UNITEDSTATES

SECURITIESANDEXCHANGECOMMISSION

Washington,D.C.20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:	811- 04661
Exact name of registrant as specified in charter:	Prudential Global Total Return Fund, Inc.
Address of principal executive offices:	655 Broad Street, 17th Floor
	Newark, New Jersey 07102
Name and address of agent for service:	Andrew R. French
	655 Broad Street, 17th Floor
	Newark, New Jersey 07102
Registrant's telephone number, including area code:	800-225-1852
Date of fiscal year end:	10/31/2020
Date of reporting period:	4/30/2020

Item 1 – Reports to Stockholders

PGIM GLOBAL TOTAL RETURN FUND

SEMIANNUAL REPORT

APRIL 30, 2020

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

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

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

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

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

Table of Contents

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

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

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

The accompanying financial statements as of April 30, 2020 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. ^© 2020 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 semiannual report for PGIM Global Total Return Fund informative and useful. The report covers performance for the six-month period ended April 30, 2020.

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

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Global Total Return Fund

June 15, 2020

PGIM Global Total Return Fund 3

Your Fund’s Performance

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

	(without sales charges)	Average Annual Total Returns as of 4/30/20 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	–4.17	0.08	2.77	4.06	—
Class B	–4.67	–2.35	2.48	3.62	—
Class C	–4.54	1.69	2.69	3.68	—
Class Z	–4.16	3.54	3.69	4.66	—
Class R2	–4.33	3.08	N/A	N/A	2.18 (12/27/17)
Class R4	–4.22	3.34	N/A	N/A	2.43 (12/27/17)
Class R6	–3.94	3.78	3.75	N/A	3.58 (2/3/12)
Bloomberg Barclays Global Aggregate Bond Index
	1.45	6.56	2.82	2.67	—

Average Annual Total Returns as of 4/30/20 Since Inception (%)
	Class R2, R4 (12/27/17)	Class R6 (2/3/12)
Bloomberg Barclays Global Aggregate Bond Index	3.06	1.65

*Not annualized

Source: PGIM Investments LLC and Lipper Inc.

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

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

	Class A	Class B*	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	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption)	For purchases on or after July 15, 2019: 1.00% on sales of $500,000 or more made within 12 months of purchase. For purchases prior to July 15, 2019: 1.00% on sales of $1 million or more made within 12 months of purchase.	5.00% (Yr. 1) 4.00% (Yr. 2) 3.00% (Yr. 3) 2.00% (Yr. 4) 1.00% (Yr. 5/6) 0.00% (Yr. 7)	1.00% on sales made within 12 months of purchase	None	None	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.25%	1.00%	1.00%	None	0.25%	None	None
Shareholder service fees	None	None	None	None	0.10%	0.10%	None

*Class B shares are closed to all purchase activity and no additional Class B shares may be purchased or acquired except by exchange from Class B shares of another Fund or through reinvestment of dividends and/or capital gains. Effective on or about June 26, 2020, all issued and outstanding Class B shares will be automatically converted to Class A shares. See the supplement included with this shareholder report for details.

PGIM Global Total Return Fund 5

Your Fund’s Performance (continued)

Benchmark Definitions

Bloomberg Barclays Global Aggregate Bond Index—The Bloomberg Barclays Global Aggregate Bond Index is an unmanaged index of global investment-grade fixed income markets. The three major components of this index are the US Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The Index also includes euro dollar and euro-yen corporate bonds, and Canadian government, agency, and corporate securities.

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.

Distributions and Yields as of 4/30/20
	Total Distributions Paid for Six Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.28	2.76	2.71
Class B	0.26	2.14	–0.96
Class C	0.26	2.12	2.09
Class Z	0.29	3.10	3.08
Class R2	0.28	2.66	2.64
Class R4	0.29	2.90	2.60
Class R6	0.30	3.19	3.19

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

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

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Credit Quality expressed as a percentage of total investments as of 4/30/20 (%)
AAA	17.5
AA	9.5
A	17.4
BBB	25.5
BB	10.6
B	4.2
CCC	0.8
CC	0.4
Not Rated	9.0
Cash/Cash Equivalents	5.1
Total	100.0

Source: PGIM Fixed Income

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

PGIM Global Total Return Fund 7

Fees and Expenses

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

The example is based on an investment of $1,000 held through the six-month period ended April 30, 2020. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

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

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

PGIM Global Total Return Fund		Beginning Account Value November 1, 2019		Ending Account Value April 30, 2020		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	958.30		0.88	%	$	4.28
	Hypothetical	$	1,000.00	$	1,020.49		0.88	%	$	4.42
Class B	Actual	$	1,000.00	$	953.30		1.63	%	$	7.92
	Hypothetical	$	1,000.00	$	1,016.76		1.63	%	$	8.17
Class C	Actual	$	1,000.00	$	954.60		1.63	%	$	7.92
	Hypothetical	$	1,000.00	$	1,016.76		1.63	%	$	8.17
Class Z	Actual	$	1,000.00	$	958.40		0.63	%	$	3.07
	Hypothetical	$	1,000.00	$	1,021.73		0.63	%	$	3.17
Class R2	Actual	$	1,000.00	$	956.70		1.08	%	$	5.25
	Hypothetical	$	1,000.00	$	1,019.49		1.08	%	$	5.42
Class R4	Actual	$	1,000.00	$	957.80		0.83	%	$	4.04
	Hypothetical	$	1,000.00	$	1,020.74		0.83	%	$	4.17
Class R6	Actual	$	1,000.00	$	960.60		0.54	%	$	2.63
	Hypothetical	$	1,000.00	$	1,022.18		0.54	%	$	2.72

*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 182 days in the six-month period ended April 30, 2020, and divided by the 366 days in the Fund’s fiscal year ending October 31, 2020 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

PGIM Global Total Return Fund 9

Schedule of Investments (unaudited)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    91.9%
ASSET-BACKED SECURITIES    14.2%
Cayman Islands    9.0%
Anchorage Capital CLO LLC,
Series 2019-13A, Class A, 144A, 3 Month LIBOR + 1.470% (Cap N/A, Floor 1.470%)		2.689	%(c)		04/15/32		10,000	$	9,647,151
Anchorage Capital CLO Ltd.,
Series 2019-11A, Class A, 144A, 3 Month LIBOR + 1.390% (Cap N/A, Floor 1.390%)		2.488	(c)		07/22/32		20,000		18,936,828
ArrowMark Colorado Holdings,
Series 2017-06A, Class A1, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 0.000%)		2.499	(c)		07/15/29		500		482,757
Battalion CLO Ltd.,
Series 2015-08A, Class A1R2, 144A, 3 Month LIBOR + 1.070%
(Cap N/A, Floor 1.070%)		2.205	(c)		07/18/30		5,500		5,304,308
Benefit Street Partners CLO Ltd.,
Series 2013-IIA, Class A1R, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)		2.469	(c)		07/15/29		1,250		1,218,002
Series 2017-12A, Class A1, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)		2.469	(c)		10/15/30		750		727,633
BlueMountain CLO Ltd.,
Series 2016-02A, Class A1R, 144A, 3 Month LIBOR + 1.310% (Cap N/A, Floor 1.310%)		3.005	(c)		08/20/32		11,000		10,166,993
Brookside Mill CLO Ltd.,
Series 2013-01A, Class BR, 144A, 3 Month LIBOR + 1.350% (Cap N/A, Floor 0.000%)		2.485	(c)		01/17/28		4,000		3,579,914
Canyon Capital CLO Ltd.,
Series 2015-01A, Class AS, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)		2.469	(c)		04/15/29		3,750		3,653,828
Carlyle Global Market Strategies CLO Ltd.,
Series 2016-03A, Class A1R, 144A, 3 Month LIBOR + 1.020% (Cap N/A, Floor 1.020%)		2.155	(c)		10/20/29		5,500		5,304,091
Carlyle US CLO Ltd.,
Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.020% (Cap N/A, Floor 0.000%)		2.155	(c)		04/20/31		12,500		11,762,242
CBAM Ltd.,
Series 2019-11A, Class A1, 144A, 3 Month LIBOR + 1.360% (Cap N/A, Floor 1.360%)		2.495	(c)		10/20/32		25,000		23,588,927
Cent CLO Ltd.,
Series C17A, Class A1AR, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)		1.790	(c)		04/30/31		15,000		14,373,801
Elevation CLO Ltd.,
Series 2015-04A, Class BR, 144A, 3 Month LIBOR + 1.670% (Cap N/A, Floor 0.000%)		2.805	(c)		04/18/27		10,000		9,636,758

See Notes to Financial Statements.

PGIM Global Total Return Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Cayman Islands (cont’d.)
KVK CLO Ltd.,
Series 2018-01A, Class B, 144A, 3 Month LIBOR + 1.650% (Cap N/A, Floor 0.000%)		3.345	%(c)		05/20/29		5,000	$	4,608,768
Madison Park Funding Ltd.,
Series 2016-21A, Class A1AR, 144A, 3 Month LIBOR + 1.350%
(Cap N/A, Floor 1.350%)		2.569	(c)		10/15/32		10,000		9,627,132
Mariner CLO Ltd.,
Series 2018-05A, Class A, 144A, 3 Month LIBOR + 1.110% (Cap N/A, Floor 1.110%)		2.101	(c)		04/25/31		6,250		5,954,754
MidOcean Credit CLO,
Series 2016-05A, Class AR, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 0.000%)		2.255	(c)		07/19/28		8,000		7,735,271
Series 2018-08A, Class B, 144A, 3 Month LIBOR + 1.650% (Cap N/A, Floor 0.000%)		3.345	(c)		02/20/31		2,000		1,840,581
Series 2018-09A, Class A1, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)		2.285	(c)		07/20/31		2,000		1,883,404
Mountain View CLO Ltd.,
Series 2015-09A, Class A2R, 144A, 3 Month LIBOR + 1.780% (Cap N/A, Floor 0.000%)		2.999	(c)		07/15/31		5,750		5,208,805
OCP CLO Ltd.,
Series 2019-17A, Class A1, 144A, 3 Month LIBOR + 1.330% (Cap N/A, Floor 1.330%)		2.465	(c)		07/20/32		5,000		4,843,659
OZLM Ltd.,
Series 2014-06A, Class A2AS, 144A, 3 Month LIBOR + 1.750%
(Cap N/A, Floor 0.000%)		2.885	(c)		04/17/31		2,000		1,824,270
Series 2018-20A, Class A1, 144A, 3 Month LIBOR + 1.050% (Cap N/A, Floor 0.000%)		2.185	(c)		04/20/31		5,000		4,797,101
Series 2019-24A, Class A1A, 144A, 3 Month LIBOR + 1.390% (Cap N/A, Floor 0.000%)		2.525	(c)		07/20/32		8,000		7,433,774
Race Point CLO Ltd.,
Series 2013-08A, Class AR2, 144A, 3 Month LIBOR + 1.040% (Cap N/A, Floor 1.040%)		2.735	(c)		02/20/30		8,650		8,314,831
Shackleton CLO Ltd.,
Series 2014-05RA, Class A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 0.000%)		2.842	(c)		05/07/31		5,000		4,706,440
Series 2014-05RA, Class B, 144A, 3 Month LIBOR + 1.700% (Cap N/A, Floor 0.000%)		3.442	(c)		05/07/31		6,500		5,881,944
Series 2017-10A, Class BR, 144A, 3 Month LIBOR + 1.550% (Cap N/A, Floor 0.000%)		2.685	(c)		04/20/29		10,000		9,141,860
Silver Creek CLO Ltd.,
Series 2014-01A, Class AR, 144A, 3 Month LIBOR + 1.240% (Cap N/A, Floor 0.000%)		2.375	(c)		07/20/30		500		484,440

See Notes to Financial Statements.

12

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Cayman Islands (cont’d.)
Sound Point CLO Ltd.,
Series 2016-02A, Class BR, 144A, 3 Month LIBOR + 1.800% (Cap N/A, Floor 1.800%)		2.935	%(c)		10/20/28		3,000	$	2,783,323
Series 2016-03A, Class AR, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 0.000%)		2.193	(c)		01/23/29		8,000		7,634,147
Series 2017-03A, Class A1B, 144A, 3 Month LIBOR + 1.220% (Cap N/A, Floor 0.000%)		2.355	(c)		10/20/30		500		477,246
TCW CLO Ltd.,
Series 2017-01A, Class AR, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)		1.871	(c)		07/29/29		20,000		19,424,958
Series 2018-01A, Class A1A, 144A, 3 Month LIBOR + 1.050% (Cap N/A, Floor 0.000%)		2.041	(c)		04/25/31		15,000		14,355,372
Series 2020-01A, Class B, 144A, 3 Month LIBOR + 3.600% (Cap N/A, Floor 3.600%)		4.360	(c)		04/20/28		17,250		17,250,000
Telos CLO Ltd.,
Series 2013-03A, Class AR, 144A, 3 Month LIBOR + 1.300% (Cap N/A, Floor 1.300%)		2.435	(c)		07/17/26		525		518,745
TIAA CLO Ltd.,
Series 2016-01A, Class AR, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 0.000%)		2.335	(c)		07/20/31		2,000		1,915,754
TICP CLO Ltd.,
Series 2015-01A, Class BR, 144A, 3 Month LIBOR + 1.300% (Cap N/A, Floor 0.000%)		2.435	(c)		07/20/27		5,187		4,707,577
Trinitas CLO Ltd.,
Series 2015-03A, Class BR, 144A, 3 Month LIBOR + 1.400% (Cap N/A, Floor 0.000%)		2.619	(c)		07/15/27		5,000		4,687,198
Tryon Park CLO Ltd.,
Series 2013-01A, Class A2R, 144A, 3 Month LIBOR + 1.500% (Cap N/A, Floor 0.000%)		2.719	(c)		04/15/29		3,700		3,415,848
Voya CLO Ltd.,
Series 2013-02A, Class A1R, 144A, 3 Month LIBOR + 0.970% (Cap N/A, Floor 0.970%)		1.961	(c)		04/25/31		4,500		4,320,275
Wellfleet CLO Ltd.,
Series 2017-03A, Class A1, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)		2.285	(c)		01/17/31		2,500		2,337,715
York CLO Ltd.,
Series 2015-01A, Class AR, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 0.000%)		2.248	(c)		01/22/31		5,000		4,760,677
Zais CLO Ltd.,
Series 2015-03A, Class A2R, 144A, 3 Month LIBOR + 2.190% (Cap N/A, Floor 0.000%)		3.409	(c)		07/15/31		8,500		7,718,568

See Notes to Financial Statements.

PGIM Global Total Return Fund 13

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Cayman Islands (cont’d.)
Zais CLO Ltd., (cont’d.)
Series 2017-01A, Class A1, 144A, 3 Month LIBOR + 1.370% (Cap N/A, Floor 0.000%)		2.589	%(c)		07/15/29		4,211	$	3,984,713
Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.290% (Cap N/A, Floor 0.000%)		2.509	(c)		04/15/30		744		690,593
Series 2018-01A, Class A, 144A, 3 Month LIBOR + 0.950% (Cap N/A, Floor 0.000%)		2.169	(c)		04/15/29		7,171		6,731,370
									310,384,346
Ireland    1.2%
Anchorage Capital Europe CLO,
Series 01X, Class A2		1.500			01/15/31	EUR	8,250		8,867,579
Arbour CLO DAC,
Series 03A, Class B1R, 144A		1.920			03/15/29	EUR	4,000		4,216,906
Armada Euro CLO DAC,
Series 02A, Class A3, 144A		1.500			11/15/31	EUR	1,500		1,614,495
Carlyle Euro CLO Ltd.,
Series 2019-02A, Class A1B, 144A, 3 Month EURIBOR + 1.400%
(Cap N/A, Floor 1.400%)		1.400	(c)		08/15/32	EUR	8,000		8,235,436
Hayfin Emerald CLO DAC,
Series 02A, Class B2, 144A		2.650			05/27/32	EUR	4,000		4,251,451
OAK Hill European Credit Partners DAC,
Series 2017-06A, Class A2, 144A		1.150			01/20/32	EUR	3,000		3,200,429
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		11,710,201
Series 07A, Class B2R, 144A		2.400			04/30/30	EUR	1,000		1,068,647
									43,165,144
Spain    0.2%
TFS,
Series 2018-03, Class A1, 1 Month EURIBOR + 2.900%		2.900	(c)		04/16/23	EUR	7,266		7,129,685
United States    3.8%
ABFC Trust,
Series 2004-OPT05, Class A1, 1 Month LIBOR + 0.700% (Cap N/A, Floor 0.350%)		1.187	(c)		06/25/34		680		629,308
ACE Securities Corp. Home Equity Loan Trust,
Series 2005-HE2, Class M4, 1 Month LIBOR + 0.960% (Cap N/A, Floor 0.640%)		1.447	(c)		04/25/35		155		154,613

See Notes to Financial Statements.

14

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
United States (cont’d.)
Ameriquest Mortgage Securities, Inc., Asset-Backed
Pass-Through Certificates,
Series 2002-02, Class M3, 1 Month LIBOR + 2.655%
(Cap N/A, Floor 1.770%)		3.142	%(c)		08/25/32		450	$	437,615
Series 2002-03, Class M3, 1 Month LIBOR + 2.850%
(Cap N/A, Floor 1.900%)		3.337	(c)		08/25/32		239		229,466
Argent Securities, Inc., Asset-Backed Pass-Through
Certificates,
Series 2005-W02, Class A2C, 1 Month LIBOR + 0.360% (Cap N/A, Floor 0.360%)		0.847	(c)		10/25/35		326		324,823
Battalion CLO Ltd.,
Series 2018-12A, Class A1, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%)		2.762	(c)		05/17/31		15,000		14,330,792
Chase Funding Loan Acquisition Trust,
Series 2004-AQ1, Class A2, 1 Month LIBOR + 0.800% (Cap N/A, Floor 0.400%)		1.287	(c)		05/25/34		160		156,571
Chase Funding Trust,
Series 2003-04, Class 2A2, 1 Month LIBOR + 0.600%
(Cap N/A, Floor 0.300%)		1.087	(c)		05/25/33		789		729,311
CHEC Loan Trust,
Series 2004-01, Class A3, 144A, 1 Month LIBOR + 1.000% (Cap N/A, Floor 0.500%)		1.487	(c)		07/25/34		645		603,714
CIT Mortgage Loan Trust,
Series 2007-01, Class 1A, 144A, 1 Month LIBOR + 1.350% (Cap N/A, Floor 1.350%)		1.837	(c)		10/25/37		1,002		980,636
Countrywide Asset-Backed Certificates,
Series 2002-05, Class MV1, 1 Month LIBOR + 1.500% (Cap N/A, Floor 1.000%)		1.987	(c)		03/25/33		100		97,724
Credit Suisse Mortgage Trust,
Series 2018-RPL08, Class A1, 144A		4.125	(cc)		07/25/58		2,749		2,704,172
EquiFirst Mortgage Loan Trust,
Series 2004-01, Class 1A1, 1 Month LIBOR + 0.480%
(Cap N/A, Floor 0.240%)		0.967	(c)		01/25/34		646		594,622
Ford Credit Floorplan Master Owner Trust,
Series 2018-04, Class A		4.060			11/15/30		5,000		4,919,522
Laurel Road Prime Student Loan Trust,
Series 2018-A, Class A, 144A		—	(p)		02/25/43		3,430		3,035,992
Series 2018-C, Class A, 144A		—	(p)		08/25/43		2,660		2,732,735
Series 2019-A, Class R, 144A		—	(p)		10/25/48		6,777		474,416
Legacy Mortgage Asset Trust,
Series 2019-GS01, Class A1, 144A		4.000			01/25/59		1,564		1,484,297
Series 2019-GS02, Class A1, 144A		3.750			01/25/59		1,853		1,724,097

See Notes to Financial Statements.

PGIM Global Total Return Fund 15

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
United States (cont’d.)
Legacy Mortgage Asset Trust, (cont’d.)
Series 2019-GS04, Class A1, 144A		3.438	%		05/25/59		2,987	$	2,797,449
Series 2019-SL01, Class A, 144A		4.000	(cc)		12/28/54		1,056		1,008,997
Lendmark Funding Trust,
Series 2019-02A, Class A, 144A		2.780			04/20/28		2,300		2,046,877
Long Beach Mortgage Loan Trust,
Series 2003-04, Class AV1, 1 Month LIBOR + 0.620%
(Cap N/A, Floor 0.310%)		1.107	(c)		08/25/33		728		667,949
Series 2004-03, Class M1, 1 Month LIBOR + 0.855%
(Cap N/A, Floor 0.570%)		1.342	(c)		07/25/34		142		125,498
LSFVT,
Series 2019-01, 1 Month LIBOR + 2.000%^		2.985	(c)		05/02/22		6,744		6,743,899
MASTR Asset-Backed Securities Trust,
Series 2004-WMC02, Class M1, 1 Month LIBOR + 0.900% (Cap N/A, Floor 0.600%)		1.387	(c)		04/25/34		1,356		1,297,664
Merrill Lynch Mortgage Investors Trust,
Series 2004-HE02, Class M1, 1 Month LIBOR + 1.200% (Cap N/A, Floor 0.800%)		1.687	(c)		08/25/35		52		50,445
Morgan Stanley ABS Capital, Inc. Trust,
Series 2003-NC08, Class M1, 1 Month LIBOR + 1.050% (Cap N/A, Floor 0.700%)		1.537	(c)		09/25/33		131		123,048
Morgan Stanley Dean Witter Capital, Inc. Trust,
Series 2002-AM3, Class A3, 1 Month LIBOR + 0.980% (Cap N/A, Floor 0.490%)		1.467	(c)		02/25/33		195		181,785
OneMain Direct Auto Receivables Trust,
Series 2017-02A, Class D, 144A		3.420			10/15/24		700		698,447
Series 2017-02A, Class E, 144A		4.740			11/14/25		1,000		995,980
Series 2019-01A, Class A, 144A		3.630			09/14/27		5,900		6,093,784
Series 2019-01A, Class B, 144A		3.950			11/14/28		1,300		1,276,665
OneMain Financial Issuance Trust,
Series 2017-01A, Class C, 144A		3.350			09/14/32		400		356,089
Oportun Funding LLC,
Series 2017-B, Class A, 144A		3.220			10/10/23		2,600		2,528,435
Series 2018-A, Class A, 144A		3.610			03/08/24		1,330		1,241,999
Series 2018-C, Class A, 144A		4.100			10/08/24		2,450		2,266,587
Series 2018-D, Class A, 144A		4.150			12/09/24		1,500		1,410,269
Series 2019-A, Class B, 144A		3.870			08/08/25		4,158		3,055,289
Option One Mortgage Acceptance Corp., Asset-Backed Certificates,
Series 2003-06, Class A2, 1 Month LIBOR + 0.660%
(Cap N/A, Floor 0.330%)		1.147	(c)		11/25/33		720		652,016

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
United States (cont’d.)
PNMAC FMSR Issuer Trust,
Series 2018-FT01, Class A, 144A, 1 Month LIBOR + 2.350% (Cap N/A, Floor 0.000%)		2.837	%(c)		04/25/23		4,290	$	3,573,921
PNMAC GMSR Issuer Trust,
Series 2018-GT01, Class A, 144A, 1 Month LIBOR + 2.850% (Cap N/A, Floor 2.850%)		3.337	(c)		02/25/23		1,020		853,711
Series 2018-GT02, Class A, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 0.000%)		3.137	(c)		08/25/25		2,300		1,904,627
SoFi Alternative Trust,
Series 2019-B, Class PT, 144A		—	(p)		12/15/45		10,441		10,746,279
Series 2019-D, Class 1PT, 144A		2.460	(cc)		01/16/46		10,993		11,217,382
Series 2019-F, Class PT1, 144A		1.870	(cc)		02/15/45		13,136		13,045,504
SoFi RR Funding Trust,
Series 2019-01, Class A, 144A, 1 Month LIBOR + 1.250% (Cap N/A, Floor 1.250%)		1.737	(c)		11/29/24		9,620		9,585,300
Springleaf Funding Trust,
Series 2017-AA, Class C, 144A		3.860			07/15/30		800		688,781
TH MSR Issuer Trust,
Series 2019-FT01, Class A, 144A, 1 Month LIBOR + 2.800% (Cap N/A, Floor 2.800%)		3.287	(c)		06/25/24		9,330		7,605,843
									131,184,945
TOTAL ASSET-BACKED SECURITIES
(cost $519,519,597)									491,864,120
BANK LOANS    0.4%
France    0.0%
Ceva Sante Animale SA,
Term Loan, 1 - 6 Month EURIBOR + 4.750%
(Cap N/A, Floor 0.000%)		4.750	(c)		04/13/26	EUR	1,575		1,653,842
Germany    0.1%
Speedster Bidco GmbH,
Second Lien Term Loan, 6 Month EURIBOR + 6.250%
(Cap N/A, Floor 0.000%)		6.250	(c)		03/31/28	EUR	3,265		2,898,140
United Kingdom    0.3%
BBD Bidco Ltd.,
Facility B-1 Loan, 6 Month GBP LIBOR + 4.750%		5.451	(c)		11/13/26	GBP	2,125		2,346,345

See Notes to Financial Statements.

PGIM Global Total Return Fund 17

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
BANK LOANS (Continued)
United Kingdom (cont’d.)
Froneri Finco SARL,
Second Lien Facility Loan, 6 Month EURIBOR + 5.750% (Cap N/A, Floor 0.000%)^		5.750	%(c)		01/31/28		EUR	6,400	$	6,557,566
Richmond UK Bidco Ltd.,
Facility B, 1 - 6 Month GBP LIBOR + 4.250%		4.975	(c)		03/03/24		GBP	72		72,878
										8,976,789
United States    0.0%
Chesapeake Energy Corp.,
Class A Loan, 2 Month LIBOR + 8.000%		9.000	(c)		05/23/24			3,575		1,233,375
TOTAL BANK LOANS
(cost $18,584,484)										14,762,146
COMMERCIAL MORTGAGE-BACKED SECURITIES 6.1%
Canada    0.0%
Real Estate Asset Liquidity Trust,
Series 2020-01A, Class A1, 144A		2.381	(cc)		02/12/55		CAD	2,309		1,685,420
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%)		2.122	(c)		01/23/29		GBP	500		615,729
United States    6.1%
20 Times Square Trust,
Series 2018-20TS, Class G, 144A		3.203	(cc)		05/15/35			1,000		826,064
Series 2018-20TS, Class H, 144A		3.203	(cc)		05/15/35			1,000		791,690
BANK,
Series 2017-BNK05, Class A3		3.020			06/15/60			3,600		3,729,415
Series 2017-BNK06, Class A3		3.125			07/15/60			4,400		4,560,632
Series 2017-BNK07, Class A4		3.175			09/15/60			5,000		5,325,958
Series 2017-BNK09, Class A3		3.279			11/15/54			3,000		3,227,913
Series 2019-BN21, Class A3		2.458			10/17/52			6,293		6,391,260
Benchmark Mortgage Trust,
Series 2018-B02, Class A3		3.544			02/15/51			5,000		5,330,231
Series 2018-B03, Class A3		3.746			04/10/51			7,200		7,719,074
Series 2020-B17, Class A4		2.042			03/15/53			6,200		6,115,386

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
United States (cont’d.)
BX Commercial Mortgage Trust,
Series 2019-XL, Class F, 144A, 1 Month LIBOR + 2.000%
(Cap N/A, Floor 2.000%)		2.814	%(c)		10/15/36		3,153	$	2,950,514
Series 2019-XL, Class G, 144A, 1 Month LIBOR + 2.300%
(Cap N/A, Floor 2.300%)		3.114	(c)		10/15/36		3,249		2,990,183
Series 2020-BXLP, Class F, 144A, 1 Month LIBOR + 2.000%
(Cap N/A, Floor 2.000%)		2.814	(c)		12/15/36		3,800		3,555,381
Cantor Commercial Real Estate Lending,
Series 2019-CF02, Class A3		2.647			11/15/52		16,531		16,848,637
CF Mortgage Trust,
Series 2020-P01, Class A1, 144A		2.840	(cc)		04/15/52		9,500		9,519,269
Citigroup Commercial Mortgage Trust,
Series 2014-GC21, Class XB, IO		0.605	(cc)		05/10/47		27,500		473,162
Series 2016-GC37, Class XB, IO		0.851	(cc)		04/10/49		33,868		1,231,285
Series 2016-P04, Class XB, IO		1.503	(cc)		07/10/49		9,100		642,246
Series 2017-P08, Class A2		3.109			09/15/50		2,000		2,084,350
Series 2018-B02, Class A3		3.744			03/10/51		7,500		8,262,339
Commercial Mortgage Trust,
Series 2012-CR01, Class XA, IO		2.029	(cc)		05/15/45		3,396		101,203
Series 2014-UBS04, Class XB, IO, 144A		0.294	(cc)		08/10/47		50,000		449,835
Series 2015-CR24, Class A4		3.432			08/10/48		4,008		4,239,254
Credit Suisse Mortgage Capital Certificates,
Series 2019-ICE04, Class E, 144A, 1 Month LIBOR + 2.150%
(Cap N/A, Floor 2.150%)		2.964	(c)		05/15/36		12,125		11,197,271
CSAIL Commercial Mortgage Trust,
Series 2018-CX11, Class A3		4.095			04/15/51		2,250		2,395,190
Series 2019-C17, Class A3		2.769			09/15/52		12,444		12,757,651
DBJPM Mortgage Trust,
Series 2016-C03, Class A3		2.362			08/10/49		1,500		1,504,753
Series 2017-C06, Class A3		3.269			06/10/50		4,400		4,583,132
DBWF Mortgage Trust,
Series 2016-85T, Class E, 144A		3.808	(cc)		12/10/36		3,000		2,493,563
Eleven Madison Mortgage Trust,
Series 2015-11MD, Class C, 144A		3.673	(cc)		09/10/35		500		477,415
FHLMC Multifamily Structured Pass-Through
Certificates,
Series K008, Class X1, IO		1.554	(cc)		06/25/20		4,650		162
Series K019, Class X1, IO		1.730	(cc)		03/25/22		8,906		223,566
Series K020, Class X1, IO		1.502	(cc)		05/25/22		10,212		237,311
Series K025, Class X1, IO		0.938	(cc)		10/25/22		18,159		308,618
Series K037, Class X1, IO		1.124	(cc)		01/25/24		10,410		306,551
Series K043, Class X1, IO		0.662	(cc)		12/25/24		12,121		260,539

See Notes to Financial Statements.

PGIM Global Total Return Fund 19

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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 K049, Class X1, IO		0.726	%(cc)		07/25/25		40,708	$	1,058,324
Series K052, Class X1, IO		0.793	(cc)		11/25/25		12,185		368,225
Series K053, Class X1, IO		1.025	(cc)		12/25/25		45,465		1,928,300
Series K054, Class X1, IO		1.311	(cc)		01/25/26		30,816		1,716,496
Series K058, Class X1, IO		1.054	(cc)		08/25/26		41,291		2,044,943
Series K090, Class X1, IO		0.852	(cc)		02/25/29		22,984		1,235,625
Series K717, Class X1, IO		0.593	(cc)		09/25/21		10,834		48,263
Series Q001, Class XA, IO		2.213	(cc)		02/25/32		6,428		699,746
GS Mortgage Securities Trust,
Series 2014-GC20, Class XB, IO		0.601	(cc)		04/10/47		30,000		475,815
Series 2014-GC22, Class XB, IO		0.456	(cc)		06/10/47		35,000		477,026
Series 2014-GC24, Class XB, IO		0.021	(cc)		09/10/47		83,262		58,392
Series 2014-GC26, Class XB, IO		0.447	(cc)		11/10/47		56,483		804,555
Series 2018-GS09, Class A3		3.727			03/10/51		7,000		7,644,862
JPMBB Commercial Mortgage Securities Trust,
Series 2016-C01, Class A3		3.515			03/15/49		1,500		1,554,903
JPMCC Commercial Mortgage Securities Trust,
Series 2017-JP05, Class A3		3.342			03/15/50		1,600		1,668,194
Series 2017-JP06, Class A3		3.109			07/15/50		4,600		4,753,849
Series 2017-JP07, Class A3		3.379			09/15/50		5,100		5,306,542
MKT Mortgage Trust,
Series 2020-525M, Class F, 144A		2.941	(cc)		02/12/40		3,775		3,089,757
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2015-C24, Class XA, IO		0.895	(cc)		05/15/48		25,492		716,852
Series 2016-C31, Class A3		2.731			11/15/49		2,211		2,266,531
Morgan Stanley Capital I Trust,
Series 2016-UBS09, Class A2		2.982			03/15/49		402		409,992
Series 2017-H01, Class A3		3.153			06/15/50		4,500		4,668,601
Series 2019-MEAD, Class E, 144A		3.177			11/10/36		1,700		1,266,680
UBS Commercial Mortgage Trust,
Series 2017-C04, Class A3		3.301			10/15/50		6,500		6,974,384
Series 2017-C06, Class A3		3.581			12/15/50		5,000		5,274,201
Series 2017-C07, Class A3		3.418			12/15/50		4,400		4,616,757
UBS-Barclays Commercial Mortgage Trust,
Series 2012-C02, Class XA, IO, 144A		1.459	(cc)		05/10/63		4,304		99,008
Wells Fargo Commercial Mortgage Trust,
Series 2016-C35, Class XB, IO		1.094	(cc)		07/15/48		24,000		1,209,048
Series 2016-LC24, Class XB, IO		1.160	(cc)		10/15/49		20,910		1,119,833
Series 2017-C40, Class A3		3.317			10/15/50		2,600		2,761,366
Series 2018-C43, Class A3		3.746			03/15/51		8,350		9,096,987

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
United States (cont’d.)
Wells Fargo Commercial Mortgage Trust, (cont’d.)
									209,525,060
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $209,123,508)									211,826,209
CORPORATE BONDS    32.9%
Australia    0.1%
Australia & New Zealand Banking Group Ltd., Sr. Unsec’d. Notes, EMTN		3.700	%		03/18/24	CNH	2,000	$	285,535
Westpac Banking Corp.,
Sr. Unsec’d. Notes, EMTN		4.350			01/19/21	CNH	8,770		1,253,928
Sr. Unsec’d. Notes, EMTN		4.420			08/14/23	CNH	21,000		3,093,056
									4,632,519
Belgium    0.1%
Anheuser-Busch InBev Worldwide, Inc., Gtd. Notes(a)		5.550			01/23/49		3,800		4,736,619
Brazil    0.7%
Petrobras Global Finance BV,
Gtd. Notes		5.375			10/01/29	GBP	9,000		10,114,428
Gtd. Notes		6.625			01/16/34	GBP	1,040		1,226,291
Gtd. Notes, EMTN		6.250			12/14/26	GBP	5,743		6,940,703
Suzano Austria GmbH, Gtd. Notes		6.000			01/15/29		200		199,015
Swiss Insured Brazil Power Finance Sarl, Sr. Sec’d. Notes		9.850			07/16/32	BRL	21,838		4,230,483
									22,710,920
Canada    0.7%
Barrick Gold Corp., Sr. Unsec’d. Notes		5.250			04/01/42		35		45,041
Barrick North America Finance LLC, Gtd. Notes		5.700			05/30/41		45		59,780
Barrick PD Australia Finance Pty Ltd., Gtd. Notes		5.950			10/15/39		50		67,879
Bombardier, Inc.,
Sr. Unsec’d. Notes, 144A		7.500			12/01/24		4,050		2,696,426

See Notes to Financial Statements.

PGIM Global Total Return Fund 21

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Canada (cont’d.)
Bombardier, Inc., (cont’d.)
Sr. Unsec’d. Notes, 144A		7.875	%		04/15/27		1,335	$	879,393
Brookfield Residential Properties, Inc./Brookfield
Residential US Corp.,
Gtd. Notes, 144A		4.875			02/15/30		2,320		1,912,921
Gtd. Notes, 144A		6.250			09/15/27		2,175		2,001,000
Cenovus Energy, Inc., Sr. Unsec’d. Notes(a)		4.250			04/15/27		3,500		2,752,225
Hydro-Quebec,
Gov’t. Gtd. Notes, MTN		6.000			02/15/40	CAD	1,000		1,172,268
Local Gov’t. Gtd. Notes		9.400			02/01/21		730		778,055
Local Gov’t. Gtd. Notes, MTN		8.400			03/28/25		654		873,678
Local Gov’t. Gtd. Notes, Series HE		8.625			06/15/29		600		961,162
Local Gov’t. Gtd. Notes, Series HK		9.375			04/15/30		1,000		1,736,007
Local Gov’t. Gtd. Notes, Series HQ		9.500			11/15/30		500		898,241
Kinross Gold Corp., Gtd. Notes		5.950			03/15/24		1,000		1,097,624
MEG Energy Corp., Sr. Unsec’d. Notes, 144A(a)		7.125			02/01/27		1,825		1,232,167
Methanex Corp., Sr. Unsec’d. Notes(a)		4.250			12/01/24		1,500		1,345,872
Nutrien Ltd.,
Sr. Unsec’d. Notes		3.375			03/15/25		1,450		1,513,894
Sr. Unsec’d. Notes		4.200			04/01/29		490		555,440
Sr. Unsec’d. Notes		6.125			01/15/41		25		31,264
Rogers Communications, Inc., Gtd. Notes		3.250			05/01/29	CAD	700		542,314
Toronto-Dominion Bank (The), Sr. Unsec’d. Notes		3.005			05/30/23	CAD	1,000		755,313
									23,907,964
China    1.1%
Agricultural Development Bank of China, Sr. Unsec’d. Notes		3.400			11/06/24	CNH	59,000		8,652,005
Aircraft Finance Co. Ltd.,
Sr. Sec’d. Notes, Series B		4.100			03/29/26		3,250		3,459,749
Sr. Sec’d. Notes, Series C		3.955			03/29/23		10,048		10,605,685
Bank of China Ltd.,
Sr. Unsec’d. Notes, EMTN		3.150			10/16/21	CNH	6,000		853,959
Sr. Unsec’d. Notes, EMTN		3.300			04/17/22	CNH	4,950		703,782
Sr. Unsec’d. Notes, EMTN		4.650			03/05/21	CNH	2,000		287,093

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
China (cont’d.)
China Development Bank,
Sr. Unsec’d. Notes, EMTN		0.500	%		06/01/21		EUR	1,000	$	1,100,731
Sr. Unsec’d. Notes, EMTN		4.350			08/06/24		CNH	2,000		302,823
Sr. Unsec’d. Notes, EMTN		4.350			09/19/24		CNH	8,990		1,352,454
China Development Bank Corp., Certificate of Deposit		3.200			09/28/21		CNH	9,000		1,283,409
CNAC HK Finbridge Co. Ltd., Gtd. Notes		1.750			06/14/22		EUR	5,500		5,896,028
Sinochem Offshore Capital Co. Ltd., Gtd. Notes, EMTN		4.400			02/14/21		CNH	10,840		1,548,451
Sinopec Century Bright Capital Investment Ltd., Gtd. Notes		4.500			10/31/21		CNH	10,000		1,428,824
										37,474,993
Denmark    0.0%
Danske Bank A/S, Sr. Unsec’d. Notes, 144A		3.244	(ff)		12/20/25			1,095		1,093,049
France    2.2%
Altice France SA, Sr. Sec’d. Notes		3.375			01/15/28		EUR	8,475		8,738,787
BNP Paribas SA,
Sr. Unsec’d. Notes, 144A		3.375			01/09/25			4,800		4,988,936
Sr. Unsec’d. Notes, EMTN		6.420			09/11/23		MXN	250		9,998
Sub. Notes, EMTN		4.625			03/09/27		AUD	370		253,947
Credit Agricole Assurances SA, Sub. Notes		4.250	(ff)		—	(rr)	EUR	2,000		2,357,089
Credit Agricole SA, Sr. Unsec’d. Notes, 144A		2.375			01/22/25			12,300		12,505,998
Dexia Credit Local SA, Gov’t. Liquid Gtd. Notes, EMTN		2.125			02/12/25		GBP	1,000		1,332,748
La Poste SA, Sr. Unsec’d. Notes, EMTN		1.450			11/30/28		EUR	600		700,769
Loxam SAS,
Sr. Sec’d. Notes, 144A		2.875			04/15/26		EUR	1,100		1,086,046
Sr. Sub. Notes		4.500			04/15/27		EUR	3,800		2,918,810
Sr. Sub. Notes		5.750			07/15/27		EUR	4,100		3,146,236
Sr. Sub. Notes, 144A		4.500			04/15/27		EUR	1,100		844,919
SNCF Reseau,
Sr. Unsec’d. Notes		4.700			06/01/35		CAD	6,100		5,854,197
Sr. Unsec’d. Notes, EMTN		5.250			12/07/28		GBP	1,000		1,700,581

See Notes to Financial Statements.

PGIM Global Total Return Fund 23

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
France (cont’d.)
Societe Generale SA,
Sr. Unsec’d. Notes, 144A, MTN		2.625	%		01/22/25			18,960	$	18,942,526
Sr. Unsec’d. Notes, 144A, MTN		3.875			03/28/24			5,055		5,284,762
Sub. Notes, EMTN		4.875			10/13/26		AUD	2,364		1,650,270
Sub. Notes, EMTN		5.000			05/19/27		AUD	220		153,482
Societe Nationale SNCF SA, Sr. Unsec’d. Notes, EMTN		5.375			03/18/27		GBP	1,622		2,627,202
										75,097,303
Germany    0.8%
BMW Finance NV, Gtd. Notes, EMTN		4.250			10/18/20		CNH	5,000		709,636
Daimler International Finance BV,
Gtd. Notes		4.800			04/09/21		CNH	5,000		715,996
Gtd. Notes, EMTN		3.450			09/27/22		CNH	1,000		141,113
Gtd. Notes, EMTN		3.780			03/22/22		CNH	2,000		283,913
Gtd. Notes, EMTN		4.500			09/21/21		CNH	16,000		2,293,067
Deutsche Bahn Finance GMBH, Gtd. Notes, MTN		3.800			09/27/27		AUD	900		671,086
Deutsche Bank AG,
Sr. Unsec’d. Notes		3.950			02/27/23			3,040		3,031,098
Sr. Unsec’d. Notes		4.250			02/04/21			2,760		2,769,003
Sr. Unsec’d. Notes, EMTN		4.300			05/19/20		CNH	92,000		13,000,978
Sr. Unsec’d. Notes, EMTN		4.400			07/22/20		CNH	1,300		184,011
Unsec’d. Notes		4.550	(s)		11/07/22			1,814		1,635,130
Kreditanstalt fuer Wiederaufbau, Gov’t. Gtd. Notes		4.700			06/02/37		CAD	179		179,749
Volkswagen International Finance NV,
Gtd. Notes		2.700	(ff)		—	(rr)	EUR	1,000		1,050,633
Gtd. Notes		3.750	(ff)		—	(rr)	EUR	500		539,706
										27,205,119
Hong Kong    0.3%
HKT Capital No 3 Ltd., Gtd. Notes		1.650			04/10/27		EUR	4,000		4,475,752
Hong Kong Mortgage Corp. Ltd. (The),
Sr. Unsec’d. Notes, EMTN		2.310			04/12/21		HKD	2,000		261,068
Sr. Unsec’d. Notes, EMTN		4.050			11/06/20		CNH	38,000		5,406,635
										10,143,455

See Notes to Financial Statements.

24

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
Hungary    0.0%
MFB Magyar Fejlesztesi Bank Zrt, Gov’t. Gtd. Notes		6.250	%		10/21/20			400	$	408,329
Iceland    0.2%
Landsvirkjun, Gov’t. Gtd. Notes, EMTN		—	(p)		07/24/26		EUR	5,000		5,385,531
Indonesia    0.2%
Pertamina Persero PT,
Sr. Unsec’d. Notes, 144A, MTN		4.300			05/20/23			500		508,705
Perusahaan Listrik Negara PT,
Sr. Unsec’d. Notes, 144A		1.875			11/05/31		EUR	6,900		6,551,848
Sr. Unsec’d. Notes, 144A		2.875			10/25/25		EUR	900		972,988
										8,033,541
Israel    0.3%
Israel Electric Corp. Ltd.,
Sr. Sec’d. Notes		7.875			12/15/26			1,250		1,555,985
Sr. Sec’d. Notes, 144A, GMTN		4.250			08/14/28			3,100		3,285,917
Sr. Sec’d. Notes, EMTN		3.700			05/23/30		JPY	100,000		946,121
Sr. Sec’d. Notes, EMTN		7.750			12/15/27			4,500		5,665,216
										11,453,239
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		1,097,923
Assicurazioni Generali SpA,
Sub. Notes, EMTN		5.500	(ff)		10/27/47		EUR	2,075		2,547,026
Intesa Sanpaolo SpA,
Sr. Unsec’d. Notes, 144A		3.125			07/14/22			2,500		2,495,488
Sr. Unsec’d. Notes, 144A		3.375			01/12/23			310		310,122
Rossini Sarl,
Sr. Sec’d. Notes, 144A		6.750			10/30/25		EUR	1,980		2,287,877
										8,738,436
Japan    0.2%
Central Nippon Expressway Co. Ltd.,
Sr. Unsec’d. Notes, EMTN		1.873			09/26/24		AUD	200		133,408

See Notes to Financial Statements.

PGIM Global Total Return Fund 25

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
Japan (cont’d.)
East Japan Railway Co.,
Sr. Unsec’d. Notes, EMTN		5.250	%		04/22/33		GBP	1,500	$	2,757,043
Mitsubishi UFJ Financial Group, Inc.,
Sr. Unsec’d. Notes(a)		2.801			07/18/24			2,100		2,165,783
Mizuho Financial Group, Inc.,
Sr. Unsec’d. Notes		3.752			07/19/23		AUD	1,042		708,121
										5,764,355
Kazakhstan    0.2%
Kazakhstan Temir Zholy National Co. JSC,
Gtd. Notes		3.250			12/05/23		CHF	3,300		3,406,581
Gtd. Notes		3.638			06/20/22		CHF	2,500		2,573,760
										5,980,341
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	10,000		9,918,546
Picard Bondco SA,
Gtd. Notes(a)		5.500			11/30/24		EUR	1,489		1,542,167
										11,460,713
Mexico    0.7%
Petroleos Mexicanos,
Gtd. Notes		3.625			11/24/25		EUR	12,020		10,408,529
Gtd. Notes		4.750			02/26/29		EUR	300		247,632
Gtd. Notes		6.500			01/23/29			480		375,314
Gtd. Notes(a)		6.840			01/23/30			825		645,476
Gtd. Notes, EMTN		1.875			04/21/22		EUR	1,200		1,167,080
Gtd. Notes, EMTN		3.750			02/21/24		EUR	4,200		3,935,005
Gtd. Notes, EMTN		3.750			11/16/25		GBP	290		275,867
Gtd. Notes, EMTN		3.750			04/16/26		EUR	3,057		2,639,056
Gtd. Notes, EMTN		4.875			02/21/28		EUR	4,100		3,458,230
Gtd. Notes, EMTN		5.125			03/15/23		EUR	1,600		1,585,207
Gtd. Notes, EMTN		8.250			06/02/22		GBP	528		626,459
										25,363,855

See Notes to Financial Statements.

26

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Netherlands    0.8%
ABN AMRO Bank NV,
Sub. Notes, 144A		4.750	%		07/28/25		500	$	536,682
BNG Bank NV,
Sr. Unsec’d. Notes		5.150			03/07/25		CAD1,000		858,263
Sr. Unsec’d. Notes, EMTN		0.500			03/03/21		NZD3,000		1,829,128
Sr. Unsec’d. Notes, EMTN		0.500			03/29/21		NZD2,200		1,348,048
Sr. Unsec’d. Notes, EMTN		0.500			05/12/21		ZAR10,000		516,435
Sr. Unsec’d. Notes, EMTN		0.500			06/22/21		ZAR6,000		306,679
Sr. Unsec’d. Notes, EMTN		0.500			06/07/22		ZAR10,000		478,568
Sr. Unsec’d. Notes, EMTN		0.500			08/15/22		ZAR30,000		1,455,529
Sr. Unsec’d. Notes, EMTN		7.000			12/09/21		AUD2,000		1,433,594
Sr. Unsec’d. Notes, MTN		3.158	(s)		04/05/28		CAD700		449,951
ING Groep NV,
Sr. Unsec’d. Notes(a)		4.050			04/09/29		2,815		3,114,493
NXP BV/NXP Funding LLC/NXP USA, Inc.,
Gtd. Notes, 144A		3.150			05/01/27		575		580,955
Gtd. Notes, 144A		3.400			05/01/30		725		727,662
Starfruit Finco BV/Starfruit US Holdco LLC,
Gtd. Notes		6.500			10/01/26		EUR1,590		1,658,579
United Group BV,
Sr. Sec’d. Notes		4.875			07/01/24		EUR300		322,236
Sr. Sec’d. Notes, 144A		3.125			02/15/26		EUR3,800		3,917,675
Ziggo Bond Co. BV,
Gtd. Notes, 144A		3.375			02/28/30		EUR6,000		6,212,464
									25,746,941
Norway    0.3%
Equinor ASA,
Gtd. Notes		2.875			04/06/25		9,650		10,135,713
Peru    0.1%
Lima Metro Line 2 Finance Ltd.,
Sr. Sec’d. Notes		5.875			07/05/34		107		120,454
Peru Enhanced Pass-Through Finance Ltd.,
Pass-Through Certificates		2.077	(s)		06/02/25		1,843		1,686,054
									1,806,508
Philippines    0.0%
Power Sector Assets & Liabilities Management Corp.,
Gov’t. Gtd. Notes		7.390			12/02/24		200		235,574

See Notes to Financial Statements.

PGIM Global Total Return Fund 27

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
Poland    0.1%
Bank Gospodarstwa Krajowego,
Gov’t. Gtd. Notes		1.375	%		06/01/25		EUR	500	$	569,740
Gov’t. Gtd. Notes		1.625			04/30/28		EUR	600		686,895
Gov’t. Gtd. Notes, EMTN		1.750			05/06/26		EUR	1,500		1,745,914
										3,002,549
Portugal    0.2%
CP-Comboios de Portugal EPE,
Sr. Unsec’d. Notes		5.700			03/05/30		EUR	4,000		6,004,209
Infraestruturas de Portugal SA,
Sr. Unsec’d. Notes		4.250			12/13/21		EUR	1,000		1,163,099
										7,167,308
Qatar    0.3%
QNB Finance Ltd.,
Gtd. Notes, EMTN		4.350			01/29/22		CNH	8,310		1,211,194
Gtd. Notes, EMTN		5.100			03/08/21		CNH	29,300		4,240,805
Gtd. Notes, EMTN		5.100			05/14/21		CNH	7,360		1,069,235
Gtd. Notes, EMTN		5.200			06/07/21		CNH	10,000		1,456,666
Gtd. Notes, EMTN		5.250			06/21/21		CNH	3,970		579,173
Gtd. Notes, MTN		4.900			02/01/28		AUD	840		599,065
										9,156,138
Russia    0.5%
Gazprom PJSC Via Gaz Capital SA,
Sr. Unsec’d. Notes		2.250			07/19/22		CHF	1,000		1,041,851
Sr. Unsec’d. Notes		4.250			04/06/24		GBP	6,200		7,934,674
Sr. Unsec’d. Notes, EMTN		5.338			09/25/20		GBP	1,500		1,898,673
Russian Railways Via RZD Capital PLC,
Sr. Unsec’d. Notes		0.898			10/03/25		CHF	5,500		5,452,252
Sr. Unsec’d. Notes		1.195			04/03/28		CHF	1,300		1,296,111
Sr. Unsec’d. Notes		7.487			03/25/31		GBP	750		1,201,248
										18,824,809

See Notes to Financial Statements.

28

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
South Africa    0.1%
Eskom Holdings SOC Ltd.,
Gov’t. Gtd. Notes, 144A, MTN		6.350	%		08/10/28			1,350	$	1,206,627
Gov’t. Gtd. Notes, MTN		6.350			08/10/28			2,800		2,502,633
										3,709,260
South Korea    0.3%
Korea Development Bank (The), Sr. Unsec’d. Notes, EMTN		4.500			11/10/20		CNH	16,000		2,281,838
Korea Expressway Corp., Sr. Unsec’d. Notes, GMTN		3.030			05/11/32		CAD	7,500		6,157,986
Korea Hydro & Nuclear Power Co. Ltd., Sr. Unsec’d. Notes, EMTN		3.350			03/13/28		HKD	2,000		273,913
KT Corp., Sr. Unsec’d. Notes		0.220			07/19/22		JPY	100,000		927,019
										9,640,756
Spain    0.1%
Adif-Alta Velocidad, Sr. Unsec’d. Notes, EMTN		3.500			05/27/24		EUR	400		494,700
Banco Santander SA, Sr. Unsec’d. Notes		3.800			02/23/28			2,200		2,284,283
Codere Finance 2 Luxembourg SA, Sr. Sec’d. Notes, 144A		7.625			11/01/21			2,000		763,737
										3,542,720
Supranational Bank    1.4%
African Development Bank,
Sr. Unsec’d. Notes, EMTN		0.500			09/29/20		AUD	445		290,008
Sr. Unsec’d. Notes, EMTN		0.500			09/21/21		NZD	4,000		2,441,515
Sr. Unsec’d. Notes, EMTN		0.500			03/13/23		MXN	20,000		714,349
Corp. Andina de Fomento,
Sr. Unsec’d. Notes		2.750			01/06/23			1,350		1,411,783
Sr. Unsec’d. Notes		4.375			06/15/22			3,300		3,465,435
Sr. Unsec’d. Notes, MTN		4.000			03/31/21		AUD	1,636		1,091,451
European Bank for Reconstruction & Development,
Sr. Unsec’d. Notes, EMTN		0.500			09/01/23		AUD	400		252,177
Sr. Unsec’d. Notes, EMTN		0.500			11/21/23		AUD	1,200		755,013
Sr. Unsec’d. Notes, EMTN		6.450			12/13/22		IDR	60,560,000		3,989,779
European Investment Bank,
Sr. Unsec’d. Notes, 144A, EMTN		4.600			01/30/37		CAD	1,500		1,496,629

See Notes to Financial Statements.

PGIM Global Total Return Fund 29

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
Supranational Bank (cont’d.)
European Investment Bank, (cont’d.)
Sr. Unsec’d. Notes, 144A, EMTN		5.400	%		01/05/45		CAD	4,200	$	4,965,112
Sr. Unsec’d. Notes, 144A, MTN		2.810	(s)		05/28/37		CAD	2,000		1,014,514
Sr. Unsec’d. Notes, EMTN		0.500			06/21/23		AUD	2,500		1,607,508
Sr. Unsec’d. Notes, EMTN		0.500			07/21/23		AUD	800		512,349
Sr. Unsec’d. Notes, EMTN		0.500			08/10/23		AUD	1,210		778,302
Sr. Unsec’d. Notes, EMTN		0.500			10/26/23		AUD	6,930		4,455,099
Sr. Unsec’d. Notes, EMTN		1.250			05/12/25		SEK	16,500		1,766,636
Sr. Unsec’d. Notes, EMTN		1.250			11/12/29		SEK	10,000		1,086,867
Sr. Unsec’d. Notes, EMTN		3.250			05/24/23		NOK	10,000		1,052,858
Sr. Unsec’d. Notes, EMTN		4.600			01/30/37		CAD	550		548,764
Inter-American Development Bank,
Sr. Unsec’d. Notes, EMTN		0.500			05/23/23		CAD	744		531,545
Sr. Unsec’d. Notes, EMTN		7.875			03/14/23		IDR	117,000,000		8,038,855
Unsec’d. Notes, EMTN		0.500			10/30/20		ZAR	2,250		118,732
Unsec’d. Notes, EMTN		0.500			11/30/20		ZAR	1,840		96,871
International Bank for Reconstruction & Development,
Sr. Unsec’d. Notes, EMTN		0.500			03/07/22		AUD	1,145		739,989
Sr. Unsec’d. Notes, EMTN		0.500			03/28/22		AUD	200		129,161
Sr. Unsec’d. Notes, EMTN		0.500			07/29/22		AUD	350		226,828
International Finance Corp.,
Sr. Unsec’d. Notes		4.250			07/13/20		PEN	6,000		1,778,799
Sr. Unsec’d. Notes, GMTN		6.000			07/25/22		MXN	20,000		840,676
Nordic Investment Bank,
Sr. Unsec’d. Notes, MTN		3.875			09/02/25		NZD	2,000		1,411,031
North American Development Bank,
Sr. Unsec’d. Notes		2.400			10/26/22			750		771,600
										48,380,235
Switzerland    0.4%
Credit Suisse Group AG,
Sr. Unsec’d. Notes, 144A		2.593	(ff)		09/11/25			1,390		1,389,234
Sr. Unsec’d. Notes, 144A(a)		4.207	(ff)		06/12/24			2,850		3,014,502
Sr. Unsec’d. Notes, 144A		4.282			01/09/28			2,975		3,209,007
Credit Suisse Group Funding Guernsey Ltd., Gtd. Notes, EMTN		1.000			04/14/23		CHF	1,000		1,044,191
UBS Group AG,
Sr. Unsec’d. Notes, 144A		2.859	(ff)		08/15/23			990		1,015,957
Sr. Unsec’d. Notes, 144A(a)		3.491			05/23/23			1,100		1,133,710
Sr. Unsec’d. Notes, 144A		4.125			09/24/25			2,500		2,745,387
										13,551,988

See Notes to Financial Statements.

30

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
Tunisia    0.0%
Banque Centrale de Tunisie International Bond, Sr. Unsec’d. Notes		4.200	%		03/17/31		JPY	100,000	$	705,600
Ukraine    0.0%
NAK Naftogaz Ukraine via Kondor Finance PLC, Sr. Unsec’d. Notes		7.125			07/19/24		EUR	1,100		1,050,749
United Arab Emirates    1.1%
Abu Dhabi National Energy Co. PJSC,
Sr. Unsec’d. Notes		3.625			01/12/23			1,000		1,033,001
Sr. Unsec’d. Notes, 144A		4.375			04/23/25			1,070		1,139,132
Sr. Unsec’d. Notes, EMTN		2.750			05/02/24		EUR	13,800		15,180,521
ADCB Finance Cayman Ltd.,
Gtd. Notes, MTN		3.750			10/25/22		AUD	1,130		758,281
Gtd. Notes, MTN		4.500			10/25/27		AUD	1,820		1,256,962
DP World PLC,
Sr. Unsec’d. Notes		2.375			09/25/26		EUR	550		557,119
Sr. Unsec’d. Notes		4.250			09/25/30		GBP	4,000		4,448,521
Sr. Unsec’d. Notes, 144A		4.250			09/25/30		GBP	1,840		2,046,320
Emirates NBD Bank PJSC,
Sr. Unsec’d. Notes, MTN		4.750			02/09/28		AUD	4,830		3,376,952
Sr. Unsec’d. Notes, MTN		4.850			10/12/27		AUD	4,090		2,866,608
Emirates Telecommunications Group Co. PJSC,
Sr. Unsec’d. Notes, EMTN		2.750			06/18/26		EUR	4,000		4,887,069
First Abu Dhabi Bank PJSC,
Sr. Unsec’d. Notes, EMTN		4.500			09/10/21		CNH	8,000		1,161,543
										38,712,029
United Kingdom    2.6%
Barclays PLC,
Sr. Unsec’d. Notes		4.375			01/12/26			800		863,633
Sr. Unsec’d. Notes, MTN		4.000			06/26/29		AUD	2,000		1,332,051
Sr. Unsec’d. Notes, MTN(a)		4.972	(ff)		05/16/29			5,520		6,219,587
Sr. Unsec’d. Notes, MTN		5.244			06/15/28		AUD	1,000		717,441
Sub. Notes		5.200			05/12/26			3,780		4,093,360
Co-operative Group Holdings 2011 Ltd., Gtd. Notes		7.500			07/08/26		GBP	2,400		3,238,582
CPUK Finance Ltd., Sec’d. Notes, 144A		4.875			02/28/47		GBP	110		120,534
eG Global Finance PLC, Sr. Sec’d. Notes, 144A		4.375			02/07/25		EUR	5,500		5,156,360

See Notes to Financial Statements.

PGIM Global Total Return Fund 31

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
United Kingdom (cont’d.)
eG Global Finance PLC, (cont’d.) Sr. Sec’d. Notes, 144A		6.250	%		10/30/25		EUR	3,200	$	3,162,106
Experian Finance PLC, Gtd. Notes, 144A		2.750			03/08/30			3,625		3,603,127
HSBC Bank PLC,
Sr. Unsec’d. Notes, 144A, EMTN		3.120			04/04/26		CNH	36,800		5,029,386
Sr. Unsec’d. Notes, EMTN		2.850	(ff)		09/28/24			11,238		10,561,597
HSBC Holdings PLC,
Sr. Unsec’d. Notes		0.842			09/26/23		JPY	100,000		930,597
Sr. Unsec’d. Notes		3.973	(ff)		05/22/30			2,400		2,625,078
Sub. Notes(a)		4.250			08/18/25			1,255		1,340,483
Ladbrokes Group Finance PLC, Sr. Sec’d. Notes		5.125			09/08/23		GBP	1,900		2,366,348
Lloyds Banking Group PLC,
Sr. Unsec’d. Notes		2.907	(ff)		11/07/23			1,850		1,878,858
Sr. Unsec’d. Notes		3.870	(ff)		07/09/25			5,695		5,990,653
Sub. Notes		4.582			12/10/25			2,250		2,430,661
Pinewood Finance Co. Ltd., Sr. Sec’d. Notes, 144A		3.250			09/30/25		GBP	1,700		2,136,089
Royal Bank of Scotland Group PLC,
Sr. Unsec’d. Notes(a)		3.875			09/12/23			1,000		1,046,546
Sr. Unsec’d. Notes		4.269	(ff)		03/22/25			5,860		6,209,947
Sr. Unsec’d. Notes		4.445	(ff)		05/08/30			2,500		2,786,848
Sr. Unsec’d. Notes, EMTN		2.000	(ff)		03/08/23		EUR	700		770,587
Sr. Unsec’d. Notes, EMTN		2.500			03/22/23		EUR	1,500		1,680,284
Santander UK Group Holdings PLC, Sr. Unsec’d. Notes		3.571			01/10/23			3,065		3,123,212
Tesco Corporate Treasury Services PLC, Gtd. Notes, EMTN		2.500			07/01/24		EUR	750		863,274
Virgin Media Secured Finance PLC,
Sr. Sec’d. Notes		5.000			04/15/27		GBP	2,800		3,528,738
Sr. Sec’d. Notes, 144A		5.000			04/15/27		GBP	5,900		7,435,555
										91,241,522
United States    16.2%
AbbVie, Inc.,
Sr. Unsec’d. Notes, 144A		3.200			11/21/29			6,090		6,495,000
Sr. Unsec’d. Notes, 144A		4.050			11/21/39			2,975		3,301,625
Sr. Unsec’d. Notes, 144A		4.250			11/21/49			2,870		3,298,638
Adient Global Holdings Ltd., Gtd. Notes, 144A		3.500			08/15/24		EUR	1,234		1,068,300

See Notes to Financial Statements.

32

Description	Interest Rate			Maturity Date			Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Aflac, Inc.,
Sr. Unsec’d. Notes		0.932	%		01/25/27			JPY	80,000	$	756,252
Sr. Unsec’d. Notes		1.159			10/18/30			JPY	600,000		5,812,550
Altria Group, Inc., Gtd. Notes		3.125			06/15/31			EUR	2,900		3,429,207
AMC Entertainment Holdings, Inc.,
Gtd. Notes		5.750			06/15/25				3,575		814,716
Gtd. Notes		5.875			11/15/26				827		184,275
Gtd. Notes		6.375			11/15/24			GBP	900		335,665
American Axle & Manufacturing, Inc., Gtd. Notes		6.625			10/15/22				2,499		2,096,441
American International Group, Inc., Sr. Unsec’d. Notes		1.875			06/21/27			EUR	2,100		2,349,454
Amgen, Inc., Sr. Unsec’d. Notes		2.600			08/19/26				600		642,095
Antero Resources Corp., Gtd. Notes		5.625			06/01/23				2,000		1,172,913
Anthem, Inc.,
Sr. Unsec’d. Notes		2.875			09/15/29				5,715		5,946,083
Sr. Unsec’d. Notes		4.101			03/01/28				1,005		1,126,071
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Sr. Unsec’d. Notes, 144A		7.000			11/01/26				575		326,956
Sr. Unsec’d. Notes, 144A		10.000			04/01/22				1,775		1,378,828
AT&T, Inc.,
Sr. Unsec’d. Notes		3.800			02/15/27				85		91,582
Sr. Unsec’d. Notes(a)		4.550			03/09/49				5,000		5,718,087
Sr. Unsec’d. Notes		4.850			03/01/39				1,200		1,383,546
Sr. Unsec’d. Notes		4.850			05/25/47			CAD	150		115,286
Sr. Unsec’d. Notes		5.100			11/25/48			CAD	4,575		3,655,864
Sr. Unsec’d. Notes		5.250			03/01/37				70		82,921
Sr. Unsec’d. Notes, EMTN		7.000			04/30/40			GBP	1,550		3,135,265
Bank of America Corp.,
Jr. Sub. Notes, Series MM		4.300	(ff)		—	(rr)			8,760		7,876,343
Sr. Unsec’d. Notes		3.419	(ff)		12/20/28				4,519		4,843,730
Sr. Unsec’d. Notes, EMTN		(5.214	)(s)		03/31/22			EUR	1,143		1,471,108
Sr. Unsec’d. Notes, EMTN		1.939	(s)		05/31/21			EUR	1,100		1,417,887
Sr. Unsec’d. Notes, EMTN		5.145	(cc)		06/27/22			EUR	500		597,766
Sr. Unsec’d. Notes, MTN		2.884	(ff)		10/22/30				7,620		7,897,847
Sr. Unsec’d. Notes, MTN		3.194	(ff)		07/23/30				5,140		5,484,948
Bausch Health Americas, Inc., Gtd. Notes, 144A		8.500			01/31/27				550		606,042

See Notes to Financial Statements.

PGIM Global Total Return Fund 33

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Bausch Health Cos., Inc.,
Gtd. Notes, 144A		5.000	%		01/30/28			375	$	361,272
Gtd. Notes, 144A		5.250			01/30/30			375		370,992
Gtd. Notes, 144A		6.125			04/15/25			1,500		1,518,071
Gtd. Notes, 144A		7.250			05/30/29			400		427,563
Sr. Sec’d. Notes, 144A		5.750			08/15/27			215		226,985
Beazer Homes USA, Inc.,
Gtd. Notes(a)		5.875			10/15/27			1,300		1,005,956
Gtd. Notes		6.750			03/15/25			2,075		1,797,284
Gtd. Notes		7.250			10/15/29			1,675		1,300,108
Berkshire Hathaway, Inc.,
Sr. Unsec’d. Notes		0.440			09/13/29		JPY	1,640,000		14,477,840
Sr. Unsec’d. Notes		0.787			09/13/34		JPY	100,000		882,093
Sr. Unsec’d. Notes		0.965			09/13/39		JPY	300,000		2,575,881
Boeing Co. (The), Sr. Unsec’d. Notes		5.805			05/01/50			4,030		4,030,000
Bristol-Myers Squibb Co.,
Sr. Unsec’d. Notes, 144A(h)		3.200			06/15/26			1,670		1,840,393
Sr. Unsec’d. Notes, 144A(h)		3.400			07/26/29			3,790		4,328,221
Sr. Unsec’d. Notes, 144A(h)		3.450			11/15/27			3,345		3,760,420
Brixmor Operating Partnership LP,
Sr. Unsec’d. Notes		3.650			06/15/24			2,000		1,987,440
Sr. Unsec’d. Notes		4.125			05/15/29			2,865		2,868,076
Broadcom, Inc.,
Gtd. Notes, 144A		3.125			10/15/22			2,520		2,611,850
Gtd. Notes, 144A		4.700			04/15/25			6,765		7,450,963
Caledonia Generating LLC, Sr. Sec’d. Notes, 144A		1.950			02/28/22			72		71,973
Calpine Corp.,
Sr. Unsec’d. Notes		5.750			01/15/25			4,750		4,759,447
Sr. Unsec’d. Notes, 144A		5.125			03/15/28			5,000		4,873,961
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A		5.375			06/01/29			675		711,942
Sr. Unsec’d. Notes, 144A		5.500			05/01/26			1,000		1,037,448
CF Industries, Inc.,
Gtd. Notes		3.450			06/01/23			600		606,555
Sr. Sec’d. Notes, 144A		4.500			12/01/26			6,451		6,928,178
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes		2.800			04/01/31			3,625		3,636,879
Sr. Sec’d. Notes		4.800			03/01/50			5,250		5,940,939
Sr. Sec’d. Notes		6.384			10/23/35			2,357		3,038,771

See Notes to Financial Statements.

34

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Cigna Corp.,
Gtd. Notes, 144A		3.050	%		11/30/22			3,000	$	3,107,955
Sr. Unsec’d. Notes(a)		2.400			03/15/30			2,665		2,687,586
Citigroup Global Markets Holdings, Inc., Gtd. Notes, EMTN		2.500	(cc)		06/12/24			8,304		8,621,490
Citigroup, Inc.,
Sr. Unsec’d. Notes		2.750			04/25/22			600		613,764
Sr. Unsec’d. Notes		2.800			06/25/27		JPY	230,000		2,465,161
Sr. Unsec’d. Notes		3.106	(ff)		04/08/26			12,950		13,553,245
Sr. Unsec’d. Notes, EMTN		2.600			12/07/22		HKD	5,000		648,602
Sub. Notes		4.400			06/10/25			3,000		3,266,090
Clear Channel Worldwide Holdings, Inc., Gtd. Notes, 144A		9.250			02/15/24			3,372		2,804,647
Comcast Corp., Gtd. Notes(h)		3.150			02/15/28			2,000		2,180,223
Continental Airlines 2010-1 Class A Pass-Through Trust, Pass-Through Certificates		4.750			07/12/22			41		39,794
Corning, Inc., Sr. Unsec’d. Notes		0.698			08/09/24		JPY	100,000		912,973
CVS Health Corp., Sr. Unsec’d. Notes		4.300			03/25/28			2,175		2,448,340
Dana Financing Luxembourg Sarl, Gtd. Notes, 144A		6.500			06/01/26			1,625		1,501,941
Dana, Inc., Sr. Unsec’d. Notes		5.375			11/15/27			2,625		2,324,536
Delta Air Lines 2007-1 Class A Pass-Through Trust, Pass-Through Certificates		6.821			02/10/24			119		113,898
DH Europe Finance II Sarl,
Gtd. Notes		0.200			03/18/26		EUR	4,800		5,134,586
Gtd. Notes		0.450			03/18/28		EUR	2,200		2,339,202
Diamond BC BV, Sr. Unsec’d. Notes		5.625			08/15/25		EUR	6,900		5,634,543
Diamond Sports Group LLC/Diamond Sports Finance Co., Gtd. Notes, 144A(a)		6.625			08/15/27			3,740		2,051,637
Discovery Communications LLC,
Gtd. Notes		3.450			03/15/25			2,500		2,569,872
Gtd. Notes		5.300			05/15/49			180		206,742
DISH DBS Corp., Gtd. Notes(a)		7.750			07/01/26			3,000		2,955,000

See Notes to Financial Statements.

PGIM Global Total Return Fund 35

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date			Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Dow Chemical Co. (The),
Sr. Unsec’d. Notes		3.625	%		05/15/26				720	$	759,157
Sr. Unsec’d. Notes		9.400			05/15/39				152		240,925
Eastman Chemical Co., Sr. Unsec’d. Notes(a)		4.500			12/01/28				600		659,952
Eli Lilly & Co., Sr. Unsec’d. Notes		0.625			11/01/31			EUR	3,000		3,276,623
Embarq Corp., Sr. Unsec’d. Notes		7.995			06/01/36				6,850		7,158,555
Energizer Gamma Acquisition BV, Gtd. Notes		4.625			07/15/26			EUR	11,051		12,049,687
Energy Transfer Operating LP, Jr. Sub. Notes, Series G		7.125	(ff)		—	(rr)			7,800		6,213,616
Enerpac Tool Group Corp., Gtd. Notes		5.625			06/15/22				400		377,569
Enterprise Products Operating LLC,
Gtd. Notes		3.700			01/31/51				210		199,196
Gtd. Notes		3.950			01/31/60				220		204,833
Gtd. Notes		4.150			10/16/28				1,665		1,799,503
ERAC USA Finance LLC, Gtd. Notes, 144A		7.000			10/15/37				190		245,458
Everi Payments, Inc., Gtd. Notes, 144A		7.500			12/15/25				1,959		1,606,716
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp., Sr. Unsec’d. Notes		8.625			06/15/20				750		299,198
Fidelity National Information Services, Inc.,
Gtd. Notes		1.100			07/15/24			EUR	2,300		2,569,313
Sr. Unsec’d. Notes		1.500			05/21/27			EUR	7,600		8,610,234
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes		4.134			08/04/25				200		172,409
Sr. Unsec’d. Notes		4.687			06/09/25				2,015		1,792,209
Sr. Unsec’d. Notes, EMTN		4.125			06/20/24			SGD	2,000		1,134,417
General Motors Financial Co., Inc.,
Gtd. Notes		3.200			07/06/21				370		363,202
Gtd. Notes		3.850			01/05/28				2,900		2,501,994
Gtd. Notes		3.950			04/13/24				250		237,154
Golden Entertainment, Inc., Sr. Unsec’d. Notes, 144A(a)		7.625			04/15/26				1,000		758,087
Goldman Sachs Group, Inc. (The),
Jr. Sub. Notes, Series M		5.375	(ff)		—	(rr)			700		649,750
Sr. Unsec’d. Notes		3.500			01/23/25				1,500		1,584,845

See Notes to Financial Statements.

36

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		4.500	%		05/16/28			AUD	210	$	146,739
Sr. Unsec’d. Notes, EMTN		—	(p)		08/12/25			EUR	1,665		1,655,035
Sr. Unsec’d. Notes, EMTN		1.000			08/06/24			JPY	100,000		932,849
Sr. Unsec’d. Notes, EMTN		1.428	(s)		12/15/23			EUR	200		207,104
Sr. Unsec’d. Notes, EMTN		2.100	(cc)		11/26/22				1,500		1,487,634
Sr. Unsec’d. Notes, EMTN		2.500	(cc)		05/31/24				5,786		6,003,073
Sub. Notes		4.750			10/12/21			EUR	3,000		3,427,989
Goldman Sachs International, Gtd. Notes, EMTN HCA, Inc.,		1.750			05/29/24			EUR	3,685		4,014,393
Gtd. Notes		5.625			09/01/28				1,200		1,331,020
Sr. Sec’d. Notes		5.250			04/15/25				3,000		3,338,957
Sr. Sec’d. Notes		5.250			06/15/49				1,500		1,762,944
Honeywell International, Inc.,
Sr. Unsec’d. Notes		—	(p)		03/10/24			EUR	6,700		7,202,737
Sr. Unsec’d. Notes		0.750			03/10/32			EUR	3,000		3,208,570
Hunt Cos., Inc., Sr. Sec’d. Notes, 144A		6.250			02/15/26				2,461		2,089,115
Hyundai Capital America, Sr. Unsec’d. Notes, 144A		3.000			06/20/22				2,000		1,972,609
International Paper Co., Sr. Unsec’d. Notes		7.300			11/15/39				75		101,206
IQVIA, Inc., Gtd. Notes, 144A		2.250			01/15/28			EUR	1,800		1,923,396
Jabil, Inc., Sr. Unsec’d. Notes		4.700			09/15/22				655		672,837
JBS USA LUX SA/JBS USA Finance, Inc., Gtd. Notes, 144A		5.750			06/15/25				470		478,169
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,
Gtd. Notes, 144A		6.500			04/15/29				1,150		1,219,015
Sr. Unsec’d. Notes, 144A		5.500			01/15/30				100		101,429
John Sevier Combined Cycle Generation LLC, Sec’d. Notes(h)		4.626			01/15/42				3,899		4,841,619
JPMorgan Chase & Co.,
Jr. Sub. Notes, Series I, 3 Month LIBOR + 3.470%		4.230	(c)		—	(rr)			219		201,616
Jr. Sub. Notes, Series V, 3 Month LIBOR + 3.320%		4.753	(c)		—	(rr)			1,000		877,629
Jr. Sub. Notes, Series X		6.100	(ff)		—	(rr)			1,980		2,029,164
Jr. Sub. Notes, Series Z		5.300	(ff)		—	(rr)			1,410		1,337,699
Sr. Unsec’d. Notes		3.509	(ff)		01/23/29				3,200		3,462,280
Sr. Unsec’d. Notes		3.702	(ff)		05/06/30				1,590		1,756,123

See Notes to Financial Statements.

PGIM Global Total Return Fund 37

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date			Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
United States (cont’d.)
KB Home,
Gtd. Notes		6.875	%		06/15/27				1,650	$	1,739,439
Gtd. Notes		7.500			09/15/22				1,000		1,068,960
Kinder Morgan Energy Partners LP, Gtd. Notes		4.150			02/01/24				2,000		2,098,568
Kraft Heinz Foods Co.,
Gtd. Notes(a)		3.000			06/01/26				2,000		1,994,713
Gtd. Notes, 144A		4.875			10/01/49				15		15,007
Lehman Brothers Holdings, Inc., Sr. Unsec’d. Notes, MTN		6.875			12/31/20	(d)			100		1,150
Level 3 Financing, Inc., Sr. Sec’d. Notes, 144A		3.400			03/01/27				4,042		4,058,565
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A		2.750			05/04/26			EUR	1,000		1,146,284
Gtd. Notes, 144A		3.951			10/15/50				90		91,760
LYB International Finance III LLC, Gtd. Notes(a)		4.200			10/15/49				960		973,462
Mars, Inc., Gtd. Notes, 144A		3.600			04/01/34				420		485,621
Marsh & McLennan Cos., Inc., Sr. Unsec’d. Notes		1.979			03/21/30			EUR	4,700		5,285,369
McDonald’s Corp., Sr. Unsec’d. Notes, MTN		3.800			03/08/29			AUD	4,890		3,397,897
Medtronic Global Holdings SCA,
Gtd. Notes		1.500			07/02/39			EUR	500		575,620
Gtd. Notes		1.625			03/07/31			EUR	2,500		3,014,628
Gtd. Notes		1.750			07/02/49			EUR	2,100		2,386,278
Gtd. Notes		2.250			03/07/39			EUR	1,910		2,461,452
Michaels Stores, Inc., Gtd. Notes, 144A(a)		8.000			07/15/27				3,100		2,161,383
Morgan Guaranty Trust Co., Sr. Unsec’d. Notes		1.390	(s)		01/21/27			EUR	1,595,000		873,789
Morgan Stanley,
Jr. Sub. Notes, Series H, 3 Month LIBOR + 3.610%		4.829	(c)		—	(rr)			1,415		1,275,300
Sr. Unsec’d. Notes, EMTN		0.637	(ff)		07/26/24			EUR	5,000		5,429,928
Sr. Unsec’d. Notes, EMTN		1.342	(ff)		10/23/26			EUR	600		669,590
Sr. Unsec’d. Notes, EMTN		7.500			04/02/32				10,000		8,498,795
Sr. Unsec’d. Notes, GMTN		1.375			10/27/26			EUR	1,600		1,798,764
MPLX LP,
Sr. Unsec’d. Notes		4.000			03/15/28				515		488,532
Sr. Unsec’d. Notes(a)		4.125			03/01/27				2,000		1,939,023

See Notes to Financial Statements.

38

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
United States (cont’d.)
MPT Operating Partnership LP/MPT Finance Corp., Gtd. Notes		3.325	%		03/24/25		EUR	1,700	$	1,883,326
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A		6.000			01/15/27			735		632,078
Gtd. Notes, 144A		8.125			07/15/23			3,840		3,686,878
Newell Brands, Inc., Sr. Unsec’d. Notes		4.700			04/01/26			1,300		1,315,452
Newfield Exploration Co., Gtd. Notes		5.625			07/01/24			7,200		5,055,120
Newmont Corp., Gtd. Notes		2.250			10/01/30			1,995		1,974,253
Norfolk Southern Corp.,
Sr. Unsec’d. Notes		3.942			11/01/47			232		266,760
Sr. Unsec’d. Notes		4.050			08/15/52			165		192,892
NRG Energy, Inc., Sr. Sec’d. Notes, 144A		3.750			06/15/24			5,600		5,743,088
Occidental Petroleum Corp.,
Sr. Unsec’d. Notes		2.600			08/13/21			965		903,221
Sr. Unsec’d. Notes(a)		2.700			08/15/22			1,320		1,147,623
Sr. Unsec’d. Notes		6.450			09/15/36			35		25,798
ONEOK Partners LP, Gtd. Notes		4.900			03/15/25			2,000		1,966,587
ONEOK, Inc.,
Gtd. Notes		3.100			03/15/30			7,350		5,924,777
Gtd. Notes		4.450			09/01/49			2,000		1,531,716
PetSmart, Inc., Sr. Sec’d. Notes, 144A		5.875			06/01/25			565		568,990
Phillips 66 Partners LP, Sr. Unsec’d. Notes(a)		3.605			02/15/25			2,000		1,948,414
Plains All American Pipeline LP/PAA Finance Corp.,
Sr. Unsec’d. Notes		3.550			12/15/29			2,055		1,754,872
Sr. Unsec’d. Notes		4.900			02/15/45			2,350		1,975,281
Prologis Yen Finance LLC, Gtd. Notes		0.972			09/25/28		JPY	250,000		2,345,747
Range Resources Corp., Gtd. Notes, 144A(a)		9.250			02/01/26			4,805		3,932,524
Refinitiv US Holdings, Inc.,
Sr. Sec’d. Notes		4.500			05/15/26		EUR	1,000		1,144,072
Sr. Unsec’d. Notes		6.875			11/15/26		EUR	1,600		1,864,957
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, Sr. Sec’d. Notes, 144A		5.125			07/15/23			2,627		2,639,162

See Notes to Financial Statements.

PGIM Global Total Return Fund 39

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Sally Holdings LLC/Sally Capital, Inc., Gtd. Notes(a)		5.625	%		12/01/25			4,525	$	3,736,910
Schlumberger Holdings Corp.,
Sr. Unsec’d. Notes, 144A(a)		3.900			05/17/28			1,955		1,882,437
Sr. Unsec’d. Notes, 144A		4.000			12/21/25			129		130,342
Scientific Games International, Inc., Gtd. Notes(a)		6.625			05/15/21			1,537		1,374,601
Gtd. Notes, 144A		7.000			05/15/28			450		324,603
Gtd. Notes, 144A		7.250			11/15/29			750		536,164
Service Properties Trust, Sr. Unsec’d. Notes		4.350			10/01/24			3,600		3,019,068
Shire Acquisitions Investments Ireland DAC, Gtd. Notes		3.200			09/23/26			2,470		2,680,215
Spectrum Brands, Inc., Gtd. Notes, 144A		4.000			10/01/26		EUR	675		689,512
Sprint Capital Corp., Gtd. Notes		8.750			03/15/32			4,600		6,465,455
Sprint Corp., Gtd. Notes		7.625			02/15/25			300		346,263
Stryker Corp., Sr. Unsec’d. Notes		2.625			11/30/30		EUR	2,300		2,872,678
Sunoco Logistics Partners Operations LP, Gtd. Notes		5.400			10/01/47			2,200		1,984,428
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Gtd. Notes, 144A		5.500			01/15/28			2,800		1,897,242
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A		5.875			01/31/25			2,350		2,221,163
Gtd. Notes, 144A		6.625			07/15/27			2,330		2,132,757
Tenet Healthcare Corp.,
Sec’d. Notes, 144A(a)		6.250			02/01/27			800		788,031
Sr. Sec’d. Notes, 144A		5.125			11/01/27			1,405		1,395,293
Sr. Unsec’d. Notes(a)		6.750			06/15/23			875		873,686
Sr. Unsec’d. Notes		8.125			04/01/22			1,025		1,033,370
Thermo Fisher Scientific, Inc.,
Sr. Unsec’d. Notes		0.500			03/01/28		EUR	4,500		4,804,694
Sr. Unsec’d. Notes		2.875			07/24/37		EUR	450		599,555
Time Warner Entertainment Co. LP, Sr. Sec’d. Notes		8.375			07/15/33			2,065		3,008,302
T-Mobile USA, Inc.,
Sr. Sec’d. Notes, 144A		4.375			04/15/40			2,500		2,818,255
Sr. Sec’d. Notes, 144A		4.500			04/15/50			3,110		3,598,806

See Notes to Financial Statements.

40

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Tote Shipholdings, Inc., Gov’t. Gtd. Notes		3.400	%		10/16/40			106	$	115,166
Toyota Motor Credit Corp., Sr. Unsec’d. Notes, EMTN		2.600	(cc)		10/24/25			3,158		3,270,081
U.S. Concrete, Inc., Gtd. Notes		6.375			06/01/24			3,750		3,539,180
United Airlines 2007-1 Class A Pass-Through Trust, Pass-Through Certificates		6.636			01/02/24			58		50,564
United Rentals North America, Inc.,
Gtd. Notes		4.875			01/15/28			3,115		3,124,662
Gtd. Notes		5.250			01/15/30			2,340		2,345,749
Gtd. Notes		5.500			05/15/27			500		505,108
Vector Group Ltd., Sr. Sec’d. Notes, 144A		6.125			02/01/25			500		485,008
Verizon Communications, Inc.,
Sr. Unsec’d. Notes		1.250			04/08/30		EUR	5,000		5,764,591
Sr. Unsec’d. Notes		2.500			04/08/31		GBP	1,400		1,884,750
Sr. Unsec’d. Notes, MTN		2.650			05/06/30		AUD	1,600		998,036
Sr. Unsec’d. Notes, MTN		4.050			02/17/25		AUD	4,430		3,137,962
Sr. Unsec’d. Notes, MTN		4.500			08/17/27		AUD	730		533,460
Vistra Operations Co. LLC,
Gtd. Notes, 144A		5.000			07/31/27			3,520		3,593,638
Sr. Sec’d. Notes, 144A		3.550			07/15/24			9,500		9,538,057
Wells Fargo & Co., Sr. Unsec’d. Notes, GMTN		3.700			07/27/26		AUD	1,373		941,500
Welltower, Inc., Sr. Unsec’d. Notes		3.100			01/15/30			5,600		5,315,179
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes(a)		3.750			06/15/27			2,000		1,998,899
Sr. Unsec’d. Notes		4.000			09/15/25			1,500		1,528,864
Xerox Corp., Sr. Unsec’d. Notes		4.125			03/15/23			460		457,377
XPO Logistics, Inc., Gtd. Notes, 144A		6.750			08/15/24			530		546,513
Zimmer Biomet Holdings, Inc., Sr. Unsec’d. Notes		3.550			03/20/30			3,385		3,474,056
										560,485,866
TOTAL CORPORATE BONDS (cost $1,188,209,313)										1,136,686,546

See Notes to Financial Statements.

PGIM Global Total Return Fund 41

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES    3.6%
Bermuda    0.5%
Bellemeade Re Ltd.,
Series 2017-01, Class M1, 144A, 1 Month LIBOR + 1.700% (Cap N/A, Floor 0.000%)		2.187	%(c)		10/25/27		19	$	18,644
Series 2018-01A, Class M1B, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 0.000%)		2.087	(c)		04/25/28		811		781,530
Series 2018-02A, Class M1B, 144A, 1 Month LIBOR + 1.350% (Cap N/A, Floor 0.000%)		1.837	(c)		08/25/28		561		536,806
Series 2018-02A, Class M1C, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 0.000%)		2.087	(c)		08/25/28		750		652,975
Series 2018-03A, Class M1B, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 1.850%)		2.337	(c)		10/25/28		781		735,556
Series 2019-02A, Class M1B, 144A, 1 Month LIBOR + 1.450% (Cap N/A, Floor 1.450%)		1.937	(c)		04/25/29		956		934,237
Series 2019-03A, Class M1A, 144A, 1 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%)		1.587	(c)		07/25/29		1,669		1,629,639
Series 2019-03A, Class M1B, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 1.600%)		2.087	(c)		07/25/29		2,400		2,087,431
Series 2019-04A, Class M1A, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 1.400%)		1.887	(c)		10/25/29		3,577		3,480,269
Series 2019-04A, Class M1B, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%)		2.487	(c)		10/25/29		4,500		4,104,219
Eagle Re Ltd., Series 2019-01, Class M1B, 144A, 1 Month LIBOR + 1.800% (Cap N/A, Floor 0.000%)		2.287	(c)		04/25/29		834		782,081
Home Re Ltd., Series 2019-01, Class M1, 144A, 1 Month LIBOR + 1.650% (Cap N/A, Floor 0.000%)		2.137	(c)		05/25/29		576		543,116
Oaktown Re II Ltd., Series 2018-01A, Class M1, 144A, 1 Month LIBOR + 1.550% (Cap N/A, Floor 0.000%)		2.037	(c)		07/25/28		293		285,221
Oaktown Re III Ltd., Series 2019-01A, Class M1A, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 1.400%)		1.887	(c)		07/25/29		193		190,032
Radnor Re Ltd., Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 0.000%)		1.887	(c)		03/25/28		230		226,038
									16,987,794

See Notes to Financial Statements.

42

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
United Kingdom    0.1%
Paragon Mortgages PLC,
Series 11X, Class BB, 3 Month EURIBOR + 0.480% (Cap N/A, Floor 0.000%)		0.260	%(c)		10/15/41		EUR	2,390	$	2,312,253
Series 12X, Class B1B, 3 Month EURIBOR + 0.480% (Cap N/A, Floor 0.000%)		0.067	(c)		11/15/38		EUR	1,182		1,128,677
										3,440,930
United States    3.0%
APS Resecuritization Trust, Series 2016-01, Class 1A, 144A, 1 Month LIBOR + 0.150% (Cap N/A, Floor 0.150%)		1.135	(c)		07/27/57			1,455		1,324,187
Banc of America Funding Trust, Series 2014-R05, Class 1A1, 144A, 6 Month LIBOR + 1.500% (Cap 11.000%, Floor 1.500%)		2.473	(c)		09/26/45			209		205,099
BVRT Financing Trust, Series 2019-01, Class F, 144A^		2.979			09/15/21			21,279		20,902,823
Central Park Funding Trust, Series 2018-01, Class A, 144A, 1 Month LIBOR + 1.500% (Cap N/A, Floor 1.500%)		3.081	(c)		11/01/23			3,500		3,511,329
CIM Trust,
Series 2017-02, Class A1, 144A, 1 Month LIBOR + 3.500% (Cap N/A, Floor 2.000%)		4.485	(c)		12/25/57			1,770		1,769,050
Series 2017-03, Class A1, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 0.000%)		2.985	(c)		01/25/57			1,512		1,462,520
Series 2017-08, Class A1, 144A		3.000	(cc)		12/25/65			1,864		1,829,415
Connecticut Avenue Securities Trust,
Series 2019-R04, Class 2M2, 144A, 1 Month LIBOR + 2.100% (Cap N/A, Floor 0.000%)		2.587	(c)		06/25/39			3,300		2,939,508
Series 2019-R07, Class 1M2, 144A, 1 Month LIBOR + 2.100% (Cap N/A, Floor 0.000%)		2.587	(c)		10/25/39			1,300		1,123,870
Series 2020-R01, Class 1M2, 144A, 1 Month LIBOR + 2.050% (Cap N/A, Floor 0.000%)		2.537	(c)		01/25/40			1,600		1,206,839
Credit Suisse Mortgage Trust,
Series 2019-11R, Class 1A1, 144A, 1 Month LIBOR + 1.350% (Cap N/A, Floor 1.350%)		2.706	(c)		09/25/45			8,258		7,830,935
Series 2020-WL01, Class A, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 0.000%)^		2.347	(c)		12/25/59			15,955		15,955,227
Fannie Mae Connecticut Avenue Securities, Series 2018-C03, Class 1M2, 1 Month LIBOR + 2.150% (Cap N/A, Floor 2.150%)		2.637	(c)		10/25/30			600		538,268
Fannie Mae REMICS, Series 2012-107, Class GI, IO		3.500			09/25/27			6,219		423,606

See Notes to Financial Statements.

PGIM Global Total Return Fund 43

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
United States (cont’d.)
Freddie Mac REMICS, Series 4166, Class IO, IO		3.500	%		02/15/43		8,617	$	1,323,504
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2016-HQA02, Class M2, 1 Month LIBOR +
2.250% (Cap N/A, Floor 0.000%)		2.737	(c)		11/25/28		63		62,538
Freddie Mac Structured Agency Credit Risk Trust,
Series 2019-DNA01, Class M2, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 0.000%)		3.137	(c)		01/25/49		470		417,090
Series 2020-DNA02, Class M2, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 1.850%)		2.337	(c)		02/25/50		4,060		3,006,324
Series 2020-HQA02, Class M2, 144A, 1 Month LIBOR + 3.100% (Cap N/A, Floor 0.000%)		3.587	(c)		03/25/50		320		223,723
IndyMac INDX Mortgage Loan Trust, Series 2004-AR15, Class 3A1		3.955	(cc)		02/25/35		929		852,024
Legacy Mortgage Asset Trust, Series 2020-GS01, Class A1, 144A		2.882			10/25/59		7,542		7,115,263
LSTAR Securities Investment Trust, Series 2019-02, Class A1, 144A, 1 Month LIBOR + 1.500% (Cap N/A, Floor 0.000%)		2.485	(c)		04/01/24		1,243		1,190,499
Mortgage Insurance-Linked Notes,
Series 2020-01, Class M1A, 144A, 1 Month LIBOR + 0.950% (Cap N/A, Floor 0.950%)		1.437	(c)		02/25/30		600		576,129
Series 2020-01, Class M1B, 144A, 1 Month LIBOR + 1.450% (Cap N/A, Floor 1.450%)		1.937	(c)		02/25/30		1,800		1,600,154
MRA Issuance Trust,
Series 2019-03, Class A, 144A, 1 Month LIBOR + 1.150% (Cap N/A, Floor 0.000%)^		1.964	(c)		05/31/20		6,500		6,467,500
Series 2019-03, Class A2, 144A, 1 Month LIBOR + 1.150% (Cap N/A, Floor 0.000%)^		1.964	(c)		05/31/20		2,287		2,286,600
Series 2020-01, Class A, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 0.000%)		2.385	(c)		12/08/20		8,519		8,514,892
New Residential Mortgage Loan Trust, Series 2018-04A, Class A1S, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%)		1.237	(c)		01/25/48		1,509		1,455,626
Park Avenue Funding Trust, Series 2020-01, Class PT, 144A, 1 Month LIBOR + 1.500% (Cap N/A, Floor 1.500%)^		1.938	(c)		08/27/21		6,872		6,872,101
									102,986,643
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $128,737,615)									123,415,367

See Notes to Financial Statements.

44

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
SOVEREIGN BONDS    34.0%
Albania    0.1%
Albania Government International Bond,
Sr. Unsec’d. Notes		3.500	%		10/09/25		EUR	1,000	$	1,106,197
Sr. Unsec’d. Notes		5.750			11/12/20		EUR	352		393,029
Sr. Unsec’d. Notes, 144A		3.500			10/09/25		EUR	1,000		1,106,196
										2,605,422
Argentina    0.3%
Argentine Republic Government International Bond,
Bonds		4.330			12/31/33		JPY	519,215		1,118,842
Sr. Unsec’d. Notes		0.670	(cc)		12/31/38		JPY	194,978		358,813
Sr. Unsec’d. Notes		0.670	(cc)		12/31/38		JPY	42,213		77,688
Sr. Unsec’d. Notes		3.375			10/12/20		CHF	3,860		1,268,631
Sr. Unsec’d. Notes		3.380	(cc)		12/31/38		EUR	1,000		288,331
Sr. Unsec’d. Notes		5.250			01/15/28		EUR	2,540		648,518
Sr. Unsec’d. Notes		7.820			12/31/33		EUR	17,202		5,958,829
Provincia de Buenos Aires, Sr. Unsec’d. Notes		5.375			01/20/23		EUR	1,100		312,004
										10,031,656
Australia    0.1%
Australia Government Bond, Sr. Unsec’d. Notes, Series 150		3.000			03/21/47		AUD	2,400		2,016,420
Treasury Corp. of Victoria, Gov’t. Gtd. Notes, MTN		2.250			11/20/34		AUD	2,100		1,420,336
										3,436,756
Austria    0.1%
Republic of Austria Government International Bond,
Sr. Unsec’d. Notes, 144A, EMTN		5.000			12/20/24		CAD	3,500		2,969,280
Sr. Unsec’d. Notes, 144A, MTN		5.375			12/01/34		CAD	1,440		1,522,239
										4,491,519
Belgium    0.1%
Kingdom of Belgium Government International Bond,
Notes, 144A		8.875			12/01/24			750		1,005,358
Unsec’d. Notes, EMTN		5.700			05/28/32		GBP	650		1,248,787
										2,254,145

See Notes to Financial Statements.

PGIM Global Total Return Fund 45

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
SOVEREIGN BONDS (Continued)
Brazil    1.7%
Brazil Loan Trust 1, Gov’t. Gtd. Notes		5.477	%		07/24/23			16,836	$	17,025,221
Brazil Minas SPE via State of Minas Gerais,
Gov’t. Gtd. Notes		5.333			02/15/28			33,230		33,216,776
Gov’t. Gtd. Notes, 144A		5.333			02/15/28			564		563,782
Brazilian Government International Bond,
Sr. Unsec’d. Notes		2.875			04/01/21		EUR	7,476		8,224,577
Sr. Unsec’d. Notes		8.500			01/05/24		BRL	30		5,627
Sr. Unsec’d. Notes		8.875			04/15/24			200		244,556
										59,280,539
Bulgaria    0.2%
Bulgaria Government International Bond, Sr. Unsec’d. Notes, EMTN(a)		3.125			03/26/35		EUR	6,352		8,132,751
Canada    0.2%
Canadian Government Bond, Bonds(k)		4.000			06/01/41		CAD	650		726,288
City of Toronto,
Sr. Unsec’d. Notes		3.500			06/02/36		CAD	2,000		1,670,339
Unsec’d. Notes		2.650			11/09/29		CAD	775		605,718
Province of British Columbia, Unsec’d. Notes		7.875			11/30/23		CAD	2,122		1,893,570
Province of Nova Scotia, Unsec’d. Notes		3.150			12/01/51		CAD	1,000		863,436
Province of Quebec,
Unsec’d. Notes, MTN		6.350			01/30/26			500		647,435
Unsec’d. Notes, MTN		7.140			02/27/26			430		567,977
Province of Saskatchewan, Unsec’d. Notes		3.300			06/02/48		CAD	1,400		1,191,350
										8,166,113
Chile    0.1%
Chile Government International Bond,
Sr. Unsec’d. Notes		1.440			02/01/29		EUR	1,884		2,075,839
Sr. Unsec’d. Notes		1.750			01/20/26		EUR	240		270,856
										2,346,695

See Notes to Financial Statements.

46

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
SOVEREIGN BONDS (Continued)
China    0.5%
China Government Bond,
Bonds, Series 1906		3.290	%		05/23/29		CNH	10,000	$	1,495,645
Sr. Unsec’d. Notes		3.160			06/27/23		CNH	5,000		726,750
Sr. Unsec’d. Notes		3.310			11/30/25		CNH	3,500		521,253
Sr. Unsec’d. Notes		3.380			11/21/24		CNH	500		74,169
Sr. Unsec’d. Notes		3.390			05/21/25		CNH	2,000		297,198
Sr. Unsec’d. Notes		3.480			06/29/27		CNH	2,000		298,824
Sr. Unsec’d. Notes		3.600			06/27/28		CNH	2,500		378,304
Sr. Unsec’d. Notes		3.600			05/21/30		CNH	3,000		448,948
Sr. Unsec’d. Notes		4.000			11/30/35		CNH	11,000		1,726,493
Sr. Unsec’d. Notes		4.100			05/21/45		CNH	13,500		2,198,295
Sr. Unsec’d. Notes		4.400			12/12/46		CNH	21,500		3,646,399
Sr. Unsec’d. Notes		4.500			05/22/34		CNH	5,000		823,230
China Government International Bond, Sr. Unsec’d. Notes		0.500			11/12/31		EUR	1,800		1,871,186
Export-Import Bank of China (The), Sr. Unsec’d. Notes		4.400			05/14/24		CNH	13,000		1,956,945
People’s Bank of China, Sr. Unsec’d. Notes		2.900			11/11/20		CNH	2,000		284,507
										16,748,146
Colombia    1.5%
Colombia Government International Bond,
Sr. Unsec’d. Notes		3.000			01/30/30			1,400		1,269,844
Sr. Unsec’d. Notes		4.000			02/26/24			1,000		1,013,170
Sr. Unsec’d. Notes		8.375			02/15/27			2,701		2,945,302
Sr. Unsec’d. Notes		9.850			06/28/27		COP	8,513,000		2,435,262
Sr. Unsec’d. Notes		10.375			01/28/33			1,401		1,972,219
Sr. Unsec’d. Notes, EMTN(a)		3.875			03/22/26		EUR	36,023		41,257,796
										50,893,593
Croatia    0.4%
Croatia Government International Bond,
Sr. Unsec’d. Notes		1.125			06/19/29		EUR	200		203,280
Sr. Unsec’d. Notes(a)		2.750			01/27/30		EUR	3,000		3,485,943
Sr. Unsec’d. Notes		3.000			03/20/27		EUR	4,500		5,276,518
Sr. Unsec’d. Notes(a)		3.875			05/30/22		EUR	3,000		3,443,325
Sr. Unsec’d. Notes		5.500			04/04/23			1,000		1,080,447

See Notes to Financial Statements.

PGIM Global Total Return Fund 47

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Croatia (cont’d.)
Croatia Government International Bond, (cont’d.)
Sr. Unsec’d. Notes		6.375	%		03/24/21		500	$	515,643
Sr. Unsec’d. Notes		6.625			07/14/20		1,000		1,006,594
									15,011,750
Cyprus    1.7%
Cyprus Government International Bond,
Sr. Unsec’d. Notes, EMTN		1.250			01/21/40	EUR	2,000		1,859,304
Sr. Unsec’d. Notes, EMTN		2.375			09/25/28	EUR	4,700		5,314,512
Sr. Unsec’d. Notes, EMTN		2.750			06/27/24	EUR	4,900		5,689,191
Sr. Unsec’d. Notes, EMTN		2.750			02/26/34	EUR	10,200		11,889,957
Sr. Unsec’d. Notes, EMTN		2.750			05/03/49	EUR	3,000		3,514,955
Sr. Unsec’d. Notes, EMTN		3.750			07/26/23	EUR	13,355		15,841,666
Sr. Unsec’d. Notes, EMTN		4.250			11/04/25	EUR	11,814		14,689,445
									58,799,030
Czech Republic    0.0%
Czech Republic Government Bond, Bonds, Series 95		1.000			06/26/26	CZK	30,000		1,204,482
Denmark    0.1%
Denmark Government Bond,
Bonds(k)		0.500			11/15/27	DKK	12,110		1,907,102
Bonds(k)		1.750			11/15/25	DKK	3,520		583,573
Bonds(k)		4.500			11/15/39	DKK	1,800		502,190
									2,992,865
Dominican Republic    0.1%
Dominican Republic International Bond,
Sr. Unsec’d. Notes		5.875			04/18/24		1,306		1,262,169
Sr. Unsec’d. Notes		7.500			05/06/21		3,333		3,321,281
									4,583,450
Egypt    0.1%
Egypt Government International Bond,
Sr. Unsec’d. Notes, 144A		5.577			02/21/23		1,835		1,777,410
Sr. Unsec’d. Notes, 144A, MTN		4.750			04/16/26	EUR	700		652,016
									2,429,426

See Notes to Financial Statements.

48

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Finland    0.1%
Finland Government International Bond, Sr. Unsec’d. Notes		6.950	%		02/15/26		600	$	798,354
Municipality Finance PLC,
Gov’t. Gtd. Notes, EMTN		0.500			12/21/21	NZD	3,000		1,835,386
Gov’t. Gtd. Notes, EMTN		3.050			09/24/32	SEK	13,000		1,618,781
									4,252,521
France    0.0%
French Republic Government Bond OAT, Bonds, 144A		1.500			05/25/50	EUR	390		534,957
Germany    0.0%
Bundesrepublik Deutschland Bundesanleihe, Bonds(k)		—	(p)		08/15/50	EUR	800		926,254
Greece    2.5%
Hellenic Republic Government Bond,
Bonds		3.650	(cc)		02/24/23	EUR	4,305		4,970,619
Bonds		3.650	(cc)		02/24/24	EUR	4,405		5,156,458
Bonds		3.650	(cc)		02/24/25	EUR	2,683		3,175,035
Bonds		3.650	(cc)		02/24/26	EUR	2,213		2,660,000
Bonds		3.650	(cc)		02/24/27	EUR	5,451		6,612,098
Bonds		3.650	(cc)		02/24/28	EUR	1,697		2,077,837
Bonds		3.650	(cc)		02/24/29	EUR	2,553		3,128,783
Bonds		3.650	(cc)		02/24/30	EUR	1,320		1,630,114
Bonds		3.650	(cc)		02/24/31	EUR	4,136		5,132,501
Bonds		3.650	(cc)		02/24/32	EUR	1,831		2,301,086
Bonds		3.650	(cc)		02/24/33	EUR	1,002		1,265,579
Bonds		3.650	(cc)		02/24/34	EUR	1,829		2,374,546
Bonds		3.650	(cc)		02/24/35	EUR	4,120		5,337,077
Bonds		3.650	(cc)		02/24/36	EUR	994		1,306,921
Bonds		3.650	(cc)		02/24/37	EUR	2,208		2,899,410
Bonds		3.650	(cc)		02/24/38	EUR	1,156		1,517,256
Bonds		3.650	(cc)		02/24/39	EUR	1,332		1,760,980
Bonds		3.650	(cc)		02/24/40	EUR	1,037		1,367,673
Bonds		3.650	(cc)		02/24/41	EUR	891		1,182,103
Bonds		3.650	(cc)		02/24/42	EUR	1,832		2,476,682
Bonds		3.900			01/30/33	EUR	2,710		3,529,453
Bonds		4.000			01/30/37	EUR	1,260		1,720,769
Bonds		4.200			01/30/42	EUR	2,380		3,434,417

See Notes to Financial Statements.

PGIM Global Total Return Fund 49

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Greece (cont’d.)
Hellenic Republic Government International Bond,
Sr. Unsec’d. Notes		5.200	%		07/17/34	EUR	9,311	$	13,021,829
Sr. Unsec’d. Notes		6.140			04/14/28	EUR	5,200		7,120,834
									87,160,060
Guernsey    0.1%
States of Guernsey Bond,
Sr. Unsec’d. Notes		3.375			12/12/46	GBP	1,530		2,729,779
Hong Kong    0.1%
Hong Kong Sukuk 2017 Ltd.,
Sr. Unsec’d. Notes		3.132			02/28/27		1,500		1,641,838
Hungary    0.5%
Hungary Government Bond,
Bonds, Series 28A		6.750			10/22/28	HUF	250,000		1,069,650
Hungary Government International Bond,
Sr. Unsec’d. Notes		1.250			10/22/25	EUR	2,000		2,191,700
Sr. Unsec’d. Notes		4.300			12/19/21	CNH	32,500		4,707,941
Sr. Unsec’d. Notes		5.375			02/21/23		4,850		5,245,111
Sr. Unsec’d. Notes		5.750			11/22/23		4,050		4,509,081
									17,723,483
Iceland    0.1%
Iceland Government International Bond,
Sr. Unsec’d. Notes		5.875			05/11/22		1,000		1,080,831
Sr. Unsec’d. Notes, EMTN		0.500			12/20/22	EUR	500		557,098
									1,637,929
India    0.1%
Export-Import Bank of India,
Sr. Unsec’d. Notes, 144A, MTN		3.250			01/15/30		2,910		2,665,572
Indonesia    1.8%
Indonesia Government International Bond,
Sr. Unsec’d. Notes		0.900			02/14/27	EUR	6,000		5,858,430
Sr. Unsec’d. Notes		1.400			10/30/31	EUR	8,600		8,199,150
Sr. Unsec’d. Notes		1.450			09/18/26	EUR	1,700		1,736,316
Sr. Unsec’d. Notes		1.750			04/24/25	EUR	2,600		2,735,242

See Notes to Financial Statements.

50

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Indonesia (cont’d.)
Indonesia Government International Bond, (cont’d.)
Sr. Unsec’d. Notes		3.375	%		07/30/25	EUR	12,505	$	14,251,748
Sr. Unsec’d. Notes, EMTN		2.150			07/18/24	EUR	5,195		5,632,661
Sr. Unsec’d. Notes, EMTN		2.625			06/14/23	EUR	1,700		1,873,542
Sr. Unsec’d. Notes, EMTN		2.875			07/08/21	EUR	4,546		5,031,552
Sr. Unsec’d. Notes, EMTN		3.750			06/14/28	EUR	12,980		15,219,822
									60,538,463
Iraq    0.0%
Iraq International Bond,
Sr. Unsec’d. Notes		6.752			03/09/23		1,700		1,286,909
Israel    0.6%
Israel Government Bond,
Bonds, Series 0928		2.250			09/28/28	ILS	5,000		1,614,669
Israel Government International Bond,
Sr. Unsec’d. Notes		2.750			07/03/30		6,140		6,444,253
Sr. Unsec’d. Notes		4.500			04/03/2120		1,240		1,449,783
Sr. Unsec’d. Notes, EMTN		1.500			01/18/27	EUR	1,600		1,832,387
Sr. Unsec’d. Notes, EMTN		1.500			01/16/29	EUR	1,000		1,148,917
Sr. Unsec’d. Notes, EMTN		2.875			01/29/24	EUR	1,000		1,189,562
Sr. Unsec’d. Notes, EMTN		6.875			10/21/34	GBP	2,610		5,368,586
									19,048,157
Italy    4.2%
Cassa Del Trentino SPA,
Gov’t. Gtd. Notes, EMTN		1.160			06/17/26	EUR	663		718,930
Italy Buoni Poliennali Del Tesoro,
Bonds, 144A		2.800			03/01/67	EUR	2,100		2,360,267
Sr. Unsec’d. Notes, 144A		3.350			03/01/35	EUR	15,640		19,814,013
Region of Lazio,
Sr. Unsec’d. Notes		3.088			03/31/43	EUR	1,874		2,103,624
Republic of Italy Government International Bond,
Sr. Unsec’d. Notes		2.375			10/17/24		500		489,355
Sr. Unsec’d. Notes		2.875			10/17/29		2,900		2,734,260
Sr. Unsec’d. Notes		4.000			10/17/49		500		452,280
Sr. Unsec’d. Notes, EMTN, EURIBOR ICE SWAP 11:00 Fft 10Y Index + 0.000% (Cap 7.000%, Floor 2.000%)		2.000	(c)		06/15/20	EUR	1,550		1,698,745
Sr. Unsec’d. Notes, EMTN		3.444			12/31/24	EUR	1,931		2,164,213
Sr. Unsec’d. Notes, EMTN, EURIBOR ICE SWAP 11:00 + 0.000% (Cap N/A, Floor 4.250%)		4.250	(c)		06/28/29	EUR	5,892		7,593,712

See Notes to Financial Statements.

PGIM Global Total Return Fund 51

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Italy (cont’d.)
Republic of Italy Government International Bond, (cont’d.)
Sr. Unsec’d. Notes, EMTN		5.200	%		07/31/34	EUR	868	$	1,273,888
Sr. Unsec’d. Notes, EMTN		5.250			12/07/34	GBP	6,121		9,529,935
Sr. Unsec’d. Notes, EMTN		5.345			01/27/48	EUR	2,000		3,235,047
Sr. Unsec’d. Notes, EMTN		6.000			08/04/28	GBP	39,265		60,579,442
Sr. Unsec’d. Notes, MTN		5.125			07/31/24	EUR	15,045		19,029,521
Sr. Unsec’d. Notes, MTN		5.375			06/15/33		4,780		5,465,978
Republic of Italy Government International Bond Strips Coupon,
Sr. Unsec’d. Notes		1.737	(s)		02/20/31	EUR	5,323		4,679,436
Sr. Unsec’d. Notes		3.487	(s)		03/27/23		775		720,345
									144,642,991
Japan    0.7%
Honshu-Shikoku Bridge,
Sr. Sec’d. Notes, Series 5		2.230			12/20/24	JPY	200,000		2,047,878
Japan Finance Organization for Municipalities,
Sr. Unsec’d. Notes, EMTN		0.875			09/22/21	EUR	2,535		2,820,741
Sr. Unsec’d. Notes, EMTN		3.060			12/21/20	AUD	2,000		1,314,268
Japan Government Twenty Year Bond,
Bonds, Series 149(k)		1.500			06/20/34	JPY	50,000		553,759
Bonds, Series 150(k)		1.400			09/20/34	JPY	145,000		1,589,052
Bonds, Series 157(k)		0.200			06/20/36	JPY	224,100		2,078,736
Bonds, Series 159(k)		0.600			12/20/36	JPY	665,000		6,558,859
Bonds, Series 165(k)		0.500			06/20/38	JPY	407,000		3,936,579
Bonds, Series 171		0.300			12/20/39	JPY	300,000		2,795,480
Japanese Government CPI Linked Bond,
Bonds, Series 22(k)		0.100			03/10/27	JPY	221,324		2,056,195
									25,751,547
Kazakhstan    0.4%
Kazakhstan Government International Bond,
Sr. Unsec’d. Notes, 144A, MTN		1.500			09/30/34	EUR	3,200		2,946,921
Sr. Unsec’d. Notes, 144A, MTN		2.375			11/09/28	EUR	3,765		4,106,089
Sr. Unsec’d. Notes, EMTN		2.375			11/09/28	EUR	7,050		7,688,692
									14,741,702
Kuwait    0.1%
Kuwait International Government Bond,
Sr. Unsec’d. Notes, 144A		2.750			03/20/22		2,050		2,095,242

See Notes to Financial Statements.

52

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Latvia    0.0%
Latvia Government International Bond,
Sr. Unsec’d. Notes, EMTN		2.625	%		01/21/21	EUR	200	$	223,243
Lithuania    0.2%
Lithuania Government Bond,
Bonds, Series 7Y		0.600			06/29/23	EUR	200		222,098
Lithuania Government International Bond,
Sr. Unsec’d. Notes		6.625			02/01/22		4,920		5,356,171
									5,578,269
Macedonia    0.1%
North Macedonia Government International Bond,
Sr. Unsec’d. Notes		3.975			07/24/21	EUR	2,000		2,220,876
Sr. Unsec’d. Notes		5.625			07/26/23	EUR	1,000		1,172,894
Sr. Unsec’d. Notes, 144A		3.975			07/24/21	EUR	500		555,219
									3,948,989
Malaysia    0.1%
Malaysia Government Bond, Bonds, Series 314		4.048			09/30/21	MYR	20,916		4,977,957
Mexico    1.2%
Mexican Bonos,
Sr. Unsec’d. Notes, Series M		8.000			12/07/23	MXN	10,000		450,317
Mexico Government International Bond,
Sr. Unsec’d. Notes		1.125			01/17/30	EUR	6,400		5,665,231
Sr. Unsec’d. Notes		1.625			04/08/26	EUR	200		201,089
Sr. Unsec’d. Notes		2.750			04/22/23	EUR	4,375		4,826,432
Sr. Unsec’d. Notes		2.875			04/08/39	EUR	5,000		4,562,997
Sr. Unsec’d. Notes		4.000			03/15/2115	EUR	950		843,597
Sr. Unsec’d. Notes, EMTN		1.750			04/17/28	EUR	800		782,437
Sr. Unsec’d. Notes, EMTN		5.625			03/19/2114	GBP	340		413,812
Sr. Unsec’d. Notes, EMTN		6.750			02/06/24	GBP	6,621		9,207,727
Sr. Unsec’d. Notes, GMTN(a)		1.625			03/06/24	EUR	8,870		9,355,682
Sr. Unsec’d. Notes, MTN		7.500			04/08/33		875		1,111,067
Sr. Unsec’d. Notes, Series 25		0.600			04/20/23	JPY	100,000		912,827
Sr. Unsec’d. Notes, Series 28		2.000			04/20/38	JPY	300,000		2,746,913
									41,080,128

See Notes to Financial Statements.

PGIM Global Total Return Fund 53

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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	$	806,662
New Zealand    0.2%
Auckland Council,
Sr. Sec’d. Notes		2.900			09/16/27	AUD	1,000		664,247
Sr. Sec’d. Notes		3.500			03/09/26	AUD	2,000		1,446,103
New Zealand Local Government Funding Agency Bond,
Gov’t. Gtd. Notes		2.750			04/15/25	NZD	1,800		1,208,152
Gov’t. Gtd. Notes		3.500			04/14/33	NZD	3,500		2,540,635
Gov’t. Gtd. Notes		4.500			04/15/27	NZD	1,800		1,355,403
									7,214,540
Norway    0.1%
City of Oslo,
Sr. Unsec’d. Notes		3.600			12/06/22	NOK	1,000		104,283
Sr. Unsec’d. Notes		3.650			11/08/23	NOK	9,000		959,392
City of Oslo Norway,
Sr. Unsec’d. Notes		2.300			12/01/27	NOK	3,000		313,525
Norway Government Bond,
Sr. Unsec’d. Notes, Series 481, 144A		1.750			09/06/29	NOK	10,000		1,079,913
									2,457,113
Panama    0.3%
Panama Government International Bond,
Sr. Unsec’d. Notes		4.000			09/22/24		400		423,185
Sr. Unsec’d. Notes		8.125			04/28/34		3,799		5,419,555
Sr. Unsec’d. Notes		9.375			01/16/23		3,753		4,423,884
Sr. Unsec’d. Notes		9.375			04/01/29		800		1,121,191
Sr. Unsec’d. Notes		10.750			05/15/20		275		275,719
									11,663,534
Peru    1.3%
Peruvian Government International Bond,
Sr. Unsec’d. Notes		2.392			01/23/26		690		702,404
Sr. Unsec’d. Notes		2.750			01/30/26	EUR	27,798		32,823,277
Sr. Unsec’d. Notes		3.750			03/01/30	EUR	8,375		10,692,072
									44,217,753

See Notes to Financial Statements.

54

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Philippines    1.0%
Philippine Government International Bond,
Sr. Unsec’d. Notes, EMTN		0.875	%		05/17/27	EUR	2,000	$	2,062,274
Sr. Unsec’d. Notes, Series 11		0.990			08/15/28	JPY	1,100,000		10,290,516
Sr. Unsec’d. Notes, Series 15		0.590			08/15/29	JPY	1,700,000		15,365,817
Unsec’d. Notes		3.580			05/20/22	CNH	40,000		5,810,048
									33,528,655
Poland    0.1%
Republic of Poland Government Bond,
Bonds, Series 0727		2.500			07/25/27	PLN	10,000		2,614,549
Republic of Poland Government International Bond,
Sr. Unsec’d. Notes		5.000			03/23/22		700		747,912
									3,362,461
Portugal    0.8%
Metropolitano de Lisboa EPE,
Gov’t. Gtd. Notes		4.799			12/07/27	EUR	2,150		3,033,007
Parpublica-Participacoes Publicas SGPS SA,
Sr. Unsec’d. Notes, EMTN		3.750			07/05/21	EUR	1,500		1,712,988
Portugal Government International Bond,
Sr. Unsec’d. Notes		4.090			06/03/22	CNH	70,800		10,246,867
Sr. Unsec’d. Notes, EMTN		5.125			10/15/24		10,675		12,122,550
									27,115,412
Qatar    0.2%
Qatar Government International Bond,
Sr. Unsec’d. Notes, 144A		3.400			04/16/25		4,410		4,692,413
Sr. Unsec’d. Notes, 144A		3.875			04/23/23		1,040		1,103,394
Sr. Unsec’d. Notes, 144A		4.500			04/23/28		2,000		2,280,970
									8,076,777
Romania    0.7%
Romanian Government International Bond,
Sr. Unsec’d. Notes, 144A, MTN		2.500			02/08/30	EUR	4,150		4,286,280
Sr. Unsec’d. Notes, EMTN		2.375			04/19/27	EUR	1,000		1,064,041
Sr. Unsec’d. Notes, EMTN		3.375			02/08/38	EUR	2,138		2,194,601
Sr. Unsec’d. Notes, EMTN(a)		3.500			04/03/34	EUR	1,000		1,060,253
Sr. Unsec’d. Notes, EMTN		3.875			10/29/35	EUR	1,000		1,089,934
Sr. Unsec’d. Notes, EMTN		4.125			03/11/39	EUR	2,966		3,184,873

See Notes to Financial Statements.

PGIM Global Total Return Fund 55

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Romania (cont’d.)
Romanian Government International Bond, (cont’d.)
Sr. Unsec’d. Notes, EMTN		4.375	%		08/22/23		1,000	$	1,039,949
Sr. Unsec’d. Notes, EMTN		6.750			02/07/22		2,600		2,759,846
Unsec’d. Notes, 144A, MTN		2.124			07/16/31	EUR	3,600		3,415,285
Unsec’d. Notes, 144A, MTN		2.875			05/26/28	EUR	1,100		1,185,555
Unsec’d. Notes, EMTN		2.124			07/16/31	EUR	2,000		1,897,381
Unsec’d. Notes, MTN		2.875			05/26/28	EUR	700		754,444
									23,932,442
Russia     0.7%
Russian Federal Bond-OFZ,
Bonds, Series 6224		6.900			05/23/29	RUB	61,000		877,796
Russian Foreign Bond-Eurobond,
Sr. Unsec’d. Notes		2.875			12/04/25	EUR	18,400		21,557,871
Sr. Unsec’d. Notes		4.500			04/04/22		400		420,991
									22,856,658
Saudi Arabia    0.5%
KSA Sukuk Ltd.,
Sr. Unsec’d. Notes, EMTN		2.894			04/20/22		1,000		1,021,280
Saudi Government International Bond,
Sr. Unsec’d. Notes, 144A		2.000			07/09/39	EUR	5,945		5,963,659
Sr. Unsec’d. Notes, 144A, MTN		2.375			10/26/21		1,200		1,213,713
Sr. Unsec’d. Notes, 144A, MTN		2.875			03/04/23		3,335		3,417,042
Sr. Unsec’d. Notes, 144A, MTN		2.900			10/22/25		4,000		4,051,238
Sr. Unsec’d. Notes, 144A, MTN		4.000			04/17/25		1,135		1,212,916
Sr. Unsec’d. Notes, EMTN		2.875			03/04/23		1,300		1,331,980
									18,211,828
Senegal    0.0%
Senegal Government International Bond,
Sr. Unsec’d. Notes, 144A		4.750			03/13/28	EUR	1,395		1,325,806
Serbia    0.6%
Serbia International Bond,
Sr. Unsec’d. Notes		1.500			06/26/29	EUR	1,500		1,421,388
Sr. Unsec’d. Notes		7.250			09/28/21		13,690		14,340,013

See Notes to Financial Statements.

56

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Serbia (cont’d.)
Serbia International Bond, (cont’d.)
Sr. Unsec’d. Notes, 144A		1.500	%		06/26/29	EUR	6,600	$	6,254,106
Sr. Unsec’d. Notes, 144A		7.250			09/28/21		200		209,496
									22,225,003
Slovenia    0.3%
Slovenia Government International Bond,
Sr. Unsec’d. Notes		5.250			02/18/24		7,922		8,926,119
South Africa    0.3%
Republic of South Africa Government Bond,
Sr. Unsec’d. Notes, Series 2035		8.875			02/28/35	ZAR	10,000		445,743
Sr. Unsec’d. Notes, Series R186		10.500			12/21/26	ZAR	9,000		536,135
Sr. Unsec’d. Notes, Series R213		7.000			02/28/31	ZAR	1,800		75,320
Republic of South Africa Government International Bond,
Sr. Unsec’d. Notes(a)		3.750			07/24/26	EUR	5,415		5,555,728
Sr. Unsec’d. Notes, EMTN		3.800			09/07/21	JPY	100,000		953,469
ZAR Sovereign Capital Fund Pty Ltd.,
Sr. Unsec’d. Notes		3.903			06/24/20		500		498,982
Sr. Unsec’d. Notes, 144A		3.903			06/24/20		1,000		997,964
									9,063,341
South Korea    0.3%
Export-Import Bank of Korea,
Sr. Unsec’d. Notes, 144A, MTN		8.000			05/15/24	IDR	6,800,000		455,806
Sr. Unsec’d. Notes, EMTN		4.140			09/04/23	CNH	5,000		723,986
Sr. Unsec’d. Notes, EMTN		4.660			02/28/21	CNH	12,000		1,719,711
Sr. Unsec’d. Notes, EMTN		7.250			12/07/24	IDR	10,000,000		646,006
Sr. Unsec’d. Notes, MTN		3.500			07/28/21	NZD	2,000		1,260,360
Sr. Unsec’d. Notes, MTN		3.500			02/14/22	AUD	700		473,986
Korea International Bond,
Sr. Unsec’d. Notes		2.125			06/10/24	EUR	1,100		1,304,414
Sr. Unsec’d. Notes		4.250			12/07/21	EUR	1,700		1,996,500
									8,580,769
Spain    2.8%
Autonomous Community of Catalonia,
Sr. Unsec’d. Notes, EMTN		4.900			09/15/21	EUR	600		694,188

See Notes to Financial Statements.

PGIM Global Total Return Fund 57

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Spain (cont’d.)
Autonomous Community of Catalonia, (cont’d.)
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	$	1,401,447
Sr. Unsec’d. Notes, EMTN		5.900			05/28/30	EUR	3,000		4,324,897
Instituto de Credito Oficial,
Gov’t. Gtd. Notes, EMTN		0.963			09/22/22	SEK	32,000		3,332,022
Gov’t. Gtd. Notes, EMTN		2.100			02/23/21	JPY	120,000		1,130,854
Gov’t. Gtd. Notes, EMTN		3.250			06/28/24	CHF	1,300		1,525,691
Spain Government Bond,
Bonds, 144A(k)		5.150			10/31/28	EUR	8,120		12,245,376
Sr. Unsec’d. Notes, 144A(k)		1.400			04/30/28	EUR	6,410		7,491,983
Sr. Unsec’d. Notes, 144A(k)		1.400			07/30/28	EUR	895		1,046,840
Sr. Unsec’d. Notes, 144A(k)		1.850			07/30/35	EUR	21,225		25,887,019
Sr. Unsec’d. Notes, 144A(k)		1.950			07/30/30	EUR	1,300		1,593,243
Sr. Unsec’d. Notes, 144A(k)		3.450			07/30/66	EUR	4,200		7,264,647
Spain Government Bond Strips Coupon,
Bonds(k)		0.449	(s)		07/30/29	EUR	438		446,433
Bonds(k)		1.296	(s)		07/30/41	EUR	436		348,081
Bonds, Series CAC(k)		0.579	(s)		07/30/29	EUR	3,600		3,669,858
Bonds, Series CAC		1.365	(s)		07/30/42	EUR	300		228,221
Bonds, Series CAC		1.405	(s)		07/30/43	EUR	300		223,422
Bonds, Series CAC		1.455	(s)		07/30/44	EUR	300		216,195
Bonds, Series CAC		1.475	(s)		07/30/45	EUR	300		212,557
Bonds, Series CAC		1.485	(s)		07/30/46	EUR	300		212,378
Bonds, Series CAC		1.504	(s)		07/30/47	EUR	300		207,653
Bonds, Series CAC		1.514	(s)		07/30/48	EUR	300		202,846
Bonds, Series CAC		1.544	(s)		07/30/49	EUR	300		197,844
Bonds, Series CAC		1.564	(s)		07/30/50	EUR	300		198,006
Bonds, Series CAC		1.594	(s)		07/30/51	EUR	300		192,461
Bonds, Series CAC		1.623	(s)		07/30/52	EUR	300		188,073
Bonds, Series CAC		1.663	(s)		07/30/53	EUR	300		183,719
Bonds, Series CAC		1.683	(s)		07/30/54	EUR	300		179,367
Bonds, Series CAC		1.703	(s)		07/30/55	EUR	300		175,054
Bonds, Series CAC		1.732	(s)		07/30/56	EUR	300		170,773
Bonds, Series CAC		1.772	(s)		07/30/57	EUR	300		166,615
Bonds, Series CAC		1.782	(s)		07/30/58	EUR	300		162,471
Bonds, Series CAC		1.812	(s)		07/30/59	EUR	300		158,373
Bonds, Series CAC		1.852	(s)		07/30/60	EUR	300		151,591
Bonds, Series CAC		1.871	(s)		07/30/61	EUR	300		150,261
Bonds, Series CAC(k)		1.891	(s)		07/30/62	EUR	300		146,200
Bonds, Series CAC(k)		1.921	(s)		07/30/63	EUR	300		141,015

See Notes to Financial Statements.

58

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Spain (cont’d.)
Spain Government Bond Strips Coupon, (cont’d.)
Bonds, Series CAC(k)		1.950	%(s)		07/30/64	EUR	300	$	135,490
Bonds, Series CAC(k)		1.980	(s)		07/30/65	EUR	300		131,777
Bonds, Series CAC(k)		2.010	(s)		07/30/66	EUR	300		130,733
Spain Government International Bond,
Sr. Unsec’d. Notes, EMTN		5.010			11/21/44		1,500		1,947,859
Sr. Unsec’d. Notes, EMTN		5.250			04/06/29	GBP	11,497		18,412,568
									97,226,101
Sweden    0.1%
Kommuninvest I Sverige AB,
Gov’t. Gtd. Notes, EMTN		0.625			11/13/23	SEK	15,000		1,556,347
Gov’t. Gtd. Notes, EMTN		1.500			05/12/25	SEK	7,000		754,977
Gov’t. Gtd. Notes, MTN		4.750			08/17/22	AUD	200		141,493
Svensk Exportkredit AB,
Sr. Unsec’d. Notes, EMTN		4.200			12/16/20	AUD	700		465,790
Sr. Unsec’d. Notes, EMTN		8.904	(s)		06/25/27	ZAR	1,400		42,925
Sweden Government Bond,
Bonds, Series 1053		3.500			03/30/39	SEK	10,000		1,631,194
									4,592,726
Thailand    0.1%
Thailand Government Bond,
Sr. Unsec’d. Notes		3.650			06/20/31	THB	45,000		1,713,630
Turkey    0.4%
Turkey Government International Bond,
Sr. Unsec’d. Notes		4.625			03/31/25	EUR	5,000		5,217,485
Sr. Unsec’d. Notes		5.200			02/16/26	EUR	3,530		3,698,107
Sr. Unsec’d. Notes		5.750			03/22/24		1,000		964,777
Sr. Unsec’d. Notes		7.000			06/05/20		2,000		2,003,874
Sr. Unsec’d. Notes, EMTN		3.250			06/14/25	EUR	3,550		3,481,789
									15,366,032
Ukraine    0.8%
Ukraine Government International Bond,
Sr. Unsec’d. Notes		6.750			06/20/26	EUR	13,100		12,721,877
Sr. Unsec’d. Notes		7.375			09/25/32		3,600		3,185,849
Sr. Unsec’d. Notes		7.750			09/01/24		1,875		1,768,338
Sr. Unsec’d. Notes		7.750			09/01/25		400		373,651

See Notes to Financial Statements.

PGIM Global Total Return Fund 59

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Ukraine (cont’d.)
Ukraine Government International Bond, (cont’d.)
Sr. Unsec’d. Notes		7.750	%		09/01/26		500	$	462,577
Sr. Unsec’d. Notes, 144A		4.375			01/27/30	EUR	9,705		8,198,240
									26,710,532
United Arab Emirates    0.7%
Abu Dhabi Government International Bond,
Sr. Unsec’d. Notes		2.500			10/11/22		498		508,452
Sr. Unsec’d. Notes, 144A		2.500			10/11/22		2,365		2,414,635
Dubai DOF Sukuk Ltd.,
Sr. Unsec’d. Notes(a)		5.000			04/30/29		5,000		5,390,128
Sr. Unsec’d. Notes, EMTN		6.450			05/02/22		6,423		6,882,875
RAK Capital,
Sr. Unsec’d. Notes, EMTN		3.094			03/31/25		1,400		1,387,935
Sharjah Sukuk Ltd.,
Sr. Unsec’d. Notes		3.764			09/17/24		3,800		3,883,255
Sharjah Sukuk Program Ltd.,
Sr. Unsec’d. Notes, EMTN		3.854			04/03/26		4,000		4,092,156
Sr. Unsec’d. Notes, EMTN		4.226			03/14/28		1,200		1,240,436
									25,799,872
United Kingdom    1.4%
Isle of Man Government International Bond,
Unsec’d. Notes		5.375			08/14/34	GBP	6,607		12,792,739
Unsec’d. Notes		5.625			03/29/30	GBP	4,978		8,889,477
Jersey International Bond,
Sr. Unsec’d. Notes		3.750			06/09/54	GBP	219		441,978
Transport for London,
Sr. Unsec’d. Notes, EMTN		4.000			04/07/64	GBP	800		1,803,376
Sr. Unsec’d. Notes, EMTN		4.500			03/31/31	GBP	3,813		5,944,787
United Kingdom Gilt,
Bonds(k)		1.625			10/22/28	GBP	1,020		1,448,084
Bonds(k)		3.250			01/22/44	GBP	100		200,046
Bonds(k)		3.500			01/22/45	GBP	2,310		4,858,252
Bonds(k)		4.250			03/07/36	GBP	6,140		12,204,018
Bonds(k)		4.250			09/07/39	GBP	180		381,462
									48,964,219

See Notes to Financial Statements.

60

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Uruguay    0.1%
Uruguay Government International Bond,
Sr. Unsec’d. Notes		4.375	%		10/27/27		394	$	430,497
Sr. Unsec’d. Notes		4.375			01/23/31		625		688,138
Sr. Unsec’d. Notes(a)		6.875			09/28/25		2,202		2,596,765
									3,715,400
TOTAL SOVEREIGN BONDS
(cost $1,237,462,839)									1,174,247,713
U.S. GOVERNMENT AGENCY OBLIGATIONS    0.6%
Federal National Mortgage Assoc.
		5.375			12/07/28	GBP	1,007		1,744,827
Tennessee Valley Authority
Sr. Unsec’d. Notes		5.350			06/07/21	GBP	1,217		1,610,560
Sr. Unsec’d. Notes		5.625			06/07/32	GBP	8,391		15,733,911
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(cost $19,484,903)									19,089,298
U.S. TREASURY OBLIGATIONS    0.1%
U.S. Treasury Notes(h)(k)		1.375			02/15/23		2,450		2,527,519
U.S. Treasury Notes(k)		2.125			05/15/25		300		325,992
U.S. Treasury Notes(h)		2.625			08/31/20		4		4,033
U.S. Treasury Strips Coupon(k)		1.872	(s)		05/15/31		400		363,672
U.S. Treasury Strips Coupon(k)		1.889	(s)		08/15/29		400		372,219
U.S. Treasury Strips Coupon(h)(k)		2.089	(s)		11/15/35		800		678,344
U.S. Treasury Strips Coupon(k)		2.251	(s)		08/15/40		800		615,406
TOTAL U.S. TREASURY OBLIGATIONS
(cost $4,542,801)									4,887,185
						Shares
COMMON STOCK    0.0%
Colombia
Frontera Energy Corp.
(cost $44,526)							2,232		7,212

See Notes to Financial Statements.

PGIM Global Total Return Fund 61

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Shares		Value
PREFERRED STOCK    0.0%
United States
Citigroup Capital XIII (cost $100,000)		4,000	$	107,080
TOTAL LONG-TERM INVESTMENTS (cost $3,325,809,586)				3,176,892,876
SHORT-TERM INVESTMENTS    19.2%
AFFILIATED MUTUAL FUNDS    8.5%
PGIM Core Ultra Short Bond Fund(w)		220,323,777		220,323,777
PGIM Institutional Money Market Fund (cost $72,913,089; includes $72,849,168 of cash collateral for securities on loan)(b)(w)		72,965,974		72,951,381
TOTAL AFFILIATED MUTUAL FUNDS (cost $293,236,866)				293,275,158
OPTIONS PURCHASED*~    10.7% (cost $254,974,316)				371,602,113
TOTAL SHORT-TERM INVESTMENTS (cost $548,211,182)				664,877,271
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN    111.1% (cost $3,874,020,768)				3,841,770,147
OPTIONS WRITTEN*~    (11.0)% (premiums received $254,058,475)				(380,896,610	)
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN    100.1% (cost $3,619,962,293)				3,460,873,537
Liabilities in excess of other assets(z)    (0.1)%				(1,881,096	)
NET ASSETS    100.0%			$	3,458,992,441

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

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

DKK—Danish Krone

EGP—Egyptian Pound

EUR—Euro

See Notes to Financial Statements.

62

GBP—British Pound

HKD—Hong Kong Dollar

HUF—Hungarian Forint

IDR—Indonesian Rupiah

ILS—Israeli Shekel

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

KZT—Kazakhstani Tenge

MXN—Mexican Peso

MYR—Malaysian Ringgit

NOK—Norwegian Krone

NZD—New Zealand Dollar

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

PLN—Polish Zloty

RUB—Russian Ruble

SEK—Swedish Krona

SGD—Singapore Dollar

THB—Thai Baht

TRY—Turkish Lira

TWD—New Taiwanese Dollar

UAH—Ukraine Hryvna

USD—US Dollar

ZAR—South African Rand

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

A—Annual payment frequency for swaps

ABS—Asset-Backed Security

BBR—New Zealand Bank Bill Rate

BBSW—Australian Bank Bill Swap Reference Rate

BIBOR—Bangkok Interbank Offered Rate

bps—Basis Points

BROIS—Brazil Overnight Index Swap

BUBOR—Budapest Interbank Offered Rate

CIBOR—Copenhagen Interbank Offered Rate

CLO—Collateralized Loan Obligation

CLOIS—Sinacofi Chile Interbank Rate Average

CMS—Constant Maturity Swap

COOIS—Colombia Overnight Interbank Reference Rate

CPI—Consumer Price Index

EMTN—Euro Medium Term Note

EONIA—Euro Overnight Index Average

EURIBOR—Euro Interbank Offered Rate

GMAC—General Motors Acceptance Corporation

GMTN—Global Medium Term Note

HIBOR—Hong Kong Interbank Offered Rate

HICP—Harmonised Index of Consumer Prices

ICE—Intercontinental Exchange

IO—Interest Only (Principal amount represents notional)

JIBAR—Johannesburg Interbank Agreed Rate

KLIBOR—Kuala Lumpur Interbank Offered Rate

See Notes to Financial Statements.

PGIM Global Total Return Fund 63

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

KWCDC—Korean Won Certificate of Deposit

L2—Level 2

L3—Level 3

LIBOR—London Interbank Offered Rate

LP—Limited Partnership

M—Monthly payment frequency for swaps

MASTR—Morgan Stanley Structured Asset Security

MTN—Medium Term Note

NIBOR—Norwegian Interbank Offered Rate

OAT—Obligations Assimilables du Tresor

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

OTC—Over-the-counter

PIK—Payment-in-Kind

PJSC—Public Joint-Stock Company

PRIBOR—Prague Interbank Offered Rate

Q—Quarterly payment frequency for swaps

REMICS—Real Estate Mortgage Investment Conduit Security

S—Semiannual payment frequency for swaps

SIBOR—Singapore Interbank Offered 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

TAIBOR—Taiwan Interbank Offered Rate

TELBOR—Tel Aviv Interbank Offered Rate

USOIS—United States Overnight Index Swap

WIBOR—Warsaw Interbank Offered Rate

* Non-income producing security.

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

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

^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $65,837,957 and 1.9% 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 $70,286,785; cash collateral of $72,849,168 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

(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 April 30, 2020.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of April 30, 2020. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

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

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

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

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

(p) Interest rate not available as of April 30, 2020.

(rr) Perpetual security with no stated maturity date.

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

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

See Notes to Financial Statements.

64

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

Options Purchased:

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date	Strike		Contracts	Notional Amount (000)#			Value
2- Year 10 CMS Curve CAP	Call	Barclays Bank PLC	07/12/21		0.11%	—			4,495	$	77,910
2- Year 10 CMS Curve CAP	Call	Bank of America, N.A.	08/16/21		0.15%	—			10,926		176,913
2- Year 10 CMS Curve CAP	Call	Bank of America, N.A.	08/20/21		0.15%	—			21,689		356,564
2- Year 10 CMS Curve CAP	Call	Bank of America, N.A.	09/13/21		0.14%	—			22,000		373,013
2- Year 10 CMS Curve CAP	Call	Barclays Bank PLC	11/09/21		0.21%	—			4,370		65,267
Currency Option AUD vs JPY	Call	Citibank, N.A.	05/22/20		85.00	—		AUD	232,500		747
Currency Option AUD vs JPY	Call	Bank of America, N.A.	05/22/20		85.00	—		AUD	12,000		39
Currency Option AUD vs JPY	Call	Deutsche Bank AG	11/25/20		92.00	—		AUD	30,400		3,920
Currency Option EUR vs GBP	Call	Bank of America, N.A.	10/28/20		0.95	—		EUR	66,400		359,031
Currency Option EUR vs TRY	Call	Morgan Stanley & Co. International PLC	07/28/20		12.00	—		EUR	35,500		112,630
Currency Option EUR vs ZAR	Call	Goldman Sachs International	08/27/20		28.00	—		EUR	34,500		133,547
Currency Option EUR vs ZAR	Call	Goldman Sachs International	12/21/20		21.00	—		EUR	35,000		2,041,986
Currency Option EUR vs ZAR	Call	Morgan Stanley & Co. International PLC	12/21/20		25.00	—		EUR	70,000		1,248,978
Currency Option GBP vs USD	Call	Morgan Stanley & Co. International PLC	11/25/20		1.38	—		GBP	30,450		157,000
Currency Option GBP vs USD	Call	Morgan Stanley & Co. International PLC	11/25/20		1.38	—		GBP	30,450		157,000
Currency Option USD vs BRL	Call	Citibank, N.A.	05/15/20		6.70	—			103,800		42,080
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC	05/29/20		6.00	—			108,000		603,372
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC	07/27/20		6.50	—			80,000		636,328
Currency Option USD vs BRL	Call	Deutsche Bank AG	07/27/20		9.80	—			60,840		30,173
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC	08/27/20		8.50	—			40,000		100,836

See Notes to Financial Statements.

PGIM Global Total Return Fund 65

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Options Purchased (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date	Strike		Contracts	Notional Amount (000)#		Value
Currency Option USD vs BRL	Call	Citibank, N.A.	12/21/20		5.25	—		80,000	$	6,545,404
Currency Option USD vs BRL	Call	Citibank, N.A.	01/27/21		4.00	—		15,000		4,118,542
Currency Option USD vs BRL	Call	Bank of America, N.A.	01/27/21		4.00	—		34,000		9,335,361
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC	01/27/21		4.70	—		288,000		45,007,076
Currency Option USD vs BRL	Call	Bank of America, N.A.	01/27/21		5.00	—		112,000		12,796,610
Currency Option USD vs BRL	Call	Citibank, N.A.	01/27/21		5.10	—		216,000		22,086,758
Currency Option USD vs BRL	Call	Citibank, N.A.	02/24/21		5.10	—		103,800		10,890,342
Currency Option USD vs BRL	Call	Deutsche Bank AG	02/24/21		5.90	—		207,600		9,487,282
Currency Option USD vs BRL	Call	Deutsche Bank AG	04/27/21		6.10	—		60,840		2,623,348
Currency Option USD vs BRL	Call	Bank of America, N.A.	09/28/21		6.00	—		75,000		4,927,564
Currency Option USD vs CHF	Call	Goldman Sachs International	10/28/20		1.00	—		40,000		173,008
Currency Option USD vs CHF	Call	Morgan Stanley & Co. International PLC	10/28/20		1.00	—		15,500		67,041
Currency Option USD vs ILS	Call	Deutsche Bank AG	06/26/20		3.55	—		84,000		541,601
Currency Option USD vs ILS	Call	Bank of America, N.A.	06/28/21		3.60	—		66,000		1,082,712
Currency Option USD vs ILS	Call	Citibank, N.A.	06/28/21		3.95	—		66,000		378,437
Currency Option USD vs INR	Call	Citibank, N.A.	07/03/20		99.00	—		100,400		13,259
Currency Option USD vs INR	Call	Citibank, N.A.	10/26/20		76.50	—		52,500		1,463,516
Currency Option USD vs INR	Call	Goldman Sachs International	10/28/20		90.00	—		40,000		103,198
Currency Option USD vs INR	Call	Goldman Sachs International	02/24/21		79.00	—		56,000		1,453,710
Currency Option USD vs INR	Call	Citibank, N.A.	02/24/21		81.00	—		100,400		1,875,763
Currency Option USD vs INR	Call	Bank of America, N.A.	02/24/21		86.00	—		112,000		1,030,781

See Notes to Financial Statements.

66

Options Purchased (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date	Strike		Contracts	Notional Amount (000)#		Value
Currency Option USD vs INR	Call	Goldman Sachs International	09/28/21		88.00	—		75,000	$	1,160,486
Currency Option USD vs JPY	Call	Morgan Stanley & Co. International PLC	01/27/21		110.00	—		22,000		287,385
Currency Option USD vs KRW	Call	Citibank, N.A.	05/11/20		1,400.00	—		100,700		5,449
Currency Option USD vs KRW	Call	Citibank, N.A.	05/27/20		1,250.00	—		69,500		248,699
Currency Option USD vs KRW	Call	Goldman Sachs International	07/20/20		1,800.00	—		51,000		9,974
Currency Option USD vs KRW	Call	BNP Paribas S.A.	10/28/20		1,165.00	—		29,750		1,451,266
Currency Option USD vs KRW	Call	Morgan Stanley & Co. International PLC	10/28/20		1,240.00	—		100,000		2,064,151
Currency Option USD vs KRW	Call	Morgan Stanley & Co. International PLC	04/27/21		1,240.00	—		100,000		3,166,427
Currency Option USD vs KRW	Call	Goldman Sachs International	04/27/21		1,240.00	—		51,000		1,614,878
Currency Option USD vs KRW	Call	HSBC Bank USA, N.A.	07/28/21		1,275.00	—		69,500		2,015,824
Currency Option USD vs KRW	Call	Deutsche Bank AG	07/28/21		1,500.00	—		69,500		721,691
Currency Option USD vs MXN	Call	Citibank, N.A.	05/28/20		23.50	—		54,000		2,003,482
Currency Option USD vs MXN	Call	Citibank, N.A.	06/18/20		44.00	—		51,900		4,967
Currency Option USD vs MXN	Call	Deutsche Bank AG	07/23/20		50.00	—		50,700		7,895
Currency Option USD vs MXN	Call	Morgan Stanley & Co. International PLC	10/28/20		31.00	—		120,000		1,194,572
Currency Option USD vs MXN	Call	Morgan Stanley & Co. International PLC	01/27/21		22.00	—		61,500		7,853,556
Currency Option USD vs MXN	Call	Goldman Sachs International	01/27/21		22.00	—		21,750		2,777,477
Currency Option USD vs MXN	Call	Citibank, N.A.	01/27/21		26.50	—		166,500		6,675,265
Currency Option USD vs MXN	Call	Citibank, N.A.	02/24/21		20.50	—		54,000		9,913,202
Currency Option USD vs MXN	Call	Deutsche Bank AG	02/24/21		22.00	—		108,000		14,229,901
Currency Option USD vs MXN	Call	Deutsche Bank AG	02/24/21		22.25	—		59,400		7,368,530

See Notes to Financial Statements.

PGIM Global Total Return Fund 67

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Options Purchased (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date	Strike		Contracts	Notional Amount (000)#		Value
Currency Option USD vs MXN	Call	Citibank, N.A.	02/24/21		25.00	—		118,800	$	7,411,229
Currency Option USD vs MXN	Call	Morgan Stanley & Co. International PLC	04/27/21		22.00	—		59,500		8,376,230
Currency Option USD vs MXN	Call	Citibank, N.A.	04/27/21		26.00	—		119,000		6,907,559
Currency Option USD vs MXN	Call	Citibank, N.A.	02/23/22		28.00	—		51,900		3,700,183
Currency Option USD vs RUB	Call	Morgan Stanley & Co. International PLC	05/12/20		81.00	—		103,700		113,499
Currency Option USD vs RUB	Call	Goldman Sachs International	07/14/20		130.00	—		101,600		47,437
Currency Option USD vs RUB	Call	Deutsche Bank AG	10/29/20		68.00	—		77,500		8,890,267
Currency Option USD vs RUB	Call	Morgan Stanley & Co. International PLC	10/29/20		75.00	—		155,000		8,083,109
Currency Option USD vs RUB	Call	Goldman Sachs International	12/22/20		95.00	—		56,000		702,038
Currency Option USD vs RUB	Call	Goldman Sachs International	04/28/21		75.00	—		59,500		4,589,786
Currency Option USD vs RUB	Call	Deutsche Bank AG	04/28/21		90.00	—		119,000		3,173,660
Currency Option USD vs TRY	Call	Deutsche Bank AG	10/29/20		9.00	—		40,000		906,953
Currency Option USD vs TRY	Call	Morgan Stanley & Co. International PLC	10/29/20		9.00	—		16,000		362,781
Currency Option USD vs TRY	Call	Goldman Sachs International	10/29/20		12.00	—		112,000		904,548
Currency Option USD vs TRY	Call	Goldman Sachs International	12/22/20		6.50	—		46,000		6,764,033
Currency Option USD vs TRY	Call	Deutsche Bank AG	12/22/20		7.50	—		92,000		6,610,382
Currency Option USD vs TRY	Call	Morgan Stanley & Co. International PLC	02/25/21		10.00	—		56,000		1,740,605
Currency Option USD vs TRY	Call	Goldman Sachs International	02/25/21		15.00	—		112,000		1,235,901
Currency Option USD vs TWD	Call	BNP Paribas S.A.	11/25/20		31.00	—		77,500		191,287
Currency Option USD vs TWD	Call	Morgan Stanley & Co. International PLC	11/25/20		32.00	—		77,500		103,980
Currency Option USD vs ZAR	Call	Deutsche Bank AG	05/12/20		21.00	—		51,850		32,161

See Notes to Financial Statements.

68

Options Purchased (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date	Strike		Contracts	Notional Amount (000)#			Value
Currency Option USD vs ZAR	Call	Goldman Sachs International	07/07/20		33.00	—			50,000	$	15,512
Currency Option USD vs ZAR	Call	Goldman Sachs International	07/27/20		25.00	—			40,000		97,722
Currency Option USD vs ZAR	Call	Goldman Sachs International	09/28/20		17.00	—			40,000		4,263,106
Currency Option USD vs ZAR	Call	Morgan Stanley & Co. International PLC	09/28/20		21.00	—			14,000		268,656
Currency Option USD vs ZAR	Call	Citibank, N.A.	09/28/20		21.00	—			66,000		1,266,519
Currency Option USD vs ZAR	Call	Goldman Sachs International	01/27/21		15.00	—			40,000		8,542,906
Currency Option USD vs ZAR	Call	Morgan Stanley & Co. International PLC	01/27/21		15.00	—			16,000		3,417,163
Currency Option USD vs ZAR	Call	Deutsche Bank AG	01/27/21		20.00	—			112,000		4,832,962
Currency Option USD vs ZAR	Call	Deutsche Bank AG	02/24/21		15.50	—			51,850		9,929,591
Currency Option USD vs ZAR	Call	Bank of America, N.A.	02/24/21		18.00	—			103,700		9,332,733
Currency Option USD vs ZAR	Call	Goldman Sachs International	04/27/21		20.00	—			50,000		2,735,561
Currency Option AUD vs JPY	Put	Deutsche Bank AG	12/28/20		60.00	—		AUD	117,000		889,086
Currency Option AUD vs JPY	Put	Goldman Sachs International	12/28/20		68.00	—		AUD	58,500		1,219,810
Currency Option AUD vs JPY	Put	Deutsche Bank AG	01/27/21		67.00	—		AUD	142,000		2,791,920
Currency Option AUD vs JPY	Put	Morgan Stanley & Co. International PLC	01/27/21		72.00	—		AUD	71,000		2,742,396
Currency Option AUD vs JPY	Put	Morgan Stanley & Co. International PLC	05/26/21		62.00	—		AUD	72,000		1,114,110
Currency Option AUD vs JPY	Put	Citibank, N.A.	05/26/21		62.00	—		AUD	640,000		9,903,200
Currency Option AUD vs JPY	Put	Deutsche Bank AG	05/26/21		70.00	—		AUD	356,000		12,657,089
Currency Option EUR vs GBP	Put	Morgan Stanley & Co. International PLC	10/28/20		0.80	—		EUR	66,400		138,605
Currency Option EUR vs TRY	Put	BNP Paribas S.A.	07/28/20		7.00	—		EUR	35,500		93,419
Currency Option GBP vs JPY	Put	Bank of America, N.A.	06/29/20		70.00	—		GBP	40,000		69

See Notes to Financial Statements.

PGIM Global Total Return Fund 69

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Options Purchased (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date	Strike		Contracts	Notional Amount (000)#			Value
Currency Option GBP vs USD	Put	Citibank, N.A.	07/16/20		1.00	—		GBP	82,000	$	23,429
Currency Option GBP vs USD	Put	Morgan Stanley & Co. International PLC	07/27/20		1.23	—		GBP	53,100		670,808
Currency Option GBP vs USD	Put	Morgan Stanley & Co. International PLC	09/28/20		1.16	—		GBP	83,200		642,519
Currency Option GBP vs USD	Put	HSBC Bank USA, N.A.	09/28/20		1.28	—		GBP	32,000		1,305,409
Currency Option GBP vs USD	Put	Goldman Sachs International	09/28/20		1.28	—		GBP	9,600		391,623
Currency Option GBP vs USD	Put	Citibank, N.A.	04/27/21		1.21	—		GBP	82,000		2,687,112
Currency Option USD vs BRL	Put	Deutsche Bank AG	06/26/20		3.50	—			40,000		51
Currency Option USD vs BRL	Put	Morgan Stanley & Co. International PLC	08/27/20		3.25	—			40,000		427
Currency Option USD vs BRL	Put	Deutsche Bank AG	08/27/20		3.50	—			40,000		984
Currency Option USD vs BRL	Put	Citibank, N.A.	03/29/21		3.75	—			119,000		71,755
Currency Option USD vs BRL	Put	Deutsche Bank AG	09/28/21		3.85	—			29,000		35,454
Currency Option USD vs BRL	Put	Deutsche Bank AG	01/26/22		4.15	—			106,500		493,233
Currency Option USD vs BRL	Put	Citibank, N.A.	01/26/22		4.70	—			103,800		1,997,353
Currency Option USD vs INR	Put	BNP Paribas S.A.	12/21/20		69.00	—			20,000		20,017
Currency Option USD vs JPY	Put	Bank of America, N.A.	01/26/22		101.00	—			222,400		6,271,876
Currency Option USD vs JPY	Put	Bank of America, N.A.	01/26/22		101.00	—			2,600		73,322
Currency Option USD vs MXN	Put	Citibank, N.A.	06/18/20		19.00	—			51,900		1,548
Currency Option USD vs MXN	Put	Deutsche Bank AG	10/28/20		18.00	—			40,000		8,415
Currency Option USD vs MXN	Put	Deutsche Bank AG	02/24/21		24.00	—			51,900		2,086,316
Currency Option USD vs RUB	Put	BNP Paribas S.A.	12/22/20		66.00	—			56,000		265,928

See Notes to Financial Statements.

70

Options Purchased (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date	Strike		Contracts	Notional Amount (000)#		Value
Currency Option USD vs ZAR	Put	Goldman Sachs International	05/22/20		13.00	—		93,000	$	323
Currency Option USD vs ZAR	Put	BNP Paribas S.A.	07/27/20		12.00	—		40,000		724
Total Options Purchased (cost $254,974,316)									$	371,602,113

Options Written:

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date	Strike		Contracts	Notional Amount (000)#			Value
Currency Option AUD vs JPY	Call	Morgan Stanley & Co. International PLC	11/25/20		92.00	—		AUD	30,400	$	(3,920	)
Currency Option AUD vs JPY	Call	Citibank, N.A.	05/26/21		70.00	—		AUD	232,500		(6,801,330	)
Currency Option AUD vs JPY	Call	Bank of America, N.A.	05/26/21		70.00	—		AUD	12,000		(351,036	)
Currency Option EUR vs GBP	Call	Morgan Stanley & Co. International PLC	10/28/20		0.95	—		EUR	66,400		(359,031	)
Currency Option EUR vs TRY	Call	BNP Paribas S.A.	07/28/20		12.00	—		EUR	35,500		(112,630	)
Currency Option EUR vs ZAR	Call	Morgan Stanley & Co. International PLC	08/27/20		28.00	—		EUR	34,500		(133,547	)
Currency Option EUR vs ZAR	Call	Morgan Stanley & Co. International PLC	12/21/20		21.00	—		EUR	35,000		(2,041,986	)
Currency Option EUR vs ZAR	Call	Goldman Sachs International	12/21/20		25.00	—		EUR	70,000		(1,248,978	)
Currency Option GBP vs USD	Call	Bank of America, N.A.	11/25/20		1.38	—		GBP	60,900		(313,999	)
Currency Option USD vs BRL	Call	Citibank, N.A.	05/29/20		6.00	—			108,000		(603,372	)
Currency Option USD vs BRL	Call	Deutsche Bank AG	07/27/20		6.50	—			80,000		(636,328	)
Currency Option USD vs BRL	Call	Deutsche Bank AG	08/27/20		8.50	—			40,000		(100,836	)
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC	12/21/20		5.25	—			80,000		(6,545,404	)
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC	01/27/21		4.00	—			49,000		(13,453,903	)
Currency Option USD vs BRL	Call	Bank of America, N.A.	01/27/21		4.70	—			180,000		(28,129,423	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 71

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Options Written (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date	Strike		Contracts	Notional Amount (000)#		Value
Currency Option USD vs BRL	Call	Citibank, N.A.	01/27/21		4.70	—		108,000	$	(16,877,654	)
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC	01/27/21		5.00	—		82,000		(9,368,946	)
Currency Option USD vs BRL	Call	Citibank, N.A.	01/27/21		5.00	—		30,000		(3,427,663	)
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC	01/27/21		5.10	—		216,000		(22,086,758	)
Currency Option USD vs BRL	Call	Deutsche Bank AG	02/24/21		5.10	—		103,800		(10,890,342	)
Currency Option USD vs BRL	Call	Citibank, N.A.	02/24/21		5.90	—		207,600		(9,487,282	)
Currency Option USD vs BRL	Call	Deutsche Bank AG	04/27/21		7.20	—		121,680		(2,432,668	)
Currency Option USD vs BRL	Call	Deutsche Bank AG	09/28/21		6.00	—		75,000		(4,927,564	)
Currency Option USD vs CHF	Call	Bank of America, N.A.	10/28/20		1.00	—		55,500		(240,049	)
Currency Option USD vs CLP	Call	Bank of America, N.A.	10/27/21		1,000.00	—		40,100		(880,516	)
Currency Option USD vs ILS	Call	Citibank, N.A.	06/26/20		3.55	—		84,000		(541,601	)
Currency Option USD vs ILS	Call	Citibank, N.A.	06/28/21		3.60	—		66,000		(1,082,712	)
Currency Option USD vs ILS	Call	Bank of America, N.A.	06/28/21		3.95	—		66,000		(378,437	)
Currency Option USD vs INR	Call	Goldman Sachs International	10/26/20		76.50	—		52,500		(1,463,516	)
Currency Option USD vs INR	Call	HSBC Bank USA, N.A.	10/28/20		90.00	—		40,000		(103,198	)
Currency Option USD vs INR	Call	Bank of America, N.A.	02/24/21		79.00	—		56,000		(1,453,710	)
Currency Option USD vs INR	Call	Goldman Sachs International	02/24/21		86.00	—		112,000		(1,030,781	)
Currency Option USD vs INR	Call	Citibank, N.A.	02/24/21		87.00	—		200,800		(1,633,397	)
Currency Option USD vs INR	Call	Bank of America, N.A.	09/28/21		88.00	—		75,000		(1,160,486	)
Currency Option USD vs JPY	Call	Citibank, N.A.	01/27/21		110.00	—		22,000		(287,385	)
Currency Option USD vs KRW	Call	Morgan Stanley & Co. International PLC	05/27/20		1,250.00	—		69,500		(248,699	)

See Notes to Financial Statements.

72

Options Written (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date	Strike		Contracts	Notional Amount (000)#		Value
Currency Option USD vs KRW	Call	Deutsche Bank AG	10/28/20		1,165.00	—		29,750	$	(1,451,266	)
Currency Option USD vs KRW	Call	Citibank, N.A.	10/28/20		1,240.00	—		100,000		(2,064,151	)
Currency Option USD vs KRW	Call	Morgan Stanley & Co. International PLC	04/27/21		1,370.00	—		200,000		(2,774,872	)
Currency Option USD vs KRW	Call	Goldman Sachs International	04/27/21		1,370.00	—		102,000		(1,415,185	)
Currency Option USD vs KRW	Call	Deutsche Bank AG	07/28/21		1,275.00	—		69,500		(2,015,824	)
Currency Option USD vs KRW	Call	HSBC Bank USA, N.A.	07/28/21		1,500.00	—		69,500		(721,691	)
Currency Option USD vs MXN	Call	Bank of America, N.A.	05/28/20		23.50	—		54,000		(2,003,482	)
Currency Option USD vs MXN	Call	Deutsche Bank AG	10/28/20		31.00	—		120,000		(1,194,572	)
Currency Option USD vs MXN	Call	Citibank, N.A.	01/27/21		22.00	—		83,250		(10,631,034	)
Currency Option USD vs MXN	Call	Morgan Stanley & Co. International PLC	01/27/21		26.50	—		123,000		(4,931,277	)
Currency Option USD vs MXN	Call	Goldman Sachs International	01/27/21		26.50	—		43,500		(1,743,988	)
Currency Option USD vs MXN	Call	Deutsche Bank AG	02/24/21		20.50	—		54,000		(9,913,202	)
Currency Option USD vs MXN	Call	Citibank, N.A.	02/24/21		22.00	—		108,000		(14,229,901	)
Currency Option USD vs MXN	Call	Citibank, N.A.	02/24/21		22.25	—		59,400		(7,368,530	)
Currency Option USD vs MXN	Call	Deutsche Bank AG	02/24/21		25.00	—		118,800		(7,411,229	)
Currency Option USD vs MXN	Call	Citibank, N.A.	04/27/21		22.00	—		59,500		(8,376,230	)
Currency Option USD vs MXN	Call	Morgan Stanley & Co. International PLC	04/27/21		26.00	—		59,500		(3,453,779	)
Currency Option USD vs MXN	Call	Morgan Stanley & Co. International PLC	04/27/21		26.00	—		59,500		(3,453,779	)
Currency Option USD vs MXN	Call	Deutsche Bank AG	04/27/21		30.50	—		50,700		(1,300,765	)
Currency Option USD vs MXN	Call	Citibank, N.A.	02/23/22		36.00	—		103,800		(3,032,711	)
Currency Option USD vs RUB	Call	Deutsche Bank AG	05/12/20		81.00	—		103,700		(113,499	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 73

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Options Written (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date	Strike		Contracts	Notional Amount (000)#		Value
Currency Option USD vs RUB	Call	Morgan Stanley & Co. International PLC	10/29/20		68.00	—		77,500	$	(8,890,267	)
Currency Option USD vs RUB	Call	Deutsche Bank AG	10/29/20		75.00	—		155,000		(8,083,109	)
Currency Option USD vs RUB	Call	BNP Paribas S.A.	12/22/20		95.00	—		56,000		(702,038	)
Currency Option USD vs RUB	Call	Goldman Sachs International	04/27/21		89.00	—		101,600		(2,860,682	)
Currency Option USD vs RUB	Call	Deutsche Bank AG	04/28/21		75.00	—		59,500		(4,589,786	)
Currency Option USD vs RUB	Call	Goldman Sachs International	04/28/21		90.00	—		119,000		(3,173,660	)
Currency Option USD vs TRY	Call	Goldman Sachs International	10/29/20		9.00	—		56,000		(1,269,735	)
Currency Option USD vs TRY	Call	Deutsche Bank AG	10/29/20		12.00	—		80,000		(646,106	)
Currency Option USD vs TRY	Call	Morgan Stanley & Co. International PLC	10/29/20		12.00	—		32,000		(258,442	)
Currency Option USD vs TRY	Call	Deutsche Bank AG	12/22/20		6.50	—		46,000		(6,764,033	)
Currency Option USD vs TRY	Call	Goldman Sachs International	12/22/20		7.50	—		92,000		(6,610,382	)
Currency Option USD vs TRY	Call	Goldman Sachs International	02/25/21		10.00	—		56,000		(1,740,605	)
Currency Option USD vs TRY	Call	Morgan Stanley & Co. International PLC	02/25/21		15.00	—		112,000		(1,235,901	)
Currency Option USD vs TWD	Call	Morgan Stanley & Co. International PLC	11/25/20		31.00	—		77,500		(191,287	)
Currency Option USD vs TWD	Call	BNP Paribas S.A.	11/25/20		32.00	—		77,500		(103,980	)
Currency Option USD vs ZAR	Call	Goldman Sachs International	05/12/20		21.00	—		51,850		(32,161	)
Currency Option USD vs ZAR	Call	BNP Paribas S.A.	07/27/20		25.00	—		40,000		(97,722	)
Currency Option USD vs ZAR	Call	Morgan Stanley & Co. International PLC	09/28/20		17.00	—		40,000		(4,263,106	)
Currency Option USD vs ZAR	Call	Goldman Sachs International	09/28/20		21.00	—		80,000		(1,535,175	)
Currency Option USD vs ZAR	Call	Deutsche Bank AG	01/27/21		15.00	—		56,000		(11,960,069	)
Currency Option USD vs ZAR	Call	Goldman Sachs International	01/27/21		20.00	—		80,000		(3,452,116	)

See Notes to Financial Statements.

74

Options Written (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date	Strike		Contracts	Notional Amount (000)#			Value
Currency Option USD vs ZAR	Call	Morgan Stanley & Co. International PLC	01/27/21		20.00	—			32,000	$	(1,380,846	)
Currency Option USD vs ZAR	Call	Bank of America, N.A.	02/24/21		15.50	—			51,850		(9,929,591	)
Currency Option USD vs ZAR	Call	Deutsche Bank AG	02/24/21		18.00	—			103,700		(9,332,733	)
Currency Option USD vs ZAR	Call	Goldman Sachs International	04/27/21		23.75	—			100,000		(2,228,671	)
Currency Option AUD vs JPY	Put	Goldman Sachs International	12/28/20		60.00	—		AUD	117,000		(889,086	)
Currency Option AUD vs JPY	Put	Deutsche Bank AG	12/28/20		68.00	—		AUD	58,500		(1,219,810	)
Currency Option AUD vs JPY	Put	Morgan Stanley & Co. International PLC	01/27/21		67.00	—		AUD	142,000		(2,791,920	)
Currency Option AUD vs JPY	Put	Deutsche Bank AG	01/27/21		72.00	—		AUD	71,000		(2,742,396	)
Currency Option AUD vs JPY	Put	Deutsche Bank AG	05/26/21		62.00	—		AUD	712,000		(11,017,310	)
Currency Option AUD vs JPY	Put	Morgan Stanley & Co. International PLC	05/26/21		70.00	—		AUD	36,000		(1,279,930	)
Currency Option AUD vs JPY	Put	Citibank, N.A.	05/26/21		70.00	—		AUD	320,000		(11,377,159	)
Currency Option EUR vs GBP	Put	Bank of America, N.A.	10/28/20		0.80	—		EUR	66,400		(138,605	)
Currency Option EUR vs TRY	Put	Morgan Stanley & Co. International PLC	07/28/20		7.00	—		EUR	35,500		(93,419	)
Currency Option GBP vs JPY	Put	Bank of America, N.A.	09/28/20		115.00	—		GBP	40,000		(152,622	)
Currency Option GBP vs USD	Put	Bank of America, N.A.	07/27/20		1.23	—		GBP	53,100		(670,808	)
Currency Option GBP vs USD	Put	HSBC Bank USA, N.A.	09/28/20		1.16	—		GBP	64,000		(494,245	)
Currency Option GBP vs USD	Put	Goldman Sachs International	09/28/20		1.16	—		GBP	19,200		(148,274	)
Currency Option GBP vs USD	Put	Morgan Stanley & Co. International PLC	09/28/20		1.28	—		GBP	41,600		(1,697,032	)
Currency Option GBP vs USD	Put	Citibank, N.A.	04/27/21		1.11	—		GBP	164,000		(2,293,996	)
Currency Option USD vs BRL	Put	Citibank, N.A.	06/26/20		3.50	—			40,000		(51	)
Currency Option USD vs BRL	Put	Citibank, N.A.	08/27/20		3.25	—			40,000		(427	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 75

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Options Written (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date	Strike		Contracts		Notional Amount (000)#		Value
Currency Option USD vs BRL	Put	Morgan Stanley & Co. International PLC	08/27/20		3.50		—		40,000	$	(984	)
Currency Option USD vs BRL	Put	Deutsche Bank AG	03/29/21		3.75		—		119,000		(71,755	)
Currency Option USD vs BRL	Put	Bank of America, N.A.	09/28/21		3.85		—		29,000		(35,454	)
Currency Option USD vs BRL	Put	Citibank, N.A.	01/26/22		4.15		—		2,700		(12,504	)
Currency Option USD vs BRL	Put	Citibank, N.A.	01/26/22		4.15		—		103,800		(480,728	)
Currency Option USD vs BRL	Put	Deutsche Bank AG	01/26/22		4.70		—		103,800		(1,997,353	)
Currency Option USD vs INR	Put	Goldman Sachs International	12/21/20		69.00		—		20,000		(20,017	)
Currency Option USD vs JPY	Put	Bank of America, N.A.	01/26/22		93.00		—		444,800		(6,545,038	)
Currency Option USD vs JPY	Put	Bank of America, N.A.	01/26/22		93.00		—		5,200		(76,516	)
Currency Option USD vs MXN	Put	Morgan Stanley & Co. International PLC	10/28/20		18.00		—		40,000		(8,415	)
Currency Option USD vs MXN	Put	Citibank, N.A.	02/24/21		24.00		—		51,900		(2,086,316	)
Currency Option USD vs RUB	Put	Goldman Sachs International	12/22/20		66.00		—		56,000		(265,928	)
Currency Option USD vs ZAR	Put	Goldman Sachs International	07/27/20		12.00		—		40,000		(724	)
Currency Option USD vs ZAR	Put	Goldman Sachs International	02/24/21		16.50		—		46,500		(515,531	)
Total Options Written (premiums received $254,058,475)										$	(380,896,610	)

Futures contracts outstanding at April 30, 2020:

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
	Long Positions:
	5	5 Year Canadian Government Bonds		Jun. 2020	$	463,091	$	17,739
	815	5 Year U.S. Treasury Notes		Jun. 2020		102,269,770		3,847,816
	17	10 Year Canadian Government Bonds		Jun. 2020		1,824,512		109,530
	715	10 Year U.S. Ultra Treasury Notes		Jun. 2020		112,277,344		7,674,075
	53	20 Year U.S. Treasury Bonds		Jun. 2020		9,594,656		(36,865	)
	55	30 Year Euro Buxl		Jun. 2020		13,211,568		471,279

See Notes to Financial Statements.

76

Futures contracts outstanding at April 30, 2020 (continued):

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
	Long Positions (cont’d):
	1,969	30 Year U.S. Ultra Treasury Bonds		Jun. 2020	$	442,594,281	$	49,002,112
	2	Euro-OAT		Jun. 2020		370,025		744
								61,086,430
	Short Positions:
	6,779	2 Year U.S. Treasury Notes		Jun. 2020		1,494,292,855		(20,915,934	)
	2,458	5 Year Euro-Bobl		Jun. 2020		366,194,825		(1,511,359	)
	42	10 Year Euro-Bund		Jun. 2020		8,028,263		(181,245	)
	41	10 Year U.K. Gilt		Jun. 2020		7,110,759		(185,425	)
	713	10 Year U.S. Treasury Notes		Jun. 2020		99,151,562		(55,678	)
	3,131	Euro Schatz Index		Jun. 2020		385,296,088		403,021
								(22,446,620	)
							$	38,639,810

Forward foreign currency exchange contracts outstanding at April 30, 2020:

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 05/29/20	Bank of America, N.A.	AUD	11,601	$	7,419,000	$	7,560,839	$	141,839	$	—
Expiring 05/29/20	Bank of America, N.A.	AUD	9,781		6,323,000		6,374,507		51,507		—
Expiring 05/29/20	Citibank, N.A.	AUD	5,681		3,587,000		3,702,615		115,615		—
Expiring 05/29/20	HSBC Bank USA, N.A.	AUD	3,240		2,118,000		2,111,730		—		(6,270	)
Expiring 07/20/20	Barclays Bank PLC	AUD	2,897		1,897,347		1,888,384		—		(8,963	)
Expiring 11/30/20	Morgan Stanley & Co. International PLC	AUD	2,729		1,959,198		1,778,335		—		(180,863	)
Expiring 11/30/20	Morgan Stanley & Co. International PLC	AUD	2,177		1,530,938		1,419,038		—		(111,900	)
Expiring 12/30/20	JPMorgan Chase Bank, N.A.	AUD	1,555		1,067,927		1,013,400		—		(54,527	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 77

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Forward foreign currency exchange contracts outstanding at April 30, 2020 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Australian Dollar (cont’d.),
Expiring 12/30/20	Morgan Stanley &Co. International PLC	AUD	13,961	$	9,819,051	$	9,098,445	$	—	$	(720,606	)
Expiring 05/28/21	HSBC Bank USA, N.A.	AUD	17,251		11,415,713		11,238,950		—		(176,763	)
Expiring 05/28/21	JPMorgan Chase Bank, N.A.	AUD	10,828		7,450,379		7,054,544		—		(395,835	)
Expiring 07/30/21	HSBC Bank USA, N.A.	AUD	3,517		2,328,606		2,290,685		—		(37,921	)
Expiring 10/31/23	JPMorgan Chase Bank, N.A.	AUD	4,867		3,379,499		3,147,918		—		(231,581	)
Brazilian Real,
Expiring 05/05/20	Goldman Sachs International	BRL	75,973		13,629,920		13,965,914		335,994		—
Expiring 05/05/20	HSBC Bank USA, N.A.	BRL	99,121		17,509,374		18,221,027		711,653		—
Expiring 05/05/20	JPMorgan Chase Bank, N.A.	BRL	14,964		2,644,000		2,750,695		106,695		—
Expiring 05/05/20	Morgan Stanley &Co. International PLC	BRL	102,173		18,098,073		18,782,086		684,013		—
Expiring 05/29/20	BNP Paribas S.A.	BRL	30,333		5,759,000		5,564,029		—		(194,971	)
Expiring 05/29/20	Citibank, N.A.	BRL	22,977		4,350,000		4,214,780		—		(135,220	)
Expiring 05/29/20	Citibank, N.A.	BRL	18,779		3,693,000		3,444,683		—		(248,317	)
Expiring 05/29/20	Citibank, N.A.	BRL	14,419		2,797,000		2,644,844		—		(152,156	)
Expiring 05/29/20	Citibank, N.A.	BRL	10,327		2,041,000		1,894,404		—		(146,596	)
Expiring 05/29/20	Morgan Stanley &Co. International PLC	BRL	32,714		6,273,000		6,000,792		—		(272,208	)
Expiring 06/02/20	JPMorgan Chase Bank, N.A.	BRL	26,101		4,618,080		4,786,485		168,405		—
Expiring 06/30/20	Citibank, N.A.	BRL	31,480		7,893,000		5,764,118		—		(2,128,882	)
Expiring 06/30/20	Deutsche Bank AG	BRL	53,533		12,146,000		9,802,066		—		(2,343,934	)
Expiring 06/30/20	Morgan Stanley &Co. International PLC	BRL	3,592		881,000		657,671		—		(223,329	)

See Notes to Financial Statements.

78

Forward foreign currency exchange contracts outstanding at April 30, 2020 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Brazilian Real (cont’d.),
Expiring 06/30/20	Morgan Stanley &Co. International PLC	BRL	386	$	96,033	$	70,718	$	—	$	(25,315	)
Expiring 07/29/20	Citibank, N.A.	BRL	8,833		2,190,265		1,614,722		—		(575,543	)
Expiring 07/29/20	Deutsche Bank AG	BRL	10,985		2,758,413		2,008,113		—		(750,300	)
Expiring 07/29/20	Morgan Stanley &Co. International PLC	BRL	9,411		2,413,000		1,720,263		—		(692,737	)
Expiring 08/31/20	Citibank, N.A.	BRL	15,315		3,813,000		2,796,590		—		(1,016,410	)
Expiring 08/31/20	Morgan Stanley &Co. International PLC	BRL	16,155		3,967,000		2,950,034		—		(1,016,966	)
Expiring 12/23/20	Citibank, N.A.	BRL	70,083		17,106,000		12,757,833		—		(4,348,167	)
Expiring 01/29/21	Citibank, N.A.	BRL	169,960		33,150,000		30,918,209		—		(2,231,791	)
Expiring 01/29/21	Citibank, N.A.	BRL	31,144		7,402,000		5,665,532		—		(1,736,468	)
Expiring 01/29/21	Citibank, N.A.	BRL	20,672		4,950,547		3,760,538		—		(1,190,009	)
Expiring 01/29/21	Morgan Stanley &Co. International PLC	BRL	45,815		10,060,000		8,334,462		—		(1,725,538	)
Expiring 01/29/21	Morgan Stanley &Co. International PLC	BRL	13,830		3,322,150		2,515,899		—		(806,251	)
Expiring 01/29/21	Morgan Stanley &Co. International PLC	BRL	11,133		2,780,000		2,025,165		—		(754,835	)
Expiring 02/26/21	Deutsche Bank AG	BRL	43,592		7,633,000		7,920,670		287,670		—
Expiring 03/31/21	Citibank, N.A.	BRL	41,302		9,998,790		7,494,141		—		(2,504,649	)
Expiring 03/31/21	Deutsche Bank AG	BRL	61,095		13,860,000		11,085,507		—		(2,774,493	)
Expiring 03/31/21	Morgan Stanley &Co. International PLC	BRL	44,233		10,571,887		8,025,922		—		(2,545,965	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 79

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Forward foreign currency exchange contracts outstanding at April 30, 2020 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Brazilian Real (cont’d.),
Expiring 09/30/21	Bank of America, N.A.	BRL	139,851	$	31,675,000	$	25,001,441	$	—	$	(6,673,559	)
Expiring 09/30/21	Bank of America, N.A.	BRL	28,623		6,715,000		5,116,918		—		(1,598,082	)
Expiring 09/30/21	Deutsche Bank AG	BRL	40,768		8,960,000		7,288,152		—		(1,671,848	)
Expiring 09/30/21	Morgan Stanley &Co. International PLC	BRL	12,764		2,400,006		2,281,915		—		(118,091	)
Expiring 01/28/22	Citibank, N.A.	BRL	1,600		302,000		282,982		—		(19,018	)
Expiring 01/28/22	Deutsche Bank AG	BRL	89,787		15,343,000		15,883,170		540,170		—
Expiring 01/28/22	Morgan Stanley &Co. International PLC	BRL	60,555		11,124,328		10,712,099		—		(412,229	)
British Pound,
Expiring 05/29/20	Bank of America, N.A.	GBP	1,002		1,218,000		1,262,741		44,741		—
Expiring 05/29/20	BNP Paribas S.A.	GBP	1,775		2,089,000		2,236,284		147,284		—
Expiring 05/29/20	HSBC Bank USA, N.A.	GBP	2,585		3,334,000		3,256,315		—		(77,685	)
Expiring 05/29/20	HSBC Bank USA, N.A.	GBP	1,533		1,907,000		1,931,240		24,240		—
Expiring 05/29/20	JPMorgan Chase Bank, N.A.	GBP	6,720		8,685,586		8,464,323		—		(221,263	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC	GBP	1,573		1,984,000		1,981,084		—		(2,916	)
Expiring 07/17/20	Barclays Bank PLC	GBP	1,435		1,791,000		1,808,131		17,131		—
Expiring 07/17/20	Barclays Bank PLC	GBP	1,116		1,407,000		1,406,048		—		(952	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	GBP	5,273		6,653,403		6,643,536		—		(9,867	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	GBP	3,655		4,510,454		4,604,479		94,025		—
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	GBP	1,852		2,312,000		2,333,718		21,718		—

See Notes to Financial Statements.

80

Forward foreign currency exchange contracts outstanding at April 30, 2020 (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.):
British Pound (cont’d.),
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	GBP	1,644	$	2,045,000	$	2,070,680	$	25,680	$	—
Expiring 07/29/20	HSBC Bank USA, N.A.	GBP	3,655		4,766,741		4,605,153		—		(161,588	)
Expiring 07/29/20	Morgan Stanley & Co. International PLC	GBP	20,442		25,926,180		25,756,103		—		(170,077	)
Expiring 11/27/20	Bank of America, N.A.	GBP	17,024		22,565,312		21,458,255		—		(1,107,057	)
Expiring 04/29/21	Citibank, N.A.	GBP	1,569		1,955,460		1,978,412		22,952		—
Canadian Dollar,
Expiring 07/20/20	Barclays Bank PLC	CAD	2,541		1,830,123		1,825,971		—		(4,152	)
Expiring 07/20/20	BNP Paribas S.A.	CAD	4,815		3,436,000		3,459,598		23,598		—
Expiring 07/20/20	JPMorgan Chase Bank, N.A.	CAD	6,932		4,937,000		4,981,397		44,397		—
Expiring 07/20/20	JPMorgan Chase Bank, N.A.	CAD	3,719		2,658,000		2,672,238		14,238		—
Expiring 07/20/20	The Toronto-Dominion Bank	CAD	8,615		6,143,000		6,190,588		47,588		—
Chilean Peso,
Expiring 05/29/20	Citibank, N.A.	CLP	1,533,958		1,834,000		1,838,563		4,563		—
Expiring 05/29/20	Citibank, N.A.	CLP	1,408,052		1,669,000		1,687,656		18,656		—
Expiring 05/29/20	Citibank, N.A.	CLP	1,142,846		1,365,000		1,369,787		4,787		—
Expiring 05/29/20	Citibank, N.A.	CLP	1,051,180		1,244,000		1,259,918		15,918		—
Expiring 05/29/20	JPMorgan Chase Bank, N.A.	CLP	677,297		836,324		811,791		—		(24,533	)
Expiring 06/17/20	Barclays Bank PLC	CLP	1,129,842		1,323,000		1,354,979		31,979		—
Chinese Renminbi,
Expiring 05/11/20	Barclays Bank PLC	CNH	70,993		10,056,417		10,027,311		—		(29,106	)
Expiring 05/11/20	Barclays Bank PLC	CNH	68,599		9,796,246		9,689,108		—		(107,138	)
Expiring 05/11/20	Barclays Bank PLC	CNH	22,641		3,192,000		3,197,905		5,905		—
Expiring 05/11/20	Barclays Bank PLC	CNH	17,635		2,496,000		2,490,859		—		(5,141	)
Expiring 05/11/20	BNP Paribas S.A.	CNH	16,094		2,271,983		2,273,135		1,152		—
Expiring 05/11/20	Citibank, N.A.	CNH	33,267		4,697,000		4,698,782		1,782		—

See Notes to Financial Statements.

PGIM Global Total Return Fund 81

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Forward foreign currency exchange contracts outstanding at April 30, 2020 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Chinese Renminbi (cont’d.),
Expiring 05/11/20	Citibank, N.A.	CNH	32,686	$	4,613,000	$	4,616,658	$	3,658	$	—
Expiring 05/11/20	Citibank, N.A.	CNH	30,372		4,276,000		4,289,824		13,824		—
Expiring 05/11/20	Citibank, N.A.	CNH	18,450		2,604,000		2,605,962		1,962		—
Expiring 05/11/20	Goldman Sachs International	CNH	33,177		4,691,000		4,686,007		—		(4,993	)
Expiring 05/11/20	HSBC Bank USA, N.A.	CNH	53,412		7,675,000		7,544,057		—		(130,943	)
Expiring 05/11/20	HSBC Bank USA, N.A.	CNH	40,893		5,757,000		5,775,872		18,872		—
Expiring 05/11/20	HSBC Bank USA, N.A.	CNH	20,000		2,805,154		2,824,862		19,708		—
Expiring 05/11/20	HSBC Bank USA, N.A.	CNH	16,369		2,336,733		2,311,999		—		(24,734	)
Expiring 05/11/20	JPMorgan Chase Bank, N.A.	CNH	569,159		81,676,017		80,389,830		—		(1,286,187	)
Expiring 05/11/20	JPMorgan Chase Bank, N.A.	CNH	89,241		12,590,215		12,604,669		14,454		—
Expiring 05/11/20	Morgan Stanley & Co. International PLC	CNH	39,663		5,606,000		5,602,127		—		(3,873	)
Expiring 05/11/20	Morgan Stanley &Co. International PLC	CNH	20,678		2,933,000		2,920,658		—		(12,342	)
Expiring 05/14/21	Citibank, N.A.	CNH	61,753		8,849,734		8,632,956		—		(216,778	)
Colombian Peso,
Expiring 06/17/20	Citibank, N.A.	COP	7,897,879		1,968,000		1,986,338		18,338		—
Expiring 06/17/20	Goldman Sachs International	COP	3,529,555		857,000		887,693		30,693		—
Danish Krone,
Expiring 07/15/20	Barclays Bank PLC	DKK	21,472		3,113,978		3,158,517		44,539		—
Egyptian Pound,
Expiring 05/18/20	Citibank, N.A.	EGP	24,510		1,502,979		1,545,033		42,054		—
Expiring 06/17/20	Citibank, N.A.	EGP	25,060		1,534,606		1,560,500		25,894		—
Expiring 06/17/20	Citibank, N.A.	EGP	19,725		1,206,187		1,228,267		22,080		—
Expiring 06/17/20	Citibank, N.A.	EGP	8,773		529,445		546,291		16,846		—
Euro,
Expiring 05/05/20	JPMorgan Chase Bank, N.A.	EUR	10,317		11,297,436		11,306,544		9,108		—

See Notes to Financial Statements.

82

Forward foreign currency exchange contracts outstanding at April 30, 2020 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Euro (cont’d.),
Expiring 05/29/20	Morgan Stanley & Co. International PLC	EUR	2,406	$	2,616,254	$	2,637,977	$	21,723	$	—
Expiring 07/17/20	Barclays Bank PLC	EUR	4,656		5,120,000		5,110,496		—		(9,504	)
Expiring 07/17/20	BNP Paribas S.A.	EUR	3,662		4,008,000		4,019,891		11,891		—
Expiring 07/17/20	Citibank, N.A.	EUR	6,987		7,622,083		7,669,588		47,505		—
Expiring 07/17/20	Citibank, N.A.	EUR	3,084		3,382,300		3,384,621		2,321		—
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	EUR	15,209		16,684,097		16,693,613		9,516		—
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	EUR	6,508		7,075,000		7,143,259		68,259		—
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	EUR	3,248		3,563,000		3,564,850		1,850		—
Hungarian Forint,
Expiring 07/17/20	Barclays Bank PLC	HUF	970,758		3,013,000		3,014,723		1,723		—
Expiring 07/17/20	BNP Paribas S.A.	HUF	479,837		1,453,000		1,490,151		37,151		—
Expiring 07/17/20	Citibank, N.A.	HUF	1,345,128		4,172,000		4,177,339		5,339		—
Expiring 07/17/20	Goldman Sachs International	HUF	631,405		1,961,250		1,960,849		—		(401	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	HUF	1,750,450		5,277,207		5,436,079		158,872		—
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	HUF	522,823		1,614,000		1,623,644		9,644		—
Expiring 07/17/20	Morgan Stanley &Co. International PLC	HUF	721,141		2,235,000		2,239,526		4,526		—
Expiring 07/17/20	Morgan Stanley &Co. International PLC	HUF	209,546		653,750		650,754		—		(2,996	)
Indian Rupee,
Expiring 05/29/20	Barclays Bank PLC	INR	214,069		2,787,000		2,828,230		41,230		—
Expiring 05/29/20	BNP Paribas S.A.	INR	265,493		3,452,000		3,507,629		55,629		—
Expiring 05/29/20	Citibank, N.A.	INR	199,157		2,591,000		2,631,214		40,214		—
Expiring 05/29/20	Citibank, N.A.	INR	187,044		2,482,000		2,471,171		—		(10,829	)
Expiring 05/29/20	HSBC Bank USA, N.A.	INR	167,590		2,158,000		2,214,159		56,159		—

See Notes to Financial Statements.

PGIM Global Total Return Fund 83

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Forward foreign currency exchange contracts outstanding at April 30, 2020 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Indian Rupee (cont’d.),
Expiring 05/29/20	HSBC Bank USA, N.A.		INR	125,116	$	1,637,000	$	1,652,999	$	15,999	$	—
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		INR	442,219		6,076,726		5,842,477		—		(234,249	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC		INR	159,947		2,071,000		2,113,185		42,185		—
Expiring 06/17/20	Citibank, N.A.		INR	205,227		2,644,000		2,703,038		59,038		—
Expiring 06/17/20	HSBC Bank USA, N.A.		INR	425,962		5,478,000		5,610,319		132,319		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		INR	498,232		6,503,000		6,562,187		59,187		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		INR	419,408		5,403,000		5,524,000		121,000		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		INR	400,917		5,138,000		5,280,459		142,459		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		INR	358,353		4,647,000		4,719,855		72,855		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		INR	355,755		4,624,000		4,685,629		61,629		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		INR	337,611		4,361,000		4,446,660		85,660		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		INR	333,576		4,282,000		4,393,518		111,518		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		INR	321,209		4,112,000		4,230,626		118,626		—
Expiring 06/17/20	The Toronto-Dominion Bank		INR	637,192		8,735,115		8,392,420		—		(342,695	)
Expiring 10/28/20	Citibank, N.A.		INR	2,062,258		26,473,000		26,688,687		215,687		—
Expiring 10/28/20	Citibank, N.A.		INR	147,429		1,894,000		1,907,950		13,950		—
Expiring 10/30/20	Goldman Sachs International		INR	341,407		4,510,000		4,417,395		—		(92,605	)
Expiring 12/23/20	Goldman Sachs International		INR	216,223		2,832,000		2,782,033		—		(49,967	)
Expiring 02/26/21	Citibank, N.A.		INR	208,727		2,646,000		2,667,294		21,294		—
Expiring 02/26/21	Morgan Stanley & Co. International PLC		INR	364,682		4,915,513		4,660,227		—		(255,286	)

See Notes to Financial Statements.

84

Forward foreign currency exchange contracts outstanding at April 30, 2020 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Indian Rupee (cont’d.),
Expiring 09/30/21	Goldman Sachs International		INR	512,311	$	6,725,000	$	6,390,773	$	—	$	(334,227	)
Indonesian Rupiah,
Expiring 06/17/20	BNP Paribas S.A.		IDR	64,812,844		4,509,065		4,237,066		—		(271,999	)
Expiring 06/17/20	BNP Paribas S.A.		IDR	58,263,668		4,097,022		3,808,921		—		(288,101	)
Expiring 06/17/20	Credit Suisse International		IDR	162,600,643		11,272,142		10,629,832		—		(642,310	)
Expiring 06/17/20	HSBC Bank USA, N.A.		IDR	105,398,389		6,757,000		6,890,300		133,300		—
Expiring 06/17/20	HSBC Bank USA, N.A.		IDR	43,177,544		2,924,317		2,822,683		—		(101,634	)
Expiring 06/17/20	HSBC Bank USA, N.A.		IDR	41,274,208		2,608,000		2,698,254		90,254		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		IDR	44,030,121		2,783,000		2,878,419		95,419		—
Expiring 06/17/20	Morgan Stanley & Co. International PLC		IDR	77,615,514		5,429,557		5,074,026		—		(355,531	)
Israeli Shekel,
Expiring 06/17/20	Barclays Bank PLC		ILS	31,574		8,815,000		9,070,308		255,308		—
Expiring 06/17/20	Barclays Bank PLC		ILS	19,305		5,324,000		5,545,785		221,785		—
Expiring 06/17/20	Barclays Bank PLC		ILS	8,149		2,292,036		2,341,037		49,001		—
Expiring 06/17/20	Barclays Bank PLC		ILS	6,645		1,887,000		1,909,003		22,003		—
Expiring 06/17/20	Barclays Bank PLC		ILS	6,549		1,819,000		1,881,450		62,450		—
Expiring 06/17/20	Barclays Bank PLC		ILS	6,373		1,793,250		1,830,758		37,508		—
Expiring 06/17/20	BNP Paribas S.A.		ILS	13,079		3,731,551		3,757,396		25,845		—
Expiring 06/17/20	Citibank, N.A.		ILS	7,614		2,171,000		2,187,409		16,409		—
Expiring 06/17/20	Citibank, N.A.		ILS	6,147		1,757,000		1,765,838		8,838		—
Expiring 06/17/20	Citibank, N.A.		ILS	6,080		1,715,000		1,746,684		31,684		—
Expiring 06/17/20	Citibank, N.A.		ILS	5,657		1,601,000		1,625,082		24,082		—
Expiring 06/17/20	Citibank, N.A.		ILS	5,178		1,479,000		1,487,468		8,468		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		ILS	18,299		5,253,000		5,256,938		3,938		—
Expiring 06/30/20	Barclays Bank PLC		ILS	12,121		3,550,686		3,483,650		—		(67,036	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 85

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Forward foreign currency exchange contracts outstanding at April 30, 2020 (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 06/30/20	Deutsche Bank AG		ILS	50,062	$	14,534,000	$	14,388,217	$	—	$	(145,783	)
Expiring 06/30/21	Bank of America, N.A.		ILS	47,344		13,695,000		13,769,054		74,054		—
Japanese Yen,
Expiring 05/15/20	Citibank, N.A.		JPY	444,854		4,176,480		4,146,121		—		(30,359	)
Expiring 05/29/20	Bank of America, N.A.		JPY	2,392,599		23,414,500		22,303,725		—		(1,110,775	)
Expiring 05/29/20	Bank of America, N.A.		JPY	2,083,998		19,421,000		19,426,953		5,953		—
Expiring 05/29/20	Bank of America, N.A.		JPY	1,108,761		10,574,500		10,335,828		—		(238,672	)
Expiring 05/29/20	BNP Paribas S.A.		JPY	1,107,935		10,002,000		10,328,130		326,130		—
Expiring 05/29/20	Citibank, N.A.		JPY	718,177		6,649,000		6,694,822		45,822		—
Expiring 05/29/20	HSBC Bank USA, N.A.		JPY	1,403,271		13,069,000		13,081,242		12,242		—
Expiring 05/29/20	HSBC Bank USA, N.A.		JPY	1,111,566		10,587,000		10,361,981		—		(225,019	)
Expiring 05/29/20	HSBC Bank USA, N.A.		JPY	1,077,118		10,251,000		10,040,854		—		(210,146	)
Expiring 05/29/20	HSBC Bank USA, N.A.		JPY	834,725		7,810,000		7,781,277		—		(28,723	)
Expiring 05/29/20	HSBC Bank USA, N.A.		JPY	761,825		7,088,000		7,101,709		13,709		—
Expiring 05/29/20	HSBC Bank USA, N.A.		JPY	574,731		5,223,000		5,357,623		134,623		—
Expiring 05/29/20	HSBC Bank USA, N.A.		JPY	529,917		4,840,000		4,939,869		99,869		—
Expiring 05/29/20	HSBC Bank USA, N.A.		JPY	312,787		2,913,000		2,915,794		2,794		—
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		JPY	748,818		6,961,000		6,980,459		19,459		—
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		JPY	291,603		2,708,000		2,718,312		10,312		—
Expiring 05/29/20	Morgan Stanley & Co. International PLC		JPY	1,471,408		14,446,500		13,716,417		—		(730,083	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC		JPY	1,182,340		10,979,000		11,021,737		42,737		—

See Notes to Financial Statements.

86

Forward foreign currency exchange contracts outstanding at April 30, 2020 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Japanese Yen (cont’d.),
Expiring 05/29/20	Morgan Stanley & Co. International PLC		JPY	911,844	$	8,534,000	$	8,500,180	$	—	$	(33,820	)
Expiring 05/29/20	The Toronto-Dominion Bank		JPY	1,802,546		17,122,000		16,803,271		—		(318,729	)
Expiring 07/15/20	JPMorgan Chase Bank, N.A.		JPY	1,828,063		16,839,400		17,055,239		215,839		—
Expiring 07/17/20	BNP Paribas S.A.		JPY	227,738		2,123,000		2,124,798		1,798		—
Expiring 07/17/20	BNP Paribas S.A.		JPY	143,505		1,324,000		1,338,901		14,901		—
Expiring 07/17/20	Citibank, N.A.		JPY	1,130,386		10,534,386		10,546,506		12,120		—
Expiring 07/17/20	JPMorgan Chase Bank, N.A.		JPY	41,150,512		379,052,536		383,934,313		4,881,777		—
Expiring 07/17/20	JPMorgan Chase Bank, N.A.		JPY	1,094,831		10,213,450		10,214,772		1,322		—
Expiring 07/17/20	Morgan Stanley & Co. International PLC		JPY	257,396		2,369,000		2,401,508		32,508		—
Expiring 07/17/20	Morgan Stanley & Co. International PLC		JPY	182,530		1,702,600		1,703,010		410		—
Expiring 07/17/20	Morgan Stanley & Co. International PLC		JPY	176,152		1,640,000		1,643,495		3,495		—
Expiring 07/17/20	The Toronto-Dominion Bank		JPY	1,946,439		18,170,437		18,160,278		—		(10,159	)
Expiring 07/29/20	Deutsche Bank AG		JPY	508,232		4,838,000		4,742,960		—		(95,040	)
Expiring 07/29/20	Morgan Stanley & Co. International PLC		JPY	47,793		436,528		446,016		9,488		—
Expiring 10/30/20	Bank of America, N.A.		JPY	2,675,066		25,122,000		25,009,056		—		(112,944	)
Expiring 10/30/20	Citibank, N.A.		JPY	1,788,610		17,196,518		16,721,623		—		(474,895	)
Expiring 11/27/20	Bank of America, N.A.		JPY	490,915		4,594,000		4,592,951		—		(1,049	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 87

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Forward foreign currency exchange contracts outstanding at April 30, 2020 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Japanese Yen (cont’d.),
Expiring 11/27/20	Citibank, N.A.		JPY	345,010	$	3,319,958	$	3,227,880	$	—	$	(92,078	)
Expiring 01/29/21	Barclays Bank PLC		JPY	743,615		7,152,000		6,968,923		—		(183,077	)
Expiring 01/29/21	Barclays Bank PLC		JPY	438,351		4,154,000		4,108,085		—		(45,915	)
Expiring 01/29/21	Citibank, N.A.		JPY	1,004,479		9,689,200		9,413,662		—		(275,538	)
Expiring 01/29/21	Citibank, N.A.		JPY	449,088		4,477,000		4,208,709		—		(268,291	)
Expiring 01/29/21	Morgan Stanley & Co. International PLC		JPY	1,488,986		14,485,000		13,954,301		—		(530,699	)
Expiring 01/29/21	Morgan Stanley & Co. International PLC		JPY	330,506		3,045,649		3,097,399		51,750		—
Expiring 05/28/21	Citibank, N.A.		JPY	2,043,508		19,781,304		19,201,371		—		(579,933	)
Expiring 01/28/22	Citibank, N.A.		JPY	1,712,418		16,719,569		16,188,473		—		(531,096	)
Expiring 10/31/23	Bank of America, N.A.		JPY	1,051,903		10,538,000		10,154,868		—		(383,132	)
Expiring 10/31/23	Barclays Bank PLC		JPY	525,393		5,512,000		5,072,040		—		(439,960	)
Expiring 10/31/23	Barclays Bank PLC		JPY	406,236		4,196,000		3,921,721		—		(274,279	)
Expiring 10/31/23	Deutsche Bank AG		JPY	511,039		5,354,000		4,933,474		—		(420,526	)
Expiring 10/31/23	Goldman Sachs International		JPY	1,254,996		12,881,000		12,115,485		—		(765,515	)
Expiring 10/31/23	Morgan Stanley & Co. International PLC		JPY	1,637,975		15,824,364		15,812,689		—		(11,675	)
Kazakhstani Tenge,
Expiring 05/11/20	JPMorgan Chase Bank, N.A.		KZT	1,033,812		2,681,624		2,423,351		—		(258,273	)
Expiring 05/11/20	JPMorgan Chase Bank, N.A.		KZT	481,360		1,251,424		1,128,353		—		(123,071	)
Expiring 06/30/20	Morgan Stanley & Co. International PLC		KZT	545,729		1,152,543		1,257,585		105,042		—

See Notes to Financial Statements.

88

Forward foreign currency exchange contracts outstanding at April 30, 2020 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Mexican Peso,
Expiring 05/29/20	Bank of America, N.A.		MXN	51,281	$	2,127,000	$	2,117,497	$	—	$	(9,503	)
Expiring 05/29/20	Citibank, N.A.		MXN	53,367		2,752,477		2,203,614		—		(548,863	)
Expiring 05/29/20	Goldman Sachs International		MXN	134,399		5,349,000		5,549,613		200,613		—
Expiring 05/29/20	Goldman Sachs International		MXN	43,365		2,036,000		1,790,637		—		(245,363	)
Expiring 05/29/20	HSBC Bank USA, N.A.		MXN	431,439		17,805,993		17,815,012		9,019		—
Expiring 05/29/20	HSBC Bank USA, N.A.		MXN	111,374		4,530,000		4,598,857		68,857		—
Expiring 05/29/20	HSBC Bank USA, N.A.		MXN	92,776		3,927,000		3,830,927		—		(96,073	)
Expiring 05/29/20	HSBC Bank USA, N.A.		MXN	44,981		1,858,000		1,857,357		—		(643	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		MXN	128,137		5,272,000		5,291,030		19,030		—
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		MXN	119,990		5,074,000		4,954,648		—		(119,352	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		MXN	48,218		2,476,000		1,991,007		—		(484,993	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC		MXN	276,312		13,798,000		11,409,484		—		(2,388,516	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC		MXN	118,073		5,066,000		4,875,488		—		(190,512	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC		MXN	75,563		3,113,000		3,120,140		7,140		—
Expiring 05/29/20	Morgan Stanley & Co. International PLC		MXN	72,843		3,071,000		3,007,857		—		(63,143	)
Expiring 06/17/20	BNP Paribas S.A.		MXN	75,344		3,132,000		3,102,107		—		(29,893	)
Expiring 06/17/20	Citibank, N.A.		MXN	425,976		20,348,998		17,538,462		—		(2,810,536	)
Expiring 06/17/20	Goldman Sachs International		MXN	89,449		3,751,089		3,682,843		—		(68,246	)
Expiring 10/30/20	Citibank, N.A.		MXN	106,253		5,262,260		4,297,364		—		(964,896	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 89

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Forward foreign currency exchange contracts outstanding at April 30, 2020 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Mexican Peso (cont’d.),
Expiring 10/30/20	Citibank, N.A.		MXN	39,210	$	1,822,826	$	1,585,846	$	—	$	(236,980	)
Expiring 10/30/20	Morgan Stanley & Co. International PLC		MXN	313,935		14,803,000		12,696,980		—		(2,106,020	)
Expiring 01/29/21	Citibank, N.A.		MXN	8,706		426,194		348,438		—		(77,756	)
Expiring 01/29/21	Goldman Sachs International		MXN	104,180		4,878,269		4,169,675		—		(708,594	)
Expiring 01/29/21	Goldman Sachs International		MXN	23,874		1,117,000		955,509		—		(161,491	)
Expiring 01/29/21	Morgan Stanley & Co. International PLC		MXN	36,698		1,702,000		1,468,774		—		(233,226	)
Expiring 02/26/21	Citibank, N.A.		MXN	921,100		36,540,000		36,747,100		207,100		—
Expiring 02/26/21	Deutsche Bank AG		MXN	254,611		11,920,000		10,157,659		—		(1,762,341	)
Expiring 04/29/21	HSBC Bank USA, N.A.		MXN	59,268		2,325,684		2,347,744		22,060		—
Expiring 04/29/21	JPMorgan Chase Bank, N.A.		MXN	100,978		4,601,957		4,000,011		—		(601,946	)
Expiring 04/29/21	Morgan Stanley & Co. International PLC		MXN	482,401		22,718,000		19,109,114		—		(3,608,886	)
Expiring 04/28/23	JPMorgan Chase Bank, N.A.		MXN	110,648		4,577,425		4,032,161		—		(545,264	)
Expiring 04/28/23	Morgan Stanley & Co. International PLC		MXN	352,530		14,859,000		12,846,680		—		(2,012,320	)
New Taiwanese Dollar,
Expiring 06/17/20	BNP Paribas S.A. TWD			31,160		1,052,710		1,056,825		4,115		—
Expiring 06/17/20	Credit Suisse International		TWD	200,894		6,736,000		6,813,504		77,504		—
Peruvian Nuevo Sol,
Expiring 06/17/20	Bank of America, N.A.		PEN	4,729		1,348,835		1,396,942		48,107		—
Expiring 06/17/20	Citibank, N.A.		PEN	14,921		4,445,000		4,407,183		—		(37,817	)
Expiring 06/17/20	Citibank, N.A.		PEN	10,423		3,036,000		3,078,773		42,773		—
Expiring 06/17/20	Citibank, N.A.		PEN	8,555		2,528,000		2,526,877		—		(1,123	)

See Notes to Financial Statements.

90

Forward foreign currency exchange contracts outstanding at April 30, 2020 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Peruvian Nuevo Sol (cont’d.),
Expiring 06/17/20	Goldman Sachs International		PEN	12,762	$	3,612,100	$	3,769,576	$	157,476	$	—
Expiring 06/17/20	HSBC Bank USA, N.A.		PEN	9,406		2,756,000		2,778,416		22,416		—
Expiring 06/17/20	HSBC Bank USA, N.A.		PEN	8,319		2,425,000		2,457,231		32,231		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		PEN	12,782		3,761,000		3,775,438		14,438		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		PEN	9,119		2,651,000		2,693,673		42,673		—
Philippine Peso,
Expiring 06/17/20	HSBC Bank USA, N.A.		PHP	247,663		4,859,000		4,893,781		34,781		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		PHP	320,654		6,237,000		6,336,056		99,056		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		PHP	246,590		4,670,000		4,872,583		202,583		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		PHP	232,426		4,567,000		4,592,697		25,697		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		PHP	190,844		3,643,000		3,771,036		128,036		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		PHP	55,445		1,085,355		1,095,590		10,235		—
Polish Zloty,
Expiring 07/17/20	Morgan Stanley & Co. International PLC		PLN	10,386		2,500,000		2,502,513		2,513		—
Expiring 07/17/20	UBS AG		PLN	48,246		11,545,301		11,625,558		80,257		—
Russian Ruble,
Expiring 05/29/20	Barclays Bank PLC		RUB	147,897		1,983,000		1,977,175		—		(5,825	)
Expiring 05/29/20	Barclays Bank PLC		RUB	127,738		1,736,000		1,707,681		—		(28,319	)
Expiring 05/29/20	HSBC Bank USA, N.A.		RUB	349,569		4,675,000		4,673,249		—		(1,751	)
Expiring 06/17/20	Barclays Bank PLC		RUB	913,979		13,707,975		12,183,742		—		(1,524,233	)
Expiring 06/17/20	Barclays Bank PLC		RUB	134,544		1,786,000		1,793,535		7,535		—
Expiring 06/17/20	Barclays Bank PLC		RUB	128,445		1,657,000		1,712,226		55,226		—

See Notes to Financial Statements.

PGIM Global Total Return Fund 91

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Forward foreign currency exchange contracts outstanding at April 30, 2020 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Russian Ruble (cont’d.),
Expiring 06/17/20	Barclays Bank PLC		RUB	67,216	$	911,000	$	896,017	$	—	$	(14,983	)
Expiring 06/17/20	Citibank, N.A.		RUB	830,881		11,499,767		11,076,008		—		(423,759	)
Expiring 06/17/20	Morgan Stanley & Co. International PLC		RUB	325,061		4,111,300		4,333,200		221,900		—
Expiring 10/30/20	Deutsche Bank AG		RUB	106,001		1,594,000		1,389,196		—		(204,804	)
Expiring 10/30/20	JPMorgan Chase Bank, N.A.		RUB	388,078		4,690,051		5,085,960		395,909		—
Expiring 12/23/20	Goldman Sachs International		RUB	1,725,271		24,720,000		22,472,675		—		(2,247,325	)
Expiring 12/23/20	JPMorgan Chase Bank, N.A.		RUB	86,541		1,037,166		1,127,250		90,084		—
Expiring 02/26/21	Deutsche Bank AG		RUB	496,590		6,278,000		6,422,499		144,499		—
Expiring 02/26/21	Goldman Sachs International		RUB	690,766		9,971,000		8,933,820		—		(1,037,180	)
Expiring 04/29/21	Goldman Sachs International		RUB	135,453		1,909,000		1,740,559		—		(168,441	)
Expiring 04/29/21	JPMorgan Chase Bank, N.A.		RUB	174,900		2,054,500		2,247,442		192,942		—
Singapore Dollar,
Expiring 06/17/20	Barclays Bank PLC		SGD	4,577		3,203,000		3,246,719		43,719		—
Expiring 06/17/20	BNP Paribas S.A.		SGD	7,067		4,992,000		5,012,349		20,349		—
Expiring 06/17/20	BNP Paribas S.A.		SGD	6,501		4,579,000		4,610,728		31,728		—
Expiring 06/17/20	BNP Paribas S.A.		SGD	5,719		4,023,000		4,056,411		33,411		—
Expiring 06/17/20	Credit Suisse International		SGD	12,896		9,120,000		9,146,644		26,644		—
Expiring 06/17/20	Credit Suisse International		SGD	8,371		5,889,000		5,937,365		48,365		—
Expiring 06/17/20	Credit Suisse International		SGD	8,235		5,752,000		5,840,854		88,854		—
Expiring 06/17/20	Credit Suisse International		SGD	7,568		5,309,000		5,368,041		59,041		—
Expiring 06/17/20	Credit Suisse International		SGD	7,329		5,188,000		5,198,300		10,300		—
Expiring 06/17/20	Goldman Sachs International		SGD	7,376		5,195,000		5,231,881		36,881		—

See Notes to Financial Statements.

92

Forward foreign currency exchange contracts outstanding at April 30, 2020 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Singapore Dollar (cont’d.),
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		SGD	16,675	$	12,036,446	$	11,827,104	$	—	$	(209,342	)
Expiring 06/17/20	Morgan Stanley &Co. International PLC		SGD	3,651		2,586,000		2,589,456		3,456		—
South African Rand,
Expiring 05/29/20	Bank of America, N.A.		ZAR	279,446		14,777,675		15,028,890		251,215		—
Expiring 05/29/20	Bank of America, N.A.		ZAR	48,734		2,747,000		2,620,989		—		(126,011	)
Expiring 05/29/20	Barclays Bank PLC		ZAR	170,699		9,961,736		9,180,389		—		(781,347	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		ZAR	62,114		3,371,000		3,340,566		—		(30,434	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		ZAR	43,264		2,796,000		2,326,796		—		(469,204	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		ZAR	41,556		2,267,000		2,234,950		—		(32,050	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		ZAR	34,152		1,898,000		1,836,710		—		(61,290	)
Expiring 06/17/20	Barclays Bank PLC		ZAR	15,426		814,000		828,135		14,135		—
Expiring 06/17/20	Citibank, N.A.		ZAR	22,646		1,287,000		1,215,740		—		(71,260	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		ZAR	33,771		1,935,000		1,812,961		—		(122,039	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		ZAR	18,996		1,004,833		1,019,803		14,970		—
Expiring 07/29/20	Goldman Sachs International		ZAR	83,989		5,653,000		4,491,138		—		(1,161,862	)
Expiring 07/29/20	Morgan Stanley &Co. International PLC		ZAR	72,056		4,889,655		3,853,047		—		(1,036,608	)
Expiring 08/31/20	Barclays Bank PLC		ZAR	6,040		391,342		322,100		—		(69,242	)
Expiring 08/31/20	BNP Paribas S.A.		ZAR	45,248		3,035,141		2,412,775		—		(622,366	)
Expiring 09/30/20	Barclays Bank PLC		ZAR	60,930		4,051,742		3,240,258		—		(811,484	)
Expiring 09/30/20	Citibank, N.A.		ZAR	141,062		8,689,000		7,501,644		—		(1,187,356	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 93

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Forward foreign currency exchange contracts outstanding at April 30, 2020 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South African Rand (cont’d.),
Expiring 09/30/20	Morgan Stanley & Co. International PLC		ZAR	11,451	$	750,000	$	608,955	$	—	$	(141,045	)
Expiring 12/23/20	Barclays Bank PLC		ZAR	40,681		2,595,749		2,147,240		—		(448,509	)
Expiring 01/29/21	Barclays Bank PLC		ZAR	82,671		5,095,122		4,349,216		—		(745,906	)
Expiring 01/29/21	Barclays Bank PLC		ZAR	52,387		3,325,892		2,755,993		—		(569,899	)
Expiring 01/29/21	Goldman Sachs International		ZAR	53,446		3,511,000		2,811,740		—		(699,260	)
Expiring 01/29/21	Morgan Stanley & Co. International PLC		ZAR	120,569		8,081,000		6,342,964		—		(1,738,036	)
Expiring 02/26/21	Bank of America, N.A.		ZAR	10,331		628,000		542,295		—		(85,705	)
Expiring 02/26/21	Deutsche Bank AG		ZAR	50,651		3,245,000		2,658,885		—		(586,115	)
Expiring 02/26/21	Goldman Sachs International		ZAR	504,558		27,744,000		26,486,271		—		(1,257,729	)
Expiring 04/29/21	Goldman Sachs International		ZAR	30,290		1,589,000		1,582,486		—		(6,514	)
Expiring 12/23/21	Goldman Sachs International		ZAR	199,522		10,565,000		10,130,269		—		(434,731	)
South Korean Won,
Expiring 05/29/20	Barclays Bank PLC		KRW	1,924,756		1,589,000		1,585,009		—		(3,991	)
Expiring 05/29/20	BNP Paribas S.A.		KRW	2,720,172		2,226,000		2,240,023		14,023		—
Expiring 05/29/20	Citibank, N.A.		KRW	9,091,183		7,712,000		7,486,460		—		(225,540	)
Expiring 05/29/20	Citibank, N.A.		KRW	8,247,583		6,693,000		6,791,768		98,768		—
Expiring 05/29/20	Citibank, N.A.		KRW	4,295,865		3,514,000		3,537,584		23,584		—
Expiring 05/29/20	Citibank, N.A.		KRW	3,458,549		2,853,000		2,848,066		—		(4,934	)
Expiring 05/29/20	Citibank, N.A.		KRW	2,834,050		2,312,000		2,333,800		21,800		—
Expiring 05/29/20	Citibank, N.A.		KRW	2,348,280		1,980,000		1,933,775		—		(46,225	)
Expiring 05/29/20	Goldman Sachs International		KRW	2,915,429		2,477,000		2,400,814		—		(76,186	)
Expiring 05/29/20	HSBC Bank USA, N.A.		KRW	2,600,302		2,137,000		2,141,311		4,311		—
Expiring 05/29/20	HSBC Bank USA, N.A.		KRW	2,375,770		1,968,000		1,956,413		—		(11,587	)

See Notes to Financial Statements.

94

Forward foreign currency exchange contracts outstanding at April 30, 2020 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South Korean Won (cont’d.),
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		KRW	3,390,230	$	2,721,000	$	2,791,806	$	70,806	$	—
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		KRW	3,058,943		2,570,000		2,518,996		—		(51,004	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		KRW	2,269,432		1,870,000		1,868,845		—		(1,155	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC		KRW	6,373,105		5,353,000		5,248,162		—		(104,838	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC		KRW	2,357,940		1,950,000		1,941,730		—		(8,270	)
Expiring 06/17/20	Barclays Bank PLC		KRW	2,760,559		2,273,000		2,274,135		1,135		—
Expiring 06/17/20	Barclays Bank PLC		KRW	2,097,107		1,731,000		1,727,586		—		(3,414	)
Expiring 06/17/20	Barclays Bank PLC		KRW	1,867,339		1,543,000		1,538,305		—		(4,695	)
Expiring 06/17/20	Credit Suisse International		KRW	15,093,010		12,769,152		12,433,550		—		(335,602	)
Expiring 06/17/20	HSBC Bank USA, N.A.		KRW	2,209,578		1,829,000		1,820,240		—		(8,760	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		KRW	2,884,386		2,375,231		2,376,143		912		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		KRW	2,395,623		1,981,000		1,973,503		—		(7,497	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		KRW	1,334,506		1,097,329		1,099,359		2,030		—
Expiring 10/30/20	BNP Paribas S.A.		KRW	10,138,442		8,909,000		8,377,570		—		(531,430	)
Expiring 10/30/20	Citibank, N.A.		KRW	8,127,244		6,677,000		6,715,682		38,682		—
Expiring 10/30/20	Citibank, N.A.		KRW	328,910		268,000		271,784		3,784		—
Expiring 10/30/20	JPMorgan Chase Bank, N.A.		KRW	3,104,580		2,605,388		2,565,368		—		(40,020	)
Expiring 10/30/20	Morgan Stanley &Co. International PLC		KRW	34,725,618		28,501,000		28,694,378		193,378		—
Expiring 04/29/21	Goldman Sachs International		KRW	735,965		610,000		611,520		1,520		—

See Notes to Financial Statements.

PGIM Global Total Return Fund 95

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Forward foreign currency exchange contracts outstanding at April 30, 2020 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South Korean Won (cont’d.),
Expiring 04/29/21	Morgan Stanley & Co. International PLC		KRW	7,160,671	$	5,914,000	$	5,949,863	$	35,863	$	—
Expiring 07/30/21	HSBC Bank USA, N.A.		KRW	15,153,153		12,858,000		12,640,922		—		(217,078	)
Swedish Krona,
Expiring 07/15/20	Citibank, N.A.		SEK	53,211		5,386,000		5,458,333		72,333		—
Expiring 07/15/20	Credit Suisse International		SEK	36,209		3,710,000		3,714,330		4,330		—
Expiring 07/15/20	JPMorgan Chase Bank, N.A.		SEK	28,494		2,882,000		2,922,852		40,852		—
Expiring 07/15/20	JPMorgan Chase Bank, N.A.		SEK	15,340		1,535,000		1,573,569		38,569		—
Swiss Franc,
Expiring 07/15/20	BNP Paribas S.A.		CHF	5,377		5,570,000		5,582,732		12,732		—
Expiring 07/15/20	JPMorgan Chase Bank, N.A.		CHF	3,321		3,446,000		3,447,965		1,965		—
Expiring 07/15/20	Morgan Stanley & Co. International PLC		CHF	10,502		10,778,288		10,903,698		125,410		—
Expiring 10/30/20	Goldman Sachs International		CHF	8,271		8,946,000		8,616,414		—		(329,586	)
Expiring 10/30/20	Morgan Stanley & Co. International PLC		CHF	3,720		3,945,000		3,875,274		—		(69,726	)
Expiring 10/30/20	UBS AG		CHF	3,887		4,001,182		4,048,836		47,654		—
Thai Baht,
Expiring 06/17/20	Barclays Bank PLC		THB	75,309		2,314,000		2,327,650		13,650		—
Expiring 06/17/20	Credit Suisse International		THB	151,912		4,641,000		4,695,272		54,272		—
Expiring 06/17/20	Credit Suisse International		THB	106,644		3,252,000		3,296,160		44,160		—
Expiring 06/17/20	HSBC Bank USA, N.A.		THB	225,051		6,893,000		6,955,860		62,860		—
Expiring 06/17/20	HSBC Bank USA, N.A.		THB	135,755		4,314,146		4,195,919		—		(118,227	)
Expiring 06/17/20	HSBC Bank USA, N.A.		THB	115,398		3,542,000		3,566,725		24,725		—

See Notes to Financial Statements.

96

Forward foreign currency exchange contracts outstanding at April 30, 2020 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Thai Baht (cont’d.),
Expiring 06/17/20	HSBC Bank USA, N.A.		THB	104,591	$	3,196,000	$	3,232,683	$	36,683	$	—
Expiring 06/17/20	HSBC Bank USA, N.A.		THB	84,202		2,591,000		2,602,520		11,520		—
Expiring 06/17/20	HSBC Bank USA, N.A.		THB	79,558		2,430,000		2,458,980		28,980		—
Expiring 06/17/20	HSBC Bank USA, N.A.		THB	74,101		2,264,000		2,290,300		26,300		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		THB	97,874		2,995,000		3,025,071		30,071		—
Turkish Lira,
Expiring 06/17/20	Barclays Bank PLC		TRY	25,295		3,642,000		3,575,293		—		(66,707	)
Expiring 06/17/20	Barclays Bank PLC		TRY	17,773		2,540,000		2,512,161		—		(27,839	)
Expiring 06/17/20	Barclays Bank PLC		TRY	11,174		1,603,000		1,579,404		—		(23,596	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		TRY	6,220		873,000		879,131		6,131		—
Expiring 06/30/20	Bank of America, N.A.		TRY	7,742		1,162,000		1,089,137		—		(72,863	)
Expiring 06/30/20	Deutsche Bank AG		TRY	175,019		16,910,000		24,622,333		7,712,333		—
Expiring 07/29/20	Barclays Bank PLC		TRY	37,033		5,158,486		5,160,671		2,185		—
Expiring 07/29/20	Citibank, N.A.		TRY	91,101		13,409,000		12,695,269		—		(713,731	)
Expiring 10/30/20	Barclays Bank PLC		TRY	6,807		978,311		920,093		—		(58,218	)
Expiring 10/30/20	Barclays Bank PLC		TRY	1,883		300,676		254,568		—		(46,108	)
Expiring 10/30/20	Morgan Stanley & Co. International PLC		TRY	4,818		697,000		651,255		—		(45,745	)
Expiring 12/23/20	Barclays Bank PLC		TRY	12,902		1,646,531		1,714,036		67,505		—
Expiring 12/23/20	Goldman Sachs International		TRY	5,343		836,000		709,782		—		(126,218	)
Expiring 02/26/21	Barclays Bank PLC		TRY	26,637		3,375,579		3,464,817		89,238		—
Expiring 02/26/21	Barclays Bank PLC		TRY	14,639		2,008,630		1,904,234		—		(104,396	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 97

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Forward foreign currency exchange contracts outstanding at April 30, 2020 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Turkish Lira (cont’d.),
Expiring 02/26/21	Barclays Bank PLC		TRY	10,388	$	1,610,958	$	1,351,231	$	—	$	(259,727	)
Expiring 02/26/21	Barclays Bank PLC		TRY	10,093		1,396,000		1,312,876		—		(83,124	)
Expiring 02/26/21	Morgan Stanley & Co. International PLC		TRY	154,606		18,616,000		20,110,646		1,494,646		—
Expiring 05/28/21	BNP Paribas S.A.		TRY	10,016		1,287,000		1,264,486		—		(22,514	)
Expiring 05/28/21	Goldman Sachs International		TRY	3,514		507,678		443,582		—		(64,096	)
Ukraine Hryvna,
Expiring 05/26/20	Citibank, N.A.		UAH	45,759		1,824,538		1,676,934		—		(147,604	)
Expiring 05/26/20	Citibank, N.A.		UAH	25,457		1,012,197		932,908		—		(79,289	)
Expiring 05/27/20	Citibank, N.A.		UAH	41,628		1,658,110		1,524,861		—		(133,249	)
					$	2,762,083,603	$	2,686,962,401		26,998,902		(102,120,104	)
Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 05/29/20	HSBC Bank USA, N.A.		AUD	6,286	$	4,009,000	$	4,096,979	$	—	$	(87,979	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		AUD	11,256		7,084,000		7,335,567		—		(251,567	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC		AUD	2,746		1,798,000		1,789,700		8,300		—
Expiring 07/20/20	BNP Paribas S.A.		AUD	1,905		1,218,000		1,241,460		—		(23,460	)
Expiring 07/20/20	HSBC Bank USA, N.A.		AUD	100,199		64,121,194		65,306,190		—		(1,184,996	)
Expiring 07/20/20	JPMorgan Chase Bank, N.A.		AUD	4,695		3,074,000		3,060,128		13,872		—
Expiring 11/27/20	JPMorgan Chase Bank, N.A.		AUD	2,575		1,766,733		1,678,203		88,530		—
Expiring 01/29/21	Barclays Bank PLC		AUD	17,022		11,081,492		11,092,927		—		(11,435	)
Expiring 05/28/21	Barclays Bank PLC		AUD	42,218		27,447,706		27,505,890		—		(58,184	)

See Notes to Financial Statements.

98

Forward foreign currency exchange contracts outstanding at April 30, 2020 (continued):

Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Australian Dollar (cont’d.),
Expiring 05/28/21	Citibank, N.A.		AUD	15,791	$	9,926,904	$	10,287,769	$	—	$	(360,865	)
Brazilian Real,
Expiring 05/05/20	BNP Paribas S.A.		BRL	156,302		30,627,559		28,732,444		1,895,115		—
Expiring 05/05/20	Citibank, N.A.		BRL	24,138		4,410,000		4,437,239		—		(27,239	)
Expiring 05/05/20	Goldman Sachs International		BRL	44,911		8,794,611		8,255,770		538,841		—
Expiring 05/05/20	JPMorgan Chase Bank, N.A.		BRL	19,979		3,759,818		3,672,622		87,196		—
Expiring 05/05/20	JPMorgan Chase Bank, N.A.		BRL	19,488		3,567,300		3,582,356		—		(15,056	)
Expiring 05/05/20	Morgan Stanley & Co. International PLC		BRL	19,248		3,567,300		3,538,381		28,919		—
Expiring 05/05/20	Morgan Stanley & Co. International PLC		BRL	8,165		1,539,000		1,500,912		38,088		—
Expiring 05/29/20	Bank of America, N.A.		BRL	27,920		5,509,000		5,121,396		387,604		—
Expiring 05/29/20	Barclays Bank PLC		BRL	12,766		2,450,000		2,341,664		108,336		—
Expiring 05/29/20	Citibank, N.A.		BRL	21,184		4,030,000		3,885,802		144,198		—
Expiring 05/29/20	Citibank, N.A.		BRL	14,611		2,576,000		2,680,162		—		(104,162	)
Expiring 05/29/20	Citibank, N.A.		BRL	9,642		1,833,000		1,768,590		64,410		—
Expiring 05/29/20	Morgan Stanley & Co. International PLC		BRL	16,980		3,001,000		3,114,641		—		(113,641	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC		BRL	12,662		2,366,000		2,322,659		43,341		—
Expiring 06/02/20	Goldman Sachs International		BRL	75,973		13,596,745		13,931,996		—		(335,251	)
Expiring 06/02/20	HSBC Bank USA, N.A.		BRL	99,121		17,470,489		18,176,776		—		(706,287	)
Expiring 06/02/20	Morgan Stanley & Co. International PLC		BRL	102,173		18,057,771		18,736,473		—		(678,702	)
Expiring 06/30/20	Deutsche Bank AG		BRL	88,992		21,600,000		16,294,574		5,305,426		—
Expiring 07/29/20	Deutsche Bank AG		BRL	29,229		6,610,000		5,343,098		1,266,902		—
Expiring 08/31/20	Citibank, N.A.		BRL	2,686		663,819		490,433		173,386		—

See Notes to Financial Statements.

PGIM Global Total Return Fund 99

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Forward foreign currency exchange contracts outstanding at April 30, 2020 (continued):

Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Brazilian Real (cont’d.),
Expiring 08/31/20	Deutsche Bank AG		BRL	28,784	$	6,280,000	$	5,256,193	$	1,023,807	$	—
Expiring 12/23/20	Citibank, N.A.		BRL	19,657		4,824,000		3,578,382		1,245,618		—
Expiring 12/23/20	Citibank, N.A.		BRL	4,358		1,065,453		793,385		272,068		—
Expiring 12/23/20	Morgan Stanley & Co. International PLC		BRL	46,068		11,571,000		8,386,066		3,184,934		—
Expiring 01/29/21	Bank of America, N.A.		BRL	5,513		1,324,200		1,002,830		321,370		—
Expiring 01/29/21	Citibank, N.A.		BRL	43,567		10,642,000		7,925,523		2,716,477		—
Expiring 01/29/21	Morgan Stanley & Co. International PLC		BRL	164,453		31,665,219		29,916,453		1,748,766		—
Expiring 01/29/21	Morgan Stanley & Co. International PLC		BRL	79,021		18,313,000		14,374,997		3,938,003		—
Expiring 02/26/21	Citibank, N.A.		BRL	16,276		3,169,000		2,957,343		211,657		—
Expiring 03/31/21	Citibank, N.A.		BRL	122,798		28,955,000		22,281,405		6,673,595		—
Expiring 03/31/21	Morgan Stanley & Co. International PLC		BRL	23,832		5,878,515		4,324,163		1,554,352		—
Expiring 04/29/21	Deutsche Bank AG		BRL	3,206		561,000		581,059		—		(20,059	)
Expiring 09/30/21	Bank of America, N.A.		BRL	100,848		23,296,000		18,028,807		5,267,193		—
Expiring 09/30/21	Deutsche Bank AG		BRL	121,158		26,978,000		21,659,621		5,318,379		—
Expiring 01/28/22	Citibank, N.A.		BRL	83,680		14,917,000		14,802,873		114,127		—
Expiring 01/28/22	Deutsche Bank AG		BRL	113,456		24,675,000		20,070,061		4,604,939		—
British Pound,
Expiring 05/29/20	BNP Paribas S.A.		GBP	1,886		2,170,000		2,375,711		—		(205,711	)
Expiring 05/29/20	Citibank, N.A.		GBP	3,694		4,782,000		4,652,504		129,496		—
Expiring 05/29/20	Citibank, N.A.		GBP	1,641		1,934,000		2,067,320		—		(133,320	)
Expiring 05/29/20	Citibank, N.A.		GBP	145		179,469		182,082		—		(2,613	)
Expiring 05/29/20	HSBC Bank USA, N.A.		GBP	1,420		1,817,000		1,788,104		28,896		—
Expiring 05/29/20	Morgan Stanley & Co. International PLC		GBP	1,709		2,147,000		2,153,133		—		(6,133	)
Expiring 05/29/20	UBS AG		GBP	363		450,391		456,652		—		(6,261	)
Expiring 07/17/20	Citibank, N.A.		GBP	3,227		3,997,627		4,065,654		—		(68,027	)

See Notes to Financial Statements.

100

Forward foreign currency exchange contracts outstanding at April 30, 2020 (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.):
British Pound (cont’d.),
Expiring 07/17/20	JPMorgan Chase Bank, N.A.		GBP	89,205	$	110,378,297	$	112,390,396	$	—	$	(2,012,099	)
Expiring 07/29/20	Bank of America, N.A.		GBP	24,097		30,055,465		30,361,256		—		(305,791	)
Expiring 11/27/20	Morgan Stanley & Co. International PLC		GBP	7,993		10,441,656		10,074,944		366,712		—
Expiring 11/27/20	Morgan Stanley & Co. International PLC		GBP	7,993		10,441,656		10,074,944		366,712		—
Canadian Dollar,
Expiring 07/20/20	BNP Paribas S.A.		CAD	7,004		5,049,000		5,032,438		16,562		—
Expiring 07/20/20	Morgan Stanley & Co. International PLC		CAD	5,470		3,879,010		3,930,594		—		(51,584	)
Chilean Peso,
Expiring 05/29/20	BNP Paribas S.A.		CLP	1,718,141		1,999,000		2,059,320		—		(60,320	)
Expiring 05/29/20	Citibank, N.A.		CLP	2,553,246		2,988,000		3,060,257		—		(72,257	)
Expiring 05/29/20	Citibank, N.A.		CLP	1,519,345		1,836,000		1,821,049		14,951		—
Expiring 05/29/20	HSBC Bank USA, N.A.		CLP	1,214,577		1,403,000		1,455,762		—		(52,762	)
Expiring 06/17/20	Citibank, N.A.		CLP	3,987,685		4,683,000		4,782,288		—		(99,288	)
Expiring 06/17/20	Citibank, N.A.		CLP	1,255,933		1,459,216		1,506,195		—		(46,979	)
Expiring 06/17/20	HSBC Bank USA, N.A.		CLP	9,886,221		11,839,077		11,856,193		—		(17,116	)
Expiring 06/17/20	HSBC Bank USA, N.A.		CLP	3,342,091		3,907,050		4,008,050		—		(101,000	)
Expiring 06/17/20	HSBC Bank USA, N.A.		CLP	3,184,819		3,731,700		3,819,440		—		(87,740	)
Expiring 06/17/20	HSBC Bank USA, N.A.		CLP	3,069,065		3,697,892		3,680,621		17,271		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		CLP	13,987,773		16,729,785		16,775,038		—		(45,253	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		CLP	3,029,477		3,582,000		3,633,143		—		(51,143	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		CLP	2,009,885		2,375,231		2,410,383		—		(35,152	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		CLP	938,864		1,097,329		1,125,946		—		(28,617	)
Expiring 06/17/20	Morgan Stanley & Co. International PLC		CLP	2,576,948		3,081,000		3,090,442		—		(9,442	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 101

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Forward foreign currency exchange contracts outstanding at April 30, 2020 (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.):
Chilean Peso (cont’d.),
Expiring 06/17/20	Morgan Stanley & Co. International PLC	CLP	2,302,930	$	2,713,000	$	2,761,822	$	—	$	(48,822	)
Expiring 06/17/20	Morgan Stanley & Co. International PLC	CLP	1,670,547		1,960,000		2,003,428		—		(43,428	)
Expiring 06/17/20	Morgan Stanley & Co. International PLC	CLP	1,366,971		1,592,000		1,639,359		—		(47,359	)
Expiring 06/17/20	The Toronto-Dominion Bank	CLP	5,466,050		6,484,045		6,555,239		—		(71,194	)
Expiring 06/17/20	UBS AG	CLP	1,700,035		1,973,000		2,038,792		—		(65,792	)
Expiring 10/29/21	Bank of America, N.A.	CLP	4,482,493		5,687,000		5,401,602		285,398		—
Chinese Renminbi,
Expiring 05/11/20	Barclays Bank PLC	CNH	26,566		3,737,000		3,752,259		—		(15,259	)
Expiring 05/11/20	Citibank, N.A.	CNH	268,038		38,261,110		37,858,548		402,562		—
Expiring 05/11/20	Citibank, N.A.	CNH	44,778		6,298,000		6,324,560		—		(26,560	)
Expiring 05/11/20	Citibank, N.A.	CNH	8,469		1,210,053		1,196,128		13,925		—
Expiring 05/11/20	Credit Suisse International	CNH	49,072		6,908,000		6,931,035		—		(23,035	)
Expiring 05/11/20	Credit Suisse International	CNH	34,045		4,786,000		4,808,651		—		(22,651	)
Expiring 05/11/20	HSBC Bank USA, N.A.	CNH	67,125		9,563,000		9,480,922		82,078		—
Expiring 05/11/20	HSBC Bank USA, N.A.	CNH	54,095		7,615,000		7,640,568		—		(25,568	)
Expiring 05/11/20	HSBC Bank USA, N.A.	CNH	40,841		5,842,600		5,768,576		74,024		—
Expiring 05/11/20	HSBC Bank USA, N.A.	CNH	40,037		5,690,141		5,654,987		35,154		—
Expiring 05/11/20	HSBC Bank USA, N.A.	CNH	39,128		5,608,837		5,526,503		82,334		—
Expiring 05/11/20	HSBC Bank USA, N.A.	CNH	31,954		4,559,499		4,513,322		46,177		—
Expiring 05/11/20	HSBC Bank USA, N.A.	CNH	31,677		4,522,800		4,474,192		48,608		—
Expiring 05/11/20	HSBC Bank USA, N.A.	CNH	27,056		3,853,000		3,821,440		31,560		—

See Notes to Financial Statements.

102

Forward foreign currency exchange contracts outstanding at April 30, 2020 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Chinese Renminbi (cont’d.),
Expiring 05/11/20	HSBC Bank USA, N.A.	CNH	16,956	$	2,422,563	$	2,394,868	$	27,695	$	—
Expiring 05/11/20	HSBC Bank USA, N.A.	CNH	13,304		1,864,529		1,879,095		—		(14,566	)
Expiring 05/11/20	HSBC Bank USA, N.A.	CNH	11,736		1,663,999		1,657,643		6,356		—
Expiring 05/11/20	Morgan Stanley & Co. International PLC	CNH	29,974		4,192,215		4,233,677		—		(41,462	)
Expiring 05/11/20	Morgan Stanley & Co. International PLC	CNH	4,718		661,700		666,327		—		(4,627	)
Expiring 05/14/21	JPMorgan Chase Bank, N.A.	CNH	61,753		8,864,088		8,632,956		231,132		—
Colombian Peso,
Expiring 06/17/20	BNP Paribas S.A.	COP	27,838,570		7,326,903		7,001,476		325,427		—
Expiring 06/17/20	BNP Paribas S.A.	COP	4,883,517		1,216,000		1,228,218		—		(12,218	)
Expiring 06/17/20	Citibank, N.A.	COP	8,537,293		2,173,000		2,147,153		25,847		—
Expiring 06/17/20	Citibank, N.A.	COP	3,984,418		1,153,366		1,002,092		151,274		—
Expiring 06/17/20	Citibank, N.A.	COP	3,528,984		872,000		887,549		—		(15,549	)
Expiring 06/17/20	Goldman Sachs International	COP	15,731,057		3,869,717		3,956,404		—		(86,687	)
Expiring 06/17/20	Goldman Sachs International	COP	14,647,584		3,777,000		3,683,907		93,093		—
Expiring 06/17/20	Goldman Sachs International	COP	14,219,534		4,097,022		3,576,252		520,770		—
Expiring 06/17/20	HSBC Bank USA, N.A.	COP	5,195,947		1,487,246		1,306,795		180,451		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	COP	15,403,168		3,947,000		3,873,939		73,061		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	COP	9,514,045		2,378,000		2,392,808		—		(14,808	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	COP	3,552,548		874,000		893,475		—		(19,475	)
Expiring 06/17/20	Morgan Stanley & Co. International PLC	COP	5,093,660		1,430,000		1,281,069		148,931		—
Expiring 06/17/20	Morgan Stanley & Co. International PLC	COP	4,341,060		1,080,000		1,091,788		—		(11,788	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 103

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Forward foreign currency exchange contracts outstanding at April 30, 2020 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Colombian Peso (cont’d.),
Expiring 06/17/20	Morgan Stanley & Co. International PLC	COP	4,194,338	$	1,035,000	$	1,054,887	$	—	$	(19,887	)
Expiring 06/17/20	UBS AG	COP	4,307,641		1,059,000		1,083,384		—		(24,384	)
Expiring 06/17/20	UBS AG	COP	3,551,039		902,000		893,096		8,904		—
Czech Koruna,
Expiring 07/17/20	Goldman Sachs International	CZK	39,561		1,560,000		1,601,208		—		(41,208	)
Expiring 07/17/20	Morgan Stanley & Co. International PLC	CZK	62,896		2,509,000		2,545,674		—		(36,674	)
Egyptian Pound,
Expiring 05/18/20	Citibank, N.A.	EGP	18,201		1,139,699		1,147,341		—		(7,642	)
Expiring 05/18/20	Citibank, N.A.	EGP	6,309		396,158		397,691		—		(1,533	)
Expiring 06/17/20	Citibank, N.A.	EGP	36,864		2,282,589		2,295,519		—		(12,930	)
Expiring 06/17/20	Citibank, N.A.	EGP	16,694		1,031,128		1,039,537		—		(8,409	)
Euro,
Expiring 05/29/20	Morgan Stanley & Co. International PLC	EUR	2,406		2,619,019		2,637,977		—		(18,958	)
Expiring 07/17/20	Barclays Bank PLC	EUR	12,038		13,050,473		13,213,624		—		(163,151	)
Expiring 07/17/20	Barclays Bank PLC	EUR	7,993		8,746,205		8,773,299		—		(27,094	)
Expiring 07/17/20	BNP Paribas S.A.	EUR	5,029		5,478,000		5,520,410		—		(42,410	)
Expiring 07/17/20	Citibank, N.A.	EUR	5,459		5,939,303		5,991,887		—		(52,584	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	EUR	10,317		11,314,490		11,323,999		—		(9,509	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	EUR	7,793		8,498,656		8,553,318		—		(54,662	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	EUR	4,858		5,297,000		5,332,116		—		(35,116	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	EUR	4,836		5,322,105		5,308,504		13,601		—
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	EUR	3,231		3,500,584		3,546,139		—		(45,555	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	EUR	2,187		2,373,000		2,400,501		—		(27,501	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	EUR	840		912,765		921,950		—		(9,185	)

See Notes to Financial Statements.

104

Forward foreign currency exchange contracts outstanding at April 30, 2020 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Euro (cont’d.),
Expiring 07/17/20	Morgan Stanley & Co. International PLC	EUR	7,793	$	8,495,540	$	8,553,319	$	—	$	(57,779	)
Expiring 07/17/20	Morgan Stanley & Co. International PLC	EUR	3,864		4,192,000		4,241,328		—		(49,328	)
Expiring 07/29/20	The Toronto-Dominion Bank	EUR	2,015		2,399,318		2,212,060		187,258		—
Expiring 07/29/20	UBS AG	EUR	3,951		4,814,659		4,338,369		476,290		—
Expiring 08/31/20	HSBC Bank USA, N.A.	EUR	2,460		2,752,642		2,702,869		49,773		—
Expiring 10/30/20	HSBC Bank USA, N.A.	EUR	2,003		2,249,473		2,204,097		45,376		—
Expiring 10/30/20	Morgan Stanley & Co. International PLC	EUR	1,949		2,126,930		2,143,932		—		(17,002	)
Expiring 12/02/20	Citibank, N.A.	EUR	46,760		53,017,977		51,492,998		1,524,979		—
Expiring 12/23/20	Morgan Stanley & Co. International PLC	EUR	2,336		2,552,757		2,573,925		—		(21,168	)
Hungarian Forint,
Expiring 07/17/20	Barclays Bank PLC	HUF	997,886		3,038,000		3,098,967		—		(60,967	)
Expiring 07/17/20	Barclays Bank PLC	HUF	828,305		2,496,000		2,572,329		—		(76,329	)
Expiring 07/17/20	Barclays Bank PLC	HUF	702,309		2,132,000		2,181,042		—		(49,042	)
Expiring 07/17/20	Barclays Bank PLC	HUF	412,826		1,260,000		1,282,046		—		(22,046	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	HUF	812,165		2,458,000		2,522,205		—		(64,205	)
Expiring 07/17/20	Morgan Stanley & Co. International PLC	HUF	882,022		2,673,000		2,739,147		—		(66,147	)
Indian Rupee,
Expiring 05/29/20	Barclays Bank PLC	INR	178,583		2,339,000		2,359,388		—		(20,388	)
Expiring 05/29/20	Citibank, N.A.	INR	265,111		3,517,000		3,502,584		14,416		—
Expiring 05/29/20	HSBC Bank USA, N.A.	INR	355,560		4,830,000		4,697,573		132,427		—

See Notes to Financial Statements.

PGIM Global Total Return Fund 105

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Forward foreign currency exchange contracts outstanding at April 30, 2020 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Indian Rupee (cont’d.),
Expiring 05/29/20	HSBC Bank USA, N.A.	INR	237,889	$	3,126,000	$	3,142,923	$	—	$	(16,923	)
Expiring 05/29/20	HSBC Bank USA, N.A.	INR	163,311		2,132,000		2,157,625		—		(25,625	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC	INR	479,705		6,107,000		6,337,736		—		(230,736	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC	INR	226,886		3,043,000		2,997,560		45,440		—
Expiring 05/29/20	Morgan Stanley & Co. International PLC	INR	221,384		2,843,000		2,924,874		—		(81,874	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC	INR	177,680		2,407,000		2,347,461		59,539		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	INR	372,896		4,792,755		4,911,388		—		(118,633	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	INR	345,773		4,426,750		4,554,165		—		(127,415	)
Expiring 10/28/20	Goldman Sachs International	INR	861,650		11,737,500		11,151,031		586,469		—
Expiring 10/30/20	HSBC Bank USA, N.A.	INR	450,791		5,890,000		5,832,694		57,306		—
Expiring 12/23/20	BNP Paribas S.A.	INR	257,208		3,333,000		3,309,358		23,642		—
Expiring 02/26/21	Bank of America, N.A.	INR	257,903		3,425,000		3,295,706		129,294		—
Expiring 02/26/21	Citibank, N.A.	INR	331,407		4,203,000		4,235,006		—		(32,006	)
Expiring 02/26/21	Goldman Sachs International	INR	96,088		1,250,000		1,227,891		22,109		—
Expiring 09/30/21	Bank of America, N.A.	INR	896,369		11,578,000		11,181,674		396,326		—
Indonesian Rupiah,
Expiring 06/17/20	Barclays Bank PLC	IDR	77,401,674		4,837,000		5,060,046		—		(223,046	)
Expiring 06/17/20	Barclays Bank PLC	IDR	28,382,172		1,974,000		1,855,452		118,548		—
Expiring 06/17/20	BNP Paribas S.A.	IDR	56,652,390		3,405,000		3,703,586		—		(298,586	)
Expiring 06/17/20	BNP Paribas S.A.	IDR	47,920,296		2,784,000		3,132,735		—		(348,735	)
Expiring 06/17/20	BNP Paribas S.A.	IDR	41,364,463		2,527,000		2,704,155		—		(177,155	)
Expiring 06/17/20	HSBC Bank USA, N.A.	IDR	41,522,158		2,594,000		2,714,464		—		(120,464	)

See Notes to Financial Statements.

106

Forward foreign currency exchange contracts outstanding at April 30, 2020 (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.):
Indonesian Rupiah (cont’d.),
Expiring 06/17/20	HSBC Bank USA, N.A.	IDR	28,617,921	$	1,932,338	$	1,870,864	$	61,474	$	—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	IDR	26,501,148		1,593,000		1,732,482		—		(139,482	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	IDR	21,749,715		1,377,000		1,421,863		—		(44,863	)
Israeli Shekel,
Expiring 06/17/20	Barclays Bank PLC	ILS	22,801		5,951,000		6,550,221		—		(599,221	)
Expiring 06/17/20	Citibank, N.A.	ILS	25,868		6,866,000		7,431,119		—		(565,119	)
Expiring 06/17/20	Citibank, N.A.	ILS	24,250		7,002,000		6,966,448		35,552		—
Expiring 06/17/20	Citibank, N.A.	ILS	10,862		3,042,000		3,120,440		—		(78,440	)
Expiring 06/17/20	Citibank, N.A.	ILS	9,285		2,641,980		2,667,299		—		(25,319	)
Expiring 06/17/20	Goldman Sachs International	ILS	33,031		9,367,020		9,489,071		—		(122,051	)
Expiring 06/30/20	Citibank, N.A.	ILS	62,183		18,129,000		17,871,868		257,132		—
Expiring 06/30/21	Barclays Bank PLC	ILS	13,689		4,067,352		3,981,120		86,232		—
Expiring 06/30/21	Citibank, N.A.	ILS	33,655		9,997,000		9,787,933		209,067		—
Japanese Yen,
Expiring 05/29/20	Bank of America, N.A.	JPY	801,041		7,447,000		7,467,277		—		(20,277	)
Expiring 05/29/20	Bank of America, N.A.	JPY	620,211		5,772,000		5,781,582		—		(9,582	)
Expiring 05/29/20	Bank of America, N.A.	JPY	616,391		5,765,000		5,745,980		19,020		—
Expiring 05/29/20	Bank of America, N.A.	JPY	578,361		5,398,000		5,391,463		6,537		—
Expiring 05/29/20	Bank of America, N.A.	JPY	185,268		1,698,000		1,727,063		—		(29,063	)
Expiring 05/29/20	Citibank, N.A.	JPY	6,999,287		66,998,054		65,247,108		1,750,946		—
Expiring 05/29/20	Citibank, N.A.	JPY	356,984		3,319,000		3,327,796		—		(8,796	)
Expiring 05/29/20	Citibank, N.A.	JPY	306,953		2,967,000		2,861,407		105,593		—
Expiring 05/29/20	Citibank, N.A.	JPY	282,508		2,622,000		2,633,529		—		(11,529	)
Expiring 05/29/20	Citibank, N.A.	JPY	257,592		2,394,000		2,401,261		—		(7,261	)
Expiring 05/29/20	HSBC Bank USA, N.A.	JPY	947,283		8,742,000		8,830,540		—		(88,540	)
Expiring 05/29/20	HSBC Bank USA, N.A.	JPY	700,336		6,698,000		6,528,510		169,490		—
Expiring 05/29/20	HSBC Bank USA, N.A.	JPY	441,462		4,143,000		4,115,293		27,707		—

See Notes to Financial Statements.

PGIM Global Total Return Fund 107

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Forward foreign currency exchange contracts outstanding at April 30, 2020 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Japanese Yen (cont’d.),
Expiring 05/29/20	HSBC Bank USA, N.A.	JPY	407,960	$	3,765,000	$	3,802,992	$	—	$	(37,992	)
Expiring 05/29/20	HSBC Bank USA, N.A.	JPY	309,640		2,790,000		2,886,451		—		(96,451	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.	JPY	1,207,117		11,076,000		11,252,700		—		(176,700	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.	JPY	987,849		9,077,000		9,208,694		—		(131,694	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.	JPY	796,644		7,202,000		7,426,287		—		(224,287	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.	JPY	671,200		6,263,000		6,256,904		6,096		—
Expiring 05/29/20	JPMorgan Chase Bank, N.A.	JPY	567,371		5,266,000		5,289,017		—		(23,017	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC	JPY	2,474,498		23,703,000		23,067,184		635,816		—
Expiring 05/29/20	Morgan Stanley & Co. International PLC	JPY	234,129		2,190,000		2,182,543		7,457		—
Expiring 05/29/20	Morgan Stanley & Co. International PLC	JPY	230,795		2,155,000		2,151,458		3,542		—
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	JPY	386,227		3,616,002		3,603,495		12,507		—
Expiring 07/29/20	Deutsche Bank AG	JPY	556,025		5,341,000		5,188,977		152,023		—
Expiring 09/30/20	Morgan Stanley & Co. International PLC	JPY	645,461		5,912,153		6,030,858		—		(118,705	)
Expiring 10/30/20	Bank of America, N.A.	JPY	2,620,047		24,491,000		24,494,689		—		(3,689	)
Expiring 10/30/20	Morgan Stanley & Co. International PLC	JPY	1,843,629		16,911,037		17,235,991		—		(324,954	)
Expiring 11/27/20	Bank of America, N.A.	JPY	644,087		6,027,000		6,026,018		982		—
Expiring 11/30/20	JPMorgan Chase Bank, N.A.	JPY	358,416		3,431,792		3,353,575		78,217		—
Expiring 11/30/20	Morgan Stanley & Co. International PLC	JPY	24,399		224,106		228,290		—		(4,184	)

See Notes to Financial Statements.

108

Forward foreign currency exchange contracts outstanding at April 30, 2020 (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 12/30/20	Bank of America, N.A.	JPY	717,296	$	6,918,360	$	6,716,833	$	201,527	$	—
Expiring 12/30/20	Morgan Stanley & Co. International PLC	JPY	423,918		3,899,038		3,969,615		—		(70,577	)
Expiring 01/29/21	Bank of America, N.A.	JPY	931,761		8,797,000		8,732,165		64,835		—
Expiring 01/29/21	Citibank, N.A.	JPY	1,010,155		9,887,000		9,466,851		420,149		—
Expiring 01/29/21	Deutsche Bank AG	JPY	1,353,580		12,882,038		12,685,324		196,714		—
Expiring 05/28/21	Morgan Stanley & Co. International PLC	JPY	1,620,971		15,011,043		15,231,101		—		(220,058	)
Expiring 07/30/21	Morgan Stanley & Co. International PLC	JPY	295,377		2,742,808		2,779,778		—		(36,970	)
Expiring 10/31/23	Bank of America, N.A.	JPY	3,313,990		32,471,000		31,992,617		478,383		—
Expiring 10/31/23	Bank of America, N.A.	JPY	1,679,332		16,646,000		16,211,941		434,059		—
Expiring 10/31/23	Citibank, N.A.	JPY	628,883		6,526,054		6,071,116		454,938		—
Mexican Peso,
Expiring 05/29/20	Bank of America, N.A.	MXN	144,842		6,773,372		5,980,815		792,557		—
Expiring 05/29/20	Bank of America, N.A.	MXN	110,171		4,549,000		4,549,186		—		(186	)
Expiring 05/29/20	Citibank, N.A.	MXN	182,291		7,174,000		7,527,184		—		(353,184	)
Expiring 05/29/20	Citibank, N.A.	MXN	117,038		4,878,000		4,832,734		45,266		—
Expiring 05/29/20	Citibank, N.A.	MXN	92,666		4,685,947		3,826,366		859,581		—
Expiring 05/29/20	Citibank, N.A.	MXN	48,121		2,008,000		1,987,007		20,993		—
Expiring 05/29/20	Goldman Sachs International	MXN	82,703		3,389,000		3,414,958		—		(25,958	)
Expiring 05/29/20	HSBC Bank USA, N.A.	MXN	124,228		5,062,000		5,129,622		—		(67,622	)
Expiring 05/29/20	HSBC Bank USA, N.A.	MXN	122,337		5,407,000		5,051,564		355,436		—
Expiring 05/29/20	HSBC Bank USA, N.A.	MXN	83,770		4,116,000		3,459,018		656,982		—
Expiring 05/29/20	HSBC Bank USA, N.A.	MXN	74,497		3,004,000		3,076,132		—		(72,132	)
Expiring 05/29/20	HSBC Bank USA, N.A.	MXN	56,690		2,825,000		2,340,846		484,154		—

See Notes to Financial Statements.

PGIM Global Total Return Fund 109

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Forward foreign currency exchange contracts outstanding at April 30, 2020 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Mexican Peso (cont’d.),
Expiring 05/29/20	HSBC Bank USA, N.A.	MXN	42,848	$	2,141,000	$	1,769,293	$	371,707	$	—
Expiring 05/29/20	HSBC Bank USA, N.A.	MXN	40,702		2,032,000		1,680,681		351,319		—
Expiring 05/29/20	HSBC Bank USA, N.A.	MXN	36,965		1,878,000		1,526,344		351,656		—
Expiring 05/29/20	JPMorgan Chase Bank, N.A.	MXN	155,532		6,366,000		6,422,238		—		(56,238	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.	MXN	81,779		3,337,000		3,376,805		—		(39,805	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC	MXN	183,646		9,299,000		7,583,119		1,715,881		—
Expiring 05/29/20	Morgan Stanley & Co. International PLC	MXN	59,470		2,439,000		2,455,644		—		(16,644	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC	MXN	48,235		2,062,000		1,991,710		70,290		—
Expiring 06/17/20	BNP Paribas S.A.	MXN	58,065		2,474,000		2,390,685		83,315		—
Expiring 06/17/20	HSBC Bank USA, N.A.	MXN	80,141		3,335,750		3,299,617		36,133		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	MXN	190,356		8,970,239		7,837,407		1,132,832		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	MXN	104,093		4,437,200		4,285,762		151,438		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	MXN	67,112		2,724,100		2,763,171		—		(39,071	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	MXN	30,338		1,224,000		1,249,073		—		(25,073	)
Expiring 06/17/20	Morgan Stanley & Co. International PLC	MXN	80,809		3,954,000		3,327,109		626,891		—
Expiring 06/17/20	Morgan Stanley & Co. International PLC	MXN	62,208		2,560,000		2,561,255		—		(1,255	)
Expiring 06/17/20	UBS AG	MXN	34,424		1,388,000		1,417,340		—		(29,340	)
Expiring 10/30/20	Deutsche Bank AG	MXN	459,398		20,095,000		18,580,190		1,514,810		—
Expiring 01/29/21	Citibank, N.A.	MXN	173,457		8,253,000		6,942,397		1,310,603		—
Expiring 02/26/21	Deutsche Bank AG	MXN	495,889		19,504,000		19,783,393		—		(279,393	)

See Notes to Financial Statements.

110

Forward foreign currency exchange contracts outstanding at April 30, 2020 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Mexican Peso (cont’d.),
Expiring 02/26/21	HSBC Bank USA, N.A.	MXN	519,408	$	20,582,043	$	20,721,688	$	—	$	(139,645	)
Expiring 04/29/21	Citibank, N.A.	MXN	173,868		8,546,000		6,887,365		1,658,635		—
Expiring 04/29/21	Citibank, N.A.	MXN	91,630		4,427,931		3,629,698		798,233		—
Expiring 04/29/21	Deutsche Bank AG	MXN	244,397		9,530,000		9,681,176		—		(151,176	)
Expiring 04/29/21	Morgan Stanley & Co. International PLC	MXN	238,725		11,024,000		9,456,488		1,567,512		—
Expiring 04/29/21	Morgan Stanley & Co. International PLC	MXN	138,424		6,479,000		5,483,317		995,683		—
Expiring 04/28/23	Morgan Stanley & Co. International PLC	MXN	463,178		20,111,923		16,878,842		3,233,081		—
New Taiwanese Dollar,
Expiring 06/17/20	Credit Suisse International	TWD	449,124		15,090,000		15,232,406		—		(142,406	)
Expiring 06/17/20	Goldman Sachs International	TWD	217,261		7,312,000		7,368,604		—		(56,604	)
Expiring 06/17/20	HSBC Bank USA, N.A.	TWD	271,549		9,169,000		9,209,815		—		(40,815	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	TWD	267,986		9,014,000		9,088,977		—		(74,977	)
New Zealand Dollar,
Expiring 07/20/20	JPMorgan Chase Bank, N.A.	NZD	65,733		39,421,511		40,302,314		—		(880,803	)
Expiring 07/20/20	JPMorgan Chase Bank, N.A.	NZD	4,048		2,449,000		2,482,155		—		(33,155	)
Expiring 07/20/20	JPMorgan Chase Bank, N.A.	NZD	2,300		1,404,000		1,410,410		—		(6,410	)
Norwegian Krone,
Expiring 07/15/20	Barclays Bank PLC	NOK	9,913		965,000		968,004		—		(3,004	)
Expiring 07/15/20	Citibank, N.A.	NOK	14,207		1,382,000		1,387,341		—		(5,341	)
Expiring 07/15/20	Morgan Stanley & Co. International PLC	NOK	71,265		6,792,139		6,959,096		—		(166,957	)
Peruvian Nuevo Sol,
Expiring 06/17/20	Citibank, N.A.	PEN	44,008		12,810,891		12,998,945		—		(188,054	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 111

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Forward foreign currency exchange contracts outstanding at April 30, 2020 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Philippine Peso,
Expiring 06/17/20	Barclays Bank PLC	PHP	148,024	$	2,907,000	$	2,924,936	$	—	$	(17,936	)
Expiring 06/17/20	Citibank, N.A.	PHP	173,079		3,407,000		3,420,010		—		(13,010	)
Expiring 06/17/20	HSBC Bank USA, N.A.	PHP	283,565		5,482,000		5,603,198		—		(121,198	)
Expiring 06/17/20	HSBC Bank USA, N.A.	PHP	128,537		2,530,000		2,539,861		—		(9,861	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	PHP	220,665		4,315,000		4,360,296		—		(45,296	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	PHP	172,028		3,371,000		3,399,233		—		(28,233	)
Polish Zloty,
Expiring 07/17/20	Barclays Bank PLC	PLN	13,033		3,112,000		3,140,556		—		(28,556	)
Expiring 07/17/20	Barclays Bank PLC	PLN	8,492		2,026,000		2,046,168		—		(20,168	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	PLN	8,019		1,908,000		1,932,331		—		(24,331	)
Expiring 07/17/20	Morgan Stanley & Co. International PLC	PLN	12,685		3,045,000		3,056,718		—		(11,718	)
Expiring 07/17/20	Morgan Stanley & Co. International PLC	PLN	11,854		2,823,000		2,856,414		—		(33,414	)
Expiring 07/17/20	Morgan Stanley & Co. International PLC	PLN	9,232		2,217,000		2,224,463		—		(7,463	)
Expiring 07/17/20	Morgan Stanley & Co. International PLC	PLN	7,123		1,702,600		1,716,393		—		(13,793	)
Expiring 07/17/20	UBS AG	PLN	9,564		2,287,000		2,304,536		—		(17,536	)
Expiring 07/17/20	UBS AG	PLN	8,032		1,922,000		1,935,325		—		(13,325	)
Russian Ruble,
Expiring 05/29/20	BNP Paribas S.A.	RUB	310,839		4,121,000		4,155,475		—		(34,475	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC	RUB	337,813		4,360,000		4,516,080		—		(156,080	)
Expiring 06/17/20	Barclays Bank PLC	RUB	277,283		3,639,000		3,696,299		—		(57,299	)
Expiring 06/17/20	Barclays Bank PLC	RUB	134,840		1,783,484		1,797,474		—		(13,990	)

See Notes to Financial Statements.

112

Forward foreign currency exchange contracts outstanding at April 30, 2020 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Russian Ruble (cont’d.),
Expiring 06/17/20	Barclays Bank PLC	RUB	113,203	$	1,459,216	$	1,509,046	$	—	$	(49,830	)
Expiring 06/17/20	Barclays Bank PLC	RUB	102,578		1,270,000		1,367,408		—		(97,408	)
Expiring 06/17/20	Barclays Bank PLC	RUB	100,504		1,242,000		1,339,761		—		(97,761	)
Expiring 06/17/20	Barclays Bank PLC	RUB	84,798		1,138,000		1,130,395		7,605		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	RUB	221,894		3,028,938		2,957,939		70,999		—
Expiring 10/30/20	Morgan Stanley & Co. International PLC	RUB	494,079		7,610,000		6,475,156		1,134,844		—
Expiring 12/23/20	BNP Paribas S.A.	RUB	1,300,164		17,637,000		16,935,413		701,587		—
Expiring 12/23/20	BNP Paribas S.A.	RUB	511,647		7,179,000		6,664,511		514,489		—
Expiring 02/26/21	JPMorgan Chase Bank, N.A.	RUB	1,187,356		14,016,713		15,356,319		—		(1,339,606	)
Expiring 04/28/21	Goldman Sachs International	RUB	1,600,665		20,861,000		20,570,596		290,404		—
Expiring 04/29/21	Deutsche Bank AG	RUB	310,353		4,577,000		3,988,000		589,000		—
Singapore Dollar,
Expiring 06/17/20	Barclays Bank PLC	SGD	5,905		4,122,000		4,188,277		—		(66,277	)
Expiring 06/17/20	Citibank, N.A.	SGD	13,028		9,125,000		9,240,685		—		(115,685	)
Expiring 06/17/20	HSBC Bank USA, N.A.	SGD	3,934		2,717,000		2,790,556		—		(73,556	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	SGD	7,651		5,451,400		5,426,507		24,893		—
South African Rand,
Expiring 05/29/20	Bank of America, N.A.	ZAR	34,538		1,997,000		1,857,476		139,524		—
Expiring 05/29/20	Bank of America, N.A.	ZAR	33,994		2,030,000		1,828,209		201,791		—
Expiring 05/29/20	Bank of America, N.A.	ZAR	30,843		1,643,000		1,658,759		—		(15,759	)
Expiring 05/29/20	Bank of America, N.A.	ZAR	27,829		1,722,000		1,496,699		225,301		—
Expiring 05/29/20	Bank of America, N.A.	ZAR	27,574		1,567,000		1,482,949		84,051		—
Expiring 05/29/20	Barclays Bank PLC	ZAR	68,834		3,696,000		3,701,971		—		(5,971	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 113

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Forward foreign currency exchange contracts outstanding at April 30, 2020 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South African Rand (cont’d.),
Expiring 05/29/20	Citibank, N.A.	ZAR	89,696	$	4,997,000	$	4,823,953	$	173,047	$	—
Expiring 05/29/20	HSBC Bank USA, N.A.	ZAR	82,853		5,228,000		4,455,936		772,064		—
Expiring 05/29/20	HSBC Bank USA, N.A.	ZAR	40,722		2,604,000		2,190,055		413,945		—
Expiring 05/29/20	HSBC Bank USA, N.A.	ZAR	30,606		1,689,000		1,646,011		42,989		—
Expiring 05/29/20	HSBC Bank USA, N.A.	ZAR	28,566		1,793,000		1,536,286		256,714		—
Expiring 05/29/20	JPMorgan Chase Bank, N.A.	ZAR	111,084		6,128,000		5,974,229		153,771		—
Expiring 06/17/20	Bank of America, N.A.	ZAR	68,167		3,714,000		3,659,511		54,489		—
Expiring 06/17/20	Bank of America, N.A.	ZAR	26,608		1,401,000		1,428,453		—		(27,453	)
Expiring 06/17/20	Barclays Bank PLC	ZAR	41,485		2,248,000		2,227,092		20,908		—
Expiring 06/17/20	Barclays Bank PLC	ZAR	21,063		1,103,000		1,130,748		—		(27,748	)
Expiring 06/17/20	Barclays Bank PLC	ZAR	17,969		935,000		964,646		—		(29,646	)
Expiring 06/17/20	Barclays Bank PLC	ZAR	16,692		876,000		896,110		—		(20,110	)
Expiring 06/17/20	Citibank, N.A.	ZAR	38,532		2,107,000		2,068,589		38,411		—
Expiring 06/17/20	Citibank, N.A.	ZAR	24,185		1,337,000		1,298,354		38,646		—
Expiring 06/17/20	HSBC Bank USA, N.A.	ZAR	21,369		1,374,226		1,147,156		227,070		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	ZAR	270,895		16,860,864		14,542,838		2,318,026		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	ZAR	136,336		7,134,600		7,319,129		—		(184,529	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	ZAR	56,248		3,054,000		3,019,664		34,336		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	ZAR	17,883		942,000		960,031		—		(18,031	)
Expiring 06/17/20	Morgan Stanley & Co. International PLC	ZAR	62,965		4,084,645		3,380,227		704,418		—
Expiring 06/17/20	Morgan Stanley & Co. International PLC	ZAR	16,352		867,000		877,827		—		(10,827	)

See Notes to Financial Statements.

114

Forward foreign currency exchange contracts outstanding at April 30, 2020 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South African Rand (cont’d.),
Expiring 07/29/20	Barclays Bank PLC	ZAR	10,374	$	674,837	$	554,748	$	120,089	$	—
Expiring 07/29/20	BNP Paribas S.A.	ZAR	145,671		8,926,000		7,789,437		1,136,563		—
Expiring 09/30/20	Barclays Bank PLC	ZAR	46,535		3,000,925		2,474,713		526,212		—
Expiring 09/30/20	Goldman Sachs International	ZAR	27,092		1,693,000		1,440,763		252,237		—
Expiring 09/30/20	Morgan Stanley & Co. International PLC	ZAR	139,816		9,509,000		7,435,382		2,073,618		—
Expiring 01/29/21	Deutsche Bank AG	ZAR	217,589		13,853,000		11,447,097		2,405,903		—
Expiring 01/29/21	Morgan Stanley & Co. International PLC	ZAR	91,483		5,897,000		4,812,815		1,084,185		—
Expiring 02/26/21	Bank of America, N.A.	ZAR	280,688		14,352,298		14,734,434		—		(382,136	)
Expiring 02/26/21	Barclays Bank PLC	ZAR	60,982		3,433,390		3,201,180		232,210		—
Expiring 02/26/21	Goldman Sachs International	ZAR	168,141		8,884,000		8,826,386		57,614		—
Expiring 12/23/21	Barclays Bank PLC	ZAR	121,563		6,557,501		6,172,074		385,427		—
Expiring 12/23/21	Goldman Sachs International	ZAR	21,115		1,332,000		1,072,071		259,929		—
South Korean Won,
Expiring 05/29/20	Bank of America, N.A.	KRW	5,252,295		4,314,000		4,325,190		—		(11,190	)
Expiring 05/29/20	Barclays Bank PLC	KRW	10,659,324		8,813,000		8,777,802		35,198		—
Expiring 05/29/20	Barclays Bank PLC	KRW	5,274,438		4,312,000		4,343,425		—		(31,425	)
Expiring 05/29/20	Citibank, N.A.	KRW	2,402,004		2,019,000		1,978,016		40,984		—
Expiring 05/29/20	HSBC Bank USA, N.A.	KRW	4,318,002		3,510,000		3,555,813		—		(45,813	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.	KRW	10,721,032		8,807,078		8,828,618		—		(21,540	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.	KRW	6,502,425		5,430,000		5,354,655		75,345		—
Expiring 05/29/20	Morgan Stanley & Co. International PLC	KRW	12,067,847		10,356,000		9,937,701		418,299		—

See Notes to Financial Statements.

PGIM Global Total Return Fund 115

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Forward foreign currency exchange contracts outstanding at April 30, 2020 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South Korean Won (cont’d.),
Expiring 05/29/20	Morgan Stanley & Co. International PLC	KRW	7,950,525	$	6,325,000	$	6,547,145	$	—	$	(222,145	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC	KRW	3,786,173		3,064,000		3,117,859		—		(53,859	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC	KRW	1,995,114		1,628,000		1,642,948		—		(14,948	)
Expiring 06/17/20	HSBC Bank USA, N.A.	KRW	4,903,645		3,988,000		4,039,599		—		(51,599	)
Expiring 06/17/20	HSBC Bank USA, N.A.	KRW	4,744,657		3,858,000		3,908,626		—		(50,626	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	KRW	4,930,972		4,164,321		4,062,112		102,209		—
Expiring 06/17/20	Morgan Stanley & Co. International PLC	KRW	5,338,586		4,319,000		4,397,902		—		(78,902	)
Expiring 06/17/20	Morgan Stanley & Co. International PLC	KRW	4,943,465		4,164,321		4,072,403		91,918		—
Expiring 06/17/20	Morgan Stanley & Co. International PLC	KRW	4,888,075		4,129,488		4,026,773		102,715		—
Expiring 06/17/20	UBS AG	KRW	4,938,885		4,164,321		4,068,630		95,691		—
Expiring 10/30/20	Citibank, N.A.	KRW	25,803,621		21,971,000		21,321,978		649,022		—
Expiring 10/30/20	Deutsche Bank AG	KRW	13,243,022		11,446,000		10,942,938		503,062		—
Expiring 04/29/21	Citibank, N.A.	KRW	11,269,475		9,309,000		9,363,904		—		(54,904	)
Expiring 07/30/21	Deutsche Bank AG	KRW	14,800,914		12,618,000		12,347,081		270,919		—
Swedish Krona, Expiring 07/15/20	Barclays Bank PLC	SEK	20,557		2,027,402		2,108,684		—		(81,282	)
Swiss Franc,
Expiring 07/15/20	JPMorgan Chase Bank, N.A.	CHF	5,401		5,559,000		5,607,734		—		(48,734	)
Expiring 07/15/20	Morgan Stanley & Co. International PLC	CHF	3,107		3,207,000		3,226,287		—		(19,287	)
Expiring 07/15/20	UBS AG	CHF	4,537		4,710,000		4,711,102		—		(1,102	)

See Notes to Financial Statements.

116

Forward foreign currency exchange contracts outstanding at April 30, 2020 (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.):
Swiss Franc (cont’d.),
Expiring 10/30/20	Bank of America, N.A.		CHF	11,723	$	12,407,000	$	12,212,270	$	194,730	$	—
Expiring 10/30/20	Morgan Stanley & Co. International PLC		CHF	4,155		4,379,565		4,328,255		51,310		—
Thai Baht,
Expiring 06/17/20	Barclays Bank PLC		THB	99,585		3,070,000		3,077,956		—		(7,956	)
Expiring 06/17/20	HSBC Bank USA, N.A.		THB	302,519		9,517,000		9,350,231		166,769		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		THB	265,115		8,409,000		8,194,150		214,850		—
Turkish Lira,
Expiring 06/17/20	Barclays Bank PLC		TRY	28,005		4,425,000		3,958,383		466,617		—
Expiring 06/17/20	Barclays Bank PLC		TRY	26,564		4,172,277		3,754,725		417,552		—
Expiring 06/17/20	Barclays Bank PLC		TRY	26,342		4,189,725		3,723,348		466,377		—
Expiring 06/17/20	Barclays Bank PLC		TRY	26,252		3,759,818		3,710,563		49,255		—
Expiring 06/17/20	Barclays Bank PLC		TRY	24,903		3,697,892		3,519,846		178,046		—
Expiring 06/17/20	Barclays Bank PLC		TRY	16,759		2,348,000		2,368,761		—		(20,761	)
Expiring 06/17/20	Citibank, N.A.		TRY	18,728		2,973,232		2,647,063		326,169		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		TRY	25,937		3,984,314		3,666,048		318,266		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		TRY	22,772		3,481,000		3,218,738		262,262		—
Expiring 06/30/20	Barclays Bank PLC		TRY	55,902		7,876,880		7,864,557		12,323		—
Expiring 06/30/20	Citibank, N.A.		TRY	19,012		1,978,358		2,674,691		—		(696,333	)
Expiring 06/30/20	Citibank, N.A.		TRY	9,131		948,000		1,284,606		—		(336,606	)
Expiring 06/30/20	JPMorgan Chase Bank, N.A.		TRY	17,985		2,452,000		2,530,274		—		(78,274	)
Expiring 06/30/20	Morgan Stanley & Co. International PLC		TRY	80,729		12,254,000		11,357,342		896,658		—
Expiring 07/29/20	Barclays Bank PLC		TRY	57,176		7,747,983		7,967,748		—		(219,765	)
Expiring 07/29/20	Citibank, N.A.		TRY	33,925		5,528,000		4,727,522		800,478		—

See Notes to Financial Statements.

PGIM Global Total Return Fund 117

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Forward foreign currency exchange contracts outstanding at April 30, 2020 (continued):

Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Turkish Lira (cont’d.),
Expiring 10/30/20	Deutsche Bank AG		TRY	6,465	$	851,000	$	873,923	$	—	$	(22,923	)
Expiring 10/30/20	Goldman Sachs International		TRY	7,043		1,015,000		951,992		63,008		—
Expiring 12/23/20	Deutsche Bank AG		TRY	18,245		2,776,000		2,423,819		352,181		—
Expiring 02/26/21	Citibank, N.A.		TRY	40,469		4,975,000		5,264,098		—		(289,098	)
Expiring 02/26/21	Citibank, N.A.		TRY	21,754		2,583,626		2,829,709		—		(246,083	)
Expiring 02/26/21	Goldman Sachs International		TRY	28,731		4,314,000		3,737,269		576,731		—
Expiring 02/26/21	JPMorgan Chase Bank, N.A.		TRY	28,291		3,398,374		3,680,065		—		(281,691	)
Expiring 02/26/21	Morgan Stanley & Co. International PLC		TRY	97,117		13,447,000		12,632,664		814,336		—
Expiring 05/28/21	Goldman Sachs International		TRY	13,530		1,814,000		1,708,068		105,932		—
					$	2,641,371,420	$	2,556,681,273		108,053,407		(23,363,260	)
									$	135,052,309	$	(125,483,364	)

Cross currency exchange contracts outstanding at April 30, 2020:

Settlement	Type	Notional Amount (000)			In Exchange For (000)			Unrealized Appreciation		Unrealized Depreciation			Counterparty
OTC Cross Currency Exchange Contracts:
07/17/20	Buy		EUR	6,573		CZK	178,136	$	4,351	$	—		Citibank, N.A.
07/29/20	Buy		EUR	14,276		TRY	138,149		—		(3,577,143	)	BNP Paribas S.A.
07/29/20	Buy		TRY	101,116		EUR	8,310		4,966,901		—		Morgan Stanley & Co. International PLC
08/31/20	Buy		EUR	4,792		ZAR	92,438		336,001		—		Morgan Stanley & Co. International PLC
08/31/20	Buy		ZAR	41,149		EUR	2,332		—		(368,007	)	Goldman Sachs International
09/30/20	Buy		GBP	1,572		JPY	208,966		28,572		—		Bank of America, N.A.
09/30/20	Buy		JPY	92,412		GBP	706		—				Bank of America, N.A.

See Notes to Financial Statements.

118

Cross currency exchange contracts outstanding at April 30, 2020 (continued):

Settlement	Type	Notional Amount (000)			In Exchange For (000)			Unrealized Appreciation		Unrealized Depreciation			Counterparty
OTC Cross Currency Exchange Contracts (cont’d.):
09/30/20	Buy		JPY	553,049		GBP	3,885	$	271,511	$	—		Bank of America, N.A.
10/30/20	Buy		EUR	19,400		GBP	17,029		—		(118,407	)	Morgan Stanley & Co. International PLC
10/30/20	Buy		GBP	13,269		EUR	15,448		—		(272,519	)	Bank of America, N.A.
11/27/20	Buy		AUD	2,575		JPY	191,838		—		(116,609	)	Morgan Stanley & Co. International PLC
11/30/20	Buy		JPY	382,815		AUD	4,906		384,494		—		Deutsche Bank AG Goldman Sachs
12/23/20	Buy		EUR	598		ZAR	10,827		87,423		—		International
12/23/20	Buy		EUR	1,738		ZAR	29,854		339,261		—		Morgan Stanley & Co. International PLC
12/30/20	Buy		AUD	787		JPY	59,639		—		(45,573	)	Goldman Sachs International
12/30/20	Buy		JPY	167,838		AUD	2,277		87,719		—		Deutsche Bank AG
12/30/20	Buy		JPY	1,033,015		AUD	14,026		532,458		—		Deutsche Bank AG
01/29/21	Buy		AUD	2,132		JPY	155,050		—		(63,691	)	Morgan Stanley & Co. International PLC
01/29/21	Buy		AUD	14,890		JPY	1,004,479		289,879		—		Deutsche Bank AG
05/28/21	Buy		AUD	3,132		JPY	201,466		147,509		—		Bank of America, N.A.
05/28/21	Buy		AUD	6,194		JPY	451,976		—		(211,422	)	Deutsche Bank AG
05/28/21	Buy		AUD	17,193		JPY	1,246,407		—		(510,120	)	Morgan Stanley & Co. International PLC
05/28/21	Buy		AUD	117,492		JPY	7,506,564		6,013,804		—		Citibank, N.A.
05/28/21	Buy		JPY	641,372		AUD	9,247		1,968		—		Morgan Stanley & Co. International PLC
07/30/21	Buy		AUD	12,549		JPY	866,195		21,676		—		Morgan Stanley & Co. International PLC
07/30/21	Buy		JPY	1,161,572		AUD	16,066		467,417		—		Morgan Stanley & Co. International PLC
10/31/23	Buy		AUD	8,947		JPY	599,449		—		(151	)	Deutsche Bank AG

See Notes to Financial Statements.

PGIM Global Total Return Fund 119

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Cross currency exchange contracts outstanding at April 30, 2020 (continued):

Settlement	Type	Notional Amount (000)			In Exchange For (000)			Unrealized Appreciation		Unrealized Depreciation			Counterparty
OTC Cross Currency Exchange Contracts (cont’d.):
10/31/23	Buy		JPY	277,535		AUD	3,979	$	105,701	$	—		Goldman Sachs International
10/31/23	Buy		JPY	671,731		AUD	9,835		123,595		—		Morgan Stanley & Co. International PLC
								$	14,210,240	$	(5,309,898	)

Credit default swap agreements outstanding at April 30, 2020:

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)		06/20/25		1.000%(Q)		1,700	$	19,634		$	1,455	$	18,179		Morgan Stanley & Co. International PLC
Federation of Malaysia (D01)		06/20/25		1.000%(Q)		2,550		5,172			2,183		2,989		Morgan Stanley & Co. International PLC
Kingdom of Saudi Arabia (D01)		06/20/25		1.000%(Q)		1,700		54,780			1,455		53,325		Morgan Stanley & Co. International PLC
People’s Republic of China (D01)		06/20/25		1.000%(Q)		10,200		(292,968	)		8,732		(301,700	)	Morgan Stanley & Co. International PLC
Republic of Argentina (D01)		06/20/25		1.000%(Q)		4,250		3,251,038			3,638		3,247,400		Morgan Stanley & Co. International PLC
Republic of Brazil (D01)		06/20/25		1.000%(Q)		10,200		997,619			8,732		988,887		Morgan Stanley & Co. International PLC
Republic of Chile (D01)		06/20/25		1.000%(Q)		1,700		3,584			1,455		2,129		Morgan Stanley & Co. International PLC
Republic of Colombia (D01)		06/20/25		1.000%(Q)		4,250		283,708			3,638		280,070		Morgan Stanley & Co. International PLC
Republic of Indonesia (D01)		06/20/25		1.000%(Q)		6,800		346,794			5,821		340,973		Morgan Stanley & Co. International PLC
Republic of Panama (D01)		06/20/25		1.000%(Q)		1,700		40,055			1,455		38,600		Morgan Stanley & Co. International PLC
Republic of Peru (D01)		06/20/25		1.000%(Q)		1,700		2,777			1,455		1,322		Morgan Stanley & Co. International PLC
Republic of Philippines (D01)		06/20/25		1.000%(Q)		1,700		(18,296	)		1,455		(19,751	)	Morgan Stanley & Co. International PLC
Republic of South Africa (D01)		06/20/25		1.000%(Q)		7,650		1,092,469			6,549		1,085,920		Morgan Stanley & Co. International PLC
Republic of Turkey (D01)		06/20/25		1.000%(Q)		10,200		2,101,498			8,732		2,092,766		Morgan Stanley & Co. International PLC

See Notes to Financial Statements.

120

Credit default swap agreements outstanding at April 30, 2020 (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 Ukraine (D01)		06/20/25		1.000%(Q)		1,700	$	429,904	$	1,455	$	428,449	Morgan Stanley & Co. International PLC
Russian Federation (D01)		06/20/25		1.000%(Q)		5,100		165,904		4,366		161,538	Morgan Stanley & Co. International PLC
State of Qatar (D01)		06/20/25		1.000%(Q)		1,700		20,162		1,455		18,707	Morgan Stanley & Co. International PLC
United Mexican States (D01)		06/20/25		1.000%(Q)		10,200		746,567		8,732		737,835	Morgan Stanley & Co. International PLC
							$	9,250,401	$	72,763	$	9,177,638

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2)**:
Federation of Malaysia (D02)		12/20/22		1.000%(Q)		1,500		0.527	%	$	20,460		$	(1,067	)	$	21,527		Citibank, N.A.
People’s Republic of China (D02)		12/20/22		1.000%(Q)		5,000		0.183	%		114,229			(3,558	)		117,787		Citibank, N.A.
Republic of Argentina (D02)		12/20/22		1.000%(Q)		1,500		305.010	%		(1,136,601	)		(1,067	)		(1,135,534	)	Citibank, N.A.
Republic of Brazil (D02)		12/20/22		1.000%(Q)		7,500		2.350	%		(251,616	)		(5,337	)		(246,279	)	Citibank, N.A.
Republic of Chile (D02)		12/20/22		1.000%(Q)		1,500		0.604	%		17,440			(1,067	)		18,507		Citibank, N.A.
Republic of Colombia (D02)		12/20/22		1.000%(Q)		2,000		1.690	%		(33,490	)		(1,423	)		(32,067	)	Citibank, N.A.
Republic of Indonesia (D02)		12/20/22		1.000%(Q)		2,000		1.192	%		(7,666	)		(1,423	)		(6,243	)	Citibank, N.A.
Republic of Panama (D02)		12/20/22		1.000%(Q)		1,500		0.968	%		3,015			(1,067	)		4,082		Citibank, N.A.
Republic of Peru (D02)		12/20/22		1.000%(Q)		1,500		0.597	%		17,718			(1,067	)		18,785		Citibank, N.A.

See Notes to Financial Statements.

PGIM Global Total Return Fund 121

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)	Counterparty
OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2)** (cont’d.):
Republic of Philippines (D02)		12/20/22		1.000%(Q)		1,500		0.407	%	$	25,285		$	(1,067	)	$ 26,352	Citibank, N.A.
Republic of South Africa (D02)		12/20/22		1.000%(Q)		4,500		3.655	%		(294,569	)		(3,202	)	(291,367)	Citibank, N.A.
Republic of Turkey (D02)		12/20/22		1.000%(Q)		7,500		5.767	%		(852,617	)		(5,337	)	(847,280)	Citibank, N.A.
Russian Federation (D02)		12/20/22		1.000%(Q)		4,500		1.121	%		(8,986	)		(3,202	)	(5,784)	Citibank, N.A.
United Mexican States (D02)		12/20/22		1.000%(Q)		6,500		1.863	%		(137,716	)		(4,625	)	(133,091)	Citibank, N.A.
Federation of Malaysia (D03)		06/20/23		1.000%(Q)		750		0.608	%		10,062			(288	)	10,350	Barclays Bank PLC
People’s Republic of China (D03)		06/20/23		1.000%(Q)		2,750		0.215	%		71,158			(1,056	)	72,214	Barclays Bank PLC
Republic of Argentina (D03)		06/20/23		1.000%(Q)		750		283.185	%		(569,871	)		(288	)	(569,583)	Barclays Bank PLC
Republic of Brazil (D03)		06/20/23		1.000%(Q)		3,750		2.511	%		(167,121	)		(1,441	)	(165,680)	Barclays Bank PLC
Republic of Chile (D03)		06/20/23		1.000%(Q)		750		0.681	%		8,358			(288	)	8,646	Barclays Bank PLC
Republic of Colombia (D03)		06/20/23		1.000%(Q)		1,000		1.819	%		(23,909	)		(384	)	(23,525)	Barclays Bank PLC
Republic of Indonesia (D03)		06/20/23		1.000%(Q)		1,000		1.324	%		(8,791	)		(384	)	(8,407)	Barclays Bank PLC
Republic of Panama (D03)		06/20/23		1.000%(Q)		750		1.059	%		(505	)		(288	)	(217)	Barclays Bank PLC
Republic of Peru (D03)		06/20/23		1.000%(Q)		750		0.670	%		8,608			(288	)	8,896	Barclays Bank PLC
Republic of Philippines (D03)		06/20/23		1.000%(Q)		750		0.471	%		13,306			(288	)	13,594	Barclays Bank PLC
Republic of South Africa (D03)		06/20/23		1.000%(Q)		2,250		3.753	%		(179,720	)		(864	)	(178,856)	Barclays Bank PLC
Republic of Turkey (D03)		06/20/23		1.000%(Q)		3,500		5.784	%		(466,163	)		(1,345	)	(464,818)	Barclays Bank PLC

See Notes to Financial Statements.

122

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)	Counterparty
OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2)**(cont’d.):
Russian Federation (D03)		06/20/23		1.000%(Q)		2,250		1.195	%	$	(10,944	)	$	(864	)	$(10,080)	Barclays Bank PLC
United Mexican States (D03)		06/20/23		1.000%(Q)		3,250		1.990	%		(94,445	)		(1,249	)	(93,196)	Barclays Bank PLC
										$	(3,935,091	)	$	(43,824	)	$(3,891,267)

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Fair Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)		Counterparty
OTC Packaged Credit Default Swap Agreements on credit indices— Buy Protection(1)**:
CDX.EM.28.V2 (D02)		12/20/22		1.000%(Q)		48,500	$	2,437,082	$	(22,048	)	$	2,459,130	Citibank, N.A.
CDX.EM.29.V1 (D03)		06/20/23		1.000%(Q)		24,250		1,363,077		(11,493	)		1,374,570	Barclays Bank PLC
							$	3,800,159	$	(33,541	)	$	3,833,700

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)	Counterparty
OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)**:
CDX.EM.33.V1 (D01)		06/20/25		1.000%(Q)		85,000		3.347	%	$	(9,085,715	)	$	(199,525	)	$(8,886,190)	Morgan Stanley & Co. International PLC

** 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—D03).

See Notes to Financial Statements.

PGIM Global Total Return Fund 123

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate			Notional Amount 000#(3)		Implied Credit Spread at April 30, 2020(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^:
Alcentra CLO		05/20/20		0.500	%(M)	EUR	1,288		*		$	471	$	—	$	471	Goldman Sachs International
AMMC CLO Ltd.		05/20/20		0.500	%(M)		43		0.500	%		14		—		14	Goldman Sachs International
Apollo Credit Management International Limited		05/20/20		1.000	%(M)	EUR	2,265		1.000	%		1,655		—		1,655	Goldman Sachs International
Arrowmark CLO		05/20/20		1.000	%(M)	EUR	755		*			503		—		503	Goldman Sachs International
BHPT 19 BXHP		05/28/20		1.250	%(M)		1,848		1.500	%		128		—		128	Goldman Sachs International
BlackRock CLO		05/20/20		0.500	%(M)	EUR	1,327		*			485		—		485	Goldman Sachs International
BlackRock CLO		05/20/20		0.500	%(M)	EUR	1,316		0.500	%		480		—		480	Goldman Sachs International
BlackRock CLO		05/20/20		1.000	%(M)	EUR	575		*			420		—		420	Goldman Sachs International
BlueMountain CLO		05/20/20		1.000	%(M)	EUR	2,052		0.500	%		1,500		—		1,500	Goldman Sachs International
BlueMountain CLO		05/20/20		0.500	%(M)	EUR	1,560		0.500	%		570		—		570	Goldman Sachs International
BlueMountain CLO		05/20/20		0.500	%(M)		174		0.500	%		58		—		58	Goldman Sachs International
Canyon CLO		05/20/20		0.500	%(M)		246		*			82		—		82	Goldman Sachs International
Carlyle CLO		05/20/20		1.000	%(M)	EUR	5,486		*			4,009		—		4,009	Goldman Sachs International

See Notes to Financial Statements.

124

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate			Notional Amount 000#(3)			Implied Credit Spread at April 30, 2020(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
Carlyle CLO		05/20/20		0.500	%(M)		578	*				$	193	$	—	$	193	Goldman Sachs International
Citigroup Commercial Mortgage Trust		05/28/20		1.250	%(M)		472			8.693	%		33		—		33	Goldman Sachs International
COMM Mortgage Trust		05/28/20		1.250	%(M)		1,474			4.550	%		102		—		102	Goldman Sachs International
COMM Mortgage Trust		05/28/20		1.250	%(M)		1,085			19.740	%		75		—		75	Goldman Sachs International
COMM Mortgage Trust		05/28/20		1.250	%(M)		1,027			4.550	%		71		—		71	Goldman Sachs International
COMM Mortgage Trust		05/28/20		1.250	%(M)		774			6.940	%		54		—		54	Goldman Sachs International
COMM Mortgage Trust		05/28/20		1.250	%(M)		756			6.940	%		52		—		52	Goldman Sachs International
COMM Mortgage Trust		05/28/20		1.250	%(M)		525			7.460	%		36		—		36	Goldman Sachs International
COMM Mortgage Trust		05/28/20		1.250	%(M)		523			0.227	%		36		—		36	Goldman Sachs International
Covenant		05/20/20		0.500	%(M)		223			0.500	%		74		—		74	Goldman Sachs International
Crestline Denali Capital		05/20/20		0.500	%(M)		1,030			0.500	%		343		—		343	Goldman Sachs International
CSAM CLO		05/20/20		1.000	%(M)	EUR	1,897			*			1,386		—		1,386	Goldman Sachs International
CSAM CLO		05/20/20		0.500	%(M)		996			0.500	%		332		—		332	Goldman Sachs International

See Notes to Financial Statements.

PGIM Global Total Return Fund 125

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate			Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
CSAM CLO		05/20/20		0.500	%(M)		797		0.500	%	$	266	$	—	$	266	Goldman Sachs International
CVC CLO		05/20/20		1.000	%(M)	EUR	2,445		*			1,786		—		1,786	Goldman Sachs International
CVC CLO		05/20/20		0.500	%(M)	EUR	1,441		0.500	%		526		—		526	Goldman Sachs International
CVC CLO		05/20/20		0.500	%(M)	EUR	1,181		*			431		—		431	Goldman Sachs International
DFG CLO		05/20/20		0.500	%(M)		751		0.500	%		250		—		250	Goldman Sachs International
Eagle Re Ltd.		05/29/20		1.250	%(M)		2,062		*			143		—		143	Goldman Sachs International
GLG Silvermine CLO		05/20/20		0.500	%(M)		674		0.500	%		225		—		225	Goldman Sachs International
GMAC Home Equity		05/29/20		1.250	%(M)		1,130		*			78		—		78	Goldman Sachs International
GS Mortgage Securities Trust		05/28/20		1.250	%(M)		1,641		11.990	%		114		—		114	Goldman Sachs International
GS Mortgage Securities Trust		05/28/20		1.250	%(M)		614		14.866	%		43		—		43	Goldman Sachs International
GSAMP Home Equity		05/29/20		1.250	%(M)		1,163		*			81		—		81	Goldman Sachs International
GSO CLO		05/20/20		0.500	%(M)	EUR	1,131		0.500	%		413		—		413	Goldman Sachs International
GSO CLO		05/20/20		0.500	%(M)	EUR	644		0.500	%		235		—		235	Goldman Sachs International

See Notes to Financial Statements.

126

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate			Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
GSRPM Mortgage Loan Trust		05/29/20		1.250	%(M)		565		*		$	39	$	—	$	39	Goldman Sachs International
Guggenheim CLO		05/20/20		0.500	%(M)		4,243		*			1,414		—		1,414	Goldman Sachs International
HPS CLO		05/20/20		0.500	%(M)		87		0.500	%		29		—		29	Goldman Sachs International
ICG CLO		05/20/20		0.500	%(M)		594		0.500	%		198		—		198	Goldman Sachs International
Investcorp CLO		05/20/20		0.500	%(M)	EUR	1,080		0.500	%		395		—		395	Goldman Sachs International
JPMBB Commercial Mortgage Securities Trust		05/28/20		1.250	%(M)		1,409		*			98		—		98	Goldman Sachs International
JPMBB Commercial Mortgage Securities Trust		05/28/20		1.250	%(M)		1,061		*			74		—		74	Goldman Sachs International
JPMBB Commercial Mortgage Securities Trust		05/28/20		1.250	%(M)		424		*			29		—		29	Goldman Sachs International
Loomis Sayles & Company LP		05/20/20		0.500	%(M)		105		0.500	%		35		—		35	Goldman Sachs International
MJX CLO		05/20/20		0.500	%(M)		867		49.970	%		289		—		289	Goldman Sachs International
Morgan Stanley BAML Trust		05/28/20		1.250	%(M)		757		6.940	%		53		—		53	Goldman Sachs International
Morgan Stanley Capital I Trust		05/28/20		1.250	%(M)		697		*			48		—		48	Goldman Sachs International
Morgan Stanley Capital I Trust		05/28/20		1.250	%(M)		430		31.072	%		30		—		30	Goldman Sachs International

See Notes to Financial Statements.

PGIM Global Total Return Fund 127

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(4)			Fair Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
Oaktree CLO		05/20/20		0.500%(M)	EUR	570		0.500	%	$	208	$	—		$	208	Goldman Sachs International
Octagon CLO		05/20/20		0.500%(M)		732		0.500	%		244		—			244	Goldman Sachs International
Onex CLO		05/20/20		0.500%(M)		1,645		*			548		—			548	Goldman Sachs International
Onex CLO		05/20/20		0.500%(M)		724		0.500	%		241		—			241	Goldman Sachs International
Onex CLO		05/20/20		0.500%(M)		362		0.500	%		121		—			121	Goldman Sachs International
Permira Advisers LLC		05/20/20		0.500%(M)	EUR	1,611		0.500	%		589		—			589	Goldman Sachs International
Pinebridge CLO		05/20/20		0.500%(M)	EUR	1,122		0.500	%		410		—			410	Goldman Sachs International
Pretium		05/20/20		0.500%(M)		9,980		0.500	%		3,324		—			3,324	Goldman Sachs International
Sallie Mae Bank		05/28/20		1.750%(M)		46,492		*			13,560		(11,300	)		24,860	Goldman Sachs International
Sallie Mae Bank		05/28/20		1.750%(M)		46,492		*			13,560		(11,300	)		24,860	Goldman Sachs International
Saratoga CLO		05/20/20		0.500%(M)		8,732		*			2,911		—			2,911	Goldman Sachs International
Shenkman Capital		05/20/20		0.500%(M)		515		0.500	%		171		—			171	Goldman Sachs International
Shenkman Capital		05/20/20		0.500%(M)		87		0.500	%		29		—			29	Goldman Sachs International

See Notes to Financial Statements.

128

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
Sound Point CLO Ltd.		05/20/20		0.500%(M)		1,678		*		$	559	$	—	$	559	Goldman Sachs International
Steele Creek		05/20/20		0.500%(M)		2,407		*			802		—		802	Goldman Sachs International
Steele Creek		05/20/20		0.500%(M)	EUR	800		0.500	%		267		—		267	Goldman Sachs International
Symphony CLO		05/20/20		0.500%(M)		849		0.500	%		283		—		283	Goldman Sachs International
TCW CLO		05/20/20		1.000%(M)	EUR	750		*			500		—		500	Goldman Sachs International
THL CLO		05/20/20		0.500%(M)		347		*			116		—		116	Goldman Sachs International
Tikehau CLO		05/20/20		1.000%(M)	EUR	6,687		1.000	%		4,884		—		4,884	Goldman Sachs International
Wamu POA		05/29/20		1.250%(M)		432		*			30		—		30	Goldman Sachs International
Wellfleet CLO		05/20/20		0.500%(M)		1,773		*			590		—		590	Goldman Sachs International
Wellfleet CLO		05/20/20		0.500%(M)		85		49.970	%		28		—		28	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		05/28/20		1.250%(M)		2,149		*			149		—		149	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		05/28/20		1.250%(M)		530		8.937	%		37		—		37	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		05/28/20		1.250%(M)		478		4.670	%		33		—		33	Goldman Sachs International

See Notes to Financial Statements.

PGIM Global Total Return Fund 129

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(4)		Fair Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
Wells Fargo Commercial Mortgage Trust		05/28/20		1.250%(M)		389		*	$	27	$	—		$	27	Goldman Sachs International
Wells Fargo Home Equity		05/29/20		1.250%(M)		831		*		58		—			58	Goldman Sachs International
Wells Fargo Home Equity		05/29/20		1.250%(M)		565		*		39		—			39	Goldman Sachs International
WF-RBS Commercial Mortgage Trust		05/28/20		1.250%(M)		199		*		14		—			14	Goldman Sachs International
									$	64,816	$	(22,600	)	$	87,416

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Buy Protection(1):
Assicurazioni Generali SpA		06/20/23		1.000%(Q)	EUR	2,000	$	80,748		$	84,591		$	(3,843	)	Barclays Bank PLC
Central Bank of Tunisia		12/20/22		1.000%(Q)		700		38,643			38,012			631		Barclays Bank PLC
Eskom Holdings SOC Ltd.		12/20/23		1.000%(Q)	EUR	2,640		888,990			434,649			454,341		Deutsche Bank AG
Hellenic Republic		06/20/23		1.000%(Q)		1,400		25,396			87,304			(61,908	)	Bank of America, N.A.
Kingdom of Spain		06/20/23		1.000%(Q)		3,200		(39,581	)		(51,079	)		11,498		Bank of America, N.A.
Petroleos Mexicanos		06/20/20		1.000%(Q)		5,450		30,980			3,763			27,217		Citibank, N.A.
Petroleos Mexicanos		06/20/20		1.000%(Q)		2,690		15,291			1,828			13,463		Citibank, N.A.
Republic of Argentina		06/20/24		5.000%(Q)		9,585		7,146,876			5,169,523			1,977,353		Citibank, N.A.
Republic of Italy		06/20/23		1.000%(Q)		14,270		119,419			127,955			(8,536	)	Citibank, N.A.
Republic of Italy		06/20/23		1.000%(Q)	EUR	12,700		199,644			82,792			116,852		Barclays Bank PLC
Republic of Italy		06/20/23		1.000%(Q)	EUR	10,455		164,353			94,081			70,272		Barclays Bank PLC
Republic of Italy		06/20/23		1.000%(Q)		3,700		30,963			37,264			(6,301	)	Citibank, N.A.
Republic of Italy		06/20/28		1.000%(Q)	EUR	5,145		389,067			259,766			129,301		Barclays Bank PLC
							$	9,090,789		$	6,370,449		$	2,720,340

See Notes to Financial Statements.

130

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2):
Arab Republic of Egypt		06/20/20		1.000%(Q)		1,000		3.630	%	$	(2,543	)	$	(2,609	)	$	66		Deutsche Bank AG
AT&T, Inc.		06/20/20		1.000%(Q)		1,000		0.903	%		1,304			1,184			120		BNP Paribas S.A.
Banco Do Brasil SA		12/20/20		1.000%(Q)		5,000		2.125	%		(30,273	)		—			(30,273	)	Bank of America, N.A.
Bank of America Corp		06/20/20		1.000%(Q)		10,000		0.263	%		22,086			11,951			10,135		BNP Paribas S.A.
Barclays Bank PLC		06/20/20		1.000%(Q)EUR		3,100		0.351	%		7,087			4,101			2,986		Citibank, N.A.
Barclays PLC		12/20/26		1.000%(Q)EUR		3,000		1.260	%		(51,050	)		42,592			(93,642	)	Citibank, N.A.
Boeing Co.		12/20/21		1.000%(Q)		12,100		4.030	%		(560,299	)		107,821			(668,120	)	Bank of America, N.A.
Bombardier Inc.		06/20/20		5.000%(Q)		4,200		32.943	%		(135,375	)		17,598			(152,973	)	JPMorgan Chase Bank, N.A.
Citigroup Inc.		06/20/20		1.000%(Q)		9,300		0.268	%		20,483			10,028			10,455		Morgan Stanley & Co. International PLC
Commonwealth of Australia		12/20/24		1.000%(Q)		3,000		0.259	%		106,462			74,992			31,470		Barclays Bank PLC
DP World PLC		12/20/24		1.000%(Q)		2,000		3.133	%		(180,117	)		8,722			(188,839	)	Barclays Bank PLC
Emirate of Dubai		12/20/24		1.000%(Q)		1,000		2.840	%		(77,948	)		3,506			(81,454	)	Citibank, N.A.
Eskom Holdings SOC Ltd.		12/20/23		1.000%(Q)		3,000		12.203	%		(910,295	)		(422,003	)		(488,292	)	Deutsche Bank AG
Federal Republic of Germany		06/20/25		0.250%(Q)		7,250		0.234	%		8,049			18,293			(10,244	)	Bank of America, N.A.
Federation of Malaysia		12/20/24		1.000%(Q)		1,000		0.961	%		2,920			15,987			(13,067	)	Citibank, N.A.
General Electric Co.		06/20/20		1.000%(Q)		11,080		1.233	%		9,272			10,386			(1,114	)	Goldman Sachs International
Generalitat de Cataluna		12/20/22		1.000%(Q)		2,960		2.623	%		(117,410	)		(305,573	)		188,163		Citibank, N.A.

See Notes to Financial Statements.

PGIM Global Total Return Fund 131

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(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.):
Hellenic Republic		06/20/22		1.000%(Q)		410		1.831	%	$	(6,657	)	$	(45,696	)	$	39,039		Citibank, N.A.
Hellenic Republic		06/20/22		1.000%(Q)		200		1.831	%		(3,247	)		(22,922	)		19,675		Goldman Sachs International
Hellenic Republic		12/20/22		1.000%(Q)		500		1.991	%		(12,104	)		(34,323	)		22,219		Citibank, N.A.
Hellenic Republic		06/20/23		1.000%(Q)		1,400		2.099	%		(44,720	)		(108,912	)		64,192		Bank of America, N.A.
Hellenic Republic		06/20/23		1.000%(Q)		300		2.099	%		(9,583	)		(21,361	)		11,778		Citibank, N.A.
Hellenic Republic		06/20/24		1.000%(Q)		1,000		2.325	%		(50,348	)		(168,517	)		118,169		Barclays Bank PLC
Israel Electric Corp Ltd.		12/20/24		1.000%(Q)		1,000		1.486	%		(20,690	)		11,930			(32,620	)	Barclays Bank PLC
JPMorgan Chase & Co.		06/20/20		1.000%(Q)		10,000		0.359	%		20,738			11,951			8,787		BNP Paribas S.A.
Kingdom of Belgium		12/20/24		1.000%(Q)		3,500		0.368	%		106,273			16,686			89,587		HSBC Bank USA, N.A.
Kingdom of Belgium		06/20/25		1.000%(Q)		3,625		0.404	%		114,312			119,011			(4,699	)	Bank of America, N.A.
Kingdom of Belgium		06/20/26		1.000%(Q)		4,000		0.453	%		136,796			85,844			50,952		Barclays Bank PLC
Kingdom of Denmark		06/20/26		0.250%(Q)		1,000		0.170	%		5,167			(13,962	)		19,129		Goldman Sachs International
Kingdom of Saudi Arabia		12/20/21		1.000%(Q)		1,900		1.062	%		283			(22,571	)		22,854		Barclays Bank PLC
Kingdom of Saudi Arabia		06/20/22		1.000%(Q)		3,000		1.168	%		(7,241	)		32,136			(39,377	)	HSBC Bank USA, N.A.
Kingdom of Spain		09/20/20		1.000%(Q)		2,500		0.386	%		8,992			228			8,764		Barclays Bank PLC
Kingdom of Spain		06/20/21		1.000%(Q)		700		0.308	%		6,366			(3,764	)		10,130		Deutsche Bank AG
Kingdom of Spain		09/20/21		1.000%(Q)		1,500		0.376	%		14,844			9,912			4,932		HSBC Bank USA, N.A.
Kingdom of Spain		06/20/23		1.000%(Q)		42,665		0.893	%		191,843			330,457			(138,614	)	Bank of America, N.A.

See Notes to Financial Statements.

132

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2) (cont’d.):
Kingdom of Spain		06/20/23		1.000%(Q)		3,200		0.893	%	$	14,389		$	35,285		$	(20,896	)	Bank of America, N.A.
Kingdom of Spain		06/20/24		1.000%(Q)		700		0.737	%		8,325			(19,792	)		28,117		Deutsche Bank AG
Kingdom of Spain		06/20/25		1.000%(Q)		9,940		1.189	%		(81,735	)		(98,327	)		16,592		Bank of America, N.A.
Kingdom of Spain		06/20/25		1.000%(Q)		7,500		1.189	%		(61,671	)		(95,448	)		33,777		JPMorgan Chase Bank, N.A.
Kingdom of Spain		06/20/25		1.000%(Q)		7,500		1.189	%		(61,671	)		(91,847	)		30,176		JPMorgan Chase Bank, N.A.
Kingdom of Sweden		06/20/26		0.250%(Q)		1,000		0.181	%		4,481			(13,198	)		17,679		Goldman Sachs International
Kingdom of Thailand		12/20/21		1.000%(Q)		2,100		0.191	%		30,477			1,756			28,721		Barclays Bank PLC
Oriental Republic of Uruguay		06/20/20		1.000%(Q)		4,250		1.577	%		1,492			(2,878	)		4,370		Citibank, N.A.
Oriental Republic of Uruguay		06/20/21		1.000%(Q)		800		1.651	%		(4,983	)		(3,949	)		(1,034	)	Citibank, N.A.
People’s Republic of China		06/20/21		1.000%(Q)		4,000		0.087	%		46,622			(22,476	)		69,098		Deutsche Bank AG
People’s Republic of China		12/20/21		1.000%(Q)		1,600		0.118	%		25,172			(3,050	)		28,222		Citibank, N.A.
People’s Republic of China		12/20/21		1.000%(Q)		1,500		0.118	%		23,599			(2,465	)		26,064		Barclays Bank PLC
People’s Republic of China		03/20/22		1.000%(Q)		2,000		0.127	%		35,474			(13,558	)		49,032		Goldman Sachs International
People’s Republic of China		03/20/22		1.000%(Q)		1,000		0.127	%		17,737			(10,610	)		28,347		Deutsche Bank AG
People’s Republic of China		12/20/24		1.000%(Q)		1,000		0.401	%		28,840			19,627			9,213		Citibank, N.A.

See Notes to Financial Statements.

PGIM Global Total Return Fund 133

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(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.):
Petroleos Mexicanos		09/20/21		1.000%(Q)		2,500		9.176	%	$	(262,881	)	$	(37,989	)	$	(224,892	)	Goldman Sachs International
Republic of Argentina		06/20/29		5.000%(Q)		9,585		173.902	%		(7,159,577	)		(5,611,037	)		(1,548,540	)	Citibank, N.A.
Republic of Chile		06/20/20		1.000%(Q)		5,000		0.205	%		11,453			6,239			5,214		Bank of America, N.A.
Republic of Chile		12/20/21		1.000%(Q)		2,500		0.440	%		25,996			(3,781	)		29,777		Goldman Sachs International
Republic of Colombia		12/20/21		1.000%(Q)		2,000		1.372	%		(9,811	)		(23,918	)		14,107		HSBC Bank USA, N.A.
Republic of Colombia		06/20/23		1.000%(Q)		5,000		1.819	%		(119,547	)		(7,971	)		(111,576	)	Goldman Sachs International
Republic of Colombia		12/20/26		1.000%(Q)		1,000		2.667	%		(99,428	)		(77,504	)		(21,924	)	Citibank, N.A.
Republic of France		06/20/25		0.250%(Q)		10,000		0.435	%		(91,329	)		(76,203	)		(15,126	)	Bank of America, N.A.
Republic of France		06/20/25		0.250%(Q)		9,810		0.435	%		(89,594	)		(94,632	)		5,038		JPMorgan Chase Bank, N.A.
Republic of France		06/20/25		0.250%(Q)		8,130		0.435	%		(74,251	)		(45,523	)		(28,728	)	Bank of America, N.A.
Republic of France		06/20/25		0.250%(Q)		5,250		0.435	%		(47,948	)		(53,279	)		5,331		Credit Suisse International
Republic of Hungary		06/20/22		1.000%(Q)		3,550		0.369	%		52,216			(14,391	)		66,607		Citibank, N.A.
Republic of Indonesia		06/20/23		1.000%(Q)		13,885		1.324	%		(122,062	)		(62,774	)		(59,288	)	Citibank, N.A.
Republic of Indonesia		06/20/25		1.000%(Q)		6,800		2.078	%		(346,794	)		(322,635	)		(24,159	)	Morgan Stanley & Co. International PLC
Republic of Indonesia		06/20/25		1.000%(Q)		2,365		2.078	%		(120,613	)		(112,057	)		(8,556	)	JPMorgan Chase Bank, N.A.
Republic of Indonesia		06/20/25		1.000%(Q)		2,155		2.078	%		(109,903	)		(99,176	)		(10,727	)	BNP Paribas S.A.
Republic of Ireland		06/20/21		1.000%(Q)		700		0.075	%		8,254			1,517			6,737		Deutsche Bank AG

See Notes to Financial Statements.

134

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(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		06/20/23		1.000%(Q)		4,080		0.255	%	$	100,377		$	35,080		$	65,297		Goldman Sachs International
Republic of Ireland		06/20/24		1.000%(Q)		4,000		0.338	%		114,040			67,110			46,930		JPMorgan Chase Bank, N.A.
Republic of Ireland		06/20/24		1.000%(Q)		700		0.267	%		22,053			(6,941	)		28,994		Deutsche Bank AG
Republic of Ireland		12/20/26		1.000%(Q)		3,100		0.503	%		103,928			(2,243	)		106,171		JPMorgan Chase Bank, N.A.
Republic of Ireland		12/20/26		1.000%(Q)		2,000		0.503	%		67,050			4,331			62,719		Goldman Sachs International
Republic of Ireland		06/20/27		1.000%(Q)		2,800		0.522	%		96,519			60,838			35,681		Morgan Stanley & Co. International PLC
Republic of Italy		06/20/20		1.000%(Q)		6,000		1.074	%		6,375			(1,513	)		7,888		HSBC Bank USA, N.A.
Republic of Italy		09/20/20		1.000%(Q)		1,500		1.080	%		1,275			(3,301	)		4,576		Barclays Bank PLC
Republic of Italy		03/20/22		1.000%(Q)		3,000		1.647	%		(32,581	)		(66,900	)		34,319		Goldman Sachs International
Republic of Italy		03/20/22		1.000%(Q)		3,000		1.647	%		(32,581	)		(66,849	)		34,268		JPMorgan Chase Bank, N.A.
Republic of Italy		06/20/23		1.000%(Q)		18,300		1.869	%		(459,664	)		(752,854	)		293,190		Bank of America, N.A.
Republic of Italy		06/20/23		1.000%(Q)		15,000		1.869	%		(376,773	)		(245,136	)		(131,637	)	Barclays Bank PLC
Republic of Italy		06/20/23		1.000%(Q)		14,270		1.869	%		(358,437	)		(541,124	)		182,687		Citibank, N.A.
Republic of Italy		06/20/23		1.000%(Q)		13,405		1.869	%		(336,710	)		(396,018	)		59,308		Morgan Stanley & Co. International PLC

See Notes to Financial Statements.

PGIM Global Total Return Fund 135

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2) (cont’d.):
Republic of Italy		06/20/23		1.000%(Q)		4,000		1.869	%	$	(100,473	)	$	—		$	(100,473	)	Morgan Stanley & Co. International PLC
Republic of Italy		06/20/23		1.000%(Q)		3,700		1.869	%		(92,937	)		(144,713	)		51,776		Citibank, N.A.
Republic of Italy		06/20/24		1.000%(Q)		6,000		2.023	%		(233,120	)		(258,080	)		24,960		Bank of America, N.A.
Republic of Italy		06/20/24		1.000%(Q)		900		1.449	%		(15,055	)		(39,634	)		24,579		Deutsche Bank AG
Republic of Italy		06/20/25		1.000%(Q)		7,000		2.169	%		(380,953	)		(269,479	)		(111,474	)	Credit Suisse International
Republic of Italy		06/20/26		1.000%(Q)		5,000		2.275	%		(348,108	)		(311,586	)		(36,522	)	BNP Paribas S.A.
Republic of Italy		06/20/26		1.000%(Q)		4,200		2.275	%		(292,411	)		(201,607	)		(90,804	)	Bank of America, N.A.
Republic of Italy		12/20/26		1.000%(Q)		400		2.316	%		(30,767	)		(31,357	)		590		HSBC Bank USA, N.A.
Republic of Kazakhstan		06/20/23		1.000%(Q)		7,695		0.982	%		13,315			—			13,315		Citibank, N.A.
Republic of Panama		06/20/20		1.000%(Q)		4,165		0.366	%		8,592			4,304			4,288		Citibank, N.A.
Republic of Panama		12/20/20		1.000%(Q)		5,500		0.461	%		25,602			(72,803	)		98,405		JPMorgan Chase Bank, N.A.
Republic of Panama		06/20/22		1.000%(Q)		5,000		0.833	%		23,709			27,971			(4,262	)	Citibank, N.A.
Republic of Peru		06/20/20		1.000%(Q)		5,000		0.197	%		11,513			5,880			5,633		Bank of America, N.A.
Republic of Peru		03/20/22		1.000%(Q)		3,000		0.463	%		33,980			(65,303	)		99,283		Barclays Bank PLC
Republic of Portugal		06/20/21		1.000%(Q)		700		0.312	%		6,336			(21,940	)		28,276		Deutsche Bank AG
Republic of Portugal		12/20/23		1.000%(Q)		4,130		0.933	%		14,673			(1,446	)		16,119		Morgan Stanley & Co. International PLC
Republic of Portugal		06/20/24		1.000%(Q)		400		0.721	%		5,029			(31,007	)		36,036		Deutsche Bank AG

See Notes to Financial Statements.

136

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(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		06/20/25		1.000%(Q)		21,000		1.166	%	$	(148,461	)	$	(155,882	)	$	7,421		Morgan Stanley & Co. International PLC
Republic of Portugal		06/20/25		1.000%(Q)		10,000		1.166	%		(70,696	)		(88,434	)		17,738		Citibank, N.A.
Republic of Serbia		06/20/21		1.000%(Q)		2,000		0.528	%		13,144			14,632			(1,488	)	BNP Paribas S.A.
Republic of Slovenia		06/20/24		1.000%(Q)		900		0.554	%		17,573			(54,344	)		71,917		HSBC Bank USA, N.A.
Republic of South Africa		06/20/23		1.000%(Q)		5,000		3.753	%		(399,377	)		(89,568	)		(309,809	)	Deutsche Bank AG
Republic of South Africa		12/20/23		1.000%(Q)		3,000		3.870	%		(286,246	)		(124,851	)		(161,395	)	Bank of America, N.A.
Republic of Turkey		06/20/23		1.000%(Q)		5,510		5.784	%		(733,873	)		(550,188	)		(183,685	)	BNP Paribas S.A.
Republic of Turkey		06/20/23		1.000%(Q)		2,760		5.784	%		(367,603	)		(267,739	)		(99,864	)	BNP Paribas S.A.
Republic of Ukraine		06/20/20		5.000%(Q)		1,800		5.607	%		8,963			4,730			4,233		Citibank, N.A.
Republic of Ukraine		12/20/23		5.000%(Q)		1,400		7.117	%		(83,861	)		72,939			(156,800	)	Deutsche Bank AG
Republic of Ukraine		12/20/23		5.000%(Q)		1,000		7.117	%		(59,900	)		28,362			(88,262	)	Deutsche Bank AG
Republic of Ukraine		12/20/24		5.000%(Q)		2,100		7.198	%		(161,967	)		154,557			(316,524	)	HSBC Bank USA, N.A.
Republic of Uruguay		06/20/21		1.000%(Q)		400		1.651	%		(2,492	)		(2,768	)		276		Citibank, N.A.
Republic of Uruguay		12/20/21		1.000%(Q)		1,500		2.033	%		(23,387	)		(12,532	)		(10,855	)	Citibank, N.A.
Royal Caribbean Cruises Ltd.		06/20/20		5.000%(Q)		5,645		19.456	%		(79,966	)		30,778			(110,744	)	Morgan Stanley & Co. International PLC
Russian Federation		12/20/21		1.000%(Q)		8,525		0.931	%		19,650			(286,474	)		306,124		Barclays Bank PLC
Russian Federation		12/20/21		1.000%(Q)		3,000		0.931	%		6,915			(104,138	)		111,053		Barclays Bank PLC
Russian Federation		12/20/22		1.000%(Q)		7,350		1.121	%		(14,677	)		(12,202	)		(2,475	)	Citibank, N.A.

See Notes to Financial Statements.

PGIM Global Total Return Fund 137

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2) (cont’d.):
Russian Federation		06/20/23		1.000%(Q)		7,000		1.195	%	$	(34,048	)	$	(84,255	)	$	50,207		Morgan Stanley & Co. International PLC
Russian Federation		06/20/23		1.000%(Q)		4,000		1.195	%		(19,456	)		(57,661	)		38,205		Morgan Stanley & Co. International PLC
Russian Federation		06/20/23		1.000%(Q)		1,640		1.195	%		(7,977	)		(23,325	)		15,348		BNP Paribas S.A.
Russian Federation		12/20/26		1.000%(Q)		1,200		1.923	%		(67,464	)		(111,864	)		44,400		Barclays Bank PLC
State of Illinois		06/20/21		1.000%(Q)		10,000		2.709	%		(177,256	)		15,896			(193,152	)	Citibank, N.A.
State of Illinois		12/20/22		1.000%(Q)		2,725		3.522	%		(161,587	)		(76,589	)		(84,998	)	Citibank, N.A.
State of Illinois		12/20/24		1.000%(Q)		2,800		3.816	%		(297,551	)		(156,194	)		(141,357	)	Goldman Sachs International
State of Illinois		06/20/28		1.000%(Q)		1,000		3.805	%		(157,246	)		(101,168	)		(56,078	)	Citibank, N.A.
UBS Group AG		12/20/24		1.000%(Q)EUR		8,600		1.073	%		(20,708	)		164,612			(185,320	)	Bank of America, N.A.
United Kingdom of Great Britain and Northern Ireland		06/20/25		1.000%(Q)		7,250		0.356	%		246,536			238,022			8,514		Bank of America, N.A.
Verizon Communications Inc.		06/20/20		1.000%(Q)		7,760		0.257	%		17,204			9,024			8,180		Morgan Stanley & Co. International PLC
										$	(15,447,912	)	$	(12,135,885	)	$	(3,312,027	)

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April  30, 2020(4)			Value at Trade Date			Value at April 30, 2020			Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreements on credit indices—Sell Protection(2):
CDX.NA.HY.25.V8		12/20/20		5.000%(Q)		27,600		13.586	%	$	759,000		$	(1,269,390	)	$	(2,028,390	)
CDX.NA.HY.33.V1		12/20/24		5.000%(Q)		64,366		6.534	%		(5,036,671	)		(3,318,481	)		1,718,190

See Notes to Financial Statements.

138

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April  30, 2020(4)			Value at Trade Date			Value at April 30, 2020			Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreements on credit indices—Sell Protection(2) (cont’d.):
CDX.NA.HY.34.V1		06/20/25		5.000%(Q)		100,000		6.251	%	$	(7,950,000	)	$	(4,551,858	)	$	3,398,142
CDX.NA.IG.34.V1		06/20/25		1.000%(Q)		319,980		0.865	%		41,809			2,519,757			2,477,948
iTraxx.EUR.32.V1		12/20/24		1.000%(Q)	EUR	5,000		0.803	%		153,487			55,981			(97,506	)
iTraxx.FINSR.32.V1		12/20/24		1.000%(Q)	EUR	5,000		0.937	%		133,171			22,083			(111,088	)
iTraxx.XO.32.V1		12/20/24		5.000%(Q)	EUR	98,800		4.729	%		12,993,084			1,792,541			(11,200,543	)
iTraxx.XO.33.V1		06/20/25		5.000%(Q)	EUR	52,300		4.912	%		896,246			550,496			(345,750	)
										$	1,990,126		$	(4,198,871	)	$	(6,188,997	)

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on credit indices—Sell Protection(2):
CDX.BEIJING 1Y 30% - 100%^		12/20/20		0.000%		21,200		*		$	(12,575	)	$	(7,882	)	$	(4,693	)	Citibank, N.A.
CDX.EM.27.V2		06/20/22		1.000%(Q)		10,670		3.138	%		(457,781	)		(296,940	)		(160,841	)	Citibank, N.A.
CDX.NA.HY.BB.33.V1		12/20/24		5.000%(Q)		5,000		3.257	%		394,148			866,310			(472,162	)	Citibank, N.A.
CMBX.NA.6.AA		05/11/63		1.500%(M)		5,000		*			(149,555	)		(27,579	)		(121,976	)	JPMorgan Securities LLC
										$	(225,763	)	$	533,909		$	(759,672	)

The Fund entered into credit default swaps (“CDS”) to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

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

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

See Notes to Financial Statements.

PGIM Global Total Return Fund 139

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

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

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

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

Currency swap agreements outstanding at April 30, 2020:

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	$	138,516	$	—	$	138,516
	58,209	3 Month LIBOR(Q)	EUR	52,000	3 Month EURIBOR minus 10.85 bps(Q)	JPMorgan Chase Bank, N.A.		01/08/21		1,384,241		—		1,384,241
									$	1,522,757	$	—	$	1,522,757

See Notes to Financial Statements.

140

Inflation swap agreements outstanding at April 30, 2020:

Notional Amount (000)#	Termination Date		Fixed Rate		Floating Rate	Value at Trade Date		Value at April 30, 2020			Unrealized Appreciation (Depreciation)
Centrally Cleared Inflation Swap Agreements:
EUR  14,000		05/15/23		1.485%(T)	France CPI ex Tobacco Household(1)(T)	$	—	$	(770,073	)	$	(770,073	)
EUR  14,000		05/15/23		1.510%(T)	Eurostat Eurozone HICP ex Tobacco(2)(T)		—		729,554			729,554
						$	—	$	(40,519	)	$	(40,519	)

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

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

Interest rate swap agreements outstanding at April 30, 2020:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2020		Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
AUD	2,240		10/27/21		2.173%(S)	6 Month BBSW(2)(S)	$	(230	)	$	42,650	$	42,880
AUD	4,000		09/21/22		3.830%(S)	6 Month BBSW(2)(S)		(72,198	)		225,472		297,670
AUD	7,580		09/25/22		2.958%(S)	6 Month BBSW(2)(S)		—			261,608		261,608
AUD	1,000		05/02/26		2.650%(S)	6 Month BBSW(2)(S)		120			85,183		85,063
AUD	2,700		06/06/27		2.661%(S)	6 Month BBSW(2)(S)		—			254,199		254,199
AUD	6,450		12/03/29		2.700%(S)	6 Month BBSW(2)(S)		527,707			742,692		214,985
AUD	6,000		02/19/30		1.147%(S)	6 Month BBSW(2)(S)		(23	)		90,422		90,445
AUD	5,000		03/20/30		1.200%(S)	6 Month BBSW(2)(S)		—			92,966		92,966
AUD	5,835		07/19/32		3.130%(S)	6 Month BBSW(2)(S)		—			957,521		957,521
AUD	1,600		07/28/32		3.137%(S)	6 Month BBSW(2)(S)		—			263,229		263,229
AUD	2,000		12/19/32		4.423%(S)	6 Month BBSW(2)(S)		(5,183	)		547,608		552,791
AUD	10,000		07/10/33		2.987%(S)	6 Month BBSW(2)(S)		156,993			1,614,333		1,457,340
BRL	27,355		01/02/25		6.540%(T)	1 Day BROIS(2)(T)		—			107,036		107,036
BRL	26,379		01/02/25		9.475%(T)	1 Day BROIS(2)(T)		—			1,312,694		1,312,694
BRL	25,280		01/02/25		9.560%(T)	1 Day BROIS(2)(T)		—			1,304,709		1,304,709

See Notes to Financial Statements.

PGIM Global Total Return Fund 141

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Interest rate swap agreements outstanding at April 30, 2020 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2020			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
BRL	31,910		01/02/25	9.943%(T)	1 Day BROIS(2)(T)	$	—		$	1,955,074		$	1,955,074
BRL	7,002		01/02/25	9.985%(T)	1 Day BROIS(2)(T)		—			467,944			467,944
BRL	30,470		01/02/25	11.080%(T)	1 Day BROIS(2)(T)		—			2,244,458			2,244,458
BRL	6,247		01/02/25	12.090%(T)	1 Day BROIS(2)(T)		—			547,821			547,821
BRL	12,879		01/04/27	6.455%(T)	1 Day BROIS(2)(T)		—			(97,325	)		(97,325	)
BRL	36,574		01/04/27	6.490%(T)	1 Day BROIS(2)(T)		—			(274,637	)		(274,637	)
BRL	73,942		01/04/27	6.493%(T)	1 Day BROIS(2)(T)		—			(518,865	)		(518,865	)
BRL	56,887		01/04/27	6.540%(T)	1 Day BROIS(2)(T)		—			(363,347	)		(363,347	)
BRL	31,992		01/04/27	6.910%(T)	1 Day BROIS(2)(T)		—			(22,002	)		(22,002	)
BRL	31,229		01/04/27	6.912%(T)	1 Day BROIS(2)(T)		—			(22,111	)		(22,111	)
BRL	78,637		01/04/27	7.760%(T)	1 Day BROIS(2)(T)		—			627,193			627,193
BRL	28,290		01/02/29	7.150%(T)	1 Day BROIS(2)(T)		1,260			(143,216	)		(144,476	)
BRL	21,378		01/02/29	7.250%(T)	1 Day BROIS(2)(T)		—			(74,788	)		(74,788	)
CAD	3,550		03/07/21	0.983%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		124			4,973			4,849
CAD	23,700		08/17/22	2.370%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		(249,113	)		692,770			941,883
CAD	30,260		04/03/25	0.970%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		(19,854	)		200,644			220,498
CAD	1,500		04/22/26	1.670%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		127			54,497			54,370

See Notes to Financial Statements.

142

Interest rate swap agreements outstanding at April 30, 2020 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2020			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
CAD	3,070		06/25/30	2.651%(S)	3 Month Canadian Banker’s Acceptance(2)(S)	$	83,226		$	360,806		$	277,580
CAD	4,325		03/26/33	2.718%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		(92	)		603,559			603,651
CAD	1,500		05/30/37	2.240%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		(41	)		163,859			163,900
CAD	4,345		01/09/38	2.720%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		(37,095	)		737,845			774,940
CAD	2,500		12/03/38	2.800%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		109,547			461,696			352,149
CAD	1,550		12/03/48	2.800%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		283,267			390,425			107,158
CHF	2,400		10/21/21	(0.522)%(A)	6 Month CHF LIBOR(2)(S)		162			(1,905	)		(2,067	)
CHF	14,500		01/31/29	0.260%(A)	6 Month CHF LIBOR(2)(S)		71,638			968,076			896,438
CHF	800		10/17/31	0.033%(A)	6 Month CHF LIBOR(2)(S)		163			34,096			33,933
CHF	700		04/03/33	0.687%(A)	6 Month CHF LIBOR(2)(S)		—			95,473			95,473
CLP	3,010,200		07/12/29	3.135%(S)	1 Day CLOIS(2)(S)		—			202,339			202,339
CLP	6,480,000		10/24/29	2.790%(S)	1 Day CLOIS(2)(S)		—			191,335			191,335
CLP	3,094,000		11/22/29	3.203%(S)	1 Day CLOIS(2)(S)		—			223,808			223,808
CLP	2,400,000		12/13/29	3.160%(S)	1 Day CLOIS(2)(S)		—			181,302			181,302
CLP	562,610		12/16/29	3.200%(S)	1 Day CLOIS(2)(S)		—			44,882			44,882

See Notes to Financial Statements.

PGIM Global Total Return Fund 143

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Interest rate swap agreements outstanding at April 30, 2020 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2020		Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
CLP	3,900,000		02/10/30	3.010%(S)	1 Day CLOIS(2)(S)	$	—		$	197,993	$	197,993
CLP	634,000		02/11/30	3.085%(S)	1 Day CLOIS(2)(S)		—			40,437		40,437
CLP	4,500,000		02/28/30	3.110%(S)	1 Day CLOIS(2)(S)		—			275,912		275,912
CNH	52,500		08/15/23	3.115%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(670	)		368,307		368,977
CNH	50,870		03/13/24	2.945%(Q)	7 Day China Fixing Repo Rates(2)(Q)		53			344,256		344,203
CNH	33,000		03/18/24	2.945%(Q)	7 Day China Fixing Repo Rates(2)(Q)		34			222,883		222,849
CNH	43,200		04/01/24	2.923%(Q)	7 Day China Fixing Repo Rates(2)(Q)		50			286,314		286,264
CNH	23,500		06/19/24	2.900%(Q)	7 Day China Fixing Repo Rates(2)(Q)		28			159,381		159,353
CNH	125,090		06/20/24	2.900%(Q)	7 Day China Fixing Repo Rates(2)(Q)		149			848,516		848,367
CNH	28,500		07/01/24	2.900%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(52	)		192,667		192,719
CNH	78,000		09/03/24	2.860%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(125	)		529,483		529,608
CNH	24,300		09/19/24	2.940%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(23	)		177,145		177,168
CNH	76,000		10/09/24	2.860%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(47	)		513,964		514,011
CNH	9,600		10/10/24	2.860%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(6	)		64,930		64,936
CNH	98,660		11/01/24	3.120%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(368	)		858,262		858,630

See Notes to Financial Statements.

144

Interest rate swap agreements outstanding at April 30, 2020 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2020			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
CNH	100,500		11/28/24	2.933%(Q)	7 Day China Fixing Repo Rates(2)(Q)	$	(4,601	)	$	754,036		$	758,637
CNH	80,000		12/05/24	2.940%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(152	)		603,837			603,989
CNH	92,700		02/04/25	2.600%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—			508,165			508,165
CNH	330,000		02/05/25	2.600%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(129	)		1,753,734			1,753,863
CNH	18,100		03/10/25	2.300%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(21	)		62,770			62,791
CNH	25,000		03/12/25	2.400%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(10	)		103,912			103,922
COP	25,830,000		07/19/28	6.150%(Q)	1 Day COOIS(2)(Q)		—			776,715			776,715
COP	27,041,260		07/27/28	6.200%(Q)	1 Day COOIS(2)(Q)		572,083			834,062			261,979
COP	13,388,000		11/28/28	6.380%(Q)	1 Day COOIS(2)(Q)		—			472,067			472,067
COP	20,710,000		12/16/29	5.480%(Q)	1 Day COOIS(2)(Q)		—			354,421			354,421
COP	21,300,000		02/13/30	5.100%(Q)	1 Day COOIS(2)(Q)		—			198,429			198,429
CZK	1,453,420		05/31/20	2.138%(A)	3 Month PRIBOR(1)(Q)		—			(911,874	)		(911,874	)
CZK	500,000		03/14/21	2.143%(A)	6 Month PRIBOR(2)(S)		—			153,208			153,208
CZK	213,000		04/27/22	0.925%(A)	6 Month PRIBOR(2)(S)		—			73,058			73,058
CZK	193,410		06/29/22	0.895%(A)	6 Month PRIBOR(2)(S)		—			50,021			50,021
CZK	250,000		11/17/22	1.505%(A)	6 Month PRIBOR(2)(S)		—			218,393			218,393
CZK	433,000		01/27/24	1.923%(A)	6 Month PRIBOR(2)(S)		—			815,971			815,971
CZK	875,720		01/28/24	1.938%(A)	6 Month PRIBOR(2)(S)		—			1,670,884			1,670,884

See Notes to Financial Statements.

PGIM Global Total Return Fund 145

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Interest rate swap agreements outstanding at April 30, 2020 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2020			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
CZK	427,500		01/31/24	1.930%(A)	6 Month PRIBOR(1)(S)	$	—		$	(810,266	)	$	(810,266	)
CZK	205,715		03/14/24	1.950%(A)	6 Month PRIBOR(1)(S)		—			(392,187	)		(392,187	)
CZK	261,910		03/31/24	0.710%(A)	6 Month PRIBOR(1)(S)		—			(27,416	)		(27,416	)
CZK	108,675		04/27/27	1.300%(A)	6 Month PRIBOR(1)(S)		—			(184,356	)		(184,356	)
CZK	155,500		06/29/27	1.175%(A)	6 Month PRIBOR(1)(S)		139,131			(211,665	)		(350,796	)
CZK	180,590		01/27/30	1.573%(A)	6 Month PRIBOR(1)(S)		—			(538,500	)		(538,500	)
CZK	364,670		01/28/30	1.588%(A)	6 Month PRIBOR(1)(S)		—			(1,109,920	)		(1,109,920	)
CZK	106,030		03/31/30	0.710%(A)	6 Month PRIBOR(2)(S)		—			(42,220	)		(42,220	)
DKK	20,900		10/17/21	0.185%(A)	6 Month CIBOR(2)(S)		(59,047	)		15,935			74,982
DKK	13,600		05/04/25	0.825%(A)	6 Month CIBOR(2)(S)		38			115,207			115,169
DKK	5,000		08/29/26	0.580%(A)	6 Month CIBOR(2)(S)		28			35,289			35,261
DKK	1,300		10/21/26	0.673%(A)	6 Month CIBOR(2)(S)		23			10,124			10,101
DKK	13,000		03/15/27	1.123%(A)	6 Month CIBOR(2)(S)		—			166,709			166,709
DKK	1,865		06/22/27	0.987%(A)	6 Month CIBOR(2)(S)		—			23,648			23,648
EUR	1,000		05/29/20	0.373%(A)	6 Month EURIBOR(2)(S)		171			5,993			5,822
EUR	610		07/02/21	0.994%(A)	6 Month EURIBOR(2)(S)		170			16,538			16,368
EUR	700		08/14/21	0.841%(A)	3 Month EURIBOR(2)(Q)		172			18,005			17,833
EUR	650		03/02/22	0.072%(A)	6 Month EURIBOR(2)(S)		(63,289	)		6,370			69,659
EUR	8,200		06/29/22	0.219%(A)	6 Month EURIBOR(1)(S)		—			(139,449	)		(139,449	)
EUR	21,000		09/08/22	0.140%(A)	6 Month EURIBOR(1)(S)		—			(324,879	)		(324,879	)
EUR	15,140		05/11/25	0.100%(A)	1 Day EONIA(1)(A)		(369,277	)		(635,228	)		(265,951	)

See Notes to Financial Statements.

146

Interest rate swap agreements outstanding at April 30, 2020 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2020		Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
EUR	1,000		06/04/29	2.002%(A)	6 Month EURIBOR(2)(S)	$	177		$	245,517	$	245,340
EUR	3,260		11/11/29	1.453%(A)	6 Month EURIBOR(2)(S)		304,696			597,956		293,260
EUR	1,800		01/14/30	1.022%(A)	6 Month EURIBOR(2)(S)		180			241,725		241,545
EUR	2,000		03/02/31	0.825%(A)	6 Month EURIBOR(2)(S)		(76,215	)		237,219		313,434
EUR	700		04/07/31	0.819%(A)	6 Month EURIBOR(2)(S)		178			81,778		81,600
EUR	450		05/03/31	1.048%(A)	6 Month EURIBOR(2)(S)		179			70,948		70,769
EUR	1,500		07/04/31	0.672%(A)	6 Month EURIBOR(2)(S)		181			159,237		159,056
EUR	570		08/02/31	0.584%(A)	6 Month EURIBOR(2)(S)		174			53,578		53,404
EUR	1,500		08/26/31	0.562%(A)	6 Month EURIBOR(2)(S)		184			136,105		135,921
EUR	700		09/09/31	0.558%(A)	6 Month EURIBOR(2)(S)		176			63,357		63,181
EUR	1,700		12/14/31	1.217%(A)	6 Month EURIBOR(2)(S)		176			303,711		303,535
EUR	1,850		12/19/31	1.160%(A)	6 Month EURIBOR(2)(S)		565			315,986		315,421
EUR	2,300		12/19/31	1.161%(A)	6 Month EURIBOR(2)(S)		(14,197	)		393,158		407,355
EUR	2,600		12/27/31	1.082%(A)	6 Month EURIBOR(2)(S)		13,245			416,505		403,260
EUR	6,400		02/23/32	1.180%(A)	6 Month EURIBOR(2)(S)		220			1,105,807		1,105,587
EUR	4,680		03/29/32	1.170%(A)	6 Month EURIBOR(2)(S)		1,893			798,252		796,359
EUR	1,400		04/04/32	1.145%(A)	6 Month EURIBOR(2)(S)		—			233,812		233,812
EUR	2,000		04/10/32	1.105%(A)	6 Month EURIBOR(2)(S)		—			322,430		322,430
EUR	4,150		05/11/32	1.100%(A)	6 Month EURIBOR(2)(S)		(105,096	)		721,528		826,624
EUR	7,000		06/28/32	0.785%(A)	6 Month EURIBOR(2)(S)		(68,585	)		890,442		959,027
EUR	3,050		10/30/32	1.302%(A)	6 Month EURIBOR(2)(S)		—			610,489		610,489

See Notes to Financial Statements.

PGIM Global Total Return Fund 147

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Interest rate swap agreements outstanding at April 30, 2020 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2020			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
EUR	14,225		05/11/33	1.000%(A)	6 Month EURIBOR(2)(S)	$	(419,212	)	$	2,376,180		$	2,795,392
EUR	3,135		12/28/35	1.559%(A)	6 Month EURIBOR(2)(S)		48,090			881,034			832,944
EUR	2,155		06/02/36	1.072%(A)	6 Month EURIBOR(2)(S)		195,507			439,827			244,320
EUR	600		09/26/36	0.749%(A)	6 Month EURIBOR(2)(S)		177			84,475			84,298
EUR	600		09/28/36	0.729%(A)	6 Month EURIBOR(2)(S)		178			82,061			81,883
EUR	1,000		11/02/36	0.958%(A)	6 Month EURIBOR(2)(S)		180			181,542			181,362
EUR	1,500		02/02/37	1.355%(A)	6 Month EURIBOR(2)(S)		188			384,628			384,440
EUR	3,505		05/05/39	0.045%(A)	6 Month EURIBOR(2)(S)		—			4,415			4,415
EUR	365		05/11/39	1.100%(A)	1 Day EONIA(2)(A)		69,878			102,375			32,497
EUR	3,190		05/11/42	1.350%(A)	6 Month EURIBOR(2)(S)		(188,099	)		1,095,713			1,283,812
EUR	1,235		07/04/42	1.001%(A)	6 Month EURIBOR(2)(S)		(143,527	)		312,753			456,280
EUR	3,000		05/11/45	1.150%(A)	1 Day EONIA(2)(A)		655,057			1,142,109			487,052
EUR	1,000		03/30/46	1.058%(A)	6 Month EURIBOR(2)(S)		(5,530	)		313,097			318,627
EUR	9,135		05/11/49	1.450%(A)	6 Month EURIBOR(2)(S)		685,553			4,643,139			3,957,586
GBP	510		06/30/21	2.469%(S)	6 Month GBP LIBOR(2)(S)		203			17,926			17,723
GBP	12,450		12/07/27	1.110%(A)	1 Day SONIA(1)(A)		—			(1,131,101	)		(1,131,101	)
GBP	29,797		10/22/28	0.680%(A)	1 Day SONIA(1)(A)		—			(1,596,229	)		(1,596,229	)
GBP	2,320		05/08/29	1.100%(A)	1 Day SONIA(1)(A)		(85,429	)		(253,626	)		(168,197	)
GBP	4,680		05/08/34	1.300%(S)	6 Month GBP LIBOR(2)(S)		(209,403	)		662,842			872,245
GBP	5,890		04/30/40	0.219%(A)	1 Day SONIA(2)(A)		(31	)		30,552			30,583
GBP	650		05/08/44	1.250%(A)	1 Day SONIA(2)(A)		100,918			211,502			110,584

See Notes to Financial Statements.

148

Interest rate swap agreements outstanding at April 30, 2020 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2020			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
GBP	9,280		05/08/46	1.250%(A)	1 Day SONIA(2)(A)	$	2,042,609		$	3,301,288		$	1,258,679
GBP	3,440		05/08/49	1.250%(A)	1 Day SONIA(2)(A)		770,681			1,385,131			614,450
GBP	740		05/08/49	1.400%(S)	6 Month GBP LIBOR(2)(S)		(39,399	)		259,139			298,538
GBP	1,170		04/30/70	0.024%(A)	1 Day SONIA(1)(A)		(2	)		(11,130	)		(11,128	)
GBP	2,370		04/30/70	0.026%(A)	1 Day SONIA(1)(A)		(3	)		(26,184	)		(26,181	)
HKD	151,850		03/13/21	2.138%(Q)	3 Month HIBOR(2)(Q)		—			222,764			222,764
HKD	171,690		03/13/21	2.145%(Q)	3 Month HIBOR(2)(Q)		—			253,539			253,539
HKD	100,000		04/01/21	1.850%(Q)	3 Month HIBOR(2)(Q)		(31	)		93,904			93,935
HKD	95,120		09/03/26	1.538%(Q)	3 Month HIBOR(1)(Q)		(535	)		(465,322	)		(464,787	)
HUF	11,800,000		06/21/20	1.400%(A)	3 Month BUBOR(2)(Q)		—			458,792			458,792
HUF	2,698,000		07/02/20	1.065%(A)	6 Month BUBOR(2)(S)		(4,845	)		80,747			85,592
HUF	4,636,000		01/23/25	1.095%(A)	6 Month BUBOR(2)(S)		(29,876	)		(12,555	)		17,321
HUF	370,000		03/18/26	2.140%(A)	6 Month BUBOR(2)(S)		16,300			62,056			45,756
HUF	1,667,000		12/23/26	3.755%(A)	6 Month BUBOR(2)(S)		41			601,200			601,159
HUF	6,237,270		06/12/28	3.750%(A)	6 Month BUBOR(2)(S)		—			2,017,720			2,017,720
HUF	1,677,900		07/15/29	1.650%(A)	6 Month BUBOR(2)(S)		—			148,037			148,037
HUF	2,516,000		12/09/29	1.245%(A)	6 Month BUBOR(2)(S)		—			(162,170	)		(162,170	)
HUF	499,000		02/13/30	1.595%(A)	6 Month BUBOR(2)(S)		—			16,358			16,358
JPY	19,585,210		12/17/20	0.015%(S)	6 Month JPY LIBOR(1)(S)		—			(25,859	)		(25,859	)
JPY	4,887,930		01/29/21	(0.014)%(S)	6 Month JPY LIBOR(1)(S)		—			5,241			5,241
JPY	32,800		07/04/21	(0.156)%(S)	6 Month JPY LIBOR(2)(S)		(15,013	)		(608	)		14,405

See Notes to Financial Statements.

PGIM Global Total Return Fund 149

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Interest rate swap agreements outstanding at April 30, 2020 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2020			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
JPY	1,000,000		01/08/22	(0.120)%(S)	6 Month JPY LIBOR(2)(S)	$	—		$	(15,518	)	$	(15,518	)
JPY	2,000,000		01/08/22	(0.100)%(S)	6 Month JPY LIBOR(2)(S)		—			(23,539	)		(23,539	)
JPY	4,595,280		12/03/23	0.050%(S)	6 Month JPY LIBOR(1)(S)		(39,626	)		(191,781	)		(152,155	)
JPY	3,276,010		12/20/24	0.126%(S)	6 Month JPY LIBOR(2)(S)		(53,955	)		285,622			339,577
JPY	950,000		01/15/25	0.000%(S)	6 Month JPY LIBOR(2)(S)		—			27,705			27,705
JPY	135,000		02/20/29	1.260%(S)	6 Month JPY LIBOR(2)(S)		49,802			144,793			94,991
JPY	50,000		04/02/29	1.288%(S)	6 Month JPY LIBOR(2)(S)		5			54,666			54,661
JPY	100,000		08/18/29	1.070%(S)	6 Month JPY LIBOR(2)(S)		10			95,345			95,335
JPY	100,000		08/28/29	1.043%(S)	6 Month JPY LIBOR(2)(S)		10			92,891			92,881
JPY	200,000		09/09/29	1.061%(S)	6 Month JPY LIBOR(2)(S)		(1,275	)		189,823			191,098
JPY	655,000		09/29/29	1.064%(S)	6 Month JPY LIBOR(2)(S)		411,209			620,192			208,983
JPY	200,000		04/01/31	0.319%(S)	6 Month JPY LIBOR(2)(S)		25			58,762			58,737
JPY	215,000		05/06/31	0.354%(S)	6 Month JPY LIBOR(2)(S)		28			73,995			73,967
JPY	150,000		07/07/31	0.071%(S)	6 Month JPY LIBOR(2)(S)		15			4,906			4,891
JPY	256,500		08/15/31	0.223%(S)	6 Month JPY LIBOR(2)(S)		25			49,993			49,968
JPY	130,000		08/30/31	0.217%(S)	6 Month JPY LIBOR(2)(S)		13			24,563			24,550
JPY	120,000		09/08/31	0.316%(S)	6 Month JPY LIBOR(2)(S)		12			35,763			35,751
JPY	190,000		09/21/31	0.328%(S)	6 Month JPY LIBOR(2)(S)		27			58,285			58,258
JPY	350,000		10/14/31	0.270%(S)	6 Month JPY LIBOR(2)(S)		47			83,940			83,893
JPY	200,000		04/06/32	0.484%(S)	6 Month JPY LIBOR(2)(S)		—			95,953			95,953
JPY	159,520		04/07/32	0.491%(S)	6 Month JPY LIBOR(2)(S)		—			77,744			77,744

See Notes to Financial Statements.

150

Interest rate swap agreements outstanding at April 30, 2020 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2020			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
JPY	140,000		06/07/32	0.451%(S)	6 Month JPY LIBOR(2)(S)	$	—		$	64,276		$	64,276
JPY	71,000		09/21/32	0.463%(S)	6 Month JPY LIBOR(2)(S)		—			33,059			33,059
JPY	160,000		11/14/32	2.390%(S)	6 Month JPY LIBOR(2)(S)		(26,599	)		343,098			369,697
JPY	180,000		11/05/34	1.293%(S)	6 Month JPY LIBOR(2)(S)		85,259			298,904			213,645
JPY	70,000		12/03/34	1.265%(S)	6 Month JPY LIBOR(2)(S)		9			113,246			113,237
JPY	260,000		01/07/35	1.108%(S)	6 Month JPY LIBOR(2)(S)		31			361,859			361,828
JPY	50,000		01/22/35	0.950%(S)	6 Month JPY LIBOR(2)(S)		7			58,447			58,440
JPY	120,000		02/12/35	1.161%(S)	6 Month JPY LIBOR(2)(S)		15			175,765			175,750
JPY	320,000		02/24/35	1.200%(S)	6 Month JPY LIBOR(2)(S)		40			485,949			485,909
JPY	160,000		03/03/35	1.153%(S)	6 Month JPY LIBOR(2)(S)		20			232,372			232,352
JPY	350,000		05/07/35	0.073%(S)	6 Month JPY LIBOR(2)(S)		—			(25,789	)		(25,789	)
JPY	90,000		02/04/36	0.816%(S)	6 Month JPY LIBOR(2)(S)		11			91,814			91,803
JPY	65,000		05/16/36	0.446%(S)	6 Month JPY LIBOR(2)(S)		9			30,799			30,790
JPY	110,000		05/27/36	0.460%(S)	6 Month JPY LIBOR(2)(S)		18			54,312			54,294
JPY	60,000		07/22/36	0.240%(S)	6 Month JPY LIBOR(2)(S)		11			8,822			8,811
JPY	300,000		10/04/36	0.363%(S)	6 Month JPY LIBOR(2)(S)		42			98,485			98,443
JPY	150,000		11/02/36	0.423%(S)	6 Month JPY LIBOR(2)(S)		21			66,019			65,998
JPY	400,000		12/14/36	0.723%(S)	6 Month JPY LIBOR(2)(S)		49			363,735			363,686
JPY	150,000		12/22/36	0.641%(S)	6 Month JPY LIBOR(2)(S)		19			116,738			116,719
JPY	250,000		01/06/37	0.675%(S)	6 Month JPY LIBOR(2)(S)		30			207,655			207,625
JPY	275,500		02/15/37	0.729%(S)	6 Month JPY LIBOR(2)(S)		34			251,504			251,470

See Notes to Financial Statements.

PGIM Global Total Return Fund 151

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Interest rate swap agreements outstanding at April 30, 2020 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date		Value at April 30, 2020		Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
JPY	130,000		02/23/37		0.748%(S)	6 Month JPY LIBOR(2)(S)	$	17	$	122,555	$	122,538
JPY	100,000		03/02/37		0.686%(S)	6 Month JPY LIBOR(2)(S)		—		84,468		84,468
JPY	273,000		03/09/37		0.701%(S)	6 Month JPY LIBOR(2)(S)		15,040		237,697		222,657
JPY	200,000		03/29/37		0.684%(S)	6 Month JPY LIBOR(2)(S)		—		167,600		167,600
JPY	94,310		05/08/37		0.623%(S)	6 Month JPY LIBOR(2)(S)		—		71,971		71,971
JPY	200,000		05/15/37		0.688%(S)	6 Month JPY LIBOR(2)(S)		—		173,828		173,828
JPY	150,000		06/02/37		0.640%(S)	6 Month JPY LIBOR(2)(S)		—		118,354		118,354
JPY	80,000		06/19/37		0.625%(S)	6 Month JPY LIBOR(2)(S)		—		60,934		60,934
JPY	82,000		06/21/37		0.628%(S)	6 Month JPY LIBOR(2)(S)		—		62,754		62,754
JPY	125,000		06/30/37		0.629%(S)	6 Month JPY LIBOR(2)(S)		—		95,706		95,706
JPY	105,000		07/04/37		0.659%(S)	6 Month JPY LIBOR(2)(S)		—		85,583		85,583
JPY	285,000		07/26/37		0.676%(S)	6 Month JPY LIBOR(2)(S)		—		240,582		240,582
JPY	117,300		08/02/37		0.683%(S)	6 Month JPY LIBOR(2)(S)		—		99,837		99,837
JPY	160,000		08/09/37		0.679%(S)	6 Month JPY LIBOR(2)(S)		—		135,081		135,081
JPY	500,000		09/04/37		0.663%(S)	6 Month JPY LIBOR(2)(S)		—		410,878		410,878
JPY	175,000		09/27/37		0.670%(S)	6 Month JPY LIBOR(2)(S)		—		145,454		145,454
JPY	300,000		11/02/37		0.734%(S)	6 Month JPY LIBOR(2)(S)		—		289,294		289,294
JPY	350,000		12/04/37		0.730%(S)	6 Month JPY LIBOR(2)(S)		—		333,450		333,450
JPY	900,000		01/04/38		0.757%(S)	6 Month JPY LIBOR(2)(S)		155,193		893,442		738,249
JPY	224,000		01/11/38		0.831%(S)	6 Month JPY LIBOR(2)(S)		—		250,276		250,276
JPY	800,000		03/28/38		0.656%(S)	6 Month JPY LIBOR(2)(S)		—		653,935		653,935

See Notes to Financial Statements.

152

Interest rate swap agreements outstanding at April 30, 2020 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2020			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
JPY	1,000,000		04/04/38		0.681%(S)	6 Month JPY LIBOR(2)(S)	$	—		$	851,335		$	851,335
JPY	675,000		04/06/38		0.655%(S)	6 Month JPY LIBOR(2)(S)		—			545,400			545,400
JPY	1,815,000		04/18/38		0.675%(S)	6 Month JPY LIBOR(2)(S)		(49,290	)		1,524,703			1,573,993
JPY	600,000		08/10/38		0.822%(S)	6 Month JPY LIBOR(2)(S)		—			667,598			667,598
JPY	2,430,385		12/03/38		0.600%(S)	6 Month JPY LIBOR(2)(S)		615,776			1,810,152			1,194,376
JPY	480,000		11/27/39		0.258%(S)	6 Month JPY LIBOR(2)(S)		—			58,847			58,847
JPY	969,000		12/03/39		0.650%(S)	6 Month JPY LIBOR(2)(S)		669,542			827,074			157,532
JPY	1,200,000		01/08/40		0.230%(S)	6 Month JPY LIBOR(2)(S)		—			78,981			78,981
JPY	1,500,000		01/08/40		0.250%(S)	6 Month JPY LIBOR(2)(S)		—			154,633			154,633
JPY	745,000		02/06/40		0.223%(S)	6 Month JPY LIBOR(2)(S)		—			36,759			36,759
JPY	800,000		03/25/40		0.171%(S)	6 Month JPY LIBOR(2)(S)		—			(40,001	)		(40,001	)
JPY	166,000		05/09/43		0.820%(S)	6 Month JPY LIBOR(2)(S)		—			217,310			217,310
JPY	610,000		07/04/43		0.763%(S)	6 Month JPY LIBOR(2)(S)		—			717,930			717,930
JPY	110,291		04/15/46		0.560%(S)	6 Month JPY LIBOR(2)(S)		—			84,136			84,136
JPY	26,000		10/04/47		0.942%(S)	6 Month JPY LIBOR(2)(S)		—			45,815			45,815
JPY	560,000		11/24/47		0.888%(S)	6 Month JPY LIBOR(2)(S)		—			929,896			929,896
KRW	20,090,000		08/16/20		1.915%(Q)	3 Month KWCDC(2)(Q)		—			54,996			54,996
KRW	46,100,000		01/07/21		1.733%(Q)	3 Month KWCDC(2)(Q)		—			221,606			221,606
KRW	20,447,900		09/10/28		2.043%(Q)	3 Month KWCDC(2)(Q)		763,039			1,394,507			631,468
KRW	3,120,000		10/18/29		1.313%(Q)	3 Month KWCDC(2)(Q)		10			64,861			64,851
KRW	11,000,000		02/05/30		1.319%(Q)	3 Month KWCDC(2)(Q)		26			235,175			235,149

See Notes to Financial Statements.

PGIM Global Total Return Fund 153

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Interest rate swap agreements outstanding at April 30, 2020 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2020			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
KRW	2,455,000		04/27/30		1.065%(Q)	3 Month KWCDC(2)(Q)	$	2		$	5,264		$	5,262
MXN	33,500		10/12/27		7.350%(M)	28 Day Mexican Interbank Rate(2)(M)		—			120,764			120,764
MXN	305,790		02/27/29		8.260%(M)	28 Day Mexican Interbank Rate(2)(M)		93,256			1,917,738			1,824,482
NOK	1,087,500		01/24/22		1.880%(A)	6 Month NIBOR(2)(S)		233,232			2,033,651			1,800,419
NOK	29,500		02/23/23		1.350%(A)	6 Month NIBOR(2)(S)		(3,643	)		48,197			51,840
NOK	382,300		01/24/25		1.823%(A)	6 Month NIBOR(1)(S)		(12,520	)		(1,951,971	)		(1,939,451	)
NOK	26,300		03/15/27		2.103%(A)	6 Month NIBOR(2)(S)		18,690			229,163			210,473
NOK	6,725		06/23/27		1.825%(A)	6 Month NIBOR(2)(S)		—			54,265			54,265
NOK	20,000		04/18/28		2.215%(A)	6 Month NIBOR(2)(S)		—			217,992			217,992
NOK	36,000		02/07/29		2.083%(A)	6 Month NIBOR(2)(S)		—			373,985			373,985
NOK	48,000		10/07/29		1.660%(A)	6 Month NIBOR(2)(S)		—			388,432			388,432
NZD	8,700		05/01/20		3.628%(S)	3 Month BBR(2)(Q)		214,368			80,298			(134,070	)
NZD	1,235		10/03/22		2.740%(S)	3 Month BBR(2)(Q)		—			47,558			47,558
NZD	2,830		04/26/23		2.733%(S)	3 Month BBR(2)(Q)		(67,254	)		130,157			197,411
NZD	1,750		03/13/24		5.080%(S)	3 Month BBR(2)(Q)		28,107			204,224			176,117
NZD	2,500		03/15/24		3.355%(S)	3 Month BBR(2)(Q)		2,492			186,092			183,600
NZD	1,550		07/04/24		3.100%(S)	3 Month BBR(2)(Q)		—			119,818			119,818
NZD	3,500		01/10/27		3.420%(S)	3 Month BBR(2)(Q)		73,670			436,680			363,010
NZD	5,000		04/18/28		3.193%(S)	3 Month BBR(2)(Q)		—			623,970			623,970
NZD	6,450		11/28/28		2.950%(S)	3 Month BBR(2)(Q)		—			803,195			803,195

See Notes to Financial Statements.

154

Interest rate swap agreements outstanding at April 30, 2020 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2020			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
NZD	9,250		07/22/29		1.768%(S)	3 Month BBR(2)(Q)	$	—		$	563,703		$	563,703
NZD	9,000		10/07/29		1.130%(S)	3 Month BBR(2)(Q)		—			200,171			200,171
PLN	73,670		08/24/23		2.390%(A)	6 Month WIBOR(2)(S)		—			1,327,178			1,327,178
PLN	11,000		09/09/23		1.900%(A)	6 Month WIBOR(2)(S)		(435,493	)		146,595			582,088
PLN	60,110		11/13/23		2.570%(A)	6 Month WIBOR(2)(S)		—			1,139,417			1,139,417
PLN	18,100		04/11/24		2.020%(A)	6 Month WIBOR(2)(S)		27,242			271,030			243,788
PLN	83,750		06/21/24		1.750%(A)	6 Month WIBOR(2)(S)		—			1,213,445			1,213,445
PLN	30,000		03/28/28		2.895%(A)	6 Month WIBOR(2)(S)		—			1,235,127			1,235,127
PLN	24,980		06/12/28		3.070%(A)	6 Month WIBOR(1)(S)		—			(1,251,022	)		(1,251,022	)
PLN	3,540		07/11/28		2.935%(A)	6 Month WIBOR(2)(S)		—			166,623			166,623
SEK	13,000		09/15/21		(0.003)%(A)	3 Month STIBOR(2)(Q)		26			(2,290	)		(2,316	)
SEK	27,200		12/15/21		0.203%(A)	3 Month STIBOR(2)(Q)		(607	)		6,229			6,836
SEK	12,700		04/25/23		0.750%(A)	3 Month STIBOR(2)(Q)		30			25,367			25,337
SEK	38,380		07/11/23		0.458%(A)	3 Month STIBOR(2)(Q)		—			57,972			57,972
SEK	15,550		03/15/24		0.840%(A)	3 Month STIBOR(2)(Q)		—			46,306			46,306
SEK	12,700		08/29/24		1.657%(A)	3 Month STIBOR(2)(Q)		22,804			101,007			78,203
SEK	3,000		11/16/25		1.485%(A)	3 Month STIBOR(2)(Q)		20			24,534			24,514
SEK	6,000		12/09/25		1.505%(A)	3 Month STIBOR(2)(Q)		23			49,857			49,834
SEK	15,000		06/27/26		1.001%(A)	3 Month STIBOR(2)(Q)		33			89,083			89,050
SEK	15,390		06/22/27		1.031%(A)	3 Month STIBOR(2)(Q)		—			103,584			103,584
SEK	58,000		03/27/28		1.267%(A)	3 Month STIBOR(2)(Q)		—			477,972			477,972

See Notes to Financial Statements.

PGIM Global Total Return Fund 155

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Interest rate swap agreements outstanding at April 30, 2020 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date		Value at April 30, 2020			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
SEK	8,535		07/11/28		1.141%(A)	3 Month STIBOR(2)(Q)	$	—	$	70,017		$	70,017
SEK	33,000		11/28/28		1.188%(A)	3 Month STIBOR(2)(Q)		55,811		277,595			221,784
SEK	40,000		06/20/29		0.550%(A)	3 Month STIBOR(2)(Q)		—		106,940			106,940
SEK	16,000		10/07/29		0.180%(A)	3 Month STIBOR(2)(Q)		—		(21,804	)		(21,804	)
SEK	30,000		11/05/29		0.457%(A)	3 Month STIBOR(2)(Q)		—		42,734			42,734
SEK	78,000		01/24/30		0.605%(A)	3 Month STIBOR(2)(Q)		—		219,327			219,327
SGD	15,540		05/21/23		2.030%(S)	6 Month SIBOR(1)(S)		—		(498,820	)		(498,820	)
SGD	10,240		03/19/24		2.025%(S)	6 Month SIBOR(2)(S)		—		394,113			394,113
SGD	8,330		05/21/28		2.436%(S)	6 Month SIBOR(2)(S)		—		754,713			754,713
SGD	6,000		04/02/29		2.170%(S)	6 Month SIBOR(2)(S)		—		479,694			479,694
SGD	3,610		10/21/29		1.685%(S)	6 Month SIBOR(2)(S)		—		184,227			184,227
THB	173,600		04/28/30		1.020%(S)	6 Month BKIBOR(2)(S)		—		(16,646	)		(16,646	)
	91,190		03/16/21		0.109%(T)	1 Day USOIS(1)(T)		—		(36,019	)		(36,019	)
	94,722		06/09/21		0.395%(A)	1 Day USOIS(1)(A)		—		(396,499	)		(396,499	)
	139,100		09/12/21		0.260%(A)	1 Day USOIS(1)(A)		—		(430,724	)		(430,724	)
	93,105		03/10/22		0.330%(A)	1 Day USOIS(1)(A)		—		(509,954	)		(509,954	)
	242,430		04/25/23		—(3)	—(3)		—		2,330			2,330
	88,904		05/31/24		1.350%(A)	1 Day USOIS(1)(A)		—		(4,667,213	)		(4,667,213	)
	47,558		08/15/29		1.611%(A)	1 Day USOIS(1)(A)		20,976		(5,586,034	)		(5,607,010	)
	1,680		02/15/42		1.369%(A)	1 Day USOIS(1)(A)		180		(287,329	)		(287,509	)
	4,980		08/15/44		2.392%(A)	1 Day USOIS(1)(A)		—		(2,141,831	)		(2,141,831	)
	17,384		11/15/45		0.508%(A)	1 Day USOIS(1)(A)		156,714		274,988			118,274

See Notes to Financial Statements.

156

Interest rate swap agreements outstanding at April 30, 2020 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2020			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
	3,980		11/15/45		0.553%(A)	1 Day USOIS(1)(A)	$	—		$	19,646		$	19,646
	32,137		11/15/45		1.253%(A)	1 Day USOIS(1)(A)		(215,357	)		(5,267,849	)		(5,052,492	)
	845		09/27/46		1.380%(A)	1 Day USOIS(1)(A)		165			(171,536	)		(171,701	)
ZAR	755,000		02/28/21		7.150%(Q)	3 Month JIBAR(2)(Q)		—			1,029,234			1,029,234
ZAR	228,000		06/21/21		7.465%(Q)	3 Month JIBAR(2)(Q)		(979	)		480,770			481,749
ZAR	665,000		02/28/24		7.475%(Q)	3 Month JIBAR(1)(Q)		—			(2,795,851	)		(2,795,851	)
ZAR	16,800		05/12/26		8.680%(Q)	3 Month JIBAR(2)(Q)		18			108,498			108,480
ZAR	27,500		06/30/27		8.015%(Q)	3 Month JIBAR(2)(Q)		(155	)		91,849			92,004
ZAR	68,200		11/07/27		8.360%(Q)	3 Month JIBAR(2)(Q)		53			293,417			293,364
ZAR	43,090		01/17/28		7.833%(Q)	3 Month JIBAR(2)(Q)		—			94,690			94,690
ZAR	35,000		04/16/28		7.655%(Q)	3 Month JIBAR(2)(Q)		(1,219	)		45,656			46,875
ZAR	176,800		07/16/28		8.170%(Q)	3 Month JIBAR(2)(Q)		696			505,032			504,336
ZAR	200,000		02/28/29		8.035%(Q)	3 Month JIBAR(2)(Q)		—			344,787			344,787
ZAR	46,800		06/21/29		7.685%(Q)	3 Month JIBAR(2)(Q)		(234	)		3,431			3,665
ZAR	140,000		10/03/29		7.580%(Q)	3 Month JIBAR(2)(Q)		—			(98,851	)		(98,851	)
ZAR	30,000		11/01/29		7.820%(Q)	3 Month JIBAR(2)(Q)		(225	)		9,846			10,071
ZAR	344,070		03/26/30		9.200%(Q)	3 Month JIBAR(2)(Q)		(7,733	)		1,866,528			1,874,261
							$	7,365,514		$	70,920,860		$	63,555,346

See Notes to Financial Statements.

PGIM Global Total Return Fund 157

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Interest rate swap agreements outstanding at April 30, 2020 (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:
CLP	2,890,000		02/09/27		4.120%(S)	1 Day CLOIS(2)(S)	$	478,393	$	—	$	478,393	Morgan Stanley & Co. International PLC
CLP	94,000		12/19/27		4.370%(S)	1 Day CLOIS(2)(S)		18,486		—		18,486	Morgan Stanley & Co. International PLC
CLP	2,420,000		12/20/27		4.260%(S)	1 Day CLOIS(2)(S)		439,082		—		439,082	Morgan Stanley & Co. International PLC
CLP	842,800		01/23/28		4.245%(S)	1 Day CLOIS(2)(S)		152,300		—		152,300	Morgan Stanley & Co. International PLC
CLP	2,168,000		01/26/28		4.210%(S)	1 Day CLOIS(2)(S)		389,955		—		389,955	Morgan Stanley & Co. International PLC
CLP	1,080,000		02/01/28		4.200%(S)	1 Day CLOIS(2)(S)		192,748		—		192,748	Morgan Stanley & Co. International PLC
CLP	1,750,000		03/27/28		4.220%(S)	1 Day CLOIS(2)(S)		308,734		—		308,734	Citibank, N.A.
CLP	2,092,000		05/17/28		4.270%(S)	1 Day CLOIS(2)(S)		403,450		—		403,450	Citibank, N.A.
CNH	10,000		04/02/26		3.120%(Q)	7 Day China Fixing Repo Rates(2)(Q)		101,793		3		101,790	Citibank, N.A.
COP	4,351,000		11/01/26		6.590%(Q)	1 Day COOIS(2)(Q)		166,962		—		166,962	Morgan Stanley & Co. International PLC
COP	10,220,000		11/04/26		6.770%(Q)	1 Day COOIS(2)(Q)		420,369		—		420,369	Morgan Stanley & Co. International PLC
COP	13,700,000		06/02/27		5.910%(Q)	1 Day COOIS(2)(Q)		370,935		—		370,935	Morgan Stanley & Co. International PLC
COP	5,437,000		01/23/28		6.035%(Q)	1 Day COOIS(2)(Q)		152,655		—		152,655	Morgan Stanley & Co. International PLC
COP	6,670,000		01/26/28		6.000%(Q)	1 Day COOIS(2)(Q)		180,208		—		180,208	Morgan Stanley & Co. International PLC
COP	5,607,000		02/01/28		6.020%(Q)	1 Day COOIS(2)(Q)		162,517		—		162,517	Morgan Stanley & Co. International PLC

See Notes to Financial Statements.

158

Interest rate swap agreements outstanding at April 30, 2020 (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)	$	282,663		$	—		$	282,663		Morgan Stanley & Co. International PLC
ILS	7,500		12/09/22		1.530%(A)	3 Month TELBOR(2)(Q)		88,438			—			88,438		Citibank, N.A.
ILS	3,200		03/06/23		3.525%(A)	3 Month TELBOR(2)(Q)		91,632			—			91,632		Deutsche Bank AG
ILS	4,200		06/27/23		3.730%(A)	3 Month TELBOR(2)(Q)		170,984			—			170,984		Credit Suisse International
ILS	3,000		04/26/26		1.685%(A)	3 Month TELBOR(2)(Q)		64,366			—			64,366		JPMorgan Chase Bank, N.A.
ILS	5,000		06/24/26		1.660%(A)	3 Month TELBOR(2)(Q)		126,080			—			126,080		Citibank, N.A.
ILS	4,000		09/19/26		1.600%(A)	3 Month TELBOR(2)(Q)		93,297			—			93,297		Barclays Bank PLC
ILS	7,000		01/12/27		1.975%(A)	3 Month TELBOR(2)(Q)		209,074			—			209,074		Citibank, N.A.
ILS	3,000		03/15/27		2.130%(A)	3 Month TELBOR(2)(Q)		97,049			—			97,049		Citibank, N.A.
ILS	2,745		06/22/27		1.845%(A)	3 Month TELBOR(2)(Q)		85,370			—			85,370		Citibank, N.A.
ILS	5,600		04/26/28		1.915%(A)	3 Month TELBOR(2)(Q)		168,079			—			168,079		BNP Paribas S.A.
ILS	38,930		07/16/28		2.045%(A)	3 Month TELBOR(2)(Q)		1,481,001			—			1,481,001		JPMorgan Chase Bank, N.A.
ILS	8,050		03/13/29		1.840%(A)	3 Month TELBOR(2)(Q)		245,111			—			245,111		HSBC Bank USA, N.A.
ILS	12,160		07/12/29		1.411%(A)	3 Month TELBOR(2)(Q)		277,766			(3,190	)		280,956		Citibank, N.A.
ILS	5,000		10/07/29		0.885%(A)	3 Month TELBOR(2)(Q)		33,939			—			33,939		Goldman Sachs International
ILS	19,790		12/09/29		0.813%(A)	3 Month TELBOR(2)(Q)		82,369			—			82,369		Goldman Sachs International
ILS	31,310		04/24/30		0.710%(A)	3 Month TELBOR(2)(Q)		(951	)		(298	)		(653	)	Goldman Sachs International
JPY	35,000		12/14/32		1.575%(S)	6 Month JPY LIBOR(2)(S)		64,170			—			64,170		HSBC Bank USA, N.A.
KRW	1,500,000		08/14/21		2.773%(Q)	3 Month KRW LIBOR(2)(Q)		32,915			—			32,915		HSBC Bank USA, N.A.
KRW	655,000		10/07/22		1.765%(Q)	3 Month KRW LIBOR(2)(Q)		11,303			—			11,303		JPMorgan Chase Bank, N.A.

See Notes to Financial Statements.

PGIM Global Total Return Fund 159

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Interest rate swap agreements outstanding at April 30, 2020 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Interest Rate Swap Agreements (cont’d.):
KRW	3,300,000		04/17/23		2.170%(Q)	3 Month KWCDC(2)(Q)	$	99,780		$	(136	)	$	99,916		Morgan Stanley & Co. International PLC
KRW	900,000		11/05/24		2.425%(Q)	3 Month KRW LIBOR(2)(Q)		49,369			—			49,369		Citibank, N.A.
KRW	1,485,000		10/28/26		1.520%(Q)	3 Month KRW LIBOR(2)(Q)		41,120			(12	)		41,132		JPMorgan Chase Bank, N.A.
KRW	2,040,000		04/26/27		1.880%(Q)	3 Month KRW LIBOR(2)(Q)		101,055			—			101,055		Morgan Stanley & Co. International PLC
KRW	1,280,000		10/17/28		1.450%(Q)	3 Month KRW LIBOR(2)(Q)		37,113			—			37,113		Citibank, N.A.
KRW	520,000		01/27/31		1.870%(Q)	3 Month KRW LIBOR(2)(Q)		36,037			—			36,037		JPMorgan Chase Bank, N.A.
MYR	16,000		08/19/23		3.445%(Q)	3 Month KLIBOR(2)(Q)		154,357			—			154,357		Morgan Stanley & Co. International PLC
MYR	1,700		04/28/25		4.040%(Q)	3 Month KLIBOR(2)(Q)		34,568			—			34,568		Citibank, N.A.
MYR	3,160		07/11/29		3.528%(Q)	3 Month KLIBOR(2)(Q)		77,940			(6	)		77,946		Morgan Stanley & Co. International PLC
MYR	11,700		11/19/29		3.245%(Q)	3 Month KLIBOR(2)(Q)		230,378			18			230,360		Morgan Stanley & Co. International PLC
MYR	17,800		02/04/30		3.060%(Q)	3 Month KLIBOR(2)(Q)		287,981			9			287,972		Morgan Stanley & Co. International PLC
THB	550,000		08/08/20		1.840%(S)	6 Month BIBOR(2)(S)		66,057			—			66,057		Citibank, N.A.
THB	120,000		08/23/23		1.920%(S)	6 Month BIBOR(2)(S)		147,187			—			147,187		Morgan Stanley & Co. International PLC
THB	60,000		07/04/24		1.590%(S)	6 Month BIBOR(2)(S)		59,492			—			59,492		Morgan Stanley & Co. International PLC
THB	28,900		04/30/25		2.560%(S)	6 Month BIBOR(2)(S)		74,764			—			74,764		Citibank, N.A.
TWD	115,500		03/17/21		0.780%(Q)	3 Month TAIBOR(2)(Q)		12,042			—			12,042		Barclays Bank PLC
ZAR	40,930		03/22/42		7.800%(Q)	3 Month JIBAR(2)(Q)		(180,013	)		—			(180,013	)	Deutsche Bank AG

See Notes to Financial Statements.

160

Interest rate swap agreements outstanding at April 30, 2020 (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.):
	ZAR            89,400		09/22/42	8.020%(Q)	3 Month JIBAR(2)(Q)	$	(276,029	)	$	—		$	(276,029	)	Deutsche Bank AG
	ZAR            38,700		03/22/47	7.650%(Q)	3 Month JIBAR(1)(Q)		212,236			—			212,236		Deutsche Bank AG
	ZAR            83,965		09/22/47	7.890%(Q)	3 Month JIBAR(1)(Q)		330,448			—			330,448		Deutsche Bank AG
						$	9,239,124		$	(3,612	)	$	9,242,736

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

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

(3) The Fund pays the floating rate of 1 Month LIBOR plus 6.75 bps quarterly and receives the floating rate of 3 Month LIBOR quarterly.

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

	Premiums Paid		Premiums Received			Unrealized Appreciation		Unrealized Depreciation
OTC Swap Agreements	$	9,309,437	$	(14,771,303	)	$	31,048,786	$	(21,313,355	)

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.	$	18,630,000	$	75,549,480
J.P. Morgan Securities LLC		8,920,092		24,523,650
Total	$	27,550,092	$	100,073,130

Fair Value Measurements:

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

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

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

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

See Notes to Financial Statements.

PGIM Global Total Return Fund 161

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

The following is a summary of the inputs used as of April 30, 2020 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Asset-Backed Securities
Cayman Islands	$	—	$	310,384,346	$	—
Ireland		—		43,165,144		—
Spain		—		7,129,685		—
United States		—		124,441,046		6,743,899
Bank Loans
France		—		1,653,842		—
Germany		—		2,898,140		—
United Kingdom		—		2,419,223		6,557,566
United States		—		1,233,375		—
Commercial Mortgage-Backed Securities
Canada		—		1,685,420		—
United Kingdom		—		615,729		—
United States		—		209,525,060		—
Corporate Bonds
Australia		—		4,632,519		—
Belgium		—		4,736,619		—
Brazil		—		22,710,920		—
Canada		—		23,907,964		—
China		—		37,474,993		—
Denmark		—		1,093,049		—
France		—		75,097,303		—
Germany		—		27,205,119		—
Hong Kong		—		10,143,455		—
Hungary		—		408,329		—
Iceland		—		5,385,531		—
Indonesia		—		8,033,541		—
Israel		—		11,453,239		—
Italy.		—		8,738,436		—
Japan		—		5,764,355		—
Kazakhstan		—		5,980,341		—
Luxembourg		—		11,460,713		—
Mexico		—		25,363,855		—
Netherlands		—		25,746,941		—
Norway		—		10,135,713		—
Peru		—		1,806,508		—
Philippines		—		235,574		—
Poland		—		3,002,549		—
Portugal		—		7,167,308		—
Qatar		—		9,156,138		—
Russia		—		18,824,809		—
South Africa		—		3,709,260		—
South Korea		—		9,640,756		—
Spain		—		3,542,720		—
Supranational Bank		—		48,380,235		—
Switzerland		—		13,551,988		—

See Notes to Financial Statements.

162

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Corporate Bonds (continued)
Tunisia	$	—	$	705,600	$	—
Ukraine		—		1,050,749		—
United Arab Emirates		—		38,712,029		—
United Kingdom		—		91,241,522		—
United States		—		560,485,866		—
Residential Mortgage-Backed Securities
Bermuda		—		16,987,794		—
United Kingdom		—		3,440,930		—
United States		—		50,502,392		52,484,251
Sovereign Bonds
Albania		—		2,605,422		—
Argentina		—		10,031,656		—
Australia		—		3,436,756		—
Austria		—		4,491,519		—
Belgium		—		2,254,145		—
Brazil		—		59,280,539		—
Bulgaria		—		8,132,751		—
Canada		—		8,166,113		—
Chile		—		2,346,695		—
China		—		16,748,146		—
Colombia		—		50,893,593		—
Croatia		—		15,011,750		—
Cyprus		—		58,799,030		—
Czech Republic		—		1,204,482		—
Denmark		—		2,992,865		—
Dominican Republic		—		4,583,450		—
Egypt		—		2,429,426		—
Finland.		—		4,252,521		—
France		—		534,957		—
Germany		—		926,254		—
Greece		—		87,160,060		—
Guernsey		—		2,729,779		—
Hong Kong		—		1,641,838		—
Hungary		—		17,723,483		—
Iceland		—		1,637,929		—
India		—		2,665,572		—
Indonesia		—		60,538,463		—
Iraq		—		1,286,909		—
Israel		—		19,048,157		—
Italy		—		144,642,991		—
Japan		—		25,751,547		—
Kazakhstan		—		14,741,702		—
Kuwait		—		2,095,242		—
Latvia		—		223,243		—
Lithuania		—		5,578,269		—
Macedonia		—		3,948,989		—

See Notes to Financial Statements.

PGIM Global Total Return Fund 163

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

	Level 1		Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Sovereign Bonds (continued)
Malaysia	$	—	$	4,977,957		$	—
Mexico		—		41,080,128			—
Montenegro		—		806,662			—
New Zealand		—		7,214,540			—
Norway		—		2,457,113			—
Panama		—		11,663,534			—
Peru		—		44,217,753			—
Philippines		—		33,528,655			—
Poland		—		3,362,461			—
Portugal		—		27,115,412			—
Qatar		—		8,076,777			—
Romania		—		23,932,442			—
Russia		—		22,856,658			—
Saudi Arabia		—		18,211,828			—
Senegal		—		1,325,806			—
Serbia		—		22,225,003			—
Slovenia		—		8,926,119			—
South Africa		—		9,063,341			—
South Korea		—		8,580,769			—
Spain		—		97,226,101			—
Sweden		—		4,592,726			—
Thailand		—		1,713,630			—
Turkey		—		15,366,032			—
Ukraine		—		26,710,532			—
United Arab Emirates		—		25,799,872			—
United Kingdom		—		48,964,219			—
Uruguay		—		3,715,400			—
U.S. Government Agency Obligations		—		19,089,298			—
U.S. Treasury Obligations		—		4,887,185			—
Common Stock		7,212		—			—
Preferred Stock		107,080		—			—
Affiliated Mutual Funds		293,275,158		—			—
Options Purchased		—		371,602,113			—
Total	$	293,389,450	$	3,482,594,981		$	65,785,716
Liabilities
Options Written	$	—	$	(380,896,610	)	$	—
Other Financial Instruments*
Assets
Futures Contracts	$	61,526,316	$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—		135,052,309			—
OTC Cross Currency Exchange Contracts		—		14,210,240			—
OTC Packaged Credit Default Swap Agreements		—		13,671,463			—
Centrally Cleared Credit Default Swap Agreements		—		7,594,280			—

See Notes to Financial Statements.

164

	Level 1			Level 2			Level 3
Other Financial Instruments* (continued)
Assets (continued)
OTC Credit Default Swap Agreements	$	—		$	11,626,673		$	64,816
OTC Currency Swap Agreements		—			1,522,757			—
Centrally Cleared Inflation Swap Agreement		—			729,554			—
Centrally Cleared Interest Rate Swap Agreements		—			100,075,215			—
OTC Interest Rate Swap Agreements		—			9,696,117			—
Total	$	61,526,316		$	294,178,608		$	64,816
Liabilities
Futures Contracts	$	(22,886,506	)	$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—			(125,483,364	)		—
OTC Cross Currency Exchange Contracts		—			(5,309,898	)		—
OTC Packaged Credit Default Swap Agreements		—			(13,641,709	)		—
Centrally Cleared Credit Default Swap Agreements		—			(13,783,277	)		—
OTC Credit Default Swap Agreements		—			(18,196,984	)		(12,575	)
Centrally Cleared Inflation Swap Agreement		—			(770,073	)		—
Centrally Cleared Interest Rate Swap Agreements		—			(36,519,869	)		—
OTC Interest Rate Swap Agreements		—			(456,993	)		—
Total	$	(22,886,506	)	$	(214,162,167	)	$	(12,575	)

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

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

	Asset-Backed Securities United States			Bank Loans			Corporate Bonds
Balance as of 10/31/19	$	7,247,808		$	—		$	5,201,099
Realized gain (loss)		—			—			—
Change in unrealized appreciation (depreciation)		—			(504,834	)		—
Purchases/Exchanges/Issuances		—			7,062,400			—
Sales/Paydowns		(503,909	)		—			—
Accrued discount/premium		—			—			—
Transfers into Level 3		—			—			—
Transfers out of Level 3		—			—			(5,201,099	)
Balance as of 04/30/20	$	6,743,899		$	6,557,566		$	—
Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end	$	—		$	(504,834	)	$	—

See Notes to Financial Statements.

PGIM Global Total Return Fund 165

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

	Residential Mortgage-Backed Securities United  States			Sovereign Bonds			OTC Credit Default Swap Agreements
Balance as of 10/31/19	$	22,400,000		$	1,565,598		$	49,237
Realized gain (loss)		—			—			42,423
Change in unrealized appreciation (depreciation)		(408,296	)		—			52,241
Purchases/Exchanges/Issuances		27,986,604			—			—
Sales/Paydowns		(3,993,206	)		—			(91,660	)
Accrued discount/premium		—			—			—
Transfers into Level 3		6,499,149			—			—
Transfers out of Level 3		—			(1,565,598	)		—
Balance as of 04/30/20	$	52,484,251		$			$	52,241
Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end	$	(408,296	)	$	—		$	52,241

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

Level 3 Securities	Fair Value as of April 30, 2020		Valuation Methodology		Unobservable Inputs
Asset-Backed Securities
United States	$	6,743,899		Market Approach		Single Broker Indicative Quote
Bank Loans		6,557,566		Market Approach		Single Broker Indicative Quote
Residential Mortgage-Backed Securities
United States		52,484,251		Market Approach		Single Broker Indicative Quote
OTC Credit Default Swap Agreements		52,241		Market Approach		Single Broker Indicative Quote
	$	65,837,957

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

Investments in Securities	Amount Transferred		Level Transfer	Logic
Corporate Bonds	$	5,201,099	L3 to L2	Comparable Security Data to Evaluated Bid
Residential Mortgage-Backed Securities United States	$	6,499,149	L2 to L3	Evaluated Bid to Single Broker Indicative Quote
Sovereign Bonds	$	1,565,598	L3 to L2	Comparable Security Data to Evaluated Bid

See Notes to Financial Statements.

166

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2020 were as follows:

Sovereign Bonds	34.0	%
Options Purchased	10.7
Collateralized Loan Obligations	10.6
Affiliated Mutual Funds (2.1% represents investments purchased with collateral from securities on loan)	8.5
Banks	8.1
Commercial Mortgage-Backed Securities	6.1
Residential Mortgage-Backed Securities	4.4
Oil & Gas	2.3
Electric	2.3
Telecommunications	2.1
Student Loans	1.5
Media	1.5
Multi-National	1.4
Pipelines	1.4
Pharmaceuticals	1.3
Diversified Financial Services	1.3
Insurance	1.2
Transportation	1.1
Commercial Services	1.0
Chemicals	0.9
Healthcare-Products	0.8
Retail	0.7
Real Estate Investment Trusts (REITs)	0.7
U.S. Government Agency Obligations	0.6
Consumer Loans	0.6
Home Builders	0.6
Healthcare-Services	0.5
Auto Manufacturers	0.5
Foods	0.4
Automobiles	0.4
Packaging & Containers	0.4
Software	0.4
Electrical Components & Equipment	0.3

Semiconductors	0.3	%
Other	0.3
Electronics	0.3
Entertainment	0.2
Aerospace & Defense	0.2
Internet	0.2
Auto Parts & Equipment	0.2
Real Estate	0.2
U.S. Treasury Obligations	0.1
Beverages	0.1
Agriculture	0.1
Building Materials	0.1
Mining	0.1
Oil & Gas Services	0.1
Home Equity Loans	0.0	*
Computers	0.0	*
Housewares	0.0	*
Household Products/Wares	0.0	*
Biotechnology	0.0	*
Office/Business Equipment	0.0	*
Miscellaneous Manufacturing	0.0	*
Forest Products & Paper	0.0	*
Airlines	0.0	*
Leisure Time	0.0	*
Oil, Gas & Consumable Fuels	0.0	*
	111.1
Options Written	(11.0	)
Liabilities in excess of other assets	(0.1	)
	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

See Notes to Financial Statements.

PGIM Global Total Return Fund 167

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of April 30, 2020 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	$	7,594,280	*	Due from/to broker-variation margin swaps	$	13,783,277	*
Credit contracts	Premiums paid for OTC swap agreements		9,309,407		Premiums received for OTC swap agreements		14,767,661
Credit contracts	Unrealized appreciation on OTC swap agreements		19,826,598		Unrealized depreciation on OTC swap agreements Options written		20,856,660
Foreign exchange contracts	Unaffiliated investments		370,552,446		outstanding, at value		380,896,610
Foreign exchange contracts	Unrealized appreciation on OTC cross currency exchange contracts		14,210,240		Unrealized depreciation on OTC cross currency exchange contracts		5,309,898
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		135,052,309		Unrealized depreciation on OTC forward foreign currency exchange contracts		125,483,364
Interest rate contracts	Due from/to broker-variation margin futures		61,526,316	*	Due from/to broker-variation margin futures		22,886,506	*
Interest rate contracts	Due from/to broker-variation margin swaps		100,804,769	*	Due from/to broker-variation margin swaps		37,289,942	*
Interest rate contracts	Premiums paid for OTC swap agreements		30		Premiums received for OTC swap agreements		3,642
Interest rate contracts	Unaffiliated investments		1,049,667		—		—
Interest rate contracts	Unrealized appreciation on OTC swap agreements		11,222,188		Unrealized depreciation on OTC swap agreements		456,695
		$	731,148,250			$	621,734,255

* 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.

See Notes to Financial Statements.

168

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2020 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	$	(176,009	)	$	222,965	$	—	$	—	$	(25,999,775	)
Foreign exchange contracts		(80,513,858	)		73,388,543		—		4,274,556		—
Interest rate contracts		(34,660	)		412,192		69,565,721		—		(78,620,976	)
Total	$	(80,724,527	)	$	74,023,700	$	69,565,721	$	4,274,556	$	(104,620,751	)

(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	$	33,052	$	70,956		$	—	$	—	$	(16,910,973	)
Foreign exchange contracts		194,711,158		(202,115,524	)		—		7,352,231		—
Interest rate contracts		385,429		(63,220	)		40,223,348		—		53,298,866
Total	$	195,129,639	$	(202,107,788	)	$	40,223,348	$	7,352,231	$	36,387,893

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

For the six months ended April 30, 2020, 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)
$	189,704,930	$	7,392,904,068	$	1,325,349,672	$	2,126,335,889	$	2,321,028,891

Forward Foreign Currency Exchange Contracts - Sold(3)		Cross Currency Exchange Contracts(4)		Inflation Swap Agreements(2)		Interest Rate Swap Agreements(2)
$	2,080,677,209	$	252,698,031	$	30,988,533	$	3,698,248,051

Credit Default Swap Agreements— Buy Protection(2)		Credit Default Swap Agreements— Sell Protection(2)		Currency Swap Agreements(2)
$	316,480,828	$	1,115,732,067	$	42,260,000

See Notes to Financial Statements.

PGIM Global Total Return Fund 169

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

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

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

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/ (Liabilities)		Collateral Pledged/ (Received)(2)			Net Amount
Securities on Loan	$	70,286,785	$	(70,286,785	)	$	—

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.	$	58,409,284	$	(68,216,588	)	$	(9,807,304	)	$	9,807,304		$	—
Barclays Bank PLC		7,964,811		(11,981,718	)		(4,016,907	)		3,351,000			(665,907	)
BNP Paribas S.A.		7,723,265		(9,342,157	)		(1,618,892	)		450,000			(1,168,892	)
Citibank, N.A.		145,308,710		(146,434,382	)		(1,125,672	)		—			(1,125,672	)
Credit Suisse International		589,785		(1,600,236	)		(1,010,451	)		1,010,451			—
Deutsche Bank AG		123,722,656		(114,422,412	)		9,300,244			(9,300,244	)		—
Goldman Sachs International		45,853,156		(43,606,029	)		2,247,127			—			2,247,127
HSBC Bank USA, N.A.		11,607,320		(6,758,588	)		4,848,732			(4,848,732	)		—
JPMorgan Chase Bank, N.A.		17,095,842		(13,243,187	)		3,852,655			(3,852,655	)		—
JPMorgan Securities LLC		—		(149,555	)		(149,555	)		—			(149,555	)
Morgan Stanley & Co. International PLC		142,004,414		(131,119,161	)		10,885,253			(8,310,000	)		2,575,253

See Notes to Financial Statements.

170

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
The Toronto-Dominion Bank	$	234,846	$	(742,777	)	$	(507,931	)	$	507,931		$	—
UBS AG		708,796		(157,740	)		551,056			(551,056	)		—
	$	561,222,885	$	(547,774,530	)	$	13,448,355		$	(11,736,001	)	$	1,712,354

(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 171

Statement of Assets and Liabilities (unaudited)

as of April 30, 2020

Assets
Investments at value, including securities on loan of $70,286,785:
Unaffiliated investments (cost $3,580,783,902)	$	3,548,494,989
Affiliated investments (cost $293,236,866)		293,275,158
Cash		10,290,202
Foreign currency, at value (cost $4,111,850)		4,155,225
Cash segregated for counterparty - OTC		6,093,000
Unrealized appreciation on OTC forward foreign currency exchange contracts		135,052,309
Dividends and interest receivable		33,176,084
Unrealized appreciation on OTC swap agreements		31,048,786
Deposit with broker for centrally cleared/exchange-traded derivatives		27,550,092
Unrealized appreciation on OTC cross currency exchange contracts		14,210,240
Receivable for Fund shares sold		13,012,423
Premiums paid for OTC swap agreements		9,309,437
Receivable for investments sold		4,952,655
Tax reclaim receivable		10,195
Prepaid expenses and other assets		615,574
Total Assets		4,131,246,369
Liabilities
Options written outstanding, at value (proceeds received $254,058,475)		380,896,610
Unrealized depreciation on OTC forward foreign currency exchange contracts		125,483,364
Payable to broker for collateral for securities on loan		72,849,168
Payable for investments purchased		35,024,434
Unrealized depreciation on OTC swap agreements		21,313,355
Premiums received for OTC swap agreements		14,771,303
Payable for Fund shares reacquired		10,074,031
Unrealized depreciation on OTC cross currency exchange contracts		5,309,898
Due to broker—variation margin futures		3,545,655
Management fee payable		1,314,955
Due to broker—variation margin swaps		713,486
Dividends payable		579,343
Accrued expenses and other liabilities		228,057
Distribution fee payable		95,028
Affiliated transfer agent fee payable		55,241
Total Liabilities		672,253,928
Net Assets	$	3,458,992,441
Net assets were comprised of:
Common stock, at par	$	5,279,713
Paid-in capital in excess of par		3,600,785,062
Total distributable earnings (loss)		(147,072,334	)
Net assets, April 30, 2020	$	3,458,992,441

See Notes to Financial Statements.

172

Class A
Net asset value and redemption price per share, ($ 296,898,514 ÷ 45,662,676 shares of common stock issued and outstanding)	$	6.50
Maximum sales charge (3.25% of offering price)		0.22
Maximum offering price to public	$	6.72
Class B
Net asset value, offering price and redemption price per share, ($ 454,758 ÷ 69,994 shares of common stock issued and outstanding)	$	6.50
Class C
Net asset value, offering price and redemption price per share, ($ 41,913,879 ÷ 6,459,050 shares of common stock issued and outstanding)	$	6.49
Class Z
Net asset value, offering price and redemption price per share, ($ 1,622,827,436 ÷ 248,248,777 shares of common stock issued and outstanding)	$	6.54
Class R2
Net asset value, offering price and redemption price per share, ($ 7,994,163 ÷ 1,214,514 shares of common stock issued and outstanding)	$	6.58
Class R4
Net asset value, offering price and redemption price per share, ($ 4,941,086 ÷ 750,216 shares of common stock issued and outstanding)	$	6.59
Class R6
Net asset value, offering price and redemption price per share, ($ 1,483,962,605 ÷ 225,566,045 shares of common stock issued and outstanding)	$	6.58

See Notes to Financial Statements.

PGIM Global Total Return Fund 173

Statement of Operations (unaudited)

Six Months Ended April 30, 2020

Net Investment Income (Loss)
Income
Interest income	$	46,189,823
Affiliated dividend income		1,109,469
Income from securities lending, net (including affiliated income of $156,995)		236,852
Unaffiliated dividend income (net of $103 foreign withholding tax)		4,750
Total income		47,540,894
Expenses
Management fee		7,799,956
Distribution fee(a)		542,466
Shareholder servicing fees (including affiliated expense of $4)(a)		2,736
Transfer agent’s fees and expenses (including affiliated expense of $122,192)(a)		960,463
Custodian and accounting fees		346,587
Shareholders’ reports		150,909
Registration fees(a)		89,820
SEC registration fees		36,791
Audit fee		33,570
Directors’ fees		25,857
Legal fees and expenses		15,071
Miscellaneous		23,525
Total expenses		10,027,751
Less: Fee waiver and/or expense reimbursement(a)		(135,931	)
Net expenses		9,891,820
Net investment income (loss)		37,649,074
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(111,317))		(105,159,856	)
Futures transactions		69,565,721
Forward and cross currency contract transactions		4,274,556
Options written transactions		74,023,700
Swap agreement transactions		(104,620,751	)
Foreign currency transactions		(5,667,055	)
		(67,583,685	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $27,272)		(1,960,318	)
Futures		40,223,348
Forward and cross currency contracts		7,352,231
Options written		(202,107,788	)
Swap agreements		36,387,893
Foreign currencies		269,499
		(119,835,135	)
Net gain (loss) on investment and foreign currency transactions		(187,418,820	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(149,769,746	)

See Notes to Financial Statements.

174

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

	Class A			Class B			Class C			Class Z			Class R2			Class R4			Class R6
Distribution fee		329,283			4,094			205,558			—			3,531			—			—
Shareholder servicing fees		—			—			—			—			1,412			1,324			—
Transfer agent’s fees and expenses		191,830			2,003			18,491			734,843			347			1,136			11,813
Registration fees		8,753			5,555			5,715			28,391			7,281			7,277			26,848
Fee waiver and/or expense reimbursement		(73,797	)		(7,179	)		(4,494	)		(39,727	)		(4,893	)		(5,841	)		—

See Notes to Financial Statements.

PGIM Global Total Return Fund 175

Statements of Changes in Net Assets (unaudited)

	Six Months Ended			Year Ended
	April 30, 2020			October 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	37,649,074		$	53,040,843
Net realized gain (loss) on investment and foreign currency transactions		(67,583,685	)		106,457,738
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(119,835,135	)		125,079,213
Net increase (decrease) in net assets resulting from operations		(149,769,746	)		284,577,794
Dividends and Distributions
Distributions from distributable earnings
Class A		(10,277,863	)		(6,499,137	)
Class B		(34,746	)		(42,631	)
Class C		(1,501,775	)		(927,851	)
Class Z		(61,236,692	)		(32,622,407	)
Class R2		(57,255	)		(2,460	)
Class R4		(83,405	)		(27,693	)
Class R6		(54,730,057	)		(34,603,598	)
		(127,921,793	)		(74,725,777	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		1,638,945,932			1,278,611,890
Net asset value of shares issued in reinvestment of dividends and distributions		121,498,427			70,499,011
Cost of shares reacquired		(674,994,389	)		(656,622,268	)
Net increase (decrease) in net assets from Fund share transactions		1,085,449,970			692,488,633
Total increase (decrease)		807,758,431			902,340,650
Net Assets:
Beginning of period		2,651,234,010			1,748,893,360
End of period	$	3,458,992,441		$	2,651,234,010

See Notes to Financial Statements.

176

Notes to Financial Statements (unaudited)

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

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

1. Accounting Policies

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

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

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

PGIM Global Total Return Fund 177

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

178

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.

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

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

PGIM Global Total Return Fund 179

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

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

180

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 Company’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

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

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

PGIM Global Total Return Fund 181

Notes to Financial Statements (unaudited) (continued)

at the closing of a purchase or sale transaction is also treated as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions.

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

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

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

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

182

in the price of futures contracts, interest rates and the underlying hedged assets. Since futures contracts are exchange-traded, there is minimal counterparty credit risk to the Fund since the exchanges’ clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

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

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

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

PGIM Global Total Return Fund 183

Notes to Financial Statements (unaudited) (continued)

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

184

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

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

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

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

PGIM Global Total Return Fund 185

Notes to Financial Statements (unaudited) (continued)

occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Fund’s counterparties to elect early termination could impact the Fund’s future derivative activity.

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

As of April 30, 2020, the Fund has not met conditions under such agreements which give the counterparty the right to call for an early termination.

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

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

Securities Lending: The Fund lends its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation

186

in value of securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral.

The Fund recognizes income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto. The Fund also continues to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed 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. Class specific expenses include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

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

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

PGIM Global Total Return Fund 187

Notes to Financial Statements (unaudited) (continued)

which may differ from generally accepted accounting principles, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.

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

2. Agreements

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

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

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.50% of the Fund’s average daily net assets up to $2 billion and 0.485% of such assets in excess of $2 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.49% for the reporting period ended April 30, 2020.

The Manager has contractually agreed, through February 28, 2021, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 0.88% of average daily net assets for Class A shares, 1.63% of average daily net assets for Class B

188

shares, 1.63% of average daily net assets for Class C shares, 0.63% of average daily net assets for Class Z shares, 1.08% of average daily net assets for Class R2 shares, 0.83% of average daily net assets for Class R4 shares, and 0.58% of average daily net assets for Class R6 shares. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

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

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

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

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

For the reporting period ended April 30, 2020, PIMS received $375,560 in front-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended April 30, 2020, PIMS received $7,079, $142 and $7,890 in contingent deferred sales charges imposed upon redemptions by certain Class A, Class B and Class C shareholders, respectively. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

PGIM Global Total Return Fund 189

Notes to Financial Statements (unaudited) (continued)

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

3. Other Transactions with Affiliates

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

The Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. Through the Fund’s investments in the mentioned underlying funds, PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services. 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, and/or common officers. Pursuant to the Rule 17a-7 procedures and consistent with guidance issued by the Securities and Exchange Commission (“SEC”), the Company’s Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such 17a-7 transactions were effected in accordance with the Company’s Rule 17a-7 procedures. For the reporting period ended April 30, 2020, no 17a-7 transactions were entered into by the Fund.

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2020, were $1,308,588,940 and $468,295,140, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the reporting period ended April 30, 2020, is presented as follows:

190

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Income
	PGIM Core Ultra Short Bond Fund*
$	35,146,324	$	924,214,573	$	739,037,120	$	—	$	—		$	220,323,777		220,323,777	$	1,109,469
	PGIM Institutional Money Market Fund*
	78,423,038		193,269,504		198,657,116		27,272		(111,317	)		72,951,381		72,965,974		156,995	**
$	113,569,362	$	1,117,484,077	$	937,694,236	$	27,272	$	(111,317	)	$	293,275,158			$	1,266,464

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

** Represents the affiliated amount of securities lending income shown on the Statement of Operations.

5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of April 30, 2020 were as follows:

Tax Basis	$	3,628,783,924
Gross Unrealized Appreciation		638,502,026
Gross Unrealized Depreciation		(687,703,921	)
Net Unrealized Depreciation	$	(49,201,895	)

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

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, 2019 are subject to such review.

6. Capital and Ownership

The Fund offers Class A, Class B, Class C, Class Z, Class R2, Class R4 and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 3.25%. Investors who purchase $1 million or more prior to July 15, 2019 ($500,000 or more on or after July 15, 2019) 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 B shares are sold with a CDSC which declines from 5% to zero depending on the period of time the shares are held. Class B shares will automatically convert to Class A shares on a monthly basis approximately seven years after purchase. Effective on or about June 26, 2020, all issued and outstanding

PGIM Global Total Return Fund 191

Notes to Financial Statements (unaudited) (continued)

Class B shares will be automatically converted to Class A shares. Class B shares are closed to new purchases. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately 10 years after purchase. Class Z, Class R2, Class R4 and Class R6 shares are not subject to any sales or redemption 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.

The Company is authorized to issue 3.5 billion shares of common stock, $0.01 par value per share, 2 billion of which are designated as shares of the Fund. The shares are further classified and designated as follows:

Class A	200,000,000
Class B	50,000,000
Class C	320,000,000
Class Z	650,000,000
Class T	125,000,000
Class R2	90,000,000
Class R4	90,000,000
Class R6	475,000,000

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

As of April 30, 2020, 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		7,077		—	%*
Class R6		21,364,905		9	%

* Amount represents less than 1% of outstanding shares.

At 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	53%

192

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Six months ended April 30, 2020:
Shares sold		20,288,315		$	139,427,939
Shares issued in reinvestment of dividends and distributions		1,407,317			9,552,820
Shares reacquired		(6,445,482	)		(43,052,081	)
Net increase (decrease) in shares outstanding before conversion		15,250,150			105,928,678
Shares issued upon conversion from other share class(es)		413,064			2,751,572
Shares reacquired upon conversion into other share class(es)		(632,373	)		(4,315,299	)
Net increase (decrease) in shares outstanding		15,030,841		$	104,364,951
Year ended October 31, 2019:
Shares sold		8,626,388		$	58,869,961
Shares issued in reinvestment of dividends and distributions		869,100			5,881,730
Shares reacquired		(7,179,586	)		(47,765,362	)
Net increase (decrease) in shares outstanding before conversion		2,315,902			16,986,329
Shares issued upon conversion from other share class(es)		894,338			6,049,809
Shares reacquired upon conversion into other share class(es)		(1,500,946	)		(10,144,021	)
Net increase (decrease) in shares outstanding		1,709,294		$	12,892,117
Class B
Six months ended April 30, 2020:
Shares sold		6,261		$	43,860
Shares issued in reinvestment of dividends and distributions		3,920			26,741
Shares reacquired		(15,474	)		(101,377	)
Net increase (decrease) in shares outstanding before conversion		(5,293	)		(30,776	)
Shares reacquired upon conversion into other share class(es)		(82,250	)		(557,951	)
Net increase (decrease) in shares outstanding		(87,543	)	$	(588,727	)
Year ended October 31, 2019:
Shares sold		8,031		$	55,457
Shares issued in reinvestment of dividends and distributions		5,057			33,909
Shares reacquired		(61,689	)		(413,717	)
Net increase (decrease) in shares outstanding before conversion		(48,601	)		(324,351	)
Shares reacquired upon conversion into other share class(es)		(134,821	)		(894,677	)
Net increase (decrease) in shares outstanding		(183,422	)	$	(1,219,028	)
Class C
Six months ended April 30, 2020:
Shares sold		1,760,465		$	12,062,987
Shares issued in reinvestment of dividends and distributions		198,858			1,349,371
Shares reacquired		(614,174	)		(4,089,437	)
Net increase (decrease) in shares outstanding before conversion		1,345,149			9,322,921
Shares reacquired upon conversion into other share class(es)		(194,974	)		(1,319,543	)
Net increase (decrease) in shares outstanding		1,150,175		$	8,003,378
Year ended October 31, 2019:
Shares sold		1,453,960		$	9,924,265
Shares issued in reinvestment of dividends and distributions		123,773			835,031
Shares reacquired		(1,261,928	)		(8,362,063	)
Net increase (decrease) in shares outstanding before conversion		315,805			2,397,233
Shares reacquired upon conversion into other share class(es)		(499,862	)		(3,376,849	)
Net increase (decrease) in shares outstanding		(184,057	)	$	(979,616	)

PGIM Global Total Return Fund 193

Notes to Financial Statements (unaudited) (continued)

Class Z	Shares			Amount
Six months ended April 30, 2020:
Shares sold		124,035,930		$	850,659,987
Shares issued in reinvestment of dividends and distributions		8,211,954			56,043,642
Shares reacquired		(60,789,789	)		(403,359,415	)
Net increase (decrease) in shares outstanding before conversion		71,458,095			503,344,214
Shares issued upon conversion from other share class(es)		742,928			5,096,003
Shares reacquired upon conversion into other share class(es)		(360,370	)		(2,361,229	)
Net increase (decrease) in shares outstanding		71,840,653		$	506,078,988
Year ended October 31, 2019:
Shares sold		101,299,181		$	695,981,186
Shares issued in reinvestment of dividends and distributions		4,272,244			29,167,212
Shares reacquired		(50,070,369	)		(335,456,106	)
Net increase (decrease) in shares outstanding before conversion		55,501,056			389,692,292
Shares issued upon conversion from other share class(es)		1,837,669			12,473,906
Shares reacquired upon conversion into other share class(es)		(577,277	)		(3,926,593	)
Net increase (decrease) in shares outstanding		56,761,448		$	398,239,605
Class R2
Six months ended April 30, 2020:
Shares sold		1,282,172		$	8,992,813
Shares issued in reinvestment of dividends and distributions		8,687			57,241
Shares reacquired		(102,157	)		(657,716	)
Net increase (decrease) in shares outstanding		1,188,702		$	8,392,338
Year ended October 31, 2019:
Shares sold		27,417		$	188,844
Shares issued in reinvestment of dividends and distributions		350			2,460
Shares reacquired		(3,564	)		(24,048	)
Net increase (decrease) in shares outstanding		24,203		$	167,256
Class R4
Six months ended April 30, 2020:
Shares sold		687,767		$	4,659,126
Shares issued in reinvestment of dividends and distributions		8,277			56,916
Shares reacquired		(148,650	)		(1,010,594	)
Net increase (decrease) in shares outstanding before conversion		547,394			3,705,448
Shares issued upon conversion from other share class(es)		431			3,059
Shares reacquired upon conversion into other share class(es)		(434	)		(2,688	)
Net increase (decrease) in shares outstanding		547,391		$	3,705,819
Year ended October 31, 2019:
Shares sold		204,018		$	1,392,468
Shares issued in reinvestment of dividends and distributions		3,698			25,648
Shares reacquired		(24,596	)		(169,687	)
Net increase (decrease) in shares outstanding		183,120		$	1,248,429

194

Class R6	Shares			Amount
Six months ended April 30, 2020:
Shares sold		91,617,074		$	623,099,220
Shares issued in reinvestment of dividends and distributions		7,920,049			54,411,696
Shares reacquired		(33,363,958	)		(222,723,769	)
Net increase (decrease) in shares outstanding before conversion		66,173,165			454,787,147
Shares issued upon conversion from other share class(es)		133,394			866,322
Shares reacquired upon conversion into other share class(es)		(22,992	)		(160,246	)
Net increase (decrease) in shares outstanding		66,283,567		$	455,493,223
Year ended October 31, 2019:
Shares sold		74,822,385		$	512,199,709
Shares issued in reinvestment of dividends and distributions		5,030,242			34,553,021
Shares reacquired		(38,842,656	)		(264,431,285	)
Net increase (decrease) in shares outstanding before conversion		41,009,971			282,321,445
Shares issued upon conversion from other share class(es)		150,984			1,023,277
Shares reacquired upon conversion into other share class(es)		(177,538	)		(1,204,852	)
Net increase (decrease) in shares outstanding		40,983,417		$	282,139,870

7. Borrowings

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

	SCA
Term of Commitment	10/3/2019 – 10/1/2020
Total Commitment	$1,222,500,000*
Annualized Commitment Fee on the Unused Portion of the SCA	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

* Effective March 31, 2020, the SCA’s total commitment was increased from $900,000,000 to $1,162,500,000 and subsequently, effective April 7, 2020 was increased to $1,222,500,000.

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

PGIM Global Total Return Fund 195

Notes to Financial Statements (unaudited) (continued)

The Fund utilized the SCA during the reporting period ended April 30, 2020. The average daily balance for the 3 days that the Fund had loans outstanding during the period was approximately $16,328,000, borrowed at a weighted average interest rate of 2.13%. The maximum loan outstanding amount during the period was $16,328,000. At April 30, 2020, the Fund did not have an outstanding loan amount.

8. Risks of Investing in the Fund

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

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

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

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

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

196

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

Interest Rate Risk: The value of an investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund’s holdings may fall sharply. This is referred to as “extension risk”. The Fund may face a heightened level of interest rate risk as a result of the U.S. Federal Reserve Board’s policies. The Fund’s investments may lose value if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

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

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

Market and Credit Risk: Securities markets may be volatile and the market prices of the Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the

PGIM Global Total Return Fund 197

Notes to Financial Statements (unaudited) (continued)

securities owned by the Fund fall, the value of an investment in the Fund will decline. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Market Disruption and Geopolitical Risks: International wars or conflicts and geopolitical developments in foreign countries, along with instability in regions such as Asia, Eastern Europe, and the Middle East, possible terrorist attacks in the United States or around the world, public health epidemics such as the outbreak of infectious diseases like the recent outbreak of coronavirus globally or the 2014–2016 outbreak in West Africa of the Ebola virus, and other similar events could adversely affect the U.S. and foreign financial markets, including increases in market volatility, reduced liquidity in the securities markets and government intervention, and may cause further long-term economic uncertainties in the United States and worldwide generally.

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

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

9. Recent Accounting Pronouncements and Reporting Updates

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

198

and the Fund’s policy for the timing of transfers between levels. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Manager has evaluated the implications of certain provisions of the ASU and has adopted the aspects related to the removal and modification of certain fair value measurement disclosures under the ASU. The Manager continues to evaluate certain other provisions of the ASU and does not expect a material impact to financial statement disclosures.

PGIM Global Total Return Fund 199

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$7.07			$6.36			$6.75			$6.64			$6.45			$6.88
Income (loss) from investment operations:
Net investment income (loss)		0.07			0.16			0.14			0.14			0.17			0.17
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.36	)		0.78			(0.31	)		0.19			0.25			(0.37	)
Total from investment operations		(0.29	)		0.94			(0.17	)		0.33			0.42			(0.20	)
Less Dividends and Distributions:
Dividends from net investment income*		(0.11	)		(0.23	)		(0.22	)		(0.13	)		(0.12	)		(0.04	)
Tax return of capital distributions		-			-			-			(0.05	)		(0.03	)		(0.19	)
Distributions from net realized gains		(0.17	)		-			-			(0.04	)		(0.08	)		-
Total dividends and distributions		(0.28	)		(0.23	)		(0.22	)		(0.22	)		(0.23	)		(0.23	)
Net asset value, end of period		$6.50			$7.07			$6.36			$6.75			$6.64			$6.45
Total Return(b):		(4.17)%			15.05%			(2.65)%			5.12%			6.60%			(2.90)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$296,899			$216,708			$184,064			$174,732			$202,770			$157,404
Average net assets (000)		$264,874			$188,633			$187,975			$175,014			$169,299			$175,942
Ratios to average net assets(c)(d)(e):
Expenses after waivers and/or expense reimbursement		0.88%	(f)		0.88%			0.88%			0.88%			0.97%			1.05%
Expenses before waivers and/or expense reimbursement		0.94%	(f)		1.02%			1.02%			0.99%			1.14%			1.24%
Net investment income (loss)		2.13%	(f)		2.40%			2.11%			2.12%			2.57%			2.50%
Portfolio turnover rate(g)		17%			37%			40%			75%			86%			95%

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

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

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

200

Class B Shares
	Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$7.07			$6.36			$6.74			$6.64			$6.44			$6.88
Income (loss) from investment operations:
Net investment income (loss)		0.05			0.11			0.09			0.09			0.12			0.12
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.36	)		0.78			(0.30	)		0.18			0.26			(0.38	)
Total from investment operations		(0.31	)		0.89			(0.21	)		0.27			0.38			(0.26	)
Less Dividends and Distributions:
Dividends from net investment income*		(0.09	)		(0.18	)		(0.17	)		(0.10	)		(0.08	)		(0.03	)
Tax return of capital distributions		-			-			-			(0.03	)		(0.02	)		(0.15	)
Distributions from net realized gains		(0.17	)		-			-			(0.04	)		(0.08	)		-
Total dividends and distributions		(0.26	)		(0.18	)		(0.17	)		(0.17	)		(0.18	)		(0.18	)
Net asset value, end of period		$6.50			$7.07			$6.36			$6.74			$6.64			$6.44
Total Return(b):		(4.67)%			14.20%			(3.23)%			4.20%			5.99%			(3.75)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$455			$1,114			$2,168			$3,212			$4,202			$4,660
Average net assets (000)		$823			$1,560			$2,885			$3,559			$4,457			$5,469
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.63%	(e)		1.63%			1.63%			1.63%			1.72%			1.80%
Expenses before waivers and/or expense reimbursement		3.38%	(e)		2.46%			2.37%			1.74%			1.89%			1.97%
Net investment income (loss)		1.45%	(e)		1.70%			1.34%			1.39%			1.85%			1.77%
Portfolio turnover rate(f)		17%			37%			40%			75%			86%			95%

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

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Global Total Return Fund 201

Financial Highlights (unaudited)(continued)

Class C Shares
	Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$7.06			$6.35			$6.73			$6.63			$6.44			$6.86
Income (loss) from investment operations:
Net investment income (loss)		0.05			0.11			0.09			0.09			0.12			0.12
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.36	)		0.78			(0.30	)		0.18			0.25			(0.36	)
Total from investment operations		(0.31	)		0.89			(0.21	)		0.27			0.37			(0.24	)
Less Dividends and Distributions:
Dividends from net investment income*		(0.09	)		(0.18	)		(0.17	)		(0.10	)		(0.08	)		(0.03	)
Tax return of capital distributions		-			-			-			(0.03	)		(0.02	)		(0.15	)
Distributions from net realized gains		(0.17	)		-			-			(0.04	)		(0.08	)		-
Total dividends and distributions		(0.26	)		(0.18	)		(0.17	)		(0.17	)		(0.18	)		(0.18	)
Net asset value, end of period		$6.49			$7.06			$6.35			$6.73			$6.63			$6.44
Total Return(b):		(4.54)%			14.21%			(3.24)%			4.19%			5.82%			(3.48)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$41,914			$37,486			$34,889			$31,509			$35,848			$29,427
Average net assets (000)		$41,337			$34,321			$36,335			$31,191			$30,873			$33,144
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.63%	(e)		1.63%			1.63%			1.63%			1.72%			1.80%
Expenses before waivers and/or expense reimbursement		1.65%	(e)		1.69%			1.73%			1.74%			1.89%			1.97%
Net investment income (loss)		1.39%	(e)		1.65%			1.37%			1.39%			1.83%			1.76%
Portfolio turnover rate(f)		17%			37%			40%			75%			86%			95%

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

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

202

Class Z Shares
	Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$7.11			$6.40			$6.78			$6.67			$6.47			$6.90
Income (loss) from investment operations:
Net investment income (loss)		0.08			0.18			0.16			0.15			0.18			0.18
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.36	)		0.78			(0.31	)		0.20			0.27			(0.36	)
Total from investment operations		(0.28	)		0.96			(0.15	)		0.35			0.45			(0.18	)
Less Dividends and Distributions:
Dividends from net investment income*		(0.12	)		(0.25	)		(0.23	)		(0.15	)		(0.14	)		(0.05	)
Tax return of capital distributions		-			-			-			(0.05	)		(0.03	)		(0.20	)
Distributions from net realized gains		(0.17	)		-			-			(0.04	)		(0.08	)		-
Total dividends and distributions		(0.29	)		(0.25	)		(0.23	)		(0.24	)		(0.25	)		(0.25	)
Net asset value, end of period		$6.54			$7.11			$6.40			$6.78			$6.67			$6.47
Total Return(b):		(4.16)%			15.25%			(2.25)%			5.35%			7.00%			(2.66)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,622,827			$1,254,507			$765,708			$390,194			$303,960			$115,119
Average net assets (000)		$1,517,892			$888,961			$648,173			$340,627			$153,146			$129,045
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.63%	(e)		0.63%			0.63%			0.63%			0.72%			0.80%
Expenses before waivers and/or expense reimbursement		0.64%	(e)		0.68%			0.71%			0.74%			0.89%			0.96%
Net investment income (loss)		2.38%	(e)		2.61%			2.39%			2.35%			2.77%			2.73%
Portfolio turnover rate(f)		17%			37%			40%			75%			86%			95%

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

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Global Total Return Fund 203

Financial Highlights (unaudited) (continued)

Class R2 Shares
	Six Months Ended April 30,			Year Ended October 31,			December 27, 2017(a) through October 31,
	2020			2019			2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$7.16			$6.44			$6.90
Income (loss) from investment operations:
Net investment income (loss)		0.06			0.15			0.09
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.36	)		0.79			(0.38	)
Total from investment operations		(0.30	)		0.94			(0.29	)
Less Dividends and Distributions:
Dividends from net investment income*		(0.11	)		(0.22	)		(0.17	)
Distributions from net realized gains		(0.17	)		-			-
Total dividends and distributions		(0.28	)		(0.22	)		(0.17	)
Net asset value, end of period		$6.58			$7.16			$6.44
Total Return(c):		(4.33)%			14.81%			(4.24)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$7,994			$185			$10
Average net assets (000)		$2,840			$78			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.08%	(e)		1.08%			1.08%	(e)
Expenses before waivers and/or expense reimbursement		1.43%	(e)		19.82%			236.32%	(e)
Net investment income (loss)		1.91%	(e)		2.11%			1.67%	(e)
Portfolio turnover rate(f)		17%			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 generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

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

See Notes to Financial Statements.

204

Class R4 Shares
	Six Months Ended April 30,			Year Ended October 31,			December 27, 2017(a) through October 31,
	2020			2019			2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$7.16			$6.45			$6.90
Income (loss) from investment operations:
Net investment income (loss)		0.07			0.16			0.12
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.35	)		0.79			(0.38	)
Total from investment operations		(0.28	)		0.95			(0.26	)
Less Dividends and Distributions:
Dividends from net investment income*		(0.12	)		(0.24	)		(0.19	)
Distributions from net realized gains		(0.17	)		-			-
Total dividends and distributions		(0.29	)		(0.24	)		(0.19	)
Net asset value, end of period		$6.59			$7.16			$6.45
Total Return(c):		(4.22)%			14.92%			(3.88)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$4,941			$1,453			$127
Average net assets (000)		$2,662			$804			$33
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.83%	(e)		0.83%			0.83%	(e)
Expenses before waivers and/or expense reimbursement		1.27%	(e)		2.63%			70.94%	(e)
Net investment income (loss)		2.17%	(e)		2.34%			2.23%	(e)
Portfolio turnover rate(f)		17%			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 generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Global Total Return Fund 205

Financial Highlights (unaudited) (continued)

Class R6 Shares
	Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$7.16			$6.44			$6.82			$6.72			$6.53			$6.97
Income (loss) from investment operations:
Net investment income (loss)		0.08			0.18			0.16			0.16			0.19			0.17
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.36	)		0.80			(0.30	)		0.18			0.26			(0.36	)
Total from investment operations		(0.28	)		0.98			(0.14	)		0.34			0.45			(0.19	)
Less Dividends and Distributions:
Dividends from net investment income*		(0.13	)		(0.26	)		(0.24	)		(0.15	)		(0.15	)		(0.05	)
Tax return of capital distributions		-			-			-			(0.05	)		(0.03	)		(0.20	)
Distributions from net realized gains		(0.17	)		-			-			(0.04	)		(0.08	)		-
Total dividends and distributions		(0.30	)		(0.26	)		(0.24	)		(0.24	)		(0.26	)		(0.25	)
Net asset value, end of period		$6.58			$7.16			$6.44			$6.82			$6.72			$6.53
Total Return(b):		(3.94)%			15.25%			(2.19)%			5.21%			6.90%			(2.71)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,483,963			$1,139,781			$761,927			$460,700			$61,713			$27,141
Average net assets (000)		$1,341,865			$925,868			$636,670			$271,620			$40,135			$19,157
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.54%	(e)		0.56%			0.58%			0.58%			0.59%			0.72%
Expenses before waivers and/or expense reimbursement		0.54%	(e)		0.56%			0.58%			0.59%			0.76%			0.82%
Net investment income (loss)		2.48%	(e)		2.67%			2.39%			2.33%			2.86%			2.64%
Portfolio turnover rate(f)		17%			37%			40%			75%			86%			95%

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

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

206

Fund Liquidity Risk Management Program (unaudited)

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

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

At a meeting of the Board of Directors on March 3-5, 2020, PGIM Investments provided a written report (“LRMP Report”) to the Board addressing the operation, adequacy, and effectiveness of the Fund’s LRMP, including any material changes to the LRMP for the period from the inception of the Fund’s program on December 1, 2018 through December 31, 2019 (“Reporting Period”). The LRMP Report concluded that the Fund’s LRMP was reasonably designed to assess and manage the Fund’s liquidity risk and was adequately and effectively implemented during the Reporting Period. There were no material changes to the LRMP during the Reporting Period. The LRMP Report further concluded that the Fund’s investment strategies continue to be appropriate given the Fund’s status as an open-end fund.

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

PGIM Global Total Return Fund 207

Supplement dated December 18, 2019

to the Currently Effective Summary Prospectus, Prospectus

and Statement of Additional Information of the Funds Listed Below

This supplement should be read in conjunction with your Summary Prospectus, Statutory Prospectus and Statement of Additional Information, be retained for future reference and is in addition to any existing Fund supplements.

The Board of Directors/Trustees for each Fund listed below has approved the conversion of all issued and outstanding Class B shares of the Funds to Class A shares of the same Fund, effective on or about June 26, 2020.

As a result, effective on or about the close of business on June 26, 2020, all of the issued and outstanding Class B shares of a Fund will be converted into Class A shares of that Fund with the same relative aggregate net asset value as the Class B shares held immediately prior to the conversion. Class A shares currently have lower total expense ratios, and equal or lower distribution fees and shareholder servicing fees payable under the Fund’s 12b-1 plan than Class B shares. No sales load, fee, or other charge will be imposed on the conversion of these shares. Class A shares are not subject to the contingent deferred sales charge (if any) currently charged on the redemption of Class B shares. Please refer to your Fund’s Prospectus for more information regarding Class A shares. The conversion is not expected to be a taxable event for federal income tax purposes and should not result in recognition of gain or loss by converting shareholders.

LR1263

The Prudential Investment Portfolios, Inc.

PGIM Balanced Fund

PGIM Jennison Focused Value Fund

PGIM Jennison Growth Fund

Prudential Investment Portfolios 3

PGIM Jennison Focused Growth Fund

PGIM QMA Large-Cap Value Fund

PGIM Real Assets Fund

Prudential Investment Portfolios 4

PGIM Muni High Income Fund

Prudential Investment Portfolios 5

PGIM Jennison Diversified Growth Fund

Prudential Investment Portfolios 6

PGIM California Muni Income Fund

Prudential Investment Portfolios 7

PGIM Jennison Value Fund

Prudential Investment Portfolios 9

PGIM QMA Large-Cap Core Equity Fund

Prudential Investment Portfolios, Inc. 10

PGIM Jennison Global Equity Income Fund

PGIM QMA Mid-Cap Value Fund

Prudential Investment Portfolios 12

PGIM Global Real Estate Fund

PGIM US Real Estate Fund

Prudential Investment Portfolios, Inc. 14

PGIM Government Income Fund

Prudential Investment Portfolios, Inc. 15

PGIM High Yield Fund

Prudential Investment Portfolios 16

PGIM Income Builder Fund

Prudential Investment Portfolios, Inc. 17

PGIM Total Return Bond Fund

Prudential Investment Portfolios 18

PGIM Jennison 20/20 Focus Fund

Prudential Global Total Return Fund, Inc.

PGIM Global Total Return Fund

Prudential Jennison Blend Fund, Inc.

PGIM Jennison Blend Fund

Prudential Jennison Mid-Cap Growth Fund, Inc.

PGIM Jennison Mid-Cap Growth Fund

Prudential Jennison Natural Resources Fund, Inc.

PGIM Jennison Natural Resources Fund

Prudential Jennison Small Company Fund, Inc.

PGIM Jennison Small Company Fund

Prudential Government Money Market Fund, Inc.

PGIM Government Money Market Fund

Prudential National Muni Fund, Inc.

PGIM National Muni Fund

Prudential Sector Funds, Inc.

PGIM Jennison Financial Services Fund

PGIM Jennison Health Sciences Fund

PGIM Jennison Utility Fund

Prudential Short-Term Corporate Bond Fund, Inc.

PGIM Short-Term Corporate Bond Fund

Prudential World Fund, Inc.

PGIM QMA International Equity Fund

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

PROXY VOTING

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

DIRECTORS

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

OFFICERS

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

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	PGIM Fixed Income	655 Broad Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	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 pgiminvestments.com or by calling (800) 225-1852. The prospectus and summary prospectus should be read carefully before investing.

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

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

AVAILABILITY OF PORTFOLIO HOLDINGS

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

Mutual Funds:

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

PGIM GLOBAL TOTAL RETURN FUND

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

MF169E2

PGIM GLOBAL TOTAL RETURN (USD HEDGED) FUND

SEMIANNUAL REPORT

APRIL 30, 2020

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

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

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

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

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

Table of Contents

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

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

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

The accompanying financial statements as of April 30, 2020 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. ^© 2020 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2 Visit our website at pgiminvestments.com

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for PGIM Global Total Return (USD Hedged) Fund informative and useful. The report covers performance for the six-month period ended April 30, 2020.

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

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Global Total Return (USD Hedged) Fund

June 15, 2020

PGIM Global Total Return (USD Hedged) Fund 3

Your Fund’s Performance

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

	(without sales charges)	Average Annual Total Returns as of 4/30/20 (with sales charges)
	Six Months* (%)	One Year (%)	Since Inception (%)
Class A	–1.40	3.45	3.37 (12/12/17)
Class C	–1.87	5.06	4.00 (12/12/17)
Class Z	–1.38	7.10	5.03 (12/12/17)
Class R6	–1.25	7.28	5.14 (12/12/17)
Bloomberg Barclays Global Aggregate (USD Hedged) Index
	2.76	8.25	5.49

*Not annualized

Source: PGIM Investments LLC and Lipper Inc.

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.

4 Visit our website at pgiminvestments.com

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

	Class A	Class C	Class Z	Class R6
Maximum initial sales charge	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)	For purchases on or after July 15, 2019: 1.00% on sales of $500,000 or more made within 12 months of purchase. For purchases prior to July 15, 2019: 1.00% on sales of $1 million or more made within 12 months of purchase.	1.00% on sales made within 12 months of purchase	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.25%	1.00%	None	None

Benchmark Definitions

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

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.

PGIM Global Total Return (USD Hedged) Fund 5

Your Fund’s Performance (continued)

Distributions and Yields as of 4/30/20
	Total Distributions Paid for Six Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.37	2.23	0.79
Class C	0.33	1.57	–30.69
Class Z	0.38	2.54	1.67
Class R6	0.38	2.60	1.90

*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 4/30/20 (%)
AAA	22.2
AA	10.1
A	19.8
BBB	29.2
BB	10.1
B	3.8
CCC	0.7
CC	0.1
Not Rated	7.2
Cash/Cash Equivalents	–3.2
Total	100.0

Source: PGIM Fixed Income

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

6 Visit our website at pgiminvestments.com

Fees and Expenses

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

The example is based on an investment of $1,000 held through the six-month period ended April 30, 2020. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Global Total Return (USD Hedged) Fund 7

Fees and Expenses (continued)

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

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

PGIM Global Total Return (USD Hedged) Fund		Beginning Account Value November 1, 2019		Ending Account Value April 30, 2020		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	986.00		0.88	%	$	4.35
	Hypothetical	$	1,000.00	$	1,020.49		0.88	%	$	4.42
Class C	Actual	$	1,000.00	$	981.30		1.63	%	$	8.03
	Hypothetical	$	1,000.00	$	1,016.76		1.63	%	$	8.17
Class Z	Actual	$	1,000.00	$	986.20		0.63	%	$	3.11
	Hypothetical	$	1,000.00	$	1,021.73		0.63	%	$	3.17
Class R6	Actual	$	1,000.00	$	987.50		0.58	%	$	2.87
	Hypothetical	$	1,000.00	$	1,021.98		0.58	%	$	2.92

*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 182 days in the six-month period ended April 30, 2020, and divided by the 366 days in the Fund’s fiscal year ending October 31, 2020 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

8 Visit our website at pgiminvestments.com

Schedule of Investments (unaudited)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    101.3%
ASSET-BACKED SECURITIES    17.9%
Cayman Islands    13.5%
Bain Capital Credit CLO, Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 0.960% (Cap N/A, Floor 0.000%)		2.003	%(c)		04/23/31		250	$	239,336
BlueMountain CLO Ltd., Series 2016-02A, Class A1R, 144A, 3 Month LIBOR + 1.310% (Cap N/A, Floor 1.310%)		3.005	(c)		08/20/32		250		231,068
Brookside Mill CLO Ltd., Series 2013-01A, Class BR, 144A, 3 Month LIBOR + 1.350% (Cap N/A, Floor 0.000%)		2.485	(c)		01/17/28		250		223,745
Carlyle Global Market Strategies CLO Ltd., Series 2014-01A, Class A1R2, 144A, 3 Month LIBOR + 0.970% (Cap N/A, Floor 0.970%)		2.105	(c)		04/17/31		249		234,822
CBAM Ltd., Series 2019-11A, Class A1, 144A, 3 Month LIBOR + 1.360% (Cap N/A, Floor 1.360%)		2.495	(c)		10/20/32		250		235,889
Cent CLO Ltd., Series C17A, Class A1AR, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)		1.790	(c)		04/30/31		250		239,563
Greenwood Park CLO Ltd., Series 2018-01A, Class A2, 144A, 3 Month LIBOR + 1.010% (Cap N/A, Floor 0.000%)		2.229	(c)		04/15/31		250		239,877
Greywolf CLO Ltd., Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)		2.021	(c)		04/26/31		750		713,911
HPS Loan Management Ltd., Series 15A-19, Class A1, 144A, 3 Month LIBOR + 1.320% (Cap N/A, Floor 1.320%)		3.122	(c)		07/22/32		250		239,472
Madison Park Funding Ltd., Series 2016-21A, Class A1AR, 144A, 3 Month LIBOR + 1.350% (Cap N/A, Floor 1.350%)		2.569	(c)		10/15/32		250		240,678
MidOcean Credit CLO, Series 2018-08A, Class A1, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 0.000%)		2.845	(c)		02/20/31		250		237,641
Series 2018-08A, Class B, 144A, 3 Month LIBOR + 1.650% (Cap N/A, Floor 0.000%)		3.345	(c)		02/20/31		250		230,073
Octagon Investment Partners 45 Ltd., Series 2019-01A, Class A, 144A, 3 Month LIBOR + 1.330% (Cap N/A, Floor 1.330%)		2.549	(c)		10/15/32		500		476,865
OZLM Ltd., Series 2014-06A, Class A2AS, 144A, 3 Month LIBOR + 1.750% (Cap N/A, Floor 0.000%)		2.885	(c)		04/17/31		250		228,034

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 9

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Cayman Islands (cont’d.)
Telos CLO Ltd., Series 2013-04A, Class AR, 144A, 3 Month LIBOR + 1.240% (Cap N/A, Floor 0.000%)		2.375	%(c)		01/17/30		249	$	235,053
TICP CLO Ltd., Series 2015-01A, Class BR, 144A, 3 Month LIBOR + 1.300% (Cap N/A, Floor 0.000%)		2.435	(c)		07/20/27		250		226,871
Tryon Park CLO Ltd., Series 2013-01A, Class A2R, 144A, 3 Month LIBOR + 1.500% (Cap N/A, Floor 0.000%)		2.719	(c)		04/15/29		250		230,801
Voya CLO Ltd., Series 2013-02A, Class A1R, 144A, 3 Month LIBOR + 0.970% (Cap N/A, Floor 0.970%)		1.961	(c)		04/25/31		250		240,015
									4,943,714
Ireland    0.7%
Armada Euro CLO DAC, Series 02A, Class A3, 144A		1.500			11/15/31	EUR	250		269,082
Spain    0.3%
TFS, Series 2018-03, Class A1, 1 Month EURIBOR + 2.900%		2.900	(c)		04/16/23	EUR	122		119,827
United States    3.4%
Battalion CLO Ltd., Series 2018-12A, Class A1, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%)		2.762	(c)		05/17/31		250		238,847
Citibank Credit Card Issuance Trust, Series 2018-A07, Class A7		3.960			10/13/30		100		112,685
Lendmark Funding Trust,
Series 2019-01A, Class A, 144A		3.000			12/20/27		100		89,859
Series 2019-02A, Class A, 144A		2.780			04/20/28		200		177,989
OneMain Direct Auto Receivables Trust, Series 2019-01A, Class A, 144A		3.630			09/14/27		100		103,284
Oportun Funding LLC, Series 2018-A, Class A, 144A		3.610			03/08/24		250		233,459
PNMAC GMSR Issuer Trust,
Series 2018-GT01, Class A, 144A, 1 Month LIBOR + 2.850% (Cap N/A, Floor 2.850%)		3.337	(c)		02/25/23		100		83,697
Series 2018-GT02, Class A, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 0.000%)		3.137	(c)		08/25/25		100		82,810

See Notes to Financial Statements.

10

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
United States (cont’d.)
TH MSR Issuer Trust, Series 2019-FT01, Class A, 144A, 1 Month LIBOR + 2.800% (Cap N/A, Floor 2.800%)		3.287	%(c)		06/25/24		120	$	97,824
									1,220,454
TOTAL ASSET-BACKED SECURITIES (cost $6,894,928)									6,553,077
COMMERCIAL MORTGAGE-BACKED SECURITIES    6.5%
Canada    0.1%
Real Estate Asset Liquidity Trust, Series 2020-01A, Class A1, 144A		2.381	(cc)		02/12/55	CAD	25		18,123
United States    6.4%
BANK,
Series 2018-BN10, Class A4		3.428			02/15/61		250		269,565
Series 2020-BN26, Class A3		2.155			03/15/63		200		197,518
Benchmark Mortgage Trust,
Series 2018-B01, Class A3		3.355			01/15/51		175		183,947
Series 2018-B02, Class A3		3.544			02/15/51		200		213,209
Series 2020-B17, Class A4		2.042			03/15/53		75		73,976
BX Commercial Mortgage Trust,
Series 2019-XL, Class F, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%)		2.814	(c)		10/15/36		96		89,410
Series 2019-XL, Class G, 144A, 1 Month LIBOR + 2.300% (Cap N/A, Floor 2.300%)		3.114	(c)		10/15/36		95		87,947
Series 2020-BXLP, Class F, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%)		2.814	(c)		12/15/36		100		93,563
Citigroup Commercial Mortgage Trust, Series 2018-B02, Class A3		3.744			03/10/51		150		165,247
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE04, Class E, 144A, 1 Month LIBOR + 2.150% (Cap N/A, Floor 2.150%)		2.964	(c)		05/15/36		100		92,349
FHLMC Multifamily Structured Pass-Through Certificates, Series K052, Class X1, IO		0.793	(cc)		11/25/25		4,546		137,365
GS Mortgage Securities Trust, Series 2018-GS09, Class A3		3.727			03/10/51		125		136,515
MKT Mortgage Trust, Series 2020-525M, Class F, 144A		2.941	(cc)		02/12/40		100		81,848

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
United States (cont’d.)
UBS Commercial Mortgage Trust, Series 2018-C08, Class A3		3.720	%		02/15/51			250	$	266,871
Wells Fargo Commercial Mortgage Trust, Series 2016-LC24, Class A3		2.684			10/15/49			250		256,690
										2,346,020
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $2,317,795)										2,364,143
CORPORATE BONDS    33.9%
Canada    0.9%
Bombardier, Inc.,
Sr. Unsec’d. Notes, 144A		7.500			12/01/24			25		16,644
Sr. Unsec’d. Notes, 144A		7.500			03/15/25			25		16,223
Sr. Unsec’d. Notes, 144A		7.875			04/15/27			40		26,349
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., Gtd. Notes, 144A		4.875			02/15/30			35		28,859
Hydro-Quebec, Local Gov’t. Gtd. Notes, Series HK		9.375			04/15/30			150		260,401
										348,476
China    1.2%
Aircraft Finance Co. Ltd., Sr. Sec’d. Notes, Series B		4.100			03/29/26			200		212,908
CNAC HK Finbridge Co. Ltd., Gtd. Notes		1.750			06/14/22		EUR	100		107,200
Sinopec Group Overseas Development 2015 Ltd., Gtd. Notes		1.000			04/28/22		EUR	100		109,795
										429,903
France    2.1%
BNP Paribas SA, Sr. Unsec’d. Notes, 144A, MTN		3.052	(ff)		01/13/31			200		200,491
Credit Agricole Assurances SA, Sub. Notes		4.250	(ff)		—	(rr)	EUR	100		117,855
Loxam SAS, Sr. Sub. Notes		5.750			07/15/27		EUR	120		92,085

See Notes to Financial Statements.

12

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
France (cont’d.)
SNCF Reseau, Sr. Unsec’d. Notes		4.700	%		06/01/35		CAD	100	$	95,970
Societe Generale SA, Sr. Unsec’d. Notes, 144A, MTN		3.875			03/28/24			255		266,590
										772,991
Germany    1.5%
BMW US Capital LLC, Gtd. Notes, 144A		3.800			04/06/23			170		177,194
Deutsche Bahn Finance GMBH, Gtd. Notes, MTN		3.800			09/27/27		AUD	100		74,565
Deutsche Bank AG, Sr. Unsec’d. Notes		4.250			02/04/21			200		200,653
Volkswagen International Finance NV, Gtd. Notes		2.700	(ff)		—	(rr)	EUR	100		105,063
										557,475
Hong Kong    0.3%
HKT Capital No 3 Ltd., Gtd. Notes		1.650			04/10/27		EUR	100		111,894
Indonesia    0.3%
Perusahaan Listrik Negara PT, Sr. Unsec’d. Notes, 144A		1.875			11/05/31		EUR	100		94,954
Italy    1.2%
Assicurazioni Generali SpA, Sub. Notes, EMTN		5.500	(ff)		10/27/47		EUR	100		122,748
Intesa Sanpaolo SpA, Sr. Unsec’d. Notes, 144A		3.375			01/12/23			200		200,079
Rossini Sarl, Sr. Sec’d. Notes, 144A		6.750			10/30/25		EUR	100		115,549
										438,376
Kazakhstan    0.3%
Kazakhstan Temir Zholy National Co. JSC,
Gtd. Notes		3.250			12/05/23		CHF	50		51,615
Gtd. Notes		3.638			06/20/22		CHF	50		51,475
										103,090

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 13

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Luxembourg    0.6%
ARD Finance SA, Sr. Sec’d. Notes, 144A, Cash coupon 5.000% or PIK 5.750%		5.000	%		06/30/27	EUR	100	$	99,186
Matterhorn Telecom SA, Sr. Sec’d. Notes		3.125			09/15/26	EUR	100		107,460
									206,646
Mexico    0.9%
Petroleos Mexicanos,
Gtd. Notes		3.625			11/24/25	EUR	300		259,780
Gtd. Notes, EMTN		3.750			04/16/26	EUR	100		86,329
									346,109
Netherlands    0.4%
Nederlandse Waterschapsbank NV, Sr. Unsec’d. Notes, MTN		3.400			07/22/25	AUD	200		145,360
Norway    0.4%
Equinor ASA, Gtd. Notes		2.875			04/06/25		150		157,550
Peru    0.5%
Peru Enhanced Pass-Through Finance Ltd., Pass-Through Certificates		1.963	(s)		06/02/25		184		168,605
Russia    0.5%
Gazprom PJSC Via Gaz Capital SA, Sr. Unsec’d. Notes		4.250			04/06/24	GBP	100		127,979
Russian Railways Via RZD Capital PLC, Sr. Unsec’d. Notes		0.898			10/03/25	CHF	50		49,566
									177,545
Spain    0.3%
Adif-Alta Velocidad, Sr. Unsec’d. Notes, EMTN		1.875			01/28/25	EUR	100		117,138
Supranational Bank    0.2%
European Investment Bank, Sr. Unsec’d. Notes, 144A, EMTN		5.400			01/05/45	CAD	50		59,108

See Notes to Financial Statements.

14

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Switzerland    1.3%
Credit Suisse Group AG, Sr. Unsec’d. Notes, 144A		2.593	%(ff)		09/11/25		250	$	249,862
UBS Group AG, Sr. Unsec’d. Notes, 144A		4.125			09/24/25		200		219,631
									469,493
United Arab Emirates    0.4%
First Abu Dhabi Bank PJSC, Sr. Unsec’d. Notes, EMTN		4.800			06/01/21	CNH	1,000		144,962
United Kingdom    1.7%
Barclays PLC, Sr. Unsec’d. Notes		3.932	(ff)		05/07/25		200		208,918
BAT Capital Corp., Gtd. Notes		2.789			09/06/24		200		204,400
DS Smith PLC, Sr. Unsec’d. Notes, EMTN		0.875			09/12/26	EUR	100		100,611
eG Global Finance PLC, Sr. Sec’d. Notes, 144A		6.250			10/30/25	EUR	100		98,816
									612,745
United States    18.9%
AbbVie, Inc.,
Sr. Unsec’d. Notes, 144A		4.050			11/21/39		50		55,490
Sr. Unsec’d. Notes, 144A		4.250			11/21/49		50		57,468
AMC Entertainment Holdings, Inc.,
Gtd. Notes		5.750			06/15/25		25		5,697
Gtd. Notes		5.875			11/15/26		50		11,141
American Axle & Manufacturing, Inc., Gtd. Notes		6.500			04/01/27		50		37,682
American International Group, Inc., Sr. Unsec’d. Notes		1.875			06/21/27	EUR	100		111,879
Anthem, Inc., Sr. Unsec’d. Notes		2.875			09/15/29		100		104,043
Aramark Services, Inc., Gtd. Notes, 144A		6.375			05/01/25		40		41,597
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Sr. Unsec’d. Notes, 144A		7.000			11/01/26		25		14,215
Sr. Unsec’d. Notes, 144A		10.000			04/01/22		25		19,420

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 15

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unsec’d. Notes, 144A		9.875	%		04/01/27			50	$	48,100
AT&T, Inc.,
Sr. Unsec’d. Notes		4.550			03/09/49			60		68,617
Sr. Unsec’d. Notes		4.750			05/15/46			85		97,324
Bank of America Corp.,
Jr. Sub. Notes, Series MM		4.300	(ff)		—	(rr)		110		98,904
Sr. Unsec’d. Notes, MTN		2.884	(ff)		10/22/30			170		176,199
Sr. Unsec’d. Notes, MTN		3.194	(ff)		07/23/30			85		90,704
Bausch Health Americas, Inc., Gtd. Notes, 144A		8.500			01/31/27			10		11,019
Bausch Health Cos., Inc.,
Gtd. Notes, 144A		5.250			01/30/30			25		24,733
Gtd. Notes, 144A		7.250			05/30/29			10		10,689
Sr. Sec’d. Notes, 144A		5.750			08/15/27			5		5,279
Beazer Homes USA, Inc.,
Gtd. Notes		6.750			03/15/25			50		43,308
Gtd. Notes		7.250			10/15/29			20		15,524
Brixmor Operating Partnership LP, Sr. Unsec’d. Notes		4.125			05/15/29			65		65,070
Broadcom, Inc.,
Gtd. Notes, 144A		3.125			04/15/21			55		55,349
Gtd. Notes, 144A		3.125			10/15/22			45		46,640
Gtd. Notes, 144A		4.700			04/15/25			65		71,591
Calpine Corp.,
Sr. Unsec’d. Notes		5.750			01/15/25			50		50,099
Sr. Unsec’d. Notes, 144A		5.125			03/15/28			50		48,740
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unsec’d. Notes, 144A		5.000			02/01/28			75		77,312
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes		2.800			04/01/31			45		45,147
Sr. Sec’d. Notes		4.800			03/01/50			35		39,606
Sr. Sec’d. Notes		6.384			10/23/35			100		128,925
Chemours Co. (The), Gtd. Notes		7.000			05/15/25			50		47,017
Cigna Corp., Sr. Unsec’d. Notes		2.400			03/15/30			25		25,212
Citigroup, Inc., Sr. Unsec’d. Notes		3.106	(ff)		04/08/26			300		313,975
Clear Channel Worldwide Holdings, Inc., Gtd. Notes, 144A		9.250			02/15/24			71		59,054

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
United States (cont’d.)
CNA Financial Corp., Sr. Unsec’d. Notes		3.900	%		05/01/29			100	$	103,469
CVS Health Corp., Sr. Unsec’d. Notes		4.300			03/25/28			10		11,257
Dana Financing Luxembourg Sarl, Gtd. Notes, 144A		6.500			06/01/26			50		46,214
Dana, Inc., Sr. Unsec’d. Notes		5.375			11/15/27			25		22,138
DH Europe Finance II Sarl,
Gtd. Notes		0.200			03/18/26		EUR	100		106,971
Gtd. Notes		0.450			03/18/28		EUR	100		106,327
Diamond Sports Group LLC/Diamond Sports Finance Co., Gtd. Notes, 144A		6.625			08/15/27			45		24,685
Discovery Communications LLC, Gtd. Notes		4.900			03/11/26			100		110,434
DISH DBS Corp., Gtd. Notes		7.750			07/01/26			50		49,250
DXC Technology Co., Sr. Unsec’d. Notes		4.125			04/15/25			50		50,363
Eldorado Resorts, Inc., Gtd. Notes		6.000			04/01/25			75		72,164
Embarq Corp., Sr. Unsec’d. Notes		7.995			06/01/36			100		104,504
Energizer Gamma Acquisition BV, Gtd. Notes		4.625			07/15/26		EUR	100		109,037
Energy Transfer Operating LP, Gtd. Notes		5.000			05/15/50			45		39,986
Jr. Sub. Notes, Series G		7.125	(ff)		—	(rr)		100		79,662
Enterprise Products Operating LLC,
Gtd. Notes		3.700			01/31/51			15		14,228
Gtd. Notes		3.950			01/31/60			15		13,966
Everi Payments, Inc., Gtd. Notes, 144A		7.500			12/15/25			19		15,583
Fidelity National Information Services, Inc., Sr. Unsec’d. Notes		1.500			05/21/27		EUR	100		113,293
Goldman Sachs Group, Inc. (The), Sub. Notes		4.750			10/12/21		EUR	150		171,399
HCA, Inc., Sr. Sec’d. Notes		5.250			04/15/25			100		111,299
Hunt Cos., Inc., Sr. Sec’d. Notes, 144A		6.250			02/15/26			75		63,667

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 17

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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		25	$	26,500
JPMorgan Chase & Co.,
Sr. Unsec’d. Notes		2.083	(ff)		04/22/26		450		456,087
Sr. Unsec’d. Notes		3.702	(ff)		05/06/30		65		71,791
Kraft Heinz Foods Co., Gtd. Notes		3.000			06/01/26		100		99,736
Liberty Mutual Group, Inc., Gtd. Notes		2.750			05/04/26	EUR	100		114,628
Marsh & McLennan Cos., Inc., Sr. Unsec’d. Notes		1.349			09/21/26	EUR	100		110,323
Medtronic Global Holdings SCA,
Gtd. Notes		1.000			07/02/31	EUR	100		113,590
Gtd. Notes		1.125			03/07/27	EUR	100		114,991
Michaels Stores, Inc., Gtd. Notes, 144A		8.000			07/15/27		25		17,431
Morgan Stanley,
Sr. Unsec’d. Notes		3.625			01/20/27		95		103,366
Sr. Unsec’d. Notes, EMTN		1.342	(ff)		10/23/26	EUR	100		111,598
Sr. Unsec’d. Notes, MTN		2.188	(ff)		04/28/26		100		101,118
MPLX LP, Sr. Unsec’d. Notes		4.000			03/15/28		25		23,715
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A		6.000			01/15/27		35		30,099
Gtd. Notes, 144A		8.125			07/15/23		40		38,405
Newell Brands, Inc., Sr. Unsec’d. Notes		4.700			04/01/26		100		101,189
NRG Energy, Inc., Gtd. Notes		5.750			01/15/28		53		57,241
Occidental Petroleum Corp.,
Sr. Unsec’d. Notes		2.600			08/13/21		15		14,040
Sr. Unsec’d. Notes		2.700			08/15/22		25		21,735
ONEOK, Inc., Gtd. Notes		4.450			09/01/49		120		91,903
Phillips 66, Gtd. Notes		3.700			04/06/23		15		15,499
Range Resources Corp., Gtd. Notes, 144A		9.250			02/01/26		50		40,921
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, Sr. Sec’d. Notes, 144A		5.125			07/15/23		50		50,232

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes		5.500	%		11/01/23		50	$	44,212
Gtd. Notes		5.625			12/01/25		25		20,646
Scientific Games International, Inc., Gtd. Notes		6.625			05/15/21		50		44,717
Shire Acquisitions Investments Ireland DAC, Gtd. Notes		3.200			09/23/26		25		27,128
Sprint Capital Corp., Gtd. Notes		8.750			03/15/32		50		70,277
Stryker Corp., Sr. Unsec’d. Notes		2.625			11/30/30	EUR	100		124,899
Suburban Propane Partners LP/Suburban Energy Finance Corp., Sr. Unsec’d. Notes		5.875			03/01/27		50		48,198
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Gtd. Notes, 144A		5.500			01/15/28		50		33,879
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A		6.000			09/01/23		50		48,401
Gtd. Notes, 144A		6.625			07/15/27		25		22,884
Tenet Healthcare Corp.,
Sr. Sec’d. Notes, 144A		5.125			11/01/27		50		49,655
Sr. Unsec’d. Notes		6.750			06/15/23		25		24,962
T-Mobile USA, Inc.,
Sr. Sec’d. Notes, 144A		4.375			04/15/40		30		33,819
Sr. Sec’d. Notes, 144A		4.500			04/15/50		40		46,287
U.S. Concrete, Inc., Gtd. Notes		6.375			06/01/24		50		47,189
United Airlines 2019-2 Class AA Pass-Through Trust, Pass-Through Certificates		2.700			11/01/33		25		21,156
United Rentals North America, Inc.,
Gtd. Notes		5.250			01/15/30		60		60,147
Gtd. Notes		5.500			05/15/27		100		101,022
Vistra Operations Co. LLC, Gtd. Notes, 144A		5.000			07/31/27		45		45,941
Welltower, Inc., Sr. Unsec’d. Notes		3.100			01/15/30		70		66,440
Williams Cos., Inc. (The), Sr. Unsec’d. Notes		3.600			03/15/22		100		101,316

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 19

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Zimmer Biomet Holdings, Inc.,
Sr. Unsec’d. Notes		1.414	%		12/13/22	EUR	100	$	108,947
Sr. Unsec’d. Notes		3.550			03/20/30		45		46,184
									6,927,109
TOTAL CORPORATE BONDS (cost $12,759,943)									12,389,529
RESIDENTIAL MORTGAGE-BACKED SECURITIES    1.6%
Bermuda    0.2%
Bellemeade Re Ltd., Series 2018-01A, Class M1B, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 0.000%)		2.087	(c)		04/25/28		93		89,455
United States    1.4%
Credit Suisse Mortgage Trust, Series 2020-WL01, Class A, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 0.000%)^		2.347	(c)		12/25/59		85		84,868
GCAT LLC, Series 2019-04, Class A1, 144A		3.228			11/26/49		186		167,250
GS Mortgage-Backed Securities Trust, Series 2019-SL01, Class A1, 144A		2.625	(cc)		01/25/59		78		77,122
Legacy Mortgage Asset Trust,
Series 2019-PR01, Class A1, 144A		3.858			09/25/59		95		90,471
Series 2020-GS01, Class A1, 144A		2.882			10/25/59		98		92,406
									512,117
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $633,705)									601,572
SOVEREIGN BONDS    38.2%
Argentina    0.3%
Argentine Republic Government International Bond, Sr. Unsec’d. Notes		7.820			12/31/33	EUR	310		107,259
Austria    0.5%
Republic of Austria Government International Bond, Sr. Unsec’d. Notes, 144A, MTN		5.375			12/01/34	CAD	160		169,138

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Brazil    2.1%
Brazil Loan Trust 1, Gov’t. Gtd. Notes		5.477	%		07/24/23		101	$	101,691
Brazil Minas SPE via State of Minas Gerais, Gov’t. Gtd. Notes		5.333			02/15/28		680		679,738
									781,429
Bulgaria    0.3%
Bulgaria Government International Bond, Sr. Unsec’d. Notes, EMTN		3.125			03/26/35	EUR	100		128,034
Canada    0.2%
City of Montreal Canada, Unsec’d. Notes		3.000			09/01/27	CAD	100		79,046
Chile    0.3%
Chile Government International Bond, Sr. Unsec’d. Notes		1.440			02/01/29	EUR	115		126,710
China    0.4%
Export-Import Bank of China (The), Sr. Unsec’d. Notes		4.400			05/14/24	CNH	1,000		150,534
Colombia    2.1%
Colombia Government International Bond,
Sr. Unsec’d. Notes		3.000			01/30/30		200		181,406
Sr. Unsec’d. Notes, EMTN		3.875			03/22/26	EUR	500		572,659
									754,065
Croatia    1.2%
Croatia Government International Bond,
Sr. Unsec’d. Notes		1.125			06/19/29	EUR	200		203,280
Sr. Unsec’d. Notes		6.000			01/26/24		200		223,110
									426,390
Cyprus    1.6%
Cyprus Government International Bond,
Sr. Unsec’d. Notes, EMTN		2.750			06/27/24	EUR	225		261,238
Sr. Unsec’d. Notes, EMTN		2.750			02/26/34	EUR	200		233,136

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 21

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Cyprus (cont’d.)
Cyprus Government International Bond, (cont’d.)
Sr. Unsec’d. Notes, EMTN		2.750	%		05/03/49	EUR	30	$	35,150
Sr. Unsec’d. Notes, EMTN		4.250			11/04/25	EUR	50		62,170
									591,694
Dominican Republic    0.2%
Dominican Republic International Bond, Sr. Unsec’d. Notes		5.950			01/25/27		100		90,371
Greece    2.0%
Hellenic Republic Government Bond,
Bonds		3.650	(cc)		02/24/34	EUR	48		62,320
Bonds		3.650	(cc)		02/24/35	EUR	21		27,202
Bonds		3.650	(cc)		02/24/37	EUR	440		577,770
Hellenic Republic Government International Bond, Sr. Unsec’d. Notes		5.200			07/17/34	EUR	50		69,927
									737,219
Hungary    0.4%
Hungary Government International Bond,
Sr. Unsec’d. Notes		1.750			10/10/27	EUR	100		111,583
Sr. Unsec’d. Notes		4.300			12/19/21	CNH	300		43,458
									155,041
Indonesia    2.3%
Indonesia Government International Bond,
Sr. Unsec’d. Notes		0.900			02/14/27	EUR	100		97,641
Sr. Unsec’d. Notes		1.450			09/18/26	EUR	100		102,136
Sr. Unsec’d. Notes		1.750			04/24/25	EUR	200		210,403
Sr. Unsec’d. Notes		3.375			07/30/25	EUR	100		113,968
Sr. Unsec’d. Notes, EMTN		2.625			06/14/23	EUR	100		110,208
Sr. Unsec’d. Notes, EMTN		4.125			01/15/25		200		209,095
									843,451

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Israel    0.9%
Israel Government International Bond,
Sr. Unsec’d. Notes		2.750	%		07/03/30		200	$	209,911
Sr. Unsec’d. Notes, EMTN		1.500			01/18/27	EUR	100		114,524
									324,435
Italy    3.7%
Italy Buoni Poliennali Del Tesoro,
Bonds, 144A		2.800			03/01/67	EUR	105		118,013
Sr. Unsec’d. Notes, 144A		1.450			03/01/36	EUR	120		120,271
Sr. Unsec’d. Notes, 144A		3.350			03/01/35	EUR	250		316,720
Repubic of Italy Government International Bond Strips Coupon, Sr. Unsec’d. Notes		1.737	(s)		02/20/31	EUR	85		74,277
Republic of Italy Government International Bond, Sr. Unsec’d. Notes, EMTN, EURIBOR ICE SWAP 11:00 Fft 10Y Index + 0.000% (Cap 7.000%, Floor 2.000%)		2.000	(c)		06/15/20	EUR	100		109,597
Sr. Unsec’d. Notes, EMTN		5.345			01/27/48	EUR	50		80,876
Sr. Unsec’d. Notes, EMTN		6.000			08/04/28	GBP	60		92,570
Sr. Unsec’d. Notes, MTN		5.125			07/31/24	EUR	350		442,694
									1,355,018
Japan    0.6%
Japan Government Thirty Year Bond, Sr. Unsec’d. Notes, Series 63		0.400			06/20/49	JPY	5,000		46,318
Japan Government Twenty Year Bond, Bonds, Series 169		0.300			06/20/39	JPY	10,000		93,183
Sr. Unsec’d. Notes, Series 168		0.400			03/20/39	JPY	10,000		94,914
									234,415
Kazakhstan    0.3%
Kazakhstan Government International Bond, Sr. Unsec’d. Notes, 144A, MTN		2.375			11/09/28	EUR	115		125,418
Lithuania    0.6%
Lithuania Government International Bond, Sr. Unsec’d. Notes		6.125			03/09/21		200		207,822
Malaysia    0.3%
Malaysia Government Bond, Sr. Unsec’d. Notes, Series 314		4.048			09/30/21	MYR	457		108,765

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 23

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Mexico    1.3%
Mexico Government International Bond,
Sr. Unsec’d. Notes		2.875	%		04/08/39	EUR	200	$	182,520
Sr. Unsec’d. Notes, EMTN		1.750			04/17/28	EUR	100		97,804
Sr. Unsec’d. Notes, EMTN		6.750			02/06/24	GBP	150		208,603
									488,927
New Zealand    0.6%
New Zealand Local Government Funding Agency Bond,
Gov’t. Gtd. Notes		3.500			04/14/33	NZD	100		72,590
Gov’t. Gtd. Notes		4.500			04/15/27	NZD	200		150,600
									223,190
Panama    0.6%
Panama Government International Bond, Sr. Unsec’d. Notes		3.875			03/17/28		200		215,746
Peru    1.2%
Peruvian Government International Bond,
Sr. Unsec’d. Notes		2.392			01/23/26		85		86,528
Sr. Unsec’d. Notes		2.750			01/30/26	EUR	300		354,234
									440,762
Poland    1.2%
Republic of Poland Government International Bond, Sr. Unsec’d. Notes		5.000			03/23/22		400		427,378
Portugal    2.6%
Portugal Government International Bond, Sr. Unsec’d. Notes		4.090			06/03/22	CNH	600		86,838
Portugal Obrigacoes do Tesouro OT,
Sr. Unsec’d. Notes, 144A		2.250			04/18/34	EUR	50		63,409
Sr. Unsec’d. Notes, 144A		3.875			02/15/30	EUR	340		480,439
Sr. Unsec’d. Notes, 144A		4.100			04/15/37	EUR	195		307,594
									938,280
Qatar    0.6%
Qatar Government International Bond, Sr. Unsec’d. Notes, 144A		3.400			04/16/25		200		212,808

See Notes to Financial Statements.

24

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Romania    0.6%
Romanian Government International Bond,
Sr. Unsec’d. Notes, EMTN		3.500	%		04/03/34	EUR	50	$	53,013
Sr. Unsec’d. Notes, EMTN		3.875			10/29/35	EUR	100		108,993
Unsec’d. Notes, 144A, MTN		2.124			07/16/31	EUR	50		47,435
									209,441
Russia    0.6%
Russian Foreign Bond - Eurobond, Sr. Unsec’d. Notes		2.875			12/04/25	EUR	200		234,325
Saudi Arabia    0.9%
Saudi Government International Bond,
Sr. Unsec’d. Notes, 144A		2.000			07/09/39	EUR	125		125,392
Sr. Unsec’d. Notes, EMTN		2.875			03/04/23		200		204,920
									330,312
Senegal    0.3%
Senegal Government International Bond, Sr. Unsec’d. Notes, 144A		4.750			03/13/28	EUR	100		95,040
Serbia    1.1%
Serbia International Bond,
Sr. Unsec’d. Notes		7.250			09/28/21		200		209,496
Sr. Unsec’d. Notes, 144A		1.500			06/26/29	EUR	200		189,519
									399,015
Spain    3.3%
Instituto de Credito Oficial, Gov’t. Gtd. Notes, GMTN		0.963			09/22/22	SEK	1,000		104,126
Spain Government Bond, Bonds, 144A		5.150			10/31/28	EUR	200		301,610
Sr. Unsec’d. Notes, 144A		0.500			04/30/30	EUR	35		37,528
Sr. Unsec’d. Notes, 144A		1.850			07/30/35	EUR	270		329,305
Sr. Unsec’d. Notes, 144A		3.450			07/30/66	EUR	60		103,781
Unsec’d. Notes, 144A		1.300			10/31/26	EUR	160		186,021
Spain Government International Bond, Sr. Unsec’d. Notes, EMTN		5.250			04/06/29	GBP	100		160,151
									1,222,522

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 25

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Sweden    0.3%
Svensk Exportkredit AB, Sr. Unsec’d. Notes, EMTN		0.500	%		03/15/22	ZAR	2,000	$	97,860
Turkey    0.6%
Turkey Government International Bond,
Sr. Unsec’d. Notes		5.200			02/16/26	EUR	100		104,762
Sr. Unsec’d. Notes, EMTN		3.250			06/14/25	EUR	100		98,079
									202,841
Ukraine    0.8%
Ukraine Government International Bond,
Sr. Unsec’d. Notes		6.750			06/20/26	EUR	200		194,227
Sr. Unsec’d. Notes, 144A		4.375			01/27/30	EUR	100		84,475
									278,702
United Arab Emirates    0.6%
Abu Dhabi Government International Bond, Sr. Unsec’d. Notes		2.500			10/11/22		200		204,197
United Kingdom    0.4%
United Kingdom Gilt,
Bonds		1.750			01/22/49	GBP	35		57,852
Bonds		3.250			01/22/44	GBP	40		80,019
									137,871
Uruguay    0.3%
Uruguay Government International Bond,
Sr. Unsec’d. Notes		4.375			10/27/27		39		43,049
Sr. Unsec’d. Notes		4.375			01/23/31		63		68,814
									111,863
TOTAL SOVEREIGN BONDS (cost $14,605,896)									13,967,334
U.S. GOVERNMENT AGENCY OBLIGATION    0.1%
Indonesia Government USAID Bond U.S. Gov’t. Gtd. Notes (cost $32,547)		9.300			07/01/20		32		32,775

See Notes to Financial Statements.

26

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
U.S. TREASURY OBLIGATIONS    3.1%
U.S. Treasury Bonds(k)		2.750	%		08/15/47		675	$	900,070
U.S. Treasury Notes(k)		1.500			02/15/30		200		216,250
TOTAL U.S. TREASURY OBLIGATIONS (cost $865,744)									1,116,320
TOTAL LONG-TERM INVESTMENTS (cost $38,110,558)									37,024,750
						Shares
SHORT-TERM INVESTMENTS
AFFILIATED MUTUAL FUND    0.0%
PGIM Core Ultra Short Bond Fund (cost $2,948)(w)							2,948		2,948
OPTIONS PURCHASED*~    0.0% (cost $370)									15,197
TOTAL SHORT-TERM INVESTMENTS (cost $3,318)									18,145
TOTAL INVESTMENTS    101.3% (cost $38,113,876)									37,042,895
Liabilities in excess of other assets(z)    (1.3)%									(482,536	)
NET ASSETS    100.0%								$	36,560,359

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

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

EGP—Egyptian Pound

EUR—Euro

GBP—British Pound

HKD—Hong Kong Dollar

HUF—Hungarian Forint

IDR—Indonesian Rupiah

ILS—Israeli Shekel

INR—Indian Rupee

JPY—Japanese Yen

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 27

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

KRW—South Korean Won

KZT—Kazakhstani Tenge

MXN—Mexican Peso

MYR—Malaysian Ringgit

NOK—Norwegian Krone

NZD—New Zealand Dollar

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

PLN—Polish Zloty

RUB—Russian Ruble

SEK—Swedish Krona

SGD—Singapore Dollar

THB—Thai Baht

TRY—Turkish Lira

TWD—New Taiwanese Dollar

UAH—Ukraine Hryvna

USD—US Dollar

ZAR—South African Rand

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

A—Annual payment frequency for swaps

BBR—New Zealand Bank Bill Rate

BBSW—Australian Bank Bill Swap Reference Rate

BIBOR—Bangkok Interbank Offered Rate

BROIS—Brazil Overnight Index Swap

BUBOR—Budapest Interbank Offered Rate

CDOR—Canadian Dollar Offered Rate

CDX—Credit Derivative Index

CLO—Collateralized Loan Obligation

CLOIS—Sinacofi Chile Interbank Rate Average

CMBX—Commercial Mortgage-Backed Index

CMS—Constant Maturity Swap

COOIS—Colombia Overnight Interbank Reference Rate

CPI—Consumer Price Index

EMTN—Euro Medium Term Note

EONIA—Euro Overnight Index Average

EURIBOR—Euro Interbank Offered Rate

FHLMC—Federal Home Loan Mortgage Corporation

GMAC—General Motors Acceptance Corporation

GMTN—Global Medium Term Note

HIBOR—Hong Kong Interbank Offered Rate

ICE—Intercontinental Exchange

IO—Interest Only (Principal amount represents notional)

JIBAR—Johannesburg Interbank Agreed Rate

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

MTN—Medium Term Note

NIBOR—Norwegian Interbank Offered Rate

OAT—Obligations Assimilables du Tresor

See Notes to Financial Statements.

28

OTC—Over-the-counter

PIK—Payment-in-Kind

PJSC—Public Joint-Stock Company

PRIBOR—Prague Interbank Offered Rate

Q—Quarterly payment frequency for swaps

REITs—Real Estate Investment Trust

S—Semiannual payment frequency for swaps

SIBOR—Singapore Interbank Offered 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

USAID—United States Agency for International Development

USOIS—United States Overnight Index Swap

WIBOR—Warsaw Interbank Offered Rate

* Non-income producing security.

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

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

^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $85,497 and 0.2% of net assets.

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at April 30, 2020.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of April 30, 2020. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

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

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

(rr) Perpetual security with no stated maturity date.

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

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

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

Options Purchased:

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike			Contracts		Notional Amount (000)#		Value
2-Year 10 CMS Curve CAP	Call	Barclays Bank PLC		07/12/21		0.11	%		—		65	$	1,126
2-Year 10 CMS Curve CAP	Call	Bank of America, N.A.		08/16/21		0.15	%		—		158		2,558
2-Year 10 CMS Curve CAP	Call	Bank of America, N.A.		08/20/21		0.15	%		—		313		5,146
2-Year 10 CMS Curve CAP	Call	Bank of America, N.A.		09/13/21		0.14	%		—		320		5,426
2-Year 10 CMS Curve CAP	Call	Barclays Bank PLC		11/09/21		0.21	%		—		63		941
Total Options Purchased (cost $370)												$	15,197

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 29

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Futures contracts outstanding at April 30, 2020:

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
		Long Positions:
	3	5 Year U.S. Treasury Notes		Jun. 2020	$	376,453	$	14,176
	1	10 Year Australian Treasury Bonds		Jun. 2020		96,997		(712	)
	1	10 Year Canadian Government Bonds		Jun. 2020		107,324		6,443
	2	10 Year U.K. Gilt		Jun. 2020		346,866		5,213
	4	10 Year U.S. Ultra Treasury Notes		Jun. 2020		628,125		43,674
	18	30 Year U.S. Ultra Treasury Bonds		Jun. 2020		4,046,063		414,615
	1	Euro-OAT		Jun. 2020		185,012		372
								483,781
		Short Positions:
	67	2 Year U.S. Treasury Notes		Jun. 2020		14,768,789		(231,216	)
	31	5 Year Euro-Bobl		Jun. 2020		4,618,405		(17,522	)
	15	10 Year Euro-Bund		Jun. 2020		2,867,237		(32,417	)
	25	10 Year U.S. Treasury Notes		Jun. 2020		3,476,563		(3,155	)
	25	Euro Schatz Index		Jun. 2020		3,076,462		3,453
								(280,857	)
							$	202,924

Forward foreign currency exchange contracts outstanding at April 30, 2020:

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 07/20/20	Bank of America, N.A.		AUD	40	$	25,975	$	25,900	$	—	$	(75	)
Brazilian Real,
Expiring 05/05/20	Goldman Sachs International		BRL	898		161,127		165,099		3,972		—
Expiring 05/05/20	HSBC Bank USA, N.A.		BRL	1,172		206,988		215,401		8,413		—
Expiring 05/05/20	Morgan Stanley & Co. International PLC		BRL	1,208		213,948		222,034		8,086		—
Expiring 06/02/20	HSBC Bank USA, N.A.		BRL	343		63,083		62,912		—		(171	)
Expiring 06/02/20	JPMorgan Chase Bank, N.A.		BRL	269		47,680		49,419		1,739		—
British Pound,
Expiring 07/17/20	Bank of America, N.A.		GBP	30		37,108		37,577		469		—
Expiring 07/17/20	JPMorgan Chase Bank, N.A.		GBP	82		100,815		102,917		2,102		—
Canadian Dollar,
Expiring 07/20/20	Bank of America, N.A.		CAD	41		29,686		29,676		—		(10	)
Expiring 07/20/20	BNP Paribas S.A.		CAD	165		118,000		118,810		810		—

See Notes to Financial Statements.

30

Forward foreign currency exchange contracts outstanding at April 30, 2020 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Canadian Dollar (cont’d.),
Expiring 07/20/20	UBS AG		CAD	159	$	114,316	$	114,318	$	2	$	—
Chilean Peso,
Expiring 06/17/20	Goldman Sachs International		CLP	86,653		103,901		103,920		19		—
Chinese Renminbi,
Expiring 05/11/20	Barclays Bank PLC		CNH	887		125,000		125,231		231		—
Expiring 05/11/20	HSBC Bank USA, N.A.		CNH	1,328		187,000		187,613		613		—
Expiring 05/11/20	Morgan Stanley & Co. International PLC		CNH	1,033		146,000		145,899		—		(101	)
Expiring 05/14/21	Citibank, N.A.		CNH	854		122,358		119,361		—		(2,997	)
Czech Koruna,
Expiring 07/17/20	BNP Paribas S.A.		CZK	556		22,265		22,499		234		—
Egyptian Pound,
Expiring 05/18/20	Citibank, N.A.		EGP	306		18,788		19,314		526		—
Expiring 06/17/20	Citibank, N.A.		EGP	313		19,183		19,507		324		—
Expiring 06/17/20	Citibank, N.A.		EGP	113		6,912		7,039		127		—
Expiring 06/17/20	Citibank, N.A.		EGP	110		6,618		6,829		211		—
Euro,
Expiring 05/05/20	Bank of America, N.A.		EUR	4,162		4,517,139		4,561,087		43,948		—
Expiring 07/17/20	Barclays Bank PLC		EUR	103		113,000		112,790		—		(210	)
Expiring 07/17/20	Citibank, N.A.		EUR	74		81,600		81,656		56		—
Expiring 07/17/20	JPMorgan Chase Bank, N.A.		EUR	106		116,000		116,060		60		—
Expiring 07/17/20	JPMorgan Chase Bank, N.A.		EUR	31		34,000		34,450		450		—
Expiring 12/02/20	Citibank, N.A.		EUR	538		587,173		592,566		5,393		—
Expiring 12/02/20	Citibank, N.A.		EUR	202		222,520		222,909		389		—
Hungarian Forint,
Expiring 07/17/20	Barclays Bank PLC		HUF	20,514		62,000		63,708		1,708		—
Expiring 07/17/20	Citibank, N.A.		HUF	22,892		71,000		71,091		91		—
Expiring 07/17/20	Morgan Stanley & Co. International PLC		HUF	19,359		60,000		60,122		122		—
Indian Rupee,
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		INR	9,842		126,000		129,635		3,635		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		INR	9,677		125,000		127,455		2,455		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		INR	9,177		119,000		120,866		1,866		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		INR	8,463		110,000		111,466		1,466		—

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 31

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Forward foreign currency exchange contracts outstanding at April 30, 2020 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Indian Rupee (cont’d.),
Expiring 06/17/20	The Toronto-Dominion Bank	INR	7,475	$	102,478	$	98,458	$	—	$	(4,020	)
Indonesian Rupiah,
Expiring 06/17/20	BNP Paribas S.A.	IDR	602,970		42,400		39,418		—		(2,982	)
Expiring 06/17/20	BNP Paribas S.A.	IDR	429,819		29,903		28,099		—		(1,804	)
Expiring 06/17/20	Credit Suisse International	IDR	1,078,317		74,753		70,493		—		(4,260	)
Expiring 06/17/20	HSBC Bank USA, N.A.	IDR	2,090,186		134,000		136,644		2,644		—
Expiring 06/17/20	HSBC Bank USA, N.A.	IDR	286,341		19,393		18,719		—		(674	)
Expiring 06/17/20	Morgan Stanley & Co. International PLC	IDR	514,722		36,007		33,649		—		(2,358	)
Israeli Shekel,
Expiring 06/17/20	Barclays Bank PLC	ILS	365		102,000		104,954		2,954		—
Expiring 06/17/20	Barclays Bank PLC	ILS	305		84,000		87,499		3,499		—
Expiring 06/17/20	Citibank, N.A.	ILS	372		106,000		106,801		801		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	ILS	359		103,000		103,077		77		—
Japanese Yen,
Expiring 05/15/20	Citibank, N.A.	JPY	4,740		44,505		44,181		—		(324	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	JPY	13,508		126,014		126,030		16		—
Expiring 07/17/20	Morgan Stanley & Co. International PLC	JPY	9,996		92,000		93,262		1,262		—
Expiring 07/17/20	The Toronto-Dominion Bank	JPY	20,739		193,606		193,498		—		(108	)
Kazakhstani Tenge,
Expiring 05/11/20	JPMorgan Chase Bank, N.A.	KZT	11,140		28,896		26,113		—		(2,783	)
Expiring 05/11/20	JPMorgan Chase Bank, N.A.	KZT	5,187		13,485		12,159		—		(1,326	)
Expiring 06/30/20	Morgan Stanley & Co. International PLC	KZT	5,881		12,419		13,551		1,132		—
Mexican Peso,
Expiring 06/17/20	Citibank, N.A.	MXN	2,373		113,335		97,682		—		(15,653	)
Expiring 06/17/20	Goldman Sachs International	MXN	1,032		43,293		42,505		—		(788	)
Expiring 06/17/20	HSBC Bank USA, N.A.	MXN	1,020		42,000		42,003		3		—
New Taiwanese Dollar,
Expiring 06/17/20	BNP Paribas S.A.	TWD	1,372		46,338		46,519		181		—
New Zealand Dollar,
Expiring 07/20/20	BNP Paribas S.A.	NZD	199		122,128		121,900		—		(228	)
Peruvian Nuevo Sol,
Expiring 06/17/20	Citibank, N.A.	PEN	403		120,000		118,979		—		(1,021	)

See Notes to Financial Statements.

32

Forward foreign currency exchange contracts outstanding at April 30, 2020 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Peruvian Nuevo Sol (cont’d.),
Expiring 06/17/20	HSBC Bank USA, N.A.	PEN	405	$	118,000	$	119,568	$	1,568	$	—
Philippine Peso,
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	PHP	7,386		141,000		145,956		4,956		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	PHP	755		14,775		14,914		139		—
Polish Zloty,
Expiring 07/17/20	UBS AG	PLN	239		57,188		57,586		398		—
Russian Ruble,
Expiring 06/17/20	Barclays Bank PLC	RUB	7,187		107,798		95,812		—		(11,986	)
Expiring 06/17/20	Citibank, N.A.	RUB	6,137		84,932		81,802		—		(3,130	)
Expiring 06/17/20	HSBC Bank USA, N.A.	RUB	3,177		43,000		42,345		—		(655	)
Expiring 06/17/20	Morgan Stanley & Co. International PLC	RUB	5,558		70,300		74,094		3,794		—
Singapore Dollar,
Expiring 06/17/20	BNP Paribas S.A.	SGD	163		115,000		115,955		955		—
Expiring 06/17/20	Credit Suisse International SGD		277		196,000		196,573		573		—
Expiring 06/17/20	Credit Suisse International SGD		242		170,000		171,396		1,396		—
Expiring 06/17/20	HSBC Bank USA, N.A.	SGD	81		57,000		57,101		101		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	SGD	218		157,245		154,510		—		(2,735	)
South African Rand,
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	ZAR	241		12,764		12,954		190		—
Expiring 06/17/20	Morgan Stanley & Co. International PLC	ZAR	886		48,240		47,588		—		(652	)
South Korean Won,
Expiring 06/17/20	HSBC Bank USA, N.A.	KRW	36,024		29,686		29,676		—		(10	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	KRW	25,118		20,684		20,692		8		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	KRW	11,621		9,556		9,574		18		—
Swedish Krona,
Expiring 07/15/20	JPMorgan Chase Bank, N.A.	SEK	859		87,000		88,093		1,093		—
Thai Baht,
Expiring 06/17/20	Barclays Bank PLC	THB	3,417		105,000		105,619		619		—
Expiring 06/17/20	Credit Suisse International	THB	4,288		131,000		132,532		1,532		—
Expiring 06/17/20	HSBC Bank USA, N.A.	THB	4,995		153,000		154,395		1,395		—
Turkish Lira,
Expiring 06/17/20	Barclays Bank PLC	TRY	362		52,000		51,235		—		(765	)
Expiring 06/17/20	Barclays Bank PLC	TRY	306		44,000		43,194		—		(806	)

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 33

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Forward foreign currency exchange contracts outstanding at April 30, 2020 (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.):
Ukraine Hryvna,
Expiring 05/26/20	Citibank, N.A.		UAH	477	$	19,000	$	17,463	$	—	$	(1,537	)
Expiring 05/26/20	Citibank, N.A.		UAH	265		10,541		9,715		—		(826	)
Expiring 05/27/20	Citibank, N.A.		UAH	433		17,267		15,879		—		(1,388	)
					$	12,125,112	$	12,179,550		120,821		(66,383	)
Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 07/20/20	HSBC Bank USA, N.A.		AUD	1,378	$	881,750	$	898,045	$	—	$	(16,295	)
Brazilian Real,
Expiring 05/05/20	Goldman Sachs International		BRL	519		101,663		95,434		6,229		—
Expiring 05/05/20	JPMorgan Chase Bank, N.A.		BRL	358		65,450		65,726		—		(276	)
Expiring 05/05/20	JPMorgan Chase Bank, N.A.		BRL	241		45,368		44,316		1,052		—
Expiring 05/05/20	Morgan Stanley & Co. International PLC		BRL	1,807		354,281		332,138		22,143		—
Expiring 05/05/20	Morgan Stanley & Co. International PLC		BRL	353		65,450		64,919		531		—
Expiring 06/02/20	Goldman Sachs International		BRL	898		160,735		164,698		—		(3,963	)
Expiring 06/02/20	HSBC Bank USA, N.A.		BRL	1,172		206,529		214,878		—		(8,349	)
Expiring 06/02/20	Morgan Stanley & Co. International PLC		BRL	1,208		213,471		221,494		—		(8,023	)
British Pound,
Expiring 07/17/20	JPMorgan Chase Bank, N.A.		GBP	873		1,080,267		1,099,959		—		(19,692	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.		GBP	40		49,925		49,851		74		—
Canadian Dollar,
Expiring 07/20/20	Barclays Bank PLC		CAD	42		30,199		30,130		69		—
Expiring 07/20/20	Morgan Stanley & Co. International PLC		CAD	1,432		1,031,201		1,028,899		2,302		—
Expiring 07/20/20	Morgan Stanley & Co. International PLC		CAD	67		47,859		48,495		—		(636	)
Chilean Peso,
Expiring 06/17/20	Citibank, N.A.		CLP	64,716		76,000		77,611		—		(1,611	)

See Notes to Financial Statements.

34

Forward foreign currency exchange contracts outstanding at April 30, 2020 (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.):
Chilean Peso (cont’d.),
Expiring 06/17/20	Citibank, N.A.	CLP	13,052	$	15,165	$	15,653	$	—	$	(488	)
Expiring 06/17/20	HSBC Bank USA, N.A.	CLP	108,280		129,669		129,856		—		(187	)
Expiring 06/17/20	HSBC Bank USA, N.A.	CLP	83,126		97,400		99,690		—		(2,290	)
Expiring 06/17/20	HSBC Bank USA, N.A.	CLP	83,102		97,150		99,661		—		(2,511	)
Expiring 06/17/20	HSBC Bank USA, N.A.	CLP	35,231		42,449		42,251		198		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	CLP	153,202		183,235		183,731		—		(496	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	CLP	17,502		20,684		20,990		—		(306	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	CLP	8,176		9,556		9,805		—		(249	)
Expiring 06/17/20	Morgan Stanley & Co. International PLC	CLP	60,268		71,000		72,278		—		(1,278	)
Expiring 06/17/20	The Toronto-Dominion Bank	CLP	59,867		71,017		71,797		—		(780	)
Expiring 06/17/20	UBS AG	CLP	59,454		69,000		71,301		—		(2,301	)
Chinese Renminbi,
Expiring 05/11/20	Barclays Bank PLC	CNH	170		24,139		24,069		70		—
Expiring 05/11/20	BNP Paribas S.A.	CNH	289		40,818		40,826		—		(8	)
Expiring 05/11/20	Citibank, N.A.	CNH	1,924		274,633		271,743		2,890		—
Expiring 05/11/20	Citibank, N.A.	CNH	1,045		147,000		147,620		—		(620	)
Expiring 05/11/20	Credit Suisse International	CNH	996		140,000		140,663		—		(663	)
Expiring 05/11/20	HSBC Bank USA, N.A.	CNH	990		141,000		139,790		1,210		—
Expiring 05/11/20	HSBC Bank USA, N.A.	CNH	434		62,000		61,334		666		—
Expiring 05/11/20	HSBC Bank USA, N.A.	CNH	419		59,900		59,141		759		—
Expiring 05/11/20	Morgan Stanley & Co. International PLC	CNH	301		42,200		42,495		—		(295	)
Expiring 05/14/21	JPMorgan Chase Bank, N.A.	CNH	854		122,556		119,360		3,196		—
Colombian Peso,
Expiring 06/17/20	BNP Paribas S.A.	COP	157,265		41,391		39,553		1,838		—
Expiring 06/17/20	Citibank, N.A.	COP	194,256		48,000		48,856		—		(856	)
Expiring 06/17/20	Citibank, N.A.	COP	42,519		12,308		10,694		1,614		—
Expiring 06/17/20	Goldman Sachs International	COP	194,840		47,929		49,003		—		(1,074	)
Expiring 06/17/20	Goldman Sachs International	COP	182,271		47,000		45,842		1,158		—
Expiring 06/17/20	Goldman Sachs International	COP	147,158		42,400		37,011		5,389		—
Expiring 06/17/20	HSBC Bank USA, N.A.	COP	55,385		15,853		13,930		1,923		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	COP	374,640		96,000		94,223		1,777		—

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 35

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Forward foreign currency exchange contracts outstanding at April 30, 2020 (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.):
Czech Koruna,
Expiring 07/17/20	Morgan Stanley & Co. International PLC		CZK	1,780	$	71,000	$	72,038	$	—	$	(1,038	)
Egyptian Pound,
Expiring 05/18/20	Citibank, N.A.		EGP	228		14,247		14,342		—		(95	)
Expiring 05/18/20	Citibank, N.A.		EGP	79		4,952		4,971		—		(19	)
Expiring 06/17/20	Citibank, N.A.		EGP	369		22,842		22,971		—		(129	)
Expiring 06/17/20	Citibank, N.A.		EGP	167		10,319		10,403		—		(84	)
Euro,
Expiring 05/05/20	Citibank, N.A.		EUR	202		221,490		221,843		—		(353	)
Expiring 05/05/20	Deutsche Bank AG		EUR	4,162		4,511,925		4,561,088		—		(49,163	)
Expiring 06/02/20	Bank of America, N.A.		EUR	4,162		4,520,048		4,563,611		—		(43,563	)
Expiring 07/17/20	Barclays Bank PLC		EUR	732		793,018		802,932		—		(9,914	)
Expiring 07/17/20	Barclays Bank PLC		EUR	486		531,467		533,113		—		(1,646	)
Expiring 07/17/20	BNP Paribas S.A.		EUR	122		133,000		134,030		—		(1,030	)
Expiring 07/17/20	Deutsche Bank AG		EUR	62		67,727		68,266		—		(539	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.		EUR	474		516,425		519,747		—		(3,322	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.		EUR	80		88,138		87,913		225		—
Expiring 07/17/20	JPMorgan Chase Bank, N.A.		EUR	76		83,000		83,962		—		(962	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.		EUR	72		77,926		78,676		—		(750	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.		EUR	61		66,419		66,457		—		(38	)
Expiring 07/17/20	Morgan Stanley & Co. International PLC		EUR	474		516,234		519,745		—		(3,511	)
Expiring 12/02/20	Citibank, N.A.		EUR	986		1,117,976		1,085,819		32,157		—
Expiring 12/02/20	JPMorgan Chase Bank, N.A.		EUR	4,162		4,744,111		4,583,018		161,093		—
Hungarian Forint,
Expiring 07/17/20	Barclays Bank PLC		HUF	30,548		93,000		94,866		—		(1,866	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.		HUF	8,999		27,131		27,948		—		(817	)
Indian Rupee,
Expiring 06/17/20	HSBC Bank USA, N.A.		INR	3,950		51,951		52,020		—		(69	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		INR	3,815		49,038		50,252		—		(1,214	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		INR	3,460		44,300		45,575		—		(1,275	)
Indonesian Rupiah,
Expiring 06/17/20	Barclays Bank PLC		IDR	944,118		59,000		61,721		—		(2,721	)

See Notes to Financial Statements.

36

Forward foreign currency exchange contracts outstanding at April 30, 2020 (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.):
Indonesian Rupiah (cont’d.),
Expiring 06/17/20	HSBC Bank USA, N.A.		IDR	1,088,476	$	68,000	$	71,158	$	—	$	(3,158	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		IDR	865,072		52,000		56,553		—		(4,553	)
Israeli Shekel,
Expiring 06/17/20	Barclays Bank PLC		ILS	414		108,000		118,875		—		(10,875	)
Expiring 06/17/20	BNP Paribas S.A.		ILS	68		19,432		19,567		—		(135	)
Expiring 06/17/20	Citibank, N.A.		ILS	386		110,000		110,844		—		(844	)
Expiring 06/17/20	Citibank, N.A.		ILS	386		109,000		110,835		—		(1,835	)
Expiring 06/17/20	Citibank, N.A.		ILS	143		40,818		40,990		—		(172	)
Japanese Yen,
Expiring 07/17/20	JPMorgan Chase Bank, N.A.		JPY	70,368		648,188		656,536		—		(8,348	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.		JPY	2,429		22,743		22,664		79		—
Malaysian Ringgit,
Expiring 06/17/20	Barclays Bank PLC		MYR	466		111,167		107,856		3,311		—
Expiring 06/17/20	Goldman Sachs International		MYR	209		48,240		48,407		—		(167	)
Mexican Peso,
Expiring 06/17/20	BNP Paribas S.A.		MXN	939		40,000		38,653		1,347		—
Expiring 06/17/20	HSBC Bank USA, N.A.		MXN	810		33,700		33,335		365		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		MXN	1,112		47,400		45,782		1,618		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		MXN	990		46,629		40,740		5,889		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		MXN	830		33,700		34,183		—		(483	)
Expiring 06/17/20	Morgan Stanley & Co. International PLC		MXN	870		35,800		35,818		—		(18	)
Expiring 06/17/20	UBS AG		MXN	1,554		73,000		63,974		9,026		—
New Taiwanese Dollar,
Expiring 06/17/20	Credit Suisse International		TWD	4,911		165,000		166,557		—		(1,557	)
Expiring 06/17/20	Goldman Sachs International		TWD	5,229		176,000		177,362		—		(1,362	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		TWD	3,538		119,000		119,990		—		(990	)
New Zealand Dollar,
Expiring 07/20/20	JPMorgan Chase Bank, N.A.		NZD	938		562,301		574,865		—		(12,564	)
Expiring 07/20/20	JPMorgan Chase Bank, N.A.		NZD	106		63,143		65,068		—		(1,925	)

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 37

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Forward foreign currency exchange contracts outstanding at April 30, 2020 (continued):

Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
New Zealand Dollar (cont’d.),
Expiring 07/20/20	JPMorgan Chase Bank, N.A.		NZD	37	$	22,265	$	22,380	$	—	$	(115	)
Norwegian Krone,
Expiring 07/15/20	Citibank, N.A.		NOK	473		46,000		46,178		—		(178	)
Expiring 07/15/20	Morgan Stanley & Co. International PLC		NOK	585		55,732		57,102		—		(1,370	)
Peruvian Nuevo Sol,
Expiring 06/17/20	Citibank, N.A.		PEN	271		78,986		80,145		—		(1,159	)
Expiring 06/17/20	Goldman Sachs International		PEN	75		22,265		22,196		69		—
Philippine Peso,
Expiring 06/17/20	HSBC Bank USA, N.A.		PHP	5,811		114,000		114,816		—		(816	)
Polish Zloty,
Expiring 07/17/20	Barclays Bank PLC		PLN	410		98,000		98,899		—		(899	)
Expiring 07/17/20	Barclays Bank PLC		PLN	365		87,000		87,866		—		(866	)
Russian Ruble,
Expiring 06/17/20	Barclays Bank PLC		RUB	3,405		43,000		45,387		—		(2,387	)
Expiring 06/17/20	Barclays Bank PLC		RUB	2,324		30,500		30,980		—		(480	)
Expiring 06/17/20	Barclays Bank PLC		RUB	1,401		18,535		18,680		—		(145	)
Expiring 06/17/20	Barclays Bank PLC		RUB	1,176		15,165		15,683		—		(518	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		RUB	1,890		25,806		25,201		605		—
Singapore Dollar,
Expiring 06/17/20	HSBC Bank USA, N.A.		SGD	168		116,000		119,140		—		(3,140	)
Expiring 06/17/20	HSBC Bank USA, N.A.		SGD	154		111,000		108,966		2,034		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		SGD	60		43,000		42,804		196		—
South African Rand,
Expiring 06/17/20	Barclays Bank PLC		ZAR	953		50,000		51,148		—		(1,148	)
Expiring 06/17/20	Citibank, N.A.		ZAR	904		50,000		48,555		1,445		—
Expiring 06/17/20	HSBC Bank USA, N.A.		ZAR	228		14,649		12,228		2,421		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		ZAR	4,146		258,063		222,585		35,478		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		ZAR	1,695		88,700		90,994		—		(2,294	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		ZAR	1,179		64,000		63,280		720		—
Expiring 06/17/20	Morgan Stanley & Co. International PLC		ZAR	652		42,315		35,018		7,297		—
South Korean Won,
Expiring 06/17/20	Credit Suisse International		KRW	309,854		262,146		255,256		6,890		—
Expiring 06/17/20	HSBC Bank USA, N.A.		KRW	122,982		100,000		101,312		—		(1,312	)

See Notes to Financial Statements.

38

Forward foreign currency exchange contracts outstanding at April 30, 2020 (continued):

Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South Korean Won (cont’d.),
Expiring 06/17/20	JPMorgan Chase Bank,
	N.A.		KRW	52,562	$	44,390	$	43,300	$	1,090	$	—
Expiring 06/17/20	Morgan Stanley & Co.
	International PLC		KRW	52,695		44,390		43,410		980		—
Expiring 06/17/20	Morgan Stanley & Co.
	International PLC		KRW	52,162		44,067		42,971		1,096		—
Expiring 06/17/20	UBS AG		KRW	52,647		44,390		43,370		1,020		—
Swedish Krona,
Expiring 07/15/20	Barclays Bank PLC		SEK	1,332		131,321		136,586		—		(5,265	)
Swiss Franc,
Expiring 07/15/20	Bank of America, N.A.		CHF	25		25,975		26,204		—		(229	)
Expiring 07/15/20	Citibank, N.A.		CHF	47		47,763		48,340		—		(577	)
Thai Baht,
Expiring 06/17/20	Citibank, N.A.		THB	1,684		51,951		52,044		—		(93	)
Expiring 06/17/20	Credit Suisse International		THB	2,809		89,000		86,827		2,173		—
Expiring 06/17/20	HSBC Bank USA, N.A.		THB	3,274		103,000		101,195		1,805		—
Expiring 06/17/20	HSBC Bank USA, N.A.		THB	1,832		58,230		56,634		1,596		—
Turkish Lira,
Expiring 06/17/20	Barclays Bank PLC		TRY	436		69,370		61,648		7,722		—
Expiring 06/17/20	Barclays Bank PLC		TRY	304		43,573		43,002		571		—
Expiring 06/17/20	Barclays Bank PLC		TRY	286		42,449		40,405		2,044		—
Expiring 06/17/20	Barclays Bank PLC		TRY	283		44,426		39,980		4,446		—
Expiring 06/17/20	Citibank, N.A.		TRY	200		31,729		28,248		3,481		—
Expiring 06/17/20	JPMorgan Chase Bank,
	N.A.		TRY	406		62,000		57,329		4,671		—
Expiring 06/17/20	JPMorgan Chase Bank,
	N.A.		TRY	283		43,513		40,037		3,476		—
					$	30,670,209	$	30,576,027		363,524		(269,342	)
									$	484,345	$	(335,725	)

Cross currency exchange contracts outstanding at April 30, 2020:

Settlement

Type

Notional Amount (000)

In Exchange For (000)

Unrealized Appreciation

Unrealized Depreciation

Counterparty

OTC Cross Currency Exchange Contracts:

07/17/20

Buy

EUR 77

CZK

2,077

$

51

$

—

Citibank, N.A.

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 39

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Credit default swap agreements outstanding at April 30, 2020:

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2)**:
Government of Malaysia		12/20/22		1.000%(Q)		120		0.527	%	$	1,637		$	(109	)	$	1,746		Citibank, N.A.
People’s Republic of China		12/20/22		1.000%(Q)		400		0.183	%		9,139			(364	)		9,503		Citibank, N.A.
Republic of Argentina		12/20/22		1.000%(Q)		120		305.010	%		(90,928	)		(109	)		(90,819	)	Citibank, N.A.
Republic of Brazil		12/20/22		1.000%(Q)		600		2.350	%		(20,129	)		(545	)		(19,584	)	Citibank, N.A.
Republic of Chile		12/20/22		1.000%(Q)		120		0.604	%		1,395			(109	)		1,504		Citibank, N.A.
Republic of Colombia		12/20/22		1.000%(Q)		160		1.690	%		(2,679	)		(145	)		(2,534	)	Citibank, N.A.
Republic of Indonesia		12/20/22		1.000%(Q)		160		1.192	%		(613	)		(145	)		(468	)	Citibank, N.A.
Republic of Panama		12/20/22		1.000%(Q)		120		0.968	%		241			(109	)		350		Citibank, N.A.
Republic of Peru		12/20/22		1.000%(Q)		120		0.597	%		1,418			(109	)		1,527		Citibank, N.A.
Republic of Philippines		12/20/22		1.000%(Q)		120		0.407	%		2,023			(109	)		2,132		Citibank, N.A.
Republic of South Africa		12/20/22		1.000%(Q)		360		3.655	%		(23,565	)		(327	)		(23,238	)	Citibank, N.A.
Republic of Turkey		12/20/22		1.000%(Q)		600		5.767	%		(68,209	)		(545	)		(67,664	)	Citibank, N.A.
Russian Federation		12/20/22		1.000%(Q)		360		1.121	%		(719	)		(327	)		(392	)	Citibank, N.A.
United Mexican States		12/20/22		1.000%(Q)		520		1.863	%		(11,018	)		(473	)		(10,545	)	Citibank, N.A.
										$	(202,007	)	$	(3,525	)	$	(198,482	)

Reference Entity/ Obligation

Termination Date

Fixed Rate

Notional Amount (000)#(3)

Fair Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

Counterparty

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

CDX.EM.28.V2

12/20/22

1.000%(Q)

3,880

$

194,966

$

(970

)

$

195,936

Citibank, N.A.

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

See Notes to Financial Statements.

40

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)				Implied Credit Spread at April 30, 2020(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^:
Alcentra CLO		05/20/20		0.500%(M)		EUR	16	*				$	6	$	—	$	6	Goldman Sachs International
AMMC CLO Ltd.		05/20/20		0.500%(M)			1			0.500	%		—		—		—	Goldman Sachs International
Apollo Credit Management International Ltd.		05/20/20		1.000%(M)		EUR	28			1.000	%		21		—		21	Goldman Sachs International
ArrowMark CLO		05/20/20		1.000%(M)			9	*					6		—		6	Goldman Sachs International
BHP Trust		05/28/20		1.250%(M)			23			1.500	%		2		—		2	Goldman Sachs International
BlackRock CLO		05/20/20		0.500%(M)		EUR	17	*					6		—		6	Goldman Sachs International
BlackRock CLO		05/20/20		0.500%(M)		EUR	16			0.500	%		6		—		6	Goldman Sachs International
BlackRock CLO		05/20/20		1.000%(M)		EUR	7	*					5		—		5	Goldman Sachs International
BlueMountain CLO		05/20/20		1.000%(M)		EUR	26			0.500	%		19		—		19	Goldman Sachs International
BlueMountain CLO		05/20/20		0.500%(M)		EUR	20			0.500	%		7		—		7	Goldman Sachs International
BlueMountain CLO		05/20/20		0.500%(M)			2			0.500	%		1		—		1	Goldman Sachs International
Canyon CLO		05/20/20		0.500%(M)			3	*					1		—		1	Goldman Sachs International
Carlyle CLO		05/20/20		1.000%(M)		EUR	69	*					50		—		50	Goldman Sachs International

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 41

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
Carlyle CLO		05/20/20		0.500%(M)		7		*		$	2	$	—	$	2	Goldman Sachs International
Citigroup Commercial Mortgage Trust		05/28/20		1.250%(M)		6		8.693	%		—		—		—	Goldman Sachs International
COMM Mortgage Trust		05/28/20		1.250%(M)		18		4.550	%		1		—		1	Goldman Sachs International
COMM Mortgage Trust		05/28/20		1.250%(M)		14		19.740	%		1		—		1	Goldman Sachs International
COMM Mortgage Trust		05/28/20		1.250%(M)		13		4.550	%		1		—		1	Goldman Sachs International
COMM Mortgage Trust		05/28/20		1.250%(M)		10		6.940	%		1		—		1	Goldman Sachs International
COMM Mortgage Trust		05/28/20		1.250%(M)		9		6.940	%		1		—		1	Goldman Sachs International
COMM Mortgage Trust		05/28/20		1.250%(M)		7		0.227	%		—		—		—	Goldman Sachs International
COMM Mortgage Trust		05/28/20		1.250%(M)		7		7.460	%		—		—		—	Goldman Sachs International
Covenant		05/20/20		0.500%(M)		3		0.500	%		1		—		1	Goldman Sachs International
Crestline Denali Capital		05/20/20		0.500%(M)		13		0.500	%		4		—		4	Goldman Sachs International
CSAM CLO		05/20/20		1.000%(M)		EUR     24		*			17		—		17	Goldman Sachs International
CSAM CLO		05/20/20		0.500%(M)		12		0.500	%		4		—		4	Goldman Sachs International

See Notes to Financial Statements.

42

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
CSAM CLO		05/20/20		0.500%(M)		10		0.500	%	$	3	$	—	$	3	Goldman Sachs International
CVC CLO		05/20/20		1.000%(M)		EUR     31		*			22		—		22	Goldman Sachs International
CVC CLO		05/20/20		0.500%(M)		EUR     18		0.500	%		7		—		7	Goldman Sachs International
CVC CLO		05/20/20		0.500%(M)		EUR     15		*			5		—		5	Goldman Sachs International
DFG CLO		05/20/20		0.500%(M)		9		0.500	%		3		—		3	Goldman Sachs International
Eagle Re Ltd.		05/29/20		1.250%(M)		26		*			2		—		2	Goldman Sachs International
GLG Silvermine CLO		05/20/20		0.500%(M)		8		0.500	%		3		—		3	Goldman Sachs International
GMAC Home Equity		05/29/20		1.250%(M)		14		*			1		—		1	Goldman Sachs International
GS Mortgage Securities Trust		05/28/20		1.250%(M)		21		11.990	%		1		—		1	Goldman Sachs International
GS Mortgage Securities Trust		05/28/20		1.250%(M)		8		14.866	%		1		—		1	Goldman Sachs International
GSAMP Home Equity		05/29/20		1.250%(M)		15		*			1		—		1	Goldman Sachs International
GSO CLO		05/20/20		0.500%(M)		EUR     14		0.500	%		5		—		5	Goldman Sachs International
GSO CLO		05/20/20		0.500%(M)		EUR     8		0.500	%		3		—		3	Goldman Sachs International

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 43

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
GSRPM Mortgage Loan Trust		05/29/20		1.250%(M)		7		*		$	1	$	—	$	1	Goldman Sachs International
Guggenheim CLO		05/20/20		0.500%(M)		53		*			18		—		18	Goldman Sachs International
HPS CLO		05/20/20		0.500%(M)		1		0.500	%		—		—		—	Goldman Sachs International
ICG CLO		05/20/20		0.500%(M)		7		0.500	%		2		—		2	Goldman Sachs International
Investcorp CLO		05/20/20		0.500%(M)		EUR     14		0.500	%		5		—		5	Goldman Sachs International
JPMBB Commercial Mortgage Securities Trust		05/28/20		1.250%(M)		18		*			1		—		1	Goldman Sachs International
JPMBB Commercial Mortgage Securities Trust		05/28/20		1.250%(M)		13		*			1		—		1	Goldman Sachs International
JPMBB Commercial Mortgage Securities Trust		05/28/20		1.250%(M)		5		*			—		—		—	Goldman Sachs International
Loomis Sayles & Co. LP		05/20/20		0.500%(M)		1		0.500	%		—		—		—	Goldman Sachs International
MJX CLO		05/20/20		0.500%(M)		11		49.970	%		4		—		4	Goldman Sachs International
Morgan Stanley BAML Trust		05/28/20		1.250%(M)		9		6.940	%		1		—		1	Goldman Sachs International
Morgan Stanley Capital I Trust		05/28/20		1.250%(M)		9		*			1		—		1	Goldman Sachs International
Morgan Stanley Capital I Trust		05/28/20		1.250%(M)		5		31.072	%		—		—		—	Goldman Sachs International

See Notes to Financial Statements.

44

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(4)			Fair Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
Oaktree CLO		05/20/20		0.500%(M)	EUR	7		0.500	%	$	3	$	—		$	3	Goldman Sachs International
Octogan CLO		05/20/20		0.500%(M)		9		0.500	%		3		—			3	Goldman Sachs International
ONEX CLO		05/20/20		0.500%(M)		21		*			7		—			7	Goldman Sachs International
ONEX CLO		05/20/20		0.500%(M)		9		0.500	%		3		—			3	Goldman Sachs International
ONEX CLO		05/20/20		0.500%(M)		5		0.500	%		2		—			2	Goldman Sachs International
Permira Advisers LLC		05/20/20		0.500%(M)	EUR	20		0.500	%		7		—			7	Goldman Sachs International
Pinebridge CLO		05/20/20		0.500%(M)	EUR	14		0.500	%		5		—			5	Goldman Sachs International
Pretium		05/20/20		0.500%(M)		125		0.500	%		42		—			42	Goldman Sachs International
Sallie Mae Bank		05/28/20		1.750%(M)		583		*			170		(142	)		312	Goldman Sachs International
Sallie Mae Bank		05/28/20		1.750%(M)		583		*			170		(142	)		312	Goldman Sachs International
Saratoga CLO		05/20/20		0.500%(M)		109		*			36		—			36	Goldman Sachs International
Shenkman Capital		05/20/20		0.500%(M)		6		0.500	%		2		—			2	Goldman Sachs International
Shenkman Capital		05/20/20		0.500%(M)		1		0.500	%		—		—			—	Goldman Sachs International

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 45

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
Sound Point CLO Ltd.		05/20/20		0.500%(M)		21		*		$	7	$	—	$	7	Goldman Sachs International
Steele Creek		05/20/20		0.500%(M)		30		*			10		—		10	Goldman Sachs International
Steele Creek		05/20/20		0.500%(M)		10		0.500	%		3		—		3	Goldman Sachs International
Symphony CLO		05/20/20		0.500%(M)		11		0.500	%		4		—		4	Goldman Sachs International
TCW CLO		05/20/20		1.000%(M)		9		*			6		—		6	Goldman Sachs International
THL CLO		05/20/20		0.500%(M)		4		*			1		—		1	Goldman Sachs International
Tikehau CLO		05/20/20		1.000%(M)		EUR      84		1.000	%		61		—		61	Goldman Sachs International
WAMU Mortgage Pass Through Certificate		05/29/20		1.250%(M)		5		*			—		—		—	Goldman Sachs International
WellFleet CLO		05/20/20		0.500%(M)		22		*			7		—		7	Goldman Sachs International
WellFleet CLO		05/20/20		0.500%(M)		1		49.970	%		—		—		—	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		05/28/20		1.250%(M)		27		*			2		—		2	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		05/28/20		1.250%(M)		7		8.937	%		—		—		—	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		05/28/20		1.250%(M)		6		4.670	%		—		—		—	Goldman Sachs International

See Notes to Financial Statements.

46

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)			Implied Credit Spread at April 30, 2020(4)		Fair Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
Wells Fargo Commercial Mortgage Trust		05/28/20		1.250%(M)		5	*			$	—	$	—		$	—	Goldman Sachs International
Wells Fargo Home Equity		05/29/20		1.250%(M)		10			*		1		—			1	Goldman Sachs International
Wells Fargo Home Equity		05/29/20		1.250%(M)		7			*		1		—			1	Goldman Sachs International
WF-RBS Commercial Mortgage Trust		05/28/20		1.250%(M)		2			*		—		—			—	Goldman Sachs International
										$	807	$	(284	)	$	1,091

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Buy Protection(1):
Assicurazioni Generali SpA		06/20/23		1.000%(Q)		EUR	100	$	4,038		$	4,228		$	(190	)	Barclays Bank PLC
Kingdom of Spain		06/20/23		1.000%(Q)			100		(1,237	)		(1,596	)		359		Bank of America, N.A.
Petroleos Mexicanos		06/20/20		1.000%(Q)			45		256			39			217		Citibank, N.A.
Petroleos Mexicanos		06/20/20		1.000%(Q)			45		256			19			237		Citibank, N.A.
Republic of Argentina		06/20/24		5.000%(Q)			105		78,291			56,630			21,661		Citibank, N.A.
Republic of Italy		06/20/23		1.000%(Q)			205		1,716			1,856			(140	)	Citibank, N.A.
Republic of Italy		06/20/23		1.000%(Q)		EUR	90		1,415			823			592		Barclays Bank PLC
Republic of Italy		06/20/28		1.000%(Q)		EUR	45		3,403			2,282			1,121		Barclays Bank PLC
								$	88,138		$	64,281		$	23,857

Reference Entity/ Obligation

Termination Date

Fixed Rate

Notional Amount (000)#(3)

Implied Credit Spread at April 30, 2020(4)

Fair Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

Counterparty

OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):

Barclays Bank PLC

06/20/20

1.000%(Q)

EUR

100

0.351

%

$

228

$

132

$

96

Citibank, N.A.

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 47

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date	Fixed Rate	Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(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.):
Boeing Co.	12/20/21	1.000%(Q)		100	4.030%	$(4,631)	$ 891	$	(5,522	)	Bank of America,N.A.
Citigroup, Inc.	06/20/20	1.000%(Q)		100	0.268%	220	108		112		Morgan Stanley & Co. International PLC
Commonwealth of Australia	12/20/24	1.000%(Q)		100	0.259%	3,549	2,500		1,049		Barclays Bank PLC
DP World PLC	12/20/24	1.000%(Q)		100	3.133%	(9,006)	436		(9,442	)	Barclays Bank PLC
General Electric Co.	06/20/20	1.000%(Q)		120	1.233%	100	112		(12	)	Goldman Sachs International
JPMorgan Chase & Co.	06/20/20	1.000%(Q)		200	0.359%	415	239		176		BNP Paribas S.A.
Kingdom of Belgium	06/20/25	1.000%(Q)		40	0.404%	1,261	1,313		(52	)	Bank of America, N.A.
Kingdom of Spain	06/20/23	1.000%(Q)		375	0.893%	1,686	2,456		(770	)	Bank of America, N.A.
Kingdom of Spain	06/20/23	1.000%(Q)		100	0.893%	449	977		(528	)	Bank of America, N.A.
Kingdom of Spain	06/20/25	1.000%(Q)		170	1.189%	(1,398)	(1,682)		284		Bank of America, N.A.
Republic of Argentina	06/20/29	5.000%(Q)		105	173.902%	(78,431)	(61,467)		(16,964	)	Citibank, N.A.
Republic of Chile	06/20/20	1.000%(Q)		100	0.205%	229	125		104		Bank of America, N.A.
Republic of France	12/20/23	0.250%(Q)		100	0.323%	(237)	(239)		2		Barclays Bank PLC
Republic of France	06/20/25	0.250%(Q)		160	0.435%	(1,461)	(1,543)		82		JPMorgan Chase Bank, N.A.
Republic of France	06/20/25	0.250%(Q)		90	0.435%	(822)	(504)		(318	)	Bank of America, N.A.
Republic of France	06/20/25	0.250%(Q)		80	0.435%	(731)	(812)		81		Credit Suisse International
Republic of Germany	06/20/25	0.250%(Q)		80	0.234%	89	202		(113	)	Bank of America, N.A.
Republic of Indonesia	06/20/23	1.000%(Q)		475	1.324%	(4,176)	(1,918)		(2,258	)	Citibank, N.A.
Republic of Italy	06/20/23	1.000%(Q)		205	1.869%	(5,150)	(6,737)		1,587		Citibank, N.A.
Republic of Kazakhstan	06/20/23	1.000%(Q)		85	0.982%	147	—		147		Citibank, N.A.

See Notes to Financial Statements.

48

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date	Fixed Rate	Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(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 Panama	06/20/20	1.000%(Q)		100	0.366% $		206		$	103		$	103		Citibank, N.A.
Republic of Peru	06/20/20	1.000%(Q)		100	0.197%		231			118			113		Bank of America, N.A.
Republic of Portugal	12/20/23	1.000%(Q)		50	0.933%		178			(20	)		198		Morgan Stanley & Co. International PLC
Republic of South Africa	12/20/23	1.000%(Q)		300	3.870%		(28,625	)		(11,754	)		(16,871	)	Bank of America, N.A.
Republic of Turkey	06/20/23	1.000%(Q)		80	5.784%		(10,655	)		(7,244	)		(3,411	)	BNP Paribas S.A.
Republic of Turkey	06/20/23	1.000%(Q)		40	5.784%		(5,328	)		(3,518	)		(1,810	)	BNP Paribas S.A.
Republic of Ukraine	12/20/23	5.000%(Q)		100	7.117%		(5,990	)		5,210			(11,200	)	Deutsche Bank AG
Republic of Ukraine	12/20/24	5.000%(Q)		100	7.198%		(7,713	)		7,360			(15,073	)	HSBC Bank USA, N.A.
Royal Caribbean Cruises Ltd.	06/20/20	5.000%(Q)		50	19.456%		(708	)		273			(981	)	Morgan Stanley & Co. International PLC
Russian Federation	12/20/22	1.000%(Q)		50	1.121%		(100	)		(70	)		(30	)	Citibank, N.A.
Russian Federation	06/20/23	1.000%(Q)		150	1.195%		(730	)		(1,811	)		1,081		Morgan Stanley & Co. International PLC
Russian Federation	06/20/23	1.000%(Q)		100	1.195%		(487	)		(1,012	)		525		Morgan Stanley & Co. International PLC
Russian Federation	06/20/23	1.000%(Q)		50	1.195%		(243	)		(594	)		351		BNP Paribas S.A.
State of Illinois	06/20/21	1.000%(Q)		1,000	2.709%		(17,725	)		1,590			(19,315	)	Citibank, N.A.
United Kingdom and Northern Ireland	06/20/25	1.000%(Q)		80	0.356%		2,720			2,626			94		Bank of America, N.A.
Verizon Communications, Inc.	06/20/20	1.000%(Q)		90	0.257%		200			105			95		Morgan Stanley & Co. International PLC
						$	(172,439	)	$	(74,049	)	$	(98,390	)

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 49

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)			Implied Credit Spread at April 30, 2020(4)			Value at Trade Date			Value at April 30, 2020			Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreements on credit indices—Sell Protection(2):
CDX.NA.HY.25.V8		12/20/20		5.000%(Q)			276		13.586	%	$	7,590		$	(12,694	)	$	(20,284	)
CDX.NA.HY.34.V1		06/20/25		5.000%(Q)			2,020		6.251	%		(115,140	)		(91,947	)		23,193
CDX.NA.IG.34.V1		06/20/25		1.000%(Q)			5,245		0.865	%		(3,913	)		41,303			45,216
iTraxx.XO.33.V1		06/20/25		5.000%(Q)		EUR	200		4.912	%		(2,461	)		2,105			4,566
											$	(113,924	)	$	(61,233	)	$	52,691

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(4)		Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on credit indices—Sell Protection(2):
CDX.BEIJING 1Y 30% -100%^		12/20/20		0.000%		300		*	$	(178	)	$	(112	)	$	(66	)	Citibank, N.A.
																		J.P. Morgan
CMBX.NA.6.AA		05/11/63		1.500%(M)		200		*		(5,982	)		(1,081	)		(4,901	)	Securities LLC
									$	(6,160	)	$	(1,193	)	$	(4,967	)

The Fund entered into credit default swaps (“CDS”) to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

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

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

See Notes to Financial Statements.

50

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

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

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

Currency swap agreements outstanding at April 30, 2020:

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

$

3,878

$

—

$

3,878

Inflation swap agreements outstanding at April 30, 2020:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date		Value at April 30, 2020			Unrealized Appreciaton (Depreciation)
Centrally Cleared Inflation Swap Agreements:
EUR	200		05/15/23		1.485%(T)	France CPI ex Tobacco Household(1)(T)	$	—	$	(11,001	)	$	(11,001	)
EUR	200		05/15/23		1.510%(T)	Eurostat Eurozone HICP ex Tobacco(2)(T)		—		10,422			10,422
							$	—	$	(579	)	$	(579	)

(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 51

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Interest rate swap agreements outstanding at April 30, 2020:

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2020			Unrealized Appreciaton (Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
AUD	400		12/18/27	2.696%(S)	6 Month BBSW(2)(S)	$	—		$	39,840		$	39,840
AUD	100		11/27/28	2.847%(S)	6 Month BBSW(2)(S)		(1	)		11,644			11,645
AUD	230		12/03/29	2.700%(S)	6 Month BBSW(2)(S)		23,341			26,484			3,143
BRL	287		01/02/25	6.540%(T)	1 Day BROIS(2)(T)		—			1,124			1,124
BRL	1,638		01/02/25	6.670%(T)	1 Day BROIS(2)(T)		—			8,682			8,682
BRL	306		01/02/25	8.690%(T)	1 Day BROIS(2)(T)		—			9,586			9,586
BRL	569		01/02/25	9.943%(T)	1 Day BROIS(2)(T)		—			34,855			34,855
BRL	609		01/02/25	11.080%(T)	1 Day BROIS(2)(T)		—			44,889			44,889
BRL	98		01/02/25	12.090%(T)	1 Day BROIS(2)(T)		—			8,560			8,560
BRL	1,220		01/04/27	6.493%(T)	1 Day BROIS(2)(T)		—			(8,558	)		(8,558	)
BRL	1,909		01/02/29	7.250%(T)	1 Day BROIS(2)(T)		—			(6,678	)		(6,678	)
CAD	255		05/08/22	1.367%(S)	3 Month CDOR(2)(S)		(8,229	)		2,287			10,516
CAD	600		04/03/25	0.970%(S)	3 Month CDOR(2)(S)		(699	)		3,979			4,678
CAD	80		12/03/28	2.600%(S)	3 Month CDOR(2)(S)		762			8,147			7,385
CAD	50		01/09/38	2.720%(S)	3 Month CDOR(2)(S)		—			8,492			8,492
CAD	50		05/30/47	2.240%(S)	3 Month CDOR(2)(S)		(1,614	)		7,131			8,745
CHF	70		04/03/28	0.410%(A)	6 Month CHF LIBOR(2)(S)		196			5,265			5,069
CHF	130		01/31/29	0.260%(A)	6 Month CHF LIBOR(2)(S)		—			8,679			8,679
CHF	40		04/03/33	0.687%(A)	6 Month CHF LIBOR(2)(S)		1,708			5,456			3,748
CLP	30,200		07/12/29	3.135%(S)	1 Day CLOIS(2)(S)		—			2,030			2,030
CLP	91,000		11/22/29	3.203%(S)	1 Day CLOIS(2)(S)		—			6,583			6,583
CLP	100,000		02/10/30	3.010%(S)	1 Day CLOIS(2)(S)		—			5,077			5,077
CNH	700		08/15/23	3.115%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(9	)		4,911			4,920
CNH	700		03/13/24	2.945%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—			4,738			4,738
CNH	1,400		04/01/24	2.923%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—			9,278			9,278
CNH	1,440		06/03/24	2.975%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—			10,395			10,395
CNH	2,220		06/20/24	2.900%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(4	)		15,059			15,063
CNH	1,500		09/03/24	2.860%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—			10,183			10,183
CNH	1,500		10/10/24	2.860%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—			10,146			10,146
CNH	1,680		11/01/24	3.120%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(6	)		14,615			14,621
CNH	1,200		02/04/25	2.600%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—			6,578			6,578

See Notes to Financial Statements.

52

Interest rate swap agreements outstanding at April 30, 2020 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2020			Unrealized Appreciaton (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
CNH	2,800		03/06/25	2.425%(Q)	7 Day China Fixing Repo Rates(2)(Q)	$	(11	)	$	12,135		$	12,146
CNH	5,000		03/12/25	2.400%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(2	)		20,782			20,784
COP	498,340		07/27/28	6.200%(Q)	1 Day COOIS(2)(Q)		13,657			15,371			1,714
CZK	19,520		05/31/20	2.138%(A)	3 Month PRIBOR(1)(Q)		—			(12,247	)		(12,247	)
CZK	21,000		01/27/24	1.923%(A)	6 Month PRIBOR(2)(S)		—			39,574			39,574
CZK	6,100		01/31/24	1.930%(A)	6 Month PRIBOR(1)(S)		—			(11,562	)		(11,562	)
CZK	12,700		03/31/24	0.710%(A)	6 Month PRIBOR(1)(S)		—			(1,329	)		(1,329	)
CZK	8,760		01/27/30	1.573%(A)	6 Month PRIBOR(1)(S)		—			(26,121	)		(26,121	)
CZK	5,145		03/31/30	0.710%(A)	6 Month PRIBOR(2)(S)		—			(2,049	)		(2,049	)
EUR	200		05/11/25	0.100%(A)	1 Day EONIA(1)(A)		(4,878	)		(8,391	)		(3,513	)
EUR	350		04/27/30	(0.016)%(A)	6 Month EURIBOR(2)(S)		—			5,350			5,350
EUR	235		10/30/32	1.302%(A)	6 Month EURIBOR(2)(S)		5,922			47,038			41,116
EUR	430		05/11/33	1.000%(A)	6 Month EURIBOR(2)(S)		(10,466	)		71,828			82,294
EUR	110		05/05/39	0.045%(A)	6 Month EURIBOR(2)(S)		—			139			139
EUR	120		05/11/49	1.450%(A)	6 Month EURIBOR(2)(S)		6,276			60,994			54,718
GBP	110		12/07/27	1.110%(A)	1 Day SONIA(1)(A)		—			(9,994	)		(9,994	)
GBP	475		12/21/31	1.534%(S)	6 Month GBP LIBOR(2)(S)		15,273			72,977			57,704
GBP	180		05/08/46	1.250%(A)	1 Day SONIA(2)(A)		39,620			64,034			24,414
HKD	2,090		03/13/21	2.138%(Q)	3 Month HIBOR(2)(Q)		(3	)		3,066			3,069
HKD	2,350		03/13/21	2.145%(Q)	3 Month HIBOR(2)(Q)		(4	)		3,470			3,474
HKD	1,295		09/03/26	1.538%(Q)	3 Month HIBOR(1)(Q)		(7	)		(6,335	)		(6,328	)
HUF	197,600		07/02/20	1.065%(A)	6 Month BUBOR(2)(S)		(327	)		5,914			6,241
HUF	43,000		03/18/26	2.140%(A)	6 Month BUBOR(2)(S)		9,737			7,212			(2,525	)
HUF	90,865		06/12/28	3.750%(A)	6 Month BUBOR(2)(S)		—			29,394			29,394
HUF	23,000		07/15/29	1.650%(A)	6 Month BUBOR(2)(S)		—			2,029			2,029
HUF	33,000		02/13/30	1.595%(A)	6 Month BUBOR(2)(S)		—			1,082			1,082
JPY	282,370		12/17/20	0.015%(S)	6 Month JPY LIBOR(1)(S)		—			(373	)		(373	)
JPY	69,940		01/29/21	(0.014)%(S)	6 Month JPY LIBOR(1)(S)		—			75			75
JPY	71,505		12/03/23	0.050%(S)	6 Month JPY LIBOR(1)(S)		(638	)		(2,984	)		(2,346	)
JPY	59,000		12/18/27	0.290%(S)	6 Month JPY LIBOR(2)(S)		—			14,265			14,265

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 53

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Interest rate swap agreements outstanding at April 30, 2020 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2020			Unrealized Appreciaton (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
JPY	53,000		12/18/32	0.516%(S)	6 Month JPY LIBOR(2)(S)	$	—		$	28,711		$	28,711
JPY	176,500		12/18/37	0.715%(S)	6 Month JPY LIBOR(2)(S)		—			162,619			162,619
JPY	10,055		01/04/38	0.757%(S)	6 Month JPY LIBOR(2)(S)		2,747			9,982			7,235
JPY	11,780		12/03/38	0.600%(S)	6 Month PY LIBOR(2)(S)		2,659			8,773			6,114
JPY	10,000		10/04/39	0.203%(S)	6 Month JPY LIBOR(2)(S)		—			159			159
JPY	21,500		12/03/39	0.650%(S)	6 Month JPY LIBOR(2)(S)		14,585			18,351			3,766
JPY	20,000		02/06/40	0.223%(S)	6 Month JPY LIBOR(2)(S)		—			987			987
JPY	5,000		07/04/43	0.763%(S)	6 Month JPY LIBOR(2)(S)		—			5,885			5,885
JPY	16,700		12/18/47	0.918%(S)	6 Month JPY LIBOR(2)(S)		—			28,965			28,965
KRW	700,000		01/07/21	1.733%(Q)	3 Month KWCDC(2)(Q)		—			3,365			3,365
KRW	209,000		09/10/28	2.043%(Q)	3 Month KWCDC(2)(Q)		10,281			14,298			4,017
KRW	118,000		02/13/29	1.780%(Q)	3 Month KWCDC(2)(Q)		—			6,233			6,233
KRW	33,500		04/17/29	1.740%(Q)	3 Month KWCDC(2)(Q)		—			1,690			1,690
KRW	184,000		04/27/30	1.065%(Q)	3 Month KWCDC(2)(Q)		—			394			394
MXN	1,150		12/23/27	7.845%(M)	28 Day Mexican Interbank Rate(2)(M)		—			5,656			5,656
MXN	4,080		02/27/29	8.260%(M)	28 Day Mexican Interbank Rate(2)(M)		1,178			25,587			24,409
NOK	8,200		01/24/22	1.880%(A)	6 Month NIBOR(2)(S)		4			15,333			15,329
NOK	3,400		01/24/25	1.823%(A)	6 Month NIBOR(1)(S)		(3	)		(17,361	)		(17,358	)
NOK	1,680		03/15/27	2.103%(A)	6 Month NIBOR(2)(S)		5,750			14,639			8,889
NOK	1,000		11/05/29	1.863%(A)	6 Month NIBOR(2)(S)		—			9,109			9,109
NZD	210		11/28/28	2.950%(S)	3 Month BBR(2)(Q)		—			26,151			26,151
NZD	100		07/22/29	1.768%(S)	3 Month BBR(2)(Q)		—			6,094			6,094
NZD	100		11/05/29	1.393%(S)	3 Month BBR(2)(Q)		—			3,940			3,940
PLN	1,030		08/24/23	2.390%(A)	6 Month WIBOR(2)(S)		—			18,556			18,556
PLN	2,100		09/09/23	1.900%(A)	6 Month WIBOR(2)(S)		(19,526	)		27,986			47,512
PLN	850		11/13/23	2.570%(A)	6 Month WIBOR(2)(S)		—			16,112			16,112
PLN	1,120		06/21/24	1.750%(A)	6 Month WIBOR(2)(S)		—			16,228			16,228
PLN	570		06/12/28	3.070%(A)	6 Month WIBOR(1)(S)		—			(28,546	)		(28,546	)
PLN	45		07/11/28	2.935%(A)	6 Month WIBOR(2)(S)		—			2,118			2,118
PLN	462		11/13/28	2.998%(A)	6 Month WIBOR(1)(S)		—			(21,768	)		(21,768	)
SEK	2,000		04/25/23	0.750%(A)	3 Month STIBOR(2)(Q)		4,078			3,995			(83	)
SEK	2,325		06/22/27	1.031%(A)	3 Month STIBOR(2)(Q)		(351	)		15,649			16,000

See Notes to Financial Statements.

54

Interest rate swap agreements outstanding at April 30, 2020 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2020			Unrealized Appreciaton (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
SEK	410		07/12/29	0.585%(A)	3 Month STIBOR(2)(Q)	$	—		$	1,223		$	1,223
SEK	1,000		11/05/29	0.457%(A)	3 Month STIBOR(2)(Q)		—			1,424			1,424
SGD	135		03/19/24	2.025%(S)	6 Month SIBOR(2)(S)		—			5,196			5,196
SGD	90		02/14/29	2.285%(S)	6 Month SIBOR(2)(S)		—			7,616			7,616
	980		03/16/21	0.109%(A)	1 Day USOIS(1)(A)		—			(387	)		(387	)
	1,012		06/09/21	0.395%(A)	1 Day USOIS(1)(A)		—			(4,236	)		(4,236	)
	1,500		09/12/21	0.260%(A)	1 Day USOIS(1)(A)		—			(4,645	)		(4,645	)
	990		03/10/22	0.330%(A)	1 Day USOIS(1)(A)		—			(5,422	)		(5,422	)
	2,000		08/31/22	2.550%(A)	1 Day USOIS(1)(A)		—			(133,947	)		(133,947	)
	2,100		04/25/23	—(3)	—(3)		—			20			20
	473		05/31/24	1.350%(A)	1 Day USOIS(1)(A)		—			(24,831	)		(24,831	)
	150		08/15/44	2.392%(A)	1 Day USOIS(1)(A)		—			(64,513	)		(64,513	)
	361		11/15/45	0.508%(A)	1 Day USOIS(1)(A)		10,088			5,711			(4,377	)
	175		11/15/45	0.553%(A)	1 Day USOIS(1)(A)		—			864			864
ZAR	9,210		03/13/21	7.180%(Q)	3 Month JIBAR(2)(Q)		—			13,047			13,047
ZAR	8,270		03/13/24	7.500%(Q)	3 Month JIBAR(1)(Q)		11			(34,738	)		(34,749	)
ZAR	3,700		11/07/27	8.360%(Q)	3 Month JIBAR(2)(Q)		3,468			15,918			12,450
ZAR	3,200		07/16/28	8.170%(Q)	3 Month JIBAR(2)(Q)		(46	)		9,141			9,187
ZAR	2,460		03/13/29	8.055%(Q)	3 Month JIBAR(2)(Q)		(8	)		4,188			4,196
ZAR	5,000		11/01/29	7.820%(Q)	3 Month JIBAR(2)(Q)		(38	)		1,642			1,680
						$	124,471		$	937,962		$	813,491

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciaton (Depreciation)			Counterparty
	OTC Interest Rate Swap Agreements:
CLP	95,000		12/20/27		4.260%(S)	1 Day CLOIS(2)(S)	$	17,767		$	—		$	17,767		JPMorgan Chase Bank, N.A.
CLP	100,000		05/17/28		4.270%(S)	1 Day CLOIS(2)(S)		19,285			—			19,285		Citibank, N.A.
COP	503,000		08/03/28		6.160%(Q)	1 Day COOIS(2)(Q)		15,817			—			15,817		JPMorgan Chase Bank, N.A.
COP	453,700		07/12/29		5.165%(Q)	1 Day COOIS(2)(Q)		4,934			—			4,934		Morgan Stanley & Co. International PLC
ILS	550		04/26/28		1.915%(A)	3 Month TELBOR(2)(Q)		16,508			—			16,508		BNP Paribas S.A.
ILS	510		07/16/28		2.045%(A)	3 Month TELBOR(2)(Q)		19,401			—			19,401		JPMorgan Chase Bank, N.A.
ILS	270		07/12/29		1.411%(A)	3 Month TELBOR(2)(Q)		6,168			—			6,168		Citibank, N.A.
ILS	450		04/24/30		0.710%(A)	3 Month TELBOR(2)(Q)		(13	)		(4	)		(9	)	Goldman Sachs International

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 55

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Interest rate swap agreements outstanding at April 30, 2020 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Fair Value		Upfront Premiums Paid (Received)			Unrealized Appreciaton (Depreciation)		Counterparty
	OTC Interest Rate Swap Agreements (cont’d.):
MYR	200		07/11/29		3.528%(Q)	3 Month KLIBOR(2)(Q)	$	4,933	$	—		$	4,933	Morgan Stanley & Co. International PLC
THB	10,000		08/08/20		1.840%(S)	6 Month BIBOR(2)(S)		1,201		—			1,201	Citibank, N.A.
THB	6,000		07/04/24		1.590%(S)	6 Month BIBOR(2)(S)		5,949		—			5,949	Morgan Stanley & Co. International PLC
							$	111,950	$	(4	)	$	111,954

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

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

(3) The Fund pays the floating rate of 1 Month LIBOR plus 6.75 bps quarterly and receives the floating rate of 3 Month LIBOR quarterly.

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

	Premiums Paid		Premiums Received			Unrealized Appreciation		Unrealized Depreciation
OTC Swap Agreements	$	92,753	$	(108,497	)	$	360,097	$	(325,220	)

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	$	700,000	$	1,116,320

Fair Value Measurements:

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

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

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

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

See Notes to Financial Statements.

56

The following is a summary of the inputs used as of April 30, 2020 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Asset-Backed Securities
Cayman Islands	$	—	$	4,943,714	$	—
Ireland		—		269,082		—
Spain		—		119,827		—
United States		—		1,220,454		—
Commercial Mortgage-Backed Securities
Canada		—		18,123		—
United States		—		2,346,020		—
Corporate Bonds
Canada		—		348,476		—
China		—		429,903		—
France		—		772,991		—
Germany		—		557,475		—
Hong Kong		—		111,894		—
Indonesia		—		94,954		—
Italy		—		438,376		—
Kazakhstan		—		103,090		—
Luxembourg		—		206,646		—
Mexico		—		346,109		—
Netherlands		—		145,360		—
Norway		—		157,550		—
Peru		—		168,605		—
Russia		—		177,545		—
Spain		—		117,138		—
Supranational Bank		—		59,108		—
Switzerland		—		469,493		—
United Arab Emirates		—		144,962		—
United Kingdom		—		612,745		—
United States		—		6,927,109		—
Residential Mortgage-Backed Securities
Bermuda		—		89,455		—
United States		—		427,249		84,868
Sovereign Bonds
Argentina		—		107,259		—
Austria		—		169,138		—
Brazil		—		781,429		—
Bulgaria		—		128,034		—
Canada		—		79,046		—
Chile		—		126,710		—
China		—		150,534		—
Colombia		—		754,065		—
Croatia		—		426,390		—
Cyprus		—		591,694		—
Dominican Republic		—		90,371		—
Greece		—		737,219		—
Hungary		—		155,041		—

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 57

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Sovereign Bonds (continued)
Indonesia	$	—	$	843,451	$	—
Israel		—		324,435		—
Italy		—		1,355,018		—
Japan		—		234,415		—
Kazakhstan		—		125,418		—
Lithuania		—		207,822		—
Malaysia		—		108,765		—
Mexico		—		488,927		—
New Zealand		—		223,190		—
Panama		—		215,746		—
Peru		—		440,762		—
Poland		—		427,378		—
Portugal		—		938,280		—
Qatar		—		212,808		—
Romania		—		209,441		—
Russia		—		234,325		—
Saudi Arabia		—		330,312		—
Senegal		—		95,040		—
Serbia		—		399,015		—
Spain		—		1,222,522		—
Sweden		—		97,860		—
Turkey		—		202,841		—
Ukraine		—		278,702		—
United Arab Emirates		—		204,197		—
United Kingdom		—		137,871		—
Uruguay		—		111,863		—
U.S. Government Agency Obligation		—		32,775		—
U.S. Treasury Obligations		—		1,116,320		—
Affiliated Mutual Fund		2,948		—		—
Options Purchased		—		15,197		—
Total	$	2,948	$	36,955,079	$	84,868
Other Financial Instruments*
Assets
Futures Contracts	$	487,946	$	—	$	—
OTC Forward Foreign Currency Exchange Contracts		—		484,345		—
OTC Cross Currency Exchange Contracts		—		51		—
OTC Packaged Credit Default Swap Agreements		—		210,819		—
Centrally Cleared Credit Default Swap Agreements		—		72,975		—
OTC Credit Default Swap Agreements		—		101,283		807
OTC Currency Swap Agreement		—		3,878		—
Centrally Cleared Inflation Swap Agreement		—		10,422		—

See Notes to Financial Statements.

58

	Level 1			Level 2			Level 3
Other Financial Instruments* (continued)
Assets (continued)
Centrally Cleared Interest Rate Swap Agreements	$	—		$	1,251,976		$	—
OTC Interest Rate Swap Agreements		—			111,963			—
Total	$	487,946		$	2,247,712		$	807
Liabilities
Futures Contracts	$	(285,022	)	$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—			(335,725	)		—
OTC Packaged Credit Default Swap Agreements		—			(217,860	)		—
Centrally Cleared Credit Default Swap Agreement		—			(20,284	)		—
OTC Credit Default Swap Agreements		—			(191,566	)		(178	)
Centrally Cleared Inflation Swap Agreement		—			(11,001	)		—
Centrally Cleared Interest Rate Swap Agreements		—			(438,485	)		—
OTC Interest Rate Swap Agreement		—			(13	)		—
Total	$	(285,022	)	$	(1,214,934	)	$	(178	)

* 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 April 30, 2020 were as follows:

Sovereign Bonds	38.2	%	Auto Manufacturers	0.8	%
Collateralized Loan Obligations	14.9		Packaging & Containers	0.7
Banks	9.7		Retail	0.6
Commercial Mortgage-Backed Securities	6.5		Home Builders	0.5
U.S. Treasury Obligations	3.1		Agriculture	0.5
Oil & Gas	2.3		Semiconductors	0.5
Healthcare-Products	1.9		Chemicals	0.4
Residential Mortgage-Backed Securities	1.9		Real Estate Investment Trusts (REITs)	0.4
Insurance	1.8		Foods	0.4
Consumer Loans	1.8		Entertainment	0.3
Telecommunications	1.8		Software	0.3
Electric	1.5		Credit Cards	0.3
Media	1.5		Electrical Components & Equipment	0.3
Diversified Financial Services	1.3		Auto Parts & Equipment	0.3
Pipelines	1.1		Automobiles	0.3
Commercial Services	1.1		Housewares	0.3
Pharmaceuticals	1.0		Other	0.3
Transportation	0.9		Real Estate	0.2
Healthcare-Services	0.8		Multi-National	0.2

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 59

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Industry Classification (continued):

Computers	0.1	%
Aerospace & Defense	0.1
Building Materials	0.1
Food Service	0.1
U.S. Government Agency Obligation	0.1
Airlines	0.1
Options Purchased	0.0	*
Affiliated Mutual Fund	0.0	*
	101.3
Liabilities in excess of other assets	(1.3	)
	100.0	%

* Less than +/- 0.05%

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

The Fund invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit contracts risk, foreign exchange contracts risk and interest rate contracts risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of April 30, 2020 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	$	72,975	*	Due from/to broker-variation margin swaps	$	20,284	*
Credit contracts	Premiums paid for OTC swap agreements		92,753		Premiums received for OTC swap agreements		108,493
Credit contracts	Unrealized appreciation on OTC swap agreements		244,256		Unrealized depreciation on OTC swap agreements		325,211
Foreign exchange contracts	Unrealized appreciation on OTC cross currency exchange contracts		51		—		—
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		484,345		Unrealized depreciation on OTC forward foreign currency exchange contracts		335,725

See Notes to Financial Statements.

60

	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 futures	$	487,946	*	Due from/to broker-variation margin futures	$	285,022	*
Interest rate contracts	Due from/to broker-variation margin swaps		1,262,398	*	Due from/to broker-variation margin swaps		449,486	*
Interest rate contracts	—		—		Premiums received for OTC swap agreements		4
Interest rate contracts	Unaffiliated investments		15,197		—		—
Interest rate contracts	Unrealized appreciation on OTC swap agreements		115,841		Unrealized depreciation on OTC swap agreements		9
		$	2,775,762			$	1,524,234

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

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2020 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	$	(1,725	)	$	1,753	$	—	$	—	$	(278,459	)
Foreign exchange contracts		—			—		—		278,886		—
Interest rate contracts		(545	)		88		780,771		—		(1,084,660	)
Total	$	(2,270	)	$	1,841	$	780,771	$	278,886	$	(1,363,119	)

(1) Included in net change in unrealized appreciation (depreciation) on investments 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)		Futures		Forward &  Cross Currency Exchange Contracts		Swaps
Credit contracts	$	—	$	—	$	—	$	(90,178	)
Foreign exchange contracts		—		—		337,143		—
Interest rate contracts		5,620		162,717		—		757,778
Total	$	5,620	$	162,717	$	337,143	$	667,600

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 61

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

For the six months ended April 30, 2020, 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)
$	1,127	$	460,000	$	14,710,384	$	27,936,455	$	13,184,604

Forward Foreign Currency Exchange Contracts—Sold(3)		Cross Currency Exchange Contracts(4)		Interest Rate Swap Agreements(2)		Credit Default Swap Agreements— Buy Protection(2)
$	30,128,226	$	68,306	$	49,194,343	$	4,651,173

Credit Default Swap Agreements— Sell Protection(2)		Currency Swap Agreements(2)		Inflation Swap Agreements(2)
$	13,154,157	$	97,000	$	442,693

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

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

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

Offsetting of OTC derivative assets and liabilities:

Counterparty	Gross Amounts of 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.	$	67,209	$	(83,587	)	$	(16,378	)	$	—	$	(16,378	)
Barclays Bank PLC		42,344		(62,368	)		(20,024	)		—		(20,024	)
BNP Paribas S.A.		22,639		(22,764	)		(125	)		—		(125	)
Citibank, N.A.		377,203		(364,805	)		12,398			—		12,398
Credit Suisse
International		12,645		(7,292	)		5,353			—		5,353
Deutsche Bank AG		5,210		(60,902	)		(55,692	)		—		(55,692	)

See Notes to Financial Statements.

62

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	$	18,039	$	(7,663	)	$	10,376		$	—	$	10,376
HSBC Bank USA, N.A.		35,074		(54,710	)		(19,636	)		—		(19,636	)
J.P. Morgan Securities LLC		—		(5,982	)		(5,982	)		—		(5,982	)
JPMorgan Chase Bank, N.A.		294,576		(69,056	)		225,520			—		225,520
Morgan Stanley & Co. International PLC		67,058		(23,104	)		43,954			—		43,954
The Toronto-Dominion Bank		—		(4,908	)		(4,908	)		—		(4,908	)
UBS AG		10,446		(2,301	)		8,145			—		8,145
	$	952,443	$	(769,442	)	$	183,001		$	—	$	183,001

(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 63

Statement of Assets and Liabilities (unaudited)

as of April 30, 2020

Assets
Investments at value:
Unaffiliated investments (cost $38,110,928)	$	37,039,947
Affiliated investments (cost $2,948)		2,948
Foreign currency, at value (cost $23,708)		24,241
Receivable for investments sold		1,226,618
Deposit with broker for centrally cleared/exchange-traded derivatives		700,000
Unrealized appreciation on OTC forward foreign currency exchange contracts		484,345
Unrealized appreciation on OTC swap agreements		360,097
Dividends and interest receivable		303,613
Receivable for Fund shares sold		136,757
Premiums paid for OTC swap agreements		92,753
Due from Manager		11,924
Unrealized appreciation on OTC cross currency exchange contracts		51
Prepaid expenses and other assets		3,366
Total Assets		40,386,660
Liabilities
Loan payable		1,946,000
Payable for Fund shares reacquired		746,567
Unrealized depreciation on OTC forward foreign currency exchange contracts		335,725
Unrealized depreciation on OTC swap agreements		325,220
Payable to custodian		192,248
Premiums received for OTC swap agreements		108,497
Accrued expenses and other liabilities		101,891
Due to broker—variation margin futures		62,757
Due to broker—variation margin swaps		3,647
Payable for investments purchased		1,884
Dividends payable		1,157
Distribution fee payable		532
Affiliated transfer agent fee payable		176
Total Liabilities		3,826,301
Net Assets	$	36,560,359
Net assets were comprised of:
Common stock, at par	$	36,872
Paid-in capital in excess of par		37,062,939
Total distributable earnings (loss)		(539,452	)
Net assets, April 30, 2020	$	36,560,359

See Notes to Financial Statements.

64

Class A
Net asset value, offering price and redemption price per share, ($2,356,688 ÷ 237,684 shares of common stock issued and outstanding)	$	9.92
Maximum sales charge (3.25% of offering price)		0.33
Maximum offering price to public	$	10.25
Class C
Net asset value, offering price and redemption price per share, ($53,201 ÷ 5,366 shares of common stock issued and outstanding)	$	9.91
Class Z
Net asset value, offering price and redemption price per share, ($5,829,294 ÷ 588,000 shares of common stock issued and outstanding)	$	9.91
Class R6
Net asset value, offering price and redemption price per share, ($28,321,176 ÷ 2,856,137 shares of common stock issued and outstanding)	$	9.92

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 65

Statement of Operations (unaudited)

Six Months Ended April 30, 2020

Net Investment Income (Loss)
Income
Interest income (net of $268 foreign withholding tax)	$	526,390
Affiliated dividend income		9,645
Total income		536,035
Expenses
Management fee		91,327
Distribution fee(a)		2,873
Custodian and accounting fees		72,717
Registration fees(a)		34,941
Shareholders’ reports		22,716
Audit fee		20,080
Legal fees and expenses		9,040
Directors’ fees		5,616
Transfer agent’s fees and expenses (including affiliated expense of $437)(a)		3,671
Miscellaneous		8,819
Total expenses		271,800
Less: Fee waiver and/or expense reimbursement(a)		(160,867	)
Net expenses		110,933
Net investment income (loss)		425,102
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		(31,775	)
Futures transactions		780,771
Forward currency contract transactions		278,886
Options written transactions		1,841
Swap agreement transactions		(1,363,119	)
Foreign currency transactions		(148,117	)
		(481,513	)
Net change in unrealized appreciation (depreciation) on:
Investments		(1,690,905	)
Futures		162,717
Forward and cross currency contracts		337,143
Swap agreements		667,600
Foreign currencies		(2,202	)
		(525,647	)
Net gain (loss) on investment and foreign currency transactions		(1,007,160	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(582,058	)

See Notes to Financial Statements.

66

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

	Class A			Class C			Class Z			Class R6
Distribution fee		2,583			290			—			—
Registration fees		8,219			8,219			10,284			8,219
Transfer agent’s fees and expenses		1,134			99			2,384			54
Fee waiver and/or expense reimbursement		(15,891	)		(8,503	)		(31,233	)		(105,240	)

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 67

Statements of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2020			Year Ended October 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	425,102		$	728,697
Net realized gain (loss) on investment and foreign currency transactions		(481,513	)		1,577,839
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(525,647	)		2,004,129
Net increase (decrease) in net assets resulting from operations		(582,058	)		4,310,665
Dividends and Distributions
Distributions from distributable earnings
Class A		(71,120	)		(8,727	)
Class C		(1,563	)		(847	)
Class Z		(190,780	)		(45,240	)
Class R6		(1,069,334	)		(1,566,074	)
		(1,332,797	)		(1,620,888	)
Fund share transactions
Net proceeds from shares sold		12,379,078			5,835,407
Net asset value of shares issued in reinvestment of dividends and distributions		1,331,318			1,620,828
Cost of shares reacquired		(9,728,908	)		(304,493	)
Net increase (decrease) in net assets from Fund share transactions		3,981,488			7,151,742
Total increase (decrease)		2,066,633			9,841,519
Net Assets:
Beginning of period		34,493,726			24,652,207
End of period	$	36,560,359		$	34,493,726

See Notes to Financial Statements.

68

Notes to Financial Statements (unaudited)

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

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

1. Accounting Policies

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

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

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

PGIM Global Total Return (USD Hedged) Fund 69

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

70

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.

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

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

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

PGIM Global Total Return (USD Hedged) Fund 71

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on 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 (depreciation)

72

on forward and cross currency contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on forward and cross currency contract transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Fund’s maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract’s life. A cross currency contract is a forward contract where a specified amount of one foreign currency will be exchanged for a specified amount of another foreign currency.

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

PGIM Global Total Return (USD Hedged) Fund 73

Notes to Financial Statements (unaudited) (continued)

obligated to pay a variable interest rate and receive a fixed interest rate (noted as the strike price) on a notional amount. Premiums received from writing options on swaps that expire or are exercised are treated as realized gains upon the expiration or exercise of such options on swaps. The risk associated with writing put and call options on swaps is that the Fund will be obligated to be party to a swap agreement if an option on a swap is exercised.

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

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

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

74

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

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

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

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

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

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

PGIM Global Total Return (USD Hedged) Fund 75

Notes to Financial Statements (unaudited) (continued)

swap agreements which the Fund entered into for the same referenced entity or index. As a buyer of protection, the Fund generally receives an amount up to the notional value of the swap if a credit event occurs.

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

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

Master Netting Arrangements: The Fund is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of 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. During the reporting period, there was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

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

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

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

As of April 30, 2020, the Fund has not met conditions under such agreements which give the counterparty the right to call for an early termination.

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

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

PGIM Global Total Return (USD Hedged) Fund 77

Notes to Financial Statements (unaudited) (continued)

realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Class specific expenses include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

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

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

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

2. Agreements

The 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. In addition, under the management agreement, the Manager provides all of the administrative functions necessary for the organization, operation and management of the Fund. The Manager administers the corporate affairs of the Fund and, in connection therewith, furnishes the Fund with office facilities, together with those ordinary clerical and bookkeeping services which are not being furnished by the Fund’s custodian and the Fund’s transfer agent. The Manager is also responsible for the staffing and management of dedicated groups of legal, marketing, compliance and related personnel necessary for the operation of the Fund. The legal, marketing, compliance and related personnel are also responsible for the management and oversight of the various

78

service providers to the Fund, including, but not limited to, the custodian, transfer agent, and accounting agent.

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

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.50% of the Fund’s average daily net assets up to $2 billion and 0.485% of such assets in excess of $2 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.50% for the reporting period ended April 30, 2020.

The Manager has contractually agreed, through February 28, 2021, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 0.88% of average daily net assets for Class A shares, 1.63% of average daily net assets for Class C shares, 0.63% of average daily net assets for Class Z shares and 0.58% of average daily net assets for Class R6 shares. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

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

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

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

PGIM Global Total Return (USD Hedged) Fund 79

Notes to Financial Statements (unaudited) (continued)

For the reporting period ended April 30, 2020, PIMS received $982 in front-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended April 30, 2020, PIMS did not receive any contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders, respectively. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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

3. Other Transactions with Affiliates

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

The Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. Through the Fund’s investments in the mentioned underlying funds, PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services. 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, and/or common officers. Pursuant to the Rule 17a-7 procedures and consistent with guidance issued by the Securities and Exchange Commission, the Company’s Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such 17a-7 transactions were effected in accordance with the Fund’s Rule 17a-7 procedures. For the reporting period ended April 30, 2020, no 17a-7 transactions were entered into by the Fund.

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4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2020, were $10,029,489 and $5,084,269, respectively.

A summary of the cost of purchases and proceeds from sales of shares of an affiliated investment for the reporting period ended April 30, 2020, is presented as follows:

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Income
	PGIM Core Ultra Short Bond Fund*
$	752,873	$	9,752,172	$	10,502,097	$	—	$	—	$	2,948		2,948	$	9,645
	PGIM Institutional Money Market Fund*
	6		—		6		—		—		—		—		—
$	752,879	$	9,752,172	$	10,502,103	$	—	$	—	$	2,948			$	9,645

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

5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of April 30, 2020 were as follows:

Tax Basis	$	38,304,515
Gross Unrealized Appreciation		3,647,988
Gross Unrealized Depreciation		(3,673,277	)
Net Unrealized Depreciation	$	(25,289	)

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

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 two fiscal years up to the most recent fiscal year ended October 31, 2019 are subject to such review.

6. Capital and Ownership

The Fund offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 3.25%. Investors who purchase $1 million or more prior to July 15, 2019 ($500,000 or more on or after July 15, 2019) 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

PGIM Global Total Return (USD Hedged) Fund 81

Notes to Financial Statements (unaudited) (continued)

sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately 10 years after purchase. Class Z and Class R6 shares are not subject to any sales or redemption 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.

The Company is authorized to issue 3.5 billion shares of common stock, $0.01 par value per share, 1.5 billion of which are designated as shares of the Fund. The shares are further classified and designated as follows:

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

As of April 30, 2020, 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		1,108		21	%
Class R6		2,840,734		99	%

At 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	76%	1	17%

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Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Six months ended April 30, 2020:
Shares sold		77,183		$	759,023
Shares issued in reinvestment of dividends and distributions		6,975			71,006
Shares reacquired		(41,675	)		(417,078	)
Net increase (decrease) in shares outstanding		42,483		$	412,951
Year ended October 31, 2019:
Shares sold		198,368		$	2,050,700
Shares issued in reinvestment of dividends and distributions		861			8,667
Shares reacquired		(9,234	)		(95,566	)
Net increase (decrease) in shares outstanding		189,995		$	1,963,801
Class C
Six months ended April 30, 2020:
Shares sold		10,450		$	108,902
Shares issued in reinvestment of dividends and distributions		146			1,486
Shares reacquired		(8,988	)		(90,071	)
Net increase (decrease) in shares outstanding		1,608		$	20,317
Year ended October 31, 2019:
Shares sold		2,406		$	25,000
Shares issued in reinvestment of dividends and distributions		88			847
Shares reacquired		(545	)		(5,330	)
Net increase (decrease) in shares outstanding		1,949		$	20,517
Class Z
Six months ended April 30, 2020:
Shares sold		1,130,879		$	11,364,606
Shares issued in reinvestment of dividends and distributions		18,698			189,492
Shares reacquired		(930,959	)		(9,215,640	)
Net increase (decrease) in shares outstanding		218,618		$	2,338,458
Year ended October 31, 2019:
Shares sold		367,191		$	3,745,707
Shares issued in reinvestment of dividends and distributions		4,430			45,240
Shares reacquired		(19,561	)		(203,597	)
Net increase (decrease) in shares outstanding		352,060		$	3,587,350
Class R6
Six months ended April 30, 2020:
Shares sold		14,290		$	146,547
Shares issued in reinvestment of dividends and distributions		104,962			1,069,334
Shares reacquired		(614	)		(6,119	)
Net increase (decrease) in shares outstanding		118,638		$	1,209,762
Year ended October 31, 2019:
Shares sold		1,336		$	14,000
Shares issued in reinvestment of dividends and distributions		161,224			1,566,074
Net increase (decrease) in shares outstanding		162,560		$	1,580,074

7. Borrowings

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

PGIM Global Total Return (USD Hedged) Fund 83

Notes to Financial Statements (unaudited) (continued)

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.

	SCA
Term of Commitment	10/3/2019 – 10/1/2020
Total Commitment	$ 1,222,500,000*
Annualized Commitment Fee on the Unused Portion of the SCA	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

* Effective March 31, 2020, the SCA’s total commitment was increased from $900,000,000 to $1,162,500,000 and subsequently, effective April 7, 2020 was increased to $1,222,500,000.

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

The Fund utilized the SCA during the reporting period ended April 30, 2020. The average daily balance for the 1 days that the Fund had loans outstanding during the period was approximately $1,946,000, borrowed at a weighted average interest rate of 1.53%. The maximum loan outstanding amount during the period was $1,946,000. At April 30, 2020, the Fund had an outstanding loan balance of $1,946,000.

8. Risks of Investing in the Fund

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

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

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

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

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

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

Interest Rate Risk: The value of an investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund’s holdings may fall sharply. This is referred to as “extension risk”. The Fund may face a heightened level of interest rate risk as a result of the U.S. Federal Reserve Board’s policies. The Fund’s investments may lose value if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

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

PGIM Global Total Return (USD Hedged) Fund 85

Notes to Financial Statements (unaudited) (continued)

or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy. The Fund’s ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.

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

Market and Credit Risk: Securities markets may be volatile and the market prices of the Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of an investment in the Fund will decline. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Market Disruption and Geopolitical Risks: International wars or conflicts and geopolitical developments in foreign countries, along with instability in regions such as Asia, Eastern Europe, and the Middle East, possible terrorist attacks in the United States or around the world, public health epidemics such as the outbreak of infectious diseases like the recent outbreak of coronavirus globally or the 2014–2016 outbreak in West Africa of the Ebola virus, and other similar events could adversely affect the U.S. and foreign financial markets, including increases in market volatility, reduced liquidity in the securities markets and government intervention, and may cause further long-term economic uncertainties in the United States and worldwide generally.

86

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

9. Recent Accounting Pronouncements and Reporting Updates

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

PGIM Global Total Return (USD Hedged) Fund 87

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30, 2020			Year Ended October 31, 2019			December 12, 2017(a) through October 31, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.43			$9.48			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.10			0.18			0.16
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.24	)		1.33			(0.42	)
Total from investment operations		(0.14	)		1.51			(0.26	)
Less Dividends and Distributions:
Dividends from net investment income		(0.26	)		(0.56	)		(0.26	)
Distributions from net realized gains		(0.11	)		-			-
Total dividends and distributions		(0.37	)		(0.56	)		(0.26	)
Net asset value, end of period		$9.92			$10.43			$9.48
Total Return(c):		(1.40)%			16.40%			(2.65)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$2,357			$2,036			$49
Average net assets (000)		$2,078			$234			$46
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.88%	(e)		0.88%			0.88%	(e)
Expenses before waivers and/or expense reimbursement		2.42%	(e)		8.27%			80.88%	(e)
Net investment income (loss)		2.06%	(e)		1.69%			1.86%	(e)
Portfolio turnover rate(f)		17%			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 generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

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

See Notes to Financial Statements.

88

Class C Shares
	Six Months Ended April 30, 2020			Year Ended October 31, 2019			December 12, 2017(a) through October 31, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.43			$9.48			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.07			0.17			0.10
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.26	)		1.27			(0.43	)
Total from investment operations		(0.19	)		1.44			(0.33	)
Less Dividends and Distributions:
Dividends from net investment income		(0.22	)		(0.49	)		(0.19	)
Distributions from net realized gains		(0.11	)		-			-
Total dividends and distributions		(0.33	)		(0.49	)		(0.19	)
Net asset value, end of period		$9.91			$10.43			$9.48
Total Return(c):		(1.87)%			15.59%			(3.29)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$53			$39			$17
Average net assets (000)		$58			$16			$13
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.63%	(e)		1.63%			1.63%	(e)
Expenses before waivers and/or expense reimbursement		30.89%	(e)		97.66%			290.47%	(e)
Net investment income (loss)		1.30%	(e)		1.70%			1.13%	(e)
Portfolio turnover rate(f)		17%			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 generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 89

Financial Highlights (unaudited) (continued)

Class Z Shares
	Six Months Ended April 30, 2020			Year Ended October 31, 2019			December 12, 2017(a) through October 31, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.43			$9.48			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.11			0.18			0.18
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.25	)		1.36			(0.42	)
Total from investment operations		(0.14	)		1.54			(0.24	)
Less Dividends and Distributions:
Dividends from net investment income		(0.27	)		(0.59	)		(0.28	)
Distributions from net realized gains		(0.11	)		-			-
Total dividends and distributions		(0.38	)		(0.59	)		(0.28	)
Net asset value, end of period		$9.91			$10.43			$9.48
Total Return(c):		(1.38)%			16.71%			(2.44)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$5,829			$3,854			$164
Average net assets (000)		$6,045			$1,214			$160
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.63%	(e)		0.63%			0.63%	(e)
Expenses before waivers and/or expense reimbursement		1.67%	(e)		3.11%			24.70%	(e)
Net investment income (loss)		2.27%	(e)		1.72%			2.11%	(e)
Portfolio turnover rate(f)		17%			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 generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

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

See Notes to Financial Statements.

90

Class R6 Shares
	Six Months Ended April 30, 2020			Year Ended October 31, 2019			December 12, 2017(a) through October 31, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.43			$9.48			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.12			0.26			0.18
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.25	)		1.28			(0.42	)
Total from investment operations		(0.13	)		1.54			(0.24	)
Less Dividends and Distributions:
Dividends from net investment income		(0.27	)		(0.59	)		(0.28	)
Distributions from net realized gains		(0.11	)		-			-
Total dividends and distributions		(0.38	)		(0.59	)		(0.28	)
Net asset value, end of period		$9.92			$10.43			$9.48
Total Return(c):		(1.25)%			16.79%			(2.40)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$28,321			$28,565			$24,421
Average net assets (000)		$28,550			$26,482			$24,571
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.58%	(e)		0.58%			0.58%	(e)
Expenses before waivers and/or expense reimbursement		1.32%	(e)		1.49%			1.67%	(e)
Net investment income (loss)		2.36%	(e)		2.66%			2.14%	(e)
Portfolio turnover rate(f)		17%			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 generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 91

Fund Liquidity Risk Management Program (unaudited)

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

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

At a meeting of the Board of Directors on March 3-5, 2020, PGIM Investments provided a written report (“LRMP Report”) to the Board addressing the operation, adequacy, and effectiveness of the Fund’s LRMP, including any material changes to the LRMP for the period from the inception of the Fund’s program on December 1, 2018 through December 31, 2019 (“Reporting Period”). The LRMP Report concluded that the Fund’s LRMP was reasonably designed to assess and manage the Fund’s liquidity risk and was adequately and effectively implemented during the Reporting Period. There were no material changes to the LRMP during the Reporting Period. The LRMP Report further concluded that the Fund’s investment strategies continue to be appropriate given the Fund’s status as an open-end fund.

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

92

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

PROXY VOTING

The Board of Directors of the Fund has delegated to the Fund’s 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. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website and on the Securities and Exchange Commission’s website.

DIRECTORS

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

OFFICERS

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

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

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

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

AVAILABILITY OF PORTFOLIO HOLDINGS

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

Mutual Funds:

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

PGIM GLOBAL TOTAL RETURN (USD HEDGED) FUND

SHARE CLASS	A	C	Z	R6
NASDAQ	PHEAX	PHECX	PHEZX	PHEQX
CUSIP	74439A707	74439A806	74439A871	74439A889

MF238E2

Item 2 – Code of Ethics — Not required, as this is not an annual filing.

Item 3 – Audit Committee Financial Expert – Not required, as this is not an annual filing.

Item 4 – Principal Accountant Fees and Services – Not required, as this is not an annual filing.

Item 5 – Audit Committee of Listed Registrants – Not required, as this is not an annual filing.

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 – Not required, as this is not an annual filing.

(2)Certifications pursuant to Section 302 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.CERT.

(3)Any written solicitation to purchase securities under Rule 23c-1. – Not applicable.

(4)Registrant's Independent Public Accountant, attached as Exhibit 99.ACCT.

(b)Certifications pursuant to Section 906 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:	Prudential Global Total Return Fund, Inc.
By:	/s/ Andrew R. French
	Andrew R. French
	Secretary
Date:	June 17, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Stuart S. Parker
	Stuart S. Parker
	President and Principal Executive Officer
Date:	June 17, 2020
By:	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and Accounting Officer
Date:	June 17, 2020