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:	811-04661
Exact name of registrant as specified in charter:	Prudential Global Total Return Fund, Inc.
Address of principal executive offices:	655 Broad Street, 17th Floor
	Newark, New Jersey 07102
Name and address of agent for service:	Andrew R. French
	655 Broad Street, 17th Floor
	Newark, New Jersey 07102
Registrant’s telephone number, including area code:	800-225-1852
Date of fiscal year end:	10/31/2019
Date of reporting period:	4/30/2019

Item 1 – Reports to Stockholders

PGIM GLOBAL TOTAL RETURN FUND

SEMIANNUAL REPORT

APRIL 30, 2019

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

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

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

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

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

Objective: Total return, made up of current income and capital appreciation

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

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

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

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. ^© 2019 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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Table of Contents

Letter from the President	5
Your Fund’s Performance	6
Fees and Expenses	10
Holdings and Financial Statements	13

PGIM Global Total Return Fund 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

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

Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

Your financial advisor can help you create a diversified investment plan that may include funds covering all the basic asset classes and that reflects your personal investor profile and risk tolerance. However, diversification and asset allocation strategies do not assure a profit or protect against loss in declining markets.

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Global Total Return Fund

June 14, 2019

PGIM Global Total Return Fund 5

Your Fund’s Performance (unaudited)

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

	Total Returns as of 4/30/19 (without sales charges)	Average Annual Total Returns as of 4/30/19 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	6.58	–2.83	1.50	5.78	—
Class B	6.19	–3.92	1.51	5.48	—
Class C	6.20	0.01	1.68	5.57	—
Class Z	6.67	1.99	2.71	6.54	—
Class R2	6.55	1.67	N/A	N/A	1.51 (12/27/17)
Class R4	6.52	1.93	N/A	N/A	1.77 (12/27/17)
Class R6	6.67	2.03	2.71	N/A	3.55 (2/3/12)
Bloomberg Barclays Global Aggregate Bond Index
	4.28	0.94	0.75	2.93	—
Lipper Global Income Funds Average**
	4.44	1.82	1.40	4.11	—
Lipper Custom Global Income Funds Average**
	4.27	0.49	0.84	3.87	—

Source: PGIM Investments LLC and Lipper Inc.

*Not annualized

**The Lipper Custom Global Income Funds Average consists only of unhedged funds within Lipper’s Global Income Funds Universe and not the entire Global Income Funds Universe, although Lipper classifies the Fund in the Global Income Funds Performance Universe. The Lipper Custom Global Income Funds Average is utilized because the Fund’s manager believes that the funds included in this universe provide a more appropriate basis for Fund performance comparisons.

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

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

	Class A	Class B*	Class C	Class Z	Class R2	Class R4	Class R6
Maximum initial sales charge	4.50% of the public offering price	None	None	None	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)	1.00% on sales of $1 million or more made within 12 months of purchase	5.00% (Yr. 1) 4.00% (Yr. 2) 3.00% (Yr. 3) 2.00% (Yr. 4) 1.00% (Yr. 5/6) 0.00% (Yr. 7)	1.00% on sales made within 12 months of purchase	None	None	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.25%	1.00%	1.00%	None	0.25%	None	None
Shareholder service fees	None	None	None	None	0.10%	0.10%	None

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

PGIM Global Total Return Fund 7

Your Fund’s Performance (continued)

Benchmark Definitions

Bloomberg Barclays Global Aggregate Bond Index—The Bloomberg Barclays Global Aggregate Bond Index is an unmanaged index of global investment-grade fixed income markets. The three major components of this index are the US Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The Index also includes euro dollar and euro-yen corporate bonds, and Canadian government, agency, and corporate securities. The average annual total returns for the Index measured from the month-end closest to the inception date of the Fund’s Class R2 and Class R4 shares are 0.51% and 1.00% for Class R6 shares.

Lipper Global Income Funds Average—The Lipper Global Income Funds Average (Lipper Average) is based on the average return of all funds in the Lipper Global Income Funds universe for the periods noted. Funds in the Lipper Average invest primarily in US dollar and non-US dollar debt securities of issuers located in at least three countries, one of which may be the United States. The average annual total return for the Lipper Average measured from the month-end closest to the inception date of the Fund’s Class R2 and Class R4 shares are 1.14% and 1.83% for Class R6 shares.

Lipper Custom Global Income Funds Average—The Lipper Custom Global Income Funds Average (Lipper Custom Average) consists only of unhedged funds within Lipper’s Global Income Funds universe and not the entire Global Income Funds universe, although Lipper classifies the Fund in the Global Income Funds Performance universe. The average annual total return for the Lipper Custom Average measured from the month-end closest to the inception date of the Fund’s Class R2 and Class R4 shares are 0.35% and 1.38% for Class R6 shares.

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

Distributions and Yields as of 4/30/19
	Total Distributions Paid for Six Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.12	2.43	2.29
Class B	0.09	1.80	0.55
Class C	0.09	1.80	1.72
Class Z	0.12	2.80	2.75
Class R2	0.11	2.33	–60.07
Class R4	0.12	2.60	0.34
Class R6	0.13	2.87	2.87

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

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

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Credit Quality expressed as a percentage of total investments as of 4/30/19 (%)
AAA	22.4
AA	9.0
A	21.1
BBB	25.6
BB	9.2
B	4.3
CCC	0.5
Not Rated	7.2
Cash/Cash Equivalents	0.6
Total	100.0

Source: PGIM Fixed Income

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

PGIM Global Total Return Fund 9

Fees and Expenses (unaudited)

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

The example is based on an investment of $1,000 held through the six-month period ended April 30, 2019. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

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

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

PGIM Global Total Return Fund		Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,065.80		0.88	%	$	4.51
	Hypothetical	$	1,000.00	$	1,020.43		0.88	%	$	4.41
Class B	Actual	$	1,000.00	$	1,061.90		1.63	%	$	8.33
	Hypothetical	$	1,000.00	$	1,016.71		1.63	%	$	8.15
Class C	Actual	$	1,000.00	$	1,062.00		1.63	%	$	8.33
	Hypothetical	$	1,000.00	$	1,016.71		1.63	%	$	8.15
Class Z	Actual	$	1,000.00	$	1,066.70		0.63	%	$	3.23
	Hypothetical	$	1,000.00	$	1,021.67		0.63	%	$	3.16
Class R2	Actual	$	1,000.00	$	1,065.50		1.08	%	$	5.53
	Hypothetical	$	1,000.00	$	1,019.44		1.08	%	$	5.41
Class R4	Actual	$	1,000.00	$	1,065.20		0.83	%	$	4.25
	Hypothetical	$	1,000.00	$	1,020.68		0.83	%	$	4.16
Class R6	Actual	$	1,000.00	$	1,066.70		0.56	%	$	2.87
	Hypothetical	$	1,000.00	$	1,022.02		0.56	%	$	2.81

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

PGIM Global Total Return Fund 11

Schedule of Investments (unaudited)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    96.2%
ASSET-BACKED SECURITIES    17.1%
Cayman Islands    10.1%
ArrowMark Colorado Holdings, Series 2017-06A, Class A1, 144A, 3 Month LIBOR + 1.280%		3.877	%(c)		07/15/29		500	$	499,365
Atlas Senior Loan Fund Ltd., Series 2017-08A, Class A, 144A, 3 Month LIBOR + 1.300%		3.901	(c)		01/16/30		500		498,319
Bain Capital Credit CLO, Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 0.960%		3.552	(c)		04/23/31		3,500		3,439,768
Battalion CLO Ltd., Series 2015-08A, Class A1R, 144A, 3 Month LIBOR + 1.340%		3.941	(c)		07/18/30		2,000		1,999,161
Benefit Street Partners CLO Ltd.,
Series 2013-IIA, Class A1R, 144A, 3 Month LIBOR + 1.250%		3.847	(c)		07/15/29		1,250		1,250,566
Series 2017-12A, Class A1, 144A, 3 Month LIBOR + 1.250%		3.847	(c)		10/15/30		750		749,538
Brookside Mill CLO Ltd., Series 2013-01A, Class BR, 144A, 3 Month LIBOR + 1.350%		3.938	(c)		01/17/28		4,000		3,902,894
Canyon Capital CLO Ltd., Series 2015-01A, Class AS, 144A, 3 Month LIBOR + 1.250%		3.847	(c)		04/15/29		3,750		3,737,051
Carlyle Global Market Strategies CLO Ltd.,
Series 2014-01A, Class A1R2, 144A, 3 Month LIBOR + 0.970%		3.558	(c)		04/17/31		9,000		8,870,552
Series 2015-05A, Class A1R, 144A, 3 Month LIBOR + 1.320%		3.912	(c)		01/20/32		8,500		8,498,519
Carlyle US CLO Ltd., Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.020%		3.611	(c)		04/20/31		12,500		12,332,626
Catamaran CLO Ltd., Series 2014-01A, Class A1AR, 144A, 3 Month LIBOR + 1.260%		3.852	(c)		04/22/30		2,500		2,488,854
Cent CLO Ltd., Series C17A, Class A1AR, 144A, 3 Month LIBOR + 1.030%		3.613	(c)		04/30/31		15,000		14,797,231
Greywolf CLO Ltd., Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.030%		3.616	(c)		04/26/31		7,000		6,885,302

See Notes to Financial Statements.

PGIM Global Total Return Fund 13

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Cayman Islands (cont’d.)
ICG US CLO Ltd., Series 2017-02A, Class A1, 144A, 3 Month LIBOR + 1.280%		3.872	%(c)		10/23/29		3,500	$	3,491,307
KVK CLO Ltd., Series 2018-01A, Class B, 144A, 3 Month LIBOR + 1.650%		4.294	(c)		05/20/29		5,000		4,959,828
Mariner CLO Ltd., Series 2018-05A, Class A, 144A, 3 Month LIBOR + 1.110%		3.690	(c)		04/25/31		6,250		6,165,264
MidOcean Credit CLO,
Series 2018-08A, Class B, 144A, 3 Month LIBOR + 1.650%		4.294	(c)		02/20/31		2,000		1,963,353
Series 2018-09A, Class A1, 144A, 3 Month LIBOR + 1.150%		3.741	(c)		07/20/31		2,000		1,977,991
Mountain View CLO Ltd., Series 2015-09A, Class A2R, 144A, 3 Month LIBOR + 1.780%		4.377	(c)		07/15/31		5,750		5,679,937
OCP CLO Ltd., Series 2017-13A, Class A1A, 144A, 3 Month LIBOR + 1.260%		3.857	(c)		07/15/30		750		747,278
OZLM Ltd.,
Series 2014-06A, Class A1S, 144A, 3 Month LIBOR + 1.080%		3.668	(c)		04/17/31		5,500		5,430,899
Series 2014-06A, Class A2AS, 144A, 3 Month LIBOR + 1.750%		4.338	(c)		04/17/31		2,000		1,975,262
Series 2015-11A, Class A1R, 144A, 3 Month LIBOR + 1.250%		3.833	(c)		10/30/30		1,000		997,112
Series 2018-20A, Class A1, 144A, 3 Month LIBOR + 1.050%		3.642	(c)		04/20/31		5,000		4,932,622
Series 2018-20A, Class A2, 144A, 3 Month LIBOR + 1.650%		4.242	(c)		04/20/31		3,000		2,968,673
Palmer Square CLO Ltd.,
Series 2015-01A, Class A1R, 144A, 3 Month LIBOR + 1.300%		3.941	(c)		05/21/29		3,750		3,763,396
Series 2015-02A, Class A1AR, 144A, 3 Month LIBOR + 1.270%		3.861	(c)		07/20/30		1,750		1,749,381
Regatta VIII Funding Ltd., Series 2017-01A, Class A, 144A, 3 Month LIBOR + 1.250%		3.838	(c)		10/17/30		2,000		1,989,999
Shackleton CLO Ltd.,
Series 2014-05RA, Class A, 144A, 3 Month LIBOR + 1.100%		3.838	(c)		05/07/31		5,000		4,952,886

See Notes to Financial Statements.

14

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Cayman Islands (cont’d.)
Shackleton CLO Ltd., (cont’d.)
Series 2014-05RA, Class B, 144A, 3 Month LIBOR + 1.700%		4.439	%(c)		05/07/31		6,500	$	6,412,097
Silver Creek CLO Ltd., Series 2014-01A, Class AR, 144A, 3 Month LIBOR + 1.240%		3.832	(c)		07/20/30		500		499,004
Sound Point CLO Ltd.,
Series 2016-02A, Class BR, 144A, 3 Month LIBOR + 1.800%		4.391	(c)		10/20/28		3,000		2,997,308
Series 2017-03A, Class A1B, 144A, 3 Month LIBOR + 1.220%		3.812	(c)		10/20/30		500		498,037
TCW CLO Ltd., Series 2018-01A, Class A1A, 144A, 3 Month LIBOR + 1.050%		3.630	(c)		04/25/31		15,000		14,827,972
Telos CLO Ltd., Series 2013-03A, Class AR, 144A, 3 Month LIBOR + 1.300%		3.888	(c)		07/17/26		1,000		1,002,751
TIAA CLO Ltd., Series 2016-01A, Class AR, 144A, 3 Month LIBOR + 1.200%		3.792	(c)		07/20/31		2,000		1,981,024
TICP CLO Ltd., Series 2015-01A, Class BR, 144A, 3 Month LIBOR + 1.300%		3.892	(c)		07/20/27		5,188		5,066,898
Trinitas CLO Ltd.,
Series 2015-03A, Class BR, 144A, 3 Month LIBOR + 1.400%		3.997	(c)		07/15/27		5,000		4,937,816
Series 2017-06A, Class A, 144A, 3 Month LIBOR + 1.320%		3.900	(c)		07/25/29		2,500		2,501,678
Tryon Park CLO Ltd., Series 2013-01A, Class A2R, 144A, 3 Month LIBOR + 1.500%		4.097	(c)		04/15/29		3,700		3,654,917
Voya CLO Ltd., Series 2013-02A, Class A1R, 144A, 3 Month LIBOR + 0.970%		3.550	(c)		04/25/31		4,500		4,423,775
Wellfleet CLO Ltd.,
Series 2017-02A, Class A1, 144A, 3 Month LIBOR + 1.250%		3.841	(c)		10/20/29		1,500		1,496,253
Series 2017-03A, Class A1, 144A, 3 Month LIBOR + 1.150%		3.738	(c)		01/17/31		2,500		2,478,205
York CLO Ltd., Series 2015-01A, Class AR, 144A, 3 Month LIBOR + 1.150%		3.741	(c)		01/22/31		5,000		4,969,643

See Notes to Financial Statements.

PGIM Global Total Return Fund 15

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Cayman Islands (cont’d.)
Zais CLO Ltd.,
Series 2015-03A, Class A2R, 144A, 3 Month LIBOR + 2.190%		4.787	%(c)		07/15/31		8,500	$	8,331,050
Series 2017-01A, Class A1, 144A, 3 Month LIBOR + 1.370%		3.967	(c)		07/15/29		4,250		4,261,305
Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.290%		3.887	(c)		04/15/30		750		751,522
Series 2018-01A, Class A, 144A, 3 Month LIBOR + 0.950%		3.547	(c)		04/15/29		7,250		7,170,053
									201,956,242
Ireland    0.8%
Arbour CLO DAC, Series 3A, Class B1R, 144A		1.920			03/15/29	EUR	4,000		4,479,934
Armada Euro CLO DAC, Series 02A, Class A3, 144A		1.500			11/15/31	EUR	1,500		1,680,312
Hayfin Emerald CLO DAC,
Series 02A, Class B1, 144A, 3 Month EURIBOR + 1.850%		1.850	(c)		05/27/32	EUR	2,750		3,079,413
Series 02A, Class B2, 144A		2.650			05/27/32	EUR	4,000		4,486,400
OAK Hill European Credit Partners DAC, Series 2017-06A, Class A2, 144A		1.150			01/20/32	EUR	3,000		3,368,091
									17,094,150
Netherlands    0.1%
St. Paul’s CLO DAC, Series 7A, Class B2R, 144A		2.400			04/30/30	EUR	1,000		1,119,250
Spain    0.4%
TFS, Series 2018-03, Class A1, 1 Month EURIBOR + 2.900%		2.900	(c)		03/16/23	EUR	7,907		8,850,801
United States    5.7%
ABFC Trust, Series 2004-OPT5, Class A1, 1 Month LIBOR + 0.700%		3.177	(c)		06/25/34		797		789,130
ACE Securities Corp. Home Equity Loan Trust, Series 2005-HE2, Class M4, 1 Month LIBOR + 0.960%		3.437	(c)		04/25/35		436		437,048

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
United States (cont’d.)
Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates,
Series 2002-2, Class M3, 1 Month LIBOR + 2.655%		5.132	%(c)		08/25/32		529	$	527,103
Series 2002-3, Class M3, 1 Month LIBOR + 2.850%		5.327	(c)		08/25/32		290		288,816
Series 2004-R08, Class M1, 1 Month LIBOR + 0.960%		3.437	(c)		09/25/34		56		55,845
Argent Securities, Inc., Asset-Backed Pass-Through Certificates,
Series 2004-W06, Class M1, 1 Month LIBOR + 0.825%		3.302	(c)		05/25/34		53		52,694
Series 2005-W02, Class A2C, 1 Month LIBOR + 0.360%		3.197	(c)		10/25/35		460		461,134
Battalion CLO Ltd., Series 2018-12A, Class A1, 144A, 3 Month LIBOR + 1.070%		3.753	(c)		05/17/31		15,000		14,727,943
Bear Stearns Asset-Backed Securities Trust, Series 2004-HE02, Class M1, 1 Month LIBOR + 0.900%		3.377	(c)		03/25/34		161		161,039
Chase Funding Loan Acquisition Trust, Series 2004-AQ1, Class A2, 1 Month LIBOR + 0.800%		3.277	(c)		05/25/34		204		204,908
Chase Funding Trust,
Series 2003-4, Class 2A2, 1 Month LIBOR + 0.600%		3.077	(c)		05/25/33		880		863,725
CHEC Loan Trust,
Series 2004-1, Class A3, 144A, 1 Month LIBOR + 1.000%		3.477	(c)		07/25/34		738		731,252
CIT Mortgage Loan Trust, Series 2007-01, Class 1A, 144A, 1 Month LIBOR + 1.350%		3.836	(c)		10/25/37		1,221		1,232,561
Countrywide Asset-Backed Certificates, Series 2002-5, Class MV1, 1 Month LIBOR + 1.500%		3.977	(c)		03/25/33		120		120,281
Credit Suisse Mortgage Trust,
Series 2016-RPL01, Class A1, 144A, 1 Month LIBOR + 3.150%		5.652	(c)		12/26/46		1,370		1,380,726
Series 2018-11R, Class 1A1, 144A, 1 Month LIBOR + 1.400%		3.886	(c)		08/25/37		3,007		3,001,694
Series 2018-RPL08, Class A1, 144A		4.125	(cc)		07/25/58		3,308		3,322,003
EquiFirst Mortgage Loan Trust, Series 2004-1, Class 1A1, 1 Month LIBOR + 0.480%		2.957	(c)		01/25/34		721		701,035
Finance America Mortgage Loan Trust, Series 2004-02, Class M1, 1 Month LIBOR + 0.825%		3.302	(c)		08/25/34		555		554,367

See Notes to Financial Statements.

PGIM Global Total Return Fund 17

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
United States (cont’d.)
Ford Credit Floorplan Master Owner Trust, Series 2018-04, Class A		4.060	%		11/15/30		5,000	$	5,181,723
Fremont Home Loan Trust,
Series 2004-01, Class M1, 1 Month LIBOR + 0.675%		3.152	(c)		02/25/34		336		333,069
Series 2004-B, Class M1, 1 Month LIBOR + 0.870%		3.347	(c)		05/25/34		627		624,240
Home Equity Asset Trust, Series 2005-9, Class 2A4, 1 Month LIBOR + 0.340%		2.817	(c)		04/25/36		60		59,663
Laurel Road Prime Student Loan Trust,
Series 2018-A, Class A, 144A		3.157			02/25/43		3,430		4,363,077
Series 2018-C, Class A, 144A		3.100	(cc)		08/25/43		5,545		5,688,780
Legacy Mortgage Asset Trust,
Series 2019-GS01, Class A1, 144A		4.000			01/25/59		1,937		1,952,139
Series 2019-GS02, Class A1, 144A		3.750			01/25/59		2,200		2,203,985
Series 2019-GS03, Class A1, 144A		3.750			04/25/59		1,100		1,100,717
Series 2019-SL01, Class A, 144A		4.000	(cc)		12/28/54		1,558		1,556,016
Lendmark Funding Trust,
Series 2017-01A, Class B, 144A		3.770			12/22/25		700		701,066
Series 2017-02A, Class B, 144A		3.380			05/20/26		2,000		1,990,919
Series 2017-02A, Class C, 144A		4.330			05/20/26		700		700,224
Long Beach Mortgage Loan Trust,
Series 2003-04, Class AV1, 1 Month LIBOR + 0.620%		3.097	(c)		08/25/33		850		854,111
Series 2004-03, Class M1, 1 Month LIBOR + 0.855%		3.332	(c)		07/25/34		153		151,611
LSFVT, Series 2018-01, 1 Month LIBOR + 2.000%^		3.982	(c)		04/01/21		11,778		11,742,645
MASTR Asset-Backed Securities Trust, Series 2004-WMC2, Class M1, 1 Month LIBOR + 0.900%		3.377	(c)		04/25/34		1,755		1,737,335
Merrill Lynch Mortgage Investors Trust, Series 2004-HE02, Class M1, 1 Month LIBOR + 1.200%		3.677	(c)		08/25/35		65		65,421
Morgan Stanley ABS Capital I, Inc. Trust, Series 2003-NC08, Class M1, 1 Month LIBOR + 1.050%		3.527	(c)		09/25/33		151		150,100
Morgan Stanley Dean Witter Capital I, Inc. Trust, Series 2002-AM3, Class A3, 1 Month LIBOR + 0.980%		3.457	(c)		02/25/33		215		215,028
New Century Home Equity Loan Trust,
Series 2003-04, Class M1, 1 Month LIBOR + 1.125%		3.602	(c)		10/25/33		190		189,981
Series 2005-C, Class A2C, 1 Month LIBOR + 0.250%		2.727	(c)		12/25/35		21		20,624
OneMain Direct Auto Receivables Trust,
Series 2017-01A, Class C, 144A		3.910			08/16/21		1,900		1,913,822
Series 2017-02A, Class D, 144A		3.420			10/15/24		700		701,128

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
United States (cont’d.)
OneMain Direct Auto Receivables Trust, (cont’d.)
Series 2017-02A, Class E, 144A		4.740	%		11/14/25		1,000	$	1,016,993
Series 2019-01A, Class A, 144A		3.630			09/14/27		5,900		5,964,750
Series 2019-01A, Class B, 144A		3.950			11/14/28		1,300		1,315,950
OneMain Financial Issuance Trust,
Series 2015-02A, Class C, 144A		4.320			07/18/25		1,291		1,293,169
Series 2016-01A, Class A, 144A		3.660			02/20/29		715		718,114
Series 2016-02A, Class A, 144A		4.100			03/20/28		53		52,935
Series 2017-01A, Class C, 144A		3.350			09/14/32		400		395,667
Oportun Funding LLC,
Series 2017-A, Class A, 144A		3.230			06/08/23		1,000		995,317
Series 2017-B, Class A, 144A		3.220			10/10/23		2,600		2,586,682
Series 2018-A, Class A, 144A		3.610			03/08/24		1,330		1,333,029
Series 2018-C, Class A, 144A		4.100			10/08/24		2,100		2,127,668
Series 2018-D, Class A, 144A		4.150			12/09/24		1,500		1,523,688
Option One Mortgage Acceptance Corp., Asset-Backed Certificates, Series 2003-06, Class A2, 1 Month LIBOR + 0.660%		3.137	(c)		11/25/33		770		764,038
PNMAC FMSR Issuer Trust, Series 2018-FT01, Class A, 144A, 1 Month LIBOR + 2.350%		4.827	(c)		04/25/23		4,290		4,310,504
PNMAC GMSR Issuer Trust,
Series 2018-GT01, Class A, 144A, 1 Month LIBOR + 2.850%		5.327	(c)		02/25/23		1,020		1,021,932
Series 2018-GT02, Class A, 144A, 1 Month LIBOR + 2.650%		5.127	(c)		08/25/25		2,300		2,307,161
Popular ABS Mortgage Pass-Through Trust, Series 2004-04, Class M1		5.181	(cc)		09/25/34		110		112,334
Santander Drive Auto Receivables Trust, Series 2017-03, Class C		2.760			12/15/22		400		400,587
SLM Student Loan Trust,
Series 2004-02X, Class A6, 3 Month EURIBOR + 0.550% (Cap N/A, Floor 0.000%)		0.239	(c)		07/25/39	EUR	3,520		3,814,269
Series 2007-02, Class B, 3 Month LIBOR + 0.170%		2.750	(c)		07/25/25		6,600		6,053,550
SpringCastle America Funding LLC, Series 2016-AA, Class A, 144A		3.050			04/25/29		917		916,526
Springleaf Funding Trust,
Series 2015-AA, Class A, 144A		3.160			11/15/24		87		86,814
Series 2017-AA, Class C, 144A		3.860			07/15/30		800		805,199
Structured Asset Investment Loan Trust,
Series 2003-BC03, Class M1, 1 Month LIBOR + 1.425%		3.902	(c)		04/25/33		143		143,008

See Notes to Financial Statements.

PGIM Global Total Return Fund 19

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
United States (cont’d.)
Structured Asset Investment Loan Trust, (cont’d.)
Series 2004-08, Class A8, 1 Month LIBOR + 1.000%		3.477	%(c)		09/25/34		376	$	377,505
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2005-NC2, Class M3, 1 Month LIBOR + 0.430%		2.907	(c)		05/25/35		81		80,544
									114,328,661
TOTAL ASSET-BACKED SECURITIES (cost $345,481,556)									343,349,104
BANK LOANS    0.2%
United Kingdom    0.0%
Richmond UK Bidco Ltd., Facility B, 1 Month GBP LIBOR + 4.250%		4.982	(c)		03/03/24	GBP	134		165,437
United States    0.2%
Aleris International, Inc., Initial Term Loan, 1 Month LIBOR + 4.750%		7.376	(c)		02/27/23		2,985		2,988,694
Ceva Sante Animale SA, Term Loan		—	(p)		03/27/26		1,575		1,774,248
									4,762,942
TOTAL BANK LOANS (cost $4,885,804)									4,928,379
COMMERCIAL MORTGAGE-BACKED SECURITIES    6.8%
United Kingdom    0.0%
Salus European Loan Conduit DAC, Series 33A, Class A, 144A, 3 Month GBP LIBOR + 1.500% (Cap 5.000%, Floor N/A)		2.456	(c)		01/23/29	GBP	500		655,880
United States    6.8%
20 Times Square Trust,
Series 2018-20TS, Class G, 144A		3.203	(cc)		05/15/35		1,000		944,541
Series 2018-20TS, Class H, 144A		3.203	(cc)		05/15/35		1,000		925,155
BANK,
Series 2017-BNK05, Class A3		3.020			06/15/60		3,600		3,603,345
Series 2017-BNK06, Class A3		3.125			07/15/60		4,400		4,412,173
Series 2017-BNK07, Class A4		3.175			09/15/60		5,000		5,003,648

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
United States (cont’d.)
BANK, (cont’d.)
Series 2017-BNK09, Class A3		3.279	%		11/15/54		3,000	$	3,020,879
Benchmark Mortgage Trust,
Series 2018-B02, Class A3		3.544			02/15/51		5,000		5,120,201
Series 2018-B03, Class A3		3.746			04/10/51		7,200		7,452,554
Citigroup Commercial Mortgage Trust,
Series 2014-GC21, Class XB, IO		0.608	(cc)		05/10/47		27,500		606,353
Series 2016-GC37, Class XB, IO		0.853	(cc)		04/10/49		33,868		1,502,283
Series 2016-P4, Class XB, IO		1.505	(cc)		07/10/49		9,100		779,277
Series 2017-P8, Class A2		3.109			09/15/50		2,000		2,015,013
Series 2018-B02, Class A3		3.744			03/10/51		7,500		7,802,629
COMM Mortgage Trust,
Series 2012-CR01, Class XA, IO		2.041	(cc)		05/15/45		3,495		164,733
Series 2014-CR19, Class A3		3.530			08/10/47		1,000		1,009,140
Series 2014-UBS4, Class XB, IO, 144A		0.285	(cc)		08/10/47		50,000		564,325
Series 2015-CR24, Class A4		3.432			08/10/48		4,100		4,190,191
CSAIL Commercial Mortgage Trust, Series 2018-CX11, Class A3		4.095			04/15/51		2,250		2,358,797
DBJPM Mortgage Trust,
Series 2016-C3, Class A3		2.362			08/10/49		1,500		1,458,705
Series 2017-C06, Class A3		3.269			06/10/50		4,400		4,465,399
DBWF Mortgage Trust, Series 2016-85T, Class E, 144A		3.935	(cc)		12/10/36		3,000		2,837,102
Eleven Madison Mortgage Trust, Series 2015-11MD, Class C, 144A		3.673	(cc)		09/10/35		500		498,850
FHLMC Multifamily Structured Pass-Through Certificates,
Series K006, Class AX1, IO		1.098	(cc)		01/25/20		17,922		76,218
Series K007, Class X1, IO		1.203	(cc)		04/25/20		24,451		166,197
Series K008, Class X1, IO		1.662	(cc)		06/25/20		11,251		145,189
Series K019, Class X1, IO		1.759	(cc)		03/25/22		9,264		367,205
Series K020, Class X1, IO		1.538	(cc)		05/25/22		10,692		383,186
Series K025, Class X1, IO		0.957	(cc)		10/25/22		18,640		463,865
Series K037, Class X1, IO		1.143	(cc)		01/25/24		10,653		411,512
Series K043, Class X1, IO		0.668	(cc)		12/25/24		12,267		326,142
Series K049, Class X1, IO		0.732	(cc)		07/25/25		41,201		1,324,011
Series K052, Class X1, IO		0.800	(cc)		11/25/25		12,370		446,369
Series K053, Class X1, IO		1.026	(cc)		12/25/25		45,791		2,290,277
Series K054, Class X1, IO		1.314	(cc)		01/25/26		31,089		2,068,120
Series K058, Class X1, IO		1.057	(cc)		08/25/26		41,590		2,369,949
Series K090, Class X1, IO		0.706	(cc)		02/25/29		23,000		1,383,770
Series K717, Class X1, IO		0.600	(cc)		09/25/21		11,015		105,502

See Notes to Financial Statements.

PGIM Global Total Return Fund 21

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
United States (cont’d.)
FHLMC Multifamily Structured Pass-Through Certificates, (cont’d.)
Series Q001, Class XA, IO		2.254	%(cc)		02/25/32		6,567	$	917,019
GS Mortgage Securities Trust,
Series 2014-GC20, Class XB, IO		0.602	(cc)		04/10/47		30,000		616,785
Series 2014-GC22, Class XB, IO		0.454	(cc)		06/10/47		35,000		603,901
Series 2014-GC24, Class XB, IO		0.021	(cc)		09/10/47		83,262		77,592
Series 2014-GC26, Class XB, IO		0.456	(cc)		11/10/47		56,483		1,025,505
Series 2018-GS09, Class A3		3.727			03/10/51		7,000		7,262,028
JPMBB Commercial Mortgage Securities Trust, Series 2016-C01, Class A3		3.515			03/15/49		1,500		1,522,503
JPMCC Commercial Mortgage Securities Trust,
Series 2017-JP05, Class A3		3.342			03/15/50		1,600		1,613,628
Series 2017-JP06, Class A3		3.108			07/15/50		4,600		4,598,156
Series 2017-JP07, Class A3		3.378			09/15/50		5,100		5,185,441
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2015-C24, Class XA, IO		0.924	(cc)		05/15/48		26,338		1,005,080
Series 2016-C31, Class A3		2.731			11/15/49		2,211		2,185,097
Morgan Stanley Capital I Trust,
Series 2016-UBS09, Class A2		2.982			03/15/49		1,200		1,206,318
Series 2017-H01, Class A3		3.153			06/15/50		4,500		4,532,215
UBS Commercial Mortgage Trust,
Series 2017-C04, Class A3		3.301			10/15/50		6,500		6,521,059
Series 2017-C06, Class A3		3.581			12/15/50		5,000		5,130,202
Series 2017-C07, Class A3		3.418			12/15/50		4,400		4,446,835
UBS-Barclays Commercial Mortgage Trust, Series 2012-C02, Class XA, IO, 144A		1.477	(cc)		05/10/63		4,437		156,886
Wells Fargo Commercial Mortgage Trust,
Series 2016-C35, Class XB, IO		1.095	(cc)		07/15/48		24,000		1,468,620
Series 2016-LC24, Class XB, IO		1.161	(cc)		10/15/49		20,910		1,369,239
Series 2017-C40, Class A3		3.317			10/15/50		2,600		2,621,017
Series 2018-C43, Class A3		3.746			03/15/51		8,350		8,668,408
									135,796,339
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $135,441,527)									136,452,219
CONVERTIBLE BONDS    0.3%
United Arab Emirates
Aabar Investments PJSC,
Sr. Unsec’d. Notes, EMTN		0.500			03/27/20	EUR	2,200		2,369,483

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CONVERTIBLE BONDS (Continued)
United Arab Emirates (cont’d.)
Aabar Investments PJSC, (cont’d.)
Sr. Unsec’d. Notes, MTN		1.000	%		03/27/22	EUR	3,700	$	3,741,945
TOTAL CONVERTIBLE BONDS (cost $6,243,284)									6,111,428
CORPORATE BONDS    25.7%
Australia    0.1%
Westpac Banking Corp., Sr. Unsec’d. Notes, EMTN		4.350			01/19/21	CNH	8,770		1,323,357
Brazil    0.1%
Petrobras Global Finance BV,
Gtd. Notes		5.375			10/01/29	GBP	500		665,561
Gtd. Notes		6.625			01/16/34	GBP	850		1,206,099
									1,871,660
Canada    0.9%
Barrick Gold Corp., Sr. Unsec’d. Notes		5.250			04/01/42		35		37,918
Barrick North America Finance LLC, Gtd. Notes		5.700			05/30/41		45		51,147
Barrick PD Australia Finance Pty Ltd., Gtd. Notes		5.950			10/15/39		50		57,813
Bombardier, Inc.,
Sr. Unsec’d. Notes, 144A		7.500			12/01/24		4,050		4,117,635
Sr. Unsec’d. Notes, 144A		7.875			04/15/27		510		513,187
Canadian Natural Resources Ltd., Sr. Unsec’d. Notes		3.850			06/01/27		1,650		1,667,275
Cenovus Energy, Inc., Sr. Unsec’d. Notes(a)		4.250			04/15/27		3,500		3,521,824
Hydro-Quebec,
Gov’t. Gtd. Notes		8.400			01/15/22		72		82,454
Gov’t. Gtd. Notes		8.625			06/15/29		600		867,171
Gov’t. Gtd. Notes		9.400			02/01/21		730		812,855
Gov’t. Gtd. Notes, MTN		8.400			03/28/25		654		845,236
Kinross Gold Corp., Gtd. Notes		5.950			03/15/24		1,000		1,076,260
Methanex Corp., Sr. Unsec’d. Notes		4.250			12/01/24		1,500		1,508,867

See Notes to Financial Statements.

PGIM Global Total Return Fund 23

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Canada (cont’d.)
Nutrien Ltd.,
Sr. Unsec’d. Notes		3.375	%		03/15/25			1,450	$	1,443,809
Sr. Unsec’d. Notes		4.200			04/01/29			490		508,318
Sr. Unsec’d. Notes		6.125			01/15/41			25		29,378
Rogers Communications, Inc., Gtd. Notes		3.250			05/01/29		CAD	700		524,752
										17,665,899
China    0.6%
Aircraft Finance Co. Ltd., Sr. Sec’d. Notes, Series C		3.955			03/29/23			4,098		4,093,656
China Development Bank,
Sr. Unsec’d. Notes, EMTN		0.500			06/01/21		EUR	1,000		1,129,014
Sr. Unsec’d. Notes, EMTN		4.350			08/06/24		CNH	2,000		303,902
Sr. Unsec’d. Notes, EMTN		4.350			09/19/24		CNH	1,650		250,842
CNAC HK Finbridge Co. Ltd., Gtd. Notes		1.750			06/14/22		EUR	4,500		5,130,277
Sinopec Century Bright Capital Investment Ltd., Gtd. Notes		4.500			10/31/21		CNH	10,000		1,515,412
Sinopec Group Overseas Development 2015 Ltd., Gtd. Notes, 144A		2.500			04/28/20			500		497,989
										12,921,092
Dominican Republic    0.0%
Mestenio Ltd. for Dominican Republic, Pass-Through Certificates		8.500			01/02/20			562		573,750
France    1.2%
BNP Paribas SA,
Sr. Unsec’d. Notes, 144A		3.375			01/09/25			4,800		4,747,236
Sr. Unsec’d. Notes, EMTN^		6.420			09/11/23		MXN	250		11,763
Credit Agricole Assurances SA, Sub. Notes		4.250	(ff)		—	(rr)	EUR	2,000		2,419,219
Dexia Credit Local SA,
Gov’t. Liquid Gtd. Notes, EMTN		0.875			09/07/21		GBP	200		258,625
Gov’t. Liquid Gtd. Notes, EMTN		2.000			01/22/21		EUR	1,000		1,165,686
Gov’t. Liquid Gtd. Notes, EMTN		2.125			02/12/25		GBP	1,000		1,339,394
Horizon Parent Holdings Sarl, Sr. Sec’d. Notes, 144A, Cash coupon 8.250% or PIK 9.000%		8.250			02/15/22		EUR	300		344,566

See Notes to Financial Statements.

24

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
France (cont’d.)
Loxam SAS,
Sr. Sec’d. Notes, 144A		2.875	%		04/15/26		EUR	1,100	$	1,230,676
Sr. Sub. Notes, 144A		4.500			04/15/27		EUR	1,100		1,239,189
SNCF Mobilites, Sr. Unsec’d. Notes, EMTN		5.375			03/18/27		GBP	1,622		2,664,584
SNCF Reseau EPIC,
Sr. Unsec’d. Notes		4.700			06/01/35		CAD	1,500		1,356,203
Sr. Unsec’d. Notes, EMTN		5.250			12/07/28		GBP	1,000		1,688,234
Societe Generale SA, Sr. Unsec’d. Notes, 144A, MTN		3.875			03/28/24			5,055		5,108,526
										23,573,901
Germany    0.8%
BMW Finance NV, Gtd. Notes, EMTN		4.250			10/18/20		CNH	5,000		752,254
Daimler International Finance BV,
Gtd. Notes		4.800			04/09/21		CNH	5,000		762,272
Gtd. Notes, EMTN		4.500			09/21/21		CNH	16,000		2,430,688
Deutsche Bahn Finance GmbH, Gtd. Notes, MTN		3.800			09/27/27		AUD	900		680,531
Deutsche Bank AG,
Sr. Unsec’d. Notes		3.950			02/27/23			3,040		2,983,462
Sr. Unsec’d. Notes		4.250			02/04/21			2,760		2,768,203
Sr. Unsec’d. Notes, EMTN		4.300			05/19/20		CNH	10,000		1,484,773
Unsec’d. Notes		4.550	(s)		11/07/22			1,814		1,569,763
Kreditanstalt fuer Wiederaufbau, Gov’t. Gtd. Notes		4.700			06/02/37		CAD	179		168,559
Volkswagen International Finance NV,
Gtd. Notes		2.700	(ff)		—	(rr)	EUR	1,000		1,119,992
Gtd. Notes		3.750	(ff)		—	(rr)	EUR	1,000		1,167,808
										15,888,305
Hungary    0.0%
MFB Magyar Fejlesztesi Bank Zrt, Gov’t. Gtd. Notes		6.250			10/21/20			400		417,952

See Notes to Financial Statements.

PGIM Global Total Return Fund 25

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Indonesia    0.1%
Pertamina Persero PT, Sr. Unsec’d. Notes, 144A, MTN		4.300	%		05/20/23		500	$	512,985
Perusahaan Listrik Negara PT, Sr. Unsec’d. Notes, 144A		2.875			10/25/25	EUR	900		1,071,878
									1,584,863
Israel    0.4%
Israel Electric Corp. Ltd.,
Sr. Sec’d. Notes, 144A, GMTN		4.250			08/14/28		3,100		3,129,512
Sr. Sec’d. Notes, EMTN		3.700			05/23/30	JPY	100,000		1,028,341
Sr. Sec’d. Notes, MTN		7.750			12/15/27		2,500		3,106,525
									7,264,378
Italy    0.7%
Agenzia Nazionale per l’Attrazione degli Investimenti e lo Sviluppo d’Impresa, Sr. Unsec’d. Notes		1.375			07/20/22	EUR	1,000		1,097,935
Assicurazioni Generali SpA, Sub. Notes, EMTN		5.500	(ff)		10/27/47	EUR	2,075		2,618,398
Intesa Sanpaolo SpA,
Sr. Unsec’d. Notes, 144A(a)		3.125			07/14/22		2,500		2,448,943
Sr. Unsec’d. Notes, 144A		3.375			01/12/23		310		304,673
Moby SpA, Sr. Sec’d. Notes, 144A		7.750			02/15/23	EUR	250		112,160
Nexi Capital SpA, Sr. Sec’d. Notes, 144A		4.125			11/01/23	EUR	1,155		1,345,906
Rossini Sarl, Sr. Sec’d. Notes, 144A		6.750			10/30/25	EUR	1,980		2,395,076
Telecom Italia SpA, Sr. Unsec’d. Notes, EMTN		5.875			05/19/23	GBP	500		702,876
Wind Tre SpA,
Sr. Sec’d. Notes, 144A		2.625			01/20/23	EUR	640		700,237
Sr. Sec’d. Notes, 144A		3.125			01/20/25	EUR	1,320		1,413,723
Sr. Sec’d. Notes, 144A		5.000			01/20/26		1,000		914,000
									14,053,927
Japan    0.3%
Development Bank of Japan, Inc., Sr. Unsec’d. Notes, GMTN		0.375			10/21/19	EUR	700		786,979

See Notes to Financial Statements.

26

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Japan (cont’d.)
East Japan Railway Co., Sr. Unsec’d. Notes, EMTN		5.250	%		04/22/33	GBP	1,500	$	2,680,152
Mitsubishi UFJ Financial Group, Inc., Sr. Unsec’d. Notes		3.761			07/26/23		2,100		2,157,680
									5,624,811
Kazakhstan    0.1%
Kazakhstan Temir Zholy National Co. JSC, Gtd. Notes		3.638			06/20/22	CHF	1,500		1,548,135
Luxembourg    0.5%
ARD Finance SA, Sr. Sec’d. Notes, Cash coupon 6.625% or PIK 7.375%		6.625			09/15/23	EUR	6,225		7,079,847
Swissport Financing Sarl, Sr. Sec’d. Notes		6.750			12/15/21	EUR	2,000		2,316,138
									9,395,985
Mexico    1.2%
Petroleos Mexicanos,
Gtd. Notes		3.625			11/24/25	EUR	10,520		11,570,327
Gtd. Notes, EMTN		1.875			04/21/22	EUR	1,000		1,115,992
Gtd. Notes, EMTN		2.500			08/21/21	EUR	600		686,336
Gtd. Notes, EMTN		3.750			02/21/24	EUR	3,300		3,817,056
Gtd. Notes, EMTN		3.750			04/16/26	EUR	700		769,128
Gtd. Notes, EMTN		4.875			02/21/28	EUR	2,700		3,097,911
Gtd. Notes, EMTN		5.125			03/15/23	EUR	1,600		1,961,239
Gtd. Notes, EMTN		8.250			06/02/22	GBP	528		770,224
									23,788,213
Netherlands    0.9%
ABN AMRO Bank NV, Sub. Notes, 144A		4.750			07/28/25		500		523,347
BNG Bank NV,
Sr. Unsec’d. Notes		5.150			03/07/25	CAD	1,000		862,156
Sr. Unsec’d. Notes, EMTN		0.500			03/03/21	NZD	3,000		1,939,075
Sr. Unsec’d. Notes, EMTN		0.500			03/29/21	NZD	2,200		1,419,987
Sr. Unsec’d. Notes, EMTN		0.500			05/12/21	ZAR	10,000		594,331
Sr. Unsec’d. Notes, EMTN		0.500			06/22/21	ZAR	6,000		354,472
Sr. Unsec’d. Notes, EMTN		0.500			06/07/22	ZAR	10,000		544,885
Sr. Unsec’d. Notes, EMTN		0.500			08/15/22	ZAR	30,000		1,611,311

See Notes to Financial Statements.

PGIM Global Total Return Fund 27

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Netherlands (cont’d.)
BNG Bank NV, (cont’d.)
Sr. Unsec’d. Notes, EMTN		7.000	%		12/09/21	AUD	2,000	$	1,582,931
Sr. Unsec’d. Notes, MTN		3.158	(s)		04/05/28	CAD	700		408,683
Sr. Unsec’d. Notes, MTN		5.500			05/23/22	AUD	338		264,952
ING Bank NV, Sub. Notes, 144A		5.800			09/25/23		500		545,944
ING Groep NV, Sr. Unsec’d. Notes		4.050			04/09/29		2,815		2,833,178
Ziggo BV, Sr. Sec’d. Notes		4.250			01/15/27	EUR	4,466		5,221,250
									18,706,502
Peru    0.1%
Lima Metro Line 2 Finance Ltd., Sr. Sec’d. Notes		5.875			07/05/34		200		213,000
Peru Enhanced Pass-Through Finance Ltd., Pass-Through Certificates		2.595	(s)		06/02/25		1,369		1,204,312
									1,417,312
Poland    0.1%
Bank Gospodarstwa Krajowego,
Gov’t. Gtd. Notes		1.375			06/01/25	EUR	500		587,584
Gov’t. Gtd. Notes		1.625			04/30/28	EUR	350		408,753
Gov’t. Gtd. Notes, EMTN		1.750			05/06/26	EUR	1,500		1,788,391
									2,784,728
Portugal    0.3%
CP-Comboios de Portugal EPE, Sr. Unsec’d. Notes		5.700			03/05/30	EUR	3,000		4,564,677
Infraestruturas de Portugal SA, Sr. Unsec’d. Notes		4.250			12/13/21	EUR	1,000		1,231,674
									5,796,351
Qatar    0.0%
QNB Finance Ltd., Gtd. Notes, EMTN		5.250			06/21/21	CNH	1,440		218,243

See Notes to Financial Statements.

28

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Russia    0.4%
Gazprom OAO Via Gaz Capital SA,
Sr. Unsec’d. Notes		2.250	%		07/19/22	CHF	1,000	$	1,004,760
Sr. Unsec’d. Notes		4.250			04/06/24	GBP	3,800		5,133,587
Sr. Unsec’d. Notes, EMTN		5.338			09/25/20	GBP	1,200		1,635,748
									7,774,095
Singapore    0.0%
Temasek Financial I Ltd., Gtd. Notes, GMTN		3.265			02/19/20	SGD	500		370,690
South Africa    0.1%
Eskom Holdings SOC Ltd.,
Gov’t. Gtd. Notes, 144A, MTN		6.350			08/10/28		1,350		1,402,402
Gov’t. Gtd. Notes, MTN		6.350			08/10/28		1,000		1,038,816
									2,441,218
South Korea    0.1%
Korea Development Bank (The), Sr. Unsec’d. Notes, EMTN		4.500			11/10/20	CNH	16,000		2,416,715
Korea Hydro & Nuclear Power Co. Ltd., Sr. Unsec’d. Notes, EMTN		3.350			03/13/28	HKD	2,000		259,343
									2,676,058
Spain    0.3%
Adif-Alta Velocidad,
Sr. Unsec’d. Notes, EMTN		1.875			01/28/25	EUR	2,000		2,408,811
Sr. Unsec’d. Notes, EMTN		3.500			05/27/24	EUR	400		517,932
Banco Santander SA, Sr. Unsec’d. Notes		3.800			02/23/28		2,200		2,158,036
									5,084,779
Supranational Bank    1.8%
African Development Bank,
Sr. Unsec’d. Notes, EMTN		0.500			09/29/20	AUD	445		306,061
Sr. Unsec’d. Notes, EMTN		0.500			09/21/21	NZD	3,100		1,986,304
Sr. Unsec’d. Notes, EMTN		0.500			03/13/23	MXN	20,000		749,176
Corp. Andina de Fomento,
Sr. Unsec’d. Notes		2.750			01/06/23		1,350		1,332,018
Sr. Unsec’d. Notes		4.375			06/15/22		3,300		3,422,925

See Notes to Financial Statements.

PGIM Global Total Return Fund 29

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Supranational Bank (cont’d.)
Corp. Andina de Fomento, (cont’d.)
Sr. Unsec’d. Notes, MTN		4.000	%		03/31/21	AUD	1,636	$	1,188,616
EUROFIMA, Sr. Unsec’d. Notes, EMTN		5.150			12/13/19	CAD	540		410,024
European Bank for Reconstruction & Development,
Sr. Unsec’d. Notes, GMTN		0.500			09/01/23	AUD	400		259,701
Sr. Unsec’d. Notes, GMTN		0.500			11/21/23	AUD	1,200		784,279
Sr. Unsec’d. Notes, GMTN		6.450			12/13/22	IDR	60,560,000		4,079,832
European Investment Bank,
Sr. Unsec’d. Notes, 144A, MTN		4.600			01/30/37	CAD	1,500		1,399,522
Sr. Unsec’d. Notes, EMTN		0.500			06/21/23	AUD	2,500		1,653,108
Sr. Unsec’d. Notes, EMTN		0.500			07/21/23	AUD	800		528,267
Sr. Unsec’d. Notes, EMTN		0.500			08/10/23	AUD	1,210		798,313
Sr. Unsec’d. Notes, EMTN		0.500			10/26/23	AUD	6,930		4,554,080
Sr. Unsec’d. Notes, EMTN		1.250			05/12/25	SEK	16,500		1,817,908
Sr. Unsec’d. Notes, EMTN		3.250			05/24/23	NOK	10,000		1,227,229
Sr. Unsec’d. Notes, EMTN		4.600			01/30/37	CAD	550		513,619
Sr. Unsec’d. Notes, EMTN		4.750			01/19/21	MXN	10,000		495,655
Inter-American Development Bank,
Sr. Unsec’d. Notes, EMTN		0.500			05/23/23	CAD	744		524,912
Unsec’d. Notes, EMTN		0.500			10/30/20	ZAR	2,250		141,063
Unsec’d. Notes, EMTN		0.500			11/30/20	ZAR	1,840		114,220
International Bank for Reconstruction & Development,
Sr. Unsec’d. Notes, MTN		0.500			03/07/22	AUD	1,145		772,841
Sr. Unsec’d. Notes, MTN		0.500			03/28/22	AUD	200		134,867
Sr. Unsec’d. Notes, MTN		0.500			07/29/22	AUD	350		234,253
Sr. Unsec’d. Notes, MTN		7.612	(s)		09/19/22	MXN	12,500		506,501
International Finance Corp.,
Notes, EMTN		0.500			09/13/19	AUD	2,000		1,399,433
Sr. Unsec’d. Notes		4.250			07/13/20	PEN	6,000		1,811,523
Sr. Unsec’d. Notes, GMTN		6.000			07/25/22	MXN	20,000		989,516
Nordic Investment Bank, Sr. Unsec’d. Notes, MTN		3.875			09/02/25	NZD	2,000		1,450,580
North American Development Bank, Sr. Unsec’d. Notes		2.400			10/26/22		750		739,234
									36,325,580
Switzerland    0.6%
Credit Suisse Group AG,
Sr. Unsec’d. Notes, 144A		4.207	(ff)		06/12/24		2,850		2,935,551

See Notes to Financial Statements.

30

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Switzerland (cont’d.)
Credit Suisse Group AG, (cont’d.)
Sr. Unsec’d. Notes, 144A		4.282	%		01/09/28		2,975	$	3,034,272
Credit Suisse Group Funding Guernsey Ltd., Gtd. Notes, EMTN		1.000			04/14/23	CHF	1,000		1,011,021
UBS Group Funding Switzerland AG,
Gtd. Notes, 144A		2.859	(ff)		08/15/23		990		978,279
Gtd. Notes, 144A		3.491			05/23/23		1,100		1,106,702
Gtd. Notes, 144A		4.125			09/24/25		2,500		2,591,154
									11,656,979
Tunisia    0.0%
Banque Centrale de Tunisie International Bond, Sr. Unsec’d. Notes		4.200			03/17/31	JPY	100,000		719,752
United Arab Emirates    0.5%
Abu Dhabi National Energy Co. PJSC, Sr. Unsec’d. Notes, 144A		4.375			04/23/25		1,070		1,102,100
DP World PLC, Sr. Unsec’d. Notes, 144A		4.250			09/25/30	GBP	1,840		2,552,516
Emirates Telecommunications Group Co. PJSC, Sr. Unsec’d. Notes, GMTN		2.750			06/18/26	EUR	4,000		4,987,558
First Abu Dhabi Bank PJSC, Sr. Unsec’d. Notes, EMTN		4.500			09/10/21	CNH	8,000		1,195,762
									9,837,936
United Kingdom    2.2%
B&M European Value Retail SA, Sr. Sec’d. Notes, 144A, MTN		4.125			02/01/22	GBP	400		529,432
Barclays PLC,
Sr. Unsec’d. Notes		3.650			03/16/25		800		784,875
Sr. Unsec’d. Notes, MTN		4.972	(ff)		05/16/29		5,520		5,791,202
Sub. Notes		5.200			05/12/26		3,780		3,910,950
Co-operative Group Holdings 2011 Ltd., Gtd. Notes		7.500			07/08/26	GBP	2,400		3,508,282
CPUK Finance Ltd.,
Sec’d. Notes, 144A		4.250			02/28/47	GBP	185		244,245
Sec’d. Notes, 144A		4.875			02/28/47	GBP	110		144,119
HSBC Bank PLC, Sr. Unsec’d. Notes, 144A, EMTN^		3.120			04/04/26	CNH	36,800		5,314,011

See Notes to Financial Statements.

PGIM Global Total Return Fund 31

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
United Kingdom (cont’d.)
HSBC Holdings PLC, Sub. Notes		4.250	%		08/18/25		1,255	$	1,288,817
Lloyds Banking Group PLC,
Sr. Unsec’d. Notes		2.907	(ff)		11/07/23		1,850		1,817,050
Sub. Notes		4.582			12/10/25		2,250		2,308,188
Reynolds American, Inc., Gtd. Notes		8.125			06/23/19		30		30,222
Royal Bank of Scotland Group PLC,
Sr. Unsec’d. Notes		3.875			09/12/23		1,000		1,009,139
Sr. Unsec’d. Notes		4.269	(ff)		03/22/25		5,860		5,974,246
Sr. Unsec’d. Notes, EMTN		2.000	(ff)		03/08/23	EUR	700		812,016
Sr. Unsec’d. Notes, EMTN		2.500			03/22/23	EUR	1,500		1,786,625
Santander UK Group Holdings PLC, Sr. Unsec’d. Notes		3.571			01/10/23		3,065		3,075,532
Stonegate Pub Co. Financing PLC,
Sr. Sec’d. Notes		4.875			03/15/22	GBP	458		605,372
Sr. Sec’d. Notes, 144A, 3 Month GBP LIBOR + 6.250%		7.095	(c)		03/15/22	GBP	2,500		3,276,280
Tesco Corporate Treasury Services PLC, Gtd. Notes, EMTN		2.500			07/01/24	EUR	750		908,226
Virgin Media Secured Finance PLC, Sr. Sec’d. Notes		5.500			01/15/25	GBP	1,512		2,023,897
									45,142,726
United States    11.3%
Actuant Corp., Gtd. Notes		5.625			06/15/22		400		403,000
Adient Global Holdings Ltd., Gtd. Notes, 144A		3.500			08/15/24	EUR	1,234		1,193,332
Altria Group, Inc., Gtd. Notes		3.125			06/15/31	EUR	2,900		3,409,707
American International Group, Inc., Sr. Unsec’d. Notes		1.875			06/21/27	EUR	2,100		2,417,214
Amgen, Inc., Sr. Unsec’d. Notes		2.600			08/19/26		600		569,145
Anadarko Petroleum Corp., Sr. Unsec’d. Notes		6.450			09/15/36		35		43,687
Anthem, Inc., Sr. Unsec’d. Notes(a)		4.101			03/01/28		1,005		1,027,975
Ascent Resources Utica Holdings LLC/ARU Finance Corp., Sr. Unsec’d. Notes, 144A		7.000			11/01/26		150		146,250

See Notes to Financial Statements.

32

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Ascent Resources Utica Holdings LLC/ARU Finance Corp., (cont’d.) Sr. Unsec’d. Notes, 144A		10.000	%		04/01/22		350	$	382,375
AT&T, Inc.,
Sr. Unsec’d. Notes		4.850			03/01/39		1,200		1,227,300
Sr. Unsec’d. Notes		4.850			05/25/47	CAD	150		111,972
Sr. Unsec’d. Notes		5.100			11/25/48	CAD	4,575		3,575,446
Sr. Unsec’d. Notes		5.250			03/01/37		70		74,972
Sr. Unsec’d. Notes, EMTN		7.000			04/30/40	GBP	1,550		3,006,400
Ball Corp., Gtd. Notes		4.375			12/15/23	EUR	200		256,734
Bank of America Corp.,
Sr. Unsec’d. Notes		3.419	(ff)		12/20/28		4,519		4,437,715
Sr. Unsec’d. Notes, EMTN		0.000			05/31/21	EUR	1,100		1,465,116
Sr. Unsec’d. Notes, EMTN		0.000			03/31/22	EUR	1,143		1,511,465
Sr. Unsec’d. Notes, EMTN		5.145			06/27/22	EUR	500		631,964
Bausch Health Americas, Inc., Gtd. Notes, 144A		8.500			01/31/27		550		599,156
Bausch Health Cos., Inc., Sr. Sec’d. Notes, 144A		5.750			08/15/27		215		224,030
Beazer Homes USA, Inc., Gtd. Notes		8.750			03/15/22		3,500		3,657,500
Brixmor Operating Partnership LP, Sr. Unsec’d. Notes		3.650			06/15/24		2,000		1,992,889
Broadcom, Inc.,
Gtd. Notes, 144A		3.125			04/15/21		3,285		3,283,522
Gtd. Notes, 144A		3.125			10/15/22		2,520		2,506,735
Caledonia Generating LLC, Sr. Sec’d. Notes, 144A		1.950			02/28/22		110		108,226
Calpine Corp., Sr. Unsec’d. Notes(a)		5.750			01/15/25		4,750		4,702,500
Catalent Pharma Solutions, Inc., Gtd. Notes, 144A		4.750			12/15/24	EUR	350		408,648
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A		5.500			05/01/26		1,000		1,032,000
Sr. Unsec’d. Notes, 144A(a)		5.875			05/01/27		675		701,156
Celgene Corp., Sr. Unsec’d. Notes		3.450			11/15/27		3,345		3,311,169
CF Industries, Inc.,
Gtd. Notes		3.450			06/01/23		600		587,250
Sr. Sec’d. Notes, 144A		4.500			12/01/26		6,451		6,565,023
CHS/Community Health Systems, Inc., Sec’d. Notes, 144A		8.125			06/30/24		696		515,040

See Notes to Financial Statements.

PGIM Global Total Return Fund 33

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Citigroup, Inc.,
Jr. Sub. Notes, Series P		5.950	%(ff)		—	(rr)		700	$	733,250
Sr. Unsec’d. Notes		2.750			04/25/22			600		597,044
Sub. Notes		4.400			06/10/25			3,000		3,128,828
Clear Channel Worldwide Holdings, Inc., Gtd. Notes, 144A		9.250			02/15/24			2,200		2,367,750
Comcast Corp., Gtd. Notes(a)		3.150			02/15/28			2,000		1,966,865
Continental Airlines 2010-1 Class A Pass-Through Trust, Pass-Through Certificates		4.750			07/12/22			44		44,940
CSC Holdings LLC,
Sr. Unsec’d. Notes, 144A		5.125			12/15/21			800		802,000
Sr. Unsec’d. Notes, 144A		5.125			12/15/21			700		701,750
Sr. Unsec’d. Notes, 144A		7.500			04/01/28			1,900		2,073,375
CVS Health Corp., Sr. Unsec’d. Notes(a)		4.300			03/25/28			1,630		1,648,054
Dana Financing Luxembourg Sarl, Gtd. Notes, 144A		6.500			06/01/26			2,700		2,824,875
Delta Air Lines 2007-1 Class A Pass-Through Trust, Pass-Through Certificates		6.821			02/10/24			128		139,980
Delta Air Lines 2010-2 Class A Pass-Through Trust, Pass-Through Certificates		4.950			11/23/20			3		2,831
Discovery Communications LLC, Gtd. Notes		3.450			03/15/25			2,500		2,478,514
DISH DBS Corp., Gtd. Notes(a)		7.750			07/01/26			3,000		2,685,000
Dow Chemical Co. (The), Sr. Unsec’d. Notes		9.400			05/15/39			152		233,418
DXC Technology Co., Sr. Unsec’d. Notes		2.875			03/27/20			1,000		998,881
Eastman Chemical Co., Sr. Unsec’d. Notes		4.500			12/01/28			600		627,244
Energizer Gamma Acquisition BV, Gtd. Notes		4.625			07/15/26		EUR	2,575		2,971,529
Enterprise Products Operating LLC, Gtd. Notes		4.150			10/16/28			1,665		1,752,974
ERAC USA Finance LLC, Gtd. Notes, 144A		7.000			10/15/37			190		247,959
Everi Payments, Inc., Gtd. Notes, 144A		7.500			12/15/25			2,529		2,630,160

See Notes to Financial Statements.

34

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Express Scripts Holding Co., Gtd. Notes		3.050	%		11/30/22			3,000	$	2,994,043
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp., Sr. Unsec’d. Notes		8.625			06/15/20			750		566,250
Fidelity National Information Services, Inc., Sr. Unsec’d. Notes		1.100			07/15/24		EUR	2,300		2,612,310
Ford Motor Co., Sr. Unsec’d. Notes(a)		7.450			07/16/31			1,255		1,456,604
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes		4.134			08/04/25			250		244,588
Sr. Unsec’d. Notes		4.687			06/09/25			2,015		2,024,933
General Electric Co., Sr. Unsec’d. Notes		2.125			05/17/37		EUR	1,600		1,635,239
General Motors Financial Co., Inc.,
Gtd. Notes		3.200			07/06/21			370		369,779
Gtd. Notes		3.850			01/05/28			3,100		2,961,819
Gtd. Notes		3.950			04/13/24			250		252,647
Goldman Sachs Group, Inc. (The),
Jr. Sub. Notes, Series L		5.700	(ff)		—	(rr)		2,120		2,125,300
Jr. Sub. Notes, Series M		5.375	(ff)		—	(rr)		700		716,289
Sr. Unsec’d. Notes		2.830			10/20/22			1,600		1,549,141
Sr. Unsec’d. Notes		3.500			01/23/25			1,500		1,507,854
Sr. Unsec’d. Notes, EMTN		0.000	(cc)		08/12/25		EUR	1,665		1,731,298
Sr. Unsec’d. Notes, EMTN		1.428	(s)		12/15/23		EUR	200		210,500
Sr. Unsec’d. Notes, EMTN		2.000	(cc)		05/31/24			2,778		2,806,305
Sub. Notes		4.750			10/12/21		EUR	3,000		3,707,858
International Lease Finance Corp., Sr. Unsec’d. Notes		6.250			05/15/19			125		125,143
International Paper Co., Sr. Unsec’d. Notes		7.300			11/15/39			75		94,287
IQVIA, Inc., Gtd. Notes, 144A		3.500			10/15/24		EUR	920		1,056,946
Jabil, Inc., Sr. Unsec’d. Notes(a)		4.700			09/15/22			655		674,846
JBS USA LUX SA/JBS USA Finance, Inc., Gtd. Notes, 144A		5.750			06/15/25			545		557,263
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., Gtd. Notes, 144A		6.500			04/15/29			1,250		1,325,000
John Sevier Combined Cycle Generation LLC, Sec’d. Notes		4.626			01/15/42			3,707		4,143,497

See Notes to Financial Statements.

PGIM Global Total Return Fund 35

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
United States (cont’d.)
JPMorgan Chase & Co.,
Jr. Sub. Notes, Series I, 3 Month LIBOR + 3.470%		6.053	%(c)		—	(rr)		322	$	323,472
Jr. Sub. Notes, Series V		5.000	(ff)		—	(rr)		1,000		1,002,500
Jr. Sub. Notes, Series X		6.100	(ff)		—	(rr)		1,980		2,102,958
Jr. Sub. Notes, Series Z		5.300	(ff)		—	(rr)		1,410		1,436,987
Sr. Unsec’d. Notes		3.509	(ff)		01/23/29			3,200		3,169,995
Sr. Unsec’d. Notes		3.702	(ff)		05/06/30			1,590		1,593,463
KB Home, Gtd. Notes		7.500			09/15/22			1,000		1,097,500
Kinder Morgan Energy Partners LP, Gtd. Notes		4.150			02/01/24			2,000		2,071,961
Kraft Heinz Foods Co., Gtd. Notes(a)		3.000			06/01/26			2,000		1,886,373
Lehman Brothers Holdings, Inc., Sr. Unsec’d. Notes, MTN(d)		6.875			05/02/18			100		1,740
Liberty Interactive LLC, Sr. Unsec’d. Notes		8.250			02/01/30			75		77,625
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A		2.750			05/04/26		EUR	1,000		1,220,394
Gtd. Notes, 144A		6.500			03/15/35			90		106,867
Mars, Inc., Gtd. Notes, 144A		3.600			04/01/34			420		419,757
Marsh & McLennan Cos., Inc., Sr. Unsec’d. Notes		1.979			03/21/30		EUR	4,700		5,454,052
Medtronic Global Holdings SCA,
Gtd. Notes		1.625			03/07/31		EUR	2,500		2,948,336
Gtd. Notes		2.250			03/07/39		EUR	2,410		2,955,089
MGM Resorts International,
Gtd. Notes		6.000			03/15/23			400		427,000
Gtd. Notes		6.625			12/15/21			100		107,345
Micron Technology, Inc., Sr. Unsec’d. Notes		5.500			02/01/25			315		324,365
Morgan Guaranty Trust Co., Sr. Unsec’d. Notes		1.390	(s)		01/21/27		EUR	824		855,437
Morgan Stanley,
Jr. Sub. Notes, Series H		5.450	(ff)		—	(rr)		1,415		1,416,769
Sr. Unsec’d. Notes, EMTN		0.637	(ff)		07/26/24		EUR	5,000		5,616,777
Sr. Unsec’d. Notes, EMTN		1.342	(ff)		10/23/26		EUR	600		687,871
Sr. Unsec’d. Notes, GMTN		1.375			10/27/26		EUR	1,600		1,838,694
MPLX LP, Sr. Unsec’d. Notes		4.000			03/15/28			515		515,603

See Notes to Financial Statements.

36

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
United States (cont’d.)
MPLX LP, (cont’d.) Sr. Unsec’d. Notes		4.125	%		03/01/27		2,000	$	2,021,750
MPT Operating Partnership LP/MPT Finance Corp., Gtd. Notes		3.325			03/24/25	EUR	1,700		2,011,304
Nationstar Mortgage Holdings, Inc., Gtd. Notes, 144A		8.125			07/15/23		1,540		1,551,550
Newell Brands, Inc., Sr. Unsec’d. Notes		4.200			04/01/26		1,300		1,237,118
Norfolk Southern Corp.,
Sr. Unsec’d. Notes		3.942			11/01/47		232		225,415
Sr. Unsec’d. Notes		4.050			08/15/52		165		160,830
NRG Energy, Inc., Gtd. Notes		6.625			01/15/27		1,850		1,979,500
ONEOK Partners LP, Gtd. Notes		4.900			03/15/25		2,000		2,130,964
Owens Corning, Sr. Unsec’d. Notes		4.200			12/15/22		270		277,388
PetSmart, Inc., Sr. Sec’d. Notes, 144A(a)		5.875			06/01/25		675		611,719
Phillips 66 Partners LP, Sr. Unsec’d. Notes(a)		3.605			02/15/25		2,000		2,014,242
PVH Corp.,
Sr. Unsec’d. Notes, 144A		3.125			12/15/27	EUR	575		680,333
Sr. Unsec’d. Notes, 144A		3.625			07/15/24	EUR	840		1,058,416
Sally Holdings LLC/Sally Capital, Inc., Gtd. Notes(a)		5.625			12/01/25		2,000		1,995,000
Schlumberger Holdings Corp.,
Sr. Unsec’d. Notes, 144A		3.900			05/17/28		1,955		1,948,276
Sr. Unsec’d. Notes, 144A		4.000			12/21/25		129		132,766
Scientific Games International, Inc.,
Gtd. Notes		6.250			09/01/20		1,300		1,303,250
Gtd. Notes		6.625			05/15/21		1,537		1,552,370
Shire Acquisitions Investments Ireland DAC, Gtd. Notes		3.200			09/23/26		2,470		2,403,874
Spectrum Brands, Inc., Gtd. Notes, 144A		4.000			10/01/26	EUR	675		788,128
Sprint Capital Corp., Gtd. Notes		8.750			03/15/32		4,500		4,725,000
Sprint Corp., Gtd. Notes		7.625			02/15/25		300		303,000
Stryker Corp., Sr. Unsec’d. Notes		2.625			11/30/30	EUR	2,300		2,946,402

See Notes to Financial Statements.

PGIM Global Total Return Fund 37

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Tempur Sealy International, Inc., Gtd. Notes(a)		5.500	%		06/15/26		1,837	$	1,827,723
Tenet Healthcare Corp.,
Sr. Unsec’d. Notes(a)		6.750			06/15/23		1,075		1,096,500
Sr. Unsec’d. Notes		8.125			04/01/22		2,250		2,400,660
Textron, Inc., Sr. Unsec’d. Notes		7.250			10/01/19		200		203,628
Thermo Fisher Scientific, Inc., Sr. Unsec’d. Notes		2.875			07/24/37	EUR	450		569,049
Tote Shipholdings, Inc., U.S. Gov’t. Gtd. Notes		3.400			10/16/40		111		110,310
U.S. Concrete, Inc., Gtd. Notes		6.375			06/01/24		1,675		1,721,062
United Airlines 2007-1 Class A Pass-Through Trust, Pass-Through Certificates		6.636			01/02/24		66		69,815
United Rentals North America, Inc.,
Gtd. Notes		4.875			01/15/28		3,115		3,091,637
Gtd. Notes		5.250			01/15/30		740		743,700
Gtd. Notes		5.500			05/15/27		500		515,000
Verizon Communications, Inc.,
Sr. Unsec’d. Notes		1.250			04/08/30	EUR	5,000		5,616,412
Sr. Unsec’d. Notes		2.500			04/08/31	GBP	1,400		1,816,653
Walt Disney Co. (The),
Gtd. Notes, 144A		6.150			03/01/37		415		537,029
Gtd. Notes, 144A		6.900			08/15/39		60		84,798
Warner Media LLC, Gtd. Notes		3.800			02/15/27		85		85,495
WestRock MWV LLC, Gtd. Notes		7.375			09/01/19		450		456,429
William Lyon Homes, Inc.,
Gtd. Notes		5.875			01/31/25		900		873,000
Gtd. Notes		7.000			08/15/22		800		804,000
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes		3.750			06/15/27		2,000		2,005,785
Sr. Unsec’d. Notes		4.000			09/15/25		1,500		1,541,392
WMG Acquisition Corp., Sr. Sec’d. Notes, 144A		4.125			11/01/24	EUR	180		211,175

See Notes to Financial Statements.

38

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Xerox Corp., Sr. Unsec’d. Notes		4.125	%		03/15/23		460	$	455,538
XPO Logistics, Inc., Sr. Unsec’d. Notes, 144A		6.750			08/15/24		530		547,225
									226,295,113
TOTAL CORPORATE BONDS (cost $514,966,969)									514,744,290
MUNICIPAL BONDS    0.0%
Puerto Rico
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue,
Revenue Bonds		0.535	(s)		08/01/41		315		278,872
Revenue Bonds		0.816	(s)		08/01/41		104		86,252
TOTAL MUNICIPAL BONDS (COST $366,334)									365,124
RESIDENTIAL MORTGAGE-BACKED SECURITIES    2.7%
Bermuda    0.9%
Bellemeade Re Ltd.,
Series 2017-01, Class M1, 144A, 1 Month LIBOR + 1.700%		4.177	(c)		10/25/27		438		441,958
Series 2018-01A, Class M1B, 144A, 1 Month LIBOR + 1.600%		4.077	(c)		04/25/28		1,459		1,465,571
Series 2018-02A, Class M1A, 144A, 1 Month LIBOR + 0.950%		3.427	(c)		08/25/28		1,580		1,580,249
Series 2018-02A, Class M1B, 144A, 1 Month LIBOR + 1.350%		3.827	(c)		08/25/28		750		751,425
Series 2018-02A, Class M1C, 144A, 1 Month LIBOR + 1.600%		4.077	(c)		08/25/28		750		749,999
Series 2018-03A, Class M1A, 144A, 1 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)		3.677	(c)		10/25/27		630		630,000
Series 2018-03A, Class M1B, 144A, 1 Month LIBOR + 1.850%		4.327	(c)		10/25/27		950		955,089
Series 2019-02A, Class M1A, 144A, 1 Month LIBOR + 1.000%		3.480	(c)		04/25/29		5,400		5,402,550
Series 2019-02A, Class M1B, 144A, 1 Month LIBOR + 1.450%		3.930	(c)		04/25/29		1,630		1,631,104

See Notes to Financial Statements.

PGIM Global Total Return Fund 39

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Bermuda (cont’d.)
Eagle RE Ltd.,
Series 2019-01, Class M1A, 144A, 1 Month LIBOR + 1.250%		3.734	%(c)		04/25/29		900	$	900,617
Series 2019-01, Class M1B, 144A, 1 Month LIBOR + 1.800%		4.284	(c)		04/25/29		750		750,620
Oaktown Re Ltd., Series 2018-01A, Class M1, 144A, 1 Month LIBOR + 1.550%		4.027	(c)		07/25/28		900		897,735
Radnor Re Ltd., Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.400%		3.877	(c)		03/25/28		1,500		1,504,120
									17,661,037
Cayman Islands    0.1%
LSTAR Securities Investment Ltd., Series 2017-08, Class A, 144A, 1 Month LIBOR + 1.650%		4.152	(c)		11/01/22		699		701,636
United Kingdom    0.6%
Alba PLC, Series 2007-01, Class B, 3 Month GBP LIBOR + 0.240%		1.086	(c)		03/17/39	GBP	1,146		1,376,805
Newgate Funding PLC,
Series 2006-2, Class M, 3 Month GBP LIBOR + 0.220%		1.068	(c)		12/01/50	GBP	1,610		1,964,173
Series 2007-02X, Class A3, 3 Month GBP LIBOR + 0.160%		1.005	(c)		12/15/50	GBP	2,700		3,232,355
Paragon Mortgages PLC,
Series 11X, Class BB, 3 Month EURIBOR + 0.480%		0.170	(c)		10/15/41	EUR	3,352		3,541,536
Series 12X, Class B1B, 3 Month EURIBOR + 0.480%		0.172	(c)		11/15/38	EUR	1,275		1,333,391
Towd Point Mortgage Funding Vantage PLC, Series 2016-V1A, Class A1, 144A, 3 Month GBP LIBOR + 1.200%		2.059	(c)		02/20/54	GBP	806		1,053,923
									12,502,183
United States    1.1%
APS Resecuritization Trust, Series 2016-01, Class 1A, 144A, 1 Month LIBOR + 0.150%		2.652	(c)		07/27/57		1,869		1,848,799

See Notes to Financial Statements.

40

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
United States (cont’d.)
Banc of America Funding Trust, Series 2014-R05, Class 1A1, 144A, 6 Month LIBOR + 1.500%		4.177	%(c)		09/26/45		314	$	322,638
Central Park Funding Trust, Series 2018-01, Class A, 144A, 1 Month LIBOR + 1.500% (Cap N/A, Floor 1.500%)^		3.989	(c)		11/01/23		3,500		3,500,000
CIM Trust,
Series 2017-02, Class A1, 144A, 1 Month LIBOR + 2.000%		4.502	(c)		12/25/57		2,119		2,130,891
Series 2017-03, Class A1, 144A, 1 Month LIBOR + 2.000%		4.502	(c)		01/25/57		1,916		1,948,878
Series 2017-08, Class A1, 144A		3.000	(cc)		12/25/65		2,396		2,350,584
Fannie Mae Connecticut Avenue Securities, Series 2016-C04, Class 1M1, 1 Month LIBOR + 1.450%		3.927	(c)		01/25/29		151		152,021
Freddie Mac STACR Trust, Series 2019-DNA01, Class M2, 144A, 1 Month LIBOR + 2.650%		5.127	(c)		01/25/49		470		484,408
Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2015-DNA01, Class M3, 1 Month LIBOR + 3.300%		5.777	(c)		10/25/27		1,000		1,082,689
Series 2016-HQA02, Class M2, 1 Month LIBOR + 2.250%		4.727	(c)		11/25/28		410		416,073
IndyMac INDX Mortgage Loan Trust, Series 2004-AR15, Class 3A1		4.390	(cc)		02/25/35		1,144		1,135,235
LSTAR Securities Investment Trust,
Series 2018-02, Class A1, 144A, 1 Month LIBOR + 1.500%		4.002	(c)		04/01/23		2,485		2,493,674
Series 2019-02, Class A1, 144A, 1 Month LIBOR + 1.500%		3.981	(c)		04/01/24		2,470		2,488,266
New Residential Mortgage Loan Trust, Series 2018-04A, Class A1S, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%)		3.227	(c)		01/25/48		2,133		2,127,309
									22,481,465
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $52,681,880)									53,346,321

See Notes to Financial Statements.

PGIM Global Total Return Fund 41

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS    41.6%
Albania    0.1%
Albania Government International Bond,
Sr. Unsec’d. Notes		3.500	%		10/09/25	EUR	1,000	$	1,189,309
Sr. Unsec’d. Notes		5.750			11/12/20	EUR	352		422,637
Sr. Unsec’d. Notes, 144A		3.500			10/09/25	EUR	1,000		1,189,308
									2,801,254
Argentina    1.3%
Argentine Republic Government International Bond,
Bonds		3.380	(cc)		12/31/38	EUR	1,000		566,771
Bonds		4.330			12/31/33	JPY	519,215		2,318,861
Sr. Unsec’d. Notes		3.375			10/12/20	CHF	3,860		3,276,805
Sr. Unsec’d. Notes		5.000			01/15/27	EUR	3,000		2,254,416
Sr. Unsec’d. Notes		5.250			01/15/28	EUR	2,540		1,875,316
Sr. Unsec’d. Notes		7.820			12/31/33	EUR	17,202		14,240,067
Provincia de Buenos Aires, Sr. Unsec’d. Notes		5.375			01/20/23	EUR	1,100		913,086
									25,445,322
Australia    0.1%
Australia Government Bond,
Sr. Unsec’d. Notes		3.000			03/21/47	AUD	2,400		1,880,888
Sr. Unsec’d. Notes		4.250			04/21/26	AUD	600		497,027
									2,377,915
Austria    0.2%
Republic of Austria Government International Bond,
Sr. Unsec’d. Notes, 144A, EMTN		5.000			12/20/24	CAD	3,500		2,984,105
Sr. Unsec’d. Notes, 144A, MTN		5.375			12/01/34	CAD	1,440		1,420,447
									4,404,552
Belgium    0.4%
Kingdom of Belgium Government Bond,
Sr. Unsec’d. Notes, 144A		0.800			06/22/27	EUR	680		798,789
Sr. Unsec’d. Notes, 144A		0.800			06/22/28	EUR	1,340		1,565,575
Unsec’d. Notes		1.250			04/22/33	EUR	500		594,717
Kingdom of Belgium Government International Bond, Notes, 144A		8.875			12/01/24		750		968,424

See Notes to Financial Statements.

42

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Belgium (cont’d.)
Kingdom of Belgium Government International Bond, (cont’d.)
Sr. Unsec’d. Notes		9.375	%		02/21/20	GBP	2,402	$	3,335,012
Unsec’d. Notes, MTN		5.700			05/28/32	GBP	650		1,205,221
									8,467,738
Brazil    2.0%
Brazil Loan Trust 1, Gov’t. Gtd. Notes		5.477			07/24/23		8,795		9,041,438
Brazil Minas SPE via State of Minas Gerais, Gov’t. Gtd. Notes		5.333			02/15/28		21,272		21,962,823
Brazilian Government International Bond, Sr. Unsec’d. Notes		2.875			04/01/21	EUR	7,128		8,344,536
									39,348,797
Bulgaria    0.4%
Bulgaria Government International Bond, Sr. Unsec’d. Notes, GMTN		3.125			03/26/35	EUR	6,352		8,262,883
Canada    0.4%
Canadian Government Bond, Bonds		4.000			06/01/41	CAD	650		657,050
City of Toronto Canada,
Sr. Unsec’d. Notes		3.500			06/02/36	CAD	2,000		1,586,221
Unsec’d. Notes		2.400			06/07/27	CAD	1,000		737,665
City of Vancouver, Unsec’d. Notes		4.500			06/01/20	CAD	200		153,491
Province of British Columbia, Unsec’d. Notes		7.875			11/30/23	CAD	2,122		1,972,361
Province of Manitoba, Unsec’d. Notes		8.800			01/15/20		360		375,141
Province of Nova Scotia, Sr. Unsec’d. Notes		8.250			11/15/19		20		20,578
Province of Quebec,
Debentures, Series NN		7.125			02/09/24		1,139		1,362,780
Unsec’d. Notes, MTN		6.350			01/30/26		500		593,605
Unsec’d. Notes, MTN		7.140			02/27/26		430		530,457
									7,989,349

See Notes to Financial Statements.

PGIM Global Total Return Fund 43

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Cayman Islands    0.1%
Cayman Islands Government Bond, Sr. Unsec’d. Notes		5.950	%		11/24/19		2,150	$	2,182,465
Chile    0.0%
Chile Government International Bond,
Sr. Unsec’d. Notes		1.440			02/01/29	EUR	450		521,881
Sr. Unsec’d. Notes		1.750			01/20/26	EUR	240		289,615
									811,496
China    0.2%
China Government Bond,
Sr. Unsec’d. Notes		3.600			06/27/28	CNH	1,000		148,442
Sr. Unsec’d. Notes		4.000			11/30/35	CNH	10,000		1,506,060
Sr. Unsec’d. Notes		4.400			12/12/46	CNH	10,000		1,575,444
Export-Import Bank of China (The), Sr. Unsec’d. Notes		4.400			05/14/24	CNH	6,000		912,926
									4,142,872
Colombia    0.9%
Colombia Government International Bond,
Sr. Unsec’d. Notes		4.000			02/26/24		1,000		1,029,500
Sr. Unsec’d. Notes		8.375			02/15/27		2,695		3,041,852
Sr. Unsec’d. Notes		10.375			01/28/33		1,300		2,002,000
Sr. Unsec’d. Notes		11.750			02/25/20		1,726		1,848,563
Sr. Unsec’d. Notes, EMTN		3.875			03/22/26	EUR	8,398		11,020,461
									18,942,376
Croatia    0.8%
Croatia Government International Bond,
Sr. Unsec’d. Notes		2.750			01/27/30	EUR	3,000		3,689,813
Sr. Unsec’d. Notes		3.000			03/20/27	EUR	4,500		5,670,024
Sr. Unsec’d. Notes		3.875			05/30/22	EUR	3,000		3,723,286
Sr. Unsec’d. Notes		5.500			04/04/23		1,000		1,082,540
Sr. Unsec’d. Notes		6.375			03/24/21		500		529,400
Sr. Unsec’d. Notes		6.625			07/14/20		1,000		1,040,660
									15,735,723

See Notes to Financial Statements.

44

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Cyprus    2.4%
Cyprus Government International Bond,
Notes, EMTN		2.750	%		02/26/34	EUR	5,000	$	6,064,267
Sr. Unsec’d. Notes, EMTN		2.375			09/25/28	EUR	4,700		5,699,378
Sr. Unsec’d. Notes, EMTN		3.750			07/26/23	EUR	12,755		16,300,495
Sr. Unsec’d. Notes, EMTN		4.250			11/04/25	EUR	11,814		16,058,248
Sr. Unsec’d. Notes, EMTN		4.750			06/25/19	EUR	500		563,782
Unsec’d. Notes, EMTN		2.750			06/27/24	EUR	2,000		2,485,555
									47,171,725
Czech Republic    0.1%
Czech Republic Government Bond, Bonds, Series 089		2.400			09/17/25	CZK	30,000		1,358,311
Denmark     0.2%
Denmark Government Bond,
Bonds		0.500			11/15/27	DKK	12,110		1,910,841
Bonds		1.750			11/15/25	DKK	3,520		599,083
Bonds		3.000			11/15/21	DKK	3,000		492,088
Bonds		4.500			11/15/39	DKK	1,800		486,101
									3,488,113
Dominican Republic    0.2%
Dominican Republic International Bond, Sr. Unsec’d. Notes		7.500			05/06/21		4,000		4,136,040
Egypt    0.1%
Egypt Government International Bond,
Sr. Unsec’d. Notes, 144A		5.577			02/21/23		1,835		1,816,650
Sr. Unsec’d. Notes, 144A, MTN		4.750			04/16/26	EUR	700		768,866
									2,585,516
Finland    0.0%
Finland Government International Bond, Sr. Unsec’d. Notes		6.950			02/15/26		600		739,365
Germany    0.0%
Bundesrepublik Deutschland Bundesanleihe, Bonds, Series 05		4.000			01/04/37	EUR	320		581,777

See Notes to Financial Statements.

PGIM Global Total Return Fund 45

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Greece    2.6%
Hellenic Republic Government Bond,
Bonds		0.000	%(cc)		10/15/42	EUR	530,000	$	2,286,247
Bonds		3.000	(cc)		02/24/23	EUR	1,320		1,558,781
Bonds		3.000	(cc)		02/24/24	EUR	3,987		4,718,869
Bonds		3.000	(cc)		02/24/25	EUR	2,196		2,570,779
Bonds		3.000	(cc)		02/24/26	EUR	1,764		2,047,956
Bonds		3.000	(cc)		02/24/27	EUR	5,029		5,853,039
Bonds		3.000	(cc)		02/24/28	EUR	1,490		1,720,681
Bonds		3.000	(cc)		02/24/29	EUR	1,480		1,696,456
Bonds		3.000	(cc)		02/24/30	EUR	150		170,568
Bonds		3.000	(cc)		02/24/31	EUR	3,490		3,915,194
Bonds		3.000	(cc)		02/24/32	EUR	1,075		1,200,405
Bonds		3.000	(cc)		02/24/33	EUR	100		111,721
Bonds		3.000	(cc)		02/24/34	EUR	493		542,474
Bonds		3.000	(cc)		02/24/35	EUR	2,068		2,269,765
Bonds		3.000	(cc)		02/24/36	EUR	541		588,296
Bonds		3.000	(cc)		02/24/37	EUR	475		516,747
Bonds		3.000	(cc)		02/24/38	EUR	313		338,250
Bonds		3.000	(cc)		02/24/39	EUR	774		836,054
Bonds		3.000	(cc)		02/24/40	EUR	512		551,269
Bonds		3.000	(cc)		02/24/41	EUR	465		502,847
Bonds		3.000	(cc)		02/24/42	EUR	330		356,754
Bonds		3.900			01/30/33	EUR	2,710		3,064,135
Bonds		4.200			01/30/42	EUR	2,380		2,622,627
Hellenic Republic Government International Bond,
Sr. Unsec’d. Notes		5.200			07/17/34	EUR	8,000		9,706,461
Sr. Unsec’d. Notes		6.140			04/14/28	EUR	1,700		2,255,081
									52,001,456
Guernsey    0.1%
States of Guernsey Bond, Sr. Unsec’d. Notes		3.375			12/12/46	GBP	1,280		1,925,257
Hong Kong    0.1%
Hong Kong SAR Government Bond, Unsec’d. Notes		5.125			07/23/19	HKD	5,000		642,021
Hong Kong Sukuk 2017 Ltd., Sr. Unsec’d. Notes		3.132			02/28/27		1,500		1,502,077
									2,144,098

See Notes to Financial Statements.

46

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Hungary    1.2%
Hungary Government Bond, Bonds, Series 27/A		3.000	%		10/27/27	HUF	300,000	$	1,052,112
Hungary Government International Bond,
Sr. Unsec’d. Notes		1.250			10/22/25	EUR	2,000		2,321,712
Sr. Unsec’d. Notes		5.375			02/21/23		4,850		5,239,280
Sr. Unsec’d. Notes		5.750			11/22/23		3,050		3,381,443
Sr. Unsec’d. Notes		6.250			01/29/20		6,200		6,355,000
Sr. Unsec’d. Notes		6.375			03/29/21		4,530		4,817,746
									23,167,293
Iceland    0.4%
Iceland Government International Bond,
Sr. Unsec’d. Notes		5.875			05/11/22		1,000		1,093,406
Sr. Unsec’d. Notes, EMTN		0.500			12/20/22	EUR	500		568,912
Sr. Unsec’d. Notes, EMTN		2.500			07/15/20	EUR	5,006		5,775,468
									7,437,786
Indonesia    1.9%
Indonesia Government International Bond,
Sr. Unsec’d. Notes		1.750			04/24/25	EUR	1,600		1,836,948
Sr. Unsec’d. Notes		3.375			07/30/25	EUR	12,005		15,084,624
Sr. Unsec’d. Notes, EMTN		2.150			07/18/24	EUR	3,395		4,001,396
Sr. Unsec’d. Notes, EMTN		2.625			06/14/23	EUR	1,000		1,200,112
Sr. Unsec’d. Notes, EMTN		2.875			07/08/21	EUR	4,546		5,387,446
Sr. Unsec’d. Notes, EMTN		3.750			06/14/28	EUR	7,780		10,133,123
									37,643,649
Iraq    0.1%
Iraq International Bond, Sr. Unsec’d. Notes		6.752			03/09/23		1,700		1,725,942
Ireland    0.1%
Ireland Government Bond,
Bonds		2.400			05/15/30	EUR	1,200		1,596,385
Bonds		5.400			03/13/25	EUR	900		1,327,918
									2,924,303

See Notes to Financial Statements.

PGIM Global Total Return Fund 47

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Isle of Man    0.4%
Isle of Man Government International Bond,
Unsec’d. Notes		5.375	%		08/14/34	GBP	1,000	$	1,808,423
Unsec’d. Notes		5.625			03/29/30	GBP	4,000		6,913,286
									8,721,709
Israel    0.3%
Israel Government Bond, Bonds		2.000			03/31/27	ILS	1,000		285,305
Israel Government International Bond,
Sr. Unsec’d. Notes, EMTN(a)		1.500			01/18/27	EUR	1,600		1,901,072
Sr. Unsec’d. Notes, EMTN		1.500			01/16/29	EUR	1,000		1,178,165
Sr. Unsec’d. Notes, EMTN		2.875			01/29/24	EUR	1,000		1,258,996
Sr. Unsec’d. Notes, EMTN		4.625			03/18/20	EUR	330		385,264
									5,008,802
Italy    4.5%
Cassa del Trentino SpA, Local Gov’t. Gtd. Notes, EMTN		1.160			06/17/26	EUR	761		782,713
Italy Buoni Poliennali del Tesoro,
Bonds		2.000			12/01/25	EUR	2,200		2,479,413
Bonds		2.050			08/01/27	EUR	6,085		6,743,992
Bonds		6.500			11/01/27	EUR	2,695		4,005,946
Sr. Unsec’d. Notes, 144A		4.750			09/01/28	EUR	5,590		7,543,129
Unsec’d. Notes, 144A		4.500			03/01/26	EUR	8,545		11,102,419
Italy Certificati di Credito del Tesoro, Bonds, Series EU, 6 Month EURIBOR + 0.550%		0.318	(c)		09/15/25	EUR	5,200		5,304,472
Region of Lazio, Sr. Unsec’d. Notes		3.088			03/31/43	EUR	964		1,027,118
Republic of Italy Government International Bond,
Sr. Unsec’d. Notes, EMTN, EURIBOR ICE SWAP 11:00 Fft 10Y Index + 0.000% (Cap 7.000%, Floor 2.000%)		2.000	(c)		06/15/20	EUR	1,550		1,766,522
Sr. Unsec’d. Notes, EMTN		3.444			12/31/24	EUR	3,288		3,820,984
Sr. Unsec’d. Notes, EMTN, EURIBOR ICE SWAP 11:00 Fft 30Y Index + 0.000% (Cap N/A, Floor 4.250%)		4.250	(c)		06/28/29	EUR	5,892		7,474,110
Sr. Unsec’d. Notes, EMTN		5.125			07/31/24	EUR	14,455		18,811,628
Sr. Unsec’d. Notes, EMTN		5.200			07/31/34	EUR	250		343,215
Sr. Unsec’d. Notes, EMTN		5.250			12/07/34	GBP	1,090		1,562,584
Sr. Unsec’d. Notes, EMTN		6.000			08/04/28	GBP	11,339		16,965,639

See Notes to Financial Statements.

48

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Italy (cont’d.)
Republic of Italy Government International Bond, (cont’d.)
Sr. Unsec’d. Notes, MTN		5.375	%		06/15/33		590	$	624,396
Republic of Italy Government International Bond Strips Coupon, Sr. Unsec’d. Notes		3.486	(s)		03/27/23		775		661,928
									91,020,208
Japan    1.7%
Japan Bank for International Cooperation, Gov’t. Gtd. Notes(a)		3.375			10/31/23		1,600		1,650,368
Japan Finance Organization for Municipalities,
Gov’t. Gtd. Notes, EMTN		5.750			08/09/19	GBP	400		528,003
Sr. Unsec’d. Notes, 144A, MTN		2.125			04/13/21		600		593,676
Sr. Unsec’d. Notes, EMTN		2.625			04/20/22		1,000		998,340
Sr. Unsec’d. Notes, EMTN		3.060			12/21/20	AUD	2,000		1,438,317
Sr. Unsec’d. Notes, GMTN		0.875			09/22/21	EUR	2,535		2,909,043
Japan Government Twenty Year Bond,
Sr. Unsec’d. Notes		0.200			06/20/36	JPY	450,000		3,993,990
Sr. Unsec’d. Notes		0.400			03/20/36	JPY	100,000		918,928
Sr. Unsec’d. Notes		0.500			06/20/38	JPY	514,000		4,743,455
Sr. Unsec’d. Notes		0.600			12/20/36	JPY	665,000		6,288,711
Sr. Unsec’d. Notes		0.700			03/20/37	JPY	150,000		1,440,684
Sr. Unsec’d. Notes(k)		1.400			09/20/34	JPY	145,000		1,539,737
Sr. Unsec’d. Notes		1.500			06/20/34	JPY	50,000		537,044
Sr. Unsec’d. Notes		1.800			12/20/31	JPY	148,000		1,616,806
Japan International Cooperation Agency, Gov’t. Gtd. Notes		1.875			11/13/19		2,000		1,991,038
Japanese Government CPI Linked Bond, Sr. Unsec’d. Notes, Series 022		0.100			03/10/27	JPY	219,892		2,048,009
Tokyo Metropolitan Government,
Sr. Unsec’d. Notes		2.125			05/20/19		400		399,880
Sr. Unsec’d. Notes		2.125			05/19/20		1,000		994,696
									34,630,725
Jersey    0.0%
Jersey International Bond, Sr. Unsec’d. Notes		3.750			06/09/54	GBP	100		167,741
Kazakhstan    0.2%
Kazakhstan Government International Bond, Sr. Unsec’d. Notes, 144A, MTN		2.375			11/09/28	EUR	3,765		4,404,405

See Notes to Financial Statements.

PGIM Global Total Return Fund 49

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Kuwait    0.1%
Kuwait International Government Bond, Sr. Unsec’d. Notes, 144A		2.750	%		03/20/22		2,050	$	2,045,121
Latvia    0.0%
Latvia Government International Bond, Sr. Unsec’d. Notes, EMTN		2.625			01/21/21	EUR	200		234,818
Lithuania    0.5%
Lithuania Government International Bond,
Sr. Unsec’d. Notes		6.125			03/09/21		4,700		4,974,207
Sr. Unsec’d. Notes		6.625			02/01/22		4,220		4,630,927
									9,605,134
Malaysia    0.5%
Malaysia Government Bond,
Sr. Unsec’d. Notes, Series 0111		4.160			07/15/21	MYR	6,500		1,596,624
Sr. Unsec’d. Notes, Series 0217		4.059			09/30/24	MYR	10,000		2,454,258
Sr. Unsec’d. Notes, Series 0314		4.048			09/30/21	MYR	20,916		5,131,055
Sr. Unsec’d. Notes, Series 0416		3.620			11/30/21	MYR	15		3,645
									9,185,582
Mexico    1.6%
Mexico Government International Bond,
Sr. Unsec’d. Notes		2.750			04/22/23	EUR	4,375		5,289,746
Sr. Unsec’d. Notes		2.875			04/08/39	EUR	2,300		2,581,445
Sr. Unsec’d. Notes		4.000			03/15/2115	EUR	950		1,030,891
Sr. Unsec’d. Notes, EMTN		1.750			04/17/28	EUR	800		891,268
Sr. Unsec’d. Notes, EMTN		5.625			03/19/2114	GBP	200		266,653
Sr. Unsec’d. Notes, GMTN		1.625			03/06/24	EUR	9,670		11,133,288
Sr. Unsec’d. Notes, GMTN		5.500			02/17/20	EUR	1,400		1,637,446
Sr. Unsec’d. Notes, GMTN		6.750			02/06/24	GBP	5,663		8,769,155
Sr. Unsec’d. Notes, MTN		7.500			04/08/33		875		1,116,135
									32,716,027
Montenegro    0.1%
Montenegro Government International Bond,
Sr. Unsec’d. Notes		3.875			03/18/20	EUR	500		573,300
Sr. Unsec’d. Notes, 144A		3.375			04/21/25	EUR	750		868,539
									1,441,839

See Notes to Financial Statements.

50

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
New Zealand    0.3%
Auckland Council,
Sr. Sec’d. Notes		2.900	%		09/16/27	AUD	1,000	$	721,800
Sr. Sec’d. Notes		3.500			03/09/26	AUD	2,000		1,504,579
New Zealand Government Bond, Sr. Unsec’d. Notes		4.500			04/15/27	NZD	1,500		1,204,337
New Zealand Local Government Funding Agency Bond,
Local Gov’t. Gtd. Notes		2.750			04/15/25	NZD	1,800		1,222,947
Local Gov’t. Gtd. Notes		3.500			04/14/33	NZD	500		343,819
Sr. Unsec’d. Notes		4.500			04/15/27	NZD	1,800		1,361,129
Sr. Unsec’d. Notes		6.000			05/15/21	NZD	500		361,324
									6,719,935
North Macedonia    0.2%
North Macedonia Government International Bond,
Sr. Unsec’d. Notes		3.975			07/24/21	EUR	2,000		2,381,314
Sr. Unsec’d. Notes		5.625			07/26/23	EUR	1,000		1,297,099
Sr. Unsec’d. Notes, 144A		3.975			07/24/21	EUR	500		595,328
									4,273,741
Norway    0.2%
City of Oslo,
Sr. Unsec’d. Notes		3.600			12/06/22	NOK	1,000		121,428
Sr. Unsec’d. Notes		3.650			11/08/23	NOK	9,000		1,110,092
Sr. Unsec’d. Notes		4.900			11/04/19	NOK	5,000		589,606
Kommunalbanken A/S, Sr. Unsec’d. Notes, MTN		5.125			05/14/21	NZD	2,850		2,022,106
									3,843,232
Panama    0.4%
Panama Government International Bond,
Sr. Unsec’d. Notes		4.000			09/22/24		400		416,604
Sr. Unsec’d. Notes		8.125			04/28/34		3,673		5,064,149
Sr. Unsec’d. Notes		9.375			01/16/23		1,553		1,892,719
Sr. Unsec’d. Notes		9.375			04/01/29		800		1,165,000
Sr. Unsec’d. Notes		10.750			05/15/20		275		299,005
									8,837,477

See Notes to Financial Statements.

PGIM Global Total Return Fund 51

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Peru    1.0%
Peruvian Government International Bond,
Sr. Unsec’d. Notes		2.750	%		01/30/26	EUR	6,551	$	8,223,069
Sr. Unsec’d. Notes		3.750			03/01/30	EUR	8,375		11,476,856
									19,699,925
Poland    0.7%
Republic of Poland Government Bond,
Bonds, Series 0721		1.750			07/25/21	PLN	2,000		523,780
Bonds, Series 0725		3.250			07/25/25	PLN	13,550		3,680,514
Bonds, Series 0727		2.500			07/25/27	PLN	8,000		2,040,063
Republic of Poland Government International Bond, Sr. Unsec’d. Notes		5.000			03/23/22		7,355		7,811,084
									14,055,441
Portugal    2.6%
Metropolitano de Lisboa EPE, Gov’t. Gtd. Notes		4.799			12/07/27	EUR	2,150		3,124,262
Parpublica-Participacoes Publicas SGPS SA, Sr. Unsec’d. Notes, EMTN		3.750			07/05/21	EUR	1,500		1,801,194
Portugal Government International Bond, Sr. Unsec’d. Notes, EMTN		5.125			10/15/24		4,971		5,416,630
Portugal Obrigacoes do Tesouro OT,
Sr. Unsec’d. Notes, 144A		3.875			02/15/30	EUR	22,720		32,317,226
Sr. Unsec’d. Notes, 144A		4.100			04/15/37	EUR	6,500		9,741,433
									52,400,745
Qatar    0.2%
Qatar Government International Bond,
Sr. Unsec’d. Notes, 144A		3.875			04/23/23		1,040		1,073,646
Sr. Unsec’d. Notes, 144A		4.500			04/23/28		2,000		2,160,000
									3,233,646
Romania    0.5%
Romanian Government International Bond,
Sr. Unsec’d. Notes, 144A, MTN		2.500			02/08/30	EUR	4,150		4,584,820
Sr. Unsec’d. Notes, EMTN		2.375			04/19/27	EUR	1,000		1,153,783
Sr. Unsec’d. Notes, EMTN		3.875			10/29/35	EUR	1,000		1,170,670
Sr. Unsec’d. Notes, EMTN		4.125			03/11/39	EUR	1,000		1,183,580
Sr. Unsec’d. Notes, EMTN		6.750			02/07/22		300		327,660

See Notes to Financial Statements.

52

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Romania (cont’d.)
Romanian Government International Bond, (cont’d.)
Unsec’d. Notes, 144A, MTN		2.875	%		05/26/28	EUR	1,100	$	1,289,304
Unsec’d. Notes, MTN		2.875			05/26/28	EUR	700		820,466
									10,530,283
Russia    0.1%
Russian Federal Bond - OFZ, Bonds, Series 6224		6.900			05/23/29	RUB	61,000		873,909
Russian Foreign Bond-Eurobond, Sr. Unsec’d. Notes		4.500			04/04/22		400		413,580
									1,287,489
Saudi Arabia    0.4%
KSA Sukuk Ltd., Sr. Unsec’d. Notes, MTN		2.894			04/20/22		1,000		997,500
Saudi Government International Bond,
Sr. Unsec’d. Notes, 144A, MTN		2.375			10/26/21		1,200		1,182,468
Sr. Unsec’d. Notes, 144A, MTN		2.875			03/04/23		3,335		3,309,054
Sr. Unsec’d. Notes, 144A, MTN		4.000			04/17/25		1,135		1,174,725
Sr. Unsec’d. Notes, EMTN		2.875			03/04/23		1,300		1,289,886
									7,953,633
Senegal    0.1%
Senegal Government International Bond, Sr. Unsec’d. Notes, 144A		4.750			03/13/28	EUR	1,395		1,545,350
Serbia    0.2%
Serbia International Bond,
Sr. Unsec’d. Notes		7.250			09/28/21		4,274		4,647,120
Sr. Unsec’d. Notes, 144A		7.250			09/28/21		200		217,460
									4,864,580
Singapore    0.1%
Singapore Government Bond,
Sr. Unsec’d. Notes		2.375			06/01/25	SGD	1,000		749,210
Sr. Unsec’d. Notes		3.000			09/01/24	SGD	500		385,817
									1,135,027

See Notes to Financial Statements.

PGIM Global Total Return Fund 53

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Slovenia    0.4%
Slovenia Government International Bond, Sr. Unsec’d. Notes		5.250	%		02/18/24		7,922	$	8,793,262
South Africa    0.5%
Republic of South Africa Government Bond,
Sr. Unsec’d. Notes, Series R186		10.500			12/21/26	ZAR	5,000		386,438
Sr. Unsec’d. Notes, Series R208		6.750			03/31/21	ZAR	10,000		697,791
Sr. Unsec’d. Notes, Series R213		7.000			02/28/31	ZAR	1,800		105,660
Republic of South Africa Government International Bond,
Sr. Unsec’d. Notes		3.750			07/24/26	EUR	5,415		6,490,832
Sr. Unsec’d. Notes, EMTN		3.800			09/07/21	JPY	100,000		942,933
ZAR Sovereign Capital Fund Pty Ltd., Sr. Unsec’d. Notes, 144A		3.903			06/24/20		1,000		999,700
									9,623,354
South Korea    0.3%
Export-Import Bank of Korea,
Sr. Unsec’d. Notes		5.125			10/15/19	NZD	200		135,046
Sr. Unsec’d. Notes, 144A, MTN		8.000			05/15/24	IDR	6,800,000		473,080
Sr. Unsec’d. Notes, EMTN		3.500			09/26/19	AUD	100		70,752
Sr. Unsec’d. Notes, EMTN		5.375			09/12/19	AUD	1,000		713,671
Sr. Unsec’d. Notes, MTN		2.711			12/05/19	CAD	200		149,505
Sr. Unsec’d. Notes, MTN		3.500			07/28/21	NZD	2,000		1,359,542
Korea International Bond,
Sr. Unsec’d. Notes		2.125			06/10/24	EUR	1,100		1,347,883
Sr. Unsec’d. Notes		4.250			12/07/21	EUR	1,700		2,121,228
									6,370,707
Spain    4.4%
Autonomous Community of Catalonia,
Sr. Unsec’d. Notes		4.950			02/11/20	EUR	2,000		2,310,662
Sr. Unsec’d. Notes, EMTN		4.900			09/15/21	EUR	600		725,333
Sr. Unsec’d. Notes, EMTN, EURIBOR ICE SWAP 11:00
Fft 10Y Index + 0.000%		5.480	(c)		05/11/29	EUR	1,000		1,376,910
Sr. Unsec’d. Notes, EMTN		5.900			05/28/30	EUR	3,000		4,166,777
Instituto de Credito Oficial,
Gov’t. Gtd. Notes, EMTN		3.250			06/28/24	CHF	1,300		1,479,827
Gov’t. Gtd. Notes, EMTN		5.000			03/31/20	CAD	1,800		1,376,637
Gov’t. Gtd. Notes, GMTN		0.963			09/22/22	SEK	20,000		2,136,828

See Notes to Financial Statements.

54

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Spain (cont’d.)
Spain Government Bond,
Bonds, 144A(k)		3.800	%		04/30/24	EUR	1,880	$	2,496,027
Bonds, 144A		5.150			10/31/28	EUR	8,120		12,620,113
Sr. Unsec’d. Notes, 144A(k)		1.400			04/30/28	EUR	6,410		7,543,508
Sr. Unsec’d. Notes, 144A		1.400			07/30/28	EUR	2,000		2,343,471
Sr. Unsec’d. Notes, 144A		1.450			10/31/27	EUR	5,170		6,125,566
Sr. Unsec’d. Notes, 144A(k)		1.950			07/30/30	EUR	1,300		1,581,237
Sr. Unsec’d. Notes, 144A		2.900			10/31/46	EUR	300		392,874
Sr. Unsec’d. Notes, 144A		3.450			07/30/66	EUR	2,000		2,833,395
Sr. Unsec’d. Notes, 144A(k)		4.650			07/30/25	EUR	15,050		21,371,734
Sr. Unsec’d. Notes, 144A		5.900			07/30/26	EUR	500		773,731
Spain Government International Bond, Sr. Unsec’d. Notes, EMTN		5.250			04/06/29	GBP	10,111		15,724,653
									87,379,283
Sweden    0.2%
Kommuninvest I Sverige AB,
Local Gov’t. Gtd. Notes, EMTN		0.625			11/13/23	SEK	15,000		1,599,213
Local Gov’t. Gtd. Notes, EMTN		1.500			05/12/25	SEK	7,000		777,086
Local Gov’t. Gtd. Notes, EMTN		4.280			05/28/19	MXN	13,200		693,486
Local Gov’t. Gtd. Notes, MTN		4.750			08/17/22	AUD	200		153,273
Svensk Exportkredit AB,
Sr. Unsec’d. Notes, EMTN		3.760			05/28/19	AUD	787		555,598
Sr. Unsec’d. Notes, EMTN		4.200			12/16/20	AUD	700		504,183
									4,282,839
Thailand    0.1%
Thailand Government Bond, Sr. Unsec’d. Notes		3.650			06/20/31	THB	45,000		1,540,490
Turkey    0.5%
Turkey Government Bond, Bonds		8.000			03/12/25	TRY	3,450		346,914
Turkey Government International Bond,
Sr. Unsec’d. Notes(a)		4.125			04/11/23	EUR	2,965		3,293,073
Sr. Unsec’d. Notes		5.200			02/16/26	EUR	300		327,664
Sr. Unsec’d. Notes		5.750			03/22/24		1,000		935,600
Sr. Unsec’d. Notes		7.000			06/05/20		2,000		2,017,912

See Notes to Financial Statements.

PGIM Global Total Return Fund 55

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Turkey (cont’d.)
Turkey Government International Bond, (cont’d.)
Sr. Unsec’d. Notes		7.500	%		11/07/19		400	$	403,760
Sr. Unsec’d. Notes, EMTN		3.250			06/14/25	EUR	3,550		3,573,797
									10,898,720
Ukraine    0.1%
Ukraine Government International Bond, Sr. Unsec’d. Notes		7.750			09/01/24		1,875		1,790,663
United Arab Emirates    0.7%
Abu Dhabi Government International Bond,
Sr. Unsec’d. Notes		2.500			10/11/22		498		493,020
Sr. Unsec’d. Notes, 144A		2.500			10/11/22		2,365		2,341,350
Dubai DOF Sukuk Ltd., Sr. Unsec’d. Notes, EMTN		6.450			05/02/22		6,423		6,963,174
Sharjah Sukuk Ltd., Sr. Unsec’d. Notes(a)		3.764			09/17/24		3,800		3,818,240
									13,615,784
United Kingdom    0.9%
United Kingdom Gilt,
Bonds		1.625			10/22/28	GBP	145		196,522
Bonds		2.000			09/07/25	GBP	100		138,941
Bonds		2.750			09/07/24	GBP	180		257,399
Bonds(k)		3.250			01/22/44	GBP	320		547,652
Bonds(k)		3.500			01/22/45	GBP	2,310		4,140,083
Bonds(k)		4.250			03/07/36	GBP	6,140		11,205,757
Bonds(k)		4.250			09/07/39	GBP	600		1,136,167
									17,622,521
Uruguay    0.2%
Uruguay Government International Bond,
Sr. Unsec’d. Notes		4.375			10/27/27		394		410,823
Sr. Unsec’d. Notes		4.375			01/23/31		625		650,163

See Notes to Financial Statements.

56

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Uruguay (cont’d.)
Uruguay Government International Bond, (cont’d.)
Sr. Unsec’d. Notes		6.875	%		09/28/25		2,202	$	2,541,901
Sr. Unsec’d. Notes		7.000			06/28/19	EUR	118		133,667
									3,736,554
TOTAL SOVEREIGN BONDS (cost $844,561,070)									835,160,165
U.S. GOVERNMENT AGENCY OBLIGATIONS    0.3%
Federal National Mortgage Assoc.		5.375			12/07/28	GBP	707		1,207,951
Tennessee Valley Authority
Sr. Unsec’d. Notes		5.350			06/07/21	GBP	1,217		1,714,549
Sr. Unsec’d. Notes		5.625			06/07/32	GBP	1,391		2,525,597
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $5,744,227)									5,448,097
U.S. TREASURY OBLIGATIONS    1.5%
U.S. Treasury Bonds(k)		2.500			05/15/46		454		417,059
U.S. Treasury Bonds		2.875			08/15/45		18		17,835
U.S. Treasury Bonds(h)		3.375			11/15/48		2,580		2,804,843
U.S. Treasury Notes		1.500			02/28/23		315		306,214
U.S. Treasury Notes(h)(k)		2.125			05/15/25		5,000		4,933,398
U.S. Treasury Notes		2.250			04/30/24		4,545		4,538,076
U.S. Treasury Notes		2.375			04/30/26		4,925		4,919,421
U.S. Treasury Notes(h)		2.500			02/28/21		420		421,542
U.S. Treasury Notes		2.625			08/31/20		134		134,476
U.S. Treasury Notes(k)		2.625			06/15/21		310		312,325
U.S. Treasury Notes(h)(k)		2.625			12/15/21		2,430		2,453,636
U.S. Treasury Notes(h)(k)		2.625			02/15/29		6,509		6,575,361
U.S. Treasury Notes		2.875			11/15/21		200		203,039
U.S. Treasury Strips Coupon		1.872	(s)		05/15/31		400		289,149
U.S. Treasury Strips Coupon		1.888	(s)		08/15/29		400		305,652
U.S. Treasury Strips Coupon		2.089	(s)		11/15/35		800		500,176
U.S. Treasury Strips Coupon(k)		2.251	(s)		08/15/40		800		428,491
TOTAL U.S. TREASURY OBLIGATIONS (cost $29,554,841)									29,560,693

See Notes to Financial Statements.

PGIM Global Total Return Fund 57

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Shares		Value
COMMON STOCK    0.0%
Colombia
Frontera Energy Corp. (cost $44,527)		2,232	$	19,718
PREFERRED STOCK    0.0%
United States
Citigroup Capital XIII, 8.953% (cost $100,000)		4,000		108,280
TOTAL LONG-TERM INVESTMENTS (cost $1,940,072,019)				1,929,593,818
SHORT-TERM INVESTMENTS    6.8%
AFFILIATED MUTUAL FUNDS    2.3%
PGIM Core Ultra Short Bond Fund(w)		14,223,065		14,223,065
PGIM Institutional Money Market Fund (cost $32,177,580; includes $32,102,918 of cash collateral for securities on loan)(b)(w)		32,177,326		32,186,979
TOTAL AFFILIATED MUTUAL FUNDS (cost $46,400,645)				46,410,044
OPTIONS PURCHASED*~    4.5% (cost $135,115,921)				90,485,433
TOTAL SHORT-TERM INVESTMENTS (cost $181,516,566)				136,895,477
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN    103.0% (cost $2,121,588,585)				2,066,489,295
OPTIONS WRITTEN*~    (3.8)% (premiums received $109,567,894)				(76,224,461	)
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN    99.2% (cost $2,012,020,691)				1,990,264,834
Other assets in excess of liabilities(z)    0.8%				15,190,332
NET ASSETS    100.0%			$	2,005,455,166

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

AED—United Arab Emirates Dirham

ARS—Argentine Peso

AUD—Australian Dollar

See Notes to Financial Statements.

58

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

DKK—Danish Krone

EGP—Egyptian Pound

EUR—Euro

GBP—British Pound

HKD—Hong Kong Dollar

HUF—Hungarian Forint

IDR—Indonesian Rupiah

ILS—Israeli Shekel

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

MYR—Malaysian Ringgit

NOK—Norwegian Krone

NZD—New Zealand Dollar

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

PLN—Polish Zloty

RUB—Russian Ruble

SAR—Saudi Arabian Riyal

SEK—Swedish Krona

SGD—Singapore Dollar

THB—Thai Baht

TRY—Turkish Lira

TWD—New Taiwanese Dollar

USD—US Dollar

ZAR—South African Rand

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

A—Annual payment frequency for swaps

ABS—Asset-Backed Security

BBR—New Zealand Bank Bill Rate

BBSW—Australian Bank Bill Swap Reference Rate

BIBOR—Bangkok Interbank Offered Rate

BROIS—Brazil Overnight Index Swap

BUBOR—Budapest Interbank Offered Rate

CDO—Collateralized Debt Obligation

CIBOR—Copenhagen Interbank Offered Rate

CLO—Collateralized Loan Obligation

CLOIS—Sinacofi Chile Interbank Rate Average

CMS—Constant Maturity Swap

COOIS—Colombia Overnight Interbank Reference Rate

CPI—Consumer Price Index

EIBOR—Emirates Interbank Offered Rate

EMTN—Euro Medium Term Note

See Notes to Financial Statements.

PGIM Global Total Return Fund 59

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

EONIA—Euro Overnight Index Average

EURIBOR—Euro Interbank Offered Rate

FHLMC—Federal Home Loan Mortgage Corporation

GMAC—General Motors Acceptance Corporation

GMTN—Global Medium Term Note

HIBOR—Hong Kong Interbank Offered Rate

HICP—Harmonised Index of Consumer Prices

ICE—Intercontinental Exchange

IO—Interest Only (Principal amount represents notional)

JIBAR—Johannesburg Interbank Agreed Rate

KLIBOR—Kuala Lumpur Interbank Offered Rate

KWCDC—Korean Won Certificate of Deposit

LIBOR—London Interbank Offered Rate

M—Monthly payment frequency for swaps

MTN—Medium Term Note

NIBOR—Norwegian Interbank Offered Rate

OAT—Obligations Assimilables du Tresor

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

OTC—Over-the-counter

PIK—Payment-in-Kind

PJSC—Public Joint-Stock Company

PRIBOR—Prague Interbank Offered Rate

Q—Quarterly payment frequency for swaps

S—Semiannual payment frequency for swaps

SAIBOR—Saudi Arabian Interbank Offered Rate

SIBOR—Singapore Interbank Offered Rate

SONIA—Sterling Overnight Index Average

STACR—Structured Agency Credit Risk

STIBOR—Stockholm Interbank Offered Rate

Strips—Separate Trading of Registered Interest and Principal of Securities

T—Swap payment upon termination

TAIBOR—Taiwan Interbank Offered Rate

TELBOR—Tel Aviv Interbank Offered Rate

USOIS—United States Overnight Index Swap

WIBOR—Warsaw Interbank Offered Rate

* Non-income producing security.

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

~ See tables subsequent to the Schedule of Investments for options detail.

^ Indicates a Level 3 security. The aggregate value of Level 3 securities is $20,529,820 and 1.0% 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 $31,299,976; cash collateral of $32,102,918 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

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

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at April 30, 2019.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of April 30, 2019. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

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

(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

See Notes to Financial Statements.

60

(h) Represents security, or a portion thereof, segregated as collateral for OTC derivatives.

(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

(p) Interest rate not available as of April 30, 2019.

(rr) Perpetual security with no stated maturity date.

(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

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

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

Options Purchased:

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike			Contracts		Notional Amount (000)#			Value
2- Year 10 CMS Curve CAP	Call	Morgan Stanley & Co. International PLC		11/21/19		0.13	%		—			5,000	$	31,494
2- Year 10 CMS Curve CAP	Call	Barclays Bank PLC		11/21/19		0.12	%		—			7,600		51,410
2- Year 10 CMS Curve CAP	Call	Barclays Bank PLC		07/12/21		0.11	%		—			4,495		43,199
2- Year 10 CMS Curve CAP	Call	Bank of America, N.A.		08/16/21		0.15	%		—			10,926		98,911
2- Year 10 CMS Curve CAP	Call	Bank of America, N.A.		08/20/21		0.15	%		—			21,689		216,160
2- Year 10 CMS Curve CAP	Call	Bank of America, N.A.		09/13/21		0.13	%		—			22,000		225,652
2- Year 10 CMS Curve CAP	Call	Barclays Bank PLC		11/09/21		0.21	%		—			4,370		46,366
Currency Option AUD vs JPY	Call	Deutsche Bank AG		11/25/20		92.00			—		AUD	30,400		67,971
Currency Option AUD vs JPY	Call	Morgan Stanley & Co. International PLC		10/27/23		85.00			—		AUD	57,000		891,213
Currency Option AUD vs JPY	Call	Goldman Sachs International		10/27/23		85.00			—		AUD	21,000		328,341
Currency Option EUR vs TRY	Call	BNP Paribas S.A.		04/28/20		10.00			—		EUR	35,500		2,436,214
Currency Option EUR vs TRY	Call	Morgan Stanley & Co. International PLC		07/28/20		12.00			—		EUR	35,500		2,117,077
Currency Option EUR vs ZAR	Call	Goldman Sachs International		07/26/19		29.00			—		EUR	35,000		355
Currency Option EUR vs ZAR	Call	Morgan Stanley & Co. International PLC		07/26/19		29.00			—		EUR	14,000		142
Currency Option EUR vs ZAR	Call	Deutsche Bank AG		11/25/19		27.00			—		EUR	14,000		10,680
Currency Option EUR vs ZAR	Call	Morgan Stanley & Co. International PLC		12/24/19		24.00			—		EUR	14,750		36,497
Currency Option EUR vs ZAR	Call	Goldman Sachs International		08/27/20		28.00			—		EUR	34,500		238,916

See Notes to Financial Statements.

PGIM Global Total Return Fund 61

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Options Purchased (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#			Value
Currency Option EUR vs ZAR	Call	Goldman Sachs International		12/21/20		21.00		—		EUR	35,000	$	1,506,091
Currency Option EUR vs ZAR	Call	Morgan Stanley & Co. International PLC		12/21/20		21.00		—		EUR	14,000		602,437
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC		06/11/19		5.25		—			80,000		1,453
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC		08/13/19		6.00		—			41,000		4,232
Currency Option USD vs BRL	Call	Citibank, N.A.		08/13/19		6.00		—			15,000		1,548
Currency Option USD vs BRL	Call	Deutsche Bank AG		12/20/19		5.00		—			32,500		169,669
Currency Option USD vs BRL	Call	Deutsche Bank AG		03/27/20		4.65		—			33,000		553,687
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC		07/27/20		6.50		—			80,000		317,418
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC		08/27/20		8.50		—			40,000		52,880
Currency Option USD vs BRL	Call	Citibank, N.A.		12/21/20		5.25		—			80,000		1,604,254
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC		01/27/21		4.00		—			41,000		3,731,025
Currency Option USD vs BRL	Call	Citibank, N.A.		01/27/21		4.00		—			15,000		1,365,009
Currency Option USD vs CAD	Call	HSBC Bank USA, N.A.		07/30/19		1.30		—			20,000		583,785
Currency Option USD vs CAD	Call	Citibank, N.A.		07/30/19		1.40		—			40,000		38,367
Currency Option USD vs CHF	Call	Goldman Sachs International		10/28/20		1.00		—			40,000		728,007
Currency Option USD vs CHF	Call	Morgan Stanley & Co. International PLC		10/28/20		1.00		—			15,500		282,103
Currency Option USD vs INR	Call	HSBC Bank USA, N.A.		05/23/19		90.00		—			40,000		—
Currency Option USD vs INR	Call	Goldman Sachs International		05/23/19		90.00		—			16,000		—
Currency Option USD vs INR	Call	HSBC Bank USA, N.A.		08/27/19		82.50		—			40,000		12,451
Currency Option USD vs INR	Call	JPMorgan Chase Bank, N.A.		09/30/19		90.00		—			56,000		6,048
Currency Option USD vs INR	Call	Goldman Sachs International		10/28/20		90.00		—			40,000		163,847

See Notes to Financial Statements.

62

Options Purchased (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option USD vs INR	Call	Goldman Sachs International		02/24/21		79.00		—		56,000	$	1,272,132
Currency Option USD vs JPY	Call	Morgan Stanley & Co. International PLC		01/27/21		110.00		—		22,000		435,739
Currency Option USD vs JPY	Call	Deutsche Bank AG		10/27/23		115.00		—		40,000		404,405
Currency Option USD vs JPY	Call	Barclays Bank PLC		10/27/23		115.00		—		72,000		727,928
Currency Option USD vs KRW	Call	Goldman Sachs International		05/29/19		1,500.00		—		12,000		1
Currency Option USD vs KRW	Call	Morgan Stanley & Co. International PLC		07/29/19		1,150.00		—		15,000		258,584
Currency Option USD vs KRW	Call	Goldman Sachs International		07/29/19		1,450.00		—		30,000		771
Currency Option USD vs KRW	Call	Goldman Sachs International		12/20/19		1,200.00		—		18,000		179,788
Currency Option USD vs KRW	Call	BNP Paribas S.A.		12/20/19		1,350.00		—		36,000		51,284
Currency Option USD vs MXN	Call	Deutsche Bank AG		08/27/19		25.00		—		24,500		10,165
Currency Option USD vs MXN	Call	Goldman Sachs International		09/03/19		31.00		—		83,250		5,607
Currency Option USD vs MXN	Call	Morgan Stanley & Co. International PLC		12/26/19		22.00		—		16,000		136,828
Currency Option USD vs MXN	Call	Citibank, N.A.		12/26/19		26.00		—		32,000		53,698
Currency Option USD vs MXN	Call	Deutsche Bank AG		04/28/20		26.00		—		55,500		264,639
Currency Option USD vs MXN	Call	Morgan Stanley & Co. International PLC		10/28/20		31.00		—		120,000		489,106
Currency Option USD vs MXN	Call	Morgan Stanley & Co. International PLC		01/27/21		22.00		—		61,500		2,462,912
Currency Option USD vs MXN	Call	Goldman Sachs International		01/27/21		22.00		—		21,750		871,030
Currency Option USD vs MXN	Call	Citibank, N.A.		01/27/21		26.50		—		166,500		2,122,299
Currency Option USD vs RUB	Call	BNP Paribas S.A.		06/27/19		95.00		—		56,000		274
Currency Option USD vs RUB	Call	Citibank, N.A.		12/23/19		85.00		—		18,000		53,481
Currency Option USD vs RUB	Call	BNP Paribas S.A.		03/30/20		95.00		—		33,000		91,286

See Notes to Financial Statements.

PGIM Global Total Return Fund 63

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Options Purchased (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#			Value
Currency Option USD vs TRY	Call	Morgan Stanley & Co. International PLC		07/05/19		10.00		—			56,000	$	104,269
Currency Option USD vs TRY	Call	Morgan Stanley & Co. International PLC		08/05/19		12.00		—			56,000		114,936
Currency Option USD vs TRY	Call	Citibank, N.A.		08/28/19		5.40		—			15,000		2,426,997
Currency Option USD vs TRY	Call	Morgan Stanley & Co. International PLC		09/27/19		15.00		—			56,000		147,824
Currency Option USD vs TRY	Call	Goldman Sachs International		12/23/19		6.00		—			18,000		2,680,839
Currency Option USD vs TRY	Call	Morgan Stanley & Co. International PLC		04/29/20		7.00		—			41,000		5,097,015
Currency Option USD vs TRY	Call	Deutsche Bank AG		06/29/20		9.00		—			40,000		2,747,508
Currency Option USD vs TRY	Call	Deutsche Bank AG		10/29/20		9.00		—			40,000		3,965,384
Currency Option USD vs TRY	Call	Morgan Stanley & Co. International PLC		10/29/20		9.00		—			16,000		1,586,154
Currency Option USD vs TRY	Call	Morgan Stanley & Co. International PLC		02/25/21		10.00		—			56,000		5,673,727
Currency Option USD vs ZAR	Call	Morgan Stanley & Co. International PLC		06/26/19		20.00		—			15,000		914
Currency Option USD vs ZAR	Call	Goldman Sachs International		07/26/19		25.00		—			40,000		1,167
Currency Option USD vs ZAR	Call	Morgan Stanley & Co. International PLC		07/26/19		25.00		—			72,000		2,101
Currency Option USD vs ZAR	Call	Morgan Stanley & Co. International PLC		12/24/19		14.00		—			18,000		1,308,693
Currency Option USD vs ZAR	Call	BNP Paribas S.A.		12/24/19		17.00		—			36,000		519,914
Currency Option USD vs ZAR	Call	Goldman Sachs International		07/27/20		25.00		—			40,000		223,728
Currency Option USD vs ZAR	Call	Goldman Sachs International		09/28/20		17.00		—			40,000		1,699,244
Currency Option USD vs ZAR	Call	Morgan Stanley & Co. International PLC		09/28/20		17.00		—			16,000		679,697
Currency Option USD vs ZAR	Call	Goldman Sachs International		01/27/21		15.00		—			40,000		3,857,537
Currency Option USD vs ZAR	Call	Morgan Stanley & Co. International PLC		01/27/21		15.00		—			16,000		1,543,015
Currency Option AUD vs JPY	Put	Deutsche Bank AG		06/06/19		52.00		—		AUD	252,000		158

See Notes to Financial Statements.

64

Options Purchased (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#			Value
Currency Option AUD vs JPY	Put	Goldman Sachs International		06/06/19		52.00		—		AUD	58,500	$	37
Currency Option AUD vs JPY	Put	BNP Paribas S.A.		06/26/19		80.00		—		AUD	77,000		1,454,998
Currency Option AUD vs JPY	Put	Morgan Stanley & Co. International PLC		06/26/19		70.00		—		AUD	154,000		54,356
Currency Option AUD vs JPY	Put	Morgan Stanley & Co. International PLC		01/29/20		82.00		—		AUD	110,000		5,345,423
Currency Option AUD vs JPY	Put	Deutsche Bank AG		01/29/20		73.00		—		AUD	220,000		2,338,265
Currency Option AUD vs JPY	Put	Deutsche Bank AG		02/26/20		67.00		—		AUD	150,000		700,970
Currency Option AUD vs JPY	Put	BNP Paribas S.A.		02/26/20		76.00		—		AUD	75,000		1,465,305
Currency Option AUD vs JPY	Put	Deutsche Bank AG		12/28/20		68.00		—		AUD	252,000		3,686,964
Currency Option AUD vs JPY	Put	Goldman Sachs International		12/28/20		68.00		—		AUD	58,500		855,902
Currency Option AUD vs USD	Put	Citibank, N.A.		01/29/20		0.69		—		AUD	23,000		273,548
Currency Option EUR vs TRY	Put	Goldman Sachs International		04/28/20		6.00		—		EUR	35,500		89,475
Currency Option EUR vs TRY	Put	BNP Paribas S.A.		07/28/20		7.00		—		EUR	35,500		545,346
Currency Option GBP vs USD	Put	Goldman Sachs International		09/03/19		1.00		—		GBP	41,600		3,068
Currency Option GBP vs USD	Put	Citibank, N.A.		11/25/19		1.30		—		GBP	12,500		307,154
Currency Option GBP vs USD	Put	HSBC Bank USA, N.A.		11/25/19		1.15		—		GBP	12,500		33,205
Currency Option GBP vs USD	Put	HSBC Bank USA, N.A.		09/28/20		1.28		—		GBP	32,000		1,064,058
Currency Option GBP vs USD	Put	Goldman Sachs International		09/28/20		1.28		—		GBP	9,600		319,217
Currency Option USD vs BRL	Put	JPMorgan Chase Bank, N.A.		03/27/20		3.10		—			33,000		36,714
Currency Option USD vs BRL	Put	Deutsche Bank AG		06/26/20		3.50		—			40,000		391,095
Currency Option USD vs BRL	Put	Deutsche Bank AG		08/27/20		3.50		—			40,000		444,423
Currency Option USD vs BRL	Put	Morgan Stanley & Co. International PLC		08/27/20		3.25		—			40,000		163,529

See Notes to Financial Statements.

PGIM Global Total Return Fund 65

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Options Purchased (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option USD vs BRL	Put	Citibank, N.A.		03/29/21		3.75		—		119,000	$	3,491,303
Currency Option USD vs CNH	Put	Morgan Stanley & Co. International PLC		06/26/19		6.00		—		39,000		157
Currency Option USD vs INR	Put	Goldman Sachs International		07/29/19		69.00		—		20,000		114,157
Currency Option USD vs INR	Put	BNP Paribas S.A.		08/27/19		69.50		—		40,000		336,735
Currency Option USD vs INR	Put	BNP Paribas S.A.		12/21/20		69.00		—		20,000		154,420
Currency Option USD vs JPY	Put	Barclays Bank PLC		07/05/19		91.00		—		112,000		3,520
Currency Option USD vs KRW	Put	Deutsche Bank AG		07/29/19		1,050.00		—		15,000		636
Currency Option USD vs MXN	Put	BNP Paribas S.A.		08/27/19		17.00		—		24,500		12,803
Currency Option USD vs MXN	Put	Citibank, N.A.		04/28/20		17.00		—		55,500		150,467
Currency Option USD vs MXN	Put	Deutsche Bank AG		10/28/20		18.00		—		40,000		356,950
Currency Option USD vs RUB	Put	BNP Paribas S.A.		12/22/20		66.00		—		56,000		1,912,026
Currency Option USD vs TRY	Put	Goldman Sachs International		04/29/20		4.00		—		41,000		22,567
Currency Option USD vs TRY	Put	Morgan Stanley & Co. International PLC		06/29/20		5.00		—		40,000		128,840
Currency Option USD vs ZAR	Put	BNP Paribas S.A.		07/27/20		12.00		—		40,000		166,343
Currency Option USD vs ZAR	Put	Morgan Stanley & Co. International PLC		01/27/21		12.50		—		56,000		606,967
Total OTC Traded (cost $133,177,663)											$	89,868,630

OTC Swaptions

Description

Call/ Put

Counterparty

Expiration Date

Strike

Receive

Pay

Notional Amount (000)#

Value

CDX.NA.HY.32.V1, 06/20/24

Put

Deutsche Bank AG

07/17/19

$

104.50

CDX.NA.HY. 32.V1(Q)

5.00%(Q)

56,900

$

205,269

CDX.NA.HY.32.V1, 06/20/24

Put

Deutsche Bank AG

05/15/19

$

97.00

CDX.NA.HY. 32.V1(Q)

5.00%(Q)

56,900

972

See Notes to Financial Statements.

66

Options Purchased (continued):

OTC Swaptions

Description

Call/ Put

Counterparty

Expiration Date

Strike

Receive

Pay

Notional Amount (000)#

Value

iTraxx.EUR.31.V1, 06/20/24

Put

Citibank, N.A.

09/18/19

0.80

%

iTraxx.EUR. 31.V1(Q)

1.00%(Q)

EUR

101,600

$

169,707

iTraxx.XO.31.V1, 06/20/24

Put

Citibank, N.A.

09/18/19

3.50

%

iTraxx.XO. 31.V1(Q)

5.00%(Q)

EUR

50,800

240,855

Total OTC Swaptions (cost $1,938,258)

$

616,803

Total Options Purchased (cost $135,115,921)

$

90,485,433

Options Written:

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#			Value
Currency Option AUD vs JPY	Call	Morgan Stanley & Co. International PLC		11/25/20		92.00		—		AUD	30,400	$	(67,971	)
Currency Option EUR vs TRY	Call	Goldman Sachs International		04/28/20		10.00		—		EUR	35,500		(2,436,214	)
Currency Option EUR vs TRY	Call	BNP Paribas S.A.		07/28/20		12.00		—		EUR	35,500		(2,117,077	)
Currency Option EUR vs ZAR	Call	Citibank, N.A.		11/25/19		27.00		—		EUR	14,000		(10,680	)
Currency Option EUR vs ZAR	Call	Deutsche Bank AG		12/24/19		24.00		—		EUR	14,750		(36,497	)
Currency Option EUR vs ZAR	Call	Morgan Stanley & Co. International PLC		08/27/20		28.00		—		EUR	34,500		(238,916	)
Currency Option EUR vs ZAR	Call	Goldman Sachs International		12/21/20		25.00		—		EUR	70,000		(1,354,536	)
Currency Option EUR vs ZAR	Call	Morgan Stanley & Co. International PLC		12/21/20		25.00		—		EUR	28,000		(541,814	)
Currency Option USD vs BRL	Call	Citibank, N.A.		06/11/19		5.25		—			80,000		(1,454	)
Currency Option USD vs BRL	Call	JPMorgan Chase Bank, N.A.		12/20/19		5.00		—			18,000		(93,971	)
Currency Option USD vs BRL	Call	JPMorgan Chase Bank, N.A.		12/20/19		5.00		—			14,500		(75,699	)
Currency Option USD vs BRL	Call	JPMorgan Chase Bank, N.A.		03/27/20		4.65		—			33,000		(553,687	)
Currency Option USD vs BRL	Call	Deutsche Bank AG		07/27/20		6.50		—			80,000		(317,418	)
Currency Option USD vs BRL	Call	Deutsche Bank AG		08/27/20		8.50		—			40,000		(52,880	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 67

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Options Written (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC		12/21/20		5.25		—		80,000	$	(1,604,254	)
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC		01/27/21		5.00		—		82,000		(2,321,947	)
Currency Option USD vs BRL	Call	Citibank, N.A.		01/27/21		5.00		—		30,000		(849,493	)
Currency Option USD vs CAD	Call	HSBC Bank USA, N.A.		07/30/19		1.40		—		40,000		(38,367	)
Currency Option USD vs CAD	Call	Citibank, N.A.		07/30/19		1.30		—		20,000		(583,785	)
Currency Option USD vs INR	Call	BNP Paribas S.A.		08/27/19		82.50		—		40,000		(12,451	)
Currency Option USD vs INR	Call	HSBC Bank USA, N.A.		10/28/20		90.00		—		40,000		(163,847	)
Currency Option USD vs INR	Call	Goldman Sachs International		02/24/21		86.00		—		112,000		(1,077,148	)
Currency Option USD vs JPY	Call	Citibank, N.A.		01/27/21		110.00		—		22,000		(435,739	)
Currency Option USD vs KRW	Call	Morgan Stanley & Co. International PLC		05/29/19		1,500.00		—		12,000		(1	)
Currency Option USD vs KRW	Call	Morgan Stanley & Co. International PLC		07/29/19		1,450.00		—		30,000		(771	)
Currency Option USD vs KRW	Call	Goldman Sachs International		07/29/19		1,150.00		—		15,000		(258,584	)
Currency Option USD vs KRW	Call	Goldman Sachs International		12/20/19		1,350.00		—		36,000		(51,284	)
Currency Option USD vs KRW	Call	BNP Paribas S.A.		12/20/19		1,200.00		—		18,000		(179,788	)
Currency Option USD vs MXN	Call	BNP Paribas S.A.		08/27/19		25.00		—		24,500		(10,165	)
Currency Option USD vs MXN	Call	Morgan Stanley & Co. International PLC		12/26/19		26.00		—		32,000		(53,698	)
Currency Option USD vs MXN	Call	Citibank, N.A.		12/26/19		22.00		—		16,000		(136,828	)
Currency Option USD vs MXN	Call	Citibank, N.A.		04/28/20		26.00		—		55,500		(264,640	)
Currency Option USD vs MXN	Call	Deutsche Bank AG		10/28/20		31.00		—		120,000		(489,106	)
Currency Option USD vs MXN	Call	Morgan Stanley & Co. International PLC		01/27/21		26.50		—		123,000		(1,567,824	)
Currency Option USD vs MXN	Call	Goldman Sachs International		01/27/21		26.50		—		43,500		(554,474	)

See Notes to Financial Statements.

68

Options Written (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#			Value
Currency Option USD vs MXN	Call	Citibank, N.A.		01/27/21		22.00		—			83,250	$	(3,333,942	)
Currency Option USD vs RUB	Call	Goldman Sachs International		12/23/19		85.00		—			18,000		(53,481	)
Currency Option USD vs RUB	Call	Citibank, N.A.		03/30/20		95.00		—			33,000		(91,286	)
Currency Option USD vs RUB	Call	BNP Paribas S.A.		12/22/20		95.00		—			56,000		(758,266	)
Currency Option USD vs TRY	Call	BNP Paribas S.A.		08/28/19		5.40		—			15,000		(2,426,997	)
Currency Option USD vs TRY	Call	BNP Paribas S.A.		12/23/19		6.00		—			18,000		(2,680,839	)
Currency Option USD vs TRY	Call	Goldman Sachs International		04/29/20		7.00		—			41,000		(5,097,015	)
Currency Option USD vs TRY	Call	Morgan Stanley & Co. International PLC		06/29/20		9.00		—			40,000		(2,747,508	)
Currency Option USD vs TRY	Call	Deutsche Bank AG		10/29/20		12.00		—			80,000		(4,055,956	)
Currency Option USD vs TRY	Call	Morgan Stanley & Co. International PLC		10/29/20		12.00		—			32,000		(1,622,383	)
Currency Option USD vs TRY	Call	Morgan Stanley & Co.International PLC		02/25/21		15.00		—			112,000		(5,199,089	)
Currency Option USD vs ZAR	Call	HSBC Bank USA, N.A.		06/26/19		20.00		—			13,000		(792	)
Currency Option USD vs ZAR	Call	BNP Paribas S.A.		06/26/19		20.00		—			2,000		(122	)
Currency Option USD vs ZAR	Call	Morgan Stanley & Co. International PLC		12/24/19		17.00		—			36,000		(519,914	)
Currency Option USD vs ZAR	Call	BNP Paribas S.A.		12/24/19		14.00		—			18,000		(1,308,693	)
Currency Option USD vs ZAR	Call	BNP Paribas S.A.		07/27/20		25.00		—			40,000		(223,728	)
Currency Option USD vs ZAR	Call	Goldman Sachs International		09/28/20		21.00		—			80,000		(1,208,769	)
Currency Option USD vs ZAR	Call	Morgan Stanley & Co. International PLC		09/28/20		21.00		—			32,000		(483,507	)
Currency Option USD vs ZAR	Call	Goldman Sachs International		01/27/21		20.00		—			80,000		(2,196,160	)
Currency Option USD vs ZAR	Call	Morgan Stanley & Co. International PLC		01/27/21		20.00		—			32,000		(878,464	)
Currency Option AUD vs JPY	Put	BNP Paribas S.A.		06/26/19		70.00		—		AUD	154,000		(54,356	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 69

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Options Written (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#			Value
Currency Option AUD vs JPY	Put	Morgan Stanley & Co. International PLC		06/26/19		80.00		—		AUD	77,000	$	(1,454,998	)
Currency Option AUD vs JPY	Put	Morgan Stanley & Co. International PLC		01/29/20		73.00		—		AUD	220,000		(2,338,265	)
Currency Option AUD vs JPY	Put	Deutsche Bank AG		01/29/20		82.00		—		AUD	110,000		(5,345,423	)
Currency Option AUD vs JPY	Put	Deutsche Bank AG		02/26/20		76.00		—		AUD	75,000		(1,465,305	)
Currency Option AUD vs JPY	Put	BNP Paribas S.A.		02/26/20		67.00		—		AUD	150,000		(700,970	)
Currency Option AUD vs JPY	Put	Deutsche Bank AG		12/28/20		60.00		—		AUD	504,000		(3,251,331	)
Currency Option AUD vs JPY	Put	Goldman Sachs International		12/28/20		60.00		—		AUD	117,000		(754,773	)
Currency Option AUD vs USD	Put	Morgan Stanley & Co. International PLC		01/29/20		0.69		—		AUD	23,000		(273,548	)
Currency Option EUR vs TRY	Put	Morgan Stanley & Co. International PLC		04/28/20		6.00		—		EUR	35,500		(89,475	)
Currency Option EUR vs TRY	Put	Morgan Stanley & Co. International PLC		07/28/20		7.00		—		EUR	35,500		(545,346	)
Currency Option GBP vs USD	Put	Citibank, N.A.		11/25/19		1.15		—		GBP	12,500		(33,205	)
Currency Option GBP vs USD	Put	HSBC Bank USA, N.A.		11/25/19		1.30		—		GBP	12,500		(307,154	)
Currency Option GBP vs USD	Put	HSBC Bank USA, N.A.		09/28/20		1.16		—		GBP	64,000		(685,197	)
Currency Option GBP vs USD	Put	Goldman Sachs International		09/28/20		1.16		—		GBP	19,200		(205,559	)
Currency Option USD vs BRL	Put	Deutsche Bank AG		03/27/20		3.10		—			33,000		(36,714	)
Currency Option USD vs BRL	Put	Citibank, N.A.		06/26/20		3.50		—			40,000		(391,095	)
Currency Option USD vs BRL	Put	Morgan Stanley & Co. International PLC		08/27/20		3.50		—			40,000		(444,423	)
Currency Option USD vs BRL	Put	Citibank, N.A.		08/27/20		3.25		—			40,000		(163,529	)
Currency Option USD vs INR	Put	BNP Paribas S.A.		07/29/19		69.00		—			20,000		(114,157	)
Currency Option USD vs INR	Put	HSBC Bank USA, N.A.		08/27/19		69.50		—			40,000		(336,735	)
Currency Option USD vs INR	Put	Goldman Sachs International		12/21/20		69.00		—			20,000		(154,420	)

See Notes to Financial Statements.

70

Options Written (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option USD vs JPY	Put	Morgan Stanley & Co. International PLC		01/27/21		91.00		—		40,000	$	(285,631	)
Currency Option USD vs JPY	Put	Barclays Bank PLC		01/27/21		91.00		—		72,000		(514,135	)
Currency Option USD vs KRW	Put	Morgan Stanley & Co. International PLC		07/29/19		1,050.00		—		15,000		(636	)
Currency Option USD vs MXN	Put	Morgan Stanley & Co. International PLC		08/27/19		17.00		—		24,500		(12,803	)
Currency Option USD vs MXN	Put	Morgan Stanley & Co. International PLC		04/28/20		17.00		—		55,500		(150,467	)
Currency Option USD vs MXN	Put	Morgan Stanley & Co. International PLC		10/28/20		18.00		—		40,000		(356,950	)
Currency Option USD vs RUB	Put	BNP Paribas S.A.		08/28/19		66.00		—		56,000		(1,514,496	)
Currency Option USD vs TRY	Put	Deutsche Bank AG		04/29/20		4.00		—		41,000		(22,567	)
Currency Option USD vs TRY	Put	Deutsche Bank AG		06/29/20		5.00		—		40,000		(128,840	)
Currency Option USD vs ZAR	Put	Goldman Sachs International		07/27/20		12.00		—		40,000		(166,343	)
Total OTC Traded (premiums received $107,801,104)											$	(75,738,765	)

OTC Swaptions

Description	Call/ Put	Counterparty	Expiration Date		Strike			Receive	Pay	Notional Amount (000)#		Value
CDX.NA.HY.32.V1, 06/20/24	Put	Deutsche Bank AG		07/17/19	$	101.00		5.00%(Q)	CDX.NA.HY. 32.V1(Q)		113,800	$	(161,855	)
iTraxx.EUR.31.V1, 06/20/24	Put	Citibank, N.A.		09/18/19		1.10	%	1.00%(Q)	iTraxx.EUR. 31.V1(Q)	EUR	203,200		(133,721	)
iTraxx.XO.31.V1, 06/20/24	Put	Citibank, N.A.		09/18/19		4.50	%	5.00%(Q)	iTraxx.XO. 31.V1(Q)	EUR	101,600		(190,120	)
Total OTC Swaptions (premiums received $1,766,790)												$	(485,696	)
Total Options Written (premiums received $109,567,894)												$	(76,224,461	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 71

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Futures contracts outstanding at April 30, 2019:

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
	Long Positions:
	7,453	5 Year U.S. Treasury Notes		Jun. 2019	$	861,869,615	$	5,323,438
	2	10 Year Canadian Government Bonds		Jun. 2019		206,285		3,133
	4,033	10 Year U.S. Treasury Notes		Jun. 2019		498,768,692		3,446,630
	19	10 Year U.S. Ultra Treasury Notes		Jun. 2019		2,503,844		27,139
	192	20 Year U.S. Treasury Bonds		Jun. 2019		28,314,000		414,399
	8	30 Year Euro Buxl		Jun. 2019		1,693,526		59,572
	920	30 Year U.S. Ultra Treasury Bonds		Jun. 2019		151,138,750		1,063,876
	388	Euro-OAT		Jun. 2019		70,499,290		1,391,817
								11,730,004
	Short Positions:
	4,137	2 Year U.S. Treasury Notes		Jun. 2019		881,213,321		(2,859,801	)
	996	5 Year Euro-Bobl		Jun. 2019		148,497,911		(727,769	)
	1,082	10 Year Euro-Bund		Jun. 2019		200,615,455		(1,951,451	)
	2,017	Euro Schatz Index		Jun. 2019		253,192,945		(288,911	)
								(5,827,932	)
							$	5,902,072

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Argentine Peso,
Expiring 05/03/19	BNP Paribas S.A.	ARS	284,201	$	6,415,372	$	6,381,748	$	—	$	(33,624	)
Expiring 05/30/19	BNP Paribas S.A.	ARS	110,257		2,358,431		2,381,626		23,195		—
Expiring 06/25/19	Citibank, N.A.	ARS	29,602		650,591		613,472		—		(37,119	)
Expiring 06/25/19	Citibank, N.A.	ARS	21,079		449,629		436,835		—		(12,794	)
Expiring 06/25/19	Citibank, N.A.	ARS	14,394		310,408		298,295		—		(12,113	)
Australian Dollar,
Expiring 06/28/19	Goldman Sachs International	AUD	3,228		2,466,159		2,278,441		—		(187,718	)

See Notes to Financial Statements.

72

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Australian Dollar (cont’d.),
Expiring 06/28/19	Morgan Stanley & Co. International PLC	AUD	1,390	$	1,075,979	$	981,145	$	—	$	(94,834	)
Expiring 07/22/19	Barclays Bank PLC	AUD	2,443		1,736,000		1,725,732		—		(10,268	)
Expiring 07/22/19	Citibank, N.A.	AUD	5,773		4,148,800		4,077,755		—		(71,045	)
Expiring 07/22/19	Morgan Stanley & Co. International PLC	AUD	1,242		889,672		877,586		—		(12,086	)
Expiring 08/29/19	Barclays Bank PLC	AUD	13,623		9,701,153		9,632,474		—		(68,679	)
Expiring 08/29/19	BNP Paribas S.A.	AUD	1,696		1,197,000		1,199,209		2,209		—
Expiring 08/29/19	Morgan Stanley & Co. International PLC	AUD	6,367		4,520,846		4,501,737		—		(19,109	)
Expiring 08/29/19	Morgan Stanley & Co. International PLC	AUD	5,309		3,771,142		3,753,775		—		(17,367	)
Expiring 01/31/20	Citibank, N.A.	AUD	3,238		2,594,998		2,298,397		—		(296,601	)
Expiring 01/31/20	Citibank, N.A.	AUD	2,637		1,966,670		1,872,042		—		(94,628	)
Expiring 02/28/20	Bank of America, N.A.	AUD	8,916		6,402,013		6,333,231		—		(68,782	)
Expiring 11/30/20	Morgan Stanley & Co. International PLC	AUD	2,729		1,959,198		1,948,187		—		(11,011	)
Brazilian Real,
Expiring 06/04/19	JPMorgan Chase Bank, N.A.	BRL	21,917		5,647,287		5,574,273		—		(73,014	)
Expiring 06/04/19	JPMorgan Chase Bank, N.A.	BRL	3,406		863,000		866,285		3,285		—

See Notes to Financial Statements.

PGIM Global Total Return Fund 73

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Brazilian Real (cont’d.),
Expiring 08/29/19	JPMorgan Chase Bank, N.A.	BRL	3,957	$	990,000	$	999,271	$	9,271	$	—
Expiring 09/30/19	Barclays Bank PLC	BRL	3,000		877,707		755,515		—		(122,192	)
Expiring 09/30/19	Barclays Bank PLC	BRL	682		198,290		171,793		—		(26,497	)
Expiring 09/30/19	JPMorgan Chase Bank, N.A.	BRL	5,925		1,689,000		1,492,144		—		(196,856	)
Expiring 12/24/19	Barclays Bank PLC	BRL	2,271		656,862		568,239		—		(88,623	)
Expiring 12/24/19	Barclays Bank PLC	BRL	455		130,617		113,769		—		(16,848	)
Expiring 12/24/19	Citibank, N.A.	BRL	3,650		933,553		913,161		—		(20,392	)
Expiring 12/24/19	Deutsche Bank AG	BRL	24,458		6,069,000		6,118,624		49,624		—
Expiring 03/31/20	Deutsche Bank AG	BRL	47,153		11,550,000		11,711,169		161,169		—
Expiring 06/30/20	Citibank, N.A.	BRL	31,480		7,893,000		7,741,692		—		(151,308	)
Expiring 06/30/20	Deutsche Bank AG	BRL	53,533		12,146,000		13,164,994		1,018,994		—
Expiring 06/30/20	Morgan Stanley & Co. International PLC	BRL	3,592		881,000		883,307		2,307		—
Expiring 07/29/20	Deutsche Bank AG	BRL	10,985		2,758,413		2,691,729		—		(66,684	)
Expiring 07/29/20	Morgan Stanley & Co. International PLC	BRL	9,411		2,413,000		2,305,888		—		(107,112	)
Expiring 08/31/20	Citibank, N.A.	BRL	15,315		3,813,000		3,737,155		—		(75,845	)
Expiring 08/31/20	Morgan Stanley & Co. International PLC	BRL	16,155		3,967,000		3,942,205		—		(24,795	)
Expiring 12/23/20	Citibank, N.A.	BRL	70,083		17,106,000		16,862,215		—		(243,785	)

See Notes to Financial Statements.

74

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Brazilian Real (cont’d.),
Expiring 01/29/21	Citibank, N.A.	BRL	31,144	$	7,402,000	$	7,459,392	$	57,392	$	—
Expiring 01/29/21	Citibank, N.A.	BRL	20,672		4,950,547		4,951,226		679		—
Expiring 01/29/21	Morgan Stanley & Co. International PLC	BRL	11,133		2,780,000		2,666,388		—		(113,612	)
British Pound,
Expiring 07/19/19	Bank of America, N.A.	GBP	2,822		3,711,000		3,695,753		—		(15,247	)
Expiring 07/19/19	Bank of America, N.A.	GBP	2,053		2,691,000		2,688,347		—		(2,653	)
Expiring 07/19/19	Bank of America, N.A.	GBP	1,126		1,460,000		1,475,024		15,024		—
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	GBP	1,726		2,255,000		2,259,706		4,706		—
Expiring 07/19/19	Morgan Stanley & Co. International PLC	GBP	2,507		3,303,000		3,282,240		—		(20,760	)
Expiring 07/19/19	Morgan Stanley & Co. International PLC	GBP	833		1,096,000		1,090,166		—		(5,834	)
Expiring 07/19/19	The Toronto-Dominion Bank	GBP	2,502		3,281,000		3,275,601		—		(5,399	)
Expiring 08/29/19	Citibank, N.A.	GBP	3,717		4,847,272		4,877,194		29,922		—
Expiring 11/27/19	Citibank, N.A.	GBP	2,666		3,624,960		3,511,980		—		(112,980	)
Canadian Dollar,
Expiring 07/22/19	Bank of America, N.A.	CAD	2,237		1,664,000		1,673,026		9,026		—
Expiring 07/22/19	Bank of America, N.A.	CAD	2,030		1,508,000		1,518,661		10,661		—
Expiring 07/22/19	Barclays Bank PLC	CAD	1,450		1,084,000		1,084,780		780		—

See Notes to Financial Statements.

PGIM Global Total Return Fund 75

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Canadian Dollar (cont’d.),
Expiring 07/22/19	Morgan Stanley & Co. International PLC	CAD	41,898	$	31,387,349	$	31,338,320	$	—	$	(49,029	)
Expiring 07/31/19	HSBC Bank USA, N.A.	CAD	5,607		4,243,862		4,194,704		—		(49,158	)
Expiring 07/31/19	JPMorgan Chase Bank, N.A.	CAD	2,119		1,624,886		1,585,139		—		(39,747	)
Chilean Peso,
Expiring 06/19/19	BNP Paribas S.A.	CLP	1,205,273		1,809,900		1,778,961		—		(30,939	)
Expiring 06/19/19	BNP Paribas S.A.	CLP	1,182,871		1,769,199		1,745,895		—		(23,304	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	CLP	539,397		814,000		796,140		—		(17,860	)
Chinese Renminbi,
Expiring 05/06/19	Citibank, N.A.	CNH	10,414		1,545,546		1,545,970		424		—
Expiring 06/05/19	BNP Paribas S.A.	CNH	41,382		6,187,447		6,143,333		—		(44,114	)
Expiring 06/28/19	Citibank, N.A.	CNH	7,979		1,139,014		1,184,503		45,489		—
Expiring 07/25/19	Barclays Bank PLC	CNH	41,488		6,156,073		6,158,281		2,208		—
Expiring 07/25/19	Citibank, N.A.	CNH	20,809		3,102,234		3,088,890		—		(13,344	)
Expiring 07/25/19	JPMorgan Chase Bank, N.A.	CNH	17,974		2,689,041		2,667,964		—		(21,077	)
Expiring 07/25/19	JPMorgan Chase Bank, N.A.	CNH	5,624		836,000		834,834		—		(1,166	)
Expiring 02/28/20	Citibank, N.A.	CNH	9,688		1,375,694		1,434,949		59,255		—
Expiring 02/28/20	HSBC Bank USA, N.A.	CNH	9,677		1,428,763		1,433,336		4,573		—
Expiring 02/28/20	Morgan Stanley & Co. International PLC	CNH	52,452		8,077,000		7,768,841		—		(308,159	)

See Notes to Financial Statements.

76

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Colombian Peso,
Expiring 05/20/19	BNP Paribas S.A.	COP	9,862,053	$	3,179,000	$	3,046,859	$	—	$	(132,141	)
Expiring 05/20/19	BNP Paribas S.A.	COP	5,487,261		1,781,000		1,695,277		—		(85,723	)
Expiring 05/20/19	Citibank, N.A.	COP	3,878,720		1,240,000		1,198,322		—		(41,678	)
Expiring 05/20/19	HSBC Bank USA, N.A.	COP	2,696,112		864,000		832,958		—		(31,042	)
Expiring 05/20/19	JPMorgan Chase Bank, N.A.	COP	3,550,822		1,133,000		1,097,018		—		(35,982	)
Czech Koruna,
Expiring 07/19/19	Citibank, N.A.	CZK	92,925		4,099,373		4,074,907		—		(24,466	)
Danish Krone,
Expiring 07/19/19	Citibank, N.A.	DKK	4,224		645,722		639,235		—		(6,487	)
Egyptian Pound,
Expiring 07/15/19	Citibank, N.A.	EGP	47,211		2,513,874		2,691,363		177,489		—
Expiring 07/15/19	Citibank, N.A.	EGP	29,132		1,550,711		1,660,727		110,016		—
Expiring 07/29/19	Citibank, N.A.	EGP	22,834		1,233,918		1,296,733		62,815		—
Expiring 07/29/19	Citibank, N.A.	EGP	12,811		682,177		727,558		45,381		—
Expiring 09/18/19	Citibank, N.A.	EGP	28,597		1,564,390		1,602,709		38,319		—
Expiring 10/08/19	Citibank, N.A.	EGP	15,748		867,400		877,864		10,464		—
Euro,
Expiring 07/19/19	Bank of America, N.A.	EUR	1,346		1,530,000		1,520,654		—		(9,346	)
Expiring 07/19/19	Goldman Sachs International	EUR	4,915		5,544,461		5,551,249		6,788		—
Expiring 07/19/19	Morgan Stanley & Co. International PLC	EUR	1,737		1,960,000		1,962,182		2,182		—

See Notes to Financial Statements.

PGIM Global Total Return Fund 77

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Euro (cont’d.),
Expiring 07/19/19	Morgan Stanley & Co. International PLC	EUR	1,478	$	1,685,000	$	1,669,533	$	—	$	(15,467	)
Expiring 07/19/19	Morgan Stanley & Co. International PLC	EUR	664		757,000		749,656		—		(7,344	)
Expiring 07/19/19	The Toronto-Dominion Bank	EUR	1,294		1,474,000		1,461,788		—		(12,212	)
Expiring 01/31/20	Morgan Stanley & Co. International PLC	EUR	2,685		3,258,784		3,081,655		—		(177,129	)
Expiring 02/28/20	Bank of America, N.A.	EUR	3,265		4,271,599		3,755,476		—		(516,123	)
Expiring 02/28/20	BNP Paribas S.A.	EUR	5,554		6,285,739		6,388,335		102,596		—
Expiring 02/28/20	Morgan Stanley & Co. International PLC	EUR	4,574		5,300,808		5,261,117		—		(39,691	)
Expiring 02/28/20	Morgan Stanley & Co. International PLC	EUR	3,595		4,373,117		4,134,860		—		(238,257	)
Hungarian Forint,
Expiring 07/19/19	Citibank, N.A.	HUF	237,280		834,000		826,355		—		(7,645	)
Indian Rupee,
Expiring 06/19/19	Barclays Bank PLC	INR	460,897		6,502,777		6,584,781		82,004		—
Expiring 06/19/19	Barclays Bank PLC	INR	90,025		1,288,000		1,286,172		—		(1,828	)
Expiring 06/19/19	Barclays Bank PLC	INR	53,652		760,000		766,522		6,522		—
Expiring 06/19/19	Citibank, N.A.	INR	159,159		2,275,000		2,273,884		—		(1,116	)
Expiring 06/19/19	Citibank, N.A.	INR	70,140		1,005,000		1,002,080		—		(2,920	)

See Notes to Financial Statements.

78

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Indian Rupee (cont’d.),
Expiring 06/19/19	HSBC Bank USA, N.A.	INR	151,756	$	2,177,000	$	2,168,125	$	—	$	(8,875	)
Expiring 06/19/19	HSBC Bank USA, N.A.	INR	104,451		1,487,000		1,492,273		5,273		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	INR	311,003		4,456,144		4,443,263		—		(12,881	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	INR	156,599		2,236,494		2,237,314		820		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	INR	121,441		1,733,750		1,735,005		1,255		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	INR	92,002		1,313,000		1,314,419		1,419		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	INR	91,141		1,302,000		1,302,124		124		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	INR	80,855		1,153,000		1,155,161		2,161		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	INR	53,989		778,000		771,338		—		(6,662	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	INR	563,319		7,949,577		8,048,065		98,488		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	INR	197,894		2,838,000		2,827,282		—		(10,718	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	INR	114,096		1,646,000		1,630,072		—		(15,928	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	INR	106,211		1,521,000		1,517,429		—		(3,571	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 79

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Indian Rupee (cont’d.),
Expiring 06/19/19	Morgan Stanley & Co. International PLC	INR	101,012	$	1,442,000	$	1,443,147	$	1,147	$	—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	INR	88,695		1,275,000		1,267,179		—		(7,821	)
Expiring 07/31/19	BNP Paribas S.A.	INR	271,749		3,730,000		3,862,611		132,611		—
Expiring 07/31/19	Morgan Stanley & Co. International PLC	INR	195,134		2,760,023		2,773,607		13,584		—
Expiring 08/29/19	HSBC Bank USA, N.A.	INR	945,555		12,891,000		13,397,986		506,986		—
Expiring 10/30/20	Goldman Sachs International	INR	341,407		4,510,000		4,599,992		89,992		—
Expiring 12/23/20	Goldman Sachs International	INR	216,223		2,832,000		2,893,635		61,635		—
Indonesian Rupiah,
Expiring 06/19/19	Barclays Bank PLC	IDR	29,673,750		2,050,000		2,068,960		18,960		—
Expiring 06/19/19	Barclays Bank PLC	IDR	19,689,350		1,390,000		1,372,812		—		(17,188	)
Expiring 06/19/19	Barclays Bank PLC	IDR	19,309,115		1,368,000		1,346,301		—		(21,699	)
Expiring 06/19/19	Barclays Bank PLC	IDR	17,584,075		1,219,000		1,226,025		7,025		—
Expiring 06/19/19	Barclays Bank PLC	IDR	17,275,144		1,202,000		1,204,485		2,485		—
Expiring 06/19/19	Barclays Bank PLC	IDR	13,950,602		974,000		972,686		—		(1,314	)
Expiring 06/19/19	Barclays Bank PLC	IDR	12,477,102		869,000		869,948		948		—
Expiring 06/19/19	HSBC Bank USA, N.A.	IDR	17,884,425		1,245,000		1,246,966		1,966		—
Expiring 06/19/19	HSBC Bank USA, N.A.	IDR	12,663,805		889,000		882,966		—		(6,034	)

See Notes to Financial Statements.

80

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Indonesian Rupiah (cont’d.),
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	IDR	40,855,100	$	2,857,000	$	2,848,564	$	—	$	(8,436	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	IDR	28,051,520		1,960,000		1,955,852		—		(4,148	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	IDR	18,193,716		1,273,000		1,268,531		—		(4,469	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	IDR	18,015,681		1,262,000		1,256,118		—		(5,882	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	IDR	53,382,861		3,754,069		3,722,044		—		(32,025	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	IDR	35,692,332		2,477,000		2,488,597		11,597		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	IDR	21,251,403		1,494,000		1,481,724		—		(12,276	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	IDR	20,202,959		1,399,000		1,408,623		9,623		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	IDR	13,098,800		916,000		913,295		—		(2,705	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	IDR	12,474,060		870,000		869,736		—		(264	)
Expiring 06/19/19	UBS AG	IDR	37,087,425		2,589,000		2,585,868		—		(3,132	)
Israeli Shekel,
Expiring 11/29/19	Citibank, N.A.	ILS	162,159		44,635,000		45,735,486		1,100,486		—

See Notes to Financial Statements.

PGIM Global Total Return Fund 81

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Japanese Yen,
Expiring 05/31/19	Barclays Bank PLC	JPY	115,401	$	1,034,000	$	1,038,677	$	4,677	$	—
Expiring 05/31/19	Deutsche Bank AG	JPY	122,788		1,121,000		1,105,165		—		(15,835	)
Expiring 05/31/19	Deutsche Bank AG	JPY	95,626		869,000		860,697		—		(8,303	)
Expiring 05/31/19	Deutsche Bank AG	JPY	76,216		707,000		685,993		—		(21,007	)
Expiring 05/31/19	The Toronto-Dominion Bank	JPY	92,065		835,000		828,639		—		(6,361	)
Expiring 07/19/19	Bank of America, N.A.	JPY	32,341,843		290,852,543		292,216,750		1,364,207		—
Expiring 07/19/19	Bank of America, N.A.	JPY	151,602		1,367,000		1,369,764		2,764		—
Expiring 07/19/19	Barclays Bank PLC	JPY	94,896		854,000		857,414		3,414		—
Expiring 07/19/19	Morgan Stanley & Co. International PLC	JPY	234,550		2,109,905		2,119,216		9,311		—
Expiring 07/19/19	The Toronto-Dominion Bank	JPY	266,000		2,393,000		2,403,381		10,381		—
Expiring 01/29/21	Barclays Bank PLC	JPY	743,615		7,152,000		7,009,818		—		(142,182	)
Expiring 01/29/21	Barclays Bank PLC	JPY	438,351		4,154,000		4,132,192		—		(21,808	)
Expiring 01/29/21	Citibank, N.A.	JPY	449,088		4,477,000		4,233,407		—		(243,593	)
Expiring 01/29/21	Morgan Stanley & Co. International PLC	JPY	1,488,986		14,485,000		14,036,187		—		(448,813	)
Expiring 10/31/23	Barclays Bank PLC	JPY	525,393		5,512,000		5,352,462		—		(159,538	)
Expiring 10/31/23	Barclays Bank PLC	JPY	406,236		4,196,000		4,138,544		—		(57,456	)
Expiring 10/31/23	Deutsche Bank AG	JPY	511,039		5,354,000		5,206,235		—		(147,765	)

See Notes to Financial Statements.

82

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Mexican Peso,
Expiring 06/19/19	Barclays Bank PLC	MXN	20,985	$	1,072,000	$	1,097,985	$	25,985	$	—
Expiring 06/19/19	BNP Paribas S.A.	MXN	18,405		962,000		962,984		984		—
Expiring 06/19/19	Citibank, N.A.	MXN	85,999		4,456,144		4,499,744		43,600		—
Expiring 06/19/19	Citibank, N.A.	MXN	42,759		2,236,494		2,237,289		795		—
Expiring 06/19/19	Citibank, N.A.	MXN	26,222		1,377,000		1,372,021		—		(4,979	)
Expiring 06/19/19	Citibank, N.A.	MXN	24,968		1,307,000		1,306,409		—		(591	)
Expiring 06/19/19	Citibank, N.A.	MXN	22,569		1,187,000		1,180,861		—		(6,139	)
Expiring 06/19/19	Deutsche Bank AG	MXN	356,141		18,164,734		18,634,436		469,702		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	MXN	42,653		2,190,043		2,231,753		41,710		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	MXN	30,732		1,607,000		1,608,019		1,019		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	MXN	27,987		1,435,327		1,464,353		29,026		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	MXN	18,015		928,000		942,623		14,623		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	MXN	16,156		852,000		845,328		—		(6,672	)
Expiring 08/29/19	Bank of America, N.A.	MXN	27,099		1,383,000		1,401,601		18,601		—
Expiring 08/29/19	Deutsche Bank AG	MXN	88,614		4,152,000		4,583,213		431,213		—
Expiring 08/29/19	Deutsche Bank AG	MXN	26,926		1,356,000		1,392,633		36,633		—
Expiring 08/29/19	Morgan Stanley & Co. International PLC	MXN	28,511		1,405,225		1,474,614		69,389		—

See Notes to Financial Statements.

PGIM Global Total Return Fund 83

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Mexican Peso (cont’d.),
Expiring 08/29/19	Morgan Stanley & Co. International PLC	MXN	17,278	$	868,000	$	893,635	$	25,635	$	—
Expiring 12/30/19	Citibank, N.A.	MXN	22,199		1,083,121		1,126,566		43,445		—
Expiring 12/30/19	Goldman Sachs International	MXN	13,330		651,931		676,470		24,539		—
Expiring 04/30/20	Citibank, N.A.	MXN	32,853		1,591,718		1,636,455		44,737		—
Expiring 04/30/20	Deutsche Bank AG	MXN	274,693		12,385,000		13,682,832		1,297,832		—
Expiring 04/30/20	JPMorgan Chase Bank, N.A.	MXN	14,776		725,000		735,987		10,987		—
Expiring 04/30/20	Morgan Stanley & Co. International PLC	MXN	80,903		3,920,000		4,029,883		109,883		—
Expiring 10/30/20	Citibank, N.A.	MXN	39,210		1,822,826		1,901,959		79,133		—
Expiring 10/30/20	Morgan Stanley & Co. International PLC	MXN	313,935		14,803,000		15,227,920		424,920		—
Expiring 01/29/21	Goldman Sachs International	MXN	104,180		4,878,269		4,988,466		110,197		—
Expiring 01/29/21	Goldman Sachs International	MXN	23,874		1,117,000		1,143,142		26,142		—
Expiring 01/29/21	Morgan Stanley & Co. International PLC	MXN	36,698		1,702,000		1,757,195		55,195		—
New Taiwanese Dollar,
Expiring 06/19/19	Barclays Bank PLC	TWD	38,032		1,237,000		1,234,789		—		(2,211	)
Expiring 06/19/19	Barclays Bank PLC	TWD	21,192		689,000		688,059		—		(941	)

See Notes to Financial Statements.

84

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
New Taiwanese Dollar (cont’d.),
Expiring 06/19/19	HSBC Bank USA, N.A.	TWD	285,493	$	9,270,768	$	9,269,248	$	—	$	(1,520	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	TWD	285,493		9,270,467		9,269,248		—		(1,219	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	TWD	55,284		1,801,000		1,794,922		—		(6,078	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	TWD	31,616		1,024,000		1,026,492		2,492		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	TWD	458,597		14,918,104		14,889,503		—		(28,601	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	TWD	72,035		2,340,000		2,338,781		—		(1,219	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	TWD	64,645		2,105,000		2,098,846		—		(6,154	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	TWD	36,544		1,189,000		1,186,489		—		(2,511	)
New Zealand Dollar,
Expiring 07/22/19	Citibank, N.A.	NZD	2,916		1,974,300		1,950,646		—		(23,654	)
Expiring 07/22/19	Citibank, N.A.	NZD	1,406		931,000		940,273		9,273		—
Expiring 07/22/19	Morgan Stanley & Co. International PLC	NZD	2,051		1,370,000		1,372,067		2,067		—
Expiring 07/22/19	The Toronto-Dominion Bank	NZD	2,341		1,563,000		1,566,090		3,090		—
Norwegian Krone,
Expiring 07/19/19	BNP Paribas S.A.	NOK	73,944		8,740,670		8,597,488		—		(143,182	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 85

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Norwegian Krone (cont’d.),
Expiring 07/19/19	Citibank, N.A.	NOK	16,717	$	1,974,000	$	1,943,675	$	—	$	(30,325	)
Expiring 07/19/19	Citibank, N.A.	NOK	10,095		1,171,000		1,173,784		2,784		—
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	NOK	10,961		1,297,000		1,274,447		—		(22,553	)
Peruvian Nuevo Sol,
Expiring 06/19/19	BNP Paribas S.A.	PEN	12,014		3,620,000		3,625,283		5,283		—
Expiring 06/19/19	BNP Paribas S.A.	PEN	6,628		2,006,000		1,999,999		—		(6,001	)
Expiring 06/19/19	BNP Paribas S.A.	PEN	5,837		1,764,000		1,761,225		—		(2,775	)
Expiring 06/19/19	BNP Paribas S.A.	PEN	5,506		1,668,000		1,661,551		—		(6,449	)
Expiring 06/19/19	BNP Paribas S.A.	PEN	4,752		1,437,000		1,434,089		—		(2,911	)
Expiring 06/19/19	BNP Paribas S.A.	PEN	4,698		1,412,000		1,417,789		5,789		—
Expiring 06/19/19	BNP Paribas S.A.	PEN	4,528		1,367,000		1,366,211		—		(789	)
Expiring 06/19/19	BNP Paribas S.A.	PEN	3,643		1,095,000		1,099,258		4,258		—
Expiring 06/19/19	BNP Paribas S.A.	PEN	2,930		883,000		884,116		1,116		—
Expiring 06/19/19	Citibank, N.A.	PEN	5,072		1,535,000		1,530,640		—		(4,360	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PEN	6,778		2,050,000		2,045,414		—		(4,586	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PEN	5,381		1,617,000		1,623,825		6,825		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PEN	3,884		1,172,000		1,172,101		101		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PEN	2,314		698,000		698,229		229		—

See Notes to Financial Statements.

86

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Philippine Peso,
Expiring 06/19/19	Barclays Bank PLC	PHP	370,233	$	7,052,050	$	7,074,982	$	22,932	$	—
Expiring 06/19/19	Barclays Bank PLC	PHP	203,997		3,837,000		3,898,289		61,289		—
Expiring 06/19/19	Barclays Bank PLC	PHP	159,643		3,059,000		3,050,709		—		(8,291	)
Expiring 06/19/19	Barclays Bank PLC	PHP	40,424		771,000		772,476		1,476		—
Expiring 06/19/19	Barclays Bank PLC	PHP	24,012		461,942		458,854		—		(3,088	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	188,956		3,553,000		3,610,859		57,859		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	177,140		3,373,000		3,385,064		12,064		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	147,976		2,789,000		2,827,755		38,755		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	119,356		2,292,000		2,280,839		—		(11,161	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	118,119		2,273,058		2,257,211		—		(15,847	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	114,629		2,187,000		2,190,518		3,518		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	107,861		2,059,000		2,061,171		2,171		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	100,932		1,891,000		1,928,768		37,768		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	85,598		1,632,000		1,635,748		3,748		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	50,486		945,081		964,770		19,689		—

See Notes to Financial Statements.

PGIM Global Total Return Fund 87

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Polish Zloty,
Expiring 07/19/19	Citibank, N.A.	PLN	3,640	$	954,000	$	954,778	$	778	$	—
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	PLN	6,106		1,619,000		1,601,596		—		(17,404	)
Russian Ruble,
Expiring 06/19/19	Barclays Bank PLC	RUB	66,001		1,018,000		1,013,398		—		(4,602	)
Expiring 06/19/19	Barclays Bank PLC	RUB	51,263		797,000		787,109		—		(9,891	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	RUB	58,319		891,000		895,445		4,445		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	RUB	1,294,671		19,498,640		19,878,776		380,136		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	RUB	96,784		1,484,000		1,486,044		2,044		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	RUB	73,298		1,136,000		1,125,442		—		(10,558	)
Expiring 06/28/19	Bank of America, N.A.	RUB	28,497		480,188		436,972		—		(43,216	)
Expiring 06/28/19	Barclays Bank PLC	RUB	56,095		947,663		860,173		—		(87,490	)
Expiring 06/28/19	Barclays Bank PLC	RUB	27,407		437,176		420,265		—		(16,911	)
Expiring 06/28/19	Goldman Sachs International	RUB	36,994		614,000		567,262		—		(46,738	)
Expiring 08/29/19	Barclays Bank PLC	RUB	625,646		9,639,043		9,516,326		—		(122,717	)
Expiring 08/29/19	Barclays Bank PLC	RUB	62,703		966,000		953,738		—		(12,262	)
Expiring 08/29/19	BNP Paribas S.A.	RUB	1,529,770		22,735,000		23,268,406		533,406		—
Expiring 08/29/19	Citibank, N.A.	RUB	86,034		1,312,000		1,308,617		—		(3,383	)

See Notes to Financial Statements.

88

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Russian Ruble (cont’d.),
Expiring 12/24/19	Citibank, N.A.	RUB	229,300	$	3,345,000	$	3,435,474	$	90,474	$	—
Expiring 03/31/20	Barclays Bank PLC	RUB	303,830		4,367,880		4,496,242		128,362		—
Expiring 03/31/20	BNP Paribas S.A.	RUB	262,176		3,690,000		3,879,832		189,832		—
Saudi Arabian Riyal,
Expiring 11/12/19	Goldman Sachs International	SAR	57,150		15,198,255		15,232,635		34,380		—
Singapore Dollar,
Expiring 05/10/19	Barclays Bank PLC	SGD	13,320		9,865,202		9,794,472		—		(70,730	)
Expiring 05/10/19	Barclays Bank PLC	SGD	2,361		1,737,000		1,736,476		—		(524	)
Expiring 05/10/19	Barclays Bank PLC	SGD	1,974		1,464,000		1,451,695		—		(12,305	)
Expiring 05/10/19	Barclays Bank PLC	SGD	1,764		1,309,000		1,296,819		—		(12,181	)
Expiring 05/10/19	Barclays Bank PLC	SGD	1,133		837,000		833,246		—		(3,754	)
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	SGD	3,606		2,668,000		2,651,314		—		(16,686	)
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	SGD	2,357		1,743,000		1,732,977		—		(10,023	)
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	SGD	2,346		1,730,000		1,725,039		—		(4,961	)
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	SGD	1,831		1,349,000		1,346,328		—		(2,672	)
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	SGD	1,622		1,196,000		1,192,930		—		(3,070	)
Expiring 05/10/19	Morgan Stanley & Co. International PLC	SGD	2,513		1,863,000		1,848,080		—		(14,920	)
Expiring 05/10/19	UBS AG	SGD	1,775		1,311,000		1,305,113		—		(5,887	)
Expiring 05/10/19	UBS AG	SGD	1,659		1,229,000		1,220,119		—		(8,881	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 89

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Singapore Dollar (cont’d.),
Expiring 05/10/19	UBS AG	SGD	1,057	$	783,000	$	776,999	$	—	$	(6,001	)
South African Rand,
Expiring 06/13/19	BNP Paribas S.A.	ZAR	3,151		215,211		219,129		3,918		—
Expiring 06/13/19	Citibank, N.A.	ZAR	33,224		2,289,350		2,310,468		21,118		—
Expiring 06/13/19	Citibank, N.A.	ZAR	16,597		1,138,625		1,154,162		15,537		—
Expiring 06/13/19	Goldman Sachs International	ZAR	44,921		3,078,199		3,123,899		45,700		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	ZAR	33,101		2,277,250		2,301,898		24,648		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	ZAR	31,029		2,145,778		2,157,803		12,025		—
Expiring 06/13/19	Morgan Stanley & Co. International PLC	ZAR	18,925		1,339,000		1,316,106		—		(22,894	)
Expiring 06/28/19	JPMorgan Chase Bank, N.A.	ZAR	21,053		1,655,216		1,461,456		—		(193,760	)
Expiring 06/28/19	Morgan Stanley & Co. International PLC	ZAR	13,104		974,000		909,679		—		(64,321	)
Expiring 08/29/19	Barclays Bank PLC	ZAR	15,307		1,066,000		1,054,389		—		(11,611	)
Expiring 08/29/19	JPMorgan Chase Bank, N.A.	ZAR	16,897		1,174,000		1,163,931		—		(10,069	)
Expiring 08/29/19	JPMorgan Chase Bank, N.A.	ZAR	14,828		1,020,000		1,021,362		1,362		—
Expiring 08/29/19	JPMorgan Chase Bank, N.A.	ZAR	14,267		1,002,000		982,751		—		(19,249	)
Expiring 11/27/19	JPMorgan Chase Bank, N.A.	ZAR	24,229		1,867,699		1,650,707		—		(216,992	)

See Notes to Financial Statements.

90

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South African Rand (cont’d.),
Expiring 12/30/19	Barclays Bank PLC	ZAR	19,528	$	1,517,561	$	1,325,129	$	—	$	(192,432	)
Expiring 12/30/19	BNP Paribas S.A.	ZAR	41,262		2,607,000		2,799,923		192,923		—
Expiring 03/31/20	Morgan Stanley & Co. International PLC	ZAR	17,083		1,176,952		1,145,862		—		(31,090	)
Expiring 03/31/20	UBS AG	ZAR	28,239		1,831,000		1,894,208		63,208		—
Expiring 03/31/20	UBS AG	ZAR	21,550		1,510,704		1,445,515		—		(65,189	)
Expiring 07/29/20	Goldman Sachs International	ZAR	83,989		5,653,000		5,543,672		—		(109,328	)
Expiring 07/29/20	Morgan Stanley & Co. International PLC	ZAR	72,056		4,889,655		4,756,039		—		(133,616	)
Expiring 08/31/20	BNP Paribas S.A.	ZAR	45,248		3,035,140		2,973,253		—		(61,887	)
Expiring 09/30/20	Barclays Bank PLC	ZAR	60,930		4,051,742		3,987,587		—		(64,155	)
Expiring 09/30/20	Morgan Stanley & Co. International PLC	ZAR	11,451		750,000		749,404		—		(596	)
Expiring 01/29/21	Goldman Sachs International	ZAR	53,446		3,511,000		3,441,805		—		(69,195	)
South Korean Won,
Expiring 05/31/19	Goldman Sachs International	KRW	330,408		312,000		283,150		—		(28,850	)
Expiring 05/31/19	Morgan Stanley & Co. International PLC	KRW	642,595		609,234		550,686		—		(58,548	)
Expiring 06/19/19	Citibank, N.A.	KRW	5,090,715		4,480,869		4,365,915		—		(114,954	)
Expiring 06/19/19	Citibank, N.A.	KRW	3,481,568		3,060,988		2,985,873		—		(75,115	)
Expiring 06/19/19	HSBC Bank USA, N.A.	KRW	1,546,674		1,354,000		1,326,464		—		(27,536	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 91

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South Korean Won (cont’d.),
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	17,716,943	$	15,622,442	$	15,194,460	$	—	$	(427,982	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	5,089,841		4,479,705		4,365,165		—		(114,540	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	5,081,139		4,490,265		4,357,702		—		(132,563	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	3,798,438		3,361,301		3,257,628		—		(103,673	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	3,132,911		2,746,000		2,686,857		—		(59,143	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	3,132,088		2,746,000		2,686,151		—		(59,849	)
Expiring 07/31/19	BNP Paribas S.A.	KRW	771,696		689,199		662,969		—		(26,230	)
Expiring 07/31/19	Morgan Stanley & Co. International PLC	KRW	7,414,697		6,612,000		6,370,014		—		(241,986	)
Swedish Krona,
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	SEK	113,910		12,384,254		12,071,846		—		(312,408	)
Swiss Franc,
Expiring 07/19/19	Bank of America, N.A.	CHF	1,842		1,819,000		1,821,752		2,752		—
Expiring 08/29/19	JPMorgan Chase Bank, N.A.	CHF	2,497		2,474,000		2,478,971		4,971		—
Expiring 10/30/20	Goldman Sachs International	CHF	8,271		8,946,000		8,523,819		—		(422,181	)
Expiring 10/30/20	Morgan Stanley & Co. International PLC	CHF	3,720		3,945,000		3,833,629		—		(111,371	)
Expiring 10/30/20	UBS AG	CHF	3,887		4,001,182		4,005,326		4,144		—

See Notes to Financial Statements.

92

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Thai Baht,
Expiring 05/10/19	BNP Paribas S.A.	THB	250,546	$	8,027,499	$	7,849,663	$	—	$	(177,836	)
Expiring 05/10/19	BNP Paribas S.A.	THB	98,038		3,142,000		3,071,557		—		(70,443	)
Expiring 05/10/19	Citibank, N.A.	THB	674,189		21,425,951		21,122,470		—		(303,481	)
Expiring 05/10/19	Citibank, N.A.	THB	69,023		2,163,150		2,162,500		—		(650	)
Expiring 05/10/19	Citibank, N.A.	THB	65,672		2,080,744		2,057,530		—		(23,214	)
Expiring 05/10/19	Citibank, N.A.	THB	61,650		1,932,000		1,931,510		—		(490	)
Expiring 05/10/19	Citibank, N.A.	THB	48,561		1,525,000		1,521,412		—		(3,588	)
Expiring 05/10/19	Citibank, N.A.	THB	46,875		1,471,000		1,468,599		—		(2,401	)
Expiring 05/10/19	Citibank, N.A.	THB	41,222		1,311,000		1,291,486		—		(19,514	)
Expiring 05/10/19	Citibank, N.A.	THB	40,205		1,273,291		1,259,616		—		(13,675	)
Expiring 05/10/19	Citibank, N.A.	THB	34,783		1,089,000		1,089,747		747		—
Expiring 05/10/19	Citibank, N.A.	THB	30,943		969,000		969,437		437		—
Expiring 05/10/19	Citibank, N.A.	THB	28,903		910,000		905,550		—		(4,450	)
Expiring 05/10/19	Citibank, N.A.	THB	28,479		903,000		892,247		—		(10,753	)
Expiring 05/10/19	Citibank, N.A.	THB	26,338		829,000		825,180		—		(3,820	)
Expiring 05/10/19	Citibank, N.A.	THB	26,214		823,314		821,300		—		(2,014	)
Expiring 05/10/19	HSBC Bank USA, N.A.	THB	250,546		7,974,863		7,849,663		—		(125,200	)
Expiring 05/10/19	HSBC Bank USA, N.A.	THB	48,984		1,543,000		1,534,681		—		(8,319	)
Expiring 05/10/19	Morgan Stanley & Co. International PLC	THB	122,885		3,928,000		3,850,002		—		(77,998	)
Expiring 05/10/19	UBS AG	THB	91,145		2,896,000		2,855,597		—		(40,403	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 93

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Turkish Lira,
Expiring 06/13/19	Barclays Bank PLC	TRY	8,304	$	1,463,000	$	1,354,059	$	—	$	(108,941	)
Expiring 06/13/19	Barclays Bank PLC	TRY	6,799		1,141,000		1,108,670		—		(32,330	)
Expiring 06/13/19	Barclays Bank PLC	TRY	4,820		804,000		785,939		—		(18,061	)
Expiring 06/13/19	BNP Paribas S.A.	TRY	36,175		6,362,876		5,898,617		—		(464,259	)
Expiring 08/29/19	Citibank, N.A.	TRY	19,588		4,030,447		3,042,103		—		(988,344	)
Expiring 08/29/19	Citibank, N.A.	TRY	7,148		1,127,143		1,110,118		—		(17,025	)
Expiring 09/30/19	Morgan Stanley & Co. International PLC	TRY	4,580		710,000		696,670		—		(13,330	)
Expiring 12/24/19	Goldman Sachs International	TRY	33,041		5,976,000		4,764,849		—		(1,211,151	)
Expiring 04/30/20	Citibank, N.A.	TRY	5,178		881,000		690,960		—		(190,040	)
Expiring 04/30/20	Deutsche Bank AG	TRY	3,736		373,000		498,457		125,457		—
Expiring 04/30/20	Morgan Stanley & Co. International PLC	TRY	90,834		14,164,000		12,120,343		—		(2,043,657	)
Expiring 06/30/20	Bank of America, N.A.	TRY	7,742		1,162,000		997,898		—		(164,102	)
Expiring 06/30/20	Deutsche Bank AG	TRY	175,019		16,910,000		22,559,661		5,649,661		—
Expiring 10/30/20	Morgan Stanley & Co. International PLC	TRY	4,818		697,000		581,478		—		(115,522	)
Expiring 02/26/21	Morgan Stanley & Co. International PLC	TRY	154,606		18,616,000		17,569,060		—		(1,046,940	)
				$	1,419,437,050	$	1,418,558,889		16,891,074		(17,769,235	)

See Notes to Financial Statements.

94

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Argentine Peso,
Expiring 05/03/19	BNP Paribas S.A.	ARS	110,257	$	2,466,592	$	2,475,819	$	—	$	(9,227	)
Australian Dollar,
Expiring 07/22/19	Bank of America, N.A.	AUD	1,864		1,315,000		1,316,505		—		(1,505	)
Expiring 07/22/19	Bank of America, N.A.	AUD	1,398		982,000		987,308		—		(5,308	)
Expiring 07/22/19	Citibank, N.A.	AUD	6,457		4,529,550		4,561,303		—		(31,753	)
Expiring 07/22/19	JPMorgan Chase Bank, N.A.	AUD	6,388		4,484,238		4,512,418		—		(28,180	)
Expiring 07/22/19	The Toronto-Dominion Bank	AUD	1,971		1,417,000		1,392,487		24,513		—
Expiring 07/22/19	The Toronto-Dominion Bank	AUD	1,434		1,013,000		1,012,678		322		—
Expiring 08/29/19	Morgan Stanley & Co. International PLC	AUD	16,238		11,701,915		11,481,220		220,695		—
Expiring 01/31/20	Morgan Stanley & Co. International PLC	AUD	7,980		5,765,949		5,664,364		101,585		—
Brazilian Real,
Expiring 06/04/19	Citibank, N.A.	BRL	8,994		2,248,238		2,287,646		—		(39,408	)
Expiring 06/04/19	Citibank, N.A.	BRL	8,921		2,248,238		2,268,919		—		(20,681	)
Expiring 06/04/19	Citibank, N.A.	BRL	7,412		1,896,000		1,885,086		10,914		—
Expiring 06/04/19	Citibank, N.A.	BRL	6,555		1,659,989		1,667,271		—		(7,282	)
Expiring 06/04/19	Citibank, N.A.	BRL	3,309		833,000		841,637		—		(8,637	)
Expiring 06/04/19	Goldman Sachs International	BRL	6,909		1,733,750		1,757,239		—		(23,489	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 95

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Brazilian Real (cont’d.),
Expiring 06/04/19	JPMorgan Chase Bank, N.A.	BRL	9,134	$	2,343,825	$	2,323,239	$	20,586	$	—
Expiring 06/04/19	JPMorgan Chase Bank, N.A.	BRL	6,813		1,733,800		1,732,714		1,086		—
Expiring 06/04/19	JPMorgan Chase Bank, N.A.	BRL	4,054		1,025,643		1,031,191		—		(5,548	)
Expiring 06/04/19	JPMorgan Chase Bank, N.A.	BRL	3,425		869,000		871,159		—		(2,159	)
Expiring 08/29/19	BNP Paribas S.A.	BRL	4,057		1,022,000		1,024,512		—		(2,512	)
Expiring 09/30/19	JPMorgan Chase Bank, N.A.	BRL	8,232		2,357,000		2,073,087		283,913		—
Expiring 09/30/19	JPMorgan Chase Bank, N.A.	BRL	1,375		338,130		346,364		—		(8,234	)
Expiring 12/24/19	BNP Paribas S.A.	BRL	3,945		975,000		986,802		—		(11,802	)
Expiring 12/24/19	Citibank, N.A.	BRL	7,535		1,817,000		1,885,040		—		(68,040	)
Expiring 12/24/19	JPMorgan Chase Bank, N.A.	BRL	7,093		1,998,000		1,774,416		223,584		—
Expiring 12/24/19	JPMorgan Chase Bank, N.A.	BRL	5,126		1,450,000		1,282,298		167,702		—
Expiring 12/24/19	UBS AG	BRL	3,166		790,000		792,112		—		(2,112	)
Expiring 03/31/20	JPMorgan Chase Bank, N.A.	BRL	42,174		11,787,000		10,474,558		1,312,442		—
Expiring 03/31/20	JPMorgan Chase Bank, N.A.	BRL	9,484		2,282,267		2,355,493		—		(73,226	)
Expiring 06/30/20	Deutsche Bank AG	BRL	88,992		21,600,000		21,884,973		—		(284,973	)
Expiring 07/29/20	Deutsche Bank AG	BRL	29,229		6,610,000		7,162,034		—		(552,034	)

See Notes to Financial Statements.

96

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Brazilian Real (cont’d.),
Expiring 08/31/20	Deutsche Bank AG	BRL	28,784	$	6,280,000	$	7,023,982	$	—	$	(743,982	)
Expiring 12/23/20	Citibank, N.A.	BRL	19,657		4,824,000		4,729,600		94,400		—
Expiring 12/23/20	Morgan Stanley & Co. International PLC	BRL	46,068		11,571,000		11,083,986		487,014		—
Expiring 01/29/21	Citibank, N.A.	BRL	43,567		10,642,000		10,434,958		207,042		—
Expiring 03/31/21	Citibank, N.A.	BRL	122,798		28,955,000		29,194,008		—		(239,008	)
British Pound,
Expiring 07/19/19	Bank of America, N.A.	GBP	33,925		44,572,757		44,422,697		150,060		—
Expiring 07/19/19	Bank of America, N.A.	GBP	728		946,000		953,695		—		(7,695	)
Expiring 07/19/19	Citibank, N.A.	GBP	1,514		1,974,000		1,982,846		—		(8,846	)
Expiring 07/19/19	Morgan Stanley & Co. International PLC	GBP	1,097		1,423,000		1,435,990		—		(12,990	)
Expiring 07/19/19	UBS AG	GBP	1,607		2,087,245		2,104,430		—		(17,185	)
Expiring 11/27/19	HSBC Bank USA, N.A.	GBP	1,436		2,110,202		1,891,674		218,528		—
Expiring 11/27/19	JPMorgan Chase Bank, N.A.	GBP	911		1,333,917		1,200,649		133,268		—
Expiring 11/27/19	UBS AG	GBP	292		419,347		384,931		34,416		—
Canadian Dollar,
Expiring 07/22/19	Citibank, N.A.	CAD	3,664		2,728,869		2,740,419		—		(11,550	)
Expiring 07/22/19	JPMorgan Chase Bank, N.A.	CAD	1,596		1,196,000		1,193,530		2,470		—
Expiring 07/22/19	Morgan Stanley & Co. International PLC	CAD	1,472		1,107,000		1,100,982		6,018		—

See Notes to Financial Statements.

PGIM Global Total Return Fund 97

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Canadian Dollar (cont’d.),
Expiring 07/22/19	The Toronto-Dominion Bank	CAD	1,226	$	920,000	$	917,276	$	2,724	$	—
Expiring 07/31/19	Citibank, N.A.	CAD	7,185		5,442,000		5,375,191		66,809		—
Expiring 07/31/19	HSBC Bank USA, N.A.	CAD	541		434,000		404,652		29,348		—
Chilean Peso,
Expiring 06/19/19	Barclays Bank PLC	CLP	987,183		1,453,000		1,457,064		—		(4,064	)
Expiring 06/19/19	Barclays Bank PLC	CLP	902,825		1,356,000		1,332,553		23,447		—
Expiring 06/19/19	BNP Paribas S.A.	CLP	4,772,213		7,132,713		7,043,699		89,014		—
Expiring 06/19/19	BNP Paribas S.A.	CLP	1,951,896		2,924,408		2,880,963		43,445		—
Expiring 06/19/19	BNP Paribas S.A.	CLP	1,030,079		1,511,000		1,520,378		—		(9,378	)
Expiring 06/19/19	Citibank, N.A.	CLP	5,512,334		8,293,464		8,136,104		157,360		—
Expiring 06/19/19	Citibank, N.A.	CLP	774,520		1,156,000		1,143,177		12,823		—
Expiring 06/19/19	Citibank, N.A.	CLP	633,838		936,000		935,533		467		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	CLP	663,676		984,700		979,574		5,126		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	CLP	783,566		1,154,000		1,156,529		—		(2,529	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	CLP	657,803		978,000		970,905		7,095		—
Chinese Renminbi,
Expiring 06/28/19	Morgan Stanley & Co. International PLC	CNH	7,979		1,192,000		1,184,503		7,497		—
Expiring 07/25/19	BNP Paribas S.A.	CNH	3,798		566,586		563,825		2,761		—

See Notes to Financial Statements.

98

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Chinese Renminbi (cont’d.),
Expiring 07/25/19	Citibank, N.A.	CNH	10,414	$	1,545,448	$	1,545,781	$	—	$	(333	)
Expiring 07/25/19	HSBC Bank USA, N.A.	CNH	21,541		3,197,474		3,197,479		—		(5	)
Expiring 07/25/19	HSBC Bank USA, N.A.	CNH	10,484		1,552,164		1,556,182		—		(4,018	)
Expiring 07/25/19	JPMorgan Chase Bank, N.A.	CNH	6,726		998,000		998,361		—		(361	)
Expiring 07/25/19	Morgan Stanley & Co. International PLC	CNH	140,247		20,964,941		20,817,795		147,146		—
Expiring 02/28/20	Morgan Stanley & Co. International PLC	CNH	71,818		10,657,000		10,637,126		19,874		—
Colombian Peso,
Expiring 05/20/19	BNP Paribas S.A.	COP	11,317,755		3,520,516		3,496,594		23,922		—
Expiring 05/20/19	BNP Paribas S.A.	COP	8,215,042		2,617,762		2,538,019		79,743		—
Expiring 05/20/19	BNP Paribas S.A.	COP	5,204,370		1,675,586		1,607,878		67,708		—
Expiring 05/20/19	BNP Paribas S.A.	COP	2,602,017		837,793		803,887		33,906		—
Expiring 05/20/19	BNP Paribas S.A.	COP	2,165,824		688,000		669,126		18,874		—
Expiring 05/20/19	Citibank, N.A.	COP	47,138,041		14,994,446		14,563,189		431,257		—
Expiring 05/20/19	Citibank, N.A.	COP	6,964,516		2,236,494		2,151,671		84,823		—
Expiring 05/20/19	Citibank, N.A.	COP	3,023,375		950,000		934,065		15,935		—
Expiring 05/20/19	Citibank, N.A.	COP	2,571,030		795,000		794,314		686		—
Expiring 05/20/19	Goldman Sachs International	COP	4,025,639		1,267,000		1,243,712		23,288		—
Expiring 05/20/19	JPMorgan Chase Bank, N.A.	COP	2,922,479		917,000		902,893		14,107		—

See Notes to Financial Statements.

PGIM Global Total Return Fund 99

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Colombian Peso (cont’d.),
Expiring 05/20/19	JPMorgan Chase Bank, N.A.	COP	2,781,702	$	892,000	$	859,400	$	32,600	$	—
Expiring 05/20/19	UBS AG	COP	2,369,462		749,000		732,040		16,960		—
Czech Koruna,
Expiring 07/19/19	Citibank, N.A.	CZK	28,699		1,245,000		1,258,485		—		(13,485	)
Expiring 07/19/19	HSBC Bank USA, N.A.	CZK	35,402		1,541,000		1,552,442		—		(11,442	)
Expiring 07/19/19	Morgan Stanley & Co. International PLC	CZK	22,144		964,000		971,055		—		(7,055	)
Egyptian Pound,
Expiring 07/15/19	Citibank, N.A.	EGP	22,003		1,259,135		1,254,361		4,774		—
Expiring 07/15/19	Citibank, N.A.	EGP	11,153		637,160		635,834		1,326		—
Euro,
Expiring 07/19/19	Bank of America, N.A.	EUR	3,650		4,102,000		4,122,513		—		(20,513	)
Expiring 07/19/19	Bank of America, N.A.	EUR	2,377		2,667,000		2,684,541		—		(17,541	)
Expiring 07/19/19	Barclays Bank PLC	EUR	4,160		4,693,058		4,698,691		—		(5,633	)
Expiring 07/19/19	Barclays Bank PLC	EUR	1,088		1,234,724		1,228,989		5,735		—
Expiring 07/19/19	Barclays Bank PLC	EUR	1,036		1,169,000		1,169,677		—		(677	)
Expiring 07/19/19	BNP Paribas S.A.	EUR	1,314		1,477,000		1,484,134		—		(7,134	)
Expiring 07/19/19	Citibank, N.A.	EUR	6,500		7,394,402		7,341,517		52,885		—
Expiring 07/19/19	Citibank, N.A.	EUR	2,083		2,350,000		2,352,595		—		(2,595	)
Expiring 07/19/19	Citibank, N.A.	EUR	1,594		1,811,083		1,800,852		10,231		—
Expiring 07/19/19	Deutsche Bank AG	EUR	87,328		99,628,375		98,634,324		994,051		—
Expiring 07/19/19	HSBC Bank USA, N.A.	EUR	3,874		4,376,582		4,375,346		1,236		—

See Notes to Financial Statements.

100

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Euro (cont’d.),
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	EUR	8,000	$	9,104,920	$	9,035,713	$	69,207	$	—
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	EUR	6,000		6,746,244		6,776,785		—		(30,541	)
Expiring 07/19/19	UBS AG	EUR	87,328		99,230,244		98,634,323		595,921		—
Expiring 07/19/19	UBS AG	EUR	1,484		1,669,920		1,676,026		—		(6,106	)
Expiring 08/29/19	JPMorgan Chase Bank, N.A.	EUR	2,587		2,931,219		2,931,782		—		(563	)
Expiring 11/27/19	Citibank, N.A.	EUR	494		646,795		564,471		82,324		—
Expiring 11/27/19	Morgan Stanley & Co. International PLC	EUR	654		788,438		746,092		42,346		—
Expiring 12/30/19	Deutsche Bank AG	EUR	727		937,525		832,202		105,323		—
Expiring 02/28/20	Bank of America, N.A.	EUR	6,895		8,400,868		7,930,783		470,085		—
Expiring 02/28/20	BNP Paribas S.A.	EUR	9,958		12,566,000		11,453,914		1,112,086		—
Expiring 07/29/20	The Toronto-Dominion Bank	EUR	2,015		2,399,318		2,343,334		55,984		—
Expiring 07/29/20	UBS AG	EUR	3,951		4,814,659		4,595,830		218,829		—
Hong Kong Dollar,
Expiring 07/25/19	UBS AG	HKD	6,403		817,712		817,338		374		—
Hungarian Forint,
Expiring 07/19/19	Bank of America, N.A.	HUF	4,687,581		16,508,474		16,325,044		183,430		—
Expiring 07/19/19	Bank of America, N.A.	HUF	227,392		805,000		791,921		13,079		—
Expiring 07/19/19	Citibank, N.A.	HUF	639,113		2,238,027		2,225,786		12,241		—
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	HUF	549,173		1,905,000		1,912,560		—		(7,560	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 101

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Indian Rupee,
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	INR	60,412	$	860,200	$	863,096	$	—	$	(2,896	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	INR	182,379		2,585,768		2,605,631		—		(19,863	)
Expiring 07/31/19	Goldman Sachs International	INR	214,006		2,961,000		3,041,860		—		(80,860	)
Expiring 08/29/19	BNP Paribas S.A.	INR	931,874		12,562,000		13,204,140		—		(642,140	)
Expiring 10/30/20	HSBC Bank USA, N.A.	INR	450,791		5,890,000		6,073,793		—		(183,793	)
Expiring 12/23/20	BNP Paribas S.A.	INR	257,208		3,333,000		3,442,114		—		(109,114	)
Expiring 02/26/21	Goldman Sachs International	INR	96,088		1,250,000		1,275,534		—		(25,534	)
Indonesian Rupiah,
Expiring 06/19/19	Barclays Bank PLC	IDR	11,678,940		819,000		814,298		4,702		—
Expiring 06/19/19	Citibank, N.A.	IDR	49,301,675		3,427,512		3,437,489		—		(9,977	)
Expiring 06/19/19	Citibank, N.A.	IDR	20,275,328		1,403,000		1,413,669		—		(10,669	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	IDR	61,858,411		4,298,111		4,312,990		—		(14,879	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	IDR	25,274,692		1,772,425		1,762,242		10,183		—
Expiring 06/19/19	UBS AG	IDR	22,303,620		1,545,000		1,555,088		—		(10,088	)
Israeli Shekel,
Expiring 07/25/19	Bank of America, N.A.	ILS	8,082		2,278,285		2,259,261		19,024		—
Expiring 11/29/19	Goldman Sachs International	ILS	161,802		44,635,000		45,634,775		—		(999,775	)
Japanese Yen,
Expiring 05/31/19	Bank of America, N.A.	JPY	235,624		2,127,000		2,120,762		6,238		—

See Notes to Financial Statements.

102

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Japanese Yen (cont’d.),
Expiring 05/31/19	Bank of America, N.A.	JPY	113,682	$	1,035,000	$	1,023,212	$	11,788	$	—
Expiring 05/31/19	Barclays Bank PLC	JPY	163,151		1,470,000		1,468,459		1,541		—
Expiring 05/31/19	Citibank, N.A.	JPY	280,629		2,532,000		2,525,835		6,165		—
Expiring 05/31/19	Citibank, N.A.	JPY	160,131		1,458,000		1,441,279		16,721		—
Expiring 05/31/19	Citibank, N.A.	JPY	125,191		1,122,000		1,126,799		—		(4,799	)
Expiring 05/31/19	Deutsche Bank AG	JPY	123,539		1,133,000		1,111,930		21,070		—
Expiring 05/31/19	Deutsche Bank AG	JPY	113,381		1,029,000		1,020,500		8,500		—
Expiring 05/31/19	Deutsche Bank AG	JPY	79,378		718,000		714,448		3,552		—
Expiring 05/31/19	HSBC Bank USA, N.A.	JPY	122,717		1,100,000		1,104,532		—		(4,532	)
Expiring 05/31/19	JPMorgan Chase Bank, N.A.	JPY	130,346		1,168,000		1,173,193		—		(5,193	)
Expiring 05/31/19	Morgan Stanley & Co. International PLC	JPY	93,477		863,000		841,348		21,652		—
Expiring 05/31/19	UBS AG	JPY	49,174		443,000		442,596		404		—
Expiring 06/28/19	Bank of America, N.A.	JPY	117,369		1,070,710		1,058,738		11,972		—
Expiring 06/28/19	JPMorgan Chase Bank, N.A.	JPY	56,489		514,123		509,562		4,561		—
Expiring 06/28/19	Morgan Stanley & Co. International PLC	JPY	224,761		2,132,745		2,027,471		105,274		—
Expiring 07/19/19	Bank of America, N.A.	JPY	137,835		1,244,000		1,245,371		—		(1,371	)
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	JPY	274,062		2,464,850		2,476,217		—		(11,367	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 103

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Japanese Yen (cont’d.),
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	JPY	224,687	$	2,021,382	$	2,030,101	$	—	$	(8,719	)
Expiring 07/19/19	Morgan Stanley & Co. International PLC	JPY	309,194		2,781,000		2,793,644		—		(12,644	)
Expiring 02/28/20	Citibank, N.A.	JPY	781,856		7,365,508		7,191,257		174,251		—
Expiring 11/30/20	JPMorgan Chase Bank, N.A.	JPY	358,416		3,431,792		3,363,739		68,053		—
Expiring 01/29/21	Citibank, N.A.	JPY	1,010,155		9,887,000		9,522,404		364,596		—
Malaysian Ringgit,
Expiring 06/14/19	Barclays Bank PLC	MYR	17,450		4,292,823		4,217,017		75,806		—
Mexican Peso,
Expiring 06/19/19	Bank of America, N.A.	MXN	21,922		1,148,000		1,147,012		988		—
Expiring 06/19/19	Bank of America, N.A.	MXN	20,684		1,079,000		1,082,239		—		(3,239	)
Expiring 06/19/19	Bank of America, N.A.	MXN	17,956		923,000		939,517		—		(16,517	)
Expiring 06/19/19	Citibank, N.A.	MXN	26,446		1,378,350		1,383,717		—		(5,367	)
Expiring 06/19/19	HSBC Bank USA, N.A.	MXN	23,197		1,192,000		1,213,740		—		(21,740	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	MXN	74,480		3,893,175		3,897,016		—		(3,841	)
Expiring 08/29/19	BNP Paribas S.A.	MXN	106,687		5,377,000		5,517,976		—		(140,976	)
Expiring 08/29/19	Deutsche Bank AG	MXN	21,505		1,105,000		1,112,242		—		(7,242	)
Expiring 12/30/19	Citibank, N.A.	MXN	11,746		572,000		596,064		—		(24,064	)
Expiring 12/30/19	Morgan Stanley & Co. International PLC	MXN	23,784		1,074,000		1,206,972		—		(132,972	)

See Notes to Financial Statements.

104

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Mexican Peso (cont’d.),
Expiring 04/30/20	Citibank, N.A.	MXN	325,325	$	15,608,000	$	16,204,891	$	—	$	(596,891	)
Expiring 04/30/20	UBS AG	MXN	30,055		1,325,000		1,497,089		—		(172,089	)
Expiring 10/30/20	Deutsche Bank AG	MXN	459,398		20,095,000		22,283,855		—		(2,188,855	)
Expiring 01/29/21	Citibank, N.A.	MXN	173,457		8,253,000		8,305,662		—		(52,662	)
New Taiwanese Dollar,
Expiring 06/19/19	Barclays Bank PLC	TWD	124,227		4,034,000		4,033,339		661		—
Expiring 06/19/19	Barclays Bank PLC	TWD	71,291		2,312,000		2,314,624		—		(2,624	)
Expiring 06/19/19	Barclays Bank PLC	TWD	44,183		1,442,000		1,434,507		7,493		—
Expiring 06/19/19	BNP Paribas S.A.	TWD	32,297		1,051,000		1,048,610		2,390		—
Expiring 06/19/19	Citibank, N.A.	TWD	138,070		4,484,234		4,482,771		1,463		—
Expiring 06/19/19	HSBC Bank USA, N.A.	TWD	93,622		3,049,000		3,039,670		9,330		—
Expiring 06/19/19	HSBC Bank USA, N.A.	TWD	59,030		1,920,000		1,916,568		3,432		—
Expiring 06/19/19	HSBC Bank USA, N.A.	TWD	35,433		1,155,000		1,150,404		4,596		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	TWD	79,985		2,602,550		2,596,927		5,623		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	TWD	63,435		2,070,000		2,059,579		10,421		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	TWD	58,205		1,895,000		1,889,767		5,233		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	TWD	37,126		1,208,000		1,205,390		2,610		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	TWD	35,668		1,158,800		1,158,046		754		—

See Notes to Financial Statements.

PGIM Global Total Return Fund 105

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
New Taiwanese Dollar (cont’d.),
Expiring 06/19/19	Morgan Stanley & Co. International PLC	TWD	60,325	$	1,959,000	$	1,958,615	$	385	$	—
New Zealand Dollar,
Expiring 07/22/19	Bank of America, N.A.	NZD	29,202		19,760,003		19,534,795		225,208		—
Expiring 07/22/19	Bank of America, N.A.	NZD	2,303		1,550,000		1,540,370		9,630		—
Expiring 07/22/19	JPMorgan Chase Bank, N.A.	NZD	3,995		2,689,041		2,672,585		16,456		—
Expiring 07/22/19	JPMorgan Chase Bank, N.A.	NZD	3,350		2,240,868		2,241,310		—		(442	)
Expiring 07/22/19	JPMorgan Chase Bank, N.A.	NZD	3,300		2,207,000		2,207,274		—		(274	)
Norwegian Krone,
Expiring 07/19/19	BNP Paribas S.A.	NOK	9,854		1,140,000		1,145,682		—		(5,682	)
Expiring 07/19/19	Citibank, N.A.	NOK	7,756		898,000		901,814		—		(3,814	)
Expiring 07/19/19	Citibank, N.A.	NOK	5,929		692,000		689,405		2,595		—
Peruvian Nuevo Sol,
Expiring 06/19/19	BNP Paribas S.A.	PEN	8,547		2,581,199		2,579,202		1,997		—
Expiring 06/19/19	BNP Paribas S.A.	PEN	2,517		759,100		759,578		—		(478	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PEN	9,091		2,735,993		2,743,330		—		(7,337	)
Philippine Peso,
Expiring 06/19/19	Barclays Bank PLC	PHP	190,662		3,632,000		3,643,464		—		(11,464	)
Expiring 06/19/19	Barclays Bank PLC	PHP	165,777		3,132,000		3,167,921		—		(35,921	)
Expiring 06/19/19	Barclays Bank PLC	PHP	164,339		3,097,000		3,140,450		—		(43,450	)
Expiring 06/19/19	Barclays Bank PLC	PHP	137,527		2,603,000		2,628,078		—		(25,078	)

See Notes to Financial Statements.

106

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Philippine Peso (cont’d.),
Expiring 06/19/19	Barclays Bank PLC	PHP	98,699	$	1,885,000	$	1,886,087	$	—	$	(1,087)
Expiring 06/19/19	Barclays Bank PLC	PHP	92,695		1,770,000		1,771,359		—		(1,359	)
Expiring 06/19/19	Barclays Bank PLC	PHP	72,199		1,372,000		1,379,686		—		(7,686	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	174,848		3,286,000		3,341,269		—		(55,269	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	169,642		3,202,000		3,241,783		—		(39,783	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	154,606		2,955,000		2,954,445		555		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	144,646		2,732,000		2,764,116		—		(32,116	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	51,430		965,000		982,798		—		(17,798	)
Polish Zloty,
Expiring 07/19/19	HSBC Bank USA, N.A.	PLN	5,300		1,381,000		1,390,164		—		(9,164	)
Expiring 07/19/19	HSBC Bank USA, N.A.	PLN	4,466		1,169,000		1,171,364		—		(2,364	)
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	PLN	42,726		11,331,709		11,207,604		124,105		—
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	PLN	7,894		2,055,000		2,070,658		—		(15,658	)
Russian Ruble,
Expiring 06/19/19	Barclays Bank PLC	RUB	102,963		1,561,000		1,580,922		—		(19,922	)
Expiring 06/19/19	Citibank, N.A.	RUB	312,082		4,741,877		4,791,802		—		(49,925	)
Expiring 06/19/19	Citibank, N.A.	RUB	69,711		1,058,724		1,070,359		—		(11,635	)
Expiring 06/19/19	Citibank, N.A.	RUB	19,191		291,438		294,668		—		(3,230	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 107

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Russian Ruble (cont’d.),
Expiring 06/19/19	Morgan Stanley & Co. International PLC	RUB	64,095	$	979,000	$	984,129	$	—	$	(5,129	)
Expiring 06/28/19	Morgan Stanley & Co. International PLC	RUB	145,904		2,166,000		2,237,304		—		(71,304	)
Expiring 08/29/19	Citibank, N.A.	RUB	87,551		1,339,000		1,331,678		7,322		—
Expiring 08/29/19	HSBC Bank USA, N.A.	RUB	140,590		2,135,000		2,138,426		—		(3,426	)
Expiring 12/24/19	Barclays Bank PLC	RUB	48,233		739,309		722,642		16,667		—
Expiring 12/24/19	Goldman Sachs International	RUB	124,622		2,031,000		1,867,146		163,854		—
Expiring 12/24/19	JPMorgan Chase Bank, N.A.	RUB	56,445		757,906		845,686		—		(87,780	)
Expiring 03/31/20	Citibank, N.A.	RUB	305,303		4,444,000		4,518,041		—		(74,041	)
Expiring 03/31/20	JPMorgan Chase Bank, N.A.	RUB	315,168		4,163,386		4,664,037		—		(500,651	)
Expiring 12/23/20	BNP Paribas S.A.	RUB	1,300,164		17,637,000		18,594,695		—		(957,695	)
Expiring 12/23/20	BNP Paribas S.A.	RUB	511,647		7,179,000		7,317,480		—		(138,480	)
Saudi Arabian Riyal,
Expiring 11/12/19	Goldman Sachs International	SAR	57,150		15,000,000		15,232,635		—		(232,635	)
Singapore Dollar,
Expiring 05/10/19	Bank of America, N.A.	SGD	1,575		1,165,000		1,157,958		7,042		—
Expiring 05/10/19	Barclays Bank PLC	SGD	4,153		3,066,000		3,054,209		11,791		—
Expiring 05/10/19	Barclays Bank PLC	SGD	2,814		2,079,000		2,069,476		9,524		—
Expiring 05/10/19	Barclays Bank PLC	SGD	2,565		1,903,000		1,885,816		17,184		—

See Notes to Financial Statements.

108

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Singapore Dollar (cont’d.),
Expiring 05/10/19	Barclays Bank PLC	SGD	1,906	$	1,406,000	$	1,401,606	$	4,394	$	—
Expiring 05/10/19	Barclays Bank PLC	SGD	940		697,000		691,208		5,792		—
Expiring 05/10/19	Goldman Sachs International	SGD	1,888		1,390,000		1,387,973		2,027		—
Expiring 05/10/19	Goldman Sachs International	SGD	1,859		1,372,000		1,367,124		4,876		—
Expiring 05/10/19	Goldman Sachs International	SGD	968		716,000		712,113		3,887		—
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	SGD	3,163		2,347,000		2,326,150		20,850		—
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	SGD	2,065		1,527,000		1,518,741		8,259		—
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	SGD	1,743		1,288,000		1,281,849		6,151		—
Expiring 05/10/19	UBS AG	SGD	2,395		1,769,000		1,760,987		8,013		—
Expiring 05/10/19	UBS AG	SGD	1,871		1,380,000		1,376,012		3,988		—
South African Rand,
Expiring 06/13/19	Barclays Bank PLC	ZAR	16,783		1,194,000		1,167,099		26,901		—
Expiring 06/13/19	Citibank, N.A.	ZAR	154,868		10,745,377		10,769,876		—		(24,499	)
Expiring 06/13/19	Citibank, N.A.	ZAR	15,140		1,051,000		1,052,897		—		(1,897	)
Expiring 06/13/19	Goldman Sachs International	ZAR	154,868		10,821,135		10,769,877		51,258		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	ZAR	32,260		2,190,043		2,243,407		—		(53,364	)
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	ZAR	31,347		2,189,644		2,179,948		9,696		—

See Notes to Financial Statements.

PGIM Global Total Return Fund 109

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South African Rand (cont’d.),
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	ZAR	19,268	$	1,339,300	$	1,339,923	$	—	$	(623	)
Expiring 06/13/19	Morgan Stanley & Co. International PLC	ZAR	13,083		903,000		909,820		—		(6,820	)
Expiring 06/28/19	BNP Paribas S.A.	ZAR	5,451		350,000		378,420		—		(28,420	)
Expiring 06/28/19	HSBC Bank USA, N.A.	ZAR	28,706		1,986,000		1,992,715		—		(6,715	)
Expiring 12/30/19	Goldman Sachs International	ZAR	27,540		1,738,000		1,868,802		—		(130,802	)
Expiring 12/30/19	JPMorgan Chase Bank, N.A.	ZAR	5,953		394,516		403,975		—		(9,459	)
Expiring 03/31/20	Barclays Bank PLC	ZAR	18,478		1,229,000		1,239,443		—		(10,443	)
Expiring 03/31/20	Goldman Sachs International	ZAR	18,263		1,154,000		1,224,998		—		(70,998	)
Expiring 03/31/20	JPMorgan Chase Bank, N.A.	ZAR	47,759		3,124,596		3,203,544		—		(78,948	)
Expiring 07/29/20	BNP Paribas S.A.	ZAR	145,671		8,926,000		9,614,954		—		(688,954	)
Expiring 09/30/20	Goldman Sachs International	ZAR	27,092		1,693,000		1,773,059		—		(80,059	)
Expiring 01/29/21	Morgan Stanley & Co. International PLC	ZAR	91,483		5,897,000		5,891,289		5,711		—
South Korean Won,
Expiring 05/31/19	Morgan Stanley & Co. International PLC	KRW	1,326,000		1,200,000		1,136,344		63,656		—
Expiring 06/19/19	Barclays Bank PLC	KRW	1,150,238		1,018,000		986,471		31,529		—

See Notes to Financial Statements.

110

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South Korean Won (cont’d.),
Expiring 06/19/19	Citibank, N.A.	KRW	1,351,727	$	1,194,000	$	1,159,273	$	34,727	$	—
Expiring 06/19/19	Goldman Sachs International	KRW	1,190,574		1,053,000		1,021,064		31,936		—
Expiring 06/19/19	Goldman Sachs International	KRW	1,094,575		966,000		938,733		27,267		—
Expiring 06/19/19	HSBC Bank USA, N.A.	KRW	1,616,329		1,397,000		1,386,201		10,799		—
Expiring 06/19/19	HSBC Bank USA, N.A.	KRW	922,890		819,000		791,492		27,508		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	4,841,569		4,155,960		4,152,241		3,719		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	2,079,239		1,835,000		1,783,203		51,797		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	2,008,331		1,725,000		1,722,391		2,609		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	KRW	2,222,330		1,958,000		1,905,922		52,078		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	KRW	545,065		482,060		467,461		14,599		—
Expiring 07/31/19	Deutsche Bank AG	KRW	5,155,997		4,618,000		4,429,551		188,449		—
Expiring 07/31/19	Goldman Sachs International	KRW	2,606,370		2,460,000		2,239,149		220,851		—
Expiring 12/24/19	Goldman Sachs International	KRW	79,350		75,000		68,525		6,475		—
Swedish Krona,
Expiring 07/19/19	Citibank, N.A.	SEK	21,946		2,355,000		2,325,722		29,278		—
Expiring 07/19/19	Citibank, N.A.	SEK	13,116		1,388,000		1,389,975		—		(1,975	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 111

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Swedish Krona (cont’d.),
Expiring 07/19/19	Citibank, N.A.	SEK	12,710	$	1,362,000	$	1,346,997	$	15,003	$	—
Expiring 07/19/19	Citibank, N.A.	SEK	10,752		1,140,000		1,139,441		559		—
Swiss Franc,
Expiring 07/19/19	Bank of America, N.A.	CHF	1,848		1,860,000		1,828,319		31,681		—
Expiring 07/19/19	Bank of America, N.A.	CHF	1,572		1,554,000		1,554,952		—		(952	)
Expiring 07/19/19	Bank of America, N.A.	CHF	1,012		1,011,000		1,000,640		10,360		—
Expiring 07/19/19	Barclays Bank PLC	CHF	1,732		1,710,000		1,713,576		—		(3,576	)
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	CHF	18,740		18,886,833		18,535,997		350,836		—
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	CHF	1,440		1,432,000		1,423,903		8,097		—
Expiring 07/19/19	Morgan Stanley & Co. International PLC	CHF	2,450		2,422,000		2,423,153		—		(1,153	)
Expiring 07/19/19	Morgan Stanley & Co. International PLC	CHF	1,373		1,356,000		1,357,594		—		(1,594	)
Expiring 07/19/19	The Toronto-Dominion Bank	CHF	3,426		3,433,000		3,388,303		44,697		—
Thai Baht,
Expiring 05/10/19	Barclays Bank PLC	THB	38,103		1,190,000		1,193,762		—		(3,762	)
Expiring 05/10/19	BNP Paribas S.A.	THB	56,160		1,775,000		1,759,507		15,493		—
Expiring 05/10/19	BNP Paribas S.A.	THB	48,099		1,518,000		1,506,962		11,038		—
Expiring 05/10/19	Citibank, N.A.	THB	236,953		7,560,000		7,423,785		136,215		—
Expiring 05/10/19	Citibank, N.A.	THB	220,236		7,062,228		6,900,023		162,205		—

See Notes to Financial Statements.

112

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Thai Baht (cont’d.),
Expiring 05/10/19	Citibank, N.A.	THB	195,794	$	6,223,000	$	6,134,271	$	88,729	$	—
Expiring 05/10/19	Citibank, N.A.	THB	80,101		2,535,000		2,509,578		25,422		—
Expiring 05/10/19	Citibank, N.A.	THB	63,837		2,034,839		2,000,025		34,814		—
Expiring 05/10/19	Citibank, N.A.	THB	57,368		1,830,400		1,797,354		33,046		—
Expiring 05/10/19	Citibank, N.A.	THB	54,731		1,744,690		1,714,730		29,960		—
Expiring 05/10/19	Citibank, N.A.	THB	47,831		1,510,000		1,498,547		11,453		—
Expiring 05/10/19	Citibank, N.A.	THB	40,619		1,279,000		1,272,605		6,395		—
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	THB	71,827		2,243,285		2,250,349		—		(7,064	)
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	THB	63,179		2,025,087		1,979,400		45,687		—
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	THB	34,071		1,090,431		1,067,436		22,995		—
Expiring 05/10/19	Morgan Stanley & Co. International PLC	THB	51,285		1,614,000		1,606,764		7,236		—
Turkish Lira,
Expiring 06/13/19	BNP Paribas S.A.	TRY	14,930		2,525,000		2,434,475		90,525		—
Expiring 06/13/19	Citibank, N.A.	TRY	10,263		1,750,000		1,673,392		76,608		—
Expiring 06/13/19	Citibank, N.A.	TRY	4,683		793,043		763,590		29,453		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	16,533		2,790,000		2,695,920		94,080		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	14,784		2,569,468		2,410,627		158,841		—

See Notes to Financial Statements.

PGIM Global Total Return Fund 113

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Turkish Lira (cont’d.),
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	13,825	$	2,248,238	$	2,254,261	$	—	$	(6,023	)
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	12,372		2,065,000		2,017,298		47,702		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	12,204		2,023,000		1,989,990		33,010		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	11,887		1,994,000		1,938,245		55,755		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	11,308		1,873,000		1,843,797		29,203		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	10,404		1,809,900		1,696,465		113,435		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	10,222		1,734,800		1,666,721		68,079		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	4,389		725,000		715,594		9,406		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	4,291		702,000		699,651		2,349		—
Expiring 06/13/19	Morgan Stanley & Co. International PLC	TRY	6,122		1,068,000		998,299		69,701		—
Expiring 08/29/19	BNP Paribas S.A.	TRY	9,857		2,392,000		1,530,905		861,095		—
Expiring 08/29/19	Morgan Stanley & Co. International PLC	TRY	9,781		2,006,725		1,519,047		487,678		—
Expiring 12/24/19	BNP Paribas S.A.	TRY	13,966		3,000,000		2,014,007		985,993		—
Expiring 12/24/19	JPMorgan Chase Bank, N.A.	TRY	19,075		3,367,238		2,750,842		616,396		—

See Notes to Financial Statements.

114

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Turkish Lira (cont’d.),
Expiring 01/31/20	JPMorgan Chase Bank, N.A.	TRY	28,531	$	4,984,415	$	4,020,262	$	964,153	$	—
Expiring 04/30/20	Citibank, N.A.	TRY	42,024		5,553,900		5,607,391		—		(53,491	)
Expiring 04/30/20	Citibank, N.A.	TRY	17,501		2,708,904		2,335,219		373,685		—
Expiring 04/30/20	Citibank, N.A.	TRY	6,043		841,000		806,289		34,711		—
Expiring 04/30/20	Goldman Sachs International	TRY	62,763		10,884,000		8,374,687		2,509,313		—
Expiring 04/30/20	JPMorgan Chase Bank, N.A.	TRY	11,919		1,844,000		1,590,418		253,582		—
Expiring 06/30/20	Citibank, N.A.	TRY	19,012		1,978,358		2,450,625		—		(472,267	)
Expiring 06/30/20	Citibank, N.A.	TRY	9,131		948,000		1,176,992		—		(228,992	)
Expiring 06/30/20	JPMorgan Chase Bank, N.A.	TRY	17,985		2,452,000		2,318,307		133,693		—
Expiring 06/30/20	Morgan Stanley & Co. International PLC	TRY	80,729		12,254,000		10,405,910		1,848,090		—
Expiring 10/30/20	Deutsche Bank AG	TRY	6,465		851,000		780,290		70,710		—
Expiring 02/26/21	Citibank, N.A.	TRY	40,469		4,975,000		4,598,821		376,179		—
Expiring 02/26/21	Citibank, N.A.	TRY	21,754		2,583,626		2,472,090		111,536		—

See Notes to Financial Statements.

PGIM Global Total Return Fund 115

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Turkish Lira (cont’d.),
Expiring 02/26/21	JPMorgan Chase Bank, N.A.	TRY	28,291	$	3,398,374	$	3,214,977	$	183,397	$	—
Expiring 02/26/21	Morgan Stanley & Co. International PLC	TRY	97,117		13,447,000		11,036,146		2,410,854		—
				$	1,322,716,147	$	1,309,120,920		25,946,345		(12,351,118	)
								$	42,837,419	$	(30,120,353	)

Cross currency exchange contracts outstanding at April 30, 2019:

Settlement	Type	Notional Amount (000)		In Exchange For (000)		Unrealized Appreciation		Unrealized Depreciation			Counterparty
OTC Cross Currency Exchange Contracts:
06/28/19	Buy	AUD	1,120	JPY	94,696	$	—	$	(63,562	)	BNP Paribas S.A.
06/28/19	Buy	JPY	493,315	AUD	5,950		249,650		—		Morgan Stanley & Co. International PLC
07/19/19	Buy	SEK	45,790	EUR	4,385		—		(99,975	)	Citibank, N.A.
07/19/19	Buy	NOK	42,198	EUR	4,385		—		(46,272	)	Citibank, N.A.
11/27/19	Buy	EUR	2,122	ZAR	41,069		—		(375,564	)	Citibank, N.A.
11/27/19	Buy	ZAR	16,840	EUR	974		35,420		—		Deutsche Bank AG
12/30/19	Buy	EUR	1,930	ZAR	33,514		—		(64,940	)	Deutsche Bank AG
12/30/19	Buy	ZAR	19,940	EUR	1,203		—		(24,013	)	Morgan Stanley & Co. International PLC
01/31/20	Buy	AUD	4,212	JPY	327,609		—		(17,360	)	Deutsche Bank AG
01/31/20	Sell	TRY	37,121	EUR	5,105		—		(628,457	)	Goldman Sachs International
01/31/20	Buy	EUR	2,420	TRY	14,760		697,741		—		Goldman Sachs International
02/28/20	Buy	AUD	6,000	JPY	472,950		—		(88,324	)	BNP Paribas S.A.
02/28/20	Buy	JPY	1,415,148	AUD	18,781		—		(323,808	)	Deutsche Bank AG
03/31/20	Buy	ZAR	142,211	EUR	7,654		713,354		—		Morgan Stanley & Co. International PLC
03/31/20	Buy	EUR	7,374	ZAR	124,584		146,182		—		Morgan Stanley & Co. International PLC
04/30/20	Buy	TRY	121,707	EUR	13,219		961,688		—		BNP Paribas S.A.
04/30/20	Buy	EUR	12,312	TRY	92,869		1,837,989		—		Goldman Sachs International
07/29/20	Buy	EUR	14,276	TRY	138,149		—		(919,344	)	BNP Paribas S.A.
07/29/20	Buy	TRY	101,116	EUR	8,310		3,160,944		—		Morgan Stanley & Co. International PLC

See Notes to Financial Statements.

116

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

Settlement	Type	Notional Amount (000)		In Exchange For (000)		Unrealized Appreciation		Unrealized Depreciation			Counterparty
OTC Cross Currency Exchange Contracts (cont’d.):
08/31/20	Buy	ZAR	41,149	EUR	2,332	$	—	$	(14,786	)		Goldman Sachs International
08/31/20	Buy	EUR	4,792	ZAR	92,438		—		(487,441	)		Morgan Stanley & Co. International PLC
11/27/20	Buy	AUD	2,575	JPY	191,838		38,391		—			Morgan Stanley & Co. International PLC
11/30/20	Buy	JPY	382,815	AUD	4,906		89,962		—			Deutsche Bank AG
12/23/20	Buy	EUR	598	ZAR	10,827		2,166		—			Goldman Sachs International
12/30/20	Buy	JPY	167,838	AUD	2,277		—		(47,925	)		Deutsche Bank AG
12/30/20	Buy	AUD	787	JPY	59,639		1,241		—			Goldman Sachs International
10/31/23	Buy	JPY	277,535	AUD	3,979		—		(44,807	)		Goldman Sachs International
10/31/23	Buy	JPY	671,731	AUD	9,835		—		(256,032	)		Morgan Stanley & Co. International PLC
						$	7,934,728	$	(3,502,610	)

Credit default swap agreements outstanding at April 30, 2019:

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2)*:
Federation of Malaysia (D01)		12/20/22		1.000%(Q)		1,500		0.463	%	$	29,986		$	(1,542	)	$	31,528		Citibank, N.A.
People’s Republic of China (D01)		12/20/22		1.000%(Q)		5,000		0.343	%		121,147			(5,139	)		126,286		Citibank, N.A.
Republic of Argentina (D01)		12/20/22		1.000%(Q)		1,500		12.832	%		(451,582	)		(1,542	)		(450,040	)	Citibank, N.A.
Republic of Brazil (D01)		12/20/22		1.000%(Q)		7,500		1.313	%		(71,882	)		(7,708	)		(64,174	)	Citibank, N.A.
Republic of Chile (D01)		12/20/22		1.000%(Q)		1,500		0.230	%		42,358			(1,542	)		43,900		Citibank, N.A.
Republic of Colombia (D01)		12/20/22		1.000%(Q)		2,000		0.652	%		26,586			(2,056	)		28,642		Citibank, N.A.
Republic of Indonesia (D01)		12/20/22		1.000%(Q)		2,000		0.833	%		13,970			(2,056	)		16,026		Citibank, N.A.
Republic of Panama (D01)		12/20/22		1.000%(Q)		1,500		0.384	%		34,150			(1,542	)		35,692		Citibank, N.A.

See Notes to Financial Statements.

PGIM Global Total Return Fund 117

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Credit default swap agreements outstanding at April 30, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2)* (cont’d.):
Republic of Peru (D01)		12/20/22		1.000%(Q)		1,500		0.340	%	$	36,518		$	(1,542	)	$	38,060		Citibank, N.A.
Republic of Philippines (D01)		12/20/22		1.000%(Q)		1,500		0.438	%		31,307			(1,542	)		32,849		Citibank, N.A.
Republic of South Africa (D01)		12/20/22		1.000%(Q)		4,500		1.476	%		(68,212	)		(4,625	)		(63,587	)	Citibank, N.A.
Republic of Turkey (D01)		12/20/22		1.000%(Q)		7,500		4.356	%		(794,480	)		(7,708	)		(786,772	)	Citibank, N.A.
Russian Federation (D01)		12/20/22		1.000%(Q)		4,500		0.991	%		6,724			(4,625	)		11,349		Citibank, N.A.
United Mexican States (D01)		12/20/22		1.000%(Q)		6,500		0.787	%		55,746			(6,681	)		62,427		Citibank, N.A.
Federation of Malaysia (D02)		06/20/23		1.000%(Q)		2,250		0.527	%		44,700			(1,188	)		45,888		Barclays Bank PLC
People’s Republic of China (D02)		06/20/23		1.000%(Q)		8,250		0.389	%		209,419			(4,354	)		213,773		Barclays Bank PLC
Republic of Argentina (D02)		06/20/23		1.000%(Q)		2,250		12.653	%		(730,417	)		(1,188	)		(729,229	)	Barclays Bank PLC
Republic of Brazil (D02)		06/20/23		1.000%(Q)		11,250		1.411	%		(165,585	)		(5,938	)		(159,647	)	Barclays Bank PLC
Republic of Chile (D02)		06/20/23		1.000%(Q)		2,250		0.266	%		68,192			(1,188	)		69,380		Barclays Bank PLC
Republic of Colombia (D02)		06/20/23		1.000%(Q)		3,000		0.731	%		35,243			(1,583	)		36,826		Barclays Bank PLC
Republic of Indonesia (D02)		06/20/23		1.000%(Q)		3,000		0.936	%		11,044			(1,583	)		12,627		Barclays Bank PLC
Republic of Lebanon (D02)		06/20/23		1.000%(Q)		2,250		8.057	%		(509,822	)		(1,188	)		(508,634	)	Barclays Bank PLC
Republic of Panama (D02)		06/20/23		1.000%(Q)		2,250		0.445	%		52,095			(1,188	)		53,283		Barclays Bank PLC
Republic of Peru (D02)		06/20/23		1.000%(Q)		2,250		0.399	%		56,206			(1,188	)		57,394		Barclays Bank PLC
Republic of Philippines (D02)		06/20/23		1.000%(Q)		2,250		0.492	%		47,795			(1,188	)		48,983		Barclays Bank PLC

See Notes to Financial Statements.

118

Credit default swap agreements outstanding at April 30, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2)* (cont’d.):
Republic of South Africa (D02)		06/20/23		1.000%(Q)		6,750		1.574	%	$	(141,560	)	$	(3,563	)	$	(137,997	)	Barclays Bank PLC
Republic of Turkey (D02)		06/20/23		1.000%(Q)		10,500		4.379	%		(1,249,894	)		(5,542	)		(1,244,352	)	Barclays Bank PLC
Russian Federation (D02)		06/20/23		1.000%(Q)		6,750		1.050	%		(5,277	)		(3,563	)		(1,714	)	Barclays Bank PLC
United Mexican States (D02)		06/20/23		1.000%(Q)		9,750		0.879	%		57,560			(5,146	)		62,706		Barclays Bank PLC
Federation of Malaysia (D03)		06/20/24		1.000%(Q)		4,000		0.856	%		32,440			(2,111	)		34,551		Citibank, N.A.
Kingdom of Saudi Arabia (D03)		06/20/24		1.000%(Q)		3,000		0.773	%		36,237			(1,583	)		37,820		Citibank, N.A.
People’s Republic of China (D03)		06/20/24		1.000%(Q)		9,000		0.518	%		220,686			(4,750	)		225,436		Citibank, N.A.
Republic of Argentina (D03)		06/20/24		1.000%(Q)		6,000		11.939	%		(2,114,724	)		(3,167	)		(2,111,557	)	Citibank, N.A.
Republic of Brazil (D03)		06/20/24		1.000%(Q)		13,000		1.720	%		(423,819	)		(6,861	)		(416,958	)	Citibank, N.A.
Republic of Chile (D03)		06/20/24		1.000%(Q)		3,000		0.389	%		92,601			(1,583	)		94,184		Citibank, N.A.
Republic of Colombia (D03)		06/20/24		1.000%(Q)		4,000		0.976	%		9,357			(2,111	)		11,468		Citibank, N.A.
Republic of Indonesia (D03)		06/20/24		1.000%(Q)		7,000		1.186	%		(53,855	)		(3,694	)		(50,161	)	Citibank, N.A.
Republic of Peru (D03)		06/20/24		1.000%(Q)		3,000		0.565	%		66,701			(1,583	)		68,284		Citibank, N.A.
Republic of Philippines (D03)		06/20/24		1.000%(Q)		3,000		0.508	%		74,779			(1,583	)		76,362		Citibank, N.A.
Republic of South Africa (D03)		06/20/24		1.000%(Q)		8,000		1.865	%		(314,139	)		(4,222	)		(309,917	)	Citibank, N.A.
Republic of Turkey (D03)		06/20/24		1.000%(Q)		13,000		4.502	%		(1,917,813	)		(6,861	)		(1,910,952	)	Citibank, N.A.
Russian Federation (D03)		06/20/24		1.000%(Q)		8,000		1.247	%		(84,245	)		(4,222	)		(80,023	)	Citibank, N.A.

See Notes to Financial Statements.

PGIM Global Total Return Fund 119

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Credit default swap agreements outstanding at April 30, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2)* (cont’d.):
State of Qatar (D03)		06/20/24		1.000%(Q)		3,000		0.651	%	$	54,067		$	(1,583	)	$	55,650		Citibank, N.A.
United Mexican States (D03)		06/20/24		1.000%(Q)		13,000		1.126	%		(62,896	)		(6,861	)		(56,035	)	Citibank, N.A.
										$	(7,592,588	)	$	(142,213	)	$	(7,450,375	)

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Fair Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)		Counterparty
OTC Packaged Credit Default Swap Agreements on credit indices— Buy Protection(1)*:
CDX.EM.28.V2 (D01)		12/20/22		1.000%(Q)		48,500	$	890,711	$	(32,603	)	$	923,314	Citibank, N.A.
CDX.EM.29.V1 (D02)		06/20/23		1.000%(Q)		75,000		2,071,831		(50,417	)		2,122,248	Barclays Bank PLC
CDX.EM.31.V1 (D03)		06/20/24		1.000%(Q)		100,000		4,080,098		(197,222	)		4,277,320	Citibank, N.A.
							$	7,042,640	$	(280,242	)	$	7,322,882

* The Fund entered into multiple credit default swap agreements in a package trade consisting of two parts. The fund brought protection on an Emerging Market CDX Index and sold protection on the countries which comprise the index. The up-front premium is attached to the index of the trade. Each swap is priced individually. If the packaged deal is closed out early, all of the component swaps terminate. Individual packages in the tables above are denoted by the corresponding footnotes (D01 - D03).

Reference Entity/ Obligation

Termination Date

Fixed Rate

Notional Amount (000)#(3)

Implied Credit Spread at April 30, 2019(4)

Fair Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

Counterparty

OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^:

Accunia European

05/29/19

1.000%(M)

2,262

*

$

70

$

—

$

70

Goldman Sachs International

Adagio CLO Ltd.

05/29/19

0.500%(M)

EUR

3,254

*

51

—

51

Goldman Sachs International

ALM Loan Funding

05/29/19

0.500%(M)

126

*

2

—

2

Goldman Sachs International

See Notes to Financial Statements.

120

Credit default swap agreements outstanding at April 30, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
Anchorage Capital CLO Ltd.		05/29/19		0.500%(M)	EUR	2,068		*		$	32	$	—	$	32	Goldman Sachs International
Atlas Senior Loan Fund Ltd.		05/29/19		1.000%(M)		1,024		*			28		—		28	Goldman Sachs International
Banc of America Commercial Mortgage Trust		05/30/19		1.250%(M)		502		3.766	%		574		—		574	Goldman Sachs International
Banc of America Commercial Mortgage Trust		05/30/19		1.250%(M)		263		6.788	%		300		—		300	Goldman Sachs International
Banc of America Commercial Mortgage Trust		05/30/19		1.250%(M)		200		6.780	%		228		—		228	Goldman Sachs International
Bear Stearns Asset Backed Securities		05/31/19		1.250%(M)		2,358		*			82		—		82	Goldman Sachs International
Bear Stearns Asset Backed Securities		05/31/19		1.250%(M)		1,319		*			46		—		46	Goldman Sachs International
BlackRock		05/29/19		0.500%(M)	EUR	1,195		*			19		—		19	Goldman Sachs International
Cathedral Lake Ltd.		05/29/19		1.000%(M)		1,190		*			33		—		33	Goldman Sachs International
Citigroup Commercial Mortgage Trust		05/30/19		1.250%(M)		570		4.670	%		652		—		652	Goldman Sachs International
Citigroup Commercial Mortgage Trust		05/30/19		1.250%(M)		234		6.780	%		267		—		267	Goldman Sachs International
Citigroup Commercial Mortgage Trust		05/30/19		1.250%(M)		230		4.180	%		263		—		263	Goldman Sachs International
Citigroup Commercial Mortgage Trust		05/30/19		1.250%(M)		207		11.990	%		237		—		237	Goldman Sachs International

See Notes to Financial Statements.

PGIM Global Total Return Fund 121

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Credit default swap agreements outstanding at April 30, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
Citigroup Commercial Mortgage Trust		05/31/19		1.250%(M)		1,279		*		$	44	$	—	$	44	Goldman Sachs International
COMM Mortgage Trust		05/30/19		1.250%(M)		856		4.550	%		979		—		979	Goldman Sachs International
COMM Mortgage Trust		05/30/19		1.250%(M)		795		19.740	%		909		—		909	Goldman Sachs International
COMM Mortgage Trust		05/30/19		1.250%(M)		700		4.550	%		800		—		800	Goldman Sachs International
COMM Mortgage Trust		05/30/19		1.250%(M)		448		*			512		—		512	Goldman Sachs International
COMM Mortgage Trust		05/30/19		1.250%(M)		333		7.460	%		380		—		380	Goldman Sachs International
COMM Mortgage Trust		05/30/19		1.250%(M)		304		6.940	%		347		—		347	Goldman Sachs International
COMM Mortgage Trust		05/30/19		1.250%(M)		297		*			339		—		339	Goldman Sachs International
Countrywide Alt A		05/31/19		1.250%(M)		2,246		*			78		—		78	Goldman Sachs International
Countrywide AltA Mortgage		05/31/19		1.250%(M)		347		*			12		—		12	Goldman Sachs International
CVC		05/29/19		0.500%(M)		2,276		*			35		—		35	Goldman Sachs International
Deutsche Bank Alta Mortgages		05/31/19		1.250%(M)		3,399		*			118		—		118	Goldman Sachs International
Deutsche Bank Alta Mortgages		05/31/19		1.250%(M)		2,005		*			70		—		70	Goldman Sachs International

See Notes to Financial Statements.

122

Credit default swap agreements outstanding at April 30, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
Equity One Home Equity		05/31/19		1.250%(M)		3,326		*		$	115	$	—	$	115	Goldman Sachs International
Equity One Home Equity		05/31/19		1.250%(M)		993		*			34		—		34	Goldman Sachs International
Fannie Mae Connectict Avenue Securities		05/31/19		1.250%(M)		3,054		*			106		—		106	Goldman Sachs International
Fannie Mae Connectict Avenue Securities		05/31/19		1.250%(M)		1,586		*			55		—		55	Goldman Sachs International
Fannie Mae Connectict Avenue Securities		05/31/19		1.250%(M)		1,313		*			46		—		46	Goldman Sachs International
First Franklin Home Equity		05/31/19		1.250%(M)		1,410		*			49		—		49	Goldman Sachs International
First Franklin Home Equity		05/31/19		1.250%(M)		533		*			19		—		19	Goldman Sachs International
First Franklin Home Equity		05/31/19		1.250%(M)		530		*			18		—		18	Goldman Sachs International
Flagship		05/29/19		1.000%(M)		1,697		*			47		—		47	Goldman Sachs International
GMAC Home Equity		05/31/19		1.250%(M)		563		*			20		—		20	Goldman Sachs International
GMAC Home Equity		05/31/19		1.250%(M)		528		*			18		—		18	Goldman Sachs International
GS Mortgage Securities Trust		05/30/19		1.250%(M)		671		7.000	%		767		—		767	Goldman Sachs International
GS Mortgage Securities Trust		05/30/19		1.250%(M)		441		7.460	%		504		—		504	Goldman Sachs International

See Notes to Financial Statements.

PGIM Global Total Return Fund 123

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Credit default swap agreements outstanding at April 30, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
GSR Mortgage Loan Trust		05/31/19		1.250%(M)		1,017		*		$	35	$	—	$	35	Goldman Sachs International
HPS Investment Partneship LLC		05/29/19		0.500%(M)	EUR	2,856		*			44		—		44	Goldman Sachs International
ICG US CLO Ltd.		05/29/19		1.000%(M)	EUR	1,163		*			36		—		36	Goldman Sachs International
ICG US CLO Ltd.		05/29/19		0.500%(M)	EUR	514		*			8		—		8	Goldman Sachs International
Invesco		05/29/19		0.500%(M)		805		*			11		—		11	Goldman Sachs International
JPMBB Commercial Mortgage Securities Trust		05/30/19		1.250%(M)		1,272		8.841	%		1,454		—		1,454	Goldman Sachs International
JPMBB Commercial Mortgage Securities Trust		05/30/19		1.250%(M)		899		*			1,028		—		1,028	Goldman Sachs International
JPMorgan Chase Commercial Mortgage Securities		05/30/19		1.250%(M)		457		4.550	%		522		—		522	Goldman Sachs International
JPMorgan Chase Commercial Mortgage Securities		05/30/19		1.250%(M)		167		*			191		—		191	Goldman Sachs International
LCM Ltd. Partnership		05/29/19		1.000%(M)		1,282		*			36		—		36	Goldman Sachs International
Lehman Home Equity		05/31/19		1.250%(M)		3,869		*			134		—		134	Goldman Sachs International
Lehman Home Equity		05/31/19		1.250%(M)		525		*			18		—		18	Goldman Sachs International
Morgan Stanley BAML Trust		05/30/19		1.250%(M)		516		6.940	%		590		—		590	Goldman Sachs International

See Notes to Financial Statements.

124

Credit default swap agreements outstanding at April 30, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)		Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
Morgan Stanley BAML Trust		05/30/19		1.250%(M)		295		*	$	337	$	—	$	337	Goldman Sachs International
Morgan Stanley BAML Trust		05/30/19		1.250%(M)		263		*		300		—		300	Goldman Sachs International
Morgan Stanley Home Equity		05/31/19		1.250%(M)		535		*		19		—		19	Goldman Sachs International
New Century Home Equity		05/31/19		1.250%(M)		4,260		*		148		—		148	Goldman Sachs International
New Century Home Equity		05/31/19		1.250%(M)		906		*		31		—		31	Goldman Sachs International
Oaktree CLO Ltd.		05/29/19		0.500%(M)	EUR	563		*		9		—		9	Goldman Sachs International
Sankaty		05/29/19		0.500%(M)		205		*		3		—		3	Goldman Sachs International
Sprie Management Ltd.		05/29/19		0.500%(M)	EUR	3,643		*		57		—		57	Goldman Sachs International
Steele Creek		05/29/19		0.500%(M)		1,089		*		15		—		15	Goldman Sachs International
Steele Creek		05/29/19		0.500%(M)		1,011		*		14		—		14	Goldman Sachs International
Telos CLO Ltd.		05/29/19		0.500%(M)		1,823		*		25		—		25	Goldman Sachs International
Venture CDO Ltd.		05/29/19		0.500%(M)		2,338		*		32		—		32	Goldman Sachs International
Venture CDO Ltd.		05/29/19		0.500%(M)		389		*		5		—		5	Goldman Sachs International

See Notes to Financial Statements.

PGIM Global Total Return Fund 125

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Credit default swap agreements outstanding at April 30, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
Wellfleet CLO Ltd.		05/29/19		0.500%(M)		2,005		*		$	28	$	—	$	28	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		05/30/19		1.250%(M)		1,541		*			1,762		—		1,762	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		05/30/19		1.250%(M)		451		*			516		—		516	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		05/30/19		1.250%(M)		356		8.488	%		407		—		407	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		05/30/19		1.250%(M)		284		*			325		—		325	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		05/30/19		1.250%(M)		281		*			321		—		321	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		05/30/19		1.250%(M)		230		4.670	%		263		—		263	Goldman Sachs International
Wind River CLO Ltd.		05/29/19		0.500%(M)		505		*			7		—		7	Goldman Sachs International
Wind River CLO Ltd.		05/29/19		1.000%(M)		392		*			11		—		11	Goldman Sachs International
										$	18,047	$	—	$	18,047

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Fair Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Buy Protection(1):
Assicurazioni Generali SpA		06/20/23		1.000%(Q)	EUR	2,000	$	9,332		$	132,015	$	(122,683	)	Barclays Bank PLC
Bank of China Ltd.		06/20/21		1.000%(Q)		1,900		(34,977	)		42,740		(77,717	)	Deutsche Bank AG
Central Bank of Tunisia		12/20/22		1.000%(Q)		700		55,444			70,893		(15,449	)	Barclays Bank PLC

See Notes to Financial Statements.

126

Credit default swap agreements outstanding at April 30, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate	Notional Amount (000)#(3)		Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Buy Protection(1) (cont’d.):
China Development Bank Corp.		06/20/21	1.000%(Q)		1,900	$	(34,344	)	$	26,990		$	(61,334	)	Deutsche Bank AG
Eskom Holdings SOC Ltd.		12/20/23	1.000%(Q)	EUR	2,640		391,762			582,451			(190,689	)	Deutsche Bank AG
Hellenic Republic		06/20/19	1.000%(Q)		4,800		(9,504	)		25,605			(35,109	)	Bank of America, N.A.
Hellenic Republic		06/20/23	1.000%(Q)		1,400		77,981			132,290			(54,309	)	Bank of America, N.A.
Kingdom of Spain		06/20/19	1.000%(Q)		700		(1,750	)		(2,987	)		1,237		Deutsche Bank AG
Kingdom of Spain		06/20/23	1.000%(Q)		3,200		(94,681	)		(79,184	)		(15,497	)	Bank of America, N.A.
Republic of Ireland		06/20/19	1.000%(Q)		700		(1,764	)		(10,231	)		8,467		Deutsche Bank AG
Republic of Italy		06/20/19	1.000%(Q)	EUR	8,900		(24,229	)		(20,017	)		(4,212	)	Barclays Bank PLC
Republic of Italy		06/20/19	1.000%(Q)		900		(2,149	)		5,740			(7,889	)	Deutsche Bank AG
Republic of Italy		06/20/23	1.000%(Q)	EUR	12,700		181,217			130,775			50,442		Barclays Bank PLC
Republic of Italy		06/20/23	1.000%(Q)	EUR	10,455		149,183			148,823			360		Barclays Bank PLC
Republic of Italy		06/20/23	1.000%(Q)		14,270		(35,058	)		203,721			(238,779	)	Citibank, N.A.
Republic of Italy		06/20/23	1.000%(Q)		3,700		(9,090	)		59,330			(68,420	)	Citibank, N.A.
Republic of Italy		06/20/28	1.000%(Q)	EUR	5,145		384,142			318,815			65,327		Barclays Bank PLC
Republic of Portugal		06/20/19	1.000%(Q)		400		(1,004	)		12,675			(13,679	)	Deutsche Bank AG
Republic of Turkey		06/20/19	1.000%(Q)		5,510		12,050			158,864			(146,814	)	BNP Paribas S.A.
Republic of Turkey		06/20/19	1.000%(Q)		2,760		6,036			71,206			(65,170	)	BNP Paribas S.A.
United Mexican States		06/20/23	1.000%(Q)		4,000		(23,614	)		27,839			(51,453	)	Citibank, N.A.
						$	994,983		$	2,038,353		$	(1,043,370	)

Reference Entity/ Obligation	Termination Date		Fixed Rate	Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2):
Arab Republic of Egypt		06/20/19	1.000%(Q)		1,300		1.479	%	$	641		$	(3,738	)	$	4,379		Citibank, N.A.
Arab Republic of Egypt		06/20/20	1.000%(Q)		1,000		1.937	%		(9,346	)		(24,941	)		15,595		Deutsche Bank AG
Eskom Holdings SOC Ltd.		12/20/23	1.000%(Q)		3,000		4.193	%		(374,771	)		(558,010	)		183,239		Deutsche Bank AG
Federation of Malaysia		12/20/19	1.000%(Q)		2,000		0.089	%		14,022			16,516			(2,494	)	Barclays Bank PLC
Federation of Malaysia		12/20/19	1.000%(Q)		2,000		0.089	%		14,022			16,034			(2,012	)	HSBC Bank USA, N.A.
Generalitat de Cataluna		12/20/22	1.000%(Q)		2,960		2.385	%		(131,890	)		(441,383	)		309,493		Citibank, N.A.

See Notes to Financial Statements.

PGIM Global Total Return Fund 127

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Credit default swap agreements outstanding at April 30, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2) (cont’d.):
Government of Jamaica		12/20/19		1.000%(Q)		1,000		2.492	%	$	(8,310	)	$	(4,413	)	$	(3,897	)	Credit Suisse International
Hellenic Republic		06/20/22		1.000%(Q)		410		2.328	%		(15,531	)		(70,771	)		55,240		Citibank, N.A.
Hellenic Republic		06/20/22		1.000%(Q)		200		2.328	%		(7,576	)		(35,500	)		27,924		Goldman Sachs International
Hellenic Republic		12/20/22		1.000%(Q)		500		2.603	%		(26,290	)		(49,578	)		23,288		Citibank, N.A.
Hellenic Republic		06/20/23		1.000%(Q)		1,400		2.808	%		(93,179	)		(149,624	)		56,445		Bank of America, N.A.
Hellenic Republic		06/20/23		1.000%(Q)		300		2.808	%		(19,967	)		(29,345	)		9,378		Citibank, N.A.
Hellenic Republic		06/20/24		1.000%(Q)		1,000		3.188	%		(96,850	)		(216,250	)		119,400		Barclays Bank PLC
Kingdom of Belgium		03/20/20		1.000%(Q)		3,000		0.050	%		28,823			(14,500	)		43,323		JPMorgan Chase Bank, N.A.
Kingdom of Belgium		12/20/24		1.000%(Q)		3,500		0.271	%		139,284			20,902			118,382		HSBC Bank USA, N.A.
Kingdom of Belgium		06/20/26		1.000%(Q)		4,000		0.331	%		180,115			102,239			77,876		Barclays Bank PLC
Kingdom of Denmark		06/20/26		0.250%(Q)		1,000		0.176	%		5,173			(16,628	)		21,801		Goldman Sachs International
Kingdom of Saudi Arabia		12/20/21		1.000%(Q)		1,900		0.404	%		31,347			(38,725	)		70,072		Barclays Bank PLC
Kingdom of Saudi Arabia		06/20/22		1.000%(Q)		3,000		0.453	%		53,329			47,998			5,331		HSBC Bank USA, N.A.
Kingdom of Spain		09/20/20		1.000%(Q)		2,500		0.171	%		31,550			916			30,634		Barclays Bank PLC
Kingdom of Spain		06/20/21		1.000%(Q)		700		0.138	%		13,515			(7,647	)		21,162		Deutsche Bank AG
Kingdom of Spain		09/20/21		1.000%(Q)		1,500		0.165	%		31,127			18,280			12,847		HSBC Bank USA, N.A.
Kingdom of Spain		06/20/23		1.000%(Q)		42,665		0.456	%		964,963			453,981			510,982		Bank of America, N.A.
Kingdom of Spain		06/20/23		1.000%(Q)		3,200		0.456	%		72,375			48,475			23,900		Bank of America, N.A.
Kingdom of Spain		06/20/24		1.000%(Q)		700		0.367	%		22,315			(25,398	)		47,713		Deutsche Bank AG
Kingdom of Sweden		06/20/26		0.250%(Q)		1,000		0.180	%		4,896			(15,719	)		20,615		Goldman Sachs International
Kingdom of Thailand		12/20/21		1.000%(Q)		2,100		0.182	%		46,770			3,012			43,758		Barclays Bank PLC
Oriental Republic of Uruguay		06/20/20		1.000%(Q)		4,250		1.112	%		(407	)		(27,517	)		27,110		Citibank, N.A.
People’s Republic of China		06/20/19		1.000%(Q)		650		0.064	%		1,615			603			1,012		HSBC Bank USA, N.A.

See Notes to Financial Statements.

128

Credit default swap agreements outstanding at April 30, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2) (cont’d.):
People’s Republic of China		12/20/19		1.000%(Q)		2,000		0.071	%	$	14,260		$	20,407		$	(6,147	)	Citibank, N.A.
People’s Republic of China		12/20/19		1.000%(Q)		1,000		0.071	%		7,130			10,204			(3,074	)	HSBC Bank USA, N.A.
People’s Republic of China		06/20/21		1.000%(Q)		4,000		0.148	%		76,391			(45,657	)		122,048		Deutsche Bank AG
People’s Republic of China		12/20/21		1.000%(Q)		1,500		0.194	%		32,941			(4,230	)		37,171		Barclays Bank PLC
People’s Republic of China		12/20/21		1.000%(Q)		1,600		0.194	%		35,137			(5,233	)		40,370		Citibank, N.A.
People’s Republic of China		03/20/22		1.000%(Q)		1,000		0.211	%		23,353			(17,211	)		40,564		Deutsche Bank AG
People’s Republic of China		03/20/22		1.000%(Q)		2,000		0.211	%		46,706			(21,992	)		68,698		Goldman Sachs International
Petroleos Mexicanos		09/20/21		1.000%(Q)		2,500		1.611	%		(32,261	)		(70,059	)		37,798		Goldman Sachs International
Republic of Chile		12/20/21		1.000%(Q)		2,500		0.157	%		57,328			2,887			54,441		Deutsche Bank AG
Republic of Colombia		12/20/21		1.000%(Q)		2,000		0.492	%		28,459			(41,036	)		69,495		HSBC Bank USA, N.A.
Republic of Colombia		06/20/23		1.000%(Q)		5,000		0.731	%		58,738			3,547			55,191		Deutsche Bank AG
Republic of Colombia		12/20/26		1.000%(Q)		1,000		1.418	%		(27,039	)		(91,189	)		64,150		Citibank, N.A.
Republic of France		12/20/19		0.250%(Q)		2,500		0.041	%		4,080			(15,171	)		19,251		Goldman Sachs International
Republic of France		12/20/19		0.250%(Q)		7,000		0.041	%		11,425			(107,630	)		119,055		HSBC Bank USA, N.A.
Republic of France		03/20/20		0.250%(Q)		3,000		0.034	%		6,633			(188,678	)		195,311		JPMorgan Chase Bank, N.A.
Republic of Hungary		06/20/22		1.000%(Q)		3,550		0.486	%		59,515			(22,288	)		81,803		Citibank, N.A.
Republic of Indonesia		06/20/23		1.000%(Q)		13,885		0.749	%		153,009			(86,238	)		239,247		Citibank, N.A.
Republic of Ireland		06/20/21		1.000%(Q)		700		0.097	%		14,123			3,081			11,042		Deutsche Bank AG
Republic of Ireland		06/20/23		1.000%(Q)		4,080		0.242	%		127,391			48,193			79,198		Goldman Sachs International
Republic of Ireland		06/20/24		1.000%(Q)		700		0.243	%		26,614			(8,907	)		35,521		Deutsche Bank AG
Republic of Ireland		06/20/24		1.000%(Q)		4,000		0.308	%		139,197			86,119			53,078		JPMorgan Chase Bank, N.A.

See Notes to Financial Statements.

PGIM Global Total Return Fund 129

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Credit default swap agreements outstanding at April 30, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2) (cont’d.):
Republic of Ireland		12/20/26		1.000%(Q)		2,000		0.417	%	$	83,335		$	5,096		$	78,239		Goldman Sachs International
Republic of Ireland		12/20/26		1.000%(Q)		3,100		0.417	%		129,169			(2,638	)		131,807		JPMorgan Chase Bank, N.A.
Republic of Ireland		06/20/27		1.000%(Q)		2,800		0.438	%		118,761			70,830			47,931		Morgan Stanley & Co. International PLC
Republic of Italy		06/20/20		1.000%(Q)		6,000		0.525	%		39,297			(14,463	)		53,760		HSBC Bank USA, N.A.
Republic of Italy		09/20/20		1.000%(Q)		1,500		0.713	%		7,674			(13,249	)		20,923		Barclays Bank PLC
Republic of Italy		03/20/22		1.000%(Q)		3,000		1.321	%		(23,098	)		(108,518	)		85,420		Goldman Sachs International
Republic of Italy		03/20/22		1.000%(Q)		3,000		1.321	%		(23,098	)		(108,435	)		85,337		JPMorgan Chase Bank, N.A.
Republic of Italy		06/20/23		1.000%(Q)		18,300		1.675	%		(451,027	)		(1,034,270	)		583,243		Bank of America, N.A.
Republic of Italy		06/20/23		1.000%(Q)		15,000		1.675	%		(369,695	)		(336,767	)		(32,928	)	Barclays Bank PLC
Republic of Italy		06/20/23		1.000%(Q)		14,270		1.675	%		(351,703	)		(743,395	)		391,692		Citibank, N.A.
Republic of Italy		06/20/23		1.000%(Q)		3,700		1.675	%		(91,191	)		(198,807	)		107,616		Citibank, N.A.
Republic of Italy		06/20/23		1.000%(Q)		13,405		1.675	%		(330,384	)		(544,050	)		213,666		Morgan Stanley & Co. International PLC
Republic of Italy		06/20/23		1.000%(Q)		4,000		1.675	%		(98,585	)		—			(98,585	)	Morgan Stanley & Co. International PLC
Republic of Italy		06/20/24		1.000%(Q)		900		1.153	%		(5,465	)		(50,860	)		45,395		Deutsche Bank AG
Republic of Italy		06/20/26		1.000%(Q)		5,000		2.164	%		(344,347	)		(371,094	)		26,747		BNP Paribas S.A.
Republic of Italy		12/20/26		1.000%(Q)		400		2.198	%		(29,898	)		(36,893	)		6,995		HSBC Bank USA, N.A.
Republic of Kazakhstan		06/20/23		1.000%(Q)		7,695		0.571	%		139,510			—			139,510		Citibank, N.A.
Republic of Panama		12/20/20		1.000%(Q)		5,500		0.161	%		81,333			(206,535	)		287,868		JPMorgan Chase Bank, N.A.
Republic of Panama		06/20/22		1.000%(Q)		5,000		0.304	%		111,850			43,319			68,531		Citibank, N.A.
Republic of Peru		03/20/22		1.000%(Q)		3,000		0.242	%		67,506			(105,928	)		173,434		Barclays Bank PLC
Republic of Philippines		09/20/20		1.000%(Q)		1,700		0.143	%		22,123			(8,268	)		30,391		JPMorgan Chase Bank, N.A.

See Notes to Financial Statements.

130

Credit default swap agreements outstanding at April 30, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2) (cont’d.):
Republic of Philippines		12/20/20		1.000%(Q)		750		0.166	%	$	11,028		$	(42	)	$	11,070		Deutsche Bank AG
Republic of Philippines		09/20/21		1.000%(Q)		1,000		0.228	%		19,241			(15,838	)		35,079		HSBC Bank USA, N.A.
Republic of Philippines		03/20/22		1.000%(Q)		1,000		0.274	%		21,551			(17,211	)		38,762		Deutsche Bank AG
Republic of Portugal		09/20/20		1.000%(Q)		1,500		0.190	%		18,532			(53,625	)		72,157		Goldman Sachs International
Republic of Portugal		06/20/21		1.000%(Q)		700		0.183	%		12,844			(44,567	)		57,411		Deutsche Bank AG
Republic of Portugal		06/20/23		1.000%(Q)		29,930		0.532	%		587,088			(109,380	)		696,468		Goldman Sachs International
Republic of Portugal		12/20/23		1.000%(Q)		1,000		0.601	%		18,638			—			18,638		BNP Paribas S.A.
Republic of Portugal		12/20/23		1.000%(Q)		4,130		0.601	%		76,977			(1,911	)		78,888		Morgan Stanley & Co. International PLC
Republic of Portugal		06/20/24		1.000%(Q)		400		0.487	%		10,391			(39,790	)		50,181		Deutsche Bank AG
Republic of Serbia		06/20/19		1.000%(Q)		2,000		0.209	%		4,560			4,963			(403	)	Citibank, N.A.
Republic of Serbia		06/20/21		1.000%(Q)		2,000		0.472	%		24,495			29,723			(5,228	)	BNP Paribas S.A.
Republic of Slovenia		06/20/24		1.000%(Q)		900		0.798	%		9,782			(69,737	)		79,519		HSBC Bank USA, N.A.
Republic of South Africa		06/20/23		1.000%(Q)		5,000		1.586	%		(107,108	)		(123,048	)		15,940		Deutsche Bank AG
Republic of South Africa		12/20/23		1.000%(Q)		3,000		1.741	%		(91,480	)		(165,090	)		73,610		Bank of America, N.A.
Republic of Turkey		03/20/20		1.000%(Q)		2,000		3.739	%		(45,346	)		(76,304	)		30,958		JPMorgan Chase Bank, N.A.
Republic of Turkey		06/20/23		1.000%(Q)		5,510		4.379	%		(655,897	)		(755,848	)		99,951		BNP Paribas S.A.
Republic of Turkey		06/20/23		1.000%(Q)		2,760		4.379	%		(328,544	)		(367,820	)		39,276		BNP Paribas S.A.
Republic of Uruguay		06/20/21		1.000%(Q)		400		1.515	%		(3,795	)		(5,623	)		1,828		Citibank, N.A.
Republic of Uruguay		12/20/21		1.000%(Q)		1,500		1.635	%		(22,314	)		(21,502	)		(812	)	Citibank, N.A.
Russian Federation		12/20/21		1.000%(Q)		8,525		0.836	%		45,606			(491,510	)		537,116		Barclays Bank PLC
Russian Federation		12/20/21		1.000%(Q)		3,000		0.836	%		16,049			(178,672	)		194,721		Barclays Bank PLC
Russian Federation		12/20/22		1.000%(Q)		7,350		0.991	%		10,982			(17,626	)		28,608		Citibank, N.A.

See Notes to Financial Statements.

PGIM Global Total Return Fund 131

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Credit default swap agreements outstanding at April 30, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2) (cont’d.):
Russian Federation		06/20/23		1.000%(Q)		1,640		1.059	%	$	(1,841	)	$	(32,043	)	$	30,202	BNP Paribas S.A.
Russian Federation		06/20/23		1.000%(Q)		7,000		1.059	%		(7,859	)		(115,750	)		107,891	Morgan Stanley & Co. International PLC
Russian Federation		06/20/23		1.000%(Q)		4,000		1.059	%		(4,491	)		(79,215	)		74,724	Morgan Stanley & Co. International PLC
Russian Federation		12/20/26		1.000%(Q)		1,200		1.604	%		(46,840	)		(131,616	)		84,776	Barclays Bank PLC
State of Illinois		12/20/22		1.000%(Q)		2,725		1.228	%		(17,940	)		(110,628	)		92,688	Citibank, N.A.
State of Illinois		12/20/24		1.000%(Q)		2,800		1.835	%		(111,506	)		(195,658	)		84,152	Goldman Sachs International
State of Illinois		06/20/28		1.000%(Q)		1,000		2.519	%		(101,937	)		(115,737	)		13,800	Citibank, N.A.
United Mexican States		06/20/23		1.000%(Q)		5,000		0.879	%		29,518			(7,083	)		36,601	Deutsche Bank AG
										$	(212,654	)	$	(8,624,925	)	$	8,412,271

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Value at Trade Date			Value at April 30, 2019			Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices—Buy Protection(1):
CDX.NA.HY.32.V1		06/20/24		5.000%(Q)		38,110	$	(2,766,786	)	$	(3,118,195	)	$	(351,409	)

Reference Entity/ Obligation

Termination Date

Fixed Rate

Notional Amount (000)#(3)

Implied Credit Spread at April 30, 2019(4)

Value at Trade Date

Value at April 30, 2019

Unrealized Appreciation (Depreciation)

Centrally Cleared Credit Default Swap Agreement on credit indices—Sell Protection(2):

CDX.NA.HY.30.V4

06/20/23

5.000%(Q)

4,626

*

$

340,762

$

424,653

$

83,891

See Notes to Financial Statements.

132

Credit default swap agreements outstanding at April 30, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on credit indices—Sell Protection(2):
CDX.EM.27.V2		06/20/22		1.000%(Q)		10,670		1.517	%	$	(150,959	)	$	(459,877	)	$	308,918	Citibank, N.A.
CMBX.NA.6.AA		05/11/63		1.500%(M)		5,000		*			92,418			(28,411	)		120,829	JPMorgan Securities LLC
										$	(58,541	)	$	(488,288	)	$	429,747

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

See Notes to Financial Statements.

PGIM Global Total Return Fund 133

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

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.

Currency swap agreements outstanding at April 30, 2019:

Notional Amount (000)#

Fund Receives

Notional Amount (000)#

Fund Pays

Counterparty

Termination Date

Fair Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

OTC Currency Swap Agreement:

IDR    50,000,000

8.220%(S)

3,454

6 Month LIBOR(S)

Citibank, N.A.

11/29/23

$

249,625

$

—

$

249,625

Forward rate agreements outstanding at April 30, 2019:

Notional Amount (000)#		Termination Date(4)		Fixed Rate		Floating Rate	Fair Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)			Counterparty
	OTC Forward Rate Agreements^:
	98,900		05/28/19		—(3)	—(3)	$	(56,646	)	$	—	$	(56,646	)	Citigroup Global Markets, Inc.

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

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

(3) The Fund pays or receives payments based on CMM102 minus 7 Year CMS minus 1.355% upon termination.

Inflation swap agreements outstanding at April 30, 2019:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2019			Unrealized Appreciation (Depreciation)
Centrally Cleared Inflation Swap Agreements:
EUR	14,000		05/15/23		1.485%(T)	France CPI ex Tobacco Household(1)(T)	$	—		$	(314,738	)	$	(314,738	)
EUR	14,000		05/15/23		1.510%(T)	Eurostat Eurozone HICP ex Tobacco(2)(T)		—			321,805			321,805
GBP	2,290		07/15/28		3.360%(T)	U.K. Retail Price Index(2)(T)		—			(44,374	)		(44,374	)
GBP	3,200		11/15/28		3.585%(T)	U.K. Retail Price Index(2)(T)		—			59,950			59,950
GBP	1,460		08/15/42		3.520%(T)	U.K. Retail Price Index(2)(T)		(4,364	)		(18,303	)		(13,939	)
GBP	615		08/15/47		3.469%(T)	U.K. Retail Price Index(1)(T)		—			16,832			16,832
GBP	724		11/15/48		3.550%(T)	U.K. Retail Price Index(1)(T)		—			(30,421	)		(30,421	)

See Notes to Financial Statements.

134

Inflation swap agreements outstanding at April 30, 2019 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2019		Unrealized Appreciation (Depreciation)
Centrally Cleared Inflation Swap Agreements (cont’d):
GBP	300		08/15/57		3.363%(T)	U.K. Retail Price Index(1)(T)	$	—		$	16,555	$	16,555
GBP	200		07/15/68		3.243%(T)	U.K. Retail Price Index(1)(T)		—			48,104		48,104
							$	(4,364	)	$	55,410	$	59,774

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

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

Interest rate swap agreements outstanding at April 30, 2019:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2019		Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
AUD	2,240		10/27/21		2.173%(S)	6 Month BBSW(2)(S)	$	(230	)	$	26,423	$	26,653
AUD	4,000		09/21/22		3.830%(S)	6 Month BBSW(2)(S)		(72,198	)		218,072		290,270
AUD	7,580		09/25/22		2.958%(S)	6 Month BBSW(2)(S)		—			145,760		145,760
AUD	1,000		05/02/26		2.650%(S)	6 Month BBSW(2)(S)		120			40,415		40,295
AUD	2,700		06/06/27		2.661%(S)	6 Month BBSW(2)(S)		—			110,608		110,608
AUD	5,835		07/19/32		3.130%(S)	6 Month BBSW(2)(S)		—			440,501		440,501
AUD	1,600		07/28/32		3.137%(S)	6 Month BBSW(2)(S)		—			121,306		121,306
AUD	2,000		12/19/32		4.423%(S)	6 Month BBSW(2)(S)		(5,183	)		376,881		382,064
AUD	10,000		07/10/33		2.987%(S)	6 Month BBSW(2)(S)		156,993			642,182		485,189
BRL	26,379		01/02/25		9.475%(T)	1 Day BROIS(2)(T)		—			601,862		601,862
BRL	25,280		01/02/25		9.560%(T)	1 Day BROIS(2)(T)		—			628,491		628,491
BRL	31,910		01/02/25		9.943%(T)	1 Day BROIS(2)(T)		—			1,130,189		1,130,189
BRL	7,002		01/02/25		9.985%(T)	1 Day BROIS(2)(T)		—			302,737		302,737
BRL	30,470		01/02/25		11.080%(T)	1 Day BROIS(2)(T)		—			1,548,556		1,548,556
BRL	6,247		01/02/25		12.090%(T)	1 Day BROIS(2)(T)		—			420,722		420,722

See Notes to Financial Statements.

PGIM Global Total Return Fund 135

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Interest rate swap agreements outstanding at April 30, 2019 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2019			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
BRL	5,804		01/04/27		12.095%(T)	1 Day BROIS(2)(T)	$	—		$	490,175		$	490,175
CAD	134,535		07/26/19		1.605%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		(214,184	)		(248,998	)		(34,814	)
CAD	28,155		01/09/20		1.716%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		(66,077	)		(74,783	)		(8,706	)
CAD	3,550		03/07/21		0.983%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		124			(49,443	)		(49,567	)
CAD	23,700		08/17/22		2.370%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		(249,113	)		276,545			525,658
CAD	32,040		12/10/23		2.480%(S)	3 Month Canadian Banker’s Acceptance(1)(S)		(268,061	)		(625,563	)		(357,502	)
CAD	1,500		04/22/26		1.670%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		127			(24,897	)		(25,024	)
CAD	3,070		06/25/30		2.651%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		83,226			101,723			18,497
CAD	4,325		03/26/33		2.718%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		(92	)		149,941			150,033
CAD	1,500		05/30/37		2.240%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		(41	)		(34,132	)		(34,091	)
CAD	4,345		01/09/38		2.720%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		(37,095	)		139,640			176,735

See Notes to Financial Statements.

136

Interest rate swap agreements outstanding at April 30, 2019 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2019			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
CAD	2,500		12/03/38		2.800%(S)	3 Month Canadian Banker’s Acceptance(2)(S)	$	109,547		$	105,730		$	(3,817	)
CAD	1,495		05/30/47		2.240%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		(118,690	)		(50,511	)		68,179
CAD	1,790		12/03/48		2.800%(S)	3 Month Canadian Banker’s Acceptance(1)(S)		(97,374	)		(97,075	)		299
CHF	2,400		10/21/21		(0.522)%(A)	6 Month CHF LIBOR(2)(S)		162			(862	)		(1,024	)
CHF	26,630		12/13/23		(0.185)%(A)	6 Month CHF LIBOR(2)(S)		123,498			353,347			229,849
CHF	12,090		01/31/29		0.260%(A)	6 Month CHF LIBOR(2)(S)		8,177			278,217			270,040
CHF	800		10/17/31		0.033%(A)	6 Month CHF LIBOR(2)(S)		163			(22,230	)		(22,393	)
CHF	700		04/03/33		0.687%(A)	6 Month CHF LIBOR(2)(S)		—			34,747			34,747
CHF	6,230		10/05/37		—(3)	—(3)		—			14,961			14,961
CNH	50,870		03/13/24		2.945%(Q)	7 Day China Fixing Repo Rates(2)(Q)		53			(65,059	)		(65,112	)
CNH	33,000		03/18/24		2.945%(Q)	7 Day China Fixing Repo Rates(2)(Q)		34			(42,344	)		(42,378	)
CNH	43,200		04/01/24		2.923%(Q)	7 Day China Fixing Repo Rates(2)(Q)		50			(62,723	)		(62,773	)
COP	25,830,000		07/19/28		6.150%(Q)	1 Day COOIS(2)(Q)		—			243,017			243,017
COP	6,310,000		07/27/28		6.200%(Q)	1 Day COOIS(2)(Q)		3,948			64,837			60,889
COP	13,388,000		11/28/28		6.380%(Q)	1 Day COOIS(2)(Q)		—			185,586			185,586
CZK	500,000		03/14/21		2.143%(A)	6 Month PRIBOR(2)(S)		—			(33,088	)		(33,088	)
CZK	213,000		04/27/22		0.925%(A)	6 Month PRIBOR(2)(S)		—			(351,564	)		(351,564	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 137

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Interest rate swap agreements outstanding at April 30, 2019 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2019			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
CZK	193,410		06/29/22		0.895%(A)	6 Month PRIBOR(2)(S)	$	—		$	(339,498	)	$	(339,498	)
CZK	250,000		11/17/22		1.505%(A)	6 Month PRIBOR(2)(S)		—			(286,518	)		(286,518	)
CZK	427,500		01/31/24		1.930%(A)	6 Month PRIBOR(1)(S)		—			176,612			176,612
CZK	205,715		03/14/24		1.950%(A)	6 Month PRIBOR(1)(S)		—			73,784			73,784
CZK	108,675		04/27/27		1.300%(A)	6 Month PRIBOR(1)(S)		—			269,418			269,418
CZK	155,500		06/29/27		1.175%(A)	6 Month PRIBOR(1)(S)		139,131			440,475			301,344
DKK	15,000		01/27/20		0.385%(A)	6 Month CIBOR(2)(S)		30			12,311			12,281
DKK	20,900		10/17/21		0.185%(A)	6 Month CIBOR(2)(S)		(59,047	)		24,841			83,888
DKK	13,600		05/04/25		0.825%(A)	6 Month CIBOR(2)(S)		38			92,228			92,190
DKK	5,000		08/29/26		0.580%(A)	6 Month CIBOR(2)(S)		28			15,025			14,997
DKK	1,300		10/21/26		0.673%(A)	6 Month CIBOR(2)(S)		23			5,019			4,996
DKK	13,000		03/15/27		1.123%(A)	6 Month CIBOR(2)(S)		—			113,251			113,251
DKK	1,865		06/22/27		0.987%(A)	6 Month CIBOR(2)(S)		—			14,981			14,981
EUR	830		07/02/19		0.656%(A)	6 Month EURIBOR(2)(S)		171			7,218			7,047
EUR	26,226		09/08/19		(0.195)%(A)	6 Month EURIBOR(2)(S)		—			(22,039	)		(22,039	)
EUR	1,000		05/29/20		0.373%(A)	6 Month EURIBOR(2)(S)		171			12,441			12,270
EUR	610		07/02/21		0.994%(A)	6 Month EURIBOR(2)(S)		170			23,766			23,596
EUR	700		08/14/21		0.841%(A)	3 Month EURIBOR(2)(Q)		172			25,312			25,140
EUR	650		03/02/22		0.072%(A)	6 Month EURIBOR(2)(S)		(63,289	)		4,826			68,115
EUR	8,200		06/29/22		0.219%(A)	6 Month EURIBOR(1)(S)		—			(123,433	)		(123,433	)
EUR	21,000		09/08/22		0.140%(A)	6 Month EURIBOR(1)(S)		—			(224,025	)		(224,025	)

See Notes to Financial Statements.

138

Interest rate swap agreements outstanding at April 30, 2019 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2019			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
EUR	6,070		11/23/23		0.320%(A)	6 Month EURIBOR(2)(S)	$	95,055		$	119,131		$	24,076
EUR	1,000		06/04/29		2.002%(A)	6 Month EURIBOR(2)(S)		177			188,969			188,792
EUR	1,360		11/11/29		1.453%(A)	6 Month EURIBOR(2)(S)		174			155,654			155,480
EUR	1,800		01/14/30		1.022%(A)	6 Month EURIBOR(2)(S)		180			104,428			104,248
EUR	2,000		03/02/31		0.825%(A)	6 Month EURIBOR(2)(S)		(76,215	)		47,262			123,477
EUR	700		04/07/31		0.819%(A)	6 Month EURIBOR(2)(S)		178			14,625			14,447
EUR	450		05/03/31		1.048%(A)	6 Month EURIBOR(2)(S)		179			28,428			28,249
EUR	1,500		07/04/31		0.672%(A)	6 Month EURIBOR(2)(S)		182			8,258			8,076
EUR	570		08/02/31		0.584%(A)	6 Month EURIBOR(2)(S)		174			(5,040	)		(5,214	)
EUR	1,500		08/26/31		0.562%(A)	6 Month EURIBOR(2)(S)		184			(20,067	)		(20,251	)
EUR	700		09/09/31		0.558%(A)	6 Month EURIBOR(2)(S)		176			(10,248	)		(10,424	)
EUR	1,700		12/14/31		1.217%(A)	6 Month EURIBOR(2)(S)		176			129,419			129,243
EUR	1,850		12/19/31		1.160%(A)	6 Month EURIBOR(2)(S)		565			124,997			124,432
EUR	2,300		12/19/31		1.161%(A)	6 Month EURIBOR(2)(S)		(14,197	)		155,732			169,929
EUR	2,600		12/27/31		1.082%(A)	6 Month EURIBOR(2)(S)		13,245			145,249			132,004
EUR	6,400		02/23/32		1.180%(A)	6 Month EURIBOR(2)(S)		220			426,858			426,638
EUR	4,680		03/29/32		1.170%(A)	6 Month EURIBOR(2)(S)		1,893			296,292			294,399
EUR	1,400		04/04/32		1.145%(A)	6 Month EURIBOR(2)(S)		—			83,013			83,013
EUR	2,000		04/10/32		1.105%(A)	6 Month EURIBOR(2)(S)		—			106,546			106,546
EUR	4,150		05/11/32		1.100%(A)	6 Month EURIBOR(2)(S)		(105,096	)		268,201			373,297
EUR	7,000		06/28/32		0.785%(A)	6 Month EURIBOR(2)(S)		(68,585	)		91,604			160,189

See Notes to Financial Statements.

PGIM Global Total Return Fund 139

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Interest rate swap agreements outstanding at April 30, 2019 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2019			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
EUR	6,200		10/04/32		2.000%(A)	1 Day EONIA(2)(A)	$	—		$	227,174		$	227,174
EUR	6,200		10/04/32		2.080%(A)	3 Month EURIBOR(1)(Q)		—			(218,979	)		(218,979	)
EUR	3,050		10/30/32		1.302%(A)	6 Month EURIBOR(2)(S)		—			262,108			262,108
EUR	14,225		05/11/33		1.000%(A)	6 Month EURIBOR(2)(S)		(419,212	)		603,818			1,023,030
EUR	3,135		12/28/35		1.559%(A)	6 Month EURIBOR(2)(S)		48,090			379,762			331,672
EUR	700		06/02/36		1.072%(A)	6 Month EURIBOR(2)(S)		180			25,372			25,192
EUR	600		09/26/36		0.749%(A)	6 Month EURIBOR(2)(S)		177			(19,788	)		(19,965	)
EUR	600		09/28/36		0.729%(A)	6 Month EURIBOR(2)(S)		178			(22,191	)		(22,369	)
EUR	1,000		11/02/36		0.958%(A)	6 Month EURIBOR(2)(S)		180			7,149			6,969
EUR	1,500		02/02/37		1.355%(A)	6 Month EURIBOR(2)(S)		188			118,347			118,159
EUR	23,700		08/24/37		1.960%(A)	1 Day EONIA(2)(A)		—			1,393,669			1,393,669
EUR	23,700		08/24/37		2.033%(A)	3 Month EURIBOR(1)(Q)		(6,141	)		(1,325,072	)		(1,318,931	)
EUR	6,720		10/25/37		2.085%(A)	3 Month EURIBOR(2)(Q)		—			361,606			361,606
EUR	6,720		10/25/37		2.114%(A)	6 Month EURIBOR(1)(S)		—			(381,578	)		(381,578	)
EUR	3,190		05/11/42		1.350%(A)	6 Month EURIBOR(2)(S)		(188,099	)		266,642			454,741
EUR	1,235		07/04/42		1.001%(A)	6 Month EURIBOR(2)(S)		(143,527	)		(7,946	)		135,581
EUR	1,000		03/30/46		1.058%(A)	6 Month EURIBOR(2)(S)		(5,530	)		(8,557	)		(3,027	)
EUR	7,380		01/26/48		1.853%(A)	3 Month EURIBOR(2)(Q)		—			439,600			439,600
EUR	7,380		01/26/48		1.863%(A)	6 Month EURIBOR(1)(S)		—			(449,789	)		(449,789	)
EUR	5,000		03/19/48		1.650%(A)	3 Month EURIBOR(2)(Q)		—			148,112			148,112
EUR	5,000		03/19/48		1.658%(A)	6 Month EURIBOR(1)(S)		—			(146,428	)		(146,428	)

See Notes to Financial Statements.

140

Interest rate swap agreements outstanding at April 30, 2019 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2019			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
EUR	20,040		01/07/49		1.475%(A)	3 Month EURIBOR(2)(Q)	$	—		$	335,359		$	335,359
EUR	20,040		01/07/49		1.484%(A)	6 Month EURIBOR(1)(S)		—			(330,470	)		(330,470	)
EUR	9,135		05/11/49		1.450%(A)	6 Month EURIBOR(2)(S)		685,553			1,115,578			430,025
GBP	690		06/30/19		2.166%(S)	6 Month GBP LIBOR(2)(S)		203			4,969			4,766
GBP	850		08/04/19		0.109%(A)	1 Day SONIA(1)(A)		199			6,621			6,422
GBP	1,500		03/02/20		0.338%(A)	1 Day SONIA(1)(A)		—			8,211			8,211
GBP	510		06/30/21		2.469%(S)	6 Month GBP LIBOR(2)(S)		203			23,107			22,904
GBP	41,400		12/18/23		1.334%(S)	6 Month GBP LIBOR(2)(S)		160,334			421,981			261,647
GBP	12,450		12/07/27		1.110%(A)	1 Day SONIA(1)(A)		—			(49,513	)		(49,513	)
GBP	4,680		05/08/34		1.300%(S)	6 Month GBP LIBOR(2)(S)		(209,403	)		(124,899	)		84,504
GBP	1,700		05/08/39		1.250%(A)	1 Day SONIA(1)(A)		(11,323	)		(1,281	)		10,042
GBP	9,200		03/09/46		1.648%(S)	6 Month GBP LIBOR(2)(S)		(209,582	)		414,306			623,888
GBP	740		05/08/49		1.400%(S)	6 Month GBP LIBOR(2)(S)		(39,399	)		(21,693	)		17,706
HKD	151,850		03/13/21		2.138%(Q)	3 Month HIBOR(2)(Q)		—			62,392			62,392
HKD	171,690		03/13/21		2.145%(Q)	3 Month HIBOR(2)(Q)		—			73,785			73,785
HKD	100,000		04/01/21		1.850%(Q)	3 Month HIBOR(2)(Q)		(31	)		(32,855	)		(32,824	)
HUF	11,800,000		06/21/20		1.400%(A)	3 Month BUBOR(2)(Q)		—			376,947			376,947
HUF	2,698,000		07/02/20		1.065%(A)	6 Month BUBOR(2)(S)		(4,845	)		136,764			141,609
HUF	370,000		03/18/26		2.140%(A)	6 Month BUBOR(2)(S)		16,300			20,110			3,810
HUF	1,667,000		12/23/26		3.755%(A)	6 Month BUBOR(2)(S)		41			286,977			286,936
HUF	6,237,270		06/12/28		3.750%(A)	6 Month BUBOR(2)(S)		—			647,871			647,871

See Notes to Financial Statements.

PGIM Global Total Return Fund 141

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Interest rate swap agreements outstanding at April 30, 2019 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2019			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
JPY	19,585,210		12/17/20		0.015%(S)	6 Month JPY LIBOR(1)(S)	$	—		$	(80,174	)	$	(80,174	)
JPY	4,887,930		01/29/21		(0.014)%(S)	6 Month JPY LIBOR(1)(S)		—			(4,080	)		(4,080	)
JPY	32,800		07/04/21		(0.156)%(S)	6 Month JPY LIBOR(2)(S)		(15,013	)		(1,006	)		14,007
JPY	4,595,280		12/03/23		0.050%(S)	6 Month JPY LIBOR(1)(S)		(39,626	)		(140,966	)		(101,340	)
JPY	2,978,000		04/10/24		(0.019)%(S)	6 Month JPY LIBOR(2)(S)		—			(7,102	)		(7,102	)
JPY	3,276,010		12/20/24		0.126%(S)	6 Month JPY LIBOR(2)(S)		(53,955	)		223,612			277,567
JPY	135,000		02/20/29		1.260%(S)	6 Month JPY LIBOR(2)(S)		49,802			138,678			88,876
JPY	50,000		04/02/29		1.288%(S)	6 Month JPY LIBOR(2)(S)		5			52,363			52,358
JPY	100,000		08/18/29		1.070%(S)	6 Month JPY LIBOR(2)(S)		10			88,285			88,275
JPY	100,000		08/28/29		1.043%(S)	6 Month JPY LIBOR(2)(S)		10			85,522			85,512
JPY	200,000		09/09/29		1.061%(S)	6 Month JPY LIBOR(2)(S)		(1,275	)		174,492			175,767
JPY	655,000		09/29/29		1.064%(S)	6 Month JPY LIBOR(2)(S)		411,209			571,130			159,921
JPY	200,000		04/01/31		0.319%(S)	6 Month JPY LIBOR(2)(S)		26			26,752			26,726
JPY	215,000		05/06/31		0.354%(S)	6 Month JPY LIBOR(2)(S)		28			39,022			38,994
JPY	150,000		07/07/31		0.071%(S)	6 Month JPY LIBOR(2)(S)		15			(21,750	)		(21,765	)
JPY	256,500		08/15/31		0.223%(S)	6 Month JPY LIBOR(2)(S)		25			4,954			4,929
JPY	130,000		08/30/31		0.217%(S)	6 Month JPY LIBOR(2)(S)		13			1,402			1,389
JPY	120,000		09/08/31		0.316%(S)	6 Month JPY LIBOR(2)(S)		12			14,450			14,438
JPY	190,000		09/21/31		0.328%(S)	6 Month JPY LIBOR(2)(S)		27			24,890			24,863
JPY	350,000		10/14/31		0.270%(S)	6 Month JPY LIBOR(2)(S)		47			21,883			21,836
JPY	200,000		04/06/32		0.484%(S)	6 Month JPY LIBOR(2)(S)		—			59,000			59,000

See Notes to Financial Statements.

142

Interest rate swap agreements outstanding at April 30, 2019 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2019			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
JPY	159,520		04/07/32		0.491%(S)	6 Month JPY LIBOR(2)(S)	$	—		$	48,376		$	48,376
JPY	140,000		06/07/32		0.451%(S)	6 Month JPY LIBOR(2)(S)		—			37,344			37,344
JPY	71,000		09/21/32		0.463%(S)	6 Month JPY LIBOR(2)(S)		—			18,550			18,550
JPY	160,000		11/14/32		2.390%(S)	6 Month JPY LIBOR(2)(S)		(26,599	)		291,403			318,002
JPY	180,000		11/05/34		1.293%(S)	6 Month JPY LIBOR(2)(S)		85,259			252,180			166,921
JPY	70,000		12/03/34		1.265%(S)	6 Month JPY LIBOR(2)(S)		9			94,947			94,938
JPY	260,000		01/07/35		1.108%(S)	6 Month JPY LIBOR(2)(S)		31			291,983			291,952
JPY	50,000		01/22/35		0.950%(S)	6 Month JPY LIBOR(2)(S)		7			44,767			44,760
JPY	120,000		02/12/35		1.161%(S)	6 Month JPY LIBOR(2)(S)		15			143,062			143,047
JPY	320,000		02/24/35		1.200%(S)	6 Month JPY LIBOR(2)(S)		40			398,299			398,259
JPY	160,000		03/03/35		1.153%(S)	6 Month JPY LIBOR(2)(S)		20			188,033			188,013
JPY	90,000		02/04/36		0.816%(S)	6 Month JPY LIBOR(2)(S)		11			63,107			63,096
JPY	65,000		05/16/36		0.446%(S)	6 Month JPY LIBOR(2)(S)		9			8,483			8,474
JPY	110,000		05/27/36		0.460%(S)	6 Month JPY LIBOR(2)(S)		18			16,439			16,421
JPY	60,000		07/22/36		0.240%(S)	6 Month JPY LIBOR(2)(S)		11			(12,265	)		(12,276	)
JPY	300,000		10/04/36		0.363%(S)	6 Month JPY LIBOR(2)(S)		42			(9,003	)		(9,045	)
JPY	150,000		11/02/36		0.423%(S)	6 Month JPY LIBOR(2)(S)		21			11,393			11,372
JPY	400,000		12/14/36		0.723%(S)	6 Month JPY LIBOR(2)(S)		49			218,909			218,860
JPY	150,000		12/22/36		0.641%(S)	6 Month JPY LIBOR(2)(S)		19			62,169			62,150
JPY	250,000		01/06/37		0.675%(S)	6 Month JPY LIBOR(2)(S)		30			116,400			116,370
JPY	275,500		02/15/37		0.729%(S)	6 Month JPY LIBOR(2)(S)		34			149,521			149,487

See Notes to Financial Statements.

PGIM Global Total Return Fund 143

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Interest rate swap agreements outstanding at April 30, 2019 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date		Value at April 30, 2019		Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
JPY	130,000		02/23/37		0.748%(S)	6 Month JPY LIBOR(2)(S)	$	17	$	74,343	$	74,326
JPY	100,000		03/02/37		0.686%(S)	6 Month JPY LIBOR(2)(S)		—		47,152		47,152
JPY	273,000		03/09/37		0.701%(S)	6 Month JPY LIBOR(2)(S)		15,040		134,882		119,842
JPY	200,000		03/29/37		0.684%(S)	6 Month JPY LIBOR(2)(S)		—		92,397		92,397
JPY	94,310		05/08/37		0.623%(S)	6 Month JPY LIBOR(2)(S)		—		36,048		36,048
JPY	200,000		05/15/37		0.688%(S)	6 Month JPY LIBOR(2)(S)		—		97,639		97,639
JPY	150,000		06/02/37		0.640%(S)	6 Month JPY LIBOR(2)(S)		—		60,949		60,949
JPY	80,000		06/19/37		0.625%(S)	6 Month JPY LIBOR(2)(S)		—		30,246		30,246
JPY	82,000		06/21/37		0.628%(S)	6 Month JPY LIBOR(2)(S)		—		31,283		31,283
JPY	125,000		06/30/37		0.629%(S)	6 Month JPY LIBOR(2)(S)		—		47,609		47,609
JPY	105,000		07/04/37		0.659%(S)	6 Month JPY LIBOR(2)(S)		—		45,131		45,131
JPY	285,000		07/26/37		0.676%(S)	6 Month JPY LIBOR(2)(S)		—		131,959		131,959
JPY	117,300		08/02/37		0.683%(S)	6 Month JPY LIBOR(2)(S)		—		54,350		54,350
JPY	160,000		08/09/37		0.679%(S)	6 Month JPY LIBOR(2)(S)		—		72,775		72,775
JPY	500,000		09/04/37		0.663%(S)	6 Month JPY LIBOR(2)(S)		—		216,163		216,163
JPY	175,000		09/27/37		0.670%(S)	6 Month JPY LIBOR(2)(S)		—		76,893		76,893
JPY	300,000		11/02/37		0.734%(S)	6 Month JPY LIBOR(2)(S)		—		170,501		170,501
JPY	350,000		12/04/37		0.730%(S)	6 Month JPY LIBOR(2)(S)		—		194,622		194,622
JPY	900,000		01/04/38		0.757%(S)	6 Month JPY LIBOR(2)(S)		155,193		534,126		378,933
JPY	224,000		01/11/38		0.831%(S)	6 Month JPY LIBOR(2)(S)		—		160,709		160,709
JPY	800,000		03/28/38		0.656%(S)	6 Month JPY LIBOR(2)(S)		—		325,188		325,188

See Notes to Financial Statements.

144

Interest rate swap agreements outstanding at April 30, 2019 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2019			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
JPY	1,000,000		04/04/38		0.681%(S)	6 Month JPY LIBOR(2)(S)	$	—		$	436,325		$	436,325
JPY	675,000		04/06/38		0.655%(S)	6 Month JPY LIBOR(2)(S)		—			265,030			265,030
JPY	1,815,000		04/18/38		0.675%(S)	6 Month JPY LIBOR(2)(S)		(49,290	)		768,735			818,025
JPY	600,000		08/10/38		0.822%(S)	6 Month JPY LIBOR(2)(S)		—			409,499			409,499
JPY	1,830,385		12/03/38		0.600%(S)	6 Month JPY LIBOR(2)(S)		419,634			551,933			132,299
JPY	166,000		05/09/43		0.820%(S)	6 Month JPY LIBOR(2)(S)		—			109,602			109,602
JPY	610,000		07/04/43		0.763%(S)	6 Month JPY LIBOR(2)(S)		—			320,331			320,331
JPY	110,291		04/15/46		0.560%(S)	6 Month JPY LIBOR(2)(S)		—			213			213
JPY	26,000		10/04/47		0.942%(S)	6 Month JPY LIBOR(2)(S)		—			23,931			23,931
JPY	560,000		11/24/47		0.888%(S)	6 Month JPY LIBOR(2)(S)		—			456,505			456,505
JPY	115,000		12/03/48		0.800%(S)	6 Month JPY LIBOR(1)(S)		(47,744	)		(65,378	)		(17,634	)
KRW	20,090,000		08/16/20		1.915%(Q)	3 Month KWCDC(2)(Q)		—			43,978			43,978
KRW	46,100,000		01/07/21		1.733%(Q)	3 Month KWCDC(2)(Q)		—			22,294			22,294
KRW	8,170,000		08/16/23		2.060%(Q)	3 Month KWCDC(1)(Q)		—			(126,357	)		(126,357	)
KRW	18,716,700		01/07/24		1.685%(Q)	3 Month KWCDC(1)(Q)		—			(37,450	)		(37,450	)
KRW	4,942,900		09/10/28		2.043%(Q)	3 Month KWCDC(2)(Q)		—			145,550			145,550
MXN	33,500		10/12/27		7.350%(M)	28 Day Mexican Interbank Rate(2)(M)		—			(80,227	)		(80,227	)
MXN	305,790		02/27/29		8.260%(M)	28 Day Mexican Interbank Rate(2)(M)		93,256			131,850			38,594
NOK	29,500		02/23/23		1.350%(A)	6 Month NIBOR(2)(S)		(3,643	)		(63,070	)		(59,427	)
NOK	944,900		11/28/23		1.915%(A)	6 Month NIBOR(2)(S)		412,343			365,267			(47,076	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 145

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Interest rate swap agreements outstanding at April 30, 2019 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2019			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
NOK	26,300		03/15/27		2.103%(A)	6 Month NIBOR(2)(S)	$	18,690		$	22,303		$	3,613
NOK	6,725		06/23/27		1.825%(A)	6 Month NIBOR(2)(S)		—			(3,913	)		(3,913	)
NOK	20,000		04/18/28		2.215%(A)	6 Month NIBOR(2)(S)		—			30,412			30,412
NOK	36,000		02/07/29		2.083%(A)	6 Month NIBOR(2)(S)		—			5,020			5,020
NZD	8,700		05/01/20		3.628%(S)	3 Month BBR(2)(Q)		214,368			187,834			(26,534	)
NZD	1,235		10/03/22		2.740%(S)	3 Month BBR(2)(Q)		—			28,458			28,458
NZD	2,830		04/26/23		2.732%(S)	3 Month BBR(2)(Q)		(67,254	)		71,585			138,839
NZD	77,310		02/14/24		1.965%(S)	3 Month BBR(1)(Q)		(17,052	)		(370,852	)		(353,800	)
NZD	1,750		03/13/24		5.080%(S)	3 Month BBR(2)(Q)		28,107			182,313			154,206
NZD	2,500		03/15/24		3.355%(S)	3 Month BBR(2)(Q)		2,492			122,622			120,130
NZD	1,550		07/04/24		3.100%(S)	3 Month BBR(2)(Q)		—			73,112			73,112
NZD	3,500		01/10/27		3.420%(S)	3 Month BBR(2)(Q)		73,670			248,399			174,729
NZD	5,000		04/18/28		3.193%(S)	3 Month BBR(2)(Q)		—			282,676			282,676
NZD	6,450		11/28/28		2.950%(S)	3 Month BBR(2)(Q)		—			316,156			316,156
PLN	73,670		08/24/23		2.390%(A)	6 Month WIBOR(2)(S)		—			450,622			450,622
PLN	11,000		09/09/23		1.900%(A)	6 Month WIBOR(2)(S)		(435,493	)		(2,105	)		433,388
PLN	60,110		11/13/23		2.570%(A)	6 Month WIBOR(2)(S)		—			334,808			334,808
PLN	30,000		03/28/28		2.895%(A)	6 Month WIBOR(2)(S)		—			260,418			260,418
PLN	38,980		06/12/28		3.070%(A)	6 Month WIBOR(1)(S)		—			(677,989	)		(677,989	)
PLN	3,540		07/11/28		2.935%(A)	6 Month WIBOR(2)(S)		—			49,172			49,172
PLN	32,652		11/13/28		2.998%(A)	6 Month WIBOR(1)(S)		—			(386,653	)		(386,653	)

See Notes to Financial Statements.

146

Interest rate swap agreements outstanding at April 30, 2019 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2019			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
SEK	20,000		01/20/20		0.485%(A)	3 Month STIBOR(2)(Q)	$	28		$	10,958		$	10,930
SEK	13,000		09/15/21		(0.003)%(A)	3 Month STIBOR(2)(Q)		26			(2,538	)		(2,564	)
SEK	27,200		12/15/21		0.203%(A)	3 Month STIBOR(2)(Q)		(607	)		10,159			10,766
SEK	12,700		04/25/23		0.750%(A)	3 Month STIBOR(2)(Q)		30			27,653			27,623
SEK	38,380		07/11/23		0.458%(A)	3 Month STIBOR(2)(Q)		—			48,402			48,402
SEK	15,550		03/15/24		0.840%(A)	3 Month STIBOR(2)(Q)		—			42,542			42,542
SEK	221,900		04/15/24		0.380%(A)	3 Month STIBOR(2)(Q)		(4,403	)		45,882			50,285
SEK	12,700		08/29/24		1.657%(A)	3 Month STIBOR(2)(Q)		22,804			106,069			83,265
SEK	3,000		11/16/25		1.485%(A)	3 Month STIBOR(2)(Q)		20			22,181			22,161
SEK	6,000		12/09/25		1.505%(A)	3 Month STIBOR(2)(Q)		23			44,736			44,713
SEK	15,000		06/27/26		1.001%(A)	3 Month STIBOR(2)(Q)		33			60,563			60,530
SEK	15,390		06/22/27		1.031%(A)	3 Month STIBOR(2)(Q)		—			60,133			60,133
SEK	58,000		03/27/28		1.267%(A)	3 Month STIBOR(2)(Q)		—			282,184			282,184
SEK	8,535		07/11/28		1.141%(A)	3 Month STIBOR(2)(Q)		—			37,397			37,397
SEK	33,000		11/28/28		1.188%(A)	3 Month STIBOR(2)(Q)		55,811			139,309			83,498
SGD	15,540		05/21/23		2.030%(S)	6 Month SIBOR(1)(S)		—			(36,382	)		(36,382	)
SGD	10,240		03/19/24		2.025%(S)	6 Month SIBOR(2)(S)		—			15,292			15,292
SGD	8,330		05/21/28		2.436%(S)	6 Month SIBOR(2)(S)		—			130,711			130,711
SGD	6,000		04/02/29		2.170%(S)	6 Month SIBOR(2)(S)		—			(32,154	)		(32,154	)
	214,220		03/12/20		2.405%(T)	1 Day USOIS(2)(T)		555			164,466			163,911
	112,940		04/25/20		2.328%(A)	1 Day USOIS(2)(A)		(1,830	)		45,043			46,873

See Notes to Financial Statements.

PGIM Global Total Return Fund 147

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Interest rate swap agreements outstanding at April 30, 2019 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2019			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
	67,660		01/10/21		2.408%(A)	1 Day USOIS(1)(A)	$	(2,086	)	$	(263,648	)	$	(261,562	)
	49,312		03/31/21		2.173%(A)	1 Day USOIS(2)(A)		(17,203	)		47,455			64,658
	20,575		05/31/22		2.353%(A)	1 Day USOIS(1)(A)		—			(182,206	)		(182,206	)
	36,820		06/16/22		—(4)	—(4)		—			(8,351	)		(8,351	)
	137,145		08/31/22		2.550%(A)	1 Day USOIS(1)(A)		4,472			(2,370,374	)		(2,374,846	)
	31,820		11/30/22		2.614%(A)	1 Day USOIS(1)(A)		—			(645,576	)		(645,576	)
	111,500		11/23/23		3.016%(S)	3 Month LIBOR(1)(Q)		(965,895	)		(4,312,017	)		(3,346,122	)
	39,730		02/15/24		2.167%(S)	3 Month LIBOR(1)(Q)		—			318,872			318,872
	41,965		02/15/24		2.183%(S)	3 Month LIBOR(1)(Q)		(61,081	)		303,900			364,981
	9,950		08/15/24		2.168%(S)	3 Month LIBOR(1)(Q)		—			91,530			91,530
	79,885		08/15/24		2.170%(S)	3 Month LIBOR(1)(Q)		239,360			727,938			488,578
	30,545		08/15/24		2.176%(S)	3 Month LIBOR(1)(Q)		100,339			269,491			169,152
	62,410		11/15/24		2.334%(S)	3 Month LIBOR(1)(Q)		203,394			(303,128	)		(506,522	)
	27,885		02/28/25		2.454%(A)	1 Day USOIS(1)(A)		31,281			(564,535	)		(595,816	)
	22,935		02/28/25		3.019%(S)	3 Month LIBOR(1)(Q)		—			(853,196	)		(853,196	)
	95,077		05/31/25		2.998%(S)	3 Month LIBOR(1)(Q)		(64,153	)		(4,236,637	)		(4,172,484	)
	11,910		07/31/25		2.802%(A)	1 Day USOIS(1)(A)		—			(506,293	)		(506,293	)
	35,410		07/31/25		3.105%(S)	3 Month LIBOR(1)(Q)		27,937			(1,809,464	)		(1,837,401	)
	69,779		07/31/25		3.109%(S)	3 Month LIBOR(1)(Q)		47,715			(3,584,487	)		(3,632,202	)
	1,170		01/08/26		2.210%(S)	3 Month LIBOR(1)(Q)		46,093			6,098			(39,995	)
	9,325		01/31/26		2.236%(S)	3 Month LIBOR(1)(Q)		—			75,832			75,832
	57,311		01/31/26		2.269%(A)	1 Day USOIS(1)(A)		(192,718	)		(569,824	)		(377,106	)

See Notes to Financial Statements.

148

Interest rate swap agreements outstanding at April 30, 2019 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2019			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
	24,625		01/31/26		2.406%(S)	3 Month LIBOR(1)(Q)	$	(43,922	)	$	(55,269	)	$	(11,347	)
	33,465		03/12/26		2.290%(A)	1 Day USOIS(1)(A)		1,911			(355,885	)		(357,796	)
	13,586		02/15/27		1.824%(A)	1 Day USOIS(1)(A)		138,472			338,838			200,366
	4,710		02/15/27		1.899%(A)	1 Day USOIS(1)(A)		22,823			91,170			68,347
	3,045		02/15/27		1.965%(A)	1 Day USOIS(1)(A)		—			44,042			44,042
	11,425		02/15/27		2.068%(A)	1 Day USOIS(1)(A)		(6,540	)		78,188			84,728
	3,560		05/15/27		1.823%(A)	1 Day USOIS(1)(A)		—			102,019			102,019
	6,645		05/15/27		2.295%(S)	3 Month LIBOR(1)(Q)		(19,143	)		30,129			49,272
	6,140		05/21/28		2.421%(S)	3 Month LIBOR(1)(Q)		—			(15,496	)		(15,496	)
	2,405		08/15/28		2.579%(A)	1 Day USOIS(1)(A)		(19,477	)		(76,839	)		(57,362	)
	7,225		05/03/32		2.434%(S)	3 Month LIBOR(2)(Q)		—			(76,541	)		(76,541	)
	5,715		05/03/37		2.508%(S)	3 Month LIBOR(1)(Q)		—			89,524			89,524
	1,680		02/15/42		1.369%(A)	1 Day USOIS(1)(A)		180			314,234			314,054
	2,820		10/04/42		2.527%(S)	3 Month LIBOR(2)(Q)		—			(82,574	)		(82,574	)
	1,160		11/15/43		2.659%(S)	3 Month LIBOR(1)(Q)		—			(233	)		(233	)
	9,755		08/15/44		2.392%(A)	1 Day USOIS(1)(A)		—			48,391			48,391
	845		09/27/46		1.380%(A)	1 Day USOIS(1)(A)		165			183,243			183,078
	2,490		10/04/47		2.536%(S)	3 Month LIBOR(1)(Q)		—			84,496			84,496
	790		04/09/48		2.545%(S)	3 Month LIBOR(1)(Q)		—			25,576			25,576
	735		05/08/48		2.627%(S)	3 Month LIBOR(1)(Q)		—			6,535			6,535
ZAR	755,000		02/28/21		7.150%(Q)	3 Month JIBAR(2)(Q)		—			23,182			23,182

See Notes to Financial Statements.

PGIM Global Total Return Fund 149

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Interest rate swap agreements outstanding at April 30, 2019 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2019			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
ZAR	228,000		06/21/21		7.465%(Q)	3 Month JIBAR(2)(Q)	$	(979	)	$	106,149		$	107,128
ZAR	665,000		02/28/24		7.475%(Q)	3 Month JIBAR(1)(Q)		—			(67,848	)		(67,848	)
ZAR	16,800		05/12/26		8.680%(Q)	3 Month JIBAR(2)(Q)		18			64,116			64,098
ZAR	27,500		06/30/27		8.015%(Q)	3 Month JIBAR(2)(Q)		(155	)		18,652			18,807
ZAR	68,200		11/07/27		8.360%(Q)	3 Month JIBAR(2)(Q)		53			148,919			148,866
ZAR	43,090		01/17/28		7.833%(Q)	3 Month JIBAR(2)(Q)		—			(16,540	)		(16,540	)
ZAR	35,000		04/16/28		7.655%(Q)	3 Month JIBAR(2)(Q)		(1,219	)		(45,735	)		(44,516	)
ZAR	176,800		07/16/28		8.170%(Q)	3 Month JIBAR(2)(Q)		696			168,427			167,731
ZAR	200,000		02/28/29		8.035%(Q)	3 Month JIBAR(2)(Q)		—			34,143			34,143
							$	(335,571	)	$	10,516,880		$	10,852,451

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Interest Rate Swap Agreements:
AED	40,000		04/25/24		2.960%(A)	3 Month EIBOR(2)(Q)	$	34,929	$	—	$	34,929	Morgan Stanley & Co. International PLC
AED	35,805		02/25/29		3.750%(A)	3 Month EIBOR(2)(Q)		168,173		—		168,173	HSBC Bank USA, N.A.
CLP	2,890,000		02/09/27		4.120%(S)	1 Day CLOIS(2)(S)		102,015		—		102,015	Morgan Stanley & Co. International PLC
CLP	94,000		12/19/27		4.370%(S)	1 Day CLOIS(2)(S)		6,186		—		6,186	Morgan Stanley & Co. International PLC
CLP	2,420,000		12/20/27		4.260%(S)	1 Day CLOIS(2)(S)		102,924		—		102,924	Morgan Stanley & Co. International PLC
CLP	842,800		01/23/28		4.245%(S)	1 Day CLOIS(2)(S)		37,743		—		37,743	Morgan Stanley & Co. International PLC

See Notes to Financial Statements.

150

Interest rate swap agreements outstanding at April 30, 2019 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Interest Rate Swap Agreements (cont’d.):
CLP	2,168,000		01/26/28		4.210%(S)	1 Day CLOIS(2)(S)	$	88,980		$	—		$	88,980		Morgan Stanley & Co. International PLC
CLP	1,080,000		02/01/28		4.200%(S)	1 Day CLOIS(2)(S)		42,762			—			42,762		Morgan Stanley & Co. International PLC
CLP	1,750,000		03/27/28		4.220%(S)	1 Day CLOIS(2)(S)		67,585			—			67,585		Citibank, N.A.
CLP	2,092,000		05/17/28		4.270%(S)	1 Day CLOIS(2)(S)		107,050			—			107,050		Citibank, N.A.
CNH	52,500		08/15/23		3.115%(Q)	7 Day China Fixing Repo Rates(2)(Q)		7,786			(109	)		7,895		UBS AG
CNH	10,000		04/02/26		3.120%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(13,476	)		3			(13,479	)	Citibank, N.A.
COP	4,351,000		11/01/26		6.590%(Q)	1 Day COOIS(2)(Q)		88,654			—			88,654		Morgan Stanley & Co. International PLC
COP	10,220,000		11/04/26		6.770%(Q)	1 Day COOIS(2)(Q)		244,462			—			244,462		Morgan Stanley & Co. International PLC
COP	13,700,000		06/02/27		5.910%(Q)	1 Day COOIS(2)(Q)		70,161			—			70,161		Morgan Stanley & Co. International PLC
COP	5,437,000		01/23/28		6.035%(Q)	1 Day COOIS(2)(Q)		40,585			—			40,585		Morgan Stanley & Co. International PLC
COP	6,670,000		01/26/28		6.000%(Q)	1 Day COOIS(2)(Q)		43,849			—			43,849		Morgan Stanley & Co. International PLC
COP	5,607,000		02/01/28		6.020%(Q)	1 Day COOIS(2)(Q)		47,571			—			47,571		Morgan Stanley & Co. International PLC
COP	13,000,000		03/27/28		6.150%(Q)	1 Day COOIS(2)(Q)		138,117			—			138,117		Citibank, N.A.
COP	7,890,000		05/17/28		5.990%(Q)	1 Day COOIS(2)(Q)		58,325			—			58,325		Citibank, N.A.
COP	9,400,000		07/18/28		6.150%(Q)	1 Day COOIS(2)(Q)		88,707			—			88,707		Morgan Stanley & Co. International PLC
ILS	7,500		12/09/22		1.530%(A)	3 Month TELBOR(2)(Q)		64,455			—			64,455		Citibank, N.A.
ILS	3,200		03/06/23		3.525%(A)	3 Month TELBOR(2)(Q)		94,217			—			94,217		Deutsche Bank AG

See Notes to Financial Statements.

PGIM Global Total Return Fund 151

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Interest rate swap agreements outstanding at April 30, 2019 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Interest Rate Swap Agreements (cont’d.):
ILS	4,200		06/27/23		3.730%(A)	3 Month TELBOR(2)(Q)	$	170,774		$	—		$	170,774		Credit Suisse International
ILS	3,000		04/26/26		1.685%(A)	3 Month TELBOR(2)(Q)		17,421			—			17,421		JPMorgan Chase Bank, N.A.
ILS	5,000		06/24/26		1.660%(A)	3 Month TELBOR(2)(Q)		44,025			—			44,025		Citibank, N.A.
ILS	4,000		09/19/26		1.600%(A)	3 Month TELBOR(2)(Q)		23,322			—			23,322		Barclays Bank PLC
ILS	7,000		01/12/27		1.975%(A)	3 Month TELBOR(2)(Q)		81,094			—			81,094		Citibank, N.A.
ILS	3,000		03/15/27		2.130%(A)	3 Month TELBOR(2)(Q)		40,621			—			40,621		Citibank, N.A.
ILS	2,745		06/22/27		1.845%(A)	3 Month TELBOR(2)(Q)		29,093			—			29,093		Citibank, N.A.
ILS	5,600		04/26/28		1.915%(A)	3 Month TELBOR(2)(Q)		31,780			—			31,780		BNP Paribas S.A.
ILS	38,930		07/16/28		2.045%(A)	3 Month TELBOR(2)(Q)		489,195			—			489,195		JPMorgan Chase Bank, N.A.
ILS	8,050		03/13/29		1.840%(A)	3 Month TELBOR(2)(Q)		14,593			—			14,593		HSBC Bank USA, N.A.
JPY	35,000		12/14/32		1.575%(S)	6 Month JPY LIBOR(2)(S)		58,354			—			58,354		HSBC Bank USA, N.A.
KRW	1,500,000		08/14/21		2.773%(Q)	3 Month KRW LIBOR(2)(Q)		34,408			—			34,408		HSBC Bank USA, N.A.
KRW	655,000		10/07/22		1.765%(Q)	3 Month KRW LIBOR(2)(Q)		2,292			—			2,292		JPMorgan Chase Bank, N.A.
KRW	3,300,000		04/17/23		2.170%(Q)	3 Month KWCDC(2)(Q)		57,994			(183	)		58,177		Morgan Stanley & Co. International PLC
KRW	900,000		11/05/24		2.425%(Q)	3 Month KRW LIBOR(2)(Q)		33,420			—			33,420		Citibank, N.A.
KRW	1,485,000		10/28/26		1.520%(Q)	3 Month KRW LIBOR(2)(Q)		(9,728	)		(14	)		(9,714	)	JPMorgan Chase Bank, N.A.
KRW	2,040,000		04/26/27		1.880%(Q)	3 Month KRW LIBOR(2)(Q)		32,279			—			32,279		Morgan Stanley & Co. International PLC
KRW	1,280,000		10/17/28		1.450%(Q)	3 Month KRW LIBOR(2)(Q)		(19,278	)		—			(19,278	)	Citibank, N.A.
KRW	520,000		01/27/31		1.870%(Q)	3 Month KRW LIBOR(2)(Q)		9,123			—			9,123		JPMorgan Chase Bank, N.A.
MYR	16,000		08/19/23		3.445%(Q)	3 Month KLIBOR(2)(Q)		(17,490	)		—			(17,490	)	Morgan Stanley & Co. International PLC

See Notes to Financial Statements.

152

Interest rate swap agreements outstanding at April 30, 2019 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Interest Rate Swap Agreements (cont’d.):
MYR	1,700		04/28/25		4.040%(Q)	3 Month KLIBOR(2)(Q)	$	9,240		$	—		$	9,240		Citibank, N.A.
RUB	3,300,000		07/31/19		7.820%(A)	3 Month MosPRIME(2)(Q)		1,773,870			—			1,773,870		JPMorgan Chase Bank, N.A.
SAR	40,000		04/25/24		2.930%(A)	3 Month SAIBOR(1)(Q)		(57,967	)		—			(57,967	)	Morgan Stanley & Co. International PLC
THB	550,000		08/08/20		1.840%(S)	6 Month BIBOR(2)(S)		12,832			—			12,832		Citibank, N.A.
THB	120,000		08/23/23		1.920%(S)	6 Month BIBOR(2)(S)		(3,659	)		—			(3,659	)	Morgan Stanley & Co. International PLC
THB	28,900		04/30/25		2.560%(S)	6 Month BIBOR(2)(S)		31,399			—			31,399		Citibank, N.A.
TWD	115,500		03/17/21		0.780%(Q)	3 Month TAIBOR(2)(Q)		6,939			—			6,939		Barclays Bank PLC
	21,015		03/25/23		—(5)	—(5)		854			—			854		Citibank, N.A.
ZAR	40,930		03/22/42		7.800%(Q)	3 Month JIBAR(2)(Q)		(152,859	)		—			(152,859	)	Deutsche Bank AG
ZAR	89,400		09/22/42		8.020%(Q)	3 Month JIBAR(2)(Q)		(186,466	)		—			(186,466	)	Deutsche Bank AG
ZAR	38,700		03/22/47		7.650%(Q)	3 Month JIBAR(1)(Q)		166,057			—			166,057		Deutsche Bank AG
ZAR	83,965		09/22/47		7.890%(Q)	3 Month JIBAR(1)(Q)		196,509			—			196,509		Deutsche Bank AG
							$	4,651,801		$	(303	)	$	4,652,104

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

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

(3) The Fund pays the floating rate of 3 Month CHF LIBOR plus 1.75 bps quarterly and receives the floating rate of 6 Month CHF LIBOR semiannually.

(4) The Fund pays the floating rate of 3 Month LIBOR quarterly and receives the floating rate of 1 Day USOIS plus 22.38 bps quarterly.

(5) The Fund pays the floating rate of 1 Week MUNIPSA quarterly and receives the floating rate of 3 Month LIBOR quarterly.

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

	Premiums Paid		Premiums Received			Unrealized Appreciation		Unrealized Depreciation
OTC Forward Rate Agreements	$	—	$	—		$	—	$	(56,646	)
OTC Swap Agreements	$	3,208,100	$	(10,705,718	)	$	23,458,375	$	(10,867,444	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 153

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

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

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

Broker	Cash and/or Foreign Currency		Securities Market Value
Citigroup Global Markets Inc.	$	—	$	27,450,974
JPMorgan Securities LLC		1,716,000		16,711,432
Total	$	1,716,000	$	44,162,406

Fair Value Measurements:

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

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

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

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

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

	Level 1		Level 2		Level 3
Investments in Securities
Asset-Backed Securities
Cayman Islands	$	—	$	201,956,242	$	—
Ireland		—		17,094,150		—
Netherlands		—		1,119,250		—
Spain		—		8,850,801		—
United States		—		102,586,016		11,742,645
Bank Loans
United Kingdom		—		165,437		—
United States		—		4,762,942		—
Commercial Mortgage-Backed Securities
United Kingdom		—		655,880		—
United States		—		135,796,339		—
Convertible Bonds
United Arab Emirates		—		6,111,428		—
Corporate Bonds
Australia		—		1,323,357		—
Brazil		—		1,871,660		—
Canada		—		17,665,899		—
China		—		12,921,092		—
Dominican Republic		—		573,750		—
France		—		23,562,138		11,763
Germany		—		15,888,305		—
Hungary		—		417,952		—
Indonesia		—		1,584,863		—

See Notes to Financial Statements.

154

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Corporate Bonds (continued)
Israel	$	—	$	7,264,378	$	—
Italy		—		14,053,927		—
Japan		—		5,624,811		—
Kazakhstan		—		1,548,135		—
Luxembourg		—		9,395,985		—
Mexico		—		23,788,213		—
Netherlands		—		18,706,502		—
Peru		—		1,417,312		—
Poland		—		2,784,728		—
Portugal		—		5,796,351		—
Qatar		—		218,243		—
Russia		—		7,774,095		—
Singapore		—		370,690		—
South Africa		—		2,441,218		—
South Korea		—		2,676,058		—
Spain		—		5,084,779		—
Supranational Bank		—		36,325,580		—
Switzerland		—		11,656,979		—
Tunisia		—		719,752		—
United Arab Emirates		—		9,837,936		—
United Kingdom		—		39,828,715		5,314,011
United States		—		226,295,113		—
Municipal Bonds
Puerto Rico		—		365,124		—
Residential Mortgage-Backed Securities
Bermuda		—		17,661,037		—
Cayman Islands		—		701,636		—
United Kingdom		—		12,502,183		—
United States		—		18,981,465		3,500,000
Sovereign Bonds
Albania		—		2,801,254		—
Argentina		—		25,445,322		—
Australia		—		2,377,915		—
Austria		—		4,404,552		—
Belgium		—		8,467,738		—
Brazil		—		39,348,797		—
Bulgaria		—		8,262,883		—
Canada		—		7,989,349		—
Cayman Islands		—		2,182,465		—
Chile		—		811,496		—
China		—		4,142,872		—
Colombia		—		18,942,376		—
Croatia		—		15,735,723		—
Cyprus		—		47,171,725		—
Czech Republic		—		1,358,311		—
Denmark		—		3,488,113		—
Dominican Republic		—		4,136,040		—

See Notes to Financial Statements.

PGIM Global Total Return Fund 155

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Sovereign Bonds (continued)
Egypt	$	—	$	2,585,516	$	—
Finland		—		739,365		—
Germany		—		581,777		—
Greece		—		52,001,456		—
Guernsey		—		1,925,257		—
Hong Kong		—		2,144,098		—
Hungary		—		23,167,293		—
Iceland		—		7,437,786		—
Indonesia		—		37,643,649		—
Iraq		—		1,725,942		—
Ireland		—		2,924,303		—
Isle of Man		—		8,721,709		—
Israel		—		5,008,802		—
Italy		—		91,020,208		—
Japan		—		34,630,725		—
Jersey		—		167,741		—
Kazakhstan		—		4,404,405		—
Kuwait		—		2,045,121		—
Latvia		—		234,818		—
Lithuania		—		9,605,134		—
Malaysia		—		9,185,582		—
Mexico		—		32,716,027		—
Montenegro		—		1,441,839		—
New Zealand		—		6,719,935		—
North Macedonia		—		4,273,741		—
Norway		—		3,843,232		—
Panama		—		8,837,477		—
Peru		—		19,699,925		—
Poland		—		14,055,441		—
Portugal		—		52,400,745		—
Qatar		—		3,233,646		—
Romania		—		10,530,283		—
Russia		—		1,287,489		—
Saudi Arabia		—		7,953,633		—
Senegal		—		1,545,350		—
Serbia		—		4,864,580		—
Singapore		—		1,135,027		—
Slovenia		—		8,793,262		—
South Africa		—		9,623,354		—
South Korea		—		6,370,707		—
Spain		—		87,379,283		—
Sweden		—		4,282,839		—
Thailand		—		1,540,490		—
Turkey		—		10,898,720		—
Ukraine		—		1,790,663		—
United Arab Emirates		—		13,615,784		—
United Kingdom		—		17,622,521		—

See Notes to Financial Statements.

156

	Level 1		Level 2			Level 3
Investments in Securities (continued)
Sovereign Bonds (continued)
Uruguay	$	—	$	3,736,554		$	—
U.S. Government Agency Obligations		—		5,448,097			—
U.S. Treasury Obligations		—		29,560,693			—
Common Stock		19,718		—			—
Preferred Stock		108,280		—			—
Affiliated Mutual Funds		46,410,044		—			—
Options Purchased		—		90,485,433			—
Options Written		—		(76,224,461	)		—
Other Financial Instruments*
Futures Contracts		5,902,072		—			—
OTC Forward Foreign Currency Exchange Contracts		—		12,717,066			—
OTC Cross Currency Exchange Contracts		—		4,432,118			—
OTC Packaged Credit Default Swap Agreements		—		(549,948	)		—
Centrally Cleared Credit Default Swap Agreements		—		(267,518	)		—
OTC Credit Default Swap Agreements		—		723,788			18,047
OTC Currency Swap Agreement		—		249,625			—
OTC Forward Rate Agreement		—		—			(56,646	)
Centrally Cleared Inflation Swap Agreements		—		59,774			—
Centrally Cleared Interest Rate Swap Agreements		—		10,852,451			—
OTC Interest Rate Swap Agreements		—		4,651,801			—
Total	$	52,440,114	$	1,956,027,530		$	20,529,820

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

The following is a reconciliation of assets in which unobservable inputs (Level 3) were used in determining fair value:

	Asset-Backed Securities			Bank Loans			Corporate Bonds			Residential Mortgage-Backed Securities
Balance as of 10/31/18	$	12,695,642		$	262,834		$	144,688		$	—
Realized gain (loss)		2,299			(1,362	)		—			—
Change in unrealized appreciation (depreciation)		(7,190	)		(1,978	)		(143,709	)		—
Purchases/Exchanges/Issuances		—			—			5,458,969			3,500,000
Sales/Paydowns		(955,865	)		(259,592	)		—			—
Accrued discount/premium		7,759			98			31			—
Transfers into of Level 3		—			—			10,483			—
Transfers out of Level 3		—			—			(144,688	)		—
Balance as of 04/30/19	$	11,742,645		$	—		$	5,325,774		$	3,500,000

See Notes to Financial Statements.

PGIM Global Total Return Fund 157

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

	Asset-Backed Securities			Bank Loans			Corporate Bonds			Residential Mortgage-Backed Securities
Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end		(7,190	)		(1,979	)		(144,958	)		—

	Options Written			Credit Default Swap Agreements			Forward Rate Agreements
Balance as of 10/31/18	$	(4,755	)	$	8,043		$	(271,942	)
Realized gain (loss)		21,624			7,744			(239,058	)
Change in unrealized appreciation (depreciation)		(16,869	)		18,047			(56,646	)
Purchases/Exchanges/Issuances		—			—			511,000
Sales/Paydowns		—			(15,787	)		—
Accrued discount/premium		—			—			—
Transfers into of Level 3		—			—			—
Transfers out of Level 3		—			—			—
Balance as of 04/30/19	$	—		$	18,047		$	(56,646	)
Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end		—			18,047			(56,646	)

Level 3 securities as presented in the table above are being fair valued using pricing methodologies approved by Board, which contain unobservable inputs as follows:

Level 3 Securities	Fair Value as of April 30, 2019			Valuation Methodology		Unobservable Inputs
Asset-Backed Securities	$	11,742,645			Market Approach		Single Broker Indicative Quote
Corporate Bonds		5,325,774			Market Approach		Single Broker Indicative Quote
Residential Mortgage-Backed Securities		3,500,000			Market Approach		Single Broker Indicative Quote
Credit Default Swap Agreements		18,047			Market Approach		Single Broker Indicative Quote
Forward Rate Agreements		(56,646	)		Model Pricing		Forward Rate Volatility & Convexity Adjustment
	$	20,529,820

It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. Securities transferred levels as follows:

Investments in Securities	Amount Transferred		Level Transfer		Logic
Corporate Bonds	$	144,688		L3 to L2	Single Broker Indicative Quote to Evaluated Bid

See Notes to Financial Statements.

158

Investments in Securities	Amount Transferred		Level Transfer		Logic
Corporate Bonds	$	10,483		L2 to L3		Evaluated Bid to Single Broker Indicative Quote

Industry Classification:

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

Sovereign Bonds	41.6	%
Collateralized Loan Obligations	11.7
Banks	7.3
Commercial Mortgage-Backed Securities	6.8
Residential Mortgage-Backed Securities	4.9
Options Purchased	4.5
Affiliated Mutual Funds (1.6% represents investments purchased with collateral from securities on loan)	2.3
Oil & Gas	2.1
Multi-National	1.8
Telecommunications	1.5
U.S. Treasury Obligations	1.5
Electric	1.3
Media	1.0
Student Loans	1.0
Consumer Loans	1.0
Commercial Services	1.0
Automobiles	0.9
Chemicals	0.7
Insurance	0.7
Pipelines	0.7
Auto Manufacturers	0.7
Transportation	0.6
Pharmaceuticals	0.6
Healthcare-Products	0.6
Diversified Financial Services	0.5
Foods	0.4
Packaging & Containers	0.4
Home Builders	0.4
Retail	0.3
Investment Companies	0.3
Semiconductors	0.3
Healthcare-Services	0.3
U.S. Government Agency Obligations	0.3
Aerospace & Defense	0.2

Other	0.2	%
Mining	0.2
Auto Parts & Equipment	0.2
Real Estate Investment Trusts (REITs)	0.2
Biotechnology	0.2
Software	0.2
Computers	0.2
Entertainment	0.2
Agriculture	0.2
Electrical Components & Equipment	0.2
Home Equity Loans	0.1
Engineering & Construction	0.1
Miscellaneous Manufacturing	0.1
Oil & Gas Services	0.1
Building Materials	0.1
Home Furnishings	0.1
Apparel	0.1
Housewares	0.1
Household Products/Wares	0.0	*
Electronics	0.0	*
Lodging	0.0	*
Office/Business Equipment	0.0	*
Municipal Bonds	0.0	*
Airlines	0.0	*
Leisure Time	0.0	*
Forest Products & Paper	0.0	*
Oil, Gas & Consumable Fuels	0.0	*
	103.0
Options Written	(3.8	)
Other assets in excess of liabilities	0.8
	100.0	%

* Less than +/- 0.05%

See Notes to Financial Statements.

PGIM Global Total Return Fund 159

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

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 contracts risk, foreign exchange contracts risk and interest rate contracts risk. The effect of such derivative instruments on the Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

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

	Asset Derivatives					Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair  value	Statement of Assets and Liabilities Location		Fair Value			Statement of Assets and Liabilities Location		Fair Value
Credit contracts		Due from/to broker—variation margin swaps	$	83,891	*		Due from/to broker—variation margin swaps	$	351,409	*
Credit contracts		Premiums paid for OTC swap agreements		3,208,097			Premiums received for OTC swap agreements		10,705,412
Credit contracts		Unaffiliated investments		616,803			Options written outstanding, at value		485,696
Credit contracts		Unrealized appreciation on OTC swap agreements		18,095,734			Unrealized depreciation on OTC swap agreements		10,406,532
Foreign exchange contracts		Unaffiliated investments		89,155,438			Options written outstanding, at value		75,738,765
Foreign exchange contracts		Unrealized appreciation on OTC cross currency exchange contracts		7,934,728			Unrealized depreciation on OTC cross currency exchange contracts		3,502,610
Foreign exchange contracts		Unrealized appreciation on OTC forward foreign currency exchange contracts		42,837,419			Unrealized depreciation on OTC forward foreign currency exchange contracts		30,120,353
Interest rate contracts		Due from/to broker—variation margin futures		11,730,004	*		Due from/to broker—variation margin futures		5,827,932	*
Interest rate contracts		Due from/to broker—variation margin swaps		38,606,698	*		Due from/to broker—variation margin swaps		27,694,473	*
Interest rate contracts		Premiums paid for OTC swap agreements		3			Premiums received for OTC swap agreements		306
Interest rate contracts		Unaffiliated investments		713,192			—		—
Interest rate contracts		—		—			Unrealized depreciation on OTC forward rate agreements		56,646
Interest rate contracts		Unrealized appreciation on OTC swap agreements		5,362,641			Unrealized depreciation on OTC swap agreements		460,912
			$	218,344,648				$	165,351,046

See Notes to Financial Statements.

160

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

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

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair  value	Options Purchased(1)			Options Written		Futures		Forward & Cross Currency Exchange Contracts		Forward Rate Agreements			Swaps
Credit contracts	$	(219,649	)	$	627,232	$	—	$	—	$	—		$	5,456,953
Foreign exchange contracts		(5,008,183	)		4,326,669		—		1,234,030		—			—
Interest rate contracts		(245,116	)		30,882		17,028,059		—		(140,250	)		13,820,523
Total	$	(5,472,948	)	$	4,984,783	$	17,028,059	$	1,234,030	$	(140,250	)	$	19,277,476

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

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(2)			Options Written		Futures		Forward & Cross Currency Exchange Contracts			Forward Rate Agreements		Swaps
Credit contracts	$	(1,286,618	)	$	1,102,549	$	—	$	—		$	—	$	3,104,377
Foreign exchange contracts		(30,783,810	)		33,467,237		—		(5,403,122	)		—		—
Interest rate contracts		315,772			98,355		22,246,260		—			215,296		(11,274,770	)
Total	$	(31,754,656	)	$	34,668,141	$	22,246,260	$	(5,403,122	)	$	215,296	$	(8,170,393	)

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

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

Options Purchased(1)		Options Written(2)		Futures Contracts— Long Positions(2)		Futures Contracts— Short Positions(2)		Forward Foreign Currency Exchange Contracts— Purchased(3)
$	104,043,590	$	3,469,429,568	$	1,466,405,900	$	1,167,791,371	$	1,307,477,281

Forward Foreign Currency Exchange Contracts— Sold(3)		Cross Currency Exchange Contracts(4)		Forward Rate Agreements(2)		Inflation Swap Agreements(2)		Interest Rate Swap Agreements(2)
$	1,289,508,786	$	152,581,194	$	173,066,667	$	65,024,016	$	4,087,894,946

See Notes to Financial Statements.

PGIM Global Total Return Fund 161

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Credit Default Swap Agreements— Buy Protection(2)	Credit Default Swap Agreements— Sell Protection(2)		Currency Swap Agreements(2)
$280,327,975	$	568,051,151	$	2,302,667

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

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

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

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/ (Liabilities)		Collateral Pledged/(Received)(2)			Net Amount
Securities on Loan	$	31,299,976	$	(31,299,976	)	$	—

Offsetting of OTC derivative assets and liabilities:

Counterparty	Gross Amounts of Recognized Assets(1)		Gross Amounts of Recognized Liabilities(1)			Net Amounts of Recognized Assets/(Liabilities)			Collateral Pledged/ (Received)(2)			Net Amount
Bank of America, N.A.	$	5,022,874	$	(2,427,193	)	$	2,595,681		$	(2,326,444	)	$	269,237
Barclays Bank PLC		6,668,040		(6,828,737	)		(160,697	)		—			(160,697	)
BNP Paribas S.A.		15,253,133		(18,981,951	)		(3,728,818	)		3,634,852			(93,966	)
Citibank, N.A.		27,385,178		(22,071,831	)		5,313,347			(4,010,000	)		1,303,347
Citigroup Global Markets, Inc.		—		(56,646	)		(56,646	)		—			(56,646	)
Credit Suisse International		170,774		(8,310	)		162,464			—			162,464
Deutsche Bank AG		29,065,606		(21,528,828	)		7,536,778			(7,536,778	)		—
Goldman Sachs International		22,508,423		(20,618,373	)		1,890,050			—			1,890,050
HSBC Bank USA, N.A.		3,408,098		(2,327,658	)		1,080,440			(826,765	)		253,675
JPMorgan Chase Bank, N.A.		9,440,353		(4,655,639	)		4,784,714			(4,784,714	)		—

See Notes to Financial Statements.

162

Counterparty	Gross Amounts of Recognized Assets(1)		Gross Amounts of Recognized Liabilities(1)			Net Amounts  of Recognized Assets/ (Liabilities)		Collateral Pledged/ (Received)(2)			Net Amount
JPMorgan Securities LLC	$	120,829	$	(28,411	)	$	92,418	$	—		$	92,418
Morgan Stanley & Co. International PLC		47,784,884		(31,582,501	)		16,202,383		(14,613,848	)		1,588,535
The Toronto-Dominion Bank		141,711		(23,972	)		117,739		—			117,739
UBS AG		954,152		(337,182	)		616,970		(616,970	)		—
	$	167,924,055	$	(131,477,232	)	$	36,446,823	$	(31,080,667	)	$	5,366,156

(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 Global Total Return Fund 163

Statement of Assets & Liabilities (unaudited)

as of April 30, 2019

Assets
Investments at value, including securities on loan of $31,299,976:
Unaffiliated investments (cost $2,075,187,940)	$	2,020,079,251
Affiliated investments (cost $46,400,645)		46,410,044
Cash		3,017,190
Foreign currency, at value (cost $5,028,214)		5,038,896
Unrealized appreciation on OTC forward foreign currency exchange contracts		42,837,419
Unrealized appreciation on OTC swap agreements		23,458,375
Dividends and interest receivable		19,281,391
Receivable for Fund shares sold		13,549,291
Unrealized appreciation on OTC cross currency exchange contracts		7,934,728
Receivable for investments sold		7,623,209
Premiums paid for OTC swap agreements		3,208,100
Due from broker—variation margin futures		2,754,685
Deposit with broker for centrally cleared/exchange-traded derivatives		1,716,000
Prepaid expenses		4,696
Total Assets		2,196,913,275
Liabilities
Options written outstanding, at value (proceeds received $109,567,894)		76,224,461
Payable to broker for collateral for securities on loan		32,102,918
Unrealized depreciation on OTC forward foreign currency exchange contracts		30,120,353
Payable for investments purchased		21,047,925
Unrealized depreciation on OTC swap agreements		10,867,444
Premiums received for OTC swap agreements		10,705,718
Payable for Fund shares reacquired		4,134,228
Unrealized depreciation on OTC cross currency exchange contracts		3,502,610
Due to broker—variation margin swaps		1,017,627
Management fee payable		745,868
Accrued expenses and other liabilities		512,773
Dividends payable		324,329
Distribution fee payable		65,758
Unrealized depreciation on OTC forward rate agreements		56,646
Affiliated transfer agent fee payable		29,451
Total Liabilities		191,458,109
Net Assets	$	2,005,455,166
Net assets were comprised of:
Common stock, at par	$	2,984,097
Paid-in capital in excess of par		1,998,657,384
Total distributable earnings (loss)		3,813,685
Net assets, April 30, 2019	$	2,005,455,166

See Notes to Financial Statements.

164

Class A
Net asset value and redemption price per share,
($180,738,229 ÷ 27,099,072 shares of common stock issued and outstanding)	$	6.67
Maximum sales charge (4.50% of offering price)		0.31
Maximum offering price to public	$	6.98
Class B
Net asset value, offering price and redemption price per share,
($1,444,219 ÷ 216,673 shares of common stock issued and outstanding)	$	6.67
Class C
Net asset value, offering price and redemption price per share,
($32,921,051 ÷ 4,945,385 shares of common stock issued and outstanding)	$	6.66
Class Z
Net asset value, offering price and redemption price per share,
($838,926,411 ÷ 125,118,999 shares of common stock issued and outstanding)	$	6.71
Class R2
Net asset value, offering price and redemption price per share,
($23,251 ÷ 3,444 shares of common stock issued and outstanding)	$	6.75
Class R4
Net asset value, offering price and redemption price per share,
($658,333 ÷ 97,441 shares of common stock issued and outstanding)	$	6.76
Class R6
Net asset value, offering price and redemption price per share,
($950,743,672 ÷ 140,928,735 shares of common stock issued and outstanding)	$	6.75

See Notes to Financial Statements.

PGIM Global Total Return Fund 165

Statement of Operations (unaudited)

Six Months Ended April 30, 2019

Net Investment Income (Loss)
Income
Interest income	$	28,987,293
Affiliated dividend income		554,198
Income from securities lending, net (including affiliated income of $24,674)		32,826
Unaffiliated dividend income (net of $125 foreign withholding tax)		5,300
Total income		29,579,617
Expenses
Management fee		4,516,445
Distribution fee(a)		403,292
Shareholder servicing fees(a)		262
Transfer agent’s fees and expenses (including affiliated expense of $72,410)(a)		696,416
Custodian and accounting fees		249,332
Registration fees(a)		132,472
Shareholders’ reports		105,676
Audit fee		33,716
SEC registration fees		24,928
Directors’ fees		22,617
Legal fees and expenses		13,559
Miscellaneous		20,667
Total expenses		6,219,382
Less: Fee waiver and/or expense reimbursement(a)		(407,887	)
Net expenses		5,811,495
Net investment income (loss)		23,768,122
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(572))		(8,308,167	)
Futures transactions		17,028,059
Forward rate agreement transactions		(140,250	)
Forward and cross currency contract transactions		1,234,030
Options written transactions		4,984,783
Swap agreement transactions		19,277,476
Foreign currency transactions		(5,260,821	)
		28,815,110
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $7,718)		20,491,895
Futures		22,246,260
Forward rate agreements		215,296
Forward and cross currency contracts		(5,403,122	)
Options written		34,668,141
Swap agreements		(8,170,393	)
Foreign currencies		625,370
		64,673,447
Net gain (loss) on investment and foreign currency transactions		93,488,557

See Notes to Financial Statements.

166

Net Increase (Decrease) In Net Assets Resulting From Operations $ 117,256,679

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

	Class A			Class B			Class C			Class Z			Class R2			Class R4			Class R6
Distribution fee		225,242			9,146			168,879			—			25			—			—
Shareholder servicing fees		—			—			—			—			10			252			—
Transfer agent’s fees and expenses		188,835			2,904			19,863			477,594			77			129			7,014
Registration fees		12,558			8,154			8,493			57,869			7,661			7,662			30,075
Fee waiver and/or expense reimbursement		(133,644	)		(10,372	)		(15,795	)		(233,010	)		(7,721	)		(7,345	)		—

See Notes to Financial Statements.

PGIM Global Total Return Fund 167

Statements of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2019			Year Ended October 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	23,768,122		$	35,170,559
Net realized gain (loss) on investment and foreign currency transactions		28,815,110			(14,370,524	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		64,673,447			(78,618,439	)
Net increase (decrease) in net assets resulting from operations		117,256,679			(57,818,404	)
Dividends and Distributions
Distributions from distributable earnings
Class A		(3,222,932	)		(6,137,953	)
Class B		(25,847	)		(71,940	)
Class C		(478,442	)		(917,726	)
Class Z		(14,878,695	)		(22,966,009	)
Class R2		(331	)		(255	)
Class R4		(9,130	)		(1,015	)
Class R6		(15,594,805	)		(22,571,586	)
		(34,210,182	)		(52,666,484	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		506,212,121			1,290,833,238
Net asset value of shares issued in reinvestment of dividends and distributions		32,231,223			48,731,606
Cost of shares reacquired		(364,928,035	)		(540,533,576	)
Net increase (decrease) in net assets from Fund share transactions		173,515,309			799,031,268
Total increase (decrease)		256,561,806			688,546,380
Net Assets:
Beginning of period		1,748,893,360			1,060,346,980
End of period	$	2,005,455,166		$	1,748,893,360

See Notes to Financial Statements.

168

Notes to Financial Statements (unaudited)

Prudential Global Total Return Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company and currently consists of two funds: PGIM Global Total Return (USD Hedged) Fund and PGIM Global Total Return Fund, each of which are non-diversified funds for purposes of the 1940 Act. These financial statements relate only to the PGIM Global Total Return Fund (the “Fund”).

The investment objective of the Fund is to seek total return, made up of current income and capital appreciation.

1. Accounting Policies

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

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Company’s Board of Directors (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

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

PGIM Global Total Return Fund 169

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

Bank loans are generally valued at prices provided by approved independent pricing vendors. The pricing vendors utilize broker/dealer quotations and provide prices based on the average of such quotations. Bank loans valued using such vendor prices are generally classified as Level 2 in the fair value hierarchy. Bank loans valued based on a single broker quote or at the original transaction price in excess of five business days are classified as Level 3 in the fair value hierarchy.

170

OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Fund utilizes the market approach when quoted prices in broker-dealer markets are available but also includes consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing OTC derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors’ valuation techniques used to derive the evaluated OTC derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain OTC derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

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

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

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

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Notes to Financial Statements (unaudited) (continued)

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

Connecticut Avenue Securities (CAS) and Structured Agency Credit Risk (STACR): The Fund purchased government controlled Fannie Mae and Freddie Mac securities that transfer most of the cost of defaults to private investors including the Fund. These are insurance-like products that are called CAS by Fannie Mae and STACR securities by Freddie Mac. Payments on the securities are based primarily on the performance of a reference pool of underlying mortgages. With such securities, the Fund could lose some or all of its principal if the underlying mortgages experience credit defaults.

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

(i) market value of investment securities, other assets and liabilities—at the current rates of exchange;

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

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

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

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

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

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Notes to Financial Statements (unaudited) (continued)

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 Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the “initial margin.” Subsequent payments, known as “variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in the value of the underlying security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

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

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since the exchanges’ clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

Bank Loans: The Fund invests in bank loans. Bank loans include fixed and floating rate loans that are privately negotiated between a corporate borrower and one or more financial institutions, including, but not limited to, term loans, revolvers, and other instruments issued in the bank loan market. The Fund may acquire interests in loans directly (by way of assignment from the selling institution) or indirectly (by way of the purchase of a participation interest from the selling institution). Under a bank loan assignment, the Fund generally will succeed to all the rights and obligations of an assigning lending institution and becomes a lender under the loan agreement with the relevant borrower in connection with that loan. Under a bank loan participation, the Fund generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the Fund generally will have the right to receive payments of principal, interest, and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the institution selling the participation to the Fund.

Forward Rate Agreements: Forward rate agreements represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount on a fixed future date. The Fund entered into forward rate agreements to gain yield exposure based on anticipated market conditions at the specified termination date of the agreement.

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

Interest Rate Swaps: Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. The Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objective. The Fund used interest rate swaps to maintain its ability to generate steady cash flow by receiving a stream of fixed rate payments or to increase exposure to prevailing market rates by receiving floating rate

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Notes to Financial Statements (unaudited) (continued)

payments. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net present value of the cash flows to be received from the counterparty over the contract’s remaining life.

Inflation Swaps: The Fund entered into inflation swap agreements to protect against fluctuations in inflation rates. Inflation swaps are characterized by one party paying a fixed rate in exchange for a floating rate that is derived from an inflation index, such as the Consumer Price Index or UK Retail Price Index. Inflation swaps subject the Fund to interest rate risk.

Credit Default Swaps (“CDS”): CDS involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified payment in the event of a default or as a result of a default (collectively a “credit event”) for the referenced entity (typically corporate issues or sovereign issues of an emerging country) on its obligation; or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index.

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

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

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

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buyer of protection, the Fund generally receives an amount up to the notional value of the swap if a credit event occurs.

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

Currency Swaps: The Fund entered into currency swap agreements primarily to gain yield exposure on foreign bonds. Currency swap agreements involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specified exchange rates.

Total Return Swaps: In a total return swap, one party receives payments based on the market value of the security or the commodity involved, or total return of a specific referenced asset, such as an equity, index or bond, and in return pays a defined amount. The Fund is subject to risk exposures associated with the referenced asset in the normal course of pursuing its investment objectives. The Fund entered into total return swaps to manage its exposure to a security or an index. The Fund’s maximum risk of loss from counterparty credit risk is the change in the value of the security, in the Fund’s favor, from the point of entering into the contract.

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

The Company, on behalf of the Fund, is a party to International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements with certain counterparties that govern OTC

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Notes to Financial Statements (unaudited) (continued)

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

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.

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

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

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Payment-In-Kind: The Fund invests in the open market or receive pursuant to debt restructuring, securities that pay-in-kind (PIK) the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income.

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

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

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

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Notes to Financial Statements (unaudited) (continued)

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

Dividends and Distributions: The Fund expects to declare dividends of its net investment income daily and pay such dividends monthly. Distributions of net realized capital and currency gains, if any, are declared and paid at least annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.

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

2. Agreements

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

PGIM Investments has entered into a subadvisory agreement with PGIM, Inc., which provides subadvisory services to the Fund through its PGIM Fixed Income unit. The subadvisory agreement provides that PGIM, Inc. will furnish investment advisory services in connection with the management of the Fund. In connection therewith, PGIM, Inc. is obligated to keep certain books and records of the Fund. PGIM Investments pays for the

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services of PGIM, Inc., the cost of compensation of officers of the Fund, occupancy and certain clerical and bookkeeping costs of the Fund. The Fund bears all other costs and expenses.

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.50% of the Fund’s average daily net assets up to $2 billion and 0.485% of such assets in excess of $2 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.50% for the six months ended April 30, 2019.

The Manager has contractually agreed, through February 29, 2020, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 0.88% of average daily net assets for Class A shares, 1.63% of average daily net assets for Class B shares, 1.63% of average daily net assets for Class C shares, 0.63% of average daily net assets for Class Z shares, 1.08% of average daily net assets for Class R2 shares, 0.83% of average daily net assets for Class R4 shares, and 0.58% of average daily net assets for Class R6 shares. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

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

The Company, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A Class B, Class C, Class Z, Class R2, Class R4 and Class R6 shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A, Class B, Class C and Class R2 shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z, Class R4 or Class R6 shares of the Fund.

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to 0.25%, 1%, 1% and 0.25% of the average daily net assets of the Class A, Class B, Class C and Class R2 shares, respectively.

The Fund has adopted a Shareholder Services Plan with respect to Class R2 and Class R4 shares. Under the terms of the Shareholder Services Plan, Class R2 and Class R4 shares are authorized to pay to Prudential Mutual Fund Services LLC (“PMFS”), its affiliates or

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Notes to Financial Statements (unaudited) (continued)

third-party service providers, as compensation for services rendered to the shareholders of such Class R2 or Class R4 shares, a shareholder service fee at an annual rate of 0.10% of the average daily net assets attributable to Class R2 and Class R4 shares. The shareholder service fee is accrued daily and paid monthly.

For the reporting period ended April 30, 2019, PIMS received $189,835 in front-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended April 30, 2019, PIMS received $538 and $2,161 in contingent deferred sales charges imposed upon redemptions by certain Class B and Class C shareholders, respectively. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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

3. Other Transactions with Affiliates

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

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Pursuant to the Rule 17a-7 procedures and consistent with guidance issued by the SEC, the Company’s Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such 17a-7 transactions were effected in accordance with the Fund’s Rule 17a-7 procedures. Any 17a-7 transactions for the reporting period are disclosed in the “Portfolio Securities” note, below.

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

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income” and “Income from securities lending, net”, respectively.

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2019, were $420,808,513 and $243,513,434, respectively.

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

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Income
	PGIM Core Ultra Short Bond Fund*
$	4,343,643	$	293,867,621	$	283,988,199	$	—	$	—		$	14,223,065		14,223,065	$	554,198
	PGIM Institutional Money Market Fund*
	28,961,591		73,471,417		70,253,175		7,718		(572	)		32,186,979		32,177,326		24,674	**
$	33,305,234	$	367,339,038	$	354,241,374	$	7,718	$	(572	)	$	46,410,044			$	578,872

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

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

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

5. Tax Information

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

Tax Basis	$	2,006,360,848
Gross Unrealized Appreciation		207,581,118
Gross Unrealized Depreciation		(184,944,502	)
Net Unrealized Appreciation	$	22,636,616

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

For federal income tax purposes, the Fund had a capital loss carryforward as of October 31, 2018 of approximately $28,507,000 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is

PGIM Global Total Return Fund 183

Notes to Financial Statements (unaudited) (continued)

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

6. Capital and Ownership

The Fund offers Class A, Class B, Class C, Class Z, Class R2, Class R4 and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 4.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class B shares are sold with a CDSC which declines from 5% to zero depending on the period of time the shares are held. Class B shares will automatically convert to Class A shares on a monthly basis approximately seven years after purchase. Class B shares are closed to new purchases. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately 10 years after purchase. Class Z, Class R2, Class R4 and Class R6 shares are not subject to any sales or redemption charge and are available exclusively for sale to a limited group of investors.

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

There are 2 billion shares of common stock, at $0.01 par value per share, authorized and divided into eight classes, designated Class A, Class B, Class C, Class Z, Class R2, Class R4, Class R6 and Class T, each of which consists of 200 million, 50 million, 320 million, 650 million, 90 million, 90 million, 475 million and 125 million authorized shares, respectively. The Fund currently does not have any Class T shares outstanding.

As of April 30, 2019, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned 1,512 Class R2 shares and 1,517 Class R4 shares of the Fund. At reporting period end, five shareholders of record, each holding greater than 5% of the Fund, held 66% of the Fund’s outstanding shares.

184

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Six months ended April 30, 2019:
Shares sold		3,011,848		$	19,682,472
Shares issued in reinvestment of dividends and distributions		443,416			2,915,212
Shares reacquired		(4,883,414	)		(31,863,624	)
Net increase (decrease) in shares outstanding before conversion		(1,428,150	)		(9,265,940	)
Shares issued upon conversion from other share class(es)		503,852			3,333,284
Shares reacquired upon conversion into other share class(es)		(899,171	)		(5,953,573	)
Net increase (decrease) in shares outstanding		(1,823,469	)	$	(11,886,229	)
Year ended October 31, 2018:
Shares sold		10,889,230		$	73,367,027
Shares issued in reinvestment of dividends and distributions		834,881			5,561,624
Shares reacquired		(6,967,781	)		(46,330,288	)
Net increase (decrease) in shares outstanding before conversion		4,756,330			32,598,363
Shares issued upon conversion from other share class(es)		556,745			3,674,264
Shares reacquired upon conversion into other share class(es)		(2,290,951	)		(15,493,924	)
Net increase (decrease) in shares outstanding		3,022,124		$	20,778,703
Class B
Six months ended April 30, 2019:
Shares sold		1,690		$	10,916
Shares issued in reinvestment of dividends and distributions		3,200			20,997
Shares reacquired		(36,241	)		(237,445	)
Net increase (decrease) in shares outstanding before conversion		(31,351	)		(205,532	)
Shares reacquired upon conversion into other share class(es)		(92,935	)		(606,112	)
Net increase (decrease) in shares outstanding		(124,286	)	$	(811,644	)
Year ended October 31, 2018:
Shares sold		37,578		$	257,275
Shares issued in reinvestment of dividends and distributions		8,772			58,565
Shares reacquired		(85,878	)		(571,206	)
Net increase (decrease) in shares outstanding before conversion		(39,528	)		(255,366	)
Shares reacquired upon conversion into other share class(es)		(95,908	)		(633,247	)
Net increase (decrease) in shares outstanding		(135,436	)	$	(888,613	)
Class C
Six months ended April 30, 2019:
Shares sold		495,336		$	3,232,642
Shares issued in reinvestment of dividends and distributions		65,779			431,704
Shares reacquired		(838,501	)		(5,446,144	)
Net increase (decrease) in shares outstanding before conversion		(277,386	)		(1,781,798	)
Shares reacquired upon conversion into other share class(es)		(270,161	)		(1,786,587	)
Net increase (decrease) in shares outstanding		(547,547	)	$	(3,568,385	)
Year ended October 31, 2018:
Shares sold		2,294,887		$	15,542,300
Shares issued in reinvestment of dividends and distributions		121,101			804,239
Shares reacquired		(1,378,941	)		(9,141,921	)
Net increase (decrease) in shares outstanding before conversion		1,037,047			7,204,618
Shares reacquired upon conversion into other share class(es)		(224,152	)		(1,509,290	)
Net increase (decrease) in shares outstanding		812,895		$	5,695,328

PGIM Global Total Return Fund 185

Notes to Financial Statements (unaudited) (continued)

Class Z	Shares			Amount
Six months ended April 30, 2019:
Shares sold		33,907,269		$	223,063,046
Shares issued in reinvestment of dividends and distributions		2,006,495			13,276,998
Shares reacquired		(31,089,220	)		(203,493,382	)
Net increase (decrease) in shares outstanding before conversion		4,824,544			32,846,662
Shares issued upon conversion from other share class(es)		972,271			6,469,436
Shares reacquired upon conversion into other share class(es)		(324,492	)		(2,155,701	)
Net increase (decrease) in shares outstanding		5,472,323		$	37,160,397
Year ended October 31, 2018:
Shares sold		103,397,910		$	701,748,505
Shares issued in reinvestment of dividends and distributions		2,967,604			19,758,448
Shares reacquired		(45,990,012	)		(305,303,771	)
Net increase (decrease) in shares outstanding before conversion		60,375,502			416,203,182
Shares issued upon conversion from other share class(es)		2,449,265			16,637,716
Shares reacquired upon conversion into other share class(es)		(736,644	)		(4,882,979	)
Net increase (decrease) in shares outstanding		62,088,123		$	427,957,919
Class R2
Six months ended April 30, 2019:
Shares sold		3,454		$	22,875
Shares issued in reinvestment of dividends and distributions		49			331
Shares reacquired		(1,668	)		(11,100	)
Net increase (decrease) in shares outstanding		1,835		$	12,106
Period ended October 31, 2018*:
Shares sold		1,571		$	10,785
Shares issued in reinvestment of dividends and distributions		38			255
Net increase (decrease) in shares outstanding		1,609		$	11,040
Class R4
Six months ended April 30, 2019:
Shares sold		85,941		$	562,339
Shares issued in reinvestment of dividends and distributions		1,362			9,129
Shares reacquired		(9,567	)		(63,442	)
Net increase (decrease) in shares outstanding		77,736		$	508,026
Period ended October 31, 2018*:
Shares sold		19,550		$	129,371
Shares issued in reinvestment of dividends and distributions		155			1,015
Net increase (decrease) in shares outstanding		19,705		$	130,386

186

Class R6	Shares			Amount
Six months ended April 30, 2019:
Shares sold		38,961,087		$	259,637,831
Shares issued in reinvestment of dividends and distributions		2,338,892			15,576,852
Shares reacquired		(18,775,490	)		(123,812,898	)
Net increase (decrease) in shares outstanding before conversion		22,524,489			151,401,785
Shares issued upon conversion from other share class(es)		108,090			718,779
Shares reacquired upon conversion into other share class(es)		(2,905	)		(19,526	)
Net increase (decrease) in shares outstanding		22,629,674		$	152,101,038
Year ended October 31, 2018:
Shares sold		73,698,438		$	499,777,975
Shares issued in reinvestment of dividends and distributions		3,356,092			22,547,460
Shares reacquired		(26,619,916	)		(179,186,390	)
Net increase (decrease) in shares outstanding before conversion		50,434,614			343,139,045
Shares issued upon conversion from other share class(es)		363,933			2,442,152
Shares reacquired upon conversion into other share class(es)		(34,169	)		(234,692	)
Net increase (decrease) in shares outstanding		50,764,378		$	345,346,505

* Commencement of offering was December 27, 2017.

7. Borrowings

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

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

The Fund utilized the SCA during the reporting period ended April 30, 2019. The average daily balance for the 7 days that the Fund had loans outstanding during the period was approximately $3,913,286, borrowed at a weighted average interest rate of 3.58%. The maximum loan outstanding amount during the period was $6,039,000. At April 30, 2019, the Fund did not have an outstanding loan amount.

PGIM Global Total Return Fund 187

Notes to Financial Statements (unaudited) (continued)

8. Risks of Investing in the Fund

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

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

Derivatives Risk: Derivatives involve special risks and costs and may result in losses to the 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 derivative transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” and therefore may magnify or otherwise increase investment losses to the Fund. 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 OTC derivative instruments will not have liquidity beyond the counterparty to the instrument. OTC derivative instruments also involve the risk that the other party will not meet its obligations to the Fund.

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

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

Interest Rate Risk: The value of an investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest

188

rate. This is referred to as “prepayment risk.” When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund’s holdings may fall sharply. This is referred to as “extension risk. The Fund may face a heightened level of interest rate risk as a result of the U.S. Federal Reserve Board’s policies. The Fund’s investments may lose value if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

Liquidity Risk: The Fund may invest in instruments that trade in lower volumes and are less liquid than other investments. Liquidity risk exists when particular investments made by the Fund are difficult to purchase or sell. Liquidity risk includes the risk that the Fund may make investments that may become less liquid in response to market developments or adverse investor perceptions. Investments that are illiquid or that trade in lower volumes may be more difficult to value. If the 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 may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, the Fund may incur higher transaction costs when executing trade orders of a given size. The reduction in dealer market-making capacity in the fixed-income markets that has occurred in recent years also has the potential to reduce liquidity. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities.

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

Mortgage-Backed and Other Asset-Backed Securities Risk: Mortgage-related securities are usually pass-through instruments that pay investors a share of all interest and principal payments from an underlying pool of fixed or adjustable rate mortgages. Asset-backed securities are another type of pass-through instruments that pays interest based upon the cash flow of an underlying pool of assets, such as automobile loans or credit card receivables. Asset-backed securities can also be collateralized by a portfolio of corporate bonds including junk bonds or other securities. The values of mortgage-backed and asset-backed securities vary with changes in interest rates and are particularly sensitive to prepayments (the risk is that the underlying debt instruments may be partially or wholly prepaid during periods of falling interest rates, which could require the Fund to reinvest in lower yielding debt instruments) or extensions (the risk is that rising interest rates may cause the underlying debt instruments to be repaid more slowly by the debtor, causing the value of the securities to fall). Asset-backed securities are also subject to liquidity risk.

PGIM Global Total Return Fund 189

Notes to Financial Statements (unaudited) (continued)

Non-diversification Risk: A non-diversified Fund may invest a greater percentage of its assets in the securities of a single company or industry than a diversified fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a non-diversified fund.

9. Recent Accounting Pronouncements and Reporting Updates

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

190

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30, 2019			Year Ended October 31,
				2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$6.36			$6.75			$6.64			$6.45			$6.88			$6.92
Income (loss) from investment operations:
Net investment income (loss)		0.08			0.14			0.14			0.17			0.17			0.19
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.35			(0.31	)		0.19			0.25			(0.37	)		0.06
Total from investment operations		0.43			(0.17	)		0.33			0.42			(0.20	)		0.25
Less Dividends and Distributions:
Dividends from net investment income*		(0.12	)		(0.22	)		(0.13	)		(0.12	)		(0.04	)		(0.15	)
Tax return of capital distributions		-			-			(0.05	)		(0.03	)		(0.19	)		(0.14	)
Distributions from net realized gains		-			-			(0.04	)		(0.08	)		-			-
Total dividends and distributions		(0.12	)		(0.22	)		(0.22	)		(0.23	)		(0.23	)		(0.29	)
Net asset value, end of period		$6.67			$6.36			$6.75			$6.64			$6.45			$6.88
Total Return(b):		6.58%			(2.65)%			5.12%			6.60%			(2.90)%			3.67%
Ratios/Supplemental Data:
Net assets, end of period (000)		$180,738			$184,064			$174,732			$202,770			$157,404			$190,394
Average net assets (000)		$181,685			$187,975			$175,014			$169,299			$175,942			$163,155
Ratios to average net assets(c)(d)(e):
Expenses after waivers and/or expense reimbursement		0.88%	(f)		0.88%			0.88%			0.97%			1.05%			1.25%
Expenses before waivers and/or expense reimbursement		1.03%	(f)		1.02%			0.99%			1.14%			1.24%			1.30%
Net investment income (loss)		2.47%	(f)		2.11%			2.12%			2.57%			2.50%			2.79%
Portfolio turnover rate(g)		16%			40%			75%			86%			95%			65%

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

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

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

PGIM Global Total Return Fund 191

Financial Highlights (unaudited) (continued)

Class B Shares
	Six Months Ended April 30, 2019			Year Ended October 31,
				2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$6.36			$6.74			$6.64			$6.44			$6.88			$6.92
Income (loss) from investment operations:
Net investment income (loss)		0.06			0.09			0.09			0.12			0.12			0.14
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.34			(0.30	)		0.18			0.26			(0.38	)		0.06
Total from investment operations		0.40			(0.21	)		0.27			0.38			(0.26	)		0.20
Less Dividends and Distributions:
Dividends from net investment income*		(0.09	)		(0.17	)		(0.10	)		(0.08	)		(0.03	)		(0.10	)
Tax return of capital distributions		-			-			(0.03	)		(0.02	)		(0.15	)		(0.14	)
Distributions from net realized gains		-			-			(0.04	)		(0.08	)		-			-
Total dividends and distributions		(0.09	)		(0.17	)		(0.17	)		(0.18	)		(0.18	)		(0.24	)
Net asset value, end of period		$6.67			$6.36			$6.74			$6.64			$6.44			$6.88
Total Return(b):		6.19%			(3.23)%			4.20%			5.99%			(3.75)%			2.90%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,444			$2,168			$3,212			$4,202			$4,660			$6,548
Average net assets (000)		$1,844			$2,885			$3,559			$4,457			$5,469			$6,790
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.63%	(e)		1.63%			1.63%			1.72%			1.80%			2.00%
Expenses before waivers and/or expense reimbursement		2.76%	(e)		2.37%			1.74%			1.89%			1.97%			2.00%
Net investment income (loss)		1.78%	(e)		1.34%			1.39%			1.85%			1.77%			2.05%
Portfolio turnover rate(f)		16%			40%			75%			86%			95%			65%

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

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

192

Class C Shares
	Six Months Ended April 30, 2019			Year Ended October 31,
				2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$6.35			$6.73			$6.63			$6.44			$6.86			$6.90
Income (loss) from investment operations:
Net investment income (loss)		0.06			0.09			0.09			0.12			0.12			0.14
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.34			(0.30	)		0.18			0.25			(0.36	)		0.06
Total from investment operations		0.40			(0.21	)		0.27			0.37			(0.24	)		0.20
Less Dividends and Distributions:
Dividends from net investment income*		(0.09	)		(0.17	)		(0.10	)		(0.08	)		(0.03	)		(0.10	)
Tax return of capital distributions		-			-			(0.03	)		(0.02	)		(0.15	)		(0.14	)
Distributions from net realized gains		-			-			(0.04	)		(0.08	)		-			-
Total dividends and distributions		(0.09	)		(0.17	)		(0.17	)		(0.18	)		(0.18	)		(0.24	)
Net asset value, end of period		$6.66			$6.35			$6.73			$6.63			$6.44			$6.86
Total Return(b):		6.20%			(3.24)%			4.19%			5.82%			(3.48)%			2.90%
Ratios/Supplemental Data:
Net assets, end of period (000)		$32,921			$34,889			$31,509			$35,848			$29,427			$34,691
Average net assets (000)		$34,055			$36,335			$31,191			$30,873			$33,144			$30,378
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.63%	(e)		1.63%			1.63%			1.72%			1.80%			2.00%
Expenses before waivers and/or expense reimbursement		1.72%	(e)		1.73%			1.74%			1.89%			1.97%			2.00%
Net investment income (loss)		1.71%	(e)		1.37%			1.39%			1.83%			1.76%			2.05%
Portfolio turnover rate(f)		16%			40%			75%			86%			95%			65%

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

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Global Total Return Fund 193

Financial Highlights (unaudited) (continued)

Class Z Shares
	Six Months Ended April 30, 2019			Year Ended October 31,
				2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$6.40			$6.78			$6.67			$6.47			$6.90			$6.94
Income (loss) from investment operations:
Net investment income (loss)		0.09			0.16			0.15			0.18			0.18			0.21
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.34			(0.31	)		0.20			0.27			(0.36	)		0.06
Total from investment operations		0.43			(0.15	)		0.35			0.45			(0.18	)		0.27
Less Dividends and Distributions:
Dividends from net investment income*		(0.12	)		(0.23	)		(0.15	)		(0.14	)		(0.05	)		(0.17	)
Tax return of capital distributions		-			-			(0.05	)		(0.03	)		(0.20	)		(0.14	)
Distributions from net realized gains		-			-			(0.04	)		(0.08	)		-			-
Total dividends and distributions		(0.12	)		(0.23	)		(0.24	)		(0.25	)		(0.25	)		(0.31	)
Net asset value, end of period		$6.71			$6.40			$6.78			$6.67			$6.47			$6.90
Total Return(b):		6.67%			(2.25)%			5.35%			7.00%			(2.66)%			3.92%
Ratios/Supplemental Data:
Net assets, end of period (000)		$838,926			$765,708			$390,194			$303,960			$115,119			$119,628
Average net assets (000)		$788,008			$648,173			$340,627			$153,146			$129,045			$71,247
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.63%	(e)		0.63%			0.63%			0.72%			0.80%			1.00%
Expenses before waivers and/or expense reimbursement		0.69%	(e)		0.71%			0.74%			0.89%			0.96%			1.00%
Net investment income (loss)		2.64%	(e)		2.39%			2.35%			2.77%			2.73%			3.00%
Portfolio turnover rate(f)		16%			40%			75%			86%			95%			65%

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

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

194

Class R2 Shares
	Six Months Ended April 30, 2019			December 27, 2017(a) through October 31, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$6.44			$6.90
Income (loss) from investment operations:
Net investment income (loss)		0.07			0.09
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.35			(0.38	)
Total from investment operations		0.42			(0.29	)
Less Dividends and Distributions:
Dividends from net investment income*		(0.11	)		(0.17	)
Net asset value, end of period		$6.75			$6.44
Total Return(c):		6.55%			(4.24)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$23			$10
Average net assets (000)		$20			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.08%	(e)		1.08%	(e)
Expenses before waivers and/or expense reimbursement		80.37%	(e)		236.32%	(e)
Net investment income (loss)		2.18%	(e)		1.67%	(e)
Portfolio turnover rate(f)		16%			40%

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

(a) Commencement of offering.

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Global Total Return Fund 195

Financial Highlights (unaudited) (continued)

Class R4 Shares
	Six Months Ended April 30, 2019			December 27, 2017(a) through October 31, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$6.45			$6.90
Income (loss) from investment operations:
Net investment income (loss)		0.07			0.12
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.36			(0.38	)
Total from investment operations		0.43			(0.26	)
Less Dividends and Distributions:
Dividends from net investment income*		(0.12	)		(0.19	)
Net asset value, end of period		$6.76			$6.45
Total Return(c):		6.52%			(3.88)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$658			$127
Average net assets (000)		$507			$33
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.83%	(e)		0.83%	(e)
Expenses before waivers and/or expense reimbursement		3.75%	(e)		70.94%	(e)
Net investment income (loss)		2.05%	(e)		2.23%	(e)
Portfolio turnover rate(f)		16%			40%

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

(a) Commencement of offering.

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

196

Class R6 Shares
	Six Months Ended April 30, 2019			Year Ended October 31,
				2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$6.44			$6.82			$6.72			$6.53			$6.97			$6.94
Income (loss) from investment operations:
Net investment income (loss)		0.09			0.16			0.16			0.19			0.17			0.23
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.35			(0.30	)		0.18			0.26			(0.36	)		0.12
Total from investment operations		0.44			(0.14	)		0.34			0.45			(0.19	)		0.35
Less Dividends and Distributions:
Dividends from net investment income*		(0.13	)		(0.24	)		(0.15	)		(0.15	)		(0.05	)		(0.18	)
Tax return of capital distributions		-			-			(0.05	)		(0.03	)		(0.20	)		(0.14	)
Distributions from net realized gains		-			-			(0.04	)		(0.08	)		-			-
Total dividends and distributions		(0.13	)		(0.24	)		(0.24	)		(0.26	)		(0.25	)		(0.32	)
Net asset value, end of period		$6.75			$6.44			$6.82			$6.72			$6.53			$6.97
Total Return(b):		6.67%			(2.19)%			5.21%			6.90%			(2.71)%			5.09%
Ratios/Supplemental Data:
Net assets, end of period (000)		$950,744			$761,927			$460,700			$61,713			$27,141			$869
Average net assets (000)		$815,400			$636,670			$271,620			$40,135			$19,157			$295
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.56%	(e)		0.58%			0.58%			0.59%			0.72%			0.87%
Expenses before waivers and/or expense reimbursement		0.56%	(e)		0.58%			0.59%			0.76%			0.82%			0.87%
Net investment income (loss)		2.70%	(e)		2.39%			2.33%			2.86%			2.64%			3.24%
Portfolio turnover rate(f)		16%			40%			75%			86%			95%			65%

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

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Global Total Return Fund 197

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

PROXY VOTING

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

DIRECTORS

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

OFFICERS

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

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	PGIM Fixed Income	655 Broad Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

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

AVAILABILITY OF PORTFOLIO SCHEDULE

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

Mutual Funds:

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

PGIM GLOBAL TOTAL RETURN FUND

SHARE CLASS	A	B	C	Z	R2	R4	R6
NASDAQ	GTRAX	PBTRX	PCTRX	PZTRX	PGTOX	PGTSX	PGTQX
CUSIP	74439A103	74439A202	74439A301	74439A400	74439A863	74439A855	74439A509

MF169E2    

PGIM GLOBAL TOTAL RETURN (USD HEDGED) FUND

SEMIANNUAL REPORT

APRIL 30, 2019

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

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

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

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

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

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

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

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

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

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. ^© 2019 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2 Visit our website at pgiminvestments.com

Table of Contents

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

PGIM Global Total Return (USD Hedged) Fund 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for PGIM Global Total Return (USD Hedged) Fund informative and useful. The report covers performance for the six-month period ended April 30, 2019.

Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

Your financial advisor can help you create a diversified investment plan that may include funds covering all the basic asset classes and that reflects your personal investor profile and risk tolerance. However, diversification and asset allocation strategies do not assure a profit or protect against loss in declining markets.

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Global Total Return (USD Hedged) Fund

June 14, 2019

PGIM Global Total Return (USD Hedged) Fund 5

Your Fund’s Performance (unaudited)

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

	Total Returns as of 4/30/19 (without sales charges)	Average Annual Total Returns as of 4/30/19 (with sales charges)
	Six Months* (%)	One Year (%)	Since Inception (%)
Class A	7.34	0.76	–0.07 (12/12/17)
Class C	6.95	3.73	2.55 (12/12/17)
Class Z	7.47	5.77	3.57 (12/12/17)
Class R6	7.51	5.83	3.62 (12/12/17)
Bloomberg Barclays Global Aggregate (USD Hedged) Index
	5.05	5.39	3.58
Lipper Global Income Funds Average
	4.44	1.82	1.24

Source: PGIM Investments LLC and Lipper Inc.

*Not annualized

Since Inception returns for the Index and the Lipper Average are measured from the closest month-end to the Fund’s inception date.

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

	Class A	Class C	Class Z	Class R6
Maximum initial sales charge	4.50% of the public offering price	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)	1.00% on sales of $1 million or more made within 12 months of purchase	1.00% on sales made within 12 months of purchase	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.25%	1.00%	None	None

6 Visit our website at pgiminvestments.com

Benchmark Definitions

Bloomberg Barclays Global Aggregate (USD Hedged) Index—The Bloomberg Barclays Global Aggregate (USD Hedged) Index is an unmanaged index of global investment-grade fixed income markets. The three major components of this index are the US Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. Returns for the index are hedged to the US Dollar.

Lipper Global Income Funds Average—The Lipper Global Income Funds Average (Lipper Average) is based on the average return of all funds in the Lipper Global Income Funds universe. Funds in the Lipper Average invest primarily in US dollar and non-US dollar debt securities of issuers located in at least three countries, one of which may be the United States.

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

Distributions and Yields as of 4/30/19
	Total Distributions Paid for Six Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.40	2.19	–6.27
Class C	0.36	1.54	–73.01
Class Z	0.41	2.54	–2.10
Class R6	0.41	2.60	1.72

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

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

PGIM Global Total Return (USD Hedged) Fund 7

Your Fund’s Performance (continued)

Credit Quality expressed as a percentage of total investments as of 4/30/19 (%)
AAA	25.9
AA	9.5
A	20.5
BBB	26.8
BB	7.5
B	4.3
CCC	0.4
Not Rated	4.0
Cash/Cash Equivalents	1.1
Total	100.0

Source: PGIM Fixed Income

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

8 Visit our website at pgiminvestments.com

Fees and Expenses (unaudited)

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

The example is based on an investment of $1,000 held through the six-month period ended April 30, 2019. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Global Total Return (USD Hedged) Fund 9

Fees and Expenses (continued)

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

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

PGIM Global Total Return (USD Hedged) Fund		Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,073.40		0.88	%	$	4.52
	Hypothetical	$	1,000.00	$	1,020.43		0.88	%	$	4.41
Class C	Actual	$	1,000.00	$	1,069.50		1.63	%	$	8.36
	Hypothetical	$	1,000.00	$	1,016.71		1.63	%	$	8.15
Class Z	Actual	$	1,000.00	$	1,074.70		0.63	%	$	3.24
	Hypothetical	$	1,000.00	$	1,021.67		0.63	%	$	3.16
Class R6	Actual	$	1,000.00	$	1,075.10		0.58	%	$	2.98
	Hypothetical	$	1,000.00	$	1,021.92		0.58	%	$	2.91

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

10 Visit our website at pgiminvestments.com

Schedule of Investments (unaudited)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    97.7%
ASSET-BACKED SECURITIES    18.7%
Cayman Islands    12.7%
Bain Capital Credit CLO, Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 0.960%		3.552	%(c)		04/23/31		250	$	245,698
Brookside Mill CLO Ltd., Series 2013-01A, Class BR, 144A, 3 Month LIBOR + 1.350%		3.938	(c)		01/17/28		250		243,931
Carlyle Global Market Strategies CLO Ltd., Series 2014-01A, Class A1R2, 144A, 3 Month LIBOR + 0.970%		3.558	(c)		04/17/31		250		246,404
Cent CLO Ltd., Series C17A, Class A1AR, 144A, 3 Month LIBOR + 1.030%		3.613	(c)		04/30/31		250		246,621
Greenwood Park CLO Ltd., Series 2018-01A, Class A2, 144A, 3 Month LIBOR + 1.010%		3.607	(c)		04/15/31		250		246,251
Greywolf CLO Ltd., Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.030%		3.616	(c)		04/26/31		250		245,904
MidOcean Credit CLO, Series 2018-08A, Class A1, 144A, 3 Month LIBOR + 1.150%		3.794	(c)		02/20/31		250		247,535
Series 2018-08A, Class B, 144A, 3 Month LIBOR + 1.650%		4.294	(c)		02/20/31		250		245,419
OZLM Ltd., Series 2014-06A, Class A2AS, 144A, 3 Month LIBOR + 1.750%		4.338	(c)		04/17/31		250		246,908
Telos CLO Ltd., Series 2013-04A, Class AR, 144A, 3 Month LIBOR + 1.240%		3.828	(c)		01/17/30		250		249,193
TICP CLO Ltd., Series 2015-01A, Class BR, 144A, 3 Month LIBOR + 1.300%		3.892	(c)		07/20/27		250		244,188
Tryon Park CLO Ltd., Series 2013-01A, Class A2R, 144A, 3 Month LIBOR + 1.500%		4.097	(c)		04/15/29		250		246,954

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Cayman Islands (cont’d.)
Venture CLO Ltd., Series 2016-24A, Class A1D, 144A, 3 Month LIBOR + 1.420%		4.012	%(c)		10/20/28		250	$	250,394
Voya CLO Ltd., Series 2013-02A, Class A1R, 144A, 3 Month LIBOR + 0.970%		3.550	(c)		04/25/31		250		245,765
									3,451,165
Ireland    2.1%
Arbour CLO Ltd., Series 2018-03A, Class B1R, 144A		1.920	(cc)		03/15/29	EUR	250		279,997
Armada Euro CLO, Series 2018-02A, Class A3, 144A		1.500	(cc)		11/15/31	EUR	250		280,053
									560,050
Spain    0.6%
TFS, Series 2018-03, Class A1, 1 Month EURIBOR + 2.900%		2.900	(c)		03/16/23	EUR	133		148,754
United States    3.3%
Battalion CLO Ltd., Series 2018-12A, Class A1, 144A, 3 Month LIBOR + 1.070%		3.753	(c)		05/17/31		250		245,466
Citibank Credit Card Issuance Trust, Series 2018-A07, Class A7		3.960			10/13/30		100		106,632
OneMain Direct Auto Receivables Trust, Series 2019-01A, Class A, 144A		3.630			09/14/27		100		101,098
Oportun Funding LLC, Series 2018-A, Class A, 144A		3.610			03/08/24		250		250,569
PNMAC GMSR Issuer Trust,
Series 2018-GT01, Class A, 144A, 1 Month LIBOR + 2.850%		5.327	(c)		02/25/23		100		100,189
Series 2018-GT02, Class A, 144A, 1 Month LIBOR + 2.650%		5.127	(c)		08/25/25		100		100,311
									904,265
TOTAL ASSET-BACKED SECURITIES (cost $5,165,828)									5,064,234

See Notes to Financial Statements.

12

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES    9.1%
United States
BANK, Series 2018-BN10, Class A4		3.428	%		02/15/61		250	$	254,451
Benchmark Mortgage Trust,
Series 2018-B01, Class A3		3.355			01/15/51		175		177,402
Series 2018-B02, Class A3		3.544			02/15/51		200		204,808
Series 2018-B03, Class A3		3.746			04/10/51		125		129,385
Citigroup Commercial Mortgage Trust, Series 2018-B02, Class A3		3.744			03/10/51		150		156,053
FHLMC Multifamily Structured Pass-Through Certificates, Series K052, Class X1, IO		0.800	(cc)		11/25/25		4,615		166,516
GS Mortgage Securities Trust, Series 2018-GS09, Class A3		3.727			03/10/51		125		129,679
UBS Commercial Mortgage Trust,
Series 2017-C07, Class A3		3.418			12/15/50		750		757,983
Series 2018-C08, Class A3		3.720			02/15/51		250		258,024
Wells Fargo Commercial Mortgage Trust, Series 2016-LC24, Class A3		2.684			10/15/49		250		242,571
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $2,451,406)									2,476,872
CORPORATE BONDS    27.6%
Canada    1.1%
Bombardier, Inc.,
Sr. Unsec’d. Notes, 144A		7.500			12/01/24		25		25,417
Sr. Unsec’d. Notes, 144A		7.500			03/15/25		25		25,094
Sr. Unsec’d. Notes, 144A		7.875			04/15/27		15		15,094
Hydro-Quebec, Local Gov’t. Gtd. Notes		9.375			04/15/30		150		231,629
									297,234
China    0.8%
CNAC HK Finbridge Co. Ltd., Gtd. Notes		1.750			06/14/22	EUR	100		114,006
Sinopec Group Overseas Development 2015 Ltd., Gtd. Notes		1.000			04/28/22	EUR	100		114,021
									228,027

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 13

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
France    1.4%
Credit Agricole Assurances SA, Sub. Notes		4.250	%(ff)		—	(rr)	EUR	100	$	120,962
Societe Generale SA, Sr. Unsec’d. Notes, 144A, MTN		3.875			03/28/24			255		257,700
										378,662
Germany    1.8%
Deutsche Bahn Finance GmbH, Gtd. Notes, MTN		3.800			09/27/27		AUD	100		75,615
Deutsche Bank AG, Sr. Unsec’d. Notes		4.250			02/04/21			200		200,594
Takko Luxembourg SCA, Sr. Sec’d. Notes, EMTN		5.375			11/15/23		EUR	100		93,373
Volkswagen International Finance NV, Gtd. Notes		2.700	(ff)		—	(rr)	EUR	100		112,000
										481,582
Italy    1.6%
Assicurazioni Generali SpA, Sub. Notes, EMTN		5.500	(ff)		10/27/47		EUR	100		126,188
Intesa Sanpaolo SpA, Sr. Unsec’d. Notes, 144A		3.375			01/12/23			200		196,564
Rossini Sarl, Sr. Sec’d. Notes, 144A		6.750			10/30/25		EUR	100		120,964
										443,716
Kazakhstan    0.2%
Kazakhstan Temir Zholy National Co. JSC, Gtd. Notes		3.638			06/20/22		CHF	50		51,604
Mexico    1.2%
Petroleos Mexicanos, Gtd. Notes		3.625			11/24/25		EUR	300		329,954
Netherlands    0.6%
Nederlandse Waterschapsbank NV, Sr. Unsec’d. Notes, MTN		3.400			07/22/25		AUD	200		151,049

See Notes to Financial Statements.

14

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Peru    0.7%
Peru Enhanced Pass-Through Finance Ltd., Pass-Through Certificates		1.963	%(s)		06/02/25		228	$	200,719
Russia    0.5%
Gazprom OAO Via Gaz Capital SA, Sr. Unsec’d. Notes		4.250			04/06/24	GBP	100		135,095
Spain    0.4%
Adif-Alta Velocidad, Sr. Unsec’d. Notes, EMTN		1.875			01/28/25	EUR	100		120,441
Supranational Bank    0.5%
African Development Bank, Sr. Unsec’d. Notes, EMTN		0.500			09/21/21	NZD	200		128,149
Switzerland    0.8%
UBS Group Funding Switzerland AG, Gtd. Notes, 144A		4.125			09/24/25		200		207,292
United Arab Emirates    0.5%
First Abu Dhabi Bank PJSC, Sr. Unsec’d. Notes, EMTN		4.800			06/01/21	CNH	1,000		150,373
United Kingdom    2.9%
Barclays PLC, Sr. Unsec’d. Notes		3.932	(cc)		05/07/25		200		200,000
CPUK Finance Ltd., Sec’d. Notes		4.875			02/28/47	GBP	100		131,017
DS Smith PLC, Sr. Unsec’d. Notes, EMTN		1.375			07/26/24	EUR	100		113,944
Royal Bank of Scotland Group PLC, Sr. Unsec’d. Notes		3.875			09/12/23		200		201,828
Stonegate Pub Co. Financing PLC, Sr. Sec’d. Notes, 144A, 3 Month GBP LIBOR + 6.250%		7.095	(c)		03/15/22	GBP	100		131,051
									777,840
United States    12.6%
Altria Group, Inc., Gtd. Notes		3.125			06/15/31	EUR	100		117,577

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 15

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
United States (cont’d.)
American International Group, Inc., Sr. Unsec’d. Notes		1.875	%		06/21/27	EUR	100	$	115,106
Ascent Resources Utica Holdings LLC/ARU Finance Corp., Sr. Unsec’d. Notes, 144A		7.000			11/01/26		25		24,375
AT&T, Inc., Sr. Unsec’d. Notes		4.850			03/01/39		100		102,275
Bausch Health Americas, Inc., Gtd. Notes, 144A		8.500			01/31/27		10		10,894
Bausch Health Cos., Inc., Sr. Sec’d. Notes, 144A		5.750			08/15/27		5		5,210
Beazer Homes USA, Inc., Gtd. Notes		8.750			03/15/22		50		52,250
Broadcom, Inc.,
Gtd. Notes, 144A		3.125			04/15/21		55		54,975
Gtd. Notes, 144A		3.125			10/15/22		45		44,763
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unsec’d. Notes, 144A		5.000			02/01/28		75		74,906
Celgene Corp., Sr. Unsec’d. Notes		3.450			11/15/27		100		98,989
CHS/Community Health Systems, Inc., Sr. Sec’d. Notes		6.250			03/31/23		50		48,687
Clear Channel Worldwide Holdings, Inc., Gtd. Notes, 144A		9.250			02/15/24		25		26,906
Dana Financing Luxembourg Sarl, Gtd. Notes, 144A		6.500			06/01/26		50		52,312
Discovery Communications LLC, Gtd. Notes		4.900			03/11/26		100		106,361
DISH DBS Corp., Gtd. Notes		7.750			07/01/26		75		67,125
Energizer Gamma Acquisition BV, Gtd. Notes		4.625			07/15/26	EUR	100		115,400
Everi Payments, Inc., Gtd. Notes, 144A		7.500			12/15/25		25		26,000
General Motors Financial Co., Inc., Gtd. Notes		3.850			01/05/28		100		95,543
Goldman Sachs Group, Inc. (The), Sub. Notes		4.750			10/12/21	EUR	150		185,394
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., Gtd. Notes, 144A		6.500			04/15/29		25		26,500

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
United States (cont’d.)
JPMorgan Chase & Co., Sr. Unsec’d. Notes		3.702	%(ff)		05/06/30		65	$	65,142
Kinder Morgan, Inc., Gtd. Notes		4.300			03/01/28		200		206,962
Kraft Heinz Foods Co., Gtd. Notes		3.000			06/01/26		100		94,319
Liberty Mutual Group, Inc., Gtd. Notes		2.750			05/04/26	EUR	100		122,040
Marsh & McLennan Cos., Inc., Sr. Unsec’d. Notes		1.349			09/21/26	EUR	100		114,302
Medtronic Global Holdings SCA, Gtd. Notes		1.125			03/07/27	EUR	100		115,423
Morgan Stanley,
Sr. Unsec’d. Notes, EMTN		1.342	(ff)		10/23/26	EUR	100		114,646
Sub. Notes, GMTN		4.350			09/08/26		100		103,781
MPLX LP, Sr. Unsec’d. Notes		4.000			03/15/28		25		25,029
Nationstar Mortgage Holdings, Inc., Gtd. Notes, 144A		8.125			07/15/23		15		15,112
Newell Brands, Inc., Sr. Unsec’d. Notes		4.200			04/01/26		100		95,163
NRG Energy, Inc., Gtd. Notes		5.750			01/15/28		53		56,125
Sally Holdings LLC/Sally Capital, Inc., Gtd. Notes		5.500			11/01/23		50		50,250
Scientific Games International, Inc., Gtd. Notes		6.625			05/15/21		50		50,500
Shire Acquisitions Investments Ireland DAC, Gtd. Notes		3.200			09/23/26		25		24,331
Sprint Capital Corp., Gtd. Notes		8.750			03/15/32		50		52,500
Stryker Corp., Sr. Unsec’d. Notes		2.625			11/30/30	EUR	100		128,105
Tenet Healthcare Corp., Sec’d. Notes, 144A		6.250			02/01/27		25		26,062
United Rentals North America, Inc.,
Gtd. Notes		5.250			01/15/30		10		10,050
Gtd. Notes		5.500			05/15/27		100		103,000
Verizon Communications, Inc., Sr. Unsec’d. Notes		1.250			04/08/30	EUR	100		112,329
William Lyon Homes, Inc., Gtd. Notes		6.000			09/01/23		50		49,500

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 17

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Williams Cos., Inc. (The), Sr. Unsec’d. Notes		3.600	%		03/15/22		100	$	101,508
Zimmer Biomet Holdings, Inc., Sr. Unsec’d. Notes		1.414			12/13/22	EUR	100		116,110
									3,403,837
TOTAL CORPORATE BONDS (cost $7,561,825)									7,485,574
RESIDENTIAL MORTGAGE-BACKED SECURITIES    0.8%
Bermuda    0.6%
Bellemeade Re Ltd., Series 2018-01A, Class M1B, 144A, 1 Month LIBOR + 1.600%		4.077	(c)		04/25/28		167		167,752
United States    0.2%
LSTAR Securities Investment Trust, Series 2018-02, Class A1, 144A, 1 Month LIBOR + 1.500%		4.002	(c)		04/01/23		40		39,717
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $206,572)									207,469
SOVEREIGN BONDS    37.4%
Argentina    1.3%
Argentine Republic Government International Bond, Sr. Unsec’d. Notes		7.820			12/31/33	EUR	310		256,322
Provincia de Buenos Aires, Sr. Unsec’d. Notes		5.375			01/20/23	EUR	100		83,008
									339,330
Austria    0.6%
Republic of Austria Government International Bond, Sr. Unsec’d. Notes, 144A, MTN		5.375			12/01/34	CAD	160		157,827
Brazil    2.1%
Brazil Minas SPE via State of Minas Gerais, Gov’t. Gtd. Notes		5.333			02/15/28		540		557,550

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Bulgaria    0.5%
Bulgaria Government International Bond, Sr. Unsec’d. Notes, GMTN		3.125	%		03/26/35	EUR	100	$	130,084
Canada    0.4%
City of Toronto, Unsec’d. Notes		3.500			12/06/21	CAD	150		116,433
Chile    0.5%
Chile Government International Bond, Sr. Unsec’d. Notes		1.440			02/01/29	EUR	115		133,370
Colombia    1.0%
Colombia Government International Bond, Sr. Unsec’d. Notes, EMTN		3.875			03/22/26	EUR	200		262,455
Croatia    0.8%
Croatia Government International Bond, Sr. Unsec’d. Notes		6.000			01/26/24		200		223,846
Cyprus    2.1%
Cyprus Government International Bond,
Notes, EMTN		2.750			02/26/34	EUR	100		121,286
Sr. Unsec’d. Notes, EMTN		4.250			11/04/25	EUR	50		67,963
Unsec’d. Notes, EMTN		2.750			06/27/24	EUR	300		372,835
									562,084
Dominican Republic    0.4%
Dominican Republic International Bond, Sr. Unsec’d. Notes		5.950			01/25/27		100		105,375
Greece    2.2%
Hellenic Republic Government Bond,
Bonds		0.000	(cc)		10/15/42	EUR	9,000		38,823
Bonds		3.000	(cc)		02/24/37	EUR	440		478,673
Sr. Unsec’d. Notes, 144A		3.375			02/15/25	EUR	20		23,260
Hellenic Republic Government International Bond, Sr. Unsec’d. Notes		5.200			07/17/34	EUR	50		60,666
									601,422

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 19

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Hungary    0.6%
Hungary Government International Bond,
Sr. Unsec’d. Notes		1.750	%		10/10/27	EUR	100	$	119,731
Sr. Unsec’d. Notes		6.375			03/29/21		50		53,176
									172,907
Indonesia    1.2%
Indonesia Government International Bond,
Sr. Unsec’d. Notes		3.375			07/30/25	EUR	100		125,653
Sr. Unsec’d. Notes, EMTN		4.125			01/15/25		200		206,110
									331,763
Israel    0.4%
Israel Government International Bond, Sr. Unsec’d. Notes, EMTN		1.500			01/18/27	EUR	100		118,818
Italy    5.5%
Italy Buoni Poliennali Del Tesoro,
Bonds		2.000			12/01/25	EUR	275		309,928
Bonds		2.800			12/01/28	EUR	165		191,278
Bonds, 144A		2.800			03/01/67	EUR	105		100,369
Unsec’d. Notes, 144A		4.500			03/01/26	EUR	250		324,823
Republic of Italy Government International Bond,
Sr. Unsec’d. Notes, EMTN, EURIBOR ICE SWAP 11:00 Fft 10Y Index + 0.000% (Cap 7.000%, Floor 2.000%)		2.000	(c)		06/15/20	EUR	100		113,970
Sr. Unsec’d. Notes, EMTN		5.125			07/31/24	EUR	350		455,489
									1,495,857
Kazakhstan    0.5%
Kazakhstan Government International Bond, Sr. Unsec’d. Notes, 144A, MTN		2.375			11/09/28	EUR	115		134,531
Malaysia    0.4%
Malaysia Government Bond, Sr. Unsec’d. Notes, Series 0314		4.048			09/30/21	MYR	457		112,110
Mexico    2.1%
Mexico Government International Bond, Sr. Unsec’d. Notes		2.875			04/08/39	EUR	100		112,237

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Mexico (cont’d.)
Mexico Government International Bond, (cont’d.)
Sr. Unsec’d. Notes, EMTN		1.750	%		04/17/28	EUR	100	$	111,409
Sr. Unsec’d. Notes, GMTN		5.500			02/17/20	EUR	100		116,961
Sr. Unsec’d. Notes, GMTN		6.750			02/06/24	GBP	150		232,275
									572,882
New Zealand    0.6%
New Zealand Local Government Funding Agency Bond, Sr. Unsec’d. Notes		4.500			04/15/27	NZD	200		151,237
Panama    0.8%
Panama Government International Bond, Sr. Unsec’d. Notes		3.875			03/17/28		200		207,102
Peru    0.5%
Peruvian Government International Bond, Sr. Unsec’d. Notes		2.750			01/30/26	EUR	100		125,524
Poland    0.8%
Republic of Poland Government International Bond, Sr. Unsec’d. Notes		5.000			03/23/22		200		212,402
Portugal    2.6%
Portugal Obrigacoes do Tesouro OT,
Sr. Unsec’d. Notes, 144A		3.875			02/15/30	EUR	435		618,752
Sr. Unsec’d. Notes, 144A		4.100			04/15/37	EUR	55		82,428
									701,180
Romania    0.4%
Romanian Government International Bond, Sr. Unsec’d. Notes, EMTN		3.875			10/29/35	EUR	100		117,067
Saudi Arabia    0.7%
Saudi Government International Bond, Sr. Unsec’d. Notes, EMTN		2.875			03/04/23		200		198,444
Senegal    0.4%
Senegal Government International Bond, Sr. Unsec’d. Notes, 144A		4.750			03/13/28	EUR	100		110,778

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 21

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Spain    5.7%
Instituto de Credito Oficial, Gov’t. Gtd. Notes, GMTN		0.963	%		09/22/22	SEK	1,000	$	106,841
Spain Government Bond,
Bonds, 144A		5.150			10/31/28	EUR	200		310,841
Sr. Unsec’d. Notes, 144A		3.450			07/30/66	EUR	60		85,002
Sr. Unsec’d. Notes, 144A		5.500			04/30/21	EUR	400		500,396
Sr. Unsec’d. Notes, 144A		5.900			07/30/26	EUR	250		386,867
Spain Government International Bond, Sr. Unsec’d. Notes, EMTN		5.250			04/06/29	GBP	100		155,521
									1,545,468
Sweden    0.4%
Svensk Exportkredit AB, Sr. Unsec’d. Notes, EMTN		0.500			03/15/22	ZAR	2,000		111,566
Turkey    0.8%
Turkey Government International Bond,
Sr. Unsec’d. Notes		4.125			04/11/23	EUR	100		111,065
Sr. Unsec’d. Notes, EMTN		3.250			06/14/25	EUR	100		100,671
									211,736
United Arab Emirates    0.7%
Abu Dhabi Government International Bond, Sr. Unsec’d. Notes		2.500			10/11/22		200		198,000
Uruguay    0.4%
Uruguay Government International Bond,
Sr. Unsec’d. Notes		4.375			10/27/27		39		41,082
Sr. Unsec’d. Notes		4.375			01/23/31		63		65,016
									106,098
TOTAL SOVEREIGN BONDS (cost $10,359,037)									10,125,246
U.S. GOVERNMENT AGENCY OBLIGATION    0.4%
Indonesia Government USAID Bond U.S. Gov’t. Gtd. Notes (cost $101,110)		9.300			07/01/20		97		101,023

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
U.S. TREASURY OBLIGATIONS    3.7%
U.S. Treasury Bonds(k)		2.750	%		08/15/47		830	$	799,296
U.S. Treasury Notes		2.625			02/15/29		190		191,937
TOTAL U.S. TREASURY OBLIGATIONS (cost $1,012,426)									991,233
TOTAL LONG-TERM INVESTMENTS (cost $26,858,204)									26,451,651
						Shares
SHORT-TERM INVESTMENTS    1.4%
AFFILIATED MUTUAL FUND    1.3%
PGIM Core Ultra Short Bond Fund (cost $360,818)(w)							360,818		360,818
OPTIONS PURCHASED*~    0.1% (cost $27,797)									18,989
TOTAL SHORT-TERM INVESTMENTS (cost $388,615)									379,807
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN    99.1% (cost $27,246,819)									26,831,458
OPTIONS WRITTEN*~    (0.0)% (premiums received $24,483)									(6,738	)
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN    99.1% (cost $27,222,336)									26,824,720
Other assets in excess of liabilities(z)    0.9%									247,140
NET ASSETS    100.0%								$	27,071,860

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

AED—United Arab Emirates Dirham

ARS—Argentine Peso

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

EGP—Egyptian Pound

EUR—Euro

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 23

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

GBP—British Pound

HKD—Hong Kong Dollar

HUF—Hungarian Forint

IDR—Indonesian Rupiah

ILS—Israeli Shekel

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

MYR—Malaysian Ringgit

NOK—Norwegian Krone

NZD—New Zealand Dollar

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

PLN—Polish Zloty

RUB—Russian Ruble

SEK—Swedish Krona

SGD—Singapore Dollar

THB—Thai Baht

TRY—Turkish Lira

TWD—New Taiwanese Dollar

USD—US Dollar

ZAR—South African Rand

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

A—Annual payment frequency for swaps

BBR—New Zealand Bank Bill Rate

BBSW—Australian Bank Bill Swap Reference Rate

BIBOR—Bangkok Interbank Offered Rate

BROIS—Brazil Overnight Index Swap

BUBOR—Budapest Interbank Offered Rate

CDO—Collateralized Debt Obligation

CLO—Collateralized Loan Obligation

CLOIS—Sinacofi Chile Interbank Rate Average

CMS—Constant Maturity Swap

COOIS—Colombia Overnight Interbank Reference Rate

EIBOR—Emirates Interbank Offered Rate

EMTN—Euro Medium Term Note

EURIBOR—Euro Interbank Offered Rate

FHLMC—Federal Home Loan Mortgage Corporation

GMAC—General Motors Acceptance Corporation

GMTN—Global Medium Term Note

HIBOR—Hong Kong Interbank Offered Rate

ICE—Intercontinental Exchange

IO—Interest Only (Principal amount represents notional)

JIBAR—Johannesburg Interbank Agreed Rate

KWCDC—Korean Won Certificate of Deposit

LIBOR—London Interbank Offered Rate

M—Monthly payment frequency for swaps

MTN—Medium Term Note

NIBOR—Norwegian Interbank Offered Rate

OTC—Over-the-counter

See Notes to Financial Statements.

24

PJSC—Public Joint-Stock Company

PRIBOR—Prague Interbank Offered Rate

Q—Quarterly payment frequency for swaps

S—Semiannual payment frequency for swaps

SIBOR—Singapore Interbank Offered Rate

SONIA—Sterling Overnight Index Average

STIBOR—Stockholm Interbank Offered Rate

T—Swap payment upon termination

TELBOR—Tel Aviv Interbank Offered Rate

USAID—United States Agency for International Development

USOIS—United States Overnight Index Swap

WIBOR—Warsaw Interbank Offered Rate

* Non-income producing security.

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

~ See tables subsequent to the Schedule of Investments for options detail.

^ Indicates a Level 3 security. The aggregate value of Level 3 securities is $790 and 0.0% of net assets.

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at April 30, 2019.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of April 30, 2019. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

(rr) Perpetual security with no stated maturity date.

(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

(w) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund.

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

Options Purchased:

OTC Traded

Description	Call/ Put	Counterparty		Expiration Date		Strike			Contracts		Notional Amount (000)#		Value
2-Year 10 CMS Curve CAP	Call		Morgan Stanley & Co. International PLC		11/21/19		0.13	%		—		100	$	630
2-Year 10 CMS Curve CAP	Call		Barclays Bank PLC		11/21/19		0.12	%		—		100		676
2-Year 10 CMS Curve CAP	Call		Barclays Bank PLC		07/12/21		0.11	%		—		65		625
2-Year 10 CMS Curve CAP	Call		Bank of America, N.A.		08/16/21		0.15	%		—		158		1,430
2-Year 10 CMS Curve CAP	Call		Bank of America, N.A.		08/20/21		0.15	%		—		313		3,120
2-Year 10 CMS Curve CAP	Call		Bank of America, N.A.		09/13/21		0.14	%		—		320		3,283
2-Year 10 CMS Curve CAP	Call		Barclays Bank PLC		11/09/21		0.21	%		—		63		668
Total OTC Traded (cost $915)													$	10,432

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 25

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Options Purchased (continued):

OTC Swaptions

Description

Call/ Put

Counterparty

Expiration Date

Strike

Receive

Pay

Notional Amount (000)#

Value

CDX.NA.HY.32.V1, 06/20/24

Put

Deutsche Bank AG

05/15/19

$

97.00

CDX.NA.HY.32.V1(Q)

5.00%(Q)

800

$

14

CDX.NA.HY.32.V1, 06/20/24

Put

Deutsche Bank AG

07/17/19

$

104.50

CDX.NA.HY.32.V1(Q)

5.00%(Q)

800

2,886

iTraxx.EUR.31.V1, 06/20/24

Put

Citibank, N.A.

09/18/19

0.80

%

iTraxx.EUR.31.V1(Q)

1.00%(Q)

EUR

1,400

2,338

iTraxx.XO.31.V1, 06/20/24

Put

Citibank, N.A.

09/18/19

3.50

%

iTraxx.XO.31.V1(Q)

5.00%(Q)

EUR

700

3,319

Total OTC Swaptions (cost $26,882)

$

8,557

Total Options Purchased (cost $27,797)

$

18,989

Options Written:

OTC Swaptions

Description

Call/ Put

Counterparty

Expiration Date

Strike

Receive

Pay

Notional Amount (000)#

Value

CDX.NA.HY.32.V1, 06/20/24

Put

Deutsche Bank AG

07/17/19

$

101.00

5.00%(Q)

CDX.NA.HY.32.V1(Q)

1,600

$

(2,275

)

iTraxx.EUR.31.V1, 06/20/24

Put

Citibank, N.A.

09/18/19

1.10

%

1.00%(Q)

iTraxx.EUR.31.V1(Q)

EUR

2,800

(1,843

)

iTraxx.XO.31.V1, 06/20/24

Put

Citibank, N.A.

09/18/19

4.50

%

5.00%(Q)

iTraxx.XO.31.V1(Q)

EUR

1,400

(2,620

)

Total Options Written (premiums received $24,483)

$

(6,738

)

Futures contracts outstanding at April 30, 2019:

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value/ Unrealized Appreciation (Depreciation)
		Long Positions:
	119	5 Year U.S. Treasury Notes		Jun. 2019	$	13,761,234	$	86,471
	33	10 Year U.S. Treasury Notes		Jun. 2019		4,081,172		10,536
	1	10 Year U.S. Ultra Treasury Notes		Jun. 2019		131,781		1,664
	3	20 Year U.S. Treasury Bonds		Jun. 2019		442,406		7,211
	8	30 Year U.S. Ultra Treasury Bonds		Jun. 2019		1,314,250		5,281
	6	Euro-OAT		Jun. 2019		1,090,199		20,983
								132,146
		Short Positions:
	55	2 Year U.S. Treasury Notes		Jun. 2019		11,715,430		(39,062	)

See Notes to Financial Statements.

26

Futures contracts outstanding at April 30, 2019 (continued):

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value/ Unrealized Appreciation (Depreciation)
		Short Positions (cont’d):
	19	5 Year Euro-Bobl		Jun. 2019	$	2,832,802	$	(15,287	)
	16	10 Year Euro-Bund		Jun. 2019		2,966,599		(28,444	)
	28	Euro Schatz Index		Jun. 2019		3,514,839		(4,414	)
								(87,207	)
							$	44,939

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

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Argentine Peso,
Expiring 05/03/19	BNP Paribas S.A.		ARS	4,009	$	90,502	$	90,015	$	—	$	(487	)
Expiring 05/30/19	BNP Paribas S.A.		ARS	1,565		33,466		33,795		329		—
Expiring 06/25/19	Citibank, N.A.		ARS	425		9,338		8,791		—		(547	)
Expiring 06/25/19	Citibank, N.A.		ARS	303		6,454		6,260		—		(194	)
Expiring 06/25/19	Citibank, N.A.		ARS	207		4,455		4,274		—		(181	)
Australian Dollar,
Expiring 07/22/19	Citibank, N.A.		AUD	85		61,009		59,967		—		(1,042	)
Brazilian Real,
Expiring 06/04/19	JPMorgan Chase Bank, N.A.		BRL	287		73,896		72,934		—		(962	)
British Pound,
Expiring 07/19/19	Bank of America, N.A.		GBP	62		81,000		80,926		—		(74	)
Expiring 07/19/19	Morgan Stanley & Co. International PLC		GBP	55		73,000		72,547		—		(453	)
Chilean Peso,
Expiring 06/19/19	BNP Paribas S.A.		CLP	23,778		35,565		35,096		—		(469	)
Expiring 06/19/19	BNP Paribas S.A.		CLP	16,582		24,900		24,474		—		(426	)
Chinese Renminbi,
Expiring 07/25/19	Citibank, N.A.		CNH	410		61,111		60,848		—		(263	)
Expiring 07/25/19	JPMorgan Chase Bank, N.A.		CNH	245		36,611		36,324		—		(287	)
Czech Koruna,
Expiring 07/19/19	Citibank, N.A.		CZK	1,887		83,249		82,756		—		(493	)
Egyptian Pound,
Expiring 07/15/19	Citibank, N.A.		EGP	675		35,950		38,474		2,524		—
Expiring 07/15/19	Citibank, N.A.		EGP	417		22,176		23,741		1,565		—
Expiring 07/29/19	Citibank, N.A.		EGP	324		17,523		18,415		892		—

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 27

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Egyptian Pound (cont’d.),
Expiring 07/29/19	Citibank, N.A.	EGP	184	$	9,782	$	10,433	$	651	$	—
Expiring 09/18/19	Citibank, N.A.	EGP	393		21,490		21,998		508		—
Expiring 10/08/19	Citibank, N.A.	EGP	216		11,900		12,032		132		—
Euro,
Expiring 05/03/19	Citibank, N.A.	EUR	3,922		4,371,938		4,400,589		28,651		—
Expiring 05/03/19	JPMorgan Chase Bank, N.A.	EUR	3,922		4,366,678		4,400,589		33,911		—
Expiring 07/19/19	The Toronto-Dominion Bank	EUR	58		66,000		65,463		—		(537	)
Indian Rupee,
Expiring 06/19/19	Barclays Bank PLC	INR	7,687		108,460		109,814		1,354		—
Expiring 06/19/19	HSBC Bank USA, N.A.	INR	5,856		84,000		83,647		—		(353	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	INR	4,628		66,000		66,116		116		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	INR	4,192		60,066		59,885		—		(181	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	INR	2,108		30,105		30,112		7		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	INR	1,573		22,449		22,463		14		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	INR	9,396		132,591		134,217		1,626		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	INR	4,609		66,000		65,837		—		(163	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	INR	4,254		61,000		60,762		—		(238	)
Indonesian Rupiah,
Expiring 06/19/19	Barclays Bank PLC	IDR	1,086,843		77,000		75,767		—		(1,233	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	IDR	1,043,900		73,000		72,774		—		(226	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	IDR	901,656		63,000		62,857		—		(143	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	IDR	1,066,303		74,000		74,335		335		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	IDR	747,944		52,598		52,141		—		(457	)
Expiring 06/19/19	UBS AG	IDR	902,475		63,000		62,914		—		(86	)
Israeli Shekel,
Expiring 11/29/19	Citibank, N.A.	ILS	2,289		630,000		645,677		15,677		—

See Notes to Financial Statements.

28

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Japanese Yen,
Expiring 07/19/19	Bank of America, N.A.	JPY	1,538	$	13,835	$	13,902	$	67	$	—
Expiring 07/19/19	Morgan Stanley & Co. International PLC	JPY	3,274		29,450		29,584		134		—
Mexican Peso,
Expiring 06/19/19	Citibank, N.A.	MXN	1,159		60,066		60,644		578		—
Expiring 06/19/19	Citibank, N.A.	MXN	576		30,105		30,111		6		—
Expiring 06/19/19	Deutsche Bank AG	MXN	3,975		202,723		207,931		5,208		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	MXN	1,437		74,000		75,154		1,154		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	MXN	584		29,991		30,557		566		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	MXN	386		19,793		20,190		397		—
New Taiwanese Dollar,
Expiring 06/19/19	Citibank, N.A.	TWD	2,554		83,000		82,938		—		(62	)
Expiring 06/19/19	HSBC Bank USA, N.A.	TWD	3,574		116,073		116,062		—		(11	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	TWD	3,574		116,070		116,062		—		(8	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	TWD	6,872		223,552		223,138		—		(414	)
New Zealand Dollar,
Expiring 07/22/19	Citibank, N.A.	NZD	36		24,200		23,911		—		(289	)
Norwegian Krone,
Expiring 07/19/19	BNP Paribas S.A.	NOK	1,445		170,792		168,004		—		(2,788	)
Expiring 07/19/19	Citibank, N.A.	NOK	319		37,700		37,123		—		(577	)
Peruvian Nuevo Sol,
Expiring 06/19/19	BNP Paribas S.A.	PEN	232		70,000		70,099		99		—
Expiring 06/19/19	BNP Paribas S.A.	PEN	231		70,000		69,787		—		(213	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PEN	202		61,000		60,861		—		(139	)
Expiring 06/19/19	UBS AG	PEN	203		60,999		61,302		303		—
Philippine Peso,
Expiring 06/19/19	Barclays Bank PLC	PHP	3,560		67,809		68,024		215		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	4,828		91,000		92,257		1,257		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	4,359		83,000		83,290		290		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	3,989		75,000		76,215		1,215		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	3,801		72,999		72,638		—		(361	)

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 29

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

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

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Philippine Peso (cont’d.),
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		PHP	3,771	$	72,000	$	72,063	$	63	$	—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		PHP	485		9,087		9,276		189		—
Russian Ruble,
Expiring 06/19/19	Morgan Stanley & Co. International PLC		RUB	19,565		294,658		300,357		5,699		—
Singapore Dollar,
Expiring 05/10/19	Barclays Bank PLC		SGD	88		65,000		64,397		—		(603	)
Expiring 05/10/19	Barclays Bank PLC		SGD	83		61,171		60,734		—		(437	)
Expiring 05/10/19	JPMorgan Chase Bank, N.A.		SGD	132		98,000		97,389		—		(611	)
Expiring 05/10/19	UBS AG		SGD	92		68,000		67,510		—		(490	)
South African Rand,
Expiring 06/13/19	BNP Paribas S.A.		ZAR	43		2,956		3,009		53		—
Expiring 06/13/19	Citibank, N.A.		ZAR	485		33,400		33,705		305		—
Expiring 06/13/19	Citibank, N.A.		ZAR	238		16,350		16,571		221		—
Expiring 06/13/19	Goldman Sachs International		ZAR	641		43,930		44,577		647		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.		ZAR	494		34,000		34,364		364		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.		ZAR	429		29,649		29,812		163		—
South Korean Won,
Expiring 06/19/19	Citibank, N.A.		KRW	68,483		60,210		58,735		—		(1,475	)
Expiring 06/19/19	Citibank, N.A.		KRW	68,482		60,278		58,734		—		(1,544	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		KRW	69,037		61,009		59,210		—		(1,799	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		KRW	68,470		60,262		58,724		—		(1,538	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		KRW	51,716		45,764		44,354		—		(1,410	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		KRW	37,650		33,000		32,291		—		(709	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		KRW	37,640		33,000		32,282		—		(718	)
Swedish Krona,
Expiring 07/19/19	JPMorgan Chase Bank, N.A.		SEK	343		37,333		36,396		—		(937	)
Thai Baht,
Expiring 05/10/19	BNP Paribas S.A.		THB	3,122		100,027		97,812		—		(2,215	)
Expiring 05/10/19	BNP Paribas S.A.		THB	2,871		92,000		89,939		—		(2,061	)

See Notes to Financial Statements.

30

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

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Thai Baht (cont’d.),
Expiring 05/10/19	Citibank, N.A.		THB	8,401	$	266,978	$	263,200	$	—	$	(3,778	)
Expiring 05/10/19	Citibank, N.A.		THB	1,969		62,000		61,698		—		(302	)
Expiring 05/10/19	Citibank, N.A.		THB	920		28,836		28,828		—		(8	)
Expiring 05/10/19	Citibank, N.A.		THB	814		25,781		25,494		—		(287	)
Expiring 05/10/19	Citibank, N.A.		THB	498		15,777		15,608		—		(169	)
Expiring 05/10/19	Citibank, N.A.		THB	349		10,975		10,948		—		(27	)
Expiring 05/10/19	HSBC Bank USA, N.A.		THB	3,122		99,371		97,812		—		(1,559	)
Expiring 05/10/19	Morgan Stanley & Co. International PLC		THB	3,629		116,000		113,698		—		(2,302	)
Turkish Lira,
Expiring 06/13/19	BNP Paribas S.A.		TRY	726		127,716		118,327		—		(9,389	)
					$	15,308,937	$	15,367,697		107,485		(48,725	)
Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 07/22/19	Bank of America, N.A.		AUD	315	$	225,476	$	222,514	$	2,962	$	—
Expiring 07/22/19	Citibank, N.A.		AUD	90		63,250		63,696		—		(446	)
Expiring 07/22/19	JPMorgan Chase Bank, N.A.		AUD	90		63,063		63,462		—		(399	)
Brazilian Real,
Expiring 06/04/19	Citibank, N.A.		BRL	123		30,675		31,210		—		(535	)
Expiring 06/04/19	Citibank, N.A.		BRL	122		30,675		30,955		—		(280	)
Expiring 06/04/19	Citibank, N.A.		BRL	90		22,693		22,791		—		(98	)
Expiring 06/04/19	Goldman Sachs International		BRL	89		22,450		22,752		—		(302	)
Expiring 06/04/19	JPMorgan Chase Bank, N.A.		BRL	118		30,393		30,123		270		—
Expiring 06/04/19	JPMorgan Chase Bank, N.A.		BRL	94		23,800		23,783		17		—
Expiring 06/04/19	JPMorgan Chase Bank, N.A.		BRL	55		14,021		14,096		—		(75	)
British Pound,
Expiring 07/19/19	Bank of America, N.A.		GBP	733		962,858		959,689		3,169		—
Expiring 07/19/19	Citibank, N.A.		GBP	29		37,700		37,872		—		(172	)

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 31

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

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

Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Canadian Dollar,
Expiring 07/22/19	Morgan Stanley & Co. International PLC		CAD	497	$	372,169	$	371,572	$	597	$	—
Chilean Peso,
Expiring 06/19/19	BNP Paribas S.A.		CLP	79,875		119,384		117,894		1,490		—
Expiring 06/19/19	BNP Paribas S.A.		CLP	32,670		48,947		48,220		727		—
Expiring 06/19/19	Citibank, N.A.		CLP	92,263		138,813		136,179		2,634		—
Expiring 06/19/19	Citibank, N.A.		CLP	40,640		61,000		59,983		1,017		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		CLP	39,900		59,200		58,892		308		—
Chinese Renminbi,
Expiring 07/25/19	Morgan Stanley & Co. International PLC		CNH	1,265		189,094		187,766		1,328		—
Colombian Peso,
Expiring 05/20/19	BNP Paribas S.A.		COP	136,388		42,425		42,135		290		—
Expiring 05/20/19	BNP Paribas S.A.		COP	112,617		35,886		34,792		1,094		—
Expiring 05/20/19	BNP Paribas S.A.		COP	72,752		23,423		22,476		947		—
Expiring 05/20/19	BNP Paribas S.A.		COP	36,372		11,711		11,237		474		—
Expiring 05/20/19	Citibank, N.A.		COP	455,382		144,856		140,686		4,170		—
Expiring 05/20/19	Citibank, N.A.		COP	93,748		30,105		28,962		1,143		—
Czech Koruna,
Expiring 07/19/19	HSBC Bank USA, N.A.		CZK	1,723		75,000		75,560		—		(560	)
Egyptian Pound,
Expiring 07/15/19	Citibank, N.A.		EGP	306		17,525		17,452		73		—
Expiring 07/15/19	Citibank, N.A.		EGP	160		9,121		9,099		22		—
Euro,
Expiring 05/03/19	Bank of America, N.A.		EUR	198		222,529		222,083		446		—
Expiring 05/03/19	Citibank, N.A.		EUR	3,821		4,314,491		4,286,825		27,666		—
Expiring 05/03/19	JPMorgan Chase Bank, N.A.		EUR	3,821		4,326,426		4,286,825		39,601		—
Expiring 05/03/19	JPMorgan Chase Bank, N.A.		EUR	5		5,462		5,446		16		—
Expiring 06/04/19	Citibank, N.A.		EUR	3,922		4,383,936		4,413,135		—		(29,199	)
Expiring 06/04/19	JPMorgan Chase Bank, N.A.		EUR	3,922		4,378,606		4,413,135		—		(34,529	)
Expiring 07/19/19	Bank of America, N.A.		EUR	76		85,000		85,572		—		(572	)
Expiring 07/19/19	Barclays Bank PLC		EUR	679		774,367		766,643		7,724		—
Expiring 07/19/19	Barclays Bank PLC		EUR	109		123,218		122,664		554		—
Expiring 07/19/19	Barclays Bank PLC		EUR	22		25,117		25,151		—		(34	)
Expiring 07/19/19	BNP Paribas S.A.		EUR	50		56,550		56,831		—		(281	)
Expiring 07/19/19	Deutsche Bank AG		EUR	679		771,074		766,642		4,432		—

See Notes to Financial Statements.

32

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Euro (cont’d.),
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	EUR	125	$	142,264	$	141,203	$	1,061	$	—
Hungarian Forint,
Expiring 07/19/19	Bank of America, N.A.	HUF	62,651		220,641		218,215		2,426		—
Expiring 07/19/19	Citibank, N.A.	HUF	8,737		30,595		30,431		164		—
Indian Rupee,
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	INR	1,931		27,500		27,589		—		(89	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	INR	2,505		35,521		35,789		—		(268	)
Indonesian Rupiah,
Expiring 06/19/19	Citibank, N.A.	IDR	774,195		53,823		53,972		—		(149	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	IDR	1,755,109		121,950		122,354		—		(404	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	IDR	403,200		28,275		28,108		167		—
Israeli Shekel,
Expiring 11/29/19	Goldman Sachs International	ILS	2,284		630,000		644,255		—		(14,255	)
Japanese Yen,
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	JPY	3,896		35,046		35,202		—		(156	)
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	JPY	3,430		30,850		30,996		—		(146	)
Malaysian Ringgit,
Expiring 06/14/19	Barclays Bank PLC	MYR	466		114,623		112,597		2,026		—
Mexican Peso,
Expiring 06/19/19	Citibank, N.A.	MXN	641		33,400		33,525		—		(125	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	MXN	1,067		55,775		55,821		—		(46	)
New Taiwanese Dollar,
Expiring 06/19/19	Barclays Bank PLC	TWD	2,683		87,000		87,104		—		(104	)
Expiring 06/19/19	Citibank, N.A.	TWD	1,882		61,111		61,095		16		—
Expiring 06/19/19	HSBC Bank USA, N.A.	TWD	2,429		79,000		78,864		136		—
Expiring 06/19/19	HSBC Bank USA, N.A.	TWD	2,331		76,000		75,703		297		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	TWD	1,094		35,600		35,525		75		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	TWD	1,059		34,400		34,380		20		—

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 33

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

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

Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
New Zealand Dollar,
Expiring 07/22/19	Bank of America, N.A.		NZD	590	$	399,229	$	394,693	$	4,536	$	—
Expiring 07/22/19	JPMorgan Chase Bank, N.A.		NZD	54		36,611		36,388		223		—
Expiring 07/22/19	JPMorgan Chase Bank, N.A.		NZD	46		30,509		30,516		—		(7	)
Peruvian Nuevo Sol,
Expiring 06/19/19	BNP Paribas S.A.		PEN	118		35,565		35,536		29		—
Expiring 06/19/19	BNP Paribas S.A.		PEN	26		7,800		7,805		—		(5	)
Philippine Peso,
Expiring 06/19/19	Barclays Bank PLC		PHP	4,975		94,000		95,070		—		(1,070	)
Expiring 06/19/19	Barclays Bank PLC		PHP	4,670		88,000		89,227		—		(1,227	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		PHP	4,238		80,000		80,987		—		(987	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		PHP	3,976		76,000		75,979		21		—
Polish Zloty,
Expiring 07/19/19	HSBC Bank USA, N.A. PLN			252		66,000		66,136		—		(136	)
Expiring 07/19/19	JPMorgan Chase Bank, N.A.		PLN	339		89,819		88,839		980		—
Russian Ruble,
Expiring 06/19/19	Citibank, N.A.		RUB	4,727		71,822		72,568		—		(746	)
Expiring 06/19/19	Citibank, N.A.		RUB	1,065		16,182		16,357		—		(175	)
Expiring 06/19/19	Citibank, N.A.		RUB	393		5,972		6,037		—		(65	)
Singapore Dollar,
Expiring 05/10/19	Barclays Bank PLC		SGD	138		102,000		101,610		390		—
Expiring 05/10/19	Barclays Bank PLC		SGD	99		73,000		72,667		333		—
Expiring 05/10/19	UBS AG		SGD	112		83,000		82,626		374		—
South African Rand,
Expiring 06/13/19	Citibank, N.A.		ZAR	2,642		183,344		183,740		—		(396	)
Expiring 06/13/19	Goldman Sachs International		ZAR	2,642		184,637		183,741		896		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.		ZAR	442		29,991		30,718		—		(727	)
Expiring 06/13/19	JPMorgan Chase Bank, N.A.		ZAR	430		30,020		29,884		136		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.		ZAR	265		18,400		18,406		—		(6	)
South Korean Won,
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		KRW	167,753		147,922		143,875		4,047		—

See Notes to Financial Statements.

34

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

Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South Korean Won (cont’d.),
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		KRW	84,983	$	75,000	$	72,886	$	2,114	$	—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		KRW	66,683		57,240		57,191		49		—
Swedish Krona,
Expiring 07/19/19	Citibank, N.A.		SEK	594		63,000		62,978		22		—
Swiss Franc,
Expiring 07/19/19	JPMorgan Chase Bank, N.A.		CHF	325		327,057		321,036		6,021		—
Expiring 07/19/19	Morgan Stanley & Co. International PLC		CHF	72		71,000		71,095		—		(95	)
Expiring 07/19/19	The Toronto-Dominion Bank		CHF	91		91,000		89,830		1,170		—
Thai Baht,
Expiring 05/10/19	Citibank, N.A.		THB	4,556		146,084		142,730		3,354		—
Expiring 05/10/19	Citibank, N.A.		THB	2,737		87,000		85,761		1,239		—
Expiring 05/10/19	Citibank, N.A.		THB	2,727		87,000		85,434		1,566		—
Expiring 05/10/19	Citibank, N.A.		THB	2,407		76,000		75,425		575		—
Expiring 05/10/19	Citibank, N.A.		THB	1,025		32,565		32,118		447		—
Expiring 05/10/19	Citibank, N.A.		THB	899		28,659		28,169		490		—
Expiring 05/10/19	Citibank, N.A.		THB	772		24,608		24,186		422		—
Expiring 05/10/19	Citibank, N.A.		THB	597		19,069		18,707		362		—
Expiring 05/10/19	Citibank, N.A.		THB	581		18,497		18,204		293		—
Expiring 05/10/19	JPMorgan Chase Bank, N.A.		THB	980		30,600		30,697		—		(97	)
Expiring 05/10/19	JPMorgan Chase Bank, N.A.		THB	891		28,563		27,919		644		—
Expiring 05/10/19	JPMorgan Chase Bank, N.A.		THB	481		15,380		15,056		324		—
Turkish Lira,
Expiring 06/13/19	BNP Paribas S.A.		TRY	64		10,797		10,390		407		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.		TRY	521		88,000		84,982		3,018		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.		TRY	381		63,000		62,146		854		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.		TRY	371		62,000		60,532		1,468		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.		TRY	203		35,297		33,095		2,202		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.		TRY	189		30,675		30,739		—		(64	)

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 35

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Turkish Lira (cont’d.),
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	143	$	24,900	$	23,325	$	1,575	$	—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	140		23,800		22,852		948		—
				$	27,872,477	$	27,810,416		151,088		(89,027	)
								$	258,573	$	(137,752	)

Cross currency exchange contracts outstanding at April 30, 2019:

Settlement	Type	Notional Amount (000)		In Exchange For (000)		Unrealized Appreciation		Unrealized Depreciation			Counterparty
OTC Cross Currency Exchange Contracts:
07/19/19	Buy	NOK	568	EUR	59	$	—	$	(628	)		Citibank, N.A.
07/19/19	Buy	SEK	616	EUR	59		—		(1,346	)		Citibank, N.A.
						$	—	$	(1,974	)

Credit default swap agreements outstanding at April 30, 2019:

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2)*:
Federation of Malaysia		12/20/22		1.000%(Q)		120		0.463	%	$	2,399		$	(160	)	$	2,559		Citibank, N.A.
People’s Republic of China		12/20/22		1.000%(Q)		400		0.343	%		9,692			(533	)		10,225		Citibank, N.A.
Republic of Argentina		12/20/22		1.000%(Q)		120		13.114	%		(36,990	)		(160	)		(36,830	)	Citibank, N.A.
Republic of Brazil		12/20/22		1.000%(Q)		600		1.313	%		(5,751	)		(800	)		(4,951	)	Citibank, N.A.
Republic of Chile		12/20/22		1.000%(Q)		120		0.230	%		3,389			(160	)		3,549		Citibank, N.A.
Republic of Colombia		12/20/22		1.000%(Q)		160		0.652	%		2,127			(213	)		2,340		Citibank, N.A.
Republic of Indonesia		12/20/22		1.000%(Q)		160		0.833	%		1,118			(213	)		1,331		Citibank, N.A.
Republic of Panama		12/20/22		1.000%(Q)		120		0.384	%		2,732			(160	)		2,892		Citibank, N.A.

See Notes to Financial Statements.

36

Credit default swap agreements outstanding at April 30, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2)*(cont’d.):
Republic of Peru		12/20/22		1.000%(Q)		120		0.340	%	$	2,921		$	(160	)	$	3,081		Citibank, N.A.
Republic of Philippines		12/20/22		1.000%(Q)		120		0.438	%		2,505			(160	)		2,665		Citibank, N.A.
Republic of South Africa		12/20/22		1.000%(Q)		360		1.465	%		(5,323	)		(480	)		(4,843	)	Citibank, N.A.
Republic of Turkey		12/20/22		1.000%(Q)		600		4.356	%		(63,558	)		(800	)		(62,758	)	Citibank, N.A.
Russian Federation		12/20/22		1.000%(Q)		360		0.982	%		640			(480	)		1,120		Citibank, N.A.
United Mexican States		12/20/22		1.000%(Q)		520		0.787	%		4,460			(693	)		5,153		Citibank, N.A.
										$	(79,639	)	$	(5,172	)	$	(74,467	)

Reference Entity/ Obligation

Termination Date

Fixed Rate

Notional Amount (000)#(3)

Fair Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

Counterparty

OTC Packaged Credit Default Swap Agreement on credit indices—Buy Protection(1)*:

CDX.EM.28.V2

12/20/22

1.000%(Q)

3,880

$

71,257

$

(1,423

)

$

72,680

Citibank, N.A.

* The Fund entered into multiple credit default swap agreements in a package trade consisting of two parts. The Fund bought protection on an Emerging Market CDX Index and sold protection on the countries which comprise the Index. The up-front premium is attached to the index of the trade. Each swap is priced individually. If the packaged deal is closed out early, all of the component swaps terminate.

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^:
Banc of America Commercial Mortgage Trust		05/30/19		1.250%(M)		25		*		$	28	$	—	$	28	Goldman Sachs International
Banc of America Commercial Mortgage Trust		05/30/19		1.250%(M)		13		6.940	%		14		—		14	Goldman Sachs International
Banc of America Commercial Mortgage Trust		05/30/19		1.250%(M)		10		6.940	%		11		—		11	Goldman Sachs International

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 37

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Credit default swap agreements outstanding at April 30, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
Bear Stearns Asset Backed Securities Trust		05/31/19		1.250%(M)		59		*		$	—	$	—	$	—	Goldman Sachs International
Bear Stearns Asset Backed Securities Trust		05/31/19		1.250%(M)		33		*			—		—		—	Goldman Sachs International
Citigroup Commercial Mortgage Trust		05/30/19		1.250%(M)		29		*			32		—		32	Goldman Sachs International
Citigroup Commercial Mortgage Trust		05/30/19		1.250%(M)		12		4.550	%		13		—		13	Goldman Sachs International
Citigroup Commercial Mortgage Trust		05/30/19		1.250%(M)		12		4.550	%		13		—		13	Goldman Sachs International
Citigroup Commercial Mortgage Trust		05/30/19		1.250%(M)		10		*			11		—		11	Goldman Sachs International
Citigroup Mortgage Loan Trust		05/31/19		1.250%(M)		32		*			—		—		—	Goldman Sachs International
COMM Mortgage Trust		05/30/19		1.250%(M)		43		*			49		—		49	Goldman Sachs International
COMM Mortgage Trust		05/30/19		1.250%(M)		40		*			44		—		44	Goldman Sachs International
COMM Mortgage Trust		05/30/19		1.250%(M)		35		6.940	%		39		—		39	Goldman Sachs International
COMM Mortgage Trust		05/30/19		1.250%(M)		23		*			25		—		25	Goldman Sachs International
COMM Mortgage Trust		05/30/19		1.250%(M)		17		*			19		—		19	Goldman Sachs International
COMM Mortgage Trust		05/30/19		1.250%(M)		15		19.740	%		17		—		17	Goldman Sachs International

See Notes to Financial Statements.

38

Credit default swap agreements outstanding at April 30, 2019 (continued):    

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
COMM Mortgage Trust		05/30/19		1.250%(M)		15		19.740	%	$	18	$	—	$	18	Goldman Sachs International
Countrywide Alternative Loan Trust		05/31/19		1.250%(M)		56		*			—		—		—	Goldman Sachs International
Countrywide Alternative Loan Trust		05/31/19		1.250%(M)		9		*			—		—		—	Goldman Sachs International
Deutsche Bank Alta Mortgages		05/31/19		1.250%(M)		85		*			—		—		—	Goldman Sachs International
Deutsche Bank Alta Mortgages		05/31/19		1.250%(M)		50		*			—		—		—	Goldman Sachs International
Equity One Home Equity		05/31/19		1.250%(M)		83		*			—		—		—	Goldman Sachs International
Equity One Home Equity		05/31/19		1.250%(M)		25		*			—		—		—	Goldman Sachs International
Fannie Mae Connecticut Avenue Securities		05/31/19		1.250%(M)		76		*			—		—		—	Goldman Sachs International
Fannie Mae Connecticut Avenue Securities		05/31/19		1.250%(M)		39		*			—		—		—	Goldman Sachs International
Fannie Mae Connecticut Avenue Securities		05/31/19		1.250%(M)		33		*			—		—		—	Goldman Sachs International
First Franklin Home Equity		05/31/19		1.250%(M)		35		*			—		—		—	Goldman Sachs International
First Franklin Home Equity		05/31/19		1.250%(M)		13		*			—		—		—	Goldman Sachs International
First Franklin Home Equity		05/31/19		1.250%(M)		13		*			—		—		—	Goldman Sachs International

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 39

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Credit default swap agreements outstanding at April 30, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
GMAC Home Equity		05/31/19		1.250%(M)		14		*		$	—	$	—	$	—	Goldman Sachs International
GMAC Home Equity		05/31/19		1.250%(M)		13		*			—		—		—	Goldman Sachs International
GS Mortgage Securities Trust		05/30/19		1.250%(M)		34		*			38		—		38	Goldman Sachs International
GS Mortgage Securities Trust		05/30/19		1.250%(M)		22		6.940	%		25		—		25	Goldman Sachs International
GSR Mortgage Loan Trust		05/31/19		1.250%(M)		25		*			—		—		—	Goldman Sachs International
JPMBB Commercial Mortgage Securities Trust		05/30/19		1.250%(M)		64		*			71		—		71	Goldman Sachs International
JPMBB Commercial Mortgage Securities Trust		05/30/19		1.250%(M)		46		*			51		—		51	Goldman Sachs International
JPMorgan Chase Commercial Mortgage Securities		05/30/19		1.250%(M)		23		*			26		—		26	Goldman Sachs International
JPMorgan Chase Commercial Mortgage Securities		05/30/19		1.250%(M)		8		6.780	%		9		—		9	Goldman Sachs International
Lehman Home Equity		05/31/19		1.250%(M)		96		*			—		—		—	Goldman Sachs International
Lehman Home Equity		05/31/19		1.250%(M)		13		*			—		—		—	Goldman Sachs International
Morgan Stanley BAML Trust		05/30/19		1.250%(M)		26		7.460	%		29		—		29	Goldman Sachs International
Morgan Stanley BAML Trust		05/30/19		1.250%(M)		15		7.460	%		17		—		17	Goldman Sachs International

See Notes to Financial Statements.

40

Credit default swap agreements outstanding at April 30, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
Morgan Stanley BAML Trust		05/30/19		1.250%(M)		13		*		$	14	$	—	$	14	Goldman Sachs International
Morgan Stanley Home Equity		05/31/19		1.250%(M)		13		*			—		—		—	Goldman Sachs International
New Century Home Equity		05/31/19		1.250%(M)		106		*			—		—		—	Goldman Sachs International
New Century Home Equity		05/31/19		1.250%(M)		23		*			—		—		—	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		05/30/19		1.250%(M)		78		*			87		—		87	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		05/30/19		1.250%(M)		23		*			26		—		26	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		05/30/19		1.250%(M)		18		*			20		—		20	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		05/30/19		1.250%(M)		14		*			15		—		15	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		05/30/19		1.250%(M)		14		*			16		—		16	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		05/30/19		1.250%(M)		12		7.460	%		13		—		13	Goldman Sachs International
										$	790	$	—	$	790

Reference Entity/ Obligation

Termination Date

Fixed Rate

Notional Amount (000)#(3)

Fair Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

Counterparty

OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Buy Protection(1):

Assicurazioni Generali SpA

06/20/23

1.000%(Q)

EUR

100

$

466

$

6,597

$

(6,131

)

Barclays Bank PLC

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 41

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Credit default swap agreements outstanding at April 30, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Buy Protection(1)(cont’d.):
Kingdom of Spain		06/20/23		1.000%(Q)		100	$	(2,959	)	$	(2,474	)	$	(485	)	Bank of America, N.A.
Republic of Italy		06/20/19		1.000%(Q)	EUR	60		(164	)		(127	)		(37	)	Barclays Bank PLC
Republic of Italy		06/20/23		1.000%(Q)	EUR	90		1,284			1,296			(12	)	Barclays Bank PLC
Republic of Italy		06/20/23		1.000%(Q)		205		(503	)		2,949			(3,452	)	Citibank, N.A.
Republic of Italy		06/20/28		1.000%(Q)	EUR	45		3,360			2,796			564		Barclays Bank PLC
Republic of Turkey		06/20/19		1.000%(Q)		80		175			2,315			(2,140	)	BNP Paribas S.A.
Republic of Turkey		06/20/19		1.000%(Q)		40		87			1,032			(945	)	BNP Paribas S.A.
							$	1,746		$	14,384		$	(12,638	)

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2):
Accunia European		05/29/19		1.000%(M)	EUR	22		*		$	—	$	—		$	—	Goldman Sachs International
Adagio CLO		05/29/19		0.500%(M)	EUR	32		*			—		—			—	Goldman Sachs International
ALM Loan Funding		05/29/19		0.500%(M)		1		*			—		—			—	Goldman Sachs International
Anchorage Capital CLO Ltd.		05/29/19		0.500%(M)	EUR	20		*			—		—			—	Goldman Sachs International
Arab Republic of Egypt		06/20/19		1.000%(Q)		70		1.479	%		35		(209	)		244	Citibank, N.A.
Atlas Senior Loan Fund Ltd.		05/29/19		1.000%(M)		10		*			—		—			—	Goldman Sachs International
BlackRock		05/29/19		0.500%(M)	EUR	12		*			—		—			—	Goldman Sachs International
Cathedral Lake Ltd.		05/29/19		1.000%(M)		12		*			—		—			—	Goldman Sachs International
CVC		05/29/19		0.500%(M)	EUR	22		*			—		—			—	Goldman Sachs International
Flagship		05/29/19		1.000%(M)		17		*			—		—			—	Goldman Sachs International
HPS Investment Partners LLC		05/29/19		0.500%(M)	EUR	28		*			—		—			—	Goldman Sachs International
ICG U.S. CLO Ltd.		05/29/19		1.000%(M)	EUR	11		*			—		—			—	Goldman Sachs International

See Notes to Financial Statements.

42

Credit default swap agreements outstanding at April 30, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2)(cont’d.):
ICG U.S. CLO Ltd.		05/29/19		0.500%(M)	EUR	5		*		$	—		$	—		$	—	Goldman Sachs International
Invesco		05/29/19		0.500%(M)		8		*			—			—			—	Goldman Sachs International
Kingdom of Spain		06/20/23		1.000%(Q)		375		0.456	%		8,482			3,949			4,533	Bank of America, N.A.
Kingdom of Spain		06/20/23		1.000%(Q)		100		0.456	%		2,262			1,515			747	Bank of America, N.A.
LCM Limited Partnership		05/29/19		1.000%(M)		13		*			—			—			—	Goldman Sachs International
Oaktree CLO Ltd.		05/29/19		0.500%(M)	EUR	6		*			—			—			—	Goldman Sachs International
Republic of France		12/20/23		0.250%(Q)		100		0.253	%		14			(330	)		344	Barclays Bank PLC
Republic of Indonesia		06/20/23		1.000%(Q)		475		0.749	%		5,234			(3,003	)		8,237	Citibank, N.A.
Republic of Italy		06/20/23		1.000%(Q)		205		1.675	%		(5,053	)		(10,702	)		5,649	Citibank, N.A.
Republic of Kazakhstan		06/20/23		1.000%(Q)		85		0.571	%		1,541			—			1,541	Citibank, N.A.
Republic of Portugal		06/20/23		1.000%(Q)		455		0.532	%		8,925			(1,726	)		10,651	Goldman Sachs International
Republic of Portugal		12/20/23		1.000%(Q)		50		0.601	%		932			(29	)		961	Morgan Stanley & Co. International PLC
Republic of South Africa		12/20/23		1.000%(Q)		300		1.741	%		(9,148	)		(16,542	)		7,394	Bank of America, N.A.
Republic of Turkey		06/20/23		1.000%(Q)		80		4.379	%		(9,523	)		(10,983	)		1,460	BNP Paribas S.A.
Republic of Turkey		06/20/23		1.000%(Q)		40		4.379	%		(4,761	)		(5,331	)		570	BNP Paribas S.A.
Russian Federation		12/20/22		1.000%(Q)		50		0.991	%		74			(125	)		199	Citibank, N.A.
Russian Federation		06/20/23		1.000%(Q)		50		1.059	%		(56	)		(980	)		924	BNP Paribas S.A.
Russian Federation		06/20/23		1.000%(Q)		150		1.059	%		(168	)		(2,987	)		2,819	Morgan Stanley & Co. International PLC
Russian Federation		06/20/23		1.000%(Q)		100		1.059	%		(112	)		(1,665	)		1,553	Morgan Stanley & Co. International PLC
Sankaty		05/29/19		0.500%(M)		2		*			—			—			—	Goldman Sachs International
Spire Management Limited		05/29/19		0.500%(M)	EUR	36		*			—			—			—	Goldman Sachs International
Steele Creek		05/29/19		0.500%(M)		11		*			—			—			—	Goldman Sachs International

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 43

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Credit default swap agreements outstanding at April 30, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)		Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2)(cont’d.):
Steele Creek		05/29/19		0.500%(M)		10		*	$	—		$	—		$	—	Goldman Sachs International
Telos CLO Ltd.		05/29/19		0.500%(M)		18		*		—			—			—	Goldman Sachs International
Venture CDO Ltd.		05/29/19		0.500%(M)		23		*		—			—			—	Goldman Sachs International
Venture CDO Ltd.		05/29/19		0.500%(M)		4		*		—			—			—	Goldman Sachs International
Wellfleet CLO Ltd.		05/29/19		0.500%(M)		20		*		—			—			—	Goldman Sachs International
Wind River CLO Ltd.		05/29/19		0.500%(M)		5		*		—			—			—	Goldman Sachs International
Wind River CLO Ltd.		05/29/19		1.000%(M)		4		*		—			—			—	Goldman Sachs International
									$	(1,322	)	$	(49,148	)	$	47,826

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Value at Trade Date			Value at April 30, 2019			Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices—Buy Protection(1):
CDX.NA.HY.32.V1		06/20/24		5.000%(Q)		560	$	(40,656	)	$	(45,820	)	$	(5,164	)

Reference Entity/ Obligation

Termination Date

Fixed Rate

Notional Amount (000)#(3)

Implied Credit Spread at April 30, 2019(4)

Value at Trade Date

Value at April 30, 2019

Unrealized Appreciation (Depreciation)

Centrally Cleared Credit Default Swap Agreement on credit indices—Sell Protection(2):

CDX.NA.HY.30.V3

06/20/23

5.000%(Q)

59

*

$

4,363

$

5,432

$

1,069

Reference Entity/ Obligation

Termination Date

Fixed Rate

Notional Amount (000)#(3)

Implied Credit Spread at April 30, 2019(4)

Fair Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

Counterparty

OTC Credit Default Swap Agreement on credit indices—Sell Protection(2):

CMBX.NA.6.AA

05/11/63

1.500%(M)

200

*

$

3,697

$

(1,136

)

$

4,833

JPMorgan Securities LLC

See Notes to Financial Statements.

44

Credit default swap agreements outstanding at April 30, 2019 (continued):

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 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.

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 45

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Currency swap agreements outstanding at April 30, 2019:

Notional Amount (000)#

Fund Receives

Notional Amount (000)#

Fund Pays

Counterparty

Termination Date

Fair Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

OTC Currency Swap Agreement:

IDR     1,400,000

8.22%(S)

97

6 Month LIBOR(S)

Citibank, N.A.

11/29/23

$

6,979

$

—

$

6,979

Inflation swap agreements outstanding at April 30, 2019:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date		Value at April 30, 2019			Unrealized Appreciaton (Depreciation)
	Centrally Cleared Inflation Swap Agreements:
	EUR     200		05/15/23		1.485%(T)	France CPI ex Tobacco Household(1)(T)	$	—	$	(4,496	)	$	(4,496	)
	EUR     200		05/15/23		1.510%(T)	Eurostat Eurozone HICP ex Tobacco(2)(T)		—		4,597			4,597
							$	—	$	101		$	101

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

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

Interest rate swap agreements outstanding at April 30, 2019:

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2019			Unrealized Appreciaton (Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
AUD	400		12/18/27	2.696%(S)	6 Month BBSW(2)(S)	$	—		$	17,130		$	17,130
AUD	100		11/27/28	2.847%(S)	6 Month BBSW(2)(S)		—			5,336			5,336
BRL	306		01/02/25	8.690%(T)	1 Day BROIS(2)(T)		—			964			964
BRL	569		01/02/25	9.943%(T)	1 Day BROIS(2)(T)		—			20,149			20,149
BRL	609		01/02/25	11.080%(T)	1 Day BROIS(2)(T)		—			30,971			30,971
BRL	98		01/02/25	12.090%(T)	1 Day BROIS(2)(T)		—			6,574			6,574
CAD	2,000		01/09/20	1.716%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		(5,474	)		(5,533	)		(59	)
CAD	255		05/08/22	1.367%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		(8,228	)		(3,645	)		4,583
CAD	460		12/10/23	2.480%(S)	3 Month Canadian Banker’s Acceptance(1)(S)		(3,878	)		(8,988	)		(5,110	)
CAD	80		12/03/28	2.600%(S)	3 Month Canadian Bankers Acceptance(2)(S)		762			2,562			1,800

See Notes to Financial Statements.

46

Interest rate swap agreements outstanding at April 30, 2019 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2019			Unrealized Appreciaton (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
CAD	50		01/09/38	2.720%(S)	3 Month Canadian Banker’s Acceptance(2)(S)	$	—		$	1,603		$	1,603
CAD	50		05/30/47	2.240%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		(1,614	)		(1,901	)		(287	)
CHF	360		12/13/23	(0.185)%(A)	6 Month CHF LIBOR(2)(S)		(153	)		4,131			4,284
CHF	70		04/03/28	0.410%(A)	6 Month CHF LIBOR(2)(S)		196			2,777			2,581
CHF	130		01/31/29	0.260%(A)	6 Month CHF LIBOR(2)(S)		—			2,787			2,787
CHF	20		04/03/33	0.687%(A)	6 Month CHF LIBOR(2)(S)		—			982			982
CNH	700		03/13/24	2.945%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—			(798	)		(798	)
CNH	1,400		04/01/24	2.923%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—			(1,982	)		(1,982	)
CZK	6,100		01/31/24	1.930%(A)	6 Month PRIBOR(1)(S)		—			2,521			2,521
EUR	120		11/23/23	0.320%(A)	6 Month EURIBOR(2)(S)		2,025			2,203			178
EUR	235		10/30/32	1.302%(A)	6 Month EURIBOR(2)(S)		5,922			20,207			14,285
EUR	430		05/11/33	1.000%(A)	6 Month EURIBOR(2)(S)		(10,466	)		17,739			28,205
EUR	150		01/26/48	1.853%(A)	3 Month EURIBOR(2)(Q)		—			8,935			8,935
EUR	150		01/26/48	1.863%(A)	6 Month EURIBOR(1)(S)		—			(9,142	)		(9,142	)
EUR	100		03/19/48	1.650%(A)	3 Month EURIBOR(2)(Q)		—			2,962			2,962
EUR	100		03/19/48	1.658%(A)	6 Month EURIBOR(1)(S)		—			(2,929	)		(2,929	)
EUR	290		01/07/49	1.475%(A)	3 Month EURIBOR(2)(Q)		—			4,853			4,853
EUR	290		01/07/49	1.484%(A)	6 Month EURIBOR(1)(S)		—			(4,782	)		(4,782	)
EUR	120		05/11/49	1.450%(A)	6 Month EURIBOR(2)(S)		6,276			14,514			8,238
GBP	530		12/18/23	1.334%(S)	6 Month GBP LIBOR(2)(S)		1,991			5,434			3,443
GBP	110		12/07/27	1.111%(A)	1 Day SONIA(1)(A)		—			(438	)		(438	)

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 47

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Interest rate swap agreements outstanding at April 30, 2019 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2019			Unrealized Appreciaton (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
GBP	475		12/21/31	1.534%(S)	6 Month GBP LIBOR(2)(S)	$	15,273		$	9,323		$	(5,950	)
GBP	180		03/09/46	1.648%(S)	6 Month GBP LIBOR(2)(S)		(6,048	)		8,067			14,115
HKD	2,090		03/13/21	2.138%(Q)	3 Month HIBOR(2)(Q)		(3	)		863			866
HKD	2,350		03/13/21	2.145%(Q)	3 Month HIBOR(2)(Q)		(4	)		1,015			1,019
HUF	197,600		07/02/20	1.065%(A)	6 Month BUBOR(2)(S)		(327	)		10,167			10,494
HUF	43,000		03/18/26	2.140%(A)	6 Month BUBOR(2)(S)		9,737			2,341			(7,396	)
HUF	90,865		06/12/28	3.750%(A)	6 Month BUBOR(2)(S)		—			9,438			9,438
JPY	282,370		12/17/20	0.015%(S)	6 Month JPY LIBOR(1)(S)		—			(1,156	)		(1,156	)
JPY	69,940		01/29/21	(0.014)%(S)	6 Month JPY LIBOR(1)(S)		—			(72	)		(72	)
JPY	71,505		12/03/23	0.050%(S)	6 Month JPY LIBOR(1)(S)		(638	)		(2,178	)		(1,540	)
JPY	40,000		04/10/24	(0.019)%(S)	6 Month JPY LIBOR(2)(S)		—			(91	)		(91	)
JPY	59,000		12/18/27	0.290%(S)	6 Month JPY LIBOR(2)(S)		—			10,093			10,093
JPY	53,000		12/18/32	0.516%(S)	6 Month JPY LIBOR(2)(S)		—			17,988			17,988
JPY	176,500		12/18/37	0.715%(S)	6 Month JPY LIBOR(2)(S)		—			91,320			91,320
JPY	10,055		01/04/38	0.757%(S)	6 Month JPY LIBOR(2)(S)		2,747			5,969			3,222
JPY	11,780		12/03/38	0.600%(S)	6 Month JPY LIBOR(2)(S)		2,659			3,552			893
JPY	5,000		07/04/43	0.763%(S)	6 Month JPY LIBOR(2)(S)		—			2,627			2,627
JPY	16,700		12/18/47	0.918%(S)	6 Month JPY LIBOR(2)(S)		—			14,775			14,775
KRW	700,000		01/07/21	1.733%(Q)	3 Month KWCDC(2)(Q)		—			342			342
KRW	269,200		01/07/24	1.685%(Q)	3 Month KWCDC(1)(Q)		—			(540	)		(540	)
KRW	118,000		02/13/29	1.780%(Q)	3 Month KWCDC(2)(Q)		—			1,159			1,159
KRW	33,500		04/17/29	1.740%(Q)	3 Month KWCDC(2)(Q)		—			223			223
MXN	1,150		12/23/27	7.845%(M)	28 Day Mexican Interbank Rate(2)(M)		—			(877	)		(877	)
MXN	4,080		02/27/29	8.260%(M)	28 Day Mexican Interbank Rate(2)(M)		1,178			1,837			659
NOK	12,700		11/28/23	1.915%(A)	6 Month NIBOR(2)(S)		5,691			4,946			(745	)
NOK	1,680		03/15/27	2.103%(A)	6 Month NIBOR(2)(S)		5,750			1,421			(4,329	)
NZD	1,030		02/14/24	1.965%(S)	3 Month BBR(1)(Q)		(224	)		(4,963	)		(4,739	)
NZD	210		11/28/28	2.950%(S)	3 Month BBR(2)(Q)		—			10,331			10,331

See Notes to Financial Statements.

48

Interest rate swap agreements outstanding at April 30, 2019 (continued):

Notional Amount (000)#			Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2019			Unrealized Appreciaton (Depreciation)
	Centrally Cleared Interest Rate Swap Agreements (cont’d.):
	PLN	1,030		08/24/23	2.390%(A)	6 Month WIBOR(2)(S)	$	—		$	6,409		$	6,409
	PLN	2,100		09/09/23	1.900%(A)	6 Month WIBOR(2)(S)		(19,526	)		(275	)		19,251
	PLN	850		11/13/23	2.570%(A)	6 Month WIBOR(2)(S)		—			4,741			4,741
	PLN	570		06/12/28	3.070%(A)	6 Month WIBOR(1)(S)		—			(10,036	)		(10,036	)
	PLN	45		07/11/28	2.935%(A)	6 Month WIBOR(2)(S)		—			632			632
	PLN	462		11/13/28	2.998%(A)	6 Month WIBOR(1)(S)		—			(5,477	)		(5,477	)
	SEK	2,000		04/25/23	0.750%(A)	3 Month STIBOR(2)(Q)		4,078			4,354			276
	SEK	2,800		04/15/24	0.380%(A)	3 Month STIBOR(2)(Q)		(56	)		579			635
	SEK	2,325		06/22/27	1.031%(A)	3 Month STIBOR(2)(Q)		(351	)		9,182			9,533
	SGD	135		03/19/24	2.025%(S)	6 Month SIBOR(2)(S)		—			202			202
	SGD	90		02/14/29	2.285%(S)	6 Month SIBOR(2)(S)		—			276			276
		3,560		03/12/20	2.405%(T)	1 Day USOIS(2)(T)		—			2,836			2,836
		1,540		04/25/20	2.328%(T)	1 Day USOIS(2)(T)		(25	)		614			639
		890		01/10/21	2.408%(A)	1 Day USOIS(1)(A)		(30	)		(3,540	)		(3,510	)
		434		03/31/21	2.173%(A)	1 Day USOIS(2)(A)		—			418			418
		915		05/31/22	2.353%(A)	1 Day USOIS(1)(A)		—			(8,050	)		(8,050	)
		5,715		08/31/22	2.550%(A)	1 Day USOIS(1)(A)		—			(101,220	)		(101,220	)
		1,420		11/23/23	3.016%(S)	3 Month LIBOR(1)(Q)		(9,766	)		(54,853	)		(45,087	)
		1,595		11/15/24	2.334%(S)	3 Month LIBOR(1)(Q)		11,002			(7,740	)		(18,742	)
		590		02/28/25	2.454%(A)	1 Day USOIS(1)(A)		—			(11,951	)		(11,951	)
		600		02/28/25	3.019%(S)	3 Month LIBOR(1)(Q)		—			(22,323	)		(22,323	)
		360		05/31/25	2.998%(S)	3 Month LIBOR(1)(Q)		(215	)		(16,058	)		(15,843	)
		595		07/31/25	2.802%(A)	1 Day USOIS(1)(A)		—			(25,375	)		(25,375	)
		475		07/31/25	3.105%(S)	3 Month LIBOR(1)(Q)		375			(24,220	)		(24,595	)
		592		07/31/25	3.109%(S)	3 Month LIBOR(1)(Q)		94			(30,345	)		(30,439	)
		125		01/31/26	2.236%(S)	3 Month LIBOR(1)(Q)		—			1,017			1,017
		362		01/31/26	2.269%(A)	1 Day USOIS(1)(A)		(2,058	)		(3,599	)		(1,541	)
		1,230		01/31/26	2.406%(S)	3 Month LIBOR(1)(Q)		(2,194	)		(2,761	)		(567	)
		555		03/12/26	2.290%(A)	1 Day USOIS(1)(A)		25			(5,915	)		(5,940	)
		145		11/15/43	2.659%(S)	3 Month LIBOR(1)(Q)		—			(29	)		(29	)
		150		08/15/44	2.392%(A)	1 Day USOIS(1)(A)		—			744			744
	ZAR	9,210		03/13/21	7.180%(Q)	3 Month JIBAR(2)(Q)		—			630			630
	ZAR	8,270		03/13/24	7.500%(Q)	3 Month JIBAR(1)(Q)		11			(1,443	)		(1,454	)
	ZAR	3,700		11/07/27	8.360%(Q)	3 Month JIBAR(2)(Q)		3,468			8,152			4,684
	ZAR	3,200		07/16/28	8.170%(Q)	3 Month JIBAR(2)(Q)		(45	)		3,051			3,096
	ZAR	2,460		03/13/29	8.055%(Q)	3 Month JIBAR(2)(Q)		(8	)		623			631
							$	7,929		$	42,366		$	34,437

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 49

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Interest rate swap agreements outstanding at April 30, 2019 (continued):

Notional Amount (000)#			Termination Date		Fixed Rate	Floating Rate	Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciaton (Depreciation)		Counterparty
	OTC Interest Rate Swap Agreements:
	AED	505		02/25/29	3.750%(A)	3 Month EIBOR(2)(Q)	$	2,384	$	—	$	2,384	HSBC Bank USA, N.A.
	CLP	95,000		12/20/27	4.260%(S)	1 Day CLOIS(2)(S)		4,708		—		4,708	JPMorgan Chase Bank, N.A.
	CLP	100,000		05/17/28	4.270%(S)	1 Day CLOIS(2)(S)		5,117		—		5,117	Citibank, N.A.
	CNH	700		08/15/23	3.115%(Q)	7 Day China Fixing Repo Rates(2)(Q)		296		—		296	UBS AG
	COP	500,000		05/17/28	5.990%(Q)	1 Day COOIS(2)(Q)		3,696		—		3,696	Citibank, N.A.
	COP	503,000		08/03/28	6.160%(Q)	1 Day COOIS(2)(Q)		5,408		—		5,408	JPMorgan Chase Bank, N.A.
	ILS	550		04/26/28	1.915%(A)	3 Month TELBOR(2)(Q)		3,121		—		3,121	BNP Paribas S.A.
	ILS	510		07/16/28	2.045%(A)	3 Month TELBOR(2)(Q)		6,381		—		6,381	JPMorgan Chase Bank, N.A.
	THB	10,000		08/08/20	1.840%(S)	6 Month BIBOR(2)(S)		262		—		262	Citibank, N.A.
		260		03/25/23	—(3)	—(3)		11		—		11	Citibank, N.A.
							$	31,384	$	—	$	31,384

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

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

(3) The Fund pays the floating rate of 1 week MUNISPA quarterly and receives the floating rate of 3 Month LIBOR quarterly.

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

	Premiums Paid		Premiums Received			Unrealized Appreciation		Unrealized Depreciation
OTC Swap Agreements	$	22,449	$	(64,944	)	$	199,971	$	(122,584	)

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

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

Broker	Cash and/or Foreign Currency		Securities Market Value
JPMorgan Securities LLC	$	299,321	$	640,400
Fair Value Measurements:

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

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

See Notes to Financial Statements.

50

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

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

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

	Level 1		Level 2		Level 3
Investments in Securities
Asset-Backed Securities
Cayman Islands	$	—	$	3,451,165	$	—
Ireland		—		560,050		—
Spain		—		148,754		—
United States		—		904,265		—
Commercial Mortgage-Backed Securities
United States		—		2,476,872		—
Corporate Bonds
Canada		—		297,234		—
China		—		228,027		—
France		—		378,662		—
Germany		—		481,582		—
Italy		—		443,716		—
Kazakhstan		—		51,604		—
Mexico		—		329,954		—
Netherlands		—		151,049		—
Peru		—		200,719		—
Russia		—		135,095		—
Spain		—		120,441		—
Supranational Bank		—		128,149		—
Switzerland		—		207,292		—
United Arab Emirates		—		150,373		—
United Kingdom		—		777,840		—
United States		—		3,403,837		—
Residential Mortgage-Backed Securities
Bermuda		—		167,752		—
United States		—		39,717		—
Sovereign Bonds
Argentina		—		339,330		—
Austria		—		157,827		—
Brazil		—		557,550		—
Bulgaria		—		130,084		—
Canada		—		116,433		—
Chile		—		133,370		—
Colombia		—		262,455		—
Croatia		—		223,846		—
Cyprus		—		562,084		—
Dominican Republic		—		105,375		—
Greece		—		601,422		—
Hungary		—		172,907		—
Indonesia		—		331,763		—
Israel		—		118,818		—

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 51

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

	Level 1		Level 2			Level 3
Investments in Securities (continued)
Sovereign Bonds (continued)
Italy	$	—	$	1,495,857		$	—
Kazakhstan		—		134,531			—
Malaysia		—		112,110			—
Mexico		—		572,882			—
New Zealand		—		151,237			—
Panama		—		207,102			—
Peru		—		125,524			—
Poland		—		212,402			—
Portugal		—		701,180			—
Romania		—		117,067			—
Saudi Arabia		—		198,444			—
Senegal		—		110,778			—
Spain		—		1,545,468			—
Sweden		—		111,566			—
Turkey		—		211,736			—
United Arab Emirates		—		198,000			—
Uruguay		—		106,098			—
U.S. Government Agency Obligation		—		101,023			—
U.S. Treasury Obligations		—		991,233			—
Affiliated Mutual Fund		360,818		—			—
Options Purchased		—		18,989			—
Options Written		—		(6,738	)		—
Other Financial Instruments*
Futures Contracts		44,939		—			—
OTC Forward Foreign Currency Exchange Contracts		—		120,821			—
OTC Cross Currency Exchange Contracts		—		(1,974	)		—
OTC Packaged Credit Default Swap Agreements		—		(8,382	)		—
Centrally Cleared Credit Default Swap Agreements		—		(4,095	)		—
OTC Credit Default Swap Agreements		—		4,121			790
OTC Currency Swap Agreement		—		6,979			—
Centrally Cleared Inflation Swap Agreements		—		101			—
Centrally Cleared Interest Rate Swap Agreements		—		34,437			—
OTC Interest Rate Swap Agreements		—		31,384			—
Total	$	405,757	$	26,647,294		$	790

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

See Notes to Financial Statements.

52

Industry Classification:

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

Sovereign Bonds	37.4	%
Collateralized Loan Obligations	15.7
Commercial Mortgage-Backed Securities	9.1
Banks	7.5
U.S. Treasury Obligations	3.7
Oil & Gas	2.2
Insurance	2.1
Consumer Loans	1.6
Residential Mortgage-Backed Securities	1.4
Affiliated Mutual Fund	1.3
Healthcare-Products	1.3
Pipelines	1.3
Electric	1.0
Media	1.0
Telecommunications	1.0
Commercial Services	0.8
Diversified Financial Services	0.8
Auto Manufacturers	0.8
Entertainment	0.7
Retail	0.7
Pharmaceuticals	0.5
Multi-National	0.5
Transportation	0.5
Foods	0.4
Agriculture	0.4	%
Electrical Components & Equipment	0.4
Chemicals	0.4
Packaging & Containers	0.4
Credit Card	0.4
Home Builders	0.4
Automobiles	0.4
U.S. Government Agency Obligation	0.4
Semiconductors	0.4
Biotechnology	0.4
Housewares	0.4
Apparel	0.4
Healthcare-Services	0.3
Aerospace & Defense	0.3
Auto Parts & Equipment	0.2
Computers	0.1
Options Purchased	0.1
	99.1
Options Written	(0.0	)*
Other assets in excess of liabilities	0.9
	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 contracts risk, foreign exchange contracts risk and interest rate contracts risk. The effect of such derivative instruments on the Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

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

Derivatives not accounted for as hedging instruments, carried at fair value	Asset Derivatives				Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Credit contracts	Due from/to broker—variation margin swaps	$	1,069	*	Due from/to broker—variation margin swaps	$	5,164	*

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 53

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Derivatives not accounted for as hedging instruments, carried at fair value	Asset Derivatives				Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Credit contracts	Premiums paid for OTC swap agreements	$	22,449		Premiums received for OTC swap agreements	$	64,944
Credit contracts	Unaffiliated investments		8,557		Options written outstanding, at value		6,738
Credit contracts	Unrealized appreciation on OTC swap agreements		161,608		Unrealized depreciation on OTC swap agreements		122,584
Foreign exchange contracts	—		—		Unrealized depreciation on OTC cross currency exchange contracts		1,974
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		258,573		Unrealized depreciation on OTC forward foreign currency exchange contracts		137,752
Interest rate contracts	Due from/to broker—variation margin futures		132,146	*	Due from/to broker—variation margin futures		87,207	*
Interest rate contracts	Due from/to broker—variation margin swaps		424,175	*	Due from/to broker—variation margin swaps		389,637	*
Interest rate contracts	Unaffiliated investments		10,432		—		—
Interest rate contracts	Unrealized appreciation on OTC swap agreements		38,363		—		—
		$	1,057,372			$	816,000

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

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

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(1)			Options Written		Futures		Forward & Cross Currency Exchange Contracts		Swaps
Credit contracts	$	(3,622	)	$	10,023	$	—	$	—	$	52,164
Foreign exchange contracts		—			—		—		240,793		—
Interest rate contracts		(3,557	)		371		139,945		—		134,105
Total	$	(7,179	)	$	10,394	$	139,945	$	240,793	$	186,269

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

See Notes to Financial Statements.

54

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(2)			Options Written			Futures		Forward & Cross Currency Exchange Contracts			Forward Rate Agreements		Swaps
Credit contracts	$	(17,714	)	$	14,727		$	—	$	—		$	—	$	22,643
Foreign exchange contracts		—			—			—		(12,542	)		—		—
Interest rate contracts		6,686			(289	)		265,065		—			1,329		(97,480	)
Total	$	(11,028	)	$	14,438		$	265,065	$	(12,542	)	$	1,329	$	(74,837	)

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

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

Options Purchased(1)		Options Written(2)		Futures Contracts— Long Positions(2)		Futures Contracts— Short Positions(2)		Forward Foreign Currency Exchange Contracts— Purchased(3)
$	12,420	$	3,500,545	$	19,467,491	$	15,145,586	$	10,438,925

Forward Foreign Currency Exchange Contracts— Sold(3)		Cross Currency Exchange Contracts(4)		Forward Rate Agreements(2)		Interest Rate Swap Agreements(2)		Credit Default Swap Agreements— Buy Protection(2)
$	22,967,408	$	140,809	$	366,667	$	57,467,463	$	2,564,625

Credit Default Swap Agreements— Sell Protection(2)		Currency Swap Agreements(2)		Inflation Swap Agreements(2)
$	4,989,197	$	64,667	$	566,513

(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.

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 55

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Offsetting of OTC derivative assets and liabilities:

Counterparty	Gross Amounts of Recognized Assets(1)		Gross Amounts of Recognized Liabilities(1)			Net Amounts of Recognized Assets/(Liabilities)			Collateral Pledged/ (Received)(2)		Net Amount
Bank of America, N.A.	$	39,577	$	(20,147	)	$	19,430		$	—	$	19,430
Barclays Bank PLC		26,162		(11,345	)		14,817			—		14,817
BNP Paribas S.A.		15,361		(38,713	)		(23,352	)		—		(23,352	)
Citibank, N.A.		245,521		(183,529	)		61,992			—		61,992
Deutsche Bank AG		12,540		(2,275	)		10,265			—		10,265
Goldman Sachs International		12,984		(16,283	)		(3,299	)		—		(3,299	)
HSBC Bank USA, N.A.		2,817		(2,619	)		198			—		198
JPMorgan Chase Bank, N.A.		122,362		(47,761	)		74,601			—		74,601
JPMorgan Securities LLC		4,833		(1,136	)		3,697			—		3,697
Morgan Stanley & Co. International PLC		15,682		(9,071	)		6,611			—		6,611
The Toronto-Dominion Bank		1,170		(537	)		633			—		633
UBS AG		973		(576	)		397			—		397
	$	499,982	$	(333,992	)	$	165,990		$	—	$	165,990

(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.

56

Statement of Assets & Liabilities (unaudited)

as of April 30, 2019

Assets
Investments at value:
Unaffiliated investments (cost $26,886,001)	$	26,470,640
Affiliated investments (cost $360,818)		360,818
Foreign currency, at value (cost $108,079)		107,699
Deposit with broker for centrally cleared/exchange-traded derivatives		299,321
Unrealized appreciation on OTC forward foreign currency exchange contracts		258,573
Receivable for investments sold		251,215
Dividends and interest receivable		248,877
Unrealized appreciation on OTC swap agreements		199,971
Due from broker—variation margin futures		33,922
Premiums paid for OTC swap agreements		22,449
Due from Manager		12,521
Prepaid expenses		284
Total Assets		28,266,290
Liabilities
Payable for investments purchased		746,660
Unrealized depreciation on OTC forward foreign currency exchange contracts		137,752
Unrealized depreciation on OTC swap agreements		122,584
Accrued expenses and other liabilities		83,995
Premiums received for OTC swap agreements		64,944
Due to broker—variation margin swaps		29,644
Options written outstanding, at value (proceeds received $24,483)		6,738
Unrealized depreciation on OTC cross currency exchange contracts		1,974
Affiliated transfer agent fee payable		83
Distribution fee payable		56
Total Liabilities		1,194,430
Net Assets	$	27,071,860
Net assets were comprised of:
Common stock, at par	$	27,712
Paid-in capital in excess of par		27,583,849
Total distributable earnings (loss)		(539,701	)
Net assets, April 30, 2019	$	27,071,860

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 57

Statement of Assets & Liabilities (unaudited)

as of April 30, 2019

Class A
Net asset value, offering price and redemption price per share, ($252,247 ÷ 25,819 shares of common stock issued and outstanding)	$	9.77
Maximum sales charge (4.50% of offering price)		0.46
Maximum offering price to public	$	10.23
Class C
Net asset value, offering price and redemption price per share, ($18,359 ÷ 1,879 shares of common stock issued and outstanding)	$	9.77
Class Z
Net asset value, offering price and redemption price per share, ($534,076 ÷ 54,669 shares of common stock issued and outstanding)	$	9.77
Class R6
Net asset value, offering price and redemption price per share, ($26,267,178 ÷ 2,688,783 shares of common stock issued and outstanding)	$	9.77

See Notes to Financial Statements.

58

Statement of Operations (unaudited)

Six Months Ended April 30, 2019

Net Investment Income (Loss)
Income
Interest income (net of $5,241 foreign withholding tax)	$	396,017
Affiliated dividend income		6,741
Total income		402,758
Expenses
Management fee		63,505
Distribution fee(a)		195
Custodian and accounting fees		58,461
Registration fees(a)		33,356
Audit fee		18,844
Shareholders’ reports		15,487
Legal fees and expenses		9,036
Directors’ fees		6,020
Transfer agent’s fees and expenses (including affiliated expense of $229)(a)		265
Miscellaneous		5,924
Total expenses		211,093
Less: Fee waiver and/or expense reimbursement(a)		(137,157	)
Net expenses		73,936
Net investment income (loss)		328,822
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		(116,522	)
Futures transactions		139,945
Forward and cross currency contract transactions		240,793
Options written transactions		10,394
Swap agreement transactions		186,269
Foreign currency transactions		(97,245	)
		363,634
Net change in unrealized appreciation (depreciation) on:
Investments		974,036
Futures		265,065
Forward rate agreements		1,329
Forward and cross currency contracts		(12,542	)
Options written		14,438
Swap agreements		(74,837	)
Foreign currencies		5,307
		1,172,796
Net gain (loss) on investment and foreign currency transactions		1,536,430
Net Increase (Decrease) In Net Assets Resulting From Operations	$	1,865,252

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 59

Statement of Operations (unaudited)

Six Months Ended April 30, 2019

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

	Class A			Class C			Class Z			Class R6
Distribution fee		107			88			—			—
Registration fees		8,339			8,339			8,339			8,339
Transfer agent’s fees and expenses		85			51			91			38
Fee waiver and/or expense reimbursement		(8,744	)		(8,455	)		(9,196	)		(110,762	)

See Notes to Financial Statements.

60

Statements of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2019			December 12, 2017* through October 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	328,822		$	469,585
Net realized gain (loss) on investment and foreign currency transactions		363,634			236,763
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		1,172,796			(1,300,626	)
Net increase (decrease) in net assets resulting from operations		1,865,252			(594,278	)
Dividends and Distributions
Distributions from distributable earnings
Class A		(2,634	)		(1,243	)
Class C		(665	)		(258	)
Class Z		(7,766	)		(4,661	)
Class R6		(1,079,514	)		(717,845	)
		(1,090,579	)		(724,007	)
Fund share transactions
Net proceeds from shares sold		554,413			25,246,480
Net asset value of shares issued in reinvestment of dividends and distributions		1,090,578			724,012
Cost of shares reacquired		(11	)		—
Net increase (decrease) in net assets from Fund share transactions		1,644,980			25,970,492
Total increase (decrease)		2,419,653			24,652,207
Net Assets:
Beginning of period		24,652,207			—
End of period	$	27,071,860		$	24,652,207

* Commencement of operations.

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 61

Notes to Financial Statements (unaudited)

Prudential Global Total Return Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company and currently consists of two funds: PGIM Global Total Return (USD Hedged) Fund and PGIM Global Total Return Fund, each of which are non-diversified funds for purposes of the 1940 Act. These financial statements relate only to the PGIM Global Total Return (USD Hedged) Fund (the “Fund”). The Fund commenced operations on December 12, 2017.

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

1. Accounting Policies

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

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Company’s Board of Directors (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

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

62

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

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

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

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

OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Fund utilizes the market approach when quoted prices in broker-dealer markets are available but also includes consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing OTC derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future

PGIM Global Total Return (USD Hedged) Fund 63

Notes to Financial Statements (unaudited) (continued)

cash flows. In addition, the third-party vendors’ valuation techniques used to derive the evaluated OTC derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain OTC derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

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

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

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

Restricted Securities: Securities acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer are considered restricted as to disposition under federal securities law (“restricted securities”). Such restricted securities are valued pursuant to the valuation procedures noted above. Restricted securities that would otherwise be considered illiquid investments pursuant to the Fund’s LRMP because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under

64

Rule 144A of the Securities Act of 1933. Therefore, these Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act of 1933, may be classified higher than “illiquid” under the LRMP (i.e. “moderately liquid” or “less liquid” investments). However, the liquidity of the Fund’s investments in restricted securities could be impaired if trading does not develop or declines.

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

(i) market value of investment securities, other assets and liabilities—at the current rates of exchange;

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

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

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

Forward and Cross Currency Contracts: A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The Fund enters into forward currency contracts, as defined in the prospectus, in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency and to gain exposure to certain currencies. The contracts are valued daily at current forward exchange rates and any unrealized gain (loss) is included in net unrealized appreciation (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

PGIM Global Total Return (USD Hedged) Fund 65

Notes to Financial Statements (unaudited) (continued)

contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Fund’s maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract’s life. A cross currency contract is a forward contract where a specified amount of one foreign currency will be exchanged for a specified amount of another foreign currency.

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

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

When the Fund writes an option on a swap, an amount equal to any premium received by the Fund is recorded as a liability and is subsequently adjusted to the current market value of the written option on the swap. If a call option on a swap is exercised, the Fund becomes obligated to pay a fixed interest rate (noted as the strike price) and receive a variable interest rate on a notional amount. If a put option on a swap is exercised, the Fund becomes

66

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 Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the “initial margin.” Subsequent payments, known as “variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in the value of the underlying security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

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

Forward Rate Agreements: Forward rate agreements represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount on a fixed future date. The Fund entered into forward rate agreements to gain yield exposure based on anticipated market conditions at the specified termination date of the agreement.

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

PGIM Global Total Return (USD Hedged) Fund 67

Notes to Financial Statements (unaudited) (continued)

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

Inflation Swaps: The Fund entered into inflation swap agreements to protect against fluctuations in inflation rates. Inflation swaps are characterized by one party paying a fixed rate in exchange for a floating rate that is derived from an inflation index, such as the Consumer Price Index or UK Retail Price Index. Inflation swaps subject the Fund to interest rate risk.

Credit Default Swaps (“CDS”): CDS involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified payment in the event of a default or as a result of a default (collectively a “credit event”) for the referenced entity (typically corporate issues or sovereign issues of an emerging country) on its obligation; or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index.

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

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

68

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

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

Currency Swaps: The Fund entered into currency swap agreements primarily to gain yield exposure on foreign bonds. Currency swap agreements involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specified exchange rates.

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

The Company, on behalf of the Fund, is a party to International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and

PGIM Global Total Return (USD Hedged) Fund 69

Notes to Financial Statements (unaudited) (continued)

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

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.

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

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

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are

70

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

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

Dividends and Distributions: The Fund expects to declare dividends of its net investment income daily and pay such dividends monthly. Distributions of net realized capital and currency gains, if any, are declared and paid at least annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.

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

2. Agreements

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

PGIM Global Total Return (USD Hedged) Fund 71

Notes to Financial Statements (unaudited) (continued)

responsible for the management and oversight of the various service providers to the Fund, including, but not limited to, the custodian, transfer agent, and accounting agent.

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

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.50% of the Fund’s average daily net assets up to $2 billion and 0.485% of such assets in excess of $2 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.50% for the six months ended April 30, 2019.

The Manager has contractually agreed, through February 29, 2020, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 0.88% of average daily net assets for Class A shares, 1.63% of average daily net assets for Class C shares, 0.63% of average daily net assets for Class Z shares, and 0.58% of average daily net assets for Class R6 shares. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives similar expenses on any other share class and, in addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expense for Class Z shares. Fees and/or expenses waived and/or reimbursed by PGIM Investments may be recoupedby PGIM Investments within the same fiscal year during which such waiver/reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year.

The Company, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class C, Class Z and Class R6 shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A and Class C shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z or Class R6 shares of the Fund.

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

For the reporting period ended April 30, 2019, PIMS received $71 in front-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended April 30, 2019, PIMS did not receive any contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders, respectively. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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

3. Other Transactions with Affiliates

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

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Pursuant to the Rule 17a-7 procedures and consistent with guidance issued by the SEC, the Company’s Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such 17a-7 transactions were effected in accordance with the Fund’s Rule 17a-7 procedures. Any 17a-7 transactions for the reporting period are disclosed in the “Portfolio Securities” note, below.

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

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2019, were $5,253,129 and $2,814,459, respectively.

PGIM Global Total Return (USD Hedged) Fund 73

Notes to Financial Statements (unaudited) (continued)

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

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Income
	PGIM Core Ultra Short Bond Fund*
$	527,951	$	3,308,028	$	3,475,161	$	—	$	—	$	360,818		360,818	$	6,741

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

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

5. Tax Information

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

Tax Basis	$	27,327,350
Gross Unrealized Appreciation		1,879,375
Gross Unrealized Depreciation		(2,152,884	)
Net Unrealized Depreciation	$	(273,509	)

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

For federal income tax purposes, the Fund had a capital loss carryforward as of October 31, 2018 of approximately $534,000 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. The Fund’s federal, state and local income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

6. Capital and Ownership

The 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 4.50%. Investors who purchase $1 million or more of

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

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

There are 1.5 billion shares of common stock, at $0.01 par value per share, authorized and divided into four classes, designated Class A, Class C, Class Z and Class R6, each of which consists of 200 million, 300 million, 600 million and 400 million authorized shares, respectively.

As of April 30, 2019, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned 1,071 Class A shares, 1,060 Class C shares, 1,074 Class Z shares and 2,688,783 Class R6 shares of the Fund. At reporting period end, one shareholders of record, holding greater thatn 5% of the Fund, held 97% of the Fund’s outstanding shares.

Transactions in shares of common stock were as follows:

Class A	Shares		Amount
Six months ended April 30, 2019:
Shares sold		20,337	$	197,820
Shares issued in reinvestment of dividends and distributions		276		2,633
Net increase (decrease) in shares outstanding		20,613	$	200,453
Period ended October 31, 2018*:
Shares sold		5,077	$	50,519
Shares issued in reinvestment of dividends and distributions		129		1,248
Net increase (decrease) in shares outstanding		5,206	$	51,767
Class C
Six months ended April 30, 2019:
Shares issued in reinvestment of dividends and distributions		70	$	665
Net increase (decrease) in shares outstanding		70	$	665
Period ended October 31, 2018*:
Shares sold		1,782	$	17,520
Shares issued in reinvestment of dividends and distributions		27		258
Net increase (decrease) in shares outstanding		1,809	$	17,778

PGIM Global Total Return (USD Hedged) Fund 75

Notes to Financial Statements (unaudited) (continued)

Class Z	Shares			Amount
Six months ended April 30, 2019:
Shares sold		36,531		$	356,593
Shares issued in reinvestment of dividends and distributions		817			7,766
Shares reacquired		(1	)		(11	)
Net increase (decrease) in shares outstanding		37,347		$	364,348
Period ended October 31, 2018*:
Shares sold		16,841		$	168,445
Shares issued in reinvestment of dividends and distributions		481			4,661
Net increase (decrease) in shares outstanding		17,322		$	173,106
Class R6
Six months ended April 30, 2019:
Shares issued in reinvestment of dividends and distributions		113,844		$	1,079,514
Net increase (decrease) in shares outstanding		113,844		$	1,079,514
Period ended October 31, 2018*:
Shares sold		2,501,000		$	25,009,996
Shares issued in reinvestment of dividends and distributions		73,939			717,845
Net increase (decrease) in shares outstanding		2,574,939		$	25,727,841

* Commencement of operations was December 12, 2017.

7. Borrowings

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

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

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

8. Risks of Investing in the Fund

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

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

Derivatives Risk: Derivatives involve special risks and costs and may result in losses to the 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 derivative transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” and therefore may magnify or otherwise increase investment losses to the Fund. 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 OTC derivative instruments will not have liquidity beyond the counterparty to the instrument. OTC derivative instruments also involve the risk that the other party will not meet its obligations to the Fund.

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

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

Interest Rate Risk: The value of an investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” When interest rates rise, debt obligations may

PGIM Global Total Return (USD Hedged) Fund 77

Notes to Financial Statements (unaudited) (continued)

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 face a heightened level of interest rate risk as a result of the U.S. Federal Reserve Board’s policies. The Fund’s investments may lose value if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

Liquidity Risk: The Fund may invest in instruments that trade in lower volumes and are less liquid than other investments. Liquidity risk exists when particular investments made by the Fund are difficult to purchase or sell. Liquidity risk includes the risk that the Fund may make investments that may become less liquid in response to market developments or adverse investor perceptions. Investments that are illiquid or that trade in lower volumes may be more difficult to value. If the 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 may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, the Fund may incur higher transaction costs when executing trade orders of a given size. The reduction in dealer market-making capacity in the fixed-income markets that has occurred in recent years also has the potential to reduce liquidity. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities.

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

Non-diversification Risk: A non-diversified Fund may invest a greater percentage of its assets in the securities of a single company or industry than a diversified fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a non-diversified fund.

9. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the

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amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the Fund’s policy for the timing of transfers between levels. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Manager has evaluated the implications of certain provisions of the ASU and has determined to early adopt aspects related to the removal and modification of certain fair value measurement disclosures under the ASU effective immediately. At this time, the Manager is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

PGIM Global Total Return (USD Hedged) Fund 79

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30, 2019			December 12, 2017(a) through October 31, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$9.48			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.11			0.16
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.58			(0.42	)
Total from investment operations		0.69			(0.26	)
Less Dividends and Distributions:
Dividends from net investment income		(0.40	)		(0.26	)
Net asset value, end of period		$9.77			$9.48
Total Return(c):		7.34%			(2.65)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$252			$49
Average net assets (000)		$86			$46
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.88%	(e)		0.88%	(e)
Expenses before waivers and/or expense reimbursement		21.27%	(e)		80.88%	(e)
Net investment income (loss)		2.23%	(e)		1.86%	(e)
Portfolio turnover rate(f)		15%			67%

(a) Commencement of operations.

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

80

Class C Shares
	Six Months Ended April 30, 2019			December 12, 2017(a) through October 31, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$9.48			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.07			0.10
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.58			(0.43	)
Total from investment operations		0.65			(0.33	)
Less Dividends and Distributions:
Dividends from net investment income		(0.36	)		(0.19	)
Net asset value, end of period		$9.77			$9.48
Total Return(c):		6.95%			(3.29)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$18			$17
Average net assets (000)		$18			$13
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.63%	(e)		1.63%	(e)
Expenses before waivers and/or expense reimbursement		97.77%	(e)		290.47%	(e)
Net investment income (loss)		1.54%	(e)		1.13%	(e)
Portfolio turnover rate(f)		15%			67%

(a) Commencement of operations.

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 81

Financial Highlights (unaudited) continued)

Class Z Shares
	Six Months Ended April 30, 2019			December 12, 2017(a) through October 31, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$9.48			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.12			0.18
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.58			(0.42	)
Total from investment operations		0.70			(0.24	)
Less Dividends and Distributions:
Dividends from net investment income		(0.41	)		(0.28	)
Net asset value, end of period		$9.77			$9.48
Total Return(c):		7.47%			(2.44)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$534			$164
Average net assets (000)		$210			$160
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.63%	(e)		0.63%	(e)
Expenses before waivers and/or expense reimbursement		9.45%	(e)		24.70%	(e)
Net investment income (loss)		2.44%	(e)		2.11%	(e)
Portfolio turnover rate(f)		15%			67%

(a) Commencement of operations.

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

82

Class R6 Shares
	Six Months Ended April 30, 2019			December 12, 2017(a) through October 31, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$9.48			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.12			0.18
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.58			(0.42	)
Total from investment operations		0.70			(0.24	)
Less Dividends and Distributions:
Dividends from net investment income		(0.41	)		(0.28	)
Net asset value, end of period		$9.77			$9.48
Total Return(c):		7.51%			(2.40)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$26,267			$24,421
Average net assets (000)		$25,298			$24,571
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.58%	(e)		0.58%	(e)
Expenses before waivers and/or expense reimbursement		1.46%	(e)		1.67%	(e)
Net investment income (loss)		2.59%	(e)		2.14%	(e)
Portfolio turnover rate(f)		15%			67%

(a) Commencement of operations.

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 83

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

PROXY VOTING

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

DIRECTORS

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

OFFICERS

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

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	PGIM Fixed Income	655 Broad Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

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

AVAILABILITY OF PORTFOLIO SCHEDULE

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

Mutual Funds:

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

PGIM GLOBAL TOTAL RETURN (USD HEDGED) FUND

SHARE CLASS	A	C	Z	R6
NASDAQ	PHEAX	PHECX	PHEZX	PHEQX
CUSIP	74439A707	74439A806	74439A871	74439A889

MF238E2

Item 2 –	Code of Ethics – Not required, as this is not an annual filing.
Item 3 –	Audit Committee Financial Expert – Not required, as this is not an annual filing.
Item 4 –	Principal Accountant Fees and Services – Not required, as this is not an annual filing.
Item 5 –	Audit Committee of Listed Registrants – Not applicable.
Item 6 –	Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7 –	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.
Item 8 –	Portfolio Managers of Closed-End Management Investment Companies – Not applicable.
Item 9 –	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

Item 10 –	Submission of Matters to a Vote of Security Holders – Not applicable.
Item 11 –	Controls and Procedures

(a)

It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b)

There has been no significant change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Exhibits

(a)	(1)	Code of Ethics – Not required, as this is not an annual filing.
	(2)	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.CERT.
	(3)	Any written solicitation to purchase securities under Rule 23c-1. – Not applicable.
(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:	Prudential Global Total Return Fund, Inc.
By:	/s/ Andrew R. French
	Andrew R. French
	Secretary
Date:	June 17, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Stuart S. Parker
	Stuart S. Parker
	President and Principal Executive Officer
Date:	June 17, 2019
By:	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and Accounting Officer
Date:	June 17, 2019