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:	10/31/2020
Date of reporting period:	04/30/2021

Item 1 – Reports to Stockholders

PGIM GLOBAL TOTAL RETURN FUND

SEMIANNUAL REPORT

APRIL 30, 2021

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

Table of Contents

Letter from the President	3
Your Fund’s Performance	4
Fees and Expenses	8
Holdings and Financial Statements	11

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, 2021 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. ^© 2021 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2 Visit our website at pgim.com/investments

Letter from the President

Dear Shareholder,

We hope you find the semiannual report for the PGIM Global Total Return Fund informative and useful. The report covers performance for the six-month period ended April 30, 2021.

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 15, 2021

PGIM Global Total Return Fund 3

Your Fund’s Performance

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 pgim.com/investments or by calling (800) 225-1852.

	(without sales charges)	Average Annual Total Returns as of 4/30/21 (with sales charges)
	Six Months (%)*	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	–0.29	5.05	3.56	3.31	—
Class C	–0.66	6.78	3.47	2.90	—
Class Z	–0.15	8.98	4.55	3.93	—
Class R2	–0.51	8.29	N/A	N/A	3.97 (12/27/17)
Class R4	–0.24	8.72	N/A	N/A	4.28 (12/27/17)
Class R6	–0.09	8.88	4.54	N/A	4.14 (2/3/12)
Bloomberg Barclays Global Aggregate Index
	–0.17	3.95	2.64	2.05	—

Average Annual Total Returns as of 4/30/21 Since Inception (%)
	Class R2, R4 (12/27/17)	Class R6 (2/3/12)
Bloomberg Barclays Global Aggregate Index	3.32	1.90

*Not annualized

Since Inception returns are provided for any share class with less than 10 fiscal years of returns. Since Inception returns for the Index 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 C	Class Z	Class R2	Class R4	Class R6
Maximum initial sales charge	3.25% of the public offering price	None	None	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption)	1.00% on sales of $500,000 or more made within 12 months of purchase	1.00% on sales made within 12 months of purchase	None	None	None	None
Annual distribution or distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.25%	1.00%	None	0.25%	None	None
Shareholder service fee	None	None	None	0.10%*	0.10%*	None

*Shareholder service fee reflects maximum allowable fees under a shareholder services plan.

PGIM Global Total Return Fund 5

Your Fund’s Performance (continued)

Benchmark Definitions

Bloomberg Barclays Global Aggregate Index—The Bloomberg Barclays Global Aggregate 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 Eurodollar and Euro-Yen corporate bonds, and Canadian government, agency, and corporate securities.

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

Distributions and Yields as of 4/30/21
	Total Distributions Paid for Six Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.13	1.33	1.31
Class C	0.11	0.63	0.61
Class Z	0.14	1.63	1.63
Class R2	0.13	1.18	1.15
Class R4	0.14	1.42	1.40
Class R6	0.15	1.73	1.73

*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.

6 Visit our website at pgim.com/investments

Credit Quality expressed as a percentage of total investments as of 4/30/21 (%)
AAA	19.5
AA	7.5
A	18.1
BBB	30.7
BB	12.1
B	5.8
CCC	1.1
Not Rated	5.5
Cash/Cash Equivalents	–0.3
Total	100.0

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global Ratings (S&P), or Fitch, 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.

PGIM Global Total Return Fund 7

Fees and Expenses

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, 2021. The example is for illustrative purposes only; you should consult the Fund’s Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

8 Visit our website at pgim.com/investments

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, 2020		Ending Account Value April 30, 2021		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	997.10		0.88	%	$	4.36
	Hypothetical	$	1,000.00	$	1,020.43		0.88	%	$	4.41
Class C	Actual	$	1,000.00	$	993.40		1.63	%	$	8.06
	Hypothetical	$	1,000.00	$	1,016.71		1.63	%	$	8.15
Class Z	Actual	$	1,000.00	$	998.50		0.62	%	$	3.07
	Hypothetical	$	1,000.00	$	1,021.72		0.62	%	$	3.11
Class R2	Actual	$	1,000.00	$	994.90		1.08	%	$	5.34
	Hypothetical	$	1,000.00	$	1,019.44		1.08	%	$	5.41
Class R4	Actual	$	1,000.00	$	997.60		0.83	%	$	4.11
	Hypothetical	$	1,000.00	$	1,020.68		0.83	%	$	4.16
Class R6	Actual	$	1,000.00	$	999.10		0.52	%	$	2.58
	Hypothetical	$	1,000.00	$	1,022.22		0.52	%	$	2.61

*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, 2021, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2021 (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 9

Schedule of Investments  (unaudited)

as of April 30, 2021

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
LONG-TERM INVESTMENTS    98.6%
ASSET-BACKED SECURITIES    14.4%
Canada    0.0%
Fairstone Financial Issuance Trust,
Series 2020-01A, Class A, 144A	2.509%	10/20/39		CAD	1,500	$	1,239,942
Ford Auto Securitization Trust,
Series 2020-AA, Class B, 144A	1.872	06/15/26		CAD	400		324,719
Series 2020-AA, Class C, 144A	2.763	04/15/28		CAD	500		406,553
							1,971,214
Cayman Islands    5.1%
Anchorage Capital CLO Ltd.,
Series 2019-11A, Class A, 144A, 3 Month LIBOR + 1.390% (Cap N/A, Floor 1.390%)	1.612(c)	07/22/32			20,000		20,018,628
ArrowMark Colorado Holdings,
Series 2017-06A, Class A1, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 0.000%)	1.464(c)	07/15/29			500		500,368
Battalion CLO Ltd.,
Series 2015-08A, Class A1R2, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%)	1.260(c)	07/18/30			5,500		5,483,369
Benefit Street Partners CLO Ltd.,
Series 2017-12A, Class A1, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)	1.434(c)	10/15/30			750		750,054
BlueMountain CLO Ltd.,
Series 2016-02A, Class A1R, 144A, 3 Month LIBOR + 1.310% (Cap N/A, Floor 1.310%)	1.492(c)	08/20/32			11,000		11,008,813
Brookside Mill CLO Ltd.,
Series 2013-01A, Class BR, 144A, 3 Month LIBOR + 1.350% (Cap N/A, Floor 0.000%)	1.540(c)	01/17/28			4,000		4,003,437
Canyon Capital CLO Ltd.,
Series 2015-01A, Class AS, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)	1.434(c)	04/15/29			3,750		3,750,261
Carlyle CLO Ltd.,
Series C17A, Class A1AR, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)	1.235(c)	04/30/31			15,000		14,946,243
Carlyle Global Market Strategies CLO Ltd.,
Series 2016-03A, Class A1R, 144A, 3 Month LIBOR + 1.020% (Cap N/A, Floor 1.020%)	1.208(c)	10/20/29			5,468		5,453,671
Carlyle US CLO Ltd.,
Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.020% (Cap N/A, Floor 0.000%)	1.208(c)	04/20/31			12,500		12,448,724

See Notes to Financial Statements.

PGIM Global Total Return Fund      11

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Cayman Islands (cont’d.)
CBAM Ltd.,
Series 2019-11A, Class A1, 144A, 3 Month LIBOR + 1.360% (Cap N/A, Floor 1.360%)	1.548%(c)	10/20/32		25,000	$	25,043,965
Greywolf CLO Ltd.,
Series 2020-03RA, Class A1R, 144A, 3 Month LIBOR + 1.290% (Cap N/A, Floor 1.290%)	1.474(c)	04/15/33		14,000		14,026,257
Madison Park Funding Ltd.,
Series 2016-21A, Class A1AR, 144A, 3 Month LIBOR + 1.350% (Cap N/A, Floor 1.350%)	1.534(c)	10/15/32		10,000		10,011,259
MidOcean Credit CLO,
Series 2016-05A, Class AR, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 0.000%)	1.310(c)	07/19/28		5,897		5,897,321
Series 2018-08A, Class B, 144A, 3 Month LIBOR + 1.650% (Cap N/A, Floor 0.000%)	1.832(c)	02/20/31		2,000		2,001,469
Series 2018-09A, Class A1, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)	1.338(c)	07/20/31		2,000		2,000,045
Mountain View CLO Ltd.,
Series 2015-09A, Class A2R, 144A, 3 Month LIBOR + 1.780% (Cap N/A, Floor 0.000%)	1.964(c)	07/15/31		5,750		5,771,275
OCP CLO Ltd.,
Series 2019-17A, Class A1, 144A, 3 Month LIBOR + 1.330% (Cap N/A, Floor 1.330%)	1.518(c)	07/20/32		5,000		5,003,199
OZLM Ltd.,
Series 2014-06A, Class A2AS, 144A, 3 Month LIBOR + 1.750% (Cap N/A, Floor 0.000%)	1.940(c)	04/17/31		2,000		1,984,767
Series 2018-20A, Class A1, 144A, 3 Month LIBOR + 1.050% (Cap N/A, Floor 0.000%)	1.238(c)	04/20/31		5,000		4,962,273
Series 2019-24A, Class A1A, 144A, 3 Month LIBOR + 1.390% (Cap N/A, Floor 0.000%)	1.578(c)	07/20/32		8,000		8,002,145
Pikes Peak CLO,
Series 2019-04A, Class A, 144A, 3 Month LIBOR + 1.370% (Cap N/A, Floor 1.370%)	1.554(c)	07/15/32		18,000		18,007,592
Race Point CLO Ltd.,
Series 2013-08A, Class AR2, 144A, 3 Month LIBOR + 1.040% (Cap N/A, Floor 1.040%)	1.222(c)	02/20/30		8,540		8,543,090
Shackleton CLO Ltd.,
Series 2014-05RA, Class A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 0.000%)	1.293(c)	05/07/31		5,000		4,991,402
Series 2014-05RA, Class B, 144A, 3 Month LIBOR + 1.700% (Cap N/A, Floor 0.000%)	1.893(c)	05/07/31		6,500		6,482,907
Series 2017-10A, Class BR, 144A, 3 Month LIBOR + 1.550% (Cap N/A, Floor 0.000%)	1.738(c)	04/20/29		10,000		9,917,647

See Notes to Financial Statements.

12

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Cayman Islands (cont’d.)
Signal Peak CLO Ltd.,
Series 2018-05A, Class A, 144A, 3 Month LIBOR + 1.110% (Cap N/A, Floor 1.110%)	1.286%(c)	04/25/31		6,250	$	6,239,862
Silver Creek CLO Ltd.,
Series 2014-01A, Class AR, 144A, 3 Month LIBOR + 1.240% (Cap N/A, Floor 0.000%)	1.428(c)	07/20/30		500		500,091
TCW CLO Ltd.,
Series 2017-01A, Class AR, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)	1.207(c)	07/29/29		20,000		20,058,464
Series 2018-01A, Class A1A, 144A, 3 Month LIBOR + 1.050% (Cap N/A, Floor 0.000%)	1.226(c)	04/25/31		15,000		15,000,094
Telos CLO Ltd.,
Series 2013-03A, Class AR, 144A, 3 Month LIBOR + 1.300% (Cap N/A, Floor 1.300%)	1.490(c)	07/17/26		124		124,030
TIAA CLO Ltd.,
Series 2016-01A, Class AR, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 0.000%)	1.388(c)	07/20/31		2,000		2,000,155
Trinitas CLO Ltd.,
Series 2015-03A, Class BR, 144A, 3 Month LIBOR + 1.400% (Cap N/A, Floor 0.000%)	1.584(c)	07/15/27		5,000		4,994,897
Tryon Park CLO Ltd.,
Series 2013-01A, Class A2R, 144A, 3 Month LIBOR + 1.500% (Cap N/A, Floor 0.000%)	1.684(c)	04/15/29		3,700		3,679,572
Voya CLO Ltd.,
Series 2013-02A, Class A1R, 144A, 3 Month LIBOR + 0.970% (Cap N/A, Floor 0.970%)	1.146(c)	04/25/31		4,500		4,495,517
Wellfleet CLO Ltd.,
Series 2017-03A, Class A1, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)	1.340(c)	01/17/31		2,500		2,500,969
York CLO Ltd.,
Series 2015-01A, Class AR, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 0.000%)	1.334(c)	01/22/31		5,000		5,006,047
Zais CLO Ltd.,
Series 2015-03A, Class A2R, 144A, 3 Month LIBOR + 2.190% (Cap N/A, Floor 0.000%)	2.374(c)	07/15/31		8,500		8,506,957
Series 2017-01A, Class A1, 144A, 3 Month LIBOR + 1.370% (Cap N/A, Floor 0.000%)	1.554(c)	07/15/29		2,429		2,429,955
Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.290% (Cap N/A, Floor 0.000%)	1.474(c)	04/15/30		733		733,219
Series 2018-01A, Class A, 144A, 3 Month LIBOR + 0.950% (Cap N/A, Floor 0.000%)	1.134(c)	04/15/29		7,011		6,990,777
						294,270,787

See Notes to Financial Statements.

PGIM Global Total Return Fund      13

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
ASSET-BACKED SECURITIES (Continued)
Ireland    5.6%
Anchorage Capital Europe CLO,
Series 01X, Class A2	1.500%	01/15/31		EUR	8,250	$	9,972,548
Anchorage Capital Europe CLO DAC,
Series 04A, Class A, 144A, 3 Month EURIBOR + 0.870% (Cap N/A, Floor 0.870%)	0.870(c)	04/25/34		EUR	4,000		4,814,126
Arbour CLO DAC,
Series 03A, Class B1R, 144A	1.920	03/15/29		EUR	4,000		4,810,692
Armada Euro CLO DAC,
Series 02A, Class A3, 144A	1.500	11/15/31		EUR	1,500		1,812,688
Bosphorus CLO DAC,
Series 06A, Class A, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%)	0.850(c)	05/25/34		EUR	20,000		24,053,151
Capital Four CLO DAC,
Series 2A, Class A, 144A, 3 Month EURIBOR + 1.050% (Cap N/A, Floor 1.050%)	1.050(c)	01/15/34		EUR	23,000		27,497,674
Carlyle Euro CLO Ltd.,
Series 2017-02A, Class A1R, 144A, 3 Month EURIBOR + 0.630% (Cap N/A, Floor 0.630%)	0.630(c)	08/15/30		EUR	55,950		67,224,701
Series 2017-02A, Class AA2R, 144A, 3 Month EURIBOR + 1.300% (Cap N/A, Floor 1.300%)	1.300(c)	08/15/30		EUR	9,500		11,377,117
Series 2019-01A, Class A1R, 144A, 3 Month EURIBOR + 0.750% (Cap N/A, Floor 0.750%)	0.750(c)	03/15/32		EUR	20,000		23,954,610
Series 2019-02A, Class A1B, 144A, 3 Month EURIBOR + 1.400% (Cap N/A, Floor 1.400%)	1.400(c)	08/15/32		EUR	8,000		9,631,799
CIFC European Funding CLO DAC,
Series 03A, Class A, 144A, 3 Month EURIBOR + 1.050% (Cap N/A, Floor 1.050%)	1.050(c)	01/15/34		EUR	15,000		18,035,355
Series 3A, Class B2, 144A	2.000	01/15/34		EUR	11,500		13,908,941
Hayfin Emerald CLO,
Series 05A, Class A, 144A, 3 Month EURIBOR + 1.100% (Cap N/A, Floor 1.100%)	1.100(c)	11/17/32		EUR	18,500		22,316,074
Hayfin Emerald CLO DAC,
Series 02A, Class B2, 144A	2.650	05/27/32		EUR	4,000		4,863,292
Henley CLO DAC,
Series 04A, Class A, 144A, 3 Month EURIBOR + 0.900% (Cap N/A, Floor 0.900%)	0.900(c)	04/25/34		EUR	5,000		6,028,599
Invesco Euro CLO DAC,
Series 01A, Class A2R, 144A	0.800	07/15/31		EUR	30,000		35,865,594
OAK Hill European Credit Partners DAC,
Series 2017-06A, Class A2, 144A	1.150	01/20/32		EUR	3,000		3,594,301

See Notes to Financial Statements.

14

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
ASSET-BACKED SECURITIES (Continued)
Ireland (cont’d.)
Providus CLO DAC,
Series 2A, Class B1R, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%)	1.650%(c)	07/15/31		EUR	7,500	$	9,003,178
RRE Loan Management DAC,
Series 05A, Class A1, 144A, 3 Month EURIBOR + 1.100% (Cap N/A, Floor 1.100%)	1.100(c)	10/15/33		EUR	8,500		10,277,795
St Paul’s CLO DAC,
Series 02A, Class ARRR, 144A, 3 Month EURIBOR + 0.750% (Cap N/A, Floor 0.750%)	0.750(c)	10/15/30		EUR	11,000		13,214,079
Series 07A, Class B2R, 144A	2.400	04/30/30		EUR	1,000		1,208,389
							323,464,703
Netherlands    0.4%
Ares European CLO BV,
Series 2013-06A, Class B1RR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%)	1.250(c)	04/15/30		EUR	8,000		9,611,085
BNPP AM Euro CLO BV,
Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%)	0.600(c)	04/15/31		EUR	10,000		12,025,986
							21,637,071
Spain    0.1%
TFS,
Series 2018-03, Class A1, 1 Month EURIBOR + 2.900%	3.000(c)	04/16/23		EUR	6,485		7,017,426
United Kingdom    0.3%
Newday Funding Master Issuer PLC,
Series 2021-01A, Class A1, 144A, 1 Month SONIA + 0.970% (Cap N/A, Floor 0.000%)	1.018(c)	03/15/29		GBP	3,700		5,113,201
Series 2021-01A, Class A2, 144A, SOFR + 1.100% (Cap N/A, Floor 0.000%)	1.111(c)	03/15/29			3,500		3,516,212
Newday Partnership Funding PLC,
Series 2020-01A, Class A3, 144A, 1 Month SONIA + 1.400% (Cap N/A, Floor 0.000%)	1.448(c)	11/15/28		GBP	6,205		8,668,375
							17,297,788
United States    2.9%
AmeriCredit Automobile Receivables Trust,
Series 2020-03, Class D	1.490	09/18/26			1,900		1,920,548

See Notes to Financial Statements.

PGIM Global Total Return Fund      15

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

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 2002-02, Class M3, 1 Month LIBOR + 2.655% (Cap N/A, Floor 2.655%)		2.761	%(c)	08/25/32		357	$	363,042
Series 2002-03, Class M3, 1 Month LIBOR + 2.850% (Cap N/A, Floor 2.850%)		2.956	(c)	08/25/32		201		202,082
Battalion CLO Ltd.,
Series 2018-12A, Class A1, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%)		1.262	(c)	05/17/31		15,000		14,943,132
Chase Funding Trust,
Series 2003-04, Class 2A2, 1 Month LIBOR + 0.600% (Cap N/A, Floor 0.600%)		0.706	(c)	05/25/33		597		580,695
CHEC Loan Trust,
Series 2004-01, Class A3, 144A, 1 Month LIBOR + 1.000% (Cap N/A, Floor 1.000%)		1.106	(c)	07/25/34		559		553,216
CIT Mortgage Loan Trust,
Series 2007-01, Class 1A, 144A, 1 Month LIBOR + 1.350% (Cap N/A, Floor 1.350%)		1.456	(c)	10/25/37		747		750,291
Commonbond Student Loan Trust,
Series 2020-AGS, Class A, 144A		1.980		08/25/50		3,678		3,733,240
Countrywide Asset-Backed Certificates,
Series 2002-05, Class MV1, 1 Month LIBOR + 1.500% (Cap N/A, Floor 1.500%)		1.606	(c)	03/25/33		82		82,489
Credit Suisse Mortgage Trust,
Series 2020-11R, Class 1A1, 144A, 1 Month LIBOR + 2.150%		2.261	(c)	04/25/38		4,093		4,116,365
EquiFirst Mortgage Loan Trust,
Series 2004-01, Class 1A1, 1 Month LIBOR + 0.480% (Cap N/A, Floor 0.480%)		0.586	(c)	01/25/34		573		555,294
Exeter Automobile Receivables Trust,
Series 2020-03A, Class D		1.730		07/15/26		700		711,006
Ford Credit Auto Owner Trust,
Series 2020-02, Class C, 144A		1.740		04/15/33		1,300		1,307,568
Ford Credit Floorplan Master Owner Trust,
Series 2018-04, Class A		4.060		11/15/30		3,400		3,864,937
Series 2020-02, Class C		1.870		09/15/27		2,100		2,107,982
JPMorgan Chase Bank, NA,
Series 2020-01, Class R, 144A		33.784		01/25/28		1,263		1,346,963
Series 2020-02, Class E, 144A		3.072		02/25/28		3,240		3,260,333
Series 2020-02, Class R, 144A		31.355		02/25/28		594		629,216
Series 2021-01, Class E, 144A		2.365		09/25/28		600		600,030
Series 2021-01, Class F, 144A		4.280		09/25/28		600		599,470

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date	Principal                   Amount                  (000)#		Value
ASSET-BACKED SECURITIES (Continued)
United States (cont’d.)
JPMorgan Chase Bank, NA, (cont’d.)
Series 2021-01, Class R, 144A		28.348	%	09/25/28		2,000	$	1,972,092
Laurel Road Prime Student Loan Trust,
Series 2018-A, Class A, 144A		0.000		02/25/43		3,430		1,644,854
Series 2018-C, Class A, 144A		0.000	(cc)	08/25/43		1,602		1,647,465
Series 2019-A, Class R, IO, 144A		0.000		10/25/48		3,915		505,041
Legacy Mortgage Asset Trust,
Series 2019-GS01, Class A1, 144A		4.000		01/25/59		1,170		1,172,671
Series 2019-GS02, Class A1, 144A		3.750		01/25/59		1,491		1,492,118
Series 2019-GS04, Class A1, 144A		3.438		05/25/59		2,602		2,610,708
Lending Funding Trust,
Series 2020-02A, Class A, 144A		2.320		04/21/31		1,100		1,107,340
Lendmark Funding Trust,
Series 2018-02A, Class A, 144A		4.230		04/20/27		1,600		1,626,693
Series 2019-02A, Class A, 144A		2.780		04/20/28		2,300		2,360,778
Long Beach Mortgage Loan Trust,
Series 2004-03, Class M1, 1 Month LIBOR + 0.855% (Cap N/A, Floor 0.855%)		0.961	(c)	07/25/34		119		118,064
Mariner Finance Issuance Trust,
Series 2020-AA, Class A, 144A		2.190		08/21/34		1,800		1,832,390
MASTR Asset-Backed Securities Trust,
Series 2004-WMC02, Class M1, 1 Month LIBOR + 0.900% (Cap N/A, Floor 0.900%)		1.006	(c)	04/25/34		1,213		1,200,912
Merrill Lynch Mortgage Investors Trust,
Series 2004-HE02, Class M1, 1 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)		1.306	(c)	08/25/35		40		39,854
Morgan Stanley ABS Capital I, Inc. Trust,
Series 2003-NC08, Class M1, 1 Month LIBOR + 1.050% (Cap N/A, Floor 1.050%)		1.156	(c)	09/25/33		105		104,987
Morgan Stanley Dean Witter Capital I, Inc. Trust,
Series 2002-AM03, Class A3, 1 Month LIBOR + 0.980% (Cap N/A, Floor 0.980%)		1.086	(c)	02/25/33		171		170,661
Navient Private Education Refi Loan Trust,
Series 2020-GA, Class B, 144A		2.500		09/16/69		2,000		2,005,650
Series 2021-A, Class B, 144A		2.240		05/15/69		1,850		1,818,834
OneMain Direct Auto Receivables Trust,
Series 2019-01A, Class B, 144A		3.950		11/14/28		1,300		1,420,350
OneMain Financial Issuance Trust,
Series 2017-01A, Class C, 144A		3.350		09/14/32		400		400,891
Oportun Funding LLC,
Series 2020-01, Class A, 144A		2.200		05/15/24		2,426		2,439,334

See Notes to Financial Statements.

PGIM Global Total Return Fund      17

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#		Value
ASSET-BACKED SECURITIES (Continued)
United States (cont’d.)
Oportun Funding X LLC,
Series 2018-C, Class A, 144A	4.100%	10/08/24		2,450	$	2,485,100
Oportun Funding XII LLC,
Series 2018-D, Class A, 144A	4.150	12/09/24		1,500		1,514,233
Oportun Funding XIII LLC,
Series 2019-A, Class B, 144A	3.870	08/08/25		4,158		4,260,361
Series 2019-A, Class D, 144A	6.220	08/08/25		3,400		3,442,343
Oportun Funding XIV LLC,
Series 2021-A, Class C, 144A	3.440	03/08/28		1,200		1,198,038
Series 2021-A, Class D, 144A	5.400	03/08/28		500		500,033
Option One Mortgage Acceptance Corp.,
Asset-Backed Certificates,
Series 2003-06, Class A2, 1 Month LIBOR + 0.660% (Cap N/A, Floor 0.660%)	0.766(c)	11/25/33		672		654,001
PNMAC FMSR Issuer Trust,
Series 2018-FT01, Class A, 144A, 1 Month LIBOR + 2.350% (Cap N/A, Floor 0.000%)	2.456(c)	04/25/23		4,290		4,263,759
PNMAC GMSR Issuer Trust,
Series 2018-GT01, Class A, 144A, 1 Month LIBOR + 2.850% (Cap N/A, Floor 2.850%)	2.956(c)	02/25/23		1,020		1,018,832
Series 2018-GT02, Class A, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 0.000%)	2.756(c)	08/25/25		2,300		2,288,942
Santander Consumer Auto Receivables Trust,
Series 2021-AA, Class D, 144A	1.570	01/15/27		850		848,503
Series 2021-AA, Class R, 144A	0.000	08/15/28		6		1,073,900
Santander Drive Auto Receivables Trust,
Series 2020-03, Class D	1.640	11/16/26		4,800		4,873,698
Series 2020-04, Class D	1.480	01/15/27		3,200		3,239,835
Series 2021-01, Class D	1.130	11/16/26		12,700		12,656,184
SoFi Alternative Trust,
Series 2019-B, Class PT, 144A	0.000(cc)	12/15/45		6,350		6,570,700
Series 2019-D, Class 1PT, 144A	2.707(cc)	01/16/46		6,744		6,981,946
Series 2019-F, Class PT1, 144A	3.932(cc)	02/15/45		8,659		8,871,309
SoFi Professional Loan Program LLC,
Series 2019-C, Class BFX, 144A	3.050	11/16/48		2,100		2,125,704
SoFi RR Funding II Trust,
Series 2019-01, Class A, 144A, 1 Month LIBOR + 1.250% (Cap N/A, Floor 1.250%)	1.356(c)	11/29/24		5,955		5,910,085
SoFi RR Funding III Trust,
Series 2020-01, Class A, 144A, 1 Month LIBOR + 3.750% (Cap N/A, Floor 3.750%)	3.856(c)	11/29/24		3,276		3,297,292

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date	Principal                   Amount                  (000)#			Value
ASSET-BACKED SECURITIES (Continued)
United States (cont’d.)
Springleaf Funding Trust,
Series 2017-AA, Class C, 144A		3.860	%	07/15/30			800	$	808,110
TH MSR Issuer Trust,
Series 2019-FT01, Class A, 144A, 1 Month LIBOR + 2.800% (Cap N/A, Floor 2.800%)		2.906	(c)	06/25/24			9,330		9,252,087
World Omni Select Auto Trust,
Series 2020-A, Class D		1.700		10/15/26			5,900		5,976,862
									164,031,443
TOTAL ASSET-BACKED SECURITIES (cost $825,226,112)									829,690,432
BANK LOANS    0.5%
Germany    0.1%
Speedster Bidco GmbH,
Second Lien Term Loan, 6 Month EURIBOR + 6.250% (Cap N/A, Floor 0.000%)		6.250	(c)	03/31/28		EUR	3,265		3,932,706
United Kingdom    0.4%
BBD Bidco Ltd.,
Facility B-1 Loan, 1 Month GBP LIBOR + 4.750%		4.799	(c)	11/13/26		GBP	2,125		2,923,726
EG Finco Ltd.,
Term Loan		—	(p)	04/30/27			18,800		22,310,326
									25,234,052
United States    0.0%
Ascent Resources Utica Holdings LLC,
Second Lien Term Loan, 3 Month LIBOR + 9.000%		10.000	(c)	11/01/25			1,199		1,324,146
Diamond Sports Group LLC,
Term Loan, 1 Month LIBOR + 3.250%		3.370	(c)	08/24/26			2,320		1,647,200
									2,971,346
TOTAL BANK LOANS (cost $31,240,507)									32,138,104

See Notes to Financial Statements.

PGIM Global Total Return Fund      19

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES    6.7%
Canada    0.1%
Real Estate Asset Liquidity Trust,
Series 2020-01A, Class A1, 144A	2.381%(cc)	02/12/55		CAD	2,210	$	1,848,099
Ireland    0.0%
Taurus UK DAC,
Series 2021-UK1A, Class D, 144A	0.000(cc)	05/17/31		GBP	550		760,622
United Kingdom    0.0%
Salus European Loan Conduit DAC,
Series 33A, Class A, 144A, 3 Month GBP LIBOR + 1.500% (Cap 6.500%, Floor 1.500%)	1.589(c)	01/23/29		GBP	500		689,352
United States    6.6%
20 Times Square Trust,
Series 2018-20TS, Class G, 144A	3.203(cc)	05/15/35			1,000		916,751
Series 2018-20TS, Class H, 144A	3.203(cc)	05/15/35			1,000		888,813
BANK,
Series 2017-BNK05, Class A3	3.020	06/15/60			3,600		3,761,766
Series 2017-BNK06, Class A3	3.125	07/15/60			4,400		4,614,741
Series 2017-BNK07, Class A4	3.175	09/15/60			5,000		5,405,285
Series 2017-BNK09, Class A3	3.279	11/15/54			3,000		3,243,426
Series 2019-BN21, Class A3	2.458	10/17/52			6,293		6,528,104
Benchmark Mortgage Trust,
Series 2018-B02, Class A3	3.544	02/15/51			5,000		5,407,524
Series 2018-B03, Class A3	3.746	04/10/51			7,200		7,758,348
Series 2020-B17, Class A4	2.042	03/15/53			6,200		6,160,564
Series 2020-B20, Class A3	1.945	10/15/53			11,000		11,082,416
BX Commercial Mortgage Trust,
Series 2019-XL, Class F, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%)	2.115(c)	10/15/36			3,104		3,103,685
Series 2019-XL, Class G, 144A, 1 Month LIBOR + 2.300% (Cap N/A, Floor 2.300%)	2.415(c)	10/15/36			8,206		8,201,014
Series 2019-XL, Class J, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 2.650%)	2.765(c)	10/15/36			23,776		23,775,679
Series 2020-BXLP, Class F, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%)	2.115(c)	12/15/36			3,792		3,791,177
Series 2020-BXLP, Class G, 144A, 1 Month LIBOR + 2.500% (Cap N/A, Floor 2.500%)	2.615(c)	12/15/36			13,173		13,165,391
Cantor Commercial Real Estate Lending,
Series 2019-CF02, Class A3	2.647	11/15/52			16,531		16,971,976

See Notes to Financial Statements.

20

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
United States (cont’d.)
CF Mortgage Trust,
Series 2020-P01, Class A1, 144A	2.840%(cc)	04/15/25		9,442	$	9,912,232
Citigroup Commercial Mortgage Trust,
Series 2014-GC21, Class XB, IO	0.601(cc)	05/10/47		27,500		360,902
Series 2016-GC37, Class XB, IO	0.852(cc)	04/10/49		33,868		1,075,929
Series 2016-P04, Class XB, IO	1.502(cc)	07/10/49		9,100		568,380
Series 2017-P08, Class A2	3.109	09/15/50		2,000		2,085,912
Cold Storage Trust,
Series 2020-ICE05, Class E, 144A, 1 Month LIBOR + 2.766% (Cap N/A, Floor 2.833%)	2.880(c)	11/15/37		4,399		4,412,662
Commercial Mortgage Trust,
Series 2012-CR01, Class XA, IO	2.039(cc)	05/15/45		2,945		32,667
Series 2014-UBS04, Class XB, IO, 144A	0.297(cc)	08/10/47		50,000		350,955
Series 2015-CR24, Class A4	3.432	08/10/48		3,889		4,217,452
Credit Suisse Mortgage Capital Certificates,
Series 2019-ICE04, Class E, 144A, 1 Month LIBOR + 2.150% (Cap N/A, Floor 2.150%)	2.265(c)	05/15/36		14,125		14,145,950
CSAIL Commercial Mortgage Trust,
Series 2018-CX11, Class A3	4.095	04/15/51		2,250		2,460,403
Series 2019-C17, Class A3	2.769	09/15/52		12,444		13,058,818
DBWF Mortgage Trust,
Series 2016-85T, Class E, 144A	3.935(cc)	12/10/36		3,000		2,921,304
Deutsche Bank Commercial Mortgage Trust,
Series 2016-C03, Class A3	2.362	08/10/49		1,500		1,534,443
Series 2017-C06, Class A3	3.269	06/10/50		4,400		4,625,086
Series 2020-C09, Class A3	1.882	09/15/53		20,000		20,207,384
Eleven Madison Mortgage Trust,
Series 2015-11MD, Class C, 144A	3.673(cc)	09/10/35		500		530,358
FHLMC Multifamily Structured Pass-Through Certificates,
Series K019, Class X1, IO	1.724(cc)	03/25/22		8,526		63,194
Series K020, Class X1, IO	1.473(cc)	05/25/22		9,849		105,718
Series K025, Class X1, IO	0.917(cc)	10/25/22		17,657		154,928
Series K037, Class X1, IO	1.104(cc)	01/25/24		10,154		216,206
Series K043, Class X1, IO	0.653(cc)	12/25/24		11,929		209,151
Series K049, Class X1, IO	0.718(cc)	07/25/25		39,973		895,352
Series K052, Class X1, IO	0.785(cc)	11/25/25		11,961		311,650
Series K053, Class X1, IO	1.021(cc)	12/25/25		44,987		1,628,753
Series K054, Class X1, IO	1.306(cc)	01/25/26		30,438		1,480,332
Series K058, Class X1, IO	1.051(cc)	08/25/26		40,917		1,783,411
Series K090, Class X1, IO	0.852(cc)	02/25/29		22,967		1,180,004
Series K111, Class X1, IO	1.681(cc)	05/25/30		29,406		3,597,077

See Notes to Financial Statements.

PGIM Global Total Return Fund      21

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

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 K113, Class X1, IO	1.490%(cc)	06/25/30		119,116	$	12,983,438
Series K114, Class X1, IO	1.213(cc)	06/25/30		75,527		6,730,146
Series K116, Class X1, IO	1.531(cc)	07/25/30		49,219		5,459,258
Series K121, Class X1, IO	1.124(cc)	10/25/30		127,868		10,514,041
Series K717, Class X1, IO	0.578(cc)	09/25/21		9,801		378
Series KG03, Class X1, IO	1.483(cc)	06/25/30		101,850		10,837,634
Series Q001, Class XA, IO	2.146(cc)	02/25/32		6,203		684,299
GS Mortgage Securities Corp. Trust,
Series 2021-RENT, Class C, 144A, 1 Month LIBOR + 1.550% (Cap N/A, Floor 1.550%)	1.664(c)	11/21/35		7,780		7,783,940
Series 2021-RENT, Class D, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 1.850%)	1.964(c)	11/21/35		4,500		4,502,269
GS Mortgage Securities Trust,
Series 2014-GC20, Class XB, IO	0.594(cc)	04/10/47		30,000		373,281
Series 2014-GC22, Class XB, IO	0.456(cc)	06/10/47		35,000		379,397
Series 2014-GC24, Class XB, IO	0.021(cc)	09/10/47		83,262		50,682
Series 2014-GC26, Class XB, IO	0.445(cc)	11/10/47		56,483		656,412
Series 2018-GS09, Class A3	3.727	03/10/51		7,000		7,732,495
JPMBB Commercial Mortgage Securities Trust,
Series 2016-C01, Class A3	3.515	03/15/49		1,500		1,547,980
JPMCC Commercial Mortgage Securities Trust,
Series 2017-JP05, Class A3	3.342	03/15/50		1,600		1,654,375
Series 2017-JP06, Class A3	3.109	07/15/50		4,600		4,800,545
Series 2017-JP07, Class A3	3.379	09/15/50		5,100		5,388,975
JPMDB Commercial Mortgage Securities Trust,
Series 2020-COR07, Class A4	1.915	05/13/53		10,000		9,840,491
JPMorgan Chase Commercial Mortgage Securities Corp.,
Series 2018-AON, Class E, 144A	4.767(cc)	07/05/31		5,564		5,770,403
MKT Mortgage Trust,
Series 2020-525M, Class F, 144A	3.039(cc)	02/12/40		3,775		3,398,545
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2016-C31, Class A3	2.731	11/15/49		2,211		2,265,870
Morgan Stanley Capital I Trust,
Series 2016-UBS09, Class A2	2.982	03/15/49		286		295,300
Series 2017-H01, Class A3	3.153	06/15/50		4,500		4,769,296
Series 2019-MEAD, Class E, 144A	3.283(cc)	11/10/36		1,700		1,628,654
Series 2020-HR08, Class XB, IO	1.004(cc)	07/15/53		54,413		3,984,517
One New York Plaza Trust,
Series 2020-01NYP, Class C, 144A, 1 Month LIBOR + 2.200% (Cap N/A, Floor 2.200%)	2.315(c)	01/15/26		8,475		8,549,665

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date	Principal                   Amount                  (000)#			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
United States (cont’d.)
One New York Plaza Trust, (cont’d.)
Series 2020-01NYP, Class D, 144A, 1 Month LIBOR + 2.750% (Cap N/A, Floor 2.750%)		2.865	%(c)	01/15/26			2,975	$	3,008,365
UBS Commercial Mortgage Trust,
Series 2017-C04, Class A3		3.301		10/15/50			6,500		6,950,753
Series 2017-C06, Class A3		3.581		12/15/50			5,000		5,344,809
Series 2017-C07, Class A3		3.418		12/15/50			4,400		4,753,627
UBS-Barclays Commercial Mortgage Trust,
Series 2012-C02, Class XA, IO, 144A		1.439	(cc)	05/10/63			4,163		47,008
Wells Fargo Commercial Mortgage Trust,
Series 2016-C35, Class XB, IO		1.092	(cc)	07/15/48			24,000		1,067,518
Series 2016-LC24, Class XB, IO		1.151	(cc)	10/15/49			20,910		1,008,905
Series 2017-C40, Class A3		3.317		10/15/50			2,600		2,762,670
Series 2018-C43, Class A3		3.746		03/15/51			8,350		9,203,663
Series 2021-FCMT, Class B, 144A		—	(p)	05/15/31			1,800		1,800,000
Series 2021-FCMT, Class C, 144A		—	(p)	05/15/31			1,700		1,700,000
Series 2021-FCMT, Class D, 144A		—	(p)	05/15/31			2,200		2,200,000
									381,332,877
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES   (cost $375,248,546)									384,630,950
CORPORATE BONDS    38.7%
Australia    0.1%
Australia & New Zealand Banking Group Ltd.,
Sr. Unsec’d. Notes, EMTN		3.700		03/18/24		CNH	2,000		314,796
Westpac Banking Corp.,
Sr. Unsec’d. Notes, EMTN		4.420		08/14/23		CNH	21,000		3,345,934
									3,660,730
Belgium    0.1%
Anheuser-Busch InBev Worldwide, Inc.,
Gtd. Notes		5.550		01/23/49			3,800		4,911,942
Brazil    0.7%
Petrobras Global Finance BV,
Gtd. Notes		5.375		10/01/29		GBP	10,521		15,732,972
Gtd. Notes		6.625		01/16/34		GBP	6,301		9,826,315
Gtd. Notes, EMTN		6.250		12/14/26		GBP	6,918		10,800,003

See Notes to Financial Statements.

PGIM Global Total Return Fund      23

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
CORPORATE BONDS (Continued)
Brazil (cont’d.)
Suzano Austria GmbH,
Gtd. Notes	6.000%	01/15/29			200	$	234,334
Swiss Insured Brazil Power Finance Sarl,
Sr. Sec’d. Notes	9.850	07/16/32		BRL	20,610		3,985,505
							40,579,129
Canada    0.8%
Barrick Gold Corp.,
Sr. Unsec’d. Notes	5.250	04/01/42			35		44,138
Barrick North America Finance LLC,
Gtd. Notes	5.700	05/30/41			45		58,983
Barrick PD Australia Finance Pty Ltd.,
Gtd. Notes	5.950	10/15/39			50		67,537
Bombardier, Inc.,
Sr. Unsec’d. Notes, 144A	7.500	12/01/24			4,050		4,110,410
Sr. Unsec’d. Notes, 144A	7.875	04/15/27			1,335		1,332,031
Brookfield Residential Properties, Inc./Brookfield Residential US Corp.,
Gtd. Notes, 144A	4.875	02/15/30			2,320		2,320,500
Gtd. Notes, 144A	6.250	09/15/27			2,175		2,303,672
Cenovus Energy, Inc.,
Sr. Unsec’d. Notes	4.000	04/15/24			400		428,347
Sr. Unsec’d. Notes(a)	4.250	04/15/27			3,500		3,843,961
Hydro-Quebec,
Local Gov’t. Gtd. Notes, MTN	6.000	02/15/40		CAD	1,000		1,205,175
Local Gov’t. Gtd. Notes, Series B, MTN	8.400	03/28/25			654		828,876
Local Gov’t. Gtd. Notes, Series HE	8.625	06/15/29			600		881,468
Local Gov’t. Gtd. Notes, Series HK	9.375	04/15/30			1,000		1,565,509
Local Gov’t. Gtd. Notes, Series HQ	9.500	11/15/30			800		1,289,866
Local Gov’t. Gtd. Notes, Series JM	5.000	02/15/45		CAD	2,000		2,240,781
Kinross Gold Corp.,
Gtd. Notes	5.950	03/15/24			1,000		1,121,439
MEG Energy Corp.,
Gtd. Notes, 144A	7.125	02/01/27			1,225		1,307,921
Methanex Corp.,
Sr. Unsec’d. Notes	4.250	12/01/24			1,500		1,580,695
Nutrien Ltd.,
Sr. Unsec’d. Notes	3.375	03/15/25			1,450		1,568,182
Sr. Unsec’d. Notes	4.200	04/01/29			490		556,128
Sr. Unsec’d. Notes	6.125	01/15/41			25		34,380

See Notes to Financial Statements.

24

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
CORPORATE BONDS (Continued)
Canada (cont’d.)
Ontario Electricity Financial Corp.,
Local Gov’t. Gtd. Notes, Series 40	1.848%(s)	04/11/31		CAD	10,000	$	6,381,927
Rogers Communications, Inc.,
Gtd. Notes	3.250	05/01/29		CAD	700		591,609
Teck Resources Ltd.,
Sr. Unsec’d. Notes	5.400	02/01/43			1,403		1,645,250
Sr. Unsec’d. Notes	6.000	08/15/40			4,360		5,350,834
Toronto-Dominion Bank (The),
Sr. Unsec’d. Notes	2.050	07/10/24		AUD	2,470		1,970,655
Sr. Unsec’d. Notes	3.005	05/30/23		CAD	1,000		852,083
							45,482,357
China    0.9%
Agricultural Development Bank of China,
Sr. Unsec’d. Notes	3.400	11/06/24		CNH	72,790		11,474,909
Sr. Unsec’d. Notes	3.800	10/27/30		CNH	45,000		7,232,004
Aircraft Finance Co. Ltd.,
Sr. Sec’d. Notes, Series B	4.100	03/29/26			3,043		3,146,453
Sr. Sec’d. Notes, Series C	3.955	03/29/23			10,048		10,334,489
Bank of China Ltd.,
Sr. Unsec’d. Notes, EMTN	0.420	11/29/21		JPY	100,000		914,694
Sr. Unsec’d. Notes, EMTN	3.150	10/16/21		CNH	6,000		927,528
Sr. Unsec’d. Notes, EMTN	3.300	04/17/22		CNH	4,950		767,932
China Development Bank,
Sr. Unsec’d. Notes	4.300	08/02/32		CNH	13,000		2,183,569
Sr. Unsec’d. Notes, EMTN	0.500	06/01/21		EUR	1,000		1,202,263
Sr. Unsec’d. Notes, EMTN	4.350	08/06/24		CNH	4,700		760,788
Sr. Unsec’d. Notes, EMTN	4.350	09/19/24		CNH	8,990		1,459,223
Unsec’d. Notes	1.860	04/09/23		CNH	10,000		1,514,474
Unsec’d. Notes	4.200	01/19/27		CNH	16,000		2,632,847
Unsec’d. Notes, Series 2015	3.700	10/20/30		CNH	20,000		3,116,442
Industrial & Commercial Bank of China Ltd.,
Sr. Unsec’d. Notes	2.957	11/08/22			2,000		2,063,201
Sinopec Century Bright Capital Investment Ltd.,
Gtd. Notes	4.500	10/31/21		CNH	10,000		1,556,560
							51,287,376
Denmark    0.3%
Danske Bank A/S,
Sr. Unsec’d. Notes, 144A	1.171(ff)	12/08/23			9,300		9,345,887

See Notes to Financial Statements.

PGIM Global Total Return Fund      25

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
CORPORATE BONDS (Continued)
Denmark (cont’d.)
Danske Bank A/S, (cont’d.)
Sr. Unsec’d. Notes, 144A	1.621%(ff)	09/11/26			4,645	$	4,612,398
Sr. Unsec’d. Notes, 144A	3.244(ff)	12/20/25			1,095		1,166,455
							15,124,740
France    2.3%
Altice France SA,
Sr. Sec’d. Notes	3.375	01/15/28		EUR	8,475		10,048,969
Banque Federative du Credit Mutuel SA,
Sr. Unsec’d. Notes, Series 19	0.999	10/15/25		JPY	200,000		1,887,620
Sr. Unsec’d. Notes, Series 21	0.300	10/13/23		JPY	300,000		2,749,931
BNP Paribas SA,
Sr. Unsec’d. Notes, 144A	1.323(ff)	01/13/27			2,100		2,067,226
Sr. Unsec’d. Notes, 144A	1.904(ff)	09/30/28			12,100		11,935,566
Sr. Unsec’d. Notes, 144A	2.219(ff)	06/09/26			1,300		1,336,744
Sr. Unsec’d. Notes, 144A	2.871(ff)	04/19/32			5,220		5,260,008
Sr. Unsec’d. Notes, 144A	3.375	01/09/25			4,800		5,165,927
Sr. Unsec’d. Notes, EMTN	6.420	09/11/23		MXN	250		12,401
Sub. Notes, EMTN	4.625	03/09/27		AUD	370		315,854
BPCE SA,
Sr. Unsec’d. Notes, 144A	2.277(ff)	01/20/32			7,422		7,188,269
Sr. Unsec’d. Notes, EMTN	0.562	06/24/24		JPY	100,000		917,166
Sr. Unsec’d. Notes, Series 3	0.989	07/12/28		JPY	300,000		2,809,278
Sr. Unsec’d. Notes, Series 5	0.530(ff)	12/10/26		JPY	500,000		4,573,906
Sub. Notes, Series 1	2.047	01/30/25		JPY	100,000		941,129
Credit Agricole Assurances SA,
Sub. Notes	4.250(ff)	01/13/25(oo)		EUR	2,000		2,684,351
Credit Agricole SA,
Sr. Unsec’d. Notes, 144A	1.247(ff)	01/26/27			2,545		2,498,960
Sr. Unsec’d. Notes, EMTN	4.400	07/06/27		AUD	1,200		1,043,388
Sr. Unsec’d. Notes, Series 4	0.959	06/08/28		JPY	400,000		3,675,762
Sr. Unsec’d. Notes, Series 7	1.248(ff)	06/04/26		JPY	600,000		5,665,385
Dexia Credit Local SA,
Gov’t. Liquid Gtd. Notes, EMTN	2.125	02/12/25		GBP	2,800		4,092,968
La Poste SA,
Sr. Unsec’d. Notes, EMTN	1.450	11/30/28		EUR	600		786,239
Loxam SAS,
Sr. Sec’d. Notes	2.875	04/15/26		EUR	5,200		6,137,014
Sr. Sub. Notes	4.500	04/15/27		EUR	3,800		4,351,544
Sr. Sub. Notes	5.750	07/15/27		EUR	4,100		4,916,902
Sr. Sub. Notes, 144A	4.500	04/15/27		EUR	900		1,030,629

See Notes to Financial Statements.

26

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
CORPORATE BONDS (Continued)
France (cont’d.)
SNCF Reseau,
Sr. Unsec’d. Notes, EMTN	5.250%	12/07/28		GBP	1,000	$	1,789,417
Sr. Unsec’d. Notes, EMTN	5.250	01/31/35		GBP	200		396,599
Sr. Unsec’d. Notes, Series MPLE	4.700	06/01/35		CAD	6,100		5,983,247
Societe Generale SA,
Sr. Unsec’d. Notes, 144A, MTN	2.625	01/22/25			18,960		19,766,236
Sr. Unsec’d. Notes, 144A, MTN	3.875	03/28/24			5,055		5,457,530
Sub. Notes, EMTN	4.875	10/13/26		AUD	2,364		2,011,149
Sub. Notes, EMTN	5.000	05/19/27		AUD	220		188,667
Sub. Notes, EMTN	5.000(ff)	07/20/28		AUD	1,006		823,639
Societe Nationale SNCF SA,
Sr. Unsec’d. Notes, EMTN	5.375	03/18/27		GBP	1,622		2,772,354
							133,281,974
Germany    0.8%
Daimler International Finance BV,
Gtd. Notes, EMTN	3.450	09/27/22		CNH	1,000		155,464
Gtd. Notes, EMTN	3.780	03/22/22		CNH	2,000		311,136
Gtd. Notes, EMTN	4.500	09/21/21		CNH	16,000		2,487,642
Deutsche Bahn Finance GMBH,
Gtd. Notes, MTN	1.987	07/08/30		AUD	1,000		737,325
Gtd. Notes, MTN	3.800	09/27/27		AUD	900		770,717
Deutsche Bank AG,
Sr. Unsec’d. Notes	1.686	03/19/26			4,350		4,366,615
Sr. Unsec’d. Notes	2.129(ff)	11/24/26			3,760		3,808,367
Sr. Unsec’d. Notes	3.950	02/27/23			3,040		3,206,468
Sub. Notes, EMTN	3.662(ff)	04/10/25		CNH	9,000		1,366,349
Unsec’d. Notes	4.550(s)	11/07/22			1,814		1,787,690
Kreditanstalt fuer Wiederaufbau,
Gov’t. Gtd. Notes	4.700	06/02/37		CAD	402		410,584
thyssenkrupp AG,
Sr. Unsec’d. Notes	1.375	03/03/22		EUR	12,086		14,545,012
TK Elevator Midco GmbH,
Sr. Sec’d. Notes	4.375	07/15/27		EUR	1,300		1,642,609
Sr. Sec’d. Notes, 3 Month EURIBOR + 4.750% (Cap N/A, Floor 4.750%)	4.750(c)	07/15/27		EUR	3,100		3,782,880
Sr. Sec’d. Notes, 144A	4.375	07/15/27		EUR	4,300		5,433,244
Volkswagen International Finance NV,
Gtd. Notes	2.700(ff)	12/14/22(oo)		EUR	1,000		1,240,121
							46,052,223

See Notes to Financial Statements.

PGIM Global Total Return Fund      27

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
CORPORATE BONDS (Continued)
Hong Kong    0.2%
HKT Capital No. 3 Ltd.,
Gtd. Notes	1.650%	04/10/27		EUR	9,000	$	11,287,182
Swire Pacific MTN Financing Ltd.,
Gtd. Notes, EMTN	3.900	11/05/30		HKD	5,000		714,323
							12,001,505
Hungary    0.1%
MFB Magyar Fejlesztesi Bank Zrt,
Gov’t. Gtd. Notes	1.375	06/24/25		EUR	4,170		5,240,965
Iceland    0.1%
Landsvirkjun,
Gov’t. Gtd. Notes, EMTN	0.000(cc)	07/24/26		EUR	5,000		5,927,580
India    0.2%
NTPC Ltd.,
Sr. Unsec’d. Notes, EMTN	2.750	02/01/27		EUR	8,600		10,974,818
Indonesia    0.2%
Pertamina Persero PT,
Sr. Unsec’d. Notes, 144A, MTN	4.300	05/20/23			500		532,007
Perusahaan Listrik Negara PT,
Sr. Unsec’d. Notes	1.875	11/05/31		EUR	800		947,377
Sr. Unsec’d. Notes	2.875	10/25/25		EUR	700		901,071
Sr. Unsec’d. Notes, 144A	1.875	11/05/31		EUR	6,900		8,171,126
Sr. Unsec’d. Notes, 144A	2.875	10/25/25		EUR	900		1,158,520
							11,710,101
Israel    0.5%
Israel Electric Corp. Ltd.,
Sr. Sec’d. Notes	6.875	06/21/23			3,000		3,364,658
Sr. Sec’d. Notes	7.875	12/15/26			5,500		7,044,287
Sr. Sec’d. Notes, 144A, GMTN	4.250	08/14/28			3,100		3,445,810
Sr. Sec’d. Notes, EMTN	3.700	05/23/30		JPY	200,000		2,128,063
Sr. Sec’d. Notes, EMTN	7.750	12/15/27			9,750		12,687,162
							28,669,980

See Notes to Financial Statements.

28

Description	Interest Rate			Maturity Date	Principal                   Amount                  (000)#			Value
CORPORATE BONDS (Continued)
Italy    0.2%
Agenzia Nazionale per l’Attrazione degli Investimenti e lo Sviluppo d’Impresa,
Sr. Unsec’d. Notes		1.375	%	07/20/22		EUR	1,000	$	1,220,785
Assicurazioni Generali SpA,
Sub. Notes, EMTN		5.500	(ff)	10/27/47		EUR	2,075		3,062,117
Intesa Sanpaolo SpA,
Sr. Unsec’d. Notes, 144A		3.125		07/14/22			2,500		2,567,924
Sr. Unsec’d. Notes, 144A		3.375		01/12/23			310		323,070
Rossini Sarl,
Sr. Sec’d. Notes, 144A		6.750		10/30/25		EUR	1,980		2,519,782
									9,693,678
Jamaica    0.2%
Digicel International Finance Ltd./Digicel International Holdings Ltd.,
Gtd. Notes, 144A		8.000		12/31/26			1,100		1,069,799
Gtd. Notes, 144A, Cash coupon 6.000% and PIK 7.000%		13.000		12/31/25			1,000		1,010,965
Sr. Sec’d. Notes, 144A		8.750		05/25/24			750		783,076
Sr. Sec’d. Notes, 144A		8.750		05/25/24			7,250		7,561,531
									10,425,371
Japan    0.1%
Central Nippon Expressway Co. Ltd.,
Sr. Unsec’d. Notes, EMTN		1.873		09/26/24		AUD	3,000		2,353,366
East Japan Railway Co.,
Sr. Unsec’d. Notes, EMTN		5.250		04/22/33		GBP	1,500		2,859,883
Mitsubishi UFJ Financial Group, Inc.,
Sr. Unsec’d. Notes		2.801		07/18/24			2,100		2,228,466
Mizuho Bank Ltd.,
Certificate of Deposit		1.700		08/07/24		AUD	600		474,223
Mizuho Financial Group, Inc.,
Sr. Unsec’d. Notes		3.752		07/19/23		AUD	1,042		853,481
									8,769,419

See Notes to Financial Statements.

PGIM Global Total Return Fund      29

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
CORPORATE BONDS (Continued)
Kazakhstan    0.2%
Kazakhstan Temir Zholy National Co. JSC,
Gtd. Notes	3.250%	12/05/23		CHF	4,800	$	5,613,579
Gtd. Notes	3.638	06/20/22		CHF	5,550		6,293,883
							11,907,462
Luxembourg    0.3%
ARD Finance SA,
Sr. Sec’d. Notes, Cash coupon 5.000% or PIK 5.750%(a)	5.000	06/30/27		EUR	6,300		7,746,580
Sr. Sec’d. Notes, 144A, Cash coupon 5.000% or PIK 5.750%	5.000	06/30/27		EUR	10,000		12,296,159
							20,042,739
Mexico    0.9%
Comision Federal de Electricidad,
Sr. Unsec’d. Notes	5.000	09/29/36			11,565		11,966,185
Petroleos Mexicanos,
Gtd. Notes	3.625	11/24/25		EUR	11,020		13,236,373
Gtd. Notes	6.500	01/23/29			1,480		1,506,257
Gtd. Notes	6.840	01/23/30			325		333,418
Gtd. Notes	9.500	09/15/27			2,000		2,288,365
Gtd. Notes, EMTN	1.875	04/21/22		EUR	1,200		1,442,487
Gtd. Notes, EMTN	3.750	02/21/24		EUR	4,200		5,150,439
Gtd. Notes, EMTN	3.750	11/16/25		GBP	290		388,479
Gtd. Notes, EMTN	3.750	04/16/26		EUR	3,057		3,675,278
Gtd. Notes, EMTN	4.875	02/21/28		EUR	7,800		9,482,672
Gtd. Notes, EMTN	5.125	03/15/23		EUR	1,600		2,020,233
Gtd. Notes, EMTN	8.250	06/02/22		GBP	528		771,724
U.S. Gov’t. Gtd. Notes, 3 Month LIBOR + 0.430% (Cap N/A, Floor 0.000%)	0.624(c)	02/15/24			2,250		2,252,039
							54,513,949
Netherlands    0.7%
ABN AMRO Bank NV,
Sub. Notes, 144A	4.750	07/28/25			500		562,087
BNG Bank NV,
Sr. Unsec’d. Notes	5.150	03/07/25		CAD	1,000		937,644
Sr. Unsec’d. Notes, EMTN	0.500	05/12/21		ZAR	10,000		688,667
Sr. Unsec’d. Notes, EMTN	0.500	06/22/21		ZAR	6,000		409,472
Sr. Unsec’d. Notes, EMTN	0.500	06/07/22		ZAR	10,000		651,989

See Notes to Financial Statements.

30

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	0.500%	08/15/22		ZAR	30,000	$	1,924,946
Sr. Unsec’d. Notes, EMTN	7.000	12/09/21		AUD	2,000		1,603,320
Sr. Unsec’d. Notes, MTN	1.765(s)	04/05/28		CAD	2,600		1,845,728
Cooperatieve Rabobank UA,
Sr. Unsec’d. Notes, GMTN	3.500	12/14/26		AUD	2,412		1,954,885
Sub. Notes, Series 1	1.429	12/19/24		JPY	300,000		2,809,964
ING Groep NV,
Sr. Unsec’d. Notes(a)	4.050	04/09/29			2,525		2,837,673
Nederlandse Waterschapsbank NV,
Sr. Unsec’d. Notes, MTN	4.550	03/16/29		CAD	230		222,386
NXP BV/NXP Funding LLC/NXP USA, Inc.,
Gtd. Notes, 144A	3.150	05/01/27			575		616,031
Gtd. Notes, 144A	3.400	05/01/30			725		774,505
OCI NV,
Sr. Sec’d. Notes, 144A	3.625	10/15/25		EUR	9,300		11,682,476
United Group BV,
Sr. Sec’d. Notes	4.875	07/01/24		EUR	300		366,085
Sr. Sec’d. Notes, 144A	3.125	02/15/26		EUR	3,800		4,414,362
Ziggo Bond Co. BV,
Gtd. Notes, 144A	3.375	02/28/30		EUR	6,000		7,132,348
Ziggo BV,
Sr. Sec’d. Notes	4.250	01/15/27		EUR	160		200,060
							41,634,628
Norway    0.2%
Equinor ASA,
Gtd. Notes	2.875	04/06/25			8,720		9,354,428
Gtd. Notes	6.800	01/15/28			2,265		2,855,336
							12,209,764
Peru    0.0%
Lima Metro Line 2 Finance Ltd.,
Sr. Sec’d. Notes	5.875	07/05/34			103		117,813
Peru Enhanced Pass-Through Finance Ltd.,
Pass-Through Certificates	2.077(s)	06/02/25			1,404		1,335,879
							1,453,692

See Notes to Financial Statements.

PGIM Global Total Return Fund      31

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
CORPORATE BONDS (Continued)
Philippines    0.1%
Bangko Sentral ng Pilipinas International Bond,
Sr. Unsec’d. Notes, Series A	8.600%	06/15/27			3,500	$	4,721,900
Power Sector Assets & Liabilities Management Corp.,
Gov’t. Gtd. Notes	7.390	12/02/24			200		244,932
							4,966,832
Poland    0.1%
Bank Gospodarstwa Krajowego,
Gov’t. Gtd. Notes	1.375	06/01/25		EUR	500		636,380
Gov’t. Gtd. Notes	1.625	04/30/28		EUR	600		790,438
Gov’t. Gtd. Notes, EMTN	1.750	05/06/26		EUR	4,700		6,140,461
							7,567,279
Portugal    0.6%
CP-Comboios de Portugal EPE,
Sr. Unsec’d. Notes	5.700	03/05/30		EUR	20,100		33,421,244
Qatar    0.1%
QNB Finance Ltd.,
Gtd. Notes, EMTN	3.500	03/09/26		CNH	7,400		1,137,408
Gtd. Notes, EMTN	4.350	01/29/22		CNH	8,310		1,295,228
Gtd. Notes, EMTN	5.100	05/14/21		CNH	7,360		1,137,504
Gtd. Notes, EMTN	5.200	06/07/21		CNH	10,000		1,547,562
Gtd. Notes, EMTN	5.250	06/21/21		CNH	3,970		615,003
Gtd. Notes, MTN	4.900	02/01/28		AUD	840		727,871
							6,460,576
Russia    0.7%
Gazprom PJSC Via Gaz Capital SA,
Sr. Unsec’d. Notes	2.250	07/19/22		CHF	2,000		2,230,890
Sr. Unsec’d. Notes	2.500	03/21/26		EUR	2,000		2,492,727
Sr. Unsec’d. Notes	2.750	11/30/21		CHF	1,200		1,331,611
Sr. Unsec’d. Notes	4.250	04/06/24		GBP	9,080		13,338,120
Gazprom PJSC via Gaz Finance PLC,
Sr. Unsec’d. Notes	2.950	04/15/25		EUR	2,000		2,533,459
Russian Railways Via RZD Capital PLC,
Sr. Unsec’d. Notes	0.898	10/03/25		CHF	9,450		10,313,025
Sr. Unsec’d. Notes	1.195	04/03/28		CHF	1,300		1,405,192

See Notes to Financial Statements.

32

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
CORPORATE BONDS (Continued)
Russia (cont’d.)
Russian Railways Via RZD Capital PLC, (cont’d.)
Sr. Unsec’d. Notes	2.200%	05/23/27		EUR	621	$	778,945
Sr. Unsec’d. Notes	7.487	03/25/31		GBP	3,567		6,485,502
							40,909,471
Singapore    0.1%
BOC Aviation USA Corp.,
Gtd. Notes, 144A, MTN	1.625	04/29/24			1,670		1,675,332
Clifford Capital Pte Ltd.,
Gov’t. Gtd. Notes, EMTN	3.110	08/18/32			5,000		5,181,169
							6,856,501
South Africa    0.2%
Eskom Holdings SOC Ltd.,
Gov’t. Gtd. Notes, 144A, MTN(a)	6.350	08/10/28			1,350		1,468,380
Gov’t. Gtd. Notes, MTN	6.350	08/10/28			6,300		6,852,442
Sasol Financing International Ltd.,
Gtd. Notes	4.500	11/14/22			800		819,186
							9,140,008
South Korea    0.6%
Hyundai Capital Services, Inc.,
Sr. Unsec’d. Notes, Series 14	0.400	08/02/21		JPY	100,000		913,935
Korea Development Bank (The),
Sr. Unsec’d. Notes, EMTN	1.830	08/10/27		SEK	27,000		3,416,505
Sr. Unsec’d. Notes, EMTN	6.000	01/22/25		IDR	15,000,000		1,048,032
Korea Expressway Corp.,
Sr. Unsec’d. Notes, GMTN	2.310	04/28/32		SEK	80,000		10,459,709
Sr. Unsec’d. Notes, GMTN	3.030	05/11/32		CAD	7,500		6,343,531
Korea Hydro & Nuclear Power Co. Ltd.,
Sr. Unsec’d. Notes, EMTN	3.350	03/13/28		HKD	2,000		273,005
Korean Air Lines Co. Ltd.,
Gov’t. Gtd. Notes, Series 1	0.320	02/21/22		JPY	600,000		5,490,475
KT Corp.,
Sr. Unsec’d. Notes, Series 9	0.220	07/19/22		JPY	700,000		6,396,331
							34,341,523

See Notes to Financial Statements.

PGIM Global Total Return Fund      33

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
CORPORATE BONDS (Continued)
Spain    0.7%
Banco Santander SA,
Sr. Unsec’d. Notes	1.849%	03/25/26			15,400	$	15,526,379
Sr. Unsec’d. Notes	3.306	06/27/29			1,600		1,707,499
Sr. Unsec’d. Notes	3.800	02/23/28			2,200		2,389,900
Sub. Notes	2.749	12/03/30			2,400		2,330,686
Cellnex Finance Co. SA,
Gtd. Notes, EMTN	2.000	02/15/33		EUR	11,900		14,025,989
Codere Finance 2 Luxembourg SA,
Sr. Sec’d. Notes, 144A	10.750	09/30/23		EUR	696		889,120
Sr. Sec’d. Notes, 144A	10.750	09/30/23		EUR	137		175,003
Sr. Sec’d. Notes, 144A, Cash coupon 4.500% and PIK 7.125%	11.625	11/01/23			1,495		1,031,765
							38,076,341
Supranational Bank    1.2%
African Development Bank,
Sr. Unsec’d. Notes, EMTN	0.500	09/21/21		NZD	4,000		2,857,894
Sr. Unsec’d. Notes, EMTN	0.500	03/13/23		MXN	20,000		891,449
Corp. Andina de Fomento,
Sr. Unsec’d. Notes	2.750	01/06/23			1,350		1,396,361
Sr. Unsec’d. Notes	4.375	06/15/22			3,300		3,435,518
EUROFIMA,
Sr. Unsec’d. Notes, MTN	4.550	03/30/27		CAD	900		843,278
European Bank for Reconstruction & Development,
Sr. Unsec’d. Notes, GMTN	6.450	12/13/22		IDR	60,560,000		4,281,549
Unsec’d. Notes, GMTN	1.250	07/10/23		PEN	4,500		1,160,843
European Investment Bank,
Sr. Unsec’d. Notes, 144A, EMTN	4.600	01/30/37		CAD	1,528		1,537,142
Sr. Unsec’d. Notes, 144A, EMTN	5.400	01/05/45		CAD	4,200		4,804,982
Sr. Unsec’d. Notes, 144A, MTN	2.047(s)	05/28/37		CAD	20,500		10,611,801
Sr. Unsec’d. Notes, EMTN	2.106(s)	05/28/37		CAD	9,350		4,840,028
Sr. Unsec’d. Notes, EMTN	0.500	07/21/23		AUD	800		617,191
Sr. Unsec’d. Notes, EMTN	0.500	08/10/23		AUD	1,210		933,251
Sr. Unsec’d. Notes, EMTN	1.000	02/25/28		PLN	3,985		1,010,748
Sr. Unsec’d. Notes, EMTN	1.250	05/12/25		SEK	16,500		2,024,808
Sr. Unsec’d. Notes, EMTN	1.250	11/12/29		SEK	10,000		1,225,596
Sr. Unsec’d. Notes, EMTN	1.375	05/12/28		SEK	280		34,735
Sr. Unsec’d. Notes, EMTN	4.600	01/30/37		CAD	550		553,291
Sr. Unsec’d. Notes, EMTN	6.270	08/28/24		IDR	10,000,000		709,346
Inter-American Development Bank,
Sr. Unsec’d. Notes, EMTN	7.875	03/14/23		IDR	137,000,000		9,953,644

See Notes to Financial Statements.

34

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
CORPORATE BONDS (Continued)
Supranational Bank (cont’d.)
Inter-American Development Bank, (cont’d.)
Sr. Unsec’d. Notes, GMTN	7.500%	12/05/24		MXN	600	$	30,861
International Bank for Reconstruction & Development,
Notes, MTN	0.887(s)	03/01/26			1,350		1,260,150
Sr. Unsec’d. Notes, EMTN	1.928(s)	04/23/32		AUD	8,758		5,207,268
Sr. Unsec’d. Notes, EMTN	0.500	03/07/22		AUD	1,145		883,685
Sr. Unsec’d. Notes, EMTN	0.500	03/28/22		AUD	200		154,396
Sr. Unsec’d. Notes, EMTN	0.500	07/29/22		AUD	350		270,379
Sr. Unsec’d. Notes, EMTN	6.630	07/24/28		MXN	17,700		834,585
Sr. Unsec’d. Notes, MTN	1.600(cc)	10/20/26			18		18,015
International Finance Corp.,
Sr. Unsec’d. Notes, GMTN	6.000	07/25/22		MXN	20,000		1,000,794
Sr. Unsec’d. Notes, GMTN	7.020	04/06/28		MXN	41,300		2,021,608
Nordic Investment Bank,
Sr. Unsec’d. Notes, MTN	3.875	09/02/25		NZD	2,000		1,597,564
North American Development Bank,
Sr. Unsec’d. Notes	2.400	10/26/22			198		202,439
							67,205,199
Switzerland    0.5%
Credit Suisse Group AG,
Sr. Unsec’d. Notes, 144A	1.305(ff)	02/02/27			6,440		6,280,383
Sr. Unsec’d. Notes, 144A	2.593(ff)	09/11/25			1,390		1,445,418
Sr. Unsec’d. Notes, 144A	4.207(ff)	06/12/24			2,850		3,042,749
Sr. Unsec’d. Notes, 144A	4.282	01/09/28			2,975		3,300,589
Sr. Unsec’d. Notes, EMTN	1.000	04/14/23		CHF	1,000		1,115,725
Sr. Unsec’d. Notes, EMTN	3.500(ff)	03/08/24		AUD	750		601,853
UBS AG,
Sr. Unsec’d. Notes	1.200	07/30/25		AUD	1,855		1,429,514
UBS Group AG,
Sr. Unsec’d. Notes, 144A	2.859(ff)	08/15/23			990		1,018,797
Sr. Unsec’d. Notes, 144A	3.491	05/23/23			1,100		1,133,997
Sr. Unsec’d. Notes, 144A	4.125	09/24/25			2,500		2,791,623
Sr. Unsec’d. Notes, 144A, MTN	2.095(ff)	02/11/32			5,530		5,275,460
							27,436,108
Tunisia    0.0%
Banque Centrale de Tunisie International Bond,
Sr. Unsec’d. Notes	4.200	03/17/31		JPY	100,000		573,476

See Notes to Financial Statements.

PGIM Global Total Return Fund      35

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
CORPORATE BONDS (Continued)
Ukraine    0.0%
NAK Naftogaz Ukraine via Kondor Finance PLC,
Sr. Unsec’d. Notes	7.125%	07/19/24		EUR	1,100	$	1,336,180
United Arab Emirates    0.9%
Abu Dhabi National Energy Co. PJSC,
Sr. Unsec’d. Notes, 144A(a)	4.375	04/23/25			1,070		1,198,102
Sr. Unsec’d. Notes, GMTN	2.750	05/02/24		EUR	13,800		17,632,079
ADCB Finance Cayman Ltd.,
Gtd. Notes, MTN	3.750	10/25/22		AUD	1,130		904,426
Gtd. Notes, MTN	4.500	10/25/27		AUD	2,370		2,032,000
DP World PLC,
Sr. Unsec’d. Notes	2.375	09/25/26		EUR	937		1,197,484
Sr. Unsec’d. Notes	4.250	09/25/30		GBP	5,000		7,822,162
Sr. Unsec’d. Notes, 144A	4.250	09/25/30		GBP	1,840		2,878,556
Emirates NBD Bank PJSC,
Sr. Unsec’d. Notes	3.050	02/26/30		AUD	100		76,731
Sr. Unsec’d. Notes, MTN	4.750	02/09/28		AUD	6,840		5,909,348
Sr. Unsec’d. Notes, MTN	4.850	10/12/27		AUD	4,090		3,557,207
Emirates Telecommunications Group Co. PJSC,
Sr. Unsec’d. Notes, GMTN	2.750	06/18/26		EUR	4,000		5,429,701
First Abu Dhabi Bank PJSC,
Sr. Unsec’d. Notes, EMTN	4.500	09/10/21		CNH	8,000		1,241,919
							49,879,715
United Kingdom    3.3%
Barclays PLC,
Sr. Unsec’d. Notes	4.375	01/12/26			800		897,177
Sr. Unsec’d. Notes, EMTN	1.125	07/12/23		CHF	1,200		1,345,037
Sr. Unsec’d. Notes, MTN	3.250	06/26/24		AUD	1,750		1,428,837
Sr. Unsec’d. Notes, MTN	4.000	06/26/29		AUD	2,000		1,659,534
Sr. Unsec’d. Notes, MTN	4.327	06/15/23		AUD	1,750		1,442,009
Sr. Unsec’d. Notes, MTN(a)	4.972(ff)	05/16/29			5,520		6,387,736
Sr. Unsec’d. Notes, MTN	5.244	06/15/28		AUD	1,000		894,954
Sr. Unsec’d. Notes, Series 1	1.232(ff)	09/25/24		JPY	100,000		923,944
Sub. Notes	5.200	05/12/26			3,780		4,294,684
Bellis Acquisition Co. PLC,
Sr. Sec’d. Notes, 144A	3.250	02/16/26		GBP	21,100		29,226,835
Bellis Finco PLC,
Sr. Unsec’d. Notes, 144A	4.000	02/16/27		GBP	6,700		9,282,273
BP Capital Markets PLC,
Gtd. Notes	4.375(ff)	06/22/25(oo)			14,500		15,426,018

See Notes to Financial Statements.

36

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
CORPORATE BONDS (Continued)
United Kingdom (cont’d.)
Co-operative Group Holdings 2011 Ltd.,
Gtd. Notes	7.500%	07/08/26		GBP	7,495	$	12,503,213
Co-Operative Group Ltd.,
Sr. Unsec’d. Notes	5.125	05/17/24		GBP	3,400		5,042,988
CPUK Finance Ltd.,
Sec’d. Notes, 144A	4.875	02/28/47		GBP	110		154,270
eG Global Finance PLC,
Sr. Sec’d. Notes	6.250	10/30/25		EUR	6,400		7,838,670
Sr. Sec’d. Notes, 144A	4.375	02/07/25		EUR	5,500		6,414,004
Sr. Sec’d. Notes, 144A	6.250	10/30/25		EUR	3,200		3,919,335
Experian Finance PLC,
Gtd. Notes, 144A	2.750	03/08/30			3,625		3,713,956
HSBC Bank PLC,
Sr. Unsec’d. Notes, 144A, EMTN	3.120	04/04/26		CNH	36,800		5,640,400
Sr. Unsec’d. Notes, EMTN	3.300(ff)	09/28/24			11,320		11,147,099
HSBC Holdings PLC,
Sr. Unsec’d. Notes	1.645(ff)	04/18/26			1,255		1,264,923
Sr. Unsec’d. Notes	3.973(ff)	05/22/30			2,400		2,626,221
Sr. Unsec’d. Notes, EMTN	3.350(ff)	02/16/24		AUD	1,870		1,499,873
Sr. Unsec’d. Notes, Series 2	0.842	09/26/23		JPY	700,000		6,464,288
Sr. Unsec’d. Notes, Series 4	0.575(ff)	09/13/24		JPY	100,000		917,606
Ladbrokes Group Finance PLC,
Sr. Sec’d. Notes	5.125	09/08/23		GBP	1,900		2,768,290
Lloyds Banking Group PLC,
Sr. Unsec’d. Notes	2.907(ff)	11/07/23			1,850		1,914,716
Sr. Unsec’d. Notes	3.870(ff)	07/09/25			5,695		6,196,792
Sr. Unsec’d. Notes, MTN	4.250	11/22/27		AUD	160		137,352
Sub. Notes	4.582	12/10/25			2,250		2,524,033
Natwest Group PLC,
Sr. Unsec’d. Notes(a)	3.875	09/12/23			1,000		1,073,324
Sr. Unsec’d. Notes	4.269(ff)	03/22/25			5,860		6,390,972
Sr. Unsec’d. Notes	4.892(ff)	05/18/29			800		920,236
Sr. Unsec’d. Notes	5.076(ff)	01/27/30			1,700		1,983,268
Sr. Unsec’d. Notes, EMTN	2.000(ff)	03/08/23		EUR	700		856,717
Sr. Unsec’d. Notes, EMTN	2.500	03/22/23		EUR	1,500		1,891,528
Pinewood Finance Co. Ltd.,
Sr. Sec’d. Notes, 144A	3.250	09/30/25		GBP	1,700		2,389,642
Santander UK Group Holdings PLC,
Sr. Unsec’d. Notes	3.571	01/10/23			3,065		3,127,617
Tesco Corporate Treasury Services PLC,
Gtd. Notes, EMTN	2.500	07/01/24		EUR	750		973,048

See Notes to Financial Statements.

PGIM Global Total Return Fund      37

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
CORPORATE BONDS (Continued)
United Kingdom (cont’d.)
Virgin Media Secured Finance PLC,
Sr. Sec’d. Notes	5.000%	04/15/27		GBP	2,800	$	4,040,952
Sr. Sec’d. Notes, 144A	5.000	04/15/27		GBP	5,900		8,514,864
William Hill PLC,
Gtd. Notes, MTN(a)	4.750	05/01/26		GBP	3,315		5,227,090
							193,286,325
United States    19.5%
AbbVie, Inc.,
Sr. Unsec’d. Notes	3.200	11/21/29			6,090		6,506,332
Sr. Unsec’d. Notes	4.050	11/21/39			2,975		3,325,892
Sr. Unsec’d. Notes	4.250	11/21/49			2,870		3,260,676
Adient Global Holdings Ltd.,
Gtd. Notes, 144A	3.500	08/15/24		EUR	1,234		1,530,068
Aflac, Inc.,
Sr. Unsec’d. Notes	0.500	12/17/29		JPY	100,000		897,446
Sr. Unsec’d. Notes	0.830	03/12/35		JPY	100,000		901,230
Sr. Unsec’d. Notes	0.932	01/25/27		JPY	80,000		737,719
Sr. Unsec’d. Notes	1.159	10/18/30		JPY	600,000		5,708,790
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s LP/Albertson’s LLC,
Gtd. Notes, 144A	3.500	02/15/23			5,000		5,146,218
Altria Group, Inc.,
Gtd. Notes	3.125	06/15/31		EUR	2,900		3,951,987
Gtd. Notes	3.400	02/04/41			3,135		2,884,078
AMC Entertainment Holdings, Inc.,
Sec’d. Notes, 144A, Cash coupon 10.000% / PIK 12.000% or Cash coupon 5.000% and PIK 6.000%	12.000	06/15/26			1,379		1,182,183
American International Group, Inc.,
Sr. Unsec’d. Notes	1.875	06/21/27		EUR	2,100		2,725,648
AmeriGas Partners LP/AmeriGas Finance Corp.,
Sr. Unsec’d. Notes	5.500	05/20/25			3,800		4,218,699
Sr. Unsec’d. Notes	5.625	05/20/24			3,050		3,399,840
Amgen, Inc.,
Sr. Unsec’d. Notes	3.125	05/01/25			600		646,547
Antero Resources Corp.,
Gtd. Notes	5.625	06/01/23			2,000		2,006,600
Gtd. Notes, 144A	8.375	07/15/26			1,800		2,020,869
Anthem, Inc.,
Sr. Unsec’d. Notes	2.875	09/15/29			5,715		5,968,455

See Notes to Financial Statements.

38

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Anthem, Inc., (cont’d.)
Sr. Unsec’d. Notes	4.101%	03/01/28			1,005	$	1,134,827
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Gtd. Notes, 144A	7.000	11/01/26			575		581,975
Gtd. Notes, 144A	9.000	11/01/27			629		817,705
Sr. Unsec’d. Notes, 144A	8.250	12/31/28			1,825		1,959,760
AT&T, Inc.,
Sr. Unsec’d. Notes	4.100	01/19/26		AUD	2,280		1,958,963
Sr. Unsec’d. Notes	4.850	05/25/47		CAD	150		126,502
Sr. Unsec’d. Notes	5.100	11/25/48		CAD	4,575		4,001,267
Sr. Unsec’d. Notes, 144A	2.550	12/01/33			97		92,425
Sr. Unsec’d. Notes, 144A	3.500	09/15/53			1,511		1,394,402
Sr. Unsec’d. Notes, 144A	3.650	09/15/59			5,787		5,344,117
Sr. Unsec’d. Notes, EMTN	7.000	04/30/40		GBP	1,550		3,466,734
Bank of America Corp.,
Jr. Sub. Notes, Series MM	4.300(ff)	01/28/25(oo)			24,396		25,069,085
Sr. Unsec’d. Notes	2.687(ff)	04/22/32			18,820		19,026,748
Sr. Unsec’d. Notes	3.419(ff)	12/20/28			4,519		4,895,117
Sr. Unsec’d. Notes, EMTN	1.939(s)	05/31/21		EUR	1,100		1,586,223
Sr. Unsec’d. Notes, EMTN	(5.214)(s)	03/31/22		EUR	1,143		1,633,840
Sr. Unsec’d. Notes, EMTN	5.145(cc)	06/27/22		EUR	500		633,617
Sr. Unsec’d. Notes, MTN	2.496(ff)	02/13/31			2,755		2,761,151
Sr. Unsec’d. Notes, MTN	2.884(ff)	10/22/30			4,865		5,048,473
Sr. Unsec’d. Notes, MTN	3.194(ff)	07/23/30			5,140		5,448,568
Bausch Health Americas, Inc.,
Gtd. Notes, 144A	8.500	01/31/27			1,550		1,725,733
Bausch Health Cos., Inc.,
Gtd. Notes, 144A	5.000	01/30/28			2,590		2,628,231
Gtd. Notes, 144A	5.250	01/30/30			5,175		5,200,812
Gtd. Notes, 144A	5.250	02/15/31			2,500		2,503,338
Gtd. Notes, 144A	6.125	04/15/25			1,500		1,533,293
Gtd. Notes, 144A	6.250	02/15/29			400		423,107
Beazer Homes USA, Inc.,
Gtd. Notes	5.875	10/15/27			1,300		1,373,507
Gtd. Notes	6.750	03/15/25			2,075		2,146,994
Gtd. Notes	7.250	10/15/29			1,675		1,868,644
Berkshire Hathaway, Inc.,
Sr. Unsec’d. Notes	0.440	09/13/29		JPY	1,640,000		14,610,384
Sr. Unsec’d. Notes	0.787	09/13/34		JPY	100,000		917,398
Sr. Unsec’d. Notes	0.965	09/13/39		JPY	300,000		2,762,255

See Notes to Financial Statements.

PGIM Global Total Return Fund      39

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Boeing Co. (The),
Sr. Unsec’d. Notes	5.805%	05/01/50			4,030	$	5,171,380
Boxer Parent Co., Inc.,
Sr. Sec’d. Notes, 144A	7.125	10/02/25			4,800		5,160,945
Bristol-Myers Squibb Co.,
Sr. Unsec’d. Notes	3.200	06/15/26			1,670		1,830,483
Sr. Unsec’d. Notes(a)(h)	3.400	07/26/29			3,790		4,180,384
Brixmor Operating Partnership LP,
Sr. Unsec’d. Notes	3.650	06/15/24			2,000		2,159,771
Sr. Unsec’d. Notes	4.125	05/15/29			2,865		3,153,973
Broadcom, Inc.,
Gtd. Notes	3.459	09/15/26			2,626		2,845,821
Gtd. Notes, 144A	3.500	02/15/41			3,765		3,632,861
Sr. Unsec’d. Notes, 144A	3.419	04/15/33			6,765		6,858,493
Caesars Entertainment, Inc.,
Sr. Sec’d. Notes, 144A	6.250	07/01/25			2,660		2,828,768
Caesars Resort Collection LLC/CRC Finco, Inc.,
Gtd. Notes, 144A	5.250	10/15/25			2,500		2,521,651
Caledonia Generating LLC,
Sr. Sec’d. Notes, 144A	1.950	02/28/22			33		32,951
Calpine Corp.,
Sr. Unsec’d. Notes, 144A	4.625	02/01/29			2,770		2,732,465
Sr. Unsec’d. Notes, 144A	5.000	02/01/31			2,180		2,146,119
Sr. Unsec’d. Notes, 144A	5.125	03/15/28			5,000		5,081,372
Cantor Fitzgerald LP,
Sr. Unsec’d. Notes, 144A	1.150	04/21/23		JPY	200,000		1,852,938
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A	4.250	02/01/31			7,500		7,500,995
Sr. Unsec’d. Notes, 144A	5.375	06/01/29			675		732,281
Sr. Unsec’d. Notes, 144A	5.500	05/01/26			1,000		1,031,954
Central Garden & Pet Co.,
Gtd. Notes, 144A	4.125	04/30/31			2,275		2,268,190
CF Industries, Inc.,
Gtd. Notes	3.450	06/01/23			600		625,331
Sr. Sec’d. Notes, 144A	4.500	12/01/26			6,451		7,326,423
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes	2.800	04/01/31			3,625		3,588,986
Sr. Sec’d. Notes	3.700	04/01/51			595		561,713
Sr. Sec’d. Notes	4.800	03/01/50			5,250		5,769,619
Sr. Sec’d. Notes	6.384	10/23/35			2,357		3,070,454

See Notes to Financial Statements.

40

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Chesapeake Energy Corp.,
Gtd. Notes, 144A	5.500%	02/01/26			650	$	686,283
Gtd. Notes, 144A	5.875	02/01/29			600		646,350
Cigna Corp.,
Gtd. Notes	3.050	11/30/22			3,000		3,113,906
Sr. Unsec’d. Notes	2.400	03/15/30			2,665		2,666,289
CitiFinancial Credit Co.,
Sr. Unsec’d. Notes	7.875	02/01/25			662		809,476
Citigroup Global Markets Holdings, Inc.,
Gtd. Notes, GMTN	3.000(cc)	06/12/24			8,398		9,151,357
Gtd. Notes, GMTN	3.790	09/28/28		HKD	6,000		845,810
Citigroup, Inc.,
Jr. Sub. Notes	3.875(ff)	02/18/26(oo)			19,245		19,345,079
Sr. Unsec’d. Notes	1.122(ff)	01/28/27			15,750		15,490,519
Sr. Unsec’d. Notes	2.561(ff)	05/01/32			6,600		6,594,298
Sr. Unsec’d. Notes	2.750	04/25/22			600		613,281
Sr. Unsec’d. Notes	2.800	06/25/27		JPY	770,000		7,771,042
Sr. Unsec’d. Notes	3.106(ff)	04/08/26			12,950		13,887,437
Sr. Unsec’d. Notes, EMTN	6.500	08/16/30		GBP	7		13,194
Sr. Unsec’d. Notes, GMTN	0.620	09/21/27		JPY	100,000		919,817
Sr. Unsec’d. Notes, GMTN	2.210	08/23/22		HKD	27,000		3,538,583
Sr. Unsec’d. Notes, GMTN	2.600	12/07/22		HKD	5,000		663,814
Sr. Unsec’d. Notes, Series 18BR	2.360	09/16/25		JPY	300,000		2,952,841
Sub. Notes	4.400	06/10/25			3,000		3,354,299
Comcast Corp.,
Gtd. Notes	3.150	02/15/28			2,000		2,167,910
Corning, Inc.,
Sr. Unsec’d. Notes	0.698	08/09/24		JPY	100,000		900,008
CVS Health Corp.,
Sr. Unsec’d. Notes	4.300	03/25/28			1,227		1,396,311
Dana Financing Luxembourg Sarl,
Gtd. Notes, 144A	6.500	06/01/26			1,625		1,684,886
Dana, Inc.,
Sr. Unsec’d. Notes	5.375	11/15/27			2,625		2,793,804
Danaher Corp.,
Sr. Unsec’d. Notes	2.100	09/30/26		EUR	600		795,638
Delta Air Lines 2007-1 Class A Pass-Through Trust,
Pass-Through Certificates	6.821	02/10/24			101		106,245
DH Europe Finance II Sarl,
Gtd. Notes	0.200	03/18/26		EUR	4,200		5,073,498
Gtd. Notes(a)	0.450	03/18/28		EUR	2,200		2,656,897

See Notes to Financial Statements.

PGIM Global Total Return Fund      41

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Diamond BC BV,
Gtd. Notes	5.625%	08/15/25		EUR	14,054	$	17,277,750
Diamond Sports Group LLC/Diamond Sports Finance Co.,
Gtd. Notes, 144A	6.625	08/15/27			3,740		2,019,699
Diamondback Energy, Inc.,
Gtd. Notes	3.125	03/24/31			2,965		2,993,401
Gtd. Notes	3.500	12/01/29			3,250		3,405,591
Gtd. Notes	4.400	03/24/51			955		1,001,956
Discovery Communications LLC,
Gtd. Notes	3.450	03/15/25			2,500		2,687,853
Gtd. Notes	5.300	05/15/49			2,480		2,967,744
DISH DBS Corp.,
Gtd. Notes(a)	7.750	07/01/26			3,000		3,458,368
Dow Chemical Co. (The),
Sr. Unsec’d. Notes	3.625	05/15/26			720		794,501
Sr. Unsec’d. Notes	9.400	05/15/39			152		259,849
Eastman Chemical Co.,
Sr. Unsec’d. Notes	4.500	12/01/28			600		691,604
Energizer Gamma Acquisition BV,
Gtd. Notes	4.625	07/15/26		EUR	13,998		17,278,686
Energy Transfer LP,
Jr. Sub. Notes, Series G	7.125(ff)	05/15/30(oo)			7,800		7,933,700
Sr. Unsec’d. Notes	5.400	10/01/47			2,200		2,388,954
Enterprise Products Operating LLC,
Gtd. Notes	3.125	07/31/29			1,580		1,674,027
Gtd. Notes	3.700	01/31/51			210		210,233
Gtd. Notes	3.950	01/31/60			220		221,347
ERAC USA Finance LLC,
Gtd. Notes, 144A	7.000	10/15/37			190		279,162
Everi Payments, Inc.,
Gtd. Notes, 144A	7.500	12/15/25			1,959		2,035,033
Fidelity National Information Services, Inc.,
Gtd. Notes	1.100	07/15/24		EUR	2,300		2,857,608
Sr. Unsec’d. Notes	1.500	05/21/27		EUR	7,600		9,702,701
Ford Motor Co.,
Sr. Unsec’d. Notes	4.750	01/15/43			5,000		5,051,888
Sr. Unsec’d. Notes	5.291	12/08/46			3,000		3,174,362
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes	2.900	02/16/28			1,000		979,878
Sr. Unsec’d. Notes	4.134	08/04/25			200		210,853
Sr. Unsec’d. Notes	4.687	06/09/25			2,015		2,166,085

See Notes to Financial Statements.

42

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Ford Motor Credit Co. LLC, (cont’d.)
Sr. Unsec’d. Notes, EMTN	3.683%	12/03/24		AUD	500	$	398,129
Sr. Unsec’d. Notes, EMTN	4.125	06/20/24		SGD	2,000		1,519,949
General Motors Co.,
Sr. Unsec’d. Notes	5.000	04/01/35			2,200		2,572,552
Sr. Unsec’d. Notes	5.400	04/01/48			4,600		5,551,071
General Motors Financial Co., Inc.,
Gtd. Notes	3.200	07/06/21			370		370,911
Gtd. Notes	3.850	01/05/28			2,900		3,146,418
Gtd. Notes	3.950	04/13/24			250		270,228
Golden Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A	7.625	04/15/26			1,000		1,069,501
Goldman Sachs Group, Inc. (The),
Sr. Unsec’d. Notes	1.992(ff)	01/27/32			2,450		2,328,671
Sr. Unsec’d. Notes(a)	2.615(ff)	04/22/32			9,660		9,703,426
Sr. Unsec’d. Notes	3.500	01/23/25			1,500		1,625,948
Sr. Unsec’d. Notes	4.500	05/16/28		AUD	210		181,735
Sr. Unsec’d. Notes, EMTN	1.428(s)	12/15/23		EUR	200		237,476
Sr. Unsec’d. Notes, EMTN	0.000(cc)	06/30/25		EUR	2,227		2,597,088
Sr. Unsec’d. Notes, EMTN	0.000(cc)	08/12/25		EUR	3,216		3,807,850
Sr. Unsec’d. Notes, EMTN	1.000	08/06/24		JPY	100,000		922,241
Sr. Unsec’d. Notes, EMTN	1.000	08/16/32		JPY	200,000		1,845,206
Sr. Unsec’d. Notes, EMTN	1.300	03/22/30		JPY	10,000		93,456
Sr. Unsec’d. Notes, EMTN	2.200(cc)	11/26/22			1,500		1,537,657
Sr. Unsec’d. Notes, EMTN	3.000(cc)	05/31/24			9,338		10,148,508
Sr. Unsec’d. Notes, EMTN	4.000(ff)	11/30/24			40		39,741
Sub. Notes	4.750	10/12/21		EUR	3,000		3,682,040
Goldman Sachs International,
Gtd. Notes, EMTN	1.750	05/29/24		EUR	3,685		4,626,826
Greystone Commercial Capital Trust,
Sr. Unsec’d. Notes, Series 1A-1, 144A, 1 Month LIBOR + 2.830% (Cap N/A, Floor 3.030%)^	3.030(c)	02/01/24			6,000		6,000,000
HCA, Inc.,
Gtd. Notes	5.625	09/01/28			1,200		1,399,420
Sr. Sec’d. Notes	5.250	04/15/25			3,000		3,448,459
Sr. Sec’d. Notes	5.250	06/15/49			1,500		1,847,246
Honeywell International, Inc.,
Sr. Unsec’d. Notes	0.000	03/10/24		EUR	6,700		8,097,830
Sr. Unsec’d. Notes	0.750	03/10/32		EUR	3,000		3,668,737
Host Hotels & Resorts LP,
Sr. Unsec’d. Notes	3.875	04/01/24			5,000		5,337,122

See Notes to Financial Statements.

PGIM Global Total Return Fund      43

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Housing & Urban Development Corp. Ltd. AID Bond,
U.S. Gov’t. Gtd. Notes, 6 Month LIBOR + 0.035% (Cap N/A, Floor 0.000%)	0.228%(c)	09/15/30			428	$	423,694
Hunt Cos., Inc.,
Sr. Sec’d. Notes, 144A	5.250	04/15/29			5,750		5,504,997
Hyundai Capital America,
Sr. Unsec’d. Notes, 144A	3.000	06/20/22			2,000		2,050,990
International Game Technology PLC,
Sr. Sec’d. Notes, 144A	4.125	04/15/26			5,450		5,615,816
International Paper Co.,
Sr. Unsec’d. Notes	7.300	11/15/39			75		113,464
IQVIA, Inc.,
Gtd. Notes, 144A	2.250	01/15/28		EUR	1,800		2,186,012
Jabil, Inc.,
Sr. Unsec’d. Notes	4.700	09/15/22			655		690,844
JBS USA LUX SA/JBS USA Finance, Inc.,
Gtd. Notes, 144A	6.750	02/15/28			2,741		3,022,137
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,
Gtd. Notes, 144A	6.500	04/15/29			1,150		1,294,479
Sr. Unsec’d. Notes, 144A	5.500	01/15/30			100		110,225
Jefferies Group LLC,
Sr. Unsec’d. Notes	2.750	10/15/32			9,275		9,155,047
John Sevier Combined Cycle Generation LLC,
Sec’d. Notes	4.626	01/15/42			3,984		4,683,176
JPMorgan Chase & Co.,
Jr. Sub. Notes, Series HH	4.600(ff)	02/01/25(oo)			23,506		24,221,196
Jr. Sub. Notes, Series I, 3 Month LIBOR + 3.470%	3.656(c)	07/30/21(oo)			219		219,936
Jr. Sub. Notes, Series V, 3 Month LIBOR + 3.320%	3.522(c)	07/01/21(oo)			1,000		999,901
Jr. Sub. Notes, Series Z, 3 Month LIBOR + 3.800%	3.976(c)	08/01/21(oo)			1,410		1,415,576
Sr. Unsec’d. Notes	1.953(ff)	02/04/32			13,490		12,833,163
Sr. Unsec’d. Notes	2.525(ff)	11/19/41			6,200		5,656,294
Sr. Unsec’d. Notes	2.580(ff)	04/22/32			7,590		7,622,408
Sr. Unsec’d. Notes	3.509(ff)	01/23/29			3,200		3,490,149
Sr. Unsec’d. Notes	3.702(ff)	05/06/30			1,590		1,749,801
JPMorgan Chase Bank, NA,
Sr. Unsec’d. Notes	4.762(s)	03/17/48		ITL(jj)	15,390		4,835,831
KB Home,
Gtd. Notes	6.875	06/15/27			1,650		1,957,780
Gtd. Notes	7.500	09/15/22			1,000		1,084,704

See Notes to Financial Statements.

44

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Kinder Morgan Energy Partners LP,
Gtd. Notes	4.150%	02/01/24			2,000	$	2,166,875
Kraft Heinz Foods Co.,
Gtd. Notes	3.000	06/01/26			1,850		1,951,024
Gtd. Notes	4.875	10/01/49			15		17,212
Level 3 Financing, Inc.,
Sr. Sec’d. Notes, 144A	3.400	03/01/27			4,042		4,305,892
Sr. Sec’d. Notes, 144A	3.875	11/15/29			11,150		11,828,189
Liberty Mutual Group, Inc.,
Gtd. Notes(a)	2.750	05/04/26		EUR	1,000		1,348,459
Gtd. Notes, 144A	3.951	10/15/50			90		94,834
LifePoint Health, Inc.,
Gtd. Notes, 144A	5.375	01/15/29			3,000		2,999,297
LYB International Finance III LLC,
Gtd. Notes	4.200	10/15/49			960		1,050,038
Marriott International, Inc.,
Sr. Unsec’d. Notes, Series EE	5.750	05/01/25			875		1,007,700
Sr. Unsec’d. Notes, Series HH	2.850	04/15/31			9,115		9,065,450
Mars, Inc.,
Gtd. Notes, 144A	3.600	04/01/34			420		467,926
Marsh & McLennan Cos., Inc.,
Sr. Unsec’d. Notes	1.979	03/21/30		EUR	4,700		6,297,020
McDonald’s Corp.,
Sr. Unsec’d. Notes, MTN	3.450	09/08/26		AUD	1,220		1,025,564
Sr. Unsec’d. Notes, MTN	3.800	03/08/29		AUD	5,090		4,318,892
Medtronic Global Holdings SCA,
Gtd. Notes	0.750	10/15/32		EUR	6,200		7,455,908
Gtd. Notes	1.500	07/02/39		EUR	500		618,207
Gtd. Notes(a)	1.625	03/07/31		EUR	2,500		3,302,340
Gtd. Notes	1.750	07/02/49		EUR	2,100		2,616,495
Gtd. Notes	2.250	03/07/39		EUR	1,910		2,659,873
MetLife, Inc.,
Sr. Unsec’d. Notes	0.769	05/23/29		JPY	600,000		5,520,356
Metropolitan Life Global Funding I,
Sec’d. Notes, MTN	4.000	07/13/27		AUD	300		257,959
Morgan Guaranty Trust Co.,
Sr. Unsec’d. Notes	1.146(s)	01/21/27		ITL(jj)	1,175		1,342,299
Morgan Stanley,
Jr. Sub. Notes, Series H, 3 Month LIBOR + 3.610%	3.794(c)	07/15/21(oo)			1,415		1,420,806
Sr. Unsec’d. Notes	0.406(ff)	10/29/27		EUR	16,200		19,491,924
Sr. Unsec’d. Notes	1.593(ff)	05/04/27			9,615		9,656,512

See Notes to Financial Statements.

PGIM Global Total Return Fund      45

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Morgan Stanley, (cont’d.)
Sr. Unsec’d. Notes	3.217%(ff)	04/22/42			2,480	$	2,514,482
Sr. Unsec’d. Notes, EMTN	0.637(ff)	07/26/24		EUR	5,000		6,109,845
Sr. Unsec’d. Notes, EMTN	3.240	12/14/22		EUR	2,200		2,762,372
Sr. Unsec’d. Notes, EMTN	7.500(cc)	04/02/32			14,500		11,760,381
Sr. Unsec’d. Notes, GMTN	1.875	03/06/30		EUR	900		1,143,506
Sr. Unsec’d. Notes, MTN	1.928(ff)	04/28/32			9,080		8,612,307
Motorola Solutions, Inc.,
Sr. Unsec’d. Notes	4.600	02/23/28			1,665		1,917,030
MPLX LP,
Sr. Unsec’d. Notes(a)	4.000	03/15/28			515		569,555
Sr. Unsec’d. Notes	4.125	03/01/27			2,000		2,228,182
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes(a)	3.325	03/24/25		EUR	1,700		2,215,538
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A	5.500	08/15/28			2,490		2,517,709
Gtd. Notes, 144A	6.000	01/15/27			735		767,977
Newell Brands, Inc.,
Sr. Unsec’d. Notes	4.700	04/01/26			1,300		1,448,104
Newmont Corp.,
Gtd. Notes	2.250	10/01/30			1,995		1,956,498
Norfolk Southern Corp.,
Sr. Unsec’d. Notes	3.942	11/01/47			232		256,250
Sr. Unsec’d. Notes	4.050	08/15/52			165		184,085
NRG Energy, Inc.,
Sr. Sec’d. Notes, 144A	3.750	06/15/24			5,600		5,987,194
Occidental Petroleum Corp.,
Sr. Unsec’d. Notes	6.450	09/15/36			35		39,848
ONEOK Partners LP,
Gtd. Notes	4.900	03/15/25			2,000		2,237,446
ONEOK, Inc.,
Gtd. Notes(a)	3.100	03/15/30			7,350		7,462,912
Gtd. Notes	4.450	09/01/49			2,000		2,076,152
Organon Finance 1 LLC,
Sr. Sec’d. Notes, 144A	4.125	04/30/28			1,575		1,615,418
Sr. Unsec’d. Notes, 144A	5.125	04/30/31			2,100		2,178,787
Ovintiv Exploration, Inc.,
Gtd. Notes	5.625	07/01/24			7,200		8,022,310
Phillips 66 Partners LP,
Sr. Unsec’d. Notes(a)	3.605	02/15/25			2,000		2,150,929
Pilgrim’s Pride Corp.,
Gtd. Notes, 144A	4.250	04/15/31			4,550		4,597,664

See Notes to Financial Statements.

46

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Plains All American Pipeline LP/PAA Finance Corp.,
Sr. Unsec’d. Notes	3.550%	12/15/29			2,055	$	2,085,499
Sr. Unsec’d. Notes	4.900	02/15/45			2,350		2,333,988
Private Export Funding Corp.,
Sr. Unsec’d. Notes, 144A	0.550	07/30/24			3,000		2,988,736
Prologis Yen Finance LLC,
Gtd. Notes	0.972	09/25/28		JPY	700,000		6,482,407
Gtd. Notes	1.003	06/24/32		JPY	1,500,000		13,661,020
Gtd. Notes	1.222	06/22/35		JPY	200,000		1,814,060
Range Resources Corp.,
Gtd. Notes	9.250	02/01/26			4,805		5,273,674
Gtd. Notes, 144A	8.250	01/15/29			450		488,220
Ryder System, Inc.,
Sr. Unsec’d. Notes, MTN	4.625	06/01/25			9,000		10,187,333
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes	5.625	12/01/25			4,525		4,662,992
Schlumberger Holdings Corp.,
Sr. Unsec’d. Notes, 144A	3.900	05/17/28			1,955		2,144,232
Scientific Games International, Inc.,
Sr. Sec’d. Notes, 144A	5.000	10/15/25			5,833		6,023,831
Service Properties Trust,
Sr. Unsec’d. Notes	4.350	10/01/24			3,600		3,590,911
Shire Acquisitions Investments Ireland DAC,
Gtd. Notes	3.200	09/23/26			2,470		2,683,510
Silgan Holdings, Inc.,
Gtd. Notes	2.250	06/01/28		EUR	7,711		9,310,597
Southaven Combined Cycle Generation LLC,
Sec’d. Notes	3.846	08/15/33			9		9,427
Spectrum Brands, Inc.,
Gtd. Notes, 144A	4.000	10/01/26		EUR	675		831,046
Sprint Capital Corp.,
Gtd. Notes	8.750	03/15/32			1,985		2,941,703
Sprint Corp.,
Gtd. Notes	7.125	06/15/24			2,000		2,310,682
Gtd. Notes	7.625	02/15/25			300		357,041
Standard Industries, Inc.,
Sr. Unsec’d. Notes, 144A	4.375	07/15/30			3,175		3,183,581
Stryker Corp.,
Sr. Unsec’d. Notes	2.625	11/30/30		EUR	2,300		3,257,157
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
Gtd. Notes, 144A	5.500	01/15/28			2,625		2,604,426

See Notes to Financial Statements.

PGIM Global Total Return Fund      47

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., (cont’d.)
Gtd. Notes, 144A	6.000%	12/31/30			1,700	$	1,706,195
Gtd. Notes, 144A	7.500	10/01/25			1,075		1,173,138
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A	6.625	07/15/27			2,330		2,525,171
Sr. Unsec’d. Notes, 144A	5.125	08/01/30			375		412,420
Tenet Healthcare Corp.,
Gtd. Notes, 144A	6.125	10/01/28			3,225		3,396,139
Sec’d. Notes, 144A	6.250	02/01/27			800		838,802
Sr. Sec’d. Notes, 144A	5.125	11/01/27			2,905		3,053,307
Sr. Unsec’d. Notes	6.750	06/15/23			1,025		1,119,101
Texas Capital Bank NA,
Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 4.500%	4.703(c)	09/30/24			15,020		15,007,286
Thermo Fisher Scientific, Inc.,
Sr. Unsec’d. Notes	0.500	03/01/28		EUR	4,500		5,455,183
Sr. Unsec’d. Notes	2.875	07/24/37		EUR	450		665,581
Time Warner Entertainment Co. LP,
Sr. Sec’d. Notes	8.375	07/15/33			2,065		3,064,026
T-Mobile USA, Inc.,
Sr. Sec’d. Notes, 144A	4.375	04/15/40			2,500		2,784,838
Sr. Sec’d. Notes, 144A	4.500	04/15/50			3,110		3,508,101
Tote Shipholdings, Inc.,
U.S. Gov’t. Gtd. Notes	3.400	10/16/40			102		104,913
Toyota Motor Credit Corp.,
Sr. Unsec’d. Notes, EMTN	2.900(cc)	10/24/25			3,158		3,459,629
U.S. Concrete, Inc.,
Gtd. Notes	6.375	06/01/24			1,252		1,276,857
United Airlines 2007-1 Class A Pass-Through Trust,
Pass-Through Certificates	6.636	01/02/24			48		49,585
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A	4.375	04/15/26			3,750		3,890,733
Sr. Sec’d. Notes, 144A	4.625	04/15/29			950		986,687
United Rentals North America, Inc.,
Gtd. Notes	3.875	02/15/31			840		845,866
Gtd. Notes	4.875	01/15/28			3,115		3,296,934
Gtd. Notes	5.250	01/15/30			2,340		2,558,356
Gtd. Notes	5.500	05/15/27			500		532,977
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC,
Sr. Sec’d. Notes, 144A	7.875	02/15/25			7,000		7,540,690

See Notes to Financial Statements.

48

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Univision Communications, Inc.,
Sr. Sec’d. Notes, 144A	6.625%	06/01/27			3,335	$	3,614,994
Vector Group Ltd.,
Sr. Sec’d. Notes, 144A	5.750	02/01/29			4,750		4,789,357
VEREIT Operating Partnership LP,
Gtd. Notes	2.200	06/15/28			480		483,454
Gtd. Notes	2.850	12/15/32			8,375		8,631,999
Gtd. Notes	3.100	12/15/29			10,635		11,201,635
Verizon Communications, Inc.,
Sr. Unsec’d. Notes	1.250	04/08/30		EUR	5,000		6,360,076
Sr. Unsec’d. Notes	2.500	04/08/31		GBP	1,400		2,028,449
Sr. Unsec’d. Notes	2.550	03/21/31			5,370		5,388,971
Sr. Unsec’d. Notes	4.050	03/22/51		CAD	3,200		2,616,602
Sr. Unsec’d. Notes, MTN	2.650	05/06/30		AUD	1,600		1,208,426
Sr. Unsec’d. Notes, MTN	4.050	02/17/25		AUD	4,950		4,217,855
Sr. Unsec’d. Notes, MTN	4.500	08/17/27		AUD	730		641,665
ViacomCBS, Inc.,
Sr. Unsec’d. Notes	5.850	09/01/43			5,680		7,289,245
Viatris, Inc.,
Gtd. Notes, 144A	3.850	06/22/40			4,410		4,496,613
Gtd. Notes, 144A	4.000	06/22/50			4,425		4,403,861
Vistra Operations Co. LLC,
Gtd. Notes, 144A	5.000	07/31/27			3,520		3,646,272
Sr. Sec’d. Notes, 144A	3.550	07/15/24			14,300		14,837,634
Wells Fargo & Co.,
Sr. Unsec’d. Notes	4.000	04/27/27		AUD	4,198		3,579,022
Sr. Unsec’d. Notes, GMTN	3.700	07/27/26		AUD	1,458		1,232,724
Welltower, Inc.,
Sr. Unsec’d. Notes	2.800	06/01/31			10,300		10,452,375
Sr. Unsec’d. Notes	3.100	01/15/30			5,600		5,854,020
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes	3.750	06/15/27			2,000		2,202,805
Sr. Unsec’d. Notes	4.000	09/15/25			1,500		1,661,260
WPC Eurobond BV,
Gtd. Notes	0.950	06/01/30		EUR	9,950		11,778,298
Xerox Corp.,
Sr. Unsec’d. Notes	4.375	03/15/23			460		481,252
							1,126,932,544
TOTAL CORPORATE BONDS (cost $2,163,553,475)							2,233,945,444

See Notes to Financial Statements.

PGIM Global Total Return Fund      49

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES    4.1%
Bermuda    0.9%
Bellemeade Re Ltd.,
Series 2018-01A, Class M1B, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 0.000%)	1.706%(c)	04/25/28		545	$	545,092
Series 2018-02A, Class M1C, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 0.000%)	1.706(c)	08/25/28		163		162,643
Series 2018-03A, Class M1B, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 1.850%)	1.956(c)	10/25/28		518		519,800
Series 2019-02A, Class M1B, 144A, 1 Month LIBOR + 1.450% (Cap N/A, Floor 1.450%)	1.556(c)	04/25/29		532		532,158
Series 2019-03A, Class M1A, 144A, 1 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%)	1.206(c)	07/25/29		807		807,761
Series 2019-03A, Class M1B, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 1.600%)	1.706(c)	07/25/29		2,400		2,402,942
Series 2019-04A, Class M1A, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 1.400%)	1.506(c)	10/25/29		1,240		1,239,863
Series 2019-04A, Class M1B, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%)	2.106(c)	10/25/29		4,500		4,499,999
Series 2021-01A, Class M1A, 144A, 30 Day Average SOFR + 1.750% (Cap N/A, Floor 1.750%)	1.760(c)	03/25/31		6,040		6,054,882
Series 2021-01A, Class M1C, 144A, 30 Day Average SOFR + 2.950% (Cap N/A, Floor 2.950%)	2.960(c)	03/25/31		1,750		1,774,075
Eagle Re Ltd.,
Series 2019-01, Class M1B, 144A, 1 Month LIBOR + 1.800% (Cap N/A, Floor 0.000%)	1.906(c)	04/25/29		620		620,014
Series 2020-02, Class M1A, 144A, 1 Month LIBOR + 3.000% (Cap N/A, Floor 0.000%)	3.106(c)	10/25/30		4,667		4,668,187
Series 2020-02, Class M1B, 144A, 1 Month LIBOR + 4.000% (Cap N/A, Floor 0.000%)	4.106(c)	10/25/30		3,180		3,207,328
Series 2020-02, Class M1C, 144A, 1 Month LIBOR + 4.500% (Cap N/A, Floor 0.000%)	4.606(c)	10/25/30		2,240		2,262,045
Series 2021-01, Class M1B, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 2.150%)	2.165(c)	10/25/33		2,710		2,726,852
Series 2021-01, Class M1C, 144A, 30 Day Average SOFR + 2.700% (Cap N/A, Floor 2.700%)	2.715(c)	10/25/33		4,200		4,244,354
Home Re Ltd.,
Series 2019-01, Class M1, 144A, 1 Month LIBOR + 1.650% (Cap N/A, Floor 0.000%)	1.756(c)	05/25/29		378		377,943

See Notes to Financial Statements.

50

Description	Interest         Rate	Maturity Date		Principal     Amount     (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Bermuda (cont’d.)
Home Re Ltd., (cont’d.)
Series 2021-01, Class M1B, 144A, 1 Month LIBOR + 1.550% (Cap N/A, Floor 0.000%)	1.656%(c)	07/25/33			9,211	$	9,042,730
Oaktown Re II Ltd.,
Series 2018-01A, Class M1, 144A, 1 Month LIBOR + 1.550% (Cap N/A, Floor 0.000%)	1.656(c)	07/25/28			186		185,957
Oaktown Re III Ltd.,
Series 2019-01A, Class M1A, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 1.400%)	1.506(c)	07/25/29			30		30,255
Oaktown Re VI Ltd.,
Series 2021-01A, Class M1A, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 1.650%)	1.660(c)	10/25/33			2,640		2,653,768
Series 2021-01A, Class M1B, 144A, 30 Day Average SOFR + 2.050% (Cap N/A, Floor 2.050%)	2.060(c)	10/25/33			1,865		1,880,653
Radnor Re Ltd.,
Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 0.000%)	1.506(c)	03/25/28			59		58,890
Series 2020-01, Class M1A, 144A, 1 Month LIBOR + 0.950% (Cap N/A, Floor 0.950%)	1.056(c)	02/25/30			600		597,443
Series 2020-01, Class M1B, 144A, 1 Month LIBOR + 1.450% (Cap N/A, Floor 1.450%)	1.556(c)	02/25/30			1,800		1,777,061
							52,872,695
Ireland    0.2%
Retiro Mortgage Securities DAC,
Series 01A, Class A1, 144A, 3 Month EURIBOR + 2.000% (Cap 5.000%, Floor 0.000%)	1.464(c)	07/30/75	EUR		10,585		12,630,525
United Kingdom    0.3%
Finsbury Square PLC,
Series 2020-02A, Class A, 144A, 3 Month SONIA + 1.300% (Cap N/A, Floor 0.000%)	1.349(c)	06/16/70	GBP		2,023		2,825,163
Jupiter Mortgage PLC,
Series 01A, Class B, 144A, 3 Month SONIA + 1.400% (Cap N/A, Floor 0.000%)	1.448(c)	07/20/60	GBP		4,200		5,805,021

See Notes to Financial Statements.

PGIM Global Total Return Fund      51

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
United Kingdom (cont’d.)
Paragon Mortgages PLC,
Series 12X, Class B1B	0.000%(cc)	11/15/38		EUR	1,090	$	1,282,219
Residential Mortgage Securities PLC,
Series 32A, Class A, 144A, 3 Month SONIA + 1.250% (Cap N/A, Floor 0.000%)	1.299(c)	06/20/70		GBP	5,857		8,178,281
							18,090,684
United States     2.7%
APS Resecuritization Trust,
Series 2016-01, Class 1A, 144A, 1 Month LIBOR + 0.150% (Cap N/A, Floor 0.150%)	0.265(c)	07/27/57			1,012		1,001,736
Banc of America Funding Trust,
Series 2014-R05, Class 1A1, 144A, 6 Month LIBOR + 1.500% (Cap 11.000%, Floor 1.500%)	1.705(c)	09/26/45			128		129,873
BVRT Financing Trust,
Series 2019-01, Class F, 144A^	2.261(cc)	09/15/21			7,645		7,618,029
Central Park Funding Trust,
Series 2021-01, Class PT, 144A, 1 Month LIBOR + 2.750% (Cap N/A, Floor 2.750%)	2.861(c)	08/29/22			19,825		19,805,434
Connecticut Avenue Securities Trust,
Series 2019-R04, Class 2M2, 144A, 1 Month LIBOR + 2.100% (Cap N/A, Floor 0.000%)	2.206(c)	06/25/39			1,257		1,261,294
Series 2019-R07, Class 1M2, 144A, 1 Month LIBOR + 2.100% (Cap N/A, Floor 0.000%)	2.206(c)	10/25/39			740		744,047
Series 2020-R01, Class 1M2, 144A, 1 Month LIBOR + 2.050% (Cap N/A, Floor 2.050%)	2.156(c)	01/25/40			1,515		1,525,179
Credit Suisse Mortgage Trust,
Series 2020-RPL06, Class A1, 144A	2.688(cc)	03/25/59			2,767		2,804,360
Fannie Mae Connecticut Avenue Securities,
Series 2018-C03, Class 1M2, 1 Month LIBOR + 2.150% (Cap N/A, Floor 2.150%)	2.256(c)	10/25/30			439		443,576
Fannie Mae REMICS,
Series 2012-107, Class GI, IO	3.500	09/25/27			4,215		278,793
FHLMC REMICS,
Series 4166, Class IO, IO	3.500	02/15/43			6,655		1,119,142
FHLMC Structured Agency Credit Risk Debt Notes,
Series 2020-HQA05, Class B1, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 0.000%)	4.010(c)	11/25/50			595		618,833
Series 2020-HQA05, Class M2, 144A, 30 Day Average SOFR + 2.600% (Cap N/A, Floor 0.000%)	2.610(c)	11/25/50			2,875		2,930,001

See Notes to Financial Statements.

52

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
United States (cont’d.)
FHLMC Structured Agency Credit Risk REMIC Trust,
Series 2020-DNA02, Class M2, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 1.850%)	1.956%(c)	02/25/50		4,060	$	4,098,187
Series 2020-DNA03, Class B1, 144A, 1 Month LIBOR + 5.100% (Cap N/A, Floor 0.000%)	5.206(c)	06/25/50		750		782,734
Series 2020-DNA03, Class M2, 144A, 1 Month LIBOR + 3.000% (Cap N/A, Floor 0.000%)	3.106(c)	06/25/50		1,881		1,900,181
Series 2020-HQA02, Class M2, 144A, 1 Month LIBOR + 3.100% (Cap N/A, Floor 0.000%)	3.206(c)	03/25/50		320		326,931
Series 2020-HQA04, Class B1, 144A, 1 Month LIBOR + 5.250% (Cap N/A, Floor 0.000%)	5.356(c)	09/25/50		1,310		1,380,490
Series 2020-HQA04, Class M2, 144A, 1 Month LIBOR + 3.150% (Cap N/A, Floor 0.000%)	3.256(c)	09/25/50		940		950,584
Series 2021-DNA01, Class B1, 144A, 30 Day Average SOFR + 2.650% (Cap N/A, Floor 0.000%)	2.660(c)	01/25/51		1,835		1,798,250
Series 2021-DNA01, Class M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%)	1.810(c)	01/25/51		12,595		12,591,117
Series 2021-HQA01, Class B1, 144A, 30 Day Average SOFR + 3.000% (Cap N/A, Floor 0.000%)	3.010(c)	08/25/33		12,300		12,069,127
Series 2021-HQA01, Class M2, 144A, 30 Day Average SOFR + 2.250% (Cap N/A, Floor 0.000%)	2.260(c)	08/25/33		17,900		18,034,658
FHLMC Structured Agency Credit Risk Trust,
Series 2019-DNA01, Class M2, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 0.000%)	2.756(c)	01/25/49		417		425,378
Legacy Mortgage Asset Trust,
Series 2020-GS01, Class A1, 144A	2.882	10/25/59		6,952		7,020,295
Series 2020-GS05, Class A1, 144A	3.250	06/25/60		962		982,296
MRA Issuance Trust,
Series 2020-07, Class A, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 1.600%)	1.715(c)	12/11/21		11,820		11,823,818
Series 2021-EBO03, Class A1X, 144A^	0.000(cc)	03/31/23		8,970		8,970,000
Series 2021-EBO03, Class A2, 144A^	0.000(cc)	03/31/23		9,560		9,560,000

See Notes to Financial Statements.

PGIM Global Total Return Fund      53

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
United States (cont’d.)
New Residential Mortgage Loan Trust,
Series 2018-04A, Class A1S, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%)	0.856%(c)	01/25/48			1,109	$	1,112,430
PMT Credit Risk Transfer Trust,
Series 2020-02R, Class A, 144A, 1 Month LIBOR + 3.815% (Cap N/A, Floor 3.815%)	3.921(c)	12/25/22			17,749		17,841,947
							151,948,720
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $233,860,359)							235,542,624
SOVEREIGN BONDS    32.4%
Albania    0.0%
Albania Government International Bond,
Sr. Unsec’d. Notes	3.500	10/09/25		EUR	1,000		1,273,850
Sr. Unsec’d. Notes, 144A	3.500	10/09/25		EUR	1,000		1,273,850
							2,547,700
Argentina    0.0%
Argentine Republic Government International Bond,
Bonds	4.330	12/31/33(d)		JPY	519,215		1,168,411
Sr. Unsec’d. Notes	0.670	12/31/38(d)		JPY	952,628		1,472,212
Sr. Unsec’d. Notes	0.670	12/31/38(d)		JPY	55,495		85,687
							2,726,310
Australia    0.0%
Treasury Corp. of Victoria,
Local Gov’t. Gtd. Notes, MTN	2.250	11/20/41		AUD	2,000		1,393,488
Austria    0.3%
Republic of Austria Government International Bond,
Sr. Unsec’d. Notes, 144A, EMTN	5.000	12/20/24		CAD	14,276		13,297,125
Sr. Unsec’d. Notes, 144A, MTN	5.375	12/01/34		CAD	2,123		2,240,487
							15,537,612

See Notes to Financial Statements.

54

Description	Interest         Rate	Maturity      Date	Principal                   Amount                  (000)#			Value
SOVEREIGN BONDS (Continued)
Belgium     0.0%
Kingdom of Belgium Government International Bond,
Notes, 144A	8.875%	12/01/24			750	$	959,237
Unsec’d. Notes, EMTN	5.700	05/28/32		GBP	650		1,275,867
							2,235,104
Brazil     1.1%
Brazil Loan Trust 1,
Gov’t. Gtd. Notes	5.477	07/24/23			19,218		20,012,519
Gov’t. Gtd. Notes, 144A	5.477	07/24/23			2,128		2,216,298
Brazil Minas SPE via State of Minas Gerais,
Gov’t. Gtd. Notes	5.333	02/15/28			34,887		37,791,886
Gov’t. Gtd. Notes, 144A	5.333	02/15/28			494		534,598
Brazilian Government International Bond,
Sr. Unsec’d. Notes	8.500	01/05/24		BRL	30		5,751
Sr. Unsec’d. Notes, Series B	8.875	04/15/24			200		246,745
							60,807,797
Bulgaria     0.3%
Bulgaria Government International Bond,
Sr. Unsec’d. Notes	0.375	09/23/30		EUR	3,167		3,750,413
Sr. Unsec’d. Notes, GMTN	3.125	03/26/35		EUR	8,212		12,550,794
							16,301,207
Canada     0.4%
Canadian Government Bond,
Bonds(k)	4.000	06/01/41		CAD	650		710,142
City of Ottawa Ontario,
Unsec’d. Notes	5.050	08/13/30		CAD	2,538		2,560,860
City of Quebec,
Unsec’d. Notes	2.250	11/28/29		CAD	2,500		2,048,527
Unsec’d. Notes	2.650	12/20/27		CAD	1,000		851,829
City of Toronto,
Sr. Unsec’d. Notes	3.500	06/02/36		CAD	2,000		1,783,404
Unsec’d. Notes	2.650	11/09/29		CAD	775		663,222
Unsec’d. Notes	3.250	06/24/46		CAD	1,000		840,938
City of Vancouver,
Notes	2.700	12/15/26		CAD	2,000		1,740,780
Province of Alberta Coupon Strips,
Bonds	1.031(s)	06/01/26		CAD	500		377,439

See Notes to Financial Statements.

PGIM Global Total Return Fund      55

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
SOVEREIGN BONDS (Continued)
Canada (cont’d.)
Province of Alberta Coupon Strips, (cont’d.)
Bonds	1.101%(s)	12/01/26		CAD	550	$	408,966
Bonds	1.187(s)	06/01/27		CAD	650		476,755
Province of British Columbia,
Unsec’d. Notes	7.875	11/30/23		CAD	2,185		2,082,910
Province of Nova Scotia,
Unsec’d. Notes	3.150	12/01/51		CAD	2,000		1,713,864
Province of Quebec,
Unsec’d. Notes, Series A, MTN	6.350	01/30/26			500		614,019
Unsec’d. Notes, Series A, MTN	7.140	02/27/26			430		542,564
Province of Quebec Residual Strips,
Bonds	2.283(s)	04/01/35		CAD	10,000		5,545,527
Province of Saskatchewan,
Unsec’d. Notes	3.300	06/02/48		CAD	3,000		2,643,578
							25,605,324
Chile    0.1%
Chile Government International Bond,
Sr. Unsec’d. Notes	0.830	07/02/31		EUR	1,000		1,225,114
Sr. Unsec’d. Notes	1.440	02/01/29		EUR	1,884		2,444,313
Sr. Unsec’d. Notes	1.750	01/20/26		EUR	240		310,896
							3,980,323
China    1.2%
China Government Bond,
Bonds	3.270	11/19/30		CNH	20,000		3,118,481
Bonds, Series 1906	3.290	05/23/29		CNH	10,000		1,555,719
Bonds, Series INBK	2.850	06/04/27		CNH	6,000		913,903
Sr. Unsec’d. Notes	3.160	06/27/23		CNH	5,000		781,265
Sr. Unsec’d. Notes	3.300	07/04/23		CNH	2,000		313,436
Sr. Unsec’d. Notes	3.310	11/30/25		CNH	4,000		635,405
Sr. Unsec’d. Notes	3.380	11/21/24		CNH	500		79,207
Sr. Unsec’d. Notes	3.390	05/21/25		CNH	2,500		397,043
Sr. Unsec’d. Notes	3.480	06/29/27		CNH	2,000		321,632
Sr. Unsec’d. Notes	3.600	06/27/28		CNH	10,500		1,705,439
Sr. Unsec’d. Notes	3.600	05/21/30		CNH	18,500		3,022,739
Sr. Unsec’d. Notes	3.900	07/04/36		CNH	6,000		1,012,435
Sr. Unsec’d. Notes	3.950	06/29/43		CNH	10,000		1,712,231
Sr. Unsec’d. Notes	4.000	11/30/35		CNH	53,000		9,045,434
Sr. Unsec’d. Notes	4.100	05/21/45		CNH	21,000		3,685,478
Sr. Unsec’d. Notes	4.150	12/12/31		CNH	41,500		7,137,108

See Notes to Financial Statements.

56

Description	Interest         Rate		Maturity Date	Principal                   Amount                  (000)#			Value
SOVEREIGN BONDS (Continued)
China (cont’d.)
China Government Bond, (cont’d.)
Sr. Unsec’d. Notes		4.290%	05/22/29		CNH	10,500	$	1,791,290
Sr. Unsec’d. Notes		4.400	12/12/46		CNH	43,000		7,848,616
Sr. Unsec’d. Notes		4.500	05/22/34		CNH	5,000		892,116
Unsec’d. Notes, Series INBK		3.810	09/14/50		CNH	30,000		4,744,223
China Government International Bond,
Sr. Unsec’d. Notes		0.500	11/12/31		EUR	1,800		2,167,503
Sr. Unsec’d. Notes		1.000	11/12/39		EUR	3,500		4,167,579
Export-Import Bank of China (The),
Sr. Unsec’d. Notes		4.150	06/18/27		CNH	4,000		657,279
Sr. Unsec’d. Notes		4.400	05/14/24		CNH	20,000		3,237,628
Unsec’d. Notes, Series 1910		3.860	05/20/29		CNH	10,000		1,577,268
Unsec’d. Notes, Series 2010		3.230	03/23/30		CNH	30,000		4,509,176
								67,029,633
Colombia    1.3%
Colombia Government International Bond,
Sr. Unsec’d. Notes		3.000	01/30/30			1,400		1,369,953
Sr. Unsec’d. Notes		4.000	02/26/24			1,000		1,065,891
Sr. Unsec’d. Notes		8.375	02/15/27			2,745		3,311,864
Sr. Unsec’d. Notes(a)		9.850	06/28/27		COP	15,013,000		4,932,497
Sr. Unsec’d. Notes		10.375	01/28/33			1,401		2,156,684
Sr. Unsec’d. Notes, EMTN		3.875	03/22/26		EUR	47,879		64,872,948
								77,709,837
Croatia    0.3%
Croatia Government International Bond,
Sr. Unsec’d. Notes		1.125	06/19/29		EUR	200		246,535
Sr. Unsec’d. Notes		2.750	01/27/30		EUR	3,000		4,177,245
Sr. Unsec’d. Notes		3.000	03/20/27		EUR	4,500		6,228,406
Sr. Unsec’d. Notes		5.500	04/04/23			1,000		1,095,266
Unsec’d. Notes		1.500	06/17/31		EUR	5,600		7,029,236
								18,776,688
Cyprus    1.1%
Cyprus Government International Bond,
Sr. Unsec’d. Notes, EMTN(a)		1.250	01/21/40		EUR	7,550		9,334,751
Sr. Unsec’d. Notes, EMTN(a)		2.250	04/16/50		EUR	2,000		2,942,520
Sr. Unsec’d. Notes, EMTN(a)		2.375	09/25/28		EUR	4,700		6,541,531
Sr. Unsec’d. Notes, EMTN		2.750	02/26/34		EUR	10,200		15,187,087

See Notes to Financial Statements.

PGIM Global Total Return Fund      57

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
SOVEREIGN BONDS (Continued)
Cyprus (cont’d.)
Cyprus Government International Bond, (cont’d.)
Sr. Unsec’d. Notes, EMTN	2.750%	05/03/49		EUR	3,000	$	4,844,308
Sr. Unsec’d. Notes, EMTN	4.250	11/04/25		EUR	16,514		23,686,109
							62,536,306
Denmark    0.1%
Denmark Government Bond,
Bonds(k)	1.750	11/15/25		DKK	3,520		625,742
Bonds(k)	4.500	11/15/39		DKK	1,800		511,514
Bonds, Series 10 Year, 144A(k)	0.500	11/15/29		DKK	4,300		729,448
Bonds, Series 10 Year(k)	0.500	11/15/27		DKK	12,110		2,054,357
Bonds, Series 30 Year, 144A(k)	0.250	11/15/52		DKK	5,000		746,862
							4,667,923
Dominican Republic    0.0%
Dominican Republic International Bond,
Sr. Unsec’d. Notes	5.875	04/18/24			1,306		1,405,220
Egypt     0.1%
Egypt Government International Bond,
Sr. Unsec’d. Notes, 144A	5.577	02/21/23			1,835		1,918,211
Sr. Unsec’d. Notes, 144A, MTN	4.750	04/16/26		EUR	700		873,276
							2,791,487
Finland    0.1%
Finland Government International Bond,
Sr. Unsec’d. Notes	6.950	02/15/26			600		757,517
Kuntarahoitus OYJ,
Local Gov’t. Gtd. Notes, EMTN	0.500	12/21/21		NZD	3,000		2,139,607
Local Gov’t. Gtd. Notes, EMTN	3.050	09/24/32		SEK	13,000		1,830,051
							4,727,175
France    0.5%
Agence France Locale,
Gtd. Notes, EMTN	1.125	06/20/28		EUR	1,500		1,939,924
Caisse Francaise de Financement Local,
Covered Bonds, EMTN	4.680	03/09/29		CAD	28,712		27,605,813
							29,545,737

See Notes to Financial Statements.

58

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
SOVEREIGN BONDS (Continued)
Greece    2.7%
Hellenic Republic Government Bond,
Bonds(a)	3.900%	01/30/33		EUR	2,710	$	4,273,025
Bonds(a)	4.000	01/30/37		EUR	1,260		2,071,287
Bonds(a)	4.200	01/30/42		EUR	2,380		4,189,930
Bonds	4.300	02/24/23		EUR	8,538		11,040,163
Bonds	4.300	02/24/24		EUR	6,745		9,046,750
Bonds	4.300	02/24/25		EUR	6,083		8,402,513
Bonds	4.300	02/24/26		EUR	4,109		5,836,755
Bonds	4.300	02/24/27		EUR	8,055		11,683,201
Bonds	4.300	02/24/28		EUR	2,515		3,711,782
Bonds	4.300	02/24/29		EUR	3,905		5,830,920
Bonds	4.300	02/24/30		EUR	2,199		3,327,408
Bonds	4.300	02/24/31		EUR	4,848		7,464,758
Bonds	4.300	02/24/32		EUR	2,887		4,508,895
Bonds	4.300	02/24/33		EUR	1,722		2,717,697
Bonds	4.300	02/24/34		EUR	2,299		3,662,444
Bonds	4.300	02/24/35		EUR	4,887		7,828,799
Bonds	4.300	02/24/36		EUR	1,792		2,893,071
Bonds	4.300	02/24/37		EUR	3,229		5,260,628
Bonds	4.300	02/24/38		EUR	1,927		3,171,318
Bonds	4.300	02/24/39		EUR	2,078		3,463,540
Bonds	4.300	02/24/40		EUR	2,312		3,864,890
Bonds	4.300	02/24/41		EUR	2,055		3,477,940
Bonds	4.300	02/24/42		EUR	4,397		7,537,176
Bonds, 144A	1.500	06/18/30		EUR	4,000		5,076,108
Hellenic Republic Government International Bond,
Sr. Unsec’d. Notes	5.200	07/17/34		EUR	9,311		15,863,677
Sr. Unsec’d. Notes	6.140	04/14/28		EUR	5,200		8,379,114
							154,583,789
Guernsey    0.2%
States of Guernsey Bond,
Sr. Unsec’d. Notes	3.375	12/12/46		GBP	5,683		10,153,157
Hong Kong    0.0%
Airport Authority,
Sr. Unsec’d. Notes, EMTN	1.950	11/20/30		HKD	3,000		379,497
Hong Kong Sukuk 2017 Ltd.,
Sr. Unsec’d. Notes	3.132	02/28/27			1,500		1,650,798
							2,030,295

See Notes to Financial Statements.

PGIM Global Total Return Fund      59

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
SOVEREIGN BONDS (Continued)
Hungary    0.5%
Hungary Government International Bond,
Sr. Unsec’d. Notes	1.250%	10/22/25		EUR	2,000	$	2,540,336
Sr. Unsec’d. Notes	1.625	04/28/32		EUR	3,900		5,004,712
Sr. Unsec’d. Notes	4.300	12/19/21		CNH	32,500		5,046,045
Sr. Unsec’d. Notes	5.375	02/21/23			4,850		5,283,994
Sr. Unsec’d. Notes	5.750	11/22/23			4,050		4,578,360
Sr. Unsec’d. Notes, Series 2	1.290	09/18/30		JPY	700,000		6,387,873
Sr. Unsec’d. Notes, Series 8	0.740	09/18/25		JPY	100,000		915,994
							29,757,314
Iceland    0.1%
Iceland Government International Bond,
Sr. Unsec’d. Notes	0.100	06/20/24		EUR	2,634		3,182,583
Sr. Unsec’d. Notes	5.875	05/11/22			2,560		2,678,165
Sr. Unsec’d. Notes, EMTN	0.500	12/20/22		EUR	500		607,542
							6,468,290
India    0.4%
Export-Import Bank of India,
Sr. Unsec’d. Notes, 144A, MTN(a)	2.250	01/13/31			4,400		4,030,083
Sr. Unsec’d. Notes, 144A, MTN	3.250	01/15/30			2,910		2,906,039
Sr. Unsec’d. Notes, Series 3	0.590	09/05/22		JPY	1,700,000		15,508,361
							22,444,483
Indonesia    1.6%
Indonesia Government International Bond,
Sr. Unsec’d. Notes	0.900	02/14/27		EUR	7,700		9,355,059
Sr. Unsec’d. Notes	1.100	03/12/33		EUR	3,415		4,010,338
Sr. Unsec’d. Notes	1.400	10/30/31		EUR	9,560		11,656,306
Sr. Unsec’d. Notes	1.450	09/18/26		EUR	3,400		4,256,647
Sr. Unsec’d. Notes	1.750	04/24/25		EUR	2,600		3,278,028
Sr. Unsec’d. Notes	3.375	07/30/25		EUR	12,505		16,829,920
Sr. Unsec’d. Notes, EMTN	2.150	07/18/24		EUR	5,195		6,618,794
Sr. Unsec’d. Notes, EMTN	2.625	06/14/23		EUR	5,700		7,204,598
Sr. Unsec’d. Notes, EMTN	3.750	06/14/28		EUR	13,980		20,000,871
Sr. Unsec’d. Notes, Series 05	0.920	05/31/23		JPY	100,000		923,431
Sr. Unsec’d. Notes, Series 09	0.830	05/22/24		JPY	200,000		1,846,593
Sr. Unsec’d. Notes, Series 14	1.130	07/07/23		JPY	400,000		3,715,082
							89,695,667

See Notes to Financial Statements.

60

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	7,881	$	15,598,407
Unsec’d. Notes	5.625	03/29/30		GBP	4,978		9,229,582
							24,827,989
Israel    0.2%
Israel Government International Bond,
Sr. Unsec’d. Notes	2.750	07/03/30			5,000		5,272,041
Sr. Unsec’d. Notes	4.500	04/03/2120			1,240		1,521,444
Sr. Unsec’d. Notes, EMTN	6.875	10/21/34		GBP	3,360		7,262,495
							14,055,980
Italy    4.5%
Cassa Del Trentino SPA,
Local Gov’t. Gtd. Notes, EMTN	1.160	06/17/26		EUR	564		683,595
Italy Buoni Poliennali Del Tesoro,
Bonds, 144A	2.800	03/01/67		EUR	2,100		2,949,493
Sr. Unsec’d. Notes, 144A	3.350	03/01/35		EUR	15,640		23,862,631
Region of Lazio,
Sr. Unsec’d. Notes	3.088	03/31/43		EUR	5,450		7,423,373
Repubic of Italy Government International Bond Coupon Strips,
Sr. Unsec’d. Notes	1.737(s)	02/20/31		EUR	5,324		5,797,571
Sr. Unsec’d. Notes	3.486(s)	03/27/23			775		765,697
Republic of Italy Government International Bond,
Sr. Unsec’d. Notes	2.375	10/17/24			500		520,966
Sr. Unsec’d. Notes	2.875	10/17/29			2,900		2,953,294
Sr. Unsec’d. Notes	4.000	10/17/49			500		514,327
Sr. Unsec’d. Notes, EMTN	3.444	12/31/24		EUR	988		1,217,671
Sr. Unsec’d. Notes, EMTN, EURIBOR ICE SWAP 11:00 + 0.000% (Cap N/A, Floor 4.250%)	4.250(c)	06/28/29		EUR	7,892		12,002,234
Sr. Unsec’d. Notes, EMTN	5.200	07/31/34		EUR	3,868		6,756,052
Sr. Unsec’d. Notes, EMTN	5.250	12/07/34		GBP	16,509		30,704,406
Sr. Unsec’d. Notes, EMTN	5.345	01/27/48		EUR	2,000		3,983,536
Sr. Unsec’d. Notes, EMTN	6.000	08/04/28		GBP	67,242		119,708,458
Sr. Unsec’d. Notes, MTN	5.125	07/31/24		EUR	15,045		21,029,923
Sr. Unsec’d. Notes, MTN	5.375	06/15/33			11,108		13,604,508
Sr. Unsec’d. Notes, Series 67, EMTN	0.000(cc)	05/11/26		EUR	3,000		3,590,466
							258,068,201

See Notes to Financial Statements.

PGIM Global Total Return Fund      61

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
SOVEREIGN BONDS (Continued)
Japan    0.5%
Agriculture Forestry & Fisheries Finance Corp.,
Sr. Sec’d. Notes, Series 12	2.240%	03/19/27		JPY	100,000	$	1,030,726
Honshu-Shikoku Bridge,
Sr. Sec’d. Notes, Series 5	2.230	12/20/24		JPY	200,000		1,971,429
Japan Government Ten Year Bond,
Bonds, Series 360(k)	0.100	09/20/30		JPY	100,000		917,977
Japan Government Thirty Year Bond,
Bonds, Series 66(k)	0.400	03/20/50		JPY	450,000		3,857,848
Bonds, Series 69(k)	0.700	12/20/50		JPY	400,000		3,705,411
Japan Government Twenty Year Bond,
Bonds, Series 149(k)	1.500	06/20/34		JPY	50,000		533,444
Bonds, Series 150(k)	1.400	09/20/34		JPY	145,000		1,530,909
Bonds, Series 157(k)	0.200	06/20/36		JPY	224,100		2,023,050
Bonds, Series 159(k)	0.600	12/20/36		JPY	665,000		6,357,127
Bonds, Series 165(k)	0.500	06/20/38		JPY	407,000		3,807,348
Bonds, Series 171(k)	0.300	12/20/39		JPY	300,000		2,683,435
Japan Housing Finance Agency,
Sr. Sec’d. Notes, Series 102	1.441	03/19/27		JPY	100,000		987,124
Japanese Government CPI Linked Bond,
Bonds, Series 22	0.100	03/10/27		JPY	220,319		2,042,136
							31,447,964
Jersey    0.0%
Jersey International Bond,
Sr. Unsec’d. Notes	3.750	06/09/54		GBP	834		1,653,083
Kazakhstan    0.4%
Kazakhstan Government International Bond,
Sr. Unsec’d. Notes, EMTN	0.600	09/30/26		EUR	2,000		2,403,236
Sr. Unsec’d. Notes, EMTN	1.500	09/30/34		EUR	3,200		3,889,059
Sr. Unsec’d. Notes, EMTN	2.375	11/09/28		EUR	10,815		14,545,552
							20,837,847
Lithuania    0.0%
Lithuania Government Bond,
Bonds, Series 7 Year	0.600	06/29/23		EUR	200		245,110
Macedonia    0.1%
North Macedonia Government International Bond,
Sr. Unsec’d. Notes	3.975	07/24/21		EUR	3,000		3,634,116

See Notes to Financial Statements.

62

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
SOVEREIGN BONDS (Continued)
Macedonia (cont’d.)
North Macedonia Government International Bond, (cont’d.)
Sr. Unsec’d. Notes	5.625%	07/26/23		EUR	1,000	$	1,319,251
Sr. Unsec’d. Notes, 144A	3.975	07/24/21		EUR	500		605,686
							5,559,053
Malaysia    0.0%
1MDB Global Investments Ltd.,
Sr. Unsec’d. Notes	4.400	03/09/23			2,000		2,014,768
Mexico    1.3%
Mexican Bonos,
Sr. Unsec’d. Notes, Series M	8.000	12/07/23		MXN	10,000		527,316
Mexico Government International Bond,
Sr. Unsec’d. Notes(a)	1.125	01/17/30		EUR	10,100		11,695,331
Sr. Unsec’d. Notes	1.350	09/18/27		EUR	500		617,738
Sr. Unsec’d. Notes	1.450	10/25/33		EUR	4,825		5,420,378
Sr. Unsec’d. Notes	1.625	04/08/26		EUR	200		253,142
Sr. Unsec’d. Notes(a)	2.875	04/08/39		EUR	5,000		6,125,486
Sr. Unsec’d. Notes	4.000	03/15/2115		EUR	950		1,196,389
Sr. Unsec’d. Notes, EMTN	1.750	04/17/28		EUR	800		996,742
Sr. Unsec’d. Notes, EMTN	5.625	03/19/2114		GBP	340		502,673
Sr. Unsec’d. Notes, GMTN	1.625	03/06/24		EUR	8,870		11,130,838
Sr. Unsec’d. Notes, GMTN	6.750	02/06/24		GBP	13,006		20,793,067
Sr. Unsec’d. Notes, Series 25	0.600	04/20/23		JPY	700,000		6,409,781
Sr. Unsec’d. Notes, Series 26	0.850	04/18/25		JPY	500,000		4,580,210
Sr. Unsec’d. Notes, Series 28	2.000	04/20/38		JPY	300,000		2,541,920
Sr. Unsec’d. Notes, Series A, MTN	7.500	04/08/33			875		1,205,755
							73,996,766
Montenegro    0.0%
Montenegro Government International Bond,
Sr. Unsec’d. Notes, 144A	3.375	04/21/25		EUR	750		889,256
New Zealand    0.1%
Auckland Council,
Sr. Sec’d. Notes	2.900	09/16/27		AUD	1,000		806,618
Sr. Sec’d. Notes	3.500	03/09/26		AUD	2,000		1,678,901
New Zealand Government Bond,
Bonds	1.750	05/15/41		NZD	2,000		1,260,988

See Notes to Financial Statements.

PGIM Global Total Return Fund      63

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
SOVEREIGN BONDS (Continued)
New Zealand (cont’d.)
New Zealand Local Government Funding Agency Bond,
Local Gov’t. Gtd. Notes	2.000%	04/15/37		NZD	2,100	$	1,353,434
Local Gov’t. Gtd. Notes	3.500	04/14/33		NZD	2,900		2,303,269
							7,403,210
Norway    0.1%
City of Oslo,
Sr. Unsec’d. Notes	1.500	11/27/30		NOK	3,000		342,295
Sr. Unsec’d. Notes	2.300	12/01/27		NOK	3,000		371,543
Sr. Unsec’d. Notes	3.650	11/08/23		NOK	9,000		1,150,898
Norway Government Bond,
Sr. Unsec’d. Notes, Series 481, 144A	1.750	09/06/29		NOK	10,000		1,237,900
							3,102,636
Panama    0.4%
Panama Government International Bond,
Sr. Unsec’d. Notes	4.000	09/22/24			400		436,198
Sr. Unsec’d. Notes	8.125	04/28/34			10,608		15,041,971
Sr. Unsec’d. Notes	9.375	01/16/23			3,803		4,335,494
Sr. Unsec’d. Notes	9.375	04/01/29			800		1,177,686
							20,991,349
Peru    1.2%
Peru Government Bond,
Sr. Unsec’d. Notes	5.350	08/12/40		PEN	22,000		5,143,329
Peruvian Government International Bond,
Sr. Unsec’d. Notes	1.250	03/11/33		EUR	1,200		1,378,266
Sr. Unsec’d. Notes	2.392	01/23/26			690		709,753
Sr. Unsec’d. Notes	2.750	01/30/26		EUR	36,018		47,411,693
Sr. Unsec’d. Notes	3.750	03/01/30		EUR	9,408		13,436,193
Sr. Unsec’d. Notes	6.950	08/12/31		PEN	9,000		2,671,220
							70,750,454
Philippines    1.2%
Philippine Government International Bond,
Sr. Unsec’d. Notes	0.000	02/03/23		EUR	2,000		2,398,878
Sr. Unsec’d. Notes	0.250	04/28/25		EUR	690		831,788
Sr. Unsec’d. Notes	0.700	02/03/29		EUR	5,365		6,419,227

See Notes to Financial Statements.

64

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
SOVEREIGN BONDS (Continued)
Philippines (cont’d.)
Philippine Government International Bond, (cont’d.)
Sr. Unsec’d. Notes	1.200%	04/28/33		EUR	1,150	$	1,370,983
Sr. Unsec’d. Notes	1.750	04/28/41		EUR	1,085		1,278,785
Sr. Unsec’d. Notes, EMTN	0.875	05/17/27		EUR	7,000		8,542,792
Sr. Unsec’d. Notes, Series 11	0.990	08/15/28		JPY	1,100,000		10,216,599
Sr. Unsec’d. Notes, Series 15	0.590	08/15/29		JPY	1,700,000		15,181,187
Unsec’d. Notes	3.580	05/20/22		CNH	165,000		25,560,013
							71,800,252
Portugal    1.6%
Autonomous Region of the Azores,
Sr. Unsec’d. Notes	0.603	07/21/26		EUR	1,000		1,217,904
Metropolitano de Lisboa EPE,
Gov’t. Gtd. Notes	4.799	12/07/27		EUR	5,800		9,062,670
Gov’t. Gtd. Notes	7.300	12/23/25		EUR	300		480,455
Portugal Government International Bond,
Sr. Unsec’d. Notes	4.090	06/03/22		CNH	70,800		11,008,363
Sr. Unsec’d. Notes, EMTN	5.125	10/15/24			10,791		12,330,019
Portugal Obrigacoes do Tesouro OT,
Sr. Unsec’d. Notes, 144A	4.100	02/15/45		EUR	24,295		46,815,812
Regiao Autonoma Madeira,
Gov’t. Gtd. Notes	0.943	05/29/32		EUR	8,750		10,572,271
							91,487,494
Qatar    0.2%
Qatar Government International Bond,
Sr. Unsec’d. Notes	3.400	04/16/25			500		544,527
Sr. Unsec’d. Notes	3.750	04/16/30			2,000		2,242,094
Sr. Unsec’d. Notes, 144A	3.400	04/16/25			4,410		4,802,732
Sr. Unsec’d. Notes, 144A	4.500	04/23/28			2,000		2,335,294
							9,924,647
Romania    0.5%
Romania Government Bond,
Bonds, Series 15 Year	3.650	09/24/31		RON	2,000		503,743
Romanian Government International Bond,
Sr. Unsec’d. Notes, 144A, MTN	2.500	02/08/30		EUR	4,150		5,319,881
Sr. Unsec’d. Notes, EMTN	2.375	04/19/27		EUR	1,000		1,305,070
Sr. Unsec’d. Notes, EMTN	3.375	02/08/38		EUR	2,138		2,779,809
Sr. Unsec’d. Notes, EMTN	3.500	04/03/34		EUR	1,000		1,363,051

See Notes to Financial Statements.

PGIM Global Total Return Fund      65

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
SOVEREIGN BONDS (Continued)
Romania (cont’d.)
Romanian Government International Bond, (cont’d.)
Sr. Unsec’d. Notes, EMTN	3.875%	10/29/35		EUR	1,000	$	1,394,610
Sr. Unsec’d. Notes, EMTN	4.125	03/11/39		EUR	2,966		4,177,198
Sr. Unsec’d. Notes, EMTN	4.375	08/22/23			1,000		1,084,165
Unsec’d. Notes, 144A, MTN	2.124	07/16/31		EUR	3,600		4,436,427
Unsec’d. Notes, 144A, MTN	2.875	05/26/28		EUR	1,100		1,464,641
Unsec’d. Notes, EMTN	2.124	07/16/31		EUR	2,000		2,464,682
Unsec’d. Notes, MTN	2.875	05/26/28		EUR	700		932,045
							27,225,322
Russia    0.7%
Russian Federal Bond - OFZ,
Bonds, Series 6224	6.900	05/23/29		RUB	61,000		812,700
Russian Foreign Bond - Eurobond,
Sr. Unsec’d. Notes	1.850	11/20/32		EUR	2,000		2,368,037
Sr. Unsec’d. Notes	2.875	12/04/25		EUR	22,900		30,071,754
Sr. Unsec’d. Notes	4.500	04/04/22			400		413,009
Sr. Unsec’d. Notes	5.100	03/28/35			6,000		7,066,184
							40,731,684
Saudi Arabia    0.4%
Saudi Government International Bond,
Sr. Unsec’d. Notes	2.000	07/09/39		EUR	6,211		7,852,269
Sr. Unsec’d. Notes, 144A	2.000	07/09/39		EUR	5,945		7,515,978
Sr. Unsec’d. Notes, 144A, MTN	2.875	03/04/23			3,335		3,468,487
Sr. Unsec’d. Notes, 144A, MTN	2.900	10/22/25			4,000		4,250,917
Sr. Unsec’d. Notes, 144A, MTN	4.000	04/17/25			1,135		1,250,270
Sr. Unsec’d. Notes, EMTN	0.625	03/03/30		EUR	100		120,488
Sr. Unsec’d. Notes, EMTN	2.875	03/04/23			1,300		1,352,034
							25,810,443
Serbia    0.8%
Serbia International Bond,
Sr. Unsec’d. Notes	1.500	06/26/29		EUR	1,000		1,191,976
Sr. Unsec’d. Notes	3.125	05/15/27		EUR	20,595		27,238,615
Sr. Unsec’d. Notes	7.250	09/28/21			4,646		4,765,210
Sr. Unsec’d. Notes, 144A	2.125	12/01/30			13,215		12,175,629
Sr. Unsec’d. Notes, 144A	7.250	09/28/21			200		205,132
							45,576,562

See Notes to Financial Statements.

66

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
SOVEREIGN BONDS (Continued)
Singapore    0.0%
Housing & Development Board,
Sr. Unsec’d. Notes, MTN	2.320%	01/24/28		SGD	500	$	394,724
Slovenia    0.2%
Slovenia Government International Bond,
Sr. Unsec’d. Notes	5.250	02/18/24			7,922		8,946,744
South Africa    0.2%
Republic of South Africa Government Bond,
Sr. Unsec’d. Notes, Series 2035	8.875	02/28/35		ZAR	10,000		593,248
Sr. Unsec’d. Notes, Series R186	10.500	12/21/26		ZAR	9,000		708,408
Sr. Unsec’d. Notes, Series R213	7.000	02/28/31		ZAR	1,800		102,965
Republic of South Africa Government International Bond,
Sr. Unsec’d. Notes	3.750	07/24/26		EUR	5,415		7,090,956
Sr. Unsec’d. Notes, EMTN	3.800	09/07/21		JPY	100,000		928,319
							9,423,896
South Korea    0.1%
Export-Import Bank of Korea,
Sr. Unsec’d. Notes, 144A, MTN	8.000	05/15/24		IDR	6,800,000		501,038
Sr. Unsec’d. Notes, EMTN	3.130	04/26/23		HKD	4,000		540,060
Sr. Unsec’d. Notes, EMTN	4.140	09/04/23		CNH	5,000		791,592
Sr. Unsec’d. Notes, EMTN	7.250	12/07/24		IDR	10,000,000		724,872
Sr. Unsec’d. Notes, EMTN	8.000	05/15/24		IDR	19,600,000		1,444,169
Sr. Unsec’d. Notes, GMTN	2.600	11/08/23		AUD	888		712,915
Sr. Unsec’d. Notes, MTN	3.500	07/28/21		NZD	2,000		1,441,346
							6,155,992
Spain    2.5%
Autonomous Community of Catalonia,
Sr. Unsec’d. Notes	4.690	10/28/34		EUR	430		703,508
Sr. Unsec’d. Notes, EMTN	4.900	09/15/21		EUR	600		734,521
Sr. Unsec’d. Notes, EMTN, EURIBOR ICE SWAP 11:00 Fft 10Y Index + 0.000% (Cap 12.000%, Floor 5.480%)	5.480(c)	05/11/29		EUR	1,000		1,599,919
Sr. Unsec’d. Notes, EMTN	5.900	05/28/30		EUR	3,250		5,458,753
Sr. Unsec’d. Notes, EMTN	6.350	11/30/41		EUR	100		198,335
Instituto de Credito Oficial,
Gov’t. Gtd. Notes, EMTN	3.250	06/28/24		CHF	1,300		1,586,771

See Notes to Financial Statements.

PGIM Global Total Return Fund      67

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
SOVEREIGN BONDS (Continued)
Spain (cont’d.)
Instituto de Credito Oficial, (cont’d.)
Gov’t. Gtd. Notes, GMTN	0.963%	09/22/22		SEK	32,000	$	3,828,233
Spain Government Bond,
Bonds, 144A(k)	5.150	10/31/28		EUR	8,120		13,405,278
Sr. Unsec’d. Notes, 144A	1.000	10/31/50		EUR	600		647,367
Sr. Unsec’d. Notes, 144A(k)	1.200	10/31/40		EUR	2,500		3,042,431
Sr. Unsec’d. Notes, 144A	1.250	10/31/30		EUR	4,000		5,184,507
Sr. Unsec’d. Notes, 144A(k)	1.400	04/30/28		EUR	6,410		8,412,969
Sr. Unsec’d. Notes, 144A(k)	1.400	07/30/28		EUR	895		1,176,115
Sr. Unsec’d. Notes, 144A(k)	1.850	07/30/35		EUR	21,225		29,053,177
Sr. Unsec’d. Notes, 144A(k)	1.950	07/30/30		EUR	1,300		1,788,487
Sr. Unsec’d. Notes, 144A(k)	3.450	07/30/66		EUR	4,200		7,742,734
Spain Government Bond Coupon Strips,
Bonds	0.449(s)	07/30/29		EUR	438		512,637
Bonds	0.246(s)	01/31/32		EUR	3,900		4,379,914
Bonds	0.320(s)	01/31/33		EUR	2,100		2,320,083
Bonds	0.958(s)	01/31/35		EUR	168		178,743
Bonds	1.027(s)	01/31/36		EUR	168		175,213
Bonds	1.078(s)	01/31/37		EUR	168		171,530
Bonds	1.296(s)	07/30/41		EUR	436		399,608
Bonds, Series CAC	0.579(s)	07/30/29		EUR	3,600		4,190,955
Bonds, Series CAC	1.128(s)	07/30/36		EUR	862		883,549
Bonds, Series CAC	1.212(s)	07/30/37		EUR	862		864,992
Bonds, Series CAC	1.297(s)	07/30/38		EUR	862		841,801
Bonds, Series CAC	1.365(s)	07/30/42		EUR	300		266,205
Bonds, Series CAC	1.405(s)	07/30/43		EUR	300		260,155
Bonds, Series CAC	1.455(s)	07/30/44		EUR	300		252,872
Bonds, Series CAC	1.475(s)	07/30/45		EUR	300		248,041
Bonds, Series CAC	1.485(s)	07/30/46		EUR	300		252,691
Bonds, Series CAC	1.504(s)	07/30/47		EUR	300		242,933
Bonds, Series CAC	1.514(s)	07/30/48		EUR	300		236,621
Bonds, Series CAC	1.544(s)	07/30/49		EUR	300		226,276
Bonds, Series CAC	1.564(s)	07/30/50		EUR	300		227,263
Bonds, Series CAC	1.594(s)	07/30/51		EUR	300		223,432
Bonds, Series CAC	1.623(s)	07/30/52		EUR	300		216,706
Bonds, Series CAC	1.663(s)	07/30/53		EUR	300		210,128
Bonds, Series CAC	1.683(s)	07/30/54		EUR	300		203,705
Bonds, Series CAC	1.703(s)	07/30/55		EUR	300		197,413
Bonds, Series CAC	1.732(s)	07/30/56		EUR	300		191,541
Bonds, Series CAC	1.772(s)	07/30/57		EUR	300		185,001
Bonds, Series CAC	1.782(s)	07/30/58		EUR	300		179,699
Bonds, Series CAC	1.812(s)	07/30/59		EUR	300		173,928

See Notes to Financial Statements.

68

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
SOVEREIGN BONDS (Continued)
Spain (cont’d.)
Spain Government Bond Coupon Strips, (cont’d.)
Bonds, Series CAC	1.851%(s)	07/30/60		EUR	300	$	168,243
Bonds, Series CAC	1.871(s)	07/30/61		EUR	300		161,263
Bonds, Series CAC	1.891(s)	07/30/62		EUR	300		155,635
Bonds, Series CAC	1.921(s)	07/30/63		EUR	300		147,588
Bonds, Series CAC	1.950(s)	07/30/64		EUR	300		144,524
Bonds, Series CAC	1.980(s)	07/30/65		EUR	300		139,183
Bonds, Series CAC	2.010(s)	07/30/66		EUR	300		136,006
Spain Government Bond Principal Strips,
Bonds	0.794(s)	07/30/41		EUR	1,700		1,579,419
Spain Government International Bond,
Sr. Unsec’d. Notes, EMTN	5.010	11/21/44			10,500		13,301,185
Sr. Unsec’d. Notes, EMTN	5.250	04/06/29		GBP	14,737		25,467,181
							144,876,967
Sweden    0.0%
Kommuninvest I Sverige AB,
Local Gov’t. Gtd. Notes, EMTN	1.500	05/12/25		SEK	7,000		867,175
Svensk Exportkredit AB,
Sr. Unsec’d. Notes, EMTN	8.904(s)	06/25/27		ZAR	1,400		59,465
Sweden Government Bond,
Bonds, Series 1053(k)	3.500	03/30/39		SEK	10,000		1,725,511
							2,652,151
Thailand    0.0%
Thailand Government Bond,
Sr. Unsec’d. Notes	3.650	06/20/31		THB	45,000		1,694,285
Turkey    0.1%
Turkey Government International Bond,
Sr. Unsec’d. Notes	4.625	03/31/25		EUR	5,000		6,191,601
Sr. Unsec’d. Notes	5.750	03/22/24			1,000		1,017,454
							7,209,055
Ukraine    1.0%
Ukraine Government International Bond,
Sr. Unsec’d. Notes	4.375	01/27/30		EUR	3,736		4,117,764
Sr. Unsec’d. Notes	6.750	06/20/26		EUR	28,799		37,015,722
Sr. Unsec’d. Notes	7.375	09/25/32			3,600		3,641,148
Sr. Unsec’d. Notes	7.750	09/01/24			1,875		2,012,345

See Notes to Financial Statements.

PGIM Global Total Return Fund      69

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#			Value
SOVEREIGN BONDS (Continued)
Ukraine (cont’d.)
Ukraine Government International Bond, (cont’d.)
Sr. Unsec’d. Notes	7.750%	09/01/25			400	$	431,162
Sr. Unsec’d. Notes	7.750	09/01/26			500		539,351
Sr. Unsec’d. Notes, 144A	4.375	01/27/30		EUR	9,705		10,696,708
Sr. Unsec’d. Notes, 144A	7.253	03/15/33			1,560		1,563,419
							60,017,619
United Arab Emirates    0.5%
Abu Dhabi Government International Bond,
Sr. Unsec’d. Notes	2.500	10/11/22			498		513,179
Sr. Unsec’d. Notes, 144A	2.500	10/11/22			2,365		2,437,084
Dubai DOF Sukuk Ltd.,
Sr. Unsec’d. Notes	5.000	04/30/29			5,000		5,794,232
Sr. Unsec’d. Notes, EMTN	6.450	05/02/22			6,423		6,776,490
RAK Capital,
Sr. Unsec’d. Notes, EMTN	3.094	03/31/25			1,400		1,485,334
Sharjah Sukuk Ltd.,
Sr. Unsec’d. Notes	3.764	09/17/24			3,800		4,066,848
Sharjah Sukuk Program Ltd.,
Sr. Unsec’d. Notes, EMTN	3.854	04/03/26			4,000		4,296,356
Sr. Unsec’d. Notes, EMTN	4.226	03/14/28			1,200		1,317,639
							26,687,162
United Kingdom    0.7%
Transport for London,
Sr. Unsec’d. Notes, EMTN	4.000	09/12/33		GBP	1,000		1,723,171
Sr. Unsec’d. Notes, EMTN	4.000	04/07/64		GBP	800		1,690,407
Sr. Unsec’d. Notes, EMTN	4.500	03/31/31		GBP	3,813		6,220,357
Sr. Unsec’d. Notes, EMTN	5.000	03/31/35		GBP	3,140		5,613,960
United Kingdom Gilt,
Bonds(k)	3.250	01/22/44		GBP	100		190,465
Bonds(k)	3.500	01/22/45		GBP	2,310		4,605,277
Bonds(k)	4.250	03/07/36		GBP	5,965		11,730,949
Bonds(k)	4.250	09/07/39		GBP	180		372,092
Bonds(k)	4.250	12/07/46		GBP	1,920		4,327,416
United Kingdom Municipal Bonds Agency Finance   Co. Designated Activity Co.,
Local Gov’t. Gtd. Notes	1.625	08/26/60		GBP	750		946,584
							37,420,678

See Notes to Financial Statements.

70

Description	Interest         Rate	Maturity Date	Principal                   Amount                  (000)#				Value
SOVEREIGN BONDS (Continued)
Uruguay    0.1%
Uruguay Government International Bond,
Sr. Unsec’d. Notes	4.375%	10/27/27				394	$	450,476
Sr. Unsec’d. Notes	4.375	01/23/31				625		725,455
Sr. Unsec’d. Notes	6.875	09/28/25				2,202		2,684,458
								3,860,389
TOTAL SOVEREIGN BONDS (cost $1,756,973,939)								1,873,197,598
U.S. GOVERNMENT AGENCY OBLIGATIONS    1.2%
Federal National Mortgage Assoc.	5.375	12/07/28		GBP		20,307		36,498,757
Tennessee Valley Authority
Sr. Unsec’d. Notes	4.625	06/07/43		GBP		300		616,797
Sr. Unsec’d. Notes	5.350	06/07/21		GBP		1,217		1,688,503
Sr. Unsec’d. Notes	5.625	06/07/32		GBP		14,971		29,180,868
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $68,120,348)								67,984,925
U.S. TREASURY OBLIGATIONS(k)    0.4%
U.S. Treasury Bonds(h)	1.125	08/15/40				14,930		12,447,887
U.S. Treasury Notes	0.625	08/15/30				5,000		4,582,031
U.S. Treasury Notes(h)	1.375	02/15/23				2,450		2,503,498
U.S. Treasury Notes	2.125	05/15/25				300		318,188
U.S. Treasury Strips Coupon	1.872(s)	05/15/31				400		332,375
U.S. Treasury Strips Coupon	1.888(s)	08/15/29				400		349,547
U.S. Treasury Strips Coupon(h)	2.089(s)	11/15/35				800		586,250
U.S. Treasury Strips Coupon	2.251(s)	08/15/40				800		512,219
TOTAL U.S. TREASURY OBLIGATIONS (cost $22,804,019)								21,631,995
					Shares
COMMON STOCKS    0.2%
Colombia    0.0%
Frontera Energy Corp.*						2,232		10,490
United States    0.2%
Chesapeake Energy Corp.*						210,759		9,604,288

See Notes to Financial Statements.

PGIM Global Total Return Fund      71

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
United States (cont’d.)
Chesapeake Energy Corp. Backstop Commitment*		1,212	$	53,683
Ferrellgas Partners LP (Class B Stock)*^		2,731		551,662
				10,209,633
TOTAL COMMON STOCKS (cost $4,478,069)				10,220,123
PREFERRED STOCK    0.0%
United States
Citigroup Capital XIII, 6.546%, Maturing 10/30/40 (cost $100,000)		4,000		108,560
TOTAL LONG-TERM INVESTMENTS (cost $5,481,605,374)				5,689,090,755
SHORT-TERM INVESTMENTS    1.2%
AFFILIATED MUTUAL FUNDS    1.1%
PGIM Core Ultra Short Bond Fund(wa)		1,846,156		1,846,156
PGIM Institutional Money Market Fund (cost $63,345,579; includes $63,338,984 of cash collateral for securities on loan)(b)(wa)		63,398,813		63,367,114
TOTAL AFFILIATED MUTUAL FUNDS (cost $65,191,735)				65,213,270
OPTIONS PURCHASED*~    0.1% (cost $46,861,989)				4,430,134
TOTAL SHORT-TERM INVESTMENTS (cost $112,053,724)				69,643,404
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN    99.8% (cost $5,593,659,098)				5,758,734,159
OPTIONS WRITTEN*~    (0.1)% (premiums received $51,544,119)				(4,458,375	)
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN    99.7% (cost $5,542,114,979)				5,754,275,784
Other assets in excess of liabilities(z) 0.3%				19,846,847
NET ASSETS    100.0%			$	5,774,122,631

See Notes to Financial Statements.

72

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

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

DKK—Danish Krone

EUR—Euro

GBP—British Pound

HKD—Hong Kong Dollar

HUF—Hungarian Forint

IDR—Indonesian Rupiah

ILS—Israeli Shekel

INR—Indian Rupee

ITL—Italian Lira

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

MYR—Malaysian Ringgit

NOK—Norwegian Krone

NZD—New Zealand Dollar

PEN—Peruvian Nuevo Sol

PLN—Polish Zloty

RON—Romanian Leu

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

ABS—Asset-Backed Security

AID—Agency for International Development

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

CAC—French Stock Market Index

CDX—Credit Derivative Index

CIBOR—Copenhagen Interbank Offered Rate

CLO—Collateralized Loan Obligation

CLOIS—Sinacofi Chile Interbank Rate Average

CME—Chicago Mercantile Exchange

See Notes to Financial Statements.

PGIM Global Total Return Fund      73

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

COOIS—Colombia Overnight Interbank Reference Rate

CPI—Consumer Price Index

EMTN—Euro Medium Term Note

EONIA—Euro Overnight Index Average

EURIBOR—Euro Interbank Offered Rate

FHLMC—Federal Home Loan Mortgage 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)

iTraxx—International Credit Derivative Index

JIBAR—Johannesburg Interbank Agreed Rate

KLIBOR—Kuala Lumpur Interbank Offered Rate

KWCDC—Korean Won Certificate of Deposit

LIBOR—London Interbank Offered Rate

LP—Limited Partnership

M—Monthly payment frequency for swaps

MASTR—Morgan Stanley Structured Asset Security

MosPRIME—Moscow Prime Offered Rate

MPLE—Maple Bonds

MTN—Medium Term Note

NIBOR—Norwegian Interbank Offered Rate

NSA—Non-Seasonally Adjusted

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

REMICS—Real Estate Mortgage Investment Conduit Security

S—Semiannual payment frequency for swaps

SIBOR—Singapore Interbank Offered Rate

SOFR—Secured Overnight Financing Rate

SONIA—Sterling Overnight Index Average

STIBOR—Stockholm Interbank Offered Rate

Strips—Separate Trading of Registered Interest and Principal of Securities

T—Swap payment upon termination

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 instrument. The aggregate value of Level 3 instruments is $32,700,233 and 0.6% 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 $60,568,794; cash collateral of $63,338,984 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

See Notes to Financial Statements.

74

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at April 30, 2021.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of April 30, 2021. 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.

(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.

(jj) Represents original contract currency denomination, settlement to occur in Euro currency.

(oo) Perpetual security. Maturity date represents next call date.

(p) Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end.

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

(wa) 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, if applicable.

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

Options Purchased:

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date	Strike		Contracts	Notional Amount (000)#		Value
Currency Option AUD vs JPY	Call	Deutsche Bank AG	05/26/21		70.00	—	AUD	12,000	$	1,560,805
Currency Option USD vs ILS	Call	Bank of America, N.A.	06/28/21		3.60	—		66,000		12,582
Currency Option USD vs ILS	Call	Citibank, N.A.	06/28/21		3.95	—		66,000		1,389
Currency Option USD vs INR	Call	Goldman Sachs International	09/28/21		88.00	—		75,000		44,289
Currency Option USD vs MXN	Call	Goldman Sachs International	02/23/22		26.00	—		159,750		1,229,236
Currency Option USD vs MXN	Call	Barclays Bank PLC	02/23/22		31.50	—		319,500		695,442
Currency Option USD vs MXN	Call	Goldman Sachs International	02/23/22		36.00	—		103,800		108,294
Currency Option AUD vs JPY	Put	Morgan Stanley & Co. International PLC	05/26/21		62.00	—	AUD	72,000		6
Currency Option AUD vs JPY	Put	Deutsche Bank AG	05/26/21		70.00	—	AUD	36,000		77
Currency Option AUD vs JPY	Put	BNP Paribas S.A.	01/26/22		55.00	—	AUD	640,000		296,601
Currency Option AUD vs JPY	Put	Deutsche Bank AG	01/26/22		63.00	—	AUD	320,000		400,400
Currency Option GBP vs USD	Put	JPMorgan Chase Bank, N.A.	05/26/21		1.14	—	GBP	350,000		21

See Notes to Financial Statements.

PGIM Global Total Return Fund      75

Schedule of Investments(unaudited) (continued)

as of April 30, 2021

Options Purchased (continued):

OTC Traded

Description

Call/ Put

Counterparty

Expiration Date

Strike

Contracts

Notional Amount (000)#

Value

Currency Option GBP vs USD

Put

Bank of America, N.A.

05/26/21

1.22

—

GBP

175,000

$

304

Currency Option USD vs BRL

Put

Deutsche Bank AG

09/28/21

3.85

—

29,000

1,738

Total OTC Traded (cost $ 46,587,045)

$

4,351,184

OTC Swaptions

Description

Call/ Put

Counterparty

Expiration Date

Strike

Receive

Pay

Notional Amount (000)#

Value

CDX.NA.IG.35.V1, 12/20/25

Put

BNP Paribas S.A.

07/21/21

0.50%

CDX.NA.IG .35.V1(Q)

1.00%(Q)

53,700

$

78,950

(cost $274,944)

Total Options Purchased (cost $46,861,989)

$

4,430,134

Options Written:

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date	Strike		Contracts	Notional Amount (000)#		Value
Currency Option AUD vs JPY	Call	Bank of America, N.A.	05/26/21		70.00	—	AUD	12,000	$	(1,560,805	)
Currency Option USD vs ILS	Call	Citibank, N.A.	06/28/21		3.60	—		66,000		(12,582	)
Currency Option USD vs ILS	Call	Bank of America, N.A.	06/28/21		3.95	—		66,000		(1,389	)
Currency Option USD vs INR	Call	Bank of America, N.A.	09/28/21		88.00	—		75,000		(44,289	)
Currency Option USD vs MXN	Call	Barclays Bank PLC	02/23/22		26.00	—		159,750		(1,229,236	)
Currency Option USD vs MXN	Call	Goldman Sachs International	02/23/22		31.50	—		319,500		(695,442	)
Currency Option USD vs MXN	Call	Citibank, N.A.	02/23/22		36.00	—		103,800		(108,294	)
Currency Option AUD vs JPY	Put	Deutsche Bank AG	05/26/21		62.00	—	AUD	72,000		(5	)
Currency Option AUD vs JPY	Put	Morgan Stanley & Co. International PLC	05/26/21		70.00	—	AUD	36,000		(77	)
Currency Option AUD vs JPY	Put	Deutsche Bank AG	01/26/22		55.00	—	AUD	640,000		(296,601	)

See Notes to Financial Statements.

76

Options Written (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date	Strike		Contracts	Notional Amount (000)#		Value
Currency Option AUD vs JPY	Put	BNP Paribas S.A.	01/26/22		63.00	—	AUD	320,000	$	(400,400	)
Currency Option GBP vs USD	Put	Bank of America, N.A.	05/26/21		1.14	—	GBP	350,000		(21	)
Currency Option GBP vs USD	Put	JPMorgan Chase Bank, N.A.	05/26/21		1.22	—	GBP	175,000		(304	)
Currency Option USD vs BRL	Put	Bank of America, N.A.	09/28/21		3.85	—		29,000		(1,738	)
Total OTC Traded (premiums received $51,117,763)									$	(4,351,183	)

OTC Swaptions

Description	Call/ Put	Counterparty	Expiration Date		Strike			Receive		Pay		Notional Amount (000)#		Value
CDX.NA.HY.35.V1, 12/20/25	Put	BNP Paribas S.A.		07/21/21	$	99.00			5.00%(Q)		CDX.NA.HY .35.V1(Q)		62,400	$	(92,063	)
iTraxx.XO.34.V2, 12/20/25	Put	Barclays Bank PLC		11/17/21		6.00	%		5.00%(Q)		iTraxx.XO. 34.V2(Q)	EUR	5,000		(15,129	)
Total OTC Swaptions (premiums received $426,356)														$	(107,192	)
Total Options Written (premiums received $51,544,119)														$	(4,458,375	)

Futures contracts outstanding at April 30, 2021:

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
	Long Positions:
	2,880	5 Year U.S. Treasury Notes		Jun. 2021	$	356,940,000	$	120,729
	179	10 Year Australian Treasury Bonds		Jun. 2021		19,220,890		163,419
	241	10 Year Euro-Bund		Jun. 2021		49,256,183		(345,964	)
	83	10 Year U.K. Gilt		Jun. 2021		14,634,448		(138,924	)
	1,321	10 Year U.S. Treasury Notes		Jun. 2021		174,413,281		(80,031	)
	570	10 Year U.S. Ultra Treasury Notes		Jun. 2021		82,961,722		(1,828,892	)
	3,186	20 Year U.S. Treasury Bonds		Jun. 2021		500,998,500		(5,350,666	)
	29	30 Year Euro Buxl		Jun. 2021		7,039,294		(61,101	)
	1,950	30 Year U.S. Ultra Treasury Bonds		Jun. 2021		362,517,188		(6,906,965	)
	2,207	Japanese Yen Currency		Jun. 2021		252,467,006		(1,199,553	)
								(15,627,948	)
	Short Positions:
	200	30 Day Federal Funds		Jul. 2021		79,928,000		79,692

See Notes to Financial Statements.

PGIM Global Total Return Fund     77

Schedule of Investments(unaudited) (continued)

as of April 30, 2021

Futures contracts outstanding at April 30, 2021 (continued):

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
	Short Positions (cont’d):
	46	30 Day Federal Funds		Aug. 2021	$	18,382,520	$	19,249
	200	30 Day Federal Funds		Oct. 2021		79,924,000		83,692
	10	30 Day Federal Funds		Jan. 2022		3,996,000		3,985
	1	30 Day Federal Funds		Apr. 2022		399,560		598
	152	3 Month CME SOFR		Jun. 2022		37,971,500		42,159
	510	3 Month CME SOFR		Sep. 2022		127,353,375		108,442
	7,647	2 Year U.S. Treasury Notes		Jun. 2021		1,688,134,988		1,204,039
	4,080	5 Year Euro-Bobl		Jun. 2021		660,874,901		690,283
	91	10 Year Canadian Government Bonds		Jun. 2021		10,317,504		286,387
	473	Euro Currency		Jun. 2021		71,142,156		(887,608	)
	5,386	Euro Schatz Index		Jun. 2021		725,753,697		71,794
								1,702,712
							$	(13,925,236	)

Forward foreign currency exchange contracts outstanding at April 30, 2021:

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 05/28/21	HSBC Bank PLC		AUD	17,251	$	11,415,713	$	13,290,652	$	1,874,939	$	—
Expiring 05/28/21	JPMorgan Chase Bank, N.A.		AUD	10,828		7,450,379		8,342,371		891,992		—
Expiring 06/30/21	Citibank, N.A.		AUD	498		384,000		383,758		—		(242	)
Expiring 07/20/21	Barclays Bank PLC		AUD	17,840		13,822,795		13,748,162		—		(74,633	)
Expiring 07/30/21	HSBC Bank PLC		AUD	3,517		2,328,606		2,710,368		381,762		—
Expiring 01/28/22	Citibank, N.A.		AUD	6,290		4,130,832		4,850,393		719,561		—
Expiring 01/28/22	Morgan Stanley & Co. International PLC		AUD	25,868		19,530,568		19,947,498		416,930		—
Expiring 10/31/23	JPMorgan Chase Bank, N.A.		AUD	4,867		3,379,499		3,755,445		375,946		—
Brazilian Real,
Expiring 05/04/21	Citibank, N.A.		BRL	52,108		9,486,233		9,589,243		103,010		—
Expiring 05/04/21	Deutsche Bank AG		BRL	16,745		2,980,914		3,081,580		100,666		—
Expiring 05/04/21	Deutsche Bank AG		BRL	7,315		1,311,193		1,346,086		34,893		—
Expiring 05/04/21	Morgan Stanley & Co. International PLC		BRL	12,941		2,380,040		2,381,532		1,492		—

See Notes to Financial Statements.

78

Forward foreign currency exchange contracts outstanding at April 30, 2021 (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 05/28/21	Morgan Stanley & Co. International PLC		BRL	84,591	$	15,348,911	$	15,531,939	$	183,028	$	—
Expiring 09/30/21	Bank of America, N.A.		BRL	139,851		31,675,000		25,367,333		—		(6,307,667	)
Expiring 09/30/21	Bank of America, N.A.		BRL	28,623		6,715,000		5,191,803		—		(1,523,197	)
Expiring 09/30/21	Morgan Stanley & Co. International PLC		BRL	12,764		2,400,006		2,315,311		—		(84,695	)
Expiring 01/28/22	Citibank, N.A.		BRL	1,600		302,000		285,855		—		(16,145	)
Expiring 01/28/22	JPMorgan Chase Bank, N.A.		BRL	55,832		9,989,575		9,976,786		—		(12,789	)
Expiring 01/28/22	Morgan Stanley & Co. International PLC		BRL	60,555		11,124,328		10,820,854		—		(303,474	)
British Pound,
Expiring 05/28/21	Morgan Stanley & Co. International PLC		GBP	7,718		10,260,000		10,659,571		399,571		—
Expiring 07/19/21	Goldman Sachs International		GBP	5,000		6,926,605		6,906,776		—		(19,829	)
Expiring 07/19/21	Goldman Sachs International		GBP	2,124		2,941,814		2,934,361		—		(7,453	)
Expiring 01/28/22	Morgan Stanley & Co. International PLC		GBP	3,429		4,733,768		4,740,709		6,941		—
Canadian Dollar,
Expiring 07/20/21	Citibank, N.A.		CAD	35,217		28,107,323		28,655,719		548,396		—
Expiring 07/20/21	Citibank, N.A.		CAD	4,248		3,400,000		3,456,880		56,880		—
Chilean Peso,
Expiring 06/16/21	Citibank, N.A.		CLP	2,143,200		3,000,000		3,014,648		14,648		—
Expiring 10/29/21	Deutsche Bank AG		CLP	4,289,139		5,419,000		6,030,983		611,983		—
Chinese Renminbi,
Expiring 05/14/21	Citibank, N.A.		CNH	61,753		8,849,734		9,530,012		680,278		—
Expiring 05/18/21	BNP Paribas S.A.		CNH	17,522		2,664,779		2,703,395		38,616		—
Expiring 05/18/21	Citibank, N.A.		CNH	39,004		6,000,000		6,017,537		17,537		—
Expiring 05/18/21	Citibank, N.A.		CNH	24,975		3,865,307		3,853,203		—		(12,104	)
Expiring 05/18/21	Citibank, N.A.		CNH	24,714		3,821,572		3,812,927		—		(8,645	)
Expiring 05/18/21	Goldman Sachs International		CNH	46,868		7,189,240		7,230,864		41,624		—

See Notes to Financial Statements.

PGIM Global Total Return Fund     79

Schedule of Investments(unaudited) (continued)

as of April 30, 2021

Forward foreign currency exchange contracts outstanding at April 30, 2021 (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.):
Chinese Renminbi (cont’d.),
Expiring 05/18/21	Goldman Sachs International		CNH	41,640	$	6,398,309	$	6,424,249	$	25,940	$	—
Expiring 05/18/21	Goldman Sachs International		CNH	36,946		5,650,206		5,700,048		49,842		—
Expiring 05/18/21	Goldman Sachs International		CNH	31,861		4,891,041		4,915,522		24,481		—
Expiring 05/18/21	HSBC Bank PLC		CNH	14,784		2,280,514		2,280,934		420		—
Expiring 05/18/21	JPMorgan Chase Bank, N.A.		CNH	999,213		153,522,002		154,160,132		638,130		—
Expiring 05/18/21	JPMorgan Chase Bank, N.A.		CNH	353,761		54,341,192		54,578,804		237,612		—
Expiring 05/18/21	JPMorgan Chase Bank, N.A.		CNH	36,635		5,634,190		5,652,107		17,917		—
Expiring 05/18/21	Morgan Stanley & Co. International PLC		CNH	36,946		5,625,000		5,700,079		75,079		—
Expiring 05/18/21	Morgan Stanley & Co. International PLC		CNH	17,277		2,650,000		2,665,589		15,589		—
Expiring 05/18/21	The Toronto-Dominion Bank		CNH	22,306		3,420,992		3,441,472		20,480		—
Expiring 05/18/21	UBS AG		CNH	44,283		6,728,919		6,832,086		103,167		—
Expiring 05/18/21	UBS AG		CNH	14,291		2,171,495		2,204,788		33,293		—
Expiring 06/30/21	JPMorgan Chase Bank, N.A.		CNH	8,703		1,230,000		1,338,750		108,750		—
Expiring 06/30/21	Morgan Stanley & Co. International PLC		CNH	4,603		698,505		707,971		9,466		—
Expiring 07/30/21	Deutsche Bank AG		CNH	21,908		3,221,000		3,362,162		141,162		—
Expiring 07/30/21	Morgan Stanley & Co. International PLC		CNH	24,657		3,734,813		3,784,086		49,273		—
Colombian Peso,
Expiring 06/16/21	Barclays Bank PLC		COP	14,364,964		3,905,433		3,818,300		—		(87,133	)
Czech Koruna,
Expiring 07/19/21	JPMorgan Chase Bank, N.A.		CZK	78,707		3,627,677		3,659,229		31,552		—
Expiring 07/19/21	Morgan Stanley & Co. International PLC		CZK	75,620		3,458,396		3,515,729		57,333		—

See Notes to Financial Statements.

80

Forward foreign currency exchange contracts outstanding at April 30, 2021 (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.):
Danish Krone,
Expiring 07/19/21	Barclays Bank PLC		DKK	21,472	$	3,451,251	$	3,476,385	$	25,134	$	—
Euro,
Expiring 07/19/21	Deutsche Bank AG		EUR	10,000		12,093,453		12,042,512		—		(50,941	)
Expiring 07/19/21	HSBC Bank PLC		EUR	8,469		10,155,091		10,198,469		43,378		—
Expiring 08/31/21	HSBC Bank PLC		EUR	5,057		6,193,712		6,095,290		—		(98,422	)
Hungarian Forint,
Expiring 07/19/21	Barclays Bank PLC		HUF	1,173,205		3,876,378		3,913,400		37,022		—
Indian Rupee,
Expiring 09/30/21	Goldman Sachs International		INR	512,311		6,725,000		6,756,318		31,318		—
Expiring 09/30/21	HSBC Bank PLC		INR	384,058		4,791,744		5,064,936		273,192		—
Indonesian Rupiah,
Expiring 06/16/21	Citibank, N.A.		IDR	42,850,227		2,953,966		2,944,627		—		(9,339	)
Israeli Shekel,
Expiring 06/16/21	Citibank, N.A.		ILS	3,968		1,201,094		1,222,188		21,094		—
Expiring 06/16/21	Goldman Sachs International		ILS	14,673		4,411,975		4,519,324		107,349		—
Expiring 06/30/21	Bank of America, N.A.		ILS	47,344		13,695,000		14,585,442		890,442		—
Japanese Yen,
Expiring 05/28/21	Citibank, N.A.		JPY	2,043,508		19,781,304		18,701,855		—		(1,079,449	)
Expiring 05/28/21	Citibank, N.A.		JPY	1,579,165		14,774,292		14,452,265		—		(322,027	)
Expiring 05/28/21	Citibank, N.A.		JPY	1,309,387		12,481,643		11,983,298		—		(498,345	)
Expiring 05/28/21	Deutsche Bank AG		JPY	837,813		7,692,000		7,667,527		—		(24,473	)
Expiring 07/19/21	BNP Paribas S.A.		JPY	29,010,761		266,559,720		265,633,651		—		(926,069	)
Expiring 07/19/21	Goldman Sachs International		JPY	984,777		9,058,000		9,016,993		—		(41,007	)
Expiring 07/19/21	Goldman Sachs International		JPY	772,843		7,075,053		7,076,450		1,397		—
Expiring 07/19/21	Morgan Stanley & Co. International PLC		JPY	620,227		5,750,000		5,679,033		—		(70,967	)
Expiring 01/28/22	Citibank, N.A.		JPY	1,712,418		16,719,569		15,720,843		—		(998,726	)
Expiring 01/28/22	Deutsche Bank AG		JPY	2,129,416		20,217,000		19,549,089		—		(667,911	)
Expiring 01/28/22	Deutsche Bank AG		JPY	802,022		7,693,000		7,362,959		—		(330,041	)
Expiring 01/28/22	Deutsche Bank AG		JPY	408,984		3,775,000		3,754,670		—		(20,330	)
Expiring 05/31/22	Citibank, N.A.		JPY	451,400		4,141,710		4,152,059		10,349		—
Expiring 05/31/22	Deutsche Bank AG		JPY	3,195,124		29,579,000		29,389,302		—		(189,698	)
Expiring 10/31/23	Bank of America, N.A.		JPY	1,051,903		10,538,000		9,802,384		—		(735,616	)
Expiring 10/31/23	Barclays Bank PLC		JPY	525,393		5,512,000		4,895,985		—		(616,015	)
Expiring 10/31/23	Barclays Bank PLC		JPY	406,236		4,196,000		3,785,594		—		(410,406	)

See Notes to Financial Statements.

PGIM Global Total Return Fund     81

Schedule of Investments(unaudited) (continued)

as of April 30, 2021

Forward foreign currency exchange contracts outstanding at April 30, 2021 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Japanese Yen (cont’d.),
Expiring 10/31/23	Deutsche Bank AG		JPY	511,039	$	5,354,001	$	4,762,229	$	—	$	(591,772	)
Expiring 10/31/23	Goldman Sachs International		JPY	1,254,996		12,881,000		11,694,947		—		(1,186,053	)
Expiring 10/31/23	Morgan Stanley & Co. International PLC		JPY	1,637,975		15,824,364		15,263,817		—		(560,547	)
Malaysian Ringgit,
Expiring 06/16/21	Barclays Bank PLC		MYR	21,502		5,170,000		5,235,671		65,671		—
Expiring 06/16/21	Morgan Stanley & Co. International PLC		MYR	40,312		9,749,130		9,815,876		66,746		—
Mexican Peso,
Expiring 06/16/21	Goldman Sachs International		MXN	69,475		3,328,128		3,411,504		83,376		—
Expiring 06/16/21	Morgan Stanley & Co. International PLC		MXN	60,740		2,906,712		2,982,580		75,868		—
Expiring 06/16/21	Morgan Stanley & Co. International PLC		MXN	60,740		2,899,761		2,982,580		82,819		—
Expiring 02/25/22	Bank of America, N.A.		MXN	206,269		8,742,706		9,827,578		1,084,872		—
Expiring 02/25/22	Citibank, N.A.		MXN	127,232		6,119,126		6,061,875		—		(57,251	)
Expiring 04/28/23	JPMorgan Chase Bank, N.A.		MXN	110,648		4,577,425		4,966,998		389,573		—
Expiring 04/28/23	Morgan Stanley & Co. International PLC		MXN	352,530		14,859,000		15,825,118		966,118		—
New Taiwanese Dollar,
Expiring 06/30/21	Citibank, N.A.		TWD	495,429		18,238,435		17,841,719		—		(396,716	)
Expiring 06/30/21	JPMorgan Chase Bank, N.A.		TWD	552,287		19,304,000		19,889,349		585,349		—
Norwegian Krone,
Expiring 07/19/21	Citibank, N.A.		NOK	20,432		2,423,647		2,454,806		31,159		—
Polish Zloty,
Expiring 07/19/21	Citibank, N.A.		PLN	32,242		8,473,583		8,505,712		32,129		—
Romanian Leu,
Expiring 07/19/21	Goldman Sachs International		RON	11,029		2,656,270		2,683,868		27,598		—
Russian Ruble,
Expiring 06/16/21	Barclays Bank PLC		RUB	201,707		2,707,858		2,665,743		—		(42,115	)
Expiring 06/16/21	Citibank, N.A.		RUB	2,099		27,328		27,740		412		—

See Notes to Financial Statements.

82

Forward foreign currency exchange contracts outstanding at April 30, 2021 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Russian Ruble (cont’d.),
Expiring 06/16/21	JPMorgan Chase Bank, N.A.		RUB	201,707	$	2,703,847	$	2,665,743	$	—		$ (38,104	)
Expiring 06/16/21	JPMorgan Chase Bank, N.A.		RUB	127,394		1,704,152		1,683,627		—		(20,525	)
Expiring 06/30/21	Goldman Sachs International		RUB	3,023,939		37,932,000		39,880,502		1,948,502		—
Singapore Dollar,
Expiring 06/16/21	Barclays Bank PLC		SGD	7,845		5,892,397		5,894,212		1,815		—
South African Rand,
Expiring 05/28/21	Morgan Stanley & Co. International PLC		ZAR	31,317		2,094,752		2,151,046		56,294		—
Expiring 12/23/21	Goldman Sachs International		ZAR	199,522		10,565,000		13,346,381		2,781,381		—
South Korean Won,
Expiring 06/16/21	Barclays Bank PLC		KRW	68,875,296		60,408,448		61,609,594		1,201,146		—
Expiring 06/16/21	Deutsche Bank AG		KRW	3,867,306		3,419,127		3,459,341		40,214		—
Expiring 06/30/21	Citibank, N.A.		KRW	12,388,857		11,332,653		11,082,109		—		(250,544	)
Expiring 06/30/21	JPMorgan Chase Bank, N.A.		KRW	17,122,762		14,927,000		15,316,694		389,694		—
Expiring 06/30/21	JPMorgan Chase Bank, N.A.		KRW	7,246,758		6,157,130		6,482,387		325,257		—
Expiring 07/30/21	HSBC Bank PLC		KRW	15,153,153		12,858,000		13,555,971		697,971		—
Thai Baht,
Expiring 06/16/21	Goldman Sachs International		THB	244,558		7,918,264		7,851,898		—		(66,366	)
Expiring 06/16/21	HSBC Bank PLC		THB	244,558		8,031,474		7,851,899		—		(179,575	)
Turkish Lira,
Expiring 05/28/21	BNP Paribas S.A.		TRY	10,016		1,287,000		1,193,181		—		(93,819	)
Expiring 05/28/21	Goldman Sachs International		TRY	3,514		507,678		418,568		—		(89,110	)
					$	1,375,597,769	$	1,377,992,302		21,514,818		(19,120,285	)
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 05/28/21	Barclays Bank PLC		AUD	42,218	$	27,447,706	$	32,527,169	$	—	$	(5,079,463	)
Expiring 05/28/21	Citibank, N.A.		AUD	15,791		9,926,904		12,165,830		—		(2,238,926	)

See Notes to Financial Statements.

PGIM Global Total Return Fund     83

Schedule of Investments(unaudited) (continued)

as of April 30, 2021

Forward foreign currency exchange contracts outstanding at April 30, 2021 (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.):
Australian Dollar (cont’d.),
Expiring 05/28/21	Citibank, N.A.		AUD	5,809	$	3,819,406	$	4,475,864	$	—	$	(656,458	)
Expiring 05/31/22	Morgan Stanley & Co. International PLC		AUD	6,023		4,547,606		4,644,953		—		(97,347	)
Brazilian Real,
Expiring 05/04/21	JPMorgan Chase Bank, N.A.		BRL	89,109		16,543,795		16,398,442		145,353		—
Expiring 05/28/21	BNP Paribas S.A.		BRL	26,535		5,366,000		4,872,130		493,870		—
Expiring 05/28/21	JPMorgan Chase Bank, N.A.		BRL	58,056		10,531,709		10,659,808		—		(128,099	)
Expiring 07/02/21	Citibank, N.A.		BRL	52,108		9,444,624		9,538,868		—		(94,244	)
Expiring 09/30/21	Bank of America, N.A.		BRL	100,848		23,296,000		18,292,655		5,003,345		—
Expiring 09/30/21	Morgan Stanley & Co. International PLC		BRL	80,390		14,398,588		14,581,792		—		(183,204	)
Expiring 01/28/22	Citibank, N.A.		BRL	83,680		14,917,000		14,953,160		—		(36,160	)
Expiring 01/28/22	Citibank, N.A.		BRL	10,638		2,023,155		1,900,936		122,219		—
Expiring 01/28/22	Morgan Stanley & Co. International PLC		BRL	23,668		4,170,793		4,229,400		—		(58,607	)
British Pound,
Expiring 05/28/21	Bank of America, N.A.		GBP	3,167		3,992,257		4,374,043		—		(381,786	)
Expiring 05/28/21	JPMorgan Chase Bank, N.A.		GBP	4,551		5,943,105		6,285,528		—		(342,423	)
Expiring 07/19/21	Bank of America, N.A.		GBP	7,195		10,059,912		9,938,763		121,149		—
Expiring 07/19/21	JPMorgan Chase Bank, N.A.		GBP	6,155		8,513,207		8,501,668		11,539		—
Expiring 07/19/21	Morgan Stanley & Co. International PLC		GBP	193,668		266,382,742		267,524,057		—		(1,141,315	)
Expiring 08/31/21	Morgan Stanley & Co. International PLC		GBP	4,876		6,725,447		6,735,764		—		(10,317	)
Expiring 01/28/22	Deutsche Bank AG		GBP	1,373		1,909,578		1,898,321		11,257		—
Expiring 01/28/22	JPMorgan Chase Bank, N.A.		GBP	3,429		4,482,937		4,740,708		—		(257,771	)
Chilean Peso,
Expiring 10/29/21	Bank of America, N.A.		CLP	4,482,493		5,687,000		6,302,860		—		(615,860	)

See Notes to Financial Statements.

84

Forward foreign currency exchange contracts outstanding at April 30, 2021 (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,
Expiring 05/14/21	JPMorgan Chase Bank, N.A.		CNH	61,753	$	8,864,088	$	9,530,011	$	—	$	(665,923	)
Expiring 05/18/21	BNP Paribas S.A.		CNH	47,691		7,331,177		7,357,793		—		(26,616	)
Expiring 05/18/21	BNP Paribas S.A.		CNH	23,656		3,630,835		3,649,743		—		(18,908	)
Expiring 05/18/21	Goldman Sachs International		CNH	99,670		15,241,112		15,377,280		—		(136,168	)
Expiring 05/18/21	HSBC Bank PLC		CNH	28,710		4,392,998		4,429,380		—		(36,382	)
Expiring 05/18/21	The Toronto-Dominion Bank		CNH	71,698		11,020,485		11,061,748		—		(41,263	)
Expiring 06/30/21	JPMorgan Chase Bank, N.A.		CNH	13,306		1,845,000		2,046,721		—		(201,721	)
Expiring 07/30/21	JPMorgan Chase Bank, N.A.		CNH	46,564		6,568,000		7,146,248		—		(578,248	)
Colombian Peso,
Expiring 06/16/21	BNP Paribas S.A.		COP	8,194,418		2,222,981		2,178,129		44,852		—
Expiring 06/16/21	BNP Paribas S.A.		COP	6,056,744		1,658,791		1,609,921		48,870		—
Euro,
Expiring 07/19/21	Bank of America, N.A.		EUR	17,572		21,279,563		21,161,689		117,874		—
Expiring 07/19/21	Barclays Bank PLC		EUR	15,475		18,728,314		18,636,221		92,093		—
Expiring 07/19/21	BNP Paribas S.A.		EUR	131,136		157,260,862		157,920,237		—		(659,375	)
Expiring 07/19/21	HSBC Bank PLC		EUR	173,831		208,333,961		209,336,129		—		(1,002,168	)
Expiring 07/19/21	HSBC Bank PLC		EUR	7,426		8,886,616		8,942,469		—		(55,853	)
Expiring 07/19/21	JPMorgan Chase Bank, N.A.		EUR	4,934		5,949,250		5,941,608		7,642		—
Expiring 07/19/21	Morgan Stanley & Co. International PLC		EUR	6,345		7,615,578		7,640,424		—		(24,846	)
Expiring 08/31/21	Deutsche Bank AG		EUR	4,684		5,713,380		5,646,068		67,312		—
Expiring 08/31/21	The Toronto-Dominion Bank		EUR	29,037		35,335,590		34,998,458		337,132		—
Hong Kong Dollar,
Expiring 05/18/21	Citibank, N.A.		HKD	29,720		3,834,343		3,826,236		8,107		—
Expiring 05/18/21	Goldman Sachs International		HKD	19,484		2,508,783		2,508,468		315		—
Indian Rupee,
Expiring 09/30/21	Bank of America, N.A.		INR	896,369		11,578,000		11,821,254		—		(243,254	)
Indonesian Rupiah,
Expiring 06/16/21	Citibank, N.A.		IDR	67,379,274		4,604,611		4,630,241		—		(25,630	)

See Notes to Financial Statements.

PGIM Global Total Return Fund     85

Schedule of Investments(unaudited) (continued)

as of April 30, 2021

Forward foreign currency exchange contracts outstanding at April 30, 2021 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Israeli Shekel,
Expiring 06/30/21	Barclays Bank PLC	ILS	13,689	$	4,067,352	$	4,217,167	$	—	$	(149,815	)
Expiring 06/30/21	Citibank, N.A.	ILS	33,655		9,997,000		10,368,274		—		(371,274	)
Japanese Yen,
Expiring 05/28/21	Deutsche Bank AG	JPY	2,147,199		20,504,000		19,650,825		853,175		—
Expiring 05/28/21	Morgan Stanley & Co. International PLC	JPY	1,620,971		15,011,043		14,834,869		176,174		—
Expiring 07/19/21	Bank of America, N.A.	JPY	394,880		3,656,461		3,615,673		40,788		—
Expiring 07/30/21	Morgan Stanley & Co. International PLC	JPY	295,377		2,742,808		2,704,861		37,947		—
Expiring 01/28/22	Citibank, N.A.	JPY	2,791,463		26,724,068		25,627,001		1,097,067		—
Expiring 01/28/22	Citibank, N.A.	JPY	2,138,817		20,118,684		19,635,396		483,288		—
Expiring 01/28/22	Citibank, N.A.	JPY	2,099,346		20,296,676		19,273,031		1,023,645		—
Expiring 01/28/22	Citibank, N.A.	JPY	453,591		4,154,524		4,164,188		—		(9,664	)
Expiring 05/31/22	Citibank, N.A.	JPY	1,428,721		13,839,506		13,141,628		697,878		—
Expiring 05/31/22	Deutsche Bank AG	JPY	1,686,190		16,037,000		15,509,864		527,136		—
Expiring 10/31/23	Bank of America, N.A.	JPY	3,313,990		32,471,000		30,882,126		1,588,874		—
Expiring 10/31/23	Bank of America, N.A.	JPY	1,679,332		16,646,000		15,649,211		996,789		—
Expiring 10/31/23	Citibank, N.A.	JPY	628,883		6,526,054		5,860,382		665,672		—
Expiring 10/31/23	Citibank, N.A.	JPY	115,153		1,102,894		1,073,079		29,815		—
Mexican Peso,
Expiring 02/25/22	Barclays Bank PLC	MXN	210,698		8,909,000		10,038,575		—		(1,129,575	)
Expiring 02/25/22	Deutsche Bank AG	MXN	68,653		3,198,000		3,270,935		—		(72,935	)
Expiring 02/25/22	Goldman Sachs International	MXN	54,150		2,184,000		2,579,944		—		(395,944	)
Expiring 04/28/23	Morgan Stanley & Co. International PLC	MXN	463,178		20,111,923		20,792,115		—		(680,192	)
New Taiwanese Dollar,
Expiring 06/30/21	JPMorgan Chase Bank, N.A.	TWD	1,047,716		38,196,000		37,731,067		464,933		—
New Zealand Dollar,
Expiring 07/20/21	Morgan Stanley & Co. International PLC	NZD	8,296		5,901,086		5,934,588		—		(33,502	)
Peruvian Nuevo Sol,
Expiring 06/16/21	Citibank, N.A.	PEN	13,016		3,514,260		3,441,095		73,165		—

See Notes to Financial Statements.

86

Forward foreign currency exchange contracts outstanding at April 30, 2021 (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.):
Peruvian Nuevo Sol (cont’d.),
Expiring 06/16/21	Goldman Sachs International		PEN	7,009	$	1,891,937	$	1,852,898	$	39,039	$	—
Expiring 06/16/21	Goldman Sachs International		PEN	4,310		1,180,716		1,139,310		41,406		—
Expiring 06/16/21	Morgan Stanley & Co. International PLC		PEN	4,396		1,200,023		1,162,095		37,928		—
Russian Ruble,
Expiring 06/30/21	Barclays Bank PLC		RUB	1,060,056		14,238,979		13,980,302		258,677		—
Expiring 06/30/21	Barclays Bank PLC		RUB	379,039		4,994,260		4,998,871		—		(4,611	)
Expiring 06/30/21	Goldman Sachs International		RUB	1,584,843		21,734,000		20,901,329		832,671		—
South African Rand,
Expiring 05/28/21	Morgan Stanley & Co. International PLC		ZAR	31,317		1,822,000		2,151,045		—		(329,045	)
Expiring 06/17/21	Barclays Bank PLC		ZAR	43,299		2,837,418		2,965,480		—		(128,062	)
Expiring 06/17/21	Deutsche Bank AG		ZAR	51,546		3,350,854		3,530,333		—		(179,479	)
Expiring 06/17/21	JPMorgan Chase Bank, N.A.		ZAR	111,340		7,284,966		7,625,520		—		(340,554	)
Expiring 12/23/21	Barclays Bank PLC		ZAR	121,563		6,557,501		8,131,556		—		(1,574,055	)
Expiring 12/23/21	Goldman Sachs International		ZAR	21,115		1,332,000		1,412,428		—		(80,428	)
Expiring 12/23/21	Morgan Stanley & Co. International PLC		ZAR	56,844		3,716,269		3,802,397		—		(86,128	)
South Korean Won,
Expiring 06/30/21	JPMorgan Chase Bank, N.A.		KRW	36,758,376		30,755,000		32,881,190		—		(2,126,190	)
Expiring 07/30/21	Deutsche Bank AG		KRW	14,800,914		12,618,000		13,240,859		—		(622,859	)
Swedish Krona,
Expiring 07/19/21	Barclays Bank PLC		SEK	26,857		3,168,784		3,174,904		—		(6,120	)
Swiss Franc,
Expiring 07/19/21	Barclays Bank PLC		CHF	4,880		5,305,507		5,355,515		—		(50,008	)
Expiring 07/19/21	Citibank, N.A.		CHF	1,060		1,163,304		1,163,240		64		—
Turkish Lira,
Expiring 05/28/21	Goldman Sachs International		TRY	13,530		1,814,000		1,611,749		202,251		—
					$	1,437,408,646	$	1,444,016,110		16,801,311		(23,408,775	)
									$	38,316,129	$	(42,529,060	)

See Notes to Financial Statements.

PGIM Global Total Return Fund     87

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Cross currency exchange contracts outstanding at April 30, 2021:

Settlement	Type		Notional Amount (000)			In Exchange For (000)			Unrealized Appreciation			Unrealized Depreciation				Counterparty
OTC Cross Currency Exchange Contracts:
05/28/21		Buy		AUD	3,132		JPY	201,466		$	569,262		$	—		Bank of America, N.A.
05/28/21		Buy		AUD	6,194		JPY	451,976			635,746			—		Deutsche Bank AG
05/28/21		Buy		AUD	17,193		JPY	1,246,407			1,839,412			—		Morgan Stanley & Co. International PLC
05/28/21		Buy		AUD	117,492		JPY	7,506,564			21,822,692			—		Citibank, N.A.
05/28/21		Buy		JPY	641,372		AUD	9,247			—			(1,254,606	)	Morgan Stanley & Co. International PLC
05/28/21		Buy		JPY	6,763,339		AUD	99,024			—			(14,395,918	)	Deutsche Bank AG
07/30/21		Buy		AUD	12,549		JPY	866,195			1,738,838			—		Morgan Stanley & Co. International PLC
07/30/21		Buy		JPY	1,161,572		AUD	16,066			—			(1,744,345	)	Morgan Stanley & Co. International PLC
08/31/21		Buy		EUR	9,591		GBP	8,630			—			(361,526	)	Bank of America, N.A.
08/31/21		Buy		GBP	13,505		EUR	14,648			1,001,999			—		Bank of America, N.A.
01/28/22		Buy		JPY	426,399		AUD	6,290			—			(935,839	)	Deutsche Bank AG
01/28/22		Buy		JPY	720,153		AUD	9,631			—			(815,369	)	Deutsche Bank AG
01/28/22		Buy		JPY	1,310,456		AUD	16,731			—			(871,109	)	BNP Paribas S.A.
05/31/22		Buy		AUD	23,459		JPY	1,788,749			1,638,419			—		Deutsche Bank AG
05/31/22		Buy		JPY	1,257,136		AUD	17,436			—			(1,883,336	)	Goldman Sachs International
10/31/23		Buy		AUD	8,947		JPY	599,449			1,317,536			—		Deutsche Bank AG
10/31/23		Buy		JPY	277,535		AUD	3,979			—			(483,980	)	Goldman Sachs International
10/31/23		Buy		JPY	671,731		AUD	9,835			—			(1,329,159	)	Morgan Stanley & Co. International PLC
										$	30,563,904		$	(24,075,187	)

See Notes to Financial Statements.

88

Credit default swap agreements outstanding at April 30, 2021:

Reference Entity/ Obligation	Termination Date	Fixed Rate			Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2021(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		0.164%	$	22,446		$	(663	)	$	23,109		Citibank, N.A.
People’s Republic of China (D01)	12/20/22		1.000%(Q	)		5,000		0.112%		79,136			(2,209	)		81,345		Citibank, N.A.
Republic of Brazil (D01)	12/20/22		1.000%(Q	)		7,500		0.896%		21,228			(3,314	)		24,542		Citibank, N.A.
Republic of Chile (D01)	12/20/22		1.000%(Q	)		1,500		0.154%		22,692			(663	)		23,355		Citibank, N.A.
Republic of Colombia (D01)	12/20/22		1.000%(Q	)		2,000		0.536%		17,551			(884	)		18,435		Citibank, N.A.
Republic of Indonesia (D01)	12/20/22		1.000%(Q	)		2,000		0.268%		26,431			(884	)		27,315		Citibank, N.A.
Republic of Panama (D01)	12/20/22		1.000%(Q	)		1,500		0.265%		19,913			(663	)		20,576		Citibank, N.A.
Republic of Peru (D01)	12/20/22		1.000%(Q	)		1,500		0.345%		17,921			(663	)		18,584		Citibank, N.A.
Republic of Philippines (D01)	12/20/22		1.000%(Q	)		1,500		0.158%		22,580			(663	)		23,243		Citibank, N.A.
Republic of South Africa (D01)	12/20/22		1.000%(Q	)		4,500		0.896%		12,686			(1,988	)		14,674		Citibank, N.A.
Republic of Turkey (D01)	12/20/22		1.000%(Q	)		7,500		3.887%		(336,952	)		(3,314	)		(333,638	)	Citibank, N.A.
Russian Federation (D01)	12/20/22		1.000%(Q	)		4,500		0.476%		43,965			(1,988	)		45,953		Citibank, N.A.
United Mexican States (D01)	12/20/22		1.000%(Q	)		6,500		0.316%		80,822			(2,872	)		83,694		Citibank, N.A.
Emirate of Abu Dhabi (D02)	06/20/26		1.000%(Q	)		2,000		0.465%		56,572			(2,166	)		58,738		Morgan Stanley & Co. International PLC
Federation of Malaysia (D02)	06/20/26		1.000%(Q	)		4,000		0.459%		113,843			(4,331	)		118,174		Morgan Stanley & Co. International PLC
Federative Republic of Brazil (D02)	06/20/26		1.000%(Q	)		12,000		1.896%		(512,174	)		(12,993	)		(499,181	)	Morgan Stanley & Co. International PLC

See Notes to Financial Statements.

PGIM Global Total Return Fund      89

Schedule of Investments(unaudited) (continued)

as of April 30, 2021

Credit default swap agreements outstanding at April 30, 2021 (continued):

Reference Entity/ Obligation	Termination Date	Fixed Rate			Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2021(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.):
Kingdom of Saudi Arabia (D02)	06/20/26		1.000%(Q	)		2,000		0.670%	$	35,566		$	(2,166	)	$	37,732		Morgan Stanley & Co. International PLC
People’s Republic of China (D02)	06/20/26		1.000%(Q	)		12,000		0.376%		393,074			(12,993	)		406,067		Morgan Stanley & Co. International PLC
Republic of Argentina (D02)	06/20/26		1.000%(Q	)		2,000		17.501%		(1,049,113	)		(2,166	)		(1,046,947	)	Morgan Stanley & Co. International PLC
Republic of Chile (D02)	06/20/26		1.000%(Q	)		2,000		0.529%		49,962			(2,166	)		52,128		Morgan Stanley & Co. International PLC
Republic of Colombia (D02)	06/20/26		1.000%(Q	)		5,000		1.263%		(59,963	)		(5,414	)		(54,549	)	Morgan Stanley & Co. International PLC
Republic of Indonesia (D02)	06/20/26		1.000%(Q	)		9,000		0.775%		111,791			(9,745	)		121,536		Morgan Stanley & Co. International PLC
Republic of Panama (D02)	06/20/26		1.000%(Q	)		2,000		0.731%		29,336			(2,166	)		31,502		Morgan Stanley & Co. International PLC
Republic of Peru (D02)	06/20/26		1.000%(Q	)		2,000		0.917%		10,534			(2,166	)		12,700		Morgan Stanley & Co. International PLC
Republic of Philippines (D02)	06/20/26		1.000%(Q	)		2,000		0.461%		56,781			(2,166	)		58,947		Morgan Stanley & Co. International PLC
Republic of South Africa (D02)	06/20/26		1.000%(Q	)		10,000		2.154%		(549,799	)		(10,828	)		(538,971	)	Morgan Stanley & Co. International PLC
Republic of Turkey (D02)	06/20/26		1.000%(Q	)		12,000		4.166%		(1,688,402	)		(12,993	)		(1,675,409	)	Morgan Stanley & Co. International PLC
Republic of Ukraine (D02)	06/20/26		1.000%(Q	)		2,000		4.405%		(301,791	)		(2,166	)		(299,625	)	Morgan Stanley & Co. International PLC
Russian Federation (D02)	06/20/26		1.000%(Q	)		6,000		0.999%		7,011			(6,497	)		13,508		Morgan Stanley & Co. International PLC

See Notes to Financial Statements.

90

Credit default swap agreements outstanding at April 30, 2021 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate			Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2021(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 (D02)		06/20/26		1.000%(Q	)		2,000		0.464%	$	56,597		$	(2,166	)	$	58,763		Morgan Stanley & Co. International PLC
United Mexican States (D02)		06/20/26		1.000%(Q	)		12,000		0.942%		48,213			(12,993	)		61,206		Morgan Stanley & Co. International PLC
										$	(3,141,543	)	$	(129,049	)	$	(3,012,494	)

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.V3 (D01)		12/20/22		1.000%(Q	)		47,000		$	(36,831	)		$	(13,268	)		$	(23,563	)	Citibank, N.A.
CDX.EM.35.V1 (D02)		06/20/26		1.000%(Q	)		100,000			3,157,956				8,329				3,149,627		Morgan Stanley & Co. International PLC
									$	3,121,125			$	(4,939	)		$	3,126,064

** The Fund entered into multiple credit default swap agreements in a packaged trade consisting of two parts. The Fund bought/sold protection on an Emerging Market CDX Index and bought/sold protection on the countries which comprise the index. The upfront premium is attached to the index of the trade for the Emerging Markets CDX package(s). Each swap is priced individually. If any of the component swaps are closed out early, the Index exposure will be reduced by an amount proportionate to the terminated swap(s). Individual packages in the tables above are denoted by the corresponding footnotes (D01 -D02).

Reference Entity/ Obligation

Termination Date

Fixed Rate

Notional Amount (000)#(3)

Implied Credit Spread at April 30, 2021(4)

Fair Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

Counterparty

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

Credit Suisse Mortgage Trust

05/28/21

0.500%(M

)

2,025

*

$

28

$—

$  28

Goldman Sachs International

Credit Suisse Mortgage Trust

05/28/21

1.000%(M

)

1,167

*

32

—

32

Goldman Sachs International

See Notes to Financial Statements.

PGIM Global Total Return Fund     91

Schedule of Investments(unaudited) (continued)

as of April 30, 2021

Credit default swap agreements outstanding at April 30, 2021 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate			Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2021(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.):
Delta Home Equity		05/28/21		1.250%(M	)		5,513	*		$191	$—	$191	Goldman Sachs International
GS Mortgage-Backed Securities Trust		05/28/21		1.250%(M	)		1,300	*		45	—	45	Goldman Sachs International
GS Mortgage-Backed Securities Trust		05/28/21		1.250%(M	)		1,231	*		43	—	43	Goldman Sachs International
GS Mortgage-Backed Securities Trust		05/28/21		1.250%(M	)		855	*		30	—	30	Goldman Sachs International
GSAMP Home Equity Trust		05/28/21		1.250%(M	)		1,967	*		68	—	68	Goldman Sachs International
GSRPM Mortgage Loan Trust		05/28/21		1.250%(M	)		651	*		23	—	23	Goldman Sachs International
MFRA Trust		05/28/21		0.500%(M	)		556	*		8	—	8	Goldman Sachs International
RCKT Mortgage Trust		05/28/21		1.250%(M	)		1,126	*		39	—	39	Goldman Sachs International
Verus Securitization Trust		05/28/21		0.500%(M	)		2,530	*		35	—	35	Goldman Sachs International
										$542	$—	$542

Reference Entity/ Obligation	Termination Date	Fixed Rate			Notional Amount (000)#(3)	Value at Trade Date		Value at April 30, 2021		Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):
Ryder System, Inc.	06/20/25		1.000%(Q	)	9,540		$155,784		$(188,932)	$(344,716)

See Notes to Financial Statements.

92

Credit default swap agreements outstanding at April 30, 2021 (continued):

Reference Entity/ Obligation

Termination Date

Fixed Rate

Notional Amount (000)#(3)

Implied Credit Spread at April 30, 2021(4)

Value at Trade Date

Value at April 30, 2021

Unrealized Appreciation (Depreciation)

Centrally Cleared Credit Default Swap Agreement on corporate and/or sovereign issues - Sell Protection(2):

Teck Resources Ltd.

06/20/26

5.000%(Q

)

14,000

1.267%

$2,577,795

$2,659,203

$81,408

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):
Central Bank of Tunisia		12/20/22		1.000%(Q	)			700		$	66,653			$	23,605			$	43,048		Barclays Bank PLC
Eskom Holdings SOC Ltd.		12/20/23		1.000%(Q	)		EUR	2,640			196,164				311,810				(115,646	)	Deutsche Bank AG
Gazprom Pao		06/20/25		1.000%(Q	)		EUR	2,000			14,029				19,423				(5,394	)	Barclays Bank PLC
Host Hotels & Resorts LP		06/20/24		1.000%(Q	)			5,000			(53,995	)			56,184				(110,179	)	Goldman Sachs International
Marriott International, Inc.		06/20/25		1.000%(Q	)			875			(13,096	)			33,663				(46,759	)	Morgan Stanley & Co. International PLC
Republic of Austria		06/20/25		1.000%(Q	)			1,000			(39,325	)			(32,993	)			(6,332	)	Bank of America, N.A.
Safeway Inc.		03/20/23		5.000%(Q	)			5,000			(439,470	)			(407,676	)			(31,794	)	BNP Paribas S.A.
Sasol Ltd.		12/20/22		1.000%(Q	)			800			11,460				54,431				(42,971	)	Barclays Bank PLC
										$	(257,580	)		$	58,447			$	(316,027	)

Reference Entity/ Obligation	Termination Date		Fixed Rate			Notional Amount (000)#(3)			Implied Credit Spread at April 30, 2021(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):
Barclays Bank PLC		06/20/21		1.000%(Q	)		EUR	4,500		0.155%		$	12,796			$	3,073			$	9,723	Goldman Sachs International
Barclays PLC		12/20/26		1.000%(Q	)		EUR	3,000		0.631%			79,607				35,739				43,868	Citibank, N.A.
Boeing Co.		12/20/21		1.000%(Q	)			12,100		0.425%			59,230				42,010				17,220	Bank of America, N.A.
DP World PLC		12/20/24		1.000%(Q	)			2,000		0.783%			17,923				6,843				11,080	Barclays Bank PLC
Emirate of Dubai		12/20/24		1.000%(Q	)			1,000		0.700%			11,948				2,750				9,198	Citibank, N.A.
Eskom Holdings SOC Ltd.		12/20/23		1.000%(Q	)			3,000		3.468%			(183,313	)			(306,016	)			122,703	Deutsche Bank AG
Federal Republic of Germany		06/20/25		0.250%(Q	)			1,000		0.080%			7,345				2,045				5,300	Bank of America, N.A.

See Notes to Financial Statements.

PGIM Global Total Return Fund     93

Schedule of Investments(unaudited) (continued)

as of April 30, 2021

Credit default swap agreements outstanding at April 30, 2021 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate			Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2021(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.):
Federation of Malaysia		12/20/24		1.000%(Q	)		1,000		0.322%		$	25,848			$	12,542			$	13,306		Citibank, N.A.
Generalitat de Cataluna		12/20/22		1.000%(Q	)		2,960		0.813%			12,367				(189,754	)			202,121		Citibank, N.A.
Generalitat de Cataluna		12/20/25		1.000%(Q	)		4,900		1.127%			(22,059	)			(43,413	)			21,354		Deutsche Bank AG
Hellenic Republic		06/20/22		1.000%(Q	)		410		0.205%			4,208				(24,313	)			28,521		Citibank, N.A.
Hellenic Republic		06/20/22		1.000%(Q	)		200		0.205%			2,052				(12,196	)			14,248		Goldman Sachs International
Hellenic Republic		12/20/22		1.000%(Q	)		500		0.307%			6,285				(21,314	)			27,599		Citibank, N.A.
Hellenic Republic		06/20/23		1.000%(Q	)		300		0.361%			4,455				(14,551	)			19,006		Citibank, N.A.
Hellenic Republic		06/20/24		1.000%(Q	)		1,000		0.517%			16,257				(127,809	)			144,066		Barclays Bank PLC
Israel Electric Corp Ltd.		12/20/24		1.000%(Q	)		1,000		0.861%			6,199				9,359				(3,160	)	Barclays Bank PLC
Kingdom of Saudi Arabia		12/20/21		1.000%(Q	)		1,900		0.145%			12,648				(8,794	)			21,442		Barclays Bank PLC
Kingdom of Saudi Arabia		06/20/22		1.000%(Q	)		3,000		0.187%			31,438				17,098				14,340		HSBC Bank PLC
Kingdom of Spain		06/20/21		1.000%(Q	)		700		0.049%			1,720				(454	)			2,174		Morgan Stanley &Co. International PLC
Kingdom of Spain		09/20/21		1.000%(Q	)		1,500		0.057%			7,282				2,776				4,506		HSBC Bank PLC
Kingdom of Spain		06/20/23		1.000%(Q	)		42,665		0.141%			837,838				225,115				612,723		Bank of America, N.A.
Kingdom of Spain		06/20/24		1.000%(Q	)		700		0.148%			19,619				(15,011	)			34,630		Morgan Stanley &Co. International PLC
Kingdom of Spain		06/20/25		1.000%(Q	)		9,940		0.276%			308,864				(79,196	)			388,060		Bank of America, N.A.
Kingdom of Spain		06/20/25		1.000%(Q	)		7,500		0.276%			233,046				(76,877	)			309,923		JPMorgan Chase Bank, N.A.
Kingdom of Spain		06/20/25		1.000%(Q	)		7,500		0.276%			233,046				(73,977	)			307,023		JPMorgan Chase Bank, N.A.

See Notes to Financial Statements.

94

Credit default swap agreements outstanding at April 30, 2021 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate			Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2021(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.):
Kingdom of Spain		06/20/25		1.000%(Q	)		3,000		0.276%		$	93,218			$	28,875			$	64,343	Citibank, N.A.
Kingdom of Spain		06/20/25		1.000%(Q	)		1,645		0.276%			51,115				17,854				33,261	Barclays Bank PLC
Kingdom of Spain		12/20/25		1.000%(Q	)		5,000		0.313%			164,203				90,969				73,234	JPMorgan Chase Bank, N.A.
Kingdom of Spain		06/20/30		1.000%(Q	)		1,100		0.588%			39,989				(3,769	)			43,758	Credit Suisse International
Kingdom of Spain		12/20/30		1.000%(Q	)		2,000		0.607%			72,516				44,475				28,041	Barclays Bank PLC
Kingdom of Thailand		12/20/21		1.000%(Q	)		2,100		0.090%			14,733				684				14,049	Barclays Bank PLC
Oriental Republic of Uruguay		06/20/21		1.000%(Q	)		800		0.698%			1,230				(476	)			1,706	Citibank, N.A.
People’s Republic of China		06/20/21		1.000%(Q	)		4,000		0.077%			9,675				(2,708	)			12,383	Deutsche Bank AG
People’s Republic of China		12/20/21		1.000%(Q	)		1,600		0.081%			11,326				(1,188	)			12,514	Citibank, N.A.
People’s Republic of China		12/20/21		1.000%(Q	)		1,500		0.081%			10,618				(961	)			11,579	Barclays Bank PLC
People’s Republic of China		03/20/22		1.000%(Q	)		2,000		0.082%			18,713				(6,365	)			25,078	Goldman Sachs International
People’s Republic of China		03/20/22		1.000%(Q	)		1,000		0.082%			9,357				(4,981	)			14,338	Deutsche Bank AG
People’s Republic of China		12/20/24		1.000%(Q	)		1,000		0.245%			28,682				15,398				13,284	Citibank, N.A.
Petroleos Mexicanos		09/20/21		1.000%(Q	)		2,500		1.325%			(437	)			(10,640	)			10,203	Goldman Sachs International
Republic of Chile		12/20/21		1.000%(Q	)		2,500		0.100%			17,388				(1,473	)			18,861	Goldman Sachs International
Republic of Colombia		06/20/23		1.000%(Q	)		5,000		0.592%			49,301				(5,430	)			54,731	Goldman Sachs International
Republic of Colombia		12/20/26		1.000%(Q	)		1,000		1.376%			(19,240	)			(65,834	)			46,594	Citibank, N.A.

See Notes to Financial Statements.

PGIM Global Total Return Fund     95

Schedule of Investments(unaudited) (continued)

as of April 30, 2021

Credit default swap agreements outstanding at April 30, 2021 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate			Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2021(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 Hungary		06/20/22		1.000%(Q	)		3,550		0.181%	$	37,455	$	(7,657	)	$	45,112	Citibank, N.A.
Republic of Indonesia		06/20/23		1.000%(Q	)		13,885		0.299%		224,977		(42,763	)		267,740	Citibank, N.A.
Republic of Indonesia		06/20/25		1.000%(Q	)		6,800		0.585%		123,549		(259,862	)		383,411	Morgan Stanley &Co. International PLC
Republic of Indonesia		06/20/25		1.000%(Q	)		6,100		0.585%		110,832		(147,875	)		258,707	Morgan Stanley &Co. International PLC
Republic of Indonesia		06/20/25		1.000%(Q	)		2,365		0.585%		42,970		(90,255	)		133,225	JPMorgan Chase Bank, N.A.
Republic of Indonesia		06/20/25		1.000%(Q	)		2,155		0.585%		39,155		(79,880	)		119,035	BNP Paribas S.A.
Republic of Ireland		12/20/26		1.000%(Q	)		2,000		0.168%		95,023		3,679			91,344	Goldman Sachs International
Republic of Ireland		06/20/27		1.000%(Q	)		2,800		0.184%		141,201		52,317			88,884	Morgan Stanley &Co. International PLC
Republic of Italy		03/20/22		1.000%(Q	)		3,000		0.200%		24,876		(31,408	)		56,284	Goldman Sachs International
Republic of Italy		03/20/22		1.000%(Q	)		3,000		0.200%		24,876		(31,384	)		56,260	JPMorgan Chase Bank, N.A.
Republic of Italy		06/20/23		1.000%(Q	)		18,300		0.402%		255,734		(512,861	)		768,595	Bank of America, N.A.
Republic of Italy		06/20/23		1.000%(Q	)		4,000		0.402%		55,898		—			55,898	Morgan Stanley &Co. International PLC
Republic of Italy		06/20/24		1.000%(Q	)		6,000		0.554%		90,559		(195,737	)		286,296	Bank of America, N.A.
Republic of Italy		06/20/24		1.000%(Q	)		900		0.331%		19,923		(30,060	)		49,983	Deutsche Bank AG
Republic of Italy		06/20/25		1.000%(Q	)		7,000		0.691%		96,512		(217,049	)		313,561	Credit Suisse International
Republic of Italy		06/20/26		1.000%(Q	)		5,000		0.828%		48,570		(260,837	)		309,407	BNP Paribas S.A.
Republic of Italy		06/20/26		1.000%(Q	)		4,200		0.828%		40,799		(168,770	)		209,569	Bank of America, N.A.

See Notes to Financial Statements.

96

Credit default swap agreements outstanding at April 30, 2021 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate			Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2021(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 Italy		12/20/26		1.000%(Q	)		400		0.902%		$	2,588			$	(26,635	)		$	29,223		HSBC Bank PLC
Republic of Kazakhstan		06/20/23		1.000%(Q	)		7,695		0.266%			130,281				—				130,281		Citibank, N.A.
Republic of Panama		06/20/21		1.000%(Q	)		6,510		0.141%			15,512				7,731				7,781		Citibank, N.A.
Republic of Panama		06/20/22		1.000%(Q	)		5,000		0.206%			51,263				14,882				36,381		Citibank, N.A.
Republic of Peru		03/20/22		1.000%(Q	)		3,000		0.250%			23,542				(30,658	)			54,200		Barclays Bank PLC
Republic of Portugal		06/20/21		1.000%(Q	)		700		0.036%			1,734				(2,643	)			4,377		Morgan Stanley &Co. International PLC
Republic of Portugal		12/20/23		1.000%(Q	)		4,130		0.154%			97,502				(1,048	)			98,550		Morgan Stanley &Co. International PLC
Republic of Portugal		06/20/24		1.000%(Q	)		400		0.141%			11,290				(23,517	)			34,807		Morgan Stanley &Co. International PLC
Republic of Portugal		06/20/25		1.000%(Q	)		21,000		0.240%			683,606				(125,553	)			809,159		Morgan Stanley &Co. International PLC
Republic of Portugal		06/20/25		1.000%(Q	)		10,000		0.240%			325,527				(71,228	)			396,755		Citibank, N.A.
Republic of Serbia		06/20/21		1.000%(Q	)		2,000		0.339%			4,093				1,763				2,330		BNP Paribas S.A.
Republic of Serbia		12/20/25		5.000%(Q	)		4,500		0.954%			851,379				820,696				30,683		Citibank, N.A.
Republic of Serbia		12/20/25		1.000%(Q	)		1,000		0.954%			3,261				(1,352	)			4,613		BNP Paribas S.A.
Republic of Slovenia		06/20/24		1.000%(Q	)		900		0.477%			15,772				(41,216	)			56,988		HSBC Bank PLC
Republic of South Africa		06/20/23		1.000%(Q	)		5,000		1.045%			700				(61,016	)			61,716		Deutsche Bank AG
Republic of South Africa		12/20/23		1.000%(Q	)		3,000		1.289%			(19,383	)			(90,536	)			71,153		Bank of America, N.A.
Republic of Ukraine		12/20/23		5.000%(Q	)		1,400		3.934%			45,142				52,893				(7,751	)	Deutsche Bank AG

See Notes to Financial Statements.

PGIM Global Total Return Fund     97

Schedule of Investments(unaudited) (continued)

as of April 30, 2021

Credit default swap agreements outstanding at April 30, 2021 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate			Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2021(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 Ukraine		12/20/23		5.000%(Q	)		1,000		3.934%		$	32,244			$	20,567			$	11,677		Deutsche Bank AG
Republic of Ukraine		12/20/24		5.000%(Q	)		2,100		4.174%			70,177				121,256				(51,079	)	HSBC Bank PLC
Republic of Ukraine		06/20/25		5.000%(Q	)		7,205		4.259%			241,187				(66,676	)			307,863		Barclays Bank PLC
Republic of Ukraine		06/20/25		5.000%(Q	)		1,000		4.259%			33,475				(34,414	)			67,889		Barclays Bank PLC
Republic of Ukraine		12/20/25		5.000%(Q	)		7,390		4.341%			243,205				(143,121	)			386,326		Barclays Bank PLC
Republic of Ukraine		12/20/25		1.000%(Q	)		5,000		4.341%			(679,996	)			(596,160	)			(83,836	)	Morgan Stanley &Co. International PLC
Republic of Ukraine		12/20/25		1.000%(Q	)		2,000		4.341%			(271,999	)			(242,227	)			(29,772	)	Morgan Stanley &Co. International PLC
Republic of Ukraine		12/20/25		1.000%(Q	)		2,000		4.341%			(271,999	)			(245,815	)			(26,184	)	Morgan Stanley &Co. International PLC
Republic of Uruguay		06/20/21		1.000%(Q	)		400		0.698%			615				(334	)			949		Citibank, N.A.
Republic of Uruguay		12/20/21		1.000%(Q	)		1,500		0.768%			3,916				(4,883	)			8,799		Citibank, N.A.
Russian Federation		12/20/21		1.000%(Q	)		8,525		0.342%			45,850				(111,620	)			157,470		Barclays Bank PLC
Russian Federation		12/20/21		1.000%(Q	)		3,000		0.342%			16,135				(40,576	)			56,711		Barclays Bank PLC
Russian Federation		12/20/22		1.000%(Q	)		7,350		0.476%			71,809				(7,577	)			79,386		Citibank, N.A.
Russian Federation		06/20/23		1.000%(Q	)		7,000		0.512%			81,237				(57,397	)			138,634		Morgan Stanley &Co. International PLC
Russian Federation		06/20/23		1.000%(Q	)		4,000		0.512%			46,421				(39,280	)			85,701		Morgan Stanley &Co. International PLC

See Notes to Financial Statements.

98

Credit default swap agreements outstanding at April 30, 2021 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate			Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2021(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		0.512%		$	19,033			$	(15,889	)		$	34,922	BNP Paribas S.A.
Russian Federation		12/20/26		1.000%(Q	)		1,200		1.101%			(5,243	)			(95,020	)			89,777	Barclays Bank PLC
Russian Federation		06/20/30		1.000%(Q	)		2,500		1.483%			(96,508	)			(232,428	)			135,920	HSBC Bank PLC
State of Illinois		06/20/21		1.000%(Q	)		10,000		0.974%			12,041				1,915				10,126	Citibank, N.A.
State of Illinois		12/20/22		1.000%(Q	)		2,725		1.115%			(2,026	)			(47,560	)			45,534	Citibank, N.A.
State of Illinois		12/20/24		1.000%(Q	)		2,800		1.355%			(30,957	)			(122,540	)			91,583	Goldman Sachs International
State of Illinois		06/20/28		1.000%(Q	)		1,000		1.721%			(42,060	)			(88,743	)			46,683	Citibank, N.A.
UBS Group AG		12/20/24		1.000%(Q	)EUR		8,600		0.531%			191,160				126,717				64,443	Bank of America, N.A.
											$	5,743,471			$	(4,059,539	)		$	9,803,010

Reference Entity/ Obligation	Termination Date		Fixed Rate			Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2021(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)				Counterparty
OTC Credit Default Swap Agreement on credit indices - Sell Protection(2):
CDX.NA.HY.BB.33.V1		12/20/24		5.000	%(Q)		5,000		1.561	%		$	634,018		$	679,651		$	(45,633	)	Citibank, N.A.

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

See Notes to Financial Statements.

PGIM Global Total Return Fund     99

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

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.

Currency swap agreements outstanding at April 30, 2021:

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

$

378,090

$

—

$

378,090

Inflation swap agreements outstanding at April 30, 2021:

Notional Amount (000)#	Termination   Date	Fixed       Rate	Floating Rate	Value at Trade Date		Value at   April 30,   2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Inflation Swap Agreements:
EUR     14,000	05/15/23	1.485%(T)	France CPI ex Tobacco Household(1)(T)		$—	$	(431,146	)	$	(431,146)
EUR     14,000	05/15/23	1.510%(T)	Eurostat Eurozone HICP ex Tobacco(2)(T)		—		295,764			295,764
7,780	01/12/26	2.185%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)		—		(226,930	)		(226,930)

See Notes to Financial Statements.

100

Inflation swap agreements outstanding at April 30, 2021 (continued):

Notional     Amount     (000)#	Termination   Date	Fixed       Rate		Floating Rate	Value at Trade Date		Value at   April 30,   2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Inflation Swap Agreements (cont’d):
3,000	01/13/31		2.229%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)		$—		$   (112,162	)		$   (112,162)
11,100	01/13/31		2.230%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)		—		(413,815	)		(413,815)
13,365	04/07/31		2.469%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)		—		(126,329	)		(126,329)
4,100	04/09/31		2.435%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)		—		(53,255	)		(53,255)
8,250	04/09/31		2.448%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)		—		(96,028	)		(96,028)
8,710	04/13/31		2.445%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)		—		(102,473	)		(102,473)
5,270	04/13/31		2.450%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)		—		(59,155	)		(59,155)
5,445	04/14/31		2.450%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)		—		(60,412	)		(60,412)
4,480	04/15/31		2.460%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)		—		(44,619	)		(44,619)
8,730	04/15/31		2.465%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)		—		(82,229	)		(82,229)
						$—		$(1,512,789	)		$(1,512,789)

(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, 2021:

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2021		Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
AUD	2,240		10/27/21	2.173%(S)	6 Month BBSW(2)(S)	$	(50	)	$	18,027	$	18,077
AUD	4,000		09/21/22	3.830%(S)	6 Month BBSW(2)(S)		(30,898	)		171,698		202,596

See Notes to Financial Statements.

PGIM Global Total Return Fund      101

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Interest rate swap agreements outstanding at April 30, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
AUD	7,580		09/25/22	2.958%(S)	6 Month BBSW(2)(S)	$	—		$	249,151		$	249,151
AUD	15,000		07/20/25	0.390%(S)	6 Month BBSW(2)(S)		—			(117,912	)		(117,912)
AUD	1,000		05/02/26	2.650%(S)	6 Month BBSW(2)(S)		86			78,173			78,087
AUD	2,700		06/06/27	2.661%(S)	6 Month BBSW(2)(S)		—			214,219			214,219
AUD	6,450		12/03/29	2.700%(S)	6 Month BBSW(2)(S)		432,885			513,686			80,801
AUD	6,000		02/19/30	1.147%(S)	6 Month BBSW(2)(S)		(19	)		(171,154	)		(171,135)
AUD	5,000		03/20/30	1.200%(S)	6 Month BBSW(2)(S)		—			(134,247	)		(134,247)
AUD	10,550		08/05/30	0.751%(S)	6 Month BBSW(2)(S)		(109	)		(649,313	)		(649,204)
AUD	5,835		07/19/32	3.130%(S)	6 Month BBSW(2)(S)		—			622,070			622,070
AUD	1,600		07/28/32	3.137%(S)	6 Month BBSW(2)(S)		—			170,601			170,601
AUD	2,000		12/19/32	4.423%(S)	6 Month BBSW(2)(S)		(4,411	)		440,345			444,756
AUD	10,000		07/10/33	2.987%(S)	6 Month BBSW(2)(S)		133,272			944,892			811,620
AUD	10,000		03/26/36	2.101%(S)	6 Month BBSW(2)(S)		—			(40,932	)		(40,932)
BRL	20,469		01/02/24	4.920%(T)	1 Day BROIS(2)(T)		—			(141,385	)		(141,385)
BRL	81,380		01/02/24	4.920%(T)	1 Day BROIS(2)(T)		—			(563,806	)		(563,806)
BRL	63,124		01/02/25	5.641%(T)	1 Day BROIS(2)(T)		—			(526,553	)		(526,553)
BRL	27,355		01/02/25	6.540%(T)	1 Day BROIS(2)(T)		—			93,456			93,456
BRL	26,379		01/02/25	9.475%(T)	1 Day BROIS(2)(T)		—			1,271,360			1,271,360
BRL	25,280		01/02/25	9.560%(T)	1 Day BROIS(2)(T)		—			1,264,017			1,264,017
BRL	31,910		01/02/25	9.943%(T)	1 Day BROIS(2)(T)		—			1,896,526			1,896,526
BRL	7,002		01/02/25	9.985%(T)	1 Day BROIS(2)(T)		—			454,101			454,101

See Notes to Financial Statements.

102

Interest rate swap agreements outstanding at April 30, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
BRL	30,470		01/02/25	11.080%(T)	1 Day BROIS(2)(T)	$	—		$	2,180,481		$	2,180,481
BRL	6,247		01/02/25	12.090%(T)	1 Day BROIS(2)(T)		—			532,757			532,757
BRL	12,879		01/04/27	6.455%(T)	1 Day BROIS(2)(T)		—			(99,233	)		(99,233)
BRL	36,574		01/04/27	6.490%(T)	1 Day BROIS(2)(T)		—			(280,046	)		(280,046)
BRL	73,942		01/04/27	6.493%(T)	1 Day BROIS(2)(T)		—			(531,795	)		(531,795)
BRL	56,887		01/04/27	6.540%(T)	1 Day BROIS(2)(T)		—			(375,056	)		(375,056)
BRL	77,541		01/04/27	6.695%(T)	1 Day BROIS(2)(T)		—			(957,694	)		(957,694)
BRL	94,482		01/04/27	6.820%(T)	1 Day BROIS(2)(T)		—			(739,523	)		(739,523)
BRL	31,992		01/04/27	6.910%(T)	1 Day BROIS(2)(T)		—			(37,703	)		(37,703)
BRL	31,229		01/04/27	6.912%(T)	1 Day BROIS(2)(T)		—			(37,389	)		(37,389)
BRL	78,637		01/04/27	7.760%(T)	1 Day BROIS(2)(T)		—			556,232			556,232
BRL	28,290		01/02/29	7.150%(T)	1 Day BROIS(2)(T)		1,111			(256,854	)		(257,965)
BRL	21,378		01/02/29	7.250%(T)	1 Day BROIS(2)(T)		—			(163,170	)		(163,170)
BRL	33,888		01/02/29	7.570%(T)	1 Day BROIS(2)(T)		—			(286,582	)		(286,582)
CAD	23,700		08/17/22	2.370%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		(94,736	)		544,667			639,403
CAD	51,805		04/03/25	0.970%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		139,173			(322,627	)		(461,800)
CAD	25,000		05/01/25	0.758%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		(103	)		(321,640	)		(321,537)

See Notes to Financial Statements.

PGIM Global Total Return Fund      103

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Interest rate swap agreements outstanding at April 30, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date		Value at April 30, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
CAD	1,500		04/22/26	1.670%(S)	3 Month Canadian Banker’s Acceptance(2)(S)	$	89	$	17,220		$	17,131
CAD	3,070		06/25/30	2.651%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		67,194		176,425			109,231
CAD	2,500		12/03/38	2.800%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		97,903		142,242			44,339
CAD	1,550		12/03/48	2.800%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		266,413		89,045			(177,368)
CHF	2,400		10/21/21	(0.522)%(A)	6 Month CHF LIBOR(2)(S)		20		(4,364	)		(4,384)
CHF	14,500		01/31/29	0.260%(A)	6 Month CHF LIBOR(2)(S)		55,769		515,880			460,111
CHF	800		10/17/31	0.033%(A)	6 Month CHF LIBOR(2)(S)		134		(4,370	)		(4,504)
CHF	700		04/03/33	0.687%(A)	6 Month CHF LIBOR(2)(S)		—		49,700			49,700
CLP	3,010,200		07/12/29	3.135%(S)	1 Day CLOIS(2)(S)		—		(48,288	)		(48,288)
CLP	6,480,000		10/24/29	2.790%(S)	1 Day CLOIS(2)(S)		—		(461,956	)		(461,956)
CLP	3,094,000		11/22/29	3.203%(S)	1 Day CLOIS(2)(S)		—		(30,319	)		(30,319)
CLP	2,400,000		12/13/29	3.160%(S)	1 Day CLOIS(2)(S)		—		(43,807	)		(43,807)
CLP	562,610		12/16/29	3.200%(S)	1 Day CLOIS(2)(S)		—		(7,880	)		(7,880)
CLP	3,900,000		02/10/30	3.010%(S)	1 Day CLOIS(2)(S)		—		(209,817	)		(209,817)
CLP	634,000		02/11/30	3.085%(S)	1 Day CLOIS(2)(S)		—		(23,326	)		(23,326)
CLP	4,500,000		02/28/30	3.110%(S)	1 Day CLOIS(2)(S)		—		(164,037	)		(164,037)
CLP	800,000		07/13/30	2.030%(S)	1 Day CLOIS(2)(S)		—		(136,951	)		(136,951)

See Notes to Financial Statements.

104

Interest rate swap agreements outstanding at April 30, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
CLP	5,740,000		11/17/30	2.420%(S)	1 Day CLOIS(2)(S)	$	—		$	(735,387	)	$	(735,387)
CNH	52,500		08/15/23	3.115%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(432	)		115,206			115,638
CNH	50,870		03/13/24	2.945%(Q)	7 Day China Fixing Repo Rates(2)(Q)		31			79,552			79,521
CNH	33,000		03/18/24	2.945%(Q)	7 Day China Fixing Repo Rates(2)(Q)		20			50,923			50,903
CNH	43,200		04/01/24	2.923%(Q)	7 Day China Fixing Repo Rates(2)(Q)		29			60,912			60,883
CNH	23,500		06/19/24	2.900%(Q)	7 Day China Fixing Repo Rates(2)(Q)		17			31,373			31,356
CNH	125,090		06/20/24	2.900%(Q)	7 Day China Fixing Repo Rates(2)(Q)		93			167,934			167,841
CNH	28,500		07/01/24	2.900%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(33	)		36,950			36,983
CNH	78,000		09/03/24	2.860%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(82	)		89,828			89,910
CNH	24,300		09/19/24	2.940%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(16	)		37,128			37,144
CNH	76,000		10/09/24	2.860%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(31	)		79,152			79,183
CNH	9,600		10/10/24	2.860%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(5	)		10,035			10,040
CNH	98,660		11/01/24	3.120%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(254	)		260,854			261,108
CNH	100,500		11/28/24	2.933%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(3,254	)		155,869			159,123

See Notes to Financial Statements.

PGIM Global Total Return Fund      105

Schedule of Investments(unaudited) (continued)

as of April 30, 2021

Interest rate swap agreements outstanding at April 30, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
CNH	80,000		12/05/24	2.940%(Q)	7 Day China Fixing Repo Rates(2)(Q)	$	(108	)	$	124,178		$	124,286
CNH	92,700		02/04/25	2.600%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—			(36,994	)		(36,994)
CNH	330,000		02/05/25	2.600%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(96	)		(131,230	)		(131,134)
CNH	18,100		03/10/25	2.300%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(16	)		(40,366	)		(40,350)
CNH	25,000		03/12/25	2.400%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(7	)		(40,836	)		(40,829)
CNH	149,980		05/08/25	1.860%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(495	)		(763,944	)		(763,449)
CNH	80,785		06/01/25	1.973%(Q)	7 Day China Fixing Repo Rates(2)(Q)		48			(361,057	)		(361,105)
CNH	118,700		07/02/25	2.330%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(76	)		(277,050	)		(276,974)
CNH	161,860		07/13/25	2.653%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(186	)		(58,229	)		(58,043)
CNH	48,542		08/06/25	2.555%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(74	)		(43,039	)		(42,965)
CNH	129,600		09/01/25	2.735%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(150	)		26,018			26,168
CNH	225,740		11/02/25	2.588%(Q)	7 Day China Fixing Repo Rates(2)(Q)		592			(186,545	)		(187,137)
CNH	200,000		12/09/25	2.855%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—			188,398			188,398
CNH	192,490		01/05/26	2.660%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(490	)		(94,680	)		(94,190)

See Notes to Financial Statements.

106

Interest rate swap agreements outstanding at April 30, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
CNH	40,000		03/03/26	2.840%(Q)	7 Day China Fixing Repo Rates(2)(Q)	$	(113	)	$	32,958		$	33,071
CNH	50,000		03/23/26	2.875%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—			50,442			50,442
CNH	345,920		04/12/26	2.810%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(1,231	)		166,883			168,114
COP	57,000,000		11/05/25	3.170%(Q)	1 Day COOIS(2)(Q)		—			(659,128	)		(659,128)
COP	23,700,000		12/14/25	3.265%(Q)	1 Day COOIS(2)(Q)		—			(275,798	)		(275,798)
COP	15,800,000		02/08/26	3.135%(Q)	1 Day COOIS(2)(Q)		—			(233,449	)		(233,449)
COP	27,120,000		04/20/26	4.190%(Q)	1 Day COOIS(2)(Q)		—			(88,055	)		(88,055)
COP	25,830,000		07/19/28	6.150%(Q)	1 Day COOIS(2)(Q)		—			441,867			441,867
COP	27,041,260		07/27/28	6.200%(Q)	1 Day COOIS(2)(Q)		496,316			477,112			(19,204)
COP	13,388,000		11/28/28	6.380%(Q)	1 Day COOIS(2)(Q)		—			300,224			300,224
COP	20,710,000		12/16/29	5.480%(Q)	1 Day COOIS(2)(Q)		—			51,279			51,279
COP	21,300,000		02/13/30	5.100%(Q)	1 Day COOIS(2)(Q)		—			(69,383	)		(69,383)
COP	7,740,000		07/13/30	4.205%(Q)	1 Day COOIS(2)(Q)		—			(183,405	)		(183,405)
COP	19,006,000		09/17/30	4.321%(Q)	1 Day COOIS(2)(Q)		—			(410,975	)		(410,975)
COP	113,100,000		03/26/31	5.221%(Q)	1 Day COOIS(2)(Q)		—			(579,410	)		(579,410)
CZK	213,000		04/27/22	0.925%(A)	6 Month PRIBOR(2)(S)		—			34,102			34,102
CZK	193,410		06/29/22	0.895%(A)	6 Month PRIBOR(2)(S)		—			80,280			80,280
CZK	250,000		11/17/22	1.505%(A)	6 Month PRIBOR(2)(S)		—			172,101			172,101
CZK	875,720		01/28/24	1.938%(A)	6 Month PRIBOR(2)(S)		—			844,226			844,226
CZK	427,500		01/31/24	1.930%(A)	6 Month PRIBOR(1)(S)		—			(404,604	)		(404,604)

See Notes to Financial Statements.

PGIM Global Total Return Fund      107

Schedule of Investments(unaudited) (continued)

as of April 30, 2021

Interest rate swap agreements outstanding at April 30, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
CZK	155,500		06/29/27	1.175%(A)	6 Month PRIBOR(1)(S)	$	139,131		$	200,436		$	61,305
CZK	364,670		01/28/30	1.588%(A)	6 Month PRIBOR(1)(S)		—			300,273			300,273
CZK	106,030		03/31/30	0.710%(A)	6 Month PRIBOR(2)(S)		—			(474,290	)		(474,290)
DKK	20,900		10/17/21	0.185%(A)	6 Month CIBOR(2)(S)		(5,582	)		8,026			13,608
DKK	13,600		05/04/25	0.825%(A)	6 Month CIBOR(2)(S)		24			95,313			95,289
DKK	5,000		08/29/26	0.580%(A)	6 Month CIBOR(2)(S)		20			25,477			25,457
DKK	1,300		10/21/26	0.673%(A)	6 Month CIBOR(2)(S)		16			7,602			7,586
DKK	13,000		03/15/27	1.123%(A)	6 Month CIBOR(2)(S)		—			129,247			129,247
DKK	1,865		06/22/27	0.987%(A)	6 Month CIBOR(2)(S)		—			18,628			18,628
EUR	1,000		06/04/29	2.002%(A)	6 Month EURIBOR(2)(S)		138			222,993			222,855
EUR	3,260		11/11/29	1.453%(A)	6 Month EURIBOR(2)(S)		256,019			520,570			264,551
EUR	1,800		01/14/30	1.022%(A)	6 Month EURIBOR(2)(S)		141			197,688			197,547
EUR	2,000		03/02/31	0.825%(A)	6 Month EURIBOR(2)(S)		(61,445	)		173,371			234,816
EUR	700		04/07/31	0.819%(A)	6 Month EURIBOR(2)(S)		145			59,003			58,858
EUR	450		05/03/31	1.048%(A)	6 Month EURIBOR(2)(S)		146			57,085			56,939
EUR	13,770		05/11/31	0.750%(A)	1 Day EONIA(1)(A)		(1,325,576	)		(1,383,711	)		(58,135)
EUR	1,500		07/04/31	0.672%(A)	6 Month EURIBOR(2)(S)		147			110,603			110,456
EUR	570		08/02/31	0.584%(A)	6 Month EURIBOR(2)(S)		141			34,577			34,436
EUR	1,500		08/26/31	0.562%(A)	6 Month EURIBOR(2)(S)		150			84,734			84,584
EUR	700		09/09/31	0.558%(A)	6 Month EURIBOR(2)(S)		143			38,768			38,625
EUR	1,700		12/14/31	1.217%(A)	6 Month EURIBOR(2)(S)		142			242,059			241,917

See Notes to Financial Statements.

108

Interest rate swap agreements outstanding at April 30, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
EUR	1,850		12/19/31	1.160%(A)	6 Month EURIBOR(2)(S)	$	461		$	248,662		$	248,201
EUR	2,300		12/19/31	1.161%(A)	6 Month EURIBOR(2)(S)		(11,798	)		309,455			321,253
EUR	2,600		12/27/31	1.082%(A)	6 Month EURIBOR(2)(S)		10,759			321,426			310,667
EUR	6,400		02/23/32	1.180%(A)	6 Month EURIBOR(2)(S)		179			857,451			857,272
EUR	4,680		03/29/32	1.170%(A)	6 Month EURIBOR(2)(S)		1,589			613,341			611,752
EUR	1,400		04/04/32	1.145%(A)	6 Month EURIBOR(2)(S)		—			178,226			178,226
EUR	2,000		04/10/32	1.105%(A)	6 Month EURIBOR(2)(S)		—			243,577			243,577
EUR	4,150		05/11/32	1.100%(A)	6 Month EURIBOR(2)(S)		(88,029	)		564,257			652,286
EUR	7,000		06/28/32	0.785%(A)	6 Month EURIBOR(2)(S)		(57,563	)		614,391			671,954
EUR	3,050		10/30/32	1.302%(A)	6 Month EURIBOR(2)(S)		—			479,453			479,453
EUR	14,225		05/11/33	1.000%(A)	6 Month EURIBOR(2)(S)		(354,758	)		1,735,583			2,090,341
EUR	3,135		12/28/35	1.559%(A)	6 Month EURIBOR(2)(S)		42,194			671,510			629,316
EUR	2,155		06/02/36	1.072%(A)	6 Month EURIBOR(2)(S)		176,597			289,014			112,417
EUR	600		09/26/36	0.749%(A)	6 Month EURIBOR(2)(S)		155			39,710			39,555
EUR	600		09/28/36	0.729%(A)	6 Month EURIBOR(2)(S)		155			37,334			37,179
EUR	1,000		11/02/36	0.958%(A)	6 Month EURIBOR(2)(S)		156			107,813			107,657
EUR	1,500		02/02/37	1.355%(A)	6 Month EURIBOR(2)(S)		163			269,538			269,375
EUR	3,505		05/05/39	0.045%(A)	6 Month EURIBOR(2)(S)		—			(328,846	)		(328,846)
EUR	365		05/11/39	1.100%(A)	1 Day EONIA(2)(A)		64,098			59,762			(4,336)
EUR	3,190		05/11/42	1.350%(A)	6 Month EURIBOR(2)(S)		(170,619	)		699,584			870,203
EUR	1,235		07/04/42	1.001%(A)	6 Month EURIBOR(2)(S)		(130,391	)		155,998			286,389

See Notes to Financial Statements.

PGIM Global Total Return Fund      109

Schedule of Investments(unaudited) (continued)

as of April 30, 2021

Interest rate swap agreements outstanding at April 30, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
EUR	3,000		05/11/45	1.150%(A)	1 Day EONIA(2)(A)	$	616,914		$	614,233		$	(2,681)
EUR	24,475		03/09/46	0.425%(A)	6 Month EURIBOR(2)(S)		—			(910,192	)		(910,192)
EUR	1,000		03/30/46	1.058%(A)	6 Month EURIBOR(2)(S)		(5,088	)		146,853			151,941
EUR	9,135		05/11/49	1.450%(A)	6 Month EURIBOR(2)(S)		636,423			2,834,357			2,197,934
GBP	510		06/30/21	2.469%(S)	6 Month GBP LIBOR(2)(S)		19			8,560			8,541
GBP	29,797		10/22/28	0.680%(A)	1 Day SONIA(1)(A)		—			(113,704	)		(113,704)
GBP	2,320		05/08/29	1.100%(A)	1 Day SONIA(1)(A)		(85,429	)		(128,756	)		(43,327)
GBP	20,830		05/08/31	1.150%(A)	1 Day SONIA(2)(A)		1,103,533			1,233,196			129,663
GBP	5,890		04/30/40	0.219%(A)	1 Day SONIA(2)(A)		(30	)		(1,084,876	)		(1,084,846)
GBP	4,710		05/08/41	1.250%(A)	1 Day SONIA(1)(A)		(780,460	)		(392,886	)		387,574
GBP	9,280		05/08/46	1.250%(A)	1 Day SONIA(2)(A)		1,948,765			921,000			(1,027,765)
GBP	3,440		05/08/49	1.250%(A)	1 Day SONIA(2)(A)		726,080			384,155			(341,925)
GBP	3,540		09/03/50	0.328%(A)	1 Day SONIA(2)(A)		(35	)		(785,699	)		(785,664)
HKD	95,120		09/03/26	1.538%(Q)	3 Month HIBOR(1)(Q)		(535	)		(385,748	)		(385,213)
HUF	4,636,000		01/23/25	1.095%(A)	6 Month BUBOR(2)(S)		(22,276	)		(368,034	)		(345,758)
HUF	370,000		03/18/26	2.140%(A)	6 Month BUBOR(2)(S)		11,762			10,532			(1,230)
HUF	1,667,000		12/23/26	3.755%(A)	6 Month BUBOR(2)(S)		31			392,300			392,269
HUF	6,237,270		06/12/28	3.750%(A)	6 Month BUBOR(2)(S)		—			1,015,021			1,015,021
HUF	1,677,900		07/15/29	1.650%(A)	6 Month BUBOR(2)(S)		—			(253,118	)		(253,118)
HUF	2,516,000		12/09/29	1.245%(A)	6 Month BUBOR(2)(S)		—			(772,101	)		(772,101)
HUF	499,000		02/13/30	1.595%(A)	6 Month BUBOR(2)(S)		—			(111,126	)		(111,126)

See Notes to Financial Statements.

110

Interest rate swap agreements outstanding at April 30, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
HUF	4,674,000		09/03/30	1.705%(A)	6 Month BUBOR(2)(S)	$	(252,145	)	$	(896,537	)		$(644,392)
HUF	5,500,000		03/31/31	2.460%(A)	6 Month BUBOR(2)(S)		—			(118,130	)		(118,130)
ILS	40,440		04/16/28	0.928%(A)	3 Month TELBOR(2)(Q)		(555	)		(8,043	)		(7,488)
JPY	32,800		07/04/21	(0.156)%(S)	6 Month JPY LIBOR(2)(S)		(306	)		(147	)		159
JPY	1,000,000		01/08/22	(0.120)%(S)	6 Month JPY LIBOR(2)(S)		—			(6,341	)		(6,341)
JPY	2,000,000		01/08/22	(0.100)%(S)	6 Month JPY LIBOR(2)(S)		—			(8,991	)		(8,991)
JPY	3,276,010		12/20/24	0.126%(S)	6 Month JPY LIBOR(2)(S)		(32,734	)		176,557			209,291
JPY	950,000		01/15/25	0.000%(S)	6 Month JPY LIBOR(2)(S)		—			6,790			6,790
JPY	9,000,000		03/02/26	0.029%(S)	6 Month JPY LIBOR(2)(S)		—			118,100			118,100
JPY	2,000,000		01/04/27	(0.033)%(S)	6 Month JPY LIBOR(2)(S)		—			(52,507	)		(52,507)
JPY	2,100,000		05/06/27	0.020%(S)	6 Month JPY LIBOR(2)(S)		—			(8,562	)		(8,562)
JPY	1,800,000		11/12/28	0.011%(S)	6 Month JPY LIBOR(2)(S)		—			(59,403	)		(59,403)
JPY	135,000		02/20/29	1.260%(S)	6 Month JPY LIBOR(2)(S)		38,275			118,012			79,737
JPY	2,500,000		03/22/29	0.068%(S)	6 Month JPY LIBOR(2)(S)		—			(5,093	)		(5,093)
JPY	50,000		04/02/29	1.288%(S)	6 Month JPY LIBOR(2)(S)		4			44,543			44,539
JPY	100,000		08/18/29	1.070%(S)	6 Month JPY LIBOR(2)(S)		8			77,085			77,077
JPY	100,000		08/28/29	1.043%(S)	6 Month JPY LIBOR(2)(S)		8			74,802			74,794
JPY	200,000		09/09/29	1.061%(S)	6 Month JPY LIBOR(2)(S)		(1,025	)		152,564			153,589
JPY	655,000		09/29/29	1.064%(S)	6 Month JPY LIBOR(2)(S)		321,471			499,317			177,846
JPY	300,000		07/02/30	0.047%(S)	6 Month JPY LIBOR(2)(S)		—			(14,337	)		(14,337)
JPY	200,000		04/01/31	0.319%(S)	6 Month JPY LIBOR(2)(S)		21			34,749			34,728

See Notes to Financial Statements.

PGIM Global Total Return Fund      111

Schedule of Investments(unaudited) (continued)

as of April 30, 2021

Interest rate swap agreements outstanding at April 30, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
JPY	215,000		05/06/31	0.354%(S)	6 Month JPY LIBOR(2)(S)	$	22		$	47,439		$	47,417
JPY	150,000		07/07/31	0.071%(S)	6 Month JPY LIBOR(2)(S)		12			(8,817	)		(8,829)
JPY	700,000		08/05/31	0.026%(S)	6 Month JPY LIBOR(2)(S)		—			(73,746	)		(73,746)
JPY	256,500		08/15/31	0.223%(S)	6 Month JPY LIBOR(2)(S)		20			21,072			21,052
JPY	130,000		08/30/31	0.217%(S)	6 Month JPY LIBOR(2)(S)		11			9,723			9,712
JPY	120,000		09/08/31	0.316%(S)	6 Month JPY LIBOR(2)(S)		10			20,288			20,278
JPY	190,000		09/21/31	0.328%(S)	6 Month JPY LIBOR(2)(S)		22			33,864			33,842
JPY	350,000		10/14/31	0.270%(S)	6 Month JPY LIBOR(2)(S)		39			41,894			41,855
JPY	200,000		04/06/32	0.484%(S)	6 Month JPY LIBOR(2)(S)		—			65,399			65,399
JPY	159,520		04/07/32	0.491%(S)	6 Month JPY LIBOR(2)(S)		—			53,312			53,312
JPY	1,200,000		05/19/32	0.023%(S)	6 Month JPY LIBOR(2)(S)		—			(167,050	)		(167,050)
JPY	800,000		05/29/32	0.016%(S)	6 Month JPY LIBOR(2)(S)		—			(117,884	)		(117,884)
JPY	140,000		06/07/32	0.451%(S)	6 Month JPY LIBOR(2)(S)		—			43,292			43,292
JPY	71,000		09/21/32	0.463%(S)	6 Month JPY LIBOR(2)(S)		—			21,755			21,755
JPY	160,000		11/14/32	2.390%(S)	6 Month JPY LIBOR(2)(S)		(22,127	)		318,499			340,626
JPY	180,000		11/05/34	1.293%(S)	6 Month JPY LIBOR(2)(S)		72,703			244,666			171,963
JPY	70,000		12/03/34	1.265%(S)	6 Month JPY LIBOR(2)(S)		7			92,337			92,330
JPY	260,000		01/07/35	1.108%(S)	6 Month JPY LIBOR(2)(S)		26			288,924			288,898
JPY	50,000		01/22/35	0.950%(S)	6 Month JPY LIBOR(2)(S)		6			45,387			45,381
JPY	120,000		02/12/35	1.161%(S)	6 Month JPY LIBOR(2)(S)		13			140,767			140,754
JPY	320,000		02/24/35	1.200%(S)	6 Month JPY LIBOR(2)(S)		34			390,441			390,407

See Notes to Financial Statements.

112

Interest rate swap agreements outstanding at April 30, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date		Value at April 30, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
JPY	160,000		03/03/35	1.153%(S)	6 Month JPY LIBOR(2)(S)	$	17	$	185,383		$	185,366
JPY	350,000		05/07/35	0.073%(S)	6 Month JPY LIBOR(2)(S)		—		(78,595	)		(78,595)
JPY	90,000		02/04/36	0.816%(S)	6 Month JPY LIBOR(2)(S)		10		67,612			67,602
JPY	65,000		05/16/36	0.446%(S)	6 Month JPY LIBOR(2)(S)		8		15,908			15,900
JPY	110,000		05/27/36	0.460%(S)	6 Month JPY LIBOR(2)(S)		15		28,836			28,821
JPY	60,000		07/22/36	0.240%(S)	6 Month JPY LIBOR(2)(S)		9		(3,501	)		(3,510)
JPY	300,000		10/04/36	0.363%(S)	6 Month JPY LIBOR(2)(S)		37		29,874			29,837
JPY	150,000		11/02/36	0.423%(S)	6 Month JPY LIBOR(2)(S)		18		30,253			30,235
JPY	400,000		12/14/36	0.723%(S)	6 Month JPY LIBOR(2)(S)		42		251,402			251,360
JPY	150,000		12/22/36	0.641%(S)	6 Month JPY LIBOR(2)(S)		16		76,304			76,288
JPY	250,000		01/06/37	0.675%(S)	6 Month JPY LIBOR(2)(S)		26		138,780			138,754
JPY	275,500		02/15/37	0.729%(S)	6 Month JPY LIBOR(2)(S)		30		172,156			172,126
JPY	130,000		02/23/37	0.748%(S)	6 Month JPY LIBOR(2)(S)		15		84,617			84,602
JPY	100,000		03/02/37	0.686%(S)	6 Month JPY LIBOR(2)(S)		—		56,012			56,012
JPY	273,000		03/09/37	0.701%(S)	6 Month JPY LIBOR(2)(S)		13,151		158,503			145,352
JPY	200,000		03/29/37	0.684%(S)	6 Month JPY LIBOR(2)(S)		—		110,262			110,262
JPY	94,310		05/08/37	0.623%(S)	6 Month JPY LIBOR(2)(S)		—		45,761			45,761
JPY	200,000		05/15/37	0.688%(S)	6 Month JPY LIBOR(2)(S)		—		116,332			116,332
JPY	150,000		06/02/37	0.640%(S)	6 Month JPY LIBOR(2)(S)		—		75,983			75,983
JPY	80,000		06/19/37	0.625%(S)	6 Month JPY LIBOR(2)(S)		—		38,441			38,441
JPY	82,000		06/21/37	0.628%(S)	6 Month JPY LIBOR(2)(S)		—		39,673			39,673

See Notes to Financial Statements.

PGIM Global Total Return Fund      113

Schedule of Investments(unaudited) (continued)

as of April 30, 2021

Interest rate swap agreements outstanding at April 30, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
JPY	125,000		06/30/37	0.629%(S)	6 Month JPY LIBOR(2)(S)	$	—		$	60,433		$	60,433
JPY	105,000		07/04/37	0.659%(S)	6 Month JPY LIBOR(2)(S)		—			55,449			55,449
JPY	285,000		07/26/37	0.676%(S)	6 Month JPY LIBOR(2)(S)		—			158,539			158,539
JPY	117,300		08/02/37	0.683%(S)	6 Month JPY LIBOR(2)(S)		—			65,530			65,530
JPY	160,000		08/09/37	0.679%(S)	6 Month JPY LIBOR(2)(S)		—			88,054			88,054
JPY	500,000		09/04/37	0.663%(S)	6 Month JPY LIBOR(2)(S)		—			263,867			263,867
JPY	175,000		09/27/37	0.670%(S)	6 Month JPY LIBOR(2)(S)		—			93,499			93,499
JPY	300,000		11/02/37	0.734%(S)	6 Month JPY LIBOR(2)(S)		—			197,592			197,592
JPY	350,000		12/04/37	0.730%(S)	6 Month JPY LIBOR(2)(S)		—			226,207			226,207
JPY	900,000		01/04/38	0.757%(S)	6 Month JPY LIBOR(2)(S)		136,754			612,459			475,705
JPY	224,000		01/11/38	0.831%(S)	6 Month JPY LIBOR(2)(S)		—			177,799			177,799
JPY	800,000		03/28/38	0.656%(S)	6 Month JPY LIBOR(2)(S)		—			406,921			406,921
JPY	1,000,000		04/04/38	0.681%(S)	6 Month JPY LIBOR(2)(S)		—			537,281			537,281
JPY	675,000		04/06/38	0.655%(S)	6 Month JPY LIBOR(2)(S)		—			335,770			335,770
JPY	1,815,000		04/18/38	0.675%(S)	6 Month JPY LIBOR(2)(S)		(43,562	)		954,545			998,107
JPY	600,000		08/10/38	0.822%(S)	6 Month JPY LIBOR(2)(S)		—			460,802			460,802
JPY	2,430,385		12/03/38	0.600%(S)	6 Month JPY LIBOR(2)(S)		548,530			1,026,650			478,120
JPY	480,000		11/27/39	0.258%(S)	6 Month JPY LIBOR(2)(S)		—			(87,465	)		(87,465)
JPY	969,000		12/03/39	0.650%(S)	6 Month JPY LIBOR(2)(S)		608,741			474,385			(134,356)
JPY	1,200,000		01/08/40	0.230%(S)	6 Month JPY LIBOR(2)(S)		—			(286,120	)		(286,120)
JPY	1,500,000		01/08/40	0.250%(S)	6 Month JPY LIBOR(2)(S)		—			(306,230	)		(306,230)

See Notes to Financial Statements.

114

Interest rate swap agreements outstanding at April 30, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
JPY	745,000		02/06/40	0.223%(S)	6 Month JPY LIBOR(2)(S)	$	—		$	(191,005	)	$	(191,005)
JPY	800,000		03/25/40	0.171%(S)	6 Month JPY LIBOR(2)(S)		—			(285,156	)		(285,156)
JPY	166,000		05/09/43	0.820%(S)	6 Month JPY LIBOR(2)(S)		—			129,469			129,469
JPY	2,000,000		10/23/45	0.333%(S)	6 Month JPY LIBOR(2)(S)		—			(648,174	)		(648,174)
JPY	775,000		04/12/46	0.496%(S)	6 Month JPY LIBOR(2)(S)		—			14,178			14,178
JPY	110,291		04/15/46	0.560%(S)	6 Month JPY LIBOR(2)(S)		—			17,638			17,638
JPY	26,000		10/04/47	0.942%(S)	6 Month JPY LIBOR(2)(S)		—			26,946			26,946
JPY	560,000		11/24/47	0.888%(S)	6 Month JPY LIBOR(2)(S)		—			526,849			526,849
JPY	500,000		05/29/50	0.186%(S)	6 Month JPY LIBOR(2)(S)		—			(441,035	)		(441,035)
JPY	500,000		08/26/50	0.334%(S)	6 Month JPY LIBOR(2)(S)		—			(259,901	)		(259,901)
JPY	1,000,000		12/16/50	0.338%(S)	6 Month JPY LIBOR(2)(S)		—			(513,706	)		(513,706)
JPY	1,200,000		02/08/51	0.467%(S)	6 Month JPY LIBOR(2)(S)		—			(225,390	)		(225,390)
JPY	1,650,000		03/30/51	0.520%(S)	6 Month JPY LIBOR(2)(S)		—			(99,006	)		(99,006)
KRW	18,824,000		08/06/25	0.830%(Q)	3 Month KWCDC(2)(Q)		(25	)		(425,308	)		(425,283)
KRW	20,447,900		09/10/28	2.043%(Q)	3 Month KWCDC(2)(Q)		611,984			581,726			(30,258)
KRW	3,120,000		10/18/29	1.313%(Q)	3 Month KWCDC(2)(Q)		9			(82,985	)		(82,994)
KRW	11,000,000		02/05/30	1.319%(Q)	3 Month KWCDC(2)(Q)		22			(297,420	)		(297,442)
KRW	2,455,000		04/27/30	1.065%(Q)	3 Month KWCDC(2)(Q)		2			(121,824	)		(121,826)
KRW	10,000,000		07/16/30	1.000%(Q)	3 Month KWCDC(2)(Q)		(45	)		(565,003	)		(564,958)
KRW	5,000,000		01/05/31	1.258%(Q)	3 Month KWCDC(2)(Q)		—			(192,744	)		(192,744)
MXN	391,310		03/19/26	6.050%(M)	28 Day Mexican Interbank Rate(2)(M)		(905	)		26,632			27,537

See Notes to Financial Statements.

PGIM Global Total Return Fund      115

Schedule of Investments(unaudited) (continued)

as of April 30, 2021

Interest rate swap agreements outstanding at April 30, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
MXN	33,500		10/12/27	7.350%(M)	28 Day Mexican Interbank Rate(2)(M)	$	—		$	91,576		$	91,576
MXN	305,790		02/27/29	8.260%(M)	28 Day Mexican Interbank Rate(2)(M)		75,947			1,616,481			1,540,534
MXN	271,000		07/10/30	5.680%(M)	28 Day Mexican Interbank Rate(2)(M)		(142	)		(1,084,693	)		(1,084,551)
MXN	110,000		11/29/30	5.480%(M)	28 Day Mexican Interbank Rate(2)(M)		—			(553,504	)		(553,504)
MXN	15,290		01/03/33	5.715%(M)	28 Day Mexican Interbank Rate(2)(M)		(26	)		(86,780	)		(86,754)
NOK	29,500		02/23/23	1.350%(A)	6 Month NIBOR(2)(S)		(1,795	)		40,879			42,674
NOK	170,000		11/25/25	0.770%(A)	6 Month NIBOR(2)(S)		—			(482,665	)		(482,665)
NOK	26,300		03/15/27	2.103%(A)	6 Month NIBOR(2)(S)		13,820			118,048			104,228
NOK	6,725		06/23/27	1.825%(A)	6 Month NIBOR(2)(S)		—			26,299			26,299
NOK	20,000		04/18/28	2.215%(A)	6 Month NIBOR(2)(S)		—			103,821			103,821
NOK	36,000		02/07/29	2.083%(A)	6 Month NIBOR(2)(S)		—			155,930			155,930
NOK	48,000		10/07/29	1.660%(A)	6 Month NIBOR(2)(S)		—			38,908			38,908
NOK	137,700		01/08/31	1.250%(A)	6 Month NIBOR(2)(S)		—			(739,531	)		(739,531)
NOK	130,000		01/19/31	1.346%(A)	6 Month NIBOR(2)(S)		—			(568,383	)		(568,383)
NOK	100,000		04/27/31	1.704%(A)	6 Month NIBOR(2)(S)		—			(79,227	)		(79,227)
NZD	1,235		10/03/22	2.740%(S)	3 Month BBR(2)(Q)		—			31,066			31,066
NZD	2,830		04/26/23	2.733%(S)	3 Month BBR(2)(Q)		(34,368	)		91,646			126,014
NZD	1,750		03/13/24	5.080%(S)	3 Month BBR(2)(Q)		16,774			167,258			150,484
NZD	2,500		03/15/24	3.355%(S)	3 Month BBR(2)(Q)		1,465			146,735			145,270

See Notes to Financial Statements.

116

Interest rate swap agreements outstanding at April 30, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
NZD	1,550		07/04/24	3.100%(S)	3 Month BBR(2)(Q)	$	—		$	95,392		$	95,392
NZD	3,500		01/10/27	3.420%(S)	3 Month BBR(2)(Q)		54,677			334,605			279,928
NZD	5,000		04/18/28	3.193%(S)	3 Month BBR(2)(Q)		—			428,442			428,442
NZD	6,450		11/28/28	2.950%(S)	3 Month BBR(2)(Q)		—			534,319			534,319
NZD	9,250		07/22/29	1.768%(S)	3 Month BBR(2)(Q)		—			110,131			110,131
NZD	9,000		10/07/29	1.130%(S)	3 Month BBR(2)(Q)		—			(263,725	)		(263,725)
NZD	51,390		03/01/31	2.098%(S)	3 Month BBR(2)(Q)		776,897			1,078,823			301,926
PLN	73,670		08/24/23	2.390%(A)	6 Month WIBOR(2)(S)		—			1,055,802			1,055,802
PLN	11,000		09/09/23	1.900%(A)	6 Month WIBOR(2)(S)		(213,699	)		113,607			327,306
PLN	60,110		11/13/23	2.570%(A)	6 Month WIBOR(2)(S)		—			883,203			883,203
PLN	18,100		04/11/24	2.020%(A)	6 Month WIBOR(2)(S)		16,591			159,313			142,722
PLN	83,750		06/21/24	1.750%(A)	6 Month WIBOR(2)(S)		—			857,873			857,873
PLN	30,000		03/28/28	2.895%(A)	6 Month WIBOR(2)(S)		—			646,169			646,169
PLN	3,540		07/11/28	2.935%(A)	6 Month WIBOR(2)(S)		—			98,795			98,795
PLN	31,000		09/07/30	1.068%(A)	6 Month WIBOR(2)(S)		(233,891	)		(554,789	)		(320,898)
PLN	104,000		03/26/31	1.675%(A)	6 Month WIBOR(2)(S)		—			(681,985	)		(681,985)
PLN	6,080		04/06/31	1.875%(A)	6 Month WIBOR(2)(S)		—			(11,201	)		(11,201)
PLN	6,215		04/14/31	1.778%(A)	6 Month WIBOR(2)(S)		—			(27,162	)		(27,162)
PLN	13,000		04/20/31	1.725%(A)	6 Month WIBOR(2)(S)		—			(74,858	)		(74,858)
PLN	6,375		04/27/31	1.788%(A)	6 Month WIBOR(2)(S)		—			(27,693	)		(27,693)
SEK	13,000		09/15/21	(0.003)%(A)	3 Month STIBOR(2)(Q)		4			190			186

See Notes to Financial Statements.

PGIM Global Total Return Fund      117

Schedule of Investments(unaudited) (continued)

as of April 30, 2021

Interest rate swap agreements outstanding at April 30, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
SEK	27,200		12/15/21	0.203%(A)	3 Month STIBOR(2)(Q)	$	(128	)	$	7,179		$	7,307
SEK	12,700		04/25/23	0.750%(A)	3 Month STIBOR(2)(Q)		15			22,243			22,228
SEK	38,380		07/11/23	0.458%(A)	3 Month STIBOR(2)(Q)		—			59,069			59,069
SEK	15,550		03/15/24	0.840%(A)	3 Month STIBOR(2)(Q)		—			41,492			41,492
SEK	12,700		08/29/24	1.657%(A)	3 Month STIBOR(2)(Q)		14,302			92,502			78,200
SEK	3,000		11/16/25	1.485%(A)	3 Month STIBOR(2)(Q)		13			21,583			21,570
SEK	6,000		12/09/25	1.505%(A)	3 Month STIBOR(2)(Q)		15			43,482			43,467
SEK	15,000		06/27/26	1.001%(A)	3 Month STIBOR(2)(Q)		24			72,599			72,575
SEK	15,390		06/22/27	1.031%(A)	3 Month STIBOR(2)(Q)		—			77,542			77,542
SEK	58,000		03/27/28	1.267%(A)	3 Month STIBOR(2)(Q)		—			342,412			342,412
SEK	8,535		07/11/28	1.141%(A)	3 Month STIBOR(2)(Q)		—			49,294			49,294
SEK	33,000		11/28/28	1.188%(A)	3 Month STIBOR(2)(Q)		42,628			185,427			142,799
SEK	40,000		06/20/29	0.550%(A)	3 Month STIBOR(2)(Q)		—			(24,463	)		(24,463)
SEK	16,000		10/07/29	0.180%(A)	3 Month STIBOR(2)(Q)		—			(80,155	)		(80,155)
SEK	30,000		11/05/29	0.457%(A)	3 Month STIBOR(2)(Q)		—			(65,984	)		(65,984)
SEK	78,000		01/24/30	0.605%(A)	3 Month STIBOR(2)(Q)		—			(78,918	)		(78,918)
SEK	70,000		07/13/30	0.308%(A)	3 Month STIBOR(2)(Q)		—			(319,694	)		(319,694)
SEK	100,000		04/13/31	0.763%(A)	3 Month STIBOR(2)(Q)		—			(57,345	)		(57,345)
SGD	10,240		03/19/24	2.025%(S)	6 Month SIBOR(2)(S)		—			323,085			323,085
SGD	8,330		05/21/28	2.436%(S)	6 Month SIBOR(2)(S)		—			518,510			518,510
SGD	6,000		04/02/29	2.170%(S)	6 Month SIBOR(2)(S)		—			246,419			246,419

See Notes to Financial Statements.

118

Interest rate swap agreements outstanding at April 30, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
SGD	3,610		10/21/29	1.685%(S)	6 Month SIBOR(2)(S)	$	—		$	34,899		$	34,899
THB	173,600		04/28/30	1.020%(S)	6 Month BKIBOR(2)(S)		—			(223,039	)		(223,039)
THB	72,900		06/25/30	0.990%(S)	6 Month BKIBOR(2)(S)		—			(101,359	)		(101,359)
THB	200,200		07/03/30	1.028%(S)	6 Month BKIBOR(2)(S)		—			(259,186	)		(259,186)
	94,722		06/09/21	0.395%(A)	1 Day USOIS(1)(A)		—			(300,367	)		(300,367)
	139,100		09/12/21	0.260%(A)	1 Day USOIS(1)(A)		—			(251,032	)		(251,032)
	93,105		03/10/22	0.330%(A)	1 Day USOIS(1)(A)		—			(228,653	)		(228,653)
	187,500		05/29/22	0.014%(A)	1 Day USOIS(1)(A)		154,832			289,255			134,423
	219,110		11/09/22	0.061%(A)	1 Day SOFR(1)(A)		—			28,438			28,438
	161,520		10/30/23	0.072%(A)	1 Day USOIS(1)(A)		—			603,316			603,316
	135,215		11/02/23	0.070%(A)	1 Day USOIS(1)(A)		—			521,531			521,531
	199,767		11/06/23	0.063%(A)	1 Day USOIS(1)(A)		—			822,318			822,318
	204,255		11/09/23	0.064%(A)	1 Day USOIS(1)(A)		—			844,170			844,170
	88,904		05/31/24	1.350%(A)	1 Day USOIS(1)(A)		—			(3,864,866	)		(3,864,866)
	4,980		08/15/44	2.392%(A)	1 Day USOIS(1)(A)		—			(641,607	)		(641,607)
ZAR	228,000		06/21/21	7.465%(Q)	3 Month JIBAR(2)(Q)		(204	)		150,073			150,277
ZAR	665,000		02/28/24	7.475%(Q)	3 Month JIBAR(1)(Q)		—			(3,562,953	)		(3,562,953)
ZAR	16,800		05/12/26	8.680%(Q)	3 Month JIBAR(2)(Q)		12			153,609			153,597
ZAR	27,500		06/30/27	8.015%(Q)	3 Month JIBAR(2)(Q)		(122	)		164,185			164,307
ZAR	68,200		11/07/27	8.360%(Q)	3 Month JIBAR(2)(Q)		41			508,277			508,236
ZAR	43,090		01/17/28	7.833%(Q)	3 Month JIBAR(2)(Q)		—			202,105			202,105

See Notes to Financial Statements.

PGIM Global Total Return Fund      119

Schedule of Investments(unaudited) (continued)

as of April 30, 2021

Interest rate swap agreements outstanding at April 30, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
ZAR	35,000		04/16/28		7.655%(Q)	3 Month JIBAR(2)(Q)		$        (1,003	)		$     131,664			$     132,667
ZAR	176,800		07/16/28		8.170%(Q)	3 Month JIBAR(2)(Q)		563			985,733			985,170
ZAR	200,000		02/28/29		8.035%(Q)	3 Month JIBAR(2)(Q)		—			966,304			966,304
ZAR	46,800		06/21/29		7.685%(Q)	3 Month JIBAR(2)(Q)		(195	)		131,059			131,254
ZAR	140,000		10/03/29		7.580%(Q)	3 Month JIBAR(2)(Q)		—			268,355			268,355
ZAR	30,000		11/01/29		7.820%(Q)	3 Month JIBAR(2)(Q)		(194	)		102,255			102,449
ZAR	344,070		03/26/30		9.200%(Q)	3 Month JIBAR(2)(Q)		(6,814	)		3,122,642			3,129,456
ZAR	56,000		05/06/30		7.650%(Q)	3 Month JIBAR(2)(Q)		(449	)		112,537			112,986
ZAR	112,000		09/15/30		6.940%(Q)	3 Month JIBAR(2)(Q)		(1,249	)		(239,764	)		(238,515)
ZAR	300,000		12/01/30		6.888%(Q)	3 Month JIBAR(2)(Q)		(109,349	)		(777,224	)		(667,875)
ZAR	126,600		03/18/31		7.660%(Q)	3 Month JIBAR(2)(Q)		(4,627	)		103,547			108,174
ZAR	208,000		03/25/31		7.600%(Q)	3 Month JIBAR(2)(Q)		(5,860	)		92,319			98,179
ZAR	213,000		04/09/31		7.470%(Q)	3 Month JIBAR(2)(Q)		(6,049	)		(77,423	)		(71,374)
								$  6,737,817			$25,742,366			$19,004,549

Notional Amount (000)#

Termination Date

Fixed Rate

Floating Rate

Fair Value

Upfront Premiums Paid(Received)

Unrealized Appreciation (Depreciation)

Counterparty

OTC Interest Rate Swap Agreements:

CLP

2,890,000

02/09/27

4.120%(S)

1 Day CLOIS(2)(S)

$

319,107

$

—

$

319,107

Morgan Stanley & Co. International PLC

CLP

94,000

12/19/27

4.370%(S)

1 Day CLOIS(2)(S)

12,158

—

12,158

Morgan Stanley & Co. International PLC

CLP

2,420,000

12/20/27

4.260%(S)

1 Day CLOIS(2)(S)

285,224

—

285,224

Morgan Stanley & Co. International PLC

See Notes to Financial Statements.

120

Interest rate swap agreements outstanding at April 30, 2021 (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	842,800		01/23/28	4.245%(S)	1 Day CLOIS(2)(S)	$	96,432	$	—	$	96,432	Morgan Stanley & Co. International PLC
CLP	2,168,000		01/26/28	4.210%(S)	1 Day CLOIS(2)(S)		243,964		—		243,964	Morgan Stanley & Co. International PLC
CLP	1,080,000		02/01/28	4.200%(S)	1 Day CLOIS(2)(S)		119,395		—		119,395	Morgan Stanley & Co. International PLC
CLP	1,750,000		03/27/28	4.220%(S)	1 Day CLOIS(2)(S)		179,796		—		179,796	Citibank, N.A.
CLP	2,092,000		05/17/28	4.270%(S)	1 Day CLOIS(2)(S)		265,590		—		265,590	Citibank, N.A.
CNH	10,000		04/02/26	3.120%(Q)	7 Day China Fixing Repo Rates(2)(Q)		27,568		3		27,565	Citibank, N.A.
COP	4,351,000		11/01/26	6.590%(Q)	1 Day COOIS(2)(Q)		122,385		—		122,385	Morgan Stanley & Co. International PLC
COP	10,220,000		11/04/26	6.770%(Q)	1 Day COOIS(2)(Q)		311,782		—		311,782	Morgan Stanley & Co. International PLC
COP	13,700,000		06/02/27	5.910%(Q)	1 Day COOIS(2)(Q)		223,210		—		223,210	Morgan Stanley & Co. International PLC
COP	5,437,000		01/23/28	6.035%(Q)	1 Day COOIS(2)(Q)		85,466		—		85,466	Morgan Stanley & Co. International PLC
COP	6,670,000		01/26/28	6.000%(Q)	1 Day COOIS(2)(Q)		99,172		—		99,172	Morgan Stanley & Co. International PLC
COP	5,607,000		02/01/28	6.020%(Q)	1 Day COOIS(2)(Q)		101,214		—		101,214	Morgan Stanley & Co. International PLC
COP	9,400,000		07/18/28	6.150%(Q)	1 Day COOIS(2)(Q)		160,836		—		160,836	Morgan Stanley & Co. International PLC
ILS	7,500		12/09/22	1.530%(A)	3 Month TELBOR(2)(Q)		64,948		—		64,948	Citibank, N.A.
ILS	3,200		03/06/23	3.525%(A)	3 Month TELBOR(2)(Q)		66,232		—		66,232	Citibank, N.A.
ILS	4,200		06/27/23	3.730%(A)	3 Month TELBOR(2)(Q)		138,771		—		138,771	Credit Suisse International
ILS	3,000		04/26/26	1.685%(A)	3 Month TELBOR(2)(Q)		48,641		—		48,641	JPMorgan Chase Bank, N.A.

See Notes to Financial Statements.

PGIM Global Total Return Fund      121

Schedule of Investments(unaudited) (continued)

as of April 30, 2021

Interest rate swap agreements outstanding at April 30, 2021 (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	5,000		06/24/26	1.660%(A)	3 Month TELBOR(2)(Q)	$	100,882		$	—		$	100,882		Citibank, N.A.
ILS	4,000		09/19/26	1.600%(A)	3 Month TELBOR(2)(Q)		71,649			—			71,649		Barclays Bank PLC
ILS	7,000		01/12/27	1.975%(A)	3 Month TELBOR(2)(Q)		161,798			—			161,798		Citibank, N.A.
ILS	3,000		03/15/27	2.130%(A)	3 Month TELBOR(2)(Q)		74,914			—			74,914		Citibank, N.A.
ILS	2,745		06/22/27	1.845%(A)	3 Month TELBOR(2)(Q)		65,721			—			65,721		Citibank, N.A.
ILS	37,240		07/13/27	0.395%(A)	3 Month TELBOR(2)(Q)		(263,688	)		—			(263,688	)	Goldman Sachs International
ILS	22,800		09/07/27	0.488%(A)	3 Month TELBOR(2)(Q)		(137,053	)		—			(137,053	)	Morgan Stanley & Co. International PLC
ILS	5,600		04/26/28	1.915%(A)	3 Month TELBOR(2)(Q)		114,328			—			114,328		BNP Paribas S.A.
ILS	38,930		07/16/28	2.045%(A)	3 Month TELBOR(2)(Q)		1,092,384			—			1,092,384		JPMorgan Chase Bank, N.A.
ILS	8,050		03/13/29	1.840%(A)	3 Month TELBOR(2)(Q)		151,367			—			151,367		HSBC Bank PLC
ILS	12,160		07/12/29	1.411%(A)	3 Month TELBOR(2)(Q)		130,270			(2,823	)		133,093		Citibank, N.A.
ILS	5,000		10/07/29	0.885%(A)	3 Month TELBOR(2)(Q)		(25,003	)		—			(25,003	)	Goldman Sachs International
ILS	19,790		12/09/29	0.813%(A)	3 Month TELBOR(2)(Q)		(160,349	)		—			(160,349	)	Goldman Sachs International
ILS	31,310		04/24/30	0.710%(A)	3 Month TELBOR(2)(Q)		(414,215	)		(266	)		(413,949	)	Goldman Sachs International
ILS	25,300		05/07/30	0.810%(A)	3 Month TELBOR(2)(Q)		(211,797	)		—			(211,797	)	Goldman Sachs International
JPY	35,000		12/14/32	1.575%(S)	6 Month JPY LIBOR(2)(S)		53,918			—			53,918		HSBC Bank PLC
KRW	1,500,000		08/14/21	2.773%(Q)	3 Month KRW LIBOR(2)(Q)		13,848			—			13,848		HSBC Bank PLC
KRW	655,000		10/07/22	1.765%(Q)	3 Month KRW LIBOR(2)(Q)		7,499			—			7,499		JPMorgan Chase Bank, N.A.
KRW	3,300,000		04/17/23	2.170%(Q)	3 Month KWCDC(2)(Q)		67,793			(94	)		67,887		Morgan Stanley & Co. International PLC
KRW	900,000		11/05/24	2.425%(Q)	3 Month KRW LIBOR(2)(Q)		34,279			—			34,279		Citibank, N.A.

See Notes to Financial Statements.

122

Interest rate swap agreements outstanding at April 30, 2021 (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.):
KRW	1,485,000		10/28/26	1.520%(Q)	3 Month KRW LIBOR(2)(Q)	$	(847	)	$	(9	)	$	(838	)	JPMorgan Chase Bank, N.A.
KRW	2,040,000		04/26/27	1.880%(Q)	3 Month KRW LIBOR(2)(Q)		34,768			—			34,768		Morgan Stanley & Co. International PLC
KRW	1,280,000		10/17/28	1.450%(Q)	3 Month KRW LIBOR(2)(Q)		(15,144	)		—			(15,144	)	Citibank, N.A.
KRW	520,000		01/27/31	1.870%(Q)	3 Month KRW LIBOR(2)(Q)		6,748			—			6,748		JPMorgan Chase Bank, N.A.
MYR	16,000		08/19/23	3.445%(Q)	3 Month KLIBOR(2)(Q)		114,669			—			114,669		Morgan Stanley & Co. International PLC
MYR	1,700		04/28/25	4.040%(Q)	3 Month KLIBOR(2)(Q)		24,043			—			24,043		Citibank, N.A.
MYR	23,575		04/09/26	2.625%(Q)	3 Month KLIBOR(2)(Q)		(10,368	)		(424	)		(9,944	)	Morgan Stanley & Co. International PLC
MYR	3,160		07/11/29	3.528%(Q)	3 Month KLIBOR(2)(Q)		32,955			(6	)		32,961		Morgan Stanley & Co. International PLC
MYR	11,700		11/19/29	3.245%(Q)	3 Month KLIBOR(2)(Q)		60,271			18			60,253		Morgan Stanley & Co. International PLC
MYR	17,800		02/04/30	3.060%(Q)	3 Month KLIBOR(2)(Q)		22,569			9			22,560		Morgan Stanley & Co. International PLC
RUB	1,846,000		01/12/26	6.360%(A)	3 Month MosPRIME(2)(Q)		(554,284	)		—			(554,284	)	Morgan Stanley & Co. International PLC
RUB	1,960,000		02/27/26	6.680%(A)	3 Month MosPRIME(2)(Q)		(385,020	)		—			(385,020	)	Morgan Stanley & Co. International PLC
THB	120,000		08/23/23	1.920%(S)	6 Month BIBOR(2)(S)		129,455			—			129,455		Morgan Stanley & Co. International PLC
THB	60,000		07/04/24	1.590%(S)	6 Month BIBOR(2)(S)		59,450			—			59,450		Morgan Stanley & Co. International PLC
THB	28,900		04/30/25	2.560%(S)	6 Month BIBOR(2)(S)		62,760			—			62,760		Citibank, N.A.
THB	173,000		05/07/25	0.795%(S)	6 Month BKIBOR(2)(S)		(9,082	)		20			(9,102	)	HSBC Bank PLC

See Notes to Financial Statements.

PGIM Global Total Return Fund      123

Schedule of Investments(unaudited) (continued)

as of April 30, 2021

Interest rate swap agreements outstanding at April 30, 2021 (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.):
THB	23,000		05/29/30	1.000%(S)	6 Month BKIBOR(2)(S)		$    (30,715	)		$      —			$     (30,715)	Goldman Sachs International
ZAR	40,930		03/22/42	7.800%(Q)	3 Month JIBAR(2)(Q)		(231,485	)		—			(231,485)	Citibank, N.A.
ZAR	89,400		09/22/42	8.020%(Q)	3 Month JIBAR(2)(Q)		(378,557	)		—			(378,557)	Citibank, N.A.
ZAR	38,700		03/22/47	7.650%(Q)	3 Month JIBAR(1)(Q)		310,895			—			310,895	Citibank, N.A.
ZAR	83,965		09/22/47	7.890%(Q)	3 Month JIBAR(1)(Q)		528,400			—			528,400	Citibank, N.A.
							$3,671,917			$(3,572	)		$3,675,489

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

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

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

	Premiums Paid	Premiums Received	Unrealized Appreciation		Unrealized Depreciation
OTC Swap Agreements	$2,969,167	$(6,428,168)	$	21,514,342	$	(7,905,301	)

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.		$	21,990,000		$	63,861,457
J.P. Morgan Securities LLC			1,990,092			44,527,376
Total		$	23,980,092		$	108,388,833

Fair Value Measurements:

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

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

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

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

See Notes to Financial Statements.

124

The following is a summary of the inputs used as of April 30, 2021 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Asset-Backed Securities
Canada	$	—	$	1,971,214	$	—
Cayman Islands		—		294,270,787		—
Ireland		—		323,464,703		—
Netherlands		—		21,637,071		—
Spain		—		7,017,426		—
United Kingdom		—		17,297,788		—
United States		—		164,031,443		—
Bank Loans
Germany		—		3,932,706		—
United Kingdom		—		25,234,052		—
United States		—		2,971,346		—
Commercial Mortgage-Backed Securities
Canada		—		1,848,099		—
Ireland		—		760,622		—
United Kingdom		—		689,352		—
United States		—		381,332,877		—
Corporate Bonds
Australia		—		3,660,730		—
Belgium		—		4,911,942		—
Brazil		—		40,579,129		—
Canada		—		45,482,357		—
China		—		51,287,376		—
Denmark		—		15,124,740		—
France		—		133,281,974		—
Germany		—		46,052,223		—
Hong Kong		—		12,001,505		—
Hungary		—		5,240,965		—
Iceland		—		5,927,580		—
India		—		10,974,818		—
Indonesia		—		11,710,101		—
Israel		—		28,669,980		—
Italy		—		9,693,678		—
Jamaica		—		10,425,371		—
Japan		—		8,769,419		—
Kazakhstan		—		11,907,462		—
Luxembourg		—		20,042,739		—
Mexico		—		54,513,949		—
Netherlands		—		41,634,628		—
Norway		—		12,209,764		—
Peru		—		1,453,692		—
Philippines		—		4,966,832		—
Poland		—		7,567,279		—
Portugal		—		33,421,244		—
Qatar		—		6,460,576		—
Russia		—		40,909,471		—

See Notes to Financial Statements.

PGIM Global Total Return Fund      125

Schedule of Investments(unaudited) (continued)

as of April 30, 2021

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Corporate Bonds (continued)
Singapore	$	—	$	6,856,501	$	—
South Africa		—		9,140,008		—
South Korea		—		34,341,523		—
Spain		—		38,076,341		—
Supranational Bank		—		67,205,199		—
Switzerland		—		27,436,108		—
Tunisia		—		573,476		—
Ukraine		—		1,336,180		—
United Arab Emirates		—		49,879,715		—
United Kingdom		—		193,286,325		—
United States		—		1,120,932,544		6,000,000
Residential Mortgage-Backed Securities
Bermuda		—		52,872,695		—
Ireland		—		12,630,525		—
United Kingdom		—		18,090,684		—
United States		—		125,800,691		26,148,029
Sovereign Bonds
Albania		—		2,547,700		—
Argentina		—		2,726,310		—
Australia		—		1,393,488		—
Austria		—		15,537,612		—
Belgium		—		2,235,104		—
Brazil		—		60,807,797		—
Bulgaria		—		16,301,207		—
Canada		—		25,605,324		—
Chile		—		3,980,323		—
China		—		67,029,633		—
Colombia		—		77,709,837		—
Croatia		—		18,776,688		—
Cyprus		—		62,536,306		—
Denmark		—		4,667,923		—
Dominican Republic		—		1,405,220		—
Egypt		—		2,791,487		—
Finland		—		4,727,175		—
France		—		29,545,737		—
Greece		—		154,583,789		—
Guernsey		—		10,153,157		—
Hong Kong		—		2,030,295		—
Hungary		—		29,757,314		—
Iceland		—		6,468,290		—
India		—		22,444,483		—
Indonesia		—		89,695,667		—
Isle of Man		—		24,827,989		—
Israel		—		14,055,980		—
Italy		—		258,068,201		—
Japan		—		31,447,964		—

See Notes to Financial Statements.

126

	Level 1		Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Sovereign Bonds (continued)
Jersey	$	—	$	1,653,083		$	—
Kazakhstan		—		20,837,847			—
Lithuania		—		245,110			—
Macedonia		—		5,559,053			—
Malaysia		—		2,014,768			—
Mexico		—		73,996,766			—
Montenegro		—		889,256			—
New Zealand		—		7,403,210			—
Norway		—		3,102,636			—
Panama		—		20,991,349			—
Peru		—		70,750,454			—
Philippines		—		71,800,252			—
Portugal		—		91,487,494			—
Qatar		—		9,924,647			—
Romania		—		27,225,322			—
Russia		—		40,731,684			—
Saudi Arabia		—		25,810,443			—
Serbia		—		45,576,562			—
Singapore		—		394,724			—
Slovenia		—		8,946,744			—
South Africa		—		9,423,896			—
South Korea		—		6,155,992			—
Spain		—		144,876,967			—
Sweden		—		2,652,151			—
Thailand		—		1,694,285			—
Turkey		—		7,209,055			—
Ukraine		—		60,017,619			—
United Arab Emirates		—		26,687,162			—
United Kingdom		—		37,420,678			—
Uruguay		—		3,860,389			—
U.S. Government Agency Obligations		—		67,984,925			—
U.S. Treasury Obligations		—		21,631,995			—
Common Stocks		9,614,778		53,683			551,662
Preferred Stock		108,560		—			—
Affiliated Mutual Funds		65,213,270		—			—
Options Purchased		—		4,430,134			—
Total	$	74,936,608	$	5,651,097,860		$	32,699,691
Liabilities
Options Written	$	—	$	(4,458,375	)	$	—
Other Financial Instruments*
Assets
Futures Contracts	$	2,874,468	$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—		38,316,129			—

See Notes to Financial Statements.

PGIM Global Total Return Fund      127

Schedule of Investments(unaudited) (continued)

as of April 30, 2021

	Level 1			Level 2			Level 3
Other Financial Instruments* (continued)
Assets (continued)
OTC Cross Currency Exchange Contracts	$	—		$	30,563,904		$	—
OTC Packaged Credit Default Swap Agreements		—			4,514,607			—
Centrally Cleared Credit Default Swap Agreement		—			81,408			—
OTC Credit Default Swap Agreements		—			8,311,015			542
OTC Currency Swap Agreement		—			378,090			—
Centrally Cleared Inflation Swap Agreement		—			295,764			—
Centrally Cleared Interest Rate Swap Agreements		—			62,555,507			—
OTC Interest Rate Swap Agreements		—			6,499,524			—
Total	$	2,874,468		$	151,515,948		$	542
Liabilities
Futures Contracts	$	(16,799,704	)	$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—			(42,529,060	)		—
OTC Cross Currency Exchange Contracts		—			(24,075,187	)		—
OTC Packaged Credit Default Swap Agreements		—			(4,535,025	)		—
Centrally Cleared Credit Default Swap Agreement		—			(344,716	)		—
OTC Credit Default Swap Agreements		—			(2,191,106	)		—
Centrally Cleared Inflation Swap Agreements		—			(1,808,553	)		—
Centrally Cleared Interest Rate Swap Agreements		—			(43,550,958	)		—
OTC Interest Rate Swap Agreements		—			(2,827,607	)		—
Total	$	(16,799,704	)	$	(121,862,212	)	$	—

* 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- Canada				Asset-Backed Securities- Ireland				Asset-Backed Securities- United States				Corporate Bonds
Balance as of 10/31/20			300,385			$	9,904,475			$	1,277,058			$	1,251,985
Realized gain (loss)			—				—				—				—
Change in unrealized appreciation (depreciation)			—				—				—				—
Purchases/Exchanges/Issuances			—				—				—				6,000,000
Sales/Paydowns			—				—				—				—
Accrued discount/premium			—				—				—				—
Transfers into Level 3			—				—				—				—
Transfers out of Level 3			(300,385	)			(9,904,475	)			(1,277,058	)			(1,251,985	)
Balance as of 04/30/21		$	—			$	—			$	—			$	6,000,000

See Notes to Financial Statements.

128

Asset-Backed Securities- Canada

Asset-Backed Securities- Ireland

Asset-Backed Securities- United States

Corporate Bonds

Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end

$

—

$

—

$

—

$

—

	Residential Mortgage-Backed Securities				Common Stocks				OTC Credit Default Swap Agreements
Balance as of 10/31/20		$	33,497,134			$	—			$	2,184
Realized gain (loss)			—				(25	)			34,996
Change in unrealized appreciation (depreciation)			96,585				(198,313	)			542
Purchases/Exchanges/Issuances			18,530,000				750,000				—
Sales/Paydowns			(25,975,690	)			—				(37,180	)
Accrued discount/premium			—				—				—
Transfers into Level 3			—				—				—
Transfers out of Level 3			—				—				—
Balance as of 04/30/21		$	26,148,029			$	551,662			$	542
Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end		$	96,585			$	(198,313	)		$	542

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

Level 3 Securities	Fair Value as of April 30, 2021		Valuation Methodology		Unobservable Inputs
Corporate Bonds		$  6,000,000		Market Approach	Discounted Yield Curve Spread
Residential Mortgage-Backed Securities		26,148,029		Market Approach	Single Broker Indicative Quote
Common Stocks		551,662		Market Approach	Estimated EBITDA
OTC Credit Default Swap Agreements		542		Market Approach	Single Broker Indicative Quote
		$32,700,233

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 are as follows:

Investments in Securities	Amount Transferred			Level Transfer	Logic
Asset-Backed Securities - Canada		$	300,385	L3 to L2	Single Broker Indicative Quote to Evaluated Bid
Asset-Backed Securities - Ireland		$	9,904,475	L3 to L2	Single Broker Indicative Quote to Evaluated Bid
Asset-Backed Securities - United States		$	1,277,058	L3 to L2	Single Broker Indicative Quote to Evaluated Bid

See Notes to Financial Statements.

PGIM Global Total Return Fund      129

Schedule of Investments(unaudited) (continued)

as of April 30, 2021

Investments in Securities	Amount Transferred		Level Transfer	Logic
Corporate Bonds		$1,251,985	L3 to L2	Single Broker Indicative Quote to Evaluated Bid

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, 2021 were as follows:

Sovereign Bonds	32.4	%
Banks	11.6
Collateralized Loan Obligations	11.4
Commercial Mortgage-Backed Securities	6.7
Residential Mortgage-Backed Securities	4.4
Oil & Gas	2.8
Electric	2.7
Telecommunications	2.1
Real Estate Investment Trusts (REITs)	1.6
Transportation	1.6
Media	1.4
Foods	1.3
U.S. Government Agency Obligations	1.2
Multi-National	1.2
Affiliated Mutual Funds (1.1% represents investments purchased with collateral from securities on loan)	1.1
Diversified Financial Services	1.1
Commercial Services	1.1
Pharmaceuticals	1.1
Insurance	1.0
Retail	0.9
Student Loans	0.8
Healthcare-Products	0.8
Automobiles	0.7
Chemicals	0.6
Consumer Loans	0.6
Auto Manufacturers	0.5
Entertainment	0.5
Packaging & Containers	0.5
Healthcare-Services	0.5
U.S. Treasury Obligations	0.4
Software	0.4
Pipelines	0.3
Credit Cards	0.3
Electrical Components & Equipment	0.3
Semiconductors	0.3
Iron/Steel	0.3

Engineering & Construction	0.3	%
Other	0.3
Agriculture	0.3
Home Builders	0.2
Electronics	0.2
Machinery-Diversified	0.2
Airlines	0.2
Lodging	0.2
Oil, Gas & Consumable Fuels	0.2
Internet	0.2
Gas	0.2
Mining	0.1
Auto Parts & Equipment	0.1
Real Estate	0.1
Miscellaneous Manufacturing	0.1
Aerospace & Defense	0.1
Beverages	0.1
Building Materials	0.1
Options Purchased	0.1
Home Equity Loans	0.0	*
Household Products/Wares	0.0	*
Oil & Gas Services	0.0	*
Computers	0.0	*
Housewares	0.0	*
Holding Companies-Diversified	0.0	*
Biotechnology	0.0	*
Gas Utilities	0.0	*
Office/Business Equipment	0.0	*
Forest Products & Paper	0.0	*
	99.8
Options Written	(0.1	)
Other assets in excess of liabilities	0.3
	100.0	%

* Less than +/- 0.05%

See Notes to Financial Statements.

130

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. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of April 30, 2021 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		$     81,408*		Due from/to broker-variation margin swaps		$     344,716*
Credit contracts	Premiums paid for OTC swap agreements		2,969,117		Premiums received for OTC swap agreements		6,424,546
Credit contracts	Unaffiliated investments		78,950		Options written outstanding, at value		107,192
Credit contracts	Unrealized appreciation on OTC swap agreements		14,633,835		Unrealized depreciation on OTC swap agreements		5,078,373
Foreign exchange contracts	—		—		Due from/to broker-variation margin futures		2,087,161*
Foreign exchange contracts	Unaffiliated investments		4,351,184		Options written outstanding, at value		4,351,183
Foreign exchange contracts	Unrealized appreciation on OTC cross currency exchange contracts		30,563,904		Unrealized depreciation on OTC cross currency exchange contracts		24,075,187
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		38,316,129		Unrealized depreciation on OTC forward foreign currency exchange contracts		42,529,060
Interest rate contracts	Due from/to broker-variation margin futures		2,874,468	*	Due from/to broker-variation margin futures		14,712,543	*
Interest rate contracts	Due from/to broker-variation margin swaps		62,851,271	*	Due from/to broker-variation margin swaps		45,359,511	*
Interest rate contracts	Premiums paid for OTC swap agreements		50		Premiums received for OTC swap agreements		3,622
Interest rate contracts	Unrealized appreciation on OTC swap agreements		6,880,507		Unrealized depreciation on OTC swap agreements		2,826,928
			$163,600,823				$147,900,022

See Notes to Financial Statements.

PGIM Global Total Return Fund      131

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

* 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, 2021 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	$	(2,420	)	$	(9,853	)	$	—		$	—	$	13,195,880
Foreign exchange contracts		(244,877,331	)		231,353,098			(9,162,151	)		5,980,120		—
Interest rate contracts		—			—			(127,013,350	)		—		12,155,023
Total	$	(244,879,751	)	$	231,343,245		$	(136,175,501	)	$	5,980,120	$	25,350,903

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

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(2)			Options Written		Futures			Forward & Cross Currency Exchange Contracts			Swaps
Credit contracts	$	(195,994	)	$	317,417	$	—		$	—		$	2,516,374
Foreign exchange contracts		(21,450,139	)		34,029,094		(2,204,430	)		(20,749,130	)		—
Interest rate contracts		—			—		19,404,058			—			(63,563,250	)
Total	$	(21,646,133	)	$	34,346,511	$	17,199,628		$	(20,749,130	)	$	(61,046,876	)

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

See Notes to Financial Statements.

132

For the six months ended April 30, 2021, 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)
$176,841,197	$6,837,532,758	$1,499,498,542	$3,382,422,796	$1,840,017,183

Forward Foreign Currency Exchange Contracts - Sold(3)	Cross Currency Exchange Contracts(4)	Inflation Swap Agreements(2)	Interest Rate Swap Agreements(2)
$1,741,897,495	$272,186,722	$67,454,200	$4,022,834,358

Credit Default Swap Agreements— Buy Protection(2)	Credit Default Swap Agreements— Sell Protection(2)	Currency Swap Agreements(2)
$301,552,628	$831,239,778	$22,857,165

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

Average volume is based on average quarter end balances as noted for the six months ended April 30, 2021.

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		$60,568,794		$(60,568,794)		$—

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.		$14,247,526		$(12,863,573)		$  1,383,953		$  (1,264,259)		$119,694

See Notes to Financial Statements.

PGIM Global Total Return Fund      133

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

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
Barclays Bank PLC		$	4,052,125		$	(11,307,550	)		$	(7,255,425	)		$	7,255,425			$	—
BNP Paribas S.A.			1,588,157			(3,885,787	)			(2,297,630	)			2,297,630				—
Citibank, N.A.			34,352,737			(8,855,819	)			25,496,918				(25,496,918	)			—
Credit Suisse International			496,090			(220,818	)			275,272				(260,000	)			15,272
Deutsche Bank AG			8,621,943			(19,765,762	)			(11,143,819	)			11,055,793				(88,026	)
Goldman Sachs International			8,055,842			(6,491,114	)			1,564,728				(1,084,880	)			479,848
HSBC Bank PLC			3,872,922			(1,732,860	)			2,140,062				(880,000	)			1,260,062
JPMorgan Chase Bank, N.A.			6,747,166			(4,985,991	)			1,761,175				(1,633,000	)			128,175
Morgan Stanley & Co. International PLC			15,265,096			(15,245,554	)			19,542				—				19,542
The Toronto-Dominion Bank			357,612			(41,263	)			316,349				(270,000	)			46,349
UBS AG			136,460			—				136,460				(84,724	)			51,736
		$	97,793,676		$	(85,396,091	)		$	12,397,585			$	(10,364,933	)		$	2,032,652

(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.

134

Statement of Assets and Liabilities  (unaudited)

as of April 30, 2021

Assets
Investments at value, including securities on loan of $60,568,794:
Unaffiliated investments (cost $5,528,467,363)	$	5,693,520,889
Affiliated investments (cost $65,191,735)		65,213,270
Cash		111,177
Foreign currency, at value (cost $11,545,180)		11,542,714
Cash segregated for counterparty - OTC		17,760,000
Dividends and interest receivable		50,150,969
Unrealized appreciation on OTC forward foreign currency exchange contracts		38,316,129
Unrealized appreciation on OTC cross currency exchange contracts		30,563,904
Receivable for Fund shares sold		25,612,327
Deposit with broker for centrally cleared/exchange-traded derivatives		23,980,092
Unrealized appreciation on OTC swap agreements		21,514,342
Receivable for investments sold		16,764,880
Premiums paid for OTC swap agreements		2,969,167
Due from broker—variation margin futures		218,870
Tax reclaim receivable		39,544
Prepaid expenses and other assets		1,006,136
Total Assets		5,999,284,410
Liabilities
Payable to broker for collateral for securities on loan		63,338,984
Payable for investments purchased		47,529,661
Unrealized depreciation on OTC forward foreign currency exchange contracts		42,529,060
Payable for Fund shares purchased		24,921,088
Unrealized depreciation on OTC cross currency exchange contracts		24,075,187
Unrealized depreciation on OTC swap agreements		7,905,301
Premiums received for OTC swap agreements		6,428,168
Options written outstanding, at value (premiums received $51,544,119)		4,458,375
Management fee payable		2,274,724
Dividends payable		745,656
Accrued expenses and other liabilities		418,992
Due to broker—variation margin swaps		348,604
Distribution fee payable		111,290
Affiliated transfer agent fee payable		75,814
Affiliated shareholder servicing fees payable		875
Total Liabilities		225,161,779
Net Assets	$	5,774,122,631
Net assets were comprised of:
Common stock, at par	$	8,414,999
Paid-in capital in excess of par		5,814,299,204
Total distributable earnings (loss)		(48,591,572	)
Net assets, April 30, 2021	$	5,774,122,631

See Notes to Financial Statements.

PGIM Global Total Return Fund      135

Statement of Assets and Liabilities  (unaudited)

as of April 30, 2021

Class A
Net asset value and redemption price per share, ($343,185,199 ÷ 50,403,448 shares of common stock issued and outstanding)	$	6.81
Maximum sales charge (3.25% of offering price)		0.23
Maximum offering price to public	$	7.04
Class C
Net asset value, offering price and redemption price per share, ($45,321,865 ÷ 6,669,604 shares of common stock issued and outstanding)	$	6.80
Class Z
Net asset value, offering price and redemption price per share, ($2,908,521,752 ÷ 424,870,199 shares of common stock issued and outstanding)	$	6.85
Class R2
Net asset value, offering price and redemption price per share, ($19,885,530 ÷ 2,885,254 shares of common stock issued and outstanding)	$	6.89
Class R4
Net asset value, offering price and redemption price per share, ($13,391,388 ÷ 1,941,295 shares of common stock issued and outstanding)	$	6.90
Class R6
Net asset value, offering price and redemption price per share, ($2,443,816,897 ÷ 354,730,095 shares of common stock issued and outstanding)	$	6.89

See Notes to Financial Statements.

136

Statement of Operations  (unaudited)

Six Months Ended April 30, 2021

Net Investment Income (Loss)
Income
Interest income (net of $1,548 foreign withholding tax)	$	63,034,397
Affiliated dividend income		143,325
Unaffiliated dividend income		111,799
Income from securities lending, net (including affiliated income of $31,811)		79,876
Total income		63,369,397
Expenses
Management fee		12,660,701
Distribution fee(a)		681,159
Shareholder servicing fees (including affiliated expense of $5,314)(a)		15,346
Transfer agent’s fees and expenses (including affiliated expense of $168,605)(a)		1,600,096
Custodian and accounting fees		433,096
Registration fees(a)		173,486
Shareholders’ reports		86,831
SEC registration fees		51,476
Audit fee		34,241
Directors’ fees		32,475
Legal fees and expenses		17,829
Miscellaneous		34,792
Total expenses		15,821,528
Less: Fee waiver and/or expense reimbursement(a)		(49,825	)
Net expenses		15,771,703
Net investment income (loss)		47,597,694
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(6,294))		(240,819,742	)
Futures transactions		(136,175,501	)
Forward and cross currency contract transactions		5,980,120
Options written transactions		231,343,245
Swap agreement transactions		25,350,903
Foreign currency transactions		7,310,756
		(107,010,219	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(8,543))		43,566,308
Futures		17,199,628
Forward and cross currency contracts		(20,749,130	)
Options written		34,346,511
Swap agreements		(61,046,876	)
Foreign currencies		375,972
		13,692,413
Net gain (loss) on investment and foreign currency transactions		(93,317,806	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(45,720,112	)

See Notes to Financial Statements.

PGIM Global Total Return Fund      137

Statement of Operations  (unaudited)

Six Months Ended April 30, 2021

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

	Class A			Class C			Class Z		Class R2			Class R4			Class R6
Distribution fee		422,704			234,118			—		24,337			—			—
Shareholder servicing fees		—			—			—		9,735			5,611			—
Transfer agent’s fees and expenses		208,958			21,289			1,329,668		15,137			6,755			18,289
Registration fees		20,163			8,633			88,051		8,555			8,388			39,696
Fee waiver and/or expense reimbursement		(39,620	)		(3,777	)		—		(3,140	)		(3,288	)		—

See Notes to Financial Statements.

138

Statements of Changes in Net Assets  (unaudited)

	Six Months Ended April 30, 2021				Year Ended October 31, 2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	47,597,694			$	78,250,201
Net realized gain (loss) on investment and foreign currency transactions			(107,010,219	)			(41,391,289	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			13,692,413				132,867,900
Net increase (decrease) in net assets resulting from operations			(45,720,112	)			169,726,812
Dividends and Distributions
Distributions from distributable earnings
Class A			(6,385,703	)			(15,434,655	)
Class B			—				(36,718	)
Class C			(724,824	)			(2,085,359	)
Class Z			(53,005,576	)			(96,176,908	)
Class R2			(349,829	)			(326,426	)
Class R4			(208,181	)			(213,590	)
Class R6			(42,375,900	)			(85,893,808	)
			(103,050,013	)			(200,167,464	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold			2,334,500,417				2,888,330,203
Net asset value of shares issued in reinvestment of dividends and distributions			97,708,962				189,853,992
Cost of shares purchased			(961,894,680	)			(1,246,399,496	)
Net increase (decrease) in net assets from Fund share transactions			1,470,314,699				1,831,784,699
Total increase (decrease)			1,321,544,574				1,801,344,047
Net Assets:
Beginning of period			4,452,578,057				2,651,234,010
End of period		$	5,774,122,631			$	4,452,578,057

See Notes to Financial Statements.

PGIM Global Total Return Fund      139

Notes to Financial Statements  (unaudited)

1.     Organization

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 series: PGIM Global Total Return Fund and PGIM Global Total Return Fund (USD Hedged), both of which are 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.

2.     Accounting Policies

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

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Fund’s investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The 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. 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. A record of the Valuation Committee’s actions is subject to the Board’s review at its first quarterly meeting following the quarter in which such actions take place.

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

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

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.

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

Investments in open-end funds (other than exchange-traded 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.

PGIM Global Total Return Fund    141

Notes to Financial Statements(unaudited)(continued)

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

Securities and other assets that cannot be priced according to the methods described above are valued based on 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. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; 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.

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;

142

(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.

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

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

PGIM Global Total Return Fund    143

Notes to Financial Statements(unaudited)(continued)

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

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

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

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.

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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.

Bank Loans: The Fund invested 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 acquires interests in loans directly (by way of assignment from the selling institution) and/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.

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

PGIM Global Total Return Fund    145

Notes to Financial Statements(unaudited)(continued)

Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.

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

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

146

risk because, in addition to its total net assets, the Fund may be subject to investment exposure on the notional amount of the swap.

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

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

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

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

PGIM Global Total Return Fund    147

Notes to Financial Statements(unaudited)(continued)

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.

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

Payment-In-Kind: The Fund invested in the open market or received 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

148

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. The remaining maturities of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral.

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

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Fund becomes aware of such dividends. 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. Such class specific expenses and waivers include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

PGIM Global Total Return Fund    149

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 GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.

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

3.     Agreements

The Company, on behalf of the Fund, has a management agreement with the Manager. Pursuant to this agreement, the Manager has responsibility for all investment advisory services and supervises the subadviser’s performance of such services.

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

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 0.49% for the reporting period ended April 30, 2021.

The Manager has contractually agreed, through February 28, 2022, 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, 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

150

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

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

The 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, Class R2, Class R4 and Class R6 shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A, Class C and Class R2 shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS.

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

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 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 up to 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, as applicable.

For the reporting period ended April 30, 2021, PIMS received $440,255 in front-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended April 30, 2021, PIMS received $6,060 and $4,343 in contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders, respectively. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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

PGIM Global Total Return Fund    151

Notes to Financial Statements(unaudited)(continued)

4.     Other Transactions with Affiliates

PMFS serves as the Fund’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 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. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended April 30, 2021, no 17a-7 transactions were entered into by the Fund.

5.     Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2021, were $2,047,653,831 and $728,255,817, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended April 30, 2021, 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
Short-Term Investments - Affiliated Mutual Funds:
PGIM Core Ultra Short Bond Fund (1)(wa)
$  73,811,083		$945,246,216		$1,017,211,143		$     —		$     —		$ 1,846,156		1,846,156	$	143,325
PGIM Institutional Money Market Fund (1)(b)(wa)
77,327,940		175,369,315		189,315,304		(8,543)		(6,294)		63,367,114		63,398,813		31,811	(2)

152

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
	$	151,139,023		$1,120,615,531		$1,206,526,447		$(8,543)		$(6,294)		$65,213,270			$175,136

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

(2) The amount, or a portion thereof, represents the affiliated securities lending income shown on the Statement of Operations.

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

(wa) 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, if applicable.

6.     Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of April 30, 2021 were as follows:

Tax Basis	$	5,606,622,960
Gross Unrealized Appreciation		390,190,268
Gross Unrealized Depreciation		(226,808,402	)
Net Unrealized Appreciation	$	163,381,866

The GAAP 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, 2020 of approximately $91,873,000 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. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2020 are subject to such review.

7.     Capital and Ownership

The Fund offers Class A, Class C, Class Z, Class R2, Class R4 and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 3.25%. Investors who purchase $500,000 or more of Class A shares and sell those shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1.00% on sales although these purchases are not subject to a front-end sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Effective June 26, 2020, all of the issued and outstanding Class B shares of the Fund converted into Class A

PGIM Global Total Return Fund    153

Notes to Financial Statements(unaudited)(continued)

shares. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately eight years (ten years prior to January 22, 2021) after purchase. Class Z, Class R2, Class R4 and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

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

The Company is authorized to issue 18.075 billion shares of common stock, $0.01 par value per share, 16.575 billion of which are designated as shares of the Fund. The shares are currently classified and designated as follows:

Class A	900,000,000
Class B	50,000,000
Class C	300,000,000
Class Z	8,000,000,000
Class T	125,000,000
Class R2	100,000,000
Class R4	100,000,000
Class R6	7,000,000,000

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

As of April 30, 2021, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

	Number of Shares	Percentage of Outstanding Shares
Class A	20,484	0.1%
Class Z	796,228	0.2%
Class R6	10,765,342	3.0%

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

Affiliated		Unaffiliated
Number of     Shareholders	Percentage of         Outstanding Shares	Number of         Shareholders	Percentage of         Outstanding Shares
—	—%	3	54.5%

154

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Six months ended April 30, 2021:
Shares sold		12,519,473		$	88,436,761
Shares issued in reinvestment of dividends and distributions		837,688			5,909,656
Shares purchased		(7,526,584	)		(52,557,234	)
Net increase (decrease) in shares outstanding before conversion		5,830,577			41,789,183
Shares issued upon conversion from other share class(es)		986,135			6,976,639
Shares purchased upon conversion into other share class(es)		(3,311,021	)		(23,587,899	)
Net increase (decrease) in shares outstanding		3,505,691		$	25,177,923
Year ended October 31, 2020:
Shares sold		29,959,840		$	206,316,752
Shares issued in reinvestment of dividends and distributions		2,095,521			14,312,712
Shares purchased		(10,993,839	)		(74,322,509	)
Net increase (decrease) in shares outstanding before conversion		21,061,522			146,306,955
Shares issued upon conversion from other share class(es)		1,080,101			7,356,896
Shares purchased upon conversion into other share class(es)		(5,875,701	)		(38,994,408	)
Net increase (decrease) in shares outstanding		16,265,922		$	114,669,443
Class B
Period ended June 26, 2020*:
Shares sold		6,286		$	44,027
Shares issued in reinvestment of dividends and distributions		4,029			27,464
Shares purchased		(27,779	)		(185,513	)
Net increase (decrease) in shares outstanding before conversion		(17,464	)		(114,022	)
Shares purchased upon conversion into other share class(es)		(140,073	)		(947,783	)
Net increase (decrease) in shares outstanding		(157,537	)	$	(1,061,805	)
Class C
Six months ended April 30, 2021:
Shares sold		1,156,553		$	8,147,864
Shares issued in reinvestment of dividends and distributions		95,239			672,761
Shares purchased		(565,696	)		(3,955,464	)
Net increase (decrease) in shares outstanding before conversion		686,096			4,865,161
Shares purchased upon conversion into other share class(es)		(661,440	)		(4,666,705	)
Net increase (decrease) in shares outstanding		24,656		$	198,456
Year ended October 31, 2020:
Shares sold		2,799,890		$	19,242,851
Shares issued in reinvestment of dividends and distributions		275,980			1,881,502
Shares purchased		(1,182,559	)		(7,968,351	)
Net increase (decrease) in shares outstanding before conversion		1,893,311			13,156,002
Shares purchased upon conversion into other share class(es)		(557,238	)		(3,833,364	)
Net increase (decrease) in shares outstanding		1,336,073		$	9,322,638

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Notes to Financial Statements(unaudited)(continued)

Class Z	Shares			Amount
Six months ended April 30, 2021:
Shares sold		188,940,484		$	1,331,049,557
Shares issued in reinvestment of dividends and distributions		6,853,944			48,525,988
Shares purchased		(97,494,229	)		(675,331,307	)
Net increase (decrease) in shares outstanding before conversion		98,300,199			704,244,238
Shares issued upon conversion from other share class(es)		3,568,917			25,534,390
Shares purchased upon conversion into other share class(es)		(673,565	)		(4,744,684	)
Net increase (decrease) in shares outstanding		101,195,551		$	725,033,944
Year ended October 31, 2020:
Shares sold		226,854,547		$	1,567,309,056
Shares issued in reinvestment of dividends and distributions		12,778,439			87,825,110
Shares purchased		(97,080,162	)		(653,573,570	)
Net increase (decrease) in shares outstanding before conversion		142,552,824			1,001,560,596
Shares issued upon conversion from other share class(es)		6,014,890			40,161,259
Shares purchased upon conversion into other share class(es)		(1,301,190	)		(8,727,439	)
Net increase (decrease) in shares outstanding		147,266,524		$	1,032,994,416
Class R2
Six months ended April 30, 2021:
Shares sold		525,925		$	3,764,627
Shares issued in reinvestment of dividends and distributions		48,850			349,084
Shares purchased		(300,292	)		(2,153,526	)
Net increase (decrease) in shares outstanding before conversion		274,483			1,960,185
Shares purchased upon conversion into other share class(es)		(7,014	)		(49,590	)
Net increase (decrease) in shares outstanding		267,469		$	1,910,595
Year ended October 31, 2020:
Shares sold		3,001,063		$	20,498,928
Shares issued in reinvestment of dividends and distributions		46,957			325,694
Shares purchased		(456,047	)		(3,107,640	)
Net increase (decrease) in shares outstanding		2,591,973		$	17,716,982
Class R4
Six months ended April 30, 2021:
Shares sold		852,614		$	6,094,161
Shares issued in reinvestment of dividends and distributions		18,559			132,024
Shares purchased		(196,645	)		(1,405,101	)
Net increase (decrease) in shares outstanding		674,528		$	4,821,084
Year ended October 31, 2020:
Shares sold		1,392,336		$	9,541,458
Shares issued in reinvestment of dividends and distributions		19,249			134,021
Shares purchased		(347,640	)		(2,411,027	)
Net increase (decrease) in shares outstanding before conversion		1,063,945			7,264,452
Shares issued upon conversion from other share class(es)		431			3,059
Shares purchased upon conversion into other share class(es)		(434	)		(2,688	)
Net increase (decrease) in shares outstanding		1,063,942		$	7,264,823

156

Class R6	Shares			Amount
Six months ended April 30, 2021:
Shares sold		126,884,641		$	897,007,447
Shares issued in reinvestment of dividends and distributions		5,919,142			42,119,449
Shares purchased		(32,017,378	)		(226,492,048	)
Net increase (decrease) in shares outstanding before conversion		100,786,405			712,634,848
Shares issued upon conversion from other share class(es)		270,716			1,893,839
Shares purchased upon conversion into other share class(es)		(187,851	)		(1,355,990	)
Net increase (decrease) in shares outstanding		100,869,270		$	713,172,697
Year ended October 31, 2020:
Shares sold		155,052,459		$	1,065,377,131
Shares issued in reinvestment of dividends and distributions		12,339,558			85,347,489
Shares purchased		(73,559,225	)		(504,830,886	)
Net increase (decrease) in shares outstanding before conversion		93,832,792			645,893,734
Shares issued upon conversion from other share class(es)		801,622			5,380,917
Shares purchased upon conversion into other share class(es)		(56,067	)		(396,449	)
Net increase (decrease) in shares outstanding		94,578,347		$	650,878,202

* Effective June 26, 2020, all of the issued and outstanding Class B shares of the Fund converted into Class A shares.

8.     Borrowings

The Company, on behalf of the Fund, along with other affiliated registered investment companies (the “Participating Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the SCA.

	SCA
Term of Commitment	10/2/2020 – 9/30/2021
Total Commitment	$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%
Annualized Interest Rate on Borrowings	1.30% plus the higher of (1) the effective federal funds rate, (2) the one-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 Participating Funds in the SCA equitably.

The Fund did not utilize the SCA during the reporting period ended April 30, 2021.

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Notes to Financial Statements(unaudited)(continued)

9.     Risks of Investing in the Fund

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

Bond Obligations Risk: As with credit risk, market risk and interest rate 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 lose income.

Credit Risk: This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract, may be unable or unwilling to make timely principal and interest payments, or to otherwise honor its obligations. Additionally, fixed income securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk.

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

The US Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make derivatives more costly, limit their availability or utility, or otherwise adversely affect their performance or disrupt markets.

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

158

political systems that are less fully developed, and can be expected to be less stable, than those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Low trading volumes may result in a lack of liquidity and price volatility. Emerging market countries may have policies that restrict investment by non-US investors, or that prevent non-US investors from withdrawing their money at will. Countries with emerging markets can be found in regions such as Asia, Latin America, Eastern Europe and Africa.

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

Foreign Securities Risk: The Fund’s investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. The securities of such issuers may trade in 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. Lack of information may also affect the value of these securities.

Interest Rate Risk: The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as “duration risk.” When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund’s holdings may fall sharply. This is referred to as “extension risk.” The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

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

PGIM Global Total Return Fund    159

Notes to Financial Statements(unaudited)(continued)

LIBOR Risk: Many financial instruments use or may use a floating rate based on the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short-term Eurodollar deposits between major international banks. Over the course of the last several years, global regulators have indicated an intent to phase out the use of LIBOR and similar interbank offering rates (IBOR). On November 30, 2020, the administrator of LIBOR announced a delay in the phase out of a majority of the U.S. dollar LIBOR publications until June 30, 2023, with the remainder of LIBOR publications to still end at the end of 2021. There still remains uncertainty regarding the nature of any replacement rates for LIBOR and the other IBORs as well as around fallback approaches for instruments extending beyond the any phase-out of these reference rates. The lack of consensus around replacement rates and the uncertainty of the phase out of LIBOR and other IBORs may result in increased volatility in corporate or governmental debt, bank loans, derivatives and other instruments invested in by a Fund as well as loan facilities used by a Fund. As such, the potential impact of a transition away from LIBOR on a Fund or the financial instruments in which a Fund invests cannot yet be determined. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Fund’s performance and/or net asset value. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR and the other IBORs as benchmarks could deteriorate during the transition period, these effects could begin to be experienced by the end of 2021 and beyond until the anticipated discontinuance date in 2023 for the majority of the LIBOR rates.

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

Market Disruption and Geopolitical Risks: International wars or conflicts and geopolitical developments in foreign countries, along with instability in regions such as Asia, Eastern Europe, and the Middle East, possible terrorist attacks in the United States or around the world, public health epidemics such as the outbreak of infectious diseases like the recent outbreak of coronavirus globally or the 2014–2016 outbreak in West Africa of the Ebola virus, and other similar events could adversely affect the U.S. and foreign financial markets,

160

including increases in market volatility, reduced liquidity in the securities markets and government intervention, and may cause further long-term economic uncertainties in the United States and worldwide generally. The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Fund’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide.

Market Risk: Securities markets may be volatile and the market prices of the Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

Mortgage-Backed and Asset-Backed Securities Risk: Mortgage-backed and asset-backed securities tend to increase in value less than other debt securities when interest rates decline, but are subject to similar risk of decline in market value during periods of rising interest rates. The values of mortgage-backed and asset-backed securities become more volatile as interest rates rise. In a period of declining interest rates, the Fund may be required to reinvest more frequent prepayments on mortgage-backed and asset-backed securities in lower-yielding investments.

10.     Recent Accounting Pronouncement and Regulatory Developments

In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, which provides optional guidance for applying GAAP to contract modifications, hedging relationships and other transactions affected by the reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. At this time, management is evaluating the implications of certain provisions of the ASU and any impact on the financial statement disclosures has not yet been determined.

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule took effect on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Rule and its impact to the Fund.

PGIM Global Total Return Fund    161

Financial Highlights  (unaudited)

Class A Shares
	Six Months Ended April 30, 2021
				Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$6.96			$7.07			$6.36			$6.75			$6.64			$6.45
Income (loss) from investment operations:
Net investment income (loss)		0.06			0.13			0.16			0.14			0.14			0.17
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.08	)		0.16			0.78			(0.31	)		0.19			0.25
Total from investment operations		(0.02	)		0.29			0.94			(0.17	)		0.33			0.42
Less Dividends and Distributions:
Dividends from net investment income*		(0.13	)		(0.23	)		(0.23	)		(0.22	)		(0.13	)		(0.12	)
Tax return of capital distributions		-			-			-			-			(0.05	)		(0.03	)
Distributions from net realized gains		-			(0.17	)		-			-			(0.04	)		(0.08	)
Total dividends and distributions		(0.13	)		(0.40	)		(0.23	)		(0.22	)		(0.22	)		(0.23	)
Net asset value, end of period		$6.81			$6.96			$7.07			$6.36			$6.75			$6.64
Total Return(b):		(0.29	)%		4.35	%		15.05	%		(2.65	)%		5.12	%		6.60	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$343,185			$326,416			$216,708			$184,064			$174,732			$202,770
Average net assets (000)		$340,965			$285,380			$188,633			$187,975			$175,014			$169,299
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.88	%(e)		0.88	%		0.88	%		0.88	%		0.88	%		0.97	%
Expenses before waivers and/or expense reimbursement		0.90	%(e)		0.96	%		1.02	%		1.02	%		0.99	%		1.14	%
Net investment income (loss)		1.58	%(e)		1.94	%		2.40	%		2.11	%		2.12	%		2.57	%
Portfolio turnover rate(f)		15	%		20	%		37	%		40	%		75	%		86	%

* 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 GAAP. 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.

162

Class C Shares
	Six Months Ended April 30,			Year Ended October 31,
	2021			2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$6.95			$7.06			$6.35			$6.73			$6.63			$6.44
Income (loss) from investment operations:
Net investment income (loss)		0.03			0.08			0.11			0.09			0.09			0.12
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.07	)		0.16			0.78			(0.30	)		0.18			0.25
Total from investment operations		(0.04	)		0.24			0.89			(0.21	)		0.27			0.37
Less Dividends and Distributions:
Dividends from net investment income*		(0.11	)		(0.18	)		(0.18	)		(0.17	)		(0.10	)		(0.08	)
Tax return of capital distributions		-			-			-			-			(0.03	)		(0.02	)
Distributions from net realized gains		-			(0.17	)		-			-			(0.04	)		(0.08	)
Total dividends and distributions		(0.11	)		(0.35	)		(0.18	)		(0.17	)		(0.17	)		(0.18	)
Net asset value, end of period		$6.80			$6.95			$7.06			$6.35			$6.73			$6.63
Total Return(b):		(0.66	)%		3.57	%		14.21	%		(3.24	)%		4.19	%		5.82	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$45,322			$46,157			$37,486			$34,889			$31,509			$35,848
Average net assets (000)		$47,212			$42,925			$34,321			$36,335			$31,191			$30,873
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.63	%(e)		1.63	%		1.63	%		1.63	%		1.63	%		1.72	%
Expenses before waivers and/or expense reimbursement		1.65	%(e)		1.68	%		1.69	%		1.73	%		1.74	%		1.89	%
Net investment income (loss)		0.83	%(e)		1.20	%		1.65	%		1.37	%		1.39	%		1.83	%
Portfolio turnover rate(f)		15	%		20	%		37	%		40	%		75	%		86	%

* 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 GAAP. 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      163

Financial Highlights  (unaudited) (continued)

Class Z Shares
	Six Months Ended April 30, 2021
				Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$7.00			$7.11			$6.40			$6.78			$6.67			$6.47
Income (loss) from investment operations:
Net investment income (loss)		0.06			0.15			0.18			0.16			0.15			0.18
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.07)			0.16			0.78			(0.31)			0.20			0.27
Total from investment operations		(0.01)			0.31			0.96			(0.15)			0.35			0.45
Less Dividends and Distributions:
Dividends from net investment income*		(0.14)			(0.25)			(0.25)			(0.23)			(0.15)			(0.14)
Tax return of capital distributions		-			-			-			-			(0.05)			(0.03)
Distributions from net realized gains		-			(0.17)			-			-			(0.04)			(0.08)
Total dividends and distributions		(0.14)			(0.42)			(0.25)			(0.23)			(0.24)			(0.25)
Net asset value, end of period		$6.85			$7.00			$7.11			$6.40			$6.78			$6.67
Total Return(b):		(0.15)	%		4.61	%		15.25	%		(2.25)	%		5.35	%		7.00	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$2,908,522			$2,264,938			$1,254,507			$765,708			$390,194			$303,960
Average net assets (000)		$2,680,493			$1,726,788			$888,961			$648,173			$340,627			$153,146
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.62	%(e)		0.63	%		0.63	%		0.63	%		0.63	%		0.72	%
Expenses before waivers and/or expense reimbursement		0.62	%(e)		0.68	%		0.68	%		0.71	%		0.74	%		0.89	%
Net investment income (loss)		1.83	%(e)		2.18	%		2.61	%		2.39	%		2.35	%		2.77	%
Portfolio turnover rate(f)		15	%		20	%		37	%		40	%		75	%		86	%

* 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 GAAP. 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.

164

Class R2 Shares
	Six Months Ended April 30, 2021
										December 27, 2017(a) through October 31, 2018
				Year Ended October 31,
				2020			2019
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$7.05			$7.16			$6.44			$6.90
Income (loss) from investment operations:
Net investment income (loss)		0.05			0.11			0.15			0.09
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.08	)		0.17			0.79			(0.38	)
Total from investment operations		(0.03	)		0.28			0.94			(0.29	)
Less Dividends and Distributions:
Dividends from net investment income*		(0.13	)		(0.22	)		(0.22	)		(0.17	)
Distributions from net realized gains		-			(0.17	)		-			-
Total dividends and distributions		(0.13	)		(0.39	)		(0.22	)		(0.17	)
Net asset value, end of period		$6.89			$7.05			$7.16			$6.44
Total Return(c):		(0.51	)%		4.13	%		14.81	%		(4.24	)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$19,886			$18,443			$185			$10
Average net assets (000)		$19,631			$9,990			$78			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.08	%(e)		1.08	%		1.08	%		1.08	%(e)
Expenses before waivers and/or expense reimbursement		1.11	%(e)		1.25	%		19.82	%		236.32	%(e)
Net investment income (loss)		1.38	%(e)		1.62	%		2.11	%		1.67	%(e)
Portfolio turnover rate(f)		15	%		20	%		37	%		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 GAAP. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments 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      165

Financial Highlights  (unaudited) (continued)

Class R4 Shares
	Six Months Ended April 30,			Year Ended October 31,						December 27, 2017 (a) through October 31,
	2021			2020			2019			2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$7.05			$7.16			$6.45			$6.90
Income (loss) from investment operations:
Net investment income (loss)		0.06			0.13			0.16			0.12
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.07	)		0.17			0.79			(0.38	)
Total from investment operations		(0.01	)		0.30			0.95			(0.26	)
Less Dividends and Distributions:
Dividends from net investment income*		(0.14	)		(0.24	)		(0.24	)		(0.19	)
Distributions from net realized gains		-			(0.17	)		-			-
Total dividends and distributions		(0.14	)		(0.41	)		(0.24	)		(0.19	)
Net asset value, end of period		$6.90			$7.05			$7.16			$6.45
Total Return(c):		(0.24	)%		4.39	%		14.92	%		(3.88	)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$13,391			$8,932			$1,453			$127
Average net assets (000)		$11,315			$5,178			$804			$33
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.83	%(e)		0.83	%		0.83	%		0.83	%(e)
Expenses before waivers and/or expense reimbursement		0.89	%(e)		1.13	%		2.63	%		70.94	%(e)
Net investment income (loss)		1.63	%(e)		1.91	%		2.34	%		2.23	%(e)
Portfolio turnover rate(f)		15	%		20	%		37	%		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 GAAP. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

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

See Notes to Financial Statements.

166

Class R6 Shares
	Six Months Ended April 30,			Year Ended October 31,
	2021			2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$7.04			$7.16			$6.44			$6.82			$6.72			$6.53
Income (loss) from investment operations:
Net investment income (loss)		0.07			0.16			0.18			0.16			0.16			0.19
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.07	)		0.15			0.80			(0.30	)		0.18			0.26
Total from investment operations		-			0.31			0.98			(0.14	)		0.34			0.45
Less Dividends and Distributions:
Dividends from net investment income*		(0.15	)		(0.26	)		(0.26	)		(0.24	)		(0.15	)		(0.15	)
Tax return of capital distributions		-			-			-			-			(0.05	)		(0.03	)
Distributions from net realized gains		-			(0.17	)		-			-			(0.04	)		(0.08	)
Total dividends and distributions		(0.15	)		(0.43	)		(0.26	)		(0.24	)		(0.24	)		(0.26	)
Net asset value, end of period		$6.89			$7.04			$7.16			$6.44			$6.82			$6.72
Total Return(b):		(0.09	)%		4.69	%		15.25	%		(2.19	)%		5.21	%		6.90	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$2,443,817			$1,787,693			$1,139,781			$761,927			$460,700			$61,713
Average net assets (000)		$2,102,703			$1,513,154			$925,868			$636,670			$271,620			$40,135
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.52	%(e)		0.55	%		0.56	%		0.58	%		0.58	%		0.59	%
Expenses before waivers and/or expense reimbursement		0.52	%(e)		0.55	%		0.56	%		0.58	%		0.59	%		0.76	%
Net investment income (loss)		1.93	%(e)		2.27	%		2.67	%		2.39	%		2.33	%		2.86	%
Portfolio turnover rate(f)		15	%		20	%		37	%		40	%		75	%		86	%

* 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 GAAP. 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      167

Fund Liquidity Risk Management Program (unaudited)

Consistent with Rule 22e-4 under the 1940 Act (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program (the “LRMP”). The Fund’s LRMP seeks to assess and manage the Fund’s liquidity risk, which is defined as the risk that the Fund is unable to meet investor redemption requests without significantly diluting the remaining investors’ interests in the Fund. The Company’s Board of Directors (the “Board”) has approved PGIM Investments LLC (“PGIM Investments”), the Fund’s investment manager, to serve as the administrator of the Fund’s LRMP. As part of its responsibilities as administrator, PGIM Investments has retained a third party to perform certain functions, including providing market data and liquidity classification model information.

The Fund’s LRMP includes a number of processes designed to support the assessment and management of its liquidity risk. In particular, the Fund’s LRMP includes no less than annual assessments of factors that influence the Fund’s liquidity risk; no less than monthly classifications of the Fund’s investments into one of four liquidity classifications provided for in the Liquidity Rule; a 15% of net assets limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); establishment of a minimum percentage of the Fund’s assets to be invested in investments classified as “highly liquid” (as defined under the Liquidity Rule) if the Fund does not invest primarily in highly liquid investments; and regular reporting to the Board.

At a meeting of the Board on March 2-5, 2021, PGIM Investments provided a written report (“LRMP Report”) to the Board addressing the operation, adequacy, and effectiveness of the Fund’s LRMP, including any material changes to the LRMP for the period from January 1, 2020 through December 31, 2020 (“Reporting Period”). The LRMP Report concluded that the Fund’s LRMP was reasonably designed to assess and manage the Fund’s liquidity risk and was adequately and effectively implemented during the Reporting Period. There were no material changes to the LRMP during the Reporting Period. The LRMP Report further concluded that the Fund’s investment strategies continue to be appropriate given the Fund’s status as an open-end fund.

There can be no assurance that the LRMP will achieve its objectives in the future. Additional information regarding risks of investing in the Fund, including liquidity risks presented by the Fund’s investment portfolio, is found in the Fund’s Prospectus and Statement of Additional Information.

168

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

PROXY VOTING

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

DIRECTORS

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

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer • Claudia DiGiacomo, Chief Legal Officer • Dino Capasso, Chief Compliance Officer • Jonathan Corbett, Anti-Money Laundering Compliance Officer • Andrew R. French, Secretary • Melissa Gonzalez, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Kelly A. Coyne, Assistant Secretary • Patrick McGuinness, Assistant Secretary • Debra Rubano, Assistant Secretary • Lana Lomuti, Assistant Treasurer • Russ Shupak, Assistant Treasurer • Elyse McLaughlin, Assistant Treasurer • Deborah Conway, Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISERS	PGIM Fixed Income	655 Broad Street Newark, NJ 07102
	PGIM Limited	Grand Buildings, 1-3 Strand Trafalgar Square London, WC2N 5HR United Kingdom
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

Shareholders can communicate directly with the Board of Directors by writing to the Chair of the Board, PGIM 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 that Director at the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO HOLDINGS

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

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	C	Z	R2	R4	R6
NASDAQ	GTRAX	PCTRX	PZTRX	PGTOX	PGTSX	PGTQX
CUSIP	74439A103	74439A301	74439A400	74439A863	74439A855	74439A509

MF169E2

PGIM GLOBAL TOTAL RETURN (USD HEDGED) FUND

SEMIANNUAL REPORT

APRIL 30, 2021

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

Table of Contents

Letter from the President	3
Your Fund’s Performance	4
Fees and Expenses	7
Holdings and Financial Statements	9

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, 2021 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. ^© 2021 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2 Visit our website at pgim.com/investments

Letter from the President

Dear Shareholder,

We hope you find the semiannual report for the PGIM Global Total Return (USD Hedged) Fund informative and useful. The report covers performance for the six-month period ended April 30, 2021.

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 15, 2021

PGIM Global Total Return (USD Hedged) Fund 3

Your Fund’s Performance

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 pgim.com/investments or by calling (800) 225-1852.

	(without sales charges)	Average Annual Total Returns as of 4/30/21 (with sales charges)
	Six Months* (%)	One Year (%)	Since Inception (%)
Class A	–1.97	1.11	3.70 (12/12/17)
Class C	–2.34	2.82	3.95 (12/12/17)
Class Z	–1.86	4.86	4.98 (12/12/17)
Class R6	–1.82	4.81	5.04 (12/12/17)
Bloomberg Barclays Global Aggregate (USD Hedged) Index
	–1.35	0.15	3.90

*Not annualized

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

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	3.25% of the public offering price	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption)	1.00% on sales of $500,000 or more made within 12 months of purchase	1.00% on sales made within 12 months of purchase	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.25%	1.00%	None	None

4 Visit our website at pgim.com/investments

Benchmark Definitions

Bloomberg Barclays Global Aggregate (USD Hedged) Index—The Bloomberg Barclays Global Aggregate (USD Hedged) Index is an unmanaged index which tracks the performance of global investment-grade fixed income markets, including Treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging market issuers. The index includes hedge financial instruments to reduce any gains or losses that could be attributed to non-US Dollar exposure.

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

Distributions and Yields as of 4/30/21
	Total Distributions Paid for Six Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.14	0.99	–0.45
Class C	0.10	0.28	–6.77
Class Z	0.15	1.23	0.92
Class R6	0.15	1.32	0.97

*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 5

Your Fund’s Performance (continued)

Credit Quality expressed as a percentage of total investments as of 4/30/21 (%)
AAA	22.4
AA	6.8
A	13.3
BBB	28.2
BB	11.4
B	5.3
CCC	0.6
Not Rated	4.6
Cash/Cash Equivalents	7.4
Total	100.0

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global Ratings (S&P), or Fitch, 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.

6 Visit our website at pgim.com/investments

Fees and Expenses

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, 2021. The example is for illustrative purposes only; you should consult the Fund’s 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 7

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, 2020		Ending Account Value April 30, 2021		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	980.30		0.88	%	$	4.32
	Hypothetical	$	1,000.00	$	1,020.43		0.88	%	$	4.41
Class C	Actual	$	1,000.00	$	976.60		1.63	%	$	7.99
	Hypothetical	$	1,000.00	$	1,016.71		1.63	%	$	8.15
Class Z	Actual	$	1,000.00	$	981.40		0.63	%	$	3.10
	Hypothetical	$	1,000.00	$	1,021.67		0.63	%	$	3.16
Class R6	Actual	$	1,000.00	$	981.80		0.58	%	$	2.85
	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, 2021, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2021 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

8 Visit our website at pgim.com/investments

Schedule of Investments (unaudited)

as of April 30, 2021

Description	Interest Rate	Maturity Date	Principal     Amount     (000)#		Value
LONG-TERM INVESTMENTS    88.6%
ASSET-BACKED SECURITIES    13.6%
Cayman Islands    8.6%
Bain Capital Credit CLO Ltd., Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 0.960% (Cap N/A, Floor 0.000%)	1.133%(c)	04/23/31		250	$	248,118
BlueMountain CLO Ltd., Series 2016-02A, Class A1R, 144A, 3 Month LIBOR + 1.310% (Cap N/A, Floor 1.310%)	1.492(c)	08/20/32		250		250,200
Brookside Mill CLO Ltd., Series 2013-01A, Class BR, 144A, 3 Month LIBOR + 1.350% (Cap N/A, Floor 0.000%)	1.540(c)	01/17/28		250		250,215
Carlyle CLO Ltd., Series C17A, Class A1AR, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)	1.235(c)	04/30/31		250		249,104
Carlyle Global Market Strategies CLO Ltd., Series 2014-01A, Class A1R2, 144A, 3 Month LIBOR + 0.970% (Cap N/A, Floor 0.970%)	1.160(c)	04/17/31		249		247,820
CBAM Ltd., Series 2019-11A, Class A1, 144A, 3 Month LIBOR + 1.360% (Cap N/A, Floor 1.360%)	1.548(c)	10/20/32		250		250,440
Greenwood Park CLO Ltd., Series 2018-01A, Class A2, 144A, 3 Month LIBOR + 1.010% (Cap N/A, Floor 0.000%)	1.194(c)	04/15/31		250		249,082
Greywolf CLO Ltd., Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)	1.206(c)	04/26/31		750		750,001
HPS Loan Management Ltd., Series 15A-19, Class A1, 144A, 3 Month LIBOR + 1.320% (Cap N/A, Floor 1.320%)	1.504(c)	07/22/32		250		250,219
Madison Park Funding Ltd., Series 2016-21A, Class A1AR, 144A, 3 Month LIBOR + 1.350% (Cap N/A, Floor 1.350%)	1.534(c)	10/15/32		250		250,281
MidOcean Credit CLO, Series 2018-08A, Class B, 144A, 3 Month LIBOR + 1.650% (Cap N/A, Floor 0.000%)	1.832(c)	02/20/31		250		250,184
Octagon Investment Partners 45 Ltd., Series 2019-01A, Class A, 144A, 3 Month LIBOR + 1.330% (Cap N/A, Floor 1.330%)	1.514(c)	10/15/32		500		500,434
OZLM Ltd., Series 2014-06A, Class A2AS, 144A, 3 Month LIBOR + 1.750% (Cap N/A, Floor 0.000%)	1.940(c)	04/17/31		250		248,096

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund     9

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Description	Interest     Rate		Maturity Date	Principal     Amount     (000)#			Value
ASSET-BACKED SECURITIES (Continued)
Cayman Islands (cont’d.)
Telos CLO Ltd., Series 2013-04A, Class AR, 144A, 3 Month LIBOR + 1.240% (Cap N/A, Floor 0.000%)		1.430%(c)	01/17/30			248	$	248,009
Trimaran Cavu Ltd., Series 2021-01A, Class A, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 1.210%)		1.339(c)	04/23/32			500		499,786
Tryon Park CLO Ltd., Series 2013-01A, Class A2R, 144A, 3 Month LIBOR + 1.500% (Cap N/A, Floor 0.000%)		1.684(c)	04/15/29			250		248,620
Voya CLO Ltd., Series 2013-02A, Class A1R, 144A, 3 Month LIBOR + 0.970% (Cap N/A, Floor 0.970%)		1.146(c)	04/25/31			250		249,751
								5,240,360
Ireland    1.5%
Armada Euro CLO DAC, Series 02A, Class A3, 144A		1.500	11/15/31		EUR	250		302,115
Carlyle Global Market Strategies Euro CLO Ltd., Series 14-02A, Class AR1, 144A		— (p)	11/15/31		EUR	500		601,125
								903,240
Netherlands    1.0%
Ares European CLO BV, Series 11A, Class B2R, 144A		1.950	04/15/32		EUR	500		603,758
Spain    0.2%
TFS, Series 2018-03, Class A1, 1 Month EURIBOR + 3.000%		3.000(c)	04/16/23		EUR	109		117,940
United States    2.3%
Battalion CLO Ltd., Series 2018-12A, Class A1, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%)		1.262(c)	05/17/31			250		249,052
Credit Suisse Mortgage Trust, Series 2020-11R, Class 1A1, 144A, 1 Month LIBOR + 2.150%		2.261(c)	04/25/38			100		100,868
Lendmark Funding Trust, Series 2019-01A, Class A, 144A		3.000	12/20/27			100		102,571
Series 2019-02A, Class A, 144A		2.780	04/20/28			200		205,285

See Notes to Financial Statements.

10

Description	Interest         Rate		Maturity Date	Principal     Amount     (000)#			Value
ASSET-BACKED SECURITIES (Continued)
United States (cont’d.)
Mariner Finance Issuance Trust, Series 2020-AA, Class A, 144A		2.190%	08/21/34			100	$	101,800
OneMain Direct Auto Receivables Trust, Series 2019-01A, Class A, 144A		3.630	09/14/27			100		108,282
Oportun Funding XIV LLC,
Series 2021-A, Class B, 144A		1.760	03/08/28			100		99,565
Series 2021-A, Class C, 144A		3.440	03/08/28			100		99,836
PNMAC GMSR Issuer Trust,
Series 2018-GT01, Class A, 144A, 1 Month LIBOR + 2.850% (Cap N/A, Floor 2.850%)		2.956(c)	02/25/23			100		99,886
Series 2018-GT02, Class A, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 0.000%)		2.756(c)	08/25/25			100		99,519
TH MSR Issuer Trust,
Series 2019-FT01, Class A, 144A, 1 Month LIBOR + 2.800% (Cap N/A, Floor 2.800%)		2.906(c)	06/25/24			120		118,998
								1,385,662
TOTAL ASSET-BACKED SECURITIES (cost $8,151,631)								8,250,960
COMMERCIAL MORTGAGE-BACKED SECURITIES     7.2%
Canada     0.0%
Real Estate Asset Liquidity Trust,
Series 2020-01A, Class A1, 144A		2.381(cc)	02/12/55		CAD	24		19,872
United States     7.2%
BANK,
Series 2018-BN10, Class A4		3.428	02/15/61			250		272,525
Series 2020-BN26, Class A3		2.155	03/15/63			200		200,156
BBCMS Mortgage Trust,
Series 2018-CHRS, Class C, 144A		4.409(cc)	08/05/38			380		386,364
Benchmark Mortgage Trust,
Series 2018-B01, Class A3		3.355	01/15/51			175		184,286
Series 2018-B02, Class A3		3.544	02/15/51			200		216,301
Series 2020-B17, Class A4		2.042	03/15/53			75		74,523
Series 2020-B20, Class A3		1.945	10/15/53			100		100,749
BX Commercial Mortgage Trust,
Series 2019-XL, Class F, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%)		2.115(c)	10/15/36			94		94,051

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund     11

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Description	Interest         Rate		Maturity Date	Principal     Amount     (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
United States (cont’d.)
BX Commercial Mortgage Trust, (cont’d.)
Series 2019-XL, Class G, 144A, 1 Month LIBOR + 2.300% (Cap N/A, Floor 2.300%)		2.415%(c)	10/15/36		94	$	93,994
Series 2019-XL, Class J, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 2.650%)		2.765(c)	10/15/36		94		94,051
Series 2020-BXLP, Class F, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%)		2.115(c)	12/15/36		100		99,768
Citigroup Commercial Mortgage Trust,
Series 2018-B02, Class A3		3.744	03/10/51		150		165,818
Cold Storage Trust,
Series 2020-ICE05, Class E, 144A, 1 Month LIBOR + 2.766% (Cap N/A, Floor 2.833%)		2.880(c)	11/15/37		98		98,607
Credit Suisse Mortgage Capital Certificates,
Series 2019-ICE04, Class E, 144A, 1 Month LIBOR + 2.150% (Cap N/A, Floor 2.150%)		2.265(c)	05/15/36		200		200,297
FHLMC Multifamily Structured Pass-Through Certificates,
Series K052, Class X1, IO		0.785(cc)	11/25/25		4,462		116,260
Series K111, Class X1, IO		1.681(cc)	05/25/30		320		39,085
Series K113, Class X1, IO		1.490(cc)	06/25/30		920		100,275
Series KG03, Class X1, IO		1.483(cc)	06/25/30		1,055		112,260
GS Mortgage Securities Trust,
Series 2018-GS09, Class A3		3.727	03/10/51		125		138,080
MKT Mortgage Trust,
Series 2020-525M, Class F, 144A		3.039(cc)	02/12/40		100		90,028
One New York Plaza Trust,
Series 2020-01NYP, Class C, 144A, 1 Month LIBOR + 2.200% (Cap N/A, Floor 2.200%)		2.315(c)	01/15/26		100		100,881
Series 2020-01NYP, Class D, 144A, 1 Month LIBOR + 2.750% (Cap N/A, Floor 2.750%)		2.865(c)	01/15/26		100		101,122
UBS Commercial Mortgage Trust,
Series 2018-C08, Class A3		3.720	02/15/51		250		277,123
Wells Fargo Commercial Mortgage Trust,
Series 2016-LC24, Class A3		2.684	10/15/49		250		262,634
Series 2021-C59, Class A3		1.958	04/15/54		600		601,147
Series 2021-FCMT, Class C, 144A		— (p)	05/15/31		100		100,000
							4,320,385
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $4,205,571)							4,340,257

See Notes to Financial Statements.

12

Description	Interest         Rate		Maturity Date	Principal     Amount     (000)#			Value
CORPORATE BONDS     33.6%
Brazil     0.5%
Petrobras Global Finance BV,
Gtd. Notes		6.625%	01/16/34		GBP	200	$	311,897
Canada     1.3%
Bombardier, Inc.,
Sr. Unsec’d. Notes, 144A		7.500	12/01/24			25		25,373
Sr. Unsec’d. Notes, 144A		7.500	03/15/25			25		24,983
Sr. Unsec’d. Notes, 144A		7.875	04/15/27			40		39,911
Brookfield Residential Properties, Inc./Brookfield Residential US Corp.,
Gtd. Notes, 144A		4.875	02/15/30			35		35,008
Hydro-Quebec,
Local Gov’t. Gtd. Notes, Series HK		9.375	04/15/30			150		234,826
Ontario Teachers’ Cadillac Fairview Properties Trust,
Sr. Unsec’d. Notes, 144A		3.875	03/20/27			300		331,347
Teck Resources Ltd.,
Sr. Unsec’d. Notes		5.400	02/01/43			60		70,360
								761,808
China     1.6%
Aircraft Finance Co. Ltd.,
Sr. Sec’d. Notes, Series B		4.100	03/29/26			128		132,482
China Development Bank,
Sr. Unsec’d. Notes		4.300	08/02/32		CNH	5,000		839,834
								972,316
Denmark     0.8%
Danske Bank A/S,
Sr. Unsec’d. Notes, 144A		1.171(ff)	12/08/23			300		301,480
Sub. Notes, EMTN		2.500(ff)	06/21/29		EUR	150		190,236
								491,716
France     2.3%
BNP Paribas SA,
Sr. Unsec’d. Notes, 144A		2.871(ff)	04/19/32			200		201,533
Sr. Unsec’d. Notes, 144A, MTN		3.052(ff)	01/13/31			200		206,959
Credit Agricole Assurances SA,
Sub. Notes		4.250(ff)	01/13/25(oo)		EUR	100		134,218
La Poste SA,
Sr. Unsec’d. Notes, EMTN		1.375	04/21/32		EUR	100		129,391

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund     13

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Description	Interest         Rate		Maturity Date		Principal     Amount     (000)#	Value
CORPORATE BONDS (Continued)
France (cont’d.)
Loxam SAS,
Sr. Sub. Notes		5.750%	07/15/27	EUR	120	$	143,909
SNCF Reseau,
Sr. Unsec’d. Notes, Series MPLE		4.700	06/01/35	CAD	100		98,086
Societe Generale SA,
Sr. Unsec’d. Notes, 144A		1.488(ff)	12/14/26		200		197,631
Sr. Unsec’d. Notes, 144A, MTN		3.875	03/28/24		255		275,306
							1,387,033
Germany    1.3%
Deutsche Bahn Finance GMBH,
Gtd. Notes, MTN		3.800	09/27/27	AUD	100		85,635
Deutsche Bank AG,
Sr. Unsec’d. Notes		1.447(ff)	04/01/25		210		210,821
thyssenkrupp AG,
Sr. Unsec’d. Notes		1.375	03/03/22	EUR	200		240,692
Volkswagen International Finance NV,
Gtd. Notes		2.700(ff)	12/14/22(oo)	EUR	100		124,012
Gtd. Notes		4.625(ff)	03/24/26(oo)	EUR	100		136,303
							797,463
Hong Kong    0.4%
HKT Capital No. 3 Ltd.,
Gtd. Notes		1.650	04/10/27	EUR	200		250,826
India    0.2%
NTPC Ltd.,
Sr. Unsec’d. Notes, EMTN		2.750	02/01/27	EUR	100		127,614
Indonesia    0.2%
Perusahaan Listrik Negara PT,
Sr. Unsec’d. Notes, 144A		1.875	11/05/31	EUR	100		118,422
Italy    0.8%
Assicurazioni Generali SpA,
Sub. Notes, EMTN		5.500(ff)	10/27/47	EUR	100		147,572

See Notes to Financial Statements.

14

Description	Interest         Rate		Maturity Date		Principal     Amount     (000)#	Value
CORPORATE BONDS (Continued)
Italy (cont’d.)
Intesa Sanpaolo SpA,
Sr. Unsec’d. Notes, 144A		3.375%	01/12/23		200	$	208,432
Rossini Sarl,
Sr. Sec’d. Notes, 144A		6.750	10/30/25	EUR	100		127,262
							483,266
Jamaica    0.2%
Digicel International Finance Ltd./Digicel International Holdings Ltd.,
Gtd. Notes, 144A		8.000	12/31/26		100		97,254
Kazakhstan    0.2%
Kazakhstan Temir Zholy National Co. JSC,
Gtd. Notes		3.250	12/05/23	CHF	50		58,475
Gtd. Notes		3.638	06/20/22	CHF	50		56,701
							115,176
Luxembourg    0.4%
ARD Finance SA,
Sr. Sec’d. Notes, 144A, Cash coupon 5.000% or PIK 5.750%		5.000	06/30/27	EUR	100		122,962
Matterhorn Telecom SA,
Sr. Sec’d. Notes		3.125	09/15/26	EUR	100		120,068
							243,030
Mexico    1.3%
Comision Federal de Electricidad,
Sr. Unsec’d. Notes		5.000	09/29/36		166		172,175
Petroleos Mexicanos,
Gtd. Notes		3.625	11/24/25	EUR	300		360,337
Gtd. Notes, EMTN		3.750	04/16/26	EUR	100		120,225
Gtd. Notes, EMTN		4.875	02/21/28	EUR	100		121,573
							774,310

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund     15

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Description	Interest         Rate		Maturity Date		Principal     Amount     (000)#	Value
CORPORATE BONDS (Continued)
Netherlands    0.7%
Cooperatieve Rabobank UA,
Sr. Unsec’d. Notes, GMTN		3.500%	12/14/26	AUD	90	$	72,944
OCI NV,
Sr. Sec’d. Notes		3.625	10/15/25	EUR	250		314,045
							386,989
Peru    0.2%
Peru Enhanced Pass-Through Finance Ltd.,
Pass-Through Certificates		1.962(s)	06/02/25		140		133,588
Russia    0.3%
Gazprom PJSC Via Gaz Capital SA,
Sr. Unsec’d. Notes		4.250	04/06/24	GBP	100		146,896
Russian Railways Via RZD Capital PLC,
Sr. Unsec’d. Notes		0.898	10/03/25	CHF	50		54,566
							201,462
Spain    1.5%
Amadeus IT Group SA,
Sr. Unsec’d. Notes, EMTN		1.875	09/24/28	EUR	100		127,759
Banco Santander SA,
Sr. Unsec’d. Notes		1.849	03/25/26		200		201,641
Cellnex Finance Co. SA,
Gtd. Notes, EMTN		2.000	02/15/33	EUR	300		353,597
Iberdrola International BV,
Gtd. Notes, Series NC6		1.450(ff)	11/09/26(oo)	EUR	200		243,155
							926,152
Supranational Bank    0.1%
European Investment Bank,
Sr. Unsec’d. Notes, 144A, EMTN		5.400	01/05/45	CAD	50		57,202
Switzerland    1.0%
Credit Suisse Group AG,
Sr. Unsec’d. Notes, 144A		2.593(ff)	09/11/25		250		259,967

See Notes to Financial Statements.

16

Description	Interest         Rate		Maturity Date		Principal     Amount     (000)#	Value
CORPORATE BONDS (Continued)
Switzerland (cont’d.)
Swiss Re Finance UK PLC,
Gtd. Notes, EMTN		2.714%(ff)	06/04/52	EUR	100	$	131,842
UBS Group AG,
Sr. Unsec’d. Notes, 144A		1.364(ff)	01/30/27		200		197,940
							589,749
United Arab Emirates    0.2%
DP World PLC,
Sr. Unsec’d. Notes		2.375	09/25/26	EUR	100		127,800
United Kingdom    2.1%
Barclays PLC,
Sr. Unsec’d. Notes		3.932(ff)	05/07/25		200		216,180
BAT Capital Corp.,
Gtd. Notes		2.259	03/25/28		80		78,413
Bellis Acquisition Co. PLC,
Sr. Sec’d. Notes, 144A		3.250	02/16/26	GBP	200		277,032
Bellis Finco PLC,
Sr. Unsec’d. Notes, 144A		4.000	02/16/27	GBP	100		138,541
BP Capital Markets PLC,
Gtd. Notes		4.375(ff)	06/22/25(oo)		150		159,579
Co-operative Group Holdings 2011 Ltd.,
Gtd. Notes		7.500	07/08/26	GBP	100		166,821
DS Smith PLC,
Sr. Unsec’d. Notes, EMTN		0.875	09/12/26	EUR	100		122,807
eG Global Finance PLC,
Sr. Sec’d. Notes, 144A		6.250	10/30/25	EUR	100		122,479
							1,281,852
United States    16.0%
AbbVie, Inc.,
Sr. Unsec’d. Notes		4.050	11/21/39		50		55,897
Sr. Unsec’d. Notes		4.250	11/21/49		50		56,806
American Axle & Manufacturing, Inc.,
Gtd. Notes		6.500	04/01/27		50		52,812
American International Group, Inc.,
Sr. Unsec’d. Notes		1.875	06/21/27	EUR	100		129,793
Antero Resources Corp.,
Gtd. Notes, 144A		8.375	07/15/26		25		28,068
Anthem, Inc.,
Sr. Unsec’d. Notes		2.875	09/15/29		100		104,435

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund     17

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Description	Interest         Rate		Maturity Date		Principal     Amount     (000)#			Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.,
Sr. Sec’d. Notes		2.125%		08/15/26		EUR	250	$	300,977
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Gtd. Notes, 144A		7.000		11/01/26			25		25,303
Gtd. Notes, 144A		9.000		11/01/27			25		32,500
Ashton Woods USA LLC/Ashton Woods Finance Co.,
Sr. Unsec’d. Notes, 144A		9.875		04/01/27			50		56,859
AT&T, Inc.,
Sr. Unsec’d. Notes		4.100		01/19/26		AUD	100		85,919
Sr. Unsec’d. Notes, 144A		3.550		09/15/55			40		36,860
Sr. Unsec’d. Notes, 144A		3.650		09/15/59			69		63,719
Avantor Funding, Inc.,
Sr. Sec’d. Notes		2.625		11/01/25		EUR	250		308,218
Bank of America Corp.,
Jr. Sub. Notes, Series MM		4.300(ff)		01/28/25(oo)			190		195,242
Sr. Unsec’d. Notes		1.734(ff)		07/22/27			270		272,494
Sr. Unsec’d. Notes		2.687(ff)		04/22/32			195		197,142
Sr. Unsec’d. Notes, MTN		3.194(ff)		07/23/30			85		90,103
Bausch Health Americas, Inc.,
Gtd. Notes, 144A		8.500		01/31/27			135		150,306
Bausch Health Cos., Inc.,
Gtd. Notes, 144A		5.000		01/30/28			5		5,074
Gtd. Notes, 144A		5.250		01/30/30			25		25,125
Gtd. Notes, 144A		6.250		02/15/29			10		10,578
Beazer Homes USA, Inc.,
Gtd. Notes		6.750		03/15/25			50		51,735
Gtd. Notes		7.250		10/15/29			20		22,312
Bristol-Myers Squibb Co.,
Sr. Unsec’d. Notes		2.350		11/13/40			10		9,255
Brixmor Operating Partnership LP,
Sr. Unsec’d. Notes		4.125		05/15/29			65		71,556
Broadcom, Inc.,
Gtd. Notes		3.459		09/15/26			102		110,538
Gtd. Notes, 144A		3.500		02/15/41			30		28,947
Sr. Unsec’d. Notes, 144A		3.419		04/15/33			65		65,898
Calpine Corp.,
Sr. Unsec’d. Notes, 144A		4.625		02/01/29			10		9,864
Sr. Unsec’d. Notes, 144A		5.000		02/01/31			10		9,845
Sr. Unsec’d. Notes, 144A		5.125		03/15/28			50		50,814

See Notes to Financial Statements.

18

Description	Interest         Rate		Maturity Date		Principal     Amount     (000)#			Value
CORPORATE BONDS (Continued)
United States (cont’d.)
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A		5.000%		02/01/28			75	$	78,353
Central Garden & Pet Co.,
Gtd. Notes, 144A		4.125		04/30/31			25		24,925
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes		2.800		04/01/31			45		44,553
Sr. Sec’d. Notes		4.800		03/01/50			35		38,464
Sr. Sec’d. Notes		6.384		10/23/35			100		130,270
Cigna Corp.,
Sr. Unsec’d. Notes		2.400		03/15/30			25		25,012
Citigroup, Inc.,
Jr. Sub. Notes		3.875(ff)		02/18/26(oo)			150		150,780
Sr. Unsec’d. Notes		2.561(ff)		05/01/32			100		99,914
Sr. Unsec’d. Notes		3.106(ff)		04/08/26			300		321,717
CNA Financial Corp.,
Sr. Unsec’d. Notes		3.900		05/01/29			100		111,163
CSC Holdings LLC,
Sr. Unsec’d. Notes, 144A		4.625		12/01/30			200		195,543
CVS Health Corp.,
Sr. Unsec’d. Notes		4.300		03/25/28			6		6,828
Dana Financing Luxembourg Sarl,
Gtd. Notes, 144A		6.500		06/01/26			50		51,843
Dana, Inc.,
Sr. Unsec’d. Notes		5.375		11/15/27			25		26,608
Danaher Corp.,
Sr. Unsec’d. Notes		2.100		09/30/26		EUR	100		132,606
Diamond BC BV,
Gtd. Notes		5.625		08/15/25		EUR	150		184,407
Diamond Sports Group LLC/Diamond Sports Finance Co.,
Gtd. Notes, 144A		6.625		08/15/27			45		24,301
Diamondback Energy, Inc.,
Gtd. Notes		3.125		03/24/31			15		15,144
Gtd. Notes		4.400		03/24/51			5		5,246
Discovery Communications LLC,
Gtd. Notes		4.900		03/11/26			100		114,350
DISH DBS Corp.,
Gtd. Notes		7.750		07/01/26			50		57,639
Energizer Gamma Acquisition BV,
Gtd. Notes		4.625		07/15/26		EUR	100		123,437

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund     19

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Description	Interest         Rate		Maturity Date		Principal     Amount     (000)#			Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Energy Transfer LP,
Jr. Sub. Notes, Series G		7.125%(ff)		05/15/30(oo)			100	$	101,714
Sr. Unsec’d. Notes		5.000		05/15/50			45		47,501
Enterprise Products Operating LLC,
Gtd. Notes		3.700		01/31/51			15		15,017
Gtd. Notes		3.950		01/31/60			15		15,092
Everi Payments, Inc.,
Gtd. Notes, 144A		7.500		12/15/25			19		19,737
Fidelity National Information Services, Inc.,
Sr. Unsec’d. Notes		1.500		05/21/27		EUR	100		127,667
Ford Motor Co.,
Sr. Unsec’d. Notes		5.291		12/08/46			125		132,265
General Motors Co.,
Sr. Unsec’d. Notes		5.150		04/01/38			50		58,668
Goldman Sachs Group, Inc. (The),
Sr. Unsec’d. Notes		1.992(ff)		01/27/32			20		19,010
Sr. Unsec’d. Notes		2.615(ff)		04/22/32			195		195,877
Sub. Notes		4.750		10/12/21		EUR	150		184,102
HCA, Inc.,
Sr. Sec’d. Notes		5.250		04/15/25			100		114,949
Hunt Cos., Inc.,
Sr. Sec’d. Notes, 144A		5.250		04/15/29			50		47,870
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,
Gtd. Notes, 144A		6.500		04/15/29			25		28,141
JPMorgan Chase & Co.,
Jr. Sub. Notes, Series HH		4.600(ff)		02/01/25(oo)			200		206,085
Sr. Unsec’d. Notes		2.083(ff)		04/22/26			90		93,053
Sr. Unsec’d. Notes		2.580(ff)		04/22/32			125		125,534
Sr. Unsec’d. Notes		3.702(ff)		05/06/30			65		71,533
Kraft Heinz Foods Co.,
Gtd. Notes		3.000		06/01/26			93		98,079
Liberty Mutual Group, Inc.,
Gtd. Notes		2.750		05/04/26		EUR	100		134,846
Marriott International, Inc.,
Sr. Unsec’d. Notes, Series HH		2.850		04/15/31			75		74,592
Medtronic Global Holdings SCA,
Gtd. Notes		0.750		10/15/32		EUR	100		120,257
Morgan Stanley,
Sr. Unsec’d. Notes		0.406(ff)		10/29/27		EUR	200		240,641
Sr. Unsec’d. Notes		1.593(ff)		05/04/27			110		110,475
Sr. Unsec’d. Notes		3.217(ff)		04/22/42			30		30,417

See Notes to Financial Statements.

20

Description	Interest         Rate		Maturity Date		Principal     Amount     (000)#			Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Morgan Stanley, (cont’d.)
Sr. Unsec’d. Notes, MTN		1.928%(ff)		04/28/32			75	$	71,137
MPLX LP,
Sr. Unsec’d. Notes		4.000		03/15/28			25		27,648
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes		3.375		04/24/30		GBP	250		351,356
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A		5.500		08/15/28			15		15,167
Gtd. Notes, 144A		6.000		01/15/27			35		36,570
Newell Brands, Inc.,
Sr. Unsec’d. Notes		4.700		04/01/26			100		111,393
NRG Energy, Inc.,
Gtd. Notes		5.750		01/15/28			53		56,286
ONEOK, Inc.,
Gtd. Notes		4.450		09/01/49			120		124,569
Phillips 66,
Gtd. Notes		3.700		04/06/23			15		15,889
Range Resources Corp.,
Gtd. Notes		9.250		02/01/26			50		54,877
Scientific Games International, Inc.,
Sr. Sec’d. Notes, 144A		5.000		10/15/25			100		103,272
Silgan Holdings, Inc.,
Gtd. Notes		2.250		06/01/28		EUR	200		241,489
Stryker Corp.,
Sr. Unsec’d. Notes		2.625		11/30/30		EUR	100		141,615
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
Sr. Unsec’d. Notes		5.875		03/01/27			50		52,174
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
Gtd. Notes, 144A		7.500		10/01/25			50		54,565
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A		5.875		06/15/27			25		28,370
Gtd. Notes, 144A		6.625		07/15/27			25		27,094
Sr. Unsec’d. Notes, 144A		5.125		08/01/30			10		10,998
Tenet Healthcare Corp.,
Gtd. Notes, 144A		6.125		10/01/28			125		131,633
T-Mobile USA, Inc.,
Sr. Sec’d. Notes, 144A		4.375		04/15/40			30		33,418
Sr. Sec’d. Notes, 144A		4.500		04/15/50			40		45,120
United Airlines 2019-2 Class AA Pass-Through Trust,
Pass-Through Certificates		2.700		11/01/33			25		24,027

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund     21

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Description	Interest         Rate		Maturity Date	Principal     Amount     (000)#			Value
CORPORATE BONDS (Continued)
United States (cont’d.)
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A		4.375%	04/15/26			60	$	62,252
Sr. Sec’d. Notes, 144A		4.625	04/15/29			10		10,386
United Rentals North America, Inc.,
Gtd. Notes		5.250	01/15/30			60		65,599
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC,
Sr. Sec’d. Notes, 144A		7.875	02/15/25			100		107,724
Vector Group Ltd.,
Sr. Sec’d. Notes, 144A		5.750	02/01/29			125		126,036
VEREIT Operating Partnership LP,
Gtd. Notes		2.200	06/15/28			5		5,036
Gtd. Notes		2.850	12/15/32			5		5,153
Verizon Communications, Inc.,
Sr. Unsec’d. Notes		2.550	03/21/31			45		45,159
Sr. Unsec’d. Notes		2.650	11/20/40			45		41,763
Viatris, Inc.,
Gtd. Notes, 144A		3.850	06/22/40			110		112,160
Gtd. Notes, 144A		4.000	06/22/50			15		14,928
Vistra Operations Co. LLC,
Gtd. Notes, 144A		5.000	07/31/27			45		46,614
Welltower, Inc.,
Sr. Unsec’d. Notes		3.100	01/15/30			70		73,175
WPC Eurobond BV,
Gtd. Notes		0.950	06/01/30		EUR	100		118,375
								9,684,246
TOTAL CORPORATE BONDS (cost $19,723,733)								20,321,171
RESIDENTIAL MORTGAGE-BACKED SECURITIES     2.6%
Bermuda     0.6%
Bellemeade Re Ltd.,
Series 2018-01A, Class M1B, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 0.000%)		1.706(c)	04/25/28			62		62,392
Series 2021-01A, Class M1A, 144A, 30 Day Average
SOFR + 1.750% (Cap N/A, Floor 1.750%)		1.760(c)	03/25/31			150		150,369

See Notes to Financial Statements.

22

Description	Interest         Rate		Maturity Date	Principal     Amount     (000)#			Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Bermuda (cont’d.)
Home Re Ltd.,
Series 2021-01, Class M1B, 144A, 1 Month LIBOR + 1.550% (Cap N/A, Floor 0.000%)		1.656%(c)	07/25/33			150	$	147,260
								360,021
Ireland     0.2%
Retiro Mortgage Securities DAC,
Series 01A, Class A1, 144A, 3 Month EURIBOR + 2.000% (Cap 5.000%, Floor 0.000%)		1.464(c)	07/30/75		EUR	100		119,325
United Kingdom    0.2%
Jupiter Mortgage PLC,
Series 01A, Class B, 144A, 3 Month SONIA + 1.400% (Cap N/A, Floor 0.000%)		1.448(c)	07/20/60		GBP	100		138,215
United States     1.6%
FHLMC Structured Agency Credit Risk Debt Notes,
Series 2020-HQA05, Class B1, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 0.000%)		4.010(c)	11/25/50			35		36,402
Series 2020-HQA05, Class M2, 144A, 30 Day Average SOFR + 2.600% (Cap N/A, Floor 0.000%)		2.610(c)	11/25/50			165		168,157
FHLMC Structured Agency Credit Risk REMIC Trust,
Series 2020-HQA03, Class M2, 144A, 1 Month LIBOR + 3.600% (Cap N/A, Floor 0.000%)		3.706(c)	07/25/50			25		24,941
Series 2021-DNA01, Class B1, 144A, 30 Day Average SOFR + 2.650% (Cap N/A, Floor 0.000%)		2.660(c)	01/25/51			10		9,800
Series 2021-DNA01, Class M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%)		1.810(c)	01/25/51			80		79,975
Series 2021-DNA03, Class B1, 144A, 30 Day Average SOFR + 3.500% (Cap N/A, Floor 0.000%)		3.510(c)	10/25/33			45		45,444
GCAT LLC,
Series 2019-04, Class A1, 144A		3.228	11/26/49			148		148,398
GS Mortgage-Backed Securities Trust,
Series 2019-SL01, Class A1, 144A		2.625(cc)	01/25/59			46		47,047
Legacy Mortgage Asset Trust,
Series 2019-PR01, Class A1, 144A		3.858	09/25/59			85		85,793
Series 2020-GS01, Class A1, 144A		2.882	10/25/59			90		91,173

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund     23

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Description	Interest         Rate		Maturity Date		Principal     Amount     (000)#	Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
United States (cont’d.)
PMT Credit Risk Transfer Trust,
Series 2020-02R, Class A, 144A, 1 Month LIBOR + 3.815% (Cap N/A, Floor 3.815%)		3.921%(c)	12/25/22		200	$	200,686
							937,816
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $1,548,695)							1,555,377
SOVEREIGN BONDS    24.9%
Austria    0.3%
Republic of Austria Government International Bond,
Sr. Unsec’d. Notes, 144A, MTN		5.375	12/01/34	CAD	160		168,854
Brazil    1.2%
Brazil Loan Trust 1,
Gov’t. Gtd. Notes		5.477	07/24/23		75		78,382
Brazil Minas SPE via State of Minas Gerais,
Gov’t. Gtd. Notes		5.333	02/15/28		595		644,550
							722,932
Bulgaria    0.3%
Bulgaria Government International Bond,
Sr. Unsec’d. Notes, GMTN		3.125	03/26/35	EUR	100		152,835
Canada    0.7%
City of Montreal Canada,
Unsec’d. Notes		3.000	09/01/27	CAD	200		175,686
Municipal Finance Authority of British Columbia,
Unsec’d. Notes		2.500	04/19/26	CAD	200		172,009
Province of Saskatchewan,
Unsec’d. Notes		3.300	06/02/48	CAD	100		88,119
							435,814
Chile    0.2%
Chile Government International Bond,
Sr. Unsec’d. Notes		1.440	02/01/29	EUR	115		149,202

See Notes to Financial Statements.

24

Description	Interest         Rate		Maturity Date		Principal     Amount     (000)#	Value
SOVEREIGN BONDS (Continued)
China    0.3%
Export-Import Bank of China (The),
Sr. Unsec’d. Notes		4.400%	05/14/24	CNH	1,000	$	161,881
Colombia    1.4%
Colombia Government International Bond,
Sr. Unsec’d. Notes		3.000	01/30/30		200		195,707
Sr. Unsec’d. Notes, EMTN		3.875	03/22/26	EUR	500		677,468
							873,175
Croatia    0.4%
Croatia Government International Bond,
Sr. Unsec’d. Notes		1.125	06/19/29	EUR	200		246,535
Cyprus    0.9%
Cyprus Government International Bond,
Sr. Unsec’d. Notes, EMTN		1.250	01/21/40	EUR	20		24,728
Sr. Unsec’d. Notes, EMTN		2.750	06/27/24	EUR	100		131,337
Sr. Unsec’d. Notes, EMTN		2.750	02/26/34	EUR	200		297,786
Sr. Unsec’d. Notes, EMTN		2.750	05/03/49	EUR	30		48,443
Sr. Unsec’d. Notes, EMTN		4.250	11/04/25	EUR	50		71,715
							574,009
Dominican Republic    0.2%
Dominican Republic International Bond,
Sr. Unsec’d. Notes		5.950	01/25/27		100		114,010
France    0.2%
Caisse Francaise de Financement Local,
Covered Bonds, EMTN		4.680	03/09/29	CAD	100		96,147
Greece    1.8%
Hellenic Republic Government Bond,
Bonds		4.300	02/24/34	EUR	48		76,472
Bonds		4.300	02/24/35	EUR	21		33,642
Bonds		4.300	02/24/37	EUR	440		716,890
Bonds		4.300	02/24/38	EUR	31		51,014
Bonds		4.300	02/24/41	EUR	88		148,944

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund     25

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Description	Interest         Rate		Maturity Date		Principal     Amount     (000)#	Value
SOVEREIGN BONDS (Continued)
Greece (cont’d.)
Hellenic Republic Government International Bond,
Sr. Unsec’d. Notes		5.200%	07/17/34	EUR	50	$	85,188
							1,112,150
Hungary    0.3%
Hungary Government International Bond,
Sr. Unsec’d. Notes		1.750	10/10/27	EUR	100		131,281
Sr. Unsec’d. Notes		4.300	12/19/21	CNH	300		46,579
							177,860
Indonesia    1.9%
Indonesia Government International Bond,
Sr. Unsec’d. Notes		0.900	02/14/27	EUR	100		121,494
Sr. Unsec’d. Notes		1.450	09/18/26	EUR	100		125,196
Sr. Unsec’d. Notes		1.750	04/24/25	EUR	200		252,156
Sr. Unsec’d. Notes		3.375	07/30/25	EUR	100		134,586
Sr. Unsec’d. Notes, EMTN		3.750	06/14/28	EUR	200		286,135
Sr. Unsec’d. Notes, EMTN		4.125	01/15/25		200		220,055
							1,139,622
Israel    0.8%
Israel Government International Bond,
Sr. Unsec’d. Notes, EMTN		1.500	01/18/27	EUR	100		129,853
Sr. Unsec’d. Notes, EMTN		1.500	01/16/29	EUR	270		354,995
							484,848
Italy    3.1%
Italy Buoni Poliennali Del Tesoro,
Bonds, 144A		2.800	03/01/67	EUR	105		147,475
Sr. Unsec’d. Notes, 144A		1.450	03/01/36	EUR	120		147,410
Sr. Unsec’d. Notes, 144A		1.800	03/01/41	EUR	315		391,662
Sr. Unsec’d. Notes, 144A		3.350	03/01/35	EUR	220		335,664
Repubic of Italy Government International Bond Coupon Strips,
Sr. Unsec’d. Notes		1.737(s)	02/20/31	EUR	85		92,025
Republic of Italy Government International Bond,
Sr. Unsec’d. Notes, EMTN		5.345	01/27/48	EUR	50		99,588

See Notes to Financial Statements.

26

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, EMTN		6.000%	08/04/28	GBP	100	$	178,026
Sr. Unsec’d. Notes, MTN		5.125	07/31/24	EUR	350		489,231
							1,881,081
Kazakhstan    0.3%
Kazakhstan Government International Bond,
Sr. Unsec’d. Notes, EMTN		2.375	11/09/28	EUR	115		154,668
Mexico    0.6%
Mexico Government International Bond,
Sr. Unsec’d. Notes		2.875	04/08/39	EUR	200		245,019
Sr. Unsec’d. Notes, EMTN		1.750	04/17/28	EUR	100		124,593
							369,612
New Zealand    0.1%
New Zealand Local Government Funding Agency Bond,
Local Gov’t. Gtd. Notes		3.500	04/14/33	NZD	100		79,423
Panama    0.4%
Panama Government International Bond,
Sr. Unsec’d. Notes		3.875	03/17/28		200		220,452
Peru    1.0%
Peruvian Government International Bond,
Sr. Unsec’d. Notes		1.250	03/11/33	EUR	105		120,598
Sr. Unsec’d. Notes		2.392	01/23/26		85		87,433
Sr. Unsec’d. Notes		2.750	01/30/26	EUR	300		394,900
Sr. Unsec’d. Notes		6.900	08/12/37	PEN	100		28,506
							631,437
Philippines    1.0%
Philippine Government International Bond,
Sr. Unsec’d. Notes		0.700	02/03/29	EUR	500		598,250
Portugal    1.5%
Portugal Government International Bond,
Sr. Unsec’d. Notes		4.090	06/03/22	CNH	600		93,291

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund     27

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Description	Interest         Rate		Maturity Date		Principal     Amount     (000)#	Value
SOVEREIGN BONDS (Continued)
Portugal (cont’d.)
Portugal Obrigacoes do Tesouro OT,
Sr. Unsec’d. Notes, 144A		2.250%	04/18/34	EUR	50	$	71,846
Sr. Unsec’d. Notes, 144A		4.100	04/15/37	EUR	195		348,260
Sr. Unsec’d. Notes, 144A		4.100	02/15/45	EUR	145		279,411
Unsec’d. Notes, 144A		1.000	04/12/52	EUR	130		140,582
							933,390
Qatar    0.4%
Qatar Government International Bond,
Sr. Unsec’d. Notes, 144A		3.400	04/16/25		200		217,811
Romania    0.4%
Romanian Government International Bond,
Sr. Unsec’d. Notes, EMTN		3.500	04/03/34	EUR	50		68,153
Sr. Unsec’d. Notes, EMTN		3.875	10/29/35	EUR	100		139,461
Unsec’d. Notes, 144A, MTN		2.124	07/16/31	EUR	50		61,617
							269,231
Russia    0.8%
Russian Foreign Bond - Eurobond,
Sr. Unsec’d. Notes		1.850	11/20/32	EUR	200		236,804
Sr. Unsec’d. Notes		2.875	12/04/25	EUR	200		262,635
							499,439
Saudi Arabia    0.3%
Saudi Government International Bond,
Sr. Unsec’d. Notes, 144A		2.000	07/09/39	EUR	125		158,031
Serbia    0.9%
Serbia International Bond,
Sr. Unsec’d. Notes		3.125	05/15/27	EUR	250		330,646
Sr. Unsec’d. Notes, 144A		2.125	12/01/30		200		184,270
							514,916
Spain    2.0%
Autonomous Community of Catalonia,
Sr. Unsec’d. Notes		4.220	04/26/35	EUR	100		158,367
Instituto de Credito Oficial,
Gov’t. Gtd. Notes, GMTN		0.963	09/22/22	SEK	1,000		119,632

See Notes to Financial Statements.

28

Description	Interest         Rate		Maturity Date	Principal     Amount     (000)#			Value
SOVEREIGN BONDS (Continued)
Spain (cont’d.)
Spain Government Bond,
Sr. Unsec’d. Notes, 144A		0.500%	04/30/30		EUR	35	$	42,661
Sr. Unsec’d. Notes, 144A		1.000	10/31/50		EUR	190		205,000
Sr. Unsec’d. Notes, 144A		1.850	07/30/35		EUR	285		390,113
Sr. Unsec’d. Notes, 144A		3.450	07/30/66		EUR	60		110,611
Spain Government International Bond,
Sr. Unsec’d. Notes, EMTN		5.250	04/06/29		GBP	100		172,811
								1,199,195
Ukraine     1.0%
Ukraine Government International Bond,
Sr. Unsec’d. Notes		4.375	01/27/30		EUR	230		253,503
Sr. Unsec’d. Notes		6.750	06/20/26		EUR	200		257,063
Sr. Unsec’d. Notes, 144A		4.375	01/27/30		EUR	100		110,218
								620,784
Uruguay     0.2%
Uruguay Government International Bond,
Sr. Unsec’d. Notes		4.375	10/27/27			39		45,047
Sr. Unsec’d. Notes		4.375	01/23/31			62		72,546
								117,593
TOTAL SOVEREIGN BONDS (cost $13,867,321)								15,075,187
U.S. GOVERNMENT AGENCY OBLIGATION     0.3%
Tennessee Valley Authority
Sr. Unsec’d. Notes
(cost $196,146)		5.625	06/07/32		GBP	100		194,916
U.S. TREASURY OBLIGATIONS(k)     6.4%
U.S. Treasury Bonds		2.750	08/15/47			675		737,754
U.S. Treasury Notes		0.625	08/15/30			300		274,922
U.S. Treasury Notes		1.125	02/15/31			3,000		2,864,531
TOTAL U.S. TREASURY OBLIGATIONS (cost $3,815,353)								3,877,207
TOTAL LONG-TERM INVESTMENTS (cost $51,508,450)								53,615,075

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund     29

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Description	Shares		Value
SHORT-TERM INVESTMENTS     11.4%
AFFILIATED MUTUAL FUND     11.4%
PGIM Core Ultra Short Bond Fund (cost $6,880,139)(wb)		6,880,139	$	6,880,139
OPTION PURCHASED*~     0.0% (cost $2,048)				588
TOTAL SHORT-TERM INVESTMENTS (cost $6,882,187)				6,880,727
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN     100.0% (cost $58,390,637)				60,495,802
OPTION WRITTEN*~     (0.0)% (premiums received $2,400)				(590	)
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN     100.0% (cost $58,388,237)				60,495,212
Other assets in excess of liabilities(z)    0.0%				16,899
NET ASSETS     100.0%			$	60,512,111

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

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

EUR—Euro

GBP—British Pound

HKD—Hong Kong Dollar

HUF—Hungarian Forint

IDR—Indonesian Rupiah

ILS—Israeli Shekel

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

MYR—Malaysian Ringgit

NOK—Norwegian Krone

NZD—New Zealand Dollar

PEN—Peruvian Nuevo Sol

PLN—Polish Zloty

RUB—Russian Ruble

SEK—Swedish Krona

SGD—Singapore Dollar

THB—Thai Baht

See Notes to Financial Statements.

30

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

CDOR—Canadian Dollar Offered Rate

CDX—Credit Derivative Index

CLO—Collateralized Loan Obligation

CLOIS—Sinacofi Chile Interbank Rate Average

CME—Chicago Mercantile Exchange

COOIS—Colombia Overnight Interbank Reference Rate

CPI—Consumer Price Index

EMTN—Euro Medium Term Note

EONIA—Euro Overnight Index Average

EURIBOR—Euro Interbank Offered Rate

FHLMC—Federal Home Loan Mortgage Corporation

GMTN—Global Medium Term Note

HIBOR—Hong Kong Interbank Offered Rate

HICP—Harmonised Index of Consumer Prices

IO—Interest Only (Principal amount represents notional)

iTraxx—International Credit Derivative Index

JIBAR—Johannesburg Interbank Agreed Rate

KLIBOR—Kuala Lumpur Interbank Offered Rate

KWCDC—Korean Won Certificate of Deposit

LIBOR—London Interbank Offered Rate

LP—Limited Partnership

M—Monthly payment frequency for swaps

MosPRIME—Moscow Prime Offered Rate

MPLE—Maple Bonds

MTN—Medium Term Note

NIBOR—Norwegian Interbank Offered Rate

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

SIBOR—Singapore Interbank Offered Rate

SOFR—Secured Overnight Financing Rate

SONIA—Sterling Overnight Index Average

STIBOR—Stockholm Interbank Offered Rate

Strips—Separate Trading of Registered Interest and Principal of Securities

T—Swap payment upon termination

TELBOR—Tel Aviv Interbank Offered Rate

USOIS—United States Overnight Index Swap

WIBOR—Warsaw Interbank Offered Rate

* Non-income producing security.

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund     31

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

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

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

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

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at April 30, 2021.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of April 30, 2021. 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.

(p) Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end.

(oo) Perpetual security. Maturity date represents next call date.

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

(wb) 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 Swaptions

								Notional
	Call/		Expiration					Amount
Description	Put	Counterparty	Date		Strike	Receive	Pay	(000)#		Value
CDX.NA.IG.35.V1, 12/20/25	Put	BNP Paribas S.A.		07/21/21	0.50%	CDX.NA.IG. 35.V1(Q)	1.00%(Q)		400		$588
(cost $2,048)
Options Written:
OTC Swaptions
								Notional
	Call/		Expiration					Amount
Description	Put	Counterparty	Date		Strike	Receive	Pay	(000)#		Value
CDX.NA.HY.35.V1, 12/20/25	Put	BNP Paribas S.A.		07/21/21	$99.00	5.00%(Q)	CDX.NA.HY. 35.V1(Q)		400		$(590)
(premiums received $2,400)

Futures contracts outstanding at April 30, 2021:    

					Value /
Number			Current		Unrealized
of		Expiration	Notional		Appreciation
Contracts	Type	Date	Amount		(Depreciation)
Long Positions:
37	5 Year U.S. Treasury Notes	Jun. 2021	$	4,585,687		$      4,723
7	10 Year Australian Treasury Bonds	Jun. 2021		751,655		2,444
1	10 Year Canadian Government Bonds	Jun. 2021		113,379		(3,158	)
10	10 Year U.K. Gilt	Jun. 2021		1,763,187		(12,495	)
4	10 Year U.S. Ultra Treasury Notes	Jun. 2021		582,188		(12,856	)

See Notes to Financial Statements.

32

Futures contracts outstanding at April 30, 2021 (continued):    

							Value /
Number				Current			Unrealized
of		Expiration		Notional			Appreciation
Contracts	Type	Date		Amount			(Depreciation)
Long Positions (cont’d):
36	20 Year U.S. Treasury Bonds		Jun. 2021		$	5,661,000		$	(34,119	)
1	30 Year Euro Buxl		Jun. 2021			242,734			(6,132	)
16	30 Year U.S. Ultra Treasury Bonds		Jun. 2021			2,974,500			(5,231	)
									(66,824	)
Short Positions:
3	3 Month CME SOFR		Jun. 2022			749,438			707
85	2 Year U.S. Treasury Notes		Jun. 2021			18,764,414			8,722
42	5 Year Euro-Bobl		Jun. 2021			6,803,124			5,576
12	10 Year Euro-Bund		Jun. 2021			2,452,590			16,027
22	10 Year U.S. Treasury Notes		Jun. 2021			2,904,687			5,896
59	Euro Currency		Jun. 2021			8,873,969			(110,717	)
55	Euro Schatz Index		Jun. 2021			7,411,150			1,368
									(72,421	)
								$	(139,245	)

Forward foreign currency exchange contracts outstanding at April 30, 2021:    

		Notional			Value at
Purchase		Amount			Settlement			Current			Unrealized			Unrealized
Contracts	Counterparty	(000)			Date			Value			Appreciation			Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Brazilian Real,
Expiring 05/04/21	Barclays Bank PLC		BRL	113		$	19,975		$	20,877		$	902		$	—
Expiring 05/04/21	BNP Paribas S.A.		BRL	188			33,764			34,684			920			—
Expiring 05/04/21	Citibank, N.A.		BRL	354			64,374			65,073			699			—
Expiring 05/04/21	Citibank, N.A.		BRL	135			24,164			24,764			600			—
British Pound,
Expiring 05/05/21	BNP Paribas S.A.		GBP	1,311			1,820,808			1,811,222			—			(9,586	)
Chilean Peso,
Expiring 06/16/21	BNP Paribas S.A.		CLP	29,811			41,651			41,932			281			—
Chinese Renminbi,
Expiring 05/14/21	Citibank, N.A.		CNH	854			122,358			131,764			9,406			—
Expiring 05/18/21	Citibank, N.A.		CNH	319			48,969			49,183			214			—
Expiring 05/18/21	HSBC Bank PLC		CNH	1,075			165,283			165,872			589			—
Colombian Peso,
Expiring 06/16/21	Barclays Bank PLC		COP	126,741			34,457			33,688			—			(769	)
Euro,
Expiring 05/05/21	Bank of America, N.A.		EUR	7,074			8,549,188			8,505,079			—			(44,109	)
Expiring 05/05/21	Morgan Stanley & Co. International PLC		EUR	1,097			1,314,193			1,319,536			5,343			—
Expiring 05/05/21	UBS AG		EUR	169			199,155			203,200			4,045			—

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund     33

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Forward foreign currency exchange contracts outstanding at April 30, 2021 (continued):    

		Notional			Value at
Purchase		Amount			Settlement			Current			Unrealized			Unrealized
Contracts	Counterparty	(000)			Date			Value			Appreciation			Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Euro (cont’d.),
Expiring 07/19/21	Goldman Sachs International		EUR	86		$	104,266		$	104,141		$	—		$	(125	)
Japanese Yen,
Expiring 05/07/21	UBS AG		JPY	22,528			208,581			206,136			—			(2,445	)
Mexican Peso,
Expiring 06/16/21	UBS AG		MXN	465			22,571			22,849			278			—
South African Rand,
Expiring 06/17/21	Citibank, N.A.		ZAR	1,928			124,809			132,071			7,262			—
South Korean Won,
Expiring 06/16/21	Barclays Bank PLC		KRW	24,753			21,954			22,142			188			—
						$	12,920,520		$	12,894,213			30,727			(57,034	)
		Notional			Value at
Sale		Amount			Settlement			Current			Unrealized			Unrealized
Contracts	Counterparty	(000)			Date			Value			Appreciation			Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 07/20/21	Barclays Bank PLC		AUD	348		$	269,341		$	267,887		$	1,454		$	—
Brazilian Real,
Expiring 05/04/21	JPMorgan Chase Bank, N.A.		BRL	790			146,687			145,398			1,289			—
Expiring 07/02/21	Citibank, N.A.		BRL	354			64,091			64,731			—			(640	)
British Pound,
Expiring 05/05/21	Citibank, N.A.		GBP	1,197			1,649,576			1,653,126			—			(3,550	)
Expiring 05/05/21	JPMorgan Chase Bank, N.A.		GBP	114			159,982			158,096			1,886			—
Expiring 06/02/21	BNP Paribas S.A.		GBP	1,311			1,820,957			1,811,335			9,622			—
Expiring 06/02/21	Morgan Stanley & Co. International PLC		GBP	256			356,112			353,532			2,580			—
Canadian Dollar,
Expiring 07/20/21	Citibank, N.A.		CAD	1,088			868,714			885,663			—			(16,949	)
Chilean Peso,
Expiring 06/16/21	Morgan Stanley & Co. International PLC		CLP	46,356			62,686			65,205			—			(2,519	)
Chinese Renminbi,
Expiring 05/14/21	JPMorgan Chase Bank, N.A.		CNH	854			122,556			131,763			—			(9,207	)
Expiring 05/18/21	BNP Paribas S.A.		CNH	5,517			839,168			851,154			—			(11,986	)
Expiring 05/18/21	Morgan Stanley & Co. International PLC		CNH	3,178			488,358			490,354			—			(1,996	)

See Notes to Financial Statements.

34

Forward foreign currency exchange contracts outstanding at April 30, 2021 (continued):    

		Notional			Value at
Sale		Amount			Settlement			Current			Unrealized			Unrealized
Contracts	Counterparty	(000)			Date			Value			Appreciation			Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Colombian Peso,
Expiring 06/16/21	BNP Paribas S.A.		COP	119,751		$	32,486		$	31,831		$	655		$	—
Expiring 06/16/21	BNP Paribas S.A.		COP	88,512			24,241			23,527			714			—
Euro,
Expiring 05/05/21	Bank of America, N.A.		EUR	4,615			5,438,498			5,548,352			—			(109,854	)
Expiring 05/05/21	Bank of America, N.A.		EUR	1,859			2,209,957			2,234,902			—			(24,945	)
Expiring 05/05/21	Bank of America, N.A.		EUR	610			734,496			733,906			590			—
Expiring 05/05/21	Barclays Bank PLC		EUR	574			690,529			690,006			523			—
Expiring 05/05/21	Barclays Bank PLC		EUR	244			293,396			293,684			—			(288	)
Expiring 05/05/21	Citibank, N.A.		EUR	193			230,817			232,280			—			(1,463	)
Expiring 05/05/21	JPMorgan Chase Bank, N.A.		EUR	135			162,592			161,913			679			—
Expiring 05/05/21	The Toronto-Dominion Bank		EUR	110			131,641			132,771			—			(1,130	)
Expiring 06/02/21	Bank of America, N.A.		EUR	7,074			8,554,104			8,509,825			44,279			—
Expiring 06/02/21	Bank of America, N.A.		EUR	394			476,610			473,954			2,656			—
Expiring 06/02/21	Morgan Stanley & Co. International PLC		EUR	701			847,414			843,295			4,119			—
Expiring 06/02/21	The Toronto-Dominion Bank		EUR	666			804,544			801,126			3,418			—
Hungarian Forint,
Expiring 07/19/21	Barclays Bank PLC		HUF	4,419			14,599			14,738			—			(139	)
Indonesian Rupiah,
Expiring 06/16/21	Citibank, N.A.		IDR	1,526,380			104,311			104,892			—			(581	)
Israeli Shekel,
Expiring 06/16/21	Goldman Sachs International		ILS	94			28,475			29,048			—			(573	)
Japanese Yen,
Expiring 05/07/21	Citibank, N.A.		JPY	22,528			206,593			206,136			457			—
Expiring 06/02/21	UBS AG		JPY	22,528			208,628			206,177			2,451			—
Mexican Peso,
Expiring 06/16/21	Barclays Bank PLC		MXN	925			44,334			45,444			—			(1,110	)
New Zealand Dollar,
Expiring 07/20/21	Morgan Stanley & Co. International PLC		NZD	124			87,962			88,461			—			(499	)
Peruvian Nuevo Sol,
Expiring 06/16/21	Citibank, N.A.		PEN	33			8,837			8,653			184			—
Expiring 06/16/21	Goldman Sachs International		PEN	11			2,969			2,865			104			—
Expiring 06/16/21	Morgan Stanley & Co. International PLC		PEN	11			3,018			2,923			95			—
Polish Zloty,
Expiring 07/19/21	Citibank, N.A.		PLN	180			47,216			47,395			—			(179	)

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund     35

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Forward foreign currency exchange contracts outstanding at April 30, 2021 (continued):    

		Notional			Value at
Sale		Amount			Settlement			Current			Unrealized			Unrealized
Contracts	Counterparty	(000)			Date			Value			Appreciation			Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Singapore Dollar,
Expiring 06/16/21	JPMorgan Chase Bank, N.A.		SGD	21		$	15,993		$	15,999		$	—		$	(6	)
South African Rand,
Expiring 06/17/21	Barclays Bank PLC		ZAR	790			51,798			54,136			—			(2,338	)
Expiring 06/17/21	Deutsche Bank AG		ZAR	941			61,171			64,447			—			(3,276	)
Expiring 06/17/21	JPMorgan Chase Bank, N.A.		ZAR	1,164			76,174			79,735			—			(3,561	)
South Korean Won,
Expiring 06/16/21	HSBC Bank PLC		KRW	23,387			20,471			20,920			—			(449	)
Swedish Krona,
Expiring 07/19/21	Barclays Bank PLC		SEK	1,552			183,078			183,432			—			(354	)
Swiss Franc,
Expiring 07/19/21	Barclays Bank PLC		CHF	187			203,242			205,158			—			(1,916	)
						$	28,848,422		$	28,970,175			77,755			(199,508	)
												$	108,482		$	(256,542	)

Credit default swap agreements outstanding at April 30, 2021:    

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2021(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)**:
Government of Malaysia		12/20/22		1.000%(Q)		120	0.164%	$	1,795	$	(68	)	$	1,863	Citibank, N.A.
People’s Republic of China		12/20/22		1.000%(Q)		400	0.112%		6,331		(226	)		6,557	Citibank, N.A.
Republic of Brazil		12/20/22		1.000%(Q)		600	0.896%		1,698		(339	)		2,037	Citibank, N.A.
Republic of Chile		12/20/22		1.000%(Q)		120	0.154%		1,815		(68	)		1,883	Citibank, N.A.
Republic of Colombia		12/20/22		1.000%(Q)		160	0.536%		1,404		(90	)		1,494	Citibank, N.A.
Republic of Indonesia		12/20/22		1.000%(Q)		160	0.268%		2,115		(90	)		2,205	Citibank, N.A.
Republic of Panama		12/20/22		1.000%(Q)		120	0.265%		1,593		(68	)		1,661	Citibank, N.A.
Republic of Peru		12/20/22		1.000%(Q)		120	0.345%		1,433		(68	)		1,501	Citibank, N.A.
Republic of Philippines		12/20/22		1.000%(Q)		120	0.158%		1,806		(68	)		1,874	Citibank, N.A.

See Notes to Financial Statements.

36

Credit default swap agreements outstanding at April 30, 2021 (continued):    

						Implied
						Credit					Upfront
Reference				Notional		Spread at					Premiums			Unrealized
Entity/	Termination		Fixed	Amount		April 30,		Fair			Paid			Appreciation
Obligation	Date		Rate	(000)#(3)		2021(4)		Value			(Received)			(Depreciation)			Counterparty
OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)**(cont’d.):
Republic of South Africa		12/20/22	1.000%(Q)		360		0.896%		$    1,015			$    (203	)		$    1,218		Citibank, N.A.
Republic of Turkey		12/20/22	1.000%(Q)		600		3.887%		(26,957	)		(339	)		(26,618	)	Citibank, N.A.
Russian Federation		12/20/22	1.000%(Q)		360		0.476%		3,517			(203	)		3,720		Citibank, N.A.
United Mexican States		12/20/22	1.000%(Q)		520		0.316%		6,466			(293	)		6,759		Citibank, N.A.
									$    4,031			$(2,123	)		$    6,154

					Upfront
Reference			Notional		Premiums	Unrealized
Entity/	Termination	Fixed	Amount	Fair	Paid	Appreciation
Obligation	Date	Rate	(000)#(3)	Value	(Received)	(Depreciation)	Counterparty
OTC Packaged Credit Default Swap Agreement on credit indices— Buy Protection(1)**:
CDX.EM.28.V3	12/20/22	1.000%(Q)	3,760	$(2,946)	$(583)	$(2,363)	Citibank, N.A.

** The Fund entered into multiple credit default swap agreements in a packaged trade consisting of two parts. The Fund bought/sold protection on an Emerging Market CDX Index and bought/sold protection on the countries which comprise the index. The upfront premium is attached to the index of the trade for the Emerging Markets CDX package(s). Each swap is priced individually. If any of the component swaps are closed out early, the Index exposure will be reduced by an amount proportionate to the terminated swap(s).

Implied

Credit

Upfront

Reference

Notional

Spread at

Premiums

Unrealized

Entity/

Termination

Fixed

Amount

April 30,

Fair

Paid

Appreciation

Obligation

Date

Rate

(000)#(3)

2021(4)

Value

(Received)

(Depreciation)

Counterparty

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

Credit Suisse Commercial Mortgage Trust

05/28/21

0.500%(M)

21

*

$—

$—

$—

Goldman Sachs International

Credit Suisse Commercial Mortgage Trust

05/28/21

1.000%(M)

12

*

—

—

—

Goldman Sachs International

Delta Home Equity

05/28/21

1.250%(M)

57

*

2

—

2

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, 2021

Credit default swap agreements outstanding at April 30, 2021 (continued):    

Implied

Credit

Upfront

Reference

Notional

Spread at

Premiums

Unrealized

Entity/

Termination

Fixed

Amount

April 30,

Fair

Paid

Appreciation

Obligation

Date

Rate

(000)#(3)

2021(4)

Value

(Received)

(Depreciation)

Counterparty

OTC Credit Default Swap Agreements on asset-backed securities - Sell Protection(2)^ (cont’d.):

GS Mortgage Securities Trust

05/28/21

1.250%(M)

14

*

$—

$—

$—

Goldman Sachs International

GS Mortgage Securities Trust

05/28/21

1.250%(M)

13

*

—

—

—

Goldman Sachs International

GS Mortgage Securities Trust

05/28/21

1.250%(M)

9

*

—

—

—

Goldman Sachs International

GSAMP Home Equity

05/28/21

1.250%(M)

20

*

1

—

1

Goldman Sachs International

GSRPM Mortgage Loan Trust

05/28/21

1.250%(M)

7

*

—

—

—

Goldman Sachs International

MFRA Trust

05/28/21

0.500%(M)

6

*

—

—

—

Goldman Sachs International

RCKT Mortgage Trust

05/28/21

1.250%(M)

12

*

—

—

—

Goldman Sachs International

Versus Securitization Trust

05/28/21

0.500%(M)

26

*

—

—

—

Goldman Sachs International

$  3

$—

$  3

Reference Entity/ Obligation	Termination Date	Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2021(4)	Value at Trade Date	Value at April 30, 2021	Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreement on corporate and/or sovereign issues - Sell Protection(2):
Teck Resources Ltd.	06/20/26		5.000%(Q)		150	1.267%	$27,619	$28,491	$872

See Notes to Financial Statements.

38

Credit default swap agreements outstanding at April 30, 2021 (continued):

							Upfront
Reference			Notional				Premiums		Unrealized
Entity/	Termination	Fixed	Amount		Fair		Paid		Appreciation
Obligation	Date	Rate	(000)#(3)		Value		(Received)		(Depreciation)		Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):
Republic of Italy	06/20/23	1.000%(Q)		EUR    90		$(1,779)		$   566		$(2,345)	Barclays Bank PLC
Republic of Italy	06/20/28	1.000%(Q)		EUR    45		(936)		2,003		(2,939)	Barclays Bank PLC
						$(2,715)		$2,569		$(5,284)

					Implied
					Credit						Upfront
Reference			Notional		Spread at						Premiums			Unrealized
Entity/	Termination	Fixed	Amount		April 30,			Fair			Paid			Appreciation
Obligation	Date	Rate	(000)#(3)		2021(4)			Value			(Received)			(Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):
Boeing Co.	12/20/21	1.000%(Q)		100		0.425	%	$	489		$	347			$     142		Bank of America, N.A.
DP World PLC	12/20/24	1.000%(Q)		100		0.783	%		896			342			554		Barclays Bank PLC
Generalitat de Catalunya	12/20/25	1.000%(Q)		100		1.127	%		(450	)		(886	)		436		Deutsche Bank AG
Kingdom of Spain	06/20/25	1.000%(Q)		1,000		0.276	%		31,073			(7,637	)		38,710		Bank of America, N.A.
Kingdom of Spain	06/20/25	1.000%(Q)		170		0.276	%		5,283			(1,354	)		6,637		Bank of America, N.A.
Kingdom of Spain	06/20/25	1.000%(Q)		15		0.276	%		466			163			303		Barclays Bank PLC
Kingdom of Spain	12/20/25	1.000%(Q)		50		0.313	%		1,642			910			732		JPMorgan Chase Bank, N.A.
Kingdom of Spain	06/20/30	1.000%(Q)		100		0.588	%		3,635			(343	)		3,978		Credit Suisse International
Republic of Indonesia	06/20/23	1.000%(Q)		475		0.299	%		7,697			(1,306	)		9,003		Citibank, N.A.
Republic of Kazakhstan	06/20/23	1.000%(Q)		85		0.266	%		1,439			—			1,439		Citibank, N.A.
Republic of Panama	06/20/21	1.000%(Q)		55		0.141	%		131			65			66		Citibank, N.A.
Republic of Portugal	12/20/23	1.000%(Q)		50		0.154	%		1,180			(15	)		1,195		Morgan Stanley & Co. International PLC
Republic of South Africa	12/20/23	1.000%(Q)		300		1.289	%		(1,938	)		(8,523	)		6,585		Bank of America, N.A.
Republic of Ukraine	12/20/23	5.000%(Q)		100		3.934	%		3,224			3,778			(554	)	Deutsche Bank AG
Republic of Ukraine	12/20/24	5.000%(Q)		100		4.174	%		3,342			5,774			(2,432	)	HSBC Bank PLC
Republic of Ukraine	06/20/25	5.000%(Q)		90		4.259	%		3,013			(833	)		3,846		Barclays Bank PLC
Russian Federation	12/20/22	1.000%(Q)		50		0.476	%		489			(43	)		532		Citibank, N.A.

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund     39

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Credit default swap agreements outstanding at April 30, 2021 (continued):

					Implied
					Credit					Upfront
Reference			Notional		Spread at					Premiums			Unrealized
Entity/	Termination	Fixed	Amount		April 30,			Fair		Paid			Appreciation
Obligation	Date	Rate	(000)#(3)		2021(4)			Value		(Received)			(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)		150		0.512	%		$  1,741		$(1,233)			$  2,974	Morgan Stanley & Co. International PLC
Russian Federation	06/20/23	1.000%(Q)		100		0.512	%		1,161		(689	)		1,850	Morgan Stanley & Co. International PLC
Russian Federation	06/20/23	1.000%(Q)		50		0.512	%		580		(405	)		985	BNP Paribas S.A.
									$65,093		$(11,888	)		$76,981

Reference Entity/ Obligation	Termination Date	Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2021(4)	Value at Trade Date	Value at April 30, 2021	Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):
CDX.NA.HY.36.V1	06/20/26		5.000%(Q)		3,000	2.873%	$282,437	$311,455	$29,018
iTraxx.XO.35.V1	06/20/26		5.000%(Q)		EUR    1,900	2.490%	270,837	284,091	13,254
							$553,274	$595,546	$42,272

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.

See Notes to Financial Statements.

40

(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.

Currency swap agreements outstanding at April 30, 2021:

Upfront

Notional

Notional

Premiums

Unrealized

Amount

Fund

Amount

Fund

Termination

Fair

Paid

Appreciation

(000)#

Receives

(000)#

Pays

Counterparty

Date

Value

(Received)

(Depreciation)

OTC Currency Swap Agreement:

IDR  1,400,000

8.22%(S)

97

6 Month LIBOR

(S)

Citibank, N.A.

11/29/23

$10,587

$—

$10,587

Inflation swap agreements outstanding at April 30, 2021:

Notional							Value at			Unrealized
Amount	Termination		Fixed	Floating	Value at		April 30,			Appreciation
(000)#	Date		Rate	Rate	Trade Date		2021			(Depreciation)
Centrally Cleared Inflation Swap Agreements:
EUR  200		05/15/23	1.485%(T)	France CPI ex Tobacco Household(1)(T)		$ —	$	(6,159	)		$ (6,159	)
EUR  200		05/15/23	1.510%(T)	Eurostat Eurozone HICP ex Tobacco(2)(T)		—		4,225			4,225
100		01/13/31	2.230%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)		—		(3,728	)		(3,728	)
105		04/07/31	2.469%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)		—		(992	)		(992	)
30		04/09/31	2.435%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)		—		(390	)		(390	)
60		04/09/31	2.448%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)		—		(698	)		(698	)

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund     41

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Inflation swap agreements outstanding at April 30, 2021 (continued):

Notional							Value at			Unrealized
Amount	Termination		Fixed	Floating	Value at		April 30,			Appreciation
(000)#	Date		Rate	Rate	Trade Date		2021			(Depreciation)
Centrally Cleared Inflation Swap Agreements (cont’d):
135		04/13/31	2.445%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)		$—		$     (1,588	)		$      (1,588	)
75		04/13/31	2.450%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)		—		(842	)		(842	)
80		04/14/31	2.450%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)		—		(888	)		(888	)
170		04/15/31	2.465%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)		—		(1,601	)		(1,601	)
						$—		$(12,661	)		$(12,661	)

(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, 2021:

Notional								Value at			Unrealized
Amount		Termination	Fixed	Floating	Value at			April 30,			Appreciation
(000)#		Date	Rate	Rate	Trade Date			2021			(Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
AUD	400	12/18/27	2.696%(S)	6 Month BBSW(2)(S)		$         —			$ 32,299			$ 32,299
AUD	100	11/27/28	2.847%(S)	6 Month BBSW(2)(S)		(1	)		9,032			9,033
AUD	230	12/03/29	2.700%(S)	6 Month BBSW(2)(S)		19,342			18,318			(1,024	)
BRL	287	01/02/25	6.540%(T)	1 Day BROIS(2)(T)		—			981			981
BRL	1,638	01/02/25	6.670%(T)	1 Day BROIS(2)(T)		—			7,817			7,817
BRL	306	01/02/25	8.690%(T)	1 Day BROIS(2)(T)		—			9,240			9,240
BRL	569	01/02/25	9.943%(T)	1 Day BROIS(2)(T)		—			33,812			33,812
BRL	609	01/02/25	11.080%(T)	1 Day BROIS(2)(T)		—			43,610			43,610
BRL	98	01/02/25	12.090%(T)	1 Day BROIS(2)(T)		—			8,324			8,324
BRL	1,220	01/04/27	6.493%(T)	1 Day BROIS(2)(T)		—			(8,771	)		(8,771	)
BRL	661	01/04/27	6.820%(T)	1 Day BROIS(2)(T)		—			(5,171	)		(5,171	)
BRL	1,909	01/02/29	7.250%(T)	1 Day BROIS(2)(T)		—			(14,569	)		(14,569	)
CAD	255	05/08/22	1.367%(S)	3 Month CDOR(2)(S)		(3,097	)		2,818			5,915
CAD	1,230	04/03/25	0.970%(S)	3 Month CDOR(2)(S)		(4,585	)		(7,660	)		(3,075	)
CAD	80	12/03/28	2.600%(S)	3 Month CDOR(2)(S)		625			4,547			3,922
CAD	50	01/09/38	2.720%(S)	3 Month CDOR(2)(S)		(1	)		2,331			2,332
CAD	120	12/03/40	2.800%(S)	3 Month CDOR(2)(S)		17,898			6,564			(11,334	)
CAD	50	05/30/47	2.240%(S)	3 Month CDOR(2)(S)		(1,519	)		(1,861	)		(342	)
CHF	70	04/03/28	0.410%(A)	6 Month CHF LIBOR(2)(S)		154			3,345			3,191
CHF	130	01/31/29	0.260%(A)	6 Month CHF LIBOR(2)(S)		—			4,625			4,625
CHF	40	04/03/33	0.687%(A)	6 Month CHF LIBOR(2)(S)		1,483			2,840			1,357
CLP	30,200	07/12/29	3.135%(S)	1 Day CLOIS(2)(S)		—			(484	)		(484	)
CLP	91,000	11/22/29	3.203%(S)	1 Day CLOIS(2)(S)		—			(892	)		(892	)

See Notes to Financial Statements.

42

Interest rate swap agreements outstanding at April 30, 2021 (continued):

Notional								Value at			Unrealized
Amount		Termination	Fixed	Floating	Value at			April 30,			Appreciation
(000)#		Date	Rate	Rate	Trade Date			2021			(Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
CLP	100,000	02/10/30	3.010%(S)	1 Day CLOIS(2)(S)		$        —			$    (5,380	)		$    (5,380	)
CLP	150,000	04/09/31	3.390%(S)	1 Day CLOIS(2)(S)		—			(4,117	)		(4,117	)
CNH	700	08/15/23	3.115%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(5	)		1,536			1,541
CNH	700	03/13/24	2.945%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(1	)		1,095			1,096
CNH	1,400	04/01/24	2.923%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—			1,974			1,974
CNH	1,440	06/03/24	2.975%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—			2,529			2,529
CNH	2,220	06/20/24	2.900%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(3	)		2,981			2,984
CNH	1,500	09/03/24	2.860%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(1	)		1,727			1,728
CNH	1,500	10/10/24	2.860%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(1	)		1,568			1,569
CNH	1,680	11/01/24	3.120%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(5	)		4,442			4,447
CNH	1,200	02/04/25	2.600%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—			(479	)		(479	)
CNH	2,800	03/06/25	2.425%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(7	)		(4,105	)		(4,098	)
CNH	5,000	03/12/25	2.400%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(2	)		(8,167	)		(8,165	)
CNH	3,200	07/13/25	2.653%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(4	)		(1,151	)		(1,147	)
CNH	5,910	11/02/25	2.588%(Q)	7 Day China Fixing Repo Rates(2)(Q)		15			(4,884	)		(4,899	)
CNH	5,280	04/12/26	2.810%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(19	)		2,547			2,566
COP	498,340	07/27/28	6.200%(Q)	1 Day COOIS(2)(Q)		11,853			8,793			(3,060	)
COP	3,100,000	04/09/31	5.245%(Q)	1 Day COOIS(2)(Q)		—			(15,814	)		(15,814	)
CZK	6,100	01/31/24	1.930%(A)	6 Month PRIBOR(1)(S)		—			(5,773	)		(5,773	)
CZK	5,145	03/31/30	0.710%(A)	6 Month PRIBOR(2)(S)		—			(23,014	)		(23,014	)
EUR	200	05/11/25	0.100%(A)	1 Day EONIA(1)(A)		(4,878	)		(6,177	)		(1,299	)
EUR	350	04/27/30	(0.016)%(A)	6 Month EURIBOR(2)(S)		—			(2,988	)		(2,988	)
EUR	100	05/11/31	0.750%(A)	1 Day EONIA(1)(A)		(9,627	)		(10,049	)		(422	)
EUR	235	10/30/32	1.302%(A)	6 Month EURIBOR(2)(S)		5,174			36,941			31,767

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund     43

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Interest rate swap agreements outstanding at April 30, 2021 (continued):

Notional								Value at			Unrealized
Amount		Termination	Fixed	Floating	Value at			April 30,			Appreciation
(000)#		Date	Rate	Rate	Trade Date			2021			(Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
EUR	430	05/11/33	1.000%(A)	6 Month EURIBOR(2)(S)		$    (9,157	)		$    52,465			$    61,622
EUR	110	05/05/39	0.045%(A)	6 Month EURIBOR(2)(S)		—			(10,320	)		(10,320	)
EUR	120	05/11/49	1.450%(A)	6 Month EURIBOR(2)(S)		5,912			37,233			31,321
GBP	150	05/08/31	1.150%(A)	1 Day SONIA(2)(A)		7,947			8,881			934
GBP	305	04/07/41	0.952%(A)	1 Day SONIA(2)(A)		(11	)		(2,243	)		(2,232	)
GBP	225	05/08/46	1.250%(A)	1 Day SONIA(2)(A)		51,501			22,330			(29,171	)
GBP	35	09/03/50	0.328%(A)	1 Day SONIA(2)(A)		—			(7,768	)		(7,768	)
HKD	1,295	09/03/26	1.538%(Q)	3 Month HIBOR(1)(Q)		(7	)		(5,251	)		(5,244	)
HUF	43,000	03/18/26	2.140%(A)	6 Month BUBOR(2)(S)		7,577			1,225			(6,352	)
HUF	90,865	06/12/28	3.750%(A)	6 Month BUBOR(2)(S)		—			14,787			14,787
HUF	23,000	07/15/29	1.650%(A)	6 Month BUBOR(2)(S)		—			(3,470	)		(3,470	)
HUF	150,500	02/13/30	1.595%(A)	6 Month BUBOR(2)(S)		(28,410	)		(33,516	)		(5,106	)
ILS	670	04/16/28	0.928%(A)	3 Month TELBOR(2)(Q)		(9	)		(133	)		(124	)
JPY	126,000	04/08/23	(0.029)%(S)	6 Month JPY LIBOR(2)(S)		59			58			(1	)
JPY	179,000	04/08/26	0.018%(S)	6 Month JPY LIBOR(2)(S)		1,322			1,115			(207	)
JPY	59,000	12/18/27	0.290%(S)	6 Month JPY LIBOR(2)(S)		—			9,620			9,620
JPY	163,000	11/12/28	0.011%(S)	6 Month JPY LIBOR(2)(S)		(3,264	)		(5,380	)		(2,116	)
JPY	53,000	12/18/32	0.516%(S)	6 Month JPY LIBOR(2)(S)		—			19,942			19,942
JPY	111,500	12/18/37	0.715%(S)	6 Month JPY LIBOR(2)(S)		—			68,358			68,358
JPY	57,555	01/04/38	0.757%(S)	6 Month JPY LIBOR(2)(S)		32,203			39,167			6,964
JPY	11,780	12/03/38	0.600%(S)	6 Month JPY LIBOR(2)(S)		2,418			4,976			2,558
JPY	10,000	10/04/39	0.203%(S)	6 Month JPY LIBOR(2)(S)		—			(2,773	)		(2,773	)
JPY	21,500	12/03/39	0.650%(S)	6 Month JPY LIBOR(2)(S)		13,360			10,526			(2,834	)
JPY	20,000	02/06/40	0.223%(S)	6 Month JPY LIBOR(2)(S)		—			(5,128	)		(5,128	)
JPY	5,000	07/04/43	0.763%(S)	6 Month JPY LIBOR(2)(S)		—			3,257			3,257
JPY	91,700	12/18/47	0.918%(S)	6 Month JPY LIBOR(2)(S)		67,529			92,330			24,801

See Notes to Financial Statements.

44

Interest rate swap agreements outstanding at April 30, 2021 (continued):

Notional								Value at			Unrealized
Amount		Termination	Fixed	Floating	Value at			April 30,			Appreciation
(000)#		Date	Rate	Rate	Trade Date			2021			(Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
KRW	209,000	09/10/28	2.043%(Q)	3 Month KWCDC(2)(Q)		$    8,378			$    5,951			$  (2,427)
KRW	118,000	02/13/29	1.780%(Q)	3 Month KWCDC(2)(Q)		—			1,334			1,334
KRW	33,500	04/17/29	1.740%(Q)	3 Month KWCDC(2)(Q)		—			224			224
KRW	470,000	04/27/30	1.065%(Q)	3 Month KWCDC(2)(Q)		(11,962	)		(23,323	)		(11,361	)
MXN	3,630	03/19/26	6.050%(M)	28 Day Mexican Interbank Rate(2)(M)		(8	)		248			256
MXN	1,150	12/23/27	7.845%(M)	28 Day Mexican Interbank Rate(2)(M)		—			4,600			4,600
MXN	8,515	02/27/29	8.260%(M)	28 Day Mexican Interbank Rate(2)(M)		26,788			45,012			18,224
NOK	1,680	03/15/27	2.103%(A)	6 Month NIBOR(2)(S)		4,565			7,541			2,976
NOK	5,500	11/05/29	1.863%(A)	6 Month NIBOR(2)(S)		5,592			13,564			7,972
NZD	210	11/28/28	2.950%(S)	3 Month BBR(2)(Q)		—			17,396			17,396
NZD	100	07/22/29	1.768%(S)	3 Month BBR(2)(Q)		—			1,191			1,191
NZD	100	11/05/29	1.393%(S)	3 Month BBR(2)(Q)		—			(1,087	)		(1,087	)
NZD	540	03/01/31	2.098%(S)	3 Month BBR(2)(Q)		7,787			11,336			3,549
PLN	1,030	08/24/23	2.390%(A)	6 Month WIBOR(2)(S)		—			14,761			14,761
PLN	2,100	09/09/23	1.900%(A)	6 Month WIBOR(2)(S)		(11,968	)		21,689			33,657
PLN	850	11/13/23	2.570%(A)	6 Month WIBOR(2)(S)		—			12,489			12,489
PLN	1,120	06/21/24	1.750%(A)	6 Month WIBOR(2)(S)		—			11,472			11,472
PLN	1,665	07/11/28	2.935%(A)	6 Month WIBOR(2)(S)		39,922			46,468			6,546
SEK	2,000	04/25/23	0.750%(A)	3 Month STIBOR(2)(Q)		2,265			3,503			1,238
SEK	2,325	06/22/27	1.031%(A)	3 Month STIBOR(2)(Q)		(278	)		11,715			11,993
SEK	410	07/12/29	0.585%(A)	3 Month STIBOR(2)(Q)		—			(141	)		(141	)
SEK	4,555	11/05/29	0.457%(A)	3 Month STIBOR(2)(Q)		(6,829	)		(10,013	)		(3,184	)
SGD	135	03/19/24	2.025%(S)	6 Month SIBOR(2)(S)		—			4,259			4,259
SGD	90	02/14/29	2.285%(S)	6 Month SIBOR(2)(S)		—			4,513			4,513
THB	3,000	07/03/30	1.028%(S)	6 Month BIBOR(2)(S)		—			(3,884	)		(3,884	)
	1,012	06/09/21	0.395%(A)	1 Day USOIS(1)(A)		—			(3,209	)		(3,209	)
	1,500	09/12/21	0.260%(A)	1 Day USOIS(1)(A)		—			(2,707	)		(2,707	)
	990	03/10/22	0.330%(A)	1 Day USOIS(1)(A)		—			(2,431	)		(2,431	)
	2,000	08/31/22	2.550%(A)	1 Day USOIS(1)(A)		—			(99,641	)		(99,641	)
	2,180	11/09/22	0.061%(A)	1 Day SOFR(1)(A)		—			283			283
	1,450	10/30/23	0.072%(A)	1 Day USOIS(1)(A)		—			5,416			5,416
	1,770	11/02/23	0.070%(A)	1 Day USOIS(1)(A)		—			6,827			6,827

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund     45

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

Interest rate swap agreements outstanding at April 30, 2021 (continued):

Notional								Value at			Unrealized
Amount		Termination	Fixed	Floating	Value at			April 30,			Appreciation
(000)#		Date	Rate	Rate	Trade Date			2021			(Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
	1,795	11/06/23	0.063%(A)	1 Day USOIS(1)(A)		$          —			$    7,389			$    7,389
	1,595	11/09/23	0.064%(A)	1 Day USOIS(1)(A)		—			6,592			6,592
	473	05/31/24	1.350%(A)	1 Day USOIS(1)(A)		—			(20,562	)		(20,562	)
ZAR	8,270	03/13/24	7.500%(Q)	3 Month JIBAR(1)(Q)		6			(44,113	)		(44,119	)
ZAR	3,700	11/07/27	8.360%(Q)	3 Month JIBAR(2)(Q)		2,911			27,575			24,664
ZAR	3,200	07/16/28	8.170%(Q)	3 Month JIBAR(2)(Q)		(39	)		17,841			17,880
ZAR	2,460	03/13/29	8.055%(Q)	3 Month JIBAR(2)(Q)		(8	)		11,746			11,754
ZAR	5,000	11/01/29	7.820%(Q)	3 Month JIBAR(2)(Q)		(32	)		17,043			17,075
ZAR	10,915	09/15/30	6.940%(Q)	3 Month JIBAR(2)(Q)		(15,611	)		(23,366	)		(7,755	)
						$233,237			$540,919			$307,682

Notional Amount     (000)#		Termination Date		Fixed Rate	Floating Rate	Fair Value			Upfront Premiums Paid(Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Interest Rate Swap Agreements:
CLP	95,000		12/20/27	4.260%(S)	1 Day CLOIS(2)(S)		$11,733			$—			$11,733		JPMorgan Chase Bank, N.A.
CLP	100,000		05/17/28	4.270%(S)	1 Day CLOIS(2)(S)		12,696			—			12,696		Citibank, N.A.
COP	503,000		08/03/28	6.160%(Q)	1 Day COOIS(2)(Q)		9,910			—			9,910		JPMorgan Chase Bank, N.A.
COP	453,700		07/12/29	5.165%(Q)	1 Day COOIS(2)(Q)		(832	)		—			(832	)	Morgan Stanley & Co. International PLC
ILS	410		07/13/27	0.395%(A)	3 Month TELBOR(2)(Q)		(2,903	)		—			(2,903	)	Goldman Sachs International
ILS	550		04/26/28	1.915%(A)	3 Month TELBOR(2)(Q)		11,229			—			11,229		BNP Paribas S.A.
ILS	510		07/16/28	2.045%(A)	3 Month TELBOR(2)(Q)		14,311			—			14,311		JPMorgan Chase Bank, N.A.
ILS	270		07/12/29	1.411%(A)	3 Month TELBOR(2)(Q)		2,893			—			2,893		Citibank, N.A.
ILS	450		04/24/30	0.710%(A)	3 Month TELBOR(2)(Q)		(5,953	)		(4	)		(5,949	)	Goldman Sachs International
MYR	450		04/09/26	2.625%(Q)	3 Month KLIBOR(2)(Q)		(198	)		(8	)		(190	)	Morgan Stanley & Co. International PLC
MYR	200		07/11/29	3.528%(Q)	3 Month KLIBOR(2)(Q)		2,086			—			2,086		Morgan Stanley & Co. International PLC
RUB	15,000		01/12/26	6.360%(A)	3 Month MosPRIME(2)(Q)		(4,504	)		—			(4,504	)	Morgan Stanley & Co. International PLC
RUB	16,000		02/27/26	6.680%(A)	3 Month MosPRIME(2)(Q)		(3,143	)		—			(3,143	)	Morgan Stanley & Co. International PLC

See Notes to Financial Statements.

46

Interest rate swap agreements outstanding at April 30, 2021 (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.):
THB	6,000		07/04/24		1.590%(S)	6 Month BIBOR(2)(S)	$	5,945		$	—		$	5,945			Morgan Stanley & Co. International PLC
THB	1,000		05/07/25		0.795%(S)	6 Month BIBOR(2)(S)		(53	)		—			(53	)		HSBC Bank PLC
							$	53,217		$	(12	)	$	53,229

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

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

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

								Unrealized			Unrealized
	Premiums Paid			Premiums Received				Appreciation			Depreciation
OTC Swap Agreements		$	13,948		$	(25,985	)		$	194,132		$	(54,825	)

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
J.P. Morgan Securities LLC		$	400,000		$	2,717,072

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, 2021 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Asset-Backed Securities
Cayman Islands	$	—	$	5,240,360		$—
Ireland		—		903,240		—

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund     47

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Asset-Backed Securities (continued)
Netherlands	$	—	$	603,758		$—
Spain		—		117,940		—
United States		—		1,385,662		—
Commercial Mortgage-Backed Securities
Canada		—		19,872		—
United States		—		4,320,385		—
Corporate Bonds
Brazil		—		311,897		—
Canada		—		761,808		—
China		—		972,316		—
Denmark		—		491,716		—
France		—		1,387,033		—
Germany		—		797,463		—
Hong Kong		—		250,826		—
India		—		127,614		—
Indonesia		—		118,422		—
Italy		—		483,266		—
Jamaica		—		97,254		—
Kazakhstan		—		115,176		—
Luxembourg		—		243,030		—
Mexico		—		774,310		—
Netherlands		—		386,989		—
Peru		—		133,588		—
Russia		—		201,462		—
Spain		—		926,152		—
Supranational Bank		—		57,202		—
Switzerland		—		589,749		—
United Arab Emirates		—		127,800		—
United Kingdom		—		1,281,852		—
United States		—		9,684,246		—
Residential Mortgage-Backed Securities
Bermuda		—		360,021		—
Ireland		—		119,325		—
United Kingdom		—		138,215		—
United States		—		937,816		—
Sovereign Bonds
Austria		—		168,854		—
Brazil		—		722,932		—
Bulgaria		—		152,835		—
Canada		—		435,814		—
Chile		—		149,202		—
China		—		161,881		—
Colombia		—		873,175		—
Croatia		—		246,535		—
Cyprus		—		574,009		—
Dominican Republic		—		114,010		—

See Notes to Financial Statements.

48

	Level 1		Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Sovereign Bonds (continued)
France	$	—	$	96,147			$—
Greece		—		1,112,150			—
Hungary		—		177,860			—
Indonesia		—		1,139,622			—
Israel		—		484,848			—
Italy		—		1,881,081			—
Kazakhstan		—		154,668			—
Mexico		—		369,612			—
New Zealand		—		79,423			—
Panama		—		220,452			—
Peru		—		631,437			—
Philippines		—		598,250			—
Portugal		—		933,390			—
Qatar		—		217,811			—
Romania		—		269,231			—
Russia		—		499,439			—
Saudi Arabia		—		158,031			—
Serbia		—		514,916			—
Spain		—		1,199,195			—
Ukraine		—		620,784			—
Uruguay		—		117,593			—
U.S. Government Agency Obligation		—		194,916			—
U.S. Treasury Obligations		—		3,877,207			—
Affiliated Mutual Fund		6,880,139		—			—
Option Purchased		—		588			—
Total	$	6,880,139	$	53,615,663			$—
Liabilities
Option Written	$	—	$	(590	)		$—
Other Financial Instruments*
Assets
Futures Contracts	$	45,463	$	—			$—
OTC Forward Foreign Currency Exchange Contracts		—		108,482			—
OTC Packaged Credit Default Swap Agreements		—		30,988			—
Centrally Cleared Credit Default Swap Agreements		—		43,144			—
OTC Credit Default Swap Agreements		—		67,481			3
OTC Currency Swap Agreement		—		10,587			—
Centrally Cleared Inflation Swap Agreement		—		4,225			—
Centrally Cleared Interest Rate Swap Agreements		—		719,353			—
OTC Interest Rate Swap Agreements		—		70,803			—
Total	$	45,463	$	1,055,063			$   3

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund     49

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

	Level 1			Level 2			Level 3
Other Financial Instruments* (continued)
Liabilities
Futures Contracts	$	(184,708	)	$	—			$—
OTC Forward Foreign Currency Exchange Contracts		—			(256,542	)		—
OTC Packaged Credit Default Swap Agreements		—			(29,903	)		—
OTC Credit Default Swap Agreements		—			(5,103	)		—
Centrally Cleared Inflation Swap Agreements		—			(16,886	)		—
Centrally Cleared Interest Rate Swap Agreements		—			(411,671	)		—
OTC Interest Rate Swap Agreements		—			(17,586	)		—
Total	$	(184,708	)	$	(737,691	)		$—

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

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of April 30, 2021 were as follows:

Sovereign Bonds	24.9	%
Collateralized Loan Obligations	11.5
Affiliated Mutual Fund	11.4
Banks	10.6
Commercial Mortgage-Backed Securities	7.2
U.S. Treasury Obligations	6.4
Residential Mortgage-Backed Securities	3.0
Oil & Gas	2.3
Electric	1.8
Telecommunications	1.5
Consumer Loans	1.3
Packaging & Containers	1.3
Foods	1.3
Insurance	1.2
Real Estate Investment Trusts (REITs)	1.2
Healthcare-Products	1.1
Media	1.1
Pharmaceuticals	0.9
Chemicals	0.8
Transportation	0.8
Commercial Services	0.7
Auto Manufacturers	0.7
Real Estate	0.7
Pipelines	0.6
Engineering & Construction	0.6
Healthcare-Services	0.6

Diversified Financial Services	0.5	%
Iron/Steel	0.4
Home Builders	0.4
Semiconductors	0.4
Agriculture	0.3
U.S. Government Agency Obligation	0.3
Retail	0.3
Auto Parts & Equipment	0.2
Software	0.2
Electrical Components & Equipment	0.2
Other	0.2
Housewares	0.2
Automobiles	0.2
Entertainment	0.2
Airlines	0.1
Miscellaneous Manufacturing	0.1
Lodging	0.1
Mining	0.1
Multi-National	0.1
Household Products/Wares	0.0	*
Computers	0.0	*

See Notes to Financial Statements.

50

Industry Classification (continued):
Option Purchased	0.0	*%
	100.0
Option Written	(0.0	)*
Other assets in excess of liabilities	0.0	*
	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. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of April 30, 2021 as presented in the Statement of Assets and Liabilities:

	Asset Derivatives				Liability Derivatives
Derivatives not accounted for	Statement of				Statement of
as hedging instruments,	Assets and	Fair			Assets and	Fair
carried at fair value	Liabilities Location	Value			Liabilities Location	Value
Credit contracts	Due from/to broker-variation margin swaps	$	43,144*		—	$	—
Credit contracts	Premiums paid for OTC swap agreements		13,948		Premiums received for OTC swap agreements		25,973
Credit contracts	Unaffiliated investments		588		Options written outstanding, at value		590
Credit contracts	Unrealized appreciation on OTC swap agreements		112,742		Unrealized depreciation on OTC swap agreements		37,251
Foreign exchange contracts	—		—		Due from/to broker-variation margin futures		110,717	*
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		108,482		Unrealized depreciation on OTC forward foreign currency exchange contracts		256,542
Interest rate contracts	Due from/to broker-variation margin futures		45,463	*	Due from/to broker-variation margin futures		73,991	*

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund     51

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

	Asset Derivatives				Liability Derivatives
Derivatives not accounted for	Statement of				Statement of
as hedging instruments,	Assets and	Fair			Assets and	Fair
carried at fair value	Liabilities Location	Value			Liabilities Location	Value
Interest rate contracts	Due from/to broker-variation margin swaps	$	723,578	*	Due from/to broker-variation margin swaps	$	428,557	*
Interest rate contracts	—		—		Premiums received for OTC swap agreements		12
Interest rate contracts	Unrealized appreciation on OTC swap agreements		81,390		Unrealized depreciation on OTC swap agreements		17,574
		$	1,129,335			$	951,207

* 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, 2021 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
											Forward
											& Cross
											Currency
Derivatives not accounted for as hedging	Options			Options							Exchange
instruments, carried at fair value	Purchased(1)			Written			Futures				Contracts				Swaps
Credit contracts		$	—		$	—		$	—			$	—			$	91,183
Foreign exchange contracts			758			5,360			(45,005	)			(100,762	)			—
Interest rate contracts			—			—			(966,888	)			—				167,935
Total		$	758		$	5,360		$	(1,011,893	)		$	(100,762	)		$	259,118

(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
													Forward
													& Cross
Derivatives not accounted for													Currency
as hedging instruments,	Options				Options								Exchange
carried at fair value	Purchased(2)				Written				Futures				Contracts				Swaps
Credit contracts		$	(1,460	)		$	1,810			$	—			$	—			$	28,721
Foreign exchange contracts			31				(757	)			(194,566	)			(188,557	)			—
Interest rate contracts			—				—				258,754				—				(710,745	)
Total		$	(1,429	)		$	1,053			$	64,188			$	(188,557	)		$	(682,024	)

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

See Notes to Financial Statements.

52

For the six months ended April 30, 2021, the Fund’s average volume of derivative activities is as follows:

		Futures	Futures
		Contracts—	Contracts—	Forward Foreign
Options	Options	Long	Short	Currency Exchange
Purchased(1)	Written(2)	Positions(2)	Positions(2)	Contracts—  Purchased(3)
$694	$230,000	$12,510,131	$41,594,283	$7,287,456

	Cross
Forward Foreign	Currency	Interest Rate	Credit Default
Currency Exchange	Exchange	Swap	Swap Agreements—
Contracts—Sold(3)	Contracts(4)	Agreements(2)	Buy Protection(2)
$17,826,207	$8,641	$42,214,169	$4,343,727

Credit Default	Currency
Swap Agreements—	Swap	Inflation Swap
Sell Protection(2)	Agreements(2)	Agreements(2)
$11,027,188	$96,718	$762,393

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

Average volume is based on average quarter end balances as noted for the six months ended April 30, 2021.

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

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

Offsetting of OTC derivative assets and liabilities:

	Gross Amounts of			Gross Amounts of				Net Amounts of
	Recognized			Recognized				Recognized				Collateral
Counterparty	Assets(1)			Liabilities(1)				Assets/(Liabilities)				Pledged/(Received)(2)			Net Amount
Bank of America, N.A.		$	99,946		$	(196,422	)		$	(96,476	)		$	—		$	(96,476	)
Barclays Bank PLC			10,844			(13,031	)			(2,187	)			—			(2,187	)
BNP Paribas S.A.			24,994			(22,567	)			2,427				—			2,427
Citibank, N.A.			88,875			(56,398	)			32,477				—			32,477
Credit Suisse International			3,978			(343	)			3,635				—			3,635
Deutsche Bank AG			4,214			(4,716	)			(502	)			—			(502	)

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund     53

Schedule of Investments  (unaudited) (continued)

as of April 30, 2021

	Gross Amounts of			Gross Amounts of				Net Amounts of
	Recognized			Recognized				Recognized				Collateral
Counterparty	Assets(1)			Liabilities(1)				Assets/(Liabilities)				Pledged/(Received)(2)			Net Amount
Goldman Sachs International		$	107		$	(9,554	)		$	(9,447	)		$	—		$	(9,447	)
HSBC Bank PLC			6,363			(2,934	)			3,429				—			3,429
JPMorgan Chase Bank, N.A.			41,450			(12,774	)			28,676				—			28,676
Morgan Stanley & Co. International PLC			26,187			(15,628	)			10,559				—			10,559
The Toronto-Dominion Bank			3,418			(1,130	)			2,288				—			2,288
UBS AG			6,774			(2,445	)			4,329				—			4,329
		$	317,150		$	(337,942	)		$	(20,792	)		$	—		$	(20,792	)

(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.

54

Statement of Assets and Liabilities  (unaudited)

as of April 30, 2021

Assets
Investments at value:
Unaffiliated investments (cost $51,510,498)	$	53,615,663
Affiliated investments (cost $6,880,139)		6,880,139
Cash		1,761
Foreign currency, at value (cost $634,038)		629,565
Receivable for Fund shares sold		809,385
Receivable for investments sold		601,125
Deposit with broker for centrally cleared/exchange-traded derivatives		400,000
Dividends and interest receivable		367,937
Unrealized appreciation on OTC swap agreements		194,132
Unrealized appreciation on OTC forward foreign currency exchange contracts		108,482
Due from broker—variation margin futures		80,580
Premiums paid for OTC swap agreements		13,948
Prepaid expenses		1,351
Total Assets		63,704,068
Liabilities
Payable for investments purchased		2,604,369
Unrealized depreciation on OTC forward foreign currency exchange contracts		256,542
Payable for Fund shares purchased		158,540
Accrued expenses and other liabilities		73,531
Unrealized depreciation on OTC swap agreements		54,825
Premiums received for OTC swap agreements		25,985
Due to broker—variation margin swaps		8,654
Management fee payable		5,992
Directors’ fees payable		1,074
Dividends payable		905
Affiliated transfer agent fee payable		637
Options written outstanding, at value (premiums received $2,400)		590
Distribution fee payable		313
Total Liabilities		3,191,957
Net Assets	$	60,512,111
Net assets were comprised of:
Common stock, at par	$	60,089
Paid-in capital in excess of par		60,040,585
Total distributable earnings (loss)		411,437
Net assets, April 30, 2021	$	60,512,111

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund     55

Statement of Assets and Liabilities  (unaudited)

as of April 30, 2021

Class A
Net asset value, offering price and redemption price per share, ($816,027 ÷ 81,035 shares of common stock issued and outstanding)	$	10.07
Maximum sales charge (3.25% of offering price)		0.34
Maximum offering price to public	$	10.41
Class C
Net asset value, offering price and redemption price per share, ($150,234 ÷ 14,922 shares of common stock issued and outstanding)	$	10.07
Class Z
Net asset value, offering price and redemption price per share, ($31,934,937 ÷ 3,171,405 shares of common stock issued and outstanding)	$	10.07
Class R6
Net asset value, offering price and redemption price per share, ($27,610,913 ÷ 2,741,559 shares of common stock issued and outstanding)	$	10.07

See Notes to Financial Statements.

56

Statement of Operations  (unaudited)

Six Months Ended April 30, 2021

Net Investment Income (Loss)
Income
Interest income	$	529,190
Affiliated dividend income		1,876
Total income		531,066
Expenses
Management fee		107,210
Distribution fee(a)		1,822
Custodian and accounting fees		48,669
Registration fees(a)		27,862
Audit fee		21,286
Legal fees and expenses		9,060
Transfer agent’s fees and expenses (including affiliated expense of $3,758)(a)		7,946
Shareholders’ reports		6,594
Directors’ fees		5,470
Miscellaneous		10,679
Total expenses		246,598
Less: Fee waiver and/or expense reimbursement(a)		(116,524	)
Net expenses		130,074
Net investment income (loss)		400,992
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		270,541
Futures transactions		(1,011,893	)
Forward and cross currency contract transactions		(100,762	)
Options written transactions		5,360
Swap agreement transactions		259,118
Foreign currency transactions		85,274
		(492,362	)
Net change in unrealized appreciation (depreciation) on:
Investments		195,720
Futures		64,188
Forward and cross currency contracts		(188,557	)
Options written		1,053
Swap agreements		(682,024	)
Foreign currencies		(10,214	)
		(619,834	)
Net gain (loss) on investment and foreign currency transactions		(1,112,196	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(711,204	)

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund     57

Statement of Operations  (unaudited)

Six Months Ended April 30, 2021

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

	Class A			Class C			Class Z			Class R6
Distribution fee		1,050			772			—			—
Registration fees		6,190			6,205			9,363			6,104
Transfer agent’s fees and expenses		828			140			5,667			1,311
Fee waiver and/or expense reimbursement		(8,501	)		(6,622	)		(37,130	)		(64,271	)

See Notes to Financial Statements.

58

Statements of Changes in Net Assets  (unaudited)

	Six Months Ended				Year Ended
	April 30, 2021				October 31, 2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	400,992			$	836,818
Net realized gain (loss) on investment and foreign currency transactions			(492,362	)			(1,172,697	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			(619,834	)			2,199,086
Net increase (decrease) in net assets resulting from operations			(711,204	)			1,863,207
Dividends and Distributions
Distributions from distributable earnings
Class A			(11,182	)			(70,125	)
Class C			(1,490	)			(2,150	)
Class Z			(198,399	)			(231,948	)
Class R6			(413,366	)			(1,187,309	)
			(624,437	)			(1,491,532	)
Tax return of capital distributions
Class A			—				(23,520	)
Class C			—				(721	)
Class Z			—				(77,794	)
Class R6			—				(398,219	)
			—				(500,254	)
Fund share transactions
Net proceeds from shares sold			30,355,511				16,083,373
Net asset value of shares issued in reinvestment of dividends and distributions			617,509				1,982,678
Cost of shares purchased			(9,194,042	)			(12,362,424	)
Net increase (decrease) in net assets from Fund share transactions			21,778,978				5,703,627
Total increase (decrease)			20,443,337				5,575,048
Net Assets:
Beginning of period			40,068,774				34,493,726
End of period		$	60,512,111			$	40,068,774

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund     59

Notes to Financial Statements  (unaudited)

1.   Organization

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 series: PGIM Global Total Return Fund and PGIM Global Total Return Fund (USD Hedged), both of which are 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 investment objective of the Fund is to seek total return, through a combination of current income and capital appreciation.

2.   Accounting Policies

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

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Fund’s investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The 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. 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. A record of the Valuation Committee’s actions is subject to the Board’s review at its first quarterly meeting following the quarter in which such actions take place.

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

60

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

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.

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

Investments in open-end funds (other than exchange-traded 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

PGIM Global Total Return (USD Hedged) Fund     61

Notes to Financial Statements  (unaudited) (continued)

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

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. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; 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.

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

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

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

Options: The Fund purchased and/or wrote options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of equities or foreign currency exchange rates with respect to securities or financial instruments which the Fund currently owns or intends to purchase. The Fund may also use options to gain additional market exposure. The Fund’s principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option

PGIM Global Total Return (USD Hedged) Fund     63

Notes to Financial Statements  (unaudited) (continued)

expires unexercised, the Fund realizes a gain (loss) to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in determining whether the Fund has realized a gain (loss). The difference between the premium and the amount received or paid at the closing of a purchase or sale transaction is also treated as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions.

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

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

Financial Futures Contracts: A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the 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.

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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.

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

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

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

PGIM Global Total Return (USD Hedged) Fund     65

Notes to Financial Statements  (unaudited) (continued)

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 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.

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

The 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 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

PGIM Global Total Return (USD Hedged) Fund     67

Notes to Financial Statements  (unaudited) (continued)

portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/insolvency of either party. Such OTC derivative agreements include conditions which, when materialized, give the counterparty the right to cause an early termination of the transactions under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.

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

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

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

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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 GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.

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

3.   Agreements

The Fund has a management agreement with the Manager. Pursuant to this agreement, the Manager has responsibility for all investment advisory services and supervises the subadvisers’ performance of such services.

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

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 reporting period ended April 30, 2021.

The Manager has contractually agreed, through February 28, 2022, 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 such expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year.

PGIM Global Total Return (USD Hedged) Fund     69

Notes to Financial Statements  (unaudited) (continued)

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.

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. 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.

For the reporting period ended April 30, 2021, PIMS did not receive any front-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended April 30, 2021, PIMS did not receive any contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders.

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

4.   Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the Funds’ 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 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. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund. In addition to the realized and unrealized gains on investments in the Core Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors,

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and/or common officers. For the reporting period ended April 30, 2021, no 17a-7 transactions were entered into by the Fund.

5.   Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2021, were $20,108,842 and $7,414,145, respectively.

A summary of the cost of purchases and proceeds from sales of shares of an affiliated mutual fund for the reporting period ended April 30, 2021, 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
Short-Term Investments - Affiliated Mutual Fund:
PGIM Core Ultra Short Bond Fund (1)(wb)
$1,691,336	$30,011,823	$24,823,020	$—	$—	$6,880,139	6,880,139	$1,876

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

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

6.   Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of April 30, 2021 were as follows:

Tax Basis	$58,762,104
Gross Unrealized Appreciation	3,336,535
Gross Unrealized Depreciation	(1,425,297	)
Net Unrealized Appreciation	$  1,911,238

The GAAP 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, 2020 of approximately $893,000 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. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the three fiscal years up to the most recent fiscal year ended October 31, 2020 are subject to such review.

PGIM Global Total Return (USD Hedged) Fund     71

Notes to Financial Statements  (unaudited) (continued)

7.   Capital and Ownership

The Fund offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 3.25%. Investors who purchase $500,000 or more of Class A shares and sell those shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1.00% on sales although these purchases are not subject to a front-end sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately eight years (ten years prior to January 22, 2021) after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

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

The Company is authorized to issue 18.075 billion shares of common stock, $0.01 par value per share, 1.5 billion of which are designated as shares of the Fund. The shares are currently classified and designated as follows:

Class A	200,000,000
Class C	300,000,000
Class Z	600,000,000
Class R6	400,000,000

As of April 30, 2021, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

		Percentage of
	Number of Shares	Outstanding Shares
Class C	1,132	7.6%
Class R6	2,513,548	91.7%

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

Affiliated		Unaffiliated
Number of	Percentage of	Number of	Percentage of
Shareholders	Outstanding Shares	Shareholders	Outstanding Shares
1	42.2%	2	49.2%

72

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Six months ended April 30, 2021:
Shares sold		41,580		$	432,200
Shares issued in reinvestment of dividends and distributions		1,079			11,154
Shares purchased		(31,630	)		(325,476	)
Net increase (decrease) in shares outstanding		11,029		$	117,878
Year ended October 31, 2020:
Shares sold		102,949		$	1,028,888
Shares issued in reinvestment of dividends and distributions		9,149			93,532
Shares purchased		(237,293	)		(2,451,952	)
Net increase (decrease) in shares outstanding		(125,195	)	$	(1,329,532	)
Class C
Six months ended April 30, 2021:
Shares sold		7,775		$	80,652
Shares issued in reinvestment of dividends and distributions		136			1,416
Shares purchased		(8,592	)		(88,707	)
Net increase (decrease) in shares outstanding		(681	)	$	(6,639	)
Year ended October 31, 2020:
Shares sold		20,800		$	216,092
Shares issued in reinvestment of dividends and distributions		271			2,794
Shares purchased		(9,226	)		(92,568	)
Net increase (decrease) in shares outstanding		11,845		$	126,318
Class Z
Six months ended April 30, 2021:
Shares sold		2,671,855		$	27,145,637
Shares issued in reinvestment of dividends and distributions		18,591			191,550
Shares purchased		(370,809	)		(3,824,652	)
Net increase (decrease) in shares outstanding		2,319,637		$	23,512,535
Year ended October 31, 2020:
Shares sold		1,441,863		$	14,619,714
Shares issued in reinvestment of dividends and distributions		29,388			300,790
Shares purchased		(988,865	)		(9,810,297	)
Net increase (decrease) in shares outstanding		482,386		$	5,110,207
Class R6
Six months ended April 30, 2021:
Shares sold		257,708		$	2,697,022
Shares issued in reinvestment of dividends and distributions		39,905			413,389
Shares purchased		(468,643	)		(4,955,207	)
Net increase (decrease) in shares outstanding		(171,030	)	$	(1,844,796	)
Year ended October 31, 2020:
Shares sold		21,286		$	218,679
Shares issued in reinvestment of dividends and distributions		154,561			1,585,562
Shares purchased		(757	)		(7,607	)
Net increase (decrease) in shares outstanding		175,090		$	1,796,634

8.   Borrowings

The Company, on behalf of the Fund, along with other affiliated registered investment companies (the “Participating Funds”), is a party to a Syndicated Credit Agreement (“SCA”)

PGIM Global Total Return (USD Hedged) Fund     73

Notes to Financial Statements  (unaudited) (continued)

with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the SCA.

	SCA
Term of Commitment	10/2/2020 – 9/30/2021
Total Commitment	$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%
Annualized Interest Rate on Borrowings	1.30% plus the higher of (1) the effective federal funds rate, (2) the one-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 Participating Funds in the SCA equitably.

The Fund utilized the SCA during the reporting period ended April 30, 2021. The average daily balance for the 4 days that the Fund had loans outstanding during the period was approximately $731,750, borrowed at a weighted average interest rate of 1.42%. The maximum loan outstanding amount during the period was $1,463,000. At April 30, 2021, the Fund did not have an outstanding loan amount.

9.   Risks of Investing in the Fund

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

Bond Obligations Risk: As with credit risk, market risk and interest rate 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 lose income.

74

Credit Risk: This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract, may be unable or unwilling to make timely principal and interest payments, or to otherwise honor its obligations. Additionally, fixed income securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk.

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. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the Fund’s derivatives positions. In fact, many OTC derivative instruments lack 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. Emerging market countries may have policies that restrict investment by non-US investors, or that prevent non-US investors from withdrawing their money at will. Countries with emerging markets can be found in regions such as Asia, Latin America, Eastern Europe and Africa.

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

Foreign Securities Risk: The Fund’s investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. The securities of such issuers may trade in 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. Lack of information may also affect the value of these securities.

Interest Rate Risk: The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt

PGIM Global Total Return (USD Hedged) Fund     75

Notes to Financial Statements  (unaudited) (continued)

securities. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as “duration risk.” When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund’s holdings may fall sharply. This is referred to as “extension risk.” The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

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

LIBOR Risk: Many financial instruments use or may use a floating rate based on the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short-term Eurodollar deposits between major international banks. Over the course of the last several years, global regulators have indicated an intent to phase out the use of LIBOR and similar interbank offering rates (IBOR). On November 30, 2020, the administrator of LIBOR announced a delay in the phase out of a majority of the U.S. dollar LIBOR publications until June 30, 2023, with the remainder of LIBOR publications to still end at the end of 2021. There still remains uncertainty regarding the nature of any replacement rates for LIBOR and the other IBORs as well as around fallback approaches for instruments extending beyond the any phase-out of these reference rates. The lack of consensus around replacement rates and the uncertainty of the phase out of LIBOR and other IBORs may result in increased volatility in corporate or governmental debt, bank loans, derivatives and other instruments invested in by a Fund as well as loan facilities used by a Fund. As such, the potential impact of a transition away from LIBOR on a Fund or the financial instruments in which a Fund invests cannot yet be determined. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Fund’s performance and/or net asset value. Furthermore, the risks associated with the expected discontinuation of LIBOR and

76

transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR and the other IBORs as benchmarks could deteriorate during the transition period, these effects could begin to be experienced by the end of 2021 and beyond until the anticipated discontinuance date in 2023 for the majority of the LIBOR rates.

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

Market Disruption and Geopolitical Risks: International wars or conflicts and geopolitical developments in foreign countries, along with instability in regions such as Asia, Eastern Europe, and the Middle East, possible terrorist attacks in the United States or around the world, public health epidemics such as the outbreak of infectious diseases like the recent outbreak of coronavirus globally or the 2014–2016 outbreak in West Africa of the Ebola virus, and other similar events could adversely affect the U.S. and foreign financial markets, including increases in market volatility, reduced liquidity in the securities markets and government intervention, and may cause further long-term economic uncertainties in the United States and worldwide generally. The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Fund’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide.

Market Risk: Securities markets may be volatile and the market prices of the Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

Mortgage-Backed and Asset-Backed Securities Risk: Mortgage-backed and asset-backed securities tend to increase in value less than other debt securities when interest rates decline, but are subject to similar risk of decline in market value during periods of rising

PGIM Global Total Return (USD Hedged) Fund     77

Notes to Financial Statements  (unaudited) (continued)

interest rates. The values of mortgage-backed and asset-backed securities become more volatile as interest rates rise. In a period of declining interest rates, the Fund may be required to reinvest more frequent prepayments on mortgage-backed and asset-backed securities in lower-yielding investments.

10.   Recent Accounting Pronouncement and Regulatory Developments

In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, which provides optional guidance for applying GAAP to contract modifications, hedging relationships and other transactions affected by the reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. At this time, management is evaluating the implications of certain provisions of the ASU and any impact on the financial statement disclosures has not yet been determined.

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule took effect on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Rule and its impact to the Fund.

78

Financial Highlights (unaudited)

Class A Shares
	Six Months
	Ended									December 12, 2017(a)
	April 30,			Year Ended October 31,						through October 31,
	2021			2020			2019			2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.41			$10.43			$9.48			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.08			0.21			0.18			0.16
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.28	)		0.30			1.33			(0.42	)
Total from investment operations		(0.20	)		0.51			1.51			(0.26	)
Less Dividends and Distributions:
Dividends from net investment income		(0.14	)		(0.28	)		(0.56	)		(0.26	)
Tax return of capital distributions		-			(0.14	)		-			-
Distributions from net realized gains		-			(0.11	)		-			-
Total dividends and distributions		(0.14	)		(0.53	)		(0.56	)		(0.26	)
Net asset value, end of period		$10.07			$10.41			$10.43			$9.48
Total Return(c):		(1.97	)%		5.12	%		16.40	%		(2.65	)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$816			$729			$2,036			$49
Average net assets (000)		$847			$1,716			$234			$46
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.88	%(e)		0.88	%		0.88	%		0.88	%(e)
Expenses before waivers and/or expense reimbursement		2.90	%(e)		2.30	%		8.27	%		80.88	%(e)
Net investment income (loss)		1.62	%(e)		2.03	%		1.69	%		1.86	%(e)
Portfolio turnover rate(f)		18	%		33	%		31	%		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 GAAP. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments 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     79

Financial Highlights  (unaudited) (continued)

Class C Shares
	Six Months
	Ended									December 12, 2017(a)
	April 30,			Year Ended October 31,						through October 31,
	2021			2020			2019			2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.41			$10.43			$9.48			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.05			0.12			0.17			0.10
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.29	)		0.31			1.27			(0.43	)
Total from investment operations		(0.24	)		0.43			1.44			(0.33	)
Less Dividends and Distributions:
Dividends from net investment income		(0.10	)		(0.20	)		(0.49	)		(0.19	)
Tax return of capital distributions		-			(0.14	)		-			-
Distributions from net realized gains		-			(0.11	)		-			-
Total dividends and distributions		(0.10	)		(0.45	)		(0.49	)		(0.19	)
Net asset value, end of period		$10.07			$10.41			$10.43			$9.48
Total Return(c):		(2.34	)%		4.32	%		15.59	%		(3.29	)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$150			$162			$39			$17
Average net assets (000)		$156			$85			$16			$13
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.63	%(e)		1.63	%		1.63	%		1.63	%(e)
Expenses before waivers and/or expense reimbursement		10.20	%(e)		15.56	%		97.66	%		290.47	%(e)
Net investment income (loss)		0.89	%(e)		1.15	%		1.70	%		1.13	%(e)
Portfolio turnover rate(f)		18	%		33	%		31	%		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 GAAP. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

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

See Notes to Financial Statements.

80

Class Z Shares
	Six Months
	Ended									December 12, 2017(a)
	April 30,			Year Ended October 31,						through October 31,
	2021			2020			2019			2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.41			$10.43			$9.48			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.09			0.22			0.18			0.18
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.28	)		0.32			1.36			(0.42	)
Total from investment operations		(0.19	)		0.54			1.54			(0.24	)
Less Dividends and Distributions:
Dividends from net investment income		(0.15	)		(0.31	)		(0.59	)		(0.28	)
Tax return of capital distributions		-			(0.14	)		-			-
Distributions from net realized gains		-			(0.11	)		-			-
Total dividends and distributions		(0.15	)		(0.56	)		(0.59	)		(0.28	)
Net asset value, end of period		$10.07			$10.41			$10.43			$9.48
Total Return(c):		(1.86	)%		5.37	%		16.71	%		(2.44	)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$31,935			$8,864			$3,854			$164
Average net assets (000)		$14,217			$6,563			$1,214			$160
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.63	%(e)		0.63	%		0.63	%		0.63	%(e)
Expenses before waivers and/or expense reimbursement		1.16	%(e)		1.56	%		3.11	%		24.70	%(e)
Net investment income (loss)		1.76	%(e)		2.17	%		1.72	%		2.11	%(e)
Portfolio turnover rate(f)		18	%		33	%		31	%		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 GAAP. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments 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 R6 Shares
	Six Months
	Ended									December 12, 2017(a)
	April 30,			Year Ended October 31,						through October 31,
	2021			2020			2019			2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.41			$10.43			$9.48			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.10			0.23			0.26			0.18
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.29	)		0.31			1.28			(0.42	)
Total from investment operations		(0.19	)		0.54			1.54			(0.24	)
Less Dividends and Distributions:
Dividends from net investment income		(0.15	)		(0.31	)		(0.59	)		(0.28	)
Tax return of capital distributions		-			(0.14	)		-			-
Distributions from net realized gains		-			(0.11	)		-			-
Total dividends and distributions		(0.15	)		(0.56	)		(0.59	)		(0.28	)
Net asset value, end of period		$10.07			$10.41			$10.43			$9.48
Total Return(c):		(1.82	)%		5.42	%		16.79	%		(2.40	)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$27,611			$30,314			$28,565			$24,421
Average net assets (000)		$28,020			$29,230			$26,482			$24,571
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.58	%(e)		0.58	%		0.58	%		0.58	%(e)
Expenses before waivers and/or expense reimbursement		1.04	%(e)		1.19	%		1.49	%		1.67	%(e)
Net investment income (loss)		1.94	%(e)		2.25	%		2.66	%		2.14	%(e)
Portfolio turnover rate(f)		18	%		33	%		31	%		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 GAAP. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

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

See Notes to Financial Statements.

82

Fund Liquidity Risk Management Program (unaudited)

Consistent with Rule 22e-4 under the 1940 Act (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program (the “LRMP”). The Fund’s LRMP seeks to assess and manage the Fund’s liquidity risk, which is defined as the risk that the Fund is unable to meet investor redemption requests without significantly diluting the remaining investors’ interests in the Fund. The Company’s Board of Directors (the “Board”) has approved PGIM Investments LLC (“PGIM Investments”), the Fund’s investment manager, to serve as the administrator of the Fund’s LRMP. As part of its responsibilities as administrator, PGIM Investments has retained a third party to perform certain functions, including providing market data and liquidity classification model information.

The Fund’s LRMP includes a number of processes designed to support the assessment and management of its liquidity risk. In particular, the Fund’s LRMP includes no less than annual assessments of factors that influence the Fund’s liquidity risk; no less than monthly classifications of the Fund’s investments into one of four liquidity classifications provided for in the Liquidity Rule; a 15% of net assets limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); establishment of a minimum percentage of the Fund’s assets to be invested in investments classified as “highly liquid” (as defined under the Liquidity Rule) if the Fund does not invest primarily in highly liquid investments; and regular reporting to the Board.

At a meeting of the Board on March 2-5, 2021, PGIM Investments provided a written report (“LRMP Report”) to the Board addressing the operation, adequacy, and effectiveness of the Fund’s LRMP, including any material changes to the LRMP for the period from January 1, 2020 through December 31, 2020 (“Reporting Period”). The LRMP Report concluded that the Fund’s LRMP was reasonably designed to assess and manage the Fund’s liquidity risk and was adequately and effectively implemented during the Reporting Period. There were no material changes to the LRMP during the Reporting Period. The LRMP Report further concluded that the Fund’s investment strategies continue to be appropriate given the Fund’s status as an open-end fund.

There can be no assurance that the LRMP will achieve its objectives in the future. Additional information regarding risks of investing in the Fund, including liquidity risks presented by the Fund’s investment portfolio, is found in the Fund’s Prospectus and Statement of Additional Information.

PGIM Global Total Return (USD Hedged) Fund 83

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

PROXY VOTING

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

DIRECTORS

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

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer • Claudia DiGiacomo, Chief Legal Officer • Dino Capasso, Chief Compliance Officer • Jonathan Corbett, Anti-Money Laundering Compliance Officer • Andrew R. French, Secretary • Melissa Gonzalez, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Kelly A. Coyne, Assistant Secretary • Patrick McGuinness, Assistant Secretary • Debra Rubano, Assistant Secretary • Lana Lomuti, Assistant Treasurer • Russ Shupak, Assistant Treasurer • Elyse McLaughlin, Assistant Treasurer • Deborah Conway, Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISERS	PGIM Fixed Income PGIM Limited	655 Broad Street Newark, NJ 07102 Grand Buildings, 1-3 Strand Trafalgar Square London, WC2N 5HR United Kingdom
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

Shareholders can communicate directly with the Board of Directors by writing to the Chair of the Board, PGIM 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 that Director at the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO HOLDINGS

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

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 – There have been no material changes to these procedures.

Item 11 – Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There has been no significant change in the registrant’s internal control over financial reporting 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 – Controls and Procedures - Disclosure of Securities Lending Activities for Closed-End    

Management Investment Companies – Not applicable.

Item 13 – 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 18, 2021

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 18, 2021
By:	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and Accounting Officer
Date:	June 18, 2021