Prudential Global Total Return Fund, Inc.

Description

Gross Market

Value of

Recognized

Assets/(Liabilities)

Collateral

Pledged/(Received)(2)

Net

Amount

Securities on Loan

$84,112,107

$(84,112,107)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number:		811-04661

Exact name of registrant as specified in charter:		Prudential Global Total Return Fund, Inc.

Address of principal executive offices:		655 Broad Street, 17^th Floor
		Newark, New Jersey 07102

Name and address of agent for service:		Andrew R. French
		655 Broad Street, 17^th Floor
		Newark, New Jersey 07102

Registrant’s telephone number, including area code:		800-225-1852

Date of fiscal year end:		10/31/2022

Date of reporting period:		4/30/2022

Item 1 – Reports to Stockholders

LOGO

PGIM GLOBAL TOTAL RETURN FUND

SEMIANNUAL REPORT

APRIL 30, 2022

LOGO

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

Table of Contents



Letter from the President			3

Your Fund’s Performance			4

Fees and Expenses			7

Holdings and Financial Statements			9

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

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

The accompanying financial statements as of April 30, 2022 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. © 2022 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 the PGIM Global Total Return Fund informative and useful. The report covers performance for the six-month period ended April 30, 2022.

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 provide access to active investment strategies across the global markets in the pursuit of consistent outperformance for investors. PGIM is a top-10 investment manager globally with more than $1.5 trillion in assets under management. Our scale and investment expertise allow us to deliver a diversified suite of actively managed solutions across a broad spectrum of asset classes and investment styles.

Thank you for choosing our family of funds.

Sincerely,

LOGO

Stuart S. Parker, President

PGIM Global Total Return Fund

June 15, 2022

PGIM Global Total Return Fund 3

Your Fund’s Performance

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



	Total Returns as of 4/30/22	Average Annual Total Returns as of 4/30/22

	(without sales charges)	(with sales charges)

	*Six Months (%)**	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)

Class A	-16.97	-20.22	-0.46	1.09	—

Class C	-17.31	-18.99	-0.52	0.69	—

Class Z	-16.91	-17.37	0.46	1.69	—

Class R2	-17.11	-17.62	N/A	N/A	-1.45 (12/27/2017)

Class R4	-16.86	-17.38	N/A	N/A	-1.17 (12/27/2017)

Class R6	-16.75	-17.16	0.55	1.85	—

Bloomberg Global Aggregate Index

	-11.69	-12.64	0.33	0.35	—


Average Annual Total Returns as of 4/30/22 Since Inception (%)

					Class R2, Class R4 (12/27/2017)

Bloomberg Global Aggregate Index					-0.60

*Not annualized

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

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

Class A

Class C

Class Z

Class R2

Class R4

Class R6

Maximum initial sales charge

3.25% of the public offering price

None

Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption)

1.00% on sales of $500,000 or more made within 12 months of purchase

1.00% on sales made within 12 months of purchase

None

Annual distribution or distribution and service (12b-1) fees (shown as a percentage of average daily net assets)

0.25%

1.00%

None

0.25%

None

Shareholder service fees

None

0.10%*

None

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

Benchmark Definition

Bloomberg Global Aggregate Index—The Bloomberg Global Aggregate Index is an unmanaged index of global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The Index also includes Eurodollar and Euro-Yen corporate bonds, and Canadian government, agency, and corporate securities.

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

PGIM Global Total Return Fund 5

Your Fund’s Performance (continued)



Distributions and Yields as of 4/30/22

	Total Distributions Paid for Six Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)

Class A	0.12	4.87	4.80

Class C	0.10	4.24	4.14

Class Z	0.13	5.28	5.21

Class R2	0.12	4.83	4.55

Class R4	0.13	5.09	5.06

Class R6	0.14	5.41	5.41

*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 4/30/22 (%)

AAA			14.2

AA			8.5

A			16.6

BBB			32.6

BB			14.0

B			5.3

CCC			1.7

Not Rated			4.8

Cash/Cash Equivalents			2.3

Total			100.0

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

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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, 2022. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Global Total Return Fund 7

Fees and Expenses (continued)

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, 2021	Ending Account Value April 30, 2022	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Class A	Actual	$1,000.00	$ 830.30	0.88%	$3.99

	Hypothetical	$1,000.00	$1,020.43	0.88%	$4.41

Class C	Actual	$1,000.00	$ 826.90	1.63%	$7.38

	Hypothetical	$1,000.00	$1,016.71	1.63%	$8.15

Class Z	Actual	$1,000.00	$ 830.90	0.63%	$2.86

	Hypothetical	$1,000.00	$1,021.67	0.63%	$3.16

Class R2	Actual	$1,000.00	$ 828.90	1.08%	$4.90

	Hypothetical	$1,000.00	$1,019.44	1.08%	$5.41

Class R4	Actual	$1,000.00	$ 831.40	0.83%	$3.77

	Hypothetical	$1,000.00	$1,020.68	0.83%	$4.16

Class R6	Actual	$1,000.00	$ 832.50	0.52%	$2.36

	Hypothetical	$1,000.00	$1,022.22	0.52%	$2.61

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended April 30, 2022, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2022 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

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Schedule of Investments (unaudited)

as of April 30, 2022

Description

Interest

Rate

Maturity

Date

Principal

Amount

(000)#

Value

LONG-TERM INVESTMENTS 99.5%

ASSET-BACKED SECURITIES 9.1%

Canada 0.0%

Fairstone Financial Issuance Trust,

Series 2020-01A, Class A, 144A

2.509%

10/20/39

CAD

1,500

1,107,337

Ford Auto Securitization Trust,

Series 2020-AA, Class B, 144A

1.872

06/15/26

CAD

400

295,828

Series 2020-AA, Class C, 144A

2.763

04/15/28

CAD

500

372,565

1,775,730

Cayman Islands 2.5%

Battalion CLO Ltd.,

Series 2015-08A, Class A1R2, 144A, 3 Month LIBOR + 1.070% (Cap N/A,
Floor 1.070%)

2.114(c)

07/18/30

5,500

5,471,014

Carlyle CLO Ltd.,

Series C17A, Class A1AR, 144A, 3 Month LIBOR + 1.030% (Cap N/A,
Floor 0.000%)

2.316(c)

04/30/31

15,000

14,871,681

Carlyle US CLO Ltd.,

Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.020% (Cap N/A,
Floor 0.000%)

2.083(c)

04/20/31

12,500

12,393,027

Elevation CLO Ltd.,

Series 2017-06A, Class A1, 144A, 3 Month LIBOR + 1.280% (Cap N/A,
Floor 1.280%)

2.324(c)

07/15/29

479

478,100

MidOcean Credit CLO,

Series 2016-05A, Class AR, 144A, 3 Month LIBOR + 1.120% (Cap N/A,
Floor 0.000%)

2.164(c)

07/19/28

2,231

2,226,814

Series 2018-08A, Class B, 144A, 3 Month LIBOR + 1.650% (Cap N/A,
Floor 0.000%)

2.130(c)

02/20/31

2,000

1,961,641

Series 2018-09A, Class A1, 144A, 3 Month LIBOR + 1.150% (Cap N/A,
Floor 1.150%)

2.213(c)

07/20/31

2,000

1,986,911

Mountain View CLO Ltd.,

Series 2015-09A, Class A2R, 144A, 3 Month LIBOR + 1.780% (Cap N/A,
Floor 0.000%)

2.824(c)

07/15/31

5,750

5,616,962

Series 2019-01A, Class A1R, 144A, 3 Month LIBOR + 1.250% (Cap N/A,
Floor 1.250%)

2.294(c)

10/15/34

15,000

14,860,617

OZLM Ltd.,

Series 2014-06A, Class A2AS, 144A, 3 Month LIBOR + 1.750% (Cap N/A,
Floor 0.000%)

2.794(c)

04/17/31

2,000

1,963,366

Series 2018-20A, Class A1, 144A, 3 Month LIBOR + 1.050% (Cap N/A,
Floor 1.050%)

2.113(c)

04/20/31

5,000

4,953,995

Race Point CLO Ltd.,

Series 2013-08A, Class AR2, 144A, 3 Month LIBOR + 1.040% (Cap N/A,
Floor 1.040%)

1.520(c)

02/20/30

8,540

8,503,486

See Notes to Financial Statements.

PGIM Global Total Return Fund 9

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Description

Interest

Rate

Maturity

Date

Principal

Amount

(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Cayman Islands (cont’d.)

Shackleton CLO Ltd.,

Series 2014-05RA, Class A, 144A, 3 Month LIBOR + 1.100% (Cap N/A,
Floor 0.000%)

1.415%(c)

05/07/31

5,000

4,964,534

Series 2014-05RA, Class B, 144A, 3 Month LIBOR + 1.700% (Cap N/A,
Floor 0.000%)

2.015(c)

05/07/31

6,500

6,344,818

Series 2017-10A, Class BR, 144A, 3 Month LIBOR + 1.550% (Cap N/A,
Floor 0.000%)

2.613(c)

04/20/29

10,000

9,809,876

Silver Creek CLO Ltd.,

Series 2014-01A, Class AR, 144A, 3 Month LIBOR + 1.240% (Cap N/A,
Floor 0.000%)

2.303(c)

07/20/30

444

442,542

Voya CLO Ltd.,

Series 2013-02A, Class A1R, 144A, 3 Month LIBOR + 0.970% (Cap N/A,
Floor 0.970%)

2.154(c)

04/25/31

4,500

4,448,019

Wellfleet CLO Ltd.,

Series 2017-03A, Class A1, 144A, 3 Month LIBOR + 1.150% (Cap N/A,
Floor 1.150%)

2.194(c)

01/17/31

2,500

2,484,581

Zais CLO Ltd.,

Series 2015-03A, Class A2R, 144A, 3 Month LIBOR + 2.190% (Cap N/A,
Floor 0.000%)

3.234(c)

07/15/31

8,500

8,435,358

Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.290% (Cap N/A,
Floor 0.000%)

2.334(c)

04/15/30

733

731,125

112,948,467

Ireland 4.4%

Anchorage Capital Europe CLO DAC,

Series 04A, Class A, 144A, 3 Month EURIBOR + 0.870% (Cap N/A, Floor 0.870%)

0.870(c)

04/25/34

EUR

4,000

4,165,277

Ares European CLO DAC,

Series 2013-06A, Class B1RR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%)

1.250(c)

04/15/30

EUR

8,000

8,275,963

Armada Euro CLO DAC,

Series 02A, Class A3, 144A

1.500

11/15/31

EUR

1,500

1,576,782

BNPP AM Euro CLO DAC,

Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%)

0.600(c)

04/15/31

EUR

10,000

10,416,739

Bosphorus CLO DAC,

Series 06A, Class A, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%)

0.850(c)

05/25/34

EUR

20,000

20,850,669

Capital Four CLO DAC,

Series 02A, Class A, 144A, 3 Month EURIBOR + 1.050% (Cap N/A, Floor 1.050%)

1.050(c)

01/15/34

EUR

23,000

24,107,445

See Notes to Financial Statements.

Description

Interest
Rate

Maturity
Date

Principal

Amount

(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Ireland (cont’d.)

Carlyle Euro CLO DAC,

Series 2017-02A, Class AA2R, 144A, 3 Month EURIBOR + 1.300% (Cap N/A, Floor 1.300%)

1.300%(c)

08/15/30

EUR

9,500

9,860,611

Series 2019-01A, Class A1R, 144A, 3 Month EURIBOR + 0.750% (Cap N/A, Floor 0.750%)

0.750(c)

03/15/32

EUR

20,000

20,855,589

CIFC European Funding CLO DAC,

Series 03A, Class A, 144A, 3 Month EURIBOR + 1.050% (Cap N/A, Floor 1.050%)

1.050(c)

01/15/34

EUR

15,000

15,737,935

Series 03A, Class B2, 144A

2.000

01/15/34

EUR

11,500

11,979,150

European Residential Loan Securitisation,

Series 2021-NPLA, Class A1, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 2.000%)

1.403(c)

11/25/60

EUR

1,429

1,487,870

Hayfin Emerald CLO,

Series 05A, Class A, 144A, 3 Month EURIBOR + 1.100% (Cap N/A, Floor 1.100%)

1.100(c)

11/17/32

EUR

18,500

19,511,916

Henley CLO DAC,

Series 04A, Class A, 144A, 3 Month EURIBOR + 0.900% (Cap N/A, Floor 0.900%)

0.900(c)

04/25/34

EUR

5,000

5,226,914

Invesco Euro CLO DAC,

Series 01A, Class A2R, 144A

0.800

07/15/31

EUR

30,000

31,451,143

OAK Hill European Credit Partners DAC,

Series 2017-06A, Class A2, 144A

1.150

01/20/32

EUR

2,986

3,133,399

Providus CLO DAC,

Series 02A, Class B1R, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%)

1.650(c)

07/15/31

EUR

7,500

7,821,373

Rathlin Residential DAC,

Series 2021-01A, Class A, 144A, 1 Month EURIBOR + 2.000%

1.500(c)

09/27/75

EUR

1,374

1,419,971

197,878,746

Spain 0.1%

TFS,

Series 2018-03, Class A1^

0.000

04/16/40

EUR

—(r

)

4,394

Series 2018-03, Class A1, 1 Month EURIBOR + 3.000%

3.000(c)

04/16/23

EUR

3,969

4,186,613

4,191,007

United Kingdom 0.3%

Newday Funding Master Issuer PLC,

Series 2021-01A, Class A1, 144A, SONIA + 0.970% (Cap N/A, Floor 0.000%)

1.598(c)

03/15/29

GBP

3,700

4,641,152

See Notes to Financial Statements.

PGIM Global Total Return Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2022



Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value

ASSET-BACKED SECURITIES (Continued)

United Kingdom (cont’d.)

Newday Funding Master Issuer PLC, (cont’d.)
Series 2021-01A, Class A2, 144A, SOFR + 1.100% (Cap N/A, Floor 0.000%)		1.320	%(c)		03/15/29		3,500	$	3,507,747
Newday Partnership Funding PLC,
Series 2020-01A, Class A3, 144A, SONIA + 1.400% (Cap N/A, Floor 0.000%)		2.028	(c)		11/15/28	GBP	6,205		7,839,078


									15,987,977

United States 1.8%

Ameriquest Mortgage Securities, Inc., Asset-Backed
Pass-Through Certificates,
Series 2002-02, Class M3, 1 Month LIBOR + 2.655% (Cap N/A, Floor 2.655%)		3.323	(c)		08/25/32		284		284,240
Series 2002-03, Class M3, 1 Month LIBOR + 2.850% (Cap N/A, Floor 2.850%)		3.518	(c)		08/25/32		139		137,447
Chase Funding Trust,
Series 2003-04, Class 2A2, 1 Month LIBOR + 0.600% (Cap N/A, Floor 0.600%)		1.268	(c)		05/25/33		496		482,713
CHEC Loan Trust,
Series 2004-01, Class A3, 144A, 1 Month LIBOR + 1.000% (Cap N/A, Floor 1.000%)		1.668	(c)		07/25/34		452		441,712
Commonbond Student Loan Trust,
Series 2020-AGS, Class A, 144A		1.980			08/25/50		2,335		2,267,036
EquiFirst Mortgage Loan Trust,
Series 2004-01, Class 1A1, 1 Month LIBOR + 0.480% (Cap N/A, Floor 0.480%)		1.148	(c)		01/25/34		501		473,956
Exeter Automobile Receivables Trust,
Series 2020-03A, Class D		1.730			07/15/26		700		685,292
Series 2022-01A, Class E, 144A		5.020			10/15/29		5,600		5,321,779
Ford Credit Auto Owner Trust,
Series 2020-02, Class C, 144A		1.740			04/15/33		1,300		1,191,801
Ford Credit Floorplan Master Owner Trust,
Series 2020-02, Class C		1.870			09/15/27		2,100		1,942,181
JPMorgan Chase Bank, NA,
Series 2020-01, Class R, 144A		33.784			01/25/28		1,209		1,482,565
Series 2020-02, Class E, 144A		3.072			02/25/28		1,588		1,573,161
Series 2020-02, Class R, 144A		31.355			02/25/28		566		675,026
Series 2021-01, Class E, 144A		2.365			09/25/28		356		348,375
Series 2021-01, Class F, 144A		4.280			09/25/28		600		572,249
Series 2021-01, Class R, 144A		28.348			09/25/28		1,936		2,325,436
Series 2021-02, Class F, 144A		4.393			12/26/28		600		569,960

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

ASSET-BACKED SECURITIES (Continued)

United States (cont’d.)

JPMorgan Chase Bank, NA, (cont’d.)
Series 2021-03, Class F, 144A		3.694%		02/26/29		600	$	559,180
Laurel Road Prime Student Loan Trust,
Series 2018-A, Class A, 144A		0.000		02/25/43		3,430		998,736
Series 2018-C, Class A, 144A		0.000(cc)		08/25/43		989		970,186
Series 2019-A, Class R, 144A		0.000		10/25/48		2,505		549,137
Lending Funding Trust,
Series 2020-02A, Class A, 144A		2.320		04/21/31		1,100		1,006,101
Lendmark Funding Trust,
Series 2019-02A, Class A, 144A		2.780		04/20/28		2,300		2,276,273
Series 2021-01A, Class D, 144A		5.050		11/20/31		1,900		1,669,027
Long Beach Mortgage Loan Trust,
Series 2004-03, Class M1, 1 Month LIBOR + 0.855% (Cap N/A, Floor 0.855%)		1.523(c)		07/25/34		110		106,695
Mariner Finance Issuance Trust,
Series 2020-AA, Class A, 144A		2.190		08/21/34		1,800		1,730,573
MASTR Asset-Backed Securities Trust,
Series 2004-WMC02, Class M1, 1 Month LIBOR + 0.900% (Cap N/A, Floor 0.900%)		1.568(c)		04/25/34		1,033		998,624
Merrill Lynch Mortgage Investors Trust,
Series 2004-HE02, Class M1, 1 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)		1.868(c)		08/25/35		26		25,045
Morgan Stanley ABS Capital I, Inc. Trust,
Series 2003-NC08, Class M1, 1 Month LIBOR + 1.050% (Cap N/A, Floor 1.050%)		1.718(c)		09/25/33		78		77,141
Morgan Stanley Dean Witter Capital I, Inc. Trust,
Series 2002-AM03, Class A3, 1 Month LIBOR + 0.980% (Cap N/A, Floor 0.980%)		1.648(c)		02/25/33		122		120,479
Navient Private Education Refi Loan Trust,
Series 2020-GA, Class B, 144A		2.500		09/16/69		2,000		1,854,364
Series 2021-A, Class B, 144A		2.240		05/15/69		1,850		1,570,426
OneMain Direct Auto Receivables Trust,
Series 2019-01A, Class B, 144A		3.950		11/14/28		1,300		1,284,871
Oportun Funding XIII LLC,
Series 2019-A, Class B, 144A		3.870		08/08/25		4,158		4,095,274
Series 2019-A, Class D, 144A		6.220		08/08/25		3,400		3,401,456
Oportun Funding XIV LLC,
Series 2021-A, Class C, 144A		3.440		03/08/28		1,200		1,162,682
Series 2021-A, Class D, 144A		5.400		03/08/28		500		484,192
PNMAC FMSR Issuer Trust,
Series 2018-FT01, Class A, 144A, 1 Month LIBOR + 2.350% (Cap N/A, Floor 0.000%)		3.018(c)		04/25/23		4,290		4,237,557

See Notes to Financial Statements.

PGIM Global Total Return Fund 13

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Description

Interest
Rate

Maturity
Date

Principal

Amount

(000)#

Value

ASSET-BACKED SECURITIES (Continued)

United States (cont’d.)

Santander Bank Auto Credit-Linked Notes,

Series 2021-01A, Class D, 144A

5.004%

12/15/31

1,300

1,236,801

Santander Consumer Auto Receivables Trust,

Series 2021-AA, Class D, 144A

1.570

01/15/27

850

789,709

Series 2021-AA, Class R, 144A

0.000

08/15/28

699,371

SoFi Alternative Trust,

Series 2019-B, Class PT, 144A

0.000(cc)

12/15/45

4,060

4,017,397

Series 2019-D, Class 1PT, 144A

3.026(cc)

01/16/46

4,097

4,042,291

Series 2019-F, Class PT1, 144A

3.932(cc)

02/15/45

5,397

5,262,389

SoFi Professional Loan Program LLC,

Series 2019-C, Class BFX, 144A

3.050

11/16/48

2,100

1,990,000

SoFi RR Funding II Trust,

Series 2019-01, Class A, 144A, 1 Month LIBOR + 1.250% (Cap N/A, Floor 1.250%)

1.918(c)

11/29/24

849

847,643

SoFi RR Funding III Trust,

Series 2020-01, Class A, 144A, 1 Month LIBOR + 1.250% (Cap N/A, Floor 1.250%)

1.918(c)

11/29/24

2,236

2,236,362

TH MSR Issuer Trust,

Series 2019-FT01, Class A, 144A, 1 Month LIBOR + 2.800% (Cap N/A, Floor 2.800%)

3.468(c)

06/25/24

9,330

9,153,833

80,228,744

TOTAL ASSET-BACKED SECURITIES
(cost $446,928,809)

413,010,671

BANK LOANS 1.4%

Germany 0.1%

Speedster Bidco GmbH,

Second Lien Term Loan, 3 Month EURIBOR + 6.000%

6.000(c)

03/31/28

EUR

3,265

3,421,809

United Kingdom 1.2%

CD&R Firefly Bidco Ltd.,

Initial Term Loan, SONIA + 8.356%^

8.551(c)

06/19/26

GBP

16,075

20,213,509

Constellation Automotive Group Ltd., Facility B2 Loan, SONIA + 4.750%

4.946(c)

07/28/28

GBP

8,850

10,860,660

EG Group Ltd.,

Additional Second Lien Loan Facility, 3 Month EURIBOR + 7.000%

7.000(c)

04/30/27

EUR

23,880

24,803,818

55,877,987

See Notes to Financial Statements.

Description

Interest
Rate

Maturity
Date

Principal

Amount

(000)#

Value

BANK LOANS (Continued)

United States 0.1%

Ascent Resources Utica Holdings LLC,

Second Lien Term Loan, 3 Month LIBOR + 9.000%

10.021%(c)

11/01/25

1,199

1,279,933

Diamond Sports Group LLC,

Second Lien Term Loan, Term SOFR + 3.250%

3.656(c)

08/24/26

2,297

753,087

Term Loan, Term SOFR + 8.000%

9.000(c)

05/25/26

249

253,839

2,286,859

TOTAL BANK LOANS
(cost $69,477,001)

61,586,655

COMMERCIAL MORTGAGE-BACKED SECURITIES 8.1%

Canada 0.0%

Real Estate Asset Liquidity Trust,

Series 2020-01A, Class A1, 144A

2.381(cc)

02/12/55

CAD

2,107

1,551,402

Ireland 0.6%

Taurus DAC,

Series 2021-UK1A, Class D, 144A, SONIA + 2.600% (Cap N/A, Floor 2.600%)

3.208(c)

05/17/31

GBP

546

673,085

Series 2021-UK4A, Class B, 144A, SONIA + 1.500% (Cap N/A, Floor 1.500%)

2.108(c)

08/17/31

GBP

5,134

6,453,207

Series 2021-UK4A, Class C, 144A, SONIA + 1.750% (Cap N/A, Floor 1.750%)

2.358(c)

08/17/31

GBP

8,427

10,521,851

Series 2021-UK4A, Class D, 144A, SONIA + 2.100% (Cap N/A, Floor 2.100%)

2.708(c)

08/17/31

GBP

7,016

8,775,196

26,423,339

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%)

2.713(c)

01/23/29

GBP

500

628,685

United States 7.5%

20 Times Square Trust,

Series 2018-20TS, Class G, 144A

3.203(cc)

05/15/35

1,000

925,333

Series 2018-20TS, Class H, 144A

3.203(cc)

05/15/35

1,000

915,918

BANK,

Series 2017-BNK05, Class A3

3.020

06/15/60

3,600

3,554,421

See Notes to Financial Statements.

PGIM Global Total Return Fund 15

Schedule of Investments (unaudited) (continued)

as of April 30, 2022



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)

United States (cont’d.)

BANK, (cont’d.)
Series 2017-BNK06, Class A3		3.125%		07/15/60		4,400	$	4,356,202
Series 2019-BN21, Class A3		2.458		10/17/52		6,293		5,924,048
Benchmark Mortgage Trust,
Series 2018-B02, Class A3		3.544		02/15/51		5,000		4,984,982
Series 2018-B03, Class A3		3.746		04/10/51		7,200		7,174,371
Series 2020-B17, Class A4		2.042		03/15/53		6,200		5,396,810
Series 2020-B20, Class A3		1.945		10/15/53		11,000		9,760,147
BX Commercial Mortgage Trust,
Series 2019-XL, Class F, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%)		2.554(c)		10/15/36		2,805		2,748,725
Series 2019-XL, Class G, 144A, 1 Month LIBOR + 2.300% (Cap N/A, Floor 2.300%)		2.854(c)		10/15/36		7,416		7,248,861
Series 2019-XL, Class J, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 2.650%)		3.204(c)		10/15/36		22,142		21,613,505
Cantor Commercial Real Estate Lending,
Series 2019-CF02, Class A3		2.647		11/15/52		16,531		15,776,624
CF Mortgage Trust,
Series 2020-P01, Class A1, 144A		2.840(cc)		04/15/25		9,381		9,040,154
Citigroup Commercial Mortgage Trust,
Series 2014-GC21, Class XB, IO		0.603(cc)		05/10/47		27,500		234,699
Series 2016-GC37, Class XB, IO		0.856(cc)		04/10/49		33,868		821,804
Series 2016-P04, Class XB, IO		1.472(cc)		07/10/49		9,100		454,571
Series 2017-P08, Class A2		3.109		09/15/50		2,000		1,942,913
Cold Storage Trust,
Series 2020-ICE05, Class E, 144A, 1 Month LIBOR + 2.766% (Cap N/A, Floor 2.833%)		3.320(c)		11/15/37		4,399		4,350,901
Commercial Mortgage Trust,
Series 2014-UBS04, Class XB, IO, 144A		0.297(cc)		08/10/47		50,000		231,455
Series 2015-CR24, Class A4		3.432		08/10/48		3,691		3,633,933
Credit Suisse Mortgage Capital Certificates,
Series 2019-ICE04, Class E, 144A, 1 Month LIBOR + 2.150% (Cap N/A, Floor 2.150%)		2.704(c)		05/15/36		14,125		13,849,948
CSAIL Commercial Mortgage Trust,
Series 2018-CX11, Class A3		4.095		04/15/51		2,250		2,265,232
Series 2019-C17, Class A3		2.769		09/15/52		12,444		11,896,775
DBWF Mortgage Trust,
Series 2016-85T, Class E, 144A		3.935(cc)		12/10/36		3,000		2,628,077
Deutsche Bank Commercial Mortgage Trust,
Series 2016-C03, Class A3		2.362		08/10/49		1,500		1,466,924
Series 2017-C06, Class A3		3.269		06/10/50		4,400		4,354,362
Series 2020-C09, Class A3		1.882		08/15/53		20,000		18,353,924

See Notes to Financial Statements.

Description

Interest
Rate

Maturity
Date

Principal

Amount

(000)#

Value

COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)

United States (cont’d.)

Eleven Madison Mortgage Trust,

Series 2015-11MD, Class C, 144A

3.673%(cc)

09/10/35

500

476,490

ELP Commercial Mortgage Trust,

Series 2021-ELP, Class F, 144A, 1 Month LIBOR + 2.667%
(Cap N/A, Floor 2.667%)

3.222(c)

11/15/38

23,600

22,713,718

FHLMC Multifamily Structured Pass-Through Certificates,

Series K025, Class X1, IO

0.901(cc)

10/25/22

16,534

41,053

Series K037, Class X1, IO

1.082(cc)

01/25/24

9,886

129,557

Series K043, Class X1, IO

0.643(cc)

12/25/24

11,725

144,686

Series K049, Class X1, IO

0.700(cc)

07/25/25

38,299

605,074

Series K052, Class X1, IO

0.777(cc)

11/25/25

11,708

225,569

Series K053, Class X1, IO

1.018(cc)

12/25/25

44,342

1,195,994

Series K054, Class X1, IO

1.299(cc)

01/25/26

29,898

1,086,650

Series K058, Class X1, IO

1.047(cc)

08/25/26

40,285

1,347,121

Series K090, Class X1, IO

0.852(cc)

02/25/29

22,937

973,482

Series K111, Class X1, IO

1.681(cc)

05/25/30

29,345

2,983,643

Series K113, Class X1, IO

1.490(cc)

06/25/30

119,109

10,726,094

Series K114, Class X1, IO

1.212(cc)

06/25/30

75,384

5,553,019

Series K116, Class X1, IO

1.530(cc)

07/25/30

49,126

4,520,863

Series K121, Class X1, IO

1.120(cc)

10/25/30

126,918

8,636,439

Series KG03, Class X1, IO

1.483(cc)

06/25/30

101,850

9,054,689

Series Q001, Class XA, IO

2.138(cc)

02/25/32

6,047

565,728

Greystone Commercial Capital Trust,

Series 2021-03, Class A, 144A, 1 Month LIBOR + 2.230%
(Cap N/A, Floor 2.230%)

2.425(c)

08/01/23

17,250

17,205,719

GS Mortgage Securities Corp. Trust,

Series 2021-RENT, Class C, 144A, 1 Month LIBOR + 1.550%
(Cap N/A, Floor 1.550%)

2.175(c)

11/21/35

7,700

7,579,487

Series 2021-RENT, Class D, 144A, 1 Month LIBOR + 1.850%
(Cap N/A, Floor 1.850%)

2.475(c)

11/21/35

4,454

4,384,025

GS Mortgage Securities Trust,

Series 2014-GC20, Class XB, IO

0.632(cc)

04/10/47

30,000

247,575

Series 2014-GC22, Class XB, IO

0.452(cc)

06/10/47

35,000

247,425

Series 2014-GC24, Class XB, IO

0.021(cc)

09/10/47

83,262

33,779

Series 2014-GC26, Class XB, IO

0.461(cc)

11/10/47

56,483

458,134

JPMBB Commercial Mortgage Securities Trust,

Series 2016-C01, Class A3

3.515

03/17/49

966

959,233

JPMCC Commercial Mortgage Securities Trust,

Series 2017-JP06, Class A3

3.109

07/15/50

4,136

4,083,911

Series 2017-JP07, Class A3

3.379

09/15/50

5,100

5,004,631

See Notes to Financial Statements.

PGIM Global Total Return Fund 17

Schedule of Investments (unaudited) (continued)

as of April 30, 2022



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)

United States (cont’d.)

JPMDB Commercial Mortgage Securities Trust,
Series 2020-COR07, Class A4		1.915%		05/13/53		10,000	$	8,643,636
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2018-AON, Class E, 144A		4.767(cc)		07/05/31		5,564		5,445,042
MKT Mortgage Trust,
Series 2020-525M, Class F, 144A		3.039(cc)		02/12/40		3,775		2,736,733
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2016-C31, Class A3		2.731		11/15/49		298		290,002
Morgan Stanley Capital I Trust,
Series 2017-H01, Class A3		3.153		06/15/50		4,500		4,430,763
Series 2019-MEAD, Class E, 144A		3.283(cc)		11/10/36		1,700		1,536,576
Series 2020-HR08, Class XB, IO		1.004(cc)		07/15/53		54,413		3,407,081
One New York Plaza Trust,
Series 2020-01NYP, Class C, 144A, 1 Month LIBOR + 2.200% (Cap N/A, Floor 2.200%)		2.754(c)		01/15/36		8,475		8,336,610
Series 2020-01NYP, Class D, 144A, 1 Month LIBOR + 2.750% (Cap N/A, Floor 2.750%)		3.304(c)		01/15/36		2,975		2,924,508
UBS Commercial Mortgage Trust,
Series 2017-C04, Class A3		3.301		10/15/50		6,500		6,189,092
Series 2017-C06, Class A3		3.581		12/15/50		5,000		4,904,183
Series 2017-C07, Class A3		3.418		12/15/50		4,400		4,264,545
UBS-Barclays Commercial Mortgage Trust,
Series 2012-C02, Class XA, IO, 144A		1.378(cc)		05/10/63		1,623		717
Wells Fargo Commercial Mortgage Trust,
Series 2016-C35, Class XB, IO		1.085(cc)		07/15/48		24,000		802,430
Series 2016-LC24, Class XB, IO		1.129(cc)		10/15/49		20,910		796,000
Series 2021-FCMT, Class B, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 1.850%)		2.404(c)		05/15/31		1,800		1,770,833
Series 2021-FCMT, Class C, 144A, 1 Month LIBOR + 2.400% (Cap N/A, Floor 2.400%)		2.954(c)		05/15/31		1,700		1,669,780
Series 2021-FCMT, Class D, 144A, 1 Month LIBOR + 3.500% (Cap N/A, Floor 3.500%)		4.054(c)		05/15/31		2,200		2,154,038


								337,391,976


TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $384,332,428)								365,995,402

See Notes to Financial Statements.



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS 43.7%

Australia 0.1%

Australia & New Zealand Banking Group Ltd.,
Sr. Unsec’d. Notes, EMTN	3.700%	03/18/24	CNH	2,000	$	300,646
Westpac Banking Corp.,
Sr. Unsec’d. Notes, EMTN	4.420	08/14/23	CNH	21,000		3,184,519


						3,485,165

Belgium 0.3%

Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.,
Gtd. Notes	4.900	02/01/46		7,380		7,278,209
Anheuser-Busch InBev Worldwide, Inc.,
Gtd. Notes	5.550	01/23/49		3,800		4,049,243


						11,327,452

Brazil 0.8%

Petrobras Global Finance BV,
Gtd. Notes	5.375	10/01/29	GBP	9,821		11,830,866
Gtd. Notes	6.625	01/16/34	GBP	8,080		10,124,912
Gtd. Notes, EMTN	6.250	12/14/26	GBP	8,444		10,985,792
Suzano Austria GmbH,
Gtd. Notes	6.000	01/15/29		200		202,322
Swiss Insured Brazil Power Finance Sarl,
Sr. Sec’d. Notes	9.850	07/16/32	BRL	19,385		3,548,526


						36,692,418

Bulgaria 0.3%

Bulgarian Energy Holding EAD,
Sr. Unsec’d. Notes	2.450	07/22/28	EUR	14,580		12,379,383

Canada 0.9%

Barrick Gold Corp.,
Sr. Unsec’d. Notes	5.250	04/01/42		35		36,660
Barrick North America Finance LLC,
Gtd. Notes	5.700	05/30/41		45		49,255
Barrick PD Australia Finance Pty Ltd.,
Gtd. Notes	5.950	10/15/39		50		56,089
Bombardier, Inc.,
Sr. Unsec’d. Notes, 144A	7.125	06/15/26		3,900		3,613,335
Sr. Unsec’d. Notes, 144A	7.500	12/01/24		3,242		3,236,554
Sr. Unsec’d. Notes, 144A	7.875	04/15/27		2,535		2,362,135

See Notes to Financial Statements.

PGIM Global Total Return Fund 19

Schedule of Investments (unaudited) (continued)

as of April 30, 2022



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Canada (cont’d.)

Brookfield Residential Properties, Inc./Brookfield
Residential US LLC,
Gtd. Notes, 144A		4.875%		02/15/30		2,320	$	1,935,661
Gtd. Notes, 144A		6.250		09/15/27		2,175		2,039,695
Sr. Unsec’d. Notes, 144A		5.000		06/15/29		1,675		1,480,026
Cenovus Energy, Inc.,
Sr. Unsec’d. Notes(a)		2.650		01/15/32		1,340		1,142,983
Sr. Unsec’d. Notes		3.750		02/15/52		955		765,036
Sr. Unsec’d. Notes		4.250		04/15/27		3,500		3,500,889
Hydro-Quebec,
Local Gov’t. Gtd. Notes, Series HE		8.625		06/15/29		600		781,171
Local Gov’t. Gtd. Notes, Series HK		9.375		04/15/30		1,000		1,400,810
Local Gov’t. Gtd. Notes, Series HQ		9.500		11/15/30		800		1,144,174
MEG Energy Corp.,
Gtd. Notes, 144A		7.125		02/01/27		1,225		1,243,981
Methanex Corp.,
Sr. Unsec’d. Notes		4.250		12/01/24		1,500		1,476,929
Ontario Electricity Financial Corp.,
Local Gov’t. Gtd. Notes, Series 40		1.848(s)		04/11/31	CAD	10,000		5,552,475
Ontario Teachers’ Cadillac Fairview Properties Trust,
Sr. Unsec’d. Notes, 144A		2.500		10/15/31		1,775		1,539,582
Rogers Communications, Inc.,
Gtd. Notes		3.250		05/01/29	CAD	700		498,202
Teck Resources Ltd.,
Sr. Unsec’d. Notes		5.400		02/01/43		1,403		1,395,921
Sr. Unsec’d. Notes		6.000		08/15/40		4,360		4,617,823
Toronto-Dominion Bank (The),
Sr. Unsec’d. Notes		2.050		07/10/24	AUD	2,470		1,684,045


								41,553,431

China 0.9%

Agricultural Development Bank of China,
Sr. Unsec’d. Notes		3.400		11/06/24	CNH	72,790		11,068,432
Sr. Unsec’d. Notes		3.800		10/27/30	CNH	55,000		8,550,718
Aircraft Finance Co. Ltd.,
Sr. Sec’d. Notes, Series B		4.100		03/29/26		1,997		1,926,934
Sr. Sec’d. Notes, Series C		3.955		03/29/23		4,129		4,117,489
China Development Bank,
Sr. Unsec’d. Notes		4.300		08/02/32	CNH	25,000		4,070,498
Sr. Unsec’d. Notes, EMTN		4.350		08/06/24	CNH	4,700		728,386
Sr. Unsec’d. Notes, EMTN		4.350		09/19/24	CNH	8,990		1,395,519

See Notes to Financial Statements.



Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

China (cont’d.)

China Development Bank, (cont’d.)
Unsec’d. Notes		4.200	%		01/19/27		CNH	16,000	$	2,528,805
NXP BV/NXP Funding LLC/NXP USA, Inc.,
Gtd. Notes, 144A		3.150			05/01/27			575		543,718
Gtd. Notes, 144A		3.400			05/01/30			725		660,388
State Grid Overseas Investment BVI Ltd.,
Gtd. Notes, EMTN		0.797			08/05/26		EUR	3,830		3,779,677


										39,370,564

Denmark 0.3%

Danske Bank A/S,
Sr. Unsec’d. Notes, 144A		1.171	(ff)		12/08/23			9,300		9,167,967
Sr. Unsec’d. Notes, 144A		1.621	(ff)		09/11/26			4,645		4,205,016
Sr. Unsec’d. Notes, 144A		3.244	(ff)		12/20/25			1,095		1,063,142


										14,436,125

France 2.9%

Altice France SA,
Sr. Sec’d. Notes		3.375			01/15/28		EUR	8,475		7,635,925
Banque Federative du Credit Mutuel SA,
Sr. Unsec’d. Notes, Series 19		0.999			10/15/25		JPY	200,000		1,568,854
Sr. Unsec’d. Notes, Series 21		0.300			10/13/23		JPY	300,000		2,309,798
BNP Paribas SA,
Sr. Unsec’d. Notes, 144A		1.323	(ff)		01/13/27			3,400		3,021,182
Sr. Unsec’d. Notes, 144A		1.904	(ff)		09/30/28			12,100		10,434,340
Sr. Unsec’d. Notes, 144A		2.159	(ff)		09/15/29			6,310		5,380,032
Sr. Unsec’d. Notes, 144A		2.591	(ff)		01/20/28			9,230		8,409,338
Sr. Unsec’d. Notes, 144A		2.871	(ff)		04/19/32			5,220		4,430,952
Sr. Unsec’d. Notes, EMTN		6.420			09/11/23		MXN	250		11,567
Sub. Notes, EMTN		4.625			03/09/27		AUD	370		253,740
BPCE SA,
Sr. Unsec’d. Notes, 144A		2.277	(ff)		01/20/32			7,422		6,035,260
Sr. Unsec’d. Notes, EMTN		0.562			06/24/24		JPY	100,000		770,127
Sr. Unsec’d. Notes, Series 03		0.989			07/12/28		JPY	300,000		2,316,478
Sr. Unsec’d. Notes, Series 05		0.530	(ff)		12/10/26		JPY	500,000		3,810,601
Sub. Notes, Series 01		2.047			01/30/25		JPY	100,000		786,507
Credit Agricole Assurances SA,
Sub. Notes		4.250	(ff)		01/13/25	(oo)	EUR	2,000		2,146,374
Credit Agricole Corporate & Investment Bank SA,
Sr. Unsec’d. Notes, EMTN		2.670			02/20/24		NZD	1,400		881,638

See Notes to Financial Statements.

PGIM Global Total Return Fund 21

Schedule of Investments (unaudited) (continued)

as of April 30, 2022



Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

France (cont’d.)

Credit Agricole SA,
Sr. Unsec’d. Notes, 144A		1.247	%(ff)		01/26/27		2,545	$	2,259,551
Sr. Unsec’d. Notes, EMTN		4.400			07/06/27	AUD	1,200		822,250
Sr. Unsec’d. Notes, Series 04		0.959			06/08/28	JPY	400,000		3,053,007
Sr. Unsec’d. Notes, Series 07		1.248	(ff)		06/04/26	JPY	600,000		4,649,129
Sub. Notes, EMTN		4.200	(ff)		05/29/34	AUD	400		261,028
Iliad Holding SASU,
Sr. Sec’d. Notes, 144A(a)		5.125			10/15/26	EUR	6,850		6,994,488
Loxam SAS,
Sr. Sec’d. Notes		2.875			04/15/26	EUR	5,200		5,101,738
Sr. Sub. Notes		4.500			04/15/27	EUR	3,800		3,643,098
Sr. Sub. Notes(a)		5.750			07/15/27	EUR	4,800		4,772,594
Sr. Sub. Notes, 144A		4.500			04/15/27	EUR	900		862,839
SNCF Reseau,
Sr. Unsec’d. Notes		4.700			06/01/35	CAD	6,400		5,288,164
Societe Generale SA,
Sr. Unsec’d. Notes, 144A		3.337	(ff)		01/21/33		6,600		5,591,340
Sr. Unsec’d. Notes, 144A, MTN		2.625			01/22/25		20,885		19,946,829
Sr. Unsec’d. Notes, 144A, MTN		3.875			03/28/24		3,130		3,117,399
Sub. Notes, EMTN		4.875			10/13/26	AUD	2,364		1,622,505
Sub. Notes, EMTN		5.000			05/19/27	AUD	220		153,161
Sub. Notes, EMTN		5.000	(ff)		07/20/28	AUD	1,006		710,727


									129,052,560

Germany 0.7%

Daimler International Finance BV,
Gtd. Notes, EMTN		3.450			09/27/22	CNH	1,000		150,284
Deutsche Bahn Finance GMBH,
Gtd. Notes, MTN		1.987			07/08/30	AUD	1,000		588,259
Gtd. Notes, MTN		3.800			09/27/27	AUD	900		625,352
Deutsche Bank AG,
Sr. Unsec’d. Notes		2.129	(ff)		11/24/26		3,760		3,412,858
Sub. Notes, EMTN		3.662	(ff)		04/10/25	CNH	89,000		12,972,760
Unsec’d. Notes		4.550	(s)		11/07/22		1,814		1,784,975
Kreditanstalt fuer Wiederaufbau,
Gov’t. Gtd. Notes		4.700			06/02/37	CAD	424		363,749
TK Elevator Midco GmbH,
Sr. Sec’d. Notes		4.375			07/15/27	EUR	2,400		2,346,004
Sr. Sec’d. Notes, 3 Month EURIBOR + 4.750%
(Cap N/A, Floor 4.750%)		4.750	(c)		07/15/27	EUR	2,000		2,087,929
Sr. Sec’d. Notes, 144A		4.375			07/15/27	EUR	4,300		4,203,257

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Germany (cont’d.)

Volkswagen International Finance NV,
Gtd. Notes		2.700%(ff)		12/14/22(oo)	EUR	1,000	$	1,055,159


								29,590,586

Hong Kong 0.2%

HKT Capital No. 3 Ltd.,
Gtd. Notes		1.650		04/10/27	EUR	9,200		9,149,337
Sun Hung Kai Properties Capital Market Ltd.,
Gtd. Notes, EMTN		3.160		01/25/28	CNH	4,000		561,974
Gtd. Notes, EMTN		3.200		08/14/27	CNH	3,000		428,195
Gtd. Notes, EMTN		3.380		01/18/29	HKD	1,000		122,411
Swire Pacific MTN Financing Ltd.,
Gtd. Notes, EMTN		3.900		11/05/30	HKD	5,000		627,951


								10,889,868

Hungary 0.1%

MFB Magyar Fejlesztesi Bank Zrt,
Gov’t. Gtd. Notes		1.375		06/24/25	EUR	4,270		4,414,093

Iceland 0.1%
Landsvirkjun,
Gov’t. Gtd. Notes, EMTN, 3 Month EURIBOR + 0.090%		0.000(c)		07/24/26	EUR	5,000		5,196,052

India 0.4%

NTPC Ltd.,
Sr. Unsec’d. Notes, EMTN		2.750		02/01/27	EUR	13,640		14,012,521
Power Finance Corp. Ltd.,
Sr. Unsec’d. Notes, GMTN		1.841		09/21/28	EUR	3,100		2,958,945


								16,971,466

Indonesia 0.3%

Freeport Indonesia PT,
Sr. Unsec’d. Notes, 144A, MTN		4.763		04/14/27		600		596,269
Sr. Unsec’d. Notes, 144A, MTN		5.315		04/14/32		1,890		1,818,938
Pertamina Persero PT,
Sr. Unsec’d. Notes, 144A, MTN		4.300		05/20/23		500		503,704
Perusahaan Listrik Negara PT,
Sr. Unsec’d. Notes		2.875		10/25/25	EUR	2,400		2,557,335

See Notes to Financial Statements.

PGIM Global Total Return Fund 23

Schedule of Investments (unaudited) (continued)

as of April 30, 2022



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Indonesia (cont’d.)

Perusahaan Listrik Negara PT, (cont’d.)
Sr. Unsec’d. Notes, 144A		1.875%		11/05/31	EUR	6,900	$	6,111,324
Sr. Unsec’d. Notes, 144A		2.875		10/25/25	EUR	900		959,000


								12,546,570

Israel 0.5%

Energean Israel Finance Ltd.,
Sr. Sec’d. Notes, 144A		4.500		03/30/24		654		638,244
Israel Electric Corp. Ltd.,
Sr. Sec’d. Notes(a)		6.875		06/21/23		3,000		3,114,401
Sr. Sec’d. Notes		7.875		12/15/26		5,500		6,215,030
Sr. Sec’d. Notes, 144A, GMTN(a)		4.250		08/14/28		1,550		1,536,732
Sr. Sec’d. Notes, EMTN		3.700		05/23/30	JPY	200,000		1,764,007
Sr. Sec’d. Notes, EMTN		7.750		12/15/27		9,750		11,197,324


								24,465,738

Italy 0.3%

Assicurazioni Generali SpA,
Sub. Notes, EMTN		5.500(ff)		10/27/47	EUR	2,075		2,318,341
Intesa Sanpaolo SpA,
Sub. Notes, 144A(a)		4.198(ff)		06/01/32		1,430		1,185,804
Rossini Sarl,
Sr. Sec’d. Notes, 144A		6.750		10/30/25	EUR	1,980		2,120,133
UniCredit SpA,
Sr. Unsec’d. Notes, 144A		1.982(ff)		06/03/27		8,485		7,484,753


								13,109,031

Jamaica 0.2%

Digicel International Finance Ltd./Digicel International Holdings Ltd.,
Gtd. Notes, 144A		8.000		12/31/26		1,100		984,343
Gtd. Notes, 144A, Cash coupon 6.000% and PIK 7.000%		13.000		12/31/25		1,071		1,050,521
Sr. Sec’d. Notes, 144A		8.750		05/25/24		750		737,129
Sr. Sec’d. Notes, 144A		8.750		05/25/24		7,250		7,142,058


								9,914,051

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Japan 0.4%

Central Nippon Expressway Co. Ltd.,
Sr. Unsec’d. Notes, EMTN		1.873%		09/26/24	AUD	3,000	$	2,018,809
East Japan Railway Co.,
Sr. Unsec’d. Notes, EMTN		5.250		04/22/33	GBP	1,500		2,270,069
Mizuho Bank Ltd.,
Certificate of Deposit		1.700		08/07/24	AUD	600		406,172
Mizuho Financial Group, Inc.,
Sr. Unsec’d. Notes		3.752		07/19/23	AUD	1,042		740,924
Nomura Holdings, Inc.,
Sr. Unsec’d. Notes		2.608		07/14/31		2,070		1,740,859
Sr. Unsec’d. Notes(a)		2.999		01/22/32		12,775		11,022,189


								18,199,022

Kazakhstan 0.3%

Kazakhstan Temir Zholy Finance BV,
Gtd. Notes		6.950		07/10/42		1,800		1,824,970
Kazakhstan Temir Zholy National Co. JSC,
Gtd. Notes		3.250		12/05/23	CHF	8,300		7,081,150
Gtd. Notes		3.638		06/20/22	CHF	5,550		5,508,815


								14,414,935

Luxembourg 0.2%

ARD Finance SA,
Sr. Sec’d. Notes, Cash coupon 5.000% or PIK 5.750%		5.000		06/30/27	EUR	4,625		4,036,980
Sr. Sec’d. Notes, 144A, Cash coupon 5.000% or PIK 5.750%		5.000		06/30/27	EUR	7,342		6,407,905
Codere New Holdco SA,
Sr. Sec’d. Notes, 144A, Cash coupon N/A or PIK 7.500%^		7.500		11/30/27(d)	EUR	441		400,197


								10,845,082

Malaysia 0.0%

Petronas Energy Canada Ltd.,
Gtd. Notes, EMTN		2.112		03/23/28		939		854,023

Malta 0.1%

Freeport Terminal Malta PLC,
Gov’t. Gtd. Notes, 144A		7.250		05/15/28		3,000		3,602,759

See Notes to Financial Statements.

PGIM Global Total Return Fund 25

Schedule of Investments (unaudited) (continued)

as of April 30, 2022



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Mexico 1.2%

Comision Federal de Electricidad,
Sr. Unsec’d. Notes		5.000%		09/29/36		11,850	$	11,558,711
Petroleos Mexicanos,
Gtd. Notes		3.625		11/24/25	EUR	8,175		8,183,481
Gtd. Notes		6.500		01/23/29		500		458,274
Gtd. Notes		9.500		09/15/27		2,000		2,183,704
Gtd. Notes, EMTN		3.750		02/21/24	EUR	2,900		3,033,473
Gtd. Notes, EMTN		3.750		11/16/25	GBP	290		333,627
Gtd. Notes, EMTN(a)		3.750		04/16/26	EUR	5,457		5,348,849
Gtd. Notes, EMTN		4.875		02/21/28	EUR	20,500		19,740,251
Gtd. Notes, EMTN		8.250		06/02/22	GBP	528		666,343
U.S. Gov’t. Gtd. Notes, 3 Month LIBOR + 0.430%		0.936(c)		02/15/24		1,500		1,500,002


								53,006,715

Netherlands 0.9%

ABN AMRO Bank NV,
Sub. Notes, 144A		4.750		07/28/25		500		503,878
BNG Bank NV,
Sr. Unsec’d. Notes, EMTN		0.500		06/07/22	ZAR	10,000		629,613
Sr. Unsec’d. Notes, EMTN		0.500		08/15/22	ZAR	30,000		1,861,628
Sr. Unsec’d. Notes, MTN		1.765(s)		04/05/28	CAD	2,600		1,641,155
Cooperatieve Rabobank UA,
Sr. Unsec’d. Notes, EMTN		2.750		03/04/24	NZD	376		237,084
Sr. Unsec’d. Notes, GMTN		3.500		12/14/26	AUD	2,882		1,933,285
Sr. Unsec’d. Notes, GMTN		9.298(s)		03/11/39	MXN	22,000		160,060
Sub. Notes, Series 01		1.429		12/19/24	JPY	300,000		2,333,030
ING Groep NV,
Sr. Unsec’d. Notes		4.017(ff)		03/28/28		1,850		1,796,618
OCI NV,
Sr. Sec’d. Notes, 144A		3.625		10/15/25	EUR	8,370		9,023,887
United Group BV,
Sr. Sec’d. Notes		4.875		07/01/24	EUR	300		306,933
Sr. Sec’d. Notes, 144A		3.125		02/15/26	EUR	3,800		3,565,683
Sr. Sec’d. Notes, 144A		5.250		02/01/30	EUR	11,575		10,692,802
WP/AP Telecom Holdings IV BV,
Sr. Sec’d. Notes, 144A		3.750		01/15/29	EUR	2,300		2,195,879
Ziggo Bond Co. BV,
Gtd. Notes, 144A		3.375		02/28/30	EUR	6,000		5,269,475


								42,151,010

See Notes to Financial Statements.



Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Norway 0.1%

Equinor ASA,
Gtd. Notes		6.800	%		01/15/28		2,265	$	2,570,670

Peru 0.0%

Lima Metro Line 2 Finance Ltd.,
Sr. Sec’d. Notes		5.875			07/05/34		97		99,570
Peru Enhanced Pass-Through Finance Ltd.,
Pass-Through Certificates		2.077(s)			06/02/25		966		914,565


									1,014,135

Philippines 0.1%

Bangko Sentral ng Pilipinas International Bond,
Sr. Unsec’d. Notes, Series A		8.600			06/15/27		3,560		4,223,784

Poland 0.1%

Bank Gospodarstwa Krajowego,
Gov’t. Gtd. Notes		1.375			06/01/25	EUR	500		524,257
Gov’t. Gtd. Notes		1.625			04/30/28	EUR	600		613,017
Gov’t. Gtd. Notes, EMTN		1.750			05/06/26	EUR	4,700		4,939,767


									6,077,041

Portugal 0.8%

CP - Comboios de Portugal EPE,
Sr. Unsec’d. Notes		5.700			03/05/30	EUR	26,900		34,957,721

Qatar 0.0%

QNB Finance Ltd.,
Gtd. Notes, EMTN		3.500			03/09/26	CNH	7,400		1,076,211
Gtd. Notes, MTN		4.900			02/01/28	AUD	970		691,460


									1,767,671

Russia 0.5%

Gazprom PJSC Via Gaz Capital SA,
Sr. Unsec’d. Notes		1.450			03/06/23	CHF	11,325		3,492,676
Sr. Unsec’d. Notes		2.250			07/19/22	CHF	2,000		925,212
Sr. Unsec’d. Notes		2.250			11/22/24	EUR	1,000		290,111
Sr. Unsec’d. Notes		2.500			03/21/26	EUR	3,500		1,015,389
Sr. Unsec’d. Notes		4.250			04/06/24	GBP	15,927		6,008,222
Sr. Unsec’d. Notes		4.950			07/19/22		8,000		4,600,000

See Notes to Financial Statements.

PGIM Global Total Return Fund 27

Schedule of Investments (unaudited) (continued)

as of April 30, 2022



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Russia (cont’d.)

Gazprom PJSC Via Gaz Capital SA, (cont’d.)
Sr. Unsec’d. Notes, EMTN		4.364%		03/21/25	EUR	4,000	$	1,160,445
Gazprom PJSC via Gaz Finance PLC,
Sr. Unsec’d. Notes		3.000		06/29/27		1,410		387,750
Sr. Unsec’d. Notes, EMTN		1.540		06/30/27	CHF	6,000		1,542,020
Russian Railways Via RZD Capital PLC,
Sr. Unsec’d. Notes		0.898		10/03/25(d)	CHF	9,450		485,736
Sr. Unsec’d. Notes		2.200		05/23/27(d)	EUR	621		32,756
Sr. Unsec’d. Notes		7.487		03/25/31	GBP	8,121		510,588


								20,450,905

Singapore 0.1%

BOC Aviation USA Corp.,
Gtd. Notes, 144A, MTN		1.625		04/29/24		1,670		1,602,536
Clifford Capital Pte Ltd.,
Gov’t. Gtd. Notes, EMTN		3.110		08/18/32		5,000		4,671,522
Singapore Telecommunications Ltd.,
Sr. Unsec’d. Notes, 144A		7.375		12/01/31		100		129,195


								6,403,253

South Africa 0.3%

Eskom Holdings SOC Ltd.,
Gov’t. Gtd. Notes, 144A, MTN		6.350		08/10/28		1,350		1,330,981
Gov’t. Gtd. Notes, MTN		6.350		08/10/28		12,000		11,830,940
Sasol Financing International Ltd.,
Gtd. Notes		4.500		11/14/22		800		797,801


								13,959,722

South Korea 0.6%

Korea Development Bank (The),
Sr. Unsec’d. Notes, EMTN		1.830		08/10/27	SEK	74,000		7,290,670
Sr. Unsec’d. Notes, EMTN		6.000		01/22/25	IDR	15,000,000		1,015,571
Korea Expressway Corp.,
Sr. Unsec’d. Notes, EMTN		3.100		06/08/26		600		589,426
Sr. Unsec’d. Notes, GMTN		2.310		04/28/32	SEK	80,000		7,786,346
Sr. Unsec’d. Notes, GMTN		3.030		05/11/32	CAD	7,500		5,431,587

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

South Korea (cont’d.)

Korea Hydro & Nuclear Power Co. Ltd.,
Sr. Unsec’d. Notes, EMTN		3.350%		03/13/28	HKD	2,000	$	245,695
KT Corp.,
Sr. Unsec’d. Notes, Series 09		0.220		07/19/22	JPY	700,000		5,393,735


								27,753,030

Spain 0.8%

Banco Santander SA,
Sr. Unsec’d. Notes		3.306		06/27/29		1,600		1,477,197
Sr. Unsec’d. Notes		3.800		02/23/28		12,600		11,990,156
Sub. Notes		2.749		12/03/30		600		495,281
Cellnex Finance Co. SA,
Gtd. Notes, EMTN		2.000		02/15/33	EUR	11,900		9,859,793
Codere Finance 2 Luxembourg SA,
Sr. Sec’d. Notes, 144A, Cash coupon 8.000% and PIK 3.000%		11.000		09/30/26(d)	EUR	1,109		1,240,134
Sr. Sec’d. Notes, 144A, Cash coupon 2.000% and PIK 11.625%		13.625		11/30/27(d)		407		377,083
Lorca Telecom Bondco SA,
Sr. Sec’d. Notes, 144A		4.000		09/18/27	EUR	10,300		9,948,588


								35,388,232

Supranational Bank 1.2%

African Development Bank,
Sr. Unsec’d. Notes, EMTN		0.500		03/13/23	MXN	20,000		899,813
Sr. Unsec’d. Notes, EMTN		0.500		09/07/32	MXN	64,600		1,267,529
African Export-Import Bank (The),
Sr. Unsec’d. Notes		3.798		05/17/31		300		273,536
Asian Infrastructure Investment Bank (The),
Sr. Unsec’d. Notes, EMTN		0.375		09/09/25	THB	72,000		2,059,936
European Bank for Reconstruction & Development,
Sr. Unsec’d. Notes, GMTN		6.450		12/13/22	IDR	60,560,000		4,193,599
Sr. Unsec’d. Notes, GMTN		7.264(s)		08/24/31	RUB	300,000		514,018
Unsec’d. Notes, GMTN		1.250		07/10/23	PEN	4,500		1,120,397
European Investment Bank,
Sr. Unsec’d. Notes, 144A, EMTN		4.600		01/30/37	CAD	2,601		2,192,976
Sr. Unsec’d. Notes, 144A, EMTN		5.400		01/05/45	CAD	4,200		4,014,556
Sr. Unsec’d. Notes, 144A, MTN		2.047(s)		05/28/37	CAD	20,500		8,805,134
Sr. Unsec’d. Notes, EMTN		1.000		02/25/28	PLN	3,985		667,930
Sr. Unsec’d. Notes, EMTN		1.250		11/12/29	SEK	10,000		942,282

See Notes to Financial Statements.

PGIM Global Total Return Fund 29

Schedule of Investments (unaudited) (continued)

as of April 30, 2022



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, EMTN		1.375%		05/12/28	SEK	280	$	27,104
Sr. Unsec’d. Notes, EMTN		1.500		11/21/26		500		457,249
Sr. Unsec’d. Notes, EMTN		2.106(s)		05/28/37	CAD	9,350		4,017,518
Sr. Unsec’d. Notes, EMTN		4.600		01/30/37	CAD	1,150		969,597
Sr. Unsec’d. Notes, EMTN		6.270		08/28/24	IDR	10,000,000		687,732
Inter-American Development Bank,
Sr. Unsec’d. Notes, EMTN		7.875		03/14/23	IDR	137,000,000		9,605,032
Sr. Unsec’d. Notes, GMTN		7.500		12/05/24	MXN	600		27,763
International Bank for Reconstruction & Development,
Notes, MTN		0.887(s)		03/01/26		1,350		1,185,276
Sr. Unsec’d. Notes, EMTN		1.928(s)		04/23/32	AUD	8,758		4,127,187
Sr. Unsec’d. Notes, EMTN, 3 Month LIBOR + 0.000% (Cap 1.820%, Floor 0.000%)		0.127(c)		08/11/26		72		66,135
Sr. Unsec’d. Notes, EMTN		0.500		07/29/22	AUD	350		246,980
Sr. Unsec’d. Notes, EMTN		6.630		07/24/28	MXN	33,700		1,376,991
Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.000% (Cap 2.330%, Floor 0.000%)		0.135(c)		05/31/26		4		3,691
Sr. Unsec’d. Notes, MTN		2.700		12/28/37		300		263,384
International Finance Corp.,
Sr. Unsec’d. Notes, GMTN		6.000		07/25/22	MXN	20,000		974,455
Sr. Unsec’d. Notes, GMTN		7.020		04/06/28	MXN	44,300		1,889,699
Sr. Unsec’d. Notes, GMTN		8.215(s)		01/27/37	MXN	78,000		944,914
North American Development Bank,
Sr. Unsec’d. Notes		2.400		10/26/22		198		198,308


								54,020,721

Switzerland 0.8%

Credit Suisse Group AG,
Sr. Unsec’d. Notes, 144A		1.305(ff)		02/02/27		6,440		5,637,923
Sr. Unsec’d. Notes, 144A		2.593(ff)		09/11/25		1,390		1,325,582
Sr. Unsec’d. Notes, 144A		3.091(ff)		05/14/32		4,630		3,884,697
Sr. Unsec’d. Notes, 144A		4.207(ff)		06/12/24		2,850		2,856,788
Sr. Unsec’d. Notes, 144A		4.282		01/09/28		2,975		2,859,662
Sr. Unsec’d. Notes, EMTN		3.500(ff)		03/08/24	AUD	750		531,011
UBS AG,
Sr. Unsec’d. Notes		1.200		07/30/25	AUD	1,855		1,199,861
UBS Group AG,
Sr. Unsec’d. Notes, 144A		1.494(ff)		08/10/27		13,125		11,662,909

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Switzerland (cont’d.)

UBS Group AG, (cont’d.)
Sr. Unsec’d. Notes, 144A		4.125%		09/24/25		2,500	$	2,501,161
Sr. Unsec’d. Notes, 144A, MTN		2.095(ff)		02/11/32		5,530		4,505,991


								36,965,585

Ukraine 0.0%

NAK Naftogaz Ukraine via Kondor Finance PLC,
Sr. Unsec’d. Notes		7.125		07/19/24	EUR	1,100		324,925

United Arab Emirates 1.1%

Abu Dhabi National Energy Co. PJSC,
Sr. Unsec’d. Notes, GMTN		2.750		05/02/24	EUR	13,800		14,926,308
ADCB Finance Cayman Ltd.,
Gtd. Notes, MTN		3.750		10/25/22	AUD	1,130		805,045
Gtd. Notes, MTN		4.500		10/25/27	AUD	2,370		1,667,424
DP World PLC,
Sr. Unsec’d. Notes		2.375		09/25/26	EUR	3,212		3,377,143
Sr. Unsec’d. Notes		4.250		09/25/30	GBP	6,825		8,770,634
Sr. Unsec’d. Notes, 144A		4.250		09/25/30	GBP	1,840		2,364,537
Emirates NBD Bank PJSC,
Sr. Unsec’d. Notes		3.050		02/26/30	AUD	600		376,772
Sr. Unsec’d. Notes, MTN		4.750		02/09/28	AUD	7,730		5,480,092
Sr. Unsec’d. Notes, MTN		4.850		10/12/27	AUD	4,090		2,897,679
Emirates Telecommunications Group Co. PJSC,
Sr. Unsec’d. Notes, GMTN		2.750		06/18/26	EUR	4,000		4,369,733
First Abu Dhabi Bank PJSC,
Sr. Unsec’d. Notes, EMTN		0.875		12/09/25	GBP	1,983		2,308,138
Sr. Unsec’d. Notes, EMTN		3.500		07/02/25	CNH	2,170		320,724


								47,664,229

United Kingdom 3.6%

Barclays Bank PLC,
Sr. Unsec’d. Notes, EMTN		2.100		11/13/25	CNH	18,000		2,530,563
Barclays PLC,
Sr. Unsec’d. Notes		2.279(ff)		11/24/27		2,714		2,443,313
Sr. Unsec’d. Notes		4.375		01/12/26		800		797,819
Sr. Unsec’d. Notes, MTN		3.250		06/26/24	AUD	1,750		1,220,005
Sr. Unsec’d. Notes, MTN		4.000		06/26/29	AUD	2,000		1,276,877
Sr. Unsec’d. Notes, MTN		4.327		06/15/23	AUD	1,750		1,252,635
Sr. Unsec’d. Notes, MTN		4.972(ff)		05/16/29		2,806		2,818,432
Sr. Unsec’d. Notes, MTN		5.244		06/15/28	AUD	1,000		704,515

See Notes to Financial Statements.

PGIM Global Total Return Fund 31

Schedule of Investments (unaudited) (continued)

as of April 30, 2022



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

United Kingdom (cont’d.)

Barclays PLC, (cont’d.)
Sr. Unsec’d. Notes, Series 01		1.232%(ff)		09/25/24	JPY	100,000	$	776,737
Sub. Notes(a)		4.836		05/09/28		3,780		3,726,657
Bellis Acquisition Co. PLC,
Sr. Sec’d. Notes, 144A		3.250		02/16/26	GBP	21,100		23,267,430
Bellis Finco PLC,
Sr. Unsec’d. Notes, 144A		4.000		02/16/27	GBP	6,700		7,019,139
BP Capital Markets PLC,
Gtd. Notes		4.375(ff)		06/22/25(oo)		14,500		14,213,911
Co-operative Group Holdings 2011 Ltd.,
Gtd. Notes(a)		7.500		07/08/26	GBP	7,495		9,212,589
Co-operative Group Ltd.,
Sr. Unsec’d. Notes		5.125		05/17/24	GBP	3,400		4,143,956
CPUK Finance Ltd.,
Sec’d. Notes, 144A		4.875		02/28/47	GBP	110		132,866
eG Global Finance PLC,
Sr. Sec’d. Notes		6.250		10/30/25	EUR	10,653		10,986,630
Experian Finance PLC,
Gtd. Notes, 144A		2.750		03/08/30		3,625		3,282,168
HSBC Bank PLC,
Sr. Unsec’d. Notes, 144A, EMTN		3.120		04/04/26	CNH	36,800		5,327,959
Sr. Unsec’d. Notes, EMTN, 3 Month LIBOR + 0.000%		0.132(c)		09/28/24		11,320		10,879,767
HSBC Holdings PLC,
Sr. Unsec’d. Notes		2.206(ff)		08/17/29		4,300		3,704,916
Sr. Unsec’d. Notes		3.973(ff)		05/22/30		2,400		2,271,033
Sr. Unsec’d. Notes, EMTN		3.350(ff)		02/16/24	AUD	1,870		1,326,174
Sr. Unsec’d. Notes, Series 02		0.842		09/26/23	JPY	700,000		5,413,477
Sr. Unsec’d. Notes, Series 04		0.575(ff)		09/13/24	JPY	100,000		768,878
Kane Bidco Ltd.,
Sr. Sec’d. Notes, 144A		6.500		02/15/27	GBP	8,325		9,708,625
Ladbrokes Group Finance PLC,
Sr. Sec’d. Notes		5.125		09/08/23	GBP	1,210		1,528,299
Lloyds Bank PLC,
Sr. Unsec’d. Notes, EMTN		0.000		04/02/32		1,200		777,799
Lloyds Banking Group PLC,
Sr. Unsec’d. Notes, MTN		4.250		11/22/27	AUD	160		110,347
Sub. Notes		4.582		12/10/25		2,250		2,252,347
Market Bidco Finco PLC,
Sr. Sec’d. Notes, 144A		5.500		11/04/27	GBP	9,800		10,967,479
NatWest Group PLC,
Sr. Unsec’d. Notes, EMTN		2.500		03/22/23	EUR	1,500		1,613,791

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

United Kingdom (cont’d.)

Pinewood Finance Co. Ltd.,
Sr. Sec’d. Notes, 144A		3.250%		09/30/25	GBP	1,700	$	2,050,566
Tesco Corporate Treasury Services PLC,
Gtd. Notes, EMTN		2.500		07/01/24	EUR	750		805,893
Virgin Media Secured Finance PLC,
Sr. Sec’d. Notes		5.000		04/15/27	GBP	2,800		3,443,853
Sr. Sec’d. Notes, 144A		5.000		04/15/27	GBP	5,900		7,256,689
William Hill Ltd.,
Gtd. Notes, MTN		4.750		05/01/26	GBP	3,315		4,215,818


								164,229,952

United States 21.2%

Adient Global Holdings Ltd.,
Gtd. Notes, 144A		3.500		08/15/24	EUR	1,234		1,226,260
Aflac, Inc.,
Sr. Unsec’d. Notes		0.500		12/17/29	JPY	100,000		732,970
Sr. Unsec’d. Notes		0.830		03/12/35	JPY	100,000		725,569
Sr. Unsec’d. Notes		0.932		01/25/27	JPY	80,000		621,592
Sr. Unsec’d. Notes		1.159		10/18/30	JPY	600,000		4,676,337
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s
LP/Albertson’s LLC,
Gtd. Notes, 144A		3.500		02/15/23		5,000		4,992,965
Gtd. Notes, 144A		3.500		03/15/29		2,975		2,504,313
Altria Group, Inc.,
Gtd. Notes		3.125		06/15/31	EUR	2,900		2,953,645
Gtd. Notes		3.400		02/04/41		3,135		2,296,115
AMC Entertainment Holdings, Inc.,
Sec’d. Notes, 144A, Cash coupon 10.000% or PIK 12.000% or Cash coupon 5.000% and PIK 6.000%		10.000		06/15/26		903		755,715
American International Group, Inc.,
Sr. Unsec’d. Notes		1.875		06/21/27	EUR	2,100		2,174,486
AmeriGas Partners LP/AmeriGas Finance Corp.,
Sr. Unsec’d. Notes		5.500		05/20/25		3,800		3,740,849
Sr. Unsec’d. Notes		5.625		05/20/24		3,050		3,066,375
Antero Midstream Partners LP/Antero Midstream
Finance Corp.,
Gtd. Notes, 144A		7.875		05/15/26		3,550		3,712,325
Antero Resources Corp.,
Gtd. Notes, 144A		8.375		07/15/26		1,170		1,261,506

See Notes to Financial Statements.

PGIM Global Total Return Fund 33

Schedule of Investments (unaudited) (continued)

as of April 30, 2022



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

United States (cont’d.)

Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Gtd. Notes, 144A		7.000%		11/01/26		575	$	579,242
Gtd. Notes, 144A		9.000		11/01/27		629		875,220
Sr. Unsec’d. Notes, 144A		8.250		12/31/28		1,825		1,899,196
Ashton Woods USA LLC/Ashton Woods Finance Co.,
Sr. Unsec’d. Notes, 144A		6.625		01/15/28		6,582		6,398,764
AT&T, Inc.,
Sr. Unsec’d. Notes		2.550		12/01/33		97		80,369
Sr. Unsec’d. Notes		3.500		09/15/53		1,511		1,184,726
Sr. Unsec’d. Notes		3.650		09/15/59		5,787		4,451,183
Sr. Unsec’d. Notes		4.100		01/19/26	AUD	2,280		1,605,473
Sr. Unsec’d. Notes		4.850		05/25/47	CAD	150		106,176
Sr. Unsec’d. Notes		5.100		11/25/48	CAD	4,575		3,344,387
Sr. Unsec’d. Notes, EMTN		7.000		04/30/40	GBP	1,550		2,653,325
Bank of America Corp.,
Jr. Sub. Notes, Series MM		4.300(ff)		01/28/25(oo)		24,396		22,356,260
Sr. Unsec’d. Notes		2.572(ff)		10/20/32		8,150		6,884,926
Sr. Unsec’d. Notes		2.687(ff)		04/22/32		18,820		16,186,502
Sr. Unsec’d. Notes		3.419(ff)		12/20/28		4,519		4,277,178
Sr. Unsec’d. Notes, EMTN		5.145(cc)		06/27/22	EUR	500		530,870
Sr. Unsec’d. Notes, MTN		2.087(ff)		06/14/29		25,850		22,505,372
Sr. Unsec’d. Notes, MTN		2.496(ff)		02/13/31		2,755		2,368,508
Sr. Unsec’d. Notes, MTN		2.884(ff)		10/22/30		4,865		4,342,170
Sr. Unsec’d. Notes, MTN		3.194(ff)		07/23/30		5,140		4,698,389
Sub. Notes		6.800		03/15/28		377		423,107
Sub. Notes, EMTN		8.125		06/02/28	GBP	500		757,666
Bausch Health Americas, Inc.,
Gtd. Notes, 144A(a)		8.500		01/31/27		1,550		1,467,470
Bausch Health Cos., Inc.,
Gtd. Notes, 144A		5.000		01/30/28		2,590		1,913,648
Gtd. Notes, 144A		5.000		02/15/29		175		123,122
Gtd. Notes, 144A		5.250		01/30/30		5,500		3,816,589
Gtd. Notes, 144A		5.250		02/15/31		2,000		1,389,716
Gtd. Notes, 144A		6.125		04/15/25		1,224		1,227,237
Gtd. Notes, 144A		6.250		02/15/29		400		291,590
Beazer Homes USA, Inc.,
Gtd. Notes		5.875		10/15/27		1,300		1,193,920
Gtd. Notes		6.750		03/15/25		2,075		2,072,055
Gtd. Notes		7.250		10/15/29		1,675		1,596,712
Berkshire Hathaway, Inc.,
Sr. Unsec’d. Notes		0.440		09/13/29	JPY	1,640,000		12,406,425

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

United States (cont’d.)

Berkshire Hathaway, Inc., (cont’d.)
Sr. Unsec’d. Notes		0.787%		09/13/34	JPY	100,000	$	736,960
Sr. Unsec’d. Notes		0.965		09/13/39	JPY	300,000		2,150,561
Boeing Co. (The),
Sr. Unsec’d. Notes		5.805		05/01/50		4,030		4,032,317
Boxer Parent Co., Inc.,
Sr. Sec’d. Notes, 144A		7.125		10/02/25		4,800		4,895,902
Brixmor Operating Partnership LP,
Sr. Unsec’d. Notes		2.500		08/16/31		1,880		1,551,097
Sr. Unsec’d. Notes		4.125		05/15/29		2,865		2,776,761
Broadcom, Inc.,
Gtd. Notes, 144A		3.500		02/15/41		3,765		2,934,159
Sr. Unsec’d. Notes, 144A		3.137		11/15/35		4,626		3,708,233
Sr. Unsec’d. Notes, 144A		3.419		04/15/33		6,765		5,818,282
Caesars Entertainment, Inc.,
Sr. Sec’d. Notes, 144A		6.250		07/01/25		2,660		2,690,022
Sr. Unsec’d. Notes, 144A		4.625		10/15/29		575		496,436
Caledonia Generating LLC,
Sr. Sec’d. Notes, 144A		1.950		02/28/34		2,615		2,411,502
Calpine Corp.,
Sr. Unsec’d. Notes, 144A		4.625		02/01/29		2,770		2,421,211
Sr. Unsec’d. Notes, 144A		5.000		02/01/31		2,180		1,859,770
Sr. Unsec’d. Notes, 144A		5.125		03/15/28		5,000		4,542,021
Cantor Fitzgerald LP,
Sr. Unsec’d. Notes, 144A		1.150		04/21/23	JPY	200,000		1,549,223
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A		4.250		02/01/31		9,500		8,018,561
Sr. Unsec’d. Notes, 144A		4.500		06/01/33		2,675		2,192,195
Sr. Unsec’d. Notes, 144A		5.375		06/01/29		550		521,991
Sr. Unsec’d. Notes, 144A		5.500		05/01/26		500		501,250
CDW LLC/CDW Finance Corp.,
Gtd. Notes		2.670		12/01/26		7,675		7,057,627
Central Garden & Pet Co.,
Gtd. Notes, 144A		4.125		04/30/31		675		579,120
CF Industries, Inc.,
Gtd. Notes		4.950		06/01/43		1,230		1,188,791
Gtd. Notes		5.375		03/15/44		3,560		3,597,224
Gtd. Notes, 144A		4.500		12/01/26		6,451		6,561,357
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes		2.800		04/01/31		3,625		3,015,909
Sr. Sec’d. Notes		3.900		06/01/52		3,365		2,446,992

See Notes to Financial Statements.

PGIM Global Total Return Fund 35

Schedule of Investments (unaudited) (continued)

as of April 30, 2022



Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

United States (cont’d.)

Charter Communications Operating LLC/Charter Communications Operating Capital, (cont’d.)
Sr. Sec’d. Notes	4.800%		03/01/50		5,250	$	4,355,387
Sr. Sec’d. Notes	6.384		10/23/35		2,357		2,467,897
Chesapeake Energy Corp.,
Gtd. Notes, 144A	5.500		02/01/26		650		644,843
Gtd. Notes, 144A	5.875		02/01/29		600		594,635
CitiFinancial Credit Co.,
Sr. Unsec’d. Notes	7.875		02/01/25		662		724,996
Citigroup Global Markets Holdings, Inc.,
Gtd. Notes, GMTN	3.500(cc)		06/12/24		8,398		8,511,099
Gtd. Notes, GMTN	3.790		09/28/28	HKD	6,000		753,074
Citigroup, Inc.,
Jr. Sub. Notes	3.875(ff)		02/18/26(oo)		19,245		17,509,110
Sr. Unsec’d. Notes	2.520(ff)		11/03/32		1,660		1,385,738
Sr. Unsec’d. Notes	2.561(ff)		05/01/32		6,600		5,577,510
Sr. Unsec’d. Notes	2.800		06/25/27	JPY	770,000		6,407,799
Sr. Unsec’d. Notes, EMTN	6.500		08/16/30	GBP	7		10,544
Sr. Unsec’d. Notes, GMTN	0.620		09/21/27	JPY	100,000		755,785
Sr. Unsec’d. Notes, GMTN	2.210		08/23/22	HKD	27,000		3,442,829
Sr. Unsec’d. Notes, GMTN	2.600		12/07/22	HKD	5,000		640,034
Sr. Unsec’d. Notes, Series 18BR	2.360		09/16/25	JPY	300,000		2,438,074
Corning, Inc.,
Sr. Unsec’d. Notes	0.698		08/09/24	JPY	100,000		762,595
CVS Health Corp.,
Sr. Unsec’d. Notes	4.300		03/25/28		477		479,076
Dana, Inc.,
Sr. Unsec’d. Notes	4.500		02/15/32		4,025		3,330,825
Sr. Unsec’d. Notes	5.375		11/15/27		2,625		2,483,810
DaVita, Inc.,
Gtd. Notes, 144A	3.750		02/15/31		1,075		875,862
Gtd. Notes, 144A	4.625		06/01/30		1,175		1,024,355
DH Europe Finance II Sarl,
Gtd. Notes	0.450		03/18/28	EUR	2,200		2,126,839
Diamond Sports Group LLC/Diamond Sports Finance Co.,
Gtd. Notes, 144A	6.625		08/15/27		3,740		782,614
Discovery Communications LLC,
Gtd. Notes	3.450		03/15/25		2,500		2,445,950
Gtd. Notes	5.300		05/15/49		2,480		2,324,744
DISH DBS Corp.,
Gtd. Notes(a)	7.750		07/01/26		4,950		4,726,064

See Notes to Financial Statements.



Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

United States (cont’d.)

Diversified Healthcare Trust,
Gtd. Notes	9.750%		06/15/25		2,750	$	2,881,851
Dow Chemical Co. (The),
Sr. Unsec’d. Notes	9.400		05/15/39		88		131,001
Energy Transfer LP,
Jr. Sub. Notes, Series G	7.125(ff)		05/15/30(oo)		7,800		7,363,494
Jr. Sub. Notes, Series H	6.500(ff)		11/15/26(oo)		5,045		4,803,734
Sr. Unsec’d. Notes	5.400		10/01/47		2,200		2,022,571
ERAC USA Finance LLC,
Gtd. Notes, 144A	7.000		10/15/37		190		231,651
Fidelity National Information Services, Inc.,
Gtd. Notes	1.100		07/15/24	EUR	2,300		2,408,924
Sr. Unsec’d. Notes	1.500		05/21/27	EUR	5,600		5,737,704
Ford Motor Co.,
Sr. Unsec’d. Notes	4.750		01/15/43		5,000		4,026,612
Sr. Unsec’d. Notes	5.291		12/08/46		3,000		2,579,007
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes	2.900		02/16/28		1,000		857,702
Sr. Unsec’d. Notes	4.134		08/04/25		200		193,655
Sr. Unsec’d. Notes	4.687		06/09/25		2,015		1,975,286
Sr. Unsec’d. Notes, EMTN	3.683		12/03/24	AUD	500		341,038
Sr. Unsec’d. Notes, EMTN	4.125		06/20/24	SGD	2,000		1,454,346
General Motors Co.,
Sr. Unsec’d. Notes(a)	5.000		04/01/35		2,200		2,087,497
Sr. Unsec’d. Notes	5.400		04/01/48		2,050		1,920,424
Sr. Unsec’d. Notes	6.250		10/02/43		2,705		2,794,396
General Motors Financial Co., Inc.,
Gtd. Notes	3.850		01/05/28		2,900		2,747,253
Golden Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A	7.625		04/15/26		1,000		1,026,275
Goldman Sachs Group, Inc. (The),
Jr. Sub. Notes, Series U	3.650(ff)		08/10/26(oo)		11,370		9,881,298
Sr. Unsec’d. Notes	1.992(ff)		01/27/32		2,450		1,980,422
Sr. Unsec’d. Notes	2.383(ff)		07/21/32		1,770		1,466,133
Sr. Unsec’d. Notes	2.615(ff)		04/22/32		9,660		8,179,025
Sr. Unsec’d. Notes	4.500		05/16/28	AUD	210		144,384
Sr. Unsec’d. Notes, EMTN	1.428(s)		12/15/23	EUR	200		205,019
Sr. Unsec’d. Notes, EMTN	0.000(cc)		08/12/25	EUR	3,216		3,285,370
Sr. Unsec’d. Notes, EMTN, EURIBOR ICE SWAP 11:00 Fft 10Y Index + 0.000% (Cap 7.000%, Floor N/A)	0.127(c)		06/30/25	EUR	2,227		2,339,841

See Notes to Financial Statements.

PGIM Global Total Return Fund 37

Schedule of Investments (unaudited) (continued)

as of April 30, 2022



Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

United States (cont’d.)

Goldman Sachs Group, Inc. (The), (cont’d.)
Sr. Unsec’d. Notes, EMTN, 3 Month LIBOR + 0.000%	0.508%(c)		11/30/24		40	$	38,758
Sr. Unsec’d. Notes, EMTN	1.000		08/06/24	JPY	100,000		779,127
Sr. Unsec’d. Notes, EMTN	1.000		08/16/32	JPY	200,000		1,454,501
Sr. Unsec’d. Notes, EMTN	1.300		03/22/30	JPY	10,000		76,091
Sr. Unsec’d. Notes, EMTN	2.500		11/26/22		1,500		1,495,434
Sr. Unsec’d. Notes, EMTN	3.500(cc)		05/31/24		9,338		9,380,796
Sr. Unsec’d. Notes, EMTN^	5.220(ff)		08/24/30	EUR	5,000		5,972,599
Goldman Sachs International,
Gtd. Notes, EMTN	1.750		05/29/24	EUR	3,685		3,861,452
Greystone Commercial Capital Trust, Sr. Unsec’d. Notes, Series A, 144A, 1 Month LIBOR + 2.270%^	2.824(c)		05/31/25		19,100		19,100,000
HCA, Inc.,
Gtd. Notes	5.625		09/01/28		700		723,484
Gtd. Notes	7.500		11/06/33		2,000		2,350,328
Gtd. Notes, MTN	7.750		07/15/36		2,000		2,435,970
Sr. Sec’d. Notes	5.250		06/15/49		1,500		1,423,958
Honeywell International, Inc.,
Sr. Unsec’d. Notes	0.750		03/10/32	EUR	3,000		2,767,096
Host Hotels & Resorts LP,
Sr. Unsec’d. Notes	3.875		04/01/24		5,000		4,987,540
Housing & Urban Development Corp. Ltd. AID Bond, U.S. Gov’t. Gtd. Notes, 6 Month LIBOR + 0.035%	1.166(c)		09/15/30		800		792,838
Hunt Cos., Inc.,
Sr. Sec’d. Notes, 144A	5.250		04/15/29		5,750		5,317,437
International Game Technology PLC,
Sr. Sec’d. Notes, 144A	4.125		04/15/26		5,450		5,121,673
International Paper Co.,
Sr. Unsec’d. Notes	7.300		11/15/39		75		91,268
IQVIA, Inc.,
Gtd. Notes, 144A	2.250		01/15/28	EUR	1,800		1,707,745
JBS USA LUX SA/JBS USA Finance, Inc.,
Gtd. Notes, 144A	6.750		02/15/28		2,741		2,848,351
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,
Gtd. Notes, 144A	6.500		04/15/29		1,150		1,189,697
Sr. Unsec’d. Notes, 144A	5.500		01/15/30		2,600		2,571,442
Jefferies Group LLC,
Sr. Unsec’d. Notes	2.750		10/15/32		9,275		7,584,150

See Notes to Financial Statements.



Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

United States (cont’d.)

John Sevier Combined Cycle Generation LLC,
Sec’d. Notes	4.626%		01/15/42		3,896	$	4,040,180
JPMorgan Chase & Co.,
Jr. Sub. Notes, Series HH	4.600(ff)		02/01/25(oo)		23,506		21,804,564
Jr. Sub. Notes, Series I, 3 Month LIBOR + 3.470%	4.709(c)		07/30/22(oo)		219		216,330
Jr. Sub. Notes, Series V, 3 Month LIBOR + 3.320%	4.287(c)		07/01/22(oo)		1,000		985,950
Sr. Unsec’d. Notes	1.953(ff)		02/04/32		13,490		11,016,816
Sr. Unsec’d. Notes(a)	2.525(ff)		11/19/41		6,200		4,603,483
Sr. Unsec’d. Notes	2.545(ff)		11/08/32		8,945		7,590,331
Sr. Unsec’d. Notes	2.580(ff)		04/22/32		7,590		6,531,908
Sr. Unsec’d. Notes	3.509(ff)		01/23/29		3,200		3,048,396
Sr. Unsec’d. Notes	3.702(ff)		05/06/30		1,590		1,509,768
JPMorgan Chase Bank, NA,
Sr. Unsec’d. Notes	4.762(s)		03/17/48	ITL(jj)	15,390		3,918,632
KB Home,
Gtd. Notes	6.875		06/15/27		1,650		1,711,976
Kimco Realty Corp.,
Sr. Unsec’d. Notes	2.250		12/01/31		4,160		3,485,684
Kraft Heinz Foods Co.,
Gtd. Notes	4.875		10/01/49		15		13,957
Lamb Weston Holdings, Inc.,
Gtd. Notes, 144A	4.375		01/31/32		1,725		1,548,713
Level 3 Financing, Inc.,
Sr. Sec’d. Notes, 144A	3.400		03/01/27		4,042		3,660,521
Liberty Mutual Group, Inc.,
Gtd. Notes	2.750		05/04/26	EUR	1,000		1,081,724
Gtd. Notes, 144A	3.951		10/15/50		90		75,728
LifePoint Health, Inc.,
Gtd. Notes, 144A(a)	5.375		01/15/29		3,000		2,565,013
Magallanes, Inc.,
Gtd. Notes, 144A	5.050		03/15/42		4,355		3,969,739
Gtd. Notes, 144A	5.141		03/15/52		7,895		7,062,954
Gtd. Notes, 144A	5.391		03/15/62		2,130		1,896,479
Marathon Petroleum Corp.,
Sr. Unsec’d. Notes	6.500		03/01/41		9,050		10,208,945
Marriott International, Inc.,
Sr. Unsec’d. Notes, Series EE	5.750		05/01/25		875		917,436
Sr. Unsec’d. Notes, Series HH	2.850		04/15/31		9,115		7,818,788
McDonald’s Corp.,
Sr. Unsec’d. Notes, MTN	3.450		09/08/26	AUD	1,220		836,017
Sr. Unsec’d. Notes, MTN	3.800		03/08/29	AUD	5,090		3,419,279

See Notes to Financial Statements.

PGIM Global Total Return Fund 39

Schedule of Investments (unaudited) (continued)

as of April 30, 2022



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

United States (cont’d.)

Medtronic Global Holdings SCA,
Gtd. Notes		1.500%		07/02/39	EUR	500	$	431,978
Gtd. Notes		1.625		03/07/31	EUR	2,500		2,536,378
Gtd. Notes		1.750		07/02/49	EUR	2,100		1,696,875
Gtd. Notes		2.250		03/07/39	EUR	1,910		1,858,196
MetLife, Inc.,
Sr. Unsec’d. Notes		0.769		05/23/29	JPY	600,000		4,522,538
Metropolitan Life Global Funding I,
Sec’d. Notes, MTN		4.000		07/13/27	AUD	300		207,185
Morgan Guaranty Trust Co.,
Sr. Unsec’d. Notes		1.146(s)		01/21/27	ITL(jj)	1,175		1,089,690
Morgan Stanley,
Sr. Unsec’d. Notes		0.406(ff)		10/29/27	EUR	10,000		9,705,611
Sr. Unsec’d. Notes, EMTN		0.000		04/02/32		17,400		11,051,532
Sr. Unsec’d. Notes, EMTN		0.500(cc)		06/26/43	MXN	16,700		129,638
Sr. Unsec’d. Notes, EMTN		0.500(cc)		09/25/43	MXN	33,900		258,752
Sr. Unsec’d. Notes, EMTN		3.240		12/14/22	EUR	2,200		2,352,245
Sr. Unsec’d. Notes, EMTN		5.632(s)		10/05/26	IDR	2,000,000		102,260
Sr. Unsec’d. Notes, EMTN		7.118(s)		06/28/27	MXN	27,000		762,245
Sr. Unsec’d. Notes, EMTN		7.500		12/15/27	MXN	33,300		1,409,878
Sr. Unsec’d. Notes, EMTN		7.926(s)		04/05/32	MXN	71,000		1,250,641
Sr. Unsec’d. Notes, EMTN		7.950(s)		11/07/31	MXN	56,000		1,027,935
Sr. Unsec’d. Notes, GMTN		1.875		03/06/30	EUR	1,100		1,098,201
Sr. Unsec’d. Notes, MTN		2.511(ff)		10/20/32		4,320		3,638,264
Sr. Unsec’d. Notes, MTN		2.943(ff)		01/21/33		2,950		2,574,408
Mozart Debt Merger Sub, Inc.,
Sr. Sec’d. Notes, 144A		3.875		04/01/29		5,450		4,764,963
Sr. Unsec’d. Notes, 144A(a)		5.250		10/01/29		550		478,439
MPLX LP,
Sr. Unsec’d. Notes		4.000		03/15/28		515		499,674
Sr. Unsec’d. Notes		4.125		03/01/27		2,000		1,981,825
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes		3.325		03/24/25	EUR	1,700		1,802,175
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A		5.500		08/15/28		2,490		2,274,346
Gtd. Notes, 144A		6.000		01/15/27		735		713,640
Newell Brands, Inc.,
Sr. Unsec’d. Notes		4.450		04/01/26		1,300		1,285,640
NRG Energy, Inc.,
Sr. Sec’d. Notes, 144A		3.750		06/15/24		5,600		5,535,353
Occidental Petroleum Corp.,
Sr. Unsec’d. Notes		6.450		09/15/36		35		37,953

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

United States (cont’d.)

OneMain Finance Corp.,
Gtd. Notes(a)		4.000%		09/15/30		1,800	$	1,473,103
ONEOK Partners LP,
Gtd. Notes		4.900		03/15/25		2,000		2,041,375
ONEOK, Inc.,
Gtd. Notes		3.100		03/15/30		7,350		6,510,037
Gtd. Notes		4.450		09/01/49		2,000		1,707,701
Organon & Co./Organon Foreign Debt Co-Issuer BV,
Sr. Sec’d. Notes, 144A		4.125		04/30/28		1,575		1,463,040
Sr. Unsec’d. Notes, 144A		5.125		04/30/31		2,100		1,899,307
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC,
Sr. Sec’d. Notes, 144A		4.000		10/15/27		1,367		1,190,902
Paramount Global,
Sr. Unsec’d. Notes		4.375		03/15/43		1,089		904,553
Sr. Unsec’d. Notes		5.850		09/01/43		3,769		3,796,671
Pilgrim’s Pride Corp.,
Gtd. Notes, 144A		4.250		04/15/31		4,550		4,135,296
Plains All American Pipeline LP/PAA Finance Corp.,
Sr. Unsec’d. Notes		3.550		12/15/29		2,055		1,880,958
Sr. Unsec’d. Notes		4.900		02/15/45		2,350		2,018,996
Post Holdings, Inc.,
Sr. Unsec’d. Notes, 144A		4.500		09/15/31		2,500		2,084,997
Prologis Yen Finance LLC,
Gtd. Notes		0.885		06/27/36	JPY	200,000		1,437,398
Gtd. Notes		0.972		09/25/28	JPY	700,000		5,405,769
Gtd. Notes		1.003		06/24/32	JPY	1,500,000		11,317,521
Gtd. Notes		1.222		06/22/35	JPY	200,000		1,508,397
Realty Income Corp.,
Sr. Unsec’d. Notes		2.200		06/15/28		480		429,224
Ryder System, Inc.,
Sr. Unsec’d. Notes, MTN		4.625		06/01/25		9,000		9,149,510
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes		5.625		12/01/25		4,525		4,536,987
Schlumberger Holdings Corp.,
Sr. Unsec’d. Notes, 144A		3.900		05/17/28		1,955		1,898,819
Service Properties Trust,
Sr. Unsec’d. Notes		4.350		10/01/24		3,600		3,331,312
Silgan Holdings, Inc.,
Gtd. Notes		2.250		06/01/28	EUR	7,711		7,085,925
Southaven Combined Cycle Generation LLC,
Sec’d. Notes		3.846		08/15/33		8		7,843

See Notes to Financial Statements.

PGIM Global Total Return Fund 41

Schedule of Investments (unaudited) (continued)

as of April 30, 2022



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

United States (cont’d.)

Spectrum Brands, Inc.,
Gtd. Notes, 144A		4.000%		10/01/26	EUR	675	$	702,158
Sprint Capital Corp.,
Gtd. Notes		8.750		03/15/32		1,985		2,522,907
Sprint Corp.,
Gtd. Notes		7.125		06/15/24		2,000		2,103,976
Gtd. Notes		7.625		02/15/25		300		319,435
Standard Industries, Inc.,
Sr. Unsec’d. Notes, 144A		4.375		07/15/30		4,550		3,802,401
Stellantis Finance US, Inc.,
Gtd. Notes, 144A(a)		2.691		09/15/31		3,645		3,009,597
Stryker Corp.,
Sr. Unsec’d. Notes		2.625		11/30/30	EUR	2,300		2,469,422
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
Gtd. Notes, 144A		5.500		01/15/28		2,625		2,450,381
Gtd. Notes, 144A		6.000		12/31/30		1,700		1,564,278
Gtd. Notes, 144A		7.500		10/01/25		1,075		1,096,306
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A		5.750		01/15/28		2,723		2,673,118
Gtd. Notes, 144A		6.625		07/15/27		2,330		2,342,583
Sr. Unsec’d. Notes, 144A		5.125		08/01/30		375		343,125
Tenet Healthcare Corp.,
Gtd. Notes, 144A		6.125		10/01/28		2,900		2,782,271
Sec’d. Notes, 144A		6.250		02/01/27		500		496,368
Sr. Sec’d. Notes, 144A		5.125		11/01/27		2,905		2,833,709
Texas Capital Bank NA,
Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 4.500%		5.506(c)		09/30/24		15,020		14,687,242
Thermo Fisher Scientific, Inc.,
Sr. Unsec’d. Notes		2.875		07/24/37	EUR	450		468,419
Time Warner Entertainment Co. LP,
Sr. Sec’d. Notes		8.375		07/15/33		2,065		2,518,968
T-Mobile USA, Inc.,
Sr. Sec’d. Notes		4.375		04/15/40		2,500		2,301,579
Sr. Sec’d. Notes		4.500		04/15/50		3,110		2,833,877
Tote Shipholdings LLC,
U.S. Gov’t. Gtd. Notes		3.400		10/16/40		96		94,271
Toyota Motor Credit Corp.,
Sr. Unsec’d. Notes, EMTN		3.200(cc)		10/24/25		3,158		3,139,432
U.S. Bancorp,
Jr. Sub. Notes		3.700(ff)		01/15/27(oo)		18,150		15,655,429

See Notes to Financial Statements.



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

United States (cont’d.)

UGI International LLC,
Gtd. Notes, 144A	2.500%	12/01/29	EUR	8,625	$	7,427,679
United Airlines 2007-1 Class A Pass-Through Trust,
Pass-Through Certificates	6.636	01/02/24		36		35,544
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A	4.375	04/15/26		3,750		3,613,497
Sr. Sec’d. Notes, 144A	4.625	04/15/29		950		872,845
United Rentals North America, Inc.,
Gtd. Notes	3.750	01/15/32		250		217,740
Gtd. Notes	3.875	02/15/31		315		278,818
Gtd. Notes	4.875	01/15/28		3,115		3,031,799
Gtd. Notes	5.250	01/15/30		2,340		2,297,024
Gtd. Notes	5.500	05/15/27		150		153,357
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC,
Sr. Sec’d. Notes, 144A	7.875	02/15/25		8,600		8,782,543
Univision Communications, Inc.,
Sr. Sec’d. Notes, 144A	6.625	06/01/27		3,335		3,355,202
Vector Group Ltd.,
Sr. Sec’d. Notes, 144A	5.750	02/01/29		4,750		4,180,714
Ventas Realty LP,
Gtd. Notes	2.500	09/01/31		7,995		6,797,755
Venture Global Calcasieu Pass LLC,
Sr. Sec’d. Notes, 144A	3.875	08/15/29		495		451,998
Sr. Sec’d. Notes, 144A	4.125	08/15/31		495		451,561
Verizon Communications, Inc.,
Sr. Unsec’d. Notes	2.500	04/08/31	GBP	1,400		1,634,424
Sr. Unsec’d. Notes, MTN	2.650	05/06/30	AUD	1,600		944,844
Sr. Unsec’d. Notes, MTN	3.000	03/23/31	AUD	1,000		593,152
Sr. Unsec’d. Notes, MTN	4.050	02/17/25	AUD	4,950		3,502,704
Sr. Unsec’d. Notes, MTN	4.500	08/17/27	AUD	730		511,392
Sr. Unsec’d. Notes, Series MPLE	4.050	03/22/51	CAD	3,200		2,069,269
Viatris, Inc.,
Gtd. Notes	3.850	06/22/40		4,410		3,437,809
Gtd. Notes	4.000	06/22/50		4,425		3,269,068
VICI Properties LP/VICI Note Co., Inc.,
Gtd. Notes, 144A	4.250	12/01/26		4,000		3,800,101
Vistra Corp.,
Jr. Sub. Notes, 144A	7.000(ff)	12/15/26(oo)		2,650		2,579,318
Jr. Sub. Notes, 144A	8.000(ff)	10/15/26(oo)		9,650		9,709,553
Vistra Operations Co. LLC,
Gtd. Notes, 144A	5.000	07/31/27		3,520		3,377,842

See Notes to Financial Statements.

PGIM Global Total Return Fund 43

Schedule of Investments (unaudited) (continued)

as of April 30, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

United States (cont’d.)

Vistra Operations Co. LLC, (cont’d.)
Sr. Sec’d. Notes, 144A	3.550%	07/15/24		14,300	$	14,083,528
Warner Media LLC,
Gtd. Notes	4.050	12/15/23		11,250		11,260,982
Wells Fargo & Co.,
Sr. Unsec’d. Notes	4.000	04/27/27	AUD	4,198		2,866,377
Sr. Unsec’d. Notes, GMTN	3.700	07/27/26	AUD	1,458		990,922
Sr. Unsec’d. Notes, MTN	3.350(ff)	03/02/33		6,350		5,771,636
Welltower, Inc.,
Sr. Unsec’d. Notes	2.050	01/15/29		3,100		2,695,026
Sr. Unsec’d. Notes	2.800	06/01/31		10,300		9,108,927
Sr. Unsec’d. Notes	3.100	01/15/30		5,600		5,150,056
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes	4.000	09/15/25		861		856,492
WPC Eurobond BV,
Gtd. Notes	0.950	06/01/30	EUR	9,950		8,687,718
Xerox Corp.,
Sr. Unsec’d. Notes	4.625	03/15/23		460		460,001


						960,777,604


TOTAL CORPORATE BONDS (cost $2,295,135,949)						1,977,017,279


MUNICIPAL BOND 0.1%

Puerto Rico
Commonwealth of Puerto Rico, Revenue Bonds, Series C (cost $6,140,290)	0.000(cc)	11/01/43		11,150		5,822,041


RESIDENTIAL MORTGAGE-BACKED SECURITIES 5.8%

Bermuda 1.3%

Bellemeade Re Ltd.,
Series 2018-03A, Class M1B, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 1.850%)	2.518(c)	10/25/28		431		429,622
Series 2019-02A, Class M1B, 144A, 1 Month LIBOR + 1.450% (Cap N/A, Floor 1.450%)	2.118(c)	04/25/29		532		531,966
Series 2019-03A, Class M1B, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 1.600%)	2.268(c)	07/25/29		1,275		1,273,933
Series 2019-04A, Class M1B, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%)	2.668(c)	10/25/29		1,983		1,982,768

See Notes to Financial Statements.

Description

Interest
Rate

Maturity

Date

Principal

Amount

(000)#

Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)

Bermuda (cont’d.)

Bellemeade Re Ltd., (cont’d.)

Series 2021-01A, Class M1A, 144A, 30 Day Average SOFR + 1.750% (Cap N/A, Floor 1.750%)

2.039%(c)

03/25/31

4,880

4,873,667

Series 2021-01A, Class M1C, 144A, 30 Day Average SOFR + 2.950% (Cap N/A, Floor 2.950%)

3.239(c)

03/25/31

1,750

1,740,888

Series 2021-03A, Class M1B, 144A, 30 Day Average SOFR + 1.400% (Cap N/A, Floor 1.400%)

1.689(c)

09/25/31

1,200

1,167,201

Eagle Re Ltd.,

Series 2019-01, Class M1B, 144A, 1 Month LIBOR + 1.800% (Cap N/A, Floor 0.000%)

2.468(c)

04/25/29

620

615,749

Series 2021-01, Class M1B, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 2.150%)

2.439(c)

10/25/33

2,710

2,704,127

Series 2021-01, Class M1C, 144A, 30 Day Average SOFR + 2.700% (Cap N/A, Floor 2.700%)

2.989(c)

10/25/33

4,200

4,219,476

Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% (Cap N/A, Floor 3.450%)

3.739(c)

04/25/34

3,500

3,329,759

Home Re Ltd.,

Series 2019-01, Class M1, 144A, 1 Month LIBOR + 1.650% (Cap N/A, Floor 0.000%)

2.318(c)

05/25/29

378

377,749

Series 2021-01, Class M1B, 144A, 1 Month LIBOR + 1.550% (Cap N/A, Floor 0.000%)

2.218(c)

07/25/33

9,211

9,153,780

Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%)

1.889(c)

01/25/34

2,855

2,805,648

Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 2.800% (Cap N/A, Floor 0.000%)

3.089(c)

01/25/34

4,790

4,555,509

Oaktown Re II Ltd.,

Series 2018-01A, Class M1, 144A, 1 Month LIBOR + 1.550% (Cap N/A, Floor 0.000%)

2.218(c)

07/25/28

186

185,650

Oaktown Re III Ltd.,

Series 2019-01A, Class M1A, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 1.400%)

2.068(c)

07/25/29

30,244

See Notes to Financial Statements.

PGIM Global Total Return Fund 45

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Description

Interest
Rate

Maturity

Date

Principal

Amount

(000)#

Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)

Bermuda (cont’d.)

Oaktown Re VI Ltd.,

Series 2021-01A, Class M1A, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 1.650%)

1.939%(c)

10/25/33

2,418

2,414,306

Series 2021-01A, Class M1B, 144A, 30 Day Average SOFR + 2.050% (Cap N/A, Floor 2.050%)

2.339(c)

10/25/33

1,865

1,856,298

Oaktown Re VII Ltd.,

Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 1.600%)

1.889(c)

04/25/34

2,200

2,182,418

Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%)

3.189(c)

04/25/34

700

670,332

Radnor Re Ltd.,

Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 0.000%)

2.068(c)

03/25/28

58,893

Series 2020-01, Class M1A, 144A, 1 Month LIBOR + 0.950% (Cap N/A, Floor 0.950%)

1.618(c)

01/25/30

600

595,717

Series 2020-01, Class M1B, 144A, 1 Month LIBOR + 1.450% (Cap N/A, Floor 1.450%)

2.118(c)

01/25/30

1,800

1,754,501

Series 2021-01, Class M1A, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 1.650%)

1.939(c)

12/27/33

4,351

4,328,159

Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%)

3.989(c)

11/25/31

5,100

4,949,968

58,788,328

Ireland 0.2%

Retiro Mortgage Securities DAC,

Series 01A, Class A1, 144A, 3 Month EURIBOR + 2.000% (Cap 5.000%, Floor 0.000%)

1.555(c)

07/30/75

EUR

6,608

6,942,019

See Notes to Financial Statements.

Description

Interest
Rate

Maturity

Date

Principal

Amount

(000)#

Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)

United Kingdom 0.3%

Jupiter Mortgage PLC,

Series 01A, Class B, 144A, SONIA + 1.400% (Cap N/A, Floor 0.000%)

1.861%(c)

07/20/60

GBP

4,200

5,264,236

Residential Mortgage Securities PLC,

Series 32A, Class A, 144A, SONIA + 1.250% (Cap N/A, Floor 0.000%)

1.547(c)

06/20/70

GBP

4,956

6,281,185

11,545,421

United States 4.0%

APS Resecuritization Trust,

Series 2016-01, Class 1A, 144A, 1 Month LIBOR + 0.150% (Cap N/A, Floor 0.150%)

0.605(c)

07/27/57

542

537,174

Banc of America Funding Trust,

Series 2014-R05, Class 1A1, 144A, 6 Month LIBOR + 1.500% (Cap 11.000%, Floor 1.500%)

2.890(c)

09/26/45

30,723

BVRT Financing Trust,

Series 2021-04, Class F, 144A, SOFR + 2.000%^

2.251(c)

09/12/26

8,515

8,515,160

Central Park Funding Trust,

Series 2021-01, Class PT, 144A, 1 Month LIBOR + 2.750% (Cap N/A, Floor 2.750%)

3.448(c)

08/29/22

18,180

18,055,446

Connecticut Avenue Securities Trust,

Series 2019-R07, Class 1M2, 144A, 1 Month LIBOR + 2.100% (Cap N/A, Floor 0.000%)

2.768(c)

10/25/39

180

179,843

Series 2020-R01, Class 1M2, 144A, 1 Month LIBOR + 2.050% (Cap N/A, Floor 2.050%)

2.718(c)

01/25/40

614

614,473

Series 2021-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%)

3.389(c)

10/25/41

1,350

1,264,701

Series 2021-R01, Class 1M2, 144A, 30 Day Average SOFR + 1.550% (Cap N/A, Floor 0.000%)

1.839(c)

10/25/41

240

232,149

Credit Suisse Mortgage Trust,

Series 2020-RPL06, Class A1, 144A

2.688(cc)

03/25/59

2,326

2,263,314

Fannie Mae Connecticut Avenue Securities,

Series 2018-C03, Class 1M2, 1 Month LIBOR + 2.150% (Cap N/A, Floor 2.150%)

2.818(c)

10/25/30

391

393,933

Series 2021-R02, Class 2B1, 144A, 30 Day Average SOFR + 3.300% (Cap N/A, Floor 0.000%)

3.589(c)

11/25/41

2,060

1,918,495

Series 2021-R02, Class 2M2, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 0.000%)

2.289(c)

11/25/41

1,440

1,369,650

See Notes to Financial Statements.

PGIM Global Total Return Fund 47

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Description

Interest
Rate

Maturity

Date

Principal

Amount

(000)#

Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)

United States (cont’d.)

Fannie Mae REMICS,

Series 2012-107, Class GI, IO

3.500%

09/25/27

2,676

152,021

FHLMC REMICS,

Series 4166, Class IO, IO

3.500

02/15/43

5,067

903,926

FHLMC Structured Agency Credit Risk Debt Notes,

Series 2020-HQA05, Class B1, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 0.000%)

4.289(c)

11/25/50

595

577,992

Series 2020-HQA05, Class M2, 144A, 30 Day Average SOFR + 2.600% (Cap N/A, Floor 0.000%)

2.889(c)

11/25/50

2,170

2,175,740

Series 2021-DNA07, Class B1, 144A, 30 Day Average SOFR + 3.650% (Cap N/A, Floor 0.000%)

3.939(c)

11/25/41

2,060

1,920,586

FHLMC Structured Agency Credit Risk REMIC Trust,

Series 2020-DNA02, Class M2, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 0.000%)

2.518(c)

02/25/50

2,236

2,233,357

Series 2020-DNA03, Class B1, 144A, 1 Month LIBOR + 5.100% (Cap N/A, Floor 0.000%)

5.768(c)

06/25/50

703

731,780

Series 2020-HQA02, Class M2, 144A, 1 Month LIBOR + 3.100% (Cap N/A, Floor 0.000%)

3.768(c)

03/25/50

165

165,225

Series 2020-HQA04, Class B1, 144A, 1 Month LIBOR + 5.250% (Cap N/A, Floor 0.000%)

5.918(c)

09/25/50

1,310

1,341,370

Series 2020-HQA04, Class M2, 144A, 1 Month LIBOR + 3.150% (Cap N/A, Floor 0.000%)

3.818(c)

09/25/50

135

134,681

Series 2021-DNA01, Class B1, 144A, 30 Day Average SOFR + 2.650% (Cap N/A, Floor 0.000%)

2.939(c)

01/25/51

1,835

1,651,581

Series 2021-DNA01, Class M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%)

2.089(c)

01/25/51

12,595

12,333,539

Series 2021-DNA05, Class B1, 144A, 30 Day Average SOFR + 3.050% (Cap N/A, Floor 0.000%)

3.339(c)

01/25/34

3,330

3,146,586

Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%)

1.939(c)

01/25/34

1,740

1,726,187

Series 2021-DNA06, Class B1, 144A, 30 Day Average SOFR + 3.400% (Cap N/A, Floor 0.000%)

3.689(c)

10/25/41

1,830

1,716,574

See Notes to Financial Statements.

Description

Interest
Rate

Maturity

Date

Principal

Amount

(000)#

Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)

United States (cont’d.)

FHLMC Structured Agency Credit Risk REMIC Trust, (cont’d.)

Series 2021-HQA01, Class B1, 144A, 30 Day Average SOFR + 3.000% (Cap N/A, Floor 0.000%)

3.289%(c)

08/25/33

12,300

10,947,379

Series 2021-HQA01, Class M2, 144A, 30 Day Average SOFR + 2.250% (Cap N/A, Floor 0.000%)

2.539(c)

08/25/33

17,900

17,565,001

Series 2021-HQA02, Class B1, 144A, 30 Day Average SOFR + 3.150% (Cap N/A, Floor 0.000%)

3.439(c)

12/25/33

2,000

1,800,075

Series 2021-HQA03, Class B1, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%)

3.639(c)

09/25/41

1,570

1,419,511

Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%)

2.389(c)

09/25/41

3,020

2,875,958

Series 2021-HQA04, Class B1, 144A, 30 Day Average SOFR + 3.750% (Cap N/A, Floor 0.000%)

4.039(c)

12/25/41

1,230

1,116,251

Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%)

2.639(c)

12/25/41

1,800

1,698,646

GCAT Asset-Backed Notes,

Series 2021-01, Class A1, 144A

2.487

11/25/49

14,955

14,358,214

Legacy Mortgage Asset Trust,

Series 2020-GS01, Class A1, 144A

2.882

10/25/59

5,773

5,744,032

Loan Revolving Advance Investment Trust,

Series 2021-02, Class A1X, 144A, 1 Month LIBOR + 2.750% (Cap N/A, Floor 2.750%)

3.301(c)

06/30/23

22,700

22,592,452

MRA Issuance Trust,

Series 2020-07, Class A2X, 144A, 1 Month LIBOR + 1.300%

1.755(c)

09/15/22

12,465

12,460,859

Series 2021-10, Class A1X, 144A, 1 Month LIBOR + 1.500% (Cap N/A, Floor 1.500%)

1.955(c)

02/22/23

10,090

10,063,592

New Residential Mortgage Loan Trust,

Series 2018-04A, Class A1S, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%)

1.418(c)

01/25/48

767

758,529

PMT Credit Risk Transfer Trust,

Series 2020-02R, Class A, 144A, 1 Month LIBOR + 3.815% (Cap N/A, Floor 3.815%)

4.513(c)

12/25/22

9,587

9,562,194

See Notes to Financial Statements.

PGIM Global Total Return Fund 49

Schedule of Investments (unaudited) (continued)

as of April 30, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)

United States (cont’d.)

PNMAC GMSR Issuer Trust,
Series 2018-GT01, Class A, 144A, 1 Month LIBOR + 2.850% (Cap N/A, Floor 2.850%)	3.518%(c)	02/25/23		1,020	$	1,015,985
Series 2018-GT02, Class A, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 0.000%)	3.318(c)	08/25/25		2,300		2,278,604


						182,543,488


TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $266,657,498)						259,819,256


SOVEREIGN BONDS 29.6%

Albania 0.1%

Albania Government International Bond,
Sr. Unsec’d. Notes	3.500	10/09/25	EUR	1,000		1,034,676
Sr. Unsec’d. Notes, 144A	3.500	10/09/25	EUR	1,000		1,034,676


						2,069,352

Andorra 0.0%

Andorra International Bond,
Sr. Unsec’d. Notes, EMTN	1.250	05/06/31	EUR	400		376,938

Argentina 0.1%

Argentine Republic Government International Bond,
Bonds	4.330	12/31/33(d)	JPY	519,215		1,000,222
Sr. Unsec’d. Notes	0.670	12/31/38(d)	JPY	952,628		1,567,559
Sr. Unsec’d. Notes	0.670	12/31/38(d)	JPY	55,495		91,332


						2,659,113

Australia 0.0%

Australia Government Bond,
Sr. Unsec’d. Notes, Series 162	1.750	06/21/51	AUD	200		95,094
Treasury Corp. of Victoria,
Local Gov’t. Gtd. Notes, MTN	2.250	11/20/41	AUD	2,000		1,065,547


						1,160,641

See Notes to Financial Statements.



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

Austria 0.0%

Republic of Austria Government Bond,
Sr. Unsec’d. Notes, 144A	0.750%	03/20/51	EUR	100	$	84,216
Republic of Austria Government International Bond,
Sr. Unsec’d. Notes, 144A, MTN	5.375	12/01/34	CAD	2,143		1,908,284


						1,992,500

Belgium 0.0%

Kingdom of Belgium Government Bond,
Sr. Unsec’d. Notes, Series 93, 144A	0.650	06/22/71	EUR	100		59,632

Brazil 1.0%
Brazil Loan Trust 1,
Gov’t. Gtd. Notes	5.477	07/24/23		12,225		12,308,904
Gov’t. Gtd. Notes, 144A	5.477	07/24/23		1,338		1,347,326
Brazil Minas SPE via State of Minas Gerais,
Gov’t. Gtd. Notes	5.333	02/15/28		30,419		30,855,452
Gov’t. Gtd. Notes, 144A	5.333	02/15/28		423		429,072
Brazilian Government International Bond,
Sr. Unsec’d. Notes	8.500	01/05/24	BRL	30		5,711
Sr. Unsec’d. Notes, Series B	8.875	04/15/24		200		224,117


						45,170,582

Bulgaria 0.3%

Bulgaria Government International Bond,
Sr. Unsec’d. Notes	0.375	09/23/30	EUR	3,167		2,748,620
Sr. Unsec’d. Notes, GMTN	3.125	03/26/35	EUR	8,212		8,633,137


						11,381,757

Canada 0.3%

Canadian Government Bond,
Bonds(k)	4.000	06/01/41	CAD	650		586,151
City of Ottawa Ontario,
Unsec’d. Notes	5.050	08/13/30	CAD	2,570		2,204,598
City of Quebec,
Unsec’d. Notes	2.100	07/06/31	CAD	3,000		2,015,984
Unsec’d. Notes	2.250	11/28/29	CAD	2,500		1,768,505
Unsec’d. Notes	2.650	12/20/27	CAD	1,000		745,093
City of Toronto,
Unsec’d. Notes	3.250	06/24/46	CAD	1,000		677,338

See Notes to Financial Statements.

PGIM Global Total Return Fund 51

Schedule of Investments (unaudited) (continued)

as of April 30, 2022



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

Canada (cont’d.)

Province of Alberta,
Sr. Unsec’d. Notes, EMTN		1.403%		02/20/29	SEK	2,000	$	185,496
Province of Quebec Residual Strips,
Bonds		2.283(s)		04/01/35	CAD	10,000		4,689,200


								12,872,365

Chile 0.1%

Bonos de la Tesoreria de la Republica en pesos,
Bonds		2.500		03/01/25	CLP	900,000		928,256
Bonds		5.000		03/01/35	CLP	505,000		515,071
Chile Government International Bond,
Sr. Unsec’d. Notes		0.830		07/02/31	EUR	1,000		902,028
Sr. Unsec’d. Notes		1.440		02/01/29	EUR	1,884		1,863,731
Sr. Unsec’d. Notes		1.750		01/20/26	EUR	240		252,070


								4,461,156

China 1.7%

China Government Bond,
Bonds, Series INBK		2.850		06/04/27	CNH	6,000		910,094
Sr. Unsec’d. Notes		3.160		06/27/23	CNH	5,000		755,943
Sr. Unsec’d. Notes		3.300		07/04/23	CNH	2,000		302,874
Sr. Unsec’d. Notes		3.310		11/30/25	CNH	4,000		610,311
Sr. Unsec’d. Notes		3.380		11/21/24	CNH	500		76,044
Sr. Unsec’d. Notes		3.390		05/21/25	CNH	2,500		381,192
Sr. Unsec’d. Notes		3.480		06/29/27	CNH	2,000		307,425
Sr. Unsec’d. Notes		3.600		06/27/28	CNH	10,500		1,624,145
Sr. Unsec’d. Notes		3.600		05/21/30	CNH	18,500		2,882,749
Sr. Unsec’d. Notes		3.900		07/04/36	CNH	16,000		2,566,805
Sr. Unsec’d. Notes		3.950		06/29/43	CNH	40,000		6,451,699
Sr. Unsec’d. Notes		4.000		11/30/35	CNH	76,500		12,520,615
Sr. Unsec’d. Notes		4.100		05/21/45	CNH	62,000		9,913,617
Sr. Unsec’d. Notes		4.150		12/12/31	CNH	41,500		6,759,775
Sr. Unsec’d. Notes		4.290		05/22/29	CNH	10,500		1,698,578
Sr. Unsec’d. Notes		4.400		12/12/46	CNH	48,500		8,336,206
Sr. Unsec’d. Notes		4.500		05/22/34	CNH	24,000		4,078,355
Unsec’d. Notes, Series INBK		3.810		09/14/50	CNH	30,000		4,866,582
China Government International Bond,
Sr. Unsec’d. Notes		0.500		11/12/31	EUR	1,800		1,640,796
Sr. Unsec’d. Notes		1.000		11/12/39	EUR	3,500		3,069,377
Export-Import Bank of China (The),
Sr. Unsec’d. Notes		4.150		06/18/27	CNH	4,000		621,160

See Notes to Financial Statements.



Description	Interest Rate			Maturity Date	Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

China (cont’d.)

Export-Import Bank of China (The), (cont’d.)
Sr. Unsec’d. Notes		4.400	%	05/14/24	CNH	20,000	$	3,093,337
Unsec’d. Notes, Series 2010		3.230		03/23/30	CNH	30,000		4,542,567


								78,010,246

Colombia 1.4%

Colombia Government International Bond,
Sr. Unsec’d. Notes		3.000		01/30/30		1,400		1,120,138
Sr. Unsec’d. Notes		4.000		02/26/24		1,000		984,571
Sr. Unsec’d. Notes		8.375		02/15/27		2,745		3,100,540
Sr. Unsec’d. Notes		9.850		06/28/27	COP	15,013,000		3,808,661
Sr. Unsec’d. Notes		10.375		01/28/33		1,401		1,847,880
Sr. Unsec’d. Notes		11.850		03/09/28		1,000		1,418,348
Sr. Unsec’d. Notes, EMTN		3.875		03/22/26	EUR	47,879		50,869,274


								63,149,412

Croatia 0.3%

Croatia Government International Bond,
Sr. Unsec’d. Notes		1.125		06/19/29	EUR	200		187,304
Sr. Unsec’d. Notes		1.500		06/17/31	EUR	5,600		5,182,810
Sr. Unsec’d. Notes		2.750		01/27/30	EUR	3,000		3,122,987
Sr. Unsec’d. Notes		3.000		03/20/27	EUR	4,500		4,918,789


								13,411,890

Cyprus 1.0%

Cyprus Government International Bond,
Sr. Unsec’d. Notes, EMTN		1.250		01/21/40	EUR	7,550		6,319,577
Sr. Unsec’d. Notes, EMTN		2.250		04/16/50	EUR	2,000		1,834,814
Sr. Unsec’d. Notes, EMTN		2.375		09/25/28	EUR	4,700		5,082,146
Sr. Unsec’d. Notes, EMTN		2.750		02/26/34	EUR	10,200		10,813,283
Sr. Unsec’d. Notes, EMTN(a)		2.750		05/03/49	EUR	3,000		3,060,547
Sr. Unsec’d. Notes, EMTN		4.250		11/04/25	EUR	16,514		19,170,001


								46,280,368

Denmark 0.1%

Denmark Government Bond,
Bonds(k)		1.750		11/15/25	DKK	3,520		515,754
Bonds(k)		4.500		11/15/39	DKK	1,800		380,073
Bonds, Series 10 YR(k)		0.500		11/15/27	DKK	12,110		1,673,093

See Notes to Financial Statements.

PGIM Global Total Return Fund 53

Schedule of Investments (unaudited) (continued)

as of April 30, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

Denmark (cont’d.)

Denmark Government Bond, (cont’d.)
Bonds, Series 10 YR(k)	0.500%	11/15/29	DKK	4,300	$	583,463
Bonds, Series 30 YR(k)	0.250	11/15/52	DKK	5,000		517,748


						3,670,131

Egypt 0.1%

Egypt Government International Bond,
Sr. Unsec’d. Notes, 144A	5.577	02/21/23		1,835		1,809,313
Sr. Unsec’d. Notes, 144A, MTN	4.750	04/16/26	EUR	700		619,793


						2,429,106

Estonia 0.0%

Estonia Government International Bond,
Sr. Unsec’d. Notes	0.125	06/10/30	EUR	100		93,177

Finland 0.0%

Finland Government Bond,
Sr. Unsec’d. Notes, 144A	0.125	04/15/52	EUR	100		69,401
Kuntarahoitus OYJ,
Local Gov’t. Gtd. Notes, EMTN	3.050	09/24/32	SEK	13,000		1,367,314


						1,436,715

France 0.5%

Caisse Francaise de Financement Local,
Covered Bonds, EMTN	4.680	03/09/29	CAD	28,712		23,622,567
French Republic Government Bond OAT,
Bonds, 144A(k)	0.500	05/25/72	EUR	100		56,030


						23,678,597

Germany 0.0%

State of North Rhine-Westphalia,
Sr. Unsec’d. Notes, EMTN	7.500	06/08/27	MXN	500		21,911

Greece 2.2%

Hellenic Republic Government Bond,
Bonds(a)	3.900	01/30/33	EUR	100		112,125
Bonds(a)	4.000	01/30/37	EUR	100		122,610
Bonds	4.200	01/30/42	EUR	100		130,565
Bonds	4.300	02/24/25	EUR	1		1,147

See Notes to Financial Statements.



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

Greece (cont’d.)

Hellenic Republic Government Bond, (cont’d.)
Bonds	4.300%	02/24/29	EUR	1	$	1,142
Bonds	4.300	02/24/30	EUR	2		2,312
Bonds	4.300	02/24/31	EUR	34		38,902
Bonds	4.300	02/24/32	EUR	60		68,267
Bonds	4.300	02/24/36	EUR	2		2,337
Bonds	4.300	02/24/39	EUR	1		1,109
Bonds, 144A(a)	0.750	06/18/31	EUR	7,308		6,239,263
Bonds, 144A	1.500	06/18/30	EUR	4,000		3,747,933
Sr. Unsec’d. Notes, 144A	1.875	02/04/35	EUR	75,646		67,524,261
Sr. Unsec’d. Notes, 144A	1.875	01/24/52	EUR	7,585		5,304,353
Sr. Unsec’d. Notes, 144A	3.875	03/12/29	EUR	150		167,705
Hellenic Republic Government International Bond,
Sr. Unsec’d. Notes	5.200	07/17/34	EUR	9,719		11,524,444
Sr. Unsec’d. Notes	6.140	04/14/28	EUR	5,200		6,440,861


						101,429,336

Guernsey 0.2%

States of Guernsey Bond,
Sr. Unsec’d. Notes	3.375	12/12/46	GBP	5,800		8,031,520

Hong Kong 0.0%

Airport Authority,
Sr. Unsec’d. Notes, 144A	2.500	01/12/32		610		542,349
Sr. Unsec’d. Notes, EMTN	1.950	11/20/30	HKD	3,000		333,489


						875,838

Hungary 0.3%

Hungary Government International Bond,
Sr. Unsec’d. Notes	1.250	10/22/25	EUR	2,000		2,065,065
Sr. Unsec’d. Notes	1.625	04/28/32	EUR	4,176		3,769,620
Sr. Unsec’d. Notes, 144A	2.125	09/22/31		1,375		1,102,870
Sr. Unsec’d. Notes, Series 02	1.290	09/18/30	JPY	700,000		5,339,109
Sr. Unsec’d. Notes, Series 08	0.740	09/18/25	JPY	100,000		769,457


						13,046,121

Iceland 0.1%

Iceland Government International Bond,
Sr. Unsec’d. Notes	0.100	06/20/24	EUR	2,634		2,704,740

See Notes to Financial Statements.

PGIM Global Total Return Fund 55

Schedule of Investments (unaudited) (continued)

as of April 30, 2022



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

Iceland (cont’d.)

Iceland Government International Bond, (cont’d.)
Sr. Unsec’d. Notes		5.875%		05/11/22		2,560	$	2,562,504
Sr. Unsec’d. Notes, EMTN		0.500		12/20/22	EUR	500		528,268


								5,795,512

India 0.4%

Export-Import Bank of India,
Sr. Unsec’d. Notes, 144A, MTN		2.250		01/13/31		4,400		3,571,659
Sr. Unsec’d. Notes, 144A, MTN		3.250		01/15/30		2,910		2,611,830
Sr. Unsec’d. Notes, EMTN		3.250		01/15/30		363		325,806
Sr. Unsec’d. Notes, Series 03		0.590		09/05/22	JPY	1,700,000		13,093,190


								19,602,485

Indonesia 1.5%

Indonesia Government International Bond,
Sr. Unsec’d. Notes		0.900		02/14/27	EUR	7,700		7,532,650
Sr. Unsec’d. Notes		1.000		07/28/29	EUR	8,500		7,868,608
Sr. Unsec’d. Notes		1.100		03/12/33	EUR	3,415		2,928,975
Sr. Unsec’d. Notes		1.400		10/30/31	EUR	9,560		8,723,804
Sr. Unsec’d. Notes		1.450		09/18/26	EUR	3,400		3,451,891
Sr. Unsec’d. Notes		1.750		04/24/25	EUR	2,600		2,723,062
Sr. Unsec’d. Notes		3.375		07/30/25	EUR	1,505		1,647,081
Sr. Unsec’d. Notes, EMTN		2.150		07/18/24	EUR	5,195		5,529,144
Sr. Unsec’d. Notes, EMTN		2.625		06/14/23	EUR	5,700		6,110,930
Sr. Unsec’d. Notes, EMTN		3.750		06/14/28	EUR	13,980		15,496,244
Sr. Unsec’d. Notes, Series 05		0.920		05/31/23	JPY	100,000		775,969
Sr. Unsec’d. Notes, Series 09		0.830		05/22/24	JPY	200,000		1,552,624
Sr. Unsec’d. Notes, Series 14		1.130		07/07/23	JPY	400,000		3,111,257


								67,452,239

Ireland 0.0%

Ireland Government Bond,
Sr. Unsec’d. Notes		0.550		04/22/41	EUR	100		83,581

Israel 0.2%

Israel Government International Bond,
Sr. Unsec’d. Notes		4.500		04/03/2120		1,240		1,215,236
Sr. Unsec’d. Notes, EMTN		6.875		10/21/34	GBP	3,435		6,011,863


								7,227,099

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

Italy 4.1%

Cassa Del Trentino SPA,
Local Gov’t. Gtd. Notes, EMTN		1.160%		06/17/26	EUR	1,393	$	1,415,070
Italy Buoni Poliennali Del Tesoro,
Bonds, 144A		2.800		03/01/67	EUR	2,100		1,967,998
Sr. Unsec’d. Notes, 144A		1.700		09/01/51	EUR	800		614,895
Region of Lazio,
Sr. Unsec’d. Notes		3.088		03/31/43	EUR	6,593		6,775,262
Region of Umbria,
Sr. Unsec’d. Notes, 6 Month EURIBOR + 0.200%		0.000(c)		03/26/31	EUR	981		952,103
Repubic of Italy Government International Bond
Coupon Strips,
Sr. Unsec’d. Notes		1.737(s)		02/20/31	EUR	5,324		4,269,465
Sr. Unsec’d. Notes		3.486(s)		03/27/23		775		760,984
Republic of Italy Government International Bond,
Sr. Unsec’d. Notes		2.375		10/17/24		500		487,483
Sr. Unsec’d. Notes(a)		2.875		10/17/29		3,300		3,010,027
Sr. Unsec’d. Notes		4.000		10/17/49		500		443,340
Sr. Unsec’d. Notes, EMTN		3.444		12/31/24	EUR	383		410,611
Sr. Unsec’d. Notes, EMTN, EURIBOR ICE SWAP 11:00 Fft 30Y Index + 0.800% (Cap N/A, Floor 4.250%)		4.250(c)		06/28/29	EUR	7,892		9,165,737
Sr. Unsec’d. Notes, EMTN		4.425		03/28/36	EUR	1,400		1,667,899
Sr. Unsec’d. Notes, EMTN(a)		5.200		07/31/34	EUR	7,098		9,091,904
Sr. Unsec’d. Notes, EMTN		5.250		12/07/34	GBP	17,018		24,966,610
Sr. Unsec’d. Notes, EMTN		5.345		01/27/48	EUR	2,100		2,904,623
Sr. Unsec’d. Notes, EMTN		6.000		08/04/28	GBP	69,287		100,509,915
Sr. Unsec’d. Notes, MTN(a)		5.375		06/15/33		11,108		11,980,472
Sr. Unsec’d. Notes, Series 67, EMTN, EURIBOR
ICE SWAP 11:00 Fft 10Y Index + 0.000% (Cap 8.800%, Floor 0.000%)		0.117(c)		05/11/26	EUR	3,000		3,154,596


								184,548,994

Japan 0.6%

Agriculture Forestry & Fisheries Finance Corp.,
Sr. Sec’d. Notes, Series 12		2.240		03/19/27	JPY	100,000		851,112
Honshu-Shikoku Bridge,
Sr. Sec’d. Notes, Series 05		2.230		12/20/24	JPY	200,000		1,627,378
Japan Government Ten Year Bond,
Bonds, Series 360(k)		0.100		09/20/30	JPY	100,000		765,151
Japan Government Thirty Year Bond,
Bonds, Series 66(k)		0.400		03/20/50	JPY	450,000		3,017,183
Bonds, Series 69(k)		0.700		12/20/50	JPY	400,000		2,892,503

See Notes to Financial Statements.

PGIM Global Total Return Fund 57

Schedule of Investments (unaudited) (continued)

as of April 30, 2022



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

Japan (cont’d.)

Japan Government Twenty Year Bond,
Bonds, Series 149(k)		1.500%		06/20/34	JPY	50,000	$	437,057
Bonds, Series 150(k)		1.400		09/20/34	JPY	145,000		1,255,933
Bonds, Series 157(k)		0.200		06/20/36	JPY	224,100		1,665,291
Bonds, Series 159(k)		0.600		12/20/36	JPY	665,000		5,208,302
Bonds, Series 165(k)		0.500		06/20/38	JPY	407,000		3,103,728
Bonds, Series 171(k)		0.300		12/20/39	JPY	300,000		2,177,835
Japan Housing Finance Agency,
Sr. Sec’d. Notes, Series 102		1.441		03/19/27	JPY	100,000		818,025
Japanese Government CPI Linked Bond,
Bonds, Series 22		0.100		03/10/27	JPY	222,718		1,843,181


								25,662,679

Kazakhstan 0.4%

Kazakhstan Government International Bond,
Sr. Unsec’d. Notes, EMTN		0.600		09/30/26	EUR	2,000		1,878,188
Sr. Unsec’d. Notes, EMTN		1.500		09/30/34	EUR	5,700		4,663,683
Sr. Unsec’d. Notes, EMTN		2.375		11/09/28	EUR	12,615		12,243,539


								18,785,410

Latvia 0.0%

Latvia Government International Bond,
Unsec’d. Notes, GMTN		0.000		03/17/31	EUR	100		89,654

Lithuania 0.0%

Lithuania Government Bond,
Bonds, Series 07 YR		0.600		06/29/23	EUR	200		211,526
Lithuania Government International Bond,
Sr. Unsec’d. Notes, EMTN		0.750		05/06/30	EUR	100		98,182


								309,708

Luxembourg 0.0%

State of the Grand-Duchy of Luxembourg,
Sr. Unsec’d. Notes		0.000		09/14/32	EUR	100		89,437

Macedonia 0.0%

North Macedonia Government International Bond,
Sr. Unsec’d. Notes		5.625		07/26/23	EUR	1,000		1,081,262

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

Malaysia 0.1%

1MDB Global Investments Ltd.,
Sr. Unsec’d. Notes		4.400%		03/09/23		2,000	$	1,949,022
Malaysia Government Bond,
Bonds, Series 0220		2.632		04/15/31	MYR	10,000		1,974,716


								3,923,738

Mexico 1.1%

Mexican Bonos,
Sr. Unsec’d. Notes, Series M		8.000		12/07/23	MXN	10,000		483,803
Mexico Government International Bond,
Sr. Unsec’d. Notes		1.125		01/17/30	EUR	10,100		8,882,491
Sr. Unsec’d. Notes		1.350		09/18/27	EUR	500		489,476
Sr. Unsec’d. Notes		1.450		10/25/33	EUR	4,825		3,888,793
Sr. Unsec’d. Notes		1.625		04/08/26	EUR	200		204,454
Sr. Unsec’d. Notes(a)		2.875		04/08/39	EUR	5,000		4,278,916
Sr. Unsec’d. Notes		4.000		03/15/2115	EUR	950		811,784
Sr. Unsec’d. Notes, EMTN		1.750		04/17/28	EUR	800		773,124
Sr. Unsec’d. Notes, EMTN		5.625		03/19/2114	GBP	340		407,042
Sr. Unsec’d. Notes, GMTN		6.750		02/06/24	GBP	13,633		18,085,587
Sr. Unsec’d. Notes, Series 25		0.600		04/20/23	JPY	700,000		5,406,707
Sr. Unsec’d. Notes, Series 26		0.850		04/18/25	JPY	500,000		3,841,333
Sr. Unsec’d. Notes, Series 28		2.000		04/20/38	JPY	300,000		2,070,947
Sr. Unsec’d. Notes, Series A, MTN		7.500		04/08/33		875		1,067,577


								50,692,034

Montenegro 0.0%

Montenegro Government International Bond,
Sr. Unsec’d. Notes, 144A		3.375		04/21/25	EUR	750		743,440

Netherlands 0.0%

Netherlands Government Bond,
Bonds, 144A		0.000		01/15/52	EUR	100		72,815

New Zealand 0.1%

Auckland Council,
Sr. Sec’d. Notes		2.900		09/16/27	AUD	1,000		651,312
Sr. Sec’d. Notes		3.500		03/09/26	AUD	2,000		1,373,660
New Zealand Government Bond,
Bonds		1.750		05/15/41	NZD	2,000		936,394

See Notes to Financial Statements.

PGIM Global Total Return Fund 59

Schedule of Investments (unaudited) (continued)

as of April 30, 2022



Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

New Zealand (cont’d.)

New Zealand Local Government Funding Agency
Bond,
Local Gov’t. Gtd. Notes	2.000%		04/15/37	NZD	2,100	$	975,674
Local Gov’t. Gtd. Notes	3.500		04/14/33	NZD	2,900		1,714,938


							5,651,978

Norway 0.0%

Norway Government Bond,
Sr. Unsec’d. Notes, Series 481, 144A	1.750		09/06/29	NOK	10,000		997,353

Panama 0.4%

Panama Government International Bond,
Sr. Unsec’d. Notes	8.125		04/28/34		10,732		14,992,891
Sr. Unsec’d. Notes	9.375		01/16/23		3,806		3,994,573
Sr. Unsec’d. Notes	9.375		04/01/29		800		1,018,091


							20,005,555

Peru 1.3%

Peru Government Bond,
Sr. Unsec’d. Notes	5.350		08/12/40	PEN	22,000		4,193,517
Peruvian Government International Bond,
Sr. Unsec’d. Notes(a)	1.250		03/11/33	EUR	1,200		1,015,924
Sr. Unsec’d. Notes	2.750		01/30/26	EUR	36,018		38,535,966
Sr. Unsec’d. Notes	3.750		03/01/30	EUR	9,408		10,459,894
Sr. Unsec’d. Notes	6.950		08/12/31	PEN	9,000		2,210,575


							56,415,876

Philippines 1.4%

Philippine Government International Bond,
Sr. Unsec’d. Notes	0.000		02/03/23	EUR	2,000		2,101,209
Sr. Unsec’d. Notes	0.250		04/28/25	EUR	690		692,948
Sr. Unsec’d. Notes	0.700		02/03/29	EUR	5,365		5,028,758
Sr. Unsec’d. Notes	1.200		04/28/33	EUR	1,350		1,203,434
Sr. Unsec’d. Notes	1.750		04/28/41	EUR	1,085		889,945
Sr. Unsec’d. Notes, EMTN	0.875		05/17/27	EUR	7,000		6,923,109
Sr. Unsec’d. Notes, Series 11	0.990		08/15/28	JPY	1,100,000		8,445,448
Sr. Unsec’d. Notes, Series 15	0.590		08/15/29	JPY	1,700,000		12,638,761
Unsec’d. Notes	3.580		05/20/22	CNH	165,000		24,843,313


							62,766,925

See Notes to Financial Statements.



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

Poland 0.0%

Republic of Poland Government International Bond,
Sr. Unsec’d. Notes, EMTN	3.220%	08/04/34	JPY	100,000	$	953,493

Portugal 1.4%

Autonomous Region of the Azores,
Sr. Unsec’d. Notes	0.603	07/21/26	EUR	1,000		1,013,733
Metropolitano de Lisboa EPE,
Gov’t. Gtd. Notes	4.799	12/07/27	EUR	5,800		7,154,635
Portugal Government International Bond,
Sr. Unsec’d. Notes	4.090	06/03/22	CNH	70,800		10,665,475
Portugal Obrigacoes do Tesouro OT,
Sr. Unsec’d. Notes, 144A	4.100	02/15/45	EUR	24,295		33,528,243
Unsec’d. Notes, 144A	1.000	04/12/52	EUR	4,000		2,852,249
Regiao Autonoma Madeira,
Gov’t. Gtd. Notes	0.943	05/29/32	EUR	8,750		8,110,285


						63,324,620

Romania 0.4%

Romania Government Bond,
Bonds, Series 05 YR	3.650	07/28/25	RON	1,000		195,757
Bonds, Series 15 YR	3.650	09/24/31	RON	2,000		326,083
Romanian Government International Bond,
Sr. Unsec’d. Notes, 144A, MTN	2.500	02/08/30	EUR	4,150		3,790,201
Sr. Unsec’d. Notes, EMTN	2.124	07/16/31	EUR	2,000		1,669,892
Sr. Unsec’d. Notes, EMTN	2.375	04/19/27	EUR	1,000		999,529
Sr. Unsec’d. Notes, EMTN	3.375	02/08/38	EUR	2,138		1,737,549
Sr. Unsec’d. Notes, EMTN	3.500	04/03/34	EUR	1,000		872,965
Sr. Unsec’d. Notes, EMTN	3.875	10/29/35	EUR	1,000		891,993
Sr. Unsec’d. Notes, EMTN	4.125	03/11/39	EUR	2,966		2,633,641
Sr. Unsec’d. Notes, MTN	2.875	05/26/28	EUR	700		694,824
Unsec’d. Notes, 144A, MTN	2.124	07/16/31	EUR	3,600		3,005,806
Unsec’d. Notes, 144A, MTN	2.875	05/26/28	EUR	1,100		1,091,866


						17,910,106

Russia 0.3%

Russian Federal Bond - OFZ,
Bonds, Series 6224	6.900	05/23/29	RUB	61,000		52,365
Russian Foreign Bond - Eurobond,
Sr. Unsec’d. Notes	2.650	05/27/36	EUR	5,200		1,097,148
Sr. Unsec’d. Notes	2.875	12/04/25	EUR	23,100		6,092,336
Sr. Unsec’d. Notes	4.250	06/23/27		2,000		500,000

See Notes to Financial Statements.

PGIM Global Total Return Fund 61

Schedule of Investments (unaudited) (continued)

as of April 30, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

Russia (cont’d.)

Russian Foreign Bond - Eurobond, (cont’d.)
Sr. Unsec’d. Notes	4.375%	03/21/29		2,400	$	480,000
Sr. Unsec’d. Notes	5.100	03/28/35		6,000		1,200,000
Sr. Unsec’d. Notes	5.250	06/23/47		1,000		250,000
Sr. Unsec’d. Notes	5.625	04/04/42		1,200		366,000
Sr. Unsec’d. Notes, 144A	4.875	09/16/23		3,400		1,360,000


						11,397,849

San Marino 0.0%

San Marino Government Bond,
Sr. Unsec’d. Notes	3.250	02/24/24	EUR	469		499,690

Saudi Arabia 0.3%

Saudi Government International Bond,
Sr. Unsec’d. Notes	2.000	07/09/39	EUR	7,811		7,109,716
Sr. Unsec’d. Notes, 144A	2.000	07/09/39	EUR	5,945		5,411,249
Sr. Unsec’d. Notes, EMTN	0.625	03/03/30	EUR	600		558,028


						13,078,993

Serbia 0.8%

Serbia International Bond,
Sr. Unsec’d. Notes	1.500	06/26/29	EUR	6,000		4,856,040
Sr. Unsec’d. Notes	3.125	05/15/27	EUR	20,595		19,520,116
Sr. Unsec’d. Notes, 144A(a)	2.125	12/01/30		13,215		9,865,815


						34,241,971

Singapore 0.0%

Housing & Development Board,
Sr. Unsec’d. Notes, MTN	2.320	01/24/28	SGD	500		353,151

Slovakia 0.0%

Slovakia Government Bond,
Sr. Unsec’d. Notes, Series 242	0.375	04/21/36	EUR	100		83,003

Slovenia 0.0%

Slovenia Government Bond,
Unsec’d. Notes, Series RS86	0.000	02/12/31	EUR	100		90,019

See Notes to Financial Statements.



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

South Africa 0.1%

Republic of South Africa Government Bond,
Sr. Unsec’d. Notes, Series 2035	8.875%	02/28/35	ZAR	10,000	$	552,128
Republic of South Africa Government International Bond,
Sr. Unsec’d. Notes	3.750	07/24/26	EUR	5,415		5,692,724


						6,244,852

South Korea 0.1%

Export-Import Bank of Korea,
Sr. Unsec’d. Notes, 144A, MTN	6.700	12/02/24	IDR	40,000		2,766
Sr. Unsec’d. Notes, 144A, MTN	8.000	05/15/24	IDR	6,800,000		484,167
Sr. Unsec’d. Notes, EMTN	3.130	04/26/23	HKD	4,000		514,632
Sr. Unsec’d. Notes, EMTN	4.140	09/04/23	CNH	5,000		755,243
Sr. Unsec’d. Notes, EMTN	7.250	12/07/24	IDR	10,000,000		703,145
Sr. Unsec’d. Notes, EMTN	8.000	05/15/24	IDR	19,600,000		1,395,541
Sr. Unsec’d. Notes, GMTN	2.600	11/08/23	AUD	919		641,341


						4,496,835

Spain 2.8%

Autonomous Community of Catalonia,
Sr. Unsec’d. Notes	4.690	10/28/34	EUR	579		716,336
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		1,265,268
Sr. Unsec’d. Notes, EMTN	5.900	05/28/30	EUR	3,250		4,280,119
Sr. Unsec’d. Notes, EMTN	6.350	11/30/41	EUR	2,100		3,185,260
Instituto de Credito Oficial,
Gov’t. Gtd. Notes, GMTN	0.963	09/22/22	SEK	32,000		3,260,834
Spain Government Bond,
Bonds, 144A	5.150	10/31/28	EUR	8,120		10,523,756
Sr. Unsec’d. Notes, 144A(k)	1.000	10/31/50	EUR	10,600		7,814,137
Sr. Unsec’d. Notes, 144A(k)	1.200	10/31/40	EUR	2,500		2,184,384
Sr. Unsec’d. Notes, 144A	1.250	10/31/30	EUR	4,000		4,061,426
Sr. Unsec’d. Notes, 144A(k)	1.400	04/30/28	EUR	6,410		6,760,879
Sr. Unsec’d. Notes, 144A	1.400	07/30/28	EUR	895		942,405
Sr. Unsec’d. Notes, 144A(k)	1.850	07/30/35	EUR	21,225		21,629,879
Sr. Unsec’d. Notes, 144A(k)	1.950	07/30/30	EUR	1,300		1,398,521
Sr. Unsec’d. Notes, 144A(k)	3.450	07/30/66	EUR	4,200		5,100,069
Spain Government Bond Coupon Strips,
Bonds	0.246(s)	01/31/32	EUR	3,900		3,394,953
Bonds	0.320(s)	01/31/33	EUR	2,100		1,778,494

See Notes to Financial Statements.

PGIM Global Total Return Fund 63

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Description

Interest

Rate

Maturity

Date

Principal

Amount

(000)#

Value

SOVEREIGN BONDS (Continued)

Spain (cont’d.)

Spain Government Bond Coupon Strips, (cont’d.)

Bonds

0.449%(s)

07/30/29

EUR

438

410,642

Bonds

0.958(s)

01/31/35

EUR

168

133,780

Bonds

1.027(s)

01/31/36

EUR

168

130,149

Bonds

1.078(s)

01/31/37

EUR

168

126,750

Bonds

1.296(s)

07/30/41

EUR

436

289,246

Bonds, Series CAC

0.579(s)

07/30/29

EUR

3,600

3,366,453

Bonds, Series CAC

1.128(s)

07/30/36

EUR

862

655,555

Bonds, Series CAC

1.212(s)

07/30/37

EUR

862

636,362

Bonds, Series CAC

1.297(s)

07/30/38

EUR

862

618,150

Bonds, Series CAC

1.365(s)

07/30/42

EUR

300

192,389

Bonds, Series CAC

1.405(s)

07/30/43

EUR

300

183,032

Bonds, Series CAC

1.455(s)

07/30/44

EUR

300

181,686

Bonds, Series CAC

1.475(s)

07/30/45

EUR

300

178,566

Bonds, Series CAC

1.485(s)

07/30/46

EUR

300

171,176

Bonds, Series CAC

1.504(s)

07/30/47

EUR

300

168,762

Bonds, Series CAC

1.514(s)

07/30/48

EUR

300

163,376

Bonds, Series CAC

1.544(s)

07/30/49

EUR

300

158,383

Bonds, Series CAC

1.564(s)

07/30/50

EUR

300

150,807

Bonds, Series CAC

1.594(s)

07/30/51

EUR

300

148,694

Bonds, Series CAC

1.623(s)

07/30/52

EUR

300

138,846

Bonds, Series CAC

1.663(s)

07/30/53

EUR

300

134,472

Bonds, Series CAC

1.683(s)

07/30/54

EUR

300

129,977

Bonds, Series CAC

1.703(s)

07/30/55

EUR

300

124,463

Bonds, Series CAC

1.732(s)

07/30/56

EUR

300

119,185

Bonds, Series CAC

1.772(s)

07/30/57

EUR

300

114,183

Bonds, Series CAC

1.782(s)

07/30/58

EUR

300

109,152

Bonds, Series CAC

1.812(s)

07/30/59

EUR

300

104,149

Bonds, Series CAC

1.851(s)

07/30/60

EUR

300

99,320

Bonds, Series CAC

1.871(s)

07/30/61

EUR

300

95,424

Bonds, Series CAC

1.891(s)

07/30/62

EUR

300

89,536

Bonds, Series CAC

1.921(s)

07/30/63

EUR

300

85,441

Bonds, Series CAC

1.950(s)

07/30/64

EUR

300

81,405

Bonds, Series CAC

1.980(s)

07/30/65

EUR

300

77,432

Bonds, Series CAC

2.010(s)

07/30/66

EUR

300

73,654

Spain Government Bond Principal Strips,

Bonds

0.794(s)

07/30/41

EUR

1,700

1,136,220

Spain Government International Bond,

Sr. Unsec’d. Notes, EMTN

5.010

11/21/44

10,500

13,162,564

Sr. Unsec’d. Notes, EMTN

5.250

04/06/29

GBP

16,090

23,436,241

125,672,342

See Notes to Financial Statements.



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

Sweden 0.0%

Svensk Exportkredit AB,
Sr. Unsec’d. Notes, EMTN	8.904%(s)	06/25/27	ZAR	1,400	$	56,887
Sr. Unsec’d. Notes, MTN	2.665(s)	05/11/37		110		62,367
Sweden Government Bond,
Bonds, Series 1053(k)	3.500	03/30/39	SEK	10,000		1,268,135


						1,387,389

Thailand 0.0%

Thailand Government Bond,
Sr. Unsec’d. Notes	3.650	06/20/31	THB	45,000		1,404,226

Tunisia 0.0%

Tunisian Republic,
Sr. Unsec’d. Notes	4.200	03/17/31	JPY	100,000		364,654

Turkey 0.1%

Turkey Government International Bond,
Sr. Unsec’d. Notes	4.625	03/31/25	EUR	5,000		5,239,461
Sr. Unsec’d. Notes	5.750	03/22/24		1,000		978,305


						6,217,766

Ukraine 0.4%

Ukraine Government International Bond,
Sr. Unsec’d. Notes	4.375	01/27/30	EUR	3,736		1,221,801
Sr. Unsec’d. Notes	6.750	06/20/26	EUR	31,299		10,566,042
Sr. Unsec’d. Notes	7.375	09/25/32		3,600		1,116,000
Sr. Unsec’d. Notes	7.750	09/01/24		1,875		632,812
Sr. Unsec’d. Notes	7.750	09/01/25		400		130,325
Sr. Unsec’d. Notes	7.750	09/01/26		500		163,750
Sr. Unsec’d. Notes, 144A	4.375	01/27/30	EUR	9,705		3,173,870
Sr. Unsec’d. Notes, 144A	7.253	03/15/33		1,560		483,600


						17,488,200

United Arab Emirates 0.4%

Dubai DOF Sukuk Ltd.,
Sr. Unsec’d. Notes	5.000	04/30/29		5,000		5,326,813
Sr. Unsec’d. Notes, EMTN	6.450	05/02/22		6,423		6,423,000

See Notes to Financial Statements.

PGIM Global Total Return Fund 65

Schedule of Investments (unaudited) (continued)

as of April 30, 2022



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

United Arab Emirates (cont’d.)

Sharjah Sukuk Program Ltd.,
Sr. Unsec’d. Notes, EMTN		3.854%		04/03/26		4,000	$	3,997,937
Sr. Unsec’d. Notes, EMTN		4.226		03/14/28		1,200		1,192,707


								16,940,457

United Kingdom 1.0%

HM Treasury UK Sovereign Sukuk PLC,
Unsec’d. Notes		0.333		07/22/26	GBP	500		593,293
Isle of Man Government International Bond,
Unsec’d. Notes		5.375		08/14/34	GBP	10,311		16,530,610
Unsec’d. Notes		5.625		03/29/30	GBP	5,041		7,743,101
Jersey International Bond,
Sr. Unsec’d. Notes		3.750		06/09/54	GBP	834		1,228,056
Transport for London,
Sr. Unsec’d. Notes, EMTN		4.000		09/12/33	GBP	1,000		1,323,390
Sr. Unsec’d. Notes, EMTN		4.000		04/07/64	GBP	800		1,087,749
Sr. Unsec’d. Notes, EMTN(a)		4.500		03/31/31	GBP	4,237		5,704,316
Sr. Unsec’d. Notes, EMTN		5.000		03/31/35	GBP	3,464		4,939,497
United Kingdom Gilt,
Bonds		0.500		10/22/61	GBP	100		77,825
Bonds(k)		1.250		10/22/41	GBP	100		108,519
Bonds(k)		1.250		07/31/51	GBP	100		104,070
Bonds(k)		1.500		07/22/47	GBP	100		111,772
Bonds		1.625		10/22/54	GBP	100		115,006
Bonds(k)		1.625		10/22/71	GBP	100		118,771
Bonds		1.750		09/07/37	GBP	100		120,005
Bonds(k)		1.750		01/22/49	GBP	100		118,049
Bonds(k)		1.750		07/22/57	GBP	100		119,557
Bonds(k)		2.500		07/22/65	GBP	100		149,641
Bonds(k)		3.250		01/22/44	GBP	100		150,674
Bonds(k)		3.500		07/22/68	GBP	100		189,747
Bonds(k)		3.750		07/22/52	GBP	100		174,782
Bonds(k)		4.000		01/22/60	GBP	100		196,422
Bonds(k)		4.250		03/07/36	GBP	300		476,519
Bonds(k)		4.250		09/07/39	GBP	180		297,525
Bonds(k)		4.250		12/07/40	GBP	100		167,231
Bonds(k)		4.250		12/07/46	GBP	1,920		3,411,541
Bonds(k)		4.250		12/07/49	GBP	100		183,628
Bonds(k)		4.250		12/07/55	GBP	100		195,955
Bonds(k)		4.500		12/07/42	GBP	100		176,119
Bonds(k)		4.750		12/07/38	GBP	100		173,082

See Notes to Financial Statements.



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

United Kingdom (cont’d.)

United Kingdom Gilt, (cont’d.)
Unsec’d. Notes(k)	0.875%	01/31/46	GBP	100	$	97,281
Unsec’d. Notes(k)	1.125	01/31/39	GBP	100		108,319


						46,292,052

Uruguay 0.1%

Uruguay Government International Bond,
Sr. Unsec’d. Notes	6.875	09/28/25		2,202		2,404,098


TOTAL SOVEREIGN BONDS (cost $1,650,073,331)						1,340,611,944


U.S. GOVERNMENT AGENCY OBLIGATIONS 1.1%

Federal National Mortgage Assoc.(k)	5.375	12/07/28	GBP	19,307		28,853,892
Tennessee Valley Authority
Sr. Unsec’d. Notes	5.625	06/07/32	GBP	12,971		20,687,201


TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $58,026,440)						49,541,093


U.S. TREASURY OBLIGATIONS(h) 0.2%

U.S. Treasury Bonds	1.125	08/15/40		3,800		2,722,937
U.S. Treasury Bonds	2.250	05/15/41		545		472,021
U.S. Treasury Notes	1.375	02/15/23		1,825		1,817,729
U.S. Treasury Notes	1.500	11/30/28		55		50,170
U.S. Treasury Notes	1.750	03/15/25		640		620,000
U.S. Treasury Notes	1.875	02/15/32		2,385		2,177,803
U.S. Treasury Strips Coupon	1.872(s)	05/15/31		400		305,250
U.S. Treasury Strips Coupon	1.888(s)	08/15/29		345		277,860
U.S. Treasury Strips Coupon	2.089(s)	11/15/35		800		529,125
U.S. Treasury Strips Coupon	2.251(s)	08/15/40		800		446,500


TOTAL U.S. TREASURY OBLIGATIONS (cost $10,552,228)						9,419,395


			Shares

COMMON STOCKS 0.4%

Spain 0.0%

Codere New Topco SA^				16,439		—

See Notes to Financial Statements.

PGIM Global Total Return Fund 67

Schedule of Investments (unaudited) (continued)

as of April 30, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

United States 0.4%
Chesapeake Energy Corp.		210,759	$	17,286,453
Chesapeake Energy Corp. Backstop Commitment		1,212		99,408
Ferrellgas Partners LP (Class B Stock)		2,731		587,165


				17,973,026


TOTAL COMMON STOCKS
(cost $4,328,508)				17,973,026


PREFERRED STOCK 0.0%

United States
Citigroup Capital XIII, 7.705%(c), 3 Month LIBOR + 6.370%,
Maturing 10/30/40
(cost $100,000)		4,000		108,440


TOTAL LONG-TERM INVESTMENTS
(cost $5,191,752,482)				4,500,905,202


SHORT-TERM INVESTMENTS 2.0%

AFFILIATED MUTUAL FUND 2.0%
PGIM Institutional Money Market Fund (cost $89,110,671; includes $89,082,911 of cash collateral for securities on loan)(b)(wa)		89,198,846		89,127,486


*OPTIONS PURCHASED~ 0.0%**
(cost $1,021,778)				3,028,948


TOTAL SHORT-TERM INVESTMENTS
(cost $90,132,449)				92,156,434


TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 101.5%
(cost $5,281,884,931)				4,593,061,636


*OPTIONS WRITTEN~ (0.1)%**
(premiums received $1,283,236)				(3,560,724	)


TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 101.4%
(cost $5,280,601,695)				4,589,500,912
Liabilities in excess of other assets(z) (1.4)%				(64,493,752	)


NET ASSETS 100.0%			$	4,525,007,160

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

AUD—Australian Dollar

BRL—Brazilian Real

See Notes to Financial Statements.

CAD—Canadian Dollar

CHF—Swiss Franc

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

DKK—Danish Krone

EUR—Euro

GBP—British Pound

HKD—Hong Kong Dollar

HUF—Hungarian Forint

IDR—Indonesian Rupiah

ILS—Israeli Shekel

ITL—Italian Lira

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

MYR—Malaysian Ringgit

NOK—Norwegian Krone

NZD—New Zealand Dollar

PEN—Peruvian Nuevo Sol

PLN—Polish Zloty

RON—Romanian Leu

RUB—Russian Ruble

SAR—Saudi Arabian Riyal

SEK—Swedish Krona

SGD—Singapore Dollar

THB—Thai Baht

USD—US Dollar

ZAR—South African Rand

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

A—Annual payment frequency for swaps

ABS—Asset-Backed Security

AID—Agency for International Development

BBR—New Zealand Bank Bill Rate

BBSW—Australian Bank Bill Swap Reference Rate

BROIS—Brazil Overnight Index Swap

BTP—Buoni del Tesoro Poliennali

BUBOR—Budapest Interbank Offered Rate

CAC—French Stock Market Index

CDOR—Canadian Dollar Offered Rate

CDX—Credit Derivative Index

CIBOR—Copenhagen Interbank Offered Rate

CLO—Collateralized Loan Obligation

CLOIS—Sinacofi Chile Interbank Rate Average

CME—Chicago Mercantile Exchange

COOIS—Colombia Overnight Interbank Reference Rate

CPI—Consumer Price Index

EMTN—Euro Medium Term Note

EURIBOR—Euro Interbank Offered Rate

EuroSTR—Euro Short-Term Rate

See Notes to Financial Statements.

PGIM Global Total Return Fund 69

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

FHLMC—Federal Home Loan Mortgage Corporation

GMTN—Global Medium Term Note

HICP—Harmonised Index of Consumer Prices

ICE—Intercontinental Exchange

IO—Interest Only (Principal amount represents notional)

iTraxx—International Credit Derivative Index

JIBAR—Johannesburg Interbank Agreed Rate

KLIBOR—Kuala Lumpur Interbank Offered Rate

KWCDC—Korean Won Certificate of Deposit

LIBOR—London Interbank Offered Rate

LP—Limited Partnership

M—Monthly payment frequency for swaps

MASTR—Morgan Stanley Structured Asset Security

MPLE—Maple Bonds

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

SAIBOR—Saudi Arabian Interbank Offered Rate

SARON—Swiss Average Rate Overnight

SIBOR—Singapore Interbank Offered Rate

SOFR—Secured Overnight Financing Rate

SONIA—Sterling Overnight Index Average

STIBOR—Stockholm Interbank Offered Rate

STRIPs—Separate Trading of Registered Interest and Principal of Securities

T—Swap payment upon termination

TELBOR—Tel Aviv Interbank Offered Rate

THBFIX—Thai Baht Interest Rate Fixing

TONAR—Tokyo Overnight Average Rate

USOIS—United States Overnight Index Swap

WIBOR—Warsaw Interbank Offered Rate

*	Non-income producing security.

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

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

^	Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $54,209,983 and 1.2% 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 $84,112,107; cash collateral of $89,082,911 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

(c)	Variable rate instrument. The interest rate shown reflects the rate in effect at April 30, 2022.

See Notes to Financial Statements.

(cc)

Variable rate instrument. The rate shown is based on the latest available information as of April 30, 2022. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

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

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

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

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

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

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

(r)	Principal or notional amount is less than $500 par.

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

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

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

Options Purchased:

OTC Swaptions

Description

Call/
Put

Counterparty

Expiration
Date

Strike

Receive

Pay

Notional
Amount
(000)#

Value

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

Call

Deutsche Bank AG

05/17/23

2.05%

2.05%(A)

3 Month

SAIBOR(Q)

SAR

304,125

16,967

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

Put

Deutsche Bank AG

05/17/23

2.05%

3 Month

SAIBOR(Q)

2.05%(A)

SAR

304,125

3,011,981

Total Options Purchased (cost $1,021,778)

3,028,948

Options Written:

OTC Swaptions

Description

Call/
Put

Counterparty

Expiration
Date

Strike

Receive

Pay

Notional
Amount
(000)#

Value

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

Call

Deutsche Bank AG

05/17/23

1.13%

3 Month

LIBOR(Q)

1.13%(S)

81,100

(78,682)

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

Put

Deutsche Bank AG

05/17/23

1.13%

1.13%(S)

3 Month

LIBOR(Q)

81,100

(3,410,806)

GS_21-PJ2A^

Put

Goldman Sachs International

11/15/24

0.50%

0.50%(M)

GS_21-PJ2A(M)

36,100

(1,274)

GS_21-PJA^††^

Put

Goldman Sachs International

06/17/24

0.25%

0.25%(M)

GS_21-PJA(M)

69,580

(2,314)

See Notes to Financial Statements.

PGIM Global Total Return Fund 71

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Options Written (continued):

OTC Swaptions

Description

Call/
Put

Counterparty

Expiration
Date

Strike

Receive

Pay

Notional
Amount
(000)#

Value

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

Put

Barclays Bank PLC

09/21/22

8.00%

5.00%(Q)

iTraxx.XO.36.V1(Q)

EUR 5,000

(40,395

)

iTraxx.XO.36.V1, 12/20/26^

Put

Barclays Bank PLC

09/21/22

9.00%

5.00%(Q)

iTraxx.XO.36.V1(Q)

EUR 5,000

(27,253

)

Total Options Written (premiums received $1,283,236)

(3,560,724

)

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

Futures contracts outstanding at April 30, 2022:


Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)

	Long Positions:
	786	2 Year U.S.Treasury Notes		Jun. 2022	$	165,698,625	$	(545,820	)
	613	5 Year U.S. Treasury Notes		Jun. 2022		69,067,862		(510,575	)
	593	10 Year U.S. Treasury Notes		Jun. 2022		70,659,656		(561,825	)
	1,057	20 Year U.S. Treasury Bonds		Jun. 2022		148,706,687		(13,716,856	)
	1,116	30 Year U.S. Ultra Treasury Bonds		Jun. 2022		179,048,250		(22,804,605	)
	451	Euro-BTP Italian Government Bond		Jun. 2022		62,013,485		(5,953,568	)
	411	Euro-OAT		Jun. 2022		63,233,956		(4,110,710	)
	2,207	Japanese Yen Currency		Jun. 2022		213,389,312		(25,539,355	)


								(73,743,314	)

	Short Positions:
	152	3 Month CME SOFR		Jun. 2022		37,801,450		212,209
	510	3 Month CME SOFR		Sep. 2022		125,383,500		2,078,317
	1,541	5 Year Euro-Bobl		Jun. 2022		206,753,722		7,593,471
	107	10 Year Canadian Government Bonds		Jun. 2022		10,524,672		215,100
	2,050	10 Year Euro-Bund		Jun. 2022		332,161,030		9,269,531
	1,077	10 Year U.K. Gilt		Jun. 2022		160,400,171		4,320,393
	1,013	10 Year U.S. Ultra Treasury Notes		Jun. 2022		130,677,000		10,773,660
	75	30 Year Euro Buxl		Jun. 2022		13,528,151		1,710,183
	473	Euro Currency		Jun. 2022		62,607,463		1,951,776
	4,917	Euro Schatz Index		Jun. 2022		571,342,949		8,716,552


								46,841,192


							$	(26,902,122	)

See Notes to Financial Statements.

Forward foreign currency exchange contracts outstanding at April 30, 2022:


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 07/19/22	BNP Paribas S.A.	AUD	23,520	$	17,516,082	$	16,641,586	$	—	$	(874,496	)
Expiring 10/31/23	JPMorgan Chase Bank, N.A.	AUD	4,867		3,379,499		3,437,954		58,455		—
Brazilian Real,
Expiring 05/03/22	JPMorgan Chase Bank, N.A.	BRL	95,385		19,672,016		19,268,939		—		(403,077	)
Expiring 06/02/22	Citibank, N.A.	BRL	69,438		14,639,113		13,888,320		—		(750,793	)
Expiring 06/02/22	HSBC Bank PLC	BRL	14,598		2,973,349		2,919,695		—		(53,654	)
Canadian Dollar,
Expiring 07/19/22	Barclays Bank PLC	CAD	54,566		43,227,352		42,462,054		—		(765,298	)
Expiring 07/19/22	Standard Chartered Bank	CAD	951		741,899		740,146		—		(1,753	)
Expiring 07/19/22	The Toronto-Dominion Bank	CAD	7,056		5,614,196		5,490,435		—		(123,761	)
Chilean Peso,
Expiring 06/15/22	Barclays Bank PLC	CLP	3,539,738		4,417,770		4,111,016		—		(306,754	)
Expiring 06/15/22	Morgan Stanley & Co. International PLC	CLP	4,591,770		5,646,197		5,332,834		—		(313,363	)
Chinese Renminbi,
Expiring 05/23/22	Citibank, N.A.	CNH	1,124,973		176,101,679		169,014,887		—		(7,086,792	)
Expiring 05/23/22	Goldman Sachs International	CNH	76,873		12,021,202		11,549,388		—		(471,814	)
Expiring 05/23/22	JPMorgan Chase Bank, N.A.	CNH	353,761		55,240,656		53,148,757		—		(2,091,899	)
Expiring 05/23/22	The Toronto-Dominion Bank	CNH	9,784		1,535,342		1,469,900		—		(65,442	)
Colombian Peso,
Expiring 06/15/22	BNP Paribas S.A.	COP	36,781,606		9,561,114		9,218,951		—		(342,163	)
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	COP	38,621,962		10,063,306		9,680,218		—		(383,088	)
Czech Koruna,
Expiring 07/19/22	Barclays Bank PLC	CZK	150,109		6,591,435		6,375,971		—		(215,464	)
Danish Krone,
Expiring 07/19/22	Barclays Bank PLC	DKK	55,300		8,134,078		7,875,735		—		(258,343	)
Euro,
Expiring 07/19/22	HSBC Bank PLC	EUR	7,836		8,266,394		8,301,597		35,203		—
Expiring 07/19/22	The Toronto-Dominion Bank	EUR	282		298,723		298,427		—		(296	)
Hungarian Forint,
Expiring 07/19/22	Barclays Bank PLC	HUF	6,127,558		17,360,980		16,901,045		—		(459,935	)
Israeli Shekel,
Expiring 06/15/22	Barclays Bank PLC	ILS	24,938		7,721,889		7,487,819		—		(234,070	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 73

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Forward foreign currency exchange contracts outstanding at April 30, 2022 (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 06/15/22	HSBC Bank PLC	ILS	10,070	$	3,162,118	$	3,023,702	$	—	$	(138,416	)
Japanese Yen,
Expiring 05/31/22	Citibank, N.A.	JPY	451,400		4,141,710		3,482,067		—		(659,643	)
Expiring 05/31/22	Deutsche Bank AG	JPY	3,195,124		29,579,000		24,646,933		—		(4,932,067	)
Expiring 07/19/22	HSBC Bank PLC	JPY	25,039,132		200,598,707		193,627,135		—		(6,971,572	)
Expiring 10/31/23	Barclays Bank PLC	JPY	525,393		5,512,000		4,244,065		—		(1,267,935	)
Expiring 10/31/23	Barclays Bank PLC	JPY	406,236		4,196,000		3,281,528		—		(914,472	)
Expiring 10/31/23	Deutsche Bank AG	JPY	511,039		5,354,000		4,128,118		—		(1,225,882	)
Expiring 10/31/23	Goldman Sachs International	JPY	1,254,996		12,881,000		10,137,718		—		(2,743,282	)
Expiring 10/31/23	Morgan Stanley & Co. International PLC	JPY	1,637,975		15,824,364		13,231,380		—		(2,592,984	)
Malaysian Ringgit,
Expiring 06/15/22	Morgan Stanley & Co. International PLC	MYR	61,814		14,740,478		14,224,748		—		(515,730	)
Mexican Peso,
Expiring 06/15/22	Morgan Stanley & Co. International PLC	MXN	74,427		3,528,415		3,613,462		85,047		—
Expiring 04/28/23	JPMorgan Chase Bank, N.A.	MXN	110,648		4,577,425		5,055,144		477,719		—
Expiring 04/28/23	Morgan Stanley & Co. International PLC	MXN	352,530		14,859,000		16,105,957		1,246,957		—
New Zealand Dollar,
Expiring 07/19/22	JPMorgan Chase Bank, N.A.	NZD	11,537		7,872,469		7,443,459		—		(429,010	)
Norwegian Krone,
Expiring 07/19/22	Morgan Stanley & Co. International PLC	NOK	98,694		11,203,653		10,527,225		—		(676,428	)
Polish Zloty,
Expiring 07/19/22	HSBC Bank PLC	PLN	49,909		11,569,589		11,138,807		—		(430,782	)
Expiring 07/19/22	HSBC Bank PLC	PLN	42,174		9,723,546		9,412,498		—		(311,048	)
Romanian Leu,
Expiring 07/19/22	Morgan Stanley & Co. International PLC	RON	11,029		2,399,514		2,324,874		—		(74,640	)
Singapore Dollar,
Expiring 06/15/22	BNP Paribas S.A.	SGD	11,708		8,605,697		8,465,194		—		(140,503	)
South African Rand,
Expiring 06/15/22	HSBC Bank PLC	ZAR	74,468		4,995,699		4,690,482		—		(305,217	)
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	ZAR	11,405		749,821		718,339		—		(31,482	)
South Korean Won,
Expiring 06/15/22	Citibank, N.A.	KRW	79,541,344		64,737,234		62,973,439		—		(1,763,795	)

See Notes to Financial Statements.

Forward foreign currency exchange contracts outstanding at April 30, 2022 (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.):
Swiss Franc,
Expiring 07/19/22	Barclays Bank PLC	CHF	3,073	$	3,307,999	$	3,174,059	$	—	$	(133,940	)
Thai Baht,
Expiring 06/15/22	Citibank, N.A.	THB	489,117		14,761,778		14,291,718		—		(470,060	)


				$	889,605,487	$	849,577,725		1,903,381		(41,931,143	)


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 05/31/22	Morgan Stanley & Co. International PLC	AUD	6,023	$	4,547,606	$	4,258,076	$	289,530	$	—
Expiring 07/19/22	Barclays Bank PLC	AUD	4,823		3,431,887		3,412,785		19,102		—
Brazilian Real,
Expiring 05/03/22	Citibank, N.A.	BRL	69,438		14,777,124		14,027,313		749,811		—
Expiring 05/03/22	Citibank, N.A.	BRL	25,947		5,416,906		5,241,625		175,281		—
British Pound,
Expiring 07/19/22	HSBC Bank PLC	GBP	2,584		3,244,709		3,250,173		—		(5,464	)
Expiring 07/19/22	The Toronto-Dominion Bank	GBP	240,840		314,199,150		302,950,864		11,248,286		—
Canadian Dollar,
Expiring 07/19/22	Barclays Bank PLC	CAD	6,952		5,438,137		5,410,136		28,001		—
Chilean Peso,
Expiring 06/15/22	Morgan Stanley & Co. International PLC	CLP	5,891,392		7,475,190		6,842,202		632,988		—
Chinese Renminbi,
Expiring 05/23/22	Goldman Sachs International	CNH	41,984		6,605,277		6,307,570		297,707		—
Expiring 05/23/22	Goldman Sachs International	CNH	36,197		5,676,464		5,438,189		238,275		—
Expiring 05/23/22	HSBC Bank PLC	CNH	26,133		4,104,764		3,926,232		178,532		—
Expiring 05/23/22	HSBC Bank PLC	CNH	24,133		3,629,059		3,625,683		3,376		—
Expiring 05/23/22	HSBC Bank PLC	CNH	20,263		3,193,564		3,044,299		149,265		—
Expiring 05/23/22	Morgan Stanley & Co. International PLC	CNH	38,879		5,885,177		5,841,153		44,024		—
Expiring 05/23/22	Morgan Stanley & Co. International PLC	CNH	37,231		5,857,437		5,593,525		263,912		—
Expiring 05/23/22	Morgan Stanley & Co. International PLC	CNH	32,538		5,087,977		4,888,462		199,515		—

See Notes to Financial Statements.

PGIM Global Total Return Fund 75

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Forward foreign currency exchange contracts outstanding at April 30, 2022 (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.):
Danish Krone,
Expiring 07/19/22	HSBC Bank PLC	DKK	18,889	$	2,689,084	$	2,690,092	$	—	$	(1,008	)
Euro,
Expiring 07/19/22	BNP Paribas S.A.	EUR	60,502		65,777,904		64,098,958		1,678,946		—
Expiring 07/19/22	Deutsche Bank AG	EUR	78,347		85,522,903		83,004,430		2,518,473		—
Expiring 07/19/22	Morgan Stanley & Co. International PLC	EUR	14,457		15,541,968		15,316,270		225,698		—
Expiring 07/19/22	Morgan Stanley & Co. International PLC	EUR	13,398		14,522,549		14,194,778		327,771		—
Expiring 07/19/22	Morgan Stanley & Co. International PLC	EUR	3,859		4,217,050		4,088,826		128,224		—
Expiring 07/19/22	Standard Chartered Bank	EUR	79,388		86,971,431		84,106,726		2,864,705		—
Hong Kong Dollar,
Expiring 05/23/22	BNP Paribas S.A.	HKD	49,113		6,298,167		6,262,313		35,854		—
Indonesian Rupiah,
Expiring 06/15/22	Goldman Sachs International	IDR	24,529,047		1,711,249		1,678,295		32,954		—
Japanese Yen,
Expiring 05/31/22	Citibank, N.A.	JPY	1,428,721		13,839,506		11,021,045		2,818,461		—
Expiring 05/31/22	Deutsche Bank AG	JPY	1,686,190		16,037,000		13,007,134		3,029,866		—
Expiring 07/19/22	Bank of America, N.A.	JPY	928,508		7,228,397		7,180,136		48,261		—
Expiring 07/19/22	HSBC Bank PLC	JPY	959,909		7,571,683		7,422,960		148,723		—
Expiring 07/19/22	JPMorgan Chase Bank, N.A.	JPY	927,500		7,429,899		7,172,339		257,560		—
Expiring 10/31/23	Citibank, N.A.	JPY	628,883		6,526,054		5,080,049		1,446,005		—
Expiring 10/31/23	Citibank, N.A.	JPY	115,153		1,102,894		930,195		172,699		—
Expiring 10/31/23	Goldman Sachs International	JPY	1,532,531		13,803,651		12,379,617		1,424,034		—
Expiring 10/31/23	Morgan Stanley & Co. International PLC	JPY	2,309,705		20,805,025		18,657,545		2,147,480		—
Mexican Peso,
Expiring 04/28/23	Morgan Stanley & Co. International PLC	MXN	463,178		20,111,923		21,161,102		—		(1,049,179	)
Peruvian Nuevo Sol,
Expiring 06/15/22	BNP Paribas S.A.	PEN	61,356		16,188,585		15,894,021		294,564		—
South African Rand,
Expiring 06/15/22	Barclays Bank PLC	ZAR	75,018		4,945,022		4,725,153		219,869		—
Expiring 06/15/22	Barclays Bank PLC	ZAR	62,943		4,069,647		3,964,575		105,072		—
Expiring 06/15/22	Barclays Bank PLC	ZAR	41,850		2,705,892		2,636,030		69,862		—
Expiring 06/15/22	Citibank, N.A.	ZAR	75,018		4,930,527		4,725,153		205,374		—
South Korean Won,
Expiring 06/15/22	Barclays Bank PLC	KRW	4,065,462		3,343,803		3,218,655		125,148		—

See Notes to Financial Statements.

Forward foreign currency exchange contracts outstanding at April 30, 2022 (continued):


Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation


OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Swedish Krona,
Expiring 07/19/22	Bank of America, N.A.	SEK	19,018	$	2,016,945	$	1,941,563	$	75,382	$	—
Thai Baht,
Expiring 06/15/22	HSBC Bank PLC	THB	89,528		2,611,396		2,615,944		—		(4,548	)


				$	837,090,582	$	803,232,191		34,918,590		(1,060,199	)


								$	36,821,971	$	(42,991,342	)

Cross currency exchange contracts outstanding at April 30, 2022:


Settlement	Type		Notional Amount (000)		In Exchange For (000)		Unrealized Appreciation			Unrealized Depreciation				Counterparty


OTC Cross Currency Exchange Contracts:
05/31/22		Buy	AUD	23,459	JPY	1,788,749		$	2,786,524		$	—		Deutsche Bank AG
05/31/22		Buy	JPY	1,257,136	AUD	17,436			—			(2,629,270	)	Goldman Sachs International
07/19/22		Buy	CAD	3,814	EUR	2,771			31,994			—		Bank of America, N.A.
10/31/23		Buy	AUD	8,947	JPY	599,449			1,477,702			—		Deutsche Bank AG
10/31/23		Buy	JPY	277,535	AUD	3,979			—			(568,789	)	Goldman Sachs International
10/31/23		Buy	JPY	671,731	AUD	9,835			—			(1,521,086	)	Morgan Stanley & Co. International PLC


								$	4,296,220		$	(4,719,145	)

Credit default swap agreements outstanding at April 30, 2022:


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):**
Arab Republic of Egypt (D01)	06/20/27	1.000%(Q)		1,200	$	304,467		$	994		$	303,473	Goldman Sachs International
Emirate of Abu Dhabi (D01)	06/20/27	1.000%(Q)		1,200		(24,752)			994			(25,746)	Goldman Sachs International
Federation of Malaysia (D01)	06/20/27	1.000%(Q)		1,800		(10,121)			1,491			(11,612)	Goldman Sachs International

See Notes to Financial Statements.

PGIM Global Total Return Fund 77

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Credit default swap agreements outstanding at April 30, 2022 (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.):**
Federative Republic of Brazil (D01)	06/20/27	1.000%(Q)		7,200	$	399,535			$	5,965		$	393,570		Goldman Sachs International
Kingdom of Saudi Arabia (D01)	06/20/27	1.000%(Q)		1,200		(23,838	)			994			(24,832	)	Goldman Sachs International
People’s Republic of China (D01)	06/20/27	1.000%(Q)		7,200		(92,031	)			5,965			(97,996	)	Goldman Sachs International
Republic of Argentina (D01)	06/20/27	1.000%(Q)		1,200		777,109				994			776,115		Goldman Sachs International
Republic of Chile (D01)	06/20/27	1.000%(Q)		1,800		1,694				1,491			203		Goldman Sachs International
Republic of Colombia (D01)	06/20/27	1.000%(Q)		3,600		219,683				2,983			216,700		Goldman Sachs International
Republic of Indonesia (D01)	06/20/27	1.000%(Q)		5,400		37,001				4,474			32,527		Goldman Sachs International
Republic of Panama (D01)	06/20/27	1.000%(Q)		1,200		10,614				994			9,620		Goldman Sachs International
Republic of Peru (D01)	06/20/27	1.000%(Q)		1,800		8,541				1,491			7,050		Goldman Sachs International
Republic of Philippines (D01)	06/20/27	1.000%(Q)		1,200		4,173				994			3,179		Goldman Sachs International
Republic of South Africa (D01)	06/20/27	1.000%(Q)		7,200		481,780				5,965			475,815		Goldman Sachs International
Republic of Turkey (D01)	06/20/27	1.000%(Q)		7,200		1,470,476				5,965			1,464,511		Goldman Sachs International
Republic of Ukraine (D01)	06/20/27	1.000%(Q)		1,200		826,170				994			825,176		Goldman Sachs International
State of Qatar (D01)	06/20/27	1.000%(Q)		1,200		(23,723	)			994			(24,717	)	Goldman Sachs International
United Mexican States (D01)	06/20/27	1.000%(Q)		7,200		124,841				5,965			118,876		Goldman Sachs International
Arab Republic of Egypt (D02)	06/20/27	1.000%(Q)		1,500		380,584				1,243			379,341		Goldman Sachs International
Emirate of Abu Dhabi (D02)	06/20/27	1.000%(Q)		1,500		(30,939	)			1,243			(32,182	)	Goldman Sachs International
Federation of Malaysia (D02)	06/20/27	1.000%(Q)		2,250		(12,651	)			1,864			(14,515	)	Goldman Sachs International
Federative Republic of Brazil (D02)	06/20/27	1.000%(Q)		9,000		499,418				7,456			491,962		Goldman Sachs International
Kingdom of Saudi Arabia (D02)	06/20/27	1.000%(Q)		1,500		(29,796	)			1,243			(31,039	)	Goldman Sachs International
People’s Republic of China (D02)	06/20/27	1.000%(Q)		9,000		(115,039	)			7,456			(122,495	)	Goldman Sachs International

See Notes to Financial Statements.

Credit default swap agreements outstanding at April 30, 2022 (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 Argentina (D02)	06/20/27	1.000%(Q)		1,500	$	971,387			$	1,243		$	970,144		Goldman Sachs International
Republic of Chile (D02)	06/20/27	1.000%(Q)		2,250		2,118				1,864			254		Goldman Sachs International
Republic of Colombia (D02)	06/20/27	1.000%(Q)		4,500		274,603				3,728			270,875		Goldman Sachs International
Republic of Indonesia (D02)	06/20/27	1.000%(Q)		6,750		46,251				5,592			40,659		Goldman Sachs International
Republic of Panama (D02)	06/20/27	1.000%(Q)		1,500		13,267				1,243			12,024		Goldman Sachs International
Republic of Peru (D02)	06/20/27	1.000%(Q)		2,250		10,676				1,864			8,812		Goldman Sachs International
Republic of Philippines (D02)	06/20/27	1.000%(Q)		1,500		5,216				1,243			3,973		Goldman Sachs International
Republic of South Africa (D02)	06/20/27	1.000%(Q)		9,000		602,225				7,456			594,769		Goldman Sachs International
Republic of Turkey (D02)	06/20/27	1.000%(Q)		9,000		1,838,094				7,456			1,830,638		Goldman Sachs International
Republic of Ukraine (D02)	06/20/27	1.000%(Q)		1,500		1,032,713				1,243			1,031,470		Goldman Sachs International
State of Qatar (D02)	06/20/27	1.000%(Q)		1,500		(29,653	)			1,243			(30,896	)	Goldman Sachs International
United Mexican States (D02)	06/20/27	1.000%(Q)		9,000		156,051				7,456			148,595		Goldman Sachs International
Arab Republic of Egypt (D03)	06/20/27	1.000%(Q)		2,000		507,445				1,266			506,179		Morgan Stanley & Co. International PLC
Emirate of Abu Dhabi (D03)	06/20/27	1.000%(Q)		2,000		(41,253	)			1,266			(42,519	)	Morgan Stanley & Co. International PLC
Federation of Malaysia (D03)	06/20/27	1.000%(Q)		3,000		(16,869	)			1,898			(18,767	)	Morgan Stanley & Co. International PLC
Federative Republic of Brazil (D03)	06/20/27	1.000%(Q)		12,000		665,891				7,594			658,297		Morgan Stanley & Co. International PLC
Kingdom of Saudi Arabia (D03)	06/20/27	1.000%(Q)		2,000		(39,729	)			1,266			(40,995	)	Morgan Stanley & Co. International PLC
People’s Republic of China (D03)	06/20/27	1.000%(Q)		12,000		(153,385	)			7,594			(160,979	)	Morgan Stanley & Co. International PLC
Republic of Argentina (D03)	06/20/27	1.000%(Q)		2,000		1,295,183				1,266			1,293,917		Morgan Stanley & Co. International PLC
Republic of Chile (D03)	06/20/27	1.000%(Q)		3,000		2,823				1,898			925		Morgan Stanley & Co. International PLC
Republic of Colombia (D03)	06/20/27	1.000%(Q)		6,000		366,137				3,797			362,340		Morgan Stanley & Co. International PLC

See Notes to Financial Statements.

PGIM Global Total Return Fund 79

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Credit default swap agreements outstanding at April 30, 2022 (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 Indonesia (D03)	06/20/27	1.000%(Q)		9,000	$	61,668			$	5,695		$	55,973		Morgan Stanley & Co. International PLC
Republic of Panama (D03)	06/20/27	1.000%(Q)		2,000		17,690				1,266			16,424		Morgan Stanley & Co. International PLC
Republic of Peru (D03)	06/20/27	1.000%(Q)		3,000		14,235				1,898			12,337		Morgan Stanley & Co. International PLC
Republic of Philippines (D03)	06/20/27	1.000%(Q)		2,000		6,955				1,266			5,689		Morgan Stanley & Co. International PLC
Republic of South Africa (D03)	06/20/27	1.000%(Q)		12,000		802,967				7,594			795,373		Morgan Stanley & Co. International PLC
Republic of Turkey (D03)	06/20/27	1.000%(Q)		12,000		2,450,793				7,594			2,443,199		Morgan Stanley & Co. International PLC
Republic of Ukraine (D03)	06/20/27	1.000%(Q)		2,000		1,376,951				1,266			1,375,685		Morgan Stanley & Co. International PLC
State of Qatar (D03)	06/20/27	1.000%(Q)		2,000		(39,537	)			1,266			(40,803	)	Morgan Stanley & Co. International PLC
United Mexican States (D03)	06/20/27	1.000%(Q)		12,000		208,069				7,594			200,475		Morgan Stanley & Co. International PLC

					$	17,592,178			$	175,127		$	17,417,051


Reference Entity/ Obligation	Termination Date	Fixed Rate	Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2022(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):**
Emirate of Abu Dhabi (D04)	12/20/26	1.000%(Q)		1,000		0.553%	$ 20,619		$ (2,128)		$	22,747	Bank of America, N.A.
Federation of Malaysia (D04)	12/20/26	1.000%(Q)		2,000		0.827%	17,214		(4,256)			21,470	Bank of America, N.A.
Federative Republic of Brazil (D04)	12/20/26	1.000%(Q)		6,000		2.067%	(262,929)		(12,767)			(250,162)	Bank of America, N.A.
Kingdom of Saudi Arabia (D04)	12/20/26	1.000%(Q)		1,000		0.572%	19,776		(2,128)			21,904	Bank of America, N.A.
People’s Republic of China (D04)	12/20/26	1.000%(Q)		6,000		0.700%	84,839		(12,767)			97,606	Bank of America, N.A.

See Notes to Financial Statements.

Credit default swap agreements outstanding at April 30, 2022 (continued):


Reference Entity/ Obligation	Termination Date	Fixed Rate	Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2022(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 Argentina (D04)	12/20/26	1.000%(Q)		1,000		27.857%	$	(628,854	)	$	(2,128	)		$	(626,726	)	Bank of America, N.A.
Republic of Chile (D04)	12/20/26	1.000%(Q)		1,000		0.963%		2,723			(2,128	)			4,851		Bank of America, N.A.
Republic of Colombia (D04)	12/20/26	1.000%(Q)		2,500		2.198%		(122,787	)		(5,320	)			(117,467	)	Bank of America, N.A.
Republic of Indonesia (D04)	12/20/26	1.000%(Q)		4,500		1.068%		(7,976	)		(9,575	)			1,599		Bank of America, N.A.
Republic of Panama (D04)	12/20/26	1.000%(Q)		1,000		1.128%		(4,354	)		(2,128	)			(2,226	)	Bank of America, N.A.
Republic of Peru (D04)	12/20/26	1.000%(Q)		1,000		1.040%		(586	)		(2,128	)			1,542		Bank of America, N.A.
Republic of Philippines (D04)	12/20/26	1.000%(Q)		1,000		0.997%		1,269			(2,128	)			3,397		Bank of America, N.A.
Republic of South Africa (D04)	12/20/26	1.000%(Q)		5,500		2.374%		(308,870	)		(11,703	)			(297,167	)	Bank of America, N.A.
Republic of Turkey (D04)	12/20/26	1.000%(Q)		6,000		6.109%		(1,128,280	)		(12,767	)			(1,115,513	)	Bank of America, N.A.
Republic of Ukraine (D04)	12/20/26	1.000%(Q)		1,000		79.727%		(681,897	)		(2,128	)			(679,769	)	Bank of America, N.A.
Russian Federation (D04)	12/20/26	1.000%(Q)		3,000		57.543%		(1,900,807	)		(6,384	)			(1,894,423	)	Bank of America, N.A.
State of Qatar (D04)	12/20/26	1.000%(Q)		1,000		0.571%		19,821			(2,128	)			21,949		Bank of America, N.A.
United Mexican States (D04)	12/20/26	1.000%(Q)		5,500		1.292%		(62,579	)		(11,703	)			(50,876	)	Bank of America, N.A.
Federation of Malaysia (D05)	06/20/22	1.000%(Q)		849		0.201%		1,944			(884	)			2,828		Bank of America, N.A.
Federative Republic of Brazil (D05)	06/20/22	1.000%(Q)		4,244		0.489%		7,956			(4,421	)			12,377		Bank of America, N.A.
People’s Republic of China (D05)	06/20/22	1.000%(Q)		2,829		0.181%		6,559			(2,947	)			9,506		Bank of America, N.A.
Republic of Chile (D05)	06/20/22	1.000%(Q)		849		0.320%		1,799			(884	)			2,683		Bank of America, N.A.

See Notes to Financial Statements.

PGIM Global Total Return Fund 81

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Credit default swap agreements outstanding at April 30, 2022 (continued):


Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2022(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 Colombia (D05)		06/20/22		1.000%(Q)		1,132		0.540	%	$	2,038		$	(1,179	)	$	3,217		Bank of America, N.A.
Republic of Indonesia (D05)		06/20/22		1.000%(Q)		1,132		0.287	%		2,450			(1,179	)		3,629		Bank of America, N.A.
Republic of Panama (D05)		06/20/22		1.000%(Q)		849		0.379	%		1,726			(884	)		2,610		Bank of America, N.A.
Republic of Peru (D05)		06/20/22		1.000%(Q)		849		0.237	%		1,900			(884	)		2,784		Bank of America, N.A.
Republic of Philippines (D05)		06/20/22		1.000%(Q)		849		0.260	%		1,872			(884	)		2,756		Bank of America, N.A.
Republic of South Africa (D05)		06/20/22		1.000%(Q)		2,546		0.801	%		3,631			(2,652	)		6,283		Bank of America, N.A.
Republic of Turkey (D05)		06/20/22		1.000%(Q)		4,244		4.303	%		(15,286	)		(4,421	)		(10,865	)	Bank of America, N.A.
Russian Federation (D05)		06/20/22		1.000%(Q)		2,546		223.110	%		(662,194	)		(2,652	)		(659,542	)	Bank of America, N.A.
United Mexican States (D05)		06/20/22		1.000%(Q)		3,678		0.348	%		7,645			(3,831	)		11,476		Bank of America, N.A.


										$	(5,581,618	)	$	(134,096	)	$	(5,447,522	)


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.36.V1 (D04)		12/20/26		1.000%(Q)		50,000	$	5,289,160		$	57,910		$	5,231,250	Bank of America, N.A.
CDX.EM.27.V3 (D05)		06/20/22		1.000%(Q)		26,594		1,464,155			21,309			1,442,846	Bank of America, N.A.


							$	6,753,315		$	79,219		$	6,674,096

See Notes to Financial Statements.

Credit default swap agreements outstanding at April 30, 2022 (continued):


Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2022(4)		Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty

OTC Packaged Credit Default Swap Agreements on credit indices— Sell Protection(2):**
CDX.EM.37.V1 (D01)		06/20/27		1.000%(Q)		60,000		2.813%	$	(4,737,250	)	$	(115,324	)	$	(4,621,926	)	Goldman Sachs International
CDX.EM.37.V1 (D02)		06/20/27		1.000%(Q)		75,000		2.813%		(5,921,562	)		(173,980	)		(5,747,582	)	Goldman Sachs International
CDX.EM.37.V1 (D03)		06/20/27		1.000%(Q)		100,000		2.813%		(7,895,415	)		(122,711	)		(7,772,704	)	Morgan Stanley & Co. International PLC


									$	(18,554,227	)	$	(412,015	)	$	(18,142,212	)

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 - D05).


Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2022(4)		Fair Value			Upfront Premiums Paid (Received)				Unrealized Appreciation (Depreciation)			Counterparty

OTC Credit Default Swap Agreements on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:
GS_21-PJ2A		05/14/22		0.500%(M)		28,619		0.500%		$	18,678		$	(1,104	)		$	19,782	Goldman Sachs International
GS_21-PJA^††		05/14/22		0.250%(M)		55,160		*			18,000			(1,064	)			19,064	Goldman Sachs International


										$	36,678		$	(2,168	)		$	38,846

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


Reference Entity/ Obligation	Termination Date	Fixed Rate	Notional Amount (000)#(3)		Value at Trade Date			Value at April 30, 2022				Unrealized Appreciation (Depreciation)

Centrally Cleared Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):
Ryder System, Inc.	06/20/25	1.000%(Q)		9,540		$	118,153		$	(37,059	)		$	(155,212	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 83

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Credit default swap agreements outstanding at April 30, 2022 (continued):


Reference Entity/ Obligation	Termination Date		Fixed Rate	Notional Amount (000)#(3)		Fair Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)			Counterparty

OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):
Central Bank of Tunisia		12/20/22	1.000%(Q)		700	$	52,806		$	9,197	$	43,609		Barclays Bank PLC
Eskom Holdings SOC Ltd.		12/20/23	1.000%(Q)	EUR	2,640		102,540			191,341		(88,801	)	Deutsche Bank AG
Gazprom PAO		09/20/22	1.000%(Q)		8,000		2,690,284			2,099,879		590,405		Barclays Bank PLC
Gazprom PAO		03/20/23	1.000%(Q)		11,080		5,463,047			5,457,469		5,578		Barclays Bank PLC
Gazprom PAO		12/20/23	1.000%(Q)		1,410		749,553			449,867		299,686		Citibank, N.A.
Gazprom PAO		06/20/24	1.000%(Q)		723		392,445			309,876		82,569		HSBC Bank PLC
Gazprom PAO		06/20/25	1.000%(Q)	EUR	2,000		1,209,459			14,859		1,194,600		Barclays Bank PLC
Gazprom PAO		12/20/25	1.000%(Q)		2,000		1,151,328			977,925		173,403		Goldman Sachs International
Gazprom PAO		06/20/26	1.000%(Q)		4,400		2,581,231			2,550,537		30,694		HSBC Bank PLC
Gazprom PAO		06/20/27	1.000%(Q)		8,650		5,243,327			5,047,403		195,924		HSBC Bank PLC
Gazprom PAO		06/20/27	1.000%(Q)		1,000		606,165			407,404		198,761		HSBC Bank PLC
Gazprom PAO		12/20/27	1.000%(Q)		3,300		2,016,039			1,821,461		194,578		JPMorgan Chase Bank, N.A.
Host Hotels & Resorts LP		06/20/24	1.000%(Q)		5,000		(38,160	)		38,289		(76,449	)	Goldman Sachs International
Marriott International, Inc.		06/20/25	1.000%(Q)		875		(11,867	)		25,531		(37,398	)	Morgan Stanley & Co. International PLC
Republic of South Africa		06/20/26	1.000%(Q)		1,000		44,883			32,879		12,004		Goldman Sachs International
Russian Federation		12/20/23	1.000%(Q)		5,000		2,817,563			1,917,252		900,311		Morgan Stanley & Co. International PLC
Russian Federation		09/20/24	1.000%(Q)		686		406,967			388,462		18,505		HSBC Bank PLC
Russian Federation		06/20/25	1.000%(Q)		79		48,227			45,342		2,885		HSBC Bank PLC
Russian Federation		12/20/25	1.000%(Q)		20,621		12,737,259			12,880,164		(142,905	)	HSBC Bank PLC
Russian Federation		12/20/25	1.000%(Q)		2,000		1,235,380			689,892		545,488		Goldman Sachs International
Russian Federation		12/20/26	1.000%(Q)		1,200		760,322			446,705		313,617		Barclays Bank PLC
Russian Federation		12/20/26	1.000%(Q)		451		285,981			284,319		1,662		HSBC Bank PLC
Russian Federation		06/20/27	1.000%(Q)		5,000		3,208,982			3,682,334		(473,352	)	Barclays Bank PLC
Russian Federation		06/20/27	1.000%(Q)		3,600		2,310,467			2,651,281		(340,814	)	Citibank, N.A.
Russian Federation		06/20/27	1.000%(Q)		1,000		641,797			731,491		(89,694	)	Barclays Bank PLC
Russian Federation		06/20/27	1.000%(Q)		400		256,719			237,817		18,902		Barclays Bank PLC
Russian Federation		12/20/28	1.000%(Q)		15,000		9,696,798			8,950,686		746,112		Morgan Stanley & Co. International PLC
Russian Federation		06/20/29	1.000%(Q)		1,000		647,870			601,236		46,634		Morgan Stanley & Co. International PLC
Russian Federation		06/20/30	1.000%(Q)		4,500		2,923,558			3,049,590		(126,032	)	HSBC Bank PLC
Russian Federation		12/20/31	1.000%(Q)		24,500		15,978,114			16,649,580		(671,466	)	HSBC Bank PLC
Russian Federation		12/20/31	1.000%(Q)		4,315		2,814,104			1,952,724		861,380		HSBC Bank PLC

See Notes to Financial Statements.

Credit default swap agreements outstanding at April 30, 2022 (continued):


Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)				Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont’d.):
Safeway Inc.		03/20/23		5.000%(Q)		5,000	$	(220,267	)	$	(191,394	)		$	(28,873	)	BNP Paribas S.A.
Sasol Ltd.		12/20/22		1.000%(Q)		800		(276	)		21,208				(21,484	)	Barclays Bank PLC


							$	78,802,645		$	74,422,606			$	4,380,039


Reference Entity/ Obligation	Termination Date	Fixed Rate	Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2022(4)	Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):
American International Group, Inc.	06/20/26	1.000%(Q)		3,260	0.672%	$	45,480	$	40,629	$	4,851		Bank of America, N.A.
Banco Santander, S.A.	06/20/22	1.000%(Q)	EUR	23,000	0.683%		38,770		25,436		13,334		Barclays Bank PLC
Bank of Nova Scotia	06/20/22	1.000%(Q)		10,000	0.497%		18,908		9,013		9,895		Credit Suisse International
Barclays PLC	12/20/26	1.000%(Q)	EUR	3,000	0.873%		21,793		29,018		(7,225	)	Citibank, N.A.
BNP Paribas S.A.	06/20/23	1.000%(Q)	EUR	5,000	0.255%		51,606		61,016		(9,410	)	Barclays Bank PLC
Calpine Corp.	06/20/22	5.000%(Q)		24,500	1.063%		281,755		141,148		140,607		Credit Suisse International
Calpine Corp.	06/20/22	5.000%(Q)		14,700	1.063%		169,052		83,700		85,352		Credit Suisse International
Comision Federal de Electricidad	12/20/22	1.000%(Q)		3,925	1.163%		349		12,653		(12,304	)	Citibank, N.A.
Credit Suisse Group AG	06/20/22	1.000%(Q)	EUR	5,000	0.507%		9,916		8,622		1,294		Barclays Bank PLC
Devon Energy Corp.	06/20/22	1.000%(Q)		25,180	0.511%		46,426		19,557		26,869		Barclays Bank PLC
DP World PLC	12/20/24	1.000%(Q)		2,000	0.773%		13,874		4,963		8,911		Barclays Bank PLC
Electricite de France S.A.	12/20/22	1.000%(Q)	EUR	8,470	0.487%		40,297		51,244		(10,947	)	Goldman Sachs International
Emirate of Dubai	12/20/24	1.000%(Q)		1,000	0.664%		9,762		1,995		7,767		Citibank, N.A.

See Notes to Financial Statements.

PGIM Global Total Return Fund 85

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Credit default swap agreements outstanding at April 30, 2022 (continued):


Reference Entity/ Obligation	Termination Date	Fixed Rate	Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2022(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.):
EQT Corp.	06/20/22	5.000%(Q)		3,590	0.941%	$	41,917		$	17,855		$	24,062		Credit Suisse International
Eskom Holdings SOC Ltd.	12/20/23	1.000%(Q)		3,000	3.360%		(108,220	)		(190,029	)		81,809		Deutsche Bank AG
Federation of Malaysia	12/20/24	1.000%(Q)		1,000	0.489%		14,283			9,098			5,185		Citibank, N.A.
Gazprom PAO	12/20/26	1.000%(Q)		8,600	45.632%		(5,133,741	)		(5,024,305	)		(109,436	)	HSBC Bank PLC
General Electric Co.	06/20/22	1.000%(Q)		12,360	0.266%		27,494			11,997			15,497		Morgan Stanley & Co. International PLC
Generalitat de Cataluna	12/20/22	1.000%(Q)		2,960	*		14,505			(73,934	)		88,439		Citibank, N.A.
Generalitat de Cataluna	12/20/25	1.000%(Q)		4,900	*		50,296			(34,059	)		84,355		Deutsche Bank AG
Halliburton Co.	12/20/26	1.000%(Q)		4,240	0.871%		28,521			37,729			(9,208	)	Goldman Sachs International
Hellenic Republic	06/20/22	1.000%(Q)		410	0.317%		870			(2,929	)		3,799		Citibank, N.A.
Hellenic Republic	06/20/22	1.000%(Q)		200	0.317%		425			(1,469	)		1,894		Goldman Sachs International
Hellenic Republic	12/20/22	1.000%(Q)		500	0.344%		2,691			(8,305	)		10,996		Citibank, N.A.
Hellenic Republic	06/20/23	1.000%(Q)		300	0.456%		2,198			(7,742	)		9,940		Citibank, N.A.
Hellenic Republic	06/20/24	1.000%(Q)		1,000	0.720%		6,990			(87,102	)		94,092		Barclays Bank PLC
Hellenic Republic	12/20/28	1.000%(Q)		16,550	1.771%		(714,926	)		(149,873	)		(565,053	)	JPMorgan Chase Bank, N.A.
Hellenic Republic	06/20/29	1.000%(Q)		5,400	1.837%		(269,130	)		(52,228	)		(216,902	)	Barclays Bank PLC
Hellenic Republic	12/20/29	1.000%(Q)	EUR	5,000	1.523%		(185,448	)		16,055			(201,503	)	Citibank, N.A.
Hellenic Republic	12/20/31	1.000%(Q)		10,590	2.034%		(822,202	)		(311,628	)		(510,574	)	Barclays Bank PLC

See Notes to Financial Statements.

Credit default swap agreements outstanding at April 30, 2022 (continued):


Reference Entity/ Obligation	Termination Date	Fixed Rate	Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2022(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	12/20/31	1.000%(Q)		6,000	2.034%	$	(465,837	)	$	(172,164	)	$	(293,673	)	Citibank, N.A.
Hess Corp.	06/20/22	1.000%(Q)		34,020	0.407%		67,808			30,824			36,984		Goldman Sachs International
Israel Electric Corp Ltd.	12/20/24	1.000%(Q)		1,000	0.449%		15,344			6,789			8,555		Barclays Bank PLC
Japan Govt.	06/20/28	1.000%(Q)		15,000	0.233%		671,108			642,931			28,177		Citibank, N.A.
Kingdom of Saudi Arabia	06/20/22	1.000%(Q)		3,000	0.242%		6,692			2,060			4,632		HSBC Bank PLC
Kingdom of Spain	06/20/23	1.000%(Q)		42,665	0.129%		472,645			119,772			352,873		Bank of America, N.A.
Kingdom of Spain	06/20/24	1.000%(Q)		700	0.150%		13,342			(10,230	)		23,572		Morgan Stanley & Co. International PLC
Kingdom of Spain	06/20/25	1.000%(Q)		9,940	0.291%		225,363			(60,065	)		285,428		Bank of America, N.A.
Kingdom of Spain	06/20/25	1.000%(Q)		7,500	0.291%		170,042			(58,307	)		228,349		JPMorgan Chase Bank, N.A.
Kingdom of Spain	06/20/25	1.000%(Q)		7,500	0.291%		170,043			(56,107	)		226,150		JPMorgan Chase Bank, N.A.
Kingdom of Spain	06/20/25	1.000%(Q)		3,000	0.291%		68,017			21,900			46,117		Citibank, N.A.
Kingdom of Spain	06/20/25	1.000%(Q)		1,645	0.291%		37,296			13,541			23,755		Barclays Bank PLC
Kingdom of Spain	12/20/25	1.000%(Q)		5,000	0.339%		120,962			71,368			49,594		JPMorgan Chase Bank, N.A.
Kingdom of Spain	06/20/30	1.000%(Q)		1,100	0.660%		28,076			(3,357	)		31,433		Credit Suisse International
Kingdom of Spain	12/20/30	1.000%(Q)		2,000	0.679%		50,556			39,864			10,692		Barclays Bank PLC
Newell Brands, Inc.	06/20/22	1.000%(Q)		22,410	0.322%		47,409			22,158			25,251		Barclays Bank PLC
People’s Republic of China	12/20/24	1.000%(Q)		1,000	0.443%		15,469			11,169			4,300		Citibank, N.A.

See Notes to Financial Statements.

PGIM Global Total Return Fund 87

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Credit default swap agreements outstanding at April 30, 2022 (continued):


Reference Entity/ Obligation	Termination Date	Fixed Rate	Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2022(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 Colombia	06/20/23	1.000%(Q)		5,000	0.941%	$	9,033		$	(2,889	)	$	11,922		Goldman Sachs International
Republic of Colombia	12/20/26	1.000%(Q)		1,000	2.198%		(49,114	)		(54,163	)		5,049		Citibank, N.A.
Republic of Estonia	12/20/26	1.000%(Q)		3,150	0.657%		50,555			27,697			22,858		JPMorgan Chase Bank, N.A.
Republic of Finland	06/20/27	0.250%(Q)		2,000	0.175%		7,803			8,679			(876	)	Bank of America, N.A.
Republic of Hungary	06/20/22	1.000%(Q)		3,550	0.434%		6,939			(923	)		7,862		Citibank, N.A.
Republic of Indonesia	06/20/23	1.000%(Q)		13,885	0.318%		123,709			(22,752	)		146,461		Citibank, N.A.
Republic of Indonesia	06/20/25	1.000%(Q)		6,800	0.715%		66,332			(197,089	)		263,421		Morgan Stanley & Co. International PLC
Republic of Indonesia	06/20/25	1.000%(Q)		6,100	0.715%		59,504			(112,154	)		171,658		Morgan Stanley & Co. International PLC
Republic of Indonesia	06/20/25	1.000%(Q)		2,365	0.715%		23,070			(68,453	)		91,523		JPMorgan Chase Bank, N.A.
Republic of Indonesia	06/20/25	1.000%(Q)		2,155	0.715%		21,022			(60,584	)		81,606		BNP Paribas S.A.
Republic of Ireland	12/20/26	1.000%(Q)		2,000	0.154%		76,661			3,027			73,634		Goldman Sachs International
Republic of Ireland	06/20/27	1.000%(Q)		2,800	0.169%		115,575			43,796			71,779		Morgan Stanley & Co. International PLC
Republic of Italy	06/20/23	1.000%(Q)		18,300	0.338%		158,796			(272,868	)		431,664		Bank of America, N.A.
Republic of Italy	06/20/23	1.000%(Q)		4,000	0.338%		34,709			—			34,709		Morgan Stanley & Co. International PLC

See Notes to Financial Statements.

Credit default swap agreements outstanding at April 30, 2022 (continued):


Reference Entity/ Obligation	Termination Date	Fixed Rate	Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2022(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	06/20/24	1.000%(Q)		6,000	0.557%	$	62,535		$	(133,395	)	$	195,930		Bank of America, N.A.
Republic of Italy	06/20/24	1.000%(Q)		900	0.337%		13,562			(20,486	)		34,048		Deutsche Bank AG
Republic of Italy	06/20/25	1.000%(Q)		7,000	0.761%		58,548			(164,618	)		223,166		Credit Suisse International
Republic of Italy	06/20/26	1.000%(Q)		5,000	0.963%		12,913			(210,088	)		223,001		BNP Paribas S.A.
Republic of Italy	06/20/26	1.000%(Q)		4,200	0.963%		10,847			(135,934	)		146,781		Bank of America, N.A.
Republic of Italy	12/20/26	1.000%(Q)		400	1.073%		(790	)		(21,913	)		21,123		HSBC Bank PLC
Republic of Italy	12/20/28	1.000%(Q)		16,355	1.378%		(340,400	)		(59,552	)		(280,848	)	Barclays Bank PLC
Republic of Italy	12/20/28	1.000%(Q)		9,655	1.378%		(200,951	)		(37,989	)		(162,962	)	Citibank, N.A.
Republic of Italy	12/20/28	1.000%(Q)		4,170	1.378%		(86,907	)		(18,196	)		(68,711	)	BNP Paribas S.A.
Republic of Italy	12/20/30	1.000%(Q)		7,000	1.563%		(274,036	)		(149,897	)		(124,139	)	Barclays Bank PLC
Republic of Kazakhstan	06/20/23	1.000%(Q)		7,695	0.965%		11,810			—			11,810		Citibank, N.A.
Republic of Panama	06/20/22	1.000%(Q)		5,000	0.379%		10,167			1,793			8,374		Citibank, N.A.
Republic of Panama	12/20/26	1.000%(Q)		4,200	1.128%		(18,170	)		11,225			(29,395	)	Citibank, N.A.
Republic of Portugal	12/20/23	1.000%(Q)		4,130	0.170%		60,539			(651	)		61,190		Morgan Stanley & Co. International PLC
Republic of Portugal	06/20/24	1.000%(Q)		400	0.151%		7,615			(16,027	)		23,642		Morgan Stanley & Co. International PLC
Republic of Portugal	06/20/25	1.000%(Q)		21,000	0.279%		484,081			(95,224	)		579,305		Morgan Stanley & Co. International PLC
Republic of Portugal	06/20/25	1.000%(Q)		10,000	0.279%		230,514			(54,022	)		284,536		Citibank, N.A.

See Notes to Financial Statements.

PGIM Global Total Return Fund 89

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Credit default swap agreements outstanding at April 30, 2022 (continued):


Reference Entity/ Obligation	Termination Date	Fixed Rate	Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2022(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	12/20/31	1.000%(Q)		1,000	0.687%	$	26,960		$	41,081		$	(14,121	)	Barclays Bank PLC
Republic of Serbia	12/20/25	5.000%(Q)		4,500	1.196%		614,917			643,863			(28,946	)	Citibank, N.A.
Republic of Serbia	12/20/25	1.000%(Q)		1,000	1.196%		(5,558	)		(1,061	)		(4,497	)	BNP Paribas S.A.
Republic of Slovenia	06/20/24	1.000%(Q)		900	0.254%		15,168			(28,089	)		43,257		HSBC Bank PLC
Republic of South Africa	06/20/23	1.000%(Q)		5,000	1.095%		309			(32,464	)		32,773		Deutsche Bank AG
Republic of South Africa	12/20/23	1.000%(Q)		3,000	1.350%		(13,524	)		(56,221	)		42,697		Bank of America, N.A.
Republic of South Africa	06/20/31	1.000%(Q)		3,000	3.119%		(443,874	)		(348,550	)		(95,324	)	Morgan Stanley & Co. International PLC
Republic of Ukraine	12/20/23	5.000%(Q)		1,400	126.719%		(838,665	)		32,845			(871,510	)	Deutsche Bank AG
Republic of Ukraine	12/20/23	5.000%(Q)		1,000	126.719%		(599,047	)		12,771			(611,818	)	Deutsche Bank AG
Republic of Ukraine	12/20/24	5.000%(Q)		2,100	101.137%		(1,300,511	)		87,953			(1,388,464	)	HSBC Bank PLC
Republic of Ukraine	06/20/25	5.000%(Q)		7,205	93.392%		(4,505,666	)		(50,570	)		(4,455,096	)	Barclays Bank PLC
Republic of Ukraine	06/20/25	5.000%(Q)		1,000	93.392%		(625,353	)		(26,101	)		(599,252	)	Barclays Bank PLC
Republic of Ukraine	12/20/25	5.000%(Q)		7,390	87.604%		(4,666,172	)		(112,283	)		(4,553,889	)	Barclays Bank PLC
Republic of Ukraine	12/20/25	1.000%(Q)		5,000	87.604%		(3,334,707	)		(467,708	)		(2,866,999	)	Morgan Stanley & Co. International PLC
Republic of Ukraine	12/20/25	1.000%(Q)		2,000	87.604%		(1,333,882	)		(190,035	)		(1,143,847	)	Morgan Stanley & Co. International PLC
Republic of Ukraine	12/20/25	1.000%(Q)		2,000	87.604%		(1,333,882	)		(192,850	)		(1,141,032	)	Morgan Stanley & Co. International PLC

See Notes to Financial Statements.

Credit default swap agreements outstanding at April 30, 2022 (continued):


Reference Entity/ Obligation	Termination Date	Fixed Rate	Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2022(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	06/20/24	1.000%(Q)		686	78.884%	$	(402,500	)	$	(386,710	)	$	(15,790	)	HSBC Bank PLC
Russian Federation	12/20/24	1.000%(Q)		79	72.080%		(47,347	)		(45,068	)		(2,279	)	HSBC Bank PLC
Russian Federation	03/20/25	1.000%(Q)		20,621	69.464%		(12,475,546	)		(12,799,312	)		323,766		HSBC Bank PLC
Russian Federation	06/20/26	1.000%(Q)		451	59.840%		(281,766	)		(284,348	)		2,582		HSBC Bank PLC
Russian Federation	12/20/26	1.000%(Q)		2,000	57.543%		(1,267,204	)		(734,840	)		(532,364	)	Goldman Sachs International
Russian Federation	06/20/27	1.000%(Q)		5,000	55.719%		(3,208,982	)		(3,707,215	)		498,233		Morgan Stanley & Co. International PLC
Russian Federation	06/20/27	1.000%(Q)		3,600	55.719%		(2,310,467	)		(2,669,195	)		358,728		Morgan Stanley & Co. International PLC
Russian Federation	12/20/29	1.000%(Q)		4,500	47.503%		(2,919,570	)		(3,057,081	)		137,511		HSBC Bank PLC
Russian Federation	12/20/30	1.000%(Q)		24,500	45.176%		(15,938,229	)		(16,680,748	)		742,519		HSBC Bank PLC
Russian Federation	12/20/30	1.000%(Q)		4,315	45.176%		(2,807,080	)		(1,959,662	)		(847,418	)	HSBC Bank PLC
Russian Federation	12/20/31	1.000%(Q)		15,000	43.218%		(9,782,519	)		(9,159,485	)		(623,034	)	Morgan Stanley & Co. International PLC
Russian Federation	12/20/31	1.000%(Q)		1,000	43.218%		(652,168	)		(613,378	)		(38,790	)	Morgan Stanley & Co. International PLC
State of Illinois	12/20/22	1.000%(Q)		2,725	0.455%		12,680			(18,531	)		31,211		Citibank, N.A.
State of Illinois	12/20/24	1.000%(Q)		2,800	0.682%		25,609			(88,885	)		114,494		Goldman Sachs International
State of Illinois	06/20/28	1.000%(Q)		1,000	1.210%		(9,734	)		(76,319	)		66,585		Citibank, N.A.
State of Qatar	12/20/26	1.000%(Q)		4,000	0.571%		79,397			102,535			(23,138	)	Citibank, N.A.
Teck Resources Ltd.	06/20/26	5.000%(Q)		14,000	1.219%		2,115,517			2,176,608			(61,091	)	Barclays Bank PLC

See Notes to Financial Statements.

PGIM Global Total Return Fund 91

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Credit default swap agreements outstanding at April 30, 2022 (continued):


Reference Entity/ Obligation	Termination Date	Fixed Rate	Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2022(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.):
UBS Group AG	12/20/24	1.000%(Q)	EUR	8,600	0.885%	$	38,143		$	89,552		$	(51,409	)	Bank of America, N.A.
United Mexican States	12/20/26	1.000%(Q)		4,000	1.292%		(45,512	)		4,389			(49,901	)	Goldman Sachs International
Verizon Communications, Inc.	06/20/26	1.000%(Q)		9,960	0.886%		55,641			172,999			(117,358	)	Goldman Sachs International


						$	(71,999,807	)	$	(56,975,492	)	$	(15,024,315	)


Reference Entity/ Obligation	Termination Date	Fixed Rate	Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2022(4)	Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)				Counterparty
OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):
CDX.NA.HY. BB.36.V1	06/20/26	5.000%(Q)		15,300	2.547%	$	1,471,172		$	1,949,793			$	(478,621	)	Citibank, N.A.
CDX.Tokyo 30% - 100%^	06/20/22	0.000%		50,000	*		(1,713	)		(5,237	)			3,524		Citibank, N.A.


						$	1,469,459		$	1,944,556			$	(475,097	)

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)

See Notes to Financial Statements.

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, 2022:


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:

CNH	10,000		2.350%(Q)		1,564	1 Day SOFR(Q)	Standard Chartered Bank		01/10/27	$	(108,722	)		$	—		$	(108,722	)
IDR	50,000,000		8.220%(S)		3,454	6 Month LIBOR(S)	Citibank, N.A.		11/29/23		224,802				—			224,802
PEN	32,632		3.420%(S)		8,000	6 Month LIBOR(S)	Morgan Stanley & Co. International PLC		08/12/24		266,419				—			266,419


										$	382,499			$	—		$	382,499

See Notes to Financial Statements.

PGIM Global Total Return Fund 93

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Inflation swap agreements outstanding at April 30, 2022:


Notional Amount (000)#	Termination Date		Fixed Rate	Floating Rate	Value at Trade Date		Value at April 30, 2022			Unrealized Appreciation (Depreciation)

Centrally Cleared Inflation Swap Agreements:
EUR 14,000		05/15/23	1.485%(T)	France CPI ex Tobacco Household(1)(T)		$—	$	657,688		$	657,688
EUR 14,000		05/15/23	1.510%(T)	Eurostat Eurozone HICP ex Tobacco(2)(T)		—		(1,295,544	)		(1,295,544	)


						$—	$	(637,856	)	$	(637,856	)

(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, 2022:


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2022			Unrealized Appreciation (Depreciation)

Centrally Cleared Interest Rate Swap Agreements:
AUD	4,000		09/21/22		3.830%(S)	6 Month BBSW(2)(S)	$	(11,533	)	$	46,861		$	58,394
AUD	7,580		09/25/22		2.958%(S)	6 Month BBSW(2)(S)		—			62,476			62,476
AUD	10,000		07/10/33		2.987%(S)	6 Month BBSW(2)(S)		122,150			(357,760	)		(479,910	)
AUD	10,000		03/26/36		2.101%(S)	6 Month BBSW(2)(S)		—			(1,203,354	)		(1,203,354	)
BRL	20,469		01/02/24		4.920%(T)	1 Day BROIS(2)(T)		—			(511,368	)		(511,368	)
BRL	81,380		01/02/24		4.920%(T)	1 Day BROIS(2)(T)		—			(2,034,775	)		(2,034,775	)
BRL	63,124		01/02/25		5.641%(T)	1 Day BROIS(2)(T)		—			(1,926,397	)		(1,926,397	)
BRL	27,355		01/02/25		6.540%(T)	1 Day BROIS(2)(T)		—			(517,302	)		(517,302	)
BRL	26,379		01/02/25		9.475%(T)	1 Day BROIS(2)(T)		—			686,015			686,015
BRL	25,280		01/02/25		9.560%(T)	1 Day BROIS(2)(T)		—			703,766			703,766
BRL	31,910		01/02/25		9.943%(T)	1 Day BROIS(2)(T)		—			1,190,947			1,190,947
BRL	7,002		01/02/25		9.985%(T)	1 Day BROIS(2)(T)		—			294,577			294,577
BRL	30,470		01/02/25		11.080%(T)	1 Day BROIS(2)(T)		—			1,548,958			1,548,958
BRL	6,247		01/02/25		12.090%(T)	1 Day BROIS(2)(T)		—			409,011			409,011
BRL	12,879		01/04/27		6.455%(T)	1 Day BROIS(2)(T)		—			(498,673	)		(498,673	)

See Notes to Financial Statements.

Interest rate swap agreements outstanding at April 30, 2022 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2022			Unrealized Appreciation (Depreciation)

Centrally Cleared Interest Rate Swap Agreements (cont’d.):
BRL	36,574		01/04/27		6.490%(T)	1 Day BROIS(2)(T)	$	—		$	(1,408,710	)	$	(1,408,710	)
BRL	73,942		01/04/27		6.493%(T)	1 Day BROIS(2)(T)		—			(2,825,522	)		(2,825,522	)
BRL	56,887		01/04/27		6.540%(T)	1 Day BROIS(2)(T)		—			(2,139,349	)		(2,139,349	)
BRL	77,541		01/04/27		6.695%(T)	1 Day BROIS(2)(T)		—			(3,296,305	)		(3,296,305	)
BRL	94,482		01/04/27		6.820%(T)	1 Day BROIS(2)(T)		—			(3,600,833	)		(3,600,833	)
BRL	31,992		01/04/27		6.910%(T)	1 Day BROIS(2)(T)		—			(1,037,227	)		(1,037,227	)
BRL	31,229		01/04/27		6.912%(T)	1 Day BROIS(2)(T)		—			(1,012,036	)		(1,012,036	)
BRL	78,637		01/04/27		7.760%(T)	1 Day BROIS(2)(T)		—			(1,827,364	)		(1,827,364	)
BRL	28,290		01/02/29		7.150%(T)	1 Day BROIS(2)(T)		960			(1,361,498	)		(1,362,458	)
BRL	21,378		01/02/29		7.250%(T)	1 Day BROIS(2)(T)		—			(998,502	)		(998,502	)
BRL	33,888		01/02/29		7.570%(T)	1 Day BROIS(2)(T)		—			(1,592,000	)		(1,592,000	)
CAD	51,805		04/03/25		0.970%(S)	3 Month CDOR(2)(S)		101,329			(2,438,958	)		(2,540,287	)
CAD	25,000		05/01/25		0.758%(S)	3 Month CDOR(2)(S)		(73	)		(1,320,553	)		(1,320,480	)
CAD	5,000		12/03/48		2.800%(S)	3 Month CDOR(2)(S)		591,432			(305,799	)		(897,231	)
CHF	14,500		01/31/29		0.260%(A)	1 Day SARON(2)(S)		(65,649	)		(802,954	)		(737,305	)
CHF	800		10/17/31		0.033%(A)	1 Day SARON(2)(S)		(765	)		(96,929	)		(96,164	)
CHF	4,000		11/05/31		0.125%(A)	1 Day SARON(2)(A)		—			(410,203	)		(410,203	)
CHF	700		04/03/33		0.687%(A)	1 Day SARON(2)(S)		(4,213	)		(54,591	)		(50,378	)
CLP	634,000		02/11/30		3.085%(S)	1 Day CLOIS(2)(S)		—			(156,539	)		(156,539	)
CLP	800,000		07/13/30		2.030%(S)	1 Day CLOIS(2)(S)		—			(273,151	)		(273,151	)
CNH	52,500		08/15/23		3.115%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(222	)		109,161			109,383

See Notes to Financial Statements.

PGIM Global Total Return Fund 95

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Interest rate swap agreements outstanding at April 30, 2022 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2022		Unrealized Appreciation (Depreciation)

Centrally Cleared Interest Rate Swap Agreements (cont’d.):
CNH	50,870		03/13/24		2.945%(Q)	7 Day China Fixing Repo Rates(2)(Q)	$	20		$	107,233	$	107,213
CNH	33,000		03/18/24		2.945%(Q)	7 Day China Fixing Repo Rates(2)(Q)		13			70,175		70,162
CNH	43,200		04/01/24		2.923%(Q)	7 Day China Fixing Repo Rates(2)(Q)		18			88,274		88,256
CNH	23,500		06/19/24		2.900%(Q)	7 Day China Fixing Repo Rates(2)(Q)		9			49,962		49,953
CNH	125,090		06/20/24		2.900%(Q)	7 Day China Fixing Repo Rates(2)(Q)		60			264,458		264,398
CNH	28,500		07/01/24		2.900%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(22	)		60,648		60,670
CNH	78,000		09/03/24		2.860%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(52	)		169,015		169,067
CNH	24,300		09/19/24		2.940%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(12	)		58,145		58,157
CNH	76,000		10/09/24		2.860%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(20	)		160,091		160,111
CNH	9,600		10/10/24		2.860%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(5	)		20,098		20,103
CNH	98,660		11/01/24		3.120%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(174	)		328,438		328,612
CNH	100,500		11/28/24		2.933%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(2,245	)		253,539		255,784
CNH	80,000		12/05/24		2.940%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(75	)		206,222		206,297
CNH	92,700		02/04/25		2.600%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—			120,264		120,264

See Notes to Financial Statements.

Interest rate swap agreements outstanding at April 30, 2022 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2022			Unrealized Appreciation (Depreciation)

Centrally Cleared Interest Rate Swap Agreements (cont’d.):
CNH	330,000		02/05/25		2.600%(Q)	7 Day China Fixing Repo Rates(2)(Q)	$	(67	)	$	426,976		$	427,043
CNH	18,100		03/10/25		2.300%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(13	)		(812	)		(799	)
CNH	25,000		03/12/25		2.400%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(4	)		8,577			8,581
CNH	149,980		05/08/25		1.860%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(356	)		(320,969	)		(320,613	)
CNH	80,785		06/01/25		1.973%(Q)	7 Day China Fixing Repo Rates(2)(Q)		34			(135,357	)		(135,391	)
CNH	118,700		07/02/25		2.330%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(55	)		(13,030	)		(12,975	)
CNH	161,860		07/13/25		2.653%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(138	)		221,662			221,800
CNH	48,542		08/06/25		2.555%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(56	)		47,378			47,434
CNH	129,600		09/01/25		2.735%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(113	)		238,204			238,317
CNH	225,740		11/02/25		2.588%(Q)	7 Day China Fixing Repo Rates(2)(Q)		454			248,929			248,475
CNH	200,000		12/09/25		2.855%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—			484,166			484,166
CNH	192,490		01/05/26		2.660%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(385	)		261,866			262,251
CNH	40,000		03/03/26		2.840%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(90	)		95,324			95,414
CNH	50,000		03/23/26		2.875%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—			127,365			127,365

See Notes to Financial Statements.

PGIM Global Total Return Fund 97

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Interest rate swap agreements outstanding at April 30, 2022 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2022			Unrealized Appreciation (Depreciation)

Centrally Cleared Interest Rate Swap Agreements (cont’d.):
CNH	345,920		04/12/26		2.810%(Q)	7 Day China Fixing Repo Rates(2)(Q)	$	(977	)	$	739,289		$	740,266
CNH	6,300		12/22/26		2.460%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—			(439	)		(439	)
COP	43,903,000		06/10/25		4.370%(Q)	1 Day COOIS(2)(Q)		—			(1,330,951	)		(1,330,951	)
COP	57,000,000		11/05/25		3.170%(Q)	1 Day COOIS(2)(Q)		—			(2,481,635	)		(2,481,635	)
COP	23,700,000		12/14/25		3.265%(Q)	1 Day COOIS(2)(Q)		—			(1,035,837	)		(1,035,837	)
COP	15,800,000		02/08/26		3.135%(Q)	1 Day COOIS(2)(Q)		—			(735,101	)		(735,101	)
COP	27,120,000		04/20/26		4.190%(Q)	1 Day COOIS(2)(Q)		—			(1,053,571	)		(1,053,571	)
COP	25,830,000		07/19/28		6.150%(Q)	1 Day COOIS(2)(Q)		—			(772,376	)		(772,376	)
COP	27,041,260		07/27/28		6.200%(Q)	1 Day COOIS(2)(Q)		436,769			(795,668	)		(1,232,437	)
COP	13,388,000		11/28/28		6.380%(Q)	1 Day COOIS(2)(Q)		—			(364,713	)		(364,713	)
COP	20,710,000		12/16/29		5.480%(Q)	1 Day COOIS(2)(Q)		—			(914,480	)		(914,480	)
COP	21,300,000		02/13/30		5.100%(Q)	1 Day COOIS(2)(Q)		—			(1,071,369	)		(1,071,369	)
COP	7,740,000		07/13/30		4.205%(Q)	1 Day COOIS(2)(Q)		—			(511,864	)		(511,864	)
COP	19,006,000		09/17/30		4.321%(Q)	1 Day COOIS(2)(Q)		—			(1,239,369	)		(1,239,369	)
COP	113,100,000		03/26/31		5.221%(Q)	1 Day COOIS(2)(Q)		—			(6,021,264	)		(6,021,264	)
CZK	193,410		06/29/22		0.895%(A)	6 Month PRIBOR(2)(S)		—			(102,334	)		(102,334	)
CZK	250,000		11/17/22		1.505%(A)	6 Month PRIBOR(2)(S)		—			(334,618	)		(334,618	)
CZK	875,720		01/28/24		1.938%(A)	6 Month PRIBOR(2)(S)		—			(2,600,968	)		(2,600,968	)
CZK	364,670		01/28/30		1.588%(A)	6 Month PRIBOR(1)(S)		—			3,204,962			3,204,962
CZK	106,030		03/31/30		0.710%(A)	6 Month PRIBOR(2)(S)		—			(1,204,633	)		(1,204,633	)

See Notes to Financial Statements.

Interest rate swap agreements outstanding at April 30, 2022 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2022			Unrealized Appreciation (Depreciation)

Centrally Cleared Interest Rate Swap Agreements (cont’d.):
DKK	13,600		05/04/25		0.825%(A)	6 Month CIBOR(2)(S)	$	17		$	(20,775	)	$	(20,792	)
DKK	5,000		08/29/26		0.580%(A)	6 Month CIBOR(2)(S)		16			(28,296	)		(28,312	)
DKK	1,300		10/21/26		0.673%(A)	6 Month CIBOR(2)(S)		13			(7,128	)		(7,141	)
DKK	13,000		03/15/27		1.123%(A)	6 Month CIBOR(2)(S)		—			(43,905	)		(43,905	)
DKK	1,865		06/22/27		0.987%(A)	6 Month CIBOR(2)(S)		—			(6,774	)		(6,774	)
EUR	447,550		11/23/24		(0.046)%(A)	6 Month EURIBOR(2)(S)		—			(8,560,548	)		(8,560,548	)
EUR	229,995		12/02/24		(0.285)%(A)	6 Month EURIBOR(2)(S)		—			(8,548,935	)		(8,548,935	)
EUR	27,230		08/15/30		(0.191)%(A)	1 Day EuroSTR(2)(A)		(12,201	)		(3,333,947	)		(3,321,746	)
EUR	1,500		08/26/31		0.562%(A)	6 Month EURIBOR(2)(S)		135			(147,337	)		(147,472	)
EUR	1,700		12/14/31		1.217%(A)	6 Month EURIBOR(2)(S)		127			(65,671	)		(65,798	)
EUR	1,850		12/19/31		1.160%(A)	6 Month EURIBOR(2)(S)		414			(82,570	)		(82,984	)
EUR	2,300		12/19/31		1.161%(A)	6 Month EURIBOR(2)(S)		(10,704	)		(102,426	)		(91,722	)
EUR	2,600		12/27/31		1.082%(A)	6 Month EURIBOR(2)(S)		9,627			(137,767	)		(147,394	)
EUR	6,400		02/23/32		1.180%(A)	6 Month EURIBOR(2)(S)		160			(303,247	)		(303,407	)
EUR	4,680		03/29/32		1.170%(A)	6 Month EURIBOR(2)(S)		1,450			(239,043	)		(240,493	)
EUR	1,400		04/04/32		1.145%(A)	6 Month EURIBOR(2)(S)		—			(75,893	)		(75,893	)
EUR	2,000		04/10/32		1.105%(A)	6 Month EURIBOR(2)(S)		—			(117,277	)		(117,277	)
EUR	4,150		05/11/32		1.100%(A)	6 Month EURIBOR(2)(S)		(80,252	)		(196,463	)		(116,211	)
EUR	7,000		06/28/32		0.785%(A)	6 Month EURIBOR(2)(S)		(52,541	)		(593,952	)		(541,411	)
EUR	3,050		10/30/32		1.302%(A)	6 Month EURIBOR(2)(S)		—			(108,093	)		(108,093	)
EUR	14,225		05/11/33		1.000%(A)	6 Month EURIBOR(2)(S)		(325,387	)		(985,164	)		(659,777	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 99

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Interest rate swap agreements outstanding at April 30, 2022 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2022			Unrealized Appreciation (Depreciation)

Centrally Cleared Interest Rate Swap Agreements (cont’d.):
EUR	11,478		11/12/36		0.610%(A)	6 Month EURIBOR(2)(S)	$	—		$	(604,638	)	$	(604,638	)
EUR	365		05/11/39		1.100%(A)	1 Day EuroSTR(2)(A)		(3,063	)		(23,956	)		(20,893	)
EUR	23,435		11/12/41		0.454%(A)	6 Month EURIBOR(1)(S)		—			1,038,736			1,038,736
EUR	12,485		11/24/41		0.565%(A)	6 Month EURIBOR(1)(S)		—			1,359,801			1,359,801
EUR	12,485		11/24/41		0.600%(A)	3 Month EURIBOR(2)(Q)		—			(1,441,004	)		(1,441,004	)
EUR	30,272		11/25/41		0.629%(A)	6 Month EURIBOR(1)(S)		—			3,135,104			3,135,104
EUR	30,272		11/25/41		0.663%(A)	3 Month EURIBOR(2)(Q)		—			(3,335,633	)		(3,335,633	)
EUR	8,450		02/17/42		0.536%(A)	6 Month EURIBOR(2)(S)		—			(1,858,290	)		(1,858,290	)
EUR	17,040		03/22/42		1.257%(A)	6 Month EURIBOR(1)(S)		—			828,294			828,294
EUR	17,040		03/22/42		1.310%(A)	3 Month EURIBOR(2)(Q)		—			(916,873	)		(916,873	)
EUR	3,190		05/11/42		1.350%(A)	6 Month EURIBOR(2)(S)		(162,653	)		(190,528	)		(27,875	)
EUR	1,235		07/04/42		1.001%(A)	6 Month EURIBOR(2)(S)		(124,404	)		(158,781	)		(34,377	)
EUR	24,475		03/09/46		0.425%(A)	6 Month EURIBOR(2)(S)		—			(6,279,333	)		(6,279,333	)
EUR	2,500		11/08/46		0.275%(A)	1 Day EuroSTR(2)(A)		—			(667,594	)		(667,594	)
EUR	9,135		05/11/49		1.450%(A)	6 Month EURIBOR(2)(S)		613,095			(82,129	)		(695,224	)
EUR	11,820		11/12/51		(0.012)%(A)	6 Month EURIBOR(2)(S)		—			(271,580	)		(271,580	)
GBP	18,500		05/08/42		1.250%(A)	1 Day SONIA(2)(A)		108,102			(1,951,787	)		(2,059,889	)
GBP	13,725		05/08/46		1.250%(A)	1 Day SONIA(2)(A)		2,507,185			(1,475,731	)		(3,982,916	)
GBP	3,440		05/08/49		1.250%(A)	1 Day SONIA(2)(A)		697,605			(387,051	)		(1,084,656	)
GBP	3,540		09/03/50		0.328%(A)	1 Day SONIA(2)(A)		(34	)		(1,353,192	)		(1,353,158	)
HUF	4,000,000		11/10/23		3.490%(A)	6 Month BUBOR(2)(S)		—			(645,748	)		(645,748	)

See Notes to Financial Statements.

100

Interest rate swap agreements outstanding at April 30, 2022 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2022			Unrealized Appreciation (Depreciation)

Centrally Cleared Interest Rate Swap Agreements (cont’d.):
HUF	4,636,000		01/23/25		1.095%(A)	6 Month BUBOR(2)(S)	$	(16,472	)	$	(2,174,880	)	$	(2,158,408	)
HUF	370,000		03/18/26		2.140%(A)	6 Month BUBOR(2)(S)		9,731			(188,052	)		(197,783	)
HUF	1,667,000		12/23/26		3.755%(A)	6 Month BUBOR(2)(S)		27			(644,334	)		(644,361	)
HUF	6,237,270		06/12/28		3.750%(A)	6 Month BUBOR(2)(S)		—			(2,116,289	)		(2,116,289	)
HUF	1,677,900		07/15/29		1.650%(A)	6 Month BUBOR(2)(S)		—			(1,375,672	)		(1,375,672	)
HUF	5,500,000		03/31/31		2.460%(A)	6 Month BUBOR(2)(S)		—			(4,499,833	)		(4,499,833	)
ILS	40,440		04/16/28		0.928%(A)	3 Month TELBOR(2)(Q)		(474	)		(861,044	)		(860,570	)
ILS	10,250		05/13/31		1.498%(A)	3 Month TELBOR(2)(Q)		—			(172,363	)		(172,363	)
JPY	150,000		05/02/22		0.000%(S)	6 Month JPY LIBOR(2)(S)		(3	)		368			371
JPY	300,000		05/02/22		0.000%(S)	6 Month JPY LIBOR(2)(S)		(7	)		735			742
JPY	150,000		05/02/22		0.000%(A)	1 Day TONAR(1)(A)		278			(203	)		(481	)
JPY	300,000		05/02/22		0.000%(A)	1 Day TONAR(1)(A)		555			(407	)		(962	)
JPY	180,000		05/05/22		0.000%(S)	6 Month JPY LIBOR(2)(S)		(5	)		439			444
JPY	180,000		05/05/22		0.000%(A)	1 Day TONAR(1)(A)		275			(315	)		(590	)
JPY	215,000		05/06/22		0.000%(S)	6 Month JPY LIBOR(2)(S)		(7	)		523			530
JPY	2,100,000		05/06/22		0.000%(S)	6 Month JPY LIBOR(2)(S)		(68	)		5,105			5,173
JPY	215,000		05/06/22		0.000%(A)	1 Day TONAR(1)(A)		56			(132	)		(188	)
JPY	2,100,000		05/06/22		0.000%(T)	1 Day TONAR(1)(T)		550			(1,285	)		(1,835	)
JPY	350,000		05/07/22		0.000%(S)	6 Month JPY LIBOR(2)(S)		(12	)		860			872
JPY	350,000		05/07/22		0.000%(A)	1 Day TONAR(1)(A)		89			(205	)		(294	)
JPY	94,310		05/08/22		0.000%(S)	6 Month JPY LIBOR(2)(S)		(3	)		238			241

See Notes to Financial Statements.

PGIM Global Total Return Fund 101

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Interest rate swap agreements outstanding at April 30, 2022 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2022			Unrealized Appreciation (Depreciation)

Centrally Cleared Interest Rate Swap Agreements (cont’d.):
JPY	94,310		05/08/22		0.000%(A)	1 Day TONAR(1)(A)	$	27		$	(61	)	$	(88	)
JPY	166,000		05/09/22		0.000%(S)	6 Month JPY LIBOR(2)(S)		(6	)		417			423
JPY	166,000		05/09/22		0.000%(A)	1 Day TONAR(1)(A)		47			(105	)		(152	)
JPY	1,800,000		05/12/22		0.000%(S)	6 Month JPY LIBOR(2)(S)		(60	)		3,702			3,762
JPY	1,800,000		05/12/22		0.000%(A)	1 Day TONAR(1)(A)		2,698			(3,016	)		(5,714	)
JPY	1,000,000		05/14/22		0.000%(S)	6 Month JPY LIBOR(2)(S)		(34	)		2,080			2,114
JPY	1,000,000		05/14/22		0.000%(T)	1 Day TONAR(1)(T)		194			(506	)		(700	)
JPY	200,000		05/15/22		0.000%(S)	6 Month JPY LIBOR(2)(S)		(7	)		412			419
JPY	200,000		05/15/22		0.000%(A)	1 Day TONAR(1)(A)		43			(105	)		(148	)
JPY	65,000		05/16/22		0.000%(S)	6 Month JPY LIBOR(2)(S)		(3	)		136			139
JPY	65,000		05/16/22		0.000%(A)	1 Day TONAR(1)(A)		14			(33	)		(47	)
JPY	1,200,000		05/19/22		0.000%(S)	6 Month JPY LIBOR(2)(S)		(41	)		2,530			2,571
JPY	1,200,000		05/19/22		0.000%(A)	1 Day TONAR(1)(A)		220			(563	)		(783	)
JPY	560,000		05/24/22		0.000%(S)	6 Month JPY LIBOR(2)(S)		(16	)		1,166			1,182
JPY	560,000		05/24/22		0.000%(A)	1 Day TONAR(1)(A)		818			(865	)		(1,683	)
JPY	110,000		05/27/22		0.000%(S)	6 Month JPY LIBOR(2)(S)		(2	)		219			221
JPY	480,000		05/27/22		0.000%(S)	6 Month JPY LIBOR(2)(S)		(11	)		954			965
JPY	480,000		05/27/22		0.000%(A)	1 Day TONAR(1)(A)		695			(727	)		(1,422	)
JPY	110,000		05/27/22		0.000%(A)	1 Day TONAR(1)(A)		9			(41	)		(50	)
JPY	1,300,000		05/29/22		0.000%(S)	6 Month JPY LIBOR(2)(S)		(25	)		2,626			2,651
JPY	1,300,000		05/29/22		0.000%(A)	1 Day TONAR(1)(A)		113			(392	)		(505	)

See Notes to Financial Statements.

102

Interest rate swap agreements outstanding at April 30, 2022 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2022			Unrealized Appreciation (Depreciation)


Centrally Cleared Interest Rate Swap Agreements (cont’d.):
JPY	150,000		06/02/22		0.000%(S)	6 Month JPY LIBOR(2)(S)	$	(2	)	$	298		$	300
JPY	5,000,000		06/02/22		0.000%(S)	6 Month JPY LIBOR(2)(S)		(64	)		9,915			9,979
JPY	150,000		06/02/22		0.000%(A)	1 Day TONAR(1)(A)		8			(37	)		(45	)
JPY	5,000,000		06/02/22		0.000%(T)	1 Day TONAR(1)(T)		258			(1,229	)		(1,487	)
JPY	70,000		06/03/22		0.000%(S)	6 Month JPY LIBOR(2)(S)		—			138			138
JPY	3,399,385		06/03/22		0.000%(S)	6 Month JPY LIBOR(2)(S)		(35	)		6,688			6,723
JPY	70,000		06/03/22		0.000%(A)	1 Day TONAR(1)(A)		98			(99	)		(197	)
JPY	3,399,385		06/03/22		0.000%(A)	1 Day TONAR(1)(A)		4,759			(4,817	)		(9,576	)
JPY	350,000		06/04/22		0.000%(S)	6 Month JPY LIBOR(2)(S)		(3	)		689			692
JPY	350,000		06/04/22		0.000%(A)	1 Day TONAR(1)(A)		486			(486	)		(972	)
JPY	140,000		06/07/22		0.000%(S)	6 Month JPY LIBOR(2)(S)		—			281			281
JPY	140,000		06/07/22		0.000%(A)	1 Day TONAR(1)(A)		191			(190	)		(381	)
JPY	400,000		06/14/22		0.000%(S)	6 Month JPY LIBOR(2)(S)		(283	)		804			1,087
JPY	400,000		06/14/22		0.000%(A)	1 Day TONAR(1)(A)		530			(509	)		(1,039	)
JPY	1,000,000		06/16/22		0.000%(S)	6 Month JPY LIBOR(2)(S)		(695	)		2,103			2,798
JPY	1,000,000		06/16/22		0.000%(A)	1 Day TONAR(1)(A)		1,319			(1,254	)		(2,573	)
JPY	80,000		06/19/22		0.000%(S)	6 Month JPY LIBOR(2)(S)		(55	)		174			229
JPY	80,000		06/19/22		0.000%(A)	1 Day TONAR(1)(A)		116			(64	)		(180	)
JPY	3,276,010		06/20/22		0.000%(S)	6 Month JPY LIBOR(2)(S)		(2,268	)		6,217			8,485
JPY	3,276,010		06/20/22		0.000%(A)	1 Day TONAR(1)(A)		4,707			(2,616	)		(7,323	)
JPY	82,000		06/21/22		0.000%(S)	6 Month JPY LIBOR(2)(S)		(58	)		159			217

See Notes to Financial Statements.

PGIM Global Total Return Fund 103

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Interest rate swap agreements outstanding at April 30, 2022 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2022			Unrealized Appreciation (Depreciation)

Centrally Cleared Interest Rate Swap Agreements (cont’d.):
JPY	82,000		06/21/22	0.000%(A)	1 Day TONAR(1)(A)	$	105		$	(98	)	$	(203	)
JPY	150,000		06/22/22	0.000%(S)	6 Month JPY LIBOR(2)(S)		(104	)		267			371
JPY	150,000		06/22/22	0.000%(A)	1 Day TONAR(1)(A)		192			(176	)		(368	)
JPY	125,000		06/30/22	0.000%(S)	6 Month JPY LIBOR(2)(S)		(100	)		219			319
JPY	125,000		06/30/22	0.000%(A)	1 Day TONAR(1)(A)		153			(134	)		(287	)
JPY	300,000		07/02/22	0.000%(S)	6 Month JPY LIBOR(2)(S)		(241	)		511			752
JPY	300,000		07/02/22	0.000%(A)	1 Day TONAR(1)(A)		362			(305	)		(667	)
JPY	105,000		07/04/22	0.000%(S)	6 Month JPY LIBOR(2)(S)		(85	)		12			97
JPY	900,000		07/04/22	0.000%(S)	6 Month JPY LIBOR(2)(S)		(727	)		108			835
JPY	2,000,000		07/04/22	0.000%(S)	6 Month JPY LIBOR(2)(S)		(1,615	)		241			1,856
JPY	105,000		07/04/22	0.000%(A)	1 Day TONAR(1)(A)		138			(68	)		(206	)
JPY	900,000		07/04/22	0.000%(A)	1 Day TONAR(1)(A)		1,187			(580	)		(1,767	)
JPY	2,000,000		07/04/22	0.000%(A)	1 Day TONAR(1)(A)		2,637			(1,290	)		(3,927	)
JPY	3,276,010		12/20/24	0.126%(S)	1 Day TONAR(2)(S)		(12,001	)		487			12,488
JPY	950,000		01/15/25	0.000%(S)	1 Day TONAR(2)(S)		799			(28,717	)		(29,516	)
JPY	9,000,000		03/02/26	0.029%(S)	1 Day TONAR(2)(S)		19			(399,851	)		(399,870	)
JPY	5,000,000		06/02/26	0.009%(S)	1 Day TONAR(2)(S)		40			(287,033	)		(287,073	)
JPY	2,000,000		01/04/27	(0.033)%(S)	1 Day TONAR(2)(S)		3,929			(179,040	)		(182,969	)
JPY	2,100,000		05/06/27	0.020%(S)	1 Day TONAR(2)(S)		57			(167,594	)		(167,651	)
JPY	1,800,000		11/12/28	0.011%(S)	1 Day TONAR(2)(S)		73			(256,799	)		(256,872	)
JPY	135,000		02/20/29	1.260%(S)	1 Day TONAR(2)(S)		(4,144	)		69,659			73,803

See Notes to Financial Statements.

104

Interest rate swap agreements outstanding at April 30, 2022 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2022			Unrealized Appreciation (Depreciation)

Centrally Cleared Interest Rate Swap Agreements (cont’d.):
JPY	2,500,000		03/22/29		0.068%(S)	1 Day TONAR(2)(S)	$	(1,804	)	$	(320,241	)	$	(318,437	)
JPY	50,000		04/02/29		1.288%(S)	1 Day TONAR(2)(S)		(954	)		26,282			27,236
JPY	100,000		08/18/29		1.070%(S)	1 Day TONAR(2)(S)		(2,654	)		43,019			45,673
JPY	100,000		08/28/29		1.043%(S)	1 Day TONAR(2)(S)		(2,280	)		41,289			43,569
JPY	200,000		09/09/29		1.061%(S)	1 Day TONAR(2)(S)		(4,221	)		84,559			88,780
JPY	655,000		09/29/29		1.064%(S)	1 Day TONAR(2)(S)		(10,780	)		276,028			286,808
JPY	300,000		07/02/30		0.047%(S)	1 Day TONAR(2)(S)		(215	)		(60,151	)		(59,936	)
JPY	200,000		04/01/31		0.319%(S)	1 Day TONAR(2)(S)		(911	)		(10,661	)		(9,750	)
JPY	215,000		05/06/31		0.354%(S)	1 Day TONAR(2)(S)		(509	)		(4,867	)		(4,358	)
JPY	150,000		07/07/31		0.071%(S)	1 Day TONAR(2)(S)		(234	)		(35,592	)		(35,358	)
JPY	700,000		08/05/31		0.026%(S)	1 Day TONAR(2)(S)		49			(192,119	)		(192,168	)
JPY	256,500		08/15/31		0.223%(S)	1 Day TONAR(2)(S)		(1,350	)		(34,193	)		(32,843	)
JPY	130,000		08/30/31		0.217%(S)	1 Day TONAR(2)(S)		(556	)		(18,170	)		(17,614	)
JPY	120,000		09/08/31		0.316%(S)	1 Day TONAR(2)(S)		(721	)		(8,336	)		(7,615	)
JPY	190,000		09/21/31		0.328%(S)	1 Day TONAR(2)(S)		(1,022	)		(12,060	)		(11,038	)
JPY	350,000		10/14/31		0.270%(S)	1 Day TONAR(2)(S)		(1,092	)		(38,068	)		(36,976	)
JPY	200,000		04/06/32		0.484%(S)	1 Day TONAR(2)(S)		(1,327	)		6,906			8,233
JPY	159,520		04/07/32		0.491%(S)	1 Day TONAR(2)(S)		(1,058	)		6,364			7,422
JPY	1,200,000		05/19/32		0.023%(S)	1 Day TONAR(2)(S)		(28	)		(389,866	)		(389,838	)
JPY	800,000		05/29/32		0.016%(S)	1 Day TONAR(2)(S)		(3	)		(265,684	)		(265,681	)
JPY	140,000		06/07/32		0.451%(S)	1 Day TONAR(2)(S)		—			2,091			2,091

See Notes to Financial Statements.

PGIM Global Total Return Fund 105

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Interest rate swap agreements outstanding at April 30, 2022 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2022			Unrealized Appreciation (Depreciation)

Centrally Cleared Interest Rate Swap Agreements (cont’d.):
JPY	71,000		09/21/32		0.463%(S)	1 Day TONAR(2)(S)	$	(555	)	$	448		$	1,003
JPY	160,000		11/14/32		2.390%(S)	1 Day TONAR(2)(S)		—			231,201			231,201
JPY	180,000		11/05/34		1.293%(S)	1 Day TONAR(2)(S)		(1,721	)		137,832			139,553
JPY	70,000		12/03/34		1.265%(S)	1 Day TONAR(2)(S)		(81	)		51,303			51,384
JPY	260,000		01/07/35		1.108%(S)	1 Day TONAR(2)(S)		(10,074	)		148,433			158,507
JPY	50,000		01/22/35		0.950%(S)	1 Day TONAR(2)(S)		(1,492	)		20,652			22,144
JPY	120,000		02/12/35		1.161%(S)	1 Day TONAR(2)(S)		(3,729	)		73,971			77,700
JPY	320,000		02/24/35		1.200%(S)	1 Day TONAR(2)(S)		(9,230	)		208,684			217,914
JPY	160,000		03/03/35		1.153%(S)	1 Day TONAR(2)(S)		(4,004	)		96,645			100,649
JPY	350,000		05/07/35		0.073%(S)	1 Day TONAR(2)(S)		(119	)		(163,875	)		(163,756	)
JPY	90,000		02/04/36		0.816%(S)	1 Day TONAR(2)(S)		(2,082	)		23,795			25,877
JPY	65,000		05/16/36		0.446%(S)	1 Day TONAR(2)(S)		(137	)		(8,518	)		(8,381	)
JPY	110,000		05/27/36		0.460%(S)	1 Day TONAR(2)(S)		(112	)		(13,014	)		(12,902	)
JPY	60,000		07/22/36		0.240%(S)	1 Day TONAR(2)(S)		(413	)		(22,193	)		(21,780	)
JPY	300,000		10/04/36		0.363%(S)	1 Day TONAR(2)(S)		(1,527	)		(75,445	)		(73,918	)
JPY	150,000		11/02/36		0.423%(S)	1 Day TONAR(2)(S)		(499	)		(26,485	)		(25,986	)
JPY	400,000		12/14/36		0.723%(S)	1 Day TONAR(2)(S)		(11,511	)		60,928			72,439
JPY	150,000		12/22/36		0.641%(S)	1 Day TONAR(2)(S)		(3,639	)		8,821			12,460
JPY	250,000		01/06/37		0.675%(S)	1 Day TONAR(2)(S)		(5,871	)		23,522			29,393
JPY	275,500		02/15/37		0.729%(S)	1 Day TONAR(2)(S)		(5,211	)		40,254			45,465
JPY	130,000		02/23/37		0.748%(S)	1 Day TONAR(2)(S)		(2,334	)		21,587			23,921

See Notes to Financial Statements.

106

Interest rate swap agreements outstanding at April 30, 2022 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2022		Unrealized Appreciation (Depreciation)

Centrally Cleared Interest Rate Swap Agreements (cont’d.):
JPY	100,000		03/02/37		0.686%(S)	1 Day TONAR(2)(S)	$	(1,485	)	$	9,504	$	10,989
JPY	273,000		03/09/37		0.701%(S)	1 Day TONAR(2)(S)		(3,850	)		30,156		34,006
JPY	200,000		03/29/37		0.684%(S)	1 Day TONAR(2)(S)		(2,141	)		17,357		19,498
JPY	94,310		05/08/37		0.623%(S)	1 Day TONAR(2)(S)		(390	)		2,974		3,364
JPY	200,000		05/15/37		0.688%(S)	1 Day TONAR(2)(S)		(694	)		21,243		21,937
JPY	150,000		06/02/37		0.640%(S)	1 Day TONAR(2)(S)		(110	)		6,994		7,104
JPY	80,000		06/19/37		0.625%(S)	1 Day TONAR(2)(S)		(1,937	)		2,052		3,989
JPY	82,000		06/21/37		0.628%(S)	1 Day TONAR(2)(S)		(1,959	)		2,292		4,251
JPY	125,000		06/30/37		0.629%(S)	1 Day TONAR(2)(S)		(2,834	)		3,432		6,266
JPY	105,000		07/04/37		0.659%(S)	1 Day TONAR(2)(S)		(2,450	)		6,479		8,929
JPY	285,000		07/26/37		0.676%(S)	1 Day TONAR(2)(S)		(5,831	)		21,877		27,708
JPY	117,300		08/02/37		0.683%(S)	1 Day TONAR(2)(S)		(2,297	)		9,782		12,079
JPY	160,000		08/09/37		0.679%(S)	1 Day TONAR(2)(S)		(2,941	)		12,313		15,254
JPY	500,000		09/04/37		0.663%(S)	1 Day TONAR(2)(S)		(7,072	)		26,581		33,653
JPY	175,000		09/27/37		0.670%(S)	1 Day TONAR(2)(S)		(1,887	)		9,932		11,819
JPY	300,000		11/02/37		0.734%(S)	1 Day TONAR(2)(S)		(1,770	)		44,909		46,679
JPY	350,000		12/04/37		0.730%(S)	1 Day TONAR(2)(S)		(175	)		48,362		48,537
JPY	900,000		01/04/38		0.757%(S)	1 Day TONAR(2)(S)		(24,247	)		146,857		171,104
JPY	224,000		01/11/38		0.831%(S)	1 Day TONAR(2)(S)		(6,350	)		56,198		62,548
JPY	800,000		03/28/38		0.656%(S)	1 Day TONAR(2)(S)		(8,332	)		19,903		28,235
JPY	1,000,000		04/04/38		0.681%(S)	1 Day TONAR(2)(S)		(9,910	)		52,538		62,448

See Notes to Financial Statements.

PGIM Global Total Return Fund 107

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Interest rate swap agreements outstanding at April 30, 2022 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2022			Unrealized Appreciation (Depreciation)

Centrally Cleared Interest Rate Swap Agreements (cont’d.):
JPY	675,000		04/06/38		0.655%(S)	1 Day TONAR(2)(S)	$	(6,229	)	$	14,531		$	20,760
JPY	1,815,000		04/18/38		0.675%(S)	1 Day TONAR(2)(S)		(13,980	)		77,609			91,589
JPY	600,000		08/10/38		0.822%(S)	1 Day TONAR(2)(S)		(13,366	)		133,790			147,156
JPY	2,430,385		12/03/38		0.600%(S)	1 Day TONAR(2)(S)		(1,336	)		(131,733	)		(130,397	)
JPY	480,000		11/27/39		0.258%(S)	1 Day TONAR(2)(S)		(265	)		(264,056	)		(263,791	)
JPY	969,000		12/03/39		0.650%(S)	1 Day TONAR(2)(S)		(579	)		(25,417	)		(24,838	)
JPY	1,200,000		01/08/40		0.230%(S)	1 Day TONAR(2)(S)		(8,744	)		(715,433	)		(706,689	)
JPY	1,500,000		01/08/40		0.250%(S)	1 Day TONAR(2)(S)		(12,007	)		(854,159	)		(842,152	)
JPY	745,000		02/06/40		0.223%(S)	1 Day TONAR(2)(S)		(4,198	)		(456,229	)		(452,031	)
JPY	800,000		03/25/40		0.171%(S)	1 Day TONAR(2)(S)		(2,026	)		(553,791	)		(551,765	)
JPY	1,000,000		05/14/41		0.383%(S)	1 Day TONAR(2)(S)		(1,956	)		(461,037	)		(459,081	)
JPY	8,165,000		07/08/42		0.300%(A)	1 Day TONAR(1)(A)		4,853,237			4,514,342			(338,895	)
JPY	166,000		05/09/43		0.820%(S)	1 Day TONAR(2)(S)		(885	)		19,671			20,556
JPY	2,000,000		10/23/45		0.333%(S)	1 Day TONAR(2)(S)		(6,599	)		(1,610,765	)		(1,604,166	)
JPY	775,000		04/12/46		0.496%(S)	1 Day TONAR(2)(S)		(4,896	)		(425,326	)		(420,430	)
JPY	110,291		04/15/46		0.560%(S)	1 Day TONAR(2)(S)		(734	)		(48,334	)		(47,600	)
JPY	26,000		10/04/47		0.942%(S)	1 Day TONAR(2)(S)		(364	)		5,176			5,540
JPY	560,000		11/24/47		0.888%(S)	1 Day TONAR(2)(S)		(1,511	)		66,935			68,446
JPY	500,000		05/29/50		0.186%(S)	1 Day TONAR(2)(S)		(164	)		(678,555	)		(678,391	)
JPY	500,000		08/26/50		0.334%(S)	1 Day TONAR(2)(S)		(3,746	)		(538,652	)		(534,906	)
JPY	1,000,000		12/16/50		0.338%(S)	1 Day TONAR(2)(S)		(12,888	)		(1,081,187	)		(1,068,299	)

See Notes to Financial Statements.

108

Interest rate swap agreements outstanding at April 30, 2022 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2022			Unrealized Appreciation (Depreciation)

Centrally Cleared Interest Rate Swap Agreements (cont’d.):
JPY	1,200,000		02/08/51		0.467%(S)	1 Day TONAR(2)(S)	$	(15,324	)	$	(995,218	)	$	(979,894	)
JPY	1,650,000		03/30/51		0.520%(S)	1 Day TONAR(2)(S)		(13,239	)		(1,206,543	)		(1,193,304	)
KRW	18,824,000		08/06/25		0.830%(Q)	3 Month KWCDC(2)(Q)		(18	)		(1,070,348	)		(1,070,330	)
KRW	20,447,900		09/10/28		2.043%(Q)	3 Month KWCDC(2)(Q)		529,643			(905,149	)		(1,434,792	)
KRW	3,120,000		10/18/29		1.313%(Q)	3 Month KWCDC(2)(Q)		9			(283,765	)		(283,774	)
KRW	11,000,000		02/05/30		1.319%(Q)	3 Month KWCDC(2)(Q)		18			(1,030,421	)		(1,030,439	)
KRW	2,455,000		04/27/30		1.065%(Q)	3 Month KWCDC(2)(Q)		2			(271,277	)		(271,279	)
KRW	10,000,000		07/16/30		1.000%(Q)	3 Month KWCDC(2)(Q)		(41	)		(1,171,788	)		(1,171,747	)
KRW	5,000,000		01/05/31		1.258%(Q)	3 Month KWCDC(2)(Q)		—			(532,349	)		(532,349	)
KRW	21,000,000		08/13/31		1.630%(Q)	3 Month KWCDC(2)(Q)		—			(1,842,378	)		(1,842,378	)
MXN	391,310		03/19/26		6.050%(M)	28 Day Mexican Interbank Rate(2)(M)		(715	)		(1,988,379	)		(1,987,664	)
MXN	33,500		10/12/27		7.350%(M)	28 Day Mexican Interbank Rate(2)(M)		—			(121,316	)		(121,316	)
MXN	305,790		02/27/29		8.260%(M)	28 Day Mexican Interbank Rate(2)(M)		67,054			(565,993	)		(633,047	)
MXN	271,000		07/10/30		5.680%(M)	28 Day Mexican Interbank Rate(2)(M)		(124	)		(2,555,491	)		(2,555,367	)
MXN	110,000		11/29/30		5.480%(M)	28 Day Mexican Interbank Rate(2)(M)		—			(1,131,743	)		(1,131,743	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 109

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Interest rate swap agreements outstanding at April 30, 2022 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2022			Unrealized Appreciation (Depreciation)

Centrally Cleared Interest Rate Swap Agreements (cont’d.):
MXN	15,290		01/03/33		5.715%(M)	28 Day Mexican Interbank Rate(2)(M)	$	(22	)	$	(168,287	)	$	(168,265	)
NOK	36,000		02/07/29		2.083%(A)	6 Month NIBOR(2)(S)		—			(190,576	)		(190,576	)
NOK	48,000		10/07/29		1.660%(A)	6 Month NIBOR(2)(S)		—			(395,946	)		(395,946	)
NZD	1,235		10/03/22		2.740%(S)	3 Month BBR(2)(Q)		—			1,975			1,975
NZD	2,830		04/26/23		2.733%(S)	3 Month BBR(2)(Q)		(18,782	)		(9,546	)		9,236
NZD	1,750		03/13/24		5.080%(S)	3 Month BBR(2)(Q)		11,403			32,380			20,977
NZD	2,500		03/15/24		3.355%(S)	3 Month BBR(2)(Q)		978			(7,869	)		(8,847	)
NZD	1,550		07/04/24		3.100%(S)	3 Month BBR(2)(Q)		—			(6,312	)		(6,312	)
NZD	3,500		01/10/27		3.420%(S)	3 Month BBR(2)(Q)		45,676			(27,973	)		(73,649	)
NZD	5,000		04/18/28		3.193%(S)	3 Month BBR(2)(Q)		—			(123,591	)		(123,591	)
NZD	6,450		11/28/28		2.950%(S)	3 Month BBR(2)(Q)		—			(192,575	)		(192,575	)
NZD	9,250		07/22/29		1.768%(S)	3 Month BBR(2)(Q)		—			(786,113	)		(786,113	)
NZD	9,000		10/07/29		1.130%(S)	3 Month BBR(2)(Q)		—			(1,049,331	)		(1,049,331	)
NZD	51,390		03/01/31		2.098%(S)	3 Month BBR(2)(Q)		698,655			(4,477,053	)		(5,175,708	)
PLN	104,000		03/26/31		1.675%(A)	6 Month WIBOR(2)(S)		—			(6,807,623	)		(6,807,623	)
SEK	100,000		04/13/31		0.763%(A)	3 Month STIBOR(2)(Q)		—			(1,278,563	)		(1,278,563	)
SGD	17,215		07/29/31		1.120%(S)	6 Month SIBOR(2)(S)		111,409			(1,529,319	)		(1,640,728	)
THB	173,600		04/28/30		1.020%(S)	6 Month THBFIX(2)(S)		—			(597,121	)		(597,121	)
THB	72,900		06/25/30		0.990%(S)	6 Month THBFIX(2)(S)		—			(256,480	)		(256,480	)
THB	200,200		07/03/30		1.028%(S)	6 Month THBFIX(2)(S)		—			(692,139	)		(692,139	)

See Notes to Financial Statements.

110

Interest rate swap agreements outstanding at April 30, 2022 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2022			Unrealized Appreciation (Depreciation)

Centrally Cleared Interest Rate Swap Agreements (cont’d.):
THB	115,500		08/17/31		1.320%(S)	6 Month THBFIX(2)(S)	$	—		$	(387,712	)	$	(387,712	)
	187,500		05/29/22		0.014%(A)	1 Day USOIS(1)(A)		154,832			299,580			144,748
	219,110		11/09/22		0.061%(A)	1 Day SOFR(1)(A)		—			1,862,589			1,862,589
	135,215		11/02/23		0.070%(A)	1 Day USOIS(1)(A)		—			5,156,219			5,156,219
	199,767		11/06/23		0.063%(A)	1 Day USOIS(1)(A)		—			7,711,108			7,711,108
	48,592		08/15/28		1.220%(A)	1 Day SOFR(1)(A)		—			3,999,368			3,999,368
	4,980		08/15/44		2.392%(A)	1 Day USOIS(1)(A)		—			98,645			98,645
ZAR	665,000		02/28/24		7.475%(Q)	3 Month JIBAR(1)(Q)		—			(1,115,709	)		(1,115,709	)
ZAR	16,800		05/12/26		8.680%(Q)	3 Month JIBAR(2)(Q)		8			67,292			67,284
ZAR	27,500		06/30/27		8.015%(Q)	3 Month JIBAR(2)(Q)		(106	)		44,460			44,566
ZAR	68,200		11/07/27		8.360%(Q)	3 Month JIBAR(2)(Q)		35			190,352			190,317
ZAR	43,090		01/17/28		7.833%(Q)	3 Month JIBAR(2)(Q)		—			26,389			26,389
ZAR	35,000		04/16/28		7.655%(Q)	3 Month JIBAR(2)(Q)		(895	)		(4,180	)		(3,285	)
ZAR	176,800		07/16/28		8.170%(Q)	3 Month JIBAR(2)(Q)		497			231,449			230,952
ZAR	200,000		02/28/29		8.035%(Q)	3 Month JIBAR(2)(Q)		—			149,677			149,677
ZAR	46,800		06/21/29		7.685%(Q)	3 Month JIBAR(2)(Q)		(173	)		(41,269	)		(41,096	)
ZAR	140,000		10/03/29		7.580%(Q)	3 Month JIBAR(2)(Q)		—			(226,112	)		(226,112	)
ZAR	30,000		11/01/29		7.820%(Q)	3 Month JIBAR(2)(Q)		(171	)		(11,885	)		(11,714	)
ZAR	344,070		03/26/30		9.200%(Q)	3 Month JIBAR(2)(Q)		(5,915	)		1,441,582			1,447,497
ZAR	56,000		05/06/30		7.650%(Q)	3 Month JIBAR(2)(Q)		(385	)		(85,940	)		(85,555	)
ZAR	112,000		09/15/30		6.940%(Q)	3 Month JIBAR(2)(Q)		(1,101	)		(549,833	)		(548,732	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 111

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Interest rate swap agreements outstanding at April 30, 2022 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2022			Unrealized Appreciation (Depreciation)

Centrally Cleared Interest Rate Swap Agreements (cont’d.):
ZAR	300,000		12/01/30		6.888%(Q)	3 Month JIBAR(2)(Q)	$	(98,103	)	$	(1,581,967	)	$	(1,483,864	)
ZAR	126,600		03/18/31		7.660%(Q)	3 Month JIBAR(2)(Q)		(4,163	)		(310,755	)		(306,592	)
ZAR	208,000		03/25/31		7.600%(Q)	3 Month JIBAR(2)(Q)		(5,261	)		(575,616	)		(570,355	)
ZAR	213,000		04/09/31		7.470%(Q)	3 Month JIBAR(2)(Q)		(5,452	)		(729,581	)		(724,129	)
ZAR	185,220		10/07/31		7.670%(Q)	3 Month JIBAR(2)(Q)		(1,284	)		(551,306	)		(550,022	)


							$	10,352,543		$	(117,830,220	)	$	(128,182,763	)


Notional Amount (000)#		Termination Date	Fixed Rate	Floating Rate	Fair Value			Upfront Premiums Paid(Received)			Unrealized Appreciation (Depreciation)			Counterparty

OTC Interest Rate Swap Agreements:
CNH	10,000	04/02/26	3.120%(Q)	7 Day China Fixing Repo Rates(2)(Q)	$	38,832			$	3	$	38,829		Citibank, N.A.
CNH	5,000	10/14/31	2.675%(Q)	7 Day China Fixing Repo Rates(2)(Q)		1,242				—		1,242		Standard Chartered Bank
CNH	30,000	11/02/31	2.700%(Q)	7 Day China Fixing Repo Rates(2)(Q)		20,850				—		20,850		Standard Chartered Bank
COP	4,351,000	11/01/26	6.590%(Q)	1 Day COOIS(2)(Q)		(81,485	)			—		(81,485	)	Morgan Stanley & Co. International PLC
COP	10,220,000	11/04/26	6.770%(Q)	1 Day COOIS(2)(Q)		(173,595	)			—		(173,595	)	Morgan Stanley & Co. International PLC
COP	13,700,000	06/02/27	5.910%(Q)	1 Day COOIS(2)(Q)		(390,132	)			—		(390,132	)	Morgan Stanley & Co. International PLC
COP	5,437,000	01/23/28	6.035%(Q)	1 Day COOIS(2)(Q)		(162,233	)			—		(162,233	)	Morgan Stanley & Co. International PLC
COP	6,670,000	01/26/28	6.000%(Q)	1 Day COOIS(2)(Q)		(198,909	)			. —		(198,909	)	Morgan Stanley & Co. International PLC

See Notes to Financial Statements.

112

Interest rate swap agreements outstanding at April 30, 2022 (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	5,607,000	02/01/28	6.020%(Q)	1 Day COOIS(2)(Q)	$	(162,605	)		$	—		$	(162,605	)	Morgan Stanley & Co. International PLC
COP	9,400,000	07/18/28	6.150%(Q)	1 Day COOIS(2)(Q)		(280,921	)			—			(280,921	)	Morgan Stanley & Co. International PLC
ILS	7,500	12/09/22	1.530%(A)	3 Month TELBOR(2)(Q)		21,034				—			21,034		Citibank, N.A.
ILS	3,200	03/06/23	3.525%(A)	3 Month TELBOR(2)(Q)		24,015				—			24,015		Citibank, N.A.
ILS	4,200	06/27/23	3.730%(A)	3 Month TELBOR(2)(Q)		72,888				—			72,888		Credit Suisse International
ILS	3,000	04/26/26	1.685%(A)	3 Month TELBOR(2)(Q)		(14,002	)			—			(14,002	)	JPMorgan Chase Bank, N.A.
ILS	5,000	06/24/26	1.660%(A)	3 Month TELBOR(2)(Q)		(5,211	)			—			(5,211	)	Citibank, N.A.
ILS	4,000	09/19/26	1.600%(A)	3 Month TELBOR(2)(Q)		(14,196	)			—			(14,196	)	Barclays Bank PLC
ILS	7,000	01/12/27	1.975%(A)	3 Month TELBOR(2)(Q)		(3,061	)			—			(3,061	)	Citibank, N.A.
ILS	3,000	03/15/27	2.130%(A)	3 Month TELBOR(2)(Q)		1,946				—			1,946		Citibank, N.A.
ILS	2,745	06/22/27	1.845%(A)	3 Month TELBOR(2)(Q)		561				—			561		Citibank, N.A.
ILS	37,240	07/13/27	0.395%(A)	3 Month TELBOR(2)(Q)		(930,779	)			—			(930,779	)	Goldman Sachs International
ILS	22,800	09/07/27	0.488%(A)	3 Month TELBOR(2)(Q)		(556,148	)			—			(556,148	)	Morgan Stanley & Co. International PLC
ILS	5,600	04/26/28	1.915%(A)	3 Month TELBOR(2)(Q)		(27,440	)			—			(27,440	)	BNP Paribas S.A.
ILS	38,930	07/16/28	2.045%(A)	3 Month TELBOR(2)(Q)		64,518				—			64,518		JPMorgan Chase Bank, N.A.
ILS	8,050	03/13/29	1.840%(A)	3 Month TELBOR(2)(Q)		(58,733	)			—			(58,733	)	HSBC Bank PLC
ILS	12,160	07/12/29	1.411%(A)	3 Month TELBOR(2)(Q)		(168,967	)			(2,438	)		(166,529	)	Citibank, N.A.
ILS	5,000	10/07/29	0.885%(A)	3 Month TELBOR(2)(Q)		(135,977	)			—			(135,977	)	Goldman Sachs International
ILS	19,790	12/09/29	0.813%(A)	3 Month TELBOR(2)(Q)		(594,763	)			—			(594,763	)	Goldman Sachs International
ILS	31,310	04/24/30	0.710%(A)	3 Month TELBOR(2)(Q)		(1,094,951	)			(233	)		(1,094,718	)	Goldman Sachs International

See Notes to Financial Statements.

PGIM Global Total Return Fund 113

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Interest rate swap agreements outstanding at April 30, 2022 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Fair Value			Upfront Premiums Paid (Received)				Unrealized Appreciation (Depreciation)			Counterparty

OTC Interest Rate Swap Agreements (cont’d.):
ILS	25,300		05/07/30	0.810%(A)	3 Month TELBOR(2)(Q)	$	(776,103	)		$	—		$	(776,103	)	Goldman Sachs International
JPY	35,000		12/14/32	1.575%(S)	6 Month JPY LIBOR(2)(S)		33,178				—			33,178		HSBC Bank PLC
KRW	655,000		10/07/22	1.765%(Q)	3 Month KWCDC(2)(Q)		(40	)			—			(40	)	JPMorgan Chase Bank, N.A.
KRW	3,300,000		04/17/23	2.170%(Q)	3 Month KWCDC(2)(Q)		(6,156	)			(53	)		(6,103	)	Morgan Stanley & Co. International PLC
KRW	900,000		11/05/24	2.425%(Q)	3 Month KWCDC(2)(Q)		(8,460	)			—			(8,460	)	Citibank, N.A.
KRW	1,485,000		10/28/26	1.520%(Q)	3 Month KWCDC(2)(Q)		(77,193	)			(7	)		(77,186	)	JPMorgan Chase Bank, N.A.
KRW	2,040,000		04/26/27	1.880%(Q)	3 Month KWCDC(2)(Q)		(88,319	)			—			(88,319	)	Morgan Stanley & Co. International PLC
KRW	1,280,000		10/17/28	1.450%(Q)	3 Month KWCDC(2)(Q)		(94,982	)			—			(94,982	)	Citibank, N.A.
KRW	520,000		01/27/31	1.870%(Q)	3 Month KWCDC(2)(Q)		(35,496	)			—			(35,496	)	JPMorgan Chase Bank, N.A.
MYR	16,000		08/19/23	3.445%(Q)	3 Month KLIBOR(2)(Q)		44,198				—			44,198		Morgan Stanley & Co. International PLC
MYR	1,700		04/28/25	4.040%(Q)	3 Month KLIBOR(2)(Q)		6,296				—			6,296		Citibank, N.A.
MYR	23,575		04/09/26	2.625%(Q)	3 Month KLIBOR(2)(Q)		(209,804	)			(339	)		(209,465	)	Morgan Stanley & Co. International PLC
MYR	45,900		08/12/26	2.605%(Q)	3 Month KLIBOR(2)(Q)		(465,551	)			(677	)		(464,874	)	HSBC Bank PLC
MYR	3,160		07/11/29	3.528%(Q)	3 Month KLIBOR(2)(Q)		(24,213	)			(6	)		(24,207	)	Morgan Stanley & Co. International PLC
MYR	11,700		11/19/29	3.245%(Q)	3 Month KLIBOR(2)(Q)		(144,112	)			18			(144,130	)	Morgan Stanley & Co. International PLC
MYR	17,800		02/04/30	3.060%(Q)	3 Month KLIBOR(2)(Q)		(279,375	)			9			(279,384	)	Morgan Stanley & Co. International PLC
THB	120,000		08/23/23	1.920%(S)	6 Month THBFIX(2)(S)		45,092				—			45,092		Morgan Stanley & Co. International PLC

See Notes to Financial Statements.

114

Interest rate swap agreements outstanding at April 30, 2022 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Fair Value			Upfront Premiums Paid (Received)				Unrealized Appreciation (Depreciation)				Counterparty

OTC Interest Rate Swap Agreements (cont’d.):
THB	60,000		07/04/24	1.590%(S)	6 Month THBFIX(2)(S)	$	3,887			$	—			$	3,887		Morgan Stanley & Co. International PLC
THB	28,900		04/30/25	2.560%(S)	6 Month THBFIX(2)(S)		24,941				—				24,941		Citibank, N.A.
THB	173,000		05/07/25	0.795%(S)	6 Month THBFIX(2)(S)		(151,183	)			16				(151,199	)	HSBC Bank PLC
THB	23,000		05/29/30	1.000%(S)	6 Month THBFIX(2)(S)		(79,072	)			—				(79,072	)	Goldman Sachs International
	3,000		01/26/32	—(3)	—(3)		5,910				—				5,910		Citibank, N.A.
ZAR	40,930		03/22/42	7.800%(Q)	3 Month JIBAR(2)(Q)		(248,085	)			—				(248,085	)	Citibank, N.A.
ZAR	89,400		09/22/42	8.020%(Q)	3 Month JIBAR(2)(Q)		(424,974	)			—				(424,974	)	Citibank, N.A.
ZAR	38,700		03/22/47	7.650%(Q)	3 Month JIBAR(1)(Q)		300,135				—				300,135		Citibank, N.A.
ZAR	83,965		09/22/47	7.890%(Q)	3 Month JIBAR(1)(Q)		517,919				—				517,919		Citibank, N.A.


						$	(6,939,784	)		$	(3,707	)		$	(6,936,077	)

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

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

(3)	The Fund pays the floating rate of 1 Week MUNIPSA quarterly and receives the floating rate of 1 Day SOFR quarterly.

Total return swap agreements outstanding at April 30, 2022:


Reference Entity	Financing Rate	Counterparty		Termination Date	Long (Short) Notional Amount (000)#(1)	Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)(2)
OTC Total Return Swap Agreement:
U.S. Treasury Bonds(T)	1 Day USOIS +5.00 bps(T)		Goldman Sachs International	5/03/22	27,846	$	(4,125,229	)		$	—		$	(4,125,229	)

(1)

On a long total return swap, the Fund receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Fund makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.

(2)	Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).

See Notes to Financial Statements.

PGIM Global Total Return Fund 115

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

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


	Premiums Paid		Premiums Received	Unrealized Appreciation		Unrealized Depreciation


OTC Swap Agreements		$81,843,102	$(62,749,072)		$41,033,009		$(62,290,930	)

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.		$	—		$	59,887,654
J.P. Morgan Securities LLC			—			14,101,416


Total		$	—		$	73,989,070

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of April 30, 2022 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Asset-Backed Securities
Canada	$	—	$	1,775,730	$	—
Cayman Islands		—		112,948,467		—
Ireland		—		197,878,746		—
Spain		—		4,186,613		4,394
United Kingdom		—		15,987,977		—
United States		—		80,228,744		—
Bank Loans
Germany		—		3,421,809		—
United Kingdom		—		35,664,478		20,213,509
United States		—		2,286,859		—
Commercial Mortgage-Backed Securities
Canada		—		1,551,402		—
Ireland		—		26,423,339		—
United Kingdom		—		628,685		—

See Notes to Financial Statements.

116


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Commercial Mortgage-Backed Securities (continued)
United States	$	—	$	337,391,976	$	—
Corporate Bonds
Australia		—		3,485,165		—
Belgium		—		11,327,452		—
Brazil		—		36,692,418		—
Bulgaria		—		12,379,383		—
Canada		—		41,553,431		—
China		—		39,370,564		—
Denmark		—		14,436,125		—
France		—		129,052,560		—
Germany		—		29,590,586		—
Hong Kong		—		10,889,868		—
Hungary		—		4,414,093		—
Iceland		—		5,196,052		—
India		—		16,971,466		—
Indonesia		—		12,546,570		—
Israel		—		24,465,738		—
Italy		—		13,109,031		—
Jamaica		—		9,914,051		—
Japan		—		18,199,022		—
Kazakhstan		—		14,414,935		—
Luxembourg		—		10,444,885		400,197
Malaysia		—		854,023		—
Malta		—		3,602,759		—
Mexico		—		53,006,715		—
Netherlands		—		42,151,010		—
Norway		—		2,570,670		—
Peru		—		1,014,135		—
Philippines		—		4,223,784		—
Poland		—		6,077,041		—
Portugal		—		34,957,721		—
Qatar		—		1,767,671		—
Russia		—		20,450,905		—
Singapore		—		6,403,253		—
South Africa		—		13,959,722		—
South Korea		—		27,753,030		—
Spain		—		35,388,232		—
Supranational Bank		—		54,020,721		—
Switzerland		—		36,965,585		—
Ukraine		—		324,925		—
United Arab Emirates		—		47,664,229		—
United Kingdom		—		164,229,952		—
United States		—		935,705,005		25,072,599
Municipal Bond
Puerto Rico		—		5,822,041		—

See Notes to Financial Statements.

PGIM Global Total Return Fund 117

Schedule of Investments (unaudited) (continued)

as of April 30, 2022


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Residential Mortgage-Backed Securities
Bermuda	$	—	$	58,788,328	$	—
Ireland		—		6,942,019		—
United Kingdom		—		11,545,421		—
United States		—		174,028,328		8,515,160
Sovereign Bonds
Albania		—		2,069,352		—
Andorra		—		376,938		—
Argentina		—		2,659,113		—
Australia		—		1,160,641		—
Austria		—		1,992,500		—
Belgium		—		59,632		—
Brazil		—		45,170,582		—
Bulgaria		—		11,381,757		—
Canada		—		12,872,365		—
Chile		—		4,461,156		—
China		—		78,010,246		—
Colombia		—		63,149,412		—
Croatia		—		13,411,890		—
Cyprus		—		46,280,368		—
Denmark		—		3,670,131		—
Egypt		—		2,429,106		—
Estonia		—		93,177		—
Finland		—		1,436,715		—
France		—		23,678,597		—
Germany		—		21,911		—
Greece		—		101,429,336		—
Guernsey		—		8,031,520		—
Hong Kong		—		875,838		—
Hungary		—		13,046,121		—
Iceland		—		5,795,512		—
India		—		19,602,485		—
Indonesia		—		67,452,239		—
Ireland		—		83,581		—
Israel		—		7,227,099		—
Italy		—		184,548,994		—
Japan		—		25,662,679		—
Kazakhstan		—		18,785,410		—
Latvia		—		89,654		—
Lithuania		—		309,708		—
Luxembourg		—		89,437		—
Macedonia		—		1,081,262		—
Malaysia		—		3,923,738		—
Mexico		—		50,692,034		—
Montenegro		—		743,440		—
Netherlands		—		72,815		—

See Notes to Financial Statements.

118


	Level 1			Level 2				Level 3

Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Sovereign Bonds (continued)
New Zealand		$	—		$	5,651,978			$	—
Norway			—			997,353				—
Panama			—			20,005,555				—
Peru			—			56,415,876				—
Philippines			—			62,766,925				—
Poland			—			953,493				—
Portugal			—			63,324,620				—
Romania			—			17,910,106				—
Russia			—			11,397,849				—
San Marino			—			499,690				—
Saudi Arabia			—			13,078,993				—
Serbia			—			34,241,971				—
Singapore			—			353,151				—
Slovakia			—			83,003				—
Slovenia			—			90,019				—
South Africa			—			6,244,852				—
South Korea			—			4,496,835				—
Spain			—			125,672,342				—
Sweden			—			1,387,389				—
Thailand			—			1,404,226				—
Tunisia			—			364,654				—
Turkey			—			6,217,766				—
Ukraine			—			17,488,200				—
United Arab Emirates			—			16,940,457				—
United Kingdom			—			46,292,052				—
Uruguay			—			2,404,098				—
U.S. Government Agency Obligations			—			49,541,093				—
U.S. Treasury Obligations			—			9,419,395				—
Common Stocks			17,873,618			99,408				—
Preferred Stock			108,440			—				—
Short-Term Investments
Affiliated Mutual Fund			89,127,486			—				—
Options Purchased			—			3,028,948				—


Total		$	107,109,544		$	4,431,746,233			$	54,205,859


Liabilities
Options Written		$	—		$	(3,529,883	)		$	(30,841	)


Other Financial Instruments*
Assets
Futures Contracts		$	46,841,192		$	—			$	—
OTC Forward Foreign Currency Exchange Contracts			—			36,821,971				—
OTC Cross Currency Exchange Contracts			—			4,296,220				—
OTC Packaged Credit Default Swap Agreements			—			25,234,590				—

See Notes to Financial Statements.

PGIM Global Total Return Fund 119

Schedule of Investments (unaudited) (continued)

as of April 30, 2022


	Level 1			Level 2			Level 3
*Other Financial Instruments (continued)**
Assets (continued)
OTC Credit Default Swap Agreements	$	—		$	88,363,917		$	36,678
OTC Currency Swap Agreements		—			491,221			—
Centrally Cleared Inflation Swap Agreement		—			657,688			—
Centrally Cleared Interest Rate Swap Agreements		—			43,510,266			—
OTC Interest Rate Swap Agreements		—			1,227,442			—


Total	$	46,841,192		$	200,603,315		$	36,678


Liabilities
Futures Contracts	$	(73,743,314	)	$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—			(42,991,342	)		—
OTC Cross Currency Exchange Contracts		—			(4,719,145	)		—
OTC Packaged Credit Default Swap Agreements		—			(25,024,942	)		—
Centrally Cleared Credit Default Swap Agreement		—			(155,212	)		—
OTC Credit Default Swap Agreements		—			(80,089,907	)		(1,713	)
OTC Currency Swap Agreement		—			(108,722	)		—
Centrally Cleared Inflation Swap Agreement		—			(1,295,544	)		—
Centrally Cleared Interest Rate Swap Agreements		—			(171,693,029	)		—
OTC Interest Rate Swap Agreements		—			(8,167,226	)		—
OTC Total Return Swap Agreement		—			(4,125,229	)		—


Total	$	(73,743,314	)	$	(338,370,298	)	$	(1,713	)

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 Security- Spain			Bank Loans			Commercial Mortgage-Backed Security				Corporate Bonds
Balance as of 10/31/21		$	—	$	21,999,441			$	17,250,000			$	6,000,000
Realized gain (loss)			—		—				—				—
Change in unrealized appreciation (depreciation)			4,393		(1,804,376	)			—				(2,066,142	)
Purchases/Exchanges/Issuances			1		—				—				586,312
Sales/Paydowns			—		—				—				(6,000,000	)
Accrued discount/premium			—		18,444				—				(112,910	)
Transfers into Level 3*			—		—				—				27,065,536
Transfers out of Level 3*			—		—				(17,250,000	)			—


Balance as of 04/30/22		$	4,394	$	20,213,509			$	—			$	25,472,796

See Notes to Financial Statements.

120


	Asset-Backed Security- Spain			Bank Loans			Commercial Mortgage-Backed Security			Corporate Bonds
Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end		$	4,393	$	(1,804,376	)		$	—		$	(2,066,142	)


	Residential Mortgage-Backed Securities				Common Stock			Options Written			OTC Credit Default Swap Agreements
Balance as of 10/31/21		$	65,160,769			$	—	$	(45,343	)		$	6,880
Realized gain (loss)			—				—		—				6,765
Change in unrealized appreciation (depreciation)			—				—		14,502				44,996
Purchases/Exchanges/Issuances			—				—		—				—
Sales/Paydowns			(5,545,609	)			—		—				(23,676	)
Accrued discount/premium			—				—		—				—
Transfers into Level 3*			—				—		—				—
Transfers out of Level 3*			(51,100,000	)			—		—				—


Balance as of 04/30/22		$	8,515,160			$	—	$	(30,841	)		$	34,965

Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end		$	—			$	—	$	14,502			$	44,996

*	It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. Securities transferred levels due to a change in observable and/or unobservable inputs.

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

Level 3 Securities**

Fair Value as of
April 30, 2022

Valuation
Approach

Valuation
Methodology

Unobservable
Inputs

Asset-Backed Security-Spain

4,394

Market

Pro Rate Distribution

Estimated Distribution

The table does not include Level 3 securities and/or derivatives that are valued by independent pricing vendors or brokers. As of April 30, 2022, the aggregate value of these securities and/or derivatives was $54,205,589. The unobservable inputs for these investments were not developed by the Fund and are not readily available.

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2022 were as follows:


Sovereign Bonds	29.6	%
Banks	13.9
Commercial Mortgage-Backed Securities	8.1
Collateralized Loan Obligations	6.8


Residential Mortgage-Backed Securities		5.9%
Electric		3.7
Oil & Gas		3.2
Telecommunications		2.1

See Notes to Financial Statements.

PGIM Global Total Return Fund 121

Schedule of Investments (unaudited) (continued)

as of April 30, 2022


Industry Classification (continued):


Diversified Financial Services	2.0	%
Affiliated Mutual Fund (2.0% represents investments purchased with collateral from securities on loan)	2.0
Real Estate Investment Trusts (REITs)	1.9
Foods	1.7
Retail	1.7
Media	1.6
Transportation	1.5
Commercial Services	1.3
Multi-National	1.2
U.S. Government Agency Obligations	1.1
Pipelines	0.9
Insurance	0.8
Entertainment	0.7
Auto Manufacturers	0.6
Student Loans	0.6
Home Builders	0.5
Pharmaceuticals	0.5
Chemicals	0.5
Automobiles	0.5
Healthcare-Services	0.4
Packaging & Containers	0.4
Internet	0.4
Oil, Gas & Consumable Fuels	0.4
Consumer Loans	0.4
Healthcare-Products	0.4
Credit Cards	0.3
Semiconductors	0.3
Other	0.3
Aerospace & Defense	0.3
Software	0.3
Beverages	0.2


Engineering & Construction	0.2	%
Agriculture	0.2
U.S. Treasury Obligations	0.2
Lodging	0.2
Machinery-Diversified	0.2
Mining	0.2
Real Estate	0.2
Office/Business Equipment	0.2
Auto Parts & Equipment	0.2
Gas	0.2
Municipal Bond	0.1
Airlines	0.1
Building Materials	0.1
Options Purchased	0.1
Electronics	0.1
Home Equity Loans	0.0	*
Oil & Gas Services	0.0	*
Housewares	0.0	*
Household Products/Wares	0.0	*
Holding Companies-Diversified	0.0	*
Gas Utilities	0.0	*
Investment Companies	0.0	*
Forest Products & Paper	0.0	*


	101.5
Options Written	(0.1	)
Liabilities in excess of other assets	(1.4	)


	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, 2022 as presented in the Statement of Assets and Liabilities:

See Notes to Financial Statements.

122


	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	$	155,212	*
Credit contracts	Premiums paid for OTC swap agreements		81,843,056		Premiums received for OTC swap agreements		62,745,319
Credit contracts	—		—		Options written outstanding, at value		71,236
Credit contracts	Unrealized appreciation on OTC swap agreements		39,314,349		Unrealized depreciation on OTC swap agreements		49,893,463
Foreign exchange contracts	Due from/to broker-variation margin futures		1,951,776	*	Due from/to broker-variation margin futures		25,539,355	*
Foreign exchange contracts	Unrealized appreciation on OTC cross currency exchange contracts		4,296,220		Unrealized depreciation on OTC cross currency exchange contracts		4,719,145
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		36,821,971		Unrealized depreciation on OTC forward foreign currency exchange contracts		42,991,342
Interest rate contracts	Due from/to broker-variation margin futures		44,889,416	*	Due from/to broker-variation margin futures		48,203,959	*
Interest rate contracts	Due from/to broker-variation margin swaps		44,167,954	*	Due from/to broker-variation margin swaps		172,988,573	*
Interest rate contracts	Premiums paid for OTC swap agreements		46		Premiums received for OTC swap agreements		3,753
Interest rate contracts	Unaffiliated investments		3,028,948		Options written outstanding, at value		3,489,488
Interest rate contracts	Unrealized appreciation on OTC swap agreements		1,718,660		Unrealized depreciation on OTC swap agreements		12,397,467


		$	258,032,396			$	423,198,312

*	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.

PGIM Global Total Return Fund 123

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2022 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		$	(568,228	)	$	1,749,218	$	—		$	—	$	(3,941,877	)
Foreign exchange contracts			(33,166,815	)		37,217,286		(6,368,636	)		14,316,899		—
Interest rate contracts			—			—		(51,552,292	)		—		(41,967,132	)


Total		$	(33,735,043	)	$	38,966,504	$	(57,920,928	)	$	14,316,899	$	(45,909,009	)

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


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(2)			Options Written			Futures			Forward & Cross Currency Exchange Contracts			Swaps

Credit contracts		$	57,108	$	(20,211	)	$	—		$	—		$	(19,898,204	)
Foreign exchange contracts			32,980,640		(37,031,110	)		(17,136,324	)		(7,760,421	)		—
Interest rate contracts			1,983,456		(2,168,607	)		(8,133,175	)		—			(86,533,803	)


Total		$	35,021,204	$	(39,219,928	)	$	(25,269,499	)	$	(7,760,421	)	$	(106,432,007	)

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

For the six months ended April 30, 2022, the Fund’s average volume of derivative activities is as follows:


Derivative Contract Type	Average Volume of Derivative Activities*
Options Purchased (1)		$ 18,591,145
Options Written (2)		981,046,167
Futures Contracts - Long Positions (2)		1,322,533,923
Futures Contracts - Short Positions (2)		2,571,841,156
Forward Foreign Currency Exchange Contracts - Purchased (3)		986,907,918
Forward Foreign Currency Exchange Contracts - Sold (3)		1,004,475,318
Cross Currency Exchange Contracts (4)		52,056,330
Interest Rate Swap Agreements (2)		4,996,933,646
Credit Default Swap Agreements - Buy Protection (2)		224,335,249
Credit Default Swap Agreements - Sell Protection (2)		951,897,006
Currency Swap Agreements (2)		12,496,875
Total Return Swap Agreements (2)		18,564,000

See Notes to Financial Statements.

124


Derivative Contract Type	Average Volume of Derivative Activities*

Inflation Swap Agreements (2)		$ 79,154,400

*	Average volume is based on average quarter end balances as noted for the six months ended April 30, 2022.

(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:

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.	$	8,885,022	$	(6,549,600	)	$	2,335,422		$	(1,184,684	)	$	1,150,738
Barclays Bank PLC		18,067,112		(16,897,268	)		1,169,844			(1,169,844	)		—
BNP Paribas S.A.		2,313,971		(1,968,006	)		345,965			(345,965	)		—
Citibank, N.A.		14,359,016		(13,798,414	)		560,602			(261,459	)		299,143
Credit Suisse International		839,119		(167,975	)		671,144			(620,000	)		51,144
Deutsche Bank AG		13,311,455		(11,496,604	)		1,814,851			(1,814,851	)		—
Goldman Sachs International		15,563,010		(26,854,937	)		(11,291,927	)		11,291,927			—
HSBC Bank PLC		46,871,477		(52,488,218	)		(5,616,741	)		5,616,741			—
JPMorgan Chase Bank, N.A.		3,591,830		(4,363,080	)		(771,250	)		—			(771,250	)
Morgan Stanley & Co. International PLC		29,086,155		(41,427,137	)		(12,340,982	)		12,340,982			—

See Notes to Financial Statements.

PGIM Global Total Return Fund 125

Schedule of Investments (unaudited) (continued)

as of April 30, 2022


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


Standard Chartered Bank		$	2,886,797		$	(110,475	)		$	2,776,322			$	(2,776,322	)		$	—
The Toronto-Dominion Bank			11,248,286			(189,499	)			11,058,787				(11,058,787	)			—


		$	167,023,250		$	(176,311,213	)		$	(9,287,963	)		$	10,017,738			$	729,775

(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.

126

Statement of Assets and Liabilities (unaudited)

as of April 30, 2022



Assets

Investments at value, including securities on loan of $84,112,107:
Unaffiliated investments (cost $5,192,774,260)	$	4,503,934,150
Affiliated investments (cost $89,110,671)		89,127,486
Foreign currency, at value (cost $7,569,307)		7,564,175
Cash segregated for counterparty - OTC		24,207,000
Premiums paid for OTC swap agreements		81,843,102
Dividends and interest receivable		47,831,753
Unrealized appreciation on OTC swap agreements		41,033,009
Unrealized appreciation on OTC forward foreign currency exchange contracts		36,821,971
Receivable for Fund shares sold		13,580,136
Receivable for investments sold		4,886,338
Unrealized appreciation on OTC cross currency exchange contracts		4,296,220
Due from broker—variation margin futures		3,086,504
Tax reclaim receivable		24,785
Prepaid expenses and other assets		1,161,644


Total Assets		4,859,398,273


Liabilities

Payable to broker for collateral for securities on loan		89,082,911
Premiums received for OTC swap agreements		62,749,072
Unrealized depreciation on OTC swap agreements		62,290,930
Unrealized depreciation on OTC forward foreign currency exchange contracts		42,991,342
Payable for Fund shares purchased		37,655,474
Payable for investments purchased		12,084,696
Payable to custodian		5,607,103
Loan payable		5,266,000
Unrealized depreciation on OTC cross currency exchange contracts		4,719,145
Due to broker—variation margin swaps		4,650,970
Options written outstanding, at value (premiums received $1,283,236)		3,560,724
Management fee payable		1,801,014
Accrued expenses and other liabilities		1,078,171
Dividends payable		732,847
Distribution fee payable		78,867
Affiliated transfer agent fee payable		41,847


Total Liabilities		334,391,113


Net Assets	$	4,525,007,160




Net assets were comprised of:
Common stock, at par	$	8,256,876
Paid-in capital in excess of par		5,772,272,060
Total distributable earnings (loss)		(1,255,521,776	)


Net assets, April 30, 2022	$	4,525,007,160

See Notes to Financial Statements.

PGIM Global Total Return Fund 127

Statement of Assets and Liabilities (unaudited)

as of April 30, 2022


Class A
Net asset value and redemption price per share,
($246,627,899 ÷ 45,378,923 shares of common stock issued and outstanding)	$	5.43
Maximum sales charge (3.25% of offering price)		0.18


Maximum offering price to public	$	5.61


Class C
Net asset value, offering price and redemption price per share,
($27,438,724 ÷ 5,058,589 shares of common stock issued and outstanding)	$	5.42


Class Z
Net asset value, offering price and redemption price per share,
($1,953,747,305 ÷ 357,532,663 shares of common stock issued and outstanding)	$	5.46


Class R2
Net asset value, offering price and redemption price per share,
($6,106,238 ÷ 1,109,898 shares of common stock issued and outstanding)	$	5.50


Class R4
Net asset value, offering price and redemption price per share,
($13,717,631 ÷ 2,491,192 shares of common stock issued and outstanding)	$	5.51


Class R6
Net asset value, offering price and redemption price per share,
($2,277,369,363 ÷ 414,116,286 shares of common stock issued and outstanding)	$	5.50

See Notes to Financial Statements.

128

Statement of Operations (unaudited)

Six Months Ended April 30, 2022


Net Investment Income (Loss)

Income
Interest income (net of $48,494 foreign withholding tax)	$	75,924,408
Unaffiliated dividend income		469,925
Income from securities lending, net (including affiliated income of $37,605)		92,630
Affiliated dividend income		4,656


Total income		76,491,619


Expenses
Management fee		13,481,665
Distribution fee(a)		561,870
Shareholder servicing fees (including affiliated expense of $39)(a)		10,984
Transfer agent’s fees and expenses (including affiliated expense of $109,128)(a)		2,164,195
Custodian and accounting fees		314,958
Registration fees(a)		180,117
Shareholders’ reports		151,306
Directors’ fees		33,476
Audit fee		33,373
SEC registration fees		31,283
Legal fees and expenses		22,835
Miscellaneous		56,410


Total expenses		17,042,472
Less: Fee waiver and/or expense reimbursement(a)		(574,562	)


Net expenses		16,467,910


Net investment income (loss)		60,023,709


Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(17,314))		(35,969,878	)
Futures transactions		(57,920,928	)
Forward and cross currency contract transactions		14,316,899
Options written transactions		38,966,504
Swap agreement transactions		(45,909,009	)
Foreign currency transactions		(13,006,734	)


		(99,523,146	)

Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $415)		(746,490,535	)
Futures		(25,269,499	)
Forward and cross currency contracts		(7,760,421	)
Options written		(39,219,928	)
Swap agreements		(106,432,007	)
Foreign currencies		(1,005,775	)


		(926,178,165	)


Net gain (loss) on investment and foreign currency transactions		(1,025,701,311	)


Net Increase (Decrease) In Net Assets Resulting From Operations	$	(965,677,602	)

See Notes to Financial Statements.

PGIM Global Total Return Fund 129

Statement of Operations (unaudited)

Six Months Ended April 30, 2022

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


	Class A			Class C			Class Z			Class R2			Class R4			Class R6
Distribution fee		374,105			178,641			—			9,124			—			—
Shareholder servicing fees		—			—			—			3,650			7,334			—
Transfer agent’s fees and expenses		222,792			21,357			1,862,157			8,865			11,558			37,466
Registration fees		18,216			9,607			82,556			6,361			5,645			57,732
Fee waiver and/or expense reimbursement		(66,874	)		(10,232	)		(488,847	)		(7,314	)		(1,295	)		—

See Notes to Financial Statements.

130

Statements of Changes in Net Assets (unaudited)



	Six Months Ended April 30, 2022				Year Ended October 31, 2021

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)		$	60,023,709			$	103,726,528
Net realized gain (loss) on investment and foreign currency transactions			(99,523,146	)			(14,167,296	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			(926,178,165	)			(168,329,447	)


Net increase (decrease) in net assets resulting from operations			(965,677,602	)			(78,770,215	)

Dividends and Distributions
Distributions from distributable earnings
Class A			(5,926,071	)			(11,214,566	)
Class C			(575,926	)			(1,176,988	)
Class Z			(52,792,152	)			(97,362,939	)
Class R2			(136,646	)			(480,802	)
Class R4			(290,695	)			(409,228	)
Class R6			(56,502,521	)			(84,383,978	)


			(116,224,011	)			(195,028,501	)

Fund share transactions (Net of share conversions)
Net proceeds from shares sold			957,141,998				3,532,268,017
Net asset value of shares issued in reinvestment of dividends and distributions			111,524,327				185,117,955
Cost of shares purchased			(1,539,709,515	)			(1,818,213,350	)


Net increase (decrease) in net assets from Fund share transactions			(471,043,190	)			1,899,172,622


Total increase (decrease)			(1,552,944,803	)			1,625,373,906

Net Assets:

Beginning of period			6,077,951,963				4,452,578,057


End of period		$	4,525,007,160			$	6,077,951,963

See Notes to Financial Statements.

PGIM Global Total Return Fund 131

Financial Highlights (unaudited)


Class A Shares
	Six Months Ended April 30,			Year Ended October 31,
	2022			2021			2020			2019			2018			2017

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Period		$6.67			$6.96			$7.07			$6.36			$6.75			$6.64
Income (loss) from investment operations:
Net investment income (loss)		0.06			0.11			0.13			0.16			0.14			0.14
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.18	)		(0.17	)		0.16			0.78			(0.31	)		0.19
Total from investment operations		(1.12	)		(0.06	)		0.29			0.94			(0.17	)		0.33
Less Dividends and Distributions:
Dividends from net investment income^*		(0.12	)		(0.23	)		(0.23	)		(0.23	)		(0.22	)		(0.13	)
Tax return of capital distributions		-			-			-			-			-			(0.05	)
Distributions from net realized gains		-			-			(0.17	)		-			-			(0.04	)
Total dividends and distributions		(0.12	)		(0.23	)		(0.40	)		(0.23	)		(0.22	)		(0.22	)
Net asset value, end of period		$5.43			$6.67			$6.96			$7.07			$6.36			$6.75
Total Return^(b):		(16.97	)%		(0.97	)%		4.35	%		15.05	%		(2.65	)%		5.12	%

Ratios/Supplemental Data:
Net assets, end of period (000)		$246,628			$337,257			$326,416			$216,708			$184,064			$174,732
Average net assets (000)		$301,764			$344,592			$285,380			$188,633			$187,975			$175,014
Ratios to average net assets^(c)(d):
Expenses after waivers and/or expense reimbursement		0.88	%^(e)		0.88	%		0.88	%		0.88	%		0.88	%		0.88	%
Expenses before waivers and/or expense reimbursement		0.92	%^(e)		0.91	%		0.96	%		1.02	%		1.02	%		0.99	%
Net investment income (loss)		1.90	%^(e)		1.58	%		1.94	%		2.40	%		2.11	%		2.12	%
Portfolio turnover rate^(f)		10	%		23	%		20	%		37	%		40	%		75	%

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

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

(b)

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

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

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

(e)	Annualized.

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

See Notes to Financial Statements.

132


Class C Shares
	Six Months Ended April 30,			Year Ended October 31,
	2022			2021			2020			2019			2018			2017

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Period		$6.66			$6.95			$7.06			$6.35			$6.73			$6.63
Income (loss) from investment operations:
Net investment income (loss)		0.04			0.06			0.08			0.11			0.09			0.09
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.18	)		(0.17	)		0.16			0.78			(0.30	)		0.18
Total from investment operations		(1.14	)		(0.11	)		0.24			0.89			(0.21	)		0.27
Less Dividends and Distributions:
Dividends from net investment income^*		(0.10	)		(0.18	)		(0.18	)		(0.18	)		(0.17	)		(0.10	)
Tax return of capital distributions		-			-			-			-			-			(0.03	)
Distributions from net realized gains		-			-			(0.17	)		-			-			(0.04	)
Total dividends and distributions		(0.10	)		(0.18	)		(0.35	)		(0.18	)		(0.17	)		(0.17	)
Net asset value, end of period		$5.42			$6.66			$6.95			$7.06			$6.35			$6.73
Total Return^(b):		(17.31	)%		(1.72	)%		3.57	%		14.21	%		(3.24	)%		4.19	%

Ratios/Supplemental Data:
Net assets, end of period (000)		$27,439			$42,012			$46,157			$37,486			$34,889			$31,509
Average net assets (000)		$36,024			$45,988			$42,925			$34,321			$36,335			$31,191
Ratios to average net assets^(c)(d):
Expenses after waivers and/or expense reimbursement		1.63	%^(e)		1.63	%		1.63	%		1.63	%		1.63	%		1.63	%
Expenses before waivers and/or expense reimbursement		1.69	%^(e)		1.66	%		1.68	%		1.69	%		1.73	%		1.74	%
Net investment income (loss)		1.15	%^(e)		0.83	%		1.20	%		1.65	%		1.37	%		1.39	%
Portfolio turnover rate^(f)		10	%		23	%		20	%		37	%		40	%		75	%

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

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

(b)

(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, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Global Total Return Fund 133

Financial Highlights (unaudited) (continued)


Class Z Shares
	Six Months Ended April 30,			Year Ended October 31,
	2022			2021			2020			2019			2018			2017

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Period		$6.71			$7.00			$7.11			$6.40			$6.78			$6.67
Income (loss) from investment operations:
Net investment income (loss)		0.07			0.13			0.15			0.18			0.16			0.15
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.19	)		(0.17	)		0.16			0.78			(0.31	)		0.20
Total from investment operations		(1.12	)		(0.04	)		0.31			0.96			(0.15	)		0.35
Less Dividends and Distributions:
Dividends from net investment income^*		(0.13	)		(0.25	)		(0.25	)		(0.25	)		(0.23	)		(0.15	)
Tax return of capital distributions		-			-			-			-			-			(0.05	)
Distributions from net realized gains		-			-			(0.17	)		-			-			(0.04	)
Total dividends and distributions		(0.13	)		(0.25	)		(0.42	)		(0.25	)		(0.23	)		(0.24	)
Net asset value, end of period		$5.46			$6.71			$7.00			$7.11			$6.40			$6.78
Total Return^(b):		(16.91	)%		(0.70	)%		4.61	%		15.25	%		(2.25	)%		5.35	%

Ratios/Supplemental Data:
Net assets, end of period (000)		$1,953,747			$2,907,890			$2,264,938			$1,254,507			$765,708			$390,194
Average net assets (000)		$2,527,918			$2,809,784			$1,726,788			$888,961			$648,173			$340,627
Ratios to average net assets^(c)(d):
Expenses after waivers and/or expense reimbursement		0.63	%^(e)		0.63	%		0.63	%		0.63	%		0.63	%		0.63	%
Expenses before waivers and/or expense reimbursement		0.67	%^(e)		0.65	%		0.68	%		0.68	%		0.71	%		0.74	%
Net investment income (loss)		2.15	%^(e)		1.82	%		2.18	%		2.61	%		2.39	%		2.35	%
Portfolio turnover rate^(f)		10	%		23	%		20	%		37	%		40	%		75	%

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

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

(b)

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

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

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

(e)	Annualized.

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

See Notes to Financial Statements.

134


Class R2 Shares
	Six Months Ended April 30,			Year Ended October 31,									December 27, 2017^(a) through October 31,
	2022			2021			2020			2019			2018


Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$6.76			$7.05			$7.16			$6.44			$6.90
Income (loss) from investment operations:
Net investment income (loss)		0.05			0.10			0.11			0.15			0.09
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.19	)		(0.17	)		0.17			0.79			(0.38	)
Total from investment operations		(1.14	)		(0.07	)		0.28			0.94			(0.29	)
Less Dividends and Distributions:
Dividends from net investment income^*		(0.12	)		(0.22	)		(0.22	)		(0.22	)		(0.17	)
Distributions from net realized gains		-			-			(0.17	)		-			-
Total dividends and distributions		(0.12	)		(0.22	)		(0.39	)		(0.22	)		(0.17	)
Net asset value, end of period		$5.50			$6.76			$7.05			$7.16			$6.44
Total Return^(c):		(17.11	)%		(1.12	)%		4.13	%		14.81	%		(4.24	)%

Ratios/Supplemental Data:
Net assets, end of period (000)		$6,106			$9,324			$18,443			$185			$10
Average net assets (000)		$7,360			$14,831			$9,990			$78			$10
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		1.08	%^(e)		1.08	%		1.08	%		1.08	%		1.08	%^(e)
Expenses before waivers and/or expense reimbursement		1.28	%^(e)		1.13	%		1.25	%		19.82	%		236.32	%^(e)
Net investment income (loss)		1.70	%^(e)		1.38	%		1.62	%		2.11	%		1.67	%^(e)
Portfolio turnover rate^(f)		10	%		23	%		20	%		37	%		40	%

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

(a)	Commencement of offering.

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

(c)

(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, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Global Total Return Fund 135

Financial Highlights (unaudited) (continued)


Class R4 Shares
	Six Months Ended April 30,			Year Ended October 31,									December 27, 2017^(a) through October 31,
	2022			2021			2020			2019			2018


Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$6.76			$7.05			$7.16			$6.45			$6.90
Income (loss) from investment operations:
Net investment income (loss)		0.06			0.11			0.13			0.16			0.12
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.18	)		(0.17	)		0.17			0.79			(0.38	)
Total from investment operations		(1.12	)		(0.06	)		0.30			0.95			(0.26	)
Less Dividends and Distributions:
Dividends from net investment income^*		(0.13	)		(0.23	)		(0.24	)		(0.24	)		(0.19	)
Distributions from net realized gains		-			-			(0.17	)		-			-
Total dividends and distributions		(0.13	)		(0.23	)		(0.41	)		(0.24	)		(0.19	)
Net asset value, end of period		$5.51			$6.76			$7.05			$7.16			$6.45
Total Return^(c):		(16.86	)%		(0.87	)%		4.39	%		14.92	%		(3.88	)%

Ratios/Supplemental Data:
Net assets, end of period (000)		$13,718			$14,654			$8,932			$1,453			$127
Average net assets (000)		$14,790			$12,787			$5,178			$804			$33
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.83	%^(e)		0.83	%		0.83	%		0.83	%		0.83	%^(e)
Expenses before waivers and/or expense reimbursement		0.85	%^(e)		0.87	%		1.13	%		2.63	%		70.94	%^(e)
Net investment income (loss)		1.96	%^(e)		1.63	%		1.91	%		2.34	%		2.23	%^(e)
Portfolio turnover rate^(f)		10	%		23	%		20	%		37	%		40	%

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

(a)	Commencement of offering.

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

(c)

(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, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

136


Class R6 Shares
	Six Months Ended April 30,			Year Ended October 31,
	2022			2021			2020			2019			2018			2017

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Period		$6.75			$7.04			$7.16			$6.44			$6.82			$6.72
Income (loss) from investment operations:
Net investment income (loss)		0.07			0.14			0.16			0.18			0.16			0.16
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.18	)		(0.17	)		0.15			0.80			(0.30	)		0.18
Total from investment operations		(1.11	)		(0.03	)		0.31			0.98			(0.14	)		0.34
Less Dividends and Distributions:
Dividends from net investment income^*		(0.14	)		(0.26	)		(0.26	)		(0.26	)		(0.24	)		(0.15	)
Tax return of capital distributions		-			-			-			-			-			(0.05	)
Distributions from net realized gains		-			-			(0.17	)		-			-			(0.04	)
Total dividends and distributions		(0.14	)		(0.26	)		(0.43	)		(0.26	)		(0.24	)		(0.24	)
Net asset value, end of period		$5.50			$6.75			$7.04			$7.16			$6.44			$6.82
Total Return^(b):		(16.75	)%		(0.58	)%		4.69	%		15.25	%		(2.19	)%		5.21	%

Ratios/Supplemental Data:
Net assets, end of period (000)		$2,277,369			$2,766,815			$1,787,693			$1,139,781			$761,927			$460,700
Average net assets (000)		$2,655,811			$2,396,559			$1,513,154			$925,868			$636,670			$271,620
Ratios to average net assets^(c)(d):
Expenses after waivers and/or expense reimbursement		0.52	%^(e)		0.52	%		0.55	%		0.56	%		0.58	%		0.58	%
Expenses before waivers and/or expense reimbursement		0.52	%^(e)		0.52	%		0.55	%		0.56	%		0.58	%		0.59	%
Net investment income (loss)		2.27	%^(e)		1.93	%		2.27	%		2.67	%		2.39	%		2.33	%
Portfolio turnover rate^(f)		10	%		23	%		20	%		37	%		40	%		75	%

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

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

(b)

(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, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Global Total Return Fund 137

Notes to Financial Statements (unaudited)

1.	Organization

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

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

2.	Accounting Policies

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

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

For the fiscal reporting 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

138

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

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

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

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

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

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

PGIM Global Total Return Fund 139

Notes to Financial Statements (unaudited) (continued)

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

Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.

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

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

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

140

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

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

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

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

PGIM Global Total Return Fund 141

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

142

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

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

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

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

PGIM Global Total Return Fund 143

Notes to Financial Statements (unaudited) (continued)

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.

144

represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

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

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

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

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

PGIM Global Total Return Fund 145

Notes to Financial Statements (unaudited) (continued)

collateralized loan obligations and other similarly structured securities. The value of mortgage-backed and asset-backed securities varies with changes in interest rates and may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities.

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

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

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

146

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

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

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

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

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

PGIM Global Total Return Fund 147

Notes to Financial Statements (unaudited) (continued)

borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral.

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

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

Taxes: It is the Fund’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal 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.

148

gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate. The chart below sets forth the expected frequency of dividend and capital gains distributions to shareholders. Various factors may impact the frequency of dividend distributions to shareholders, including but not limited to adverse market conditions or portfolio holding-specific events.



Expected Distribution Schedule to Shareholders*		Frequency
Net Investment Income		Monthly
Short-Term Capital Gains		Annually
Long-Term Capital Gains		Annually

*	Under certain circumstances, the Fund may make more than one distribution of short-term and/or long-term capital gains during a fiscal year.

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

3.	Agreements

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

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

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended April 30, 2022, the contractual and effective management fee rates were as follows:



Contractual Management Rate		Effective Management Fee, before any waivers and/or expense reimbursements
0.50% on average daily net assets up to $2 billion;		0.49%
0.485% of average daily net assets over $ 2 billion.

The Manager has contractually agreed, through February 28, 2023, to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other

PGIM Global Total Return Fund 149

Notes to Financial Statements (unaudited) (continued)

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 expense limitations attributable to each class are as follows:


Class		Expense Limitations
A		0.88%
C		1.63
Z		0.63
R2		1.08
R4		0.83
R6		0.58

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

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate based on average daily net assets per class. The distribution fees are accrued daily and payable monthly.

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 compensate Prudential Mutual Fund Services LLC (“PMFS”), its affiliates or third-party service providers for services rendered to the shareholders of such Class R2 or Class R4 shares. The shareholder service fee is accrued daily and paid monthly, as applicable.

The Fund’s annual gross and net distribution rate and maximum shareholder service fee, where applicable, are as follows:


Class	Gross Distribution Fee	Net Distribution Fee	Shareholder Service Fee
A	0.25%	0.25%	N/A%
C	1.00	1.00	N/A
Z	N/A	N/A	N/A
R2	0.25	0.25	0.10
R4	N/A	N/A	0.10

150


Class	Gross Distribution Fee	Net Distribution Fee	Shareholder Service Fee
R6	N/A%	N/A%	N/A%

For the reporting period ended April 30, 2022, PIMS received front-end sales charges (“FESL”) resulting from sales of certain class shares and contingent deferred sales charges (“CDSC”) imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:


Class	FESL		CDSC
A		$97,269		$6,071
C		—		4,743

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

4.	Other Transactions with Affiliates

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

The Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a fund of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended April 30, 2022, no 17a-7 transactions were entered into by the Fund.

PGIM Global Total Return Fund 151

Notes to Financial Statements (unaudited) (continued)

5.	Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2022, were as follows:


Cost of Purchases		Proceeds from Sales
$493,286,821		$1,127,104,920

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended April 30, 2022, is presented as follows:


Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)	Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Income

	Short-Term Investments - Affiliated Mutual Funds:

	PGIM Core Ultra Short Bond Fund^(1)(wa)
	$ 53,862,194		$250,582,437		$304,444,631	$ —		$ —			$ —		—		$ 4,656

	PGIM Institutional Money Market Fund^(1)(b)(wa)
	48,791,102		233,246,629		192,893,346	415		(17,314	)		89,127,486		89,198,846		37,605	⁽²⁾
	$102,653,296		$483,829,066		$497,337,977	$415		$(17,314	)		$89,127,486				$42,261

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

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

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

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

6.	Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of April 30, 2022 were as follows:

Tax Basis

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Depreciation

$5,359,703,818

$198,259,627

$(1,133,096,674)

$(934,837,047)

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

For federal income tax purposes, the Fund had a capital loss carryforward as of October 31, 2021 of approximately $133,660,000 which can be carried forward for an unlimited period.

152

No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2021 are subject to such review.

7.	Capital and Ownership

The Fund offers Class A, Class C, Class Z, Class R2, Class R4 and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 3.25%. Investors who purchase $500,000 or more of Class A shares and sell those shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1.00% on sales although these purchases are not subject to a front-end sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately eight years (ten years prior to January 22, 2021) after purchase. Class Z, Class R2, Class R4 and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

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

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


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

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

PGIM Global Total Return Fund 153

Notes to Financial Statements (unaudited) (continued)

As of April 30, 2022, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:


Class	Number of Shares		Percentage of Outstanding Shares
A		8,299	0.1%
R6		15,728,913	3.8

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

Transactions in shares of common stock were as follows:



Share Class	Shares			Amount

Class A
Six months ended April 30, 2022:
Shares sold		3,815,757		$	24,166,671
Shares issued in reinvestment of dividends and distributions		886,986			5,534,603
Shares purchased		(9,927,291	)		(62,062,877	)
Net increase (decrease) in shares outstanding before conversion		(5,224,548	)		(32,361,603	)
Shares issued upon conversion from other share class(es)		499,628			3,112,926
Shares purchased upon conversion into other share class(es)		(429,034	)		(2,727,830	)
Net increase (decrease) in shares outstanding		(5,153,954	)	$	(31,976,507	)

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

154



Share Class	Shares			Amount

Class C
Six months ended April 30, 2022:
Shares sold		217,253		$	1,396,089
Shares issued in reinvestment of dividends and distributions		86,121			538,705
Shares purchased		(1,378,217	)		(8,546,889	)
Net increase (decrease) in shares outstanding before conversion		(1,074,843	)		(6,612,095	)
Shares purchased upon conversion into other share class(es)		(173,848	)		(1,104,223	)
Net increase (decrease) in shares outstanding		(1,248,691	)	$	(7,716,318	)

Year ended October 31, 2021:
Shares sold		1,589,551		$	11,113,858
Shares issued in reinvestment of dividends and distributions		156,935			1,093,504
Shares purchased		(1,202,768	)		(8,301,314	)
Net increase (decrease) in shares outstanding before conversion		543,718			3,906,048
Shares purchased upon conversion into other share class(es)		(881,386	)		(6,170,193	)
Net increase (decrease) in shares outstanding		(337,668	)	$	(2,264,145	)

Class Z
Six months ended April 30, 2022:
Shares sold		75,836,213		$	480,114,983
Shares issued in reinvestment of dividends and distributions		7,869,467			49,429,139
Shares purchased		(158,230,384	)		(991,739,793	)
Net increase (decrease) in shares outstanding before conversion		(74,524,704	)		(462,195,671	)
Shares issued upon conversion from other share class(es)		917,706			5,932,935
Shares purchased upon conversion into other share class(es)		(2,209,577	)		(14,139,372	)
Net increase (decrease) in shares outstanding		(75,816,575	)	$	(470,402,108	)

Year ended October 31, 2021:
Shares sold		274,722,315		$	1,920,897,826
Shares issued in reinvestment of dividends and distributions		12,758,800			89,077,520
Shares purchased		(170,730,518	)		(1,178,669,188	)
Net increase (decrease) in shares outstanding before conversion		116,750,597			831,306,158
Shares issued upon conversion from other share class(es)		4,117,080			29,321,864
Shares purchased upon conversion into other share class(es)		(11,193,087	)		(77,267,060	)
Net increase (decrease) in shares outstanding		109,674,590		$	783,360,962

PGIM Global Total Return Fund 155

Notes to Financial Statements (unaudited) (continued)



Share Class	Shares			Amount

Class R2
Six months ended April 30, 2022:
Shares sold		135,566		$	856,471
Shares issued in reinvestment of dividends and distributions		21,594			136,392
Shares purchased		(428,441	)		(2,768,618	)
Net increase (decrease) in shares outstanding before conversion		(271,281	)		(1,775,755	)
Shares issued upon conversion from other share class(es)		1,024			6,890
Net increase (decrease) in shares outstanding		(270,257	)	$	(1,768,865	)

Year ended October 31, 2021:
Shares sold		813,293		$	5,764,396
Shares issued in reinvestment of dividends and distributions		66,530			471,369
Shares purchased		(2,110,439	)		(14,687,722	)
Net increase (decrease) in shares outstanding before conversion		(1,230,616	)		(8,451,957	)
Shares purchased upon conversion into other share class(es)		(7,014	)		(49,590	)
Net increase (decrease) in shares outstanding		(1,237,630	)	$	(8,501,547	)

Class R4
Six months ended April 30, 2022:
Shares sold		543,931		$	3,472,389
Shares issued in reinvestment of dividends and distributions		30,895			194,329
Shares purchased		(250,845	)		(1,588,153	)
Net increase (decrease) in shares outstanding		323,981		$	2,078,565

Year ended October 31, 2021:
Shares sold		1,386,795		$	9,797,267
Shares issued in reinvestment of dividends and distributions		37,826			265,285
Shares purchased		(524,177	)		(3,680,598	)
Net increase (decrease) in shares outstanding		900,444		$	6,381,954

156



Share Class	Shares			Amount

Class R6
Six months ended April 30, 2022:
Shares sold		70,196,552		$	447,135,395
Shares issued in reinvestment of dividends and distributions		8,842,024			55,691,159
Shares purchased		(76,030,304	)		(473,003,185	)
Net increase (decrease) in shares outstanding before conversion		3,008,272			29,823,369
Shares issued upon conversion from other share class(es)		1,863,860			12,056,693
Shares purchased upon conversion into other share class(es)		(478,989	)		(3,138,019	)
Net increase (decrease) in shares outstanding		4,393,143		$	38,742,043

Year ended October 31, 2021:
Shares sold		207,642,697		$	1,456,332,318
Shares issued in reinvestment of dividends and distributions		11,954,625			83,819,993
Shares purchased		(73,789,243	)		(515,781,979	)
Net increase (decrease) in shares outstanding before conversion		145,808,079			1,024,370,332
Shares issued upon conversion from other share class(es)		10,307,320			71,496,475
Shares purchased upon conversion into other share class(es)		(253,081	)		(1,811,200	)
Net increase (decrease) in shares outstanding		155,862,318		$	1,094,055,607

8.	Borrowings

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


				SCA
Term of Commitment				10/1/2021 – 9/29/2022
Total Commitment				$ 1,200,000,000
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

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

PGIM Global Total Return Fund 157

Notes to Financial Statements (unaudited) (continued)

The Fund utilized the SCA during the reporting period ended April 30, 2022. The average daily balance for the 29 days that the Fund had loans outstanding during the period was approximately $7,788,931, borrowed at a weighted average interest rate of 1.49%. The maximum loan outstanding amount during the period was $23,835,000. At April 30, 2022, the Fund had an outstanding loan balance of $5,266,000.

9.	Risks of Investing in the Fund

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

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

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

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

Derivatives Risk: Derivatives involve special risks and costs and may result in losses to the Fund. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, the Fund will depend on the subadviser’s ability to analyze and manage derivatives transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” and therefore may magnify or otherwise increase investment losses to the Fund. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Other risks

158

arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the Fund’s derivatives positions. In fact, many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Fund.

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

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

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

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

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

PGIM Global Total Return Fund 159

Notes to Financial Statements (unaudited) (continued)

foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. Investments in emerging markets are subject to greater volatility and price declines.

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

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

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

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

Large Shareholder and Large Scale Redemption Risk: Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund’s shares. There is no requirement that these entities maintain their investment in the Fund. There is a

160

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

LIBOR Risk: Many financial instruments use or may use a floating rate based on the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short-term Eurodollar deposits between major international banks. Over the course of the last several years, global regulators have indicated an intent to phase out the use of LIBOR and similar interbank offering rates (“IBOR”). There still remains uncertainty regarding the nature of any replacement rates for LIBOR and the other IBORs as well as around fallback approaches for instruments extending beyond the any phase-out of these reference rates. The lack of consensus around replacement rates and the uncertainty of the phase out of LIBOR and other IBORs may result in increased volatility in corporate or governmental debt, floating rate and other loans, derivatives and other instruments invested in by the Fund as well as loan facilities used by the Fund.

The potential effect of a transition away from LIBOR on the Fund or the financial instruments in which the Fund invests cannot yet be determined. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Fund’s performance and/or net asset value. Certain proposed replacement rates to LIBOR, such as the Secured Overnight Financing Rate (“SOFR”), are materially different from LIBOR, and changes in the applicable spread for instruments previously linked to LIBOR will need to be made in order for instruments to pay similar rates. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to reduced coupons on debt held by the Fund, higher rates required to be paid by the Fund on bank lines of credit due to increases in spreads, increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, adversely affecting the Fund’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR and the other IBORs as benchmarks could deteriorate during the transition period, these effects could be experienced until the anticipated discontinuance date in 2023 for the majority of the LIBOR rates.

Liquidity Risk: Liquidity risk is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors’ interests in the

PGIM Global Total Return Fund 161

Notes to Financial Statements (unaudited) (continued)

Fund. The Fund may invest in instruments that trade in lower volumes and are more illiquid than other investments. If the Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments cannot be readily sold at the desired time or price, the Fund may have to accept a lower price or may not be able to sell the instrument at all. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities.

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

Market Disruption and Geopolitical Risks: Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia’s military invasion of Ukraine), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as Asia, Eastern Europe and the Middle East, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).

The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund’s investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.

COVID-19 and the related governmental and public responses have had and may continue to have an impact on the Fund’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. They have also had and may continue to result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. The occurrence, reoccurrence and pendency of public health epidemics could adversely affect the economies and financial markets either in specific countries or worldwide.

162

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

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

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

10.

Recent Accounting Pronouncement and Regulatory Developments

In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, which provides optional guidance for applying GAAP to contract modifications, hedging relationships and other transactions affected by the reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. Management does not expect ASU 2020-04 to have a material impact on the financial statements.

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

PGIM Global Total Return Fund 163

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 Board has approved PGIM Investments LLC (“PGIM Investments”), the Fund’s investment manager, to serve as the administrator of the Fund’s LRMP. As part of its responsibilities as administrator, PGIM Investments has retained a third party to perform certain functions, including providing market data and liquidity classification model information.

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

At a meeting of the Board on March 1-3, 2022, PGIM Investments provided a written report (“LRMP Report”) to the Board addressing the operation, adequacy, and effectiveness of the Fund’s LRMP, including any material changes to the LRMP for the period from January 1, 2021 through December 31, 2021 (“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.

164

⬛ MAIL

655 Broad Street

Newark, NJ 07102

⬛ TELEPHONE

(800) 225-1852

⬛ WEBSITE

pgim.com/investments

PROXY VOTING

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

DIRECTORS

Ellen S. Alberding ● Kevin J. Bannon ● Scott E. Benjamin ● Linda W. Bynoe ● Barry H. Evans ● Keith F. Hartstein ● Laurie Simon Hodrick ●

Stuart S. Parker ● Brian K. Reid ● Grace C. Torres

OFFICERS

Stuart S. Parker, President ● Scott E. Benjamin, Vice President ● Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer ●

Claudia DiGiacomo, Chief Legal Officer ● Isabelle Sajous, Chief Compliance Officer ● Jonathan Corbett, Anti-Money Laundering Compliance Officer ●

Andrew R. French, Secretary ● Melissa Gonzalez, Assistant Secretary ● Diana N. Huffman, Assistant Secretary ● Kelly A. Coyne, Assistant Secretary ●

Patrick E. McGuinness, Assistant Secretary ● Debra Rubano, Assistant Secretary ● Lana Lomuti, Assistant Treasurer ●

Russ Shupak, Assistant Treasurer ● Elyse M. McLaughlin, Assistant Treasurer ● Deborah Conway, Assistant Treasurer



MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102

SUBADVISERS	PGIM Fixed Income	655 Broad Street Newark, NJ 07102

	PGIM Limited	Grand Buildings, 1-3 Strand Trafalgar Square London, WC2N 5HR United Kingdom

DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102

CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286

TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017

FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

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

AVAILABILITY OF PORTFOLIO HOLDINGS

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

LOGO

PGIM GLOBAL TOTAL RETURN FUND

SHARE CLASS

NASDAQ

GTRAX

PCTRX

PZTRX

PGTOX

PGTSX

PGTQX

CUSIP

74439A103

74439A301

74439A400

74439A863

74439A855

74439A509

MF169E2

LOGO

PGIM GLOBAL TOTAL RETURN (USD HEDGED) FUND

SEMIANNUAL REPORT

APRIL 30, 2022

LOGO

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

Table of Contents


Letter from the President			3

Your Fund’s Performance			4

Fees and Expenses			7

Holdings and Financial Statements			9

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

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

The accompanying financial statements as of April 30, 2022 were not audited and, accordingly, no auditor’s opinion is expressed on them.

2 Visit our website at pgim.com/investments

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for the PGIM Global Total Return (USD Hedged) Fund informative and useful. The report covers performance for the six-month period ended April 30, 2022.

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.

Thank you for choosing our family of funds.

Sincerely,

LOGO

Stuart S. Parker, President

PGIM Global Total Return (USD Hedged) Fund

June 15, 2022

PGIM Global Total Return (USD Hedged) Fund 3

Your Fund’s Performance



	Total Returns as of 4/30/22 (without sales charges)	Average Annual Total Returns as of 4/30/22 (with sales charges)

	*Six Months (%)**	One Year (%)	Since Inception (%)

Class A	-12.08	-14.28		0.04 (12/12/2017)

Class C	-12.51	-13.03		0.03 (12/12/2017)

Class Z	-11.97	-11.18		1.05 (12/12/2017)

Class R6	-12.04	-11.14		1.11 (12/12/2017)

Bloomberg Global Aggregate (USD Hedged) Index

	-7.25	-6.75		1.38

*Not annualized

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

4 Visit our website at pgim.com/investments



	Class A	Class C	Class Z	Class R6

Maximum initial sales charge	3.25% of the public offering price	None	None	None

Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption)	1.00% on sales of $500,000 or more made within 12 months of purchase	1.00% on sales made within 12 months of purchase	None	None

Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.25%	1.00%	None	None

Benchmark Definitions

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

PGIM Global Total Return (USD Hedged) Fund 5

Your Fund’s Performance (continued)



Distributions and Yields as of 4/30/22

	Total Distributions Paid for Six Months ($)	SEC 30-Day Subsidized *Yield (%)**	SEC 30-Day Unsubsidized Yield** (%)

Class A	0.18	3.76	1.39

Class C	0.15	3.13	–3.39

Class Z	0.20	4.13	3.61

Class R6	0.20	4.21	4.04



Credit Quality expressed as a percentage of total investments as of 4/30/22 (%)

AAA			20.7

AA			9.1

A			14.4

BBB			27.8

BB			13.0

B			4.7

CCC			0.4

Not Rated			0.9

Cash/Cash Equivalents			9.0

Total			100.0

6 Visit our website at pgim.com/investments

Fees and Expenses

Actual Expenses

Hypothetical Example for Comparison Purposes

PGIM Global Total Return (USD Hedged) Fund 7

Fees and Expenses (continued)

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



PGIM Global Total Return (USD Hedged) Fund		Beginning Account Value November 1, 2021	Ending Account Value April 30, 2022	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Class A	Actual	$1,000.00	$ 879.20	0.88%	$4.10

	Hypothetical	$1,000.00	$1,020.43	0.88%	$4.41

Class C	Actual	$1,000.00	$ 874.90	1.63%	$7.58

	Hypothetical	$1,000.00	$1,016.71	1.63%	$8.15

Class Z	Actual	$1,000.00	$ 880.30	0.63%	$2.94

	Hypothetical	$1,000.00	$1,021.67	0.63%	$3.16

Class R6	Actual	$1,000.00	$ 879.60	0.58%	$2.70

	Hypothetical	$1,000.00	$1,021.92	0.58%	$2.91

8 Visit our website at pgim.com/investments

Schedule of Investments (unaudited)

as of April 30, 2022

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

LONG-TERM INVESTMENTS 91.2%

ASSET-BACKED SECURITIES 12.6%

Cayman Islands 8.7%

AIG CLO Ltd.,

Series 2019-02A, Class AR, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%)

2.284%(c)

10/25/33

500

495,479

Arbor Realty Commercial Real Estate Notes Ltd.,

Series 2022-FL01, Class A, 144A, 30 Day Average SOFR + 1.450% (Cap N/A, Floor 1.450%)

1.717(c)

01/15/37

200

198,368

Bain Capital Credit CLO Ltd.,

Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 0.960% (Cap N/A, Floor 0.000%)

2.144(c)

04/23/31

250

247,508

Broad River Bsl Funding CLO Ltd.,

Series 2020-01A, Class AR, 144A, 3 Month LIBOR + 1.170% (Cap N/A, Floor 1.170%)

2.233(c)

07/20/34

750

738,728

Carlyle CLO Ltd.,

Series C17A, Class A1AR, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)

2.316(c)

04/30/31

250

247,861

Carlyle Global Market Strategies CLO Ltd.,

Series 2014-01A, Class A1R2, 144A, 3 Month LIBOR + 0.970% (Cap N/A, Floor 0.970%)

2.014(c)

04/17/31

249

246,426

Greywolf CLO Ltd.,

Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)

2.244(c)

04/26/31

750

743,031

Jamestown CLO Ltd.,

Series 2019-14A, Class A1AR, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)

2.263(c)

10/20/34

250

247,174

Madison Park Funding Ltd.,

Series 2019-33A, Class AR, 144A, 3 Month Term SOFR + 1.290% (Cap N/A, Floor 1.290%)

2.136(c)

10/15/32

750

743,493

MidOcean Credit CLO,

Series 2018-08A, Class B, 144A, 3 Month LIBOR + 1.650% (Cap N/A, Floor 0.000%)

2.130(c)

02/20/31

250

245,205

OZLM Ltd.,

Series 2014-06A, Class A2AS, 144A, 3 Month LIBOR + 1.750% (Cap N/A, Floor 0.000%)

2.794(c)

04/17/31

250

245,421

Palmer Square CLO Ltd.,

Series 2015-01A, Class A1A4, 144A, 3 Month LIBOR + 1.130% (Cap N/A, Floor 1.130%)

1.610(c)

05/21/34

750

741,186

TCW CLO Ltd.,

Series 2017-01A, Class A1RR, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 1.180%)

2.419(c)

10/29/34

250

246,985

Series 2020-01A, Class A1RR, 144A, 3 Month LIBOR + 1.160% (Cap N/A, Floor 1.160%)

2.223(c)

04/20/34

750

739,043

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 9

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

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%)

2.284%(c)

01/17/30

245

244,411

Trimaran Cavu Ltd.,

Series 2021-01A, Class A, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 1.210%)

2.394(c)

04/23/32

500

497,303

Voya CLO Ltd.,

Series 2013-02A, Class A1R, 144A, 3 Month LIBOR + 0.970% (Cap N/A, Floor 0.970%)

2.154(c)

04/25/31

250

247,112

Wind River CLO Ltd.,

Series 2016-01KRA, Class A1R2, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 1.210%)

2.254(c)

10/15/34

250

247,372

7,362,106

Ireland 1.9%

Ares European CLO DAC,

Series 11A, Class B2R, 144A

1.950

04/15/32

EUR

500

510,278

Armada Euro CLO DAC,

Series 02A, Class A3, 144A

1.500

11/15/31

EUR

250

262,797

Carlyle Euro CLO DAC,

Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%)

0.990(c)

10/15/35

EUR

300

313,269

Carlyle Global Market Strategies Euro CLO Ltd.,

Series 2014-02A, Class AR1, 144A, 3 Month EURIBOR + 0.750% (Cap N/A, Floor 0.750%)

0.750(c)

11/15/31

EUR

500

522,053

1,608,397

Spain 0.1%

TFS,

Series 2018-03, Class A1^

0.000(s)

04/16/40

EUR

—(r

)

Series 2018-03, Class A1, 1 Month EURIBOR + 3.000%

3.000(c)

04/16/23

EUR

70,363

70,437

United States 1.9%

Battalion CLO Ltd.,

Series 2018-12A, Class A1, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%)

1.539(c)

05/17/31

250

247,797

Exeter Automobile Receivables Trust,

Series 2021-03A, Class D

1.550

06/15/27

100

93,267

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

ASSET-BACKED SECURITIES (Continued)

United States (cont’d.)

Greenwood Park CLO Ltd.,
Series 2018-01A, Class A2, 144A, 3 Month LIBOR + 1.010% (Cap N/A, Floor 0.000%)		2.054%(c)		04/15/31		250	$	247,799
Lendmark Funding Trust,
Series 2019-01A, Class A, 144A		3.000		12/20/27		100		99,384
Series 2019-02A, Class A, 144A		2.780		04/20/28		200		197,937
Mariner Finance Issuance Trust,
Series 2020-AA, Class A, 144A		2.190		08/21/34		100		96,143
OneMain Direct Auto Receivables Trust,
Series 2019-01A, Class A, 144A		3.630		09/14/27		100		98,651
Series 2019-01A, Class D, 144A		4.680		04/14/31		100		99,950
Oportun Funding XIV LLC,
Series 2021-A, Class B, 144A		1.760		03/08/28		100		98,038
Series 2021-A, Class C, 144A		3.440		03/08/28		100		96,890
Regional Management Issuance Trust,
Series 2022-01, Class A, 144A		3.070		03/15/32		100		95,959
TH MSR Issuer Trust,
Series 2019-FT01, Class A, 144A, 1 Month LIBOR + 2.800% (Cap N/A, Floor 2.800%)		3.468(c)		06/25/24		120		117,734


								1,589,549


TOTAL ASSET-BACKED SECURITIES (cost $10,972,993)								10,630,489


BANK LOANS 0.0%

United States

Diamond Sports Group LLC,
Second Lien Term Loan, Term SOFR + 3.250%		3.656(c)		08/24/26		50		16,230
Term Loan, Term SOFR + 8.000%		9.000(c)		05/25/26		5		5,471


TOTAL BANK LOANS (cost $42,345)								21,701


COMMERCIAL MORTGAGE-BACKED SECURITIES 7.3%

Canada 0.0%

Real Estate Asset Liquidity Trust,
Series 2020-01A, Class A1, 144A		2.381(cc)		02/12/55	CAD	23		16,682

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)

Ireland 1.2%

Deco DAC,

Series 2019-RAM, Class B, SONIA + 3.607% (Cap N/A, Floor 3.500%)

3.728%(c)

08/07/30

GBP

459

508,487

Last Mile Logistics Pan Euro Finance DAC,

Series 01A, Class D, 144A, 3 Month EURIBOR + 1.900% (Cap N/A, Floor 1.900%)

1.900(c)

08/17/33

EUR

102,356

Taurus DAC,

Series 2021-UK4A, Class B, 144A, SONIA + 1.500% (Cap N/A, Floor 1.500%)

2.108(c)

08/17/31

GBP

121,759

Series 2021-UK4A, Class C, 144A, SONIA + 1.750% (Cap N/A, Floor 1.750%)

2.358(c)

08/17/31

GBP

120,941

Series 2021-UK4A, Class D, 144A, SONIA + 2.100% (Cap N/A, Floor 2.100%)

2.708(c)

08/17/31

GBP

121,037

974,580

United States 6.1%

BANK,

Series 2018-BN10, Class A4

3.428

02/15/61

250

240,875

Series 2020-BN26, Class A3

2.155

03/15/63

200

176,483

BBCMS Mortgage Trust,

Series 2018-CHRS, Class C, 144A

4.409(cc)

08/05/38

380

347,875

Benchmark Mortgage Trust,

Series 2018-B01, Class A3

3.355

01/15/51

175

174,859

Series 2018-B02, Class A3

3.544

02/15/51

200

199,399

Series 2020-B17, Class A4

2.042

03/15/53

65,284

Series 2020-B20, Class A3

1.945

10/15/53

100

88,729

BX Commercial Mortgage Trust,

Series 2019-XL, Class F, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%)

2.554(c)

10/15/36

83,295

Series 2019-XL, Class G, 144A, 1 Month LIBOR + 2.300% (Cap N/A, Floor 2.300%)

2.854(c)

10/15/36

83,081

Series 2019-XL, Class J, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 2.650%)

3.204(c)

10/15/36

517

504,462

Series 2022-AHP, Class E, 144A, 1 Month Term SOFR + 3.040% (Cap N/A, Floor 3.040%)

3.549(c)

01/17/39

400

399,395

BX Trust,

Series 2022-LBA06, Class E, 144A, 1 Month Term SOFR + 2.700% (Cap N/A, Floor 2.700%)

3.209(c)

01/15/39

350

341,995

Citigroup Commercial Mortgage Trust,

Series 2018-B02, Class A3

3.744

03/10/51

150

146,775

See Notes to Financial Statements.

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)

United States (cont’d.)

Cold Storage Trust,

Series 2020-ICE05, Class E, 144A, 1 Month LIBOR + 2.766% (Cap N/A, Floor 2.833%)

3.320%(c)

11/15/37

97,227

Credit Suisse Mortgage Capital Certificates,

Series 2019-ICE04, Class E, 144A, 1 Month LIBOR + 2.150% (Cap N/A, Floor 2.150%)

2.704(c)

05/15/36

200

196,105

FHLMC Multifamily Structured Pass-Through Certificates,

Series K052, Class X1, IO

0.777(cc)

11/25/25

4,368

84,148

Series K111, Class X1, IO

1.681(cc)

05/25/30

319

32,420

Series K113, Class X1, IO

1.490(cc)

06/25/30

920

82,841

Series KG03, Class X1, IO

1.483(cc)

06/25/30

1,055

93,792

GS Mortgage Securities Trust,

Series 2018-GS09, Class A3

3.727

03/10/51

125

122,888

JPMorgan Chase Commercial Mortgage Securities Trust,

Series 2021-NYAH, Class G, 144A, 1 Month LIBOR + 2.640% (Cap N/A, Floor 2.640%)

3.194(c)

06/15/38

150

143,613

Series 2021-NYAH, Class H, 144A, 1 Month LIBOR + 3.390% (Cap N/A, Floor 3.390%)

3.944(c)

06/15/38

100

95,735

MKT Mortgage Trust,

Series 2020-525M, Class F, 144A

3.039(cc)

02/12/40

100

72,496

One New York Plaza Trust,

Series 2020-01NYP, Class C, 144A, 1 Month LIBOR + 2.200% (Cap N/A, Floor 2.200%)

2.754(c)

01/15/36

100

98,367

Series 2020-01NYP, Class D, 144A, 1 Month LIBOR + 2.750% (Cap N/A, Floor 2.750%)

3.304(c)

01/15/36

100

98,303

UBS Commercial Mortgage Trust,

Series 2018-C08, Class A3

3.720

02/15/51

250

246,817

Wells Fargo Commercial Mortgage Trust,

Series 2016-LC24, Class A3

2.684

10/15/49

233

222,239

Series 2021-C59, Class A3

1.958

04/15/54

600

534,702

Series 2021-FCMT, Class C, 144A, 1 Month LIBOR + 2.400% (Cap N/A, Floor 2.400%)

2.954(c)

05/15/31

100

98,222

5,172,422

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(cost $6,511,311)

6,163,684

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 13

Schedule of Investments (unaudited) (continued)

as of April 30, 2022



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS 37.4%

Belgium 0.2%

Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.,
Gtd. Notes		4.900%		02/01/46		140	$	138,069

Brazil 0.3%

Petrobras Global Finance BV,
Gtd. Notes		6.625		01/16/34	GBP	200		250,617

Bulgaria 0.2%

Bulgarian Energy Holding EAD,
Sr. Unsec’d. Notes		2.450		07/22/28	EUR	200		169,813

Canada 1.1%

Bombardier, Inc.,
Sr. Unsec’d. Notes, 144A		7.125		06/15/26		25		23,162
Sr. Unsec’d. Notes, 144A		7.500		12/01/24		19		18,968
Sr. Unsec’d. Notes, 144A		7.500		03/15/25		21		20,434
Sr. Unsec’d. Notes, 144A		7.875		04/15/27		80		74,545
Brookfield Residential Properties, Inc./Brookfield Residential US LLC,
Gtd. Notes, 144A		4.875		02/15/30		35		29,202
Cenovus Energy, Inc.,
Sr. Unsec’d. Notes		2.650		01/15/32		15		12,795
Sr. Unsec’d. Notes		3.750		02/15/52		10		8,011
Hydro-Quebec,
Local Gov’t. Gtd. Notes, Series HK		9.375		04/15/30		150		210,122
Local Gov’t. Gtd. Notes, Series JN		5.000		02/15/50	CAD	50		47,098
Mattamy Group Corp.,
Sr. Unsec’d. Notes, 144A		4.625		03/01/30		125		106,670
Ontario Teachers’ Cadillac Fairview Properties Trust,
Sr. Unsec’d. Notes, 144A		3.875		03/20/27		300		297,203
Teck Resources Ltd.,
Sr. Unsec’d. Notes		5.400		02/01/43		60		59,697


								907,907

China 2.4%

Agricultural Development Bank of China,
Sr. Unsec’d. Notes		3.800		10/27/30	CNH	6,000		932,806
Aircraft Finance Co. Ltd.,
Sr. Sec’d. Notes, Series B		4.100		03/29/26		84		81,134

See Notes to Financial Statements.

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

CORPORATE BONDS (Continued)

China (cont’d.)

China Development Bank,

Sr. Unsec’d. Notes

4.300%

08/02/32

CNH

5,000

814,100

Unsec’d. Notes

4.200

01/19/27

CNH

1,000

158,050

1,986,090

Denmark 0.5%

Danske Bank A/S,

Sr. Unsec’d. Notes, 144A

1.171(ff)

12/08/23

300

295,741

Sub. Notes, EMTN

2.500(ff)

06/21/29

EUR

150

157,644

453,385

France 2.6%

Banque Federative du Credit Mutuel SA,

Sr. Unsec’d. Notes, 144A

1.604

10/04/26

200

179,735

BNP Paribas SA,

Sr. Unsec’d. Notes, 144A

2.591(ff)

01/20/28

200

182,217

Sr. Unsec’d. Notes, 144A

2.871(ff)

04/19/32

400

339,537

BPCE SA,

Sr. Unsec’d. Notes, 144A

2.045(ff)

10/19/27

250

223,657

Credit Agricole Assurances SA,

Sub. Notes

4.250(ff)

01/13/25(oo)

EUR

100

107,319

Iliad Holding SASU,

Sr. Sec’d. Notes, 144A

5.125

10/15/26

EUR

100

102,109

La Poste SA,

Sr. Unsec’d. Notes, EMTN

1.375

04/21/32

EUR

100

99,096

Regie Autonome des Transports Parisiens,

Sr. Unsec’d. Notes, EMTN

0.400

12/19/36

EUR

100

100,326

SNCF Reseau,

Sr. Unsec’d. Notes

4.700

06/01/35

CAD

100

82,628

Societe Generale SA,

Sr. Unsec’d. Notes, 144A

1.488(ff)

12/14/26

200

177,344

Sr. Unsec’d. Notes, 144A

2.797(ff)

01/19/28

200

180,498

Sr. Unsec’d. Notes, 144A, MTN

2.625

01/22/25

255

243,545

Verallia SA,

Gtd. Notes

1.625

05/14/28

EUR

200

190,066

2,208,077

Germany 1.4%

Deutsche Bahn Finance GMBH,

Gtd. Notes, MTN

3.800

09/27/27

AUD

100

69,484

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 15

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Description

Interest
Rate

Maturity

Date

Principal
Amount
(000)#

Value

CORPORATE BONDS (Continued)

Germany (cont’d.)

Deutsche Bank AG,

Sr. Unsec’d. Notes

0.898%

05/28/24

265

250,152

Sr. Unsec’d. Notes

1.447(ff)

04/01/25

210

198,413

Sr. Unsec’d. Notes

2.552(ff)

01/07/28

150

133,523

Sub. Notes, EMTN

3.662

04/10/25

CNH

1,000

145,761

TK Elevator Midco GmbH,

Sr. Sec’d. Notes

4.375

07/15/27

EUR

153

149,558

Volkswagen International Finance NV,

Gtd. Notes

2.700(ff)

12/14/22(oo)

EUR

100

105,516

Gtd. Notes

4.625(ff)

03/24/26(oo)

EUR

100

105,764

1,158,171

Hong Kong 0.4%

HKT Capital No. 3 Ltd.,

Gtd. Notes

1.650

04/10/27

EUR

200

198,899

Sun Hung Kai Properties Capital Market Ltd.,

Gtd. Notes, EMTN

3.200

08/14/27

CNH

1,000

142,731

341,630

Hungary 0.1%

MFB Magyar Fejlesztesi Bank Zrt,

Gov’t. Gtd. Notes

0.375

06/09/26

EUR

100

97,080

India 0.4%

NTPC Ltd.,

Sr. Unsec’d. Notes, EMTN

2.750

02/01/27

EUR

200

205,462

Power Finance Corp. Ltd.,

Sr. Unsec’d. Notes, GMTN

1.841

09/21/28

EUR

100

95,450

300,912

Indonesia 0.1%

Perusahaan Listrik Negara PT,

Sr. Unsec’d. Notes, 144A

1.875

11/05/31

EUR

100

88,570

Israel 0.1%

Energean Israel Finance Ltd.,

Sr. Sec’d. Notes, 144A

4.500

03/30/24

100

97,591

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Italy 0.9%

Assicurazioni Generali SpA,
Sub. Notes, EMTN		5.500%(ff)		10/27/47	EUR	100	$	111,727
Intesa Sanpaolo SpA,
Sr. Unsec’d. Notes, 144A		3.375		01/12/23		200		200,035
Nexi SpA,
Sr. Unsec’d. Notes		2.125		04/30/29	EUR	414		372,926
Rossini Sarl,
Sr. Sec’d. Notes, 144A		6.750		10/30/25	EUR	100		107,078


								791,766

Jamaica 0.1%

Digicel International Finance Ltd./Digicel International Holdings Ltd.,
Gtd. Notes, 144A		8.000		12/31/26		100		89,486

Japan 0.4%

Mitsubishi UFJ Financial Group, Inc.,
Sr. Unsec’d. Notes		1.640(ff)		10/13/27		210		187,419
Nomura Holdings, Inc.,
Sr. Unsec’d. Notes		2.999		01/22/32		200		172,559


								359,978

Kazakhstan 0.2%

Kazakhstan Temir Zholy National Co. JSC,
Gtd. Notes		3.250		12/05/23	CHF	150		127,973
Gtd. Notes		3.638		06/20/22	CHF	50		49,629


								177,602

Luxembourg 0.2%

ARD Finance SA,
Sr. Sec’d. Notes, 144A, Cash coupon 5.000% or PIK 5.750%		5.000		06/30/27	EUR	100		87,278
Matterhorn Telecom SA,
Sr. Sec’d. Notes		3.125		09/15/26	EUR	100		97,772


								185,050

Malta 0.1%

Freeport Terminal Malta PLC,
Gov’t. Gtd. Notes, 144A		7.250		05/15/28		100		120,092

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 17

Schedule of Investments (unaudited) (continued)

as of April 30, 2022



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Mexico 0.9%

Comision Federal de Electricidad,
Sr. Unsec’d. Notes		5.000%		09/29/36		158	$	154,116
Petroleos Mexicanos,
Gtd. Notes		3.625		11/24/25	EUR	200		200,207
Gtd. Notes, EMTN		3.750		04/16/26	EUR	100		98,018
Gtd. Notes, EMTN		4.875		02/21/28	EUR	300		288,882


								741,223

Netherlands 0.9%

Cooperatieve Rabobank UA,
Sr. Unsec’d. Notes, GMTN		3.500		12/14/26	AUD	90		60,373
ING Groep NV,
Sr. Unsec’d. Notes		4.017(ff)		03/28/28		200		194,229
JDE Peet’s NV,
Gtd. Notes, 144A		1.375		01/15/27		150		130,776
OCI NV,
Sr. Sec’d. Notes		3.625		10/15/25	EUR	225		242,578
United Group BV,
Sr. Sec’d. Notes, 144A		5.250		02/01/30	EUR	150		138,568


								766,524

Peru 0.1%

Peru Enhanced Pass-Through Finance Ltd.,
Pass-Through Certificates		1.962(s)		06/02/25		97		91,456

Portugal 0.2%

CP - Comboios de Portugal EPE,
Sr. Unsec’d. Notes		5.700		03/05/30	EUR	100		129,954

Russia 0.6%

Gazprom PJSC Via Gaz Capital SA,
Sr. Unsec’d. Notes		1.450		03/06/23	CHF	600		185,043
Sr. Unsec’d. Notes		2.500		03/21/26	EUR	100		29,011
Sr. Unsec’d. Notes		4.250		04/06/24	GBP	200		75,447
Sr. Unsec’d. Notes		4.950		07/19/22		300		172,500
Russian Railways Via RZD Capital PLC,
Sr. Unsec’d. Notes		0.898		10/03/25(d)	CHF	50		2,570
Sr. Unsec’d. Notes		7.487		03/25/31	GBP	100		6,287


								470,858

See Notes to Financial Statements.

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

CORPORATE BONDS (Continued)

South Africa 0.2%

Eskom Holdings SOC Ltd.,

Gov’t. Gtd. Notes, MTN

6.350%

08/10/28

200

197,182

Spain 0.8%

Banco Santander SA,

Sr. Unsec’d. Notes

1.849

03/25/26

200

181,913

Cellnex Finance Co. SA,

Gtd. Notes, EMTN

2.000

02/15/33

EUR

300

248,566

Cellnex Telecom SA,

Sr. Unsec’d. Notes, EMTN

1.750

10/23/30

EUR

100

86,655

Iberdrola International BV,

Gtd. Notes, Series NC6

1.450(ff)

11/09/26(oo)

EUR

200

190,451

707,585

Supranational Bank 0.1%

European Bank for Reconstruction & Development,

Sr. Unsec’d. Notes, EMTN

4.250

02/07/28

IDR

300,000

18,484

European Investment Bank,

Sr. Unsec’d. Notes, 144A, EMTN

5.400

01/05/45

CAD

47,792

66,276

Sweden 0.3%

Svenska Handelsbanken AB,

Sr. Unsec’d. Notes, 144A

1.418(ff)

06/11/27

275

247,986

Switzerland 0.7%

Credit Suisse Group AG,

Sr. Unsec’d. Notes, 144A

2.593(ff)

09/11/25

250

238,414

UBS Group AG,

Sr. Unsec’d. Notes, 144A

1.364(ff)

01/30/27

200

179,578

Sr. Unsec’d. Notes, 144A

1.494(ff)

08/10/27

200

177,721

595,713

United Arab Emirates 0.6%

DP World PLC,

Sr. Unsec’d. Notes

2.375

09/25/26

EUR

100

105,141

Sr. Unsec’d. Notes

4.250

09/25/30

GBP

100

128,507

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 19

Schedule of Investments (unaudited) (continued)

as of April 30, 2022



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

United Arab Emirates (cont’d.)

Emirates NBD Bank PJSC,
Sr. Unsec’d. Notes, MTN		4.750%		02/09/28	AUD	380	$	269,397


								503,045

United Kingdom 3.7%

Barclays Bank PLC,
Sr. Unsec’d. Notes, EMTN		0.500		01/28/33	MXN	10,000		152,636
Barclays PLC,
Sr. Unsec’d. Notes		3.932(ff)		05/07/25		200		199,384
BAT Capital Corp.,
Gtd. Notes		2.259		03/25/28		80		68,503
Bellis Acquisition Co. PLC,
Sr. Sec’d. Notes, 144A		3.250		02/16/26	GBP	200		220,544
Bellis Finco PLC,
Sr. Unsec’d. Notes, 144A		4.000		02/16/27	GBP	100		104,763
BP Capital Markets PLC,
Gtd. Notes		4.375(ff)		06/22/25(oo)		150		147,040
Co-operative Group Holdings 2011 Ltd.,
Gtd. Notes		7.500		07/08/26	GBP	100		122,917
DS Smith PLC,
Sr. Unsec’d. Notes, EMTN		0.875		09/12/26	EUR	100		99,012
eG Global Finance PLC,
Sr. Sec’d. Notes		6.250		10/30/25	EUR	200		206,264
Sr. Sec’d. Notes, 144A		6.250		10/30/25	EUR	100		103,132
HSBC Holdings PLC,
Sr. Unsec’d. Notes		2.251(ff)		11/22/27		200		180,779
Sr. Unsec’d. Notes		2.804(ff)		05/24/32		200		168,026
Kane Bidco Ltd.,
Sr. Sec’d. Notes, 144A		6.500		02/15/27	GBP	150		174,930
Market Bidco Finco PLC,
Sr. Sec’d. Notes, 144A		5.500		11/04/27	GBP	100		111,913
Santander UK Group Holdings PLC,
Sr. Unsec’d. Notes		1.673(ff)		06/14/27		350		311,170
Sherwood Financing PLC,
Sr. Sec’d. Notes, 144A		6.000		11/15/26	GBP	175		203,096
TalkTalk Telecom Group Ltd.,
Gtd. Notes		3.875		02/20/25	GBP	200		227,766
Virgin Media Secured Finance PLC,
Sr. Sec’d. Notes		4.250		01/15/30	GBP	300		327,983


								3,129,858

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

United States 16.6%

AbbVie, Inc.,
Sr. Unsec’d. Notes		4.050%		11/21/39		50	$	45,886
Sr. Unsec’d. Notes		4.250		11/21/49		50		45,838
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s LP/Albertson’s LLC,
Gtd. Notes, 144A		3.500		03/15/29		50		42,089
Allied Universal Holdco LLC/Allied Universal Finance Corp.,
Sr. Sec’d. Notes, 144A		6.625		07/15/26		175		169,139
American Axle & Manufacturing, Inc.,
Gtd. Notes		6.500		04/01/27		50		46,775
American International Group, Inc.,
Sr. Unsec’d. Notes		1.875		06/21/27	EUR	100		103,547
American Medical Systems Europe BV,
Gtd. Notes		1.625		03/08/31	EUR	100		98,328
AmeriGas Partners LP/AmeriGas Finance Corp.,
Sr. Unsec’d. Notes		5.875		08/20/26		75		74,104
Antero Midstream Partners LP/Antero Midstream Finance Corp.,
Gtd. Notes, 144A		7.875		05/15/26		150		156,859
Antero Resources Corp.,
Gtd. Notes, 144A		8.375		07/15/26		15		16,173
Anthem, Inc.,
Sr. Unsec’d. Notes		2.875		09/15/29		100		91,465
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.,
Sr. Sec’d. Notes		2.125		08/15/26	EUR	250		235,846
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Gtd. Notes, 144A		7.000		11/01/26		25		25,184
Gtd. Notes, 144A		9.000		11/01/27		25		34,786
Ashton Woods USA LLC/Ashton Woods Finance Co.,
Sr. Unsec’d. Notes, 144A		4.625		08/01/29		25		21,038
Sr. Unsec’d. Notes, 144A		4.625		04/01/30		25		20,443
AT&T, Inc.,
Sr. Unsec’d. Notes		3.550		09/15/55		40		30,980
Sr. Unsec’d. Notes		3.650		09/15/59		69		53,073
Sr. Unsec’d. Notes		4.100		01/19/26	AUD	100		70,415
Avantor Funding, Inc.,
Sr. Sec’d. Notes		2.625		11/01/25	EUR	250		257,427
B&G Foods, Inc.,
Gtd. Notes		5.250		04/01/25		50		47,602

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 21

Schedule of Investments (unaudited) (continued)

as of April 30, 2022



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

United States (cont’d.)

Bank of America Corp.,
Jr. Sub. Notes, Series MM		4.300%(ff)		01/28/25(oo)		190	$	174,114
Jr. Sub. Notes, Series RR		4.375(ff)		01/27/27(oo)		150		133,217
Sr. Unsec’d. Notes		1.734(ff)		07/22/27		270		242,344
Sr. Unsec’d. Notes		2.572(ff)		10/20/32		130		109,821
Sr. Unsec’d. Notes		2.687(ff)		04/22/32		195		167,713
Sr. Unsec’d. Notes, MTN		2.087(ff)		06/14/29		300		261,184
Sr. Unsec’d. Notes, MTN		3.194(ff)		07/23/30		85		77,697
Bausch Health Americas, Inc.,
Gtd. Notes, 144A		8.500		01/31/27		135		127,812
Bausch Health Cos., Inc.,
Gtd. Notes, 144A		5.000		01/30/28		5		3,694
Gtd. Notes, 144A		5.250		01/30/30		25		17,348
Gtd. Notes, 144A		6.250		02/15/29		10		7,290
Beazer Homes USA, Inc.,
Gtd. Notes		6.750		03/15/25		50		49,929
Gtd. Notes		7.250		10/15/29		20		19,065
Bristol-Myers Squibb Co.,
Sr. Unsec’d. Notes		2.350		11/13/40		10		7,569
Brixmor Operating Partnership LP,
Sr. Unsec’d. Notes		2.500		08/16/31		10		8,251
Sr. Unsec’d. Notes		4.125		05/15/29		65		62,998
Broadcom, Inc.,
Gtd. Notes, 144A		3.500		02/15/41		30		23,380
Sr. Unsec’d. Notes, 144A		3.137		11/15/35		102		81,764
Sr. Unsec’d. Notes, 144A		3.419		04/15/33		65		55,904
Sr. Unsec’d. Notes, 144A		4.150		04/15/32		200		185,616
Caledonia Generating LLC,
Sr. Sec’d. Notes, 144A		1.950		02/28/34		93		86,125
Calpine Corp.,
Sr. Sec’d. Notes, 144A		3.750		03/01/31		75		63,386
Sr. Unsec’d. Notes, 144A		4.625		02/01/29		60		52,445
Sr. Unsec’d. Notes, 144A		5.000		02/01/31		10		8,531
Sr. Unsec’d. Notes, 144A		5.125		03/15/28		50		45,420
Cantor Fitzgerald LP,
Sr. Unsec’d. Notes, 144A		4.500		04/14/27		235		228,823
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A		4.250		02/01/31		50		42,203
Sr. Unsec’d. Notes, 144A		5.000		02/01/28		75		71,452
CDW LLC/CDW Finance Corp.,
Gtd. Notes		2.670		12/01/26		100		91,956

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

United States (cont’d.)

CF Industries, Inc.,
Gtd. Notes		4.950%		06/01/43		40	$	38,660
Gtd. Notes		5.375		03/15/44		40		40,418
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes		2.300		02/01/32		40		31,244
Sr. Sec’d. Notes		3.900		06/01/52		135		98,171
Sr. Sec’d. Notes		4.800		03/01/50		35		29,036
Sr. Sec’d. Notes		6.384		10/23/35		100		104,705
Cigna Corp.,
Sr. Unsec’d. Notes		2.400		03/15/30		25		21,920
Citigroup, Inc.,
Jr. Sub. Notes		3.875(ff)		02/18/26(oo)		150		136,470
Sr. Unsec’d. Notes		1.462(ff)		06/09/27		300		266,949
Sr. Unsec’d. Notes		2.520(ff)		11/03/32		35		29,217
Sr. Unsec’d. Notes		2.561(ff)		05/01/32		100		84,508
Sr. Unsec’d. Notes		3.106(ff)		04/08/26		300		290,742
CNA Financial Corp.,
Sr. Unsec’d. Notes		3.900		05/01/29		100		96,342
Corebridge Financial, Inc.,
Sr. Unsec’d. Notes, 144A		3.900		04/05/32		230		216,052
CSC Holdings LLC,
Sr. Unsec’d. Notes, 144A		4.625		12/01/30		200		152,952
CVS Health Corp.,
Sr. Unsec’d. Notes		4.300		03/25/28		3		3,013
Dana, Inc.,
Sr. Unsec’d. Notes		4.500		02/15/32		50		41,377
Sr. Unsec’d. Notes		5.375		11/15/27		25		23,655
DaVita, Inc.,
Gtd. Notes, 144A		3.750		02/15/31		50		40,738
Gtd. Notes, 144A		4.625		06/01/30		100		87,179
Diamond Sports Group LLC/Diamond Sports Finance Co.,
Gtd. Notes, 144A		6.625		08/15/27		45		9,416
Diamondback Energy, Inc.,
Gtd. Notes		3.125		03/24/31		15		13,387
Discovery Communications LLC,
Gtd. Notes		5.300		05/15/49		60		56,244
DISH DBS Corp.,
Gtd. Notes		7.750		07/01/26		100		95,476
Diversified Healthcare Trust,
Gtd. Notes		9.750		06/15/25		75		78,596

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 23

Schedule of Investments (unaudited) (continued)

as of April 30, 2022



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

United States (cont’d.)

Endeavor Energy Resources LP/EER Finance, Inc.,
Sr. Unsec’d. Notes, 144A		5.750%		01/30/28		75	$	75,193
Energy Transfer LP,
Jr. Sub. Notes, Series G		7.125(ff)		05/15/30(oo)		100		94,404
Jr. Sub. Notes, Series H		6.500(ff)		11/15/26(oo)		50		47,609
Sr. Unsec’d. Notes		5.000		05/15/50		45		40,076
Enterprise Products Operating LLC,
Gtd. Notes		3.700		01/31/51		15		12,129
Gtd. Notes		3.950		01/31/60		15		12,167
Fidelity National Information Services, Inc.,
Sr. Unsec’d. Notes		1.500		05/21/27	EUR	100		102,459
Ford Motor Co.,
Sr. Unsec’d. Notes		5.291		12/08/46		125		107,459
General Motors Co.,
Sr. Unsec’d. Notes		5.150		04/01/38		50		46,937
General Motors Financial Co., Inc.,
Sr. Unsec’d. Notes		2.700		06/10/31		75		61,801
Goldman Sachs Group, Inc. (The),
Jr. Sub. Notes, Series U		3.650(ff)		08/10/26(oo)		130		112,979
Sr. Unsec’d. Notes		1.542(ff)		09/10/27		300		264,956
Sr. Unsec’d. Notes		1.992(ff)		01/27/32		20		16,167
Sr. Unsec’d. Notes		2.615(ff)		04/22/32		195		165,105
HCA, Inc.,
Sr. Sec’d. Notes		5.250		04/15/25		100		103,172
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A		6.000		04/15/30		25		24,657
Sr. Unsec’d. Notes, 144A		6.250		04/15/32		25		24,387
Hunt Cos., Inc.,
Sr. Sec’d. Notes, 144A		5.250		04/15/29		50		46,239
JBS USA LUX SA/JBS USA Finance, Inc.,
Gtd. Notes, 144A		6.750		02/15/28		75		77,937
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,
Gtd. Notes, 144A		6.500		04/15/29		25		25,863
Jefferies Group LLC/Jefferies Group Capital Finance, Inc.,
Sr. Unsec’d. Notes		2.625		10/15/31		150		123,390
JPMorgan Chase & Co.,
Jr. Sub. Notes, Series HH		4.600(ff)		02/01/25(oo)		200		185,523
Sr. Unsec’d. Notes		2.069(ff)		06/01/29		250		219,011
Sr. Unsec’d. Notes		2.083(ff)		04/22/26		90		84,703
Sr. Unsec’d. Notes		2.545(ff)		11/08/32		110		93,341

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

United States (cont’d.)

JPMorgan Chase & Co., (cont’d.)
Sr. Unsec’d. Notes		2.580%(ff)		04/22/32		125	$	107,574
Sr. Unsec’d. Notes		3.702(ff)		05/06/30		65		61,720
Kontoor Brands, Inc.,
Gtd. Notes, 144A		4.125		11/15/29		53		46,324
Kraft Heinz Foods Co.,
Gtd. Notes		3.000		06/01/26		93		88,865
Lamb Weston Holdings, Inc.,
Gtd. Notes, 144A		4.375		01/31/32		50		44,890
Magallanes, Inc.,
Gtd. Notes, 144A		3.755		03/15/27		100		96,549
Gtd. Notes, 144A		5.050		03/15/42		65		59,250
Gtd. Notes, 144A		5.141		03/15/52		95		84,988
Gtd. Notes, 144A		5.391		03/15/62		35		31,163
Marathon Petroleum Corp.,
Sr. Unsec’d. Notes		6.500		03/01/41		50		56,403
Marriott International, Inc.,
Sr. Unsec’d. Notes, Series HH		2.850		04/15/31		75		64,335
Masonite International Corp.,
Gtd. Notes, 144A		3.500		02/15/30		50		42,388
MEDNAX, Inc.,
Gtd. Notes, 144A		5.375		02/15/30		25		23,433
Morgan Stanley,
Sr. Unsec’d. Notes		0.406(ff)		10/29/27	EUR	200		194,112
Sr. Unsec’d. Notes		1.593(ff)		05/04/27		110		99,235
Sr. Unsec’d. Notes, EMTN		7.500		12/15/27	MXN	1,000		42,339
Sr. Unsec’d. Notes, GMTN		2.239(ff)		07/21/32		150		124,191
Sr. Unsec’d. Notes, MTN		1.928(ff)		04/28/32		75		60,551
Sr. Unsec’d. Notes, MTN		2.511(ff)		10/20/32		55		46,320
Mozart Debt Merger Sub, Inc.,
Sr. Sec’d. Notes, 144A		3.875		04/01/29		50		43,715
Sr. Unsec’d. Notes, 144A		5.250		10/01/29		25		21,747
MPLX LP,
Sr. Unsec’d. Notes		4.000		03/15/28		25		24,256
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes		3.375		04/24/30	GBP	250		280,277
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A		5.500		08/15/28		15		13,701
Gtd. Notes, 144A		6.000		01/15/27		35		33,983
Newell Brands, Inc.,
Sr. Unsec’d. Notes		4.450		04/01/26		100		98,895

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 25

Schedule of Investments (unaudited) (continued)

as of April 30, 2022



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

United States (cont’d.)

NortonLifeLock, Inc.,
Sr. Unsec’d. Notes, 144A		5.000%		04/15/25		75	$	74,961
NRG Energy, Inc.,
Gtd. Notes		5.750		01/15/28		53		51,751
OneMain Finance Corp.,
Gtd. Notes		4.000		09/15/30		25		20,460
ONEOK, Inc.,
Gtd. Notes		4.450		09/01/49		120		102,462
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC,
Sr. Sec’d. Notes, 144A		4.000		10/15/27		50		43,559
Penn National Gaming, Inc.,
Sr. Unsec’d. Notes, 144A		5.625		01/15/27		75		71,849
Phillips 66,
Gtd. Notes		3.700		04/06/23		15		15,107
Post Holdings, Inc.,
Sr. Unsec’d. Notes, 144A		4.500		09/15/31		50		41,700
Realty Income Corp.,
Sr. Unsec’d. Notes		2.200		06/15/28		5		4,471
Sr. Unsec’d. Notes		2.850		12/15/32		5		4,447
Sealed Air Corp.,
Gtd. Notes, 144A		5.000		04/15/29		50		49,614
Silgan Holdings, Inc.,
Gtd. Notes		2.250		06/01/28	EUR	200		183,787
Skyworks Solutions, Inc.,
Sr. Unsec’d. Notes		3.000		06/01/31		75		62,460
Southwest Airlines Co.,
Sr. Unsec’d. Notes		5.125		06/15/27		180		186,113
SRM Escrow Issuer LLC,
Sr. Sec’d. Notes, 144A		6.000		11/01/28		60		57,624
Standard Industries, Inc.,
Sr. Unsec’d. Notes, 144A		4.375		07/15/30		25		20,892
Stryker Corp.,
Sr. Unsec’d. Notes		2.625		11/30/30	EUR	100		107,366
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
Sr. Unsec’d. Notes		5.875		03/01/27		50		49,906
Swiss Re Finance UK PLC,
Gtd. Notes, EMTN		2.714(ff)		06/04/52	EUR	100		95,333
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
Gtd. Notes, 144A		5.500		01/15/28		50		46,674

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

United States (cont’d.)

Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., (cont’d.)
Gtd. Notes, 144A		7.500%		10/01/25		50	$	50,991
Targa Resources Corp.,
Gtd. Notes		4.200		02/01/33		40		37,877
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A		5.875		06/15/27		25		24,820
Gtd. Notes, 144A		6.625		07/15/27		25		25,135
Sr. Unsec’d. Notes, 144A		5.125		08/01/30		10		9,150
Tenet Healthcare Corp.,
Gtd. Notes, 144A		6.125		10/01/28		50		47,970
T-Mobile USA, Inc.,
Sr. Sec’d. Notes		4.375		04/15/40		30		27,619
Sr. Sec’d. Notes		4.500		04/15/50		40		36,449
Tri Pointe Homes, Inc.,
Gtd. Notes		5.700		06/15/28		75		72,023
U.S. Bancorp,
Jr. Sub. Notes		3.700(ff)		01/15/27(oo)		200		172,512
UGI International LLC,
Gtd. Notes, 144A		2.500		12/01/29	EUR	150		129,177
United Airlines 2019-2 Class AA Pass-Through Trust,
Pass-Through Certificates		2.700		11/01/33		23		20,711
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A		4.375		04/15/26		60		57,816
Sr. Sec’d. Notes, 144A		4.625		04/15/29		10		9,188
United Rentals North America, Inc.,
Gtd. Notes		5.250		01/15/30		60		58,898
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC,
Sr. Sec’d. Notes, 144A		7.875		02/15/25		100		102,123
Vector Group Ltd.,
Sr. Sec’d. Notes, 144A		5.750		02/01/29		125		110,019
Ventas Realty LP,
Gtd. Notes		2.500		09/01/31		130		110,533
Venture Global Calcasieu Pass LLC,
Sr. Sec’d. Notes, 144A		3.875		08/15/29		5		4,566
Sr. Sec’d. Notes, 144A		4.125		08/15/31		5		4,561
Verizon Communications, Inc.,
Sr. Unsec’d. Notes		2.550		03/21/31		45		39,058
Sr. Unsec’d. Notes		2.650		11/20/40		45		34,065
Sr. Unsec’d. Notes		3.400		03/22/41		20		16,837
Viatris, Inc.,
Gtd. Notes		3.850		06/22/40		110		85,750

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 27

Schedule of Investments (unaudited) (continued)

as of April 30, 2022



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

United States (cont’d.)

Viatris, Inc., (cont’d.)
Gtd. Notes		4.000%		06/22/50		15	$	11,082
VICI Properties LP,
Sr. Unsec’d. Notes		4.950		02/15/30		160		158,953
Vistra Corp.,
Jr. Sub. Notes, 144A		7.000(ff)		12/15/26(oo)		25		24,333
Jr. Sub. Notes, 144A		8.000(ff)		10/15/26(oo)		125		125,771
Vistra Operations Co. LLC,
Gtd. Notes, 144A		5.000		07/31/27		45		43,183
Gtd. Notes, 144A		5.625		02/15/27		75		73,978
Warner Media LLC,
Gtd. Notes		4.050		12/15/23		150		150,146
Wells Fargo & Co.,
Sr. Unsec’d. Notes, MTN		2.164(ff)		02/11/26		85		80,627
Sr. Unsec’d. Notes, MTN		2.879(ff)		10/30/30		130		116,662
Welltower, Inc.,
Sr. Unsec’d. Notes		2.050		01/15/29		50		43,468
Sr. Unsec’d. Notes		3.100		01/15/30		70		64,376
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes		3.500		10/15/51		30		23,062
Workday, Inc.,
Sr. Unsec’d. Notes		3.500		04/01/27		55		53,655
WPC Eurobond BV,
Gtd. Notes		0.950		06/01/30	EUR	100		87,314
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.,
Sr. Unsec’d. Notes, 144A		7.750		04/15/25		50		51,550


								14,025,927


TOTAL CORPORATE BONDS (cost $36,318,809)								31,595,473


MUNICIPAL BOND 0.2%

Puerto Rico
Commonwealth of Puerto Rico,
Revenue Bonds, Series C (cost $161,665)		0.000(cc)		11/01/43		299		155,912

See Notes to Financial Statements.

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES 2.9%

Bermuda 0.7%

Bellemeade Re Ltd.,

Series 2021-01A, Class M1A, 144A, 30 Day Average SOFR + 1.750%
(Cap N/A, Floor 1.750%)

2.039%(c)

03/25/31

121

121,035

Home Re Ltd.,

Series 2021-01, Class M1B, 144A, 1 Month LIBOR + 1.550%
(Cap N/A, Floor 0.000%)

2.218(c)

07/25/33

150

149,068

Oaktown Re VII Ltd.,

Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.600%
(Cap N/A, Floor 1.600%)

1.889(c)

04/25/34

300

297,602

567,705

Ireland 0.1%

Retiro Mortgage Securities DAC,

Series 01A, Class A1, 144A, 3 Month EURIBOR + 2.000%
(Cap 5.000%, Floor 0.000%)

1.555(c)

07/30/75

EUR

65,584

United Kingdom 0.1%

Jupiter Mortgage PLC,

Series 01A, Class B, 144A, SONIA + 1.400%
(Cap N/A, Floor 0.000%)

1.861(c)

07/20/60

GBP

100

125,339

United States 2.0%

BVRT Financing Trust,

Series 2021-04, Class F, 144A, SOFR + 2.000%^

2.251(c)

09/12/26

50,386

Connecticut Avenue Securities Trust,

Series 2022-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.150%
(Cap N/A, Floor 0.000%)

3.439(c)

12/25/41

110

102,302

Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250%
(Cap N/A, Floor 0.000%)

6.539(c)

03/25/42

25,875

Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250%
(Cap N/A, Floor 0.000%)

5.539(c)

03/25/42

19,887

FHLMC Structured Agency Credit Risk Debt Notes,

Series 2020-HQA05, Class B1, 144A, 30 Day Average SOFR + 4.000%
(Cap N/A, Floor 0.000%)

4.289(c)

11/25/50

34,000

Series 2020-HQA05, Class M2, 144A, 30 Day Average SOFR + 2.600%
(Cap N/A, Floor 0.000%)

2.889(c)

11/25/50

125

124,869

FHLMC Structured Agency Credit Risk REMIC Trust,

Series 2020-HQA03, Class M2, 144A, 1 Month LIBOR + 3.600%
(Cap N/A, Floor 0.000%)

4.268(c)

07/25/50

3,016

Series 2021-DNA01, Class B1, 144A, 30 Day Average SOFR + 2.650%
(Cap N/A, Floor 0.000%)

2.939(c)

01/25/51

9,000

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 29

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)

United States (cont’d.)

FHLMC Structured Agency Credit Risk REMIC Trust, (cont’d.)

Series 2021-DNA01, Class M2, 144A, 30 Day Average SOFR + 1.800%
(Cap N/A, Floor 0.000%)

2.089%(c)

01/25/51

78,339

Series 2021-DNA03, Class B1, 144A, 30 Day Average SOFR + 3.500%
(Cap N/A, Floor 0.000%)

3.789(c)

10/25/33

42,483

Series 2021-DNA05, Class B1, 144A, 30 Day Average SOFR + 3.050%
(Cap N/A, Floor 0.000%)

3.339(c)

01/25/34

28,348

Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650%
(Cap N/A, Floor 0.000%)

1.939(c)

01/25/34

19,841

Series 2021-DNA06, Class B1, 144A, 30 Day Average SOFR + 3.400%
(Cap N/A, Floor 0.000%)

3.689(c)

10/25/41

100

93,802

Series 2021-HQA03, Class B1, 144A, 30 Day Average SOFR + 3.350%
(Cap N/A, Floor 0.000%)

3.639(c)

09/25/41

27,124

Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100%
(Cap N/A, Floor 0.000%)

2.389(c)

09/25/41

66,661

Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900%
(Cap N/A, Floor 0.000%)

3.151(c)

04/25/42

140

140,253

GCAT Asset-Backed Notes,

Series 2021-01, Class A1, 144A

2.487

11/25/49

179

171,667

GS Mortgage-Backed Securities Trust,

Series 2019-SL01, Class A1, 144A

2.625(cc)

01/25/59

13,175

Legacy Mortgage Asset Trust,

Series 2019-PR01, Class A1, 144A

3.858

09/25/59

69,593

Series 2020-GS01, Class A1, 144A

2.882

10/25/59

74,598

MFA Trust,

Series 2021-RPL01, Class A1, 144A

1.131(cc)

07/25/60

192

180,652

PMT Credit Risk Transfer Trust,

Series 2020-02R, Class A, 144A, 1 Month LIBOR + 3.815%
(Cap N/A, Floor 3.815%)

4.513(c)

12/25/22

108

107,555

PNMAC GMSR Issuer Trust,

Series 2018-GT01, Class A, 144A, 1 Month LIBOR + 2.850%
(Cap N/A, Floor 2.850%)

3.518(c)

02/25/23

100

99,606

Series 2018-GT02, Class A, 144A, 1 Month LIBOR + 2.650%
(Cap N/A, Floor 0.000%)

3.318(c)

08/25/25

100

99,070

1,682,102

TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES

(cost $2,514,192)

2,440,730

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

SOVEREIGN BONDS 24.5%

Andorra 0.2%

Andorra International Bond,
Sr. Unsec’d. Notes, EMTN		1.250%		05/06/31	EUR	200	$	188,469

Austria 0.2%

Republic of Austria Government International Bond,
Sr. Unsec’d. Notes, 144A, MTN		5.375		12/01/34	CAD	180		160,285

Brazil 0.7%

Brazil Loan Trust 1,
Gov’t. Gtd. Notes		5.477		07/24/23		47		47,650
Brazil Minas SPE via State of Minas Gerais,
Gov’t. Gtd. Notes		5.333		02/15/28		510		517,321


								564,971

Bulgaria 0.2%

Bulgaria Government International Bond,
Sr. Unsec’d. Notes		1.375		09/23/50	EUR	100		69,680
Sr. Unsec’d. Notes, GMTN		3.125		03/26/35	EUR	100		105,128


								174,808

Canada 0.5%

City of Montreal Canada,
Unsec’d. Notes		3.000		09/01/27	CAD	200		152,920
Municipal Finance Authority of British Columbia,
Unsec’d. Notes		2.500		04/19/26	CAD	200		151,659
Province of Nova Scotia,
Unsec’d. Notes		3.450		06/01/45	CAD	50		36,253
Province of Saskatchewan,
Unsec’d. Notes		3.300		06/02/48	CAD	100		71,042


								411,874

Chile 0.1%

Chile Government International Bond,
Sr. Unsec’d. Notes		1.440		02/01/29	EUR	115		113,763

China 1.1%

China Government Bond,
Sr. Unsec’d. Notes		3.600		06/27/28	CNH	2,000		309,361
Sr. Unsec’d. Notes		3.950		06/29/43	CNH	1,500		241,939

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 31

Schedule of Investments (unaudited) (continued)

as of April 30, 2022



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

China (cont’d.)

China Government Bond, (cont’d.)
Sr. Unsec’d. Notes		4.000%		11/30/35	CNH	500	$	81,834
Sr. Unsec’d. Notes		4.400		12/12/46	CNH	500		85,940
China Government International Bond,
Sr. Unsec’d. Notes		0.250		11/25/30	EUR	100		91,253
Export-Import Bank of China (The),
Sr. Unsec’d. Notes		4.400		05/14/24	CNH	1,000		154,667


								964,994

Colombia 0.9%

Colombia Government International Bond,
Sr. Unsec’d. Notes		3.000		01/30/30		200		160,020
Sr. Unsec’d. Notes		9.850		06/28/27	COP	200,000		50,738
Sr. Unsec’d. Notes, EMTN		3.875		03/22/26	EUR	500		531,227


								741,985

Croatia 0.3%

Croatia Government International Bond,
Sr. Unsec’d. Notes		1.125		06/19/29	EUR	200		187,304
Sr. Unsec’d. Notes		1.125		03/04/33	EUR	100		85,685


								272,989

Cyprus 0.8%

Cyprus Government International Bond,
Sr. Unsec’d. Notes, EMTN		0.625		01/21/30	EUR	100		93,061
Sr. Unsec’d. Notes, EMTN		1.250		01/21/40	EUR	20		16,741
Sr. Unsec’d. Notes, EMTN		2.375		09/25/28	EUR	100		108,131
Sr. Unsec’d. Notes, EMTN		2.750		06/27/24	EUR	100		109,979
Sr. Unsec’d. Notes, EMTN		2.750		02/26/34	EUR	200		212,025
Sr. Unsec’d. Notes, EMTN		2.750		05/03/49	EUR	30		30,605
Sr. Unsec’d. Notes, EMTN		4.250		11/04/25	EUR	50		58,042


								628,584

Denmark 0.0%

Denmark Government Bond,
Bonds, Series 30 YR		0.250		11/15/52	DKK	300		31,065

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

Dominican Republic 0.1%

Dominican Republic International Bond,
Sr. Unsec’d. Notes		5.950%		01/25/27		100	$	100,399

France 0.1%

Caisse Francaise de Financement Local,
Covered Bonds, EMTN		4.680		03/09/29	CAD	100		82,274

Germany 0.1%

Bundesrepublik Deutschland Bundesanleihe,
Bonds		0.000		08/15/31	EUR	100		97,089

Greece 2.3%

Hellenic Republic Government Bond,
Bonds		4.300		02/24/24	EUR	21		23,275
Bonds		4.300		02/24/25	EUR	13		14,907
Bonds		4.300		02/24/26	EUR	34		40,037
Bonds		4.300		02/24/27	EUR	65		75,020
Bonds		4.300		02/24/28	EUR	42		48,882
Bonds		4.300		02/24/29	EUR	25		28,550
Bonds		4.300		02/24/30	EUR	10		11,561
Bonds		4.300		02/24/31	EUR	23		26,316
Bonds		4.300		02/24/32	EUR	24		27,307
Bonds		4.300		02/24/33	EUR	46		54,624
Bonds		4.300		02/24/34	EUR	22		26,053
Bonds		4.300		02/24/35	EUR	33		38,701
Bonds		4.300		02/24/36	EUR	24		28,048
Bonds		4.300		02/24/37	EUR	16		20,053
Bonds		4.300		02/24/38	EUR	15		17,219
Bonds		4.300		02/24/39	EUR	23		25,517
Bonds		4.300		02/24/40	EUR	23		25,443
Bonds		4.300		02/24/41	EUR	23		29,623
Bonds		4.300		02/24/42	EUR	37		47,765
Bonds, 144A		0.750		06/18/31	EUR	300		256,127
Sr. Unsec’d. Notes, 144A		1.875		02/04/35	EUR	1,019		909,595
Sr. Unsec’d. Notes, 144A		1.875		01/24/52	EUR	135		94,408
Hellenic Republic Government International Bond,
Sr. Unsec’d. Notes		5.200		07/17/34	EUR	50		59,288


								1,928,319

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 33

Schedule of Investments (unaudited) (continued)

as of April 30, 2022



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

Hong Kong 0.4%

Airport Authority,
Sr. Unsec’d. Notes, 144A		2.500%		01/12/32		245	$	217,829
Hong Kong Government International Bond,
Sr. Unsec’d. Notes, GMTN		1.000		11/24/41	EUR	100		83,674


								301,503

Hungary 0.4%

Hungary Government International Bond,
Sr. Unsec’d. Notes		1.750		10/10/27	EUR	100		100,718
Sr. Unsec’d. Notes		1.750		06/05/35	EUR	100		86,275
Sr. Unsec’d. Notes, 144A		2.125		09/22/31		200		160,418


								347,411

Indonesia 1.2%

Indonesia Government International Bond,
Sr. Unsec’d. Notes		0.900		02/14/27	EUR	100		97,827
Sr. Unsec’d. Notes		1.100		03/12/33	EUR	100		85,768
Sr. Unsec’d. Notes		1.450		09/18/26	EUR	100		101,526
Sr. Unsec’d. Notes		1.750		04/24/25	EUR	200		209,466
Sr. Unsec’d. Notes		3.375		07/30/25	EUR	100		109,441
Sr. Unsec’d. Notes, EMTN		3.750		06/14/28	EUR	200		221,692
Sr. Unsec’d. Notes, EMTN		4.125		01/15/25		200		202,378


								1,028,098

Israel 0.8%

Israel Government Bond - Fixed,
Bonds, Series 0537		1.500		05/31/37	ILS	1,100		280,331
Israel Government International Bond,
Sr. Unsec’d. Notes, EMTN		1.500		01/18/27	EUR	100		104,988
Sr. Unsec’d. Notes, EMTN		1.500		01/16/29	EUR	270		280,631


								665,950

Italy 2.9%

Italy Buoni Poliennali Del Tesoro,
Bonds, 144A		2.800		03/01/67	EUR	105		98,400
Sr. Unsec’d. Notes, 144A		0.950		12/01/31	EUR	100		89,877
Sr. Unsec’d. Notes, 144A		1.450		03/01/36	EUR	120		106,272
Sr. Unsec’d. Notes, 144A		1.700		09/01/51	EUR	150		115,293
Sr. Unsec’d. Notes, 144A		1.800		03/01/41	EUR	415		359,644

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

Italy (cont’d.)

Italy Buoni Poliennali Del Tesoro, (cont’d.)
Sr. Unsec’d. Notes, 144A		3.350%		03/01/35	EUR	335	$	372,239
Region of Lazio,
Sr. Unsec’d. Notes		3.088		03/31/43	EUR	88		90,337
Repubic of Italy Government International Bond Coupon Strips,
Sr. Unsec’d. Notes		1.737(s)		02/20/31	EUR	85		67,769
Republic of Italy Government International Bond,
Sr. Unsec’d. Notes		2.875		10/17/29		200		182,426
Sr. Unsec’d. Notes, EMTN		5.200		07/31/34	EUR	300		384,273
Sr. Unsec’d. Notes, EMTN		5.345		01/27/48	EUR	50		69,158
Sr. Unsec’d. Notes, EMTN		6.000		08/04/28	GBP	100		145,063
Sr. Unsec’d. Notes, MTN		5.125		07/31/24	EUR	350		400,947


								2,481,698

Japan 0.8%

Japan Government Ten Year Bond,
Bonds, Series 366		0.200		03/20/32	JPY	30,000		230,659
Japan Government Thirty Year Bond,
Bonds, Series 70		0.700		03/20/51	JPY	15,000		108,177
Bonds, Series 72		0.700		09/20/51	JPY	15,000		107,910
Bonds, Series 73		0.700		12/20/51	JPY	20,000		143,731
Japan Government Twenty Year Bond,
Bonds, Series 176		0.500		03/20/41	JPY	15,000		111,372


								701,849

Kazakhstan 0.4%

Kazakhstan Government International Bond,
Sr. Unsec’d. Notes, EMTN		0.600		09/30/26	EUR	200		187,819
Sr. Unsec’d. Notes, EMTN		2.375		11/09/28	EUR	115		111,614


								299,433

Lithuania 0.3%

Lithuania Government International Bond,
Sr. Unsec’d. Notes, EMTN		2.125		10/22/35	EUR	200		217,633

Mexico 1.2%

Mexico Government International Bond,
Sr. Unsec’d. Notes		2.875		04/08/39	EUR	200		171,157

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 35

Schedule of Investments (unaudited) (continued)

as of April 30, 2022



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

Mexico (cont’d.)

Mexico Government International Bond, (cont’d.)
Sr. Unsec’d. Notes, EMTN		1.750%		04/17/28	EUR	100	$	96,640
Sr. Unsec’d. Notes, Series 19		1.440		07/24/24	JPY	100,000		782,450


								1,050,247

New Zealand 0.1%

New Zealand Local Government Funding Agency Bond,
Local Gov’t. Gtd. Notes		3.500		04/14/33	NZD	100		59,136

Panama 0.5%

Panama Government International Bond,
Sr. Unsec’d. Notes		3.160		01/23/30		200		181,853
Sr. Unsec’d. Notes		3.875		03/17/28		200		193,868


								375,721

Peru 0.6%

Peru Government Bond,
Sr. Unsec’d. Notes		6.150		08/12/32	PEN	30		6,858
Peruvian Government International Bond,
Sr. Unsec’d. Notes		1.250		03/11/33	EUR	105		88,893
Sr. Unsec’d. Notes		2.392		01/23/26		85		79,563
Sr. Unsec’d. Notes		2.750		01/30/26	EUR	300		320,972
Sr. Unsec’d. Notes		6.900		08/12/37	PEN	100		23,181


								519,467

Philippines 0.6%

Philippine Government International Bond,
Sr. Unsec’d. Notes		0.700		02/03/29	EUR	500		468,663

Portugal 1.2%

Portugal Government International Bond,
Sr. Unsec’d. Notes		4.090		06/03/22	CNH	600		90,385
Portugal Obrigacoes do Tesouro OT,
Sr. Unsec’d. Notes, 144A		0.300		10/17/31	EUR	200		182,155
Sr. Unsec’d. Notes, 144A		1.150		04/11/42	EUR	85		71,956
Sr. Unsec’d. Notes, 144A		4.100		04/15/37	EUR	195		255,287
Sr. Unsec’d. Notes, 144A		4.100		02/15/45	EUR	145		200,107

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

Portugal (cont’d.)

Portugal Obrigacoes do Tesouro OT, (cont’d.)
Sr. Unsec’d. Notes, 144A, Series 15 YR		2.250%		04/18/34	EUR	50	$	53,923
Unsec’d. Notes, 144A		1.000		04/12/52	EUR	260		185,396


								1,039,209

Qatar 0.2%

Qatar Government International Bond,
Sr. Unsec’d. Notes, 144A		3.400		04/16/25		200		200,578

Romania 0.4%

Romanian Government International Bond,
Sr. Unsec’d. Notes, 144A, MTN		2.125		03/07/28	EUR	180		171,740
Sr. Unsec’d. Notes, EMTN		3.500		04/03/34	EUR	50		43,648
Sr. Unsec’d. Notes, EMTN		3.875		10/29/35	EUR	100		89,199
Unsec’d. Notes, 144A, MTN		2.124		07/16/31	EUR	50		41,747


								346,334

Russia 0.2%

Russian Foreign Bond - Eurobond,
Sr. Unsec’d. Notes		1.125		11/20/27	EUR	100		21,099
Sr. Unsec’d. Notes		2.650		05/27/36	EUR	100		21,099
Sr. Unsec’d. Notes		2.875		12/04/25	EUR	200		52,747
Sr. Unsec’d. Notes		4.375		03/21/29		200		40,000


								134,945

Saudi Arabia 0.4%

Saudi Government International Bond,
Sr. Unsec’d. Notes		2.000		07/09/39	EUR	200		182,044
Sr. Unsec’d. Notes, 144A		2.000		07/09/39	EUR	125		113,777


								295,821

Serbia 0.5%

Serbia International Bond,
Sr. Unsec’d. Notes		1.650		03/03/33	EUR	100		72,443
Sr. Unsec’d. Notes		3.125		05/15/27	EUR	250		236,952
Sr. Unsec’d. Notes, 144A		2.125		12/01/30		200		149,313


								458,708

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 37

Schedule of Investments (unaudited) (continued)

as of April 30, 2022



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

Singapore 0.0%

Singapore Government Bond,
Bonds		2.750%		03/01/46	SGD	40	$	29,061

Slovenia 0.3%

Slovenia Government Bond,
Unsec’d. Notes, Series RS86		0.000		02/12/31	EUR	300		270,057

South Africa 0.4%

Republic of South Africa Government Bond,
Sr. Unsec’d. Notes, Series R209		6.250		03/31/36	ZAR	7,100		306,488

Spain 1.5%

Autonomous Community of Catalonia,
Sr. Unsec’d. Notes		4.220		04/26/35	EUR	100		119,852
Instituto de Credito Oficial,
Gov’t. Gtd. Notes, GMTN		0.963		09/22/22	SEK	1,000		101,901
Spain Government Bond,
Sr. Unsec’d. Notes, 144A		0.500		04/30/30	EUR	35		33,836
Sr. Unsec’d. Notes, 144A		0.500		10/31/31	EUR	250		232,710
Sr. Unsec’d. Notes, 144A		0.850		07/30/37	EUR	110		94,638
Sr. Unsec’d. Notes, 144A		1.000		10/31/50	EUR	190		140,065
Sr. Unsec’d. Notes, 144A		1.850		07/30/35	EUR	285		290,436
Sr. Unsec’d. Notes, 144A		3.450		07/30/66	EUR	60		72,858
Spain Government International Bond,
Sr. Unsec’d. Notes, EMTN		5.250		04/06/29	GBP	100		145,657


								1,231,953

Ukraine 0.2%

Ukraine Government International Bond,
Sr. Unsec’d. Notes		4.375		01/27/30	EUR	230		75,218
Sr. Unsec’d. Notes		6.750		06/20/26	EUR	200		67,517
Sr. Unsec’d. Notes, 144A		4.375		01/27/30	EUR	100		32,703


								175,438

United Arab Emirates 0.2%

UAE International Government Bond,
Sr. Unsec’d. Notes, 144A, MTN		2.000		10/19/31		205		181,644

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

United Kingdom 1.1%

Isle of Man Government International Bond,
Unsec’d. Notes		5.375%		08/14/34	GBP	100	$	160,320
Unsec’d. Notes		5.625		03/29/30	GBP	100		153,602
United Kingdom Gilt,
Bonds		4.250		12/07/46(k)	GBP	330		586,359


								900,281

Uruguay 0.1%

Uruguay Government International Bond,
Sr. Unsec’d. Notes		4.375		10/27/27		39		40,238
Sr. Unsec’d. Notes		4.375		01/23/31		62		64,106


								104,344


TOTAL SOVEREIGN BONDS
(cost $25,245,837)								20,653,538


U.S. GOVERNMENT AGENCY OBLIGATION 0.2%
Tennessee Valley Authority
Sr. Unsec’d. Notes
(cost $191,259)		5.625		06/07/32	GBP	100		159,488


U.S. TREASURY OBLIGATIONS 6.1%
U.S. Treasury Bonds		2.375		02/15/42		865		764,444
U.S. Treasury Bonds		2.750		08/15/47(k)		675		630,387
U.S. Treasury Notes		0.625		08/15/30		300		249,703
U.S. Treasury Notes		1.000		07/31/28		2,400		2,130,562
U.S. Treasury Notes		1.125		02/15/31(k)		1,600		1,380,750


TOTAL U.S. TREASURY OBLIGATIONS
(cost $5,728,171)								5,155,846


TOTAL LONG-TERM INVESTMENTS
(cost $87,686,582)								76,976,861

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 39

Schedule of Investments (unaudited) (continued)

as of April 30, 2022



Description	Shares		Value

SHORT-TERM INVESTMENTS 7.4%

UNAFFILIATED FUND 7.4%
Dreyfus Government Cash Management (Institutional Shares)
(cost $6,260,807)		6,260,807	$	6,260,807

*OPTIONS PURCHASED~ 0.0%**
(cost $10,078)				29,878


TOTAL SHORT-TERM INVESTMENTS
(cost $6,270,885)				6,290,685


TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 98.6%
(cost $93,957,467)				83,267,546


*OPTIONS WRITTEN~ (0.0)%**
(premiums received $12,000)				(34,421	)


TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 98.6%
(cost $93,945,467)				83,233,125
Other assets in excess of liabilities(z) 1.4%				1,196,458


NET ASSETS 100.0%			$	84,429,583

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

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

DKK—Danish Krone

EUR—Euro

GBP—British Pound

HUF—Hungarian Forint

IDR—Indonesian Rupiah

ILS—Israeli Shekel

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

MYR—Malaysian Ringgit

NOK—Norwegian Krone

NZD—New Zealand Dollar

PEN—Peruvian Nuevo Sol

PLN—Polish Zloty

SAR—Saudi Arabian Riyal

SEK—Swedish Krona

SGD—Singapore Dollar

THB—Thai Baht

See Notes to Financial Statements.

USD—US Dollar

ZAR—South African Rand

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

A—Annual payment frequency for swaps

BBR—New Zealand Bank Bill Rate

BBSW—Australian Bank Bill Swap Reference Rate

BROIS—Brazil Overnight Index Swap

BTP—Buoni del Tesoro Poliennali

BUBOR—Budapest Interbank Offered Rate

CDOR—Canadian Dollar Offered Rate

CDS—Credit Default Swap

CDX—Credit Derivative Index

CLO—Collateralized Loan Obligation

CLOIS—Sinacofi Chile Interbank Rate Average

CME—Chicago Mercantile Exchange

COOIS—Colombia Overnight Interbank Reference Rate

CPI—Consumer Price Index

EMTN—Euro Medium Term Note

EURIBOR—Euro Interbank Offered Rate

EuroSTR—Euro Short-Term Rate

FHLMC—Federal Home Loan Mortgage Corporation

GMTN—Global Medium Term Note

HICP—Harmonised Index of Consumer Prices

IO—Interest Only (Principal amount represents notional)

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

OTC—Over-the-counter

PIK—Payment-in-Kind

PJSC—Public Joint-Stock Company

PRIBOR—Prague Interbank Offered Rate

Q—Quarterly payment frequency for swaps

S—Semiannual payment frequency for swaps

SAIBOR—Saudi Arabian Interbank Offered Rate

SARON—Swiss Average Rate Overnight

SOFR—Secured Overnight Financing Rate

SONIA—Sterling Overnight Index Average

SORA—Singapore Overnight Rate Average

STIBOR—Stockholm Interbank Offered Rate

STRIPs—Separate Trading of Registered Interest and Principal of Securities

T—Swap payment upon termination

TELBOR—Tel Aviv Interbank Offered Rate

THBFIX—Thai Baht Interest Rate Fixing

TONAR—Tokyo Overnight Average Rate

USOIS—United States Overnight Index Swap

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 41

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

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 $50,460 and 0.1% of net assets.

(c)	Variable rate instrument. The interest rate shown reflects the rate in effect at April 30, 2022.

(cc)

(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.

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

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

(r)	Principal or notional amount is less than $500 par.

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

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

Options Purchased:

OTC Swaptions

Description

Call/
Put

Counterparty

Expiration
Date

Strike

Receive

Pay

Notional
Amount
(000)#

Value

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

Call

Deutsche Bank AG

05/17/23

2.05%

2.05%(A)

3 Month SAIBOR(Q)

SAR

3,000

167

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

Put

Deutsche Bank AG

05/17/23

2.05%

3 Month SAIBOR(Q)

2.05%(A)

SAR

3,000

29,711

Total Options Purchased (cost $10,078)

29,878

See Notes to Financial Statements.

Options Written:

OTC Swaptions

Description

Call/
Put

Counterparty

Expiration
Date

Strike

Receive

Pay

Notional
Amount
(000)#

Value

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

Call

Deutsche Bank AG

05/17/23

1.13%

3 Month LIBOR(Q)

1.13%(S)

800

(776

)

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

Put

Deutsche Bank AG

05/17/23

1.13%

1.13%(S)

3 Month LIBOR(Q)

800

(33,645

)

Total Options Written (premiums received $12,000)

(34,421

)

Futures contracts outstanding at April 30, 2022:


Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)

	Long Positions:
	8	2 Year U.S. Treasury Notes		Jun. 2022	$	1,686,500		$	(4,512	)
	6	10 Year Canadian Government Bonds		Jun. 2022		590,168			(45,219	)
	16	20 Year U.S. Treasury Bonds		Jun. 2022		2,251,000			(156,077	)
	16	30 Year U.S. Ultra Treasury Bonds		Jun. 2022		2,567,000			(271,043	)
	4	Euro-BTP Italian Government Bond		Jun. 2022		550,009			(59,772	)
	6	Euro-OAT		Jun. 2022		923,123			(60,010	)


									(596,633	)


	Short Positions:
	3	3 Month CME SOFR		Jun. 2022		746,081			4,063
	16	5 Year Euro-Bobl		Jun. 2022		2,146,697			97,996
	11	5 Year U.S. Treasury Notes		Jun. 2022		1,239,391			(5,260	)
	35	10 Year Euro-Bund		Jun. 2022		5,671,042			179,467
	1	10 Year U.K. Gilt		Jun. 2022		148,932			(730	)
	7	10 Year U.S. Treasury Notes		Jun. 2022		834,094			3,709
	19	10 Year U.S. Ultra Treasury Notes		Jun. 2022		2,451,000			210,608
	113	Euro Currency		Jun. 2022		14,956,962			466,280
	44	Euro Schatz Index		Jun. 2022		5,112,689			65,921


									1,022,054


								$	425,421

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 43

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Forward foreign currency exchange contracts outstanding at April 30, 2022:


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 05/06/22	Morgan Stanley & Co. International PLC	AUD	393	$	281,053	$	277,874		$	—		$	(3,179	)
Brazilian Real,
Expiring 05/03/22	Morgan Stanley & Co. International PLC	BRL	662		136,196		133,797			—			(2,399	)
Expiring 06/02/22	Citibank, N.A.	BRL	662		139,633		132,472			—			(7,161	)
British Pound,
Expiring 05/06/22	HSBC Bank PLC	GBP	3,574		4,547,875		4,494,393			—			(53,482	)
Expiring 05/06/22	Morgan Stanley & Co. International PLC	GBP	365		474,463		458,685			—			(15,778	)
Expiring 07/19/22	Morgan Stanley & Co. International PLC	GBP	111		139,394		139,581			187			—
Canadian Dollar,
Expiring 05/06/22	Morgan Stanley & Co. International PLC	CAD	95		74,294		73,826			—			(468	)
Expiring 07/19/22	JPMorgan Chase Bank, N.A.	CAD	63		49,601		49,341			—			(260	)
Chilean Peso,
Expiring 06/15/22	Barclays Bank PLC	CLP	30,315		37,835		35,208			—			(2,627	)
Expiring 06/15/22	Morgan Stanley & Co. International PLC	CLP	55,081		67,730		63,971			—			(3,759	)
Chinese Renminbi,
Expiring 05/23/22	Citibank, N.A.	CNH	282		42,410		42,354			—			(56	)
Expiring 05/23/22	JPMorgan Chase Bank, N.A.	CNH	586		87,857		88,083			226			—
Colombian Peso,
Expiring 06/15/22	BNP Paribas S.A.	COP	208,080		54,089		52,153			—			(1,936	)
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	COP	331,660		86,417		83,127			—			(3,290	)
Danish Krone,
Expiring 05/06/22	Bank of America, N.A.	DKK	240		34,641		34,108			—			(533	)
Euro,
Expiring 05/06/22	BNP Paribas S.A.	EUR	6,848		7,352,016		7,226,353			—			(125,663	)
Expiring 06/02/22	Citibank, N.A.	EUR	219		230,856		231,587			731			—
Expiring 07/19/22	Morgan Stanley & Co. International PLC	EUR	572		605,973		606,110			137			—
Hungarian Forint,
Expiring 07/19/22	Barclays Bank PLC	HUF	48,942		138,664		134,990			—			(3,674	)
Israeli Shekel,
Expiring 06/15/22	HSBC Bank PLC	ILS	177		55,657		53,221			—			(2,436	)
Japanese Yen,
Expiring 05/06/22	Bank of America, N.A.	JPY	13,758		106,897		106,039			—			(858	)
Expiring 05/06/22	JPMorgan Chase Bank, N.A.	JPY	189,079		1,475,365		1,457,299			—			(18,066	)
Mexican Peso,
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	MXN	1,133		55,307		54,985			—			(322	)

See Notes to Financial Statements.

Forward foreign currency exchange contracts outstanding at April 30, 2022 (continued):


Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation			Unrealized Depreciation

OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Norwegian Krone,
Expiring 07/19/22	Morgan Stanley & Co. International PLC	NOK	553	$	62,771	$	58,981		$	—		$	(3,790	)
Polish Zloty,
Expiring 07/19/22	HSBC Bank PLC	PLN	384		89,054		85,738			—			(3,316	)
Expiring 07/19/22	HSBC Bank PLC	PLN	325		74,844		72,450			—			(2,394	)
South African Rand,
Expiring 06/15/22	HSBC Bank PLC	ZAR	440		29,528		27,724			—			(1,804	)
South Korean Won,
Expiring 06/15/22	Citibank, N.A.	KRW	50,588		41,173		40,051			—			(1,122	)
Expiring 06/15/22	Morgan Stanley & Co. International PLC	KRW	76,639		60,795		60,676			—			(119	)
Swiss Franc,
Expiring 05/06/22	Morgan Stanley & Co. International PLC	CHF	285		298,261		293,473			—			(4,788	)
Expiring 07/19/22	Goldman Sachs International	CHF	124		133,279		128,054			—			(5,225	)


				$	17,063,928	$	16,796,704			1,281			(268,505	)


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 05/06/22	Morgan Stanley & Co. International PLC	AUD	393	$	295,873	$	277,874		$	17,999		$	—
Expiring 06/02/22	Morgan Stanley & Co. International PLC	AUD	393		281,190		278,021			3,169			—
Expiring 07/19/22	BNP Paribas S.A.	AUD	113		84,298		80,089			4,209			—
Brazilian Real,
Expiring 05/03/22	Citibank, N.A.	BRL	662		140,949		133,797			7,152			—
British Pound,
Expiring 05/06/22	Morgan Stanley & Co. International PLC	GBP	3,939		5,196,435		4,953,077			243,358			—
Expiring 06/06/22	HSBC Bank PLC	GBP	3,574		4,547,739		4,494,569			53,170			—
Expiring 06/06/22	Standard Chartered Bank	GBP	69		86,571		86,604			—			(33	)
Canadian Dollar,
Expiring 05/06/22	Morgan Stanley & Co. International PLC	CAD	95		75,744		73,826			1,918			—
Expiring 06/02/22	Morgan Stanley & Co. International PLC	CAD	95		74,295		73,825			470			—

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 45

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Forward foreign currency exchange contracts outstanding at April 30, 2022 (continued):


Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation			Unrealized Depreciation

OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Canadian Dollar (cont’d.),
Expiring 07/19/22	Barclays Bank PLC	CAD	890	$	704,880	$	692,401		$	12,479		$	—
Chilean Peso,
Expiring 06/15/22	Morgan Stanley & Co. International PLC	CLP	67,021		85,038		77,837			7,201			—
Chinese Renminbi,
Expiring 05/23/22	BNP Paribas S.A.	CNH	5,169		813,763		776,575			37,188			—
Expiring 05/23/22	Citibank, N.A.	CNH	1,686		263,514		253,326			10,188			—
Expiring 05/23/22	HSBC Bank PLC	CNH	978		152,965		146,919			6,046			—
Expiring 05/23/22	JPMorgan Chase Bank, N.A.	CNH	14,359		2,248,258		2,157,343			90,915			—
Danish Krone,
Expiring 05/06/22	JPMorgan Chase Bank, N.A.	DKK	240		35,294		34,107			1,187			—
Expiring 06/02/22	Bank of America, N.A.	DKK	240		34,681		34,150			531			—
Euro,
Expiring 05/06/22	BNP Paribas S.A.	EUR	712		785,475		751,659			33,816			—
Expiring 05/06/22	Morgan Stanley & Co. International PLC	EUR	5,743		6,201,969		6,060,118			141,851			—
Expiring 05/06/22	Morgan Stanley & Co. International PLC	EUR	165		184,093		173,821			10,272			—
Expiring 05/06/22	Morgan Stanley & Co. International PLC	EUR	145		160,252		153,048			7,204			—
Expiring 05/06/22	Morgan Stanley & Co. International PLC	EUR	83		90,838		87,708			3,130			—
Expiring 06/02/22	BNP Paribas S.A.	EUR	6,848		7,360,630		7,235,479			125,151			—
Indonesian Rupiah,
Expiring 06/15/22	Goldman Sachs International	IDR	1,526,380		106,487		104,436			2,051			—
Israeli Shekel,
Expiring 06/15/22	Barclays Bank PLC	ILS	942		291,977		282,753			9,224			—
Expiring 06/15/22	Barclays Bank PLC	ILS	94		29,201		28,316			885			—
Japanese Yen,
Expiring 05/06/22	Morgan Stanley & Co. International PLC	JPY	172,994		1,420,654		1,333,324			87,330			—
Expiring 05/06/22	Morgan Stanley & Co. International PLC	JPY	29,843		240,933		230,012			10,921			—
Expiring 06/02/22	JPMorgan Chase Bank, N.A.	JPY	189,079		1,476,588		1,458,672			17,916			—
Mexican Peso,
Expiring 06/15/22	Bank of America, N.A.	MXN	3,502		172,468		170,035			2,433			—
Expiring 06/15/22	Barclays Bank PLC	MXN	1,474		69,798		71,577			—			(1,779	)

See Notes to Financial Statements.

Forward foreign currency exchange contracts outstanding at April 30, 2022 (continued):


Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation			Unrealized Depreciation

OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Peruvian Nuevo Sol,
Expiring 06/15/22	Morgan Stanley & Co. International PLC	PEN	131	$	33,904	$	33,836		$	68		$	—
Singapore Dollar,
Expiring 06/15/22	HSBC Bank PLC	SGD	41		29,800		29,293			507			—
South African Rand,
Expiring 06/15/22	Barclays Bank PLC	ZAR	433		28,574		27,304			1,270			—
Expiring 06/15/22	Barclays Bank PLC	ZAR	364		23,515		22,908			607			—
Expiring 06/15/22	Barclays Bank PLC	ZAR	242		15,635		15,231			404			—
Expiring 06/15/22	Citibank, N.A.	ZAR	433		28,490		27,303			1,187			—
Expiring 06/15/22	Morgan Stanley & Co. International PLC	ZAR	4,987		335,761		314,120			21,641			—
Swedish Krona,
Expiring 07/19/22	Bank of America, N.A.	SEK	771		81,789		78,732			3,057			—
Swiss Franc,
Expiring 05/06/22	Bank of America, N.A.	CHF	40		42,988		40,955			2,033			—
Expiring 05/06/22	Morgan Stanley & Co. International PLC	CHF	246		266,779		252,517			14,262			—
Expiring 06/02/22	Morgan Stanley & Co. International PLC	CHF	285		298,645		293,883			4,762			—
Expiring 07/19/22	Barclays Bank PLC	CHF	182		195,607		187,687			7,920			—


				$	35,094,337	$	34,089,067			1,007,082			(1,812	)


									$	1,008,363		$	(270,317	)

Credit default swap agreements outstanding at April 30, 2022:


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):**
Arab Republic of Egypt	06/20/27		1.000%(Q	)		200	$	50,744			$	222		$	50,522		Barclays Bank PLC
Emirate of Abu Dhabi	06/20/27		1.000%(Q	)		200		(4,125	)			222			(4,347	)	Barclays Bank PLC
Federation of Malaysia	06/20/27		1.000%(Q	)		300		(1,687	)			333			(2,020	)	Barclays Bank PLC
Federative Republic of Brazil	06/20/27		1.000%(Q	)		1,200		66,589				1,333			65,256		Barclays Bank PLC
Kingdom of Saudi Arabia	06/20/27		1.000%(Q	)		200		(3,973	)			222			(4,195	)	Barclays Bank PLC
People’s Republic of China	06/20/27		1.000%(Q	)		1,200		(15,338	)			1,333			(16,671	)	Barclays Bank PLC
Republic of Argentina	06/20/27		1.000%(Q	)		200		129,518				222			129,296		Barclays Bank PLC

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 47

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Credit default swap agreements outstanding at April 30, 2022 (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 Chile		06/20/27		1.000%(Q	)		300	$	282			$	333		$	(51	)	Barclays Bank PLC
Republic of Colombia		06/20/27		1.000%(Q	)		600		36,613				666			35,947		Barclays Bank PLC
Republic of Indonesia		06/20/27		1.000%(Q	)		900		6,166				999			5,167		Barclays Bank PLC
Republic of Panama		06/20/27		1.000%(Q	)		200		1,769				222			1,547		Barclays Bank PLC
Republic of Peru		06/20/27		1.000%(Q	)		300		1,423				333			1,090		Barclays Bank PLC
Republic of Philippines		06/20/27		1.000%(Q	)		200		695				222			473		Barclays Bank PLC
Republic of South Africa		06/20/27		1.000%(Q	)		1,200		80,297				1,333			78,964		Barclays Bank PLC
Republic of Turkey		06/20/27		1.000%(Q	)		1,200		245,080				1,333			243,747		Barclays Bank PLC
Republic of Ukraine		06/20/27		1.000%(Q	)		200		137,695				222			137,473		Barclays Bank PLC
State of Qatar		06/20/27		1.000%(Q	)		200		(3,954	)			222			(4,176	)	Barclays Bank PLC
United Mexican States		06/20/27		1.000%(Q	)		1,200		20,807				1,333			19,474		Barclays Bank PLC


								$	748,601			$	11,105		$	737,496


Reference Entity/ Obligation	Termination Date	Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2022(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.37.V1	06/20/27		1.000%(Q)		10,000		2.813	%	$	(789,542	)		$	(19,101	)		$	(770,441	)		Barclays Bank PLC


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):
Gazprom Pao	09/20/22		1.000%(Q	)		300		$ 100,885	$	78,745		$	22,140			Barclays Bank PLC
Gazprom Pao	03/20/23		1.000%(Q	)		652		321,471		321,143			328			Barclays Bank PLC
Gazprom Pao	06/20/24		1.000%(Q	)		134		72,735		57,432			15,303			HSBC Bank PLC
Russian Federation	12/20/25		1.000%(Q	)		200		123,538		124,924			(1,386	)		HSBC Bank PLC
Russian Federation	06/20/27		1.000%(Q	)		100		64,180		73,647			(9,467	)		Citibank, N.A.

See Notes to Financial Statements.

Credit default swap agreements outstanding at April 30, 2022 (continued):


Reference Entity/ Obligation	Termination Date		Fixed Rate			Notional Amount (000)#(3)		Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)				Counterparty


OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont’d.):
Russian Federation		12/20/31		1.000%(Q	)		400	$	260,867	$	271,830		$	(10,963	)	HSBC Bank PLC
Russian Federation		12/20/31		1.000%(Q	)		200		130,434		90,509			39,925		HSBC Bank PLC


								$	1,074,110	$	1,018,230		$	55,880


Reference Entity/ Obligation	Termination Date	Fixed Rate			Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2022(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):
Devon Energy Corp.	06/20/22		1.000%(Q	)		420		0.511%	$	774		$	326			$	448			Barclays Bank PLC
DP World PLC	12/20/24		1.000%(Q	)		100		0.773%		694			248				446			Barclays Bank PLC
Electricite de France S.A.	12/20/22		1.000%(Q	)	EUR	100		0.487%		476			605				(129	)		Goldman Sachs International
EQT Corp.	06/20/22		5.000%(Q	)		40		0.941%		467			199				268			Credit Suisse International
General Electric Co.	06/20/22		1.000%(Q	)		130		0.266%		289			126				163			Morgan Stanley & Co. International PLC
Generalitat de Catalunya	12/20/25		1.000%(Q	)		100		*		1,027			(695	)			1,722			Deutsche Bank AG
Halliburton Co.	12/20/26		1.000%(Q	)		50		0.871%		336			445				(109	)		Goldman Sachs International
Hellenic Republic	12/20/31		1.000%(Q	)		140		2.034%		(10,870	)		(4,120	)			(6,750	)		Barclays Bank PLC
Hess Corp.	06/20/22		1.000%(Q	)		440		0.407%		877			399				478			Goldman Sachs International
Kingdom of Spain	06/20/25		1.000%(Q	)		1,000		0.291%		22,672			(5,793	)			28,465			Bank of America, N.A.
Kingdom of Spain	06/20/25		1.000%(Q	)		170		0.291%		3,855			(1,027	)			4,882			Bank of America, N.A.
Kingdom of Spain	06/20/25		1.000%(Q	)		15		0.291%		340			123				217			Barclays Bank PLC
Kingdom of Spain	12/20/25		1.000%(Q	)		50		0.339%		1,210			714				496			JPMorgan Chase Bank, N.A.
Kingdom of Spain	06/20/30		1.000%(Q	)		100		0.660%		2,553			(305	)			2,858			Credit Suisse International

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 49

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Credit default swap agreements outstanding at April 30, 2022 (continued):


Reference Entity/ Obligation	Termination Date		Fixed Rate			Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2022(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.):
Newell Brands, Inc.		06/20/22		1.000%(Q	)		380		0.322%	$	804		$	376			$	428		Barclays Bank PLC
Republic of Estonia		12/20/26		1.000%(Q	)		50		0.657%		803			440				363		JPMorgan Chase Bank, N.A.
Republic of Indonesia		06/20/23		1.000%(Q	)		475		0.318%		4,232			(695	)			4,927		Citibank, N.A.
Republic of Italy		12/20/28		1.000%(Q	)		200		1.378%		(4,162	)		(728	)			(3,434	)	Barclays Bank PLC
Republic of Italy		12/20/28		1.000%(Q	)		110		1.378%		(2,290	)		(433	)			(1,857	)	Citibank, N.A.
Republic of Kazakhstan		06/20/23		1.000%(Q	)		85		0.965%		130			—				130		Citibank, N.A.
Republic of Panama		12/20/26		1.000%(Q	)		45		1.128%		(195	)		120				(315	)	Citibank, N.A.
Republic of Portugal		12/20/23		1.000%(Q	)		50		0.170%		733			(9	)			742		Morgan Stanley & Co. International PLC
Republic of South Africa		12/20/23		1.000%(Q	)		300		1.350%		(1,353	)		(5,293	)			3,940		Bank of America, N.A.
Republic of Ukraine		12/20/23		5.000%(Q	)		100		126.719%		(59,905	)		2,346				(62,251	)	Deutsche Bank AG
Republic of Ukraine		12/20/24		5.000%(Q	)		100		101.137%		(61,929	)		4,188				(66,117	)	HSBC Bank PLC
Republic of Ukraine		06/20/25		5.000%(Q	)		90		93.392%		(56,282	)		(632	)			(55,650	)	Barclays Bank PLC
Russian Federation		03/20/25		1.000%(Q	)		200		69.464%		(121,000	)		(124,140	)			3,140		HSBC Bank PLC
Russian Federation		06/20/27		1.000%(Q	)		100		55.719%		(64,179	)		(74,144	)			9,965		Morgan Stanley & Co. International PLC
Russian Federation		12/20/30		1.000%(Q	)		400		45.176%		(260,216	)		(272,339	)			12,123		HSBC Bank PLC
Russian Federation		12/20/30		1.000%(Q	)		200		45.176%		(130,108	)		(90,830	)			(39,278	)	HSBC Bank PLC
Teck Resources Ltd.		06/20/26		5.000%(Q	)		150		1.219%		22,666			23,321				(655	)	Barclays Bank PLC
Verizon Communications, Inc.		06/20/26		1.000%(Q	)		170		0.886%		950			2,953				(2,003	)	Goldman Sachs International


										$	(706,601	)	$	(544,254	)		$	(162,347	)

See Notes to Financial Statements.

Credit default swap agreements outstanding at April 30, 2022 (continued):


Reference Entity/ Obligation	Termination Date		Fixed Rate			Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2022(4)		Value at Trade Date		Value at April 30, 2022		Unrealized Appreciation (Depreciation)


Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):
CDX.NA.HY.37.V1		12/20/26		5.000%(Q	)		3,750		4.286%	$	196,052	$	124,904		$	(71,148	)
CDX.NA.IG.37.V1		12/20/26		1.000%(Q	)		8,000		0.781%		101,586		84,239			(17,347	)


										$	297,638	$	209,143		$	(88,495	)


Reference Entity/ Obligation	Termination Date	Fixed Rate			Notional Amount (000)#(3)	Implied Credit Spread at April 30, 2022(4)	Fair Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)				Counterparty


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

CDX.NA.HY.BB.36.V1	06/20/26		5.000%(Q	)	100	2.547%	$	9,616		$	12,744		$	(3,128	)		Citibank, N.A.

(1)

(2)

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

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

(4)

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 51

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

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.

Currency swap agreements outstanding at April 30, 2022:

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)

6 Month LIBOR(S)

Citibank, N.A.

11/29/23

6,294

—

6,294

Inflation swap agreements outstanding at April 30, 2022:


Notional Amount (000)#	Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2022			Unrealized Appreciation (Depreciation)


Centrally Cleared Inflation Swap Agreements:
EUR 200		05/15/23	1.485%(T)	France CPI ex Tobacco Household(1)(T)		$	—	$	9,396			$	9,396
EUR 200		05/15/23	1.510%(T)	Eurostat Eurozone HICP ex Tobacco(2)(T)			—		(18,508	)			(18,508	)

						$	—	$	(9,112	)		$	(9,112	)

(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, 2022:


Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date				Value at April 30, 2022			Unrealized Appreciation (Depreciation)


Centrally Cleared Interest Rate Swap Agreements:
AUD	1,100		02/19/31	1.398%(S)	6 Month BBSW(2)(S)		$	(3,256	)	$	(127,029	)		$	(123,773	)
BRL	287		01/02/25	6.540%(T)	1 Day BROIS(2)(T)			—			(5,431	)			(5,431	)
BRL	1,638		01/02/25	6.670%(T)	1 Day BROIS(2)(T)			—			(28,699	)			(28,699	)
BRL	306		01/02/25	8.690%(T)	1 Day BROIS(2)(T)			—			2,526				2,526
BRL	569		01/02/25	9.943%(T)	1 Day BROIS(2)(T)			—			21,232				21,232

See Notes to Financial Statements.

Interest rate swap agreements outstanding at April 30, 2022 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date				Value at April 30, 2022			Unrealized Appreciation (Depreciation)


Centrally Cleared Interest Rate Swap Agreements (cont’d.):
BRL	609		01/02/25	11.080%(T)	1 Day BROIS(2)(T)		$	—		$	30,979			$	30,979
BRL	98		01/02/25	12.090%(T)	1 Day BROIS(2)(T)			—			6,391				6,391
BRL	1,220		01/04/27	6.493%(T)	1 Day BROIS(2)(T)			—			(46,601	)			(46,601	)
BRL	661		01/04/27	6.820%(T)	1 Day BROIS(2)(T)			—			(25,181	)			(25,181	)
BRL	1,909		01/02/29	7.250%(T)	1 Day BROIS(2)(T)			—			(89,152	)			(89,152	)
CAD	255		05/08/22	1.367%(S)	3 Month CDOR(2)(S)			127			732				605
CAD	1,230		04/03/25	0.970%(S)	3 Month CDOR(2)(S)			(3,391	)		(57,908	)			(54,517	)
CAD	80		12/03/28	2.600%(S)	3 Month CDOR(2)(S)			539			(1,704	)			(2,243	)
CAD	50		01/09/38	2.720%(S)	3 Month CDOR(2)(S)			(1	)		(3,205	)			(3,204	)
CAD	120		12/03/40	2.800%(S)	3 Month CDOR(2)(S)			16,951			(7,572	)			(24,523	)
CAD	50		05/30/47	2.240%(S)	3 Month CDOR(2)(S)			(1,459	)		(7,096	)			(5,637	)
CHF	70		04/03/28	0.410%(A)	1 Day SARON(2)(S)			(276	)		(2,513	)			(2,237	)
CHF	130		01/31/29	0.260%(A)	1 Day SARON(2)(S)			(588	)		(7,199	)			(6,611	)
CHF	40		04/03/33	0.687%(A)	1 Day SARON(2)(S)			(241	)		(3,119	)			(2,878	)
CHF	100		12/15/41	0.025%(A)	1 Day SARON(2)(A)			(21,302	)		(26,457	)			(5,155	)
CLP	30,200		07/12/29	3.135%(S)	1 Day CLOIS(2)(S)			—			(7,023	)			(7,023	)
CNH	700		08/15/23	3.115%(Q)	7 Day China Fixing Repo Rates(2)(Q)			(1	)		1,456				1,457
CNH	700		03/13/24	2.945%(Q)	7 Day China Fixing Repo Rates(2)(Q)			(1	)		1,476				1,477
CNH	1,400		04/01/24	2.923%(Q)	7 Day China Fixing Repo Rates(2)(Q)			—			2,860				2,860
CNH	1,440		06/03/24	2.975%(Q)	7 Day China Fixing Repo Rates(2)(Q)			—			3,467				3,467
CNH	2,220		06/20/24	2.900%(Q)	7 Day China Fixing Repo Rates(2)(Q)			(3	)		4,694				4,697
CNH	1,500		09/03/24	2.860%(Q)	7 Day China Fixing Repo Rates(2)(Q)			(1	)		3,250				3,251
CNH	1,500		10/10/24	2.860%(Q)	7 Day China Fixing Repo Rates(2)(Q)			(1	)		3,140				3,141
CNH	1,680		11/01/24	3.120%(Q)	7 Day China Fixing Repo Rates(2)(Q)			(5	)		5,593				5,598
CNH	1,200		02/04/25	2.600%(Q)	7 Day China Fixing Repo Rates(2)(Q)			—			1,557				1,557
CNH	2,800		03/06/25	2.425%(Q)	7 Day China Fixing Repo Rates(2)(Q)			(4	)		1,350				1,354

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 53

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Interest rate swap agreements outstanding at April 30, 2022 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date				Value at April 30, 2022			Unrealized Appreciation (Depreciation)


Centrally Cleared Interest Rate Swap Agreements (cont’d.):
CNH	5,000		03/12/25	2.400%(Q)	7 Day China Fixing Repo Rates(2)(Q)		$	(2	)	$	1,715			$	1,717
CNH	3,200		07/13/25	2.653%(Q)	7 Day China Fixing Repo Rates(2)(Q)			(4	)		4,383				4,387
CNH	5,910		11/02/25	2.588%(Q)	7 Day China Fixing Repo Rates(2)(Q)			12			6,517				6,505
CNH	5,280		04/12/26	2.810%(Q)	7 Day China Fixing Repo Rates(2)(Q)			(15	)		11,284				11,299
COP	498,340		07/27/28	6.200%(Q)	1 Day COOIS(2)(Q)			10,429			(14,664	)			(25,093	)
COP	3,100,000		04/09/31	5.245%(Q)	1 Day COOIS(2)(Q)			—			(164,488	)			(164,488	)
CZK	5,145		03/31/30	0.710%(A)	6 Month PRIBOR(2)(S)			—			(58,454	)			(58,454	)
EUR	5,485		11/23/24	(0.046)%(A)	6 Month EURIBOR(2)(S)			—			(104,915	)			(104,915	)
EUR	3,245		12/02/24	(0.285)%(A)	6 Month EURIBOR(2)(S)			—			(120,617	)			(120,617	)
EUR	200		05/11/25	0.100%(A)	1 Day EuroSTR(1)(A)			692			3,955				3,263
EUR	350		04/27/30	(0.016)%(A)	6 Month EURIBOR(2)(S)			—			(45,754	)			(45,754	)
EUR	342		08/15/30	(0.191)%(A)	1 Day EuroSTR(2)(A)			(153	)		(41,873	)			(41,720	)
EUR	100		05/11/31	0.750%(A)	1 Day EuroSTR(1)(A)			683			3,999				3,316
EUR	235		10/30/32	1.302%(A)	6 Month EURIBOR(2)(S)			4,734			(8,328	)			(13,062	)
EUR	430		05/11/33	1.000%(A)	6 Month EURIBOR(2)(S)			(8,387	)		(29,780	)			(21,393	)
EUR	140		11/12/36	0.610%(A)	6 Month EURIBOR(2)(S)			—			(7,375	)			(7,375	)
EUR	285		11/12/41	0.454%(A)	6 Month EURIBOR(1)(S)			—			12,632				12,632
EUR	150		11/24/41	0.565%(A)	6 Month EURIBOR(1)(S)			—			16,337				16,337
EUR	150		11/24/41	0.600%(A)	3 Month EURIBOR(2)(Q)			—			(17,313	)			(17,313	)
EUR	364		11/25/41	0.629%(A)	6 Month EURIBOR(1)(S)			—			37,697				37,697
EUR	364		11/25/41	0.663%(A)	3 Month EURIBOR(2)(Q)			—			(40,109	)			(40,109	)
EUR	570		03/22/42	1.257%(A)	6 Month EURIBOR(1)(S)			—			27,707				27,707

See Notes to Financial Statements.

Interest rate swap agreements outstanding at April 30, 2022 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date				Value at April 30, 2022			Unrealized Appreciation (Depreciation)


Centrally Cleared Interest Rate Swap Agreements (cont’d.):
EUR	570		03/22/42	1.310%(A)	3 Month EURIBOR(2)(Q)		$	—		$	(30,670	)		$	(30,670	)
EUR	120		05/11/49	1.450%(A)	6 Month EURIBOR(2)(S)			5,697			(1,079	)			(6,776	)
EUR	144		11/12/51	(0.012)%(A)	6 Month EURIBOR(2)(S)			—			(3,309	)			(3,309	)
GBP	150		05/08/31	1.150%(A)	1 Day SONIA(2)(A)			7,165			(10,481	)			(17,646	)
GBP	305		04/07/41	0.952%(A)	1 Day SONIA(2)(A)			(10	)		(51,479	)			(51,469	)
GBP	225		05/08/46	1.250%(A)	1 Day SONIA(2)(A)			49,365			(24,192	)			(73,557	)
GBP	35		09/03/50	0.328%(A)	1 Day SONIA(2)(A)			—			(13,379	)			(13,379	)
GBP	60		05/08/52	1.250%(A)	1 Day SONIA(2)(A)			(3,780	)		(7,314	)			(3,534	)
HUF	90,865		06/12/28	3.750%(A)	6 Month BUBOR(2)(S)			—			(30,830	)			(30,830	)
ILS	670		04/16/28	0.928%(A)	3 Month TELBOR(2)(Q)			(9	)		(14,266	)			(14,257	)
JPY	163,000		05/12/22	0.000%(S)	6 Month JPY LIBOR(2)(S)			(5	)		336				341
JPY	163,000		05/12/22	0.000%(A)	1 Day TONAR(1)(A)			244			(273	)			(517	)
JPY	11,780		06/03/22	0.000%(S)	6 Month JPY LIBOR(2)(S)			—			23				23
JPY	21,500		06/03/22	0.000%(S)	6 Month JPY LIBOR(2)(S)			—			42				42
JPY	11,780		06/03/22	0.000%(A)	1 Day TONAR(1)(A)			16			(17	)			(33	)
JPY	21,500		06/03/22	0.000%(A)	1 Day TONAR(1)(A)			29			(18	)			(47	)
JPY	112,000		06/18/22	0.000%(S)	6 Month JPY LIBOR(2)(S)			(76	)		245				321
JPY	203,200		06/18/22	0.000%(S)	6 Month JPY LIBOR(2)(S)			(163	)		460				623
JPY	112,000		06/18/22	0.000%(A)	1 Day TONAR(1)(A)			146			(135	)			(281	)
JPY	203,200		06/18/22	0.000%(A)	1 Day TONAR(1)(A)			265			(245	)			(510	)
JPY	5,000		07/04/22	0.000%(S)	6 Month JPY LIBOR(2)(S)			(4	)		1				5
JPY	57,555		07/04/22	0.000%(S)	6 Month JPY LIBOR(2)(S)			(46	)		7				53
JPY	5,000		07/04/22	0.000%(A)	1 Day TONAR(1)(A)			7			(3	)			(10	)
JPY	57,555		07/04/22	0.000%(A)	1 Day TONAR(1)(A)			76			(37	)			(113	)
JPY	126,000		04/08/23	(0.029)%(S)	1 Day TONAR(2)(S)			68			(734	)			(802	)
JPY	179,000		04/08/26	0.018%(S)	1 Day TONAR(2)(S)			13			(8,957	)			(8,970	)
JPY	59,000		12/18/27	0.290%(S)	1 Day TONAR(2)(S)			(602	)		1,391				1,993
JPY	163,000		11/12/28	0.011%(S)	1 Day TONAR(2)(S)			7			(23,254	)			(23,261	)
JPY	130,000		07/08/32	0.050%(A)	1 Day TONAR(2)(A)			(10,880	)		(33,938	)			(23,058	)
JPY	53,000		12/18/32	0.516%(S)	1 Day TONAR(2)(S)			(1,039	)		2,771				3,810
JPY	111,500		12/18/37	0.715%(S)	1 Day TONAR(2)(S)			(3,108	)		13,053				16,161

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 55

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Interest rate swap agreements outstanding at April 30, 2022 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date				Value at April 30, 2022			Unrealized Appreciation (Depreciation)


Centrally Cleared Interest Rate Swap Agreements (cont’d.):
JPY	57,555		01/04/38	0.757%(S)	1 Day TONAR(2)(S)		$	(1,551	)	$	9,391			$	10,942
JPY	11,780		12/03/38	0.600%(S)	1 Day TONAR(2)(S)			(6	)		(638	)			(632	)
JPY	10,000		10/04/39	0.203%(S)	1 Day TONAR(2)(S)			(27	)		(6,181	)			(6,154	)
JPY	21,500		12/03/39	0.650%(S)	1 Day TONAR(2)(S)			(13	)		(564	)			(551	)
JPY	20,000		02/06/40	0.223%(S)	1 Day TONAR(2)(S)			(112	)		(12,247	)			(12,135	)
JPY	5,000		07/04/43	0.763%(S)	1 Day TONAR(2)(S)			(136	)		73				209
JPY	91,700		12/18/47	0.918%(S)	1 Day TONAR(2)(S)			(3,340	)		15,568				18,908
JPY	10,000		07/08/52	0.450%(A)	1 Day TONAR(2)(A)			(5,891	)		(7,858	)			(1,967	)
KRW	979,000		09/10/28	2.043%(Q)	3 Month KWCDC(2)(Q)			(25,925	)		(43,281	)			(17,356	)
KRW	118,000		02/13/29	1.780%(Q)	3 Month KWCDC(2)(Q)			—			(7,086	)			(7,086	)
KRW	33,500		04/17/29	1.740%(Q)	3 Month KWCDC(2)(Q)			—			(2,138	)			(2,138	)
KRW	470,000		04/27/30	1.065%(Q)	3 Month KWCDC(2)(Q)			(10,693	)		(51,935	)			(41,242	)
MXN	3,630		03/19/26	6.050%(M)	28 Day Mexican Interbank Rate(2)(M)			(8	)		(18,446	)			(18,438	)
MXN	1,150		12/23/27	7.845%(M)	28 Day Mexican Interbank Rate(2)(M)			—			(3,022	)			(3,022	)
MXN	8,515		02/27/29	8.260%(M)	28 Day Mexican Interbank Rate(2)(M)			23,405			(15,761	)			(39,166	)
MXN	4,000		04/19/32	8.945%(A)	28 Day Mexican Interbank Rate(2)(M)			—			(434	)			(434	)
NOK	1,680		03/15/27	2.103%(A)	6 Month NIBOR(2)(S)			3,836			(6,379	)			(10,215	)
NZD	210		11/28/28	2.950%(S)	3 Month BBR(2)(Q)			—			(6,270	)			(6,270	)
NZD	100		07/22/29	1.768%(S)	3 Month BBR(2)(Q)			—			(8,499	)			(8,499	)
NZD	100		11/05/29	1.393%(S)	3 Month BBR(2)(Q)			—			(10,387	)			(10,387	)
NZD	1,120		03/01/31	2.098%(S)	3 Month BBR(2)(Q)			(38,276	)		(97,573	)			(59,297	)
PLN	890		07/11/28	2.935%(A)	6 Month WIBOR(2)(S)			18,992			(29,573	)			(48,565	)
PLN	760		08/30/31	1.765%(A)	6 Month WIBOR(2)(S)			—			(48,426	)			(48,426	)
SEK	2,200		11/05/29	0.457%(A)	3 Month STIBOR(2)(Q)			(3,746	)		(28,033	)			(24,287	)
SGD	165		07/29/31	1.120%(S)	1 Day SORA(2)(S)			1,068			(14,658	)			(15,726	)
THB	3,000		07/03/30	1.028%(S)	6 Month THBFIX(2)(S)			—			(10,372	)			(10,372	)

See Notes to Financial Statements.

Interest rate swap agreements outstanding at April 30, 2022 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date				Value at April 30, 2022			Unrealized Appreciation (Depreciation)


Centrally Cleared Interest Rate Swap Agreements (cont’d.):
	2,000		08/31/22	2.550%(A)	1 Day USOIS(1)(A)		$	—		$	(40,998	)		$	(40,998	)
	2,180		11/09/22	0.061%(A)	1 Day SOFR(1)(A)			—			18,532				18,532
	1,770		11/02/23	0.070%(A)	1 Day USOIS(1)(A)			—			67,496				67,496
	1,795		11/06/23	0.063%(A)	1 Day USOIS(1)(A)			—			69,288				69,288
	493		08/15/28	1.220%(A)	1 Day SOFR(1)(A)			—			40,576				40,576
ZAR	8,270		03/13/24	7.500%(Q)	3 Month JIBAR(1)(Q)			3			(13,481	)			(13,484	)
ZAR	3,700		11/07/27	8.360%(Q)	3 Month JIBAR(2)(Q)			2,553			10,327				7,774
ZAR	3,200		07/16/28	8.170%(Q)	3 Month JIBAR(2)(Q)			(35	)		4,189				4,224
ZAR	2,460		03/13/29	8.055%(Q)	3 Month JIBAR(2)(Q)			(8	)		1,728				1,736
ZAR	5,000		11/01/29	7.820%(Q)	3 Month JIBAR(2)(Q)			(29	)		(1,981	)			(1,952	)
ZAR	10,915		09/15/30	6.940%(Q)	3 Month JIBAR(2)(Q)			(13,990	)		(53,585	)			(39,595	)
ZAR	3,350		10/07/31	7.670%(Q)	3 Month JIBAR(2)(Q)			(23	)		(9,972	)			(9,949	)

							$	(15,500	)	$	(1,431,521	)		$	(1,416,021	)


Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Fair Value				Upfront Premiums Paid(Received)			Unrealized Appreciation (Depreciation)				Counterparty


OTC Interest Rate Swap Agreements:
CNH	3,000		10/14/31	2.675%(Q)	7 Day China Fixing Repo Rates(2)(Q)		$	745			$—			$	745		Standard Chartered Bank
COP	503,000		08/03/28	6.160%(Q)	1 Day COOIS(2)(Q)			(14,498	)		—				(14,498	)	JPMorgan Chase Bank, N.A.
COP	453,700		07/12/29	5.165%(Q)	1 Day COOIS(2)(Q)			(21,080	)		—				(21,080	)	Morgan Stanley & Co. International PLC
ILS	410		07/13/27	0.395%(A)	3 Month TELBOR(2)(Q)			(10,248	)		—				(10,248	)	Goldman Sachs International
ILS	550		04/26/28	1.915%(A)	3 Month TELBOR(2)(Q)			(2,695	)		—				(2,695	)	BNP Paribas S.A.
ILS	510		07/16/28	2.045%(A)	3 Month TELBOR(2)(Q)			845			—				845		JPMorgan Chase Bank, N.A.
ILS	270		07/12/29	1.411%(A)	3 Month TELBOR(2)(Q)			(3,752	)		—				(3,752	)	Citibank, N.A.
ILS	450		04/24/30	0.710%(A)	3 Month TELBOR(2)(Q)			(15,737	)		(4	)			(15,733	)	Goldman Sachs International

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 57

Schedule of Investments (unaudited) (continued)

as of April 30, 2022

Interest rate swap agreements outstanding at April 30, 2022 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Fair Value			Upfront Premiums Paid(Received)				Unrealized Appreciation (Depreciation)				Counterparty


OTC Interest Rate Swap Agreements (cont’d.):
MYR	450		04/09/26	2.625%(Q)	3 Month KLIBOR(2)(Q)	$	(4,005	)		$	(8	)		$	(3,997	)	Morgan Stanley & Co. International PLC
MYR	900		08/12/26	2.605%(Q)	3 Month KLIBOR(2)(Q)		(9,129	)			(13	)			(9,116	)	HSBC Bank PLC
MYR	200		07/11/29	3.528%(Q)	3 Month KLIBOR(2)(Q)		(1,532	)			—				(1,532	)	Morgan Stanley & Co. International PLC
MYR	200		04/07/32	3.870%(Q)	3 Month KLIBOR(2)(Q)		(1,411	)			(2	)			(1,409	)	Citibank, N.A.
THB	6,000		07/04/24	1.590%(S)	6 Month THBFIX(2)(S)		389				—				389		Morgan Stanley & Co. International PLC
THB	1,000		05/07/25	0.795%(S)	6 Month THBFIX(2)(S)		(874	)			—				(874	)	HSBC Bank PLC

						$	(82,982	)		$	(27	)		$	(82,955	)

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

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

Total return swap agreements outstanding at April 30, 2022:


Reference Entity	Financing Rate	Counterparty	Termination Date		Long (Short) Notional Amount (000)#(1)		Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)(2)

OTC Total Return Swap Agreement:
U.S. Treasury Bonds(T)	1 Day USOIS + 5 bps(T)	Goldman Sachs International		5/03/22		595	$	(88,146	)		$	—		$	(88,146	)

(1)

(2)	Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).

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


	Premiums Paid	Premiums Received	Unrealized Appreciation	Unrealized Depreciation

OTC Swap Agreements	$1,079,008	$(600,311)	$931,126	$(1,238,473)

See Notes to Financial Statements.

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


Broker	Cash and/or Foreign Currency			Securities Market Value
J.P. Morgan Securities LLC		$	—		$	2,087,878

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of April 30, 2022 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Asset-Backed Securities
Cayman Islands	$	—	$	7,362,106	$	—
Ireland		—		1,608,397		—
Spain		—		70,363		74
United States		—		1,589,549		—
Bank Loans
United States		—		21,701		—
Commercial Mortgage-Backed Securities
Canada		—		16,682		—
Ireland		—		974,580		—
United States		—		5,172,422		—
Corporate Bonds
Belgium		—		138,069		—
Brazil		—		250,617		—
Bulgaria		—		169,813		—
Canada		—		907,907		—
China		—		1,986,090		—
Denmark		—		453,385		—
France		—		2,208,077		—
Germany		—		1,158,171		—
Hong Kong		—		341,630		—
Hungary		—		97,080		—
India		—		300,912		—
Indonesia		—		88,570		—

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 59

Schedule of Investments (unaudited) (continued)

as of April 30, 2022


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Corporate Bonds (continued)
Israel	$	—	$	97,591	$	—
Italy		—		791,766		—
Jamaica		—		89,486		—
Japan		—		359,978		—
Kazakhstan		—		177,602		—
Luxembourg		—		185,050		—
Malta		—		120,092		—
Mexico		—		741,223		—
Netherlands		—		766,524		—
Peru		—		91,456		—
Portugal		—		129,954		—
Russia		—		470,858		—
South Africa		—		197,182		—
Spain		—		707,585		—
Supranational Bank		—		66,276		—
Sweden		—		247,986		—
Switzerland		—		595,713		—
United Arab Emirates		—		503,045		—
United Kingdom		—		3,129,858		—
United States		—		14,025,927		—
Municipal Bond
Puerto Rico		—		155,912		—
Residential Mortgage-Backed Securities
Bermuda		—		567,705		—
Ireland		—		65,584		—
United Kingdom		—		125,339		—
United States		—		1,631,716		50,386
Sovereign Bonds
Andorra		—		188,469		—
Austria		—		160,285		—
Brazil		—		564,971		—
Bulgaria		—		174,808		—
Canada		—		411,874		—
Chile		—		113,763		—
China		—		964,994		—
Colombia		—		741,985		—
Croatia		—		272,989		—
Cyprus		—		628,584		—
Denmark		—		31,065		—
Dominican Republic		—		100,399		—
France		—		82,274		—
Germany		—		97,089		—
Greece		—		1,928,319		—
Hong Kong		—		301,503		—
Hungary		—		347,411		—

See Notes to Financial Statements.


	Level 1		Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Sovereign Bonds (continued)
Indonesia	$	—	$	1,028,098		$	—
Israel		—		665,950			—
Italy		—		2,481,698			—
Japan		—		701,849			—
Kazakhstan		—		299,433			—
Lithuania		—		217,633			—
Mexico		—		1,050,247			—
New Zealand		—		59,136			—
Panama		—		375,721			—
Peru		—		519,467			—
Philippines		—		468,663			—
Portugal		—		1,039,209			—
Qatar		—		200,578			—
Romania		—		346,334			—
Russia		—		134,945			—
Saudi Arabia		—		295,821			—
Serbia		—		458,708			—
Singapore		—		29,061			—
Slovenia		—		270,057			—
South Africa		—		306,488			—
Spain		—		1,231,953			—
Ukraine		—		175,438			—
United Arab Emirates		—		181,644			—
United Kingdom		—		900,281			—
Uruguay		—		104,344			—
U.S. Government Agency Obligation		—		159,488			—
U.S. Treasury Obligations		—		5,155,846			—
Short-Term Investments
Unaffiliated Fund		6,260,807		—			—
Options Purchased		—		29,878			—


Total	$	6,260,807	$	76,956,279		$	50,460


Liabilities
Options Written	$	—	$	(34,421	)	$	—


Other Financial Instruments*
Assets
Futures Contracts	$	1,028,044	$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—		1,008,363			—
OTC Packaged Credit Default Swap Agreements		—		777,678			—
OTC Credit Default Swap Agreements		—		1,149,614			—
OTC Currency Swap Agreement		—		6,294			—
Centrally Cleared Inflation Swap Agreement		—		9,396			—

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 61

Schedule of Investments (unaudited) (continued)

as of April 30, 2022


	Level 1			Level 2			Level 3
*Other Financial Instruments (continued)**
Assets (continued)
Centrally Cleared Interest Rate Swap Agreements	$	—		$	478,509		$	—
OTC Interest Rate Swap Agreements		—			1,979			—


Total	$	1,028,044		$	3,431,833		$	—


Liabilities
Futures Contracts	$	(602,623	)	$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—			(270,317	)		—
OTC Packaged Credit Default Swap Agreements		—			(818,619	)		—
Centrally Cleared Credit Default Swap Agreements		—			(88,495	)		—
OTC Credit Default Swap Agreements		—			(772,489	)		—
Centrally Cleared Inflation Swap Agreement		—			(18,508	)		—
Centrally Cleared Interest Rate Swap Agreements		—			(1,894,530	)		—
OTC Interest Rate Swap Agreements		—			(84,961	)		—
OTC Total Return Swap Agreement		—			(88,146	)		—


Total	$	(602,623	)	$	(4,036,065	)	$	—

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of April 30, 2022 were as follows:



Sovereign Bonds	24.5	%

Banks	14.1

Collateralized Loan Obligations	11.0

Unaffiliated Fund	7.4

Commercial Mortgage-Backed Securities	7.3

U.S. Treasury Obligations	6.1

Residential Mortgage-Backed Securities	3.0

Oil & Gas	2.3

Electric	2.2

Diversified Financial Services	1.5

Media	1.4

Telecommunications	1.2

Real Estate Investment Trusts (REITs)	1.2

Commercial Services	1.1

Foods	1.1

Packaging & Containers	1.0

Insurance	0.9

Consumer Loans	0.8

Transportation	0.8



Pipelines	0.8	%

Healthcare-Products	0.6

Real Estate	0.6

Pharmaceuticals	0.6

Auto Manufacturers	0.5

Semiconductors	0.5

Entertainment	0.5

Healthcare-Services	0.5

Home Builders	0.4

Retail	0.4

Engineering & Construction	0.4

Chemicals	0.4

Automobiles	0.4

Airlines	0.3

Beverages	0.3

Internet	0.2

Collateralized Debt Obligation	0.2

Agriculture	0.2

U.S. Government Agency Obligation	0.2

See Notes to Financial Statements.

Industry Classification (continued):



Software	0.2	%

Municipal Bond	0.2

Machinery-Diversified	0.2

Aerospace & Defense	0.2

Building Materials	0.1

Other	0.1

Auto Parts & Equipment	0.1

Housewares	0.1

Office/Business Equipment	0.1

Gas	0.1

Multi-National	0.1

Lodging	0.1



Mining	0.1	%

Apparel	0.0	*

Options Purchased	0.0	*


	98.6

Options Written	(0.0	)*

Other assets in excess of liabilities	1.4


	100.0	%

*	Less than +/- 0.05%

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

Fair values of derivative instruments as of April 30, 2022 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

88,495

Credit contracts

Premiums paid for OTC swap agreements

1,079,008

Premiums received for OTC swap agreements

600,284

Credit contracts

Unrealized appreciation on OTC swap agreements

922,853

Unrealized depreciation on OTC swap agreements

1,065,393

Foreign exchange contracts

Due from/to broker-variation margin futures

466,280

—

Foreign exchange contracts

Unrealized appreciation on OTC forward foreign currency exchange contracts

1,008,363

Unrealized depreciation on OTC forward foreign currency exchange contracts

270,317

Interest rate contracts

Due from/to broker-variation margin futures

561,764

Due from/to broker-variation margin futures

602,623

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 63

Schedule of Investments (unaudited) (continued)

as of April 30, 2022


	Asset Derivatives				Liability Derivatives

Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value

Interest rate contracts	Due from/to broker-variation margin swaps	$	487,905	*	Due from/to broker-variation margin swaps	$	1,913,038	*

Interest rate contracts	—		—		Premiums received for OTC swap agreements		27

Interest rate contracts	Unaffiliated investments		29,878		Options written outstanding, at value		34,421

Interest rate contracts	Unrealized appreciation on OTC swap agreements		8,273		Unrealized depreciation on OTC swap agreements		173,080


		$	4,564,324			$	4,747,678

*	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, 2022 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income


Derivatives not accounted for as hedging instruments, carried at fair value	Futures		Forward Currency Exchange Contracts		Swaps

Credit contracts	$	—	$	—	$	(104,531	)
Foreign exchange contracts		378,265		938,219		—
Interest rate contracts		277,682		—		(511,214	)

Total	$	655,947	$	938,219	$	(615,745	)

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income


Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased		Options Written			Futures			Forward Currency Exchange Contracts		Swaps

Credit contracts	$	—	$	—		$	—		$	—	$	(319,384	)
Foreign exchange contracts		—		—			277,793			618,828		—
Interest rate contracts		19,566		(21,391	)		(144,504	)		—		(1,136,268	)

Total	$	19,566	$	(21,391	)	$	133,289		$	618,828	$	(1,455,652	)

For the six months ended April 30, 2022, the Fund’s average volume of derivative activities is as follows:



Derivative Contract Type		Average Volume of Derivative Activities*

Options Purchased (1)		$ 10,079

See Notes to Financial Statements.


Derivative Contract Type	Average Volume of Derivative Activities*

Options Written (2)		$ 1,600,000

Futures Contracts - Long Positions (2)		12,414,778

Futures Contracts - Short Positions (2)		46,977,968

Forward Foreign Currency Exchange Contracts - Purchased (3)		13,970,532

Forward Foreign Currency Exchange Contracts - Sold (3)		33,027,394

Interest Rate Swap Agreements (2)		61,304,219

Credit Default Swap Agreements - Buy Protection (2)		4,130,687

Credit Default Swap Agreements - Sell Protection (2)		13,419,813

Currency Swap Agreements (2)		96,718

Total Return Swap Agreements (2)		396,667

Inflation Swap Agreements (2)		937,920

*	Average volume is based on average quarter end balances as noted for the six months ended April 30, 2022.

(1)

Cost.

(2)	Notional Amount in USD.

(3)	Value at Settlement 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.		$	45,341		$	(13,504	)		$	31,837			$	—			$	31,837
Barclays Bank PLC			1,261,139			(901,051	)			360,088				(360,088	)			—
BNP Paribas S.A.			200,364			(130,294	)			70,070				(70,070	)			—
Citibank, N.A.			117,120			(29,397	)			87,723				—				87,723
Credit Suisse International			3,325			(305	)			3,020				—				3,020
Deutsche Bank AG			33,946			(97,367	)			(63,421	)			—				(63,421	)
Goldman Sachs International			6,931			(121,597	)			(114,666	)			—				(114,666	)
HSBC Bank PLC			679,097			(678,488	)			609				—				609
JPMorgan Chase Bank, N.A.			113,102			(36,436	)			76,666				—				76,666

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 65

Schedule of Investments (unaudited) (continued)

as of April 30, 2022


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


Morgan Stanley & Co. International PLC		$	587,265		$	(135,050	)		$	452,215		$	(340,000	)		$	112,215
Standard Chartered Bank			745			(33	)			712			—				712

		$	3,048,375		$	(2,143,522	)		$	904,853		$	(770,158	)		$	134,695

(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.

Statement of Assets and Liabilities (unaudited)

as of April 30, 2022


Assets

Unaffiliated investments (cost $93,957,467)	$	83,267,546
Foreign currency, at value (cost $93,784)		92,929
Premiums paid for OTC swap agreements		1,079,008
Unrealized appreciation on OTC forward foreign currency exchange contracts		1,008,363
Unrealized appreciation on OTC swap agreements		931,126
Dividends and interest receivable		581,671
Receivable for Fund shares sold		265,491
Receivable for investments sold		8,029
Prepaid expenses and other assets		14,150


Total Assets		87,248,313


Liabilities

Unrealized depreciation on OTC swap agreements		1,238,473
Premiums received for OTC swap agreements		600,311
Unrealized depreciation on OTC forward foreign currency exchange contracts		270,317
Payable for investments purchased		227,272
Payable for Fund shares purchased		187,852
Due to broker—variation margin swaps		97,717
Due to broker—variation margin futures		80,640
Accrued expenses and other liabilities		58,242
Options written outstanding, at value (premiums received $12,000)		34,421
Management fee payable		19,867
Dividends payable		2,026
Affiliated transfer agent fee payable		987
Directors’ fees payable		337
Distribution fee payable		268


Total Liabilities		2,818,730


Net Assets	$	84,429,583




Net assets were comprised of:
Common stock, at par	$	97,640
Paid-in capital in excess of par		96,406,816
Total distributable earnings (loss)		(12,074,873	)


Net assets, April 30, 2022	$	84,429,583

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 67

Statement of Assets and Liabilities (unaudited)

as of April 30, 2022


Class A

Net asset value, offering price and redemption price per share, ($ 527,368 ÷ 61,005 shares of common stock issued and outstanding)	$	8.64
Maximum sales charge (3.25% of offering price)		0.29


Maximum offering price to public	$	8.93


Class C

Net asset value, offering price and redemption price per share, ($ 186,888 ÷ 21,627 shares of common stock issued and outstanding)	$	8.64


Class Z

Net asset value, offering price and redemption price per share, ($ 6,438,345 ÷ 744,829 shares of common stock issued and outstanding)	$	8.64


Class R6

Net asset value, offering price and redemption price per share, ($ 77,276,982 ÷ 8,936,547 shares of common stock issued and outstanding)	$	8.65

See Notes to Financial Statements.

Statement of Operations (unaudited)

Six Months Ended April 30, 2022



Net Investment Income (Loss)

Income
Interest income	$	1,025,875
Unaffiliated dividend income		1,830
Affiliated dividend income		458


Total income		1,028,163


Expenses
Management fee		196,253
Distribution fee(a)		1,730
Custodian and accounting fees		36,816
Registration fees(a)		29,583
Audit fee		20,580
Transfer agent’s fees and expenses (including affiliated expense of $2,281)(a)		13,127
Legal fees and expenses		9,777
Shareholders’ reports		8,128
Directors’ fees		5,050
SEC registration fees		1,008
Miscellaneous		9,338


Total expenses		331,390
Less: Fee waiver and/or expense reimbursement(a)		(99,810	)


Net expenses		231,580


Net investment income (loss)		796,583


Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions

Net realized gain (loss) on:
Investment transactions		72,740
Futures transactions		655,947
Forward currency contract transactions		938,219
Swap agreement transactions		(615,745	)
Foreign currency transactions		(65,479	)


		985,682


Net change in unrealized appreciation (depreciation) on:
Investments		(11,500,350	)
Futures		133,289
Forward currency contracts		618,828
Options written		(21,391	)
Swap agreements		(1,455,652	)
Foreign currencies		(5,810	)


		(12,231,086	)


Net gain (loss) on investment and foreign currency transactions		(11,245,404	)


Net Increase (Decrease) In Net Assets Resulting From Operations	$	(10,448,821	)

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 69

Statement of Operations (unaudited)

Six Months Ended April 30, 2022

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


	Class A			Class C			Class Z			Class R6

Distribution fee		795			935			—			—
Registration fees		6,299			5,874			10,274			7,136
Transfer agent’s fees and expenses		702			162			9,254			3,009
Fee waiver and/or expense reimbursement		(7,347	)		(6,133	)		(24,050	)		(62,280	)

See Notes to Financial Statements.

Statements of Changes in Net Assets (unaudited)



	Six Months Ended April 30, 2022				Year Ended October 31, 2021

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)		$	796,583			$	947,085
Net realized gain (loss) on investment and foreign currency transactions			985,682				851,837
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			(12,231,086	)			(2,056,792	)


Net increase (decrease) in net assets resulting from operations			(10,448,821	)			(257,870	)


Dividends and Distributions
Distributions from distributable earnings
Class A			(12,162	)			(20,553	)
Class C			(3,022	)			(2,629	)
Class Z			(165,563	)			(459,071	)
Class R6			(1,429,963	)			(1,022,297	)


			(1,610,710	)			(1,504,550	)

Fund share transactions (Net of share conversions)
Net proceeds from shares sold			30,417,018				48,297,048
Net asset value of shares issued in reinvestment of dividends and distributions			1,604,663				1,491,892
Cost of shares purchased			(9,682,656	)			(13,945,205	)


Net increase (decrease) in net assets from Fund share transactions			22,339,025				35,843,735


Total increase (decrease)			10,279,494				34,081,315

Net Assets:

Beginning of period			74,150,089				40,068,774


End of period		$	84,429,583			$	74,150,089

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 71

Financial Highlights (unaudited)



Class A Shares
	Six Months Ended April 30,			Year Ended October 31,									December 12, 2017^(a)through October 31,
	2022			2021			2020			2019			2018

Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$10.03			$10.41			$10.43			$9.48			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.08			0.15			0.21			0.18			0.16
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.29	)		(0.27	)		0.30			1.33			(0.42	)
Total from investment operations		(1.21	)		(0.12	)		0.51			1.51			(0.26	)
Less Dividends and Distributions:
Dividends from net investment income		(0.18	)		(0.26	)		(0.28	)		(0.56	)		(0.26	)
Tax return of capital distributions		-			-			(0.14	)		-			-
Distributions from net realized gains		-			-			(0.11	)		-			-
Total dividends and distributions		(0.18	)		(0.26	)		(0.53	)		(0.56	)		(0.26	)
Net asset value, end of period		$8.64			$10.03			$10.41			$10.43			$9.48
Total Return^(c):		(12.08	)%		(1.22	)%		5.12	%		16.40	%		(2.65	)%

Ratios/Supplemental Data:
Net assets, end of period (000)		$527			$841			$729			$2,036			$49
Average net assets (000)		$641			$825			$1,716			$234			$46
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.88	%^(e)		0.88	%		0.88	%		0.88	%		0.88	%^(e)
Expenses before waivers and/or expense reimbursement		3.19	%^(e)		2.96	%		2.30	%		8.27	%		80.88	%^(e)
Net investment income (loss)		1.71	%^(e)		1.48	%		2.03	%		1.69	%		1.86	%^(e)
Portfolio turnover rate^(f)		9	%		20	%		33	%		31	%		67	%

(a)	Commencement of operations.

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

(c)

(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, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.



Class C Shares
	Six Months Ended April 30,			Year Ended October 31,									December 12, 2017^(a)through October 31,
	2022			2021			2020			2019			2018

Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$10.03			$10.41			$10.43			$9.48			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.05			0.08			0.12			0.17			0.10
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.29	)		(0.28	)		0.31			1.27			(0.43	)
Total from investment operations		(1.24	)		(0.20	)		0.43			1.44			(0.33	)
Less Dividends and Distributions:
Dividends from net investment income		(0.15	)		(0.18	)		(0.20	)		(0.49	)		(0.19	)
Tax return of capital distributions		-			-			(0.14	)		-			-
Distributions from net realized gains		-			-			(0.11	)		-			-
Total dividends and distributions		(0.15	)		(0.18	)		(0.45	)		(0.49	)		(0.19	)
Net asset value, end of period		$8.64			$10.03			$10.41			$10.43			$9.48
Total Return^(c):		(12.51	)%		(1.96	)%		4.32	%		15.59	%		(3.29	)%

Ratios/Supplemental Data:
Net assets, end of period (000)		$187			$139			$162			$39			$17
Average net assets (000)		$189			$150			$85			$16			$13
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		1.63	%^(e)		1.63	%		1.63	%		1.63	%		1.63	%^(e)
Expenses before waivers and/or expense reimbursement		8.19	%^(e)		10.05	%		15.56	%		97.66	%		290.47	%^(e)
Net investment income (loss)		0.99	%^(e)		0.74	%		1.15	%		1.70	%		1.13	%^(e)
Portfolio turnover rate^(f)		9	%		20	%		33	%		31	%		67	%

(a)	Commencement of operations.

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

(c)

(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, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 73

Financial Highlights (unaudited) (continued)



Class Z Shares
	Six Months Ended April 30,			Year Ended October 31,									December 12, 2017^(a)through October 31,
	2022			2021			2020			2019			2018

Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$10.03			$10.41			$10.43			$9.48			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.09			0.17			0.22			0.18			0.18
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.28	)		(0.27	)		0.32			1.36			(0.42	)
Total from investment operations		(1.19	)		(0.10	)		0.54			1.54			(0.24	)
Less Dividends and Distributions:
Dividends from net investment income		(0.20	)		(0.28	)		(0.31	)		(0.59	)		(0.28	)
Tax return of capital distributions		-			-			(0.14	)		-			-
Distributions from net realized gains		-			-			(0.11	)		-			-
Total dividends and distributions		(0.20	)		(0.28	)		(0.56	)		(0.59	)		(0.28	)
Net asset value, end of period		$8.64			$10.03			$10.41			$10.43			$9.48
Total Return^(c):		(11.97	)%		(0.98	)%		5.37	%		16.71	%		(2.44	)%

Ratios/Supplemental Data:
Net assets, end of period (000)		$6,438			$10,982			$8,864			$3,854			$164
Average net assets (000)		$8,027			$17,287			$6,563			$1,214			$160
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.63	%^(e)		0.63	%		0.63	%		0.63	%		0.63	%^(e)
Expenses before waivers and/or expense reimbursement		1.23	%^(e)		1.09	%		1.56	%		3.11	%		24.70	%^(e)
Net investment income (loss)		1.97	%^(e)		1.65	%		2.17	%		1.72	%		2.11	%^(e)
Portfolio turnover rate^(f)		9	%		20	%		33	%		31	%		67	%

(a)	Commencement of operations.

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

(c)

(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, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.



Class R6 Shares
	Six Months Ended April 30,			Year Ended October 31,									December 12, 2017^(a)through October 31,
	2022			2021			2020			2019			2018

Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$10.04			$10.41			$10.43			$9.48			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.10			0.18			0.23			0.26			0.18
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.29	)		(0.26	)		0.31			1.28			(0.42	)
Total from investment operations		(1.19	)		(0.08	)		0.54			1.54			(0.24	)
Less Dividends and Distributions:
Dividends from net investment income		(0.20	)		(0.29	)		(0.31	)		(0.59	)		(0.28	)
Tax return of capital distributions		-			-			(0.14	)		-			-
Distributions from net realized gains		-			-			(0.11	)		-			-
Total dividends and distributions		(0.20	)		(0.29	)		(0.56	)		(0.59	)		(0.28	)
Net asset value, end of period		$8.65			$10.04			$10.41			$10.43			$9.48
Total Return^(c):		(12.04	)%		(0.82	)%		5.42	%		16.79	%		(2.40	)%

Ratios/Supplemental Data:
Net assets, end of period (000)		$77,277			$62,187			$30,314			$28,565			$24,421
Average net assets (000)		$70,294			$37,302			$29,230			$26,482			$24,571
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.58	%^(e)		0.58	%		0.58	%		0.58	%		0.58	%^(e)
Expenses before waivers and/or expense reimbursement		0.76	%^(e)		0.89	%		1.19	%		1.49	%		1.67	%^(e)
Net investment income (loss)		2.04	%^(e)		1.74	%		2.25	%		2.66	%		2.14	%^(e)
Portfolio turnover rate^(f)		9	%		20	%		33	%		31	%		67	%

(a)	Commencement of operations.

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

(c)

(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, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Global Total Return (USD Hedged) Fund 75

Notes to Financial Statements (unaudited)

1.	Organization

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

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

2.	Accounting Policies

PGIM Global Total Return (USD Hedged) Fund 77

Notes to Financial Statements (unaudited) (continued)

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 exchange rate as of the valuation date;

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

PGIM Global Total Return (USD Hedged) Fund 79

Notes to Financial Statements (unaudited) (continued)

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.

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.

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.

PGIM Global Total Return (USD Hedged) Fund 81

Notes to Financial Statements (unaudited) (continued)

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

represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

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 acquire interests in loans directly (by way of assignment from the selling institution) and/or indirectly (by way of the purchase of a participation interest from the selling institution). Under a bank loan assignment, the Fund generally will succeed to all the rights and obligations of an assigning lending institution and become 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 they are 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 they have 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.

PGIM Global Total Return (USD Hedged) Fund 83

Notes to Financial Statements (unaudited) (continued)

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

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

the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Fund’s counterparties to elect early termination could impact the Fund’s future derivative activity.

PGIM Global Total Return (USD Hedged) Fund 85

Notes to Financial Statements (unaudited) (continued)

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

Dividends and Distributions: Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate. The chart below sets forth the expected frequency of dividend and capital gains distributions to shareholders. Various factors may impact the frequency of

dividend distributions to shareholders, including but not limited to adverse market conditions or portfolio holding-specific events.



Expected Distribution Schedule to Shareholders*	Frequency
Net Investment Income		Monthly
Short-Term Capital Gains		Annually
Long-Term Capital Gains		Annually

*	Under certain circumstances, the Fund may make more than one distribution of short-term and/or long-term capital gains during a fiscal year.

3.	Agreements

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

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

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended April 30, 2022, the contractual and effective management fee rates were as follows:



Contractual Management Rate	Effective Management Fee, before any waivers and/or expense reimbursements
0.50% on average daily net assets up to $2 billion;		0.50%
0.485% of average daily net assets over $ 2 billion

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be

PGIM Global Total Return (USD Hedged) Fund 87

Notes to Financial Statements (unaudited) (continued)

realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year. The expense limitations attributable to each class are as follows:



Class	Expense Limitations
A		0.88%
C		1.63
Z		0.63
R6		0.58

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

The Fund’s annual gross and net distribution rate, where applicable, are as follows:



Class	Gross Distribution Fee	Net Distribution Fee
A	0.25%	0.25%
C	1.00	1.00
Z	N/A	N/A
R6	N/A	N/A

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

4.	Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the Funds’ transfer agent. Transfer

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

The Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), a fund of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund. In addition to the realized and unrealized gains on investments in the Core Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income”. Effective January 2022, the Fund changed its overnight cash sweep vehicle from the Core Fund to an unaffiliated money market fund.

5.	Portfolio Securities



Cost of Purchases		Proceeds from Sales
$21,698,145		$5,531,952

A summary of the cost of purchases and proceeds from sales of shares of an affiliated mutual fund for the reporting period ended April 30, 2022, is presented as follows:



Value, Beginning of Period	Cost of Purchases	Proceeds from Sales	Change in Unrealized Gain (Loss)	Realized Gain (Loss)	Value, End of Period	Shares, End of Period	Income

Short-Term Investments - Affiliated Mutual Fund^(1)(wb):

PGIM Core Ultra Short Bond Fund

$2,567,718	$4,614,625	$7,182,343	$—	$—	$—	—	$458

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

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

PGIM Global Total Return (USD Hedged) Fund 89

Notes to Financial Statements (unaudited) (continued)

6.	Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of April 30, 2022 were as follows:



Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Depreciation
$94,507,314	$3,580,289	$(15,033,289)	$(11,453,000)

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

For federal income tax purposes, the Fund had a capital loss carryforward as of October 31, 2021 of approximately $334,000 which can be carried forward for an unlimited period. The Fund utilized approximately $559,000 of it’s capital loss carryforward to offset net taxable gains realized in the fiscal year ended October 31, 2021. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

7.	Capital and Ownership

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

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



Class		Number of Shares
A		200,000,000
C		300,000,000
Z		600,000,000
R6		400,000,000

As of April 30, 2022, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

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



	Number of Shareholders	Percentage of Outstanding Shares
Affiliated	1	26.6%
Unaffiliated	1	62.8

Transactions in shares of common stock were as follows:



Share Class	Shares			Amount

Class A

Six months ended April 30, 2022:

Shares sold		19,919		$	195,726

Shares issued in reinvestment of dividends and distributions		1,256			12,039

Shares purchased		(44,015	)		(430,666	)

Net increase (decrease) in shares outstanding		(22,840	)	$	(222,901	)

Year ended October 31, 2021:

Shares sold		58,111		$	599,993

Shares issued in reinvestment of dividends and distributions		2,000			20,523

Shares purchased		(46,272	)		(473,592	)

Net increase (decrease) in shares outstanding		13,839		$	146,924

PGIM Global Total Return (USD Hedged) Fund 91

Notes to Financial Statements (unaudited) (continued)



Share Class	Shares			Amount

Class C
Six months ended April 30, 2022:
Shares sold		13,191		$	129,922
Shares issued in reinvestment of dividends and distributions		312			2,993
Shares purchased		(5,771	)		(54,968	)
Net increase (decrease) in shares outstanding		7,732		$	77,947

Year ended October 31, 2021:
Shares sold		8,646		$	89,643
Shares issued in reinvestment of dividends and distributions		248			2,555
Shares purchased		(10,602	)		(109,313	)
Net increase (decrease) in shares outstanding		(1,708	)	$	(17,115	)

Class Z

Six months ended April 30, 2022:
Shares sold		73,814		$	711,418
Shares issued in reinvestment of dividends and distributions		16,789			161,131
Shares purchased		(440,359	)		(4,322,296	)
Net increase (decrease) in shares outstanding before conversion		(349,756	)		(3,449,747	)
Shares issued upon conversion from other share class(es)		103			932
Net increase (decrease) in shares outstanding		(349,653	)	$	(3,448,815	)

Year ended October 31, 2021:
Shares sold		3,203,522		$	32,545,219
Shares issued in reinvestment of dividends and distributions		43,654			446,555
Shares purchased		(489,336	)		(5,030,975	)
Net increase (decrease) in shares outstanding before conversion		2,757,840			27,960,799
Shares issued upon conversion from other share class(es)		1,809			18,669
Shares purchased upon conversion into other share class(es)		(2,516,935	)		(25,848,919	)
Net increase (decrease) in shares outstanding		242,714		$	2,130,549



Share Class	Shares			Amount

Class R6
Six months ended April 30, 2022:
Shares sold		3,108,749		$	29,379,952
Shares issued in reinvestment of dividends and distributions		150,223			1,428,500
Shares purchased		(518,932	)		(4,874,726	)
Net increase (decrease) in shares outstanding before conversion		2,740,040			25,933,726
Shares purchased upon conversion into other share class(es)		(103	)		(932	)
Net increase (decrease) in shares outstanding		2,739,937		$	25,932,794

Year ended October 31, 2021:
Shares sold		1,470,595		$	15,062,193
Shares issued in reinvestment of dividends and distributions		99,750			1,022,259
Shares purchased		(801,450	)		(8,331,325	)
Net increase (decrease) in shares outstanding before conversion		768,895			7,753,127
Shares issued upon conversion from other share class(es)		2,516,935			25,848,919
Shares purchased upon conversion into other share class(es)		(1,809	)		(18,669	)
Net increase (decrease) in shares outstanding		3,284,021		$	33,583,377

8.	Borrowings



		SCA

Term of Commitment		10/1/2021 – 9/29/2022

Total Commitment		$ 1,200,000,000

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

The Fund did not utilize the SCA during the reporting period ended April 30, 2022.

PGIM Global Total Return (USD Hedged) Fund 93

Notes to Financial Statements (unaudited) (continued)

9.	Risks of Investing in the Fund

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

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

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

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

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

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

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

In addition, the Fund’s investments in non-U.S. securities may be subject to the risks of nationalization or expropriation of assets, imposition of currency exchange controls or

PGIM Global Total Return (USD Hedged) Fund 95

Notes to Financial Statements (unaudited) (continued)

restrictions on the repatriation of non-U.S. currency, confiscatory taxation and adverse diplomatic developments. Special U.S. tax considerations may apply.

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

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

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

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

investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.

LIBOR Risk: Many financial instruments use or may use a floating rate based on the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short-term Eurodollar deposits between major international banks. Over the course of the last several years, global regulators have indicated an intent to phase out the use of LIBOR and similar interbank offering rates (“IBOR”). There still remains uncertainty regarding the nature of any replacement rates for LIBOR and the other IBORs as well as around fallback approaches for instruments extending beyond the any phase-out of these reference rates. The lack of consensus around replacement rates and the uncertainty of the phase out of LIBOR and other IBORs may result in increased volatility in corporate or governmental debt, floating rate and other loans, derivatives and other instruments invested in by the Fund as well as loan facilities used by the Fund.

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

PGIM Global Total Return (USD Hedged) Fund 97

Notes to Financial Statements (unaudited) (continued)

to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities.

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

Market Disruption and Geopolitical Risks: Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia’s military invasion of Ukraine), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as Asia, Eastern Europe and the Middle East, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).

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

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

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

10.

Recent Accounting Pronouncement and Regulatory Developments

PGIM Global Total Return (USD Hedged) Fund 99

Liquidity Risk Management Program (unaudited)

100


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

PROXY VOTING

DIRECTORS

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

OFFICERS

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



MANAGER	PGIM Investments LLC	655 Broad Street
		Newark, NJ 07102

SUBADVISERS	PGIM Fixed Income	655 Broad Street
		Newark, NJ 07102

	PGIM Limited	Grand Buildings, 1-3 Strand
		Trafalgar Square
		London, WC2N 5HR
		United Kingdom

DISTRIBUTOR	Prudential Investment	655 Broad Street
	Management Services LLC	Newark, NJ 07102

CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street
		New York, NY 10286

TRANSFER AGENT	Prudential Mutual Fund	PO Box 9658
	Services LLC	Providence, RI 02940

INDEPENDENT REGISTERED	PricewaterhouseCoopers LLP	300 Madison Avenue
PUBLIC ACCOUNTING FIRM		New York, NY 10017

FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue
		New York, NY 10019

E-DELIVERY

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

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

AVAILABILITY OF PORTFOLIO HOLDINGS


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

LOGO

PGIM GLOBAL TOTAL RETURN (USD HEDGED) FUND



SHARE CLASS	A	C	Z	R6

NASDAQ	PHEAX	PHECX	PHEZX	PHEQX

CUSIP	74439A707	74439A806	74439A871	74439A889

MF238E2

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

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

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

Item 5 – Audit Committee of Listed Registrants – Not applicable.

Item 6 – Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 – Controls and Procedures

(a)

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

(b)

There has been no significant change in the registrant’s internal control over financial reporting that occurred during the 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.

(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, 2022

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, 2022

By:		/s/ Christian J. Kelly
		Christian J. Kelly
		Treasurer and Principal Financial and Accounting Officer

Date:		June 17, 2022

Certifications pursuant to Section 302

Item 13

Prudential Global Total Return Fund, Inc.

Semi-Annual period ending 4/30/22

File No. 811-04661

CERTIFICATIONS

I, Stuart S. Parker, certify that:

I have reviewed this report on Form N-CSR of the above named Fund(s);

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and;

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal controls which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


June 17, 2022

		/s/ Stuart S. Parker
		Stuart S. Parker
		President and Principal Executive Officer

Item 13

Prudential Global Total Return Fund, Inc.

Semi-Annual period ending 4/30/22

File No. 811-04661

CERTIFICATIONS

I, Christian J. Kelly, certify that:

I have reviewed this report on Form N-CSR of the above named Fund(s);

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


June 17, 2022

		/s/ Christian J. Kelly
		Christian J. Kelly
		Treasurer and Principal Financial and Accounting Officer

Certifications pursuant to Section 906

Certification Pursuant to 18 U.S.C. Section 1350

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Name of Issuer: Prudential Global Total Return Fund, Inc.

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his or her knowledge, that:

1.	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer.


June 17, 2022		/s/ Stuart S. Parker
		Stuart S. Parker
		President and Principal Executive Officer

June 17, 2022		/s/ Christian J. Kelly
		Christian J. Kelly
		Treasurer and Principal Financial and Accounting Officer

This certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.