <br> NASDAQ PDEQX <br> CUSIP 743969628

MF225ER6

![](g65714g4pgim_investments.jpg)

------

![](g65714g5tsrbanner.jpg)

PGIM Jennison Global Infrastructure Fund

Class A:

PGJAX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual shareholder report contains important information about the Class A shares of PGIM Jennison Global Infrastructure Fund (the

"Fund") for the period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Global Infrastructure Fund—Class A | $161 | 1.50% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Global equities advanced during the reporting period, with all regions posting solid returns. Market action was supported by enthusiasm

regarding artificial intelligence (AI) investment, resilient corporate earnings, increased defense and infrastructure spending in Europe

(especially Germany), new policy initiatives in China to address challenges stemming from weaknesses in the real estate and equity markets,

and two US Federal Reserve interest rate cuts late in the reporting period. Investor confidence and risk appetite remained robust, even as

volatility and trade policy uncertainty persisted. However, infrastructure stocks, as measured by the S&P Global Infrastructure Index (ND) (the

"Index"), trailed the performance of the broad global equity market, as measured by the MSCI ACWI Index.

■

Positions in midstream energy and utilities (led by gas utilities) were among the Fund's top performers during the reporting period. Security

selection in transportation infrastructure also bolstered performance relative to the Index.

■

On the negative side, the Fund's out-of-Index allocation to telecommunications stocks and its underweight in the transportation infrastructure

sector significantly detracted from the Fund's performance relative to the Index.

MF217EA

![](g65714g5pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class A shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g65714g5globalinfra_a.jpg)

The line graph reflects the return on the Fund's Class A shares with sales charges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class A with sales charges | 7.95% | 8.75% | 6.97% |
| Class A without sales charges | 14.23% | 9.99% | 7.58% |
| S&P 500 Index | 21.45% | 17.64% | 14.64% |
| S&P Global Infrastructure Index (ND) | 16.99% | 12.81% | 7.43% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $61812652<br>|
| Number of fund holdings | 56 |
| Total advisory fees paid for the year | $271955<br>|
| Portfolio turnover rate for the year | 78% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Electric Utilities | 26.6% |
| Multi-Utilities | 17.3% |
| Transportation Infrastructure | 11.8% |
| Affiliated Mutual Fund - Short-Term Investment <br>(6.7% represents investments purchased with <br>collateral from securities on loan)<br>| 10.4% |
| Oil, Gas & Consumable Fuels | 10.4% |
| Construction & Engineering | 8.8% |
| Ground Transportation | 6.9% |
| Specialized REITs | 5.0% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Gas Utilities | 3.9% |
| Independent Power & Renewable Electricity <br>Producers<br>| 3.0% |
| Commercial Services & Supplies | 1.5% |
| IT Services | 1.1% |
|  | 106.7% |
| Liabilities in excess of other assets | (6.7)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g65714g5qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Global Infrastructure Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS A <br> NASDAQ PGJAX <br> CUSIP 743969792

MF217EA

![](g65714g5pgim_investments.jpg)

------

![](g65714g6tsrbanner.jpg)

PGIM Jennison Global Infrastructure Fund

Class C:

PGJCX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual shareholder report contains important information about the Class C shares of PGIM Jennison Global Infrastructure Fund (the

"Fund") for the period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Global Infrastructure Fund—Class C | $240 | 2.25% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Global equities advanced during the reporting period, with all regions posting solid returns. Market action was supported by enthusiasm

regarding artificial intelligence (AI) investment, resilient corporate earnings, increased defense and infrastructure spending in Europe

(especially Germany), new policy initiatives in China to address challenges stemming from weaknesses in the real estate and equity markets,

and two US Federal Reserve interest rate cuts late in the reporting period. Investor confidence and risk appetite remained robust, even as

volatility and trade policy uncertainty persisted. However, infrastructure stocks, as measured by the S&P Global Infrastructure Index (ND) (the

"Index"), trailed the performance of the broad global equity market, as measured by the MSCI ACWI Index.

■

Positions in midstream energy and utilities (led by gas utilities) were among the Fund's top performers during the reporting period. Security

selection in transportation infrastructure also bolstered performance relative to the Index.

■

On the negative side, the Fund's out-of-Index allocation to telecommunications stocks and its underweight in the transportation infrastructure

sector significantly detracted from the Fund's performance relative to the Index.

MF217EC

![](g65714g6pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class C shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g65714g6globalinfra_c.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class C with sales charges | 12.33% | 9.17% | 6.78% |
| Class C without sales charges | 13.33% | 9.17% | 6.78% |
| S&P 500 Index | 21.45% | 17.64% | 14.64% |
| S&P Global Infrastructure Index (ND) | 16.99% | 12.81% | 7.43% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $61812652<br>|
| Number of fund holdings | 56 |
| Total advisory fees paid for the year | $271955<br>|
| Portfolio turnover rate for the year | 78% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Electric Utilities | 26.6% |
| Multi-Utilities | 17.3% |
| Transportation Infrastructure | 11.8% |
| Affiliated Mutual Fund - Short-Term Investment <br>(6.7% represents investments purchased with <br>collateral from securities on loan)<br>| 10.4% |
| Oil, Gas & Consumable Fuels | 10.4% |
| Construction & Engineering | 8.8% |
| Ground Transportation | 6.9% |
| Specialized REITs | 5.0% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Gas Utilities | 3.9% |
| Independent Power & Renewable Electricity <br>Producers<br>| 3.0% |
| Commercial Services & Supplies | 1.5% |
| IT Services | 1.1% |
|  | 106.7% |
| Liabilities in excess of other assets | (6.7)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g65714g6qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Global Infrastructure Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS C <br> NASDAQ PGJCX <br> CUSIP 743969784

MF217EC

![](g65714g6pgim_investments.jpg)

------

![](g65714g7tsrbanner.jpg)

PGIM Jennison Global Infrastructure Fund

Class Z:

PGJZX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual shareholder report contains important information about the Class Z shares of PGIM Jennison Global Infrastructure Fund (the

"Fund") for the period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Global Infrastructure Fund—Class Z | $126 | 1.17% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Global equities advanced during the reporting period, with all regions posting solid returns. Market action was supported by enthusiasm

regarding artificial intelligence (AI) investment, resilient corporate earnings, increased defense and infrastructure spending in Europe

(especially Germany), new policy initiatives in China to address challenges stemming from weaknesses in the real estate and equity markets,

and two US Federal Reserve interest rate cuts late in the reporting period. Investor confidence and risk appetite remained robust, even as

volatility and trade policy uncertainty persisted. However, infrastructure stocks, as measured by the S&P Global Infrastructure Index (ND) (the

"Index"), trailed the performance of the broad global equity market, as measured by the MSCI ACWI Index.

■

Positions in midstream energy and utilities (led by gas utilities) were among the Fund's top performers during the reporting period. Security

selection in transportation infrastructure also bolstered performance relative to the Index.

■

On the negative side, the Fund's out-of-Index allocation to telecommunications stocks and its underweight in the transportation infrastructure

sector significantly detracted from the Fund's performance relative to the Index.

MF217EZ

![](g65714g7pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class Z shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g65714g7globalinfra_z.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class Z | 14.58% | 10.34% | 7.91% |
| S&P 500 Index | 21.45% | 17.64% | 14.64% |
| S&P Global Infrastructure Index (ND) | 16.99% | 12.81% | 7.43% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $61812652<br>|
| Number of fund holdings | 56 |
| Total advisory fees paid for the year | $271955<br>|
| Portfolio turnover rate for the year | 78% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Electric Utilities | 26.6% |
| Multi-Utilities | 17.3% |
| Transportation Infrastructure | 11.8% |
| Affiliated Mutual Fund - Short-Term Investment <br>(6.7% represents investments purchased with <br>collateral from securities on loan)<br>| 10.4% |
| Oil, Gas & Consumable Fuels | 10.4% |
| Construction & Engineering | 8.8% |
| Ground Transportation | 6.9% |
| Specialized REITs | 5.0% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Gas Utilities | 3.9% |
| Independent Power & Renewable Electricity <br>Producers<br>| 3.0% |
| Commercial Services & Supplies | 1.5% |
| IT Services | 1.1% |
|  | 106.7% |
| Liabilities in excess of other assets | (6.7)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g65714g7qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Global Infrastructure Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS Z <br> NASDAQ PGJZX <br> CUSIP 743969776

MF217EZ

![](g65714g7pgim_investments.jpg)

------

![](g65714g8tsrbanner.jpg)

PGIM Jennison Global Infrastructure Fund

Class R6:

PGJQX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual shareholder report contains important information about the Class R6 shares of PGIM Jennison Global Infrastructure Fund (the

"Fund") for the period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Global Infrastructure Fund—Class R6 | $126 | 1.17% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Global equities advanced during the reporting period, with all regions posting solid returns. Market action was supported by enthusiasm

regarding artificial intelligence (AI) investment, resilient corporate earnings, increased defense and infrastructure spending in Europe

(especially Germany), new policy initiatives in China to address challenges stemming from weaknesses in the real estate and equity markets,

and two US Federal Reserve interest rate cuts late in the reporting period. Investor confidence and risk appetite remained robust, even as

volatility and trade policy uncertainty persisted. However, infrastructure stocks, as measured by the S&P Global Infrastructure Index (ND) (the

"Index"), trailed the performance of the broad global equity market, as measured by the MSCI ACWI Index.

■

Positions in midstream energy and utilities (led by gas utilities) were among the Fund's top performers during the reporting period. Security

selection in transportation infrastructure also bolstered performance relative to the Index.

■

On the negative side, the Fund's out-of-Index allocation to telecommunications stocks and its underweight in the transportation infrastructure

sector significantly detracted from the Fund's performance relative to the Index.

MF217ER6

![](g65714g8pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: December 28, 2016 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g65714g8globalinfra_r6.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R6 | 14.58% | 10.35% | 8.80% (12/28/2016) |
| S&P 500 Index | 21.45% | 17.64% | 15.41% |
| S&P Global Infrastructure Index (ND) | 16.99% | 12.81% | 8.00% |

---

Since Inception returns are provided for the share class since it has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the

closest month-end to the class's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $61812652<br>|
| Number of fund holdings | 56 |
| Total advisory fees paid for the year | $271955<br>|
| Portfolio turnover rate for the year | 78% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Electric Utilities | 26.6% |
| Multi-Utilities | 17.3% |
| Transportation Infrastructure | 11.8% |
| Affiliated Mutual Fund - Short-Term Investment <br>(6.7% represents investments purchased with <br>collateral from securities on loan)<br>| 10.4% |
| Oil, Gas & Consumable Fuels | 10.4% |
| Construction & Engineering | 8.8% |
| Ground Transportation | 6.9% |
| Specialized REITs | 5.0% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Gas Utilities | 3.9% |
| Independent Power & Renewable Electricity <br>Producers<br>| 3.0% |
| Commercial Services & Supplies | 1.5% |
| IT Services | 1.1% |
|  | 106.7% |
| Liabilities in excess of other assets | (6.7)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g65714g8qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Global Infrastructure Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS R6 <br> NASDAQ PGJQX <br> CUSIP 743969560

MF217ER6

![](g65714g8pgim_investments.jpg)

------

![](g65714g9tsrbanner.jpg)

PGIM Jennison Global Opportunities Fund

Class A:

PRJAX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual shareholder report contains important information about the Class A shares of PGIM Jennison Global Opportunities Fund (the

"Fund") for the period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Global Opportunities Fund—Class A | $114 | 1.08% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Global equities advanced during the reporting period, as measured by the MSCI ACWI Index (ND) (the "Index"), modestly outpacing US

equities, as measured by the S&P 500 Index, with all regions posting solid returns. Market action was supported by enthusiasm regarding

artificial intelligence (AI) investment, resilient corporate earnings, increased defense and infrastructure spending in Europe, targeted stimulus in

China, and two Federal Reserve interest rate cuts late in the reporting period. Investor confidence and risk appetite remained robust, even as

volatility and trade policy uncertainty persisted.

■

The strongest contributions to the Fund's performance relative to the Index came from consumer platforms in the communication services

sector and from select software and information technology (IT) services names in the information technology sector.

■

On the negative side, stock selection in consumer discretionary (especially automobiles and broadline retail) and information technology

(especially semiconductors) sectors detracted from relative returns.

MF214EA

![](g65714g9pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class A shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g65714g9globalopp_a.jpg)

The line graph reflects the return on the Fund's Class A shares with sales charges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class A with sales charges | 5.62% | 7.33% | 13.38% |
| Class A without sales charges | 11.77% | 8.56% | 14.02% |
| MSCI ACWI Index (ND) | 22.64% | 14.61% | 11.31% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $6317353380<br>|
| Number of fund holdings | 39 |
| Total advisory fees paid for the year | $51139145<br>|
| Portfolio turnover rate for the year | 122% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Software | 18.5% |
| Semiconductors & Semiconductor Equipment | 16.4% |
| Interactive Media & Services | 10.0% |
| IT Services | 8.2% |
| Entertainment | 8.1% |
| Broadline Retail | 7.2% |
| Pharmaceuticals | 5.4% |
| Textiles, Apparel & Luxury Goods | 5.2% |
| Technology Hardware, Storage & Peripherals | 4.9% |
| Affiliated Mutual Fund - Short-Term Investment <br>(2.6% represents investments purchased with <br>collateral from securities on loan)<br>| 4.9% |
| Specialty Retail | 3.2% |
| Capital Markets | 2.4% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Consumer Staples Distribution & Retail | 1.6% |
| Banks | 1.5% |
| Personal Care Products | 1.4% |
| Health Care Equipment & Supplies | 1.3% |
| Automobiles | 1.1% |
| Hotels, Restaurants & Leisure | 0.9% |
| Others\* | 0.4% |
|  | 102.6% |
| Liabilities in excess of other assets | (2.6)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Fund's net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g65714g9qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Global Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS A <br> NASDAQ PRJAX <br> CUSIP 743969719

MF214EA

![](g65714g9pgim_investments.jpg)

------

![](g65714g10tsrbanner.jpg)

PGIM Jennison Global Opportunities Fund

Class C:

PRJCX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual shareholder report contains important information about the Class C shares of PGIM Jennison Global Opportunities Fund (the

"Fund") for the period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Global Opportunities Fund—Class C | $202 | 1.92% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Global equities advanced during the reporting period, as measured by the MSCI ACWI Index (ND) (the "Index"), modestly outpacing US

equities, as measured by the S&P 500 Index, with all regions posting solid returns. Market action was supported by enthusiasm regarding

artificial intelligence (AI) investment, resilient corporate earnings, increased defense and infrastructure spending in Europe, targeted stimulus in

China, and two Federal Reserve interest rate cuts late in the reporting period. Investor confidence and risk appetite remained robust, even as

volatility and trade policy uncertainty persisted.

■

The strongest contributions to the Fund's performance relative to the Index came from consumer platforms in the communication services

sector and from select software and information technology (IT) services names in the information technology sector.

■

On the negative side, stock selection in consumer discretionary (especially automobiles and broadline retail) and information technology

(especially semiconductors) sectors detracted from relative returns.

MF214EC

![](g65714g10pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class C shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g65714g10globalopp_c.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class C with sales charges | 9.81% | 7.64% | 13.09% |
| Class C without sales charges | 10.81% | 7.64% | 13.09% |
| MSCI ACWI Index (ND) | 22.64% | 14.61% | 11.31% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $6317353380<br>|
| Number of fund holdings | 39 |
| Total advisory fees paid for the year | $51139145<br>|
| Portfolio turnover rate for the year | 122% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Software | 18.5% |
| Semiconductors & Semiconductor Equipment | 16.4% |
| Interactive Media & Services | 10.0% |
| IT Services | 8.2% |
| Entertainment | 8.1% |
| Broadline Retail | 7.2% |
| Pharmaceuticals | 5.4% |
| Textiles, Apparel & Luxury Goods | 5.2% |
| Technology Hardware, Storage & Peripherals | 4.9% |
| Affiliated Mutual Fund - Short-Term Investment <br>(2.6% represents investments purchased with <br>collateral from securities on loan)<br>| 4.9% |
| Specialty Retail | 3.2% |
| Capital Markets | 2.4% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Consumer Staples Distribution & Retail | 1.6% |
| Banks | 1.5% |
| Personal Care Products | 1.4% |
| Health Care Equipment & Supplies | 1.3% |
| Automobiles | 1.1% |
| Hotels, Restaurants & Leisure | 0.9% |
| Others\* | 0.4% |
|  | 102.6% |
| Liabilities in excess of other assets | (2.6)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Fund's net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g65714g10qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Global Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS C <br> NASDAQ PRJCX <br> CUSIP 743969693

MF214EC

![](g65714g10pgim_investments.jpg)

------

![](g65714g11tsrbanner.jpg)

PGIM Jennison Global Opportunities Fund

Class Z:

PRJZX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual shareholder report contains important information about the Class Z shares of PGIM Jennison Global Opportunities Fund (the

"Fund") for the period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Global Opportunities Fund—Class Z | $99 | 0.93% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Global equities advanced during the reporting period, as measured by the MSCI ACWI Index (ND) (the "Index"), modestly outpacing US

equities, as measured by the S&P 500 Index, with all regions posting solid returns. Market action was supported by enthusiasm regarding

artificial intelligence (AI) investment, resilient corporate earnings, increased defense and infrastructure spending in Europe, targeted stimulus in

China, and two Federal Reserve interest rate cuts late in the reporting period. Investor confidence and risk appetite remained robust, even as

volatility and trade policy uncertainty persisted.

■

The strongest contributions to the Fund's performance relative to the Index came from consumer platforms in the communication services

sector and from select software and information technology (IT) services names in the information technology sector.

■

On the negative side, stock selection in consumer discretionary (especially automobiles and broadline retail) and information technology

(especially semiconductors) sectors detracted from relative returns.

MF214EZ

![](g65714g11pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class Z shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g65714g11globalopp_z.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class Z | 11.93% | 8.72% | 14.22% |
| MSCI ACWI Index (ND) | 22.64% | 14.61% | 11.31% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $6317353380<br>|
| Number of fund holdings | 39 |
| Total advisory fees paid for the year | $51139145<br>|
| Portfolio turnover rate for the year | 122% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Software | 18.5% |
| Semiconductors & Semiconductor Equipment | 16.4% |
| Interactive Media & Services | 10.0% |
| IT Services | 8.2% |
| Entertainment | 8.1% |
| Broadline Retail | 7.2% |
| Pharmaceuticals | 5.4% |
| Textiles, Apparel & Luxury Goods | 5.2% |
| Technology Hardware, Storage & Peripherals | 4.9% |
| Affiliated Mutual Fund - Short-Term Investment <br>(2.6% represents investments purchased with <br>collateral from securities on loan)<br>| 4.9% |
| Specialty Retail | 3.2% |
| Capital Markets | 2.4% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Consumer Staples Distribution & Retail | 1.6% |
| Banks | 1.5% |
| Personal Care Products | 1.4% |
| Health Care Equipment & Supplies | 1.3% |
| Automobiles | 1.1% |
| Hotels, Restaurants & Leisure | 0.9% |
| Others\* | 0.4% |
|  | 102.6% |
| Liabilities in excess of other assets | (2.6)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Fund's net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g65714g11qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Global Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS Z <br> NASDAQ PRJZX <br> CUSIP 743969685

MF214EZ

![](g65714g11pgim_investments.jpg)

------

![](g65714g12tsrbanner.jpg)

PGIM Jennison Global Opportunities Fund

Class R2:

PRJBX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual shareholder report contains important information about the Class R2 shares of PGIM Jennison Global Opportunities Fund (the

"Fund") for the period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Global Opportunities Fund—Class R2 | $142 | 1.34% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Global equities advanced during the reporting period, as measured by the MSCI ACWI Index (ND) (the "Index"), modestly outpacing US

equities, as measured by the S&P 500 Index, with all regions posting solid returns. Market action was supported by enthusiasm regarding

artificial intelligence (AI) investment, resilient corporate earnings, increased defense and infrastructure spending in Europe, targeted stimulus in

China, and two Federal Reserve interest rate cuts late in the reporting period. Investor confidence and risk appetite remained robust, even as

volatility and trade policy uncertainty persisted.

■

The strongest contributions to the Fund's performance relative to the Index came from consumer platforms in the communication services

sector and from select software and information technology (IT) services names in the information technology sector.

■

On the negative side, stock selection in consumer discretionary (especially automobiles and broadline retail) and information technology

(especially semiconductors) sectors detracted from relative returns.

MF214ER2

![](g65714g12pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R2 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: December 27, 2018 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g65714g12globalopp_r2.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R2 | 11.48% | 8.28% | 16.39% (12/27/2018) |
| MSCI ACWI Index (ND) | 22.64% | 14.61% | 14.19% |

---

Since Inception returns are provided for the share class since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the

closest month-end to the class's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $6317353380<br>|
| Number of fund holdings | 39 |
| Total advisory fees paid for the year | $51139145<br>|
| Portfolio turnover rate for the year | 122% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Software | 18.5% |
| Semiconductors & Semiconductor Equipment | 16.4% |
| Interactive Media & Services | 10.0% |
| IT Services | 8.2% |
| Entertainment | 8.1% |
| Broadline Retail | 7.2% |
| Pharmaceuticals | 5.4% |
| Textiles, Apparel & Luxury Goods | 5.2% |
| Technology Hardware, Storage & Peripherals | 4.9% |
| Affiliated Mutual Fund - Short-Term Investment <br>(2.6% represents investments purchased with <br>collateral from securities on loan)<br>| 4.9% |
| Specialty Retail | 3.2% |
| Capital Markets | 2.4% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Consumer Staples Distribution & Retail | 1.6% |
| Banks | 1.5% |
| Personal Care Products | 1.4% |
| Health Care Equipment & Supplies | 1.3% |
| Automobiles | 1.1% |
| Hotels, Restaurants & Leisure | 0.9% |
| Others\* | 0.4% |
|  | 102.6% |
| Liabilities in excess of other assets | (2.6)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Fund's net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g65714g12qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Global Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS R2 <br> NASDAQ PRJBX <br> CUSIP 743969438

MF214ER2

![](g65714g12pgim_investments.jpg)

------

![](g65714g13tsrbanner.jpg)

PGIM Jennison Global Opportunities Fund

Class R4:

PRJDX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual shareholder report contains important information about the Class R4 shares of PGIM Jennison Global Opportunities Fund (the

"Fund") for the period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Global Opportunities Fund—Class R4 | $115 | 1.09% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Global equities advanced during the reporting period, as measured by the MSCI ACWI Index (ND) (the "Index"), modestly outpacing US

equities, as measured by the S&P 500 Index, with all regions posting solid returns. Market action was supported by enthusiasm regarding

artificial intelligence (AI) investment, resilient corporate earnings, increased defense and infrastructure spending in Europe, targeted stimulus in

China, and two Federal Reserve interest rate cuts late in the reporting period. Investor confidence and risk appetite remained robust, even as

volatility and trade policy uncertainty persisted.

■

The strongest contributions to the Fund's performance relative to the Index came from consumer platforms in the communication services

sector and from select software and information technology (IT) services names in the information technology sector.

■

On the negative side, stock selection in consumer discretionary (especially automobiles and broadline retail) and information technology

(especially semiconductors) sectors detracted from relative returns.

MF214ER4

![](g65714g13pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R4 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: December 27, 2018 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g65714g13globalopp_r4.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R4 | 11.75% | 8.55% | 16.69% (12/27/2018) |
| MSCI ACWI Index (ND) | 22.64% | 14.61% | 14.19% |

---

Since Inception returns are provided for the share class since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the

closest month-end to the class's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $6317353380<br>|
| Number of fund holdings | 39 |
| Total advisory fees paid for the year | $51139145<br>|
| Portfolio turnover rate for the year | 122% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Software | 18.5% |
| Semiconductors & Semiconductor Equipment | 16.4% |
| Interactive Media & Services | 10.0% |
| IT Services | 8.2% |
| Entertainment | 8.1% |
| Broadline Retail | 7.2% |
| Pharmaceuticals | 5.4% |
| Textiles, Apparel & Luxury Goods | 5.2% |
| Technology Hardware, Storage & Peripherals | 4.9% |
| Affiliated Mutual Fund - Short-Term Investment <br>(2.6% represents investments purchased with <br>collateral from securities on loan)<br>| 4.9% |
| Specialty Retail | 3.2% |
| Capital Markets | 2.4% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Consumer Staples Distribution & Retail | 1.6% |
| Banks | 1.5% |
| Personal Care Products | 1.4% |
| Health Care Equipment & Supplies | 1.3% |
| Automobiles | 1.1% |
| Hotels, Restaurants & Leisure | 0.9% |
| Others\* | 0.4% |
|  | 102.6% |
| Liabilities in excess of other assets | (2.6)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Fund's net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g65714g13qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Global Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS R4 <br> NASDAQ PRJDX <br> CUSIP 743969420

MF214ER4

![](g65714g13pgim_investments.jpg)

------

![](g65714g14tsrbanner.jpg)

PGIM Jennison Global Opportunities Fund

Class R6:

PRJQX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual shareholder report contains important information about the Class R6 shares of PGIM Jennison Global Opportunities Fund (the

"Fund") for the period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Global Opportunities Fund—Class R6 | $87 | 0.82% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Global equities advanced during the reporting period, as measured by the MSCI ACWI Index (ND) (the "Index"), modestly outpacing US

equities, as measured by the S&P 500 Index, with all regions posting solid returns. Market action was supported by enthusiasm regarding

artificial intelligence (AI) investment, resilient corporate earnings, increased defense and infrastructure spending in Europe, targeted stimulus in

China, and two Federal Reserve interest rate cuts late in the reporting period. Investor confidence and risk appetite remained robust, even as

volatility and trade policy uncertainty persisted.

■

The strongest contributions to the Fund's performance relative to the Index came from consumer platforms in the communication services

sector and from select software and information technology (IT) services names in the information technology sector.

■

On the negative side, stock selection in consumer discretionary (especially automobiles and broadline retail) and information technology

(especially semiconductors) sectors detracted from relative returns.

MF214ER6

![](g65714g14pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g65714g14globalopp_r6.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class R6 | 12.05% | 8.82% | 14.33% |
| MSCI ACWI Index (ND) | 22.64% | 14.61% | 11.31% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $6317353380<br>|
| Number of fund holdings | 39 |
| Total advisory fees paid for the year | $51139145<br>|
| Portfolio turnover rate for the year | 122% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Software | 18.5% |
| Semiconductors & Semiconductor Equipment | 16.4% |
| Interactive Media & Services | 10.0% |
| IT Services | 8.2% |
| Entertainment | 8.1% |
| Broadline Retail | 7.2% |
| Pharmaceuticals | 5.4% |
| Textiles, Apparel & Luxury Goods | 5.2% |
| Technology Hardware, Storage & Peripherals | 4.9% |
| Affiliated Mutual Fund - Short-Term Investment <br>(2.6% represents investments purchased with <br>collateral from securities on loan)<br>| 4.9% |
| Specialty Retail | 3.2% |
| Capital Markets | 2.4% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Consumer Staples Distribution & Retail | 1.6% |
| Banks | 1.5% |
| Personal Care Products | 1.4% |
| Health Care Equipment & Supplies | 1.3% |
| Automobiles | 1.1% |
| Hotels, Restaurants & Leisure | 0.9% |
| Others\* | 0.4% |
|  | 102.6% |
| Liabilities in excess of other assets | (2.6)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Fund's net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g65714g14qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Global Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS R6 <br> NASDAQ PRJQX <br> CUSIP 743969594

MF214ER6

![](g65714g14pgim_investments.jpg)

------

![](g65714g15tsrbanner.jpg)

PGIM Jennison International Opportunities Fund

Class A:

PWJAX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual shareholder report contains important information about the Class A shares of PGIM Jennison International Opportunities Fund (the

"Fund") for the period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison International Opportunities Fund—Class A | $116 | 1.09% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

International equities, as measured by the MSCI ACWI ex-USA Index (ND) (the "Index"), advanced during the reporting period, outpacing US

equities, as measured by the S&P 500 Index, with all regions posting solid returns. Market action was supported by enthusiasm regarding

artificial intelligence (AI) investment, resilient corporate earnings, increased defense and infrastructure spending in Europe (especially

Germany), and a weakening US dollar, which made international investments more attractive, enhancing returns for US-based investors holding

foreign assets. Investor confidence and risk appetite remained robust, even as volatility and trade policy uncertainty persisted throughout the

reporting period.

■

Relative to the Index, the Fund's strongest contributions came from security selection in the industrials (especially aerospace & defense) and

health care (most notably, pharmaceuticals, and health care equipment) sectors.

■

On the negative side, a diverse group of holdings in the consumer discretionary, information technology, and financials sectors detracted from

relative returns.

MF215EA

![](g65714g15pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class A shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g65714g15intlopp_a.jpg)

The line graph reflects the return on the Fund's Class A shares with sales charges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class A with sales charges | 7.49% | 3.36% | 9.75% |
| Class A without sales charges | 13.74% | 4.54% | 10.37% |
| MSCI ACWI ex USA Index (ND) | 24.93% | 11.18% | 7.67% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $5527967978<br>|
| Number of fund holdings | 41 |
| Total advisory fees paid for the year | $40676893<br>|
| Portfolio turnover rate for the year | 81% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Aerospace & Defense | 15.8% |
| Semiconductors & Semiconductor Equipment | 12.2% |
| Textiles, Apparel & Luxury Goods | 9.0% |
| Entertainment | 7.5% |
| Affiliated Mutual Fund - Short-Term Investment <br>(3.7% represents investments purchased with <br>collateral from securities on loan)<br>| 7.4% |
| Software | 7.0% |
| Hotels, Restaurants & Leisure | 6.1% |
| IT Services | 5.3% |
| Pharmaceuticals | 5.2% |
| Broadline Retail | 3.7% |
| Electrical Equipment | 3.3% |
| Biotechnology | 2.9% |
| Interactive Media & Services | 2.3% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Wireless Telecommunication Services | 2.3% |
| Specialty Retail | 2.2% |
| Health Care Equipment & Supplies | 2.0% |
| Personal Care Products | 1.9% |
| Automobiles | 1.9% |
| Life Sciences Tools & Services | 1.8% |
| Banks | 1.7% |
| Financial Services | 1.7% |
| Technology Hardware, Storage & Peripherals | 1.2% |
|  | 104.4% |
| Liabilities in excess of other assets | (4.4)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g65714g15qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison International Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS A <br> NASDAQ PWJAX <br> CUSIP 743969677

MF215EA

![](g65714g15pgim_investments.jpg)

------

![](g65714g16tsrbanner.jpg)

PGIM Jennison International Opportunities Fund

Class C:

PWJCX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual shareholder report contains important information about the Class C shares of PGIM Jennison International Opportunities Fund (the

"Fund") for the period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison International Opportunities Fund—Class C | $202 | 1.90% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

International equities, as measured by the MSCI ACWI ex-USA Index (ND) (the "Index"), advanced during the reporting period, outpacing US

equities, as measured by the S&P 500 Index, with all regions posting solid returns. Market action was supported by enthusiasm regarding

artificial intelligence (AI) investment, resilient corporate earnings, increased defense and infrastructure spending in Europe (especially

Germany), and a weakening US dollar, which made international investments more attractive, enhancing returns for US-based investors holding

foreign assets. Investor confidence and risk appetite remained robust, even as volatility and trade policy uncertainty persisted throughout the

reporting period.

■

Relative to the Index, the Fund's strongest contributions came from security selection in the industrials (especially aerospace & defense) and

health care (most notably, pharmaceuticals, and health care equipment) sectors.

■

On the negative side, a diverse group of holdings in the consumer discretionary, information technology, and financials sectors detracted from

relative returns.

MF215EC

![](g65714g16pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class C shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g65714g16intlopp_c.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class C with sales charges | 11.79% | 3.69% | 9.49% |
| Class C without sales charges | 12.79% | 3.69% | 9.49% |
| MSCI ACWI ex USA Index (ND) | 24.93% | 11.18% | 7.67% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $5527967978<br>|
| Number of fund holdings | 41 |
| Total advisory fees paid for the year | $40676893<br>|
| Portfolio turnover rate for the year | 81% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Aerospace & Defense | 15.8% |
| Semiconductors & Semiconductor Equipment | 12.2% |
| Textiles, Apparel & Luxury Goods | 9.0% |
| Entertainment | 7.5% |
| Affiliated Mutual Fund - Short-Term Investment <br>(3.7% represents investments purchased with <br>collateral from securities on loan)<br>| 7.4% |
| Software | 7.0% |
| Hotels, Restaurants & Leisure | 6.1% |
| IT Services | 5.3% |
| Pharmaceuticals | 5.2% |
| Broadline Retail | 3.7% |
| Electrical Equipment | 3.3% |
| Biotechnology | 2.9% |
| Interactive Media & Services | 2.3% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Wireless Telecommunication Services | 2.3% |
| Specialty Retail | 2.2% |
| Health Care Equipment & Supplies | 2.0% |
| Personal Care Products | 1.9% |
| Automobiles | 1.9% |
| Life Sciences Tools & Services | 1.8% |
| Banks | 1.7% |
| Financial Services | 1.7% |
| Technology Hardware, Storage & Peripherals | 1.2% |
|  | 104.4% |
| Liabilities in excess of other assets | (4.4)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g65714g16qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison International Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS C <br> NASDAQ PWJCX <br> CUSIP 743969669

MF215EC

![](g65714g16pgim_investments.jpg)

------

![](g65714g17tsrbanner.jpg)

PGIM Jennison International Opportunities Fund

Class R:

PWJRX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual shareholder report contains important information about the Class R shares of PGIM Jennison International Opportunities Fund (the

"Fund") for the period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison International Opportunities Fund—Class R | $155 | 1.45% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

International equities, as measured by the MSCI ACWI ex-USA Index (ND) (the "Index"), advanced during the reporting period, outpacing US

equities, as measured by the S&P 500 Index, with all regions posting solid returns. Market action was supported by enthusiasm regarding

artificial intelligence (AI) investment, resilient corporate earnings, increased defense and infrastructure spending in Europe (especially

Germany), and a weakening US dollar, which made international investments more attractive, enhancing returns for US-based investors holding

foreign assets. Investor confidence and risk appetite remained robust, even as volatility and trade policy uncertainty persisted throughout the

reporting period.

■

Relative to the Index, the Fund's strongest contributions came from security selection in the industrials (especially aerospace & defense) and

health care (most notably, pharmaceuticals, and health care equipment) sectors.

■

On the negative side, a diverse group of holdings in the consumer discretionary, information technology, and financials sectors detracted from

relative returns.

MF215ER

![](g65714g17pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: November 20, 2017 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g65714g17intlopp_r.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R | 13.33% | 4.15% | 8.74% (11/20/2017) |
| MSCI ACWI ex USA Index (ND) | 24.93% | 11.18% | 6.74% |

---

Since Inception returns are provided for the share class since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the

closest month-end to the class's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $5527967978<br>|
| Number of fund holdings | 41 |
| Total advisory fees paid for the year | $40676893<br>|
| Portfolio turnover rate for the year | 81% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Aerospace & Defense | 15.8% |
| Semiconductors & Semiconductor Equipment | 12.2% |
| Textiles, Apparel & Luxury Goods | 9.0% |
| Entertainment | 7.5% |
| Affiliated Mutual Fund - Short-Term Investment <br>(3.7% represents investments purchased with <br>collateral from securities on loan)<br>| 7.4% |
| Software | 7.0% |
| Hotels, Restaurants & Leisure | 6.1% |
| IT Services | 5.3% |
| Pharmaceuticals | 5.2% |
| Broadline Retail | 3.7% |
| Electrical Equipment | 3.3% |
| Biotechnology | 2.9% |
| Interactive Media & Services | 2.3% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Wireless Telecommunication Services | 2.3% |
| Specialty Retail | 2.2% |
| Health Care Equipment & Supplies | 2.0% |
| Personal Care Products | 1.9% |
| Automobiles | 1.9% |
| Life Sciences Tools & Services | 1.8% |
| Banks | 1.7% |
| Financial Services | 1.7% |
| Technology Hardware, Storage & Peripherals | 1.2% |
|  | 104.4% |
| Liabilities in excess of other assets | (4.4)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g65714g17qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison International Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS R <br> NASDAQ PWJRX <br> CUSIP 743969487

MF215ER

![](g65714g17pgim_investments.jpg)

------

![](g65714g18tsrbanner.jpg)

PGIM Jennison International Opportunities Fund

Class Z:

PWJZX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual shareholder report contains important information about the Class Z shares of PGIM Jennison International Opportunities Fund (the

"Fund") for the period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison International Opportunities Fund—Class Z | $96 | 0.90% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

International equities, as measured by the MSCI ACWI ex-USA Index (ND) (the "Index"), advanced during the reporting period, outpacing US

equities, as measured by the S&P 500 Index, with all regions posting solid returns. Market action was supported by enthusiasm regarding

artificial intelligence (AI) investment, resilient corporate earnings, increased defense and infrastructure spending in Europe (especially

Germany), and a weakening US dollar, which made international investments more attractive, enhancing returns for US-based investors holding

foreign assets. Investor confidence and risk appetite remained robust, even as volatility and trade policy uncertainty persisted throughout the

reporting period.

■

Relative to the Index, the Fund's strongest contributions came from security selection in the industrials (especially aerospace & defense) and

health care (most notably, pharmaceuticals, and health care equipment) sectors.

■

On the negative side, a diverse group of holdings in the consumer discretionary, information technology, and financials sectors detracted from

relative returns.

MF215EZ

![](g65714g18pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class Z shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g65714g18intlopp_z.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class Z | 13.94% | 4.73% | 10.60% |
| MSCI ACWI ex USA Index (ND) | 24.93% | 11.18% | 7.67% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $5527967978<br>|
| Number of fund holdings | 41 |
| Total advisory fees paid for the year | $40676893<br>|
| Portfolio turnover rate for the year | 81% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Aerospace & Defense | 15.8% |
| Semiconductors & Semiconductor Equipment | 12.2% |
| Textiles, Apparel & Luxury Goods | 9.0% |
| Entertainment | 7.5% |
| Affiliated Mutual Fund - Short-Term Investment <br>(3.7% represents investments purchased with <br>collateral from securities on loan)<br>| 7.4% |
| Software | 7.0% |
| Hotels, Restaurants & Leisure | 6.1% |
| IT Services | 5.3% |
| Pharmaceuticals | 5.2% |
| Broadline Retail | 3.7% |
| Electrical Equipment | 3.3% |
| Biotechnology | 2.9% |
| Interactive Media & Services | 2.3% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Wireless Telecommunication Services | 2.3% |
| Specialty Retail | 2.2% |
| Health Care Equipment & Supplies | 2.0% |
| Personal Care Products | 1.9% |
| Automobiles | 1.9% |
| Life Sciences Tools & Services | 1.8% |
| Banks | 1.7% |
| Financial Services | 1.7% |
| Technology Hardware, Storage & Peripherals | 1.2% |
|  | 104.4% |
| Liabilities in excess of other assets | (4.4)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g65714g18qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison International Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS Z <br> NASDAQ PWJZX <br> CUSIP 743969651

MF215EZ

![](g65714g18pgim_investments.jpg)

------

![](g65714g19tsrbanner.jpg)

PGIM Jennison International Opportunities Fund

Class R2:

PWJBX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual shareholder report contains important information about the Class R2 shares of PGIM Jennison International Opportunities Fund (the

"Fund") for the period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison International Opportunities Fund—Class R2 | $143 | 1.34% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

International equities, as measured by the MSCI ACWI ex-USA Index (ND) (the "Index"), advanced during the reporting period, outpacing US

equities, as measured by the S&P 500 Index, with all regions posting solid returns. Market action was supported by enthusiasm regarding

artificial intelligence (AI) investment, resilient corporate earnings, increased defense and infrastructure spending in Europe (especially

Germany), and a weakening US dollar, which made international investments more attractive, enhancing returns for US-based investors holding

foreign assets. Investor confidence and risk appetite remained robust, even as volatility and trade policy uncertainty persisted throughout the

reporting period.

■

Relative to the Index, the Fund's strongest contributions came from security selection in the industrials (especially aerospace & defense) and

health care (most notably, pharmaceuticals, and health care equipment) sectors.

■

On the negative side, a diverse group of holdings in the consumer discretionary, information technology, and financials sectors detracted from

relative returns.

MF215ER2

![](g65714g19pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R2 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: December 27, 2018 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g65714g19intlopp_r2.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R2 | 13.45% | 4.28% | 13.04% (12/27/2018) |
| MSCI ACWI ex USA Index (ND) | 24.93% | 11.18% | 9.94% |

---

Since Inception returns are provided for the share class since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the

closest month-end to the class's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $5527967978<br>|
| Number of fund holdings | 41 |
| Total advisory fees paid for the year | $40676893<br>|
| Portfolio turnover rate for the year | 81% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Aerospace & Defense | 15.8% |
| Semiconductors & Semiconductor Equipment | 12.2% |
| Textiles, Apparel & Luxury Goods | 9.0% |
| Entertainment | 7.5% |
| Affiliated Mutual Fund - Short-Term Investment <br>(3.7% represents investments purchased with <br>collateral from securities on loan)<br>| 7.4% |
| Software | 7.0% |
| Hotels, Restaurants & Leisure | 6.1% |
| IT Services | 5.3% |
| Pharmaceuticals | 5.2% |
| Broadline Retail | 3.7% |
| Electrical Equipment | 3.3% |
| Biotechnology | 2.9% |
| Interactive Media & Services | 2.3% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Wireless Telecommunication Services | 2.3% |
| Specialty Retail | 2.2% |
| Health Care Equipment & Supplies | 2.0% |
| Personal Care Products | 1.9% |
| Automobiles | 1.9% |
| Life Sciences Tools & Services | 1.8% |
| Banks | 1.7% |
| Financial Services | 1.7% |
| Technology Hardware, Storage & Peripherals | 1.2% |
|  | 104.4% |
| Liabilities in excess of other assets | (4.4)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g65714g19qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison International Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS R2 <br> NASDAQ PWJBX <br> CUSIP 743969412

MF215ER2

![](g65714g19pgim_investments.jpg)

------

![](g65714g20tsrbanner.jpg)

PGIM Jennison International Opportunities Fund

Class R4:

PWJDX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual shareholder report contains important information about the Class R4 shares of PGIM Jennison International Opportunities Fund (the

"Fund") for the period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison International Opportunities Fund—Class R4 | $116 | 1.09% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

International equities, as measured by the MSCI ACWI ex-USA Index (ND) (the "Index"), advanced during the reporting period, outpacing US

equities, as measured by the S&P 500 Index, with all regions posting solid returns. Market action was supported by enthusiasm regarding

artificial intelligence (AI) investment, resilient corporate earnings, increased defense and infrastructure spending in Europe (especially

Germany), and a weakening US dollar, which made international investments more attractive, enhancing returns for US-based investors holding

foreign assets. Investor confidence and risk appetite remained robust, even as volatility and trade policy uncertainty persisted throughout the

reporting period.

■

Relative to the Index, the Fund's strongest contributions came from security selection in the industrials (especially aerospace & defense) and

health care (most notably, pharmaceuticals, and health care equipment) sectors.

■

On the negative side, a diverse group of holdings in the consumer discretionary, information technology, and financials sectors detracted from

relative returns.

MF215ER4

![](g65714g20pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R4 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: December 27, 2018 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g65714g20intlopp_r4.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R4 | 13.73% | 4.55% | 13.33% (12/27/2018) |
| MSCI ACWI ex USA Index (ND) | 24.93% | 11.18% | 9.94% |

---

Since Inception returns are provided for the share class since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the

closest month-end to the class's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $5527967978<br>|
| Number of fund holdings | 41 |
| Total advisory fees paid for the year | $40676893<br>|
| Portfolio turnover rate for the year | 81% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Aerospace & Defense | 15.8% |
| Semiconductors & Semiconductor Equipment | 12.2% |
| Textiles, Apparel & Luxury Goods | 9.0% |
| Entertainment | 7.5% |
| Affiliated Mutual Fund - Short-Term Investment <br>(3.7% represents investments purchased with <br>collateral from securities on loan)<br>| 7.4% |
| Software | 7.0% |
| Hotels, Restaurants & Leisure | 6.1% |
| IT Services | 5.3% |
| Pharmaceuticals | 5.2% |
| Broadline Retail | 3.7% |
| Electrical Equipment | 3.3% |
| Biotechnology | 2.9% |
| Interactive Media & Services | 2.3% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Wireless Telecommunication Services | 2.3% |
| Specialty Retail | 2.2% |
| Health Care Equipment & Supplies | 2.0% |
| Personal Care Products | 1.9% |
| Automobiles | 1.9% |
| Life Sciences Tools & Services | 1.8% |
| Banks | 1.7% |
| Financial Services | 1.7% |
| Technology Hardware, Storage & Peripherals | 1.2% |
|  | 104.4% |
| Liabilities in excess of other assets | (4.4)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g65714g20qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison International Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS R4 <br> NASDAQ PWJDX <br> CUSIP 743969396

MF215ER4

![](g65714g20pgim_investments.jpg)

------

![](g65714g21tsrbanner.jpg)

PGIM Jennison International Opportunities Fund

Class R6:

PWJQX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual shareholder report contains important information about the Class R6 shares of PGIM Jennison International Opportunities Fund (the

"Fund") for the period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison International Opportunities Fund—Class R6 | $90 | 0.84% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

International equities, as measured by the MSCI ACWI ex-USA Index (ND) (the "Index"), advanced during the reporting period, outpacing US

equities, as measured by the S&P 500 Index, with all regions posting solid returns. Market action was supported by enthusiasm regarding

artificial intelligence (AI) investment, resilient corporate earnings, increased defense and infrastructure spending in Europe (especially

Germany), and a weakening US dollar, which made international investments more attractive, enhancing returns for US-based investors holding

foreign assets. Investor confidence and risk appetite remained robust, even as volatility and trade policy uncertainty persisted throughout the

reporting period.

■

Relative to the Index, the Fund's strongest contributions came from security selection in the industrials (especially aerospace & defense) and

health care (most notably, pharmaceuticals, and health care equipment) sectors.

■

On the negative side, a diverse group of holdings in the consumer discretionary, information technology, and financials sectors detracted from

relative returns.

MF215ER6

![](g65714g21pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: December 23, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g65714g21intlopp_r6.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R6 | 14.04% | 4.80% | 10.79% (12/23/2015) |
| MSCI ACWI ex USA Index (ND) | 24.93% | 11.18% | 8.24% |

---

Since Inception returns are provided for the share class since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the

closest month-end to the class's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $5527967978<br>|
| Number of fund holdings | 41 |
| Total advisory fees paid for the year | $40676893<br>|
| Portfolio turnover rate for the year | 81% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Aerospace & Defense | 15.8% |
| Semiconductors & Semiconductor Equipment | 12.2% |
| Textiles, Apparel & Luxury Goods | 9.0% |
| Entertainment | 7.5% |
| Affiliated Mutual Fund - Short-Term Investment <br>(3.7% represents investments purchased with <br>collateral from securities on loan)<br>| 7.4% |
| Software | 7.0% |
| Hotels, Restaurants & Leisure | 6.1% |
| IT Services | 5.3% |
| Pharmaceuticals | 5.2% |
| Broadline Retail | 3.7% |
| Electrical Equipment | 3.3% |
| Biotechnology | 2.9% |
| Interactive Media & Services | 2.3% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Wireless Telecommunication Services | 2.3% |
| Specialty Retail | 2.2% |
| Health Care Equipment & Supplies | 2.0% |
| Personal Care Products | 1.9% |
| Automobiles | 1.9% |
| Life Sciences Tools & Services | 1.8% |
| Banks | 1.7% |
| Financial Services | 1.7% |
| Technology Hardware, Storage & Peripherals | 1.2% |
|  | 104.4% |
| Liabilities in excess of other assets | (4.4)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g65714g21qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison International Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS R6 <br> NASDAQ PWJQX <br> CUSIP 743969586

MF215ER6

![](g65714g21pgim_investments.jpg)

------

![](g65714g22tsrbanner.jpg)

PGIM Quant Solutions International Equity Fund

Class A:

PJRAX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual shareholder report contains important information about the Class A shares of PGIM Quant Solutions International Equity Fund (the

"Fund") for the period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Quant Solutions International Equity Fund—Class A | $160 | 1.38% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

International markets advanced over the reporting period, driven by strong performance in Japan, China, the UK, and Canada, particularly

within the financials, information technology, and industrials sectors.

■

The Fund's returns relative to the MSCI ACWI ex USA Index (ND) (the "Index") benefited from strong performance across all factor groups,

including overweights to stocks with cheap valuations, strong quality measures, and improving sentiment measures, and from underweights to

stocks with expensive valuations, weak quality measures, and decreasing sentiment measures.

■

By country, the Fund's strongest relative performers included the UK (overweight and stock selection in the financials sector; stock selection in

the industrials sector), Canada (overweight and stock selection in the materials and information technology sectors), and Germany (stock

selection in the materials and financials sectors). The most significant detractor was India (overweight and stock selection in the health care

sector; stock selection in the consumer discretionary sector; and overweight in the information technology sector).

■

The best-performing sectors relative to the Index included financials (overweight and stock selection in the UK; overweight in Italy), materials

(overweight and stock selection in Canada; stock selection in Germany), and information technology (overweight and stock selection in Korea

and Canada). Conversely, the worst-performing sector on a relative basis was health care (overweight and stock selection in India).

MF190EA

![](g65714g22pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class A shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g65714g22intlequity_a.jpg)

The line graph reflects the return on the Fund's Class A shares with sales charges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class A with sales charges | 24.51% | 12.12% | 7.19% |
| Class A without sales charges | 31.75% | 13.39% | 7.80% |
| MSCI ACWI ex USA Index (ND) | 24.93% | 11.18% | 7.67% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $285149453<br>|
| Number of fund holdings | 399 |
| Total advisory fees paid for the year | $1395553<br>|
| Portfolio turnover rate for the year | 129% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Banks | 16.0% |
| Semiconductors & Semiconductor Equipment | 7.0% |
| Pharmaceuticals | 5.5% |
| Metals & Mining | 5.2% |
| Affiliated Mutual Fund - Short-Term Investment <br>(1.9% represents investments purchased with <br>collateral from securities on loan)<br>| 3.9% |
| Aerospace & Defense | 3.7% |
| Insurance | 3.6% |
| Oil, Gas & Consumable Fuels | 3.5% |
| Capital Markets | 3.3% |
| Electronic Equipment, Instruments & Components | 3.2% |
| IT Services | 3.2% |
| Automobiles | 2.5% |
| Electrical Equipment | 2.5% |
| Broadline Retail | 2.1% |
| Unaffiliated Exchange-Traded Funds - Equity | 2.0% |
| Consumer Staples Distribution & Retail | 1.9% |
| Machinery | 1.8% |
| Diversified Telecommunication Services | 1.8% |
| Interactive Media & Services | 1.7% |
| Trading Companies & Distributors | 1.6% |
| Industrial Conglomerates | 1.6% |
| Passenger Airlines | 1.5% |
| Tobacco | 1.3% |
| Automobile Components | 1.2% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Entertainment | 1.2% |
| Wireless Telecommunication Services | 1.1% |
| Specialty Retail | 1.1% |
| Electric Utilities | 1.1% |
| Food Products | 1.1% |
| Technology Hardware, Storage & Peripherals | 1.1% |
| Health Care Providers & Services | 1.0% |
| Marine Transportation | 0.9% |
| Biotechnology | 0.9% |
| Household Durables | 0.9% |
| Financial Services | 0.8% |
| Construction & Engineering | 0.8% |
| Chemicals | 0.7% |
| Hotels, Restaurants & Leisure | 0.7% |
| Health Care Equipment & Supplies | 0.7% |
| Multi-Utilities | 0.7% |
| Real Estate Management & Development | 0.6% |
| Gas Utilities | 0.5% |
| Commercial Services & Supplies | 0.5% |
| Others\* | 3.5% |
|  | 101.5% |
| Liabilities in excess of other assets | (1.5)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Fund's net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g65714g22qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Quant Solutions International Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS A <br> NASDAQ PJRAX <br> CUSIP 743969859

MF190EA

![](g65714g22pgim_investments.jpg)

------

![](g65714g23tsrbanner.jpg)

PGIM Quant Solutions International Equity Fund

Class C:

PJRCX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual shareholder report contains important information about the Class C shares of PGIM Quant Solutions International Equity Fund (the

"Fund") for the period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Quant Solutions International Equity Fund—Class C | $300 | 2.61% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

International markets advanced over the reporting period, driven by strong performance in Japan, China, the UK, and Canada, particularly

within the financials, information technology, and industrials sectors.

■

The Fund's returns relative to the MSCI ACWI ex USA Index (ND) (the "Index") benefited from strong performance across all factor groups,

including overweights to stocks with cheap valuations, strong quality measures, and improving sentiment measures, and from underweights to

stocks with expensive valuations, weak quality measures, and decreasing sentiment measures.

■

By country, the Fund's strongest relative performers included the UK (overweight and stock selection in the financials sector; stock selection in

the industrials sector), Canada (overweight and stock selection in the materials and information technology sectors), and Germany (stock

selection in the materials and financials sectors). The most significant detractor was India (overweight and stock selection in the health care

sector; stock selection in the consumer discretionary sector; and overweight in the information technology sector).

■

The best-performing sectors relative to the Index included financials (overweight and stock selection in the UK; overweight in Italy), materials

(overweight and stock selection in Canada; stock selection in Germany), and information technology (overweight and stock selection in Korea

and Canada). Conversely, the worst-performing sector on a relative basis was health care (overweight and stock selection in India).

MF190EC

![](g65714g23pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class C shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g65714g23intlequity_c.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class C with sales charges | 29.09% | 11.94% | 6.65% |
| Class C without sales charges | 30.09% | 11.94% | 6.65% |
| MSCI ACWI ex USA Index (ND) | 24.93% | 11.18% | 7.67% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $285149453<br>|
| Number of fund holdings | 399 |
| Total advisory fees paid for the year | $1395553<br>|
| Portfolio turnover rate for the year | 129% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Banks | 16.0% |
| Semiconductors & Semiconductor Equipment | 7.0% |
| Pharmaceuticals | 5.5% |
| Metals & Mining | 5.2% |
| Affiliated Mutual Fund - Short-Term Investment <br>(1.9% represents investments purchased with <br>collateral from securities on loan)<br>| 3.9% |
| Aerospace & Defense | 3.7% |
| Insurance | 3.6% |
| Oil, Gas & Consumable Fuels | 3.5% |
| Capital Markets | 3.3% |
| Electronic Equipment, Instruments & Components | 3.2% |
| IT Services | 3.2% |
| Automobiles | 2.5% |
| Electrical Equipment | 2.5% |
| Broadline Retail | 2.1% |
| Unaffiliated Exchange-Traded Funds - Equity | 2.0% |
| Consumer Staples Distribution & Retail | 1.9% |
| Machinery | 1.8% |
| Diversified Telecommunication Services | 1.8% |
| Interactive Media & Services | 1.7% |
| Trading Companies & Distributors | 1.6% |
| Industrial Conglomerates | 1.6% |
| Passenger Airlines | 1.5% |
| Tobacco | 1.3% |
| Automobile Components | 1.2% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Entertainment | 1.2% |
| Wireless Telecommunication Services | 1.1% |
| Specialty Retail | 1.1% |
| Electric Utilities | 1.1% |
| Food Products | 1.1% |
| Technology Hardware, Storage & Peripherals | 1.1% |
| Health Care Providers & Services | 1.0% |
| Marine Transportation | 0.9% |
| Biotechnology | 0.9% |
| Household Durables | 0.9% |
| Financial Services | 0.8% |
| Construction & Engineering | 0.8% |
| Chemicals | 0.7% |
| Hotels, Restaurants & Leisure | 0.7% |
| Health Care Equipment & Supplies | 0.7% |
| Multi-Utilities | 0.7% |
| Real Estate Management & Development | 0.6% |
| Gas Utilities | 0.5% |
| Commercial Services & Supplies | 0.5% |
| Others\* | 3.5% |
|  | 101.5% |
| Liabilities in excess of other assets | (1.5)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Fund's net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g65714g23qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Quant Solutions International Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS C <br> NASDAQ PJRCX <br> CUSIP 743969875

MF190EC

![](g65714g23pgim_investments.jpg)

------

![](g65714g24tsrbanner.jpg)

PGIM Quant Solutions International Equity Fund

Class Z:

PJIZX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual shareholder report contains important information about the Class Z shares of PGIM Quant Solutions International Equity Fund (the

"Fund") for the period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Quant Solutions International Equity Fund—Class Z | $113 | 0.97% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

International markets advanced over the reporting period, driven by strong performance in Japan, China, the UK, and Canada, particularly

within the financials, information technology, and industrials sectors.

■

The Fund's returns relative to the MSCI ACWI ex USA Index (ND) (the "Index") benefited from strong performance across all factor groups,

including overweights to stocks with cheap valuations, strong quality measures, and improving sentiment measures, and from underweights to

stocks with expensive valuations, weak quality measures, and decreasing sentiment measures.

■

By country, the Fund's strongest relative performers included the UK (overweight and stock selection in the financials sector; stock selection in

the industrials sector), Canada (overweight and stock selection in the materials and information technology sectors), and Germany (stock

selection in the materials and financials sectors). The most significant detractor was India (overweight and stock selection in the health care

sector; stock selection in the consumer discretionary sector; and overweight in the information technology sector).

■

The best-performing sectors relative to the Index included financials (overweight and stock selection in the UK; overweight in Italy), materials

(overweight and stock selection in Canada; stock selection in Germany), and information technology (overweight and stock selection in Korea

and Canada). Conversely, the worst-performing sector on a relative basis was health care (overweight and stock selection in India).

MF190EZ

![](g65714g24pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class Z shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g65714g24intlequity_z.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class Z | 32.28% | 13.89% | 8.24% |
| MSCI ACWI ex USA Index (ND) | 24.93% | 11.18% | 7.67% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $285149453<br>|
| Number of fund holdings | 399 |
| Total advisory fees paid for the year | $1395553<br>|
| Portfolio turnover rate for the year | 129% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Banks | 16.0% |
| Semiconductors & Semiconductor Equipment | 7.0% |
| Pharmaceuticals | 5.5% |
| Metals & Mining | 5.2% |
| Affiliated Mutual Fund - Short-Term Investment <br>(1.9% represents investments purchased with <br>collateral from securities on loan)<br>| 3.9% |
| Aerospace & Defense | 3.7% |
| Insurance | 3.6% |
| Oil, Gas & Consumable Fuels | 3.5% |
| Capital Markets | 3.3% |
| Electronic Equipment, Instruments & Components | 3.2% |
| IT Services | 3.2% |
| Automobiles | 2.5% |
| Electrical Equipment | 2.5% |
| Broadline Retail | 2.1% |
| Unaffiliated Exchange-Traded Funds - Equity | 2.0% |
| Consumer Staples Distribution & Retail | 1.9% |
| Machinery | 1.8% |
| Diversified Telecommunication Services | 1.8% |
| Interactive Media & Services | 1.7% |
| Trading Companies & Distributors | 1.6% |
| Industrial Conglomerates | 1.6% |
| Passenger Airlines | 1.5% |
| Tobacco | 1.3% |
| Automobile Components | 1.2% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Entertainment | 1.2% |
| Wireless Telecommunication Services | 1.1% |
| Specialty Retail | 1.1% |
| Electric Utilities | 1.1% |
| Food Products | 1.1% |
| Technology Hardware, Storage & Peripherals | 1.1% |
| Health Care Providers & Services | 1.0% |
| Marine Transportation | 0.9% |
| Biotechnology | 0.9% |
| Household Durables | 0.9% |
| Financial Services | 0.8% |
| Construction & Engineering | 0.8% |
| Chemicals | 0.7% |
| Hotels, Restaurants & Leisure | 0.7% |
| Health Care Equipment & Supplies | 0.7% |
| Multi-Utilities | 0.7% |
| Real Estate Management & Development | 0.6% |
| Gas Utilities | 0.5% |
| Commercial Services & Supplies | 0.5% |
| Others\* | 3.5% |
|  | 101.5% |
| Liabilities in excess of other assets | (1.5)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Fund's net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g65714g24qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Quant Solutions International Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS Z <br> NASDAQ PJIZX <br> CUSIP 743969883

MF190EZ

![](g65714g24pgim_investments.jpg)

------

![](g65714g25tsrbanner.jpg)

PGIM Quant Solutions International Equity Fund

Class R6:

PJRQX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual shareholder report contains important information about the Class R6 shares of PGIM Quant Solutions International Equity Fund (the

"Fund") for the period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Quant Solutions International Equity Fund—Class R6 | $91 | 0.78% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

International markets advanced over the reporting period, driven by strong performance in Japan, China, the UK, and Canada, particularly

within the financials, information technology, and industrials sectors.

■

The Fund's returns relative to the MSCI ACWI ex USA Index (ND) (the "Index") benefited from strong performance across all factor groups,

including overweights to stocks with cheap valuations, strong quality measures, and improving sentiment measures, and from underweights to

stocks with expensive valuations, weak quality measures, and decreasing sentiment measures.

■

By country, the Fund's strongest relative performers included the UK (overweight and stock selection in the financials sector; stock selection in

the industrials sector), Canada (overweight and stock selection in the materials and information technology sectors), and Germany (stock

selection in the materials and financials sectors). The most significant detractor was India (overweight and stock selection in the health care

sector; stock selection in the consumer discretionary sector; and overweight in the information technology sector).

■

The best-performing sectors relative to the Index included financials (overweight and stock selection in the UK; overweight in Italy), materials

(overweight and stock selection in Canada; stock selection in Germany), and information technology (overweight and stock selection in Korea

and Canada). Conversely, the worst-performing sector on a relative basis was health care (overweight and stock selection in India).

MF190ER6

![](g65714g25pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: December 28, 2016 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g65714g25intlequity_r6.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R6 | 32.49% | 14.14% | 9.84% (12/28/2016) |
| MSCI ACWI ex USA Index (ND) | 24.93% | 11.18% | 8.67% |

---

Since Inception returns are provided for the share class since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the

closest month-end to the class's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $285149453<br>|
| Number of fund holdings | 399 |
| Total advisory fees paid for the year | $1395553<br>|
| Portfolio turnover rate for the year | 129% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Banks | 16.0% |
| Semiconductors & Semiconductor Equipment | 7.0% |
| Pharmaceuticals | 5.5% |
| Metals & Mining | 5.2% |
| Affiliated Mutual Fund - Short-Term Investment <br>(1.9% represents investments purchased with <br>collateral from securities on loan)<br>| 3.9% |
| Aerospace & Defense | 3.7% |
| Insurance | 3.6% |
| Oil, Gas & Consumable Fuels | 3.5% |
| Capital Markets | 3.3% |
| Electronic Equipment, Instruments & Components | 3.2% |
| IT Services | 3.2% |
| Automobiles | 2.5% |
| Electrical Equipment | 2.5% |
| Broadline Retail | 2.1% |
| Unaffiliated Exchange-Traded Funds - Equity | 2.0% |
| Consumer Staples Distribution & Retail | 1.9% |
| Machinery | 1.8% |
| Diversified Telecommunication Services | 1.8% |
| Interactive Media & Services | 1.7% |
| Trading Companies & Distributors | 1.6% |
| Industrial Conglomerates | 1.6% |
| Passenger Airlines | 1.5% |
| Tobacco | 1.3% |
| Automobile Components | 1.2% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Entertainment | 1.2% |
| Wireless Telecommunication Services | 1.1% |
| Specialty Retail | 1.1% |
| Electric Utilities | 1.1% |
| Food Products | 1.1% |
| Technology Hardware, Storage & Peripherals | 1.1% |
| Health Care Providers & Services | 1.0% |
| Marine Transportation | 0.9% |
| Biotechnology | 0.9% |
| Household Durables | 0.9% |
| Financial Services | 0.8% |
| Construction & Engineering | 0.8% |
| Chemicals | 0.7% |
| Hotels, Restaurants & Leisure | 0.7% |
| Health Care Equipment & Supplies | 0.7% |
| Multi-Utilities | 0.7% |
| Real Estate Management & Development | 0.6% |
| Gas Utilities | 0.5% |
| Commercial Services & Supplies | 0.5% |
| Others\* | 3.5% |
|  | 101.5% |
| Liabilities in excess of other assets | (1.5)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Fund's net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g65714g25qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Quant Solutions International Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS R6 <br> NASDAQ PJRQX <br> CUSIP 743969578

MF190ER6

![](g65714g25pgim_investments.jpg)

------

![](g65714g26tsrbanner.jpg)

PGIM Emerging Markets Debt Hard Currency Fund

Class A:

PDHAX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual shareholder report contains important information about the Class A shares of PGIM Emerging Markets Debt Hard Currency Fund

(the "Fund") for the period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Emerging Markets Debt Hard Currency Fund—Class A | $112 | 1.05% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Emerging-markets debt posted positive returns during the reporting period, helped by monetary policy easing, resilient global economic growth,

strong fundamentals, and solid technicals. While uncertainty regarding US tariffs and ongoing geopolitical concerns contributed to

crosscurrents, spreads for emerging-markets hard currency bonds tightened meaningfully.

■

Overall, country selection contributed to the Fund's outperformance relative to the JP Morgan Emerging Markets Bond Index Global Diversified

Index during the reporting period, driven by overweights to Argentina, Egypt, Venezuela, Ecuador, and El Salvador. Sovereign positioning in

Ghana and Côte d'Ivoire also contributed. Among currencies, overweight positioning in the Egyptian pound and Turkish lira contributed as well.

■

In country selection, overweights to Angola, Ghana, and Colombia detracted from the Fund's performance during the reporting period.

Sovereign positioning in Argentina and Brazil also detracted as did an overweight to the Indian rupee and an underweight to the Czech koruna.

■

Derivatives, including currency forward and option contracts, futures, and interest rate swaps, were used during the reporting period for

currency positioning and/or to help manage duration and yield curve exposure, which collectively had a positive impact on the Fund's

performance. The Fund used corporate credit index derivatives to manage its overall risk profile, which also had a positive impact on

its performance.

MF239EA

![](g65714g26pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class A shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: December 12, 2017 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g65714g26emergmktsdhc_a.jpg)

The line graph reflects the return on the Fund's Class A shares with sales charges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class A with sales charges | 9.65% | 2.28% | 1.87% (12/12/2017) |
| Class A without sales charges | 13.33% | 2.96% | 2.30% (12/12/2017) |
| JP Morgan Emerging Markets Bond Index Global Diversified Index | 12.76% | 2.71% | 2.97% |

---

Since Inception returns are provided for the share class since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the

closest month-end to the class's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $186370469<br>|
| Number of fund holdings | 783 |
| Total advisory fees paid for the year | $971969<br>|
| Portfolio turnover rate for the year | 36% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) |
| AAA | 2.4 |
| AA | 5.3 |
| A | 3.0 |
| BBB | 37.8 |
| BB | 23.6 |
| B | 19.8 |
| CCC | 3.8 |
| C | 1.6 |
| D | 0.3 |
| Not Rated | 0.9 |
| Cash/Cash Equivalents | 1.6 |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g65714g26qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Emerging Markets Debt Hard Currency Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS A <br> NASDAQ PDHAX <br> CUSIP 743969479

MF239EA

![](g65714g26pgim_investments.jpg)

------

![](g65714g27tsrbanner.jpg)

PGIM Emerging Markets Debt Hard Currency Fund

Class C:

PDHCX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual shareholder report contains important information about the Class C shares of PGIM Emerging Markets Debt Hard Currency Fund

(the "Fund") for the period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Emerging Markets Debt Hard Currency Fund—Class C | $191 | 1.80% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Emerging-markets debt posted positive returns during the reporting period, helped by monetary policy easing, resilient global economic growth,

strong fundamentals, and solid technicals. While uncertainty regarding US tariffs and ongoing geopolitical concerns contributed to

crosscurrents, spreads for emerging-markets hard currency bonds tightened meaningfully.

■

Overall, country selection contributed to the Fund's outperformance relative to the JP Morgan Emerging Markets Bond Index Global Diversified

Index during the reporting period, driven by overweights to Argentina, Egypt, Venezuela, Ecuador, and El Salvador. Sovereign positioning in

Ghana and Côte d'Ivoire also contributed. Among currencies, overweight positioning in the Egyptian pound and Turkish lira contributed as well.

■

In country selection, overweights to Angola, Ghana, and Colombia detracted from the Fund's performance during the reporting period.

Sovereign positioning in Argentina and Brazil also detracted as did an overweight to the Indian rupee and an underweight to the Czech koruna.

■

Derivatives, including currency forward and option contracts, futures, and interest rate swaps, were used during the reporting period for

currency positioning and/or to help manage duration and yield curve exposure, which collectively had a positive impact on the Fund's

performance. The Fund used corporate credit index derivatives to manage its overall risk profile, which also had a positive impact on

its performance.

MF239EC

![](g65714g27pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class C shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: December 12, 2017 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g65714g27emergmktsdhc_c.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class C with sales charges | 11.46% | 2.21% | 1.55% (12/12/2017) |
| Class C without sales charges | 12.46% | 2.21% | 1.55% (12/12/2017) |
| JP Morgan Emerging Markets Bond Index Global Diversified Index | 12.76% | 2.71% | 2.97% |

---

Since Inception returns are provided for the share class since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the

closest month-end to the class's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $186370469<br>|
| Number of fund holdings | 783 |
| Total advisory fees paid for the year | $971969<br>|
| Portfolio turnover rate for the year | 36% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) |
| AAA | 2.4 |
| AA | 5.3 |
| A | 3.0 |
| BBB | 37.8 |
| BB | 23.6 |
| B | 19.8 |
| CCC | 3.8 |
| C | 1.6 |
| D | 0.3 |
| Not Rated | 0.9 |
| Cash/Cash Equivalents | 1.6 |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g65714g27qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Emerging Markets Debt Hard Currency Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS C <br> NASDAQ PDHCX <br> CUSIP 743969461

MF239EC

![](g65714g27pgim_investments.jpg)

------

![](g65714g28tsrbanner.jpg)

PGIM Emerging Markets Debt Hard Currency Fund

Class Z:

PDHVX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual shareholder report contains important information about the Class Z shares of PGIM Emerging Markets Debt Hard Currency Fund

(the "Fund") for the period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Emerging Markets Debt Hard Currency Fund—Class Z | $80 | 0.75% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Emerging-markets debt posted positive returns during the reporting period, helped by monetary policy easing, resilient global economic growth,

strong fundamentals, and solid technicals. While uncertainty regarding US tariffs and ongoing geopolitical concerns contributed to

crosscurrents, spreads for emerging-markets hard currency bonds tightened meaningfully.

■

Overall, country selection contributed to the Fund's outperformance relative to the JP Morgan Emerging Markets Bond Index Global Diversified

Index during the reporting period, driven by overweights to Argentina, Egypt, Venezuela, Ecuador, and El Salvador. Sovereign positioning in

Ghana and Côte d'Ivoire also contributed. Among currencies, overweight positioning in the Egyptian pound and Turkish lira contributed as well.

■

In country selection, overweights to Angola, Ghana, and Colombia detracted from the Fund's performance during the reporting period.

Sovereign positioning in Argentina and Brazil also detracted as did an overweight to the Indian rupee and an underweight to the Czech koruna.

■

Derivatives, including currency forward and option contracts, futures, and interest rate swaps, were used during the reporting period for

currency positioning and/or to help manage duration and yield curve exposure, which collectively had a positive impact on the Fund's

performance. The Fund used corporate credit index derivatives to manage its overall risk profile, which also had a positive impact on

its performance.

MF239EZ

![](g65714g28pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class Z shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: December 12, 2017 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g65714g28emergmktsdhc_z.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class Z | 13.80% | 3.30% | 2.62% (12/12/2017) |
| JP Morgan Emerging Markets Bond Index Global Diversified Index | 12.76% | 2.71% | 2.97% |

---

Since Inception returns are provided for the share class since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the

closest month-end to the class's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $186370469<br>|
| Number of fund holdings | 783 |
| Total advisory fees paid for the year | $971969<br>|
| Portfolio turnover rate for the year | 36% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) |
| AAA | 2.4 |
| AA | 5.3 |
| A | 3.0 |
| BBB | 37.8 |
| BB | 23.6 |
| B | 19.8 |
| CCC | 3.8 |
| C | 1.6 |
| D | 0.3 |
| Not Rated | 0.9 |
| Cash/Cash Equivalents | 1.6 |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g65714g28qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Emerging Markets Debt Hard Currency Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS Z <br> NASDAQ PDHVX <br> CUSIP 743969446

MF239EZ

![](g65714g28pgim_investments.jpg)

------

![](g65714g29tsrbanner.jpg)

PGIM Emerging Markets Debt Hard Currency Fund

Class R6:

PDHQX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual shareholder report contains important information about the Class R6 shares of PGIM Emerging Markets Debt Hard Currency Fund

(the "Fund") for the period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Emerging Markets Debt Hard Currency Fund—Class R6 | $69 | 0.65% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Emerging-markets debt posted positive returns during the reporting period, helped by monetary policy easing, resilient global economic growth,

strong fundamentals, and solid technicals. While uncertainty regarding US tariffs and ongoing geopolitical concerns contributed to

crosscurrents, spreads for emerging-markets hard currency bonds tightened meaningfully.

■

Overall, country selection contributed to the Fund's outperformance relative to the JP Morgan Emerging Markets Bond Index Global Diversified

Index during the reporting period, driven by overweights to Argentina, Egypt, Venezuela, Ecuador, and El Salvador. Sovereign positioning in

Ghana and Côte d'Ivoire also contributed. Among currencies, overweight positioning in the Egyptian pound and Turkish lira contributed as well.

■

In country selection, overweights to Angola, Ghana, and Colombia detracted from the Fund's performance during the reporting period.

Sovereign positioning in Argentina and Brazil also detracted as did an overweight to the Indian rupee and an underweight to the Czech koruna.

■

Derivatives, including currency forward and option contracts, futures, and interest rate swaps, were used during the reporting period for

currency positioning and/or to help manage duration and yield curve exposure, which collectively had a positive impact on the Fund's

performance. The Fund used corporate credit index derivatives to manage its overall risk profile, which also had a positive impact on

its performance.

MF239ER6

![](g65714g29pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: December 12, 2017 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g65714g29emergmktsdhc_r6.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R6 | 13.77% | 3.40% | 2.70% (12/12/2017) |
| JP Morgan Emerging Markets Bond Index Global Diversified Index | 12.76% | 2.71% | 2.97% |

---

Since Inception returns are provided for the share class since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the

closest month-end to the class's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $186370469<br>|
| Number of fund holdings | 783 |
| Total advisory fees paid for the year | $971969<br>|
| Portfolio turnover rate for the year | 36% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) |
| AAA | 2.4 |
| AA | 5.3 |
| A | 3.0 |
| BBB | 37.8 |
| BB | 23.6 |
| B | 19.8 |
| CCC | 3.8 |
| C | 1.6 |
| D | 0.3 |
| Not Rated | 0.9 |
| Cash/Cash Equivalents | 1.6 |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g65714g29qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Emerging Markets Debt Hard Currency Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS R6 <br> NASDAQ PDHQX <br> CUSIP 743969453

MF239ER6

![](g65714g29pgim_investments.jpg)

------

![](g65714g30tsrbanner.jpg)

PGIM Emerging Markets Debt Local Currency Fund

Class A:

EMDAX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual shareholder report contains important information about the Class A shares of PGIM Emerging Markets Debt Local Currency Fund

(the "Fund") for the period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Emerging Markets Debt Local Currency Fund—Class A | $121 | 1.13% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Emerging-markets local currency debt posted positive returns during the reporting period, helped by monetary policy easing, lower US Treasury

yields, and US dollar weakness. While uncertainty regarding US tariffs and geopolitical concerns contributed to crosscurrents, yields for

emerging-markets local currency bonds declined.

■

The Fund's performance relative to the JP Morgan Government Bond Index-Emerging Markets Global Diversified Index (the "Index") benefited

from overweights to local currency bonds in South Africa, Mexico, Indonesia, and India. Local issue selection in Mexico, Argentina, Hungary,

and Poland contributed as well, as did overweights to the Turkish lira and the Egyptian pound among currencies.

■

Overweights to Argentina, the Czech Republic, and Hungary detracted from the Fund's performance relative to the Index during the reporting

period. Local issue selection in Brazil and the Czech Republic also detracted, as did overweights to the Indian rupee and Indonesian rupiah

among currencies.

■

Derivatives, including currency forward and option contracts, futures, and interest rate swaps, were used during the reporting period for

currency positioning and/or to help manage duration and yield curve exposure, which collectively had a positive impact on the Fund's

performance. The Fund used corporate credit index derivatives to manage its overall risk profile, which also had a positive impact on

its performance.

MF212EA

![](g65714g30pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class A shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g65714g30emergmktsdlc_a.jpg)

The line graph reflects the return on the Fund's Class A shares with sales charges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class A with sales charges | 10.22% | 2.02% | 2.65% |
| Class A without sales charges | 13.92% | 2.70% | 2.99% |
| JP Morgan Government Bond Index-Emerging Markets Global <br>Diversified Index<br>| 13.06% | 2.33% | 3.13% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $37987668<br>|
| Number of fund holdings | 537 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 47% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) |
| AAA | 1.2 |
| AA | 4.1 |
| A | 20.4 |
| BBB | 47.1 |
| BB | 21.9 |
| Not Rated | (1.2) |
| Cash/Cash Equivalents | 6.5 |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g65714g30qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Emerging Markets Debt Local Currency Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS A <br> NASDAQ EMDAX <br> CUSIP 743969750

MF212EA

![](g65714g30pgim_investments.jpg)

------

![](g65714g31tsrbanner.jpg)

PGIM Emerging Markets Debt Local Currency Fund

Class C:

EMDCX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual shareholder report contains important information about the Class C shares of PGIM Emerging Markets Debt Local Currency Fund

(the "Fund") for the period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Emerging Markets Debt Local Currency Fund—Class C | $200 | 1.88% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Emerging-markets local currency debt posted positive returns during the reporting period, helped by monetary policy easing, lower US Treasury

yields, and US dollar weakness. While uncertainty regarding US tariffs and geopolitical concerns contributed to crosscurrents, yields for

emerging-markets local currency bonds declined.

■

The Fund's performance relative to the JP Morgan Government Bond Index-Emerging Markets Global Diversified Index (the "Index") benefited

from overweights to local currency bonds in South Africa, Mexico, Indonesia, and India. Local issue selection in Mexico, Argentina, Hungary,

and Poland contributed as well, as did overweights to the Turkish lira and the Egyptian pound among currencies.

■

Overweights to Argentina, the Czech Republic, and Hungary detracted from the Fund's performance relative to the Index during the reporting

period. Local issue selection in Brazil and the Czech Republic also detracted, as did overweights to the Indian rupee and Indonesian rupiah

among currencies.

■

Derivatives, including currency forward and option contracts, futures, and interest rate swaps, were used during the reporting period for

currency positioning and/or to help manage duration and yield curve exposure, which collectively had a positive impact on the Fund's

performance. The Fund used corporate credit index derivatives to manage its overall risk profile, which also had a positive impact on

its performance.

MF212EC

![](g65714g31pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class C shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g65714g31emergmktsdlc_c.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class C with sales charges | 11.77% | 1.90% | 2.20% |
| Class C without sales charges | 12.77% | 1.90% | 2.20% |
| JP Morgan Government Bond Index-Emerging Markets Global <br>Diversified Index<br>| 13.06% | 2.33% | 3.13% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $37987668<br>|
| Number of fund holdings | 537 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 47% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) |
| AAA | 1.2 |
| AA | 4.1 |
| A | 20.4 |
| BBB | 47.1 |
| BB | 21.9 |
| Not Rated | (1.2) |
| Cash/Cash Equivalents | 6.5 |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g65714g31qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Emerging Markets Debt Local Currency Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS C <br> NASDAQ EMDCX <br> CUSIP 743969743

MF212EC

![](g65714g31pgim_investments.jpg)

------

![](g65714g32tsrbanner.jpg)

PGIM Emerging Markets Debt Local Currency Fund

Class Z:

EMDZX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual shareholder report contains important information about the Class Z shares of PGIM Emerging Markets Debt Local Currency Fund

(the "Fund") for the period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Emerging Markets Debt Local Currency Fund—Class Z | $77 | 0.72% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Emerging-markets local currency debt posted positive returns during the reporting period, helped by monetary policy easing, lower US Treasury

yields, and US dollar weakness. While uncertainty regarding US tariffs and geopolitical concerns contributed to crosscurrents, yields for

emerging-markets local currency bonds declined.

■

The Fund's performance relative to the JP Morgan Government Bond Index-Emerging Markets Global Diversified Index (the "Index") benefited

from overweights to local currency bonds in South Africa, Mexico, Indonesia, and India. Local issue selection in Mexico, Argentina, Hungary,

and Poland contributed as well, as did overweights to the Turkish lira and the Egyptian pound among currencies.

■

Overweights to Argentina, the Czech Republic, and Hungary detracted from the Fund's performance relative to the Index during the reporting

period. Local issue selection in Brazil and the Czech Republic also detracted, as did overweights to the Indian rupee and Indonesian rupiah

among currencies.

■

Derivatives, including currency forward and option contracts, futures, and interest rate swaps, were used during the reporting period for

currency positioning and/or to help manage duration and yield curve exposure, which collectively had a positive impact on the Fund's

performance. The Fund used corporate credit index derivatives to manage its overall risk profile, which also had a positive impact on

its performance.

MF212EZ

![](g65714g32pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class Z shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g65714g32emergmktsdlc_z.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class Z | 14.31% | 3.10% | 3.29% |
| JP Morgan Government Bond Index-Emerging Markets Global <br>Diversified Index<br>| 13.06% | 2.33% | 3.13% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $37987668<br>|
| Number of fund holdings | 537 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 47% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) |
| AAA | 1.2 |
| AA | 4.1 |
| A | 20.4 |
| BBB | 47.1 |
| BB | 21.9 |
| Not Rated | (1.2) |
| Cash/Cash Equivalents | 6.5 |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g65714g32qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Emerging Markets Debt Local Currency Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS Z <br> NASDAQ EMDZX <br> CUSIP 743969727

MF212EZ

![](g65714g32pgim_investments.jpg)

------

![](g65714g33tsrbanner.jpg)

PGIM Emerging Markets Debt Local Currency Fund

Class R6:

EMDQX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual shareholder report contains important information about the Class R6 shares of PGIM Emerging Markets Debt Local Currency Fund

(the "Fund") for the period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Emerging Markets Debt Local Currency Fund—Class R6 | $70 | 0.65% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Emerging-markets local currency debt posted positive returns during the reporting period, helped by monetary policy easing, lower US Treasury

yields, and US dollar weakness. While uncertainty regarding US tariffs and geopolitical concerns contributed to crosscurrents, yields for

emerging-markets local currency bonds declined.

■

The Fund's performance relative to the JP Morgan Government Bond Index-Emerging Markets Global Diversified Index (the "Index") benefited

from overweights to local currency bonds in South Africa, Mexico, Indonesia, and India. Local issue selection in Mexico, Argentina, Hungary,

and Poland contributed as well, as did overweights to the Turkish lira and the Egyptian pound among currencies.

■

Overweights to Argentina, the Czech Republic, and Hungary detracted from the Fund's performance relative to the Index during the reporting

period. Local issue selection in Brazil and the Czech Republic also detracted, as did overweights to the Indian rupee and Indonesian rupiah

among currencies.

■

Derivatives, including currency forward and option contracts, futures, and interest rate swaps, were used during the reporting period for

currency positioning and/or to help manage duration and yield curve exposure, which collectively had a positive impact on the Fund's

performance. The Fund used corporate credit index derivatives to manage its overall risk profile, which also had a positive impact on

its performance.

MF212ER6

![](g65714g33pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g65714g33emergmktsdlc_r6.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class R6 | 14.39% | 3.17% | 3.38% |
| JP Morgan Government Bond Index-Emerging Markets Global <br>Diversified Index<br>| 13.06% | 2.33% | 3.13% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $37987668<br>|
| Number of fund holdings | 537 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 47% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) |
| AAA | 1.2 |
| AA | 4.1 |
| A | 20.4 |
| BBB | 47.1 |
| BB | 21.9 |
| Not Rated | (1.2) |
| Cash/Cash Equivalents | 6.5 |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g65714g33qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Emerging Markets Debt Local Currency Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS R6 <br> NASDAQ EMDQX <br> CUSIP 743969735

MF212ER6

![](g65714g33pgim_investments.jpg)

------

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

Item 2 – Code of Ethics – See Exhibit (a) (1) of Item 19

As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies – Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer.

The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant 800-225-1852, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

Item 3 – Audit Committee Financial Expert –

The registrant's Board has determined that Ms. Grace C. Torres, member of the Board's Audit Committee is an "audit committee financial expert," and that she is "independent," for purposes of this item.

Item 4 – Principal Accountant Fees and Services –

(a) Audit Fees

For the fiscal years ended October 31, 2025 and October 31, 2024, PricewaterhouseCoopers LLP ("PwC"), the Registrant's principal accountant, billed the Registrant $276,177 and $265,555, respectively, for professional services rendered for the audit of the Registrant's annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

(b) Audit-Related Fees

For the fiscal years ended October 31, 2025 and October 31, 2024: none.

(c) Tax Fees

For the fiscal years ended October 31, 2025 and October 31, 2024: none.

(d) All Other Fees

For the fiscal years ended October 31, 2025 and October 31, 2024: none.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (1) Audit Committee Pre-Approval Policies and Procedures

------

#### THE PGIM MUTUAL FUNDS

#### AUDIT COMMITTEE POLICY

#### on
*Pre-Approval of Services Provided by the Independent* 

*Accountants* 

The Audit Committee of each PGIM Mutual Fund is charged with the responsibility to monitor the independence of the Fund's independent accountants. As part of this responsibility, the Audit Committee must pre-approve the independent accounting firm's engagement to render audit and/or permissible non-audit services, as required by law. In evaluating a proposed engagement of the independent accountants, the Audit Committee will assess the effect that the engagement might reasonably be expected to have on the accountant's independence. The Committee's evaluation will be based on:

• a review of the nature of the professional services expected to be provided,

• a review of the safeguards put into place by the accounting firm to safeguard independence, and

• periodic meetings with the accounting firm.

#### Policy for Audit and Non-Audit Services Provided to the Funds
On an annual basis, the scope of audits for each Fund, audit fees and expenses, and audit-related and non-audit services (and fees proposed in respect thereof) proposed to be performed by the Fund's independent accountants will be presented by the Treasurer and the independent accountants to the Audit Committee for review and, as appropriate, approval prior to the initiation of such services.

Such presentation shall be accompanied by confirmation by both the Treasurer and the independent accountants that the proposed non-audit services will not adversely affect the independence of the independent accountants. Such proposed non-audit services shall be described in sufficient detail to enable the Audit Committee to assess the appropriateness of such services and fees, and the compatibility of the provision of such services with the auditor's independence. The Committee shall receive periodic reports on the progress of the audit and other services which are approved by the Committee or by the Committee Chair pursuant to authority delegated in this Policy.

The categories of services enumerated under "Audit Services", "Audit-related Services", and "Tax Services" are intended to provide guidance to the Treasurer and the independent accountants as to those categories of services which the Committee believes are generally consistent with the independence of the independent accountants and which the Committee (or the Committee Chair) would expect upon the presentation of specific proposals to pre-approve. The enumerated categories are not intended as an exclusive list of audit, audit-related or tax services, which the Committee (or the Committee Chair) would consider for pre-approval.

#### Audit Services
The following categories of audit services are considered to be consistent with the role of the Fund's independent accountants:

• Annual Fund financial statement audits

• Seed audits (related to new product filings, as required)

• SEC and regulatory filings and consents

#### Audit-related Services
The following categories of audit-related services are considered to be consistent with the role of the Fund's independent accountants:

• Accounting consultations

• Fund merger support services

------

• Agreed Upon Procedure Reports

• Attestation Reports

• Other Internal Control Reports

Individual audit-related services that fall within one of these categories (except for fund merger support services) and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated). Fees related to fund merger support services are subject to a separate authorized pre-approval by the Audit Committee with fees determined on a per occurrence and merger complexity basis.

#### Tax Services
The following categories of tax services are considered to be consistent with the role of the Fund's independent accountants:

• Tax compliance services related to the filing or amendment of the following:

• Federal, state and local income tax compliance; and,

• Sales and use tax compliance

• Timely RIC qualification reviews

• Tax distribution analysis and planning

• Tax authority examination services

• Tax appeals support services

• Accounting methods studies

• Fund merger support services

• Tax consulting services and related project

------

Individual tax services that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated).

#### Other Non-Audit Services
Certain non-audit services that the independent accountants are legally permitted to render will be subject to pre-approval by the Committee or by one or more Committee members to whom the Committee has delegated this authority and who will report to the full Committee any pre-approval decisions made pursuant to this Policy. Non-audit services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

#### Proscribed Services
The Fund's independent accountants will not render services in the following categories of non-audit services:

• Bookkeeping or other services related to the accounting records or financial statements of the Fund

• Financial information systems design and implementation

• Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

• Actuarial services

• Internal audit outsourcing services

• Management functions or human resources

• Broker or dealer, investment adviser, or investment banking services

• Legal services and expert services unrelated to the audit

• Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

#### Pre-approval of Non-Audit Services Provided to Other Entities Within the PGIM Fund Complex
Certain non-audit services provided to PGIM Investments LLC or any of its affiliates that also provide ongoing services to the PGIM Mutual Funds will be subject to pre-approval by the Audit Committee. The only non-audit services provided to these entities that will require pre-approval are those <u>related directly to the operations and financial reporting of the Funds</u>. Individual projects that are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $30,000. Services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Although the Audit Committee will not pre-approve all services provided to PGIM Investments LLC and its affiliates, the Committee will receive an annual report from the Fund's independent accounting firm showing the aggregate fees for all services provided to PGIM Investments and its affiliates.

------

---

| | |
|:---|:---|
| (e) (2) | <u>Percentage of services described in each of paragraphs (b)</u> <u>through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X</u> –  |

---

---

| | | |
|:---|:---|:---|
|  | <u>Fiscal Year Ended</u><br> <u>October 31, 2025</u> | <u>Fiscal Year Ended</u><br> <u>October 31, 2024</u> |
| 4(b) | Not applicable. | Not applicable. |
| 4(c) | Not applicable. | Not applicable. |
| 4(d) | Not applicable. | Not applicable. |

---

&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Percentage of hours expended attributable to work performed by other than full time employees of principal accountant if</u>

<u>greater</u> <u>than 50%.</u>

The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was 0%.

&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Non-Audit Fees</u>

The aggregate non-audit fees billed by the Registrant's principal accountant for services rendered to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended October 31, 2025 and October 31, 2024 was $0 and $0, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Principal Accountant's Independence</u>

Not applicable as the Registrant's principal accountant has not provided non-audit services to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

Item 5 – Audit Committee of Listed Registrants – Not applicable.

Item 6 – Investments – The registrant's Schedule of Investments is included in the financial statements filed under Item 7 of this Form.

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

------

![LOGO](g65714snap1.jpg)

## PRUDENTIAL WORLD FUND, INC.
PGIM Jennison Emerging Markets Equity Opportunities Fund

PGIM Jennison Global Infrastructure Fund

PGIM Jennison Global Opportunities Fund

PGIM Jennison International Opportunities Fund

PGIM Quant Solutions International Equity Fund

#### FINANCIAL STATEMENTS AND OTHER INFORMATION

#### OCTOBER 31, 2025
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g65714sn1.jpg)

------

<u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Table of Contents** </u>   <u> Financial Statements and Other Information </u>   <u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 31, 2025 </u>

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

---

| | |
|:---|:---|
|  [Glossary](#edgar65714_1) | 1 |
|  [PGIM Jennison Emerging Markets Equity Opportunities](#edgar65714_2) | 2 |
|  [PGIM Jennison Global Infrastructure Fund](#edgar65714_3) | 13 |
|  [PGIM Jennison Global Opportunities Fund](#edgar65714_4) | 25 |
|  [PGIM Jennison International Opportunities Fund](#edgar65714_5) | 38 |
|  [PGIM Quant Solutions International Equity Fund](#edgar65714_6) | 53 |
|  [Notes to Financial Statements](#edgar65714_7) | 75 |

---

**[Other Information -](#edgar65714_8)**[Form N-CSR Items 8-11](#edgar65714_8)

------

#### Glossary
The following abbreviations are used in the Funds' descriptions:

USD—US Dollar

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

ADR—American Depositary Receipt

CVA—Certificate Van Aandelen (Bearer)

EAFE—Europe, Australasia, Far East

ETF—Exchange-Traded Fund

GDR—Global Depositary Receipt

GS—Goldman Sachs & Co. LLC

MSCI—Morgan Stanley Capital International

PJSC—Public Joint-Stock Company

PRFC—Preference Shares

REITs—Real Estate Investment Trust

SOFR—Secured Overnight Financing Rate

UTS—Unit Trust Security

------

PGIM Jennison Emerging Markets Equity Opportunities Fund

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 97.8%** | &nbsp;&nbsp; **LONG-TERM INVESTMENTS 97.8%** | &nbsp;&nbsp; **LONG-TERM INVESTMENTS 97.8%** |
| &nbsp;&nbsp; **COMMON STOCKS** | &nbsp;&nbsp; **COMMON STOCKS** | &nbsp;&nbsp; **COMMON STOCKS** |
| &nbsp;&nbsp; **Brazil 11.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco BTG Pactual SA, UTS | 2042671 | $18585441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Embraer SA, ADR(a) | 380874 | 24558756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NU Holdings Ltd. (Class A Stock)\* | 928209 | 14953447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XP, Inc. (Class A Stock) | 989160 | 18022495 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76120139 |
| &nbsp;&nbsp; **China 32.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. | 1132565 | 24099566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huatai Securities Co. Ltd. (Class A Stock) | 2992663 | 9130973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innovent Biologics, Inc., 144A\* | 1369978 | 15367858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JD Health International, Inc., 144A\* | 1287695 | 10051675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kanzhun Ltd., ADR | 1152041 | 25529229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leader Harmonious Drive Systems Co. Ltd. (Class A Stock) | 539280 | 12350914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lens Technology Co. Ltd. (Class A Stock) | 1710532 | 7060528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd. (Class H Stock)\*(a) | 115719 | 6652199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd., ADR | 563145 | 45823109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tencent Music Entertainment Group, ADR | 532605 | 11887744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trip.com Group Ltd., ADR | 223834 | 15813872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victory Giant Technology Huizhou Co. Ltd. (Class A Stock) | 194247 | 7978802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WuXi XDC Cayman, Inc.\* | 903656 | 8729689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xiaomi Corp. (Class B Stock), 144A\* | 1102163 | 6114704 |
|  |  | 206590862 |
| &nbsp;&nbsp; **Hong Kong 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futu Holdings Ltd., ADR | 114263 | 22742907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. | 326691 | 17805606 |
|  |  | 40548513 |
| &nbsp;&nbsp; **India 11.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bharti Airtel Ltd. | 427449 | 9898089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSE Ltd. | 372005 | 10392211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eternal Ltd.\* | 5329186 | 19019433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Motor India Ltd. | 257200 | 7062042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mahindra & Mahindra Ltd. | 237740 | 9335593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MakeMyTrip Ltd.\*(a) | 196298 | 15703840 |
|  |  | 71411208 |
| &nbsp;&nbsp; **Kazakhstan 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAC Kazatomprom JSC, GDR | 85483 | 5005849 |
| &nbsp;&nbsp; **Mexico 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Copper Corp.(a) | 106896 | 14837165 |
| &nbsp;&nbsp; **Singapore 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd., ADR\* | 40513 | 6330156 |
| &nbsp;&nbsp; **South Korea 17.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Doosan Enerbility Co. Ltd.\* | 123026 | 7614206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanwha Aerospace Co. Ltd. | 26813 | 18391697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HD Hyundai Electric Co. Ltd. | 34725 | 21097050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HD Hyundai Heavy Industries Co. Ltd. | 44561 | 18765552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. | 350208 | 26362334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK Hynix, Inc. | 51298 | 19959719 |
|  |  | 112190558 |

---

See Notes to Financial Statements.

------

PGIM Jennison Emerging Markets Equity Opportunities Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
|  **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Taiwan 14.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alchip Technologies Ltd. | 83572 | $9415132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASPEED Technology, Inc. | 134065 | 23775516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jentech Precision Industrial Co. Ltd. | 99481 | 6821043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. | 910475 | 44030285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 31642 | 9506206 |
|  |  | 93548182 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $462,732,616) |  | 626582632 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 7.3%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)(wb) | 14940167 | 14940167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<br> (cost $31,670,848; includes $31,533,864 of cash collateral for securities on loan)(b)(wb) | 31695809 | 31676792 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $46,611,015) |  | 46616959 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 105.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $509,343,631) |  | 673199591 |
| &nbsp;&nbsp; Liabilities in excess of other assets (5.1)% |  | (32759168) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640440423 |

---

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

\* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $30,541,597; cash collateral of $31,533,864 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

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

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | $76120139 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; China | 99053954 | 107536908 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 22742907 | 17805606 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; India | 15703840 | 55707368 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kazakhstan |  | 5005849 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexico | 14837165 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore | 6330156 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea |  | 112190558 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 9506206 | 84041976 |  |

---

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund 3

------

PGIM Jennison Emerging Markets Equity Opportunities Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | $46616959 | $— | $— |
|  **Total** | **$290911326** | **$382288265** | **$—** |

---

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Semiconductors & Semiconductor Equipment | 17.7 |
|  Capital Markets | 15.0 |
|  Hotels, Restaurants & Leisure | 7.9 |
|  Affiliated Mutual Funds (4.9% represents investments purchased with collateral from securities on loan) | 7.3 |
|  Interactive Media & Services | 7.2 |
|  Aerospace & Defense | 6.7 |
|  Technology Hardware, Storage & Peripherals | 5.0 |
|  Machinery | 4.8 |
|  Broadline Retail | 4.8 |
|  Electrical Equipment | 4.5 |
|  Professional Services | 4.0 |
|  Biotechnology | 3.4 |
|  Automobiles | 2.6 |

---

---

| | |
|:---|:---|
|  Banks | 2.4% |
|  Electronic Equipment, Instruments & Components | 2.3 |
|  Metals & Mining | 2.3 |
|  Entertainment | 1.9 |
|  Consumer Staples Distribution & Retail | 1.6 |
|  Wireless Telecommunication Services | 1.5 |
|  Life Sciences Tools & Services | 1.4 |
|  Oil, Gas & Consumable Fuels | 0.8 |
|  | 105.1 |
|  Liabilities in excess of other assets | (5.1) |
|  | 100.0% |

---

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Fund entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market<br>Value of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(1)** | **Net<br> Amount** |
|  Securities on Loan | $30541597 | $(30541597) | $— |

---

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

See Notes to Financial Statements.

------

PGIM Jennison Emerging Markets Equity Opportunities Fund

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value, including securities on loan of $30,541,597: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $462,732,616) | $626582632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $46,611,015) | 46616959 |
| &nbsp;&nbsp; Foreign currency, at value (cost $144,937) | 145118 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 3158228 |
| &nbsp;&nbsp; Dividends receivable | 80155 |
| &nbsp;&nbsp; Tax reclaim receivable | 19947 |
| &nbsp;&nbsp; Prepaid expenses | 5411 |
| &nbsp;&nbsp; **Total Assets** | 676608450 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable to broker for collateral for securities on loan | **31533864** |
| &nbsp;&nbsp; Payable for investments purchased | 2942962 |
| &nbsp;&nbsp; Management fee payable | 513421 |
| &nbsp;&nbsp; Foreign capital gains tax liability accrued | 440423 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 384253 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 337547 |
| &nbsp;&nbsp; Distribution fee payable | 9208 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 5026 |
| &nbsp;&nbsp; Directors' fees payable | 1323 |
| &nbsp;&nbsp; **Total Liabilities** | 36168027 |
| &nbsp;&nbsp; **Net Assets** | $640440423 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 891762089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (251321978) |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $640440423 |

---

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund 5

------

PGIM Jennison Emerging Markets Equity Opportunities Fund

Statement of Assets & Liabilities (continued)

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A** |  |
| &nbsp;&nbsp; Net asset value and redemption price per share,<br> ($30,695,132 ÷ 1,536,471 shares of common stock issued and outstanding) | $19.98 |
| &nbsp;&nbsp; Maximum sales charge (5.50% of offering price) | 1.16 |
| &nbsp;&nbsp; Maximum offering price to public | $21.14 |
| &nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($3,333,451 ÷ 181,347 shares of common stock issued and outstanding) | $18.38 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($320,679,758 ÷ 15,619,063 shares of common stock issued and outstanding) | $20.53 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($285,732,082 ÷ 13,876,597 shares of common stock issued and outstanding) | $20.59 |

---

See Notes to Financial Statements.

------

PGIM Jennison Emerging Markets Equity Opportunities Fund

Statement of Operations

Year Ended October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Unaffiliated dividend income (net of $613,630 foreign withholding tax) | $5126331 |
| &nbsp;&nbsp; Income from securities lending, net (including affiliated income of $234,798) | 893170 |
| &nbsp;&nbsp; Affiliated dividend income | 686690 |
| &nbsp;&nbsp; **Total income** | 6706191 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 5884672 |
| &nbsp;&nbsp; Distribution fee(a) | 118357 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $37,463)(a) | 429283 |
| &nbsp;&nbsp; Custodian and accounting fees | 183266 |
| &nbsp;&nbsp; Professional fees | 74892 |
| &nbsp;&nbsp; Registration fees(a) | 70853 |
| &nbsp;&nbsp; Shareholders' reports | 68285 |
| &nbsp;&nbsp; Audit fee | 31773 |
| &nbsp;&nbsp; Directors' fees | 17316 |
| &nbsp;&nbsp; Miscellaneous | 39505 |
| &nbsp;&nbsp; **Total expenses** | 6918202 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (496588) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee waiver(a) | (14570) |
| &nbsp;&nbsp; **Net expenses** | 6407044 |
| &nbsp;&nbsp; Net investment income (loss) | 299147 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $(7143)) (net of foreign capital gains taxes $(1905438)) | 110993941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (412145) |
|  | 110581796 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $5,944) (net of change in foreign capital gains taxes $2,346,449) | (22712688) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 25746 |
|  | (22686942) |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | 87894854 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $88194001 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Z** | **Class R6** |
|  Distribution fee | 87422 | 30935 |  |  |
|  Transfer agent's fees and expenses | 44367 | 10038 | 345214 | 29664 |
|  Registration fees | 14713 | 8664 | 27137 | 20339 |
|  Fee waiver and/or expense reimbursement | (49379) | (17676) | (272186) | (157347) |
|  Distribution fee waiver | (14570) |  |  |  |

---

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund 7

------

PGIM Jennison Emerging Markets Equity Opportunities Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**October 31,** | **Year Ended**<br>**October 31,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $299147 | $96805 |
| &nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 110581796 | 67703041 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | (22686942) | 124480950 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 88194001 | 192280796 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A |  |  |
| &nbsp;&nbsp; Class C |  |  |
| &nbsp;&nbsp; Class Z |  |  |
| &nbsp;&nbsp; Class R6 | (99297) |  |
|  | (99297) |  |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 235503589 | 166730163 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 99283 |  |
| &nbsp;&nbsp; Cost of shares purchased | (301136584) | (265380401) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | (65533712) | (98650238) |
| &nbsp;&nbsp; Total increase (decrease) | 22560992 | 93630558 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of year | 617879431 | 524248873 |
| &nbsp;&nbsp; End of year | $640440423 | $617879431 |

---

See Notes to Financial Statements.

------

PGIM Jennison Emerging Markets Equity Opportunities Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class A Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $17.34 | $12.40 | $12.39 | $23.66 | $17.66 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.04)<sup>(b)</sup> | (0.04)<sup>(b)</sup> | (0.03)<sup>(b)</sup> | (0.12) | (0.23) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 2.68 | 4.98 | 0.04 | (11.15) | 6.23 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 2.64 | 4.94 | 0.01 | (11.27) | 6.00 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $19.98 | $17.34 | $12.40 | $12.39 | $23.66 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 15.16% | 39.92% | 0.08% | (47.63)% | 33.98% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $30695 | $30012 | $24886 | $28082 | $47683 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $29141 | $28592 | $28066 | $36017 | $26309 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.30% | 1.30% | 1.30% | 1.30% | 1.33% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.52% | 1.53% | 1.56% | 1.54% | 1.64% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.23)% | (0.25)% | (0.23)% | (0.74)% | (0.98)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 131% | 70% | 103% | 134% | 78% |

---

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

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

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

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

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

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund 9

------

PGIM Jennison Emerging Markets Equity Opportunities Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class C Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $16.08 | $11.58 | $11.66 | $22.43 | $16.88 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.16)<sup>(b)</sup> | (0.14)<sup>(b)</sup> | (0.12)<sup>(b)</sup> | (0.23) | (0.39) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 2.46 | 4.64 | 0.04 | (10.54) | 5.94 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 2.30 | 4.50 | (0.08) | (10.77) | 5.55 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $18.38 | $16.08 | $11.58 | $11.66 | $22.43 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 14.30% | 38.86% | (0.69)% | (48.02)% | 32.96% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $3333 | $3321 | $3140 | $3724 | $5881 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $3093 | $3426 | $3660 | $4938 | $4077 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 2.05% | 2.05% | 2.05% | 2.05% | 2.09% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 2.62% | 2.70% | 2.66% | 2.69% | 2.65% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.98)% | (0.98)% | (0.99)% | (1.48)% | (1.76)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 131% | 70% | 103% | 134% | 78% |

---

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

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

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

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

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

See Notes to Financial Statements.

------

PGIM Jennison Emerging Markets Equity Opportunities Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class Z Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $17.78 | $12.68 | $12.64 | $24.07 | $17.93 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | - <sup>(b)</sup> | (-)<sup>(b)(c)</sup> | - <sup>(b)</sup> | (0.08) | (0.17) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 2.75 | 5.10 | 0.04 | (11.35) | 6.31 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 2.75 | 5.10 | 0.04 | (11.43) | 6.14 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $20.53 | $17.78 | $12.68 | $12.64 | $24.07 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 15.40% | 40.30% | 0.32% | (47.49)% | 34.24% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $320680 | $308907 | $249580 | $393985 | $642316 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $299343 | $274411 | $341699 | $549186 | $293229 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.05% | 1.05% | 1.05% | 1.05% | 1.08% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.14% | 1.15% | 1.20% | 1.20% | 1.28% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.03% | (-)%<sup>(b)</sup> | - %<sup>(b)</sup> | (0.49)% | (0.72)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 131% | 70% | 103% | 134% | 78% |

---

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

(b) Amount rounds to zero.

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

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

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

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

See Notes to Financial Statements.

PGIM Jennison Emerging Markets Equity Opportunities Fund 11

------

PGIM Jennison Emerging Markets Equity Opportunities Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $17.82 | $12.71 | $12.66 | $24.08 | $17.93 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.02 | 0.01 | 0.01 | (0.07) | (0.15) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 2.76 | 5.10 | 0.04 | (11.35) | 6.30 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 2.78 | 5.11 | 0.05 | (11.42) | 6.15 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.01) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $20.59 | $17.82 | $12.71 | $12.66 | $24.08 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 15.51% | 40.28% | 0.39% | (47.43)% | 34.30% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $285732 | $275639 | $246642 | $260565 | $314476 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $287862 | $271929 | $268848 | $302211 | $121398 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.98% | 0.98% | 0.98% | 0.98% | 1.01% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.03% | 1.04% | 1.06% | 1.05% | 1.16% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.11% | 0.08% | 0.09% | (0.40)% | (0.62)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 131% | 70% | 103% | 134% | 78% |

---

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

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

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

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

See Notes to Financial Statements.

------

PGIM Jennison Global Infrastructure Fund

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 96.3%** |  |  |
| &nbsp;&nbsp; **COMMON STOCKS** |  |  |
| &nbsp;&nbsp; **Australia 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NEXTDC Ltd.\* | 63223 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transurban Group, UTS | 157460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489838 |
|  |  | 2139830 |
| &nbsp;&nbsp; **Belgium 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elia Group SA/NV | 21600 | 2603413 |
| &nbsp;&nbsp; **Canada 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. | 11039 | 794386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockpoint Gas Storage, Inc. (Class A Stock)\* | 37528 | 693541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Bow Corp. | 11263 | 292145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TC Energy Corp. | 19279 | 967421 |
|  |  | 2747493 |
| &nbsp;&nbsp; **France 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Getlink SE | 26441 | 482634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vinci SA | 7895 | 1055690 |
|  |  | 1538324 |
| &nbsp;&nbsp; **Germany 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E.ON SE | 78261 | 1456154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fraport AG Frankfurt Airport Services Worldwide\* | 12593 | 1079406 |
|  |  | 2535560 |
| &nbsp;&nbsp; **India 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power Grid Corp. of India Ltd. | 167480 | 543386 |
| &nbsp;&nbsp; **Italy 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enav SpA, 144A | 97955 | 511827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enel SpA | 81695 | 826407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italgas SpA | 141889 | 1488831 |
|  |  | 2827065 |
| &nbsp;&nbsp; **Japan 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Japan Railway Co. | 40586 | 834129 |
| &nbsp;&nbsp; **Mexico 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Pacifico SAB de CV (Class B Stock) | 64758 | 1344970 |
| &nbsp;&nbsp; **Spain 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aena SME SA, 144A | 55501 | 1507473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grenergy Renovables SA\* | 8655 | 746188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sacyr SA | 288206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267820 |
|  |  | 3521481 |
| &nbsp;&nbsp; **Switzerland 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flughafen Zurich AG | 2989 | 882908 |
| &nbsp;&nbsp; **United Kingdom 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrica PLC | 268950 | 633862 |

---

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 13

------

PGIM Jennison Global Infrastructure Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **United Kingdom (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC | 112725 | $1690211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SSE PLC | 24989 | 629543 |
|  |  | 2953616 |
| &nbsp;&nbsp; **United States 56.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ameren Corp. | 10828 | 1104673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp., REIT | 7787 | 1393717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 5347 | 918187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc.(a) | 35837 | 1370407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 5026 | 1065512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp. | 7499 | 551551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 5176 | 1951352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc., REIT | 6794 | 612955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 34251 | 1233721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc., REIT | 3212 | 547357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DT Midstream, Inc. | 5225 | 572085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp. | 17287 | 1661108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc., REIT | 613 | 518604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp. | 19729 | 909902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ferrovial SE | 50833 | 3119334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 32602 | 853846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 35440 | 2884816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc. | 32068 | 1350384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 2155 | 610684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PG&E Corp. | 46791 | 746784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPL Corp.(a) | 15684 | 572780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 9940 | 800766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sempra(a) | 18938 | 1741160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The)(a) | 20209 | 1900454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp. | 3368 | 518807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 3650 | 804351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp. | 5838 | 1099295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waste Connections, Inc. | 5399 | 905304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) | 25306 | 1464458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 15201 | 1233865 |
|  |  | 35018219 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $47,704,028) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59490394 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 10.4%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)(wb) | 2284314 | 2284314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<br>(cost $4,150,156; includes $4,132,237 of cash collateral for securities on loan)(b)(wb) | 4152929 | 4150437 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $6,434,470) |  | 6434751 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 106.7%**<br>(cost $54,138,498) |  | 65925145 |
| &nbsp;&nbsp; Liabilities in excess of other assets (6.7)% |  | (4112493) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $61812652 |

---

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

\* Non-income producing security.

See Notes to Financial Statements.

------

PGIM Jennison Global Infrastructure Fund

Schedule of Investments (continued)

as of October 31, 2025

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $4,013,638; cash collateral of $4,132,237 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

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

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia | $— | $2139830 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 2603413 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | 2747493 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; France |  | 1538324 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 2535560 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; India |  | 543386 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 2827065 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 834129 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexico | 1344970 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 3521481 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 882908 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 2953616 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 31898885 | 3119334 |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 6434751 |  |  |
|  **Total** | $**42426099** | $**23499046** | **$—** |

---

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Electric Utilities | 26.8 |
|  Multi-Utilities | 17.4 |
|  Transportation Infrastructure | 11.7 |
|  Affiliated Mutual Funds (6.7% represents investments purchased with collateral from securities on loan) | 10.4 |
|  Oil, Gas & Consumable Fuels | 10.3 |
|  Construction & Engineering | 8.8 |
|  Ground Transportation | 6.9 |
|  Specialized REITs | 4.9 |
|  Gas Utilities | 3.9 |

---

---

| | |
|:---|:---|
|  Independent Power & Renewable Electricity Producers | 3.0% |
|  Commercial Services & Supplies | 1.5 |
|  IT Services | 1.1 |
|  | 106.7 |
|  Liabilities in excess of other assets | (6.7) |
|  | 100.0% |

---

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Fund entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 15

------

PGIM Jennison Global Infrastructure Fund

Schedule of Investments (continued)

as of October 31, 2025

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market<br>Value of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(1)** | **Net<br> Amount** |
|  Securities on Loan | $4013638 | $(4013638) | $— |

---

(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

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value, including securities on loan of $4,013,638: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $47,704,028) | $59490394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $6,434,470) | 6434751 |
| &nbsp;&nbsp; Foreign currency, at value (cost $8,211) | 7753 |
| &nbsp;&nbsp; Dividends receivable | 80777 |
| &nbsp;&nbsp; Tax reclaim receivable | 68357 |
| &nbsp;&nbsp; Foreign capital gains tax benefit accrued | 8183 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 6422 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 1903 |
| &nbsp;&nbsp; **Total Assets** | 66098540 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable to broker for collateral for securities on loan | 4132237 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 92717 |
| &nbsp;&nbsp; Management fee payable | 36085 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 18722 |
| &nbsp;&nbsp; Distribution fee payable | 3952 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 1291 |
| &nbsp;&nbsp; Directors' fees payable | 884 |
| &nbsp;&nbsp; **Total Liabilities** | 4285888 |
| &nbsp;&nbsp; **Net Assets** | $61812652 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 47220561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 14592058 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $61812652 |

---

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 17

------

PGIM Jennison Global Infrastructure Fund

Statement of Assets & Liabilities (continued)

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A** |  |
| &nbsp;&nbsp; Net asset value and redemption price per share,<br> ($10,766,950 ÷ 583,335 shares of common stock issued and outstanding) | $18.46 |
| &nbsp;&nbsp; Maximum sales charge (5.50% of offering price) | 1.07 |
| &nbsp;&nbsp; Maximum offering price to public | $19.53 |
| &nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($1,968,772 ÷ 109,082 shares of common stock issued and outstanding) | $18.05 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($37,893,220 ÷ 2,049,972 shares of common stock issued and outstanding) | $18.48 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($11,183,710 ÷ 605,180 shares of common stock issued and outstanding) | $18.48 |

---

See Notes to Financial Statements.

------

PGIM Jennison Global Infrastructure Fund

Statement of Operations

Year Ended October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** | &nbsp;&nbsp; **Net Investment Income (Loss)** |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Unaffiliated dividend income (net of $78,067 foreign withholding tax) | $1333768 |
| &nbsp;&nbsp; Affiliated dividend income | 39100 |
| &nbsp;&nbsp; Income from securities lending, net (including affiliated income of $6,416) | 6456 |
| &nbsp;&nbsp; **Total income** | 1379324 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 471052 |
| &nbsp;&nbsp; Distribution fee(a) | 52795 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $9,627)(a) | 58189 |
| &nbsp;&nbsp; Custodian and accounting fees | 57661 |
| &nbsp;&nbsp; Professional fees | 46420 |
| &nbsp;&nbsp; Registration fees(a) | 31960 |
| &nbsp;&nbsp; Audit fee | 31773 |
| &nbsp;&nbsp; Shareholders' reports | 20846 |
| &nbsp;&nbsp; Directors' fees | 10211 |
| &nbsp;&nbsp; Miscellaneous | 33264 |
| &nbsp;&nbsp; **Total expenses** | 814171 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (199097) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee waiver(a) | (5636) |
| &nbsp;&nbsp; **Net expenses** | 609438 |
| &nbsp;&nbsp; Net investment income (loss) | 769886 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions** | &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions** |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $134) | 3329331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (6143) |
|  | 3323188 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $281) (net of change in foreign capital gains taxes $10,272) | 1769653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 2241 |
|  | 1771894 |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | 5095082 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $5864968 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Z** | **Class R6** |
|  Distribution fee | 33815 | 18980 |  |  |
|  Transfer agent's fees and expenses | 18432 | 3116 | 36073 | 568 |
|  Registration fees | 7808 | 7686 | 11181 | 5285 |
|  Fee waiver and/or expense reimbursement | (45703) | (14082) | (103781) | (35531) |
|  Distribution fee waiver | (5636) |  |  |  |

---

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 19

------

PGIM Jennison Global Infrastructure Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **October 31,** | **October 31,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $769886 | $548600 |
| &nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 3323188 | 3197189 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 1771894 | 5953382 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 5864968 | 9699171 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A | (592440) | (116505) |
| &nbsp;&nbsp; Class C | (93075) | (10822) |
| &nbsp;&nbsp; Class Z | (1246015) | (246236) |
| &nbsp;&nbsp; Class R6 | (666006) | (160554) |
|  | (2597536) | (534117) |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 25668536 | 16463677 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 2585224 | 528760 |
| &nbsp;&nbsp; Cost of shares purchased | (16372587) | (15181857) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 11881173 | 1810580 |
| &nbsp;&nbsp; Total increase (decrease) | 15148605 | 10975634 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of year | 46664047 | 35688413 |
| &nbsp;&nbsp; End of year | $61812652 | $46664047 |

---

See Notes to Financial Statements.

------

PGIM Jennison Global Infrastructure Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class A Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $17.07 | $13.50 | $14.41 | $17.15 | $13.80 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.26 | 0.19 | 0.23 | 0.14 | 0.09 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 2.04 | 3.56 | (0.62) | (1.64) | 3.36 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 2.30 | 3.75 | (0.39) | (1.50) | 3.45 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.24) | (0.18) | (0.26) | (0.14) | (0.10) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.67) | - <sup>(b)</sup> | (0.26) | (1.10) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.91) | (0.18) | (0.52) | (1.24) | (0.10) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $18.46 | $17.07 | $13.50 | $14.41 | $17.15 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 14.23% | 27.88% | (2.90)% | (9.23)% | 25.04% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $10767 | $10755 | $9080 | $8806 | $8153 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $11272 | $10196 | $9748 | $8278 | $7154 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.50% | 1.51 %<sup>(e)</sup> | 1.52 %<sup>(e)</sup> | 1.50% | 1.50% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.96% | 2.08% | 1.95% | 1.90% | 1.99% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.48% | 1.23% | 1.56% | 0.92% | 0.55% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 78% | 80% | 84% | 89% | 72% |

---

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

(b) Amount rounds to zero.

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

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

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

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

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 21

------

PGIM Jennison Global Infrastructure Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class C Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $16.72 | $13.24 | $14.16 | $16.90 | $13.63 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.12 | 0.07 | 0.12 | 0.04 | (0.03)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 2.00 | 3.50 | (0.60) | (1.63) | 3.31 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 2.12 | 3.57 | (0.48) | (1.59) | 3.28 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.12) | (0.09) | (0.18) | (0.05) | (0.01) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.67) | - <sup>(c)</sup> | (0.26) | (1.10) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.79) | (0.09) | (0.44) | (1.15) | (0.01) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $18.05 | $16.72 | $13.24 | $14.16 | $16.90 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 13.33% | 26.97% | (3.59)% | (9.91)% | 24.10% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $1969 | $2020 | $2332 | $3737 | $4336 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $1898 | $2074 | $2977 | $4348 | $3720 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 2.25% | 2.26 %<sup>(f)</sup> | 2.26 %<sup>(f)</sup> | 2.25% | 2.25% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 2.99% | 3.05% | 2.73% | 2.60% | 2.79% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.71% | 0.49% | 0.85% | 0.27% | (0.21)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 78% | 80% | 84% | 89% | 72% |

---

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

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

(c) Amount rounds to zero.

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

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

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

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

See Notes to Financial Statements.

------

PGIM Jennison Global Infrastructure Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class Z Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $17.09 | $13.52 | $14.42 | $17.16 | $13.80 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.30 | 0.24 | 0.29 | 0.20 | 0.14 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 2.06 | 3.56 | (0.63) | (1.65) | 3.37 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 2.36 | 3.80 | (0.34) | (1.45) | 3.51 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.30) | (0.23) | (0.30) | (0.19) | (0.15) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.67) | - <sup>(b)</sup> | (0.26) | (1.10) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.97) | (0.23) | (0.56) | (1.29) | (0.15) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $18.48 | $17.09 | $13.52 | $14.42 | $17.16 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 14.58% | 28.25% | (2.57)% | (8.93)% | 25.42% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $37893 | $20973 | $14385 | $26049 | $25429 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $22183 | $16865 | $27102 | $27109 | $24462 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.17% | 1.17% | 1.18 %<sup>(e)</sup> | 1.17% | 1.17% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.64% | 1.73% | 1.53% | 1.47% | 1.55% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.70% | 1.55% | 1.98% | 1.29% | 0.92% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 78% | 80% | 84% | 89% | 72% |

---

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

(b) Amount rounds to zero.

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

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

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

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

See Notes to Financial Statements.

PGIM Jennison Global Infrastructure Fund 23

------

PGIM Jennison Global Infrastructure Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $17.09 | $13.51 | $14.41 | $17.15 | $13.80 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.31 | 0.23 | 0.29 | 0.21 | 0.12 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 2.05 | 3.58 | (0.63) | (1.66) | 3.38 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 2.36 | 3.81 | (0.34) | (1.45) | 3.50 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.30) | (0.23) | (0.30) | (0.19) | (0.15) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.67) | - <sup>(b)</sup> | (0.26) | (1.10) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.97) | (0.23) | (0.56) | (1.29) | (0.15) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $18.48 | $17.09 | $13.51 | $14.41 | $17.15 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 14.58% | 28.34% | (2.58)% | (8.93)% | 25.44% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $11184 | $12916 | $9892 | $25919 | $17263 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $11753 | $10164 | $15166 | $23177 | $11389 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.17% | 1.17% | 1.18 %<sup>(e)</sup> | 1.17% | 1.17% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.47% | 1.56% | 1.39% | 1.32% | 1.40% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.81% | 1.49% | 1.97% | 1.34% | 0.74% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 78% | 80% | 84% | 89% | 72% |

---

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

(b) Amount rounds to zero.

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

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

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

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

See Notes to Financial Statements.

------

PGIM Jennison Global Opportunities Fund

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 97.7%** | &nbsp;&nbsp; **LONG-TERM INVESTMENTS 97.7%** | &nbsp;&nbsp; **LONG-TERM INVESTMENTS 97.7%** |
| &nbsp;&nbsp; **COMMON STOCKS** | &nbsp;&nbsp; **COMMON STOCKS** | &nbsp;&nbsp; **COMMON STOCKS** |
| &nbsp;&nbsp; **Belgium 1.6%** | &nbsp;&nbsp; **Belgium 1.6%** | &nbsp;&nbsp; **Belgium 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UCB SA | 402378 | $103468283 |
| &nbsp;&nbsp; **Brazil 3.7%** | &nbsp;&nbsp; **Brazil 3.7%** | &nbsp;&nbsp; **Brazil 3.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc.\* | 60193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140084761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NU Holdings Ltd. (Class A Stock)\* | 5908716 | 95189415 |
|  |  | 235274176 |
| &nbsp;&nbsp; **Canada 4.8%** | &nbsp;&nbsp; **Canada 4.8%** | &nbsp;&nbsp; **Canada 4.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shopify, Inc. (Class A Stock)\* | 1747368 | 303797401 |
| &nbsp;&nbsp; **China 1.1%** | &nbsp;&nbsp; **China 1.1%** | &nbsp;&nbsp; **China 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BYD Co. Ltd. (Class H Stock) | 2624327 | 33906283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xiaomi Corp. (Class B Stock), 144A\* | 5993112 | 33249263 |
|  |  | 67155546 |
| &nbsp;&nbsp; **France 4.3%** | &nbsp;&nbsp; **France 4.3%** | &nbsp;&nbsp; **France 4.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hermes International SCA | 74150 | 183481287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L'Oreal SA | 210338 | 87776447 |
|  |  | 271257734 |
| &nbsp;&nbsp; **India 0.9%** | &nbsp;&nbsp; **India 0.9%** | &nbsp;&nbsp; **India 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eternal Ltd.\* | 16140849 | 57605383 |
| &nbsp;&nbsp; **Italy 1.8%** | &nbsp;&nbsp; **Italy 1.8%** | &nbsp;&nbsp; **Italy 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ferrari NV | 94034 | 37656920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moncler SpA | 1273520 | 76397663 |
|  |  | 114054583 |
| &nbsp;&nbsp; **Japan 2.8%** | &nbsp;&nbsp; **Japan 2.8%** | &nbsp;&nbsp; **Japan 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. | 2033539 | 173440330 |
| &nbsp;&nbsp; **Singapore 1.4%** | &nbsp;&nbsp; **Singapore 1.4%** | &nbsp;&nbsp; **Singapore 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd., ADR\* | 567433 | 88661406 |
| &nbsp;&nbsp; **Spain 1.7%** | &nbsp;&nbsp; **Spain 1.7%** | &nbsp;&nbsp; **Spain 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA(a) | 1945985 | 107458079 |
| &nbsp;&nbsp; **Switzerland 4.8%** | &nbsp;&nbsp; **Switzerland 4.8%** | &nbsp;&nbsp; **Switzerland 4.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA (Class A Stock) | 338001 | 66858528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galderma Group AG | 1285694 | 238768955 |
|  |  | 305627483 |
| &nbsp;&nbsp; **Taiwan 4.7%** | &nbsp;&nbsp; **Taiwan 4.7%** | &nbsp;&nbsp; **Taiwan 4.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 991758 | 297953856 |
| &nbsp;&nbsp; **United States 64.1%** | &nbsp;&nbsp; **United States 64.1%** | &nbsp;&nbsp; **United States 64.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 758164 | 194180964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 1693988 | 476332486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 934669 | 228264863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 1029884 | 278449737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp. (Class A Stock)\* | 131648 | 83903220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 275895 | 93442878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 110243 | 100480982 |

---

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 25

------

PGIM Jennison Global Opportunities Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** |
| &nbsp;&nbsp; **United States (cont'd.)** | &nbsp;&nbsp; **United States (cont'd.)** | &nbsp;&nbsp; **United States (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. (Class A Stock)\*(a) | 374414 | $203310546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 156381 | 83551241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 238225 | 154453179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 902465 | 467305402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 197083 | 220508285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 2682844 | 543249082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 952659 | 250177780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 1003487 | 94769312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Robinhood Markets, Inc. (Class A Stock)\*(a) | 1018595 | 149509374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc.\* | 79800 | 73358544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Inc.\*(a) | 771363 | 212032261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology SA\* | 177829 | 116534900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toast, Inc. (Class A Stock)\* | 666031 | 24070360 |
|  |  | 4047885396 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $4,189,467,610) |  | 6173639656 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 4.9%** | &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 4.9%** | &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 4.9%** |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)(wb) | 144058891 | 144058891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $162,357,387; includes $162,040,782 of cash collateral for securities on loan)(b)(wb) | 162455133 | 162357659 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $306,416,278) |  | 306416550 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 102.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $4,495,883,888) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6480056206 |
| &nbsp;&nbsp; Liabilities in excess of other assets (2.6)% |  | (162702826) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $6317353380 |

---

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

\* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $156,786,831; cash collateral of $162,040,782 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

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

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Belgium | $— | $103468283 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | 235274176 |  |  |

---

See Notes to Financial Statements.

------

PGIM Jennison Global Opportunities Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Common Stocks (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | $303797401 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; China |  | 67155546 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; France |  | 271257734 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; India |  | 57605383 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 114054583 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 173440330 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore | 88661406 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 107458079 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 305627483 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 297953856 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 4047885396 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 306416550 |  |  |
|  **Total** | $**5279988785** | $**1200067421** | **$—** |

---

#### Industry Classification :
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Software | 18.6 |
|  Semiconductors & Semiconductor Equipment | 16.4 |
|  Interactive Media & Services | 9.9 |
|  IT Services | 8.2 |
|  Entertainment | 8.1 |
|  Broadline Retail | 7.2 |
|  Pharmaceuticals | 5.4 |
|  Textiles, Apparel & Luxury Goods | 5.1 |
|  Technology Hardware, Storage & Peripherals | 4.9 |
|  Affiliated Mutual Funds (2.6% represents investments purchased with collateral from securities on loan) | 4.9 |
|  Specialty Retail | 3.2 |
|  Capital Markets | 2.4 |

---

---

| | |
|:---|:---|
|  Consumer Staples Distribution & Retail | 1.6% |
|  Banks | 1.5 |
|  Personal Care Products | 1.4 |
|  Health Care Equipment & Supplies | 1.3 |
|  Automobiles | 1.2 |
|  Hotels, Restaurants & Leisure | 0.9 |
|  Financial Services | 0.4 |
|  | 102.6 |
|  Liabilities in excess of other assets | (2.6) |
|  | 100.0% |

---

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Fund entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market<br>Value of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(1)** | **Net<br> Amount** |
|  Securities on Loan | $156786831 | $(156786831) | $— |

---

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

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 27

------

PGIM Jennison Global Opportunities Fund

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value, including securities on loan of $156,786,831: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $4,189,467,610) | $6173639656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $306,416,278) | 306416550 |
| &nbsp;&nbsp; Foreign currency, at value (cost $6,241) | 6202 |
| &nbsp;&nbsp; Tax reclaim receivable | 5692514 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 2554505 |
| &nbsp;&nbsp; Dividends receivable | 2177920 |
| &nbsp;&nbsp; Foreign capital gains tax benefit accrued | 44395 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 50217 |
| &nbsp;&nbsp; **Total Assets** | 6490581959 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable to broker for collateral for securities on loan | 162040782 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 5327834 |
| &nbsp;&nbsp; Management fee payable | 4249289 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 1223495 |
| &nbsp;&nbsp; Distribution fee payable | 359830 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 21462 |
| &nbsp;&nbsp; Directors' fees payable | 5887 |
| &nbsp;&nbsp; **Total Liabilities** | 173228579 |
| &nbsp;&nbsp; **Net Assets** | $6317353380 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $1252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 3209600687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 3107751441 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $6317353380 |

---

See Notes to Financial Statements.

------

PGIM Jennison Global Opportunities Fund

Statement of Assets & Liabilities (continued)

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A** |  |
| &nbsp;&nbsp; Net asset value and redemption price per share,<br> ($692,382,199 ÷ 14,063,191 shares of common stock issued and outstanding) | $49.23 |
| &nbsp;&nbsp; Maximum sales charge (5.50% of offering price) | 2.87 |
| &nbsp;&nbsp; Maximum offering price to public | $52.10 |
| &nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($249,520,243 ÷ 5,747,026 shares of common stock issued and outstanding) | $43.42 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($3,021,650,899 ÷ 59,522,288 shares of common stock issued and outstanding) | $50.77 |
| &nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($17,874,403 ÷ 361,320 shares of common stock issued and outstanding) | $49.47 |
| &nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($520,221 ÷ 10,313 shares of common stock issued and outstanding) | $50.44 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($2,335,405,415 ÷ 45,474,706 shares of common stock issued and outstanding) | $51.36 |

---

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 29

------

PGIM Jennison Global Opportunities Fund

Statement of Operations

Year Ended October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Unaffiliated dividend income (net of $2,150,550 foreign withholding tax) | $30728813 |
| &nbsp;&nbsp; Affiliated dividend income | 5947148 |
| &nbsp;&nbsp; Affiliated income from securities lending, net | 188913 |
| &nbsp;&nbsp; **Total income** | 36864874 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 51670328 |
| &nbsp;&nbsp; Distribution fee(a) | 4612632 |
| &nbsp;&nbsp; Shareholder servicing fees(a) | 17751 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $164,893)(a) | 4353205 |
| &nbsp;&nbsp; Custodian and accounting fees | 512547 |
| &nbsp;&nbsp; Shareholders' reports | 384630 |
| &nbsp;&nbsp; Registration fees(a) | 148017 |
| &nbsp;&nbsp; Professional fees | 88691 |
| &nbsp;&nbsp; Directors' fees | 86340 |
| &nbsp;&nbsp; Audit fee | 32033 |
| &nbsp;&nbsp; Miscellaneous | 108558 |
| &nbsp;&nbsp; **Total expenses** | 62014732 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (531183) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee waiver(a) | (325075) |
| &nbsp;&nbsp; **Net expenses** | 61158474 |
| &nbsp;&nbsp; Net investment income (loss) | (24293600) |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $(1999)) (net of foreign capital gains taxes $(32266)) | 1169738574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (1493387) |
|  | 1168245187 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $(230)) (net of change in foreign capital gains taxes $44,395) | (451071558) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 273688 |
|  | (450797870) |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | 717447317 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $693153717 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Z** | **Class R2** | **Class R4** | **Class R6** |
|  Distribution fee | 1950453 | 2619279 |  | 42900 |  |  |
|  Shareholder servicing fees |  |  |  | 17160 | 591 |  |
|  Transfer agent's fees and expenses | 576839 | 257181 | 3375489 | 27030 | 1075 | 115591 |
|  Registration fees | 23482 | 17016 | 59991 | 5042 | 5042 | 37444 |
|  Fee waiver and/or expense reimbursement | (523497) |  |  | (2584) | (5102) |  |
|  Distribution fee waiver | (325075) |  |  |  |  |  |

---

See Notes to Financial Statements.

------

PGIM Jennison Global Opportunities Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **October 31,**  | **October 31,**  |
|  | **2025** | **2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $(24293600) | $(18912537) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 1168245187 | 919433445 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | (450797870) | 1106862457 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 693153717 | 2007383365 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A | (34099553) |  |
| &nbsp;&nbsp; Class C | (16790096) |  |
| &nbsp;&nbsp; Class Z | (161388437) |  |
| &nbsp;&nbsp; Class R2 | (902989) |  |
| &nbsp;&nbsp; Class R4 | (30299) |  |
| &nbsp;&nbsp; Class R6 | (131214991) |  |
|  | (344426365) |  |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 1114828354 | 1306357953 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 340260316 |  |
| &nbsp;&nbsp; Cost of shares purchased | (2252124087) | (1640810176) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | (797035417) | (334452223) |
| &nbsp;&nbsp; Total increase (decrease) | (448308065) | 1672931142 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of year | 6765661445 | 5092730303 |
| &nbsp;&nbsp; End of year | $6317353380 | $6765661445 |

---

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 31

------

PGIM Jennison Global Opportunities Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class A Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $46.35 | $33.16 | $27.60 | $52.15 | $38.50 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.23) | (0.19) | (0.11) | (0.19) | (0.37) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 5.53 | 13.38 | 5.67 | (19.72) | 14.76 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 5.30 | 13.19 | 5.56 | (19.91) | 14.39 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Tax return of capital distributions |  |  |  | (-)<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (2.42) |  |  | (4.64) | (0.74) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (2.42) |  |  | (4.64) | (0.74) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $49.23 | $46.35 | $33.16 | $27.60 | $52.15 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 11.77% | 39.82% | 20.11% | (41.69)% | 37.75% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $692382 | $659076 | $464837 | $428097 | $797091 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $650151 | $610917 | $462385 | $568379 | $684569 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.08% | 1.08% | 1.08% | 1.08% | 1.08% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.21% | 1.20% | 1.22% | 1.22% | 1.21% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.51)% | (0.43)% | (0.34)% | (0.53)% | (0.80)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 122% | 66% | 75% | 84% | 62% |

---

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

(b) Amount rounds to zero.

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

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

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

See Notes to Financial Statements.

------

PGIM Jennison Global Opportunities Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class C Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $41.48 | $29.92 | $25.12 | $48.27 | $35.98 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.54) | (0.49) | (0.34) | (0.45) | (0.70) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 4.90 | 12.05 | 5.14 | (18.06) | 13.73 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 4.36 | 11.56 | 4.80 | (18.51) | 13.03 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Tax return of capital distributions |  |  |  | (-)<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (2.42) |  |  | (4.64) | (0.74) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (2.42) |  |  | (4.64) | (0.74) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $43.42 | $41.48 | $29.92 | $25.12 | $48.27 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 10.81% | 38.64% | 19.11% | (42.19)% | 36.63% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $249520 | $291287 | $245621 | $238329 | $496435 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $261928 | $290799 | $250937 | $333018 | $449870 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.92% | 1.91% | 1.94% | 1.93% | 1.91% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.92% | 1.91% | 1.94% | 1.93% | 1.91% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (1.35)% | (1.27)% | (1.19)% | (1.38)% | (1.62)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 122% | 66% | 75% | 84% | 62% |

---

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

(b) Amount rounds to zero.

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

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

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

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 33

------

PGIM Jennison Global Opportunities Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class Z Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $47.65 | $34.03 | $28.29 | $53.25 | $39.24 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.17) | (0.12) | (0.06) | (0.14) | (0.30) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 5.71 | 13.74 | 5.80 | (20.18) | 15.05 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 5.54 | 13.62 | 5.74 | (20.32) | 14.75 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Tax return of capital distributions |  |  |  | (-)<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (2.42) |  |  | (4.64) | (0.74) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (2.42) |  |  | (4.64) | (0.74) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $50.77 | $47.65 | $34.03 | $28.29 | $53.25 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 11.93% | 40.02% | 20.29% | (41.59)% | 37.96% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $3021651 | $3168070 | $2250783 | $2073103 | $4792805 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $3060813 | $2964607 | $2168204 | $3132931 | $4303934 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.93% | 0.92% | 0.93% | 0.93% | 0.92% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.93% | 0.92% | 0.93% | 0.93% | 0.92% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.36)% | (0.27)% | (0.19)% | (0.39)% | (0.64)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 122% | 66% | 75% | 84% | 62% |

---

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

(b) Amount rounds to zero.

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

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

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

See Notes to Financial Statements.

------

PGIM Jennison Global Opportunities Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R2 Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $46.68 | $33.48 | $27.94 | $52.86 | $39.10 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.35) | (0.30) | (0.19) | (0.28) | (0.48) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 5.56 | 13.50 | 5.73 | (20.00) | 14.98 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 5.21 | 13.20 | 5.54 | (20.28) | 14.50 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Tax return of capital distributions |  |  |  | (-)<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (2.42) |  |  | (4.64) | (0.74) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (2.42) |  |  | (4.64) | (0.74) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $49.47 | $46.68 | $33.48 | $27.94 | $52.86 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 11.48% | 39.47% | 19.79% | (41.85)% | 37.45% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $17874 | $17717 | $13341 | $11838 | $21615 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $17160 | $16640 | $13109 | $15315 | $12667 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.34% | 1.34% | 1.34% | 1.34% | 1.34% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.36% | 1.36% | 1.37% | 1.38% | 1.39% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.77)% | (0.69)% | (0.60)% | (0.79)% | (1.00)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 122% | 66% | 75% | 84% | 62% |

---

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

(b) Amount rounds to zero.

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

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

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

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 35

------

PGIM Jennison Global Opportunities Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R4 Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $47.44 | $33.94 | $28.26 | $53.27 | $39.31 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.23) | (0.19) | (0.12) | (0.18) | (0.37) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 5.65 | 13.69 | 5.80 | (20.19) | 15.07 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 5.42 | 13.50 | 5.68 | (20.37) | 14.70 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Tax return of capital distributions |  |  |  | (-)<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (2.42) |  |  | (4.64) | (0.74) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (2.42) |  |  | (4.64) | (0.74) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $50.44 | $47.44 | $33.94 | $28.26 | $53.27 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 11.75% | 39.82% | 20.06% | (41.68)% | 37.76% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $520 | $622 | $402 | $310 | $332 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $591 | $551 | $375 | $318 | $696 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.09% | 1.08% | 1.09% | 1.09% | 1.06% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.95% | 2.34% | 2.48% | 3.42% | 2.18% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.51)% | (0.44)% | (0.36)% | (0.51)% | (0.78)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 122% | 66% | 75% | 84% | 62% |

---

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

(b) Amount rounds to zero.

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

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

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

See Notes to Financial Statements.

------

PGIM Jennison Global Opportunities Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $48.13 | $34.34 | $28.52 | $53.60 | $39.46 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.12) | (0.08) | (0.03) | (0.10) | (0.26) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 5.77 | 13.87 | 5.85 | (20.34) | 15.14 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 5.65 | 13.79 | 5.82 | (20.44) | 14.88 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Tax return of capital distributions |  |  |  | (-)<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (2.42) |  |  | (4.64) | (0.74) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (2.42) |  |  | (4.64) | (0.74) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $51.36 | $48.13 | $34.34 | $28.52 | $53.60 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 12.05% | 40.16% | 20.41% | (41.54)% | 38.08% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $2335405 | $2628890 | $2117746 | $1776074 | $3301585 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $2473501 | $2518916 | $2002806 | $2401595 | $2690566 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.82% | 0.82% | 0.83% | 0.83% | 0.83% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.82% | 0.82% | 0.83% | 0.83% | 0.83% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.25)% | (0.18)% | (0.10)% | (0.28)% | (0.54)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 122% | 66% | 75% | 84% | 62% |

---

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

(b) Amount rounds to zero.

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

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

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

See Notes to Financial Statements.

PGIM Jennison Global Opportunities Fund 37

------

PGIM Jennison International Opportunities Fund

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 97.1%** | &nbsp;&nbsp; **LONG-TERM INVESTMENTS 97.1%** | &nbsp;&nbsp; **LONG-TERM INVESTMENTS 97.1%** |
| &nbsp;&nbsp; **COMMON STOCKS 95.2%** | &nbsp;&nbsp; **COMMON STOCKS 95.2%** | &nbsp;&nbsp; **COMMON STOCKS 95.2%** |
| &nbsp;&nbsp; **Belgium 2.2%** | &nbsp;&nbsp; **Belgium 2.2%** | &nbsp;&nbsp; **Belgium 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UCB SA | 471239 | $121175339 |
| &nbsp;&nbsp; **Brazil 7.6%** | &nbsp;&nbsp; **Brazil 7.6%** | &nbsp;&nbsp; **Brazil 7.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Embraer SA, ADR | 3057582 | 197152888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc.\* | 54015 | 125706949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NU Holdings Ltd. (Class A Stock)\* | 5988484 | 96474477 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419334314 |
| &nbsp;&nbsp; **Canada 6.3%** | &nbsp;&nbsp; **Canada 6.3%** | &nbsp;&nbsp; **Canada 6.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constellation Software, Inc. | 20767 | 54652353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shopify, Inc. (Class A Stock)\* | 1696423 | 294940103 |
|  |  | 349592456 |
| &nbsp;&nbsp; **China 4.5%** | &nbsp;&nbsp; **China 4.5%** | &nbsp;&nbsp; **China 4.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BYD Co. Ltd. (Class H Stock) | 3992356 | 51581206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. | 1575554 | 127978726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xiaomi Corp. (Class B Stock), 144A\* | 12326993 | 68389083 |
|  |  | 247949015 |
| &nbsp;&nbsp; **France 14.6%** | &nbsp;&nbsp; **France 14.6%** | &nbsp;&nbsp; **France 14.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airbus SE | 593400 | 146315328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EssilorLuxottica SA | 306000 | 112062953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hermes International SCA | 66496 | 164541762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L'Oreal SA | 256947 | 107226915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safran SA | 773203 | 274733339 |
|  |  | 804880297 |
| &nbsp;&nbsp; **Germany 9.4%** | &nbsp;&nbsp; **Germany 9.4%** | &nbsp;&nbsp; **Germany 9.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rheinmetall AG | 127693 | 251016886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SAP SE | 496171 | 129040444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy AG\* | 1107052 | 137922443 |
|  |  | 517979773 |
| &nbsp;&nbsp; **India 2.9%** | &nbsp;&nbsp; **India 2.9%** | &nbsp;&nbsp; **India 2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eternal Ltd.\* | 32123287 | 114645411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MakeMyTrip Ltd.\*(a) | 556992 | 44559360 |
|  |  | 159204771 |
| &nbsp;&nbsp; **Italy 4.7%** | &nbsp;&nbsp; **Italy 4.7%** | &nbsp;&nbsp; **Italy 4.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brunello Cucinelli SpA(a) | 1340873 | 135895305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ferrari NV | 136934 | 54836683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moncler SpA | 1159232 | 69541598 |
|  |  | 260273586 |
| &nbsp;&nbsp; **Japan 5.7%** | &nbsp;&nbsp; **Japan 5.7%** | &nbsp;&nbsp; **Japan 5.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. | 2231889 | 190357581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group Corp. | 718476 | 126070033 |
|  |  | 316427614 |
| &nbsp;&nbsp; **Netherlands 8.1%** | &nbsp;&nbsp; **Netherlands 8.1%** | &nbsp;&nbsp; **Netherlands 8.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adyen NV, 144A\* | 54477 | 93345492 |

---

See Notes to Financial Statements.

------

PGIM Jennison International Opportunities Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** |
| &nbsp;&nbsp; **Netherlands (cont'd.)** | &nbsp;&nbsp; **Netherlands (cont'd.)** | &nbsp;&nbsp; **Netherlands (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argenx SE\* | 195313 | $159857332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV | 183817 | 194351501 |
|  |  | 447554325 |
| &nbsp;&nbsp; **New Zealand 1.4%** | &nbsp;&nbsp; **New Zealand 1.4%** | &nbsp;&nbsp; **New Zealand 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xero Ltd.\* | 809881 | 76619006 |
| &nbsp;&nbsp; **Singapore 1.4%** | &nbsp;&nbsp; **Singapore 1.4%** | &nbsp;&nbsp; **Singapore 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd., ADR\* | 511113 | 79861406 |
| &nbsp;&nbsp; **Spain 2.2%** | &nbsp;&nbsp; **Spain 2.2%** | &nbsp;&nbsp; **Spain 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA(a) | 2217195 | 122434405 |
| &nbsp;&nbsp; **Switzerland 5.3%** | &nbsp;&nbsp; **Switzerland 5.3%** | &nbsp;&nbsp; **Switzerland 5.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA (Class A Stock) | 370604 | 73307588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galderma Group AG | 906416 | 168332434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On Holding AG (Class A Stock)\* | 1353261 | 50273646 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291913668 |
| &nbsp;&nbsp; **Taiwan 8.6%** | &nbsp;&nbsp; **Taiwan 8.6%** | &nbsp;&nbsp; **Taiwan 8.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 1580538 | 474841031 |
| &nbsp;&nbsp; **United Kingdom 3.2%** | &nbsp;&nbsp; **United Kingdom 3.2%** | &nbsp;&nbsp; **United Kingdom 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compass Group PLC | 5400044 | 178740596 |
| &nbsp;&nbsp; **United States 7.1%** | &nbsp;&nbsp; **United States 7.1%** | &nbsp;&nbsp; **United States 7.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CyberArk Software Ltd.\* | 247060 | 128663907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric SE | 158773 | 45239181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology SA\* | 337800 | 221367096 |
|  |  | 395270184 |
| &nbsp;&nbsp; **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $3,606,374,586) |  | 5264051786 |
| &nbsp;&nbsp; **PREFERRED STOCK 1.9%** |  |  |
| &nbsp;&nbsp; **Germany** | &nbsp;&nbsp; **Germany** | &nbsp;&nbsp; **Germany** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sartorius AG (PRFC)(a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $104,604,038) | 371383 | 102177869 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $3,710,978,624) |  | 5366229655 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 7.3%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)(wb) | 202032158 | 202032158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $203,384,961; includes $202,759,801 of cash collateral for securities on loan)(b)(wb) | 203510301 | 203388195 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $405,417,119) |  | 405420353 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 104.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $4,116,395,743) |  | 5771650008 |
| &nbsp;&nbsp; Liabilities in excess of other assets (4.4)% |  | (243682030) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $5527967978 |

---

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 39

------

PGIM Jennison International Opportunities Fund

Schedule of Investments (continued)

as of October 31, 2025

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

\* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $191,967,296; cash collateral of $202,759,801 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

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

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Belgium | $— | $121175339 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | 419334314 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | 349592456 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; China |  | 247949015 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; France |  | 804880297 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 517979773 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; India | 44559360 | 114645411 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 260273586 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 316427614 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 447554325 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Zealand |  | 76619006 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore | 79861406 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 122434405 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 50273646 | 241640022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 474841031 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 178740596 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 350031003 | 45239181 |  |
|  Preferred Stock |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 102177869 |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 405420353 |  |  |
|  **Total** | $**2173913569** | $**3597736439** | **$—** |

---

See Notes to Financial Statements.

------

PGIM Jennison International Opportunities Fund

Schedule of Investments (continued)

as of October 31, 2025

#### Industry Classification :
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Aerospace & Defense | 15.9 |
|  Semiconductors & Semiconductor Equipment | 12.1 |
|  Textiles, Apparel & Luxury Goods | 8.9 |
|  Entertainment | 7.4 |
|  Affiliated Mutual Funds (3.7% represents investments purchased with collateral from securities on loan) | 7.3 |
|  Software | 7.0 |
|  Hotels, Restaurants & Leisure | 6.1 |
|  IT Services | 5.3 |
|  Pharmaceuticals | 5.3 |
|  Broadline Retail | 3.7 |
|  Electrical Equipment | 3.3 |
|  Biotechnology | 2.9 |
|  Interactive Media & Services | 2.3 |
|  Wireless Telecommunication Services | 2.3 |

---

---

| | |
|:---|:---|
|  Specialty Retail | 2.2% |
|  Health Care Equipment & Supplies | 2.0 |
|  Personal Care Products | 1.9 |
|  Automobiles | 1.9 |
|  Life Sciences Tools & Services | 1.9 |
|  Banks | 1.7 |
|  Financial Services | 1.7 |
|  Technology Hardware, Storage & Peripherals | 1.3 |
|  | 104.4 |
|  Liabilities in excess of other assets | (4.4) |
|  | 100.0% |

---

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Fund entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market<br>Value of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(1)** | **Net<br> Amount** |
|  Securities on Loan | $191967296 | $(191967296) | $— |

---

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

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 41

------

PGIM Jennison International Opportunities Fund

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value, including securities on loan of $191,967,296: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $3,710,978,624) | $5366229655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $405,417,119) | 405420353 |
| &nbsp;&nbsp; Foreign currency, at value (cost $21,289) | 21216 |
| &nbsp;&nbsp; Receivable for investments sold | 25814892 |
| &nbsp;&nbsp; Tax reclaim receivable | 6502993 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 3651851 |
| &nbsp;&nbsp; Dividends receivable | 2625848 |
| &nbsp;&nbsp; Prepaid expenses | 41473 |
| &nbsp;&nbsp; **Total Assets** | 5810308281 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable to broker for collateral for securities on loan | 202759801 |
| &nbsp;&nbsp; Payable for investments purchased | 69820495 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 3950803 |
| &nbsp;&nbsp; Management fee payable | 3609414 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 1568727 |
| &nbsp;&nbsp; Foreign capital gains tax liability accrued | 453362 |
| &nbsp;&nbsp; Distribution fee payable | 151178 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 21254 |
| &nbsp;&nbsp; Directors' fees payable | 5269 |
| &nbsp;&nbsp; **Total Liabilities** | 282340303 |
| &nbsp;&nbsp; **Net Assets** | $5527967978 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $1543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 4522916068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1005050367 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $5527967978 |

---

See Notes to Financial Statements.

------

PGIM Jennison International Opportunities Fund

Statement of Assets & Liabilities (continued)

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A** |  |
| &nbsp;&nbsp; Net asset value and redemption price per share, |  |
| &nbsp;&nbsp; ($148,198,213 ÷ 4,223,612 shares of common stock issued and outstanding) | $35.09 |
| &nbsp;&nbsp; Maximum sales charge (5.50% of offering price) | 2.04 |
| &nbsp;&nbsp; Maximum offering price to public | $37.13 |
| &nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($23,516,687 ÷ 744,524 shares of common stock issued and outstanding) | $31.59 |
| &nbsp;&nbsp; **Class R** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($222,761,084 ÷ 6,501,924 shares of common stock issued and outstanding) | $34.26 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($3,340,826,378 ÷ 93,060,888 shares of common stock issued and outstanding) | $35.90 |
| &nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($14,701,785 ÷ 420,975 shares of common stock issued and outstanding) | $34.92 |
| &nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($10,087,809 ÷ 283,837 shares of common stock issued and outstanding) | $35.54 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($1,767,876,022 ÷ 49,092,949 shares of common stock issued and outstanding) | $36.01 |

---

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 43

------

PGIM Jennison International Opportunities Fund

Statement of Operations

Year Ended October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Unaffiliated dividend income (net of $3,502,419 foreign withholding tax) | $38160040 |
| &nbsp;&nbsp; Affiliated dividend income | 6828456 |
| &nbsp;&nbsp; Income from securities lending, net (including affiliated income of $318,064) | 347274 |
| &nbsp;&nbsp; **Total income** | 45335770 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 42524032 |
| &nbsp;&nbsp; Distribution fee(a) | 2354658 |
| &nbsp;&nbsp; Shareholder servicing fees(a) | 25197 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $155,297)(a) | 4550401 |
| &nbsp;&nbsp; Custodian and accounting fees | 633794 |
| &nbsp;&nbsp; Shareholders' reports | 352136 |
| &nbsp;&nbsp; Registration fees(a) | 136279 |
| &nbsp;&nbsp; Professional fees | 83085 |
| &nbsp;&nbsp; Directors' fees | 71054 |
| &nbsp;&nbsp; Audit fee | 32033 |
| &nbsp;&nbsp; Miscellaneous | 103364 |
| &nbsp;&nbsp; **Total expenses** | 50866033 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (1847139) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee waiver(a) | (628317) |
| &nbsp;&nbsp; **Net expenses** | 48390577 |
| &nbsp;&nbsp; Net investment income (loss) | (3054807) |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $(1062)) (net of foreign capital gains taxes $(158367)) | 668001323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (2478755) |
|  | 665522568 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $3,234) (net of change in foreign capital gains taxes $3,292,780) | 35000468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 221450 |
|  | 35221918 |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | 700744486 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $697689679 |

---

(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 | 406924 | 230091 | 1681491 |  | 36152 |  |  |
|  Shareholder servicing fees |  |  |  |  | 14461 | 10736 |  |
|  Transfer agent's fees and expenses | 147233 | 28733 | 266733 | 3853601 | 22974 | 18501 | 212626 |
|  Registration fees | 15467 | 9885 | 5109 | 66470 | 4660 | 4659 | 30029 |
|  Fee waiver and/or expense reimbursement | (146029) | (20863) |  | (1640125) | (4164) | (5733) | (30225) |
|  Distribution fee waiver | (67820) |  | (560497) |  |  |  |  |

---

See Notes to Financial Statements.

------

PGIM Jennison International Opportunities Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **October 31,**  | **October 31,**  |
|  | **2025** | **2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $(3054807) | $5368256 |
| &nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 665522568 | 102452938 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 35221918 | 1064922608 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 697689679 | 1172743802 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A |  |  |
| &nbsp;&nbsp; Class C |  |  |
| &nbsp;&nbsp; Class R |  |  |
| &nbsp;&nbsp; Class Z | (2186161) | (2398454) |
| &nbsp;&nbsp; Class R2 |  |  |
| &nbsp;&nbsp; Class R4 |  |  |
| &nbsp;&nbsp; Class R6 | (2225020) | (2218376) |
|  | (4411181) | (4616830) |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 1383651226 | 1300683230 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 4352913 | 4571915 |
| &nbsp;&nbsp; Cost of shares purchased | (1734178110) | (1416924392) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | (346173971) | (111669247) |
| &nbsp;&nbsp; Total increase (decrease) | 347104527 | 1056457725 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of year | 5180863451 | 4124405726 |
| &nbsp;&nbsp; End of year | $5527967978 | $5180863451 |

---

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 45

------

PGIM Jennison International Opportunities Fund

Financial Highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class A Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $30.85 | $23.99 | $22.03 | $38.51 | $28.14 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.08) | (0.02)<sup>(b)</sup> | 0.01 | (0.09) | (0.25) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 4.32 | 6.88 | 1.95 | (16.36) | 10.62 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 4.24 | 6.86 | 1.96 | (16.45) | 10.37 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  |  |  | (-)<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.03) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions |  |  |  | (0.03) |  |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $35.09 | $30.85 | $23.99 | $22.03 | $38.51 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 13.74% | 28.60% | 8.90% | (42.74)% | 36.90% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $148198 | $130020 | $102499 | $105135 | $208515 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $135641 | $126688 | $114648 | $150632 | $142641 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.09% | 1.09% | 1.09% | 1.09% | 1.09% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.25% | 1.24% | 1.26% | 1.27% | 1.27% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.24)% | (0.07)% | 0.03% | (0.34)% | (0.71)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 81% | 44% | 59% | 76% | 41% |

---

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

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

(c) Amount rounds to zero.

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

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

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

See Notes to Financial Statements.

------

PGIM Jennison International Opportunities Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class C Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $28.00 | $21.95 | $20.32 | $35.82 | $26.38 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.31) | (0.24)<sup>(b)</sup> | (0.18)<sup>(b)</sup> | (0.30) | (0.50) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 3.90 | 6.29 | 1.81 | (15.17) | 9.94 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 3.59 | 6.05 | 1.63 | (15.47) | 9.44 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  |  |  | (-)<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.03) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions |  |  |  | (0.03) |  |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $31.59 | $28.00 | $21.95 | $20.32 | $35.82 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 12.79% | 27.56% | 8.02% | (43.22)% | 35.84% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $23517 | $24232 | $22579 | $22981 | $40128 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $23009 | $25084 | $24838 | $30780 | $28884 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.90% | 1.90% | 1.90% | 1.90% | 1.90% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.99% | 1.99% | 1.99% | 2.01% | 1.97% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (1.06)% | (0.88)% | (0.79)% | (1.14)% | (1.52)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 81% | 44% | 59% | 76% | 41% |

---

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

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

(c) Amount rounds to zero.

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

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

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

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 47

------

PGIM Jennison International Opportunities Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $30.23 | $23.60 | $21.75 | $38.17 | $27.98 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.19) | (0.13)<sup>(b)</sup> | (0.09)<sup>(b)</sup> | (0.19) | (0.37) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 4.22 | 6.76 | 1.94 | (16.20) | 10.56 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 4.03 | 6.63 | 1.85 | (16.39) | 10.19 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  |  |  | (-)<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.03) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions |  |  |  | (0.03) |  |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $34.26 | $30.23 | $23.60 | $21.75 | $38.17 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 13.33% | 28.09% | 8.51% | (42.97)% | 36.42% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $222761 | $226297 | $218828 | $230246 | $358284 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $224199 | $239312 | $237233 | $269777 | $340986 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.45% | 1.45% | 1.46% | 1.47% | 1.47% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.70% | 1.70% | 1.71% | 1.72% | 1.72% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.59)% | (0.44)% | (0.35)% | (0.70)% | (1.08)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 81% | 44% | 59% | 76% | 41% |

---

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

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

(c) Amount rounds to zero.

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

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

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

See Notes to Financial Statements.

------

PGIM Jennison International Opportunities Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class Z Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $31.53 | $24.50 | $22.45 | $39.17 | $28.56 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.01) | 0.04 | 0.06 | (0.04) | (0.18) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 4.40 | 7.02 | 1.99 | (16.65) | 10.79 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 4.39 | 7.06 | 2.05 | (16.69) | 10.61 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.02) | (0.03) |  |  |  |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  |  |  | (-)<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.03) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.02) | (0.03) |  | (0.03) |  |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $35.90 | $31.53 | $24.50 | $22.45 | $39.17 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 13.94% | 28.81% | 9.13% | (42.63)% | 37.15% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $3340826 | $2950665 | $2332761 | $1948250 | $3481110 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $3154174 | $2852407 | $2382104 | $2744398 | $2452905 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.95% | 0.95% | 0.95% | 0.96% | 0.94% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.04)% | 0.12% | 0.21% | (0.14)% | (0.51)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 81% | 44% | 59% | 76% | 41% |

---

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

(b) Amount rounds to zero.

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

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

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

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 49

------

PGIM Jennison International Opportunities Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R2 Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $30.78 | $24.00 | $22.09 | $38.72 | $28.35 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.15) | (0.09)<sup>(b)</sup> | (0.06)<sup>(b)</sup> | (0.15) | (0.33) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 4.29 | 6.87 | 1.97 | (16.45) | 10.70 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 4.14 | 6.78 | 1.91 | (16.60) | 10.37 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  |  |  | (-)<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.03) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions |  |  |  | (0.03) |  |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $34.92 | $30.78 | $24.00 | $22.09 | $38.72 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 13.45% | 28.25% | 8.65% | (42.90)% | 36.58% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $14702 | $14154 | $11710 | $10579 | $13101 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $14461 | $14748 | $11833 | $11553 | $8789 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.34% | 1.34% | 1.34% | 1.34% | 1.33% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.37% | 1.37% | 1.38% | 1.41% | 1.41% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.48)% | (0.32)% | (0.23)% | (0.55)% | (0.92)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 81% | 44% | 59% | 76% | 41% |

---

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

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

(c) Amount rounds to zero.

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

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

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

See Notes to Financial Statements.

------

PGIM Jennison International Opportunities Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R4 Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $31.25 | $24.30 | $22.31 | $39.01 | $28.49 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.07) | (0.03)<sup>(b)</sup> | - <sup>(c)</sup> | (0.09) | (0.25) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 4.36 | 6.98 | 1.99 | (16.58) | 10.77 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 4.29 | 6.95 | 1.99 | (16.67) | 10.52 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Tax return of capital distributions |  |  |  | (-)<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  | (0.03) |  |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions |  |  |  | (0.03) |  |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $35.54 | $31.25 | $24.30 | $22.31 | $39.01 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 13.73% | 28.60% | 8.92% | (42.76)% | 36.97% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $10088 | $12294 | $9811 | $8646 | $16892 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $10736 | $11711 | $9832 | $11164 | $11907 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.09% | 1.08% | 1.09% | 1.09% | 1.08% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.14% | 1.18% | 1.15% | 1.16% | 1.14% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.21)% | (0.11)% | 0.02% | (0.33)% | (0.69)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 81% | 44% | 59% | 76% | 41% |

---

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

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

(c) Amount rounds to zero.

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

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

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

See Notes to Financial Statements.

PGIM Jennison International Opportunities Fund 51

------

PGIM Jennison International Opportunities Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $31.62 | $24.57 | $22.50 | $39.24 | $28.59 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.01 <sup>(b)</sup> | 0.06 | 0.07 | (0.02) | (0.16) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 4.42 | 7.03 | 2.00 | (16.69) | 10.81 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 4.43 | 7.09 | 2.07 | (16.71) | 10.65 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.04) | (0.04) |  |  |  |
| &nbsp;&nbsp;&nbsp;Tax return of capital distributions |  |  |  | (-)<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  | (0.03) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.04) | (0.04) |  | (0.03) |  |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $36.01 | $31.62 | $24.57 | $22.50 | $39.24 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 14.04% | 28.87% | 9.20% | (42.61)% | 37.25% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $1767876 | $1823202 | $1426218 | $1330422 | $2136686 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $1729322 | $1742632 | $1495043 | $1686565 | $1445464 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.84% | 0.84% | 0.84% | 0.84% | 0.84% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.84% | 0.84% | 0.84% | 0.84% | 0.84% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.02% | 0.19% | 0.27% | (0.07)% | (0.46)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 81% | 44% | 59% | 76% | 41% |

---

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

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

(c) Amount rounds to zero.

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

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

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

See Notes to Financial Statements.

------

PGIM Quant Solutions International Equity Fund

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 97.6%** | &nbsp;&nbsp; **LONG-TERM INVESTMENTS 97.6%** | &nbsp;&nbsp; **LONG-TERM INVESTMENTS 97.6%** |
| &nbsp;&nbsp; **COMMON STOCKS 95.0%** | &nbsp;&nbsp; **COMMON STOCKS 95.0%** | &nbsp;&nbsp; **COMMON STOCKS 95.0%** |
| &nbsp;&nbsp; **Australia 3.1%** | &nbsp;&nbsp; **Australia 3.1%** | &nbsp;&nbsp; **Australia 3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brambles Ltd. | 92435 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Hall Group, REIT | 11872 | 174361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Codan Ltd. | 15894 | 376386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eagers Automotive Ltd. | 14600 | 324899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortescue Ltd. | 46264 | 643404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; G8 Education Ltd. | 324323 | 170698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harvey Norman Holdings Ltd. | 167905 | 793535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helia Group Ltd. | 252436 | 890336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monadelphous Group Ltd. | 5872 | 89250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pantoro Gold Ltd.\* | 28812 | 96224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perseus Mining Ltd. | 35973 | 114177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qantas Airways Ltd. | 107390 | 715448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QBE Insurance Group Ltd. | 74022 | 960404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Ltd. | 2588 | 224707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC | 5200 | 374868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEEK Ltd. | 20415 | 361286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonic Healthcare Ltd. | 7350 | 101728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stockland, REIT | 15408 | 63703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West African Resources Ltd.\* | 297147 | 245617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woodside Energy Group Ltd. | 34654 | 561584 |
|  |  | 8784644 |
| &nbsp;&nbsp; **Austria 0.2%** | &nbsp;&nbsp; **Austria 0.2%** | &nbsp;&nbsp; **Austria 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Erste Group Bank AG | 5131 | 531515 |
| &nbsp;&nbsp; **Belgium 0.6%** | &nbsp;&nbsp; **Belgium 0.6%** | &nbsp;&nbsp; **Belgium 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev SA/NV | 7380 | 450012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KBC Group NV | 6784 | 816180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proximus SADP | 41375 | 355402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UCB SA | 630 | 161999 |
|  |  | 1783593 |
| &nbsp;&nbsp; **Brazil 1.0%** | &nbsp;&nbsp; **Brazil 1.0%** | &nbsp;&nbsp; **Brazil 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco do Brasil SA | 377200 | 1539663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrais Eletricas Brasileiras SA | 9200 | 95113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CPFL Energia SA | 31500 | 242869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petroleo Brasileiro SA | 27900 | 162890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petroreconcavo SA | 52000 | 120239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vale SA | 31500 | 380638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wheaton Precious Metals Corp. | 700 | 67602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yara International ASA | 3400 | 123869 |
|  |  | 2732883 |
| &nbsp;&nbsp; **Canada 7.6%** | &nbsp;&nbsp; **Canada 7.6%** | &nbsp;&nbsp; **Canada 7.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd. | 13300 | 2139114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aritzia, Inc.\* | 2500 | 174628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barrick Mining Corp. | 66100 | 2169794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada Packers, Inc.\* | 6200 | 73955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce | 24100 | 1996835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Celestica, Inc.\* | 6400 | 2203392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CGI, Inc. | 16100 | 1401138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cogeco Communications, Inc. | 18100 | 824118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DPM Metals, Inc. | 16800 | 359345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extendicare, Inc. | 15600 | 178629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fairfax Financial Holdings Ltd. | 800 | 1298829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; George Weston Ltd. | 7900 | 480348 |

---

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund 53

------

PGIM Quant Solutions International Equity Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** |
| &nbsp;&nbsp; **Canada (cont'd.)** | &nbsp;&nbsp; **Canada (cont'd.)** | &nbsp;&nbsp; **Canada (cont'd.)** | &nbsp;&nbsp; **Canada (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great-West Lifeco, Inc. | 9900 | $| 419703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Groupe Dynamite, Inc.\* | 9700 |  | 471047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iA Financial Corp., Inc. | 2800 |  | 330518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinross Gold Corp. | 87600 |  | 2037369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loblaw Cos. Ltd. | 14400 |  | 572283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lundin Gold, Inc. | 3000 |  | 203950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maple Leaf Foods, Inc. | 31000 |  | 595886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nutrien Ltd. | 11900 |  | 648134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OR Royalties, Inc. | 4000 |  | 128338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paramount Resources Ltd. (Class A Stock) | 4200 |  | 68875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power Corp. of Canada | 2400 |  | 112424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada | 2400 |  | 351594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shopify, Inc. (Class A Stock)\* | 6400 |  | 1112762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sprott, Inc. | 1100 |  | 90318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suncor Energy, Inc. | 13700 |  | 545538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Superior Plus Corp. | 60800 |  | 345930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) | 700 |  | 57475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transcontinental, Inc. (Class A Stock) | 28600 |  | 401507 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21793776 |
| &nbsp;&nbsp; **China 10.5%** | &nbsp;&nbsp; **China 10.5%** | &nbsp;&nbsp; **China 10.5%** | &nbsp;&nbsp; **China 10.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agricultural Bank of China Ltd. (Class H Stock) | 102000 |  | 77813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. | 73600 |  | 1566116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Shanghai Co. Ltd. (Class A Stock) | 271800 |  | 362090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BOC Hong Kong Holdings Ltd. | 115000 |  | 565078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China BlueChemical Ltd. (Class H Stock) | 1428000 |  | 441275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Construction Bank Corp. (Class H Stock) | 230000 |  | 227710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Gold International Resources Corp. Ltd. | 48700 |  | 819764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Hongqiao Group Ltd. | 483000 |  | 1833852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Jushi Co. Ltd. (Class A Stock) | 76800 |  | 176681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Life Insurance Co. Ltd. (Class H Stock) | 256000 |  | 807294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Northern Rare Earth Group High-Tech Co. Ltd. (Class A Stock) | 49200 |  | 350852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Resources Land Ltd. | 14000 |  | 50581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITIC Ltd. | 924000 |  | 1428163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contemporary Amperex Technology Co. Ltd. (Class H Stock) | 2200 |  | 157436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COSCO SHIPPING Holdings Co. Ltd. (Class H Stock) | 236000 |  | 409279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSC Financial Co. Ltd. (Class A Stock) | 56700 |  | 208523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eoptolink Technology, Inc. Ltd. (Class A Stock) | 7900 |  | 379029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geely Automobile Holdings Ltd. | 382000 |  | 906222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genertec Universal Medical Group Co. Ltd., 144A | 546000 |  | 434925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gree Electric Appliances, Inc. of Zhuhai (Class A Stock) | 63700 |  | 355680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hansoh Pharmaceutical Group Co. Ltd., 144A | 74000 |  | 339712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harbin Electric Co. Ltd. (Class H Stock) | 92000 |  | 151274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial & Commercial Bank of China Ltd. (Class H Stock) | 748000 |  | 579550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Bank Co. Ltd. (Class A Stock) | 57600 |  | 163653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JD Health International, Inc., 144A\* | 102900 |  | 803232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JF SmartInvest Holdings Ltd. | 55000 |  | 391776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jiangsu Hengrui Pharmaceuticals Co. Ltd. (Class A Stock) | 43100 |  | 387722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NetEase, Inc. | 66500 |  | 1866039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New China Life Insurance Co. Ltd. (Class H Stock) | 144800 |  | 915080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ping An Bank Co. Ltd. (Class A Stock) | 74790 |  | 118841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ping An Insurance Group Co. of China Ltd. (Class H Stock) | 145500 |  | 1051140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pop Mart International Group Ltd., 144A | 24600 |  | 699750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prosus NV\* | 30692 |  | 2121383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qfin Holdings, Inc., ADR | 19800 |  | 478170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sany Heavy Equipment International Holdings Co. Ltd. | 96000 |  | 90628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sany Heavy Industry Co. Ltd. (Class A Stock) | 137700 |  | 427893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shenzhen Inovance Technology Co. Ltd. (Class A Stock) | 4800 |  | 51860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sino Biopharmaceutical Ltd. | 755000 |  | 687754 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions International Equity Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** |
| &nbsp;&nbsp; **China (cont'd.)** | &nbsp;&nbsp; **China (cont'd.)** | &nbsp;&nbsp; **China (cont'd.)** | &nbsp;&nbsp; **China (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SITC International Holdings Co. Ltd. | 85000 | $| 313622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. | 53500 |  | 4345685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tencent Music Entertainment Group, ADR | 20400 |  | 455328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WuXi AppTec Co. Ltd. (Class H Stock), 144A | 15600 |  | 217981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wuxi Biologics Cayman, Inc., 144A\* | 80000 |  | 373128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XD, Inc. | 15000 |  | 130097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yunnan Aluminium Co. Ltd. (Class A Stock) | 79000 |  | 254813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yunnan Yuntianhua Co. Ltd. (Class A Stock) | 98600 |  | 398089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhongji Innolight Co. Ltd. (Class A Stock) | 1540 |  | 101551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zijin Mining Group Co. Ltd. (Class H Stock) | 94000 |  | 388879 |
|  |  |  | 29862993 |
| &nbsp;&nbsp; **Denmark 0.2%** | &nbsp;&nbsp; **Denmark 0.2%** | &nbsp;&nbsp; **Denmark 0.2%** | &nbsp;&nbsp; **Denmark 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scandinavian Tobacco Group A/S, 144A | 45014 |  | 596799 |
| &nbsp;&nbsp; **Finland 1.4%** | &nbsp;&nbsp; **Finland 1.4%** | &nbsp;&nbsp; **Finland 1.4%** | &nbsp;&nbsp; **Finland 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Konecranes OYJ | 4392 |  | 433524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nokia OYJ | 39763 |  | 271235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp | 114952 |  | 1966463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orion OYJ (Class B Stock) | 4473 |  | 312363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wartsila OYJ Abp | 30089 |  | 984425 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3968010 |
| &nbsp;&nbsp; **Franc 6.7%** | &nbsp;&nbsp; **Franc 6.7%** | &nbsp;&nbsp; **Franc 6.7%** | &nbsp;&nbsp; **Franc 6.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airbus SE | 7674 |  | 1892187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AXA SA | 42513 |  | 1844571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 26297 |  | 2036913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capgemini SE | 8082 |  | 1243379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carrefour SA | 31570 |  | 475474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole SA | 57523 |  | 1038369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Danone SA | 4636 |  | 409436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eiffage SA | 3603 |  | 443349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Engie SA | 71954 |  | 1684656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IPSOS SA | 2500 |  | 95829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Klepierre SA, REIT | 2668 |  | 101962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legrand SA | 11130 |  | 1922014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE | 490 |  | 346343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe SA | 2790 |  | 279639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rubis SCA | 17456 |  | 633862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safran SA | 3570 |  | 1268487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCOR SE | 4175 |  | 126385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA | 22474 |  | 1425316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technip Energies NV | 2783 |  | 113085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teleperformance SE | 1850 |  | 132106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thales SA | 187 |  | 53324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies SE | 4269 |  | 266535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vinci SA | 10302 |  | 1377545 |
|  |  |  | 19210766 |
| &nbsp;&nbsp; **Georgia 0.0%** | &nbsp;&nbsp; **Georgia 0.0%** | &nbsp;&nbsp; **Georgia 0.0%** | &nbsp;&nbsp; **Georgia 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lion Finance Group PLC | 562 |  | 59164 |
| &nbsp;&nbsp; **Germany 5.1%** | &nbsp;&nbsp; **Germany 5.1%** | &nbsp;&nbsp; **Germany 5.1%** | &nbsp;&nbsp; **Germany 5.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allianz SE | 884 |  | 355228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG | 60290 |  | 2158394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG | 55625 |  | 1722995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; flatexDEGIRO AG | 3525 |  | 133710 |

---

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund 55

------

PGIM Quant Solutions International Equity Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** |
| &nbsp;&nbsp; **Germany (cont'd.)** | &nbsp;&nbsp; **Germany (cont'd.)** | &nbsp;&nbsp; **Germany (cont'd.)** | &nbsp;&nbsp; **Germany (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freenet AG | 6065 | $| 188608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fresenius Medical Care AG | 11493 |  | 617028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fresenius SE & Co. KGaA | 11466 |  | 659788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Friedrich Vorwerk Group SE | 7012 |  | 754964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA | 770 |  | 57499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG | 29524 |  | 1915652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTU Aero Engines AG | 1605 |  | 701426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rheinmetall AG | 97 |  | 190681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SAP SE | 3525 |  | 916756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scout24 SE, 144A | 478 |  | 55279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siemens AG | 6970 |  | 1975279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy AG\* | 6222 |  | 775170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Talanx AG | 10590 |  | 1289558 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14468015 |
| &nbsp;&nbsp; **Hong Kong 0.4%** | &nbsp;&nbsp; **Hong Kong 0.4%** | &nbsp;&nbsp; **Hong Kong 0.4%** | &nbsp;&nbsp; **Hong Kong 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WH Group Ltd., 144A | 1223000 |  | 1176425 |
| &nbsp;&nbsp; **India 5.4%** | &nbsp;&nbsp; **India 5.4%** | &nbsp;&nbsp; **India 5.4%** | &nbsp;&nbsp; **India 5.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anand Rathi Wealth Ltd. | 24023 |  | 835496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bharat Electronics Ltd. | 147156 |  | 705645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bharat Petroleum Corp. Ltd. | 66000 |  | 264772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bharti Airtel Ltd. | 10869 |  | 251685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cartrade Tech Ltd.\* | 9400 |  | 319448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coal India Ltd. | 43857 |  | 191853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eClerx Services Ltd. | 2756 |  | 146646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eicher Motors Ltd. | 19013 |  | 1499412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortis Healthcare Ltd. | 23820 |  | 274344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GE Vernova T&D India Ltd. | 4000 |  | 136864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gillette India Ltd. | 1092 |  | 110857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HCL Technologies Ltd. | 30600 |  | 530945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HDFC Asset Management Co. Ltd., 144A | 20916 |  | 1266933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infosys Ltd. | 30397 |  | 506478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JK Cement Ltd. | 6778 |  | 474201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lupin Ltd. | 12804 |  | 283451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mahindra & Mahindra Ltd. | 1474 |  | 57881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maruti Suzuki India Ltd. | 2190 |  | 398833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Muthoot Finance Ltd. | 14444 |  | 517531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Aluminium Co. Ltd. | 111425 |  | 293387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil & Natural Gas Corp. Ltd. | 449960 |  | 1294872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redington Ltd. | 40650 |  | 116065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Strides Pharma Science Ltd. | 17139 |  | 180371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Pharmaceutical Industries Ltd. | 25325 |  | 482767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tata Consultancy Services Ltd. | 15616 |  | 537451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tata Motors Ltd.\*^ | 127260 |  | 373804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tata Motors Passenger Vehicles Ltd. | 127260 |  | 587373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vishal Mega Mart Ltd.\* | 699327 |  | 1138326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wipro Ltd. | 448835 |  | 1215529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zydus Lifesciences Ltd. | 26850 |  | 294965 |
|  |  |  | 15288185 |
| &nbsp;&nbsp; **Indonesia 0.1%** | &nbsp;&nbsp; **Indonesia 0.1%** | &nbsp;&nbsp; **Indonesia 0.1%** | &nbsp;&nbsp; **Indonesia 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astra International Tbk PT | 892800 |  | 330125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triputra Agro Persada PT | 639600 |  | 72306 |
|  |  |  | 402431 |
| &nbsp;&nbsp; **Ireland 0.5%** | &nbsp;&nbsp; **Ireland 0.5%** | &nbsp;&nbsp; **Ireland 0.5%** | &nbsp;&nbsp; **Ireland 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings NV | 8100 |  | 1054944 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions International Equity Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** |
| &nbsp;&nbsp; **Ireland (cont'd.)** | &nbsp;&nbsp; **Ireland (cont'd.)** | &nbsp;&nbsp; **Ireland (cont'd.)** | &nbsp;&nbsp; **Ireland (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIB Group PLC | 44575 | $| 410818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greencore Group PLC | 22480 |  | 70434 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1536196 |
| &nbsp;&nbsp; **Israel 1.2%** | &nbsp;&nbsp; **Israel 1.2%** | &nbsp;&nbsp; **Israel 1.2%** | &nbsp;&nbsp; **Israel 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Hapoalim BM | 51335 |  | 1041211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Leumi Le-Israel BM | 61257 |  | 1243271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elbit Systems Ltd. | 1379 |  | 653203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plus500 Ltd. | 4875 |  | 202846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tel Aviv Stock Exchange Ltd. | 9760 |  | 227204 |
|  |  |  | 3367735 |
| &nbsp;&nbsp; **Italy 2.9%** | &nbsp;&nbsp; **Italy 2.9%** | &nbsp;&nbsp; **Italy 2.9%** | &nbsp;&nbsp; **Italy 2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A2A SpA | 77253 |  | 225086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enel SpA | 205308 |  | 2076846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA | 301693 |  | 1944516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iren SpA | 19844 |  | 58555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italgas SpA | 43353 |  | 454900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OVS SpA, 144A | 27393 |  | 138249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poste Italiane SpA, 144A | 36890 |  | 889414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryanair Holdings PLC | 23502 |  | 711537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technogym SpA, 144A | 9464 |  | 171422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA | 23086 |  | 1709442 |
|  |  |  | 8379967 |
| &nbsp;&nbsp; **Japan 11.6%** | &nbsp;&nbsp; **Japan 11.6%** | &nbsp;&nbsp; **Japan 11.6%** | &nbsp;&nbsp; **Japan 11.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advantest Corp. | 4500 |  | 673856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anycolor, Inc. | 21300 |  | 830881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BIPROGY, Inc. | 6700 |  | 270622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bridgestone Corp. | 23900 |  | 1043358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Bottlers Japan Holdings, Inc. | 7800 |  | 124823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. | 1700 |  | 57678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ENEOS Holdings, Inc. | 147600 |  | 931167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fast Retailing Co. Ltd. | 2000 |  | 734240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fujikura Ltd. | 9200 |  | 1252802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gunma Bank Ltd. (The) | 13500 |  | 140327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gunze Ltd. | 10400 |  | 256180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hiday Hidaka Corp. | 7400 |  | 157961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. | 22400 |  | 226402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ibiden Co. Ltd. | 8300 |  | 781234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iida Group Holdings Co. Ltd. | 54900 |  | 840704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inpex Corp. | 84600 |  | 1561051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JAC Recruitment Co. Ltd. | 17500 |  | 115256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Lifeline Co. Ltd. | 24000 |  | 227809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Tobacco, Inc. | 40700 |  | 1417699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kaga Electronics Co. Ltd. | 6000 |  | 138938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kawasaki Kisen Kaisha Ltd. | 9000 |  | 128948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Komatsu Ltd. | 13600 |  | 454933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marubeni Corp. | 4000 |  | 98304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medipal Holdings Corp. | 36000 |  | 585735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Corp. | 28600 |  | 686762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsui Kinzoku Co. Ltd. | 8700 |  | 886160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MIXI, Inc. | 4000 |  | 80719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTG Co. Ltd. | 13100 |  | 315696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NEC Corp. | 51600 |  | 1874115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NGK Insulators Ltd. | 10400 |  | 175464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nippon Densetsu Kogyo Co. Ltd. | 3600 |  | 67161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nippon Electric Glass Co. Ltd. | 4700 |  | 158234 |

---

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund 57

------

PGIM Quant Solutions International Equity Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** |
| &nbsp;&nbsp; **Japan (cont'd.)** | &nbsp;&nbsp; **Japan (cont'd.)** | &nbsp;&nbsp; **Japan (cont'd.)** | &nbsp;&nbsp; **Japan (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nippon Yusen KK | 8500 | $| 293533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NTN Corp. | 367200 |  | 819794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oki Electric Industry Co. Ltd. | 24800 |  | 296295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onward Holdings Co. Ltd. | 26400 |  | 110794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Otsuka Holdings Co. Ltd. | 21800 |  | 1186443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Panasonic Holdings Corp. | 109900 |  | 1276954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PHC Holdings Corp. | 10400 |  | 67981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renesas Electronics Corp. | 4400 |  | 54338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rohm Co. Ltd. | 20800 |  | 333085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roland Corp. | 10400 |  | 220319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBI Holdings, Inc. | 31500 |  | 1407642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shikoku Electric Power Co., Inc. | 43200 |  | 385706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simplex Holdings, Inc. | 14600 |  | 407102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group Corp. | 7600 |  | 1333562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Chemical Co. Ltd. | 109100 |  | 320899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Corp. | 56100 |  | 1632002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Electric Industries Ltd. | 22400 |  | 816646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suzuki Motor Corp. | 7300 |  | 108981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. | 59500 |  | 1605757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Takeuchi Manufacturing Co. Ltd. | 3500 |  | 144297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electric Power Co. Holdings, Inc.\* | 70700 |  | 353320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tokyu Construction Co. Ltd. | 17500 |  | 119023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toyo Tire Corp. | 29400 |  | 803504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Corp. | 8265 |  | 168500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toyota Tsusho Corp. | 39800 |  | 1216537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tsugami Corp. | 3600 |  | 63807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valor Holdings Co. Ltd. | 5200 |  | 95189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zojirushi Corp. | 10800 |  | 116414 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33053643 |
| &nbsp;&nbsp; **Macau 0.4%** | &nbsp;&nbsp; **Macau 0.4%** | &nbsp;&nbsp; **Macau 0.4%** | &nbsp;&nbsp; **Macau 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galaxy Entertainment Group Ltd. | 257000 |  | 1280459 |
| &nbsp;&nbsp; **Mexico 0.2%** | &nbsp;&nbsp; **Mexico 0.2%** | &nbsp;&nbsp; **Mexico 0.2%** | &nbsp;&nbsp; **Mexico 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cemex SAB de CV, UTS | 203100 |  | 205959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fresnillo PLC | 9021 |  | 263802 |
|  |  |  | 469761 |
| &nbsp;&nbsp; **Netherlands 3.4%** | &nbsp;&nbsp; **Netherlands 3.4%** | &nbsp;&nbsp; **Netherlands 3.4%** | &nbsp;&nbsp; **Netherlands 3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV, 144A, CVA | 46698 |  | 1395275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argenx SE\* | 2061 |  | 1686861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV | 3201 |  | 3384448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV | 47795 |  | 1193426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize NV | 40560 |  | 1660145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koninklijke BAM Groep NV | 26475 |  | 245765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NN Group NV | 2212 |  | 151378 |
|  |  |  | 9717298 |
| &nbsp;&nbsp; **New Zealand 0.0%** | &nbsp;&nbsp; **New Zealand 0.0%** | &nbsp;&nbsp; **New Zealand 0.0%** | &nbsp;&nbsp; **New Zealand 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fisher & Paykel Healthcare Corp. Ltd. | 4225 |  | 89570 |
| &nbsp;&nbsp; **Nigeria 0.1%** | &nbsp;&nbsp; **Nigeria 0.1%** | &nbsp;&nbsp; **Nigeria 0.1%** | &nbsp;&nbsp; **Nigeria 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airtel Africa PLC, 144A | 88300 |  | 321119 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions International Equity Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** |
| &nbsp;&nbsp; **Norway 0.3%** | &nbsp;&nbsp; **Norway 0.3%** | &nbsp;&nbsp; **Norway 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA | 30831 | $738443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wallenius Wilhelmsen ASA | 17850 | 139603 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878046 |
| &nbsp;&nbsp; **Philippines 0.0%** | &nbsp;&nbsp; **Philippines 0.0%** | &nbsp;&nbsp; **Philippines 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Container Terminal Services, Inc. | 6490 | 58536 |
| &nbsp;&nbsp; **Poland 0.7%** | &nbsp;&nbsp; **Poland 0.7%** | &nbsp;&nbsp; **Poland 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Polska Kasa Opieki SA | 11353 | 581294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Powszechna Kasa Oszczednosci Bank Polski SA | 52000 | 1066170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Powszechny Zaklad Ubezpieczen SA | 15532 | 248343 |
|  |  | 1895807 |
| &nbsp;&nbsp; **Portugal 0.2%** | &nbsp;&nbsp; **Portugal 0.2%** | &nbsp;&nbsp; **Portugal 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NOS SGPS SA | 128951 | 558763 |
| &nbsp;&nbsp; **Qatar 0.3%** | &nbsp;&nbsp; **Qatar 0.3%** | &nbsp;&nbsp; **Qatar 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ooredoo QPSC | 228249 | 849430 |
| &nbsp;&nbsp; **Russia 0.0%** | &nbsp;&nbsp; **Russia 0.0%** | &nbsp;&nbsp; **Russia 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inter RAO UES PJSC\*^ | 13660000 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LUKOIL PJSC\*^ | 14283 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polyus PJSC\*^ | 14500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rosneft Oil Co. PJSC\*^ | 155425 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sberbank of Russia PJSC\*^ | 366709 | 1 |
|  |  | 18 |
| &nbsp;&nbsp; **Saudi Arabia 0.6%** | &nbsp;&nbsp; **Saudi Arabia 0.6%** | &nbsp;&nbsp; **Saudi Arabia 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Etihad Etisalat Co. | 15469 | 279084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rasan Information Technology Co.\* | 3296 | 96811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riyad Bank | 72075 | 523360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Aramco Base Oil Co. | 4750 | 122063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Telecom Co. | 55191 | 664865 |
|  |  | 1686183 |
| &nbsp;&nbsp; **Singapore 0.5%** | &nbsp;&nbsp; **Singapore 0.5%** | &nbsp;&nbsp; **Singapore 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd., ADR\* | 2500 | 390625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore Technologies Engineering Ltd. | 148000 | 964229 |
|  |  | 1354854 |
| &nbsp;&nbsp; **South Africa 0.1%** | &nbsp;&nbsp; **South Africa 0.1%** | &nbsp;&nbsp; **South Africa 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold Fields Ltd. | 3473 | 133905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telkom SA SOC Ltd. | 19380 | 54209 |
|  |  | 188114 |
| &nbsp;&nbsp; **South Korea 4.6%** | &nbsp;&nbsp; **South Korea 4.6%** | &nbsp;&nbsp; **South Korea 4.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APR Corp.\* | 3520 | 628962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hana Financial Group, Inc. | 18602 | 1114419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HD Hyundai Heavy Industries Co. Ltd. | 1089 | 458600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Mobis Co. Ltd. | 4035 | 892290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kangwon Land, Inc. | 4459 | 52791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KB Financial Group, Inc. | 12466 | 1017644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kia Corp. | 16298 | 1367054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea Gas Corp. | 3900 | 114022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meritz Financial Group, Inc. | 1482 | 114846 |

---

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund 59

------

PGIM Quant Solutions International Equity Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** |
| &nbsp;&nbsp; **South Korea (cont'd.)** | &nbsp;&nbsp; **South Korea (cont'd.)** | &nbsp;&nbsp; **South Korea (cont'd.)** | &nbsp;&nbsp; **South Korea (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. | 29265 | $| 2202958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Securities Co. Ltd. | 10374 |  | 561459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shinhan Financial Group Co. Ltd. | 26590 |  | 1365730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK Hynix, Inc. | 7954 |  | 3094850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Financial Group, Inc. | 10124 |  | 180224 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13165849 |
| &nbsp;&nbsp; **Spain 1.7%** | &nbsp;&nbsp; **Spain 1.7%** | &nbsp;&nbsp; **Spain 1.7%** | &nbsp;&nbsp; **Spain 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA | 116688 |  | 2350807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA | 94501 |  | 962983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CaixaBank SA | 122010 |  | 1289615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merlin Properties Socimi SA, REIT | 8825 |  | 137478 |
|  |  |  | 4740883 |
| &nbsp;&nbsp; **Sweden 1.7%** | &nbsp;&nbsp; **Sweden 1.7%** | &nbsp;&nbsp; **Sweden 1.7%** | &nbsp;&nbsp; **Sweden 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AcadeMedia AB, 144A | 14744 |  | 162819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ambea AB, 144A | 8448 |  | 113905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB (Class B Stock) | 11346 |  | 169727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Betsson AB (Class B Stock) | 18903 |  | 294596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clas Ohlson AB (Class B Stock) | 8154 |  | 297366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB (Class B Stock) | 2938 |  | 54831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor AB (Class B Stock) | 10956 |  | 360747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medcap AB\* | 1274 |  | 81585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saab AB (Class B Stock) | 11362 |  | 625211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sandvik AB | 16290 |  | 492601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB (Class A Stock) | 48636 |  | 634667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swedbank AB (Class A Stock) | 46891 |  | 1423649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson (Class B Stock) | 20412 |  | 207097 |
|  |  |  | 4918801 |
| &nbsp;&nbsp; **Switzerland 2.0%** | &nbsp;&nbsp; **Switzerland 2.0%** | &nbsp;&nbsp; **Switzerland 2.0%** | &nbsp;&nbsp; **Switzerland 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABB Ltd. | 32912 |  | 2446926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accelleron Industries AG | 4564 |  | 374115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galderma Group AG | 9241 |  | 1716166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sandoz Group AG | 4048 |  | 269908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG | 170 |  | 57467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG | 21691 |  | 830013 |
|  |  |  | 5694595 |
| &nbsp;&nbsp; **Taiwan 6.5%** | &nbsp;&nbsp; **Taiwan 6.5%** | &nbsp;&nbsp; **Taiwan 6.5%** | &nbsp;&nbsp; **Taiwan 6.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accton Technology Corp. | 19000 |  | 660758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asustek Computer, Inc. | 5000 |  | 112958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chenbro Micom Co. Ltd. | 8000 |  | 239054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Electronics, Inc. | 75000 |  | 2412290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eva Airways Corp. | 232000 |  | 272337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evergreen Marine Corp. Taiwan Ltd. | 166000 |  | 1041338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hon Hai Precision Industry Co. Ltd. | 99000 |  | 823421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pou Chen Corp. | 150000 |  | 142724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sigurd Microelectronics Corp.\* | 96000 |  | 324793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TaiDoc Technology Corp.\* | 37000 |  | 147808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. | 246000 |  | 11896483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wiwynn Corp. | 1000 |  | 141020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yang Ming Marine Transport Corp. | 203000 |  | 378729 |
|  |  |  | 18593713 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions International Equity Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** |
| &nbsp;&nbsp; **Thailand 0.3%** | &nbsp;&nbsp; **Thailand 0.3%** | &nbsp;&nbsp; **Thailand 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Info Service PCL | 88100 | $822955 |
| &nbsp;&nbsp; **Turkey 0.6%** | &nbsp;&nbsp; **Turkey 0.6%** | &nbsp;&nbsp; **Turkey 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aselsan Elektronik Sanayi Ve Ticaret A/S | 64421 | 311446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emlak Konut Gayrimenkul Yatirim Ortakligi A/S, REIT | 252210 | 120887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pegasus Hava Tasimaciligi A/S\* | 86800 | 432783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turk Hava Yollari AO | 112081 | 776122 |
|  |  | 1641238 |
| &nbsp;&nbsp; **United Arab Emirates 0.9%** | &nbsp;&nbsp; **United Arab Emirates 0.9%** | &nbsp;&nbsp; **United Arab Emirates 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emaar Properties PJSC | 402747 | 1558487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emirates NBD Bank PJSC | 113036 | 864785 |
|  |  | 2423272 |
| &nbsp;&nbsp; **United Kingdom 8.1%** | &nbsp;&nbsp; **United Kingdom 8.1%** | &nbsp;&nbsp; **United Kingdom 8.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3i Group PLC | 15485 | 896127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC | 4226 | 697073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B&M European Value Retail SA | 44100 | 104129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC | 257798 | 1382731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco PLC | 2366 | 121176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CK Hutchison Holdings Ltd. | 105500 | 699621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drax Group PLC | 58375 | 553260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Future PLC | 24450 | 197150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Halma PLC | 31902 | 1486584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC | 211070 | 2954864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IG Group Holdings PLC | 8375 | 122590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands PLC | 40511 | 1609678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Consolidated Airlines Group SA | 269798 | 1481174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kingfisher PLC | 35675 | 144683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC | 975021 | 1143201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC | 262803 | 2023193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ninety One PLC | 50125 | 152371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paragon Banking Group PLC | 14150 | 154102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce Holdings PLC | 194017 | 2985691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew PLC | 79045 | 1459647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered PLC | 65773 | 1350139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tesco PLC | 222399 | 1342105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WPP PLC | 22425 | 84737 |
|  |  | 23146026 |
| &nbsp;&nbsp; **United States 3.3%** | &nbsp;&nbsp; **United States 3.3%** | &nbsp;&nbsp; **United States 3.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BRP, Inc. | 2600 | 163094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carnival PLC\* | 9835 | 255512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSL Ltd. | 8256 | 962124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nestle SA | 7156 | 683745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novartis AG | 28144 | 3483148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG | 9880 | 3200334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shell PLC | 14561 | 545884 |
|  |  | 9293841 |
| &nbsp;&nbsp; **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $213,252,789) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270785871 |
| &nbsp;&nbsp; **PREFERRED STOCKS 0.7%** | &nbsp;&nbsp; **PREFERRED STOCKS 0.7%** | &nbsp;&nbsp; **PREFERRED STOCKS 0.7%** |
| &nbsp;&nbsp; **Brazil 0.6%** | &nbsp;&nbsp; **Brazil 0.6%** | &nbsp;&nbsp; **Brazil 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petroleo Brasileiro SA (PRFC) | 289300 | 1596005 |

---

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund 61

------

PGIM Quant Solutions International Equity Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | | | **Shares** | **Value** |
| &nbsp;&nbsp; **PREFERRED STOCKS (Continued)** | &nbsp;&nbsp; **PREFERRED STOCKS (Continued)** | &nbsp;&nbsp; **PREFERRED STOCKS (Continued)** | &nbsp;&nbsp; **PREFERRED STOCKS (Continued)** | &nbsp;&nbsp; **PREFERRED STOCKS (Continued)** |
| &nbsp;&nbsp; **South Korea 0.1%** | &nbsp;&nbsp; **South Korea 0.1%** | &nbsp;&nbsp; **South Korea 0.1%** | &nbsp;&nbsp; **South Korea 0.1%** | &nbsp;&nbsp; **South Korea 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. (PRFC) |  |  | 6505 | $383892 |
| &nbsp;&nbsp; **TOTAL PREFERRED STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $1,543,484) |  |  |  | 1979897 |
| &nbsp;&nbsp; **UNAFFILIATED EXCHANGE-TRADED FUNDS 1.9%** | &nbsp;&nbsp; **UNAFFILIATED EXCHANGE-TRADED FUNDS 1.9%** | &nbsp;&nbsp; **UNAFFILIATED EXCHANGE-TRADED FUNDS 1.9%** | &nbsp;&nbsp; **UNAFFILIATED EXCHANGE-TRADED FUNDS 1.9%** | &nbsp;&nbsp; **UNAFFILIATED EXCHANGE-TRADED FUNDS 1.9%** |
| &nbsp;&nbsp; **United States** | &nbsp;&nbsp; **United States** | &nbsp;&nbsp; **United States** | &nbsp;&nbsp; **United States** | &nbsp;&nbsp; **United States** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF(a) |  |  | 43700 | 4129213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI Emerging Markets ETF(a) |  |  | 26300 | 1454390 |
| &nbsp;&nbsp; **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $4,843,546) |  |  |  | 5583603 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $219,639,819) |  |  |  | 278349371 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 3.9%** | &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 3.9%** | &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 3.9%** | &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 3.9%** | &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 3.9%** |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS 3.8%** | &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS 3.8%** | &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS 3.8%** | &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS 3.8%** | &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS 3.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)(wb) |  |  | 5355272 | 5355272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $5,433,440; includes $5,428,200 of cash collateral for securities on loan)(b)(wb) |  |  | 5436702 | 5433440 |
| &nbsp;&nbsp; **TOTAL AFFILIATED MUTUAL FUNDS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $10,788,712) |  |  |  | 10788712 |
|  | **Interest** <br> **Rate** | **Maturity**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  |  |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATION(k)(n) 0.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills<br>(cost $298,693) | 3.957% | 12/11/25 | 300 | 298772 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $11,087,405) |  |  |  | 11087484 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 101.5%**<br> (cost $230,727,224) |  |  |  | 289436855 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (1.5)% |  |  |  | (4287402) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** | &nbsp;&nbsp; **NET ASSETS 100.0%** |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285149453 |

---

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

\* Non-income producing security.

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

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $373,822 and 0.1% of net assets.  |

---

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $5,298,305; cash collateral of $5,428,200 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

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

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

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

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

See Notes to Financial Statements.

------

PGIM Quant Solutions International Equity Fund

Schedule of Investments (continued)

as of October 31, 2025

#### Futures contracts outstanding at October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 34 | Mini MSCI EAFE Index | Dec. 2025 | $4772070 | $13522 |
| 34 | Mini MSCI Emerging Markets Index | Dec. 2025 | 2392920 | 70395 |
|  |  |  |  | $83917 |

---

#### 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**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and/or Foreign Currency**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Market Value**  |
|  GS | $– | $298772 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia | $— | $8784644 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Austria |  | 531515 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 1783593 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | 2609014 | 123869 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | 21793776 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; China | 1295588 | 28567405 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 596799 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Finland |  | 3968010 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; France |  | 19210766 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgia |  | 59164 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 14468015 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 1176425 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; India | 136864 | 14777517 | 373804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesia | 72306 | 330125 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ireland | 1125378 | 410818 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Israel |  | 3367735 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 8379967 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 33053643 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Macau |  | 1280459 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexico | 205959 | 263802 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 1660145 | 8057153 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Zealand |  | 89570 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nigeria |  | 321119 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Norway |  | 878046 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Philippines |  | 58536 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Poland |  | 1895807 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portugal |  | 558763 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Qatar | 849430 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Russia |  |  | 18 |

---

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund 63

------

PGIM Quant Solutions International Equity Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Common Stocks (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia | $— | $1686183 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore | 390625 | 964229 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South Africa |  | 188114 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea |  | 13165849 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 4740883 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 4918801 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 5694595 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 18593713 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Thailand |  | 822955 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkey |  | 1641238 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates | 864785 | 1558487 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 154102 | 22991924 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 163094 | 9130747 |  |
|  Preferred Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | 1596005 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea |  | 383892 |  |
|  Unaffiliated Exchange-Traded Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 5583603 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 10788712 |  |  |
|  U.S. Treasury Obligation |  | 298772 |  |
|  **Total** | $**49289386** | $**239773647** | $**373822** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $**83917** | $**—** | $**—** |

---

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

#### Industry Classification :
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Banks | 15.9 |
|  Semiconductors & Semiconductor Equipment | 6.9 |
|  Pharmaceuticals | 5.4 |
|  Metals & Mining | 5.1 |
|  Affiliated Mutual Funds (1.9% represents investments purchased withcollateral from securities on loan) | 3.8 |
|  Aerospace & Defense | 3.6 |
|  Insurance | 3.5 |
|  Oil, Gas & Consumable Fuels | 3.4 |
|  Capital Markets | 3.3 |
|  Electronic Equipment, Instruments & Components | 3.2 |
|  IT Services | 3.2 |
|  Automobiles | 2.5 |
|  Electrical Equipment | 2.5 |
|  Broadline Retail | 2.2 |
|  Unaffiliated Exchange-Traded Funds | 1.9 |
|  Consumer Staples Distribution & Retail | 1.9 |
|  Machinery | 1.9 |
|  Diversified Telecommunication Services | 1.8 |
|  Interactive Media & Services | 1.7 |
|  Trading Companies & Distributors | 1.7 |
|  Industrial Conglomerates | 1.6 |
|  Passenger Airlines | 1.5 |
|  Tobacco | 1.3 |

---

---

| | |
|:---|:---|
|  Automobile Components | 1.3 |
|  Entertainment | 1.2 |
|  Wireless Telecommunication Services | 1.1 |
|  Specialty Retail | 1.1 |
|  Electric Utilities | 1.1 |
|  Food Products | 1.1 |
|  Technology Hardware, Storage & Peripherals | 1.1 |
|  Health Care Providers & Services | 1 |
|  Marine Transportation | 1 |
|  Biotechnology | 0.9 |
|  Household Durables | 0.9 |
|  Financial Services | 0.9 |
|  Construction & Engineering | 0.8 |
|  Chemicals | 0.7 |
|  Hotels, Restaurants & Leisure | 0.7 |
|  Health Care Equipment & Supplies | 0.7 |
|  Multi-Utilities | 0.7 |
|  Real Estate Management & Development | 0.6 |
|  Gas Utilities | 0.6 |
|  Commercial Services & Supplies | 0.5 |
|  Communications Equipment | 0.4 |
|  Personal Care Products | 0.4 |
|  Consumer Finance | 0.4 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions International Equity Fund

Schedule of Investments (continued)

as of October 31, 2025

#### Industry Classification (continued) :

---

| | |
|:---|:---|
|  Textiles, Apparel & Luxury Goods | 0.4 |
|  Software | 0.3 |
|  Construction Materials | 0.3 |
|  Life Sciences Tools & Services | 0.2 |
|  Media | 0.2 |
|  Beverages | 0.2 |
|  Leisure Products | 0.2 |
|  Independent Power & Renewable Electricity Producers | 0.2 |
|  Containers & Packaging | 0.1 |
|  Professional Services | 0.1 |
|  Diversified REITs | 0.1 |
|  Diversified Consumer Services | 0.1 |
|  U.S. Treasury Obligation | 0.1 |

---

---

| | |
|:---|:---|
|  Residential REITs | 0.0 |
|  Energy Equipment & Services | 0.0 \* |
|  Retail REITs | 0.0 \* |
|  Transportation Infrastructure | 0.0 \* |
|  Household Products | 0.0 \* |
|  | 101.5 |
|  Liabilities in excess of other assets | (1.5) |
|  | 100.0% |

---

\* Less than 0.05% 

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

Fair values of derivative instruments as of October 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value**  | **Statement of**<br> **Assets and<br> Liabilities Location**  | **Fair**<br> **Value** | **Statement of**<br> **Assets and<br> Liabilities Location**  | **Fair<br> Value** |
|  Equity contracts | Due from/to broker-variation<br> margin futures | $83,917\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

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

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 2025 are as follows:

---

| | |
|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Futures** |
|  Equity contracts | $869095 |

---

---

| | |
|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** |
|  Equity contracts | $120942 |

---

For the year ended October 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Long Positions (1) | $4924477 |

---

\* Average volume is based on average quarter end balances for the year ended October 31, 2025.

(1) Notional Amount in USD.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Fund entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund 65

------

PGIM Quant Solutions International Equity Fund

Schedule of Investments (continued)

as of October 31, 2025

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market**<br> **Value of**<br> **Recognized<br> Assets/(Liabilities)**  | **Collateral<br> Pledged/(Received)(1)** | **Net <br>Amount** |
|  Securities on Loan | $5298305 | $(5298305) | $— |

---

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

See Notes to Financial Statements.

------

PGIM Quant Solutions International Equity Fund

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value, including securities on loan of $5,298,305: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $219,938,512) | $278648143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $10,788,712) | 10788712 |
| &nbsp;&nbsp; Foreign currency, at value (cost $788,088) | 784470 |
| &nbsp;&nbsp; Receivable for investments sold | 5800059 |
| &nbsp;&nbsp; Tax reclaim receivable | 991314 |
| &nbsp;&nbsp; Dividends and interest receivable | 491284 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 87097 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 2390 |
| &nbsp;&nbsp; **Total Assets** | 297593469 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 6490491 |
| &nbsp;&nbsp; Payable to broker for collateral for securities on loan | 5428200 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 176955 |
| &nbsp;&nbsp; Management fee payable | 125159 |
| &nbsp;&nbsp; Foreign capital gains tax liability accrued | 66915 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 59468 |
| &nbsp;&nbsp; Distribution fee payable | 43685 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 33419 |
| &nbsp;&nbsp; Due to broker—variation margin futures | 18700 |
| &nbsp;&nbsp; Directors' fees payable | 1024 |
| &nbsp;&nbsp; **Total Liabilities** | 12444016 |
| &nbsp;&nbsp; **Net Assets** | $285149453 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 197973811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 87175358 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $285149453 |

---

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund 67

------

PGIM Quant Solutions International Equity Fund

Statement of Assets & Liabilities (continued)

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A** |  |
| &nbsp;&nbsp; Net asset value and redemption price per share,<br> ($166,765,324 ÷ 16,723,604 shares of common stock issued and outstanding) | $9.97 |
| &nbsp;&nbsp; Maximum sales charge (5.50% of offering price) | 0.58 |
| &nbsp;&nbsp; Maximum offering price to public | $10.55 |
| &nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($1,378,556 ÷ 148,173 shares of common stock issued and outstanding) | $9.30 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($26,642,769 ÷ 2,637,914 shares of common stock issued and outstanding) | $10.10 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($90,362,804 ÷ 8,929,332 shares of common stock issued and outstanding) | $10.12 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions International Equity Fund

Statement of Operations

Year Ended October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Unaffiliated dividend income (net of $647,606 foreign withholding tax) | $6898030 |
| &nbsp;&nbsp; Affiliated dividend income | 146768 |
| &nbsp;&nbsp; Interest income | 24505 |
| &nbsp;&nbsp; Affiliated income from securities lending, net | 3434 |
| &nbsp;&nbsp; **Total income** | 7072737 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 1727893 |
| &nbsp;&nbsp; Distribution fee(a) | 457680 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $229,945)(a) | 471256 |
| &nbsp;&nbsp; Custodian and accounting fees | 173638 |
| &nbsp;&nbsp; Professional fees | 84110 |
| &nbsp;&nbsp; Shareholders' reports | 46030 |
| &nbsp;&nbsp; Audit fee | 31773 |
| &nbsp;&nbsp; Registration fees(a) | 24254 |
| &nbsp;&nbsp; Directors' fees | 12190 |
| &nbsp;&nbsp; Miscellaneous | 48885 |
| &nbsp;&nbsp; **Total expenses** | 3077709 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (332340) |
| &nbsp;&nbsp; **Net expenses** | 2745369 |
| &nbsp;&nbsp; Net investment income (loss) | 4327368 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $573) (net of foreign capital gains taxes $(51650)) | 30158449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 869095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (79060) |
|  | 30948484 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $(1)) (net of change in foreign capital gains taxes $283,417) | 32030466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 120942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 87570 |
|  | 32238978 |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | 63187462 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $67514830 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Z** | **Class R6** |
|  Distribution fee | 445632 | 12048 |  |  |
|  Transfer agent's fees and expenses | 432397 | 6851 | 29714 | 2294 |
|  Registration fees | 6689 | 3074 | 7056 | 7435 |
|  Fee waiver and/or expense reimbursement | (208008) | (1687) | (27314) | (95331) |

---

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund 69

------

PGIM Quant Solutions International Equity Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>October 31,** | **Year Ended<br>October 31,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $4327368 | $5524308 |
| &nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 30948484 | 16352958 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 32238978 | 27075139 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 67514830 | 48952405 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A | (4995356) | (5000495) |
| &nbsp;&nbsp; Class C | (28947) | (29693) |
| &nbsp;&nbsp; Class Z | (662835) | (508377) |
| &nbsp;&nbsp; Class R6 | (1351552) | (2045517) |
|  | (7038690) | (7584082) |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 70336561 | 11172730 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 6933542 | 7485544 |
| &nbsp;&nbsp; Cost of shares purchased | (44432939) | (41128779) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 32837164 | (22470505) |
| &nbsp;&nbsp; Total increase (decrease) | 93313304 | 18897818 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of year | 191836149 | 172938331 |
| &nbsp;&nbsp; End of year | $285149453 | $191836149 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions International Equity Fund

Financial Highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class A Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $7.86 | $6.33 | $5.76 | $8.59 | $6.74 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.14 | 0.20 | 0.17 | 0.18 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 2.26 | 1.60 | 0.62 | (2.14) | 1.78 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 2.40 | 1.80 | 0.79 | (1.96) | 1.96 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.29) | (0.27) | (0.22) | (0.24) | (0.11) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.63) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.29) | (0.27) | (0.22) | (0.87) | (0.11) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $9.97 | $7.86 | $6.33 | $5.76 | $8.59 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 31.75% | 29.03% | 13.91% | (25.11)% | 29.28% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $166765 | $139516 | $121357 | $119053 | $176479 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $148544 | $139142 | $130333 | $148834 | $176751 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.38% | 1.42% | 1.54% | 1.49% | 1.43% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.52% | 1.58% | 1.71% | 1.63% | 1.55% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.70% | 2.68% | 2.69% | 2.65% | 2.12% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 129% | 111% | 111% | 99% | 104% |

---

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

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

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

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

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund 71

------

PGIM Quant Solutions International Equity Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class C Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $7.35 | $5.93 | $5.42 | $8.13 | $6.38 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.04 | 0.10 | 0.07 | 0.09 | 0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 2.11 | 1.49 | 0.58 | (2.02) | 1.71 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 2.15 | 1.59 | 0.65 | (1.93) | 1.78 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.20) | (0.17) | (0.14) | (0.15) | (0.03) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.63) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.20) | (0.17) | (0.14) | (0.78) | (0.03) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $9.30 | $7.35 | $5.93 | $5.42 | $8.13 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 30.09% | 27.32% | 12.11% | (25.98)% | 27.89% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $1379 | $1109 | $1107 | $1319 | $2335 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $1205 | $1118 | $1279 | $1929 | $2444 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 2.61% | 2.69% | 3.12% | 2.73% | 2.61% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 2.75% | 3.55% | 3.29% | 2.87% | 2.73% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.45% | 1.38% | 1.13% | 1.43% | 0.84% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 129% | 111% | 111% | 99% | 104% |

---

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

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

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

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

See Notes to Financial Statements.

------

PGIM Quant Solutions International Equity Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class Z Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $7.96 | $6.41 | $5.83 | $8.68 | $6.81 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.18 | 0.23 | 0.21 | 0.22 | 0.22 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 2.28 | 1.62 | 0.62 | (2.16) | 1.79 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 2.46 | 1.85 | 0.83 | (1.94) | 2.01 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.32) | (0.30) | (0.25) | (0.28) | (0.14) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.63) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.32) | (0.30) | (0.25) | (0.91) | (0.14) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $10.10 | $7.96 | $6.41 | $5.83 | $8.68 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 32.28% | 29.60% | 14.49% | (24.82)% | 29.85% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $26643 | $13111 | $10955 | $11635 | $16562 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $19506 | $12718 | $12118 | $15433 | $17429 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.97% | 1.00% | 1.04% | 1.04% | 1.01% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.11% | 1.22% | 1.21% | 1.18% | 1.13% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.12% | 3.10% | 3.16% | 3.20% | 2.60% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 129% | 111% | 111% | 99% | 104% |

---

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

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

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

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

See Notes to Financial Statements.

PGIM Quant Solutions International Equity Fund 73

------

PGIM Quant Solutions International Equity Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $7.98 | $6.43 | $5.85 | $8.70 | $6.83 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.20 | 0.25 | 0.23 | 0.24 | 0.25 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 2.27 | 1.61 | 0.62 | (2.16) | 1.78 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 2.47 | 1.86 | 0.85 | (1.92) | 2.03 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.33) | (0.31) | (0.27) | (0.30) | (0.16) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.63) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.33) | (0.31) | (0.27) | (0.93) | (0.16) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $10.12 | $7.98 | $6.43 | $5.85 | $8.70 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 32.49% | 29.80% | 14.97% | (24.60)% | 29.96% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $90363 | $38100 | $39520 | $36684 | $59558 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $61131 | $42010 | $46208 | $51067 | $37941 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.78% | 0.78% | 0.78% | 0.78% | 0.78% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.94% | 0.98% | 0.97% | 0.96% | 0.94% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.27% | 3.29% | 3.53% | 3.38% | 2.92% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 129% | 111% | 111% | 99% | 104% |

---

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

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

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

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

See Notes to Financial Statements.

------

Notes to Financial Statements

**1.** **Organization** 

Prudential World Fund, Inc. (the "Registered Investment Company" or "RIC") is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The RIC is organized as a Maryland Corporation. These financial statements relate to the following series of the RIC: PGIM Jennison Emerging Markets Equity Opportunities Fund, PGIM Jennison Global Infrastructure Fund, PGIM Jennison Global Opportunities Fund, PGIM Jennison International Opportunities Fund and PGIM Quant Solutions International Equity Fund (each, a "Fund" and collectively, the "Funds"). The Funds are classified as diversified funds for purposes of the 1940 Act.

The Funds have the following investment objectives:

---

| | |
|:---|:---|
| **Fund**<br>| **Investment Objective**<br>|
|  PGIM Jennison Emerging Markets Equity Opportunities Fund<br> ("Jennison Emerging Markets Equity Opportunities") | Long-term growth of capital. |
|  PGIM Jennison Global Infrastructure Fund<br> ("Jennison Global Infrastructure") | Total return. |
|  PGIM Jennison Global Opportunities Fund<br> ("Jennison Global Opportunities ") | Long-term growth of capital. |
|  PGIM Jennison International Opportunities Fund<br> ("Jennison International Opportunities") | Long-term growth of capital. |
|  PGIM Quant Solutions International Equity Fund<br> ("Quant Solutions International Equity") | Long-term growth of capital. |

---

**2.** **Accounting Policies** 

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

The Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 exclusively impacted financial statement disclosures only and did not affect the Funds' financial position or performance. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance. The officers of the Funds, as listed in each Fund's Statement of Additional Information, act as each Fund's chief operating decision maker ("CODM"). The CODM has determined that each Fund has a single operating segment as the CODM monitors the operating results of each Fund as a whole and the Funds' long-term strategic asset allocation is pre-determined in accordance with the terms of their respective prospectus, based on a defined investment strategy which is executed by the Funds' subadviser.

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

*Securities Valuation:* The Funds hold securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange ("NYSE") is open for trading. As described in further detail below, the Funds' investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC's Board of Directors (the "Board") has approved the Funds' valuation policies and procedures for security valuation and designated PGIM Investments LLC ("PGIM Investments", the "Investment Manager" or the "Manager") as the "Valuation Designee," as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Funds investments. Pursuant to the Board's oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities of the Valuation Designee under Rule 2a-5. The valuation procedures permit the Funds to utilize independent pricing

------

Notes to Financial Statements (continued)

vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

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

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

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

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

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

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

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

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

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

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

Although the net assets of the Funds are presented at the foreign exchange rates and market values at the close of the period, the Funds do not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Funds do not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period unrealized and realized foreign currency gains (losses) are included in the reported net change in unrealized appreciation (depreciation) on investments and net realized gains (losses) on investment transactions on the Statements of Operations.

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

*Financial Futures Contracts:* A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Funds are required to deposit collateral with a futures commission merchant an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the "initial margin." Subsequent payments, known as "variation margin," are made or received by the Funds each day, equal to the change in the mark-to-market value of the futures contract. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

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

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

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

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

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

------

Notes to Financial Statements (continued)

*Equity and Mortgage Real Estate Investment Trusts (collectively "REITs"):* Certain Funds invested in REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from REITs during the period is estimated to be dividend income, capital gain or return of capital and recorded accordingly. When material, these estimates are adjusted periodically when the actual source of distributions is disclosed by the REITs.

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

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

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

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

---

| | |
|:---|:---|
| **Expected Distribution Schedule to Shareholders\*** | **Frequency** |
| &nbsp;&nbsp; **Each Fund other than Jennison Global Infrastructure:** |  |
| &nbsp;&nbsp; Net Investment Income | Annually |
| &nbsp;&nbsp; Short-Term Capital Gains | Annually |
| &nbsp;&nbsp; Long-Term Capital Gains | Annually |
| &nbsp;&nbsp; **Jennison Global Infrastructure:** |  |
| &nbsp;&nbsp; Net Investment Income | Quarterly |
| &nbsp;&nbsp; Short-Term Capital Gains | Annually |
| &nbsp;&nbsp; Long-Term Capital Gains | Annually |

---

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

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

**3.** **Agreements** 

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | |
|:---|:---|
| **Fund** | **Subadviser(s)** |
|  Jennison Emerging Markets Equity Opportunities | Jennison Associates LLC ("Jennison")(a wholly-owned subsidiary of PGIM, Inc.) |
|  Jennison Global Infrastructure | Jennison |
|  Jennison Global Opportunities | Jennison |
|  Jennison International Opportunities | Jennison |
|  Quant Solutions International Equity | PGIM Quantitative Solutions LLC ("PGIM Quantitative Solutions")(a wholly-owned subsidiary of PGIM, Inc.) |

---

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended October 31, 2025, the contractual and effective management fee rates were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Contractual Management Fee** | **Effective<br>Management Fee,<br>before any waiver<br>and/or expense<br>reimbursements** |
| &nbsp;&nbsp; Jennison Emerging Markets Equity Opportunities | 0.95% of the Fund's average daily net assets up to and including $5 billion; 0.925% of the Fund's average daily net assets exceeding $5 billion. | 0.95% |
| &nbsp;&nbsp; Jennison Global Infrastructure | 1.00% of average daily net assets up to $1 billion; 0.98% of average daily net assets from $1 billion to $3 billion; 0.96% of average daily net assets from $3 billion to $5 billion; 0.95% of average daily net assets from $5 billion to $10 billion; 0.94% of average daily net assets over $10 billion | 1.00 |
| &nbsp;&nbsp; Jennison Global Opportunities | 0.825% up to $1 billion of the Fund's average daily net assets; 0.800% over $1 billion to $5 billion of the Fund's average daily net assets; 0.780% over $5 billion to $10 billion of the Fund's average daily net assets; 0.770% over $10 billion of the Fund's average daily net assets. | 0.80 |
| &nbsp;&nbsp; Jennison International Opportunities | 0.825% up to $1 billion of the Fund's average daily net assets; 0.800% over $1 billion to $5 billion of the Fund's average daily net assets; 0.780% over $5 billion to $10 billion of the Fund's average daily net assets; 0.770% over $10 billion of the Fund's average daily net assets. | 0.80 |
| &nbsp;&nbsp; Quant Solutions International Equity | 0.75% of average daily net assets up to $2 billion; 0.70% of average daily net assets from $2 billion to $5 billion; 0.69% of average daily net assets over $5 billion | 0.75 |

---

The Manager has contractually agreed, through February 28, 2027, to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Fund Expense <br>Limitation** | **Class Expense <br>Limitation** |
| &nbsp;&nbsp; Jennison Emerging Markets Equity Opportunities - Class A | —% | 1.30% |
| &nbsp;&nbsp; Jennison Emerging Markets Equity Opportunities - Class C |  | 2.05 |
| &nbsp;&nbsp; Jennison Emerging Markets Equity Opportunities - Class Z |  | 1.05 |
| &nbsp;&nbsp; Jennison Emerging Markets Equity Opportunities - Class R6 |  | 0.98 |
| &nbsp;&nbsp; Jennison Global Infrastructure - Class A |  | 1.50 |
| &nbsp;&nbsp; Jennison Global Infrastructure - Class C |  | 2.25 |
| &nbsp;&nbsp; Jennison Global Infrastructure - Class Z |  | 1.17 |
| &nbsp;&nbsp; Jennison Global Infrastructure - Class R6 |  | 1.17 |
| &nbsp;&nbsp; Jennison Global Opportunities - Class A | 0.84 | 1.08 |

---

------

Notes to Financial Statements (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Fund Expense <br>Limitation** | **Class Expense <br>Limitation** | **Class Expense <br>Limitation** |
| &nbsp;&nbsp; Jennison Global Opportunities - Class C | 0.84% |  | % |
| &nbsp;&nbsp; Jennison Global Opportunities - Class Z | 0.84 |  |  |
| &nbsp;&nbsp; Jennison Global Opportunities - Class R2 | 0.84 | 1.34 | \*\* |
| &nbsp;&nbsp; Jennison Global Opportunities - Class R4 | 0.84 | 1.09 | \*\* |
| &nbsp;&nbsp; Jennison Global Opportunities - Class R6 | 0.84 |  |  |
| &nbsp;&nbsp; Jennison International Opportunities - Class A | 0.84 | 1.09 |  |
| &nbsp;&nbsp; Jennison International Opportunities - Class C | 0.84 | 1.90 | \*\*\* |
| &nbsp;&nbsp; Jennison International Opportunities - Class R | 0.84 | 1.48 | \*\*\* |
| &nbsp;&nbsp; Jennison International Opportunities - Class Z | 0.84 | 0.90 | \*\*\* |
| &nbsp;&nbsp; Jennison International Opportunities - Class R2 | 0.84 | 1.34 | \*\* |
| &nbsp;&nbsp; Jennison International Opportunities - Class R4 | 0.84 | 1.09 | \*\* |
| &nbsp;&nbsp; Jennison International Opportunities - Class R6 | 0.84 | 0.84 | \*\*\* |
| &nbsp;&nbsp; Quant Solutions International Equity - Class A |  | 1.45 |  |
| &nbsp;&nbsp; Quant Solutions International Equity - Class C |  | 2.69 |  |
| &nbsp;&nbsp; Quant Solutions International Equity - Class Z |  | 1.00 |  |
| &nbsp;&nbsp; Quant Solutions International Equity - Class R6 |  | 0.78 |  |

---

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

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

The RIC, on behalf of each Fund, has a distribution agreement with Prudential Investment Management Services LLC ("PIMS"), which acts as the distributor of the Class A, Class C, Class R, Class Z, Class R2, Class R4 and Class R6 shares of each Fund, as applicable. Each Fund compensates PIMS for distributing and servicing each Fund's Class A, Class C, Class R and Class R2 shares, as applicable, pursuant to the plans of distribution (the "Distribution Plans"), regardless of expenses actually incurred by PIMS.

Pursuant to the Distribution Plans, each Fund compensates PIMS for distribution related activities at an annual rate based on average daily net assets per class. PIMS has contractually agreed through February 28, 2027 to limit such fees on certain classes based on the average daily net assets. The distribution fees are accrued daily and payable monthly.

The Jennison Global Opportunities and Jennison International Opportunities Funds have adopted a Shareholder Services Plan with respect to Class R2 and Class R4 shares. Under the terms of the Shareholder Services Plan, Class R2 and Class R4 shares are authorized to compensate Prudential Mutual Fund Services LLC ("PMFS"), its affiliates or third-party service providers for services rendered to the shareholders of such Class R2 or Class R4 shares. The shareholder service fee is accrued daily and paid monthly, as applicable.

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Gross Distribution Fee** | **Net Distribution Fee** | **Shareholder Service Fee** |
| &nbsp;&nbsp; Jennison Emerging Markets Equity Opportunities - Class A | 0.30% | 0.25% | N/A% |
| &nbsp;&nbsp; Jennison Emerging Markets Equity Opportunities - Class C | 1.00 | 1.00 | N/A |
| &nbsp;&nbsp; Jennison Emerging Markets Equity Opportunities - Class Z | N/A | N/A | N/A |
| &nbsp;&nbsp; Jennison Emerging Markets Equity Opportunities - Class R6 | N/A | N/A | N/A |
| &nbsp;&nbsp; Jennison Global Infrastructure - Class A | 0.30 | 0.25 | N/A |
| &nbsp;&nbsp; Jennison Global Infrastructure - Class C | 1.00 | 1.00 | N/A |
| &nbsp;&nbsp; Jennison Global Infrastructure - Class Z | N/A | N/A | N/A |
| &nbsp;&nbsp; Jennison Global Infrastructure - Class R6 | N/A | N/A | N/A |
| &nbsp;&nbsp; Jennison Global Opportunities - Class A | 0.30 | 0.25 | N/A |
| &nbsp;&nbsp; Jennison Global Opportunities - Class C | 1.00 | 1.00 | N/A |
| &nbsp;&nbsp; Jennison Global Opportunities - Class Z | N/A | N/A | N/A |
| &nbsp;&nbsp; Jennison Global Opportunities - Class R2 | 0.25 | 0.25 | 0.10 |
| &nbsp;&nbsp; Jennison Global Opportunities - Class R4 | N/A | N/A | 0.10 |
| &nbsp;&nbsp; Jennison Global Opportunities - Class R6 | N/A | N/A | N/A |
| &nbsp;&nbsp; Jennison International Opportunities - Class A | 0.30 | 0.25 | N/A |
| &nbsp;&nbsp; Jennison International Opportunities - Class C | 1.00 | 1.00 | N/A |
| &nbsp;&nbsp; Jennison International Opportunities - Class R | 0.75 | 0.50 | N/A |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Gross Distribution Fee** | **Net Distribution Fee** | **Shareholder Service Fee** |
| &nbsp;&nbsp; Jennison International Opportunities - Class Z | N/A% | N/A% | N/A% |
| &nbsp;&nbsp; Jennison International Opportunities - Class R2 | 0.25 | 0.25 | 0.10 |
| &nbsp;&nbsp; Jennison International Opportunities - Class R4 | N/A | N/A | 0.10 |
| &nbsp;&nbsp; Jennison International Opportunities - Class R6 | N/A | N/A | N/A |
| &nbsp;&nbsp; Quant Solutions International Equity - Class A | 0.30 | 0.30 | N/A |
| &nbsp;&nbsp; Quant Solutions International Equity - Class C | 1.00 | 1.00 | N/A |
| &nbsp;&nbsp; Quant Solutions International Equity - Class Z | N/A | N/A | N/A |
| &nbsp;&nbsp; Quant Solutions International Equity - Class R6 | N/A | N/A | N/A |

---

The RIC, on behalf of Jennison Emerging Markets Equity Opportunities, Jennison Global Infrastructure, Jennison Global Opportunities and Jennison International Opportunities, has entered into brokerage commission recapture agreements with certain registered broker-dealers. Under the brokerage commission recapture program, a portion of the commission is returned to the Fund on whose behalf the trades were made. Commission recapture is paid solely to the Fund generating the applicable trades. Such amounts are included within realized gain (loss) on investment transactions presented in the Statement of Operations. For the reporting period ended October 31, 2025, brokerage commissions recaptured under these agreements was as follows:

---

| | |
|:---|:---|
| **Fund** | **Amount** |
| &nbsp;&nbsp; Jennison Emerging Markets Equity Opportunities | $15620 |
| &nbsp;&nbsp; Jennison Global Infrastructure | 1427 |
| &nbsp;&nbsp; Jennison Global Opportunities | 142582 |
| &nbsp;&nbsp; Jennison International Opportunities | 26941 |

---

For the year ended October 31, 2025, PIMS received front-end sales charges ("FESL") resulting from sales of certain class shares and contingent deferred sales charges ("CDSC") imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:

---

| | | |
|:---|:---|:---|
| **Fund** | **FESL** | **CDSC** |
| &nbsp;&nbsp; Jennison Emerging Markets Equity Opportunities - Class A | $40496 | $451 |
| &nbsp;&nbsp; Jennison Emerging Markets Equity Opportunities - Class C |  | 372 |
| &nbsp;&nbsp; Jennison Global Infrastructure - Class A | 44899 |  |
| &nbsp;&nbsp; Jennison Global Infrastructure - Class C |  | 24 |
| &nbsp;&nbsp; Jennison Global Opportunities - Class A | 728450 | 3922 |
| &nbsp;&nbsp; Jennison Global Opportunities - Class C |  | 16871 |
| &nbsp;&nbsp; Jennison International Opportunities - Class A | 136193 | 2280 |
| &nbsp;&nbsp; Jennison International Opportunities - Class C |  | 1711 |
| &nbsp;&nbsp; Quant Solutions International Equity - Class A | 30280 | 171 |
| &nbsp;&nbsp; Quant Solutions International Equity - Class C |  | 138 |

---

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

**4.** **Other Transactions with Affiliates** 

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

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

The Funds may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the year ended October 31, 2025, no Rule 17a-7 transactions were entered into by the Funds.

------

Notes to Financial Statements (continued)

**5.** **Portfolio Securities** 

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the year ended October 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** |
| &nbsp;&nbsp; Jennison Emerging Markets Equity Opportunities | $790908685 | $849915537 |
| &nbsp;&nbsp; Jennison Global Infrastructure | 45573228 | 36414130 |
| &nbsp;&nbsp; Jennison Global Opportunities | 7681625948 | 8821383844 |
| &nbsp;&nbsp; Jennison International Opportunities | 4163578220 | 4507857811 |
| &nbsp;&nbsp; Quant Solutions International Equity | 321376630 | 292867200 |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended October 31, 2025, is presented as follows:

#### Jennison Emerging Markets Equity Opportunities:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Year** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |  |
| $25938415 | $553761103 | $564759351 | $— | $— | $14940167 | 14940167 | $686690 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267711 | 1070088119 | 1039677839 | 5944 | (7143) | 31676792 | 31695809 | 234798<sup>(1)</sup> |  |
| $27206126 | $1623849222 | $1604437190 | $5944 | $(7143) | $46616959 |  | $921488 | $— |

---

#### Jennison Global Infrastructure:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning<br>of**<br> **Year** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,<br>End**<br> **of**<br> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |  |
| $1878083 | $36902156 | $36495925 | $— | $— | $2284314 | 2284314 | $39100 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 90056488 | 85906466 | 281 | 134 | 4150437 | 4152929 | 6416<sup>(1)</sup> |  |
| $1878083 | $126958644 | $122402391 | $281 | $134 | $6434751 |  | $45516 | $— |

---

#### Jennison Global Opportunities :

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Year** | **Cost of<br>Purchases** | **Proceeds**<br> **from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup>  |  |
| $126104871 | $3990974558 | $3973020538 | $— | $— | $144058891 | 144058891 | $5947148 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130312596 | 2382218825 | 2350171533 | (230) | (1999) | 162357659 | 162455133 | 188913<sup>(1)</sup> |  |
| $256417467 | $6373193383 | $6323192071 | $(230) | $(1999) | $306416550 |  | $6136061 | $— |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Jennison International Opportunities:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Year** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |  |
| $165326687 | $2940007470 | $2903301999 | $— | $— | $202032158 | 202032158 | $6828456 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> |  |
| 247183105 | 1786956190 | 1830753272 | 3234 | (1062) | 203388195 | 203510301 | 318064<sup>(1)</sup> |  |
| $412509792 | $4726963660 | $4734055271 | $3234 | $(1062) | $405420353 |  | $7146520 | $— |

---

#### Quant Solutions International Equity:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Year** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |  |
| $1614897 | $109637137 | $105896762 | $— | $— | $5355272 | 5355272 | $146768 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> |  |
| 1278839 | 62785570 | 58631541 | (1) | 573 | 5433440 | 5436702 | 3434<sup>(1)</sup> |  |
| $2893736 | $172422707 | $164528303 | $(1) | $573 | $10788712 |  | $150202 | $— |

---

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

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

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

**6.** **Distributions and Tax Information** 

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date. In order to present total distributable earnings (loss) and paid-in capital in excess of par on the Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to total distributable earnings (loss) and paid-in capital in excess of par for the Funds indicated below.

For the year ended October 31, 2025, the adjustments were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Total Distributable<br>Earnings (Loss)** | **Paid-in<br>Capital in<br>Excess of Par** |
| &nbsp;&nbsp; Jennison Emerging Markets Equity Opportunities | $— | $— |
| &nbsp;&nbsp; Jennison Global Infrastructure (a) | 97 | (97) |
| &nbsp;&nbsp; Jennison Global Opportunities (b) | 23672907 | (23672907) |
| &nbsp;&nbsp; Jennison International Opportunities |  |  |
| &nbsp;&nbsp; Quant Solutions International Equity |  |  |

---

(a) Prior Year Post-Financial Statement Adjustments

(b) Net Operating Loss

For the year ended October 31, 2025, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary<br>Income** | **Long-Term<br>Capital Gains** | **Tax Return<br>of Capital** | **Total Dividends<br>and Distributions** |
| &nbsp;&nbsp; Jennison Emerging Markets Equity Opportunities | $99297 | $— | $— | $99297 |
| &nbsp;&nbsp; Jennison Global Infrastructure | 767810 | 1829726 |  | 2597536 |
| &nbsp;&nbsp; Jennison Global Opportunities |  | 344426365 |  | 344426365 |
| &nbsp;&nbsp; Jennison International Opportunities | 4411181 |  |  | 4411181 |
| &nbsp;&nbsp; Quant Solutions International Equity | 7038690 |  |  | 7038690 |

---

------

Notes to Financial Statements (continued)

For the year ended October 31, 2024, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary<br>Income** | **Long-Term<br>Capital Gains** | **Tax Return<br>of Capital** | **Total Dividends<br>and Distributions** |
| &nbsp;&nbsp; Jennison Emerging Markets Equity Opportunities | $— | $— | $— | $— |
| &nbsp;&nbsp; Jennison Global Infrastructure | 525462 | 8655 |  | 534117 |
| &nbsp;&nbsp; Jennison Global Opportunities |  |  |  |  |
| &nbsp;&nbsp; Jennison International Opportunities | 4616830 |  |  | 4616830 |
| &nbsp;&nbsp; Quant Solutions International Equity | 7584082 |  |  | 7584082 |

---

For the year ended October 31, 2025, the Funds indicated below had the following amounts of accumulated undistributed earnings on a tax basis:

---

| | | |
|:---|:---|:---|
| **Fund** | **Undistributed<br>Ordinary**<br> **Income** | **Undistributed<br>Long-Term<br>Capital Gains** |
| &nbsp;&nbsp; Jennison Emerging Markets Equity Opportunities | $13681208 | $— |
| &nbsp;&nbsp; Jennison Global Infrastructure | 619704 | 2654798 |
| &nbsp;&nbsp; Jennison Global Opportunities |  | 1155577529 |
| &nbsp;&nbsp; Jennison International Opportunities | 9866217 |  |
| &nbsp;&nbsp; Quant Solutions International Equity | 11994493 | 19938807 |

---

The United States federal income tax basis of the Funds' investments and the net unrealized appreciation (depreciation) as of October 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Basis** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross**<br> **Unrealized**<br> **Depreciation** | **Net**<br> **Unrealized**<br> **Appreciation** |
| &nbsp;&nbsp; Jennison Emerging Markets Equity Opportunities | $527793604 | $172123618 | $(26717631) | $145405987 |
| &nbsp;&nbsp; Jennison Global Infrastructure | 54614336 | 12141072 | (830263) | 11310809 |
| &nbsp;&nbsp; Jennison Global Opportunities | 4510741328 | 2028169438 | (58854560) | 1969314878 |
| &nbsp;&nbsp; Jennison International Opportunities | 4144806010 | 1775534127 | (148690129) | 1626843998 |
| &nbsp;&nbsp; Quant Solutions International Equity | 234262943 | 68184537 | (12926708) | 55257829 |

---

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

For federal income tax purposes, the following Funds had an approximated capital loss carryforward as of October 31, 2025 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

---

| | | |
|:---|:---|:---|
| **Fund** | **Capital Loss<br>Carryforward** | **Capital Loss<br>Carryforward Utilized** |
| &nbsp;&nbsp; Jennison Emerging Markets Equity Opportunities | $409969000 | $109717000 |
| &nbsp;&nbsp; Jennison Global Infrastructure |  |  |
| &nbsp;&nbsp; Jennison Global Opportunities |  |  |
| &nbsp;&nbsp; Jennison International Opportunities | 631593000 | 656551000 |
| &nbsp;&nbsp; Quant Solutions International Equity |  | 4346000 |

---

The Funds indicated below elected to treat the below approximated losses as having been incurred in the following fiscal year (October 31, 2026).

---

| | | |
|:---|:---|:---|
| **Fund** | **Qualified Late-Year<br>Losses** | **Post-October<br>Capital Losses** |
| &nbsp;&nbsp; Jennison Emerging Markets Equity Opportunities | $— | $— |
| &nbsp;&nbsp; Jennison Global Infrastructure |  |  |
| &nbsp;&nbsp; Jennison Global Opportunities | 17777000 |  |
| &nbsp;&nbsp; Jennison International Opportunities |  |  |
| &nbsp;&nbsp; Quant Solutions International Equity |  |  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The Manager has analyzed the Funds' tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds' financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Funds' U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2025 are subject to such review.

**7.** **Capital and Ownership** 

The Jennison Emerging Markets Equity Opportunity Fund, Jennison Global Infrastructure Fund and Quant Solutions International Equity Fund offer Class A, Class C, Class Z and Class R6 shares. The Jennison Global Opportunities Fund offers Class A, Class C, Class Z, Class R2, Class R4 and Class R6 shares. The Jennison International Opportunities Fund offers Class A, Class C, Class R, Class Z, Class R2, Class R4 and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell those shares within 12 months of purchase are subject to a CDSC of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately eight years after purchase. Class R, Class Z, Class R2, Class R4 and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors

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

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

---

| | |
|:---|:---|
| **Fund** | **Number of Shares** |
| &nbsp;&nbsp; Jennison Emerging Markets Equity Opportunities - Class A | 25000000 |
| &nbsp;&nbsp; Jennison Emerging Markets Equity Opportunities - Class C | 65000000 |
| &nbsp;&nbsp; Jennison Emerging Markets Equity Opportunities - Class Z | 300000000 |
| &nbsp;&nbsp; Jennison Emerging Markets Equity Opportunities - Class T | 225000000 |
| &nbsp;&nbsp; Jennison Emerging Markets Equity Opportunities - Class R6 | 250000000 |
| &nbsp;&nbsp; Jennison Global Infrastructure - Class A | 20000000 |
| &nbsp;&nbsp; Jennison Global Infrastructure - Class C | 100000000 |
| &nbsp;&nbsp; Jennison Global Infrastructure - Class Z | 150000000 |
| &nbsp;&nbsp; Jennison Global Infrastructure - Class T | 115000000 |
| &nbsp;&nbsp; Jennison Global Infrastructure - Class R6 | 125000000 |
| &nbsp;&nbsp; Jennison Global Opportunities - Class A | 150000000 |
| &nbsp;&nbsp; Jennison Global Opportunities - Class C | 100000000 |
| &nbsp;&nbsp; Jennison Global Opportunities - Class Z | 2000000000 |
| &nbsp;&nbsp; Jennison Global Opportunities - Class R2 | 100000000 |
| &nbsp;&nbsp; Jennison Global Opportunities - Class R4 | 100000000 |
| &nbsp;&nbsp; Jennison Global Opportunities - Class R6 | 1000000000 |
| &nbsp;&nbsp; Jennison International Opportunities - Class A | 150000000 |
| &nbsp;&nbsp; Jennison International Opportunities - Class C | 100000000 |
| &nbsp;&nbsp; Jennison International Opportunities - Class R | 100000000 |
| &nbsp;&nbsp; Jennison International Opportunities - Class Z | 2000000000 |
| &nbsp;&nbsp; Jennison International Opportunities - Class R2 | 100000000 |
| &nbsp;&nbsp; Jennison International Opportunities - Class R4 | 100000000 |
| &nbsp;&nbsp; Jennison International Opportunities - Class R6 | 1000000000 |
| &nbsp;&nbsp; Quant Solutions International Equity - Class A | 100000000 |
| &nbsp;&nbsp; Quant Solutions International Equity - Class B | 5000000 |
| &nbsp;&nbsp; Quant Solutions International Equity - Class C | 100000000 |
| &nbsp;&nbsp; Quant Solutions International Equity - Class Z | 180000000 |
| &nbsp;&nbsp; Quant Solutions International Equity - Class T | 135000000 |
| &nbsp;&nbsp; Quant Solutions International Equity - Class R6 | 180000000 |

---

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

As of October 31, 2025, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of each Fund as

------

Notes to Financial Statements (continued)

follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of Shares** | **Percentage of**<br> **Outstanding Shares** |
| &nbsp;&nbsp; Jennison Emerging Markets Equity Opportunities–Class Z | 86975 | 0.6% |
| &nbsp;&nbsp; Jennison Emerging Markets Equity Opportunities–Class R6 | 362680 | 2.6 |
| &nbsp;&nbsp; Jennison Global Infrastructure–Class R6 | 514793 | 85.1 |
| &nbsp;&nbsp; Jennison Global Opportunities –Class Z | 22446 | 0.1 |
| &nbsp;&nbsp; Jennison Global Opportunities –Class R2 | 571 | 0.2 |
| &nbsp;&nbsp; Jennison Global Opportunities –Class R4 | 570 | 5.5 |
| &nbsp;&nbsp; Jennison International Opportunities–Class Z | 19815 | 0.1 |
| &nbsp;&nbsp; Jennison International Opportunities–Class R2 | 663 | 0.2 |
| &nbsp;&nbsp; Jennison International Opportunities–Class R4 | 663 | 0.2 |
| &nbsp;&nbsp; Jennison International Opportunities–Class R6 | 1647661 | 3.4 |
| &nbsp;&nbsp; Quant Solutions International Equity–Class Z | 11143 | 0.4 |
| &nbsp;&nbsp; Quant Solutions International Equity–Class R6 | 7925888 | 88.8 |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of<br>Shareholders** | **Percentage of<br>Outstanding Shares** |
| &nbsp;&nbsp; **Affiliated:** |  |  |
| &nbsp;&nbsp; Jennison Emerging Markets Equity Opportunities |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—% |
| &nbsp;&nbsp; Jennison Global Infrastructure | 1 | 12.8 |
| &nbsp;&nbsp; Jennison Global Opportunities |  |  |
| &nbsp;&nbsp; Jennison International Opportunities |  |  |
| &nbsp;&nbsp; Quant Solutions International Equity | 2 | 28.1 |
| &nbsp;&nbsp; **Unaffiliated:** |  |  |
| &nbsp;&nbsp; Jennison Emerging Markets Equity Opportunities | 6 | 81.9 |
| &nbsp;&nbsp; Jennison Global Infrastructure | 4 | 72.6 |
| &nbsp;&nbsp; Jennison Global Opportunities | 6 | 77.4 |
| &nbsp;&nbsp; Jennison International Opportunities | 8 | 85.2 |
| &nbsp;&nbsp; Quant Solutions International Equity | 2 | 20.4 |

---

Transactions in shares of common stock were as follows:

#### Jennison Emerging Markets Equity Opportunities:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 319164 | $5663038 |
| &nbsp;&nbsp; Shares purchased | (499771) | (8890318) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (180607) | (3227280) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 47246 | 837048 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (60588) | (1080416) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (193949) | $(3470648) |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 450285 | $6913899 |
| &nbsp;&nbsp; Shares purchased | (609502) | (9219159) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (159217) | (2305260) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 20740 | 312670 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (137639) | (2168467) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (276116) | $(4161057) |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Jennison Emerging Markets Equity Opportunities (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 31984 | $534886 |
| &nbsp;&nbsp; Shares purchased | (40624) | (669853) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (8640) | (134967) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (16569) | (271971) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (25209) | $(406938) |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 31092 | $423233 |
| &nbsp;&nbsp; Shares purchased | (72683) | (1031765) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (41591) | (608532) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (22935) | (328749) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (64526) | $(937281) |
| &nbsp;&nbsp; **Class Z** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 3982583 | $72134059 |
| &nbsp;&nbsp; Shares purchased | (5817543) | (105204758) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (1834960) | (33070699) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 117061 | 2213163 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (36774) | (667394) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (1754673) | $(31524930) |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 6748483 | $109362353 |
| &nbsp;&nbsp; Shares purchased | (9161873) | (142792973) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (2413390) | (33430620) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 172875 | 2760020 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (63768) | (1043467) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (2304283) | $(31714067) |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 8762643 | $157171606 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 5473 | 99283 |
| &nbsp;&nbsp; Shares purchased | (10302927) | (186371655) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (1534811) | (29100766) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 31974 | 587150 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (84217) | (1617580) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (1587054) | $(30131196) |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 3211798 | $50030678 |
| &nbsp;&nbsp; Shares purchased | (7185286) | (112336504) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (3973488) | (62305826) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 60567 | 1006686 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (34752) | (538693) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (3947673) | $(61837833) |

---

------

Notes to Financial Statements (continued)

#### Jennison Global Infrastructure:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 96737 | $1691678 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 35475 | 580128 |
| &nbsp;&nbsp; Shares purchased | (199387) | (3525326) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (67175) | (1253520) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 23479 | 397400 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (2973) | (51039) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (46669) | $(907159) |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 21904 | $344282 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 6961 | 111287 |
| &nbsp;&nbsp; Shares purchased | (97641) | (1515448) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (68776) | (1059879) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 36577 | 546722 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (10254) | (156769) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (42453) | $(669926) |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 20024 | $348117 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 5878 | 93075 |
| &nbsp;&nbsp; Shares purchased | (12888) | (216834) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 13014 | 224358 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (24763) | (409826) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (11749) | $(185468) |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 7890 | $123483 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 688 | 10822 |
| &nbsp;&nbsp; Shares purchased | (22691) | (336176) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (14113) | (201871) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (41123) | (605369) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (55236) | $(807240) |
| &nbsp;&nbsp; **Class Z** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1130352 | $20789719 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 75533 | 1246015 |
| &nbsp;&nbsp; Shares purchased | (386604) | (6559159) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 819281 | 15476575 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 3700 | 63465 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 822981 | $15540040 |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 725278 | $11577424 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 15397 | 246097 |
| &nbsp;&nbsp; Shares purchased | (471663) | (7354887) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 269012 | 4468634 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 13956 | 215416 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (120233) | (2065156) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 162735 | $2618894 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Jennison Global Infrastructure (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 166829 | $2839022 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 40646 | 666006 |
| &nbsp;&nbsp; Shares purchased | (358099) | (6071268) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (150624) | $(2566240) |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 284924 | $4418488 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 10029 | 160554 |
| &nbsp;&nbsp; Shares purchased | (391432) | (5975346) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (96479) | (1396304) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 120233 | 2065156 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 23754 | $668852 |

---

#### Jennison Global Opportunities :

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1546193 | $69070472 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 722813 | 33393961 |
| &nbsp;&nbsp; Shares purchased | (2887581) | (129444955) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (618575) | (26980522) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 1032239 | 45997463 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (569707) | (25569384) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (156043) | $(6552443) |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 2154472 | $90394477 |
| &nbsp;&nbsp; Shares purchased | (2723638) | (115243189) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (569166) | (24848712) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 1163940 | 49566364 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (395404) | (17204263) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 199370 | $7513389 |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 507855 | $20202319 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 402421 | 16519361 |
| &nbsp;&nbsp; Shares purchased | (1120259) | (44200467) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (209983) | (7478787) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (1065594) | (42096978) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (1275577) | $(49575765) |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 736123 | $27948533 |
| &nbsp;&nbsp; Shares purchased | (984612) | (37647339) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (248489) | (9698806) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (938643) | (35733926) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (1187132) | $(45432732) |

---

------

Notes to Financial Statements (continued)

#### Jennison Global Opportunities (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class Z** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 12861317 | $584564000 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 3343292 | 159073810 |
| &nbsp;&nbsp; Shares purchased | (23486857) | (1075901683) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (7282248) | (332263873) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 648699 | 30077642 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (326154) | (15084824) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (6959703) | $(317271055) |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 17136074 | $746363657 |
| &nbsp;&nbsp; Shares purchased | (15560987) | (681094257) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 1575087 | 65269400 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 519149 | 22963081 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (1748191) | (81154583) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 346045 | $7077898 |
| &nbsp;&nbsp; **Class R2** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 21472 | $967314 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 19406 | 902989 |
| &nbsp;&nbsp; Shares purchased | (59115) | (2673028) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (18237) | $(802725) |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 29075 | $1263230 |
| &nbsp;&nbsp; Shares purchased | (48036) | (2013166) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (18961) | $(749936) |
| &nbsp;&nbsp; **Class R4** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1807 | $83109 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 640 | 30299 |
| &nbsp;&nbsp; Shares purchased | (5246) | (250686) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (2799) | $(137278) |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 1752 | $78584 |
| &nbsp;&nbsp; Shares purchased | (484) | (23137) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1268 | $55447 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 9516809 | $439941140 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2710896 | 130339896 |
| &nbsp;&nbsp; Shares purchased | (21514446) | (999653268) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (9286741) | (429372232) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 215185 | 10133771 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (72059) | (3457690) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (9143615) | $(422696151) |

---

------

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 9885925 | $440309472 |
| &nbsp;&nbsp; Shares purchased | (18225373) | (804789088) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (8339448) | (364479616) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 1355768 | 64512150 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (66181) | (2948823) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (7049861) | $(302916289) |

---

#### Jennison International Opportunities:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1162960 | $37453228 |
| &nbsp;&nbsp; Shares purchased | (1169867) | (37181413) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (6907) | 271815 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 202369 | 6555412 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (186565) | (6055944) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 8897 | $771283 |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 1328695 | $39147874 |
| &nbsp;&nbsp; Shares purchased | (1216391) | (35853128) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 112304 | 3294746 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 280468 | 8296188 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (449941) | (13656985) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (57169) | $(2066051) |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 86320 | $2497507 |
| &nbsp;&nbsp; Shares purchased | (154213) | (4405621) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (67893) | (1908114) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (53105) | (1536266) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (120998) | $(3444380) |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 109487 | $2937905 |
| &nbsp;&nbsp; Shares purchased | (204195) | (5447001) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (94708) | (2509096) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (68294) | (1799492) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (163002) | $(4308588) |
| &nbsp;&nbsp; **Class R** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 684783 | $20747127 |
| &nbsp;&nbsp; Shares purchased | (1668710) | (52617066) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (983927) | $(31869939) |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 85528 | $2546799 |
| &nbsp;&nbsp; Shares purchased | (1873050) | (54620518) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (1787522) | $(52073719) |

---

------

Notes to Financial Statements (continued)

#### Jennison International Opportunities (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class Z** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 28980776 | $937817116 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 71349 | 2162599 |
| &nbsp;&nbsp; Shares purchased | (30374924) | (989142280) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (1322799) | (49162565) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 1034040 | 32667443 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (245198) | (8132540) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (533957) | $(24627662) |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 26480357 | $798325813 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 85081 | 2377160 |
| &nbsp;&nbsp; Shares purchased | (27432735) | (818893411) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (867297) | (18190438) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 694317 | 21574995 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (1462434) | (46219722) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (1635414) | $(42835165) |
| &nbsp;&nbsp; **Class R2** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 99674 | $3180715 |
| &nbsp;&nbsp; Shares purchased | (137936) | (4439692) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (38262) | (1258977) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (604) | (21003) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (38866) | $(1279980) |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 130139 | $3827247 |
| &nbsp;&nbsp; Shares purchased | (158218) | (4812767) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (28079) | $(985520) |
| &nbsp;&nbsp; **Class R4** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 42991 | $1383023 |
| &nbsp;&nbsp; Shares purchased | (152596) | (4980044) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (109605) | $(3597021) |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 245484 | $7562424 |
| &nbsp;&nbsp; Shares purchased | (255757) | (7733787) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (10273) | $(171363) |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 11705631 | $380572510 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 72074 | 2190314 |
| &nbsp;&nbsp; Shares purchased | (19582067) | (641411994) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (7804362) | (258649170) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 155247 | 5167919 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (909560) | (28645021) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (8558675) | $(282126272) |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 14694149 | $446335168 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 78328 | 2194755 |
| &nbsp;&nbsp; Shares purchased | (16163380) | (489563780) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (1390903) | (41033857) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 1280718 | 40859112 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (288557) | (9054096) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (398742) | $(9228841) |
| Quant Solutions International Equity: |  |  |
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 462211 | $3971982 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 662637 | 4903516 |
| &nbsp;&nbsp; Shares purchased | (2072586) | (17712870) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (947738) | (8837372) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 9362 | 78181 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (78409) | (667909) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (1016785) | $(9427100) |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 155805 | $1154222 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 724772 | 4913951 |
| &nbsp;&nbsp; Shares purchased | (2197115) | (16338800) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (1316538) | (10270627) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 27672 | 196631 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (133284) | (991356) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (1422150) | $(11065352) |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 48497 | $411416 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 4145 | 28934 |
| &nbsp;&nbsp; Shares purchased | (34078) | (288012) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 18564 | 152338 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (21261) | (177249) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (2697) | $(24911) |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 10216 | $71872 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 4632 | 29693 |
| &nbsp;&nbsp; Shares purchased | (21216) | (142746) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (6368) | (41181) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (29465) | (196631) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (35833) | $(237812) |
| &nbsp;&nbsp; **Class Z** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1696741 | $14459866 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 86953 | 649541 |
| &nbsp;&nbsp; Shares purchased | (989034) | (8032795) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 794660 | 7076612 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 202615 | 1660957 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (6128) | (47616) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 991147 | $8689953 |

---

------

Notes to Financial Statements (continued)

#### Quant Solutions International Equity (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 94501 | $704240 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 72571 | 496383 |
| &nbsp;&nbsp; Shares purchased | (335304) | (2472767) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (168232) | (1272144) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 112729 | 847195 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (6122) | (45611) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (61625) | $(470560) |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 6220200 | $51493297 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 180931 | 1351551 |
| &nbsp;&nbsp; Shares purchased | (2137603) | (18399262) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 4263528 | 34445586 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 12681 | 106431 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (120937) | (952795) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 4155272 | $33599222 |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 1247045 | $9242396 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 299052 | 2045517 |
| &nbsp;&nbsp; Shares purchased | (2946939) | (22174466) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (1400842) | (10886553) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 25247 | 189772 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (1375595) | $(10696781) |

---

8. Borrowings

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

---

| | | |
|:---|:---|:---|
|  | **Current SCA** | **Prior SCA** |
|  **Term of Commitment** | 9/26/2025 - 9/24/2026 | 9/27/2024 - 9/25/2025 |
|  **Total Commitment** | $1200000000 | $1200000000 |
|  **Annualized Commitment Fee on the**<br> **Unused Portion of the SCA** | 0.15% | 0.15% |
|  **Annualized Interest Rate on**<br> **Borrowings** | 1.00% plus the higher of (1)<br>the effective federal funds<br>rate, (2) the daily SOFR<br>rate plus 0.10% or (3) zero<br>percent | 1.00% plus the higher of (1)<br>the effective federal funds<br>rate, (2) the daily SOFR<br>rate plus 0.10% or (3) zero<br>percent |

---

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

The Funds indicated below utilized the SCA during the year ended October 31, 2025. The average balance outstanding is for the

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

number of days the Funds utilized the SCA.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Average<br>Balance<br>Outstanding** | **Weighted<br>Average<br>Interest Rates** | **Number<br>of Days<br>Outstanding** | **Maximum<br>Balance<br>Outstanding** | **Balance <br>Outstanding at <br>October 31, 2025** |
| Jennison Emerging Markets Equity Opportunities | $861400 | 5.44% | 5 | $1875000 | $— |
| Jennison Global Infrastructure | 369636 | 5.43 | 11 | 1016000 |  |
| Jennison International Opportunities | 1047000 | 5.39 | 4 | 1047000 |  |

---

9. Risks of Investing in the Funds

Each Fund's principal risks include, but are not limited to, some or all of the risks discussed below. For further information on the risks applicable to any given Fund, please refer to the Prospectus and Statement of Additional Information of that Fund.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Risks** | **Jennison**<br>**Emerging Markets**<br>**Equity<br>Opportunities** | **Jennison**<br>**Global**<br>**Infrastructure** | **Jennison<br>Global**<br> **Opportunities** | **Jennison<br>International**<br> **Opportunities** | **Quant Solutions <br>International <br>Equity** |
| &nbsp;&nbsp; Blend Style |  | X |  |  |  |
| &nbsp;&nbsp; Core Style |  |  |  |  | X |
| &nbsp;&nbsp; Country | X | X | X | X |  |
| &nbsp;&nbsp; Currency | X | X | X | X | X |
| &nbsp;&nbsp; Distribution |  | X |  |  |  |
| &nbsp;&nbsp; Economic and Market Events | X | X | X | X | X |
| &nbsp;&nbsp; Emerging Markets | X | X | X | X | X |
| &nbsp;&nbsp; Equity and Equity-Related Securities | X | X | X | X | X |
| &nbsp;&nbsp; Foreign Securities | X | X | X | X | X |
| &nbsp;&nbsp; Geographic Concentration | X |  | X | X | X |
| &nbsp;&nbsp; Growth Style | X |  | X | X |  |
| &nbsp;&nbsp; Increase in Expenses | X | X | X | X | X |
| &nbsp;&nbsp; Infrastructure Companies |  | X |  |  |  |
| &nbsp;&nbsp; Investments in China | X |  |  |  |  |
| &nbsp;&nbsp; Large Shareholder and Large Scale Redemption | X | X | X | X | X |
| &nbsp;&nbsp; Liquidity |  | X | X | X | X |
| &nbsp;&nbsp; Management | X | X | X | X | X |
| &nbsp;&nbsp; Market Capitalization | X | X | X | X | X |
| &nbsp;&nbsp; Market Disruption and Geopolitical | X | X | X | X | X |
| &nbsp;&nbsp; Market | X | X | X | X | X |
| &nbsp;&nbsp; Master Limited Partnerships |  | X |  |  |  |
| &nbsp;&nbsp; Portfolio Turnover | X |  | X |  | X |
| &nbsp;&nbsp; Real Estate Investment Trust |  | X |  |  |  |
| &nbsp;&nbsp; Sector Exposure | X |  | X | X | X |

---

*Blend Style Risk:* The Fund's blend investment style may subject the Fund to risks of both value and growth investing. The portion of the Fund's portfolio that makes investments pursuant to a growth strategy may be subject to above-average fluctuations as a result of seeking higher than average capital growth. The portion of the Fund's portfolio that makes investments pursuant to a value strategy may be subject to the risk that the market may not recognize a security's intrinsic value for long periods of time or at all, or that a stock judged to be undervalued may actually be appropriately priced. Growth and value stocks have historically produced similar long-term results, though each category has periods when it outperforms the other. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. If the Fund's assessment of market conditions or a company's value is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Therefore, both styles may over time go in and out of favor with the markets. At times when a style is out of favor, that portion of the portfolio may lag the other portion of the portfolio, which may cause the Fund to underperform the market in general, its benchmark, and have a notable impact on settlement performance and other mutual funds.

*Core Style Risk:* The Fund's core investment style may subject the Fund to risks of both value and growth investing. The portion of the Fund's portfolio that makes investments pursuant to a growth strategy may be subject to above-average fluctuations as a result of seeking higher than average capital growth. The portion of the Fund's portfolio that makes investments pursuant to a value strategy may be subject to the risk that the market may not recognize a security's intrinsic value for long periods of time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. If the Fund's assessment of market conditions or a company's value is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds.

------

Notes to Financial Statements (continued)

Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Therefore, both styles may over time go in and out of favor with the markets. At times when a style is out of favor, that portion of the portfolio may lag the other portion of the portfolio, which may cause the Fund to underperform the market in general, its benchmark and other mutual funds. Growth and value stocks have historically produced similar long-term results, though each category has periods when it outperforms the other.

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

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

*Distribution Risk:* The Fund's distributions may consist of net investment income, if any, and net realized gains, if any, from the sale of investments and/or return of capital. The Fund will provide to shareholders early in each calendar year the final tax character of the Fund's distributions for the previous year. Also, at such time that the Fund distribution is expected to be from sources other than current or accumulated net income, a notice to shareholders may be required.

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

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

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

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

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

*Infrastructure Companies Risk:* Securities of infrastructure companies are more susceptible to adverse economic, social, political and regulatory occurrences than securities of companies in other industries. Infrastructure companies may be subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, high leverage, costs associated with environmental and other regulations, the level of government spending on infrastructure projects, the effects of economic slowdown, surplus capacity, technological changes, casualty losses, insufficient supply of necessary resources, increased competition from other providers of similar services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Certain infrastructure companies may operate in limited areas or have few sources of revenue.

Infrastructure companies may also be affected by or subject to:

◾ regulation by various government authorities, including regulation of rates charged to customers;

◾ service interruption due to environmental, operational or other mishaps as well as political and social unrest;

◾ the imposition of special tariffs and changes in tax laws and accounting standards; and

◾ general changes in market sentiment towards the assets of infrastructure companies.

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

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

Chinese companies, including Chinese companies that are listed on U.S. exchanges, are not subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in more developed countries, and as a result, information about

------

Notes to Financial Statements (continued)

the Chinese securities in which the Fund invests may be less reliable or complete. There may be significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies and shareholders may have limited legal remedies.

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

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

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

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

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

Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests.

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

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Master Limited Partnerships Risk:* The risks of investing in an MLP are generally those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded investors in an MLP than investors in a corporation. Investments held by MLPs may be relatively illiquid, limiting the MLPs' ability to vary their portfolios promptly in response to changes in economic or other conditions. MLPs may have limited financial resources, their securities may trade infrequently and in limited volume, and they may be subject to more abrupt or erratic price movements than securities of larger or more broadly-based companies. The Fund's investment in MLPs also subjects the Fund to the risks associated with the specific industry or industries in which the MLPs invest, risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP's general partner, cash flow risks, dilution risks and risks related to the general partner's right to require unit-holders to sell their common units at an undesirable time or price. MLPs are generally considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns. Since MLPs generally conduct business in multiple states, the Fund may be subject to income or franchise tax in each of the states in which the partnership does business. The additional cost of preparing and filing the tax returns and paying the related taxes may adversely impact the Fund's return on its investment in MLPs.

*Portfolio Turnover Risk*: The Fund may engage in active and frequent trading leading to an increased portfolio turnover rate. Under certain market conditions, the Fund's turnover rate may be higher than that of other funds. Portfolio turnover generally involves some expense to the Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities. These transactions may result in realization of taxable capital gains. The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund's investment performance.

*Real Estate Investment Trust ("REIT") Risk:* Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of any credit extended. REITs are dependent upon management skills, may not be diversified geographically or by property/mortgage asset type, and are subject to heavy cash flow dependency, default by borrowers and self-liquidation. REITs may be more volatile and/or more illiquid than other types of equity securities. REITs (especially mortgage REITs) are subject to interest rate risks. REITs may incur significant amounts of leverage. The Fund will indirectly bear a portion of the expenses, including management fees, paid by each REIT in which it invests, in addition to the expenses of the Fund.

REITs must also meet certain requirements under the Internal Revenue Code of 1986, as amended (the Code) to avoid entity level tax and be eligible to pass-through certain tax attributes of their income to shareholders. REITs are consequently subject to the risk of failing to meet these requirements for favorable tax treatment and of failing to maintain their exemptions from registration under the Investment Company Act of 1940. REITs are subject to the risks of changes in the Code affecting their tax status.

*Sector Exposure Risk:* At times, the Fund may have a significant portion of its assets invested in the same economic sector. Issuers in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

10. Recent Accounting Pronouncement and Regulatory Developments

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – "Improvements to Income Taxes Disclosures", which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management has evaluated the impact and does not expect the ASU to have a material impact on the financial statements.

11. Subsequent Event

Each Fund's management evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of October 31, 2025.

------

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Prudential World Fund, Inc. and Shareholders of PGIM Jennison Emerging Markets Equity Opportunities Fund, PGIM Jennison Global Infrastructure Fund, PGIM Jennison Global Opportunities Fund, PGIM Jennison International Opportunities Fund and PGIM Quant Solutions International Equity Fund

*Opinions on the Financial Statements* 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of PGIM Jennison Emerging Markets Equity Opportunities Fund, PGIM Jennison Global Infrastructure Fund, PGIM Jennison Global Opportunities Fund, PGIM Jennison International Opportunities Fund and PGIM Quant Solutions International Equity Fund (five of the funds constituting Prudential World Fund, Inc., hereafter collectively referred to as the "Funds") as of October 31, 2025, the related statements of operations for the year ended October 31, 2025, the statements of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2025 and each of the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

*Basis for Opinions* 

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

December 18, 2025

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

------

#### Other Information
**Form N-CSR Item 8** - Changes in and Disagreements with Accountants for Open-End Management Investment Companies - None.

**Form N-CSR Item 9** - Proxy Disclosures for Open-End Management Investment Companies - None.

**Form N-CSR Item 10** - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies - Included within the Statement of Operations of the financial statements filed under Item 7 of this Form.

**Form N-CSR Item 11** - Statement Regarding Basis for Approval of Investment Advisory Contract.

------

Approval of Advisory Agreements

#### PGIM Jennison Emerging Markets Equity Opportunities Fund

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

#### Annual Approval of the Fund's Advisory Agreements
As required under the 1940 Act, the Board determines annually whether to renew the Fund's management agreement with PGIM Investments LLC ("PGIM Investments") and the Fund's subadvisory agreement with Jennison Associates LLC ("Jennison"). In considering the renewal of the agreements, the Board, including all of the Independent Directors, met on June 2 and 11-12, 2025 (the "Board Meeting") and approved the renewal of the agreements through July 31, 2026, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

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

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

The Directors determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund's investment manager pursuant to a management agreement, and between PGIM Investments and Jennison, which serves as the Fund's subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Directors considered relevant in the exercise of their business judgment. The Board considered the approval of the agreements for the Fund as part of its consideration of agreements for multiple funds, but its approvals were made on a fund-by-fund basis.

The material factors and conclusions that formed the basis for the Directors' determinations to approve the renewal of the agreements are discussed separately below.

#### Nature, Quality and Extent of Services
The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments and Jennison. The Board noted that Jennison is affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for the Fund, as well as the provision of accounting oversight, fund recordkeeping, compliance and other services to the Fund, such as PGIM Investments' role as administrator for the Fund's liquidity risk management program and as valuation designee. With respect to PGIM Investments' oversight of the

<sup>1</sup> PGIM Jennison Emerging Markets Equity Opportunities Fund is a series of Prudential World Fund, Inc.

PGIM Jennison Emerging Markets Equity Opportunities Fund

------

Approval of Advisory Agreements (continued)

subadviser, the Board noted that PGIM Investments' Strategic Investment Research Group ("SIRG"), a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments' senior management on the performance and operations of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Directors of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by Jennison, including investment research and security selection, as well as compliance with the Fund's investment restrictions, policies and procedures. The Board considered PGIM Investments' evaluation of Jennison as well as PGIM Investments' recommendation, based on its review of Jennison, to renew the subadvisory agreement.

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

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

#### Costs of Services and Profits Realized by PGIM Investments
The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund's investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations of direct and indirect costs, and the adviser's capital structure and cost of capital. However, the Board considered that the cost of services provided by PGIM Investments to the Fund during the year ended December 31, 2024 exceeded the management fees paid by the Fund, resulting in an operating loss to PGIM Investments. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

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

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

#### Other Benefits to PGIM Investments and Jennison
The Board considered potential ancillary benefits that might be received by PGIM Investments and Jennison and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund's transfer agent (which is affiliated with PGIM Investments), as well as benefits to its reputation or other intangible benefits resulting from PGIM Investments' association with the Fund. The Board concluded that the

Visit our website at pgim.com/investments

------

potential benefits to be derived by Jennison included its ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments and Jennison were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

#### Performance of the Fund / Fees and Expenses
The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-, three- and five-year periods ended December 31, 2024. The Board considered that the Fund commenced operations on September 16, 2014 and that longer-term performance was not yet available.

The Board also considered the Fund's actual management fee, as well as the Fund's net total expense ratio, for the fiscal year ended October 31, 2024. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a peer group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

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

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

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;*Net Performance* |
| &nbsp;&nbsp;&nbsp;*Net Performance* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1<sup>st</sup> Quartile &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4<sup>th</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 2<sup>nd</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile |

---

● The Board noted that the Fund outperformed its benchmark index over the one-, five-year and ten-year periods, and underperformed over the three- year period.

● The Board and PGIM Investments agreed to retain the existing contractual expense cap, which (exclusive of certain fees and expenses) caps the Fund's annual operating expenses at 1.30% for Class A shares, 2.05% for Class C shares, 0.98% for Class R6 shares, and 1.05% for Class Z shares through February 28, 2026.

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

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

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

\* \* \*

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

PGIM Jennison Emerging Markets Equity Opportunities Fund

------

Approval of Advisory Agreements

#### PGIM Jennison Global Infrastructure Fund

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

#### Annual Approval of the Fund's Advisory Agreements
As required under the 1940 Act, the Board determines annually whether to renew the Fund's management agreement with PGIM Investments LLC ("PGIM Investments") and the Fund's subadvisory agreement with Jennison Associates LLC ("Jennison"). In considering the renewal of the agreements, the Board, including all of the Independent Directors, met on June 2 and 11-12, 2025 (the "Board Meeting") and approved the renewal of the agreements through July 31, 2026, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

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

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

The Directors determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund's investment manager pursuant to a management agreement, and between PGIM Investments and Jennison, which serves as the Fund's subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Directors considered relevant in the exercise of their business judgment. The Board considered the approval of the agreements for the Fund as part of its consideration of agreements for multiple funds, but its approvals were made on a fund-by-fund basis.

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

#### Nature, Quality and Extent of Services
The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments and Jennison. The Board noted that Jennison is affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for the Fund, as well as the provision of accounting oversight, fund recordkeeping, compliance and other services to the Fund, such as PGIM Investments' role as administrator for the Fund's liquidity risk management program and as valuation designee. With respect to PGIM Investments' oversight of the

<sup>1</sup> PGIM Jennison Global Infrastructure Fund is a series of Prudential World Fund, Inc.

Visit our website at pgim.com/investments

------

subadviser, the Board noted that PGIM Investments' Strategic Investment Research Group ("SIRG"), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments' senior management on the performance and operations of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Directors of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by Jennison, including investment research and security selection, as well as adherence to the Fund's investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments' evaluation of the subadviser, as well as PGIM Investments' recommendation, based on its review of the subadviser, to renew the subadvisory agreement.

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

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

#### Costs of Services and Profits Realized by PGIM Investments
The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund's investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations of direct and indirect costs, and the adviser's capital structure and cost of capital. However, the Board considered that the cost of services provided by PGIM Investments to the Fund during the year ended December 31, 2024 exceeded the management fees paid by the Fund, resulting in an operating loss to PGIM Investments. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

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

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

#### Other Benefits to PGIM Investments and Jennison
The Board considered potential ancillary benefits that might be received by PGIM Investments and Jennison and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund's transfer agent (which is affiliated with PGIM Investments), benefits to its reputation as well as other intangible benefits resulting from PGIM Investments' association with the Fund. The Board concluded that the potential

PGIM Jennison Global Infrastructure Fund

------

Approval of Advisory Agreements (continued)

benefits to be derived by Jennison included its ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments and Jennison were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

#### Performance of the Fund / Fees and Expenses
The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-, three- and five-year periods ended December 31, 2024.

The Board also considered the Fund's actual management fee, as well as the Fund's net total expense ratio, for the fiscal year ended October 31, 2024. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a peer group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

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

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

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;*Net Performance* |
| &nbsp;&nbsp;&nbsp;*Net Performance* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1<sup>st</sup> Quartile &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2<sup>nd</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 4<sup>th</sup> Quartile |

---

● The Board noted that the Fund outperformed its benchmark index over the five-, and ten- year periods, and underperformed over the other periods.

● The Board and PGIM Investments agreed to retain the Fund's existing contractual expense cap that (exclusive of certain fees and expenses) caps total annual operating expenses at 1.50% for Class A shares, 2.25% for Class C shares, 1.17% for Class R6 shares, and 1.17% for Class Z shares through February 28, 2026.

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

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

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

\* \* \*

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

Visit our website at pgim.com/investments

------

Approval of Advisory Agreements

#### PGIM Jennison Global Opportunities Fund

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

#### Annual Approval of the Fund's Advisory Agreements
As required under the 1940 Act, the Board determines annually whether to renew the Fund's management agreement with PGIM Investments LLC ("PGIM Investments") and the Fund's subadvisory agreement with Jennison Associates LLC ("Jennison"). In considering the renewal of the agreements, the Board, including all of the Independent Directors, met on June 2 and 11-12, 2025 (the "Board Meeting") and approved the renewal of the agreements through July 31, 2026, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

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

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

The Directors determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund's investment manager pursuant to a management agreement, and between PGIM Investments and Jennison, which serves as the Fund's subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Directors considered relevant in the exercise of their business judgment. The Board considered the approval of the agreements for the Fund as part of its consideration of agreements for multiple funds, but its approvals were made on a fund-by-fund basis.

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

#### Nature, Quality and Extent of Services
The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments and Jennison. The Board noted that Jennison is affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for the Fund, as well as the provision of accounting oversight, fund recordkeeping, compliance and other services to the Fund, such as PGIM Investments' role as administrator for the Fund's liquidity risk management program and as valuation designee. With respect to PGIM Investments' oversight of the

<sup>1</sup> PGIM Jennison Global Opportunities Fund is a series of Prudential World Fund, Inc.

PGIM Jennison Global Opportunities Fund

------

Approval of Advisory Agreements (continued)

subadviser, the Board noted that PGIM Investments' Strategic Investment Research Group ("SIRG"), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments' senior management on the performance and operations of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Directors of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by Jennison, including investment research and security selection, as well as adherence to the Fund's investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments' evaluation of the subadviser, as well as PGIM Investments' recommendation, based on its review of the subadviser, to renew the subadvisory agreement.

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

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

#### Costs of Services and Profits Realized by PGIM Investments
The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund's investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser's capital structure and cost of capital. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

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

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

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

Visit our website at pgim.com/investments

------

its reputation. The Board concluded that the benefits derived by PGIM Investments and Jennison were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

#### Performance of the Fund / Fees and Expenses
The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-, three- and five-year periods ended December 31, 2024.

The Board also considered the Fund's actual management fee, as well as the Fund's net total expense ratio, for the fiscal year ended October 31, 2024. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a peer group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

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

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

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;*Net Performance* |
| &nbsp;&nbsp;&nbsp;*Net Performance* 2<sup>nd</sup> Quartile 3<sup>rd</sup> Quartile 1<sup>st</sup> Quartile &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 3<sup>rd</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 4<sup>th</sup> Quartile |

---

● The Board noted that the Fund outperformed its benchmark index over the one-, five-, and ten-year periods and underperformed over the three-year period.

● The Board and PGIM Investments agreed to retain the Fund's existing contractual expense cap that (exclusive of certain fees and expenses) limits total annual operating expenses at 0.84% for each class of the Fund's shares, and limits transfer agency, shareholder servicing, sub-transfer agency and blue sky fees to the extent that such fees cause net annual Fund operating expenses to exceed 1.34% for Class R2 shares or 1.09% for Class R4 shares through February 28, 2026.

● The Board and PGIM Investments has also agreed to retain the existing contractual expense cap with respect to Class A shares, which (exclusive of certain fees and expenses) limits total annual fund operating expenses to 1.08% for Class A shares through February 28, 2026.

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

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

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

\* \* \*

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

PGIM Jennison Global Opportunities Fund

------

Approval of Advisory Agreements

#### PGIM Jennison International Opportunities Fund

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

#### Annual Approval of the Fund's Advisory Agreements
As required under the 1940 Act, the Board determines annually whether to renew the Fund's management agreement with PGIM Investments LLC ("PGIM Investments") and the Fund's subadvisory agreement with Jennison Associates LLC ("Jennison"). In considering the renewal of the agreements, the Board, including all of the Independent Directors, met on June 2 and 11-12, 2025 (the "Board Meeting") and approved the renewal of the agreements through July 31, 2026, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

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

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

The Directors determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund's investment manager pursuant to a management agreement, and between PGIM Investments and Jennison, which serves as the Fund's subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Directors considered relevant in the exercise of their business judgment. The Board considered the approval of the agreements for the Fund as part of its consideration of agreements for multiple funds, but its approvals were made on a fund-by-fund basis.

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

#### Nature, Quality and Extent of Services
The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments and Jennison. The Board noted that Jennison is affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for the Fund, as well as the provision of accounting oversight, fund recordkeeping, compliance and other services to the Fund, such as PGIM Investments' role as administrator for the Fund's liquidity risk management program and as valuation designee. With respect to PGIM Investments' oversight of the

<sup>1</sup> PGIM Jennison International Opportunities Fund is a series of Prudential World Fund, Inc.

Visit our website at pgim.com/investments

------

subadviser, the Board noted that PGIM Investments' Strategic Investment Research Group ("SIRG"), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments' senior management on the performance and operations of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Directors of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by Jennison, including investment research and security selection, as well as adherence to the Fund's investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments' evaluation of the subadviser, as well as PGIM Investments' recommendation, based on its review of the subadviser, to renew the subadvisory agreement.

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

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

#### Costs of Services and Profits Realized by PGIM Investments
The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund's investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser's capital structure and cost of capital. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

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

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

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

PGIM Jennison International Opportunities Fund

------

Approval of Advisory Agreements (continued)

#### Performance of the Fund / Fees and Expenses
The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-, three- and five-year periods ended December 31, 2024.

The Board also considered the Fund's actual management fee, as well as the Fund's net total expense ratio, for the fiscal year ended October 31, 2024. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a peer group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

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

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

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;*Net Performance* |
| &nbsp;&nbsp;&nbsp;*Net Performance* 2<sup>nd</sup> Quartile 4<sup>th</sup> Quartile 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 2<sup>nd</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile |

---

● The Board noted that the Fund outperformed its benchmark index over the one-, five- and ten-year periods, and underperformed over the three- year period.

● The Board and PGIM Investments agreed to retain the Fund's existing contractual expense cap that (exclusive of certain fees and expenses) caps net annual operating expenses at 0.84% for each class of the Fund's shares, and that limits transfer agency, shareholder servicing, sub-transfer agency and blue sky fees, as applicable, to the extent that such fees cause the net annual operating expenses to exceed 1.34% of average daily net assets for Class R2 shares or 1.09% of average daily net assets for Class R4 shares through February 28, 2026.

● The Board and PGIM Investments agreed to retain the Fund's existing contractual expense cap with respect to Class A shares, pursuant to which PGIM Investments agrees to limit total annual operating expenses for Class A shares to 1.09% through February 28, 2026.

● The Board and PGIM Investments agreed to retain the Fund's existing contractual expense waiver, pursuant to which (exclusive of certain fees and expenses) PGIM Investments waives and/or reimburses up to 0.06% of certain other expenses, through February 28, 2026, to the extent that total annual operating expenses exceed 1.90% for Class C shares, 1.48% for Class R shares, 0.90% for Class Z shares, and 0.84% for Class R6 shares.

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

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

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

\* \* \*

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

Visit our website at pgim.com/investments

------

Approval of Advisory Agreements

#### PGIM Quant Solutions International Equity Fund

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

#### Annual Approval of the Fund's Advisory Agreements
As required under the 1940 Act, the Board determines annually whether to renew the Fund's management agreement with PGIM Investments LLC ("PGIM Investments") and the Fund's subadvisory agreement with PGIM Quantitative Solutions LLC ("PGIM Quantitative Solutions"). In considering the renewal of the agreements, the Board, including all of the Independent Directors, met on June 2 and 11-12, 2025 (the "Board Meeting") and approved the renewal of the agreements through July 31, 2026, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

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

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

The Directors determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund's investment manager pursuant to a management agreement, and between PGIM Investments and PGIM Quantitative Solutions, which serves as the Fund's subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Directors considered relevant in the exercise of their business judgment. The Board considered the approval of the agreements for the Fund as part of its consideration of agreements for multiple funds, but its approvals were made on a fund-by-fund basis.

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

#### Nature, Quality and Extent of Services
The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments and PGIM Quantitative Solutions. The Board noted that PGIM Quantitative Solutions is affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for the Fund, as well as the provision of accounting oversight, fund recordkeeping, compliance and other services to the Fund, such as PGIM Investments' role as administrator for the Fund's liquidity risk management program and as valuation designee. With respect to PGIM

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

PGIM Quant Solutions International Equity Fund

------

Approval of Advisory Agreements (continued)

Investments' oversight of the subadviser, the Board noted that PGIM Investments' Strategic Investment Research Group ("SIRG"), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments' senior management on the performance and operations of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Directors of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM Quantitative Solutions, including investment research and security selection, as well as adherence to the Fund's investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM

Investments' evaluation of the subadviser, as well as PGIM Investments' recommendation, based on its review of the subadviser, to renew the subadvisory agreement.

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

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

#### Costs of Services and Profits Realized by PGIM Investments
The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund's investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations of direct and indirect costs, and the adviser's capital structure and cost of capital. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

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

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

#### Other Benefits to PGIM Investments and PGIM Quantitative Solutions
The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM Quantitative Solutions and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund's transfer agent (which is affiliated with PGIM Investments), and benefits to its reputation as well as other intangible benefits resulting from PGIM Investments' association with the Fund. The Board concluded that the potential benefits to be derived by PGIM Quantitative Solutions included its ability to use soft dollar credits, as well as the potential

Visit our website at pgim.com/investments

------

benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments and PGIM Quantitative Solutions were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

#### Performance of the Fund / Fees and Expenses
The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-, three-, five- and ten-year periods ended December 31, 2024.

The Board also considered the Fund's actual management fee, as well as the Fund's net total expense ratio, for the fiscal year ended October 31, 2024. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a peer group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

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

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

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;*Net Performance* |
| &nbsp;&nbsp;&nbsp;*Net Performance* 1<sup>st</sup> Quartile 2<sup>nd</sup> Quartile 3<sup>rd</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 3<sup>rd</sup> Quartile |

---

● The Board noted that the Fund outperformed its benchmark index over the one-, three-, and five-year periods, and underperformed its benchmark index over the ten-year period.

● The Board and PGIM Investments agreed to a contractual cap on Fund expenses that (exclusive of certain fees and expenses) caps total annual operating expenses at 1.45% of average daily net assets for Class A shares, 2.69% of average daily net assets for Class C shares, 1.00% of average daily net assets for Class Z shares, and 0.78% of average daily net assets for Class R6 shares through February 28, 2026.

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

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

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

\* \* \*

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

PGIM Quant Solutions International Equity Fund

------

![LOGO](g27463g01g01.jpg)

## PRUDENTIAL WORLD FUND, INC.
PGIM Emerging Markets Debt Hard Currency Fund

PGIM Emerging Markets Debt Local Currency Fund

#### FINANCIAL STATEMENTS AND OTHER INFORMATION

#### OCTOBER 31, 2025
![LOGO](g27463gp001.jpg)

------

<u> **Table of Contents** </u>   <u> Financial Statements and Other Information </u>   <u> October 31, 2025 </u>

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Glossary](#edgar27463_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PGIM Emerging Markets Debt Hard Currency](#edgar27463_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PGIM Emerging Markets Debt Local Currency](#edgar27463_3) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#edgar27463_4) | 68 |

---

**[Other Information -](#edgar27463_5)**[Form N-CSR Items 8-11](#edgar27463_5)

------

#### Glossary
The following abbreviations are used in the Funds' descriptions:

ARS—Argentine Peso

BRL—Brazilian Real

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

DOP—Dominican Peso

EGP—Egyptian Pound

EUR—Euro

GBP—British Pound

HUF—Hungarian Forint

IDR—Indonesian Rupiah

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

MYR—Malaysian Ringgit

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

PLN—Polish Zloty

RON—Romanian Leu

RSD—Serbian Dinar

SGD—Singapore Dollar

THB—Thai Baht

TRY—Turkish Lira

TWD—New Taiwanese Dollar

USD—US Dollar

UYU—Uruguayan Peso

ZAR—South African Rand

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

A—Annual payment frequency for swaps

BARC—Barclays Bank PLC

BNP—BNP Paribas S.A.

BNY—Bank of New York Mellon

BOA—Bank of America, N.A.

BROIS—Brazil Overnight Index Swap

BUBOR—Budapest Interbank Offered Rate

CA—Credit Agricole Securities Inc.

CDX—Credit Derivative Index

CITI—Citibank, N.A.

CLOIS—Sinacofi Chile Interbank Rate Average

COOIS—Colombia Overnight Interbank Reference Rate

DB—Deutsche Bank AG

EMTN—Euro Medium Term Note

GMTN—Global Medium Term Note

GSI—Goldman Sachs International

HSBC—HSBC Bank PLC

JIBAR—Johannesburg Interbank Agreed Rate

JPM—JPMorgan Chase Bank N.A.

------

JPS—J.P. Morgan Securities LLC

KLIBOR—Kuala Lumpur Interbank Offered Rate

KWCDC—Korean Won Certificate of Deposit

M—Monthly payment frequency for swaps

MIBOR—Mumbai Interbank Offered Rate

MSI—Morgan Stanley & Co. International PLC

MTN—Medium Term Note

OTC—Over-the-counter

PIK—Payment-in-Kind

PRIBOR—Prague Interbank Offered Rate

Q—Quarterly payment frequency for swaps

S—Semiannual payment frequency for swaps

SCB—Standard Chartered Bank

SOFR—Secured Overnight Financing Rate

SSB—State Street Bank & Trust Company

T—Swap payment upon termination

TD—The Toronto-Dominion Bank

THOR—Thai Overnight Repurchase Rate

UAG—UBS AG

WIBOR—Warsaw Interbank Offered Rate

------

PGIM Emerging Markets Debt Hard Currency Fund

**Schedule of Investments** 

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Interest <br>Rate | Maturity<br>Date | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 96.6%** |  |  |  |  |  |
| &nbsp;&nbsp; **CORPORATE BONDS 19.1%** |  |  |  |  |  |
| &nbsp;&nbsp; **Azerbaijan 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Southern Gas Corridor CJSC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | 6.875% | 03/24/26 |  | 400 | $403076 |
| &nbsp;&nbsp; State Oil Co. of the Azerbaijan Republic, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.950 | 03/18/30 |  | 200 | 215128 |
|  |  |  |  |  | 618204 |
| &nbsp;&nbsp; **Bahrain 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Bapco Energies BSC Closed, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.375 | 11/07/28 |  | 500 | 541345 |
| &nbsp;&nbsp; **Brazil 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Braskem Netherlands Finance BV, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 8.500 | 01/12/31 |  | 200 | 83280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.500 | 01/12/31 |  | 240 | 99936 |
| &nbsp;&nbsp; Petrobras Global Finance BV, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.375 | 10/01/29 | GBP | 100 | 129974 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313190 |
| &nbsp;&nbsp; **Chile 1.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Alfa Desarrollo SpA, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.550 | 09/27/51 |  | 197 | 161332 |
| &nbsp;&nbsp; Chile Electricity Lux Mpc II Sarl, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | 5.580 | 10/20/35 |  | 196 | 201718 |
| &nbsp;&nbsp; Corp. Nacional del Cobre de Chile, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.250 | 07/17/42 |  | 360 | 300377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.875 | 11/04/44 |  | 600 | 527296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125 | 02/02/33 |  | 200 | 201338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.440 | 01/26/36 |  | 440 | 478885 |
| &nbsp;&nbsp; Empresa Nacional del Petroleo, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.450 | 09/16/31 |  | 200 | 183560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.150 | 05/10/33 |  | 200 | 211562 |
|  |  |  |  |  | 2266068 |
| &nbsp;&nbsp; **China 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; ENN Clean Energy International Investment Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.375 | 05/12/26 |  | 200 | 198725 |
| &nbsp;&nbsp; Prosus NV, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.193 | 01/19/32 |  | 350 | 336658 |
|  |  |  |  |  | 535383 |
| &nbsp;&nbsp; **Colombia 0.5%** |  |  |  |  |  |
| &nbsp;&nbsp; Colombia Telecomunicaciones SA ESP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.950 | 07/17/30 |  | 200 | 181188 |
| &nbsp;&nbsp; Ecopetrol SA, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.625 | 11/02/31 |  | 187 | 167253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.875 | 04/29/30 |  | 122 | 124605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.625 | 01/19/29 |  | 360 | 388350 |
|  |  |  |  |  | 861396 |
| &nbsp;&nbsp; **Costa Rica 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Instituto Costarricense de Electricidad, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 10/07/31 |  | 200 | 210562 |

---

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 3

------

PGIM Emerging Markets Debt Hard Currency Fund

**Schedule of Investment** **s** (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Interest <br>Rate | **Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **El Salvador 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Comision Ejecutiva Hidroelectrica del Rio Lempa, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | 8.650% | 01/24/33 |  | 150 | $158738 |
| &nbsp;&nbsp; **Guatemala 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; CT Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.125 | 02/03/32 |  | 200 | 189100 |
| &nbsp;&nbsp; **Hungary 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp; MFB Magyar Fejlesztesi Bank Zrt, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | 6.500 | 06/29/28 |  | 215 | 225885 |
| &nbsp;&nbsp; MVM Energetika Zrt, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.500 | 03/13/31 |  | 250 | 265000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.500 | 06/09/28 |  | 208 | 220416 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711301 |
| &nbsp;&nbsp; **India 0.8%** |  |  |  |  |  |
| &nbsp;&nbsp; Adani Ports & Special Economic Zone Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 5.000 | 08/02/41 |  | 200 | 171000 |
| &nbsp;&nbsp; CA Magnum Holdings, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.375 | 10/31/26 |  | 400 | 398000 |
| &nbsp;&nbsp; GMR Hyderabad International Airport Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.250 | 10/27/27 |  | 200 | 197313 |
| &nbsp;&nbsp; Periama Holdings LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.950 | 04/19/26 |  | 400 | 401300 |
| &nbsp;&nbsp; Summit Digitel Infrastructure Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 2.875 | 08/12/31 |  | 435 | 391835 |
|  |  |  |  |  | 1559448 |
| &nbsp;&nbsp; **Indonesia 1.5%** |  |  |  |  |  |
| &nbsp;&nbsp; Freeport Indonesia PT, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 5.315 | 04/14/32 |  | 200 | 203800 |
| &nbsp;&nbsp; Indofood CBP Sukses Makmur Tbk PT, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.541 | 04/27/32 |  | 200 | 186410 |
| &nbsp;&nbsp; Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.450 | 05/15/30 |  | 600 | 620309 |
| &nbsp;&nbsp; Pertamina Geothermal Energy PT, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 5.150 | 04/27/28 |  | 200 | 203188 |
| &nbsp;&nbsp; Pertamina Persero PT, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.000 | 05/03/42 |  | 200 | 206750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 3.650 | 07/30/29 |  | 200 | 195250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 4.700 | 07/30/49 |  | 200 | 172800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 6.500 | 11/07/48 |  | 200 | 216250 |
| &nbsp;&nbsp; Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.875 | 11/05/31 | EUR | 400 | 413658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 5.450 | 05/21/28 |  | 400 | 411000 |
|  |  |  |  |  | 2829415 |
| &nbsp;&nbsp; **Israel 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Bank Leumi Le-Israel BM, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125 | 07/27/27 |  | 203 | 204370 |
| &nbsp;&nbsp; Energean Israel Finance Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.875 | 03/30/31 |  | 290 | 279212 |
|  |  |  |  |  | 483582 |

---

See Notes to Financial Statements.

------

PGIM Emerging Markets Debt Hard Currency Fund

**Schedule of Investments** (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Interest <br>Rate | Maturity <br>Date | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Kazakhstan 0.7%** |  |  |  |  |
| &nbsp;&nbsp; Development Bank of Kazakhstan JSC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.250% | 10/23/29 | 200 | $205000 |
| &nbsp;&nbsp; KazMunayGas National Co. JSC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 04/14/33 | 200 | 180910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 04/19/47 | 415 | 392254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.375 | 10/24/48 | 200 | 201270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 5.375 | 04/24/30 | 400 | 410036 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389470 |
| &nbsp;&nbsp; **Kuwait 0.2%** |  |  |  |  |
| &nbsp;&nbsp; MEGlobal BV, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | 2.625 | 04/28/28 | 300 | 286794 |
| &nbsp;&nbsp; **Macau 0.2%** |  |  |  |  |
| &nbsp;&nbsp; MGM China Holdings Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 02/01/27 | 330 | 328350 |
| &nbsp;&nbsp; **Malaysia 0.9%** |  |  |  |  |
| &nbsp;&nbsp; Gohl Capital Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.250 | 01/24/27 | 250 | 247125 |
| &nbsp;&nbsp; Petronas Capital Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | 4.550 | 04/21/50 | 400 | 356580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | 4.800 | 04/21/60 | 200 | 183632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | 5.848 | 04/03/55 | 320 | 341166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | 4.550 | 04/21/50 | 500 | 445725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | 4.800 | 04/21/60 | 200 | 183632 |
|  |  |  |  | 1757860 |
| &nbsp;&nbsp; **Mexico 4.4%** |  |  |  |  |
| &nbsp;&nbsp; CFE Fibra E, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.875 | 09/23/40 | 200 | 201540 |
| &nbsp;&nbsp; Comision Federal de Electricidad, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.688 | 05/15/29 | 710 | 698994 |
| &nbsp;&nbsp; Fermaca Enterprises S de RL de CV, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 6.375 | 03/30/38 | 503 | 509244 |
| &nbsp;&nbsp; Mexico City Airport Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 3.875 | 04/30/28 | 200 | 195392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.500 | 07/31/47 | 1440 | 1264205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 10/31/46 | 400 | 351824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 07/31/47 | 400 | 351168 |
| &nbsp;&nbsp; Petroleos Mexicanos, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.950 | 01/28/31 | 240 | 234888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.350 | 02/12/48 | 253 | 202362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.500 | 06/02/41 | 445 | 391395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 6.625 | 06/15/35 | 200 | 191860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.700 | 02/16/32 | 1442 | 1440557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.950 | 01/28/60 | 225 | 185287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.690 | 01/23/50 | 576 | 522461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 10.000 | 02/07/33 | 109 | 127574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | 6.750 | 09/21/47 | 1205 | 996414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | 8.750 | 06/02/29 | 240 | 259176 |
|  |  |  |  | 8124341 |

---

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 5

------

PGIM Emerging Markets Debt Hard Currency Fund

**Schedule of Investment** **s** (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Interest <br>Rate | Maturity<br>Date | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Morocco 0.1%** |  |  |  |  |
| &nbsp;&nbsp; OCP SA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750% | 05/02/34 | 230 | $249205 |
| &nbsp;&nbsp; **Panama 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Aeropuerto Internacional de Tocumen SA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.000 | 08/11/41 | 200 | 166066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.125 | 08/11/61 | 200 | 160370 |
| &nbsp;&nbsp; AES Panama Generation Holdings SRL, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.375 | 05/31/30 | 376 | 350086 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676522 |
| &nbsp;&nbsp; **Peru 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Corp. Financiera de Desarrollo SA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.400 | 09/28/27 | 200 | 193122 |
| &nbsp;&nbsp; Fondo MIVIVIENDA SA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 04/12/27 | 150 | 150452 |
| &nbsp;&nbsp; Petroleos del Peru SA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 06/19/32 | 225 | 191812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.625 | 06/19/47 | 300 | 217125 |
|  |  |  |  | 752511 |
| &nbsp;&nbsp; **Philippines 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Globe Telecom, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.000 | 07/23/35 | 200 | 169500 |
| &nbsp;&nbsp; **Poland 0.7%** |  |  |  |  |
| &nbsp;&nbsp; Bank Gospodarstwa Krajowego, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | 6.250 | 07/09/54 | 530 | 558143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | 5.375 | 05/22/33 | 400 | 416636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN | 5.375 | 05/22/33 | 300 | 312477 |
|  |  |  |  | 1287256 |
| &nbsp;&nbsp; **Saudi Arabia 0.6%** |  |  |  |  |
| &nbsp;&nbsp; EIG Pearl Holdings Sarl, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.545 | 08/31/36 | 531 | 492727 |
| &nbsp;&nbsp; Greensaif Pipelines Bidco Sarl, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.129 | 02/23/38 | 240 | 257700 |
| &nbsp;&nbsp; Saudi Arabian Oil Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 4.250 | 04/16/39 | 200 | 182223 |
| &nbsp;&nbsp; TMS Issuer Sarl, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.780 | 08/23/32 | 200 | 209250 |
|  |  |  |  | 1141900 |
| &nbsp;&nbsp; **South Africa 1.2%** |  |  |  |  |
| &nbsp;&nbsp; Eskom Holdings, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | 6.350 | 08/10/28 | 600 | 617925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 8.450 | 08/10/28 | 260 | 277814 |
| &nbsp;&nbsp; MTN Mauritius Investments Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.500 | 10/13/26 | 200 | 202040 |
| &nbsp;&nbsp; Sasol Financing USA LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 8.750 | 05/03/29 | 300 | 304650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.750 | 05/03/29 | 200 | 203100 |

---

See Notes to Financial Statements.

------

PGIM Emerging Markets Debt Hard Currency Fund

**Schedule of Investments** (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Interest <br>Rate | Maturity<br>Date | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **South Africa (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Transnet, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.250% | 02/06/28 |  | 200 | $211188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.250 | 02/06/28 |  | 420 | 443495 |
|  |  |  |  |  | 2260212 |
| &nbsp;&nbsp; **Trinidad & Tobago 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Heritage Petroleum Co. Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.000 | 08/12/29 |  | 200 | 205400 |
| &nbsp;&nbsp; **Ukraine 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; NAK Naftogaz Ukraine via Kondor Finance PLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, PIK 7.125% | 7.125 | 07/19/26 | EUR | 359 | 355146 |
| &nbsp;&nbsp; **United Arab Emirates 1.9%** |  |  |  |  |  |
| &nbsp;&nbsp; Abu Dhabi Crude Oil Pipeline LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.600 | 11/02/47 |  | 200 | 187890 |
| &nbsp;&nbsp; Adnoc Murban Rsc Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125 | 09/11/54 |  | 352 | 339303 |
| &nbsp;&nbsp; DP World Crescent Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 3.875 | 07/18/29 |  | 300 | 293667 |
| &nbsp;&nbsp; DP World Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 6.850 | 07/02/37 |  | 1000 | 1149999 |
| &nbsp;&nbsp; Galaxy Pipeline Assets Bidco Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 2.940 | 09/30/40 |  | 693 | 590788 |
| &nbsp;&nbsp; MDGH GMTN RSC Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | 5.084 | 05/22/53 |  | 200 | 193312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | 3.700 | 11/07/49 |  | 240 | 187875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN | 3.950 | 05/21/50 |  | 200 | 161976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN | 5.294 | 06/04/34 |  | 410 | 433624 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3538434 |
| &nbsp;&nbsp; **Uzbekistan 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Uzbekneftegaz JSC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.750 | 05/07/30 |  | 400 | 426000 |
| &nbsp;&nbsp; **Venezuela 0.6%** |  |  |  |  |  |
| &nbsp;&nbsp; Petroleos de Venezuela SA, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.375 | 04/12/27(d) |  | 205 | 45715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.000 | 05/16/24(d) |  | 1280 | 282240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.000 | 11/15/26(d) |  | 960 | 211680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 9.750 | 05/17/35(d) |  | 350 | 85050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 8.500 | 10/27/20(d) |  | 565 | 558248 |
|  |  |  |  |  | 1182933 |
| &nbsp;&nbsp; **Vietnam 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Mong Duong Finance Holdings BV, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.125 | 05/07/29 |  | 169 | 167350 |
| &nbsp;&nbsp; **TOTAL CORPORATE BONDS**<br> (cost $34,718,984) |  |  |  |  | 35576916 |

---

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 7

------

PGIM Emerging Markets Debt Hard Currency Fund

**Schedule of Investment** **s** (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Interest <br>Rate | Maturity<br>Date | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp; **SOVEREIGN BONDS 75.1%** |  |  |  |  |  |
| &nbsp;&nbsp; **Angola 1.7%** |  |  |  |  |  |
| &nbsp;&nbsp; Angolan Government International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.250% | 05/09/28 |  | 800 | $787960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.750 | 04/14/32 |  | 500 | 468905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 9.375 | 05/08/48 |  | 400 | 343876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 9.244 | 01/15/31 |  | 545 | 531375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 8.000 | 11/26/29 |  | 750 | 717960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 9.125 | 11/26/49 |  | 285 | 239400 |
|  |  |  |  |  | 3089476 |
| &nbsp;&nbsp; **Argentina 3.5%** |  |  |  |  |  |
| &nbsp;&nbsp; Argentine Republic Government International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 0.000 | 12/15/35(d) | EUR | 10952 | 1052217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 0.750(cc) | 07/09/30 |  | 1411 | 1155097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.000 | 07/09/29 |  | 247 | 210682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.000(cc) | 07/09/41 | EUR | 57 | 39651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500(cc) | 07/09/41 |  | 1244 | 809964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.125(cc) | 07/09/35 |  | 2287 | 1603082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 4.125(cc) | 07/09/46 |  | 931 | 637982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 01/09/38 |  | 1486 | 1090608 |
|  |  |  |  |  | 6599283 |
| &nbsp;&nbsp; **Bahrain 1.4%** |  |  |  |  |  |
| &nbsp;&nbsp; Bahrain Government International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.000 | 09/19/44 |  | 200 | 185376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.750 | 09/20/29 |  | 600 | 627000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.000 | 10/12/28 |  | 550 | 575850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.375 | 05/14/30 |  | 670 | 722972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.500 | 09/20/47 |  | 200 | 214750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.500 | 02/12/36 |  | 325 | 357500 |
|  |  |  |  |  | 2683448 |
| &nbsp;&nbsp; **Brazil 2.6%** |  |  |  |  |  |
| &nbsp;&nbsp; Brazilian Government International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.875 | 06/12/30 |  | 315 | 302006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 01/14/50 |  | 250 | 187250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 01/27/45 |  | 1031 | 843358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 11/06/30 |  | 440 | 448800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.000 | 10/20/33 |  | 495 | 505643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.125 | 01/22/32 |  | 501 | 520539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 03/18/31 |  | 529 | 555714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.625 | 03/15/35 |  | 420 | 437640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.250 | 01/12/56 |  | 400 | 405068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.250 | 01/20/34 |  | 596 | 698512 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4904530 |
| &nbsp;&nbsp; **Chile 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Chile Government International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 01/31/52 |  | 235 | 188940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.340 | 03/07/42 |  | 280 | 251300 |
|  |  |  |  |  | 440240 |
| &nbsp;&nbsp; **Colombia 5.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Colombia Government International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.000 | 01/30/30 |  | 1318 | 1193449 |

---

See Notes to Financial Statements.

------

PGIM Emerging Markets Debt Hard Currency Fund

**Schedule of Investments** (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Interest <br>Rate | Maturity<br>Date | **Principal**<br> **Amount**<br> **(000)#** | **Principal**<br> **Amount**<br> **(000)#** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp; **SOVEREIGN BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Colombia (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Colombia Government International Bond, (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.125% | 04/15/31 |  | 400 | $351400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 03/15/29 |  | 370 | 363895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 09/19/32 | EUR | 240 | 270343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.000 | 06/15/45 |  | 400 | 305400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.625 | 02/26/44 |  | 250 | 208500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 6.125 | 01/18/41 |  | 220 | 200007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.375 | 04/25/30 |  | 1080 | 1158300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.000 | 04/20/33 |  | 630 | 692527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.375 | 11/07/54 |  | 300 | 331500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 8.500 | 04/25/35 |  | 520 | 585650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.750 | 11/14/53 |  | 630 | 724500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 10.375 | 01/28/33 |  | 200 | 248750 |
| &nbsp;&nbsp; Colombian TES, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series B | 7.750 | 09/18/30 | COP | 13697100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3098102 |
|  |  |  |  |  | 9732323 |
| &nbsp;&nbsp; **Costa Rica 1.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Costa Rica Government International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 6.550 | 04/03/34 |  | 330 | 355080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.000 | 04/04/44 |  | 400 | 433600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.550 | 04/03/34 |  | 265 | 285140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | 7.300 | 11/13/54 |  | 797 | 890895 |
|  |  |  |  |  | 1964715 |
| &nbsp;&nbsp; **Dominican Republic 3.9%** |  |  |  |  |  |
| &nbsp;&nbsp; Dominican Republic International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 01/30/30 |  | 1021 | 998538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.875 | 09/23/32 |  | 390 | 373558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.300 | 01/21/41 |  | 400 | 364800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 02/22/29 |  | 1133 | 1151128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.000 | 07/19/28 |  | 445 | 457905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.400 | 06/05/49 |  | 180 | 179824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.850 | 01/27/45 |  | 300 | 314475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.950 | 03/15/37 |  | 394 | 421327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.050 | 02/03/31 |  | 810 | 871455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 7.450 | 04/30/44 |  | 500 | 557500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.300 | 01/21/41 |  | 150 | 136800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 02/22/29 |  | 810 | 822960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 07/19/28 |  | 170 | 174930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.950 | 03/15/37 |  | 150 | 160404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.150 | 02/24/55 |  | 315 | 341775 |
|  |  |  |  |  | 7327379 |
| &nbsp;&nbsp; **Ecuador 1.9%** |  |  |  |  |  |
| &nbsp;&nbsp; Ecuador Government International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000(cc) | 07/31/40 |  | 1177 | 800174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.900 | 07/31/30 |  | 390 | 355234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.900 | 07/31/35 |  | 413 | 316246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000(cc) | 07/31/40 |  | 1141 | 775761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.900 | 07/31/30 |  | 483 | 439366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.900 | 07/31/35 |  | 871 | 666148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.961(s) | 07/31/30 |  | 129 | 100251 |
|  |  |  |  |  | 3453180 |

---

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 9

------

PGIM Emerging Markets Debt Hard Currency Fund

**Schedule of Investment** **s** (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Interest <br>Rate | Maturity<br>Date | **Principal**<br> **Amount**<br> **(000)#** | **Principal**<br> **Amount**<br> **(000)#** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp; **SOVEREIGN BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Egypt 3.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Egypt Government International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.625% | 05/29/32 |  | 385 | $391160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.500 | 01/31/47 |  | 720 | 663977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.700 | 03/01/49 |  | 865 | 806344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 8.700 | 03/01/49 |  | 410 | 382198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 6.375 | 04/11/31 | EUR | 120 | 136420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 5.625 | 04/16/30 | EUR | 1500 | 1681100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 6.375 | 04/11/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755 | 1995146 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6056345 |
| &nbsp;&nbsp; **El Salvador 1.3%** |  |  |  |  |  |
| &nbsp;&nbsp; El Salvador Government International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.625 | 02/01/41 |  | 150 | 148289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.650 | 06/15/35 |  | 57 | 59176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.250 | 04/10/32 |  | 275 | 295212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.625 | 02/28/29 |  | 100 | 106550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 9.250 | 04/17/30 |  | 200 | 216746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 0.250 | 04/17/30 |  | 930 | 21390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 9.250 | 04/17/30 |  | 900 | 975357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 9.650 | 11/21/54 |  | 600 | 674622 |
|  |  |  |  |  | 2497342 |
| &nbsp;&nbsp; **Gabon 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Gabon Government International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.625 | 02/06/31 |  | 515 | 402215 |
| &nbsp;&nbsp; **Ghana 1.7%** |  |  |  |  |  |
| &nbsp;&nbsp; Ghana Government International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000(cc) | 07/03/29 |  | 705 | 687375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000(cc) | 07/03/35 |  | 460 | 393875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000(cc) | 07/03/29 |  | 891 | 868569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000(cc) | 07/03/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141 | 976947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.085(s) | 01/03/30 |  | 172 | 148153 |
|  |  |  |  |  | 3074919 |
| &nbsp;&nbsp; **Guatemala 1.9%** |  |  |  |  |  |
| &nbsp;&nbsp; Guatemala Government Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.700 | 10/07/33 |  | 200 | 180000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.875 | 02/13/28 |  | 400 | 400520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.900 | 06/01/30 |  | 360 | 358988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 08/10/29 |  | 430 | 434635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.125 | 06/01/50 |  | 350 | 343679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.600 | 06/13/36 |  | 208 | 224224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.050 | 10/04/32 |  | 392 | 431283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.650 | 10/07/41 |  | 200 | 174550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.050 | 08/06/31 |  | 200 | 208554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 08/15/36 |  | 255 | 269104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.550 | 02/06/37 |  | 200 | 215000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.875 | 08/15/55 |  | 305 | 327756 |
|  |  |  |  |  | 3568293 |
| &nbsp;&nbsp; **Honduras 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Honduras Government International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 01/19/27 |  | 200 | 200438 |

---

See Notes to Financial Statements.

------

PGIM Emerging Markets Debt Hard Currency Fund

**Schedule of Investments** (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Interest <br>Rate | Maturity<br>Date | **Principal**<br> **Amount**<br> **(000)#** | **Principal**<br> **Amount**<br> **(000)#** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp; **SOVEREIGN BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Hungary 2.5%** |  |  |  |  |  |
| &nbsp;&nbsp; Hungary Government International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.125% | 09/21/51 |  | 200 | $129400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 06/16/34 |  | 300 | 305655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 09/22/32 |  | 220 | 236500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.250 | 06/16/29 |  | 200 | 203670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.375 | 09/26/30 |  | 200 | 205505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 03/26/36 |  | 600 | 604687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 09/22/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035 | 1112625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 09/23/55 |  | 475 | 514721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | 7.625 | 03/29/41 |  | 760 | 914136 |
| &nbsp;&nbsp; Magyar Export-Import Bank Zrt, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | 6.125 | 12/04/27 |  | 400 | 413752 |
|  |  |  |  |  | 4640651 |
| &nbsp;&nbsp; **Indonesia 1.7%** |  |  |  |  |  |
| &nbsp;&nbsp; Indonesia Government International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.650 | 09/20/32 |  | 590 | 594425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.625 | 02/17/37 |  | 150 | 171375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.750 | 01/17/38 |  | 500 | 625000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.500 | 10/12/35 |  | 400 | 514000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.625 | 02/17/37 |  | 290 | 331325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN(a) | 5.125 | 01/15/45 |  | 200 | 200150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 5.250 | 01/17/42 |  | 200 | 203150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 6.750 | 01/15/44 |  | 100 | 117075 |
| &nbsp;&nbsp; Perusahaan Penerbit SBSN Indonesia III, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.700 | 06/06/32 |  | 400 | 404200 |
|  |  |  |  |  | 3160700 |
| &nbsp;&nbsp; **Ivory Coast 1.5%** |  |  |  |  |  |
| &nbsp;&nbsp; Ivory Coast Government International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 03/22/30 | EUR | 650 | 751096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 12/31/32 |  | 67 | 67167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.875 | 10/17/31 | EUR | 500 | 578774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.625 | 03/22/48 | EUR | 145 | 149575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.875 | 10/17/40 | EUR | 315 | 352533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.075 | 04/01/36 |  | 400 | 420100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.625 | 01/30/33 |  | 315 | 331301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 8.075 | 04/01/36 |  | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210050 |
|  |  |  |  |  | 2860596 |
| &nbsp;&nbsp; **Jamaica 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp; Jamaica Government International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.750 | 04/28/28 |  | 300 | 308408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.875 | 07/28/45 |  | 200 | 241500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.000 | 03/15/39 |  | 120 | 144900 |
|  |  |  |  |  | 694808 |
| &nbsp;&nbsp; **Jordan 0.7%** |  |  |  |  |  |
| &nbsp;&nbsp; Jordan Government International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 01/31/27 |  | 200 | 200630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.375 | 10/10/47 |  | 200 | 201500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.750 | 01/15/28 |  | 550 | 576813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.500 | 01/13/29 |  | 205 | 216531 |
|  |  |  |  |  | 1195474 |

---

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 11

------

PGIM Emerging Markets Debt Hard Currency Fund

**Schedule of Investment** **s** (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Interest <br>Rate | Maturity<br>Date | **Principal**<br> **Amount**<br> **(000)#** | **Principal**<br> **Amount**<br> **(000)#** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp; **SOVEREIGN BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Kenya 0.8%** |  |  |  |  |  |
| &nbsp;&nbsp; Republic of Kenya Government International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 9.500% | 03/05/36 |  | 600 | $615000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.800 | 10/09/38 |  | 240 | 234000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 9.500 | 03/05/36 |  | 290 | 297250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 9.750 | 02/16/31 |  | 265 | 284295 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430545 |
| &nbsp;&nbsp; **Lebanon 1.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Lebanon Government International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 6.100 | 10/04/22(d) |  | 280 | 63420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 6.850 | 05/25/29(d) |  | 255 | 58012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 8.250 | 04/12/21(d) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2723 | 619482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 6.250 | 05/27/22(d) |  | 245 | 55737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 6.250 | 11/04/24(d) |  | 320 | 72800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 6.400 | 05/26/23(d) |  | 250 | 56875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 6.650 | 11/03/28(d) |  | 504 | 114660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 7.050 | 11/02/35(d) |  | 280 | 63980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 7.150 | 11/20/31(d) |  | 485 | 110337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 08Y | 6.650 | 04/22/24(d) |  | 172 | 39130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | 6.000 | 01/27/23(d) |  | 191 | 43453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | 6.850 | 03/23/27(d) |  | 495 | 112612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y | 6.750 | 11/29/27(d) |  | 780 | 177450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y | 7.000 | 04/22/31(d) |  | 115 | 26163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y | 7.000 | 03/23/32(d) |  | 906 | 206115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 20Y | 7.250 | 03/23/37(d) |  | 1090 | 249065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 88 | 8.200 | 05/17/33(d) |  | 115 | 26278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 89 | 8.250 | 05/17/34(d) |  | 55 | 12568 |
|  |  |  |  |  | 2108137 |
| &nbsp;&nbsp; **Mexico 2.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Mexican Bonos, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | 7.750 | 11/23/34 | MXN | 171 | 865895 |
| &nbsp;&nbsp; Mexico Government International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.771 | 05/24/61 |  | 200 | 129300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.280 | 08/14/41 |  | 200 | 164200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.600 | 02/10/48 |  | 300 | 240450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.875 | 05/19/33 |  | 330 | 320265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.850 | 07/02/32 |  | 220 | 227810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.000 | 05/13/30 |  | 570 | 600210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.000 | 05/07/36 |  | 345 | 354574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.338 | 05/04/53 |  | 290 | 287970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.400 | 05/07/54 |  | 200 | 199800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.375 | 05/13/55 |  | 200 | 224500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.750 | 03/08/44 |  | 140 | 118300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10 | 5.625 | 09/22/35 |  | 340 | 338640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A, MTN | 6.750 | 09/27/34 |  | 203 | 222589 |
|  |  |  |  |  | 4294503 |
| &nbsp;&nbsp; **Mongolia 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Mongolia Government International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.650 | 01/19/28 |  | 200 | 212250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.625 | 02/25/30 |  | 200 | 205000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.875 | 06/05/29 |  | 200 | 212750 |
|  |  |  |  |  | 630000 |

---

See Notes to Financial Statements.

------

PGIM Emerging Markets Debt Hard Currency Fund

**Schedule of Investments** (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Interest <br>Rate | Maturity<br>Date | **Principal**<br> **Amount**<br> **(000)#** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp; **SOVEREIGN BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Montenegro 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Montenegro Government International Bond, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.250% | 03/12/31 | 200 | $214700 |
| &nbsp;&nbsp; **Morocco 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Morocco Government International Bond, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 12/15/50 | 200 | 149250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.500 | 09/08/33 | 200 | 219500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.500 | 09/08/33 | 395 | 433512 |
|  |  |  |  | 802262 |
| &nbsp;&nbsp; **Nigeria 1.7%** |  |  |  |  |
| &nbsp;&nbsp; Nigeria Government International Bond, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.696 | 02/23/38 | 200 | 187750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.875 | 02/16/32 | 200 | 200250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.747 | 01/21/31 | 400 | 419000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 9.625 | 06/09/31 | 500 | 544065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 10.375 | 12/09/34 | 400 | 449100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 9.625 | 06/09/31 | 200 | 217626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 10.375 | 12/09/34 | 475 | 533306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 8.250 | 09/28/51 | 250 | 231250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 8.375 | 03/24/29 | 400 | 415124 |
|  |  |  |  | 3197471 |
| &nbsp;&nbsp; **Oman 2.0%** |  |  |  |  |
| &nbsp;&nbsp; Oman Government International Bond, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.625 | 01/17/28 | 880 | 902550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.500 | 03/08/47 | 435 | 477004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.750 | 10/28/27 | 400 | 416944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.000 | 01/25/51 | 750 | 864045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 01/17/48 | 200 | 224062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 6.000 | 08/01/29 | 850 | 894200 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3778805 |
| &nbsp;&nbsp; **Pakistan 0.9%** |  |  |  |  |
| &nbsp;&nbsp; Pakistan Government International Bond, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.875 | 12/05/27 | 480 | 479040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN(a) | 7.375 | 04/08/31 | 200 | 197000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 6.000 | 04/08/26 | 810 | 805950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 7.375 | 04/08/31 | 200 | 197000 |
|  |  |  |  | 1678990 |
| &nbsp;&nbsp; **Panama 2.1%** |  |  |  |  |
| &nbsp;&nbsp; Panama Government International Bond, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.160 | 01/23/30 | 780 | 730287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.300 | 04/29/53 | 270 | 206820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 04/01/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1492 | 1138891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 6.875 | 01/31/36 | 796 | 862981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.500 | 03/01/31 | 750 | 832875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 9.375 | 04/01/29 | 65 | 74161 |
|  |  |  |  | 3846015 |
| &nbsp;&nbsp; **Papua New Guinea 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Papua New Guinea Government International Bond, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.375 | 10/04/28 | 220 | 226464 |

---

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 13

------

PGIM Emerging Markets Debt Hard Currency Fund

**Schedule of Investment** **s** (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Interest <br>Rate | Maturity<br>Date | **Principal**<br> **Amount**<br> **(000)#** | **Principal**<br> **Amount**<br> **(000)#** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp; **SOVEREIGN BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Paraguay 0.6%** |  |  |  |  |  |
| &nbsp;&nbsp; Paraguay Government International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.950% | 04/28/31 |  | 200 | $202625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.100 | 08/11/44 |  | 300 | 310098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.400 | 03/30/50 |  | 200 | 185775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 02/09/36 |  | 200 | 213312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.650 | 03/04/55 |  | 200 | 216375 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128185 |
| &nbsp;&nbsp; **Peru 1.5%** |  |  |  |  |  |
| &nbsp;&nbsp; Peruvian Government International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.780 | 12/01/60 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | 113400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.783 | 01/23/31 |  | 300 | 277650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.000 | 01/15/34 |  | 505 | 439602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.230 | 07/28/2121 |  | 110 | 62590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.600 | 01/15/72 |  | 515 | 331789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 03/30/36 |  | 170 | 174760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.625 | 11/18/50 |  | 300 | 298800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.875 | 08/08/54 |  | 345 | 349313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.550 | 03/14/37 |  | 225 | 252000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 8.750 | 11/21/33 |  | 450 | 569250 |
|  |  |  |  |  | 2869154 |
| &nbsp;&nbsp; **Philippines 1.6%** |  |  |  |  |  |
| &nbsp;&nbsp; Philippine Government International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.750 | 04/28/41 | EUR | 165 | 140145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.650 | 12/10/45 |  | 200 | 134250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.200 | 07/06/46 |  | 200 | 146750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.700 | 03/01/41 |  | 200 | 170250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.950 | 01/20/40 |  | 450 | 403875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.200 | 03/29/47 |  | 300 | 256875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 07/17/33 |  | 500 | 513750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 02/04/35 |  | 750 | 798984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.609 | 04/13/33 |  | 200 | 213500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.375 | 10/23/34 |  | 200 | 225688 |
|  |  |  |  |  | 3004067 |
| &nbsp;&nbsp; **Poland 0.8%** |  |  |  |  |  |
| &nbsp;&nbsp; Republic of Poland Government International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 10Y | 5.375 | 02/12/35 |  | 375 | 391969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | 5.500 | 04/04/53 |  | 785 | 770548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | 5.500 | 03/18/54 |  | 306 | 300874 |
|  |  |  |  |  | 1463391 |
| &nbsp;&nbsp; **Qatar 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp; Qatar Government International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.103 | 04/23/48 |  | 222 | 221938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.817 | 03/14/49 |  | 470 | 451853 |
|  |  |  |  |  | 673791 |
| &nbsp;&nbsp; **Romania 3.6%** |  |  |  |  |  |
| &nbsp;&nbsp; Romanian Government International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | 6.625 | 05/16/36 |  | 1100 | 1129524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125 | 06/15/48 |  | 180 | 149850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.875 | 01/30/29 |  | 420 | 432062 |

---

See Notes to Financial Statements.

------

PGIM Emerging Markets Debt Hard Currency Fund

**Schedule of Investments** (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Interest <br>Rate | Maturity<br>Date | **Principal**<br> **Amount**<br> **(000)#** | **Principal**<br> **Amount**<br> **(000)#** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp; **SOVEREIGN BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Romania (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Romanian Government International Bond, (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750% | 09/16/30 |  | 800 | $818600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.375 | 01/30/34 |  | 520 | 532314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.625 | 02/17/28 |  | 400 | 416180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.125 | 01/17/33 |  | 478 | 515346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.500 | 02/10/37 |  | 378 | 414265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.625 | 01/17/53 |  | 226 | 250265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 6.000 | 05/25/34 |  | 452 | 453695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 2.000 | 04/14/33 | EUR | 260 | 242748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 3.875 | 10/29/35 | EUR | 440 | 439809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 5.375 | 03/22/31 | EUR | 380 | 453066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 6.000 | 05/25/34 |  | 80 | 80300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 6.625 | 09/27/29 | EUR | 230 | 290494 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6618518 |
| &nbsp;&nbsp; **Saudi Arabia 2.5%** |  |  |  |  |  |
| &nbsp;&nbsp; Saudi Government International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 5.000 | 01/16/34 |  | 385 | 394727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 5.000 | 01/18/53 |  | 600 | 549441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 5.250 | 01/16/50 |  | 400 | 388876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 5.750 | 01/16/54 |  | 365 | 373715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 4.500 | 10/26/46 |  | 1100 | 969650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 4.625 | 10/04/47 |  | 940 | 835425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 5.000 | 04/17/49 |  | 800 | 744248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 5.250 | 01/16/50 |  | 480 | 466651 |
|  |  |  |  |  | 4722733 |
| &nbsp;&nbsp; **Senegal 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp; Senegal Government International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 03/13/28 | EUR | 185 | 179389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.375 | 06/08/37 | EUR | 700 | 526876 |
|  |  |  |  |  | 706265 |
| &nbsp;&nbsp; **Serbia 1.4%** |  |  |  |  |  |
| &nbsp;&nbsp; Serbia International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.500 | 06/26/29 | EUR | 1265 | 1363923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.500 | 09/26/33 |  | 280 | 304691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 05/26/28 |  | 200 | 208376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.500 | 09/26/33 |  | 655 | 712758 |
|  |  |  |  |  | 2589748 |
| &nbsp;&nbsp; **South Africa 2.5%** |  |  |  |  |  |
| &nbsp;&nbsp; Republic of South Africa Government Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2048 | 8.750 | 02/28/48 | ZAR | 8227 | 422516 |
| &nbsp;&nbsp; Republic of South Africa Government International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.100 | 11/19/36 |  | 200 | 214950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.950 | 11/19/54 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030 | 1098011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.100 | 11/19/36 |  | 285 | 306304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.950 | 11/19/54 |  | 200 | 213206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y(a) | 4.850 | 09/30/29 |  | 570 | 570570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | 5.875 | 06/22/30 |  | 325 | 336234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | 5.750 | 09/30/49 |  | 1115 | 940502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | 7.300 | 04/20/52 |  | 480 | 482138 |
|  |  |  |  |  | 4584431 |

---

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 15

------

PGIM Emerging Markets Debt Hard Currency Fund

**Schedule of Investment** **s** (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Interest <br>Rate | Maturity<br>Date | **Principal**<br> **Amount**<br> **(000)#** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp; **SOVEREIGN BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Sri Lanka 1.4%** |  |  |  |  |
| &nbsp;&nbsp; Sri Lanka Government International Bond, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.600%(cc) | 06/15/35 | 377 | $291231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.600(cc) | 05/15/36 | 241 | 219958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.600(cc) | 02/15/38 | 315 | 290449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.100(cc) | 01/15/30 | 381 | 358773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.350(cc) | 03/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652 | 567879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.600(cc) | 06/15/35 | 255 | 197437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.600(cc) | 05/15/36 | 291 | 265565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.600(cc) | 02/15/38 | 226 | 208797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.000 | 04/15/28 | 282 | 269838 |
|  |  |  |  | 2669927 |
| &nbsp;&nbsp; **Turkey 4.6%** |  |  |  |  |
| &nbsp;&nbsp; Turkiye Government International Bond, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.800 | 11/04/36 | 550 | 547250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.125 | 07/17/32 | 670 | 698140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 9.125 | 07/13/30 | 1245 | 1412166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 06Y | 9.375 | 03/14/29 | 1251 | 1401908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 07Y | 7.125 | 02/12/32 | 400 | 415600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | 5.250 | 03/13/30 | 810 | 799673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | 5.950 | 01/15/31 | 800 | 799504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | 7.625 | 04/26/29 | 940 | 1004860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y(a) | 9.375 | 01/19/33 | 600 | 698814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | 5.750 | 05/11/47 | 1000 | 810750 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8588665 |
| &nbsp;&nbsp; **Ukraine 1.3%** |  |  |  |  |
| &nbsp;&nbsp; Ukraine Government International Bond, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 0.000(cc) | 02/01/30 | 60 | 31650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 0.000(cc) | 02/01/34 | 130 | 54145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 0.000(cc) | 02/01/35 | 195 | 99158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500(cc) | 02/01/29 | 250 | 171500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500(cc) | 02/01/34 | 160 | 89760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500(cc) | 02/01/35 | 55 | 30525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500(cc) | 02/01/36 | 40 | 21940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 0.000(cc) | 02/01/30 | 179 | 94415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 0.000(cc) | 02/01/34 | 349 | 145297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 0.000(cc) | 02/01/35 | 345 | 175549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 0.000(cc) | 02/01/36 | 391 | 198445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.500(cc) | 02/01/29 | 65 | 44488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.500(cc) | 02/01/34 | 672 | 377043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.500(cc) | 02/01/35 | 857 | 475851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.500(cc) | 02/01/36 | 702 | 385248 |
|  |  |  |  | 2395014 |
| &nbsp;&nbsp; **United Arab Emirates 1.0%** |  |  |  |  |
| &nbsp;&nbsp; Abu Dhabi Government International Bond, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.125 | 09/30/49 | 400 | 295882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.125 | 09/30/49 | 200 | 147941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 3.875 | 04/16/50 | 200 | 167129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 3.875 | 04/16/50 | 559 | 467125 |

---

See Notes to Financial Statements.

------

PGIM Emerging Markets Debt Hard Currency Fund

**Schedule of Investments** (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Interest <br>Rate | Maturity<br>Date | **Principal**<br> **Amount**<br> **(000)#** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp; **SOVEREIGN BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **United Arab Emirates (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Emirate of Dubai Government International Bonds, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 5.250% | 01/30/43 | 390 | $388122 |
| &nbsp;&nbsp; Finance Department Government of Sharjah, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.500 | 11/23/32 | 355 | 385509 |
|  |  |  |  | 1851708 |
| &nbsp;&nbsp; **Uruguay 1.3%** |  |  |  |  |
| &nbsp;&nbsp; Oriental Republic of Uruguay, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 09/10/60 | 130 | 124605 |
| &nbsp;&nbsp; Uruguay Government International Bond, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.975 | 04/20/55 | 650 | 605475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.100 | 06/18/50 | 500 | 482750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.625 | 03/21/36 | 660 | 805976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.875 | 01/15/33 | 375 | 450094 |
|  |  |  |  | 2468900 |
| &nbsp;&nbsp; **Uzbekistan 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Republic of Uzbekistan International Bond, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.900 | 02/28/32 | 410 | 444030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 5.375 | 02/20/29 | 200 | 201025 |
|  |  |  |  | 645055 |
| &nbsp;&nbsp; **Venezuela 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Venezuela Government International Bond, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.250 | 10/13/24(d) | 260 | 66690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 9.000 | 05/07/23(d) | 545 | 142703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 9.250 | 09/15/27(d) | 1090 | 337900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 9.375 | 01/13/34(d) | 235 | 74612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 11.750 | 10/21/26(d) | 445 | 133500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 12.750 | 08/23/22(d) | 840 | 246540 |
|  |  |  |  | 1001945 |
| &nbsp;&nbsp; **Zambia 0.7%** |  |  |  |  |
| &nbsp;&nbsp; Zambia Government International Bond, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 0.500 | 12/31/53 | 145 | 100837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 5.750(cc) | 06/30/33 | 460 | 441157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | 0.500 | 12/31/53 | 226 | 157291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | 5.750(cc) | 06/30/33 | 603 | 578911 |
|  |  |  |  | 1278196 |
| &nbsp;&nbsp; **TOTAL SOVEREIGN BONDS** <br> (cost $129,390,307) |  |  |  | 140013940 |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS 2.4%** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Notes(k) | 3.500 | 09/30/26 | 505 | 503836 |
| &nbsp;&nbsp; U.S. Treasury Notes(k) | 3.750 | 08/31/26 | 380 | 379926 |
| &nbsp;&nbsp; U.S. Treasury Notes(k) | 3.750 | 04/30/27 | 585 | 585960 |
| &nbsp;&nbsp; U.S. Treasury Notes(k) | 4.125 | 10/31/26 | 800 | 802938 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.125 | 11/15/27 | 914 | 923354 |
| &nbsp;&nbsp; U.S. Treasury Notes(k) | 4.250 | 11/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | 1206609 |
| &nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS** <br> (cost $4,377,839) |  |  |  | 4402623 |

---

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 17

------

PGIM Emerging Markets Debt Hard Currency Fund

**Schedule of Investment** **s** (continued)

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| Description | **Principal**<br> **Amount**<br> **(000)#** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS 96.6%** <br> (cost $168,487,130) |  | 179993479 |
|  | Shares |  |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 6.0%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS 6.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)(wb) | 4549281 | $4549281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<br>(cost $6,577,204; includes $6,551,690 of cash collateral for securities on loan)(b)(wb) | 6581760 | 6577812 |
| &nbsp;&nbsp; **TOTAL AFFILIATED MUTUAL FUNDS** <br> (cost $11,126,485) |  | 11127093 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $8,570) |  | 3046 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $11,135,055) |  | 11130139 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (0.1)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (premiums received $212,453) |  | (125109) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 102.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $179,409,732) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190998509 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (2.5)% |  | (4628040) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $186370469 |

---

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

\* Non-income producing security.

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

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

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $9,536 and 0.0% of net assets.  |

---

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $6,422,311; cash collateral of $6,551,690 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

(cc) Variable rate instrument. The rate shown is based on the latest available information as of October 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

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

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

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

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

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

#### Options Purchased:

#### OTC Traded

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Counterparty | Expiration<br>Date | Strike | Notional<br>Amount<br>(000)# | Notional<br>Amount<br>(000)# | Value |
|  Currency Option EUR vs CZK | Call | JPM | 11/05/25 | 26.00 – | EUR | 571 | $— |
|  Currency Option EUR vs CZK | Call | JPM | 11/05/25 | 26.00 – | EUR | 234 |  |
|  Currency Option EUR vs HUF | Call | CITI | 11/04/25 | 440.00 – | EUR | 398 |  |
|  Currency Option EUR vs HUF | Call | MSI | 11/05/25 | 430.00 – | EUR | 390 |  |
|  Currency Option EUR vs HUF | Call | MSI | 11/26/25 | 430.00 – | EUR | 390 | 10 |
|  Currency Option EUR vs PLN | Call | MSI | 11/13/25 | 5.00 – | EUR | 393 |  |
|  Currency Option EUR vs PLN | Call | JPM | 01/20/26 | 5.00 – | EUR | 196 | 8 |
|  Currency Option EUR vs RON | Call | CITI | 11/05/25 | 5.80 – | EUR | 420 |  |

---

See Notes to Financial Statements.

------

PGIM Emerging Markets Debt Hard Currency Fund

**Schedule of Investments** (continued)

as of October 31, 2025

#### Options Purchased (continued):

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Counterparty | Expiration<br>Date | Strike | Contracts | Notional<br>Amount<br>(000)# | Notional<br>Amount<br>(000)# | Value |
|  Currency Option EUR vs TRY | Call | JPM | 11/18/25 | 99.00 |  | EUR | 790 | $263 |
|  Currency Option EUR vs TRY | Call | CITI | 11/20/25 | 99.00 |  | EUR | 786 | 329 |
|  Currency Option EUR vs TRY | Call | JPM | 11/27/25 | 99.00 |  | EUR | 1375 | 574 |
|  Currency Option USD vs BRL | Call | HSBC | 11/06/25 | 7.00 |  |  | 522 |  |
|  Currency Option USD vs BRL | Call | MSI | 11/25/25 | 7.00 |  |  | 522 | 8 |
|  Currency Option USD vs CNH | Call | CITI | 12/05/25 | 7.70 |  |  | 4190 | 4 |
|  Currency Option USD vs COP | Call | MSI | 11/13/25 | 5000.00 |  |  | 456 |  |
|  Currency Option USD vs KRW | Call | MSI | 11/12/25 | 1600.00 |  |  | 183 |  |
|  Currency Option USD vs KRW | Call | JPM | 12/22/25 | 1650.00 |  |  | 1199 | 16 |
|  Currency Option USD vs TRY | Call | JPM | 11/11/25 | 99.00 |  |  | 529 | 67 |
|  Currency Option USD vs TRY | Call | CITI | 11/13/25 | 99.00 |  |  | 912 | 110 |
|  Currency Option USD vs TRY | Call | JPM | 11/27/25 | 99.00 |  |  | 529 | 274 |
|  Currency Option USD vs TWD | Call | MSI | 11/13/25 | 34.00 |  |  | 456 | 1 |
|  Currency Option USD vs TWD | Call | JPM | 11/20/25 | 33.00 |  |  | 460 | 17 |
|  Currency Option USD vs ZAR | Call | MSI | 11/13/25 | 21.00 |  |  | 456 | 1 |
|  Currency Option EUR vs PLN | Put | JPM | 01/20/26 | 4.20 |  | EUR | 588 | 830 |
|  Currency Option EUR vs USD | Put | CITI | 11/04/25 | 1.00 |  | EUR | 419 |  |
|  Currency Option USD vs CLP | Put | CITI | 11/13/25 | 800.00 |  |  | 461 |  |
|  Currency Option USD vs CNH | Put | CITI | 12/05/25 | 6.90 |  |  | 4190 | 522 |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 3152 | 2 |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 1496 | 1 |
|  Currency Option USD vs JPY | Put | CITI | 11/13/25 | 130.00 |  |  | 914 |  |
|  Currency Option USD vs JPY | Put | MSI | 11/20/25 | 130.00 |  |  | 461 |  |
|  Currency Option USD vs JPY | Put | CITI | 12/02/25 | 125.00 |  |  | 920 | 1 |
|  Currency Option USD vs TWD | Put | MSI | 11/12/25 | 22.00 |  |  | 998 |  |
|  Currency Option USD vs TWD | Put | MSI | 11/19/25 | 23.00 |  |  | 517 |  |
|  Currency Option USD vs TWD | Put | CITI | 11/19/25 | 27.00 |  |  | 690 | 8 |
|  Currency Option USD vs TWD | Put | MSI | 11/21/25 | 20.00 |  |  | 258 |  |
|  Currency Option USD vs ZAR | Put | MSI | 11/13/25 | 15.00 |  |  | 424 |  |
|  **Total Options Purchased** (cost $8,570) |  |  |  |  |  |  |  | $3046 |
| Options Written: |  |  |  |  |  |  |  |  |
| OTC Traded |  |  |  |  |  |  |  |  |
| **Description** | Call/<br>Put | Counterparty | Expiration<br>Date | Strike | Contracts | Notional<br>Amount<br>(000)# | Notional<br>Amount<br>(000)# | Value |
|  Currency Option EUR vs CZK | Call | JPM | 11/05/25 | 24.28 |  | EUR | 571 | $(1953) |
|  Currency Option EUR vs CZK | Call | JPM | 11/05/25 | 24.36 |  | EUR | 234 | (269) |
|  Currency Option EUR vs HUF | Call | CITI | 11/04/25 | 390.00 |  | EUR | 398 | (171) |
|  Currency Option EUR vs HUF | Call | MSI | 11/26/25 | 390.00 |  | EUR | 390 | (1751) |
|  Currency Option EUR vs PLN | Call | MSI | 11/13/25 | 4.25 |  | EUR | 393 | (1727) |
|  Currency Option EUR vs PLN | Call | JPM | 01/20/26 | 4.29 |  | EUR | 196 | (1462) |
|  Currency Option EUR vs RON | Call | CITI | 11/05/25 | 5.11 |  | EUR | 420 | (298) |
|  Currency Option EUR vs TRY | Call | JPM | 11/18/25 | 52.00 |  | EUR | 790 | (3236) |
|  Currency Option EUR vs TRY | Call | CITI | 11/20/25 | 52.00 |  | EUR | 786 | (3808) |
|  Currency Option EUR vs TRY | Call | JPM | 11/27/25 | 52.00 |  | EUR | 1375 | (9128) |
|  Currency Option USD vs BRL | Call | MSI | 11/25/25 | 5.50 |  |  | 522 | (2877) |
|  Currency Option USD vs CNH | Call | CITI | 12/05/25 | 7.22 |  |  | 4190 | (709) |
|  Currency Option USD vs COP | Call | MSI | 11/13/25 | 3950.00 |  |  | 456 | (1268) |
|  Currency Option USD vs KRW | Call | MSI | 11/12/25 | 1400.00 |  |  | 183 | (3792) |
|  Currency Option USD vs KRW | Call | JPM | 12/22/25 | 1385.00 |  |  | 1199 | (37679) |
|  Currency Option USD vs TRY | Call | JPM | 11/11/25 | 44.00 |  |  | 529 | (929) |
|  Currency Option USD vs TRY | Call | CITI | 11/13/25 | 44.50 |  |  | 912 | (1604) |
|  Currency Option USD vs TRY | Call | JPM | 11/27/25 | 43.00 |  |  | 529 | (4491) |
|  Currency Option USD vs TWD | Call | MSI | 11/13/25 | 30.30 |  |  | 456 | (7705) |
|  Currency Option USD vs TWD | Call | JPM | 11/20/25 | 30.25 |  |  | 460 | (8682) |
|  Currency Option USD vs ZAR | Call | MSI | 11/13/25 | 17.60 |  |  | 456 | (1086) |

---

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 19

------

PGIM Emerging Markets Debt Hard Currency Fund

**Schedule of Investment** **s** (continued)

as of October 31, 2025

#### Options Written (continued):

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Counterparty | Expiration<br>Date | Strike | Contracts | Notional<br>Amount<br>(000)# | Notional<br>Amount<br>(000)# | Value |
|  Currency Option EUR vs USD | Put | CITI | 11/04/25 | 1.18 |  | EUR | 419 | $(9374) |
|  Currency Option USD vs CLP | Put | CITI | 11/13/25 | 940.00 |  |  | 461 | (3049) |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 87.00 |  |  | 2328 | (2083) |
|  Currency Option USD vs JPY | Put | CITI | 11/13/25 | 150.90 |  |  | 914 | (789) |
|  Currency Option USD vs JPY | Put | MSI | 11/20/25 | 150.90 |  |  | 461 | (837) |
|  Currency Option USD vs JPY | Put | CITI | 12/02/25 | 154.00 |  |  | 920 | (9568) |
|  Currency Option USD vs TWD | Put | MSI | 11/12/25 | 29.25 |  |  | 998 | (48) |
|  Currency Option USD vs TWD | Put | MSI | 11/19/25 | 29.50 |  |  | 517 | (145) |
|  Currency Option USD vs TWD | Put | CITI | 11/19/25 | 30.30 |  |  | 690 | (1035) |
|  Currency Option USD vs TWD | Put | MSI | 11/21/25 | 29.50 |  |  | 258 | (86) |
|  Currency Option USD vs ZAR | Put | MSI | 11/13/25 | 17.40 |  |  | 424 | (3470) |
|  **Total Options Written** (premiums received $212,453) | **Total Options Written** (premiums received $212,453) | **Total Options Written** (premiums received $212,453) | **Total Options Written** (premiums received $212,453) |  |  |  |  | $(125109) |

---

#### Futures contracts outstanding at October 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | **Expiration<br> Date** | **Expiration<br> Date** | **Current**<br>**Notional**<br>**Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** | **Long Positions:** |  |  |  |
| 27 | 5 Year U.S. Treasury Notes |  | Dec. 2025 | $2948695 | $(15710) |
| 38 | 10 Year U.S. Treasury Notes |  | Dec. 2025 | 4281531 | (11240) |
| 26 | 10 Year U.S. Ultra Treasury Notes |  | Dec. 2025 | 3002594 | (2567) |
| 22 | 20 Year U.S. Treasury Bonds |  | Dec. 2025 | 2580875 | (26804) |
| 44 | 30 Year U.S. Ultra Treasury Bonds |  | Dec. 2025 | 5336375 | 14288 |
|  |  |  |  |  | (42033) |
|  **Short Positions:** | **Short Positions:** | **Short Positions:** |  |  |  |
| 44 | 5 Year Euro-Bobl |  | Dec. 2025 | 5997745 | (12732) |
| 18 | 10 Year Euro-Bund |  | Dec. 2025 | 2684545 | (17262) |
| 4 | Euro Schatz Index |  | Dec. 2025 | 493703 | 365 |
|  |  |  |  |  | (29629) |
|  |  |  |  |  | $(71662) |

---

#### Forward foreign currency exchange contracts outstanding at October 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br> Settlement <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current <br>Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized <br> Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized <br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |
|  Argentine Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/04/25 | CITI | ARS | 198380 | $140000 | $132085 | $— | $(7915) |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/04/25 | GSI | BRL | 16296 | 3042590 | 3024948 |  | (17642) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/04/25 | MSI | BRL | 1972 | 364000 | 366052 | 2052 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/02/25 | GSI | BRL | 15743 | 2926637 | 2902535 |  | (24102) |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BNP | CLP | 597703 | 626000 | 634224 | 8224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CA | CLP | 565392 | 582837 | 599940 | 17103 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | TD | CLP | 263971 | 282000 | 280101 |  | (1899) |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BNY | CNH | 2724 | 384790 | 383632 |  | (1158) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | CNH | 4621 | 651000 | 650895 |  | (105) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | CNH | 2840 | 399481 | 400047 | 566 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | CNH | 6438 | 909000 | 906697 |  | (2303) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | CNH | 8570 | 1207000 | 1206998 |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | CNH | 4655 | 656000 | 655675 |  | (325) |

---

See Notes to Financial Statements.

------

PGIM Emerging Markets Debt Hard Currency Fund

**Schedule of Investments** (continued)

as of October 31, 2025

#### Forward foreign currency exchange contracts outstanding at October 31, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br> Settlement <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current <br>Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized <br> Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized <br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |
|  Chinese Renminbi (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | CNH | 5390 | $759000 | $759191 | $191 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | CNH | 4781 | 674000 | 673392 |  | (608) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | CNH | 2510 | 354000 | 353476 |  | (524) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | UAG | CNH | 4088 | 576000 | 575788 |  | (212) |
|  Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BNY | COP | 1303907 | 332969 | 336074 | 3105 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BNY | COP | 900000 | 228833 | 231970 | 3137 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | COP | 1365601 | 347000 | 351975 | 4975 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | COP | 1389801 | 357000 | 358213 | 1213 |  |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | CZK | 9525 | 458000 | 452081 |  | (5919) |
|  Egyptian Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/12/25 | SCB | EGP | 12026 | 229500 | 253506 | 24006 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/24/25 | CITI | EGP | 18106 | 369510 | 380090 | 10580 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | EGP | 29744 | 554828 | 618354 | 63526 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/08/26 | CITI | EGP | 35026 | 660873 | 721723 | 60850 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/08/26 | SCB | EGP | 5363 | 104500 | 110504 | 6004 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | EGP | 18106 | 356698 | 371384 | 14686 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/12/26 | CITI | EGP | 6322 | 121818 | 127269 | 5451 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/12/26 | CITI | EGP | 6274 | 120977 | 126293 | 5316 |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/05/25 | CITI | EUR | 1306 | 1522000 | 1505931 |  | (16069) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | EUR | 195 | 229000 | 225724 |  | (3276) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 383 | 447803 | 443902 |  | (3901) |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | INR | 67658 | 759000 | 760156 | 1156 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | INR | 30348 | 344000 | 340968 |  | (3032) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | INR | 24628 | 276300 | 276702 | 402 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | INR | 56757 | 636000 | 637676 | 1676 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | INR | 25546 | 288000 | 287021 |  | (979) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | INR | 24860 | 279000 | 279312 | 312 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | INR | 665844 | 7511992 | 7480934 |  | (31058) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | INR | 60660 | 681000 | 681532 | 532 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | INR | 56244 | 631000 | 631918 | 918 |  |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | IDR | 8499105 | 511000 | 510602 |  | (398) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 16454604 | 991000 | 988545 |  | (2455) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 10915975 | 665000 | 655800 |  | (9200) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 10071547 | 603000 | 605069 | 2069 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 9459936 | 576000 | 568326 |  | (7674) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 9451236 | 568000 | 567803 |  | (197) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 8627542 | 523500 | 518318 |  | (5182) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 7323159 | 442000 | 439954 |  | (2046) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 6420801 | 386000 | 385743 |  | (257) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 6231234 | 379000 | 374355 |  | (4645) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 5848603 | 349500 | 351367 | 1867 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | IDR | 7840553 | 471000 | 471038 | 38 |  |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | JPY | 154134 | 1024008 | 1008491 |  | (15517) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | JPY | 74820 | 497207 | 489542 |  | (7665) |
|  Malaysian Ringgit, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BARC | MYR | 1913 | 454806 | 457437 | 2631 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BARC | MYR | 1751 | 416253 | 418710 | 2457 |  |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BARC | MXN | 16842 | 909593 | 902009 |  | (7584) |
|  New Taiwanese Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | TWD | 30017 | 1002752 | 976399 |  | (26353) |

---

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 21

------

PGIM Emerging Markets Debt Hard Currency Fund

**Schedule of Investment** **s** (continued)

as of October 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br> Settlement <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current <br>Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized <br> Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized <br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 4164 | $1182287 | $1235248 | $52961 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 2082 | 592051 | 617624 | 25573 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 1772 | 503000 | 525654 | 22654 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 1588 | 469000 | 471145 | 2145 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 1355 | 399000 | 402009 | 3009 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 1286 | 381000 | 381385 | 385 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 1122 | 333000 | 332874 |  | (126) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 1047 | 308000 | 310545 | 2545 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 899 | 266000 | 266710 | 710 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 738 | 218400 | 218829 | 429 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 570 | 167960 | 169112 | 1152 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 469 | 137293 | 139110 | 1817 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 466 | 137270 | 138171 | 901 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | PEN | 1680 | 478000 | 498380 | 20380 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | PEN | 1654 | 486000 | 490602 | 4602 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SSB | PEN | 2082 | 590825 | 617624 | 26799 |  |
|  Philippine Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | PHP | 201287 | 3501160 | 3426716 |  | (74444) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | PHP | 33893 | 592000 | 576994 |  | (15006) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | UAG | PHP | 10840 | 185196 | 184532 |  | (664) |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BNY | SGD | 784 | 615006 | 604164 |  | (10842) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | SGD | 722 | 561405 | 556586 |  | (4819) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | SGD | 541 | 423000 | 417450 |  | (5550) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | SGD | 512 | 395001 | 395035 | 34 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | UAG | SGD | 466 | 364000 | 359494 |  | (4506) |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BARC | ZAR | 24870 | 1436314 | 1429782 |  | (6532) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BARC | ZAR | 11260 | 644289 | 647340 | 3051 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | ZAR | 3833 | 218601 | 220334 | 1733 |  |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BNY | THB | 8964 | 284411 | 278278 |  | (6133) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | THB | 9556 | 296000 | 296673 | 673 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | THB | 8324 | 257422 | 258423 | 1001 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | THB | 12842 | 395000 | 398670 | 3670 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | THB | 8995 | 275000 | 279254 | 4254 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | THB | 7900 | 242000 | 245240 | 3240 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | THB | 12042 | 375000 | 373839 |  | (1161) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | THB | 11716 | 360000 | 363703 | 3703 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | THB | 7585 | 234000 | 235477 | 1477 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | THB | 16502 | 508000 | 512310 | 4310 |  |
|  |  |  |  | $61963446 | $62061712 | 438251 | (339985) |
| **Sale**<br> **Contracts**  | Counterparty | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |
|  Argentine Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/04/25 | CITI | ARS | 198380 | $139214 | $132085 | $7129 | $— |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/04/25 | DB | BRL | 1067 | 198577 | 198115 | 462 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/04/25 | GSI | BRL | 15743 | 2946135 | 2922326 | 23809 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/04/25 | GSI | BRL | 1458 | 272000 | 270559 | 1441 |  |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNY | GBP | 102 | 135990 | 134397 | 1593 |  |

---

See Notes to Financial Statements.

------

PGIM Emerging Markets Debt Hard Currency Fund

**Schedule of Investments** (continued)

as of October 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br> Settlement <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current <br>Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized <br> Appreciation | Unrealized<br> Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | CLP | 284681 | $296000 | $302076 | $— | $(6076) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | CLP | 295257 | 308000 | 313297 |  | (5297) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | CLP | 227060 | 236000 | 240935 |  | (4935) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | CLP | 615958 | 649000 | 653595 |  | (4595) |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | CNH | 3998 | 565000 | 563076 | 1924 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | TD | CNH | 43410 | 6124130 | 6113943 | 10187 |  |
|  Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BNY | COP | 4914728 | 1231669 | 1266742 |  | (35073) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | COP | 686030 | 175500 | 176820 |  | (1320) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | COP | 680581 | 174240 | 175416 |  | (1176) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | GSI | COP | 4144022 | 1036006 | 1068097 |  | (32091) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | GSI | COP | 3656104 | 911451 | 942339 |  | (30888) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | COP | 687118 | 176500 | 177101 |  | (601) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | COP | 4144022 | 1043204 | 1068097 |  | (24893) |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | CZK | 37178 | 1785229 | 1764505 | 20724 |  |
|  Egyptian Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/08/26 | CITI | EGP | 10316 | 197950 | 212571 |  | (14621) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/05/25 | BOA | EUR | 360 | 417028 | 414642 | 2386 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/05/25 | CITI | EUR | 953 | 1104972 | 1098517 | 6455 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | DB | EUR | 3049 | 3543966 | 3530711 | 13255 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | SSB | EUR | 2287 | 2679897 | 2648032 | 31865 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | UAG | EUR | 2287 | 2672340 | 2648033 | 24307 |  |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | INR | 134218 | 1522000 | 1507978 | 14022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | INR | 47759 | 539000 | 536590 | 2410 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | INR | 40304 | 454369 | 452830 | 1539 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | INR | 29436 | 334000 | 330724 | 3276 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | DB | INR | 12313 | 138211 | 138345 |  | (134) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | INR | 83576 | 945600 | 938997 | 6603 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | INR | 31687 | 359000 | 356013 | 2987 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | INR | 46181 | 522000 | 518859 | 3141 |  |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BARC | IDR | 4361071 | 262126 | 262000 | 126 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | IDR | 4509467 | 271000 | 270916 | 84 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | IDR | 4465856 | 268500 | 268296 | 204 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 4232745 | 255000 | 254291 | 709 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 2253753 | 135450 | 135399 | 51 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 1932067 | 116100 | 116073 | 27 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | IDR | 9810447 | 593533 | 589383 | 4150 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | IDR | 4502665 | 271000 | 270507 | 493 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | IDR | 7315365 | 443000 | 439486 | 3514 |  |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | DB | MXN | 34740 | 1844724 | 1860633 |  | (15909) |
|  New Taiwanese Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | TWD | 3409 | 112099 | 110896 | 1203 |  |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | PEN | 876 | 250286 | 259976 |  | (9690) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 2094 | 598000 | 620971 |  | (22971) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 1448 | 414000 | 429623 |  | (15623) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 1440 | 412000 | 427010 |  | (15010) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 1406 | 401000 | 417012 |  | (16012) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 1139 | 325000 | 337859 |  | (12859) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 1110 | 318000 | 329329 |  | (11329) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | PEN | 1440 | 412000 | 427045 |  | (15045) |

---

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 23

------

PGIM Emerging Markets Debt Hard Currency Fund

**Schedule of Investment** **s** (continued)

as of October 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br> Settlement <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current <br>Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized <br> Appreciation | Unrealized<br> Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |
|  Peruvian Nuevo Sol (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SSB | PEN | 1477 | $420000 | $438099 | $— | $(18099) |
|  Philippine Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BARC | PHP | 14659 | 255922 | 249550 | 6372 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PHP | 26945 | 462000 | 458716 | 3284 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PHP | 26416 | 452500 | 449715 | 2785 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PHP | 20476 | 350000 | 348591 | 1409 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PHP | 20316 | 346000 | 345868 | 132 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PHP | 17323 | 295000 | 294912 | 88 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PHP | 8735 | 147420 | 148704 |  | (1284) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | PHP | 30626 | 521000 | 521371 |  | (371) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | PHP | 24705 | 424000 | 420579 | 3421 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | PHP | 21002 | 360000 | 357533 | 2467 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | PHP | 12548 | 215233 | 213619 | 1614 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | PHP | 11226 | 192696 | 191111 | 1585 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | PHP | 7431 | 126100 | 126498 |  | (398) |
|  Polish Zloty, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | PLN | 2714 | 744000 | 734377 | 9623 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | PLN | 1305 | 356000 | 353168 | 2832 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | PLN | 845 | 231469 | 228745 | 2724 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | PLN | 688 | 187713 | 186261 | 1452 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | UAG | PLN | 802 | 220531 | 217081 | 3450 |  |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | SGD | 443 | 347000 | 341748 | 5252 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | SGD | 391 | 303000 | 301252 | 1748 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | SGD | 772 | 599000 | 595404 | 3596 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | SGD | 787 | 619000 | 607149 | 11851 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | SGD | 480 | 371000 | 369775 | 1225 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | SGD | 9898 | 7749240 | 7632243 | 116997 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | TD | SGD | 446 | 345000 | 344263 | 737 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | UAG | SGD | 426 | 334000 | 328713 | 5287 |  |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | GSI | ZAR | 25016 | 1419815 | 1438174 |  | (18359) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | GSI | ZAR | 2706 | 154753 | 155554 |  | (801) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | ZAR | 7709 | 437273 | 443165 |  | (5892) |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BARC | KRW | 127142 | 90186 | 89147 | 1039 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | KRW | 871469 | 611000 | 611044 |  | (44) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | KRW | 593351 | 417500 | 416037 | 1463 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | KRW | 81536 | 58985 | 57170 | 1815 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | KRW | 935796 | 654000 | 656147 |  | (2147) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | KRW | 755186 | 533000 | 529510 | 3490 |  |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | THB | 10134 | 320000 | 314613 | 5387 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | THB | 9969 | 316000 | 309499 | 6501 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | THB | 56625 | 1762961 | 1757913 | 5048 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | THB | 11451 | 355000 | 355477 |  | (477) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | THB | 56625 | 1797290 | 1757913 | 39377 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | THB | 16361 | 507000 | 507917 |  | (917) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | THB | 9219 | 284000 | 286207 |  | (2207) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | THB | 9043 | 287000 | 280748 | 6252 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | THB | 8974 | 277999 | 278588 |  | (589) |
|  |  |  |  | $68795582 | $68692936 | 450379 | (347733) |
|  |  |  |  |  |  | $888630 | $(687718) |

---

See Notes to Financial Statements.

------

PGIM Emerging Markets Debt Hard Currency Fund

**Schedule of Investments** (continued)

as of October 31, 2025

#### Credit default swap agreements outstanding at October 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | Termination<br>Date | Fixed<br>Rate | Notional<br>Amount<br> (000)#(3) | Implied<br>Credit<br>Spread at<br>October 31,<br>2025(4) | Fair<br>Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) | Counterparty |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** |
|  Petroleos Mexicanos | 12/24/25 | 3.750%(M) | 58 | 1.156% | $274 | $— | $274 | GSI |
|  Petroleos Mexicanos^ | 03/23/26 | 4.100%(M) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | \* | 3313 |  | 3313 | GSI |
|  Petroleos Mexicanos^ | 05/07/26 | 4.750%(M) | 288 | \* | 6223 |  | 6223 | GSI |
|  Republic of Argentina | 06/20/26 | 5.000%(Q) | 334 | 5.202% | 1436 | (3982) | 5418 | GSI |
|  Republic of Ivory Coast | 06/20/27 | 1.000%(Q) | 250 | 1.093% | (93) | (6265) | 6172 | MSI |
|  |  |  |  |  | $11153 | $(10247) | $21400 |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | Termination<br>Date | Fixed<br>Rate | Notional<br>Amount<br> (000)#(3) | Value at<br>Trade Date | Value at<br>October 31,<br>2025 | Unrealized<br>Appreciation<br>(Depreciation) |
|  **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** |  |
|  CDX.EM.44.V1 | 12/20/30 | 1.000%(Q) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10480 | $277541 | $157984 | $(119557) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | Termination<br>Date | Fixed<br>Rate | Notional<br>Amount<br> (000)#(3) | Implied<br>Credit<br>Spread at<br>October 31,<br>2025(4) | Value at<br>Trade Date | Value at<br>October 31,<br>2025 | Unrealized<br>Appreciation<br>(Depreciation) |
|  **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** |  |
|  CDX.EM.36.V3 | 12/20/26 | 1.000%(Q) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9200 | 0.486% | $(19979) | $63643 | $83622 |
|  CDX.EM.37.V2 | 06/20/27 | 1.000%(Q) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9279 | 0.621% | (6101) | 66304 | 72405 |
|  CDX.EM.39.V1 | 06/20/28 | 1.000%(Q) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4794 | 0.788% | (30661) | 30838 | 61499 |
|  |  |  |  |  | $(56741) | $160785 | $217526 |

---

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

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

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

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

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 25

------

PGIM Emerging Markets Debt Hard Currency Fund

**Schedule of Investment** **s** (continued)

as of October 31, 2025

spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

\* When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Fund is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. 

#### Interest rate swap agreements outstanding at October 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>(000)# | Notional<br>Amount<br>(000)# | Termination<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed <br> Rate | **Floating**<br> **Rate** | Value at<br>Trade Date | Value at<br>October 31,<br>2025 | Unrealized<br>Appreciation<br>(Depreciation) |
|  **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** |  |  |
| BRL | 2676 | 01/04/27 | 10.000%(T) | 1 Day BROIS(2)(T)/ 0.055% | $— | $(54009) | $(54009) |
| BRL | 342 | 01/04/27 | 11.120%(T) | 1 Day BROIS(2)(T)/ 0.055% | 1023 | (4713) | (5736) |
| BRL | 11480 | 01/04/27 | 14.090%(T) | 1 Day BROIS(2)(T)/ 0.055% |  | (384) | (384) |
| BRL | 17718 | 01/04/27 | 14.257%(T) | 1 Day BROIS(1)(T)/ 0.055% |  | (9869) | (9869) |
| BRL | 4471 | 01/04/27 | 14.262%(T) | 1 Day BROIS(1)(T)/ 0.055% |  | (2550) | (2550) |
| BRL | 11172 | 01/04/27 | 14.298%(T) | 1 Day BROIS(1)(T)/ 0.055% |  | (7319) | (7319) |
| BRL | 5536 | 01/03/28 | 13.400%(T) | 1 Day BROIS(2)(T)/ 0.055% |  | 1240 | 1240 |
| BRL | 3884 | 01/02/29 | 13.215%(T) | 1 Day BROIS(2)(T)/ 0.055% |  | 495 | 495 |
| BRL | 858 | 01/02/29 | 13.258%(T) | 1 Day BROIS(2)(T)/ 0.055% |  | (20) | (20) |
| BRL | 7670 | 01/02/29 | 13.290%(T) | 1 Day BROIS(2)(T)/ 0.055% |  | 2242 | 2242 |
| BRL | 6708 | 01/02/29 | 13.312%(T) | 1 Day BROIS(1)(T)/ 0.055% |  | (10382) | (10382) |
| BRL | 3883 | 01/02/29 | 13.520%(T) | 1 Day BROIS(2)(T)/ 0.055% |  | 8557 | 8557 |
| BRL | 2120 | 01/02/31 | 13.114%(T) | 1 Day BROIS(2)(T)/ 0.055% |  | (3107) | (3107) |
| CZK | 23880 | 06/18/30 | 3.218%(A) | 6 Month PRIBOR(2)(S)/ 3.540% |  | (32913) | (32913) |
| CZK | 51822 | 09/17/30 | 3.700%(A) | 6 Month PRIBOR(2)(S)/ 3.540% | 151 | (18906) | (19057) |
| HUF | 317176 | 03/20/26 | 6.195%(A) | 6 Month BUBOR(1)(S)/ 6.480% | (5615) | (27058) | (21443) |
| HUF | 199328 | 12/18/29 | 5.909%(A) | 6 Month BUBOR(1)(S)/ 6.480% | 3932 | (8579) | (12511) |
| HUF | 145770 | 12/20/33 | 7.420%(A) | 6 Month BUBOR(2)(S)/ 6.480% |  | 42557 | 42557 |
| INR | 179310 | 12/17/27 | 5.330%(S) | 1 Day MIBOR(2)(S)/ 5.690% |  | (3757) | (3757) |
| KRW | 8076558 | 09/17/27 | 2.386%(Q) | 3 Month KWCDC(2)(Q)/ 2.550% | 1117 | (23420) | (24537) |
| KRW | 400000 | 09/21/27 | 3.639%(Q) | 3 Month KWCDC(1)(Q)/ 2.550% | (3603) | (5717) | (2114) |
| KRW | 870000 | 12/21/27 | 4.197%(Q) | 3 Month KWCDC(2)(Q)/ 2.550% | 17821 | 21271 | 3450 |
| KRW | 1235349 | 12/18/29 | 2.886%(Q) | 3 Month KWCDC(1)(Q)/ 2.550% |  | (5450) | (5450) |
| KRW | 1698450 | 06/18/30 | 2.423%(Q) | 3 Month KWCDC(2)(Q)/ 2.550% |  | (18023) | (18023) |
| KRW | 1555462 | 09/17/30 | 2.469%(Q) | 3 Month KWCDC(2)(Q)/ 2.550% | 959 | (15547) | (16506) |
| KRW | 1198132 | 09/17/30 | 2.488%(Q) | 3 Month KWCDC(2)(Q)/ 2.550% | 762 | (11221) | (11983) |
| MXN | 36365 | 12/15/27 | 6.890%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 7.781% |  | (3017) | (3017) |
| MXN | 8958 | 12/13/28 | 7.105%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 7.781% |  | 413 | 413 |
| MXN | 31950 | 12/13/28 | 7.171%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 7.781% |  | 4520 | 4520 |
| MXN | 6352 | 09/11/30 | 7.710%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 7.781% |  | 6262 | 6262 |
| MXN | 13630 | 09/11/30 | 7.720%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 7.781% |  | 13743 | 13743 |
| MXN | 27560 | 09/11/30 | 7.873%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 7.781% |  | 37217 | 37217 |
| PLN | 1204 | 06/15/27 | 4.970%(A) | 6 Month WIBOR(2)(S)/ 4.300% | (3558) | 4703 | 8261 |
| PLN | 2826 | 09/21/27 | 5.487%(A) | 6 Month WIBOR(1)(S)/ 4.300% |  | (21254) | (21254) |
| PLN | 5393 | 09/21/27 | 6.547%(A) | 6 Month WIBOR(1)(S)/ 4.300% | 1194 | (69877) | (71071) |
| PLN | 1175 | 10/06/27 | 6.826%(A) | 6 Month WIBOR(2)(S)/ 4.300% |  | 17015 | 17015 |
| PLN | 460 | 10/25/27 | 7.900%(A) | 6 Month WIBOR(2)(S)/ 4.300% |  | 9353 | 9353 |
| PLN | 18 | 12/21/27 | 6.845%(A) | 6 Month WIBOR(2)(S)/ 4.300% | 101 | 480 | 379 |
| PLN | 1884 | 06/19/29 | 4.812%(A) | 6 Month WIBOR(2)(S)/ 4.300% | (2744) | 13763 | 16507 |
| ZAR | 52851 | 09/21/27 | 7.490%(Q) | 3 Month JIBAR(1)(Q)/ 6.967% | 49954 | (48616) | (98570) |
| ZAR | 26104 | 09/21/27 | 7.995%(Q) | 3 Month JIBAR(2)(Q)/ 6.967% | (2067) | 38318 | 40385 |
| ZAR | 6182 | 06/21/28 | 8.455%(Q) | 3 Month JIBAR(1)(Q)/ 6.967% | (670) | (16358) | (15688) |
| ZAR | 6653 | 06/19/29 | 8.930%(Q) | 3 Month JIBAR(2)(Q)/ 6.967% | 3022 | 28379 | 25357 |
| ZAR | 6810 | 06/19/29 | 8.933%(Q) | 3 Month JIBAR(1)(Q)/ 6.967% |  | (29081) | (29081) |
| ZAR | 5785 | 03/19/30 | 7.765%(Q) | 3 Month JIBAR(1)(Q)/ 6.967% | 327 | (12461) | (12788) |

---

See Notes to Financial Statements.

------

PGIM Emerging Markets Debt Hard Currency Fund

**Schedule of Investments** (continued)

as of October 31, 2025

#### Interest rate swap agreements outstanding at October 31, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>(000)# | Notional<br>Amount<br>(000)# | Termination<br>Date | Fixed<br>Rate | **Floating**<br> **Rate** | Value at<br>Trade Date | Value at<br>October 31,<br>2025 | Unrealized<br>Appreciation<br>(Depreciation) |
| **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** |  |  |
| ZAR | 10902 | 03/19/30 | 7.981 %(Q) | 3 Month JIBAR(2)(Q)/ 6.967% | $1803 | $28830 | $27027 |
| ZAR | 7782 | 03/19/30 | 8.060 %(Q) | 3 Month JIBAR(1)(Q)/ 6.967% |  | (21965) | (21965) |
|  |  |  |  |  | $63909 | $(206215) | $(270124) |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Premiums Paid | Premiums Received | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
| &nbsp;&nbsp; OTC Swap Agreements | $— | $(10247) | $21400 | $— |

---

#### 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Market Value |
|  JPS | $— | $3352820 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Corporate Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azerbaijan | $— | $618204 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bahrain |  | 541345 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil |  | 313190 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile |  | 2266068 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China |  | 535383 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colombia |  | 861396 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costa Rica |  | 210562 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; El Salvador |  | 158738 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guatemala |  | 189100 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hungary |  | 711301 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India |  | 1559448 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 2829415 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel |  | 483582 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kazakhstan |  | 1389470 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kuwait |  | 286794 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macau |  | 328350 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Malaysia |  | 1757860 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico |  | 8124341 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morocco |  | 249205 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Panama |  | 676522 |  |

---

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 27

------

PGIM Emerging Markets Debt Hard Currency Fund

**Schedule of Investment** **s** (continued)

as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Corporate Bonds (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | $— | $752511 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines |  | 169500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland |  | 1287256 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia |  | 1141900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa |  | 2260212 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinidad & Tobago |  | 205400 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ukraine |  | 355146 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates |  | 3538434 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uzbekistan |  | 426000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venezuela |  | 1182933 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vietnam |  | 167350 |  |
|  Sovereign Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Angola |  | 3089476 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentina |  | 6599283 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bahrain |  | 2683448 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil |  | 4904530 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile |  | 440240 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colombia |  | 9732323 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costa Rica |  | 1964715 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dominican Republic |  | 7327379 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ecuador |  | 3453180 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Egypt |  | 6056345 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; El Salvador |  | 2497342 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gabon |  | 402215 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ghana |  | 3074919 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guatemala |  | 3568293 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honduras |  | 200438 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hungary |  | 4640651 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 3160700 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ivory Coast |  | 2860596 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jamaica |  | 694808 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jordan |  | 1195474 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kenya |  | 1430545 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lebanon |  | 2108137 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico |  | 4294503 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mongolia |  | 630000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montenegro |  | 214700 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morocco |  | 802262 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nigeria |  | 3197471 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oman |  | 3778805 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pakistan |  | 1678990 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Panama |  | 3846015 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Papua New Guinea |  | 226464 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paraguay |  | 1128185 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru |  | 2869154 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines |  | 3004067 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland |  | 1463391 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qatar |  | 673791 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Romania |  | 6618518 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia |  | 4722733 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senegal |  | 706265 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Serbia |  | 2589748 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa |  | 4584431 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sri Lanka |  | 2669927 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkey |  | 8588665 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ukraine |  | 2395014 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates |  | 1851708 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uruguay |  | 2468900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uzbekistan |  | 645055 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venezuela |  | 1001945 |  |

---

See Notes to Financial Statements.

------

PGIM Emerging Markets Debt Hard Currency Fund

**Schedule of Investments** (continued)

as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Sovereign Bonds (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zambia | $— | $1278196 | $— |
|  U.S. Treasury Obligations |  | 4402623 |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 11127093 |  |  |
|  Options Purchased |  | 3046 |  |
|  **Total** | $11127093 | $179996525 | $— |
|  **Liabilities** |  |  |  |
|  Options Written | $— | $(125109) | $— |
|  **Total** | $— | $(125109) | $— |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $14653 | $— | $— |
|  OTC Forward Foreign Currency Exchange Contracts |  | 888630 |  |
|  Centrally Cleared Credit Default Swap Agreements |  | 217526 |  |
|  OTC Credit Default Swap Agreements |  | 1710 | 9536 |
|  Centrally Cleared Interest Rate Swap Agreements |  | 264980 |  |
|  **Total** | $14653 | $1372846 | $9536 |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $(86315) | $— | $— |
|  OTC Forward Foreign Currency Exchange Contracts |  | (687718) |  |
|  Centrally Cleared Credit Default Swap Agreement |  | (119557) |  |
|  OTC Credit Default Swap Agreement |  | (93) |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | (535104) |  |
|  **Total** | $(86315) | $(1342472) | $— |

---

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

#### Industry Classification :
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Sovereign Bonds | 75.1 |
|  Oil & Gas | 7.2 |
|  Affiliated Mutual Funds (3.5% represents investments purchased with collateral from securities on loan) | 6.0 |
|  U.S. Treasury Obligations | 2.4 |
|  Electric | 2.3 |
|  Engineering & Construction | 1.7 |
|  Pipelines | 1.4 |
|  Mining | 1.2 |
|  Banks | 1.1 |
|  Commercial Services | 0.9 |
|  Chemicals | 0.7 |
|  Investment Companies | 0.5 |
|  Telecommunications | 0.4 |
|  Transportation | 0.4 |
|  Lodging | 0.3 |
|  Iron/Steel | 0.2 |

---

---

| | |
|:---|:---|
|  Computers | 0.2% |
|  Internet | 0.2 |
|  Real Estate Investment Trusts (REITs) | 0.1 |
|  Gas | 0.1 |
|  Foods | 0.1 |
|  Diversified Financial Services | 0.1 |
|  Options Purchased | 0.0 \* |
|  | 102.6 |
|  Options Written | (0.1) |
|  Liabilities in excess of other assets | (2.5) |
|  | 100.0% |

---

\* Less than 0.05% 

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 29

------

PGIM Emerging Markets Debt Hard Currency Fund

**Schedule of Investment** **s** (continued)

as of October 31, 2025

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

Fair values of derivative instruments as of October 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br>Value | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br>Value |
|  Credit contracts | Due from/to broker-variation margin swaps | $217526 \* | Due from/to broker-variation margin swaps | $119557 \* |
|  Credit contracts |  |  | Premiums received for OTC swap agreements | 10247 |
|  Credit contracts | Unrealized appreciation on OTC swap agreements | 21400 |  |  |
|  Foreign exchange contracts | Unaffiliated investments | 3046 | Options written outstanding, at value | 125109 |
|  Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 888630 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 687718 |
|  Interest rate contracts | Due from/to broker-variation<br> margin futures | 14653 \* | Due from/to broker-variation margin futures | 86315 \* |
|  Interest rate contracts | Due from/to broker-variation margin swaps | 264980 \* | Due from/to broker-variation margin swaps | 535104 \* |
|  |  | $1410235 |  | $1564050 |

---

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

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Options<br>Purchased(1)** | **Options<br>Written** | **Futures** | **Forward<br>& Cross<br>Currency<br>Exchange<br>Contracts** | Swaps |
|  Credit contracts | $— | $— | $— | $— | $376448 |
|  Foreign exchange contracts | (198512) | 883401 |  | (945696) |  |
|  Interest rate contracts |  |  | 165114 |  | (362144) |
|  **Total** | $(198512) | $883401 | $165114 | $(945696) | $14304 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Options<br>Purchased(2)** | **Options<br>Written** | **Futures** | **Forward<br>& Cross<br>Currency<br>Exchange**<br> **Contracts** | Swaps |
|  Credit contracts | $— | $— | $— | $— | $47160 |
|  Foreign exchange contracts | 13887 | 97555 |  | 144640 |  |
|  Interest rate contracts |  |  | 159854 |  | 267888 |
|  **Total** | $13887 | $97555 | $159854 | $144640 | $315048 |

---

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

See Notes to Financial Statements.

------

PGIM Emerging Markets Debt Hard Currency Fund

**Schedule of Investments** (continued)

as of October 31, 2025

For the year ended October 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
| &nbsp;&nbsp; Options Purchased (1) | $27970 |
| &nbsp;&nbsp; Options Written (2) | 15978577 |
| &nbsp;&nbsp; Futures Contracts - Long Positions (2) | 30827697 |
| &nbsp;&nbsp; Futures Contracts - Short Positions (2) | 10143894 |
| &nbsp;&nbsp; Forward Foreign Currency Exchange Contracts - Purchased (3) | 45006013 |
| &nbsp;&nbsp; Forward Foreign Currency Exchange Contracts - Sold (3) | 59278869 |
| &nbsp;&nbsp; Cross Currency Exchange Contracts (4) | 282004 |
| &nbsp;&nbsp; Interest Rate Swap Agreements (2) | 40512209 |
| &nbsp;&nbsp; Credit Default Swap Agreements - Buy Protection (2) | 4476000 |
| &nbsp;&nbsp; Credit Default Swap Agreements - Sell Protection (2) | 26026202 |

---

\* Average volume is based on average quarter end balances for the year ended October 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Fund invested in OTC derivatives 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 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<br>Value of<br>Recognized<br>Assets/(Liabilities) | Collateral<br>Pledged/(Received)(2) | Net<br> Amount |
| &nbsp;&nbsp; Securities on Loan | $6422311 | $(6422311) | $— |

---

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | Gross Amounts of<br>Recognized Assets(1) | Gross Amounts of Recognized<br>Liabilities(1) | **Net Amounts of Recognized<br>Assets/(Liabilities)** | Collateral<br>Pledged/(Received)(2) | **Net Amount** |
|  BARC | $15676 | $(20035) | $(4359) | $– | $(4359) |
|  BNP | 28948 | (15517) | 13431 | – | 13431 |
|  BNY | 7835 | (53206) | (45371) | – | (45371) |
|  BOA | 44412 | (24164) | 20248 | – | 20248 |
|  CA | 17103 |  | 17103 | – | 17103 |
|  CITI | 316502 | (180228) | 136274 | – | 136274 |
|  DB | 13717 | (16043) | (2326) | – | (2326) |
|  GSI | 40478 | (127865) | (87387) | – | (87387) |
|  HSBC | 26042 | (46397) | (20355) | – | (20355) |
|  JPM | 38947 | (98230) | (59283) | – | (59283) |
|  MSI | 188264 | (154502) | 33762 | – | 33762 |
|  SCB | 72520 | (61507) | 11013 | – | 11013 |
|  SSB | 58664 | (18099) | 40565 | – | 40565 |
|  TD | 10924 | (1899) | 9025 | – | 9025 |
|  UAG | 33044 | (5382) | 27662 | – | 27662 |
|  | $913076 | $(823074) | $90002 | $– | $90002 |

---

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

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

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 31

------

PGIM Emerging Markets Debt Hard Currency Fund

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value, including securities on loan of $6,422,311: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $168,495,700) | $179996525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $11,126,485) | 11127093 |
| &nbsp;&nbsp; Cash | 25754 |
| &nbsp;&nbsp; Foreign currency, at value (cost $1,790) | 1973 |
| &nbsp;&nbsp; Dividends and interest receivable | 2614496 |
| &nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 888630 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 81228 |
| &nbsp;&nbsp; Receivable for investments sold | 21502 |
| &nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 21400 |
| &nbsp;&nbsp; Due from broker—variation margin swaps | 14205 |
| &nbsp;&nbsp; Prepaid expenses | 6035 |
| &nbsp;&nbsp; **Total Assets** | 194798841 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable to broker for collateral for securities on loan | 6551690 |
| &nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 687718 |
| &nbsp;&nbsp; Payable for investments purchased | 653624 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 163107 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 125432 |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $212,453) | 125109 |
| &nbsp;&nbsp; Dividends and Distributions payable | 64489 |
| &nbsp;&nbsp; Due to broker—variation margin futures | 31332 |
| &nbsp;&nbsp; Management fee payable | 14243 |
| &nbsp;&nbsp; Premiums received for OTC swap agreements | 10247 |
| &nbsp;&nbsp; Directors' fees payable | 973 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 365 |
| &nbsp;&nbsp; Distribution fee payable | 43 |
| &nbsp;&nbsp; **Total Liabilities** | 8428372 |
| &nbsp;&nbsp; **Net Assets** | $186370469 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 217035293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (30665077) |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $186370469 |

---

See Notes to Financial Statements.

------

PGIM Emerging Markets Debt Hard Currency Fund

**Statement of Assets & Liabilities** (continued)

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A** | &nbsp;&nbsp; **Class A** |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($174,561 ÷ 23,734 shares of beneficial interest issued and outstanding) | $7.35 |
| &nbsp;&nbsp; Maximum sales charge (3.25% of offering price) | 0.25 |
| &nbsp;&nbsp; Maximum offering price to public | $7.60 |
| &nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($11,292 ÷ 1,534 shares of beneficial interest issued and outstanding) | $7.36 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($70,495,985 ÷ 9,568,959 shares of beneficial interest issued and outstanding) | $7.37 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($115,688,631 ÷ 15,715,660 shares of beneficial interest issued and outstanding) | $7.36 |

---

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 33

------

PGIM Emerging Markets Debt Hard Currency Fund

Statement of Operations

Year Ended October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income (net of $60,684 foreign withholding tax) | $14709293 |
| &nbsp;&nbsp; Affiliated dividend income | 119171 |
| &nbsp;&nbsp; Income from securities lending, net (including affiliated income of $16,503) | 16838 |
| &nbsp;&nbsp; **Total income** | 14845302 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 1374653 |
| &nbsp;&nbsp; Distribution fee(a) | 479 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,743)(a) | 150465 |
| &nbsp;&nbsp; Custodian and accounting fees | 60872 |
| &nbsp;&nbsp; Commitment fees | 59198 |
| &nbsp;&nbsp; Audit fee | 58396 |
| &nbsp;&nbsp; Shareholders' reports | 48641 |
| &nbsp;&nbsp; Professional fees | 38357 |
| &nbsp;&nbsp; Registration fees(a) | 33167 |
| &nbsp;&nbsp; Directors' fees | 12097 |
| &nbsp;&nbsp; Miscellaneous | 44060 |
| &nbsp;&nbsp; **Total expenses** | 1880385 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (402684) |
| &nbsp;&nbsp; **Net expenses** | 1477701 |
| &nbsp;&nbsp; Net investment income (loss) | 13367601 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $(897)) (net of foreign capital gains taxes $(340)) | (208788) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 165114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contract transactions | (945696) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 883401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreement transactions | 14304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 57476 |
|  | (34189) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $608) | 13402589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 159854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contracts | 144640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 97555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 315048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 12814 |
|  | 14132500 |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | 14098311 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $27465912 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Class A | Class C | Class Z | Class R6 |
|  Distribution fee | 375 | 104 |  |  |
|  Transfer agent's fees and expenses | 634 | 67 | 147365 | 2399 |
|  Registration fees | 5953 | 5453 | 11819 | 9942 |
|  Fee waiver and/or expense reimbursement | (6592) | (5518) | (200577) | (189997) |

---

See Notes to Financial Statements.

------

PGIM Emerging Markets Debt Hard Currency Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br> **October 31,** | **Year Ended**<br> **October 31,** |
|  | 2025 | 2024 |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $13367601 | $13744243 |
| &nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | (34189) | (8784257) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 14132500 | 33395017 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 27465912 | 38355003 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A | (11847) | (8757) |
| &nbsp;&nbsp; Class C | (807) | (591) |
| &nbsp;&nbsp; Class Z | (8647825) | (900258) |
| &nbsp;&nbsp; Class R6 | (10302095) | (15836764) |
|  | (18962574) | (16746370) |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 125797837 | 53189906 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 18100613 | 16442312 |
| &nbsp;&nbsp; Cost of shares purchased | (179833787) | (82070616) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | (35935337) | (12438398) |
| &nbsp;&nbsp; Total increase (decrease) | (27431999) | 9170235 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of year | 213802468 | 204632233 |
| &nbsp;&nbsp; End of year | $186370469 | $213802468 |

---

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 35

------

PGIM Emerging Markets Debt Hard Currency Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class A Shares** |  |  |  |  |  |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $7.07 | $6.41 | $6.40 | $9.06 | $8.86 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.41 | 0.40 | 0.36 | 0.34 | 0.36 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.47 | 0.74 | 0.17 <sup>(b)</sup> | (2.57) | 0.25 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.88 | 1.14 | 0.53 | (2.23) | 0.61 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.60) | (0.48) | (0.52) | (0.43) | (0.41) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $7.35 | $7.07 | $6.41 | $6.40 | $9.06 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup> :** | 13.33% | 18.19% | 8.07% | (25.24)% | 6.91% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $175 | $104 | $93 | $63 | $59 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $150 | $129 | $83 | $74 | $47 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.05% | 1.06 %<sup>(e)</sup> | 1.06 %<sup>(e)</sup> | 1.05% | 1.05% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 5.44% | 7.28% | 8.75% | 11.65% | 19.07% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.94% | 5.70% | 5.29% | 4.36% | 3.84% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 36% | 28% | 29% | 20% | 20% |

---

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

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

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

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

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

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

See Notes to Financial Statements.

------

PGIM Emerging Markets Debt Hard Currency Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class C Shares** |  |  |  |  |  |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $7.08 | $6.41 | $6.40 | $9.06 | $8.86 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.36 | 0.34 | 0.30 | 0.27 | 0.28 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.47 | 0.76 | 0.17 <sup>(b)</sup> | (2.55) | 0.26 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.83 | 1.10 | 0.47 | (2.28) | 0.54 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.55) | (0.43) | (0.46) | (0.38) | (0.34) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $7.36 | $7.08 | $6.41 | $6.40 | $9.06 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup> :** | 12.46% | 17.47% | 7.26% | (25.82)% | 6.11% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $11 | $10 | $9 | $8 | $11 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $10 | $10 | $9 | $9 | $11 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.80% | 1.81 %<sup>(e)</sup> | 1.80% | 1.80% | 1.80% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 54.92% | 74.82% | 63.23% | 81.50% | 78.90% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.21% | 4.88% | 4.52% | 3.53% | 3.08% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 36% | 28% | 29% | 20% | 20% |

---

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

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

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

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

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

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

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 37

------

PGIM Emerging Markets Debt Hard Currency Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class Z Shares** |  |  |  |  |  |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $7.08 | $6.42 | $6.40 | $9.06 | $8.87 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.44 | 0.41 | 0.37 | 0.35 | 0.38 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.47 | 0.75 | 0.19 <sup>(b)</sup> | (2.55) | 0.25 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.91 | 1.16 | 0.56 | (2.20) | 0.63 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.62) | (0.50) | (0.54) | (0.46) | (0.44) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $7.37 | $7.08 | $6.42 | $6.40 | $9.06 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 13.80% | 18.52% | 8.57% | (25.01)% | 7.11% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $70496 | $15969 | $8793 | $10670 | $18069 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $95041 | $12365 | $11553 | $14687 | $25561 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.75% | 0.76 %<sup>(e)</sup> | 0.75% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.96% | 1.07% | 1.03% | 1.06% | 1.07% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 6.25% | 5.95% | 5.57% | 4.54% | 4.12% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 36% | 28% | 29% | 20% | 20% |

---

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

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

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

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

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

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

See Notes to Financial Statements.

------

PGIM Emerging Markets Debt Hard Currency Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $7.08 | $6.41 | $6.40 | $9.06 | $8.86 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.45 | 0.42 | 0.38 | 0.36 | 0.39 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.46 | 0.76 | 0.17 <sup>(b)</sup> | (2.56) | 0.26 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.91 | 1.18 | 0.55 | (2.20) | 0.65 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.63) | (0.51) | (0.54) | (0.46) | (0.45) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $7.36 | $7.08 | $6.41 | $6.40 | $9.06 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 13.77% | 18.83% | 8.50% | (24.94)% | 7.34% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $115689 | $197719 | $195739 | $129233 | $136285 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $116283 | $215554 | $180012 | $137772 | $107966 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.65% | 0.66 %<sup>(e)</sup> | 0.66 %<sup>(e)</sup> | 0.65% | 0.65% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.81% | 0.79% | 0.79% | 0.78% | 0.81% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 6.38% | 6.03% | 5.68% | 4.73% | 4.24% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 36% | 28% | 29% | 20% | 20% |

---

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

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

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

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

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

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

See Notes to Financial Statements.

PGIM Emerging Markets Debt Hard Currency Fund 39

------

PGIM Emerging Markets Debt Local Currency Fund

**Schedule of Investments** 

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Interest <br>Rate | Maturity <br>Date | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 91.9%** |  |  |  |  |  |
| &nbsp;&nbsp; **CORPORATE BONDS 2.2%** |  |  |  |  |  |
| &nbsp;&nbsp; **Mexico 0.9%** |  |  |  |  |  |
| &nbsp;&nbsp; Petroleos Mexicanos, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.700% | 02/16/32 |  | 351 | $350649 |
| &nbsp;&nbsp; **Supranational Bank 1.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Corp. Andina de Fomento, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 7.500 | 04/08/30 | INR | 20300 | 232086 |
| &nbsp;&nbsp; Inter-American Development Bank, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 7.350 | 10/06/30 | INR | 21000 | 243052 |
|  |  |  |  |  | 475138 |
| &nbsp;&nbsp; **TOTAL CORPORATE BONDS**<br> (cost $837,590) |  |  |  |  | 825787 |
| &nbsp;&nbsp; **SOVEREIGN BONDS 89.2%** |  |  |  |  |  |
| &nbsp;&nbsp; **Brazil 4.7%** |  |  |  |  |  |
| &nbsp;&nbsp; Brazil Notas do Tesouro Nacional, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes, Series NTNB | 6.000 | 08/15/30 | BRL | 2 | 269992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes, Series NTNF | 10.000 | 01/01/27 | BRL | 6 | 1000892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes, Series NTNF | 10.000 | 01/01/29 | BRL | 3 | 429658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes, Series NTNF | 10.000 | 01/01/31 | BRL | 1 | 98039 |
|  |  |  |  |  | 1798581 |
| &nbsp;&nbsp; **Chile 1.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Bonos de la Tesoreria de la Republica en pesos, Bonds | 5.000 | 03/01/35 | CLP | 75000 | 76742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 30Y | 6.000 | 01/01/43 | CLP | 135000 | 148994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | 2.800 | 10/01/33 | CLP | 50000 | 43759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | 4.700 | 09/01/30 | CLP | 95000 | 98201 |
|  |  |  |  |  | 367696 |
| &nbsp;&nbsp; **China 4.5%** |  |  |  |  |  |
| &nbsp;&nbsp; China Government Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series INBK | 1.870 | 09/15/31 | CNH | 1040 | 147901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series INBK | 2.110 | 08/25/34 | CNH | 3710 | 534898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series INBK | 2.190 | 09/25/54 | CNH | 1000 | 140817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series INBK | 2.270 | 05/25/34 | CNH | 1640 | 239260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series INBK | 2.790 | 12/15/29 | CNH | 1010 | 149038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series INBK | 3.020 | 05/27/31 | CNH | 550 | 83390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series INBK | 3.270 | 11/19/30 | CNH | 1650 | 252664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series INBK | 3.320 | 04/15/52 | CNH | 260 | 44917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series INBK | 3.810 | 09/14/50 | CNH | 330 | 60400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series INBK | 3.860 | 07/22/49 | CNH | 380 | 70223 |
|  |  |  |  |  | 1723508 |
| &nbsp;&nbsp; **Colombia 7.6%** |  |  |  |  |  |
| &nbsp;&nbsp; Colombia Government International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.250 | 04/22/32 |  | 200 | 170725 |
| &nbsp;&nbsp; Colombian TES, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series B | 6.250 | 07/09/36 | COP | 2702400 | 475195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series B | 7.000 | 03/26/31 | COP | 631200 | 135093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series B | 7.000 | 06/30/32 | COP | 2067000 | 425467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series B | 7.250 | 10/18/34 | COP | 461900 | 92081 |

---

See Notes to Financial Statements.

------

PGIM Emerging Markets Debt Local Currency Fund

**Schedule of Investments** (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Interest <br>Rate | Maturity <br>Date | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp; **SOVEREIGN BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Colombia (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Colombian TES, (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series B | 7.250% | 10/26/50 | COP | 210000 | $35071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series B | 7.750 | 09/18/30 | COP | 5851300 | 1323486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series G | 7.000 | 03/26/31 | COP | 759800 | 161454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series UVR | 3.750 | 06/16/49 | COP | 257175 | 49951 |
|  |  |  |  |  | 2868523 |
| &nbsp;&nbsp; **Czech Republic 3.4%** |  |  |  |  |  |
| &nbsp;&nbsp; Czech Republic Government Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 049 | 4.200 | 12/04/36 | CZK | 2950 | 135102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 094 | 0.950 | 05/15/30 | CZK | 4480 | 186166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 103 | 2.000 | 10/13/33 | CZK | 2860 | 114031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 105 | 2.750 | 07/23/29 | CZK | 13290 | 606075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 130 | 0.050 | 11/29/29 | CZK | 6050 | 245765 |
|  |  |  |  |  | 1287139 |
| &nbsp;&nbsp; **Dominican Republic 1.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Dominican Republic International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.875 | 09/23/32 |  | 300 | 287352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 11.250 | 09/15/35 | DOP | 8000 | 137365 |
|  |  |  |  |  | 424717 |
| &nbsp;&nbsp; **Guatemala 0.5%** |  |  |  |  |  |
| &nbsp;&nbsp; Guatemala Government Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.900 | 06/01/30 |  | 200 | 199438 |
| &nbsp;&nbsp; **Hungary 3.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Hungary Government Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 29/A | 2.000 | 05/23/29 | HUF | 142890 | 366717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 30/A | 3.000 | 08/21/30 | HUF | 156900 | 401859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 31/A | 3.250 | 10/22/31 | HUF | 33070 | 83413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 32/A | 4.750 | 11/24/32 | HUF | 52770 | 140957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 33/A | 2.250 | 04/20/33 | HUF | 24760 | 55114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 38/A | 3.000 | 10/27/38 | HUF | 21890 | 43290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 51/G | 4.000 | 04/28/51 | HUF | 29330 | 54213 |
|  |  |  |  |  | 1145563 |
| &nbsp;&nbsp; **India 4.5%** |  |  |  |  |  |
| &nbsp;&nbsp; India Government Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.180 | 08/14/33 | INR | 31250 | 364739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.260 | 02/06/33 | INR | 20000 | 234322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.300 | 06/19/53 | INR | 59300 | 673667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.410 | 12/19/36 | INR | 37560 | 442077 |
|  |  |  |  |  | 1714805 |
| &nbsp;&nbsp; **Indonesia 11.6%** |  |  |  |  |  |
| &nbsp;&nbsp; Indonesia Treasury Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 068 | 8.375 | 03/15/34 | IDR | 2405000 | 165943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 071 | 9.000 | 03/15/29 | IDR | 3640000 | 243528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 072 | 8.250 | 05/15/36 | IDR | 3843000 | 268103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 073 | 8.750 | 05/15/31 | IDR | 6870000 | 473629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 075 | 7.500 | 05/15/38 | IDR | 1359000 | 89774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 078 | 8.250 | 05/15/29 | IDR | 1099000 | 72421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 079 | 8.375 | 04/15/39 | IDR | 1031000 | 72722 |

---

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 41

------

PGIM Emerging Markets Debt Local Currency Fund

**Schedule of Investments** (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Interest <br>Rate | Maturity <br>Date | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp; **SOVEREIGN BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Indonesia (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Indonesia Treasury Bond, (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 082 | 7.000% | 09/15/30 | IDR | 4516000 | $288190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 087 | 6.500 | 02/15/31 | IDR | 7837000 | 490152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 092 | 7.125 | 06/15/42 | IDR | 1354000 | 87083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 095 | 6.375 | 08/15/28 | IDR | 2401000 | 149279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 096 | 7.000 | 02/15/33 | IDR | 7126000 | 452265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 100 | 6.625 | 02/15/34 | IDR | 5804000 | 361502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 101 | 6.875 | 04/15/29 | IDR | 2629000 | 165973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 103 | 6.750 | 07/15/35 | IDR | 2796000 | 175880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 104 | 6.500 | 07/15/30 | IDR | 9623000 | 602450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 109 | 5.875 | 03/15/31 | IDR | 4054000 | 248515 |
|  |  |  |  |  | 4407409 |
| &nbsp;&nbsp; **Ivory Coast 1.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Ivory Coast Government International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 03/22/30 | EUR | 240 | 277327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.875 | 10/17/31 | EUR | 100 | 115755 |
|  |  |  |  |  | 393082 |
| &nbsp;&nbsp; **Malaysia 4.4%** |  |  |  |  |  |
| &nbsp;&nbsp; Malaysia Government Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 120 | 4.065 | 06/15/50 | MYR | 1361 | 327256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 222 | 4.696 | 10/15/42 | MYR | 800 | 210774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 317 | 4.762 | 04/07/37 | MYR | 842 | 221259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 318 | 4.642 | 11/07/33 | MYR | 71 | 18255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 413 | 3.844 | 04/15/33 | MYR | 390 | 95027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 415 | 4.254 | 05/31/35 | MYR | 450 | 113531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 419 | 3.828 | 07/05/34 | MYR | 365 | 88991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 519 | 3.757 | 05/22/40 | MYR | 682 | 162589 |
| &nbsp;&nbsp; Malaysia Government Investment Issue, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 121 | 3.447 | 07/15/36 | MYR | 430 | 101386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 219 | 4.467 | 09/15/39 | MYR | 790 | 203424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 223 | 4.291 | 08/14/43 | MYR | 590 | 147479 |
|  |  |  |  |  | 1689971 |
| &nbsp;&nbsp; **Mexico 6.6%** |  |  |  |  |  |
| &nbsp;&nbsp; Mexican Bonos, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M | 7.500 | 05/26/33 | MXN | 35 | 177765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M | 7.750 | 05/29/31 | MXN | 119 | 626251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M | 8.000 | 11/07/47 | MXN | 43 | 202224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M | 8.500 | 02/28/30 | MXN | 60 | 327193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M | 10.000 | 11/20/36 | MXN | 18 | 105672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | 7.750 | 11/23/34 | MXN | 132 | 667784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | 7.750 | 11/13/42 | MXN | 46 | 213867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | 8.500 | 11/18/38 | MXN | 33 | 169783 |
|  |  |  |  |  | 2490539 |
| &nbsp;&nbsp; **Peru 4.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Peru Government Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | 5.940 | 02/12/29 | PEN | 800 | 248182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | 6.900 | 08/12/37 | PEN | 260 | 80355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | 6.950 | 08/12/31 | PEN | 190 | 61969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.350 | 08/12/40 | PEN | 1340 | 351036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.150 | 08/12/32 | PEN | 1963 | 616554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.850 | 08/12/35 | PEN | 14 | 4390 |

---

See Notes to Financial Statements.

------

PGIM Emerging Markets Debt Local Currency Fund

**Schedule of Investments**(continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Interest <br>Rate | Maturity <br>Date | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp; **SOVEREIGN BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Peru (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Peruvian Government International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.850% | 08/12/35 | PEN | 470 | $147377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.850 | 02/12/42 | PEN | 245 | 75102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.900 | 08/12/37 | PEN | 7 | 2163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.950 | 08/12/31 | PEN | 48 | 15655 |
|  |  |  |  |  | 1602783 |
| &nbsp;&nbsp; **Philippines 3.5%** |  |  |  |  |  |
| &nbsp;&nbsp; Philippine Government Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 0770 | 6.375 | 07/27/30 | PHP | 51540 | 900095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 1073 | 6.375 | 04/28/35 | PHP | 20790 | 364213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series R519 | 6.000 | 08/20/30 | PHP | 2800 | 48183 |
|  |  |  |  |  | 1312491 |
| &nbsp;&nbsp; **Poland 3.8%** |  |  |  |  |  |
| &nbsp;&nbsp; Republic of Poland Government Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 0429 | 5.750 | 04/25/29 | PLN | 1366 | 385117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 0432 | 1.750 | 04/25/32 | PLN | 710 | 159115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 1030 | 1.250 | 10/25/30 | PLN | 3350 | 769629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 1033 | 6.000 | 10/25/33 | PLN | 390 | 111610 |
|  |  |  |  |  | 1425471 |
| &nbsp;&nbsp; **Romania 2.6%** |  |  |  |  |  |
| &nbsp;&nbsp; Romania Government Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 05Y | 4.250 | 04/28/36 | RON | 830 | 150909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 08Y | 7.350 | 04/28/31 | RON | 540 | 124466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 10Y | 6.700 | 02/25/32 | RON | 405 | 90433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 10Y | 7.200 | 10/30/33 | RON | 545 | 125486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 11Y | 7.100 | 07/31/34 | RON | 300 | 68686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 15Y | 3.650 | 09/24/31 | RON | 345 | 66192 |
| &nbsp;&nbsp; Romanian Government International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 6.625 | 09/27/29 | EUR | 300 | 378905 |
|  |  |  |  |  | 1005077 |
| &nbsp;&nbsp; **Serbia 0.9%** |  |  |  |  |  |
| &nbsp;&nbsp; Serbia International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.650 | 03/03/33 | EUR | 190 | 185038 |
| &nbsp;&nbsp; Serbia Treasury Bonds, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 07Y | 4.500 | 01/11/26 | RSD | 9460 | 92997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 12.5 | 4.500 | 08/20/32 | RSD | 6240 | 60154 |
|  |  |  |  |  | 338189 |
| &nbsp;&nbsp; **South Africa 12.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Republic of South Africa Government Bond, Bonds, Series 2038 | 10.875 | 03/31/38 | ZAR | 660 | 42040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2030 | 8.000 | 01/31/30 | ZAR | 11705 | 681173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2032 | 8.250 | 03/31/32 | ZAR | 16474 | 946273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2035 | 8.875 | 02/28/35 | ZAR | 5689 | 328350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2037 | 8.500 | 01/31/37 | ZAR | 11352 | 616557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2040 | 9.000 | 01/31/40 | ZAR | 4599 | 249149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2044 | 8.750 | 01/31/44 | ZAR | 3914 | 201797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2048 | 8.750 | 02/28/48 | ZAR | 14551 | 747287 |

---

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 43

------

PGIM Emerging Markets Debt Local Currency Fund

**Schedule of Investments** (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Interest <br>Rate | Maturity <br>Date | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp; **SOVEREIGN BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **South Africa (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Republic of South Africa Government Bond, (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series R209 | 6.250% | 03/31/36 | ZAR | 3850 | $179568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series R213 | 7.000 | 02/28/31 | ZAR | 10845 | 598601 |
|  |  |  |  |  | 4590795 |
| &nbsp;&nbsp; **Thailand 6.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Thailand Government Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | 1.600 | 12/17/29 | THB | 3885 | 120773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | 2.000 | 06/17/42 | THB | 2080 | 62305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | 2.875 | 12/17/28 | THB | 8344 | 269235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | 2.875 | 06/17/46 | THB | 6220 | 208721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | 3.300 | 06/17/38 | THB | 5750 | 204135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.585 | 12/17/35 | THB | 5915 | 179851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.600 | 06/17/35 | THB | 2700 | 82349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.875 | 06/17/49 | THB | 1063 | 29942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.000 | 12/17/31 | THB | 11505 | 364275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.350 | 06/17/33 | THB | 6230 | 215473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.450 | 06/17/43 | THB | 3523 | 127388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.650 | 06/20/31 | THB | 7249 | 249478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.775 | 06/25/32 | THB | 7760 | 272146 |
|  |  |  |  |  | 2386071 |
| &nbsp;&nbsp; **Turkey 1.7%** |  |  |  |  |  |
| &nbsp;&nbsp; Turkiye Government Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 05Y | 31.080 | 11/08/28 | TRY | 10070 | 225326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 10Y | 11.700 | 11/13/30 | TRY | 1400 | 17494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 10Y | 17.800 | 07/13/33 | TRY | 2600 | 40403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 10Y | 26.200 | 10/05/33 | TRY | 6620 | 141951 |
| &nbsp;&nbsp; Turkiye Government International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | 7.125 | 02/12/32 |  | 200 | 207800 |
|  |  |  |  |  | 632974 |
| &nbsp;&nbsp; **Uruguay 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Uruguay Government International Bond, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.000 | 10/29/35 | UYU | 1300 | 32746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.500 | 03/15/28 | UYU | 1870 | 47745 |
|  |  |  |  |  | 80491 |
| &nbsp;&nbsp; **TOTAL SOVEREIGN BONDS**<br> (cost $32,634,637) |  |  |  |  | 33885313 |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATION(k) 0.5%** |  |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Notes<br>(cost $199,726) | 4.250 | 12/31/26 |  | 200 | 201195 |
| &nbsp;&nbsp; **OPTION PURCHASED\*~ 0.0%**<br> (cost $1,000) |  |  |  |  | $1 |

---

See Notes to Financial Statements.

------

PGIM Emerging Markets Debt Local Currency Fund

**Schedule of Investments** (continued)

as of October 31, 2025

---

| | |
|:---|:---|
| Description | Value |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS, BEFORE LONG-TERM OPTIONS WRITTEN 91.9%**<br> (cost $33,672,953) | 34912296 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (0.0)%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (premiums received $6,538) | (2032) |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS, NET OF LONG-TERM OPTIONS WRITTEN 91.9%**<br> (cost $33,666,415) | $34910264 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 5.8%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<br>(cost $2,212,898)(wb) | 2212898 | 2212898 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $14,253) |  | 7685 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $2,227,151) |  | 2220583 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE SHORT-TERM OPTIONS WRITTEN 97.7%**<br> (cost $35,893,566) |  | 37130847 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (0.2)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (premiums received $107,758) |  | (77205) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF SHORT-TERM OPTIONS WRITTEN 97.5%**<br> (cost $35,785,808) |  | 37053642 |
| &nbsp;&nbsp; Other assets in excess of liabilities(z) 2.5% |  | 934026 |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37987668 |

---

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

\* Non-income producing security.

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

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

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $5,186 and 0.0% of net assets.  |

---

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

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

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

#### Options Purchased:

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Counterparty | Expiration<br>Date | Strike | Contracts | Notional<br>Amount<br>(000)# | Notional<br>Amount<br>(000)# | Value |
|  Currency Option EUR vs CZK | Call | JPM | 11/05/25 | 26.00 | – | EUR | 214 | $— |
|  Currency Option EUR vs CZK | Call | JPM | 11/05/25 | 26.00 | – | EUR | 96 |  |
|  Currency Option EUR vs HUF | Call | CITI | 11/04/25 | 440.00 | – | EUR | 192 |  |
|  Currency Option EUR vs HUF | Call | MSI | 11/05/25 | 430.00 | – | EUR | 160 |  |
|  Currency Option EUR vs HUF | Call | MSI | 11/26/25 | 430.00 | – | EUR | 160 | 4 |
|  Currency Option EUR vs PLN | Call | MSI | 11/13/25 | 5.00 | – | EUR | 160 |  |
|  Currency Option EUR vs PLN | Call | JPM | 01/20/26 | 5.00 | – | EUR | 80 | 3 |
|  Currency Option EUR vs RON | Call | CITI | 11/05/25 | 5.80 | – | EUR | 157 |  |
|  Currency Option EUR vs TRY | Call | JPM | 11/18/25 | 99.00 | – | EUR | 322 | 107 |
|  Currency Option EUR vs TRY | Call | CITI | 11/20/25 | 99.00 | – | EUR | 321 | 134 |
|  Currency Option EUR vs TRY | Call | JPM | 11/27/25 | 99.00 | – | EUR | 561 | 234 |
|  Currency Option USD vs BRL | Call | HSBC | 11/06/25 | 7.00 | – |  | 182 |  |
|  Currency Option USD vs BRL | Call | MSI | 11/25/25 | 7.00 | – |  | 182 | 3 |
|  Currency Option USD vs CNH | Call | CITI | 12/05/25 | 7.70 | – |  | 1457 | 1 |
|  Currency Option USD vs COP | Call | MSI | 11/13/25 | 5000.00 | – |  | 186 |  |
|  Currency Option USD vs KRW | Call | MSI | 11/12/25 | 1600.00 | – |  | 75 |  |

---

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 45

------

PGIM Emerging Markets Debt Local Currency Fund

**Schedule of Investments** (continued)

as of October 31, 2025

#### Options Purchased (continued):

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Counterparty | Expiration<br>Date | Strike | Contracts | Notional<br>Amount<br>(000)# | Notional<br>Amount<br>(000)# | Value |
|  Currency Option USD vs KRW | Call | JPM | 12/22/25 | 1650.00 |  |  | 487 | $7 |
|  Currency Option USD vs TRY | Call | JPM | 11/11/25 | 99.00 |  |  | 184 | 23 |
|  Currency Option USD vs TRY | Call | CITI | 11/13/25 | 99.00 |  |  | 372 | 45 |
|  Currency Option USD vs TRY | Call | JPM | 11/27/25 | 99.00 |  |  | 184 | 95 |
|  Currency Option USD vs TWD | Call | MSI | 11/13/25 | 34.00 |  |  | 186 |  |
|  Currency Option USD vs TWD | Call | JPM | 11/20/25 | 33.00 |  |  | 188 | 7 |
|  Currency Option USD vs ZAR | Call | MSI | 11/13/25 | 21.00 |  |  | 186 |  |
|  Currency Option EUR vs PLN | Put | JPM | 01/20/26 | 4.20 |  | EUR | 240 | 339 |
|  Currency Option EUR vs USD | Put | CITI | 11/04/25 | 1.00 |  | EUR | 158 |  |
|  Currency Option USD vs CLP | Put | CITI | 11/13/25 | 800.00 |  |  | 187 |  |
|  Currency Option USD vs CNH | Put | CITI | 12/05/25 | 6.90 |  |  | 1457 | 182 |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 1508 | 1 |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 398 |  |
|  Currency Option USD vs JPY | Put | CITI | 11/13/25 | 130.00 |  |  | 374 |  |
|  Currency Option USD vs JPY | Put | MSI | 11/20/25 | 130.00 |  |  | 187 |  |
|  Currency Option USD vs JPY | Put | CITI | 12/02/25 | 125.00 |  |  | 376 |  |
|  Currency Option USD vs TWD | Put | MSI | 11/12/25 | 22.00 |  |  | 352 |  |
|  Currency Option USD vs TWD | Put | MSI | 11/19/25 | 23.00 |  |  | 182 |  |
|  Currency Option USD vs TWD | Put | CITI | 11/19/25 | 27.00 |  |  | 281 | 3 |
|  Currency Option USD vs TWD | Put | MSI | 11/21/25 | 20.00 |  |  | 91 |  |
|  Currency Option USD vs ZAR | Put | MSI | 11/13/25 | 15.00 |  |  | 217 |  |
|  **Total OTC Traded** (cost $3,087) |  |  |  |  |  |  |  | $1188 |

---

#### OTC Swaptions

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Counterparty | Expiration<br>Date | Strike | **Receive** | **Pay** | Notional<br>Amount<br>(000)# | Notional<br>Amount<br>(000)# | Value |
|  2-Year Interest Rate Swap, 09/22/28 | Call | GSI | 09/23/26 | 6.20% | 6.20%(M) | 28 Day Mexican Interbank Rate(M)/ 7.781% | MXN | 70000 | $3063 |
|  2-Year Interest Rate Swap, 09/22/28 | Call | GSI | 09/23/26 | 6.50% | 6.50%(M) | 28 Day Mexican Interbank Rate(M)/ 7.781% | MXN | 35000 | 3374 |
|  1-Year Interest Rate Swap, 10/16/27 | Put | DB | 10/14/26 | 9.00% | 3 Month PRIBOR(Q)/ 3.540% | 9.00%(A) | CZK | 128100 | 30 |
|  2-Year Interest Rate Swap, 09/22/28 | Put | GSI | 09/23/26 | 13.00% | 28 Day Mexican Interbank Rate(M)/ 7.781% | 13.00%(M) | MXN | 35000 | 15 |
|  2-Year Interest Rate Swap, 09/22/28 | Put | GSI | 09/23/26 | 13.00% | 28 Day Mexican Interbank Rate(M)/ 7.781% | 13.00%(M) | MXN | 35000 | 15 |
|  5-Year Interest Rate Swap, 08/04/31 | Put | MSI | 07/31/26 | 9.00% | 1 Day SOFR(A)/ 4.220% | 9.00%(A) |  | 1375 | 1 |
|  **Total OTC Swaptions** (cost $12,166) | **Total OTC Swaptions** (cost $12,166) | **Total OTC Swaptions** (cost $12,166) | **Total OTC Swaptions** (cost $12,166) |  |  |  |  |  | $6498 |
|  **Total Options Purchased** (cost $15,253) | **Total Options Purchased** (cost $15,253) | **Total Options Purchased** (cost $15,253) | **Total Options Purchased** (cost $15,253) |  |  |  |  |  | $7686 |

---

#### Options Written:

#### OTC Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Counterparty | Expiration<br>Date | Strike | Notional<br>Amount<br>(000)# | Value |
|  Currency Option EUR vs CZK | Call | JPM | 11/05/25 | 24.28 – EUR | 214 | $(732) |
|  Currency Option EUR vs CZK | Call | JPM | 11/05/25 | 24.36 – EUR | 96 | (110) |
|  Currency Option EUR vs HUF | Call | CITI | 11/04/25 | 390.00 – EUR | 192 | (83) |
|  Currency Option EUR vs HUF | Call | MSI | 11/26/25 | 390.00 – EUR | 160 | (718) |
|  Currency Option EUR vs PLN | Call | MSI | 11/13/25 | 4.25 – EUR | 160 | (703) |
|  Currency Option EUR vs PLN | Call | JPM | 01/20/26 | 4.29 – EUR | 80 | (597) |
|  Currency Option EUR vs RON | Call | CITI | 11/05/25 | 5.11 – EUR | 157 | (111) |
|  Currency Option EUR vs TRY | Call | JPM | 11/18/25 | 52.00 – EUR | 322 | (1319) |
|  Currency Option EUR vs TRY | Call | CITI | 11/20/25 | 52.00 – EUR | 321 | (1555) |

---

See Notes to Financial Statements.

------

PGIM Emerging Markets Debt Local Currency Fund

**Schedule of Investments** (continued)

as of October 31, 2025

#### Options Written (continued):

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Counterparty | Expiration<br>Date | Strike | Contracts | Notional<br>Amount<br>(000)# | Notional<br>Amount<br>(000)# | Value |
|  Currency Option EUR vs TRY | Call | JPM | 11/27/25 | 52.00 |  | EUR | 561 | $(3724) |
|  Currency Option USD vs BRL | Call | MSI | 11/25/25 | 5.50 |  |  | 182 | (1003) |
|  Currency Option USD vs CNH | Call | CITI | 12/05/25 | 7.22 |  |  | 1457 | (247) |
|  Currency Option USD vs COP | Call | MSI | 11/13/25 | 3950.00 |  |  | 186 | (517) |
|  Currency Option USD vs KRW | Call | MSI | 11/12/25 | 1400.00 |  |  | 75 | (1554) |
|  Currency Option USD vs KRW | Call | JPM | 12/22/25 | 1385.00 |  |  | 487 | (15304) |
|  Currency Option USD vs TRY | Call | JPM | 11/11/25 | 44.00 |  |  | 184 | (323) |
|  Currency Option USD vs TRY | Call | CITI | 11/13/25 | 44.50 |  |  | 372 | (654) |
|  Currency Option USD vs TRY | Call | JPM | 11/27/25 | 43.00 |  |  | 184 | (1562) |
|  Currency Option USD vs TWD | Call | MSI | 11/13/25 | 30.30 |  |  | 186 | (3143) |
|  Currency Option USD vs TWD | Call | JPM | 11/20/25 | 30.25 |  |  | 188 | (3548) |
|  Currency Option USD vs ZAR | Call | MSI | 11/13/25 | 17.60 |  |  | 186 | (443) |
|  Currency Option EUR vs USD | Put | CITI | 11/04/25 | 1.18 |  | EUR | 158 | (3535) |
|  Currency Option USD vs CLP | Put | CITI | 11/13/25 | 940.00 |  |  | 187 | (1237) |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 87.00 |  |  | 956 | (855) |
|  Currency Option USD vs JPY | Put | CITI | 11/13/25 | 150.90 |  |  | 374 | (323) |
|  Currency Option USD vs JPY | Put | MSI | 11/20/25 | 150.90 |  |  | 187 | (340) |
|  Currency Option USD vs JPY | Put | CITI | 12/02/25 | 154.00 |  |  | 376 | (3910) |
|  Currency Option USD vs TWD | Put | MSI | 11/12/25 | 29.25 |  |  | 352 | (17) |
|  Currency Option USD vs TWD | Put | MSI | 11/19/25 | 29.50 |  |  | 182 | (51) |
|  Currency Option USD vs TWD | Put | CITI | 11/19/25 | 30.30 |  |  | 281 | (422) |
|  Currency Option USD vs TWD | Put | MSI | 11/21/25 | 29.50 |  |  | 91 | (30) |
|  Currency Option USD vs ZAR | Put | MSI | 11/13/25 | 17.40 |  |  | 217 | (1778) |
|  **Total OTC Traded** (premiums received $84,682) |  |  |  |  |  |  |  | $(50448) |

---

#### OTC Swaptions

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Counterparty | Expiration<br>Date | Strike | **Receive** | **Pay** | Notional<br>Amount<br>(000)# | Notional<br>Amount<br>(000)# | Value |
|  1-Year Interest Rate Swap, 10/16/27 | Put | DB | 10/14/26 | 3.75% | 3.75%(A) | 3 Month PRIBOR(Q)/ 3.540% | CZK | 128100 | $(16883) |
|  2-Year Interest Rate Swap, 09/22/28 | Put | GSI | 09/23/26 | 7.70% | 7.70%(M) | 28 Day Mexican Interbank Rate(M)/ 7.781% | MXN | 35000 | (4937) |
|  2-Year Interest Rate Swap, 09/22/28 | Put | GSI | 09/23/26 | 7.70% | 7.70%(M) | 28 Day Mexican Interbank Rate(M)/ 7.781% | MXN | 35000 | (4937) |
|  5-Year Interest Rate Swap, 08/04/31 | Put | MSI | 07/31/26 | 4.40% | 4.40%(A) | 1 Day SOFR(A)/ 4.220% |  | 1375 | (2032) |
|  **Total OTC Swaptions** (premiums received $29,614) | **Total OTC Swaptions** (premiums received $29,614) | **Total OTC Swaptions** (premiums received $29,614) | **Total OTC Swaptions** (premiums received $29,614) |  |  |  |  |  | $(28789) |
|  **Total Options Written** (premiums received $114,296) | **Total Options Written** (premiums received $114,296) | **Total Options Written** (premiums received $114,296) | **Total Options Written** (premiums received $114,296) |  |  |  |  |  | $(79237) |

---

#### Futures contracts outstanding at October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | Expiration<br>Date | Current<br>Notional<br>Amount | Value /<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 27 | 5 Year U.S.Treasury Notes | Dec. 2025 | $2948695 | $(127) |
| 1 | 10 Year U.S. Ultra Treasury Notes | Dec. 2025 | 115484 | 1374 |
| 2 | 20 Year U.S. Treasury Bonds | Dec. 2025 | 234625 | 7286 |
|  |  |  |  | 8533 |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 2 | 2 Year U.S.Treasury Notes | Dec. 2025 | 416484 | 193 |
| 4 | 5 Year Euro-Bobl | Dec. 2025 | 545250 | (880) |
| 1 | 10 Year Euro-Bund | Dec. 2025 | 149141 | 45 |

---

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 47

------

PGIM Emerging Markets Debt Local Currency Fund

**Schedule of Investments** (continued)

as of October 31, 2025

#### Futures contracts outstanding at October 31, 2025 (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | Expiration<br>Date | Current<br>Notional<br>Amount | Value /<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  **Short Positions (cont'd):** | **Short Positions (cont'd):** |  |  |  |
| 6 | 10 Year U.S. Treasury Notes | Dec. 2025 | $676031 | $179 |
| 5 | 30 Year U.S. Ultra Treasury Bonds | Dec. 2025 | 606406 | (23268) |
|  |  |  |  | (23731) |
|  |  |  |  | $(15198) |

---

#### Forward foreign currency exchange contracts outstanding at October 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | Counterparty | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |
|  Argentine Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/04/25 | CITI | ARS | 65182 | $46000 | $43399 | $— | $(2601) |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/04/25 | CITI | BRL | 668 | 123265 | 123996 | 731 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/04/25 | GSI | BRL | 9832 | 1835743 | 1825099 |  | (10644) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/04/25 | MSI | BRL | 769 | 142000 | 142800 | 800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/04/25 | MSI | BRL | 416 | 77563 | 77246 |  | (317) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/04/25 | UAG | BRL | 271 | 50491 | 50222 |  | (269) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/02/25 | GSI | BRL | 11388 | 2117043 | 2099609 |  | (17434) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/02/25 | MSI | BRL | 453 | 83413 | 83543 | 130 |  |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BNP | CLP | 246338 | 258000 | 261390 | 3390 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CA | CLP | 433076 | 446438 | 459538 | 13100 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | TD | CLP | 108584 | 116000 | 115219 |  | (781) |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | CNH | 1924 | 271000 | 270956 |  | (44) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | DB | CNH | 255 | 35868 | 35917 | 49 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | CNH | 2606 | 368000 | 367067 |  | (933) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | CNH | 1909 | 269000 | 268867 |  | (133) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | CNH | 2180 | 307000 | 307077 | 77 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | CNH | 1937 | 273000 | 272754 |  | (246) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | CNH | 1078 | 152000 | 151775 |  | (225) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SSB | CNH | 3480 | 490000 | 490058 | 58 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | TD | CNH | 397 | 55906 | 55854 |  | (52) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | UAG | CNH | 1689 | 238000 | 237913 |  | (87) |
|  Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BNY | COP | 400000 | 101704 | 103098 | 1394 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | COP | 550963 | 140000 | 142007 | 2007 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | COP | 82313 | 21161 | 21215 | 54 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | COP | 568378 | 146000 | 146496 | 496 |  |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | CZK | 3889 | 187000 | 184583 |  | (2417) |
|  Egyptian Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/12/25 | CITI | EGP | 15809 | 287482 | 333248 | 45766 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/12/25 | SCB | EGP | 2410 | 46000 | 50812 | 4812 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/24/25 | CITI | EGP | 6839 | 126152 | 143575 | 17423 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | EGP | 14844 | 276894 | 308598 | 31704 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/12/26 | CITI | EGP | 2092 | 40311 | 42115 | 1804 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/12/26 | CITI | EGP | 2076 | 40033 | 41792 | 1759 |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/05/25 | CITI | EUR | 530 | 618000 | 611475 |  | (6525) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | EUR | 79 | 93000 | 91670 |  | (1330) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 330 | 383373 | 382142 |  | (1231) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 40 | 47171 | 46760 |  | (411) |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | INR | 24647 | 276500 | 276921 | 421 |  |

---

See Notes to Financial Statements.

------

PGIM Emerging Markets Debt Local Currency Fund

**Schedule of Investments** (continued)

as of October 31, 2025

#### Forward foreign currency exchange contracts outstanding at October 31, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | Counterparty | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |
|  Indian Rupee (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | INR | 11381 | $129000 | $127863 | $— | $(1137) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | INR | 9225 | 103500 | 103651 | 151 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | DB | INR | 9945 | 112347 | 111734 |  | (613) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | INR | 21150 | 237000 | 237624 | 624 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | INR | 10467 | 118000 | 117599 |  | (401) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | INR | 9277 | 104132 | 104227 | 95 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | INR | 18889 | 212000 | 212225 | 225 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | INR | 10069 | 113000 | 113126 | 126 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | INR | 382845 | 4319223 | 4301366 |  | (17857) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | INR | 23872 | 268000 | 268209 | 209 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | INR | 20679 | 232000 | 232338 | 338 |  |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BNY | IDR | 4000000 | 237572 | 240308 | 2736 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | IDR | 3459518 | 208000 | 207838 |  | (162) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | DB | IDR | 1284054 | 77146 | 77142 |  | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 6176703 | 372000 | 371078 |  | (922) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 4152995 | 253000 | 249500 |  | (3500) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 3783094 | 226500 | 227277 | 777 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 3560853 | 214000 | 213926 |  | (74) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 3514629 | 214000 | 211149 |  | (2851) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 3057133 | 185500 | 183664 |  | (1836) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 2998850 | 181000 | 180162 |  | (838) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 2561667 | 154000 | 153898 |  | (102) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 2318216 | 141000 | 139272 |  | (1728) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 2208914 | 132000 | 132705 | 705 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | IDR | 3196149 | 192000 | 192015 | 15 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | UAG | IDR | 878843 | 52571 | 52798 | 227 |  |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | JPY | 67843 | 450721 | 443891 |  | (6830) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | JPY | 26535 | 176335 | 173617 |  | (2718) |
|  Malaysian Ringgit, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BARC | MYR | 4816 | 1144760 | 1151381 | 6621 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BARC | MYR | 4408 | 1047722 | 1053907 | 6185 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BARC | MYR | 247 | 58791 | 59110 | 319 |  |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BNY | MXN | 23048 | 1223172 | 1234422 | 11250 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | GSI | MXN | 997 | 53836 | 53404 |  | (432) |
|  New Taiwanese Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | TWD | 10449 | 349056 | 339883 |  | (9173) |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 643 | 190000 | 190869 | 869 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 592 | 168000 | 175567 | 7567 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 530 | 157000 | 157158 | 158 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 520 | 153000 | 154154 | 1154 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 458 | 136000 | 135948 |  | (52) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 425 | 125000 | 126033 | 1033 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 367 | 108500 | 108790 | 290 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 301 | 89200 | 89375 | 175 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 233 | 68680 | 69151 | 471 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 191 | 55819 | 56558 | 739 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 189 | 55809 | 56175 | 366 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 166 | 47735 | 49204 | 1469 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | PEN | 660 | 194000 | 195837 | 1837 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | PEN | 591 | 168000 | 175163 | 7163 |  |
|  Philippine Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | PHP | 24000 | 417447 | 408571 |  | (8876) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | PHP | 11622 | 203000 | 197854 |  | (5146) |

---

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 49

------

PGIM Emerging Markets Debt Local Currency Fund

**Schedule of Investments** (continued)

as of October 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | Counterparty | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |
|  Philippine Peso (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | UAG | PHP | 4442 | $75900 | $75628 | $— | $(272) |
|  Polish Zloty, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | PLN | 6130 | 1671337 | 1658408 |  | (12929) |
|  Romanian Leu, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | RON | 2348 | 529553 | 529821 | 268 |  |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | SGD | 240 | 185000 | 185016 | 16 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | SGD | 216 | 169000 | 166783 |  | (2217) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | UAG | SGD | 170 | 133000 | 131354 |  | (1646) |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BARC | ZAR | 5572 | 321789 | 320325 |  | (1464) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BARC | ZAR | 5016 | 287012 | 288371 | 1359 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BARC | ZAR | 1438 | 83121 | 82697 |  | (424) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BARC | ZAR | 1132 | 65373 | 65084 |  | (289) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | ZAR | 3084 | 175888 | 177282 | 1394 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | ZAR | 4875 | 278496 | 280293 | 1797 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | ZAR | 755 | 43643 | 43405 |  | (238) |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | THB | 3616 | 112000 | 112255 | 255 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | THB | 14467 | 460000 | 449122 |  | (10878) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | THB | 5202 | 160000 | 161487 | 1487 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | THB | 3631 | 111000 | 112717 | 1717 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | THB | 3264 | 100000 | 101339 | 1339 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | THB | 4816 | 148000 | 149523 | 1523 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | THB | 4560 | 142000 | 141560 |  | (440) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | THB | 3112 | 96000 | 96606 | 606 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | THB | 6724 | 207000 | 208756 | 1756 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SSB | THB | 920 | 28484 | 28554 | 70 |  |
|  Turkish Lira, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/19/25 | HSBC | TRY | 867 | 20185 | 20309 | 124 |  |
|  |  |  |  | $31820366 | $31872217 | 193580 | (141729) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | Counterparty | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |
|  Argentine Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/04/25 | CITI | ARS | 65182 | $45742 | $43400 | $2342 | $— |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/04/25 | GSI | BRL | 11388 | 2131147 | 2113924 | 17223 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/04/25 | GSI | BRL | 568 | 106000 | 105439 | 561 |  |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | CLP | 105794 | 110000 | 112258 |  | (2258) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | CLP | 113118 | 118000 | 120030 |  | (2030) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | CLP | 92364 | 96000 | 98007 |  | (2007) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | CLP | 229679 | 242000 | 243713 |  | (1713) |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | CNH | 1514 | 214000 | 213271 | 729 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | TD | CNH | 2007 | 283130 | 282659 | 471 |  |
|  Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | COP | 279494 | 71500 | 72038 |  | (538) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | COP | 275842 | 70620 | 71097 |  | (477) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | GSI | COP | 2134635 | 533659 | 550190 |  | (16531) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | GSI | COP | 1883302 | 469499 | 485410 |  | (15911) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | COP | 279324 | 71750 | 71994 |  | (244) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | COP | 2109870 | 531132 | 543806 |  | (12674) |

---

See Notes to Financial Statements.

------

PGIM Emerging Markets Debt Local Currency Fund

**Schedule of Investments** (continued)

as of October 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | Counterparty | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | CZK | 2418 | $116089 | $114741 | $1348 | $— |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/05/25 | BOA | EUR | 146 | 169332 | 168363 | 969 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/05/25 | CITI | EUR | 387 | 448668 | 446047 | 2621 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | EUR | 445 | 515548 | 515644 |  | (96) |
|  Hungarian Forint, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | HUF | 160466 | 476316 | 474437 | 1879 |  |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | INR | 55292 | 627000 | 621224 | 5776 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | INR | 16304 | 184000 | 183177 | 823 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | INR | 13044 | 148000 | 146548 | 1452 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | INR | 28941 | 326906 | 325160 | 1746 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | GSI | INR | 17134 | 192744 | 192503 | 241 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | GSI | INR | 3105 | 34835 | 34889 |  | (54) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | INR | 34859 | 394400 | 391646 | 2754 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | INR | 12534 | 142000 | 140819 | 1181 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | INR | 17429 | 197000 | 195815 | 1185 |  |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BARC | IDR | 405051 | 24365 | 24334 | 31 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BNY | IDR | 4000000 | 242351 | 240309 | 2042 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | IDR | 1847051 | 111000 | 110965 | 35 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | IDR | 1821271 | 109500 | 109417 | 83 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 1759494 | 106000 | 105705 | 295 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 920137 | 55300 | 55279 | 21 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 788802 | 47400 | 47389 | 11 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | IDR | 16660539 | 1007964 | 1000917 | 7047 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | IDR | 1844265 | 111000 | 110798 | 202 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | IDR | 1064242 | 63859 | 63937 |  | (78) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | IDR | 2757711 | 167000 | 165675 | 1325 |  |
|  Malaysian Ringgit, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BARC | MYR | 78 | 18533 | 18653 |  | (120) |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | MXN | 392 | 21249 | 21007 | 242 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | TD | MXN | 1409 | 76213 | 75446 | 767 |  |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 542 | 155000 | 160849 |  | (5849) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 538 | 154000 | 159610 |  | (5610) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 529 | 151000 | 157030 |  | (6030) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 445 | 127000 | 132025 |  | (5025) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 412 | 118000 | 122204 |  | (4204) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 385 | 110000 | 114225 |  | (4225) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | PEN | 390 | 110821 | 115805 |  | (4984) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | PEN | 538 | 154000 | 159624 |  | (5624) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SSB | PEN | 559 | 159000 | 165852 |  | (6852) |
|  Philippine Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PHP | 10236 | 175500 | 174253 | 1247 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PHP | 9983 | 171000 | 169948 | 1052 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PHP | 8455 | 144000 | 143945 | 55 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PHP | 8366 | 143000 | 142424 | 576 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PHP | 7047 | 120000 | 119964 | 36 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PHP | 3546 | 59850 | 60371 |  | (521) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | PHP | 12521 | 213000 | 213152 |  | (152) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | PHP | 10197 | 175000 | 173588 | 1412 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | PHP | 8517 | 146000 | 145000 | 1000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | PHP | 10201 | 175000 | 173658 | 1342 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | PHP | 22757 | 390000 | 387407 | 2593 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | PHP | 4531 | 77723 | 77140 | 583 |  |

---

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 51

------

PGIM Emerging Markets Debt Local Currency Fund

**Schedule of Investments** (continued)

as of October 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | Counterparty | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |
|  Philippine Peso (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | PHP | 3003 | $50960 | $51121 | $— | $(161) |
|  Polish Zloty, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | PLN | 1109 | 304000 | 300068 | 3932 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | PLN | 530 | 144500 | 143350 | 1150 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | PLN | 348 | 95251 | 94130 | 1121 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | UAG | PLN | 330 | 90749 | 89329 | 1420 |  |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | SGD | 156 | 121000 | 120302 | 698 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | SGD | 142 | 111000 | 109320 | 1680 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | SGD | 282 | 222000 | 217750 | 4250 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | SGD | 198 | 153000 | 152495 | 505 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | SGD | 3522 | 2757406 | 2715775 | 41631 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SSB | SGD | 298 | 231000 | 229506 | 1494 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SSB | SGD | 57 | 44596 | 44169 | 427 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | TD | SGD | 157 | 121000 | 120742 | 258 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | UAG | SGD | 181 | 142000 | 139752 | 2248 |  |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BARC | ZAR | 674 | 38546 | 38722 |  | (176) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | ZAR | 4542 | 258000 | 261100 |  | (3100) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | GSI | ZAR | 33994 | 1929378 | 1954326 |  | (24948) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | GSI | ZAR | 1466 | 83870 | 84304 |  | (434) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | ZAR | 3790 | 214998 | 217895 |  | (2897) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | TD | ZAR | 892 | 51430 | 51289 | 141 |  |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | KRW | 358001 | 251000 | 251018 |  | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | KRW | 241604 | 170000 | 169404 | 596 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | KRW | 86211 | 62367 | 60448 | 1919 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | KRW | 379183 | 265000 | 265870 |  | (870) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | KRW | 307458 | 217000 | 215579 | 1421 |  |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | THB | 3864 | 122000 | 119946 | 2054 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | THB | 3660 | 116000 | 113613 | 2387 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | THB | 15227 | 474070 | 472713 | 1357 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | THB | 4677 | 145000 | 145195 |  | (195) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | THB | 15227 | 483302 | 472713 | 10589 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | THB | 6583 | 204000 | 204369 |  | (369) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | THB | 3766 | 116000 | 116901 |  | (901) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | THB | 3551 | 110000 | 110233 |  | (233) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | THB | 3025 | 96000 | 93909 | 2091 |  |
|  |  |  |  | $24454068 | $24443510 | 148667 | (138109) |
|  |  |  |  |  |  | $342247 | $(279838) |

---

#### Credit default swap agreements outstanding at October 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | Termination<br>Date | Fixed<br>Rate | Notional<br>Amount<br>(000)#(3) | Implied<br>Credit<br>Spread at<br>October 31,<br>2025(4) | Fair<br>Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) | Counterparty |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** |
|  Petroleos Mexicanos^ | 05/07/26 | 4.750%(M) | 240 | \* | $5186 | $— | $5186 | GSI |
|  Republic of Argentina | 06/20/26 | 5.000%(Q) | 125 | 5.202% | 538 | (2922) | 3460 | BARC |

---

See Notes to Financial Statements.

------

PGIM Emerging Markets Debt Local Currency Fund

**Schedule of Investments** (continued)

as of October 31, 2025

#### Credit default swap agreements outstanding at October 31, 2025 (continued):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | Termination<br>Date | Fixed<br>Rate | Notional<br>Amount<br>(000)#(3) | Implied<br>Credit<br>Spread at<br>October 31,<br>2025(4) | Fair<br>Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) | Counterparty |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** |
|  Republic of Argentina | 06/20/26 | 5.000%(Q) | 31 | 5.202% | $133 | $(305) | $438 | MSI |
|  Republic of Ivory Coast | 06/20/26 | 1.000%(Q) | 300 | 0.592% | 1106 | (2973) | 4079 | JPM |
|  Republic of Ivory Coast | 06/20/27 | 1.000%(Q) | 150 | 1.093% | (56) | (3759) | 3703 | MSI |
|  Republic of Panama | 06/20/27 | 1.000%(Q) | 500 | 0.597% | 3769 | (2240) | 6009 | MSI |
|  Republic of Turkey | 12/20/25 | 1.000%(Q) | 600 | 0.561% | 1028 | (535) | 1563 | MSI |
|  Republic of Turkey | 12/20/25 | 1.000%(Q) | 200 | 0.561% | 343 | (128) | 471 | MSI |
|  |  |  |  |  | $12047 | $(12862) | $24909 |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | Termination<br>Date | Fixed<br>Rate | Notional<br>Amount<br>(000)#(3) | Implied<br>Credit<br>Spread at<br>October 31,<br>2025(4) | Value at<br>Trade Date | Value at<br>October 31,<br>2025 | Unrealized<br>Appreciation<br>(Depreciation) |
|  **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** |
|  CDX.EM.36.V3 | 12/20/26 | 1.000%(Q) | 1242 | 0.486% | $(3097) | $8592 | $11689 |
|  CDX.EM.37.V2 | 06/20/27 | 1.000%(Q) | 779 | 0.621% | (588) | 5568 | 6156 |
|  CDX.EM.39.V1 | 06/20/28 | 1.000%(Q) | 887 | 0.788% | (5730) | 5706 | 11436 |
|  |  |  |  |  | $(9415) | $19866 | $29281 |

---

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

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

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

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

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

\* When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Fund is the seller

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 53

------

PGIM Emerging Markets Debt Local Currency Fund

**Schedule of Investment** **s** (continued)

as of October 31, 2025

of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

#### Interest rate swap agreements outstanding at October 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>(000)# | Notional<br>Amount<br>(000)# | **Termination<br>Date** | **Fixed**<br> **Rate** | **Floating**<br> **Rate** | Value at<br>Trade Date | **Value at<br>October 31,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| Centrally Cleared Interest Rate Swap Agreements: | Centrally Cleared Interest Rate Swap Agreements: | Centrally Cleared Interest Rate Swap Agreements: | Centrally Cleared Interest Rate Swap Agreements: | Centrally Cleared Interest Rate Swap Agreements: | Centrally Cleared Interest Rate Swap Agreements: | Centrally Cleared Interest Rate Swap Agreements: | Centrally Cleared Interest Rate Swap Agreements: |
| BRL | 668 | 01/04/27 | 6.325%(T) | 1 Day BROIS(2)(T)/ 0.055% | $— | $(47033) | $(47033) |
| BRL | 1056 | 01/04/27 | 6.529%(T) | 1 Day BROIS(2)(T)/ 0.055% |  | (71018) | (71018) |
| BRL | 2210 | 01/04/27 | 9 .775%(T) | 1 Day BROIS(2)(T)/ 0.055% |  | (40692) | (40692) |
| BRL | 413 | 01/04/27 | 11.680%(T) | 1 Day BROIS(2)(T)/ 0.055% | 135 | (6408) | (6543) |
| BRL | 1688 | 01/04/27 | 11.755%(T) | 1 Day BROIS(2)(T)/ 0.055% |  | (21026) | (21026) |
| BRL | 518 | 01/04/27 | 13.270%(T) | 1 Day BROIS(1)(T)/ 0.055% |  | (1445) | (1445) |
| BRL | 12074 | 01/04/27 | 14.048%(T) | 1 Day BROIS(1)(T)/ 0.055% |  | (1012) | (1012) |
| BRL | 8776 | 01/04/27 | 14.257%(T) | 1 Day BROIS(1)(T)/ 0.055% |  | (4888) | (4888) |
| BRL | 2235 | 01/04/27 | 14.262%(T) | 1 Day BROIS(1)(T)/ 0.055% |  | (1275) | (1275) |
| BRL | 5544 | 01/04/27 | 14.298%(T) | 1 Day BROIS(1)(T)/ 0.055% |  | (3633) | (3633) |
| BRL | 3059 | 01/03/28 | 13.400%(T) | 1 Day BROIS(2)(T)/ 0.055% |  | 685 | 685 |
| BRL | 2079 | 01/02/29 | 10.960%(T) | 1 Day BROIS(2)(T)/ 0.055% | (19136) | (36791) | (17655) |
| BRL | 1009 | 01/02/29 | 13.040%(T) | 1 Day BROIS(2)(T)/ 0.055% |  | (89) | (89) |
| BRL | 1008 | 01/02/29 | 13.045%(T) | 1 Day BROIS(2)(T)/ 0.055% |  | (61) | (61) |
| BRL | 2136 | 01/02/29 | 13.215%(T) | 1 Day BROIS(2)(T)/ 0.055% |  | 272 | 272 |
| BRL | 2330 | 01/02/29 | 13.258%(T) | 1 Day BROIS(2)(T)/ 0.055% |  | (54) | (54) |
| BRL | 3400 | 01/02/29 | 13.290%(T) | 1 Day BROIS(2)(T)/ 0.055% |  | 994 | 994 |
| BRL | 4092 | 01/02/29 | 13.312%(T) | 1 Day BROIS(1)(T)/ 0.055% |  | (6333) | (6333) |
| BRL | 2776 | 01/02/29 | 13.450%(T) | 1 Day BROIS(2)(T)/ 0.055% |  | 3697 | 3697 |
| BRL | 776 | 01/02/31 | 13.114%(T) | 1 Day BROIS(2)(T)/ 0.055% |  | (1137) | (1137) |
| BRL | 3027 | 01/02/31 | 13.260%(T) | 1 Day BROIS(2)(T)/ 0.055% |  | (263) | (263) |
| CLP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25080 | 03/15/33 | 5.100%(S) | 1 Day CLOIS(2)(S)/ 4.750% | (464) | 103 | 567 |
| CNH | 3000 | 07/28/27 | 2.438%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.460% |  | 6736 | 6736 |
| CNH | 2407 | 12/15/27 | 2.680%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.460% | (1118) | 8740 | 9858 |
| CNH | 5630 | 04/24/28 | 2.811%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.460% |  | 25193 | 25193 |
| CNH | 5700 | 06/18/30 | 1.385%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.460% | (5550) | (5924) | (374) |
| COP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236760 | 12/21/27 | 10.125%(Q) | 1 Day COOIS(1)(Q)/ 8.730% |  | (1361) | (1361) |
| CZK | 11310 | 06/18/30 | 3.218%(A) | 6 Month PRIBOR(2)(S)/ 3.540% |  | (15588) | (15588) |
| CZK | 20000 | 12/17/30 | 3.745%(A) | 6 Month PRIBOR(2)(S)/ 3.540% |  | (7018) | (7018) |
| CZK | 6507 | 06/15/31 | 1.730%(A) | 6 Month PRIBOR(2)(S)/ 3.540% |  | (36737) | (36737) |
| CZK | 5913 | 09/18/34 | 3.955%(A) | 6 Month PRIBOR(2)(S)/ 3.540% | 2063 | (2793) | (4856) |
| CZK | 5727 | 12/17/35 | 4.153%(A) | 6 Month PRIBOR(2)(S)/ 3.540% |  | (229) | (229) |
| HUF | 351566 | 03/20/26 | 6.195%(A) | 6 Month BUBOR(1)(S)/ 6.480% | (6224) | (29992) | (23768) |
| HUF | 150000 | 03/17/27 | 6.250%(A) | 6 Month BUBOR(1)(S)/ 6.480% |  | (12941) | (12941) |
| HUF | 260390 | 09/17/27 | 6.150%(A) | 6 Month BUBOR(1)(S)/ 6.480% |  | 2391 | 2391 |
| INR | 146530 | 12/17/27 | 5.330%(S) | 1 Day MIBOR(2)(S)/ 5.690% |  | (3070) | (3070) |
| INR | 35320 | 06/18/30 | 5.613%(S) | 1 Day MIBOR(2)(S)/ 5.690% |  | (235) | (235) |
| INR | 18858 | 06/18/30 | 6.075%(S) | 1 Day MIBOR(2)(S)/ 5.690% |  | 4139 | 4139 |
| INR | 124774 | 09/17/30 | 5.650%(S) | 1 Day MIBOR(2)(S)/ 5.690% | 561 | 22 | (539) |
| KRW | 496507 | 09/21/27 | 3.087%(Q) | 3 Month KWCDC(2)(Q)/ 2.550% | (349) | 3330 | 3679 |
| KRW | 180000 | 12/21/27 | 4.197%(Q) | 3 Month KWCDC(2)(Q)/ 2.550% | 3734 | 4401 | 667 |
| KRW | 904550 | 03/15/28 | 2.965%(Q) | 3 Month KWCDC(2)(Q)/ 2.550% | (2626) | 5332 | 7958 |
| KRW | 107825 | 12/20/28 | 3.830%(Q) | 3 Month KWCDC(1)(Q)/ 2.550% | (3058) | (2753) | 305 |
| KRW | 500440 | 06/19/29 | 3.390%(Q) | 3 Month KWCDC(1)(Q)/ 2.550% | (12418) | (8715) | 3703 |
| KRW | 447383 | 12/18/29 | 2.886%(Q) | 3 Month KWCDC(2)(Q)/ 2.550% | 3302 | 1974 | (1328) |
| KRW | 272611 | 06/18/30 | 2.423%(Q) | 3 Month KWCDC(2)(Q)/ 2.550% | 1436 | (2893) | (4329) |
| KRW | 44232 | 06/18/30 | 2.645%(Q) | 3 Month KWCDC(2)(Q)/ 2.550% | 69 | (159) | (228) |
| KRW | 1335700 | 09/17/30 | 2.469%(Q) | 3 Month KWCDC(2)(Q)/ 2.550% | 824 | (13350) | (14174) |
| KRW | 843324 | 09/17/30 | 2.488%(Q) | 3 Month KWCDC(2)(Q)/ 2.550% | 536 | (7899) | (8435) |
| MXN | 9343 | 12/13/28 | 7.105%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 7.781% |  | 430 | 430 |
| MXN | 9930 | 12/13/28 | 7.171%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 7.781% |  | 1405 | 1405 |
| MXN | 15530 | 09/11/30 | 7.647%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 7.781% |  | 13116 | 13116 |
| MXN | 5420 | 09/11/30 | 7.658%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 7.781% |  | 4705 | 4705 |

---

See Notes to Financial Statements.

------

PGIM Emerging Markets Debt Local Currency Fund

**Schedule of Investments** (continued)

as of October 31, 2025

#### Interest rate swap agreements outstanding at October 31, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>(000)# | Notional<br>Amount<br>(000)# | **Termination<br>Date** | **Fixed**<br> **Rate** | **Floating**<br> **Rate** | Value at<br>Trade Date | **Value at<br>October 31,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| Centrally Cleared Interest Rate Swap Agreements (cont'd.): | Centrally Cleared Interest Rate Swap Agreements (cont'd.): | Centrally Cleared Interest Rate Swap Agreements (cont'd.): | Centrally Cleared Interest Rate Swap Agreements (cont'd.): | Centrally Cleared Interest Rate Swap Agreements (cont'd.): | Centrally Cleared Interest Rate Swap Agreements (cont'd.): | Centrally Cleared Interest Rate Swap Agreements (cont'd.): | Centrally Cleared Interest Rate Swap Agreements (cont'd.): |
| MXN 7,085 | MXN 7,085 | 09/11/30 | 7.675%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 7.781% | $— | $6422 | $6422 |
| MXN | 4420 | 09/11/30 | 7.745%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 7.781% |  | 4704 | 4704 |
| MXN | 3119 | 09/11/30 | 7.873%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 7.781% | (3) | 4212 | 4215 |
| PLN | 1670 | 08/02/27 | 5.680%(A) | 6 Month WIBOR(2)(S)/ 4.300% |  | 13543 | 13543 |
| PLN | 1190 | 09/21/27 | 6.632%(A) | 6 Month WIBOR(1)(S)/ 4.300% | (2697) | (15937) | (13240) |
| PLN | 1434 | 10/06/27 | 6.826%(A) | 6 Month WIBOR(2)(S)/ 4.300% |  | 20765 | 20765 |
| PLN | 117 | 10/25/27 | 7.900%(A) | 6 Month WIBOR(1)(S)/ 4.300% | (3383) | (2378) | 1005 |
| PLN | 2116 | 12/21/27 | 6.845%(A) | 6 Month WIBOR(1)(S)/ 4.300% | (32911) | (56407) | (23496) |
| PLN | 2250 | 06/18/30 | 3.963%(A) | 6 Month WIBOR(2)(S)/ 4.300% |  | (3670) | (3670) |
| PLN | 271 | 05/10/32 | 6.410%(A) | 6 Month WIBOR(1)(S)/ 4.300% |  | (9893) | (9893) |
| THB | 79390 | 05/06/27 | 1.180%(Q) | 1 Day THOR(2)(Q)/ 1.489% |  | 1879 | 1879 |
| ZAR | 2808 | 03/16/27 | 6.960%(Q) | 3 Month JIBAR(1)(Q)/ 6.967% | 5758 | (612) | (6370) |
| ZAR | 1744 | 09/21/27 | 7.490%(Q) | 3 Month JIBAR(2)(Q)/ 6.967% | (1617) | 1604 | 3221 |
| ZAR | 2634 | 06/21/28 | 8.455%(Q) | 3 Month JIBAR(1)(Q)/ 6.967% | (286) | (6971) | (6685) |
| ZAR | 646 | 06/19/29 | 8.930%(Q) | 3 Month JIBAR(2)(Q)/ 6.967% | 1306 | 2756 | 1450 |
| ZAR | 2510 | 06/19/29 | 8.933%(Q) | 3 Month JIBAR(1)(Q)/ 6.967% |  | (10718) | (10718) |
| ZAR | 9206 | 12/18/29 | 7.975%(Q) | 3 Month JIBAR(1)(Q)/ 6.967% | (3962) | (23868) | (19906) |
| ZAR | 686 | 03/19/30 | 7.765%(Q) | 3 Month JIBAR(2)(Q)/ 6.967% |  | 1478 | 1478 |
| ZAR | 6181 | 03/19/30 | 7.981%(Q) | 3 Month JIBAR(2)(Q)/ 6.967% | 1022 | 16345 | 15323 |
| ZAR | 7743 | 03/19/30 | 8.060%(Q) | 3 Month JIBAR(1)(Q)/ 6.967% |  | (21854) | (21854) |
| ZAR | 21186 | 09/17/30 | 7.138%(Q) | 3 Month JIBAR(1)(Q)/ 6.967% |  | (13378) | (13378) |
| ZAR | 7119 | 04/13/31 | 7.530%(Q) | 3 Month JIBAR(2)(Q)/ 6.967% | (4522) | 10318 | 14840 |
| ZAR | 6680 | 07/13/31 | 7.415%(Q) | 3 Month JIBAR(1)(Q)/ 6.967% | 93 | (7050) | (7143) |
| ZAR | 6610 | 09/27/31 | 7.493%(Q) | 3 Month JIBAR(1)(Q)/ 6.967% | 1662 | (7935) | (9597) |
| ZAR | 4635 | 01/04/32 | 7.595%(Q) | 3 Month JIBAR(1)(Q)/ 6.967% | 5064 | (6429) | (11493) |
| ZAR | 2682 | 11/10/32 | 9.160%(Q) | 3 Month JIBAR(2)(Q)/ 6.967% | (11) | 16802 | 16813 |
|  |  |  |  |  | $(72770) | $(393422) | $(320652) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional <br>Amount <br>(000)# | Termination<br>Date | Fixed <br>Rate | **Floating** <br> **Rate** | Fair<br>Value | **Upfront<br>Premiums<br>Paid(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | Counterparty |
| OTC Interest Rate Swap Agreements: | OTC Interest Rate Swap Agreements: | OTC Interest Rate Swap Agreements: | OTC Interest Rate Swap Agreements: |  |  |  |  |
| MYR 2,300 | 07/21/27 | 3.640%(Q) | 3 Month KLIBOR(2)(Q)/ 3.220% | $4110 | $(2) | $4112 | GSI |
| MYR 3,000 | 07/29/27 | 3.500%(Q) | 3 Month KLIBOR(2)(Q)/ 3.220% | 3654 | (3) | 3657 | JPM |
| MYR 1,165 | 06/21/28 | 3.442%(Q) | 3 Month KLIBOR(2)(Q)/ 3.220% | 1815 |  | 1815 | BOA |
| MYR 1,170 | 03/19/30 | 3.515%(Q) | 3 Month KLIBOR(2)(Q)/ 3.220% | 3244 |  | 3244 | CITI |
|  |  |  |  | $12823 | $(5) | $12828 |  |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Premiums Paid | Premiums Received | **Unrealized**<br> **Appreciation** | **Unrealized**<br> **Depreciation** |
|  OTC Swap Agreements | $— | $(12867) | $37737 | $— |

---

#### 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** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and/or Foreign Currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Market Value |
|  CITI | $863924 | $— |
|  JPS |  | 201195 |
|  **Total** | $863924 | $201195 |

---

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 55

------

PGIM Emerging Markets Debt Local Currency Fund

**Schedule of Investments** (continued)

as of October 31, 2025

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Corporate Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | $— | $350649 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supranational Bank |  | 475138 |  |
|  Sovereign Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil |  | 1798581 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile |  | 367696 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China |  | 1723508 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colombia |  | 2868523 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Czech Republic |  | 1287139 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dominican Republic |  | 424717 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guatemala |  | 199438 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hungary |  | 1145563 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India |  | 1714805 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 4407409 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ivory Coast |  | 393082 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Malaysia |  | 1689971 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico |  | 2490539 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru |  | 1602783 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines |  | 1312491 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland |  | 1425471 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Romania |  | 1005077 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Serbia |  | 338189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa |  | 4590795 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand |  | 2386071 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkey |  | 632974 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uruguay |  | 80491 |  |
|  U.S. Treasury Obligation |  | 201195 |  |
|  Option Purchased |  | 1 |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | 2212898 |  |  |
|  Options Purchased |  | 7685 |  |
|  **Total** | $2212898 | $34919981 | $— |
|  **Liabilities** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Options Written | $— | $(2032) | $— |
|  **Short-Term Investments** |  |  |  |
|  Options Written | $— | $(77205) | $— |
|  **Total** | $— | $(79237) | $— |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $9077 | $— | $— |
|  OTC Forward Foreign Currency Exchange Contracts |  | 342247 |  |
|  Centrally Cleared Credit Default Swap Agreements |  | 29281 |  |
|  OTC Credit Default Swap Agreements |  | 6917 | 5186 |

---

See Notes to Financial Statements.

------

PGIM Emerging Markets Debt Local Currency Fund

**Schedule of Investments**(continued)

as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Other Financial Instruments\* (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  Centrally Cleared Interest Rate Swap Agreements | $— | $196158 | $— |
|  OTC Interest Rate Swap Agreements |  | 12823 |  |
|  **Total** | $9077 | $587426 | $5186 |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $(24275) | $— | $— |
|  OTC Forward Foreign Currency Exchange Contracts |  | (279838) |  |
|  OTC Credit Default Swap Agreement |  | (56) |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | (516810) |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24275) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(796704) | $— |

---

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

#### Industry Classification :
The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Sovereign Bonds | 89.2% |
|  Affiliated Mutual Fund | 5.8 |
|  Multi-National | 1.3 |
|  Oil & Gas | 0.9 |
|  U.S. Treasury Obligation | 0.5 |
|  Options Purchased | 0.0 \* |
|  | 97.7 |
|  Options Written | (0.2) |
|  Other assets in excess of liabilities | 2.5 |
|  | 100.0% |

---

\* Less than 0.05% 

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

Fair values of derivative instruments as of October 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br> Value | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br> Value |
|  Credit contracts | Due from/to broker-variation margin swaps | $29,281\* |  | $— |
|  Credit contracts |  |  | Premiums received for OTC swap agreements | 12862 |
|  Credit contracts | Unrealized appreciation on OTC swap agreements | 24909 |  |  |
|  Foreign exchange contracts | Unaffiliated investments | 1188 | Options written outstanding, at value | 50448 |
|  Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 342247 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 279838 |

---

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 57

------

PGIM Emerging Markets Debt Local Currency Fund

**Schedule of Investments**(continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br> Value | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br> Value |
|  Interest rate contracts | Due from/to broker-variation margin futures | $9077 \* | Due from/to broker-variation margin futures | $24275 \* |
|  Interest rate contracts | Due from/to broker-variation margin swaps | 196158 \* | Due from/to broker-variation margin swaps | 516810 \* |
|  Interest rate contracts |  |  | Premiums received for OTC swap agreements | 5 |
|  Interest rate contracts | Unaffiliated investments | 6498 | Options written outstanding, at value | 28789 |
|  Interest rate contracts | Unrealized appreciation on OTC swap agreements | 12828 |  |  |
|  |  | $622186 |  | $913027 |

---

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

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **<u>instruments, carried at fair value</u>** | **Options<br>Purchased(1)** | Options<br>Written | **Futures** | **Forward<br>& Cross<br>Currency<br>Exchange**<br> **Contracts** | Swaps |
|  Credit contracts | $— | $— | $— | $— | $79154 |
|  Foreign exchange contracts | (81094) | 351487 |  | (45974) |  |
|  Interest rate contracts | (4838) | 32078 | 69718 |  | (555669) |
|  **Total** | $(85932) | $383565 | $69718 | $(45974) | $(476515) |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **<u>carried at fair value</u>** | **Options<br>Purchased(2)** | Options<br>Written | **Futures** | **Forward<br>& Cross<br>Currency<br>Exchange**<br> **Contracts** | Swaps |
|  Credit contracts | $— | $— | $— | $— | $32976 |
|  Foreign exchange contracts | 9533 | 38361 |  | 293227 |  |
|  Interest rate contracts | (5668) | 825 | (31044) |  | 428442 |
|  **Total** | $3865 | $39186 | $(31044) | $293227 | $461418 |

---

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

For the year ended October 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type**<br>| **Average Volume of Derivative Activities\***  |
| &nbsp;&nbsp; Options Purchased (1) | $20232 |
| &nbsp;&nbsp; Options Written (2) | 11511304 |
| &nbsp;&nbsp; Futures Contracts - Long Positions (2) | 1823973 |
| &nbsp;&nbsp; Futures Contracts - Short Positions (2) | 1917551 |
| &nbsp;&nbsp; Forward Foreign Currency Exchange Contracts - Purchased (3) | 31679776 |
| &nbsp;&nbsp; Forward Foreign Currency Exchange Contracts - Sold (3) | 26477666 |
| &nbsp;&nbsp; Cross Currency Exchange Contracts (4) | 108321 |
| &nbsp;&nbsp; Interest Rate Swap Agreements (2) | 36360434 |

---

See Notes to Financial Statements.

------

PGIM Emerging Markets Debt Local Currency Fund

**Schedule of Investments** (continued)

as of October 31, 2025

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
| &nbsp;&nbsp; Credit Default Swap Agreements - Sell Protection (2) | $4733244 |

---

\* Average volume is based on average quarter end balances for the year ended October 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Fund invested in OTC derivatives during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives where the legal right to set-off exists is presented in the summary below.

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | Gross Amounts of<br>Recognized<br>Assets(1) | Gross Amounts of<br>Recognized<br>Liabilities(1) | **Net Amounts of**<br> **Recognized**<br> **Assets/(Liabilities)** | Collateral<br>Pledged/(Received)(2) | **Net Amount** |
|  BARC | $17975 | $(7812) | $10163 | $– | $10163 |
|  BNP | 4738 | (6926) | (2188) | – | (2188) |
|  BNY | 17422 |  | 17422 | – | 17422 |
|  BOA | 18733 | (3619) | 15114 | – | 15114 |
|  CA | 13100 |  | 13100 | – | 13100 |
|  CITI | 132895 | (73079) | 59816 | – | 59816 |
|  DB | 79 | (17500) | (17421) | – | (17421) |
|  GSI | 33790 | (96264) | (62474) | – | (62474) |
|  HSBC | 11757 | (18191) | (6434) | – | (6434) |
|  JPM | 30517 | (40991) | (10474) | – | (10474) |
|  MSI | 79022 | (68575) | 10447 | – | 10447 |
|  SCB | 20061 | (29026) | (8965) | – | (8965) |
|  SSB | 2049 | (6852) | (4803) | – | (4803) |
|  TD | 1637 | (833) | 804 | – | 804 |
|  UAG | 3895 | (2274) | 1621 | – | 1621 |
|  | $387670 | $(371942) | $15728 | $– | $15728 |

---

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

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

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 59

------

PGIM Emerging Markets Debt Local Currency Fund

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $33,687,206) | $34919981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $2,212,898) | 2212898 |
| &nbsp;&nbsp; Foreign currency, at value (cost $266,751) | 264241 |
| &nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 863924 |
| &nbsp;&nbsp; Dividends and interest receivable | 622482 |
| &nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 342247 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 279973 |
| &nbsp;&nbsp; Tax reclaim receivable | 80753 |
| &nbsp;&nbsp; Receivable for investments sold | 80231 |
| &nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 37737 |
| &nbsp;&nbsp; Due from broker—variation margin swaps | 13593 |
| &nbsp;&nbsp; Due from broker—variation margin futures | 1991 |
| &nbsp;&nbsp; Due from Manager | 4 |
| &nbsp;&nbsp; Prepaid expenses | 1809 |
| &nbsp;&nbsp; **Total Assets** | 39721864 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 1144250 |
| &nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 279838 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 92037 |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $114,296) | 79237 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 61773 |
| &nbsp;&nbsp; Audit fee payable | 57896 |
| &nbsp;&nbsp; Premiums received for OTC swap agreements | 12867 |
| &nbsp;&nbsp; Foreign capital gains tax liability accrued | 4028 |
| &nbsp;&nbsp; Directors' fees payable | 840 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 605 |
| &nbsp;&nbsp; Distribution fee payable | 456 |
| &nbsp;&nbsp; Dividends and Distributions payable | 369 |
| &nbsp;&nbsp; **Total Liabilities** | 1734196 |
| &nbsp;&nbsp; **Net Assets** | $37987668 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 51873833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (13886242) |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $37987668 |

---

See Notes to Financial Statements.

------

PGIM Emerging Markets Debt Local Currency Fund

**Statement of Assets & Liabilities** (continued)

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A** | &nbsp;&nbsp; **Class A** |
| &nbsp;&nbsp; Net asset value and redemption price per share,<br> ($1,974,848 ÷ 402,431 shares of common stock issued and outstanding) | $4.91 |
| &nbsp;&nbsp; Maximum sales charge (3.25% of offering price) | 0.16 |
| &nbsp;&nbsp; Maximum offering price to public | $5.07 |
| &nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($40,125 ÷ 8,117 shares of common stock issued and outstanding) | $4.94 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($30,812,138 ÷ 6,221,080 shares of common stock issued and outstanding) | $4.95 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($5,160,557 ÷ 1,042,755 shares of common stock issued and outstanding) | $4.95 |

---

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 61

------

PGIM Emerging Markets Debt Local Currency Fund

Statement of Operations

Year Ended October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income (net of $93,956 foreign withholding tax) | $2742471 |
| &nbsp;&nbsp; Affiliated dividend income | 51763 |
| &nbsp;&nbsp; Affiliated income from securities lending, net | 7 |
| &nbsp;&nbsp; **Total income** | 2794241 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 275800 |
| &nbsp;&nbsp; Distribution fee(a) | 5475 |
| &nbsp;&nbsp; Custodian and accounting fees | 98079 |
| &nbsp;&nbsp; Audit fee | 58396 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $10,675)(a) | 53162 |
| &nbsp;&nbsp; Professional fees | 43227 |
| &nbsp;&nbsp; Registration fees(a) | 26842 |
| &nbsp;&nbsp; Shareholders' reports | 22735 |
| &nbsp;&nbsp; Directors' fees | 10180 |
| &nbsp;&nbsp; Commitment fees | 7419 |
| &nbsp;&nbsp; Insurance expense | 1016 |
| &nbsp;&nbsp; Miscellaneous | 30823 |
| &nbsp;&nbsp; **Total expenses** | 633154 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (321805) |
| &nbsp;&nbsp; **Net expenses** | 311349 |
| &nbsp;&nbsp; Net investment income (loss) | 2482892 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (net of foreign capital gains taxes $(38114)) | (69702) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 69718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contract transactions | (45974) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 383565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreement transactions | (476515) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (1127046) |
|  | (1265954) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (net of change in foreign capital gains taxes $222) | 2987217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (31044) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contracts | 293227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 39186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 461418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 3043 |
|  | 3753047 |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | 2487093 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $4969985 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Class A | Class C | Class Z | Class R6 |
|  Distribution fee | 5095 | 380 |  |  |
|  Transfer agent's fees and expenses | 4506 | 764 | 47505 | 387 |
|  Registration fees | 7107 | 5189 | 9356 | 5190 |
|  Fee waiver and/or expense reimbursement | (20559) | (6123) | (256938) | (38185) |

---

See Notes to Financial Statements.

------

PGIM Emerging Markets Debt Local Currency Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>October 31, | Year Ended<br>October 31, |
|  | 2025 | 2024 |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $2482892 | $3331805 |
| &nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | (1265954) | (2587233) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 3753047 | 3513268 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 4969985 | 4257840 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A | (96836) | (109307) |
| &nbsp;&nbsp; Class C | (1570) | (1994) |
| &nbsp;&nbsp; Class Z | (1796515) | (2390898) |
| &nbsp;&nbsp; Class R6 | (247727) | (249282) |
|  | (2142648) | (2751481) |
| &nbsp;&nbsp; Tax return of capital distributions |  |  |
| &nbsp;&nbsp; Class A | (18350) | (50467) |
| &nbsp;&nbsp; Class C | (298) | (921) |
| &nbsp;&nbsp; Class Z | (340434) | (1103877) |
| &nbsp;&nbsp; Class R6 | (46944) | (115094) |
|  | (406026) | (1270359) |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 6024376 | 17917041 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 2414893 | 3262518 |
| &nbsp;&nbsp; Cost of shares purchased | (25502197) | (28419557) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | (17062928) | (7239998) |
| &nbsp;&nbsp; Total increase (decrease) | (14641617) | (7003998) |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of year | 52629285 | 59633283 |
| &nbsp;&nbsp; End of year | $37987668 | $52629285 |

---

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 63

------

PGIM Emerging Markets Debt Local Currency Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $4.56 | $4.57 | $4.27 | $5.45 | $5.57 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.26 | 0.25 | 0.23 <sup>(b)</sup> | 0.20 | 0.22 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.35 | 0.04 | 0.31 <sup>(c)</sup> | (1.17) | (0.09) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.61 | 0.29 | 0.54 | (0.97) | 0.13 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income<sup>\*</sup> | (0.22) | (0.20) | (0.24) | (0.04) | (0.25) |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions | (0.04) | (0.10) |  | (0.17) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.26) | (0.30) | (0.24) | (0.21) | (0.25) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $4.91 | $4.56 | $4.57 | $4.27 | $5.45 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 13.92% | 6.45% | 12.66% | (18.18)% | 2.19% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $1975 | $2219 | $2391 | $2151 | $3489 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $2038 | $2450 | $2498 | $2762 | $3950 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.13% | 1.13% | 1.14 %<sup>(f)</sup> | 1.14 %<sup>(f)</sup> | 1.13% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 2.14% | 1.89% | 2.03 %<sup>(f)</sup> | 1.90 %<sup>(f)</sup> | 1.67% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.49% | 5.41% | 4.97% | 4.13% | 3.75% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 47% | 43% | 19% | 26% | 35% |

---

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

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

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

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

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

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

(f) Includes certain non-recurring expenses of 0.01% for the year ended October 31, 2023 and interest expense on borrowings from the Syndicated Credit Agreement of 0.01%, for the year ended October 31, 2022 which are being excluded from the Fund's contractual waiver, if applicable.

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

See Notes to Financial Statements.

------

PGIM Emerging Markets Debt Local Currency Fund

**Financial Highlights** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class C Shares** |  |  |  |  |  |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $4.60 | $4.60 | $4.30 | $5.49 | $5.61 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.22 | 0.22 | 0.20 <sup>(b)</sup> | 0.17 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.35 | 0.05 | 0.31 <sup>(c)</sup> | (1.19) | (0.09) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.57 | 0.27 | 0.51 | (1.02) | 0.09 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income<sup>\*</sup> | (0.19) | (0.17) | (0.21) |  | (0.21) |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions | (0.04) | (0.10) |  | (0.17) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.23) | (0.27) | (0.21) | (0.17) | (0.21) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $4.94 | $4.60 | $4.60 | $4.30 | $5.49 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 12.77% | 5.88% | 11.76% | (18.82)% | 1.44% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $40 | $37 | $62 | $126 | $190 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $38 | $49 | $102 | $144 | $331 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.88% | 1.89 %<sup>(f)</sup> | 1.88% | 1.89 %<sup>(f)</sup> | 1.88% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 17.99% | 15.28% | 8.97% | 7.40 %<sup>(f)</sup> | 4.60% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.75% | 4.65% | 4.19% | 3.35% | 3.00% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 47% | 43% | 19% | 26% | 35% |

---

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

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

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

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

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

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

(f) Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.01% for the year ended October 31, 2024 and interest expense on borrowings from the Syndicated Credit Agreement of 0.01%, for the year ended October 31, 2022 which are being excluded from the Fund's contractual waiver, if applicable.

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

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 65

------

PGIM Emerging Markets Debt Local Currency Fund

**Financial Highlights**(continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class Z Shares** |  |  |  |  |  |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $4.60 | $4.61 | $4.31 | $5.50 | $5.62 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.27 | 0.28 | 0.26 <sup>(b)</sup> | 0.22 | 0.24 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.37 | 0.04 | 0.30 <sup>(c)</sup> | (1.18) | (0.08) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.64 | 0.32 | 0.56 | (0.96) | 0.16 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income<sup>\*</sup> | (0.25) | (0.23) | (0.26) | (0.06) | (0.28) |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions | (0.04) | (0.10) |  | (0.17) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.29) | (0.33) | (0.26) | (0.23) | (0.28) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $4.95 | $4.60 | $4.61 | $4.31 | $5.50 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 14.31% | 6.88% | 13.05% | (17.83)% | 2.63% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $30812 | $45167 | $52178 | $23229 | $49067 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $35562 | $49456 | $42236 | $39563 | $59794 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.72% | 0.72% | 0.73 %<sup>(f)</sup> | 0.73 %<sup>(f)</sup> | 0.72% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.44% | 1.17% | 1.26 %<sup>(f)</sup> | 1.32 %<sup>(f)</sup> | 1.16% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.86% | 5.84% | 5.40% | 4.49% | 4.16% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 47% | 43% | 19% | 26% | 35% |

---

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

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

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

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

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

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

(f) Includes certain non-recurring expenses of 0.01% for the year ended October 31, 2023 and interest expense on borrowings from the Syndicated Credit Agreement of 0.01%, for the year ended October 31, 2022 which are being excluded from the Fund's contractual waiver, if applicable.

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

See Notes to Financial Statements.

------

PGIM Emerging Markets Debt Local Currency Fund

**Financial Highlights**(continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Class R6 Shares |  |  |  |  |  |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $4.60 | $4.60 | $4.31 | $5.50 | $5.62 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.28 | 0.28 | 0.26 <sup>(b)</sup> | 0.23 | 0.25 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.36 | 0.05 | 0.30 <sup>(c)</sup> | (1.19) | (0.09) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.64 | 0.33 | 0.56 | (0.96) | 0.16 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income<sup>\*</sup> | (0.25) | (0.23) | (0.27) | (0.06) | (0.28) |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions | (0.04) | (0.10) |  | (0.17) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.29) | (0.33) | (0.27) | (0.23) | (0.28) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $4.95 | $4.60 | $4.60 | $4.31 | $5.50 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 14.39% | 7.19% | 12.88% | (17.77)% | 2.70% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $5161 | $5207 | $5002 | $1352 | $3237 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $4793 | $5243 | $2239 | $2001 | $1613 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.65% | 0.65% | 0.66 %<sup>(f)</sup> | 0.66 %<sup>(f)</sup> | 0.65% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.45% | 1.21% | 1.53 %<sup>(f)</sup> | 1.47 %<sup>(f)</sup> | 1.63% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.98% | 5.89% | 5.45% | 4.56% | 4.27% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 47% | 43% | 19% | 26% | 35% |

---

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

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

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

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

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

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

(f) Includes certain non-recurring expenses of 0.01% for the year ended October 31, 2023 and interest expense on borrowings from the Syndicated Credit Agreement of 0.01%, for the year ended October 31, 2022 which are being excluded from the Fund's contractual waiver, if applicable.

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

See Notes to Financial Statements.

PGIM Emerging Markets Debt Local Currency Fund 67

------

Notes to Financial Statements

**1.** **Organization** 

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

The Funds have the following investment objectives:

---

| | |
|:---|:---|
| Fund | Investment Objective |
| &nbsp;&nbsp; PGIM Emerging Markets Debt Hard Currency Fund<br> ("Emerging Markets Debt Hard Currency") | Total return, through a combination of current income and capital appreciation |
| &nbsp;&nbsp; PGIM Emerging Markets Debt Local Currency Fund<br> ("Emerging Markets Debt Local Currency") | Total return, through a combination of current income and capital appreciation |

---

**2.** **Accounting Policies** 

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

The Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 exclusively impacted financial statement disclosures only and did not affect the Funds' financial position or performance. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance. The officers of the Fund, as listed in the Fund's Statement of Additional Information, act as each Fund's chief operating decision maker ("CODM"). The CODM has determined that each Fund has a single operating segment as the CODM monitors the operating results of each Fund as a whole and the Funds' long-term strategic asset allocation is pre-determined in accordance with the terms of their respective prospectus, based on a defined investment strategy which is executed by the Funds' subadviser.

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

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

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

------

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

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

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

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

OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Funds utilize the market approach when quoted prices in broker-dealer markets are available but also include consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors' valuation techniques used to derive the evaluated derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

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

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

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

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

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

------

Notes to Financial Statements (continued)

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

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

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

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

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

When the Fund writes an option on a swap, an amount equal to any premium received by the Fund is recorded as a liability and is subsequently adjusted to the current market value of the written option on the swap. If a call option on a swap is exercised, the Fund becomes obligated to pay a fixed interest rate (noted as the strike price) and receive a variable interest rate on a notional amount. If a put option on a swap is exercised, the Fund becomes obligated to pay a variable interest rate and receive a fixed interest rate (noted as the strike price) on a notional amount. Premiums received from writing options on swaps that expire or are exercised are treated as

------

realized gains upon the expiration or exercise of such options on swaps. The risk associated with writing put and call options on swaps is that the Fund will be obligated to be party to a swap agreement if an option on a swap is exercised.

*Financial Futures Contracts:* A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Funds are required to deposit collateral with a futures commission merchant an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the "initial margin." Subsequent payments, known as "variation margin," are made or received by the Funds each day, equal to the change in the mark-to-market value of the futures contract. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

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

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

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

*Credit Default Swaps ("CDS"):* CDS involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified payment in the event of a default or as a result of a default (collectively, a "credit event") for the referenced entity (typically corporate issues or sovereign issues of an emerging country) on its obligation; or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index.

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

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

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

------

Notes to Financial Statements (continued)

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

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

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

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

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

*Securities Lending:* Certain Funds lend their portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day's market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of the securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market 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 Funds. Upon termination of the loan, the borrower will return to the Funds securities identical to the loaned securities. The remaining open loans of the securities lending

------

transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Funds have the right to repurchase the securities in the open market using the collateral.

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

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

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

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

---

| | | |
|:---|:---|:---|
| Expected Distribution Schedule to Shareholders\* | Frequency | Frequency |
| &nbsp;&nbsp; Net Investment Income |  | Monthly |
| &nbsp;&nbsp; Short-Term Capital Gains |  | Annually |
| &nbsp;&nbsp; Long-Term Capital Gains |  | Annually |

---

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

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

**3.** **Agreements** 

The RIC, on behalf of each Fund, has entered into management agreements with the Manager pursuant to which it has responsibility for all investment advisory services, including supervision of the subadvisers' performance of such services, and for rendering administrative services.

The Manager has entered into subadvisory agreements with PGIM, Inc., which provides subadvisory services to the Funds through its PGIM Fixed Income unit, and PGIM Limited (collectively the "subadviser"). The Manager pays for the services of subadvisers.

------

Notes to Financial Statements (continued)

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended October 31, 2025, the contractual and effective management fee rates were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Contractual Management Fee | **Effective**<br> **Management Fee,**<br> **before any waiver**<br> **and/or expense**<br> **reimbursements** |
| &nbsp;&nbsp; Emerging Markets Debt Hard Currency | 0.650% on average daily net assets up to $1 billion;<br> 0.630% on average daily net assets from $1 billion to $3 billion;<br> 0.610% on average daily net assets from $3 billion to $5 billion;<br> 0.600% on average daily net assets from $5 billion to $10 billion;<br> 0.590% on average daily net assets over $10 billion. | 0.65% |
| &nbsp;&nbsp; Emerging Markets Debt Local Currency | 0.650% on average daily net assets up to $1 billion;<br> 0.630% on average daily net assets from $1 billion to $3 billion;<br> 0.610% on average daily net assets from $3 billion to $5 billion;<br> 0.600% on average daily net assets from $5 billion to $10 billion;<br> 0.590% on average daily net assets over $10 billion. | 0.65 |

---

The Manager has contractually agreed, through February 28, 2027, to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

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

---

| | |
|:---|:---|
| Fund | Class Expense <br>Limitation |
| &nbsp;&nbsp; Emerging Markets Debt Hard Currency - Class A | 1.05% |
| &nbsp;&nbsp; Emerging Markets Debt Hard Currency - Class C | 1.80 |
| &nbsp;&nbsp; Emerging Markets Debt Hard Currency - Class Z | 0.75 |
| &nbsp;&nbsp; Emerging Markets Debt Hard Currency - Class R6 | 0.65 |
| &nbsp;&nbsp; Emerging Markets Debt Local Currency - Class A | 1.13 |
| &nbsp;&nbsp; Emerging Markets Debt Local Currency - Class C | 1.88 |
| &nbsp;&nbsp; Emerging Markets Debt Local Currency - Class Z | 0.72 |
| &nbsp;&nbsp; Emerging Markets Debt Local Currency - Class R6 | 0.65 |

---

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

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

Each Fund's annual gross and net distribution rates, where applicable, are as follows:

---

| | | |
|:---|:---|:---|
| Fund | Gross Distribution Fee | Net Distribution Fee |
| &nbsp;&nbsp; Emerging Markets Debt Hard Currency - Class A | 0.25% | 0.25% |
| &nbsp;&nbsp; Emerging Markets Debt Hard Currency - Class C | 1.00 | 1.00 |
| &nbsp;&nbsp; Emerging Markets Debt Hard Currency - Class Z | N/A | N/A |

---

------

---

| | | |
|:---|:---|:---|
| Fund | Gross Distribution Fee | Net Distribution Fee |
| &nbsp;&nbsp; Emerging Markets Debt Hard Currency - Class R6 | N/A% | N/A% |
| &nbsp;&nbsp; Emerging Markets Debt Local Currency - Class A | 0.25 | 0.25 |
| &nbsp;&nbsp; Emerging Markets Debt Local Currency - Class C | 1.00 | 1.00 |
| &nbsp;&nbsp; Emerging Markets Debt Local Currency - Class Z | N/A | N/A |
| &nbsp;&nbsp; Emerging Markets Debt Local Currency - Class R6 | N/A | N/A |

---

For the year ended October 31, 2025, PIMS received front-end sales charges ("FESL") resulting from sales of certain class shares and contingent deferred sales charges ("CDSC") imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:

---

| | | |
|:---|:---|:---|
| Fund | FESL | CDSC |
| &nbsp;&nbsp; Emerging Markets Debt Hard Currency - Class A | $257 | $— |
| &nbsp;&nbsp; Emerging Markets Debt Hard Currency - Class C |  |  |
| &nbsp;&nbsp; Emerging Markets Debt Local Currency - Class A | 59 |  |
| &nbsp;&nbsp; Emerging Markets Debt Local Currency - Class C |  |  |

---

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

**4.** **Other Transactions with Affiliates** 

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

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

The Funds may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the year ended October 31, 2025, no Rule 17a-7 transactions were entered into by the Funds.

**5.** **Portfolio Securities** 

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the year ended October 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Cost of<br>Purchases | Proceeds<br>from Sales |
| &nbsp;&nbsp; Emerging Markets Debt Hard Currency | $70312349 | $114282804 |
| &nbsp;&nbsp; Emerging Markets Debt Local Currency | 18429832 | 31895894 |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended October 31, 2025, is presented as follows:

------

Notes to Financial Statements (continued)

#### Emerging Markets Debt Hard Currency:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning<br>of**<br> **Year** | Cost of<br>Purchases | Proceeds<br>from Sales | **Change in<br>Unrealized<br>Gain**<br> (Loss) | Realized<br>Gain<br>(Loss) | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | Income | **Capital**<br> **Gain<br>Distributions** |
| &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |  |
| &nbsp;&nbsp; $2192388 | $65785347 | $63428454 | $— | $— | $4549281 | 4549281 | $119171 | $— |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> |  |
| &nbsp;&nbsp; 3028567 | &nbsp;&nbsp;&nbsp;&nbsp;49211833 | &nbsp;&nbsp;&nbsp;&nbsp;45662299 | 608 | (897) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6577812 | 6581760 | 16503<sup>(1)</sup> |  |
| &nbsp;&nbsp; $5220955 | $114997180 | $109090753 | $608 | $(897) | $11127093 |  | $135674 | $— |
| **Emerging Markets Debt Local Currency:** | **Emerging Markets Debt Local Currency:** | **Emerging Markets Debt Local Currency:** | **Emerging Markets Debt Local Currency:** | **Emerging Markets Debt Local Currency:** | **Emerging Markets Debt Local Currency:** | **Emerging Markets Debt Local Currency:** | **Emerging Markets Debt Local Currency:** | **Emerging Markets Debt Local Currency:** |
| **Value,<br>Beginning<br>of**<br> **Year** | Cost of<br>Purchases | Proceeds<br>from Sales | **Change in<br>Unrealized<br>Gain**<br> (Loss) | Realized<br>Gain<br>(Loss) | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | Income | **Capital**<br> **Gain<br>Distributions** |
| &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |  |
| &nbsp;&nbsp; $1469009 | $22318979 | $21575090 | $— | $— | $2212898 | 2212898 | $51763 | $— |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453770 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 7<sup>(1)</sup> |  |
| &nbsp;&nbsp; $1469009 | $22772749 | $22028860 | $— | $— | $2212898 |  | $51770 | $— |

---

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

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

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

**6.** **Distributions and Tax Information** 

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

For the year ended October 31, 2025, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Ordinary<br>Income | **Long-Term**<br> **Capital Gains** | **Tax Return**<br> **of Capital** | Total Dividends<br>and Distributions |
| &nbsp;&nbsp; Emerging Markets Debt Hard Currency | $18962574 | $— | $— | $18962574 |
| &nbsp;&nbsp; Emerging Markets Debt Local Currency | &nbsp;&nbsp;&nbsp;&nbsp;2142648 |  | 406026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2548674 |

---

For the year ended October 31, 2024, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | **Ordinary**<br> **Income** | **Long-Term**<br> **Capital Gains** | **Tax Return**<br> **of Capital** | **Total Dividends**<br> **and Distributions** |
| &nbsp;&nbsp; Emerging Markets Debt Hard Currency | $16746370 | $— | $— | $16746370 |
| &nbsp;&nbsp; Emerging Markets Debt Local Currency | &nbsp;&nbsp;&nbsp;&nbsp;2751481 |  | 1270359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4021840 |

---

For the year ended October 31, 2025, the Funds indicated below had the following amounts of accumulated undistributed earnings on a tax basis:

---

| | | |
|:---|:---|:---|
| Fund | Undistributed<br>Ordinary<br>Income | Undistributed<br>Long-Term<br>Capital Gains |
| &nbsp;&nbsp; Emerging Markets Debt Hard Currency | $1373603 | $— |
| &nbsp;&nbsp; Emerging Markets Debt Local Currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |

---

------

The United States federal income tax basis of the Funds' investments and the net unrealized appreciation (depreciation) as of October 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Tax Basis | **Gross**<br> **Unrealized<br>Appreciation** | **Gross**<br> **Unrealized<br>Depreciation** | **Net** <br> **Unrealized <br>Appreciation**  |
| &nbsp;&nbsp; Emerging Markets Debt Hard Currency | $181620430 | $15887688 | $(6541361) | $9346327 |
| &nbsp;&nbsp; Emerging Markets Debt Local Currency | &nbsp;&nbsp;&nbsp;&nbsp;36053083 | &nbsp;&nbsp;&nbsp;&nbsp;3259357 | (2478088) | &nbsp;&nbsp;&nbsp;&nbsp;781269 |

---

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

For federal income tax purposes, the following Funds had an approximated capital loss carryforward as of October 31, 2025 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

---

| | | |
|:---|:---|:---|
| Fund | Capital Loss<br>Carryforward | Capital Loss<br> Carryforward Utilized |
| &nbsp;&nbsp; Emerging Markets Debt Hard Currency | $38518000 | $— |
| &nbsp;&nbsp; Emerging Markets Debt Local Currency | 12810000 |  |

---

The Manager has analyzed the Funds' tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds' financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Funds' U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2025 are subject to such review.

**7.** **Capital and Ownership** 

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

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

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

---

| | |
|:---|:---|
| Fund | Number of Shares |
| &nbsp;&nbsp; Emerging Markets Debt Hard Currency - Class A | 100000000 |
| &nbsp;&nbsp; Emerging Markets Debt Hard Currency - Class C | 100000000 |
| &nbsp;&nbsp; Emerging Markets Debt Hard Currency - Class Z | 200000000 |
| &nbsp;&nbsp; Emerging Markets Debt Hard Currency - Class R6 | 200000000 |
| &nbsp;&nbsp; Emerging Markets Debt Local Currency - Class A | 10000000 |
| &nbsp;&nbsp; Emerging Markets Debt Local Currency - Class C | 50000000 |
| &nbsp;&nbsp; Emerging Markets Debt Local Currency - Class Z | 250000000 |
| &nbsp;&nbsp; Emerging Markets Debt Local Currency - Class T | 190000000 |
| &nbsp;&nbsp; Emerging Markets Debt Local Currency - Class R6 | 50000000 |

---

The Emerging Markets Debt Local Currency Fund currently does not have any Class T shares outstanding.

As of October 31, 2025, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of each Fund as follows:

---

| | | |
|:---|:---|:---|
| Fund | Number of Shares | Percentage of<br>Outstanding Shares |
| &nbsp;&nbsp; Emerging Markets Debt Hard Currency–Class A | 1628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9% |
| &nbsp;&nbsp; Emerging Markets Debt Hard Currency–Class C | 1534 | 100.0 |

---

------

Notes to Financial Statements (continued)

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of Shares** | **Percentage of<br>Outstanding Shares** |
| &nbsp;&nbsp; Emerging Markets Debt Hard Currency–Class R6 | 4764530 | 30.3% |
| &nbsp;&nbsp; Emerging Markets Debt Local Currency–Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 | 0.1 |

---

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

---

| | | |
|:---|:---|:---|
| Fund | **Number of**<br> **Shareholders** | Percentage of<br>Outstanding Shares |
| &nbsp;&nbsp; **Affiliated:** |  |  |
| &nbsp;&nbsp; Emerging Markets Debt Hard Currency | 1 | 18.7% |
| &nbsp;&nbsp; Emerging Markets Debt Local Currency |  |  |
| &nbsp;&nbsp; **Unaffiliated:** |  |  |
| &nbsp;&nbsp; Emerging Markets Debt Hard Currency | 4 | 77.7 |
| &nbsp;&nbsp; Emerging Markets Debt Local Currency | 4 | 94.7 |

---

Transactions in shares of common stock were as follows:

---

| | | |
|:---|:---|:---|
| Share Class | Shares | Amount |
| &nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 16194 | $108139 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1467 | 10210 |
| &nbsp;&nbsp; Shares purchased | (25776) | (178841) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (8115) | (60492) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 17116 | 120350 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 9001 | $59858 |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 36446 | $248039 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1013 | 7058 |
| &nbsp;&nbsp; Shares purchased | (50558) | (348830) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (13099) | (93733) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 13393 | 94916 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 294 | $1183 |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 116 | $805 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 116 | $805 |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 85 | $591 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 85 | $591 |
| &nbsp;&nbsp; **Class Z** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 16546576 | $116596955 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1121159 | 7788107 |
| &nbsp;&nbsp; Shares purchased | (12362977) | (87680498) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 5304758 | 36704564 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 2031176 | 14417564 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (21804) | (153960) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 7314130 | $50968168 |

---

------

#### Emerging Markets Debt Hard Currency (cont'd.):

---

| | | |
|:---|:---|:---|
| Share Class | Shares | Amount |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 2605312 | $18182870 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 85912 | 598971 |
| &nbsp;&nbsp; Shares purchased | (1726583) | (12087795) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 964641 | 6694046 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (80329) | (559635) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 884312 | $6134411 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1313559 | $9092743 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1477265 | 10301491 |
| &nbsp;&nbsp; Shares purchased | (12987003) | (91974448) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (10196179) | (72580214) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 4722 | 33610 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (2034033) | (14417564) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (12225490) | $(86964168) |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 5009121 | $34758997 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2272830 | 15835692 |
| &nbsp;&nbsp; Shares purchased | (9939323) | (69633991) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (2657372) | (19039302) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 67008 | 464719 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (2590364) | $(18574583) |
| Emerging Markets Debt Local Currency: | Emerging Markets Debt Local Currency: | Emerging Markets Debt Local Currency: |
| Share Class | Shares | Amount |
| &nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 19225 | $90275 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 24337 | 113616 |
| &nbsp;&nbsp; Shares purchased | (123797) | (576256) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (80235) | (372365) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 317 | 1492 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (3974) | (18557) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (83892) | $(389430) |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 99756 | $466738 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 33651 | 157944 |
| &nbsp;&nbsp; Shares purchased | (163195) | (756886) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (29788) | (132204) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 1268 | 6009 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (8830) | (41287) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (37350) | $(167482) |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 395 | $1864 |
| &nbsp;&nbsp; Shares purchased | (47) | (221) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 348 | 1643 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (315) | (1492) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 33 | $151 |

---

------

Notes to Financial Statements (continued)

#### Emerging Markets Debt Local Currency (cont'd.):

---

| | | |
|:---|:---|:---|
| Share Class | Shares | Amount |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 614 | $2909 |
| &nbsp;&nbsp; Shares purchased | (4743) | (22000) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (4129) | (19091) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (1260) | (6009) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (5389) | $(25100) |
| &nbsp;&nbsp; **Class Z** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1266905 | $5933641 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 427149 | 2004742 |
| &nbsp;&nbsp; Shares purchased | (5336991) | (24464160) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (3642937) | (16525777) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 54253 | 247437 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (3588684) | $(16278340) |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 3618465 | $17251276 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 575747 | 2737302 |
| &nbsp;&nbsp; Shares purchased | (5720095) | (27294286) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (1525883) | (7305708) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 8754 | 41287 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (51) | (246) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (1517180) | $(7264667) |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 100 | $460 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 62448 | 294671 |
| &nbsp;&nbsp; Shares purchased | (101043) | (461560) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (38495) | (166429) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (50422) | (228880) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (88917) | $(395309) |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 41792 | $199027 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 77039 | 364363 |
| &nbsp;&nbsp; Shares purchased | (73642) | (346385) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 45189 | 217005 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 51 | 246 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 45240 | $217251 |

---

**8.** **Borrowings** 

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

---

| | | |
|:---|:---|:---|
|  | Current SCA | Prior SCA |
|  **Term of Commitment** | 9/26/2025 - 9/24/2026 | 9/27/2024 - 9/25/2025 |
|  **Total Commitment** | $1200000000 | $1200000000 |
|  **Annualized Commitment Fee on**<br> **the Unused Portion of the SCA** | 0.15% | 0.15% |

---

------

---

| | | |
|:---|:---|:---|
|  | Current SCA | Prior SCA |
|  **Annualized Interest Rate on**<br> **Borrowings** | 1.00% plus the higher of (1)<br>the effective federal funds<br>rate, (2) the daily SOFR<br>rate plus 0.10% or (3) zero<br>percent | 1.00% plus the higher of (1)<br>the effective federal funds<br>rate, (2) the daily SOFR<br>rate plus 0.10% or (3) zero<br>percent |

---

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

The Funds indicated below utilized the SCA during the year ended October 31, 2025. The average balance outstanding is for the number of days the Funds utilized the SCA.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fund | Average<br>Balance<br>Outstanding | Weighted<br>Average<br>Interest Rates | **Number<br>of Days<br>Outstanding** | **Maximum<br>Balance<br>Outstanding** | Balance<br>Outstanding at <br>October 31, 2025 |
| &nbsp;&nbsp; Emerging Markets Debt Hard Currency | $6858714 | 5.46% | 7 | $12550000 | $— |
| &nbsp;&nbsp; Emerging Markets Debt Local Currency | &nbsp;&nbsp;&nbsp;&nbsp;384143 | 5.47 | 7 | &nbsp;&nbsp;&nbsp;&nbsp;1210000 |  |

---

**9.** **Risks of Investing in the Funds** 

Each Fund's principal risks include, but are not limited to, some or all of the risks discussed below. For further information on the risks applicable to any given Fund, please refer to the Prospectus and Statement of Additional Information of that Fund.

---

| | | |
|:---|:---|:---|
| Risks | Emerging Markets<br>Debt Hard<br>Currency | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets <br>Debt Local**<br> **Currency** |
| &nbsp;&nbsp; Credit | X | X |
| &nbsp;&nbsp; Currency | X | X |
| &nbsp;&nbsp; Debt Obligations | X | X |
| &nbsp;&nbsp; Derivatives | X | X |
| &nbsp;&nbsp; Economic and Market Events | X | X |
| &nbsp;&nbsp; Emerging Markets | X | X |
| &nbsp;&nbsp; Foreign Securities | X | X |
| &nbsp;&nbsp; Geographic Concentration | X | X |
| &nbsp;&nbsp; Increase in Expenses | X | X |
| &nbsp;&nbsp; Interest Rate | X | X |
| &nbsp;&nbsp; Junk Bonds | X | X |
| &nbsp;&nbsp; Large Shareholder and Large Scale Redemption | X | X |
| &nbsp;&nbsp; Liquidity | X | X |
| &nbsp;&nbsp; Management | X | X |
| &nbsp;&nbsp; Market Disruption and Geopolitical | X | X |
| &nbsp;&nbsp; Market | X | X |
| &nbsp;&nbsp; Non-Diversified Investment Company |  | X |
| &nbsp;&nbsp; Sovereign Debt | X | X |

---

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

*Currency Risk:* The Fund's assets may be invested in securities that are denominated in non-US currencies or directly in currencies. Such investments are subject to the risk that the value of a particular currency will change in relation to the US dollar or other currencies. The weakening of a country's currency relative to the US dollar will negatively affect the dollar value of the Fund's assets. Among the factors that may affect currency values are trade balances, levels of short term interest rates, differences in relative values of similar assets in different currencies, long term opportunities for investment and capital appreciation, central bank policy, and political

------

Notes to Financial Statements (continued)

developments. The Fund may attempt to hedge such risks by selling or buying currencies in the forward market; selling or buying currency futures contracts, options or other securities thereon; borrowing funds denominated in particular currencies; or any combination thereof, depending on the availability of liquidity in the hedging instruments and their relative costs. There can be no assurance that such strategies will be implemented or, if implemented, will be effective. The Fund would incur additional costs from hedging.

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

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

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

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

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

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

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

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

------

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

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

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

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

*Interest Rate Risk:* The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as "duration risk." When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." In addition, if the Fund purchases a fixed income security at a premium (at a price that exceeds its stated par or principal value), the Fund may lose the amount of the premium paid in the event of prepayment. When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund's holdings may fall sharply. This is referred to as "extension risk." The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

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

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

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

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

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

------

Notes to Financial Statements (continued)

Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests.

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

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

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

*Sovereign Debt Risk:* The Fund may invest in sovereign debt issued by governments, their agencies or instrumentalities, or other government-related entities. Holders of sovereign debt may be requested to participate in the rescheduling of such debt and to extend further loans to governmental entities. In addition, there is no bankruptcy proceeding by which defaulted sovereign debt may be collected.

**10.** **Recent Accounting Pronouncement and Regulatory Developments** 

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – "Improvements to Income Taxes Disclosures", which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management has evaluated the impact and does not expect the ASU to have a material impact on the financial statements.

**11.** **Subsequent Event** 

Each Fund's management evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of October 31, 2025.

------

Report of Independent Registered Public Accounting Firm

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

*Opinions on the Financial Statements* 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of PGIM Emerging Markets Debt Hard Currency Fund and PGIM Emerging Markets Debt Local Currency Fund (two of the funds constituting Prudential World Fund, Inc., hereafter collectively referred to as the "Funds") as of October 31, 2025, the related statements of operations for the year ended October 31, 2025, the statements of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2025 and each of the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

*Basis for Opinions* 

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

December 19, 2025

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

------

#### Other Information
**Form N-CSR Item 8** - Changes in and Disagreements with Accountants for Open-End Management Investment Companies - None.

**Form N-CSR Item 9** - Proxy Disclosures for Open-End Management Investment Companies - None.

**Form N-CSR Item 10** - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies - Included within the Statement of Operations of the financial statements filed under Item 7 of this Form.

**Form N-CSR Item 11** - Statement Regarding Basis for Approval of Investment Advisory Contract.

------

Approval of Advisory Agreements

#### PGIM Emerging Markets Debt Hard Currency Fund

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

#### Annual Approval of the Fund's Advisory Agreements
As required under the 1940 Act, the Board determines annually whether to renew the Fund's management agreement with PGIM Investments LLC ("PGIM Investments") and the Fund's subadvisory agreement with PGIM, Inc. ("PGIM") on behalf of its PGIM Fixed Income unit ("PGIM Fixed Income") and PGIM Limited ("PGIML"). In considering the renewal of the agreements, the Board, including all of the Independent Directors, met on June 2 and 11-12, 2025 (the "Board Meeting") and approved the renewal of the agreements through July 31, 2026, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

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

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

The Directors determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund's investment manager pursuant to a management agreement, and between each of PGIM Investments and PGIM, which, through its PGIM Fixed Income unit, and PGIML, which serve as the Fund's subadvisers pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Directors considered relevant in the exercise of their business judgment. The Board considered the approval of the agreements for the Fund as part of its consideration of agreements for multiple funds, but its approvals were made on a fund-by-fund basis.

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

#### Nature, Quality and Extent of Services
The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments, PGIM Fixed Income, and PGIML. The Board noted that PGIM Fixed Income and PGIML are affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadvisers for the Fund, as well as the provision of accounting oversight, fund recordkeeping, compliance and other services to the Fund, such as PGIM Investments' role as administrator for the Fund's liquidity risk management program and as valuation designee.

<sup>1</sup> PGIM Emerging Markets Debt Hard Currency Fund is a series of Prudential World Fund, Inc.

PGIM Emerging Markets Debt Hard Currency Fund

------

Approval of Advisory Agreements (continued)

With respect to PGIM Investments' oversight of the subadvisers, the Board noted that PGIM Investments' Strategic Investment Research Group ("SIRG"), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments senior management on the performance and operations of the subadvisers. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Directors of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM Fixed Income and PGIML, including investment research and security selection, as well as adherence to the Fund's investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments' evaluation of the subadvisers, as well as PGIM Investments' recommendation, based on its review of the subadvisers, to renew the subadvisory agreement.

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

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

#### Costs of Services and Profits Realized by PGIM Investments
The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund's investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations of direct and indirect costs, and the adviser's capital structure and cost of capital. However, the Board considered that the cost of services provided by PGIM Investments during the year ended December 31, 2024 exceeded the management fees received by PGIM Investments, resulting in an operating loss to PGIM Investments. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

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

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

#### Other Benefits to PGIM Investments, PGIM Fixed Income, and PGIML
The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM Fixed Income, PGIML and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund's transfer agent (which is affiliated with PGIM Investments), as well as benefits to its

Visit our website at pgim.com/investments

------

reputation or other intangible benefits resulting from PGIM Investments' association with the Fund. The Board concluded that the potential benefits to be derived by PGIM Fixed Income and PGIML included the ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to their reputations. The Board concluded that the benefits derived by PGIM Investments, PGIM Fixed Income, and PGIML were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

#### Performance of the Fund / Fees and Expenses
The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one- and three-year periods ended December 31, 2024. The Board considered that the Fund commenced operations on December 12, 2017 and that longer-term performance was not yet available.

The Board also considered the Fund's actual management fee, as well as the Fund's net total expense ratio, for the fiscal year ended October 31, 2024. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a peer group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; *Net Performance* | 10 Years |
| &nbsp;&nbsp;&nbsp; 2<sup>nd</sup> Quartile 4<sup>th</sup> Quartile | N/A |
| &nbsp;&nbsp;&nbsp; *Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp; *Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp; *Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp; *Net Total Expenses:* 1<sup>st</sup> Quartile |

---

• The Board noted that the Fund outperformed its benchmark index over the one-year period and underperformed over the other periods.

• The Board also considered that the Fund ranked in the second quartile of its peer group in the first quarter of 2025.

• The Board and PGIM Investments agreed to retain the existing contractual expense cap that (exclusive of certain fees and expenses) caps total annual operating expenses at 1.05% for Class A shares, 1.80% for Class C shares, 0.75% for Class Z shares, and 0.65% for Class R6 shares through February 28, 2026.

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

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

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

\* \* \*

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

PGIM Emerging Markets Debt Hard Currency Fund

------

Approval of Advisory Agreements

#### PGIM Emerging Markets Debt Local Currency Fund

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

#### Annual Approval of the Fund's Advisory Agreements
As required under the 1940 Act, the Board determines annually whether to renew the Fund's management agreement with PGIM Investments LLC ("PGIM Investments"), the Fund's subadvisory agreement with PGIM, Inc. ("PGIM") on behalf of its PGIM Fixed Income unit ("PGIM Fixed Income"), and the Fund's sub-subadvisory agreement with PGIM Limited ("PGIML"). In considering the renewal of the agreements, the Board, including all of the Independent Directors, met on June 2 and 11-12, 2025 (the "Board Meeting") and approved the renewal of the agreements through July 31, 2026, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

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

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

The Directors determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund's investment manager pursuant to a management agreement, between PGIM Investments and PGIM, which, through its PGIM Fixed Income unit, serves as the Fund's subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, and between PGIM and PGIML, which serves as the Fund's sub-subadviser pursuant to the terms of a sub-subadvisory agreement with PGIM, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Directors considered relevant in the exercise of their business judgment. The Board considered the approval of the agreements for the Fund as part of its consideration of agreements for multiple funds, but its approvals were made on a fund-by-fund basis.

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

#### Nature, Quality and Extent of Services
The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments, PGIM Fixed Income, and PGIML. The Board noted that PGIM Fixed Income and PGIML are affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser and sub-subadviser for the Fund, as well as the provision of accounting oversight, fund recordkeeping, compliance and

<sup>1</sup> PGIM Emerging Markets Debt Local Currency Fund is a series of Prudential World Fund, Inc.

Visit our website at pgim.com/investments

------

other services to the Fund, such as PGIM Investments' role as administrator for the Fund's liquidity risk management program and as valuation designee. With respect to PGIM Investments' oversight of the subadviser and sub-subadviser, the Board noted that PGIM Investments' Strategic Investment Research Group ("SIRG"), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments' senior management on the performance and operations of the subadviser and sub-subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Directors of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM Fixed Income and PGIML, including investment research and security selection, as well as adherence to the Fund's investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments' evaluation of the subadviser and sub-subadviser, as well as PGIM Investments' recommendation, based on its review of the subadviser and sub-subadviser, to renew the subadvisory and sub-subadvisory agreements.

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

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

#### Costs of Services and Profits Realized by PGIM Investments
The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund's investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations of direct and indirect costs, and the adviser's capital structure and cost of capital. However, the Board considered that the cost of services provided by PGIM Investments for the year ended December 31, 2024 exceeded the management fees received by PGIM Investments, resulting in an operating loss to PGIM Investments. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

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

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

PGIM Emerging Markets Debt Local Currency Fund

------

Approval of Advisory Agreements (continued)

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

#### Performance of the Fund / Fees and Expenses
The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-, three- and five-year periods ended December 31, 2024.

The Board also considered the Fund's actual management fee, as well as the Fund's net total expense ratio, for the fiscal year ended October 31, 2024. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

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

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

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; *Net Performance* |
| &nbsp;&nbsp;&nbsp; 2<sup>nd</sup> Quartile |
| &nbsp;&nbsp;&nbsp; *Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp; *Net Total Expenses:* 1<sup>st</sup> Quartile |

---

• The Board noted that the Fund outperformed its benchmark index over the three-, five- and ten-year periods and underperformed over the one-year period.

• The Board noted that the Fund outperformed its benchmark index over the last quarter of 2024 and outperformed its peer universe median, with second quartile performance, over the one-year period.

• The Board considered that PGIM Investments is encouraged by the Fund's strong returns over the long term as demonstrated by its five- and ten-year performance versus its benchmark and peers.

• The Board and PGIM Investments agreed to retain the existing contractual expense cap that (exclusive of other fees and expenses) caps the Fund's annual operating expenses at 1.13% for Class A shares, 1.88% for Class C shares, 0.65% for Class R6 shares and 0.72% for Class Z shares through February 28, 2026.

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

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

Visit our website at pgim.com/investments

------

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

\* \* \*

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

PGIM Emerging Markets Debt Local Currency Fund

------

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

---

| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.  |

---

Item 16 – Controls and Procedures

(a) It is the conclusion of the registrant's principal executive officer and principal financial officer that the effectiveness of the registrant's current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission's rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant's principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There has been no significant change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable.

Item 18 – Recovery of Erroneously Awarded Compensation – Not applicable.

Item 19 – Exhibits

(a)(1) [Code of Ethics – Attached hereto as Exhibit EX-99.CODE-ETH.](d65714dex99codeeth.htm)

(a)(2) Policy required by the listing standards adopted pursuant to Rule 10D-1 under the Securities Exchange Act of 1934 – Not applicable.

(a)(3) [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.CERT.](d65714dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 – Not applicable.

(a)(5) Change in the registrant's independent public accountant – Not applicable.

(b) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.906CERT.](d65714dex99906cert.htm)

------

#### 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: | <u>Prudential World Fund, Inc.</u> |
| By: | <u>/s/ Andrew R. French</u> |
|  | Andrew R. French |
|  | Secretary |
| Date: | December 19, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
| Date: | December 19, 2025 |
| By: | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer (Principal Financial Officer) |
| Date: | December 19, 2025 |

---

## Ex-99.Code

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND** 

**PRINCIPAL FINANCIAL OFFICERS** 

**I. Covered Officers/Purpose of the Code** 

This code of ethics (the "Code") is established for the funds listed on Attachment A hereto (each a Fund" and together the "Funds") pursuant to Section 406 of the Sarbanes-Oxley Act and the rules adopted thereunder by the Securities and Exchange Commission ("SEC"). The Code applies to each Fund's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer or Controller, or senior officers performing similar functions (the "Covered Officers" each of whom are set forth in Exhibit B) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with,
or submits to, the SEC and in other public communications made by a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II. Conflicts of Interest** 

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, a Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with a Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and a Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "1940 Act") and the Investment Advisers Act of 1940, as amended (the "Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as "affiliated persons" of the Fund. A Fund's and its investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationships between a Fund and the Fund's investment adviser, principal underwriter, administrator, or other service providers to the Fund (together "Service Providers"), of which the Covered Officers may also be principals or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Fund or for a Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on such Service Providers and a Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between a Fund and its Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Directors/Trustees ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fund.

Each Covered Officer must:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his personal influence or personal relationships improperly to influence investment decisions or
financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee of a Fund or its affiliated persons for reports
of potential violations that are made in good faith.

There are some actual or potential conflict of interest situations that should always be brought to the attention of, and discussed with, the Funds' Chief Legal Officer or other senior legal officer, if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any non-nominal gifts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment from any company with which a Fund has current or prospective business dealings
unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in (other than insubstantial interests in publicly traded entities), or any consulting or
employment relationship with, any of a Fund's Service Providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III. Disclosure and Compliance** 

Each Covered Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should familiarize himself with the disclosure requirements generally applicable to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether within
or outside the Fund, including to the Fund's Board of Directors/Trustees and its auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should, to the extent appropriate within his area of responsibility, consult with other officers and employees of
a Fund and its Service Providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is responsible to promote compliance with the standards and restrictions imposed by applicable laws, rules and
regulations.

**IV. Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to
the Board of Directors/Trustees that he has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm to the Board of Directors/Trustees that he has complied with the requirements of the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Funds' Chief Legal Officer promptly if he knows of any violation of this Code. Failure to do so
is itself a violation of this Code.

The Funds' Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. In such situations, the Chief Legal Officer is authorized to consult, as appropriate, with counsel to the Funds, counsel to the Independent Directors/Trustees, a Board Committee comprised of Independent Directors/Trustees, or the full Board.

------

The Funds will follow the following procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Funds Chief Legal Officer will take all appropriate action to investigate any potential violations reported
to her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the Chief Legal Officer believes that no violation has occurred, the Chief Legal
Officer is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the Chief Legal Officer believes is a violation or that the Chief Legal Officer believes should
be reviewed by a Fund's Board or Board Committee comprised of Independent Directors/Trustees will be reported to the Fund's Board or Board Committee comprised of Independent Directors/Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• based upon its review of any matter referred to it, a Fund's Board or Board Committee comprised of
Independent Directors/Trustees shall determine whether or not a violation has occurred, whether a grant of waiver is appropriate or whether some other action should be taken. Based upon its determination, the Fund's Board or Board Committee
comprised of Independent Directors/Trustees may take such action as it deems appropriate, which may include without limitation: modifications of applicable policies and procedures; notification to appropriate personnel of the Fund's investment
adviser, principal underwriter or administrator, or their boards; notification to other Funds for which the Covered Officer serves as a Covered Officer; or recommendation to dismiss the Covered Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of a Fund or its Service Providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment adviser's and principal underwriter's code of ethics under Rule 17j-1 under the 1940 Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI. Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of Independent Directors/Trustees.

**VII. Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fund Board of Directors/Trustees, counsel to the Fund, and counsel to the Fund Independent Directors/Trustees.

**VIII. Internal Use** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of a Fund, as to any fact, circumstance, or legal conclusion.

**IX. Recordkeeping** 

A Fund shall keep the information disclosed about waivers and amendments under the Code for the period of time as specified in the rules adopted pursuant to Section 406 of the Sarbanes-Oxley Act, and furnish such information to the SEC or its staff upon request.

Adopted and approved as of September 3, 2003.

------

**EXHIBIT A** 

**<u>Funds Covered by this Code of Ethics</u>**

• The Prudential Investment Portfolios, Inc.

• Prudential Investment Portfolios 2

• Prudential Investment Portfolios 3

• Prudential Investment Portfolios 4

• Prudential Investment Portfolios 5

• Prudential Investment Portfolios 6

• Prudential Investment Portfolios 7

• Prudential Investment Portfolios 8

• Prudential Investment Portfolios 9

• Prudential Investment Portfolios, Inc. 10

• Prudential Investment Portfolios 12

• Prudential Government Money Market Fund, Inc.

• Prudential Investment Portfolios, Inc. 14

• Prudential Investment Portfolios, Inc. 15

• Prudential Investment Portfolios 16

• Prudential Investment Portfolios, Inc. 17

• Prudential Investment Portfolios 18

• Prudential Global Total Return Fund, Inc.

• Prudential Jennison Blend Fund, Inc.

• Prudential Jennison Mid-Cap Growth Fund, Inc.

• Prudential Jennison Natural Resources Fund, Inc.

• Prudential Jennison Small Company Fund, Inc.

• Prudential National Muni Fund, Inc.

• Prudential Sector Funds, Inc.

• Prudential Short-Term Corporate Bond Fund, Inc.

• Prudential World Fund, Inc.

• The Target Portfolio Trust

• PGIM ETF Trust

• PGIM High Yield Bond Fund, Inc.

• PGIM Global High Yield Fund, Inc.

• PGIM Short Duration High Yield Opportunities Fund

• Advanced Series Trust

• Prudential's Gibraltar Fund, Inc.

• The Prudential Series Fund

------

**EXHIBIT B** 

**Persons Covered by this Code of Ethics** 

**Stuart S. Parker** – President and Principal Executive Officer of the PGIM Funds, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM Short Duration High Yield Opportunities Fund.

**Kenneth Allen** – President and Principal Executive Officer of Advanced Series Trust, Prudential's Gibraltar Fund, Inc. and The Prudential Series Fund.

**Christian J. Kelly** – Chief Financial Officer and Principal Financial Officer for the PGIM Funds, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, Advanced Series Trust, Prudential's Gibraltar Fund, Inc., and The Prudential Series Fund.

**Russ Shupak**- Treasurer and Principal Accounting Officer for the PGIM Funds, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM Short Duration High Yield Opportunities Fund.

**Elyse McLaughlin**- Treasurer and Principal Accounting Officer for the Advanced Series Trust, Prudential's Gibraltar Fund, Inc., and The Prudential Series Fund.

## Ex-99.Cert

Item 19

**Prudential World Fund, Inc.** 

Annual period ending 10/31/25

File No. 811-03981

**<u>CERTIFICATIONS</u>**

I, Stuart S. Parker, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the above named Fund(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

December 19, 2025

---

| |
|:---|
| <u>/s/ Stuart S. Parker</u> |
| Stuart S. Parker |
| President and Principal Executive Officer |

---

------

Item 19

**Prudential World Fund, Inc.** 

Annual period ending 10/31/25

File No. 811-03981

**<u>CERTIFICATIONS</u>**

I, Christian J. Kelly, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the above named Fund(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

December 19, 2025

---

| |
|:---|
| <u>/s/ Christian J. Kelly</u> |
| Christian J. Kelly |
| Chief Financial Officer |
| (Principal Financial Officer) |

---

## Exhibit 99.906

Certification Pursuant to 18 U.S.C. Section 1350

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Name of Issuer: <u>Prudential World Fund, Inc.</u>

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his or her knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Issuer.

---

| | |
|:---|:---|
| December 19, 2025 |  |
|  | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
| December 19, 2025 |  |
|  | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer |
|  | (Principal Financial Officer) |

---

*This certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.*