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:	10/31/2021
Date of reporting period:	10/31/2021

Item 1 – Reports to Stockholders

PGIM GLOBAL TOTAL RETURN FUND

ANNUAL REPORT

OCTOBER 31, 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
Growth of a $10,000 Investment	5
Strategy and Performance Overview	8
Fees and Expenses	12
Holdings and Financial Statements	15
Approval of Advisory Agreements

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

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

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

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Letter from the President

Dear Shareholder:   We hope you find the annual report for the PGIM Global Total Return Fund informative and useful. The report covers performance for the 12-month period that ended October 31, 2021.   The global economy and markets continued to recover throughout the period from the ongoing impact of the COVID-19 pandemic. The Federal Reserve slashed interest rates and kept them near zero to encourage borrowing. Congress passed stimulus bills worth several trillion dollars to help consumers and businesses. And several

effective COVID-19 vaccines received regulatory approval. Those measures were enough to offset the fear of rising inflation and supply chain challenges that threatened to disrupt growth.

At the start of the period, stocks had recovered most of the steep losses they had suffered at the onset of the pandemic. Equities rallied as states reopened their economies but became more volatile as investors worried that a surge in COVID-19 infections would stall the recovery. However, rising corporate profits and economic growth, the resolution of the US presidential election, and the global rollout of approved vaccines lifted equity markets to record levels, helping stocks around the globe post gains for the full period.

Throughout this volatile period, investors sought safety in fixed income. Investment-grade bonds in the US and the overall global bond market declined slightly during the period as the economy recovered, but emerging market debt rose. While the 10-year US Treasury yield hovered near record lows early in the period after a significant rally in interest rates, rates moved higher later on as investors began to focus on stronger economic growth and the prospects of higher inflation. The Fed also took several aggressive actions to keep the bond markets running smoothly, implementing many of the relief programs that proved to be successful in helping end the global financial crisis in 2008-09.

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 $1.5 trillion in assets under management. This scale and investment expertise allow 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

December 15, 2021

PGIM Global Total Return Fund 3

Your Fund’s Performance (unaudited)

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

	Average Annual Total Returns as of 10/31/21
	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A
(with sales charges)	-4.19	3.31	3.15	—
(without sales charges)	-0.97	4.00	3.49	—
Class C
(with sales charges)	-2.68	3.23	2.74	—
(without sales charges)	-1.72	3.23	2.74	—
Class Z
(without sales charges)	-0.70	4.27	3.76	—
Class R2
(without sales charges)	-1.12	N/A	N/A	3.28 (12/27/2017)
Class R4
(without sales charges)	-0.87	N/A	N/A	3.54 (12/27/2017)
Class R6
(without sales charges)	-0.58	4.30	N/A	3.87 (02/03/2012)
Bloomberg Global Aggregate Index
	-1.24	2.52	1.70	—

Average Annual Total Returns as of 10/31/21 Since Inception (%)
	Class R2, Class R4 (12/27/2017)	Class R6  (02/03/2012)
Bloomberg Global Aggregate Index	2.59	1.69

Since Inception returns are provided for any share class that has 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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Growth of a $10,000 Investment (unaudited)

The graph compares a $10,000 investment in the Fund’s Class Z shares with a similar investment in the Bloomberg Global Aggregate Index by portraying the initial account values at the beginning of the 10-year period for Class Z shares (October 31, 2011) and the account values at the end of the current fiscal year (October 31, 2021), as measured on a quarterly basis. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested. The line graph provides information for Class Z shares only. As indicated in the tables provided earlier, performance for other share classes will vary due to the differing fees and expenses applicable to each share class (as indicated in the following paragraphs). Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

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

PGIM Global Total Return Fund 5

Your Fund’s Performance (continued)

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

	Class A	Class C	Class Z	Class 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 fees	None	None	None	0.10%*	0.10%*	None

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

Benchmark Definitions

Bloomberg Global Aggregate Index—The Bloomberg Global Aggregate Index is an unmanaged index of global investment-grade fixed income markets. The three major components of this index are the U.S. 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.

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Distributions and Yields as of 10/31/21
	Total Distributions Paid for 12 Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day  Unsubsidized  Yield** (%)
Class A	0.23	1.37	1.38
Class C	0.18	0.67	0.64
Class Z	0.25	1.66	1.61
Class R2	0.22	1.21	1.81
Class R4	0.23	1.46	1.41
Class R6	0.26	1.79	1.79

*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.

Credit Quality expressed as a percentage of total investments as of 10/31/21 (%)
AAA	15.5
AA	9.3
A	17.4
BBB	31.7
BB	12.4
B	5.3
CCC	1.3
Not Rated	6.0
Cash/Cash Equivalents	1.1
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 an NRSRO. Credit ratings are subject to change.

PGIM Global Total Return Fund 7

Strategy and Performance Overview (unaudited)

How did the Fund perform?

The PGIM Global Total Return Fund’s Class Z shares returned -0.70% in the 12-month reporting period that ended October 31, 2021, outperforming the -1.24% return of the Bloomberg Global Aggregate Index (the Index).

What were the market conditions?

• The strong global rebound from the depths of the COVID-19 pandemic continued throughout the reporting period, as economies continued to respond to the unprecedented monetary and fiscal stimulus programs. The effective rollout of COVID-19 vaccines, along with clear messaging from both President Biden and the Federal Reserve (the Fed) on the potential for further stimulus, shifted the prospects for growth and inflation, kicking off a robust “reflation trade” in bond markets, which caused the US Treasury yield curve to steepen over the period. (A yield curve is a line graph that illustrates the relationship between the yields and maturities of fixed income securities. It is created by plotting the yields of different maturities for the same type of bonds.)

• Although yields for short-term Treasuries remained well anchored during the first quarter of 2021 by the Fed’s commitment to maintain its low-rate policy, longer-term Treasuries sold off sharply, with the yield on the benchmark US 10-year Treasury note rising from 0.92% on December 31, 2020 to 1.74% by March 31, 2021. Similarly, the yield on the 30-year Treasury bond rose from 1.65% to 2.41% over the same period.

• Market volatility for rates then eased in the second and third quarters of 2021, with long-term US Treasury yields declining gradually before rising again in late September after the Fed signaled it could begin tapering its monthly bond purchases shortly after its November meeting. The US 10-year and 30-year Treasury yields ended the period at 1.55% and 1.93%, respectively. Meanwhile, the yield on the 2-year Treasury note rose sharply the last month of the period as markets began pricing in two rate hikes in 2022, ending October 31, 2021 at 0.45%—a rise of 28 basis points (bps) over the period. (One basis point equals 0.01%.) Despite flattening over the last six months of the period as the market pulled forward its expectation for rate hikes, the US Treasury yield curve steepened during the period, with the 10-year and 2-year Treasury spread rising from 0.74% to 1.07% as of October 31, 2021.

• In Europe, German 10-year bond yields rose to end the period at -0.10%, as rate hike expectations were brought forward amid concerns about prolonged inflation even as the European Central Bank continued to signal rate hikes in 2022 were unlikely. Similarly, United Kingdom (UK) 10-year bond yields rose over the period to end October 31, 2021 at 1.03% amid inflation concerns driven by demand and supply-chain bottlenecks.

• Spread markets continued to tighten, supported by the Fed’s monetary responses, fiscal stimulus, the rollout of COVID-19 vaccines, better-than-expected corporate earnings, and surging growth in the US, Europe, and some emerging market economies. (Spread markets are non-government-related sectors of the fixed income market, such as investment grade corporate bonds, high yield bonds, or asset-backed

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securities.) Strengthening economic fundamentals coupled with aggressive central bank measures (e.g., zero interest rate policies and asset purchases) drove corporate and securitized asset spreads tighter, with many sectors rallying to, or through, their pre-COVID-19 levels.

• The US investment grade corporate market performed well, with spreads tightening to near-historic levels by the end of the period, supported by better-than-expected corporate earnings, positive vaccination progress, and a favorable technical backdrop. Strengthening fundamentals generally kept securitized credit on a tightening trajectory as well, with commercial mortgage-backed securities (CMBS) spreads trading well below their pre-pandemic tights by the end of the period. US high yield bond spreads tightened as fundamentals remained supportive. Meanwhile, emerging market spreads tightened, boosting returns as investor appetite remained strong amid a global search for yield.

What worked?

• Security selection and sector allocation both contributed to the Fund’s performance over the reporting period.

• Within security selection, positions in developed high yield, emerging sovereigns, developed sovereigns, developed asset-backed securities (ABS), emerging agencies, developed Treasuries, and developed investment grade corporates were the largest contributors for the period.

• Within sector allocation, overweights to emerging sovereigns, developed CMBS, developed high yield, and developed ABS relative to the Index were the largest contributors to performance.

• Within credit, positioning in foreign non-corporates, upstream and midstream energy, retailers & restaurants, and gaming, lodging & leisure contributed.

• In individual security selection, the Fund benefited from overweights to Ukraine, Italy, and Greece sovereign bonds relative to the Index, along with positioning in Chesapeake Energy Corp. (upstream energy) and Petroleos Mexicanos SA de CV (foreign non-corporate).

What didn’t work?

• During the reporting period, the Fund’s long duration bias, principally in emerging market rates, detracted from returns. (Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates.) The Fund’s yield curve flattener positioning in US rates also detracted, as the curve steepened over the period. (A yield curve flattener is an interest rate environment in which long-term rates are decreasing more quickly than short-term rates.)

• Although overall security selection contributed to performance, positioning in emerging LIBOR (London Interbank Offered Rate) derivatives, emerging Treasuries, and developed LIBOR derivatives detracted from performance. Within sector

PGIM Global Total Return Fund 9

Strategy and Performance Overview (continued)

allocation, an underweight to developed investment grade corporates and developed local authorities, along with an overweight to emerging Treasuries, relative to the Index detracted.

• Within credit, positioning in life insurance, finance companies, and property & casualty detracted from performance.

• In individual security selection, overweights to Prologis Inc. (REIT) and Medtronic PLC (healthcare) relative to the Index, along with positioning in UK and China sovereign bonds, detracted from performance.

Did the Fund use derivatives?

The Fund uses derivatives when they facilitate implementation of the overall investment approach. During the reporting period, the Fund used interest rate futures, options, and swaps to help manage duration positioning and yield curve exposure. Over the period, options contributed to performance while futures and swaps detracted. Credit default swaps and credit default swap index (CDX) positions were used to either add risk exposure to certain issuers or to hedge credit risk imposed by certain issuers. Overall, credit derivative exposure contributed during the period. In addition, the Fund traded foreign-exchange derivatives, which had a negative impact on performance over the period.

Current outlook

• As the Fed’s tapering approached, PGIM Fixed Income believed the Fed would likely draw a clear distinction between the removal of accommodation via reduction in asset purchases and tightening of policy through rate hikes in the federal funds rate target.

• Looking beyond the next year or two, PGIM Fixed Income believes the secular fundamental drivers—such as aging demographics and high debt levels—that pushed rates lower for decades are likely to reassert themselves with even more downward force on rates in a post-COVID world of older populations and markedly higher debt levels. As a result, many central bankers may end up leaving administered rates near, or at, their effective lower bounds, and rate hike cycles will likely continue cresting at progressively lower levels. From that perspective, the third quarter 2021 increase in longer-term rates—which lifted them back up to levels that reflect a substantial and permanent rise in administered rates over the coming years—has probably already overshot fundamentals, in PGIM Fixed Income’s view.

• As for spread sectors, PGIM Fixed Income continues to expect the ongoing economic expansion to support credit fundamentals and, in turn, to allow credit products to continue outperforming. Given the relatively narrow level of spreads, however, excess returns are likely to be more modest, deriving primarily from incremental yield and rolling down the spread curve, rather than from the kinds of wholesale spread compression seen since March 2020. (Roll-down return is a strategy for selling a bond as it approaches its maturity date. In general, as a bond’s maturity date grows

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closer, its interest rate moves closer to zero. Since there is an inverse relationship between bond yields and prices, bond prices increase as their interest rates decrease.)

• PGIM Fixed Income maintains its positive view of the spread sectors over the medium to long term, and the Fund holds allocations to an array of credit sectors, including investment-grade and high yield corporates, high-quality structured products, and emerging markets. While valuations are now a bit full, with spreads in many sectors tighter than historical norms, PGIM Fixed Income generally expects ongoing spread sector outperformance. However, this outlook is not without caveats. First, the relatively narrow level of spreads diminishes the pace and magnitude of further outperformance. Additionally, narrower spreads leave little room for error, and the uncertain course of the long-term economic recovery warrants a discerning approach to credit selection.

• Within structured products, PGIM Fixed Income is biased to own the top of the capital structure, as near-zero policy rates and ongoing Fed purchases support a spread tightening environment. In investment grade corporates, PGIM Fixed Income is looking to take advantage of spread compression in select higher-yielding BBB-rated bonds, solid credits in stressed industries, and cyclicals. PGIM Fixed Income remains constructive on high yield over the medium term as improving fundamentals and a decline in defaults is expected to drive spread compression going forward, and it believes the prospects for emerging market debt performance are encouraging given the supportive backdrop, attractive valuations, and global search for yield.

PGIM Global Total Return Fund 11

Fees and Expenses (unaudited)

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

The example is based on an investment of $1,000 held through the six-month period ended October 31, 2021. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

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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       May 1, 2021	Ending   Account Value   October 31, 2021		Annualized     Expense     Ratio Based on     the     Six-Month Period	Expenses Paid   During the   Six-Month Period*
Class A	Actual	$1,000.00		$   993.20	0.88%	$4.42
	Hypothetical	$1,000.00		$1,020.77	0.88%	$4.48
Class C	Actual	$1,000.00		$   989.40	1.63%	$8.17
	Hypothetical	$1,000.00		$1,016.99	1.63%	$8.29
Class Z	Actual	$1,000.00		$   994.50	0.64%	$3.22
	Hypothetical	$1,000.00		$1,021.98	0.64%	$3.26
Class R2	Actual	$1,000.00		$   993.90	1.08%	$5.43
	Hypothetical	$1,000.00		$1,019.76	1.08%	$5.50
Class R4	Actual	$1,000.00		$   993.70	0.83%	$4.17
	Hypothetical	$1,000.00		$1,021.02	0.83%	$4.23
Class R6	Actual	$1,000.00		$   995.20	0.52%	$2.62
	Hypothetical	$1,000.00		$1,022.58	0.52%	$2.65

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended October 31, 2021, and divided by the 365 days in the Fund’s fiscal year ended 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 13

Schedule of Investments

as of October 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
LONG-TERM INVESTMENTS    98.7%
ASSET-BACKED SECURITIES    11.0%
Canada    0.1%
Fairstone Financial Issuance Trust,
Series 2020-01A, Class A, 144A		2.509	%		10/20/39		CAD	1,500	$	1,206,327
Ford Auto Securitization Trust,
Series 2020-AA, Class B, 144A		1.872			06/15/26		CAD	400		320,275
Series 2020-AA, Class C, 144A		2.763			04/15/28		CAD	500		406,496
										1,933,098
Cayman Islands    3.2%
Battalion CLO Ltd.,
Series 2015-08A, Class A1R2, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%)		1.192	(c)		07/18/30			5,500		5,498,837
Brookside Mill CLO Ltd.,
Series 2013-01A, Class BR, 144A, 3 Month LIBOR + 1.350% (Cap N/A, Floor 0.000%)		1.472	(c)		01/17/28			4,000		4,002,573
Carlyle CLO Ltd.,
Series C17A, Class A1AR, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)		1.159	(c)		04/30/31			15,000		15,007,489
Carlyle US CLO Ltd.,
Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.020% (Cap N/A, Floor 0.000%)		1.152	(c)		04/20/31			12,500		12,500,002
CBAM Ltd.,
Series 2019-11A, Class A1, 144A, 3 Month LIBOR + 1.360% (Cap N/A, Floor 1.360%)		1.492	(c)		10/20/32			25,000		25,010,295
Elevation CLO Ltd.,
Series 2017-06A, Class A1, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 0.000%)		1.404	(c)		07/15/29			500		500,376
Generate CLO Ltd.,
Series 02A, Class AR, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 0.000%)		1.278	(c)		01/22/31			5,000		4,999,995
Greywolf CLO Ltd.,
Series 2020-03RA, Class A1R, 144A, 3 Month LIBOR + 1.290% (Cap N/A, Floor 1.290%)		1.418	(c)		04/15/33			14,000		14,024,233
MidOcean Credit CLO,
Series 2016-05A, Class AR, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 0.000%)		1.244	(c)		07/19/28			3,563		3,562,683
Series 2018-08A, Class B, 144A, 3 Month LIBOR + 1.650% (Cap N/A, Floor 0.000%)		1.781	(c)		02/20/31			2,000		2,000,400
Series 2018-09A, Class A1, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)		1.282	(c)		07/20/31			2,000		1,999,952

See Notes to Financial Statements.

PGIM Global Total Return Fund 15

Schedule of Investments (continued)

as of October 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Cayman Islands (cont’d.)
Mountain View CLO Ltd.,
Series 2015-09A, Class A2R, 144A, 3 Month LIBOR + 1.780% (Cap N/A, Floor 0.000%)		1.904	%(c)		07/15/31		5,750	$	5,748,540
Series 2019-01A, Class A1R, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 1.250%)		1.374	(c)		10/15/34		15,000		15,002,895
OZLM Ltd.,
Series 2014-06A, Class A2AS, 144A, 3 Month LIBOR + 1.750% (Cap N/A, Floor 0.000%)		1.872	(c)		04/17/31		2,000		2,000,090
Series 2018-20A, Class A1, 144A, 3 Month LIBOR + 1.050% (Cap N/A, Floor 0.000%)		1.182	(c)		04/20/31		5,000		4,998,509
Race Point CLO Ltd.,
Series 2013-08A, Class AR2, 144A, 3 Month LIBOR + 1.040% (Cap N/A, Floor 1.040%)		1.171	(c)		02/20/30		8,540		8,542,578
Shackleton CLO Ltd.,
Series 2014-05RA, Class A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 0.000%)		1.225	(c)		05/07/31		5,000		4,996,991
Series 2014-05RA, Class B, 144A, 3 Month LIBOR + 1.700% (Cap N/A, Floor 0.000%)		1.825	(c)		05/07/31		6,500		6,496,813
Series 2017-10A, Class BR, 144A, 3 Month LIBOR + 1.550% (Cap N/A, Floor 0.000%)		1.682	(c)		04/20/29		10,000		9,980,764
Signal Peak CLO Ltd.,
Series 2018-05A, Class A, 144A, 3 Month LIBOR + 1.110% (Cap N/A, Floor 1.110%)		1.234	(c)		04/25/31		6,250		6,248,226
Silver Creek CLO Ltd.,
Series 2014-01A, Class AR, 144A, 3 Month LIBOR + 1.240% (Cap N/A, Floor 0.000%)		1.372	(c)		07/20/30		493		492,694
TCW CLO Ltd.,
Series 2018-01A, Class A1A, 144A, 3 Month LIBOR + 1.050% (Cap N/A, Floor 0.000%)		1.174	(c)		04/25/31		15,000		14,997,841
TIAA CLO Ltd.,
Series 2016-01A, Class AR, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 0.000%)		1.332	(c)		07/20/31		2,000		2,000,136
Tryon Park CLO Ltd.,
Series 2013-01A, Class A2R, 144A, 3 Month LIBOR + 1.500% (Cap N/A, Floor 0.000%)		1.624	(c)		04/15/29		3,700		3,699,913
Voya CLO Ltd.,
Series 2013-02A, Class A1R, 144A, 3 Month LIBOR + 0.970% (Cap N/A, Floor 0.970%)		1.094	(c)		04/25/31		4,500		4,502,226
Wellfleet CLO Ltd.,
Series 2017-03A, Class A1, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)		1.272	(c)		01/17/31		2,500		2,500,677

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
ASSET-BACKED SECURITIES (Continued)
Cayman Islands (cont’d.)
Zais CLO Ltd.,
Series 2015-03A, Class A2R, 144A, 3 Month LIBOR + 2.190% (Cap N/A, Floor 0.000%)		2.314	%(c)		07/15/31			8,500	$	8,503,947
Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.290% (Cap N/A, Floor 0.000%)		1.414	(c)		04/15/30			733		732,276
Series 2018-01A, Class A, 144A, 3 Month LIBOR + 0.950% (Cap N/A, Floor 0.000%)		1.074	(c)		04/15/29			5,745		5,740,844
										196,292,795
Ireland    4.8%
Anchorage Capital Europe CLO Ltd.,
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		4,593,500
Ares European CLO DAC,
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		9,239,580
Armada Euro CLO DAC,
Series 02A, Class A3, 144A		1.500			11/15/31		EUR	1,500		1,736,018
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		22,981,846
Capital Four CLO DAC,
Series 02A, Class A, 144A, 3 Month EURIBOR + 1.050% (Cap N/A, Floor 1.050%)		1.050	(c)		01/15/34		EUR	23,000		26,636,922
Carlyle Euro CLO DAC,
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		64,436,717
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		10,999,017
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		23,031,293
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		17,376,116
Series 03A, Class B2, 144A		2.000			01/15/34		EUR	11,500		13,330,372
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		21,391,024
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		5,770,698

See Notes to Financial Statements.

PGIM Global Total Return Fund 17

Schedule of Investments (continued)

as of October 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
ASSET-BACKED SECURITIES (Continued)
Ireland (cont’d.)
Invesco Euro CLO DAC,
Series 01A, Class A2R, 144A		0.800	%		07/15/31		EUR	30,000	$	34,652,037
OAK Hill European Credit Partners DAC,
Series 2017-06A, Class A2, 144A		1.150			01/20/32		EUR	3,000		3,475,431
Providus CLO DAC,
Series 02A, Class B1R, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%)		1.650	(c)		07/15/31		EUR	7,500		8,681,701
Rathlin Residential DAC,
Series 2021-01A, Class A, 144A, 1 Month EURIBOR + 2.000%		1.443	(c)		09/27/75		EUR	1,600		1,813,594
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		9,827,655
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		12,710,455
										292,683,976
Netherlands    0.2%
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		11,517,200
Spain    0.1%
TFS,
Series 2018-03, Class A1, 1 Month EURIBOR + 3.000%		3.000	(c)		04/16/23		EUR	6,132		6,202,664
United Kingdom    0.3%
Newday Funding Master Issuer PLC,
Series 2021-01A, Class A1, 144A, SONIA + 0.970% (Cap N/A, Floor 0.000%)		1.020	(c)		03/15/29		GBP	3,700		5,088,614
Series 2021-01A, Class A2, 144A, SOFR + 1.100% (Cap N/A, Floor 0.000%)		1.150	(c)		03/15/29			3,500		3,527,405
Newday Partnership Funding PLC,
Series 2020-01A, Class A3, 144A, SONIA + 1.400% (Cap N/A, Floor 0.000%)		1.450	(c)		11/15/28		GBP	6,205		8,613,663
										17,229,682

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date	Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
United States    2.3%
AmeriCredit Automobile Receivables Trust,
Series 2020-03, Class D		1.490	%	09/18/26		1,900	$	1,909,988
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%)		2.744	(c)	08/25/32		312		315,913
Series 2002-03, Class M3, 1 Month LIBOR + 2.850% (Cap N/A, Floor 2.850%)		2.939	(c)	08/25/32		167		167,922
Battalion CLO Ltd.,
Series 2018-12A, Class A1, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%)		1.194	(c)	05/17/31		15,000		14,995,840
Chase Funding Trust,
Series 2003-04, Class 2A2, 1 Month LIBOR + 0.600% (Cap N/A, Floor 0.600%)		0.689	(c)	05/25/33		496		491,008
CHEC Loan Trust,
Series 2004-01, Class A3, 144A, 1 Month LIBOR + 1.000% (Cap N/A, Floor 1.000%)		1.089	(c)	07/25/34		496		493,622
Commonbond Student Loan Trust,
Series 2020-AGS, Class A, 144A		1.980		08/25/50		2,882		2,904,554
Countrywide Asset-Backed Certificates,
Series 2002-05, Class MV1, 1 Month LIBOR + 1.500% (Cap N/A, Floor 1.500%)		1.589	(c)	03/25/33		74		74,135
Credit Suisse Mortgage Trust,
Series 2020-11R, Class 1A1, 144A, 1 Month LIBOR + 2.150%		2.230	(c)	04/25/38		2,126		2,141,564
EquiFirst Mortgage Loan Trust,
Series 2004-01, Class 1A1, 1 Month LIBOR + 0.480% (Cap N/A, Floor 0.480%)		0.569	(c)	01/25/34		547		531,347
Exeter Automobile Receivables Trust,
Series 2020-03A, Class D		1.730		07/15/26		700		707,528
Ford Credit Auto Owner Trust,
Series 2020-02, Class C, 144A		1.740		04/15/33		1,300		1,291,755
Ford Credit Floorplan Master Owner Trust,
Series 2020-02, Class C		1.870		09/15/27		2,100		2,080,381
JPMorgan Chase Bank, NA,
Series 2020-01, Class R, 144A		33.784		01/25/28		1,237		1,341,389
Series 2020-02, Class E, 144A		3.072		02/25/28		2,315		2,332,597
Series 2020-02, Class R, 144A		31.355		02/25/28		582		634,808
Series 2021-01, Class E, 144A		2.365		09/25/28		489		488,709
Series 2021-01, Class F, 144A		4.280		09/25/28		600		594,144
Series 2021-01, Class R, 144A		28.348		09/25/28		1,977		2,121,268
Series 2021-02, Class F, 144A		4.393		12/26/28		600		594,126

See Notes to Financial Statements.

PGIM Global Total Return Fund 19

Schedule of Investments (continued)

as of October 31, 2021

Description	Interest Rate			Maturity Date	Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
United States (cont’d.)
JPMorgan Chase Bank, NA, (cont’d.)
Series 2021-03, Class F, 144A		3.694	%	02/26/29		600	$	592,441
Laurel Road Prime Student Loan Trust,
Series 2018-A, Class A, 144A		0.000		02/25/43		3,430		1,308,676
Series 2018-C, Class A, 144A		0.000	(cc)	08/25/43		1,266		1,301,698
Series 2019-A, Class R, 144A		0.000		10/25/48		3,087		522,420
Legacy Mortgage Asset Trust,
Series 2019-GS02, Class A1, 144A		3.750		01/25/59		1,220		1,221,808
Series 2019-GS04, Class A1, 144A		3.438		05/25/59		2,286		2,287,865
Lending Funding Trust,
Series 2020-02A, Class A, 144A		2.320		04/21/31		1,100		1,113,949
Lendmark Funding Trust,
Series 2019-02A, Class A, 144A		2.780		04/20/28		2,300		2,340,796
Series 2021-01A, Class D, 144A		5.050		11/20/31		1,900		1,982,753
Long Beach Mortgage Loan Trust,
Series 2004-03, Class M1, 1 Month LIBOR + 0.855% (Cap N/A, Floor 0.855%)		0.944	(c)	07/25/34		115		114,283
Mariner Finance Issuance Trust,
Series 2020-AA, Class A, 144A		2.190		08/21/34		1,800		1,827,127
MASTR Asset-Backed Securities Trust,
Series 2004-WMC02, Class M1, 1 Month LIBOR + 0.900% (Cap N/A, Floor 0.900%)		0.989	(c)	04/25/34		1,113		1,094,624
Merrill Lynch Mortgage Investors Trust,
Series 2004-HE02, Class M1, 1 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)		1.289	(c)	08/25/35		32		31,731
Morgan Stanley ABS Capital I, Inc. Trust,
Series 2003-NC08, Class M1, 1 Month LIBOR + 1.050% (Cap N/A, Floor 1.050%)		1.139	(c)	09/25/33		93		92,654
Morgan Stanley Dean Witter Capital I, Inc. Trust,
Series 2002-AM03, Class A3, 1 Month LIBOR + 0.980% (Cap N/A, Floor 0.980%)		1.069	(c)	02/25/33		153		152,488
Navient Private Education Refi Loan Trust,
Series 2020-GA, Class B, 144A		2.500		09/16/69		2,000		2,012,642
Series 2021-A, Class B, 144A		2.240		05/15/69		1,850		1,840,321
OneMain Direct Auto Receivables Trust,
Series 2019-01A, Class B, 144A		3.950		11/14/28		1,300		1,402,569
Oportun Funding LLC,
Series 2020-01, Class A, 144A		2.200		05/15/24		912		915,025
Oportun Funding XIII LLC,
Series 2019-A, Class B, 144A		3.870		08/08/25		4,158		4,220,158
Series 2019-A, Class D, 144A		6.220		08/08/25		3,400		3,470,337

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date	Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
United States (cont’d.)
Oportun Funding XIV LLC,
Series 2021-A, Class C, 144A		3.440	%	03/08/28		1,200	$	1,212,969
Series 2021-A, Class D, 144A		5.400		03/08/28		500		505,002
PNMAC FMSR Issuer Trust,
Series 2018-FT01, Class A, 144A, 1 Month LIBOR + 2.350% (Cap N/A, Floor 0.000%)		2.439	(c)	04/25/23		4,290		4,294,283
PNMAC GMSR Issuer Trust,
Series 2018-GT01, Class A, 144A, 1 Month LIBOR + 2.850% (Cap N/A, Floor 2.850%)		2.939	(c)	02/25/23		1,020		1,022,373
Series 2018-GT02, Class A, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 0.000%)		2.739	(c)	08/25/25		2,300		2,299,312
Santander Consumer Auto Receivables Trust,
Series 2021-AA, Class D, 144A		1.570		01/15/27		850		845,841
Series 2021-AA, Class R, 144A		0.000		08/15/28		6		999,450
Santander Drive Auto Receivables Trust,
Series 2020-03, Class D		1.640		11/16/26		4,800		4,847,974
Series 2020-04, Class D		1.480		01/15/27		3,200		3,225,502
Series 2021-01, Class D		1.130		11/16/26		12,700		12,664,821
SoFi Alternative Trust,
Series 2019-B, Class PT, 144A		0.000	(cc)	12/15/45		5,007		5,169,215
Series 2019-D, Class 1PT, 144A		2.847	(cc)	01/16/46		5,198		5,356,556
Series 2019-F, Class PT1, 144A		3.932	(cc)	02/15/45		6,743		6,878,890
SoFi Professional Loan Program LLC,
Series 2019-C, Class BFX, 144A		3.050		11/16/48		2,100		2,125,371
SoFi RR Funding II Trust,
Series 2019-01, Class A, 144A, 1 Month LIBOR + 1.250% (Cap N/A, Floor 1.250%)		1.336	(c)	11/29/24		4,695		4,689,134
SoFi RR Funding III Trust,
Series 2020-01, Class A, 144A, 1 Month LIBOR + 3.750% (Cap N/A, Floor 3.750%)		3.836	(c)	11/29/24		2,700		2,702,818
Springleaf Funding Trust,
Series 2017-AA, Class C, 144A		3.860		07/15/30		800		800,948
TH MSR Issuer Trust,
Series 2019-FT01, Class A, 144A, 1 Month LIBOR + 2.800% (Cap N/A, Floor 2.800%)		2.889	(c)	06/25/24		9,330		9,307,194
World Omni Select Auto Trust,
Series 2020-A, Class D		1.700		10/15/26		5,900		5,917,742
								140,924,358
TOTAL ASSET-BACKED SECURITIES (cost $677,352,799)								666,783,773

See Notes to Financial Statements.

PGIM Global Total Return Fund 21

Schedule of Investments (continued)

as of October 31, 2021

Description	Interest Rate			Maturity Date	Principal Amount (000)#			Value
BANK LOANS    1.0%
Germany    0.1%
Speedster Bidco GmbH,
Second Lien Term Loan, 6 Month EURIBOR + 6.000% (Cap N/A, Floor 0.000%)		6.000	%(c)	03/31/28		EUR	3,265	$	3,793,212
United Kingdom    0.9%
CD&R Firefly Bidco Ltd.,
Initial Term Loan, 3 Month GBP LIBOR + 8.356%^		8.412	(c)	06/21/26		GBP	16,075		21,999,441
Constellation Automotive Group Ltd.,
Facility B-2 Loan, 5 Day SONIA + 4.750%		4.800	(c)	07/16/28		GBP	8,850		12,075,333
EG Group Ltd.,
Additional Second Lien Loan Facility, 1 - 6 Month EURIBOR + 7.000% (Cap N/A, Floor 0.000%)		7.000	(c)	04/30/27		EUR	18,800		21,814,298
									55,889,072
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		1,311,706
Diamond Sports Group LLC,
Term Loan, 1 Month LIBOR + 3.250%		3.340	(c)	08/24/26			2,308		1,201,430
									2,513,136
TOTAL BANK LOANS (cost $63,211,261)									62,195,420
COMMERCIAL MORTGAGE-BACKED SECURITIES    6.6%
Canada    0.0%
Real Estate Asset Liquidity Trust,
Series 2020-01A, Class A1, 144A		2.381	(cc)	02/12/55		CAD	2,159		1,755,942
Ireland    0.5%
Taurus DAC,
Series 2021-UK1A, Class D, 144A, SONIA + 2.600% (Cap N/A, Floor 2.600%)		2.649	(c)	05/17/31		GBP	550		754,246
Series 2021-UK4A, Class B, 144A, SONIA + 1.500%		1.550	(c)	08/17/31		GBP	5,300		7,239,487

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date	Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Ireland (cont’d.)
Taurus DAC, (cont’d.)
Series 2021-UK4A, Class C, 144A, SONIA + 1.750%		1.800	%(c)	08/17/31	GBP	8,700	$	11,881,232
Series 2021-UK4A, Class D, 144A, SONIA + 2.100%		2.150	(c)	08/17/31	GBP	7,250		9,904,093
								29,779,058
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%)		1.704	(c)	01/23/29	GBP	500		685,986
United States    6.1%
20 Times Square Trust,
Series 2018-20TS, Class G, 144A		3.100	(cc)	05/15/35		1,000		926,714
Series 2018-20TS, Class H, 144A		3.100	(cc)	05/15/35		1,000		910,775
BANK,
Series 2017-BNK05, Class A3		3.020		06/15/60		3,600		3,714,005
Series 2017-BNK06, Class A3		3.125		07/15/60		4,400		4,553,864
Series 2017-BNK09, Class A3		3.279		11/15/54		3,000		3,183,862
Series 2019-BN21, Class A3		2.458		10/17/52		6,293		6,473,787
Benchmark Mortgage Trust,
Series 2018-B02, Class A3		3.544		02/15/51		5,000		5,298,526
Series 2018-B03, Class A3		3.746		04/10/51		7,200		7,629,260
Series 2020-B17, Class A4		2.042		03/15/53		6,200		6,166,000
Series 2020-B20, Class A3		1.945		10/15/53		11,000		11,008,504
BX Commercial Mortgage Trust,
Series 2019-XL, Class F, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%)		2.090	(c)	10/15/36		2,805		2,799,721
Series 2019-XL, Class G, 144A, 1 Month LIBOR + 2.300% (Cap N/A, Floor 2.300%)		2.390	(c)	10/15/36		7,416		7,397,631
Series 2019-XL, Class J, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 2.650%)		2.740	(c)	10/15/36		21,488		21,434,141
Series 2020-BXLP, Class F, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%)		2.090	(c)	12/15/36		3,244		3,233,569
Series 2020-BXLP, Class G, 144A, 1 Month LIBOR + 2.500% (Cap N/A, Floor 2.500%)		2.590	(c)	12/15/36		11,267		11,210,960
Cantor Commercial Real Estate Lending,
Series 2019-CF02, Class A3		2.647		11/15/52		16,531		16,956,539
CF Mortgage Trust,
Series 2020-P01, Class A1, 144A		2.840	(cc)	04/15/25		9,412		9,759,457

See Notes to Financial Statements.

PGIM Global Total Return Fund 23

Schedule of Investments (continued)

as of October 31, 2021

Description	Interest Rate			Maturity Date	Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
United States (cont’d.)
Citigroup Commercial Mortgage Trust,
Series 2014-GC21, Class XB, IO		0.437	%(cc)	05/10/47		27,500	$	298,535
Series 2016-GC37, Class XB, IO		0.693	(cc)	04/10/49		33,868		965,668
Series 2016-P04, Class XB, IO		1.317	(cc)	07/10/49		9,100		537,293
Series 2017-P08, Class A2		3.109		09/15/50		2,000		2,055,220
Cold Storage Trust,
Series 2020-ICE05, Class E, 144A, 1 Month LIBOR + 2.766% (Cap N/A, Floor 2.833%)		2.856	(c)	11/15/37		4,399		4,396,241
Commercial Mortgage Trust,
Series 2012-CR01, Class XA, IO		1.874	(cc)	05/15/45		2,581		6,540
Series 2014-UBS04, Class XB, IO, 144A		0.216	(cc)	08/10/47		50,000		292,375
Series 2015-CR24, Class A4		3.432		08/10/48		3,831		4,017,627
Credit Suisse Mortgage Capital Certificates,
Series 2019-ICE04, Class E, 144A, 1 Month LIBOR + 2.150% (Cap N/A, Floor 2.150%)		2.240	(c)	05/15/36		14,125		14,133,765
CSAIL Commercial Mortgage Trust,
Series 2018-CX11, Class A3		4.095		04/15/51		2,250		2,385,898
Series 2019-C17, Class A3		2.769		09/15/52		12,444		12,963,643
DBWF Mortgage Trust,
Series 2016-85T, Class E, 144A		3.808	(cc)	12/10/36		3,000		2,895,393
Deutsche Bank Commercial Mortgage Trust,
Series 2016-C03, Class A3		2.362		08/10/49		1,500		1,520,398
Series 2017-C06, Class A3		3.269		06/10/50		4,400		4,557,565
Series 2020-C09, Class A3		1.882		08/15/53		20,000		19,988,508
Eleven Madison Mortgage Trust,
Series 2015-11MD, Class C, 144A		3.555	(cc)	09/10/35		500		516,283
FHLMC Multifamily Structured Pass-Through Certificates,
Series K019, Class X1, IO		1.580	(cc)	03/25/22		7,887		860
Series K020, Class X1, IO		1.337	(cc)	05/25/22		9,496		39,995
Series K025, Class X1, IO		0.781	(cc)	10/25/22		17,400		106,830
Series K037, Class X1, IO		0.938	(cc)	01/25/24		10,022		176,978
Series K043, Class X1, IO		0.520	(cc)	12/25/24		11,831		181,230
Series K049, Class X1, IO		0.586	(cc)	07/25/25		39,574		761,042
Series K052, Class X1, IO		0.646	(cc)	11/25/25		11,837		272,932
Series K053, Class X1, IO		0.881	(cc)	12/25/25		44,670		1,420,249
Series K054, Class X1, IO		1.164	(cc)	01/25/26		30,173		1,297,797
Series K058, Class X1, IO		0.922	(cc)	08/25/26		40,658		1,586,070
Series K090, Class X1, IO		0.705	(cc)	02/25/29		22,957		1,106,515
Series K111, Class X1, IO		1.572	(cc)	05/25/30		29,376		3,418,080
Series K113, Class X1, IO		1.387	(cc)	06/25/30		119,112		12,355,463
Series K114, Class X1, IO		1.118	(cc)	06/25/30		75,459		6,383,802

See Notes to Financial Statements.

24

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 K116, Class X1, IO		1.427	%(cc)	07/25/30		49,175	$	5,166,638
Series K121, Class X1, IO		1.028	(cc)	10/25/30		127,749		9,966,408
Series KG03, Class X1, IO		1.381	(cc)	06/25/30		101,850		10,290,354
Series Q001, Class XA, IO		2.142	(cc)	02/25/32		6,126		637,019
Greystone Commercial Capital Trust,
Series 2021-03, Class A, 144A^		0.000	(cc)	08/17/23		17,250		17,250,000
GS Mortgage Securities Corp. Trust,
Series 2021-RENT, Class C, 144A, 1 Month LIBOR + 1.550% (Cap N/A, Floor 1.550%)		1.636	(c)	11/21/35		7,780		7,760,429
Series 2021-RENT, Class D, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 1.850%)		1.936	(c)	11/21/35		4,500		4,490,090
GS Mortgage Securities Trust,
Series 2014-GC20, Class XB, IO		0.427	(cc)	04/10/47		30,000		300,768
Series 2014-GC22, Class XB, IO		0.298	(cc)	06/10/47		35,000		310,331
Series 2014-GC24, Class XB, IO		0.021	(cc)	09/10/47		83,262		43,105
Series 2014-GC26, Class XB, IO		0.294	(cc)	11/10/47		56,483		558,888
Series 2018-GS09, Class A3		3.727		03/10/51		7,000		7,629,821
JPMBB Commercial Mortgage Securities Trust,
Series 2016-C01, Class A3		3.515		03/15/49		966		966,026
JPMCC Commercial Mortgage Securities Trust,
Series 2017-JP05, Class A3		3.342		03/15/50		1,600		1,623,822
Series 2017-JP06, Class A3		3.109		07/15/50		4,600		4,731,748
Series 2017-JP07, Class A3		3.379		09/15/50		5,100		5,295,315
JPMDB Commercial Mortgage Securities Trust,
Series 2020-COR07, Class A4		1.915		05/13/53		10,000		9,872,503
JPMorgan Chase Commercial Mortgage Securities Corp.,
Series 2018-AON, Class E, 144A		4.613	(cc)	07/05/31		5,564		5,696,025
MKT Mortgage Trust,
Series 2020-525M, Class F, 144A		2.941	(cc)	02/12/40		3,775		3,498,479
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2016-C31, Class A3		2.731		11/15/49		2,211		2,219,210
Morgan Stanley Capital I Trust,
Series 2016-UBS09, Class A2		2.982		03/15/49		286		291,889
Series 2017-H01, Class A3		3.153		06/15/50		4,500		4,671,196
Series 2019-MEAD, Class E, 144A		3.177	(cc)	11/10/36		1,700		1,626,580
Series 2020-HR08, Class XB, IO		0.878	(cc)	07/15/53		54,413		3,891,917
One New York Plaza Trust,
Series 2020-01NYP, Class C, 144A, 1 Month LIBOR + 2.200% (Cap N/A, Floor 2.200%)		2.290	(c)	01/15/26		8,475		8,507,270

See Notes to Financial Statements.

PGIM Global Total Return Fund 25

Schedule of Investments (continued)

as of October 31, 2021

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%)		2.840	%(c)	01/15/26			2,975	$	2,989,902
UBS Commercial Mortgage Trust,
Series 2017-C04, Class A3		3.301		10/15/50			6,500		6,851,735
Series 2017-C06, Class A3		3.581		12/15/50			5,000		5,241,242
Series 2017-C07, Class A3		3.418		12/15/50			4,400		4,699,012
UBS-Barclays Commercial Mortgage Trust,
Series 2012-C02, Class XA, IO, 144A		1.271	(cc)	05/10/63			4,090		19,145
Wells Fargo Commercial Mortgage Trust,
Series 2016-C35, Class XB, IO		0.933	(cc)	07/15/48			24,000		966,775
Series 2016-LC24, Class XB, IO		0.979	(cc)	10/15/49			20,910		927,605
Series 2017-C40, Class A3		3.317		10/15/50			2,600		2,766,831
Series 2021-FCMT, Class B, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 1.850%)		1.940	(c)	05/15/31			1,800		1,800,560
Series 2021-FCMT, Class C, 144A, 1 Month LIBOR + 2.400% (Cap N/A, Floor 2.400%)		2.490	(c)	05/15/31			1,700		1,700,529
Series 2021-FCMT, Class D, 144A, 1 Month LIBOR + 3.500% (Cap N/A, Floor 3.500%)		3.590	(c)	05/15/31			2,200		2,200,693
									370,755,970
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $397,533,045)									402,976,956
CORPORATE BONDS    41.4%
Australia    0.1%
Australia & New Zealand Banking Group Ltd.,
Sr. Unsec’d. Notes, EMTN		3.700		03/18/24		CNH	2,000		315,248
Westpac Banking Corp.,
Sr. Unsec’d. Notes, EMTN		4.420		08/14/23		CNH	21,000		3,349,207
									3,664,455
Belgium    0.2%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.,
Gtd. Notes		4.900		02/01/46			7,380		9,412,612
Anheuser-Busch InBev Worldwide, Inc.,
Gtd. Notes		5.550		01/23/49			3,800		5,326,355
									14,738,967

See Notes to Financial Statements.

26

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Brazil    0.7%
Petrobras Global Finance BV,
Gtd. Notes		5.375	%		10/01/29	GBP		9,621	$	14,079,192
Gtd. Notes		6.625			01/16/34	GBP		8,080		12,423,269
Gtd. Notes, EMTN		6.250			12/14/26	GBP		8,644		13,131,466
Suzano Austria GmbH,
Gtd. Notes		6.000			01/15/29			200		229,875
Swiss Insured Brazil Power Finance Sarl,
Sr. Sec’d. Notes		9.850			07/16/32	BRL		20,174		3,308,510
										43,172,312
Bulgaria    0.3%
Bulgarian Energy Holding EAD,
Sr. Unsec’d. Notes		2.450			07/22/28	EUR		13,680		15,714,160
Canada    0.9%
Barrick Gold Corp.,
Sr. Unsec’d. Notes		5.250			04/01/42			35		45,794
Barrick North America Finance LLC,
Gtd. Notes		5.700			05/30/41			45		61,626
Barrick PD Australia Finance Pty Ltd.,
Gtd. Notes		5.950			10/15/39			50		68,736
Bombardier, Inc.,
Sr. Unsec’d. Notes, 144A		7.125			06/15/26			3,900		4,093,825
Sr. Unsec’d. Notes, 144A		7.500			12/01/24			4,050		4,215,903
Sr. Unsec’d. Notes, 144A		7.875			04/15/27			2,535		2,636,321
Brookfield Residential Properties, Inc./Brookfield
Residential US LLC,
Gtd. Notes, 144A		4.875			02/15/30			2,320		2,326,888
Gtd. Notes, 144A		6.250			09/15/27			2,175		2,270,129
Sr. Unsec’d. Notes, 144A		5.000			06/15/29			1,675		1,686,404
Cenovus Energy, Inc.,
Sr. Unsec’d. Notes		2.650			01/15/32			1,340		1,308,116
Sr. Unsec’d. Notes		3.750			02/15/52			955		963,791
Sr. Unsec’d. Notes		4.250			04/15/27			3,500		3,844,222
Hydro-Quebec,
Local Gov’t. Gtd. Notes, MTN		6.000			02/15/40	CAD		1,000		1,189,206
Local Gov’t. Gtd. Notes, Series B, MTN		8.400			03/28/25			654		800,997
Local Gov’t. Gtd. Notes, Series HE		8.625			06/15/29			600		865,397
Local Gov’t. Gtd. Notes, Series HK		9.375			04/15/30			1,000		1,547,512
Local Gov’t. Gtd. Notes, Series HQ		9.500			11/15/30			800		1,279,949
Local Gov’t. Gtd. Notes, Series JM		5.000			02/15/45	CAD		2,000		2,232,510

See Notes to Financial Statements.

PGIM Global Total Return Fund 27

Schedule of Investments (continued)

as of October 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
Canada (cont’d.)
Kinross Gold Corp.,
Gtd. Notes		5.950	%		03/15/24			1,000	$	1,098,294
MEG Energy Corp.,
Gtd. Notes, 144A		7.125			02/01/27			1,225		1,287,101
Methanex Corp.,
Sr. Unsec’d. Notes		4.250			12/01/24			1,500		1,589,885
Nutrien Ltd.,
Sr. Unsec’d. Notes		3.375			03/15/25			1,450		1,541,174
Sr. Unsec’d. Notes		4.200			04/01/29			490		555,686
Ontario Electricity Financial Corp.,
Local Gov’t. Gtd. Notes, Series 40		1.848	(s)		04/11/31		CAD	10,000		6,369,202
Ontario Teachers’ Cadillac Fairview Properties Trust,
Sr. Unsec’d. Notes, 144A		2.500			10/15/31			1,775		1,779,373
Rogers Communications, Inc.,
Gtd. Notes		3.250			05/01/29		CAD	700		574,644
Teck Resources Ltd.,
Sr. Unsec’d. Notes		5.400			02/01/43			1,403		1,735,468
Sr. Unsec’d. Notes		6.000			08/15/40			4,360		5,636,987
Toronto-Dominion Bank (The),
Sr. Unsec’d. Notes		2.050			07/10/24		AUD	2,470		1,876,192
Sr. Unsec’d. Notes		3.005			05/30/23		CAD	1,000		831,192
										56,312,524
China    0.9%
Agricultural Development Bank of China,
Sr. Unsec’d. Notes		3.400			11/06/24		CNH	72,790		11,515,943
Sr. Unsec’d. Notes		3.800			10/27/30		CNH	55,000		8,894,642
Aircraft Finance Co. Ltd.,
Sr. Sec’d. Notes, Series B		4.100			03/29/26			2,180		2,235,792
Sr. Sec’d. Notes, Series C		3.955			03/29/23			10,048		10,218,372
Bank of China Ltd.,
Sr. Unsec’d. Notes, EMTN		0.420			11/29/21		JPY	100,000		877,502
Sr. Unsec’d. Notes, EMTN		3.300			04/17/22		CNH	4,950		773,518
China Development Bank,
Sr. Unsec’d. Notes		4.300			08/02/32		CNH	25,000		4,197,288
Sr. Unsec’d. Notes, EMTN		4.350			08/06/24		CNH	4,700		761,078
Sr. Unsec’d. Notes, EMTN		4.350			09/19/24		CNH	8,990		1,456,816
Unsec’d. Notes		1.860			04/09/23		CNH	10,000		1,543,686
Unsec’d. Notes		4.200			01/19/27		CNH	16,000		2,622,066
Unsec’d. Notes, Series 2015		3.700			10/20/30		CNH	20,000		3,198,957

See Notes to Financial Statements.

28

Description	Interest Rate			Maturity Date			Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
China (cont’d.)
NXP BV/NXP Funding LLC/NXP USA, Inc.,
Gtd. Notes, 144A		3.150	%		05/01/27				575	$	607,345
Gtd. Notes, 144A		3.400			05/01/30				725		777,572
State Grid Overseas Investment BVI Ltd.,
Gtd. Notes, EMTN		0.797			08/05/26			EUR	3,830		4,480,298
											54,160,875
Denmark    0.2%
Danske Bank A/S,
Sr. Unsec’d. Notes, 144A		1.171	(ff)		12/08/23				9,300		9,322,053
Sr. Unsec’d. Notes, 144A		1.621	(ff)		09/11/26				4,645		4,610,034
Sr. Unsec’d. Notes, 144A		3.244	(ff)		12/20/25				1,095		1,150,728
											15,082,815
France    2.4%
Altice France SA,
Sr. Sec’d. Notes		3.375			01/15/28			EUR	8,475		9,397,940
Banque Federative du Credit Mutuel SA,
Sr. Unsec’d. Notes, Series 19		0.999			10/15/25			JPY	200,000		1,801,729
Sr. Unsec’d. Notes, Series 21		0.300			10/13/23			JPY	300,000		2,635,183
BNP Paribas SA,
Sr. Unsec’d. Notes, 144A		1.323	(ff)		01/13/27				3,400		3,322,725
Sr. Unsec’d. Notes, 144A		1.904	(ff)		09/30/28				12,100		11,887,274
Sr. Unsec’d. Notes, 144A		2.159	(ff)		09/15/29				6,310		6,190,731
Sr. Unsec’d. Notes, 144A		2.871	(ff)		04/19/32				5,220		5,304,925
Sr. Unsec’d. Notes, EMTN		6.420			09/11/23			MXN	250		11,788
Sub. Notes, EMTN		4.625			03/09/27			AUD	370		296,266
BPCE SA,
Sr. Unsec’d. Notes, 144A		2.277	(ff)		01/20/32				7,422		7,148,829
Sr. Unsec’d. Notes, EMTN		0.562			06/24/24			JPY	100,000		878,820
Sr. Unsec’d. Notes, Series 03		0.989			07/12/28			JPY	300,000		2,690,353
Sr. Unsec’d. Notes, Series 05		0.530	(ff)		12/10/26			JPY	500,000		4,377,245
Sub. Notes, Series 01		2.047			01/30/25			JPY	100,000		903,970
Credit Agricole Assurances SA,
Sub. Notes		4.250	(ff)		01/13/25	(oo)		EUR	2,000		2,540,310
Credit Agricole Corporate & Investment Bank SA,
Sr. Unsec’d. Notes, EMTN		2.670			02/20/24			NZD	1,400		1,002,324
Credit Agricole SA,
Sr. Unsec’d. Notes, 144A		1.247	(ff)		01/26/27				2,545		2,483,278
Sr. Unsec’d. Notes, EMTN		4.400			07/06/27			AUD	1,200		981,422
Sr. Unsec’d. Notes, Series 4		0.959			06/08/28			JPY	400,000		3,549,094

See Notes to Financial Statements.

PGIM Global Total Return Fund 29

Schedule of Investments (continued)

as of October 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
France (cont’d.)
Credit Agricole SA, (cont’d.)
Sr. Unsec’d. Notes, Series 7		1.248	%(ff)		06/04/26		JPY	600,000	$	5,401,694
Sub. Notes, EMTN		4.200	(ff)		05/29/34		AUD	400		311,687
Dexia Credit Local SA,
Gov’t. Liquid Gtd. Notes, EMTN		2.125			02/12/25		GBP	2,800		3,966,693
Iliad Holding SAS,
Sr. Sec’d. Notes, 144A		5.125			10/15/26		EUR	6,850		8,147,254
La Poste SA,
Sr. Unsec’d. Notes, EMTN		1.450			11/30/28		EUR	600		747,227
Loxam SAS,
Sr. Sec’d. Notes		2.875			04/15/26		EUR	5,200		5,909,385
Sr. Sub. Notes		4.500			04/15/27		EUR	3,800		4,354,363
Sr. Sub. Notes		5.750			07/15/27		EUR	3,600		4,286,448
Sr. Sub. Notes, 144A		4.500			04/15/27		EUR	900		1,031,297
Regie Autonome des Transports Parisiens,
Sr. Unsec’d. Notes, EMTN		0.400			12/19/36		EUR	4,300		4,955,346
SNCF Reseau,
Sr. Unsec’d. Notes, EMTN		5.250			12/07/28		GBP	1,000		1,733,287
Sr. Unsec’d. Notes, EMTN		5.250			01/31/35		GBP	200		391,448
Sr. Unsec’d. Notes, Series MPLE		4.700			06/01/35		CAD	6,400		6,154,300
Societe Generale SA,
Sr. Unsec’d. Notes, 144A, MTN		2.625			01/22/25			20,885		21,522,361
Sr. Unsec’d. Notes, 144A, MTN		3.875			03/28/24			3,130		3,322,108
Sub. Notes, EMTN		4.875			10/13/26		AUD	2,364		1,915,928
Sub. Notes, EMTN		5.000			05/19/27		AUD	220		177,354
Sub. Notes, EMTN		5.000	(ff)		07/20/28		AUD	1,006		788,168
Societe Nationale SNCF SA,
Sr. Unsec’d. Notes, EMTN		5.375			03/18/27		GBP	1,622		2,671,585
										145,192,139
Germany    0.9%
Daimler International Finance BV,
Gtd. Notes, EMTN		3.450			09/27/22		CNH	1,000		156,376
Gtd. Notes, EMTN		3.780			03/22/22		CNH	2,000		312,751
Deutsche Bahn Finance GMBH,
Gtd. Notes, MTN		1.987			07/08/30		AUD	1,000		702,338
Gtd. Notes, MTN		3.800			09/27/27		AUD	900		727,565
Deutsche Bank AG,
Sr. Unsec’d. Notes		1.686			03/19/26			4,350		4,334,704
Sr. Unsec’d. Notes		2.129	(ff)		11/24/26			3,760		3,776,158
Sr. Unsec’d. Notes		3.950			02/27/23			3,040		3,157,972

See Notes to Financial Statements.

30

Description	Interest Rate			Maturity Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Germany (cont’d.)
Deutsche Bank AG, (cont’d.)
Sub. Notes, EMTN		3.662	%(ff)	04/10/25	CNH	89,000	$	13,681,303
Unsec’d. Notes		4.550	(s)	11/07/22		1,814		1,797,636
Kreditanstalt fuer Wiederaufbau,
Gov’t. Gtd. Notes		4.700		06/02/37	CAD	402		404,565
thyssenkrupp AG,
Sr. Unsec’d. Notes		1.375		03/03/22	EUR	12,086		13,984,802
TK Elevator Midco GmbH,
Sr. Sec’d. Notes		4.375		07/15/27	EUR	2,400		2,855,458
Sr. Sec’d. Notes, 3 Month EURIBOR + 4.750% (Cap N/A, Floor 4.750%)		4.750	(c)	07/15/27	EUR	2,000		2,329,340
Sr. Sec’d. Notes, 144A		4.375		07/15/27	EUR	4,300		5,116,029
Volkswagen International Finance NV,
Gtd. Notes		2.700	(ff)	12/14/22(oo)	EUR	1,000		1,183,993
								54,520,990
Hong Kong    0.2%
HKT Capital No. 3 Ltd.,
Gtd. Notes		1.650		04/10/27	EUR	9,000		10,826,542
Sun Hung Kai Properties Capital Market Ltd.,
Gtd. Notes, EMTN		3.200		08/14/27	CNH	3,000		460,802
Gtd. Notes, EMTN		3.380		01/18/29	HKD	1,000		137,142
Sr. Unsec’d. Notes, EMTN		3.160		01/25/28	CNH	4,000		608,004
Swire Pacific MTN Financing Ltd.,
Gtd. Notes, EMTN		3.900		11/05/30	HKD	5,000		712,886
								12,745,376
Hungary    0.1%
MFB Magyar Fejlesztesi Bank Zrt,
Gov’t. Gtd. Notes		1.375		06/24/25	EUR	4,270		5,141,699
Iceland    0.1%
Landsvirkjun,
Gov’t. Gtd. Notes, EMTN		0.000	(cc)	07/24/26	EUR	5,000		5,711,851
India    0.3%
NTPC Ltd.,
Sr. Unsec’d. Notes, EMTN		2.750		02/01/27	EUR	13,640		16,729,475

See Notes to Financial Statements.

PGIM Global Total Return Fund 31

Schedule of Investments (continued)

as of October 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
Indonesia    0.2%
Pertamina Persero PT,
Sr. Unsec’d. Notes, 144A, MTN		4.300	%		05/20/23			500	$	524,931
Perusahaan Listrik Negara PT,
Sr. Unsec’d. Notes		2.875			10/25/25		EUR	2,400		2,958,449
Sr. Unsec’d. Notes, 144A		1.875			11/05/31		EUR	6,900		7,755,337
Sr. Unsec’d. Notes, 144A		2.875			10/25/25		EUR	900		1,109,418
										12,348,135
Israel    0.4%
Energean Israel Finance Ltd.,
Sr. Sec’d. Notes, 144A		4.500			03/30/24			654		666,997
Israel Electric Corp. Ltd.,
Sr. Sec’d. Notes		6.875			06/21/23			3,000		3,278,065
Sr. Sec’d. Notes		7.875			12/15/26			5,500		6,930,146
Sr. Sec’d. Notes, 144A, GMTN		4.250			08/14/28			1,550		1,728,545
Sr. Sec’d. Notes, EMTN		3.700			05/23/30		JPY	200,000		2,027,936
Sr. Sec’d. Notes, EMTN		7.750			12/15/27			9,750		12,565,603
										27,197,292
Italy    0.3%
Agenzia Nazionale per l’Attrazione degli
Investimenti e lo Sviluppo d’Impresa,
Sr. Unsec’d. Notes		1.375			07/20/22		EUR	1,000		1,167,643
Assicurazioni Generali SpA,
Sub. Notes, EMTN		5.500	(ff)		10/27/47		EUR	2,075		2,902,427
Intesa Sanpaolo SpA,
Sr. Unsec’d. Notes, 144A		3.375			01/12/23			310		319,383
Sub. Notes, 144A		4.198			06/01/32			1,430		1,443,141
Rossini Sarl,
Sr. Sec’d. Notes, 144A		6.750			10/30/25		EUR	1,980		2,369,250
UniCredit SpA,
Sr. Unsec’d. Notes, 144A		1.982	(ff)		06/03/27			8,485		8,336,768
										16,538,612
Jamaica    0.2%
Digicel International Finance Ltd./Digicel
International Holdings Ltd.,
Gtd. Notes, 144A		8.000			12/31/26			1,100		1,073,227
Gtd. Notes, 144A, Cash coupon 6.000% and PIK 7.000%		13.000			12/31/25			1,035		1,061,307

See Notes to Financial Statements.

32

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
Jamaica (cont’d.)
Digicel International Finance Ltd./Digicel International Holdings Ltd., (cont’d.)
Sr. Sec’d. Notes, 144A		8.750	%		05/25/24			750	$	780,001
Sr. Sec’d. Notes, 144A		8.750			05/25/24			7,250		7,527,066
										10,441,601
Japan    0.1%
Central Nippon Expressway Co. Ltd.,
Sr. Unsec’d. Notes, EMTN		1.873			09/26/24		AUD	3,000		2,232,391
East Japan Railway Co.,
Sr. Unsec’d. Notes, EMTN		5.250			04/22/33		GBP	1,500		2,787,195
Mizuho Bank Ltd.,
Certificate of Deposit		1.700			08/07/24		AUD	600		451,630
Mizuho Financial Group, Inc.,
Sr. Unsec’d. Notes		3.752			07/19/23		AUD	1,042		815,852
Nomura Holdings, Inc.,
Sr. Unsec’d. Notes		2.608			07/14/31			2,070		2,040,243
										8,327,311
Kazakhstan    0.2%
Kazakhstan Temir Zholy National Co. JSC,
Gtd. Notes		3.250			12/05/23		CHF	7,200		8,283,656
Gtd. Notes		3.638			06/20/22		CHF	5,550		6,187,425
										14,471,081
Luxembourg    0.3%
ARD Finance SA,
Sr. Sec’d. Notes, Cash coupon 5.000% or PIK 5.750%		5.000			06/30/27		EUR	6,300		7,487,865
Sr. Sec’d. Notes, 144A, Cash coupon 5.000% or PIK 5.750%		5.000			06/30/27		EUR	10,000		11,885,500
										19,373,365
Malaysia    0.0%
Petronas Energy Canada Ltd.,
Gtd. Notes, EMTN		2.112			03/23/28			939		936,605
Malta    0.1%
Freeport Terminal Malta PLC,
Gov’t. Gtd. Notes, 144A		7.250			05/15/28			3,000		3,944,604

See Notes to Financial Statements.

PGIM Global Total Return Fund 33

Schedule of Investments (continued)

as of October 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
Mexico    1.0%
Comision Federal de Electricidad,
Sr. Unsec’d. Notes		5.000	%		09/29/36			11,850	$	12,429,947
Petroleos Mexicanos,
Gtd. Notes		3.625			11/24/25		EUR	11,575		13,513,660
Gtd. Notes		6.500			01/23/29			500		520,610
Gtd. Notes		9.500			09/15/27			2,000		2,307,834
Gtd. Notes, EMTN		3.750			02/21/24		EUR	2,900		3,452,972
Gtd. Notes, EMTN		3.750			11/16/25		GBP	290		384,312
Gtd. Notes, EMTN		3.750			04/16/26		EUR	3,357		3,880,774
Gtd. Notes, EMTN		4.875			02/21/28		EUR	16,920		19,683,817
Gtd. Notes, EMTN		8.250			06/02/22		GBP	528		746,802
U.S. Gov’t. Gtd. Notes, 3 Month LIBOR + 0.430%		0.555	(c)		02/15/24			1,875		1,876,991
										58,797,719
Netherlands    0.6%
ABN AMRO Bank NV,
Sub. Notes, 144A		4.750			07/28/25			500		550,219
BNG Bank NV,
Sr. Unsec’d. Notes		5.150			03/07/25		CAD	1,000		900,999
Sr. Unsec’d. Notes, EMTN		0.500			06/07/22		ZAR	10,000		628,095
Sr. Unsec’d. Notes, EMTN		0.500			08/15/22		ZAR	30,000		1,880,552
Sr. Unsec’d. Notes, EMTN		7.000			12/09/21		AUD	2,000		1,515,027
Sr. Unsec’d. Notes, MTN		1.765	(s)		04/05/28		CAD	2,600		1,809,546
Cooperatieve Rabobank UA,
Sr. Unsec’d. Notes, EMTN		2.750			03/04/24		NZD	376		269,922
Sr. Unsec’d. Notes, GMTN		9.298	(s)		03/11/39		MXN	22,000		211,170
Sr. Unsec’d. Notes, GMTN		3.500			12/14/26		AUD	2,882		2,208,928
Sub. Notes, Series 1		1.429			12/19/24		JPY	300,000		2,681,325
ING Groep NV,
Sr. Unsec’d. Notes		4.050			04/09/29			2,525		2,852,464
Nederlandse Waterschapsbank NV,
Sr. Unsec’d. Notes, MTN		4.550			03/16/29		CAD	230		216,921
OCI NV,
Sr. Sec’d. Notes, 144A		3.625			10/15/25		EUR	9,300		11,089,325
United Group BV,
Sr. Sec’d. Notes		4.875			07/01/24		EUR	300		350,702
Sr. Sec’d. Notes, 144A		3.125			02/15/26		EUR	3,800		4,228,070

See Notes to Financial Statements.

34

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
Netherlands (cont’d.)
Ziggo Bond Co. BV,
Gtd. Notes, 144A		3.375	%		02/28/30		EUR	6,000	$	6,831,960
Ziggo BV,
Sr. Sec’d. Notes		4.250			01/15/27		EUR	160		189,354
										38,414,579
Norway    0.2%
Equinor ASA,
Gtd. Notes		2.875			04/06/25			6,773		7,137,084
Gtd. Notes		6.800			01/15/28			2,265		2,830,865
										9,967,949
Peru    0.0%
Lima Metro Line 2 Finance Ltd.,
Sr. Sec’d. Notes		5.875			07/05/34			100		115,622
Peru Enhanced Pass-Through Finance Ltd.,
Pass-Through Certificates		2.077	(s)		06/02/25			1,185		1,129,629
										1,245,251
Philippines    0.1%
Bangko Sentral ng Pilipinas International Bond,
Sr. Unsec’d. Notes, Series A		8.600			06/15/27			3,500		4,761,681
Power Sector Assets & Liabilities Management Corp.,
Gov’t. Gtd. Notes		7.390			12/02/24			200		237,600
										4,999,281
Poland    0.1%
Bank Gospodarstwa Krajowego,
Gov’t. Gtd. Notes		1.375			06/01/25		EUR	500		604,632
Gov’t. Gtd. Notes		1.625			04/30/28		EUR	600		743,589
Gov’t. Gtd. Notes, EMTN		1.750			05/06/26		EUR	4,700		5,797,398
										7,145,619
Portugal    0.7%
Comboios de Portugal EPE,
Sr. Unsec’d. Notes		5.700			03/05/30		EUR	26,900		42,494,527

See Notes to Financial Statements.

PGIM Global Total Return Fund 35

Schedule of Investments (continued)

as of October 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
Qatar    0.1%
QNB Finance Ltd.,
Gtd. Notes, EMTN		3.500	%		03/09/26		CNH	7,400	$	1,143,321
Gtd. Notes, EMTN		4.350			01/29/22		CNH	8,310		1,301,600
Gtd. Notes, MTN		4.900			02/01/28		AUD	970		796,711
										3,241,632
Russia    0.8%
Gazprom PJSC Via Gaz Capital SA,
Sr. Unsec’d. Notes		2.250			07/19/22		CHF	2,000		2,210,856
Sr. Unsec’d. Notes		2.500			03/21/26		EUR	3,500		4,224,965
Sr. Unsec’d. Notes		2.750			11/30/21		CHF	1,200		1,312,784
Sr. Unsec’d. Notes		4.250			04/06/24		GBP	11,389		16,437,673
Gazprom PJSC via Gaz Finance PLC,
Sr. Unsec’d. Notes		2.950			04/15/25		EUR	2,000		2,448,177
Russian Railways Via RZD Capital PLC,
Sr. Unsec’d. Notes		0.898			10/03/25		CHF	9,450		10,313,720
Sr. Unsec’d. Notes		2.200			05/23/27		EUR	621		759,101
Sr. Unsec’d. Notes		7.487			03/25/31		GBP	7,621		13,841,496
										51,548,772
Singapore    0.1%
BOC Aviation USA Corp.,
Gtd. Notes, 144A, MTN(a)		1.625			04/29/24			1,670		1,676,941
Clifford Capital Pte Ltd.,
Gov’t. Gtd. Notes, EMTN		3.110			08/18/32			5,000		5,338,902
Singapore Telecommunications Ltd.,
Sr. Unsec’d. Notes, 144A		7.375			12/01/31			100		144,304
										7,160,147
South Africa    0.3%
Eskom Holdings SOC Ltd.,
Gov’t. Gtd. Notes, 144A, MTN(a)		6.350			08/10/28			1,350		1,455,222
Gov’t. Gtd. Notes, MTN		6.350			08/10/28			12,000		12,935,309
Sasol Financing International Ltd.,
Gtd. Notes		4.500			11/14/22			800		817,824
										15,208,355

See Notes to Financial Statements.

36

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
South Korea    0.6%
Korea Development Bank (The),
Sr. Unsec’d. Notes, EMTN		1.830	%		08/10/27		SEK	48,000	$	5,853,688
Sr. Unsec’d. Notes, EMTN		6.000			01/22/25		IDR	15,000,000		1,076,355
Korea Expressway Corp.,
Sr. Unsec’d. Notes, EMTN		3.100			06/08/26			600		637,791
Sr. Unsec’d. Notes, GMTN		2.310			04/28/32		SEK	80,000		10,122,329
Sr. Unsec’d. Notes, GMTN		3.030			05/11/32		CAD	7,500		6,236,634
Korea Hydro & Nuclear Power Co. Ltd.,
Sr. Unsec’d. Notes, EMTN		3.350			03/13/28		HKD	2,000		271,745
Korean Air Lines Co. Ltd.,
Gov’t. Gtd. Notes, Series 1		0.320			02/21/22		JPY	600,000		5,265,628
KT Corp.,
Sr. Unsec’d. Notes, Series 9		0.220			07/19/22		JPY	700,000		6,141,391
										35,605,561
Spain    0.8%
Banco Santander SA,
Sr. Unsec’d. Notes		1.849			03/25/26			15,400		15,421,951
Sr. Unsec’d. Notes		2.958			03/25/31			1,800		1,836,486
Sr. Unsec’d. Notes		3.306			06/27/29			1,600		1,714,094
Sr. Unsec’d. Notes		3.800			02/23/28			2,200		2,405,214
Sub. Notes		2.749			12/03/30			600		590,559
Cellnex Finance Co. SA,
Gtd. Notes, EMTN		2.000			02/15/33		EUR	11,900		13,125,620
Codere Finance 2 Luxembourg SA,
Sr. Sec’d. Notes, 144A		10.750			09/30/23	(d)	EUR	696		874,763
Sr. Sec’d. Notes, 144A		10.750			09/30/23	(d)	EUR	224		278,105
Sr. Sec’d. Notes, 144A, Cash coupon 4.500% and PIK 7.125%		11.625			11/01/23	(d)		1,566		1,049,586
Lorca Telecom Bondco SA,
Sr. Sec’d. Notes, 144A		4.000			09/18/27		EUR	10,300		11,998,410
										49,294,788
Supranational Bank    1.1%
African Development Bank,
Sr. Unsec’d. Notes, EMTN		0.500			03/13/23		MXN	20,000		879,098
Sr. Unsec’d. Notes, EMTN		0.500			09/07/32		MXN	64,600		1,379,188
African Export-Import Bank (The),
Sr. Unsec’d. Notes		3.798			05/17/31			300		307,329

See Notes to Financial Statements.

PGIM Global Total Return Fund 37

Schedule of Investments (continued)

as of October 31, 2021

Description	Interest Rate			Maturity Date	Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
Supranational Bank (cont’d.)
Asian Infrastructure Investment Bank (The),
Sr. Unsec’d. Notes, EMTN		0.375	%	09/09/25		THB	72,000	$	2,126,205
Corp. Andina de Fomento,
Sr. Unsec’d. Notes		2.750		01/06/23			1,350		1,381,758
EUROFIMA,
Sr. Unsec’d. Notes, MTN		4.550		03/30/27		CAD	900		813,549
European Bank for Reconstruction & Development,
Sr. Unsec’d. Notes, GMTN		7.264	(s)	08/24/31		RUB	300,000		1,947,161
Sr. Unsec’d. Notes, GMTN		6.450		12/13/22		IDR	60,560,000		4,364,393
Unsec’d. Notes, GMTN		1.250		07/10/23		PEN	4,500		1,085,827
European Investment Bank,
Sr. Unsec’d. Notes, 144A, EMTN		4.600		01/30/37		CAD	2,601		2,576,106
Sr. Unsec’d. Notes, 144A, EMTN		5.400		01/05/45		CAD	4,200		4,757,745
Sr. Unsec’d. Notes, 144A, MTN		2.047	(s)	05/28/37		CAD	20,500		10,528,382
Sr. Unsec’d. Notes, EMTN		2.106	(s)	05/28/37		CAD	9,350		4,798,379
Sr. Unsec’d. Notes, EMTN		1.000		02/25/28		PLN	3,985		906,726
Sr. Unsec’d. Notes, EMTN		1.250		05/12/25		SEK	16,500		1,962,871
Sr. Unsec’d. Notes, EMTN		1.250		11/12/29		SEK	10,000		1,186,487
Sr. Unsec’d. Notes, EMTN		1.375		05/12/28		SEK	280		33,520
Sr. Unsec’d. Notes, EMTN		1.500		11/21/26			500		496,551
Sr. Unsec’d. Notes, EMTN		4.600		01/30/37		CAD	1,150		1,138,993
Sr. Unsec’d. Notes, EMTN		6.270		08/28/24		IDR	10,000,000		724,988
Inter-American Development Bank,
Sr. Unsec’d. Notes, EMTN		7.875		03/14/23		IDR	137,000,000		10,079,843
Sr. Unsec’d. Notes, GMTN		7.500		12/05/24		MXN	600		28,814
International Bank for Reconstruction & Development,
Notes, MTN		0.887	(s)	03/01/26			1,350		1,261,059
Sr. Unsec’d. Notes, EMTN		1.928	(s)	04/23/32		AUD	8,758		5,057,764
Sr. Unsec’d. Notes, EMTN		0.500		03/07/22		AUD	1,145		861,265
Sr. Unsec’d. Notes, EMTN		0.500		03/28/22		AUD	200		150,444
Sr. Unsec’d. Notes, EMTN		0.500		07/29/22		AUD	350		263,559
Sr. Unsec’d. Notes, EMTN		6.630		07/24/28		MXN	33,700		1,491,814
International Finance Corp.,
Sr. Unsec’d. Notes, GMTN		8.215	(s)	01/27/37		MXN	78,000		1,127,549
Sr. Unsec’d. Notes, GMTN		6.000		07/25/22		MXN	20,000		965,734
Sr. Unsec’d. Notes, GMTN		7.020		04/06/28		MXN	44,300		2,038,209
Nordic Investment Bank,
Sr. Unsec’d. Notes, MTN		3.875		09/02/25		NZD	2,000		1,494,180
North American Development Bank,
Sr. Unsec’d. Notes		2.400		10/26/22			198		200,602
									68,416,092

See Notes to Financial Statements.

38

Description	Interest Rate			Maturity Date	Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
Switzerland    0.7%
Credit Suisse Group AG,
Sr. Unsec’d. Notes, 144A		1.305	%(ff)	02/02/27			6,440	$	6,242,060
Sr. Unsec’d. Notes, 144A		2.593	(ff)	09/11/25			1,390		1,428,806
Sr. Unsec’d. Notes, 144A		3.091	(ff)	05/14/32			4,630		4,711,711
Sr. Unsec’d. Notes, 144A		4.207	(ff)	06/12/24			2,850		2,991,759
Sr. Unsec’d. Notes, 144A		4.282		01/09/28			2,975		3,261,646
Sr. Unsec’d. Notes, EMTN		1.000		04/14/23		CHF	1,000		1,108,221
Sr. Unsec’d. Notes, EMTN		3.500	(ff)	03/08/24		AUD	750		579,860
UBS AG,
Sr. Unsec’d. Notes		1.200		07/30/25		AUD	1,855		1,356,477
UBS Group AG,
Sr. Unsec’d. Notes, 144A		1.494	(ff)	08/10/27			13,125		12,846,752
Sr. Unsec’d. Notes, 144A		4.125		09/24/25			2,500		2,733,119
Sr. Unsec’d. Notes, 144A, MTN		2.095	(ff)	02/11/32			5,530		5,349,266
									42,609,677
Tunisia    0.0%
Banque Centrale de Tunisie International Bond,
Sr. Unsec’d. Notes		4.200		03/17/31		JPY	100,000		544,038
Ukraine    0.0%
NAK Naftogaz Ukraine via Kondor Finance PLC,
Sr. Unsec’d. Notes		7.125		07/19/24		EUR	1,100		1,272,640
United Arab Emirates    0.9%
Abu Dhabi National Energy Co. PJSC,
Sr. Unsec’d. Notes, GMTN		2.750		05/02/24		EUR	13,800		16,935,547
ADCB Finance Cayman Ltd.,
Gtd. Notes, MTN		3.750		10/25/22		AUD	1,130		872,295
Gtd. Notes, MTN		4.500		10/25/27		AUD	2,370		1,930,790
DP World PLC,
Sr. Unsec’d. Notes		2.375		09/25/26		EUR	1,987		2,446,988
Sr. Unsec’d. Notes		4.250		09/25/30		GBP	6,555		9,995,138
Sr. Unsec’d. Notes, 144A		4.250		09/25/30		GBP	1,840		2,805,653
Emirates NBD Bank PJSC,
Sr. Unsec’d. Notes		3.050		02/26/30		AUD	600		439,182
Sr. Unsec’d. Notes, MTN		4.750		02/09/28		AUD	7,730		6,330,673
Sr. Unsec’d. Notes, MTN		4.850		10/12/27		AUD	4,090		3,374,589
Emirates Telecommunications Group Co. PJSC,
Sr. Unsec’d. Notes, GMTN		2.750		06/18/26		EUR	4,000		5,197,337

See Notes to Financial Statements.

PGIM Global Total Return Fund 39

Schedule of Investments (continued)

as of October 31, 2021

Description	Interest Rate			Maturity Date	Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
United Arab Emirates (cont’d.)
First Abu Dhabi Bank PJSC,
Sr. Unsec’d. Notes, EMTN		0.875	%	12/09/25		GBP	1,983	$	2,650,388
Sr. Unsec’d. Notes, EMTN		3.500		07/02/25		CNH	2,170		339,775
									53,318,355
United Kingdom    3.1%
Barclays PLC,
Sr. Unsec’d. Notes		4.375		01/12/26			800		881,007
Sr. Unsec’d. Notes, EMTN		1.125		07/12/23		CHF	1,200		1,339,271
Sr. Unsec’d. Notes, MTN		3.250		06/26/24		AUD	1,750		1,360,709
Sr. Unsec’d. Notes, MTN		4.000		06/26/29		AUD	2,000		1,555,397
Sr. Unsec’d. Notes, MTN		4.327		06/15/23		AUD	1,750		1,377,810
Sr. Unsec’d. Notes, MTN		4.972	(ff)	05/16/29			5,520		6,370,955
Sr. Unsec’d. Notes, MTN		5.244		06/15/28		AUD	1,000		838,503
Sr. Unsec’d. Notes, Series 1		1.232	(ff)	09/25/24		JPY	100,000		891,075
Sub. Notes		4.836		05/09/28			3,780		4,211,190
Bellis Acquisition Co. PLC,
Sr. Sec’d. Notes, 144A		3.250		02/16/26		GBP	21,100		27,658,195
Bellis Finco PLC,
Sr. Unsec’d. Notes, 144A		4.000		02/16/27		GBP	6,700		8,645,621
BP Capital Markets PLC,
Gtd. Notes		4.375	(ff)	06/22/25(oo)			14,500		15,390,840
Co-operative Group Holdings 2011 Ltd.,
Gtd. Notes		7.500		07/08/26		GBP	7,495		12,016,207
Co-operative Group Ltd.,
Sr. Unsec’d. Notes		5.125		05/17/24		GBP	3,400		4,882,291
CPUK Finance Ltd.,
Sec’d. Notes, 144A		4.875		02/28/47		GBP	110		150,896
eG Global Finance PLC,
Sr. Sec’d. Notes		6.250		10/30/25		EUR	6,400		7,507,658
Sr. Sec’d. Notes, 144A		4.375		02/07/25		EUR	5,500		6,273,203
Sr. Sec’d. Notes, 144A		6.250		10/30/25		EUR	3,200		3,753,829
Experian Finance PLC,
Gtd. Notes, 144A		2.750		03/08/30			3,625		3,711,795
HSBC Bank PLC,
Sr. Unsec’d. Notes, 144A, EMTN		3.120		04/04/26		CNH	36,800		5,677,663
Sr. Unsec’d. Notes, EMTN, 3 Month LIBOR + 0.000% (Cap N/A, Floor 0.000%)		0.132	(c)	09/28/24			11,320		11,044,717
HSBC Holdings PLC,
Sr. Unsec’d. Notes		1.645	(ff)	04/18/26			1,255		1,251,353
Sr. Unsec’d. Notes		2.206	(ff)	08/17/29			4,300		4,214,920

See Notes to Financial Statements.

40

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
United Kingdom (cont’d.)
HSBC Holdings PLC, (cont’d.)
Sr. Unsec’d. Notes		3.973	%(ff)		05/22/30			2,400	$	2,623,967
Sr. Unsec’d. Notes, EMTN		3.350	(ff)		02/16/24		AUD	1,870		1,446,060
Sr. Unsec’d. Notes, Series 2		0.842			09/26/23		JPY	700,000		6,196,605
Sr. Unsec’d. Notes, Series 4		0.575	(ff)		09/13/24		JPY	100,000		881,084
Ladbrokes Group Finance PLC,
Sr. Sec’d. Notes		5.125			09/08/23		GBP	1,210		1,723,351
Lloyds Bank PLC,
Sr. Unsec’d. Notes, EMTN		7.500	(cc)		04/02/32			1,200		918,983
Lloyds Banking Group PLC,
Sr. Unsec’d. Notes		3.870	(ff)		07/09/25			5,695		6,089,516
Sr. Unsec’d. Notes, MTN		4.250			11/22/27		AUD	160		130,010
Sub. Notes		4.582			12/10/25			2,250		2,484,874
NatWest Group PLC,
Sr. Unsec’d. Notes		3.875			09/12/23			1,000		1,053,962
Sr. Unsec’d. Notes		4.269	(ff)		03/22/25			5,860		6,271,773
Sr. Unsec’d. Notes		4.892	(ff)		05/18/29			800		922,850
Sr. Unsec’d. Notes		5.076	(ff)		01/27/30			1,700		1,990,601
Sr. Unsec’d. Notes, EMTN		2.000	(ff)		03/08/23		EUR	700		815,752
Sr. Unsec’d. Notes, EMTN		2.500			03/22/23		EUR	1,500		1,796,553
Pinewood Finance Co. Ltd.,
Sr. Sec’d. Notes, 144A		3.250			09/30/25		GBP	1,700		2,331,641
Santander UK Group Holdings PLC,
Sr. Unsec’d. Notes		3.571			01/10/23			3,065		3,082,367
Tesco Corporate Treasury Services PLC,
Gtd. Notes, EMTN		2.500			07/01/24		EUR	750		922,912
Virgin Media Secured Finance PLC,
Sr. Sec’d. Notes		5.000			04/15/27		GBP	2,800		3,956,478
Sr. Sec’d. Notes, 144A		5.000			04/15/27		GBP	5,900		8,336,865
William Hill Ltd.,
Gtd. Notes, MTN(a)		4.750			05/01/26		GBP	3,315		4,856,232
										189,837,541
United States    21.1%
AbbVie, Inc.,
Sr. Unsec’d. Notes		3.200			11/21/29			6,090		6,513,788
Sr. Unsec’d. Notes		4.050			11/21/39			2,975		3,410,891
Sr. Unsec’d. Notes		4.250			11/21/49			2,870		3,457,603
Adient Global Holdings Ltd.,
Gtd. Notes, 144A		3.500			08/15/24		EUR	1,234		1,444,335

See Notes to Financial Statements.

PGIM Global Total Return Fund 41

Schedule of Investments (continued)

as of October 31, 2021

Description	Interest Rate			Maturity Date			Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Aflac, Inc.,
Sr. Unsec’d. Notes		0.500	%		12/17/29			JPY	100,000	$	864,968
Sr. Unsec’d. Notes		0.830			03/12/35			JPY	100,000		862,466
Sr. Unsec’d. Notes		0.932			01/25/27			JPY	80,000		715,853
Sr. Unsec’d. Notes		1.159			10/18/30			JPY	600,000		5,466,758
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s
LP/Albertson’s LLC,
Gtd. Notes, 144A		3.500			02/15/23				5,000		5,089,552
Altria Group, Inc.,
Gtd. Notes		3.125			06/15/31			EUR	2,900		3,753,900
Gtd. Notes		3.400			02/04/41				3,135		2,926,413
AMC Entertainment Holdings, Inc.,
Sec’d. Notes, 144A, Cash coupon 10.000% or PIK
12.000% or Cash coupon 5.000% and PIK 6.000%		12.000			06/15/26				903		897,674
American International Group, Inc.,
Sr. Unsec’d. Notes		1.875			06/21/27			EUR	2,100		2,583,352
AmeriGas Partners LP/AmeriGas Finance Corp.,
Sr. Unsec’d. Notes		5.500			05/20/25				3,800		4,124,885
Sr. Unsec’d. Notes		5.625			05/20/24				3,050		3,298,113
Antero Resources Corp.,
Gtd. Notes, 144A		8.375			07/15/26				1,170		1,316,739
Anthem, Inc.,
Sr. Unsec’d. Notes		2.875			09/15/29				5,715		5,996,881
Sr. Unsec’d. Notes		4.101			03/01/28				1,005		1,129,481
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Gtd. Notes, 144A		7.000			11/01/26				575		593,650
Gtd. Notes, 144A		9.000			11/01/27				629		860,148
Sr. Unsec’d. Notes, 144A		8.250			12/31/28				1,825		1,988,445
Ashton Woods USA LLC/Ashton Woods Finance Co.,
Sr. Unsec’d. Notes, 144A		6.625			01/15/28				6,582		6,990,892
AT&T, Inc.,
Sr. Unsec’d. Notes		2.550			12/01/33				97		94,073
Sr. Unsec’d. Notes		3.500			09/15/53				1,511		1,533,073
Sr. Unsec’d. Notes		3.650			09/15/59				5,787		5,881,972
Sr. Unsec’d. Notes		4.100			01/19/26			AUD	2,280		1,837,162
Sr. Unsec’d. Notes		4.850			05/25/47			CAD	150		131,124
Sr. Unsec’d. Notes		5.100			11/25/48			CAD	4,575		4,152,044
Sr. Unsec’d. Notes, EMTN		7.000			04/30/40			GBP	1,550		3,468,024
Bank of America Corp.,
Jr. Sub. Notes, Series MM		4.300	(ff)		01/28/25	(oo)			24,396		24,801,373

See Notes to Financial Statements.

42

Description	Interest Rate			Maturity Date	Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Bank of America Corp., (cont’d.)
Sr. Unsec’d. Notes		2.572	%(ff)	10/20/32			8,150	$	8,167,876
Sr. Unsec’d. Notes		2.687	(ff)	04/22/32			18,820		19,072,894
Sr. Unsec’d. Notes		3.419	(ff)	12/20/28			4,519		4,833,569
Sr. Unsec’d. Notes, EMTN		(5.214	)(s)	03/31/22		EUR	1,143		1,577,862
Sr. Unsec’d. Notes, EMTN		5.145	(cc)	06/27/22		EUR	500		596,617
Sr. Unsec’d. Notes, MTN(v)		2.087	(ff)	06/14/29			25,850		25,549,534
Sr. Unsec’d. Notes, MTN		2.496	(ff)	02/13/31			2,755		2,764,058
Sr. Unsec’d. Notes, MTN		2.884	(ff)	10/22/30			4,865		5,031,678
Sr. Unsec’d. Notes, MTN		3.194	(ff)	07/23/30			5,140		5,442,383
Sub. Notes		6.800		03/15/28			377		476,298
Sub. Notes, EMTN		8.125		06/02/28		GBP	500		928,882
Bausch Health Americas, Inc.,
Gtd. Notes, 144A		8.500		01/31/27			1,550		1,649,397
Bausch Health Cos., Inc.,
Gtd. Notes, 144A		5.000		01/30/28			2,590		2,398,107
Gtd. Notes, 144A		5.250		01/30/30			5,175		4,676,194
Gtd. Notes, 144A(a)		5.250		02/15/31			2,500		2,250,875
Gtd. Notes, 144A		6.125		04/15/25			1,224		1,247,542
Gtd. Notes, 144A		6.250		02/15/29			400		387,497
Beazer Homes USA, Inc.,
Gtd. Notes		5.875		10/15/27			1,300		1,358,298
Gtd. Notes		6.750		03/15/25			2,075		2,142,447
Gtd. Notes		7.250		10/15/29			1,675		1,830,213
Berkshire Hathaway, Inc.,
Sr. Unsec’d. Notes		0.440		09/13/29		JPY	1,640,000		14,346,724
Sr. Unsec’d. Notes		0.787		09/13/34		JPY	100,000		882,367
Sr. Unsec’d. Notes		0.965		09/13/39		JPY	300,000		2,643,393
Boeing Co. (The),
Sr. Unsec’d. Notes		5.805		05/01/50			4,030		5,524,044
Boxer Parent Co., Inc.,
Sr. Sec’d. Notes, 144A		7.125		10/02/25			4,800		5,092,445
Bristol-Myers Squibb Co.,
Sr. Unsec’d. Notes(h)		3.400		07/26/29			3,790		4,167,126
Brixmor Operating Partnership LP,
Sr. Unsec’d. Notes		2.500		08/16/31			1,880		1,838,100
Sr. Unsec’d. Notes		3.650		06/15/24			2,000		2,120,673
Sr. Unsec’d. Notes		4.125		05/15/29			2,865		3,199,329
Broadcom, Inc.,
Gtd. Notes, 144A		3.500		02/15/41			3,765		3,755,557
Sr. Unsec’d. Notes, 144A		3.137		11/15/35			2,626		2,586,439
Sr. Unsec’d. Notes, 144A		3.419		04/15/33			6,765		6,984,097

See Notes to Financial Statements.

PGIM Global Total Return Fund 43

Schedule of Investments (continued)

as of October 31, 2021

Description	Interest Rate			Maturity Date	Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Caesars Entertainment, Inc.,
Sr. Sec’d. Notes, 144A		6.250	%	07/01/25			2,660	$	2,799,951
Sr. Unsec’d. Notes, 144A		4.625		10/15/29			575		578,432
Caledonia Generating LLC,
Sr. Sec’d. Notes, 144A		1.950		02/28/34			2,722		2,665,872
Calpine Corp.,
Sr. Unsec’d. Notes, 144A		4.625		02/01/29			2,770		2,693,265
Sr. Unsec’d. Notes, 144A		5.000		02/01/31			2,180		2,135,828
Sr. Unsec’d. Notes, 144A		5.125		03/15/28			5,000		4,987,533
Cantor Fitzgerald LP,
Sr. Unsec’d. Notes, 144A		1.150		04/21/23		JPY	200,000		1,770,063
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A		4.250		02/01/31			9,500		9,453,458
Sr. Unsec’d. Notes, 144A		4.500		06/01/33			2,675		2,668,887
Sr. Unsec’d. Notes, 144A		5.375		06/01/29			675		725,465
Sr. Unsec’d. Notes, 144A		5.500		05/01/26			500		516,368
Central Garden & Pet Co.,
Gtd. Notes, 144A		4.125		04/30/31			2,275		2,288,835
CF Industries, Inc.,
Gtd. Notes		3.450		06/01/23			400		414,821
Gtd. Notes		4.950		06/01/43			1,230		1,500,416
Gtd. Notes		5.375		03/15/44			3,560		4,562,121
Gtd. Notes, 144A		4.500		12/01/26			6,451		7,278,216
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes		2.800		04/01/31			3,625		3,607,228
Sr. Sec’d. Notes		3.900		06/01/52			3,365		3,400,282
Sr. Sec’d. Notes		4.800		03/01/50			5,250		5,956,008
Sr. Sec’d. Notes		6.384		10/23/35			2,357		3,062,054
Chesapeake Energy Corp.,
Gtd. Notes, 144A		5.500		02/01/26			650		680,307
Gtd. Notes, 144A		5.875		02/01/29			600		638,881
Cigna Corp.,
Sr. Unsec’d. Notes		2.400		03/15/30			2,665		2,690,955
CitiFinancial Credit Co.,
Sr. Unsec’d. Notes		7.875		02/01/25			662		792,022
Citigroup Global Markets Holdings, Inc.,
Gtd. Notes, GMTN		3.500	(cc)	06/12/24			8,398		8,992,862
Gtd. Notes, GMTN		3.790		09/28/28		HKD	6,000		841,502
Citigroup, Inc.,
Jr. Sub. Notes		3.875	(ff)	02/18/26(oo)			19,245		19,473,022
Sr. Unsec’d. Notes		1.122	(ff)	01/28/27			15,750		15,365,022

See Notes to Financial Statements.

44

Description	Interest Rate			Maturity Date	Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Citigroup, Inc., (cont’d.)
Sr. Unsec’d. Notes		2.520	%(ff)	11/03/32			1,660	$	1,653,878
Sr. Unsec’d. Notes		2.561	(ff)	05/01/32			6,600		6,618,085
Sr. Unsec’d. Notes		2.800		06/25/27		JPY	770,000		7,397,043
Sr. Unsec’d. Notes(v)		3.106	(ff)	04/08/26			12,950		13,638,618
Sr. Unsec’d. Notes, EMTN		6.500		08/16/30		GBP	7		12,803
Sr. Unsec’d. Notes, GMTN		0.620		09/21/27		JPY	100,000		867,215
Sr. Unsec’d. Notes, GMTN		2.210		08/23/22		HKD	27,000		3,503,050
Sr. Unsec’d. Notes, GMTN		2.600		12/07/22		HKD	5,000		656,631
Sr. Unsec’d. Notes, Series 18BR		2.360		09/16/25		JPY	300,000		2,810,537
Sub. Notes		4.400		06/10/25			3,000		3,282,082
Comcast Corp.,
Gtd. Notes		3.150		02/15/28			2,000		2,153,811
Corning, Inc.,
Sr. Unsec’d. Notes		0.698		08/09/24		JPY	100,000		863,117
CVS Health Corp.,
Sr. Unsec’d. Notes		4.300		03/25/28			477		540,560
Dana, Inc.,
Sr. Unsec’d. Notes		5.375		11/15/27			2,625		2,752,188
Danaher Corp.,
Sr. Unsec’d. Notes		2.100		09/30/26		EUR	600		751,596
DH Europe Finance II Sarl,
Gtd. Notes		0.450		03/18/28		EUR	2,200		2,529,799
Diamond Sports Group LLC/Diamond Sports Finance Co.,
Gtd. Notes, 144A		6.625		08/15/27			3,740		1,118,557
Diamondback Energy, Inc.,
Gtd. Notes		3.125		03/24/31			2,965		3,058,601
Gtd. Notes		3.500		12/01/29			3,250		3,466,915
Gtd. Notes(a)		4.400		03/24/51			955		1,106,325
Discovery Communications LLC,
Gtd. Notes		3.450		03/15/25			2,500		2,648,745
Gtd. Notes		5.300		05/15/49			2,480		3,152,790
DISH DBS Corp.,
Gtd. Notes(a)		7.750		07/01/26			3,000		3,339,224
Dow Chemical Co. (The),
Sr. Unsec’d. Notes		3.625		05/15/26			720		780,341
Sr. Unsec’d. Notes		9.400		05/15/39			88		158,611
Eastman Chemical Co.,
Sr. Unsec’d. Notes		4.500		12/01/28			600		687,803
Energy Transfer LP,
Jr. Sub. Notes, Series G		7.125	(ff)	05/15/30(oo)			7,800		8,152,881

See Notes to Financial Statements.

PGIM Global Total Return Fund 45

Schedule of Investments (continued)

as of October 31, 2021

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Energy Transfer LP, (cont’d.)
Jr. Sub. Notes, Series H		6.500	%(ff)		11/15/26	(oo)		5,045	$	5,234,707
Sr. Unsec’d. Notes		5.400			10/01/47			2,200		2,651,210
Enterprise Products Operating LLC,
Gtd. Notes		3.125			07/31/29			1,580		1,683,349
Gtd. Notes		3.700			01/31/51			210		222,647
Gtd. Notes		3.950			01/31/60			220		240,986
ERAC USA Finance LLC,
Gtd. Notes, 144A		7.000			10/15/37			190		283,024
Fidelity National Information Services, Inc.,
Gtd. Notes		1.100			07/15/24		EUR	2,300		2,727,153
Sr. Unsec’d. Notes		1.500			05/21/27		EUR	7,600		9,210,743
Ford Motor Co.,
Sr. Unsec’d. Notes		4.750			01/15/43			5,000		5,463,295
Sr. Unsec’d. Notes		5.291			12/08/46			3,000		3,445,253
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes		2.900			02/16/28			1,000		991,648
Sr. Unsec’d. Notes		4.134			08/04/25			200		211,270
Sr. Unsec’d. Notes		4.687			06/09/25			2,015		2,154,753
Sr. Unsec’d. Notes, EMTN		3.683			12/03/24		AUD	500		380,750
Sr. Unsec’d. Notes, EMTN		4.125			06/20/24		SGD	2,000		1,513,461
General Motors Co.,
Sr. Unsec’d. Notes		5.000			04/01/35			2,200		2,607,505
Sr. Unsec’d. Notes		5.400			04/01/48			4,600		5,871,397
General Motors Financial Co., Inc.,
Gtd. Notes		3.850			01/05/28			2,900		3,145,587
Gtd. Notes		3.950			04/13/24			250		265,353
Golden Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A		7.625			04/15/26			1,000		1,050,482
Goldman Sachs Group, Inc. (The),
Jr. Sub. Notes, Series U		3.650	(ff)		08/10/26	(oo)		11,370		11,310,889
Sr. Unsec’d. Notes		1.542	(ff)		09/10/27			19,340		19,012,304
Sr. Unsec’d. Notes		1.992	(ff)		01/27/32			2,450		2,340,814
Sr. Unsec’d. Notes		2.615	(ff)		04/22/32			9,660		9,687,386
Sr. Unsec’d. Notes		3.500			01/23/25			1,500		1,593,965
Sr. Unsec’d. Notes		4.500			05/16/28		AUD	210		171,861
Sr. Unsec’d. Notes, EMTN		1.428	(s)		12/15/23		EUR	200		229,068
Sr. Unsec’d. Notes, EMTN		0.000	(cc)		08/12/25		EUR	3,216		3,680,644
Sr. Unsec’d. Notes, EMTN, EURIBOR ICE SWAP
11:00 Fft 10Y Index + 0.000% (Cap 7.000%, Floor N/A)		0.127	(c)		06/30/25		EUR	2,227		2,516,488
Sr. Unsec’d. Notes, EMTN		1.000			08/06/24		JPY	100,000		880,403

See Notes to Financial Statements.

46

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Goldman Sachs Group, Inc. (The), (cont’d.)
Sr. Unsec’d. Notes, EMTN		1.000	%		08/16/32	JPY	200,000	$	1,724,662
Sr. Unsec’d. Notes, EMTN		1.300			03/22/30	JPY	10,000		89,045
Sr. Unsec’d. Notes, EMTN		2.200			11/26/22		1,500		1,529,507
Sr. Unsec’d. Notes, EMTN		3.500	(cc)		05/31/24		9,338		9,957,246
Sr. Unsec’d. Notes, EMTN		4.000	(ff)		11/30/24		40		39,095
Sr. Unsec’d. Notes, EMTN		5.220	(ff)		08/24/30	EUR	5,000		7,908,127
Sr. Unsec’d. Notes, MTN		2.383	(ff)		07/21/32		1,770		1,739,967
Goldman Sachs International,
Gtd. Notes, EMTN		1.750			05/29/24	EUR	3,685		4,395,765
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
Sr. Unsec’d. Notes, Series A, 144A, 1 Month LIBOR + 2.270%		2.356	(c)		05/31/25		19,100		19,157,409
HCA, Inc.,
Gtd. Notes		5.625			09/01/28		1,200		1,411,247
Gtd. Notes		7.500			11/06/33		2,000		2,867,778
Gtd. Notes, MTN		7.750			07/15/36		2,000		2,798,894
Sr. Sec’d. Notes		5.250			04/15/25		3,000		3,362,844
Sr. Sec’d. Notes		5.250			06/15/49		1,500		1,938,301
Honeywell International, Inc.,
Sr. Unsec’d. Notes		0.000			03/10/24	EUR	6,700		7,763,212
Sr. Unsec’d. Notes		0.750			03/10/32	EUR	3,000		3,454,379
Host Hotels & Resorts LP,
Sr. Unsec’d. Notes		3.875			04/01/24		5,000		5,268,518
Housing & Urban Development Corp. Ltd. AID Bond,
U.S. Gov’t. Gtd. Notes, 6 Month LIBOR + 0.035%		0.184	(c)		09/15/30		800		793,382
Hunt Cos., Inc.,
Sr. Sec’d. Notes, 144A		5.250			04/15/29		5,750		5,663,932
International Game Technology PLC,
Sr. Sec’d. Notes, 144A		4.125			04/15/26		5,450		5,630,747
International Paper Co.,
Sr. Unsec’d. Notes		7.300			11/15/39		75		115,589
IQVIA, Inc.,
Gtd. Notes, 144A		2.250			01/15/28	EUR	1,800		2,075,446
Jabil, Inc.,
Sr. Unsec’d. Notes		4.700			09/15/22		655		677,806
JBS USA LUX SA/JBS USA Finance, Inc.,
Gtd. Notes, 144A		6.750			02/15/28		2,741		2,958,172

See Notes to Financial Statements.

PGIM Global Total Return Fund 47

Schedule of Investments (continued)

as of October 31, 2021

Description	Interest Rate			Maturity Date			Principal Amount (000)#				Value
CORPORATE BONDS (Continued)
United States (cont’d.)
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,
Gtd. Notes, 144A		6.500	%		04/15/29					1,150	$	1,276,955
Sr. Unsec’d. Notes, 144A		5.500			01/15/30					2,600		2,847,000
Jefferies Group LLC,
Sr. Unsec’d. Notes		2.750			10/15/32					9,275		9,191,857
Jefferies Group LLC/Jefferies Group Capital Finance, Inc.,
Sr. Unsec’d. Notes(a)		2.625			10/15/31					9,950		9,765,502
John Sevier Combined Cycle Generation LLC,
Sec’d. Notes		4.626			01/15/42					3,940		4,672,461
JPMorgan Chase & Co.,
Jr. Sub. Notes, Series HH		4.600	(ff)		02/01/25	(oo)				23,506		24,012,804
Jr. Sub. Notes, Series I, 3 Month LIBOR + 3.470%		3.599	(c)		01/30/22	(oo)				219		219,786
Jr. Sub. Notes, Series V, 3 Month LIBOR + 3.320%		3.451	(c)		01/01/22	(oo)				1,000		1,002,759
Jr. Sub. Notes, Series Z, 3 Month LIBOR + 3.800%		3.932	(c)		02/01/22	(oo)				1,410		1,418,732
Sr. Unsec’d. Notes		1.953	(ff)		02/04/32					13,490		12,918,439
Sr. Unsec’d. Notes(v)		2.525	(ff)		11/19/41					6,200		5,894,287
Sr. Unsec’d. Notes		2.580	(ff)		04/22/32					7,590		7,644,530
Sr. Unsec’d. Notes(v)		3.509	(ff)		01/23/29					3,200		3,455,089
Sr. Unsec’d. Notes		3.702	(ff)		05/06/30					1,590		1,738,148
JPMorgan Chase Bank, NA,
Sr. Unsec’d. Notes		4.762	(s)		03/17/48			ITL	(jj)	15,390		4,658,917
KB Home,
Gtd. Notes		6.875			06/15/27					1,650		1,947,627
Gtd. Notes		7.500			09/15/22					1,000		1,054,404
Kimco Realty Corp.,
Sr. Unsec’d. Notes(a)		2.250			12/01/31					4,160		4,049,099
Kinder Morgan Energy Partners LP,
Gtd. Notes		4.150			02/01/24					2,000		2,125,280
Kraft Heinz Foods Co.,
Gtd. Notes		3.000			06/01/26					1,850		1,929,799
Gtd. Notes		4.875			10/01/49					15		18,607
Level 3 Financing, Inc.,
Sr. Sec’d. Notes, 144A		3.400			03/01/27					4,042		4,211,468
Liberty Mutual Group, Inc.,
Gtd. Notes		2.750			05/04/26			EUR		1,000		1,269,135
Gtd. Notes, 144A		3.951			10/15/50					90		101,901
LifePoint Health, Inc.,
Gtd. Notes, 144A		5.375			01/15/29					3,000		2,941,776

See Notes to Financial Statements.

48

Description	Interest Rate			Maturity Date			Principal Amount (000)#				Value
CORPORATE BONDS (Continued)
United States (cont’d.)
LYB International Finance III LLC,
Gtd. Notes		4.200	%		10/15/49					960	$	1,120,138
Marathon Petroleum Corp.,
Sr. Unsec’d. Notes		6.500			03/01/41					9,050		12,577,833
Marriott International, Inc.,
Sr. Unsec’d. Notes, Series EE		5.750			05/01/25					875		991,876
Sr. Unsec’d. Notes, Series HH		2.850			04/15/31					9,115		9,172,450
Mars, Inc.,
Gtd. Notes, 144A		3.600			04/01/34					420		469,295
Marsh & McLennan Cos., Inc.,
Sr. Unsec’d. Notes		1.979			03/21/30			EUR		4,700		5,950,836
McDonald’s Corp.,
Sr. Unsec’d. Notes, MTN		3.450			09/08/26			AUD		1,220		963,540
Sr. Unsec’d. Notes, MTN		3.800			03/08/29			AUD		5,090		4,076,273
Medtronic Global Holdings SCA,
Gtd. Notes		0.750			10/15/32			EUR		6,200		7,100,632
Gtd. Notes		1.500			07/02/39			EUR		500		604,792
Gtd. Notes		1.625			03/07/31			EUR		2,500		3,124,540
Gtd. Notes		1.750			07/02/49			EUR		2,100		2,599,950
Gtd. Notes		2.250			03/07/39			EUR		1,910		2,570,029
MetLife, Inc.,
Sr. Unsec’d. Notes		0.769			05/23/29			JPY		600,000		5,291,467
Metropolitan Life Global Funding I,
Sec’d. Notes, MTN		4.000			07/13/27			AUD		300		241,926
Morgan Guaranty Trust Co.,
Sr. Unsec’d. Notes		1.146	(s)		01/21/27			ITL	(jj)	1,175		1,273,762
Morgan Stanley,
Jr. Sub. Notes, Series H, 3 Month LIBOR + 3.610%		3.734	(c)		01/15/22	(oo)				1,415		1,421,587
Sr. Unsec’d. Notes		0.406	(ff)		10/29/27			EUR		16,200		18,564,976
Sr. Unsec’d. Notes		1.102	(ff)		04/29/33			EUR		11,000		12,676,836
Sr. Unsec’d. Notes		1.593	(ff)		05/04/27					9,615		9,524,367
Sr. Unsec’d. Notes, EMTN		5.632	(s)		10/05/26			IDR		2,000,000		106,433
Sr. Unsec’d. Notes, EMTN		7.118	(s)		06/28/27			MXN		27,000		792,396
Sr. Unsec’d. Notes, EMTN		7.950	(s)		11/07/31			MXN		56,000		1,135,550
Sr. Unsec’d. Notes, EMTN		7.926	(s)		04/05/32			MXN		71,000		1,389,468
Sr. Unsec’d. Notes, EMTN		0.500	(cc)		06/26/43			MXN		16,700		140,314
Sr. Unsec’d. Notes, EMTN		0.500	(cc)		09/25/43			MXN		33,900		294,551
Sr. Unsec’d. Notes, EMTN		3.240			12/14/22			EUR		2,200		2,628,908
Sr. Unsec’d. Notes, EMTN		7.500			12/15/27			MXN		33,300		1,505,856
Sr. Unsec’d. Notes, EMTN		7.500	(cc)		04/02/32					14,500		11,644,431
Sr. Unsec’d. Notes, GMTN		1.875			03/06/30			EUR		900		1,095,522

See Notes to Financial Statements.

PGIM Global Total Return Fund 49

Schedule of Investments (continued)

as of October 31, 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, MTN		2.511	%(ff)		10/20/32			4,320	$	4,311,517
Mozart Debt Merger Sub, Inc.,
Sr. Sec’d. Notes, 144A		3.875			04/01/29			2,200		2,189,428
Sr. Unsec’d. Notes, 144A		5.250			10/01/29			550		559,013
MPLX LP,
Sr. Unsec’d. Notes		4.000			03/15/28			515		566,511
Sr. Unsec’d. Notes		4.125			03/01/27			2,000		2,205,178
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes		3.325			03/24/25		EUR	1,700		2,118,056
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A		5.500			08/15/28			2,490		2,550,790
Gtd. Notes, 144A		6.000			01/15/27			735		769,330
Newell Brands, Inc.,
Sr. Unsec’d. Notes		4.700			04/01/26			1,300		1,424,031
Newmont Corp.,
Gtd. Notes		2.250			10/01/30			1,995		1,964,334
Norfolk Southern Corp.,
Sr. Unsec’d. Notes		3.942			11/01/47			232		272,553
Sr. Unsec’d. Notes		4.050			08/15/52			165		199,110
NRG Energy, Inc.,
Sr. Sec’d. Notes, 144A		3.750			06/15/24			5,600		5,915,139
Occidental Petroleum Corp.,
Sr. Unsec’d. Notes		6.450			09/15/36			35		44,603
ONEOK Partners LP,
Gtd. Notes		4.900			03/15/25			2,000		2,202,833
ONEOK, Inc.,
Gtd. Notes(a)		3.100			03/15/30			7,350		7,582,802
Gtd. Notes		4.450			09/01/49			2,000		2,257,003
Organon & Co./Organon Foreign Debt Co-Issuer BV,
Sr. Sec’d. Notes, 144A		4.125			04/30/28			1,575		1,596,328
Sr. Unsec’d. Notes, 144A		5.125			04/30/31			2,100		2,165,950
Ovintiv Exploration, Inc.,
Gtd. Notes		5.625			07/01/24			7,200		7,923,053
Phillips 66 Partners LP,
Sr. Unsec’d. Notes(a)		3.605			02/15/25			2,000		2,124,210
Pilgrim’s Pride Corp.,
Gtd. Notes, 144A		4.250			04/15/31			4,550		4,801,428
Plains All American Pipeline LP/PAA Finance Corp.,
Sr. Unsec’d. Notes		3.550			12/15/29			2,055		2,144,070
Sr. Unsec’d. Notes		4.900			02/15/45			2,350		2,614,532

See Notes to Financial Statements.

50

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Prologis Yen Finance LLC,
Gtd. Notes		0.885	%		06/27/36		JPY	200,000	$	1,698,191
Gtd. Notes		0.972			09/25/28		JPY	700,000		6,275,289
Gtd. Notes		1.003			06/24/32		JPY	1,500,000		13,272,930
Gtd. Notes		1.222			06/22/35		JPY	200,000		1,788,058
Range Resources Corp.,
Gtd. Notes		9.250			02/01/26			4,805		5,202,858
Ryder System, Inc.,
Sr. Unsec’d. Notes, MTN		4.625			06/01/25			9,000		9,955,364
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes		5.625			12/01/25			4,525		4,623,124
Schlumberger Holdings Corp.,
Sr. Unsec’d. Notes, 144A		3.900			05/17/28			1,955		2,144,411
Scientific Games International, Inc.,
Sr. Sec’d. Notes, 144A		5.000			10/15/25			5,833		6,009,502
Service Properties Trust,
Sr. Unsec’d. Notes		4.350			10/01/24			3,600		3,627,836
Shire Acquisitions Investments Ireland DAC,
Gtd. Notes		3.200			09/23/26			2,470		2,627,694
Silgan Holdings, Inc.,
Gtd. Notes		2.250			06/01/28		EUR	7,711		8,926,331
Simon Property Group LP,
Sr. Unsec’d. Notes		2.250			01/15/32			10,340		10,042,959
Southaven Combined Cycle Generation LLC,
Sec’d. Notes		3.846			08/15/33			8		9,203
Spectrum Brands, Inc.,
Gtd. Notes, 144A		4.000			10/01/26		EUR	675		794,032
Sprint Capital Corp.,
Gtd. Notes		8.750			03/15/32			1,985		2,962,941
Sprint Corp.,
Gtd. Notes		7.125			06/15/24			2,000		2,259,593
Gtd. Notes		7.625			02/15/25			300		348,987
Standard Industries, Inc.,
Sr. Unsec’d. Notes, 144A		4.375			07/15/30			3,175		3,186,190
Stellantis Finance US, Inc.,
Gtd. Notes, 144A		2.691			09/15/31			3,645		3,588,572
Stryker Corp.,
Sr. Unsec’d. Notes		2.625			11/30/30		EUR	2,300		3,073,944
Tallgrass Energy Partners LP/Tallgrass Energy
Finance Corp.,
Gtd. Notes, 144A		5.500			01/15/28			2,625		2,633,882
Gtd. Notes, 144A		6.000			12/31/30			1,700		1,700,913

See Notes to Financial Statements.

PGIM Global Total Return Fund 51

Schedule of Investments (continued)

as of October 31, 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		7.500	%	10/01/25		1,075	$	1,162,481
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A		5.750		01/15/28		2,723		2,996,555
Gtd. Notes, 144A		6.625		07/15/27		2,330		2,458,270
Sr. Unsec’d. Notes, 144A		5.125		08/01/30		375		399,330
Tenet Healthcare Corp.,
Gtd. Notes, 144A		6.125		10/01/28		3,225		3,386,904
Sec’d. Notes, 144A		6.250		02/01/27		800		830,885
Sr. Sec’d. Notes, 144A		5.125		11/01/27		2,905		3,037,318
Sr. Unsec’d. Notes		6.750		06/15/23		1,025		1,101,416
Texas Capital Bank NA,
Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 4.500%		4.632	(c)	09/30/24		15,020		15,069,284
Thermo Fisher Scientific, Inc.,
Sr. Unsec’d. Notes		0.500		03/01/28	EUR	4,500		5,194,878
Sr. Unsec’d. Notes		2.875		07/24/37	EUR	450		635,756
Time Warner Entertainment Co. LP,
Sr. Sec’d. Notes		8.375		07/15/33		2,065		3,033,410
T-Mobile USA, Inc.,
Sr. Sec’d. Notes		4.375		04/15/40		2,500		2,851,698
Sr. Sec’d. Notes		4.500		04/15/50		3,110		3,675,748
Tote Shipholdings LLC,
U.S. Gov’t. Gtd. Notes		3.400		10/16/40		99		103,403
Toyota Motor Credit Corp.,
Sr. Unsec’d. Notes, EMTN		3.200	(cc)	10/24/25		3,158		3,403,528
U.S. Bancorp,
Jr. Sub. Notes		3.700	(ff)	01/15/27(oo)		18,150		18,076,306
United Airlines 2007-1 Class A Pass-Through Trust, Pass-Through Certificates		6.636		01/02/24		42		42,733
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A		4.375		04/15/26		3,750		3,882,842
Sr. Sec’d. Notes, 144A		4.625		04/15/29		950		979,676
United Rentals North America, Inc.,
Gtd. Notes		3.750		01/15/32		250		249,505
Gtd. Notes		3.875		02/15/31		590		594,086
Gtd. Notes		4.875		01/15/28		3,115		3,289,448
Gtd. Notes		5.250		01/15/30		2,340		2,534,349
Gtd. Notes		5.500		05/15/27		500		523,979
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC,
Sr. Sec’d. Notes, 144A		7.875		02/15/25		7,000		7,369,399

See Notes to Financial Statements.

52

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	$	3,609,304
Vector Group Ltd.,
Sr. Sec’d. Notes, 144A		5.750		02/01/29		4,750		4,738,472
Ventas Realty LP,
Gtd. Notes		2.500		09/01/31		11,185		11,025,734
Venture Global Calcasieu Pass LLC,
Sr. Sec’d. Notes, 144A		3.875		08/15/29		495		504,179
Sr. Sec’d. Notes, 144A		4.125		08/15/31		495		512,739
VEREIT Operating Partnership LP,
Gtd. Notes		2.200		06/15/28		480		481,523
Gtd. Notes		2.850		12/15/32		8,375		8,673,854
Gtd. Notes		3.100		12/15/29		10,635		11,301,552
Verizon Communications, Inc.,
Sr. Unsec’d. Notes		1.250		04/08/30	EUR	3,800		4,563,653
Sr. Unsec’d. Notes		2.500		04/08/31	GBP	1,400		1,992,287
Sr. Unsec’d. Notes		2.550		03/21/31		5,370		5,415,104
Sr. Unsec’d. Notes, MTN		2.650		05/06/30	AUD	1,600		1,147,705
Sr. Unsec’d. Notes, MTN		3.000		03/23/31	AUD	1,000		731,796
Sr. Unsec’d. Notes, MTN		4.050		02/17/25	AUD	4,950		3,961,913
Sr. Unsec’d. Notes, MTN		4.500		08/17/27	AUD	730		603,288
Sr. Unsec’d. Notes, Series MPLE		4.050		03/22/51	CAD	3,200		2,625,791
ViacomCBS, Inc.,
Sr. Unsec’d. Notes		5.850		09/01/43		5,680		7,748,617
Viatris, Inc.,
Gtd. Notes		3.850		06/22/40		4,410		4,723,013
Gtd. Notes		4.000		06/22/50		4,425		4,793,607
VICI Properties LP/VICI Note Co., Inc.,
Gtd. Notes, 144A		4.250		12/01/26		4,000		4,145,375
Vistra Corp.,
Jr. Sub. Notes, 144A		8.000	(ff)	10/15/26(oo)		9,650		10,129,550
Vistra Operations Co. LLC,
Gtd. Notes, 144A		5.000		07/31/27		3,520		3,604,141
Sr. Sec’d. Notes, 144A		3.550		07/15/24		14,300		14,903,416
Warner Media LLC,
Gtd. Notes		4.050		12/15/23		11,250		11,917,759
Wells Fargo & Co.,
Sr. Unsec’d. Notes		4.000		04/27/27	AUD	4,198		3,378,149
Sr. Unsec’d. Notes, GMTN		3.700		07/27/26	AUD	1,458		1,156,270
Welltower, Inc.,
Sr. Unsec’d. Notes		2.050		01/15/29		3,100		3,053,441
Sr. Unsec’d. Notes		2.800		06/01/31		10,300		10,566,468

See Notes to Financial Statements.

PGIM Global Total Return Fund 53

Schedule of Investments (continued)

as of October 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Welltower, Inc., (cont’d.)
Sr. Unsec’d. Notes		3.100	%		01/15/30			5,600	$	5,894,220
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes		3.750			06/15/27			2,000		2,177,437
Sr. Unsec’d. Notes		4.000			09/15/25			1,500		1,630,137
WPC Eurobond BV,
Gtd. Notes		0.950			06/01/30		EUR	9,950		11,156,180
Xerox Corp.,
Sr. Unsec’d. Notes		4.375			03/15/23			460		475,006
										1,280,945,463
TOTAL CORPORATE BONDS (cost $2,489,532,152)										2,518,534,230
RESIDENTIAL MORTGAGE-BACKED SECURITIES    5.9%
Bermuda    1.1%
Bellemeade Re Ltd.,
Series 2018-01A, Class M1B, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 0.000%)		1.689	(c)		04/25/28			389		389,198
Series 2018-03A, Class M1B, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 1.850%)		1.939	(c)		10/25/28			518		518,435
Series 2019-02A, Class M1B, 144A, 1 Month LIBOR + 1.450% (Cap N/A, Floor 1.450%)		1.539	(c)		04/25/29			532		532,158
Series 2019-03A, Class M1A, 144A, 1 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%)		1.189	(c)		07/25/29			218		218,492
Series 2019-03A, Class M1B, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 1.600%)		1.689	(c)		07/25/29			2,400		2,406,040
Series 2019-04A, Class M1A, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 1.400%)		1.489	(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%)		2.089	(c)		10/25/29			4,500		4,502,800
Series 2021-01A, Class M1A, 144A, 30 Day Average SOFR + 1.750% (Cap N/A, Floor 1.750%)		1.799	(c)		03/25/31			6,040		6,054,744
Series 2021-01A, Class M1C, 144A, 30 Day Average SOFR + 2.950% (Cap N/A, Floor 2.950%)		2.999	(c)		03/25/31			1,750		1,811,267
Series 2021-03A, Class M1B, 144A, 30 Day Average SOFR + 1.400% (Cap N/A, Floor 1.400%)		1.449	(c)		09/25/31			1,200		1,197,004

See Notes to Financial Statements.

54

Description	Interest Rate			Maturity Date	Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Bermuda (cont’d.)
Eagle Re Ltd.,
Series 2019-01, Class M1B, 144A, 1 Month LIBOR + 1.800% (Cap N/A, Floor 0.000%)		1.889	%(c)	04/25/29		620	$	621,252
Series 2020-02, Class M1B, 144A, 1 Month LIBOR + 4.000% (Cap N/A, Floor 0.000%)		4.089	(c)	10/25/30		509		509,444
Series 2020-02, Class M1C, 144A, 1 Month LIBOR + 4.500% (Cap N/A, Floor 0.000%)		4.589	(c)	10/25/30		2,240		2,251,670
Series 2021-01, Class M1B, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 2.150%)		2.199	(c)	10/25/33		2,710		2,733,529
Series 2021-01, Class M1C, 144A, 30 Day Average SOFR + 2.700% (Cap N/A, Floor 2.700%)		2.749	(c)	10/25/33		4,200		4,262,830
Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% (Cap N/A, Floor 3.450%)		3.499	(c)	04/25/34		3,500		3,500,000
Home Re Ltd.,
Series 2019-01, Class M1, 144A, 1 Month LIBOR + 1.650% (Cap N/A, Floor 0.000%)		1.739	(c)	05/25/29		378		377,943
Series 2021-01, Class M1B, 144A, 1 Month LIBOR + 1.550% (Cap N/A, Floor 0.000%)		1.639	(c)	07/25/33		9,211		9,166,277
Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%)		1.649	(c)	01/25/34		2,855		2,847,880
Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 2.800% (Cap N/A, Floor 0.000%)		2.849	(c)	01/25/34		4,790		4,796,174
Oaktown Re II Ltd.,
Series 2018-01A, Class M1, 144A, 1 Month LIBOR + 1.550% (Cap N/A, Floor 0.000%)		1.639	(c)	07/25/28		186		185,904
Oaktown Re III Ltd.,
Series 2019-01A, Class M1A, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 1.400%)		1.489	(c)	07/25/29		30		30,258
Oaktown Re VI Ltd.,
Series 2021-01A, Class M1A, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 1.650%)		1.699	(c)	10/25/33		2,640		2,647,956
Series 2021-01A, Class M1B, 144A, 30 Day Average SOFR + 2.050% (Cap N/A, Floor 2.050%)		2.099	(c)	10/25/33		1,865		1,883,607

See Notes to Financial Statements.

PGIM Global Total Return Fund 55

Schedule of Investments (continued)

as of October 31, 2021

Description	Interest Rate			Maturity Date	Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Bermuda (cont’d.)
Oaktown Re VII Ltd.,
Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 1.600%)		1.650	%(c)	04/25/34		2,200	$	2,200,002
Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%)		2.950	(c)	04/25/34		700		700,000
Radnor Re Ltd.,
Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 0.000%)		1.489	(c)	03/25/28		59		58,903
Series 2020-01, Class M1A, 144A, 1 Month LIBOR + 0.950% (Cap N/A, Floor 0.950%)		1.039	(c)	01/25/30		600		595,526
Series 2020-01, Class M1B, 144A, 1 Month LIBOR + 1.450% (Cap N/A, Floor 1.450%)		1.539	(c)	01/25/30		1,800		1,784,178
Series 2021-01, Class M1A, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 1.650%)		1.699	(c)	12/27/33		4,840		4,845,786
								64,869,120
Ireland    0.2%
Retiro Mortgage Securities DAC,
Series 01A, Class A1, 144A, 3 Month EURIBOR + 2.000% (Cap 5.000%, Floor 0.000%)		1.453	(c)	07/30/75	EUR	9,380		10,784,967
United Kingdom    0.2%
Jupiter Mortgage PLC,
Series 1A, Class B, 144A, SONIA + 1.400% (Cap N/A, Floor 0.000%)		1.450	(c)	07/20/60	GBP	4,200		5,784,094
Paragon Mortgages PLC,
Series 12X, Class B1B		0.000	(cc)	11/15/38	EUR	998		1,131,548
Residential Mortgage Securities PLC,
Series 32A, Class A, 144A, SONIA + 1.250% (Cap N/A, Floor 0.000%)		1.300	(c)	06/20/70	GBP	5,387		7,454,717
								14,370,359
United States    4.4%
APS Resecuritization Trust,
Series 2016-01, Class 1A, 144A, 1 Month LIBOR + 0.150% (Cap N/A, Floor 0.150%)		0.232	(c)	07/27/57		784		776,315

See Notes to Financial Statements.

56

Description	Interest Rate			Maturity Date	Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
United States (cont’d.)
Banc of America Funding Trust,
Series 2014-R05, Class 1A1, 144A, 6 Month LIBOR + 1.500% (Cap 11.000%, Floor 1.500%)		1.655	%(c)	09/26/45		73	$	73,352
BVRT Financing Trust,
Series 2021-04, Class F, 144A, SOFR + 2.000%^		2.050	(c)	09/12/26		14,061		14,060,769
Central Park Funding Trust,
Series 2021-01, Class PT, 144A, 1 Month LIBOR + 2.750% (Cap N/A, Floor 2.750%)		2.838	(c)	08/29/22		18,998		18,991,428
Connecticut Avenue Securities Trust,
Series 2019-R04, Class 2M2, 144A, 1 Month LIBOR + 2.100% (Cap N/A, Floor 0.000%)		2.189	(c)	06/25/39		420		421,080
Series 2019-R07, Class 1M2, 144A, 1 Month LIBOR + 2.100% (Cap N/A, Floor 0.000%)		2.189	(c)	10/25/39		371		372,258
Series 2020-R01, Class 1M2, 144A, 1 Month LIBOR + 2.050% (Cap N/A, Floor 2.050%)		2.139	(c)	01/25/40		924		929,386
Series 2021-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%)		3.150	(c)	10/25/41		1,350		1,356,016
Series 2021-R01, Class 1M2, 144A, 30 Day Average SOFR + 1.550% (Cap N/A, Floor 0.000%)		1.600	(c)	10/25/41		240		241,147
Credit Suisse Mortgage Trust,
Series 2020-RPL06, Class A1, 144A		2.688	(cc)	03/25/59		2,543		2,560,180
Fannie Mae Connecticut Avenue Securities,
Series 2018-C03, Class 1M2, 1 Month LIBOR + 2.150% (Cap N/A, Floor 2.150%)		2.239	(c)	10/25/30		431		435,730
Fannie Mae REMICS,
Series 2012-107, Class GI, IO		3.500		09/25/27		3,481		212,660
FHLMC REMICS,
Series 4166, Class IO, IO		3.500		02/15/43		5,771		954,238
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%)		4.049	(c)	11/25/50		595		623,605
Series 2020-HQA05, Class M2, 144A, 30 Day Average SOFR + 2.600% (Cap N/A, Floor 0.000%)		2.649	(c)	11/25/50		2,875		2,907,498
FHLMC Structured Agency Credit Risk REMIC Trust,
Series 2020-DNA02, Class M2, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 1.850%)		1.939	(c)	02/25/50		3,303		3,328,413
Series 2020-DNA03, Class B1, 144A, 1 Month LIBOR + 5.100% (Cap N/A, Floor 0.000%)		5.189	(c)	06/25/50		750		779,940

See Notes to Financial Statements.

PGIM Global Total Return Fund 57

Schedule of Investments (continued)

as of October 31, 2021

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, (cont’d.)
Series 2020-DNA03, Class M2, 144A, 1 Month LIBOR + 3.000% (Cap N/A, Floor 0.000%)		3.089	%(c)	06/25/50		588	$	590,664
Series 2020-HQA02, Class M2, 144A, 1 Month LIBOR + 3.100% (Cap N/A, Floor 0.000%)		3.189	(c)	03/25/50		241		243,497
Series 2020-HQA04, Class B1, 144A, 1 Month LIBOR + 5.250% (Cap N/A, Floor 0.000%)		5.339	(c)	09/25/50		1,310		1,370,138
Series 2020-HQA04, Class M2, 144A, 1 Month LIBOR + 3.150% (Cap N/A, Floor 0.000%)		3.239	(c)	09/25/50		436		438,526
Series 2021-DNA01, Class B1, 144A, 30 Day Average SOFR + 2.650% (Cap N/A, Floor 0.000%)		2.699	(c)	01/25/51		1,835		1,843,366
Series 2021-DNA01, Class M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%)		1.849	(c)	01/25/51		12,595		12,606,863
Series 2021-DNA05, Class B1, 144A, 30 Day Average SOFR + 3.050% (Cap N/A, Floor 0.000%)		3.099	(c)	01/25/34		3,330		3,367,460
Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%)		1.699	(c)	01/25/34		1,740		1,749,860
Series 2021-DNA06, Class B1, 144A, 30 Day Average SOFR + 3.400% (Cap N/A, Floor 0.000%)		3.448	(c)	10/25/41		1,830		1,835,070
Series 2021-HQA01, Class B1, 144A, 30 Day Average SOFR + 3.000% (Cap N/A, Floor 0.000%)		3.049	(c)	08/25/33		12,300		12,376,859
Series 2021-HQA01, Class M2, 144A, 30 Day Average SOFR + 2.250% (Cap N/A, Floor 0.000%)		2.299	(c)	08/25/33		17,900		18,101,912
Series 2021-HQA02, Class B1, 144A, 30 Day Average SOFR + 3.150% (Cap N/A, Floor 0.000%)		3.199	(c)	12/25/33		2,000		2,021,276
Series 2021-HQA03, Class B1, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%)		3.399	(c)	09/25/41		1,570		1,554,998
Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%)		2.149	(c)	09/25/41		3,020		3,019,999
Government National Mortgage Assoc.,
Series 2021-25, Class HZ		2.000		02/20/51		1,018		977,168

See Notes to Financial Statements.

58

Description	Interest Rate			Maturity Date	Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
United States (cont’d.)
Legacy Mortgage Asset Trust,
Series 2020-GS01, Class A1, 144A		2.882	%	10/25/59		6,384	$	6,405,587
Series 2020-GS05, Class A1, 144A		3.250		06/25/60		891		904,379
Loan Revolving Advance Investment Trust,
Series 2021-02, Class A1X, 144A, 1 Month LIBOR + 2.750% (Cap N/A, Floor 2.750%)^		2.837	(c)	06/30/23		22,700		22,700,000
MRA Issuance Trust,
Series 2020-07, Class A, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 1.600%)		1.682	(c)	09/15/22		11,820		11,831,978
Series 2020-07, Class A2X, 144A, 1 Month LIBOR + 1.300%^		1.382	(c)	09/15/22		28,400		28,400,000
Series 2021-10, Class A1X, 144A, 1 Month LIBOR + 1.500% (Cap N/A, Floor 1.500%)		1.582	(c)	02/22/23		10,090		10,105,644
Series 2021-EBO03, Class A1X, 144A, 1 Month LIBOR + 1.750% (Cap N/A, Floor 1.750%)		1.836	(c)	03/31/23		8,970		8,995,676
Series 2021-EBO03, Class A2, 144A, 1 Month LIBOR + 2.750% (Cap N/A, Floor 2.750%)		2.836	(c)	03/31/23		9,560		9,586,864
Series 2021-EBO06, Class A1X, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 1.600%)		1.682	(c)	02/16/22		23,740		23,753,973
MSG III Securitization Trust,
Series 2021-01, Class A, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%)		0.836	(c)	06/25/54		12,890		12,898,864
Series 2021-01, Class B, 144A, 1 Month LIBOR + 0.900% (Cap N/A, Floor 0.900%)		0.986	(c)	06/25/54		2,505		2,505,137
Series 2021-01, Class C, 144A, 1 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%)		1.186	(c)	06/25/54		2,225		2,225,121
Series 2021-01, Class D, 144A, 1 Month LIBOR + 1.300% (Cap N/A, Floor 1.300%)		1.386	(c)	06/25/54		940		940,051
New Residential Mortgage Loan Trust,
Series 2018-04A, Class A1S, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%)		0.839	(c)	01/25/48		927		926,973
PMT Credit Risk Transfer Trust,
Series 2020-02R, Class A, 144A, 1 Month LIBOR + 3.815% (Cap N/A, Floor 3.815%)		3.903	(c)	12/25/22		12,571		12,618,650
								265,920,568
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $354,649,263)								355,945,014

See Notes to Financial Statements.

PGIM Global Total Return Fund 59

Schedule of Investments (continued)

as of October 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
SOVEREIGN BONDS    31.1%
Albania    0.0%
Albania Government International Bond,
Sr. Unsec’d. Notes		3.500	%		10/09/25		EUR	1,000	$	1,228,268
Sr. Unsec’d. Notes, 144A		3.500			10/09/25		EUR	1,000		1,228,267
										2,456,535
Andorra    0.0%
Andorra International Bond,
Sr. Unsec’d. Notes, EMTN		1.250			05/06/31		EUR	400		466,260
Argentina    0.1%
Argentine Republic Government International Bond,
Bonds		4.330			12/31/33(d)		JPY	519,215		1,081,936
Sr. Unsec’d. Notes		0.670			12/31/38(d)		JPY	952,628		1,869,947
Sr. Unsec’d. Notes		0.670			12/31/38(d)		JPY	55,495		108,945
										3,060,828
Australia    0.0%
Australia Government Bond,
Sr. Unsec’d. Notes, Series 162		1.750			06/21/51		AUD	200		123,849
Treasury Corp. of Victoria,
Local Gov’t. Gtd. Notes, MTN		2.250			11/20/41		AUD	2,000		1,328,085
										1,451,934
Austria    0.2%
Republic of Austria Government Bond,
Sr. Unsec’d. Notes, 144A		0.750			03/20/51		EUR	100		121,945
Republic of Austria Government International Bond,
Sr. Unsec’d. Notes, 144A, EMTN		5.000			12/20/24		CAD	14,276		12,737,801
Sr. Unsec’d. Notes, 144A, MTN		5.375			12/01/34		CAD	2,123		2,188,250
										15,047,996
Belgium    0.0%
Kingdom of Belgium Government Bond,
Unsec’d. Notes, Series 93, 144A		0.650			06/22/71		EUR	100		99,694

See Notes to Financial Statements.

60

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
SOVEREIGN BONDS (Continued)
Belgium (cont’d.)
Kingdom of Belgium Government International Bond,
Notes, 144A		8.875	%		12/01/24			750	$	922,624
Unsec’d. Notes, EMTN		5.700			05/28/32		GBP	650		1,243,705
										2,266,023
Brazil    0.9%
Brazil Loan Trust 1,
Gov’t. Gtd. Notes		5.477			07/24/23			15,923		16,415,056
Gov’t. Gtd. Notes, 144A		5.477			07/24/23			1,743		1,796,783
Brazil Minas SPE via State of Minas Gerais,
Gov’t. Gtd. Notes		5.333			02/15/28			35,489		37,645,006
Gov’t. Gtd. Notes, 144A		5.333			02/15/28			494		523,487
Brazilian Government International Bond,
Sr. Unsec’d. Notes		8.500			01/05/24		BRL	30		5,083
Sr. Unsec’d. Notes, Series B		8.875			04/15/24			200		242,709
										56,628,124
Bulgaria    0.3%
Bulgaria Government International Bond,
Sr. Unsec’d. Notes		0.375			09/23/30		EUR	3,167		3,584,545
Sr. Unsec’d. Notes, GMTN(a)		3.125			03/26/35		EUR	8,212		11,776,428
										15,360,973
Canada    0.4%
Canadian Government Bond,
Bonds(k)		4.000			06/01/41		CAD	650		699,848
City of Ottawa Ontario,
Unsec’d. Notes		5.050			08/13/30		CAD	2,570		2,526,568
City of Quebec,
Unsec’d. Notes		2.100			07/06/31		CAD	3,000		2,357,084
Unsec’d. Notes		2.250			11/28/29		CAD	2,500		2,007,039
Unsec’d. Notes		2.650			12/20/27		CAD	1,000		833,805
City of Toronto,
Sr. Unsec’d. Notes		3.500			06/02/36		CAD	2,000		1,761,233
Unsec’d. Notes		2.650			11/09/29		CAD	775		645,946
Unsec’d. Notes		3.250			06/24/46		CAD	1,000		847,106
City of Vancouver,
Notes		2.700			12/15/26		CAD	2,000		1,683,950

See Notes to Financial Statements.

PGIM Global Total Return Fund 61

Schedule of Investments (continued)

as of October 31, 2021

Description	Interest Rate			Maturity Date	Principal Amount (000)#			Value
SOVEREIGN BONDS (Continued)
Canada (cont’d.)
Province of Alberta Coupon Strips,
Bonds		1.031	%(s)	06/01/26		CAD	500	$	371,128
Bonds		1.101	(s)	12/01/26		CAD	550		402,749
Bonds		1.187	(s)	06/01/27		CAD	650		469,204
Province of Nova Scotia,
Unsec’d. Notes		3.150		12/01/51		CAD	2,000		1,724,497
Province of Quebec,
Unsec’d. Notes, Series A, MTN		6.350		01/30/26			500		595,272
Unsec’d. Notes, Series A, MTN		7.140		02/27/26			430		526,243
Province of Quebec Residual Strips,
Bonds		2.283	(s)	04/01/35		CAD	10,000		5,585,774
Province of Saskatchewan,
Unsec’d. Notes		3.300		06/02/48		CAD	3,300		2,897,661
									25,935,107
Chile    0.1%
Bonos de la Tesoreria de la Republica en pesos,
Bonds		2.500		03/01/25		CLP	900,000		1,003,877
Bonds		5.000		03/01/35		CLP	505,000		552,307
Chile Government International Bond,
Sr. Unsec’d. Notes(a)		0.830		07/02/31		EUR	1,000		1,143,538
Sr. Unsec’d. Notes		1.440		02/01/29		EUR	1,884		2,276,817
Sr. Unsec’d. Notes		1.750		01/20/26		EUR	240		294,816
									5,271,355
China    1.4%
China Government Bond,
Bonds, Series 1906		3.290		05/23/29		CNH	10,000		1,595,312
Bonds, Series INBK		2.850		06/04/27		CNH	6,000		934,021
Bonds, Series INBK		3.270		11/19/30		CNH	20,000		3,187,346
Sr. Unsec’d. Notes		3.160		06/27/23		CNH	5,000		787,941
Sr. Unsec’d. Notes		3.300		07/04/23		CNH	2,000		315,894
Sr. Unsec’d. Notes		3.310		11/30/25		CNH	4,000		640,116
Sr. Unsec’d. Notes		3.380		11/21/24		CNH	500		79,816
Sr. Unsec’d. Notes		3.390		05/21/25		CNH	2,500		399,612
Sr. Unsec’d. Notes		3.480		06/29/27		CNH	2,000		324,375
Sr. Unsec’d. Notes		3.600		06/27/28		CNH	10,500		1,717,945
Sr. Unsec’d. Notes		3.600		05/21/30		CNH	18,500		3,062,425
Sr. Unsec’d. Notes		3.900		07/04/36		CNH	6,000		1,018,455
Sr. Unsec’d. Notes		3.950		06/29/43		CNH	40,000		6,970,356
Sr. Unsec’d. Notes		4.000		11/30/35		CNH	76,500		13,230,519

See Notes to Financial Statements.

62

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
SOVEREIGN BONDS (Continued)
China (cont’d.)
China Government Bond, (cont’d.)
Sr. Unsec’d. Notes		4.100	%		05/21/45		CNH	62,000	$	10,974,541
Sr. Unsec’d. Notes		4.150			12/12/31		CNH	41,500		7,230,967
Sr. Unsec’d. Notes		4.290			05/22/29		CNH	10,500		1,804,631
Sr. Unsec’d. Notes		4.400			12/12/46		CNH	48,500		8,912,135
Sr. Unsec’d. Notes		4.500			05/22/34		CNH	5,000		902,164
Unsec’d. Notes, Series INBK		3.810			09/14/50		CNH	30,000		4,910,802
China Government International Bond,
Sr. Unsec’d. Notes		0.500			11/12/31		EUR	1,800		2,046,928
Sr. Unsec’d. Notes		1.000			11/12/39		EUR	3,500		3,952,390
Export-Import Bank of China (The),
Sr. Unsec’d. Notes		4.150			06/18/27		CNH	4,000		657,239
Sr. Unsec’d. Notes		4.400			05/14/24		CNH	20,000		3,233,073
Unsec’d. Notes, Series 1910		3.860			05/20/29		CNH	10,000		1,612,947
Unsec’d. Notes, Series 2010		3.230			03/23/30		CNH	30,000		4,631,573
										85,133,523
Colombia    1.2%
Colombia Government International Bond,
Sr. Unsec’d. Notes		3.000			01/30/30			1,400		1,323,593
Sr. Unsec’d. Notes		4.000			02/26/24			1,000		1,043,944
Sr. Unsec’d. Notes		8.375			02/15/27			2,745		3,328,135
Sr. Unsec’d. Notes		9.850			06/28/27		COP	15,013,000		4,554,924
Sr. Unsec’d. Notes		10.375			01/28/33			1,401		2,060,798
Sr. Unsec’d. Notes, EMTN		3.875			03/22/26		EUR	47,879		60,757,483
										73,068,877
Croatia    0.3%
Croatia Government International Bond,
Sr. Unsec’d. Notes		1.125			06/19/29		EUR	200		236,980
Sr. Unsec’d. Notes		2.750			01/27/30		EUR	3,000		3,985,760
Sr. Unsec’d. Notes		3.000			03/20/27		EUR	4,500		5,913,458
Unsec’d. Notes		1.500			06/17/31		EUR	5,600		6,724,022
										16,860,220
Cyprus    1.0%
Cyprus Government International Bond,
Sr. Unsec’d. Notes, EMTN		1.250			01/21/40		EUR	7,550		9,011,073
Sr. Unsec’d. Notes, EMTN		2.250			04/16/50		EUR	2,000		2,810,088
Sr. Unsec’d. Notes, EMTN(a)		2.375			09/25/28		EUR	4,700		6,224,033

See Notes to Financial Statements.

PGIM Global Total Return Fund 63

Schedule of Investments (continued)

as of October 31, 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	%		02/26/34	EUR	10,200	$	14,551,966
Sr. Unsec’d. Notes, EMTN		2.750			05/03/49	EUR	3,000		4,655,389
Sr. Unsec’d. Notes, EMTN(a)		4.250			11/04/25	EUR	16,514		22,468,436
									59,720,985
Czech Republic    0.0%
Czech Republic Government Bond,
Bonds, Series 95		1.000			06/26/26	CZK	50,000		2,076,341
Denmark    0.1%
Denmark Government Bond,
Bonds(k)		1.750			11/15/25	DKK	3,520		592,974
Bonds(k)		4.500			11/15/39	DKK	1,800		494,659
Bonds, Series 10 YR, 144A(k)		0.500			11/15/29	DKK	4,300		695,247
Bonds, Series 10 YR(k)		0.500			11/15/27	DKK	12,110		1,953,530
Bonds, Series 30 YR, 144A(k)		0.250			11/15/52	DKK	5,000		756,896
									4,493,306
Dominican Republic    0.0%
Dominican Republic International Bond,
Sr. Unsec’d. Notes		5.875			04/18/24		1,306		1,375,637
Egypt    0.0%
Egypt Government International Bond,
Sr. Unsec’d. Notes, 144A		5.577			02/21/23		1,835		1,881,914
Sr. Unsec’d. Notes, 144A, MTN		4.750			04/16/26	EUR	700		793,016
									2,674,930
Estonia    0.0%
Estonia Government International Bond,
Sr. Unsec’d. Notes		0.125			06/10/30	EUR	100		114,463
Finland    0.1%
Finland Government Bond,
Sr. Unsec’d. Notes, 144A		0.125			04/15/52	EUR	100		104,579
Finland Government International Bond,
Sr. Unsec’d. Notes		6.950			02/15/26		600		731,688

See Notes to Financial Statements.

64

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Finland (cont’d.)
Kuntarahoitus OYJ,
Local Gov’t. Gtd. Notes, EMTN		0.500	%		12/21/21	NZD	3,000	$	2,147,429
Local Gov’t. Gtd. Notes, EMTN		3.050			09/24/32	SEK	13,000		1,764,782
									4,748,478
France    0.5%
Agence France Locale,
Gtd. Notes, EMTN		1.125			06/20/28	EUR	1,500		1,842,885
Caisse Francaise de Financement Local,
Covered Bonds, EMTN		4.680			03/09/29	CAD	28,712		26,855,227
French Republic Government Bond OAT,
Bonds, 144A		0.500			05/25/72	EUR	100		93,143
									28,791,255
Germany    0.0%
Bundesrepublik Deutschland Bundesanleihe,
Bonds(k)		0.000			08/15/50	EUR	100		112,026
State of North Rhine-Westphalia,
Sr. Unsec’d. Notes, EMTN		7.500			06/08/27	MXN	500		23,280
									135,306
Greece    2.6%
Hellenic Republic Government Bond,
Bonds		3.900			01/30/33	EUR	2,710		4,004,672
Bonds(a)		4.000			01/30/37	EUR	1,260		1,995,129
Bonds		4.200			01/30/42	EUR	2,380		4,076,234
Bonds		4.300			02/24/23	EUR	9,038		10,989,439
Bonds		4.300			02/24/24	EUR	7,615		9,582,479
Bonds		4.300			02/24/25	EUR	6,241		8,102,730
Bonds		4.300			02/24/26	EUR	4,596		6,085,648
Bonds		4.300			02/24/27	EUR	8,279		11,256,277
Bonds		4.300			02/24/28	EUR	2,659		3,695,747
Bonds		4.300			02/24/29	EUR	4,267		5,981,660
Bonds		4.300			02/24/30	EUR	3,296		4,670,706
Bonds		4.300			02/24/31	EUR	5,031		7,198,284
Bonds		4.300			02/24/32	EUR	3,080		4,489,835
Bonds		4.300			02/24/33	EUR	1,845		2,746,965
Bonds		4.300			02/24/34	EUR	2,499		3,779,067
Bonds		4.300			02/24/35	EUR	5,252		8,036,383
Bonds		4.300			02/24/36	EUR	2,024		3,146,699

See Notes to Financial Statements.

PGIM Global Total Return Fund 65

Schedule of Investments (continued)

as of October 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
SOVEREIGN BONDS (Continued)
Greece (cont’d.)
Hellenic Republic Government Bond, (cont’d.)
Bonds		4.300	%		02/24/37		EUR	3,780	$	5,966,076
Bonds		4.300			02/24/38		EUR	2,233		3,566,852
Bonds		4.300			02/24/39		EUR	2,386		3,879,119
Bonds		4.300			02/24/40		EUR	3,694		6,039,403
Bonds		4.300			02/24/41		EUR	2,652		4,393,564
Bonds		4.300			02/24/42		EUR	5,221		8,724,737
Bonds, 144A		1.500			06/18/30		EUR	4,000		4,734,910
Hellenic Republic Government International Bond,
Sr. Unsec’d. Notes		5.200			07/17/34		EUR	9,311		15,235,801
Sr. Unsec’d. Notes		6.140			04/14/28		EUR	5,200		7,861,981
										160,240,397
Guernsey    0.2%
States of Guernsey Bond,
Sr. Unsec’d. Notes		3.375			12/12/46		GBP	5,800		10,604,701
Hong Kong    0.0%
Airport Authority,
Sr. Unsec’d. Notes, EMTN		1.950			11/20/30		HKD	3,000		377,211
Hong Kong Sukuk 2017 Ltd.,
Sr. Unsec’d. Notes		3.132			02/28/27			1,500		1,610,544
										1,987,755
Hungary    0.3%
Hungary Government International Bond,
Sr. Unsec’d. Notes		1.250			10/22/25		EUR	2,000		2,411,007
Sr. Unsec’d. Notes		1.625			04/28/32		EUR	4,176		5,020,640
Sr. Unsec’d. Notes		4.300			12/19/21		CNH	32,500		5,079,265
Sr. Unsec’d. Notes, 144A		2.125			09/22/31			1,375		1,342,471
Sr. Unsec’d. Notes, Series 02		1.290			09/18/30		JPY	700,000		6,295,520
Sr. Unsec’d. Notes, Series 08		0.740			09/18/25		JPY	100,000		885,247
										21,034,150
Iceland    0.1%
Iceland Government International Bond,
Sr. Unsec’d. Notes		0.100			06/20/24		EUR	2,634		3,037,617

See Notes to Financial Statements.

66

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
SOVEREIGN BONDS (Continued)
Iceland (cont’d.)
Iceland Government International Bond, (cont’d.)
Sr. Unsec’d. Notes		5.875	%		05/11/22			2,560	$	2,619,869
Sr. Unsec’d. Notes, EMTN		0.500			12/20/22		EUR	500		581,857
										6,239,343
India    0.4%
Export-Import Bank of India,
Sr. Unsec’d. Notes, 144A, MTN		2.250			01/13/31			4,400		4,136,834
Sr. Unsec’d. Notes, 144A, MTN		3.250			01/15/30			2,910		2,957,459
Sr. Unsec’d. Notes, EMTN		3.250			01/15/30			363		368,920
Sr. Unsec’d. Notes, Series 03		0.590			09/05/22		JPY	1,700,000		14,903,088
										22,366,301
Indonesia    1.4%
Indonesia Government International Bond,
Sr. Unsec’d. Notes		0.900			02/14/27		EUR	7,700		8,890,074
Sr. Unsec’d. Notes		1.100			03/12/33		EUR	3,415		3,789,805
Sr. Unsec’d. Notes		1.400			10/30/31		EUR	9,560		11,056,266
Sr. Unsec’d. Notes		1.450			09/18/26		EUR	3,400		4,048,312
Sr. Unsec’d. Notes		1.750			04/24/25		EUR	2,600		3,117,367
Sr. Unsec’d. Notes		3.375			07/30/25		EUR	12,505		15,881,199
Sr. Unsec’d. Notes, EMTN		2.150			07/18/24		EUR	5,195		6,282,613
Sr. Unsec’d. Notes, EMTN		2.625			06/14/23		EUR	5,700		6,845,748
Sr. Unsec’d. Notes, EMTN		3.750			06/14/28		EUR	13,980		18,827,425
Sr. Unsec’d. Notes, Series 05		0.920			05/31/23		JPY	100,000		886,769
Sr. Unsec’d. Notes, Series 09		0.830			05/22/24		JPY	200,000		1,775,225
Sr. Unsec’d. Notes, Series 14		1.130			07/07/23		JPY	400,000		3,560,477
										84,961,280
Ireland    0.0%
Ireland Government Bond,
Sr. Unsec’d. Notes		0.550			04/22/41		EUR	100		113,273
Isle of Man    0.5%
Isle of Man Government International Bond,
Unsec’d. Notes		5.375			08/14/34		GBP	10,311		20,088,947
Unsec’d. Notes		5.625			03/29/30		GBP	4,978		8,989,058
										29,078,005

See Notes to Financial Statements.

PGIM Global Total Return Fund 67

Schedule of Investments (continued)

as of October 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
SOVEREIGN BONDS (Continued)
Israel    0.3%
Israel Government Bond,
Bonds, Series 0330		1.000	%		03/31/30		ILS	4,000	$	1,240,870
Israel Government International Bond,
Sr. Unsec’d. Notes(a)		2.750			07/03/30			5,000		5,284,932
Sr. Unsec’d. Notes		4.500			04/03/2120			1,240		1,550,625
Sr. Unsec’d. Notes, EMTN		6.875			10/21/34		GBP	3,360		7,140,574
										15,217,001
Italy    4.3%
Cassa Del Trentino SPA,
Local Gov’t. Gtd. Notes, EMTN		1.160			06/17/26		EUR	1,543		1,802,906
Italy Buoni Poliennali Del Tesoro,
Bonds, 144A		2.800			03/01/67		EUR	2,100		2,834,880
Sr. Unsec’d. Notes, 144A		3.350			03/01/35		EUR	15,640		22,345,885
Region of Lazio,
Sr. Unsec’d. Notes		3.088			03/31/43		EUR	6,704		8,823,112
Region of Umbria,
Sr. Unsec’d. Notes		0.000	(cc)		03/26/31		EUR	1,035		1,131,622
Repubic of Italy Government International Bond Coupon Strips,
Sr. Unsec’d. Notes		3.486	(s)		03/27/23			775		768,854
Sr. Unsec’d. Notes		1.737	(s)		02/20/31		EUR	5,324		5,526,231
Republic of Italy Government International Bond,
Sr. Unsec’d. Notes		2.375			10/17/24			500		515,242
Sr. Unsec’d. Notes		2.875			10/17/29			2,900		2,962,600
Sr. Unsec’d. Notes		4.000			10/17/49			500		556,433
Sr. Unsec’d. Notes, EMTN		3.444			12/31/24		EUR	647		763,493
Sr. Unsec’d. Notes, EMTN, EURIBOR ICE SWAP
11:00 Fft 30Y Index + 0.800% (Cap N/A, Floor 4.250%)		4.250	(c)		06/28/29		EUR	7,892		11,355,641
Sr. Unsec’d. Notes, EMTN		5.250			12/07/34		GBP	16,608		30,340,017
Sr. Unsec’d. Notes, EMTN		5.345			01/27/48		EUR	2,100		4,000,589
Sr. Unsec’d. Notes, EMTN		6.000			08/04/28		GBP	68,747		118,013,048
Sr. Unsec’d. Notes, MTN		5.125			07/31/24		EUR	15,045		19,704,116
Sr. Unsec’d. Notes, MTN		5.200			07/31/34		EUR	7,098		11,602,408
Sr. Unsec’d. Notes, MTN(a)		5.375			06/15/33			11,108		13,827,601
Sr. Unsec’d. Notes, Series 67, EMTN		0.117	(ff)		05/11/26		EUR	3,000		3,451,739
										260,326,417

See Notes to Financial Statements.

68

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	$	979,764
Honshu-Shikoku Bridge,
Sr. Sec’d. Notes, Series 05		2.230			12/20/24		JPY	200,000		1,871,749
Japan Government Ten Year Bond,
Bonds, Series 360(k)		0.100			09/20/30		JPY	100,000		882,430
Japan Government Thirty Year Bond,
Bonds, Series 66(k)		0.400			03/20/50		JPY	450,000		3,683,282
Bonds, Series 69(k)		0.700			12/20/50		JPY	400,000		3,543,833
Japan Government Twenty Year Bond,
Bonds, Series 149(k)		1.500			06/20/34		JPY	50,000		509,278
Bonds, Series 150(k)		1.400			09/20/34		JPY	145,000		1,463,053
Bonds, Series 157(k)		0.200			06/20/36		JPY	224,100		1,942,556
Bonds, Series 159(k)		0.600			12/20/36		JPY	665,000		6,088,305
Bonds, Series 165(k)		0.500			06/20/38		JPY	407,000		3,649,401
Bonds, Series 171(k)		0.300			12/20/39		JPY	300,000		2,576,749
Japan Housing Finance Agency,
Sr. Sec’d. Notes, Series 102		1.441			03/19/27		JPY	100,000		941,785
Japanese Government CPI Linked Bond,
Bonds, Series 22		0.100			03/10/27		JPY	221,491		2,018,182
										30,150,367
Jersey    0.0%
Jersey International Bond,
Sr. Unsec’d. Notes		3.750			06/09/54		GBP	834		1,737,391
Kazakhstan    0.3%
Kazakhstan Government International Bond,
Sr. Unsec’d. Notes, EMTN		0.600			09/30/26		EUR	2,000		2,297,337
Sr. Unsec’d. Notes, EMTN		1.500			09/30/34		EUR	3,200		3,716,011
Sr. Unsec’d. Notes, EMTN		2.375			11/09/28		EUR	10,815		13,847,741
										19,861,089
Latvia    0.0%
Latvia Government International Bond,
Unsec’d. Notes, GMTN		0.000			03/17/31		EUR	100		113,062

See Notes to Financial Statements.

PGIM Global Total Return Fund 69

Schedule of Investments (continued)

as of October 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
SOVEREIGN BONDS (Continued)
Lithuania    0.0%
Lithuania Government Bond,
Bonds, Series 07 YR		0.600	%		06/29/23		EUR	200	$	234,557
Lithuania Government International Bond,
Sr. Unsec’d. Notes, EMTN		0.750			05/06/30		EUR	100		121,141
										355,698
Luxembourg    0.0%
State of the Grand-Duchy of Luxembourg,
Sr. Unsec’d. Notes		0.000			09/14/32		EUR	100		113,085
Macedonia    0.0%
North Macedonia Government International Bond,
Sr. Unsec’d. Notes		5.625			07/26/23		EUR	1,000		1,253,506
Malaysia    0.1%
1MDB Global Investments Ltd.,
Sr. Unsec’d. Notes		4.400			03/09/23			2,000		2,008,652
Malaysia Government Bond,
Bonds, Series 0220		2.632			04/15/31		MYR	10,000		2,229,521
										4,238,173
Mexico    1.2%
Mexican Bonos,
Sr. Unsec’d. Notes, Series M		8.000			12/07/23		MXN	10,000		496,077
Mexico Government International Bond,
Sr. Unsec’d. Notes		1.125			01/17/30		EUR	10,100		11,312,592
Sr. Unsec’d. Notes		1.350			09/18/27		EUR	500		591,307
Sr. Unsec’d. Notes		1.450			10/25/33		EUR	4,825		5,177,849
Sr. Unsec’d. Notes		1.625			04/08/26		EUR	200		241,349
Sr. Unsec’d. Notes		2.875			04/08/39		EUR	5,000		5,873,837
Sr. Unsec’d. Notes(a)		4.000			03/15/2115		EUR	950		1,189,533
Sr. Unsec’d. Notes, EMTN		1.750			04/17/28		EUR	800		961,792
Sr. Unsec’d. Notes, EMTN		5.625			03/19/2114		GBP	340		498,485
Sr. Unsec’d. Notes, GMTN		1.625			03/06/24		EUR	8,870		10,610,475
Sr. Unsec’d. Notes, GMTN		6.750			02/06/24		GBP	13,633		20,889,110
Sr. Unsec’d. Notes, Series 25		0.600			04/20/23		JPY	700,000		6,168,440
Sr. Unsec’d. Notes, Series 26		0.850			04/18/25		JPY	500,000		4,406,104
Sr. Unsec’d. Notes, Series 28		2.000			04/20/38		JPY	300,000		2,452,305
Sr. Unsec’d. Notes, Series A, MTN		7.500			04/08/33			875		1,227,136
										72,096,391

See Notes to Financial Statements.

70

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
SOVEREIGN BONDS (Continued)
Montenegro    0.0%
Montenegro Government International Bond,
Sr. Unsec’d. Notes, 144A		3.375	%		04/21/25		EUR	750	$	870,058
Netherlands    0.0%
Netherlands Government Bond,
Bonds, 144A		0.000			01/15/52		EUR	100		107,258
New Zealand    0.1%
Auckland Council,
Sr. Sec’d. Notes		2.900			09/16/27		AUD	1,000		758,057
Sr. Sec’d. Notes		3.500			03/09/26		AUD	2,000		1,562,860
New Zealand Government Bond,
Bonds		1.750			05/15/41		NZD	2,000		1,186,610
New Zealand Local Government Funding Agency Bond,
Local Gov’t. Gtd. Notes		2.000			04/15/37		NZD	2,100		1,251,540
Local Gov’t. Gtd. Notes		3.500			04/14/33		NZD	2,900		2,145,282
										6,904,349
Norway    0.1%
City of Oslo,
Sr. Unsec’d. Notes		1.500			11/27/30		NOK	3,000		332,526
Sr. Unsec’d. Notes		2.300			12/01/27		NOK	3,000		357,531
Sr. Unsec’d. Notes		3.650			11/08/23		NOK	9,000		1,107,588
Norway Government Bond,
Sr. Unsec’d. Notes, Series 481, 144A(k)		1.750			09/06/29		NOK	10,000		1,190,268
										2,987,913
Panama    0.4%
Panama Government International Bond,
Sr. Unsec’d. Notes		4.000			09/22/24			200		213,866
Sr. Unsec’d. Notes		8.125			04/28/34			10,608		15,927,328
Sr. Unsec’d. Notes		9.375			01/16/23			3,803		4,179,400
Sr. Unsec’d. Notes		9.375			04/01/29			800		1,160,308
										21,480,902
Peru    1.1%
Peru Government Bond,
Sr. Unsec’d. Notes		5.350			08/12/40		PEN	22,000		4,659,952

See Notes to Financial Statements.

PGIM Global Total Return Fund 71

Schedule of Investments (continued)

as of October 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
SOVEREIGN BONDS (Continued)
Peru (cont’d.)
Peruvian Government International Bond,
Sr. Unsec’d. Notes		1.250	%		03/11/33		EUR	1,200	$	1,339,307
Sr. Unsec’d. Notes		2.392			01/23/26			690		703,385
Sr. Unsec’d. Notes		2.750			01/30/26		EUR	36,018		45,961,635
Sr. Unsec’d. Notes		3.750			03/01/30		EUR	9,408		12,874,299
Sr. Unsec’d. Notes		6.950			08/12/31		PEN	9,000		2,437,865
										67,976,443
Philippines    1.2%
Philippine Government International Bond,
Sr. Unsec’d. Notes		0.000			02/03/23		EUR	2,000		2,308,157
Sr. Unsec’d. Notes		0.250			04/28/25		EUR	690		793,802
Sr. Unsec’d. Notes		0.700			02/03/29		EUR	5,365		6,136,569
Sr. Unsec’d. Notes		1.200			04/28/33		EUR	1,350		1,546,945
Sr. Unsec’d. Notes		1.750			04/28/41		EUR	1,085		1,223,426
Sr. Unsec’d. Notes, EMTN		0.875			05/17/27		EUR	7,000		8,183,011
Sr. Unsec’d. Notes, Series 11		0.990			08/15/28		JPY	1,100,000		9,790,697
Sr. Unsec’d. Notes, Series 15		0.590			08/15/29		JPY	1,700,000		14,689,653
Unsec’d. Notes		3.580			05/20/22		CNH	165,000		25,781,371
										70,453,631
Portugal    1.3%
Autonomous Region of the Azores,
Sr. Unsec’d. Notes		0.603			07/21/26		EUR	1,000		1,173,109
Metropolitano de Lisboa EPE,
Gov’t. Gtd. Notes		4.799			12/07/27		EUR	5,800		8,526,057
Gov’t. Gtd. Notes		7.300			12/23/25		EUR	300		448,458
Portugal Government International Bond,
Sr. Unsec’d. Notes		4.090			06/03/22		CNH	70,800		11,079,899
Portugal Obrigacoes do Tesouro OT,
Sr. Unsec’d. Notes, 144A		4.100			02/15/45		EUR	24,295		45,989,328
Unsec’d. Notes, 144A		1.000			04/12/52		EUR	4,000		4,303,132
Regiao Autonoma Madeira,
Gov’t. Gtd. Notes		0.943			05/29/32		EUR	8,750		10,179,221
										81,699,204
Qatar    0.2%
Qatar Government International Bond,
Sr. Unsec’d. Notes		3.750			04/16/30			2,000		2,232,419

See Notes to Financial Statements.

72

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
SOVEREIGN BONDS (Continued)
Qatar (cont’d.)
Qatar Government International Bond, (cont’d.)
Sr. Unsec’d. Notes, 144A		3.400	%		04/16/25			4,410	$	4,718,975
Sr. Unsec’d. Notes, 144A		4.500			04/23/28			2,000		2,303,122
										9,254,516
Romania    0.4%
Romania Government Bond,
Bonds, Series 05 YR		3.650			07/28/25		RON	1,000		227,740
Bonds, Series 15 YR		3.650			09/24/31		RON	2,000		422,818
Romanian Government International Bond,
Sr. Unsec’d. Notes, 144A, MTN		2.500			02/08/30		EUR	4,150		4,917,335
Sr. Unsec’d. Notes, EMTN		2.375			04/19/27		EUR	1,000		1,234,030
Sr. Unsec’d. Notes, EMTN		3.375			02/08/38		EUR	2,138		2,523,418
Sr. Unsec’d. Notes, EMTN		3.500			04/03/34		EUR	1,000		1,235,868
Sr. Unsec’d. Notes, EMTN		3.875			10/29/35		EUR	1,000		1,257,892
Sr. Unsec’d. Notes, EMTN		4.125			03/11/39		EUR	2,966		3,754,378
Unsec’d. Notes, 144A, MTN		2.124			07/16/31		EUR	3,600		4,077,292
Unsec’d. Notes, 144A, MTN(a)		2.875			05/26/28		EUR	1,100		1,383,555
Unsec’d. Notes, EMTN(a)		2.124			07/16/31		EUR	2,000		2,265,162
Unsec’d. Notes, MTN		2.875			05/26/28		EUR	700		880,444
										24,179,932
Russia    0.8%
Russian Federal Bond - OFZ,
Bonds, Series 6224		6.900			05/23/29		RUB	61,000		804,402
Russian Foreign Bond - Eurobond,
Sr. Unsec’d. Notes		1.850			11/20/32		EUR	2,200		2,534,153
Sr. Unsec’d. Notes		2.650			05/27/36		EUR	5,200		6,120,888
Sr. Unsec’d. Notes		2.875			12/04/25		EUR	23,100		29,209,999
Sr. Unsec’d. Notes(a)		5.100			03/28/35			6,000		7,177,744
										45,847,186
San Marino    0.0%
San Marino Government Bond,
Sr. Unsec’d. Notes		3.250			02/24/24		EUR	469		557,568
Saudi Arabia    0.4%
Saudi Government International Bond,
Sr. Unsec’d. Notes		2.000			07/09/39		EUR	7,811		9,445,163
Sr. Unsec’d. Notes, 144A		2.000			07/09/39		EUR	5,945		7,188,771

See Notes to Financial Statements.

PGIM Global Total Return Fund 73

Schedule of Investments (continued)

as of October 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
SOVEREIGN BONDS (Continued)
Saudi Arabia (cont’d.)
Saudi Government International Bond, (cont’d.)
Sr. Unsec’d. Notes, 144A, MTN		2.875	%		03/04/23			3,335	$	3,436,362
Sr. Unsec’d. Notes, 144A, MTN		2.900			10/22/25			4,000		4,225,882
Sr. Unsec’d. Notes, 144A, MTN		4.000			04/17/25			1,135		1,235,736
Sr. Unsec’d. Notes, EMTN		0.625			03/03/30		EUR	600		681,651
										26,213,565
Serbia    0.7%
Serbia International Bond,
Sr. Unsec’d. Notes		1.500			06/26/29		EUR	6,000		6,799,995
Sr. Unsec’d. Notes		3.125			05/15/27		EUR	20,595		25,831,485
Sr. Unsec’d. Notes, 144A		2.125			12/01/30			13,215		12,319,835
										44,951,315
Singapore    0.0%
Housing & Development Board,
Sr. Unsec’d. Notes, MTN		2.320			01/24/28		SGD	500		380,922
Slovakia    0.0%
Slovakia Government Bond,
Sr. Unsec’d. Notes, Series 242		0.375			04/21/36		EUR	100		112,466
Slovenia    0.1%
Slovenia Government Bond,
Unsec’d. Notes		0.000			02/12/31		EUR	100		111,899
Slovenia Government International Bond,
Sr. Unsec’d. Notes		5.250			02/18/24			3,422		3,763,526
										3,875,425
South Africa    0.1%
Republic of South Africa Government Bond,
Sr. Unsec’d. Notes, Series 2035		8.875			02/28/35		ZAR	10,000		577,379
Sr. Unsec’d. Notes, Series R186		10.500			12/21/26		ZAR	9,000		645,316
Sr. Unsec’d. Notes, Series R213		7.000			02/28/31		ZAR	1,800		96,872
Republic of South Africa Government International Bond,
Sr. Unsec’d. Notes		3.750			07/24/26		EUR	5,415		6,755,045
										8,074,612

See Notes to Financial Statements.

74

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
SOVEREIGN BONDS (Continued)
South Korea    0.1%
Export-Import Bank of Korea,
Sr. Unsec’d. Notes, 144A, MTN		6.700	%		12/02/24		IDR	40,000	$	2,930
Sr. Unsec’d. Notes, 144A, MTN		8.000			05/15/24		IDR	6,800,000		512,070
Sr. Unsec’d. Notes, EMTN		3.130			04/26/23		HKD	4,000		532,069
Sr. Unsec’d. Notes, EMTN		4.140			09/04/23		CNH	5,000		796,571
Sr. Unsec’d. Notes, EMTN		7.250			12/07/24		IDR	10,000,000		746,043
Sr. Unsec’d. Notes, EMTN		8.000			05/15/24		IDR	19,600,000		1,475,967
Sr. Unsec’d. Notes, GMTN		2.600			11/08/23		AUD	888		679,394
										4,745,044
Spain    2.6%
Autonomous Community of Catalonia,
Sr. Unsec’d. Notes		4.690			10/28/34		EUR	579		903,091
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		1,521,677
Sr. Unsec’d. Notes, EMTN		5.900			05/28/30		EUR	3,250		5,136,864
Sr. Unsec’d. Notes, EMTN		6.350			11/30/41		EUR	2,100		4,138,326
Instituto de Credito Oficial,
Gov’t. Gtd. Notes, EMTN		3.250			06/28/24		CHF	1,300		1,546,708
Gov’t. Gtd. Notes, GMTN		0.963			09/22/22		SEK	32,000		3,755,984
Spain Government Bond,
Bonds, 144A(k)(v)		5.150			10/31/28		EUR	8,120		12,605,846
Sr. Unsec’d. Notes, 144A		1.000			10/31/50		EUR	10,600		11,360,433
Sr. Unsec’d. Notes, 144A(k)		1.200			10/31/40		EUR	2,500		2,953,962
Sr. Unsec’d. Notes, 144A		1.250			10/31/30		EUR	4,000		4,940,874
Sr. Unsec’d. Notes, 144A(k)		1.400			04/30/28		EUR	6,410		7,995,701
Sr. Unsec’d. Notes, 144A(k)		1.400			07/30/28		EUR	895		1,118,657
Sr. Unsec’d. Notes, 144A(k)		1.850			07/30/35		EUR	21,225		27,790,622
Sr. Unsec’d. Notes, 144A(k)		1.950			07/30/30		EUR	1,300		1,699,057
Sr. Unsec’d. Notes, 144A(k)		3.450			07/30/66		EUR	4,200		7,587,717
Spain Government Bond Coupon Strips,
Bonds		0.246	(s)		01/31/32		EUR	3,900		4,205,139
Bonds(v)		0.320	(s)		01/31/33		EUR	2,100		2,230,031
Bonds		0.449	(s)		07/30/29		EUR	438		491,397
Bonds		0.958	(s)		01/31/35		EUR	168		172,423
Bonds		1.027	(s)		01/31/36		EUR	168		169,696
Bonds		1.078	(s)		01/31/37		EUR	168		166,086
Bonds		1.296	(s)		07/30/41		EUR	436		401,314
Bonds, Series CAC		0.579	(s)		07/30/29		EUR	3,600		4,029,182
Bonds, Series CAC		1.128	(s)		07/30/36		EUR	862		860,274
Bonds, Series CAC		1.212	(s)		07/30/37		EUR	862		846,324

See Notes to Financial Statements.

PGIM Global Total Return Fund 75

Schedule of Investments (continued)

as of October 31, 2021

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		1.297	%(s)		07/30/38		EUR	862	$	832,484
Bonds, Series CAC		1.365	(s)		07/30/42		EUR	300		265,276
Bonds, Series CAC		1.405	(s)		07/30/43		EUR	300		260,652
Bonds, Series CAC		1.455	(s)		07/30/44		EUR	300		255,765
Bonds, Series CAC		1.475	(s)		07/30/45		EUR	300		250,987
Bonds, Series CAC		1.485	(s)		07/30/46		EUR	300		246,301
Bonds, Series CAC		1.504	(s)		07/30/47		EUR	300		244,478
Bonds, Series CAC		1.514	(s)		07/30/48		EUR	300		240,010
Bonds, Series CAC		1.544	(s)		07/30/49		EUR	300		237,613
Bonds, Series CAC		1.564	(s)		07/30/50		EUR	300		229,773
Bonds, Series CAC		1.594	(s)		07/30/51		EUR	300		226,417
Bonds, Series CAC		1.623	(s)		07/30/52		EUR	300		220,030
Bonds, Series CAC		1.663	(s)		07/30/53		EUR	300		213,595
Bonds, Series CAC		1.683	(s)		07/30/54		EUR	300		206,198
Bonds, Series CAC		1.703	(s)		07/30/55		EUR	300		200,045
Bonds, Series CAC		1.732	(s)		07/30/56		EUR	300		195,165
Bonds, Series CAC		1.772	(s)		07/30/57		EUR	300		185,958
Bonds, Series CAC		1.782	(s)		07/30/58		EUR	300		183,508
Bonds, Series CAC		1.812	(s)		07/30/59		EUR	300		177,468
Bonds, Series CAC		1.851	(s)		07/30/60		EUR	300		171,493
Bonds, Series CAC		1.871	(s)		07/30/61		EUR	300		162,606
Bonds, Series CAC		1.891	(s)		07/30/62		EUR	300		160,038
Bonds, Series CAC		1.921	(s)		07/30/63		EUR	300		151,732
Bonds, Series CAC		1.950	(s)		07/30/64		EUR	300		148,209
Bonds, Series CAC		1.980	(s)		07/30/65		EUR	300		138,338
Bonds, Series CAC		2.010	(s)		07/30/66		EUR	300		136,654
Spain Government Bond Principal Strips, Bonds		0.794	(s)		07/30/41		EUR	1,700		1,574,794
Spain Government International Bond,
Sr. Unsec’d. Notes, EMTN		5.010			11/21/44			10,500		13,940,384
Sr. Unsec’d. Notes, EMTN		5.250			04/06/29		GBP	15,443		26,126,122
										156,209,478
Sweden    0.0%
Kommuninvest I Sverige AB,
Local Gov’t. Gtd. Notes, EMTN		1.500			05/12/25		SEK	7,000		835,428
Svensk Exportkredit AB,
Sr. Unsec’d. Notes, EMTN		8.904	(s)		06/25/27		ZAR	1,400		56,748
Sr. Unsec’d. Notes, MTN		2.665	(s)		05/11/37			110		72,445

See Notes to Financial Statements.

76

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
SOVEREIGN BONDS (Continued)
Sweden (cont’d.)
Sweden Government Bond,
Bonds, Series 1053(k)		3.500	%		03/30/39		SEK	10,000	$	1,725,133
										2,689,754
Thailand    0.0%
Thailand Government Bond,
Sr. Unsec’d. Notes		3.650			06/20/31		THB	45,000		1,559,784
Turkey    0.1%
Turkey Government International Bond,
Sr. Unsec’d. Notes		4.625			03/31/25		EUR	5,000		5,917,592
Sr. Unsec’d. Notes		5.750			03/22/24			1,000		1,018,873
										6,936,465
Ukraine    1.0%
Ukraine Government International Bond,
Sr. Unsec’d. Notes		4.375			01/27/30		EUR	3,736		4,021,829
Sr. Unsec’d. Notes		6.750			06/20/26		EUR	31,299		38,938,708
Sr. Unsec’d. Notes		7.375			09/25/32			3,600		3,700,850
Sr. Unsec’d. Notes		7.750			09/01/24			1,875		2,021,745
Sr. Unsec’d. Notes		7.750			09/01/25			400		431,932
Sr. Unsec’d. Notes		7.750			09/01/26			500		538,829
Sr. Unsec’d. Notes, 144A		4.375			01/27/30		EUR	9,705		10,447,497
Sr. Unsec’d. Notes, 144A		7.253			03/15/33			1,560		1,588,777
										61,690,167
United Arab Emirates    0.4%
Dubai DOF Sukuk Ltd.,
Sr. Unsec’d. Notes		5.000			04/30/29			5,000		5,820,967
Sr. Unsec’d. Notes, EMTN		6.450			05/02/22			6,423		6,608,018
RAK Capital,
Sr. Unsec’d. Notes, EMTN		3.094			03/31/25			1,400		1,473,996
Sharjah Sukuk Ltd.,
Sr. Unsec’d. Notes		3.764			09/17/24			3,800		4,033,083
Sharjah Sukuk Program Ltd.,
Sr. Unsec’d. Notes, EMTN		3.854			04/03/26			4,000		4,257,075
Sr. Unsec’d. Notes, EMTN		4.226			03/14/28			1,200		1,291,386

See Notes to Financial Statements.

PGIM Global Total Return Fund 77

Schedule of Investments (continued)

as of October 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
SOVEREIGN BONDS (Continued)
United Arab Emirates (cont’d.)
UAE International Government Bond,
Sr. Unsec’d. Notes, 144A, MTN		2.000	%		10/19/31			510	$	501,206
										23,985,731
United Kingdom    1.1%
HM Treasury UK Sovereign Sukuk PLC,
Unsec’d. Notes		0.333			07/22/26		GBP	500		668,937
Transport for London,
Sr. Unsec’d. Notes, EMTN		4.000			09/12/33		GBP	1,000		1,664,531
Sr. Unsec’d. Notes, EMTN		4.000			04/07/64		GBP	800		1,723,552
Sr. Unsec’d. Notes, EMTN		4.500			03/31/31		GBP	3,813		6,058,548
Sr. Unsec’d. Notes, EMTN		5.000			03/31/35		GBP	3,280		5,749,253
United Kingdom Gilt,
Bonds(k)		0.500			10/22/61		GBP	100		115,924
Bonds(k)		0.625			10/22/50		GBP	19,000		22,877,482
Bonds(k)		1.250			10/22/41		GBP	100		138,569
Bonds(k)		1.250			07/31/51		GBP	100		141,211
Bonds(k)		1.500			07/22/47		GBP	100		147,923
Bonds(k)		1.625			10/22/54		GBP	100		157,023
Bonds(k)		1.625			10/22/71		GBP	100		178,676
Bonds(k)		1.750			09/07/37		GBP	100		148,800
Bonds(k)		1.750			01/22/49		GBP	100		156,875
Bonds(k)		1.750			07/22/57		GBP	100		166,381
Bonds(k)		2.500			07/22/65		GBP	100		212,710
Bonds(k)		3.250			01/22/44		GBP	100		193,105
Bonds(k)		3.500			01/22/45		GBP	2,310		4,678,107
Bonds(k)		3.500			07/22/68		GBP	100		269,928
Bonds(k)		3.750			07/22/52		GBP	100		231,282
Bonds(k)		4.000			01/22/60		GBP	100		268,095
Bonds(k)		4.250			03/07/36		GBP	5,965		11,589,016
Bonds(k)		4.250			09/07/39		GBP	180		370,491
Bonds(k)		4.250			12/07/40		GBP	100		209,582
Bonds(k)		4.250			12/07/46		GBP	1,920		4,400,436
Bonds(k)		4.250			12/07/49		GBP	100		240,380
Bonds(k)		4.250			12/07/55		GBP	100		262,107
Bonds(k)		4.500			12/07/42		GBP	100		222,734
Bonds(k)		4.750			12/07/38		GBP	100		214,276
Unsec’d. Notes(k)		0.875			01/31/46		GBP	100		128,400
Unsec’d. Notes(k)		1.125			01/31/39		GBP	100		135,628

See Notes to Financial Statements.

78

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
SOVEREIGN BONDS (Continued)
United Kingdom (cont’d.)
United Kingdom Municipal Bonds Agency Finance Co. Designated Activity Co., Local Gov’t. Gtd. Notes		1.625	%		08/26/60		GBP	750	$	1,012,417
										64,732,379
Uruguay    0.1%
Uruguay Government International Bond,
Sr. Unsec’d. Notes		4.375			01/23/31			625		721,052
Sr. Unsec’d. Notes		6.875			09/28/25			2,202		2,587,100
										3,308,152
TOTAL SOVEREIGN BONDS (cost $1,832,712,121)										1,891,010,060
U.S. GOVERNMENT AGENCY OBLIGATIONS    1.1%
Federal National Mortgage Assoc.		5.375			12/07/28		GBP	20,307		35,262,334
Tennessee Valley Authority
Sr. Unsec’d. Notes		4.625			06/07/43		GBP	300		622,273
Sr. Unsec’d. Notes		5.625			06/07/32		GBP	14,971		28,417,085
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $65,384,319)										64,301,692
U.S. TREASURY OBLIGATIONS    0.4%
U.S. Treasury Bonds(h)(k)		1.125			08/15/40			14,930		12,914,450
U.S. Treasury Bonds		2.250			05/15/41			1,000		1,044,844
U.S. Treasury Notes(h)		0.625			08/15/30			5,000		4,634,375
U.S. Treasury Notes(h)(k)		1.375			02/15/23			2,450		2,485,027
U.S. Treasury Notes(k)		2.125			05/15/25			300		312,492
U.S. Treasury Strips Coupon(h)		1.872	(s)		05/15/31			400		339,797
U.S. Treasury Strips Coupon(h)		1.888	(s)		08/15/29			400		353,203
U.S. Treasury Strips Coupon(h)		2.089	(s)		11/15/35			800		617,000
U.S. Treasury Strips Coupon(h)		2.251	(s)		08/15/40			800		540,500
TOTAL U.S. TREASURY OBLIGATIONS (cost $23,916,067)										23,241,688

See Notes to Financial Statements.

PGIM Global Total Return Fund 79

Schedule of Investments (continued)

as of October 31, 2021

Description	Shares		Value
COMMON STOCKS    0.2%
United States
Chesapeake Energy Corp.		210,759	$	13,433,779
Chesapeake Energy Corp. Backstop Commitment		1,212		77,253
Ferrellgas Partners LP (Class B Stock)		2,731		703,232
TOTAL COMMON STOCKS (cost $4,328,508)				14,214,264
PREFERRED STOCK    0.0%
United States
Citigroup Capital XIII, 6.502%(c), 3 Month LIBOR + 6.370%, Maturing 10/30/40 (cost $100,000)		4,000		109,800
TOTAL LONG-TERM INVESTMENTS (cost $5,908,719,535)				5,999,312,897
SHORT-TERM INVESTMENTS    1.7%
AFFILIATED MUTUAL FUNDS    1.7%
PGIM Core Ultra Short Bond Fund(wa)		53,862,194		53,862,194
PGIM Institutional Money Market Fund
(cost $48,774,702; includes $48,772,478 of cash collateral for securities on loan)(b)(wa)		48,820,394		48,791,102
TOTAL AFFILIATED MUTUAL FUNDS (cost $102,636,896)				102,653,296
OPTIONS PURCHASED*~    0.0% (cost $34,756,823)				1,742,789
TOTAL SHORT-TERM INVESTMENTS (cost $137,393,719)				104,396,085
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN    100.4% (cost $6,046,113,254)				6,103,708,982
OPTIONS WRITTEN*~    (0.0)% (premiums received $40,273,580)				(3,331,140	)
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN    100.4% (cost $6,005,839,674)				6,100,377,842
Liabilities in excess of other assets(z)    (0.4)%				(22,425,879	)
NET ASSETS    100.0%			$	6,077,951,963

See Notes to Financial Statements.

80

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

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

SAR—Saudi Arabian Riyal

SEK—Swedish Krona

SGD—Singapore Dollar

THB—Thai Baht

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

BROIS—Brazil Overnight Index Swap

BUBOR—Budapest Interbank Offered Rate

CAC—French Stock Market Index

CDOR—Canadian Dollar Offered Rate

CDX—Credit Derivative Index

CIBOR—Copenhagen Interbank Offered Rate

CLO—Collateralized Loan Obligation

CLOIS—Sinacofi Chile Interbank Rate Average

CME—Chicago Mercantile Exchange

COOIS—Colombia Overnight Interbank Reference Rate

CPI—Consumer Price Index

See Notes to Financial Statements.

PGIM Global Total Return Fund 81

Schedule of Investments (continued)

as of October 31, 2021

EMTN—Euro Medium Term Note

ESTR—Euro Short-Term Rate

EURIBOR—Euro Interbank Offered Rate

FHLMC—Federal Home Loan Mortgage Corporation

GMTN—Global Medium Term Note

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

OAT—Obligations Assimilables du Tresor

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

OTC—Over-the-counter

PIK—Payment-in-Kind

PJSC—Public Joint-Stock Company

PRIBOR—Prague Interbank Offered Rate

Q—Quarterly payment frequency for swaps

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

THBFIX—Thai Baht Interest Rate Fixing

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 $110,371,747 and 1.8% 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 $46,728,347; cash collateral of $48,772,478 (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.

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at October 31, 2021.

See Notes to Financial Statements.

82

(cc) Variable rate instrument. The rate shown is based on the latest available information as of October 31, 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.

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

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

(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.

(v) Represents security, or a portion thereof, segregated as collateral for reverse repurchase agreements.

(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 USD vs MXN	Call	Goldman Sachs International	02/23/22		26.00	—			159,750	$	132,284
Currency Option USD vs MXN	Call	Barclays Bank PLC	02/23/22		31.50	—			319,500		37,136
Currency Option USD vs MXN	Call	Goldman Sachs International	02/23/22		36.00	—			103,800		4,114
Currency Option AUD vs JPY	Put	BNP Paribas S.A.	01/26/22		55.00	—		AUD	640,000		2,980
Currency Option AUD vs JPY	Put	Deutsche Bank AG	01/26/22		63.00	—		AUD	320,000		9,662
Total OTC Traded (cost $ 33,166,816)										$	186,176

OTC Swaptions

Description

Call/ Put

Counterparty

Expiration Date

Strike

Receive

Pay

Notional Amount (000)#

Value

2- Year Interest Rate Swap, 05/21/25

Call

Deutsche Bank AG

05/17/23

2.05

%

2.05

%(A)

3 Month SAIBOR(Q)

SAR 304,125

$

240,585

iTraxx.EUR.36.V1, 12/20/26

Call

Barclays Bank PLC

01/19/22

0.57

%

1.00

%(Q)

iTraxx.EUR. 36.V1(Q)

EUR 100,000

437,967

See Notes to Financial Statements.

PGIM Global Total Return Fund 83

Schedule of Investments (continued)

as of October 31, 2021

Options Purchased (continued):

OTC Swaptions

Description

Call/ Put

Counterparty

Expiration Date

Strike

Receive

Pay

Notional Amount (000)#

Value

2- Year Interest Rate Swap, 05/21/25

Put

Deutsche Bank AG

05/17/23

2.05

%

3 Month SAIBOR(Q)

2.05

%(A)

SAR 304,125

$

804,907

iTraxx.EUR.36.V1, 12/20/26

Put

Barclays Bank PLC

01/19/22

0.78

%

iTraxx.EUR. 36.V1(Q)

1.00

%(Q)

EUR 100,000

73,154

Total OTC Swaptions (cost $1,590,007)

$

1,556,613

Total Options Purchased (cost $34,756,823)

$

1,742,789

Options Written:

OTC Traded

Description	Call/ Put		Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option USD vs MXN		Call	Barclays Bank PLC		02/23/22		26.00		—		159,750	$	(132,284	)
Currency Option USD vs MXN		Call	Goldman Sachs International		02/23/22		31.50		—		319,500		(37,136	)
Currency Option USD vs MXN		Call	Citibank, N.A.		02/23/22		36.00		—		103,800		(4,114	)
Currency Option AUD vs JPY		Put	Deutsche Bank AG		01/26/22		55.00		—		AUD 640,000		(2,980	)
Currency Option AUD vs JPY		Put	BNP Paribas S.A.		01/26/22		63.00		—		AUD 320,000		(9,662	)
Total OTC Traded (premiums received $37,217,286)												$	(186,176	)

OTC Swaptions

Description

Call/ Put

Counterparty

Expiration Date

Strike

Receive

Pay

Notional Amount (000)#

Value

2- Year Interest Rate Swap, 05/19/25

Call

Deutsche Bank AG

05/17/23

1.13

%

3 Month LIBOR(Q)

1.13%(S)

81,100

$

(379,458

)

iTraxx.EUR.36.V1, 12/20/26

Call

Barclays Bank PLC

01/19/22

0.78

%

iTraxx.EUR. 36.V1(Q)

1.00%(Q)

EUR 100,000

(1,479,189

)

2- Year Interest Rate Swap, 05/19/25

Put

Deutsche Bank AG

05/17/23

1.13

%

1.13%(S)

3 Month LIBOR(Q)

81,100

(941,423

)

GS_21-PJA††^

Put

Goldman Sachs International

06/17/24

0.25

%

0.25%(M)

GS_21-PJA(M)

69,580

(9,807

)

See Notes to Financial Statements.

84

Options Written (continued):

OTC Swaptions

Description	Call/ Put		Counterparty	Expiration Date		Strike			Receive			Pay			Notional Amount (000)#		Value
iTraxx.EUR.36.V1, 12/20/26		Put	Barclays Bank PLC		01/19/22		0.57	%		1.00	%(Q)		iTraxx.EUR. 36.V1	(Q)	EUR	100,000	$	(175,870	)
iTraxx.XO.35.V1, 06/20/26		Put	Barclays Bank PLC		06/15/22		9.00	%		5.00	%(Q)		iTraxx.XO. 35.V1	(Q)	EUR	10,000		(37,677	)
iTraxx.XO.36.V1, 12/20/26		Put	Barclays Bank PLC		09/21/22		8.00	%		5.00	%(Q)		iTraxx.XO. 36.V1	(Q)	EUR	5,000		(86,004	)
iTraxx.XO.36.V1, 12/20/26^		Put	Barclays Bank PLC		09/21/22		9.00	%		5.00	%(Q)		iTraxx.XO. 36.V1	(Q)	EUR	5,000		(35,536	)
Total OTC Swaptions (premiums received $3,056,294)																	$	(3,144,964	)
Total Options Written (premiums received $40,273,580)																	$	(3,331,140	)

†† The value of the contract, GS_21-PJA, is derived from a pool of senior prime jumbo mortgages.

Futures contracts outstanding at October 31, 2021:

Number of Contracts		Type	Expiration Date	Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
	Long Positions:
	1,141	5 Year U.S. Treasury Notes	Dec. 2021	$	138,916,750	$	(1,837,096	)
	179	10 Year Australian Treasury Bonds	Dec. 2021		18,158,109		(1,230,217	)
	977	10 Year U.S. Ultra Treasury Notes	Dec. 2021		141,695,531		(2,572,049	)
	3,383	20 Year U.S. Treasury Bonds	Dec. 2021		544,134,406		(5,612,201	)
	1,907	30 Year U.S. Ultra Treasury Bonds	Dec. 2021		374,546,719		(2,234,955	)
	386	Euro-OAT	Dec. 2021		73,179,424		(2,185,457	)
	2,207	Japanese Yen Currency	Dec. 2021		242,218,250		(7,962,348	)
							(23,634,323	)
	Short Positions:
	10	30 Day Federal Funds	Jan. 2022		4,163,666		3,318
	1	30 Day Federal Funds	Apr. 2022		416,158		707
	152	3 Month CME SOFR	Jun. 2022		37,954,400		59,259
	510	3 Month CME SOFR	Sep. 2022		127,143,000		318,817
	7,606	2 Year U.S. Treasury Notes	Dec. 2021		1,667,615,500		7,120,415
	2,903	5 Year Euro-Bobl	Dec. 2021		448,880,904		6,775,621
	76	10 Year Euro-Bund	Dec. 2021		14,770,351		54,404
	814	10 Year U.K. Gilt	Dec. 2021		139,160,842		3,868,140
	5	10 Year U.S. Treasury Notes	Dec. 2021		653,516		5,149
	4	30 Year Euro Buxl	Dec. 2021		966,324		(6,200	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 85

Schedule of Investments (continued)

as of October 31, 2021

Futures contracts outstanding at October 31, 2021 (continued):

Number of Contracts	Type	Expiration Date	Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
Short Positions (cont’d):
473	Euro Currency	Dec. 2021	$	68,398,756	$	1,511,093
5,962	Euro Schatz Index	Dec. 2021		771,636,381		2,290,977
						22,001,700
					$	(1,632,623	)

Forward foreign currency exchange contracts outstanding at October 31, 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 01/19/22		Morgan Stanley & Co. International PLC		AUD	16,985	$	12,514,039	$	12,780,232	$	266,193	$	—
Expiring 01/19/22		Morgan Stanley & Co. International PLC		AUD	8,854		6,683,675		6,661,888		—		(21,787	)
Expiring 01/28/22		Citibank, N.A.		AUD	6,290		4,130,832		4,732,788		601,956		—
Expiring 01/28/22		Morgan Stanley & Co. International PLC		AUD	25,868		19,530,568		19,463,841		—		(66,727	)
Expiring 10/31/23		JPMorgan Chase Bank, N.A.		AUD	4,867		3,379,499		3,619,403		239,904		—
Brazilian Real,
Expiring 11/03/21		Citibank, N.A.		BRL	30,341		5,435,214		5,370,510		—		(64,704	)
Expiring 01/28/22		Citibank, N.A.		BRL	1,600		302,000		277,684		—		(24,316	)
Expiring 01/28/22		JPMorgan Chase Bank, N.A.		BRL	55,832		9,989,575		9,691,582		—		(297,993	)
Expiring 01/28/22		Morgan Stanley & Co. International PLC		BRL	60,555		11,124,328		10,511,521		—		(612,807	)
British Pound,
Expiring 01/19/22		Citibank, N.A.		GBP	228		313,320		312,106		—		(1,214	)
Expiring 01/19/22		Standard Chartered Bank		GBP	1,505		2,077,043		2,059,991		—		(17,052	)
Expiring 01/28/22		Morgan Stanley & Co. International PLC		GBP	3,429		4,733,768		4,693,832		—		(39,936	)

See Notes to Financial Statements.

86

Forward foreign currency exchange contracts outstanding at October 31, 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.):
Canadian Dollar,
Expiring 01/19/22	JPMorgan Chase Bank, N.A.	CAD	50,097	$	40,179,014	$	40,484,575	$	305,561	$	—
Expiring 01/19/22	Morgan Stanley & Co. International PLC	CAD	3,279		2,658,351		2,649,436		—		(8,915	)
Chilean Peso,
Expiring 12/15/21	HSBC Bank PLC	CLP	2,143,200		2,740,840		2,620,595		—		(120,245	)
Chinese Renminbi,
Expiring 11/18/21	Citibank, N.A.	CNH	353,761		54,162,315		55,129,157		966,842		—
Expiring 11/18/21	HSBC Bank PLC	CNH	42,714		6,599,220		6,656,467		57,247		—
Expiring 11/18/21	HSBC Bank PLC	CNH	27,359		4,277,441		4,263,505		—		(13,936	)
Expiring 11/18/21	HSBC Bank PLC	CNH	6,000		929,595		935,024		5,429		—
Expiring 11/18/21	JPMorgan Chase Bank, N.A.	CNH	1,300,855		199,309,700		202,721,562		3,411,862		—
Colombian Peso,
Expiring 12/15/21	JPMorgan Chase Bank, N.A.	COP	14,764,890		3,907,968		3,908,277		309		—
Czech Koruna,
Expiring 01/19/22	Barclays Bank PLC	CZK	105,693		4,794,301		4,745,498		—		(48,803	)
Danish Krone,
Expiring 01/19/22	Citibank, N.A.	DKK	40,892		6,374,117		6,368,883		—		(5,234	)
Expiring 01/19/22	Goldman Sachs International	DKK	14,408		2,266,401		2,243,965		—		(22,436	)
Euro,
Expiring 11/23/21	Citibank, N.A.	EUR	25,700		29,854,122		29,723,199		—		(130,923	)
Expiring 01/19/22	Morgan Stanley & Co. International PLC	EUR	6,600		7,637,925		7,645,720		7,795		—
Expiring 01/19/22	Morgan Stanley & Co. International PLC	EUR	500		581,204		579,221		—		(1,983	)
Expiring 01/19/22	Standard Chartered Bank	EUR	9,458		11,066,124		10,956,524		—		(109,600	)
Expiring 01/19/22	The Toronto-Dominion Bank	EUR	1,020		1,186,707		1,181,612		—		(5,095	)
Hungarian Forint,
Expiring 01/19/22	Barclays Bank PLC	HUF	2,499,872		7,991,406		8,003,666		12,260		—
Expiring 01/19/22	Citibank, N.A.	HUF	696,395		2,243,549		2,229,599		—		(13,950	)
Israeli Shekel,
Expiring 12/15/21	BNP Paribas S.A.	ILS	18,641		5,794,603		5,892,877		98,274		—

See Notes to Financial Statements.

PGIM Global Total Return Fund 87

Schedule of Investments (continued)

as of October 31, 2021

Forward foreign currency exchange contracts outstanding at October 31, 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.):
Israeli Shekel (cont’d.),
Expiring 12/15/21		Morgan Stanley & Co. International PLC		ILS	6,297	$	1,990,269	$	1,990,720	$	451	$	—
Japanese Yen,
Expiring 01/19/22		Barclays Bank PLC		JPY	33,831,630		297,725,056		297,146,558		—		(578,498	)
Expiring 01/19/22		HSBC Bank PLC		JPY	867,808		7,660,534		7,622,046		—		(38,488	)
Expiring 01/28/22		Citibank, N.A.		JPY	1,712,418		16,719,569		15,041,453		—		(1,678,116	)
Expiring 01/28/22		Deutsche Bank AG		JPY	2,129,416		20,217,000		18,704,259		—		(1,512,741	)
Expiring 01/28/22		Deutsche Bank AG		JPY	802,022		7,693,000		7,044,762		—		(648,238	)
Expiring 01/28/22		Deutsche Bank AG		JPY	408,984		3,775,000		3,592,409		—		(182,591	)
Expiring 05/31/22		Citibank, N.A.		JPY	451,400		4,141,710		3,971,196		—		(170,514	)
Expiring 05/31/22		Deutsche Bank AG		JPY	3,195,124		29,579,000		28,109,104		—		(1,469,896	)
Expiring 10/31/23		Bank of America, N.A.		JPY	1,051,903		10,538,000		9,420,142		—		(1,117,858	)
Expiring 10/31/23		Barclays Bank PLC		JPY	525,393		5,512,000		4,705,067		—		(806,933	)
Expiring 10/31/23		Barclays Bank PLC		JPY	406,236		4,196,000		3,637,976		—		(558,024	)
Expiring 10/31/23		Deutsche Bank AG		JPY	511,039		5,354,000		4,576,526		—		(777,474	)
Expiring 10/31/23		Goldman Sachs International		JPY	1,254,996		12,881,000		11,238,904		—		(1,642,096	)
Expiring 10/31/23		Morgan Stanley & Co. International PLC		JPY	1,637,975		15,824,364		14,668,607		—		(1,155,757	)
Malaysian Ringgit,
Expiring 12/15/21		Barclays Bank PLC		MYR	61,814		14,828,170		14,878,375		50,205		—
Mexican Peso,
Expiring 12/15/21		Morgan Stanley & Co. International PLC		MXN	55,085		2,690,611		2,656,261		—		(34,350	)
Expiring 12/15/21		UBS AG		MXN	19,342		928,771		932,683		3,912		—
Expiring 02/25/22		Bank of America, N.A.		MXN	206,269		8,742,706		9,828,916		1,086,210		—
Expiring 02/25/22		Citibank, N.A.		MXN	127,232		6,119,126		6,062,701		—		(56,425	)
Expiring 04/28/23		JPMorgan Chase Bank, N.A.		MXN	110,648		4,577,425		4,875,656		298,231		—
Expiring 04/28/23		Morgan Stanley & Co. International PLC		MXN	352,530		14,859,000		15,534,100		675,100		—
New Zealand Dollar,
Expiring 01/19/22		Morgan Stanley & Co. International PLC		NZD	7,256		5,225,278		5,192,294		—		(32,984	)

See Notes to Financial Statements.

88

Forward foreign currency exchange contracts outstanding at October 31, 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.):
Norwegian Krone,
Expiring 01/19/22	Citibank, N.A.		NOK	20,432	$	2,378,643	$	2,416,548	$	37,905	$	—
Expiring 01/19/22	Morgan Stanley & Co. International PLC		NOK	26,659		3,201,283		3,153,137		—		(48,146	)
Polish Zloty,
Expiring 01/19/22	Barclays Bank PLC		PLN	32,242		8,099,826		8,065,449		—		(34,377	)
Expiring 01/19/22	Morgan Stanley & Co. International PLC		PLN	19,735		4,979,954		4,936,758		—		(43,196	)
Romanian Leu,
Expiring 01/19/22	Barclays Bank PLC		RON	11,029		2,552,739		2,560,575		7,836		—
Russian Ruble,
Expiring 12/15/21	Barclays Bank PLC		RUB	384,339		5,160,709		5,362,203		201,494		—
Expiring 12/15/21	Morgan Stanley & Co. International PLC		RUB	384,339		5,184,587		5,362,203		177,616		—
Singapore Dollar,
Expiring 12/15/21	BNP Paribas S.A.		SGD	11,708		8,709,394		8,680,107		—		(29,287	)
South African Rand,
Expiring 12/15/21	Goldman Sachs International		ZAR	58,553		3,853,592		3,810,805		—		(42,787	)
Expiring 12/23/21	Goldman Sachs International		ZAR	199,522		10,565,000		12,971,071		2,406,071		—
South Korean Won,
Expiring 12/15/21	Morgan Stanley & Co. International PLC		KRW	79,541,344		67,917,879		67,641,876		—		(276,003	)
Thai Baht,
Expiring 12/15/21	Citibank, N.A.		THB	489,117		15,052,988		14,735,568		—		(317,420	)
						$1,114,202,947	$	1,110,241,755		10,918,663		(14,879,855	)
Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 01/19/22	Citibank, N.A.		AUD	148	$	110,482	$	111,070	$	—	$	(588	)
Expiring 05/31/22	Morgan Stanley & Co. International PLC		AUD	6,023		4,547,606		4,528,363		19,243		—

See Notes to Financial Statements.

PGIM Global Total Return Fund 89

Schedule of Investments (continued)

as of October 31, 2021

Forward foreign currency exchange contracts outstanding at October 31, 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.):
Brazilian Real,
Expiring 11/03/21	Citibank, N.A.	BRL	29,012	$	5,446,628	$	5,135,278	$	311,350	$	—
Expiring 01/28/22	Citibank, N.A.	BRL	83,680		14,917,000		14,525,698		391,302		—
Expiring 01/28/22	Citibank, N.A.	BRL	10,638		2,023,155		1,846,595		176,560		—
Expiring 01/28/22	Morgan Stanley & Co. International PLC	BRL	23,668		4,170,793		4,108,495		62,298		—
British Pound,
Expiring 01/19/22	Bank of America, N.A.	GBP	1,213		1,648,670		1,661,110		—		(12,440	)
Expiring 01/19/22	Barclays Bank PLC	GBP	270,500		367,761,571		370,288,581		—		(2,527,010	)
Expiring 01/28/22	Deutsche Bank AG	GBP	1,373		1,909,578		1,879,550		30,028		—
Expiring 01/28/22	JPMorgan Chase Bank, N.A.	GBP	3,429		4,482,937		4,693,831		—		(210,894	)
Chinese Renminbi,
Expiring 11/18/21	Barclays Bank PLC	CNH	41,113		6,332,556		6,406,877		—		(74,321	)
Expiring 11/18/21	HSBC Bank PLC	CNH	6,046		924,037		942,163		—		(18,126	)
Expiring 11/18/21	JPMorgan Chase Bank, N.A.	CNH	22,706		3,541,928		3,538,462		3,466		—
Expiring 11/18/21	UBS AG	CNH	82,294		12,611,535		12,824,537		—		(213,002	)
Euro,
Expiring 11/23/21	HSBC Bank PLC	EUR	15,031		17,787,948		17,383,693		404,255		—
Expiring 01/19/22	BNP Paribas S.A.	EUR	7,994		9,269,706		9,261,125		8,581		—
Expiring 01/19/22	Goldman Sachs International	EUR	101,031		116,973,729		117,038,640		—		(64,911	)
Expiring 01/19/22	HSBC Bank PLC	EUR	108,681		125,849,513		125,900,972		—		(51,459	)
Expiring 01/19/22	Morgan Stanley & Co. International PLC	EUR	8,367		9,734,821		9,692,517		42,304		—
Expiring 01/19/22	UBS AG	EUR	107,514		124,580,315		124,548,543		31,772		—
Expiring 01/19/22	UBS AG	EUR	67,639		78,371,774		78,356,385		15,389		—
Hong Kong Dollar,
Expiring 11/18/21	HSBC Bank PLC	HKD	49,204		6,325,325		6,324,318		1,007		—
Indonesian Rupiah,
Expiring 12/15/21	Citibank, N.A.	IDR	24,529,047		1,680,532		1,715,846		—		(35,314	)
Japanese Yen,
Expiring 01/28/22	Citibank, N.A.	JPY	2,791,463		26,724,068		24,519,508		2,204,560		—
Expiring 01/28/22	Citibank, N.A.	JPY	2,138,817		20,118,684		18,786,836		1,331,848		—
Expiring 01/28/22	Citibank, N.A.	JPY	2,099,346		20,296,676		18,440,130		1,856,546		—
Expiring 01/28/22	Citibank, N.A.	JPY	453,591		4,154,524		3,984,229		170,295		—
Expiring 05/31/22	Citibank, N.A.	JPY	1,428,721		13,839,506		12,569,178		1,270,328		—
Expiring 05/31/22	Deutsche Bank AG	JPY	1,686,190		16,037,000		14,834,254		1,202,746		—

See Notes to Financial Statements.

90

Forward foreign currency exchange contracts outstanding at October 31, 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.):
Japanese Yen (cont’d.),
Expiring 10/31/23	Bank of America, N.A.		JPY	3,313,990	$	32,471,000	$	29,677,882	$	2,793,118	$	—
Expiring 10/31/23	Bank of America, N.A.		JPY	1,679,332		16,646,000		15,038,972		1,607,028		—
Expiring 10/31/23	Citibank, N.A.		JPY	628,883		6,526,054		5,631,858		894,196		—
Expiring 10/31/23	Citibank, N.A.		JPY	115,153		1,102,894		1,031,235		71,659		—
Mexican Peso,
Expiring 02/25/22	Barclays Bank PLC		MXN	210,698		8,909,000		10,039,941		—		(1,130,941	)
Expiring 02/25/22	Deutsche Bank AG		MXN	68,653		3,198,000		3,271,380		—		(73,380	)
Expiring 02/25/22	Goldman Sachs International		MXN	54,150		2,184,000		2,580,295		—		(396,295	)
Expiring 04/28/23	Morgan Stanley & Co. International PLC		MXN	463,178		20,111,923		20,409,756		—		(297,833	)
New Zealand Dollar,
Expiring 01/19/22	HSBC Bank PLC		NZD	3,644		2,527,938		2,607,416		—		(79,478	)
Peruvian Nuevo Sol,
Expiring 12/15/21	Citibank, N.A.		PEN	61,356		14,928,191		15,348,606		—		(420,415	)
South African Rand,
Expiring 12/15/21	Barclays Bank PLC		ZAR	96,150		6,584,729		6,257,700		327,029		—
Expiring 12/15/21	Citibank, N.A.		ZAR	58,446		4,042,651		3,803,836		238,815		—
Expiring 12/15/21	HSBC Bank PLC		ZAR	105,268		7,296,811		6,851,167		445,644		—
Expiring 12/23/21	Barclays Bank PLC		ZAR	121,563		6,557,501		7,902,891		—		(1,345,390	)
Expiring 12/23/21	Goldman Sachs International		ZAR	21,115		1,332,000		1,372,709		—		(40,709	)
Expiring 12/23/21	Morgan Stanley & Co. International PLC		ZAR	56,844		3,716,269		3,695,471		20,798		—
Swedish Krona,
Expiring 01/19/22	Morgan Stanley & Co. International PLC		SEK	49,483		5,646,692		5,769,190		—		(122,498	)
Swiss Franc,
Expiring 01/19/22	Barclays Bank PLC		CHF	5,413		5,860,397		5,926,442		—		(66,045	)
					$	1,171,814,647	$	1,163,063,531		15,932,165		(7,181,049	)
									$	26,850,828	$	(22,060,904	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 91

Schedule of Investments (continued)

as of October 31, 2021

Cross currency exchange contracts outstanding at October 31, 2021:

Settlement	Type		Notional Amount (000)			In Exchange For (000)			Unrealized Appreciation		Unrealized Depreciation			Counterparty
OTC Cross Currency Exchange Contracts:
01/28/22		Buy		JPY	426,399		AUD	6,290	$	—	$	(987,405	)		Deutsche Bank AG
01/28/22		Buy		JPY	720,153		AUD	9,631		—		(921,012	)		Deutsche Bank AG
01/28/22		Buy		JPY	1,310,456		AUD	16,731		—		(1,078,200	)		BNP Paribas S.A.
05/31/22		Buy		AUD	23,459		JPY	1,788,749		1,901,015		—			Deutsche Bank AG Goldman Sachs
05/31/22		Buy		JPY	1,257,136		AUD	17,436		—		(2,049,519	)		International
10/31/23		Buy		AUD	8,947		JPY	599,449		1,285,279		—			Deutsche Bank AG Goldman Sachs
10/31/23		Buy		JPY	277,535		AUD	3,979		—		(473,611	)		International Morgan Stanley & Co.
10/31/23		Buy		JPY	671,731		AUD	9,835		—		(1,298,346	)		International PLC
									$	3,186,294	$	(6,808,093	)

Credit default swap agreements outstanding at October 31, 2021:

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 corporate and/or sovereign issues - Buy Protection(1)**:
Emirate of Abu Dhabi (D01)		12/20/26		1.000%(Q)		1,000	$	(29,815	)	$	301	$	(30,116	)		Bank of America, N.A.
Federation of Malaysia (D01)		12/20/26		1.000%(Q)		2,000		(48,223	)		601		(48,824	)		Bank of America, N.A.
Kingdom of Saudi Arabia (D01)		12/20/26		1.000%(Q)		1,000		(26,411	)		301		(26,712	)		Bank of America, N.A.
People’s Republic of China (D01)		12/20/26		1.000%(Q)		6,000		(168,929	)		1,804		(170,733	)		Bank of America, N.A.
Republic of Argentina (D01)		12/20/26		1.000%(Q)		1,000		592,602			301		592,301			Bank of America, N.A.
Republic of Brazil (D01)		12/20/26		1.000%(Q)		6,000		409,647			1,804		407,843			Bank of America, N.A.
Republic of Chile (D01)		12/20/26		1.000%(Q)		1,000		(6,925	)		301		(7,226	)		Bank of America, N.A.
Republic of Colombia (D01)		12/20/26		1.000%(Q)		2,500		73,381			751		72,630			Bank of America, N.A.
Republic of Indonesia (D01)		12/20/26		1.000%(Q)		4,500		(45,319	)		1,353		(46,672	)		Bank of America, N.A.
Republic of Panama (D01)		12/20/26		1.000%(Q)		1,000		(4,519	)		301		(4,820	)		Bank of America, N.A.
Republic of Peru (D01)		12/20/26		1.000%(Q)		1,000		(3,822	)		301		(4,123	)		Bank of America, N.A.

See Notes to Financial Statements.

92

Credit default swap agreements outstanding at October 31, 2021 (continued):

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 corporate and/or sovereign issues - Buy Protection(1)**(cont’d.):
Republic of Philippines (D01)		12/20/26		1.000%(Q)		1,000	$	(22,532	)	$	301	$	(22,833	)		Bank of America, N.A.
Republic of South Africa (D01)		12/20/26		1.000%(Q)		5,500		288,419			1,653		286,766			Bank of America, N.A.
Republic of Turkey (D01)		12/20/26		1.000%(Q)		6,000		915,927			1,804		914,123			Bank of America, N.A.
Republic of Ukraine (D01)		12/20/26		1.000%(Q)		1,000		143,784			301		143,483			Bank of America, N.A.
Russian Federation (D01)		12/20/26		1.000%(Q)		3,000		(29,082	)		902		(29,984	)		Bank of America, N.A.
State of Qatar (D01)		12/20/26		1.000%(Q)		1,000		(29,215	)		301		(29,516	)		Bank of America, N.A.
United Mexican States (D01)		12/20/26		1.000%(Q)		5,500		2,615			1,653		962			Bank of America, N.A.
Emirate of Abu Dhabi (D02)		12/20/26		1.000%(Q)		1,500		(44,722	)		949		(45,671	)		Bank of America, N.A.
Federation of Malaysia (D02)		12/20/26		1.000%(Q)		3,000		(72,335	)		1,897		(74,232	)		Bank of America, N.A.
Kingdom of Saudi Arabia (D02)		12/20/26		1.000%(Q)		1,500		(39,617	)		949		(40,566	)		Bank of America, N.A.
People’s Republic of China (D02)		12/20/26		1.000%(Q)		9,000		(253,393	)		5,692		(259,085	)		Bank of America, N.A.
Republic of Argentina (D02)		12/20/26		1.000%(Q)		1,500		888,903			949		887,954			Bank of America, N.A.
Republic of Brazil (D02)		12/20/26		1.000%(Q)		9,000		614,470			5,692		608,778			Bank of America, N.A.
Republic of Chile (D02)		12/20/26		1.000%(Q)		1,500		(10,387	)		949		(11,336	)		Bank of America, N.A.
Republic of Colombia (D02)		12/20/26		1.000%(Q)		3,750		110,071			2,372		107,699			Bank of America, N.A.
Republic of Indonesia (D02)		12/20/26		1.000%(Q)		6,750		(67,978	)		4,269		(72,247	)		Bank of America, N.A.
Republic of Panama (D02)		12/20/26		1.000%(Q)		1,500		(6,779	)		949		(7,728	)		Bank of America, N.A.
Republic of Peru (D02)		12/20/26		1.000%(Q)		1,500		(5,732	)		949		(6,681	)		Bank of America, N.A.
Republic of Philippines (D02)		12/20/26		1.000%(Q)		1,500		(33,798	)		949		(34,747	)		Bank of America, N.A.
Republic of South Africa (D02)		12/20/26		1.000%(Q)		8,250		432,628			5,218		427,410			Bank of America, N.A.
Republic of Turkey (D02)		12/20/26		1.000%(Q)		9,000		1,373,890			5,692		1,368,198			Bank of America, N.A.
Republic of Ukraine (D02)		12/20/26		1.000%(Q)		1,500		215,676			949		214,727			Bank of America, N.A.

See Notes to Financial Statements.

PGIM Global Total Return Fund 93

Schedule of Investments (continued)

as of October 31, 2021

Credit default swap agreements outstanding at October 31, 2021 (continued):

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 corporate and/or sovereign issues - Buy Protection(1)**(cont’d.):
Russian Federation (D02)		12/20/26		1.000%(Q)		4,500	$	(43,623	)	$	2,846	$	(46,469	)		Bank of America, N.A.
State of Qatar (D02)		12/20/26		1.000%(Q)		1,500		(43,823	)		949		(44,772	)		Bank of America, N.A.
United Mexican States (D02)		12/20/26		1.000%(Q)		8,250		3,923			5,218		(1,295	)		Bank of America, N.A.
							$	5,028,957		$	62,471	$	4,966,486

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2021(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Packaged Credit Default Swap Agreements on credit indices—Sell Protection(2)**:
CDX.EM.36.V1 (D01)		12/20/26		1.000%(Q)		50,000		1.863	%	$	(2,011,297	)	$	(24,867	)	$	(1,986,430	)	Bank of America, N.A.
CDX.EM.36.V1 (D02)		12/20/26		1.000%(Q)		75,000		1.863	%		(3,016,946	)		(99,409	)		(2,917,537	)	Bank of America, N.A.
										$	(5,028,243	)	$	(124,276	)	$	(4,903,967	)

** 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 October 31, 2021(4)

Fair Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

Counterparty

OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:

GS_21-PJA††

11/15/21

0.250%(M)

69,580

*

$

16,911

$(3,382)

$20,293

Goldman Sachs International

†† The value of the contract, GS_21-PJA, is derived from a pool of senior prime jumbo mortgages.

See Notes to Financial Statements.

94

Credit default swap agreements outstanding at October 31, 2021 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Value at Trade Date		Value at October 31, 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	$	136,814	$	(178,179	)	$	(314,993	)

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	$	72,137		$	16,342		$	55,795		Barclays Bank PLC
Eskom Holdings SOC Ltd.		12/20/23		1.000%(Q)		EUR  2,640		134,875			249,357			(114,482	)	Deutsche Bank AG
Gazprom Pao		06/20/25		1.000%(Q)		EUR  2,000		(8,892	)		17,057			(25,949	)	Barclays Bank PLC
Host Hotels & Resorts LP		06/20/24		1.000%(Q)		5,000		(60,071	)		47,162			(107,233	)	Goldman Sachs International
Marriott International, Inc.		06/20/25		1.000%(Q)		875		(16,438	)		29,563			(46,001	)	Morgan Stanley & Co. International PLC
Republic of France		12/20/26		0.250%(Q)		11,140		(22,166	)		(22,548	)		382		Barclays Bank PLC
Republic of South Africa		06/20/26		1.000%(Q)		1,000		41,099			36,818			4,281		Goldman Sachs International
Safeway Inc.		03/20/23		5.000%(Q)		5,000		(344,230	)		(298,646	)		(45,584	)	BNP Paribas S.A.
Sasol Ltd.		12/20/22		1.000%(Q)		800		258			37,683			(37,425	)	Barclays Bank PLC
							$	(203,428	)	$	112,788		$	(316,216	)

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 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):
American International Group, Inc.		06/20/26		1.000%(Q)		3,260		0.542	%	$	71,957	$	45,496	$ 26,461	Bank of America, N.A.
Bank of Nova Scotia		06/20/22		1.000%(Q)		10,000		0.408	%		50,034		41,638	8,396	Credit Suisse International
Barclays PLC		12/20/26		1.000%(Q)		EUR   3,000		0.546	%		85,437		32,255	53,182	Citibank, N.A.
BNP Paribas S.A.		06/20/23		1.000%(Q)		EUR   5,000		0.159	%		87,878		84,760	3,118	Barclays Bank PLC
Boeing Co.		12/20/21		1.000%(Q)		12,100		0.331	%		25,800		8,835	16,965	Bank of America, N.A.
Boeing Co.		12/20/21		1.000%(Q)		7,605		0.331	%		16,216		4,663	11,553	Goldman Sachs International

See Notes to Financial Statements.

PGIM Global Total Return Fund 95

Schedule of Investments (continued)

as of October 31, 2021

Credit default swap agreements outstanding at October 31, 2021 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate			Notional Amount (000)#(3)		Implied Credit Spread at October 31, 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.):
Credit Suisse Group AG		06/20/22		1.000	%(Q)	EUR	5,000		0.220	%	$	36,078		$	29,816		$	6,262	Barclays Bank PLC
Devon Energy Corp.		12/20/21		1.000	%(Q)		6,560		0.333	%		13,971			6,780			7,191	Goldman Sachs International
DP World PLC		12/20/24		1.000	%(Q)		2,000		0.577	%		28,848			5,895			22,953	Barclays Bank PLC
Electricite de France S.A.		12/20/22		1.000	%(Q)	EUR	8,470		0.148	%		108,316			88,577			19,739	Goldman Sachs International
Emirate of Dubai		12/20/24		1.000	%(Q)		1,000		0.629	%		12,768			2,370			10,398	Citibank, N.A.
EQT Corp.		06/20/22		5.000	%(Q)		3,590		1.068	%		112,158			82,488			29,670	Credit Suisse International
Eskom Holdings SOC Ltd.		12/20/23		1.000	%(Q)		3,000		3.167	%		(131,312	)		(247,546	)		116,234	Deutsche Bank AG
Federation of Malaysia		12/20/24		1.000	%(Q)		1,000		0.309	%		22,892			10,806			12,086	Citibank, N.A. Morgan Stanley &Co.
General Electric Co.		06/20/22		1.000	%(Q)		12,360		0.164	%		81,479			55,424			26,055	International PLC
Generalitat de Cataluna		12/20/22		1.000	%(Q)		2,960		*			21,632			(131,368	)		153,000	Citibank, N.A.
Generalitat de Cataluna		12/20/25		1.000	%(Q)		4,900		*			43,563			(38,697	)		82,260	Deutsche Bank AG
Goldman Sachs Group, Inc.		12/20/21		1.000	%(Q)		10,470		0.243	%		23,656			11,537			12,119	Barclays Bank PLC
Halliburton Co.		12/20/26		1.000	%(Q)		4,240		0.713	%		65,644			41,761			23,883	Goldman Sachs International
Hellenic Republic		06/20/22		1.000	%(Q)		410		0.164	%		2,703			(13,533	)		16,236	Citibank, N.A.
Hellenic Republic		06/20/22		1.000	%(Q)		200		0.164	%		1,318			(6,788	)		8,106	Goldman Sachs International
Hellenic Republic		12/20/22		1.000	%(Q)		500		0.237	%		4,989			(14,756	)		19,745	Citibank, N.A.
Hellenic Republic		06/20/23		1.000	%(Q)		300		0.338	%		3,636			(11,119	)		14,755	Citibank, N.A.
Hellenic Republic		06/20/24		1.000	%(Q)		1,000		0.491	%		14,620			(107,289	)		121,909	Barclays Bank PLC
Israel Electric Corp Ltd.		12/20/24		1.000	%(Q)		1,000		0.577	%		14,418			8,064			6,354	Barclays Bank PLC
Japan Govt.		06/20/28		1.000	%(Q)		15,000		0.260	%		736,462			694,836			41,626	Citibank, N.A.

See Notes to Financial Statements.

96

Credit default swap agreements outstanding at October 31, 2021 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate			Notional Amount (000)#(3)		Implied Credit Spread at October 31, 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.):
JPMorgan Chase & Co.		12/20/21		1.000	%(Q)		6,980		0.206	%	$	16,142	$	8,173		$	7,969	Barclays Bank PLC
Kingdom of Saudi Arabia		12/20/21		1.000	%(Q)		1,900		0.056	%		4,806		(1,849	)		6,655	Barclays Bank PLC
Kingdom of Saudi Arabia		06/20/22		1.000	%(Q)		3,000		0.087	%		21,283		9,517			11,766	HSBC Bank PLC
Kingdom of Spain		06/20/23		1.000	%(Q)		42,665		0.109	%		680,129		172,011			508,118	Bank of America, N.A.
Kingdom of Spain		06/20/24		1.000	%(Q)		700		0.127	%		17,062		(12,602	)		29,664	Morgan Stanley &Co. International PLC
Kingdom of Spain		06/20/25		1.000	%(Q)		9,940		0.231	%		289,139		(69,552	)		358,691	Bank of America, N.A.
Kingdom of Spain		06/20/25		1.000	%(Q)		7,500		0.231	%		218,164		(67,515	)		285,679	JPMorgan Chase Bank, N.A.
Kingdom of Spain		06/20/25		1.000	%(Q)		7,500		0.231	%		218,164		(64,969	)		283,133	JPMorgan Chase Bank, N.A.
Kingdom of Spain		06/20/25		1.000	%(Q)		3,000		0.231	%		87,265		25,359			61,906	Citibank, N.A.
Kingdom of Spain		06/20/25		1.000	%(Q)		1,645		0.231	%		47,851		15,680			32,171	Barclays Bank PLC
Kingdom of Spain		12/20/25		1.000	%(Q)		5,000		0.261	%		157,929		81,087			76,842	JPMorgan Chase Bank, N.A.
Kingdom of																		Credit Suisse
Spain		06/20/30		1.000	%(Q)		1,100		0.535	%		42,967		(3,562	)		46,529	International
Kingdom of Spain		12/20/30		1.000	%(Q)		2,000		0.555	%		78,633		42,151			36,482	Barclays Bank PLC
Kingdom of Thailand		12/20/21		1.000	%(Q)		2,100		0.069	%		5,273		144			5,129	Barclays Bank PLC
People’s Republic of China		12/20/21		1.000	%(Q)		1,600		0.092	%		3,964		(250	)		4,214	Citibank, N.A.
People’s Republic of China		12/20/21		1.000	%(Q)		1,500		0.092	%		3,717		(202	)		3,919	Barclays Bank PLC

See Notes to Financial Statements.

PGIM Global Total Return Fund 97

Schedule of Investments (continued)

as of October 31, 2021

Credit default swap agreements outstanding at October 31, 2021 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate			Notional Amount (000)#(3)		Implied Credit Spread at October 31, 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.):
People’s Republic of China		03/20/22		1.000	%(Q)		2,000		0.096	%	$	9,460		$	(2,739	)	$	12,199		Goldman Sachs International
People’s Republic of China		03/20/22		1.000	%(Q)		1,000		0.096	%		4,730			(2,144	)		6,874		Deutsche Bank AG
People’s Republic of China		12/20/24		1.000	%(Q)		1,000		0.252	%		24,699			13,266			11,433		Citibank, N.A.
Republic of Chile		12/20/21		1.000	%(Q)		6,770		0.236	%		15,364			7,912			7,452		Citibank, N.A.
Republic of Chile		12/20/21		1.000	%(Q)		2,500		0.236	%		5,674			(310	)		5,984		Goldman Sachs International
Republic of Colombia		06/20/23		1.000	%(Q)		5,000		0.752	%		26,311			(4,149	)		30,460		Goldman Sachs International
Republic of Colombia		12/20/26		1.000	%(Q)		1,000		1.622	%		(29,352	)		(59,951	)		30,599		Citibank, N.A.
Republic of France		12/20/26		0.250	%(Q)		11,140		0.217	%		22,166			87,811			(65,645	)	Barclays Bank PLC
Republic of Hungary		06/20/22		1.000	%(Q)		3,550		0.125	%		24,322			(4,262	)		28,584		Citibank, N.A.
Republic of Indonesia		06/20/23		1.000	%(Q)		13,885		0.292	%		178,903			(32,675	)		211,578		Citibank, N.A.
Republic of Indonesia		06/20/25		1.000	%(Q)		6,800		0.563	%		115,136			(228,218	)		343,354		Morgan Stanley &Co. International PLC
Republic of Indonesia		06/20/25		1.000	%(Q)		6,100		0.563	%		103,284			(129,868	)		233,152		Morgan Stanley &Co. International PLC
Republic of Indonesia		06/20/25		1.000	%(Q)		2,365		0.563	%		40,044			(79,264	)		119,308		JPMorgan Chase Bank, N.A.
Republic of Indonesia		06/20/25		1.000	%(Q)		2,155		0.563	%		36,488			(70,153	)		106,641		BNP Paribas S.A.
Republic of Ireland		12/20/26		1.000	%(Q)		2,000		0.151	%		88,654			3,350			85,304		Goldman Sachs International

See Notes to Financial Statements.

98

Credit default swap agreements outstanding at October 31, 2021 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate			Notional Amount (000)#(3)		Implied Credit Spread at October 31, 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 Ireland		06/20/27		1.000	%(Q)		2,800		0.170	%	$	132,401		$	48,022		$	84,379	Morgan Stanley &Co. International PLC
Republic of Italy		03/20/22		1.000	%(Q)		3,000		0.125	%		13,846			(13,516	)		27,362	Goldman Sachs International
Republic of Italy		03/20/22		1.000	%(Q)		3,000		0.125	%		13,846			(13,506	)		27,352	JPMorgan Chase Bank, N.A.
Republic of Italy		06/20/23		1.000	%(Q)		18,300		0.294	%		235,130			(391,878	)		627,008	Bank of America, N.A.
Republic of Italy		06/20/23		1.000	%(Q)		4,000		0.294	%		51,394			—			51,394	Morgan Stanley &Co. International PLC
Republic of Italy		06/20/24		1.000	%(Q)		6,000		0.438	%		96,166			(164,310	)		260,476	Bank of America, N.A.
Republic of Italy		06/20/24		1.000	%(Q)		900		0.270	%		18,471			(25,234	)		43,705	Deutsche Bank AG
Republic of Italy		06/20/25		1.000	%(Q)		7,000		0.587	%		112,508			(190,618	)		303,126	Credit Suisse International
Republic of Italy		06/20/26		1.000	%(Q)		5,000		0.736	%		65,722			(235,254	)		300,976	BNP Paribas S.A.
Republic of Italy		06/20/26		1.000	%(Q)		4,200		0.736	%		55,205			(152,217	)		207,422	Bank of America, N.A.
Republic of Italy		12/20/26		1.000	%(Q)		400		0.803	%		4,391			(24,255	)		28,646	HSBC Bank PLC
Republic of Italy		12/20/30		1.000	%(Q)		7,000		1.218	%		(117,485	)		(158,497	)		41,012	Barclays Bank PLC
Republic of Kazakhstan		06/20/23		1.000	%(Q)		7,695		0.241	%		105,781			—			105,781	Citibank, N.A.
Republic of Panama		06/20/22		1.000	%(Q)		5,000		0.295	%		28,718			8,284			20,434	Citibank, N.A.
Republic of Panama		12/20/26		1.000	%(Q)		4,200		0.933	%		18,980			12,425			6,555	Citibank, N.A.
Republic of Peru		03/20/22		1.000	%(Q)		3,000		0.191	%		13,063			(13,195	)		26,258	Barclays Bank PLC
Republic of Portugal		12/20/23		1.000	%(Q)		4,130		0.130	%		82,376			(848	)		83,224	Morgan Stanley &Co. International PLC

See Notes to Financial Statements.

PGIM Global Total Return Fund 99

Schedule of Investments (continued)

as of October 31, 2021

Credit default swap agreements outstanding at October 31, 2021 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate			Notional Amount (000)#(3)		Implied Credit Spread at October 31, 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 Portugal		06/20/24		1.000	%(Q)		400		0.118	%	$	9,842		$	(19,742	)	$	29,584		Morgan Stanley &Co. International PLC
Republic of Portugal		06/20/25		1.000	%(Q)		21,000		0.226	%		614,911			(110,264	)		725,175		Morgan Stanley &Co. International PLC
Republic of Portugal		06/20/25		1.000	%(Q)		10,000		0.226	%		292,815			(62,554	)		355,369		Citibank, N.A.
Republic of Serbia		12/20/21		1.000	%(Q)		6,730		0.110	%		16,500			7,869			8,631		BNP Paribas S.A.
Republic of Serbia		12/20/25		5.000	%(Q)		4,500		0.742	%		807,831			731,552			76,279		Citibank, N.A.
Republic of Serbia		12/20/25		1.000	%(Q)		1,000		0.742	%		11,675			(1,205	)		12,880		BNP Paribas S.A.
Republic of Slovenia		06/20/24		1.000	%(Q)		900		0.270	%		18,478			(34,600	)		53,078		HSBC Bank PLC
Republic of South Africa		06/20/23		1.000	%(Q)		5,000		0.929	%		11,661			(46,622	)		58,283		Deutsche Bank AG
Republic of South Africa		12/20/23		1.000	%(Q)		3,000		1.048	%		394			(73,237	)		73,631		Bank of America, N.A. Morgan Stanley &Co.
Republic of South Africa		06/20/31		1.000	%(Q)		3,000		2.832	%		(438,263	)		(367,455	)		(70,808	)	International PLC
Republic of Ukraine		12/20/23		5.000	%(Q)		1,400		3.212	%		60,050			42,786			17,264		Deutsche Bank AG
Republic of Ukraine		12/20/23		5.000	%(Q)		1,000		3.212	%		42,893			16,637			26,256		Deutsche Bank AG
Republic of Ukraine		12/20/24		5.000	%(Q)		2,100		3.622	%		97,641			104,468			(6,827	)	HSBC Bank PLC
Republic of Ukraine		06/20/25		5.000	%(Q)		7,205		3.810	%		330,435			(58,557	)		388,992		Barclays Bank PLC
Republic of Ukraine		06/20/25		5.000	%(Q)		1,000		3.810	%		45,862			(30,223	)		76,085		Barclays Bank PLC
Republic of Ukraine		12/20/25		5.000	%(Q)		7,390		3.952	%		334,389			(127,576	)		461,965		Barclays Bank PLC

See Notes to Financial Statements.

100

Credit default swap agreements outstanding at October 31, 2021 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate			Notional Amount (000)#(3)		Implied Credit Spread at October 31, 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		12/20/25		1.000	%(Q)		5,000		3.952	%	$	(549,322	)	$	(531,406	)	$	(17,916	)	Morgan Stanley &Co. International PLC
Republic of Ukraine		12/20/25		1.000	%(Q)		2,000		3.952	%		(219,729	)		(215,916	)		(3,813	)	Morgan Stanley &Co. International PLC
Republic of Ukraine		12/20/25		1.000	%(Q)		2,000		3.952	%		(219,729	)		(219,115	)		(614	)	Morgan Stanley &Co. International PLC
Republic of Uruguay		12/20/21		1.000	%(Q)		1,500		1.044	%		1,656			(1,027	)		2,683		Citibank, N.A.
Russian Federation		12/20/21		1.000	%(Q)		8,525		0.164	%		20,238			(23,474	)		43,712		Barclays Bank PLC
Russian Federation		12/20/21		1.000	%(Q)		3,000		0.164	%		7,122			(8,533	)		15,655		Barclays Bank PLC
Russian Federation		12/20/22		1.000	%(Q)		7,350		0.260	%		71,427			(5,246	)		76,673		Citibank, N.A.
Russian Federation		06/20/23		1.000	%(Q)		7,000		0.330	%		85,755			(43,857	)		129,612		Morgan Stanley &Co. International PLC
Russian Federation		06/20/23		1.000	%(Q)		4,000		0.330	%		49,003			(30,014	)		79,017		Morgan Stanley &Co. International PLC
Russian Federation		06/20/23		1.000	%(Q)		1,640		0.330	%		20,091			(12,141	)		32,232		BNP Paribas S.A.
Russian Federation		12/20/26		1.000	%(Q)		1,200		0.830	%		11,633			(86,529	)		98,162		Barclays Bank PLC
Russian Federation		06/20/30		1.000	%(Q)		2,500		1.223	%		(41,502	)		(219,612	)		178,110		HSBC Bank PLC
State of Illinois		12/20/22		1.000	%(Q)		2,725		0.403	%		21,846			(32,926	)		54,772		Citibank, N.A.
State of Illinois		12/20/24		1.000	%(Q)		2,800		0.700	%		28,989			(105,574	)		134,563		Goldman Sachs International
State of Illinois		06/20/28		1.000	%(Q)		1,000		1.224	%		(11,973	)		(82,480	)		70,507		Citibank, N.A.
State of Qatar		12/20/26		1.000	%(Q)		4,000		0.445	%		116,862			113,490			3,372		Citibank, N.A.
Teck Resources Ltd.		06/20/26		5.000	%(Q)		14,000		1.084	%		2,542,570			2,437,340			105,230		Barclays Bank PLC

See Notes to Financial Statements.

PGIM Global Total Return Fund 101

Schedule of Investments (continued)

as of October 31, 2021

Credit default swap agreements outstanding at October 31, 2021 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)	Implied Credit Spread at October 31, 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.):
Teva Pharmaceutical Industries Ltd.		12/20/21		1.000%(Q)	870		1.111	%	$	876	$	296	$	580	Barclays Bank PLC
T-Mobile US, Inc.		12/20/21		5.000%(Q)	3,270		0.488	%		40,371		20,974		19,397	Barclays Bank PLC
UBS Group AG		12/20/24		1.000%(Q)	EUR 8,600		0.455	%		184,302		107,450		76,852	Bank of America, N.A.
Verizon Communications, Inc.		06/20/26		1.000%(Q)	9,960		0.488	%		244,257		193,722		50,535	Goldman Sachs International
									$	9,705,902	$	229,234	$	9,476,668

Reference Entity/ Obligation

Termination Date

Fixed Rate

Notional Amount (000)#(3)

Implied Credit Spread at October 31, 2021(4)

Value at Trade Date

Value at October 31, 2021

Unrealized Appreciation (Depreciation)

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

iTraxx.XO.36.V1

12/20/26

5.000%(Q)

EUR 40,000

2.616%

$

5,282,464

$

5,447,569

$

165,105

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)	Implied Credit Spread at October 31, 2021(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):
CDX.NA.HY. BB.33.V1		12/20/24		5.000%(Q)	5,000		1.377	%	$	584,016		$	585,552		$	(1,536	)	Citibank, N.A.
CDX.NA.HY. BB.36.V1		06/20/26		5.000%(Q)	15,300		1.775	%		2,241,229			2,183,355			57,874		Citibank, N.A.
CDX.Tokyo 30% -100%^		06/20/22		0.000%	50,000		*			(10,031	)		(24,195	)		14,164		Citibank, N.A.
									$	2,815,214		$	2,744,712		$	70,502

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

See Notes to Financial Statements.

102

of the CDS contract increases for the protection buyer if the spread increases.

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

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

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

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

* When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Fund is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

See Notes to Financial Statements.

PGIM Global Total Return Fund 103

Schedule of Investments (continued)

as of October 31, 2021

Currency swap agreements outstanding at October 31, 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 Agreements:
IDR	50,000,000		8.220	%(S)		3,454	6 Month LIBOR(S)	Citibank, N.A.		11/29/23	$	448,118	$	—	$	448,118
PEN	32,632		3.420	%(S)		8,000	6 Month LIBOR(S)	Morgan Stanley & Co. International PLC		08/12/24		193,098		—		193,098
											$	641,216	$	—	$	641,216

Inflation swap agreements outstanding at October 31, 2021:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date		Value at October 31, 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)	$	—	$	(209,550	)	$	(209,550	)
EUR	14,000		05/15/23		1.510%(T)	Eurostat Eurozone HICP ex Tobacco(2)(T)		—		(155,363	)		(155,363	)
	7,780		01/12/26		2.185%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)		—		(586,950	)		(586,950	)
	3,000		01/13/31		2.229%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)		—		(270,835	)		(270,835	)
	11,100		01/13/31		2.230%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)		—		(1,000,888	)		(1,000,888	)
	13,365		04/07/31		2.469%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)		—		(817,819	)		(817,819	)
	4,100		04/09/31		2.435%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)		—		(265,534	)		(265,534	)
	8,250		04/09/31		2.448%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)		—		(522,978	)		(522,978	)
	8,710		04/13/31		2.445%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)		—		(552,775	)		(552,775	)
	5,270		04/13/31		2.450%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)		—		(331,561	)		(331,561	)

See Notes to Financial Statements.

104

Inflation swap agreements outstanding at October 31, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date		Value at October 31, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Inflation Swap Agreements (cont’d):
	5,445		04/14/31		2.450%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)	$	—	$	(341,800	)	$	(341,800	)
	4,480		04/15/31		2.460%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)		—		(275,991	)		(275,991	)
	8,730		04/15/31		2.465%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)		—		(533,010	)		(533,010	)
							$	—	$	(5,865,054	)	$	(5,865,054	)

(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 October 31, 2021:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at October 31, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
AUD	4,000		09/21/22		3.830%(S)	6 Month BBSW(2)(S)	$	(20,993	)	$	106,693		$	127,686
AUD	7,580		09/25/22		2.958%(S)	6 Month BBSW(2)(S)		—			152,123			152,123
AUD	15,000		07/20/25		0.390%(S)	6 Month BBSW(2)(S)		—			(465,824	)		(465,824	)
AUD	1,000		05/02/26		2.650%(S)	6 Month BBSW(2)(S)		77			41,941			41,864
AUD	2,700		06/06/27		2.661%(S)	6 Month BBSW(2)(S)		—			115,788			115,788
AUD	6,450		12/03/29		2.700%(S)	6 Month BBSW(2)(S)		405,096			299,863			(105,233	)
AUD	6,000		02/19/30		1.147%(S)	6 Month BBSW(2)(S)		(17	)		(302,027	)		(302,010	)
AUD	5,000		03/20/30		1.200%(S)	6 Month BBSW(2)(S)		—			(242,639	)		(242,639	)
AUD	10,550		08/05/30		0.751%(S)	6 Month BBSW(2)(S)		(103	)		(839,319	)		(839,216	)
AUD	20,000		02/19/31		1.398%(S)	6 Month BBSW(2)(S)		(62,432	)		(868,998	)		(806,566	)
AUD	5,835		07/19/32		3.130%(S)	6 Month BBSW(2)(S)		—			446,959			446,959
AUD	1,600		07/28/32		3.137%(S)	6 Month BBSW(2)(S)		—			122,657			122,657

See Notes to Financial Statements.

PGIM Global Total Return Fund 105

Schedule of Investments (continued)

as of October 31, 2021

Interest rate swap agreements outstanding at October 31, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at October 31, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
AUD	2,000		12/19/32		4.423%(S)	6 Month BBSW(2)(S)	$	(4,226	)	$	362,197		$	366,423
AUD	10,000		07/10/33		2.987%(S)	6 Month BBSW(2)(S)		127,583			676,987			549,404
AUD	10,000		03/26/36		2.101%(S)	6 Month BBSW(2)(S)		—			(183,210	)		(183,210	)
BRL	20,469		01/02/24		4.920%(T)	1 Day BROIS(2)(T)		—			(437,076	)		(437,076	)
BRL	81,380		01/02/24		4.920%(T)	1 Day BROIS(2)(T)		—			(1,739,130	)		(1,739,130	)
BRL	63,124		01/02/25		5.641%(T)	1 Day BROIS(2)(T)		—			(1,719,605	)		(1,719,605	)
BRL	27,355		01/02/25		6.540%(T)	1 Day BROIS(2)(T)		—			(482,663	)		(482,663	)
BRL	26,379		01/02/25		9.475%(T)	1 Day BROIS(2)(T)		—			515,956			515,956
BRL	25,280		01/02/25		9.560%(T)	1 Day BROIS(2)(T)		—			532,886			532,886
BRL	31,910		01/02/25		9.943%(T)	1 Day BROIS(2)(T)		—			923,350			923,350
BRL	7,002		01/02/25		9.985%(T)	1 Day BROIS(2)(T)		—			229,722			229,722
BRL	30,470		01/02/25		11.080%(T)	1 Day BROIS(2)(T)		—			1,226,375			1,226,375
BRL	6,247		01/02/25		12.090%(T)	1 Day BROIS(2)(T)		—			327,657			327,657
BRL	12,879		01/04/27		6.455%(T)	1 Day BROIS(2)(T)		—			(453,812	)		(453,812	)
BRL	36,574		01/04/27		6.490%(T)	1 Day BROIS(2)(T)		—			(1,282,013	)		(1,282,013	)
BRL	73,942		01/04/27		6.493%(T)	1 Day BROIS(2)(T)		—			(2,574,869	)		(2,574,869	)
BRL	56,887		01/04/27		6.540%(T)	1 Day BROIS(2)(T)		—			(1,952,768	)		(1,952,768	)
BRL	77,541		01/04/27		6.695%(T)	1 Day BROIS(2)(T)		—			(2,964,760	)		(2,964,760	)
BRL	94,482		01/04/27		6.820%(T)	1 Day BROIS(2)(T)		—			(3,274,233	)		(3,274,233	)
BRL	31,992		01/04/27		6.910%(T)	1 Day BROIS(2)(T)		—			(963,488	)		(963,488	)
BRL	31,229		01/04/27		6.912%(T)	1 Day BROIS(2)(T)		—			(940,018	)		(940,018	)

See Notes to Financial Statements.

106

Interest rate swap agreements outstanding at October 31, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at October 31, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
BRL	78,637		01/04/27		7.760%(T)	1 Day BROIS(2)(T)	$	—		$	(1,769,689	)	$	(1,769,689	)
BRL	28,290		01/02/29		7.150%(T)	1 Day BROIS(2)(T)		1,035			(1,197,837	)		(1,198,872	)
BRL	21,378		01/02/29		7.250%(T)	1 Day BROIS(2)(T)		—			(880,065	)		(880,065	)
BRL	33,888		01/02/29		7.570%(T)	1 Day BROIS(2)(T)		—			(1,401,499	)		(1,401,499	)
CAD	51,805		04/03/25		0.970%(S)	3 Month CDOR(2)(S)		119,914			(1,215,775	)		(1,335,689	)
CAD	25,000		05/01/25		0.758%(S)	3 Month CDOR(2)(S)		(88	)		(729,425	)		(729,337	)
CAD	18,000		04/22/26		1.670%(S)	3 Month CDOR(2)(S)		154,333			(157,928	)		(312,261	)
CAD	2,500		12/03/38		2.800%(S)	3 Month CDOR(2)(S)		94,888			144,847			49,959
CAD	5,000		12/03/48		2.800%(S)	3 Month CDOR(2)(S)		602,559			391,401			(211,158	)
CHF	14,500		01/31/29		0.260%(A)	6 Month CHF LIBOR(2)(S)		51,698			209,144			157,446
CHF	800		10/17/31		0.033%(A)	6 Month CHF LIBOR(2)(S)		128			(20,004	)		(20,132	)
CHF	700		04/03/33		0.687%(A)	6 Month CHF LIBOR(2)(S)		—			36,347			36,347
CLP	3,010,200		07/12/29		3.135%(S)	1 Day CLOIS(2)(S)		—			(543,288	)		(543,288	)
CLP	6,480,000		10/24/29		2.790%(S)	1 Day CLOIS(2)(S)		—			(1,436,115	)		(1,436,115	)
CLP	3,094,000		11/22/29		3.203%(S)	1 Day CLOIS(2)(S)		—			(587,896	)		(587,896	)
CLP	2,400,000		12/13/29		3.160%(S)	1 Day CLOIS(2)(S)		—			(444,117	)		(444,117	)
CLP	562,610		12/16/29		3.200%(S)	1 Day CLOIS(2)(S)		—			(102,407	)		(102,407	)
CLP	3,900,000		02/10/30		3.010%(S)	1 Day CLOIS(2)(S)		—			(822,410	)		(822,410	)
CLP	634,000		02/11/30		3.085%(S)	1 Day CLOIS(2)(S)		—			(127,011	)		(127,011	)
CLP	4,500,000		02/28/30		3.110%(S)	1 Day CLOIS(2)(S)		—			(903,316	)		(903,316	)
CLP	800,000		07/13/30		2.030%(S)	1 Day CLOIS(2)(S)		—			(242,171	)		(242,171	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 107

Schedule of Investments (continued)

as of October 31, 2021

Interest rate swap agreements outstanding at October 31, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at October 31, 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)	$	—		$	(1,566,068	)	$	(1,566,068	)
CNH	52,500		08/15/23		3.115%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(327	)		116,371			116,698
CNH	50,870		03/13/24		2.945%(Q)	7 Day China Fixing Repo Rates(2)(Q)		25			96,524			96,499
CNH	33,000		03/18/24		2.945%(Q)	7 Day China Fixing Repo Rates(2)(Q)		16			63,025			63,009
CNH	43,200		04/01/24		2.923%(Q)	7 Day China Fixing Repo Rates(2)(Q)		23			77,845			77,822
CNH	23,500		06/19/24		2.900%(Q)	7 Day China Fixing Repo Rates(2)(Q)		13			42,003			41,990
CNH	125,090		06/20/24		2.900%(Q)	7 Day China Fixing Repo Rates(2)(Q)		76			219,777			219,701
CNH	28,500		07/01/24		2.900%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(27	)		50,827			50,854
CNH	78,000		09/03/24		2.860%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(67	)		134,142			134,209
CNH	24,300		09/19/24		2.940%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(14	)		48,465			48,479
CNH	76,000		10/09/24		2.860%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(25	)		124,271			124,296
CNH	9,600		10/10/24		2.860%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(5	)		15,513			15,518
CNH	98,660		11/01/24		3.120%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(214	)		304,071			304,285
CNH	100,500		11/28/24		2.933%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(2,748	)		207,817			210,565

See Notes to Financial Statements.

108

Interest rate swap agreements outstanding at October 31, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at October 31, 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)	$	(91	)	$	170,530		$	170,621
CNH	92,700		02/04/25		2.600%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—			45,890			45,890
CNH	330,000		02/05/25		2.600%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(81	)		161,104			161,185
CNH	18,100		03/10/25		2.300%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(15	)		(20,862	)		(20,847	)
CNH	25,000		03/12/25		2.400%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(6	)		(17,279	)		(17,273	)
CNH	149,980		05/08/25		1.860%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(425	)		(558,629	)		(558,204	)
CNH	80,785		06/01/25		1.973%(Q)	7 Day China Fixing Repo Rates(2)(Q)		41			(255,765	)		(255,806	)
CNH	118,700		07/02/25		2.330%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(66	)		(152,046	)		(151,980	)
CNH	161,860		07/13/25		2.653%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(162	)		83,508			83,670
CNH	48,542		08/06/25		2.555%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(65	)		149			214
CNH	129,600		09/01/25		2.735%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(131	)		134,930			135,061
CNH	225,740		11/02/25		2.588%(Q)	7 Day China Fixing Repo Rates(2)(Q)		523			32,582			32,059
CNH	200,000		12/09/25		2.855%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—			341,927			341,927
CNH	192,490		01/05/26		2.660%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(437	)		82,750			83,187

See Notes to Financial Statements.

PGIM Global Total Return Fund 109

Schedule of Investments (continued)

as of October 31, 2021

Interest rate swap agreements outstanding at October 31, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at October 31, 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)	$	(102	)	$	64,711		$	64,813
CNH	50,000		03/23/26		2.875%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—			90,821			90,821
CNH	345,920		04/12/26		2.810%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(1,103	)		460,715			461,818
COP	43,903,000		06/10/25		4.370%(Q)	1 Day COOIS(2)(Q)		—			(545,831	)		(545,831	)
COP	57,000,000		11/05/25		3.170%(Q)	1 Day COOIS(2)(Q)		—			(1,487,588	)		(1,487,588	)
COP	23,700,000		12/14/25		3.265%(Q)	1 Day COOIS(2)(Q)		—			(624,363	)		(624,363	)
COP	15,800,000		02/08/26		3.135%(Q)	1 Day COOIS(2)(Q)		—			(448,605	)		(448,605	)
COP	27,120,000		04/20/26		4.190%(Q)	1 Day COOIS(2)(Q)		—			(519,896	)		(519,896	)
COP	25,830,000		07/19/28		6.150%(Q)	1 Day COOIS(2)(Q)		—			(49,395	)		(49,395	)
COP	27,041,260		07/27/28		6.200%(Q)	1 Day COOIS(2)(Q)		465,856			(39,352	)		(505,208	)
COP	13,388,000		11/28/28		6.380%(Q)	1 Day COOIS(2)(Q)		—			35,919			35,919
COP	20,710,000		12/16/29		5.480%(Q)	1 Day COOIS(2)(Q)		—			(306,707	)		(306,707	)
COP	21,300,000		02/13/30		5.100%(Q)	1 Day COOIS(2)(Q)		—			(448,810	)		(448,810	)
COP	7,740,000		07/13/30		4.205%(Q)	1 Day COOIS(2)(Q)		—			(309,505	)		(309,505	)
COP	19,006,000		09/17/30		4.321%(Q)	1 Day COOIS(2)(Q)		—			(723,439	)		(723,439	)
COP	113,100,000		03/26/31		5.221%(Q)	1 Day COOIS(2)(Q)		—			(2,613,513	)		(2,613,513	)
CZK	213,000		04/27/22		0.925%(A)	6 Month PRIBOR(2)(S)		—			(28,804	)		(28,804	)
CZK	193,410		06/29/22		0.895%(A)	6 Month PRIBOR(2)(S)		—			(105,940	)		(105,940	)
CZK	250,000		11/17/22		1.505%(A)	6 Month PRIBOR(2)(S)		—			(42,281	)		(42,281	)
CZK	875,720		01/28/24		1.938%(A)	6 Month PRIBOR(2)(S)		—			(550,895	)		(550,895	)

See Notes to Financial Statements.

110

Interest rate swap agreements outstanding at October 31, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at October 31, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
CZK	364,670		01/28/30		1.588%(A)	6 Month PRIBOR(1)(S)	$	—		$	1,354,782		$	1,354,782
CZK	106,030		03/31/30		0.710%(A)	6 Month PRIBOR(2)(S)		—			(750,728	)		(750,728	)
DKK	13,600		05/04/25		0.825%(A)	6 Month CIBOR(2)(S)		20			54,422			54,402
DKK	5,000		08/29/26		0.580%(A)	6 Month CIBOR(2)(S)		18			11,031			11,013
DKK	1,300		10/21/26		0.673%(A)	6 Month CIBOR(2)(S)		14			3,649			3,635
DKK	13,000		03/15/27		1.123%(A)	6 Month CIBOR(2)(S)		—			99,951			99,951
DKK	1,865		06/22/27		0.987%(A)	6 Month CIBOR(2)(S)		—			11,574			11,574
EUR	27,230		08/15/30		(0.191)%(A)	1 Day ESTR(2)(A)		(12,904	)		(595,620	)		(582,716	)
EUR	1,500		08/26/31		0.562%(A)	6 Month EURIBOR(2)(S)		142			53,024			52,882
EUR	1,700		12/14/31		1.217%(A)	6 Month EURIBOR(2)(S)		134			211,520			211,386
EUR	1,850		12/19/31		1.160%(A)	6 Month EURIBOR(2)(S)		436			216,149			215,713
EUR	2,300		12/19/31		1.161%(A)	6 Month EURIBOR(2)(S)		(11,232	)		269,020			280,252
EUR	2,600		12/27/31		1.082%(A)	6 Month EURIBOR(2)(S)		10,172			277,111			266,939
EUR	6,400		02/23/32		1.180%(A)	6 Month EURIBOR(2)(S)		169			748,908			748,739
EUR	4,680		03/29/32		1.170%(A)	6 Month EURIBOR(2)(S)		1,517			535,404			533,887
EUR	1,400		04/04/32		1.145%(A)	6 Month EURIBOR(2)(S)		—			155,362			155,362
EUR	2,000		04/10/32		1.105%(A)	6 Month EURIBOR(2)(S)		—			211,392			211,392
EUR	4,150		05/11/32		1.100%(A)	6 Month EURIBOR(2)(S)		(83,997	)		443,627			527,624
EUR	7,000		06/28/32		0.785%(A)	6 Month EURIBOR(2)(S)		(54,959	)		453,779			508,738
EUR	3,050		10/30/32		1.302%(A)	6 Month EURIBOR(2)(S)		—			440,113			440,113
EUR	14,225		05/11/33		1.000%(A)	6 Month EURIBOR(2)(S)		(339,532	)		1,393,427			1,732,959

See Notes to Financial Statements.

PGIM Global Total Return Fund 111

Schedule of Investments (continued)

as of October 31, 2021

Interest rate swap agreements outstanding at October 31, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at October 31, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
EUR	365		05/11/39		1.100%(A)	1 Day ESTR(2)(A)	$	(3,149	)	$	67,488		$	70,637
EUR	3,190		05/11/42		1.350%(A)	6 Month EURIBOR(2)(S)		(166,489	)		736,372			902,861
EUR	1,235		07/04/42		1.001%(A)	6 Month EURIBOR(2)(S)		(127,287	)		180,225			307,512
EUR	24,475		03/09/46		0.425%(A)	6 Month EURIBOR(2)(S)		—			459,831			459,831
EUR	9,135		05/11/49		1.450%(A)	6 Month EURIBOR(2)(S)		624,329			3,288,175			2,663,846
GBP	29,797		10/22/28		0.680%(A)	1 Day SONIA(1)(A)		—			874,450			874,450
GBP	2,320		05/08/29		1.100%(A)	1 Day SONIA(1)(A)		(85,429	)		(39,868	)		45,561
GBP	20,830		05/08/31		1.150%(A)	1 Day SONIA(2)(A)		1,047,781			598,451			(449,330	)
GBP	5,890		04/30/40		0.219%(A)	1 Day SONIA(2)(A)		(30	)		(930,377	)		(930,347	)
GBP	4,710		05/08/41		1.250%(A)	1 Day SONIA(1)(A)		(780,460	)		(441,672	)		338,788
GBP	13,725		05/08/46		1.250%(A)	1 Day SONIA(2)(A)		2,559,721			1,778,117			(781,604	)
GBP	3,440		05/08/49		1.250%(A)	1 Day SONIA(2)(A)		711,446			527,667			(183,779	)
GBP	3,540		09/03/50		0.328%(A)	1 Day SONIA(2)(A)		(34	)		(576,048	)		(576,014	)
HUF	4,636,000		01/23/25		1.095%(A)	6 Month BUBOR(2)(S)		(19,218	)		(1,011,618	)		(992,400	)
HUF	370,000		03/18/26		2.140%(A)	6 Month BUBOR(2)(S)		10,692			(56,961	)		(67,653	)
HUF	1,667,000		12/23/26		3.755%(A)	6 Month BUBOR(2)(S)		29			5,873			5,844
HUF	6,237,270		06/12/28		3.750%(A)	6 Month BUBOR(2)(S)		—			(135,145	)		(135,145	)
HUF	1,677,900		07/15/29		1.650%(A)	6 Month BUBOR(2)(S)		—			(746,296	)		(746,296	)
HUF	2,516,000		12/09/29		1.245%(A)	6 Month BUBOR(2)(S)		—			(1,369,345	)		(1,369,345	)
HUF	499,000		02/13/30		1.595%(A)	6 Month BUBOR(2)(S)		—			(234,211	)		(234,211	)
HUF	4,674,000		09/03/30		1.705%(A)	6 Month BUBOR(2)(S)		(238,612	)		(2,348,121	)		(2,109,509	)

See Notes to Financial Statements.

112

Interest rate swap agreements outstanding at October 31, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at October 31, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
HUF	5,500,000		03/31/31		2.460%(A)	6 Month BUBOR(2)(S)	$	—		$	(1,648,035	)	$	(1,648,035	)
ILS	40,440		04/16/28		0.928%(A)	3 Month TELBOR(2)(Q)		(514	)		(158,095	)		(157,581	)
ILS	10,250		05/13/31		1.498%(A)	3 Month TELBOR(2)(Q)		—			42,516			42,516
JPY	1,000,000		01/08/22		(0.120)%(S)	6 Month JPY LIBOR(2)(S)		—			(2,366	)		(2,366	)
JPY	2,000,000		01/08/22		(0.100)%(S)	6 Month JPY LIBOR(2)(S)		—			(2,914	)		(2,914	)
JPY	3,276,010		12/20/24		0.126%(S)	6 Month JPY LIBOR(2)(S)		(27,985	)		102,922			130,907
JPY	950,000		01/15/25		0.000%(S)	6 Month JPY LIBOR(2)(S)		—			(7,562	)		(7,562	)
JPY	9,000,000		03/02/26		0.029%(S)	6 Month JPY LIBOR(2)(S)		—			(35,781	)		(35,781	)
JPY	5,000,000		06/02/26		0.009%(S)	6 Month JPY LIBOR(2)(S)		—			(66,742	)		(66,742	)
JPY	2,000,000		01/04/27		(0.033)%(S)	6 Month JPY LIBOR(2)(S)		—			(76,760	)		(76,760	)
JPY	2,100,000		05/06/27		0.020%(S)	6 Month JPY LIBOR(2)(S)		—			(33,089	)		(33,089	)
JPY	1,800,000		11/12/28		0.011%(S)	6 Month JPY LIBOR(2)(S)		—			(74,085	)		(74,085	)
JPY	135,000		02/20/29		1.260%(S)	6 Month JPY LIBOR(2)(S)		35,696			104,779			69,083
JPY	2,500,000		03/22/29		0.068%(S)	6 Month JPY LIBOR(2)(S)		—			(29,803	)		(29,803	)
JPY	50,000		04/02/29		1.288%(S)	6 Month JPY LIBOR(2)(S)		3			39,483			39,480
JPY	100,000		08/18/29		1.070%(S)	6 Month JPY LIBOR(2)(S)		8			68,760			68,752
JPY	100,000		08/28/29		1.043%(S)	6 Month JPY LIBOR(2)(S)		8			66,699			66,691
JPY	200,000		09/09/29		1.061%(S)	6 Month JPY LIBOR(2)(S)		(969	)		136,080			137,049
JPY	655,000		09/29/29		1.064%(S)	6 Month JPY LIBOR(2)(S)		301,392			444,480			143,088
JPY	300,000		07/02/30		0.047%(S)	6 Month JPY LIBOR(2)(S)		—			(13,776	)		(13,776	)
JPY	200,000		04/01/31		0.319%(S)	6 Month JPY LIBOR(2)(S)		19			32,102			32,083

See Notes to Financial Statements.

PGIM Global Total Return Fund 113

Schedule of Investments (continued)

as of October 31, 2021

Interest rate swap agreements outstanding at October 31, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at October 31, 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)	$	21		$	43,976		$	43,955
JPY	150,000		07/07/31		0.071%(S)	6 Month JPY LIBOR(2)(S)		12			(7,215	)		(7,227	)
JPY	700,000		08/05/31		0.026%(S)	6 Month JPY LIBOR(2)(S)		—			(63,236	)		(63,236	)
JPY	256,500		08/15/31		0.223%(S)	6 Month JPY LIBOR(2)(S)		19			20,796			20,777
JPY	130,000		08/30/31		0.217%(S)	6 Month JPY LIBOR(2)(S)		11			9,785			9,774
JPY	120,000		09/08/31		0.316%(S)	6 Month JPY LIBOR(2)(S)		10			19,360			19,350
JPY	190,000		09/21/31		0.328%(S)	6 Month JPY LIBOR(2)(S)		21			32,096			32,075
JPY	350,000		10/14/31		0.270%(S)	6 Month JPY LIBOR(2)(S)		37			40,469			40,432
JPY	200,000		04/06/32		0.484%(S)	6 Month JPY LIBOR(2)(S)		—			61,751			61,751
JPY	159,520		04/07/32		0.491%(S)	6 Month JPY LIBOR(2)(S)		—			50,309			50,309
JPY	1,200,000		05/19/32		0.023%(S)	6 Month JPY LIBOR(2)(S)		—			(139,796	)		(139,796	)
JPY	800,000		05/29/32		0.016%(S)	6 Month JPY LIBOR(2)(S)		—			(99,125	)		(99,125	)
JPY	140,000		06/07/32		0.451%(S)	6 Month JPY LIBOR(2)(S)		—			41,365			41,365
JPY	71,000		09/21/32		0.463%(S)	6 Month JPY LIBOR(2)(S)		—			20,917			20,917
JPY	160,000		11/14/32		2.390%(S)	6 Month JPY LIBOR(2)(S)		(21,126	)		309,332			330,458
JPY	180,000		11/05/34		1.293%(S)	6 Month JPY LIBOR(2)(S)		69,895			231,907			162,012
JPY	70,000		12/03/34		1.265%(S)	6 Month JPY LIBOR(2)(S)		7			87,629			87,622
JPY	260,000		01/07/35		1.108%(S)	6 Month JPY LIBOR(2)(S)		25			275,968			275,943
JPY	50,000		01/22/35		0.950%(S)	6 Month JPY LIBOR(2)(S)		6			43,661			43,655
JPY	120,000		02/12/35		1.161%(S)	6 Month JPY LIBOR(2)(S)		13			134,296			134,283
JPY	320,000		02/24/35		1.200%(S)	6 Month JPY LIBOR(2)(S)		32			372,287			372,255

See Notes to Financial Statements.

114

Interest rate swap agreements outstanding at October 31, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date		Value at October 31, 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	$	176,955		$	176,938
JPY	350,000		05/07/35		0.073%(S)	6 Month JPY LIBOR(2)(S)		—		(60,503	)		(60,503	)
JPY	90,000		02/04/36		0.816%(S)	6 Month JPY LIBOR(2)(S)		9		66,288			66,279
JPY	65,000		05/16/36		0.446%(S)	6 Month JPY LIBOR(2)(S)		8		17,472			17,464
JPY	110,000		05/27/36		0.460%(S)	6 Month JPY LIBOR(2)(S)		15		31,345			31,330
JPY	60,000		07/22/36		0.240%(S)	6 Month JPY LIBOR(2)(S)		9		(655	)		(664	)
JPY	300,000		10/04/36		0.363%(S)	6 Month JPY LIBOR(2)(S)		36		40,764			40,728
JPY	150,000		11/02/36		0.423%(S)	6 Month JPY LIBOR(2)(S)		18		34,753			34,735
JPY	400,000		12/14/36		0.723%(S)	6 Month JPY LIBOR(2)(S)		40		251,967			251,927
JPY	150,000		12/22/36		0.641%(S)	6 Month JPY LIBOR(2)(S)		15		77,735			77,720
JPY	250,000		01/06/37		0.675%(S)	6 Month JPY LIBOR(2)(S)		25		140,532			140,507
JPY	275,500		02/15/37		0.729%(S)	6 Month JPY LIBOR(2)(S)		29		172,917			172,888
JPY	130,000		02/23/37		0.748%(S)	6 Month JPY LIBOR(2)(S)		14		84,810			84,796
JPY	100,000		03/02/37		0.686%(S)	6 Month JPY LIBOR(2)(S)		—		56,786			56,786
JPY	273,000		03/09/37		0.701%(S)	6 Month JPY LIBOR(2)(S)		12,729		160,242			147,513
JPY	200,000		03/29/37		0.684%(S)	6 Month JPY LIBOR(2)(S)		—		111,712			111,712
JPY	94,310		05/08/37		0.623%(S)	6 Month JPY LIBOR(2)(S)		—		47,035			47,035
JPY	200,000		05/15/37		0.688%(S)	6 Month JPY LIBOR(2)(S)		—		117,751			117,751
JPY	150,000		06/02/37		0.640%(S)	6 Month JPY LIBOR(2)(S)		—		77,896			77,896
JPY	80,000		06/19/37		0.625%(S)	6 Month JPY LIBOR(2)(S)		—		39,653			39,653
JPY	82,000		06/21/37		0.628%(S)	6 Month JPY LIBOR(2)(S)		—		40,900			40,900

See Notes to Financial Statements.

PGIM Global Total Return Fund 115

Schedule of Investments (continued)

as of October 31, 2021

Interest rate swap agreements outstanding at October 31, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at October 31, 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)	$	—		$	62,366		$	62,366
JPY	105,000		07/04/37		0.659%(S)	6 Month JPY LIBOR(2)(S)		—			56,754			56,754
JPY	285,000		07/26/37		0.676%(S)	6 Month JPY LIBOR(2)(S)		—			161,253			161,253
JPY	117,300		08/02/37		0.683%(S)	6 Month JPY LIBOR(2)(S)		—			66,727			66,727
JPY	160,000		08/09/37		0.679%(S)	6 Month JPY LIBOR(2)(S)		—			89,853			89,853
JPY	500,000		09/04/37		0.663%(S)	6 Month JPY LIBOR(2)(S)		—			270,444			270,444
JPY	175,000		09/27/37		0.670%(S)	6 Month JPY LIBOR(2)(S)		—			95,478			95,478
JPY	300,000		11/02/37		0.734%(S)	6 Month JPY LIBOR(2)(S)		—			198,833			198,833
JPY	350,000		12/04/37		0.730%(S)	6 Month JPY LIBOR(2)(S)		—			228,228			228,228
JPY	900,000		01/04/38		0.757%(S)	6 Month JPY LIBOR(2)(S)		132,628			616,425			483,797
JPY	224,000		01/11/38		0.831%(S)	6 Month JPY LIBOR(2)(S)		—			177,086			177,086
JPY	800,000		03/28/38		0.656%(S)	6 Month JPY LIBOR(2)(S)		—			419,646			419,646
JPY	1,000,000		04/04/38		0.681%(S)	6 Month JPY LIBOR(2)(S)		—			552,142			552,142
JPY	675,000		04/06/38		0.655%(S)	6 Month JPY LIBOR(2)(S)		—			347,589			347,589
JPY	1,815,000		04/18/38		0.675%(S)	6 Month JPY LIBOR(2)(S)		(42,280	)		984,433			1,026,713
JPY	600,000		08/10/38		0.822%(S)	6 Month JPY LIBOR(2)(S)		—			462,186			462,186
JPY	2,430,385		12/03/38		0.600%(S)	6 Month JPY LIBOR(2)(S)		532,760			1,092,053			559,293
JPY	480,000		11/27/39		0.258%(S)	6 Month JPY LIBOR(2)(S)		—			(53,888	)		(53,888	)
JPY	969,000		12/03/39		0.650%(S)	6 Month JPY LIBOR(2)(S)		592,627			500,060			(92,567	)
JPY	1,200,000		01/08/40		0.230%(S)	6 Month JPY LIBOR(2)(S)		—			(196,165	)		(196,165	)
JPY	1,500,000		01/08/40		0.250%(S)	6 Month JPY LIBOR(2)(S)		—			(197,132	)		(197,132	)

See Notes to Financial Statements.

116

Interest rate swap agreements outstanding at October 31, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at October 31, 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)	$	—		$	(134,917	)	$	(134,917	)
JPY	800,000		03/25/40		0.171%(S)	6 Month JPY LIBOR(2)(S)		—			(219,517	)		(219,517	)
JPY	1,000,000		05/14/41		0.383%(S)	6 Month JPY LIBOR(2)(S)		—			41,887			41,887
JPY	166,000		05/09/43		0.820%(S)	6 Month JPY LIBOR(2)(S)		—			132,523			132,523
JPY	2,000,000		10/23/45		0.333%(S)	6 Month JPY LIBOR(2)(S)		—			(482,270	)		(482,270	)
JPY	775,000		04/12/46		0.496%(S)	6 Month JPY LIBOR(2)(S)		—			62,042			62,042
JPY	110,291		04/15/46		0.560%(S)	6 Month JPY LIBOR(2)(S)		—			23,620			23,620
JPY	26,000		10/04/47		0.942%(S)	6 Month JPY LIBOR(2)(S)		—			26,974			26,974
JPY	560,000		11/24/47		0.888%(S)	6 Month JPY LIBOR(2)(S)		—			530,858			530,858
JPY	500,000		05/29/50		0.186%(S)	6 Month JPY LIBOR(2)(S)		—			(390,002	)		(390,002	)
JPY	500,000		08/26/50		0.334%(S)	6 Month JPY LIBOR(2)(S)		—			(218,280	)		(218,280	)
JPY	1,000,000		12/16/50		0.338%(S)	6 Month JPY LIBOR(2)(S)		—			(432,522	)		(432,522	)
JPY	1,200,000		02/08/51		0.467%(S)	6 Month JPY LIBOR(2)(S)		—			(150,575	)		(150,575	)
JPY	1,650,000		03/30/51		0.520%(S)	6 Month JPY LIBOR(2)(S)		—			(8,772	)		(8,772	)
KRW	18,824,000		08/06/25		0.830%(Q)	3 Month KWCDC(2)(Q)		(21	)		(798,960	)		(798,939	)
KRW	20,447,900		09/10/28		2.043%(Q)	3 Month KWCDC(2)(Q)		569,569			(164,298	)		(733,867	)
KRW	3,120,000		10/18/29		1.313%(Q)	3 Month KWCDC(2)(Q)		9			(177,558	)		(177,567	)
KRW	11,000,000		02/05/30		1.319%(Q)	3 Month KWCDC(2)(Q)		20			(631,920	)		(631,940	)
KRW	2,455,000		04/27/30		1.065%(Q)	3 Month KWCDC(2)(Q)		2			(190,945	)		(190,947	)
KRW	10,000,000		07/16/30		1.000%(Q)	3 Month KWCDC(2)(Q)		(43	)		(842,533	)		(842,490	)
KRW	5,000,000		01/05/31		1.258%(Q)	3 Month KWCDC(2)(Q)		—			(346,955	)		(346,955	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 117

Schedule of Investments (continued)

as of October 31, 2021

Interest rate swap agreements outstanding at October 31, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at October 31, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
KRW	21,000,000		08/13/31		1.630%(Q)	3 Month KWCDC(2)(Q)	$	—		$	(898,067	)	$	(898,067	)
MXN	391,310		03/19/26		6.050%(M)	28 Day Mexican Interbank Rate(2)(M)		(808	)		(1,047,893	)		(1,047,085	)
MXN	33,500		10/12/27		7.350%(M)	28 Day Mexican Interbank Rate(2)(M)		—			(15,817	)		(15,817	)
MXN	305,790		02/27/29		8.260%(M)	28 Day Mexican Interbank Rate(2)(M)		71,411			594,110			522,699
MXN	271,000		07/10/30		5.680%(M)	28 Day Mexican Interbank Rate(2)(M)		(133	)		(1,663,692	)		(1,663,559	)
MXN	110,000		11/29/30		5.480%(M)	28 Day Mexican Interbank Rate(2)(M)		—			(771,907	)		(771,907	)
MXN	15,290		01/03/33		5.715%(M)	28 Day Mexican Interbank Rate(2)(M)		(24	)		(114,149	)		(114,125	)
NOK	29,500		02/23/23		1.350%(A)	6 Month NIBOR(2)(S)		(1,344	)		32,144			33,488
NOK	170,000		11/25/25		0.770%(A)	6 Month NIBOR(2)(S)		—			(729,030	)		(729,030	)
NOK	26,300		03/15/27		2.103%(A)	6 Month NIBOR(2)(S)		12,634			74,938			62,304
NOK	6,725		06/23/27		1.825%(A)	6 Month NIBOR(2)(S)		—			1,403			1,403
NOK	20,000		04/18/28		2.215%(A)	6 Month NIBOR(2)(S)		—			71,144			71,144
NOK	36,000		02/07/29		2.083%(A)	6 Month NIBOR(2)(S)		—			108,603			108,603
NOK	48,000		10/07/29		1.660%(A)	6 Month NIBOR(2)(S)		—			(110,411	)		(110,411	)
NOK	137,700		01/08/31		1.250%(A)	6 Month NIBOR(2)(S)		—			(805,702	)		(805,702	)

See Notes to Financial Statements.

118

Interest rate swap agreements outstanding at October 31, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at October 31, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
NOK	130,000		01/19/31		1.346%(A)	6 Month NIBOR(2)(S)	$	—		$	(631,066	)	$	(631,066	)
NOK	100,000		04/27/31		1.704%(A)	6 Month NIBOR(2)(S)		—			(147,924	)		(147,924	)
NZD	1,235		10/03/22		2.740%(S)	3 Month BBR(2)(Q)		—			11,675			11,675
NZD	2,830		04/26/23		2.733%(S)	3 Month BBR(2)(Q)		(26,367	)		22,610			48,977
NZD	1,750		03/13/24		5.080%(S)	3 Month BBR(2)(Q)		14,017			86,538			72,521
NZD	2,500		03/15/24		3.355%(S)	3 Month BBR(2)(Q)		1,215			47,892			46,677
NZD	1,550		07/04/24		3.100%(S)	3 Month BBR(2)(Q)		—			30,127			30,127
NZD	3,500		01/10/27		3.420%(S)	3 Month BBR(2)(Q)		50,056			122,667			72,611
NZD	5,000		04/18/28		3.193%(S)	3 Month BBR(2)(Q)		—			116,924			116,924
NZD	6,450		11/28/28		2.950%(S)	3 Month BBR(2)(Q)		—			136,936			136,936
NZD	9,250		07/22/29		1.768%(S)	3 Month BBR(2)(Q)		—			(398,956	)		(398,956	)
NZD	9,000		10/07/29		1.130%(S)	3 Month BBR(2)(Q)		—			(723,895	)		(723,895	)
NZD	51,390		03/01/31		2.098%(S)	3 Month BBR(2)(Q)		736,729			(1,821,102	)		(2,557,831	)
PLN	73,670		08/24/23		2.390%(A)	6 Month WIBOR(2)(S)		—			126,093			126,093
PLN	11,000		09/09/23		1.900%(A)	6 Month WIBOR(2)(S)		(162,385	)		(10,711	)		151,674
PLN	60,110		11/13/23		2.570%(A)	6 Month WIBOR(2)(S)		—			410,874			410,874
PLN	18,100		04/11/24		2.020%(A)	6 Month WIBOR(2)(S)		13,782			1,757			(12,025	)
PLN	83,750		06/21/24		1.750%(A)	6 Month WIBOR(2)(S)		—			(276,504	)		(276,504	)
PLN	30,000		03/28/28		2.895%(A)	6 Month WIBOR(2)(S)		—			232,442			232,442
PLN	3,540		07/11/28		2.935%(A)	6 Month WIBOR(2)(S)		—			20,881			20,881
PLN	31,000		09/07/30		1.068%(A)	6 Month WIBOR(2)(S)		(221,686	)		(1,004,665	)		(782,979	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 119

Schedule of Investments (continued)

as of October 31, 2021

Interest rate swap agreements outstanding at October 31, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at October 31, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
PLN	104,000		03/26/31		1.675%(A)	6 Month WIBOR(2)(S)	$	—		$	(2,032,230	)	$	(2,032,230	)
PLN	6,080		04/06/31		1.875%(A)	6 Month WIBOR(2)(S)		—			(92,568	)		(92,568	)
PLN	6,215		04/14/31		1.778%(A)	6 Month WIBOR(2)(S)		—			(112,479	)		(112,479	)
PLN	13,000		04/20/31		1.725%(A)	6 Month WIBOR(2)(S)		—			(252,395	)		(252,395	)
PLN	6,375		04/27/31		1.788%(A)	6 Month WIBOR(2)(S)		—			(115,732	)		(115,732	)
PLN	36,220		08/30/31		1.765%(A)	6 Month WIBOR(2)(S)		—			(749,014	)		(749,014	)
SEK	27,200		12/15/21		0.203%(A)	3 Month STIBOR(2)(Q)		(15	)		6,587			6,602
SEK	12,700		04/25/23		0.750%(A)	3 Month STIBOR(2)(Q)		11			17,064			17,053
SEK	38,380		07/11/23		0.458%(A)	3 Month STIBOR(2)(Q)		—			18,849			18,849
SEK	15,550		03/15/24		0.840%(A)	3 Month STIBOR(2)(Q)		—			26,778			26,778
SEK	12,700		08/29/24		1.657%(A)	3 Month STIBOR(2)(Q)		12,279			51,509			39,230
SEK	3,000		11/16/25		1.485%(A)	3 Month STIBOR(2)(Q)		11			16,146			16,135
SEK	6,000		12/09/25		1.505%(A)	3 Month STIBOR(2)(Q)		13			32,456			32,443
SEK	15,000		06/27/26		1.001%(A)	3 Month STIBOR(2)(Q)		22			26,097			26,075
SEK	15,390		06/22/27		1.031%(A)	3 Month STIBOR(2)(Q)		—			26,716			26,716
SEK	58,000		03/27/28		1.267%(A)	3 Month STIBOR(2)(Q)		—			216,832			216,832
SEK	8,535		07/11/28		1.141%(A)	3 Month STIBOR(2)(Q)		—			19,778			19,778
SEK	33,000		11/28/28		1.188%(A)	3 Month STIBOR(2)(Q)		39,488			115,432			75,944
SEK	40,000		06/20/29		0.550%(A)	3 Month STIBOR(2)(Q)		—			(126,659	)		(126,659	)
SEK	16,000		10/07/29		0.180%(A)	3 Month STIBOR(2)(Q)		—			(111,721	)		(111,721	)
SEK	30,000		11/05/29		0.457%(A)	3 Month STIBOR(2)(Q)		—			(121,042	)		(121,042	)

See Notes to Financial Statements.

120

Interest rate swap agreements outstanding at October 31, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at October 31, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
SEK	78,000		01/24/30		0.605%(A)	3 Month STIBOR(2)(Q)	$	—		$	(221,427	)	$	(221,427	)
SEK	70,000		07/13/30		0.308%(A)	3 Month STIBOR(2)(Q)		—			(460,364	)		(460,364	)
SEK	100,000		04/13/31		0.763%(A)	3 Month STIBOR(2)(Q)		—			(217,751	)		(217,751	)
SGD	17,215		07/29/31		1.120%(S)	6 Month SIBOR(2)(S)		117,416			(837,423	)		(954,839	)
THB	173,600		04/28/30		1.020%(S)	6 Month THBFIX(2)(S)		—			(286,339	)		(286,339	)
THB	72,900		06/25/30		0.990%(S)	6 Month THBFIX(2)(S)		—			(123,977	)		(123,977	)
THB	200,200		07/03/30		1.028%(S)	6 Month THBFIX(2)(S)		—			(323,882	)		(323,882	)
THB	115,500		08/17/31		1.320%(S)	6 Month THBFIX(2)(S)		—			(133,034	)		(133,034	)
	93,105		03/10/22		0.330%(A)	1 Day USOIS(1)(A)		—			(237,736	)		(237,736	)
	187,500		05/29/22		0.014%(A)	1 Day USOIS(1)(A)		154,832			157,645			2,813
	219,110		11/09/22		0.061%(A)	1 Day SOFR(1)(A)		—			228,004			228,004
	161,520		10/30/23		0.072%(A)	1 Day USOIS(1)(A)		—			1,509,858			1,509,858
	135,215		11/02/23		0.070%(A)	1 Day USOIS(1)(A)		—			1,286,128			1,286,128
	199,767		11/06/23		0.063%(A)	1 Day USOIS(1)(A)		—			1,963,067			1,963,067
	204,255		11/09/23		0.064%(A)	1 Day USOIS(1)(A)		—			2,019,055			2,019,055
	88,904		05/31/24		1.350%(A)	1 Day USOIS(1)(A)		—			(2,012,018	)		(2,012,018	)
	48,592		08/15/28		1.220%(A)	1 Day SOFR(1)(A)		—			(145,640	)		(145,640	)
	4,980		08/15/44		2.392%(A)	1 Day USOIS(1)(A)		—			(909,522	)		(909,522	)
ZAR	665,000		02/28/24		7.475%(Q)	3 Month JIBAR(1)(Q)		—			(1,874,336	)		(1,874,336	)
ZAR	16,800		05/12/26		8.680%(Q)	3 Month JIBAR(2)(Q)		10			95,844			95,834
ZAR	27,500		06/30/27		8.015%(Q)	3 Month JIBAR(2)(Q)		(114	)		88,378			88,492

See Notes to Financial Statements.

PGIM Global Total Return Fund 121

Schedule of Investments (continued)

as of October 31, 2021

Interest rate swap agreements outstanding at October 31, 2021 (continued):

Notional Amount (000)#			Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at October 31, 2021			Unrealized Appreciation (Depreciation)
	Centrally Cleared Interest Rate Swap Agreements (cont’d.):
	ZAR	68,200		11/07/27		8.360%(Q)	3 Month JIBAR(2)(Q)	$	38		$	317,495		$	317,457
	ZAR	43,090		01/17/28		7.833%(Q)	3 Month JIBAR(2)(Q)		—			97,437			97,437
	ZAR	35,000		04/16/28		7.655%(Q)	3 Month JIBAR(2)(Q)		(947	)		53,637			54,584
	ZAR	176,800		07/16/28		8.170%(Q)	3 Month JIBAR(2)(Q)		529			564,877			564,348
	ZAR	200,000		02/28/29		8.035%(Q)	3 Month JIBAR(2)(Q)		—			557,275			557,275
	ZAR	46,800		06/21/29		7.685%(Q)	3 Month JIBAR(2)(Q)		(184	)		49,645			49,829
	ZAR	140,000		10/03/29		7.580%(Q)	3 Month JIBAR(2)(Q)		—			49,807			49,807
	ZAR	30,000		11/01/29		7.820%(Q)	3 Month JIBAR(2)(Q)		(182	)		51,970			52,152
	ZAR	344,070		03/26/30		9.200%(Q)	3 Month JIBAR(2)(Q)		(6,347	)		2,340,790			2,347,137
	ZAR	56,000		05/06/30		7.650%(Q)	3 Month JIBAR(2)(Q)		(416	)		34,304			34,720
	ZAR	112,000		09/15/30		6.940%(Q)	3 Month JIBAR(2)(Q)		(1,172	)		(338,613	)		(337,441	)
	ZAR	300,000		12/01/30		6.888%(Q)	3 Month JIBAR(2)(Q)		(103,508	)		(1,013,919	)		(910,411	)
	ZAR	126,600		03/18/31		7.660%(Q)	3 Month JIBAR(2)(Q)		(4,386	)		(38,326	)		(33,940	)
	ZAR	208,000		03/25/31		7.600%(Q)	3 Month JIBAR(2)(Q)		(5,549	)		(130,541	)		(124,992	)
	ZAR	213,000		04/09/31		7.470%(Q)	3 Month JIBAR(2)(Q)		(5,739	)		(286,686	)		(280,947	)
	ZAR	185,220		10/07/31		7.670%(Q)	3 Month JIBAR(2)(Q)		(1,350	)		(150,583	)		(149,233	)
								$	7,809,915		$	(36,103,293	)	$	(43,913,208	)

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)

$

(192,533

)

$

—

$

(192,533

)

Morgan Stanley &Co. International PLC

See Notes to Financial Statements.

122

Interest rate swap agreements outstanding at October 31, 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	94,000		12/19/27		4.370%(S)	1 Day CLOIS(2)(S)	$	(5,478	)	$	—	$	(5,478	)	Morgan Stanley &Co. International PLC
CLP	2,420,000		12/20/27		4.260%(S)	1 Day CLOIS(2)(S)		(165,374	)		—		(165,374	)	Morgan Stanley &Co. International PLC
CLP	842,800		01/23/28		4.245%(S)	1 Day CLOIS(2)(S)		(58,628	)		—		(58,628	)	Morgan Stanley &Co. International PLC
CLP	2,168,000		01/26/28		4.210%(S)	1 Day CLOIS(2)(S)		(159,324	)		—		(159,324	)	Morgan Stanley &Co. International PLC
CLP	1,080,000		02/01/28		4.200%(S)	1 Day CLOIS(2)(S)		(81,256	)		—		(81,256	)	Morgan Stanley &Co. International PLC
CLP	1,750,000		03/27/28		4.220%(S)	1 Day CLOIS(2)(S)		(143,506	)		—		(143,506	)	Citibank, N.A.
CLP	2,092,000		05/17/28		4.270%(S)	1 Day CLOIS(2)(S)		(134,126	)		—		(134,126	)	Citibank, N.A.
CNH	10,000		04/02/26		3.120%(Q)	7 Day China Fixing Repo Rates(2)(Q)		33,931			3		33,928		Citibank, N.A.
CNH	5,000		10/14/31		2.675%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(10,608	)		—		(10,608	)	Standard Chartered Bank
COP	4,351,000		11/01/26		6.590%(Q)	1 Day COOIS(2)(Q)		40,625			—		40,625		Morgan Stanley &Co. International PLC
COP	10,220,000		11/04/26		6.770%(Q)	1 Day COOIS(2)(Q)		117,367			—		117,367		Morgan Stanley &Co. International PLC
COP	13,700,000		06/02/27		5.910%(Q)	1 Day COOIS(2)(Q)		(18,519	)		—		(18,519	)	Morgan Stanley &Co. International PLC
COP	5,437,000		01/23/28		6.035%(Q)	1 Day COOIS(2)(Q)		(14,882	)		—		(14,882	)	Morgan Stanley &Co. International PLC
COP	6,670,000		01/26/28		6.000%(Q)	1 Day COOIS(2)(Q)		(21,435	)		—		(21,435	)	Morgan Stanley &Co. International PLC
COP	5,607,000		02/01/28		6.020%(Q)	1 Day COOIS(2)(Q)		(2,130	)		—		(2,130	)	Morgan Stanley &Co. International PLC

See Notes to Financial Statements.

PGIM Global Total Return Fund 123

Schedule of Investments (continued)

as of October 31, 2021

Interest rate swap agreements outstanding at October 31, 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.):
COP	9,400,000		07/18/28		6.150%(Q)	1 Day COOIS(2)(Q)	$	(17,637	)	$	—		$	(17,637	)	Morgan Stanley &Co. International PLC
ILS	7,500		12/09/22		1.530%(A)	3 Month TELBOR(2)(Q)		64,911			—			64,911		Citibank, N.A.
ILS	3,200		03/06/23		3.525%(A)	3 Month TELBOR(2)(Q)		66,199			—			66,199		Citibank, N.A.
ILS	4,200		06/27/23		3.730%(A)	3 Month TELBOR(2)(Q)		88,427			—			88,427		Credit Suisse International
ILS	3,000		04/26/26		1.685%(A)	3 Month TELBOR(2)(Q)		37,592			—			37,592		JPMorgan Chase Bank, N.A.
ILS	5,000		06/24/26		1.660%(A)	3 Month TELBOR(2)(Q)		56,277			—			56,277		Citibank, N.A.
ILS	4,000		09/19/26		1.600%(A)	3 Month TELBOR(2)(Q)		36,160			—			36,160		Barclays Bank PLC
ILS	7,000		01/12/27		1.975%(A)	3 Month TELBOR(2)(Q)		135,695			—			135,695		Citibank, N.A.
ILS	3,000		03/15/27		2.130%(A)	3 Month TELBOR(2)(Q)		63,893			—			63,893		Citibank, N.A.
ILS	2,745		06/22/27		1.845%(A)	3 Month TELBOR(2)(Q)		39,872			—			39,872		Citibank, N.A.
ILS	37,240		07/13/27		0.395%(A)	3 Month TELBOR(2)(Q)		(466,394	)		—			(466,394	)	Goldman Sachs International
ILS	22,800		09/07/27		0.488%(A)	3 Month TELBOR(2)(Q)		(265,837	)		—			(265,837	)	Morgan Stanley &Co. International PLC
ILS	5,600		04/26/28		1.915%(A)	3 Month TELBOR(2)(Q)		95,775			—			95,775		BNP Paribas S.A.
ILS	38,930		07/16/28		2.045%(A)	3 Month TELBOR(2)(Q)		723,497			—			723,497		JPMorgan Chase Bank, N.A.
ILS	8,050		03/13/29		1.840%(A)	3 Month TELBOR(2)(Q)		129,795			—			129,795		HSBC Bank PLC
ILS	12,160		07/12/29		1.411%(A)	3 Month TELBOR(2)(Q)		46,095			(2,631	)		48,726		Citibank, N.A.
ILS	5,000		10/07/29		0.885%(A)	3 Month TELBOR(2)(Q)		(51,549	)		—			(51,549	)	Goldman Sachs International
ILS	19,790		12/09/29		0.813%(A)	3 Month TELBOR(2)(Q)		(207,687	)		—			(207,687	)	Goldman Sachs International
ILS	31,310		04/24/30		0.710%(A)	3 Month TELBOR(2)(Q)		(480,965	)		(250	)		(480,715	)	Goldman Sachs International
ILS	25,300		05/07/30		0.810%(A)	3 Month TELBOR(2)(Q)		(327,085	)		—			(327,085	)	Goldman Sachs International

See Notes to Financial Statements.

124

Interest rate swap agreements outstanding at October 31, 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.):
JPY	35,000		12/14/32		1.575%(S)	6 Month JPY LIBOR(2)(S)	$	50,087		$	—		$	50,087		HSBC Bank PLC
KRW	655,000		10/07/22		1.765%(Q)	3 Month KWCDC(2)(Q)		877			—			877		JPMorgan Chase Bank, N.A.
KRW	3,300,000		04/17/23		2.170%(Q)	3 Month KWCDC(2)(Q)		14,334			(73	)		14,407		Morgan Stanley &Co. International PLC
KRW	900,000		11/05/24		2.425%(Q)	3 Month KWCDC(2)(Q)		9,590			—			9,590		Citibank, N.A.
KRW	1,485,000		10/28/26		1.520%(Q)	3 Month KWCDC(2)(Q)		(42,288	)		(8	)		(42,280	)	JPMorgan Chase Bank, N.A.
KRW	2,040,000		04/26/27		1.880%(Q)	3 Month KWCDC(2)(Q)		(29,572	)		—			(29,572	)	Morgan Stanley &Co. International PLC
KRW	1,280,000		10/17/28		1.450%(Q)	3 Month KWCDC(2)(Q)		(55,458	)		—			(55,458	)	Citibank, N.A.
KRW	520,000		01/27/31		1.870%(Q)	3 Month KWCDC(2)(Q)		(12,653	)		—			(12,653	)	JPMorgan Chase Bank, N.A.
MYR	16,000		08/19/23		3.445%(Q)	3 Month KLIBOR(2)(Q)		73,091			—			73,091		Morgan Stanley &Co. International PLC
MYR	1,700		04/28/25		4.040%(Q)	3 Month KLIBOR(2)(Q)		15,794			—			15,794		Citibank, N.A.
MYR	23,575		04/09/26		2.625%(Q)	3 Month KLIBOR(2)(Q)		(93,522	)		(381	)		(93,141	)	Morgan Stanley &Co. International PLC
MYR	45,900		08/12/26		2.605%(Q)	3 Month KLIBOR(2)(Q)		(212,603	)		(756	)		(211,847	)	HSBC Bank PLC
MYR	3,160		07/11/29		3.528%(Q)	3 Month KLIBOR(2)(Q)		12,817			(6	)		12,823		Morgan Stanley &Co. International PLC
MYR	11,700		11/19/29		3.245%(Q)	3 Month KLIBOR(2)(Q)		(11,302	)		18			(11,320	)	Morgan Stanley &Co. International PLC
MYR	17,800		02/04/30		3.060%(Q)	3 Month KLIBOR(2)(Q)		(83,348	)		9			(83,357	)	Morgan Stanley &Co. International PLC
RUB	1,846,000		01/12/26		6.360%(A)	3 Month MosPRIME(2)(Q)		(1,429,450	)		—			(1,429,450	)	Morgan Stanley &Co. International PLC
RUB	1,960,000		02/27/26		6.680%(A)	3 Month MosPRIME(2)(Q)		(1,251,018	)		—			(1,251,018	)	Morgan Stanley &Co. International PLC

See Notes to Financial Statements.

PGIM Global Total Return Fund 125

Schedule of Investments (continued)

as of October 31, 2021

Interest rate swap agreements outstanding at October 31, 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	120,000		08/23/23		1.920%(S)	6 Month THBFIX(2)(S)	$	83,562		$	—		$	83,562		Morgan Stanley &Co. International PLC
THB	60,000		07/04/24		1.590%(S)	6 Month THBFIX(2)(S)		33,047			—			33,047		Morgan Stanley &Co. International PLC
THB	28,900		04/30/25		2.560%(S)	6 Month THBFIX(2)(S)		50,200			—			50,200		Citibank, N.A.
THB	173,000		05/07/25		0.795%(S)	6 Month THBFIX(2)(S)		(55,120	)		18			(55,138	)	HSBC Bank PLC
THB	23,000		05/29/30		1.000%(S)	6 Month THBFIX(2)(S)		(37,691	)		—			(37,691	)	Goldman Sachs International
ZAR	40,930		03/22/42		7.800%(Q)	3 Month JIBAR(2)(Q)		(206,977	)		—			(206,977	)	Citibank, N.A.
ZAR	89,400		09/22/42		8.020%(Q)	3 Month JIBAR(2)(Q)		(332,274	)		—			(332,274	)	Citibank, N.A.
ZAR	38,700		03/22/47		7.650%(Q)	3 Month JIBAR(1)(Q)		272,186			—			272,186		Citibank, N.A.
ZAR	83,965		09/22/47		7.890%(Q)	3 Month JIBAR(1)(Q)		453,899			—			453,899		Citibank, N.A.
							$	(3,832,634	)	$	(4,057	)	$	(3,828,577	)

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

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

Reverse repurchase agreements outstanding at October 31, 2021:

Broker	Interest Rate			Trade Date		Cost		Maturity Date		Value at October 31, 2021
BNP Paribas S.A		(0.520	)%		10/04/21	$	10,773,530		Open	$	10,714,212
BNP Paribas S.A		(0.520	)%		10/04/21		2,214,848		Open		2,202,654
BNP Paribas S.A		0.280	%		06/10/21		3,355,856		Open		3,355,856
BNP Paribas S.A		0.280	%		06/14/21		5,563,105		Open		5,563,105
BNP Paribas S.A		0.280	%		06/14/21		13,281,779		Open		13,281,779
BNP Paribas S.A		0.280	%		06/28/21		15,276,000		Open		15,276,000
						$	50,465,118			$	50,393,606

Open maturity date - Certain agreements have no stated maturity and can be terminated by either party at any time.

See Notes to Financial Statements.

126

During the reporting period ended October 31, 2021, Global Total Return Fund held reverse repurchase agreements the entire period with an average value of $22,690,061 and a daily weighted average interest rate of 0.224%. In addition, Corporate and Sovereign Bonds with a combined market value of $51,899,158 have been segregated as collateral to cover the requirement for the reverse repurchase agreements outstanding at period end.

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

	Premiums Paid		Premiums Received			Unrealized Appreciation		Unrealized Depreciation
OTC Swap Agreements	$	8,833,185	$	(5,815,695	)	$	19,317,472	$	(13,191,067	)

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.		$	—		$	72,739,493
J.P. Morgan Securities LLC			2,100,000			41,128,165
Total		$	2,100,000		$	113,867,658

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of October 31, 2021 in valuing such portfolio securities:

	Level 1		Level   2		Level 3
Investments in Securities
Assets
Long-Term Investments
Asset-Backed Securities
Canada	$	—	$	1,933,098	$	—
Cayman Islands		—		196,292,795		—
Ireland		—		292,683,976		—
Netherlands		—		11,517,200		—
Spain		—		6,202,664		—
United Kingdom		—		17,229,682		—
United States		—		140,924,358		—

See Notes to Financial Statements.

PGIM Global Total Return Fund 127

Schedule of Investments (continued)

as of October 31, 2021

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Bank Loans
Germany	$	—	$	3,793,212	$	—
United Kingdom		—		33,889,631		21,999,441
United States		—		2,513,136		—
Commercial Mortgage-Backed Securities
Canada		—		1,755,942		—
Ireland		—		29,779,058		—
United Kingdom		—		685,986		—
United States		—		353,505,970		17,250,000
Corporate Bonds
Australia		—		3,664,455		—
Belgium		—		14,738,967		—
Brazil		—		43,172,312		—
Bulgaria		—		15,714,160		—
Canada		—		56,312,524		—
China		—		54,160,875		—
Denmark		—		15,082,815		—
France		—		145,192,139		—
Germany		—		54,520,990		—
Hong Kong		—		12,745,376		—
Hungary		—		5,141,699		—
Iceland		—		5,711,851		—
India		—		16,729,475		—
Indonesia		—		12,348,135		—
Israel		—		27,197,292		—
Italy		—		16,538,612		—
Jamaica		—		10,441,601		—
Japan		—		8,327,311		—
Kazakhstan		—		14,471,081		—
Luxembourg		—		19,373,365		—
Malaysia		—		936,605		—
Malta		—		3,944,604		—
Mexico		—		58,797,719		—
Netherlands		—		38,414,579		—
Norway		—		9,967,949		—
Peru		—		1,245,251		—
Philippines		—		4,999,281		—
Poland		—		7,145,619		—
Portugal		—		42,494,527		—
Qatar		—		3,241,632		—
Russia		—		51,548,772		—
Singapore		—		7,160,147		—
South Africa		—		15,208,355		—
South Korea		—		35,605,561		—
Spain		—		49,294,788		—
Supranational Bank		—		68,416,092		—

See Notes to Financial Statements.

128

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Corporate Bonds (continued)
Switzerland	$	—	$	42,609,677	$	—
Tunisia		—		544,038		—
Ukraine		—		1,272,640		—
United Arab Emirates		—		53,318,355		—
United Kingdom		—		189,837,541		—
United States		—		1,274,945,463		6,000,000
Residential Mortgage-Backed Securities
Bermuda		—		64,869,120		—
Ireland		—		10,784,967		—
United Kingdom		—		14,370,359		—
United States		—		200,759,799		65,160,769
Sovereign Bonds
Albania		—		2,456,535		—
Andorra		—		466,260		—
Argentina		—		3,060,828		—
Australia		—		1,451,934		—
Austria		—		15,047,996		—
Belgium		—		2,266,023		—
Brazil		—		56,628,124		—
Bulgaria		—		15,360,973		—
Canada		—		25,935,107		—
Chile		—		5,271,355		—
China		—		85,133,523		—
Colombia		—		73,068,877		—
Croatia		—		16,860,220		—
Cyprus		—		59,720,985		—
Czech Republic		—		2,076,341		—
Denmark		—		4,493,306		—
Dominican Republic		—		1,375,637		—
Egypt		—		2,674,930		—
Estonia		—		114,463		—
Finland		—		4,748,478		—
France		—		28,791,255		—
Germany		—		135,306		—
Greece		—		160,240,397		—
Guernsey		—		10,604,701		—
Hong Kong		—		1,987,755		—
Hungary		—		21,034,150		—
Iceland		—		6,239,343		—
India		—		22,366,301		—
Indonesia		—		84,961,280		—
Ireland		—		113,273		—
Isle of Man		—		29,078,005		—
Israel		—		15,217,001		—
Italy		—		260,326,417		—

See Notes to Financial Statements.

PGIM Global Total Return Fund 129

Schedule of Investments (continued)

as of October 31, 2021

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Sovereign Bonds (continued)
Japan	$	—	$	30,150,367	$	—
Jersey		—		1,737,391		—
Kazakhstan		—		19,861,089		—
Latvia		—		113,062		—
Lithuania		—		355,698		—
Luxembourg		—		113,085		—
Macedonia		—		1,253,506		—
Malaysia		—		4,238,173		—
Mexico		—		72,096,391		—
Montenegro		—		870,058		—
Netherlands		—		107,258		—
New Zealand		—		6,904,349		—
Norway		—		2,987,913		—
Panama		—		21,480,902		—
Peru		—		67,976,443		—
Philippines		—		70,453,631		—
Portugal		—		81,699,204		—
Qatar		—		9,254,516		—
Romania		—		24,179,932		—
Russia		—		45,847,186		—
San Marino		—		557,568		—
Saudi Arabia		—		26,213,565		—
Serbia		—		44,951,315		—
Singapore		—		380,922		—
Slovakia		—		112,466		—
Slovenia		—		3,875,425		—
South Africa		—		8,074,612		—
South Korea		—		4,745,044		—
Spain		—		156,209,478		—
Sweden		—		2,689,754		—
Thailand		—		1,559,784		—
Turkey		—		6,936,465		—
Ukraine		—		61,690,167		—
United Arab Emirates		—		23,985,731		—
United Kingdom		—		64,732,379		—
Uruguay		—		3,308,152		—
U.S. Government Agency Obligations		—		64,301,692		—
U.S. Treasury Obligations		—		23,241,688		—
Common Stocks		13,433,779		780,485		—
Preferred Stock		109,800		—		—

See Notes to Financial Statements.

130

	Level 1		Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Short-Term Investments
Affiliated Mutual Funds	$	102,653,296	$	—		$	—
Options Purchased		—		1,742,789			—
Total	$	116,196,875	$	5,877,101,897		$	110,410,210
Liabilities
Options Written	$	—	$	(3,285,797)		$	(45,343)
Other Financial Instruments*
Assets
Futures Contracts	$	22,007,900	$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—		26,850,828			—
OTC Cross Currency Exchange Contracts		—		3,186,294			—
OTC Packaged Credit Default Swap Agreements		—		6,065,936			—
Centrally Cleared Credit Default Swap Agreement		—		165,105			—
OTC Credit Default Swap Agreements		—		14,538,183			16,911
OTC Currency Swap Agreements		—		641,216			—
Centrally Cleared Interest Rate Swap Agreements		—		46,630,302			—
OTC Interest Rate Swap Agreements		—		2,845,595			—
Total	$	22,007,900	$	100,923,459		$	16,911
Liabilities
Futures Contracts	$	(23,640,523)	$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—		(22,060,904	)		—
OTC Cross Currency Exchange Contracts		—		(6,808,093	)		—
OTC Packaged Credit Default Swap Agreements		—		(6,065,222	)		—
Centrally Cleared Credit Default Swap Agreement		—		(314,993	)		—
OTC Credit Default Swap Agreements		—		(2,210,464	)		(10,031	)
Centrally Cleared Inflation Swap Agreements		—		(5,865,054	)		—
Centrally Cleared Interest Rate Swap Agreements		—		(90,543,510	)		—
OTC Interest Rate Swap Agreements		—		(6,678,229	)		—
Total	$	(23,640,523)	$	(140,546,469)		$	(10,031)

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

See Notes to Financial Statements.

PGIM Global Total Return Fund 131

Schedule of Investments (continued)

as of October 31, 2021

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			Bank Loan
Balance as of 10/31/20	$	300,385		$	9,904,475		$	1,277,058		$	—
Realized gain (loss)		—			—			—			—
Change in unrealized appreciation (depreciation)		—			—			—			(470,383	)
Purchases/Exchanges/Issuances		—			—			—			22,458,189
Sales/Paydowns		—			—			—			—
Accrued discount/premium		—			—			—			11,635
Transfers into Level 3*		—			—			—			—
Transfers out of Level 3*		(300,385	)		(9,904,475	)		(1,277,058	)		—
Balance as of 10/31/21	$	—		$	—		$	—		$	21,999,441
Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end	$	—		$	—		$	—		$	(470,383	)

	Commercial Mortgage-Backed- Security		Corporate Bonds			Residential Mortgage-Backed- Securities			Options Written			OTC Credit Default Swap Agreements
Balance as of 10/31/20	$	—	$	1,251,985		$	33,497,134			—		$	2,184
Realized gain (loss)		—		—			—			—			49,233
Change in unrealized appreciation (depreciation)		—		—			123,342			(11,293	)		6,880
Purchases/Exchanges/Issuances		17,250,000		6,000,000			68,000,000			—			—
Sales/Paydowns		—		—			(36,459,707	)		(34,050	)		(51,417	)
Accrued discount/premium		—		—			—			—			—
Transfers into Level 3*		—		—			—			—			—
Transfers out of Level 3*		—		(1,251,985	)		—			—			—
Balance as of 10/31/21	$	17,250,000	$	6,000,000		$	65,160,769		$	(45,343)		$	6,880
Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end	$	—	$	—		$	123,342		$	(11,293)		$	6,880

* 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 due to a change in observable and/or unobservable inputs.

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 October 31, 2021	Valuation Approach	Valuation Methodology	Unobservable Inputs
Corporate Bond	$6,000,000	Market	Comparable Bond Spread	Adjusted Credit Spread

See Notes to Financial Statements.

132

** The table does not include Level 3 securities and/or derivatives that are valued by independent pricing vendors or brokers. As of October 31, 2021, the aggregate value of these securities and/or derivatives was $104,371,747. The unobservable inputs for these investments were not developed by the Fund and are not readily available.

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of October 31, 2021 were as follows (unaudited):

Sovereign Bonds	31.1	%
Banks	13.3
Collateralized Loan Obligations	8.5
Commercial Mortgage-Backed Securities	6.6
Residential Mortgage-Backed Securities	6.0
Electric	3.1
Oil & Gas	3.1
Real Estate Investment Trusts (REITs)	2.1
Telecommunications	1.9
Transportation	1.9
Affiliated Mutual Funds (0.8% represents investments purchased with collateral from securities on loan)	1.7
Diversified Financial Services	1.5
Media	1.5
Retail	1.4
Foods	1.2
Multi-National	1.1
Commercial Services	1.1
U.S. Government Agency Obligations	1.1
Pipelines	0.9
Pharmaceuticals	0.8
Insurance	0.8
Automobiles	0.7
Student Loans	0.6
Auto Manufacturers	0.6
Healthcare-Services	0.5
Chemicals	0.5
Healthcare-Products	0.5
Packaging & Containers	0.5
Entertainment	0.5
Home Builders	0.5
U.S. Treasury Obligations	0.4
Consumer Loans	0.4
Credit Cards	0.3
Software	0.3

Aerospace & Defense	0.3	%
Beverages	0.2
Semiconductors	0.2
Iron/Steel	0.2
Other	0.2
Oil, Gas & Consumable Fuels	0.2
Engineering & Construction	0.2
Electronics	0.2
Agriculture	0.2
Mining	0.2
Machinery-Diversified	0.2
Airlines	0.2
Lodging	0.2
Internet	0.1
Real Estate	0.1
Gas	0.1
Auto Parts & Equipment	0.1
Building Materials	0.1
Household Products/Wares	0.1
Home Equity Loans	0.1
Oil & Gas Services	0.0	*
Options Purchased	0.0	*
Housewares	0.0	*
Holding Companies-Diversified	0.0	*
Gas Utilities	0.0	*
Office/Business Equipment	0.0	*
Forest Products & Paper	0.0	*
	100.4
Options Written	(0.1	)
Other assets in excess of liabilities	0.5
	100.0	%

* Less than +/- 0.05%

See Notes to Financial Statements.

PGIM Global Total Return Fund 133

Schedule of Investments (continued)

as of October 31, 2021

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 October 31, 2021 as presented in the Statement of Assets and Liabilities:

Derivatives not accounted for as hedging instruments, carried at fair value	Asset Derivatives				Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
	Due from/to				Due from/to
	broker-variation margin				broker-variation margin
Credit contracts	swaps	$	165,105	*	swaps	$	314,993	*
	Premiums paid for OTC				Premiums received for
Credit contracts	swap agreements		8,833,137		OTC swap agreements		5,811,590
					Options written
Credit contracts	Unaffiliated investments		511,121		outstanding, at value		1,824,083
	Unrealized appreciation				Unrealized depreciation
Credit contracts	on OTC swap agreements		15,827,954		on OTC swap agreements		6,514,188
	Due from/to				Due from/to
	broker-variation margin				broker-variation margin
Foreign exchange contracts	futures		1,511,093	*	futures		7,962,348	*
					Options written
Foreign exchange contracts	Unaffiliated investments		186,176		outstanding, at value		186,176
	Unrealized appreciation				Unrealized depreciation
	on OTC cross currency				on OTC cross currency
Foreign exchange contracts	exchange contracts		3,186,294		exchange contracts		6,808,093
	Unrealized appreciation				Unrealized depreciation
	on OTC forward foreign				on OTC forward foreign
	currency exchange				currency exchange
Foreign exchange contracts	contracts		26,850,828		contracts		22,060,904
	Due from/to				Due from/to
	broker-variation margin				broker-variation margin
Interest rate contracts	futures		20,496,807	*	futures		15,678,175	*
	Due from/to				Due from/to
	broker-variation margin				broker-variation margin
Interest rate contracts	swaps		46,630,302	*	swaps		96,408,564	*
	Premiums paid for OTC				Premiums received for
Interest rate contracts	swap agreements		48		OTC swap agreements		4,105
					Options written
Interest rate contracts	Unaffiliated investments		1,045,492		outstanding, at value		1,320,881

See Notes to Financial Statements.

134

Derivatives not accounted for as hedging instruments, carried at fair value	Asset Derivatives			Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Unrealized appreciation on OTC swap agreements	$	3,489,518	Unrealized depreciation on OTC swap agreements	$	6,676,879
		$	128,733,875		$	171,570,979

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

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 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	$	(531,399	)	$	730,386	$	—		$	—	$	16,963,298
Foreign exchange contracts		(258,297,560	)		245,253,575		(12,426,516	)		16,913,493		—
Interest rate contracts		—			194,692		(72,849,439	)		—		26,596,675
Total	$	(258,828,959	)	$	246,178,653	$	(85,275,955	)	$	16,913,493	$	43,559,973

(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	$	(57,108	)	$	13,964		$	—		$	—		$	2,388,098
Foreign exchange contracts		(12,194,918	)		24,293,624			(6,568,524	)		(21,856,791	)		—
Interest rate contracts		23,714			(104,381	)		36,060,765			—			(138,074,212	)
Total	$	(12,228,312	)	$	24,203,207		$	29,492,241		$	(21,856,791	)	$	(135,686,114	)

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

See Notes to Financial Statements.

PGIM Global Total Return Fund 135

Schedule of Investments (continued)

as of October 31, 2021

For the year ended October 31, 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)
$	120,050,432	$	4,802,744,501	$	1,550,577,539	$	3,395,973,102	$	1,550,282,989

Forward Foreign Currency Exchange Contracts - Sold(3)		Cross Currency Exchange Contracts(4)		Inflation Swap Agreements(2)		Interest Rate Swap Agreements(2)
$	1,510,615,745	$	195,697,187	$	85,681,120	$	4,147,444,180

Credit Default Swap Agreements— Buy Protection(2)		Credit Default Swap Agreements— Sell Protection(2)		Currency Swap Agreements(2)
$	235,469,347	$	808,158,861	$	16,695,991

(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 year ended October 31, 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	Counterparty	Gross Market Value of Recognized Assets/(Liabilities)			Collateral Pledged/(Received)(2)			Net Amount
Securities on Loan	N/A	$	46,728,347		$	(46,728,347	)	$	—
Reverse Repurchase Agreements	BNP Paribas S.A.		(50,393,606	)		50,393,606			—
		$	(3,665,259	)

See Notes to Financial Statements.

136

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.	$	14,071,117	$	(8,076,123	)	$	5,994,994		$	(5,994,994	)	$	—
Barclays Bank PLC		5,605,229		(9,884,393	)		(4,279,164	)		4,279,164			—
BNP Paribas S.A.		674,839		(1,780,132	)		(1,105,293	)		1,105,293			—
Citibank, N.A.		18,226,172		(4,276,097	)		13,950,075			(13,950,075	)		—
Credit Suisse International		600,274		(194,180	)		406,094			(340,000	)		66,094
Deutsche Bank AG		6,133,878		(8,371,323	)		(2,237,445	)		2,237,445			—
Goldman Sachs International		3,406,755		(6,594,369	)		(3,187,614	)		3,187,614			—
HSBC Bank PLC		1,479,067		(874,767	)		604,300			—			604,300
JPMorgan Chase Bank, N.A.		5,894,700		(789,082	)		5,105,618			(5,105,618	)		—
Morgan Stanley & Co. International PLC		3,787,464		(10,011,076	)		(6,223,612	)		5,487,016			(736,596	)
Standard Chartered Bank		—		(137,260	)		(137,260	)		—			(137,260	)
The Toronto-Dominion Bank		—		(5,095	)		(5,095	)		—			(5,095	)
UBS AG		51,073		(213,002	)		(161,929	)		161,929			—
	$	59,930,568	$	(51,206,899	)	$	8,723,669		$	(8,932,226	)	$	(208,557	)

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

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

See Notes to Financial Statements.

PGIM Global Total Return Fund 137

Statement of Assets and Liabilities

as of October 31, 2021

Assets
Investments at value, including securities on loan of $46,728,347:
Unaffiliated investments (cost $5,943,476,358)	$	6,001,055,686
Affiliated investments (cost $102,636,896)		102,653,296
Cash		122,359
Foreign currency, at value (cost $9,064,686)		9,035,367
Cash segregated for counterparty - OTC		13,063,000
Dividends and interest receivable		56,441,847
Unrealized appreciation on OTC forward foreign currency exchange contracts		26,850,828
Unrealized appreciation on OTC swap agreements		19,317,472
Receivable for Fund shares sold		16,217,702
Premiums paid for OTC swap agreements		8,833,185
Due from broker—variation margin futures		4,740,595
Receivable for investments sold		4,172,764
Unrealized appreciation on OTC cross currency exchange contracts		3,186,294
Deposit with broker for centrally cleared/exchange-traded derivatives		2,100,000
Tax reclaim receivable		38,069
Prepaid expenses		35,614
Total Assets		6,267,864,078
Liabilities
Reverse repurchase agreements (cost $50,465,118)		50,393,606
Payable to broker for collateral for securities on loan		48,772,478
Unrealized depreciation on OTC forward foreign currency exchange contracts		22,060,904
Payable for Fund shares purchased		21,242,531
Unrealized depreciation on OTC swap agreements		13,191,067
Payable for investments purchased		11,878,495
Unrealized depreciation on OTC cross currency exchange contracts		6,808,093
Premiums received for OTC swap agreements		5,815,695
Options written outstanding, at value (premiums received $40,273,580)		3,331,140
Management fee payable		2,404,287
Accrued expenses and other liabilities		2,384,402
Due to broker—variation margin swaps		828,076
Dividends payable		620,158
Distribution fee payable		110,082
Affiliated transfer agent fee payable		66,369
Directors’ fees payable		4,724
Affiliated shareholder servicing fees payable		8
Total Liabilities		189,912,115
Net Assets	$	6,077,951,963
Net assets were comprised of:
Common stock, at par	$	9,034,599
Paid-in capital in excess of par		6,242,537,527
Total distributable earnings (loss)		(173,620,163	)
Net assets, October 31, 2021	$	6,077,951,963

See Notes to Financial Statements.

138

Class A
Net asset value and redemption price per share, ($337,256,994 ÷ 50,532,877 shares of common stock issued and outstanding)	$	6.67
Maximum sales charge (3.25% of offering price)		0.22
Maximum offering price to public	$	6.89
Class C
Net asset value, offering price and redemption price per share, ($42,012,373 ÷ 6,307,280 shares of common stock issued and outstanding)	$	6.66
Class Z
Net asset value, offering price and redemption price per share, ($2,907,889,662 ÷ 433,349,238 shares of common stock issued and outstanding)	$	6.71
Class R2
Net asset value, offering price and redemption price per share, ($9,324,300 ÷ 1,380,155 shares of common stock issued and outstanding)	$	6.76
Class R4
Net asset value, offering price and redemption price per share, ($14,653,662 ÷ 2,167,211 shares of common stock issued and outstanding)	$	6.76
Class R6
Net asset value, offering price and redemption price per share, ($2,766,814,972 ÷ 409,723,143 shares of common stock issued and outstanding)	$	6.75

See Notes to Financial Statements.

PGIM Global Total Return Fund 139

Statement of Operations

Year Ended October 31, 2021

Net Investment Income (Loss)
Income
Interest income (net of $4,317 foreign withholding tax)	$	137,458,849
Unaffiliated dividend income (net of $100 foreign withholding tax)		260,313
Affiliated dividend income		175,855
Income from securities lending, net (including affiliated income of $48,681)		140,838
Total income		138,035,855
Expenses
Management fee		27,579,023
Distribution fee(a)		1,358,439
Shareholder servicing fees (including affiliated expense of $5,809)(a)		27,618
Transfer agent’s fees and expenses (including affiliated expense of $365,360)(a)		4,212,337
Custodian and accounting fees		661,604
Registration fees(a)		385,682
Shareholders’ reports		364,485
SEC registration fees		204,128
Directors’ fees		70,923
Audit fee		69,404
Legal fees and expenses		47,467
Miscellaneous		77,356
Total expenses		35,058,466
Less: Fee waiver and/or expense reimbursement(a)		(749,139	)
Net expenses		34,309,327
Net investment income (loss)		103,726,528
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(7,305))		(247,557,020	)
Futures transactions		(85,275,955	)
Forward and cross currency contract transactions		16,913,493
Options written transactions		246,178,653
Swap agreement transactions		43,559,973
Foreign currency transactions		12,013,560
		(14,167,296	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(13,678))		(63,841,513	)
Futures		29,492,241
Forward and cross currency contracts		(21,856,791	)
Options written		24,203,207
Swap agreements		(135,686,114	)
Foreign currencies		(640,477	)
		(168,329,447	)
Net gain (loss) on investment and foreign currency transactions		(182,496,743	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(78,770,215	)

See Notes to Financial Statements.

140

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

	Class A			Class C			Class Z			Class R2			Class R4			Class R6
Distribution fee		861,479			459,883			—			37,077			—			—
Shareholder servicing fees		—			—			—			14,831			12,787			—
Transfer agent’s fees and expenses		438,640			43,858			3,623,968			25,826			20,860			59,185
Registration fees		38,576			20,042			183,484			12,893			11,443			119,244
Fee waiver and/or expense reimbursement		(88,823	)		(12,232	)		(635,512	)		(7,446	)		(5,126	)		—

See Notes to Financial Statements.

PGIM Global Total Return Fund 141

Statements of Changes in Net Assets

	Year Ended October 31,
	2021			2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	103,726,528		$	78,250,201
Net realized gain (loss) on investment and foreign currency transactions		(14,167,296	)		(41,391,289	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(168,329,447	)		132,867,900
Net increase (decrease) in net assets resulting from operations		(78,770,215	)		169,726,812
Dividends and Distributions
Distributions from distributable earnings
Class A		(11,214,566	)		(15,434,655	)
Class B		—			(36,718	)
Class C		(1,176,988	)		(2,085,359	)
Class Z		(97,362,939	)		(96,176,908	)
Class R2		(480,802	)		(326,426	)
Class R4		(409,228	)		(213,590	)
Class R6		(84,383,978	)		(85,893,808	)
		(195,028,501	)		(200,167,464	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		3,532,268,017			2,888,330,203
Net asset value of shares issued in reinvestment of dividends and distributions		185,117,955			189,853,992
Cost of shares purchased		(1,818,213,350	)		(1,246,399,496	)
Net increase (decrease) in net assets from Fund share transactions		1,899,172,622			1,831,784,699
Total increase (decrease)		1,625,373,906			1,801,344,047
Net Assets:
Beginning of year		4,452,578,057			2,651,234,010
End of year	$	6,077,951,963		$	4,452,578,057

See Notes to Financial Statements.

142

Financial Highlights

Class A Shares
	Year Ended October 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$6.96			$7.07			$6.36			$6.75			$6.64
Income (loss) from investment operations:
Net investment income (loss)		0.11			0.13			0.16			0.14			0.14
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.17	)		0.16			0.78			(0.31	)		0.19
Total from investment operations		(0.06	)		0.29			0.94			(0.17	)		0.33
Less Dividends and Distributions:
Dividends from net investment income*		(0.23	)		(0.23	)		(0.23	)		(0.22	)		(0.13	)
Tax return of capital distributions		-			-			-			-			(0.05	)
Distributions from net realized gains		-			(0.17	)		-			-			(0.04	)
Total dividends and distributions		(0.23	)		(0.40	)		(0.23	)		(0.22	)		(0.22	)
Net asset value, end of year		$6.67			$6.96			$7.07			$6.36			$6.75
Total Return(b):		(0.97	)%		4.35	%		15.05	%		(2.65	)%		5.12	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$337,257			$326,416			$216,708			$184,064			$174,732
Average net assets (000)		$344,592			$285,380			$188,633			$187,975			$175,014
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.88	%		0.88	%		0.88	%		0.88	%		0.88	%
Expenses before waivers and/or expense reimbursement		0.91	%		0.96	%		1.02	%		1.02	%		0.99	%
Net investment income (loss)		1.58	%		1.94	%		2.40	%		2.11	%		2.12	%
Portfolio turnover rate(e)		23	%		20	%		37	%		40	%		75	%

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

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

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

(c) Does not include expenses of the underlying 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) 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 143

Financial Highlights (continued)

Class C Shares
	Year Ended October 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$6.95			$7.06			$6.35			$6.73			$6.63
Income (loss) from investment operations:
Net investment income (loss)		0.06			0.08			0.11			0.09			0.09
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.17	)		0.16			0.78			(0.30	)		0.18
Total from investment operations		(0.11	)		0.24			0.89			(0.21	)		0.27
Less Dividends and Distributions:
Dividends from net investment income*		(0.18	)		(0.18	)		(0.18	)		(0.17	)		(0.10	)
Tax return of capital distributions		-			-			-			-			(0.03	)
Distributions from net realized gains		-			(0.17	)		-			-			(0.04	)
Total dividends and distributions		(0.18	)		(0.35	)		(0.18	)		(0.17	)		(0.17	)
Net asset value, end of year		$6.66			$6.95			$7.06			$6.35			$6.73
Total Return(b):		(1.72	)%		3.57	%		14.21	%		(3.24	)%		4.19	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$42,012			$46,157			$37,486			$34,889			$31,509
Average net assets (000)		$45,988			$42,925			$34,321			$36,335			$31,191
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.63	%		1.63	%		1.63	%		1.63	%		1.63	%
Expenses before waivers and/or expense reimbursement		1.66	%		1.68	%		1.69	%		1.73	%		1.74	%
Net investment income (loss)		0.83	%		1.20	%		1.65	%		1.37	%		1.39	%
Portfolio turnover rate(e)		23	%		20	%		37	%		40	%		75	%

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

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

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

(c) Does not include expenses of the underlying 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) 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.

144

Class Z Shares
	Year Ended October 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$7.00			$7.11			$6.40			$6.78			$6.67
Income (loss) from investment operations:
Net investment income (loss)		0.13			0.15			0.18			0.16			0.15
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.17	)		0.16			0.78			(0.31	)		0.20
Total from investment operations		(0.04	)		0.31			0.96			(0.15	)		0.35
Less Dividends and Distributions:
Dividends from net investment income*		(0.25	)		(0.25	)		(0.25	)		(0.23	)		(0.15	)
Tax return of capital distributions		-			-			-			-			(0.05	)
Distributions from net realized gains		-			(0.17	)		-			-			(0.04	)
Total dividends and distributions		(0.25	)		(0.42	)		(0.25	)		(0.23	)		(0.24	)
Net asset value, end of year		$6.71			$7.00			$7.11			$6.40			$6.78
Total Return(b):		(0.70	)%		4.61	%		15.25	%		(2.25	)%		5.35	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$2,907,890			$2,264,938			$1,254,507			$765,708			$390,194
Average net assets (000)		$2,809,784			$1,726,788			$888,961			$648,173			$340,627
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.63	%		0.63	%		0.63	%		0.63	%		0.63	%
Expenses before waivers and/or expense reimbursement		0.65	%		0.68	%		0.68	%		0.71	%		0.74	%
Net investment income (loss)		1.82	%		2.18	%		2.61	%		2.39	%		2.35	%
Portfolio turnover rate(e)		23	%		20	%		37	%		40	%		75	%

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

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

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

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

(d) 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) 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 145

Financial Highlights (continued)

Class R2 Shares
	Year Ended October 31,									December 27, 2017(a) through October 31, 2018
	2021			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)		0.10			0.11			0.15			0.09
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.17	)		0.17			0.79			(0.38	)
Total from investment operations		(0.07	)		0.28			0.94			(0.29	)
Less Dividends and Distributions:
Dividends from net investment income*		(0.22	)		(0.22	)		(0.22	)		(0.17	)
Distributions from net realized gains		-			(0.17	)		-			-
Total dividends and distributions		(0.22	)		(0.39	)		(0.22	)		(0.17	)
Net asset value, end of period		$6.76			$7.05			$7.16			$6.44
Total Return(c):		(1.12	)%		4.13	%		14.81	%		(4.24	)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$9,324			$18,443			$185			$10
Average net assets (000)		$14,831			$9,990			$78			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.08	%		1.08	%		1.08	%		1.08	%(e)
Expenses before waivers and/or expense reimbursement		1.13	%		1.25	%		19.82	%		236.32	%(e)
Net investment income (loss)		1.38	%		1.62	%		2.11	%		1.67	%(e)
Portfolio turnover rate(f)		23	%		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.

146

Class R4 Shares
	Year Ended October 31,									December 27, 2017(a) through October 31, 2018
	2021			2020			2019
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)		0.11			0.13			0.16			0.12
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.17	)		0.17			0.79			(0.38	)
Total from investment operations		(0.06	)		0.30			0.95			(0.26	)
Less Dividends and Distributions:
Dividends from net investment income*		(0.23	)		(0.24	)		(0.24	)		(0.19	)
Distributions from net realized gains		-			(0.17	)		-			-
Total dividends and distributions		(0.23	)		(0.41	)		(0.24	)		(0.19	)
Net asset value, end of period		$6.76			$7.05			$7.16			$6.45
Total Return(c):		(0.87	)%		4.39	%		14.92	%		(3.88	)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$14,654			$8,932			$1,453			$127
Average net assets (000)		$12,787			$5,178			$804			$33
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.83	%		0.83	%		0.83	%		0.83	%(e)
Expenses before waivers and/or expense reimbursement		0.87	%		1.13	%		2.63	%		70.94	%(e)
Net investment income (loss)		1.63	%		1.91	%		2.34	%		2.23	%(e)
Portfolio turnover rate(f)		23	%		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 147

Financial Highlights (continued)

Class R6 Shares
	Year Ended October 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$7.04			$7.16			$6.44			$6.82			$6.72
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.16			0.18			0.16			0.16
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.17	)		0.15			0.80			(0.30	)		0.18
Total from investment operations		(0.03	)		0.31			0.98			(0.14	)		0.34
Less Dividends and Distributions:
Dividends from net investment income*		(0.26	)		(0.26	)		(0.26	)		(0.24	)		(0.15	)
Tax return of capital distributions		-			-			-			-			(0.05	)
Distributions from net realized gains		-			(0.17	)		-			-			(0.04	)
Total dividends and distributions		(0.26	)		(0.43	)		(0.26	)		(0.24	)		(0.24	)
Net asset value, end of year		$6.75			$7.04			$7.16			$6.44			$6.82
Total Return(b):		(0.58	)%		4.69	%		15.25	%		(2.19	)%		5.21	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$2,766,815			$1,787,693			$1,139,781			$761,927			$460,700
Average net assets (000)		$2,396,559			$1,513,154			$925,868			$636,670			$271,620
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.52	%		0.55	%		0.56	%		0.58	%		0.58	%
Expenses before waivers and/or expense reimbursement		0.52	%		0.55	%		0.56	%		0.58	%		0.59	%
Net investment income (loss)		1.93	%		2.27	%		2.67	%		2.39	%		2.33	%
Portfolio turnover rate(e)		23	%		20	%		37	%		40	%		75	%

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

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

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

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

(d) 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) 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.

148

Notes to Financial Statements

1.  Organization

Prudential Global Total Return Fund, Inc. (the “Registered Investment Company” or “RIC”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The RIC is organized as a Maryland Corporation and currently consists of two separate funds: PGIM Global Total Return Fund and PGIM Global Total Return (USD Hedged) Fund. These financial statements relate only to the PGIM Global Total Return Fund (the “Fund”). The Fund is classified as a diversified fund for purposes of the 1940 Act.

The investment objective of the Fund is to seek total return, 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 RIC’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 year-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when

PGIM Global Total Return Fund 149

Notes to Financial Statements (continued)

the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the 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

150

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.

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:

PGIM Global Total Return Fund 151

Notes to Financial Statements (continued)

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

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

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

152

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

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

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

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

PGIM Global Total Return Fund 153

Notes to Financial Statements (continued)

swaps. The risk associated with writing put and call options on swaps is that the Fund will be obligated to be party to a swap agreement if an option on a swap is exercised.

Financial Futures Contracts: A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the “initial margin.” Subsequent payments, known as “variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in the value of the underlying security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

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

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

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exposure in the normal course of pursuing its investment objective. The Fund used interest rate swaps to maintain its ability to generate steady cash flow by receiving a stream of fixed rate payments or to increase exposure to prevailing market rates by receiving floating rate payments. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net present value of the cash flows to be received from the counterparty over the contract’s remaining life.

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

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

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

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

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.

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Notes to Financial Statements (continued)

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

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.

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.

Reverse Repurchase Agreements: The Fund enters reverse repurchase agreements with qualified third-party broker-dealers in which the Fund sells securities to a bank or broker-dealer and agrees to repurchase the same securities at a mutually agreed upon date and price. The Fund receives securities and/or cash as collateral with a market value in-excess of the repurchase price to be paid by the Fund upon the maturity of the transaction. During the term of the agreement, the Fund continues to receive the principal and interest payments on the securities sold. Certain agreements have no stated maturity and can be terminated by either party at any time. Due to the short-term nature of reverse

156

repurchase agreements, face value approximates fair value. Cash received in exchange for securities delivered plus accrued interest due to the counterparty is recorded as a liability in the Statement of Assets and Liabilities. Interest payments made by the Fund to the counterparties are recorded as a component of interest expense in the Statement of Operations.

Mortgage-Backed and Asset-Backed Securities: Mortgage-backed securities are pass-through securities, meaning that principal and interest payments made by the borrower on the underlying mortgages are passed through to the Fund. Asset-backed securities directly or indirectly represent a participation interest in, or are secured by and payable from, a stream of payments generated by particular assets such as motor vehicle or credit card receivables. Asset-backed securities may be classified as pass-through certificates or collateralized obligations, such as collateralized bond obligations, collateralized loan obligations and other similarly structured securities. The value of mortgage-backed and asset-backed securities varies with changes in interest rates and may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities.

Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest (“IO”) and principal (“PO”) distributions on a pool of mortgage assets. Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

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

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

PGIM Global Total Return Fund 157

Notes to Financial Statements (continued)

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 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.

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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.

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

PGIM Global Total Return Fund 159

Notes to Financial Statements (continued)

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 RIC, 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, Inc. has entered into a sub-subadvisory agreement with PGIM Limited (collectively referred to herein as the “subadviser”). The Manager pays for the services of the subadviser.

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 year ended October 31, 2021.

The Manager has contractually agreed, through February 28, 2023, 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 interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and

160

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 RIC, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class C, Class Z, Class R2, Class R4 and Class R6 shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A, Class C and Class R2 shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS.

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate 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 year ended October 31, 2021, PIMS received $672,046 in front-end sales charges resulting from sales of Class A shares. Additionally, for the year ended October 31, 2021, PIMS received $15,223 and $6,697 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”).

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Notes to Financial Statements (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 fund 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 year ended October 31, 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 year ended October 31, 2021, were $2,931,015,510 and $1,225,153,560, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended October 31, 2021, is presented as follows:

Value, Beginning of Year		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Year		Shares, End of Year		Income
	Short-Term Investments - Affiliated Mutual Funds:
	PGIM Core Ultra Short Bond Fund (1)(wa)
$	73,811,083	$	1,591,800,716	$	1,611,749,605	$	—	$	—	$	53,862,194		53,862,194	$	175,855

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Value, Beginning of Year		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Year		Shares, End of Year		Income
	PGIM Institutional Money Market Fund (1)(b)(wa)
$	77,327,940	$	292,399,632	$	320,915,487	$	(13,678	)	$	(7,305	)	$	48,791,102		48,820,394	$	48,681	(2)
$	151,139,023	$	1,884,200,348	$	1,932,665,092	$	(13,678	)	$	(7,305	)	$	102,653,296			$	224,536

(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.   Distributions and Tax Information

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

For the year ended October 31, 2021, the tax character of dividends paid by the Fund was $195,028,501 of ordinary income. For the year ended October 31, 2020, the tax character of dividends paid by the Fund was $152,784,021 of ordinary income $47,383,443 of long-term capital gains.

As of October 31, 2021, the accumulated undistributed earnings on a tax basis was $37,027,203 of ordinary income.

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of October 31, 2021 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Depreciation
$6,135,496,092	$339,026,863	$(415,393,866)	$(76,367,003)

The differences between GAAP basis and tax basis is primarily attributable to deferred losses on wash sales, amortization of premiums, straddle loss deferrals, futures contracts, and other cost basis differences between financial and tax accounting.

For federal income tax purposes, the Fund had a capital loss carryforward as of October 31, 2021 of approximately $133,660,000 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

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Notes to Financial Statements (continued)

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, 2021 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 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 RIC is authorized to issue 18,075,000,000 shares of common stock, $0.01 par value per share, 16,575,000,000 of which are designated as shares of the Fund. The authorized shares of the Fund are currently classified and designated as follows:

Class 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.

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As of October 31, 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	20,506	0.1%
Class Z	808,369	0.2%
Class R6	10,950,415	2.7%

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	55.3%

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Year ended October 31, 2021:
Shares sold		18,348,202		$	128,362,352
Shares issued in reinvestment of dividends and distributions		1,493,697			10,390,284
Shares purchased		(14,043,253	)		(97,092,549	)
Net increase (decrease) in shares outstanding before conversion		5,798,646			41,660,087
Shares issued upon conversion from other share class(es)		1,646,606			11,495,490
Shares purchased upon conversion into other share class(es)		(3,810,132	)		(27,015,786	)
Net increase (decrease) in shares outstanding		3,635,120		$	26,139,791
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	)

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Notes to Financial Statements (continued)

Class C	Shares			Amount
Year ended October 31, 2021:
Shares sold		1,589,551		$	11,113,858
Shares issued in reinvestment of dividends and distributions		156,935			1,093,504
Shares purchased		(1,202,768	)		(8,301,314	)
Net increase (decrease) in shares outstanding before conversion		543,718			3,906,048
Shares purchased upon conversion into other share class(es)		(881,386	)		(6,170,193	)
Net increase (decrease) in shares outstanding		(337,668	)	$	(2,264,145	)
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
Class Z
Year ended October 31, 2021:
Shares sold		274,722,315		$	1,920,897,826
Shares issued in reinvestment of dividends and distributions		12,758,800			89,077,520
Shares purchased		(170,730,518	)		(1,178,669,188	)
Net increase (decrease) in shares outstanding before conversion		116,750,597			831,306,158
Shares issued upon conversion from other share class(es)		4,117,080			29,321,864
Shares purchased upon conversion into other share class(es)		(11,193,087	)		(77,267,060	)
Net increase (decrease) in shares outstanding		109,674,590		$	783,360,962
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
Year ended October 31, 2021:
Shares sold		813,293		$	5,764,396
Shares issued in reinvestment of dividends and distributions		66,530			471,369
Shares purchased		(2,110,439	)		(14,687,722	)
Net increase (decrease) in shares outstanding before conversion		(1,230,616	)		(8,451,957	)
Shares purchased upon conversion into other share class(es)		(7,014	)		(49,590	)
Net increase (decrease) in shares outstanding		(1,237,630	)	$	(8,501,547	)
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

166

Class R4	Shares			Amount
Year ended October 31, 2021:
Shares sold		1,386,795		$	9,797,267
Shares issued in reinvestment of dividends and distributions		37,826			265,285
Shares purchased		(524,177	)		(3,680,598	)
Net increase (decrease) in shares outstanding		900,444		$	6,381,954
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
Class R6
Year ended October 31, 2021:
Shares sold		207,642,697		$	1,456,332,318
Shares issued in reinvestment of dividends and distributions		11,954,625			83,819,993
Shares purchased		(73,789,243	)		(515,781,979	)
Net increase (decrease) in shares outstanding before conversion		145,808,079			1,024,370,332
Shares issued upon conversion from other share class(es)		10,307,320			71,496,475
Shares purchased upon conversion into other share class(es)		(253,081	)		(1,811,200	)
Net increase (decrease) in shares outstanding		155,862,318		$	1,094,055,607
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 RIC, on behalf of the Fund, along with other affiliated registered investment companies (the “Participating Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.

	Current SCA	Prior SCA
Term of Commitment	10/1/2021 – 9/29/2022	10/2/2020 – 9/30/2021
Total Commitment	$ 1,200,000,000	$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%

PGIM Global Total Return Fund 167

Notes to Financial Statements (continued)

	Current SCA	Prior SCA
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	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 year ended October 31, 2021. The average daily balance for the 7 days that the Fund had loans outstanding during the period was approximately $9,500,143, borrowed at a weighted average interest rate of 1.29%. The maximum loan outstanding amount during the period was $10,533,000. At October 31, 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.

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.

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

168

Debt Obligations Risk: Debt obligations are subject to credit risk, market risk and interest rate risk. The Fund’s holdings, share price, yield and total return may also fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer’s goods and services. Certain types of fixed income obligations also may be subject to “call and redemption risk,” which is the risk that the issuer may call a bond held by the Fund for redemption before it matures and the Fund may lose income.

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

The U.S. Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements and risk exposure limitations. 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.

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

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

PGIM Global Total Return Fund 169

Notes to Financial Statements (continued)

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

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

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

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

Interest Rate Risk: The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as “duration risk.” When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund’s holdings

170

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

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

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

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). 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 the Fund as well as loan facilities used by the Fund.

The potential effect of a transition away from LIBOR on the Fund or the financial instruments in which the 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 the Fund’s performance and/or net asset value. Certain proposed replacement rates to LIBOR, such as the Secured Overnight Financing Rate (“SOFR”), are materially different from LIBOR, and changes in the applicable spread for instruments previously linked to LIBOR will need to be

PGIM Global Total Return Fund 171

Notes to Financial Statements (continued)

made in order for instruments to pay similar rates. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to reduced coupons on debt held by the Fund, higher rates required to be paid by the Fund on bank lines of credit due to increases in spreads, increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, adversely affecting the Fund’s performance. 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.

Management Risk: The value of your investment may decrease if judgments by the subadviser about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements are incorrect.

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 outbreak of COVID-19 globally in 2020 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

172

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.

U.S. Government and Agency Securities Risk: U.S. Government and agency securities are subject to market risk, interest rate risk and credit risk. Not all U.S. Government securities are insured or guaranteed by the full faith and credit of the U.S. Government; some are only insured or guaranteed by the issuing agency, which must rely on its own resources to repay the debt. The maximum potential liability of the issuers of some U.S. Government securities held by the Fund may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. No assurance can be given that the U.S. government would provide financial support to any such issuers if it is not obligated to do so by law. It is possible that these issuers will not have the funds to meet their payment obligations in the future. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.

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.

PGIM Global Total Return Fund 173

Notes to Financial Statements (continued)

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.

174

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Prudential Global Total Return Fund, Inc. and Shareholders of PGIM Global Total Return Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PGIM Global Total Return Fund (one of the funds constituting Prudential Global Total Return Fund, Inc., referred to hereafter as the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and financial highlights for each of the two years in the period ended October 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for each of the two years in the period ended October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

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

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

December 17, 2021

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

PGIM Global Total Return Fund 175

Tax Information (unaudited)

For the year ended October 31, 2021, the Fund reports the maximum amount allowable but not less than 28.03% as interest related dividends in accordance with Sections 871(k)(1) and 881(e)(1) of the Internal Revenue Code.

In January 2022, you will be advised on IRS Form 1099-DIV or substitute 1099-DIV as to the federal tax status of distributions received by you in calendar year 2021.

176

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS (unaudited)

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

Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Ellen S. Alberding 1958 Board Member Portfolios Overseen: 95	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); formerly Vice Chair, City Colleges of Chicago (community college system) (2011-2015); Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); Trustee, Economic Club of Chicago (2009-2016); Trustee, Loyola University (since 2018).	None.	Since September 2013
Kevin J. Bannon 1952 Board Member Portfolios Overseen: 95	Retired; formerly Managing Director (April 2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008).	Since July 2008

PGIM Global Total Return Fund

Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Linda W. Bynoe 1952 Board Member Portfolios Overseen: 92	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Limited LLC (formerly Telemat Ltd) (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co. (broker-dealer).	Trustee of Equity Residential (residential real estate) (since December 2009); Director of Northern Trust Corporation (financial services) (since April 2006); formerly Director of Anixter International, Inc. (communication products distributor) (January 2006-June 2020).	Since March 2005
Barry H. Evans 1960 Board Member Portfolios Overseen: 94	Retired; formerly President (2005-2016), Global Chief Operating Officer (2014-2016), Chief Investment Officer - Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management (asset management).	Formerly Director, Manulife Trust Company (2011-2018); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).	Since September 2017
Keith F. Hartstein 1956 Board Member & Independent Chair Portfolios Overseen: 95	Retired; Executive Committee of the Independent Directors Council (IDC) Board of Governors (since October 2019); Member (since November 2014) of the Governing Council of the IDC (organization of independent mutual fund directors); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.	Since September 2013

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Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Laurie Simon Hodrick 1962 Board Member Portfolios Overseen: 91	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly Visiting Professor of Law, Stanford Law School (2015-2021); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008).	Independent Director, Roku (since December 2020) (communication services); formerly Independent Director, Synnex Corporation (2019-2021) (information technology); formerly Independent Director, Kabbage, Inc. (2018-2020) (financial services); formerly Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017
Brian K. Reid 1961 Board Member Portfolios Overseen: 94	Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); Director, ICI Mutual Insurance Company (2012-2017).	None.	Since March 2018

PGIM Global Total Return Fund

Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Grace C. Torres 1959 Board Member Portfolios Overseen: 94	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank; formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National Bank.	Since November 2014

Interested Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Stuart S. Parker 1962 Board Member & President Portfolios Overseen: 94	President, Chief Executive Officer, Chief Operating Officer and Officer in Charge of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011); Investment Company Institute - Board of Governors (since May 2012).	None.	Since January 2012

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Interested Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Scott E. Benjamin 1973 Board Member & Vice President Portfolios Overseen: 95	Executive Vice President (since May 2009) of PGIM Investments LLC; Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).	None.	Since March 2010

⁽¹⁾ The year that each Board Member joined the Board is as follows:

Ellen S. Alberding, 2013; Kevin J. Bannon, 2008; Linda W. Bynoe, 2005; Barry H. Evans, 2017; Keith F. Hartstein, 2013; Laurie Simon Hodrick, 2017; Michael S. Hyland, 2008; Richard A. Redeker, 1993; Stephen G. Stoneburn, 2003; Stuart S. Parker, Board Member since 2012 and President since 2012; Scott E. Benjamin, Board Member since 2010 and Vice President since 2009; Grace C. Torres, 2014.

Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Claudia DiGiacomo 1974 Chief Legal Officer	Chief Legal Officer, Executive Vice President and Secretary of PGIM Investments LLC (since August 2020); Chief Legal Officer of Prudential Mutual Fund Services LLC (since August 2020); Chief Legal Officer of PIFM Holdco, LLC (since August 2020); Vice President and Corporate Counsel (since January 2005) of Prudential; and Corporate Counsel of AST Investment Services, Inc. (since August 2020); formerly Vice President and Assistant Secretary of PGIM Investments LLC (2005-2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005

PGIM Global Total Return Fund

Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Dino Capasso 1974 Chief Compliance Officer	Chief Compliance Officer (since July 2019) of PGIM Investments LLC; Chief Compliance Officer (since July 2019) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM High Yield Bond Fund, Inc., and PGIM Short Duration High Yield Opportunities Fund; Vice President and Deputy Chief Compliance Officer (June 2017-2019) of PGIM Investments LLC; formerly Senior Vice President and Senior Counsel (January 2016-June 2017), and Vice President and Counsel (February 2012-December 2015) of Pacific Investment Management Company LLC.	Since July 2019
Andrew R. French 1962 Secretary	Vice President (since December 2018) of PGIM Investments LLC; formerly Vice President and Corporate Counsel (2010-2018) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since October 2006
Diana N. Huffman 1982 Assistant Secretary	Vice President and Corporate Counsel (since September 2015) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; formerly Associate at Willkie Farr & Gallagher LLP (2009-2015).	Since March 2019
Melissa Gonzalez 1980 Assistant Secretary	Vice President and Corporate Counsel (since September 2018) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; formerly Director and Corporate Counsel (March 2014-September 2018) of Prudential.	Since March 2020
Patrick E. McGuinness 1986 Assistant Secretary	Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Director and Corporate Counsel (since February 2017) of Prudential; and Corporate Counsel (2012-2017) of IIL, Inc.	Since June 2020
Debra Rubano 1975 Assistant Secretary	Vice President and Corporate Counsel (since November 2020) of Prudential; formerly Director and Senior Counsel of Allianz Global Investors U.S. Holdings LLC (2010-2020) and Assistant Secretary of numerous funds in the Allianz fund complex (2015-2020).	Since December 2020
Kelly A. Coyne 1968 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since March 2015

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Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Christian J. Kelly 1975 Treasurer and Principal Financial and Accounting Officer	Vice President, Head of Fund Administration of PGIM Investments LLC (since November 2018); formerly Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).	Since January 2019
Lana Lomuti 1967 Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since April 2014
Russ Shupak 1973 Assistant Treasurer	Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration.	Since September 2019
Deborah Conway 1969 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since September 2019
Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.	Since September 2019
Jonathan Corbett 1983 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Global Compliance Programs and Compliance Risk Management (since August 2019) of Prudential; formerly Vice President and Head of Key Risk Areas Compliance (March 2016 to July 2019), Chief Privacy Officer (March 2016 to July 2019) and Head of Global Financial Crimes Unit (April 2014 to March 2016) at MetLife.	Since October 2021

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

Explanatory Notes to Tables:

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

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

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

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

∎ “Portfolios Overseen” includes all investment companies managed by PGIM Investments LLC. The investment companies for which PGIM Investments LLC serves as manager include the PGIM Funds, Target Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

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

PGIM Global Total Return Fund

Approval of Advisory Agreements (unaudited)

The Fund’s Board of Directors

The Board of Directors (the “Board”) of PGIM Global Total Return Fund¹ (the “Fund”) consists of ten individuals, eight of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Directors have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. The Board has established four standing committees: the Audit Committee, the Nominating and Governance Committee, and two Investment Committees. Each committee is chaired by, and composed of, Independent Directors.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”), the Fund’s subadvisory agreement with PGIM, Inc. (“PGIM”), on behalf of its PGIM Fixed Income unit (“PGIM Fixed Income”), and the Fund’s sub-subadvisory agreement with PGIM Limited (“PGIML”). In considering the renewal of the agreements, the Board, including all of the Independent Directors, met on June 7-10, 2021 and approved the renewal of the agreements through July 31, 2022, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

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

In approving the agreements, the Board, including the Independent Directors advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments, the subadviser, and, as relevant, its affiliates, the performance of the Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund’s assets grow. In their deliberations, the Directors did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at regular Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the meetings on June 7-10, 2021.

¹  PGIM Global Total Return Fund is a series of Prudential Global Total Return Fund, Inc.

PGIM Global Total Return Fund

Approval of Advisory Agreements (continued)

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

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

Nature, Quality and Extent of Services

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

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of the Fund, PGIM Fixed Income, and PGIML, and also considered the qualifications, backgrounds and responsibilities of PGIM Fixed Income’s portfolio managers who are responsible for the day-to-day management of the Fund’s portfolio. The Board was provided with information pertaining to PGIM Investments’, PGIM Fixed Income’s, and PGIML’s organizational structure, senior management, investment operations, and other relevant

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information pertaining to PGIM Investments, PGIM Fixed Income, and PGIML. The Board also noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer (“CCO”) as to PGIM Investments, PGIM Fixed Income, and PGIML.

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

Costs of Services and Profits Realized by PGIM Investments

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

Economies of Scale

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

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

PGIM Global Total Return Fund

Approval of Advisory Agreements (continued)

Other Benefits to PGIM Investments, PGIM Fixed Income, and PGIML

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

Performance of the Fund / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-, three-, five- and ten-year periods ended December 31, 2020.

The Board also considered the Fund’s actual management fee, as well as the Fund’s net total expense ratio, for the fiscal year ended October 31, 2020. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

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

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

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impact of any subsidies or fee waivers), and net total expenses with the Peer Group, each of which were key factors considered by the Board.

Net Performance	1 Year	3 Years	5 Years	10 Years
	2nd Quartile	1st Quartile	1st Quartile	1st Quartile
Actual Management Fees: 1st Quartile
Net Total Expenses: 2nd Quartile

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

• The Board and PGIM Investments agreed to retain the Fund’s existing contractual expense cap, which (exclusive of certain fees and expenses) caps total annual operating expenses at 0.88% for Class A shares, 1.63% for Class C shares, 0.63% for Class Z shares, 1.08% for Class R2 shares, 0.83% for Class R4 shares, and 0.58% for Class R6 shares through February 28, 2022.

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

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

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

* * *

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

PGIM Global Total Return Fund

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

DIRECTORS

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

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • Christian J. Kelly, 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 E. McGuinness, Assistant Secretary • Debra Rubano, Assistant Secretary • Lana Lomuti, Assistant Treasurer • Russ Shupak, Assistant Treasurer • Elyse M. McLaughlin, Assistant Treasurer • Deborah Conway, Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	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.

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

  Mutual Funds:

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

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

MF169E

PGIM GLOBAL TOTAL RETURN (USD HEDGED) FUND

ANNUAL REPORT

OCTOBER 31, 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
Growth of a $10,000 Investment	5
Strategy and Performance Overview	8
Fees and Expenses	12
Holdings and Financial Statements	15
Approval of Advisory Agreements

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

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

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

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Letter from the President

Dear Shareholder:   We hope you find the annual report for the PGIM Global Total Return (USD Hedged) Fund informative and useful. The report covers performance for the 12-month period that ended October 31, 2021.   The global economy and markets continued to recover throughout the period from the ongoing impact of the COVID-19 pandemic. The Federal Reserve slashed interest rates and kept them near zero to encourage borrowing. Congress passed stimulus bills worth several trillion dollars to help consumers and businesses. And several effective COVID-19 vaccines received regulatory approval. Those measures were enough to offset the fear of rising inflation and supply chain challenges that threatened to disrupt growth.

At the start of the period, stocks had recovered most of the steep losses they had suffered at the onset of the pandemic. Equities rallied as states reopened their economies but became more volatile as investors worried that a surge in COVID-19 infections would stall the recovery. However, rising corporate profits and economic growth, the resolution of the US presidential election, and the global rollout of approved vaccines lifted equity markets to record levels, helping stocks around the globe post gains for the full period.

Throughout this volatile period, investors sought safety in fixed income. Investment-grade bonds in the US and the overall global bond market declined slightly during the period as the economy recovered, but emerging market debt rose. While the 10-year US Treasury yield hovered near record lows early in the period after a significant rally in interest rates, rates moved higher later on as investors began to focus on stronger economic growth and the prospects of higher inflation. The Fed also took several aggressive actions to keep the bond markets running smoothly, implementing many of the relief programs that proved to be successful in helping end the global financial crisis in 2008-09.

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 $1.5 trillion in assets under management. This scale and investment expertise allow 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

December 15, 2021

PGIM Global Total Return (USD Hedged) Fund 3

Your Fund’s Performance (unaudited)

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

	Average Annual Total Returns as of 10/31/21
	One Year (%)		Since Inception (%)
Class A
(with sales charges)		-4.43		3.42 (12/12/2017)
(without sales charges)		-1.22		4.30 (12/12/2017)
Class C
(with sales charges)		-2.92		3.53 (12/12/2017)
(without sales charges)		-1.96		3.53 (12/12/2017)
Class Z
(without sales charges)		-0.98		4.56 (12/12/2017)
Class R6
(without sales charges)		-0.82		4.65 (12/12/2017)
Bloomberg Global Aggregate (USD Hedged) Index
		-0.83		3.53

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.

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Growth of a $10,000 Investment (unaudited)

The graph compares a $10,000 investment in the Fund’s Class Z shares with a similar investment in the Bloomberg Global Aggregate (USD Hedged) Index by portraying the initial account values at the commencement of operations for Class Z shares (December 12, 2017) and the account values at the end of the current fiscal year (October 31, 2021), as measured on a quarterly basis. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested. The line graph provides information for Class Z shares only. As indicated in the tables provided earlier, performance for other share classes will vary due to the differing fees and expenses applicable to each share class (as indicated in the following paragraphs). Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

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

PGIM Global Total Return (USD Hedged) Fund 5

Your Fund’s Performance(continued)

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

	Class A	Class C	Class Z	Class R6
Maximum initial sales charge	3.25% of the public offering price	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption)	1.00% on sales of $500,000 or more made within 12 months of purchase	1.00% on sales made within 12 months of purchase	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.25%	1.00%	None	None

Benchmark Definitions

Bloomberg Global Aggregate (USD Hedged) Index—The Bloomberg 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-U.S. 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.

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Distributions and Yields as of 10/31/21
	Total Distributions Paid for 12 Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized  Yield** (%)
Class A	0.26	1.13	-0.73
Class C	0.18	0.42	–6.04
Class Z	0.28	1.41	1.59
Class R6	0.29	1.46	1.23

*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.

Credit Quality expressed as a percentage of total investments as of 10/31/21 (%)
AAA	25.1
AA	9.4
A	14.5
BBB	31.2
BB	11.3
B	3.9
CCC	0.3
Not Rated	2.5
Cash/Cash Equivalents	1.8
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 an NRSRO. Credit ratings are subject to change.

PGIM Global Total Return (USD Hedged) Fund 7

Strategy and Performance Overview (unaudited)

How did the Fund perform?

The PGIM Global Total Return (US Hedged) Fund’s Class Z shares returned -0.98% in the 12-month reporting period that ended October 31, 2021, underperforming the -0.83% return of the Bloomberg Global Aggregate (USD Hedged) Index (the Index).

What were the market conditions?

· The strong global rebound from the depths of the COVID-19 pandemic continued throughout the reporting period, as economies continued to respond to the unprecedented monetary and fiscal stimulus programs. The effective rollout of COVID-19 vaccines, along with clear messaging from both President Biden and the Federal Reserve (the Fed) on the potential for further stimulus, shifted the prospects for growth and inflation, kicking off a robust “reflation trade” in bond markets, which caused the US Treasury yield curve to steepen over the period. (A yield curve is a line graph that illustrates the relationship between the yields and maturities of fixed income securities. It is created by plotting the yields of different maturities for the same type of bonds.)

· Although yields for short-term Treasuries remained well anchored during the first quarter of 2021 by the Fed’s commitment to maintain its low-rate policy, longer-term Treasuries sold off sharply, with the yield on the benchmark US 10-year Treasury note rising from 0.92% on December 31, 2020 to 1.74% by March 31, 2021. Similarly, the yield on the 30-year Treasury bond rose from 1.65% to 2.41% over the same period.

· Market volatility for rates then eased in the second and third quarters of 2021, with long-term US Treasury yields declining gradually before rising again in late September after the Fed signaled it could begin tapering its monthly bond purchases shortly after its November meeting. The US 10-year and 30-year Treasury yields ended the period at 1.55% and 1.93%, respectively. Meanwhile, the yield on the 2-year Treasury note rose sharply the last month of the period as markets began pricing in two rate hikes in 2022, ending October 31, 2021 at 0.45%—a rise of 28 basis points (bps) over the period. (One basis point equals 0.01%.) Despite flattening over the last six months of the period as the market pulled forward its expectation for rate hikes, the US Treasury yield curve steepened during the period, with the 10-year and 2-year Treasury spread rising from 0.74% to 1.07% as of October 31, 2021.

· In Europe, German 10-year bond yields rose to end the period at -0.10%, as rate hike expectations were brought forward amid concerns about prolonged inflation even as the European Central Bank continued to signal rate hikes in 2022 were unlikely. Similarly, United Kingdom (UK) 10-year bond yields rose over the period to end October 31, 2021, at 1.03% amid inflation concerns driven by demand and supply-chain bottlenecks.

· Spread markets continued to tighten, supported by the Fed’s monetary responses, fiscal stimulus, the rollout of COVID-19 vaccines, better-than-expected corporate earnings, and surging growth in the US, Europe, and some emerging market economies. (Spread markets are non-government-related sectors of the fixed income market, such as investment grade corporate bonds, high yield bonds, or asset-backed

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securities.) Strengthening economic fundamentals coupled with aggressive central bank measures (e.g., zero interest rate policies and asset purchases) drove corporate and securitized asset spreads tighter, with many sectors rallying to, or through, their pre-COVID-19 levels.

· The US investment grade corporate market performed well, with spreads tightening to near-historic levels by the end of the period, supported by better-than-expected corporate earnings, positive vaccination progress, and a favorable technical backdrop. Strengthening fundamentals generally kept securitized credit on a tightening trajectory as well, with commercial mortgage-backed securities (CMBS) spreads trading well below their pre-pandemic tights by the end of the period. US high yield bond spreads tightened as fundamentals remained supportive. Meanwhile, emerging market spreads tightened, boosting returns as investor appetite remained strong amid a global search for yield.

What worked?

· Security selection and sector allocation both contributed to the Fund’s performance over the reporting period.

· Within security selection, positions in developed high yield, emerging sovereigns, emerging agencies, developed sovereigns, developed asset-backed securities (ABS), and developed investment-grade corporates were the largest contributors for the period.

· Within sector allocation, overweights to emerging sovereigns, developed CMBS, developed ABS, and developed high yield relative to the Index were the largest contributors to performance.

· Within credit, positioning in foreign non-corporates, midstream and upstream energy, aerospace & defense, automotive, and capital goods contributed.

· In individual security selection, the Fund benefited from overweights to Ukraine and Greece sovereign bonds relative to the Index, along with overweights to Petroleos Mexicanos SA de CV (foreign non-corporate) and Energy Transfer LP (midstream energy).

What didn’t work?

· During the reporting period, the Fund’s long duration bias, principally in emerging market rates, detracted from returns. (Duration measures the sensitivity of the price— the value of principal—of a bond to a change in interest rates.) The Fund’s yield curve flattener positioning in US rates also detracted as the curve steepened over the period. (A yield curve flattener is an interest rate environment in which long-term rates are decreasing more quickly than short-term rates.)

· Although overall security selection contributed to performance, positioning in emerging LIBOR (London Interbank Offered Rate) derivatives, developed LIBOR derivatives, and emerging Treasuries detracted from performance. Within sector

PGIM Global Total Return (USD Hedged) Fund 9

Strategy and Performance Overview (continued)

allocation, an underweight to developed investment grade corporates and developed local authorities, along with an overweight to emerging treasuries, relative to the Index, detracted.

· Within credit, positioning in finance companies and property & casualty detracted from performance.

· In individual security selection, overweights to Medtronic PLC (healthcare) and Cellnex Telecom (telecom) relative to the Index, along with positioning in UK sovereign bonds detracted from performance.

Did the Fund use derivatives?

The Fund uses derivatives when they facilitate implementation of the overall investment approach. During the reporting period, the Fund used interest rate futures, options, and swaps to help manage duration positioning and yield curve exposure. Over the period, futures and options contributed to performance while swaps detracted. Credit default swaps and credit default swap index (CDX) positions were used to either add risk exposure to certain issuers or to hedge credit risk imposed by certain issuers. Overall, credit derivative exposure contributed during the period. In addition, the Fund traded foreign-exchange derivatives, which had a negative impact on performance over the period.

Current outlook

· As the Fed’s tapering approached, PGIM Fixed Income believed it would likely draw a clear distinction between the removal of accommodation via reduction in asset purchases and tightening of policy through rate hikes in the federal funds rate target.

· Looking beyond the next year or two, PGIM Fixed Income believes the secular fundamental drivers—such as aging demographics and high debt levels—that pushed rates lower for decades are likely to reassert themselves with even more downward force on rates in a post-COVID world of older populations and markedly higher debt levels. As a result, many central bankers may end up leaving administered rates near, or at, their effective lower bounds, and rate hike cycles will likely continue cresting at progressively lower levels. From that perspective, the third quarter 2021 increase in longer-term rates—which lifted them back up to levels that reflect a substantial and permanent rise in administered rates over the coming years—has probably already overshot fundamentals, in PGIM Fixed Income’s view.

· As for spread sectors, PGIM Fixed Income continues to expect the ongoing economic expansion to support credit fundamentals and, in turn, to allow credit products to continue outperforming. Given the relatively narrow level of spreads, however, excess returns are likely to be more modest, deriving primarily from incremental yield and rolling down the spread curve, rather than from the kinds of wholesale spread compression seen since March 2020. (Roll-down return is a strategy for selling a bond as it approaches its maturity date. In general, as a bond’s maturity date grows

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closer, its interest rate moves closer to zero. Since there is an inverse relationship between bond yields and prices, bond prices increase as their interest rates decrease.)

· PGIM Fixed Income maintains its positive view of the spread sectors over the medium to long term, and the Fund holds allocations to an array of credit sectors, including investment-grade and high yield corporates, high-quality structured products, and emerging markets. While valuations are now a bit full, with spreads in many sectors tighter than historical norms, PGIM Fixed Income generally expects ongoing spread sector outperformance. However, this outlook is not without caveats. First, the relatively narrow level of spreads diminishes the pace and magnitude of further outperformance. Additionally, narrower spreads leave little room for error, and the uncertain course of the long-term economic recovery warrants a discerning approach to credit selection.

· Within structured products, PGIM Fixed Income is biased to own the top of the capital structure, as near-zero policy rates and ongoing Fed purchases support a spread tightening environment. In investment grade corporates, PGIM Fixed Income is looking to take advantage of spread compression in select higher-yielding BBB-rated bonds, solid credits in stressed industries, and cyclicals. PGIM Fixed Income remains constructive on high yield over the medium term as improving fundamentals and a decline in defaults is expected to drive spread compression going forward, and it believes the prospects for emerging market debt performance are encouraging given the supportive backdrop, attractive valuations, and global search for yield.

PGIM Global Total Return (USD Hedged) Fund 11

Fees and Expenses (unaudited)

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

The example is based on an investment of $1,000 held through the six-month period ended October 31, 2021. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

12 Visit our website at pgim.com/investments

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

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

PGIM Global Total Return (USD                   Hedged)  Fund		Beginning      Account Value      May 1, 2021	Ending      Account Value      October 31, 2021	Annualized      Expense      Ratio Based on     the      Six-Month Period	Expenses Paid     During the      Six-Month Period*
Class A	Actual	$1,000.00	$1,007.70	0.88%	$4.45
	Hypothetical	$1,000.00	$1,020.77	0.88%	$4.48
Class C	Actual	$1,000.00	$1,003.90	1.63%	$8.23
	Hypothetical	$1,000.00	$1,016.99	1.63%	$8.29
Class Z	Actual	$1,000.00	$1,009.00	0.63%	$3.19
	Hypothetical	$1,000.00	$1,022.03	0.63%	$3.21
Class R6	Actual	$1,000.00	$1,010.20	0.58%	$2.94
	Hypothetical	$1,000.00	$1,022.28	0.58%	$2.96

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended October 31, 2021, and divided by the 365 days in the Fund’s fiscal year ended 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 (USD Hedged) Fund 13

Schedule of Investments

as of October 31, 2021

Description	Interest       Rate	Maturity Date	Principal       Amount (000)#		Value
LONG-TERM INVESTMENTS    97.3%
ASSET-BACKED SECURITIES    15.8%
Cayman Islands    11.1%
AIG CLO Ltd., Series 2019-02A, Class AR, 144A	— %(p)	10/25/33		500	$	500,000
Bain Capital Credit CLO Ltd.,
Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 0.960% (Cap N/A, Floor 0.000%)	1.084(c)	04/23/31		250		249,929
Broad River Bsl Funding CLO Ltd.,
Series 2020-01A, Class AR, 144A, 3 Month LIBOR + 1.170% (Cap N/A, Floor 1.170%)	1.302(c)	07/20/34		750		749,994
Brookside Mill CLO Ltd.,
Series 2013-01A, Class BR, 144A, 3 Month LIBOR + 1.350% (Cap N/A, Floor 0.000%)	1.472(c)	01/17/28		250		250,161
Carlyle CLO Ltd.,
Series C17A, Class A1AR, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)	1.159(c)	04/30/31		250		250,125
Carlyle Global Market Strategies CLO Ltd.,
Series 2014-01A, Class A1R2, 144A, 3 Month LIBOR + 0.970% (Cap N/A, Floor 0.970%)	1.092(c)	04/17/31		249		249,278
CBAM Ltd.,
Series 2019-11A, Class A1, 144A, 3 Month LIBOR + 1.360% (Cap N/A, Floor 1.360%)	1.492(c)	10/20/32		250		250,103
Greenwood Park CLO Ltd.,
Series 2018-01A, Class A2, 144A, 3 Month LIBOR + 1.010% (Cap N/A, Floor 0.000%)	1.134(c)	04/15/31		250		249,996
Greywolf CLO Ltd.,
Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)	1.155(c)	04/26/31		750		750,371
HPS Loan Management Ltd.,
Series 15A-19, Class A1, 144A, 3 Month LIBOR + 1.320% (Cap N/A, Floor 1.320%)	1.448(c)	07/22/32		250		250,038
Jamestown CLO Ltd.,
Series 2019-14A, Class A1AR, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)	1.332(c)	10/20/34		250		250,098
MidOcean Credit CLO,
Series 2018-08A, Class B, 144A, 3 Month LIBOR + 1.650% (Cap N/A, Floor 0.000%)	1.781(c)	02/20/31		250		250,050
Octagon Investment Partners 45 Ltd.,
Series 2019-01A, Class A, 144A, 3 Month LIBOR + 1.330% (Cap N/A, Floor 1.330%)	1.454(c)	10/15/32		500		500,000
OZLM Ltd.,
Series 2014-06A, Class A2AS, 144A, 3 Month LIBOR + 1.750% (Cap N/A, Floor 0.000%)	1.872(c)	04/17/31		250		250,011

See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund	15

Schedule of Investments  (continued)

as of October 31, 2021

Description	Interest       Rate	Maturity Date	Principal       Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Cayman Islands (cont’d.)
Palmer Square CLO Ltd.,
Series 2015-01A, Class A1A4, 144A, 3 Month LIBOR + 1.130% (Cap N/A, Floor 1.130%)	1.261%(c)	05/21/34		750	$	754,091
TCW CLO Ltd.,
Series 2017-01A, Class A1RR, 144A	0.000(cc)	10/29/34		250		250,063
Series 2020-01A, Class A1RR, 144A, 3 Month LIBOR + 1.160% (Cap N/A, Floor 1.160%)	1.334(c)	04/20/34		750		749,585
Telos CLO Ltd.,
Series 2013-04A, Class AR, 144A, 3 Month LIBOR + 1.240% (Cap N/A, Floor 0.000%)	1.362(c)	01/17/30		248		247,984
Trimaran Cavu Ltd.,
Series 2021-01A, Class A, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 1.210%)	1.334(c)	04/23/32		500		499,985
Tryon Park CLO Ltd.,
Series 2013-01A, Class A2R, 144A, 3 Month LIBOR + 1.500% (Cap N/A, Floor 0.000%)	1.624(c)	04/15/29		250		249,994
Voya CLO Ltd.,
Series 2013-02A, Class A1R, 144A, 3 Month LIBOR + 0.970% (Cap N/A, Floor 0.970%)	1.094(c)	04/25/31		250		250,124
Wind River CLO Ltd.,
Series 2016-01A, Class A1R2, 144A	0.000(cc)	10/15/34		250		249,985
						8,251,965
Ireland    2.4%
Ares European CLO DAC,
Series 11A, Class B2R, 144A	1.950	04/15/32	EUR	500		578,722
Armada Euro CLO DAC,
Series 02A, Class A3, 144A	1.500	11/15/31	EUR	250		289,336
Carlyle Euro CLO Ltd.,
Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%)	0.990(c)	10/15/35	EUR	300		347,008
Carlyle Global Market Strategies Euro CLO Ltd.,
Series 2014-02A, Class AR1, 144A, 3 Month EURIBOR + 0.750% (Cap N/A, Floor 0.750%)	0.750(c)	11/15/31	EUR	500		575,934
						1,791,000
Spain    0.2%
TFS,
Series 2018-03, Class A1, 1 Month EURIBOR + 3.000%	3.000(c)	04/16/23	EUR	103		104,246

See Notes to Financial Statements.

16

Description	Interest       Rate	Maturity Date	Principal       Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
United States    2.1%
Battalion CLO Ltd.,
Series 2018-12A, Class A1, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%)	1.194%(c)	05/17/31		250	$	249,931
Credit Suisse Mortgage Trust,
Series 2020-11R, Class 1A1, 144A, 1 Month LIBOR + 2.150%	2.230(c)	04/25/38		52		52,477
Exeter Automobile Receivables Trust,
Series 2021-03A, Class D	1.550	06/15/27		100		98,835
Lendmark Funding Trust,
Series 2019-01A, Class A, 144A	3.000	12/20/27		100		101,480
Series 2019-02A, Class A, 144A	2.780	04/20/28		200		203,547
Mariner Finance Issuance Trust,
Series 2020-AA, Class A, 144A	2.190	08/21/34		100		101,507
OneMain Direct Auto Receivables Trust,
Series 2019-01A, Class A, 144A	3.630	09/14/27		100		106,146
Series 2019-01A, Class D, 144A	4.680	04/14/31		100		108,922
Oportun Funding XIV LLC,
Series 2021-A, Class B, 144A	1.760	03/08/28		100		100,004
Series 2021-A, Class C, 144A	3.440	03/08/28		100		101,081
PNMAC GMSR Issuer Trust,
Series 2018-GT01, Class A, 144A, 1 Month LIBOR + 2.850% (Cap N/A, Floor 2.850%)	2.939(c)	02/25/23		100		100,233
Series 2018-GT02, Class A, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 0.000%)	2.739(c)	08/25/25		100		99,970
TH MSR Issuer Trust,
Series 2019-FT01, Class A, 144A, 1 Month LIBOR + 2.800% (Cap N/A, Floor 2.800%)	2.889(c)	06/25/24		120		119,707
						1,543,840
TOTAL ASSET-BACKED SECURITIES (cost $11,666,881)						11,691,051
BANK LOAN    0.0%
United States
Diamond Sports Group LLC,
Term Loan, 1 Month LIBOR + 3.250% (cost $36,224)	3.340(c)	08/24/26		50		25,893

See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund	17

Schedule of Investments  (continued)

as of October 31, 2021

Description	Interest       Rate	Maturity Date	Principal       Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES     7.5%
Canada    0.0%
Real Estate Asset Liquidity Trust,
Series 2020-01A, Class A1, 144A	2.381%(cc)	02/12/55	CAD	23	$	18,881
Ireland     1.5%
Deco DAC,
Series 2019-RAM, Class B, 3 Month GBP LIBOR + 3.500% (Cap N/A, Floor 3.500%)	3.573(c)	08/07/30	GBP	486		569,859
Last Mile Logistics Pan Euro Finance DAC,
Series 01A, Class D, 144A, 3 Month EURIBOR + 1.900% (Cap N/A, Floor 1.900%)	1.900(c)	08/17/33	EUR	100		114,714
Taurus DAC,
Series 2021-UK4A, Class B, 144A, SONIA + 1.500%	1.550(c)	08/17/31	GBP	100		136,594
Series 2021-UK4A, Class C, 144A, SONIA + 1.750%	1.800(c)	08/17/31	GBP	100		136,566
Series 2021-UK4A, Class D, 144A, SONIA + 2.100%	2.150(c)	08/17/31	GBP	100		136,608
						1,094,341
United States    6.0%
BANK,
Series 2018-BN10, Class A4	3.428	02/15/61		250		267,992
Series 2020-BN26, Class A3	2.155	03/15/63		200		200,379
BBCMS Mortgage Trust,
Series 2018-CHRS, Class C, 144A	4.267(cc)	08/05/38		380		392,448
Benchmark Mortgage Trust,
Series 2018-B01, Class A3	3.355	01/15/51		175		183,746
Series 2018-B02, Class A3	3.544	02/15/51		200		211,941
Series 2020-B17, Class A4	2.042	03/15/53		75		74,589
Series 2020-B20, Class A3	1.945	10/15/53		100		100,077
BX Commercial Mortgage Trust,
Series 2019-XL, Class F, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%)	2.090(c)	10/15/36		85		84,840
Series 2019-XL, Class G, 144A, 1 Month LIBOR + 2.300% (Cap N/A, Floor 2.300%)	2.390(c)	10/15/36		85		84,787
Series 2019-XL, Class J, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 2.650%)	2.740(c)	10/15/36		85		84,789
Series 2020-BXLP, Class F, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%)	2.090(c)	12/15/36		86		85,094
Citigroup Commercial Mortgage Trust,
Series 2018-B02, Class A3	3.744	03/10/51		150		163,443
Cold Storage Trust,
Series 2020-ICE05, Class E, 144A, 1 Month LIBOR + 2.766% (Cap N/A, Floor 2.833%)	2.856(c)	11/15/37		98		98,240

See Notes to Financial Statements.

18

Description	Interest       Rate	Maturity Date	Principal       Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
United States (cont’d.)
Credit Suisse Mortgage Capital Certificates,
Series 2019-ICE04, Class E, 144A, 1 Month LIBOR + 2.150% (Cap N/A, Floor 2.150%)	2.240%(c)	05/15/36		200	$	200,124
FHLMC Multifamily Structured Pass-Through Certificates,
Series K052, Class X1, IO	0.646(cc)	11/25/25		4,416		101,816
Series K111, Class X1, IO	1.572(cc)	05/25/30		319		37,140
Series K113, Class X1, IO	1.387(cc)	06/25/30		920		95,425
Series KG03, Class X1, IO	1.381(cc)	06/25/30		1,055		106,591
GS Mortgage Securities Trust,
Series 2018-GS09, Class A3	3.727	03/10/51		125		136,247
JP Morgan Chase Commercial Mortgage Securities Corp.,
Series 2021-NYAH, Class G, 144A, 1 Month LIBOR + 2.640% (Cap N/A, Floor 2.640%)	2.720(c)	06/15/38		150		149,672
Series 2021-NYAH, Class H, 144A, 1 Month LIBOR + 3.390% (Cap N/A, Floor 3.390%)	3.470(c)	06/15/38		100		99,781
MKT Mortgage Trust,
Series 2020-525M, Class F, 144A	2.941(cc)	02/12/40		100		92,675
One New York Plaza Trust,
Series 2020-01NYP, Class C, 144A, 1 Month LIBOR + 2.200% (Cap N/A, Floor 2.200%)	2.290(c)	01/15/26		100		100,381
Series 2020-01NYP, Class D, 144A, 1 Month LIBOR + 2.750% (Cap N/A, Floor 2.750%)	2.840(c)	01/15/26		100		100,501
UBS Commercial Mortgage Trust,
Series 2018-C08, Class A3	3.720	02/15/51		250		274,299
Wells Fargo Commercial Mortgage Trust,
Series 2016-LC24, Class A3	2.684	10/15/49		250		258,818
Series 2021-C59, Class A3	1.958	04/15/54		600		595,612
Series 2021-FCMT, Class C, 144A, 1 Month LIBOR + 2.400% (Cap N/A, Floor 2.400%)	2.490(c)	05/15/31		100		100,031
						4,481,478
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $5,503,212)						5,594,700
CORPORATE BONDS    38.3%
Belgium    0.2%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.,
Gtd. Notes	4.900	02/01/46		140		178,559

See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund	19

Schedule of Investments  (continued)

as of October 31, 2021

Description	Interest       Rate	Maturity Date	Principal       Amount (000)#		Value
CORPORATE BONDS (Continued)
Brazil    0.4%
Petrobras Global Finance BV, Gtd. Notes	6.625%	01/16/34	GBP	200	$	307,507
Bulgaria    0.3%
Bulgarian Energy Holding EAD, Sr. Unsec’d. Notes	2.450	07/22/28	EUR	200		229,739
Canada    1.3%
Bombardier, Inc.,
Sr. Unsec’d. Notes, 144A	7.125	06/15/26		25		26,243
Sr. Unsec’d. Notes, 144A	7.500	12/01/24		25		26,024
Sr. Unsec’d. Notes, 144A	7.500	03/15/25		25		25,649
Sr. Unsec’d. Notes, 144A	7.875	04/15/27		80		83,198
Brookfield Residential Properties, Inc./Brookfield Residential US LLC,
Gtd. Notes, 144A	4.875	02/15/30		35		35,104
Cenovus Energy, Inc.,
Sr. Unsec’d. Notes	2.650	01/15/32		15		14,643
Sr. Unsec’d. Notes	3.750	02/15/52		10		10,092
Hydro-Quebec,
Local Gov’t. Gtd. Notes, Series HK	9.375	04/15/30		150		232,127
Mattamy Group Corp.,
Sr. Unsec’d. Notes, 144A	4.625	03/01/30		125		126,870
Ontario Teachers’ Cadillac Fairview Properties Trust,
Sr. Unsec’d. Notes, 144A	3.875	03/20/27		300		329,744
Teck Resources Ltd.,
Sr. Unsec’d. Notes	5.400	02/01/43		60		74,218
						983,912
China    1.7%
Agricultural Development Bank of China,
Sr. Unsec’d. Notes	3.800	10/27/30	CNH	1,000		161,721
Aircraft Finance Co. Ltd.,
Sr. Sec’d. Notes, Series B	4.100	03/29/26		92		94,139
China Development Bank,
Sr. Unsec’d. Notes	4.300	08/02/32	CNH	5,000		839,457
Unsec’d. Notes	4.200	01/19/27	CNH	1,000		163,879
						1,259,196

See Notes to Financial Statements.

20

Description	Interest       Rate	Maturity Date	Principal       Amount (000)#		Value
CORPORATE BONDS (Continued)
Denmark    0.7%
Danske Bank A/S,
Sr. Unsec’d. Notes, 144A	1.171%(ff)	12/08/23		300	$	300,712
Sub. Notes, EMTN	2.500(ff)	06/21/29	EUR	150		181,422
						482,134
France    3.1%
Banque Federative du Credit Mutuel SA,
Sr. Unsec’d. Notes, 144A	1.604	10/04/26		200		199,387
BNP Paribas SA,
Sr. Unsec’d. Notes, 144A	2.871(ff)	04/19/32		400		406,508
BPCE SA,
Sr. Unsec’d. Notes, 144A	2.045(ff)	10/19/27		250		248,803
Credit Agricole Assurances SA,
Sub. Notes	4.250(ff)	01/13/25(oo)	EUR	100		127,015
Iliad Holding SAS,
Sr. Sec’d. Notes, 144A	5.125	10/15/26	EUR	100		118,938
La Poste SA,
Sr. Unsec’d. Notes, EMTN	1.375	04/21/32	EUR	100		122,998
Regie Autonome des Transports Parisiens,
Sr. Unsec’d. Notes, EMTN	0.400	12/19/36	EUR	100		115,241
SNCF Reseau,
Sr. Unsec’d. Notes, Series MPLE	4.700	06/01/35	CAD	100		96,161
Societe Generale SA,
Sr. Unsec’d. Notes, 144A	1.488(ff)	12/14/26		200		195,977
Sr. Unsec’d. Notes, 144A, MTN	1.792(ff)	06/09/27		200		196,849
Sr. Unsec’d. Notes, 144A, MTN	2.625	01/22/25		255		262,782
Verallia SA,
Gtd. Notes	1.625	05/14/28	EUR	200		236,402
						2,327,061
Germany    1.4%
Deutsche Bahn Finance GMBH,
Gtd. Notes, MTN	3.800	09/27/27	AUD	100		80,841
Deutsche Bank AG,
Sr. Unsec’d. Notes	0.898	05/28/24		265		263,176
Sr. Unsec’d. Notes	1.447(ff)	04/01/25		210		210,042
thyssenkrupp AG,
Sr. Unsec’d. Notes	1.375	03/03/22	EUR	200		231,421

See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund	21

Schedule of Investments  (continued)

as of October 31, 2021

Description	Interest       Rate	Maturity Date	Principal       Amount (000)#		Value
CORPORATE BONDS (Continued)
Germany (cont’d.)
Volkswagen International Finance NV,
Gtd. Notes	2.700%(ff)	12/14/22(oo)	EUR	100	$	118,399
Gtd. Notes	4.625(ff)	03/24/26(oo)	EUR	100		129,463
						1,033,342
Hong Kong    0.5%
HKT Capital No. 3 Ltd.,
Gtd. Notes	1.650	04/10/27	EUR	200		240,590
Sun Hung Kai Properties Capital Market Ltd.,
Gtd. Notes, EMTN	3.200	08/14/27	CNH	1,000		153,601
						394,191
Hungary    0.2%
MFB Magyar Fejlesztesi Bank Zrt,
Gov’t. Gtd. Notes	0.375	06/09/26	EUR	100		115,504
India    0.2%
NTPC Ltd.,
Sr. Unsec’d. Notes, EMTN	2.750	02/01/27	EUR	100		122,650
Indonesia    0.2%
Perusahaan Listrik Negara PT,
Sr. Unsec’d. Notes, 144A	1.875	11/05/31	EUR	100		112,396
Israel    0.1%
Energean Israel Finance Ltd.,
Sr. Sec’d. Notes, 144A	4.500	03/30/24		100		101,987
Italy    0.8%
Assicurazioni Generali SpA,
Sub. Notes, EMTN	5.500(ff)	10/27/47	EUR	100		139,876
Intesa Sanpaolo SpA,
Sr. Unsec’d. Notes, 144A	3.375	01/12/23		200		206,054
Nexi SpA,
Sr. Unsec’d. Notes	2.125	04/30/29	EUR	100		114,309
Rossini Sarl,
Sr. Sec’d. Notes, 144A	6.750	10/30/25	EUR	100		119,659
						579,898

See Notes to Financial Statements.

22

Description	Interest       Rate	Maturity Date	Principal       Amount (000)#		Value
CORPORATE BONDS (Continued)
Jamaica    0.1%
Digicel International Finance Ltd./Digicel International Holdings Ltd.,
Gtd. Notes, 144A	8.000%	12/31/26		100	$	97,566
Japan    0.3%
Mitsubishi UFJ Financial Group, Inc.,
Sr. Unsec’d. Notes	1.640(ff)	10/13/27		210		207,847
Kazakhstan    0.2%
Kazakhstan Temir Zholy National Co. JSC,
Gtd. Notes	3.250	12/05/23	CHF	100		115,051
Gtd. Notes	3.638	06/20/22	CHF	50		55,742
						170,793
Luxembourg    0.3%
ARD Finance SA,
Sr. Sec’d. Notes, 144A, Cash coupon 5.000% or PIK 5.750%	5.000	06/30/27	EUR	100		118,855
Matterhorn Telecom SA,
Sr. Sec’d. Notes	3.125	09/15/26	EUR	100		114,438
						233,293
Malta    0.2%
Freeport Terminal Malta PLC,
Gov’t. Gtd. Notes, 144A	7.250	05/15/28		100		131,487
Mexico    1.0%
Comision Federal de Electricidad,
Sr. Unsec’d. Notes	5.000	09/29/36		158		165,733
Petroleos Mexicanos,
Gtd. Notes	3.625	11/24/25	EUR	300		350,246
Gtd. Notes, EMTN	4.875	02/21/28	EUR	200		232,669
						748,648
Netherlands    0.7%
Cooperatieve Rabobank UA,
Sr. Unsec’d. Notes, GMTN	3.500	12/14/26	AUD	90		68,981

See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund	23

Schedule of Investments  (continued)

as of October 31, 2021

Description	Interest       Rate	Maturity Date	Principal       Amount (000)#		Value
CORPORATE BONDS (Continued)
Netherlands (cont’d.)
JDE Peet’s NV,
Gtd. Notes, 144A	1.375%	01/15/27		150	$	146,532
OCI NV,
Sr. Sec’d. Notes	3.625	10/15/25	EUR	250		298,100
						513,613
Peru    0.2%
Peru Enhanced Pass-Through Finance Ltd.,
Pass-Through Certificates	1.962(s)	06/02/25		119		112,963
Portugal    0.2%
Comboios de Portugal EPE,
Sr. Unsec’d. Notes	5.700	03/05/30	EUR	100		157,972
Russia    0.7%
Gazprom PJSC Via Gaz Capital SA,
Sr. Unsec’d. Notes	2.500	03/21/26	EUR	100		120,713
Sr. Unsec’d. Notes	4.250	04/06/24	GBP	100		144,330
Russian Railways Via RZD Capital PLC,
Sr. Unsec’d. Notes	0.898	10/03/25	CHF	50		54,570
Sr. Unsec’d. Notes	7.487	03/25/31	GBP	100		181,623
						501,236
Spain    1.3%
Amadeus IT Group SA,
Sr. Unsec’d. Notes, EMTN	1.875	09/24/28	EUR	100		122,367
Banco Santander SA,
Sr. Unsec’d. Notes	1.849	03/25/26		200		200,285
Cellnex Finance Co. SA,
Gtd. Notes, EMTN	2.000	02/15/33	EUR	300		330,898
Cellnex Telecom SA,
Sr. Unsec’d. Notes, EMTN	1.750	10/23/30	EUR	100		111,603
Iberdrola International BV,
Gtd. Notes, Series NC6	1.450(ff)	11/09/26(oo)	EUR	200		231,778
						996,931
Supranational Bank    0.1%
European Investment Bank,
Sr. Unsec’d. Notes, 144A, EMTN	5.400	01/05/45	CAD	50		56,640

See Notes to Financial Statements.

24

Description	Interest       Rate	Maturity Date	Principal       Amount (000)#		Value
CORPORATE BONDS (Continued)
Sweden   0.4%
Svenska Handelsbanken AB,
Sr. Unsec’d. Notes, 144A	1.418%(ff)	06/11/27		275	$	271,070
Switzerland   0.9%
Credit Suisse Group AG,
Sr. Unsec’d. Notes, 144A	2.593(ff)	09/11/25		250		256,979
UBS Group AG,
Sr. Unsec’d. Notes, 144A	1.364(ff)	01/30/27		200		196,362
Sr. Unsec’d. Notes, 144A	1.494(ff)	08/10/27		200		195,760
						649,101
United Arab Emirates   0.4%
DP World PLC,
Sr. Unsec’d. Notes	2.375	09/25/26	EUR	100		123,150
Sr. Unsec’d. Notes	4.250	09/25/30	GBP	100		152,481
						275,631
United Kingdom   2.7%
Barclays PLC,
Sr. Unsec’d. Notes	3.932(ff)	05/07/25		200		212,827
BAT Capital Corp.,
Gtd. Notes	2.259	03/25/28		80		78,431
Bellis Acquisition Co. PLC,
Sr. Sec’d. Notes, 144A	3.250	02/16/26	GBP	200		262,163
Bellis Finco PLC,
Sr. Unsec’d. Notes, 144A	4.000	02/16/27	GBP	100		129,039
BP Capital Markets PLC,
Gtd. Notes	4.375(ff)	06/22/25(oo)		150		159,216
Co-operative Group Holdings 2011 Ltd.,
Gtd. Notes	7.500	07/08/26	GBP	100		160,323
DS Smith PLC,
Sr. Unsec’d. Notes, EMTN	0.875	09/12/26	EUR	100		117,270
eG Global Finance PLC,
Sr. Sec’d. Notes, 144A	6.250	10/30/25	EUR	100		117,307
HSBC Holdings PLC,
Sr. Unsec’d. Notes	2.804(ff)	05/24/32		200		201,389

See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund	25

Schedule of Investments  (continued)

as of October 31, 2021

Description	Interest       Rate	Maturity Date	Principal       Amount (000)#		Value
CORPORATE BONDS (Continued)
United Kingdom (cont’d.)
Santander UK Group Holdings PLC,
Sr. Unsec’d. Notes	1.673%(ff)	06/14/27		350	$	344,859
Sherwood Financing PLC,
Sr. Sec’d. Notes, 144A	6.000	11/15/26	GBP	175		239,197
						2,022,021
United States   17.5%
AbbVie, Inc.,
Sr. Unsec’d. Notes	4.050	11/21/39		50		57,326
Sr. Unsec’d. Notes	4.250	11/21/49		50		60,237
American Axle & Manufacturing, Inc.,
Gtd. Notes	6.500	04/01/27		50		52,212
American International Group, Inc.,
Sr. Unsec’d. Notes	1.875	06/21/27	EUR	100		123,017
Antero Resources Corp.,
Gtd. Notes, 144A	8.375	07/15/26		15		16,881
Anthem, Inc.,
Sr. Unsec’d. Notes	2.875	09/15/29		100		104,932
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.,
Sr. Sec’d. Notes	2.125	08/15/26	EUR	250		285,188
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Gtd. Notes, 144A	7.000	11/01/26		25		25,811
Gtd. Notes, 144A	9.000	11/01/27		25		34,187
Ashton Woods USA LLC/Ashton Woods Finance Co.,
Sr. Unsec’d. Notes, 144A	4.625	08/01/29		25		24,902
Sr. Unsec’d. Notes, 144A	4.625	04/01/30		25		24,677
AT&T, Inc.,
Sr. Unsec’d. Notes	3.550	09/15/55		40		40,521
Sr. Unsec’d. Notes	3.650	09/15/59		69		70,132
Sr. Unsec’d. Notes	4.100	01/19/26	AUD	100		80,577
Avantor Funding, Inc.,
Sr. Sec’d. Notes	2.625	11/01/25	EUR	250		295,503
Bank of America Corp.,
Jr. Sub. Notes, Series MM	4.300(ff)	01/28/25(oo)		190		193,157
Sr. Unsec’d. Notes	1.734(ff)	07/22/27		270		268,344
Sr. Unsec’d. Notes	2.572(ff)	10/20/32		130		130,285
Sr. Unsec’d. Notes	2.687(ff)	04/22/32		195		197,620
Sr. Unsec’d. Notes, MTN	2.087(ff)	06/14/29		300		296,513
Sr. Unsec’d. Notes, MTN	3.194(ff)	07/23/30		85		90,001

See Notes to Financial Statements.

26

Description	Interest       Rate	Maturity Date	Principal       Amount (000)#		Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Bausch Health Americas, Inc.,
Gtd. Notes, 144A	8.500%	01/31/27		135	$	143,657
Bausch Health Cos., Inc.,
Gtd. Notes, 144A	5.000	01/30/28		5		4,630
Gtd. Notes, 144A	5.250	01/30/30		25		22,590
Gtd. Notes, 144A	6.250	02/15/29		10		9,687
Beazer Homes USA, Inc.,
Gtd. Notes	6.750	03/15/25		50		51,625
Gtd. Notes	7.250	10/15/29		20		21,853
Bristol-Myers Squibb Co.,
Sr. Unsec’d. Notes	2.350	11/13/40		10		9,506
Brixmor Operating Partnership LP,
Sr. Unsec’d. Notes	2.500	08/16/31		10		9,777
Sr. Unsec’d. Notes	4.125	05/15/29		65		72,585
Broadcom, Inc.,
Gtd. Notes, 144A	3.500	02/15/41		30		29,925
Sr. Unsec’d. Notes, 144A	3.137	11/15/35		102		100,463
Sr. Unsec’d. Notes, 144A	3.419	04/15/33		65		67,105
Caledonia Generating LLC,
Sr. Sec’d. Notes, 144A	1.950	02/28/34		97		95,210
Calpine Corp.,
Sr. Unsec’d. Notes, 144A	4.625	02/01/29		10		9,723
Sr. Unsec’d. Notes, 144A	5.000	02/01/31		10		9,797
Sr. Unsec’d. Notes, 144A	5.125	03/15/28		50		49,875
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A	4.250	02/01/31		50		49,755
Sr. Unsec’d. Notes, 144A	5.000	02/01/28		75		77,999
Central Garden & Pet Co.,
Gtd. Notes, 144A	4.125	04/30/31		25		25,152
CF Industries, Inc.,
Gtd. Notes	4.950	06/01/43		40		48,794
Gtd. Notes	5.375	03/15/44		40		51,260
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes	2.300	02/01/32		40		37,902
Sr. Sec’d. Notes	3.900	06/01/52		135		136,415
Sr. Sec’d. Notes	4.800	03/01/50		35		39,707
Sr. Sec’d. Notes	6.384	10/23/35		100		129,913
Cigna Corp.,
Sr. Unsec’d. Notes	2.400	03/15/30		25		25,243
Citigroup, Inc.,
Jr. Sub. Notes	3.875(ff)	02/18/26(oo)		150		151,777

See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund	27

Schedule of Investments  (continued)

as of October 31, 2021

Description	Interest       Rate	Maturity Date	Principal       Amount (000)#		Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Citigroup, Inc., (cont’d.)
Sr. Unsec’d. Notes	1.462%(ff)	06/09/27		300	$	295,381
Sr. Unsec’d. Notes	2.520(ff)	11/03/32		35		34,871
Sr. Unsec’d. Notes	2.561(ff)	05/01/32		100		100,274
Sr. Unsec’d. Notes	3.106(ff)	04/08/26		300		315,953
CNA Financial Corp.,
Sr. Unsec’d. Notes	3.900	05/01/29		100		110,893
CSC Holdings LLC,
Sr. Unsec’d. Notes, 144A	4.625	12/01/30		200		183,291
CVS Health Corp.,
Sr. Unsec’d. Notes	4.300	03/25/28		3		3,400
Dana, Inc.,
Sr. Unsec’d. Notes	5.375	11/15/27		25		26,211
Danaher Corp.,
Sr. Unsec’d. Notes	2.100	09/30/26	EUR	100		125,266
Diamond Sports Group LLC/Diamond Sports Finance Co.,
Gtd. Notes, 144A	6.625	08/15/27		45		13,459
Diamondback Energy, Inc.,
Gtd. Notes	3.125	03/24/31		15		15,474
Gtd. Notes	4.400	03/24/51		5		5,792
Discovery Communications LLC,
Gtd. Notes	4.900	03/11/26		100		112,731
DISH DBS Corp.,
Gtd. Notes	7.750	07/01/26		50		55,654
Endeavor Energy Resources LP/EER Finance, Inc.,
Sr. Unsec’d. Notes, 144A	5.750	01/30/28		75		78,721
Energy Transfer LP,
Jr. Sub. Notes, Series G	7.125(ff)	05/15/30(oo)		100		104,524
Jr. Sub. Notes, Series H	6.500(ff)	11/15/26(oo)		50		51,880
Sr. Unsec’d. Notes	5.000	05/15/50		45		52,683
Enterprise Products Operating LLC,
Gtd. Notes	3.700	01/31/51		15		15,903
Gtd. Notes	3.950	01/31/60		15		16,431
Fidelity National Information Services, Inc.,
Sr. Unsec’d. Notes	1.500	05/21/27	EUR	100		121,194
Ford Motor Co.,
Sr. Unsec’d. Notes	5.291	12/08/46		125		143,552
General Motors Co.,
Sr. Unsec’d. Notes	5.150	04/01/38		50		60,198
General Motors Financial Co., Inc.,
Sr. Unsec’d. Notes	2.700	06/10/31		75		74,266

See Notes to Financial Statements.

28

Description	Interest       Rate	Maturity Date	Principal       Amount (000)#		Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Goldman Sachs Group, Inc. (The),
Jr. Sub. Notes, Series U	3.650%(ff)	08/10/26(oo)		130	$	129,324
Sr. Unsec’d. Notes	1.542(ff)	09/10/27		300		294,917
Sr. Unsec’d. Notes	1.992(ff)	01/27/32		20		19,109
Sr. Unsec’d. Notes	2.615(ff)	04/22/32		195		195,553
HCA, Inc.,
Sr. Sec’d. Notes	5.250	04/15/25		100		112,095
Hunt Cos., Inc.,
Sr. Sec’d. Notes, 144A	5.250	04/15/29		50		49,252
JBS USA LUX SA/JBS USA Finance, Inc.,
Gtd. Notes, 144A	6.750	02/15/28		75		80,942
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,
Gtd. Notes, 144A	6.500	04/15/29		25		27,760
Jefferies Group LLC/Jefferies Group Capital Finance, Inc.,
Sr. Unsec’d. Notes	2.625	10/15/31		150		147,219
JPMorgan Chase & Co.,
Jr. Sub. Notes, Series HH	4.600(ff)	02/01/25(oo)		200		204,312
Sr. Unsec’d. Notes	2.069(ff)	06/01/29		250		247,551
Sr. Unsec’d. Notes	2.083(ff)	04/22/26		90		91,796
Sr. Unsec’d. Notes	2.580(ff)	04/22/32		125		125,898
Sr. Unsec’d. Notes	3.702(ff)	05/06/30		65		71,056
Kraft Heinz Foods Co.,
Gtd. Notes	3.000	06/01/26		93		97,012
Liberty Mutual Group, Inc.,
Gtd. Notes	2.750	05/04/26	EUR	100		126,913
Marathon Petroleum Corp.,
Sr. Unsec’d. Notes	6.500	03/01/41		50		69,491
Marriott International, Inc.,
Sr. Unsec’d. Notes, Series HH	2.850	04/15/31		75		75,473
Medtronic Global Holdings SCA,
Gtd. Notes	0.750	10/15/32	EUR	100		114,526
Morgan Stanley,
Sr. Unsec’d. Notes	0.406(ff)	10/29/27	EUR	200		229,197
Sr. Unsec’d. Notes	1.102(ff)	04/29/33	EUR	100		115,244
Sr. Unsec’d. Notes	1.593(ff)	05/04/27		110		108,963
Sr. Unsec’d. Notes, EMTN	7.500	12/15/27	MXN	1,000		45,221
Sr. Unsec’d. Notes, GMTN	2.239(ff)	07/21/32		150		146,447
Sr. Unsec’d. Notes, MTN	1.928(ff)	04/28/32		75		71,406
Sr. Unsec’d. Notes, MTN	2.511(ff)	10/20/32		55		54,892

See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund	29

Schedule of Investments  (continued)

as of October 31, 2021

Description	Interest       Rate	Maturity Date	Principal       Amount (000)#		Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Mozart Debt Merger Sub, Inc.,
Sr. Sec’d. Notes, 144A	3.875%	04/01/29		25	$	24,880
Sr. Unsec’d. Notes, 144A	5.250	10/01/29		25		25,410
MPLX LP,
Sr. Unsec’d. Notes	4.000	03/15/28		25		27,501
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes	3.375	04/24/30	GBP	250		352,236
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A	5.500	08/15/28		15		15,366
Gtd. Notes, 144A	6.000	01/15/27		35		36,635
Newell Brands, Inc.,
Sr. Unsec’d. Notes	4.700	04/01/26		100		109,541
NRG Energy, Inc.,
Gtd. Notes	5.750	01/15/28		53		56,206
ONEOK, Inc.,
Gtd. Notes	4.450	09/01/49		120		135,420
Penn National Gaming, Inc.,
Sr. Unsec’d. Notes, 144A	5.625	01/15/27		75		77,494
Phillips 66,
Gtd. Notes	3.700	04/06/23		15		15,629
Range Resources Corp.,
Gtd. Notes	9.250	02/01/26		50		54,140
Scientific Games International, Inc.,
Sr. Sec’d. Notes, 144A	5.000	10/15/25		100		103,026
Silgan Holdings, Inc.,
Gtd. Notes	2.250	06/01/28	EUR	200		231,522
Skyworks Solutions, Inc.,
Sr. Unsec’d. Notes	3.000	06/01/31		75		75,783
Southwest Airlines Co.,
Sr. Unsec’d. Notes	5.125	06/15/27		180		207,667
Stryker Corp.,
Sr. Unsec’d. Notes	2.625	11/30/30	EUR	100		133,650
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
Sr. Unsec’d. Notes	5.875	03/01/27		50		51,979
Swiss Re Finance UK PLC,
Gtd. Notes, EMTN	2.714(ff)	06/04/52	EUR	100		124,720
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
Gtd. Notes, 144A	7.500	10/01/25		50		54,069
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A	5.875	06/15/27		25		28,062

See Notes to Financial Statements.

30

Description	Interest       Rate	Maturity Date	Principal       Amount (000)#		Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Taylor Morrison Communities, Inc., (cont’d.)
Gtd. Notes, 144A	6.625%	07/15/27		25	$	26,376
Sr. Unsec’d. Notes, 144A	5.125	08/01/30		10		10,649
Tenet Healthcare Corp.,
Gtd. Notes, 144A	6.125	10/01/28		75		78,765
T-Mobile USA, Inc.,
Sr. Sec’d. Notes	4.375	04/15/40		30		34,220
Sr. Sec’d. Notes	4.500	04/15/50		40		47,277
U.S. Bancorp,
Jr. Sub. Notes	3.700(ff)	01/15/27(oo)		200		199,188
United Airlines 2019-2 Class AA Pass-Through Trust,
Pass-Through Certificates	2.700	11/01/33		24		24,187
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A	4.375	04/15/26		60		62,125
Sr. Sec’d. Notes, 144A	4.625	04/15/29		10		10,312
United Rentals North America, Inc.,
Gtd. Notes	5.250	01/15/30		60		64,983
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC,
Sr. Sec’d. Notes, 144A	7.875	02/15/25		100		105,277
Vector Group Ltd.,
Sr. Sec’d. Notes, 144A	5.750	02/01/29		125		124,697
Ventas Realty LP,
Gtd. Notes	2.500	09/01/31		130		128,149
Venture Global Calcasieu Pass LLC,
Sr. Sec’d. Notes, 144A	3.875	08/15/29		5		5,093
Sr. Sec’d. Notes, 144A	4.125	08/15/31		5		5,179
VEREIT Operating Partnership LP,
Gtd. Notes	2.200	06/15/28		5		5,016
Gtd. Notes	2.850	12/15/32		5		5,178
Verizon Communications, Inc.,
Sr. Unsec’d. Notes	2.550	03/21/31		45		45,378
Sr. Unsec’d. Notes	2.650	11/20/40		45		42,599
Sr. Unsec’d. Notes	2.850	09/03/41		20		19,537
Viatris, Inc.,
Gtd. Notes	3.850	06/22/40		110		117,808
Gtd. Notes	4.000	06/22/50		15		16,250
Vistra Corp.,
Jr. Sub. Notes, 144A	8.000(ff)	10/15/26(oo)		125		131,212
Vistra Operations Co. LLC,
Gtd. Notes, 144A	5.000	07/31/27		45		46,076
Gtd. Notes, 144A	5.625	02/15/27		75		77,284

See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund	31

Schedule of Investments  (continued)

as of October 31, 2021

Description	Interest       Rate	Maturity Date	Principal       Amount (000)#		Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Warner Media LLC,
Gtd. Notes	4.050%	12/15/23		150	$	158,903
Wells Fargo & Co.,
Sr. Unsec’d. Notes, MTN	3.000	02/19/25		80		84,228
Welltower, Inc.,
Sr. Unsec’d. Notes	2.050	01/15/29		50		49,249
Sr. Unsec’d. Notes	3.100	01/15/30		70		73,678
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes	3.500	10/15/51		30		30,702
WPC Eurobond BV,
Gtd. Notes	0.950	06/01/30	EUR	100		112,122
						13,006,152
TOTAL CORPORATE BONDS
(cost $28,297,984)						28,381,040
RESIDENTIAL MORTGAGE-BACKED SECURITIES   3.0%
Bermuda   0.9%
Bellemeade Re Ltd.,
Series 2018-01A, Class M1B, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 0.000%)	1.689(c)	04/25/28		45		44,549
Series 2021-01A, Class M1A, 144A, 30 Day Average SOFR + 1.750% (Cap N/A, Floor 1.750%)	1.799(c)	03/25/31		150		150,366
Home Re Ltd.,
Series 2021-01, Class M1B, 144A, 1 Month LIBOR + 1.550% (Cap N/A, Floor 0.000%)	1.639(c)	07/25/33		150		149,272
Oaktown Re VII Ltd.,
Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 1.600%)	1.650(c)	04/25/34		300		300,000
						644,187
Ireland   0.1%
Retiro Mortgage Securities DAC,
Series 01A, Class A1, 144A, 3 Month EURIBOR + 2.000% (Cap 5.000%, Floor 0.000%)	1.453(c)	07/30/75	EUR	89		101,889
United Kingdom   0.2%
Jupiter Mortgage PLC,
Series 1A, Class B, 144A, SONIA + 1.400% (Cap N/A, Floor 0.000%)	1.450(c)	07/20/60	GBP	100		137,716

See Notes to Financial Statements.

32

Description	Interest       Rate	Maturity Date	Principal       Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
United States   1.8%
BVRT Financing Trust,
Series 2021-04, Class F, 144A, SOFR + 2.000%^	2.050%(c)	09/12/26		83	$	83,200
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%)	4.049(c)	11/25/50		35		36,683
Series 2020-HQA05, Class M2, 144A, 30 Day Average SOFR + 2.600% (Cap N/A, Floor 0.000%)	2.649(c)	11/25/50		165		166,865
FHLMC Structured Agency Credit Risk REMIC Trust,
Series 2020-HQA03, Class M2, 144A, 1 Month LIBOR + 3.600% (Cap N/A, Floor 0.000%)	3.689(c)	07/25/50		11		11,071
Series 2021-DNA01, Class B1, 144A, 30 Day Average SOFR + 2.650% (Cap N/A, Floor 0.000%)	2.699(c)	01/25/51		10		10,046
Series 2021-DNA01, Class M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%)	1.849(c)	01/25/51		80		80,075
Series 2021-DNA03, Class B1, 144A, 30 Day Average SOFR + 3.500% (Cap N/A, Floor 0.000%)	3.549(c)	10/25/33		45		46,796
Series 2021-DNA05, Class B1, 144A, 30 Day Average SOFR + 3.050% (Cap N/A, Floor 0.000%)	3.099(c)	01/25/34		30		30,338
Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%)	1.699(c)	01/25/34		20		20,113
Series 2021-DNA06, Class B1, 144A, 30 Day Average SOFR + 3.400% (Cap N/A, Floor 0.000%)	3.448(c)	10/25/41		100		100,277
Series 2021-HQA03, Class B1, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%)	3.399(c)	09/25/41		30		29,713
Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%)	2.149(c)	09/25/41		70		70,000
GCAT LLC,
Series 2019-04, Class A1, 144A	3.228	11/26/49		123		123,159
GS Mortgage-Backed Securities Trust,
Series 2019-SL01, Class A1, 144A	2.625(cc)	01/25/59		27		27,285
Legacy Mortgage Asset Trust,
Series 2019-PR01, Class A1, 144A	3.858	09/25/59		77		77,748
Series 2020-GS01, Class A1, 144A	2.882	10/25/59		83		83,189
MFA Trust,
Series 2021-RPL01, Class A1, 144A	1.131(cc)	07/25/60		227		224,171
PMT Credit Risk Transfer Trust,
Series 2020-02R, Class A, 144A, 1 Month LIBOR + 3.815% (Cap N/A, Floor 3.815%)	3.903(c)	12/25/22		141		141,934
						1,362,663
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(cost $2,246,125)						2,246,455

See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund	33

Schedule of Investments  (continued)

as of October 31, 2021

Description	Interest       Rate	Maturity Date	Principal       Amount (000)#		Value
SOVEREIGN BONDS   24.5%
Andorra   0.1%
Andorra International Bond,
Sr. Unsec’d. Notes, EMTN	1.250%	05/06/31	EUR	100	$	116,565
Austria   0.2%
Republic of Austria Government International Bond,
Sr. Unsec’d. Notes, 144A, MTN	5.375	12/01/34	CAD	160		164,918
Brazil   0.9%
Brazil Loan Trust 1,
Gov’t. Gtd. Notes	5.477	07/24/23		62		63,545
Brazil Minas SPE via State of Minas Gerais,
Gov’t. Gtd. Notes	5.333	02/15/28		595		631,154
						694,699
Bulgaria   0.2%
Bulgaria Government International Bond,
Sr. Unsec’d. Notes, GMTN	3.125	03/26/35	EUR	100		143,405
Canada   0.6%
City of Montreal Canada,
Unsec’d. Notes	3.000	09/01/27	CAD	200		170,109
Municipal Finance Authority of British Columbia,
Unsec’d. Notes	2.500	04/19/26	CAD	200		166,616
Province of Saskatchewan,
Unsec’d. Notes	3.300	06/02/48	CAD	100		87,808
						424,533
Chile   0.2%
Chile Government International Bond,
Sr. Unsec’d. Notes	1.440	02/01/29	EUR	115		138,978
China   0.6%
China Government Bond,
Sr. Unsec’d. Notes	4.000	11/30/35	CNH	500		86,474
Sr. Unsec’d. Notes	4.400	12/12/46	CNH	500		91,878

See Notes to Financial Statements.

34

Description	Interest       Rate	Maturity Date	Principal       Amount (000)#		Value
SOVEREIGN BONDS (Continued)
China (cont’d.)
China Government International Bond,
Sr. Unsec’d. Notes	0.250%	11/25/30	EUR	100	$	112,818
Export-Import Bank of China (The),
Sr. Unsec’d. Notes	4.400	05/14/24	CNH	1,000		161,653
						452,823
Colombia    1.1%
Colombia Government International Bond,
Sr. Unsec’d. Notes	3.000	01/30/30		200		189,085
Sr. Unsec’d. Notes, EMTN	3.875	03/22/26	EUR	500		634,490
						823,575
Croatia    0.5%
Croatia Government International Bond,
Sr. Unsec’d. Notes	1.125	06/19/29	EUR	200		236,980
Unsec’d. Notes	1.125	03/04/33	EUR	100		114,159
						351,139
Cyprus    0.9%
Cyprus Government International Bond,
Sr. Unsec’d. Notes, EMTN	1.250	01/21/40	EUR	20		23,870
Sr. Unsec’d. Notes, EMTN	2.375	09/25/28	EUR	100		132,426
Sr. Unsec’d. Notes, EMTN	2.750	06/27/24	EUR	100		125,031
Sr. Unsec’d. Notes, EMTN	2.750	02/26/34	EUR	200		285,333
Sr. Unsec’d. Notes, EMTN	2.750	05/03/49	EUR	30		46,554
Sr. Unsec’d. Notes, EMTN	4.250	11/04/25	EUR	50		68,028
						681,242
Dominican Republic    0.1%
Dominican Republic International Bond,
Sr. Unsec’d. Notes	5.950	01/25/27		100		111,608
France    0.1%
Caisse Francaise de Financement Local,
Covered Bonds, EMTN	4.680	03/09/29	CAD	100		93,533
Greece    1.6%
Hellenic Republic Government Bond,
Bonds	4.300	02/24/34	EUR	48		72,592

See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund	35

Schedule of Investments  (continued)

as of October 31, 2021

Description	Interest       Rate	Maturity Date	Principal       Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Greece (cont’d.)
Hellenic Republic Government Bond, (cont’d.)
Bonds	4.300%	02/24/35	EUR	21	$	32,134
Bonds	4.300	02/24/37	EUR	440		694,506
Bonds	4.300	02/24/38	EUR	31		49,514
Bonds	4.300	02/24/41	EUR	88		145,797
Sr. Unsec’d. Notes, 144A	1.875	01/24/52	EUR	100		113,412
Hellenic Republic Government International Bond,
Sr. Unsec’d. Notes	5.200	07/17/34	EUR	50		81,816
						1,189,771
Hungary    0.7%
Hungary Government International Bond,
Sr. Unsec’d. Notes	1.750	10/10/27	EUR	100		125,609
Sr. Unsec’d. Notes	1.750	06/05/35	EUR	100		120,125
Sr. Unsec’d. Notes	4.300	12/19/21	CNH	300		46,886
Sr. Unsec’d. Notes, 144A	2.125	09/22/31		200		195,268
						487,888
Indonesia    1.5%
Indonesia Government International Bond,
Sr. Unsec’d. Notes	0.900	02/14/27	EUR	100		115,456
Sr. Unsec’d. Notes	1.450	09/18/26	EUR	100		119,068
Sr. Unsec’d. Notes	1.750	04/24/25	EUR	200		239,797
Sr. Unsec’d. Notes	3.375	07/30/25	EUR	100		126,999
Sr. Unsec’d. Notes, EMTN	3.750	06/14/28	EUR	200		269,348
Sr. Unsec’d. Notes, EMTN	4.125	01/15/25		200		217,216
						1,087,884
Isle of Man    0.3%
Isle of Man Government International Bond,
Unsec’d. Notes	5.375	08/14/34	GBP	100		194,830
Israel    0.6%
Israel Government International Bond,
Sr. Unsec’d. Notes, EMTN	1.500	01/18/27	EUR	100		123,890
Sr. Unsec’d. Notes, EMTN	1.500	01/16/29	EUR	270		338,801
						462,691

See Notes to Financial Statements.

36

Description	Interest       Rate	Maturity Date	Principal       Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Italy    2.9%
Italy Buoni Poliennali Del Tesoro,
Bonds, 144A	2.800%	03/01/67	EUR	105	$	141,744
Sr. Unsec’d. Notes, 144A	1.450	03/01/36	EUR	120		138,957
Sr. Unsec’d. Notes, 144A	1.800	03/01/41	EUR	415		489,927
Sr. Unsec’d. Notes, 144A	3.350	03/01/35	EUR	220		314,328
Region of Lazio,
Sr. Unsec’d. Notes	3.088	03/31/43	EUR	89		117,642
Repubic of Italy Government International Bond Coupon Strips,
Sr. Unsec’d. Notes	1.737(s)	02/20/31	EUR	85		87,718
Republic of Italy Government International Bond,
Sr. Unsec’d. Notes, EMTN	5.345	01/27/48	EUR	50		95,252
Sr. Unsec’d. Notes, EMTN	6.000	08/04/28	GBP	100		171,663
Sr. Unsec’d. Notes, MTN	5.125	07/31/24	EUR	350		458,388
Sr. Unsec’d. Notes, MTN	5.200	07/31/34	EUR	100		163,460
						2,179,079
Japan    0.4%
Japan Government Thirty Year Bond,
Bonds, Series 70	0.700	03/20/51	JPY	15,000		132,739
Japan Government Twenty Year Bond,
Bonds, Series 176	0.500	03/20/41	JPY	15,000		132,543
						265,282
Kazakhstan    0.5%
Kazakhstan Government International Bond,
Sr. Unsec’d. Notes, EMTN	0.600	09/30/26	EUR	200		229,734
Sr. Unsec’d. Notes, EMTN	2.375	11/09/28	EUR	115		147,248
						376,982
Mexico    0.5%
Mexico Government International Bond,
Sr. Unsec’d. Notes	2.875	04/08/39	EUR	200		234,953
Sr. Unsec’d. Notes, EMTN	1.750	04/17/28	EUR	100		120,224
						355,177
New Zealand    0.1%
New Zealand Local Government Funding Agency Bond,
Local Gov’t. Gtd. Notes	3.500	04/14/33	NZD	100		73,975

See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund	37

Schedule of Investments  (continued)

as of October 31, 2021

Description	Interest       Rate	Maturity Date	Principal       Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Panama    0.6%
Panama Government International Bond,
Sr. Unsec’d. Notes	3.160%	01/23/30		200	$	206,601
Sr. Unsec’d. Notes	3.875	03/17/28		200		216,884
						423,485
Peru    0.8%
Peruvian Government International Bond,
Sr. Unsec’d. Notes	1.250	03/11/33	EUR	105		117,189
Sr. Unsec’d. Notes	2.392	01/23/26		85		86,649
Sr. Unsec’d. Notes	2.750	01/30/26	EUR	300		382,822
Sr. Unsec’d. Notes	6.900	08/12/37	PEN	100		25,347
						612,007
Philippines    0.8%
Philippine Government International Bond,
Sr. Unsec’d. Notes	0.700	02/03/29	EUR	500		571,908
Portugal    1.4%
Portugal Government International Bond,
Sr. Unsec’d. Notes	4.090	06/03/22	CNH	600		93,897
Portugal Obrigacoes do Tesouro OT,
Sr. Unsec’d. Notes, 144A	2.250	04/18/34	EUR	50		68,674
Sr. Unsec’d. Notes, 144A	4.100	04/15/37	EUR	195		333,831
Sr. Unsec’d. Notes, 144A	4.100	02/15/45	EUR	145		274,478
Unsec’d. Notes, 144A	1.000	04/12/52	EUR	260		279,704
						1,050,584
Qatar    0.3%
Qatar Government International Bond,
Sr. Unsec’d. Notes, 144A	3.400	04/16/25		200		214,012
Romania    0.3%
Romanian Government International Bond,
Sr. Unsec’d. Notes, EMTN	3.500	04/03/34	EUR	50		61,794
Sr. Unsec’d. Notes, EMTN	3.875	10/29/35	EUR	100		125,789
Unsec’d. Notes, 144A, MTN	2.124	07/16/31	EUR	50		56,629
						244,212

See Notes to Financial Statements.

38

Description	Interest       Rate	Maturity Date	Principal       Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Russia    1.0%
Russian Foreign Bond - Eurobond,
Sr. Unsec’d. Notes	1.125%	11/20/27	EUR	100	$	115,451
Sr. Unsec’d. Notes	1.850	11/20/32	EUR	200		230,378
Sr. Unsec’d. Notes	2.650	05/27/36	EUR	100		117,709
Sr. Unsec’d. Notes	2.875	12/04/25	EUR	200		252,900
						716,438
Saudi Arabia    0.5%
Saudi Government International Bond,
Sr. Unsec’d. Notes	2.000	07/09/39	EUR	200		241,842
Sr. Unsec’d. Notes, 144A	2.000	07/09/39	EUR	125		151,152
						392,994
Serbia    0.8%
Serbia International Bond,
Sr. Unsec’d. Notes	1.650	03/03/33	EUR	100		108,530
Sr. Unsec’d. Notes	3.125	05/15/27	EUR	250		313,565
Sr. Unsec’d. Notes, 144A	2.125	12/01/30		200		186,452
						608,547
Spain    1.6%
Autonomous Community of Catalonia,
Sr. Unsec’d. Notes	4.220	04/26/35	EUR	100		151,653
Instituto de Credito Oficial,
Gov’t. Gtd. Notes, GMTN	0.963	09/22/22	SEK	1,000		117,375
Spain Government Bond,
Sr. Unsec’d. Notes, 144A	0.500	04/30/30	EUR	35		40,774
Sr. Unsec’d. Notes, 144A	1.000	10/31/50	EUR	190		203,630
Sr. Unsec’d. Notes, 144A	1.850	07/30/35	EUR	285		373,160
Sr. Unsec’d. Notes, 144A	3.450	07/30/66	EUR	60		108,396
Spain Government International Bond,
Sr. Unsec’d. Notes, EMTN	5.250	04/06/29	GBP	100		169,178
						1,164,166
Ukraine    0.8%
Ukraine Government International Bond,
Sr. Unsec’d. Notes	4.375	01/27/30	EUR	230		247,596

See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund	39

Schedule of Investments  (continued)

as of October 31, 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	6.750%	06/20/26	EUR	200	$	248,818
Sr. Unsec’d. Notes, 144A	4.375	01/27/30	EUR	100		107,651
						604,065
United Arab Emirates    0.3%
UAE International Government Bond,
Sr. Unsec’d. Notes, 144A, MTN	2.000	10/19/31		205		201,465
United Kingdom    0.5%
United Kingdom Gilt, Bonds	4.250	12/07/46	GBP	155		355,244
Uruguay    0.2%
Uruguay Government International Bond,
Sr. Unsec’d. Notes	4.375	10/27/27		39		44,908
Sr. Unsec’d. Notes	4.375	01/23/31		62		72,105
						117,013
TOTAL SOVEREIGN BONDS
(cost $17,585,104)						18,146,717
U.S. GOVERNMENT AGENCY OBLIGATION    0.2%
Tennessee Valley Authority
Sr. Unsec’d. Notes
(cost $193,635)	5.625	06/07/32	GBP	100		189,814
U.S. TREASURY OBLIGATIONS    8.0%
U.S. Treasury Bonds	2.750	08/15/47(k)		675		784,477
U.S. Treasury Notes	0.625	08/15/30(k)		300		278,062
U.S. Treasury Notes	1.000	07/31/28		2,400		2,330,250
U.S. Treasury Notes	1.125	02/15/31(k)		2,600		2,509,406
TOTAL U.S. TREASURY OBLIGATIONS
(cost $5,838,505)						5,902,195
TOTAL LONG-TERM INVESTMENTS
(cost $71,367,670)						72,177,865

See Notes to Financial Statements.

40

Description	Shares		Value
SHORT-TERM INVESTMENTS    3.5%
AFFILIATED MUTUAL FUND    3.5%
PGIM Core Ultra Short Bond Fund
(cost $2,567,718)(wa)		2,567,718	$	2,567,718
OPTIONS PURCHASED*~    0.0%
(cost $10,079)				10,313
TOTAL SHORT-TERM INVESTMENTS
(cost $2,577,797)				2,578,031
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN    100.8%
(cost $73,945,467)				74,755,896
OPTIONS WRITTEN*~    (0.0)%
(premiums received $12,000)				(13,030	)
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN    100.8%
(cost $73,933,467)				74,742,866
Liabilities in excess of other assets(z)    (0.8)%				(592,777	)
NET ASSETS    100.0%			$	74,150,089

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

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

SAR—Saudi Arabian Riyal

SEK—Swedish Krona

SGD—Singapore Dollar

THB—Thai Baht

See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund	41

Schedule of Investments  (continued)

as of October 31, 2021

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

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

ESTR—Euro Short-Term Rate

EURIBOR—Euro Interbank Offered Rate

FHLMC—Federal Home Loan Mortgage Corporation

GMTN—Global Medium Term Note

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

NSA—Non-Seasonally Adjusted

OAT—Obligations Assimilables du Tresor

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

SAIBOR—Saudi Arabian Interbank Offered Rate

SOFR—Secured Overnight Financing Rate

SONIA—Sterling Overnight Index Average

SORA—Singapore Overnight Rate 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

THBFIX—Thai Baht Interest Rate Fixing

See Notes to Financial Statements.

42

TONAR—Tokyo Overnight Average 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 $83,200 and 0.1% of net assets.

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at October 31, 2021.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of October 31, 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.

(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 Swaptions

Description

Call/ Put

Counterparty

Expiration Date

Strike

Receive

Pay

Notional Amount (000)#

Value

2- Year Interest Rate Swaptions, 05/21/25

Call

Deutsche Bank AG

05/17/23

2.05%

2.05%(A)

3 Month SAIBOR(Q)

SAR

3,000

$

2,373

2- Year Interest Rate Swaptions, 05/21/25

Put

Deutsche Bank AG

05/17/23

2.05%

3 Month SAIBOR(Q)

2.05%(A)

SAR

3,000

7,940

Total Options Purchased (cost $10,079)

$

10,313

See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund	43

Schedule of Investments  (continued)

as of October 31, 2021

Options Written:

OTC Swaptions

Description

Call/ Put

Counterparty

Expiration Date

Strike

Receive

Pay

Notional   Amount (000)#

Value

2- Year Interest Rate Swaptions, 05/19/25

Call

Deutsche Bank AG

05/17/23

1.13%

3 Month LIBOR(Q)

1.13%(S)

800

$

(3,743

)

2- Year Interest Rate Swaptions, 05/19/25

Put

Deutsche Bank AG

05/17/23

1.13%

1.13%(S)

3 Month LIBOR(Q)

800

(9,287

)

Total Options Written (premiums received $12,000)

$

(13,030

)

Futures contracts outstanding at October 31, 2021:

Number of Contracts	Type	Expiration Date		Current Notional Amount			Value / Unrealized Appreciation (Depreciation)
Long Positions:
4	5 Year U.S. Treasury Notes		Dec. 2021		$	487,000		$	(6,536	)
2	10 Year Australian Treasury Bonds		Dec. 2021			202,884			(13,850	)
6	10 Year Canadian Government Bonds		Dec. 2021			683,339			(22,778	)
6	10 Year U.K. Gilt		Dec. 2021			1,025,755			(34,001	)
45	20 Year U.S. Treasury Bonds		Dec. 2021			7,237,969			(82,326	)
19	30 Year U.S. Ultra Treasury Bonds		Dec. 2021			3,731,719			(14,802	)
5	Euro-OAT		Dec. 2021			947,920			(28,303	)
									(202,596	)
Short Positions:
3	3 Month CME SOFR		Jun. 2022			749,100			1,044
103	2 Year U.S. Treasury Notes		Dec. 2021			22,582,750			95,227
31	5 Year Euro-Bobl		Dec. 2021			4,793,423			66,963
12	10 Year Euro-Bund		Dec. 2021			2,332,161			58,391
34	10 Year U.S. Treasury Notes		Dec. 2021			4,443,906			57,483
1	10 Year U.S. Ultra Treasury Notes		Dec. 2021			145,031			2,421
59	Euro Currency		Dec. 2021			8,531,769			188,487
63	Euro Schatz Index		Dec. 2021			8,153,823			24,712
									494,728
								$	292,132

See Notes to Financial Statements.

44

Forward foreign currency exchange contracts outstanding at October 31, 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 01/19/22	Bank of America, N.A.		AUD	91		$	68,186		$	68,275		$	89		$	—
Brazilian Real, Expiring 11/03/21	Citibank, N.A.		BRL	368			65,997			65,211			—			(786	)
British Pound, Expiring 11/02/21	Goldman Sachs International		GBP	2,822			3,880,209			3,861,744			—			(18,465	)
Chilean Peso, Expiring 12/15/21	HSBC Bank PLC		CLP	24,854			31,784			30,390			—			(1,394	)
Euro,
Expiring 11/02/21	Barclays Bank PLC		EUR	11,484			13,329,973			13,276,866			—			(53,107	)
Expiring 01/19/22	Goldman Sachs International		EUR	69			79,824			79,742			—			(82	)
Hungarian Forint, Expiring 01/19/22	Bank of America, N.A.		HUF	14,766			47,336			47,274			—			(62	)
Japanese Yen, Expiring 11/02/21	Citibank, N.A.		JPY	55,786			490,575			489,470			—			(1,105	)
New Zealand Dollar, Expiring 01/19/22	Bank of America, N.A.		NZD	67			47,728			47,784			56			—
Polish Zloty, Expiring 01/19/22	Barclays Bank PLC		PLN	299			75,429			74,772			—			(657	)
South African Rand, Expiring 12/15/21	Citibank, N.A.		ZAR	575			37,629			37,416			—			(213	)
						$	18,154,670		$	18,078,944			145			(75,871	)
Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date			Current Value			Unrealized Appreciation			Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar, Expiring 01/19/22	Morgan Stanley & Co. International PLC		AUD	387		$	285,520		$	291,518		$	—		$	(5,998	)
Brazilian Real, Expiring 11/03/21	Citibank, N.A.		BRL	354			66,385			62,590			3,795			—
British Pound,
Expiring 11/02/21	Barclays Bank PLC		GBP	2,653			3,625,086			3,630,390			—			(5,304	)
Expiring 11/02/21	Morgan Stanley & Co. International PLC		GBP	169			232,547			231,355			1,192			—
Expiring 12/02/21	Goldman Sachs International		GBP	2,822			3,880,107			3,861,925			18,182			—
Expiring 12/02/21	Morgan Stanley & Co. International PLC		GBP	112			154,159			153,295			864			—

See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund	45

Schedule of Investments  (continued)

as of October 31, 2021

Forward foreign currency exchange contracts outstanding at October 31, 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.):
Canadian Dollar, Expiring 01/19/22	JPMorgan Chase Bank, N.A.		CAD	1,098		$	880,388		$	887,083		$	—		$	(6,695	)
Chinese Renminbi,
Expiring 11/18/21	BNP Paribas S.A.		CNH	578			89,223			90,076			—			(853	)
Expiring 11/18/21	HSBC Bank PLC		CNH	8,438			1,292,353			1,314,939			—			(22,586	)
Expiring 11/18/21	HSBC Bank PLC		CNH	1,069			164,639			166,563			—			(1,924	)
Expiring 11/18/21	HSBC Bank PLC		CNH	894			136,584			139,263			—			(2,679	)
Expiring 11/18/21	Morgan Stanley & Co. International PLC		CNH	1,068			164,826			166,439			—			(1,613	)
Euro,
Expiring 11/02/21	Barclays Bank PLC		EUR	10,496			12,282,323			12,134,672			147,651			—
Expiring 11/02/21	Citibank, N.A.		EUR	893			1,035,573			1,032,211			3,362			—
Expiring 11/02/21	Morgan Stanley & Co. International PLC		EUR	95			110,454			109,983			471			—
Expiring 12/02/21	Barclays Bank PLC		EUR	11,484			13,337,541			13,285,057			52,484			—
Expiring 12/02/21	Barclays Bank PLC		EUR	201			232,507			232,554			—			(47	)
Expiring 12/02/21	Citibank, N.A.		EUR	391			454,478			452,676			1,802			—
Expiring 12/02/21	Citibank, N.A.		EUR	105			121,310			120,960			350			—
Expiring 12/02/21	Morgan Stanley & Co. International PLC		EUR	100			116,183			115,680			503			—
Indonesian Rupiah, Expiring 12/15/21	Citibank, N.A.		IDR	1,526,380			104,575			106,772			—			(2,197	)
Israeli Shekel, Expiring 12/15/21	BNP Paribas S.A.		ILS	94			29,316			29,813			—			(497	)
Japanese Yen,
Expiring 11/02/21	Citibank, N.A.		JPY	52,287			473,053			458,770			14,283			—
Expiring 11/02/21	HSBC Bank PLC		JPY	3,499			30,629			30,700			—			(71	)
Expiring 12/02/21	Citibank, N.A.		JPY	55,786			490,669			489,589			1,080			—
Mexican Peso, Expiring 12/15/21	HSBC Bank PLC		MXN	1,474			72,956			71,092			1,864			—
New Zealand Dollar, Expiring 01/19/22	HSBC Bank PLC		NZD	122			84,573			87,232			—			(2,659	)
Polish Zloty, Expiring 01/19/22	Barclays Bank PLC		PLN	180			45,134			44,942			192			—
Singapore Dollar, Expiring 12/15/21	HSBC Bank PLC		SGD	21			15,863			15,786			77			—
South African Rand,
Expiring 12/15/21	Barclays Bank PLC		ZAR	637			43,620			41,454			2,166			—
Expiring 12/15/21	Citibank, N.A.		ZAR	387			26,780			25,198			1,582			—
Expiring 12/15/21	HSBC Bank PLC		ZAR	697			48,337			45,385			2,952			—

See Notes to Financial Statements.

46

Forward foreign currency exchange contracts outstanding at October 31, 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.):
Swedish Krona, Expiring 01/19/22	Morgan Stanley & Co. International PLC		SEK	1,552		$	177,069		$	180,910		$	—		$	(3,841	)
Swiss Franc, Expiring 01/19/22	Barclays Bank PLC		CHF	241			261,201			264,145			—			(2,944	)
						$	40,565,961		$	40,371,017			254,852			(59,908	)
												$	254,997		$	(135,779	)

Credit default swap agreements outstanding at October 31, 2021:

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):
Republic of France		12/20/26		0.250%(Q)			125		$	(249	)		$	(253	)		$	4		Barclays Bank PLC
Republic of Italy		06/20/23		1.000%(Q)		EUR	90			(1,499	)			435				(1,934	)	Barclays Bank PLC
Republic of Italy		06/20/28		1.000%(Q)		EUR	45			(1,120	)			1,862				(2,982	)	Barclays Bank PLC
									$	(2,868	)		$	2,044			$	(4,912	)

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 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):
Boeing Co.		12/20/21		1.000%(Q)		100		0.331%	$	213		$	73		$	140	Bank of America, N.A.
Boeing Co.		12/20/21		1.000%(Q)		80		0.331%		171			49			122	Goldman Sachs International
Devon Energy Corp.		12/20/21		1.000%(Q)		80		0.333%		171			83			88	Goldman Sachs International
DP World PLC		12/20/24		1.000%(Q)		100		0.577%		1,443			295			1,148	Barclays Bank PLC
Electricite de France S.A.		12/20/22		1.000%(Q)	EUR	100		0.148%		1,279			1,046			233	Goldman Sachs International
EQT Corp.		06/20/22		5.000%(Q)		40		1.068%		1,250			919			331	Credit Suisse International

See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund	47

Schedule of Investments  (continued)

as of October 31, 2021

Credit default swap agreements outstanding at October 31, 2021 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)			Implied Credit Spread at October 31, 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.):
General Electric Co.		06/20/22		1.000%(Q)		130			0.164	%	$	857		$	583			$	274		Morgan Stanley & Co. International PLC
Generalitat de Catalunya		12/20/25		1.000%(Q)		100	*					889			(790	)			1,679		Deutsche Bank AG
Goldman Sachs Group, Inc.		12/20/21		1.000%(Q)		120			0.243	%		271			132				139		Barclays Bank PLC
Halliburton Co.		12/20/26		1.000%(Q)		50			0.713	%		774			492				282		Goldman Sachs International
JPMorgan Chase & Co.		12/20/21		1.000%(Q)		80			0.206	%		185			94				91		Barclays Bank PLC
Kingdom of Spain		06/20/25		1.000%(Q)		1,000			0.231	%		29,089			(6,707	)			35,796		Bank of America, N.A.
Kingdom of Spain		06/20/25		1.000%(Q)		170			0.231	%		4,945			(1,190	)			6,135		Bank of America, N.A.
Kingdom of Spain		06/20/25		1.000%(Q)		15			0.231	%		436			143				293		Barclays Bank PLC
Kingdom of Spain		12/20/25		1.000%(Q)		50			0.261	%		1,579			811				768		JPMorgan Chase Bank, N.A.
Kingdom of Spain		06/20/30		1.000%(Q)		100			0.535	%		3,906			(324	)			4,230		Credit Suisse International
Republic of Chile		12/20/21		1.000%(Q)		80			0.236	%		181			93				88		Citibank, N.A.
Republic of France		12/20/26		0.250%(Q)		125			0.217	%		248			985				(737	)	Barclays Bank PLC
Republic of Indonesia		06/20/23		1.000%(Q)		475			0.292	%		6,120			(998	)			7,118		Citibank, N.A.
Republic of Kazakhstan		06/20/23		1.000%(Q)		85			0.241	%		1,168			—				1,168		Citibank, N.A.
Republic of Panama		12/20/26		1.000%(Q)		45			0.933	%		203			133				70		Citibank, N.A.
Republic of Portugal		12/20/23		1.000%(Q)		50			0.130	%		997			(12	)			1,009		Morgan Stanley & Co. International PLC
Republic of Serbia		12/20/21		1.000%(Q)		100			0.110	%		245			117				128		BNP Paribas S.A.
Republic of South Africa		12/20/23		1.000%(Q)		300			1.048	%		39			(6,895	)			6,934		Bank of America, N.A.
Republic of Ukraine		12/20/23		5.000%(Q)		100			3.212	%		4,289			3,056				1,233		Deutsche Bank AG
Republic of Ukraine		12/20/24		5.000%(Q)		100			3.622	%		4,650			4,975				(325	)	HSBC Bank PLC

See Notes to Financial Statements.

48

Credit default swap agreements outstanding at October 31, 2021 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 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		06/20/25		5.000%(Q)		90		3.810	%	$	4,128		$	(731	)		$	4,859	Barclays Bank PLC
Russian Federation		12/20/22		1.000%(Q)		50		0.260	%		486			(30	)			516	Citibank, N.A.
Russian Federation		06/20/23		1.000%(Q)		150		0.330	%		1,838			(942	)			2,780	Morgan Stanley & Co. International PLC
Russian Federation		06/20/23		1.000%(Q)		100		0.330	%		1,225			(527	)			1,752	Morgan Stanley & Co. International PLC
Russian Federation		06/20/23		1.000%(Q)		50		0.330	%		613			(309	)			922	BNP Paribas S.A.
Teck Resources Ltd.		06/20/26		5.000%(Q)		150		1.084	%		27,241			26,114				1,127	Barclays Bank PLC
Teva Pharmaceutical Industries Ltd.		12/20/21		1.000%(Q)		10		1.111	%		10			3				7	Barclays Bank PLC
T-Mobile USA, Inc.		12/20/21		5.000%(Q)		30		0.488	%		370			192				178	Barclays Bank PLC
Verizon Communications, Inc.		06/20/26		1.000%(Q)		170		0.488	%		4,169			3,306				863	Goldman Sachs International
										$	105,678		$	24,239			$	81,439

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)			Implied Credit Spread at October 31, 2021(4)			Value at Trade Date			Value at October 31, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):
CDX.NA.HY.37.V1		12/20/26		5.000%(Q)			1,500		3.047	%		$	135,491		$	142,807		$	7,316
iTraxx.XO.36.V1		12/20/26		5.000%(Q)		EUR	1,000		2.616	%			132,062			136,190			4,128
												$	267,553		$	278,997		$	11,444

See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund	49

Schedule of Investments  (continued)

as of October 31, 2021

Credit default swap agreements outstanding at October 31, 2021 (continued):

Reference Entity/ Obligation

Termination Date

Fixed Rate

Notional Amount (000)#(3)

Implied Credit Spread at October 31, 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.36.V1

06/20/26

5.000%(Q)

100

1.775

%

$

14,648

$

14,270

$

378

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 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

See Notes to Financial Statements.

50

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 October 31, 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

1,400,000

8.22%(S)

97

6 Month LIBOR(S)

Citibank, N.A.

11/29/23

$

12,547

$

—

$

12,547

Inflation swap agreements outstanding at October 31, 2021:

Notional Amount  (000)#		Termination Date	Fixed Rate	Floating Rate	Value at Trade Date			Value at October 31, 2021				Unrealized Appreciation (Depreciation)
Centrally Cleared Inflation Swap Agreements:
EUR	200	05/15/23	1.485%(T)	France CPI ex Tobacco Household(1)(T)		$	—		$	(2,994	)		$	(2,994	)
EUR	200	05/15/23	1.510%(T)	Eurostat Eurozone HICP ex Tobacco(2)(T)			—			(2,219	)			(2,219	)
	100	01/13/31	2.230%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)			—			(9,017	)			(9,017	)
	105	04/07/31	2.469%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)			—			(6,425	)			(6,425	)
	30	04/09/31	2.435%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)			—			(1,943	)			(1,943	)
	60	04/09/31	2.448%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)			—			(3,803	)			(3,803	)
	135	04/13/31	2.445%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)			—			(8,568	)			(8,568	)
	75	04/13/31	2.450%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)			—			(4,719	)			(4,719	)
	80	04/14/31	2.450%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)			—			(5,022	)			(5,022	)
	170	04/15/31	2.465%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)			—			(10,379	)			(10,379	)
						$	—		$	(55,089	)		$	(55,089	)

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

See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund	51

Schedule of Investments  (continued)

as of October 31, 2021

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

Interest rate swap agreements outstanding at October 31, 2021:    

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at October 31, 2021				Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
AUD	400		12/18/27	2.696%(S)	6 Month BBSW(2)(S)	$	—			$	17,848			$	17,848
AUD	100		11/27/28	2.847%(S)	6 Month BBSW(2)(S)		(1	)			5,445				5,446
AUD	230		12/03/29	2.700%(S)	6 Month BBSW(2)(S)		18,081				10,692				(7,389	)
AUD	1,100		02/19/31	1.398%(S)	6 Month BBSW(2)(S)		(3,434	)			(47,795	)			(44,361	)
BRL	287		01/02/25	6.540%(T)	1 Day BROIS(2)(T)		—				(5,067	)			(5,067	)
BRL	1,638		01/02/25	6.670%(T)	1 Day BROIS(2)(T)		—				(27,012	)			(27,012	)
BRL	306		01/02/25	8.690%(T)	1 Day BROIS(2)(T)		—				1,495				1,495
BRL	569		01/02/25	9.943%(T)	1 Day BROIS(2)(T)		—				16,462				16,462
BRL	609		01/02/25	11.080%(T)	1 Day BROIS(2)(T)		—				24,528				24,528
BRL	98		01/02/25	12.090%(T)	1 Day BROIS(2)(T)		—				5,120				5,120
BRL	1,220		01/04/27	6.493%(T)	1 Day BROIS(2)(T)		—				(42,467	)			(42,467	)
BRL	661		01/04/27	6.820%(T)	1 Day BROIS(2)(T)		—				(22,897	)			(22,897	)
BRL	1,909		01/02/29	7.250%(T)	1 Day BROIS(2)(T)		—				(78,577	)			(78,577	)
CAD	255		05/08/22	1.367%(S)	3 Month CDOR(2)(S)		(1,456	)			1,711				3,167
CAD	1,230		04/03/25	0.970%(S)	3 Month CDOR(2)(S)		(3,977	)			(28,866	)			(24,889	)
CAD	80		12/03/28	2.600%(S)	3 Month CDOR(2)(S)		582				2,967				2,385
CAD	50		01/09/38	2.720%(S)	3 Month CDOR(2)(S)		(1	)			2,320				2,321
CAD	120		12/03/40	2.800%(S)	3 Month CDOR(2)(S)		17,416				7,064				(10,352	)
CAD	50		05/30/47	2.240%(S)	3 Month CDOR(2)(S)		(1,489	)			(907	)			582
CHF	70		04/03/28	0.410%(A)	6 Month CHF LIBOR(2)(S)		141				1,874				1,733
CHF	130		01/31/29	0.260%(A)	6 Month CHF LIBOR(2)(S)		—				1,875				1,875
CHF	40		04/03/33	0.687%(A)	6 Month CHF LIBOR(2)(S)		1,414				2,077				663
CLP	30,200		07/12/29	3.135%(S)	1 Day CLOIS(2)(S)		—				(5,451	)			(5,451	)
CLP	91,000		11/22/29	3.203%(S)	1 Day CLOIS(2)(S)		—				(17,291	)			(17,291	)
CLP	100,000		02/10/30	3.010%(S)	1 Day CLOIS(2)(S)		—				(21,087	)			(21,087	)
CLP	150,000		04/09/31	3.390%(S)	1 Day CLOIS(2)(S)		—				(30,247	)			(30,247	)
CNH	700		08/15/23	3.115%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(3	)			1,552				1,555

See Notes to Financial Statements.

52

Interest rate swap agreements outstanding at October 31, 2021 (continued):

Notional Amount (000)#		Termination Date	Fixed Rate	Floating Rate	Value at Trade Date			Value at October 31, 2021				Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
CNH	700	03/13/24	2.945%(Q)	7 Day China Fixing Repo Rates(2)(Q)	$	(1	)		$	1,328			$	1,329
CNH	1,400	04/01/24	2.923%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—				2,522				2,522
CNH	1,440	06/03/24	2.975%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—				3,095				3,095
CNH	2,220	06/20/24	2.900%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(3	)			3,901				3,904
CNH	1,500	09/03/24	2.860%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(1	)			2,579				2,580
CNH	1,500	10/10/24	2.860%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(1	)			2,424				2,425
CNH	1,680	11/01/24	3.120%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(5	)			5,178				5,183
CNH	1,200	02/04/25	2.600%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—				594				594
CNH	2,800	03/06/25	2.425%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(5	)			(1,451	)			(1,446	)
CNH	5,000	03/12/25	2.400%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(2	)			(3,456	)			(3,454	)
CNH	3,200	07/13/25	2.653%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(4	)			1,651				1,655
CNH	5,910	11/02/25	2.588%(Q)	7 Day China Fixing Repo Rates(2)(Q)		14				853				839
CNH	5,280	04/12/26	2.810%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(17	)			7,032				7,049
COP	498,340	07/27/28	6.200%(Q)	1 Day COOIS(2)(Q)		11,125				(725	)			(11,850	)
COP	3,100,000	04/09/31	5.245%(Q)	1 Day COOIS(2)(Q)		—				(71,655	)			(71,655	)
CZK	6,100	01/31/24	1.930%(A)	6 Month PRIBOR(1)(S)		—				3,926				3,926
CZK	5,145	03/31/30	0.710%(A)	6 Month PRIBOR(2)(S)		—				(36,428	)			(36,428	)
EUR	200	05/11/25	0.100%(A)	1 Day ESTR(1)(A)		692				(3,394	)			(4,086	)
EUR	350	04/27/30	(0.016)%(A)	6 Month EURIBOR(2)(S)		—				(7,923	)			(7,923	)
EUR	342	08/15/30	(0.191)%(A)	1 Day ESTR(2)(A)		(162	)			(7,481	)			(7,319	)
EUR	100	05/11/31	0.750%(A)	1 Day ESTR(1)(A)		683				(8,490	)			(9,173	)
EUR	235	10/30/32	1.302%(A)	6 Month EURIBOR(2)(S)		4,946				33,911				28,965
EUR	430	05/11/33	1.000%(A)	6 Month EURIBOR(2)(S)		(8,758	)			42,121				50,879
EUR	120	05/11/49	1.450%(A)	6 Month EURIBOR(2)(S)		5,800				43,194				37,394

See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund	53

Schedule of Investments  (continued)

as of October 31, 2021

Interest rate swap agreements outstanding at October 31, 2021 (continued):

Notional Amount (000)#		Termination Date	Fixed Rate	Floating Rate	Value at Trade Date			Value at October 31, 2021				Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
GBP	150	05/08/31	1.150%(A)	1 Day SONIA(2)(A)	$	7,545			$	4,309			$	(3,236	)
GBP	305	04/07/41	0.952%(A)	1 Day SONIA(2)(A)		(10	)			6,199				6,209
GBP	225	05/08/46	1.250%(A)	1 Day SONIA(2)(A)		50,403				29,149				(21,254	)
GBP	35	09/03/50	0.328%(A)	1 Day SONIA(2)(A)		—				(5,695	)			(5,695	)
HUF	43,000	03/18/26	2.140%(A)	6 Month BUBOR(2)(S)		6,916				(6,620	)			(13,536	)
HUF	90,865	06/12/28	3.750%(A)	6 Month BUBOR(2)(S)		—				(1,969	)			(1,969	)
HUF	23,000	07/15/29	1.650%(A)	6 Month BUBOR(2)(S)		—				(10,230	)			(10,230	)
HUF	150,500	02/13/30	1.595%(A)	6 Month BUBOR(2)(S)		(26,767	)			(70,639	)			(43,872	)
ILS	670	04/16/28	0.928%(A)	3 Month TELBOR(2)(Q)		(9	)			(2,619	)			(2,610	)
JPY	126,000	04/08/23	(0.029)%(S)	6 Month JPY LIBOR(2)(S)		44				(609	)			(653	)
JPY	179,000	04/08/26	0.018%(S)	6 Month JPY LIBOR(2)(S)		1,188				(2,070	)			(3,258	)
JPY	59,000	12/18/27	0.290%(S)	6 Month JPY LIBOR(2)(S)		—				7,783				7,783
JPY	163,000	11/12/28	0.011%(S)	6 Month JPY LIBOR(2)(S)		(3,047	)			(6,709	)			(3,662	)
JPY	60,000	07/08/32	0.050%(A)	1 Day TONAR(2)(A)		(2,784	)			(2,719	)			65
JPY	53,000	12/18/32	0.516%(S)	6 Month JPY LIBOR(2)(S)		—				19,176				19,176
JPY	111,500	12/18/37	0.715%(S)	6 Month JPY LIBOR(2)(S)		—				69,383				69,383
JPY	57,555	01/04/38	0.757%(S)	6 Month JPY LIBOR(2)(S)		31,237				39,421				8,184
JPY	11,780	12/03/38	0.600%(S)	6 Month JPY LIBOR(2)(S)		2,348				5,293				2,945
JPY	10,000	10/04/39	0.203%(S)	6 Month JPY LIBOR(2)(S)		—				(2,015	)			(2,015	)
JPY	21,500	12/03/39	0.650%(S)	6 Month JPY LIBOR(2)(S)		13,004				11,095				(1,909	)
JPY	20,000	02/06/40	0.223%(S)	6 Month JPY LIBOR(2)(S)		—				(3,622	)			(3,622	)
JPY	5,000	07/04/43	0.763%(S)	6 Month JPY LIBOR(2)(S)		—				3,393				3,393
JPY	91,700	12/18/47	0.918%(S)	6 Month JPY LIBOR(2)(S)		66,255				92,668				26,413

See Notes to Financial Statements.

54

Interest rate swap agreements outstanding at October 31, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date		Value at October 31, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
KRW	209,000		09/10/28	2.043%(Q)	3 Month KWCDC(2)(Q)	$	7,797		$	(1,672)		$	(9,469)
KRW	118,000		02/13/29	1.780%(Q)	3 Month KWCDC(2)(Q)		—			(2,759)			(2,759)
KRW	33,500		04/17/29	1.740%(Q)	3 Month KWCDC(2)(Q)		—			(935)			(935)
KRW	470,000		04/27/30	1.065%(Q)	3 Month KWCDC(2)(Q)		(11,308)			(36,555)			(25,247)
MXN	3,630		03/19/26	6.050%(M)	28 Day Mexican Interbank Rate(2)(M)		(8)			(9,721)			(9,713)
MXN	1,150		12/23/27	7.845%(M)	28 Day Mexican Interbank Rate(2)(M)		—			889			889
MXN	8,515		02/27/29	8.260%(M)	28 Day Mexican Interbank Rate(2)(M)		25,063			16,544			(8,519)
NOK	1,680		03/15/27	2.103%(A)	6 Month NIBOR(2)(S)		4,192			4,787			595
NOK	5,500		11/05/29	1.863%(A)	6 Month NIBOR(2)(S)		5,267			7,260			1,993
NZD	210		11/28/28	2.950%(S)	3 Month BBR(2)(Q)		—			4,458			4,458
NZD	100		07/22/29	1.768%(S)	3 Month BBR(2)(Q)		—			(4,313)			(4,313)
NZD	100		11/05/29	1.393%(S)	3 Month BBR(2)(Q)		—			(6,409)			(6,409)
NZD	540		03/01/31	2.098%(S)	3 Month BBR(2)(Q)		7,385			(19,136)			(26,521)
PLN	1,030		08/24/23	2.390%(A)	6 Month WIBOR(2)(S)		—			1,763			1,763
PLN	2,100		09/09/23	1.900%(A)	6 Month WIBOR(2)(S)		(9,704)			(2,045)			7,659
PLN	850		11/13/23	2.570%(A)	6 Month WIBOR(2)(S)		—			5,810			5,810
PLN	1,120		06/21/24	1.750%(A)	6 Month WIBOR(2)(S)		—			(3,698)			(3,698)
PLN	1,665		07/11/28	2.935%(A)	6 Month WIBOR(2)(S)		37,126			9,821			(27,305)
PLN	760		08/30/31	1.765%(A)	6 Month WIBOR(2)(S)		—			(15,716)			(15,716)
SEK	2,000		04/25/23	0.750%(A)	3 Month STIBOR(2)(Q)		1,707			2,687			980

See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund	55

Schedule of Investments  (continued)

as of October 31, 2021

Interest rate swap agreements outstanding at October 31, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date				Value at October 31, 2021				Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
SEK	2,325		06/22/27	1.031%(A)	3 Month STIBOR(2)(Q)		$	(256	)		$	4,036			$	4,292
SEK	410		07/12/29	0.585%(A)	3 Month STIBOR(2)(Q)			—				(1,201	)			(1,201	)
SEK	4,555		11/05/29	0.457%(A)	3 Month STIBOR(2)(Q)			(6,423	)			(18,378	)			(11,955	)
SGD	165		07/29/31	1.120%(S)	1 Day SORA(2)(S)			1,125				(8,027	)			(9,152	)
THB	3,000		07/03/30	1.028%(S)	6 Month THBFIX(2)(S)			—				(4,853	)			(4,853	)
	990		03/10/22	0.330%(A)	1 Day USOIS(1)(A)			—				(2,528	)			(2,528	)
	2,000		08/31/22	2.550%(A)	1 Day USOIS(1)(A)			—				(49,183	)			(49,183	)
	2,180		11/09/22	0.061%(A)	1 Day SOFR(1)(A)			—				2,268				2,268
	1,450		10/30/23	0.072%(A)	1 Day USOIS(1)(A)			—				13,554				13,554
	1,770		11/02/23	0.070%(A)	1 Day USOIS(1)(A)			—				16,836				16,836
	1,795		11/06/23	0.063%(A)	1 Day USOIS(1)(A)			—				17,639				17,639
	1,595		11/09/23	0.064%(A)	1 Day USOIS(1)(A)			—				15,767				15,767
	473		05/31/24	1.350%(A)	1 Day USOIS(1)(A)			—				(10,705	)			(10,705	)
	493		08/15/28	1.220%(A)	1 Day SOFR(1)(A)			—				(1,478	)			(1,478	)
ZAR	8,270		03/13/24	7.500%(Q)	3 Month JIBAR(1)(Q)			4				(22,738	)			(22,742	)
ZAR	3,700		11/07/27	8.360%(Q)	3 Month JIBAR(2)(Q)			2,725				17,225				14,500
ZAR	3,200		07/16/28	8.170%(Q)	3 Month JIBAR(2)(Q)			(37	)			10,224				10,261
ZAR	2,460		03/13/29	8.055%(Q)	3 Month JIBAR(2)(Q)			(8	)			6,686				6,694
ZAR	5,000		11/01/29	7.820%(Q)	3 Month JIBAR(2)(Q)			(30	)			8,662				8,692
ZAR	10,915		09/15/30	6.940%(Q)	3 Month JIBAR(2)(Q)			(14,769	)			(33,000	)			(18,231	)
ZAR	3,350		10/07/31	7.670%(Q)	3 Month JIBAR(2)(Q)			(24	)			(2,723	)			(2,699	)
							$	237,721			$	(129,832	)		$	(367,553	)

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)	$	(6,089	)		$—		$(6,089	)		JPMorgan Chase Bank, N.A.
CLP	100,000		05/17/28		4.270%(S)	1 Day CLOIS(2)(S)		(6,411	)		—		(6,411	)		Citibank, N.A.

See Notes to Financial Statements.

56

Interest rate swap agreements outstanding at October 31, 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.):
CNH	3,000		10/14/31		2.675%(Q)		7 Day China Fixing Repo Rates(2)(Q)	$	(6,365	)		$	—			$	(6,365	)		Standard Chartered Bank
COP	503,000		08/03/28		6.160%(Q)		1 Day COOIS(2)(Q)		323				—				323			JPMorgan Chase Bank, N.A.
COP	453,700		07/12/29		5.165%(Q)		1 Day COOIS(2)(Q)		(8,941	)			—				(8,941	)		Morgan Stanley & Co. International PLC
ILS	410		07/13/27		0.395%(A)		3 Month TELBOR(2)(Q)		(5,135	)			—				(5,135	)		Goldman Sachs International
ILS	550		04/26/28		1.915%(A)		3 Month TELBOR(2)(Q)		9,407				—				9,407			BNP Paribas S.A.
ILS	510		07/16/28		2.045%(A)		3 Month TELBOR(2)(Q)		9,478				—				9,478			JPMorgan Chase Bank, N.A.
ILS	270		07/12/29		1.411%(A)		3 Month TELBOR(2)(Q)		1,024				—				1,024			Citibank, N.A.
ILS	450		04/24/30		0.710%(A)		3 Month TELBOR(2)(Q)		(6,912	)			(4	)			(6,908	)		Goldman Sachs International
MYR	450		04/09/26		2.625%(Q)		3 Month KLIBOR(2)(Q)		(1,785	)			(8	)			(1,777	)		Morgan Stanley & Co. International PLC
MYR	900		08/12/26		2.605%(Q)		3 Month KLIBOR(2)(Q)		(4,169	)			(15	)			(4,154	)		HSBC Bank PLC
MYR	200		07/11/29		3.528%(Q)		3 Month KLIBOR(2)(Q)		812				—				812			Morgan Stanley & Co. International PLC
RUB	15,000		01/12/26		6.360%(A)		3 Month MosPRIME(2)(Q)		(11,615	)			—				(11,615	)		Morgan Stanley & Co. International PLC
RUB	16,000		02/27/26		6.680%(A)		3 Month MosPRIME(2)(Q)		(10,212	)			—				(10,212	)		Morgan Stanley & Co. International PLC
THB	6,000		07/04/24		1.590%(S)		6 Month THBFIX(2)(S)		3,305				—				3,305			Morgan Stanley & Co. International PLC
THB	1,000		05/07/25		0.795%(S)		6 Month THBFIX(2)(S)		(319	)			—				(319	)		HSBC Bank PLC
								$	(43,604	)		$	(27	)		$	(43,577	)

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

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

See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund	57

Schedule of Investments  (continued)

as of October 31, 2021

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

	Premiums Paid			Premiums Received				Unrealized Appreciation			Unrealized Depreciation
OTC Swap Agreements		$	60,261		$	(19,735	)		$	119,779		$	(73,904	)

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		$	—		$	1,784,521

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of October 31, 2021 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Asset-Backed Securities
Cayman Islands	$	—	$	8,251,965	$	—
Ireland		—		1,791,000		—
Spain		—		104,246		—
United States		—		1,543,840		—
Bank Loan
United States		—		25,893		—
Commercial Mortgage-Backed Securities
Canada		—		18,881		—
Ireland		—		1,094,341		—
United States		—		4,481,478		—
Corporate Bonds
Belgium		—		178,559		—
Brazil		—		307,507		—
Bulgaria		—		229,739		—
Canada		—		983,912		—
China		—		1,259,196		—

See Notes to Financial Statements.

58

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Corporate Bonds (continued)
Denmark	$	—	$	482,134	$	—
France		—		2,327,061		—
Germany		—		1,033,342		—
Hong Kong		—		394,191		—
Hungary		—		115,504		—
India		—		122,650		—
Indonesia		—		112,396		—
Israel		—		101,987		—
Italy		—		579,898		—
Jamaica		—		97,566		—
Japan		—		207,847		—
Kazakhstan		—		170,793		—
Luxembourg		—		233,293		—
Malta		—		131,487		—
Mexico		—		748,648		—
Netherlands		—		513,613		—
Peru		—		112,963		—
Portugal		—		157,972		—
Russia		—		501,236		—
Spain		—		996,931		—
Supranational Bank		—		56,640		—
Sweden		—		271,070		—
Switzerland		—		649,101		—
United Arab Emirates		—		275,631		—
United Kingdom		—		2,022,021		—
United States		—		13,006,152		—
Residential Mortgage-Backed Securities
Bermuda		—		644,187		—
Ireland		—		101,889		—
United Kingdom		—		137,716		—
United States		—		1,279,463		83,200
Sovereign Bonds
Andorra		—		116,565		—
Austria		—		164,918		—
Brazil		—		694,699		—
Bulgaria		—		143,405		—
Canada		—		424,533		—
Chile		—		138,978		—
China		—		452,823		—
Colombia		—		823,575		—
Croatia		—		351,139		—
Cyprus		—		681,242		—
Dominican Republic		—		111,608		—
France		—		93,533		—
Greece		—		1,189,771		—

See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund	59

Schedule of Investments  (continued)

as of October 31, 2021

	Level 1		Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Sovereign Bonds (continued)
Hungary	$	—	$	487,888		$	—
Indonesia		—		1,087,884			—
Isle of Man		—		194,830			—
Israel		—		462,691			—
Italy		—		2,179,079			—
Japan		—		265,282			—
Kazakhstan		—		376,982			—
Mexico		—		355,177			—
New Zealand		—		73,975			—
Panama		—		423,485			—
Peru		—		612,007			—
Philippines		—		571,908			—
Portugal		—		1,050,584			—
Qatar		—		214,012			—
Romania		—		244,212			—
Russia		—		716,438			—
Saudi Arabia		—		392,994			—
Serbia		—		608,547			—
Spain		—		1,164,166			—
Ukraine		—		604,065			—
United Arab Emirates		—		201,465			—
United Kingdom		—		355,244			—
Uruguay		—		117,013			—
U.S. Government Agency Obligation		—		189,814			—
U.S. Treasury Obligations		—		5,902,195			—
Short-Term Investments
Affiliated Mutual Fund		2,567,718		—			—
Options Purchased		—		10,313			—
Total	$	2,567,718	$	72,104,978		$	83,200
Liabilities
Options Written	$	—	$	(13,030	)	$	—
Other Financial Instruments*
Assets
Futures Contracts	$	494,728	$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—		254,997			—
Centrally Cleared Credit Default Swap Agreements		—		11,444			—
OTC Credit Default Swap Agreements		—		120,326			—
OTC Currency Swap Agreement		—		12,547			—

See Notes to Financial Statements.

60

	Level 1			Level 2			Level 3
Other Financial Instruments* (continued)
Assets (continued)
Centrally Cleared Interest Rate Swap Agreements	$	—		$	515,720		$	—
OTC Interest Rate Swap Agreements		—			24,349			—
Total	$	494,728		$	939,383		$	—
Liabilities
Futures Contracts	$	(202,596	)	$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—			(135,779	)		—
OTC Credit Default Swap Agreements		—			(2,868	)		—
Centrally Cleared Inflation Swap Agreements		—			(55,089	)		—
Centrally Cleared Interest Rate Swap Agreements		—			(883,273	)		—
OTC Interest Rate Swap Agreements		—			(67,953	)		—
Total	$	(202,596	)	$	(1,144,962	)	$	—

* 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 liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2021 were as follows (unaudited):

Sovereign Bonds	24.5	%
Banks	14.3
Collateralized Loan Obligations	13.9
U.S. Treasury Obligations	8.0
Commercial Mortgage-Backed Securities	7.5
Affiliated Mutual Fund	3.5
Residential Mortgage-Backed Securities	3.2
Oil & Gas	2.4
Electric	2.1
Media	1.4
Packaging & Containers	1.3
Transportation	1.3
Telecommunications	1.3
Real Estate Investment Trusts (REITs)	1.2
Consumer Loans	1.1
Foods	1.0
Insurance	1.0
Healthcare-Products	1.0
Commercial Services	1.0
Diversified Financial Services	0.9
Pharmaceuticals	0.8

Real Estate	0.7	%
Auto Manufacturers	0.7
Pipelines	0.7
Engineering & Construction	0.6
Chemicals	0.5
Home Builders	0.5
Beverages	0.4
Automobiles	0.4
Airlines	0.4
Healthcare-Services	0.4
Semiconductors	0.4
Iron/Steel	0.3
Agriculture	0.3
U.S. Government Agency Obligation	0.2
Entertainment	0.2
Retail	0.2
Aerospace & Defense	0.2
Software	0.2
Other	0.2
Housewares	0.2
Auto Parts & Equipment	0.1

See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund	61

Schedule of Investments  (continued)

as of October 31, 2021

Industry Classification (continued):

Lodging	0.1	%
Mining	0.1
Multi-National	0.1
Household Products/Wares	0.0	*
Options Purchased	0.0	*
	100.8
Options Written	(0.0	)*
Liabilities in excess of other assets	(0.8	)
	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 October 31, 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	$	11,444	*	—	$	—
Credit contracts	Premiums paid for OTC swap agreements		60,261		Premiums received for OTC swap agreements		19,708
Credit contracts	Unrealized appreciation on OTC swap agreements		82,883		Unrealized depreciation on OTC swap agreements		5,978
Foreign exchange contracts	Due from/to broker-variation margin futures		188,487	*	—		—
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		254,997		Unrealized depreciation on OTC forward foreign currency exchange contracts		135,779
Interest rate contracts	Due from/to broker-variation margin futures		306,241	*	Due from/to broker-variation margin futures		202,596	*

See Notes to Financial Statements.

62

	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
Interest rate contracts	Due from/to broker-variation margin swaps	$	515,720	*	Due from/to broker-variation margin swaps	$	938,362	*
Interest rate contracts	—		—		Premiums received for OTC swap agreements		27
Interest rate contracts	Unaffiliated investments		10,313		Options written outstanding, at value		13,030
Interest rate contracts	Unrealized appreciation on OTC swap agreements		36,896		Unrealized depreciation on OTC swap agreements		67,926
		$	1,467,242			$	1,383,406

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

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 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		$	(4,738	)		$	5,389		$	—			$	—		$	171,401
Foreign exchange contracts			758				5,360			29,021				238,648			—
Interest rate contracts			—				—			(335,285	)			—			289,573
Total		$	(3,980	)		$	10,749		$	(306,264	)		$	238,648		$	460,974

(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		$	—		$	—			$	—		$	—		$	(1,565	)
Foreign exchange contracts			31			(757	)			104,638			78,721			—
Interest rate contracts			234			(1,030	)			390,927			—			(1,523,254	)
Total		$	265		$	(1,787	)		$	495,565		$	78,721		$	(1,524,819	)

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

See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund	63

Schedule of Investments  (continued)

as of October 31, 2021

For the year ended October 31, 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)
$4,448	$856,293	$13,147,066	$45,242,899	$11,148,373

Forward Foreign Currency Exchange Contracts—Sold(3)	Cross Currency Exchange Contracts(4)	Interest Rate Swap Agreements(2)	Credit Default Swap Agreements— Buy Protection(2)
$25,923,820	$5,185	$44,653,489	$3,502,231

Credit Default Swap Agreements— Sell Protection(2)	Currency Swap Agreements(2)	Inflation Swap Agreements(2)
$9,761,768	$96,718	$946,816

(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 year ended October 31, 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:

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.		$	49,223		$	(14,854	)		$	34,369		$	—		$	34,369
Barclays Bank PLC			240,594			(68,696	)			171,898			—			171,898
BNP Paribas S.A.			10,574			(1,659	)			8,915			—			8,915
Citibank, N.A.			63,659			(11,740	)			51,919			—			51,919
Credit Suisse International			5,480			(324	)			5,156			—			5,156
Deutsche Bank AG			16,281			(13,820	)			2,461			—			2,461

See Notes to Financial Statements.

64

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
Goldman Sachs International		$	24,746		$	(30,594	)		$	(5,848	)		$	—		$	(5,848	)
HSBC Bank PLC			9,868			(36,126	)			(26,258	)			—			(26,258	)
JPMorgan Chase Bank, N.A.			11,380			(12,784	)			(1,404	)			—			(1,404	)
Morgan Stanley & Co. International PLC			13,545			(45,486	)			(31,941	)			—			(31,941	)
Standard Chartered Bank			—			(6,365	)			(6,365	)			—			(6,365	)
		$	445,350		$	(242,448	)		$	202,902			$	—		$	202,902

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

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

See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund	65

Statement of Assets and Liabilities

as of October 31, 2021

Assets
Investments at value:
Unaffiliated investments (cost $71,377,749)	$	72,188,178
Affiliated investments (cost $2,567,718)		2,567,718
Cash		1,362
Foreign currency, at value (cost $46,002)		46,034
Dividends and interest receivable		520,192
Receivable for Fund shares sold		385,087
Unrealized appreciation on OTC forward foreign currency exchange contracts		254,997
Due from broker—variation margin futures		148,290
Unrealized appreciation on OTC swap agreements		119,779
Premiums paid for OTC swap agreements		60,261
Prepaid expenses and other assets		1,370
Total Assets		76,293,268
Liabilities
Payable for investments purchased		1,444,004
Payable for Fund shares purchased		302,894
Unrealized depreciation on OTC forward foreign currency exchange contracts		135,779
Accrued expenses and other liabilities		111,841
Unrealized depreciation on OTC swap agreements		73,904
Due to broker—variation margin swaps		21,518
Premiums received for OTC swap agreements		19,735
Management fee payable		18,174
Options written outstanding, at value (premiums received $12,000)		13,030
Dividends payable		1,017
Directors’ fees payable		816
Distribution fee payable		296
Affiliated transfer agent fee payable		171
Total Liabilities		2,143,179
Net Assets	$	74,150,089
Net assets were comprised of:
Common stock, at par	$	73,888
Paid-in capital in excess of par		74,091,543
Total distributable earnings (loss)		(15,342	)
Net assets, October 31, 2021	$	74,150,089

See Notes to Financial Statements.

66

Class A
Net asset value, offering price and redemption price per share, ($841,326 ÷ 83,845 shares of common stock issued and outstanding)	$	10.03
Maximum sales charge (3.25% of offering price)		0.34
Maximum offering price to public	$	10.37
Class C
Net asset value, offering price and redemption price per share, ($139,397 ÷ 13,895 shares of common stock issued and outstanding)	$	10.03
Class Z
Net asset value, offering price and redemption price per share, ($10,981,961 ÷ 1,094,482 shares of common stock issued and outstanding)	$	10.03
Class R6
Net asset value, offering price and redemption price per share, ($62,187,405 ÷ 6,196,610 shares of common stock issued and outstanding)	$	10.04

See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund	67

Statement of Operations

Year Ended October 31, 2021

Net Investment Income (Loss)
Income
Interest income	$	1,277,993
Affiliated dividend income		4,157
Income from securities lending, net (including affiliated income of $1)		25
Total income		1,282,175
Expenses
Management fee		277,826
Distribution fee(a)		3,565
Custodian and accounting fees		71,039
Registration fees(a)		58,811
Audit fee		43,603
Transfer agent’s fees and expenses (including affiliated expense of $5,003)(a)		33,876
Legal fees and expenses		23,556
Shareholders’ reports		12,956
Directors’ fees		10,112
SEC registration fees		2,000
Miscellaneous		22,703
Total expenses		560,047
Less: Fee waiver and/or expense reimbursement(a)		(224,957	)
Net expenses		335,090
Net investment income (loss)		947,085
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		348,728
Futures transactions		(306,264	)
Forward and cross currency contract transactions		238,648
Options written transactions		10,749
Swap agreement transactions		460,974
Foreign currency transactions		99,002
		851,837
Net change in unrealized appreciation (depreciation) on:
Investments		(1,099,016	)
Futures		495,565
Forward and cross currency contracts		78,721
Options written		(1,787	)
Swap agreements		(1,524,819	)
Foreign currencies		(5,456	)
		(2,056,792	)
Net gain (loss) on investment and foreign currency transactions		(1,204,955	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(257,870	)

See Notes to Financial Statements.

68

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

	Class A			Class C			Class Z			Class R6
Distribution fee		2,063			1,502			—			—
Registration fees		13,681			11,885			19,660			13,585
Transfer agent’s fees and expenses		1,496			396			25,182			6,802
Fee waiver and/or expense reimbursement		(17,148	)		(12,645	)		(79,889	)		(115,275	)

See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund	69

Statements of Changes in Net Assets

	Year Ended October 31,
	2021			2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	947,085		$	836,818
Net realized gain (loss) on investment and foreign currency transactions		851,837			(1,172,697	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(2,056,792	)		2,199,086
Net increase (decrease) in net assets resulting from operations		(257,870	)		1,863,207
Dividends and Distributions
Distributions from distributable earnings
Class A		(20,553	)		(70,125	)
Class C		(2,629	)		(2,150	)
Class Z		(459,071	)		(231,948	)
Class R6		(1,022,297	)		(1,187,309	)
		(1,504,550	)		(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 of share conversions)
Net proceeds from shares sold		48,297,048			16,083,373
Net asset value of shares issued in reinvestment of dividends and distributions		1,491,892			1,982,678
Cost of shares purchased		(13,945,205	)		(12,362,424	)
Net increase (decrease) in net assets from Fund share transactions		35,843,735			5,703,627
Total increase (decrease)		34,081,315			5,575,048
Net Assets:
Beginning of year		40,068,774			34,493,726
End of year	$	74,150,089		$	40,068,774

See Notes to Financial Statements.

70

Financial Highlights

Class A Shares
	Year Ended October 31,									December 12, 2017(a) 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)		0.15			0.21			0.18			0.16
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.27	)		0.30			1.33			(0.42	)
Total from investment operations		(0.12	)		0.51			1.51			(0.26	)
Less Dividends and Distributions:
Dividends from net investment income		(0.26	)		(0.28	)		(0.56	)		(0.26	)
Tax return of capital distributions		-			(0.14	)		-			-
Distributions from net realized gains		-			(0.11	)		-			-
Total dividends and distributions		(0.26	)		(0.53	)		(0.56	)		(0.26	)
Net asset value, end of period		$10.03			$10.41			$10.43			$9.48
Total Return(c):		(1.22	)%		5.12	%		16.40	%		(2.65	)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$841			$729			$2,036			$49
Average net assets (000)		$825			$1,716			$234			$46
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.88	%		0.88	%		0.88	%		0.88	%(e)
Expenses before waivers and/or expense reimbursement		2.96	%		2.30	%		8.27	%		80.88	%(e)
Net investment income (loss)		1.48	%		2.03	%		1.69	%		1.86	%(e)
Portfolio turnover rate(f)		20	%		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	71

Financial Highlights (continued)

Class C Shares
	Year Ended October 31,									December 12, 2017(a) 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			0.12			0.17			0.10
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.28	)		0.31			1.27			(0.43	)
Total from investment operations		(0.20	)		0.43			1.44			(0.33	)
Less Dividends and Distributions:
Dividends from net investment income		(0.18	)		(0.20	)		(0.49	)		(0.19	)
Tax return of capital distributions		-			(0.14	)		-			-
Distributions from net realized gains		-			(0.11	)		-			-
Total dividends and distributions		(0.18	)		(0.45	)		(0.49	)		(0.19	)
Net asset value, end of period		$10.03			$10.41			$10.43			$9.48
Total Return(c):		(1.96	)%		4.32	%		15.59	%		(3.29	)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$139			$162			$39			$17
Average net assets (000)		$150			$85			$16			$13
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.63	%		1.63	%		1.63	%		1.63	%(e)
Expenses before waivers and/or expense reimbursement		10.05	%		15.56	%		97.66	%		290.47	%(e)
Net investment income (loss)		0.74	%		1.15	%		1.70	%		1.13	%(e)
Portfolio turnover rate(f)		20	%		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.

72

Class Z Shares
	Year Ended October 31,									December 12, 2017(a) 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)		0.17			0.22			0.18			0.18
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.27	)		0.32			1.36			(0.42	)
Total from investment operations		(0.10	)		0.54			1.54			(0.24	)
Less Dividends and Distributions:
Dividends from net investment income		(0.28	)		(0.31	)		(0.59	)		(0.28	)
Tax return of capital distributions		-			(0.14	)		-			-
Distributions from net realized gains		-			(0.11	)		-			-
Total dividends and distributions		(0.28	)		(0.56	)		(0.59	)		(0.28	)
Net asset value, end of period		$10.03			$10.41			$10.43			$9.48
Total Return(c):		(0.98	)%		5.37	%		16.71	%		(2.44	)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$10,982			$8,864			$3,854			$164
Average net assets (000)		$17,287			$6,563			$1,214			$160
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.63	%		0.63	%		0.63	%		0.63	%(e)
Expenses before waivers and/or expense reimbursement		1.09	%		1.56	%		3.11	%		24.70	%(e)
Net investment income (loss)		1.65	%		2.17	%		1.72	%		2.11	%(e)
Portfolio turnover rate(f)		20	%		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	73

Financial Highlights (continued)

Class R6 Shares
	Year Ended October 31,									December 12, 2017(a) 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)		0.18			0.23			0.26			0.18
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.26	)		0.31			1.28			(0.42	)
Total from investment operations		(0.08	)		0.54			1.54			(0.24	)
Less Dividends and Distributions:
Dividends from net investment income		(0.29	)		(0.31	)		(0.59	)		(0.28	)
Tax return of capital distributions		-			(0.14	)		-			-
Distributions from net realized gains		-			(0.11	)		-			-
Total dividends and distributions		(0.29	)		(0.56	)		(0.59	)		(0.28	)
Net asset value, end of period		$10.04			$10.41			$10.43			$9.48
Total Return(c):		(0.82	)%		5.42	%		16.79	%		(2.40	)%
Ratios/Supplemental Data:
Net assets, end of period (000)	$	62,187		$	30,314		$	28,565			$24,421
Average net assets (000)	$	37,302		$	29,230		$	26,482			$24,571
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.58	%		0.58	%		0.58	%		0.58	%(e)
Expenses before waivers and/or expense reimbursement		0.89	%		1.19	%		1.49	%		1.67	%(e)
Net investment income (loss)		1.74	%		2.25	%		2.66	%		2.14	%(e)
Portfolio turnover rate(f)		20	%		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.

74

Notes to Financial Statements

1. Organization

Prudential Global Total Return Fund, Inc. (the “Registered Investment Company” or “RIC”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The RIC is organized as a Maryland Corporation and currently consists of two separate funds: PGIM Global Total Return Fund and PGIM Global Total Return (USD Hedged) Fund. These financial statements relate only to the PGIM Global Total Return (USD Hedged) Fund (the “Fund”). The Fund is classified as a diversified fund for purposes of the 1940 Act.

The investment objective of the Fund is to seek total return, 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 RIC’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 year-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when

PGIM Global Total Return (USD Hedged) Fund 75

Notes to Financial Statements (continued)

the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the 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

76

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.

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:

PGIM Global Total Return (USD Hedged) Fund 77

Notes to Financial Statements (continued)

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

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

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

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

78

the cash flows to be received from the counterparty at the end of the contract’s life. A cross currency contract is a forward contract where a specified amount of one foreign currency will be exchanged for a specified amount of another foreign currency.

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

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

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

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.

PGIM Global Total Return (USD Hedged) Fund 79

Notes to Financial Statements (continued)

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.

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

80

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

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

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

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

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

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

PGIM Global Total Return (USD Hedged) Fund 81

Notes to Financial Statements (continued)

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.

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.

Mortgage-Backed and Asset-Backed Securities: Mortgage-backed securities are pass-through securities, meaning that principal and interest payments made by the borrower on the underlying mortgages are passed through to the Fund. Asset-backed securities directly or indirectly represent a participation interest in, or are secured by and payable from, a stream of payments generated by particular assets such as motor vehicle or credit card receivables. Asset-backed securities may be classified as pass-through certificates or collateralized obligations, such as collateralized bond obligations, collateralized loan obligations and other similarly structured securities. The value of mortgage-backed and asset-backed securities varies with changes in interest rates and may

82

be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities.

Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest (“IO”) and principal (“PO”) distributions on a pool of mortgage assets. Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

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

PGIM Global Total Return (USD Hedged) Fund 83

Notes to Financial Statements (continued)

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 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.

84

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

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Fund becomes aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. 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.

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.

PGIM Global Total Return (USD Hedged) Fund 85

Notes to Financial Statements (continued)

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 year ended October 31, 2021.

The Manager has contractually agreed, through February 28, 2023, 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.

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

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

86

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 year ended October 31, 2021, PIMS received $2,158 in front-end sales charges resulting from sales of Class A shares. Additionally, for the year ended October 31, 2021, PIMS did not receive any contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders, respectively.

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 fund 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/trustees, and/or common officers. For the year ended October 31, 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 year ended October 31, 2021, were $40,789,497 and $10,233,744, respectively.

A summary of the cost of purchases and proceeds from sales of shares of an affiliated mutual fund for the year ended October 31, 2021, is presented as follows:

PGIM Global Total Return (USD Hedged) Fund 87

Notes to Financial Statements (continued)

Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain     (Loss)			Realized Gain   (Loss)			Value, End of Year			Shares, End of Year		Income
Short-Term Investments - Affiliated Mutual Funds:
PGIM Core Ultra Short Bond Fund (1)(wa)
$1,691,336	$	40,687,966	$	39,811,584		$	—		$	—		$	2,567,718		2,567,718		$	4,157
PGIM Institutional Money Market Fund (1)(b)(wa)
—		52,412		52,412			—			—			—		—			1	(2)
$1,691,336	$	40,740,378	$	39,863,996		$	—		$	—		$	2,567,718				$	4,158

(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. Distributions and Tax Information

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

For the year ended October 31, 2021, the tax character of dividends paid by the Fund was $1,504,550 of ordinary income. For the year ended October 31, 2020, the tax character of dividends paid by the Fund were $1,123,041 of ordinary income, $368,491 of long-term capital gains and $500,254 of tax return of capital.

As of October 31, 2021, the accumulated undistributed earnings on a tax basis was $491,491 of ordinary income.

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of October 31, 2021 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Depreciation
$75,000,793	$3,058,096	$(3,229,470)	$(171,374)

The differences between GAAP and tax basis were primarily attributable to bond premium amortization, futures and forward contracts and other cost basis differences between financial and tax accounting.

88

For federal income tax purposes, the Fund had a capital loss carryforward as of October 31, 2021 of approximately $334,000 which can be carried forward for an unlimited period. The Fund utilized approximately $559,000 of its capital loss carryforward to offset net taxable gains realized in the fiscal year ended October 31, 2021. 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, 2021 are subject to such review.

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 RIC is authorized to issue 18,075,000,000 shares of common stock, $0.01 par value per share, 1,500,000,000 of which are designated as shares of the Fund. The authorized shares of the Fund are currently classified and designated as follows:

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

PGIM Global Total Return (USD Hedged) Fund 89

Notes to Financial Statements (continued)

As of October 31, 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 C	1,141	8.2%
Class R6	2,546,811	41.1%

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
1	34.4%	2	56.9%

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Year ended October 31, 2021:
Shares sold		58,111		$	599,993
Shares issued in reinvestment of dividends and distributions		2,000			20,523
Shares purchased		(46,272	)		(473,592	)
Net increase (decrease) in shares outstanding		13,839		$	146,924
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
Year ended October 31, 2021:
Shares sold		8,646		$	89,643
Shares issued in reinvestment of dividends and distributions		248			2,555
Shares purchased		(10,602	)		(109,313	)
Net increase (decrease) in shares outstanding		(1,708	)	$	(17,115	)
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

90

Class Z	Shares			Amount
Year ended October 31, 2021:
Shares sold		3,203,522		$	32,545,219
Shares issued in reinvestment of dividends and distributions		43,654			446,555
Shares purchased		(489,336	)		(5,030,975	)
Net increase (decrease) in shares outstanding before conversion		2,757,840			27,960,799
Shares issued upon conversion from other share class(es)		1,809			18,669
Shares purchased upon conversion into other share class(es)		(2,516,935	)		(25,848,919	)
Net increase (decrease) in shares outstanding		242,714		$	2,130,549
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
Year ended October 31, 2021:
Shares sold		1,470,595		$	15,062,193
Shares issued in reinvestment of dividends and distributions		99,750			1,022,259
Shares purchased		(801,450	)		(8,331,325	)
Net increase (decrease) in shares outstanding before conversion		768,895			7,753,127
Shares issued upon conversion from other share class(es)		2,516,935			25,848,919
Shares purchased upon conversion into other share class(es)		(1,809	)		(18,669	)
Net increase (decrease) in shares outstanding		3,284,021		$	33,583,377
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 RIC, on behalf of the Fund, along with other affiliated registered investment companies (the “Participating Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.

	Current SCA	Prior SCA
Term of Commitment	10/1/2021 – 9/29/2022	10/2/2020 – 9/30/2021
Total Commitment	$ 1,200,000,000	$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	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

PGIM Global Total Return (USD Hedged) Fund 91

Notes to Financial Statements (continued)

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 year ended October 31, 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 October 31, 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.

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.

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

Debt Obligations Risk: Debt obligations are subject to credit risk, market risk and interest rate risk. The Fund’s holdings, share price, yield and total return may also fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer’s goods and services. Certain types of fixed income obligations also may be subject to “call and redemption risk,” which is the risk that the issuer may call a bond held by the Fund for redemption before it matures and the Fund may lose income.

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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 will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Fund.

The U.S. Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements and risk exposure limitations. 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.

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

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

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

Foreign Securities Risk: Investments in securities of non-U.S. issuers (including those denominated in U.S. dollars) may involve more risk than investing in securities of U.S. issuers. Foreign political, economic and legal systems, especially those in developing and emerging market countries, may be less stable and more volatile than in the United States.

PGIM Global Total Return (USD Hedged) Fund 93

Notes to Financial Statements (continued)

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

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

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

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

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

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market activity, large sustained sales by major investors, a high profile default or a change in the market’s psychology.

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

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). 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 the Fund as well as loan facilities used by the Fund.

The potential effect of a transition away from LIBOR on the Fund or the financial instruments in which the 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 the Fund’s performance and/or net asset value. Certain proposed replacement rates to LIBOR, such as the Secured Overnight Financing Rate (“SOFR”), are materially different from LIBOR, and changes in the applicable spread for instruments previously linked to LIBOR will need to be made in order for instruments to pay similar rates. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to reduced coupons on debt held by the Fund, higher rates required to be paid by the Fund on bank lines of credit due to increases in spreads, increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, adversely affecting the Fund’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect

PGIM Global Total Return (USD Hedged) Fund 95

Notes to Financial Statements (continued)

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.

Management Risk: The value of your investment may decrease if judgments by the subadviser about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements are incorrect.

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 outbreak of COVID-19 globally in 2020 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.

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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.

U.S. Government and Agency Securities Risk: U.S. Government and agency securities are subject to market risk, interest rate risk and credit risk. Not all U.S. Government securities are insured or guaranteed by the full faith and credit of the U.S. Government; some are only insured or guaranteed by the issuing agency, which must rely on its own resources to repay the debt. The maximum potential liability of the issuers of some U.S. Government securities held by the Fund may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. No assurance can be given that the U.S. government would provide financial support to any such issuers if it is not obligated to do so by law. It is possible that these issuers will not have the funds to meet their payment obligations in the future. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.

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 (USD Hedged) Fund 97

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Prudential Global Total Return Fund, Inc. and Shareholders of PGIM Global Total Return (USD Hedged) Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PGIM Global Total Return (USD Hedged) Fund (one of the funds constituting Prudential Global Total Return Fund, Inc., referred to hereafter as the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and financial highlights for each of the two years in the period ended October 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for each of the two years in the period ended October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

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

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

December 17, 2021

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

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Tax Information (unaudited)

For the year ended October 31, 2021, the Fund reports the maximum amount allowable but not less than 21.94% as interest related dividends in accordance with Sections 871(k)(1) and 881(e)(1) of the Internal Revenue Code.

In January 2022, you will be advised on IRS Form 1099-DIV or substitute 1099-DIV as to the federal tax status of distributions received by you in calendar year 2021.

We are required by Massachusetts, Missouri and Oregon to inform you that dividends which have been derived from Interest on federal obligations are not taxable to shareholders providing the Mutual Fund meets certain requirements mandated by the respective state’s taxing authorities. We are pleased to report that 2.20% of the dividends paid by the Fund qualifies for such deduction.

Please consult your tax adviser or state/local authorities to properly report this information on your tax return. If you have any questions concerning the amounts listed above, please call your financial adviser.

PGIM Global Total Return (USD Hedged) Fund 99

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS (unaudited)

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

Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Ellen S. Alberding 1958 Board Member Portfolios Overseen: 95	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); formerly Vice Chair, City Colleges of Chicago (community college system) (2011-2015); Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); Trustee, Economic Club of Chicago (2009-2016); Trustee, Loyola University (since 2018).	None.	Since September 2013
Kevin J. Bannon 1952 Board Member Portfolios Overseen: 95	Retired; formerly Managing Director (April 2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008).	Since July 2008

PGIM Global Total Return (USD Hedged) Fund

Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Linda W. Bynoe 1952 Board Member Portfolios Overseen: 92	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Limited LLC (formerly Telemat Ltd) (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co. (broker-dealer).	Trustee of Equity Residential (residential real estate) (since December 2009); Director of Northern Trust Corporation (financial services) (since April 2006); formerly Director of Anixter International, Inc. (communication products distributor) (January 2006-June 2020).	Since March 2005
Barry H. Evans 1960 Board Member Portfolios Overseen: 94	Retired; formerly President (2005-2016), Global Chief Operating Officer (2014-2016), Chief Investment Officer - Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management (asset management).	Formerly Director, Manulife Trust Company (2011-2018); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).	Since September 2017
Keith F. Hartstein 1956 Board Member & Independent Chair Portfolios Overseen: 95	Retired; Executive Committee of the Independent Directors Council (IDC) Board of Governors (since October 2019); Member (since November 2014) of the Governing Council of the IDC (organization of independent mutual fund directors); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.	Since September 2013

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Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Laurie Simon Hodrick 1962 Board Member Portfolios Overseen: 91	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly Visiting Professor of Law, Stanford Law School (2015-2021); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008).	Independent Director, Roku (since December 2020) (communication services); formerly Independent Director, Synnex Corporation (2019-2021) (information technology); formerly Independent Director, Kabbage, Inc. (2018-2020) (financial services); formerly Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017
Brian K. Reid 1961 Board Member Portfolios Overseen: 94	Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); Director, ICI Mutual Insurance Company (2012-2017).	None.	Since March 2018

PGIM Global Total Return (USD Hedged) Fund

Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Grace C. Torres 1959 Board Member Portfolios Overseen: 94	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank; formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National Bank.	Since November 2014

Interested Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Stuart S. Parker 1962 Board Member & President Portfolios Overseen: 94	President, Chief Executive Officer, Chief Operating Officer and Officer in Charge of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011); Investment Company Institute - Board of Governors (since May 2012).	None.	Since January 2012

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Interested Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Scott E. Benjamin 1973 Board Member & Vice President Portfolios Overseen: 95	Executive Vice President (since May 2009) of PGIM Investments LLC; Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).	None.	Since March 2010

⁽¹⁾ The year that each Board Member joined the Board is as follows:

Ellen S. Alberding, 2013; Kevin J. Bannon, 2008; Linda W. Bynoe, 2005; Barry H. Evans, 2017; Keith F. Hartstein, 2013; Laurie Simon Hodrick, 2017; Michael S. Hyland, 2008; Richard A. Redeker, 1993; Stephen G. Stoneburn, 2003; Stuart S. Parker, Board Member since 2012 and President since 2012; Scott E. Benjamin, Board Member since 2010 and Vice President since 2009; Grace C. Torres, 2014.

Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Claudia DiGiacomo 1974 Chief Legal Officer	Chief Legal Officer, Executive Vice President and Secretary of PGIM Investments LLC (since August 2020); Chief Legal Officer of Prudential Mutual Fund Services LLC (since August 2020); Chief Legal Officer of PIFM Holdco, LLC (since August 2020); Vice President and Corporate Counsel (since January 2005) of Prudential; and Corporate Counsel of AST Investment Services, Inc. (since August 2020); formerly Vice President and Assistant Secretary of PGIM Investments LLC (2005-2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005

PGIM Global Total Return (USD Hedged) Fund

Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Dino Capasso 1974 Chief Compliance Officer	Chief Compliance Officer (since July 2019) of PGIM Investments LLC; Chief Compliance Officer (since July 2019) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM High Yield Bond Fund, Inc., and PGIM Short Duration High Yield Opportunities Fund; Vice President and Deputy Chief Compliance Officer (June 2017-2019) of PGIM Investments LLC; formerly Senior Vice President and Senior Counsel (January 2016-June 2017), and Vice President and Counsel (February 2012-December 2015) of Pacific Investment Management Company LLC.	Since July 2019
Andrew R. French 1962 Secretary	Vice President (since December 2018) of PGIM Investments LLC; formerly Vice President and Corporate Counsel (2010-2018) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since October 2006
Diana N. Huffman 1982 Assistant Secretary	Vice President and Corporate Counsel (since September 2015) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; formerly Associate at Willkie Farr & Gallagher LLP (2009-2015).	Since March 2019
Melissa Gonzalez 1980 Assistant Secretary	Vice President and Corporate Counsel (since September 2018) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; formerly Director and Corporate Counsel (March 2014-September 2018) of Prudential.	Since March 2020
Patrick E. McGuinness 1986 Assistant Secretary	Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Director and Corporate Counsel (since February 2017) of Prudential; and Corporate Counsel (2012-2017) of IIL, Inc.	Since June 2020
Debra Rubano 1975 Assistant Secretary	Vice President and Corporate Counsel (since November 2020) of Prudential; formerly Director and Senior Counsel of Allianz Global Investors U.S. Holdings LLC (2010-2020) and Assistant Secretary of numerous funds in the Allianz fund complex (2015-2020).	Since December 2020
Kelly A. Coyne 1968 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since March 2015

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Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Christian J. Kelly 1975 Treasurer and Principal Financial and Accounting Officer	Vice President, Head of Fund Administration of PGIM Investments LLC (since November 2018); formerly Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).	Since January 2019
Lana Lomuti 1967 Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since April 2014
Russ Shupak 1973 Assistant Treasurer	Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration.	Since September 2019
Deborah Conway 1969 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since September 2019
Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.	Since September 2019
Jonathan Corbett 1983 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Global Compliance Programs and Compliance Risk Management (since August 2019) of Prudential; formerly Vice President and Head of Key Risk Areas Compliance (March 2016 to July 2019), Chief Privacy Officer (March 2016 to July 2019) and Head of Global Financial Crimes Unit (April 2014 to March 2016) at MetLife.	Since October 2021

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

Explanatory Notes to Tables:

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

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

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

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

∎ “Portfolios Overseen” includes all investment companies managed by PGIM Investments LLC. The investment companies for which PGIM Investments LLC serves as manager include the PGIM Funds, Target Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

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

PGIM Global Total Return (USD Hedged) Fund

Approval of Advisory Agreements (unaudited)

The Fund’s Board of Directors

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

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and the Fund’s subadvisory agreements with each of PGIM, Inc. (“PGIM”) on behalf of its PGIM Fixed Income unit (“PGIM Fixed Income”) and PGIM Limited (“PGIML”). In considering the renewal of the agreements, the Board, including all of the Independent Directors, met on June 7-10, 2021 and approved the renewal of the agreements through July 31, 2022, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

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

In approving the agreements, the Board, including the Independent Directors advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments and the subadvisers, the performance of the Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund’s assets grow. In their deliberations, the Directors did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at regular Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the meetings on June 7-10, 2021.

¹ PGIM Global Total Return (USD Hedged) Fund is a series of Prudential Global Total Return Fund, Inc.

PGIM Global Total Return (USD Hedged) Fund

Approval of Advisory Agreements(continued)

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

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

Nature, Quality and Extent of Services

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

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

Visit our website at pgim.com/investments

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

Costs of Services and Profits Realized by PGIM Investments

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

Economies of Scale

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

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

Other Benefits to PGIM Investments, PGIM Fixed Income, and PGIML

The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM Fixed Income, PGIML and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund’s transfer agent

PGIM Global Total Return (USD Hedged) Fund

Approval of Advisory Agreements(continued)

(which is affiliated with PGIM Investments), as well as benefits to its reputation or other intangible benefits resulting from PGIM Investments’ association with the Fund. The Board concluded that the potential benefits to be derived by PGIM Fixed Income and PGIML included the ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to their reputations. The Board concluded that the benefits derived by PGIM Investments, PGIM Fixed Income, and PGIML were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one- and three-year periods ended December 31, 2020. The Board considered that the Fund commenced operations on December 12, 2017 and that longer-term performance was not yet available.

The Board also considered the Fund’s actual management fee, as well as the Fund’s net total expense ratio, for the fiscal period ended October 31, 2020. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

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

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

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Net Performance	1 Year	3 Years	5 Years	10 Years
	2nd Quartile	1st Quartile	N/A	N/A
Actual Management Fees: 1st Quartile
	Net Total Expenses: 1st Quartile

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

· The Board noted that the Fund does not yet have a five-year performance record and that, therefore, the subadviser should have more time to develop that record.

· The Board and PGIM Investments agreed to retain the existing contractual expense cap, which (exclusive of certain fees and expenses) caps total annual operating expenses at 0.88% for Class A shares, 1.63% for Class C shares, 0.63% for Class Z shares and 0.58% for Class R6 shares through February 28, 2022.

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

· The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to continue to allow the Fund to create a longer-term performance record, and to renew the agreements.

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

*  *  *

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

PGIM Global Total Return (USD Hedged) Fund

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

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 E. McGuinness, Assistant Secretary · Debra Rubano, Assistant Secretary · Lana Lomuti, Assistant Treasurer · Russ Shupak, Assistant Treasurer · Elyse M. 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 (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.

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

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

PGIM GLOBAL TOTAL RETURN (USD HEDGED) FUND
SHARE CLASS	A	C	Z	R6
NASDAQ	PHEAX	PHECX	PHEZX	PHEQX
CUSIP	74439A707	74439A806	74439A871	74439A889

MF238E

Item 2 – Code of Ethics — See Exhibit (a)

As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies – Ethical Standards for Principal Executive and Financial Officers”) that applies to the registrant’s Principal Executive Officer and Principal Financial Officer; the registrant’s Principal Financial Officer also serves as the Principal Accounting Officer.

The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant 800-225-1852, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

Item 3 – Audit Committee Financial Expert –

The registrant’s Board has determined that Ms. Grace C. Torres, member of the Board’s Audit Committee is an “audit committee financial expert,” and that she is “independent,” for purposes of this item.

Item 4 – Principal Accountant Fees and Services –

(a) Audit Fees

For the fiscal year ended October 31, 2021 and October 31, 2020, PricewaterhouseCoopers LLP (“PwC”), the Registrant’s principal accountant, billed the Registrant $108,800 and $108,800 respectively, for professional services rendered for the audit of the Registrant’s annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

(b) Audit-Related Fees

For the fiscal year ended October 31, 2021, PwC did not bill the Registrant for audit-related services.

For the fiscal year ended October 31, 2020, fees of $5,103 were billed to the Registrant for services rendered by KPMG LLP (the Registrant’s prior principal accountant) in connection with the auditor transition.

(c) Tax Fees

For the fiscal years ended October 31, 2021 and October 31, 2020: none.

(d) All Other Fees

For the fiscal years ended October 31, 2021 and October 31, 2020: none.

(e) (1) Audit Committee Pre-Approval Policies and Procedures

THE PGIM MUTUAL FUNDS

AUDIT COMMITTEE POLICY

on

Pre-Approval of Services Provided by the Independent

Accountants

The Audit Committee of each PGIM Mutual Fund is charged with the responsibility to monitor the independence of the Fund’s independent accountants. As part of this responsibility, the Audit Committee must pre-approve the independent accounting firm’s engagement to render audit and/or permissible non-audit services, as required by law. In evaluating a proposed engagement of the independent accountants, the Audit Committee will assess the effect that the engagement might reasonably be expected to have on the accountant’s independence. The Committee’s evaluation will be based on:

• a review of the nature of the professional services expected to be provided,

• a review of the safeguards put into place by the accounting firm to safeguard independence, and

• periodic meetings with the accounting firm.

Policy for Audit and Non-Audit Services Provided to the Funds

On an annual basis, the scope of audits for each Fund, audit fees and expenses, and audit-related and non-audit services (and fees proposed in respect thereof) proposed to be performed by the Fund’s independent accountants will be presented by the Treasurer and the independent accountants to the Audit Committee for review and, as appropriate, approval prior to the initiation of such services.

Such presentation shall be accompanied by confirmation by both the Treasurer and the independent accountants that the proposed

non-audit services will not adversely affect the independence of the independent accountants. Such proposed non-audit services shall be described in sufficient detail to enable the Audit Committee to assess the appropriateness of such services and fees, and the compatibility of the provision of such services with the auditor’s independence. The Committee shall receive periodic reports on the progress of the audit and other services which are approved by the Committee or by the Committee Chair pursuant to authority delegated in this Policy.

The categories of services enumerated under “Audit Services”, “Audit-related Services”, and “Tax Services” are intended to provide guidance to the Treasurer and the independent accountants as to those categories of services which the Committee believes are generally consistent with the independence of the independent accountants and which the Committee (or the Committee Chair) would expect upon the presentation of specific proposals to pre-approve. The enumerated categories are not intended as an exclusive list of audit, audit-related or tax services, which the Committee (or the Committee Chair) would consider for pre-approval.

Audit Services

The following categories of audit services are considered to be consistent with the role of the Fund’s independent accountants:

• Annual Fund financial statement audits

• Seed audits (related to new product filings, as required)

• SEC and regulatory filings and consents

Audit-related Services

The following categories of audit-related services are considered to be consistent with the role of the Fund’s independent accountants:

• Accounting consultations

• Fund merger support services

• Agreed Upon Procedure Reports

• Attestation Reports

• Other Internal Control Reports

Individual audit-related services that fall within one of these categories (except for fund merger support services) and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on

whom this responsibility has been delegated). Fees related to fund merger support services are subject to a separate authorized pre-approval by the Audit Committee with fees determined on a per occurrence and merger complexity basis.

Tax Services

The following categories of tax services are considered to be consistent with the role of the Fund’s independent accountants:

• Tax compliance services related to the filing or amendment of the following:

• Federal, state and local income tax compliance; and,

• Sales and use tax compliance

• Timely RIC qualification reviews

• Tax distribution analysis and planning

• Tax authority examination services

• Tax appeals support services

• Accounting methods studies

• Fund merger support services

• Tax consulting services and related projects

Individual tax services that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated).

Other Non-Audit Services

Certain non-audit services that the independent accountants are legally permitted to render will be subject to pre-approval by the Committee or by one or more Committee members to whom the Committee has delegated this authority and who will report to the full Committee any pre-approval decisions made pursuant to this Policy. Non-audit services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Proscribed Services

The Fund’s independent accountants will not render services in the following categories of non-audit services:

• Bookkeeping or other services related to the accounting records or financial statements of the Fund

• Financial information systems design and implementation

• Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

• Actuarial services

• Internal audit outsourcing services

• Management functions or human resources

• Broker or dealer, investment adviser, or investment banking services

• Legal services and expert services unrelated to the audit

• Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

Pre-approval of Non-Audit Services Provided to Other Entities Within the PGIM Fund Complex

Certain non-audit services provided to PGIM Investments LLC or any of its affiliates that also provide ongoing services to the PGIM Mutual Funds will be subject to pre-approval by the Audit Committee. The only non-audit services provided to

these entities that will require pre-approval are those related directly to the operations and financial reporting of the Funds. Individual projects that are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $30,000. Services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Although the Audit Committee will not pre-approve all services provided to PGIM Investments LLC and its affiliates, the Committee will receive an annual report from the Fund’s independent accounting firm showing the aggregate fees for all services provided to PGIM Investments and its affiliates.

(e) (2) Percentage of services referred to in 4(b) – 4(d) that were approved by the audit committee –

For the fiscal years ended October 31, 2021 and October 31, 2020, 100% of the services referred to in Item 4(b) was approved by the audit committee.

(f) Percentage of hours expended attributable to work performed by other than full time employees of principal accountant if greater than 50%.

The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was 0%.

(g) Non-Audit Fees

The aggregate non-audit fees billed by the Registrant’s principal accountant for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended October 31, 2021 and October 31, 2020 was $0 and $0, respectively.

(h) Principal Accountant’s Independence

Not applicable as the Registrant’s principal accountant has not provided non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

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 registrant’s most recent fiscal quarter of the period covered by this report that has materially affected, or is likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Controls and Procedures - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable.

Item 13 – Exhibits

(a)	(1)	Code of Ethics – Attached hereto as Exhibit EX-99.CODE-ETH.
	(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:	December 17, 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:	December 17, 2021
By:	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and Accounting Officer
Date:	December 17, 2021